Nexora Capital — Appendix A — Detailed Financial Statements
Appendix A - the detailed income statement, the loan book and funding detail, the glossary of terms and the sources and basis of preparation underpinning the Nexora business plan and financial model.
Section 34 · Business Plan
Appendix A — Detailed Financial Statements
Appendix A – the detailed income statement, the loan book and funding detail, the glossary of terms and the sources and basis of preparation underpinning the Nexora business plan and financial model.
A1. Income Statement Detail (R million)
| Line | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Revenue | 55 | 160 | 420 | 980 | 1 900 |
| EBITDA | -22 | 18 | 96 | 290 | 620 |
| EBITDA margin (%) | -40,0 | 11,3 | 22,9 | 29,6 | 32,6 |
| Depreciation | -37,5 | -48,8 | -63,8 | -85,0 | -77,5 |
| Net finance costs | 10,2 | 3,3 | -51,7 | -168,6 | -387,3 |
| PBT | -49,3 | -27,5 | -19,5 | 36,4 | 155,2 |
| Tax | -0,0 | -0,0 | -0,0 | -0,0 | -25,7 |
| PAT | -49,3 | -27,5 | -19,5 | 36,4 | 129,5 |
| Assessed loss c/f (BS) | 49,3 | 76,8 | 96,3 | 59,9 | 0,0 |
| ROE (%) | -7,0 | -4,1 | -3,0 | 5,3 | 15,8 |
A2. Loan Book & Funding Detail (R million)
| Line | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Gross book (closing) | 120 | 450 | 1 200 | 2 800 | 5 500 |
| Average book | 60 | 285 | 825 | 2 000 | 4 150 |
| Revenue / average book (%) | 92 | 56 | 51 | 49 | 46 |
| Warehouse balance (80%) | 96 | 360 | 960 | 2 240 | 4 400 |
| First-loss requirement (20%) | 24 | 90 | 240 | 560 | 1 100 |
| Warehouse interest | 5,5 | 26,0 | 75,2 | 182,4 | 378,5 |
| ECL allowance | 6,6 | 23,4 | 60,0 | 134,4 | 253,0 |
| Equity / gross book (%) | 584 | 150 | 54 | 25 | 15 |
A3. Glossary of Terms
| Term | Definition |
|---|---|
| Advance rate | Senior debt as a percentage of eligible gross receivables in the warehouse |
| BaaS | Banking-as-a-Service: deposit and account rails provided by a licensed sponsor bank |
| Cost of risk | Annual credit impairment charge as a percentage of average advances |
| DSRA / interest reserve | Pre-funded account covering senior debt service during ramp |
| ECL | Expected credit loss allowance under IFRS 9 |
| Excess spread | Portfolio yield less funding cost, losses and servicing, the warehouse’s first defence |
| First-loss | Junior capital absorbing initial portfolio losses before senior lenders |
| JIBAR | Johannesburg Interbank Average Rate, the floating-rate benchmark |
| NCA / NCR | National Credit Act / National Credit Regulator |
| Vintage | A cohort of loans originated in the same period, tracked for loss emergence |
| Warehouse | Ring-fenced SPV funding structure purchasing eligible receivables |
A4. Sources & Basis of Preparation
- Sponsor brief: Nexora Capital investor-grade business plan brief
(uploaded July 2026), headline projections preserved exactly. - Market sizing: IFC-consistent MSME finance-gap estimates for
South Africa; SARB and Stats SA structural data for SME contribution to
GDP and employment. - Financial model: independent three-statement model (Python),
balance sheet asserted to zero in all years; assumptions per the
Financial Plan section. - Benchmarks: SA unsecured SME NPL ranges, specialty-lender
cost-to-income and exit multiples from public SA financial-sector
disclosures.
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 Nexora Capital (Pty) Ltd.