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VIYI - Availability of the Annual Financial Statements of the Issuer
Vineyard Road Investments (RF) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2015/055700/06)
Company code: VIYI
(“Vineyard” or “the Issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE ISSUER
Prospective noteholders are advised that the annual financial statements of the Issuer for the year ended
31 December 2018 (“the financial statements”) 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
https://www.rmb.co.za/conduits/vineyard-road-investments .
Prospective noteholders are also advised that the audit report on the financial statements of the Issuer is
unqualified, with no modifications applicable.
Furthermore, the Issuer would like to advise noteholders of the restatements to the previously published
annual financial statements of the Issuer for the year ended 31 December 2017 (“2017 financial statements”).
The reason for the restatements was due to a comprehensive review by Liberty Group Limited (“LGL”), the
ultimate controlling entity of the Issuer, of its long-term insurance business model during 2018 where
consideration was given to the new regulatory capital regime effective 1 July 2018 and the enterprise risk
management framework.
The outcome of the review was a change in key judgement relating to the appropriateness of cash flows
relating to investment portfolios. Since the operating activities of the Issuer are mainly in support of the long-
term insurance business of LGL and are viewed as an extension of the business model of the controlling entity,
it was determined that these activities would be better reflected as cash flows from operating activities rather
than as previously reflected as cash flows from investing activities. Due to the materiality of the items
disclosed, the cash flow statement of the 2017 financial statements has been restated.
29 March 2019
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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