CrownNut Macadamia Agri Exports Business Plan — Appendices

Appendix A — Capital expenditure schedule (R m)

	Year 1	Year 2	Year 3	Year 4	Year 5
Orchard development (bearer plants)	342	228	114	76	0
Processing & cracking facilities	72	192	144	72	0
Oil & snack plants	0	72	96	72	0
Cold storage infrastructure	64	64	32	0	0
Logistics & export systems	42	56	42	0	0
Renewable energy systems	33	44	33	0	0
Technology systems	36	27	27	0	0
Sustaining capex	0	14	42	98	126
Total cash capex	589	697	530	318	126

Appendix B — Depreciation, interest & tax (R m)

	Year 1	Year 2	Year 3	Year 4	Year 5
Depreciation (bearer + SL)	13	48	111	131	142
Gross PP&E & bearer assets	589	1,286	1,816	2,134	2,260
Accumulated depreciation	13	60	171	302	444
Interest expense	35	91	118	114	90
Debt (closing)	600	980	1,075	915	655
Taxation	11	20	60	149	278

Appendix C — Orchard ramp & production

	Year 1	Year 2	Year 3	Year 4	Year 5
Bearing hectares	1,000	2,100	3,500	4,900	6,200
Yield factor (of mature)	25%	38%	55%	72%	88%
Macadamia output (t)	800	2,554	6,160	11,290	17,459
Macadamia export revenue (R m)	250	470	835	1,368	1,958
Revenue per hectare (R)	520,000	466,667	497,143	581,633	658,065

Appendix D — Key ratios

	Year 1	Year 2	Year 3	Year 4	Year 5
EBITDA margin	16.9%	21.6%	26.0%	27.9%	30.9%
EBIT margin	14.5%	16.8%	19.6%	23.3%	27.4%
Net margin	5.7%	5.5%	9.4%	14.1%	18.4%
ROCE	3.5%	6.0%	11.2%	20.7%	31.3%
DSCR (x)	2.23x	2.12x	1.76x	2.00x	2.45x
Interest cover (x)	2.2x	1.8x	2.9x	5.8x	12.4x
Net debt / EBITDA (x)	-3.64x	1.62x	1.69x	1.05x	0.38x

Appendix E — Assumptions register

Assumption	Value / basis
Kernel price (base / range)	US$13.50/kg base; US$9–17.5/kg tested
Rand / US dollar	R18.5 per US$
Orchard footprint / mature yield	6,200 ha / ~3.2 t/ha DIS; ~312 trees/ha
Bearing ramp	900 ha (Y1) to 6,200 ha (Y5); phased vintages
Debt : equity	55 : 45 (R1,320m : R1,080m)
Cost of debt / tenor	11.5%; grace on principal Yrs 1–2
Tax	27% with 80% assessed-loss set-off cap
Depreciation	Bearer plants over 20 yrs from bearing; plant by vintage
Working capital / dividends	14% of revenue; 30% NPAT, deferred to Yr 3
Exit	7.5x EV/EBITDA on Year-5 EBITDA

Appendix F — Glossary

Term	Definition
Bearer plant	A living plant (here, an macadamia tree) cultivated to bear produce over multiple periods; capitalised and depreciated once bearing.
CFADS	Cash flow available for debt service.
DSCR	Debt-service cover ratio — CFADS divided by debt service.
DFI	Development finance institution (e.g. IDC, Land Bank, DBSA, AfDB).
FOB	Free on board — the export price at the port of loading.
Beaumont (695)	The most widely planted SA macadamia cultivar, valued for yield and reliability.
GlobalG.A.P.	Global standard for good agricultural practice; a baseline export certification.
J-curve	The delayed-yield profile of a perennial crop — low early output rising to a mature plateau.
SKR / crack-out	Sound kernel recovery — the share of nut-in-shell weight recovered as saleable kernel (~33%).
ROCE	Return on capital employed — NOPAT divided by capital employed.

Appendix G — Integrated five-year financial summary (R m)

The condensed statement below draws the projection together on a single page, the profit and loss, balance sheet and cash flow reconciled and tying in every year.

Line item (R m)	Year 1	Year 2	Year 3	Year 4	Year 5
INCOME STATEMENT
Revenue	520	980	1,740	2,850	4,080
EBITDA	88	212	452	796	1,260
Depreciation	-13	-48	-111	-131	-142
Net interest	-35	-91	-118	-114	-90
Taxation	-11	-20	-60	-149	-278
Net profit after tax	30	54	163	402	750
BALANCE SHEET
Net PP&E & bearer assets	576	1,226	1,645	1,832	1,816
Cash	920	636	311	80	176
Total assets	1,575	2,008	2,217	2,339	2,604
Total equity	975	1,028	1,142	1,424	1,949
Senior debt	600	980	1,075	915	655
CASH FLOW
Operating	-36	32	160	367	708
Investing	-589	-697	-530	-318	-126
Financing	1,545	380	46	-280	-485
Closing cash	920	636	311	80	176

This document is strictly private and confidential. It has been prepared for the exclusive use of prospective financiers and does not constitute an offer of securities or investment advice. All projections are estimates based on stated assumptions and are subject to material risk, of which macadamia-price, climatic and execution risk are the most significant.