This document (the “Document”) has been prepared by Aurex Corridor Logistics Group (“Aurex”, “ACL Group” or the “Company”) to provide information to development-finance institutions, infrastructure equity funds, strategic logistics partners and commercial lenders (together, “Recipients”) in connection with the proposed US$180 million development of a rail-linked logistics, terminal and corridor infrastructure platform across Southern Africa (the “Project”).
It is furnished on a strictly private and confidential basis and may not be reproduced, redistributed or passed to any other person, in whole or in part, without the prior written consent of the Company.
Forward-looking statements
This Document contains forward-looking statements relating to the Company’s strategy, construction programme, operations and prospects across a ten-year horizon. These reflect management’s current expectations and are subject to substantial risks and uncertainties, including construction and ramp-up execution, rail-concession performance, anchor-volume and commodity-cycle risk, cross-border regulatory and currency factors, and capital-market conditions, that may cause actual outcomes to differ materially. As a green-field infrastructure programme, the Project carries a pronounced early-stage cash-flow profile (the “J-curve”) and a long payback, and should be assessed as patient, infrastructure-grade capital.
Independent re-underwriting
NoteHow to read the numbers in this Document
Management’s sponsor projections for revenue and EBITDA across the ten-year model have been preserved. All figures below EBITDA, depreciation, financing costs, taxation and net profit, together with the cash-flow, funding, coverage and returns analysis, have been independently derived on a conservative basis. The sponsor provides a net-profit line only for the stabilised Year-10 position; the full ten-year path (including the early-year losses inherent to an infrastructure build) is re-underwritten here. Where this analysis differs from, or adds to, the sponsor’s summary figures, including on the capital requirement, the funding of the J-curve and the reconciliation of depreciation, the differences are surfaced explicitly in the callout boxes rather than smoothed over. Figures are in US dollars; the re-underwriting applies a 27% tax rate (the sponsor assumed 25%).
No representation or warranty, express or implied, is given as to the accuracy or completeness of the information contained herein. Recipients should conduct their own independent evaluation and due diligence and obtain their own professional advice. This Document does not constitute investment, legal, tax or financial advice, nor an offer of securities.