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KOBWA - Availability of Annual Financial Statements for the Year ended 31 March 2025
Komati Basin Water Authority
Established in terms of the Treaty on the Development and Utilisation of Water Resources of the
Komati River Basin
Stock Code: KW01
ISIN Code: ZAG000016296
("KOBWA" or "the Issuer")
AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Noteholders are hereby advised that the audited annual financial statements for KOBWA for the year
ended 31 March 2025, including the unqualified audit report of Nexia SAB&T, the Issuer's registered
auditors, are available for inspection at the registered office of the Issuer and on the Issuer's website,
https://www.kobwa.co.za/finance/reports/
In accordance with paragraph 6.7(c) of the JSE Debt and Specialist Securities Listings Requirements,
Noteholders are advised that, as set out in Note 33 of the 2025 annual financial statements, KOBWA has
restated its previously published annual financial statements for the following reasons:
The impact of the restatements on previously published results
The previously published financial statements had overstatements in terms of the value of fixed assets
and investment property accounted for by KOBWA. The derecognition of the dam assets and investment
property has seen the KOBWA Balance Sheet moving from a Total Asset Base of E/R 5,131,914.065
(2023/24) to E/R 1,045,145,964 by the year 2024/25. This is an asset value reduction of E/R
4,086,768,101.
KOBWA identified a classification error in the presentation of certain liabilities in the statement of financial
position. In prior periods, employee benefit liabilities, such as short-term employee-related obligations,
were incorrectly included under Payables from exchange transactions and provisions.
The adjustment of a previously disclosed payables from R/E 5,772,137 to R/E 26,865,887.
Piggs' Peak, Eswatini
29 October 2025
Debt Sponsor
Merchantec Capital
Date: 29-10-2025 03:45:00
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