Analyst Presentation “2018 Results” February 27, 2019
Agenda 1 Overview 2 PR9 Summary and Updates 3 Operational Statistics & Financial Performance 4 Project Updates
Agenda 1 Overview 2 PR9 Summary and Updates 3 Operational Statistics & Financial Performance 4 Project Updates
Vision & Milestones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
!"#$"%#&' Tertiary-care hospital with world class medical quality (both general and complex treatments) !!"#$%&'()(*+,-(".(/,012"#(*3('+ ! 2010/ 2013/ 2016 – JCI 3 rd accredited 500'(/,313,$* ! 2016 - CCPC: Kidney .(/,012" &+)$"4G+,.>-+) N"$#'7%@)+#,5-+#(% N"$#'7%@)+#,5-+#(% ! 2016 - CCPC: Diabetes medical care J#,("(>(' J#,("(>(' ! 2004/ 2007 - HA Level 3 ! 2000 - ISO 9001:1994 *)'+,(%&-"#"./ A"+9'(',%!'(+94-". 0)+)+1 2% ! 2003 - ISO 9001:2000 0)+)+1 2%34,5"(+- &'#(') 3+")%&'#(') O 2017 : 640-slice CT Scan 89,('()". !"#$%&'#(') 8)(<45'$".% 6(0)*$2$78 :7#'.4-4;7%&'#(') &'#(') O 2016 : Pharmacy Robot O 2005 : 64-slice CT Scan 67'%&'#(') =>);')7%&'#(') 0'$"+()".,% &'#(') O 2004 : 4D Ultrasound !'$".+-%&'#(') A'#(+-%&'#(') &<'.BCD5% &'#(') !;<> P 12*'(*,0%1+3%4+53*,6%-.*/0#%789:% ;<"*($2=*/"%>"=$+/? J1+;"#;%&'#(')% 6+)%?4,'%+#$ 50),(-(%(*3+ E'<+9"-"(+("4#%&'#(') !"#$%&##'()*+*,$%&(-(.%$/&0#$12(34(15&(65*$( KLCE+7M 93)('":(8" @<)4+(%&'#(') 75*)8&0(34(73))&09& :+,()4'#(')4-4;7% =B"#%E'F>G'#+("4# K:JM !;<= P !"#$%&$'(')*$'+,%-.*/0% &4,1'(".%H+,') ?'>)4-4;7% +#$%3'5+(49"-"+)7% =>);')7%I% QLQ%0)4G"$')%QR+)$ &'#(') KH"G')M A')1+(4-4;7%&'#(') !;<= P @"/$'('$6%>"/A'="%B/+A'0"/%+C%$2"%D"*/ 4 61');'#.7%&'#(') @<7)4"$%&'#(') :-49+-%3'+-(<%+#$%@)+G'-%QR+)$,%STUV
PR9 Key Strategies 2018 2019E 2020E 2021E 2022E ! 21 step down ! 77 normal ward ! 24 ICU/CCU ! 21 normal ward ! 21 normal ward ICU beds beds beds beds beds Scope and Scale ! Comprehensive ! Joint Care Center " Leverage expertise to build new customers base Expansion ! Wellness Center medical check- ! Pain & Rehab Center " Enhance medical treatment quality in the long term up program ! Allergy Center " Hospital Network Expansion and Medical Cooperation Top Line " Increase Corporate and Insurance Coverage Initiatives " International Patients Expansion " Increase capacity utilization which will result in lower unit cost Margin " Increase service intensity Expansion " Digital Hospital Transformation Revitalizing Brand Awareness
Capacity Addition (New Facility and Renovation of Existing Facility) Scale and scope of services expansion Where we are today Where we want to be Recognized complex medical treatments providers Offer Comprehensive Medical Services Health Promotion/ Disease Prevention / Curative Medicine / Rehabilitation A B Renovated Existing Building New Building (Chronic) (Wellness) Disease New capacity addition (1) Usable Health Promotion Curative Medicine Rehabilitation Prevention Area c. 57,325 sq.m Normal Wards " Step Down Leverage expertise to build new customers base ICU and CCU NICU Total ICU (A) (B) ! Joint Care Center ! Wellness Center 2017 - 24 122 - 3 149 ! Pain & Rehab Center 2018E 21 (3) 24 122 - 3 170 ! Allergy Center 2019E 21 24 140 59 (2) 3 247 2020E 21 48 (3) 140 59 3 271 " Increase intensity of existing customers 2021E 21 48 161 59 3 292 " Enhance medical treatment quality in the long term 2022E 21 48 182 59 3 313 (1) The actual active beds will be phasing subject to demand and business situations. (2) Expected completion of new building with the maximum new bed capacity of 59 beds in 1Q2019. (3) Step down ICU and additional ICU/CCU capacity expected completion are on 4Q2018 and 3Q2020 respectively
!"#$%&&'()#*)+",$-'#."(/($0,&1 Positioning Benchmark 0 1 3 *+',"-*(')%-. *+"/'$/ Renovated Existing Building 2 (Chronic) 4 New Building (Wellness) 5 !"#$%&%'() Increase PR9’s brand awareness of value-for-money tertiary-care service Rebranding campaign includes corporate image and formulating brand awareness strategy and execution in addition to plan to uplift perception towards advanced and modernized through digital initiatives and new and renovated facilities
Agenda 1 Overview 2 PR9 Summary and Updates 3 Operational Statistics & Financial Performance 4 Project Updates
Financial Summary ! Medical revenue in 4Q2018 of THB 712.5 mm, 6.7% yoy increase, due +11.6% to 4Q17 has high revenue base. Core Revenue 2,701.2 2,421.5 +6.7% ! Medical revenue in Y.2018 of THB 2,701.2 mm, 11.6% yoy increase, due to increase of complex disease and international patients especially 712.5 667.8 Myanmar, China, and Cambodia. 4th Quarter Year Medical Revenue '17 Medical Revenue '18 19.1% 20.9% 18.8% EBITDA in 4Q2018 of THB 25.9 mm, -81.7% yoy decrease and EBITDA margin,a 3.6%, 19.7% ! decrease from 4Q2017 20.9% due to the Share based payment 111.9 mm and Non-recurring 13.6% 3.6% -20.7% (+9.8%) items (expenses relating to the shares offering) 4.5 mm. Without share based payment and -81.7% (+0.7%) non-recurring expense EBITDA margin will increase from 3.6% to 19.7%. EBITDA 142.8 514.3 EBITDA Y. 2018 of THB 371.5 mm, -20.7% yoy decrease and EBITDA margin, a 13.6% ! 468.3 142.3 371.5 116.4 decrease from Y.2017 19.1% due to the Share based payment 111.9 mm and Non-recurring 141.3 25.9 items 30.9 mm. Without share based payment and non-recurring expense EBITDA margin 4th Quarter Year will increase from 13.6% to 18.8%. EBITDA '17 EBITDA '18 EBITDA Margin (1) Adjusted margin (2) 12.5% 10.7% 11.5% 10.9% Net Profit in 4Q2018 of THB -32.7 mm, -138.7% yoy decrease Net profit margin , a -4.5% ! 5.8% decrease from Y.2017 12.5% due to Share based payment 111.9 mm and Non-recurring -40.0%(+13.1%) -4.5% -138.7%(-1.9%) items 3.6 mm. Without share based payment and non-recurring expense Net profit Net Profit margin will increase from -4.5% to 11.5% . 139.5 296.7 262.3 Net Profit Y. 2018 of THB 157.2 mm, -40.0% yoy decrease, Net profit margin , a 5.8% ! 82.8 157.2 115.5 84.5 decrease from Y.2017 10.7% due to Share based payment 111.9 mm and Non-recurring -32.7 items 27.6 mm. Without share based payment and non-recurring expense Net profit 4th Quarter Year margin will increase from 5.8% to 10.9% Net Profit '17 Net Profit '18 Net Profit Margin Adjusted margin (1) (2) (1) As % of total revenue (2) Adjusted for Share based payment ,Non-recurring items; which includes advisor expenses, fee on loan agreement and other IPO preparation expenses, and other high-value expenses; which includes expenses on employee benefit obligation from hospital’s founder benefits calculated by actuarial and Allowance for doubtful account
!"#$%&"'()*+,(-$.)()*/)*0/$1234$ -"#$8()(4) !"#$%&'())(*+$,$-../01+.2$3145 9+(4:$;<<<$6()(4) 9+(4:$%&'())(*+) & % & # $ " " ( $ ! ) " ! # $ " & 73.9% 73.8% 72.3% 69.5% 67.9% 65.2% 60.6% 432 & # 390 ' $ ! 13,038 11,952 3,511 3,363 106 102 103 112 115 3,191 3,009 3,155 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018 IPD Occupancy Rate !"# -"#$3565+/5$057$8()(4 !"#$3565+/5$057$%&'())(*+ 9+(4:$=>?$057$6()(4 9+(4:$=>?$057$1&'())(*+ !*$+& )'$"& & & ' + $ ' + $ ! ! 3,527 3,502 97,746 94,551 3,453 94,036 3,452 92,922 92,563 3,433 91,905 3,408 87,217 3,309 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018 (1) Calculated from actual monthly active beds * number of days in each month
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