Divisional revenue reconciles exactly to group revenue in every year.
|
US$ million |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Grain handling & storage |
21.6 |
40.8 |
65.6 |
96.1 |
127.5 |
|
Commodity trading |
26.4 |
55.2 |
98.4 |
151.9 |
212.5 |
|
Equipment sales & servicing |
24.0 |
45.6 |
75.9 |
111.6 |
148.8 |
|
Retail inputs |
22.8 |
44.4 |
73.8 |
108.5 |
144.5 |
|
Agricultural finance |
6.0 |
14.4 |
26.7 |
43.4 |
63.8 |
|
Feed & processing |
9.6 |
22.8 |
45.1 |
74.4 |
106.3 |
|
Agri-logistics |
7.2 |
14.4 |
22.6 |
31.0 |
42.5 |
|
Insurance & other |
2.4 |
2.4 |
2.1 |
3.1 |
4.3 |
|
Total revenue |
120 |
240 |
410 |
620 |
850 |
Segment EBITDA detail
Divisional EBITDA likewise reconciles exactly to group EBITDA. Note how the grain and finance divisions carry a materially larger share of EBITDA than of revenue, the margin-mix point that underpins the valuation.
|
US$ million |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Grain handling & storage |
5.8 |
13.0 |
22.8 |
35.6 |
51.7 |
|
Commodity trading |
1.4 |
3.5 |
6.9 |
11.2 |
17.2 |
|
Equipment sales & servicing |
3.0 |
6.8 |
12.3 |
19.3 |
28.2 |
|
Retail inputs |
2.1 |
4.7 |
8.6 |
13.4 |
19.5 |
|
Agricultural finance |
2.3 |
6.4 |
13.0 |
22.5 |
36.2 |
|
Feed & processing |
1.6 |
4.3 |
9.4 |
16.5 |
25.9 |
|
Agri-logistics |
1.0 |
2.4 |
4.2 |
6.1 |
9.2 |
|
Insurance & other |
0.8 |
0.9 |
0.8 |
1.3 |
2.0 |
|
Total EBITDA |
18 |
42 |
78 |
126 |
190 |