Nutun Limited · JSE:NTU
Nutun — Transaction Capital — Debt Investor Presentation (December 2023)
24 slides from Nutun's debt investor presentation, December 2023
Slide 1: Transsec 4 & 5 Noteholder Update
mobalyz.com DRAFT Transsec 4 & 5 Noteholder Update December 2023
Slide 2: Strategic business considerations
DRAFT Strategic business considerations SA Taxi Development Finance ("SATDF”) is providing its Transsec 4 and 5 noteholders with an update with regard to SA Taxi’s (SAT) progress on its balance sheet restructure process and possible scenarios for the performance of notes in Transsec 4 and 5 Factor
Slide 3: Overview of base case
DRAFT Overview of base case Our base case allows SAT to achieve a stable platform for the business over the next 3 years to weather macro and company-specific challenges and to turnaround operations prior to re-entering our next growth phase Base Case Strategy Proforma Post-Deal Capital Structure
Slide 4: Current status of SAT business restructure
Current status of SAT business restructure The proposed business plan reflects SAT’s strategic solution in delivering its turnaround plan in the immediate future whilst having to tackle key strategic constraints and meet key objectives which are fundamental to making the overall business plan viable
Slide 5: Transsec Modelling Update
DRAFT TRANSSEC MODELLING UPDATE
Slide 6: Transsec 4 Capital Structure
Transsec 4 Capital Structure Note Nominal Issued Nominal Outstanding Interest rate Allocation of collections Stock Codes Description (ZAR’m) (ZAR’m) profile (Pre-Enforcement Priority of Payments*) TRA4A1 107 0 Floating (3M Class A1 TRA4A5 88 0 JIBAR) Total 195 0 Class A1 and A2 Notes are fully redee
Slide 7: Transsec 5 Capital Structure
Transsec 5 Capital Structure Note Nominal Issued Nominal Outstanding Interest rate Allocation of collections Stock Codes Description (ZAR’m) (ZAR’m) profile (Pre-Enforcement Priority of Payments*) TR5OM1 90 0 Floating (3M Class Ω Notes are fully redeemed – the relevant mechanisms are no longer Class
Slide 8: Overview of Modelling Approach
DRAFT OVERVIEW OF MODELLING APPROACH
Slide 9: Model Architecture – Cash Flow Overview
MODEL ARCHITECTURE – CASH FLOW OVERVIEW Cash flow diagram Cash flow steps SA Taxi continues to service the instalment sale agreements (“ISA”) that are owned by Issuer (Transsec 4 / 5) 1 the respective Issuers, in accordance with the respective Servicing Agreements. The services include ensuring that
Slide 10: Model Architecture – Asset Lifecycle
MODEL ARCHITECTURE – ASSET LIFECYCLE • The asset cash flows are modeled across a timeseries in order to generate an approximate profile of the Issuers’ cash receipts that can capture the inherent variability of such amounts through time. • this is typically done from the start of the transaction, ta
Slide 11: Model Architecture – Asset Categorisation
MODEL ARCHITECTURE – ASSET CATEGORISATION Category 1 Category 2 Category 3 Advanced, Current and Early Arrears Non-Performing (excl. repo) Repossessed Vehicles ▪ Represent arrears less than 90 days - “performing”, ▪ Represents arrears 90 days or more – “non-performing”, ▪ Represents ISAs that are ei
Slide 12: Transsec 4 Asset Breakdown
TRANSSEC 4 ASSET BREAKDOWN Category 1 MOB Bucket Aggregate Exposure Average Exposure WA Margin over Prime WA MOB/Seasoning WA Remaining Tenor Key points: MOB 1 - - 0,00 - 0,00 MOB 2 - - 0,00 - 0,00 ▪ The tables breakdown the key settings for MOB 3 - - 0,00 - 0,00 Category 1 and Category 2a and are d
Slide 13: Transsec 5 Asset Breakdown
TRANSSEC 5 ASSET BREAKDOWN Category 1 MOB Bucket Aggregate Exposure Average Exposure WA Margin over Prime WA MOB/Seasoning WA Remaining Tenor MOB 1 - - 0,00 - 0,00 Key points: MOB 2 92 214 844,06 449 828,51 11,43 23,39 48,61 ▪ The tables breakdown the key settings for MOB 3 438 786 164,37 404 038,83
Slide 14: Transsec Scenario Analysis
DRAFT TRANSSEC SCENARIO ANALYSIS
Slide 15: Notes Loss % Determination and Key ISA Settings
NOTES LOSS % DETERMINATION AND KEY ISA SETTINGS Key Settings Description Note Loss % Formula Rate hiking cycle is assumed to have reached the peak following the last MPC rate hike and Interest Rate 𝑨−𝑩 remains constant at that level. Note Loss % = 𝑨 Category 1 Prepayments Prepayment Rate is…
Slide 16: Scenario Analysis – Interpreting the Results
SCENARIO ANALYSIS – INTERPRETING THE RESULTS Interpreting the Note Loss % Scenario Outcomes The Note Loss % scenario analysis on the following 2 slides illustrates: ▪ a range of Note Loss % outcomes with the Category 1 and 2.a settings held constant and Principal Recovery Rate % Setting: two variabl
Slide 17: Scenario Analysis – Transsec 4
SCENARIO ANALYSIS – TRANSSEC 4* Scenario 1: Stressed Scenario with Haircuts Class A Note Loss % Principal Recovery Rate % Class B Note Loss % Principal Recovery Rate % 70% 60% 50% 40% 30% 20% 70% 60% 50% 40% 30% 20% 48.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 48.0% 0.0% 0.0% 0.0% 0.0% 1.9% 4.3% 49.0% 0.0% 0
Slide 18: Scenario Analysis – Transsec 4
SCENARIO ANALYSIS – TRANSSEC 4* Scenario 1: Stressed Scenario with Haircuts Class A Note Loss % Principal Recovery Rate % Class B Note Loss % Principal Recovery Rate % 70% 60% 50% 40% 30% 20% 70% 60% 50% 40% 30% 20% 48.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 48.0% 3.50% 7.97% 12.76% 17.17% 21.96% 26.38% 49
Slide 19: Scenario Analysis – Transsec 5
SCENARIO ANALYSIS – TRANSSEC 5 Scenario 1: Stressed Scenario with Haircuts Class A Note Loss % Principal Recovery Rate % Class B Note Loss % Principal Recovery Rate % Class C Note Loss % Principal Recovery Rate % 70% 60% 50% 40% 30% 20% 70% 60% 50% 40% 30% 20% 70% 60% 50% 40% 30% 20% 48.0% 0.0% 0.0%
Slide 20: Model Disclaimer
MODEL DISCLAIMER This cash flow analysis (“Model”) was prepared by The Standard Bank of South Africa Limited (“Standard Bank”) at the request of SA Taxi Development Finance Pty Ltd (the “Company”) for the purpose of assisting the Company in evaluating, on a preliminary basis, the scenarios under whi
Slide 21: Annexure 1: Summary Priority of Payments
DRAFT ANNEXURE 1: SUMMARY PRIORITY OF PAYMENTS
Slide 22: Transsec 4 Priority of Payments
TRANSSEC 4 PRIORITY OF PAYMENTS Pre-Enforcement *Post-Enforcement 1 Tax 1 Tax 2 Fees due to Security SPV and Owner Trustees 2 Fees due to Security SPV and Owner Trustees 3 Third Party Expenses 3 Third Party Expenses 4 Senior Servicing Fee, Standby Servicing Fee, Administration Fee and Standby Admini
Slide 23: Transsec 5 Priority of Payments
TRANSSEC 5 PRIORITY OF PAYMENTS Pre-Enforcement *Post-Enforcement 1 Tax 1 Tax 2 Fees due to Security SPV and Owner Trustees 2 Fees due to Security SPV and Owner Trustees 3 Account Bank and Third Party Expenses 3 Account Bank and Third Party Expenses 4 Senior Servicing Fee, Standby Servicing Fee, Adm
Slide 24: Thank You
mobalyz.com Thank You mobaly2
Transaction Capital — Debt Investor Presentation (December 2023) on 6ix