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IN02_Availability of 2024 Annual Financial Statements and Integrated Report
Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa
Registration No. 1940/014201/06)
Issuer code: IN02
(the "IDC" or the "Issuer" or the "Group")
Availability of 2024 Annual Financial Statements and Integrated Report
Pursuant to the JSE Limited (JSE) Debt Listings Requirements, Noteholders are advised that the Issuer's Annual
Financial Statements (AFS) and Integrated Report for the year ended 31 March 2024, have been made available on
the Issuer's website and may be viewed or downloaded through the following link:
https://www.idc.co.za/annual-results/
Deloitte & Touche and Nexia SAB&T, the Group's independent statutory external auditors, have expressed an
unqualified audit opinion on the Group AFS for the year ended 31 March 2024.
Restatement of Previously Published Results
During the preparation of the Group's 2024 AFS, the Group restated the statement of financial position, statement of
changes in equity, statement of profit or loss and other comprehensive income and statement of cash flows in its 2023
AFS due to reclassification and material prior period errors.
1. Restatement of Statement of financial position
Loans and advances
In the review of the presentation of the statement of financial position, it was identified that Loans and advances relating
to associates and subsidiaries were incorrectly included in the Investment in associates and subsidiaries line items on
the statement of financial position. The previous presentation did not align with the appropriate liquidity basis of
presentation as this was included in line items that were below Loans and advances to third parties.
As a result of the review, the Loans and advances relating to Investments in associates and subsidiaries were
aggregated to the "Loans and advances" financial statement line item on the statement of financial position. This
financial statement line item was used previously to disclose Loans and advances to third parties, now includes all
Loans and advances.
Preference Shares
It was further identified that preference share investments were incorrectly disclosed in the Investments in associates
line item on the statement of financial position. As a result of the review, preference shares have been reclassified to
the Investments line item on the statement of financial position. The "Investment" line item on the statement of financial
position which is used for the classification of listed and unlisted shares, as well as non-SPPI preference shares was
renamed to "Investment securities".
Borrowings relating to private bonds
It was also identified that day one gains relating to private placement bonds that were issued at below market-related
discount rates were incorrectly included in "Retained Income" and excluded from the amortised cost of Borrowings.
This has been corrected by restating the comparative figures.
Short-dated investments
It was identified that Treasury bills were incorrectly presented as part of the "Cash and cash equivalents" line item on
the statement of financial position. These were corrected by presenting them as part of the new line item named "Short-
dated investments".
2. Restatement of the statement of changes in equity
Omission of Fair Value through OCI Elimination Entries
In the review of the presentation of the statement of changes in equity it was identified that other comprehensive income
relating to the fair value movement of investments in subsidiaries and associates (being the holding company's
accounting policy for such investments) was not eliminated during consolidation as the group equity accounts for
associates' investments and subsidiaries are consolidated. This also led to an overstatement of deferred tax liability.
Management further removed the financial statement line item named "Directly within equity" and moved the amounts
on that line item to Other comprehensive income or Retained income. The removal of "Directly within equity" also
impacted non-controlling interest.
3. Restatement of the statement of profit or loss and other comprehensive income
In the review of the presentation of the statement of profit or loss and other comprehensive income it was identified that
interest income written off and waived was included in the "interest income" line item. Management corrected this and
reclassified it to the "financial assets written off" line item. It is the management's view that these changes provide more
relevant disclosures on the Group's financial position. For comparability, the prior year's balances have been restated
accordingly.
4. Restatement of statement of cash flows
During the year, it was identified that Treasury bills were incorrectly presented as part of "Cash and cash equivalents"
line item on the statement of financial position. These were corrected by presenting them as part of the new line item
named "Short-dated investments".
Management further removed Grants disbursed, Grant income received and Legal and retirement fund payments line
items that were incorrectly presented on the face of the statement of cashflows under cashflows from operating activities
section and moved them to Cash (used in)/generated from operations line item.
For comparability, the prior year's balances have been restated accordingly. Full details of the restatements are set out
in note 36 on page 126 of the AFS.
29 August 2024
Debt Sponsor
Absa Corporate and Investment Bank (a division of Absa Bank Limited)
Date: 29-08-2024 10:30:00
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