en company presentation q4
PT Siloam International Hospitals Tbk
Indonesia’s Largest, Fastest Growing,
World Class Hospital Group
Full Year 2013
Disclaimer
This presentation has been prepared by PT Siloam International Hospitals, Tbk (SILO ) and is circulated for the purpose of general
information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities
of SILO. No warranty ( expressed or implied ) is made to the accuracy or completeness of the information. All opinions and estimations
included in this report constitute our judgment as of this date and are subject to change without prior notice. SILO disclaim s any
responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of reliance upon the
whole or any part of the contents of this presentation and neither SILO nor any of its affiliated companies and their respective
employees and agents accept liability for any errors, omission, negligent or otherwise, in this presentation and any inaccuracy herein or
omission here from which might otherwise arise.
Forward – Looking Statements
The information communicated in this presentation contains certain statements that are or may be forward looking. These statements
typically contain words such as “will”, “expects” and “anticipates” and words of similar import. By their nature, forward looking statements
involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this
presentation. Factors that could cause actual results to differ include, but are not limited to, economic, social, and political conditions in
Indonesia ; the state of the property industry in Indonesia; prevailing market conditions; increases in regulatory burdens in Indonesia,
including environmental regulation and compliance cost; fluctuations in foreign currency exchange rates; interest rate trends, cost of
capital and capital availability; the anticipated demand and selling prices for SILO developments and related capital expenditures and
investments; the cost of construction; availability of real estate property; competition from other companies and venues; shifts in
customer demands; changes in operation expenses, including employee wages, benefits, and training, governmental and public policy
changes; SILO’s ability to be and remain competitive; SILO’s financial condition, business strategy as well as the plans and objectives of
SILO’s management for future operations; generation of future receivables; and environmental compliance and remediation. Should one
or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those estimated, anticipated
or projected. Specifically, but without limitation, capital costs could increase, projects could be delayed and anticipated improvements in
production, capacity or performance might not be fully realized. Although SILO believes that the expectations of its management as
reflected by such forward –looking statements are reasonable based on information currently available to us, no assurances can be
given that such expectations will prove to have been correct. You should not unduly rely on such statements. In any event, these
statements speak only as of the date hereof, and SILO undertakes no obligation to update or revise any of them, whether as a result of
new information, future events or otherwise.
Contents
Where We Are In Lippo Karawaci
01
Highly Experienced & Professional Management
02
2013 Siloam at a Glance
03
2013 Siloam Highlights
04
Our Operations
05
The Strategy & Business Model
06 - 08
Premier Private Hospital Group
09 - 11
Financial & Operational Performance
12 – 21
Where We Are In Lippo Karawaci
LIPPO RELATED COMPANIES
01
PUBLIC
72 %
28%
As of 31 Dec 2013
No. of Outstanding Shares : 23,077,689,619
Code : LPKR.JK ; LPKR IJ
DEVELOPMENT REVENUE
RESIDENTIAL & URBAN DEVELOPMENT
• Lippo Village
• Lippo Cikarang
• Tanjung Bunga
• San Diego Hills Memorial Park
• Kemang Village
• The St. Moritz
• City of Tomorrow
• Park View Apartments
• The Nine Residence
• Holland Village
• St Moritz Panakukang
• Embarcadero
RECURRING REVENUE
HOSPITALS
• Siloam Hospitals
COMMERCIAL
• Retail Malls
• Aryaduta Hotels
• Town
Management
Services,
Leisure and
Restaurants
ASSET
MANAGEMENT
• REIT, Mall & Hotel
Management
Highly Experienced & Professional Management
02
Board of
Commisioners
Ketut Budi Wijaya
President
Commissioner
Theo L. Sambuaga
Commissioner
Agus Benjamin
Commissioner
dr. Gershu Paul
President Director
dr. Grace Frelita
Director, Global
Quality Development
Romeo Lledo
Director, Accounting
and Finance
Farid Harianto
Independent
Commissioner
Prof. Dr. H. Muladi, S.H Ir. Jonathan L. Parapak
Independent
Independent
Commissioner
Commissioner
Board of
Directors
*) Universitas Pelita Harapan Medical Science Group
S.Budisuharto
Prof. George Mathew
dr. Anang Prayudi
Director, Strategy and Director, Network and President, MRIN, UPH
Marketing
& UPHMS*
Development
Development Group
2013 Siloam at a Glance
Equitable, Affordable and Accessible Quality Healthcare For Indonesia
Year of Breakthrough
16 Hospitals
12 Cities
3,700 Beds Capacity
1,200 Specialist Doctors
300 General Practitioners
3,600 Nurses and Allied Health Staff
2,300 Support Staff
11 Cath Labs, 13 MRIs, 18 CTs, 1 Gamma Knife
2 Linear Accelerators, 1 Cyclotron
Launching of Siloam Heart Institute and Yayasan Denyut Jantung
Winner of Sustainable Business Award 2013
03
2013 Siloam Highlights
Completed a successful initial public offering of Siloam International Hospitals
- Listed on September 12, 2013
- Priced at Rp 9,000 per share
- Raised total proceeds of IDR 1,405 bn
Siloam Hospitals Bali (SHDP), opened on January 1, 2013, turned EBITDAR positive
on the 6th month
Siloam Hospitals TB Simatupang (SHTB) opened on July 1, 2013 and is performing to
plan
Strong momentum in operations as developing hospitals increase their contribution to
revenue and EBITDAR, and new hospitals turn EBITDAR positive
Acquired BIMC in Bali to consolidate our position as the lead Health Service provider In
Bali with 3 facilities. These consolidations will facilitate pioneering inroads into medical
tourism in Indonesia.
04
Our Operations
05
Unrivalled scale across Indonesia
JCI Standard
Operational Hospitals
Future Developments
The Strategy & Business Model
06
4 Pillar Foundation
1
Emergency
2
Technology
3
Telemedicine
4
Doctors
Excellence in
Emergency Services
500-911
State-of-the-Art
Medical Equipment
and Systems
Digital Telemedicine
“Hub and Spoke”
Siloam Doctor
Partnership and
Development
Program
4 Pillar Foundation
Siloam Hospitals’ four pillar foundation has been key to the success of our existing hospitals
and will serve as the basis for replicating this success at our expansion hospitals…
The Strategy & Business Model
07
Clinical Service Delivery
Siloam’s
Integrated Healthcare
Delivery Model
•
Access to
Centres of
Excellence
through hub and
spoke system
and Telemedicine
•
•
•
3
Quaternary
Integrated Centres of Excellence: Neuroscience, Cardiology, Cancer, Orthopedic, Urology,
Fertility
Hub and Spoke strategy and extensive coverage of specialised services via Digital Tele-Medicine
Pioneering investments in Indonesia’s healthcare sector
– Comprehensive Cancer Centre opened in 2011
– Indonesia’s first Gamma Knife installed in 2012
Tertiary
•
•
•
High standard and
accessible medical
care through focus
on clinical
governance and
affordable price
points
Specialist access for
primary healthcare
demand
Public-PrivatePartnership
2
•
Best in class and highly accessible healthcare services platform
through:
– Rapid expansion of hospital network across Indonesia
– Attracting and retaining the best doctors with strong focus on
doctors’ welfare (SDPDP)
– Equip hospitals with State-of-the-Art facilities such as 128 slice
CT Scan and 1.5T MRI
Secondary
•
•
1
Primary
Research and Education
•
Primary clinics for corporate clients
Public-Private-Partnership (PPP) model - Siloam Puskesmas (Public Health
Clinic)
RSUS – First general hospital using public sector model
– Additional demand from patients under governmental insurance and social
schemes
– Gateway to Indonesia’s “Universal Healthcare Coverage” and Government
Health Insurance Programs
•
•
Integrated platform with UPHMS and other partnerships
Medical students training at RSUS, SHLV, and SHKJ
One-stop continuum of care at primary, secondary, tertiary and quaternary levels
The Strategy & Business Model
08
UPHMS (UPH Medical Sciences)
Bringing Together Clinical, Research & Education
Centre of Excellence and
Global Reputation
•
•
Best practice Models
Remote Access Diagnosis (RAD)
and Remote Access Clinical
Management (RACM)
Telemedicine
Centres of Clinical Excellence/
Accreditation
Teaching Hospital paradigm
•
•
•
•
•
Alignment – across
teaching and service
delivery
Affiliate with agencies
such as
ACORN/NUS/SGH/UOM
Leading edge research
Clinical
•
·
Research
Education
•
•
•
•
•
•
Future workforce
Systems based curriculum
converged with PBL
Best practice replication
Clinical placement
Foundation for Innovation
Overseas training –
Singapore/Australia/USA/China
Premier Private Hospital Group
09
Our Hospitals (Mature and Developing)
SILOAM HOSPITALS LIPPO VILLAGE
MRCCC SILOAM SEMANGGI
TANGERANG (West of Jakarta)
SOUTH JAKARTA
322 Bed Capacity
229 GP and Specialists
481 Nurses
Centre of Excellence : Neurosience &
Heart Centre
JCIA
331 Bed Capacity
159 GP and Specialists
237 Nurses
Centre of Excellence : Cancer Centre
SILOAM HOSPITALS KEBON JERUK
WEST JAKARTA
279 Bed Capacity
211 GP and Specialists
325 Nurses
Centre of Excellence : Urology &
Orthopaedic
SILOAM HOSPITALS SURABAYA
EAST JAVA
182 Bed Capacity
129 GP and Specialists
272 Nurses
Centre of Excellence : Fertility Centre
SILOAM HOSPITALS JAMBI
EAST SUMATERA
106 Bed Capacity
55 GP and Specialists
127 Nurses
Centre of Excellence : Emergency &
Trauma
83% Ownership
SILOAM HOSPITALS CIKARANG
SILOAM HOSPITALS BALIKPAPAN
BEKASI (East of Jakarta)
EAST KALIMANTAN
110 Bed Capacity
87 GP and Specialists
156 Nurses
Centre of Excellence : Occupational Health
228 Bed Capacity
92 GP and Specialists
165 Nurses
Centre of Excellence : Emergency &
Trauma and Orthopedics
79.6% Ownership
Premier Private Hospital Group
10
New Hospitals in 2012
SILOAM GENERAL HOSPITAL (RSUS)
TANGERANG (West of Jakarta)
SILOAM HOSPITALS CINERE
DEPOK (South of Jakarta)
666 Bed Capacity
41 GP and Specialists
169 Nurses
21 Bed Capacity
7 GP and Specialists
55 Nurses
Centre of Excellence: Cardiology
SILOAM HOSPITALS MANADO
NORTH SULAWESI
231 Bed Capacity
75 GP and Specialists
160 Nurses
Centre of Excellence : Emergency
SILOAM HOSPITALS MAKASSAR
SOUTH SULAWESI
360 Bed Capacity
77 GP and Specialists
143 Nurses
Centre of Excellence : Cardiology &
Emergency
SILOAM HOSPITALS PALEMBANG
SOUTH SUMATERA
347 Bed Capacity
111 GP and Specialists
170 Nurses
Centre of Excellence : Emergency &
Trauma
Premier Private Hospital Group
11
New Hospitals in 2013
SILOAM HOSPITALS BALI
BALI
BIMC KUTA
BALI
281 Bed Capacity
84 GP and Specialists
127 Nurses
Centre of Excellence : Emergency,
medical tourism, orthopaedics &
cardiology
19 Bed Capacity
52 GP and Specialists
65 Nurses
Centre of Excellence : Emergency
SILOAM HOSPITALS TB SIMATUPANG
SOUTH JAKARTA
BIMC NUSA DUA
BALI
269 Bed Capacity
70 GP and Specialists
41 Nurses
Centre of Excellence : Emergency,
cardiology, oncology &
neuroscience
31 Bed Capacity
34 GP and Specialists
74 Nurses
Centre of Excellence : Emergency
Operational & Financial
Performance
For The 12 Months Ended December 31, 2013
Strong Financial Performance
13
Total Revenue
EBITDA
( In Rp Bn )
( In Rp Bn )
302
2,502
+40%
+34%
+42%
+46%
1,788
225
+10%
+22%
140
+12%
1,030
+21%
155
+23%
1,259
+16%
114
890
102
737
2008
2009
2010
2011
2012
2013
2008
2009
2010
2011
2012
2013
Siloam is the clear leader and fastest growing private hospital group in Indonesia serving all segments of the population
Note:
EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or
income (consisting primarily of financing income and others-net).
Revenue & EBITDA Growth
14
FY2013 Results by Hospital Category
Revenue Contribution and Growth by Category
EBITDA Contribution and Growth by Category
+ 14%
9%
4%
7%
6%
9%
13%
12%
+ 31%
+ 24%
8%
+ 236%
+ 51%
92%
73%
60%
FY2012
4 Mature
0%
13%
2 Developing
+ 182%
+ 118%
FY2013
MRCCC
83%
+ 244%
FY2012
RSUS
4 New 2012
4 New 2013
4 Mature
+ 335%
FY2013
2 Developing
MRCCC
RSUS
4 New 2012
4 New 2013
Commentary
Significant Growth in GOR (40%) and EBITDA (38%).
MRCCC & developing and new hospitals category will continue to grow over 50% as these hospitals ramp-up their
operations to mature level.
Mature hospitals will continue to have annual growth ranging from 15% to 20%.
Note:
EBITDAR refers to income before rent, HO expenses, depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and
other expense and/or income (consisting primarily of financing income and others-net).
Revenue & EBITDA Analyses
15
FY13 Results Consolidated 16 Hospitals
Particulars
GOR
FY 2012
FY 2013
IDR Bn
IDR Bn
∆%
1,788
2,502
40%
515
657
27%
1,273
1,845
45%
Material Cost
566
810
43%
Gross Margin
707
1,036
46%
Operating Expenses
424
652
54%
EBITDAR
283
384
36%
Service Cost
NOR
% to GOR
15.8 %
15.3 %
Rental (i)
30
36
18%
HO Expenses
28
46
69%
EBITDA (ii)
225
% to GOR
302
12.6 %
34%
12.1 %
Commentary
New Hospitals 2013
- SHDP, opened on January 1, 2013, performing as planned. Hit positive EBITDAR on the 6 th month.
- SHTB, opened on July 1, 2013, performing within plan.
New Hospitals 2012
- SHMK and SHPL are generating EBITDAR of 10% to GOR in their first 12 months, exceeding expectations.
Notes:
(i)
Represents rental expenses for the land and buldings, Siloam is leasing from FREIT, PT Lippo Karawaci Tbk and other party. PT Lippo Karawaci started
charging rent for the land and buildings of 9 hospitals on May 1, 2013. (see note 34 of the audited financial statement as of and for the periods ended
September 30, 2012 and 2013)
(ii)
EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and
other expense and/or income (consisting primarily of financing income and others-net).
(i)
Balance Sheet - Assets
16
As of December 31, 2012 and 2013
Assets FY2012
Assets FY2013
(Rp bn)
Others, 317
(Rp bn)
Others, 290
Inventories,
95
Inventories,
75
A/R, 187
Cash & Cash
Equivalent,
169
A/R, 271
Property and
Equipment,
1,402
Property and
Equipment,
865
Rp 1,586 Billion
Cash & Cash
Equivalent,
515
Rp 2,601 Billion
Commentary
Increase in cash and cash equivalent from Rp 169bn to Rp 515bn (3.0x) was primarily due to the proceeds of the
IPO in September 2013.
Increase in property and equipment from Rp 865bn in 2012 to Rp 1,402bn in 2013 was primarily due to the
investments in new hospitals in January 2013 to December 2013.
Balance Sheet – Liabilities + Equity
17
As of December 31, 2012 and 2013
Liabilities + Equity FY2012
(Rp bn)
Equity, 245
Liabilities + Equity FY2013
Current
Liabilities,
268
(Rp bn)
Non Current
Liabilities,
1,074
Non Current
Liabilities,
666
Equity, 1,639
Rp 1,586 Billion
Current
Liabilities,
296
Rp 2,601 Billion
Commentary
Increase in equity from FY2012 to FY2013 was primarily due to the IPO offering in September 2013 and
accumulated net profit of the period ended.
Decrease in non-current liabilities was due to the partial payment to parent company from the proceeds of the IPO.
Average Revenue Per Patient
18
IPD Average Revenue Per Patient
(Rp Mn)
50.0
39.0 40.9 39.4
40.0
30.0
20.0
16.8
20.2
19.1 19.1 19.8
15.5 15.6
9.3 11.1
10.0
5.0 7.1
5.1
4 Mature
2 Developing
MRCCC
2010
2011
2012
RSUS
2013
4 New 2012
4 New 2013
OPD Average Revenue Per Patient
(Rp Mn)
2.5
2.0
2.0
2.1 2.1
1.5
1.0
1.0
0.8
0.6 0.7 0.7
0.5 0.6
0.6 0.5 0.5
0.5
0.2 0.2
4 Mature
2 Developing
MRCCC
2010
2011
2012
RSUS
2013
4 New 2012
4 New 2013
Margin Breakdown by Line of Business
IPD Margin %
19
Margin Contribution by Segment
100%
80%
33%
38%
31%
32%
27%
32%
67%
62%
69%
68%
73%
68%
OPD
IPD
60%
40%
20%
314 Billion
0%
4 Mature
2
MRCCC
Developing
Cost
RSUS
4 New
2012
4 New
2013
27%
35%
73%
65%
4 New
2012
4 New
2013
Margin
OPD Margin %
100%
80%
33%
34%
34%
67%
66%
66%
51%
60%
40%
49%
20%
0%
4 Mature
2
MRCCC
Developing
Cost
RSUS
Margin
Note:
Margin excludes depreciation expense thus a reconciling item to the audited financial statement.
39%
493 Billion
61%
Number of Hospital Growth
20
16
4
12
5
7
4
12
3
7
4
4
2010
2011
2012
2013
Operational Update Patient Visits & Admissions
OPD Visits (+26%)
21
ED Visits (+33%)
662,916
621,414
14%
7%
74,615
65,739
19%
137,628
115,210
4 Mature
2
Developing
61%
242%
276%
215%
20,833
100,941
50,681
30,139
26,819
31,395
9,557
MRCCC
FY2012
RSUS
81%
32%
16,534
2,310
4 New 2012 4 New 2013
4,409
4,192
32,259
-
4 Mature
FY2013
IPD Admissions (+40%)
2
Developing
MRCCC
FY 2012
23,655
RSUS
8,301
6,913
-
3,344
4 New 2012 4 New 2013
FY 2013
Strong throughput growth at all entry points and
44,442
40,016
conversion to IPD across all hospitals
11%
215%
18%
92%
9,188
10,806
3,193
4 Mature
2
Developing
15,744
Total visits and admissions 2012 : 1,033,571
Total visits and admissions 2013 : 1,297,157
50%
4,803
MRCCC
FY2012
7,422
3,863
RSUS
FY2013
4,999
-
2,692
4 New 2012 4 New 2013
26%
Indonesia’s Largest, Fastest Growing,
World Class Hospital Group
Full Year 2013
Disclaimer
This presentation has been prepared by PT Siloam International Hospitals, Tbk (SILO ) and is circulated for the purpose of general
information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the securities
of SILO. No warranty ( expressed or implied ) is made to the accuracy or completeness of the information. All opinions and estimations
included in this report constitute our judgment as of this date and are subject to change without prior notice. SILO disclaim s any
responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of reliance upon the
whole or any part of the contents of this presentation and neither SILO nor any of its affiliated companies and their respective
employees and agents accept liability for any errors, omission, negligent or otherwise, in this presentation and any inaccuracy herein or
omission here from which might otherwise arise.
Forward – Looking Statements
The information communicated in this presentation contains certain statements that are or may be forward looking. These statements
typically contain words such as “will”, “expects” and “anticipates” and words of similar import. By their nature, forward looking statements
involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this
presentation. Factors that could cause actual results to differ include, but are not limited to, economic, social, and political conditions in
Indonesia ; the state of the property industry in Indonesia; prevailing market conditions; increases in regulatory burdens in Indonesia,
including environmental regulation and compliance cost; fluctuations in foreign currency exchange rates; interest rate trends, cost of
capital and capital availability; the anticipated demand and selling prices for SILO developments and related capital expenditures and
investments; the cost of construction; availability of real estate property; competition from other companies and venues; shifts in
customer demands; changes in operation expenses, including employee wages, benefits, and training, governmental and public policy
changes; SILO’s ability to be and remain competitive; SILO’s financial condition, business strategy as well as the plans and objectives of
SILO’s management for future operations; generation of future receivables; and environmental compliance and remediation. Should one
or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those estimated, anticipated
or projected. Specifically, but without limitation, capital costs could increase, projects could be delayed and anticipated improvements in
production, capacity or performance might not be fully realized. Although SILO believes that the expectations of its management as
reflected by such forward –looking statements are reasonable based on information currently available to us, no assurances can be
given that such expectations will prove to have been correct. You should not unduly rely on such statements. In any event, these
statements speak only as of the date hereof, and SILO undertakes no obligation to update or revise any of them, whether as a result of
new information, future events or otherwise.
Contents
Where We Are In Lippo Karawaci
01
Highly Experienced & Professional Management
02
2013 Siloam at a Glance
03
2013 Siloam Highlights
04
Our Operations
05
The Strategy & Business Model
06 - 08
Premier Private Hospital Group
09 - 11
Financial & Operational Performance
12 – 21
Where We Are In Lippo Karawaci
LIPPO RELATED COMPANIES
01
PUBLIC
72 %
28%
As of 31 Dec 2013
No. of Outstanding Shares : 23,077,689,619
Code : LPKR.JK ; LPKR IJ
DEVELOPMENT REVENUE
RESIDENTIAL & URBAN DEVELOPMENT
• Lippo Village
• Lippo Cikarang
• Tanjung Bunga
• San Diego Hills Memorial Park
• Kemang Village
• The St. Moritz
• City of Tomorrow
• Park View Apartments
• The Nine Residence
• Holland Village
• St Moritz Panakukang
• Embarcadero
RECURRING REVENUE
HOSPITALS
• Siloam Hospitals
COMMERCIAL
• Retail Malls
• Aryaduta Hotels
• Town
Management
Services,
Leisure and
Restaurants
ASSET
MANAGEMENT
• REIT, Mall & Hotel
Management
Highly Experienced & Professional Management
02
Board of
Commisioners
Ketut Budi Wijaya
President
Commissioner
Theo L. Sambuaga
Commissioner
Agus Benjamin
Commissioner
dr. Gershu Paul
President Director
dr. Grace Frelita
Director, Global
Quality Development
Romeo Lledo
Director, Accounting
and Finance
Farid Harianto
Independent
Commissioner
Prof. Dr. H. Muladi, S.H Ir. Jonathan L. Parapak
Independent
Independent
Commissioner
Commissioner
Board of
Directors
*) Universitas Pelita Harapan Medical Science Group
S.Budisuharto
Prof. George Mathew
dr. Anang Prayudi
Director, Strategy and Director, Network and President, MRIN, UPH
Marketing
& UPHMS*
Development
Development Group
2013 Siloam at a Glance
Equitable, Affordable and Accessible Quality Healthcare For Indonesia
Year of Breakthrough
16 Hospitals
12 Cities
3,700 Beds Capacity
1,200 Specialist Doctors
300 General Practitioners
3,600 Nurses and Allied Health Staff
2,300 Support Staff
11 Cath Labs, 13 MRIs, 18 CTs, 1 Gamma Knife
2 Linear Accelerators, 1 Cyclotron
Launching of Siloam Heart Institute and Yayasan Denyut Jantung
Winner of Sustainable Business Award 2013
03
2013 Siloam Highlights
Completed a successful initial public offering of Siloam International Hospitals
- Listed on September 12, 2013
- Priced at Rp 9,000 per share
- Raised total proceeds of IDR 1,405 bn
Siloam Hospitals Bali (SHDP), opened on January 1, 2013, turned EBITDAR positive
on the 6th month
Siloam Hospitals TB Simatupang (SHTB) opened on July 1, 2013 and is performing to
plan
Strong momentum in operations as developing hospitals increase their contribution to
revenue and EBITDAR, and new hospitals turn EBITDAR positive
Acquired BIMC in Bali to consolidate our position as the lead Health Service provider In
Bali with 3 facilities. These consolidations will facilitate pioneering inroads into medical
tourism in Indonesia.
04
Our Operations
05
Unrivalled scale across Indonesia
JCI Standard
Operational Hospitals
Future Developments
The Strategy & Business Model
06
4 Pillar Foundation
1
Emergency
2
Technology
3
Telemedicine
4
Doctors
Excellence in
Emergency Services
500-911
State-of-the-Art
Medical Equipment
and Systems
Digital Telemedicine
“Hub and Spoke”
Siloam Doctor
Partnership and
Development
Program
4 Pillar Foundation
Siloam Hospitals’ four pillar foundation has been key to the success of our existing hospitals
and will serve as the basis for replicating this success at our expansion hospitals…
The Strategy & Business Model
07
Clinical Service Delivery
Siloam’s
Integrated Healthcare
Delivery Model
•
Access to
Centres of
Excellence
through hub and
spoke system
and Telemedicine
•
•
•
3
Quaternary
Integrated Centres of Excellence: Neuroscience, Cardiology, Cancer, Orthopedic, Urology,
Fertility
Hub and Spoke strategy and extensive coverage of specialised services via Digital Tele-Medicine
Pioneering investments in Indonesia’s healthcare sector
– Comprehensive Cancer Centre opened in 2011
– Indonesia’s first Gamma Knife installed in 2012
Tertiary
•
•
•
High standard and
accessible medical
care through focus
on clinical
governance and
affordable price
points
Specialist access for
primary healthcare
demand
Public-PrivatePartnership
2
•
Best in class and highly accessible healthcare services platform
through:
– Rapid expansion of hospital network across Indonesia
– Attracting and retaining the best doctors with strong focus on
doctors’ welfare (SDPDP)
– Equip hospitals with State-of-the-Art facilities such as 128 slice
CT Scan and 1.5T MRI
Secondary
•
•
1
Primary
Research and Education
•
Primary clinics for corporate clients
Public-Private-Partnership (PPP) model - Siloam Puskesmas (Public Health
Clinic)
RSUS – First general hospital using public sector model
– Additional demand from patients under governmental insurance and social
schemes
– Gateway to Indonesia’s “Universal Healthcare Coverage” and Government
Health Insurance Programs
•
•
Integrated platform with UPHMS and other partnerships
Medical students training at RSUS, SHLV, and SHKJ
One-stop continuum of care at primary, secondary, tertiary and quaternary levels
The Strategy & Business Model
08
UPHMS (UPH Medical Sciences)
Bringing Together Clinical, Research & Education
Centre of Excellence and
Global Reputation
•
•
Best practice Models
Remote Access Diagnosis (RAD)
and Remote Access Clinical
Management (RACM)
Telemedicine
Centres of Clinical Excellence/
Accreditation
Teaching Hospital paradigm
•
•
•
•
•
Alignment – across
teaching and service
delivery
Affiliate with agencies
such as
ACORN/NUS/SGH/UOM
Leading edge research
Clinical
•
·
Research
Education
•
•
•
•
•
•
Future workforce
Systems based curriculum
converged with PBL
Best practice replication
Clinical placement
Foundation for Innovation
Overseas training –
Singapore/Australia/USA/China
Premier Private Hospital Group
09
Our Hospitals (Mature and Developing)
SILOAM HOSPITALS LIPPO VILLAGE
MRCCC SILOAM SEMANGGI
TANGERANG (West of Jakarta)
SOUTH JAKARTA
322 Bed Capacity
229 GP and Specialists
481 Nurses
Centre of Excellence : Neurosience &
Heart Centre
JCIA
331 Bed Capacity
159 GP and Specialists
237 Nurses
Centre of Excellence : Cancer Centre
SILOAM HOSPITALS KEBON JERUK
WEST JAKARTA
279 Bed Capacity
211 GP and Specialists
325 Nurses
Centre of Excellence : Urology &
Orthopaedic
SILOAM HOSPITALS SURABAYA
EAST JAVA
182 Bed Capacity
129 GP and Specialists
272 Nurses
Centre of Excellence : Fertility Centre
SILOAM HOSPITALS JAMBI
EAST SUMATERA
106 Bed Capacity
55 GP and Specialists
127 Nurses
Centre of Excellence : Emergency &
Trauma
83% Ownership
SILOAM HOSPITALS CIKARANG
SILOAM HOSPITALS BALIKPAPAN
BEKASI (East of Jakarta)
EAST KALIMANTAN
110 Bed Capacity
87 GP and Specialists
156 Nurses
Centre of Excellence : Occupational Health
228 Bed Capacity
92 GP and Specialists
165 Nurses
Centre of Excellence : Emergency &
Trauma and Orthopedics
79.6% Ownership
Premier Private Hospital Group
10
New Hospitals in 2012
SILOAM GENERAL HOSPITAL (RSUS)
TANGERANG (West of Jakarta)
SILOAM HOSPITALS CINERE
DEPOK (South of Jakarta)
666 Bed Capacity
41 GP and Specialists
169 Nurses
21 Bed Capacity
7 GP and Specialists
55 Nurses
Centre of Excellence: Cardiology
SILOAM HOSPITALS MANADO
NORTH SULAWESI
231 Bed Capacity
75 GP and Specialists
160 Nurses
Centre of Excellence : Emergency
SILOAM HOSPITALS MAKASSAR
SOUTH SULAWESI
360 Bed Capacity
77 GP and Specialists
143 Nurses
Centre of Excellence : Cardiology &
Emergency
SILOAM HOSPITALS PALEMBANG
SOUTH SUMATERA
347 Bed Capacity
111 GP and Specialists
170 Nurses
Centre of Excellence : Emergency &
Trauma
Premier Private Hospital Group
11
New Hospitals in 2013
SILOAM HOSPITALS BALI
BALI
BIMC KUTA
BALI
281 Bed Capacity
84 GP and Specialists
127 Nurses
Centre of Excellence : Emergency,
medical tourism, orthopaedics &
cardiology
19 Bed Capacity
52 GP and Specialists
65 Nurses
Centre of Excellence : Emergency
SILOAM HOSPITALS TB SIMATUPANG
SOUTH JAKARTA
BIMC NUSA DUA
BALI
269 Bed Capacity
70 GP and Specialists
41 Nurses
Centre of Excellence : Emergency,
cardiology, oncology &
neuroscience
31 Bed Capacity
34 GP and Specialists
74 Nurses
Centre of Excellence : Emergency
Operational & Financial
Performance
For The 12 Months Ended December 31, 2013
Strong Financial Performance
13
Total Revenue
EBITDA
( In Rp Bn )
( In Rp Bn )
302
2,502
+40%
+34%
+42%
+46%
1,788
225
+10%
+22%
140
+12%
1,030
+21%
155
+23%
1,259
+16%
114
890
102
737
2008
2009
2010
2011
2012
2013
2008
2009
2010
2011
2012
2013
Siloam is the clear leader and fastest growing private hospital group in Indonesia serving all segments of the population
Note:
EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or
income (consisting primarily of financing income and others-net).
Revenue & EBITDA Growth
14
FY2013 Results by Hospital Category
Revenue Contribution and Growth by Category
EBITDA Contribution and Growth by Category
+ 14%
9%
4%
7%
6%
9%
13%
12%
+ 31%
+ 24%
8%
+ 236%
+ 51%
92%
73%
60%
FY2012
4 Mature
0%
13%
2 Developing
+ 182%
+ 118%
FY2013
MRCCC
83%
+ 244%
FY2012
RSUS
4 New 2012
4 New 2013
4 Mature
+ 335%
FY2013
2 Developing
MRCCC
RSUS
4 New 2012
4 New 2013
Commentary
Significant Growth in GOR (40%) and EBITDA (38%).
MRCCC & developing and new hospitals category will continue to grow over 50% as these hospitals ramp-up their
operations to mature level.
Mature hospitals will continue to have annual growth ranging from 15% to 20%.
Note:
EBITDAR refers to income before rent, HO expenses, depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and
other expense and/or income (consisting primarily of financing income and others-net).
Revenue & EBITDA Analyses
15
FY13 Results Consolidated 16 Hospitals
Particulars
GOR
FY 2012
FY 2013
IDR Bn
IDR Bn
∆%
1,788
2,502
40%
515
657
27%
1,273
1,845
45%
Material Cost
566
810
43%
Gross Margin
707
1,036
46%
Operating Expenses
424
652
54%
EBITDAR
283
384
36%
Service Cost
NOR
% to GOR
15.8 %
15.3 %
Rental (i)
30
36
18%
HO Expenses
28
46
69%
EBITDA (ii)
225
% to GOR
302
12.6 %
34%
12.1 %
Commentary
New Hospitals 2013
- SHDP, opened on January 1, 2013, performing as planned. Hit positive EBITDAR on the 6 th month.
- SHTB, opened on July 1, 2013, performing within plan.
New Hospitals 2012
- SHMK and SHPL are generating EBITDAR of 10% to GOR in their first 12 months, exceeding expectations.
Notes:
(i)
Represents rental expenses for the land and buldings, Siloam is leasing from FREIT, PT Lippo Karawaci Tbk and other party. PT Lippo Karawaci started
charging rent for the land and buildings of 9 hospitals on May 1, 2013. (see note 34 of the audited financial statement as of and for the periods ended
September 30, 2012 and 2013)
(ii)
EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and
other expense and/or income (consisting primarily of financing income and others-net).
(i)
Balance Sheet - Assets
16
As of December 31, 2012 and 2013
Assets FY2012
Assets FY2013
(Rp bn)
Others, 317
(Rp bn)
Others, 290
Inventories,
95
Inventories,
75
A/R, 187
Cash & Cash
Equivalent,
169
A/R, 271
Property and
Equipment,
1,402
Property and
Equipment,
865
Rp 1,586 Billion
Cash & Cash
Equivalent,
515
Rp 2,601 Billion
Commentary
Increase in cash and cash equivalent from Rp 169bn to Rp 515bn (3.0x) was primarily due to the proceeds of the
IPO in September 2013.
Increase in property and equipment from Rp 865bn in 2012 to Rp 1,402bn in 2013 was primarily due to the
investments in new hospitals in January 2013 to December 2013.
Balance Sheet – Liabilities + Equity
17
As of December 31, 2012 and 2013
Liabilities + Equity FY2012
(Rp bn)
Equity, 245
Liabilities + Equity FY2013
Current
Liabilities,
268
(Rp bn)
Non Current
Liabilities,
1,074
Non Current
Liabilities,
666
Equity, 1,639
Rp 1,586 Billion
Current
Liabilities,
296
Rp 2,601 Billion
Commentary
Increase in equity from FY2012 to FY2013 was primarily due to the IPO offering in September 2013 and
accumulated net profit of the period ended.
Decrease in non-current liabilities was due to the partial payment to parent company from the proceeds of the IPO.
Average Revenue Per Patient
18
IPD Average Revenue Per Patient
(Rp Mn)
50.0
39.0 40.9 39.4
40.0
30.0
20.0
16.8
20.2
19.1 19.1 19.8
15.5 15.6
9.3 11.1
10.0
5.0 7.1
5.1
4 Mature
2 Developing
MRCCC
2010
2011
2012
RSUS
2013
4 New 2012
4 New 2013
OPD Average Revenue Per Patient
(Rp Mn)
2.5
2.0
2.0
2.1 2.1
1.5
1.0
1.0
0.8
0.6 0.7 0.7
0.5 0.6
0.6 0.5 0.5
0.5
0.2 0.2
4 Mature
2 Developing
MRCCC
2010
2011
2012
RSUS
2013
4 New 2012
4 New 2013
Margin Breakdown by Line of Business
IPD Margin %
19
Margin Contribution by Segment
100%
80%
33%
38%
31%
32%
27%
32%
67%
62%
69%
68%
73%
68%
OPD
IPD
60%
40%
20%
314 Billion
0%
4 Mature
2
MRCCC
Developing
Cost
RSUS
4 New
2012
4 New
2013
27%
35%
73%
65%
4 New
2012
4 New
2013
Margin
OPD Margin %
100%
80%
33%
34%
34%
67%
66%
66%
51%
60%
40%
49%
20%
0%
4 Mature
2
MRCCC
Developing
Cost
RSUS
Margin
Note:
Margin excludes depreciation expense thus a reconciling item to the audited financial statement.
39%
493 Billion
61%
Number of Hospital Growth
20
16
4
12
5
7
4
12
3
7
4
4
2010
2011
2012
2013
Operational Update Patient Visits & Admissions
OPD Visits (+26%)
21
ED Visits (+33%)
662,916
621,414
14%
7%
74,615
65,739
19%
137,628
115,210
4 Mature
2
Developing
61%
242%
276%
215%
20,833
100,941
50,681
30,139
26,819
31,395
9,557
MRCCC
FY2012
RSUS
81%
32%
16,534
2,310
4 New 2012 4 New 2013
4,409
4,192
32,259
-
4 Mature
FY2013
IPD Admissions (+40%)
2
Developing
MRCCC
FY 2012
23,655
RSUS
8,301
6,913
-
3,344
4 New 2012 4 New 2013
FY 2013
Strong throughput growth at all entry points and
44,442
40,016
conversion to IPD across all hospitals
11%
215%
18%
92%
9,188
10,806
3,193
4 Mature
2
Developing
15,744
Total visits and admissions 2012 : 1,033,571
Total visits and admissions 2013 : 1,297,157
50%
4,803
MRCCC
FY2012
7,422
3,863
RSUS
FY2013
4,999
-
2,692
4 New 2012 4 New 2013
26%