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Availability of the Annual Financial Statements for the year ended 30 June 2020 - BIJHB
2021/05/11 17:40:00Download PDF Stock report
Availability of the Annual Financial Statements for the year ended 30 June 2020 - BIJHB
CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY
(a municipality as described in section 2 of the Local Government Municipal Systems Act,
2000, duly established in terms of Notice No. 6766, promulgated in the Provincial Gazette
Extraordinary of 1 October 2000 in terms of section 12(1) read with section 14(2) of the Local
Government : Municipal Structures Act, 1998, as amended)
Issuer Bond Code: BIJHB
(“municipality” or the “issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED
30 JUNE 2020
In terms of section 6.15 of the Debt Listings Requirements of the JSE Limited, investors are
advised that the City of Johannesburg Metropolitan Municipality annual financial results
for the year ended 30 June 2020 are available for viewing and downloading at the following
link:
Annual Financial Statements
https://www.joburg.org.za/documents_/Documents/2019-
20%20Annual%20Report/Final%20Audited%20Group%20Anual%20Financial%20Statements%2030
%20June%202020.pdf
and
Annual Report
https://www.joburg.org.za/documents_/Documents/2019-
20%20Annual%20Report/City%20of%20Johannesburg%20Annual%20Report%202019_20.pdf
The annual financial statements of the issuer have been audited by The Auditor -General of
South Africa, who has issued an unqualified audit opinion thereon.
The audit report contains the below Emphasis of matters
Restatement of corresponding figures
8. As disclosed in note 45 to the consolidated and separate financial statements, the
corresponding figures for 30 June 2019 were restated as a result of errors in the financial
statements of the municipality at, and for the year ended, 30 June 2020.
Material uncertainties
9. With reference to note 44 to the consolidated and separate financial statements, the
municipality is the defendant in various lawsuits. The outcome of these matters cannot
presently be determined and/or reliably measured; therefore, no provision for any liabilities
that may result was made in the financial statements.
Material impairments
10. As disclosed in note 10 to the consolidated and separate financial statements, the
consumer debtors balance has been impaired. The allowance for impairment of consumer
debtors amounts to R27 981 402 000 (2018-19: R20 437 196 000), which represents 80,4%
(2018-19:77, 1%) of the total consumer debtors.
Material electricity losses
11. As disclosed in note 38 to the consolidated and separate financia l statements, material
electricity losses of R3 438 559 000 (2018-19: R2 893 632 000) was incurred, which
represents 29.9% (2018-19: 27%) of total electricity purchased. Technical losses of
R1 088 851 000 (2018-19: R1 029 319 000) was due to energy losses. Non-technical losses
of R2 349 708 000 (2018-19: R1 864 313 000) was due to theft, bypassing meters, damaged
meters and faulty voltage.
Additional disclosure – COVID
12. Attention is drawn to note 67 in the consolidated and financial statements, which deals
with the impact of COVID-19 on the effects of the current and future implications of COVID-
19 on the municipality's performance.
Johannesburg
11 May 2021
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment banking division)
Date: 11-05-2021 05:40:00
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