Aether Living — Projected Cash Flow Statement
The projected cash flow statement over the ten-year horizon — operating, investing and financing cash flows, the development drawdown and the free cash flow to equity.
Section 17 · Business Plan
Projected Cash Flow Statement
The projected cash flow statement over the ten-year horizon — operating, investing and financing cash flows, the development drawdown and the free cash flow to equity.
17.1 Cash Flow Statement — 10 Year Projection
The cash flow statement reflects the platform’s progression through
three distinct phases: heavy investment (Years 1–4), capital recycling
(Years 5–7), and cash generation (Years 8–10). Each phase is supported
by an appropriate financing mix, with the IFC senior debt facility
providing the long-duration foundation that bridges the development
cycle.
| ZAR Billion | Y1 | Y3 | Y5 | Y7 | Y10 |
|---|---|---|---|---|---|
| Net Profit | (0.43) | 0.22 | 1.35 | 2.65 | 3.82 |
| Depreciation & Amort. | 0.05 | 0.20 | 0.45 | 0.65 | 0.70 |
| Working Capital Movement | (0.55) | (0.95) | (0.40) | 0.50 | 0.75 |
| Other Adjustments | 0.05 | 0.10 | 0.20 | 0.30 | 0.40 |
| Net Operating CF | (0.88) | (0.43) | 1.60 | 4.10 | 5.67 |
| Land Acquisition | (1.50) | (0.40) | (0.20) | (0.20) | (0.10) |
| Construction Capex | (1.80) | (1.95) | (0.95) | (0.20) | 0.00 |
| Infrastructure Capex | (0.40) | (0.55) | (0.45) | (0.15) | (0.10) |
| BTR Capex (Investment Prop) | (0.30) | (0.55) | (0.40) | (0.20) | (0.05) |
| Disposals (BTR take-out) | 0.00 | 0.00 | 0.85 | 1.85 | 2.50 |
| Net Investing CF | (4.00) | (3.45) | (1.15) | 1.10 | 2.25 |
| Equity Raised | 2.10 | 0.00 | 0.00 | 0.00 | 0.00 |
| IFC Senior Debt Drawn | 1.80 | 1.50 | 0.50 | 0.00 | 0.00 |
| Commercial Bank Drawn | 0.50 | 0.85 | 0.40 | 0.00 | 0.00 |
| Climate Grants | 0.20 | 0.10 | 0.05 | 0.00 | 0.00 |
| Debt Repayment | 0.00 | (0.20) | (0.85) | (1.85) | (3.45) |
| Dividends Paid | 0.00 | 0.00 | 0.00 | (0.50) | (1.85) |
| Net Financing CF | 4.60 | 2.25 | 0.10 | (2.35) | (5.30) |
| Net Change in Cash | (0.28) | (1.63) | 0.55 | 2.85 | 2.62 |
| Closing Cash | 1.20 | 0.85 | 0.95 | 1.45 | 2.20 |
17.2 Cash Flow Trajectory Commentary
The cash flow profile exhibits classic development-platform
characteristics, with negative operating and investing cash flow in
early years offset by inflows from equity and senior debt drawdowns.
Operating cash flow turns positive from Year 4 as Sky District Phase 1
handovers generate the first substantial unit-sale receipts. Investing
cash flow remains negative through Year 6 as Atlantic Quarter and
Horizon Coast construction continues, with the inflection to net
positive investing cash flow occurring in Year 7 as build-to-rent
stabilised portfolio sales (institutional take-out transactions)
generate substantial cash receipts. By Year 8 the platform is fully
self-funding, with operating cash generation exceeding all remaining
capital expenditure and progressively repaying senior debt.
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.