TitanCrete Readymix — Glossary & Definitions

The glossary and definitions of the key terms used throughout the TitanCrete Readymix business plan and investment memorandum.

Section 21 · Business Plan

Glossary & Definitions

The glossary and definitions of the key terms used throughout the TitanCrete Readymix business plan and investment memorandum.

The following terms are used throughout this document. Definitions
are provided for the convenience of readers and are not intended to vary
their ordinary or technical meaning.

Term	Definition
ASP	Average selling price — here, the blended price per cubic metre of concrete sold.
CFADS	Cash flow available for debt service — operating cash flow before financing, used to compute DSCR.
DSCR	Debt-service coverage ratio — CFADS divided by total debt service (interest plus principal).
DSRA	Debt-service reserve account — a funded reserve held to cover debt service during low-coverage periods.
DFI	Development finance institution — a state-backed or multilateral lender supporting developmental projects.
EBITDA	Earnings before interest, tax, depreciation and amortisation — a proxy for operating cash profit.
EV	Enterprise value — the total value of the business, here estimated as a multiple of EBITDA.
ICR	Interest cover ratio — EBIT or EBITDA divided by net interest expense.
IRR	Internal rate of return — the annualised return that sets the net present value of cash flows to zero.
MOIC	Multiple of invested capital — total value returned divided by capital invested.
MTEF	Medium-term expenditure framework — the South African government’s three-year budget planning horizon.
Net debt	Total interest-bearing debt less cash and cash equivalents.
NPAT	Net profit after tax.
PPP	Public-private partnership — a contractual arrangement between government and a private party to deliver infrastructure.
Ready-mix	Concrete batched to specification at a plant and delivered fresh for placement, typically within two hours.
Revolver / RCF	Revolving credit facility — a committed line of credit drawn and repaid as working-capital needs fluctuate.
SANS	South African National Standards — the national standards against which concrete quality is certified.
SADC	Southern African Development Community — the regional bloc targeted for Phase-3 expansion.
WACC	Weighted average cost of capital — the blended required return on debt and equity.

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 TitanCrete Readymix South Africa (Pty) Ltd.