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Availability of the Annual Financial Statements for the year ended 30 June 2018 - BIEM
EKURHULENI METROPOLITAN MUNICIPALITY
Established in the Republic of South Africa in terms of section 12(1) of the Local Government: Municipal
Structures Act, 117 of 1998, read with Notice No 6768 of 2000 published in Provincial Gazette
Extraordinary No 141 dated 1 October 2000)
Company code: BIEM
(“Ekurhuleni” or the “Issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018
The availability announcement on Friday the 1st of February 2019 was cancelled in error. Therefore noteholders
are hereby advised that the City of Ekurhuleni Metropolitan Municipality’s annual financial statements can be
found on the below link:
Annual Report:
https://www.ekurhuleni.gov.za/2017-18-annual-report/3688-a-f-01-2019-annexure-a/file
Annual Financial Statements:
https://www.ekurhuleni.gov.za/2017-18-annual-report/3689-a-f-01-2019-annexure-b/file
Accounting Officer’s Responsibilities and Approval:
https://www.ekurhuleni.gov.za/2017-18-annual-report/3690-acccounting-officer-s-responsiblities-and-
approval/file
The annual financial statements of the issuer have been audited by The Auditor General of South Africa, who
have issued an unqualified audit opinion.
The City of Ekurhuleni’s 2016/17 comparative figures were restated due to material errors that were identified
and reclassification of amounts which were previously disclosed. Presented below are those items contained in
the statement of financial position and statement of financial performance that have been affected by prior-year
adjustments
Property plant and equipment, investment property, projects completed prior years were only capitalised
in the current year as projects close out reports were provided the current year, and certain projects were
derecognised as they did not meet the subsequent capitalisation requirements.
Other assets were reclassified between the asset categories as they either categorised incorrectly
between the various types, were found or removed from the relating registers.
Other property, plant and equipment and other property, plant and equipment: buildings, were previously
shown as one line item, due to significant amounts in other property, plant and equipment, management
deemed it fit to separate the line items.
Other investments - There was an error on the investment schedule used for the accrual of interest
income.
The correction of the errors results in adjustments as follows (identified in 2018):
Statement of Financial Position
Inventory -4 586 238 -4 586 238
Receivables from exchange transactions 48 339 395 7 292 089
Receivables from non-exchange transactions -10 264 107 -10 264 107
Consumer debtors 74 986 460 74 986 460
Investment Property 90 101 625 90 101 625
Property,Plant and equipment 497 757 229 495 121 420
Intangible assets -188 676 688 -188 676 688
Heritage assets -13 706 755 -13 706 755
Other investments -101 089 399 -101 089 399
Long-term receivables -731 065 0
Trade and other payables -353 012 514 -234 843 571
Deposits -4 521 162 -262 970
Retirement benefit obligation 63 850 410 63 850 410
Provisions -68 286 575 -68 286 575
Accumulated surplus -30 160 616 -109 635 701
Statement of Financial Performance
Property rates 63 121 358 63 121 358
Property rates-penalties imposed and collection charges 11 865 102 11 865 102
Public contributions and donations -122 740 802 -122 740 802
Other income 38 229 813 -1 923 381
Interest revenue -101 820 463 -101 089 398
Employee related costs 121 412 823 121 412 823
Depreciation and amortisation 5 189 0
Impairment of assets 101 487 842 101 487 842
Bulk purchases -4 902 810 0
Contracted services 1 705 996 0
General expenses -805 208 0
Other 0 0
Irregular expenditure -121 479 598 -119 298 893
Fruitless and wasteful expenditure -5 093 951 0
Deviation from SCM regulations -242 002 553 -242 002 553
04 February 2019
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
Date: 04/02/2019 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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