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IN02 - Availability of the 2025 Annual Financial Statements and Integrated Report
Industrial Development Corporation of South Africa Limited
Incorporated in the Republic of South Africa
Registration No. 1940/014201/06)
Issuer code: IN02
(the "IDC" or the "Issuer" or the "Group")
Availability of the 2025 Annual Financial Statements and Integrated Report
Pursuant to the JSE Limited ("JSE") Debt and Specialist Securities Listings Requirements ("DSS"),
Noteholders are advised that the Issuer's Annual Financial Statements ("AFS") and Integrated Report 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.idc.co.za/integrated-report
Deloitte & Touche and BDO, the Group's independent statutory external auditors, have expressed an
unqualified audit opinion with no modifications on the Group's AFS for the year ended 31 March 2025 and
there were restatement of the previous year's AFS.
Restatement of Previously Published Results
During the preparation of the Group's 2025 AFS, the Group restated the 2024 statement of financial
position, statement of comprehensive income and profit loss and statement of changes in equity as a result
of material prior period error and reclassification:
Investment securities
In the current year, under review, the management performed a review of the accounting classification of
its preference shares and identified that certain preferences shares with debt characteristics (redemption
dates) and measured at fair value, were incorrectly classified as Investment securities rather than as Loans
and advances. The misclassification of R1 988 million has been corrected through the reclassification of
the Investment Securities line item to the Loans and advances line item in the statement of financial position.
Investment in subsidiaries
It was further identified that a preference share held in an IDC subsidiary, (Foskor (Pty) Ltd), was incorrectly
classified as an equity instrument under Investment in subsidiaries and measured at fair value through
other comprehensive income rather than a debt instrument measured at fair value through profit or loss.
This preference share, whose fair value is nil, has been reclassified from the Investment in subsidiaries'
line item to the Loans and advances line item in the statement of financial position. The accumulated fair
value of R950 million was also reclassified from the Revaluation reserve line item to the Retained earnings
line item in the statement of changes in equity and statement of financial position.
Investment in associates
In the year under review, it was noted that a shareholder loan to an Investment in associate was incorrectly
classified as Loans and advances instead of an equity instrument under Investment in associates. The
misclassification of R961 million was reclassified from the Loans and advances line item to the Investment
in associates line item in the statement of financial position.
Interest revenue
In the current year under review, management identified that interest in suspense relating to the 2023 credit
impaired assets was incorrectly reversed to the interest income revenue line item in the 2024 financial year.
The error of R900 million was corrected through the restatement of the comparative numbers on the
statement of comprehensive income.
Expected credit losses
It was further identified that expected credit loss adjustment post the application of the interest in suspense
was incorrectly calculated. This resulted in an overstatement of the expected credit losses line item in the
statement of comprehensive income and an understatement of the Loans and advances line item on the
statement of financial position of R555 million. The error was corrected through the restatement of the
comparative numbers.
28 August 2025
Debt Sponsor: The Standard Bank of South Africa
Date: 28-08-2025 09:00:00
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