Appendix A — Revenue by stream (R m)
|
Stream |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Retail (branded) |
R225 |
R246 |
R263 |
R288 |
R310 |
|
Food service |
R85 |
R95 |
R103 |
R112 |
R122 |
|
Private label |
R75 |
R81 |
R88 |
R95 |
R102 |
|
Export (SADC) |
R50 |
R62 |
R82 |
R102 |
R126 |
|
Value-added / functional |
R65 |
R76 |
R91 |
R105 |
R126 |
|
Total revenue |
R500 |
R560 |
R627 |
R702 |
R786 |
Appendix B — Full income statement (R m)
|
Line item |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Revenue |
R500 |
R560 |
R627 |
R702 |
R786 |
|
COGS |
(R350) |
(R386) |
(R426) |
(R470) |
(R522) |
|
Gross profit |
R150 |
R174 |
R201 |
R232 |
R264 |
|
Operating expenses |
(R60) |
(R68) |
(R76) |
(R85) |
(R91) |
|
EBITDA |
R90 |
R106 |
R125 |
R147 |
R173 |
|
Depreciation |
(R28) |
(R32) |
(R36) |
(R39) |
(R41) |
|
EBIT |
R62 |
R74 |
R89 |
R108 |
R132 |
|
Interest — term |
(R15) |
(R13) |
(R10) |
(R8) |
(R6) |
|
Interest — revolver |
R0 |
R0 |
R0 |
R0 |
R0 |
|
Interest income |
R3 |
R2 |
R2 |
R2 |
R4 |
|
Profit before tax |
R50 |
R64 |
R80 |
R102 |
R130 |
|
Tax |
(R14) |
(R17) |
(R22) |
(R28) |
(R35) |
|
Net profit |
R37 |
R47 |
R59 |
R75 |
R95 |
Appendix C — Full balance sheet (R m)
|
Line item |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Net PP&E |
R267 |
R291 |
R303 |
R299 |
R292 |
|
Inventory |
R21 |
R23 |
R26 |
R28 |
R31 |
|
Receivables |
R47 |
R52 |
R58 |
R65 |
R73 |
|
Cash |
R41 |
R31 |
R38 |
R67 |
R112 |
|
Total assets |
R376 |
R397 |
R425 |
R460 |
R509 |
|
Payables |
R27 |
R30 |
R33 |
R36 |
R40 |
|
Term debt |
R111 |
R93 |
R74 |
R56 |
R37 |
|
Revolver |
R0 |
R0 |
R0 |
R0 |
R0 |
|
Deferred tax |
R16 |
R18 |
R20 |
R22 |
R24 |
|
Equity |
R222 |
R257 |
R298 |
R346 |
R408 |
|
Total E & L |
R376 |
R397 |
R425 |
R460 |
R509 |
Appendix D — Full cash-flow statement (R m)
|
Line item |
FY2026 |
FY2027 |
FY2028 |
FY2029 |
FY2030 |
|---|---|---|---|---|---|
|
Operating cash flow |
R65 |
R76 |
R91 |
R109 |
R131 |
|
Investing cash flow |
(R60) |
(R56) |
(R48) |
(R35) |
(R34) |
|
Financing cash flow |
(R19) |
(R30) |
(R36) |
(R45) |
(R52) |
|
Net change in cash |
(R14) |
(R11) |
R7 |
R30 |
R45 |
|
Closing cash |
R41 |
R31 |
R38 |
R67 |
R112 |
Appendix E — Detailed modelling assumptions
|
Parameter |
Value / basis |
|---|---|
|
Projection horizon |
FY2026–FY2030 (5 years), financial year ending 31 December |
|
Currency |
South African Rand (ZAR), R million unless stated |
|
Revenue growth |
12.0% p.a. (sponsor operating case, preserved) |
|
EBITDA margin |
18.0% → 22.0% (sponsor case, preserved) |
|
Gross margin |
30.0% → 33.6% (mix-driven) |
|
Opening net PP&E |
R235m (pro-forma at close) |
|
Depreciation |
R28m → R41m p.a. (componentised roll-forward) |
|
Growth capex |
R45m, R40m, R30m, R15m, R12m (FY26–FY30) |
|
Maintenance capex |
~3% of revenue (R15m → R22m) |
|
Senior term loan |
R130m, 7-yr straight-line, 12.5% (prime +2.0%) |
|
Revolving facility |
13.0% (prime +2.5%), R25m cash floor trigger |
|
Interest on cash |
6.0% p.a. on surplus balances / DSRA |
|
Corporate tax |
27% with assessed-loss carry-forward |
|
DSO / DIO / DPO |
34 / 22 / 28 days (~28-day cash cycle) |
|
Dividend policy |
0% → 35% payout, gated at DSCR > 1.50x |
|
Entry valuation |
~6.6x EV/EBITDA; R520m pre-money equity |
|
Exit assumption |
7.0x EV/EBITDA (base); flat multiple (conservative) |
|
DSRA |
R15m ring-fenced |
Table 15.1 Full assumptions register.
Appendix F — Glossary
|
Term |
Definition |
|---|---|
|
CFADS |
Cash Flow Available for Debt Service |
|
DSCR |
Debt-Service Coverage Ratio (CFADS / debt service) |
|
DSRA |
Debt-Service Reserve Account |
|
EBITDA |
Earnings Before Interest, Tax, Depreciation & Amortisation |
|
EV |
Enterprise Value |
|
GVP |
Gross Value of Production (farm-gate) |
|
IRR / MOIC |
Internal Rate of Return / Multiple On Invested Capital |
|
HACCP |
Hazard Analysis & Critical Control Points |
|
SADC |
Southern African Development Community |
|
SAM / SOM / TAM |
Serviceable / Obtainable / Total Addressable Market |
NoteModel integrity statement
All figures in this Document derive from a single integrated three-statement model. The balance sheet reconciles to zero in every projection year; interest, tax and depreciation are internally consistent across the income statement, balance sheet and cash-flow statement. Sponsor revenue and EBITDA are preserved exactly; all other lines are independently derived.
— End of Business Plan —