Petra Diamonds Limited
Annual Report and Accounts 2013
88
We have audited the Financial Statements of Petra Diamonds Limited for the year ended 30 June 2013 which comprise the
Consolidated Income Statement, the Consolidated Statement of Other Comprehensive Income, the Consolidated Statement of Changes
in Equity, the Consolidated Statement of Financial Position, the Consolidated Statement of Cashflows and the related notes.
The financial reporting framework that has been applied in their preparation is the Bermuda Companies Act 1981 and International
Financial Reporting Standards (“IFRSs”) as adopted by the European Union.
This report is made solely to the Company’s members, as a body, in accordance with the Bermuda Companies Act 1981. Our audit
work has been undertaken so that we might state to the Company’s members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions
we have formed.
Directors’ responsibility for the Financial Statements
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation and
fair presentation of the Financial Statements in accordance with the Bermuda Companies Act 1981 and IFRSs as adopted by
the European Union, and for such internal control as the Directors determine is necessary to enable the preparation of Financial
Statements that are free from material misstatement, whether due to fraud or error.
The Directors are required to comply with the requirements of rules 9.8.7 and 9.8.7A of the Listing Rules of the UK Financial
Conduct Authority in preparing their Annual Report.
Auditor’s responsibility
Our responsibility is to audit and express an opinion on these Financial Statements in accordance with the Bermuda Companies
Act 1981 and International Standards on Auditing (as issued by the International Federation of Accountants (“IFAC”)). Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
the Financial Statements are free from material misstatement.
An audit includes 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 risks of material misstatement of the Financial Statements,
whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the entity’s
preparation and fair presentation of Financial Statements in order to design appropriate 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 the Directors, 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 on Financial Statements
In our opinion the Financial Statements:
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present fairly, in all material respects, the state of the Group’s affairs as at 30 June 2013 and of its financial performance
and its cashflows for the year then ended;
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have been properly prepared in accordance with IFRSs as adopted by the European Union; and
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have been prepared in accordance with the requirements of the Companies Act 1981 as enacted in Bermuda.
Report on other legal and regulatory requirements
Under the Listing Rules we are required to review the part of the Corporate Governance Statement relating to the Company’s compliance
with the nine provisions of the UK Corporate Governance Code specified for our review. We have nothing to report in this respect.
Scott McNaughton
BDO LLP
Chartered Accountants
London
United Kingdom
11 October 2013
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Independent Auditors’ Report – Group
To the members of Petra Diamonds Limited
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