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BIESKM-Availability of Annual Financial Statements and Intergrated Report
Eskom Holdings SOC Ltd
(Registration No. 2002/015527/30)
JSE alpha code: BIESKM
("Eskom" or "the Group")
NOTICE OF AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS AND INTEGRATED REPORT
Eskom hereby notifies its debt investors that it has publicly released its audited annual financial statements and
integrated report for the year ended 31 March 2025 ("AFS").
The auditors, Deloitte & Touche, have issued a qualified opinion and have concluded that Eskom's consolidated
and separate financial statements present fairly, in all material respects, the consolidated and separate financial
position of the Group as at 31 March 2025, except for the information disclosed in terms of the Public Finance
Management Act, 1 of 1999 (the "PFMA").
In addition, the following matters were raised in the audit report and the auditors' opinion was not modified in
respect of these matters:
1. A material uncertainty relating to the going concern status of Eskom.
2. Emphasis of matters relating to:
• Events after the reporting period relating to several material non-adjusting events.
• Investigations into possible corruption and related impact on capital projects.
3. Reportable irregularities relating to:
• Failure by Eskom to effect corrective action for identified non-compliance to the National Environmental
Management Act, 107 of 1998, National Water Act, 36 of 1998 and National Environmental Management:
Air Quality Act, 39 of 2004 at multiple power stations.
• Certain duties relating to investigations have not been fulfilled in contravention of National Treasury
regulation 33.1.2.
• Certain financial records were not complete or accurately maintained in line with legislative requirements
of the PFMA and Companies Act, 71 of 2008.
• Investigations into alleged financial misconduct relating to instances of irregular, fruitless and wasteful
expenditure, and performing the necessary disciplinary procedures and consequence management was
not done timeously in line with the PFMA (sections 51(1)(e)(iii) and 55(1)(a)) and related treasury
regulations (paragraph 31.1.1 and 33.1.2).
• Management did not discharge their fiduciary duty as they failed to ensure that the entity's complete and
accurate financial statements were submitted to National Treasury and the auditors on 31 May 2025 as
required by section 55 of the PFMA. The same matter was identified in prior years which highlights that
there are failures within the financial reporting controls which have not been rectified and put in place as
required by section 51 of the PFMA.
The reportable irregularities have been reported to the Independent Regulatory Board of Auditors as well as
to the Johannesburg Stock Exchange Limited by Eskom's auditors and are being addressed by Eskom. Full
details of the reportable irregularities are contained in note 52 of the AFS.
The AFS, together with the audit report, and integrated report are available on the Eskom website at
www.eskom.co.za/investors/integrated-results/ and for inspection at Eskom's registered office at 2 Maxwell Drive,
Megawatt Park, Sunninghill, Johannesburg, 2000.
Johannesburg
30 September 2025
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 30-09-2025 01:00:00
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