Appendix A — Revenue by stream (R m)
|
Stream |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
FMCG retail sales |
R21 |
R45 |
R84 |
R133 |
R194 |
|
Airtime, data & bill payments |
R3 |
R6 |
R12 |
R22 |
R34 |
|
Bulk community supply |
R2 |
R5 |
R11 |
R20 |
R31 |
|
Fresh produce |
R2 |
R4 |
R7 |
R10 |
R14 |
|
Delivery & agency banking |
R1 |
R2 |
R4 |
R7 |
R11 |
|
Total revenue |
R28 |
R62 |
R118 |
R192 |
R285 |
Appendix B — Full income statement (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Revenue |
R28 |
R62 |
R118 |
R192 |
R285 |
|
COGS |
(R21) |
(R46) |
(R87) |
(R140) |
(R207) |
|
Gross profit |
R7 |
R16 |
R31 |
R52 |
R78 |
|
Operating expenses |
(R5) |
(R10) |
(R17) |
(R22) |
(R32) |
|
of which rent |
(R1) |
(R3) |
(R6) |
(R10) |
(R14) |
|
EBITDA |
R2 |
R6 |
R14 |
R30 |
R46 |
|
Depreciation |
(R3) |
(R6) |
(R7) |
(R8) |
(R9) |
|
EBIT |
(R1) |
R0 |
R7 |
R22 |
R38 |
|
Interest — development finance |
(R2) |
(R2) |
(R2) |
(R1) |
(R1) |
|
Interest income |
R2 |
R1 |
R1 |
R0 |
R0 |
|
Profit before tax |
(R1) |
(R1) |
R6 |
R21 |
R37 |
|
Tax |
R0 |
R0 |
(R1) |
(R6) |
(R10) |
|
Net profit (re-underwritten) |
(R1) |
(R1) |
R5 |
R15 |
R27 |
|
Net profit (sponsor) |
(R1) |
R2 |
R7 |
R18 |
R29 |
Appendix C — Full balance sheet (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Net PP&E |
R29 |
R30 |
R37 |
R42 |
R43 |
|
Inventory |
R2 |
R3 |
R6 |
R10 |
R15 |
|
Receivables |
R0 |
R0 |
R1 |
R1 |
R2 |
|
Cash |
R19 |
R17 |
R11 |
R14 |
R23 |
|
Total assets |
R49 |
R50 |
R54 |
R67 |
R82 |
|
Payables |
R2 |
R4 |
R8 |
R12 |
R18 |
|
Development finance |
R15 |
R15 |
R10 |
R5 |
R0 |
|
Deferred tax |
R0 |
R1 |
R1 |
R2 |
R2 |
|
Equity |
R32 |
R31 |
R36 |
R48 |
R62 |
|
Total E & L |
R49 |
R50 |
R54 |
R67 |
R82 |
Appendix D — Full cash-flow statement (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Operating cash flow |
R2 |
R5 |
R12 |
R24 |
R37 |
|
Investing cash flow |
(R31) |
(R8) |
(R13) |
(R13) |
(R10) |
|
Financing cash flow |
R0 |
R0 |
(R5) |
(R8) |
(R18) |
|
Net change in cash |
(R29) |
(R2) |
(R6) |
R3 |
R9 |
|
Closing cash |
R19 |
R17 |
R11 |
R14 |
R23 |
Appendix E — Detailed modelling assumptions
|
Parameter |
Value / basis |
|---|---|
|
Projection horizon |
Years 1–5 from launch |
|
Currency |
South African Rand (ZAR), R million unless stated |
|
Revenue |
R28m→R285m (~79% CAGR, sponsor preserved) |
|
Gross margin |
25.0%→27.4% (sponsor preserved) |
|
EBITDA |
R2m→R46m; margin 7%→16% (sponsor preserved) |
|
Store rollout |
10 → 30 stores across three phases |
|
Programme capex |
Phase 1 R31m (fit-outs R16m, hub R7m, fleet R5m, tech R3m); Phase 2–3 self-funded |
|
Maintenance capex |
~1% of revenue |
|
Depreciation |
Componentised, ~5.5-yr blended life |
|
Development finance |
R15m at 13.5%; 2-yr grace, amortising Yr 3–5 |
|
Rent |
~5% of revenue (township occupancy) |
|
Corporate tax |
27% with assessed-loss carry-forward |
|
DSO / DIO / DPO |
2 / 26 / 32 days (favourable cycle) |
|
Dividend policy |
None to Year 3; coverage-gated thereafter |
|
Exit assumption |
4.5x EV/EBITDA (base); 3.5x (conservative) |
|
Follow-on dilution |
Investor stake ~60% → ~48% effective at exit |
Table 15.1 Full assumptions register.
Appendix F — Glossary
|
Term |
Definition |
|---|---|
|
CFADS |
Cash Flow Available for Debt Service |
|
DSCR |
Debt-Service Coverage Ratio (CFADS / debt service) |
|
EBITDAR |
EBITDA before Rent (retail fixed-charge basis) |
|
FCCR |
Fixed-Charge Coverage Ratio (rent-inclusive) |
|
FMCG |
Fast-Moving Consumer Goods |
|
SKU |
Stock-Keeping Unit |
|
POS / ERP |
Point of Sale / Enterprise Resource Planning |
|
IRR / MOIC |
Internal Rate of Return / Multiple On Invested Capital |
|
DFI |
Development-Finance Institution |
|
Spaza shop |
Informal township convenience store |
NoteModel integrity statement
All figures in this Document derive from a single integrated three-statement model. The balance sheet reconciles to zero in every projection year; interest, tax and depreciation are internally consistent across the income statement, balance sheet and cash-flow statement. Sponsor revenue, gross profit and EBITDA are preserved exactly; all other lines are independently derived, and a rent-inclusive fixed-charge coverage lens is applied alongside conventional DSCR.
— End of Business Plan —