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PRECINCT FUNDING 2 (RF) LIMITED - Precinct Funding 2 (RF) Limited - Availability of financials announcement 2019

Release Date: 30/06/2020 17:30
Code(s): PRE2D1 PRE2A3 PRE2B1 PRE2C1 PRE2A2     PDF:  
Wrap Text
Precinct Funding 2 (RF) Limited - Availability of financials announcement 2019

Incorporated in the Republic of South Africa
Alpha code: PFLI
(the “Company”)


Precinct Funding 2 (RF) Ltd hereby notifies its debt investors that it has publicly released its audited
annual financial statements (“AFS”) for the year ended 31 December 2019 and that the audit report
relating to the AFS is unqualified.

Debt investors are advised that the 2019 AFS contain restatements of the 2018 statement of cashflows
(SOCF) as a result of the identification of prior period errors.

The restatements arose as a result of:
    1. During the prior year, the statement of cash flows did not separately present interest receipts
        and interest payments. The company has separately presented interest receipts and interest
        payments for both the current and prior year. Furthermore, interest income and interest
        expense accrued that was initially included within investing and financing activities
        respectively, have been reclassified to operating activities for both the current and prior year.
    2. During the prior year, the cash flows relating to investing and financing activities were
        presented on an aggregated basis as opposed to presenting their respective cash receipts and
        cash payments on a gross basis. The company has now presented cash flows from investing
        and financing activities on a gross basis for both the current year and prior year in order to
        ensure more fair presentation.

Full details of the restatements are set out in note 24 of the 2019 AFS.

The AFS are available for inspection at Nedbank limited registered office at 135 Rivonia Road,
Sandown,       Sandton         and       on       the        Company’s        website       at

30 June 2020
Debt Sponsor: Nedbank Corporate and Investment Banking

Date: 30-06-2020 05:30:00
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