Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 186

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 19
Chunk 186
---
                                                                         ( 443,260      ( 592,954      ( 420,026  
  Net increase/(decrease) in cash and cash equivalents                                                                412,700      ( 570,101         84,427  
  Cash and cash equivalents at the beginning of the year                                                              436,165        965,750        718,026  
  Effect of exchange rate changes on cash and cash equivalents                                                       ( 11,282         40,516        163,297  
  Cash and cash equivalents at the end of the year                                          13                        837,583        436,165        965,750  

The accompanying notes form an integral part of
these financial statements.

F-9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

Reporting entity

Karooooo Ltd. (“ Karooooo”
or “the Company”) was incorporated onMay 19, 2018in the Republic of Singapore. The Company is listed on the NASDAQ and a
secondary listing on JSE. The address of the Company’s registered office is at 1 Harbourfront Avenue Keppel Bay Tower #14-07 Singapore
098632. The principal executive office of the Company is 17 Kallang Junction #06-05/06 Singapore 339274.

The principal activities of the Group
relate to the provision of real-time mobility data analytics solutions for smart transportation through its software-as-a-service (“ SaaS”)
platform, physical and e-commerce vehicle buying and selling and providing a technology platform focused on last mile delivery. The Group’s
SaaS platform acts as a central nervous system for connected vehicles and other mobile assets, such as construction equipment, generators,
refrigeration units, trailers and boats.

During the fiscal year ended February 28, 2025 the Company incurred
costs totalling ZAR15.1million related to a secondary offering of shares by existing shareholders. These costs were expensed in accordance
with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board as they did not relate to the issuance
of new shares by the Company. The expenses were included on the consolidated statement of profit or loss.

As at February 28, 2025, Zak is the ultimate controlling
shareholder of the Group, holding19,450,000shares (62.96% shareholdings) of Karooooo.

These consolidated financial statements comprise