Independent auditor's report on the summary consolidated financial statements
TO THE SHAREHOLDERS OF EOH HOLDINGS LIMITED
Opinion
The summarised consolidated financial statements of EOH Holdings Limited, set out on Summarised consolidated statement of profit or loss and other comprehensive income to Disposal of MARS Holdings Proprietary Limited of the EOH Annual summarised financial results for the year ended 31 July 2020, which comprise the summarised consolidated statement of financial position as at 31 July 2020, the summarised consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of EOH Holdings Limited for the year ended 31 July 2020.
In our opinion, the accompanying summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements, in accordance with the JSE Limited’s (JSE) requirements for summary financial statements, as set out in note 2 to the summary consolidated financial statements, and the requirements of the Companies Act of South Africa as applicable to summary financial statements.
Summary consolidated financial statements
The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards and the requirements of the Companies Act of South Africa as applicable to annual financial statements. Reading the summary consolidated financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited consolidated financial statements and the auditor’s report thereon.
The audited consolidated financial statements and our report thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 2 December 2020. That report also includes:
- A “Material uncertainty relating to going concern” section, drawing attention to note 1.2 to the audited consolidated financial statements, which indicates that the Group incurred a consolidated net loss of R1.6 billion during the year ended 31 July 2020 and, as of that date, the Group’s consolidated current liabilities exceeded its consolidated current assets by R2.4 billion. The section indicates that, as disclosed in note 42 to the audited consolidated financial statements, the Group breached its banking covenants from 1 August 2020, and the breach was waived by the Group’s financiers subsequent to year-end. The section continues to state that, as indicated in note 1.2 to the audited consolidated financial statements, these events or conditions, along with other matters as set forth in notes 1.2 and 42 to the audited consolidated financial statements, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. The summary consolidated financial statements are similarly impacted by these matters, which are addressed in note 3 to the summary consolidated financial statements.
- The communication of other key audit matters. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period.
Director’s responsibility for the summary consolidated financial statements
The directors are responsible for the preparation of the summary consolidated financial statements in accordance with the JSE’s requirements for summary financial statements, set out in note 2 to the summary consolidated financial statements, and the requirements of the Companies Act of South Africa as applicable to summary financial statements.
Auditor’s responsibility
Our responsibility is to express an opinion on whether the summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.
PricewaterhouseCoopers Inc.
Director: DH Höll
Registered Auditor
Johannesburg