Important Notice

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• Overview & contents
• i. Important Notice
• 1. Executive Summary
• 2. Transaction and Funding Summary
• 3. Business Overview
• 4. Market Analysis
• 5. SWOT and Competitive Position
• 6. Service Offering and Revenue Model
• 7. Operations
• 8. Regulatory and Compliance Framework
• 9. Business Development and Client Acquisition
• 10. Management and Organisation
• 11. Financial Projections
• 12. Working Capital: The Central Finding
• 13. Funding Structure and Debt Service
• 14. Break-Even
• 15. Sensitivity and Scenarios
• 16. Risk Management
• 17. Implementation Roadmap
• 18. Investment Returns
• 19. Key Performance Indicators
• 20. Key Assumptions
• 21. Conclusion
• A. Appendix A: Consolidated Financial Summary
• B. Appendix B: Application and Sources of Funds
• C. Appendix C: Debt Schedules
• D. Appendix D: Risk Register
• E. Appendix E: Glossary

This business plan has been prepared for Sireletso Protective Group (Pty) Ltd, a specialist close protection and executive risk services business proposed for Sandton, Johannesburg, in support of a total funding requirement of R26.56 million at financial close.

Basis of the figures. Every figure derives from a single model driven by deployed personnel, billed rates by service line, gross margin by line and the collection cycle. The income statement, balance sheet and cash flow statement are fully articulated: the balance sheet is derived rather than plugged and balances to the rand in every year, shareholders’ funds roll forward from the R11.95 million subscription and retained earnings, and the closing cash position reconciles exactly to the cash flow statement.

Pre-opening and accreditation. R2.67 million of the funding requirement is PSIRA and firearm licensing, SASSETA accreditation, recruitment and vetting, founding cadre certification, formation and launch cost. These are period costs rather than productive assets and are charged to income in Year 1, which is why the Year 1 loss after tax is R9.44 million rather than the R6.76 million a capitalised treatment would show.

Taxation. South African corporate income tax is applied at 27 per cent on taxable profit, with assessed losses carried forward subject to the section 20 limitation capping set-off at the higher of R1 million or 80 per cent of taxable income. On that basis tax of R0.12 million arises in Year 3, R0.26 million in Year 4 and R0.83 million in Year 5, and the assessed loss is fully utilised by the end of the projection.

Market data. Industry scale, registration, regulatory and crime statistics in Section 4 are drawn from PSIRA disclosures, South African Police Service reporting and published industry material current to 2026. The close protection segment estimate is constructed from the approximate number of actively deployed close protection officers nationally and prevailing contract rates; no published source segments South African security revenue at that granularity, and the figure should be treated as an order of magnitude.

Confidentiality. This document is delivered in confidence to the named recipient. It may not be reproduced or circulated in whole or in part without prior written consent.

Contents

1. Executive Summary 4

2. Transaction and Funding Summary 7

3. Business Overview 10

4. Market Analysis 11

5. SWOT and Competitive Position 15

6. Service Offering and Revenue Model 17

7. Operations 20

8. Regulatory and Compliance Framework 22

9. Business Development and Client Acquisition 24

10 Management and Organisation 26

11 Financial Projections 28

12 Working Capital: The Central Finding 33

13 Funding Structure and Debt Service 36

14 Break-Even 38

15 Sensitivity and Scenarios 40

16 Risk Management 43

17 Implementation Roadmap 45

18 Investment Returns 47

19 Key Performance Indicators 49

20 Key Assumptions 50

21 Conclusion 51

A. Appendix A — Consolidated Financial Summary 52

B. Appendix B — Application and Sources of Funds 53

C. Appendix C — Debt Schedules 55

D. Appendix D — Risk Register 56

E. Appendix E — Glossary 58