Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Vibhavadi Medical Center PCL — Q2 2024 Earnings Presentation
51 slides from Vibhavadi Medical Center Public's earnings presentation, Aug 30, 2024
Slide 1: Opportunity Day Q2/2024
OPPORTUNITY DAY Q2/2024 VIBHAVADI MEDICAL CENTER PCL
Slide 2: Over 20 years of experience, over 10,000 successful cases
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Slide 3: Hin
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Slide 4: Femto LASIK
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Slide 5: Minimally Invasive Surgery
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Slide 6: Occupational Health Center
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Slide 7: Cardiac Center
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Slide 8: Newly Renovated Rooms
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Slide 9: www.vdesignclinic.com 02-000-0999
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Slide 10: USP Exclusive DANA technique
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Slide 11: USP: OEM Product from Germany
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Slide 12: American Board AES
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Slide 13: V Design Clinic
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Slide 14: V Precision Clinic
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Slide 15: V Precision Clinic Advanced Medicine
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Slide 16: Business Overview
01 BUSINESS OVERVIEW 02 Q2/2024 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG 16
Slide 17: Company Overview
COMPANY OVERVIEW (Information as of MILESTONES MAJOR SHAREHOLDERS 29 April 2024) Total Shareholders 11,645Pe 1986 Establishment of the company Shares in Minor Shareholders (% Free float) 29.01% 1992 Listed in SET Top 10 Shareholders % Shareholding VIRIYAMETTAKUL FAMILY 27.49% 2003 JV with VIBHARAM h
Slide 18: Group Structure (VIBHA)
GROUP STRUCTURE (VIBHA) REGISTERED CODE HOSPITAL CITY OWNERSHIP BEDS SSO CODE COMPANY BUSINESS OWNERSHIP Parent VIBHA Vibhavadi BKK 100.00% 258 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 19: 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 20: Geographic Locations
GEOGRAPHIC LOCATIONS (20 Hospitals; 2,542 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 21: 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 22: 2Q24 Overview
01 BUSINESS OVERVIEW 02 2Q24 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG 22
Slide 23: 2Q24 Financial Summary
2Q24 FINANCIAL SUMMARY 2,500 TOTAL REVENUE NET PROFIT 2,086 1,907 BDC 2.2%, VP 0.7%, MDC 0.0% 2,000 Company % of Conso % Change 1,500 2Q23 VIBHA 67.3% + 17.1% 1,000 2Q24 446 428 CMR 26.4% + 305.4% 500 195 162 VIBHA - 34.8% BDC 3.0% + 218.7% Total Revenue EBITDA Net Income CMR 62.3% MDC 0.1% + 131.9%
Slide 24: 6M24 Financial Summary
6M24 FINANCIAL SUMMARY 5,000 4,343 TOTAL REVENUE NET PROFIT 3,896 BDC 2.1%, VP 0.8%, MDC 0.0% 4,000 Company % of Conso % Change 3,000 6M23 VIBHA 55.7% + 55.3% 2,000 6M24 931 1,083 CMR 34.8% + 32.3% 1,000 VIBHA 413 501 35.4% BDC 2.2% + 715.4% - CMR Total Revenue EBITDA Net Income 61.6% MDC 0.0% + 92.
Slide 25: 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 2Q24 162 421 2,080 93 (87) 1Q24 339 570 2,172 63 22 4Q23 301 464 2,173 92 58 3Q23 361 588
Slide 26: Financial Performance
01 BUSINESS OVERVIEW 02 2Q24 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG 26
Slide 27: Revenue Components – Conso
REVENUE COMPONENTS – CONSO [BY TYPE OF SERVICE] (unit : million baht) Other income 2,600 Gain (loss) on revaluation of investments 2,200 Gain on reclassification of investments 1,800 Dividend income 1,400 Gain (loss) on sale of investments Rental and service income 1,000 Vaccine Moderna 600 Medical
Slide 28: Net Profit Components – Conso by Company
NET PROFIT COMPONENTS – CONSO [BY COMPANY] (unit : million baht) 600 Elimination Share profit from associates 500 Other subsidiaries 400 CMR VIBHA 300 200 100 0 (100) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Y 2022 Y 2023 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 VIBHA* 781.04 612.4
Slide 29: Share Profit from Associates
SHARE PROFIT FROM ASSOCIATES (unit : million baht) 4th Wave 5th Wave 88.19 92.24 Covid-19 1st Wave 2Q20 62.94 2nd Wave 1Q21 3rd Wave 3Q21 26.70 13.64 16.48 4th Wave 3Q22 5.78 2.03 5th Wave 2Q23 (29.06) (40.75) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Y2022 Y2023 1Q22 2Q22 3Q22 4Q2
Slide 30: 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 2Q22 2Q23 2Q24 1 44.74 52.15 0.31 97.20 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 31: Dividend Income Source
DIVIDEND INCOME SOURCE (unit : million baht) PERIOD 1Q22 2Q22 3Q22 4Q22 Y 2022 1Q23 2Q23 3Q23 4Q23 Y 2023 1Q24 2Q24 RAM 64.32 - 40.20 40.22 144.74 96.48 - 48.24 32.16 176.88 64.44 - SKR - 36.77 24.51 - 61.28 - 23.74 26.72 - 50.47 - 27.28 TNH - - - 16.60 16.60 - - - 17.44 17.44 - - BCH - 20.70 10.60
Slide 32: VIBHA - Investment in Listed Shares
VIBHA - INVESTMENT IN LISTED SHARES [SET] (unit : thousand baht) RICHY STA Net amount invested As of 30 June 2024 Gain/(loss) DCC Market value Record 1.09% 3.26% Symbol during 1Q24 & from 6.30% @23/8/24 to 2Q24 Investment cost Ownership revaluation CGH 1.31% RAM 15,762 5.4% 2,120,348 6.27% 2,124,928
Slide 33: VIBHA - Investment in Non-Listed Shares
VIBHA - INVESTMENT IN NON-LISTED SHARES Thousand baht Baht Nawanakorn 1.93% Symbol As of 30 June 2024 Cost per EPS Dividend per share Innovation Serirak H. Cost Ownership Fair value share Y2023 Y2023 6M24 4.66% 1.07% Thonburi Synphaet Hospital 589,000 10.00% 1,028,000 50.78 7.53 4.00 2.00 Chaophya H
Slide 34: Financial Data
FINANCIAL DATA (unit : million baht) Year/Period YE2017 YE2018 YE2019 YE2020 YE2021 YE2022 YE2023 2Q24 Assets 15,446 15,547 19,630 21,175 28,427 30,923 27,814 27,151 Liabilities 6,079 6,172 9,258 10,441 13,170 12,713 11,595 12,206 Equity (attributable to owners 7,013 7,107 7,789 8,171 12,184 14,392
Slide 35: Financial Ratio
FINANCIAL RATIO Year/Period YE2017 YE2018 YE2019 YE2020 YE2021 YE2022 YE2023* 2Q24* ROA (%) 9.45 7.97 7.96 4.24 9.66 7.29 5.37 6.28 ROE (%) 12.58 10.25 10.86 5.64 17.74 9.96 6.34 7.96 Net Profit (%) 17.00 13.18 14.45 8.50 24.78 17.34 12.38 11.35 Market Capital 33,784 26,399 23,744 19,657 35,840 36,9
Slide 36: Forward Outlook & ESG
01 BUSINESS OVERVIEW 02 2Q24 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG 36
Slide 37: Ongoing Projects [Vibhavadi Hospital]
ONGOING PROJECTS [VIBHAVADI HOSPITAL] Project name : Vibhavadi Rama 2 Project name : Treasury Stock Period : Mar 4 – Sep 4, 2024 Budget : 1,200 million baht Maximum shares : 540 million shares % of issued shares : 3.98% Share purchased : 74.60 million shares (until 27/08/24) % of issued shares : 0.5
Slide 38: Ongoing Projects [VBR Group]
ONGOING PROJECTS [VBR GROUP] BRANCH AREA ESTIMATED DESCRIPTION PROGRESS (sq m.) COST Pattanakarn 34,000 550mb Completed Opened on May 2 Laemchabang 34,000 690mb ER, OPD, car park, Bldg. A 75% hospital building Bldg. B 98% Bldg. C 100% Bldg. D (EIA process) Amatanakorn 34,000 600mb 14 fl. building 50
Slide 39: Future Projects [VBR Group]
FUTURE PROJECTS [VBR GROUP] BRANCH AREA ESTIMATED COST DESCRIPTION (sq m.) Onnut 53,000 1,000mb On hold Borwin 19,000 400mb On hold Amatanakorn 2 27,000 800mb EIA Project Submission (Phanat Nikhom) in process BORWIN AMATANAKORN 2 ONNUT 39
Slide 40: What to Expect
WHAT TO EXPECT NEXT QUARTER ALL YEAR In 3Q24, we expect as follows; In 2024, we expect the total net income to VIBHA: net income to be significantly higher QoQ, and be significantly higher than 2023 because of the following reasons; relatively the same YoY because of ▪ lower number of patients in 2Q
Slide 41: ESG: Sustainability Highlights
ESG : Sustainability Highlights Green & Clean Hospital 5-star / “Excellent” for 2023 Increase green area Corporate Governance Rating (CGR) Garbage and Waste by Thai IOD, supported by SET Management Applied for TGO’s carbon footprint project Certified member of Thai Private Sector Collective Ac
Slide 42: ESG: Sustainability Highlights Social
ESG : Sustainability Highlights National Children’s Day event at Baan 19th Anniversary Nong Tabaek, Lop Buri Floating Clinic SOCIAL Blood donations, in collaboration with the Thai Red Cross CPR&AED Workshop 4 times/year by BTS Sky Train - 4 BTS stations - 1 school (538 students) - 1 community (100+
Slide 43: Thanks!
@vibhavadihospital THANKS! Vibhavadi Hospital : www.vibhavadi.com 02-561-1111 Investor Relations : ir@vibhavadi.com 02-561-1111 # 2444 Disclaimer o The information contained in this presentation is for information purposes only. o This presentation contains forward looking statements which reflect m
Slide 44: Appendix
Appendix 45
Slide 45: Revenue Components – VIBHA
REVENUE COMPONENTS – VIBHA [BY TYPE OF SERVICE] (unit : million baht) 1,200 Other income Gain (loss) on revaluation of investments 1,000 Dividend income 800 Gain (loss) on sale of investments 600 Rental and service income 400 Vaccine Moderna 200 Medical treatment (Covid-19) 0 Medical treatment (gene
Slide 46: Shareholding structure of hospital group
47.09% | 6.27% > 48.93% | 10% 10% Synphaet Pattanakarn 5% 34.24! 5: 5 49.99% Cancer Center Amatanakorn SL 88.46% _Pakkred 99.48% ps Associate 30% Other investment 60% Listed company Nakornpathom Hospital Update : 2/2024 Hospital with SSO Natinee Chumnankijkosol Investor Relations (VIBHA) +%+008 Gass
Slide 47: Patients & Revenue [CMR Group]
PATIENTS & REVENUE [CMR GROUP] Number of Patients Thousands Number of Patients Revenue 500 Period 450 OPD IPD SSO OPD IPD SSO 400 350 1Q22 41.7% 3.5% 54.7% 33.4% 43.9% 22.7% 300 SSO 250 200 IPD 2Q22 39.5% 3.4% 57.1% 28.6% 52.5% 19.0% 150 OPD 100 3Q22 37.7% 3.3% 59.0% 31.1% 46.4% 22.6% 50 0 4Q22 33.5
Slide 48: Revenue Components [CMR Group]
REVENUE COMPONENTS [CMR GROUP] By Hospital 1Q22 2Q22 3Q22 4Q22 Y2022 1Q23 2Q23 3Q23 4Q23 Y2023 1Q24 2Q24 6M24 LANNA 37.8% 36.5% 34.7% 30.7% 35.1% 33.8% 36.2% 35.0% 35.9% 35.2% 36.1% 38.2% 37.2% CMH 40.1% 32.1% 43.2% 47.3% 40.2% 48.6% 46.8% 46.6% 45.3% 46.8% 46.1% 43.1% 44.6% HARI 13.6% 24.5% 14.4% 1
Slide 49: Patient Trends [VIBHA & CMR]
PATIENT TRENDS [VIBHA & CMR] VIBHA CMR General General SSO 300 300 300 250 250 200 200 200 150 150 OPD 100 100 100 50 50 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2020 Y2021 Y2022 Y2020 Y2021 Y2022 Y2020 Y2021 Y2022 Y2023 Y2024 Y2023 Y2024 Y2023 Y2024 15 15 15 10 10 10 IPD 5 5 5 0 0 0 Q1 Q2 Q3 Q4 Q
Slide 50: 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 51
Slide 51: 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 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 22 22 22 22 23 23 23 23 24 24 22 22 22 22 23 23 23 23 24 24 Pattanakarn Laemchabang Samutsakhon P
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