Capital expenditure register (R m)
|
Category |
Amount |
Treatment / life |
|---|---|---|
|
Flagship restaurants |
95 |
Depreciated 10 years (fit-out) |
|
Central kitchen |
22 |
Depreciated 10 years |
|
Distribution centre |
15 |
Depreciated 12 years |
|
Corporate offices |
8 |
Depreciated 10 years |
|
Restaurant equipment |
24 |
Depreciated 8 years |
|
Technology platform |
12 |
Depreciated 4 years |
|
Brand development |
16 |
Amortised 5 years |
|
Working capital |
28 |
Funds first operating cycles |
|
Total |
220 |
Assumptions register
|
Parameter |
Value / treatment |
|---|---|
|
Repo / prime rate |
7.0% / 10.5% (SARB, mid-2026) |
|
Corporate tax |
27%, assessed losses carried forward |
|
Funding |
R220m equity (all-equity base case) |
|
Depreciation |
Component; restaurants 10-yr, kitchen 10-yr, distribution 12-yr, equipment 8-yr, technology 4-yr, brand 5-yr |
|
Working capital |
6% of revenue (cash sales vs inventory & supplier credit) |
|
Restaurant rollout |
3 → 8 → 15 → 25 → 40 (company + franchise) |
|
Revenue mix (Y5) |
Company 55% / franchise 22% / catering 10% / retail 8% / delivery 5% |
|
Exit multiple |
8×–12× EV/EBITDA (branded restaurant / hospitality) |
|
Debt capacity (illustrative) |
~R64m secured; ~1.4× Year-2 DSCR |