Throughput, litres a month

340 000

400 000

440 000

464 900

480 000

Average pump price, R a litre

25.12

26.38

27.70

29.08

30.54

Blended margin, R a litre

2.814

2.955

3.102

3.258

3.420

Fuel revenue

102 506

126 624

146 252

162 290

175 901

Shop revenue

16 200

20 072

23 604

26 767

29 792

Car wash, services and QSR

4 740

5 426

6 185

7 024

7 950

Total revenue

123 446

152 123

176 041

196 081

213 643

Gross profit

18 543

22 631

26 160

29 224

32 020

Gross margin

15.0%

14.9%

14.9%

14.9%

15.0%

Non-fuel share of gross profit

38%

37%

37%

38%

39%

Operating costs

(13 219)

(14 722)

(15 741)

(16 831)

(17 997)

EBITDA

5 324

7 909

10 418

12 393

14 023

EBITDA margin

4.3%

5.2%

5.9%

6.3%

6.6%

Depreciation

(2 133)

(2 133)

(2 133)

(2 133)

(2 133)

Interest

(3 510)

(3 408)

(3 100)

(2 757)

(2 375)

Taxation

—

(553)

(1 400)

(2 026)

(2 569)

Profit / (loss) after tax

(319)

1 815

3 785

5 477

6 946

Net margin

-0.3%

1.2%

2.1%

2.8%

3.3%

Operating cash flow after tax

6 602

6 986

8 698

10 106

11 231

Debt service

4 483

6 107

6 107

6 107

6 107

Debt service cover

1.19x

1.29x

1.71x

2.03x

2.30x

Free cash flow to equity

2 119

879

2 591

3 999

5 123

Closing cash

3 519

4 398

5 096

6 357

8 007

Land, buildings and equipment

38 367

36 233

34 100

31 967

29 833

Total assets

45 415

44 990

44 252

43 965

44 000

Debt outstanding

29 027

26 327

23 320

19 970

16 237

Shareholders’ funds

14 181

15 995

17 888

20 626

24 099

Gearing

67.2%

62.2%

56.6%

49.2%

40.3%

Cash break-even, litres a month

317 638

350 601

324 472

303 267

284 956

Headroom over cash break-even

6.6%

12.3%

26.3%

34.8%

40.6%