VIBHA

VIBHAVADI MEDICAL CENTER

PUBLIC COMPANY LIMITED

PRESENTATION DATE:
01/2020
DISCLAIMERS
● The information contained in this presentation is for information purposes only.

● This presentation contains forward looking statements which reflect Management’s current views and estimates. The
forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially
from those contained in the forward looking statements. Prospective investors should be careful with respect to such
statements and should not place undue reliance on any such forward-looking statements.

● The information in this presentation has not been independently verified. None of the Company, any of its affiliates or
representatives, shall have any for any loss or damage howsoever arising from any use of this presentation or its
contents in connection with this presentation. The information in this presentation is current as of the date hereof and
is subject to change without notice and its accuracy is not guaranteed.

● No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any
other purposes. Prospective investors should undertake their own assessment.

● This presentation and all other information, materials or documents provided in connection therewith, shall not, either
in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with
all applicable law
 01
INTRODUCTION
& HIGH LIGHTS
3Q 2019 HIGH LIGHTS
 INTRODUCTION

1986 1992 2003 2009 2011

Establishment Register with JV with RAM Acquire PPS Acquire CMR

of the company SET (VIBHARAM)
Started with one Listed in the stock First hospital Non-Hospital Largest hospital
Stand-alone exchange of expansion business including group in Northern
hospital Thailand hotel, golf courses Thailand
 Share-holding structure
Subsidiary Companies
Hospital Name % share No. of beds Operating years Social Security

Vibhavadi 100 325* 30+ No

CMR (Lanna1&2 Hospital) 83.55 180+30 44 Yes

Chiangmairam 47.09 220 26 No

Theppunya1 47.09 109 24 Yes

Theppunya2 47.09 61 13 No

Haripoonchai Memorial 72.43 100 16 Yes

Ramkamhaeng Chiangmai 45.14 - -

Non-Hospital Subsidiary Companies

Princeston Park Suites 99.99 - 19 -

Beauty Design Center 50 - 7 -

Associated Companies
Vibharam 40.75 1000+ 29 Yes

Bangpo 28.57 100 34 No

Khelangnakorn 11.99 103 32 No

Pawor (Maesotram) 23.54 100 30 No

Non-Hospital Associated Companies

Tippayabodin 33.33 - 21
REVISION ON ACCRUED AMOUNT FOR DRG>
2
● CMR GROUP ACCRUED DRG AT 11,500 THB/DRG IN 1Q-3Q 2019. IN 4Q, THE
ACCRUED DRG 9300THB/DRG , HARI 8800THB/DRG, TPY 8800 THB/DRG

● CMR ADJUSTED 10.84 MIL THB, HARI 5.79MIL THB, TPY 3.15 MIL THB IN Q4
(PROPORTIONATE TO SHARE-HOLDING PERCENTAGE)

● VBR ADJUST ACCRUED DRG FROM 11,500 THB/DRG TO 11,000 THB/DRG

● VBR ADJUSTED MIL THB IN Q4

 02:
FINANCIAL
SUMMARY
 FINANCIAL SUMMARY
REVENUE BREAKDOWN 9M 2019
TOTAL REVENUES

7200 BY PATIENT TYPE BY SOURCES

PPS
6873 HARI 1% BDC
6800 6655 FOREIG
5% 1%
TPY
N
5%
11%
6400 6271 SS
12% OPD VIBHA
38%
6000 5899 39%

CMH
5600 36%

5200 IPD
CMR
39%
13%
2016 2017 2018 2019

*THERE WAS A 173 MIL THB DRG>2 REVENUE

DEDUCTION IN Q1, 2019 AND 84 MIL THB IN Q3, 2019
 FINANCIAL SUMMARY
YoY Changes 3.3%
YoY Changes
6872.6
6655.2
7.5%
10.7%
1661.3 1786.5 27.9% 49.3% 11.8%
1638.1 1813.7
430.3 167.6 723.7 809
336.6 112.3

TOTAL REVENUE EBITDA NI* TOTAL REVENUE EBITDA NI*

4Q 2018 4Q 2019 2018 2019

*NET INCOME ATTRIBUTABLE TO THE OWNER OF THE COMPANY

2019 NON-RECURRING ITEMS THB mm

NET OF INCOME TAX, PROPORTIONATE TO SHARE HOLDING

1. DRG>2 RECALL FROM 2016-2018 (251)

2. PROVISIONS FOR EMPLOYEE BENEFITS (43.76)
3. DRG UNIT PRICE ADJUSTMENT FROM 12,800 (19.78)
4. GAIN FROM DIVESTMENT IN RAM SHARES IN VIBHARAM 208.82

TOTAL (105.74)
 REVENUE BY SOURCES YOY REVENUE GROWTH BY SOURCES YOY

3.27 HARI PPS BDC

HARI PPS BDC % 5% 1% 1%
5% 1% 1%
TPY TPY
4% 5% VIBHA 5.37 %
CMR 10.66 %
VIBHA VIBHA CMH 9.95 %
39%
CMH
2018 38%
CMH
2019 TPY 6.43 %
28% 6655.23 29% 6872.66 HARI 2.31 %
MB MB PPS 12.74 %
BDC 101.15 %
CMR CMR
23% 20%

REVENUE GROWTH BY PATIENT TYPE YOY REVENUE GROWTH BY PATIENT TYPE YOY
1.31
%
SS OPD 4.26 %
SS 12% IPD 6.80 %
16%
SS 22.32 %
OPD
OPD
39%
38%
2018 2019
6367.33 6450.68
MB MB
IPD
IPD 49%
46%
 03:
OPERATIONAL
STATISTICS
9M 2019
 OPD STATISTICS 2,076,594 2,110,999
17,942
1.66%
NUMBER OF PATIENT GROWTH (VISITING NUMBER)
17,101
● 898,477 921,674

504,570 517,322 522,893 519,396 541,810 543,474 509,74 537,88

80,013 79,138
4,561 4,050 4,233 4,828 8 4 4,829
4,247 4,235 4,060
227,84 225,78 234,667 232,577
215,322 223,691 220,643 239,624
5 2 1,081,003 1,092,245
21,619 21,264 20,383
18,590 17,243 18,290
21,517 20,247

271,89 272,32
263,484 269,149 281,291 284,805 265,755 273,048
7 1
2018 2019

2018 1Q 2019 1Q 2018 2Q 2019 2Q 2018 3Q 2019 3Q 2018 4Q 2019 4Q OPD IPD

SS-OPD SS-IPD
● OPERATING REVENUE CONTRIBUTION BY PATIENT TYPE
1710.79
1626.75
248.8
1514.57 1556.17 1580.13 1662.63
194.4 187.6 1,521.77 1,645.38
202.6
6367.33 6450.68
92.9 274.2 284.1 270.2
7 7 9
8 6 7 861.8 4 987.86
776.7 791.5 830.7 795.7 767.44
696.4 695.4 641.0
3 9 4 7 3 2945.03 3144.84
8 5 8
601.1 630.0 585.4 600.5 637.4 661.2 610.4 646.9
2434.44 2538.4
4 8 3 1 2 5 5 6

2018 1Q 2019 1Q 2018 2Q 2019 2Q 2018 3Q 2019 3Q 2018 4Q 2019 4Q 2018 2019

OPD IPD SS
 NUMBER OF REGISTERED SS PATIENT
985,000
1,010,000
586,106 596,185 595,449 610,043 644,131 658,470 658,909 655,231

362,966 363,847 367,196 378,739 402,815 407,915 415,201 410,427

320,000
223,140 232,338 228,253 231,304 241,316 250,555 243,708 244,804
1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019

CMR VBR

CMR SS ANNOUNCED QUOTA INCLUDED VBR SS ANNOUNCED QUOTA

Total Registered Patient

 04:
FINANCIAL
PERFORMANCE
REVENUE TREND
TOTAL REVENUE
6.12%
3.27% TOTAL REVENUE
6.33% 6.30%
6872.66
6271.26 6655.24 6872.66 3.27%
5526.26 5899.47
6655.24

2018 2019
2015 2016 2017 2018 2019

TOTAL REVENUE TOTAL REVENUE

COMMENTARY
-- IN 2015, SPECIAL INCOME FROM DRG 53.26 MILLION THB (9000THB/DRG WHILE REALIZED 11,500THB/DRG
IN 1Q 2018, ROTA VIRUS OUTBREAK 3Q 2018, THERE WAS A 103 MILLION THB RECALL IN HARIPOONCHAI AND

- THEPPUNYA
1Q 2019, THERE WAS A SPECIAL DIVIDEND FROM RAM AND RECALL IN CMR FOR ANOTHER 123 MILLION THB AND

- ANOTHER 52 MILLION THB RECALL

3Q 2019, THERE WAS A RECALL IN HARIPOONCHAI AND TPY FOR ANOTHER 44 MILLION THB AND ANOTHER 31 MILLION
THB RECALL
 EBITDA & NP TREND
Attributable to owners of parent
EBITDA EBITDA NP NP
2000 181
1806 1814 1000 869 80
16 4 809
736 679 724 72 9
1592 1575 1633 11.1%
33 11.74%
4
1500
29% 29%
27% 13.32% 13.86% 11.77%
26% 11.51%
25% 10.88%
1000 2018 2019 0
2018 2019
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
EBITDA NP
EBITDA
NP

COMMENTARY
- IN 2016 2Q, LAND TRANSFER COST 28.92 MILLION THB RECALL ON CMR
REVENUE BREAKDOWN BY PAYMENT TYPE OF SELF-PAY GROWTH PERSPECTIVE YOY

OTHER OTHERS
S 2% SELF-PAY 1.30 %
PRIVA PRIVAT
2% E
TE
INSUR INSURA CORPORATE CONTRACT 0.26 %
ANCE NCE
30%
2018 32% 2019
6367.33 6450.68 SELF- PRIVATE INSURANCE 8.79 %
MB SELF- MB PAY
CORP PAY CORPO 61%
ORATE 63% RATE OTHERS 21.69 %
CONT CONTR
RACT ACT
5% 5%

REVENUE BREAKDOWN BY DEPARTMENT OF SELF-PAY GROWTH PERSPECTIVE YOY

OPD IPD

REVENUE 4.26 % 6.80 %

OPD
2018 OPD 2019 45%
IPD 5379.47
45% IPD 5683.28
NO. OF PATIENT 1.74 % 0.04 %
55%
55% MB MB
REVENUE PER VISIT 3.18 % 7.98%
 SOCIAL SECURITY REVENUE BREAKDOWN GROWTH PERSPECTIVE YOY
CHECK
CHECK OTHER OTHERS
UP
UP
EQUIP 4%
S
EQUIPM
5% 5% REVENUE 22.32 %
MENT 3%
ENT
7% 11%
REGISTERED PATIENT 2.63 %
BASIC
35%
RISK 2018 2019 BASIC
ADJUS 48% REVENUE PER HEAD 24.30 %
987.86 RISK
767.40
TED
24% MB ADJUST MB
ED
30%
RW>2 RW>2
27% 1%
SS UTILIZATION RATE PER PERSON

1. FIXED PAYMENT

- BASIC (1500THB PER HEAD PER YEAR) 3.83

- CUSTOMER COMPLAINT (60THB PER HEAD PER YEAR) 3.95
- DISCHARGE TYPE (60THB PER HEAD PER YEAR REDUCE TO 80THB PER HEAD PER YEAR*

2. STATISTICS
- IPD FROM 12,800 THB11,000 THB/DRG (AVERAGE)* 0.103 0.106
- OPD 26 CHRONIC DISEASES SUBJECT TO NATIONWIDE BUDGET 447 THB/HEAD/YEAR* (RISK ADJUSTED)

3. HIGH COST EQUIPMENT

4. CHECK-UP
2018 2019
5. OTHERS

IPD UTILIZATION OPD UTILIZATION

 *before attributable to the owner of the parent

CORE PROFIT & CORE PROFIT MARGIN

208.82

290.83 338.31 286.61

210.69 229.64 242.96 1,098.8
961.81
3
3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019
-85.4 -43.76 -75 (85.40) (104.73)
-175.01 -19.78
2018 2019

CORE PROFIT NON-RECURRING GAIN NON-RECURRING LOSS

COMMENTARY
- IN 1Q 2018, ROTA VIRUS OUTBREAK. IN 3Q 2018, THERE WAS A 85.40 MILLION THB RECALL IN HARIPOONCHAI AND

-- THEPPUNYA
1Q 2019, RECALL IN CMR FOR ANOTHER 175.01 MILLION THB, RAM DIVIDEND 30 MIL THB

-- 2Q 2019, PROVISION FOR EMPLOYEE BENEFIT 43.76 MILLION THB

3Q 2019, VBR PROFIT FROM SELLING RAM SHARES, MORE RECALL 76MIL THB
4Q 2019, ADJUST ACCRUED DRG
ASSOCIATED COMPANY PERFORMANCE
YoY Changes
PROFIT FROM ASSOCIATED COMPANY YoY Changes
NET OF INCOME TAX, PROPORTIONATE TO SHARE HOLDING
259.7
NP
1564.7%
1. VIBHARAM
2. BANGPO
3. KHELANGNAKORN 15.6
4. TIPPAYABODIN 75.9%
5. PAWOR
-15.3 NP
-63.4
2018 2019
4Q 2018 4Q 2019

2018 -1% -4%

1% 2019
6%
4% VBR
Source of contribution
from associated company’s 47% BANGPO
-43%
profit
KHELANGNAKOR
85% N
8% TIPPAYABODIN
-1%
ASSOCIATED COMPANY PROFIT
NET OF INCOME TAX, PROPORTIONATE TO SHARE HOLDING

259.73
259.73
240.54
240.54
160.96

164.69
17.76
3.02 15.62 83.38
1.56 83.38 11.51 11.51
9.2 -1.92
-1.97 -1.92 2.81
15.62 13.35
6 8.91 13.35 16
0.19 -11.12 -2.61 16
-13.69 -2.61
2016 2017 2018 2019 2018 2019
0.81 2.51
-76.58 -11.12

-76.58
- IN 2016 2Q, 20 MILLION THB RECALL ON VBR GROUP AND LOSS CONTRIBUTION
SHARE FROM ASSOCIATED COMPANIES VBR FROM GREEN-FIELD HOSPITALS.
- IN 2017 3&4Q, SPECIAL SHARE OF PROFIT FROM VBR DIVESTING GREEN-FIELD
BANGPO KHELANGNAKORN PROJECTS 200 MILLION THB, SPECIAL INCOME FROM SS (EQUIPMENT) 70
MILLION THB
TIPPAYABODIN PAWOR - IN 1Q 2018, ROTA VIRUS OUTBREAK 2Q, 104 MILLION THB PROFIT UNDER VBR
GROUP FROM SELLING OF RATCHATHANEE ROJNA TO RJH. IN 4Q 2018, THERE
WAS A RECALL ON VBR LAEMCHABANG AND 143 MILLION THB TEXTTILE LOSS
FROM ASSET WRITE-OFFS IN TIPPAYABODIN
- 3Q 2019, THERE WAS A GAIN FROM DIVEST OF RAM SHARES IN VBR (208.82 MIL)
CAPITAL STRUCTURE GEARING RATIOS
1.19

0.85 0.83 0.87 0.87

10% 10% 10% 8%
2%
8%
2%
9%
2%
0.77 0.92
2% 2% 2%
27% 26% 25% 29% 29% 0.58 0.64 0.64
36% 0.56 0.53

61% 62% 64% 61% 60% 53%

2014 2015 2016 2017 2018 2019

Total Liabilities / Total Equity Financial Debts / Total Equity
2014 2015
Total Equity
2016 2017
Interest Bearing Debt A/P
2018 2019
Other Liabilities

DIVIDEND PAYMENT AND PAYOUT RATIO Interest Coverage and Debt-to-EBITDA Ratio
0.053 0.050 0.055 11.71
0.047 10.53 9.97
0.043 EPS 9.22
7.67 6.96
0.031 81% 73%
82% 68%
68% DPS
96% 2.07 2.27 2.47 2.78 5.10
1.87

0.030 0.032 0.035 0.036 0.040 0.040

2014 2015 2016 2017 2018 2019
Debt-to-EBITDA Ratio Interest Coverage
FINANCIAL HIGHLIGHT

Profitability
2014 2015 2016 2017 2018 2019
Ratios

Gross Profit 30.20 32.54 32.33 32.04 30.04 27.48

Operating
20.78 22.80 20.55 21.99 18.37 22.65
Margin

ROE 12.82 14.02 11.23 12.58 10.25 12.75

ROA 10.60 11.48 9.37 9.45 7.91 7.96

 05:
UPDATED PROJECTS
9M 2019
VIPLAZA

13.3 % ROI*
270,000,000 THB INVESTMENT
22,000 SQ.M.

*EXPECTED, excluding land cost

 UPDATE PROJECT PIPELINES

Q1 2023

RAMKAMHAENG
CHIANGMAI
PROJECT BUDGET : 1600M
PAID 700M
Q1-2 2021
LANNA 3 HOSPITAL
PROJECT BUDGET : 900M
COMPLETED 60 %
2019-2020 PAID 400 M

VBR GROUP EXPANSION

● VIBHARAM NAWAMIN Q3 2019
(COMPLETED)
● VIBHARAM AMATA ONCOLOGY
HOSPITAL Q4 2019 (COMPLETED)
● VIBHARAM ONNUT Q4 2019 (OPD
SECTION COMPLETED)
● VIBHARAM2 Q1 2022 (ACQUIRING
PERMISSION)
“Our favourite holding
period is forever.”

—Warren Buffet
INVESTMENT COST & SOURCE OF INVESTMENT
NEW HOSPITAL PROJECT PROGRESS PROJECT 2019 2020 2021
PROJECTS INFORMATION COST (MB) (MB) (MB)
(MB)
SUBSIDIARY COMPANIES

LANNA3 250 BED 50% 900 400 500

RAMKAMHAENG 300 BED 10% 1600 700 400 500

CHIANGMAI

HARIPOONCHAI 2 180 BED 60% 800 300 500

TOTAL 3300 1400 1400 500

ASSOCIATED COMPANIES

VIBHARAM AMATA2 200 BED 0% 800 - 400 400

(UNDER VBR AMATA)

VIBHARAM BORWIN 200 BED 5% 800 30 220 550

(UNDER VBR AMATA)

VIBHARAM 2 - 0% 800 - 400 400

VIBHARAM ONNUT (IPD 200 BED 30% 1400 550 450 400
SECTION)

VIBHARAM 200 BED 0% 1200 - 200 500

RAYONG

BANGPO EXPANSION 60 BED 60% 400 100 300 -

TOTAL 5400 680 1970 2250

THANKS!
ANY QUESTIONS?

E-MAIL: INFO@VIBHAVADI.COM

FACEBOOK.COM/HOSPITAL4

LINE @ : @VIBHAVADIHOSPITAL