Basis of preparation of summary consolidated financial statements
The summary consolidated financial statements are prepared in accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports, and the requirement of the Companies Act of South Africa applicable to summary financial statements. The Listings Requirements require preliminary reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the consolidated financial statements from which the summary financial statements were derived are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements.
Audit report
These summary consolidated financial statements for the year ended June 30 2017 have been audited by KPMG Inc, who expressed an unmodified opinion thereon. The auditor also expressed an unmodified opinion on the annual consolidated financial statements from which these summary consolidated financial statements were derived.
A copy of the auditor's report on the summary consolidated financial statements and of the auditor's report on the annual consolidated financial statements are available for inspection at the Company's registered office, together with the financial statements identified in the respective auditor's reports.
The auditor's report does not necessarily report on all of the information contained in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of the auditor's report together with the accompanying financial announcement from the issuer's registered office.
Preparer of the financial statements
These summary consolidated financial statements have been prepared by CAM Bishop CA(SA), under the supervision of DE Cleasby CA(SA) and were approved by the board of directors on August 23 2017.
The directors are responsible for the preparation of the preliminary report and the correct extraction of the financial information from the financial statements.
Subsequent events
Subsequent to year-end, management has been through a legal mediation process with the perpetrators of the Logistics UK irregularities. Bidcorp management remains optimistic that, pursuant to legal action and insurance claims, potential recoveries arising from the management irregularities will be forthcoming.
Other than the legal matter disclosed above, no other material subsequent events have arisen since June 30 2017 to the date of this announcement.