Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Vibhavadi Medical Center PCL — FY2024 Earnings Presentation
42 slides from Vibhavadi Medical Center Public's earnings presentation, March 2025
Slide 1: Opportunity Day YE/2024
OPPORTUNITY DAY YE/2024 VIBHAVADI MEDICAL CENTER PCL
Slide 2: Siam Gamma Knife Therapy Center
SIAM GAMMA KNIFE THERAPY CENTER Partnership between Vibhavadi Medical Center and Healthcare Therapeutics Co., Ltd. Non-invasive radiosurgery using focused beams of gamma 1 st radiation to treat brain tumors and other conditions place in Thailand Example of conditions that can be treated : - Meningio
Slide 3: V Design Clinic
V DESIGN CCLINIC Address . Tel 1008/9 Vibhavadi Hospital 91A1S vi plaza 8u 9 02-000-0999 N.SMIASIaA V.ar1HnTrD V.IHANS NN. 10900 093 226 2264 www.vdesignclinic.com BEAUTY DESIGN CENTER COMPANY LIMITED
Slide 4: VPrecision clinic
VPrecision @VPrecision vprecisionclinic 4
Slide 5: Fertiva Clinic
(ca) info@fertivaclinic.com © fertivaclinic.com @ 085-842-1865 © @fertivaclinic fertivaclinic FERTIVA CLINIC Vi Plaza, 8 FI Vibhavadi Hospital Open Hours Every Day 8:00 AM - 5:00 PM
Slide 6: Agenda: Business Overview, YE/2024 Overview, Financial Performance, Outlook & ESG
01 BUSINESS OVERVIEW 02 YE/2024 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 7: Company Overview
COMPANY OVERVIEW (Information as of MILESTONES MAJOR SHAREHOLDERS 21 January 2025) Total Shareholders 12,099e 1986 Establishment of the company Shares in Minor Shareholders (% Free float) 29.01% 1992 Listed in SET Top Shareholders % Shareholding VIRIYAMETTAKUL FAMILY 28.83% 2003 JV with VIBHARAM hos
Slide 8: Group Structure (VIBHA)
GROUP STRUCTURE (VIBHA) REGISTERED CODE HOSPITAL CITY OWNERSHIP BEDS SSO CODE COMPANY BUSINESS OWNERSHIP Parent VIBHA Vibhavadi BKK 100.00% 300 N LANNA Lanna CMI 82.57% 330 Y Beauty Design Hair BDC 46.25% CMH Chiangmai Ram CMI 46.54% 220 N Center transplant Subsidiaries TPY Theppanya 1&2 CMI 46.54%
Slide 9: Group Structure (VBR)
GROUP STRUCTURE (VBR) HOSPITAL CITY SHAREHOLDER OWNERSHIP REGISTERED BEDS SSO HQ Vibharam Pattanakarn Bangkok - 100.00% 150 Y Vibharam Laemchabang Chonburi - 100.00% 100 Y Branch Vibharam Samutsakhon Sumutsakhon - 100.00% 100 Y Sirinart Buengkum (closed) Bangkok - 100.00% - N Vibharam Samutprakarn S
Slide 10: Geographic Locations
GEOGRAPHIC LOCATIONS (20 Hospitals; 2,584 beds; 6,500+ doctors; 6,000+ nurses; 18,000+ staff) CMR Group (subsidiary) : 8 Hospitals / 1,202 beds (Chiangmai, Chiang Rai, Lamphun, Lampang, Tak) LANNA Lanna H. KL Khelangnakorn-ram H. HARI Hariphunchai H. PW Maesot-ram H. CMH Chiangmai Ram H. WCH Chiangr
Slide 11: Market Segmentation
MARKET SEGMENTATION MEDICAL OPERATIONS CUSTOMER DIVERSIFICATION • Eye and LASIK Center International • Pediatrics • Obstetrics and Gynecology Target Patient/Purchasing Power High income • Orthopedic Surgery VIBHA • Respiratory System • Gastrointestinal Center (GI) BP CMR Group Middle income • Surger
Slide 12: Agenda: YE/2024 Overview
01 BUSINESS OVERVIEW 02 YE/2024 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 13: 4Q24 Financial Summary
4Q24 FINANCIAL SUMMARY 2,500 2,265 2,161 TOTAL REVENUE NET LOSS 2,000 BDC 2.1%, VP 0.8%, 1,500 MDC 0.0%, FTV 0.0% Company % of Conso % Change 1,000 614 4Q23 VIBHA -42.1% - 114.2% 500 147 301 4Q24 CMR -70.5% - 143.0% - VIBHA (500) (82) 38.5% BDC +8.2% - 30.0% Total Revenue EBITDA Net Income CMR 58.7%
Slide 14: YE24 Financial Summary
YE24 FINANCIAL SUMMARY 10,000 8,622 8,995 TOTAL REVENUE NET PROFIT 8,000 BDC 1.9%, VP 0.8%, MDC 0.0%, FTV 0.0% Company % of Conso % Change 6,000 YE23 VIBHA 60.3% - 15.3% 4,000 YE24 2,223 1,989 CMR 28.1% - 36.9% 2,000 VIBHA 1,075 839 37.1% BDC 2.4% + 49.6% - CMR Total Revenue EBITDA Net Income 60.2%
Slide 15: Financial Performance Trends
FINANCIAL PERFORMANCE TRENDS Net profit EBITDA Operating income Investment income Net Total revenue Permanent investment income profit EBITDA Total Revenue Permanent Temporary Extra Temporary investment income 4Q24 (82) 278 2,071 91 (222) 3Q24 420 615 2,356 69 75 2Q24 162 421 2,080 93 (87) 1Q24 339
Slide 16: Agenda: Financial Performance
01 BUSINESS OVERVIEW 02 YE/2024 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 17: Revenue Components – Conso
REVENUE COMPONENTS – CONSO [BY TYPE OF SERVICE] (unit : million baht) Medical treatment for general patients 2,300 Medical treatment for Covid-19 patients 1,900 Rental and service income 1,500 Dividend income 1,100 Gain (loss) on sale of investments 700 300 Other income (100) Y 2023 Y 2024 1Q23 1Q23
Slide 18: Net Profit Components – Conso
NET PROFIT COMPONENTS – CONSO [BY COMPANY] (unit : million baht) VIBHA Loss on fair value measurement (and of financial assets (222mb) in VIBHA CMR Other subsidiaries Share profit from associates Elimination BDC) 4Q24, resulting in overall loss of 500 212mb in 2024 CMR Depreciation for new build
Slide 19: Share Profit from Associates
SHARE PROFIT FROM ASSOCIATES (unit : million baht) V 2Q23 Gain from sale of subsidiary (313mb) B 92.24 4Q23 Revenue reduction from SSO (197mb) R 2Q24 SSO reimbursement [DRG>2] was reduced from Baht 12.8K to Baht 7.2K per case for 4Q23, announced in mid 2024. VBR lost 28mb, affecting VIBHA 10mb
Slide 20: Dividend Income
DIVIDEND INCOME (unit : million baht) Year Period VIBHA CMR BDC CONSO 1 29.83 35.31 - 65.14 2 119.28 0.84 - 120.12 2022 3 63.60 24.21 - 87.81 4 81.22 21.68 - 102.90 Total 293.93 82.04 - 375.97 1 44.74 52.15 0.31 97.20 4Q22 4Q23 4Q24 2 86.16 3.51 0.30 89.96 2023 3 53.89 26.78 0.36 81.03 4 74.58 17.47
Slide 21: Dividend Income Source
DIVIDEND INCOME SOURCE (unit : million baht) Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total PERIOD 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 RAM 64.32 96.48 64.44 - - - 40.20 48.24 32.31 40.22 32.16 24.27 144.74 176.88 121.02 SKR - - - 36.77 23.74 27.28 24.51 26.72 27
Slide 22: VIBHA - Investment in Listed Shares
VIBHA - INVESTMENT IN LISTED SHARES [SET] (unit : thousand baht) RICHY As of 31 December 2024 Gain/(loss) DCC Net amount invested Market value Record 0.99% STA Symbol from 7.00% during Y2024 @19/03/25 to 2.94% Investment cost Ownership revaluation CGH 1.24% RAM 24,841 3.6% 2,129,428 6.30% 1,345,123
Slide 23: VIBHA - Investment in Non-Listed Shares
VIBHA - INVESTMENT IN NON-LISTED SHARES Serirak H. 1.02% Thousand baht Baht Nawanakorn Symbol As of 31 December 2024 Cost per EPS Dividend per share 1.85% share Y2023 Supalerk U- Cost Ownership Fair value Y2023 Y2024 Thong H. 0.40% Synphaet Hospital 589,000 10.00% 894,900 50.78 7.53 4.00 4.00 Innova
Slide 24: Financial Data
FINANCIAL DATA (unit : million baht) Year/Period YE2017 YE2018 YE2019 YE2020 YE2021 YE2022 YE2023 YE2024 Assets 15,446 15,547 19,630 21,175 28,427 30,923 27,814 26,101 Liabilities 6,079 6,172 9,258 10,441 13,170 12,713 11,595 11,816 Equity (attributable to owners 7,013 7,107 7,789 8,171 12,184 14,39
Slide 25: Financial Ratio
FINANCIAL RATIO Year/Period YE2017 YE2018 YE2019 YE2020 YE2021 YE2022 YE2023 YE2024* ROA (%) 9.45 7.97 7.96 4.24 9.66 7.29 5.37 5.00 ROE (%) 12.58 10.25 10.86 5.64 17.74 9.96 6.34 5.75 Net Profit (%) 17.00 13.18 14.45 8.50 24.78 17.34 12.38 9.33 Market Capital 33,784 26,399 23,744 19,657 35,840 36,9
Slide 26: Agenda: Forward Outlook & ESG
01 BUSINESS OVERVIEW 02 YE/2024 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 27: Ongoing Projects [Vibhavadi Hospital]
ONGOING PROJECTS [VIBHAVADI HOSPITAL] VIBHAVADI RAMA 2 TREASURY STOCK Share repurchased : 94.40 million shares @ 2.1251 Baht/share % of paid-up shares : 0.6732% Budget used : Baht 194.23 million Timeline 04/03/24 : Commencement date 6 months Share repurchase period 04/09/24 : Completion date Waiting
Slide 28: Ongoing Projects [VBR Group]
ONGOING PROJECTS [VBR GROUP] BRANCH AREA ESTIMATED DESCRIPTION BEDs PROGRESS (sq m.) COST Laemchabang 34,000 690mb Bldg. A: ER, OPD - Completed Bldg. B: OPD - construction, utility adding in Bldg. C: Car park - process Bldg. D 170 EIA in process Amatanakorn 34,000 600mb 14 fl. Building - 71% OPD, Ca
Slide 29: Future Projects [VBR Group]
FUTURE PROJECTS [VBR GROUP] BRANCH AREA ESTIMATED COST BEDs DESCRIPTION (sq m.) Onnut 53,000 1,000mb 300 On hold, EIA approved Borwin 19,000 400mb 168 On hold, EIA approved Amatanakorn 2 20,000 800mb 124 EIA in process (Phanat Nikhom) BORWIN AMATANAKORN 2 ONNUT 29
Slide 30: What to Expect
WHAT TO EXPECT NEXT QUARTER NEXT YEAR In 1Q25, we expect as follows; In 2025, we expect the total net income to be relatively higher than 2024 because VIBHA: net income to be significantly higher QoQ but relatively lower of the following reasons; YoY because of ▪ critically high loss on fair value m
Slide 31: ESG: Sustainability Highlights
ESG : Sustainability Highlights Green & Clean Hospital Increase green area “BBB” SET ESG Rating 2024 sustainable stock Garbage and Waste index by SET Management Use environment-friendly consumables 4-star / “Very Good” for 2024 Corporate Applied for TGO’s carbon Governance Rating (CGR) by Th
Slide 32: ESG: Sustainability Highlights (Social)
ESG : Sustainability Highlights 19th Anniversary Floating Clinic “MRT Yellow Line brings Free check-up (Ultrasound Upper happiness to society” Abdomen / Lower Abdomen, Ankle–Brachial pressure Index, CPR training with (Automated and mental health counselling) External Defibrillator, AED) at Samrongnu
Slide 33: Thanks!
@vibhavadihospital THANKS! Vibhavadi Hospital Investor Relations : www.vibhavadi.com 02-561-1111 : ir@vibhavadi.com Ext. 2444 Shareholder : Ext. 2427 Benefits Disclaimer o The information contained in this presentation is for information purposes only. o This presentation contains forward looking st
Slide 34: Appendix
Appendix
Slide 35: Revenue Components – VIBHA
REVENUE COMPONENTS – VIBHA [BY TYPE OF SERVICE] (unit : million baht) 1,100 Medical treatment for general patients 900 Medical treatment for Covid-19 patients 700 Rental and service income 500 Dividend income 300 Gain (loss) on sale of investments 100 Other income (100) Y 2023 Y 2024 1Q23 1Q23 2Q23
Slide 36: Group Shareholding Structure Update YE2024
47.09% | 6.30% b> 48.93% | 10%» 34.249 55% jgoukumvi H. 26, 6.31% We: i | % 2a “4.15% 79.44% d 57.52% Synphaet raed) soulbts: 50.2 .Nawanakorn Amatanakorn “aR 49.99%, Cancer FAmata 1% 30 60% S Nakhonpathom 50% Update YE2024 Subsidiary Associate Other investment © @ GB oa Listed company + so <S Hospi
Slide 37: Company Code List Update YE2024
Company name Amatanakorn Vibharam (Amatanakorn) Hospital Ca, Lid. BDC Beauty Design Center Co., Ltd. BCH Bangkok Chain Hospital PCL BP Bangpo General Hopital Co., Ltd. Cancer Vibharam Amatanakorn Specialized Cancer Amata Hospital Co., Ltd. “CGH Country Group Holdings PCL Chiang Mai Ram Medical Busin
Slide 38: Patients & Revenue [CMR Group]
PATIENTS & REVENUE [CMR GROUP] Number of Patients Number of Patients Revenue Thousands Period 500 OPD IPD SSO OPD IPD SSO 450 400 1Q22 41.7% 3.5% 54.7% 33.4% 43.9% 22.7% 350 300 SSO 2Q22 39.5% 3.4% 57.1% 28.6% 52.5% 19.0% 250 200 IPD 3Q22 37.7% 3.3% 59.0% 31.1% 46.4% 22.6% 150 OPD 100 4Q22 33.5% 3.1
Slide 39: Revenue Components [CMR Group]
REVENUE COMPONENTS [CMR GROUP] By Hospital 1Q22 2Q22 3Q22 4Q22 Y2022 1Q23 2Q23 3Q23 4Q23 Y2023 1Q24 2Q24 3Q24 4Q24 Y2024 LANNA 37.8% 36.5% 34.7% 30.7% 35.1% 33.8% 36.2% 35.0% 35.9% 35.2% 36.1% 38.4% 37.6% 34.7% 36.7% CMH 40.1% 32.1% 43.2% 47.3% 40.2% 48.6% 46.8% 46.6% 45.3% 46.8% 46.1% 42.9% 43.0% 4
Slide 40: Patient Trends [VIBHA & CMR]
PATIENT TRENDS [VIBHA & CMR] VIBHA CMR General General SSO 350 350 350 300 300 250 250 250 200 200 150 150 150 100 100 OPD 50 50 50 (50) Q1 Q2 Q3 Q4 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2020 Y2021 Y2022 Y2020 Y2021 Y2022 Y2020 Y2021 Y2022 Y2023 Y2023 Y2024 Y2023 Y2024 Y2024 16 15 15 12 10 10 8 5 5 IPD 4 0 0
Slide 41: Patient Trends [VBR]
PATIENT TRENDS [VBR] General SSO 400 400 350 350 300 300 250 250 200 200 OPD 150 150 100 100 50 50 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2024 Y2021 Y2022 Y2023 Y2024 40 8 35 7 30 6 25 5 20 4 IPD 15 3 10 2 5 1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2024 Y2021 Y2022 Y2023 Y2024 41
Slide 42: Registered SSO Insurers
REGISTERED SSO INSURERS CMR VBR 250,000 180,000 160,000 200,000 140,000 120,000 150,000 100,000 100,000 80,000 60,000 50,000 40,000 20,000 - - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 22 22 22 22 23 23 23 23 24 24 24 24 22 22 22 22 23 23 23 23 24 24 24 24 Pattanakarn L
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