Appendix A — Clinic rollout & network build
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Clinics open |
1 |
3 |
5 |
7 |
9 |
|
Network maturity |
9% |
29% |
51% |
73% |
95% |
|
Consultations |
11,333 |
36,667 |
64,000 |
92,000 |
120,000 |
|
Members |
944 |
3,056 |
5,333 |
7,667 |
10,000 |
|
Revenue per open clinic (R m) |
17 |
18 |
19 |
20 |
20 |
Appendix B — Depreciation, interest & tax (R m)
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Depreciation |
2 |
6 |
9 |
13 |
17 |
|
Gross PP&E |
16 |
42 |
71 |
101 |
132 |
|
Accumulated depreciation |
2 |
8 |
17 |
30 |
47 |
|
Interest expense |
0 |
1 |
3 |
3 |
1 |
|
Debt (closing) |
0 |
20 |
35 |
20 |
0 |
|
Taxation |
0 |
2 |
3 |
5 |
7 |
Appendix C — Revenue by service line (R m)
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Specialist consultations |
7 |
24 |
42 |
61 |
79 |
|
Diagnostics & ultrasound |
3 |
9 |
15 |
22 |
29 |
|
Surgical (hospital partnerships) |
4 |
12 |
21 |
30 |
40 |
|
Fertility & reproductive |
1 |
4 |
8 |
11 |
14 |
|
Membership & corporate |
2 |
6 |
10 |
14 |
18 |
|
Total revenue |
17 |
55 |
96 |
138 |
180 |
Appendix D — Key assumptions register
|
Assumption |
Value |
|---|---|
|
Clinics / rollout |
9; 1/2/2/2/2 over Years 1–5 |
|
Mature revenue per clinic |
~R21m; ramp ~82/96/100% by age |
|
Year-5 revenue / margin |
~R180m / ~25% (sponsor target) |
|
Seed / full programme |
R25m / ~R132m capital |
|
External funding |
Equity R85m / Debt R35m (~R120m) |
|
Cost of debt / tax |
11.5% / 27% with loss cap |
|
Working capital |
~9% of revenue (medical-aid receivables) |
|
Exit |
9x EV/EBITDA (7–13x tested) |
|
Combined-stress IRR |
~37% (ramp –20%, margin –15%, 7x exit) |
Appendix E — Glossary
|
Term |
Definition |
|---|---|
|
Capital-light |
A model that avoids heavy capex (here, by partnering for surgery rather than owning theatres). |
|
MotherPath™ |
LumaVida’s integrated pregnancy-care programme. |
|
ART |
Assisted reproductive technology — fertility treatment such as IVF. |
|
Network maturity |
How full and productive the open clinics are, versus their mature run-rate. |
|
Wellness Membership |
LumaVida’s R299/month subscription bundling screening, online consults and priority access. |
|
CFADS / DSCR |
Cash flow available for debt service; and CFADS divided by scheduled debt service. |
|
MOIC |
Multiple of invested capital — total distributions divided by equity invested. |
|
NHI |
National Health Insurance — SA’s proposed universal health-financing reform. |
Appendix F — Important notice
This document is strictly private and confidential. It has been prepared for the exclusive use of prospective financiers and does not constitute an offer of securities, investment advice or medical advice. All projections are estimates built to be consistent with the sponsor’s stated targets and are subject to material risk, of which specialist-recruitment, Phase-2 funding, clinic-ramp, membership-uptake and regulatory (medical-aid / NHI) risk are the most significant.