Example Manufacturing Plant Financial Model Dashboard Bplans Africa Business Plan 2/4/19
Capital Requirement and Funding Sources of Funds
Sources of Funds
in ZAR '000
in %
1. Equity
6 000
22,8%
Share Capital
6 000
22,8%
2. Debt
20 343
77,2%
Debt: IDC
16 993
64,5%
Debt: Name Debt 2
-
-
Debt: Name Debt 3
-
-
Debt: Name Debt 4
-
-
Overdraft Facility
3 350
12,7%
Total Funding
26 343
100,0%
3 350 13%
Share Capital
thereof debt
Overdraft Facility
22,8%
26 343
100,0%
20 343
77,2%
6 000
22,8%
thereof equity Gearing (debt equity ratio)
Debt: IDC
16 993 64%
Funding Structure Total Funding Requirement (ZAR '000)
6 000 23%
Debt
3,4 :1
Equity
77,2%
Sources and Uses during first 12 months 12 months commencing in Mar 2020
SOURCES Cash collected from sales (incl. VAT)
in ZAR '000
in %
Bar Chart
USES
29 754
54,1%
Advances received
-
-
Cost of Materials/Goods (incl. VAT)
Other operating & extraordinary income
-
-
Other Direct Costs (incl. VAT)
Interest received on cash deposits
16
Revenue share
0,0%
Overheads (incl. VAT)
in ZAR '000 -
39,8%
310
0,6%
8 272
15,0%
2 016
3,7%
Direct labour costs (w/o social insurance+income tax)
-
Share Capital
6 000
10,9%
Social insurance & income tax (Payroll withholdings)
271
Extraordinary expenses
16 993
30,9%
Debt: Name Debt 2
-
-
Capital Expenditure (incl. VAT)
Debt: Name Debt 3
-
-
Advance payments & utilisation of accruals
Debt: Name Debt 4
-
-
Interest + Financing Costs
Overdraft Facility
217
Total Sources
54 996
0,4%
100,0%
Bar Chart
21 907
VAT recovered from tax authority Debt: IDC
in %
0,5%
-
-
21 758
39,6%
-
-
1 305
2,4%
Principal payments
976
1,8%
VAT paid to tax authority
-
Taxes on profit paid
-
Liquidity/cash reserve
197
Dividend payout
-
Total Uses
54 996
0,4% 100,0%
Operational Summary (last month in fiscal year: Feb) Key Operational
1
1
1
1
1
FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
Year 1
Year 2
Year 3
Year 4
Year 5
Maximum Plant Production Capacity
watt
8 289 750
16 800 000
23 719 500
24 318 000
24 948 000
Actual Total Production Capacity
watt
7 460 775
15 120 000
22 533 525
23 102 100
23 700 600
Actual Production in % of Maximum
%
90,0%
90,0%
95,0%
95,0%
95,0%
Total Sales (all modules)
ZAR '000
32 609
62 748
93 514
95 874
98 357
Unit Costs (Ø costs per watt produced/sold)
Year 1
Year 2
Year 3 2,94
Year 4
Cost of Materials/Modules
ZAR per watt
3,10
Direct labour
ZAR per watt
-
Other direct costs
ZAR per watt
0,04
0,09
0,06
0,06
0,06
Operating Expenses (Overheads)
ZAR per watt
1,15
0,84
0,79
0,79
0,79
Average Revenue (Modules)
ZAR per watt
4,37
4,15
4,15
4,15
4,15
Gross profit
ZAR per watt
1,23
1,12
1,31
1,49
1,65
Operating profit
ZAR per watt
(0,39)
0,02
0,33
0,50
0,67
Net Profit after Tax (NPAT)
ZAR per watt
(0,56)
(0,09)
0,27
0,34
0,48
-
2,77
Year 5
-
2,60 -
2,44 -
Profit and Loss Statement (all currency in ZAR '000)
FY 2020
in %
FY 2021
in %
FY 2022
in %
FY 2023
in %
FY 2024
in %
(last month in fiscal year: Feb) Turnover
32 609
100,0%
62 748
100,0%
93 514
100,0%
95 874
100,0%
98 357
100,0%
Cost of Sales
23 461
71,9%
45 763
72,9%
63 907
68,3%
61 535
64,2%
59 304
60,3%
Gross Profit
9 148
28,1%
16 985
27,1%
29 607
31,7%
34 339
35,8%
39 053
39,7%
Operating Expenses (Overheads)
8 573
26,3%
12 702
20,2%
17 722
19,0%
18 319
19,1%
18 813
19,1%
Trading Profit
575
1,8%
4 284
6,8%
11 885
12,7%
16 019
16,7%
20 240
20,6%
Other operating income
-
-
-
-
-
-
-
-
-
-
Bad debts
489
1,5%
1 403
1,5%
1 438
1,5%
1 475
1,5%
Extraordinary result
-
Earnings before Interest and Tax (EBIT) Interest Earnings before Tax (EBT) Taxes on Profit Net Profit after Tax (NPAT) cumulated
941
-
-
-
-
-
-
-
-
-
0,3%
3 343
5,3%
10 482
11,2%
14 581
15,2%
18 765
19,1%
2 988
9,2%
2 988
4,8%
2 988
3,2%
2 988
3,1%
2 988
3,0%
(2 902)
(8,9%)
355
0,6%
7 494
8,0%
11 593
12,1%
15 777
16,0%
EBITDA Depreciation & Amortisation
1,5%
85
1 289
4,0%
1 718
2,7%
1 292
1,4%
660
0,7%
57
0,1%
(4 191)
(12,9%)
(1 363)
(2,2%)
6 202
6,6%
10 933
11,4%
15 720
16,0%
181
0,2%
3 061
3,2%
4 402
4,5%
6 021
6,4%
7 872
8,2%
11 318
11,5%
-
-
-
-
(4 191)
(12,9%)
(1 363)
(2,2%)
(4 191)
(5 554)
466
8 338
19 656
Sales, Cost of Sales and Gross Profit Contribution by Product/Service 1. Sales by Product/Service
(all currency in ZAR '000)
120 000
100 000
80 000
60 000
40 000
20 000
0
FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
Product A
9 305
17 501
26 083
26 741
27 433
Product B
15 807
31 147
46 419
47 590
48 823
Product C
7 497
14 099
21 013
21 543
22 101
-
-
-
-
-
-
-
-
-
-
-
-
Sales
(in ZAR '000)
FY 2020
in %
FY 2021
in %
FY 2022
in %
FY 2023
in %
FY 2024
in %
Product/Service Product A
9 305
28,5%
17 501
27,9%
26 083
27,9%
26 741
27,9%
27 433
27,9%
Product B
15 807
48,5%
31 147
49,6%
46 419
49,6%
47 590
49,6%
48 823
49,6%
Product C
7 497
23,0%
14 099
22,5%
21 013
22,5%
21 543
22,5%
22 101
22,5%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
32 609
100,0%
62 748
100,0%
93 514
100,0%
95 874
100,0%
98 357
100,0%
2. Cost of Sales by Product/Service
(all currency in ZAR '000)
70 000
60 000
50 000
40 000 Product A
Product B
Product C
30 000
20 000
10 000
0 FY 2020
Cost of Sales
(in ZAR '000)
FY 2021
FY 2022
FY 2020
in %
FY 2023
FY 2021
in %
FY 2024
FY 2022
in %
FY 2023
in %
FY 2024
in %
Product/Service Product A
6 169
26,3%
11 910
26,0%
16 532
25,9%
15 852
25,8%
15 262
25,7%
Product B
11 565
49,3%
22 686
49,6%
31 773
49,7%
30 716
49,9%
29 625
50,0%
Product C
5 727
24,4%
11 167
24,4%
15 602
24,4%
14 968
24,3%
14 418
24,3%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
23 461
100,0%
45 763
100,0%
63 907
100,0%
61 535
100,0%
59 304
100,0%
-
-
3. Gross Profit Contribution by Product/Service
(all currency in ZAR '000)
45 000 40 000
35 000 30 000 25 000
Product A
Product B
Product C
20 000 15 000
10 000 5 000
0 FY 2020
Gross Profit Contribution
(in ZAR '000)
FY 2021
FY 2022
FY 2020
in %
FY 2023
FY 2021
in %
FY 2024
FY 2022
in %
FY 2023
in %
FY 2024
in %
Product/Service Product A
3 136
34,3%
5 591
32,9%
9 550
32,3%
10 889
31,7%
12 171
31,2%
Product B
4 241
46,4%
8 461
49,8%
14 646
49,5%
16 874
49,1%
19 198
49,2%
Product C
1 771
19,4%
2 933
17,3%
5 410
18,3%
6 575
19,1%
7 683
19,7%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
9 148
100,0%
16 985
100,0%
29 607
100,0%
34 339
100,0%
39 053
100,0%
-
-
Turnover, Gross Profit and Net Profit
(in ZAR '000)
120 000
100 000
98 357
95 874
93 514
80 000 62 748 60 000
40 000
32 609
39 053
34 339
29 607 16 985
20 000 9 148
11 318
7 872
6 021
0 FY 2020
FY 2021
(4 191)
FY 2022
(1 363)
FY 2023
FY 2024
-20 000
Turnover
Gross Profit
Company Headcount and Cost of Payroll Headcount Total no of Employees (end of FY on FTE basis) Change (year to year)
FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
27
44
59
62
62
27
17
15
3
Net Profit after Tax (NPAT)
Headcount by Division
70 60 50 40
Total Cost of payroll
30
incl. salaries & wages, benefits and other staff costs (in ZAR '000) FY 2020 Division Direct Labour Staff Management Administration
1
FY 2021 2
FY 2022 3
FY 2023 4
FY 2024
20
5
-
-
-
-
-
1 696
3 953
4 002
4 106
4 197
671
815
1 070
1 124
1 170
Salesforce
3 363
3 899
5 653
5 683
5 762
Production
2 843
4 035
6 997
7 406
7 684
Total costs of payroll
8 573
12 702
17 722
18 319
18 813
10 0
Production Salesforce Administration Management Direct Labour Staff
FY 2020 14 4 6 3 -
FY 2021 27 5 8 4 -
FY 2022 37 7 11 4 -
FY 2023 40 7 11 4 -
FY 2024 40 7 11 4 -
Indirect Cash Flow (as derived from NPAT) (all currency in ZAR '000)
Cash balance during the first 12 months
1 FY 2020
1 FY 2021
1 FY 2022
1 FY 2023
1 FY 2024
(in ZAR '000)
Year 1
Year 2
Year 3
Year 4
Year 5
2 000
(commencing in Mar 2020)
(last month in fiscal year: Feb) 1. Cash flow from operating activities Net Profit after Tax (NPAT) Depreciation & Amortisation Change in working capital Change in trade debtors Change in trade creditors
(4 191,3)
(1 363,0)
6 020,6
7 871,7
11 318,4
2 988,0
2 988,0
2 988,0
2 988,0
2 988,0
(1 121,7)
(752,7)
(315,7)
(234,4)
(121,6)
(2 366,0)
(1 255,5)
(292,9)
(122,3)
1 724,7
757,6
36,7
(87,2)
(121,6)
Change in sundry creditors
-
-
-
-
-
Change in advances received
-
-
-
-
-
-
-
Change in advance payments Change in inventory / stock Change in accruals Change in PAYE owed
(480,4) 30,4
(254,9) 13,1
Change in income tax liabilities
-
-
Change in VAT liabilities
-
-
Net cash flow from operating activities
(2 294,7)
885,4
(59,5) -
(24,8)
-
14,6
4,1
-
181,3
2 879,9
8 888,9
13 509,3
0
-
-
-
1 000
-1 000
1 340,4 -
-2 000
15 525,1
2. Cash flow from investing activities Capex on intangible assets Capex on tangible assets Capex on financial assets Net cash flow from investing activities
(1 500,0)
-
-
-
-
(12 870,0)
-
-
-
-
(5 372,0)
-
-
-
-
(19 742,0)
-
-
-
-
6 000,0
-
-
-
-
16 233,6
-
-
-
-3 000
-4 000
3. Cash flow from financing activities Cash receipts from new share capital Drawdowns on loans Principal repayments on loans Dividend payments Net cash flow from financing activities Net increase/decrease in cash
-
-
(5 714,8) -
(3 936,4) -
-
-5 000
(4 345,1) -
22 233,6
(1 082,3)
(5 714,8)
(3 936,4)
(4 345,1)
Cash Balance (end of month)
196,9
(196,9)
3 174,1
9 572,8
11 180,0
Overdraft Facility (end of month)
3 174,1
12 747,0
Maximum Overdraft (limit)
12 747,0
23 927,0
Cash at the beginning of the period Cash at the end of the period
(1 082,3)
196,9 196,9
-
3 174,1
Projected Cash Flow by Year
all currency in ZAR '000
30 000
25 000
20 000
15 000
Net Cash Flow 11 180 9 573
10 000
5 000
Cash Balance (End-of-Year)
3 174 197
0 ( 197)
-5 000 FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
Balance Sheet all currency in ZAR '000 as per end of Feb
Assets Non-Current Assets Property Machinery Others Current Assets Stocks Changes in advance payments Trade debtors VAT owed to company
FY 2020
FY 2021
16 754
FY 2022
13 766
FY 2023
10 778
Liabilities & Shareholders Equity
FY 2024
7 790
4 802
FY 2020
FY 2022
FY 2023
FY 2024
Current Liabilities
1 755
4 674
2 759
5 555
6 774
Trade & Sundry Creditors
1 725
2 482
2 519
2 432
2 310
1 425
1 350
1 275
1 200
1 125
Overdraft facility
-
11 031
9 193
7 354
5 516
3 677
Accruals
-
4 298
3 223
2 149
1 074
VAT Taxes on Profit
-
FY 2021
2 149
-
-
-
-
-
-
-
-
-
-
-
-
-
181
3 061
4 402
-
3 043
4 357
7 883
17 603
28 783
Other current liabilities
30
43
58
62
62
480
735
795
820
820
Long-term Liabilities
16 234
13 003
9 437
5 500
1 155
-
-
-
Shareholders Equity
1 809
446
6 466
14 338
25 656
Share Capital
6 000
6 000
6 000
6 000
6 000
2 366
3 621
-
-
Cash at bank
197
-
Total Assets
19 797
18 123
3 914 -
4 037 -
4 037 -
3 174
12 747
23 927
Retained Earnings
(4 191)
(5 554)
466
8 338
19 656
18 661
25 393
33 586
Total Liabilities & Shareholders Equity
19 797
18 123
18 661
25 393
33 586
Ratios / Key Performance Indicators
Abbreviations FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
Liquidity & Coverage
Calculation
As
-
Assets
Current Ratio
Cur As / Cur Liab
173,4%
93,2%
285,8%
316,9%
424,9%
Cur
-
Current
Quick Ratio
(Cur As - Invent) / Cur Liab
146,0%
77,5%
257,0%
302,1%
412,8%
Deb
-
Debt
Equity Ratio
Total Eq / Total As
10,1%
2,5%
53,0%
129,7%
323,6%
Depr
-
Depreciation & Amortisation
Debt-to-Equity Ratio
Tot Deb / Tot Eq
9,9x
39,7x
1,9x
0,8x
0,3x
Eq
-
(Shareholders) Equity
Asset Intensity
FixAs / Tot As
62,9%
58,2%
46,2%
26,4%
14,3%
Fix
-
Fixed
Equity-to-Fixed-Asset Ratio (Type I)
Tot Eq / FixAs
14,5%
4,2%
74,9%
213,5%
534,3%
FixAs
-
Fixed Assets (Intangibles & Tangibles)
Equity-to-Fixed-Asset Ratio (Type II)
(Tot Eq + longt Liab) / FixAs
144,8%
127,6%
184,3%
295,4%
558,3%
FTE
-
Full Time Equivalent
GrProf
-
Gross Profit
Liab
-
Liabilities
Income / Profitability Gross profit margin
GrProf / Sales
28,1%
27,1%
31,7%
35,8%
39,7%
longt
-
EBITDA margin
long-term
EBITDA / Sales
0,3%
5,3%
11,2%
15,2%
19,1%
Net Inc
-
Net Income (EBIT)
Operating profit as % of revenue
OpProf / Sales
1,8%
6,8%
12,7%
16,7%
20,6%
NPAT
-
Net Profit after Tax
Return on revenue
NPAT / Sales
(12,9%)
(2,2%)
6,4%
8,2%
11,5%
OpProf
-
Operating (Trading) Profit
Return on Assets
Net Inc / Tot As
(14,7%)
2,0%
40,2%
45,7%
47,0%
Tot
-
Total
Return on Equity (ROE)
Net Inc / Eq
(160,5%)
79,6%
115,9%
80,9%
61,5%
1 208
Miscellaneous Revenue per Employee (in ZAR '000)
Sales / FTEs
1 426
1 585
1 546
1 586
EBIT per Employee (in ZAR '000)
Net Inc / FTEs
(107)
8
127
187
254
Net Profit per Employee (in ZAR '000)
NPAT / FTEs
(155)
(31)
102
127
183