Rosebank Workspace Business Plan — Appendix B: FY2027 Monthly Operating and Cash Profile
Month-by-month operating and cash detail for the first year of trading.
Section 27 of 29
Appendix B: FY2027 Monthly Operating and Cash Profile
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- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. Investment Thesis
- 3. Company and Business Overview
- 4. Problem, Customer Need and Value Proposition
- 5. Products and Services
- 6. Industry Analysis
- 7. Market Analysis and Sizing
- 8. Customer Analysis
- 9. Competitive Landscape
- 10. Business Model
- 11. Go-to-Market Strategy
- 12. Operating Model
- 13. Management and Organisation
- 14. Strategic Plan, FY2027 to FY2031
- 15. SWOT Analysis and Strategic Implications
- 16. Risk Analysis and Mitigation
- 17. ESG and Sustainability
- 18. Implementation Roadmap
- 19. Financial Model and Assumptions
- 20. Projected Financial Statements
- 21. Funding Requirement, Structure and Investment Returns
- 22. Sensitivity and Scenario Analysis
- 23. Key Performance Indicators and Management Dashboard
- 24. Conclusion and Recommendation
- A. Appendix A: Detailed Financial Statements
- B. Appendix B: FY2027 Monthly Operating and Cash Profile
- C. Appendix C: Assumption Register
- D. Appendix D: Glossary and Definitions
Year one is presented monthly because it is the period of maximum cash vulnerability and because the Rosebank occupancy ramp set out below is the test on which the second equity tranche and the entire scale-up depend.
B.1 Monthly operating profile, FY2027
Table 82 FY2027 monthly profile (R’000 unless stated)
|
Month |
Occupancy |
Revenue |
EBITDA |
Depreciation |
Finance cost |
Net profit |
Closing cash |
|---|---|---|---|---|---|---|---|
|
Jan 2027 |
0% |
0 |
(369) |
(33) |
(43) |
(444) |
20,045 |
|
Feb 2027 |
0% |
0 |
(369) |
(70) |
(85) |
(524) |
19,119 |
|
Mar 2027 |
0% |
0 |
(481) |
(141) |
(150) |
(772) |
19,310 |
|
Apr 2027 |
20% |
441 |
(680) |
(150) |
(155) |
(986) |
19,435 |
|
May 2027 |
26% |
563 |
(1,050) |
(150) |
(155) |
(1,355) |
18,814 |
|
Jun 2027 |
31% |
686 |
(936) |
(150) |
(155) |
(1,241) |
17,822 |
|
Jul 2027 |
37% |
808 |
(822) |
(150) |
(154) |
(1,127) |
16,945 |
|
Aug 2027 |
42% |
930 |
(708) |
(150) |
(154) |
(1,012) |
16,182 |
|
Sep 2027 |
48% |
1,053 |
(595) |
(150) |
(153) |
(898) |
15,533 |
|
Oct 2027 |
53% |
1,175 |
(481) |
(150) |
(153) |
(783) |
14,999 |
|
Nov 2027 |
59% |
1,297 |
(367) |
(150) |
(152) |
(669) |
14,579 |
|
Dec 2027 |
64% |
1,420 |
(253) |
(150) |
(152) |
(555) |
14,273 |
Source: Company financial model. Occupancy is stated for the Rosebank centre, which opens in month 4. Months 1 to 3 are the fit-out period.
B.2 Monthly cash flow, FY2027
Table 83 FY2027 monthly cash flow (R’000)
|
Month |
Operating |
Capex |
Allowances |
Equity |
Debt drawn |
Debt repaid |
Net movement |
Closing cash |
|---|---|---|---|---|---|---|---|---|
|
Jan |
(42) |
(5,096) |
1,183 |
20,000 |
4,000 |
– |
20,045 |
20,045 |
|
Feb |
(454) |
(5,824) |
1,352 |
– |
4,000 |
– |
(926) |
19,119 |
|
Mar |
(519) |
(6,120) |
845 |
– |
5,984 |
– |
191 |
19,310 |
|
Apr |
286 |
(642) |
– |
– |
513 |
(33) |
125 |
19,435 |
|
May |
(579) |
-0 |
– |
– |
– |
(42) |
(621) |
18,814 |
|
Jun |
(950) |
-0 |
– |
– |
– |
(42) |
(992) |
17,822 |
|
Jul |
(836) |
-0 |
– |
– |
– |
(42) |
(877) |
16,945 |
|
Aug |
(721) |
-0 |
– |
– |
– |
(42) |
(763) |
16,182 |
|
Sep |
(607) |
-0 |
– |
– |
– |
(42) |
(649) |
15,533 |
|
Oct |
(493) |
-0 |
– |
– |
– |
(42) |
(534) |
14,999 |
|
Nov |
(378) |
-0 |
– |
– |
– |
(42) |
(420) |
14,579 |
|
Dec |
(264) |
-0 |
– |
– |
– |
(42) |
(305) |
14,273 |
B.3 Quarterly profile, FY2027 to FY2031
Table 84 Quarterly revenue, EBITDA, capital expenditure, cash and debt (R’000)
|
Quarter |
Revenue |
EBITDA |
Net profit |
Capex |
Closing cash |
Closing debt |
|---|---|---|---|---|---|---|
|
Q1 2027 |
0 |
(1,219) |
(1,740) |
17,040 |
19,310 |
13,984 |
|
Q2 2027 |
1,690 |
(2,667) |
(3,582) |
642 |
17,822 |
14,381 |
|
Q3 2027 |
2,791 |
(2,125) |
(3,037) |
– |
15,533 |
14,256 |
|
Q4 2027 |
3,892 |
(1,100) |
(2,007) |
– |
14,273 |
14,131 |
|
Q1 2028 |
5,292 |
(469) |
(1,577) |
13,678 |
14,172 |
15,620 |
|
Q2 2028 |
7,531 |
(1,131) |
(2,448) |
520 |
14,091 |
15,817 |
|
Q3 2028 |
8,585 |
(576) |
(1,875) |
– |
12,525 |
14,924 |
|
Q4 2028 |
9,624 |
393 |
(876) |
– |
11,957 |
14,031 |
|
Q1 2029 |
11,333 |
1,229 |
(19) |
41 |
12,760 |
13,170 |
|
Q2 2029 |
11,945 |
1,909 |
655 |
41 |
13,393 |
12,307 |
|
Q3 2029 |
11,959 |
1,994 |
760 |
41 |
14,054 |
11,443 |
|
Q4 2029 |
11,959 |
1,817 |
447 |
11,623 |
6,929 |
12,003 |
|
Q1 2030 |
14,096 |
649 |
(830) |
516 |
8,157 |
11,432 |
|
Q2 2030 |
14,980 |
1,132 |
(264) |
57 |
8,272 |
10,485 |
|
Q3 2030 |
15,864 |
1,951 |
553 |
57 |
9,203 |
9,536 |
|
Q4 2030 |
16,731 |
2,644 |
1,235 |
57 |
10,845 |
8,585 |
|
Q1 2031 |
18,341 |
3,512 |
2,105 |
57 |
13,698 |
7,631 |
|
Q2 2031 |
18,354 |
3,597 |
2,254 |
57 |
15,920 |
6,675 |
|
Q3 2031 |
18,354 |
3,597 |
2,281 |
57 |
18,170 |
5,717 |
|
Q4 2031 |
18,354 |
3,479 |
2,196 |
57 |
20,374 |
4,756 |
Source: Company financial model. The lowest quarterly closing cash position across the projection period occurs in the fourth quarter of FY2029, immediately before the Waterfall City fit-out.