Birds at year end

500

2 000

6 000

15 000

30 000

Average hens in lay

330

1 300

3 900

9 800

21 000

Hen-day production

72.2%

75.5%

77.7%

79.5%

80.7%

Eggs sold, thousands

87

358

1 106

2 845

6 184

Blended price per egg, R

2.77

2.78

2.75

2.75

2.81

Revenue

256

1 055

3 233

8 316

18 461

Direct costs

(176)

(683)

(2 038)

(5 067)

(10 635)

Gross margin

80

372

1 195

3 249

7 827

Fixed costs

(288)

(514)

(982)

(1 729)

(2 762)

EBITDA

(208)

(142)

213

1 520

5 065

EBITDA margin

-81.2%

-13.5%

6.6%

18.3%

27.4%

Depreciation

(53)

(123)

(268)

(604)

(1 110)

Interest

(22)

(99)

(210)

(359)

(586)

Taxation

—

—

—

—

(814)

Profit / (loss) after tax

(283)

(364)

(265)

557

2 555

Cash flow from operations

(230)

(241)

3

1 161

3 665

Capital deployed

(650)

(853)

(1 760)

(4 100)

(6 170)

Stage funding drawn

950

1 250

2 200

4 300

4 650

Closing cash

70

226

628

1 841

3 637

Total assets

667

1 553

3 447

8 156

15 012

Interest-bearing debt

400

1 400

2 959

5 812

8 713

Shareholders’ funds

267

153

488

2 345

6 300

Debt service

22

99

251

507

935

EBITDA cover of debt service

—

—

0.85x

3.00x

5.42x

Break-even flock, hens

1 188

1 796

3 205

5 215

7 411

Gross margin per hen, R

242.42

286.15

306.41

331.53

372.71