Ferrovanta Mining Services — Projected Balance Sheet
The projected statement of financial position — the mining-fleet asset base, working capital, debt and equity, and the resulting capital structure over the plan.
Section 15 · Business Plan
Projected Balance Sheet
The projected statement of financial position — the mining-fleet asset base, working capital, debt and equity, and the resulting capital structure over the plan.
15.1 Statement of Financial Position, Years 1–7
The projected balance sheet reflects the deployment of the ZAR 9.5
billion capital raise into productive mining assets, the build-up of
operational working capital, and the gradual de-gearing of the capital
structure as accumulated retained earnings and depreciation cash flows
reduce dependence on debt. Total assets grow from ZAR 9.3 billion at the
end of Year 1 to approximately ZAR 18.7 billion at the end of Year
7.
| ZAR Million | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 |
|---|---|---|---|---|---|---|---|
| ASSETS | |||||||
| Property, plant & equipment | 6,820 | 8,650 | 8,910 | 8,690 | 8,375 | 8,008 | 7,615 |
| Intangible assets | 120 | 145 | 155 | 162 | 168 | 172 | 175 |
| Deferred tax asset | 45 | 78 | — | — | — | — | — |
| Non-current assets | 6,985 | 8,873 | 9,065 | 8,852 | 8,543 | 8,180 | 7,790 |
| Inventories (parts, fuel) | 220 | 350 | 520 | 700 | 880 | 1,025 | 1,170 |
| Trade & other receivables | 605 | 965 | 1,432 | 1,930 | 2,415 | 2,810 | 3,200 |
| Cash & cash equivalents | 1,500 | 830 | 1,015 | 1,520 | 2,490 | 3,920 | 6,520 |
| Current assets | 2,325 | 2,145 | 2,967 | 4,150 | 5,785 | 7,755 | 10,890 |
| TOTAL ASSETS | 9,310 | 11,018 | 12,032 | 13,002 | 14,328 | 15,935 | 18,680 |
| EQUITY & LIABILITIES | |||||||
| Share capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
| Retained earnings | (165) | (121) | 530 | 1,856 | 3,242 | 5,295 | 8,087 |
| Total Equity | 2,835 | 2,879 | 3,530 | 4,856 | 6,242 | 8,295 | 11,087 |
| Senior debt | 3,200 | 3,000 | 2,400 | 1,800 | 1,200 | 600 | 0 |
| Mezzanine | 1,000 | 1,000 | 1,000 | 1,000 | 800 | 500 | 200 |
| Equipment finance leases | 1,950 | 2,800 | 2,650 | 2,200 | 1,750 | 1,250 | 750 |
| Deferred tax liability | — | — | 210 | 385 | 555 | 725 | 895 |
| Non-current liabilities | 6,150 | 6,800 | 6,260 | 5,385 | 4,305 | 3,075 | 1,845 |
| Trade & other payables | 320 | 1,335 | 2,235 | 2,755 | 3,775 | 4,560 | 5,740 |
| Current portion debt | — | — | — | — | — | — | — |
| Tax payable | 5 | 4 | 7 | 6 | 6 | 5 | 8 |
| Current liabilities | 325 | 1,339 | 2,242 | 2,761 | 3,781 | 4,565 | 5,748 |
| TOTAL EQUITY & LIABILITIES | 9,310 | 11,018 | 12,032 | 13,002 | 14,328 | 15,935 | 18,680 |
| KEY RATIOS | |||||||
| Net Debt / EBITDA (x) | 7.2 | 5.6 | 3.1 | 1.9 | 1.0 | 0.0 | (0.8) |
| Debt-to-Equity (x) | 2.17 | 2.36 | 1.78 | 1.11 | 0.60 | 0.28 | 0.09 |
| Current Ratio (x) | 7.2 | 1.6 | 1.3 | 1.5 | 1.5 | 1.7 | 1.9 |
| Return on Equity (%) | (5.8%) | 1.5% | 18.4% | 27.3% | 31.8% | 32.0% | 30.6% |
| Return on Assets (%) | (1.8%) | 0.4% | 5.4% | 10.2% | 13.9% | 16.6% | 18.2% |
Notes to the balance sheet: (a) PP&E movements reflect fleet
additions per the build-up schedule less depreciation; (b) Senior debt
amortises in equal annual instalments from Year 3 onward following a
Year 2 grace period; (c) Mezzanine includes accrued payment-in-kind
interest deferred until Year 5; (d) Current liabilities reflect a 45-day
average creditor payment cycle; (e) Working capital growth is funded
from operating cash flows from Year 2 onward.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Ferrovanta Mining Services (Pty) Ltd.