Lichtenburg Nut Company Business Plan — Projected Balance Sheet
The balance sheet across the projection, including plant, inventory and the funding position by year.
Section 24 of 37
Projected Balance Sheet
Jump to section
- 0. Basis of Preparation and Important Notice
- 1. Executive Summary
- 2. Investment Thesis
- 3. The Company
- 4. Problem, Customer Need and Value Proposition
- 5. Products and Services
- 6. Industry Analysis
- 7. Market Analysis
- 8. Customer Analysis
- 9. Competitive Landscape
- 10. Business Model
- 11. Go-to-Market Strategy
- 12. Operating Model
- 13. Raw Material Supply and Contract Farming
- 14. Quality, Food Safety and Aflatoxin Control
- 15. Management and Organisation
- 16. Strategic Plan
- 17. SWOT Analysis and Strategic Implications
- 18. Risk Analysis
- 19. ESG and Development Impact
- 20. Implementation Roadmap
- 21. Financial Model and Assumptions
- 22. Projected Income Statement
- 23. Projected Balance Sheet
- 24. Projected Cash Flow
- 25. Capital Expenditure
- 26. Working Capital
- 27. Funding Requirement and Structure
- 28. Debt Serviceability
- 29. Break-even Analysis
- 30. Scenario and Sensitivity Analysis
- 31. Valuation and Investment Returns
- 32. Key Performance Indicators and Management Dashboard
- 33. Conclusion and Recommendation
- A. Appendix A: Detailed Assumption Register
- B. Appendix B: Ten-Year Financial Summary
- C. Appendix C: Glossary and Sources
Table 53. Projected balance sheet, FY2028 to FY2033
|
R million unless stated |
FY2028 |
FY2029 |
FY2030 |
FY2031 |
FY2032 |
FY2033 |
|---|---|---|---|---|---|---|
|
Cash and cash equivalents |
6.3 |
5.1 |
9.6 |
9.9 |
11.0 |
10.6 |
|
Trade and other receivables |
0.0 |
10.9 |
16.4 |
22.9 |
28.7 |
33.5 |
|
Inventory |
4.2 |
9.9 |
12.6 |
15.6 |
18.2 |
20.5 |
|
Current assets |
10.5 |
25.9 |
38.6 |
48.4 |
57.9 |
64.6 |
|
Property, plant and equipment at cost |
105.0 |
105.0 |
105.0 |
124.0 |
125.9 |
127.7 |
|
Accumulated depreciation |
(0.6) |
(10.5) |
(20.5) |
(31.2) |
(42.9) |
(54.4) |
|
Property, plant and equipment, net |
104.3 |
94.4 |
84.5 |
92.8 |
82.9 |
73.4 |
|
Deferred tax asset |
2.6 |
6.4 |
8.1 |
10.0 |
10.0 |
9.1 |
|
Total assets |
117.4 |
126.6 |
131.2 |
151.2 |
150.8 |
147.1 |
|
Trade and other payables |
1.3 |
4.3 |
6.3 |
8.1 |
9.6 |
11.0 |
|
Employee accruals |
0.3 |
1.0 |
1.2 |
1.5 |
1.7 |
2.0 |
|
Taxation payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revolving working capital facility |
0.0 |
16.9 |
2.9 |
26.8 |
26.0 |
22.7 |
|
Senior term debt |
44.0 |
44.0 |
44.0 |
44.0 |
44.0 |
38.5 |
|
Expansion tranche |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Asset finance |
4.8 |
3.8 |
2.8 |
1.7 |
0.8 |
0.0 |
|
Deferred government grant |
0.0 |
7.5 |
13.3 |
12.0 |
10.8 |
9.5 |
|
Deferred tax liability |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total liabilities |
50.3 |
77.3 |
70.5 |
94.2 |
92.8 |
83.7 |
|
Share capital |
74.0 |
74.0 |
96.0 |
96.0 |
96.0 |
96.0 |
|
Retained earnings |
-7.0 |
-24.7 |
-35.3 |
-39.0 |
-38.0 |
-32.6 |
|
Total equity |
67.0 |
49.3 |
60.7 |
57.0 |
58.0 |
63.4 |
|
Total equity and liabilities |
117.4 |
126.6 |
131.2 |
151.2 |
150.8 |
147.1 |
|
Balance check |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
The balance check row confirms that total assets equal total liabilities plus equity in every period. The maximum absolute error across all 132 months and all four scenarios is below one rand.
23.1 Balance sheet ratios
Table 54. Balance sheet ratios
|
R million unless stated |
FY2029 |
FY2030 |
FY2031 |
FY2032 |
FY2033 |
|---|---|---|---|---|---|
|
Net debt |
59.5 |
40.0 |
62.7 |
59.7 |
50.5 |
|
Net debt to EBITDA |
n/a |
17.41x |
5.23x |
2.94x |
2.00x |
|
Gearing (debt to debt plus equity) |
56.7% |
45.0% |
56.0% |
54.9% |
49.1% |
|
Interest cover (EBITDA to interest) |
-0.64x |
0.36x |
1.43x |
2.16x |
2.89x |
|
Invested capital |
109.9 |
105.9 |
121.8 |
118.5 |
114.4 |
|
Return on invested capital |
-9.6% |
-4.3% |
1.6% |
6.0% |
9.5% |
|
Return on equity |
-30.5% |
-19.2% |
-6.3% |
1.8% |
8.8% |
