Ferrovanta Mining Services — Projected Profit and Loss Statement
The projected income statement over the seven-year horizon — revenue, EBITDA, depreciation, financing costs and net profit, with the margin trajectory.
Section 14 · Business Plan
Projected Profit and Loss Statement
The projected income statement over the seven-year horizon — revenue, EBITDA, depreciation, financing costs and net profit, with the margin trajectory.
14.1 Income Statement, Years 1–7
The projected income statement reflects the operating plan set out in
Sections 5 through 8. Revenue scales from ZAR 4.0 billion in Year 1 —
driven by the first three operational contracts in South Africa — to ZAR
21.2 billion in Year 7 once the pan-African platform is fully
operational across six countries and 15 active sites.
| ZAR Million | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 |
|---|---|---|---|---|---|---|---|
| Revenue | 4,000 | 6,400 | 9,500 | 12,800 | 16,000 | 18,600 | 21,200 |
| Fuel & lubricants | (1,400) | (2,176) | (3,135) | (4,096) | (5,120) | (5,766) | (6,360) |
| Direct labour | (720) | (1,152) | (1,615) | (2,176) | (2,720) | (3,162) | (3,604) |
| Maintenance & parts | (560) | (870) | (1,235) | (1,664) | (2,080) | (2,418) | (2,756) |
| Site overheads & other | (280) | (448) | (665) | (896) | (1,120) | (1,302) | (1,484) |
| Cost of sales | (2,960) | (4,646) | (6,650) | (8,832) | (11,040) | (12,648) | (14,204) |
| Gross Profit | 1,040 | 1,754 | 2,850 | 3,968 | 4,960 | 5,952 | 6,996 |
| Gross Margin (%) | 26.0% | 27.4% | 30.0% | 31.0% | 31.0% | 32.0% | 33.0% |
| Selling & marketing | (24) | (38) | (48) | (58) | (72) | (74) | (85) |
| Administrative & corporate | (280) | (384) | (523) | (640) | (720) | (818) | (848) |
| ISO & compliance costs | (36) | (58) | (76) | (102) | (128) | (149) | (170) |
| R&D / technology | (20) | (32) | (48) | (64) | (80) | (93) | (106) |
| Operating expenses | (360) | (512) | (695) | (864) | (1,000) | (1,134) | (1,209) |
| EBITDA | 680 | 1,242 | 2,155 | 3,104 | 3,960 | 4,818 | 5,787 |
| EBITDA Margin (%) | 17.0% | 19.4% | 22.7% | 24.3% | 24.8% | 25.9% | 27.3% |
| Depreciation | (380) | (620) | (770) | (875) | (910) | (942) | (978) |
| Amortisation | (15) | (22) | (28) | (32) | (36) | (38) | (40) |
| EBIT (Operating Profit) | 285 | 600 | 1,357 | 2,197 | 3,014 | 3,838 | 4,769 |
| EBIT Margin (%) | 7.1% | 9.4% | 14.3% | 17.2% | 18.8% | 20.6% | 22.5% |
| Net finance costs | (450) | (540) | (465) | (380) | (294) | (204) | (122) |
| Profit Before Tax | (165) | 60 | 892 | 1,817 | 2,720 | 3,634 | 4,647 |
| Tax expense (27%) | 0 | (16) | (241) | (491) | (734) | (981) | (1,255) |
| Profit After Tax | (165) | 44 | 651 | 1,326 | 1,986 | 2,653 | 3,392 |
| Net Profit Margin (%) | (4.1%) | 0.7% | 6.9% | 10.4% | 12.4% | 14.3% | 16.0% |
Notes to the income statement: (a) Revenue assumes a blended ZAR
price per BCM of ZAR 32.50 in Year 1, escalating at a weighted average
of 6.0% per annum reflecting fuel and labour escalation pass-through;
(b) Year 1 reports a modest net loss after finance costs reflecting the
start-up nature of operations and front-loaded depreciation; (c) Tax
expense in Year 1 is nil due to brought-forward tax losses; (d) Net
finance costs decline from Year 3 onward as the senior debt amortisation
profile takes effect.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Ferrovanta Mining Services (Pty) Ltd.