Rosebank Workspace Business Plan — Key Performance Indicators and Management Dashboard

The occupancy, revenue per desk, churn and contribution indicators reported monthly, with targets.

Section 24 of 29

Key Performance Indicators and Management Dashboard

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Twelve metrics, four of which are leading indicators reported weekly. Occupancy is measured before revenue because it predicts it.

23.1 Financial and operating KPIs

Table 73 Key performance indicators, FY2027 to FY2031

KPI	2027	2028	2029	2030	2031
Revenue growth	–	271%	52%	31%	19%
Centre contribution margin	-19.8%	19.3%	33.4%	27.6%	33.9%
EBITDA margin	-84.9%	-5.7%	14.7%	10.3%	19.3%
Net margin	-123.8%	-21.8%	3.9%	1.1%	12.0%
Blended occupancy (average)	42.0%	67.3%	83.1%	74.2%	84.2%
Occupancy at year end	64.0%	75.0%	84.2%	82.9%	84.2%
Desk capacity	289	533	533	755	755
Occupied desks (average)	185	400	449	626	636
Revenue per occupied desk per month	R7,665	R8,256	R8,879	R9,172	R9,622
Rent as a percentage of revenue	62.1%	44.0%	37.1%	39.4%	36.3%
Staff cost as a percentage of revenue	55.3%	25.5%	20.6%	19.9%	17.7%
Return on invested capital	-56.4%	-19.4%	10.9%	8.2%	48.4%
Return on equity	-107.6%	-57.1%	13.5%	4.8%	38.0%
Debt service cover	n.m.	n.m.	1.32×	1.18×	2.80×
Net debt / EBITDA	n.m.	n.m.	0.73×	-0.35×	-1.10×
Cash conversion cycle (days)	(27)	(41)	(43)	(46)	(44)

23.2 Management dashboard

Table 74 Management dashboard — targets, frequency and accountability

Metric	Target	Frequency	Owner	Why it is on the dashboard
Occupancy by centre	Ramp plan +0pp; 87% at stabilisation	Weekly	Centre manager	The dominant value driver; a one-month slip compounds through the ramp
Net new desks contracted	19 / 16 / 15 per month during ramp	Weekly	Business development manager	The leading indicator of occupancy four to eight weeks ahead
Qualified pipeline value	3.0× the next quarter’s desk target	Weekly	Business development manager	The leading indicator of net new desks
Notices received	< 2.1% of desks per month	Weekly	Centre manager	Churn arrives as notices; a spike precedes an occupancy fall by 60 to 90 days
Achieved rate versus card	≥ 95% of published rate	Monthly	Managing director	Distinguishes occupancy won on merit from occupancy bought with discount
Centre contribution	Budget	Monthly	Centre manager	Site-level accountability separate from group overhead
Rent cover by centre	≥ 2.2× at stabilisation	Monthly	Managing director	The clearest single test of whether a lease was well negotiated
EBITDA versus budget	Budget	Monthly	Managing director	Board and covenant reporting
Closing cash and 13-week forecast	≥ R3.0m at all times	Weekly	Finance manager	The plan’s binding operational constraint during the ramp
Debt service cover (rolling 12 months)	≥ 1.30× managed, 1.15× covenant	Monthly	Finance manager	Managed above covenant so a miss is visible two quarters early
Member concentration	≤ 8% of a centre’s desks	Monthly	Centre manager	The cap is only effective if it is measured
Member satisfaction and renewal rate	Renewal ≥ 75%; satisfaction ≥ 8.0 / 10	Quarterly	Operations director	Retention is a third of the commercial workload and cheaper than acquisition

The first four metrics are leading indicators and are reported weekly at the commercial meeting. This is deliberate: by the time monthly EBITDA shows a problem, the pipeline that caused it is two months old and cannot be recovered. The Company manages debt service cover to an internal floor of 1.30× against a covenant of 1.15× for the same reason, the gap is the warning period.