A.1 Consolidated projected profit & loss (statutory basis)
|
R millions |
2027 |
2028 |
2029 |
2030 |
2031 |
|---|---|---|---|---|---|
|
Corporate store sales |
180 |
442 |
682 |
851 |
932 |
|
Franchise royalty income |
0 |
4 |
22 |
66 |
136 |
|
Initial franchise fees |
0 |
7 |
23 |
50 |
63 |
|
Property rental income |
0 |
6 |
20 |
48 |
82 |
|
Supplier rebates |
3 |
9 |
17 |
32 |
53 |
|
Statutory revenue |
183 |
470 |
776 |
1,081 |
1,334 |
|
Operating costs |
(195) |
(427) |
(645) |
(842) |
(997) |
|
EBITDA |
(12) |
43 |
131 |
238 |
337 |
|
Depreciation & amortisation |
(32) |
(36) |
(44) |
(51) |
(59) |
|
EBIT |
(44) |
7 |
87 |
187 |
278 |
|
Net interest |
(14) |
(15) |
(19) |
(14) |
(6) |
|
Profit before tax |
(58) |
(9) |
68 |
174 |
272 |
|
Taxation |
-0 |
-0 |
(4) |
(44) |
(73) |
|
Net profit / (loss) after tax |
(58) |
(9) |
64 |
130 |
199 |
|
Assessed loss carried forward |
58 |
66 |
12 |
0 |
0 |
A.2 System-wide network performance (headline)
|
R millions |
2027 |
2028 |
2029 |
2030 |
2031 |
|---|---|---|---|---|---|
|
Corporate stores (year-end) |
8 |
14 |
18 |
20 |
20 |
|
Franchised stores (year-end) |
0 |
4 |
17 |
45 |
80 |
|
Total restaurants |
8 |
18 |
35 |
65 |
100 |
|
System-wide sales |
180 |
516 |
1,050 |
1,956 |
3,200 |
|
System EBITDA |
22 |
72 |
210 |
391 |
688 |
|
System EBITDA margin |
12.2% |
14.0% |
20.0% |
20.0% |
21.5% |
A.3 Projected balance sheet
|
R millions |
2027 |
2028 |
2029 |
2030 |
2031 |
|---|---|---|---|---|---|
|
Property, plant & equipment |
329 |
368 |
387 |
393 |
392 |
|
Cash & equivalents |
45 |
15 |
36 |
66 |
151 |
|
Debt-service reserve account |
25 |
25 |
25 |
25 |
25 |
|
Total assets |
399 |
408 |
448 |
484 |
568 |
|
Senior debt |
150 |
150 |
120 |
90 |
60 |
|
Working-capital facility |
0 |
12 |
12 |
0 |
0 |
|
Net trade payables |
4 |
9 |
16 |
22 |
27 |
|
Total liabilities |
154 |
171 |
148 |
112 |
87 |
|
Share capital |
350 |
350 |
350 |
350 |
350 |
|
Retained earnings / (deficit) |
(105) |
(113) |
(49) |
22 |
131 |
|
Total equity |
245 |
237 |
301 |
372 |
481 |
|
Total liabilities & equity |
399 |
408 |
448 |
484 |
568 |
A.4 Projected cash-flow statement
|
R millions |
2027 |
2028 |
2029 |
2030 |
2031 |
|---|---|---|---|---|---|
|
Net profit / (loss) after tax |
(58) |
(9) |
64 |
130 |
199 |
|
Depreciation & amortisation |
32 |
36 |
44 |
51 |
59 |
|
Working-capital movement |
4 |
6 |
6 |
6 |
5 |
|
Cash flow from operations |
(22) |
33 |
114 |
187 |
262 |
|
Capital expenditure |
(3) |
(75) |
(63) |
(57) |
(58) |
|
Free cash flow |
(25) |
(42) |
51 |
130 |
205 |
|
Senior debt repayment |
-0 |
-0 |
(30) |
(30) |
(30) |
|
Dividends paid |
-0 |
-0 |
-0 |
(59) |
(89) |
|
Net revolver movement |
0 |
12 |
0 |
(12) |
0 |
|
Net cash flow |
(25) |
(30) |
21 |
30 |
85 |
|
Opening cash |
70 |
45 |
15 |
36 |
66 |
|
Closing cash |
45 |
15 |
36 |
66 |
151 |
A.5 Debt & coverage schedule
|
R millions |
2027 |
2028 |
2029 |
2030 |
2031 |
|---|---|---|---|---|---|
|
Senior debt (opening) |
150 |
150 |
150 |
120 |
90 |
|
Interest |
20 |
20 |
20 |
16 |
12 |
|
Principal repayment |
0 |
0 |
30 |
30 |
30 |
|
Senior debt (closing) |
150 |
150 |
120 |
90 |
60 |
|
CFADS (statutory) |
(12) |
40 |
114 |
166 |
211 |
|
Debt service |
20 |
20 |
50 |
46 |
42 |
|
DSCR (statutory, x) |
-0.58 |
1.99 |
2.29 |
3.61 |
5.03 |
|
DSCR (system, x) |
0.94 |
3.17 |
3.76 |
6.80 |
13.28 |