South African Express Airways SOC Limited (Registration Number 1990

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South African Express Airways SOC Limited (Registration Number 1990 South African Express Airways SOC Limited (Registration number 1990/007412/30) Financial statements for the year ended March 31, 2019 Issued May 31, 2019 South African Express Airways SOC Limited (Registration number 1990/007412/30) Financial Statements for the year ended March 31, 2019 General Information Country of incorporation and domicile South Africa Nature of business and principal activities South African Express Airways operates within the airline business industry in Africa with a route network spanning major local and regional cities. Directors T. Ramano B. Mpondo A Bassa T January-Mclean T. Kgomo T. Abrahams T. Leoka K Thaver H. Makhathini R. Lamola S. Mzimela M. Selepe Registered office 2nd Floor E Block Offices Airways Park 1 Jones Road Gauteng 1627 Business address 2nd Floor E Block Offices Airways Park 1 Jones Road Gauteng 1627 Postal address PO Box 101 OR Tambo International Airport 1627 Holding company Department of Public Enterprises holds 100% of South African Express Airways on behalf of SA Government. South African Express Airways is a schedule 2 Public Entity in terms of the PFMA and is incorporated in accordance with the Companies Act 71 of 2008. Bankers First National Bank, division of FirstRand Limited Nedbank, division of Nedbank Group Limited Secretary Maryna Gie remained the Company Secretary for the financial year Company registration number 1990/007412/30 44 South African Express Airways SOC Limited (Registration number 1990/007412/30) Financial Statements for the year ended March 31, 2019 Contents Page Statement of Financial Position 46 Statement of Profit or Loss and Other Comprehensive Income 47 Statement of Changes in Equity 48 Statement of Cash Flows 49 Accounting Policies 50 - 60 Notes to the Financial Statements 61 - 89 The following supplementary information does not form part of the financial statements and is unaudited: Detailed Income Statement 90 - 91 45 South African Express Airways SOC Limited (Registration number 1990/007412/30) Financial Statements for the year ended March 31, 2019 Statement of Financial Position as at March 31, 2019 Figures in Rand Note(s) 2019 2018 Assets Non-Current Assets Property, plant and equipment 3 494 044 605 390 196 961 Trade and other receivables 6 29 979 338 278 286 934 Deferred tax 4 498 748 645 331 339 152 1 022 772 588 999 823 047 Current Assets Inventories 5 121 488 850 130 651 884 Trade and other receivables 6 494 033 456 440 238 788 Current tax receivable 2 245 764 2 245 764 Cash and cash equivalents 7 2 362 370 7 648 306 620 130 440 580 784 742 Total Assets 1 642 903 028 1 580 607 789 Equity and Liabilities Equity Share capital 8 501 837 518 501 837 518 Reserves 9 1 605 954 972 356 954 972 Accumulated loss (1 681 499 247)(1 106 301 943) 426 293 243 (247 509 453) Liabilities Non-Current Liabilities Other financial liabilities 10 222 000 000 27 000 000 Current Liabilities Trade and other payables 13 686 080 726 677 250 296 Other financial liabilities 10 38 228 593 691 000 000 Provisions 11 2 207 040 14 597 619 Neutrality advance 12 268 093 426 312 976 381 Bank overdraft 7 - 105 292 946 994 609 785 1 801 117 242 Total Liabilities 1 216 609 785 1 828 117 242 Total Equity and Liabilities 1 642 903 028 1 580 607 789 46 South African Express Airways SOC Limited (Registration number 1990/007412/30) Financial Statements for the year ended March 31, 2019 Statement of Profit or Loss and Other Comprehensive Income Figures in Rand Note(s) 2019 2018 Revenue 14 706 936 869 2 142 088 022 Other operating income 15 38 566 245 79 024 881 Other operating expenses (1 332 895 286)(2 286 734 836) Operating loss 16 (587 392 172) (65 621 933) Investment income 18 2 529 235 1 476 851 Finance costs 19 (109 731 459) (75 944 112) Depreciation and amortisation 3 (39 611 855) (80 588 191) Gains on foreign exchange adjustment 227 532 576 9 775 682 Impairment of assets 20 (251 498 843) (12 782 987) Loss before taxation (758 172 519) (223 684 687) Taxation 21 167 409 493 61 542 021 Loss for the year (590 763 026) (162 142 666) Other comprehensive income - - Total comprehensive loss for the year (590 763 026) (162 142 666) 47 South African Express Airways SOC Limited (Registration number 1990/007412/30) Financial Statements for the year ended March 31, 2019 Statement of Changes in Equity Share capital Share premium Total share Capital fund Shareholder Total reserves Accumulated Total equity Figures in Rand capital loan loss Balance at April 01, 2017 452 501 837 066 501 837 518 - 356 954 972 356 954 972 (944 159 277) (85 366 787) Loss for the year - - - - - - (162 142 666) (162 142 666) Other comprehensive income - - - - - - - - Total comprehensive Loss for the year - - - - - - (162 142 666) (162 142 666) Opening balance as previously reported 452 501 837 066 501 837 518 - 356 954 972 356 954 972 (1 106 301 944) (247 509 454) Adjustments Prior period errors - - - - - - 15 565 723 15 565 723 Balance at April 01, 2018 as restated 452 501 837 066 501 837 518 - 356 954 972 356 954 972 (1 090 736 221) (231 943 731) Loss for the year - - - - - - (590 763 026) (590 763 026) Other comprehensive income - - - - - - - - Total comprehensive Loss for the year - - - - - - (590 763 026) (590 763 026) Government capital injection - - - 1 249 000 000 - 1 249 000 000 - 1 249 000 000 Total contributions by and distributions to owners of - - - 1 249 000 000 - 1 249 000 000 - 1 249 000 000 company recognised directly in equity Balance at March 31, 2019 452 501 837 066 501 837 518 1 249 000 000 356 954 972 1 605 954 972 (1 681 499 247) 426 293 243 Note(s) 8 8 8 48 South African Express Airways SOC Limited (Registration number 1990/007412/30) Financial Statements for the year ended March 31, 2019 Statement of Cash Flows Figures in Rand Note(s) 2019 2018 Cash flows from operating activities Cash used in operations 22 (386 273 100) (52 648 973) Interest income 2 529 235 1 476 851 Finance costs (78 132 917) (75 944 112) Tax received 23 - 25 549 915 Net cash from operating activities (461 876 782) (101 566 319) Cash flows from investing activities Purchase of property, plant and equipment 3 (30 076 708) (12 915 098) Cash flows from financing activities Proceeds from government capital injection 8 1 249 000 000 - Proceeds from other financial liabilities 472 500 000 222 000 000 Repayment of other financial liabilities (1 085 000 000) (91 961 394) Movement in neutrality advance (44 539 500) (30 748 224) Net cash from financing activities 591 960 500 99 290 382 Total cash movement for the year 100 007 010 (15 191 035) Cash at the beginning of the year (97 644 640) (82 453 605) Total cash at end of the year 7 2 362 370 (97 644 640) 49 South African Express Airways SOC Limited (Registration number 1990/007412/30) Financial Statements for the year ended March 31, 2019 Accounting Policies Corporate information South African Express Airways SOC Limited is a public company incorporated and domiciled in South Africa. The financial statements for the year ended 31 March 2019 were authorised for issue in accordance with a resolution of the directors on 31 May 2019. 1. Significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. 1.1 Basis of preparation The financial statements have been prepared on the going concern basis in accordance with, and in compliance with, International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretations Committee ("IFRIC") interpretations issued and effective at the time of preparing these financial statements and the Companies Act 71 of 2008 and The Public Finance Management Act of 1999 of South Africa, as amended. The financial statements are prepared on the basis of the accounting policies applicable to a going concern. This basis presumes that the company will continue to receive the support of its Shareholder and that the realisation of assets and settlement of liabilities will occur in the ordinary course of business. Full disclosure relating to the directors’ going concern assessment can be found in Note 30 These accounting policies are consistent with the previous period. The principal accounting policies adopted in the preparation of these annual financial statements are set out below: 1.2 Significant judgements and sources of estimation uncertainty The preparation of financial statements in conformity with IFRS requires management, from time to time, to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. These estimates and associated assumptions are based on experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Critical judgements in applying accounting policies The critical judgements made by management in applying accounting policies, apart from those involving estimations, that have the most significant effect on the amounts recognised in the financial statements, are outlined as follows: Key sources of estimation uncertainty Trade receivables The company assesses its trade receivables for impairment at the end of each reporting period. In determining whether an impairment loss should be recorded in profit or loss, the company makes judgements as to whether there is observable data indicating a measurable decrease in the estimated future cash flows from the financial asset.
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