Lichtenburg Nut Company Business Plan — Appendix C: Glossary and Sources

Glossary of processing, aflatoxin and financial terms, with the sources relied on throughout.

Section 37 of 37

Appendix C: Glossary and Sources

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Glossary

Table 85. Glossary

Term	Definition
Aflatoxin	A group of toxins produced by Aspergillus fungi on crops including groundnuts, maize and tree nuts. Chronic exposure is associated with liver damage.
APSS	Agro-Processing Support Scheme, a cost-sharing grant administered by the Department of Trade, Industry and Competition, offering 20% to 30% of qualifying investment capped at R20 million, with a possible additional 10%.
CFADS	Cash available for debt service: EBITDA less taxation paid and working capital movement.
DSCR	Debt service cover ratio: cash available for debt service divided by principal plus interest.
EBITDA	Earnings before interest, taxation, depreciation and amortisation.
FSSC 22000	A food safety system certification scheme recognised by the Global Food Safety Initiative and generally required by South African national retailers.
HPLC	High-performance liquid chromatography, the reference method for quantifying aflatoxin.
In-shell	Groundnuts as harvested, before shelling. Kernel recovery from in-shell is approximately 70%.
ITAC	International Trade Administration Commission of South Africa.
MOIC	Multiple of invested capital: total proceeds divided by capital invested.
Nameplate capacity	The design output of the plant at the stated shift pattern and availability assumption.
NOPAT	Net operating profit after tax: EBIT multiplied by one less the tax rate.
ppb	Parts per billion. Regulation R.1145 sets a 10 ppb ceiling for aflatoxin in peanut butter.
ROIC	Return on invested capital: NOPAT divided by average net property, plant and equipment plus net working capital.
R.1145	The South African regulation governing tolerance for fungus-produced toxins in foodstuffs.
Section 12C	A South African income tax allowance permitting 40/20/20/20 write-off of new manufacturing plant and machinery.
WACC	Weighted average cost of capital.

Principal sources

Tiger Brands media release and coverage of the Chamdor peanut butter facility opening, April 2024, for category value, Black Cat volume and plant investment scale.
Crop Estimates Committee and Crop Estimates Liaison Committee releases, and Department of Agriculture Crops and Markets, for groundnut production, area planted, yield and provincial distribution.
International Trade Administration Commission determination and associated legal commentary on the increase in the customs duty on peanut butter to 20% ad valorem, gazetted 24 July 2026, and the self-initiated investigation into a temporary rebate on imported groundnuts.
National Consumer Commission recall notices and media statements relating to peanut butter recalls in 2024 and February 2026, and the associated administrative penalty.
South African Reserve Bank Monetary Policy Committee statements for the repo rate, prime rate and inflation forecasts.
Department of Trade, Industry and Competition published guidelines for the Agro-Processing Support Scheme.
Published annual results of listed South African food manufacturers, used only as indicative margin reference points.

All financial projections in this document are outputs of the company’s integrated financial model and are the responsibility of the preparers. Market data attributed to third parties has been used as a basis for estimation; the estimates themselves are the preparers’ own.