GrainCore — Appendices
Supporting appendices — the key operating assumptions, the data sources and references and the glossary underpinning the GrainCore business plan and financial model.
Section 26 · Business Plan
Appendices
Supporting appendices — the key operating assumptions, the data sources and references and the glossary underpinning the GrainCore business plan and financial model.
Appendix A — Key Operating Assumptions
| Assumption | Value |
|---|---|
| Maize nameplate capacity | 180,000 tonnes per annum |
| Wheat nameplate capacity | 120,000 tonnes per annum |
| Maize meal yield | 92% of clean maize |
| Wheat flour extraction | 76% |
| Year 1 maize meal price | R9,200 / tonne |
| Year 1 wheat flour price | R11,500 / tonne |
| Year 1 by-product price | R3,400 / tonne |
| Year 1 maize grain cost | R4,300 / tonne |
| Year 1 wheat grain cost | R6,600 / tonne |
| Price / cost escalation | ~5.5% per annum |
| Blended interest rate | 11.5% |
| Corporate tax rate | 27% |
| Depreciation (plant) | 12.5 years straight-line |
| Depreciation (buildings) | 25 years straight-line |
| Working capital | ~12% of incremental revenue |
Table A.1 — Key operating and financial assumptions.
Appendix B — Data Sources & References
Industry statistics and market data in this Plan are drawn from the
following publicly available sources, accessed in 2025–2026:
- USDA Foreign Agricultural Service (FAS) — Grain and Feed Annual,
South Africa. - Department of Agriculture, Land Reform and Rural Development
(DALRRD) and DAFF. - Grain SA — maize meal pricing and value-chain analyses.
- Bureau for Food and Agricultural Policy (BFAP).
- Who Owns Whom — Manufacture of Flour and Grain Mill Products in
South Africa (2025/2026). - Mordor Intelligence — South Africa Maize Market (2025).
- Wandile Sihlobo / Agbiz — wheat import and maize price commentary
(2025). - National Agricultural Marketing Council (NAMC) — farm-to-retail
price spreads. - Competition Commission — Essential Food Pricing Monitoring
reports.
References to Premier FMCG, Tiger Brands, Pioneer, RCL Foods, and
other operators are based on public disclosures and are used solely for
market-context and benchmarking purposes. They do not imply affiliation
or endorsement.
Appendix C — Glossary
| Term | Definition |
|---|---|
| B-BBEE | Broad-Based Black Economic Empowerment |
| DSCR | Debt Service Coverage Ratio |
| EBITDA | Earnings Before Interest, Tax, Depreciation & Amortisation |
| FCFF | Free Cash Flow to the Firm |
| FSSC 22000 | Food Safety System Certification 22000 |
| HACCP | Hazard Analysis & Critical Control Points |
| IRR | Internal Rate of Return |
| SADC | Southern African Development Community |
| SAFEX | South African Futures Exchange (grain reference pricing) |
| WACC | Weighted Average Cost of Capital |
Table C.1 — Glossary of terms.
End of Business Plan
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 GrainCore Milling & Foods (Pty) Ltd.