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NQABA FINANCE 1 (RF) LIMITED - Availability of the Annual Financial Statements for the year ended 31 March 2019 - NQA

Release Date: 31/07/2019 17:15
Code(s): NQ1A10 NQ1B10 NQ1C10 NQ1A24 NQ1A25 NQ1A27 NQ1A28 NQ1B17 NQ1B20 NQ1B21 NQ1C17 NQF1D5     PDF:  
Wrap Text
Availability of the Annual Financial Statements for the year ended 31 March 2019 - NQA

NQABA FINANCE 1 (RF) LIMITED
Registration Number 2005/040050/07
(JSE Alpha code: NQA)
(“Nqaba")

Bond Code             ISIN No
NQ1A10                ZAG000077686
NQ1A24                ZAG000143991
NQ1A25                ZAG000144007
NQ1A27                ZAG000151531
NQ1A28                ZAG000159583
NQ1B10                ZAG000077702
NQ1B17                ZAG000126467
NQ1B20                ZAG000151549
NQ1B21                ZAG000159591
NQ1C10                ZAG000077694
NQ1C17                ZAG000126459
NQF1D5                ZAG000077678

Availability of the Annual Financial Statements for the year ended 31 March 2019

Noteholders are hereby advised that the company’s Audited Annual Financial Statements for the
year ended 31 March 2019 has been released. The annual financial statements of the issuer
have been audited by SizweNtsalubaGobodo Grant Thorton Inc., who have issued an unmodified
audit opinion. This document can be viewed or downloaded on the administrator’s website at

http://www.eskom.co.za/OurCompany/Investors/NqabaFin1/Annual%20Financial%20Statements/
31%20March%202019.pdf

In terms of section 7.6 (c) of the Debt Listings Requirements of the JSE Limited, investors are
advised that the issuer has reclassified the previous years’ financial statements.

Nqaba did not correctly disclose the split between the current and non-current portions of its first
loss credit enhancement loan, due to an incorrect interpretation of what constitutes the current
portion of this loan. The current portion was incorrectly interpreted as being a callable instrument
at any given time by a noteholder. This interpretation has been corrected to only reflect the
interest element as the current portion.

Accordingly, the disclosure of the current and non-current portion of Nqaba’s first loss credit
enhancement loan was corrected in the 2019 annual financial statements in terms of IAS 8 as a
prior period error by disclosing the split between the current and non-current portion based on the
payable within twelve months from the balance sheet date, i.e. interest accrued

Please refer to note number 28 in the Notes to the Annual Financial Statements for further
details.

For further information, please contact:
Eskom Finance Company SOC Ltd
Megawatt Park
Maxwell Drive
Sunninghill
2157
Ettienne Bester
Tel +27 11 800 5405
Email: besteret@eskom.co.za

Johannesburg
31 July 2019

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)

Date: 31/07/2019 05:15:00
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