Report on review of condensed consolidated interim financial statements

Report on review of condensed consolidated interim financial statements to the shareholders of Depa PLC

Introduction

We have reviewed the accompanying condensed consolidated interim statement of financial position of Depa PLC and its subsidiaries (the ‘Group’) as at 30 June 2021 and the related condensed consolidated interim statements of profit or loss, comprehensive income, changes in equity and cash flows for the six month period then ended and other explanatory notes. Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with International Accounting Standard IAS 34 Interim Financial Reporting (“IAS 34”). Our responsibility is to express a conclusion on these condensed consolidated interim financial statements 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.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with IAS 34.

Emphasis of matter

We draw attention to Note 2 to the condensed consolidated interim financial statements, which indicates that the Group incurred a total comprehensive loss of AED 39.7 million (30 June 2020: AED 162.6 million) during the period ended 30 June 2021. As of that date, the Group had accumulated losses of AED 908.0 million (30 June 2020: AED 872.3 million) and the Group’s current liabilities exceeded its total current assets by AED 148.6 million (31 December 2020: AED 29.6 million). These conditions, along with other matters as set forth in Note 2, indicate the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

PricewaterhouseCoopers 25 August 2021

Murad Nsour Audit Principal, Reference Number I010187 Place: Dubai, United Arab Emirates

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