Fish Master Premier Business Plan — Appendix C: Funding, Debt and Grant Schedules
Drawdown, interest and amortisation schedules across equity, the R7.0m term loan at 13.5% and the R4.0m ADEP cost-sharing grant.
Appendix C: Funding, Debt and Grant Schedules
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- Overview & contents
- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. Market and Positioning
- 3. Why the Hatchery Is the Business
- 4. Regulatory Position
- 5. The Production System
- 6. SWOT and Competitive Position
- 7. Route to Market
- 8. Management and Governance
- 9. Financial Plan
- 10. Break-Even and Debt Service
- 11. Investment Analysis
- 12. Sensitivity and Scenario Analysis
- 13. Risk Analysis
- 14. Implementation Roadmap
- 15. Key Performance Indicators
- 16. Key Assumptions
- 17. Conclusion and Recommendation
- A. Appendix A: Consolidated Financial Summary
- B. Appendix B: Capital and Production Schedules
- C. Appendix C: Funding, Debt and Grant Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Glossary
- C.1 Debt service schedule
- C.2 The cost-sharing grant
- C.3 Opening balance sheet at day zero
- C.4 Working capital
C.1 Debt service schedule
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Opening balance |
7 000 000 |
7 000 000 |
7 000 000 |
7 000 000 |
5 930 462 |
|
Interest at 13.5% |
945 000 |
945 000 |
945 000 |
945 000 |
800 612 |
|
Capital repaid |
— (grace period) |
— (grace period) |
— (grace period) |
1 069 538 |
1 213 926 |
|
Total debt service |
945 000 |
945 000 |
945 000 |
2 014 538 |
2 014 538 |
|
Closing balance |
7 000 000 |
7 000 000 |
7 000 000 |
5 930 462 |
4 716 536 |
|
of which current portion |
0 |
0 |
1 069 538 |
1 213 926 |
1 377 806 |
|
of which non-current portion |
7 000 000 |
7 000 000 |
5 930 462 |
4 716 536 |
3 338 730 |
|
EBITDA |
(3 118 000) |
(1 305 000) |
1 104 000 |
3 221 000 |
4 391 000 |
|
Cover with the three-year grace |
n/a |
n/a |
1.17x |
1.60x |
2.18x |
|
Cover with the two-year grace |
n/a |
n/a |
0.62x |
1.81x |
2.47x |
|
Gearing |
35.6% |
42.9% |
45.5% |
38.4% |
28.4% |
C.2 The cost-sharing grant
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Grant cash received |
— |
4 000 000 |
— |
— |
— |
|
Released to income |
— |
333 333 |
333 333 |
333 333 |
333 333 |
|
Deferred income balance at year end |
— |
3 666 667 |
3 333 334 |
3 000 001 |
2 666 668 |
The grant is released over the twelve-year life of the assets it funds. Qualifying capital expenditure of R17.4 million sits well inside the ADEP ceiling of R20 million of qualifying costs, and the claim is submitted in Year 2 once the spend has been incurred and documented.
C.3 Opening balance sheet at day zero
|
R |
Note |
|
|---|---|---|
|
Capitalised pre-operating costs |
600 000 |
Amortised over ten years |
|
Cash |
24 200 000 |
Available for capital expenditure and the pre-revenue period |
|
Total assets |
24 800 000 |
|
|
Share capital |
18 600 000 |
Promoter and investor equity |
|
Pre-operating costs charged to reserves |
(800 000) |
Permitting, professional fees and commissioning expensed at inception |
|
Total equity |
17 800 000 |
|
|
Term debt |
7 000 000 |
|
|
Total equity and liabilities |
24 800 000 |
C.4 Working capital
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Biological assets — standing biomass |
1 142 295 |
1 937 166 |
2 566 410 |
2 990 156 |
3 173 940 |
|
Feed and consumables at 45 days |
259 274 |
626 425 |
959 425 |
1 202 425 |
1 323 123 |
|
Trade receivables at 30 days |
193 151 |
681 452 |
1 174 603 |
1 560 247 |
1 764 904 |
|
Trade payables at 30 days |
(449 425) |
(788 712) |
(1 083 863) |
(1 295 507) |
(1 404 000) |
|
Net working capital |
1 145 295 |
2 456 331 |
3 616 575 |
4 457 321 |
4 857 967 |
|
Movement in the year |
(1 145 295) |
(1 311 036) |
(1 160 244) |
(840 746) |
(400 646) |