A.1 Revenue by division (R millions)
|
Division |
Y1 |
Y2 |
Y3 |
Y4 |
Y5 |
|---|---|---|---|---|---|
|
Cosmetic-grade marula oil (B2B) |
7.5 |
13.0 |
21.8 |
33.0 |
47.1 |
|
Luxury skincare (Skin™) |
4.4 |
10.1 |
21.8 |
40.9 |
67.7 |
|
Wellness & nutraceuticals |
2.0 |
4.6 |
10.1 |
19.8 |
32.8 |
|
Gourmet foods |
2.9 |
5.0 |
8.6 |
13.2 |
18.4 |
|
Functional beverages |
1.8 |
3.8 |
7.8 |
14.5 |
24.6 |
|
B2B botanical ingredients |
3.5 |
5.5 |
7.8 |
10.6 |
14.3 |
A.2 Margin & return summary (%)
|
Metric |
Y1 |
Y2 |
Y3 |
Y4 |
Y5 |
|---|---|---|---|---|---|
|
Gross margin |
45.0% |
48.5% |
51.5% |
53.5% |
55.0% |
|
EBITDA margin |
21.8% |
26.2% |
30.8% |
32.6% |
35.6% |
|
Net margin |
(4.1%) |
8.0% |
15.4% |
19.0% |
22.9% |
|
Return on equity |
(2.0%) |
7.1% |
20.2% |
29.6% |
35.7% |
|
Return on invested capital |
1.8% |
7.5% |
17.3% |
27.3% |
34.3% |
|
DSCR (×) |
1.9× |
1.8× |
3.4× |
6.3× |
12.5× |
A.3 Debt & revolver schedule (R millions)
|
Item |
Y1 |
Y2 |
Y3 |
Y4 |
Y5 |
|---|---|---|---|---|---|
|
Term debt — opening |
20.0 |
20.0 |
17.1 |
14.3 |
11.4 |
|
Term interest |
2.5 |
2.5 |
2.1 |
1.8 |
1.4 |
|
Term principal repaid |
0.0 |
2.9 |
2.9 |
2.9 |
2.9 |
|
Term debt — closing |
20.0 |
17.1 |
14.3 |
11.4 |
8.6 |
|
Revolver drawn (closing) |
0.0 |
3.9 |
8.4 |
2.5 |
0.0 |
|
Revolver interest |
0.0 |
0.3 |
0.8 |
0.7 |
0.2 |
A.4 Cost structure — Year 5
A.5 Milestone & KPI dashboard
|
KPI |
Year 1 target |
Year 3 target |
Year 5 target |
|---|---|---|---|
|
Revenue |
R22m |
R78m |
R205m |
|
EBITDA margin |
21.8% |
30.8% |
35.6% |
|
Fruit processed |
6,000 t |
14,000 t |
20,000 t |
|
Oil plant utilisation |
38% |
72% |
95% |
|
Permanent employees |
125 |
245 |
350 |
|
Seasonal harvesters |
3,500 |
7,000 |
10,000 |
|
Export share of revenue |
10% |
30% |
45% |
|
DSCR |
1.9× |
3.4× |
12.5× |
A.6 Indicative Year-1 quarterly cash view (R millions)
|
Item |
Q1 |
Q2 |
Q3 |
Q4 |
FY1 |
|---|---|---|---|---|---|
|
Revenue |
3.5 |
4.8 |
6.2 |
7.5 |
22.0 |
|
Operating cash flow |
1.2 |
0.9 |
1.6 |
2.4 |
6.1 |
|
Fruit purchase (seasonal) |
(4.5) |
(1.0) |
(0.5) |
(0.5) |
(6.5) |
|
Closing cash |
10.7 |
10.6 |
11.7 |
11.2 |
11.2 |
NoteQuarterly figures are indicative
The quarterly split illustrates the intra-year seasonality of the fruit purchase and revenue ramp; the audited model is annual. The concentration of fruit purchasing in the harvest quarter is the operational reason the revolving facility is drawn early in each cycle.
A.4b Integrated five-year summary (R millions)
|
Line |
Y1 |
Y2 |
Y3 |
Y4 |
Y5 |
|---|---|---|---|---|---|
|
Revenue |
22.0 |
42.0 |
78.0 |
132.0 |
205.0 |
|
EBITDA |
4.8 |
11.0 |
24.0 |
43.0 |
73.0 |
|
EBIT |
1.6 |
7.0 |
19.4 |
36.8 |
65.8 |
|
Net profit |
(0.9) |
3.4 |
12.1 |
25.0 |
46.9 |
|
Operating cash flow |
(2.8) |
2.7 |
8.3 |
18.8 |
37.3 |
|
Capital expenditure |
0.0 |
(12.0) |
(10.0) |
(10.0) |
(8.0) |
|
Closing cash |
11.2 |
3.0 |
3.0 |
3.0 |
27.0 |
|
Total assets |
66.3 |
72.7 |
90.0 |
111.6 |
160.5 |
|
Total equity |
44.1 |
47.5 |
59.5 |
84.6 |
131.4 |
|
Net working capital |
5.1 |
9.7 |
17.9 |
30.4 |
47.1 |