Capital expenditure register (R m)
|
Category |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
Total |
|---|---|---|---|---|---|---|
|
Facility & buildings |
8.0 |
0.0 |
2.0 |
3.0 |
0.0 |
13.0 |
|
Production equipment |
5.0 |
2.0 |
3.0 |
3.5 |
4.5 |
18.0 |
|
Fleet & cold chain |
2.5 |
1.0 |
1.0 |
1.0 |
1.5 |
7.0 |
|
Retail store fit-out |
2.5 |
1.5 |
1.0 |
1.0 |
2.0 |
8.0 |
|
Technology & ERP |
1.2 |
0.5 |
0.5 |
0.5 |
1.0 |
3.7 |
|
Total |
19.2 |
5.0 |
7.5 |
9.0 |
9.0 |
49.7 |
Assumptions register
|
Parameter |
Value / treatment |
|---|---|
|
Repo / prime rate |
7.0% / 10.5% (SARB, mid-2026) |
|
Corporate tax |
27%, assessed losses carried forward (no SBC relief, turnover >R20m) |
|
Working capital |
8% of revenue |
|
Term debt |
R9.8m at ~13.5% (prime + 300bps); 6-yr; Year-1 capital grace then equal principal |
|
Equity |
R18.2m (65% of R28m raise) |
|
Depreciation |
Facility 20-yr; equipment 10-yr; fleet 5-yr; store fit-out 6-yr; technology 4-yr (straight-line) |
|
Revenue mix |
Company retail, franchise (fees/royalties/supply), wholesale & frozen, catering |
|
Exit multiple |
6×–10× EV/EBITDA (base 8×) |