Units baked per day

880

1 380

1 950

2 560

3 150

Units baked per year, thousands

269

422

597

783

964

Average price per unit, R

14.55

15.42

16.33

17.34

18.42

Gross sales

3 919

6 511

9 747

13 587

17 752

Returns

(243)

(339)

(429)

(516)

(604)

Net revenue

3 676

6 172

9 318

13 071

17 148

Ingredients and packaging

(1 518)

(2 500)

(3 699)

(5 098)

(6 550)

Gross profit

2 158

3 672

5 619

7 973

10 597

Operating costs

(1 851)

(2 871)

(4 230)

(5 774)

(7 288)

Contribution

306

802

1 388

2 199

3 309

Overhead

(594)

(738)

(950)

(1 156)

(1 390)

EBITDA

(288)

64

438

1 043

1 919

EBITDA margin

-7.8%

1.0%

4.7%

8.0%

11.2%

Prime cost

69.1%

67.6%

66.1%

64.7%

63.2%

Depreciation

(285)

(347)

(471)

(606)

(751)

Interest

(92)

(276)

(381)

(412)

(417)

Profit / (loss) after tax

(761)

(559)

(414)

25

751

Operating cash flow

(574)

(46)

330

945

1 815

Capital expenditure

(2 215)

(568)

(1 140)

(1 125)

(1 330)

Closing cash

309

497

1 322

932

772

Plant, vehicles and fit-out

1 930

2 151

2 820

3 339

3 918

Total assets

2 543

3 135

4 827

5 159

5 791

Loans outstanding

1 570

2 648

2 813

3 015

2 787

Shareholders’ funds

859

300

1 736

1 761

2 512

Gearing

64.6%

89.8%

61.8%

63.1%

52.6%

Debt service cover

n/m

0.11x

0.47x

0.94x

1.52x