ReclaimHub — Projected Balance Sheet
The projected balance sheet and the loan-book, inventory and capital-structure evolution underpinning ReclaimHub.
Section 19 · Business Plan
Projected Balance Sheet
The projected balance sheet and the loan-book, inventory and capital-structure evolution underpinning ReclaimHub.
The balance sheet ties to zero in every year. Its defining feature is
the dominance of the loan book, which by Year 5 is the largest single
asset at R3.8bn — larger than inventory, property and cash combined —
and is matched on the funding side by the warehouse facility.
| Line item (R m) | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Property, plant & intangibles | 169 | 296 | 393 | 471 | 614 |
| Inventory | 40 | 122 | 288 | 576 | 1,026 |
| Pawn loan book (net) | 120 | 410 | 950 | 2,100 | 3,800 |
| Cash & equivalents | 1,123 | 1,532 | 1,127 | 896 | 947 |
| Total assets | 1,452 | 2,360 | 2,758 | 4,043 | 6,387 |
| Corporate term debt | 600 | 880 | 680 | 480 | 280 |
| Pawn warehouse facility | 90 | 308 | 713 | 1,575 | 2,850 |
| Trade payables | 13 | 37 | 85 | 166 | 290 |
| Total liabilities | 703 | 1,224 | 1,478 | 2,221 | 3,420 |
| Share capital & reserves | 900 | 1,400 | 1,400 | 1,400 | 1,400 |
| Retained earnings | (151) | (264) | (119) | 422 | 1,567 |
| Total equity | 749 | 1,136 | 1,281 | 1,822 | 2,967 |
The concentration in the loan book is the reason the funding
architecture in Section 16 matters so much: this is a balance sheet that
is roughly 60% lending book by Year 5. It behaves more like a
specialty-finance company than a pure retailer, which is why the
sum-of-the-parts valuation in Section 21 separates the credit book from
the retail estate.
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 ReclaimHub Retail Group (Pty) Ltd.