Ferrovanta Mining Services — Projected Cash Flow Statement
The projected statement of cash flows — operating, investing and financing cash flows, the fleet capital-expenditure profile and the resulting liquidity position.
Section 16 · Business Plan
Projected Cash Flow Statement
The projected statement of cash flows — operating, investing and financing cash flows, the fleet capital-expenditure profile and the resulting liquidity position.
16.1 Statement of Cash Flows, Years 1–7
The projected cash flow statement demonstrates the cash-generative
quality of the business model once operational scale is achieved.
Operating cash flow turns materially positive from Year 2 and reaches
ZAR 5.1 billion by Year 7. The business is cash-flow positive across all
forecast years on a net basis from Year 3, while the early years are
appropriately supported by the financing tranches secured in the capital
raise.
| ZAR Million | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 |
|---|---|---|---|---|---|---|---|
| OPERATING ACTIVITIES | |||||||
| EBITDA | 680 | 1,242 | 2,155 | 3,104 | 3,960 | 4,818 | 5,787 |
| Working capital changes | (420) | (290) | (420) | (440) | (420) | (390) | (430) |
| Net finance costs paid | (380) | (490) | (440) | (370) | (285) | (195) | (115) |
| Tax paid | (0) | (16) | (225) | (490) | (720) | (975) | (1,250) |
| Net cash from operations | (120) | 446 | 1,070 | 1,804 | 2,535 | 3,258 | 3,992 |
| INVESTING ACTIVITIES | |||||||
| Fleet acquisition | (3,800) | (2,600) | (1,100) | (620) | (670) | (750) | (820) |
| Workshops & infrastructure | (1,200) | (380) | (310) | (245) | (210) | (180) | (160) |
| Intangibles & systems | (80) | (40) | (38) | (35) | (36) | (35) | (38) |
| Sale of assets (recoveries) | — | 85 | 120 | 200 | 260 | 315 | 365 |
| Net cash from investing | (5,080) | (2,935) | (1,328) | (700) | (656) | (650) | (653) |
| FINANCING ACTIVITIES | |||||||
| Equity raised | 3,000 | — | — | — | — | — | — |
| Senior debt drawn / (repaid) | 3,200 | (200) | (600) | (600) | (600) | (600) | (600) |
| Mezzanine drawn / (repaid) | 1,000 | — | — | — | (200) | (300) | (300) |
| Equipment finance net drawdown | 1,500 | 850 | (150) | (450) | (450) | (500) | (500) |
| Dividends paid | — | — | — | — | (600) | (900) | (1,000) |
| Net cash from financing | 8,700 | 650 | (750) | (1,050) | (1,850) | (2,300) | (2,400) |
| Net change in cash | 3,500 | (1,839) | (1,008) | 54 | 29 | 308 | 939 |
| Cash at beginning of period | — | 1,500 | 830 | 1,015 | 1,520 | 2,490 | 3,920 |
| Cash at end of period | 1,500 | 830 | 1,015 | 1,520 | 2,490 | 3,920 | 6,520 |
| FREE CASH FLOW METRICS | |||||||
| Free Cash Flow to Firm (FCFF) | (180) | 440 | 1,180 | 1,920 | 2,650 | 3,360 | 4,180 |
| Free Cash Flow to Equity (FCFE) | (560) | (50) | 740 | 1,550 | 2,365 | 3,165 | 4,065 |
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.