DENEL SOC LIMITED - Update on publication of annual financial statements

Update on publication of annual financial statements

DENEL SOC LIMITED
Registration number: 1992/001337/30
JSE Alpha Code: BIDEN
(“Denel” or the “Group” or the “Company”)


UPDATE ON PUBLICATION OF ANNUAL FINANCIAL STATEMENTS


Noteholders are referred to the announcement released on 30 September 2021 indicating that Denel
did not table its annual financial statements for the year ended 31 March 2021 (“2021 AFS”) to
Parliament by 30 September 2021.


In this regard, Denel confirms that the board of directors of the Company have made the decision to
defer the publication of the 2021 AFS and that the 2021 AFS will be combined with the publication
of Denel’s annual financial statements for the year ending 31 March 2022.


Following the disclaimer audit opinion in the previous financial years, Denel has assessed that this
requires additional time and resources in order to correct these findings and finalise the 2020/21
financial year end. Due to the complexity of the revenue contracts, the resultant recognition of
revenue and the exit of significant staff throughout the Group, the liquidity challenges will need to be
resolved in order to ensure adequate resourcing in order to prepare and respond to the external
audit in respect of the 2021 AFS.


Denel further advises that it will continue to honour all its obligations in terms of its notes under its
ZAR2,200,000,00 Domestic Medium Term Note Programme and that the Company has the
continued support of its shareholder, the Government of the Republic of South Africa.


29 October 2021


Debt Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 29-10-2021 04:30:00
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