Thaba Goats Business Plan — Appendix F: Glossary
Glossary of goat production, reproduction, veterinary and financial terms used throughout the Thaba Goats business plan.
Appendix F: Glossary
Jump to section
- Overview & contents
- i. Important Notice
- 1. Executive Summary
- 2. The South African Goat Market
- 3. Why the Informal Market Matters More Than the Abattoir
- 4. Seasonality
- 5. SWOT and Competitive Position
- 6. The Five-Stage Roadmap and Gates
- 7. The Funding Ladder
- 8. Herd and Reproduction
- 9. Kid Mortality: The Industry's Named Constraint
- 10. Grazing, Land and Water
- 11. Animal Health
- 12. Route to Market
- 13. People and Operations
- 14. Regulation and Compliance
- 15. Unit Economics
- 16. Capital Expenditure
- 17. Financial Projections
- 18. Break-Even and Sensitivity
- 19. Risk Management
- 20. Implementation Timeline
- 21. Returns and Net Asset Value
- 22. Key Performance Indicators
- 23. Key Assumptions
- 24. Conclusion
- A. Appendix A: Consolidated Financial Summary
- B. Appendix B: Stage Capital Schedules
- C. Appendix C: Debt Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Funding Application Checklist
- F. Appendix F: Glossary
|
Term |
Definition |
|---|---|
|
Blended price |
Cash revenue divided by goats sold, reflecting the weighted mix of direct community, trader, breeding stock, auction and abattoir channels. R3 292 at Year 5. |
|
Break-even herd |
The number of breeding does at which gross margin covers the fixed cost base, including owner remuneration. 129 does at the mature Year 5 cost base. |
|
Cash EBITDA |
Reported EBITDA less the non-cash increase in the value of the breeding herd. The number that pays wages, dosing, interest and the household, and the basis of every covenant in this plan. |
|
Chevon |
Goat meat. The gross value of chevon production has averaged around R646 million a year over the past decade. |
|
Doeling |
A young female goat retained for breeding rather than sold. 310 are retained across the five years, which is how the herd grows six-fold. |
|
Followers |
The non-breeding animals in a herd — kids and growing stock. Sold first in a forage shortage; breeding does are sold last. |
|
Herd growth |
The increase in the value of the breeding herd, included in reported EBITDA as real value but separately identified because it cannot be spent. |
|
Kid survival to weaning |
Kids weaned divided by kids born. Identified by the National Agricultural Marketing Council as a major constraint on South African goat production. |
|
Kids weaned per doe |
Kids surviving to weaning divided by does mated. Rises from 1.38 to 1.94 and carries roughly a third of the margin improvement. |
|
Large stock unit |
A standard grazing measure. A breeding doe with followers is conventionally about one fifth of a large stock unit. |
|
Section 20 limitation |
The South African rule capping the set-off of assessed losses at the higher of R1 million or 80 per cent of taxable income. |
|
Speculator |
A trader who buys live goats for resale. Pays less than direct community sales but takes volume reliably; the floor under the price. |
|
Stage gate |
A set of documented conditions that must all be satisfied before the next stage’s capital is drawn. |
|
Wireworm |
Haemonchus contortus, the principal internal parasite of goats in South African conditions and roughly a fifth of kid losses. |
Thaba Goats · Business Plan and Staged Funding Roadmap · August 2026 · Strictly Confidential