Appendix A — Revenue by segment (R m)
|
Segment |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Granular / NPK blends |
2,070 |
2,715 |
3,569 |
4,482 |
5,360 |
|
Liquid & water-soluble |
630 |
915 |
1,328 |
1,836 |
2,412 |
|
Specialty & enhanced-efficiency |
540 |
808 |
1,204 |
1,701 |
2,278 |
|
Agronomy & precision services |
270 |
412 |
623 |
891 |
1,206 |
|
Exports (SADC) |
450 |
641 |
913 |
1,242 |
1,608 |
|
Retail & smallholder inputs |
540 |
610 |
664 |
648 |
536 |
|
Total revenue |
4,500 |
6,100 |
8,300 |
10,800 |
13,400 |
Appendix B — Full income statement (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Revenue |
4,500 |
6,100 |
8,300 |
10,800 |
13,400 |
|
Cost of sales |
(3,780) |
(5,033) |
(6,723) |
(8,640) |
(10,586) |
|
Gross profit |
720 |
1,068 |
1,577 |
2,160 |
2,814 |
|
Operating expenses |
(90) |
(92) |
(83) |
(108) |
(134) |
|
EBITDA |
630 |
976 |
1,494 |
2,052 |
2,680 |
|
Depreciation |
(157) |
(209) |
(252) |
(287) |
(298) |
|
EBIT |
473 |
768 |
1,242 |
1,765 |
2,382 |
|
Interest — DFI term debt |
(61) |
(160) |
(228) |
(243) |
(227) |
|
Interest — WC & existing |
(46) |
(37) |
(28) |
(18) |
(9) |
|
Interest income |
0 |
19 |
30 |
35 |
34 |
|
Profit before tax |
367 |
591 |
1,016 |
1,539 |
2,180 |
|
Tax |
(99) |
(160) |
(274) |
(416) |
(589) |
|
Net profit |
268 |
431 |
742 |
1,124 |
1,591 |
Appendix C — Full balance sheet (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Net PP&E |
2,197 |
2,762 |
3,160 |
3,402 |
3,265 |
|
Inventory |
601 |
800 |
1,068 |
1,373 |
1,682 |
|
Receivables |
592 |
802 |
1,092 |
1,420 |
1,762 |
|
Cash |
550 |
782 |
901 |
864 |
1,102 |
|
Total assets |
3,940 |
5,146 |
6,221 |
7,059 |
7,811 |
|
Payables |
435 |
579 |
774 |
994 |
1,218 |
|
DFI term debt |
1,100 |
1,800 |
2,006 |
2,062 |
1,719 |
|
Existing debt |
320 |
240 |
160 |
80 |
0 |
|
Working-capital facility |
0 |
0 |
0 |
0 |
0 |
|
Deferred tax |
8 |
18 |
31 |
45 |
60 |
|
Equity |
2,077 |
2,508 |
3,250 |
3,878 |
4,814 |
|
Total equity & liabilities |
3,940 |
5,146 |
6,221 |
7,059 |
7,811 |
|
Balance check |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Appendix D — Full cash-flow statement (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Operating cash flow |
314 |
385 |
643 |
1,012 |
1,477 |
|
Investing cash flow |
(1,154) |
(773) |
(650) |
(530) |
(161) |
|
Financing cash flow |
1,270 |
620 |
126 |
(520) |
(1,078) |
|
Net change in cash |
430 |
232 |
119 |
(37) |
238 |
|
Closing cash |
550 |
782 |
901 |
864 |
1,102 |
Appendix E — Coverage, leverage & working capital
|
Metric |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
CFADS (R m) |
477 |
743 |
1,120 |
1,507 |
1,931 |
|
Debt service (R m) |
187 |
276 |
680 |
685 |
660 |
|
DSCR |
2.56x |
2.69x |
1.65x |
2.20x |
2.93x |
|
Total debt (R m) |
1,420 |
2,040 |
2,166 |
2,142 |
1,719 |
|
Gross debt / EBITDA |
2.25x |
2.09x |
1.45x |
1.04x |
0.64x |
|
Gearing (%) |
40.6% |
44.9% |
40.0% |
35.6% |
26.3% |
|
Net working capital (R m) |
758 |
1,023 |
1,386 |
1,799 |
2,226 |
Appendix F — Glossary
|
Term |
Definition |
|---|---|
|
CFADS |
Cash Flow Available for Debt Service |
|
DSCR |
Debt-Service Coverage Ratio (CFADS / debt service) |
|
DSRA |
Debt-Service Reserve Account |
|
EBITDA |
Earnings Before Interest, Tax, Depreciation & Amortisation |
|
DFI |
Development-Finance Institution |
|
NPK |
Nitrogen, Phosphorus, Potassium (fertilizer nutrients) |
|
DAP / MAP / MOP |
Di-/mono-ammonium phosphate; muriate of potash |
|
Enhanced efficiency |
Controlled-release / stabilised fertilizer technology |
|
SADC |
Southern African Development Community |
|
IRR / NPV |
Internal Rate of Return / Net Present Value |
NoteModel integrity statement
All figures in this Document derive from a single integrated three-statement model. The balance sheet reconciles to zero in every projection year; interest, tax and depreciation are internally consistent across the income statement, balance sheet and cash-flow statement. Sponsor revenue and EBITDA are preserved exactly; all lines below EBITDA — including the net-profit line the sponsor does not provide, together with the working-capital, coverage, leverage and returns analysis, are independently derived on a conservative basis.
— End of Business Plan —