Appendix A — Revenue by channel (R m)
|
Channel |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Retail stores |
R377 |
R406 |
R435 |
R465 |
R494 |
|
E-commerce |
R117 |
R146 |
R182 |
R224 |
R275 |
|
Private label |
R78 |
R104 |
R135 |
R173 |
R220 |
|
B2B & wholesale |
R78 |
R85 |
R93 |
R101 |
R110 |
|
Total revenue |
R650 |
R741 |
R845 |
R963 |
R1,098 |
Appendix B — Full income statement (R m)
|
Line item |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Revenue |
R650 |
R741 |
R845 |
R963 |
R1,098 |
|
COGS |
(R403) |
(R452) |
(R507) |
(R568) |
(R637) |
|
Gross profit |
R247 |
R289 |
R338 |
R395 |
R461 |
|
Operating expenses |
(R156) |
(R178) |
(R203) |
(R231) |
(R264) |
|
of which rent |
(R46) |
(R52) |
(R59) |
(R67) |
(R77) |
|
EBITDA |
R91 |
R111 |
R135 |
R164 |
R198 |
|
Depreciation |
(R35) |
(R38) |
(R39) |
(R39) |
(R38) |
|
EBIT |
R56 |
R73 |
R96 |
R125 |
R160 |
|
Interest — term |
(R8) |
(R7) |
(R6) |
(R5) |
(R4) |
|
Interest income |
R2 |
R3 |
R2 |
R3 |
R3 |
|
Profit before tax |
R50 |
R69 |
R93 |
R123 |
R159 |
|
Tax |
(R14) |
(R19) |
(R25) |
(R33) |
(R43) |
|
Net profit |
R37 |
R50 |
R68 |
R90 |
R116 |
Appendix C — Full balance sheet (R m)
|
Line item |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Net PP&E |
R203 |
R215 |
R216 |
R212 |
R207 |
|
Inventory |
R69 |
R77 |
R86 |
R97 |
R108 |
|
Receivables |
R21 |
R24 |
R28 |
R32 |
R36 |
|
Cash |
R88 |
R84 |
R88 |
R92 |
R97 |
|
Total assets |
R381 |
R400 |
R417 |
R433 |
R448 |
|
Payables |
R50 |
R56 |
R63 |
R70 |
R79 |
|
Term debt |
R51 |
R43 |
R34 |
R26 |
R17 |
|
Deferred tax |
R3 |
R6 |
R9 |
R12 |
R15 |
|
Equity |
R277 |
R296 |
R312 |
R325 |
R338 |
|
Total E & L |
R381 |
R400 |
R417 |
R433 |
R448 |
Appendix D — Full cash-flow statement (R m)
|
Line item |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Operating cash flow |
R74 |
R86 |
R104 |
R125 |
R149 |
|
Investing cash flow |
(R58) |
(R50) |
(R40) |
(R35) |
(R33) |
|
Financing cash flow |
(R9) |
(R40) |
(R60) |
(R85) |
(R112) |
|
Net change in cash |
R8 |
(R4) |
R4 |
R5 |
R5 |
|
Closing cash |
R88 |
R84 |
R88 |
R92 |
R97 |
Appendix E — Detailed modelling assumptions
|
Parameter |
Value / basis |
|---|---|
|
Projection horizon |
FY2026–FY2030 (5 years), year ending 31 December |
|
Currency |
South African Rand (ZAR), R million unless stated |
|
Revenue growth |
14.0% p.a. (sponsor operating case, preserved) |
|
EBITDA margin |
14.0% → 18.0% (sponsor case, preserved) |
|
Gross margin |
38.0% → 42.0% (private-label / e-commerce mix) |
|
Opening net PP&E |
R180m (existing + infra at close) |
|
Depreciation |
~R35m → R38m p.a. (6-year blended life) |
|
Programme capex |
R220m: hub R40m, private label R35m, e-commerce R25m, store rollout R130m (phased) |
|
Maintenance capex |
~2% of revenue |
|
Senior term loan |
R60m, 7-yr amortising, 13.5% (prime +3.0%) |
|
Rent |
~7% of revenue (retail leases) |
|
Interest on cash |
4.5% p.a. on reserve above floor |
|
Corporate tax |
27% with assessed-loss carry-forward |
|
DSO / DIO / DPO |
12 / 62 / 45 days (~29-day inventory-led cycle) |
|
Dividend policy |
Coverage-gated; surplus above R80m reserve distributed |
|
Entry valuation |
~7.5x EV/EBITDA; R703m pre-money |
|
Exit assumption |
8.0x EV/EBITDA (base); flat multiple (conservative) |
|
DSRA |
R15m ring-fenced |
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 (EBITDAR less maint. capex / rent + interest + amortisation) |
|
DSRA |
Debt-Service Reserve Account |
|
EV |
Enterprise Value |
|
IRR / MOIC |
Internal Rate of Return / Multiple On Invested Capital |
|
SAHPRA |
South African Health Products Regulatory Authority |
|
SADC |
Southern African Development Community |
|
SKU |
Stock-Keeping Unit |
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 and EBITDA are preserved exactly; all other lines are independently derived, and a rent-inclusive fixed-charge coverage lens is applied throughout.
— End of Business Plan —