TitanForge Business Plan › Section 29 › Appendices

Appendix A — Detailed Profit & Loss Statement

Appendix B — Detailed Balance Sheet

Appendix C — Detailed Cash Flow Statement

Appendix D — Debt & Cover Ratio Schedule

Appendix E — Capex & Depreciation Detail

Appendix F — Assumptions Register

Appendix G — Glossary

Appendix H — Downside Case Financial Statements

The downside case applies a 10% revenue and 15% EBITDA haircut from
Year 2 (Year 1 is contracted and largely locked), holding the capex
programme and debt schedule unchanged — the configuration lenders
typically stress. The s20 assessed-loss mechanism is live in this run;
the Group remains marginally pre-tax profitable throughout, so no losses
accumulate, but headroom above breakeven in Years 2–4 is thin: pre-tax
profit of R1.6bn on R24bn of revenue in Year 2.

Cumulative downside net profit of R109.5bn compares with R138.6bn in
the independent base case and R162.4bn in the sponsor deck. Even the
downside supports the dividend policy from Year 5 (one year later than
base) and full debt amortisation on schedule. The equity case degrades
gracefully; the debt service profile in Years 3–4 does not, which is why
the Section 19.1 structural mitigants are framed as conditions precedent
rather than options.

Appendix I — Sensitivity Tables

I.1 DSCR under EBITDA haircuts (base debt schedule)

Values below 1.00x concentrate in Years 1, 3 and 4 and only at
haircuts of 15% or deeper (Year 1’s 0.82x is a legacy-amortisation
artefact resolved by refinancing at close). With the Section 19.1
mitigants — DSRA, legacy refinancing, extended commercial grace — the
entire table above the −20% row clears 1.05x.

I.2 Equity IRR grid (exit multiple × EBITDA achievement)

The bolded row is the plan case. The grid confirms the qualitative
conclusion of Section 20: equity returns clear typical African
growth-equity hurdle rates (20–25%) across the entire modelled surface,
including simultaneous 30% EBITDA underperformance and a distressed exit
multiple.

Appendix J — Funding Drawdown Schedule

Equity and debt draws by source and year, pro-rata to programme
deployment (including the Year 1 working capital funding). Totals
reconcile exactly to the R92bn sources table in Section 15.

Draw sequencing within each year follows the equity-first principle
recommended in Section 19.1: equity funds the first tranche of each
year’s certified spend before facility draws, minimising interest during
the lowest-coverage window at no cost to the headline structure.

Appendix K — Environmental & Social Action Plan (Summary)

DFI participation requires a costed, time-bound environmental and
social action plan aligned to the IFC Performance Standards (PS1–PS8)
and the Equator Principles. The summary ESAP below identifies the
principal actions, standards references, owners and deadlines; the full
ESAP is a condition precedent deliverable at financial close.

The ESAP budget of approximately R1.2bn over the programme
(rehabilitation provisioning excluded, as it is separately ring-fenced
under the Financial Provisioning Regulations) is carried within project
capex lines, not as a separate ask. Quarterly ESAP compliance reporting
accompanies the independent engineer’s certification to lenders.

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 TitanForge Resources & Infrastructure Holdings.