Revenue / EBITDA

Sponsor headline, preserved exactly (not re-forecast)

Cost of sales

68%→65% of revenue, trending down with scale

Operating expenses

Derived residual reconciling gross profit to headline EBITDA

Depreciation

Per-asset straight-line; half-year convention in year of addition

Capex phasing

Grain 40/40/20; equipment 50/30/20; feed 20/50/30; etc. over Yrs 1–3

Maintenance capex

2.5% of revenue in Years 4–5

Equity

US$200m; drawn 55/30/15 over Years 1–3

Senior debt

US$220m at 11.0%; 2-yr grace; straight-line amortisation thereafter

Mezzanine

US$80m at 15.0%; interest-only across the horizon

Finance-book facility

80% advance rate; 12.0% secured wholesale cost

Revolving facility

Tops cash to a US$10m floor; 12.0% cost; peak ~US$16m

Finance book

Grows to US$390m by Year 5

Working capital

55 / 35 / 45 days for inventory / receivables / payables

Taxation

27% blended SA-weighted; assessed-loss carry-forward, 80% utilisation cap

Exit

EV/EBITDA 7.0x base (5.5x–9.0x range), Year-5 single exit