Agro Engineering

Financial Performance

General overview of financial performance

Between 2021 and 2025, Manefield Investments Limited demonstrated consistent growth in revenue and profitability, reflecting the gradual scaling of its project‑based engineering and equipment integration model. Revenue increased from approximately €1.46 million in 2021 to €2.15 million in 2025, representing cumulative growth of around 47%, while net profit rose from €196 thousand to €330 thousand. Over this period, the company gradually shifted from smaller, equipment‑focused projects toward more complex turnkey solutions with a higher service component. The 2026 forecast indicates a step‑change in operational scale driven by a major contract linked to the planned financing, complemented by recurring service and maintenance revenues, with forecast figures already incorporating interest expenses related to the proposed loan facility.

Profit and loss statement

The profit and loss statement illustrates the company’s revenue composition, cost structure, and profitability dynamics over time, allowing assessment of scalability and the balance between equipment sales and services.

The company’s statutory financial statements are prepared in Kenyan Shillings (KES). For comparability, historical figures have been translated into euros using average annual EUR/KES exchange rates.

Average EUR/KES exchange rates:

• 2021: 129.72.
• 2022: 124.37.
• 2023: 153.15.
• 2024: 144.48.
• 2025: 146.08.
• 2026 (forecast): 147.90.

All financial figures below are presented in thousands of Kenyan Shillings (KES) and thousands of euros (EUR).

The P&L reflects a structurally healthy operating profile with revenue growth driven primarily by equipment sales, while services provide a stable and recurring income component. Costs evolve broadly in line with revenue, indicating disciplined cost management. The 2026 forecast shows higher absolute profit levels with moderated margins, reflecting financing costs and the execution of a larger, more capital‑intensive contract.

Margin analysis

Margins improved consistently between 2021 and 2024, reflecting better pricing discipline and a higher contribution from value‑added services. In 2025 margins remained broadly stable. The forecasted margin compression in 2026 is primarily attributable to financing costs and the different margin profile of the larger financed contract, rather than operational deterioration.

Year‑on‑year growth

Year‑on‑year dynamics reflect a mix of operational growth, periods of consolidation, and currency translation effects. The strong growth projected for 2026 is primarily operational and driven by execution of a major client contract underpinning the financing request.

Key financial insights

• The company has remained profitable throughout the entire historical period.
• Service revenues contribute to margin stability and recurring cash flows.
• Forecast figures explicitly include interest expenses related to the planned financing.
• Financial performance remains sensitive to project timing and foreign exchange movements.

Strengths and weaknesses

Strengths

• Consistent historical revenue growth with no loss‑making years.
• Stable and positive net profit across all periods.
• Strong gross margins for an EPC‑light integration model.
• Conservative treatment of financing costs in the forecast.

Weaknesses

• Project‑driven revenue creates timing volatility.
• The 2026 forecast relies materially on a single large contract.
• Margin compression reduces the buffer against execution risk.
• Exposure to FX volatility affects cost predictability.

Conclusion

Manefield Investments Limited shows a solid historical financial track record characterized by steady growth and consistent profitability. The 2026 forecast reflects a controlled expansion phase anchored by a major contract and supported by external financing. While the outlook is positive, disciplined execution, monitoring of contract concentration, and management of foreign exchange exposure will be critical to sustaining financial stability as the company scales.

Growth Plan of MANEFIELD INVESTMENTS LIMITED

Strategic growth directions

Manefield Investments Limited growth strategy focuses on a measured transition from a purely project-driven equipment supply model toward a more standardized, service-oriented integration business aimed at improving scalability, cash-flow stability, and client lifetime value.

1. Standardization of solutions: formalization of frequently deployed agro-processing configurations to shorten sales cycles, reduce engineering lead time, improve procurement efficiency, and lower execution risk while retaining site-specific flexibility.

2. Client-side financing support: provision of technical and commercial documentation to support clients’ access to external financing, combined with selective acceptance of extended payment schedules for repeat and well-established clients, enabling deeper project integration without acting as a lender.

As a result of these pillars, the company expects a gradual shift in revenue composition toward recurring service income, reducing dependence on one-off equipment sales and smoothing project-driven cash-flow volatility.

Justification for growth

The growth strategy is aligned with Kenya’s policy-driven expansion of agro-processing capacity, persistent post-harvest losses, and increasing compliance requirements in domestic and export food value chains. As competition in equipment supply intensifies, building an installed base through standardized solutions enables subsequent monetization via services, supporting higher revenue stability and resilience over time.

Flagship contract supporting the growth strategy: Feast Foods Processors Ltd.

The Feast Foods Processors Ltd. contract illustrates the growth strategy in execution through a repeat-client engagement covering the design, supply, installation, and commissioning of a complete fruit processing line. The project follows a standard turnkey structure, with a 20% client advance payment and the remaining balance payable upon completion of installation and commissioning, reflecting operational sequencing rather than client financing.

Equipment scope and procurement cost

The project covers a full, integrated fruit processing line, from water treatment and raw fruit handling to concentration, packaging, and quality control. The equipment scope includes the following major systems:

The total procurement and logistics cost for the equipment package amounts to approximately €646,000.

Contract economics

The commercial structure of the Feast Foods contract is summarized below:

Service-related revenues, while smaller in absolute terms, contribute disproportionately to margin generation and support the development of long-term service relationships with the client.

Execution timeline

The project is planned to be executed in clearly defined stages from late Q4 2025 through early Q4 2026, covering engineering design, supplier payments, manufacturing, delivery, installation, commissioning, and final client acceptance. This phased structure underpins working-capital planning and supports the rationale for external financing to bridge the temporary gap between supplier payments and final client settlement.

Strengths and weaknesses of the growth plan

Strengths

• Strategy grounded in observable market expansion and policy-driven demand for agro-processing capacity.
• Standardization improves scalability, execution efficiency, and margin predictability.
• Repeat-client contract validates execution capability and commercial credibility.
• Increased focus on services enhances revenue stability over time.

Weaknesses and risks

• Selective use of extended payment schedules increases short-term working-capital exposure.
• Turnkey project execution remains exposed to site readiness and third-party coordination risks.
• Scaling service operations requires disciplined process development and availability of skilled technical staff.

Conclusion

Manefield Investments Limited’s growth plan represents a controlled and internally consistent evolution of its business model, focused on deepening integration within existing value chains rather than pursuing rapid geographic expansion. The Feast Foods contract provides tangible, contract-backed evidence of this strategy in execution, directly linking external financing to revenue generation and supporting improved revenue visibility and cash-flow stability.

Description of the Loan

Loan purpose and amount

Manefield Investments Limited is seeking a loan facility in the total amount of €500,000 to finance the procurement and delivery of equipment for a confirmed turnkey fruit processing project for Feast Foods Processors Ltd., a repeat client of the company. The loan is strictly linked to this contract and is intended to cover supplier payments and related logistics costs during the project execution period.

The financing does not support general corporate purposes or speculative expansion. Its sole objective is to bridge the temporary working-capital gap between advance and milestone payments to equipment suppliers and final settlement by the client under the confirmed contract.

Planned asset acquisition

Loan proceeds will be used to finance the procurement and delivery of a complete fruit processing line forming part of the Feast Foods project. The financed assets include integrated processing systems covering water treatment, raw fruit processing, pulp concentration, jam production, filling and pasteurization, CIP systems, cooling systems, piping, electrical control systems, and laboratory-related equipment.

The total procurement and logistics value of the equipment package amounts to approximately €646,000, with the loan covering a defined portion of these costs in line with supplier payment milestones.

The allocation of loan proceeds by tranche is summarized below:

Repayment terms

The key terms of the requested loan facility are summarized below:

• Total loan amount: €500,000.
• Loan term: 9 months.
• Interest rate: 23,5% per annum (fixed).
• Disbursement structure: Two tranches.
• Interest payment schedule: Periodic interest servicing during the loan term.
• Principal repayment: Full principal repayment in a single lump sum at maturity (bullet repayment).

The tranche-based disbursement is aligned with supplier payment milestones under the Feast Foods contract, ensuring that loan proceeds are deployed strictly for equipment procurement and related logistics.

Alignment with cash flows and collateral reference

The repayment structure is aligned with expected cash inflows from the Feast Foods project, with principal repayment scheduled after project completion and client settlement. Details of collateral securing the loan, including cash balances, operational assets, and project equipment, are presented separately in the Loan Collateral section.

This structure ensures transparency of use of proceeds, alignment between financing and operational execution, and clear linkage between the loan and a confirmed, revenue-generating contract.