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Availability of Annual Financial Statements for the Year Ended 31 March 2022
Komati Basin Water Authority
Established in terms of the Treaty on the Development and Utilisation of Water Resources of the
Komati River Basin
Stock Code: KW01
ISIN Code: ZAG000016296
(“KOBWA” or “the Issuer”)
AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Noteholders are hereby advised that the audited annual financial statements for KOBWA for the year
ended 31 March 2022 (“2022 annual financial statements”), including the unqualified audit report of
PricewaterhouseCoopers Inc., the Issuer’s registered auditors, are available for inspection at the
registered office of the Issuer and on the Issuer’s website, https://www.kobwa.co.za/finance/reports/
In accordance with paragraph 6.17(c) of the JSE Debt Listings Requirements, Noteholders are advised
that, as set out in Note 33 of the 2022 annual financial statements, KOBWA has restated its previously
published annual financial statements for the following reasons:
Note 33: Prior year adjustments
33.1 Adjustments to the statement of cash flows
Presented in Note 33 are those line items contained in the cash flow statement that have been affected
by prior-year adjustments resulting from a balance sheet reclassification, other immaterial reclassifications
items and an error in casting of Note 26 in the prior year financial statements. The detailed cash flows
disclosed as part of “Net cash flows from operating activities” in Note 26, were neither accurate nor
complete and therefore did not add up to the total presented either in Note 26 or on the face of the cash
flow statement. This resulted in the restatement of the prior year numbers as set out below.
In addition, the statement of cash flows was also restated for the impact of the adjustment described in
Note 33.2. This adjustment impacted the net increase in cash and cash equivalents as previously stated
on the face of the cash flow by increasing it from R2,095,618 to R5,493,316 and reducing the cash outflows
of the Hambros Sinking Fund with the same amount.
33.2 Adjustment to the statement of financial position
The restatement is to correct an error in the allocation of funds between the Hambros Loan Sinking Fund
(Note 6) and the Cash and Cash Equivalents (Note 13) line items in the statement of financial position.
Interest earned of R3,397,698 on the additional funds received from the SA Government should have been
treated as unrestricted cash as per the agreement with the SA Government but was incorrectly classified
to the Hambros Sinking Fund balance (i.e. restricted cash) in Note 6 in the previous financial year. This
change also impacts prior year disclosure in Notes 11 and 15 where additional funds received from the
Parties were previously incorrectly disclosed as R172,117,580 instead of R168,712,882.
The effect of the restatements has had no impact on the profit related to the prior period.
Eswatini
1 November 2022
Debt Sponsor
Merchantec Capital
Date: 01-11-2022 07:05:00
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