Torque Precision Auto Business Plan — Appendix C: Funding and Debt Schedules
Sources and uses, the asset finance schedule, the opening balance sheet at day zero and the working capital build.
Appendix C: Funding and Debt Schedules
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- Overview & contents
- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. Market and Opportunity
- 3. How a Workshop Actually Makes Money
- 4. Accreditation and Compliance
- 5. SWOT and Competitive Position
- 6. Operations and the Bay Build
- 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 Operating Schedules
- C. Appendix C: Funding and Debt Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Glossary
- C.1 Sources and uses
- C.2 Asset finance schedule
- C.3 Opening balance sheet at day zero
- C.4 Working capital
C.1 Sources and uses
|
R |
Note |
|
|---|---|---|
|
Promoter and investor equity |
5 400 000 |
68% of capital deployed |
|
Asset finance against equipment |
2 600 000 |
Drawn progressively at 55% of equipment cost, 13.75% over five years per tranche, two-year moratorium |
|
Total sources |
8 000 000 |
|
|
Equipment and fit-out |
(4 730 000) |
Appendix B.1 |
|
Parts stock and working capital |
(2 870 000) |
|
|
Contingency |
(400 000) |
|
|
Total uses |
(8 000 000) |
Sources equal the requirement exactly |
C.2 Asset finance schedule
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Drawn in the year |
1 801 861 |
507 907 |
145 116 |
72 558 |
72 558 |
|
Interest at 13.75% |
247 756 |
317 593 |
337 547 |
275 321 |
182 815 |
|
Capital repaid |
— (moratorium) |
— (moratorium) |
525 109 |
745 328 |
890 101 |
|
Total debt service |
247 756 |
317 593 |
862 656 |
1 020 649 |
1 072 916 |
|
Balance outstanding at year end |
1 801 861 |
2 309 768 |
1 929 775 |
1 257 005 |
439 462 |
|
of which current portion |
0 |
525 109 |
745 328 |
890 101 |
175 785 |
|
of which non-current portion |
1 801 861 |
1 784 659 |
1 184 447 |
366 904 |
263 677 |
|
EBITDA |
(2 139 000) |
(376 000) |
2 106 000 |
3 806 000 |
5 523 000 |
|
Debt service cover |
n/a |
n/a |
2.44x |
3.73x |
5.15x |
|
Gearing |
41.5% |
65.0% |
45.1% |
19.8% |
4.8% |
C.3 Opening balance sheet at day zero
|
R |
Note |
|
|---|---|---|
|
Equipment and fit-out |
3 278 000 |
Year 1 capital deployment: four bays, diagnostics, fit-out, solar, WMS |
|
Cash |
3 923 861 |
Parts stock, working capital, contingency and the balance of committed equity |
|
Total assets |
7 201 861 |
|
|
Share capital |
5 400 000 |
Promoter and investor equity |
|
Asset finance drawn |
1 801 861 |
Against the Year 1 equipment |
|
Total equity and liabilities |
7 201 861 |
C.4 Working capital
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Parts stock at 35 days |
159 600 |
383 320 |
665 420 |
861 350 |
1 030 330 |
|
Trade receivables at 18 days |
238 142 |
551 244 |
929 836 |
1 182 329 |
1 402 225 |
|
Trade payables at 30 days |
(572 712) |
(949 644) |
(1 376 630) |
(1 657 726) |
(1 883 096) |
|
Net working capital |
(174 970) |
(15 080) |
218 626 |
385 953 |
549 459 |
|
Movement in the year |
174 970 |
(159 890) |
(233 706) |
(167 327) |
(163 506) |