Blended Finance Scheme

A DALRRD and Land Bank instrument combining a conditional non-repayable grant with a loan. Smallholders may receive up to 60% of the blended amount as grant. Requires at least 20 of 50 points on the Economic Benefits Criteria scorecard, and the grant cannot be approved standalone.

Calving percentage

Calves born divided by cows mated. Rises from 70.0% to 84.0% across the plan.

Cash EBITDA

Reported EBITDA less the non-cash increase in the value of the breeding herd. The number that pays wages, licks, interest and the household, and the basis of every covenant in this plan.

Cull cow

A cow removed from the breeding herd on age, condition or failure to conceive. 16.0% of the herd a year, contributing a quarter of Year 5 cash revenue.

Foot-and-mouth disease

A highly contagious viral disease of cloven-hoofed animals. Not a food safety risk to people, but movement controls following an outbreak prevent animals leaving the property — which stops sales rather than reducing them.

Herd growth

The annual increase in the value of the breeding herd, included in reported EBITDA as real value but separately identified because it cannot be spent.

Large stock unit

A standard grazing measure. A breeding cow with followers is taken at roughly 1.3 large stock units in this plan.

Movement control

A restriction on moving animals off a property or out of a district following a disease outbreak. The specific mechanism by which foot-and-mouth disease stops a cattle business.

Section 20 limitation

The South African tax rule capping the set-off of assessed losses at the higher of R1 million or 80 per cent of taxable income.

Serotype

A distinct variant of the foot-and-mouth virus. South Africa carries the Southern African Territories variant, which is why vaccine matching and central state procurement matter.

Weaner

A calf separated from its dam at seven to eight months and sold to a feedlot or speculator. 231 sold in Year 5 at 242 kilograms and R54.51 a kilogram.

Weaning percentage

Calves weaned divided by cows mated. The single most valuable operational variable in the business: one percentage point is worth R52 766 a year at Year 5 scale.