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AFRICAN DAWN ANNUAL REPORT 2020

Independent Auditor’s Report

To the shareholders of African Dawn Capital Limited

Report on the Audit of the Consolidated and Separate Financial Statements

Opinion
We have audited the consolidated and separate financial statements of African Dawn Capital Limited (the group and company) set out on
pages 36 to 87 which comprise the statements of financial position as at 29 February 2020, and the statements of profit or loss and other
comprehensive income, the statements of changes in equity and the statements of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial
position of the group as at 29 February 2020, and its consolidated and separate financial performance and 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.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements section of our report. We are
independent of the group in accordance with the sections 290 and 291 of the Independent Regulatory Board for Auditors’ Code of Professional
Conduct for Registered Auditors (Revised January 2018), parts 1 and 3 of the Independent Regulatory Board for Auditors’ Code of Professional
Conduct for Registered Auditors (Revised November 2018) (together the IRBA Codes) and other independence requirements applicable to
performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities, as applicable, in accordance with the
IRBA Codes and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Codes are consistent with
the corresponding sections of the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) respectively. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

Material uncertainty relating to going concern
We draw attention to Note 1.18 in the consolidated and separate financial statements, which indicates that the group incurred a net loss of
R10,35 million (2019: R9,39 million) and that the company incurred a net loss of R9,92 million (2019: R3,92 million) during the year ended 29
February 2020. As at that date, the group’s total liabilities exceed its total assets by R2,902 million.

Since the reporting date, the World Health Organisation declared COVID-19 as a pandemic. In forming our opinion on the consolidated and
separate financial statements, which is not modified in respect of this matter, we draw your attention to the group directors’ view on the impact
of COVID-19 as disclosed in Note 31. The group has assessed the impact of COVID-19 on the consolidated and separate financial statements
and considered the potential impact on the business. Since COVID-19 is highly contagious there is a realistic possibility that the group will be
negatively influenced. Management will continue to assess the financial impact of COVID-19 and its impact on the group’s financial condition,
liquidity, operations, suppliers, industry and workforce.

REGISTERED AUDITOR – A FIRM OF CHARTERED ACCOUNTANTS(SA) • IRBA REGISTRATION NUMBER 900222
MAZARS HOUSE RIALTO ROAD GRAND MOORINGS PRECINCT CENTURY CITY 7441 • PO BOX 134 CENTURY CITY 7446 • DOCEX 9 CENTURY CITY
TEL: +27 21 818 5000 • FAX: +27 21 818 5001 • cpt@mazars.co.za • www.mazars.co.za

PARTNERS: MC OLCKERS (NATIONAL CO-CEO), MV NINAN (NATIONAL CO-CEO), LD AURET, JM BARNARD, AK BATT, H CASPER, FJ CRONJE, AS DE JAGER, D DOLLMAN,
M EDELBERG, Y FERREIRA, T GANGEN, AK HOOSAIN, MY ISMAIL, N JANSEN, J MARAIS, B MBUNGE, FN MILLER, G MOLYNEUX, S NAIDOO, MG ODENDAAL, W OLIVIER, D RESNICK,
BG SACKS, MA SALEE, N SILBOWITZ, SM SOLOMON, HH SWANEPOEL, MJA TEUCHERT, JC VAN TUBBERGH, EC VAN HEERDEN, N VOLSCHENK, J WATKINS-BAKER, J WESSELS
A FULL LIST OF NATIONAL PARTNERS IS AVAILABLE ON REQUEST OR AT www.mazars.co.za
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