Abalone (Haliotis midae)

Marine gastropod (perlemoen) farmed for premium East Asian export; South Africa’s flagship aquaculture species.

DSCR

Debt-Service Cover Ratio, cash available for debt service divided by interest plus principal due; the key lender covenant.

EBITDA

Earnings Before Interest, Tax, Depreciation and Amortisation, a proxy for operating cash generation.

DFI

Development Finance Institution (e.g. IDC, DBSA, Land Bank) providing concessional or patient capital.

ECIC

Export Credit Insurance Corporation of South Africa, provides political and commercial export-credit cover.

RAS

Recirculating Aquaculture System, land-based tanks that filter and reuse water, improving biosecurity and control.

HACCP / ISO 22000

Food-safety management standards required for processing and export to premium markets.

Spat

Juvenile abalone produced in the hatchery and grown out to market size.

Assessed-loss set-off

SA tax rule allowing carried-forward losses to offset up to 80% of taxable income (post-2022).

WACC

Weighted Average Cost of Capital, the blended discount rate used to compute net present value.

Terminal value

Estimated enterprise value at the end of the forecast, here 8x Year-5 EBITDA.

Project IRR

Internal rate of return on total project cash flows, independent of financing.