GrainCore — Projected Income Statement (Profit & Loss)
The projected income statement, the revenue, gross-profit, EBITDA and net-profit trajectory underpinning GrainCore.
Section 16 · Business Plan
Projected Income Statement (Profit & Loss)
The projected income statement, the revenue, gross-profit, EBITDA and net-profit trajectory underpinning GrainCore.
The projected income statement below presents the full five-year
profit-and-loss trajectory. Margins are consistent with industry norms:
gross margins of 33–42% and EBITDA margins stabilising around 21% once
both milling lines are operating at scale. Year 1 shows a higher gross
margin because only the higher-margin maize line is operating; the
blended margin normalises as the lower-margin (but high-volume) wheat
line ramps.
| Income statement (R’m) | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Revenue | 861 | 1,757 | 2,291 | 2,713 | 2,956 |
| Cost of sales — grain | (426) | (989) | (1,306) | (1,555) | (1,700) |
| Cost of sales — other direct | (78) | (158) | (206) | (244) | (266) |
| Gross profit | 358 | 610 | 779 | 914 | 990 |
| Gross margin | 41.6% | 34.7% | 34.0% | 33.7% | 33.5% |
| Staff costs | (38) | (46) | (52) | (56) | (60) |
| Logistics & distribution | (47) | (97) | (126) | (149) | (163) |
| Marketing | (16) | (32) | (41) | (49) | (53) |
| Administration & overheads | (22) | (26) | (29) | (31) | (33) |
| Maintenance | (10) | (21) | (27) | (33) | (35) |
| Fixed utilities | (14) | (17) | (19) | (20) | (22) |
| EBITDA | 211 | 371 | 484 | 576 | 624 |
| EBITDA margin | 24.5% | 21.1% | 21.1% | 21.2% | 21.1% |
| Depreciation | (46) | (46) | (46) | (46) | (46) |
| EBIT | 165 | 325 | 438 | 529 | 578 |
| Net interest | (49) | (49) | (39) | (26) | (14) |
| Profit before tax | 116 | 276 | 400 | 503 | 564 |
| Taxation (27%) | (31) | (74) | (108) | (136) | (152) |
| Net profit after tax | 84 | 201 | 292 | 367 | 412 |
| Net margin | 9.8% | 11.5% | 12.7% | 13.5% | 13.9% |
Table 16.1 — Projected income statement, Years 1–5. Figures
rounded to R’m; parentheses denote deductions.
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 GrainCore Milling & Foods (Pty) Ltd.