Ec Healthcare · HKEX:2138
Ec Healthcare — H1 FY2023/24 Earnings Presentation
24 slides from Ec Healthcare's earnings presentation, Nov 30, 2023
Slide 1: FY2023/24 Interim Results Investor Presentation
FY2023/24 Interim Results Investor Investor Presentation Presentation 30 Nov 2023 Bring Health, Beauty and Happiness to more People
Slide 2: Financial Performance
EC Healthcare Financial Performance
Slide 3: Key Financial Highlights
Financial Performance INTERIM RESULTS FY23/24 Key Financial Highlights YoY: FY23 1H vs FY24 1H HoH: FY23 2H vs FY24 1H Sales Revenue EBITDA Net Interim Volume Profit EPS ROE +17.7% +12.0% -22.7%* -79.6%* 0.6 HK Cent 1.8% YoY YoY YoY YoY Interim Gearing DPS +8.5% +7.0% +30.1% +10x 0.5 Ratio HoH HoH H
Slide 4: Revenue Mix
Financial Performance INTERIM RESULTS FY23/24 Revenue HK$ M Mix HK$ M HK$ M Medical 1 Mainland Cross Border Mainland China Visitors (MCV) in HK & Macau Aesthetic Medical and Beauty and Wellness Macau, China HK Locals & Macau Locals & Mainland China Locals Other2 Hong Kong, China 22,653 3,906 10,392
Slide 5: Average Spending Per Visit Per Business Segment
Financial Performance INTERIM RESULTS FY23/24 Average Spending Per Visit Per Business Segment based on sales volume* Aesthetic Medical Medical Veterinary No. of Customer Visit No. of Customer Visit No. of Customer Visit ASP (HK$) per Visit ASP (HK$) per Visit ASP (HK$) per Visit 3,300 250,000 500,00
Slide 6: Operation Highlights - Cost Structure and Margin Squeeze
Operation Highlights - Cost Structure and Margin Squeeze INTERIM RESULTS FY23/24 Projected Projected FY19 Margin Squeeze FY23 1H FY23 2H FY24 1H Roll-up Strategies FY24 2H FY25 • Medical inflation • Gra dua l revenue mi x cha nge from Revenue 100% onl y 28% to 62% medi ca l 100% 100% 100% • Increasi
Slide 7: Existing Business and M&A Cohort Contribution
Financial Performance - Existing Business Pre FY19 & M&A Cohort FY19-23 INTERIM RESULTS FY23/24 Revenue Contribution EBITDA Contribution (excluding HQ overhead and G&A) HK$ M HK$ M FY19 FY20 FY21 FY22 FY23 FY24 1H FY19 FY20 FY21 FY22 FY23 FY24 1H 1,613 257 279 Margin: 15.9% 201 18 Margin: 22.2% 907
Slide 8: EBITDA to Net Profit Waterfall & M&A Strategy
Financial Performance - EBITDA to Net Profit Waterfall & M&A Strategy INTERIM RESULTS FY23/24 HK$ M FY19 FY20 FY21 FY22 FY23 FY24 1H M&A 0.2 13 90 201 257 134 Existing EBITDA Business 598 571 442 525 463 205 (recap) Sub-total 598 584 532 726 720 339 HQ Overhead 88 124 135 190 283 130 and G&A Impairm
Slide 9: Capital Management
Financial Performance INTERIM RESULTS FY23/24 Capital Management Capital Structure as at 30 Sep 2023 Debt Maturity Profile as at 30 Sep 2023 TOTAL GEARING 2.4 Years Average Debt Maturity DEBT RATIO1 33.6% Weighted Average Interest Rate of 4.9% HK$806M HK$ M 363.6 UNDRAWN CASH ON 267.9 FACILITIES HAN
Slide 10: Operation & Strategy Highlight
Operation & Strategy Highlight
Slide 11: Operation Highlights
Operation Operation Highlights Highlights INTERIM RESULTS FY23/24 No. of Repurchase No. of Specialist Rate2 Service Points Disciplines 77.8% 166 39 Existing Customer Revenue Contribution3 Total GFA Full Time -1.1% HoH Registered 68.5% 698,000 Doctors 329 Customers’ sqft Satisfaction Rate4 99.98% No.
Slide 12: EBITDA Margin Analysis
EBITDA Margin Operation Analysis Highlights INTERIM RESULTS FY23/24 Projected Projected FY19 Margin Squeeze FY23 1H FY23 2H FY24 1H Roll-up Strategies FY24 2H FY25 • Medical inflation • Gra dua l revenue mi x cha nge from Revenue 100% onl y 28% to 62% medi ca l 100% 100% 100% • Increasing GDP and me
Slide 13: Cost Structure Rationalization
FY23 Baseline Operation Operation Cost Structure Rationalization Highlights INTERIM RESULTS FY23/24 • Excluding new M&A from FY24 / 25 - Surecare & new distribution business • Excluding new organic expansion in FY24 / FY25 - AMAH Vet Hospital Saving against FY23 Baseline 1 Registered Practitioner &
Slide 14: Business Performance by Pillar: 1H2024 EBITDA Margin
Key Sub-Pillar Financial Business Performance (Including HQ Overhead and G&A) Performance INTERIM RESULTS FY23/24 Aesthetic Medical Dental Health Screening & Lab Imaging Medical Specialty Pain Management Veterinary INFANCY (0 – 24 months) DEVELOPING (25 – 48 months) MATURE (Beyond 48 months) 30% Pi
Slide 15: Corporate Development Strategy Review
Corporate Development Strategy Review Outlook INTERIM RESULTS FY23/24 BEFORE NOW BUSINESS DEVELOPMENT IT OPERATIONAL EXCELLENCE SERVICE DIGITAL BRANDING TRANSFORMATION CULTURE 14
Slide 16: Strategic Focus
3 Strategic Focus Outlook INTERIM RESULTS FY23/24 Approach 1 Business Development • 2022 Hong Kong's medical expenditure represents a HK$243B, • B2C Cross-Pillar Product Proposition to enhance CLV spanning across public, insurance, corporate medical and direct • B2B (Corporate) 24x7 self-service boo
Slide 17: TTIPP Partnership Development
TTIPP Partnership Operation Highlights Development INTERIM RESULTS FY23/24 • Signed MOU with RiMag, leading radiology Technology operator in China, for knowledge exchange and business expansion Telecommunication • Signed MOU with Leqee, a leading digital & e- commerce solution technology platform to
Slide 18: Outlook
Outlook
Slide 19: Chairman Message & Key Role
Outlook INTERIM RESULTS FY23/24 Chairman Message & Key Role Strategic Corporate Corporate Vision Development Governance Mr. Tang Chi Fai, Eddy Founder, Chairman and Executive Director 18
Slide 20: EC Healthcare Market Outlook and Growth Prospects
Outlook INTERIM RESULTS FY23/24 EC Healthcare Market Outlook and Growth Prospects • Market Trends • Cautious economic outlook amid prolonged inflation and uncertainties Growing healthcare needs driven by aging populations and technology Favorable Government • • Primary Healthcare Blueprint promoting
Slide 21: EC Healthcare
EC Healthcare BA eR Aix Stock Code: 2158)
Slide 22: Appendix
EC Healthcare BA eR Aix Stock Code: 2158)
Slide 23: Key Financial Metrics
Appendix INTERIM RESULTS FY23/24 Key Financial Metrics For the year ended For31 theMarch six months ended 30 September FY23 1H FY24 1H Changes Basic Earnings per share (HK cents) 6.8 0.6 (91.2%) EBITDA margin 14.3% 9.8% (4.5 p.pt) Net profit margin 5.6% 1.0% (4.6 p.pt) Dividend per share for the yea
Slide 24: Disclaimer
Appendix INTERIM RESULTS FY23/24 Disclaimer This document does not constitute or for m part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities (the “Securities”) Forany of EC Healthcare (the "Company") or any of its subsidiaries