NexaWave Fibre Networks — Projected Balance Sheet
The projected balance sheet and the network-asset and capital-structure evolution underpinning NexaWave.
Section 20 · Business Plan
Projected Balance Sheet
The projected balance sheet and the network-asset and capital-structure evolution underpinning NexaWave.
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| ASSETS | |||||
| Infrastructure — net book value | 1 067 | 3 331 | 6 714 | 11 333 | 17 778 |
| Working capital (net receivables) | 8 | 31 | 85 | 180 | 340 |
| Cash and cash equivalents | 3 373 | 1 004 | 250 | 250 | 250 |
| Total assets | 4 447 | 4 366 | 7 049 | 11 763 | 18 368 |
| EQUITY & LIABILITIES | |||||
| Share capital | 4 600 | 4 600 | 4 600 | 4 600 | 4 600 |
| Retained earnings / (accumulated loss) | (153) | (234) | (236) | (74) | 447 |
| Total shareholder equity | 4 447 | 4 366 | 4 364 | 4 526 | 5 047 |
| Senior/DFI debt (initial raise) | — | — | 2 684 | 6 900 | 6 900 |
| Second-round infrastructure debt | — | — | — | 337 | 6 422 |
| Total equity & liabilities | 4 447 | 4 366 | 7 049 | 11 763 | 18 368 |
The balance sheet ties to zero in every projection year (asserted
programmatically). The infrastructure NBV grows to R17.8 billion — the
dominant asset and the security base for infrastructure debt.
Accumulated losses trough at −R235.7m in FY2029 before
recovery.
Leverage is the defining balance-sheet feature. Net debt / EBITDA
peaks around 5.2x (FY2030) before easing to 4.5x, and debt-to-equity
reaches 2.64x by FY2031. These are high but not abnormal for greenfield
fibre, which lenders finance against long-life, high-value physical
assets and contracted annuity cash flows rather than against earnings.
The critical protections are the R17.8bn asset security base and
interest cover holding at 2.2–2.9x. The vulnerability is timing:
leverage peaks exactly when the second-round debt is being drawn, so any
delay to that facility or shortfall in penetration compresses coverage
precisely when headroom is thinnest.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of NexaWave Fibre Networks (Pty) Ltd.