STANDARD BANK NAMIBIA LIMITED - SBN01-Availability of Annual Financial Statements

SBN01-Availability of Annual Financial Statements

The Standard Bank of Namibia Limited
Incorporated in the Republic of Namibia
Registration number: 78/01799
(“The Company”)
Bond Code: SBN01   ISIN: ZAG000152927


AVAILABILITY OF THE    STANDARD   BANK   OF   NAMIBIA   LIMITED   ANNUAL
FINANCIAL STATEMENTS

As per the JSE Debt Listings Requirements, the Annual Financial
Statements for The Standard Bank of Namibia Limited have been
made available on the Company’s website:

https://www.standardbank.com.na/namibia/personal/about-
us/investor-relations



The Company further wishes to advise that their audit reports
were unqualified and that there were the following restatements
of the previous year’s annual financial statements.

During the preparation of the company’s 2020 annual
financial statement, the company noted the following
restatement relating to the company’s previously
published results.


  1. It was identified that N$73.0 million computer software
     costs were incorrectly capitalised to IT equipment and
     included in Property, equipment and right-of-use assets
     instead of Intangible assets. The error has been corrected
     by restating the comparatives of the company. The
     restatement has no impact on total assets, profit for the
     year, earnings per share, headline earnings or net cash
     flow used in investing activities. The correction of this
     error resulted in a reclassification between Property,
     equipment and right-of-use assets and Intangible assets in
     the statement of financial position.


  2. In the current year the company aligned the presentation of
     the statements of cash flows with that of the Standard Bank
     Group (‘SBG’) which is considered to be more correct. In
     addition, the correction of the classification of property,
    equipment and right-of-use assets and intangibles disclosed
    above affected certain line items within investing
    activities. Non-cash adjustments errors relating to various
    items that were identified have been corrected. The total
    impact of the restatements on net cash from operating
    activities was a net cash inflow of N$ 62.0 million; the
    impact on cash used in investing activities a net cash
    outflow of N$65.7 million and the impact on cash received
    from financing activities was a net cash inflow of N$3.4
    million.



Johannesburg
26 March 2021

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 26-03-2021 11:25:00
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