Distell : Annual financial statement 2021

CONSOLIDATED ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

CONSOLIDATED ANNUAL

FINANCIAL STATEMENTS

CONTENTS

Index

Currency of financial statements	001
Directors' responsibilities for financial reporting	002
Group chief executive officer and Group chief financial officer
responsibility statement	003
Certificate by the company secretary	003
Audit committee report	004
Report of the board of directors	006
Independent auditor's report	011
Statements of financial position	016
Income statements	017
Statements of comprehensive income	018
Statements of changes in equity	019
Statements of cash flows	022
Notes to the annual financial statements	023
Report on the assurance engagement on the compilation
of pro forma financial information	116
Analysis of shareholders	118
Definitions and ratios	119
Dates of importance to shareholders	120
Administration	120

CURRENCY OF FINANCIAL STATEMENTS

The annual financial statements are expressed in South African rand (R).
The rand cost of a unit of the following major currencies at 30 June was:
	2021	2020
US dollar	14,33	17,34
UK pound	19,84	21,28
Euro	17,05	19,43
Canadian dollar	11,56	12,67
Botswana pula	1,31	1,48
Australian dollar	10,77	11,88
Kenyan shilling	0,13	0,16
Chinese yuan	2,22	2,45
Angolan kwanza	0,02	0,03

WWW.DISTELL.CO.ZA

001.

CONSOLIDATED ANNUAL

FINANCIAL STATEMENTS

DIRECTORS' RESPONSIBILITIES

for financial reporting

The South African Companies Act, No. 71 of 2008, as amended (the Companies Act) requires the directors to prepare annual financial statements for each financial year which fairly present the state of affairs of the Company and the Group and the profits or losses for the period. In preparing these annual financial statements, they must:

• select suitable accounting policies and apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether set accounting standards have been followed, subject to any material departures disclosed and explained in the annual financial statements; and
• prepare the annual financial statements on the going concern basis unless it is inappropriate to presume the Group will continue in business.

The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Company, to ensure the financial statements comply with the Companies Act. They have general responsibility for taking such steps as are reasonably accessible to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

These annual financial statements are prepared in accordance with International Financial Reporting Standards and incorporate full and responsible disclosure in line with the accounting policies of the Group, supported by reasonable and prudent judgements and estimates.

The board of directors approves any change in accounting policy, with their effects fully explained in the annual financial statements.

The directors have reviewed the Group's budget and cash flow projections for the period to 30 June 2022. Based on these projections, which includes evaluating the expected impact of COVID-19 and the restrictions on trading implemented by various governments, and considering the Group's current financial position and the financing facilities available to it, they are satisfied it has adequate resources to continue its operations in the foreseeable future. The annual financial statements were prepared on a going concern basis.

No event, material to the understanding of this report, has occurred between the financial year-end and the date of this report.

A copy of the annual financial statements of the Group is available on the Company's website. The directors are responsible for the maintenance and integrity, including implementing controls and security, of statutory and audited information on the Company's website.

The annual financial statements as set out on pages 3 to 114 and the supplementary information set out on pages 115 to 120 were supervised by the Group chief financial officer, Lucas Verwey CA(SA), approved by the board of directors and are signed on its behalf:

JJ Durand	RM Rushton
Chairman	Group chief executive officer
Stellenbosch
20 September 2021

002.	2 0 2 1 C O N S O L I D A T E D A N N U A L F I N A N C I A L S T A T E M E N T S

GROUP CHIEF EXECUTIVE OFFICER AND GROUP CHIEF FINANCIAL OFFICER RESPONSIBILITY STATEMENT

The directors, whose names are stated below, hereby confirm that:

• the annual financial statements set out on pages 3 to 114, fairly present in all material respects the financial position, financial performance and cash flows of Distell Group Holdings Limited (the Group) in terms of IFRS;
• no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading;
• internal financial controls have been put in place to ensure that material information relating to the Group and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the Group; and
• the internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King IV Code. Where we are not satisfied, we have disclosed to the audit committee and the auditors the deficiencies in design and operational effectiveness of the internal financial controls and any fraud that involves directors, and have taken the necessary remedial action.

RM Rushton	LC Verwey
Group chief executive officer	Group chief financial officer
Stellenbosch
20 September 2021

CERTIFICATE BY THE COMPANY SECRETARY

In terms of section 88(2)(e) of the Companies Act I, Lizelle Malan, being company secretary of Distell Group Holdings Limited, hereby certify that all returns and notices of Distell Group Holdings Limited required in terms of the Companies Act have in respect of the year under review, been filed with the Companies and Intellectual Property Commission and that all such returns and notices appear to be true, correct and up to date.

1. Malan
   Company secretary

Stellenbosch

20 September 2021

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