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Nqaba - Availability of the Annual Financial Statements for the year ended 31 March 2018
NQABA FINANCE 1 SECURITY SPV (RF) PROPRIETARY LIMITED
Registration Number 2005/036141/07
(“Nqaba")
Bond Code ISIN No
NQ1A10 ZAG000077686
NQ1A17 ZAG000105941
NQ1A19 ZAG000126509
NQ1A21 ZAG000136664
NQ1A23 ZAG000143983
NQ1A24 ZAG000143991
NQ1A25 ZAG000144007
NQ1A26 ZAG000144155
NQ1B10 ZAG000077702
NQ1B15 ZAG000105966
NQ1B17 ZAG000126467
NQ1B19 ZAG000144163
NQ1C10 ZAG000077694
NQ1C15 ZAG000105958
NQ1C17 ZAG000126459
NQ1C19 ZAG000144148
NQF1D5 ZAG000077678
NQF1D7 ZAG000105974
NQF1D8 ZAG000136656
Availability of the Annual Financial Statements for the year ended 31 March 2018
In terms of section 7.4 of the Debt Listings Requirements of the JSE Limited, noteholders are
advised that Nqaba’s annual financial statements for the year ended 31 March 2018 are available
for viewing and downloading at
http://www.eskom.co.za/IR2018/Documents/AFS_NqabaFinance1RF_Ltd31March2018.pdf
As per section 7.6(c) of the Debt Listings Requirement, the following restatements were applied.
Nqaba did not correctly disclose the split between the current and non-current portions of its
loans and advances, due to an incorrect interpretation of what constitutes the current portion of its
loans and advances. The current portion was incorrectly interpreted as being only those loans
that matured within twelve months from balance sheet date instead of all loans and advances
capital repayments to be received within twelve months from the balance sheet date. This
interpretation was consistent with the treatment of the loans and advances followed by EFC (refer
to par 9 in the director’s report), which is governed by the PFMA.
Accordingly the disclosure of the current and non-current portion of Nqaba’s loans and advances
was corrected in the 2018 annual financial statements in terms of IAS 8 as a prior period error by
disclosing the split between the current and non-current portion of its loans and advances, based
on capital repayments to be received within twelve months from the balance sheet date. The
restatement had no impact on the claims of the senior secured creditors as defined in the
Programme Memorandum.
2017 2016
Previously Adjustment Restated Previously Adjustment Restated
reported reported
R'000 R'000 R'000 R'000 R'000 R'000
Statement of
financial position
Non-Current
Assets
Loans receivable 1,906,108 (70,254) 1,835,854 1,904,978 (69,740) 1,835,238
Current Assets
Loans receivable 1,680 70,254 71,934 1,419 69,740 71,159
For further information, please contact:
Eskom Finance Company SOC Ltd
Megawatt Park
Maxwell Drive
Sunninghill
2157
Ettienne Bester
Tel +27 11 800 5405
Email: besteret@eskom.co.za
Johannesburg
02 August 2018
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 02/08/2018 04:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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