The balance sheet below ties in every year, total assets equal total equity and liabilities, a consistency enforced by assertion in the underlying model. It reflects the asset-heavy profile of a healthcare-infrastructure business: a large and growing property, plant and equipment base (the facilities and equipment), working capital dominated by medical-aid and government receivables, and a cash buffer maintained through the build by phased equity and debt.

Asset backing and leverage

The balance sheet is asset-heavy: purpose-built facilities and equipment provide substantial security, financed by a mix of equity and development debt. Leverage, net debt to EBITDA, is elevated during the early build, when EBITDA is still ramping, and falls sharply as EBITDA scales toward R275 million by Year 5. This is the expected profile of an infrastructure build; the key structural protections are the phased funding, the principal grace period and the debt-service reserve discussed under debt service.