Lumina Specialist Hospital — Appendices
Supporting appendices and reference schedules underpinning the Lumina Specialist Hospital business plan and financial model.
Section 17 · Business Plan
Appendices
Supporting appendices and reference schedules underpinning the Lumina Specialist Hospital business plan and financial model.
17.1 Appendix A — Detailed assumptions register
| Parameter | Value | Parameter | Value |
|---|---|---|---|
| Licensed beds | 120 | Tax rate | 27% |
| Y1 occupancy | 45% | Tariff escalation | 6.5% p.a. |
| Stabilised occupancy | 72–74% | Opex escalation | 6.0% p.a. |
| Revenue / patient day | R9,800 | Salary escalation | 6.5% p.a. |
| Dialysis stations | 20 | Debtor days | 55 |
| Senior debt | R450m @ 11.75% | Inventory days | 30 |
| Mezzanine | R150m @ 14.0% | Creditor days | 45 |
| Equity | R300m | WACC | 13.5% |
| Reserve | R180m | Equity hurdle | 16.5% |
| Exit multiple | 8.0x EBITDA | Exit year | Year 7 |
17.2 Appendix B — Five-year ratio summary
| Ratio | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 |
|---|---|---|---|---|---|---|---|
| EBITDA margin | 8% | 13% | 17% | 19% | 20% | 21% | 21% |
| Net margin | -50% | -25% | -11% | -4% | 1% | 4% | 6% |
| Net debt / EBITDA | 33.7x | 13.4x | 7.7x | 5.6x | 4.6x | 3.8x | 3.2x |
| DSCR | -0.24x | 0.59x | 1.29x | 0.84x | 1.04x | 1.24x | 1.43x |
| ROIC | -4% | -2% | 2% | 7% | 10% | 13% | 15% |
17.3 Appendix C — Glossary
- CFADS — cash flow available for debt
service. - DSCR — debt-service cover ratio: CFADS divided
by cash debt service. - DSP — designated service provider: a scheme’s
contracted preferred provider. - EBITDA — earnings before interest, tax,
depreciation and amortisation. - IRR / NPV — internal rate of return / net
present value. - MOIC — multiple of invested capital (money
multiple). - NHI — National Health Insurance.
- PIK — payment-in-kind: interest capitalised
rather than paid in cash. - RRT — renal replacement therapy (dialysis /
transplantation).
This Business Plan & Investment Memorandum is provided strictly
privately and confidentially for discussion purposes only and does not
constitute an offer or investment advice. All projections are
illustrative and subject to the assumptions, caveats and risks set out
herein. Independent due diligence is recommended. © 2026 Lumina Health
Holdings (Pty) Ltd.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Lumina Health Holdings (Pty) Ltd.