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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
OPERATING
PERFORMANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
111
We have audited the Group financial statements and separate financial statements of Blue Label Telecoms Limited set
out on pages 112 to 255, which comprise the statements of financial position as at 31 May 2014, and the statements
of comprehensive income, statements of changes in equity and statements of cash flows for the year then ended, and
the notes, comprising a summary of significant accounting policies and other explanatory information.
DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company’s directors are responsible for the preparation and fair presentation of these consolidated and
separate financial statements in accordance with International Financial Reporting Standards and the requirements
of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material misstatements, whether due to fraud or error.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on these consolidated and separate financial statements based on our
audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the consolidated and separate financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
OPINION
In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the
consolidated and separate financial position of Blue Label Telecoms Limited as at 31 May 2014, and its consolidated
and separate financial performance and its consolidated and separate cash flows for the year then ended in accordance
with International Financial Reporting Standards and the requirements of the Companies Act of South Africa.
OTHER REPORTS REQUIRED BY THE COMPANIES ACT
As part of our audit of the consolidated and separate financial statements for the year ended 31 May 2014, we
have read the directors’ report, the Audit, Risk and Compliance Committee’s report and the declaration of the
Company Secretary for the purpose of identifying whether there are material inconsistencies between these reports
and the audited consolidated and separate financial statements. These reports are the responsibility of the
respective preparers. Based on reading these reports we have not identified material inconsistencies between these
reports and the audited consolidated and separate financial statements. However, we have not audited these
reports and accordingly do not express an opinion on these reports.
PricewaterhouseCoopers Inc.
Director:
EJ Gerryts
Registered Auditor
Johannesburg
19 August 2014
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS
OF BLUE LABEL TELECOMS LIMITED