Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Vibhavadi Medical Center — Q2 2022 Earnings Presentation
37 slides from Vibhavadi Medical Center Public's earnings presentation, Sep 23, 2022
Slide 1: Vibhavadi medical center Q2/2022
Vibhavadi medical center Q2/2022
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: Table of contents
Table of contents Business Overview Q2/2022 Review Financial performance and operational statistics Upcoming trends
Slide 4: Vibha overview
Vibha overview JV with VIBHARAM hospital group, targeting middle income population and Social Securites Segment 1992 1986 1992 2009 2011 Establishment Listed in SET Establishment of PPS, Acquisition of CMR hospital of the company starting of non-core group, largest market share in businesses the Not
Slide 5: Business Overview
U1 BUSINESS OVERVIEW
Slide 6: VIBHA OVERVIEW
VIBHA OVERVIEW VIBHA NETWORK Number of Number of Company hospitals beds VIBHA 20 HOSPITALS 1 400 6,240+ BEDS CMR 8 1,190 6,500+ DOCTORS VBR 10 1000+ 6,000+ NURSES 18,000+ STAFFS BANGPO 1 100
Slide 7: Medical operation
aa Op) Eye and LASIK Center Accident and Emergency Department EA @ yyy Pediatrics Hemodialysis ¢ a Obstetrics and Gynecology Neurology - if Orthopedic Surgery Dental Center yp / p ) a) Respiratory System Heart Center Surgery Gastrointestinal Center (GI)
Slide 8: Company's subsidiaries
Company’s subsidiaries Number of Name Abbreviation Status Business % Ownership SSO Beds Vibhavadi Hospital VIBHA Parent 100.00 400 N Lanna Hospital LANNA 83.55 330 Y Chiangmai Ram Hospital CMH 47.09 220 N Hospital Theppanya Hospital 1&2 TPY 47.09 170 Y Subsidiary Hariphunchai Ram Hospital HARI 72.43
Slide 9: Company's associates
Company’s associates Number of Name Abbreviation Status Business % Ownership SSO Beds Vibharam Hospital VBR 33.73 1,000 + Y Bangpo General Hospital BANGPO 28.57 100 N Associate Hospital Khelangnakorn-ram Hospital KL 11.99 100 N Maesot-ram Hospital PW 23.54 100 N Thippayabadin TBD Non-Hospital 40.57
Slide 10: Geographic locations
Geographic locations CMR Group (Subsidiary) Vibhavadi Hospital : VIBHA Bangpo General Hospital : BANGPO Lanna Hospital : LANNA (Associate) Chiangmai Ram Hospital : CMH Vibharam Group : VBR (Associate) - Vibharam Pattanakarn Hospital - Vibharam Nawamin Hospital Theppanya Hospital (1&2) : TPY - Vibhar
Slide 11: Patient mix diversification
Patient mix diversification Medical Sophistication Secondary Tertiary Super Tertiary High income International Target Patients / Purchasing Power CMR Group income Middle SSO & UCEP VBR Group
Slide 12: Share holding structure
Share holding 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 4.31% 7 VIB
Slide 13: Q2/2022 overview
Q2/ 2022 OVERVIEW Uz
Slide 14: Divest of PPS
Divest of pps Year Net Profit/loss Account base Tax base 2009 (16,650,062) Investment amount 150,537,651 150,537,651 2010 (20,504,549) Accounting devaluation (90,578,163) - 2011 (13,384,275) Investment value 59,959,488 150,537,651 2012 293,416 Capital reduction (48,000,000) (48,000,000) 2013 852,903
Slide 15: Q2 Y2022 financial data
Q2 Y2022 financial data Total Revenue Net Income Company % of Conso % Change VIBHA 35.7% - 0.7% CMR 57.8% + 964.8% PPS 1.6% + 4.9% Total EBITDA Net Income* BDC 1.5% - 3.7% Revenue Q2 Y2021 Q2 Y2022 EBITDA VP 0.7% + 2705.2% Share profit from associates : % Change of Patient Number Company VBR 4.9% -
Slide 16: 6 month Y2022 financial data
6 MONTH Y2022 financial data 4,835 Total Revenue Net Income 3,400 Company % of Conso % Change VIBHA 53.7% + 47.9% 1,430 CMR 34.9% + 247.8% 925 950 518 PPS 2.5% + 215.8% BDC 0.9% - 37.4% Total Revenue EBITDA Net Income* 6M Y2021 6M Y2022 EBITDA VP 0.9% + 3552.4% % Change of Patient Number Share profi
Slide 17: Financial performance trends
FINANCIAL performance trends 2,493 2,385 2,449 1,981 1,725 Revenues 1,706 1,631 1,679 1,721 1,327 1,086 926 753 676 EBITDA* 400 532 439 487 279 125 687 746 Net Profit 526 423 197 338 233 285 (43) 72 Q1 Y2020 Q2 Y2020 Q3 Y2020 Q4 Y2020 Q1 Y2021 Q2 Y2021 Q3 Y2021 Q4 Y2021 Q1 Y2022 Q2 Y2022 Year 2020 Y
Slide 18: Financial performance and operational statistics
Financial performance and operational statistics
Slide 19: Revenue component – consolidated (by type of service)
Revenue component – consolidated (by type of service) Unit : Million Baht 1,679.43 1,720.70 1,893.28 2,580.43 7,873.84 2,385.93 2,300.42 Other income Millions 7,900 Average 2021 Gain/(loss) on revaluation of 6,900 investments Covid-19 treatment Dividend income 5,900 VIBHA 20.15% CMR 7.65% Gain on sa
Slide 20: Net profit component – consolidated (by source)
Net profit component – consolidated (by source) Unit : Million Baht Million Baht 900 Elimination 700 Share profit from associates 500 Other 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 Q2 2022 VIBHA 299.48 73.14 134.25 63.30 299.1
Slide 21: Share profit for associates
Share profit for associates Unit : Million Baht Covid-19 3rd Wave Covid-19 Covid-19 407.63 1st Wave 2nd Wave 258.12 128.15 56.71 88.19 30.10 13.64 (0.76) (105.18) (115.42) Q1 Y2020 Q2 Y2020 Q3 Y2020 Q4 Y2020 Q1 Y2021 Q2 Y2021 Q3 Y2021 Q4 Y2021 Q1 Y2022 Q2 Y2022 VBR 30.31 (91.09) (85.55) 126.25 0.67
Slide 22: Elimination dividend
Dividend Unit : Million Baht Period Year 2020 Year 2021 Q1/2022 Q2/2022 342.43 VIBHA 463.76 461.89 316.02 211.98 CMR 64.87 66.34 35.31 0.84 Combination 528.63 528.23 351.33 212.82 192.09 CMR to VIBHA 196.64 174.79 218.49 0 120.12 VBR to VIBHA 134.90 0.00 67.70 67.70 Elimination 65.14 BDC to VIBHA 5.
Slide 23: Dividend income source
Dividend income source Unit : Million Baht
Slide 24: Total investments in 2022
TOTAL investments in 2022 Amount invested % ownership Code (Million Baht) (as of 30/6/2022) STGT BCH 360.57 1.00% TNH 0.32% 18.90% DCC 28.48 1.21% STA 1.45% RICHY 17.66 4.47% SKR 5.62% RICHY-W3 - 14.53% RICHY BCH SKR 30.98 15.33% 3.20% 65.35% STA 7.97 0.22% DCC STGT 1.76 0.17% 5.16% TNH 104.31 14.06
Slide 25: Total investments (in SET) as of June 2022
Total investments (in set) as of June,2022 Unit : Thousand Baht STGT STA RICHY 3.73% 2.30% 1.13% DCC RAM 2,099,908 6.21% 4,119,920 2,020,011 4.65% SKR 1,048,025 15.33% 4,534,720 3,486,695 OCI BCH TNH 878,229 13.76% 942,984 64,755 9.84% RAM BCH 505,508 0.80% 454,410 (51,098) 40.87% DCC 238,776 1.15%
Slide 26: Total investments (not in SET) as of June 2022
Total investments (not in set) as of June,2022 Seriruk H. Unit : Thousand Baht 1.11% Innovation Nawanakorn Technology Medical 0.92% 2.01% Chao Phaya H. Synphaet H. 589,000 10.00% 35.47 50.78 8.75% Legacy Golf 197,260 10.00% -0.33 9.02 Legacy Chao Phaya H. 78,863 7.69% 2.49 17.41 Golf (Thailand) Synp
Slide 27: Investment values in SET (as of June 2022)
Investment values in set (as of June 2022) Unit : Thousand Baht STGT STA RICHY DCC3.73% 2.30% 1.13% 4.65% RAM 2,099,908 6.21% 4,119,920 2,020,011 SKR 1,048,025 15.33% 4,534,720 3,486,695 BCH 9.84% TNH 878,229 13.76% 942,984 64,755 RAM 40.87% BCH 505,508 0.80% 454,410 (51,098) TNH DCC 238,776 1.15% 2
Slide 28: Patient trends (Vibha+CMR)
Patient trends (vibha+cmr) General Patient SSO Patient 394 OPD Thousands OPD Thousands 212 222 326 400 250 300 200 150 200 100 100 50 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2019 Y2020 Y2021 Y2022 Y2019 Y2020 Y2021 Y2022 22 IPD Thousands IPD Thousands 20 25 6 6 8 20 6 15 4 10 5 2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2
Slide 29: Financial Data
Financial Data YEAR YE2017 YE2018 YE2019 YE2020 YE2021 Q2/2022 Assets 15,446 15,547 19,630 21,175 28,427 30,456 Liabilities 6,079 6,172 9,258 10,441 13,170 13,572 Equity (attributable to owners 7,013 7,107 7,789 8,171 12,184 13,359 of the parent) PERIOD Q2/2017 Q2/2018 Q2/2019 Q2/2020 Q2/2021 Q2/202
Slide 30: Financial Ratio
Financial Ratio YEAR/PERIOD 2017 2018 2019 2020 2021 Q2/2022* ROA (%) 9.45 7.91 7.96 4.24 9.66 10.85 ROE (%) 12.58 10.25 10.86 5.64 17.74 19.17 Net Profit (%) 17.00 13.18 14.45 8.50 24.78 19.66 Market Cap. (MB) 33,784 26,399 23,744 19,657 35,840 36,927 P/E 40.12 31.40 31.50 67.71 24.95 17.30 P/BV 4.
Slide 31: Upcoming trends
Upcoming trends
Slide 32: COVID-19 situation, vaccination and investment projects
COVID-19 Situation in General Vaccination Investment Forecast The North and Patients (Moderna) and Project Bangkok
Slide 33: Expansion timeline Y2021–Y2025
Y2025 Y2024 VBR – Onnut VBR – Borwin (250 beds), Y2023 1,800MB VBR – Laemchabang (150 beds), Y2022 1,000MB OPD building & Y2021 VBR – Pattanakarn Parking building, CMR – LANNA3 (59 beds), 900MB New 400MB (120 beds) building HARI (180 beds) Chianเ Rai Inter (30 beds) 185 mil (30%)
Slide 34: New Projects
New Projects Thonburi Vibharam Vibharam Vibharam Rangsit Chaiprakarn Amata 2 Rayong Hospital (Pan Thong)
Slide 35: Future trends
Future trends
Slide 36: What to expect
What to expect Short term Long term In Q3-Q4 2022, we expect In 2023, we expect the Investments in new few Covid-19 patients. number of patients to green field projects However, we will have the be equal or more than under VBR group. remaining revenue from pre-covid period, which More infrastructure
Slide 37: Thanks!
Thanks! Vibhavadi Hospital +66 2 561 1111 corporateaccounting@vibhavadi.com www.vibhavadi.com www.facebook.com/hospital4 @VibhavadiHospital
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