Lesedi Solar Care Business Plan — Annexure A: Detailed Financial Projections
A.1 Income statement (R million) Line Y1 Y2 Y3 Y4 Y5 Y6 Y7 Revenue 27.0 50.0 78.0 105.0 139.0 175.1 211.5 Direct costs (17.6) (31.0) (47.6) (63.0) (82.0)…
Annexure A: Detailed Financial Projections
Jump to section
- Overview & contents
- Important Notice & Confidentiality
- Executive Summary
- Company Overview & Governance
- Industry & Market Analysis
- The Soiling Problem & Value Proposition
- Market Sizing & Demand Drivers
- Services & Revenue Model
- Contract Economics & Unit Analysis
- Technology, Method & the Water Constraint
- The LumenIQ Platform
- Operations Plan & Depot Network
- Go-to-Market & Contracting Strategy
- Competitive Positioning
- Health, Safety & Quality Systems
- Implementation Roadmap
- Financial Plan & Projections
- Funding Requirement & Use of Funds
- Returns, Scenarios & Sensitivity
- Risk Analysis & Independent Findings
- SWOT & Strategic Analysis
- Management Team & Organisation
- Transformation, ESG & Water Stewardship
- Growth Strategy, Exit & Conclusion
- Annexure A: Detailed Financial Projections
- Annexure B: Assumptions Book
- Annexure C: Scenario & Sensitivity Detail
- Annexure D: Contract Unit Economics
- Annexure E: Risk Register
- Annexure F: Glossary & Methodology
A.1 Income statement (R million)
|
Line |
Y1 |
Y2 |
Y3 |
Y4 |
Y5 |
Y6 |
Y7 |
|---|---|---|---|---|---|---|---|
|
Revenue |
27.0 |
50.0 |
78.0 |
105.0 |
139.0 |
175.1 |
211.5 |
|
Direct costs |
(17.6) |
(31.0) |
(47.6) |
(63.0) |
(82.0) |
(102.4) |
(122.7) |
|
Gross profit |
9.4 |
19.0 |
30.4 |
42.0 |
57.0 |
72.7 |
88.8 |
|
Overheads |
(6.2) |
(9.5) |
(12.5) |
(15.8) |
(20.9) |
(25.8) |
(30.9) |
|
EBITDA |
3.2 |
9.5 |
17.9 |
26.2 |
36.1 |
46.9 |
57.9 |
|
Depreciation |
(4.1) |
(5.3) |
(6.4) |
(7.6) |
(9.1) |
(10.8) |
(12.3) |
|
Net finance cost |
(1.6) |
(1.9) |
(2.0) |
(1.8) |
(1.5) |
(1.1) |
(0.6) |
|
Profit before tax |
(2.5) |
2.3 |
9.5 |
16.8 |
25.5 |
35.0 |
45.0 |
|
Tax |
— |
(0.1) |
(2.4) |
(4.5) |
(6.9) |
(9.5) |
(12.2) |
|
Net profit |
(2.5) |
2.2 |
7.1 |
12.3 |
18.6 |
25.5 |
32.8 |
A.2 Cash flow statement (R million)
|
Line |
Y1 |
Y2 |
Y3 |
Y4 |
Y5 |
Y6 |
Y7 |
|---|---|---|---|---|---|---|---|
|
EBITDA |
3.2 |
9.5 |
17.9 |
26.2 |
36.1 |
46.9 |
57.9 |
|
Working capital movement |
(6.4) |
(3.8) |
(4.6) |
(4.4) |
(5.6) |
(5.9) |
(6.0) |
|
Tax paid |
— |
(0.4) |
(2.4) |
(4.4) |
(6.7) |
(9.2) |
(11.9) |
|
Operating cash flow |
(3.2) |
5.3 |
10.9 |
17.4 |
23.8 |
31.8 |
40.0 |
|
Capital expenditure |
(31.4) |
(6.8) |
(8.2) |
(9.6) |
(12.4) |
(13.9) |
(15.2) |
|
Asset finance drawn / (repaid) |
14.0 |
(2.8) |
(2.8) |
(2.8) |
(2.8) |
(2.8) |
0.0 |
|
Equity drawn |
38.0 |
— |
— |
— |
— |
— |
— |
|
Net cash movement |
17.4 |
(4.3) |
(0.1) |
5.0 |
8.6 |
15.1 |
24.8 |
|
Closing cash |
17.4 |
13.1 |
13.0 |
18.0 |
26.6 |
41.7 |
66.5 |
A.3 Balance sheet summary (R million)
|
Line |
Y1 |
Y3 |
Y5 |
Y7 |
|---|---|---|---|---|
|
Property, plant & equipment (net) |
27.3 |
32.0 |
38.4 |
45.9 |
|
Trade receivables |
5.8 |
14.6 |
25.4 |
38.2 |
|
Cash |
17.4 |
13.0 |
26.7 |
66.6 |
|
Total assets |
50.5 |
59.6 |
90.5 |
150.7 |
|
Trade payables & accruals |
3.6 |
7.9 |
13.1 |
19.4 |
|
Asset finance liability |
14.0 |
8.4 |
2.8 |
0.0 |
|
Shareholders’ equity |
32.9 |
43.3 |
74.6 |
131.3 |
|
Total equity & liabilities |
50.5 |
59.6 |
90.5 |
150.7 |
|
Balance sheet ties |
Yes |
Yes |
Yes |
Yes |
A.4 Key operating metrics
|
Metric |
Y1 |
Y3 |
Y5 |
Y7 |
|---|---|---|---|---|
|
Revenue per MW under management (R’000) |
112.5 |
111.4 |
111.2 |
112.5 |
|
Revenue per field employee (R’000) |
415 |
650 |
747 |
798 |
|
Contribution margin |
34.8% |
39% |
41% |
42% |
|
Overheads as % of revenue |
23% |
16% |
15% |
14.6% |
|
Debtor days (stated) |
78 |
68 |
62 |
60 |
|
Debtor days (computed from receivables) |
78 |
68 |
67 |
66 |
|
Net working capital (R million) |
2.2 |
6.7 |
12.3 |
18.8 |
|
Contract renewal rate |
n/a |
84% |
86% |
87% |