SBN01-Availability of Annual Financial Statements
The Standard Bank of Namibia Limited
Incorporated in the Republic of Namibia
Registration number: 78/01799
(“The Company”)
Bond Code: SBN01 ISIN: ZAG000152927
AVAILABILITY OF THE STANDARD BANK OF NAMIBIA LIMITED ANNUAL
FINANCIAL STATEMENTS
As per the JSE Debt Listings Requirements, the Annual Financial
Statements for The Standard Bank of Namibia Limited have been
made available on the Company’s website:
https://www.standardbank.com.na/namibia/personal/about-
us/investor-relations
The Company further wishes to advise that their audit reports
were unqualified and that there were the following restatements
of the previous year’s annual financial statements.
During the preparation of the company’s 2020 annual
financial statement, the company noted the following
restatement relating to the company’s previously
published results.
1. It was identified that N$73.0 million computer software
costs were incorrectly capitalised to IT equipment and
included in Property, equipment and right-of-use assets
instead of Intangible assets. The error has been corrected
by restating the comparatives of the company. The
restatement has no impact on total assets, profit for the
year, earnings per share, headline earnings or net cash
flow used in investing activities. The correction of this
error resulted in a reclassification between Property,
equipment and right-of-use assets and Intangible assets in
the statement of financial position.
2. In the current year the company aligned the presentation of
the statements of cash flows with that of the Standard Bank
Group (‘SBG’) which is considered to be more correct. In
addition, the correction of the classification of property,
equipment and right-of-use assets and intangibles disclosed
above affected certain line items within investing
activities. Non-cash adjustments errors relating to various
items that were identified have been corrected. The total
impact of the restatements on net cash from operating
activities was a net cash inflow of N$ 62.0 million; the
impact on cash used in investing activities a net cash
outflow of N$65.7 million and the impact on cash received
from financing activities was a net cash inflow of N$3.4
million.
Johannesburg
26 March 2021
Debt Sponsor
The Standard Bank of South Africa Limited
Date: 26-03-2021 11:25:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
