PR PRARAM ARAM 9 HO 9 HOSPITAL SPITAL Analyst lyst Me Meeti - - PowerPoint PPT Presentation

PR PRARAM ARAM 9 HO 9 HOSPITAL SPITAL

Analyst lyst Me Meeti ting ng : 3Q 3Q19 9 Resu sult lts s

Novemb vember er 2019 19

Website

VI VISION SION

&

MI MILE LESTO STONE NES

THB 200 mm Rights ts offerin ering g 1st

st privat

ate e hospita tal l with 64 S Slice ce CT Scan Implementati lementation

• n of

Pharm rmacy acy Robot Signed ed Kidney ey refer erra ral l MOUs Started rted new buildi ding g constructio truction 1st

st privat

ate e hospita tal l with 640 S Slice ce CT Scan 500 K Kidney ey Transp nsplan lant t Cases Started rted using 4D U Ultra rasou

• und

nd

2016 2016 2018 2018 2017 2017 2013 2013 2004 2004 1992 1992 2001 2001 2005 2005

Started rted hospita ital

• pera

ratio tion Listed ed in the Stock k Exchang ange e of Thailand land

2019 2019

W9 Wellne ness Center ter Joint nt Care re Center ter Excellen llence ce CG Scori ring ng

Pro rofessio fessional al Heal althcar thcare e Commu mmunit nity

ใส่ใจสุขภาพ ดูแลด้วยมืออาชีพ

Key y Strategies ategies Brand nd Aw Awaren reness ess

2 3

Ope perat rational ional Statisti atistics cs & Fin inancial ancial Performance formance

4

Overview & PR9’s Strengths

1 Agenda

Key y Strategies ategies Brand nd Aw Awaren reness ess

2 3

Ope perat rational ional Statisti atistics cs & Fin inancial ancial Performance formance

4

Overview rview & PR9’s Strengths

1 Agenda

Overview

24 Comprehensive Medical Centers

Tertia tiary-car care e hospit ital al with world ld class medica ical l quality ity (both h genera eral l and compl plex ex treat atment ments)

Imaging Center (X-Ray)

Medical Accreditation

Technology

Other Key Achievements

2010 10 / 2013 13 / 2016 16 / 2019 19 – JCI 4th accredited 2016 16 / 2019 19 - CCPC: Kidney 2000 00 - ISO 9001:1994 2003 03 - ISO 9001:2000 2004 04 / 2007 07 - HA Level 3

− 2017

17 : 640-sli lice ce CT Scan

− 2016

16 : Pharmac macy Robo bot t

− 2005

05 : 64-sli lice ce CT Scan

− 2004

04 : 4D Ultra trasound

• und

2017: Best Utilization Award AXA Provider Award 2019: Thailand Top Company Awards 2019 (Healthcare Sector) Business+ magazine & University of the Thai Chamber of Commerce 2017: Fertility Service Provider of the Year Global Health and Travel Awards 2017

Mind Center Breast Clinic Hair Center Eye Center Obstetric Gynecology Center Orthopedic Center Medical Center Surgery Center Pediatrics Center Ear Nose and Throat Center Dental Center Check-Up Center Skin Rejuvenation Cosmetic Laser Surgery & Dermatology Center Rehabilitation Center Emergency Center Gastroenterology (GI) and Hepatobiliary (Liver) Neurology Center Diabetes Metabolic Center Thyroid Center Cardiovascular Institute Kidney Transplant Institute W9 Wellness Center Joint Care Center

2018: Thailand Top Company Awards 2018 (Healthcare Sector) Business+ magazine & University of the Thai Chamber of Commerce 2019: Excellent CG Scoring The Stock Exchange of Thailand & Thai Institute of Directors

JCI Accreditation

JCI Accreditation - Hospital Program Since 2010 The 4th Accredited : 22 November 2019 Clinical Care Program Certification: Kidney The 2nd Accredited : 26 November 2019

Praram ram 9 Ho Hospita spital l PCL L was the

e only

• ne new listed

ted co company, pany, rece ceived ived the e 5-Star Star CG G Scor coring ing from m IOD

(The Thai i Instit itut ute e of Directors ctors Asso ssocia iation tion (IOD), , with th support pport from the Stock Exchange change of Thail iland and (SET) T), , announ unced ed its 2019 CGR R find ndings ings co cover ering ing 677 list sted ed co comp mpanie anies s on

• n 28 Oct

ct 2019.)

http://www p://www.t .thai hai-iod iod.c .com

• m/imgU

/imgUpload/B pload/Broc

• chu

hure%20CGR %20CGR%2 %202 0201 019%2 9%201 014% 4%20 20Nov%

• v%20

2019(2 9(2). ).pdf pdf

Source: rce: The Thai i Institut tute e of Direct ector

• rs Associat

atio ion / Publica icatio tions ns

Excellent CG Scoring

PR9’s Strengths

• Complex

plex Medi edica cal l Trea eatments ents

• Tertiary-care hospital with world class medical quality & Excellence Doctors

JCI Accreditation plus specialty accreditation (Kidney Transplant Institute)

• Valu

lue e for Money ey Ser ervi vices ces

• PR9’s Pricing policy with International Standard of tertiary care and high class service quality

=> Green Hospital Rating : Department of Internal Trade, Ministry of Commerce

• Str

trat ateg egic ic Lo Locat ation ion in New ew CBD BD

• Prime location with strong healthcare demand and promising growth opportunities

=> High density populated area (office building / residential commute / embassy / life-style center etc.), including the new Chinese expat community

Complex Medical Treatments & Excellence Doctors โรคซับซ้อน โรคเรื้อรัง เราเชี่ยวชาญ

Value for Money Services

https: s://hos //hospit ital als. s.dit it.go.

• .th/

th/ap app/drug_ ug_pric ice_sea e_search ch.p .php hp

Sour urce: e: Depart partment ment of Intern ternal l Trade, de, Minist istry of Commer merce ce

Rece ceiv ived ed the e “Green

en-Rate Rated” Ho

Hospita spital

From De Depart rtment ent of Inter ernal al Trade, e, Minist nistry ry of Comme merce ce

Offer er Fr Friend endly ly Medici icine ne Pri ricing cing for r Our r Patients ients

Strategic Location in New CBD

Lo Locat ated ed in New ew CBD area ea & New ew China-Tow

Town n (Hua

uai Khwang ng-Rat atcha chada da)

Note (1): Include Huaykwang, Makkasan, Klong Teoy Nuea, Klong Tun Nuea, Bangkapi, Dindang area

Key y Strategies ategies Brand nd Aw Awaren reness ess

2 3

Ope perat rational ional Statisti atistics cs & Fin inancial ancial Performance formance

4

Overview rview & PR9’s Strengths

1 Agenda

PR9 Key Strategies

Top

• p Line

e Initiatives itiatives

 Hospita ital l Network work Expansion

• n and Medica

ical l Cooper perat atio ion  Increas rease e Corp rpor

• rat

ate e and Insura rance nce Covera rage ge  Internat ernatio ional nal Patien ents Expansi nsion

 21

21 step down n ICU beds

 81

81 norm rmal l ward rd beds

 24 I

ICU/CC /CCU beds

 21 n

norm rmal l ward rd beds

 21

21 norm rmal l ward rd beds  Levera rage ge experti rtise e to build d new customer mers base  Enhance ce medical ical treatm atmen ent t quality lity in the long g term

Scop

• pe

e and and Scale le Expansion pansion

 Comp

mprehen rehensiv ive e medica ical l check ck- up prog

• gra

ram

 Joint

nt Care Center

 Wellne

ness Center

 Pain

n & Rehab Center

 Allergy

rgy Center

Margin in Expansion pansion

 Increa ease e capa pacity city utiliz ization tion which ich will resul ult in lower er unit t cost  Increa ease e servic vice e inten ensity ity  Digital gital Hospital pital Trans nsfo formation mation

Revitali alizing ing Brand nd Awaren renes ess

2018 2018 2019E 2019E 2020E 2020E 2022E 2022E 2021 2021E

1 2 3

Where we are today Where we want to be New Build ldin ing (Wellne llness ss & Life e Style) le) Renovat novated ed Exist xisting ing Build lding ng (Chro hronic nic) Offer Comprehensive Medical Services Health Promotion/ Disease Prevention / Curative Medicine / Rehabilitation Recognized complex medical treatments providers

Health Promotion Disease Prevention Curative Medicine Rehabilitation

Leverage expertise to build new customers base

• Lifestyle Medical Center
• Aging-related Medical Center
• Cancer Center



A B

Scale and scope of services expansion 1

Projects in Pipeline

Project Type Details

• Approx. Period

Total Cost (THB mm) 1) Renovation of existing building Upgrade / Renovate Under construction

• 21 Step Down ICU beds – FL9
• 21 Normal ward beds – FL11
• 10 Normal ward beds – FL10

2018 – 2019 137 Future Projects

• 24 ICU & CCU beds
• 42 Normal ward beds
• Re-Façade

2020 – 2022 235 2) New building New 16-story building with 2 underground floors 2017 - Q4/2019 2,343 3) Home Office New 6-story office building for back-office personnel 2018 - Q4/2019 70 4) Nurse Condominium New 8-story nurse condominium, approx. 80 rooms 2018 – 2019 200 5) Digital Hospital Upgrade Strategy for digital transformation 2018 - 2020 50

Construction Progress – Building 2

: : No Novem embe ber r 2019 19

New Hospital Building Phas ase e I

B2 B2 - B1 : Pa Parking rking, , Community unity Lounge ge, , Food Court Fl.1 – Fl.2 : Regis gistration tration, , ER, R, Event vent Spac ace, e, Retail, tail, Pa Park rking ing Fl.3 – Fl.6 : Pa Park rking ing Fl.8 : Ph Pharm rmacy, acy, Cashie ashier Fl.9 : Hair ir Center, r, Skin kin Center, r, Min Mind d Center, , X-ray ay, La Lab Fl.11 : Pa Pain in Manag agement ent & W Wellness ss Center Fl.14 4 : Data ta cent nter, r, IT T Fl.17 : IPD PD Ward, d, VIP IP Lounge ge

Phas ase e II

Fl.7 : GI Scope, pe, OR, , Recove covery ry Room Fl.8 : OPD PD GI, , EYE YE Cent nter, r, ENT NT Cent nter Fl.10 0 : OPD PD Pe Pedia iatric, tric, De Dental tal Center Fl.12 2 : Check-up up Fl.14 4 : Functio tion Area, a, Execu xecutive tive Offic ice, e, IPD PD Ph Pharmac macy Fl.15 : IPD PD Ward, d, VIP IP Room

Total Area : 39 39,300 m2 Usable Area a : 24 24,500 m2 OPD D Room m : 83 Exam am Rooms IPD Room m : 59 Ward d Beds Parking : 381 Cars rs

Plaza Relaxing Lobby Welcome Hall Check Up Center Check Up Center VIP Lounge IPD Room IPD Room - VIP

Building 2

Construction Progress – Building 2

: : IP IPD Room m 17Fl. l. : : Exa xam m Room

• m 9Fl.

l.

Comp mprehe rehensi nsive ve clinical nical programs grams fo for both pain n & w & wel ellness ness program gram

Manuthera Manipulation Bed Hydrotherapy Ice Lab Transcranial magnetic Pain treatment Wellness program Yoga Fitness

PR9 Pain Management & Wellness Center (11 Fl.)

: : Ba Back k Off ffice ce Bu Buildin lding : : Nurse se Cond ndominium

• minium

Construction Progress

Top Line Initiatives

Network

Expansion &

Cooperation Corporate & Insurance Coverage

Int’l Patient

Expansion

• 1. New Market Penetration
• 2. Product Customization
• 3. Online Channel Enhancement
• 4. Marketing Activities
• 5. Customer Relationship Program

Top Line Initiatives 2

• No. of Kidn

dney transpla nsplant nt cases

Network Expansion and Medical Cooperation

Med edica ical l Net etwor work k for Kidney ey Transpla splant nt Wel elln lness ess Cooperat eration ion

69 69 63 63 10M18 10M19 112 112 115 115 Sep ep 2018 Sep ep 2019

Waiting ing Li List (as of)

LOCAL MARKETING & E-MKT PROGRESS

• Jul. - Sep. 2019
• Promotion Campaign : 27th Anniversary Packages
• Occasional Campaign : By SBU
• GI pack

> Jul.

• Mother days

> Aug.

• Heart Screening > Sep.
• Special Package : Joint Care Center (TKA)

Domestic Marketing Division

Domestic Patients

Corporate Customer

Market keting ing Acti ctivit vities ies

• Heal

alth th Educat atio ion n Seminar minar

• Customized

tomized packages kages for corpora

• rate

te customers tomers

บริษัท ทีจีเอส เอ็นเตอร์ไพรส์ เน็ตเวิร์ค จ ากัด

บรรยายหัวข้อ “คนยุคใหม่ รู้ทันเบาหวาน” โดย แพทย์หญิงอารีสา มโนชญ์ปิติพงศ์ อายุรแพทย์ผู้เชี่ยวชาญด้านโรคต้อมไร้ท้อ และเมตาบอลิซึ่ม ศูนย์เบาหวานและเมตาบอลิก

ธนาคารไทยพาณิชย์ ส านักงานใหญ่

บรรยายหัวข้อเรื่อง " โรคไต../ ../ภัยร้ายใกล้ตัวคนออฟฟิศ " โดย แพทย์หญิงผ่องพรรณ ทานาค แพทย์ผู้เชี่ยวชาญ สถาบันโรคไตและเปลี่ยนไต พระรามเก้า ผู้เข้าร่วมงานจ านวน 446 ท่าน

Insurance Customer

• Custom

ustomer er Trus usted ed Card d Di Distribu ribution tion

• Hea

ealth lth Semin eminar ar

• Cus

ustomized

• mized Packages

ages for Insur urance ance

ผู้แทนประกัน จากบริษัทประกันชั้นน าในเมืองไทย

ยอด Active tive : ตัวแทนขอส่วนลด Insur surance ance truste usted card d ตั้งแต่ 1 ม.ค.61 – ปัจจุบัน = 591 คน / จากสมาชิกตัวแทน 1,668 คน บัตร Insur surance ance trus usted ed card เป็นบัตรส่วนลดประกันหลัง fax claim, m, สามารถลดค่าห้อง 20% ค่ายากลับบ้าน 5%

Insurance Customer – Activities

1st

st event

t at t Zhengz ngzhou hou Changjian ngjiang Infe fert rtili ility ty hospi spita tal

CHINESE MARKETING PROGRESS

2nd

nd event

t at t Taiyuan uan Tianlun nlun Infe fert rtili ility ty hospi pital tal The next t acti tivities vities will be held d on 13th

th-16

16th

th Dec. 2019

in Quanz nzhou hou & S Shangh nghai ai

Margin Expansion 3

• Increas

crease e capacity pacity utilizati lization

• Increas

crease e ser ervi vice ce inten ensi sity ty

• Digital

tal Ho Hospital tal Tr Transformati nsformation

Queue Management System Step Down ICU beds Digital Hospital Transformation

Key y Strategies ategies Br Brand nd Aw Awarene reness ss

2 3

Ope perat rational ional Statisti atistics cs & Fin inancial ancial Performance formance

4

Overview & PR9’s Strengths

1 Agenda

Brand Awareness

Brand Essence

Key y Strategies ategies Brand nd Aw Awaren reness ess

2 3

Ope perat rational ional Statisti atistics cs & Fin inancial ancial Performance formance

4

Overview rview & PR9’s Strengths

1 Agenda

145.9 .9 150.6 .6 345.7 .7 377.9 .9

• 0.05

0.05 0.15 0.25 0.35 0.45 0.55 0.65 0.75 0.85 0.95 0.0 100.0 .0 200.0 .0 300.0 .0 400. 400.0 3Q20 Q2018 3Q20 Q2019 9M2018 9M2019 710.8 743.5 0.0 500. 500.0 3Q20 Q2018 3Q20 Q2019

Financia ncial l Sum ummary mary

• PR

PR9 9 repo porte rted d tot

• tal

al medical dical revenue venue in 3Q201 019 9 of Baht t 743.5 millio ion, an increase ease of 4.6% % from m 3Q2018

• 18. This

is was mainly y from an an increas ease e of OPD D revenue venue 8.0% % yoy, while IPD D revenue enue in 3Q19 19 slightl ightly y increa rease sed d at 0.5% % yoy.

• Medi

dica cal l revenue venue from m international ernational patie ients nts grew w 11.1% % yoy. .

• While

e insu surance ance and corporate porate contra tract ct payme ment nt method thods keep eep grow

• win

ing g at 10.7% % and 24.7% % yoy, resp spective ctively y as a resu sult lt of marke ketin ing g campa paig igns ns and marke keting ting activ ivit ities ies.

Medica ical Revenue ue EBITDA Net Profit fit

• PR

PR9 9 repo porte rted d EBITDA DA in 3Q2019 019 of Baht t 150.6 million, lion, an an increas ease e of 3.2% % from Baht t 145.9 million lion in 3Q2018 018, while e the e EBITDA DA margin gin were e 20.0% % in 3Q2019 19 and 20.4% % in 3Q2018 018.

• PR

PR9 9 repo porte rted d net t profi fits ts for the e perio iod d Baht t 88.8 million, ion, an increas ease e of 1.6% % from Baht t 87.3 million lion in 3Q2018 18, , represe presentin ting g the e net t profi fit margin gin for the e peri riod

• d of 11.8%

% and 12.2% % respect spectively ively.

19.0% 405.5 .5 0.0 0.0 500.0 .0 9M2018 9M2019 1,988 88.7 .7 2,109.3 .3 20.4% 20.0% 17.2% 17.7% 18.5% 372.1 .1 87.3 .3 88.8 .8 189. 9.9 210.6 .6

• 0.05

0.05 0.15 0.25 0.35 0.35 0.45 0.55 0.55 0.65 0.75 0.75 0.85 0.95 0.95 0.0 100.0 .0 200.0 .0 300.0 .0 400.0 .0 3Q20 Q2018 3Q20 Q2019 9M2018 9M2019 10.9% 232.7 .7 12.2% 11.8% 9.4% 9.9% 10.5% 211.1 .1

Total Revenue

Total al Re Reven enue

349 349 353 353 388 388 405 405 374 374 376 376 419 419 1,090 090 1,169 169 293 293 283 283 323 323 308 308 321 321 295 295 324 324 899 899 940 940 11 6 5 10 9 9 10 23 28 1Q18 Q18 2Q18 Q18 3Q18 Q18 4Q18 Q18 1Q19 Q19 2Q19 Q19 3Q19 Q19 9M18 M18 9M19 M19 OP OPD Rev even enue IPD IPD Rev evenue nue Oth Other r er rev even enue Unit: t: THB mm

(45 45%) %) (55 55%) %) (44 44%) %) (56 56%) %) (46 46%) %) (54 54%) %) (45 45%) %) (55 55%) %) (43%) (57%) (46 46%) %) (54 54%) %) (45%) (55%) (45 45%) %) (55 55%) %)

653.3 642.0 716.0 722.3 704.3 679.8 2,011.3

2,137.3 7.3 753.2

(44 44%) %) (56 56%) %)

+5.2% % YOY +6.3% % YOY

Total tal Revenue ue +5.2% Med edical al Rev even enue ue +4.6% OPD +8.0 .0% IPD +0.5%

601.9 622.5 108.9 121.0

3Q18 3Q19 Thai Inter

+3.4 .4% +11.1% .1%

Revenue Breakdown : 3Q18 & 3Q19

Unit: it: THB mm

Tot

• tal

al Revenue venue

536.0 544.9

138.4 153.2 36.4 45.4

3Q18 3Q19 Self Pay Insurance Contract Comp.

+24.7% +1.7% +10.7%

5% 19 19% 75 75% 6% 21% 21% 73% 73%

388.1 419.1 322.7 324.4 5.2 9.7 3Q18 Q18 3Q19 Q19 OP OPD IPD IPD Oth Other r er rev ev.

45 45% 55 55%

By Payor

• r Revenue

venue By Nationa ionality lity Reve venue nue

44 44% 56 56% 16 16% 84 84% 15 15% 85 85%

716.0 753.2

Total tal Revenue ue +6.3% 3% Med edical al Rev even enue ue +6.1 .1% OPD +7.3% IPD +4.6% 6%

1,703.3 1,773.2 285.4 336.2 9M18 9M19

Thai Inter

+4.1 .1% +17.8 .8%

Revenue Breakdown : 9M18 & 9M19

Unit: it: THB mm

Tot

• tal

al Revenue venue

1,520.2 1,580.4 377.3 423.6 91.2 105.5 9M18 9M19

Self Pay Insurance Contract Comp.

+15.7% +4.0% +12.3%

5% 19 19% 76 76% 5% 20 20% 75 75%

1,089.8 .8 1,169.4 .4 898.9 940.0 22.6 27.9 9M18 M18 9M19 M19 OP OPD IPD IPD Oth Other r er rev ev.

45 45% 55 55%

By Payor

• r Revenue

venue By Nationa ionality lity Reve venue nue

45 45% 55 55% 16% 16% 84 84% 14% 14% 86 86%

2,011.3 .3 2,137.3 .3

102 102 103 103 112 112 115 115 105 105 106 106 117 117

1Q1 1Q18 2Q1 2Q18 3Q1 3Q18 4Q1 4Q18 1Q1 1Q19 2Q1 2Q19 3Q1 3Q19

Key Operational Volume

Unit: ’000 visits

OPD Visits

OPD

+3.9% % (YOY)

IPD Average Daily Census (ADC)

111 111 96 96 117 117 105 105 106 106 91 91 109 109

1Q1 1Q18 2Q1 2Q18 3Q1 3Q18 4Q1 4Q18 1Q1 1Q19 2Q1 2Q19 3Q1 3Q19

IPD IPD

• 6.8%

% (YOY)

Occupancy Rate : Normal Ward, ICU-CCU

74.3% 55.9% 9% 70.0% 61.5% 5% 61.4% 52.4% 64.6% 73.6% 68.3% 74.2% 2% 74.3% 77.8% 8% 72.7% 73.4% 1Q1 1Q18 2Q1 2Q18 3Q1 3Q18 4Q1 4Q18 1Q1 1Q19 2Q1 2Q19 3Q1 3Q19

Nor Norma mal W War ard ICU ICU-CCU Ward rd O Occu cupancy ancy Rat ate ICU ICU-CCU Occu U Occupan ancy Rate cy Rate

125 125 142 142 142 142 142 142 142 142 142 142 142 142 24 24 24 24 24 24 24 24 24 24 24 24 24 24

101.6 98.2 145.9 25.8 143.4 83.9 150.6 345.7 377.9 15.5 .5% 15.3 .3% 20.4 .4% 20.4 .4% 12.3 .3% 20.0 .0% 17.2 .2% 17.7 .7%

1Q2 1Q201 018 2Q2 2Q201 018 3Q2 3Q201 018 4Q2 4Q201 018 1Q2 1Q201 019 2Q2 2Q201 019 3Q2 3Q201 019 9M2 9M201 018 9M2 9M201 019

EBITDA EBITDA Margin

52.0 50.4 87.3 86.1 35.7 88.8 189.9 210.6 8.0% 7.8% 12.2 .2%

• 4.5

.5% 12.2 .2% 5.2% 11.8 .8% 9.4% 9.9%

1Q2 1Q201 018 2Q2 2Q201 018 3Q2 3Q201 018 4Q2 4Q201 018 1Q2 1Q201 019 2Q2 2Q201 019 3Q2 3Q201 019 9M2 9M201 018 9M2 9M201 019

Net Profit Net Profit Margin

197.9 186.9 227.1 225.1 224.8 181.5 237.6 30.8 .8% 29.4 .4% 32.0 .0% 31.6 .6% 32.3 .3% 27.1 .1% 32.0 .0% 30.8 .8% 30.5 .5%

1Q2 1Q201 018 2Q2 2Q201 018 3Q2 3Q201 018 4Q2 4Q201 018 1Q2 1Q201 019 2Q2 2Q201 019 3Q2 3Q201 019 9M2 9M201 018 9M2 9M201 019

Gross Profit Gross Profit Margin

Profitability : 3Q19 & 9M19

Unit: t: THB mm

Gross Profit EBITDA Net Profit

Unit: t: THB mm Unit: t: THB mm

142.2 82.8

3.6% 11.5% 19.7%

405.5

16.4%

57.8

8.5%

111.5

19.0% 10.9%

197.0

29.4%

659.4

611.8 .8

232.7

• 32.7

643.9 .9 31.3%

372.1

18.5%

211.1

10.5%

Balance Sheets Solid id Balance ance Sheets eets

1,669 69 1,881 81 2,095 95 3,873 73 3,981 81 380 380 413 413 762 762 551 551 689 689 2015 2016 2017 2018 Sep-19 p-19 Eq Equity uity Liabili Liabilities ties

Unit: t: THB mm

2,049 049 2,294 294 2,857 857 4,424 424 4,670 670

None e of Interest terest Be Bearing aring De Debt bt Out utst standing anding

0.23 23 0.22 22 0.36 36 0.14 14 0.17 17

2015 2016 2017 2018 Sep- Sep-19

D/E Ratio io

D/E D/E Ra Rati tio

“Than hank k Yo You”