Investor Presentaiton
82
22
ANNEXURE A SUBSIDIARY
-
Effective holding
Issued
share capital
2020
Nature of operation
N$
%
Standard Bank Nominees
(Proprietary) Limited
Safe custodian
2
100
Net indebtedness
2019
%
2020
N$'000
2019
N$'000
100
ANNEXURE B - JOINT VENTURE
Ownership structure
Nature of business
These financial statements are the separate financial statements of Standard Bank Namibia. The company is exempted from the
preparation of consolidated financial statements as the company is a wholly-owned subsidiary of SBN Holdings Limited, a Namibia-
incorporated company which produces consolidated financial statements available for public use.
Standard Bank Nominees (Proprietary) Limited is incorporated within Namibia.
Principal place of business and country of incorporation
Year end
Accounting treatment
Date to which equity accounted
Effective holding (%)
Income statement
Total income
Total profit for the year
Total comprehensive income
Statement of financial position
Cash and cash equivalents
Non-current assets
Current assets
Non-current liabilities
Current liabilities
Net asset value
Proportion of net asset value based on effective holding
Carrying value
Share of total comprehensive income from joint venture
STANDARD BANK NAMIBIA LIMITED
Annual financial statements 2020
Namclear (Pty) Limited
Joint venture
Clearing of interbank
transactions
Namibia
December
Equity accounted
31 December 2019
2020
2019
0
25
N$'000
N$'000
83
59 806
15 715
15 715
40 994
54 227
54 432
(32 007)
(14 912)
61 740
15 435
15 435
3 929
On 31 January 2020, Namclear (Proprietary) Limited converted to a non-profit organisation registered under section 21 of the Namibian
Companies Act. Accordingly, the company no longer applies the equity method of accounting to the investment.
The carrying amount of the investment was derecognised and N$13.8 million recognised as a loan receivable and has been included in
loans and advances. The remaining loss on derecognition of N$1.6 million has been recognised in profit or loss in the current year.
Namclear (Proprietary) Limited has no quoted market price available for its shares.
In the prior year, there were no contingent liabilities relating to the bank's interest in the joint venture. There were also no significant
restrictions on the ability of the joint venture to transfer funds to the bank in the form of cash dividends or repayments of loans or
advances.View entire presentation