The South African National Roads Agency Ltd - SANRAL maintains spotless financial records for another year

SANRAL maintains spotless financial records for another year

SANRAL maintains spotless financial records for another year


The South African National Roads Agency SOC Limited (SANRAL) has received another
unqualified audit report from the Auditor General for the financial year ended 31 March 2012.

The clean bill of health is SANRAL’s 9th consecutive unqualified report and demonstrates
commitment by the SANRAL management to promote ethical behaviour and strict adherence to
International Financial Reporting Standards and the requirements of the Public Finance
Management Act of South Africa (PFMA) at the state owned company.

SANRAL CFO Inge Mulder said: “The unqualified report and SANRAL’s unblemished financial
integrity are a result of principled financial management and budgetary resourcefulness. While
every accolade raises the bar, we will not rest on our laurels but will always work hard to maintain
SANRAL’s position as a well managed and accountable company.”

“SANRAL’s Board and staff recognise that it is vital for the organisation to function as a credible
custodian of tax payer’s money and investor funds. Always improving corporate governance and
financial efficiency therefore remain key to SANRAL’s conduct and day-to-day operations,” said
Mulder.

SANRAL’s core activities are in the provision of a well maintained and safely engineered national
road network. Mulder recognises that this sector is particularly vulnerable to malpractice,
primarily due to the involvement of many role players and the magnitude of funds involved. “We
are acutely aware of our exposure to, and the dangers, of fraudulent and corrupt activities that
might affect our business, particularly within the transforming South African economy,” she said.
“Our financial control and records are therefore reviewed by internal auditors, independent
auditors from time to time and the financial statements are audited by the Auditor General
annually.”

The Auditor-General’s opinion is that all financials were presented fairly. In material respects; the
financial position of SANRAL and its financial performance and cash flows for the year ended in
accordance with International Financial Reporting Standards and the requirements of the PFMA
and the Companies Act. However the Auditor General did draw emphasis to the matter that the
toll income from the GFIP is significant to the ability of SANRAL to service its current and future
obligations and this may cast significant doubt on the entity’s ability to fund its obligations until
such time that the tolling of GFIP commences. The Auditor General indicated that he did not
identify any instances of material non-compliance with specific matters in key applicable laws and
regulations and he did not identify any deficiencies in internal control.

The financial statements are available for download from SANRAL’s website www.nra.co.za

Enquiries:
Inge Mulder
Chief Financial Officer
Tel: +27 12 844 8008
Email: mulderi@nra.co.za
Pretoria

3 October 2012

Debt Sponsor

Absa Capital (the investment Banking Division of Absa Bank Limited & affiliated with Barclays)

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