Nexora Capital — Projected Cash Flow Statement
The projected cash flow statement and the funding and liquidity trajectory underpinning Nexora.
Section 24 · Business Plan
Projected Cash Flow Statement
The projected cash flow statement and the funding and liquidity trajectory underpinning Nexora.
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Profit after tax | -49,3 | -27,5 | -19,5 | 36,4 | 129,5 |
| Add back: depreciation | 37,5 | 48,8 | 63,8 | 85,0 | 77,5 |
| Add back: ECL allowance movement | 6,6 | 16,8 | 36,6 | 74,4 | 118,6 |
| Working capital movement | -1,1 | -2,1 | -5,2 | -11,2 | -18,4 |
| Cash flow from operations | -6,3 | 36,0 | 75,7 | 184,6 | 307,2 |
| Capital expenditure | -150,0 | -45,0 | -60,0 | -85,0 | -120,0 |
| Net loan book growth | -120 | -330 | -750 | -1 600 | -2 700 |
| Cash flow from investing | -270 | -375 | -810 | -1 685 | -2 820 |
| Equity raised | 750 | 0 | 0 | 0 | 0 |
| Warehouse drawdowns (net) | 96 | 264 | 600 | 1 280 | 2 160 |
| RCF movement | 0,0 | 0,0 | 0,0 | 0,0 | 252,9 |
| Cash flow from financing | 846 | 264 | 600 | 1 280 | 2 413 |
| Net movement in cash | 569,7 | -75,0 | -134,3 | -220,4 | -99,9 |
| Closing cash | 569,7 | 494,7 | 360,3 | 139,9 | 40,0 |
The cash flow statement makes the business’s capital intensity
explicit: cumulative loan-book investment of R5.5bn over five years
dwarfs cumulative operating cash flow of approximately R597m. Financing,
the R750m equity and R4.4bn of net warehouse draws, carries the growth.
This is the normal anatomy of a lender in build-out; what distinguishes
a bankable plan is that the drawdown schedule, covenant structure and
first-loss arithmetic are pre-agreed rather than discovered under
pressure.
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.