Karoo Crown Beef Group — Projected Profit & Loss Statement
The projected profit and loss over the plan horizon — revenue, cost of sales, operating costs, EBITDA, finance costs and net profit, with the margin trajectory.
Section 14 · Business Plan
Projected Profit & Loss Statement
The projected profit and loss over the plan horizon — revenue, cost of sales, operating costs, EBITDA, finance costs and net profit, with the margin trajectory.
The five-year projected income statement is presented below. All
values are in ZAR millions. Year 1 reflects partial-year revenue
(operations commence Month 26 from financial close, so Year 1 is
approximately 6 months of trading); Year 5 represents full-throughput
steady state at 50,000 head/year. Inter-segment eliminations have been
applied within the consolidated revenue line.
| P&L line (ZAR millions) | Y1 2026 | Y2 2027 | Y3 2028 | Y4 2029 | Y5 2030 |
|---|---|---|---|---|---|
| REVENUE | |||||
| EU/UK chilled premium | 98 | 224 | 378 | 562 | 707 |
| GCC halal premium | 112 | 201 | 307 | 438 | 521 |
| Asia premium chilled | 18 | 44 | 94 | 172 | 223 |
| Premium domestic retail | 72 | 143 | 212 | 188 | 223 |
| Foodservice & HoReCa | 56 | 98 | 142 | 144 | 149 |
| By-products & other | 29 | 32 | 47 | 61 | 37 |
| Total Revenue | 385 | 742 | 1,180 | 1,565 | 1,860 |
| COST OF GOODS SOLD | |||||
| Cattle procurement | (232) | (431) | (637) | (823) | (958) |
| Feed & feedlot inputs | (52) | (96) | (142) | (180) | (211) |
| Slaughter direct labour | (28) | (52) | (78) | (98) | (108) |
| Energy & utilities | (22) | (38) | (52) | (64) | (72) |
| Packaging & consumables | (18) | (35) | (56) | (74) | (88) |
| Other direct costs | (14) | (25) | (38) | (48) | (56) |
| Total COGS | (366) | (677) | (1,003) | (1,287) | (1,493) |
| Gross Profit | 19 | 65 | 177 | 278 | 367 |
| Gross margin % | 4.9% | 8.8% | 15.0% | 17.8% | 19.7% |
| OPERATING EXPENSES | |||||
| Indirect labour & administration | (22) | (34) | (42) | (48) | (52) |
| Logistics & cold chain | (16) | (28) | (42) | (54) | (62) |
| Sales & marketing | (18) | (32) | (42) | (48) | (52) |
| Regulatory, QA, certification | (8) | (12) | (16) | (18) | (20) |
| IT, traceability, professional services | (6) | (9) | (12) | (13) | (14) |
| Other opex | (4) | (7) | (10) | (11) | (12) |
| Total Operating Expenses | (74) | (122) | (164) | (192) | (212) |
| EBITDA | (38) | 89 | 218 | 344 | 446 |
| EBITDA margin % | (9.9)% | 12.0% | 18.5% | 22.0% | 24.0% |
| Depreciation & Amortisation | (58) | (64) | (68) | (72) | (75) |
| EBIT | (96) | 25 | 150 | 272 | 371 |
| Finance costs (net) | (38) | (42) | (42) | (40) | (36) |
| Profit Before Tax | (134) | (17) | 108 | 232 | 335 |
| Tax expense | 0 | 0 | (29) | (63) | (87) |
| Net Profit After Tax | (134) | (17) | 79 | 169 | 248 |
| NPAT margin % | (34.8)% | (2.3)% | 6.7% | 10.8% | 13.3% |
Key observations: (i) gross margin scales from 4.9% in Year 1 to
19.7% in Year 5, driven primarily by improved capacity utilisation,
channel mix shift to higher-margin export, and procurement scale
efficiency; (ii) EBITDA crosses to positive in Year 2 and reaches
industry-best 24.0% by Year 5; (iii) the Group is tax-paying from Year
3, with tax-loss carry-forward applied in Years 1 and 2; and (iv) net
profit reaches ZAR 248m by Year 5, supporting both planned dividend
distribution and balance-sheet strengthening.
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 Karoo Crown Beef Group (Pty) Ltd.