Vantage Social House Business Plan — Appendix A. Detailed Financial Schedules
Appendix A. Detailed Financial Schedules
A.1 Revenue, margin and venue buildA.2 Capex and depreciation scheduleA.3 Debt amortisation and coverA.4 Working capital and taxA.5 Equity IRR sensitivity (exit multiple × EBITDA delivery)
A.1 Revenue, margin and venue build
|
Item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Operating venues |
5 |
11 |
18 |
28 |
40 |
|
New venues opened |
5 |
6 |
7 |
10 |
12 |
|
Revenue |
180 |
460 |
980 |
1,750 |
2,900 |
|
Revenue per venue |
36 |
42 |
54 |
63 |
73 |
|
Gross profit |
122 |
313 |
666 |
1,190 |
1,972 |
|
Gross margin % |
68.0 |
68.0 |
68.0 |
68.0 |
68.0 |
|
EBITDA |
20 |
71 |
190 |
382 |
690 |
|
EBITDA margin % |
11.1 |
15.4 |
19.4 |
21.8 |
23.8 |
|
Operating expense % |
56.9 |
52.6 |
48.6 |
46.2 |
44.2 |
A.2 Capex and depreciation schedule
|
Item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Venue capex |
65 |
78 |
91 |
130 |
156 |
|
Total capex |
200 |
78 |
136 |
130 |
156 |
|
Gross PP&E (cumulative) |
200 |
278 |
414 |
544 |
700 |
|
Depreciation |
18 |
41 |
56 |
67 |
78 |
|
Accumulated depreciation |
18 |
60 |
116 |
183 |
262 |
|
Net book value |
182 |
218 |
298 |
361 |
438 |
A.3 Debt amortisation and cover
|
Item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Opening debt |
300 |
300 |
300 |
240 |
180 |
|
Interest |
40 |
40 |
40 |
32 |
24 |
|
Principal repaid |
0 |
0 |
60 |
60 |
60 |
|
Closing debt |
300 |
300 |
240 |
180 |
120 |
|
CFADS |
20 |
71 |
177 |
304 |
529 |
|
DSCR (x) |
0.50 |
1.77 |
1.77 |
3.31 |
6.31 |
|
Interest cover (x) |
0.5 |
1.8 |
4.8 |
12.0 |
28.9 |
A.4 Working capital and tax
|
Item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Debtors |
3.9 |
10.1 |
21.5 |
38.4 |
63.6 |
|
Inventory |
1.9 |
4.8 |
10.3 |
18.4 |
30.5 |
|
Creditors |
5.5 |
14.1 |
30.1 |
53.7 |
89.0 |
|
Net working capital |
0.3 |
0.8 |
1.7 |
3.1 |
5.1 |
|
Change in NWC |
0.3 |
0.5 |
0.9 |
1.4 |
2.0 |
|
Profit before tax |
(38) |
(10) |
94 |
283 |
588 |
|
Taxation |
0 |
0 |
12 |
76 |
159 |
|
Dividends |
0 |
0 |
25 |
62 |
129 |
A.5 Equity IRR sensitivity (exit multiple × EBITDA delivery)
|
EBITDA scenario |
6.0x |
7.0x |
8.0x |
9.0x |
10.0x |
|---|---|---|---|---|---|
|
Base EBITDA |
55.4% |
59.5% |
63.2% |
66.7% |
69.8% |
|
−10% EBITDA |
52% |
56% |
59.7% |
63% |
66.1% |
|
−20% EBITDA |
48.2% |
52.2% |
55.8% |
59.1% |
62.1% |
|
−30% EBITDA |
44% |
47.9% |
51.4% |
54.6% |
57.6% |