CluckCore Integrated Poultry Group — Projected Profit & Loss Statement
The projected profit and loss statement and the revenue, cost and profitability trajectory underpinning CluckCore.
Section 19 · Business Plan
Projected Profit & Loss Statement
The projected profit and loss statement and the revenue, cost and profitability trajectory underpinning CluckCore.
| R million | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Revenue | 140 | 420 | 980 | 1 900 | 3 400 |
| Operating expenses | (160) | (355) | (740) | (1 360) | (2 300) |
| EBITDA | (20) | 65 | 240 | 540 | 1 100 |
| Depreciation | (15) | (38) | (53) | (62) | (67) |
| Net finance costs | — | (8) | (20) | (23) | (23) |
| Profit / (loss) before tax | (35) | 19 | 167 | 455 | 1 011 |
| Taxation (27%) | — | — | (41) | (123) | (273) |
| Net profit / (loss) after tax | (35) | 19 | 126 | 332 | 738 |
| Key ratios | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| EBITDA margin | -14.3% | 15.5% | 24.5% | 28.4% | 32.4% |
| Revenue per kg (R) | 67 | 84 | 98 | 104 | 102 |
| Capacity utilisation | 65% | 72% | 78% | 82% | 85% |
| Feed % of opex | 62% | 63% | 64% | 65% | 66% |
| Return on equity | -7.4% | 3.8% | 20.7% | 35.3% | 43.9% |
| Return on capital employed | -5.4% | 10.9% | 31.2% | 58.8% | 99.3% |
Figure 11
Figure 12
Reading the P&L honestly
- A short, shallow J-curve. The Company loses
R34.5m at the net level in FY2027 (a start-up year), then turns
net-profit-positive from FY2028, a far shorter loss period than a
capital-heavy infrastructure build, reflecting the lower fixed-asset
base and faster cash cycle of processing. - Margins are the story, and the risk. The EBITDA
margin climbing to 32.4% drives everything below it. Held against the
industry’s 4–12% band, this is the plan’s boldest assumption. If margins
normalise toward 12%, FY2031 EBITDA falls from R1,100m to roughly R408m,
still a real business, but a very different return (Section
23). - Low leverage, high coverage. Because the raise
over-funds the plan, interest cover runs from ~8x to ~48x and net debt
turns to net cash by FY2030, comfortable, but a symptom of the
over-raise rather than of conservative operating performance.
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.