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Availability of Annual Financial Statements for the Year Ended 31 March 2019
Komati Basin Water Authority
Established in terms of the Treaty on the Development and Utilisation of Water Resources of the
Komati River Basin
Stock Code: KW01
ISIN Code: ZAG000016296
(“KOBWA” or “the Issuer”)
AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019
Noteholders are referred to the announcement released on SENS on 31 October 2019 wherein it was
stated that as a result of the board of directors of KOBWA (“the Board”) having reviewed its accounting
framework and subsequently identifying Generally Recognised Accounting Practice (“GRAP”) as a more
appropriate accounting framework than International Financial Reporting Standards (“IFRS”), the adoption
of GRAP had resulted in an extended reporting timetable and accordingly, the availability of the audited
annual financial statements of KOBWA for the year ended 31 March 2019 (“2019 annual financial
statements”) had been delayed.
KOBWA is not a commercial entity and is wholly funded by the South African and Eswatini governments.
It manages infrastructure assets under the treaty on the development and utilisation of the water resources
of the Komati River Basin entered into between the two governments in 1992 (“Treaty”) in order to meet
its objective, being the conservation and management of water resources in the Komati River Basin. Whilst
KOBWA is not regulated by a governmental administration act in South Africa or Eswatini, it is regarded
as a government organisation.
Noteholders are hereby advised that the 2019 annual financial statements, including the unqualified audit
report of PricewaterhouseCoopers Inc., the Issuer’s registered auditors, are now available for inspection
at the registered office of the Issuer and on the Issuer’s website, http://www.kobwa.co.za/index.php/about-
us/key-document/financial-reports.
Noteholders are further advised that as set out in note 30 of the 2019 annual financial statements, and to
ensure the consistency in financial reporting, the application of GRAP has retrospectively been applied to
the Statement of Financial Position as at 31 March 2018 and 2017. The Statement of Financial
Performance for the 2018 financial year has been restated.
Johannesburg
19 November 2019
Debt Sponsor
Merchantec Capital
Date: 19/11/2019 08:55:00
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