Agbaku Ranch BOA Version 2 Consolidated Integrated Ranch Model Review

Open Integrated BOA XLSX Project Summary Sensitivity Dashboard Core Assumptions Annual Assumptions Production Operating Inputs Revenue OPEX Appendix CAPEX Appendix P&L

Project Summary

Project TypeDairy / agro-processing ranch

LocationAgbaku Village, Moro Local Government Area, near Ilorin, Kwara State, Nigeria

Initial Loan Request₦275m

Sponsor Contribution₦60m non-cash land equity

Projection Period10 years

Debt Terms7 years, 9% rate, 2-year moratorium

Total CAPEX1,757,829,190

Year 10 Revenue5,436,926,950

Year 10 Milk Volume1,554,949 liters

Version 2 note: CAPEX now reflects the reduced/staged BOA target profile: approximately NGN 1.758bn total project funding, with milk processing reduced to NGN 150m, solar staged to NGN 75m, automation/replacement at NGN 75m, and beef processing deferred outside the active CAPEX profile.

BOA Sensitivity Dashboard

BOA Version 2 consolidation: The workbook is consolidated to 21 visible BOA-integrated sheets. Redundant legacy/support sheets have been removed after confirming the visible model has no dependency on them.

BOA alignment: Workbook debt rate is 9%, tax is 30%, working capital is AR 45 / inventory 90 / AP 45 days, and specific input costs are itemized across ASSUMPTIONS, CAPEX_APPENDIX, TRANSFER_PRICING, FEED_FARM, FATTENING and LOGISTICS.

Scenario sandbox: These controls simulate changes to assumption values for testing only. They do not overwrite the base tables below or the XLSX file. Use them to see whether cash, DSCR, EBITDA, and funding pressure still hold under stress.

Farm gate milk priceApplies to the ₦1,000/L farm-gate milk year.

Chilled milk priceApplies to the ₦1,200/L post-collection chilled milk years.

Cold logistics priceApplies to the ₦1,500/L cold-logistics milk years.

Processed milk priceApplies to the ₦3,000/L processed milk years.

Feed cost changeApplies to Feed Supplements OPEX.

Extra feed cost / yearAbsolute naira addition to annual feed cost.

Production volume changeApplies to milk, beef, manure, and crop volumes.

Other OPEX changeApplies to OPEX lines except feed.

CAPEX overrunApplies to cash CAPEX and net PPE.

Interest rate shock (bps)100 bps = 1.00 percentage point.

AR daysChanges receivables and working-capital drag.

Production ramp delayShifts production volumes later while prices remain on schedule.

Revenue And EBITDA

Scenario RevenueScenario EBITDABase Revenue

Ending Cash And DSCR

Ending CashDSCR1.20x floor

Year	Revenue	EBITDA	CFO	Debt Service	DSCR	Ending Cash	Status

Core Assumptions

Reference: ASSUMPTIONS sheet rows 4-33 in the XLSX.

Assumption	Value	Comment / Use
ModelYears	10	Projection period
Phase1Debt	275,000,000	Initial loan request
LoanRate	0.09	Annual interest rate
TenorYears	7	Debt tenor
MoratoriumYears	2	Debt-service moratorium
TaxRate	0.30	Income tax rate
SponsorEquity_Land_120_Acres	60,000,000	Non-cash land equity
SponsorEquityYr1_Cash	0	Cash equity contribution in Year 1
SponsorEquityYr2_Cash	0	Cash equity contribution in Year 2
AR_Days	45	Receivables days
Inv_Days	90	Inventory days
AP_Days	45	Payables days
MinDSCR	1.20	Debt covenant floor
InitialCows	80	Initial herd reference
CalfSurvival	0.95	Herd model reference
FemaleRatio	0.50	Herd model reference
MaleSellRate	0.90	Herd model reference
MaleSellStartYear	2	Herd model reference
CowCullY6Y7	0.35	Herd model reference
CowCullY8Plus	0.20	Herd model reference
LactationRate	0.85	Herd model reference
MilkingDays	305	Full-year milking days
ManureBagsPerCow	182	Herd model reference
CarcassCow_kg	250	Culled cow carcass assumption
CarcassYoungMale_kg	200	Young male carcass assumption
AcrePrice_NGN	500,000	Land acquisition price per acre
TotalNoAcres	120	Initial land reference
CropYield_NGN_Per_Acre	1,500,000	Crop revenue assumption
Year1WetDayFactor	0	Year 1 wet-day ramp factor
Year2WetDayFactor	0.50	Year 2 wet-day ramp factor

Annual Assumptions

Reference: ASSUMPTIONS sheet rows 39-47. Rows 45-47 preserve the original supplied production base figures.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Milk_Yield_L_Day_Cow	0	6	6	9	12	15	18	21	21	21
Milk_Price_NGN_L	1,000	1,200	1,200	1,500	1,500	3,000	3,000	3,000	3,000	3,000
Beef_Price_NGN_Kg	6,800	6,800	6,800	7,200	8,200	9,400	9,400	9,400	9,400	9,400
Manure_Price_NGN_Bag	100	100	100	100	100	100	100	100	100	100
Crop_Acres	80	84.44	88.89	93.33	97.78	102.22	106.67	111.11	115.56	120
Crop_Yield_NGN_Acre	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000
Milking_Cows_Base	0	68	68	100	133	180	243	255	255	255
Beef_Kg_Base	0	0	0	11,210	14,820	20,140	38,680	43,000	58,990	62,490
Manure_Bags_Base	14,560	18,018	18,018	26,577	35,135	53,390	69,278	89,771	92,296	93,479

Production

Reference: BALANCE_SHEET / ASSUMPTIONS production bridge. Milk liters calculate from yield, effective milking days and milking cows; manure economics are now handled through the Version 2 manure waterfall.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Yield L/day/cow	0	6	6	9	12	15	18	21	21	21
Wet Days Effective	0	152	305	305	305	305	305	305	305	305
Milking Cows	0	68	68	100	133	180	243	255	255	255
Milk Liters	0	62,220	124,440	275,324	485,316	769,454	1,186,743	1,399,938	1,477,208	1,554,949
Beef Kg	0	0	0	11,210	14,820	20,140	38,680	43,000	58,990	62,490
Manure bags	14,560	18,018	18,018	26,577	35,135	53,390	69,278	89,771	92,296	93,479
Crop_Acres	80	84.44	88.89	93.33	97.78	102.22	106.67	111.11	115.56	120

Operating Inputs

Reference: INPUTS_OPERATING sheet, linked to production and price assumptions.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Milk_Liters	0	62,220	124,440	275,324	485,316	769,454	1,186,743	1,399,938	1,477,208	1,554,949
Milk_Price_NGN_per_L	1,000	1,200	1,200	1,500	1,500	3,000	3,000	3,000	3,000	3,000
Beef_Kg	0	0	0	11,210	14,820	20,140	38,680	43,000	58,990	62,490
Beef_Price_NGN_per_Kg	6,800	6,800	6,800	7,200	8,200	9,400	9,400	9,400	9,400	9,400
Manure_Bags	14,560	18,018	18,018	26,577	35,135	53,390	69,278	89,771	92,296	93,479
Manure_Price_NGN_per_Bag	100	100	100	100	100	100	100	100	100	100
Crop_Acres	80	84.44	88.89	93.33	97.78	102.22	106.67	111.11	115.56	120
Crop_Yield_Price_per_Acre	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000

Revenue

Reference: Revenue formulas use volume x price.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Milk Revenue	0	74,664,000	149,328,000	412,986,000	727,974,000	2,308,362,000	3,560,229,000	4,199,814,000	4,431,624,000	4,664,847,000
Beef Revenue	0	0	0	80,712,000	121,524,000	189,316,000	363,592,000	404,200,000	554,506,000	587,406,000
Manure Revenue	728,000	900,900	900,900	1,328,850	1,756,750	2,669,500	3,463,900	4,488,550	4,614,800	4,673,950
Crop Revenue	120,000,000	126,666,667	133,333,333	140,000,000	146,666,667	153,333,333	160,000,000	166,666,667	173,333,333	180,000,000
Total Revenue	120,728,000	202,231,567	283,562,233	635,026,850	997,921,417	2,653,680,833	4,087,284,900	4,775,169,217	5,164,078,133	5,436,926,950

OPEX

Reference: OPEX base values and total formula.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Feed Supplements	2,304,000	3,456,000	4,706,000	5,956,000	7,456,000	8,956,000	10,456,000	10,456,000	10,456,000	10,456,000
Vet	1,250,000	2,200,000	2,750,000	3,687,500	4,875,000	7,595,312	9,390,586	9,382,364	9,374,143	9,377,641
Payroll	7,015,000	10,935,000	12,575,250	13,864,213	15,285,295	17,043,104	17,469,181	17,905,911	18,353,559	18,812,398
Utilities	4,320,000	4,536,000	4,989,600	6,237,000	7,796,250	7,991,156	8,190,935	8,395,709	8,605,601	8,820,741
Fuel	2,640,000	3,036,000	3,339,600	3,423,090	3,508,667	3,596,384	3,686,294	3,778,451	3,872,912	3,969,735
Admin	120,000	126,000	138,600	142,065	145,617	149,257	152,988	156,813	160,734	164,752
Security	2,910,000	3,055,500	3,361,050	3,445,076	3,531,203	3,619,483	3,709,970	3,802,720	3,897,788	3,995,232
Repairs	100,000	2,337,500	2,358,750	2,550,000	4,037,500	2,125,000	2,337,500	2,358,750	4,143,750	2,337,500
Insurance	2,010,000	2,112,804	2,112,804	2,872,447	5,231,004	10,913,024	15,033,096	15,033,096	15,033,096	15,033,096
Misc	1,000,000	1,005,000	1,010,025	1,015,075	1,020,151	1,025,251	1,030,378	1,035,529	1,040,707	1,045,911
Total OPEX	23,669,000	32,799,804	37,341,679	43,192,466	52,886,687	63,013,971	71,456,928	72,305,343	74,938,290	74,013,006

CAPEX / Depreciation

Reference: CAPEX schedule. CAPEX reflects the Version 2 reduced/staged profile targeting approximately NGN 1.758bn total project funding.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Land	60,000,000	0	0	0	0	50,000,000	0	0	0	0
Buildings	121,708,100	0	0	25,000,000	301,000,000	115,000,000	0	0	0	0
Equipment	65,200,000	55,000,000	0	120,000,000	125,000,000	290,000,000	75,000,000	0	0	0
Breeding Stock	58,000,000	0	0	0	0	0	0	0	0	0
Other	30,091,900	0	0	0	0	194,329,190	72,500,000	0	0	0
Total CAPEX	335,000,000	55,000,000	0	145,000,000	426,000,000	649,329,190	147,500,000	0	0	0
Depreciation	30,008,881	37,866,024	37,866,024	56,258,881	89,166,024	144,177,514	162,141,800	152,827,514	144,970,371	144,970,371
Net PPE	304,991,119	322,125,095	284,259,071	373,000,190	709,834,166	1,214,985,842	1,200,344,042	1,047,516,528	902,546,157	757,575,786

Working Capital

Reference: Working capital uses AR, inventory, and AP days from assumptions.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Receivables	4,806,411	9,847,800	15,244,841	42,844,673	71,383,952	206,186,096	322,790,540	378,781,032	410,198,203	432,076,188
Inventory	2,918,096	4,043,811	4,603,769	5,325,099	6,520,276	7,768,846	8,809,758	8,914,357	9,238,967	9,124,891
Payables	3,890,795	5,391,749	6,138,358	7,100,131	8,693,702	10,358,461	11,746,344	11,885,810	12,318,623	12,166,522
NWC	3,833,712	8,499,863	13,710,252	41,069,640	69,210,527	203,596,481	319,853,954	375,809,579	407,118,547	429,034,557
Delta NWC	3,833,712	4,666,151	5,210,389	27,359,388	28,140,887	134,385,954	116,257,473	55,955,625	31,308,968	21,916,010

Debt Schedule

Reference: Internal DEBT_SCHEDULE only; legacy schedule excluded.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7
Opening Balance	275,000,000	310,750,000	351,147,500	296,960,334	235,728,836	166,537,244	88,350,744
Interest	35,750,000	40,397,500	45,649,175	38,604,843	30,644,749	21,649,842	11,485,597
Debt Service	0	0	99,836,341	99,836,341	99,836,341	99,836,341	99,836,341
Principal	0	0	54,187,166	61,231,498	69,191,592	78,186,499	88,350,744
Closing Balance	310,750,000	351,147,500	296,960,334	235,728,836	166,537,244	88,350,744	0

P&L

Reference: Revenue, OPEX, depreciation, interest, and tax.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Total Revenue	120,728,000	202,231,567	283,562,233	635,026,850	997,921,417	2,653,680,833	4,087,284,900	4,775,169,217	5,164,078,133	5,436,926,950
Total OPEX	23,669,000	32,799,804	37,341,679	43,192,466	52,886,687	63,013,971	71,456,928	72,305,343	74,938,290	74,013,006
EBITDA	97,059,000	169,431,763	246,220,554	591,834,384	945,034,730	2,590,666,862	4,015,827,972	4,702,863,874	5,089,139,843	5,362,913,944
Depreciation	30,008,881	37,866,024	37,866,024	56,258,881	89,166,024	204,891,800	315,713,228	306,398,943	298,541,800	298,541,800
EBIT	67,050,119	131,565,739	208,354,530	535,575,503	855,868,706	2,385,775,062	3,700,114,744	4,396,464,931	4,790,598,043	5,064,372,144
Interest	35,750,000	40,397,500	45,649,175	38,604,843	30,644,749	21,649,842	11,485,597	0	0	0
PBT	31,300,119	91,168,239	162,705,355	496,970,660	825,223,957	2,364,125,220	3,688,629,147	4,396,464,931	4,790,598,043	5,064,372,144
Tax	9,390,036	27,350,472	48,811,606	149,091,198	247,567,187	709,237,566	1,106,588,744	1,318,939,479	1,437,179,413	1,519,311,643
PAT	21,910,083	63,817,767	113,893,749	347,879,462	577,656,770	1,654,887,654	2,582,040,403	3,077,525,452	3,353,418,630	3,545,060,501

Cash Flow

Reference: EBITDA less tax and working capital, less cash capex, plus debt draw, less debt service.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
CFO	30,975,288	79,373,411	120,955,345	320,429,971	550,902,697	1,556,723,333	2,539,836,589	3,042,110,172	3,314,627,541	3,500,311,405
Cash CAPEX	275,000,000	55,000,000	0	145,000,000	426,000,000	649,329,190	147,500,000	0	0	0
Debt Draw	275,000,000	0	0	0	0	0	0	0	0	0
Debt Service	0	0	99,836,341	99,836,341	99,836,341	99,836,341	99,836,341	0	0	0
Net Cash Flow	30,975,288	24,373,411	21,119,004	75,593,630	25,066,356	382,557,802	1,642,500,248	3,042,110,172	3,314,627,541	3,500,311,405
Ending Cash	30,975,288	55,348,699	76,467,702	152,061,332	177,127,689	559,685,491	2,202,185,739	5,244,295,910	8,558,923,451	12,059,234,855

Balance Sheet

Reference: Cash, working capital, net PPE, loan balance, equity, retained earnings.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Cash	30,975,288	55,348,699	76,467,702	152,061,332	177,127,689	559,685,491	2,202,185,739	5,244,295,910	8,558,923,451	12,059,234,855
Receivables	4,806,411	9,847,800	15,244,841	42,844,673	71,383,952	206,186,096	322,790,540	378,781,032	410,198,203	432,076,188
Inventory	2,918,096	4,043,811	4,603,769	5,325,099	6,520,276	7,768,846	8,809,758	8,914,357	9,238,967	9,124,891
Net PPE	304,991,119	322,125,096	284,259,072	373,000,191	709,834,168	1,579,271,558	2,061,058,330	1,754,659,387	1,456,117,588	1,157,575,788
Total Assets	343,690,914	391,365,406	380,575,384	573,231,295	964,866,085	2,352,911,990	4,594,844,366	7,386,650,686	10,434,478,208	13,658,011,722
Payables	3,890,795	5,391,749	6,138,358	7,100,131	8,693,702	10,358,461	11,746,344	11,885,810	12,318,623	12,166,522
Loan Balance	310,750,000	351,147,500	296,960,334	235,728,836	166,537,244	88,350,744	0	0	0	0
Total Liabilities	314,640,795	356,539,249	303,098,692	242,828,968	175,230,946	98,709,205	11,746,344	11,885,810	12,318,623	12,166,522
Share Capital	60,000,000	60,000,000	60,000,000	60,000,000	60,000,000	60,000,000	60,000,000	60,000,000	60,000,000	60,000,000
Retained Earnings	-30,949,881	-25,173,843	17,476,692	270,402,327	729,635,139	2,194,202,785	4,523,098,022	7,314,764,877	10,362,159,585	13,585,845,201
Total Equity	29,050,119	34,826,157	77,476,692	330,402,327	789,635,139	2,254,202,785	4,583,098,022	7,374,764,877	10,422,159,585	13,645,845,201
Balance Check	0	0	0.00	0.00	0.00	0.00	0.00	-0.00	0	0

Ratios

Reference: DSCR, EBITDA margin, and interest coverage.

Line Item	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
DSCR	-	-	1.21x	3.21x	5.52x	15.59x	25.44x	-	-	-
EBITDA Margin	59.5%	72.6%	79.9%	91.7%	93.9%	97.5%	98.2%	98.4%	98.5%	98.6%
Interest Coverage	0.13x	1.22x	2.42x	10.93x	23.71x	103.50x	308.22x	-	-	-

OPEX Appendix

Reference: Recreated from the original workbook OPEX sheet hidden rows 16-126. The XLSX also includes this as a separate OPEX_APPENDIX sheet so the detail can be reviewed without unhiding rows manually.

Annual OPEX summary Feed Vet Payroll Utilities / Fuel Admin Repairs Security

Original Row	Hidden?	A	B	C	D	E	F	G	H	I	J	K	L	M	N
19	Yes	Year	Feed Cost	Vet Cost	Payroll	Utilities	Fuel	Admin	Security	Repairs	Insurance	Miscelaneous	Totel OPEX
20	Yes	1	2,304,000	1,250,000	7,015,000	4,320,000	2,640,000	120,000	2,910,000	100,000	1,000,000	1,000,000	22,659,000
21	Yes	2	3,456,000	2,200,000	10,935,000	4,536,000	3,036,000	126,000	3,055,500	2,337,500	1,009,500	1,009,500	29,682,000	52,341,000
22	Yes	3	4,706,000	2,750,000	12,575,250	4,989,600	3,339,600	138,600	3,361,050	2,358,750	1,019,090.25	1,019,090.25	34,218,850
23	Yes	4	5,956,000	3,687,500	13,864,213.12	6,237,000	3,423,090	142,065	3,445,076.25	2,550,000	1,028,771.61	1,028,771.61	39,304,944.38
24	Yes	5	7,456,000	4,875,000	15,285,294.97	7,796,250	3,508,667.25	145,616.62	3,531,203.16	4,037,500	1,038,544.94	1,038,544.94	46,635,532
25	Yes	6	8,956,000	7,595,312.5	17,043,103.89	7,991,156.25	3,596,383.93	149,257.04	3,619,483.24	2,125,000	1,048,411.11	1,048,411.11	51,075,696.85
26	Yes	7	10,456,000	9,390,585.94	17,469,181.49	8,190,935.16	3,686,293.53	152,988.47	3,709,970.32	2,337,500	1,058,371.02	1,058,371.02	55,393,454.9
27	Yes	8	10,456,000	9,382,364.26	17,905,911.03	8,395,708.54	3,778,450.87	156,813.18	3,802,719.57	2,358,750	1,068,425.54	1,068,425.54	56,236,717.44
28	Yes	9	10,456,000	9,374,142.58	18,353,558.8	8,605,601.25	3,872,912.14	160,733.51	3,897,787.56	4,143,750	1,078,575.59	1,078,575.59	58,864,485.84
29	Yes	10	10,456,000	9,377,640.6	18,812,397.77	8,820,741.28	3,969,734.94	164,751.85	3,995,232.25	2,337,500	1,088,822.06	1,088,822.06	57,933,998.69
31	Yes		year 1 opex	22,659,000
32	Yes		year 2 opex	29,682,000
33	Yes	Year 1
34	Yes	Month	Feed Cost	Vet Cost	Payroll	Utilities	Fuel	Admin	Security	Repairs			Totel OPEX
35	Yes	1	0	0	0	360,000	0	10,000		0			370,000
36	Yes	2	0	0	475,000	360,000	0	10,000		0			845,000
37	Yes	3	0	0	475,000	360,000	0	10,000		0			845,000
38	Yes	4	2,304,000	0	475,000	360,000	0	10,000		0			3,149,000
39	Yes	5	0	0	475,000	360,000	0	10,000		0			845,000
40	Yes	6	0	100,000	615,000	360,000	0	10,000		0			1,085,000
41	Yes	7	0	175,000	715,000	360,000	0	10,000		16,666.67			1,276,666.67
42	Yes	8	0	175,000	715,000	360,000	0	10,000		16,666.67			1,276,666.67
43	Yes	9	0	175,000	715,000	360,000	0	10,000		16,666.67			1,276,666.67
44	Yes	10	0	175,000	785,000	360,000	0	10,000		16,666.67			1,346,666.67
45	Yes	11	0	175,000	785,000	360,000	0	10,000		16,666.67			1,346,666.67
46	Yes	12	0	275,000	785,000	360,000	0	10,000		16,666.67			1,446,666.67
47	Yes		2,304,000	1,250,000	7,015,000	4,320,000	0	120,000		100,000			15,109,000
49	Yes	Year 1
50	Yes	Feed Cost Yr1 Actual	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
51	Yes	corn	4	80	0	0	0			0			0
52	Yes	king grass	6	80		0	0			0			0
53	Yes	alfalfa	6	80		0	0			0			0
54	Yes	supplement	4	80		0	0	2,304,000		0			0	0	0
55	Yes				0	0	0	2,304,000	0	0			0	0	0
56	Yes		FeedPerMilkingCow		28,800
57	Yes	year 2
58	Yes	Feed Cost Yr2 Model	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
59	Yes	corn	4	80	0	0
60	Yes	king grass	6	80	0	0
61	Yes	alfalfa	6	80	0	0
62	Yes	supplement	4	80	0	0		3,456,000		0			0	0	0
63	Yes				0	0	0	3,456,000	0	0			0	0	0
64	Yes		FeedPerMilkingCow		43,200
67	Yes	Feed Cost Yr2 Model	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
68	Yes	supplement	2	80	960,000	960,000	960,000	960,000	960,000	960,000			960,000	960,000	960,000
71	Yes	year 1
72	Yes	VetCost	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
73	Yes	Vet 1	100,000	1						100,000			100,000	100,000	100,000
74	Yes	Vet 2	75,000	1									75,000	75,000	75,000
75	Yes	Medics et al
76	Yes				0	0	0	0	0	100,000			175,000	175,000	175,000
77	Yes		VetPerCow	15,625
79	Yes	year 2
80	Yes	VetCost	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
81	Yes	Vet 1	100,000	1	100,000	100,000	100,000	100,000	100,000	100,000			100,000	100,000	100,000
82	Yes	Vet 2	75,000	1	75,000	75,000	75,000	75,000	75,000	75,000			75,000	75,000	75,000
83	Yes	Medics et al
84	Yes				175,000	175,000	175,000	175,000	175,000	175,000			175,000	175,000	175,000
85	Yes		VetPerCow	27,500
87	Yes	year 1
88	Yes	Payroll	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
89	Yes	Manager	120,000	1		120,000	120,000	120,000	120,000	120,000			120,000	120,000	120,000
90	Yes	AdminAcct	100,000	1									100,000	100,000	100,000
91	Yes	Driver 1 Tractor	75,000	1		75,000	75,000	75,000	75,000	75,000			75,000	75,000	75,000
92	Yes	Driver 2 Truck	75,000	1
93	Yes	Cow Boys	70,000	4					0	140,000			140,000	140,000	140,000
94	Yes	Farm Hands	70,000	4		280,000	280,000	280,000	280,000	280,000			280,000	280,000	280,000
95	Yes				0	475,000	475,000	475,000	475,000	615,000			715,000	715,000	715,000
96	Yes		BasePayroll100	7,015,000
98	Yes	year 2
99	Yes	Payroll	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
100	Yes	Manager	120,000	1	120,000	120,000	120,000	120,000	120,000	120,000			120,000	120,000	120,000
101	Yes	AdminAcct	100,000	1	100,000	100,000	100,000	100,000	100,000	100,000			100,000	100,000	100,000
102	Yes	Driver 1 Tractor	75,000	1	75,000	75,000	75,000	75,000	75,000	75,000			75,000	75,000	75,000
103	Yes	Driver 2 Truck	75,000	1				75,000	75,000	75,000			75,000	75,000	75,000
104	Yes	Cow Boys	70,000	4	280,000	280,000	280,000	280,000	280,000	280,000			280,000	280,000	280,000
105	Yes	Farm Hands	70,000	4	280,000	280,000	280,000	280,000	280,000	280,000			280,000	280,000	280,000
106	Yes				855,000	855,000	855,000	930,000	930,000	930,000			930,000	930,000	930,000
107	Yes		BasePayroll100	10,935,000
109	Yes	Utilities	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
110	Yes	Petrol	1,500	240	360,000	360,000	360,000	360,000	360,000	360,000			360,000	360,000	360,000
111	Yes	Fuel (diesel)	2,000	120		240,000	240,000	240,000	240,000	240,000			240,000	240,000	240,000
112	Yes				360,000	600,000	600,000	600,000	600,000	600,000			600,000	600,000	600,000
114	Yes	Administration	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
115	Yes	Print & Post	1,000	500	10,000	10,000	10,000	10,000	10,000	10,000			10,000	10,000	10,000
116	Yes
117	Yes	Repairs	Pay	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
118	Yes	Repairs & Maint	1,000	500									16,666.67	16,666.67	16,666.67
121	Yes	Security	Cost	Number	Month 1	Month 2	Month 3	Month 4	Month 5	Month 6			Month 7	Month 8	Month 9
122	Yes	Armed Security	80,000	2	80,000	80,000	80,000	80,000	80,000	80,000			160,000	160,000	160,000
123	Yes	Security	70,000	2	70,000	70,000	70,000	140,000	140,000	140,000			140,000	140,000	140,000
124	Yes				150,000	150,000	150,000	220,000	220,000	220,000			300,000	300,000	300,000

CAPEX Appendix

Reference: Current CAPEX_APPENDIX sheet. The active profile is reduced/staged to approximately NGN 1.758bn; beef processing is deferred outside the active CAPEX profile.

Phase	Year	Item	Amount (NGN)	Phase Total / Notes
		Land - 120 acres	60,000,000
		Phase 1 Item
1	1	Security posts	4,800,000
1	1	Storage container 40ft x 1	5,000,000
1	1	Storage container 20ft x 2	5,000,000
1	1	CCTV	3,000,000
1	1	Diary Core wall fence, guardhouse & gate	59,908,100
1	1	Cow barn	35,000,000
1	1	Silage bunker (30ft x 100ft x 24 ft)	12,000,000
1	1	Utilities Infrastructure (boreholes, water storage, solar power)	23,700,000
1	1	Tractor & plough	35,000,000
1	1	Silage maker	3,500,000
1	1	Seeds: corn, king/napier grass, alfalfa, soy, sesame	5,091,900
1	1	Livestock (80 cows + 4 Friesian bulls)	58,000,000
1	1	Contingencies 10%	25,000,000	275,000,000
		Total Phase 1 Funding	275,000,000
		Phase 2 Item
2	2	Refrigerated bulk tank 5000 liters	25,000,000
2	2	Refrigerated milk truck	30,000,000	55,000,000
2	4	Rotary milk parlor	120,000,000
2	4	Vet/Reprod/AI barn	25,000,000	145,000,000
2	5	Chain link & Elect fence 120 acre 1	65,000,000
2	5	Calf barn	30,000,000
2	5	Heifer & Young barn	35,000,000
2	5	Cow barn	30,000,000
2	5	Silos/Storage containers 40ft x 12	60,000,000
2	5	Slaughter	2,000,000
2	5	Refrigerated 20ft container x 2	24,000,000
2	5	Biodigester	20,000,000
2	5	Manure lagoon	35,000,000
2	5	Manure truck	30,000,000
2	5	Operations vehicle 4x4	35,000,000
2	5	100kva biogas generator	30,000,000
2	5	100kva diesel generator	10,000,000
2	5	Herd management system	20,000,000	426,000,000
2	6	Chain link & Elect fence 120 acre 2	55,000,000
2	6	Milk processing line	150,000,000
2	6	150kva solar system	75,000,000
2	6	Operations vehicle 4x4	35,000,000
2	6	Deliveries truck	30,000,000
3	6	100 acre land purchase	50,000,000
3	6	Chain link & Elect fence 100 acre	60,000,000
2	6	Contingency	194,329,190	649,329,190
		Total Phase 2 Funding	1,275,329,190
		Phase 3 Item
3	7	Replacement, upgrade & automation	75,000,000
3	7	Contingency	72,500,000
		Total Phase 3 Funding	147,500,000	147,500,000
		Total Project Funding	1,757,829,190	1,757,829,190

Version 2 Model Status

Workbook structure	21 visible BOA lender-grade sheets
Embedded Excel charts	24 charts across dashboard and operating schedules
CFADS	Dedicated authorized waterfall in CASHFLOW
DSRA	Optional reserve account, default disabled, target 6 months debt service when enabled
Manure economy	20% feed-farm fertilizer allocation, biogas savings priority, then residual external sales at NGN 100/bag
Reduced/staged CAPEX	Approx. NGN 1.758bn total active project funding; processing, solar and automation reduced/staged; beef processing deferred.

Review Trail

Area	Treatment	Comment
External links	Excluded	No external workbook relationships are used.
Prior legacy debt schedule	Excluded	Only the current sculpted DEBT_SCHEDULE is used.
Production base case	Preserved	Milking cows, beef kg, and manure bags match original supplied figures via annual assumptions.
Workbook recalculation	Formula driven	Change the XLSX assumptions and recalculate to update dependent schedules. Debt service is capped by CFADS / minimum DSCR.
OPEX appendix	Added	Original OPEX detail rows 16-126 are visible in an appendix, and summary OPEX lines jump to the supporting detail.