The cash-flow statement reconciles net profit to the movement in cash, capturing capital expenditure, working-capital investment, debt drawdowns and repayments, equity injection and dividends. Figures in ZAR millions.
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Net profit after tax |
94 |
183 |
437 |
886 |
1,538 |
|
Add back: depreciation |
128 |
226 |
283 |
302 |
328 |
|
Less: working-capital investment |
-312 |
-221 |
-286 |
-338 |
-455 |
|
Operating cash flow |
-89 |
188 |
435 |
850 |
1,410 |
|
Less: capital expenditure |
-1,522 |
-1,257 |
-681 |
-222 |
-310 |
|
Investing cash flow |
-1,522 |
-1,257 |
-681 |
-222 |
-310 |
|
Debt drawdowns |
1,400 |
600 |
280 |
0 |
0 |
|
Debt repayments |
-0 |
-0 |
-150 |
-350 |
-500 |
|
Equity injection |
1,520 |
0 |
0 |
0 |
0 |
|
Dividends paid |
-28 |
-55 |
-131 |
-266 |
-461 |
|
Financing cash flow |
2,892 |
545 |
-1 |
-616 |
-961 |
|
Net change in cash |
1,280 |
-524 |
-248 |
12 |
139 |
|
Closing cash balance |
1,280 |
757 |
509 |
521 |
660 |
Year-1 phasing and liquidity
Because Year 1 combines the full equity injection, the first debt tranche, front-loaded capital deployment and the initial working-capital build, liquidity management in the opening year is the tightest of the projection. The indicative quarterly phasing below shows revenue and cash building through the year as anchor acquisitions consolidate and upgraded capacity comes online; the retained cash buffer and the working-capital facility carry the Group through the ramp.
|
Year-1 quarter |
Q1 |
Q2 |
Q3 |
Q4 |
FY1 |
|---|---|---|---|---|---|
|
Revenue (R m) |
360 |
528 |
672 |
840 |
2,400 |
|
Revenue build |
15% |
22% |
28% |
35% |
100% |
|
Capacity status |
Integrating |
Ramping |
Scaling |
At run-rate |
— |
NoteLiquidity is engineered, not assumed
The funding structure deliberately over-provides cash in Year 1, equity is drawn in full at close while capital deploys over three years, so that the Group carries a buffer through its highest-execution, lowest-maturity period. This is why the Year-1 closing cash balance is elevated and then normalises as capital is put to work.