Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Q3 2023 Earnings Presentation
32 slides from Vibhavadi Medical Center Public's earnings presentation, Dec 20, 2023
Slide 1: Q3/2023 Opportunity Day
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Slide 2: Disclaimers
DISCLAIMERS The information contained in this presentation is for information purposes only. This presentation contains forward looking statements which reflect management’s current views and estimates. The forward-looking statements involve certain risks and uncertainties that could cause actual re
Slide 3: Milestones
MILESTONES 3 2003 6 2014 - Present JV with VIBHARAM hospital group, targeting Establishment of subsidiaries in beauty & anti- middle income population and Social Securites aging businesses Segment 2 1992 5 2011 Listed in SET Acquisition of CMR hospital group, largest market share in the Northern par
Slide 4: Table of Contents
TABLE OF CONTENTS 01 BUSINESS OVERVIEW 02 Q3/2023 OVERVIEW FINANCIAL PERFORMANCE & 03 OPERATIONAL STATISTICS 04 UPCOMING TRENDS 4
Slide 5: Medical Operation
MEDICAL OPERATION Accident and Emergency Neurology Eye and LASIK Center Hemodialysis Pediatrics Dental Center Obstetrics and Gynecology Heart Center Orthopedic Surgery Surgery Respiratory System Gastrointestinal Center (GI)
Slide 6: Group Structure
GROUP STRUCTURE Parent & Subsidiaries Associates Hospital Code Ownership # beds SSO Hospital Code Ownership # beds SSO Vibhavadi VIBHA 100.00% 258 N Vibharam Group VBR 33.85% 1,060 Y Lanna LANNA 83.55% 330 Y Bangpo BP 28.57% 100 N Chiangmai Ram CMH 47.09% 220 N Khelangnakorn-ram KL 11.99% 100 N Thep
Slide 7: Group Structure: Vibharam Group (VBR)
GROUP STRUCTURE Vibharam Group (VBR) Hospital Status Location Share held by Ownership # beds SSO Vibharam Pattanakarn Head Quarter Bangkok - 100.00% 150 Y Vibharam Laemchabang Branch Chonburi - 100.00% 100 Y Vibharam Samutsakhon Branch Samutsakhon - 100.00% 100 Y Temporarily Nawamin Bangkok - 100.00
Slide 8: Geographic Locations
TOTAL : 20 Hospitals 2,658 beds 6,500+ doctors GEOGRAPHIC LOCATIONS 6,000+ nurses Vibhavadi Hospital : VIBHA (258 beds) 18,000+ staff Bangpo General Hospital : BP (100 beds) CMR Group (Subsidiary) (Associate) Lanna Hospital : LANNA Chiangmai Ram Hospital : Vibharam Group : VBR (Associate) CMH Vibhar
Slide 9: Patient Mix Diversification
PATIENT MIX DIVERSIFICATION International Target Patient/Purchasing Power High income VIBHA BP CMR Group Middle income VBR Group SSO & UCEP Secondary Tertiary Super Tertiary Medical Sophistication 9
Slide 10: Shareholders
SHAREHOLDERS % Shareholding Top 10 Shareholders’ Names Shareholding ratio 15.35% F&S 79 COMPANY LIMITED 15.00% MR. CHAISITH VIRIYAMETTAKUL 8.84% SYNPHAET HOSPITAL PUBLIC COMPANY LIMITED 7.09% RAMKHAMHAENG HOSPITAL PUBLIC COMPANY LIMITED 5.93% CHAO PHYA HOSPITAL PUBLIC COMPANY LIMITED 4.34% MR. PISUT
Slide 11: Group shareholding structure chart
— som r04% 99.48% | Pakkred Dr.Panya fi @tTHG — RJH : aa46% som Q3/2023 409% > 10% 30% 21.67% <- 7.19% \\ Cancer Center © Amatanakorn 40% 40.50% 14.39% 16.01% 3.99% 0.42% 443% ()) Subsidiary B Associate ()_ Other investment 0) Listed company @ Hospital <> = 2-way shareholding <- 8.84%, 10% -> 30% e@
Slide 12: Table of Contents
TABLE OF CONTENTS 01 BUSINESS OVERVIEW 02 Q3/2023 OVERVIEW FINANCIAL PERFORMANCE & 03 OPERATIONAL STATISTICS 04 UPCOMING TRENDS 12
Slide 13: Q3/2023 Financial Summary
Q3/2023 FINANCIAL SUMMARY 4.9% TOTAL REVENUE NET PROFIT 2,500 2,197 2,305 BDC 1.7%, MDC 0.1%, VP 0.6% Company % of Conso % Change 2,000 VIBHA 58.3% + 4.4% 1,500 4.6% VIBHA CMR 35.5% - 14.8% 1,000 7.0% 37.1% 711 678 CMR BDC 1.1% - 50.9% 388 361 60.5% 500 MDC 0.0% + 100.0% - Total Revenue EBITDA
Slide 14: 9M/2023 Financial Summary
9M/2023 FINANCIAL SUMMARY 9.9% TOTAL REVENUE NET PROFIT 8,000 6,883 BDC 1.4%, MDC 0.0%, VP 0.8% 7,000 6,202 Company % of Conso % Change 6,000 VIBHA 59.9% - 27.3% 5,000 4,000 VIBHA 28.3% 35.1% CMR 20.1% - 78.6% 3,000 2,243 43.7% 1,609 CMR BDC 0.8% - 72.4% 2,000 1,374 62.7% 774 1,000 MDC -0.1% +
Slide 15: Financial Performance Trends
FINANCIAL PERFORMANCE TRENDS Total revenue Period Explanation Net Extra. excluding Net Profit EBITDA Extraordinary item Total revenue 2023 Q3 n.a. profit EBITDA Item extra item Q2 Excluding the extraordinary item, Q3 '23 361 678 9 2,296 better performance QoQ Q2 '23 195 446 (167) 2,074 Q1 Less g
Slide 16: Table of Contents
TABLE OF CONTENTS 01 BUSINESS OVERVIEW 02 Q3/2023 OVERVIEW FINANCIAL PERFORMANCE & 03 OPERATIONAL STATISTICS 04 UPCOMING TRENDS
Slide 17: Revenue Components – Conso [By Type of Service]
REVENUE COMPONENTS – CONSO [BY TYPE OF SERVICE] Millions Other income 2,600 Gain (loss) on revaluation of investments 2,200 Dividend income 1,800 Gain (loss) on sale of investments 1,400 Rental and service income 1,000 Vaccine Moderna 600 Medical treatment (Covid-19) 200 Medical treatment (general)
Slide 18: Net Profit Components – Conso [By Company]
NET PROFIT COMPONENTS – CONSO [BY COMPANY] Millions 800 Elimination 700 Share profit from 600 associates 500 Other subsidiaries 400 300 CMR 200 VIBHA 100 0 (100) Y 2021 Y 2022 Q1 ’21 Q1 2021 Q2 ’21 Q2 2021 Q3 ’21 Q3 2021 Q4 ’21 Q4 2021 Q1 ’22 Q1 2022 Q2 ’22 Q2 2022 Q3 ’22 Q3 2022 Q4 ’22 Q4 2022 Q1 ’
Slide 19: Share Profit from Associates
SHARE PROFIT FROM ASSOCIATES Covid-19, Covid-19 Covid-19 Covid-19 Covid-19 1st Wave : 2nd Wave 3rd Wave 4th Wave 5th Wave Q2 ’20 407.63 258.12 88.19 92.24 56.71 62.94 13.64 5.78 16.48 (unit : million baht) (0.76) (29.06) Y2021 Y2022 Q1 Q1 ’21 2021 Q2 Q2 ’21 2021 Q3 Q3 ’21 2021 Q4 Q4 ’21 2021 Q1 Q1 ’
Slide 20: Dividend Income
DIVIDEND INCOME (unit : million baht) Year Quarter VIBHA CMR BDC CONSO 1 24.23 31.32 - 55.55 2 56.69 3.45 - 60.14 2021 3 34.37 15.94 - 50.31 4 160.81 15.63 - 176.43 * Total 276.10 66.34 0.00 342.43 1 29.83 35.31 - 65.14 Q3 2021 Q3 2022 Q3 2023 2 119.28 0.84 - 120.12 2022 3 63.60 24.21 - 87.81 4 81.2
Slide 21: Dividend Income Source
DIVIDEND INCOME SOURCE (unit : million baht) PERIOD Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Y 2021 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ‘22 Y 2022 Q1 ‘23 Q2 ‘23 Q3 ‘23 RAM 55.27 - 28.28 28.94 112.49 64.32 - 40.20 40.22 144.74 96.48 - 48.24 SKR - 24.19 - - 24.19 - 36.77 24.51 - 61.28 - 23.74 26.72 TNH - - - 10.06 10.06 - - -
Slide 22: VIBHA - Investment in Listed Shares [SET]
VIBHA - INVESTMENT IN LISTED SHARES [SET] (unit : thousand baht) RICHY STA DCC Amount invested 1.10% 3.33% As of 30 September 2023 4.71% Market value Record Symbol during Jan-Sep Gain/(loss) CGH Investment cost Ownership @8/12/23 to 2023 1.32% RAM 3 0% 2,099,985 6.21% 2,554,025 454,040 SKR 17,403 10
Slide 23: VIBHA - Investment in Non-Listed Shares
VIBHA - INVESTMENT IN NON-LISTED SHARES Thousand baht Baht Nawanakorn Serirak H. As of 1.07% Innovation Symbol Cost per EPS Dividend per share 1.93% 4.67% 30 September 2023 Thonburi share Y2022 Rangsit H. Cost Ownership Y2022 9M/23 Chaophya H. 0.01% Synphaet 8.42% 589,000 10.00% 50.78 7.92 46.40 23.
Slide 24: Patient Trends [VIBHA & CMR]
PATIENT TRENDS [VIBHA & CMR] (unit : thousand baht) VIBHA CMR General Patients General Patients SSO Patients 300 300 300 200 200 200 OPD 100 100 100 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2019 Y2020 Y2021 Y2019 Y2020 Y2021 Y2019 Y2020 Y2021 Y2022 Y2023 Y2022 Y2023 Y2022 Y2023 15 15 15 10 10 10 I
Slide 25: Patient Trends [VBR]
PATIENT TRENDS [VBR] (unit : thousand baht) General Patients SSO Patients 400 400 300 300 200 200 OPD 100 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2021 Y2022 Y2023 40 8 30 6 20 4 IPD 10 2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2021 Y2022 Y2023 28
Slide 26: Financial Data
FINANCIAL DATA (unit : million baht) Year/Period YE2017 YE2018 YE2019 YE2020 YE2021 YE2022 Q3/2023 Assets 15,446 15,547 19,630 21,175 28,427 30,923 27,920 Liabilities 6,079 6,172 9,258 10,441 13,170 12,713 11,878 Equity (attributable to owners of 7,013 7,107 7,789 8,171 12,184 14,392 12,614 the pare
Slide 27: Financial Ratio
FINANCIAL RATIO Year/Period YE2017 YE2018 YE2019 YE2020 YE2021 YE2022 Q3/2023* ROA (%) 9.45 7.97 7.96 4.24 9.66 7.29 5.00 ROE (%) 12.58 10.25 10.86 5.64 17.74 9.96 6.17 Net Profit (%) 17.00 13.18 14.45 8.50 24.78 17.34 12.06 Market Capital 33,784 26,399 23,744 19,657 35,840 36,927 25,115.62 (million
Slide 28: Table of Contents
TABLE OF CONTENTS 01 BUSINESS OVERVIEW 02 Q3/2023 OVERVIEW FINANCIAL PERFORMANCE & 03 OPERATIONAL STATISTICS 04 UPCOMING TRENDS
Slide 29: Ongoing Projects
ONGOING PROJECTS Branch Area Estimated Note Progress (sq m.) cost Pattanakarn 34,000 550mb Almost finished 98% Laemchabang 34,000 690mb ER, OPD, car park, Bldg. A 42% hospital building Bldg. B 98% Bldg. C 92% Pattanakarn Bldg. D - Amatanakorn 27,171 600mb 14 fl. building 16.00% Amatanakorn Laemchaba
Slide 30: Future Projects
FUTURE PROJECTS Branch Area (sq.m) Estimated cost Note Onnut 53,000 1,000mb Demolition in process (90 days) Borwin 19,000 400mb EIA Project Submission in process Amatanakorn 2 Preparing documents for EIA 20,000 800mb (Phanat Nikhom) Project Submission Onnut Amatanakorn 2 Borwin 33
Slide 31: What to Expect
WHAT TO EXPECT NEXT QUARTER THIS YEAR In Q4/2023, we expect as follows; In 2023, we expect net income to be significantly lower than 2022 because of the following VIBHA: net income to be substantially higher QoQ, but reasons; approximately the same YoY because of - similar number of patients VIBHA:
Slide 32: Thanks!
THANKS! Vibhavadi Hospital +66 2 561 1111 # 2444 corporateaccounting@vibhavadi.com www.vibhavadi.com www.facebook.com/hospital4 @VibhavadiHospital 35
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