The depreciable capital programme is phased across the first three years by asset class, per the phasing assumptions in Appendix C. Annual straight-line depreciation is shown for reference; the model applies a half-year convention in each asset’s year of commissioning.
|
Asset class |
Y1 |
Y2 |
Y3 |
Total |
Life |
Ann. dep. |
|
|---|---|---|---|---|---|---|---|
|
Grain infrastructure |
72.0 |
72.0 |
36.0 |
180.0 |
25 yr |
7.2 |
|
|
Equipment division |
37.5 |
22.5 |
15.0 |
75.0 |
10 yr |
7.5 |
|
|
Feed mills |
13.0 |
32.5 |
19.5 |
65.0 |
20 yr |
3.3 |
|
|
Retail infrastructure |
16.0 |
16.0 |
8.0 |
40.0 |
15 yr |
2.7 |
|
|
Logistics fleet |
17.5 |
10.5 |
7.0 |
35.0 |
8 yr |
4.4 |
|
|
Technology systems |
12.0 |
5.0 |
3.0 |
20.0 |
5 yr |
4.0 |
|
|
Total depreciable capex |
168.0 |
158.5 |
88.5 |
415.0 |
— |
— |
|
|
NOTE — How this reconciles to the cash flow The US$415m depreciable programme plus US$85m of working capital and finance first-loss equals the US$500m initial raise. Maintenance capital of 2.5% of revenue is added in Years 4–5 and depreciated on the same basis; the resulting charge is what drives the depreciation line in the income statement and the property, plant and equipment roll-forward in the balance sheet. |
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