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BILB-Abridged Financial Statements Availability
The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
(“Land Bank” or “the Issuer”)
RELEASE OF ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2020 AND UNAUDITED INTERIM FINANCIAL RESULTS FOR
PERIOD ENDED 30 SEPTEMBER 2020
In the SENS announcement dated 23 November 2020 Land Bank indicated that it would release its
Audited Annual Financial Statements for financial year ended 31 March 2020, as well as the Unaudited
Interim Financial Statements for first half of the financial year ended 31 March 2021 on, or before 31
December 2020.
Land Bank has published the following information on its Investor information portal which can be
assessed through the following link
https://landbank.co.za/Investor-Portal/SitePages/Home.aspx.
1. Abridged Audited Annual Financial Statements for the financial year ended 31 March 2020. The
full set will be published during quarter 1 of calendar year 2021.
2. The Auditor General of South Africa’s (AGSA) Report on the audit of Land Bank’s consolidated
and separate Financial Statements, which expresses a Disclaimer of Opinion audit outcome for Land
Bank’s financial year ended 31 March 2020 Annual Financial Statements. A summary of the
modifications are as follows:
a. Going Concern
The Auditor General was unable to confirm whether Land Bank’s financial statements
achieve fair presentation in accordance with International Accounting Standard (IAS 1),
Presentation of financial statements, as management was unable to provide the assessment
of the entity’s ability to continue as a going concern.
b. Expected Credit loss(ECL) provision
The Auditor General was unable to obtain sufficient appropriate audit evidence that
management had properly accounted for expected credit loss, in accordance with the
requirements of International Financial Reporting Standard (IFRS) 9, Financial
Instruments (IFRS 9).
c. Collateral held as security
The AGSA was unable to obtain sufficient appropriate audit evidence that
collateral held as security was properly accounted in accordance with the
requirements of IFRS 7, Financial Instruments: Disclosures (IFRS 7).
d. Credit Risk Management
The AGSA was unable to obtain sufficient appropriate audit evidence that some
of the credit risk disclosures in the financial statements were properly accounted
for in accordance with the requirements of IFRS 7.
3. Land Bank’s Response Document to AGSA’s key audit findings.
4. Summary of the Unaudited Interim Financial Results for the period ended 30 September 2020.
6 January 2021
Enquiries
Land and Agricultural Development Bank of South Africa
Ayanda Kanana, Chief Executive Officer
Khensani Mukhari, Chief Financial Officer
Rebecca Phalatse, General Manager: Marketing and Communications – Tel: 074 159 6833
Debt Sponsor
The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking
division (registration number: 1962/000738/06)
Contacts:
Ms Natalie Di-Sante
Email: Natalie.di-sante@standardbank.co.za
Tel: +27 (0) 11 721 6125
Date: 06-01-2021 09:07:00
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