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BINPW - Availability of the Annual Financial Statements of the Issuer
Namibia Power Corporation (Proprietary) Limited
(Incorporated in December 1964 with limited liability in the Republic of Namibia)
(Registration No. 2051)
Company code: BINPW
(“NamPower” or “the Issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE ISSUER
Bondholders are advised that the annual financial statements (“the financial statements”) of NamPower, for
the year ended 30 June 2018, are available for inspection at the Issuer’s registered office.
The financial statements of the Issuer have also been made available on their website at
http://www.nampower.com.na/Media.aspx?m=Annual+Reports.
The audit report issued on the financial statements of the Issuer is unqualified, with no modifications
applicable.
Furthermore, the Issuer would like to advise bondholders of the following restatements to previously
published annual financial statements for the years ended 30 June 2016 and 30 June 2017.
An adjustment was made in respect of accounting for capital contributions from customers. The Issuer
recognised assets transferred by customers as an item of property, plant and equipment in accordance with
IAS 16 – Property, Plant and Equipment. The capital contributions made by customers relating to the assets
capitalised were not recognised as revenue when the assets were capitalised. In terms of IAS 18 – Revenue,
the capital contributions from customers should have been recognised as revenue upon capitalization of the
projects. Please refer to note 30 of the financial statements for further information.
A further adjustment was made in respect of capital allowances previously claimed on assets transferred by
customers. The Issuer claimed wear and tear on assets transferred by customers inspite of not having
incurred the cost in acquiring the assets as in accordance with Income Tax Act 24 of 1981 Section 17(1) (e).
Please refer to note 31 of the financial statements for further information.
20 December 2018
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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