Golden Delta Rice Business Plan — Appendix C: Funding and Debt Schedules
Drawdown, interest and amortisation schedules across promoter equity, the grant and agricultural term debt at 9.0%.
Appendix C: Funding and Debt Schedules
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- Overview & contents
- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. The Business
- 3. Why the Mill Is the Business
- 4. Market Analysis
- 5. SWOT and Competitive Position
- 6. Production and Operations
- 7. The Outgrower Scheme
- 8. Organisation and Compliance
- 9. Financial Plan
- 10. Break-Even and Debt Service
- 11. Investment Analysis
- 12. The Finance Rate Decides This Project
- 13. Risk Analysis
- 14. Implementation Roadmap
- 15. Key Performance Indicators
- 16. Key Assumptions
- 17. Conclusion and Recommendation
- A. Appendix A: Consolidated Financial Summary
- B. Appendix B: Capital and Cost Schedules
- C. Appendix C: Funding and Debt Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Glossary
- C.1 Sources and uses
- C.2 Opening balance sheet at day zero
- C.3 Debt service schedule at 9.0%
- C.4 The same project at three finance rates
C.1 Sources and uses
|
₦ |
Note |
|
|---|---|---|
|
Promoter equity |
320 000 000 |
29.3% of the requirement |
|
Grant |
60 000 000 |
Credited to shareholders’ funds as a capital contribution |
|
Agricultural term debt |
713 653 000 |
9.0% over 8 years with a two-year capital moratorium |
|
Total sources |
1 093 653 000 |
|
|
Capital expenditure |
(682 000 000) |
Appendix B.1 |
|
Pre-operational and working capital |
(411 653 000) |
Appendix B.2 |
|
Total funding requirement |
(1 093 653 000) |
|
|
Surplus / (shortfall) |
— |
Sources equal the requirement exactly |
C.2 Opening balance sheet at day zero
|
₦ |
Note |
|
|---|---|---|
|
Property, plant and equipment |
682 000 000 |
Capital expenditure as drawn |
|
Land, community and outgrower establishment costs |
50 000 000 |
Capitalised rather than expensed |
|
Cash |
307 653 000 |
Working capital for the first production cycle |
|
Total assets |
1 039 653 000 |
|
|
Share capital and capital contribution |
380 000 000 |
Promoter equity plus the grant |
|
Pre-operational costs charged to reserves |
(54 000 000) |
Salaries, recruitment, permits, certification and launch marketing |
|
Total equity |
326 000 000 |
|
|
Agricultural term debt |
713 653 000 |
|
|
Total equity and liabilities |
1 039 653 000 |
C.3 Debt service schedule at 9.0%
|
₦ |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Opening balance |
713 653 000 |
713 653 000 |
713 653 000 |
618 794 398 |
515 398 522 |
|
Interest charged |
64 228 770 |
64 228 770 |
64 228 770 |
55 691 496 |
46 385 867 |
|
Capital repaid |
— (moratorium) |
— (moratorium) |
94 858 602 |
103 395 876 |
112 701 505 |
|
Total debt service |
64 228 770 |
64 228 770 |
159 087 372 |
159 087 372 |
159 087 372 |
|
Closing balance |
713 653 000 |
713 653 000 |
618 794 398 |
515 398 522 |
402 697 017 |
|
of which current portion |
0 |
94 858 602 |
103 395 876 |
112 701 505 |
122 844 640 |
|
of which non-current portion |
713 653 000 |
618 794 398 |
515 398 522 |
402 697 017 |
279 852 377 |
|
EBITDA |
(9 021 600) |
125 647 606 |
257 855 758 |
328 495 078 |
403 055 953 |
|
Debt service cover |
-0.14x |
1.96x |
1.62x |
2.06x |
2.53x |
C.4 The same project at three finance rates
|
Finance source |
Rate |
Year 3 cover |
Return to equity |
Five-year interest (₦) |
Premium over intervention (₦) |
|---|---|---|---|---|---|
|
Agricultural intervention window |
9.0% |
1.62x |
34.3% |
294 763 673 |
— |
|
Blended or development finance |
18.0% |
1.26x |
24.9% |
599 023 944 |
304 260 271 |
|
Commercial bank at MPR plus spread |
28.5% |
0.99x |
14.7% |
962 583 065 |
667 819 392 |