SunVale Citrus Global Business Plan — Appendices

Appendix A — Revenue by stream (R m)

Stream	Year 1	Year 2	Year 3	Year 4	Year 5
Fresh citrus exports	1,664	2,050	2,592	3,128	3,564
Juice concentrate	768	1,015	1,377	1,785	2,187
Citrus derivatives & oils	320	451	648	884	1,134
Industrial ingredients	256	338	459	595	729
By-products & feed	192	246	324	408	486
Total revenue	3,200	4,100	5,400	6,800	8,100

Appendix B — Full income statement (R m)

Line item	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	3,200	4,100	5,400	6,800	8,100
Cost of sales	(1,984)	(2,460)	(3,132)	(3,876)	(4,536)
Gross profit	1,216	1,640	2,268	2,924	3,564
Operating expenses	(640)	(820)	(1,026)	(1,292)	(1,539)
EBITDA	576	820	1,242	1,632	2,025
Depreciation	(216)	(281)	(324)	(330)	(318)
EBIT	361	539	918	1,302	1,707
Interest — senior	(0)	(74)	(139)	(176)	(154)
Interest — quasi-equity	(16)	(16)	(16)	(16)	(16)
Interest — other / existing	(55)	(46)	(38)	(32)	(27)
Interest income	64	55	48	28	20
Profit before tax	354	458	773	1,106	1,530
Tax	(95)	(124)	(209)	(299)	(413)
Net profit	258	334	565	807	1,117

Appendix C — Full balance sheet (R m)

Line item	Year 1	Year 2	Year 3	Year 4	Year 5
Net PP&E	3,649	4,500	4,884	4,690	4,534
Inventory	261	324	412	510	597
Receivables	482	618	814	1,025	1,221
Cash	1,209	1,076	669	519	549
Total assets	5,601	6,517	6,779	6,743	6,900
Payables	207	256	326	404	472
Senior debt	672	1,260	1,600	1,400	1,200
Existing debt	417	347	289	241	201
Quasi-equity	400	400	400	400	400
Deferred tax	11	25	41	58	74
Equity	3,895	4,229	4,122	4,241	4,554
Total equity & liabilities	5,601	6,517	6,779	6,743	6,900
Balance check	0.00	0.00	0.00	0.00	0.00

Appendix D — Full cash-flow statement (R m)

Line item	Year 1	Year 2	Year 3	Year 4	Year 5
Operating cash flow	484	481	690	922	1,237
Investing cash flow	(1,264)	(1,132)	(708)	(136)	(162)
Financing cash flow	589	519	(389)	(937)	(1,044)
Net change in cash	(191)	(133)	(407)	(151)	31
Closing cash	1,209	1,076	669	519	549

Appendix E — Coverage & leverage (R m)

Metric	Year 1	Year 2	Year 3	Year 4	Year 5
CFADS	417	614	925	1,198	1,450
Senior debt service	0	74	139	376	354
Senior DSCR	grace	8.31x	6.68x	3.18x	4.10x
Total debt	1,089	1,607	1,889	1,641	1,401
Gross debt / EBITDA	1.89x	1.96x	1.52x	1.01x	0.69x
Gearing (%)	21.8%	27.5%	31.4%	27.9%	23.5%

Appendix F — Glossary

Term	Definition
CFADS	Cash Flow Available for Debt Service
DSCR	Debt-Service Coverage Ratio (CFADS / senior debt service)
DSRA	Debt-Service Reserve Account
EBITDA	Earnings Before Interest, Tax, Depreciation & Amortisation
Quasi-equity	Subordinated instrument ranking between senior debt and equity
CBS	Citrus Black Spot (phytosanitary condition)
Beneficiation	Processing raw fruit into higher-value products
IRR / NPV	Internal Rate of Return / Net Present Value
DFI	Development-Finance Institution (IDC, DTIC, Land Bank)
Counter-seasonal	Supplying the Northern Hemisphere’s off-season window

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 lines below EBITDA, together with the coverage, leverage and returns analysis, are independently derived on a conservative basis.

— End of Business Plan —