Appendix A — Revenue by platform layer (US$ m)
Years 1–5.
|
Layer |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Terminal & infrastructure |
6 |
13.7 |
26.30 |
40.700 |
57.2000 |
|
Freight & transport |
8 |
17.5 |
32.10 |
47.700 |
64.0000 |
|
Warehousing & value-added |
3 |
6.4 |
12.30 |
19.100 |
26.8000 |
|
Customs & trade services |
2 |
5.3 |
9.80 |
14.700 |
20.0000 |
|
Digital platform subscriptions |
1 |
2.1 |
4.50 |
7.800 |
12.0000 |
|
Total |
20 |
45.0 |
85.00 |
130.000 |
180.0000 |
Years 6–10.
|
Layer |
Year 6 |
Year 7 |
Year 8 |
Year 9 |
Year 10 |
|---|---|---|---|---|---|
|
Terminal & infrastructure |
77 |
101.3 |
129.10 |
157.700 |
187.0000 |
|
Freight & transport |
83 |
103.3 |
125.70 |
146.200 |
165.0000 |
|
Warehousing & value-added |
36 |
47.5 |
60.70 |
74.200 |
88.0000 |
|
Customs & trade services |
26 |
33.1 |
40.70 |
48.000 |
55.0000 |
|
Digital platform subscriptions |
18 |
24.8 |
33.80 |
43.900 |
55.0000 |
|
Total |
240 |
310.0 |
390.00 |
470.000 |
550.0000 |
Appendix B — Full income statement (US$ m)
Years 1–5.
|
US$ m |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Revenue |
20 |
45.0 |
85.00 |
130.000 |
180.0000 |
|
Operating costs |
(18) |
(39) |
(70) |
(104) |
(139) |
|
EBITDA |
2 |
6.3 |
15.30 |
26.000 |
41.4000 |
|
Depreciation |
(6) |
(11) |
(14) |
(17) |
(21) |
|
EBIT |
(4) |
(4) |
1 |
9 |
20 |
|
Interest — senior |
(2) |
(5) |
(6) |
(7) |
(6) |
|
Interest — WC |
(0) |
(0) |
(0) |
(0) |
(2) |
|
Interest income |
0 |
0.6 |
1.10 |
0.400 |
0.0000 |
|
Profit before tax |
(6) |
(9) |
(4) |
2 |
12 |
|
Tax |
(0) |
(0) |
(0) |
(0) |
(0) |
|
Net profit |
(6) |
(9) |
(4) |
2 |
12 |
Years 6–10.
|
US$ m |
Year 6 |
Year 7 |
Year 8 |
Year 9 |
Year 10 |
|---|---|---|---|---|---|
|
Revenue |
240 |
310.0 |
390.00 |
470.000 |
550.0000 |
|
Operating costs |
(178) |
(223) |
(273) |
(324) |
(369) |
|
EBITDA |
62 |
86.8 |
117.00 |
145.700 |
181.5000 |
|
Depreciation |
(26) |
(30) |
(34) |
(37) |
(40) |
|
EBIT |
36 |
57 |
83 |
109 |
141 |
|
Interest — senior |
(5) |
(5) |
(4) |
(3) |
(3) |
|
Interest — WC |
(4) |
(5) |
(5) |
(4) |
(0) |
|
Interest income |
0 |
0.0 |
0.00 |
0.000 |
0.0000 |
|
Profit before tax |
27 |
47 |
74 |
102 |
139 |
|
Tax |
(6) |
(13) |
(20) |
(27) |
(37) |
|
Net profit |
21 |
34 |
54 |
74 |
101 |
Appendix C — Full balance sheet (US$ m)
Years 1–5.
|
US$ m |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Net PP&E |
64 |
99.3 |
122.10 |
142.400 |
164.7000 |
|
Receivables |
3 |
6.4 |
12.10 |
18.500 |
25.6000 |
|
Cash |
24 |
38.7 |
19.80 |
8.000 |
8.0000 |
|
Total assets |
91 |
145.0 |
155.10 |
170.600 |
200.6000 |
|
DFI senior debt |
45 |
70.0 |
80.00 |
72.000 |
64.0000 |
|
Working-capital facility |
0 |
0.0 |
0.00 |
16.700 |
37.6000 |
|
Payables |
2 |
4.2 |
7.60 |
11.400 |
15.2000 |
|
Deferred tax |
0 |
0.7 |
1.30 |
2.000 |
2.9000 |
|
Equity |
44 |
70 |
66 |
69 |
81 |
|
Balance check |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Years 6–10.
|
US$ m |
Year 6 |
Year 7 |
Year 8 |
Year 9 |
Year 10 |
|---|---|---|---|---|---|
|
Net PP&E |
193 |
204.4 |
210.60 |
211.000 |
205.8000 |
|
Receivables |
34 |
44.2 |
55.60 |
67.000 |
78.4000 |
|
Cash |
8 |
8.0 |
8.00 |
8.000 |
69.7000 |
|
Total assets |
238 |
260.3 |
278.70 |
291.300 |
360.0000 |
|
DFI senior debt |
56 |
48.0 |
40.00 |
32.000 |
24.0000 |
|
Working-capital facility |
57 |
57.0 |
39.00 |
0.600 |
0.0000 |
|
Payables |
20 |
24.5 |
29.90 |
35.500 |
40.4000 |
|
Deferred tax |
4 |
5.2 |
6.50 |
8.000 |
9.6000 |
|
Equity |
102 |
126 |
163 |
215 |
286 |
|
Balance check |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Appendix D — Full cash-flow statement (US$ m)
Years 1–5.
|
US$ m |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Operating cash flow |
(1) |
1 |
8 |
17 |
31 |
|
Investing cash flow |
(70) |
(46) |
(37) |
(38) |
(44) |
|
Financing cash flow |
95 |
60 |
10 |
9 |
13 |
|
Net change in cash |
24 |
15 |
(19) |
(12) |
0 |
|
Unlevered FCF |
(68) |
(40) |
(21) |
(12) |
(2) |
|
Cumulative FCF |
(68) |
(108) |
(129) |
(141) |
(143) |
Years 6–10.
|
US$ m |
Year 6 |
Year 7 |
Year 8 |
Year 9 |
Year 10 |
|---|---|---|---|---|---|
|
Operating cash flow |
43 |
59 |
82 |
106 |
136 |
|
Investing cash flow |
(55) |
(41) |
(40) |
(37) |
(35) |
|
Financing cash flow |
11 |
(18) |
(42) |
(69) |
(39) |
|
Net change in cash |
0 |
0 |
0 |
0 |
62 |
|
Unlevered FCF |
1 |
33 |
57 |
81 |
109 |
|
Cumulative FCF |
(142) |
(109) |
(52) |
29 |
138 |
Appendix E — Glossary
|
Term |
Definition |
|---|---|
|
CFADS |
Cash Flow Available for Debt Service |
|
DSCR |
Debt-Service Coverage Ratio |
|
DSRA |
Debt-Service Reserve Account |
|
EBITDA |
Earnings Before Interest, Tax, Depreciation & Amortisation |
|
ICD |
Inland Container Depot |
|
J-curve |
The early-negative, later-positive cash-flow profile of an infrastructure build |
|
DFI |
Development-Finance Institution |
|
SADC |
Southern African Development Community |
|
Ton-km |
Ton-kilometre — unit of freight transport |
|
IRR / NPV |
Internal Rate of Return / Net Present Value |
NoteModel integrity statement
All figures in this Document derive from a single integrated ten-year 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 full net-profit path (the sponsor provides only stabilised Year 10) — together with the cash-flow, funding, coverage and returns analysis, are independently derived on a conservative basis, with tax at 27% (the sponsor assumed 25%).
— End of Business Plan —