Aether Living — Projected Balance Sheet
The projected balance sheet over the ten-year horizon — the development asset base, debt and equity, work-in-progress and the evolving capital structure.
Section 16 · Business Plan
Projected Balance Sheet
The projected balance sheet over the ten-year horizon — the development asset base, debt and equity, work-in-progress and the evolving capital structure.
16.1 Balance Sheet — 10 Year Projection
The following table presents the projected consolidated balance sheet
at the end of each forecast year. The balance sheet reflects the dual
character of Aether Living as both a development platform
(work-in-progress, inventory) and an asset-owning operator (investment
properties, infrastructure assets).
| ZAR Billion | Y1 | Y3 | Y5 | Y7 | Y10 |
|---|---|---|---|---|---|
| Cash & Equivalents | 1.20 | 0.85 | 0.95 | 1.45 | 2.20 |
| Trade Receivables | 0.08 | 0.45 | 0.85 | 1.25 | 1.55 |
| Inventory / WIP | 1.50 | 4.50 | 5.00 | 3.50 | 0.80 |
| Current Assets | 2.78 | 5.80 | 6.80 | 6.20 | 4.55 |
| Land Bank | 2.20 | 2.50 | 2.70 | 2.90 | 3.20 |
| Investment Property (rental) | 0.50 | 3.50 | 8.50 | 15.50 | 21.00 |
| Infrastructure Assets | 0.30 | 1.50 | 2.80 | 3.50 | 4.00 |
| Property, Plant & Equipment | 0.20 | 0.55 | 0.85 | 1.15 | 1.45 |
| Intangible Assets | 0.10 | 0.35 | 0.55 | 0.65 | 0.80 |
| Non-Current Assets | 3.30 | 8.40 | 15.40 | 23.70 | 30.45 |
| TOTAL ASSETS | 6.08 | 14.20 | 22.20 | 29.90 | 35.00 |
| Trade Payables | 0.45 | 1.10 | 1.65 | 1.85 | 1.55 |
| Short-term Debt | 0.20 | 0.50 | 0.85 | 0.65 | 0.45 |
| Current Liabilities | 0.65 | 1.60 | 2.50 | 2.50 | 2.00 |
| IFC Senior Debt | 1.80 | 5.00 | 6.20 | 5.20 | 2.80 |
| Commercial Bank Debt | 0.50 | 1.85 | 2.90 | 2.20 | 0.80 |
| Climate Finance Grants | 0.20 | 0.55 | 0.60 | 0.60 | 0.60 |
| Long-term Liabilities | 2.50 | 7.40 | 9.70 | 8.00 | 4.20 |
| Total Liabilities | 3.15 | 9.00 | 12.20 | 10.50 | 6.20 |
| Share Capital | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 |
| Retained Earnings | (0.43) | (0.20) | 2.30 | 9.45 | 20.05 |
| Other Reserves | 1.26 | 3.30 | 5.60 | 7.85 | 6.65 |
| Total Equity | 2.93 | 5.20 | 10.00 | 19.40 | 28.80 |
| TOTAL LIAB. & EQUITY | 6.08 | 14.20 | 22.20 | 29.90 | 35.00 |
16.2 Asset Build-up & Composition
The balance sheet progression reflects the fundamental dynamics of
the integrated platform model. In early years, work-in-progress and
inventory dominate total assets, reflecting active construction
activity. From Year 5 onwards, investment property (the build-to-rent
portfolio) and infrastructure assets (solar, battery, water, fibre)
progressively dominate the asset base, reaching a combined approximately
71% of total assets by Year 10. This asset mix is what enables the
platform to support exit strategies involving REIT conversion,
infrastructure fund acquisition, or institutional listing — each of
which is anchored on the value of the income-producing asset base.
16.3 Key Balance Sheet Metrics
| Metric | Y1 | Y3 | Y5 | Y7 | Y10 |
|---|---|---|---|---|---|
| Net Debt / Total Assets | 21% | 43% | 39% | 20% | 6% |
| Debt / Equity | 82% | 131% | 100% | 42% | 14% |
| Current Ratio | 4.3x | 3.6x | 2.7x | 2.5x | 2.3x |
| Return on Equity | n/m | 4.2% | 13.5% | 13.7% | 13.3% |
| Return on Total Assets | n/m | 1.5% | 6.1% | 8.9% | 10.9% |
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 Aether Living Developments (Pty) Ltd.