B1

Revenue Years 1–3

US$1.6m / 2.5m / 3.8m

Sponsor headline, preserved exactly

B2

Revenue Years 4–5

US$5.2m / 6.9m

Sponsor headline, preserved exactly

B3

EBITDA Years 1–3

US$280k / 630k / 1,120k

Sponsor headline, preserved exactly

B4

EBITDA margin Years 4–5

31.0% / 32.0%

Analyst extension of sponsor margin path

B5

Gross margin

50% Y1 → ~53% Y5

Sponsor Y1; mix-driven improvement

B6

Corporate tax rate

27% + assessed-loss c/f

SA statutory rate (sponsor used 28%)

B7

Depreciation

Component lives 3–10 yrs

Analyst asset register (sponsor: US$90–120k)

B8

Senior facility

US$960k, 10.5%, 5yr

60/40 debt-equity; indicative pricing

B9

Amortisation

Straight-line (base)

Grace-period variant in Section 11.6

B10

Debtor days

45

Corporate/government terms; private work prepaid

B11

Inventory

5% of cost of sales

Consumables, spares, canvas stock

B12

Creditor days

30

Supplier terms

B13

Expansion capex

US$180–420k p.a. Y2–5

Fleet growth, internally funded

B14

Fleet utilisation

38% Y1 → 62% Y5

Industry benchmark 55–70% at maturity

B15

Exit multiple (returns)

5.0x EV/EBITDA base

Regional rental transactions 3.5–5.5x

B16

Planning currency

US$

Import capex; partial hard-currency revenue