Publication of the annual accounts for the year ended June 30, 2022 – SENS
Publication of annual financial statements for the year ended 30 June 2022
BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ23
ISIN Code: ZAG000155508
BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ24
ISIN Code: ZAG000175183
BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ25
ISIN Code: ZAG000182064
(“the Company”)
PUBLICATION OF ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2022
Noteholders are hereby advised that the annual financial statements of the
Company for the year ended 30 June 2022, including the unqualified audit
report of PricewaterhouseCoopers, the registered auditors of the Company,
are available on the Company’s website at:
https://www.bankwindhoek.com.na/Pages/Reports.aspx or may be requested and obtained
in person, at no charge, at the registered office of the Company during
office hours.
Restatement of cash and cash equivalents in the cash flow statement and
statement of financial position
The prior year figures were restated in the 30 June 2022 annual financial
statements:
IAS 7 assesses what funds should be included in cash and cash equivalents.
For a unit trust and money market investment to be classified as cash and
cash equivalents, the purpose of the funds should be to meet short-term
cash commitments. The fund should be convertible into a known amount of
cash and there should be an insignificant risk of change in value. The unit
trusts held by Bank Windhoek does not comply with the definition of cash
equivalents as per IAS7 and should be removed from the cash and cash
equivalents line item for cash flow statement purposes.
In the 2021 annual financial statements, the unit trust investments,
treasury bills and government stock with a maturity of less than 90 days
were recognized as cash and cash equivalents in the cash flow statement.
A third statement of financial position is presented in the Annual Report
as the restatement impacts the cash flow statement and other line items on
the statement of financial position.
The basis on which the cash and cash equivalents for the statement of
financial position were calculated, changed from the prior financial period
due to a classification error in terms of IAS7. The error was only in the
asset section of the statement of financial position and also had no impact
on the statement of comprehensive income, therefore no impact on equity.
Group 30 June 2021 Restatement Restated
(N$’000) (N$’000) 30 June 2021
(N$’000)
Consolidated statement of
financial position (extract)
Cash balances with the 949,571 (949,571) 0
central banks
Financial assets at fair 1,704,161 (199,398) 1,504,763
value through profit or loss
Due from other banks 1,640,828 (1,640,828) 0
Cash and cash equivalents 0 2,789,797 2,789,797
4,294,560 0 4,294,560
Company 30 June 2021 Restatement Restated
(N$’000) (N$’000) 30 June 2021
(N$’000)
Consolidated statement of
financial position (extract)
Cash balances with the 949,571 (949,571) 0
central banks
Financial assets at fair 1,680,520 (199,398) 1,481,122
value through profit or loss
Due from other banks 1,640,828 (1,640,828) 0
Cash and cash equivalents 0 2,789,797 2,789,797
4,270,919 0 4,270,919
Group and company 30 June 2020 Restatement Restated
(N$’000) (N$’000) 30 June 2020
(N$’000)
Consolidated statement of
financial position (extract)
Cash balances with the 705,937 (705,937) 0
central banks
Financial assets at fair 1,338,691 0 1,338,691
value through profit or loss
Due from other banks 1,442,751 (1,442,751) 0
Cash and cash equivalents 0 2,148,688 2,148,688
3,487,379 0 3,487,379
Reverse repurchase agreements were previously classified as financial
assets. Reverse repurchase agreements are mainly made for purposes of
liquidity management which is considered part of the entity’s cash
management strategies in the daily business operations.
During the current year, the classification was amended and the instruments
were thus classified as cash and cash equivalents in accordance with the
requirements of IAS7.
All items of cash and cash equivalents were assessed in accordance with
IAS7, and entire line item in the statement of financial position has
consequently been updated.
The basis on which the cash and cash equivalents for the cash flow statements
were calculated, changed from the prior financial period due to a
classification error in terms of IAS7.
Group and company 30 June 2021 Restatement Restated
(N$’000) (N$’000) 30 June 2021
(N$’000)
Cash balances with the 577,653 371,918 949,571
central banks
Treasury bills and 966,475 (966,475) 0
government stock with a
maturity of less than 90
days
Unit trust investments 1,462,982 (1,462,982) 0
Reverse repurchase agreement 0 199,398 199,398
Placement with other banks 1,640,828 0 1,640,828
Borrowing from other banks (538,023) 0 (538,023)
Cash and cash equivalents 4,109,915 (1,320,118) 2,789,797
This resulted in a decrease in the cash and cash equivalents line for the
cash flow statements.
The treasury bills and government stock should be classified as cash if
the maturity date is 90 days or less after investment date. All treasury
bills and government stock have a maturity date greater than 90 days.
Unit trust investments should be classified based on the weighted average
maturity days of the funds. After investigation, the unit trust investments
all have a weighted averaged maturity date greater than 90
days on the fund fact sheets.
Borrowings from other banks is not used in the management of the banks
cash.
Reverse repurchase agreements should be classified as cash as the
instrument matures within 3 months of investment.
Certain items were reclassified during the current year under review in
accordance with the disclosure requirements of IAS7, the impact on the
statement of cash flow is summarised below:
Group 30 June 2021 Restatement Restated
(N$’000) (N$’000) 30 June 2021
(N$’000)
Consolidated statement of
cash flow (extract)
Cash flows from operating
activities
Receipts from customers 4,170,637 (23,910) 4,146,727
Payments to customers, (2,680,369) (15,662) (2,696,031)
suppliers and employees
Cash generated from 1,490,268 (39,572) 1,450,696
operations
(Increase) / decrease in
operating assets
Financial assets at fair (268,106) 199,398 (68,708)
value through profit and
loss and amortised cost
(excluding unit trust
investments)
Proceeds from financial 0 7,005,020 7,005,020
assets at fair value through
other comprehensive income
Purchases of financial 0 (6,458,182) (6,458,182)
assets at fair value through
other comprehensive income
Loans and advances to (1,457,695) 401 (1,457,294)
customers and banks
Other assets 5,033 0 5,033
(Increase) / decrease in
operating liabilities
Deposits and due from other 1,092,847 (364,029) 728,818
banks
Other liabilities (183,214) 0 (183,214)
Net cash generated from 679,133 (203,802) 1,022,169
operations
Dividends received 612 0 612
Income taxes paid (341,860) 0 (341,860)
337,885 (203,802) 680,921
Cash flows from investing
activities
Proceeds from financial 147,201 (147,201) 0
assets at fair value through
other comprehensive income
(net of treasury bills and
government bonds classified
as cash and cash
equivalents)
Redemption of unit trust 0 523,358 523,358
investments
Investment of unit trust 0 (663,307) (663,307)
investments
147,201 (287,150) (139,949)
Company 30 June 2021 Restatement Restated
(N$’000) (N$’000) 30 June 2021
(N$’000)
Consolidated statement of
cash flow (extract)
Cash flows from operating
activities
Receipts from customers 4,101,557 (23,911) 4,077,646
Payments to customers, (2,660,073) (15,662) (2,675,735)
suppliers and employees
Cash generated from 1,441,484 (39,573) 1,401,911
operations
(Increase) / decrease in
operating assets
Financial assets at fair (268,106) 199,398 (68,708)
value through profit and
loss and amortised cost
(excluding unit trust
investments)
Proceeds from financial 0 7,005,020 7,005,020
assets at fair value through
other comprehensive income
Purchases of financial 0 (6,458,182) (6,458,182)
assets at fair value through
other comprehensive income
Loans and advances to (1,451,545) 401 (1,451,144)
customers and banks
Other assets 5,032 0 5,032
(Increase) / decrease in
operating liabilities
Deposits and due from other 1,059,005 (364,029) 694,976
banks
Other liabilities (183,573) 0 (183,573)
Net cash generated from 602,297 (343,035) 945,332
operations
Dividends received 477 0 477
Income taxes paid (331,956) 0 (331,956)
270,818 (343,035) 613,853
Cash flows from investing
activities
Proceeds from financial 170,842 (170,842) 0
assets at fair value through
other comprehensive income
(net of treasury bills and
government bonds classified
as cash and cash
equivalents)
Redemption of unit trust 0 523,358 523,358
investments
Investment of unit trust 0 (639,666) (639,666)
investments
170,842 (287,150) (116,308)
Financial assets at fair value through other comprehensive income and loans
to subsidiaries (company figures) were reported on a gross basis in the
restated cash flow statement.
The principal payments on lease liabilities are shown net of the cash flow
relating to finance charges.
14 September 2022
Debt Sponsor
PSG Capital
Date: 14-09-2022 03:45:00
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