Apex Drive Academy Business Plan — Appendix C: Funding and Debt Schedules
Drawdown, interest and amortisation schedules across promoter equity and the R3.60m asset finance facility at 13.75%.
Appendix C: Funding and Debt Schedules
Jump to section
- Overview & contents
- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. Market and Opportunity
- 3. Regulatory Framework
- 4. The Business Model
- 5. SWOT and Competitive Position
- 6. The Capital Efficiency Question
- 7. Route to Market
- 8. Management and Governance
- 9. Financial Plan
- 10. Break-Even and Debt Service
- 11. Investment Analysis
- 12. Sensitivity and Scenario Analysis
- 13. Risk Analysis
- 14. Implementation Roadmap
- 15. Key Performance Indicators
- 16. Key Assumptions
- 17. Conclusion and Recommendation
- A. Appendix A: Consolidated Financial Summary
- B. Appendix B: Capital and Fleet Schedules
- C. Appendix C: Funding and Debt Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Glossary
- C.1 Sources and uses
- C.2 Asset finance schedule
- C.3 Opening balance sheet at day zero
- C.4 Working capital
C.1 Sources and uses
|
R |
Note |
|
|---|---|---|
|
Promoter and investor equity |
5 600 164 |
61% of capital deployed |
|
Asset finance against the fleet |
3 599 836 |
Drawn progressively at 47% of vehicle cost, 13.75% over five years per tranche |
|
Total sources |
9 200 000 |
|
|
Fleet: tuition vehicles, EC units and C1 rigid |
(7 720 000) |
Appendix B.1 |
|
Premises, classroom and yard |
(580 000) |
|
|
Accreditation, systems and licensing |
(480 000) |
|
|
Working capital and pre-revenue deficit |
(420 000) |
|
|
Total uses |
(9 200 000) |
Sources equal the requirement exactly |
C.2 Asset finance schedule
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Drawn in the year |
816 025 |
1 291 651 |
1 002 545 |
326 410 |
163 205 |
|
Interest at 13.75% |
112 203 |
272 747 |
364 190 |
335 326 |
267 059 |
|
Capital repaid |
124 065 |
337 500 |
536 329 |
659 700 |
775 221 |
|
Total debt service |
236 268 |
610 247 |
900 519 |
995 026 |
1 042 280 |
|
Balance outstanding at year end |
691 960 |
1 646 111 |
2 112 327 |
1 779 037 |
1 167 021 |
|
of which current portion |
337 500 |
536 329 |
659 700 |
775 221 |
658 938 |
|
of which non-current portion |
354 460 |
1 109 782 |
1 452 627 |
1 003 816 |
508 083 |
|
EBITDA |
(1 210 000) |
538 000 |
2 523 000 |
4 362 000 |
5 606 000 |
|
Debt service cover, as drawn |
n/a |
0.88x |
2.80x |
4.38x |
5.38x |
|
Interest with a 12-month moratorium per tranche |
112 203 |
289 805 |
410 597 |
409 072 |
357 767 |
|
Capital repaid with the moratorium |
0 |
124 065 |
337 500 |
536 329 |
659 700 |
|
Debt service cover with the moratorium |
n/a |
1.30x |
3.37x |
4.61x |
5.51x |
|
Gearing |
15.9% |
36.5% |
36.8% |
22.9% |
11.8% |
C.3 Opening balance sheet at day zero
|
R |
Note |
|
|---|---|---|
|
Fleet, premises and accreditation |
2 810 000 |
Year 1 capital deployment |
|
Cash |
3 606 189 |
Working capital and the balance of committed equity |
|
Total assets |
6 416 189 |
|
|
Share capital |
5 600 164 |
Promoter and investor equity |
|
Asset finance drawn |
816 025 |
Against the first five tuition vehicles and premises |
|
Total equity and liabilities |
6 416 189 |
C.4 Working capital
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Trade receivables at 28 days |
159 408 |
572 964 |
1 084 942 |
1 483 079 |
1 749 195 |
|
Trade payables at 30 days |
(270 247) |
(569 671) |
(955 068) |
(1 230 575) |
(1 413 370) |
|
Net working capital |
(110 839) |
3 293 |
129 874 |
252 504 |
335 825 |
|
Movement in the year |
110 839 |
(114 132) |
(126 581) |
(122 630) |
(83 321) |