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Availability of the Standard Bank of Namibia Limited Annual Financial Statements
The Standard Bank of Namibia Limited
Incorporated in the Republic of Namibia
Registration number: 78/01799
(the "Company" or the "Issuer")
Issuer code: STINM
AVAILABILITY OF THE STANDARD BANK OF NAMIBIA LIMITED ANNUAL FINANCIAL STATEMENTS
As per the JSE Limited Debt and Specialist Securities Listings Requirements, the annual financial statements of
The Standard Bank of Namibia Limited, for the year ended 31 December 2024 are available for inspection through
a secure electronic manner at the election of the person requesting inspection and 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 with no modifications applicable.
Furthermore, the Issuer would like to advise noteholders that the financial statements contain restatements to
previously published 31 December 2023 annual financial statements due to:
• Correction of effects of exchange rate differences on cash and cash equivalents
During 2024, the company performed benchmarking and internal reviews to assess the appropriate
accounting treatment for the effect of exchange rate differences on cash and cash equivalents. The
following have been identified during this exercise and have resulted in the below restatement of errors
and additional related disclosures:
o Correcting the calculation of the effects of foreign exchange rate differences to exclude on-
demand loans and advances to banks that do not meet the definition of cash and cash equivalents
and should not be included in the cash and cash equivalents balance. This resulted in a
N$68.4 million decrease in the 2023 effects of exchange rate differences on cash and cash
equivalents.
o The methodology used to calculate the effects of foreign exchange rate differences contained a
mathematical error in calculating the effect of foreign exchange rate differences on cash and cash
equivalents. The company changed the methodology, resulting in an increase in the 2023 effects
of exchange rate differences on cash and cash equivalents of N$225.2 million.
The 2023 calculation was adjusted for the above and the balances of the relevant lines were restated in
the statements of cash flows and related notes.
This restatement had no impact on the company's statement of financial position, income statement or
any ratios presented.
• Reallocation between classes of loans and advances
Commercial property loans with a gross carrying amount of N$532.1 million for 2023 was reallocated
from "Home services" to "Other loans and advances" due to a misallocation. This restatement is only for
presentation purposes and has no impact on the company's statement of financial position, income
statement, statement of cash flows or any disclosed ratios.
• Appropriate disclosures were made in the financial statements for the abovementioned restatements.
10 March 2024
Debt Sponsor
The Standard Bank of South Africa Limited
Date: 10-03-2025 05:25:00
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