THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - JSE issues public censure

JSE issues public censure

The South African National Roads Agency SOC Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Alpha code: BINRA
(“SANRAL” or the “Company”)

JSE ISSUES PUBLIC CENSURE

Bondholders of the South African National Roads Agency SOC Limited (SANRAL) are advised that the
Johannesburg Stock Exchange (JSE) has issued a public censure on the entity’s 2018 financial
statements which the entity restated in the 2019 financial year due to errors that the entity noted
and self-corrected in accordance with International Accounting Standard 8 – Accounting Policies,
Changes in Accounting Estimates and Errors. These prior period errors were corrected because they
exceeded internal financial materiality as disclosed in SANRAL’s 2018 Integrated Report, in
compliance with the International Financial Reporting Standard (IFRS) for the restatement of prior
period errors.

It is important to highlight that the Auditor-General maintained its unqualified audit opinion with
respect to SANRAL’s 2018 and 2019 financial statements, which in all material aspects fairly
presented the financial position of SANRAL, its financial performance and cash flows. As disclosed in
the 2019 financial statements, the corrections were non-cash items which mainly affected
depreciation of assets.

As with any entity, errors will occur, and the continuous improvement of internal control measures
will be a constant objective for SANRAL and its board. SANRAL confirms that it supports the JSE’s
General Principles, and that it remains committed to ensuring that it complies with these principles
and the reporting standards contemplated in IFRS.


Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

19 November 2021

Date: 19-11-2021 12:05:00
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