Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Q1 2021 Earnings Presentation
33 slides from Vibhavadi Medical Center Public's earnings presentation, May 6, 2021
Slide 1: Vibhavadi Medical Center Public Company Limited
VIBHA V I B H AVA D I M E D I C A L C E N T E R P U B L I C C O M PA N Y L I M I T E D
Slide 2: Disclaimers
FR 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 ac
Slide 3: Timeline
FR Timeline 1986 1992 2003 2009 2011 Establishment Registration JV with RAM Acquisition of Acquisition of of the company with SET (VIBHARAM) PPS CMR Started with Listed in the First hospital Non-Hospital Largest one Stand- stock exchange expansion business hospital group alone hospital of Thailand i
Slide 4: Subsidiary Companies
FR Subsidiary Companies Hospital Name % share No. of beds Operating years Social Security Subsidiary Companies Vibhavadi 100 325* 30+ No Lanna1&2 Hospital 83.55 180+30 45 Yes Chiang Mai Ram 47.09 220 27 No Theppunya1 47.09 109 25 Yes Theppunya2 47.09 61 14 No Haripoonchai Memorial 72.43 100 17 Yes R
Slide 5: Associated Companies
FR Associated Companies Hospital Name % share No. of beds Operating years Social Security Associated Companies Vibharam 33.73 1000+ 30 Yes Bangpo 28.57 100 35 No Khelangnakorn 11.99 103 33 No Pawor (Maesotram) 23.54 100 31 No Non-Hospital Associated Companies Thippayabadin 38.18 - 22 - 5
Slide 6: Gain on investment in 2021
FR Gain on investment in 2021 (as of 18 April 2021) Unit : Baht Company Name Price Sold Cost Gain Investment 390,118,314 35,091,774 Divestment 58,182,505 39,197,746 18,984,759 6
Slide 7: Investment (as of April 2021)
FR Investment (as of 18 April 2021) Unit : Thousand Baht Investment Market value Dividend in Investment in subsidiaries and associates % share amount (19/4/2021) Difference 2020 % Yield Chiangmai Ram Medical Business PLC 83.55 1,638,467 7,529,359 5,890,892 196,642 12.00 Priceton Park Suite Co., Ltd.
Slide 8: Investment (as of April 2021) (Cont'd)
FR Investment (as of 18 April 2021) (Cont’d) Unit : Thousand Baht Investment Market value Dividend in Investment in available-for-sales securities % share amount (19/4/2021) Difference 2020 % Yield Ramkhamhaeng Hospital PLC 5.77 1,950,225 1,987,753 37,528 43,340 2.29 Sikarin PLC 15.13 996,156 2,419,
Slide 9: Topic
Topic 1 Financial Highlights 2 Financial Performance 3 Operational Statistics 4 Project Update 9
Slide 10: Total Revenues
FR Total Revenues Trend 2020 Breakdown by Source 6,873 8% COVID-19 ▼ 6,655 CMH CMH VIBHA VIBHA 24% 41% 28% 41% 6,338 Y2019 Y2020 6,271 6,873 MB 6,338 MB 5,899 LANNA LANNA 19% 22% PPS TPY PPS TPY BDC HARI BDC HARI 1% 5% 1% 5% 1% 5% 2% 5% Y2016 Y2017 Y2018 Y2019 Y2020 10
Slide 11: Year-to-year Change
FR Year-to-year Change 7% 6,873 ▼ 6,338 28% ▼ 44% 1,814 1,304 ▼ 809 450 Total Revenues EBITDA Net Income* Y2019 Y2020 In 2019 ▼SSO recall (DRG>2) from CMR at 251MB In 2019 ▲Gain from divest of RAM’s In 2020 ▼SSO recall (DRG>2) from CMR at 36MB (LANNA 36MB) shares in VBR 209MB ▼Effect of COVID-19 *Ne
Slide 12: Profit from Associated Companies
FR Profit from Associated Companies NI 2019 2020 YoY YoY Change 2020 Breakdown by Source VBR 240.54 -20.09 ▼ 108% TBD -11.12 -49.60 ▼ 346% 260 BANGPO 11.51 6.20 ▼ 46% 124% ▼ VBR KLELANG 16.00 6.62 ▼ 59% PAWOR -23% PAWOR 2.81 -5.49 ▼ 295% -6% TBD -56% Y2019 KHELANG Year Gain / (Loss) Description Y202
Slide 13: Topic
Topic 1 Financial Highlights 2 Financial Performance 3 Operational Statistics 4 Project Update 13
Slide 14: Consolidated Financial
FR Consolidated Financial 6,655 6,873 Total 6,271 6,338 Year EBITDA Net Profit 5,899 Revenue 2017 ▲ 6% ▲ 15% ▲ 28% 2018 ▲ 6% ▼ 10% ▼ 17% 1,582 1,812 1,638 1,814 2019 ▲ 3% ▲ 3% ▲ 12% 1304 679 869 724 809 450 2020 ▼ 9% ▼ 28% ▼ 44% Y2016 Y2017 Y2018 Y2019 Y2020 Other special items Total Revenues EBITDA
Slide 15: Total Revenues
FR Total Revenues Breakdown by Source Company YoY change VIBHA ▼ 6.36% CMH ▼ 20.72% LANNA ▲ 10.81% CMH 8% CMH TPY ▼ 7.97% ▼ 24% 28% HARI ▲ 7.65% VIBHA VIBHA Y2019 41% Y2020 41% BDC ▲ 30.34% 6,873 MB 6,338 MB PPS ▼ 22.33% LANNA Recall by SSO (DRG>2) from CMR group LANNA 22% 19% Year Loss Description
Slide 16: Revenues from Medical Treatment
FR Revenues from Medical Treatment Breakdown by Department OPD IPD SS SS 8% Revenue ▼ 5.88% ▼ 22.33% ▲ 35.22% ▼ SS 12% 17% Number of ▼ 12.62% ▼ 25.32% ▼ 9.11% OPD Patient OPD 39% Revenue Y2019 Y2020 41% ▲ 7.71% ▲ 4.00% ▲ 48.82% per visit 6,451 MB 5,910 MB IPD 49% IPD Recall by SSO (DRG>2) from CMR g
Slide 17: Revenues from Medical Treatment by Payment Type
FR Revenues from Medical Treatment Breakdown by Payment Type OTHERS 8% OTHERS 5% YoY Change ▼ 5% PRIVATE PRIVATE INSURANCE Self-pay ▼ 10.81% INSURANCE 33% 26% Y2019 SELF Y2020 SELF Private Insurance ▼ 22.18% 6,451 MB -PAY 5,910 MB -PAY 55% 63% CORPORATE Corporate Contract ▼ 16.28% CORPORATE CONTRACT
Slide 18: Revenues from SSO
FR Revenues from SSO Breakdown YoY Change Revenue ▲ 35.27% RISK ▲ RISK ADJUSTED 35.27% ADJUSTED Number of Patient ▲ 0.51% 22% 26% BASIC Revenue per head ▲ 48.82% Y2019 BASIC Y2020 40% 761 MB 49% 1,029 MB DRG>2 4% DRG>2 Recall by SSO (DRG>2) from CMR group OTHERS 26% Year Loss Description 7% 2019 251
Slide 19: Associated Company Profit
FR Associated Company Profit Loss 260 Year Gain Recall from SSO Others VBR Group Loss share 161 2016 8 MB from green- - (20MB*40.75%) field hospitals (+) Special income from SSO (equipment type), 28.53 MB 18 16 2017 - - (70MB*40.75%) (+) Profit share from VBR’s sales of Y2016 Y2017 Y2018 Y2019 Y2020
Slide 20: Core Profit
FR Core Profit Non-recurring Loss 1,079 Year Recall from SSO Non-recurring Gain 918 Others Company Amount 634 TPY 24 MB Profit share from VBR’s gain 876 993 2018 - on sales of investment, HARI 61 MB 42.38 MB (104MB*40.75%) 539 LANNA 167 MB Employee Profit share from VBR’s gain benefit on sales of in
Slide 21: CMR group: Recall from SSO
FR CMR group : Recall from SSO Unit : Million Baht Year Recall From transactions EFFECTS TO INCOME in of LANNA TPY HARI Total 2015 - 24.44 60.96 85.40 2018 Subtotal - 24.44 60.96 85.40 2015 64.08 - - 64.08 2016 59.08 18.44 33.41 110.93 2019 2017 43.74 8.78 23.80 76.32 Subtotal 166.90 27.22 57.21 251
Slide 22: VBR group: Recall from SSO
FR VBR group : Recall from SSO Unit : Million Baht Year Recall From EFFECTS TO INCOME Hospitals never in transactions of VBR Laemchabang Amata Total recalled from 2013 15.36 - - 15.36 SSO 2017 - Samuthsakorn Subtotal 15.36 - - 15.36 - Pat Punya 2017 - 17.62 - 17.62 - Mahesak 2018 Subtotal 17.62 - 17
Slide 23: Financial Ratio
FR Financial Ratio Profitability 2016 2017 2018 2019 2020 30/04/2021 Ratios ROA (%) 9.37 9.45 7.91 7.96 4.24 - ROE (%) 11.23 12.58 10.25 10.86 5.64 - Net Profit (%) 11.47 17.00 13.18 14.45 8.50 - P/E 54.02 40.12 31.40 31.50 67.71 67.61 P/BV 5.95 4.96 3.70 3.12 2.60 3.72 Book Value per 0.51 0.52 0.54
Slide 24: Group significant figures
FR Group significant figures Capital Structure Debt-to-Equity ratio 1.19 1.28 0.87 0.87 37% 51% Y2020 12% Interest Bearing Debt Other Equity Y2017 Y2018 Y2019 Y2020 Earning per Share Interest Coverage ratio 0.0530 0.0550 9.22 0.0500 7.67 0.0430 6.96 0.0304 4.27 Y2016 Y2017 Y2018 Y2019 Y2020 Y2017 Y2
Slide 25: Topic
Topic 1 Financial Highlights 2 Financial Performance 3 Operational Statistics 4 Project Update 25
Slide 26: Number of Patient Statistics (General)
FR Number of Patient Statistics (General) OPD IPD 267,301 270,989 284,087 273,048 20,248 21,264 20,383 261,750 17,243 247,055 247,043 201,335 17,878 16,028 14,832 13% 11,546 25% ▼ ▼ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2019 Y2020 Y2019 Y2020 26
Slide 27: Number of Patient Statistics (SS)
FR Number of Patient Statistics (SS) OPD IPD 6,619 232,577 239,624 5,392 223,691 225,782 5,136 4,829 230,327 218,782 208,419 4,828 175,206 4,235 4,050 4,178 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2019 Y2020 Y2019 Y2020 27
Slide 28: Number of Registered SS Patient
FR Number of Registered SS Patient Quota 990,000 Quota 695,000 693,506 655,467 Quota 295,000 410,427 442,756 245,040 250,750 CMR VBR TOTAL Y2019 Y2020 28
Slide 29: Topic
Topic 1 Financial Highlights 2 Financial Performance 3 Operational Statistics 4 Project Update 29
Slide 30: Project Pipeline
FR Project Pipeline 2023 2021 RAMKAMHAENG CHIANGMAI 2019-2020 PROJECT BUDGET : LANNA 3 HOSPITAL VBR GROUP EXPANSION 1600M PROJECT BUDGET : 1,200M VIBHARAM NAWAMIN Q3 PAID 550M • COMPLETED 100 % 2019 (COMPLETED) PAID 1,0000 M • VIBHARAM AMATA ONCOLOGY HOSPITAL Q4 2019 (COMPLETED) • VIBHARAM ONNUT Q4
Slide 31: Investment Cost
FR Investment Cost Unit : Million Baht No. of PROJECT 2019- 2024 NEW HOSPITAL PROJECTS PROGRESS 2021 2022 2023 Beds COST 2020 + LANNA3 250 80% 1,200 900 300 - - - RAMKAMHAENG CHIANGMAI 300 10% 1,600 550 - 400 350 300 HARIPOONCHAI 2 180 100% 800 550 250 - - - TOTAL 3,600 2,000 550 400 350 300 VIBHARA
Slide 32: Forecast
FR Forecast Company Expected performance in 2021 Hospitals under VBR group : VIBHA J Hospital Expected performance in 2021 Subsidiaries : Pattanakarn J CMR I Laemchabang J PPS J Samuthsakorn J BDC I Nawamin J Associates : Pakkred I VBR J Amatanakorn K BP I Chaiprakarn J TBD J Mahesak K KHELANG I Pad
Slide 33: Q&A
Q&A Vibhavadi Hospital 02-561-1111 info@vibhavadi.com www.vibhavadi.com www.facebook.com/hospital4 @vibhavadihospital
Vibhavadi Medical Center Public Company — Q1 2021 Earnings Presentation on 6ix