Nala AgriServices — Appendices

Supporting appendices - the five-year income statement, the operating-expense detail, the five-year balance sheet and cash-flow statement and the financial ratios and covenant summary underpinning the Nala AgriServices business plan and financial model.

Section 14 · Business Plan

Appendices

Supporting appendices – the five-year income statement, the operating-expense detail, the five-year balance sheet and cash-flow statement and the financial ratios and covenant summary underpinning the Nala AgriServices business plan and financial model.

14.1 Appendix A — Five-year income statement (R’000)

R’000	FY2027	FY2028	FY2029	FY2030	FY2031
Revenue	52,040	86,882	127,775	169,750	211,776
Cost of sales	(33,578)	(54,463)	(78,165)	(102,066)	(125,234)
Gross profit	18,462	32,419	49,610	67,684	86,542
Operating expenses	(17,050)	(21,900)	(27,100)	(31,650)	(35,650)
EBITDA	1,412	10,519	22,510	36,034	50,892
Depreciation & amortisation	(6,855)	(8,660)	(10,760)	(12,265)	(11,870)
EBIT	(5,443)	1,859	11,750	23,769	39,022
Net interest	(2,860)	(4,144)	(5,072)	(4,481)	(3,276)
Profit before tax	(8,303)	(2,285)	6,678	19,288	35,746
Tax	0	0	(361)	(3,792)	(9,652)
Net profit	(8,303)	(2,285)	6,318	15,496	26,095

14.2 Appendix B — Operating-expense detail (R’000)

R’000	FY2027	FY2028	FY2029	FY2030	FY2031
Admin & management salaries	8,400	10,800	13,200	15,400	17,400
Depot & head office	2,200	2,550	2,950	3,300	3,600
Insurance (fleet + aviation)	1,600	2,200	2,900	3,500	4,000
Marketing & client acquisition	1,000	1,350	1,700	1,950	2,150
IT, software & data platform	1,200	1,500	1,850	2,150	2,400
Professional, audit & compliance	1,300	1,550	1,800	2,000	2,150
B-BBEE & CSI programmes	500	850	1,300	1,700	2,100
Other overheads	850	1,100	1,400	1,650	1,850
Total operating expenses	17,050	21,900	27,100	31,650	35,650

14.3 Appendix C — Five-year balance sheet (R’000)

R’000	FY2027	FY2028	FY2029	FY2030	FY2031
PP&E (net)	39,225	43,025	46,325	43,900	40,550
Intangibles (net)	1,520	1,460	1,400	1,160	840
Inventory	1,151	1,835	2,571	3,306	3,981
Receivables	6,416	10,711	15,753	20,928	26,109
Cash	3,000	3,000	3,000	8,080	24,820
Debt-service reserve	3,000	3,000	3,000	3,000	3,000
Total assets	54,312	63,031	72,049	80,375	99,301
Senior debt	22,000	31,600	34,400	25,200	16,000
Revolver	2,670	2,244	67	0	0
Payables	2,944	4,775	6,853	8,948	10,979
Share capital	35,000	35,000	35,000	35,000	35,000
Retained earnings	(8,303)	(10,588)	(4,270)	11,226	37,321
Total equity & liabilities	54,312	63,031	72,049	80,375	99,301

14.4 Appendix D — Five-year cash-flow statement (R’000)

R’000	FY2027	FY2028	FY2029	FY2030	FY2031
Net profit	(8,303)	(2,285)	6,318	15,496	26,095
Depreciation & amortisation	6,855	8,660	10,760	12,265	11,870
Working-capital movement	377	(3,149)	(3,700)	(3,815)	(3,825)
Operating cash flow	(1,070)	3,226	13,377	23,947	34,140
Capital expenditure	(3,500)	(12,400)	(14,000)	(9,600)	(8,200)
Investing cash flow	(3,500)	(12,400)	(14,000)	(9,600)	(8,200)
Debt drawdowns	0	14,000	10,000	0	0
Debt repayments	0	(4,400)	(7,200)	(9,200)	(9,200)
Revolver movement	2,670	(426)	(2,177)	(67)	0
Financing cash flow	2,670	9,174	623	(9,267)	(9,200)
Closing cash	3,000	3,000	3,000	8,080	24,820

14.5 Appendix E — Financial ratios & covenant summary

The table below consolidates the key profitability, liquidity,
leverage and coverage ratios that lenders and investors typically
monitor, derived from the projected statements above.

R’000	FY2027	FY2028	FY2029	FY2030	FY2031
Gross margin	35.5%	37.3%	38.8%	39.9%	40.9%
EBITDA margin	2.7%	12.1%	17.6%	21.2%	24.0%
Net margin	-16.0%	-2.6%	4.9%	9.1%	12.3%
Return on equity	-31%	-9%	21%	34%	36%
Current ratio (×)	1.9×	2.2×	3.1×	3.6×	5.0×
Gearing (debt/capital)	48%	58%	53%	35%	18%
Net debt / EBITDA (×)	15.3×	2.9×	1.4×	0.5×	-0.2×
Interest cover (×)	-1.9×	0.5×	2.3×	5.3×	11.9×
DSCR (×)	0.63×	0.90×	1.54×	2.08×	3.00×

Indicative covenant package

Minimum DSCR of 1.10× tested from FY2029 (ramp-year
waiver with DSRA and sponsor standby to FY2028). Maximum net debt / EBITDA stepping down from a
ramp-year carve-out to ≤ 3.0× by FY2030. Minimum liquidity of a R3m cash floor plus a
fully-funded debt-service reserve at all times. Reporting quarterly management accounts and covenant
certificates; annual audited financial statements.

14.6 Appendix F — Glossary

Term	Definition
B-BBEE	Broad-Based Black Economic Empowerment
CFADS	Cash Flow Available for Debt Service
DFI	Development Finance Institution (e.g. Land Bank, IDC, DBSA)
DSCR	Debt-Service Coverage Ratio (CFADS ÷ debt service)
DSRA	Debt-Service Reserve Account
EV/EBITDA	Enterprise Value to EBITDA valuation multiple
IRR	Internal Rate of Return
MSP	Mechanisation-Service-Provider model for smallholder access
NDVI / NDRE	Normalised Difference Vegetation / Red-Edge Index (crop-health indices)
RPL	Remote Pilot Licence (SACAA)
SACAA	South African Civil Aviation Authority
VRA	Variable-Rate Application of inputs

Sources

Macro and sector statistics are drawn from Statistics South Africa,
the Agbiz/IDC Agribusiness Confidence Index, the South African Reserve
Bank, FAO mechanisation data, SACAA, and South African
agricultural-industry reporting on precision-farming and drone adoption
(2025–2026). Figures are indicative and rounded; readers should refer to
primary sources for precise values.

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Nala AgriServices (Pty) Ltd.