Nexora Capital — Projected Balance Sheet
The projected balance sheet and the loan-book and capital-structure evolution underpinning Nexora.
Section 23 · Business Plan
Projected Balance Sheet
The projected balance sheet and the loan-book and capital-structure evolution underpinning Nexora.
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Cash & equivalents | 569,7 | 494,7 | 360,3 | 139,9 | 40,0 |
| Gross loan book | 120 | 450 | 1 200 | 2 800 | 5 500 |
| Less: ECL allowance | -6,6 | -23,4 | -60,0 | -134,4 | -253,0 |
| Net advances | 113,4 | 426,6 | 1 140,0 | 2 665,6 | 5 247,0 |
| Platform & equipment (net) | 112,5 | 108,8 | 105,0 | 105,0 | 147,5 |
| Net working capital | 1,1 | 3,2 | 8,4 | 19,6 | 38,0 |
| TOTAL ASSETS | 796,7 | 1 033,2 | 1 613,7 | 2 930,1 | 5 472,5 |
| Warehouse debt | 96 | 360 | 960 | 2 240 | 4 400 |
| Revolving credit facility | 0,0 | 0,0 | 0,0 | 0,0 | 252,9 |
| Share capital | 750 | 750 | 750 | 750 | 750 |
| Retained earnings | -49,3 | -76,8 | -96,3 | -59,9 | 69,6 |
| TOTAL FUNDING | 796,7 | 1 033,2 | 1 613,7 | 2 930,1 | 5 472,5 |
| Balance check | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
The balance sheet ties to zero in every year (asserted
programmatically in the model). Its shape tells the funding story
plainly: net advances grow from R113m to R5.25bn while equity grows only
from R701m to R820m, the difference is the warehouse. Surplus cash of
R570m at end-FY2027 is not idle; it is the pre-funded first-loss capital
and loss-absorption buffer for tranches 1–2, and is deliberately
consumed through FY2030 as the book scales.
gap made visible
Closing FY2031 shows an RCF draw of R253m with cash at the R40m
operating floor. This is the balance-sheet expression of the ≈R280m
first-loss shortfall identified in the findings: absent a Series B or
mezzanine tranche around M40, the Company funds the junior layer of the
final book expansion with corporate liquidity, workable but fragile, and
not the structure a warehouse lender will accept at tranche 3. The
Series B is therefore on the critical path, not an
optimisation.
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.