CluckCore Integrated Poultry Group — Projected Cash Flow Statement
The projected cash-flow statement and the liquidity and funding profile underpinning CluckCore.
Section 21 · Business Plan
Projected Cash Flow Statement
The projected cash-flow statement and the liquidity and funding profile underpinning CluckCore.
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| EBITDA | (20) | 65 | 240 | 540 | 1 100 |
| Net finance costs paid | — | (8) | (20) | (23) | (23) |
| Taxation paid | — | — | (41) | (123) | (273) |
| Working-capital movement | (15) | (31) | (62) | (101) | (165) |
| Farmer-advance movement | (4) | (7) | (16) | (32) | (50) |
| Operating cash flow | (39) | 19 | 102 | 262 | 590 |
| Capital expenditure | (365) | (225) | (150) | (78) | (42) |
| Equity raised | 500 | — | — | — | — |
| Term-debt drawdown | — | 112 | — | — | — |
| Working-capital facility draw | — | 38 | 48 | — | — |
| Net movement in cash | 96 | (56) | -0 | 184 | 548 |
| Closing cash balance | 96 | 40 | 40 | 224 | 772 |
Unlike a capital-intensive infrastructure build, CluckCore becomes
self-funding from operations by FY2030: operating cash
flow covers capex, working-capital growth and farmer advances, and cash
accumulates thereafter. This is the attractive side of a processing
business; modest fixed capex and a fast cash cycle mean the plan does
not depend on continuous external funding once established. The flip
side is that the terminal cash pile (R772m by FY2031) partly reflects
the over-raise; a right-sized structure would return that capital to
shareholders sooner and lift the return on invested capital.
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.