{
  "schemaVersion": 1,
  "edition": "e01/s00",
  "evidenceCutoff": "2026-09-19",
  "methods": {
    "growth": "100*(current/previous-1); fiscal and calendar series kept separate",
    "kpiReconciliation": "100*((1+footfall/100)*(1+basket/100)-1); residual=reported sales-product. Diagnostic only; not a causal decomposition.",
    "index": "100*annual aggregate/2021 annual aggregate. National all-channel totals, not per capita or a fixed-store index.",
    "profitRatio": "100*retail segment operating profit/stated revenue denominator. Both before-elimination and external-revenue ratios retained with explicit names; manuscript uses external revenue. Same issuer/vintage/year; not comparable with JKH EBITDA margin."
  },
  "keellsKpiReconciliation": [
    {
      "period": "2021/22",
      "sourceId": "JKH24",
      "salesPercent": 12.9,
      "footfallPercent": 4.5,
      "basketPercent": 8.0,
      "productPercent": 12.86,
      "residualPercentagePoints": 0.04
    },
    {
      "period": "2022/23",
      "sourceId": "JKH25",
      "salesPercent": 47.6,
      "footfallPercent": 28.3,
      "basketPercent": 15.1,
      "productPercent": 47.6733,
      "residualPercentagePoints": -0.0733
    },
    {
      "period": "2023/24",
      "sourceId": "JKH25",
      "salesPercent": 12.3,
      "footfallPercent": 12.3,
      "basketPercent": -0.1,
      "productPercent": 12.1877,
      "residualPercentagePoints": 0.1123
    },
    {
      "period": "2024/25",
      "sourceId": "JKH25",
      "salesPercent": 14.2,
      "footfallPercent": 14.5,
      "basketPercent": -0.3,
      "productPercent": 14.1565,
      "residualPercentagePoints": 0.0435
    },
    {
      "period": "2026/27 Q1",
      "sourceId": "JKH27Q1_RELEASE",
      "salesPercent": 13.0,
      "footfallPercent": 6.0,
      "basketPercent": 7.0,
      "productPercent": 13.42,
      "residualPercentagePoints": -0.42
    }
  ],
  "cargillsFinancialReconciliation": [
    {
      "period": "2021/22",
      "sourceId": "CARG23",
      "beforeEliminationLkrBillion": 103.061948,
      "externalLkrBillion": 102.940475,
      "eliminationLkrBillion": 0.121473,
      "operatingProfitLkrBillion": 3.750626,
      "operatingProfitToBeforeEliminationRevenuePercent": 3.6391957194521494,
      "operatingProfitToExternalRevenuePercent": 3.643490084925293
    },
    {
      "period": "2022/23",
      "sourceId": "CARG23",
      "beforeEliminationLkrBillion": 145.586716,
      "externalLkrBillion": 145.393825,
      "eliminationLkrBillion": 0.192891,
      "operatingProfitLkrBillion": 6.422416,
      "operatingProfitToBeforeEliminationRevenuePercent": 4.411402479880101,
      "operatingProfitToExternalRevenuePercent": 4.417254996902379
    },
    {
      "period": "2024/25",
      "sourceId": "CARG26",
      "beforeEliminationLkrBillion": 182.461966,
      "externalLkrBillion": 182.213186,
      "eliminationLkrBillion": 0.24878,
      "operatingProfitLkrBillion": 7.457405,
      "operatingProfitToBeforeEliminationRevenuePercent": 4.087101089330584,
      "operatingProfitToExternalRevenuePercent": 4.092681305731628
    },
    {
      "period": "2025/26",
      "sourceId": "CARG26",
      "beforeEliminationLkrBillion": 201.653207,
      "externalLkrBillion": 201.371924,
      "eliminationLkrBillion": 0.281283,
      "operatingProfitLkrBillion": 8.769181,
      "operatingProfitToBeforeEliminationRevenuePercent": 4.348644452751004,
      "operatingProfitToExternalRevenuePercent": 4.354718783935342
    }
  ],
  "keellsQuarterRevenueReconciliation": [
    {
      "period": "2023/24",
      "sumLkrMillion": 110976.0,
      "annualLkrMillion": 110977.0,
      "differenceLkrMillion": -1.0
    },
    {
      "period": "2024/25",
      "sumLkrMillion": 124349.0,
      "annualLkrMillion": 124349.0,
      "differenceLkrMillion": 0.0
    }
  ],
  "foodDemand": [
    {
      "year": 2015,
      "nominalLkrMillion": 2262720.0,
      "constant2015LkrMillion": 2262720.0,
      "nominalIndex2021": 62.74977876787224,
      "volumeIndex2021": 90.22286569404244
    },
    {
      "year": 2016,
      "nominalLkrMillion": 2490283.0,
      "constant2015LkrMillion": 2416076.0,
      "nominalIndex2021": 69.06055867247967,
      "volumeIndex2021": 96.33772647724831
    },
    {
      "year": 2017,
      "nominalLkrMillion": 2440925.0,
      "constant2015LkrMillion": 2127641.0,
      "nominalIndex2021": 67.6917620116358,
      "volumeIndex2021": 84.8367752917454
    },
    {
      "year": 2018,
      "nominalLkrMillion": 2608459.0,
      "constant2015LkrMillion": 2277259.0,
      "nominalIndex2021": 72.33781695263455,
      "volumeIndex2021": 90.80258843672632
    },
    {
      "year": 2019,
      "nominalLkrMillion": 2764463.0,
      "constant2015LkrMillion": 2398323.0,
      "nominalIndex2021": 76.66412179234214,
      "volumeIndex2021": 95.62984987976107
    },
    {
      "year": 2020,
      "nominalLkrMillion": 3094401.0,
      "constant2015LkrMillion": 2393085.0,
      "nominalIndex2021": 85.8139664514755,
      "volumeIndex2021": 95.42099179281023
    },
    {
      "year": 2021,
      "nominalLkrMillion": 3605941.0,
      "constant2015LkrMillion": 2507923.0,
      "nominalIndex2021": 100.0,
      "volumeIndex2021": 100.0
    },
    {
      "year": 2022,
      "nominalLkrMillion": 5377365.0,
      "constant2015LkrMillion": 2328929.0,
      "nominalIndex2021": 149.1251520754222,
      "volumeIndex2021": 92.86285902717108
    },
    {
      "year": 2023,
      "nominalLkrMillion": 5895109.0,
      "constant2015LkrMillion": 2308295.0,
      "nominalIndex2021": 163.4832350279719,
      "volumeIndex2021": 92.04010649449764
    },
    {
      "year": 2024,
      "nominalLkrMillion": 6133762.0,
      "constant2015LkrMillion": 2352115.0,
      "nominalIndex2021": 170.10156294847863,
      "volumeIndex2021": 93.78736906994354
    },
    {
      "year": 2025,
      "nominalLkrMillion": 6705416.0,
      "constant2015LkrMillion": 2506585.0,
      "nominalIndex2021": 185.9546786816534,
      "volumeIndex2021": 99.9466490797365
    }
  ],
  "findings": {
    "foodNominalGrowth2021to2025Percent": 85.95467868165342,
    "foodVolumeGrowth2021to2025Percent": -0.05335092026350091,
    "foodVolumeGrowth2024to2025Percent": 6.567280936518835,
    "keellsRevenueGrowth2024to2025Percent": 12.049343557674113,
    "cargillsBeforeEliminationRevenueGrowth2022to2023Percent": 41.26136641624511,
    "cargillsExternalRevenueGrowth2022to2023Percent": 41.24067816862124,
    "cargillsExternalRevenueGrowth2025to2026Percent": 10.514462987327382,
    "cargillsRevenueGrowth2025to2026Percent": 10.517940489581264,
    "cargillsOperatingProfitGrowth2025to2026Percent": 17.590247545895657
  },
  "inputs": [
    {
      "path": "company-observations.csv",
      "sha256": "28827acfb2e86944c3913e68a0a2cbbd0b703b842107f99bf5369542803085ca"
    },
    {
      "path": "context-observations.csv",
      "sha256": "a6cc0d930afb99274db91024ac29fd42b667c12bada1c28ee24f06001248bd4c"
    }
  ]
}