Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — FY2023 Earnings Presentation
32 slides from Vibhavadi Medical Center Public's earnings presentation, Mar 21, 2024
Slide 1: Opportunity Day YE/2023
Opportunity Day ice HOSPITAL Isywaunadmod vadihospital YE/2023 nulo...AlAaianru Proud to take care of your Health Grainne UiivaMond UNbEeD veriTeNeNt uveUALIeD,
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-aging middle income population and Social Securites & IVF businesses Segment 2 1992 5 2011 Listed in SET Acquisition of CMR hospital group, largest market share in the Northern
Slide 4: Table of Contents
TABLE OF CONTENTS 01 BUSINESS OVERVIEW 02 Q4/2023 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 82.57% 330 Y Bangpo BP 28.57% 100 N Chiangmai Ram CMH 46.54% 220 N Khelangnakorn-ram KL 11.84% 103 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 Sirinart Buengkum Bangko
Slide 8: Geographic Locations
20 Hospitals : 2,620 beds 6,000+ nurses 6,500+ doctors 18,000+ staff GEOGRAPHIC LOCATIONS CMR Group (Subsidiary) Vibhavadi Hospital : VIBHA (258 beds) Vibharam Group : VBR (Associate) Bangpo General Hospital : BP LANNA Lanna Hospital (Associate) (100 beds) Vibharam Pattanakarn H. CMH Chiangmai Ram S
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 8.88% SYNPHAET HOSPITAL PUBLIC COMPANY LIMITED 7.09% RAMKHAMHAENG HOSPITAL PUBLIC COMPANY LIMITED 5.93% CHAO PHYA HOSPITAL PUBLIC COMPANY LIMITED 4.61% MR. PISUT
Slide 11: Group shareholding structure chart
| BDC f | +HARI 1.75% {+0080 86.70% 46.25% Subsidiary Associate Other investment Listed company Hospital 2-way shareholding 19.39% i} 0.75% Gassan Chiangmai Property 47.09% | 6.24% 48.84% | 10% > 2, Synphate 10% Hanakern 99.48% 30% 50% 55% matanakorn 49.99%, Cancer Center Amatanakorn 88.46% jp Pakkr
Slide 12: Table of Contents
TABLE OF CONTENTS 01 BUSINESS OVERVIEW 02 Q4/2023 OVERVIEW FINANCIAL PERFORMANCE 03 & OPERATIONAL STATISTICS 04 UPCOMING TRENDS 12
Slide 13: Q4/2023 Financial Summary
Q4/2023 FINANCIAL SUMMARY p 7.0% 2,323 TOTAL REVENUE NET PROFIT 2,500 2,171 BDC 2.0%, MDC 0.0%, VP 0.9% Company % of Conso % Change 2,000 VIBHA 70.4% - 8.3% 1,500 VIBHA CMR 38.8% + 312.6% p 12.3% 39.0% 1,000 546 614 p 8.5% CMR BDC 2.8% + 56.9% 500 58.1% 277 301 MDC -0.2% - 531.5% - Total Revenue EBI
Slide 14: 12M/2023 Financial Summary
12M/2023 FINANCIAL SUMMARY q 5.8% TOTAL REVENUE NET PROFIT 10,000 9,054 8,525 BDC 1.6%, MDC 0.0%, VP 0.8% Company % of Conso % Change 8,000 VIBHA 55.7% - 21.6% 6,000 VIBHA q 20.3% CMR 34.8% - 44.0% 4,000 36.2% 2,789 q 33.5% 2,223 1,615 CMR BDC 1.3% - 45.9% 2,000 61.4% 1,075 MDC -0.1% - 1258.5% - Tot
Slide 15: Financial Performance Trends
FINANCIAL PERFORMANCE TRENDS Total revenue Period Explanation Net Extra. excluding 2023 Q4 n.a. Net Profit EBITDA Extraordinary item Total revenue profit EBITDA Item extra item Q3 n.a. Q4 '23 301 614 58 2,265 Q2 p Excluding the extraordinary item, Q3 '23 361 678 9 2,296 better performance QoQ Q1 q L
Slide 16: Table of Contents
TABLE OF CONTENTS 01 BUSINESS OVERVIEW 02 Q4/2023 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 Gain on reclassification of investments 1,800 Dividend income Gain (loss) on sale of investments 1,400 Rental and service income 1,000 Vaccine Moderna 600 Medical treatment (Co
Slide 18: Net Profit Components – Conso [By Company]
NET PROFIT COMPONENTS – CONSO [BY COMPANY] Millions 600 Elimination 500 Share profit from associates 400 Other subsidiaries 300 CMR 200 VIBHA 100 0 (100) Y 2021 Y 2022 Y 2023 Q1 ’22 Q2 ’22 Q3 ’22 Q4 ’22 Q1 ’23 Q2 ’23 Q3 ‘23 Q4 ’23 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 VIBHA
Slide 19: Share Profit from Associates
SHARE PROFIT FROM ASSOCIATES 5th Wave Covid-19 88.19 92.24 4th Wave 1st Wave a Q2 ’20 62.94 2nd Wave a Q1 ’21 3rd Wave a Q3 ’21 13.64 16.48 4th Wave a Q3 ’22 5.78 5th Wave a Q2 ‘23 (29.06) (unit : million baht) (40.75) Y2021 Y2022 Y2023 Q1Q1 2022 ’22 Q2Q2 2022 ’22 Q3Q3 2022 ’22 Q4Q4 2022 ’22 Q1Q1 20
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 Q4 2021 Q4 2022 Q4 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 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total PERIOD 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 RAM 55.27 64.32 96.48 - - - 28.28 40.20 48.24 28.94 40.22 32.16 112.49 144.74 176.88 SKR - - - 24.19 36.77 23.74 - 24.51 26.72 - - - 24.19 61.28 50.4
Slide 22: VIBHA - Investment in Listed Shares [SET]
VIBHA - INVESTMENT IN LISTED SHARES [SET] (unit : thousand baht) RICHY STA Net amount As of 31 December 2023 DCC 1.11% 3.30% Market value Record 5.05% Symbol invested Gain/(loss) Investment cost Ownership @13/3/24 to during 2023 CGH 1.32% RAM 4,604 2% 2,104,586 6.23% 2,390,678 586,091 SKR 37,259 17%
Slide 23: VIBHA - Investment in Non-Listed Shares
VIBHA - INVESTMENT IN NON-LISTED SHARES Thousand baht Baht As of Dividend per Symbol Cost per EPS Serirak H. Innovation 31 December 2023 share 1.07% 4.67% share Y2022 Nawanakorn Cost Ownership Fair value Y2022 Y2023 1.93% Thonburi Synphaet Rangsit H. 589,000 10.00% 1,028,000 50.78 7.92 46.40 46.40 C
Slide 24: Patient Trends [VIBHA & CMR]
PATIENT TRENDS [VIBHA & CMR] (unit : thousand baht) VIBHA CMR General Patients General Patients SSO Patients 300 300 400 300 200 200 200 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
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 YE2023 Assets 15,446 15,547 19,630 21,175 28,427 30,923 27,814 Liabilities 6,079 6,172 9,258 10,441 13,170 12,713 11,595 Equity (attributable to owners of 7,013 7,107 7,789 8,171 12,184 14,392 12,886 the paren
Slide 27: Financial Ratio
FINANCIAL RATIO Year/Period YE2017 YE2018 YE2019 YE2020 YE2021 YE2022 YE2023* ROA (%) 9.45 7.97 7.96 4.24 9.66 7.29 5.37 ROE (%) 12.58 10.25 10.86 5.64 17.74 9.96 6.34 Net Profit (%) 17.00 13.18 14.45 8.50 24.78 17.34 12.38 Market Capital 33,784 26,399 23,744 19,657 35,840 36,927 26,202 (million bah
Slide 28: Table of Contents
TABLE OF CONTENTS 01 BUSINESS OVERVIEW 02 Q4/2023 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 Completed 100% Laemchabang 34,000 690mb ER, OPD, car park, Bldg. A 50% hospital building Bldg. B 96% Bldg. C 98% Pattanakarn Bldg. D (EIA process) Amatanakorn 34,000 600mb 14 fl. building 27.87% Amatanakorn La
Slide 30: Future Projects – on hold
FUTURE PROJECTS – on hold Branch Area (sq.m) Estimated cost Note Onnut 53,000 1,000mb EIA Project Submission completed 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 Q1/2024, we expect as follows; In 2024, we expect the total net income to be significantly higher than 2023 because of the VIBHA: net income to be substantially higher QoQ, and following reasons; relatively higher YoY because of - gain on fair value measureme
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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