Naledi Threads Business Plan — Appendix C: Funding and Debt Schedules
Drawdown, interest and amortisation schedules for the R440,000 term loan at 13.50% and the standby overdraft.
Appendix C: Funding and Debt Schedules
Jump to section
- Overview & contents
- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. The Business
- 3. Market Analysis
- 4. Location Strategy
- 5. Products and Merchandise Strategy
- 6. SWOT and Competitive Position
- 7. Marketing and Sales
- 8. Operations
- 9. People, Compliance and Controls
- 10. Implementation Plan
- 11. Financial Plan
- 12. Break-Even
- 13. Working Capital and Debt Service
- 14. Returns
- 15. Sensitivity and Scenarios
- 16. Risk Management
- 17. Trigger Points and Management Response
- 18. Key Performance Indicators
- 19. Key Assumptions
- 20. Conclusion
- A. Appendix A: Consolidated Financial Summary
- B. Appendix B: Capital and Pre-Opening Schedules
- C. Appendix C: Funding and Debt Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Glossary
- C.1 Sources and uses
- C.2 Term loan amortisation
- C.3 Occupancy schedule and the turnover clause
C.1 Sources and uses
|
R |
Note |
|
|---|---|---|
|
Founder equity |
600 000 |
58% of committed funding; cash, fully at risk, subordinated |
|
Term loan |
440 000 |
42%; 13.50% (prime plus 300bps), 60 months, 6-month capital moratorium |
|
Total committed |
1 040 000 |
|
|
Fit-out and equipment |
(417 000) |
Section B.1 |
|
Pre-opening costs and working capital |
(619 030) |
Section B.2 |
|
Total funding requirement |
(1 036 030) |
|
|
Surplus of sources over uses |
3 970 |
Flows to the opening cash balance |
|
Opening cash balance |
268 970 |
R265 000 stated buffer plus the R3 970 surplus |
|
Standby overdraft |
150 000 |
Undrawn in the base case; seasonal cover only |
C.2 Term loan amortisation
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Opening balance |
440 000 |
403 178 |
321 688 |
228 490 |
121 902 |
|
Interest charged |
58 378 |
49 509 |
37 801 |
24 411 |
9 097 |
|
Capital repaid |
36 822 |
81 490 |
93 198 |
106 588 |
121 902 |
|
Closing balance |
403 178 |
321 688 |
228 490 |
121 902 |
— |
|
of which current portion |
81 490 |
93 198 |
106 588 |
121 902 |
— |
|
of which non-current portion |
321 688 |
228 490 |
121 902 |
— |
— |
|
Total debt service |
95 200 |
130 999 |
130 999 |
130 999 |
130 999 |
|
EBITDA after owner remuneration |
(7 636) |
185 034 |
164 377 |
188 582 |
202 071 |
|
Debt service cover |
-0.08x |
1.41x |
1.25x |
1.44x |
1.54x |
|
EBITDA before owner remuneration |
160 364 |
389 034 |
418 291 |
479 462 |
529 977 |
|
Cover before owner remuneration |
1.68x |
2.97x |
3.19x |
3.66x |
4.05x |
C.3 Occupancy schedule and the turnover clause
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Base rent escalated at 7.0% |
163 680 |
175 138 |
187 397 |
200 515 |
214 551 |
|
Turnover rent at 7.5% of sales |
135 950 |
171 297 |
190 140 |
204 401 |
217 687 |
|
Operative basis |
Base |
Base |
Turnover |
Turnover |
Turnover |
|
Rent payable |
163 680 |
175 138 |
190 140 |
204 401 |
217 687 |
|
Recoveries and marketing levy |
49 500 |
52 965 |
56 673 |
60 640 |
64 884 |
|
Total occupancy cost |
213 180 |
228 103 |
246 813 |
265 040 |
282 571 |
|
As a share of revenue |
11.8% |
10.0% |
9.7% |
9.7% |
9.7% |