Bangkok Dusit Medical Services : Analyst Presentation 2Q2023 Results

Analyst Presentation 2Q23 Results

15 August 2023

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Contents

2Q23 & 6M23 Summary

Company Update

Our Network Hospital - Group 3

Operational Statistics

Financial Highlights

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2Q23 & 6M23 SUMMARY

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2Q23 Operational and Financial Summary

2Q23 Highlights

		2Q23
		% Chg	% to
			Revenue
Operating income	11%
		THB 24,372 mm
Hospital revenue	10%
		THB 23,141 mm
Breakdown by nationality
▪	Thai	7%	74%
	Thai Non COVID-19	28%
▪	International	22%	26%
Breakdown by location
▪	Bangkok & Vicinity	6%	56%
▪	Outside Bangkok	16%	44%
Breakdown by type of patients
▪	Outpatients	7%	48%
▪	Inpatients	13%	52%

Remark: - Operating income is calculated from hospital revenue + revenue from sales of goods + other income

- All operational statistics are from BDMS management report

Profitability and Ratio

(THB mm)	2Q23	2Q22	Chg. (yoy)
EBITDA	5,510	5,120	8%
EBITDA margin	22.6%	23.3%
EBIT	4,130	3,665	13%
EBIT margin	16.9%	16.7%
Net profit	3,063	2,664	15%
Net profit margin	12.6%	12.1%

Remark: Margin was calculated as a percentage of operating income

Commentary

• Hospital revenue increased 10% YoY mainly from
• • Recovery of both Thai and international patients
  • Strong growth at Center of Excellence
  • High growth of network hospitals outside of Bangkok from medical tourists and local epidemic
• EBITDA increased 8% YoY while NPAT increased 15% YoY

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6M23 Operational and Financial Summary

6M23 Highlights

		6M23
		% Chg	% to
			Revenue
Operating income	8%
		THB 48,685 mm
Hospital revenue	7%
		THB 46,225 mm
Breakdown by nationality
▪	Thai	Flat	72%
	Thai Non COVID-19	25%
▪	International	30%	28%
Breakdown by location
▪	Bangkok & Vicinity	4%	56%
▪	Outside Bangkok	11%	44%
Breakdown by type of patients
▪	Outpatients	10%	48%
▪	Inpatients	5%	52%

Remark: - Operating income is calculated from hospital revenue + revenue from sales of goods + other income

- All operational statistics are from BDMS management report

Profitability and Ratio

(THB mm)	6M23	6M22	Chg. (yoy)
EBITDA	11,497	11,293	2%
EBITDA margin	23.6%	25.0%
EBIT	8,760	8,370	5%
EBIT margin	18.0%	18.5%
Net profit	6,533	6,107	7%
Net profit margin	13.4%	13.5%

Remark: Margin was calculated as a percentage of operating income

Commentary

▪ Hospital revenue increased 7% YoY mainly from ▪ Recovery of international patients

▪ Higher patient intensity at Center of Excellence

▪ Thai patients growth was flat YoY due to decline in

COVID-19 patient revenues. However, Thai non COVID-19 growth of 25% YoY

▪ NPAT increased 7% YoY partly from lower depreciation and decrease in non-controlling interests in subsidiaries from

delisting in Samitivej Public Company Limited ("SVH")

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