Karoo Crown Beef Group — Projected Balance Sheet

The projected balance sheet over the plan horizon — the asset base, the biological assets and inventory, debt and equity, working capital and the evolving capital structure.

Section 15 · Business Plan

Projected Balance Sheet

The projected balance sheet over the plan horizon — the asset base, the biological assets and inventory, debt and equity, working capital and the evolving capital structure.

The projected balance sheet below shows the Group’s financial
position at the close of each fiscal year. All values are in ZAR
millions. The asset base reflects the Phase I capital build, the equity
reflects the funding structure described in Section 17, and the debt
profile reflects amortisation of senior term debt commencing in Year 2
after the 18-month grace period.

Balance Sheet (ZAR millions)	Y1 2026	Y2 2027	Y3 2028	Y4 2029	Y5 2030
ASSETS
Non-current assets
Property, plant & equipment (net)	672	618	584	562	552
Intangible assets (software, branding)	28	26	24	22	20
Right-of-use assets (leases)	18	16	14	12	10
Deferred tax asset	32	36	22	10	0
Total non-current assets	750	696	644	606	582
Current assets
Inventory (livestock, WIP, finished beef)	68	98	142	176	198
Trade receivables	72	138	210	268	312
Other receivables & prepayments	18	24	32	38	42
Cash & equivalents	86	92	138	232	412
Total current assets	244	352	522	714	964
TOTAL ASSETS	994	1,048	1,166	1,320	1,546
EQUITY & LIABILITIES
Equity
Issued share capital	340	340	340	340	340
Producer co-operative equity	95	95	95	95	95
Mezzanine quasi-equity	95	109	95	62	32
Retained earnings	(134)	(151)	(72)	97	311
Total equity	396	393	458	594	778
Non-current liabilities
Senior term debt	380	342	304	247	189
Lease liabilities (non-current)	15	13	11	9	7
Total non-current liabilities	395	355	315	256	196
Current liabilities
Senior debt — current portion	0	38	38	57	58
Trade payables	68	124	184	238	278
Other accruals & provisions	28	44	62	78	92
Tax payable	0	0	16	32	44
Lease liabilities (current)	3	3	3	3	3
Other short-term loans	104	91	90	62	97
Total current liabilities	203	300	393	470	572
TOTAL EQUITY & LIABILITIES	994	1,048	1,166	1,320	1,546

Balance sheet metrics demonstrate progressive de-leveraging: total
debt declines from ZAR 384m in Year 2 to ZAR 254m in Year 5, while
equity grows from ZAR 393m to ZAR 778m. Net debt to EBITDA improves from
a deeply leveraged ramp-up position to a conservative 0.7x by Year 5 —
well within typical debt-service covenants for protein processing
facilities.

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Karoo Crown Beef Group (Pty) Ltd.