VisionCare Specialist Eye Hospital — Appendices

Supporting appendices — the detailed assumptions register, the data sources and references, and the glossary of terms underpinning the VisionCare Specialist Eye Hospital business plan and financial model.

Section 14 · Business Plan

Appendices

Appendix A — Detailed Assumptions Register

The following register consolidates the operational and financial
assumptions underpinning the model for ease of due-diligence review.

Parameter	Value	Rationale
Total annual encounters (capacity)	~36,000	Eight service lines at full utilisation
Surgical procedures (capacity)	5,000+	Across cataract, refractive, glaucoma, retina, oculoplastics
Year 1 utilisation	42%	Conservative ramp during brand & referral build
Steady-state utilisation (Y5)	86%	Below theoretical maximum for resilience
Revenue escalation	7.0% p.a.	Medical-inflation linked
Cost escalation (wages/other)	6.5% / 6.0%	Below revenue escalation → margin expansion
Equity : Debt	37% : 63%	Balanced gearing for a greenfield asset
Tax rate	27%	SA corporate rate; Y1 loss carried forward
Terminal growth	3.0%	Long-run nominal growth assumption
WACC / discount rate	14%	Reflects sector & greenfield risk premium

Table A.1 — Detailed assumptions register

Appendix B — Data Sources & References

The market and epidemiological context in this Plan draws on the
following categories of published sources. Investors are encouraged to
review primary sources as part of due diligence.

Xulu-Kasaba & Kalinda (2022), “Prevalence of the Burden of
Diseases Causing Visual Impairment and Blindness in South Africa
2010–2020: A Systematic Scoping Review and Meta-Analysis,” Tropical
Medicine and Infectious Disease.
South African National Health and Nutrition Examination Survey
(SANHANES-1) — eye-care utilisation and vision-loss prevalence.
IAPB Vision Atlas — South Africa country data, Rapid Assessment
of Avoidable Blindness (RAAB) and effective refractive error
coverage.
Mordor Intelligence — South Africa Ophthalmic Devices Market size
and forecast (USD 248.6m in 2025; 4.41% CAGR to 2030).
Council for Medical Schemes and industry reports on medical-aid
membership (~9.7 million beneficiaries; ~15.8% coverage).
Studies on cataract prevalence and surgical coverage in South
African provinces (e.g., Limpopo, Cape Town RAAB).
National Guideline on the Prevention of Blindness and VISION 2020
/ 2030 In Sight strategic frameworks.

Note on figures. All financial figures are
projections prepared by the promoters based on the stated assumptions
and are illustrative. Market statistics are drawn from third-party
published sources believed to be reliable as at the date of preparation
but have not been independently verified by the promoters.

Appendix C — Glossary of Terms

The following glossary defines technical and financial terms used
throughout this Plan for the benefit of non-specialist readers.

Term	Definition
Anti-VEGF	Anti-vascular endothelial growth factor therapy; injectable treatment for retinal conditions such as diabetic macular oedema and age-related macular degeneration.
CAGR	Compound annual growth rate — the mean annual growth rate over a period.
Cataract	Clouding of the eye’s natural lens; the leading cause of treatable blindness, corrected by phacoemulsification surgery with lens implantation.
CSSD	Central sterile services department — the unit responsible for sterilising surgical instruments.
DSCR	Debt-service coverage ratio — EBITDA divided by total debt service (interest plus principal).
DSP	Designated service provider — a provider contracted by a medical scheme as a preferred point of care.
EBITDA	Earnings before interest, tax, depreciation and amortisation — a proxy for operating cash generation.
EMR / PACS	Electronic medical record / picture archiving and communication system for clinical imaging.
Glaucoma	A group of conditions damaging the optic nerve, often linked to raised intra-ocular pressure.
IOL	Intraocular lens — the artificial lens implanted during cataract surgery.
IRR	Internal rate of return — the discount rate at which net present value equals zero.
MIGS	Minimally-invasive glaucoma surgery.
MSVI	Moderate-to-severe visual impairment.
NHI	National Health Insurance — South Africa’s proposed universal-coverage framework.
NPV	Net present value — the present value of future cash flows less the initial investment.
OHSC	Office of Health Standards Compliance — the body accrediting health establishments.
Refractive surgery	Vision-correction surgery (e.g., LASIK, PRK, SMILE) to reduce dependence on spectacles.
SAHPRA	South African Health Products Regulatory Authority.
Vitreoretinal surgery	Surgery of the vitreous and retina, treating conditions such as retinal detachment.

Table C.1 — Glossary of technical and financial terms

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of VisionCare Specialist Eye Hospital (Pty) Ltd.