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Availability of 2024 Annual Financial Statements and Sustainability Use of Proceeds Debt Securities updates
Urban Ubomi 1 (RF) Limited
Incorporated in the Republic of South Africa
Registration No : 2019/504294/06
Issuer Code : UBB1
("Urban Ubomi 1" or the "Issuer")
Availability of 2024 Annual Financial Statements and Sustainability Use of Proceeds Debt
Securities updates
Pursuant to the JSE Limited ("JSE") Debt and Specialist Securities Listings Requirements ("DSS Requirements"), noteholders
are advised that the Issuer's Annual Financial Statements ("AFS") for the year ended 31 March 2025, have been made available
on the Issuer's website and may be viewed or downloaded through the following link:
https://www.tuhf.co.za/investors/#urbanubomi
The Issuer further wishes to advise noteholders that their audit reports were unqualified with no modifications and that management
identified a classification error in the Statement of Cash Flows resulting in a restatement of the cashflow statement in the previous
year's annual financial statements.
Restatement Information:
During the current financial year, management identified a classification error in the Statement of Cash Flows. We note that
the interest on the subordinated loan from TUHF Ltd was incorrectly classified as cash flows from financing activities
and should have been reported as cash flows from operating activities. In terms of IAS 7 par 33, interest paid is usually classified
as operating cash flows for a financial institution. The interest paid on external funding has been correctly classified as
cash flow from operating activities and therefore the interest on the subordinated loan should further be classified as cash flow from operating
activities. The classification error is an amount of R27 million. Further to this we noted that an amount of R3 million was incorrectly recorded as cash flows from
financing activities and this amount represent a non-cash flow. The adjustment of the non-cash flow error result in an immaterial adjustment to the Cash paid to
suppliers.The impacts of the prior period error and reclassifications are disclosed below:
As previously Cashflow 2024
presented reclassification Restated
R R R
Cash flow from operating activities
Interest paid to related parties - (27,096,996) (27,096,996)
Cash flow from financing activities
Amounts paid to related parties (30,296,405) 30,296,405 -
Amounts received from related parties 21,060,115 (21,060,115) -
Capital proceeds from related party 18,000,000
In terms of 6.80(c) of the DSS Requirements, the updates on the sustainability use
of proceeds Debt securities listed on the Sustainability Segment of the Interest Rate
market may be viewed through the following link
https://www.tuhf.co.za/investors/#urbanubomi
01 August 2025
The debt sponsor
The Standard Bank of South Africa
Date: 01-08-2025 08:52:00
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