Capital expenditure register — Series A (R m)
|
Component |
Amount |
Treatment / life |
|---|---|---|
|
120-bed flagship facility |
420 |
Depreciated 20 years |
|
Medical equipment |
110 |
Depreciated 8 years |
|
Digital systems |
35 |
Depreciated 5 years |
|
Working capital |
85 |
Funds early operating cycles |
|
Marketing & launch |
15 |
Expensed at launch |
|
Staff recruitment & training |
35 |
Expensed at launch |
|
Total (Series A) |
700 |
Assumptions register
|
Parameter |
Value / treatment |
|---|---|
|
Repo / prime rate |
7.0% / 10.5% (SARB, mid-2026) |
|
Corporate tax |
27%, assessed losses carried forward |
|
Term-debt rate |
13.0% (prime + 250bps), secured on facilities |
|
Funding |
Series A R700m (Y1) + Series B R600m (Y3); R830m equity + R470m debt |
|
Depreciation |
Component; facilities 20-yr, medical equipment 8-yr, digital 5-yr |
|
Working capital |
11% of revenue (medical-scheme & government receivables) |
|
Capacity |
120 → 600 beds; 1 → 7 centres; occupancy 62% → 82% |
|
Revenue mix (Y5) |
Medical aid 40% / government 20% / private 15% / other 25% |
|
Exit multiple |
8×–12× EV/EBITDA (hospital-group comparables) |