SLIDE 1
Analyst Presentation
“2018 Results”
February 27, 2019
Analyst Presentation 2018 Results February 27, 2019 Agenda 1 - - PowerPoint PPT Presentation
Analyst Presentation 2018 Results February 27, 2019 Agenda 1 - - PowerPoint PPT Presentation
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
SLIDE 2
SLIDE 3
PR9 Summary and Updates Operational Statistics & Financial Performance
2 3
Project Updates
4
Agenda
Overview
1
SLIDE 4
PR9 Summary and Updates Operational Statistics & Financial Performance
2 3
Project Updates
4
Agenda
Overview
1
SLIDE 5
Vision & Milestones
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SLIDE 6
!"#$"%#&'
!!"#$%&'()(*+,-(".(/,012"#(*3('+ Tertiary-care hospital with world class medical quality (both general and complex treatments)
!"#$%&'#(') 4 *)'+,(%&-"#"./ 0)+)+1 2%34,5"(+- 0)+)+1 2% 3+")%&'#(') 67'%&'#(') 89,('()". :7#'.4-4;7%&'#(') 8)(<45'$".% &'#(') !'$".+-%&'#(') =>);')7%&'#(') 0'$"+()".,% &'#(') 6+)%?4,'%+#$ @<)4+(%&'#(') A'#(+-%&'#(') &<'.BCD5% &'#(') =B"#%E'F>G'#+("4# &4,1'(".%H+,') =>);')7%I% A')1+(4-4;7%&'#(') E'<+9"-"(+("4#%&'#(')
J1+;"#;%&'#(')% KLCE+7M
61');'#.7%&'#(') :+,()4'#(')4-4;7% K:JM +#$%3'5+(49"-"+)7% KH"G')M ?'>)4-4;7% &'#(') A"+9'(',%!'(+94-". &'#(') @<7)4"$%&'#(') &+)$"4G+,.>-+) J#,("(>(' N"$#'7%@)+#,5-+#(% J#,("(>(' N"$#'7%@)+#,5-+#(%
.(/,012" 500'(/,313,$* 6(0)*$2$78 93)('":(8" 50),(-(%(*3+
!2010/ 2013/ 2016 – JCI 3rd accredited !2016 - CCPC: Kidney !2016 - CCPC: Diabetes medical care !2000 - ISO 9001:1994 !2003 - ISO 9001:2000 !2004/ 2007 - HA Level 3
O 2017 : 640-slice CT Scan O 2016 : Pharmacy Robot O 2005 : 64-slice CT Scan O 2004 : 4D Ultrasound !;<=P !"#$%&$'(')*$'+,%-.*/0% QLQ%0)4G"$')%QR+)$ !;<>P12*'(*,0%1+3%4+53*,6%-.*/0#%789:% ;<"*($2=*/"%>"=$+/? !"#$%&##'()*+*,$%&(-(.%$/&0#$12(34(15&(65*$( 75*)8&0(34(73))&09& !;<=P @"/$'('$6%>"/A'="%B/+A'0"/%+C%$2"%D"*/ :-49+-%3'+-(<%+#$%@)+G'-%QR+)$,%STUV
SLIDE 7
PR9 Key Strategies
Top Line Initiatives
" Hospital Network Expansion and Medical Cooperation " Increase Corporate and Insurance Coverage " International Patients Expansion
! 21 step down
ICU beds
! 77 normal ward
beds
! 24 ICU/CCU
beds
! 21 normal ward
beds
! 21 normal ward
beds " Leverage expertise to build new customers base " Enhance medical treatment quality in the long term
Scope and Scale Expansion
! Comprehensive
medical check- up program
! Joint Care Center ! Wellness Center ! Pain & Rehab Center ! Allergy Center
Margin Expansion
" Increase capacity utilization which will result in lower unit cost " Increase service intensity " Digital Hospital Transformation
Revitalizing Brand Awareness
2018 2019E 2020E 2022E 2021E
SLIDE 8
Capacity Addition (New Facility and Renovation of Existing Facility)
(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
Scale and scope of services expansion
Where we are today Where we want to be New Building (Wellness) Renovated Existing Building (Chronic) Offer Comprehensive Medical Services Health Promotion/ Disease Prevention / Curative Medicine / Rehabilitation Recognized complex medical treatments providers
Usable Area
- c. 57,325 sq.m
Step Down ICU ICU and CCU Normal Wards NICU Total (A) (B) 2017
- 24
122
- 3
149 2018E 21(3) 24 122
- 3
170 2019E 21 24 140 59(2) 3 247 2020E 21 48(3) 140 59 3 271 2021E 21 48 161 59 3 292 2022E 21 48 182 59 3 313 New capacity addition(1)
Health Promotion Disease Prevention Curative Medicine Rehabilitation
Leverage expertise to build new customers base Increase intensity of existing customers Enhance medical treatment quality in the long term
! Joint Care Center ! Wellness Center ! Pain & Rehab Center ! Allergy Center
" " " A B
SLIDE 9
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
Positioning Benchmark
!"#$%&&'()#*)+",$-'#."(/($0,&1
!"#$%&%'() *+',"-*(')%-. *+"/'$/
1 2 3 4 5
New Building (Wellness) Renovated Existing Building (Chronic)
SLIDE 10
PR9 Summary and Updates Operational Statistics & Financial Performance
2 3
Project Updates
4
Agenda
Overview
1
SLIDE 11
141.3 468.3 4th Quarter Year
EBITDA '17 EBITDA '18 EBITDA Margin Adjusted margin
20.9% 3.6% 19.1% 13.6% 19.7% 18.8%
84.5 262.3 4th Quarter Year
Net Profit '17 Net Profit '18 Net Profit Margin Adjusted margin
Financial Summary
667.8 2,421.5 712.5 2,701.2
4th Quarter Year
Medical Revenue '17 Medical Revenue '18 ! Medical revenue in 4Q2018 of THB 712.5 mm, 6.7% yoy increase, due
to 4Q17 has high revenue base.
! 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 Myanmar, China, and Cambodia.
12.5%
- 4.5%
10.7% 5.8% 11.5% 10.9%
Core Revenue EBITDA Net Profit
+11.6% +6.7%
(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- 81.7% (+0.7%)
- 138.7%(-1.9%)
(1) (2) (1) (2)
- 20.7% (+9.8%)
116.4
142.8
371.5
139.5
157.2
- 40.0%(+13.1%)
!
EBITDA in 4Q2018 of THB 25.9 mm, -81.7% yoy decrease and EBITDA margin,a 3.6%, decrease from 4Q2017 20.9% due to the Share based payment 111.9 mm and Non-recurring items (expenses relating to the shares offering) 4.5 mm. Without share based payment and non-recurring expense EBITDA margin will increase from 3.6% to 19.7%.
!
Net Profit in 4Q2018 of THB -32.7 mm, -138.7% yoy decrease Net profit margin , a -4.5% decrease from Y.2017 12.5% due to Share based payment 111.9 mm and Non-recurring items 3.6 mm. Without share based payment and non-recurring expense Net profit margin will increase from -4.5% to 11.5% .
!
Net Profit Y. 2018 of THB 157.2 mm, -40.0% yoy decrease, Net profit margin , a 5.8% decrease from Y.2017 10.7% due to Share based payment 111.9 mm and Non-recurring items 27.6 mm. Without share based payment and non-recurring expense Net profit margin will increase from 5.8% to 10.9%
!
EBITDA Y. 2018 of THB 371.5 mm, -20.7% yoy decrease and EBITDA margin, a 13.6% decrease from Y.2017 19.1% due to the Share based payment 111.9 mm and Non-recurring items 30.9 mm. Without share based payment and non-recurring expense EBITDA margin will increase from 13.6% to 18.8%.
115.5
25.9
142.3 514.3 296.7
- 32.7
82.8
SLIDE 12
!"#$%&"'()*+,(-$.)()*/)*0/$1234$
(1) Calculated from actual monthly active beds * number of days in each month !"#$%&'())(*+$,$-../01+.2$3145 !"#$3565+/5$057$%&'())(*+
- "#$8()(4)
- "#$3565+/5$057$8()(4
106 102 103 112 115 390 432 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018
9+(4:$;<<<$6()(4)
! " # $ % & ! ' $ # &
3,502 3,408 3,433 3,452 3,527 3,309 3,453 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018
9+(4:$=>?$057$6()(4
! ' $ ' &
3,191 3,363 3,009 3,511 3,155 11,952 13,038 73.9% 73.8% 60.6% 72.3% 65.2% 69.5% 67.9% 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018 IPD Occupancy Rate
! ( $ " & ) " # $ " &
9+(4:$%&'())(*+)
92,922 87,217 94,036 91,905 97,746 94,551 92,563 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018
9+(4:$=>?$057$1&'())(*+
)'$"& !*$+&
!"#
! + $ + &
SLIDE 13
24 24 24 24 24 24 24 24 72.7% 75.4% 74.8% 72.6%
2015 2016 2017 2018
End of period Weighted average Bed Occupancy Rate
153 149 149 166 145 147 147 158 71.4% 71.6% 69.5% 67.9% 2015 2016 2017 2018
End of period Weighted average Bed Occupancy Rate
!"#"$%&'(")*(+&%,%-"&%.)(/012(
Source : Company data Note : (1) IPD active beds as of 31 December 2015 – 2018 (2) Calculated from actual monthly active beds * number of days in each month (3) Based on actual IPD days divided by weighted average bed capacity
PR9 has total of 166 IPD registered beds and [163] active beds as of 31 December 2018 !!"#$#%!"#&''()*+',
Unit : beds
(1) (2)
%-.#/01#!*)*'23,#*+1#&''()*+',
(1) (2) (3) (3)
SLIDE 14
Operational Update
Kidney Transplant Institute Hospital Network Visit / Kidney Transplant Cases and Waiting List Capacity Addition: Step down ICU (9th floor) / New Building Digital Hospital Transformation: OPD Appointment application / Mobile IPD Doctor / In room service Revitalizing Brand Awareness: New Website
! " # $
SLIDE 15
! "#"$!%&'()*+,!-.*/&01!23(+4')&4!+45!6.5)7+,!8&&(.0+*)&4!
"9!
Hospitals’ websites
Enhance patient referral system under medical co-operation initiative throughout Thailand
Paknampo 1 and 2 Hospital Nakhon Sawan Population (people) 1.07 mm IPD beds 200 Thonburi Chumporn Hospital Chumporn Population (people) 0.51 mm IPD beds 100 Trang Ruampat Hospital Trang Population (people) 0.64 mm IPD beds 200 Siroros Yala Hospital Yala Population (people) 0.53 mm IPD beds 60 Ubonrak Hospital Ubon Ratchathani Population (people) 1.87 mm IPD beds 100 Srivej Chanthaburi Hospital Chanthaburi Population (people) 0.53 mm IPD beds 90 Rajyindee Hospital Songkhla Population (people) 1.42 mm IPD beds 200 Siroros Pattani Hospital Pattani Population (people) 0.71 mm IPD beds 30
Strategic hospital network with other 9 hospitals in Thailand for kidney transplant patients referrals
Nakhon Sawan Ubon Ratchathani Chanthaburi Songkhla Pattani Trang Chumporn Yala
:&(!;)4.!<4)*)+*)=.'!
Thaksin hospital
Hospital Network Visit
SLIDE 16
Hospital Network Visit
1
- 1. Trang Ruampat Hospital
- 2. Rajyindee Hospital
- 3. Ubonrak Hospital
- 4. Sirivej Chanthaburi Hospital
- 5. Thaksin Hospital
2 3 4 5
SLIDE 17
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- ./.0123452
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!"#$%&'()&*+,-%(./&-0#&102(34()5%0+*+2,+$%+1-/4()&*+,-%(.&-#
2018 Revenue Breakdown by Institutes and Centers Number of kidney transplant cases in Thailand(3)
Source : Company data, , Thai Transplantation Society Note: (1) Revenue contribution 2018 (2) Revenue contribution during 2016 – 2018 (3) Information shown for PR9 is from Company data since year 1992 inclusive of both Private hospitals and Public hospitals
Medical Procedure(1)
Unit: persons Public Hospitals Private Hospitals ! The 1st and only hospital in the world (outside the US) to be JCI accredited under the Kidney Transplant Program (CCPC) in 2016 ! The 1st private Thai hospital in Worldwide Transplant Center Directory
Kidney Transplant Institute 12% Cardiovascular Institute 11% Diabetes and Metabolic Center 5% Others 61% Surgery 11 % By Number of bed ICU/CCU 14.7% Ward and Nursery 85.3% Ward and Nursery, 68.3% ICU/CCU , 31.7%
By value
Room Type(2)
SLIDE 18
!"#"$%&'()**%&%+,-(./(0&1#(*+2,(3!4(51*6(78&9 :;++<=
SLIDE 19
!"#"$%&'()**%&%+,-(./(0&1#(*+2,(3!4(51*6(78&9 :;++<=
SLIDE 20
PRARAM 9 Hospital Expansion
Co nstruc tio n Pro gress Co nstruc tio n Pro gress Co nstruc tio n Pro gress
!"#$%&$'()#$*+*,(-*(./01234
SLIDE 21
! "#$%&%'()*+%,%*-+)./$*.&( ! 0,1-,*()*/2$.&(3)(4#(3%(,*(
5%6%$-+)7.2#%$-+)8)92().:);(*1,.+.6<=(,->+(?)#3.*(22(2)$.)
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SLIDE 22
!"#"$%&'()*+"$%&',-%.*/)-0%$").
Source : Company data
!"#$%&&'()*+,)*$
- &&.(/-*(')
0'1(.,$2"#$ #'/*'3 2)$3''+$4,35(/,
!"#$%&'("%)*+&*,%-..*'/&("/&% 0"1'+#&'*/%2#3"&4 5(.,*6"%+72&*(",%"8.",'"/+"
SLIDE 23
!"#"$%&'()*+"$%&',-%.*/)-0%$").
Source : Company data
!"#$%&'()*' *"+,"-
! Medication safety
Optimize clinical outcome
- Patient Safety
- Clinical effectiveness
! Training : February 2019 ! Plan Kick off : March 2019 ! Vital sign ! Medicine order ! Lab order ! X-ray order
SLIDE 24
!"#"$%&'()*+"$%&',-%.*/)-0%$").
Source : Company data
!"#$%&&'()*+,)*$
- &&.(/-*(')
Real time Doctor Appointment Available on App Store Plan opening on March 2019
Enhance customer experience [1]
SLIDE 25
!"#"$%&'()*+"$%&',-%.*/)-0%$").
Source : Company data
!"#$%%&#'($)*+(
Improve customer experience
Enhance customer experience [2]
- Entertainment
- Room service order
- Porter request
SLIDE 26
- Improve operational efficiency
"Learning Management System"
E-learning Phase 1 for nurses
SLIDE 27
SLIDE 28
PR9 Summary and Updates Operational Statistics & Financial Performance
2 3
Project Updates
4
Agenda
Overview
1
SLIDE 29
!"#"$%"&'(")*+,-$
(1) Other revenue including interest income, rent income and others (2) Not include social security nor Thailand’s Universal Coverage schemes
!"# !$% !"& !#! !'' "(# %)*&% %)"&" *&# *&$ *&! *'! !*! !(' %)%!( %)*($
$ %( %% + # %( !" !*
!"# !#$ !%& !"' #(! #'' ')"%% ')#&"
!,*(%$ ",*(%$ %,*(%' *,*(%' !,*(%' ",*(%' *(%$ *(%'
- ./
0./
- 123454363783
Unit: THB mm
Self-pay Patients 76.5% Contract Patients(2) 23.5% Self-pay Patients 74.8% Contract Patients(2) 25.2%
Total Revenue 2018 IPD Revenue 2018 OPD Revenue *+,-()"."-// Y-o-Y growth Total +11.3% Medical Revenue +11.6% IPD +6.8% OPD +15.7%
9%:
4Q Q-o-Q growth Total +0.9% Medical Revenue +0.2% IPD
- 4.6%
OPD +4.3%
*+,-('0#-//
4Q Y-o-Y growth Total +6.6 % Medical Revenue +6.7% IPD +3.8% OPD +9.0%
SLIDE 30
!"#"$%"&'()
Unit: by value
!"#$%&"'$#( )"(%*
Unit: THB mm (By value)
!"#$%&#'$()'* +,-./
!"#$%&'()& !"#*%+,(
+&#,*&"#$%&"'-."#$,&#/ 01234 +&#,*&"#$%&"'-."#$,&#/ 01254 !"#$%&#'$()'* +,01/
- .'/0(1#1(*(),(#$(1#$%&'()ࡖ#')&(1)%&'3)%+#$%&'()&56
56% 54% 55% 55% 57% 53% 55% 44% 46% 45% 45% 43% 47% 45%
4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018
OPD IPD
6(.,-%7-)"#$,&#/
Unit: by value
74% 76% 78% 76% 74% 76% 75% 18% 19% 18% 19% 18% 18% 19%
8% 5% 4% 5% 8% 6% 6% 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018
Self-Pay Patients Insurances Coporates
Myanmar 45% China 17% Cambodia 9% Japan 5% Others…
SLIDE 31
!"#$%&'(%)%&*
(1) As % of medical revenue (2) As % of total revenue (3) 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
213 198 187 227 225 740 837
31.9% 30.8% 29.4% 32.0% 31.6% 30.6% 31.0%
4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018
Gross Profit Gross Profit Margin
Unit: THB mm
+13.1%
- 0.9%
141 102 98 146 26 468 372
20.9% 15.5% 15.3% 20.4% 19.1% 13.6%
19.7% 18.8% 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018
EBITDA EBITDA Margin Adjusted EBITDA Margin
3.6%
84 52 50 87 262 157
12.5% 8.0% 7.8% 12.2%
- 4.5%
10.7% 5.8%
11.5% 10.9% 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 2017 2018
Net Profit Net Profit Margin Adjusted Net Profit Margin
!"#$$%&"#'() *+,-./ 01)%&"#'()
- 8
2 . 3 % (
- 2
. 5 % )
- 1
3 7 . 4 % (
- 5
. 2 % )
Unit: THB mm Unit: THB mm
!"# !$# !$# !"# !%#
- 20.7% (+9.8%)
- 40.0%(+13.1%)
116.43 115.52
142.8 139.4 296.4 514.8
SLIDE 32
PR9 Summary and Updates Operational Statistics & Financial Performance
2 3
Project Updates
4
Agenda
Overview
1
SLIDE 33
!"#$%&'()*+)!*,%-*+%
(1) As of 30 September 2018!"#$%&' ()*% +%',-./ 0**"#123!%"-#4 (#',.3&#/'3 5(673889 :9 ;%<#=,'-#<3#>3%1-/'-<?3 @A-.4-<? B*?",4% C3 ;%<#=,'% !"#$%&'(")*%+'*,(" ! !"#$%&'#()*+#,-.#/&01#2 345 ! !"#6)789:#*970#/&01 2 34"" ! ";#6)789:#*970#/&01#2 34"; !;"<#2 !;"5 :DE
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SLIDE 34
PRARAM 9 Hospital : Building 2
!"#$%&$'()#$*+*,(-*(./01234
SLIDE 35
PRARAM 9 Hospital : Building 3 Home Office
!"#$%&$'()#$*+*,(-*(./0.123
SLIDE 36
PRARAM 9 Hospital : Building 4 Nurse Condominium
!"#$%&$'()#$*+*,(-*(./01234
SLIDE 37
Testimonial Video
Cardiovascular Institute Infertility Center
SLIDE 38
Joint Care Center
SLIDE 39
Kidney disease and transplant Institute
! World Kidney Day : 14th March 2019 ! Exhibition on 2nd Floor ! Community awareness ! Facebook : NewkidneyNewlife
SLIDE 40
Analyst Presentation
“2018 Results”
February 27, 2019