FluxCap Financial Services — Appendix — Detailed Financial Tables
The appendix - the detailed financial tables supporting the FluxCap business plan and financial model.
Section 27 · Business Plan
Appendix — Detailed Financial Tables
The appendix – the detailed financial tables supporting the FluxCap business plan and financial model.
A1. Loan book roll-forward (R million)
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Opening gross book | — | 196 | 674 | 1 630 | 3 478 |
| Net origination growth | 202 | 523 | 1 070 | 2 070 | 3 236 |
| Write-offs | (6) | (44) | (114) | (223) | (410) |
| Closing gross book | 196 | 674 | 1 630 | 3 478 | 6 304 |
| Impairment provision (8%) | (16) | (54) | (130) | (278) | (504) |
| Closing net book | 180 | 620 | 1 500 | 3 200 | 5 800 |
A2. Operating expense detail (R million)
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Staff & technology operations | 37 | 69 | 144 | 296 | 554 |
| Marketing & customer acquisition | 35 | 59 | 110 | 205 | 346 |
| Collections & servicing | 12 | 26 | 61 | 129 | 249 |
| Compliance, risk & data | 10 | 17 | 34 | 68 | 125 |
| Premises & administration | 8 | 15 | 30 | 61 | 111 |
| Total operating expenses | 102 | 185 | 380 | 760 | 1 384 |
A3. Capex, amortisation and net book value (R million)
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Capital expenditure | 150 | 110 | 95 | 105 | 120 |
| Amortisation charge | (38) | (65) | (89) | (115) | (108) |
| Closing NBV — platform & intangibles | 113 | 158 | 164 | 154 | 166 |
A4. Tax computation with assessed-loss carry-forward (R million)
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Profit / (loss) before tax | (66) | (38) | 39 | 179 | 524 |
| Assessed loss brought forward | — | (66) | (104) | (65) | — |
| Taxable income after set-off | — | — | — | 115 | 524 |
| Tax charge (27%) | — | — | — | 31 | 142 |
| Assessed loss carried forward | (66) | (104) | (65) | — | — |
A5. Customer and volume metrics
| Metric | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Active customers (‘000) | 45 | 180 | 520 | 1 100 | 2 000 |
| Revenue per active customer (R) | 2 111 | 1 722 | 1 500 | 1 500 | 1 550 |
| Net book per active customer (R) | 4 000 | 3 444 | 2 885 | 2 909 | 2 900 |
| Blended CAC per gross add (R) | 767 | 325 | 240 | 262 | 285 |
| EBITDA interest cover (x) | n/m | 2.78 | 2.55 | 2.30 | 2.41 |
| Debt / equity (x) | 0.00 | 0.39 | 1.66 | 3.27 | 4.10 |
Prepared July 2026. All projections are forward-looking and
subject to the risks described herein. Sponsor headline figures
(revenue, EBITDA, loan book, customers, raise) are as provided; all
derived figures are the adviser’s independent computations from the
stated assumptions. This document does not constitute an offer of
securities.
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 FluxCap Financial Services (Pty) Ltd.