CluckCore Integrated Poultry Group — Projected Balance Sheet
The projected balance sheet and the asset and capital-structure evolution underpinning CluckCore.
Section 20 · Business Plan
Projected Balance Sheet
The projected balance sheet and the asset and capital-structure evolution underpinning CluckCore.
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| ASSETS | |||||
| Property, plant & equipment (NBV) | 351 | 537 | 634 | 651 | 626 |
| Working capital (inventory + receivables) | 15 | 46 | 108 | 209 | 374 |
| Farmer-support advances | 4 | 11 | 27 | 59 | 108 |
| Cash and cash equivalents | 96 | 40 | 40 | 224 | 772 |
| Total assets | 466 | 634 | 809 | 1 142 | 1 880 |
| EQUITY & LIABILITIES | |||||
| Share capital | 500 | 500 | 500 | 500 | 500 |
| Retained earnings / (accumulated loss) | (35) | (16) | 111 | 443 | 1 181 |
| Total shareholder equity | 466 | 484 | 611 | 943 | 1 681 |
| Term debt (senior + IDC) | — | 112 | 112 | 112 | 112 |
| Working-capital facility | — | 38 | 86 | 86 | 86 |
| Total equity & liabilities | 466 | 634 | 809 | 1 142 | 1 880 |
The balance sheet ties to zero in every year (asserted
programmatically). PPE peaks around R650m, a modest fixed-asset base
relative to revenue, characteristic of processing versus primary
infrastructure. The rising working-capital and farmer-advance lines are
the real capital story: they, not fixed assets, absorb most of the
incremental cash as the business scales.
Working capital, not capex, is the financing challenge in poultry.
Fixed plant is modest, but every rand of revenue growth pulls cash into
feed, live-bird and finished inventory plus farmer advances, net working
capital rises from R15m to R374m and farmer advances to R108m across the
plan. This is why a committed, appropriately-sized working-capital
facility matters more than term debt here, and why the over-raise, while
capital-inefficient, does at least ensure the working-capital build is
never funding-constrained.
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.