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Page 1: v v v µ ] } [ Z } }vZ À] Á}(€¦ · /v v v µ ] } [ Z } }vZ À] Á}( Inflation Adjusted Interim Financial Information To the Shareholders of Mashonaland Holdings Limited Emphasis
Page 2: v v v µ ] } [ Z } }vZ À] Á}(€¦ · /v v v µ ] } [ Z } }vZ À] Á}( Inflation Adjusted Interim Financial Information To the Shareholders of Mashonaland Holdings Limited Emphasis
Page 3: v v v µ ] } [ Z } }vZ À] Á}(€¦ · /v v v µ ] } [ Z } }vZ À] Á}( Inflation Adjusted Interim Financial Information To the Shareholders of Mashonaland Holdings Limited Emphasis

Independent Auditor’s Report on Review of Inflation Adjusted Interim Financial Information

To the Shareholders of Mashonaland Holdings Limited

Introduction

We have reviewed the accompanying inflation adjusted abridged consolidated interim results of Mashonaland Holdings

Limited and its subsidiaries (“the Group”) as at 31 March 2020 and the related inflation adjusted interim consolidated

statement of comprehensive income, inflation adjusted interim consolidated statement changes in equity and inflation

adjusted consolidated interim statement of cash flows for the six-month period then ended, and a summary of

significant accounting policies and other explanatory notes.

Management is responsible for the preparation and fair presentation of this interim financial information in accordance

with International Accounting Standard (IAS) 34 “Interim Financial Reporting”. Our responsibility is to express a

conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410 “Review of Interim

Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information

consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying

analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance

with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would

become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit

opinion.

Basis of qualified conclusion

Impact of incorrect date of application of International Accounting Standard (IAS) 21 “The Effects of Changes in Foreign Exchange Rates” (“IAS 21”) and IAS 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”) on comparative

financial information

On 20 February 2019, a currency called the RTGS Dollar was legislated through Statutory Instrument 33 of 2019 (“SI 33/19”) with an effective date of 22 February 2019. SI 33/19 fixed the exchange rate between the RTGS Dollar and the USD at a rate of 1:1 for the period up to its effective date. The rate of 1:1 is consistent with the rate mandated by the

RBZ at the time it issued the bond notes and coins into the basket of multi currencies. The below events were indicative

of economic fundamentals that would require a reassessment of the functional currency as required by International

Accounting Standard (IAS) 21 “The Effects of Changes in Foreign Exchange Rates”:

The Group transacted using a combination of United States Dollars (USD), bond notes and bond coins. Acute

shortage of USD cash and other foreign currencies in the country, resulted in an increase in the use of different

modes of payment for goods and services, such as settlement through the Real Time Gross Settlement (RTGS)

system and mobile money platforms. During the year there was a significant divergence in market perception

of the relative values between the bond note, bond coin, mobile money platforms, RTGS FCA in comparison to

the USD. Although RTGS was not legally recognised as currency up until 22 February 2019, the substance of the

economic phenomenon, from an accounting perspective, suggested that it was currency.

Page 4: v v v µ ] } [ Z } }vZ À] Á}(€¦ · /v v v µ ] } [ Z } }vZ À] Á}( Inflation Adjusted Interim Financial Information To the Shareholders of Mashonaland Holdings Limited Emphasis

Independent Auditor’s Report on Review of Inflation Adjusted Interim Financial Information

To the Shareholders of Mashonaland Holdings Limited

Basis of qualified conclusion (continued)

Impact of incorrect date of application of International Accounting Standard (IAS) 21 “The Effects of Changes in Foreign Exchange Rates” (“IAS 21”) and IAS 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”) on comparative

financial information (continued)

In October 2018, Groups were instructed by the Reserve Group of Zimbabwe (“RBZ”) to separate and create distinct Group accounts for depositors, namely, RTGS FCA and Nostro FCA accounts. This resulted in a

separation of transactions on the local RTGS payment platform from those relating to foreign currency (e.g.

United States Dollar, British Pound, and South African Rand).

Prior to this date, RTGS FCA and Nostro FCA transactions and balances were co-mingled. As a result of this separation,

there was an increased proliferation of multi-tier pricing practices by suppliers of goods and services, indicating a

significant difference in purchasing power between the RTGS FCA and Nostro FCA balances, against a legislative

framework mandating parity. The Directors had not re-assessed the change in functional currency for the year ended

30 September 2019. Because the Group transacted using a combination of United States Dollars (USD), bond notes and

coins, Real Time Gross Settlement (RTGS) system and mobile money platforms during the period from 1 October 2018

to 22 February 2019, the decision to change the functional currency only on 22 February 2019 in accordance with SI

33/19 resulted in misstatement to the financial performance and cash flows of the Group, as transactions denominated

in USD were not appropriately translated during that period.

During the prior year, the factors and characteristics to apply IAS 29 “Financial Reporting in Hyperinflationary

Economies” were met in Zimbabwe. As a result, the Public Accountants and Auditors Board (PAAB) pronounced that

entities reporting in Zimbabwe were required to apply the requirements of IAS 29 with effect from 1 July 2019.

The Directors applied the requirements of IAS 29 from the date of change in functional currency adopted of 22 February

2019. However, in accordance with IAS 21 the date of change in functional currency should be 1 October 2018.

Consequently the changes in the general pricing power of the functional currency should apply from 1 October 2018.

Had the Group applied the requirements of IAS 21 and IAS 29, many of the elements of the inflation adjusted

consolidated financial statements for the comparative period would have been materially impacted and therefore the

departure from the requirements of these standards is considered to be pervasive. The financial effects on the inflation

adjusted consolidated financial statements of this departure were not determined. An adverse opinion was issued on

the financial statements for the year ended 30 September 2019.

Furthermore, our opinion in the current period’s financial results is modified because of the possible effects of the matter on the comparability of the current year’s financial results with that of the prior year.

Qualified conclusion

Based on our review, with the exception of the matter described in the preceding paragraph, nothing has come to our

attention that causes us to believe that the accompanying interim financial information of Mashonaland Holdings

Limited does not present fairly, in all material respects, the inflation adjusted consolidated financial position of the

entity as at 31 March 2020, and of its inflation adjusted consolidated financial performance and its inflation adjusted

consolidated cash flows for the six-month period then ended in accordance with International Financial Reporting

Standards.

Page 5: v v v µ ] } [ Z } }vZ À] Á}(€¦ · /v v v µ ] } [ Z } }vZ À] Á}( Inflation Adjusted Interim Financial Information To the Shareholders of Mashonaland Holdings Limited Emphasis

Independent Auditor’s Report on Review of Inflation Adjusted Interim Financial Information

To the Shareholders of Mashonaland Holdings Limited

Emphasis of matter

We draw attention to Note 10 and Note 16 of the inflation adjusted consolidated interim financial statements, which

describe the complexities involved in the valuation of the Group’s investment property and the uncertainties related to

the possible effects of the COVID-19 outbreak on the Group, and the Group’s inability to quantify the possible impact.

Our opinion is not further modified in respect of this matter.

Per. Tumai Mafunga

(PAAB Practice Certificate Number 0442)

Deloitte & Touche Chartered Accountants (Zimbabwe)

Harare

Zimbabwe

Date: 24 June 2020


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