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MEC - Availability of the issuer’s Annual Financial Statements
Mercedes-Benz South Africa Limited (Incorporated in the Republic of South Africa)
(Registration No. 1962/000271/06)
Bond Issuer code: MEC
("Mercedes-Benz" or "the Issuer")
("Mercedes-Benz Group AG" or "the Guarantor")
Availability of the Issuer's Annual Financial Statements
In accordance with paragraph 6.5 of the JSE Limited Debt and Specialist Securities Listings Requirements,
noteholders are hereby advised that the Annual Financial Statements of Mercedes-Benz South Africa Limited
("MBSA") for the 31 December 2024 financial year have been made available on the Issuer's website as per link
below:
https://www.mercedes-benz.co.za/passengercars/brand/investor-relations.html
The Issuer's audit reports were unqualified with no modifications and there were restatements of the previous
year's annual financial statements.
Details of the Restatements:
In 2024, MBSA reviewed its contract manufacturing process for IFRS 15 compliance, revealing that revenue and
cost of goods sold from coated monolith sales to a supplier, who processes them into catalytic converters and
sells them back to MBSA, could not be recognized as the supplier does not gain control of the monoliths. This led
to a correction, reducing the prior year's revenue from R 74,932 million to R 73,277 million and cost of goods sold
from R 66,118 million to R 64,453 million. This adjustment did not affect the statement of financial position,
operating profit (EBIT), net profit, or net cash and cash equivalents. Additionally, lease liabilities were separately
presented on the consolidated statement of financial position, correcting a prior period error without affecting
total liabilities measurement. The group also changed the presentation of cash flows from operating activities
from an indirect to a direct method for consistency in the consolidated statement of cash flows, the statement of
cashflow was further restated to take into account the restatements mentioned above.
Noteholders are advised to refer to Note 36 of the Annual Financial Statements for a detailed breakdown of these
restatements.
Management, with the oversight of the Audit Committee, have enhanced and strengthened controls over financial
reporting to improve the accuracy of financial statements henceforth.
Menlyn Maine
30 April 2025
Debt Sponsor: The Standard Bank of South Africa Limited
debtsponsor@standardbank.co.za
Date: 30-04-2025 05:05:00
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