NQABA FINANCE 1 (RF) LIMITED - Correction Announcement: Nqaba - Availability of the Annual Financial Statements for the year ended 31 March 2018

Correction Announcement: Nqaba - Availability of the Annual Financial Statements for the year ended 31 March 2018

NQABA FINANCE 1 SECURITY SPV (RF) PROPRIETARY LIMITED
Registration Number 2005/036141/07
(“Nqaba")

Bond Code       ISIN No
NQ1A10          ZAG000077686
NQ1A21          ZAG000136664
NQ1A24          ZAG000143991
NQ1A25          ZAG000144007
NQ1A27          ZAG000151531
NQ1B10          ZAG000077702
NQ1B17          ZAG000126467
NQ1B20          ZAG000151549
NQ1C10          ZAG000077694
NQ1C17          ZAG000126459
NQF1D5          ZAG000077678
NQF1D8          ZAG000136656

Correction Announcement: Nqaba - Availability of the Annual Financial Statements for the year ended 31 March 2018

In terms of section 7.4 of the Debt Listings Requirements of the JSE Limited, noteholders are
advised that Nqaba’s annual financial statements for the year ended 31 March 2018 are available
for viewing and downloading at

http://www.eskom.co.za/IR2018/Documents/AFS_NqabaFinance1RF_Ltd31March2018.pdf

As per section 7.6(c) of the Debt Listings Requirement, the audit report was unquailed however
the following restatements were applied.

Nqaba did not correctly disclose the split between the current and non-current portions of its
loans and advances, due to an incorrect interpretation of what constitutes the current portion of its
loans and advances. The current portion was incorrectly interpreted as being only those loans
that matured within twelve months from balance sheet date instead of all loans and advances
capital repayments to be received within twelve months from the balance sheet date. This
interpretation was consistent with the treatment of the loans and advances followed by EFC (refer
to par 9 in the director’s report), which is governed by the PFMA.

Accordingly the disclosure of the current and non-current portion of Nqaba’s loans and advances
was corrected in the 2018 annual financial statements in terms of IAS 8 as a prior period error by
disclosing the split between the current and non-current portion of its loans and advances, based
on capital repayments to be received within twelve months from the balance sheet date. The
restatement had no impact on the claims of the senior secured creditors as defined in the
Programme Memorandum.




                                          2017                                              2016
                           Previously    Adjustment      Restated            Previously    Adjustment     Restated
                             reported                                          reported
                                 R'000          R'000        R'000                R'000           R'000      R'000
 Statement of
 financial position

 Non-Current
 Assets

 Loans receivable       1,906,108          (70,254)   1,835,854      1,904,978   (69,740)   1,835,238



 Current Assets

 Loans receivable           1,680          70,254     71,934             1,419   69,740     71,159




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
14 August 2018

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

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