Cashflow Waterfall
How R1.00 of project revenue moves through the seven-level payment priority.
Where every rand goes, and in what order
Project revenue is not shared arbitrarily. It flows through a defined waterfall: each level must be satisfied before the next receives anything. This is what gives senior investors their protection and defines where UtCS sits.
Follow one rand of project revenue as it flows down the priority.
Operating costs
Day-to-day costs of running the assets — maintenance, insurance, site and administration — are paid first so the assets keep generating.
The waterfall is the backbone of investor protection: costs and senior obligations are paid before equity, and UtCS is deliberately paid last. Priority — not promises — is what protects capital.
UtCS is paid last by design
Executive Takeaway
Every rand of revenue flows through a defined seven-level priority — costs and senior obligations first, UtCS last.
Why this matters to UtCS
Being paid last aligns UtCS with investors: it earns its full upside only once every prior obligation has been met.
Why this matters to investors
A fixed payment priority — not promises — is what gives senior investors their protection and defines their risk precisely.