Karoo Rabbit Protein — Appendices
Supporting appendices — the detailed cost breakdown, the assumptions register, the operational metrics, the capital-expenditure schedule, the risk register and the glossary and information sources underpinning the Karoo Rabbit Protein business plan and financial model.
Section 16 · Business Plan
Appendices
Supporting appendices — the detailed cost breakdown, the assumptions register, the operational metrics, the capital-expenditure schedule, the risk register and the glossary and information sources underpinning the Karoo Rabbit Protein business plan and financial model.
Appendix A — Detailed Cost Breakdown
Cost of Goods Sold by Component
| R million | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Live-animal offtake | 16.3 | 39.7 | 76.6 | 118 | 167 |
| Processing | 3.0 | 7.2 | 13.9 | 21.5 | 30.3 |
| Packaging | 1.6 | 4.0 | 7.6 | 11.7 | 16.6 |
| Breeding inputs | 1.4 | 2.7 | 4.5 | 6.2 | 8.0 |
| Grower-services cost | 3.0 | 7.1 | 13.9 | 21.4 | 29.5 |
| By-product cost | 0.4 | 1.0 | 1.9 | 3.0 | 4.2 |
| Total cost of goods sold | 25.7 | 61.6 | 119 | 182 | 255 |
Live-animal offtake — the contracted payment to growers — is the
dominant cost component throughout, which is the structural driver of
the blended gross margin discussed in Sections 5 and 13.
Operating Expenses by Component
| R million | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Staff | 10.0 | 14.7 | 19.8 | 25.5 | 30.4 |
| Logistics & distribution | 2.1 | 5.1 | 9.9 | 15.2 | 21.4 |
| Sales & marketing | 2.6 | 5.1 | 7.9 | 10.7 | 12.9 |
| Administration | 6.0 | 8.4 | 11.0 | 13.9 | 15.8 |
| Grower development | 3.0 | 4.2 | 5.5 | 6.9 | 8.5 |
| Research & development | 1.5 | 2.1 | 2.8 | 3.5 | 4.3 |
| Compliance & accreditation | 1.5 | 2.1 | 2.8 | 3.5 | 4.3 |
| Total operating expenses | 26.7 | 41.8 | 59.8 | 79.1 | 97.5 |
Appendix B — Assumptions Register
| Assumption | Basis / value |
|---|---|
| Planning horizon | Five years, FY2027–FY2031 |
| Inflation (cost/opex) | 5.0% per year |
| Selling-price escalation | 4.5% per year (below inflation, conservative) |
| Corporate tax rate | 27%, with assessed-loss carry-forward |
| Senior term debt | Prime + 1.5% ≈ 12.0%; 10-year tenor; 2-year capital moratorium |
| Working-capital facility | Prime + 3.0% ≈ 13.5%; revolving |
| Prime rate (assumed) | 10.50% (repo 7.00%) |
| USD / ZAR | R16.40 |
| Dressing yield | ≈54% (≈1.25 kg sellable meat per rabbit) |
| Grow-out cycle | 11–12 weeks to ≈2.2–2.5 kg |
| Feed-conversion ratio | ≈2.5–3.5 : 1 |
| Lifecycle feed per rabbit | ≈9 kg |
| Doe productivity | ≈40 marketable offspring per doe per year |
| Doe productive life | 24–36 months |
| Fresh / chilled price (FY27) | R150 per kg |
| Frozen price (FY27) | R112 per kg |
| Value-added price (FY27) | R205 per kg |
| Export price (FY27) | R122 per kg |
| Processing capacity (FY27→FY31) | 600,000 → 1,800,000 head per year |
| Contract farms (FY27→FY31) | 40 → 520 |
Appendix C — Operational Metrics
| Metric | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Rabbits processed | 185,000 | 430,000 | 790,000 | 1,160,000 | 1,560,000 |
| Processing capacity | 600,000 | 900,000 | 1,200,000 | 1,500,000 | 1,800,000 |
| Capacity utilisation | 30.8% | 47.8% | 65.8% | 77.3% | 86.7% |
| Sellable meat (tons) | 231.2 | 537.5 | 987.5 | 1450.0 | 1950.0 |
| Doe-equivalents | 3,500 | 8,000 | 15,000 | 22,000 | 30,000 |
| Contract farms | 40 | 110 | 240 | 380 | 520 |
Meat Sales Mix (% of meat revenue)
| Channel | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Fresh / chilled | 46% | 42% | 38% | 35% | 33% |
| Frozen (everyday) | 30% | 28% | 26% | 24% | 22% |
| Value-added | 18% | 22% | 25% | 27% | 29% |
| Export | 6% | 8% | 11% | 14% | 16% |
Appendix D — Capital Expenditure Schedule
Capital deployment by category and year (R million). Year 0
represents the pre-commissioning build; Years 1–5 represent expansion
and maintenance capital aligned to the production ramp.
| R million | Y0 | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Land & site works | 18.0 | – | – | – | – | – |
| Processing facility | 30.0 | 6.0 | 6.0 | 4.0 | – | – |
| Central feed mill | 14.0 | 3.0 | 5.0 | – | – | – |
| Nucleus & genetics | 14.0 | 3.0 | 3.0 | 2.0 | – | – |
| Cold chain & logistics | 10.0 | 3.0 | 4.0 | 3.0 | – | – |
| Grower network support | 7.0 | 3.0 | 4.0 | 2.0 | – | – |
| Packaging & equipment | 5.0 | 1.5 | 1.5 | – | – | – |
| IT / ERP / traceability | 4.0 | 1.0 | – | – | – | – |
| Total capital programme | 102.0 | 20.5 | 23.5 | 11.0 | 0.0 | 0.0 |
The total core build programme is approximately R157 million (Year 0
plus early expansion), with the balance of the R169 million total
comprising maintenance and expansion capital in the later years. Capital
is concentrated in the owned, defensible nodes — processing, genetics,
feed milling and cold chain.
Appendix E — Risk Register
| Risk | Likelihood | Impact | Mitigation |
|---|---|---|---|
| Consumer adoption slower than planned | Medium | High | Category education, dual-brand strategy, chef/retail partnerships, portioned formats |
| Channel / offtake failure | Low | High | Owned HACCP processing and guaranteed grower offtake |
| Disease incursion (myxomatosis / VHD) | Low | High | Controlled genetics & feed, accredited housing, veterinary oversight, movement controls |
| Grower under-performance / attrition | Medium | Medium | Training, standardised housing, extension, phased recruitment, contract terms |
| Feed-price inflation | High | Medium | Owned feed mill, conservative escalation, mix shift to higher-margin product |
| Selling-price pressure | Medium | High | Premium positioning, value-added mix, conservative price assumptions |
| Cost or schedule overrun on build | Medium | Medium | Phased capex, contingency, experienced project management |
| Funding shortfall / cost of capital | Low | High | Blended structure, capital moratorium, WC headroom, conservative gearing |
| Regulatory / accreditation delay | Medium | Medium | Dedicated compliance function; early engagement with authorities |
| Macro shock (rates, FX, fuel, feed) | High | Medium | Conservative macro assumptions, local sourcing, limited early export reliance |
| Key-person dependency | Medium | Medium | Functional depth across divisions, documented systems, succession planning |
Appendix F — Glossary & Information Sources
Glossary
| Term | Definition |
|---|---|
| B-BBEE | Broad-Based Black Economic Empowerment — South Africa’s transformation framework |
| DFI | Development Finance Institution |
| Dressing yield | Proportion of live weight recovered as sellable carcass meat |
| DSCR | Debt-Service Cover Ratio — cash available relative to debt service |
| EBITDA | Earnings before interest, tax, depreciation and amortisation |
| FCR | Feed-Conversion Ratio — feed input per unit of weight gain |
| HACCP | Hazard Analysis and Critical Control Points — food-safety management system |
| IRR | Internal Rate of Return |
| NPV | Net Present Value |
| VHD | Viral / rabbit haemorrhagic disease |
| Value-added | Processed products (e.g. sausages, paté, ready-to-cook) earning higher realisation |
Information Sources
Market and industry context in this plan draws on publicly available
research and reporting, including global rabbit-meat market studies
(industry market-research publishers), South African protein-market and
consumption data, the National Agricultural Marketing Council’s work on
the domestic rabbit-meat opportunity, draft rabbit-meat regulations
under the Meat Safety Act No. 40 of 2000, FAO guidance on rabbit
production efficiency, and current South African macroeconomic
indicators (repo and prime rates, inflation and growth forecasts).
Production parameters reflect documented South African and international
rabbit-farming benchmarks. All figures should be independently verified
by the recipient’s advisers.
Prepared by Karoo Rabbit Protein (Pty) Ltd — Strictly Private
& Confidential — June 2026
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 Rabbit Protein (Pty) Ltd.