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Publication Of Bank Windhoek’s Interim Results For The Six Months Ended 31 December 2022
BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ23
ISIN Code: ZAG000155508
BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ24
ISIN Code: ZAG000175183
BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ25
ISIN Code: ZAG000182064
(“the Company”)
PUBLICATION OF BANK WINDHOEK’S INTERIM RESULTS FOR THE SIX MONTHS ENDED 31
DECEMBER 2022
Noteholders are hereby advised that the interim results of Bank Windhoek
for the six months ended 31 December 2022 are available on the company’s
website https://www.bankwindhoek.com.na/Pages/Reports.aspx and may be
requested and obtained in person, at no charge, at the registered
office of the company during office hours.
Restatement of cash and cash equivalents in the cash flow statement and
statement of financial position
The prior year figures were restated in the 31 December 2022 consolidated
interim financial statements following the restatement for the period ended
30 June 2022:
IAS 7 assesses what funds should be included in cash and cash equivalents.
For a unit trust and money market investment to be classified as cash and
cash equivalents, the purpose of the funds should be to meet short-term
cash commitments. The fund should be convertible into a known amount of
cash and there should be an insignificant risk of change in value. The unit
trusts held by Bank Windhoek does not comply with the definition of cash
equivalents as per IAS7 and should be removed from the cash and cash
equivalents line item for cash flow statement purposes.
In the 2022 consolidated interim financial statements, the unit trust
investments, treasury bills and government stock with a maturity of less
than 90 days were recognised as cash and cash equivalents in the cash flow
statement.
A third statement of financial position is presented in the consolidated
interim financial statement as the restatement impacts the cash flow
statement and other line items on the statement of financial position.
The basis on which the cash and cash equivalents for the statement of
financial position were calculated, changed from the prior period due to a
classification error in terms of IAS7. The error was only in the asset
section of the statement of financial position and also had no impact on
the statement of comprehensive income, therefore no impact on equity.
Group 31 Dec 2021 Restatement Restated
(N$’000) (N$’000) 31 Dec 2021
(N$’000)
Consolidated statement of
financial position (extract)
Cash balances with the 1,539,826 (1,539,826) 0
central banks
Financial assets at fair 1,850,611 (299,370) 1,551,241
value through profit or loss
Due from other banks 1,117,832 (1,117,832) 0
Cash and cash equivalents 0 2,957,028 2,957,028
Group 31 Dec 2020 Restatement Restated
(N$’000) (N$’000) 31 Dec 2020
(N$’000)
Consolidated statement of
financial position (extract)
Cash balances with the 1,401,314 (1,401,314) 0
central banks
Financial assets at fair 1,205,670 0 1,205,670
value through profit or loss
Due from other banks 673,244 (673,244) 0
Cash and cash equivalents 0 2,074,558 2,074,558
Reverse repurchase agreements were previously classified as financial
assets. Reverse repurchase agreements are mainly made for purposes of
liquidity management which is considered part of the entity’s cash
management strategies in the daily business operations. The classification
was amended and the instruments were thus classified as cash and cash
equivalents in accordance with the requirements of IAS7.
All items of cash and cash equivalents were assessed in accordance with
IAS7, and entire line item in the statement of financial position has
consequently been updated.
The basis on which the cash and cash equivalents for the cash flow statements
were calculated, changed from the prior financial period due to a
classification error in terms of IAS7.
Group 31 Dec 2021 Restatement Restated
(N$’000) (N$’000) 31 Dec 2021
(N$’000)
Cash balances with the 1,157,443 382,383 1,539,826
central banks
Treasury bills and 1,269,058 (1,269,058) 0
government stock with a
maturity of less than 90
days
Unit trust investments 1,503,947 (1,503,947) 0
Reverse repurchase agreement 0 299,370 299,370
Placement with other banks 1,117,832 0 1,117,832
Borrowing from other banks (823,836) 823,836 0
Cash and cash equivalents 4,224,444 (1,267,416) 2,957,028
This resulted in a decrease in the cash and cash equivalents line for the
cash flow statements.
The mandatory reserve deposits held at the central bank is subject to
restrictions and limitations but is available for use by the group.
The treasury bills and government stock should be classified as cash if
the maturity date is 90 days or less after investment date. All treasury
bills and government stock have a maturity date greater than 90 days. This
has also resulted in the cashflows being reclassified to operating
activities in the statement of cash flows.
Unit trust investments should be classified based on the weighted average
maturity days of the funds. After investigation, the unit trust investments
all have a weighted average maturity date greater than 90 days on the fund
fact sheets. This has also resulted in the cashflows being reclassified to
investing activities in the statement of cash flows.
Reverse repurchase agreements should be classified as cash as the
instrument matures within 3 months of investment.
Borrowings from other banks is not used in the management of the banks
cash.
Certain items were reclassified during the current period under review in
accordance with the disclosure requirements of IAS7, the impact on the
statement of cash flow is summarised below:
Group 31 Dec 2021 Restatement Restated
(N$’000) (N$’000) 31 Dec 2021
(N$’000)
Consolidated statement of
cash flow (extract)
Cash flows from operating
activities
Net cash generated from 562,037 208,617 770,654
operations
Dividends received 865 0 865
Income taxes paid (194,247) 0 (194,247)
368,655 208,617 577,272
Cash flows from investing
activities
Proceeds from financial 166,438 (166,438) 0
assets at fair value through
other comprehensive income
(net of treasury bills and
government bonds classified
as cash and cash
equivalents)
Redemption of unit trust 0 5,000 5,000
investments
Additions to property and (12,783) 0 (12,783)
equipment
Additions to intangible (67,420) 0 (67,420)
assets
86,235 (161,438) (75,203)
Cash flows from financing
activities
Other borrowings repaid (99,279) 0 (99,279)
Other borrowings additions 0 6 6
Redemption of debt (186,000) 0 (186,000)
securities in issue
Proceeds from the issue of 210,000 0 210,000
debt securities
Principal elements of lease (34,875) 5,518 (29,357)
payments
Dividends paid (132,000) 0 (132,000)
(242,154) 5,524 (236,630)
Net increase in cash and 212,737 52,703 265,439
cash equivalents
Cash and cash equivalents at 4,109,915 (1,320,118) 2,789,797
the beginning of the period
Effects of exchange rates (98,208) 0 (98,208)
changes on cash and cash
equivalents
Cash and cash equivalents at 4,224,444 (1,267,415) 2,957,028
the end of the period
The principal payments on lease liabilities were restated to exclude the
cash outflows in relation to finance charges which were previously
incorrectly included as part of the stated cash flows.
Proceeds from financial assets at fair value through other comprehensive
income were reclassified from investing activities to operating activities
to align with the nature of the groups’ business.
23 February 2023
Debt Sponsor
PSG Capital
Date: 23-02-2023 02:30:00
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