FluxCap Financial Services — Projected Balance Sheet
The projected balance sheet and the loan-book and capital-structure evolution underpinning FluxCap.
Section 20 · Business Plan
Projected Balance Sheet
The projected balance sheet and the loan-book and capital-structure evolution underpinning FluxCap.
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| ASSETS | |||||
| Gross loan book | 196 | 674 | 1 630 | 3 478 | 6 304 |
| Less: impairment provision | (16) | (54) | (130) | (278) | (504) |
| Net loan book | 180 | 620 | 1 500 | 3 200 | 5 800 |
| Cash and cash equivalents | 362 | 80 | 80 | 80 | 80 |
| Platform & intangibles (NBV) | 113 | 158 | 164 | 154 | 166 |
| Total assets | 655 | 858 | 1 744 | 3 434 | 6 046 |
| EQUITY & LIABILITIES | |||||
| Share capital | 720 | 720 | 720 | 720 | 720 |
| Retained earnings / (accumulated loss) | (66) | (104) | (65) | 84 | 466 |
| Total shareholder equity | 655 | 616 | 655 | 804 | 1 186 |
| Senior debt facility | — | 241 | 900 | 900 | 900 |
| Securitisation warehouse | — | — | 189 | 1 730 | 3 960 |
| Total equity & liabilities | 655 | 858 | 1 744 | 3 434 | 6 046 |
The balance sheet ties to zero in every projection year (asserted
programmatically in the underlying model). Accumulated losses trough at
−R103.6m in FY2028 before recovery; shareholder equity never falls below
R616 million, preserving a minimum equity-to-gross-book ratio of 25.4%
at the leverage peak of the ramp.
Leverage rises from nil to 4.1x debt-to-equity by FY2031 and
equity-to-gross-book compresses from 89% to 18.8%. For context, listed
SA unsecured lenders typically operate at 15–25% equity-to-book —
FluxCap ends the plan at the aggressive end of normal, but passes
through that range only in the final two years while the book is still
doubling annually. Any material credit deterioration in FY2030–FY2031
hits a balance sheet with far less loss-absorption headroom than in the
early years. The warehouse structure’s overcollateralisation and DSRA
requirements are the intended containment mechanism.
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 FluxCap Financial Services (Pty) Ltd.