Initial capital expenditure register (R m)
|
Category |
Amount |
Treatment / life |
|---|---|---|
|
Initial aircraft fleet |
250 |
Depreciated 16 years |
|
Maintenance hangar & facilities |
45 |
Depreciated 20 years |
|
Ground support equipment |
18 |
Depreciated 7 years |
|
Operations centre & IT systems |
20 |
Depreciated 5 years |
|
Training academy |
15 |
Depreciated 15 years |
|
Working capital |
40 |
Funds operations |
|
Marketing & brand launch |
8 |
Expensed |
|
Regulatory certification & insurance |
9 |
Expensed / prepaid |
|
Contingency |
15 |
Reserve |
|
Total |
420 |
Assumptions register
|
Parameter |
Value / treatment |
|---|---|
|
Repo / prime rate |
7.0% / 10.5% (SARB, mid-2026) |
|
Aircraft-finance rate |
12.75% (prime + 225bps), secured on fleet |
|
Corporate tax |
27%, assessed losses carried forward |
|
Funding |
R170m debt + R250m equity (R420m raise) |
|
Follow-on equity |
~R73m across Years 2–4 (to hold min cash ~R30m) |
|
Expansion aircraft debt |
~80% of fleet-expansion capex, drawn as acquired |
|
Working capital |
8% of revenue |
|
Fleet |
10 → 34 aircraft; utilisation 420 → 700 hours |
|
Exit multiple |
6×–8× EV/EBITDA |