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Availability of the Annual Financial Statements of the Issuer - BINRA
The South African National Roads Agency
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Company code: BINRA
(“SANRAL” or “the Issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE ISSUER
Bondholders are advised that the annual financial statements (“the financial statements”) of the Issuer for the
year ended 31 March 2017 are available for inspection at the Issuer’s registered office.
The financial statements of the Issuer have also been made available on their website at
http://www.nra.co.za/live/content.php?Session_ID=dccd89e122f2941d928c34e04d4b56ec&Category_ID=72.
Bondholders are also advised that the audit report on the financial statements of the Issuer is unqualified, with
no modifications applicable.
Furthermore, the Issuer would like to advise bondholders of the following restatements and reasons therefor
to previously published financial statements for the preceding period.
While preparing the financial statements of the company for the period 31 March 2017, management
discovered that the classification of non-current and current borrowings was done incorrectly in the 2016
financial year. Bank charges relating to conventional tolls for the previous financial years were not being
expensed but rather capitalised to operator debt. Debit balances of third-party funding was not reclassified to
debtors in the 2015/16 financial year which resulted in an understatement of third-party funding and an
understatement of trade and other receivables and loss on sale of land was understated in 2016.
31 October 2017
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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