Car & Vehicle Wrapping Business Plan South Africa

Investor-grade vehicle wrap, PPF and tint business plan: two studios, 1,920 jobs a year and R42.0m FY32 revenue at a 20.5% EBITDA margin.

Kyalami Surface Company — a premium vehicle finished in a satin wrap at a professional installation studio

Business Plan & Investment Proposal · South Africa

Car & Vehicle Wrapping Business Plan — South Africa

Kyalami Surface Company (Pty) Ltd · An Installer Hour Not Sold Today Cannot Be Sold Tomorrow.

A branded vehicle surface protection operator in Gauteng — colour change wrap, paint
protection film, window tint and detailing delivered from two studios, growing from four installers to thirteen and
from 264 jobs a year to 1 920. Billable utilisation rises from 34 to 76 per cent and the trade channel from
16 to 34 per cent of revenue, taking turnover to R42.0 million and EBITDA to R8.6 million by FY32.

34 → 76%Installer utilisation

1 920Jobs a year

R42.0mFY32 revenue

20.5%FY32 EBITDA margin

A wrap studio sells installer hours, and an hour not sold today cannot be sold
tomorrow. That single fact drives everything in this plan. In FY28 the business runs 34 per cent billable
utilisation and loses R4.6 million at EBITDA — two-thirds of the hours it paid for went unsold, and a bay
costs the same standing empty as it does with a car on the lift. By FY32 utilisation reaches 76 per cent and
the EBITDA margin is 20.5 per cent. Same trade, same film, largely the same bays: nearly the entire swing from
loss to margin comes from selling hours that were already being paid for. Two things make those hours sellable.
Installers, who grow from four to thirteen and are the real constraint on growth — scarce, mobile, and impossible
to substitute with capital. And trade work, rising from 16 to 34 per cent of revenue, which can be scheduled in
a way that retail demand never can.

Where the margin actually comes from

The same studio, the same bays, four years apart.

34% utilisationFY28, and a R4.6m lossTwo-thirds of the installer hours the business paid for went unsold. A studio bay costs the same standing empty as it does with a car in it.

becomes

76% utilisationFY32, and a 20.5% marginSame trade, same film, same bays. Nearly the entire swing from loss to margin comes from selling hours that were already being paid for.

Key measures

Six measures that determine whether this operator and its funding stand up.

34% → 76%Billable installer utilisationThe single operating lever. Installers and studios are paid for whether the bays are full or not, so unsold hours are lost permanently.

1 920Jobs a year at maturityFrom 264 in FY28, across colour change wrap, paint protection film, tint and detailing in two studios.

13Installers at maturityFrom four. Recruiting and holding skilled installers is what gates growth — not demand and not capital.

16% → 34%Trade channel share of revenueDealership and fleet work that fills bays predictably, smoothing the retail demand that arrives when it pleases.

20.5%FY32 EBITDA marginFrom minus 98.4% in FY28. The operating leverage is real, and it runs almost entirely through utilisation.

2Studios at maturityThe second opens in FY29. Note the dip to 65% utilisation in FY30 — capacity added ahead of the demand to fill it.

Revenue and earnings

Revenue and EBITDA on the base case. Billable utilisation and average job value are the two
assumptions that matter most, and both are stressed in Section 27.

Revenue build — jobs completed and installer utilisation

FY28R4.6m · 264 jobs · 34% util.
FY29R19.8m · 1 074 · 71%
FY30R29.3m · 1 504 · 65%
FY31R39.5m · 1 913 · 76%
FY32R42.0m · 1 920 · 76%

Studios go from one to two and installers from 4 to 13, but utilisation rising from 34% to 76% is what turns those hours into 1,920 jobs a year.

EBITDA and margin, FY29 onward

FY29R1.7m · 8.6%
FY30R2.9m · 9.8%
FY31R7.8m · 19.7%
FY32R8.6m · 20.5%

FY28 runs an EBITDA deficit of R4.6m at 34% utilisation — a studio and its installers are paid for whether the bays are full or not. The margin then doubles from 9.8% to 20.5%.

How to read this plan

The installer hour is the unit of production

A studio bay and the installer standing in it cost the same whether a car is on the lift or not. An hour not sold today cannot be sold tomorrow, which makes utilisation the whole business.

Almost all the margin comes from utilisation

Billable utilisation rises from 34% to 76% and EBITDA margin from minus 98.4% to 20.5%. Not from price, not from film cost — from selling hours already being paid for.

Installers gate growth, not demand or capital

The establishment grows from 4 to 13. Skilled film installers are scarce and mobile, and a studio that cannot staff its bays cannot fill them however strong the order book.

Trade work is what makes the diary predictable

Dealership and fleet share rises from 16% to 34% of revenue. Retail arrives when it pleases; trade work can be scheduled, which is what lifts utilisation.

Capacity is added ahead of demand, and it shows

Utilisation dips from 71% to 65% in FY30 when the second studio opens. The plan reports that dip rather than smoothing it, which is the honest way to show a step change in capacity.

Selected exhibits

The downside case reaches barely break-even EBITDA; the stress case never reaches it at all

Committed facilities cover the base case and neither adverse case

Twenty-nine sections, plus front matter and appendices.

Appendices

Strictly confidential. This document is delivered in confidence to the named
recipient and may not be reproduced or circulated, in whole or in part, without prior written consent.