Umthombo Springs Business Plan — Annexure A: Detailed Financial Statements

The cash statement above is constructed by the analyst from the Plan's projections, use-of-funds tables and the working capital assumptions set out in…

Annexure A: Detailed Financial Statements

Jump to section

A.1 Income statement (R million)

Line	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	13.7	52.7	105.8	153.7	195.2
Cost of goods	(7.7)	(28.3)	(55.0)	(78.7)	(99.1)
Gross profit	6.0	24.4	50.8	75.0	96.1
Operating expenses	(14.0)	(26.0)	(40.0)	(50.0)	(57.0)
EBITDA	(8.0)	(1.6)	10.8	25.0	39.1
Depreciation	(3.2)	(4.8)	(8.6)	(9.4)	(9.8)
Net finance cost	(1.4)	(2.1)	(3.8)	(3.9)	(3.5)
Profit before tax	(12.6)	(8.5)	(1.6)	11.7	25.8
Net profit	(12.6)	(8.5)	(1.6)	8.5	18.8

A.2 Revenue by channel (R million)

Channel	Year 1	Year 2	Year 3	Year 4	Year 5
Domestic PET	13.7	34.2	51.3	60.8	68.4
Export PET	—	15.4	35.0	56.0	73.5
Export glass	—	3.1	19.5	36.9	53.3
Total revenue	13.7	52.7	105.8	153.7	195.2
Export share	0%	35.1%	51.5%	60.4%	65%

A.3 Funding and cash requirement (R million)

Line	Year 1	Year 2	Year 3	Year 4	Year 5
EBITDA	(8.0)	(1.6)	10.8	25.0	39.1
Capital expenditure	(36.5)	(4.0)	(46.0)	(6.0)	(6.0)
Working capital movement	(3.4)	(5.4)	(8.0)	(6.5)	(5.5)
Net finance cost	(1.4)	(2.1)	(3.8)	(3.9)	(3.5)
Series A equity	30.0	—	—	—	—
Series A asset finance	18.0	—	—	—	—
Series B equity	—	—	60.0	—	—
Series B debt	—	—	25.0	—	—
Net cash movement	(0.3)	(13.1)	17.0	8.6	24.1

The cash statement above is constructed by the analyst from the Plan’s projections, use-of-funds tables and the working capital assumptions set out in Section 12; the Plan presents a summary rather than a full statement. It illustrates the finding in Section 12 directly: the Year-1 and Year-2 cash movements consume the Series A round almost entirely, and the Year-2 position depends on Series B arriving on schedule at the start of Year 3.

A.4 Balance sheet summary (R million)

Line	Year 1	Year 2	Year 3	Year 5
Property, plant and equipment (net)	33.3	32.5	69.9	60.7
Inventory and receivables	3.4	8.8	16.8	28.8
Cash and equivalents	11.7	0.6	17.6	50.3
Total assets	48.4	41.9	104.3	139.8
Asset finance and term debt	18.0	15.6	36.4	28.9
Trade and other payables	2.8	5.6	9.4	14.2
Shareholders’ equity	27.6	20.7	58.5	96.7
Total equity and liabilities	48.4	41.9	104.3	139.8

The balance sheet is constructed by the analyst from the income statement, the use-of-funds tables and the debt structure. Net debt at Year 5 is approximately R28.9 million against R50.3 million of cash, broadly consistent with the R30 million net debt figure the Plan uses in its exit valuation, which supports the returns calculation in Section 17.