ETHEKWINI METROPOLITAN MUNICIPALITY - Availability of annual financial statements

Availability of annual financial statements

ETHEKWINI METROPOLITAN MUNICIPALITY
JSE alpha code: TMM
(“eThekwini” or “the Municipality”)

AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS

eThekwini hereby advises that it has publicly released its audited annual financial statements for the
year ended 30 June 2020 ("AFS"). The auditors of eThekwini, Auditor-General South Africa, have issued
an unqualified audit report relating to the AFS.


The AFS contain various restatements for the year ended 30 June 2019 (“Prior Period”) relating to:


1.        Recalculation relating to the impairment amount for Durban Marine Theme Park;
2.        Rates and electricity adjustments;
3.        Reversal of items incorrectly accrued for, write-offs of stale cheques and retentions as well as
          raising of accruals erroneously omitted in the Prior Period;
4.        Capitalisation of assets received in the Prior Period but not accrued for
5.        Cost/amortisation adjustments;
6.        Adjustments for VAT apportionment, grants and accruals;
7.        Electricity cost price adjustments;
8.        Recalculations relating to landfill sites rehabilitation provision;
9.        Addition of annual salary increase to leave provision calculations;
10.       Recognition of income previously omitted and reversal of income incorrectly recognised or
          accrued for;
11.       Adjustments relating to restatement of management accountants.


Full details of the restatements are disclosed in note 45 of the AFS.


In addition, the audit report contains emphasis of matters in relation to:
      •    Material debt impairments, losses and write offs;
      •    Significant uncertainty in respect of legal claims lodged against the Municipality.


The AGSA audit opinion is not modified in respect of these matters.


The    AFS    of   eThekwini    are  available   on     the     Municipality’s    website      at
http://www.durban.gov.za/City_Government/Administration/city_manager/performance_manage
ment_unit/reports/Annua%20Reports/Forms/AllItems.aspx and for inspection at City Hall, 263 Pixley
KaSeme Street, Durban.

1 April 2021

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 01-04-2021 02:30:00
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