Appendix A — Capital deployment schedule
|
Category (R m) |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Processing plants |
248 |
217 |
155 |
0 |
0 |
|
Milling facilities |
28 |
112 |
98 |
42 |
0 |
|
Storage & warehousing |
95 |
74 |
42 |
0 |
0 |
|
Export logistics infrastructure |
84 |
84 |
72 |
0 |
0 |
|
Farmer origination system |
90 |
54 |
36 |
0 |
0 |
|
Seed & coating plant |
24 |
60 |
36 |
0 |
0 |
|
Spice manufacturing facility |
0 |
36 |
36 |
18 |
0 |
|
Sustaining capex |
0 |
26 |
65 |
78 |
91 |
Appendix B — Detailed P&L and cash flow
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Revenue |
850 |
1,600 |
2,900 |
4,400 |
6,200 |
|
EBITDA |
95 |
210 |
420 |
710 |
1,050 |
|
Depreciation |
40 |
91 |
132 |
144 |
153 |
|
EBIT |
55 |
119 |
288 |
566 |
897 |
|
Interest |
32 |
83 |
104 |
97 |
69 |
|
Tax |
6 |
10 |
50 |
127 |
224 |
|
NPAT |
17 |
26 |
134 |
343 |
604 |
|
Operating cash flow |
-28 |
43 |
136 |
337 |
577 |
|
Capex |
569 |
663 |
540 |
138 |
91 |
|
Closing cash |
793 |
493 |
99 |
15 |
20 |
Appendix B2 — Revenue by stream (R m)
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Bulk Commodity Trading |
255 |
480 |
870 |
1,320 |
1,860 |
|
Processed Foods |
187 |
352 |
638 |
968 |
1,364 |
|
Milling Products |
128 |
240 |
435 |
660 |
930 |
|
Seeds & Agro Inputs |
85 |
160 |
290 |
440 |
620 |
|
Spices & Blends |
68 |
128 |
232 |
352 |
496 |
|
Popcorn & Snacks |
60 |
112 |
203 |
308 |
434 |
|
Export Services |
68 |
128 |
232 |
352 |
496 |
|
Total revenue |
850 |
1,600 |
2,900 |
4,400 |
6,200 |
Appendix C — Volume, throughput & mix
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Throughput (kt) |
121 |
229 |
414 |
629 |
886 |
|
Capacity (kt) |
300 |
600 |
850 |
1,000 |
1,050 |
|
Utilisation |
40% |
38% |
49% |
63% |
84% |
|
Revenue / tonne (R) |
7,000 |
7,000 |
7,000 |
7,000 |
7,000 |
|
Trading revenue (R m) |
255 |
480 |
870 |
1,320 |
1,860 |
|
Value-add revenue (R m) |
527 |
992 |
1,798 |
2,728 |
3,844 |
|
Contracted farmers |
3,000 |
5,500 |
8,000 |
10,000 |
12,000 |
Appendix D — Key assumptions register
|
Assumption |
Value |
|---|---|
|
Blended EBITDA margin (Y5) |
~16.9% base; 12.5–21.3% tested |
|
Exchange rate |
R18.5/US$ base; R16.5–21.5 tested |
|
Throughput / capacity (Y5) |
~890kt / 1.05Mt; ~84% utilisation |
|
Cost of debt / tax |
11.5% / 27% with 80% loss cap |
|
Working capital |
~10% of revenue (net) + seasonal revolver |
|
Dividend policy |
30% of NPAT, deferred to Year 3 |
|
Exit |
7.0x EV/EBITDA on Year-5 EBITDA |
Appendix E — Glossary
|
Term |
Definition |
|---|---|
|
Blended EBITDA margin |
Group EBITDA as a share of total revenue across trading, processing and branded streams. |
|
Value-add ladder |
The uplift in revenue per tonne as raw commodity is cleaned, milled, blended, packaged and branded. |
|
Throughput / utilisation |
Tonnes processed versus installed nameplate capacity. |
|
CFADS |
Cash flow available for debt service. |
|
DSCR |
Debt-service cover ratio — CFADS divided by scheduled debt service. |
|
Seasonal revolver |
A committed working-capital facility sized to peak inventory and receivables. |
|
AgriCOTE-style coating |
Seed-treatment/coating that adds nutrition and protection at establishment (per the AGT Foods model). |
|
MOIC |
Multiple of invested capital — total distributions divided by equity invested. |
Appendix F — Important notice
This document is strictly private and confidential. It has been prepared for the exclusive use of prospective financiers and does not constitute an offer of securities or investment advice. All projections are estimates based on stated assumptions and are subject to material risk, of which commodity-price, working-capital/liquidity and execution risk are the most significant.