Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Q1 2022 Earnings Presentation
38 slides from Vibhavadi Medical Center Public's earnings presentation, Jun 15, 2022
Slide 1: Investor Presentation Q1 / Y2022 Results
Investor Presentation Q1 / Y2022 Results 15 June 2022
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 actua
Slide 3: Contents
Contents ❑ VIBHA Overview ❑ Q1 / Y2022 in Review ❑ Financial Performance & Operational Statistics ❑ Upcoming Trend
Slide 4: VIBHA Overview
VIBHA Overview Establishment of the Company Founded with only one building, Joint Venture to Establish 100 bed hospital Vibharam Group Hospitals Targeting Government-subsidized Acquire CMR Group Hospitals programs and middle-income population Largest Market-share of healthcare In the Northern part o
Slide 5: VIBHA Overview
VIBHA Overview Number of VIBHA Network Company Number of Beds Hospitals 20 Hospitals VIBHA 1 400 6,240+ Beds CMR 8 1,190 6,500+ Doctors VBR 10 1,000+ 6,000+ Nurses Bangpo 1 100 18,000+ Staffs
Slide 6: Medical Operation
Medical Operation > N > sim Sx premernee Accident and Emergency Department EA Op) Eye and LASIK Center a @ Hemodialysis ¢9 vy Pediatrics e . Neurology Obstetrics and Gynecology + Dental Center Orthopedic Surgery A ? rear cones QD > <, gd Respiratory System Surgery Gastrointestinal Center (Gl)
Slide 7: Company & Subsidiaries
Company & Subsidiaries Number of Name Code Status Business % Ownership SSO Beds Vibhavadi Hospital VIBHA Parent 100.00 400 O Lanna Hospital LANNA 83.55 330 P Chiangmai Ram Hospital CMH 47.09 220 O Hospital Theppanya Hospital 1&2 TPY 47.09 170 P Subsidiary Hariphunchai Ram Hospital HARI 72.43 220 P R
Slide 8: Associates
Associates Number of Name Code Status Business % Ownership SSO Beds Vibharam Hospital VBR 33.73 1,000 + P Bangpo General Hospital BANGPO 28.57 100 O Associate Hospital Khelangnakorn-ram Hospital KL 11.99 100 O Maesot-ram Hospital PW 23.54 100 O Non- Thippayabadin TBD 40.57 - na. Hospital
Slide 9: VIBHA Network
VIBHA Network CMR Group (Subsidiary) Vibhavadi Hospital : VIBHA Lanna Hospital : LANNA Bangpo General Hospital : BANGPO (Associate) Chiangmai Ram Hospital : CMH Vibharam Group : VBR (Associate) Theppanya Hospital (1&2) : TPY - Vibharam Pattanakarn Hospital - Vibharam Nawamin Hospital Hariphunchai Ra
Slide 10: Diversification of Patient Mix
Diversification of Patient Mix Medical Sophistication Secondary Tertiary Super Tertiary International Target Patients / Purchasing Power income High income Middle SSO & UCEP
Slide 11: Shareholding Structure
Shareholding Structure Name % of Shareholding 1 F&S 79 COMPANY LIMITED 15.35% 2 MR. CHAISITH VIRIYAMETTAKUL 15.00% 3 SYNPHAET HOSPITAL COMPANY LIMITED 8.84% 4 RAMKHAMHAENG HOSPITAL PUBLIC COMPANY LIMITED 7.09% 5 CHAO PHYA HOSPITAL PUBLIC COMPANY LIMITED 5.92% 6 MR. PISUTH VIRIYAMETTAKUL 4.28% 7 VIBH
Slide 12: Contents
Contents ❑ VIBHA Overview ❑ ❑ Financial Performance & Operational Statistics ❑ Upcoming Trend
Slide 13: Q1 Y2022 Operational Review Highlights
Q1 Y2022 Operational Recep Highlights ▲ 42% ▲ 72% ▲ 126% Total Revenue Net Income 2,386 Company % of Conso % Change Company % of Conso % Change VIBHA 48.4% + 60.0% VIBHA 65.0% + 76.2% 1,679 CMR 47.9% + 34.5% CMR 20.4% + 57.9% PPS 1.8% + 111.1% PPS 3.1% + 837.9% BDC 1.3% - 17.8% BDC 0.5% - 60.8% 754
Slide 14: Financial Performance
Financial Performance Consolidated 2,493 2,385 1,981 1,706 1,631 1,725 1,679 1,721 1,327 Total Revenues 1,086 926 753 EBITDA* 400 532 439 487 279 746 Net Profit 125 687 526 197 338 233 285 (43) 72 Q1 Y2020 Q2 Y2020 Q3 Y2020 Q4 Y2020 Q1 Y2021 Q2 Y2021 Q3 Y2021 Q4 Y2021 Q1 Y2022 Year 2020 Year 2021 Ye
Slide 15: Contents
Contents ❑ VIBHA Overview ❑ Q1 / Y2022 in Review ❑ ❑ Upcoming Trend
Slide 16: Revenue Components – VIBHA
Revenue Components – VIBHA Millions 3,500 648.69 786.37 819.53 1,135.06 3,389.65 1,031.41 Other income 3,200 Gain/(loss) on revaluation of investments 2,900 Dividend income 2,600 Gain on sale of investments 2,300 Rental and service income 2,000 Vaccine Moderna 1,700 Medical treatment for Covid-19 pa
Slide 17: COVID-19 Testing
COVID-19 Testing* 3rd wave 7,260 5,140 4,327 2nd 3,140 wave 1,788 1,140 869 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M1 M2 M3 M4 M5 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y22 Y22 Y22 Y22 Y22 *COVID-19 PCR testing volume of drive-thru customers of VIBHA
Slide 18: COVID-19 Patient
COVID-19 Patient* 3,672 2,826 1,950 1,935 1,047 3rd wave 417 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M1 M2 M3 M4 M5 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y21 Y22 Y22 Y22 Y22 Y22 Hospital Hospitel HI Total *COVID-19 patient of VIBHA
Slide 19: Revenue Components – CONSO
Revenue Components – CONSO Millions 1,679.43 1,720.70 1,893.28 2,580.43 7,873.84 2,385.93 7,900 Other income Avg 2021 Gain/(loss) on revaluation of investments 6,900 Covid-19 Dividend income treatment 5,900 Gain on sale of investments VIBHA 20.15% Rental and service income 4,900 CMR 7.65% Vaccine Mo
Slide 20: Dividend Income
Dividend Income Unit : Million Baht Period Year 2020 Year 2021 Q1/2022 342.43 VIBHA 463.76 461.89 316.02 CMR 64.87 66.34 35.31 192.09 Combination 528.63 528.23 351.33 CMR to VIBHA 196.64 174.79 218.49 VBR to VIBHA 134.90 0.00 67.70 Elimination 65.14 BDC to VIBHA 5.00 6.00 0.00 BANGPO to VIBHA 0.00 5
Slide 21: Revenue Components – CMR Group
Revenue Components – CMR Group By Hospital By Payer TPY 9.38% HARI 11.75 SSO % 23.98% Self Pay YE2021 39.61% COVID 7.65% Others Insurance 5.15% 19.31% Coporate Contract 4.29% TPY 8.73% HARI 13.53 SSO % 22.68% Self Pay 34.56% Q1’2022 COVID 11.91% Others Insurance Coporate 5.66% 18.84% Contract 6.35%
Slide 22: Number of Patients
Number of Patients General SSO OPD OPD 394 Thousands Thousands 400 212 250 350 300 200 250 150 200 150 100 100 50 50 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2019 Y2020 Y2021 Y2022 Y2019 Y2020 Y2021 Y2022 IPD IPD Thousands Thousands 22 25 8 6 20 6 15 4 10 5 2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2019 Y2020 Y2021 Y2022
Slide 23: Share Profit from Associates
Share Profit from Associates Unit : Covid-19 Covid-19 Covid-19 Million 1st Wave 2nd Wave 3rd Wave Baht 407.63 258.12 128.15 56.71 88.19 30.10 (0.76) (105.18) (115.42) Q1 Y2020 Q2 Y2020 Q3 Y2020 Q4 Y2020 Q1 Y2021 Q2 Y2021 Q3 Y2021 Q4 Y2021 Q1 Y2022 VBR 30.31 (91.09) (85.55) 126.25 0.67 46.48 394.01 2
Slide 24: Net Profit
Net Profit Million Baht 900 Elimination Share profit 700 from associates Other 500 subsidiaries CMR 300 VIBHA 100 (100) (300) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 VIBHA 299.48 73.14 134.25 63.30 299.18 186.20 149.12 267.28 533.25 CMR 142.12 (15.03) 50.61 65.88 106.
Slide 25: CMR Group : Recall from SSO
CMR Group : Recall from SSO From transactions EFFECTS TO INCOME Year Recall in* of year LANNA TPY HARI Total 2015 - 24.44 60.96 85.40 2018 Subtotal - 24.44 60.96 85.40 2015 64.08 - - 64.08 2016 59.08 18.44 33.41 110.93 2019 2017 43.74 8.78 23.80 76.32 Subtotal 166.90 27.22 57.21 251.33 2015 27.93 -
Slide 26: VBR Group : Recall from SSO
VBR Group : Recall from SSO From transactions EFFECTS TO INCOME Year Recall in* of year VBR Laemchabang Amata Pakkred Total 2017 2015 15.36 - - - 15.36 2018 2017 - 17.62 - - 17.62 2019 - - - - - - 2020 2019 144.74 - 32.14 - 176.88 2021 2017 105.06 34.48 20.15 9.20 168.89 Total 265.16 52.10 52.29 9.2
Slide 27: Investments as of 31 March 2022 (in SET)
Investments as of 31 March 2022 (in SET) Unit : Thousand Baht STA RICHY RICHY-W3 STGT 2.19% 1.07% 0.00% Amount % ownership Market value 4.06% Gain/ Code DCC invested 31/3/2022 7/6/2022 (loss) 4.48% RAM 2,099,908 6.21% 3,877,571 1,777,663 SKR 1,048,025 15.33% 4,289,600 3,241,575 BCH TNH 858,281 13.76
Slide 28: VIBHA Investment in Y2022 (in SET)
VIBHA Investment in Y2022 (in SET) Amount invested % ownership Code (Million Baht) (as of 31/3/2022) STGT TNH BCH 264.52 0.80% 1% 18% CGH 3.31 - STA 1% DCC 14.31 1.15% RICHY 13.67 4.12% SKR 8% RICHY-W3 - 14.53% BCH SKR 30.98 15.33% RICHY 64% STA 5.45 0.20% 3% STGT 5.75 0.18% DCC TNH 75.91 13.76% 4%
Slide 29: Investments as of March 2022 (not in SET)
Investments as of 31 March 2022 (not in SET) Unit : Thousand Baht Seriruk Hospital Innovation Nawanakorn 1.11% Technology Amount % ownership 0.92% Earnings per Cost per Medical Name 2.01% invested 31/3/2022 share share Chao Phaya Hospital Synphaet H. 589,000 10.00% 35.47 50.78 8.75% Legacy Golf 197,
Slide 30: Financial Data
Financial Data (Unit : Million Baht) YEAR YE2017 YE2018 YE2019 YE2020 YE2021 Q1/2022 Assets 15,446 15,547 19,630 21,175 28,427 29,524 Liabilities 6,079 6,172 9,258 10,441 13,170 13,161 Equity (attributable to owners 7,013 7,107 7,789 8,171 12,184 13,152 of the parent) PERIOD Q1/2017 Q1/2018 Q1/2019
Slide 31: Financial Ratio
Financial Ratio YEAR/PERIOD 2017 2018 2019 2020 2021 Q1/2022* ROA (%) 9.45 7.91 7.96 4.24 9.66 10.59 ROE (%) 12.58 10.25 10.86 5.64 17.74 18.87 Net Profit (%) 17.00 13.18 14.45 8.50 24.78 21.98 Market Cap. (MB) 33,784 26,399 23,744 19,657 35,840 33,940 P/E 40.12 31.40 31.50 67.71 24.95 16.41 P/BV 4.
Slide 32: Contents
Contents ❑ VIBHA Overview ❑ Q1 / Y2022 in Review ❑ Financial Performance & Operational Statistics ❑
Slide 33: Upcoming Trend
Upcoming Trend COVID-19 Situation in General Vaccination Investment Forecast The North Patients (Moderna) and Project and Bangkok
Slide 34: Timeline
Timeline Y2025 VBR – Onnut Y2024 (250 beds), VBR – Borwin 1,800MB Y2023 (150 beds), VBR – Amata 1,000MB Y2022 Parking building, VBR – 400MB Y2021 Pattanakarn CMR – LANNA3 (59 beds), (120 beds) 900MB Parking HARI (180 beds) building
Slide 35: New Project
New Project Thonburi Rangsit Synphaet Nakhon Vibharam Amata Hospital Pathom • VIBHA RAM TNH and Other
Slide 36: Forecast - CONSO
Forecast - CONSO Q2 Expectation : Q3 & Q4 expectation : • Increase in non-covid patients & fee-for-service • Increase in non-covid patients & fee-for-service covid patient covid patient • Partly decrease in revenue from Covid-19 • Little reimbursement from Covid19 from reimbursement from government
Slide 37: VIBHA – W4 (warrant)
VIBHA – W4 (warrant) Detail of Warrant Name : Warrants to Purchase the Ordinary Shares No. 4 of Purpose : To repay the Company’s loan from bank Vibhavadi Medical Center (VIBHA-W4) Number of additional shares 1,131,322,132 Shares Number of shares 1,131,322,132 Ratio 12.00 : 1.00 Price 3.00 (Existing
Slide 38: Q&A
Q&A Vibhavadi Hospital +66 2 561 1111 corporateaccounting@vibhavadi.com www.vibhavadi.com www.facebook.com/hospital4 @VibhavadiHospital
Vibhavadi Medical Center Public — Q1 2022 Earnings Presentation on 6ix