en company presentation q1 2014
PT Siloam International Hospitals Tbk
Indonesia’s Largest, Fastest Growing,
World Class Hospital Group
Q1 2014
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
disclaims 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
Our Operations
03
The Strategy & Business Model
04 - 06
Premier Private Hospital Group
07 - 10
11 – 19
Financial & Operational Performance
Where We Are In Lippo Karawaci
01
4
LIPPO RELATED COMPANIES
PUBLIC
32.34%
67.66 %
As of 31 Mar 2014
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
COMMERCIAL
ASSET
MANAGEMENT
• Siloam Hospitals
• Retail Malls
• REIT, Mall & Hotel
Management
• Aryaduta Hotels
• Town
Management
Services,
Leisure and
Restaurants
Highly Experienced & Professional Management
Board of Commissioners
Ketut Budi Wijaya
President
Commissioner
Theo L. Sambuaga
Commissioner
Lambock V.
Nahattands
Commissioner
Rahmawaty
Commissioner
Farid Harianto
Independent
Commissioner
Prof. Dr. H. Muladi, S.H Ir. Jonathan L. Parapak
Independent
Independent
Commissioner
Commissioner
Board of Directors
Romeo Lledo
President
Director
dr. Andry
Director, Chief
Enterprise &
Operational Officer
dr. Anang Prayudi
Director, Network and
Development
dr. Grace Frelita
Director, Quality
Kailas N. Raina
Director, Chief
Financial Officer
Prof. George Mathew
Director, Talent and
Development
02
5
Our Operations
03
6
Unrivalled scale across Indonesia
JCI Standard
Opera+onal Hospitals (16)
Future Developments (24)
The Strategy & Business Model
04
7
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
05
8
Clinical Service Delivery
Siloam’s
Integrated Healthcare
Delivery Model
Access to
Centres of
Excellence
through hub and
spoke system
and Telemedicine
•
3
Quaternary
•
•
Specialist access for
primary healthcare
demand
Public-PrivatePartnership
Tertiary
erat
ive R
2
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
t-Op
High standard and
accessible medical
care through focus
on clinical
governance and
affordable price
points
Pos
•
eha
b
•
•
•
• 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
06
9
UPHMS (UPH Medical Sciences)
Bringing Together Clinical, Research & Education
Centre of Excellence and
Global Reputation
• Alignment – across
teaching and service
delivery
• Affiliate with agencies
such as ACORN/NUS/SGH/
UOM
• Leading edge research
Clinical
• Best practice Models
• Remote Access Diagnosis (RAD)
and Remote Access Clinical
Management (RACM)
• Telemedicine
• Centres of Clinical Excellence/
Accreditation
• Teaching Hospital paradigm
·
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
07
10
Our Hospitals (Mature and Developing)
SILOAM HOSPITALS LIPPO VILLAGE
MRCCC SILOAM SEMANGGI
TANGERANG (West of Jakarta)
SOUTH JAKARTA
308 Bed Capacity
271 GP and Specialists
476 Nurses
Centre of Excellence : Neurosience &
Heart Centre
JCIA
331 Bed Capacity
166 GP and Specialists
238 Nurses
Centre of Excellence : Cancer Centre
SILOAM HOSPITALS KEBON JERUK
WEST JAKARTA
279 Bed Capacity
210 GP and Specialists
340 Nurses
Centre of Excellence : Urology &
Orthopaedic
SILOAM HOSPITALS SURABAYA
EAST JAVA
182 Bed Capacity
150 GP and Specialists
272 Nurses
Centre of Excellence : Fertility Centre
SILOAM HOSPITALS JAMBI
EAST SUMATERA
106 Bed Capacity
56 GP and Specialists
126 Nurses
Centre of Excellence : Emergency &
Trauma
83% Ownership
SILOAM HOSPITALS CIKARANG
SILOAM HOSPITALS BALIKPAPAN
BEKASI (East of Jakarta)
EAST KALIMANTAN
110 Bed Capacity
90 GP and Specialists
160 Nurses
Centre of Excellence : Occupational Health
228 Bed Capacity
82 GP and Specialists
153 Nurses
Centre of Excellence : Emergency &
Trauma and Orthopedics
79.6% Ownership
Premier Private Hospital Group
08
11
New Hospitals in 2012
SILOAM GENERAL HOSPITAL (RSUS)
TANGERANG (West of Jakarta)
SILOAM HOSPITALS CINERE
DEPOK (South of Jakarta)
666 Bed Capacity
69 GP and Specialists
209 Nurses
37 Bed Capacity
8 GP and Specialists
48 Nurses
Centre of Excellence: Cardiology
SILOAM HOSPITALS MANADO
NORTH SULAWESI
230 Bed Capacity
79 GP and Specialists
134 Nurses
Centre of Excellence : Emergency
SILOAM HOSPITALS MAKASSAR
SOUTH SULAWESI
360 Bed Capacity
85 GP and Specialists
259 Nurses
Centre of Excellence : Cardiology &
Emergency
SILOAM HOSPITALS PALEMBANG
SOUTH SUMATERA
347 Bed Capacity
117 GP and Specialists
177 Nurses
Centre of Excellence : Emergency &
Trauma
Premier Private Hospital Group
09
12
New Hospitals in 2013
SILOAM HOSPITALS BALI
BALI
BIMC KUTA
BALI
281 Bed Capacity
99 GP and Specialists
186 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
270 Bed Capacity
91 GP and Specialists
141 Nurses
Centre of Excellence : Emergency,
cardiology, oncology &
neuroscience
31 Bed Capacity
34 GP and Specialists
74 Nurses
Centre of Excellence : Emergency
Premier Private Hospital Group
10
13
Hospitals under Construction
SILOAM HOSPITALS MEDAN
NORTH SUMATERA
SILOAM HOSPITALS KUPANG
SILOAM HOSPITALS PURWAKARTA
EAST NUSA TENGGARA
WEST JAVA
There are currently 24 sites under
various stages of development
Operational & Financial
Performance
For The 3 Months Ended March 31, 2014
Strong Financial Performance
12
15
Revenue
EBITDA
( In Rp Bn )
( In Rp Bn )
508
3,504
14%
+40%
+70%
+40%
2,504
+42%
+22%
+35%
1,788
12%
+43%
+16%
221
+10%
1,259
+21%
1,030
12%
+23%
+12%
890
737
298
102
140
114
155
12%
14%
13%
14%
2008 2009 2010 2011 2012 2013 2014P
2008 2009 2010 2011 2012 2013 2014P
Siloam is the clear leader and fastest growing private hospital group in Indonesia serving all segments of the popula7on
Note:
EBITDA refers to income before deprecia8on, provisions for post‐employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or
income (consis8ng primarily of financing income and others‐net).
2014 Revenue Ramp Up
13
16
( In Rp Bn )
3,504
100%*
h
owt
% gr
40
2,504
2,486
71%*
1,522
43%*
751
21%*
2013
Note:
*Projected GOR ramp up by quarter
Q1 2014A
14%
Q2 2014P
Q3 2014P
FY 2014P
Revenue & EBITDA Growth
Q1
2014
Results by Hospital Category
EBITDA Contribution and Growth by Category
Revenue Contribution and Growth by Category
12%
13%
8%
14
17
13%
9%
6%
13%
+ 5%
18%
11%
+ 29%
‐14%
+ 76%
8%
11%
8%
8%
+ 28%
+ 12%
85%
64%
52%
Q1 2013
+ 64%
+ 39%
55%
Q1 2014
Q1 2013
4 Mature 2 Developing MRCCC RSUS 4 New 2012 4 New 2013
+ 47%
+ 216%
Q1 2014
4 Mature 2 Developing MRCCC RSUS 4 New 2012 4 New 2013
Commentary
The decreased EBITDA of 14% of the 4 mature hospitals was primarily due to:
On May 1, 2013, SIH started to incur rental expenses on the land and building being sub leased from the parent company. The
total rental in Q1 2014 amounted to Rp 5 billion and Q1 2013 is NIL.
SHLC rental expense for its sale and leaseback agreement amounted to Rp 9 billion in Q1 2014 and Rp 6 billion in Q1 2013.
Note:
EBITDA refers to income before deprecia8on, provisions for post‐employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or
income (consis8ng primarily of financing income and others‐net).
Revenue & EBITDA Analyses
15
18
Q1 2014 Consolidated Results
(i)
Q1 2014
Q1 2013
IDR Bn
IDR Bn
GOR
751
584
29%
Service Cost
188
156
21%
NOR
563
428
32%
Material Cost
238
187
28%
Gross Margin
325
242
35%
Operating Expenses
188
143
31%
EBITDAR
137
98
40%
% to GOR
18.3%
16.8%
Rental (i)
14
6
128%
HO Expenses
13
10
33%
EBITDA (ii)
110
82
34%
14.7%
14.1%
24
26
-6%
3.3%
4.5%
Particulars
% to GOR
NPAT
% to GOR
Notes:
Represents rental expenses for the land and buldings, Siloam is leasing from FREIT, PT Lippo Karawaci Tbk and other party. PT Lippo Karawaci started
(i)
charging rent for the land and buildings of 9 hospitals on May 1, 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).
∆%
Balance Sheet
16
19
Q1 2014 Consolidated Results
(i)
In Rp Bn
Q1 2014
Q1 2013
∆%
449
515
-13%
Property and Equipment
1,415
1,402
1%
Total Assets
2,631
2,601
1%
969
962
1%
Shareholders' Equity
1,662
1,639
1%
D/E Ratio
0.37
0.37
Assets
Cash & Equivalent
Liabilities & Equity
Liabilities
Average Revenue Per Patient
2014
Q1
17
20
IPD Average Revenue Per Patient
(Rp Mn)
50.0
39.0 40.9 39.4
33.7
40.0
30.0
20.0
23.0
20.2
19.1 19.1 19.8 20.4
16.8
15.5 15.6 14.6
9.3 11.1 11.0
5.0 7.1 6.9
5.1
10.0
‐
4 Mature
2 Developing
2010
MRCCC
2011 2012
RSUS
2013 Q1 2014
4 New 2012
4 New 2013
OPD Average Revenue Per Patient
(Rp Mn)
2.5
2.0
2.1 2.1 2.2
2.0
1.5
1.5
1.0
1.0
0.6 0.7 0.7
0.8 0.8
0.5 0.6 0.5
0.6 0.5 0.5 0.6
0.5
0.2 0.2 0.2
‐
4 Mature
2 Developing
2010
MRCCC
2011 2012
RSUS
2013 Q1 2014
4 New 2012
4 New 2013
Operational Update Patient Visits & Admissions
2014
Q1
OPD Visits (+20%)
18
21
ED Visits (+26%)
-0%
169,145
168,562
3%
21,056
20,434
21%
24%
38,383
31,845
63%
84%
18%
477%
128%
47%
37,747
20,487
18,333
13,560
14,772
10,945
3,178
6,466
4 Mature 2 Developing MRCCC
Q1 2013
RSUS 4 New 2012 4 New 2013
Q1 2014
4,538
3,830
340%
8,985
5,527
1,226
1,380
937
1,259
4 Mature 2 Developing MRCCC
Q1 2013
IPD Admissions (+26%)
-3%
4,552
1,034
RSUS
4 New 2012 4 New 2013
Q1 2014
Strong throughput growth at all entry points and
conversion to IPD across all hospitals
-1%
11,420
11,497
35%
22%
35%
64%
833%
4,962
3,018
2,676 3,689
2,465
1,028 1,384 1,636
4 Mature 2 Developing MRCCC
Q1 2013
Note:
Total of OPD visits includes One Day Care Visits
RSUS
2,576
276
4 New 2012 4 New 2013
Q1 2014
Total visits and admissions Q1 2013 : 310,872
Total visits and admissions Q1 2014 : 379,972
22%
Number of Hospital Growth
19
22
2010 to Q1 2014
4
2010
4 Hospitals
Note:
Image courtesy of iconbug.com
2011
7 Hospitals
2012
12 Hospitals
2013 / Q1 2014
16 Hospitals
Thank You
Indonesia’s Largest, Fastest Growing,
World Class Hospital Group
Q1 2014
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
disclaims 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
Our Operations
03
The Strategy & Business Model
04 - 06
Premier Private Hospital Group
07 - 10
11 – 19
Financial & Operational Performance
Where We Are In Lippo Karawaci
01
4
LIPPO RELATED COMPANIES
PUBLIC
32.34%
67.66 %
As of 31 Mar 2014
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
COMMERCIAL
ASSET
MANAGEMENT
• Siloam Hospitals
• Retail Malls
• REIT, Mall & Hotel
Management
• Aryaduta Hotels
• Town
Management
Services,
Leisure and
Restaurants
Highly Experienced & Professional Management
Board of Commissioners
Ketut Budi Wijaya
President
Commissioner
Theo L. Sambuaga
Commissioner
Lambock V.
Nahattands
Commissioner
Rahmawaty
Commissioner
Farid Harianto
Independent
Commissioner
Prof. Dr. H. Muladi, S.H Ir. Jonathan L. Parapak
Independent
Independent
Commissioner
Commissioner
Board of Directors
Romeo Lledo
President
Director
dr. Andry
Director, Chief
Enterprise &
Operational Officer
dr. Anang Prayudi
Director, Network and
Development
dr. Grace Frelita
Director, Quality
Kailas N. Raina
Director, Chief
Financial Officer
Prof. George Mathew
Director, Talent and
Development
02
5
Our Operations
03
6
Unrivalled scale across Indonesia
JCI Standard
Opera+onal Hospitals (16)
Future Developments (24)
The Strategy & Business Model
04
7
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
05
8
Clinical Service Delivery
Siloam’s
Integrated Healthcare
Delivery Model
Access to
Centres of
Excellence
through hub and
spoke system
and Telemedicine
•
3
Quaternary
•
•
Specialist access for
primary healthcare
demand
Public-PrivatePartnership
Tertiary
erat
ive R
2
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
t-Op
High standard and
accessible medical
care through focus
on clinical
governance and
affordable price
points
Pos
•
eha
b
•
•
•
• 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
06
9
UPHMS (UPH Medical Sciences)
Bringing Together Clinical, Research & Education
Centre of Excellence and
Global Reputation
• Alignment – across
teaching and service
delivery
• Affiliate with agencies
such as ACORN/NUS/SGH/
UOM
• Leading edge research
Clinical
• Best practice Models
• Remote Access Diagnosis (RAD)
and Remote Access Clinical
Management (RACM)
• Telemedicine
• Centres of Clinical Excellence/
Accreditation
• Teaching Hospital paradigm
·
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
07
10
Our Hospitals (Mature and Developing)
SILOAM HOSPITALS LIPPO VILLAGE
MRCCC SILOAM SEMANGGI
TANGERANG (West of Jakarta)
SOUTH JAKARTA
308 Bed Capacity
271 GP and Specialists
476 Nurses
Centre of Excellence : Neurosience &
Heart Centre
JCIA
331 Bed Capacity
166 GP and Specialists
238 Nurses
Centre of Excellence : Cancer Centre
SILOAM HOSPITALS KEBON JERUK
WEST JAKARTA
279 Bed Capacity
210 GP and Specialists
340 Nurses
Centre of Excellence : Urology &
Orthopaedic
SILOAM HOSPITALS SURABAYA
EAST JAVA
182 Bed Capacity
150 GP and Specialists
272 Nurses
Centre of Excellence : Fertility Centre
SILOAM HOSPITALS JAMBI
EAST SUMATERA
106 Bed Capacity
56 GP and Specialists
126 Nurses
Centre of Excellence : Emergency &
Trauma
83% Ownership
SILOAM HOSPITALS CIKARANG
SILOAM HOSPITALS BALIKPAPAN
BEKASI (East of Jakarta)
EAST KALIMANTAN
110 Bed Capacity
90 GP and Specialists
160 Nurses
Centre of Excellence : Occupational Health
228 Bed Capacity
82 GP and Specialists
153 Nurses
Centre of Excellence : Emergency &
Trauma and Orthopedics
79.6% Ownership
Premier Private Hospital Group
08
11
New Hospitals in 2012
SILOAM GENERAL HOSPITAL (RSUS)
TANGERANG (West of Jakarta)
SILOAM HOSPITALS CINERE
DEPOK (South of Jakarta)
666 Bed Capacity
69 GP and Specialists
209 Nurses
37 Bed Capacity
8 GP and Specialists
48 Nurses
Centre of Excellence: Cardiology
SILOAM HOSPITALS MANADO
NORTH SULAWESI
230 Bed Capacity
79 GP and Specialists
134 Nurses
Centre of Excellence : Emergency
SILOAM HOSPITALS MAKASSAR
SOUTH SULAWESI
360 Bed Capacity
85 GP and Specialists
259 Nurses
Centre of Excellence : Cardiology &
Emergency
SILOAM HOSPITALS PALEMBANG
SOUTH SUMATERA
347 Bed Capacity
117 GP and Specialists
177 Nurses
Centre of Excellence : Emergency &
Trauma
Premier Private Hospital Group
09
12
New Hospitals in 2013
SILOAM HOSPITALS BALI
BALI
BIMC KUTA
BALI
281 Bed Capacity
99 GP and Specialists
186 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
270 Bed Capacity
91 GP and Specialists
141 Nurses
Centre of Excellence : Emergency,
cardiology, oncology &
neuroscience
31 Bed Capacity
34 GP and Specialists
74 Nurses
Centre of Excellence : Emergency
Premier Private Hospital Group
10
13
Hospitals under Construction
SILOAM HOSPITALS MEDAN
NORTH SUMATERA
SILOAM HOSPITALS KUPANG
SILOAM HOSPITALS PURWAKARTA
EAST NUSA TENGGARA
WEST JAVA
There are currently 24 sites under
various stages of development
Operational & Financial
Performance
For The 3 Months Ended March 31, 2014
Strong Financial Performance
12
15
Revenue
EBITDA
( In Rp Bn )
( In Rp Bn )
508
3,504
14%
+40%
+70%
+40%
2,504
+42%
+22%
+35%
1,788
12%
+43%
+16%
221
+10%
1,259
+21%
1,030
12%
+23%
+12%
890
737
298
102
140
114
155
12%
14%
13%
14%
2008 2009 2010 2011 2012 2013 2014P
2008 2009 2010 2011 2012 2013 2014P
Siloam is the clear leader and fastest growing private hospital group in Indonesia serving all segments of the popula7on
Note:
EBITDA refers to income before deprecia8on, provisions for post‐employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or
income (consis8ng primarily of financing income and others‐net).
2014 Revenue Ramp Up
13
16
( In Rp Bn )
3,504
100%*
h
owt
% gr
40
2,504
2,486
71%*
1,522
43%*
751
21%*
2013
Note:
*Projected GOR ramp up by quarter
Q1 2014A
14%
Q2 2014P
Q3 2014P
FY 2014P
Revenue & EBITDA Growth
Q1
2014
Results by Hospital Category
EBITDA Contribution and Growth by Category
Revenue Contribution and Growth by Category
12%
13%
8%
14
17
13%
9%
6%
13%
+ 5%
18%
11%
+ 29%
‐14%
+ 76%
8%
11%
8%
8%
+ 28%
+ 12%
85%
64%
52%
Q1 2013
+ 64%
+ 39%
55%
Q1 2014
Q1 2013
4 Mature 2 Developing MRCCC RSUS 4 New 2012 4 New 2013
+ 47%
+ 216%
Q1 2014
4 Mature 2 Developing MRCCC RSUS 4 New 2012 4 New 2013
Commentary
The decreased EBITDA of 14% of the 4 mature hospitals was primarily due to:
On May 1, 2013, SIH started to incur rental expenses on the land and building being sub leased from the parent company. The
total rental in Q1 2014 amounted to Rp 5 billion and Q1 2013 is NIL.
SHLC rental expense for its sale and leaseback agreement amounted to Rp 9 billion in Q1 2014 and Rp 6 billion in Q1 2013.
Note:
EBITDA refers to income before deprecia8on, provisions for post‐employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or
income (consis8ng primarily of financing income and others‐net).
Revenue & EBITDA Analyses
15
18
Q1 2014 Consolidated Results
(i)
Q1 2014
Q1 2013
IDR Bn
IDR Bn
GOR
751
584
29%
Service Cost
188
156
21%
NOR
563
428
32%
Material Cost
238
187
28%
Gross Margin
325
242
35%
Operating Expenses
188
143
31%
EBITDAR
137
98
40%
% to GOR
18.3%
16.8%
Rental (i)
14
6
128%
HO Expenses
13
10
33%
EBITDA (ii)
110
82
34%
14.7%
14.1%
24
26
-6%
3.3%
4.5%
Particulars
% to GOR
NPAT
% to GOR
Notes:
Represents rental expenses for the land and buldings, Siloam is leasing from FREIT, PT Lippo Karawaci Tbk and other party. PT Lippo Karawaci started
(i)
charging rent for the land and buildings of 9 hospitals on May 1, 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).
∆%
Balance Sheet
16
19
Q1 2014 Consolidated Results
(i)
In Rp Bn
Q1 2014
Q1 2013
∆%
449
515
-13%
Property and Equipment
1,415
1,402
1%
Total Assets
2,631
2,601
1%
969
962
1%
Shareholders' Equity
1,662
1,639
1%
D/E Ratio
0.37
0.37
Assets
Cash & Equivalent
Liabilities & Equity
Liabilities
Average Revenue Per Patient
2014
Q1
17
20
IPD Average Revenue Per Patient
(Rp Mn)
50.0
39.0 40.9 39.4
33.7
40.0
30.0
20.0
23.0
20.2
19.1 19.1 19.8 20.4
16.8
15.5 15.6 14.6
9.3 11.1 11.0
5.0 7.1 6.9
5.1
10.0
‐
4 Mature
2 Developing
2010
MRCCC
2011 2012
RSUS
2013 Q1 2014
4 New 2012
4 New 2013
OPD Average Revenue Per Patient
(Rp Mn)
2.5
2.0
2.1 2.1 2.2
2.0
1.5
1.5
1.0
1.0
0.6 0.7 0.7
0.8 0.8
0.5 0.6 0.5
0.6 0.5 0.5 0.6
0.5
0.2 0.2 0.2
‐
4 Mature
2 Developing
2010
MRCCC
2011 2012
RSUS
2013 Q1 2014
4 New 2012
4 New 2013
Operational Update Patient Visits & Admissions
2014
Q1
OPD Visits (+20%)
18
21
ED Visits (+26%)
-0%
169,145
168,562
3%
21,056
20,434
21%
24%
38,383
31,845
63%
84%
18%
477%
128%
47%
37,747
20,487
18,333
13,560
14,772
10,945
3,178
6,466
4 Mature 2 Developing MRCCC
Q1 2013
RSUS 4 New 2012 4 New 2013
Q1 2014
4,538
3,830
340%
8,985
5,527
1,226
1,380
937
1,259
4 Mature 2 Developing MRCCC
Q1 2013
IPD Admissions (+26%)
-3%
4,552
1,034
RSUS
4 New 2012 4 New 2013
Q1 2014
Strong throughput growth at all entry points and
conversion to IPD across all hospitals
-1%
11,420
11,497
35%
22%
35%
64%
833%
4,962
3,018
2,676 3,689
2,465
1,028 1,384 1,636
4 Mature 2 Developing MRCCC
Q1 2013
Note:
Total of OPD visits includes One Day Care Visits
RSUS
2,576
276
4 New 2012 4 New 2013
Q1 2014
Total visits and admissions Q1 2013 : 310,872
Total visits and admissions Q1 2014 : 379,972
22%
Number of Hospital Growth
19
22
2010 to Q1 2014
4
2010
4 Hospitals
Note:
Image courtesy of iconbug.com
2011
7 Hospitals
2012
12 Hospitals
2013 / Q1 2014
16 Hospitals
Thank You