Hectares under production

8.0

14.5

24.0

34.5

45.0

of which tunnels

1.0

1.5

2.5

3.5

4.5

Tonnes produced

401

802

1 511

2 303

3 188

Share via market agents

86.0%

80.0%

72.0%

64.0%

58.0%

Market-equivalent value

2 268

4 604

9 156

14 678

21 401

Direct-channel premium

19

65

205

475

898

Gross sales value

2 287

4 669

9 361

15 153

22 299

Commission and agent levy

(234)

(442)

(791)

(1 127)

(1 489)

Net revenue

2 053

4 227

8 570

14 026

20 810

Direct production costs

(1 313)

(2 730)

(5 260)

(8 372)

(12 091)

Gross margin

740

1 497

3 311

5 654

8 719

Gross margin per hectare, R’000

92.5

103.2

138.0

163.9

193.8

Fixed costs

(1 130)

(1 922)

(2 982)

(4 112)

(5 298)

EBITDA

(390)

(425)

329

1 542

3 421

EBITDA margin

-19.0%

-10.1%

3.8%

11.0%

16.4%

Depreciation

(341)

(455)

(673)

(876)

(1 088)

Interest

(82)

(300)

(485)

(582)

(659)

Taxation

—

—

—

—

(90)

Profit / (loss) after tax

(813)

(1 180)

(829)

84

1 584

Operating cash flow

(600)

(638)

(63)

1 078

2 794

Capital expenditure

(3 670)

(1 105)

(2 240)

(2 010)

(2 080)

Closing cash

588

881

1 537

1 045

1 384

Infrastructure and equipment

3 329

3 979

5 546

6 680

7 672

Total assets

4 245

5 529

8 371

9 757

11 960

Loans outstanding

1 590

3 926

5 270

6 292

6 576

Owner’s funds

2 537

1 357

2 628

2 712

4 296

Gearing

38.5%

74.3%

66.7%

69.9%

60.5%

Debt service cover

n/m

n/m

0.28x

1.06x

1.93x

Break-even area, hectares

12.2

18.6

21.6

25.1

27.3