AgriNova — Appendices
Supporting appendices — the detailed income statement, the detailed balance sheet, the detailed cash-flow statement and the assumptions register underpinning the AgriNova business plan and financial model.
Section 17 · Business Plan
Appendices
Supporting appendices — the detailed income statement, the detailed balance sheet, the detailed cash-flow statement and the assumptions register underpinning the AgriNova business plan and financial model.
Appendix A — Detailed Income Statement
| R’000 | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|
| Revenue | 182,464 | 272,356 | 363,121 | 456,204 | 547,713 |
| Cost of goods sold | (122,263) | (183,622) | (245,566) | (308,806) | (370,734) |
| Gross profit | 60,201 | 88,735 | 117,555 | 147,398 | 176,979 |
| Operating expenses | (40,000) | (48,004) | (56,082) | (64,412) | (72,860) |
| EBITDA | 20,201 | 40,731 | 61,473 | 82,987 | 104,118 |
| Depreciation | (14,700) | (15,300) | (16,100) | (17,100) | (18,200) |
| EBIT | 5,501 | 25,431 | 45,373 | 65,887 | 85,918 |
| Interest | (15,000) | (15,000) | (15,000) | (12,500) | (10,000) |
| Profit before tax | (9,499) | 10,431 | 30,373 | 53,387 | 75,918 |
| Taxation | -0 | (2,816) | (8,201) | (14,414) | (20,498) |
| Net profit after tax | (9,499) | 7,615 | 22,172 | 38,972 | 55,420 |
Appendix B — Detailed Balance Sheet
| R’000 | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|
| PP&E | 171,300 | 162,000 | 153,900 | 146,800 | 139,600 |
| Intangibles | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 |
| Cash | 21,859 | 29,717 | 30,843 | 47,542 | 80,952 |
| Accounts receivable | 15,997 | 23,878 | 31,835 | 39,996 | 48,019 |
| Inventory | 15,074 | 22,638 | 30,275 | 38,072 | 45,707 |
| Total assets | 243,230 | 257,233 | 265,854 | 291,410 | 333,278 |
| Equity | 110,501 | 118,116 | 140,288 | 179,260 | 234,681 |
| Senior debt | 120,000 | 120,000 | 100,000 | 80,000 | 60,000 |
| Accounts payable | 12,729 | 19,117 | 25,566 | 32,150 | 38,597 |
| Total equity & liabilities | 243,230 | 257,233 | 265,854 | 291,410 | 333,278 |
Appendix C — Detailed Cash-Flow Statement
| R’000 | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|
| Operating cash flow | (13,141) | 13,857 | 29,127 | 46,699 | 64,410 |
| Investing cash flow | 0 | (6,000) | (8,000) | (10,000) | (11,000) |
| Financing cash flow | 0 | 0 | (20,000) | (20,000) | (20,000) |
| Net cash flow | (13,141) | 7,857 | 1,127 | 16,699 | 33,410 |
| Closing cash | 21,859 | 29,717 | 30,843 | 47,542 | 80,952 |
Appendix D — Assumptions Register
| Parameter | Value | Category |
|---|---|---|
| Operating days/year | 310 | Operational |
| Mill capacity (t/day) | 130 | Operational |
| Feed capacity (t/day) | 75 | Operational |
| Maize cost (Yr1, R/t) | 4,300 | Pricing |
| Meal price (Yr1, R/t) | 8,800 | Pricing |
| Inflation pass-through | 5%/year | Pricing |
| Interest rate | 12.5% | Financing |
| Debt tenor | 8 years | Financing |
| Principal moratorium | 24 months | Financing |
| Corporate tax | 27% | Tax |
| Receivables / Inventory / Payables | 32 / 45 / 38 days | Working capital |
| Exit multiple | 5.0x EBITDA | Valuation |
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 AgriNova Milling Technologies (Pty) Ltd.