Revenue by product stream (R m)
|
Stream |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Free-range whole chicken |
42.9 |
100.1 |
171.7 |
248.0 |
318.2 |
|
Chicken portions |
15.6 |
36.4 |
63.6 |
93.6 |
122.4 |
|
Value-added products |
9.4 |
21.8 |
41.3 |
65.5 |
91.8 |
|
Premium eggs |
3.9 |
9.1 |
15.9 |
23.4 |
30.6 |
|
By-products |
3.1 |
7.3 |
12.7 |
18.7 |
24.5 |
|
Organic fertiliser |
3.1 |
7.3 |
12.7 |
18.7 |
24.5 |
|
Total revenue |
78 |
182 |
318 |
468 |
612 |
Operating & bird KPIs
|
Metric |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Birds produced (millions) |
0.4 |
0.9 |
1.5 |
2.2 |
2.8 |
|
Capacity utilisation |
14.0% |
32.0% |
54.0% |
79.0% |
100.0% |
|
Revenue per bird (ZAR) |
195 |
202 |
212 |
213 |
219 |
|
Feed as % of cost |
70.0% |
68.0% |
66.0% |
65.0% |
64.0% |
|
Total headcount |
90 |
147 |
216 |
285 |
346 |
Cash flow & balance sheet summary (R m)
|
Metric |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Operating cash flow |
0.9 |
20.4 |
37.7 |
62.8 |
93.5 |
|
Free cash flow (pre-financing) |
0.9 |
(1.6) |
19.7 |
54.8 |
87.5 |
|
Closing cash |
8.0 |
8.0 |
16.6 |
55.6 |
127.2 |
|
Net PP&E |
142 |
153 |
159 |
154 |
148 |
|
Agri term debt |
85 |
88 |
89 |
85 |
79 |
|
Total equity |
74.8 |
96.2 |
127.7 |
186.2 |
274.9 |
Profit reconciliation: sponsor vs re-derived (R m)
|
Line |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
EBITDA (preserved) |
11 |
35 |
67 |
104 |
145 |
|
Less depreciation |
(9.3) |
(10.8) |
(12.0) |
(12.5) |
(12.9) |
|
Less interest |
(10.2) |
(11.8) |
(11.9) |
(11.3) |
(10.6) |
|
Less tax |
0.0 |
(1.1) |
(11.6) |
(21.7) |
(32.8) |
|
Net profit (re-derived) |
(8.5) |
11.4 |
31.5 |
58.6 |
88.7 |
|
Net profit (sponsor illustrative) |
5 |
19 |
41 |
67 |
95 |