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Balance Sheet PetroSA ANNUAL REPORT Disregard this page, it is just for layout (imposition) purpose General Information Country of incorporation and domicile South Africa Nature of business and principal activities Exploration for and production of oil and gas, refining operations converting gas and gas condensate to liquid fuels and petrochemials and the marketing thereof. Directors Dr P S Molefe Mr M B Damane Mr S Mkhize Prof B Figaji Mr N G Nika Mr A Nkuhlu Mr D R Zihlangu Ms C W N Molope Mr M Kajee Ms N Vukuza-Linda Ms B B Siwisa Mr M W Mkhize Registered office 151 Frans Conradie Drive Parow 7500 Postal address Private Bag X1 Parow 7449 Holding company CEF (Proprietary) Limited incorporated in South Africa Auditors Auditor-General of South Africa Secretary Adv P S V Ngaba Company registration number 1970/008130/07 64 PetroSA Annual Report 2009 PetroSA The reports and statements set out below comprise the annual financial statements presented to the shareholders: Page Report of the Auditor General 66 - 68 Directors’ Responsibilities and Approval 69 Statement on corporate governance 70 - 74 Performance against objectives 75 - 78 Value added statement 79 Directors’ Report 80- 85 Report of the board audit committee 86 Materiality and significant framework 87 - 88 Statement from secretary 89 Balance Sheet 90 Income Statement 91 Statement of Changes in Equity 92 Cash Flow Statement 93 Accounting Policies 94 - 102 Notes to the Annual Financial Statements 103 - 145 Fields in production and under development 146 The following supplementary information does not form part of the annual financial statements and is unaudited: Supplementary information 147 PetroSA Annual Report 2009 65 Report of the Auditor-General for the year ended 31 March 2009 Report of the Auditor-General to Parliament on the Group financial statements and performance information of the Petroleum Oil and Gas Corporation of South Africa (Proprietary) Limited (PetroSA) for the year ended 31 March 2009 Report on the financial statements Introduction 5. An audit involves performing procedures to obtain audit 1. I have audited the accompanying Group financial evidence about the amounts and disclosures in the financial statements and financial statements of PetroSA, which statements. The procedures selected depend on the comprise the consolidated and separate balance sheet auditor’s judgement, including the assessment of the risks as at 31 March 2009 and the consolidated and separate of material misstatement of the financial statements, whether income statement, the consolidated and separate due to fraud or error. In making those risk assessments, statement of changes in equity and the consolidated and the auditor considers internal control relevant to the entity’s separate cash flow statements for the year then ended, preparation and fair presentation of the financial statements and a summary of significant accounting policies, other in order to design audit procedures that are appropriate in explanatory notes, and the directors’ report, as set out on the circumstances, but not for the purpose of expressing an pages 80 to 146. opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness The accounting authority’s responsibility for the financial of accounting policies used and the reasonableness of statements accounting estimates made by management, as well 2. The accounting authority is responsible for the preparation as evaluating the overall presentation of the financial and fair presentation of these financial statements in statements. accordance with South African Statements of Generally 6. I believe that the audit evidence I have obtained is sufficient Accepted Accounting Practice and in the manner required and appropriate to provide a basis for my audit opinion. by the Public Finance Management Act, 1999 (Act No. 1 of 1999) (PFMA) and the Companies Act of South Africa Opinion and for such internal control as the accounting authority 7. In my opinion these financial statements present fairly, determines is necessary to enable the preparation in all material respects, the consolidated and separate of financial statements that are free from material financial position of PetroSA as at 31 March 2009 and its misstatement, whether due to fraud or error. consolidated and separate financial performance and its consolidated and separate cash flows for the year then The Auditor-General’s responsibility ended, in accordance with South African Statements of 3. As required by section 188 of the Constitution of the Generally Accepted Accounting Practice and in the manner Republic of South Africa, 1996 read with section 4 of the required by the PFMA and the Companies Act of South Public Audit Act, 2004 (Act No. 25 of 2004) (PAA), section Africa. 300 of the Companies Act of South Africa and section 1E(3) of the Central Energy Fund Act, 1977 (Act No. 38 of 1977) Emphasis of matter as amended, my responsibility is to express an opinion on Without qualifying my opinion, I draw attention to the these financial statements based on my audit. following matter: 4. I conducted my audit in accordance with the International Standards on Auditing read with General Notice 616 of Restatement of corresponding figures 2008, issued in Government Gazette No. 31057 of 15 8. As disclosed in note 36 to the financial statements, the May 2008. Those standards require that I comply with corresponding figures for 31 March 2008 have been ethical requirements and plan and perform the audit to restated as a result of errors discovered during 2009 in obtain reasonable assurance about whether the financial the group financial statements and financial statements of statements are free from material misstatement. PetroSA at, and for the year ended, 31 March 2008. 66 PetroSA Annual Report 2009 PetroSA Other matters opinion on the financial statements are related to Without qualifying my opinion, I draw attention to the the responsibilities and practices exercised by the following matters that relates to my responsibilities in the accounting authority and executive management and audit of the financial statements: are reflected in the key governance responsibilities addressed below: Unaudited supplementary schedules 9. The supplementary information set out on page 147 does Key governance responsibilities not form part of the financial statements and is presented 11. The PFMA tasks the accounting authority with a as additional information. I have not audited this schedule number of responsibilities concerning financial and and accordingly I do not express an opinion thereon. risk management and internal control. Fundamental to achieving this is the implementation of certain key Governance framework governance responsibilities, which I have assessed as 10. The governance principles that impact the auditor’s follows: No. Matter Y N Clear trail of supporting documentation that is easily available and provided in a timely manner 1. No significant difficulties were experienced during the audit concerning delays or the availability of requested information. Y Quality of financial statements and related management information 2. The financial statements were not subject to any material amendments resulting from the audit. N 3. The annual report was submitted for consideration prior to the tabling of the auditor’s report. Y Timeliness of financial statements and management information 4. The annual financial statements were submitted for auditing as per the legislated deadlines - section 55 of the PFMA. Y Availability of key officials during audit 5. Key officials were available throughout the audit process. Y Development and compliance with risk management, effective internal control and governance practices 6. Audit committee • The company had an audit committee in operation throughout the financial year. Y • The audit committee operates in accordance with approved, written terms of reference. Y • The audit committee substantially fulfilled its responsibilities for the year, as set out in section 77 of the PFMA and Y Treasury Regulation 27.1.8. 7. Internal audit • The company had an internal audit function in operation throughout the financial year. Y • The internal audit function operates in terms of an approved internal audit plan. Y • The internal audit function substantially fulfilled its responsibilities for the year, as set out in Treasury Regulation Y 27.2. There are no significant deficiencies in the design and implementation of internal control in respect of financial and risk 8. Y management. There are no significant deficiencies in the design and implementation of internal control in respect of compliance with 9. Y applicable laws and regulations. 10. The information systems were appropriate to facilitate the preparation of the financial statements. Y PetroSA Annual Report 2009 67 Report of the Auditor-General for the year ended 31 March 2009 No. Matter Y N A risk assessment was conducted on a regular basis and a risk management strategy, which includes a fraud preven- 11. Y tion plan, is documented and used as set out in Treasury Regulation 27.2. 12. Powers and duties have been assigned, as set out in section 56 of the PFMA. Y Follow-up of audit findings 13. The prior year audit findings have been substantially addressed. Y Issues relating to the reporting of performance information The information systems were appropriate to facilitate the preparation of a performance report that is accurate and com- 15. Y plete. Adequate control processes and procedures are
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