() SISB PUBLIC - - PowerPoint PPT Presentation

บริษัท เอสไอเอสบี จ ำกัด (มหำชน)

SISB PUBLIC COMPANY LIMITED

Agenda

Business Overview and Financial Summary Business Outlook

2

Q&A

Business Update and Financial Summary

3

4

Financial Performance

Unit : THB Million 1Q18 4Q18 1Q19 YoY% QoQ% FY18 Total revenues 226.06 256.96 268.64 +18.8% +4.5% 947.35 GP 82.92 102.00 109.82 +32.4% +7.7% 365.28 EBITDA 58.04 69.37 73.53 +26.7% +6.0% 257.06 Net Profit 22.89 31.97 42.46 +85.5% +32.8% 103.52 %GP 37.2% 40.2% 42.1% +4.9% +1.9% 39.2% %EBITDA Margin 25.7% 27.0% 27.4% +1.7% +0.4% 27.1% %Net Profit 10.1% 12.4% 15.8% +5.7% +3.4% 10.9%

Tuition Fees and Service Income

570.5 695.3 875.4 210.3 238.6 246.0 27.2 35.6 48.6 11.0 14.3 12.7

597.6 730.8 924.0 221.3 252.8 258.7 200 400 600 800 1000 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Tuition fees income Application and enrolment fee incomes 1,705 1,977 2,222 2,074 2,222 2,305 500 1,000 1,500 2,000 2,500 Dec-16 Dec-17 Dec-18 Mar-18 Dec-18 Mar-19

Financial Performance

597.6 730.8 924.0 221.3 252.8 258.7 11.0 15.5 23.4 4.8 4.1 9.9

608.6 746.3 947.4 226.1 257.0 268.6 200 400 600 800 1000 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Tuition fees and services income Education equipment and other income

Total Revenues

Number of Students (SISB as a school license holder)

95.5% 95.1% 94.7% 95.0% 94.4% 95.1% 4.5% 4.9% 5.3% 5.0% 5.6% 4.9%

0% 20% 40% 60% 80% 100% Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Tuition fees income Application and enrolment fee incomes Million Baht Million Baht Number of Students

5

▲YoY = 18.84%, ▲QoQ = 4.54% ▲YoY = 11.14%, ▲QoQ = 3.74%

Financial Performance

Administrative Expenses

158.4 196.6 238.7 54.6 66.5 74.3 26.0% 26.3% 25.2% 24.1% 25.9% 27.7% 50 100 150 200 250 300 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Administrative expenses Administrative expenses to total revenue

Net Profit and Net Profit Margin

69.8 17.9 103.5 22.9 32.0 42.5 11.5% 2.4% 10.9% 10.1% 12.4% 15.8% 20 40 60 80 100 120 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Net profit Net profit margin (%)

Tuition and Service Cost and Gross Profit Margin

278.1 324.9 373.9 94.2 102.4 102.5 88.5 166.4 193.2 46.1 49.3 48.7

366.7 491.4 567.2 140.3 151.7 151.2 39.2% 33.4% 39.2% 37.2% 40.2% 42.1%

• 1

1

200 400 600 800 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Cost of Education Cost of Building Management Gross Margin (%)

EBITDA vs EBITDA Margin

122.1 149.3 257.1 58.0 69.4 73.5 20.1% 20.0% 27.1% 25.7% 27.0% 27.4% 50 100 150 200 250 300 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 EBITDA EBITDA Margin (%) Million Baht Million Baht Million Baht Million Baht

6

1,252.2 1,429.7 1,385.9 1,375.2 67.9 75.6 367.3 348.9 149.0 219.8 672.1 757.3

1,469.1 1,725.1 2,425.3 2,481.5 500 1,000 1,500 2,000 2,500 Y2016 Y2017 Y2018 Q1-2019 Property, plant and equipment Cash and cash equivalents Other assets

Financial Position

188.6 187.1 1,598.0 1,640.5 400 800 1,200 1,600 2,000 Y2016 Y2017 Y2018 Q1-2019 Million Baht

432.0 545.7 613.2 592.3 550.0 779.0 298.6 213.3 214.1 248.7

1,280.6 1,538.0 827.3 841.0 400 800 1,200 1,600 2,000 Y2016 Y2017 Y2018 Q1-2019 Deferred income Total loans Other liabilities

Total Assets Total Shareholders' Equity Total Liabilities

Million Baht Million Baht Times 6.8 8.2 0.5 0.5 2.9 4.2 0.0 0.0 0.0 2.0 4.0 6.0 8.0 10.0 Y2016 Y2017 Y2018 Q1-2019 Debt to equity ratio Interest bearing debt to equity ratio

Debt to Equity Ratio

7

School Utilisation Capacity Seats

1,510 1,510 2,170 2,170 2,170 640 640 640 640 640 310 310 310 900 900 155 155 2,150 2,150 3,120 4,175 4,175

• 1,000

2,000 3,000 4,000 5,000 Y2015 Y2016 Y2017 Y2018 Q1-2019 SISB-PU SISB-SV SISB-CM SISB-TR SISB-EK Seat 1,293 1,419 1,715 1,382 1,420 239 286 262 275 285 84 147 149 478 519

• 87

81 1,532 1,705 2,061 2,369 2,454

• 500

1,000 1,500 2,000 2,500 3,000 Y2015 Y2016 Y2017 Y2018 Q1-2019 SISB-PU SISB-SV SISB-CM SISB-TR SISB-EK

Number of Students

Number of Students

Seats Capacity and Utilisation

Number of Students 2,150 2,150 3,120 4,175 4,175 1,532 1,705 2,061 2,369 2,454

• 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Y2015 Y2016 Y2017 Y2018 Q1-2019 Seats Capacity Number of Students (71.3%) (79.3%) (66.1%) (56.7%) (58.8%)

8

Sixth form School Grade 11 - 12 37 students : 1.5% Secondary School Grade 7 - 10 256 students : 10.4% Nursery - Kindergarten 1,084 students : 44.2% Primary School 1,077 students : 43.9% Foreign student 367 students : 15.0% Thai student 2,087 students : 85.0% Sixth form School Grade 11 - 12 40 students : 1.7% Primary School 1,075 students : 45.4%

Number of Students by Grade as at December 2018 and March 2019 Number of Students By Nationality as at December 2018 and March 2019

Dec 31, 2018 2,369 students Secondary School Grade 7 - 10 255 Students : 10.8% Mar 31, 2019 2,454 students Dec 31, 2018 2,369 students Thai student 2,019 students : 85.2% Foreign student 350 students : 14.8% Nursery - Kindergarten 999 students : 42.2%

Number of Students and Education Personnel (31 Mar 2019)

Mar 31, 2019 2,454 students Teachers Assistants 152 persons Teachers 286 persons Teachers Assistants 149 persons Teachers 280 persons

Number of Education Personnel as at December 2018 and March 2019

Dec 31, 2018 429 persons Mar 31, 2019 438 persons

9

Business Outlook

10

11

Focus on growth of student population with average increase of 200 - 250 students per year. Addition of secondary level for Thonburi Campus within two or three years. Build a new business development core team to support future expansion projects.

Business Opportunities

12

CSR Activities

Maha Chakri Sirindhorn Special Education Centre, Nakhon Nayok

13

CSR Activities

English Language Project

14

Other School Activities

Champions: SISB International Football Academy team won the 2019 Trofeo Mediterraneo U-11 football tournament in Spain 4th Rapid & Blitz International School Chess Championship 2019 Champion: Alpha Academy Badminton Tournament - Age Group Series 2018 Champion and 2nd Runner-up: SET Table Tennis Club Championships 2019 1st Runner-up: Bangkok Table Tennis Cup 2019

15

16

Q&A

17

18

Appendix

19

Vision and Mission

• Ensuring Schools of SISB Group are the International Leading School in both Thailand and the region
• Increasing number of students to more than 4,000 students within 3-5 years
• Expanding investment opportunity either Joint Venture or Franchise of SISB within Thailand and regional hub

CLMV and China.

MISSION

“To educate, enhance and empower diverse learning communities to be contributing global citizens” “To be the leading education provider, making quality education accessible to all”

VISION OBJECTIVES:

20

Company Structure

Operates as a school license holder to establish international schools under the Private School Act and offers other related educational services Singapore International School of Bangkok SISB Public Company Limited (“SISB”)

Licensee Singapore International School Suvarnabhumi

Singapore International School Thonburi Singapore International School Ekkamai

SISB SIRI Co., Ltd. (Paid-up Capital Baht 130M) (Joint Venture)

Singapore International School Chiangmai

Licensee 50% Licensee Licensee Licensee

SISB Thonburi Co,Ltd. (Paid-up Capital Baht 1M)

100%

21

Business of the Company

Five International Schools within the group

Singapore International School Chiangmai (SISB-CM) Joint Venture is a license holder Singapore International School

• f Bangkok

(SISB-PU) Singapore International School Suvarnabhumi (SISB-SV) Singapore International School Thonburi (SISB-TR) Singapore International School Ekkamai (SISB-EK)

The Company is a license holder to establish school

The Company operates as a school license holder to establish international schools under the Private

School Act and offers other related educational services. The Company is a pioneer who adopted Singapore curriculum as a basic curriculum in schools, which is widely accepted, especially mathematics and science. In addition, curriculum designed to be taught in three languages, English Chinese and Thai. The current curriculum is a mix between Singapore curriculum and the United Kingdom curriculum.

22

SISB is a licence holder to establish International School

Singapore International School of Bangkok

Singapore International School Suvarnabhumi

Singapore International School Thonburi Singapore International School Ekkamai

• Established

24 August 2001

• Offers education

services from Nursery to Sixth form

• Capacity of 2,170

students

• Boarding School (336

Beds)

• Property located on

Leasehold land

• Transferred licenses

26 July 2013

• Offers education

services Nursery - Primary

• Capacity of 640

students

• Property located on

Leasehold land

• Established

11 July 2018

• Offers education

services Nursery - Primary 3

• Capacity of 155

students

• Property located on

Leasehold land

• Established

10 October 2017

• Offers education

services Nursery - Primary

• Capacity of 900

students

• Property located on

Freehold land

23

Joint Venture SISB-SIRI is a licence holder to establish International Schools

• Established

28 December 2016

• Offers education services

Nursery – Primary 6

• Capacity of 310 students
• Property located on Leasehold land

Singapore International School Chiangmai

The Company grants SISB SIRI the right to use intellectual property and the trade information of the Company to manage Singapore International School of Chiangmai.

Joint Venture Agreement

The Company provides all necessary advice to apply for school establishment permit, including school administration.

Advisory and Management Assistance Service Agreement

50%

Businessmen in Chiangmai

50%

SISB-SIRI

24

Other Services to Support Schools Operation

• Extra Academic Support : EAS
• English Language Support : ELS
• Chinese Language Support : CLS
• Summer Course
• Training and Testing center
• International Primary School Leaving Examination

(iPSLE) for international schools with Singapore curriculum

• International General Certificate of Secondary

Educational (IGCSE) and Advanced Subsidiary Level (AS / A Level)

• Chinese language proficiency testing center (HSK)
• Scholastic Assessment Tests (SAT), an exam used

to apply for university in United States education system

• A training center to issue certificate from the Duke
• f Edinburgh Award which is an award for students

who participate in social activities

Extra-curriculum Education

• Extra Curriculum Activities : ECA

The courses focusing on activities Other Services to Support Schools Operation

• Boarding School
• Textbooks and education equipment
• Food & Beverage

Other Services (Only SISB-PU) Academic-oriented programs

• Swimming
• Gymnastic
• Football
• Badminton
• Table Tennis
• Taekwondo
• Ballet
• Computer Club
• Music Club
• Mechanical and Robot
• Art and Handicraft

25

Competitive Strategies

Distinctive Curriculum World Class Facilities Appropriate Tuition Fee Education International Standard Holistic Education Qualified and Experienced educational staff

26

Education Industry: Education system in Thailand

General Education Vocational School International School Curriculum per Ministry of Education International School Curriculum

• General School : Pre Primary - Secondary
• General School : (Bilingual)
• Vocational Certificate
• Diploma/High Vocational Certificate
• Vocational (Bilingual)
• 4 Curriculums
• 1. USA
• 2. UK
• 3. International Baccalauareate (IB)
• 4. Others
• Switzerland, German, Austria
• Singapore

Private Education System Number of students in formal private school and proportion of each students

2,477,882 2,521,323 2,554,072 2,548,147 2,436,501 2,540,393 2,519,957 2,536,311 82.4% 84.0% 85.1% 85.7% 86.2% 86.8% 86.5% 85.7% 16.3% 14.7% 13.6% 12.6% 12.0% 11.4% 11.5% 12.2% 1.3% 1.3% 1.4% 1.6% 1.8% 1.8% 2.0% 2.1% 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000

Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 Y2017

International School Vocational School General School

Number of Students

Source : Ministry of Education 27

Market Growth of International Schools

Source : Office of the Private Education Commission

International Students

31,839 33,048 35,436 40,439 42,332 44,497 50,958 53,754 10,000 20,000 30,000 40,000 50,000 60,000 Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 Y2017

International Schools

126 133 138 143 154 161 175 182 50 100 150 200 Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 Y2017

Teachers

4,549 4,604 5,956 6,176 6,652 6,898 7,730 2,000 4,000 6,000 8,000 10,000 Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016

Number of Students Number of Teachers Number of Schools

28

Factors affecting the Growth of International Schools

Thailand GDP Growth Rate

0.8% 7.2% 2.7% 0.9% 2.9% 3.2% 4.0% 4.1% 0.0% 2.0% 4.0% 6.0% 8.0% Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 Y2017 Y2018

2011 2012 2013 2014 2015 2016 2017 2018 Per Capita Income (Baht/person/year) 155,926 167,501 174,337 195,995 203,356 212,455 228,398 240,545 Growth 3.87% 7.42% 4.08% 12.42% 3.76% 4.47% 7.50% 5.32%

Source : National Economic and Social Development Board (NESDB)

High Net Worth Individual: HNWI in Thailand

41.6 49.8 57.8 65.2 73.5 80.2 90.7 95.7 107.9 122.5 25 50 75 100 125 Y2008 Y2009 Y2010 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 Y2017 Thousand Households Source : Capgemini World Wealth Report, 2018

29

99,658 112,680 133,671 138,230 145,232 149,181 151,690 161,059 40,000 80,000 120,000 160,000 200,000 Y2011 Y2012 Y2013 Y2014 Y2015 Y2016 Y2017 Y2018

Factors affecting the Growth of International Schools

Number of Foreigners working in Thailand

Unit

• Leading potential of more

expatriate working in Thailand

• Number 1 expat in Thailand

is Chinese

Demographic Trend

26.3% 25.9% 25.5% 25.1% 24.7% 24.3% 23.4% 22.5% 22.1% 18.6% 59.6% 59.4% 59.2% 59.0% 58.8% 58.6% 60.1% 57.0% 54.6% 50.7% 14.2% 14.7% 15.3% 15.9% 16.5% 17.1% 16.5% 20.6% 24.3% 30.7% 63.34 63.65 63.95 64.22 64.42 64.63 64.82 66.21 66.36 64.84 10 20 30 40 50 60 70 Y2012 Y2013 Y2014 Y2015 Y2016 Y2017 Y2018 Y2022F Y2027F Y2037F Over 60 years 20-59 years 0-19 years

• Approaching to Aging

Society

• Smaller family size
• Parents are more prone to

send their child to international schools

Million Source: Department of Provincial Administration, Ministry of Interior and Office of The National Economic and Social Development Board Source : Ministry of Labour

30

Development Plan 2019

31

Items Budget 1) Increasing 200-250 Students on the average (Marketing Plan) 8 MB. 2) Enhancing Professional Development for teachers 6.5 MB. 3) Renovate PU School 60 MB. 4) Expansion TR Campus : Land purchase 70 MB.

69.8 17.9 103.5 22.9 32.0 42.5 11.5% 2.4% 10.9% 10.1% 12.4% 15.8% 20 40 60 80 100 120 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Net profit Net profit margin (%) Million Baht

Gross Profit

236.7 246.7 365.3 82.9 102.0 109.8 39.2% 33.4% 39.2% 37.2% 40.2% 42.1%

100 200 300 400 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Gross Profit Gross Profit Margin (%)

Financial Performance

597.6 730.8 924.0 221.3 252.8 258.7 11.0 15.5 23.4 4.8 4.1 9.9

608.6 746.3 947.4 226.1 257.0 268.6 200 400 600 800 1000 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 Tuition fees and services income Education equipment and other income

Total Revenues Net Income

Million Baht Million Baht

32

▲YoY = 18.84%, ▲QoQ = 4.54%

EBITDA vs EBITDA Margin

122.1 149.3 257.1 58.0 69.4 73.5 20.1% 20.0% 27.1% 25.7% 27.0% 27.4% 50 100 150 200 250 300 Y2016 Y2017 Y2018 Q1-2018 Q4-2018 Q1-2019 EBITDA EBITDA Margin (%) Million Baht