UMGENI WATER - Notice of availability of annual financial statements : BIUMWA

Notice of availability of annual financial statements : BIUMWA

Umgeni Water
Registration number: 1997/007707/07
JSE Alpha code: BIUMWA

NOTICE OF AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS

Umgeni Water hereby notifies its debt investors that it has publicly released its audited annual financial
statements (“AFS”) for the year ended 30 June 2018 and that the audit report relating to the AFS is unqualified.

Stakeholders are referred to the Report of the Auditor-General as well as note 32 of the AFS which refers to an
emphasis of matter relating to a process of establishing a single water board in Kwa-Zulu Natal. This process has
previously been announced on 15 November 2017 and was initially envisaged to be concluded during the
2016/2017 financial year, however due to a number of strategic steps that needed to be taken to inform the
final decision making process (which includes parliamentary processes, legislative processes and financial
commitments confirmed for National Treasury) this was not achieved. With the changes in the National
Executive, the new Minister of Water and Sanitation has resolved not to go ahead with this process and a court
order has been issued to this effect. The accounting authority believes that the new executive authority’s
decision positions the entity in a clear and positive going concern position for the 2017/2018 financial year and
going forward and removes the uncertainties that would have prevailed due to the envisaged merger.

The Auditor-General’s opinion has not been modified as a result of the emphasis of matter.

The AFS are available on the Umgeni Water website at http://www.umgeni.co.za/governance/ar.asp and
for inspection at Umgeni Water’s registered office at 310 Burger Street, Pietermaritzburg, 3201, South Africa.

14 December 2018

Enquiries:        N Xaba at 033 3411057/1058
                  Email lungi.xaba@umgeni.co.za

Debt Sponsor
Nedbank Corporate and Investment Banking

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