05 · Financial Projections
€114M revenue.
~80% EBITDA. No debt.
The operation reaches full Full-Spectrum production in Year 1, sustained and lightly indexed (2% p.a.) thereafter — funded entirely by a €75M equity raise with no external debt.
€114M
Revenue at run-rate (2027)
€91M
EBITDA at run-rate
€73M
Net profit per annum
€15M
Annual Class B distribution (€300k/share)
Income Statement 2027–2031
Profit & loss.
| P&L line | 2027 | 2028 | 2029 | 2030 | 2031 |
|---|---|---|---|---|---|
| Revenue | €114,095,652 | €116,377,565 | €118,705,116 | €121,079,219 | €123,500,803 |
| Cost of goods | (€14,571,320) | (€14,862,746) | (€15,160,001) | (€15,463,201) | (€15,772,465) |
| Suppliers and services | (€495,061) | (€504,962) | (€515,061) | (€525,363) | (€535,870) |
| Staff costs | (€7,998,460) | (€8,158,429) | (€8,321,598) | (€8,488,030) | (€8,657,790) |
| EBITDA | €91,030,811 | €92,851,428 | €94,708,456 | €96,602,625 | €98,534,678 |
| EBITDA margin | 80% | 80% | 80% | 80% | 80% |
| Depreciation | (€1,630,952) | (€1,630,952) | (€1,630,952) | (€1,630,952) | (€1,630,952) |
| EBIT | €89,399,859 | €91,220,476 | €93,077,504 | €94,971,673 | €96,903,726 |
| Tax (19%) | (€16,985,973) | (€17,331,890) | (€17,684,726) | (€18,044,618) | (€18,411,708) |
| Net profit | €72,413,886 | €73,888,586 | €75,392,778 | €76,927,055 | €78,492,018 |
How to read this. Revenue reflects full Full-Spectrum production (~50 t oil equivalent) from Year 1. The operation is funded by equity, so there is no interest charge. Of net profit, a defined 20% return (€15M) is distributed to Class B holders via the fund; the balance is retained.
Cost Breakdown
Build CAPEX 2027 — €17.5M.
| CAPEX item | Basis | Amount |
|---|---|---|
| Cultivation setup — irrigation, coverings, soil prep, planting | €200k / hectare × 50 | €10,000,000 |
| Container processing and extraction units | modular | €5,000,000 |
| Security infrastructure — fencing, CCTV, access | €50k / hectare × 50 | €2,500,000 |
| Total CAPEX | €17,500,000 |
Annual operating costs (run-rate, 2027).
| OPEX item | Amount | % of revenue |
|---|---|---|
| Cost of goods (cultivation, harvest, extraction inputs) | €14,571,320 | 13% |
| Staff costs | €7,998,460 | 7% |
| Depreciation (container & equipment, blended life) | €1,630,952 | 1% |
| Suppliers and services | €495,061 | <1% |
| Total annual operating cost | €24,695,793 | 22% |
Funding. CAPEX and working capital are funded from the €25M operations component of the raise (50 × €500k). Depreciation reflects a blended asset life across cultivation infrastructure, security and container / extraction equipment.
€75M
Equity raised — no external debt
Zero
Long-term debt — ungeared structure
Strong
Cash generation funds growth and returns