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Availability of the Annual Financial Statements for the year ended 31 March 2022 - IN02
Industrial Development Corporation of South Africa Limited
(Incorporated in the Republic of South Africa)
Registration No. 1940/014201/06
Bond Issuer Code: IN02
(“IDC” or the “Issuer”)
Availability of 2022 Annual Financial Statements and Integrated Report
Pursuant to the JSE Debt Listings Requirements, Noteholders are advised that the Issuer’s Annual
Financial Statements (AFS) and Integrated Report for the year ended 31 March 2022, have been made
available on the Issuer’s website and may be viewed or downloaded through the following link:
https://www.idc.co.za/financial-results/
The Issuer’s audit report is unqualified.
The audit report relating to the annual financial statements of IDC includes a reportable irregularity in terms
of the Auditing Profession Act. The matter was reported to the Independent Regulatory Board for Auditors
(IRBA) and was satisfactorily resolved within the 30-day period prescribed by IRBA. The matter pertaining
to the reportable irregularity is as follows:
“During our audit engagement for the financial year ended 31 March 2022, we noted that a Financial
Intelligence Centre (“FIC”) off-site inspection was performed by the FIC. The inspection noted that the IDC’s
Risk Management and Compliance Program (RMCP) does not comply with provisions of the Financial
Intelligence Centre Amendment Act, Act 1 of 2017.
We noted that these areas of non-compliance at the time had not yet been rectified by management.
Management have subsequently rectified the noncompliance, and the reportable irregularity is no longer
continuing.”
The audit report is available for viewing on the IDC’s website, https://www.idc.co.za/financial-results/, as
part of the AFS.
Noteholders are further advised that the prior year financial statements have been restated due to the
deconsolidation of one of the groups’ subsidiaries, full details are contained in note 8 to the AFS.
13 September 2022
Debt Sponsor
Absa Corporate and Investment Bank (a division of Absa Bank Limited)
Date: 13-09-2022 07:30:00
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