This business plan (the “Plan”) has been prepared by the directors of VisionClearBlue Eye Clinic (Pty) Ltd (“VisionClearBlue”, the “Group” or the “Company”) solely to assist prospective financiers, development finance institutions and equity investors in evaluating a potential participation in the Group’s ZAR 450 million capital-raising programme. It does not constitute an offer, invitation or solicitation to subscribe for or purchase any security.
The financial projections contained herein are forward-looking and rest on assumptions management considers reasonable at the date of preparation. The headline revenue and EBITDA figures reflect the sponsor’s operating targets; all items below EBITDA, depreciation, financing costs, taxation and returns, have been independently re-derived by the preparers under the transparent assumptions set out in the Financial Plan and Appendices. A specialist-healthcare rollout is inherently exposed to specialist-recruitment, clinic-ramp, early-year liquidity, construction and regulatory risk; actual results will differ from projections, potentially materially. The availability of ophthalmologists is the binding constraint, and the clinic rollout ramp and the exit multiple are the dominant value drivers, all are addressed and stress-tested explicitly herein. The base-case returns are high because the business is capital-light, and should be read as a ceiling contingent on execution and staffing.
Where this Plan cites third-party market data, including ophthalmologist-density statistics, cataract-surgery rates and eye-care market estimates, such data is believed reliable but has not been independently verified by the Company. Clinic revenue, volume and margin figures are indicative planning assumptions built to be consistent with the sponsor’s stated targets and benchmarked to the South African eye-care sector, and do not constitute an independent market, clinical or valuation report; detailed clinical, specialist-recruitment and market due diligence and independent valuation would form part of formal transaction diligence.
NoteAnalytical independence
Consistent with bankability standards, the modelling builds a transparent year-by-year plan to the sponsor’s stated targets and derives every line below EBITDA from first principles, applying straight-line depreciation of the equipment-heavy clinic assets from commissioning, full cash interest on the drawn debt, and a 27% corporate tax charge with assessed-loss carry-forward. The balance sheet ties in every year, and the binding specialist-supply constraint is disclosed and foregrounded throughout.
By accepting this document, the recipient agrees to keep its contents confidential, to use it solely for evaluating the transaction described, and to return or destroy it on request. Prospective investors should conduct their own due diligence and obtain independent legal, tax, clinical and financial advice before making any investment decision.