CluckCore Integrated Poultry Group — Appendix — Detailed Financial Tables

The appendix - the throughput and operating metrics, the capex and depreciation, the operating-expense detail, the working-capital and debt, the tax computation, the Year-1 monthly profile and the notes and glossary underpinning CluckCore.

Section 28 · Business Plan

Appendix — Detailed Financial Tables

The appendix – the throughput and operating metrics, the capex and depreciation, the operating-expense detail, the working-capital and debt, the tax computation, the Year-1 monthly profile and the notes and glossary underpinning CluckCore.

A1. Throughput & operating metrics

Metric	FY2027	FY2028	FY2029	FY2030	FY2031
Birds per week	25 000	60 000	120 000	220 000	400 000
Birds per year	1 300 000	3 120 000	6 240 000	11 440 000	20 800 000
Dressed tonnes	2 080	4 992	9 984	18 304	33 280
Contract farmers	40	120	300	650	1 200
Capacity utilisation (%)	65	72	78	82	85
Revenue per kg (R)	67	84	98	104	102
Revenue per bird (R)	108	135	157	166	164

A2. Capex & depreciation (R million)

R million	FY2027	FY2028	FY2029	FY2030	FY2031
Abattoir infrastructure	220	130	90	50	30
Cold chain & vehicles	90	60	40	20	10
Equipment & automation	55	35	20	8	2
Total capex	365	225	150	78	42
Depreciation charge	(15)	(38)	(53)	(62)	(67)
Net book value	351	537	634	651	626

A3. Operating expense detail (R million)

R million	FY2027	FY2028	FY2029	FY2030	FY2031
Feed & live-bird procurement	99	224	474	884	1 518
Abattoir labour & processing	21	46	89	163	253
Cold-chain & distribution	14	32	67	122	207
Energy, water & utilities	10	21	44	68	115
Packaging & consumables	8	14	37	68	115
Administration, compliance & IT	8	18	30	54	92
Total operating expenses	160	355	740	1 360	2 300

A4. Working capital & debt (R million)

R million	FY2027	FY2028	FY2029	FY2030	FY2031
Net working capital	15	46	108	209	374
Farmer-support advances	4	11	27	59	108
Term debt	—	112	112	112	112
Working-capital facility	—	38	86	86	86
Total debt	—	150	199	199	199
Net debt / (net cash)	(96)	110	159	(25)	(573)
Net debt / EBITDA (x)	n/m	1.70	0.66	-0.05	-0.52
Interest cover (x)	n/m	7.8	12.2	23.8	48.5
Return on capital employed (%)	-5.4	10.9	31.2	58.8	99.3

A5. Tax computation with assessed-loss carry-forward (R million)

R million	FY2027	FY2028	FY2029	FY2030	FY2031
Profit / (loss) before tax	(35)	19	167	455	1 011
Assessed loss brought forward	—	(35)	(16)	—	—
Tax charge (27%)	—	—	41	123	273
Assessed loss carried forward	(35)	(16)	—	—	—

Figure 21

Figure 21 — Capital expenditure programme by category

A6. Illustrative Year-1 monthly profile

Year 1 is dominated by construction and commissioning, with slaughter
beginning around month 12. The profile below shows the
build-to-first-slaughter sequence — the operational evidence a lender
uses to gate the ramp-phase facility.

Month	M1	M2	M3	M4	M5	M6
Phase	Build	Build	Build	Build	Build	Build
Birds/week	—	—	—	—	—	—

Month	M7	M8	M9	M10	M11	M12
Phase	Build	Build	Build	Commission	Ramp	Ramp
Birds/week	—	—	—	5 000	12 000	25 000

The gap between financial close and first revenue — roughly
twelve months of construction, fit-out, HACCP/FSA registration and
farmer onboarding — is the period of maximum risk and zero income. The
plan funds it from equity, and the milestone gates (Section 12) are
structured so that a lender releases ramp-phase working capital only
once the abattoir is commissioned and first slaughter is
proven.

A7. Notes & glossary

Term	Definition / note
EBITDA	Earnings before interest, tax, depreciation & amortisation; sponsor headline figure preserved
FCR	Feed conversion ratio , kg of feed per kg of live weight; industry ≈1.45
Margin over feed	Spread between realised chicken price and feed cost per kg, the key profitability signal
HPAI	Highly pathogenic avian influenza, the sector’s defining biosecurity risk
HACCP	Hazard Analysis & Critical Control Points, food-safety management system
FSA	Food Safety Agency, SA abattoir inspection & compliance body
Dressed weight	Processed carcass weight; ~1.6kg assumed per broiler
Industry-normalised case	Returns recomputed at a 12% EBITDA margin (top of sector band) for prudent underwriting
CFADS	Cash flow available for debt service
MOIC	Multiple on invested capital (gross, pre-fees)

Prepared July 2026. All projections are forward-looking and
subject to the risks described herein. Sponsor headline figures
(revenue, EBITDA, throughput, farmer numbers, raise) are as provided;
all derived figures are the adviser’s independent computations. Two
findings are disclosed throughout: sponsor EBITDA margins exceed sector
norms (an industry-normalised return case is provided), and the R1.25bn
raise exceeds the plan’s ~R699m absorption (a right-sizing
recommendation is made). This document does not constitute an offer of
securities.

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 CluckCore Integrated Poultry Group (Pty) Ltd.