Runway Property Group Limited and Its Subsidiaries
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Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Index Page General Information 2 Statements of Financial Position 3 Statements of Profit or Loss and Other Comprehensive Income 4 Statements of Changes in Equity - Group 5 Statements of Changes in Equity - Company 6 Statements of Cash Flows 7 - 8 Notes to the Consolidated and Separate Management Statements 9 - 25 1 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 General Information Country of Incorporation and Domicile South Africa Registration Number 2019/547292/06 Nature of Business and Principal Activities Property Investment and other related activities Directors E. Marks Z.A. Kaplan Z.R. Cendrowski A. Gluch J. Bennett S. Zagnoev Audit Committee A. Gluch J. Bennett S. Zagnoev Business Address First Floor, Block A Georgian Place 18 Southway Road Kelvin 2090 Postal Address P.O. Box 653636 Benmore 2010 Bankers Nedbank Limited Investec Bank Limited Issued 03 November 2020 2 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Statements of Financial Position Group Company Company Group 29 February 31 August 29 February Figures in R Notes 31 August 2020 2020 2020 2020 Assets Non-current assets Property, plant and equipment 1 22,612,138 24,153,936 - - Investment property 2 1,129,484,876 1,130,584,021 - - Investment in subsidiaries 3 - - 478,507,920 478,507,920 Operating lease receivables 4 22,431,336 22,340,456 - - Total non-current assets 1,174,528,350 1,177,078,413 478,507,920 478,507,920 Current assets Trade and other receivables 5 11,149,402 6,660,997 24 - Current tax assets 85,911 - - - Dividends receivable 6 - - - 28,576,223 Operating lease receivables 4 3,355,765 3,399,370 - - Loan to group company 7 - - 1,440,726 2,442,000 Cash and cash equivalents 8 1,272,761 1,644,325 268 1,059 Total current assets 15,863,839 11,704,692 1,441,018 31,019,282 Total assets 1,190,392,189 1,188,783,105 479,948,938 509,527,202 Equity and liabilities Equity Stated capital 9 479,950,920 479,950,920 479,950,920 479,950,920 Retained income / (accumulated loss) 25,070,692 14,213,429 (1,982) - Total equity 505,021,612 494,164,349 479,948,938 479,950,920 Liabilities Non-current liabilities Other financial liabilities 10 590,529,788 572,151,985 - - Loans from related parties 11 19,309,647 35,564,286 - - Total non-current liabilities 609,839,435 607,716,271 - - Current liabilities Trade and other payables 12 75,531,142 56,172,555 - - Current tax liabilities - 1,153,648 - - Dividend payable 13 - 29,576,282 - 29,576,282 Total current liabilities 75,531,142 86,902,485 - 29,576,282 Total liabilities 685,370,577 694,618,756 - 29,576,282 Total equity and liabilities 1,190,392,189 1,188,783,105 479,948,938 509,527,202 3 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Statements of Profit or Loss and Other Comprehensive Income Group Company Group 1 month Company 4 month 6 month period period ended 6 month period period ended ended 31 29 February ended 31 29 February Figures in R Notes August 2020 2020 August 2020 2020 Revenue 14 84,449,490 32,811,306 - 29,576,223 Other income 15 - 9,750 - - Administrative expenses (853,364) (62,204) (1,986) - Other expenses (50,162,255) (7,844,598) - - Profit / (loss) from operating activities 33,433,871 24,914,254 (1,986) 29,576,223 Gains arising from business contribution 16 - 26,805,341 - - Finance income 17 245,795 99,109 60 59 Finance costs 18 (23,577,774) (6,358,871) (56) - Profit / (loss) before tax 10,101,892 45,459,833 (1,982) 29,576,282 Income tax expense 19 755,371 (1,670,122) - - Profit / (loss) for the period 10,857,263 43,789,711 (1,982) 29,576,282 4 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Statements of Changes in Equity - Group Retained income / (accumulated Figures in R Stated capital loss) Total Changes in equity Profit for the year - 43,789,711 43,789,711 Dividend recognised as distributions to shareholder - (29,576,282) (29,576,282) Issue of shares 479,950,920 - 479,950,920 Balance at 29 February 2020 479,950,920 14,213,429 494,164,349 Balance at 1 February 2020 479,950,920 14,213,429 494,164,349 Profit for the period - 10,857,263 10,857,263 Balance at 31 August 2020 479,950,920 25,070,692 505,021,612 Notes 9 5 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Statements of Changes in Equity - Company Retained income / (accumulated Figures in R Stated capital loss) Total Changes in equity Profit for the year - 29,576,282 29,576,282 Dividend recognised as distributions to shareholder - (29,576,282) (29,576,282) Issue of shares 479,950,920 - 479,950,920 Balance at 29 February 2020 479,950,920 - 479,950,920 Loss for the period - (1,982) (1,982) Balance at 31 August 2020 479,950,920 (1,982) 479,948,938 Note 9 6 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Statements of Cash Flows Company Group Group Company 4 month 6 month period 1 month period 6 month period period ended ended 31 August ended 29 ended 31 August 29 February Figures in R Note 2020 February 2020 2020 2020 Cash flows from / (used in) operations Profit / (loss) for the period 10,857,263 43,789,711 (1,982) 29,576,282 Adjustments to reconcile profit / (loss) Adjustments for income tax expense (755,371) 1,670,122 - - Adjustments for finance income (245,795) (99,109) (60) (59) Adjustments for finance costs 23,577,774 6,358,871 56 - Adjustments for increase in trade accounts receivable (4,489,659) (3,451,227) - - Adjustments for decrease / (increase) in other operating receivables 1,254 (3,209,770) (24) - Adjustments for increase in trade accounts payable 19,835,420 46,428,452 - - Adjustments for (decrease) / increase in other operating payables (476,833) 9,744,103 - - Adjustments for depreciation and amortisation expense 1,826,470 3,912,451 - - Total adjustments to reconcile profit / (loss) 39,273,260 61,353,893 (28) (59) Net cash flows from / (used in) operations 50,130,523 105,143,604 (2,010) 29,576,223 Dividend paid (29,576,282) - (29,576,282) - Dividends received 59 - 59 - Interest paid (23,577,774) (6,358,871) (56) - Interest received 245,736 99,109 1 59 Income taxes paid (484,188) (516,474) - - Net cash flows (used in) / from operating activities (3,261,926) 98,367,368 (29,578,288) 29,576,282 7 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Statements of Cash Flows Company Group Group Company 4 month 6 month period 1 month period 6 month period period ended ended 31 August ended 29 ended 31 August 29 February Figures in R Note 2020 February 2020 2020 2020 Cash flows from / (used in) investing activities Property, plant and equipment additions through business combination - (11,025,165) - - Investment property additions through business combination - (1,168,480,644) - - Purchase of property, plant and equipment (284,672) (1,521,222) - - Proceeds from sales of investment property 1,099,145 22,680,644 - - Purchase of investment property - (304,021) - - Investment in subsidiaries - - - (478,507,920) Purchase of other financial assets (47,275) (25,739,826) 29,577,497 (31,018,223) Cash flows from / (used in) investing activities 767,198 (1,184,390,234) 29,577,497 (509,526,143) Cash flows from financing activities Proceeds from issuing shares - 1,443,000 - 1,443,000 Shares issued for investment in subsidiaries - 478,507,920 - 478,507,920 Proceeds from other financial liabilities 2,123,164 572,151,985 - - Proceeds from related party loans - 35,564,286 - - Cash flows from financing activities 2,123,164 1,087,667,191 - 479,950,920 Net (decrease) / increase in cash and cash equivalents (371,564) 1,644,325 (791) 1,059 Cash and cash equivalents at beginning of the period 1,644,325 - 1,059 - Cash and cash equivalents at end of 8 the period 1,272,761 1,644,325 268 1,059 8 Runway Property Group Limited and its subsidiaries (Registration Number 2019/547292/06) Consolidated and Separate Management Statements for the 6 month period ended 31 August 2020 Notes to the Consolidated and Separate Management Statements Figures in R 1. Property, plant and equipment Balances at year end and movements for the year Tenant Capitalised installations improvements Total Reconciliation for the period ended 31 August 2020 - Group Balance at 1 March 2020 At cost 30,523,212 - 30,523,212 Accumulated depreciation (6,369,276) - (6,369,276) Net book value 24,153,936 - 24,153,936 Movements for the period ended 31 August 2020 Additions 284,672 284,672 Depreciation (1,826,470) - (1,826,470) Property, plant and equipment