Bulk grade

Whole product meeting European cosmetic specification for length, straightness and calibre. 58% of field weight rising to 62%, at a margin of about EUR0.44 a kilogram.

Capture rate

The share of out-of-specification produce recovered through the prepared line rather than sold locally. 10% rising to 60% — the load-bearing assumption of the plan.

Delivered field weight

Total tonnage arriving at the packhouse from contracted growers, before any grading. The driver of the entire model at 19 tonnes a hectare a year.

Group certification

A scheme under which the company holds the good agricultural practice certificate and carries responsibility for every grower in the group, with an internal control system and traceability from pack to plot.

High-care facility

A controlled-air, segregated-flow environment with chlorinated wash, metal detection and validated cleaning, certified to a retail food safety standard. US$2.36m of the capital programme and the precondition for prepared revenue.

Opportunity cost basis

The convention used for the prepared margin: raw material is charged at the EUR0.28 local sale foregone, because that is the correct basis for a marginal decision about produce already bought and delivered.

Prepared line

Topping, tailing and cutting out-of-specification produce into retail-ready packs sold on European supermarket programmes at EUR6.72 a kilogram against EUR4.74 for whole product.

Receivables facility

Self-liquidating finance advancing 80% against approved European trade receivables at 11.5%. It does not advance against cold-room stock, transit, input credit or a tax refund.

Side-selling

A contracted grower selling to a competing buyer for cash, typically during a price spike, after receiving inputs on credit. The principal failure mode of outgrower schemes.

Systems approach

Documented pest management from plot to pack, as distinct from reliance on end-point inspection. It allows a consignment to be isolated rather than a category to be lost.

Unfunded gap

Peak working capital less the receivables facility available. US$2.71m at FY2031, and the reason the business needs equity at all.