Methodology and basis of preparation

This plan was prepared from the sponsor brief with headline revenue and EBITDA preserved exactly. All statements below EBITDA were independently modelled: component depreciation from the capex register (fit-out 10-year, production equipment 8-year, central kitchen 10-year, mobile units 6-year, cold chain 8-year, technology 4-year, kiosks 7-year); 27% corporate tax with assessed-loss carry-forward; and working capital at 5% of revenue. The base case is all-equity (R16 million), with the multi-format rollout funded from reinvested operating cash flow and asset-light franchising; a debt-capacity analysis is provided for the lender audience. The income statement, balance sheet and cash flow are integrated so the balance sheet ties to zero in every year, enforced by an automated assertion (maximum difference: 0.0). Returns, scenarios and sensitivities were computed independently, and the headline returns are explicitly framed as amplified by the small equity base and subject to dilution by follow-on capital. Market statistics are directional estimates from public industry sources current to mid-2026 and should be re-verified in due diligence. This document is not an offer of securities.

Frost & Roll Creamery (Pty) Ltd · Business Plan & Investment Prospectus · July 2026 · Private & Confidential