Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 184

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 19
Chunk 184
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to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We served as the Company’s auditor from 2022 to 2024.

Singapore

June 13, 2024

F-3

  CONSOLIDATED STATEMENTS OF FINANCIAL POSITION                                                          
                                                                  As of February 28/29                   
  Figures in Rand thousands                            Notes                      2025                   
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  ASSETS                                                                                                 
  Non-current assets                                                                                     
  Property, plant and equipment                            5                 2,508,215        2,032,794  
  Capitalized commission assets                            6                   494,052          374,521  
  Intangible assets                                        7                    83,053           83,123  
  Goodwill                                                 8                   174,957          227,380  
  Loan to a related party                                 12                    28,700           28,200  
  Long-term other receivables and prepayments             11                    11,629           18,831  
  Deferred tax assets                                      9                   121,749           81,903  
  Total non-current assets                                                   3,422,355        2,846,752  
  Current assets                                                                                         
  Inventories                                             10                     3,830            6,582  
  Trade and other receivables and prepayments             11                   597,461          985,398  
  Income tax receivables                                                        12,622            8,714  
  Cash and cash equivalents                               13                 1,042,882          459,527  
  Total current assets