NAMPOWER (PTY) LIMITED - BINPW - Availability of the Annual Financial Statements of the Issuer

BINPW - Availability of the Annual Financial Statements of the Issuer

Namibia Power Corporation (Proprietary) Limited
(Incorporated in December 1964 with limited liability in the Republic of Namibia)
(Registration No. 2051)
Company code: BINPW
(“NamPower” or the “Issuer”)


AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE ISSUER

Noteholders are advised that the Issuer’s annual financial statements for the year ended 30 June 2020 (the
“financial statements”), are available for inspection at the Issuer’s registered office. The financial statements
have also been made available on their website at:
http://www.nampower.com.na/Media.aspx?m=Annual+Reports.

The audit report issued on the financial statements is unqualified, with no modifications applicable.

Furthermore, the Issuer would like to advise noteholders that there have been restatements to the
previously published annual financial statements for the year ended 30 June 2019 as follows:
 (i)     Reclassification of assets under construction from property, plant and equipment to deferred
         revenue;
 (ii)    Understatement of cost of electricity - ZPC contract;
 (iii)   Reclassification of fair value movements on embedded derivatives from cost of electricity - ZESCO
         Limited;
 (iv)    Incorrect calculation of deferred income tax and current income tax;
 (v)     Reclassification of accrued interest;
 (vi)    The Group disclosed cash flows from investment activities on a net basis however IAS 7 requires
         that disclosure be shown on a gross basis; and
 (vii)   Change in the presentation of the statements of comprehensive income, from a mixed presentation
         to a by nature classification of expenses based on the nature of the operations of the Issuer, which
         resulted in the comparatives being restated to ensure comparability.
The above restatements in points (i) to (vi) above were as a result of incorrect classifications or errors.
Further details of the restatements are disclosed under notes 31 and 32 of the financial statements.


29 January 2021

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 29-01-2021 04:08:00
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