Availability

Vehicle-days available for dispatch divided by vehicle-days owned. 92% rising to 94%, and the parameter on which the premium vehicle case rests.

Backhaul

The return leg of a round trip. Worth 90% of the contribution on a loaded trip, because almost every cost on this corridor is a function of the trip rather than of the cargo.

Contribution per round trip

Revenue less variable cost on one completed circuit. US$3 392 at FY2031 on a 38.2% margin. The unit of production in this business.

Debt service cover

EBITDA divided by principal and interest falling due. Below the conventional 1.25 times covenant until FY2031, and the binding constraint on the fleet ramp.

Dwell time

Time a vehicle spends stationary at a border post, mine gate or port awaiting clearance or loading. One extra day a round trip costs US$0.24m of FY2031 EBITDA.

Fuel shrinkage

Fuel drawn but not accounted for — siphoning, unrecorded drawdowns and reconciliation loss. Modelled at 5.5% falling to 2.8% of fuel.

Harvest years

FY2032 to FY2034, in which the fleet is held flat and the asset finance amortises to nil while the vehicles continue to earn. Most of the equity return sits here.

Northbound fill rate

The share of return legs carrying paying freight. 62% rising to 78%, and the largest exposure management can actually control.

Round trip

One complete circuit of 5 200 kilometres from the Copperbelt or the southern DRC to Dar es Salaam and back, crossing three jurisdictions and two major border posts.

Systems and telematics

Tank-level sensing, driver identification, satellite tracking and fuel-card reconciliation, specified as standard on delivery rather than retrofitted.

Transit fees and tolls

Road user charges and permits in three jurisdictions, bridge and weighbridge fees, and border processing charges. US$750 a round trip by FY2031 and outside company control.