Kyalami Surface Business Plan — Projected Balance Sheet

The balance sheet across the projection, including studio fit-out, equipment and the funding position.

Section 22 of 31

Projected Balance Sheet

Jump to section

An asset-light balance sheet carrying R9.5m of fit-out and equipment against R42m of FY32 revenue.

Table 31. Projected balance sheet, base case (R million)

The balance sheet reconciles to nil in every projected period.

R million

FY28

FY29

FY30

FY31

FY32

ASSETS

Cash and cash equivalents

1.8

2.0

3.1

7.4

11.3

Trade receivables

0.3

0.8

1.4

1.6

1.7

Inventory

0.5

1.1

1.6

1.7

1.8

VAT and other receivables

0.1

0.1

0.2

0.2

0.2

Total current assets

2.6

4.0

6.3

11.0

15.0

Property, plant and equipment (net)

4.6

7.4

6.0

5.0

3.9

Total assets

7.2

11.3

12.4

15.9

18.9

LIABILITIES

Trade and other payables

0.6

0.9

1.5

1.6

1.6

Customer deposits

0.2

0.4

0.6

0.7

0.7

VAT payable

0.0

0.1

0.1

0.2

0.2

Taxation payable

0.0

0.0

0.0

0.0

0.0

Revolving credit facility

0.0

0.0

0.0

0.0

0.0

Total current liabilities

0.8

1.4

2.2

2.4

2.5

Term loan

2.0

1.6

1.1

0.6

0.0

Asset finance

1.2

0.9

0.7

0.4

0.0

Total liabilities

4.0

3.9

4.0

3.4

2.5

EQUITY

Share capital and premium

9.0

13.0

13.0

13.0

13.0

Retained earnings

(5.8)

(5.6)

(4.7)

(0.4)

3.4

Total equity

3.2

7.4

8.3

12.6

16.4

Total liabilities and equity

7.2

11.3

12.4

15.9

18.9

Balance check

0.0

0.0

0.0

0.0

0.0

Shareholders’ funds are nearly exhausted at the low point

Accumulated losses through the ramp reduce total equity from R13.0m subscribed to a low of R3.2m in FY28. The Company remains solvent and cash-positive throughout the base case, but the equity buffer is thin at exactly the point where the second studio is being built. This is the structural reason the tranche 2 gate exists, and the reason the revolving facility must remain committed and undrawn through that period.