FluxCap Financial Services — Projected Balance Sheet

The projected balance sheet and the loan-book and capital-structure evolution underpinning FluxCap.

FluxCap Financial Services Business PlanSection 20 › Projected Balance Sheet

Section 20 · Business Plan

Projected Balance Sheet

The projected balance sheet and the loan-book and capital-structure evolution underpinning FluxCap.

R million FY2027 FY2028 FY2029 FY2030 FY2031
ASSETS
Gross loan book 196 674 1 630 3 478 6 304
Less: impairment provision (16) (54) (130) (278) (504)
Net loan book 180 620 1 500 3 200 5 800
Cash and cash equivalents 362 80 80 80 80
Platform & intangibles (NBV) 113 158 164 154 166
Total assets 655 858 1 744 3 434 6 046
EQUITY & LIABILITIES
Share capital 720 720 720 720 720
Retained earnings / (accumulated loss) (66) (104) (65) 84 466
Total shareholder equity 655 616 655 804 1 186
Senior debt facility 241 900 900 900
Securitisation warehouse 189 1 730 3 960
Total equity & liabilities 655 858 1 744 3 434 6 046

The balance sheet ties to zero in every projection year (asserted
programmatically in the underlying model). Accumulated losses trough at
−R103.6m in FY2028 before recovery; shareholder equity never falls below
R616 million, preserving a minimum equity-to-gross-book ratio of 25.4%
at the leverage peak of the ramp.

Figure 13
Figure 13 — Total asset composition, FY2027–FY2031
Figure 14
Figure 14 — Leverage build and capital adequacy
ASSUMPTION FLAG

Leverage rises from nil to 4.1x debt-to-equity by FY2031 and
equity-to-gross-book compresses from 89% to 18.8%. For context, listed
SA unsecured lenders typically operate at 15–25% equity-to-book —
FluxCap ends the plan at the aggressive end of normal, but passes
through that range only in the final two years while the book is still
doubling annually. Any material credit deterioration in FY2030–FY2031
hits a balance sheet with far less loss-absorption headroom than in the
early years. The warehouse structure’s overcollateralisation and DSRA
requirements are the intended containment mechanism.

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.