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VIBHAVADI MEDICAL CENTER PUBLIC CO., LTD

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Disclaimer sclaimer

Com

• mpany

pany miles ilestones tones

1986 1992 2003 2009 2011

Establishment of the company

• Founded with only one building, 100 bed

hospital

Registered with SET

• Started Trading March,

1992

Joint Venture to establish Vibharam Group Hospitals

• Targeting Government-subsidized

programs and middle-income population

Establishment of Princeton Park Suites

• Invest in non-core

businesses

Acquire CMR group hospitals

• Largest Market-share of healthcare

in Northern part of Bangkok

Haripoonchai Khelangnakorni Pawor CMR,Lanna, Theppanya Laemchabangi Vibharam Pakkred Chaiprakarn PathePunya Seriruk Sikarin Chaopraya Vibhavadi Amata

Geographical View Of Associated Hospitals

Share-holding structure of VIBHA

Vibhavadi Hospital

CMR (Lanna Hospital) Haripoonchai Hospital ChiangmaiRam Hospital Khelangnakorn Hospital Theppunya , Thenpunya2 Hospital Pawor Hospital Vibharam Hospital PathePunya Hospital Seriruk Hospital Laemchabang Hospital PakkredHospital Chaiprakarn Hospital AmataHospital Samutsakorn Hospital Pending Projects:

• Nawamin
• Teparak
• Nakornsawan
• Rayong
• Nakornpatom
• Thonburi
• VS medical

SerirukHospital Synphate Hospital Nawanakorn Hospital ChaophyaHospital SikarinHospital

83.58% 56.37% 86.75% 100% 25.44% 50% 40.75% 50% 78.57 % 20% 100% 23.57% 74.8% 100% 10% 10% 4.43% 12.07% 7.69%

Associated companies group Subsidiary companies group Investment

Bangpo Hospital

28.57%

2015 2016 2016 2014

D i v e s t

50%

Mahesak Hospital

2017

ThaiNakrin (TNH)

2.49%

CMR hospitals

Lanna ChiangmaiRam Theppunya2 Theppunya Khelangnakorn Pawor Haripoonchai

CMR group hospitals

Vibharam (main)

Seriruk Pathepunya Vibharam Chaiprakarn Vibharam Laemchabang Vibharam Pakkred

Vibharam Group Hospitals

Vibharam Amata

Company’s Financial Highlights

Vibha 33.70% CMR 64.80% Princeton Park Suites 1.50%

www.vibhavadi.com

Revenue THB

4039.4 4606.88 5015.26 5526.26 5899.47 6271.26

3000 6000 9000 2012 2013 2014 2015 2016 2017

million

Source of Revenue

Vibhavadi Consolidated Financial Statistics

2017

Vibha 37.91% CMR 59.96% Princeton Park Suites 2.13% BDC 0.10%

2016

1. Vibhavadi’s performance 2. CMR’s performance 3. Vibharam’s performance (associated company) 4. Dividend from investment 5. Non-core Business

Revenue components of VIBHA

Net Profit (Owner of the parent) THB

135.08 391.54 546.18 596.11 736.65 678.64 868.55

300 600 900

2011 2012 2013 2014 2015 2016 2017

million

Commentary

• major growth in CMR is from CMH

EBITDA THB

Vibhavadi Consolidated Financial Statistics

Sources of Net Profit

1.85 60.00 0.09 31.59 0.04 0.18 6.24

VibhaRam CMR Tippayabodin Vibha Princeton Bangpo Dividend

2016

VibhaRam , 19 CMR, 41 Bangpo, 0.33 Vibha , 39 BDC, 0.4

2017

Quarterly Revenue & Profit Comparison

Commentary

• In 2015, there is a special income of 53.29 million from DRG>2 (in 2014 was set at 9000 THB/adjRW and in 2015 , actual realized amount is at

11500 THB/adjRW while in 2016, actual realized amount is 10,000 THB/adjRW) CMR

• More expansions in 2016 (Chiangmai Ram, Lanna), therefore, more expenseCMR
• Profit from selling the land between subsidiary companies (136.70 million THB) is not included in consolidated financial report but expense

and income tax of 43.96 million is included in the consolidated financial report CMR (Q2, 2016)

• Recall of Social Security payment for DRG>2 for 28.92 million THB for CMR group and around 20 million for Vibharam group
• In 2017 Q1-Q3, despite Last portion of Recall in CMR, revenue still increases. There is an increase in profit from VBR from divesting

pending projects and government subsidized program (นอกเหนือเหมาจ่าย) 70 million THB that has never been recorded but from now on will be accrued (about 2 million THB/month)

Quarter and Year Revenue Profit 2015 2016 2017 2015 2016 2017 1 1371 1423 1428 178 145 153 2 1243 1387 1458 118 104 187 3 1447 1561 1718 202 226 298 4 1464 1517 1667 235 202 230

Inorganic growth in 2017

• Profit from selling Chaiprakarn (100 million

Baht)

• Profit in Bangpo (from deferred tax 20 million)
• Vibharam ‘s special income from extra from

lumpsum package (70 million Baht)

• Profit in Princeton Park Suites devaluation in

the past is removed due to decreasing capital (10 million)

Positive outlook in 2018

• Selling of Rachathanee Rojna shares (100 million Baht profit)
• Mahesak ‘s value appreciate (appraisal > purchase) 20 million
• No more deduction from DRG>2 in CMR (20 million in 2017)
• Ramping up revenue from expansion in CMH
• Better performance in both loss-making and profit making hospitals
• Less interest
• Chinese tourism growth has rebounced in 2018
• TBD factory production starts May 2018
• Vibharam accrued 2 million Baht/month for extra from lumpsum

package

New building in Vibhavadi

New building in Vibhavadi

New building in Vibhavadi

Estimate Budget

• 300-400 million THB
• Estimate commercial area 7000 SQM
• 8th and 9th floor to be clinics

Expansion in Vibha

Achieving higher RoA

• ICU, CCU, PICU
• One-stop Check-up
• New Cath-lab machine
• Ward 5,17 expansion

(expect around 40 beds)

• GI expansion
• Myanmar Office

Expansion in CMR

• Land purchase in Theppunya Hospital 400

Million THB (planing for expansion) 5-rai

• Ramping up patients from CMH Hospital

expansion (completed 2017)

• Construction plan for Lanna Hospital

– 150-200 beds (EIA pending) – budget 400 million THB

Expansion in VBR

• VBR building expansion
• Laemchabang expansion
• Amata expansion

(Vibharam Amata Oncology Center)

• Nawamin Opening
• Mahesak acquired in 2017

Thank you