AetherGrid Digital Infrastructure — Appendices
Supporting appendices - the full 10-year three-statement model, the assumptions register and the glossary and abbreviations underpinning the AetherGrid business plan and financial model.
Section 14 · Business Plan
Appendices
Supporting appendices – the full 10-year three-statement model, the assumptions register and the glossary and abbreviations underpinning the AetherGrid business plan and financial model.
Appendix A — Full 10-Year Three-Statement Model
Income statement (R m)
| R m | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 850 | 1,600 | 2,700 | 4,000 | 5,600 | 7,300 | 9,000 | 11,200 |
| EBITDA | 0 | 0 | 380 | 780 | 1,420 | 2,200 | 3,150 | 4,200 | 5,250 | 6,550 |
| Depreciation | – | – | (204) | (367) | (489) | (652) | (855) | (1018) | (1140) | (1263) |
| Interest | – | (173) | (403) | (575) | (690) | (690) | (604) | (518) | (431) | (345) |
| PBT | 0 | (173) | (226) | (162) | 241 | 858 | 1,691 | 2,664 | 3,679 | 4,943 |
| Tax | – | – | – | – | (13) | (133) | (457) | (719) | (993) | (1335) |
| NPAT (re-derived) | 0 | (173) | (226) | (162) | 228 | 726 | 1,234 | 1,945 | 2,685 | 3,608 |
Cash flow (R m)
| R m | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 0 | 0 | 338 | 743 | 1,352 | 2,002 | 2,613 | 3,396 | 4,172 | 5,106 |
| Capex | (2600) | (3400) | (3800) | (3100) | (3050) | (2600) | (1650) | (1150) | (850) | (300) |
| Debt draws | – | 1,500 | 2,000 | 1,500 | 1,000 | – | – | – | – | – |
| Equity injections | 3,300 | 3,800 | 3,200 | 2,400 | 1,800 | 1,200 | 800 | – | – | – |
| Dividends | – | – | – | – | – | – | (1111) | (1751) | (2417) | (3247) |
| Closing cash | 700 | 2,428 | 3,763 | 4,730 | 5,142 | 4,304 | 3,603 | 2,831 | 2,554 | 3,018 |
Balance sheet (R m)
| R m | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 |
|---|---|---|---|---|---|---|---|---|---|---|
| PPE (net) | 0 | 0 | 3,055 | 5,294 | 6,761 | 8,715 | 11,118 | 12,707 | 13,521 | 14,214 |
| CWIP | 2,600 | 6,000 | 6,542 | 7,036 | 8,131 | 8,124 | 6,516 | 5,060 | 3,955 | 2,300 |
| Cash | 700 | 2,428 | 3,763 | 4,730 | 5,142 | 4,304 | 3,603 | 2,831 | 2,554 | 3,018 |
| Total assets | 3,300 | 8,428 | 13,401 | 17,140 | 20,168 | 21,344 | 21,517 | 20,962 | 20,480 | 20,091 |
| Equity | 3,300 | 6,928 | 9,901 | 12,140 | 14,168 | 16,094 | 17,017 | 17,212 | 17,480 | 17,841 |
| Debt | 0 | 1,500 | 3,500 | 5,000 | 6,000 | 5,250 | 4,500 | 3,750 | 3,000 | 2,250 |
| Check | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Appendix B — Assumptions Register
Assumptions marked ◆ are sponsor anchors preserved exactly; all
others are analyst-derived.
| # | Assumption | Value | Basis |
|---|---|---|---|
| 1 | Revenue path ◆ | R0 → R11,200m (Y1–Y10) | Sponsor |
| 2 | EBITDA & margin ◆ | R380m → R6,550m; 45%→58% | Sponsor |
| 3 | Capital programme ◆ | R22,500m across 8 categories | Sponsor |
| 4 | Funding stack ◆ | R16,500m equity + R6,000m debt | Sponsor |
| 5 | Campus schedule ◆ | 155 MW across 4 phases | Sponsor |
| 6 | Depreciation | ~16-yr blended asset life | Analyst (asset-class lives) |
| 7 | Senior debt rate | 11.5% ZAR | Analyst; SA infra debt |
| 8 | Debt amortisation | 12-yr; principal from Y6 | Analyst |
| 9 | Corporate tax | 27% + s20 loss carry-forward | Income Tax Act |
| 10 | Working capital | 5% of revenue | Contracted; ~18 days |
| 11 | RCF | R1,400m facility, 12% | Analyst; ramp liquidity |
| 12 | Dividend policy | Cash-sweep above R2,000m from Y7 | Analyst |
| 13 | Exit multiple (base) | 13x EV/EBITDA | Analyst; SA discount to peers |
| 14 | Exit multiple (sponsor) | 18x EV/EBITDA | Sponsor |
| 15 | Renewable target | 80% by Year 10 | Sponsor |
Appendix C — Glossary & Abbreviations
| Term | Definition |
|---|---|
| BESS | Battery Energy Storage System |
| BFSI | Banking, Financial Services & Insurance |
| Carrier-neutral | Vendor-independent facility hosting multiple networks |
| COD | Commercial Operation Date |
| Colocation | Leasing rack space, cages or suites to customers |
| Cross-connect | Physical link between two customers within a facility |
| DFI | Development Finance Institution |
| DSCR | Debt-Service Cover Ratio |
| DSRA | Debt-Service Reserve Account |
| Edge computing | Distributed compute closer to end-users for low latency |
| EV/EBITDA | Enterprise value to EBITDA valuation multiple |
| Hyperscale | Very large cloud/AI operators and the facilities serving them |
| Interconnection | Direct network connections between parties in a facility |
| IX | Internet Exchange — peering fabric between networks |
| LLCR | Loan Life Cover Ratio |
| MW (critical IT load) | Megawatts of power available to computing equipment |
| N+1 / 2N | Redundancy configurations for power and cooling |
| PPA | Power Purchase Agreement |
| PUE | Power Usage Effectiveness (lower is better) |
| SPV | Special Purpose Vehicle — ring-fenced project company |
| Tier III / IV | Uptime Institute data-centre resilience classifications |
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 AetherGrid Digital Infrastructure Holdings (Pty) Ltd.