Ha-cycle

One hectare planted and harvested once. A hectare producing two crops in a year contributes two hectare-cycles.

Class 1 / Class 2

Grading categories under the Agricultural Product Standards Act. Class 1 achieves retail specification; Class 2 is sold to informal and processing channels.

DSCR

Debt service coverage ratio: EBITDA divided by the sum of interest and principal repayments falling due.

GLOBALG.A.P.

International farm assurance standard covering food safety, traceability, worker welfare and environmental management. A practical prerequisite for formal retail supply.

LocalG.A.P.

An entry-level stepping-stone programme toward full GLOBALG.A.P. certification.

MOIC

Multiple on invested capital: total proceeds divided by capital invested.

Net realisation

Price received per kilogram after agent commission, market levy and channel-specific deductions, before post-harvest cost.

Normalised EBITDA

Reported EBITDA adjusted for the partial-year contribution of assets commissioned during the period.

Outgrade

Product falling outside Class 1 and Class 2 specification, sold to processing at low value rather than discarded.

Pack-out rate

The proportion of harvested tonnage that achieves Class 1 specification after washing and grading.

ROIC

Return on invested capital: net operating profit after tax divided by average invested capital.

Validation and verification

The Department of Water and Sanitation process by which claimed existing lawful water use is confirmed or reduced.