This business plan (the “Plan”) has been prepared by the directors of Crownstone College Group (Pty) Ltd (“Crownstone”, the “Group” or the “Company”) solely to assist prospective financiers, development finance institutions and equity investors in evaluating a potential participation in the Group’s ZAR 850 million capital-raising programme. It does not constitute an offer, invitation or solicitation to subscribe for or purchase any security.
The financial projections contained herein are forward-looking and rest on assumptions management considers reasonable at the date of preparation. The headline revenue and EBITDA figures reflect the sponsor’s operating targets; all items below EBITDA, depreciation, financing costs, taxation and returns, have been independently re-derived by the preparers under the transparent assumptions set out in the Financial Plan and Appendices. A premium school start-up is inherently exposed to enrolment-ramp, early-year liquidity, construction and execution risk; actual results will differ from projections, potentially materially. The enrolment ramp, the early-year debt-service position and the exit multiple are the dominant value drivers and are stress-tested explicitly herein. Returns are long-dated and accrue over the 15-year horizon.
Where this Plan cites third-party market data, including independent-school enrolment statistics, fee benchmarks and the Curro and ADvTECH comparables, such data is believed reliable but has not been independently verified by the Company. Enrolment, fee and margin figures used for modelling are indicative planning assumptions benchmarked to the South African premium independent-school sector and do not constitute an independent market or valuation report; detailed enrolment-and-market due diligence and independent valuation would form part of formal transaction diligence.
NoteAnalytical independence
Consistent with bankability standards, the modelling preserves the sponsor’s revenue and EBITDA targets but re-derives net profit from first principles, applying straight-line depreciation of the campus assets (buildings, boarding, sports, arts, ICT and equipment) from commissioning, full cash interest on the drawn debt, and a 27% corporate tax charge with assessed-loss carry-forward. Where our re-derived figures differ from the sponsor’s stated numbers, we disclose the variance openly.
By accepting this document, the recipient agrees to keep its contents confidential, to use it solely for evaluating the transaction described, and to return or destroy it on request. Prospective investors should conduct their own due diligence and obtain independent legal, tax, educational and financial advice before making any investment decision.