Appendix A — Revenue by product line (R m)
|
Product line |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Cosmetic packaging |
189 |
248 |
331 |
419 |
538 |
|
Personal care packaging |
105 |
139 |
186 |
238 |
307 |
|
Pharmaceutical packaging |
42 |
59 |
84 |
113 |
154 |
|
Industrial packaging |
50 |
70 |
99 |
132 |
179 |
|
Tooling & design services |
34 |
45 |
61 |
78 |
102 |
|
Total revenue |
420 |
560 |
760 |
980 |
1,280 |
Appendix B — Full income statement (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Revenue |
420 |
560 |
760 |
980 |
1,280 |
|
Cost of sales |
(277) |
(358) |
(471) |
(598) |
(768) |
|
Gross profit |
143 |
202 |
289 |
382 |
512 |
|
Operating expenses |
(67) |
(84) |
(106) |
(137) |
(179) |
|
EBITDA |
76 |
118 |
182 |
245 |
333 |
|
Depreciation |
(33) |
(46) |
(57) |
(64) |
(66) |
|
EBIT |
42 |
72 |
126 |
181 |
267 |
|
Interest — IDC senior |
(8) |
(20) |
(26) |
(25) |
(21) |
|
Interest — asset finance |
(4) |
(9) |
(9) |
(7) |
(6) |
|
Interest — WC & existing |
(8) |
(6) |
(5) |
(6) |
(7) |
|
Interest income |
0 |
2 |
2 |
0 |
0 |
|
Profit before tax |
23 |
38 |
87 |
143 |
234 |
|
Tax |
(6) |
(10) |
(24) |
(39) |
(63) |
|
Net profit |
17 |
28 |
64 |
104 |
171 |
Appendix C — Full balance sheet (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Net PP&E |
333 |
426 |
485 |
506 |
459 |
|
Inventory |
46 |
59 |
78 |
98 |
126 |
|
Receivables |
63 |
84 |
115 |
148 |
193 |
|
Cash |
61 |
53 |
20 |
20 |
55 |
|
Total assets |
502 |
622 |
697 |
772 |
833 |
|
Payables |
34 |
44 |
58 |
74 |
95 |
|
IDC senior debt |
130 |
210 |
214 |
179 |
143 |
|
IDC asset finance |
70 |
83 |
67 |
50 |
33 |
|
Existing debt |
56 |
42 |
28 |
14 |
0 |
|
Working-capital facility |
0 |
0 |
22 |
39 |
0 |
|
Deferred tax |
2 |
4 |
7 |
10 |
13 |
|
Equity |
211 |
238 |
302 |
406 |
549 |
|
Total equity & liabilities |
502 |
622 |
697 |
772 |
833 |
|
Balance check |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Appendix D — Full cash-flow statement (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Operating cash flow |
41 |
52 |
88 |
133 |
188 |
|
Investing cash flow |
(186) |
(138) |
(116) |
(85) |
(19) |
|
Financing cash flow |
186 |
79 |
(5) |
(49) |
(134) |
|
Net change in cash |
41 |
(7) |
(33) |
0 |
35 |
|
Closing cash |
61 |
53 |
20 |
20 |
55 |
Appendix E — Coverage & leverage
|
Metric |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
CFADS (R m) |
63 |
99 |
148 |
192 |
250 |
|
Debt service (R m) |
50 |
66 |
107 |
102 |
94 |
|
DSCR |
1.26x |
1.50x |
1.38x |
1.89x |
2.66x |
|
Total debt (R m) |
256 |
335 |
331 |
282 |
176 |
|
Gross debt / EBITDA |
3.39x |
2.85x |
1.81x |
1.15x |
0.53x |
|
Gearing (%) |
54.9% |
58.4% |
52.3% |
41.0% |
24.3% |
Appendix F — Glossary
|
Term |
Definition |
|---|---|
|
CFADS |
Cash Flow Available for Debt Service |
|
DSCR |
Debt-Service Coverage Ratio (CFADS / debt service) |
|
DSRA |
Debt-Service Reserve Account |
|
EBITDA |
Earnings Before Interest, Tax, Depreciation & Amortisation |
|
IDC |
Industrial Development Corporation |
|
SEZ |
Special Economic Zone (Dube TradePort) |
|
Resin / polymer |
Plastic raw material — the dominant input cost |
|
In-mould labelling |
Decoration applied during the moulding process |
|
Industry 4.0 |
Smart, connected, automated manufacturing |
|
IRR / NPV |
Internal Rate of Return / Net Present Value |
NoteModel integrity statement
All figures in this Document derive from a single integrated three-statement model. The balance sheet reconciles to zero in every projection year; interest, tax and depreciation are internally consistent across the income statement, balance sheet and cash-flow statement. Sponsor revenue and EBITDA are preserved exactly; all lines below EBITDA — including the net-profit line the sponsor does not provide — together with the coverage, leverage and returns analysis, are independently derived on a conservative basis.
— End of Business Plan —