THE SOUTH AFRICAN NATIONAL ROADS AGENCY SOC LIMITED - Availability of the annual financial statements of the Company - BINRA

Availability of the annual financial statements of the Company - BINRA

The South African National Roads Agency SOC Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009584/30)
Company code: BINRA
(“SANRAL” or the “Company”)

AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE COMPANY - BINRA

SANRAL advises its bondholders that the annual financial statements of the Company for the year
ended 31 March 2019 (“Annual Financial Statements”), which are incorporated in the Integrated
Report 2019, are available for inspection during standard business hours at the registered office of
the Company at 48 Tambotie Avenue, Val de Grace, Pretoria, 0184, South Africa.

The Integrated Report is also available on the Company’s website at:

Volume 1:
https://www.nra.co.za/content/SANRAL_Integrated%20Report%202019_Volume-1-
September2019.pdf

Volume 2:
https://www.nra.co.za/content/SANRAL_Integrated%20Report%202019_Volume-2-
September2019.pdf

The audit report on the Annual Financial Statements contains an unqualified audit opinion. The audit
report emphasises the material impairments of trade and other receivables because of expected
credit losses of R10.32 billion as well as irregular expenditure of R419.19 million incurred due to non-
compliance with procurement prescriptions. The auditors’ opinion is unmodified in respect of these
emphasised items.

In addition to the above, the Company would like to advise its bondholders of the following
restatements and reasons thereof to the preceding published annual financial statements:

-   The restatement of 2018 figures were mainly on property, plant and equipment due to:

    -   Incorrect calculation of depreciation in prior periods
    -   Incorrect classification of assets
    -   Assets incorrectly written off
    -   Understatement of land revaluation

For detailed explanations on prior period errors refer to note 40 of the Annual Financial Statements.

-   The opening balance of the accumulated loss was restated on 1 April 2019 by R3.854 billion due
    the changes in accounting standards, refer to note 9.

Should there be any queries, kindly contact Malcolm Timberlake on 012 844 8072 or email
timberlakem@nra.co.za

27 September 2019

Debt Sponsor
One Capital

Date: 27/09/2019 04:40:00
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