Lichtenburg Nut Company Business Plan — Projected Cash Flow
Operating, investing and financing cash flows, and the depth and timing of the funding trough.
Section 25 of 37
Projected Cash Flow
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- 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 55. Projected cash flow statement, FY2028 to FY2033
|
R million unless stated |
FY2028 |
FY2029 |
FY2030 |
FY2031 |
FY2032 |
FY2033 |
|---|---|---|---|---|---|---|
|
EBITDA |
-7.9 |
-4.9 |
2.3 |
12.0 |
20.3 |
25.3 |
|
Movement in working capital |
(2.6) |
(12.9) |
(5.9) |
(7.5) |
(6.6) |
(5.5) |
|
Taxation paid |
(0.0) |
(0.0) |
(0.0) |
(0.0) |
(0.0) |
(0.6) |
|
Net finance cost paid |
(1.0) |
(7.2) |
(5.9) |
(8.0) |
(8.9) |
(8.3) |
|
Cash flow from operations |
-11.5 |
-25.0 |
-9.5 |
-3.5 |
4.8 |
11.0 |
|
Capital expenditure |
(105.0) |
(0.0) |
(0.0) |
(19.1) |
(1.8) |
(1.8) |
|
Cash flow from investing |
-105.0 |
-0.0 |
-0.0 |
-19.1 |
-1.8 |
-1.8 |
|
Ordinary equity issued |
74.0 |
0.0 |
22.0 |
0.0 |
0.0 |
0.0 |
|
Government grant received |
0.0 |
8.0 |
7.0 |
0.0 |
0.0 |
0.0 |
|
Debt drawn less repaid |
48.8 |
15.9 |
-14.9 |
22.9 |
-1.9 |
-9.5 |
|
Dividends paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash flow from financing |
122.8 |
23.9 |
14.1 |
22.9 |
-1.9 |
-9.5 |
|
Net movement in cash |
6.3 |
-1.2 |
4.6 |
0.3 |
1.1 |
-0.4 |
|
Opening cash |
0.0 |
6.3 |
5.1 |
9.6 |
9.9 |
11.0 |
|
Closing cash |
6.3 |
5.1 |
9.6 |
9.9 |
11.0 |
10.6 |
|
Free cash flow to the firm |
-115.5 |
-17.8 |
-3.6 |
-14.6 |
11.9 |
17.4 |
The cash flow statement makes the funding logic visible. Cash flow from operations is negative in FY2029 and FY2030, marginally positive in FY2031, and only exceeds capital expenditure from FY2033. Every rand of capital expenditure and working capital before that point is funded from equity, debt or the grant. Free cash flow to the firm is negative in each of the first four operating years and turns positive at R17.4 million in FY2033. This profile is what produces the return outcome in Section 31: the cash arrives late, and discounting punishes it accordingly.