Energea Portfolio 3 Africa LLC
Energea Portfolio 3 Africa LLC
22/07/2024 | Press release | Distributed by Public on 22/07/2024 17:30
Current Report under Regulation A Form 1 U
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1-U
CURRENT REPORT PURSUANT TO REGULATION A
July 22, 2024
(Date of Report (Date of earliest event reported))
ENERGEA PORTFOLIO 3 AFRICA LLC
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
86-2564467
(I.R.S. Employer Identification No.)
52 Main Street, Chester, CT 06422
(Full mailing address of principal executive offices)
860-316-7466
(Issuer's telephone number, including area code)
Class A Investor Shares
(Title of each class of securities issued pursuant to Regulation A)
This IC Memo includes projections and forward-looking information that represent Energea's assumptions and expectations in light of currently available information. Except for statements of historical fact, the information contained herein constitutes forward-looking statements and they are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These forward-looking statements are not guarantees of future performance and necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance. For a comprehensive discussion on forward-looking statements and the risks associated with this investment, please refer to the Form Offering Circular.
All capitalized terms used herein have a meaning set forth in the Offering Circular.
ITEM 9. OTHER EVENTS
Executive Summary
The Swellendam Secondary School Project consists of two (2) separate arrays located at the school's facility. The Swellendam School array is a 41.8 kW DC rooftop solar installation, and the Swellendam Hostel array is a 30.8 kW DC rooftop installation. Each array is paired with a Freedom Won battery energy storage system ("BESS"). The school is located at 8-14 Vollenhoven St, Swellendam, South Africa 6740 ("Project"). The Project will be connected "Behind the Meter" at the Swellendam Secondary School facility.
The Project has signed a Power Purchase Agreement ("PPA") with the Swellendam Secondary School. The PPA obligates the Offtaker to purchase 100% of the energy produced by the Project. As compensation for the BESS, Swellendam Secondary School will pay a fixed monthly amount for a period of 10 years.
Energea Portfolio 3 Africa LLC ("Energea") will invest, through The Sun Exchange (SA) Bewind Trust ("Sun Exchange Trust"), a total of $251,493.76 USD with a projected IRR of 12.5% ($USD).
Key InformationGeneral Information
|
Project Owner
|
Energea Portfolio 3 Africa LLC
|
|
Project Location
|
Swellendam, South Africa
|
|
Technology
|
Rooftop Solar and Battery Energy Storage System
|
|
System Size
School Solar
School Batteries
Hostel Solar
Hostel Batteries
|
100 kW AC / 41.8 kW DC
60kWh (2)
100 kW AC / 30.8 kW DC
60kWh (2)
|
|
Estimated Year 1 Production (Total)
School
Hostel
|
117.46 MWhs
67.61 MWhs
49.85 MWhs
|
|
Coordinates
|
-34.04082, 20.44510
|
|
Roof Status
|
Approved by a third-party engineer
|
|
Project Status
|
Under Development
|
|
Useful Equipment Life (Years)
Solar:
Battery:
|
25
15-20 years (7,000+ cycles)
|
|
SPE
|
The Sun Exchange (SA) Bewind Trust
|
|
Offtaker
|
Swellendam Secondary School
|
|
EPC Contractor
|
NTOZA Fishing (PTY) LTD
|
|
O&M Contractor
|
NTOZA Fishing (PTY) LTD
|
|
Roof Owner
|
Swellendam Secondary School
|
|
Asset Manager
|
The Sun Exchange (PTY) LTD ("Sun Exchange")
|
|
Project Hard Costs
|
3,012,853 ZAR
|
|
Project Soft Costs
|
255,354 ZAR
|
|
Developer Fee
|
361,271 ZAR
|
|
Total Project Financing
|
4,529,478 ZAR
|
|
Debt Funding
|
N/A
|
|
Equity Funding
|
4,529,478 ZAR
|
|
Project Owner IRR
|
12.5% ($USD)
|
Swellendam Secondary School, the Offtaker, owns the property on which the Project will be installed. The rights to use the roof for a 20-year term has been secured through a Power Purchase Agreement. The BESS installation is a fixed monthly payment for a term of 10 years as part of the same agreement.
Swellendam is a town located in the Western Cape Province of South Africa, with a local population of over 17,500. It is the third oldest town in South Africa, behind Cape Town and Stellenbosch. In 1743 Swellendam was declared a magisterial district, and named after Governor Kendrik Swellengrebel, the first South African born Governor. Swellendam is known for its nature reserves and has 3 of the most famous reserves in South Africa, home to an abundance of botanically diverse areas and protected wildlife species. Swellendam is a small town, known to be safe for travelers with a very low crime rate making this a great area for the Project to be installed.
Design
NWE Consulting Engineers performed their roof inspection of the Swellendam Secondary School rooftops on September 15, 2023. During the inspection of the existing rooftops, they confirmed that the timber trusses and corrugated sheetings can accommodate the additional loading of the proposed solar panels. After the Project is constructed, NWE will provide the final structural competence certificate in accordance with section 14 subsection (2A) of the NBR and Building Standards Act (1977).
The following tables outline the components that will be installed:
SchoolProject Major System Component
|
Component Name
|
Manufacturer and Make
|
Unit Quantity
|
Energea Notes
|
|
Modules
|
JA Solar JAM72S30-550/MR
|
76
|
Tier 1 module manufacturer based in China.
|
|
Inverters
|
Sunsynk
SUN-50K-SG01HP3-EU (400V)
|
2
|
Their technical support systems are worldwide and provide high levels of service in South Africa due to their local distribution facilities.
|
|
Racking
|
Schletter Standard
|
One of the leading manufacturers in the world for solar mounting systems. In addition, this product has been used for several already constructed and operational assets through Sun Exchange.
|
|
|
Battery (BESS)
|
Freedom WON Business 60/48 HV
|
2
|
A locally sourced and manufactured product in South Africa, with batteries installed in over 60 countries worldwide.
|
|
Component Name
|
Manufacturer and Make
|
Unit Quantity
|
Energea Notes
|
|
Modules
|
JÁ Solar
JAM72S30-550/MR
|
56
|
Tier 1 module manufacturer based in China.
|
|
Inverters
|
Sunsynk
SUN-50K-SG01HP3-EU (400V)
|
2
|
Their technical support systems are worldwide and provide high levels of service in South Africa due to their local distribution facilities.
|
|
Racking
|
Schletter Standard
|
One of the leading manufacturers in the world for solar mounting systems. In addition, this product has been used for several already constructed and operational assets through Sun Exchange.
|
|
|
Battery (BESS)
|
Freedom WON Business 60/48 HV
|
2
|
A locally sourced and manufactured product in South Africa, with batteries installed in over 60 countries worldwide.
|
Regarding Energy Production, the Swellendam School array is estimated to produce 67.61 MWhs/year with a performance ratio of 79.4%. The Swellendam Hostel array is estimated to produce 49.85 MWhs/year with a performance ratio of 79.5%. Both projects are estimated to produce a total of 117.46 MWhs/year.
Interconnection
The Project will be connected to the SSEG distribution network owned and operated by the Swellendam Local Municipality. The Project applied for interconnection with the Infrastructure Services Department and obtained the pre-approval for the installation of the 100kW AC Swellendam Hostel array on May 20, 2024, and approval for the installation of the 100kW AC Swellendam School on May 28, 2024.
Once the installation of the Project is finished and the proper documentation has been submitted, the Infrastructure Services Department will witness the commissioning process and verify compliance of the system.
Offtaker
The Swellendam Secondary School was established on April 29, 1993, and provides education for grades 5-10. The current principal is S.J Adonis whose experience has helped make the school one of the top performers in the Western Cape. It is home to more than 1,200 students and a staff of 33 educators. The school is run 5 days a week, 11 months out of the year providing a safe learning environment for its student.
Energea performed an Offtaker Credit Analysis based on the last three (3) years of audited financial reports. Based on the data provided, it was determined that there has been a negative performance in its EBITDA over the past years which impacted the score negatively. There was an increase in NET income over the past three years, paired with no debt, helps the overall risk score. In the end, Swellendam Secondary School scored a total of 7.52 out of 10, placing it in a low-risk category, according to Energea's opinion.
The Sun Exchange Bewind Trust and the Swellendam Secondary School signed a Power Purchase Agreement (PPA) on April 12, 2024. This revenue agreement requires the Offtaker to make payments based on the full number of kilowatt-hours (kWh) produced by the Project per month plus a fixed price for the rental of the battery systems for a shorter term of ten (10) years. The tariff is adjusted annually on the anniversary of the Commercial Operations Date ("COD") date. The main terms of the Agreement are listed below in "Legal Review".
Engineering, Procurement and Construction ("EPC")
Ntoza Fishing has been selected as the EPC partner for this Project. Ntoza and Sun Exchange signed an EPC Contract on June 17, 2024. Sun Exchange and Energea have worked with Ntoza before on solar assets in South Africa. Sun Exchange and Energea performed due diligence on the contractor, and confirmed they are capable of installing this Project based on their past experience and the company's current standing. Sun Exchange will also have a Project Manager and/or Engineer onsite during the installation process, providing oversight, especially during the key install phases, to ensure a quality outcome that meets Energea's stringent standards. Ntoza will hold a two (2) year technical warranty starting from the date of issuance of the Commercial Operation Date notice, which will cover all defects and issues that arise after the asset is energized. The projected COD date for the Project is October 1, 2024. The main terms of the Agreement are listed in "Legal Review".
Insurance
During construction, Ntoza will provide and maintain adequate insurance coverage at its costs, for all risks associated with the EPC until final completion. After COD and during operation, Sun Exchange will provide and maintain an All-Risks Propriety and General Liability insurance for the project. In each case, Energea will be named as an additional insured under such policies.
Operations and Maintenance
The Operations and Maintenance ("O&M") services will be provided by Ntoza for the first two (2) years of operation. This service includes monitoring, reporting, module cleaning, preventative maintenance, savings calculations and any on-site IT or technical support. After the initial O&M term, the asset will be overseen and maintained by Energea and its subcontractors.
Financial Analysis
The resulting nominal IRR, in USD, of the Swellendam Secondary School Project is projected to be 12.5%, with an estimated payback of 7 years, 3 months, and 29 days from the NTP date. The income statement, cash flow statement and balance sheet up until 2033 (shown annually) are presented on Exhibit I - Forecasted Financial Statements. Energea is acquiring 100.00% of the Project from the Sun Exchange.
This analysis makes use of an inflation assumption, using the latest 5-year average value, from December 2023, of 5.00%, provided by the South African Department of Statistics, StatsSA, as a basis for defining the Consumer Price Index ("CPI"), being within the range of the South African Central Bank's target inflation of 3.00% to 6.00%.
Capex
For this analysis, it was considered, in the model, the latest EPC prices supplied by The Sun Exchange, as seen in Table 5. Value-Added Tax ("VAT") of 15,00% is assumed within the cost table below. Lastly, no interconnection cost is assumed by the project.
Capital Expenditures Assumptions
|
Acquisition Costs
|
N/A
|
N/A
|
|
Solar Modules
|
267,168 ZAR
|
3.68 ZAR/Wdc
|
|
Solar Inverters
|
485,180 ZAR
|
6.68 ZAR/Wdc
|
|
Mounting Materials
|
133,584 ZAR
|
1.84 ZAR/Wdc
|
|
Electrical Materials
|
870,238 ZAR
|
11.99 ZAR/Wdc
|
|
Civil Materials
|
457,524 ZAR
|
6.30 ZAR/Wdc
|
|
Labor & Accomodations
|
267,855 ZAR
|
3.69 ZAR/Wdc
|
|
Battery
|
1,140,000 ZAR
|
15.70 ZAR/Wdc
|
|
Monitoring Equipment
|
99,524 ZAR
|
1.37 ZAR/Wdc
|
|
Others
|
176,780 ZAR
|
2.43 ZAR/Wdc
|
|
Interconnection
|
15,000 ZAR
|
0.21 ZAR/Wdc
|
|
Hard Costs
|
3,912,853 ZAR
|
53.90 ZAR/Wdc
|
|
Basic Studies and Executive Project
|
45,500 ZAR
|
0.63 ZAR/Wdc
|
|
Commission
|
16,947 ZAR
|
0.23 ZAR/Wdc
|
|
Contingency
|
63,895 ZAR
|
0.88 ZAR/Wdc
|
|
Legal Fees
|
20,000 ZAR
|
0.28 ZAR/Wdc
|
|
Marketing Channels
|
22,500 ZAR
|
0.31 ZAR/Wdc
|
|
Owner's Management
|
15,000 ZAR
|
0.21 ZAR/Wdc
|
|
Trials
|
6,000 ZAR
|
0.08 ZAR/Wdc
|
|
Engineering
|
49,320 ZAR
|
0.68 ZAR/Wdc
|
|
Spare Parts
|
16,192 ZAR
|
0.22 ZAR/Wdc
|
|
Soft Costs
|
255,354 ZAR
|
3.52 ZAR/Wdc
|
|
Developer Fees
|
361,271 ZAR
|
4.98 ZAR/Wdc
|
The source of the Project's revenue originates from a 20-year term PPA with the Offtaker for a fixed R 2.45/kWh produced, re-adjusted annually on the anniversary of the COD by the ZAR CPI rate, plus a 2% spread. The average customer savings during the period is estimated to be of 17.40%.
Additionally, the system makes use of a BESS within its configuration, providing load-shedding protection to the Offtaker and creating a more stable electricity supply. For this reason, there is an inclusion amounting to 42,000.00 ZAR per month, readjusted yearly, charged for the first 10 years of the PPA revenue contract.
This analysis used a 30-day billing cycle to realize each month's revenue.
Operating Expenses
Only an asset management operating expense was assumed in the model, driven by the assumption that it contains, under its scope of its contractual obligations, the aggregate work of all the required Operations and Maintenance for the Project, as well as insurance, accounting, and other project related fees. The monthly value of the management fee is calculated as an 29.00% rake off the collected revenue in the Project.
Taxes
No tax payments were assumed for this analysis.
Legal ReviewRelevant Documents
A Legal review was performed in the Project's available documentation. The most relevant documents are listed below:
1.Power Purchase Agreement
2.EPC Contract
Power Purchase Agreement Summary
|
Contract
|
Power Purchase Agreement, as amended
|
|
Signature Date
|
April 12, 2024
|
|
Parties
|
The Sun Exchange (SA) Bewind Trust - As Seller
Swellendam Secondary School - As Buyer
|
|
Duration
|
20 years
|
|
Object
|
Seller grants the Buyer a non-transferable right to use the Solar Facility to draw Generated Energy, located at 8-14 Vollenhoven St, Swellendam, 6740, South Africa.
The obligation of the Buyer to pay for Generated Energy is a "take-or-pay" obligation and the Buyer shall pay the Seller the monthly Solar Fees in respect to the Generated Energy for the full Duration, irrespective of whether the Buyer consumes all or any of the Generated Energy.
|
|
Solar fee
|
ZAR 2.45 per kWh
|
|
BESS Usage Fee
|
ZAR 42,000 per month
|
|
Escalation Rate
|
CPI + 2%
|
|
Escalation Frequency and Date
|
Annually on the anniversary of the PPA Start Date (date communicated by the Seller to the Buyer in writing as the date upon which the use of the Solar Facility will begin)
|
|
Payment
|
Monthly, within 14 (fourteen) days of receipt of each monthly invoice
|
|
Late Payment
|
Interest of 2% (two percent) per month
|
|
Currency
|
South African Rand
|
|
Insurance
|
Seller shall insure the asset from the PPA Start Date for an amount equal to the full insurable value of the Solar Facility, the premiums and any increases payable in respect of such insurance being for the account of the Buyer.
|
|
Voluntary Buy-Out Option
|
Buyer has the option, during each Option Window Period, to purchase the Solar Facility from the Seller for the Buy-Out Price.
|
|
Termination Buy-Out
|
The Buyer grants the Seller the irrevocable option to compel the Buyer to acquire the Solar Facility, which option may only be exercised by the Seller at the termination of the PPA, for any reason whatsoever, including but not limited to the cancellation of the PPA pursuant to the Buyer's breach.
|
|
Dispute Resolution
|
Arbitration
|
|
Contract
|
EPC Contract including Long Term Performance Tests
|
|
Date
|
June 17, 2024
|
|
Parties
|
Sun Exchange (PTY) Limited - As Customer
Ntoza Fishing (PTY) Limited - As Contractor
|
|
Term
|
2 years from the Commercial Operation Date
|
|
Object
|
Technical planning, design, the procurement and delivery of all necessary components, manufacture, assembly and construction services as well as the installation and connection to the Client's electrical infrastructure and where grid tied, to the local grid, which is necessary for delivery and transfer from the Contractor to the Customer of a fully operational, turnkey Solar Plant, with a total electrical capacity of 72.6 kWp of the installed modules and four (4) BESS units, which is suitable for safe and continued operation for a period of at least 20 years after it is connected to the electrical infrastructure.
|
|
Construction Contract Price
|
R 3,881,014.29 (exclusive of VAT)
|
|
Rate Fluctuation
|
Should the ZAR/USD forex rates fluctuate by more than 5% before NTP, the Contractor shall be required to reprice the Construction Contract Price in accordance with the forex rate fluctuation.
|
|
O&M Scope of Works
|
The Contractor shall provide Operation and Maintenance Services, from the COD and until the achievement of Final Completion.
|
|
O&M Contract Price
|
R 95,619.04 total (exclusive of VAT), to be paid in equal and quarterly payments.
|
|
Delay Liquidated Damages
|
If Contractor fails to complete the works by the due date, the Contractor shall pay the Customer Delay Liquidated Damages.
|
|
Performance Liquidated Damages
|
If the guaranteed performance ratio or guaranteed availability is not achieved, the Contractor shall pay the Customer Performance Liquidated Damages.
|
|
Warranty Period
|
2 years starting from the date of issuance of the COD Notice
|
|
Performance Guarantee
|
As a condition to achieving the COD, the Contractor shall obtain and deliver (at its cost) to the Customer a Performance Guarantee as security for its proper performance of its obligations, in an amount no less than 5% (five percent) of the Construction Contract Price.
|
|
Governing Law
|
South Africa
|
|
Disputes Resolution
|
Arbitration
|
|
Design and Application
|
Bills
|
X
|
|
Helioscope Reports
|
X
|
|
|
Meter Data
|
X
|
|
|
Site and Roof Assessment
|
X
|
|
|
Self-Consumption Analysis
|
X
|
|
|
Interconnection Application
|
Interconnection Application
|
X
|
|
Permission to Install Letter
|
X
|
|
|
Offtaker
|
Offtaker Credit Analysis
|
X
|
|
Power Purchase Agreement
|
X
|
|
|
Incentives
|
X
|
|
|
EPC
|
Construction Set
|
X
|
|
Equipment Warranties
|
X
|
|
|
Equipment Qualifications
|
X
|
|
|
Equipment Datasheet
|
X
|
|
|
EPC Contract
|
X
|
|
|
EPC Insurance
|
X
|
|
|
Asset Management
|
O&M Agreement
|
X
|
|
Asset Management Agreement
|
X
|
|
|
Investment
|
Project Model
|
X
|
The Investment Committee members have performed the necessary review of the Project and hereby approve the Swellendam Secondary School Project for investment by the Portfolio.
Signatures
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Energea Portfolio 3 Africa LLC
By: Energea Global LLC
By /s/ MICHAEL SILVESTRINI
Name: Michael Silvestrini
Title: Co-Founder and Managing Partner
This document has been signed by the following person in the capacities and on the date indicated.
By /s/ MICHAEL SILVESTRINI
Name: Mike Silvestrini
Title: Co-Founder and Managing Partner of Energea Global LLC (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
Date: July 22, 2024
Exhibit IForecasted Financial Statements
|
SWELLENDAM SECONDARY SCHOOL
|
||||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||||
|
December 31,
|
||||||||||
|
2024
|
2025
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
|
|
Assets
|
||||||||||
|
Current assets:
|
||||||||||
|
Cash and cash equivalents
|
R 47,737
|
R 54,230
|
R 57,891
|
R 61,798
|
R 65,969
|
R 70,420
|
R 75,172
|
R 80,243
|
R 85,657
|
R 91,435
|
|
Accounts receivable
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Prepaid expenses and other current assets
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total current assets
|
47,737
|
54,230
|
57,891
|
61,798
|
65,969
|
70,420
|
75,172
|
80,243
|
85,657
|
91,435
|
|
Property and equipment
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
|
Depreciation
|
(109,588)
|
(547,940)
|
(986,292)
|
(1,424,644)
|
(1,862,995)
|
(2,301,347)
|
(2,739,699)
|
(3,178,051)
|
(3,616,403)
|
(4,054,755)
|
|
Tax credits
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other assets
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total assets
|
R 4,467,627
|
R 4,035,769
|
R 3,601,077
|
R 3,166,633
|
R 2,732,451
|
R 2,298,551
|
R 1,864,951
|
R 1,431,670
|
R 998,732
|
R 566,158
|
|
Liabilities and stockholders' equity
|
||||||||||
|
Current liabilities:
|
||||||||||
|
Accounts payable
|
R 0
|
R 0
|
R 0
|
R 0
|
R 0
|
R 0
|
R 0
|
R 0
|
R 0
|
R 0
|
|
Short-term debt
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Accrued expenses and other current liabilities
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total current liabilities
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Tax payable
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Long-term debt
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other liabilities
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total liabilities
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Stockholders' equity:
|
||||||||||
|
Additional paid-in capital
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
4,529,478
|
|
Retained earnings
|
(61,851)
|
(493,709)
|
(928,401)
|
(1,362,846)
|
(1,797,027)
|
(2,230,927)
|
(2,664,528)
|
(3,097,808)
|
(3,530,746)
|
(3,963,320)
|
|
Total stockholders' equity
|
4,467,627
|
4,035,769
|
3,601,077
|
3,166,633
|
2,732,451
|
2,298,551
|
1,864,951
|
1,431,670
|
998,732
|
566,158
|
|
Total liabilities and stockholders' equity
|
R 4,467,627
|
R 4,035,769
|
R 3,601,077
|
R 3,166,633
|
R 2,732,451
|
R 2,298,551
|
R 1,864,951
|
R 1,431,670
|
R 998,732
|
R 566,158
|
|
SWELLENDAM SECONDARY SCHOOL
|
||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||
|
December 31,
|
||||||||||
|
2024
|
2025
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
|
|
Gross revenue
|
R 193,562
|
R 758,664
|
R 848,779
|
R 906,364
|
R 967,852
|
R 1,033,507
|
R 1,103,611
|
R 1,178,466
|
R 1,258,392
|
R 1,343,734
|
|
Taxes on revenue:
|
||||||||||
|
Total taxes on revenue
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net revenue
|
193,562
|
758,664
|
848,779
|
906,364
|
967,852
|
1,033,507
|
1,103,611
|
1,178,466
|
1,258,392
|
1,343,734
|
|
Costs and expenses:
|
||||||||||
|
Operations and maintenance
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Land or roof rental
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Insurance
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
FX Wire Fees
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Banking Fees
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Postage and Courier Services
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Travel
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Utilities
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Management Fees
|
56,133
|
220,013
|
246,146
|
262,846
|
280,677
|
299,717
|
320,047
|
341,755
|
364,934
|
389,683
|
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total costs and expenses
|
56,133
|
220,013
|
246,146
|
262,846
|
280,677
|
299,717
|
320,047
|
341,755
|
364,934
|
389,683
|
|
Income from operations
|
137,429
|
538,652
|
602,633
|
643,518
|
687,175
|
733,790
|
783,564
|
836,711
|
893,459
|
954,051
|
|
Interest and other income (expense), net
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Depreciation and amortization
|
(109,588)
|
(438,352)
|
(438,352)
|
(438,352)
|
(438,352)
|
(438,352)
|
(438,352)
|
(438,352)
|
(438,352)
|
(438,352)
|
|
Income before provision for income taxes
|
27,841
|
100,300
|
164,281
|
205,167
|
248,823
|
295,438
|
345,212
|
398,359
|
455,107
|
515,699
|
|
Provision for income taxes
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net income
|
R 27,841
|
R 100,300
|
R 164,281
|
R 205,167
|
R 248,823
|
R 295,438
|
R 345,212
|
R 398,359
|
R 455,107
|
R 515,699
|
|
SWELLENDAM SECONDARY SCHOOL
|
||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||||
|
December 31,
|
||||||||||
|
2024
|
2025
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
2032
|
2033
|
|
|
Cash flows from operating activities
|
||||||||||
|
Net income
|
R 27,841
|
R 100,300
|
R 164,281
|
R 205,167
|
R 248,823
|
R 295,438
|
R 345,212
|
R 398,359
|
R 455,107
|
R 515,699
|
|
Adjustments in net income:
|
||||||||||
|
Depreciation and amortization
|
109,588
|
438,352
|
438,352
|
438,352
|
438,352
|
438,352
|
438,352
|
438,352
|
438,352
|
438,352
|
|
Other
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Changes in assets and liabilities:
|
||||||||||
|
Accounts receivable
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Prepaid expenses and other current assets
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other assets
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Accounts payable
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other liabilities
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net cash provided by operating activities
|
137,429
|
538,652
|
602,633
|
643,518
|
687,175
|
733,790
|
783,564
|
836,711
|
893,459
|
954,051
|
|
Cash flows from investing activities
|
||||||||||
|
Purchases of property and equipment, net
|
(4,529,478)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other investing activities, net
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net cash used in investing activities
|
(4,529,478)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Cash flows from financing activities
|
||||||||||
|
Issuance (repayment) of debt
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Issuance (reduction) of equity capital
|
4,529,478
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Distributions paid to investors
|
(89,692)
|
(532,158)
|
(598,973)
|
(639,611)
|
(683,004)
|
(729,338)
|
(778,812)
|
(831,639)
|
(888,045)
|
(948,273)
|
|
Net cash used in financing activities
|
4,439,786
|
(532,158)
|
(598,973)
|
(639,611)
|
(683,004)
|
(729,338)
|
(778,812)
|
(831,639)
|
(888,045)
|
(948,273)
|
|
Net increase (decrease) in cash
|
47,737
|
6,493
|
3,660
|
3,907
|
4,171
|
4,452
|
4,752
|
5,072
|
5,413
|
5,778
|
|
Cash at beginning of the period
|
0
|
47,737
|
54,230
|
57,891
|
61,798
|
65,969
|
70,420
|
75,172
|
80,243
|
85,657
|
|
Cash at end of the period
|
R 47,737
|
R 54,230
|
R 57,891
|
R 61,798
|
R 65,969
|
R 70,420
|
R 75,172
|
R 80,243
|
R 85,657
|
R 91,435
|