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Notice of availability of interim financial statements, and update on unbundling of transmission business
Eskom Holdings SOC Limited
(Registration No. 2002/015527/30)
JSE alpha code: BIESKM
(“Eskom”)
NOTICE OF AVAILIBILITY OF INTERIM FINANCIAL STATEMENTS, AND UPDATE ON UNBUNDLING OF
TRANSMISSION BUSINESS
INTERIM FINANCIAL STATEMENTS
Eskom hereby notifies its debt investors that it has publicly released its unaudited interim financial
statements for the six months ended 30 September 2021 (“Interim Financial Statements”).
In addition, Eskom advises of restatements on the Interim Financial Statements relating to the
restatements disclosed in the annual financial statements at 31 March 2021. The restatements
relate to:
• change of classification of Eskom pension fund from a defined contribution to a defined benefit
fund; and
• change in measurement of contributions toward environmental rehabilitation trust funds from
cost to fair value.
The abovementioned restatements are detailed in note 17 of the Interim Financial Statements.
The Interim Financial Statements are available on the Eskom website at
https://www.eskom.co.za/IR2021/interim and for inspection at Eskom’s registered office at 1
Maxwell Drive, Megawatt Park, Sunninghill, Johannesburg, 2000.
UPDATE ON UNBUNDLING OF TRANSMISSION BUSINESS
Eskom hereby notifies its debt investors that it is currently in the process of settling a legally binding
asset transfer agreement, expected (subject to receiving PFMA approval) to be signed by 31
December 2021, pursuant to which it will dispose of certain assets and liabilities comprising its
transmission division to a newly established, wholly owned subsidiary of Eskom named National
Transmission Company South Africa SOC Limited (“NTCSA”).
The effective date of the asset transfer agreement is expected to be 1 January 2022. The transfer of
the transmission division to NTCSA will be subject to certain suspensive conditions being met, which
include, but are not limited to, attaining the necessary regulatory and statutory consents, and Eskom
obtaining all applicable creditor consents.
Subject to the fulfilment of the suspensive conditions under the asset transfer agreement, the
transaction will be effected by means of a statutory merger pursuant to section 113 as read with
section 116 of the South African Companies Act No 71 of 2008 (as amended).
A presentation relating to the aforegoing is available on the Eskom website at
https://www.eskom.co.za/investors/investor-presentations/.
Eskom will communicate any updates to the market in due course.
Johannesburg
15 December 2021
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 15-12-2021 03:04:00
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