Kyalami Surface Business Plan — Projected Balance Sheet
The balance sheet across the projection, including studio fit-out, equipment and the funding position.
Section 22 of 31
Projected Balance Sheet
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- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. Investment Thesis
- 3. Company and Business Overview
- 4. Problem, Customer Need and Value Proposition
- 5. Products and Services
- 6. Industry Analysis
- 7. Market Analysis
- 8. Customer Analysis
- 9. Competitive Landscape
- 10. Business Model
- 11. Go-to-Market Strategy
- 12. Operating Model
- 13. Management and Organisation
- 14. Strategic Plan
- 15. SWOT Analysis
- 16. Risk Analysis
- 17. ESG and Sustainability
- 18. Implementation Roadmap
- 19. Financial Plan: Assumptions
- 20. Projected Income Statement
- 21. Projected Balance Sheet
- 22. Projected Cash Flow
- 23. Capital Expenditure and Working Capital
- 24. Funding Requirement and Structure
- 25. Break-even Analysis
- 26. Investment Case and Returns
- 27. Sensitivity and Scenario Analysis
- 28. Key Performance Indicators and Management Dashboard
- 29. Conclusion
- 30. Appendices
An asset-light balance sheet carrying R9.5m of fit-out and equipment against R42m of FY32 revenue.
Table 31. Projected balance sheet, base case (R million)
The balance sheet reconciles to nil in every projected period.
|
R million |
FY28 |
FY29 |
FY30 |
FY31 |
FY32 |
|
|---|---|---|---|---|---|---|
|
ASSETS |
||||||
|
Cash and cash equivalents |
1.8 |
2.0 |
3.1 |
7.4 |
11.3 |
|
|
Trade receivables |
0.3 |
0.8 |
1.4 |
1.6 |
1.7 |
|
|
Inventory |
0.5 |
1.1 |
1.6 |
1.7 |
1.8 |
|
|
VAT and other receivables |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
|
Total current assets |
2.6 |
4.0 |
6.3 |
11.0 |
15.0 |
|
|
Property, plant and equipment (net) |
4.6 |
7.4 |
6.0 |
5.0 |
3.9 |
|
|
Total assets |
7.2 |
11.3 |
12.4 |
15.9 |
18.9 |
|
|
LIABILITIES |
||||||
|
Trade and other payables |
0.6 |
0.9 |
1.5 |
1.6 |
1.6 |
|
|
Customer deposits |
0.2 |
0.4 |
0.6 |
0.7 |
0.7 |
|
|
VAT payable |
0.0 |
0.1 |
0.1 |
0.2 |
0.2 |
|
|
Taxation payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
Revolving credit facility |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
Total current liabilities |
0.8 |
1.4 |
2.2 |
2.4 |
2.5 |
|
|
Term loan |
2.0 |
1.6 |
1.1 |
0.6 |
0.0 |
|
|
Asset finance |
1.2 |
0.9 |
0.7 |
0.4 |
0.0 |
|
|
Total liabilities |
4.0 |
3.9 |
4.0 |
3.4 |
2.5 |
|
|
EQUITY |
||||||
|
Share capital and premium |
9.0 |
13.0 |
13.0 |
13.0 |
13.0 |
|
|
Retained earnings |
(5.8) |
(5.6) |
(4.7) |
(0.4) |
3.4 |
|
|
Total equity |
3.2 |
7.4 |
8.3 |
12.6 |
16.4 |
|
|
Total liabilities and equity |
7.2 |
11.3 |
12.4 |
15.9 |
18.9 |
|
|
Balance check |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
Shareholders’ funds are nearly exhausted at the low point Accumulated losses through the ramp reduce total equity from R13.0m subscribed to a low of R3.2m in FY28. The Company remains solvent and cash-positive throughout the base case, but the equity buffer is thin at exactly the point where the second studio is being built. This is the structural reason the tranche 2 gate exists, and the reason the revolving facility must remain committed and undrawn through that period. |
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