93 / 248
91
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
For the year ended 31 May 2015
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS
OF BLUE LABEL TELECOMS LIMITED
We have audited the Group and separate financial statements of Blue Label Telecoms Limited set out on pages
92 to 223, which comprise the statements of financial position as at 31 May 2015, 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 consolidated and separate financial statements that are free from
material misstatement, 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 Group 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 2015, 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 2015, we
have read the Directors’ report, the Audit, Risk and Compliance Committee’s report and the Declaration by 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: D Storm
Registered Auditor
Johannesburg
18 August 2015