AgriNova Sugar SA — Appendices, Glossary & Definitions
Supporting appendices, the glossary and definitions, and reference material underpinning the AgriNova Sugar SA business plan and financial model.
Section 15 · Business Plan
Appendices, Glossary & Definitions
Supporting appendices, the glossary and definitions, and reference material underpinning the AgriNova Sugar SA business plan and financial model.
Appendix A — Glossary
| Term | Definition |
|---|---|
| B-BBEE | Broad-Based Black Economic Empowerment |
| BONSUCRO | International standard for sustainable sugarcane |
| CAGR | Compound Annual Growth Rate |
| CFADS | Cash Flow Available for Debt Service |
| COD | Commercial Operations Date |
| DBSA | Development Bank of Southern Africa |
| DBRP | Dollar-Based Reference Price for sugar imports |
| DFI | Development Finance Institution |
| DSCR | Debt Service Coverage Ratio |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortisation |
| EPC | Engineering, Procurement and Construction |
| ESG | Environmental, Social and Governance |
| FCF | Free Cash Flow |
| FEED | Front-End Engineering Design |
| HPL | Health Promotion Levy (sugar tax) |
| IDC | Industrial Development Corporation |
| IPP | Independent Power Producer |
| IRR | Internal Rate of Return |
| JSE | Johannesburg Stock Exchange |
| LTI / STI | Long-Term / Short-Term Incentive |
| MY | Marketing Year (sugar industry: April–March) |
| NPV | Net Present Value |
| PIC | Public Investment Corporation |
| PPA | Power Purchase Agreement |
| RV | Recoverable Value (sugar industry cane payment system) |
| RMIPPPP | Risk Mitigation Independent Power Producer Procurement Programme |
| SACU | Southern African Customs Union |
| SASA | South African Sugar Association |
| SASMA | South African Sugar Millers’ Association |
| SASRI | South African Sugarcane Research Institute |
| SACGA | South African Cane Growers’ Association |
| SAFDA | South African Farmers Development Association |
| SDG | United Nations Sustainable Development Goal |
| TCFD | Task Force on Climate-related Financial Disclosures |
| TRQ | Tariff-Rate Quota (US sugar import allocation) |
| WACC | Weighted Average Cost of Capital |
| ZAR | South African Rand |
Appendix B — Sources and References
This Plan draws on industry data and analysis from the following
primary sources:
- South African Sugar Association (SASA) — Facts & Figures, The
Sugar Industry at a Glance, 2025–2026 - South African Cane Growers Association (SACGA) — Industry Crisis
Statement, November 2025 - South African Sugar Millers’ Association (SASMA) — Industry
data - South African Sugarcane Research Institute (SASRI) — Variety
guides, agronomy data - Department of Agriculture, Land Reform and Rural Development
(DALRRD) — Sugar cane production statistics - USDA Foreign Agricultural Service — South Africa Sugar Annual
(April 2025), Sugar Semi-annual (September 2025) - Statistics South Africa — Quarterly Labour Force Survey, GDP
statistics - National Treasury — Budget review, biofuels regulatory
framework - South African Revenue Service (SARS) — Customs duty notices,
August 2025 - Industrial Development Corporation (IDC) — Agro-processing sector
reports - IRENA — Sugarcane Bioenergy in Southern Africa: Economic
Potential (2019) - South African Sugar Master Plan documentation, including August
2026 Phase 2 block exemption - Various peer-reviewed academic studies on sugarcane biorefining
and ethanol economics in southern Africa
Appendix C — Working Capital Drivers
| Driver (days outstanding) | Y1 | Y3 | Y5 | Y8 |
|---|---|---|---|---|
| Days inventory outstanding (DIO) | 52 | 47 | 44 | 40 |
| Days sales outstanding (DSO) | 44 | 41 | 38 | 35 |
| Days payable outstanding (DPO) | 32 | 33 | 33 | 33 |
| Cash conversion cycle (days) | 64 | 55 | 49 | 42 |
Appendix D — Detailed Capex Phasing
A detailed capital expenditure schedule, including quarterly draws
against each tranche of debt and equity, is contained in the supporting
financial model. The model also incorporates a contingency reserve of
approximately 8% across the build-out phase (R1.0 billion of R12.0
billion in Phase 1+2 deployments) to absorb the inevitable cost
variability of large industrial construction in South Africa.
Appendix E — Contact Information
All enquiries regarding this Plan should be directed in writing
to:
AgriNova Holdings Group (Pty) Ltd
umhlanga Ridge Office Park
Durban, KwaZulu-Natal, 4319
Republic of South Africa
Email: investor.relations@agrinova.co.za | Telephone: +27 31 XXX
XXXX
— 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 AgriNova Sugar SA (Pty) Ltd.