TitanForge — Projected Balance Sheet
The projected balance sheet and the asset and capital-structure evolution underpinning TitanForge.
Section 22 · Business Plan
Projected Balance Sheet
The projected balance sheet and the asset and capital-structure evolution underpinning TitanForge.
The projected balance sheet is built from the opening position (PPE
R24bn, cash R2bn, debt R6bn, equity R20bn) and rolls every account
forward: PPE by capex less depreciation, debt by draws less
amortisation, equity by injections plus retained earnings less
dividends. It ties to zero in every year by construction and by
assertion.
| R billion | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Property, plant & equipment | 32.1 | 50.2 | 73.0 | 90.2 | 99.6 | 100.7 | 98.4 | 96.7 | 95.5 | 94.8 |
| Net working capital | 2.0 | 2.4 | 3.1 | 4.2 | 5.7 | 7.4 | 9.4 | 11.5 | 13.6 | 15.8 |
| Cash & investments | 3.7 | 5.5 | 6.4 | 5.7 | 6.6 | 9.9 | 13.6 | 19.3 | 27.3 | 36.9 |
| Total assets | 37.8 | 58.1 | 82.5 | 100.1 | 111.9 | 118.0 | 121.4 | 127.6 | 136.4 | 147.5 |
| Debt | 10.3 | 18.6 | 27.7 | 32.4 | 32.8 | 28.8 | 23.9 | 19.0 | 14.1 | 9.2 |
| Paid-in equity | 25.7 | 35.9 | 49.0 | 59.4 | 65.9 | 68.0 | 68.0 | 68.0 | 68.0 | 68.0 |
| Retained earnings | 1.8 | 3.6 | 5.8 | 8.3 | 13.1 | 21.2 | 29.5 | 40.6 | 54.4 | 70.3 |
| Total equity | 27.5 | 39.6 | 54.8 | 67.7 | 79.1 | 89.2 | 97.5 | 108.6 | 122.4 | 138.3 |
| Debt + equity | 37.8 | 58.1 | 82.5 | 100.1 | 111.9 | 118.0 | 121.4 | 127.6 | 136.4 | 147.5 |
| Balance check | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net debt / EBITDA (x) | 1.27 | 1.92 | 2.30 | 1.98 | 1.32 | 0.70 | 0.29 | -0.01 | -0.26 | -0.47 |
| Gearing (debt/capital) | 27% | 32% | 34% | 32% | 29% | 24% | 20% | 15% | 10% | 6% |
balance sheet
The sponsor presents Year 10 total assets of R205bn (PPE R155bn, cash
R18bn) against debt of R55bn and equity of R132bn. The independent
balance sheet reaches R147.5bn of assets (PPE R94.8bn, NWC R15.8bn, cash
R36.9bn). The R60bn PPE difference cannot be produced by the stated
R92bn programme: it would require either near-zero depreciation over the
decade or roughly R60bn of additional capex that appears nowhere in the
funding plan. Investors should treat the sponsor balance sheet as
directional and rely on the independently derived statement for covenant
and collateral analysis.
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.