Here's the full 10-Q:
* Management is projecting a five-year plan from year 2013 onward summarized as follows:
1. To establish a chain of 50 restaurants using our existing Xining restaurant as a model under the brand name “ BULL ” throughout major China cities within our franchising and management system.
2. To slaughter and process up to 15,000 head of cattle and 100,000 sheep per year.
3. To generate annual sales revenue up to RMB 485 million per year, and targeting annual income of no less than RMB 65 million/year (excluding revenue and income of the 50 franchised restaurants).
4. To become a Dragon Head company during or before 2014.
Not saying you are necessarily wrong, and it takes an assumption that SIAF was not clear in the 10-Q (wouldn't be the first time), but I think that revenue target is for 2013. This is my recollection from being there, and handed there projections which I don't have with me (Sly?).
But I absolutely remember the figures 26,000 RMB per head and 46,000 RMB per head sold to the restaurants. They are projecting without restaurants, so the question is how many head of cattle and sheep are projected for 2013 and 2014. 10,000 head at 26,000 = $41.6M revenue alone.
Before the spin out, most probably they will have a larger stake, the slaughterhouse in operation, and the restaurant franchise well under way, likely selling at a higher gross price, and at much higher margins.
