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Notice of availability of consolidated annual financial statements for the year ended 31 December 2021 - BINBK
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE alpha code: BINBK
('Nedbank Limited' or the ‘company’ or ‘the group’)
NOTICE OF AVAILABILITY OF CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 DECEMBER 2021
Nedbank Limited hereby notifies debtholders that it has publicly released
its audited annual financial statements (‘AFS’) for the year ended 31
December 2021 and that the auditor’s report relating to the AFS is
unqualified.
The AFS contains prior year restatements for the year ended 31 December 2020
(‘prior year’) as follows:
1) Restatement of the consolidated statement of comprehensive income
During the year, the group reviewed its statement of comprehensive income
presentation. As a result of the review, certain line descriptions have
been renamed, certain sub-totals have been added and removed, the location
of certain line items have been changed and the non-interest revenue and
income line item has been disaggregated. It is the group’s view that these
changes provide more relevant disclosures on the group’s financial
performance. To provide comparability, the prior year balances have been
restated accordingly. The reclassifications had no impact on the group’s
statement of financial position, statement of changes in equity and
statement of cash flows.
2) Restatement of the consolidated statement of financial position
During the year, the group reviewed the presentation of the mandatory
reserve deposits with central banks which was previously disclosed
separately on the statement of financial position. As a result of this
review, the mandatory reserve deposits with central banks have now been
aggregated within the cash and cash equivalents balance, as the nature of
the mandatory reserve deposits represent cash and cash equivalents. This
is in line with the disclosure in the statement of cash flows and was
previously included in the cash and cash equivalents note. The prior year
balances have been restated to provide comparative information. The group
is of the view that the updated disclosure provides more relevant
information for users to better understand the group’s cash and cash
equivalents.
3) Restatement of the consolidated statement of cashflows
During 2021, the group reviewed its presentation of the statement of cash
flows. As a result of the review, the presentation of cash flows from
operating activities has been changed from the direct method to the
indirect method, where the profit or loss is adjusted for the effects of
transactions of a non?cash nature, any deferrals or accruals of past or
future operating cash receipts or payments, and items of income or expense
associated with investing or financing cash flows. In terms of IAS 7,
entities have an accounting policy choice to present operating activities
on the statement of cash flows using either the direct or indirect method.
The group is of the view that the change to the indirect method provides
more relevant and reliable information for users as it improves
comparability to industry peers. As a result of this change in
presentation, the comparative information relating to cash flows from
operating activities has been restated.
The group changed its historic process within group reporting wherein
parts of the cash flow statement (ie accruals) which used to be prepared
centrally (ie a top-down approach) are now prepared at a business unit
level (ie a bottom-up approach). This change enhances the internal
reporting process as it allows the group to collect more granular
information. As a result of the bottom-up approach, the company identified
that the interest income accrual for the prior year was incorrectly
understated and interest expense accruals for the prior year was
incorrectly overstated. These errors did not impact the group’s cash and
cash equivalents.
4) Restatement of the consolidated statement of changes in equity
During the year, the group reviewed its presentation of the statement of
changes in equity presentation. As a result of this review, the “Share-
based payment movements” line item (which includes the funding of the
long-term incentive schemes and the IFRS 2 charge) was renamed “Value of
employee services (net of deferred taxation)” to better reflect the nature
of the line item. The group is of the view that the updated disclosure
provides more relevant information for users to better understand the
group’s changes in equity.
Full details of the restatements are set out in the AFS.
The AFS are available for inspection at the company’s registered office and
can be accessed using the following link
https://www.nedbank.co.za/content/nedbank/desktop/gt/en/investor-
relations/information-hub/financial-results/2021.html
The annual financial statements of Nedbank Limited’s holding company, Nedbank
Group Limited, for the year-ended 31 December 2021, have also been publicly
released can be accessed using the following link
https://www.nedbank.co.za/content/nedbank/desktop/gt/en/investor-
relations/information-hub/financial-results/2021.html
9 March 2022
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 09-03-2022 07:05:00
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