Business Plan Africa Investor-Ready Plans

Green Master Vegetables Business Plan — Appendix C: Funding and Debt Schedules

Facility-by-facility drawdown, interest and amortisation schedules across production, asset and Land Bank finance.

Appendix C: Funding and Debt Schedules

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C.1 Sources of funding
C.2 Equipment and asset finance, tractor and vehicles — R900'000 at 12.5%
C.3 Blended Finance loan component, first tranche — R690'000 at 7.5%
C.4 Production credit facility, seasonal inputs — R1 385'000 at 11.0%
C.5 Land Bank infrastructure facility, Year 2 — R1 200'000 at 10.0%
C.6 Blended Finance loan component, second tranche — R2 020'000 at 7.5%
C.7 Land Bank expansion facility, Year 4 — R1 900'000 at 10.0%
C.8 Land Bank expansion facility, Year 5 — R1 400'000 at 10.0%
C.9 Combined debt service

C.1 Sources of funding

Source	R’000	Drawn	Rate	Term
Founder equity	1 950	Year 1	—	—
Blended Finance grant, first tranche	1 400	Year 1	—	Non-repayable
Blended Finance grant, second tranche	2 100	Year 3	—	Non-repayable
Equipment and asset finance, tractor and vehicles	900	Year 1	12.5%	5 years
Blended Finance loan component, first tranche	690	Year 1	7.5%	10 years
Production credit facility, seasonal inputs	1 385	Year 2	11.0%	5 years
Land Bank infrastructure facility, Year 2	1 200	Year 2	10.0%	8 years
Blended Finance loan component, second tranche	2 020	Year 3	7.5%	10 years
Land Bank expansion facility, Year 4	1 900	Year 4	10.0%	8 years
Land Bank expansion facility, Year 5	1 400	Year 5	10.0%	8 years
Total funding raised	14 945

C.2 Equipment and asset finance, tractor and vehicles — R900'000 at 12.5%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Interest	56	113	90	68	45
Capital repaid	—	180	180	180	180
Closing balance	900	720	540	360	180

C.3 Blended Finance loan component, first tranche — R690'000 at 7.5%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Interest	26	52	47	41	36
Capital repaid	—	69	69	69	69
Closing balance	690	621	552	483	414

C.4 Production credit facility, seasonal inputs — R1 385'000 at 11.0%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Interest	—	76	152	122	91
Capital repaid	—	—	277	277	277
Closing balance	—	1 385	1 108	831	554

C.5 Land Bank infrastructure facility, Year 2 — R1 200'000 at 10.0%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Interest	—	60	120	105	90
Capital repaid	—	—	150	150	150
Closing balance	—	1 200	1 050	900	750

C.6 Blended Finance loan component, second tranche — R2 020'000 at 7.5%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Interest	—	—	76	152	136
Capital repaid	—	—	—	202	202
Closing balance	—	—	2 020	1 818	1 616

C.7 Land Bank expansion facility, Year 4 — R1 900'000 at 10.0%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Interest	—	—	—	95	190
Capital repaid	—	—	—	—	238
Closing balance	—	—	—	1 900	1 663

C.8 Land Bank expansion facility, Year 5 — R1 400'000 at 10.0%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Interest	—	—	—	—	70
Capital repaid	—	—	—	—	—
Closing balance	—	—	—	—	1 400

C.9 Combined debt service

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Loans and facilities drawn	1 590	2 585	2 020	1 900	1 400
Total interest	82	300	485	582	659
Total capital repaid	—	249	676	878	1 116
Total debt service	82	549	1 161	1 460	1 775
Loans outstanding	1 590	3 926	5 270	6 292	6 576
Less cash	(588)	(881)	(1 537)	(1 045)	(1 384)
Net debt	1 002	3 045	3 733	5 247	5 192
EBITDA	(390)	(425)	329	1 542	3 421
Debt service cover	n/m	n/m	0.28x	1.06x	1.93x
Owner’s funds	2 537	1 357	2 628	2 712	4 296
Gearing	38.5%	74.3%	66.7%	69.9%	60.5%

Previous sectionB. Appendix B: Capital Schedules

Next sectionD. Appendix D: Risk Register