| Fri 25 Oct 2024, 11:03 | | Availability of Annual Financial Statements for the year ended 31 March 2024 |
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Availability of Annual Financial Statements for the year ended 31 March 2024
Komati Basin Water Authority
Established in terms of the Treaty on the Development and Utilisation of Water Resources of the
Komati River Basin
Stock Code: KW01
ISIN Code: ZAG000016296
("KOBWA" or "the Issuer")
AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Noteholders are hereby advised that the audited annual financial statements for KOBWA for the year
ended 31 March 2024, including the unqualified audit report of PricewaterhouseCoopers Inc., the Issuer's
registered auditors, are available for inspection at the registered office of the Issuer and on the Issuer's
website, https://www.kobwa.co.za/finance/reports/
In accordance with paragraph 6.17(c) of the JSE Debt Listings Requirements, Noteholders are advised
that, as set out in Note 33 of the 2024 annual financial statements, KOBWA has restated its previously
published annual financial statements for the following reasons:
Note 33: Prior year adjustments
Adjustments to the statement of financial position
The Hambros Loan Sinking Fund was originally designated a non-current financial asset. The original
intention was to allocate funds to settle the South African capital portion of the Hambros Loan liability in
2027 (R/E 225 000 000). In 2023 the capital and interest grants were received in full amounting to
R/E 151 875 000 for servicing the Hambros debt annually and in 2027. The full amount was incorrectly
designated in Note 10 of the 2023 annual financial statements as non-current. The cash relating to the
2024 annual interest payment amounting to R/E 30 375 000 has, as set out in Note 10 of the 2024 annual
financial statements, been reclassified as a current portion of the Hambros Loan Sinking Fund.
Adjustment to Note 31: Related Parties
Note 31 showed an amount of R/E 181,153,446 in 2023 as the Guaranteed grant income receivable - non-
current balance in Note 11. This was corrected in 2024 to R/E 178,041,632. The 2023 balance in Note 11
is correct.
Further to the above, no restatements or adjustments have been made to the statement of financial
performance, the statement of cash flow or the changes in net assets.
Piggs' Peak, Eswatini
25 October 2024
Debt Sponsor
Merchantec Capital
Date: 25-10-2024 11:03:00
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