VisionClearBlue Eye Clinic Business Plan — Appendices

Appendix A — Clinic rollout & network build

	Year 1	Year 2	Year 3	Year 4	Year 5
Clinics open	3	6	9	9	9
Network maturity	13%	37%	71%	91%	100%
Consultations	24,000	67,259	127,259	163,259	180,000
Surgeries	2,667	7,473	14,140	18,140	20,000
Optical sales	13,333	37,366	70,700	90,700	100,000
Revenue per open clinic (R m)	54	76	95	122	135

Appendix B — Depreciation, interest & tax (R m)

	Year 1	Year 2	Year 3	Year 4	Year 5
Depreciation (by component)	19	38	57	62	69
Gross PP&E	138	276	414	449	494
Accumulated depreciation	19	57	115	177	246
Interest expense	5	13	18	17	12
Debt (closing)	90	140	170	130	80
Taxation	0	0	3	35	50

Appendix C — Revenue by service line (R m)

	Year 1	Year 2	Year 3	Year 4	Year 5
Surgical services	78	218	412	529	583
Consultations & diagnostics	36	100	189	242	267
Optical & contact lenses	34	95	180	231	255
Corporate & screening	10	27	52	66	73
Telemedicine & government	5	14	26	33	36
Total revenue	162	454	859	1,102	1,215

Appendix D — Key assumptions register

Assumption	Value
Clinics / rollout	9 flagship; 3 / 3 / 3 over Years 1–3
Mature revenue per clinic	~R135m; ramp ~40/72/100% by age
Year-5 revenue / margin	> R1.2bn / ~22% (target 20–25%)
Depreciation	Straight-line by component, 4–10 yr
Cost of debt / tax	11.5% / 27% with loss cap
Working capital	~9% of revenue (medical-aid receivables)
Exit	8.5x EV/EBITDA (8–12.5x tested)
Combined-stress IRR	~53% (ramp –20%, margin –20%, 8x exit)

Appendix E — Glossary

Term	Definition
Hub-and-spoke	A network model with a flagship hub per province and later satellite clinics.
Rollout J-curve	Negative early returns during the build/ramp, before strong later profitability.
Network maturity	How full and productive the open clinics are, versus their mature run-rate.
Cataract surgical rate (CSR)	Cataract surgeries per million population per year — a WHO access measure.
Tele-ophthalmology	Remote specialist consultation and screening, extending scarce specialists.
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, clinic-ramp, early-year liquidity and regulatory (medical-aid / NHI) risk are the most significant.