Appendix A — Revenue by stream (R m)
|
Stream |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Whole chicken (retail/wholesale) |
72 |
116 |
182 |
254 |
315 |
|
Portion cuts |
47 |
81 |
138 |
209 |
284 |
|
HORECA supply |
25 |
47 |
83 |
133 |
189 |
|
Premium branded packs |
22 |
39 |
68 |
105 |
147 |
|
Value-added & export |
14 |
27 |
49 |
80 |
116 |
|
Total revenue |
180 |
310 |
520 |
780 |
1,050 |
Appendix B — Full income statement (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Revenue |
180 |
310 |
520 |
780 |
1,050 |
|
Cost of sales |
(140) |
(236) |
(385) |
(569) |
(756) |
|
Gross profit |
40 |
74 |
135 |
211 |
294 |
|
Operating expenses |
(26) |
(36) |
(49) |
(69) |
(73) |
|
EBITDA |
14 |
38 |
86 |
142 |
221 |
|
Depreciation |
(14) |
(18) |
(22) |
(24) |
(27) |
|
EBIT |
0 |
20 |
64 |
118 |
194 |
|
Interest — senior |
(3) |
(8) |
(11) |
(10) |
(8) |
|
Interest — working capital |
(0) |
(1) |
(3) |
(4) |
(0) |
|
Interest income |
0 |
0 |
0 |
0 |
0 |
|
Profit before tax |
(3) |
10 |
50 |
105 |
186 |
|
Tax |
(0) |
(2) |
(14) |
(28) |
(50) |
|
Net profit (re-underwritten) |
(3) |
8 |
37 |
77 |
136 |
|
Net profit (sponsor) |
(6) |
14 |
48 |
92 |
148 |
Appendix C — Full balance sheet (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Net PP&E |
167 |
207 |
236 |
235 |
240 |
|
Inventory |
10 |
16 |
26 |
39 |
52 |
|
Receivables |
15 |
26 |
43 |
64 |
86 |
|
Cash |
15 |
15 |
15 |
15 |
48 |
|
Total assets |
206 |
264 |
320 |
353 |
426 |
|
Payables |
12 |
21 |
34 |
50 |
66 |
|
Senior debt |
55 |
85 |
83 |
67 |
50 |
|
Working-capital facility |
11 |
22 |
28 |
3 |
0 |
|
Deferred tax |
1 |
2 |
3 |
4 |
5 |
|
Equity |
127 |
135 |
172 |
229 |
304 |
|
Total equity & liabilities |
206 |
264 |
320 |
353 |
426 |
|
Balance check |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Appendix D — Full cash-flow statement (R m)
|
Line item |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Operating cash flow |
(1) |
19 |
46 |
84 |
145 |
|
Investing cash flow |
(180) |
(59) |
(51) |
(23) |
(32) |
|
Financing cash flow |
66 |
41 |
5 |
(61) |
(81) |
|
Net change in cash |
(115) |
0 |
0 |
0 |
33 |
|
Closing cash |
15 |
15 |
15 |
15 |
48 |
Appendix E — Coverage & leverage
|
Metric |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
CFADS (R m) |
9 |
27 |
57 |
90 |
139 |
|
Senior debt service (R m) |
3 |
8 |
27 |
26 |
24 |
|
Senior DSCR |
2.69x |
3.31x |
2.08x |
3.43x |
5.70x |
|
Total debt (R m) |
66 |
107 |
112 |
70 |
50 |
|
Gross debt / EBITDA |
4.71x |
2.81x |
1.30x |
0.49x |
0.23x |
|
Gearing (%) |
34.2% |
44.1% |
39.3% |
23.4% |
14.1% |
Appendix F — Glossary
|
Term |
Definition |
|---|---|
|
CFADS |
Cash Flow Available for Debt Service |
|
DSCR |
Debt-Service Coverage Ratio (CFADS / senior debt service) |
|
DSRA |
Debt-Service Reserve Account |
|
EBITDA |
Earnings Before Interest, Tax, Depreciation & Amortisation |
|
FCR |
Feed Conversion Ratio (feed input per unit of output) |
|
HORECA |
Hotels, Restaurants & Catering (foodservice channel) |
|
Air-chilled |
Chilling by cold air rather than water immersion (no brine) |
|
Asset turnover |
Revenue divided by invested capital / asset base |
|
IRR / NPV |
Internal Rate of Return / Net Present Value |
|
Free-range |
Welfare-led production with outdoor access & lower density |
NoteModel integrity statement
All figures in this Document derive from a single integrated three-statement model. The balance sheet reconciles to zero in every projection year; interest, tax and depreciation are internally consistent across the income statement, balance sheet and cash-flow statement. Sponsor revenue and EBITDA are preserved exactly; all lines below EBITDA, the coverage and leverage analysis, and the returns are independently derived on a conservative basis, and the sponsor’s net-profit line is re-underwritten for comparison.
— End of Business Plan —