Revenue by segment (R m)
|
Segment |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Executive charter |
45 |
72 |
105 |
145 |
195 |
|
Mining & energy |
40 |
68 |
100 |
140 |
195 |
|
Medical / medevac |
22 |
40 |
65 |
95 |
135 |
|
Tourism |
20 |
32 |
48 |
68 |
92 |
|
Infrastructure & survey |
12 |
24 |
40 |
60 |
85 |
|
Cargo & logistics |
10 |
18 |
30 |
45 |
65 |
|
Maintenance (MRO) |
8 |
16 |
30 |
48 |
70 |
|
Training academy |
5 |
9 |
16 |
24 |
35 |
|
Management & consulting |
3 |
6 |
11 |
15 |
18 |
|
Total revenue |
165 |
285 |
445 |
640 |
890 |
Operating & fleet KPIs
|
Metric |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Aircraft in service |
10 |
15 |
21 |
28 |
34 |
|
Avg flight hours / aircraft |
420 |
520 |
600 |
660 |
700 |
|
Revenue per aircraft (R m) |
16.5 |
19.0 |
21.2 |
22.9 |
26.2 |
|
Total headcount |
140 |
196 |
273 |
355 |
439 |
Credit & coverage (R m)
|
Metric |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Aircraft-finance debt |
170 |
249 |
347 |
436 |
520 |
|
Debt service |
21.7 |
59.6 |
82.9 |
104.2 |
124.4 |
|
DSCR (x) |
1.29 |
0.97 |
1.25 |
1.54 |
1.91 |
|
Interest cover (x) |
1.3 |
1.7 |
2.1 |
2.6 |
3.3 |
|
Follow-on equity drawn |
0.0 |
10.6 |
38.1 |
23.9 |
0.0 |
Profit reconciliation: sponsor vs re-derived (R m)
|
Line |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
EBITDA (preserved) |
28 |
58 |
104 |
160 |
238 |
|
Less depreciation |
(25.4) |
(25.4) |
(36.9) |
(51.9) |
(67.9) |
|
Less interest |
(21.7) |
(34.9) |
(48.6) |
(61.1) |
(72.9) |
|
Less tax |
0.0 |
0.0 |
0.0 |
(11.9) |
(26.2) |
|
Net profit (re-derived) |
(19.1) |
(2.4) |
18.4 |
35.1 |
70.9 |
|
Net profit (sponsor illustrative) |
9 |
28 |
58 |
94 |
148 |