|
Term |
Definition |
|---|---|
|
CFADS |
Cash flow available for debt service: EBITDA less tax, working-capital movements and maintenance capex |
|
DSCR |
Debt-service cover ratio: CFADS divided by scheduled interest plus principal |
|
DSRA |
Debt-service reserve account — cash escrow covering ~6 months of senior debt service |
|
IDC |
Interest during construction, capitalised to the asset rather than expensed |
|
mcf |
Thousand cubic feet (helium volumes at standard conditions) |
|
PIK |
Payment-in-kind interest, capitalised to the loan balance |
|
SAMREC / PRMS |
South African / international codes for independent resource and reserve certification |
|
Take-or-pay |
Offtake obligation to pay for contracted volumes whether or not physically taken |
|
Virtual pipeline |
Trucked LNG distribution replacing fixed-pipeline infrastructure |
Methodology and basis of preparation
This plan was prepared from the sponsor brief with headline operating projections (revenue, EBITDA and production volumes) preserved exactly. All statements below EBITDA were independently modelled: depreciation on a component basis from the capex register; interest under a project-finance structure with capitalisation during construction; South African corporate tax at 27% with full assessed-loss carry-forward tracking; working capital at 11% of revenue; and a fully articulated funding cash flow. The three statements are integrated so that the balance sheet ties to zero in every year, enforced by an automated Python assertion (maximum difference: 0.0). Returns, DSCR and scenario outcomes were computed independently and reproduce the sponsor’s headline returns. Market statistics are directional estimates from public industry sources current to mid-2026 and should be re-verified in lender due diligence. This document is not an offer of securities.
AetherGas Energy (Pty) Ltd · Integrated LNG & Helium · Business Plan & Investment Prospectus · July 2026 · Private & Confidential