RFH Financial Model v6

Ruai Family Hospital Limited
Scenerio 1: Management Case

Currency Kes '000
FY18A FY19A FY20A
Growth in sales per patient
Management Case
Branch / line item

RFH Specialist KES'000
Patient traffic - 4,690 35,027
Sales per patient - 12.0 7.7
Sales - 56,221 269,080
Capex
Extraordinary costs (ramp-up)
RFH Ruai Family KES'000

Patient traffic 28,000 37,971 38,110
Sales per patient 4.4 3.2 3.2
Sales 123,830 119,893 121,392
Capex
RFH Ruai Family Tala KES'000

Patient traffic 1,865 5,943 2,817
Sales 17,810 19,331 10,738
Capex
RFH Ruai Family Embakasi KES'000

Sales 12,588 27,513 31,451
Capex
RFH Ruai Family Jacaranda KES'000

Patient traffic - 808 2,419
Sales - 1,547 5,134
Capex
RFH Ruai Family Ruaka KES'000

Patient traffic - - -
Sales per patient - - -
Sales - - -
Capex
RFH Ruai Family Ruiru KES'000

Sales - - -
Capex
RFH Ruai Family Ngong KES'000

Sales - - -
Capex
RFH Ruai Family Imara KES'000

Sales - - -
Capex
RFH Ruai Family Athi River KES'000

Sales - - -
Capex
RFH Ruai Family Homa Bay KES'000

Sales - - -
Capex
Total Ruai Family
Patient traffic 33,660 58,885 89,598
Sales 154,227 224,504 437,795
Sales growth (line linked to scenario input)
Capex for new hospitals

Additional capex for other
Total Capex
Total extraordinary costs (ramp-up)
Base line cost of sales
Base line opex

Corrected opex in % of sales (incl. Ramp-up - linked to scenario input)
FY21M09 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27
3% 3% 3% 3% 3%
21,900 118,560 130,416 143,458 143,458 143,458 143,458

7.0 7.0 5.0 5.2 5.3 5.5 5.6
153,300 829,920 652,080 738,807 760,971 783,800 807,314
- - (50,000)
- -
10,335 41,340 41,340 41,340 41,340 41,340 41,340

4.0 4.0 4.0 4.1 4.2 4.4 4.5
41,340 165,360 165,360 170,321 175,430 180,693 186,114
- -
- -
1,947 7,788 7,788 8,567 8,567 8,567 8,567

3.5 3.5 3.5 3.6 3.7 3.8 3.9
6,815 27,258 27,258 30,883 31,810 32,764 33,747
- -
- -
2,790 11,160 11,160 11,160 11,160 11,160 11,160

4.0 4.0 4.0 4.1 4.2 4.4 4.5
11,160 44,640 44,640 45,979 47,359 48,779 50,243
- -
- -
720 2,880 2,880 2,880 2,880 2,880 2,880

5.2 5.2 5.2 5.4 5.5 5.7 5.9
3,744 14,976 14,976 15,425 15,888 16,365 16,856
- -
- -
5,406 39,624 38,400 43,200 43,200 43,200 43,200

5.4 5.4 5.4 5.6 5.7 5.9 6.1
29,192 213,970 207,360 240,278 247,487 254,911 262,559
- (15,000)
- -
600 20,400 36,000 36,000 36,000 36,000 36,000

- 3.4 3.5 3.6 3.7 3.8 3.9
- 69,300 126,000 129,780 133,673 137,684 141,814
(40,000) -
(4,000) -
900 12,600 14,400 14,400 14,400 14,400 14,400

3.0 3.0 3.0 3.1 3.2 3.3 3.4
2,700 37,800 43,200 44,496 45,831 47,206 48,622
(15,000) -
(2,500) -
- 15,600 34,800 36,000 36,000 36,000 36,000

#DIV/0! 3.5 3.5 3.6 3.7 3.8 3.9
- 54,600 121,800 129,780 133,673 137,684 141,814
(40,000) -
- (4,000)
- 4,200 28,800 36,000 36,000 36,000 36,000

#DIV/0! 3.5 3.5 3.6 3.7 3.8 3.9
- 14,700 100,800 129,780 133,673 137,684 141,814
- (60,000)
- (6,000)
- - 4,690 35,027 70,000 70,000 70,000

#DIV/0! #DIV/0! 3.0 3.0 3.0 3.0 3.0
- - 14,070 105,081 210,000 210,000 210,000
- (150,000) (150,000)
- - (40,000)
44,598 274,152 350,674 408,031 443,004 443,004 443,004
21.7 5.4 4.3 4.4 4.4 4.5 4.6
719,869 968,120 1,472,524 1,517,544 1,780,611 1,935,796 1,987,569 2,040,896
121% 52% 3% 17% 9% 3% 3%
(95,000) (225,000) (150,000) (50,000) - - -

- - (50,000) (50,000) (50,000)
(95,000) (225,000) (150,000) (50,000) (50,000) (50,000) (50,000)
(6,500) (10,000) (40,000) - - - -
50% 50% 50% 50% 50% 50% 50%
17% 17% 17% 17% 16% 16% 16%

17.67% 17.68% 19.64% 17.00% 16.00% 16.00% 16.00%
Dec-28 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
3%
143,458
5.8
831,533
41,340
4.6
191,698
8,567
4.1
34,759
11,160
4.6
51,750
2,880
6.0
17,361
43,200
6.3
270,435
36,000
4.1
146,069 - - -
(20,000)
14,400 - -
3.5 - -
50,081 - - -
36,000 - -
4.1 - -
146,069 - - -
36,000 - -
4.1 - -
146,069 - - -
70,000 - -
3.0 - -
210,000 - - -
Old Hospitals
443,004 - - - - - - - -
4.7 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2,095,823 - - - - - - - -
3% - - -
- - - (20,000)
(50,000)
(50,000) - - (20,000)
- - - -
50% 50% 50% 45%
16% 17% 17% 17%

16.00% #DIV/0! #DIV/0! #DIV/0!
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
7,000 7,300 7,600 9,880 9,880 9,880 9,880 9,880 9,880

7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0
49,000 51,100 53,200 69,160 69,160 69,160 69,160 69,160 69,160
3,445 3,445 3,445 3,445 3,445 3,445 3,445 3,445 3,445

4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
13,780 13,780 13,780 13,780 13,780 13,780 13,780 13,780 13,780
649 649 649 649 649 649 649 649 649

3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
2,272 2,272 2,272 2,272 2,272 2,272 2,272 2,272 2,272
930 930 930 930 930 930 930 930 930

4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
3,720 3,720 3,720 3,720 3,720 3,720 3,720 3,720 3,720
240 240 240 240 240 240 240 240 240

5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2
1,248 1,248 1,248 1,248 1,248 1,248 1,248 1,248 1,248
1,602 1,802 2,002 2,202 2,402 2,602 2,802 3,002 3,202
5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4
8,651 9,731 10,811 11,891 12,971 14,051 15,131 16,211 17,291
(15,000)
200 400 600 800 1,000 1,200 1,400 1,600

3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
- 2,800 3,500 4,200 4,900 5,600
(20,000)
(2,000) (1,500) (500)
- 200 300 400 500 600 700 800 900 1,000

- 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
- 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000
(15,000)
(1,000) (1,000) (500)
- - - - 200 400 600 800 1,000 1,200

- - - - 3.5 3.5 3.5 3.5 3.5 3.5
- - - - 700 1,400 2,100 2,800 3,500 4,200
(20,000) (20,000)
(2,000) (1,500) (500)
- - - -
- - - -
- - - - - - - - - -
(15,000) (15,000) (15,000) (15,000)
(2,000)
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(12,500) (12,500) (12,500) (12,500) (12,500) (12,500)
79,985 78,670 81,850 85,030
- 14,066 14,866 15,666 18,646 19,346 20,046 20,746 21,446 22,146

#DIV/0! 5.6 5.6 5.5 5.6 5.6 5.6 5.5 5.5 5.4
- 79,270 82,750 86,230 104,270 109,150 111,930 114,710 117,490 120,270
- 79,270 82,750 86,230
(35,000) - (20,000) (20,000) (12,500) (27,500) (27,500) (42,500) (27,500) (12,500)
(35,000) - (20,000) (20,000) (12,500) (27,500) (27,500) (42,500) (27,500) (12,500)
(1,000) (3,000) (2,000) (500) (2,000) (1,500) (500) - - (2,000)
45% 50% 50% 50% 50% 50% 50% 50% 50% 50%
17% 17% 17% 17% 17% 17% 17% 17% 17% 17%
#DIV/0! 20.78% 19.42% 17.58% 18.92% 18.37% 17.45% 17.00% 17.00% 18.66%
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
9,880 9,880 9,880 9,880 9,880 9,880

7.0 7.0 7.0 7.0 7.0 7.0
69,160 69,160 69,160 69,160 69,160 69,160
3,445 3,445 3,445 3,445 3,445 3,445

4.0 4.0 4.0 4.0 4.0 4.0
13,780 13,780 13,780 13,780 13,780 13,780
649 649 649 649 649 649

3.5 3.5 3.5 3.5 3.5 3.5
2,272 2,272 2,272 2,272 2,272 2,272
930 930 930 930 930 930

4.0 4.0 4.0 4.0 4.0 4.0
3,720 3,720 3,720 3,720 3,720 3,720
240 240 240 240 240 240

5.2 5.2 5.2 5.2 5.2 5.2
1,248 1,248 1,248 1,248 1,248 1,248
3,402 3,602 3,802 4,002 4,202 4,402
5.4 5.4 5.4 5.4 5.4 5.4
18,371 19,451 20,531 21,611 22,691 23,771
1,800 2,000 2,200 2,400 2,600 2,800

3.5 3.5 3.5 3.5 3.5 3.5
6,300 7,000 7,700 8,400 9,100 9,800
1,100 1,200 1,300 1,400 1,500 1,600

3.0 3.0 3.0 3.0 3.0 3.0
3,300 3,600 3,900 4,200 4,500 4,800
1,400 1,600 1,800 2,000 2,200 2,400

3.5 3.5 3.5 3.5 3.5 3.5
4,900 5,600 6,300 7,000 7,700 8,400
200 400 600 800 1,000 1,200

3.5 3.5 3.5 3.5 3.5 3.5
700 1,400 2,100 2,800 3,500 4,200
(2,000) (1,500) (500)
- - - - - -
- - - - - -
- - - - - -
(12,500) (12,500) (12,500) (12,500) (12,500) (12,500)
23,046 23,946 24,846 25,746 26,646 27,546
5.4 5.3 5.3 5.2 5.2 5.1
123,750 127,230 130,710 134,190 137,670 141,150
(12,500) (12,500) (12,500) (12,500) (12,500) (12,500)
(12,500) (12,500) (12,500) (12,500) (12,500) (12,500)
(2,000) (1,500) (500) - - -
50% 50% 50% 50% 50% 50%
17% 17% 17% 17% 17% 17%

18.62% 18.18% 17.38% 17.00% 17.00% 17.00%
Scenerio 1: Base Case
Currency Kes '000
FY18A FY19A FY20A
Growth in sales per patient
Management Case
Branch / line item

RFH Specialist KES'000
Patient traffic - 4,690 35,027
Sales - 56,221 269,080
Capex
RFH Ruai Family KES'000

Patient traffic 28,000 37,971 38,110
Sales 123,830 119,893 121,392
Capex
RFH Ruai Family Tala KES'000

Sales 17,810 19,331 10,738
Capex
RFH Ruai Family Embakasi KES'000

Sales 12,588 27,513 31,451
Capex
RFH Ruai Family Jacaranda KES'000

Patient traffic - 808 2,419
Sales - 1,547 5,134
Capex
RFH Ruai Family Ruaka KES'000

Sales - - -
Capex
RFH Ruai Family Ruiru KES'000

Sales - - -
Capex
RFH Ruai Family Ngong KES'000

Sales - - -
Capex
RFH Ruai Family Imara KES'000

Sales - - -
Capex
RFH Ruai Family Athi River KES'000

Sales - - -
Capex
RFH Ruai Family Homa Bay KES'000

Sales - - -
Capex
Total Ruai Family
Patient traffic 33,660 58,885 89,598
Sales 154,227 224,504 437,795
Sales growth (line linked to scenario input)
Capex for new hospitals

Additional capex for other
Total Capex
Total extraordinary costs (ramp-up)
Base line cost of sales
Base line opex

Corrected opex in % of sales (incl. Ramp-up - linked to scenario input)
FY21M09 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27
3% 3% 3% 3% 3%
21,900 118,560 124,488 130,712 130,712 130,712 130,712

7.0 7.0 5.7 5.9 6.1 6.3 6.5
153,300 829,920 714,561 772,798 795,982 819,861 844,457
- - (50,000)
- -
10,335 41,340 41,340 41,340 41,340 41,340 41,340

4.0 4.0 4.0 4.1 4.2 4.4 4.5
41,340 165,360 165,360 170,321 175,430 180,693 186,114
- -
- -
2,007 8,728 8,728 9,601 10,561 10,561 10,561

3.5 3.5 3.5 3.6 3.7 3.8 3.9
7,025 30,548 30,548 34,611 39,214 40,391 41,602
- -
- -
2,790 11,160 11,160 11,160 11,160 11,160 11,160

4.0 4.0 4.0 4.1 4.2 4.4 4.5
11,160 44,640 44,640 45,979 47,359 48,779 50,243
- -
- -
720 2,880 2,880 2,880 2,880 2,880 2,880

5.2 5.2 5.2 5.4 5.5 5.7 5.9
3,744 14,976 14,976 15,425 15,888 16,365 16,856
- -
- -
5,406 39,624 38,400 38,400 38,400 38,400 38,400

5.4 5.4 5.4 5.6 5.7 5.9 6.1
29,192 213,970 207,360 213,581 219,988 226,588 233,386
- (15,000)
- -
600 20,400 30,000 30,000 30,000 30,000 30,000

- 3.4 3.5 3.6 3.7 3.8 3.9
- 69,300 105,000 108,150 111,395 114,736 118,178
(40,000) -
(4,000) -
900 12,600 13,200 13,200 13,200 13,200 13,200

1.3 3.0 3.0 3.1 3.2 3.3 3.4
1,200 37,800 39,600 40,788 42,012 43,272 44,570
(15,000) -
(2,500) -
- 15,600 28,800 33,600 33,600 33,600 33,600

#DIV/0! 3.5 3.5 3.6 3.7 3.8 3.9
- 54,600 100,800 121,128 124,762 128,505 132,360
(40,000) -
- (4,000)
- 4,200 25,800 33,600 33,600 33,600 33,600

#DIV/0! 3.5 3.5 3.6 3.7 3.8 3.9
- 14,700 90,300 121,128 124,762 128,505 132,360
- (60,000)
- (6,000)
- - 4,690 35,027 59,500 59,500 59,500

#DIV/0! #DIV/0! 3.0 3.0 3.0 3.0 3.0
- - 14,070 105,081 178,500 178,500 178,500
- (150,000) (150,000)
- - (40,000)
44,658 275,092 329,486 379,520 404,953 404,953 404,953
21.6 5.4 4.6 4.6 4.6 4.8 4.9
719,869 966,830 1,475,814 1,527,215 1,748,990 1,875,291 1,926,195 1,978,626
121% 53% 3% 15% 7% 3% 3%
(95,000) (225,000) (150,000) (50,000) - - -

- - (50,000) (50,000) (50,000)
(95,000) (225,000) (150,000) (50,000) (50,000) (50,000) (50,000)
(6,500) (10,000) (40,000) - - - -
50% 50% 50% 50% 50% 50% 50%
17% 17% 17% 17% 16% 16% 16%

17.67% 17.68% 19.62% 17.00% 16.00% 16.00% 16.00%
Dec-28 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
3%
130,712
6.7
869,791
41,340
4.6
191,698
10,561
4.1
42,850
11,160
4.6
51,750
2,880
6.0
17,361
38,400
6.3
240,387
30,000
4.1
121,724 - - -
(20,000)
13,200 - -
3.5 - -
45,907 - - -
33,600 - -
4.1 - -
136,331 - - -
33,600 - -
4.1 - -
136,331 - - -
59,500 - -
3.0 - -
178,500 - - -
Old Hospitals
404,953 - - - - - - - -
5.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2,032,629 - - - - - - - -
3% - - -
- - - (20,000)
(50,000)
(50,000) - - (20,000)
- - - -
50% 50% 50% 50%
16% 17% 17% 17%

16.00% #DIV/0! #DIV/0! #DIV/0!
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
0.3
7,000 7,300 7,600 9,880 9,880 9,880 9,880 9,880 9,880

7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0
49,000 51,100 53,200 69,160 69,160 69,160 69,160 69,160 69,160
3,445 3,445 3,445 3,445 3,445 3,445 3,445 3,445 3,445

4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
13,780 13,780 13,780 13,780 13,780 13,780 13,780 13,780 13,780
649 669 689 709 729 729 729 729 729

3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
2,272 2,342 2,412 2,482 2,552 2,552 2,552 2,552 2,552
930 930 930 930 930 930 930 930 930

4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
3,720 3,720 3,720 3,720 3,720 3,720 3,720 3,720 3,720
240 240 240 240 240 240 240 240 240

5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2
1,248 1,248 1,248 1,248 1,248 1,248 1,248 1,248 1,248
1,602 1,802 2,002 2,202 2,402 2,602 2,802 3,002 3,202
5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4
8,651 9,731 10,811 11,891 12,971 14,051 15,131 16,211 17,291
(15,000)
200 400 600 800 1,000 1,200 1,400 1,600

3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
- 2,800 3,500 4,200 4,900 5,600
(20,000)
(2,000) (1,500) (500)
200 300 400 500 600 700 800 900 1,000

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
1,200 1,500 1,800 2,100 2,400 2,700 3,000
(15,000)
(1,000) (1,000) (500)
- - - - 200 400 600 800 1,000 1,200

- - - - 3.5 3.5 3.5 3.5 3.5 3.5
- - - - 700 1,400 2,100 2,800 3,500 4,200
(20,000) (20,000)
(2,000) (1,500) (500)
- - - -
- - - -
- - - - - - - - - -
(15,000) (15,000) (15,000) (15,000)
(2,000)
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(12,500) (12,500) (12,500) (12,500) (12,500) (12,500)
79,985 78,670 81,920 85,170
- 14,066 14,886 15,706 18,706 19,426 20,126 20,826 21,526 22,226

#DIV/0! 5.6 5.5 5.5 5.6 5.6 5.6 5.5 5.5 5.4
- 78,670 81,920 86,370 104,480 109,430 112,210 114,990 117,770 120,550
- 78,670 81,920 86,370
(35,000) - (20,000) (20,000) (12,500) (27,500) (27,500) (42,500) (27,500) (12,500)
(35,000) - (20,000) (20,000) (12,500) (27,500) (27,500) (42,500) (27,500) (12,500)
(1,000) (3,000) (2,000) (500) (2,000) (1,500) (500) - - (2,000)
50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
17% 17% 17% 17% 17% 17% 17% 17% 17% 17%
#DIV/0! 20.81% 19.44% 17.58% 18.91% 18.37% 17.45% 17.00% 17.00% 18.66%
9,880 9,880 9,880 9,880 9,880 9,880

7.0 7.0 7.0 7.0 7.0 7.0
69,160 69,160 69,160 69,160 69,160 69,160
3,445 3,445 3,445 3,445 3,445 3,445

4.0 4.0 4.0 4.0 4.0 4.0
13,780 13,780 13,780 13,780 13,780 13,780
729 729 729 729 729 729

3.5 3.5 3.5 3.5 3.5 3.5
2,552 2,552 2,552 2,552 2,552 2,552
930 930 930 930 930 930

4.0 4.0 4.0 4.0 4.0 4.0
3,720 3,720 3,720 3,720 3,720 3,720
240 240 240 240 240 240

5.2 5.2 5.2 5.2 5.2 5.2
1,248 1,248 1,248 1,248 1,248 1,248
3,402 3,602 3,802 4,002 4,202 4,402
5.4 5.4 5.4 5.4 5.4 5.4
18,371 19,451 20,531 21,611 22,691 23,771
1,800 2,000 2,200 2,400 2,600 2,800

3.5 3.5 3.5 3.5 3.5 3.5
6,300 7,000 7,700 8,400 9,100 9,800
1,100 1,200 1,300 1,400 1,500 1,600

3.0 3.0 3.0 3.0 3.0 3.0
3,300 3,600 3,900 4,200 4,500 4,800
1,400 1,600 1,800 2,000 2,200 2,400

3.5 3.5 3.5 3.5 3.5 3.5
4,900 5,600 6,300 7,000 7,700 8,400
200 400 600 800 1,000 1,200

3.5 3.5 3.5 3.5 3.5 3.5
700 1,400 2,100 2,800 3,500 4,200
(2,000) (1,500) (500)
- - - - - -
- - - - - -
- - - - - -
(12,500) (12,500) (12,500) (12,500) (12,500) (12,500)
23,126 24,026 24,926 25,826 26,726 27,626
5.4 5.3 5.3 5.2 5.2 5.1
124,030 127,510 130,990 134,470 137,950 141,430
(12,500) (12,500) (12,500) (12,500) (12,500) (12,500)
(12,500) (12,500) (12,500) (12,500) (12,500) (12,500)
(2,000) (1,500) (500) - - -
50% 50% 50% 50% 50% 50%
17% 17% 17% 17% 17% 17%

18.61% 18.18% 17.38% 17.00% 17.00% 17.00%
Assumptions
Currency Kes '000
Base Case 2 Change this in the DCF Valuation page
Non- Time Based Assumptions
Tax 30%
Average % of depreciation 6%
Loan Assumptions (LT Borrowings)

Interest rate 8%
Loan amount in USD 4,000 USD
Loan amount in KES 440,000 KES
Annual fees (KES) 660 KES
Facility Fees 1%
Loan Assumptions (ST Bank Borrowing)

Interest rate (LT Bank Loan) 13%
Time-Based Assumptions (Capital Assumptions)
LT Borrowings
Loan Disbursment (USD)
Loan Repayment (USD)
Loan Disbursment (KES)

Loan Repayment (KES)
Equity Addition
New Equity in KES "000"
Time-Based Assumptions (Scenerio Input)
Base Case
FX rate
Patients
Sales per patient
Sales growth in %
Cost of sales in % of sales
Operating expenditures in % of sales
Exceptional costs
Days Receivables
Days Inventories
Days Payables
Delta other current assets
Tax payments in % of P&L
Delta other non-current liabilities
Capex
Management Case (Refinancing Credit)
FX rate
Patients
Sales per patient
Sales growth
Exceptional costs
Days Receivables
Days Inventories
Days Payables
Capex
Base Case
FX rate
Patients
Sales per patient
Sales growth
Exceptional costs
Days Receivables
Days Inventories
Days Payables
Delta other current liabilities
Capex
Management Case (no Refi)
FX rate
Volumes (000' Liters)
Sales growth
Exceptional costs
Days Receivables
Days Inventories
Days Payables
Capex
121,000 1,100 121,000
F Valuation page
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26

400 700
400 700
(5,000) (80.00) (464.00) (912.00) (912.00)
44,000 83,558 - - - -
(550,000.00) - (10,027.06) (60,738.16) (124,042.49) (128,486.03)
110.00 119.37 125.34 130.90 136.01 140.88

44,658.00 275,092.00 329,486.00 379,520.20 404,953.28 404,953.28
- 5.36 4.64 4.61 4.63 4.76
62957440.4% 52.6% 3.5% 14.5% 7.2% 2.7%
0.0% 50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 17.7% 19.6% 17.0% 16.0% 16.0%
- - - - - -
80.00 75.00 70.00 65.00 60.00 60.00
20.00 20.00 20.00 20.00 20.00 20.00
135.00 120.00 100.00 80.00 80.00 80.00
- - - - - -
100% 100% 100% 100% 100% 100%
- - - - - -
(95,000.00) (225,000.00) (150,000.00) (50,000.00) (50,000.00) (50,000.00)
110.0 119.4 125.3 130.9 136.0 140.9

44,598 274,152 350,674 408,031 443,004 443,004
5 4 4 4 4
630,864 52.10% 3.06% 17.34% 8.72% 2.67%
50.00% 50.00% 50.00% 50.00% 50.00%
17.68% 19.64% 17.00% 16.00% 16.00%
80 75 70 65 60 60
20 20 20 20 20 20
135 120 100 80 80 80
100% 100% 100% 100% 100% 100%
(95,000) (225,000) (150,000) (50,000) (50,000) (50,000)
110.0 119.4 125.3 130.9 136.0 140.9

44,658 275,092 329,486 379,520 404,953 404,953
5 5 5 5 5
629,574 52.64% 3.48% 14.52% 7.22% 2.71%
- 50.00% 50.00% 50.00% 50.00% 50.00%
- 17.68% 19.62% 17.00% 16.00% 16.00%
- - - - - -
80 75 70 65 60 60
20 20 20 20 20 20
135 120 100 80 80 80
100% 100% 100% 100% 100% 100%
(95,000) (225,000.00) (150,000.00) (50,000.00) (50,000.00) (50,000.00)
110.0 119.4 125.3 130.9 136.0 140.9

44,598 274,152 350,674 408,031 443,004 443,004
63086440.40% 52.10% 3.06% 17.34% 8.72% 2.67%
- 50.00% 50.00% 50.00% 50.00% 50.00%
- 17.68% 19.64% 17.00% 16.00% 16.00%
- - - - - -
80 75 70 65 60 60
20 20 20 20 20 20
135 120 100 80 80 80
- - - - - -
100% 100% 100% 100% 100% 100%
- - - - - -
(95,000) (375,000) - (50,000) (50,000) (50,000)
Dec-27 Dec-28 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
- - - - - 1.00
- - - - - -
(912.00) (720.00)
- - - - - - - -
(132,922.63) (108,499.18) - - - - - -
145.75 150.69 110.00 110.00 110.00 110.00 110.00 110.00

404,953.28 404,953.28 - - - - - -
4.89 5.02 - - - - - -
2.7% 2.7% - - - - 382,613.50 -
50.0% 50.0% 0.0% 0.0% 0.0% 0.0% 0.0% 50.0%
16.0% 16.0% 0.0% 0.0% 0.0% 0.0% 10.6% #DIV/0!
- - - - - - - -
60.00 60.00 - - - - - 50.00
20.00 20.00 - - - - - 10.00
80.00 80.00 - - - - - 45.00
- - - - - - - -
100% 100% 0% 0% 0% 0% 0% 100%
- - - - - - - -
(50,000.00) (50,000.00) - - - - - -
145.7 150.7 110.0 110.0 110.0 110.0 110.0 110.0

443,004 454,927 -
5 5
2.68% 2.69% 382,614 -
50.00% 50.00% 39.7% 50.0%
16.00% 16.00% 10.6% #DIV/0!
60 60 50
20 20 10
80 80 45
100% 100% 100%
(50,000) (50,000) -
145.7 150.7 110.0 110.0 110.0 110.0 110.0 110.0

404,953 404,953 - -
5 5
2.72% 2.73% 382,613.50 -
50.00% 50.00% 0.0% 50.0%
16.00% 16.00% 0.11 #DIV/0!
- - - 0.0%
60 60 - 50
20 20 - 10
80 80 - 45
-
-
100% 100% - 100%
-
(50,000.00) (50,000.00) - -
145.7 150.7
443,004 454,927
2.68% 2.69%
50.00% 50.00%
16.00% 16.00%
- -
60 60
20 20
80 80
- -
100% 100%
- -
(50,000) (50,000)
1.00 1.00 1.00 1.00 1.00 1.00
- - - - - -
200 200
(3,000.00) (2,000.00)
- - - - 22,000.00 22,000.00
- - - (330,000.00) (220,000.00) -
200 200
110.00 110.00 110.00 110.00 110.00 110.00

- - - 14,066.00 14,886.00 15,706.00
- - - 5.59 5.50 5.50
- - - 78,670.30 81,920.30 86,370.30
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
#DIV/0! #DIV/0! #DIV/0! 20.8% 19.4% 17.6%
- - - - - -
50.00 50.00 50.00 50.00 50.00 50.00
10.00 10.00 10.00 10.00 10.00 10.00
45.00 45.00 45.00 45.00 45.00 45.00
- - - - - -
100% 100% 100% 100% 100% 100%
- - - - - -
- (20,000.00) (35,000.00) - (20,000.00) (20,000.00)
110.0 110.0 110.0 110.0 110.0 110.0

- - - 14,066 14,866 15,666
6 6 6
- - - 79,270 82,750 86,230
50.0% 45.0% 45.0% 50.0% 50.0% 50.0%
#DIV/0! #DIV/0! #DIV/0! 20.8% 19.4% 17.6%
50 50 50 50 50 50
10 10 10 10 10 10
45 45 45 45 45 45
100% 100% 100% 100% 100% 100%
- (20,000.00) (35,000.00) - (20,000.00) (20,000.00)
110.0 110.0 110.0 110.0 110.0 110.0

- - - 14,066.00 14,886.00 15,706.00
6 6 5
- - - 78,670 81,920 86,370
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
#DIV/0! #DIV/0! #DIV/0! 20.8% 19.4% 17.6%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
50 50 50 50 50 50
10 10 10 10 10 10
45 45 45 45 45 45
100% 100% 100% 100% 100% 100%
- (20,000.00) (35,000.00) - (20,000.00) (20,000.00)
110.0 110.0 110.0

14,066 14,866 15,666
50.00% 50.00% 50.00%

20.78% 19.42% 17.58%
- - -
50 50 50
10 10 10
45 45 45
- - -
100% 100% 100%
- - -
- (20,000) (20,000)
Workings
Currency Kes '000
#REF! FY18A FY19A FY20A
Sales Revenue (Monthly)

Revenue 3months
Patients
Sales per patient
Revenue
1) Fixed assets
Start
Capex
Depreciation
End
2) Stocks
Cost of Sales
Days
Stocks
3) Receivables
Sales
Days
Receivables
5) Payables
Cost of sales
Days
Payables
7) Tax liabilities
Start
from P&L
paid
End
9) LT Borrowings
Bal b/f
Disbursment
Repayment
Interest
Loan Fees
Loan bal c/d 286120.029
9) ST Bank Borrowings
Bal b/f
Disbursment
Repayment
Interest
Loan Fees
Loan bal c/d 39413.542
Total Movements
Total Repayments
Total Interest
Total Fees
Finance Costs
FY21M09 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26
79,985.40 82,320.30
239,956.21 246,960.90
44,658.00 275,092.00 329,486.00 379,520.20 404,953.28 404,953.28

- 5.36 4.64 4.61 4.63 4.76
719,868.64 966,829.54 1,475,813.60 1,527,215.12 1,748,989.82 1,875,291.00 1,926,194.73
- 585,850.71 762,199.66 857,467.68 853,019.62 848,838.45

40,000.00 225,000.00 150,000.00 50,000.00 50,000.00 50,000.00
(8,574.36) (48,651.04) (54,731.98) (54,448.06) (54,181.18) (53,930.31)
585,850.71 762,199.66 857,467.68 853,019.62 848,838.45 844,908.14
445,477.10 737,906.80 763,607.56 874,494.91 937,645.50 963,097.37

20.00 20.00 20.00 20.00 20.00 20.00
24,409.70 40,433.25 41,841.51 47,917.53 51,377.84 52,772.46
966,829.54 1,475,813.60 1,527,215.12 1,748,989.82 1,875,291.00 1,926,194.73

80.00 75.00 70.00 65.00 60.00 60.00
211,907.84 303,249.37 292,890.57 311,463.94 308,267.01 316,634.75
445,477.10 737,906.80 763,607.56 874,494.91 937,645.50 963,097.37

135.00 120.00 100.00 80.00 80.00 80.00
164,765.50 242,599.50 209,207.55 191,670.12 205,511.34 211,089.83
- - - - - -
96,432.31 129,992.05 121,737.10 155,777.97 173,987.73 179,255.17
(96,432.31) (129,992.05) (121,737.10) (155,777.97) (173,987.73) (179,255.17)
- - - - - -
(176,869.63) (93,311.68) - - -
44,000.00 83,557.95 - - - -
(550,000.00) - 93,311.68 - - -
(2,510.73) (7,464.93) - - - -
(148.84) (273.12) 660.00 660.00 660.00 660.00
329130.367 (176,869.63) (93,311.68) - - - -
21,528.22 21,528.22 21,528.22 21,528.22 21,528.22

-
-
699.67 2,798.67 2,798.67 2,798.67 2,798.67 2,798.67
-
21528.216 21,528.22 21,528.22 21,528.22 21,528.22 21,528.22 21,528.22
(480,874.99) 83,557.95 93,311.68 - - -

548,040.10 (4,939.38) (89,853.01) 3,458.67 3,458.67 3,458.67
(1,811.06) (4,666.27) 2,798.67 2,798.67 2,798.67 2,798.67

(148.84) (273.12) 660.00 660.00 660.00 660.00
(1,959.90) (4,939.38) 3,458.67 3,458.67 3,458.67 3,458.67
Dec-27 Dec-28 Jan-21 Feb-21 Mar-21 Apr-21 May-21
404,953.28 404,953.28 - - - - - -
4.89 5.02 - - - - - -
1,978,625.57 2,032,629.34 - - - - -
844,908.14 841,213.65
50,000.00 50,000.00
(53,694.49) (53,472.82)
841,213.65 837,740.83 -
989,312.79 1,016,314.67 - - - -
20.00 20.00
54,208.92 55,688.48
1,978,625.57 2,032,629.34 - - - -
60.00 60.00
325,253.52 334,130.85
989,312.79 1,016,314.67
80.00 80.00
216,835.68 222,753.90
- -
184,673.86 190,248.75
(184,673.86) (190,248.75)
- -
- -
- -
- -
- -
660.00 660.00
- -
21,528.22 21,528.22
2,798.67 2,798.67
21,528.22 21,528.22
- - - - - - -
3,458.67 3,458.67 - - - - -
2,798.67 2,798.67 - - - - -
660.00 660.00 - - - - -
3,458.67 3,458.67 - - - - -
Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
- - - - 14,066.00 14,886.00 15,706.00

- - - - 5.59 5.50 5.50
- - - - 78,670.30 81,920.30 86,370.30
554,425.07 551,652.94 568,794.68

- 20,000.00 20,000.00
(2,772.13) (2,858.26) (2,943.97)
- - - 554,425.07 551,652.94 568,794.68 585,850.71
(39,335.15) (40,960.15) (43,185.15)
22,035.76 22,036 22,036 24,410 24,410
78,670.30 81,920.30 86,370.30
182,529.75 182,530 182,530 211,908 211,908
- (39,335.15) (40,960.15) (43,185.15)
156,141.44 156,141 156,141 164,766 164,766
- - - -
- 5,972.21 7,013.62 7,828.96
- (5,972.21) (7,013.62) (7,828.96)
- - - -
329,130.37 (869.63) (198,869.63)

- 22,000.00 22,000.00
(330,000.00) (220,000.00) -
(5.80) (1,325.80) (1,179.13)
54.28 (110.72) (92.39)
329,130.37 (869.63) (198,869.63) (176,869.63)
21,528.22 21,528.22 21,528.22
233.22 233.22 233.22
21,528.22 21,528.22 21,528.22 21,528.22
- - - 350,658.58 (330,000.00) (198,000.00) 22,000.00

- - - - 330,281.70 218,796.70 (1,038.30)
- - - - 227.42 (1,092.58) (945.91)

- - - - 54.28 (110.72) (92.39)
- - - - 281.70 (1,203.30) (1,038.30)
Projected Financeial Statements
Currency Kes '000
Base Case 1
FY18A FY19A FY20A
Patients
Sales per patient
Income Statement
Turnover 154,277 224,504 435,502

yoy growth 45.5% 94.0%
Cost of Sales (79,584) (133,585) (217,516)
Gross Profit 74,693 90,919 217,987
Gross profit margin in % 48.4% 40.5% 50.1%
Operating Expenditures (23,982) (38,689) (63,916)
Normalized EBITDA 50,711 52,230 154,071
EBITDA margin 32.9% 23.3% 35.4%
Exceptional Costs (14,111) (17,187) (51,038)
Actual EBITDA 36,600 35,043 103,033
EBITDA margin 23.7% 15.6% 23.7%
Depreciation (8,761) (29,046) (28,712)
EBIT 27,839 5,998 74,321
EBIT margin 18.0% 18.0% 2.7%
Finance Costs (9,395) (22,712) (36,212)
Exchange Loss/Other - - -
Profit before Tax 18,444 (16,714) 38,109
PBT margin 12.0% -7.4% 8.8%
Tax Provision 4,561 13,996 25,616
Net Profit after Tax 23,005 (2,719) 63,726
NPAT margin 14.9% -1.2% 14.6%
Balance Sheet
Non- Current Assets

PPE 189,536 329,079 424,997
Intangible assets 1,245 1,326 746
Deferred tax asset 4,561 18,556 44,172
Total Non- Current Assets 195,341 348,961 469,915
Current Assets
Inventories 4,115 5,084 9,500
Trade and other receivables 35,498 71,134 87,990
Cash and cash equivalents 419 359 3,383
Taxation 1 1 1
Current Assests 40,034 76,577 100,874
Total Assets 235,375 425,538 570,789
Current Liabilities
Trade Payables 18,510 49,450 74,994
Tax payable - - -
Short Term Bank Debt 6,792 27,495 39,414
Current Liabilities 25,302 76,945 114,407
Non Current Liabilities

Borrowing 177,127 318,366 286,120
Non-current liabilities 177,127 318,366 286,120
Total Liabilities 202,429 395,311 400,528
Equity
Share Capital 100 100 100
Reserves - - 76,308
Retained Profits 32,846 30,127 93,853
Total Equity 32,946 30,227 170,260
Total Equity & Liabilities 235,375 425,538 570,788
Check (0) 0 1
- -
Cashflow Statement
Actual EBITDA
Non-cash adjustment
Tax payments
Operating Cash Flow
Change in Stocks
d Trade Receivables
d Trade Payables
d Working Capital
Cash Flow from Operations
Cash Flow from Investments
Cash Flow available for Debt Service
Total Financing Expenses

Total Drawdown/(Repayment)
Total Debt Service
Related party loan / Equity contribution
Cash Flow from Financing
Total Change in Cash

Cash at the beginning
Cash at the end
- - -
Cash from BS
check
FY21M09 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
44,658 275,092 329,486 379,520 404,953
- 5.36 4.64 4.61 4.63
- - - - -
719,869 966,830 1,475,814 1,527,215 1,748,990 1,875,291

65.3% 34.3% 52.6% 3.5% 14.5% 7.2%
(321,997) (445,477) (737,907) (763,608) (874,495) (937,646)
397,872 521,352 737,907 763,608 874,495 937,646
55.3% 53.9% 50.0% 50.0% 50.0% 50.0%
(76,002) (123,486) (260,888) (299,627) (297,328) (300,047)
321,870 397,867 477,018 463,981 577,167 637,599
44.7% 41.2% 32.3% 30.4% 33.0% 34.0%
(25,900) (25,900) - - - -
295,969 371,966 477,018 463,981 577,167 637,599
41.1% 38.5% 32.3% 30.4% 33.0% 34.0%
(27,630) (36,205) (48,651) (54,732) (54,448) (54,181)
268,339 335,762 428,367 409,249 522,719 583,418
31.1% 34.7% 29.0% 26.8% 29.9% 31.1%
(16,281) (14,321) 4,939 (3,459) (3,459) (3,459)
-
252,058 321,441 433,307 405,790 519,260 579,959
35.0% 33.2% 29.4% 26.6% 29.7% 30.9%
(75,618) (96,432) (129,992) (121,737) (155,778) (173,988)
176,441 225,009 303,315 284,053 363,482 405,971
24.5% 23.3% 20.6% 18.6% 20.8% 21.6%
554,425 585,851 762,200 857,468 853,020 848,838

2,351 2,351 2,351 2,351 2,351 2,351
18,556 18,556 18,556 18,556 18,556 18,556
575,332 606,758 783,107 878,375 873,927 869,745
22,036 24,410 40,433 41,842 47,918 51,378

182,530 211,908 303,249 292,891 311,464 308,267
7,416 (438,382) (257,389) 267 326,010 749,740
1 1 1 1 1 1
211,982 (202,063) 86,294 334,999 685,392 1,109,386
787,315 383,787 848,494 1,192,467 1,538,412 1,958,224
156,141 164,766 242,599 209,208 191,670 205,511

- - - - -
21,528 21,528 21,528 21,528 21,528 21,528
177,670 186,294 264,128 230,736 213,198 227,040
329,130 (176,870) (93,312) - - -

329,130 (176,870) (93,312) - - -
506,800 9,424 170,816 230,736 213,198 227,040
100 100 100 100 100 100

- 76,308 76,308 76,308 76,308 76,308
280,415 318,862 622,176 906,230 1,269,712 1,675,683
280,515 395,269 698,584 982,637 1,346,119 1,752,091
787,315 404,693 869,400 1,213,373 1,559,317 1,979,130
- 20,906 20,906 20,906 20,906 20,906
371,966 477,018 463,981 577,167 637,599
-
(96,432) (129,992) (121,737) (155,778) (173,988)
275,534 347,026 342,244 421,389 463,611
(14,910) (16,024) (1,408) (6,076) (3,460)

(123,918) (91,342) 10,359 (18,573) 3,197
89,772 77,834 (33,392) (17,537) 13,841
(49,056) (29,531) (24,441) (42,187) 13,578
226,478 317,495 317,802 379,202 477,189
(173,047) (225,000) (150,000) (50,000) (50,000)
53,431 92,495 167,802 329,202 427,189
(14,321) 4,939 (3,459) (3,459) (3,459)

(480,875) 83,558 93,312 - -
(495,196) 88,497 89,853 (3,459) (3,459)
- - - - -
(495,196) 88,497 89,853 (3,459) (3,459)
(441,764) 180,993 257,655 325,743 423,730

3,383 (438,382) (257,389) 267 326,010
(438,382) (257,389) 267 326,010 749,740
-
(438,382) (257,389) 267 326,010 749,740
- - - - -
Dec-26 Dec-27 Dec-28 Jan-21 Feb-21 Mar-21 Apr-21
404,953 404,953 404,953 - - - -
4.76 4.89 5.02 - - - -
- - -
1,926,195 1,978,626 2,032,629

2.7% 2.7% 2.7%
(963,097) (989,313) (1,016,315)
963,097 989,313 1,016,315
50.0% 50.0% 50.0%
(308,191) (316,580) (325,221)
654,906 672,733 691,094
34.0% 34.0% 34.0%
- - -
654,906 672,733 691,094
34.0% 34.0% 34.0%
(53,930) (53,694) (53,473)
600,976 619,038 637,621
31.2% 31.3% 31.4%
(3,459) (3,459) (3,459)
597,517 615,580 634,162

31.0% 31.1% 31.2%
(179,255) (184,674) (190,249)
418,262 430,906 443,914
21.7% 21.8% 21.8%
844,908 841,214 837,741

2,351 2,351 2,351
18,556 18,556 18,556
865,815 862,121 858,648
52,772 54,209 55,688

316,635 325,254 334,131
1,167,749 1,598,039 2,040,987
1 1 1
1,537,157 1,977,503 2,430,807
2,382,065 2,818,716 3,268,548
211,090 216,836 222,754

- - -
21,528 21,528 21,528
232,618 238,364 244,282
- - -
- - -
232,618 238,364 244,282
100 100 100

76,308 76,308 76,308
2,093,945 2,524,851 2,968,764
2,170,353 2,601,258 3,045,172
2,402,971 2,839,622 3,289,454
20,906 20,906 20,906
654,906 672,733 691,094
(179,255) (184,674) (190,249)
475,651 488,059 500,845
(1,395) (1,436) (1,480)

(8,368) (8,619) (8,877)
5,578 5,746 5,918
(4,184) (4,309) (4,439)
471,467 483,749 496,407
(50,000) (50,000) (50,000)
421,467 433,749 446,407
(3,459) (3,459) (3,459)

- - -
(3,459) (3,459) (3,459)
- - -
(3,459) (3,459) (3,459)
418,009 430,291 442,948

749,740 1,167,749 1,598,039
1,167,749 1,598,039 2,040,987
1,167,749 1,598,039 2,040,987 - - - -

- - - - - - -
May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
- - - - - 14,066 14,886
- - - - - 5.59 5.50
- -
78,670 81,920
(39,335) (40,960)
39,335 40,960
50.0% 50.0%
(16,374) (15,926)
22,961 25,034
29.2% 30.6%
- -
22,961 25,034
29.2% 30.6%
(2,772) (2,858)
20,189 22,175
25.7% 27.1%
(282) 1,203
19,907 23,379
25.3% 28.5%
(5,972) (7,014)
13,935 16,365
17.7% 20.0%
554,425 551,653 568,795

2,351 2,351 2,351
18,556 18,556 18,556
575,332 572,560 589,702
22,036 22,036 22,036

182,530 182,530 182,530
7,416 (305,876) (504,653)
1 1 1
211,982 (101,310) (300,087)
787,315 471,250 289,615
156,141 156,141 156,141

- - -
21,528 21,528 21,528
177,670 177,670 177,670
329,130 (870) (198,870)

- - - - 329,130 (870) (198,870)
- - - - 506,800 176,800 (21,200)
100 100 100

- - -
280,415 294,350 310,715
- - - - 280,515 294,450 310,815
- - - - 787,315 471,250 289,615
- - - - - - -
22,961 25,034
(5,972) (7,014)
16,989 18,020
- -
- -
- -
- -
16,989 18,020
- (20,000)
16,989 (1,980)
(282) 1,203
(330,000) (198,000)
(330,282) (196,797)
- (330,282) (196,797)
- (313,293) (198,777)
- 7,416 (305,876)
- (305,876) (504,653)
7,416 (305,876) (504,653)

7,416 - -
Dec-21
15,706
5.50
-
86,370
(43,185)
43,185
50.0%
(15,183)
28,002
32.4%
-
28,002
32.4%
(2,944)
25,058
29.0%
1,038
26,097
30.2%
(7,829)
18,268
21.2%
585,851
2,351
18,556
606,758
24,410
211,908
(504,569)
1
(268,251)
338,506
164,766
-
21,528
186,294
(176,870)
(176,870)
9,424
100
-
328,982
329,082
338,506
-
28,002
(7,829)
20,173
(2,374)
(29,378)
8,624
(23,128)
(2,955)
(20,000) (316,065)
(22,955)
1,038
22,000
23,038
23,038
84
(504,653)
(504,569)
(504,569)
-
DCF Valuation
Currency Kes '000
Base Case 2 Switch between 1 or 2 to get the value at the different scnerio
USD "000" KES"000"
WACC Workings
Debt to Equity 125.0%
Debt/Total Capital 55.6%
Equity/Total Capital 44.4%
Terminal Growth Rate 5.0%
Risk Free Rate (5Y Government Bond ) 11.7%
Country risk premium 4.6%
Specific Risk premium 0.0%
Market Return 4.6%
Unlevered Beta 0.63
Levered Beta 1.42
Equity Discount Rate (Ke) 18.2%
Interest on Debt 13.0%

Tax 30.0%
Cost of Debt after tax (Kd) 9.1%
Discount Rate (WACC) 13.133%
WACC 13.13%
FCFC
FCF
EBIDTA
Less: Depreciation
EBIT
Estimated Income Tax
EBIT (1- Tax)
Plus: Depreciation
Less: Increase in net working capital
Less: Capital expenditure
Free Cashflows to Enterprice
PV of Cashflows
Discount Period (mid-periods)
Discount Factors
Present Value of Cashflows
DCF Valuation KES"000"

Sum Present Values 25% 981,826
Plus: Terminal Value 75% 2,935,913
Enterprise Value 100% 3,917,740
Enterprise Value 3,917,740

Plus: Cash 7,416
Less: Existing Borrowings (350,659)
Equity Value -Pre-Money Valuation 3,574,497
- -
Cash Out USD "000" KES"000"
USD TO KES 110
Investment
Pre-Money Value 3,574,497
New Investor 25,000 2,750,000
Post Money Value 6,324,497
Seller
Value held before 3,574,497
Less: Cash out 60% 15,000 (1,650,000)
Value after 1,924,497
- -
Summary after
Seller 41% 1,924,497
Buyer(new Investor) 59% 2,750,000
Total 100% 4,674,497
IRR
Equity IRR
Investment
Seller (Equity retained)
Buyer ( Value bought)
Output
FCFF
Terminal Cashflows
Final Obligations
Less interest
Less Loan balance
Net Cashflows
Equity IRR 8.69%
get the value at the different scnerios
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
371,966 477,018 463,981 577,167 637,599

(36,205) (48,651) (54,732) (54,448) (54,181)
335,762 428,367 409,249 522,719 583,418
(96,432) (129,992) (121,737) (155,778) (173,988)
239,329 298,375 287,512 366,941 409,430
36,205 48,651 54,732 54,448 54,181
(49,056) (29,531) (24,441) (42,187) 13,578
(173,047) (225,000) (150,000) (50,000) (50,000)
53,431 92,495 167,802 329,202 427,189
- 1 2 3 4
1.0000 0.8839 0.7813 0.6906 0.6104
53,431 81,758 131,105 227,349 260,772
(1,924,497)
(2,750,000)
53,431 92,495 167,802 329,202 427,189
(14,321) 4,939 (3,459) (3,459) (3,459)
(4,635,387) 97,435 164,344 325,743 423,730

Dec-26 Terminal
Dec-26 Terminal
654,906 -
(53,930) -
600,976 -
(179,255) -
421,721 -
53,930 -
(4,184) -
(50,000) -
421,467 5,441,179
5 5
0.5396 0.5396
227,412 2,935,913
Dec-26 Terminal
421,467
5,441,179
(3,459)
(21,528)
5,837,660 -
Income statement
*CAGR- Compounded Annual Growth
Currency Kes '000 FY18A FY19A FY20A FY21M09 CAGR
Revenue 154,277 224,504 435,502 719,869 47%
Cost of sales (79,584) (133,585) (217,516) (321,997) 42%
Gross profit 74,693 90,919 217,987 397,872 52%
Adminstration cost (23,982) (38,689) (63,916) (76,002) 33%
Establishment cost (14,111) (17,187) (51,038) (25,900) 16%
Depreciation and Armotization (8,761) (29,046) (28,712) (27,630) 33%
Finance costs (9,395) (22,712) (36,212) (16,281) 15%
Profit before tax 18,444 (16,714) 38,109 252,058 92%
Taxation 4,561 13,996 25,616 (75,618) n/a
Net profit for the year 23,005 (2,719) 63,726 176,441 66%
Surplus on revaluation of leasehold land - 78,264
Total comprehensive income/loss 23,005 (2,719) 141,990 176,441
Add back
Depreciation and Armotization 8,761 29,046 28,712 27,630 33%
Finance costs 9,395 22,712 36,212 16,281 15%
Taxation (4,561) (13,996) (25,616) 75,618 n/a
EBITDA 36,600 35,043 103,033 295,969 69%
EBITDA Margins 24% 16% 24% 41% 15%
Gross Margins 48% 40% 50% 55% 3%
Net Profit Margins 15% -1% 15% 25% 13%
Revenue 154,277 224,504 435,502 719,869

Cost of sales 79,584 133,585 217,516 321,997
SG&A 46,854 84,921 143,665 129,533
Finance cost 9,395 22,712 36,212 16,281

Balance Sheet
Currency Kes '000 FY18A FY19A FY20A FY21M09 CAGR

Non- Current Assets
PPE 189,536 329,079 424,997 554,425 31%
Intangible assets 1,245 1,326 746 2,351
Deferred tax asset 4,561 18,556 44,172 18,556 42%
195,341 348,961 469,915 575,332 31%
Current Assets
Inventories 4,115 5,084 9,500 22,036 52%
Trade and other receivables 35,498 71,134 87,990 182,530 51%
Cash and cash equivalents 419 359 3,383 7,416
Taxation 1 1 1 1 0%
40,034 76,577 100,874 211,982 52%
Total Assets 235,375 425,538 570,789 787,315 35%
Equity
Share capital 100 100 100 100 0%
Revaluation reserve - - 76,308 - n/a
Retained earnings 32,846 30,127 93,853 280,415
32,946 30,227 170,260 280,515 71%
Non Current Liabilities

Borrowings 177,127 318,366 286,120 329,130
177,127 318,366 286,120 329,130 17%
Current Liabilities
Bank borrowings 6,792 27,495 39,414 21,528 33%
Trade and other payables 18,510 49,450 74,994 156,141 70%
25,302 76,945 114,407 177,670 63%
Total Libilities and Equity 235,375 425,538 570,788 787,315 35%
Check 0.00 - 0.00 - 1.00 -
Currency Kes '000 FY18A FY19A FY20A FY21M09

Liabilities 202,429 395,311 400,528 506,800
Assets 235,375 425,538 570,789 787,315
Shareholders Funds 32,946 30,227 170,260 280,515
*CAGR- Compounded Annual Growth Rate 800,000
700,000
46% 94% 65% 600,000
68% 63% 48% 500,000
22% 140% 83% 400,000
61% 65% 19% 300,000
22% 197% -49% 200,000
100,000
232% -1% -4%
-
142% 59% -55% FY18A FY19A FY20A FY21M09
(100,000)
-191% -328% 561%
207% 83% -395% Revenue Gross profit Profit before tax Net profit for the year
-112% -2444% 177% EBITDA
24%
800,000
700,000
600,000
-4%
500,000
-55%
-395% 400,000
187% 300,000
74% 200,000
10% 100,000
-
FY18A FY19A FY20A FY21M09
Revenue Cost of sales SG&A Finance cost
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Breakdown of the trade recievable, why is it declining 107%
Liabilities Assets Shareholders Funds
Total Assets
900,000
800,000
216,526
Total Assets
900,000
800,000
Breakdown of the drawings account 700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Breakdown of the short term borrowing- contracts
The balance sheet has increased at 14

100%
800,000 90%
80%
600,000
70%
400,000 60%
50%
200,000 40%
- 30%
FY18A FY19A FY20A FY21M09 20%
0A FY21M09 (200,000) 10%
0%
Net profit for the year (400,000) Revenue Cost of sales SG&A
Revenue Gross profit Finance costs Profit before tax Cost of sales
FY18A FY19A FY20A FY21M
Chart Title Chart Title

800,000
800,000
600,000 600,000
400,000 400,000
200,000 200,000
-
FY18A FY19A FY20A FY21M09 -
(200,000) FY18A FY19A FY20A
(200,000)
(400,000)
0A FY21M09 (400,000)
Revenue Gross profit Finance costs
Finance cost Profit before tax Cost of sales Revenue Cost of sales Finance
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
20A FY21M09 Borrowings Current Liabilities Share capital
ders Funds Revaluation reserve Retained earnings
900,000
800,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000 PPE Intangible assets Deferred tax asset
Current Assets
-
20A FY21M09 FY18A FY19A FY20A FY21M09
Cost of sales SG&A Finance cost
FY19A FY20A FY21M09
Chart Title
FY19A FY20A FY21M09
ue Cost of sales Finance costs

Currency Kes'000 FY18 FY19 FY20 FY21M09
Revenue 154,277 224,504 435,502 719,869
Direct Costs (79,584) (133,585) (217,516) (321,997)
Gross Profit 74,693 90,919 217,987 397,872
GP Margin% 48% 40% 50% 55%
SG&A (46,854) (84,921) (143,665) (129,533)
EBIT 27,839 5,998 74,321 268,339
Finance Costs (9,395) (22,712) (36,212) (16,281)
EBT 18,444 (16,714) 38,109 252,058
Taxation 4,561 (1) 25,616 (75,618)
Net Profit 23,005 (16,715) 63,726 176,441
Add Back
Depreciation and
Armotization 8,761 29,046 28,712 27,630
Establishment cost 14,111 17,187 51,038 25,900
Finance costs 9,395 22,712 36,212 16,281
Taxation (4,561) 1 (25,616) 75,618
Normalised EBITDA 50,711 52,230 154,071 321,870
EBITDA Margin 33% 23% 35% 45%
Valuation
EBITDA multiple 10.5x 10.5x 10.5x 10.5x
EV 532,466 548,417 1,617,746 3,379,630 P/E
Less Debt (183,920) (345,861) (325,534) (350,659)
Add cash 419 359 3,383 7,416
Pre-money value 348,965 202,915 1,295,595 3,036,388
No. of shares 1,000

Value per share 3,036
No cashout scenario
Kes'000 USD'000
Investment 2,822,500 25,659
Valuation
# Shares Shareholding Pre-money Share price Investment
value
Maxwel O. 900 90% 2,732,749 3,036 -
Befour Inv. 100 10% 303,639 3,036 -
New Investor - - - 3,036 2,822,500
Total 1,000 100% 3,036,388 2,822,500
Cashout scenario
Kes'000 USD'000
Investment 2,750,000 25,000
Valuation
Post money value 5,786,388
Cashout 60% 1,650,000 15,000
Current shareholders stake 1,386,388

New Investor stake 2,750,000
Post cashout value 4,136,388
Ownership % Pre-invest % Post-cashout %

Shareholder 1 90% 30%
Shareholder 2 10% 3%
New investor - 66%
Total 100% 100%
19.15
FX USD/KE
Invested Amount $'000

10,000
15,000
20,000
25,000
30,000
27,604
Post money Shares Shares post inv Shareholding

value issued
2,732,749 - 900 47%
303,639 100 5%
2,822,500 930 930 48%
5,858,888 1,930 100%
Cashout Proportion %
110
Kes'000
1,100,000 swesfund
1,650,000 Adelle
2,200,000 Soskelle
2,750,000
3,300,000
3,036,388
Cashout Proportion %
0%
10%
15%
25%
60%
75%
100%

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Ruai Family Hospital Limited

Scenerio 1: Management Case

FY18A FY19A FY20A

Growth in sales per patient

Branch / line item

RFH Ruai Family KES'000

RFH Ruai Family Tala KES'000

RFH Ruai Family Embakasi KES'000

RFH Ruai Family Jacaranda KES'000

RFH Ruai Family Ruaka KES'000

RFH Ruai Family Ruiru KES'000

RFH Ruai Family Ngong KES'000

RFH Ruai Family Imara KES'000

RFH Ruai Family Athi River KES'000

RFH Ruai Family Homa Bay KES'000

Capex for new hospitals

Total extraordinary costs (ramp-up)

Base line cost of sales

Base line opex

21,900 118,560 130,416 143,458 143,458 143,458 143,458

10,335 41,340 41,340 41,340 41,340 41,340 41,340

1,947 7,788 7,788 8,567 8,567 8,567 8,567

2,790 11,160 11,160 11,160 11,160 11,160 11,160

720 2,880 2,880 2,880 2,880 2,880 2,880

5,406 39,624 38,400 43,200 43,200 43,200 43,200

600 20,400 36,000 36,000 36,000 36,000 36,000

900 12,600 14,400 14,400 14,400 14,400 14,400

- 15,600 34,800 36,000 36,000 36,000 36,000

- 4,200 28,800 36,000 36,000 36,000 36,000

- - 4,690 35,027 70,000 70,000 70,000

(95,000) (225,000) (150,000) (50,000) - - -

(6,500) (10,000) (40,000) - - - -

50% 50% 50% 50% 50% 50% 50%

17% 17% 17% 17% 16% 16% 16%

50% 50% 50% 45%

16% 17% 17% 17%

7,000 7,300 7,600 9,880 9,880 9,880 9,880 9,880 9,880

3,445 3,445 3,445 3,445 3,445 3,445 3,445 3,445 3,445

649 649 649 649 649 649 649 649 649

930 930 930 930 930 930 930 930 930

240 240 240 240 240 240 240 240 240

200 400 600 800 1,000 1,200 1,400 1,600

- 200 300 400 500 600 700 800 900 1,000

- - - - 200 400 600 800 1,000 1,200

- 14,066 14,866 15,666 18,646 19,346 20,046 20,746 21,446 22,146

(35,000) - (20,000) (20,000) (12,500) (27,500) (27,500) (42,500) (27,500) (12,500)

(35,000) - (20,000) (20,000) (12,500) (27,500) (27,500) (42,500) (27,500) (12,500)

(1,000) (3,000) (2,000) (500) (2,000) (1,500) (500) - - (2,000)

9,880 9,880 9,880 9,880 9,880 9,880

3,445 3,445 3,445 3,445 3,445 3,445

649 649 649 649 649 649

930 930 930 930 930 930

240 240 240 240 240 240

1,800 2,000 2,200 2,400 2,600 2,800

1,100 1,200 1,300 1,400 1,500 1,600

1,400 1,600 1,800 2,000 2,200 2,400

200 400 600 800 1,000 1,200

(2,000) (1,500) (500)