Capital expenditure register (R m)
|
Category |
Amount |
Treatment / life |
|---|---|---|
|
Land |
18 |
Not depreciated |
|
Poultry houses |
52 |
Depreciated 20 years |
|
Hatchery |
15 |
Depreciated 15 years |
|
Processing plant |
36 |
Depreciated 12 years |
|
Cold storage |
10 |
Depreciated 15 years |
|
Vehicles |
9 |
Depreciated 6 years |
|
Solar plant |
11 |
Depreciated 20 years |
|
Working capital |
14 |
Funds first production cycles |
|
Total |
165 |
Assumptions register
|
Parameter |
Value / treatment |
|---|---|
|
Repo / prime rate |
7.0% / 10.5% (SARB, mid-2026) |
|
Agri term-debt rate |
12.0% (prime + 150bps), secured; ~10-yr amortising |
|
Corporate tax |
27%, assessed losses carried forward |
|
Funding |
R85m debt + R80m equity; ~R13m follow-on equity |
|
Depreciation |
Component; houses 20-yr, hatchery 15-yr, processing 12-yr, cold storage 15-yr, vehicles 6-yr, solar 20-yr |
|
Working capital |
13% of revenue (feed & live-bird inventory + receivables) |
|
Production ramp |
0.4m → 0.9m → 1.5m → 2.2m → 2.8m birds |
|
Exit multiple |
6×–8× EV/EBITDA (integrated agri / food) |