We have audited the annual financial statements set out on pages 24 to 43. These annual financial statements are the responsibility of the company's directors. Our responsibility is to report on these annual financial statements.

We conducted our audit in accordance with Namibian Generally Accepted Auditing Standards. These standards require that we plan and perform the audit to obtain reasonable assurance that, in all material respects, fair presentation is achieved in the annual financial statements. An audit includes:

– an evaluation of the appropriateness of the accounting policies;

– an examination, on a test basis, of evidence supporting the amounts and disclosures    included in the annual financial statements;

– an assessment of the reasonableness of significant estimates; and

– a consideration of the appropriateness of the overall financial statement presentation.

 

We consider our audit procedures were appropriate in the circumstances to express our opinion presented below.

In our opinion, these annual financial statements fairly present the financial position of the company and the group at 31 December 1999, and the result of their operations and the cash flow information for the period then ended, in conformity with Namibian Generally Accepted Accounting Practice and in the manner required by the Namibian Companies Act.

Chartered Accountants (Namibia)

Windhoek, 28 March 2000