Kyalami Surface Business Plan — Appendices
Supporting schedules, detailed assumptions and the glossary of terms used throughout the plan.
Section 31 of 31
Appendices
Jump to section
- 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
Appendix A — Monthly projections, FY28
The first twelve months of the monthly engine from which all annual figures in this document are aggregated.
Table 44. Monthly projections FY28 (R000 unless stated)
|
R000 |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Jan |
Feb |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Revenue |
0 |
0 |
229 |
236 |
258 |
324 |
408 |
508 |
653 |
669 |
553 |
788 |
|
Gross profit |
(83) |
(84) |
75 |
76 |
86 |
125 |
177 |
239 |
334 |
335 |
242 |
400 |
|
Operating cost |
496 |
498 |
519 |
521 |
525 |
533 |
542 |
553 |
567 |
571 |
564 |
586 |
|
EBITDA |
(579) |
(582) |
(443) |
(445) |
(439) |
(408) |
(365) |
(313) |
(233) |
(236) |
(322) |
(186) |
|
Closing cash |
6,571 |
5,964 |
5,504 |
4,913 |
4,438 |
3,986 |
3,523 |
3,099 |
2,750 |
2,380 |
1,972 |
1,754 |
|
Installers (FTE) |
3.0 |
3.0 |
3.1 |
3.3 |
3.5 |
3.7 |
4.0 |
4.3 |
4.6 |
4.9 |
5.3 |
5.6 |
|
Billable hours |
0 |
0 |
155 |
159 |
173 |
216 |
271 |
336 |
430 |
439 |
360 |
512 |
|
Utilisation |
0% |
0% |
27% |
26% |
27% |
31% |
37% |
42% |
50% |
48% |
37% |
49% |
Appendix B — Assumption register
Table 45. Complete assumption register
|
Category |
Assumption |
Value |
|---|---|---|
|
Revenue |
||
|
Capacity |
Gross installer-hours per FTE per month |
187 |
|
Capacity |
Physical utilisation ceiling in any month |
94% |
|
Pricing |
PPF full-body / full-front / track pack (FY28, ex VAT) |
R74,000 / R21,500 / R11,900 |
|
Pricing |
Wrap / livery / ceramic / tint / correction |
R38,000 / R8,900 / R13,500 / R3,600 / R6,400 |
|
Pricing |
Annual list price escalation |
6.0% |
|
Mix |
Share of hours: PPF lines combined |
57% |
|
Cost of sales |
||
|
Materials |
Premium PPF landed cost per square metre (FY28) |
R840 |
|
Materials |
Colour-change vinyl landed cost per square metre |
R340 |
|
Materials |
Film consumed, full-body installation (gross of offcut) |
23 m² |
|
Labour |
Loaded installer cost per FTE per month (FY28) |
R27,500 |
|
Labour |
Installer wage escalation |
CPI + 2.5pp |
|
Quality |
Rework and warranty provision |
2.0% of revenue |
|
Operating expenditure |
||
|
Premises |
Studio 1 / Studio 2 monthly rental (FY28) |
R88,000 / R66,500 |
|
Utilities |
Studio 1 / Studio 2 monthly electricity (FY28) |
R31,000 / R23,000 |
|
Payroll |
Non-installer studio payroll per site (FY28) |
R145,000 / R108,000 |
|
Payroll |
Head office payroll, FY28 / FY30 / FY32 |
R118k / R162k / R205k per month |
|
Marketing |
Marketing spend, launch / steady state |
4.6% / 3.0% of revenue |
|
Commercial |
Dealer referral commission |
11.0% of trade revenue |
|
Commercial |
Card acquiring fees |
1.6% of revenue |
|
Capital and financing |
||
|
Capex |
Studio 1 / Studio 2 capital expenditure |
R5.60m / R3.90m |
|
Capex |
Maintenance capital expenditure from Year 3 |
1.2% of revenue |
|
Depreciation |
Leasehold / plant / vehicles / IT |
10 / 5 / 5 / 3 years |
|
Tax |
Corporate income tax rate; assessed loss cap |
27%; 80% |
|
Tax |
Provisional tax payment lag |
Six months |
|
Exit |
Terminal EV/EBITDA multiple applied |
6.0x |
Appendix C — Glossary
Table 46. Glossary of terms
|
Term |
Definition |
|---|---|
|
Billable hours |
Installer hours charged to a customer job, as distinct from hours paid |
|
CCC |
Cash conversion cycle — debtor days plus inventory days less creditor days |
|
DAP |
Design Access Program — licensed software pattern database for plotter film cutting |
|
DSCR |
Debt service cover ratio — EBITDA less tax, divided by interest plus scheduled principal |
|
FTE |
Full-time equivalent |
|
MOIC |
Multiple of invested capital |
|
NRCS |
National Regulator for Compulsory Specifications |
|
PPF |
Paint protection film — a thermoplastic polyurethane laminate applied to vehicle paint |
|
ROCE |
Return on capital employed — NOPAT divided by shareholders’ funds plus net debt |
|
SAM |
Serviceable available market |
|
SOM |
Serviceable obtainable market |
|
TAM |
Total addressable market |
|
TPU |
Thermoplastic polyurethane — the polymer used in premium self-healing films |
|
Utilisation |
Billable hours divided by gross available installer hours |
|
WACC |
Weighted average cost of capital |