Appendix A — Full financial summary
|
R’m (FY end Feb) |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Outlets (cumulative) |
10 |
20 |
30 |
40 |
50 |
|
Revenue |
75 |
164 |
258 |
357 |
460 |
|
Gross profit |
48.4 |
106.5 |
169.0 |
235.0 |
303.8 |
|
Store EBITDA |
12.8 |
31.9 |
54.7 |
79.5 |
104.5 |
|
EBITDA |
-3.4 |
9.3 |
26.0 |
44.6 |
65.4 |
|
EBIT |
-13.5 |
-9.8 |
-0.2 |
11.0 |
24.5 |
|
Net profit / (loss) |
-16.2 |
-15.2 |
-7.6 |
3.4 |
12.7 |
|
Total capex |
76.0 |
57.0 |
46.0 |
59.0 |
46.0 |
|
Cash from operations |
-14.4 |
-4.2 |
10.7 |
29.1 |
45.8 |
|
Free cash flow |
-90.4 |
-61.2 |
-35.3 |
-29.9 |
-0.2 |
|
Total debt |
45.4 |
61.5 |
61.9 |
91.7 |
91.9 |
|
Net debt |
40.4 |
56.5 |
56.9 |
86.7 |
86.9 |
|
Total equity (book) |
33.8 |
63.7 |
91.0 |
94.5 |
107.2 |
|
Closing cash |
5.0 |
5.0 |
5.0 |
5.0 |
5.0 |
Appendix B — Store rollout schedule
|
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|
|---|---|---|---|---|---|
|
New flagship |
10 |
6 |
5 |
5 |
5 |
|
New express |
0 |
4 |
5 |
5 |
5 |
|
New total |
10 |
10 |
10 |
10 |
10 |
|
Cumulative flagship |
10 |
16 |
21 |
26 |
31 |
|
Cumulative express |
0 |
4 |
9 |
14 |
19 |
|
Cumulative total |
10 |
20 |
30 |
40 |
50 |
Appendix C — Key assumptions register
|
Parameter |
Value |
Parameter |
Value |
|---|---|---|---|
|
Mature AUV — flagship |
R12.5m |
Cost of debt |
12.5% |
|
Mature AUV — express |
R6.8m |
SA corporate tax |
27% |
|
Opening-year ramp |
60% |
Assessed-loss cap |
80% |
|
Food cost (mature) |
34.0% |
Store capex / life |
R4.5m / 7 yrs |
|
Store EBITDA (mature) |
~22.7% |
Commissary (Phase 1) |
R25m / 10 yrs |
|
SSSG (post-maturity) |
5.0% |
Min. cash balance |
R5.0m |
|
Delivery mix (FY30) |
30% |
Base exit multiple |
8× EV/EBITDA |
|
Equity programme |
R130m |
Senior + asset debt |
~R90m |
Appendix D — Operating-cost schedule (% of revenue)
|
Cost line |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Food & packaging (COGS) |
35.5% |
35.0% |
34.5% |
34.2% |
34.0% |
|
Labour |
22.5% |
21.5% |
20.8% |
20.3% |
20.0% |
|
Occupancy |
10.0% |
9.4% |
8.9% |
8.7% |
8.5% |
|
Delivery commissions |
3.6% |
4.1% |
4.7% |
5.0% |
5.4% |
|
Utilities |
4.0% |
3.8% |
3.6% |
3.5% |
3.5% |
|
Local marketing |
3.5% |
3.2% |
3.0% |
2.8% |
2.8% |
|
Repairs & supplies |
3.8% |
3.5% |
3.3% |
3.2% |
3.1% |
|
Store-level EBITDA |
17.1% |
19.5% |
21.2% |
22.3% |
22.7% |
Appendix E — Working-capital & debt schedule
|
R’m |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Working capital |
|||||
|
Inventory |
5.0 |
10.0 |
15.0 |
20.0 |
25.0 |
|
Receivables |
0.5 |
1.0 |
1.6 |
2.2 |
2.8 |
|
Trade payables |
(2.2) |
(4.7) |
(7.3) |
(10.0) |
(12.9) |
|
Net working capital |
3.3 |
6.3 |
9.3 |
12.2 |
15.0 |
|
Debt |
|||||
|
Senior term facility |
33.0 |
29.0 |
24.0 |
18.0 |
11.0 |
|
Growth / asset finance |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
|
Revolving facility |
2.4 |
22.5 |
27.9 |
63.7 |
70.9 |
|
Total debt |
45.4 |
61.5 |
61.9 |
91.7 |
91.9 |
|
Term amortisation |
(0.0) |
(4.0) |
(5.0) |
(6.0) |
(7.0) |
|
Interest expense |
(2.7) |
(5.4) |
(7.4) |
(7.4) |
(11.0) |
Appendix F — Glossary
- AUV — Average unit volume; annual revenue per store.
- DSCR — Debt-service coverage ratio; EBITDA divided by interest plus scheduled principal.
- DSRA — Debt-service reserve account; funded cash buffer for debt service.
- EBITDA — Earnings before interest, tax, depreciation and amortisation.
- HPAI — Highly pathogenic avian influenza; the poultry-supply risk event.
- IRR / MOIC — Internal rate of return; multiple on invested capital.
- QSR — Quick-service restaurant.
- SSSG — Same-store sales growth.
- TAM / SAM / SOM — Total / serviceable / obtainable market.
End of Business Plan & Investment Memorandum. SA Fried Chicken Co. — Confidential. All financial figures are independent projections prepared on the basis set out in Section 12 and are subject to the notices on the confidentiality page.