General SENS Submitter Company - GEN - General Censure imposed by the JSE on The SA National Roads Agency SOC Ltd

GEN - General – Censure imposed by the JSE on The SA National Roads Agency SOC Ltd

GEN – General – The South African National Roads Agency SOC Limited 
Censure imposed by the JSE on the South African National Roads Agency SOC Limited (“SANRAL”)

The JSE hereby informs stakeholders of the following findings in respect of SANRAL:

1.	SANRAL’s Annual Financial Statements for the year ended 31 March 2019, published on SENS on 
27 September 2019, contained restatements to the previously published annual financial results 
for the year ended 31 March 2018 to correct a substantial number of prior period errors in 
accordance with International Financial Reporting Standards (“IFRS”).  

2.	As disclosed by SANRAL, the errors identified in the previously published annual financial 
statements for the year ended 31 March 2018 were due to, amongst other reasons: 

i.	Incorrect calculation of depreciation in prior periods;
ii.	Incorrect classification of assets;
iii.	Assets incorrectly written off; and
iv.	Understatement of land revaluation.  

3.	The financial impact of the restatement of prior period errors in respect of the 2018 financial 
year was material in that SANRAL’s initial net loss of R260 358 000 increased to a net loss of 
R418 470 000 representing a change of approximately 62%. 

4.	SANRAL’s previously published financial information therefore did not comply with IFRS and 
was incorrect and misleading in material aspects and this incorrect information was 
disseminated to investors, the JSE and the investing public. In these circumstances, the JSE 
found SANRAL to be in breach of paragraph 7.4 read with 5.2 of the JSE Debt Listings 
Requirements as SANRAL’s annual financial statements for the year ended 31 March 2018 did 
not comply with IFRS. In addition, SANRAL was also found to be in breach of General Principle 
(v) of the Listings Requirements for its failure to observe the highest standard of care in the 
dissemination of its 2018 financial statements.

5.	The accuracy and reliability of financial information published by issuers are of critical 
importance in ensuring a fair, efficient and transparent market. The provisions of the Debt 
Listings Requirements, which impose various important obligations on issuers in respect of the 
disclosure of financial information, contributes to the integrity of the market and promotes 
investor confidence. SANRAL and its directors are therefore obliged to ensure that all financial 
information and reports that are published are, in all material aspects, accurate and correct. In 
addition hereto, the investing public relies on an issuer’s published financial information to 
make important investment decisions. 

6.	For these reasons and with reference to the JSE’s findings of breach, the JSE has decided to 
impose a public censure on SANRAL as a result of its failure to comply with important provisions 
of the Debt Listings Requirements.


19 November 2021





Date: 19-11-2021 07:05:00
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