Copperfrontline Logistics Business Plan — Appendix C: Funding, Debt Service and Balance Sheet Schedules
Equity, term facility and asset finance schedules, debt service by year and the balance sheet across the projection.
Appendix C: Funding, Debt Service and Balance Sheet Schedules
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- Overview & contents
- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. The Corridor
- 3. Operating Model
- 4. Commercial Model
- 5. Market and Competitive Position
- 6. SWOT and Strategic Response
- 7. Financial Projections
- 8. Capital Expenditure, Funding and the Balance Sheet
- 9. Sensitivity and Scenario Analysis
- 10. Risk Analysis
- 11. Regulatory and Compliance
- 12. Organisation
- 13. Implementation Roadmap
- 14. Key Performance Indicators
- 15. Investor Returns and Recommendation
- 16. Assumption Register
- A. Appendix A: Consolidated Financial Summary
- B. Appendix B: Round Trip and Fleet Schedules
- C. Appendix C: Funding, Debt Service and Balance Sheet Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Glossary
- C.1 Capital structure
- C.2 Capital expenditure and funding
- C.3 Debt service
- C.4 Balance sheet
- C.5 The harvest years and investor returns
C.1 Capital structure
|
US$ million |
Terms |
|
|---|---|---|
|
Equity |
4.40 |
65% of the share capital |
|
Asset finance across the plan |
7.89 |
75% of each vehicle at 13.0% over 6 years |
|
Term facility |
0.90 |
11.5%, amortising, secured on the depot |
|
Total capital |
13.19 |
|
Application of equity proceeds |
US$ million |
Share |
|---|---|---|
|
Vehicle deposits at 25% of cost |
2.63 |
60% |
|
Depot, workshop, yard and equipment, net of term facility |
0.96 |
22% |
|
Working capital gap on 55-day customer terms |
0.52 |
12% |
|
Trading losses to EBITDA breakeven in month 10 |
0.19 |
4% |
|
Contingency and pre-operating costs |
0.10 |
2% |
|
Total |
4.40 |
100% |
C.2 Capital expenditure and funding
|
US$ million |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
FY2031 |
Total |
|---|---|---|---|---|---|---|
|
Vehicles — tractor and trailer combinations |
1.95 |
1.56 |
1.95 |
2.34 |
2.73 |
10.53 |
|
Depot, workshop and secure yard at Kitwe |
0.62 |
0.18 |
0.24 |
0.16 |
0.12 |
1.32 |
|
Workshop equipment and tooling |
0.18 |
0.09 |
0.11 |
0.08 |
0.06 |
0.52 |
|
Telematics, fuel management and systems |
0.10 |
0.06 |
0.09 |
0.07 |
0.07 |
0.39 |
|
Total capital expenditure |
2.85 |
1.89 |
2.39 |
2.65 |
2.98 |
12.76 |
|
Of which funded by asset finance |
1.46 |
1.17 |
1.46 |
1.75 |
2.05 |
7.89 |
|
Of which funded by equity |
1.39 |
0.72 |
0.93 |
0.90 |
0.93 |
4.87 |
|
Depreciation charge |
0.26 |
0.43 |
0.64 |
0.88 |
1.14 |
|
|
Net book value at year end |
2.59 |
4.05 |
5.80 |
7.57 |
9.41 |
C.3 Debt service
|
US$ million unless stated |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
FY2031 |
|---|---|---|---|---|---|
|
EBITDA |
(0.12) |
0.38 |
0.93 |
1.66 |
2.61 |
|
Debt service — principal and interest |
0.41 |
0.73 |
1.05 |
1.44 |
1.90 |
|
Debt service cover |
-0.29x |
0.52x |
0.89x |
1.15x |
1.37x |
|
Covenant typically required |
1.25x |
1.25x |
1.25x |
1.25x |
1.25x |
|
Headroom or shortfall |
(1.54)x |
(0.73)x |
(0.36)x |
(0.10)x |
0.12x |
|
Asset finance outstanding |
1.37 |
2.28 |
3.30 |
4.35 |
5.37 |
|
Term facility outstanding |
0.80 |
0.68 |
0.54 |
0.39 |
0.21 |
|
Total debt outstanding |
2.17 |
2.96 |
3.84 |
4.74 |
5.58 |
|
Closing cash |
3.34 |
2.23 |
1.16 |
0.46 |
0.18 |
|
Net debt |
-1.17 |
0.73 |
2.68 |
4.28 |
5.40 |
C.4 Balance sheet
|
US$ million, at year end |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
FY2031 |
|---|---|---|---|---|---|
|
Fleet, depot and equipment, net |
2.59 |
4.05 |
5.80 |
7.57 |
9.41 |
|
Trade receivables at 55 days |
0.12 |
0.37 |
0.66 |
1.03 |
1.47 |
|
Cash |
3.27 |
1.96 |
0.62 |
-0.45 |
-1.18 |
|
Total assets |
5.98 |
6.38 |
7.08 |
8.15 |
9.70 |
|
Share capital |
4.40 |
4.40 |
4.40 |
4.40 |
4.40 |
|
Retained earnings / (accumulated deficit) |
(0.61) |
(1.05) |
(1.29) |
(1.20) |
(0.58) |
|
Total equity |
3.79 |
3.35 |
3.11 |
3.20 |
3.82 |
|
Asset finance |
1.37 |
2.28 |
3.30 |
4.35 |
5.37 |
|
Term facility |
0.80 |
0.68 |
0.54 |
0.39 |
0.21 |
|
Trade and other payables |
0.02 |
0.07 |
0.13 |
0.21 |
0.30 |
|
Total liabilities |
2.19 |
3.03 |
3.97 |
4.95 |
5.88 |
|
Total equity and liabilities |
5.98 |
6.38 |
7.08 |
8.15 |
9.70 |
|
Gearing |
36.4% |
46.9% |
55.3% |
59.7% |
59.4% |
C.5 The harvest years and investor returns
|
US$ million, fleet held flat |
FY2032 |
FY2033 |
FY2034 |
|---|---|---|---|
|
EBITDA |
2.57 |
2.51 |
2.46 |
|
Depreciation |
(1.20) |
(1.18) |
(1.15) |
|
Interest |
(0.52) |
(0.22) |
(0.02) |
|
Debt service — principal and interest |
(1.25) |
(0.61) |
— |
|
Debt service cover |
2.06x |
4.11x |
Fully repaid |
|
Replacement provision |
(0.72) |
(0.72) |
(0.72) |
|
Taxation |
(0.25) |
(0.33) |
(0.39) |
|
Free cash flow after tax |
0.35 |
0.85 |
1.35 |
|
Investor share of distributions |
0.23 |
0.55 |
0.88 |
|
FY2031 exit at year five |
Enterprise value |
Equity value |
Proceeds |
Multiple |
Return |
|---|---|---|---|---|---|
|
3.5x EBITDA |
US$9.13m |
US$3.73m |
US$2.42m |
0.55x |
-11% |
|
4.5x EBITDA |
US$11.74m |
US$6.34m |
US$4.12m |
0.94x |
-1% |
|
5.5x EBITDA |
US$14.35m |
US$8.95m |
US$5.82m |
1.32x |
6% |
|
6.5x EBITDA |
US$16.96m |
US$11.56m |
US$7.51m |
1.71x |
11% |
|
FY2034 exit at year eight |
Enterprise value |
Proceeds |
Distributions |
Total |
Multiple |
Return |
|---|---|---|---|---|---|---|
|
4.0x EBITDA |
US$9.84m |
US$6.40m |
US$1.66m |
US$8.06m |
1.83x |
8% |
|
5.0x EBITDA |
US$12.30m |
US$8.00m |
US$1.66m |
US$9.66m |
2.20x |
10% |
|
6.0x EBITDA |
US$14.76m |
US$9.59m |
US$1.66m |
US$11.25m |
2.56x |
13% |
|
7.0x EBITDA |
US$17.22m |
US$11.19m |
US$1.66m |
US$12.85m |
2.92x |
15% |