TitanCrete Readymix Business Plan › Section 20 › Appendix — Detailed Schedules

The following schedules provide the underlying detail behind the
summary statements in Section 16, for the use of analysts and credit
committees. All figures are in ZAR millions unless otherwise stated and
are drawn from the same integrated model.

20.1 Detailed debt schedule

Table 33. Senior, expansion and revolving facilities (ZAR millions)

Table 33. Full facility-level detail: senior
grace in Year 1, expansion drawdowns funding growth capex, and the
revolver smoothing the trough.

20.2 Working-capital schedule

Table 34. Working capital (ZAR millions)

Table 34. Working capital absorbs cash as the
business scales; the change line feeds directly into operating cash
flow.

20.3 Revenue and volume detail

Table 35. Volume, price and revenue by stream (ZAR millions)

Table 35. Volume-led revenue build with the
four-stream split underlying the income statement.

20.4 Methodology note

The financial model is an integrated three-statement model built in
Python from a single set of assumptions. Revenue and EBITDA are
calibrated to the sponsor’s headline projections; all other lines —
depreciation on a component basis, the full debt waterfall, tax with
assessed-loss carry-forward, working capital on a days basis, and the
cash-flow and balance-sheet articulation — are derived from first
principles. The balance sheet is asserted to tie to zero in every
projection year. Macroeconomic and market figures are drawn from
National Treasury budget documentation, Reserve Bank policy statements,
and industry and producer disclosures current to mid-2026. Projections
are illustrative and subject to the risks set out in Section 15.

20.5 Year-1 monthly profile

The first year is modelled month by month to expose the launch ramp.
Revenue builds steadily as plants commission and orders convert; monthly
EBITDA is marginally negative in the opening months and turns positive
from mid-year, accumulating to a positive full-year EBITDA even as the
full-year net result remains a loss after depreciation, interest and
tax.

Table 36. Year-1 monthly revenue and EBITDA (ZAR millions)

Table 36. Monthly EBITDA crosses into positive
territory in the second half; the full-year net loss arises below the
EBITDA line.

20.6 Detailed assumptions register

For completeness, the principal quantitative assumptions underpinning
the model are consolidated below. Each has been set conservatively or
anchored to observed market evidence, as discussed in the relevant
sections.

Table 37. Consolidated assumptions register

Table 37. Consolidated quantitative assumptions;
the single source of truth for every figure in this document.

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