en company presentation q2 2014
PT Siloam International Hospitals Tbk
Indonesia’s Largest, Fastest Growing,
World Class Hospital Group
Q2 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 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
The Vision
03
The Operations
04
The Strategy & Business Model
05 - 07
Premier Private Hospital Group
08 - 12
Financial & Operational Performance
13 – 21
Highlights
•
Successfully completed IPO on September 12, 2013.
Share Price Performance
Closing Price (Rp)
15,000
15,000
14,450
14,000
13,000
12,000
11,000
10,400
10,150
9,600
10,000
SILO IJ
Oct
Nov
Dec
10,300
9,625
9,500
9,000
Sept
11,000
10,500
Jan
2013
Feb
Mar
Apr
May
June
2014
•
Hospitals in operation as of June 30, 2014 - 17 Hospitals
•
Q2 results on track to achieve 40% growth in GOR and 14.5% EBITDA to GOR in 2014.
•
Expansion plan to 40 hospitals by end of 2017 is on track. 29 projects in the pipeline in different stages of
completion.
•
Medical tourism project in Bali on track, Australia as the main target. Application for Accreditation with the
Australian Council on Healthcare Standards (ACHS) was approved on July 17, 2014.
Where We Are In Lippo Karawaci
01
LIPPO RELATED COMPANIES
PUBLIC
25.66%
74.34 %
As of 30 June 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
• 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 Commissioners
Ketut Budi Wijaya
President
Commissioner
dr. Gershu Paul
Group Executive
Chairman
Theo L. Sambuaga
Commissioner
Lambock V.
Nahattands
Commissioner
Rahmawaty
Commissioner
Farid Harianto
Independent
Commissioner
dr. Grace Frelita
Director, Quality
Kailas N. Raina
Director, Chief
Financial Officer
Prof. Dr. H. Muladi, S.H
Independent
Commissioner
Board of Directors
Romeo Lledo
President
Director
dr. Andry
dr. Anang Prayudi
Director, Chief
Director, Network and
Enterprise &
Development
Operational Officer
Prof. George Mathew
Director, Talent and
Development
Ir. Jonathan L.
Parapak
Independent
Commissioner
The Vision
03
By 2017..
•
International
Quality
Reach
Godly
Compassion
Scale
Affordable and Accessible Healthcare
to all socio economic segments
•
•
Beds
3,900 to 10,000
Patients per annum
2 million to 15 million
Hospitals
17 to 40 hospitals
13 to over 25 cities
The Operations
04
Unrivalled scale across Indonesia
Sumatra Population :
50.6 mio
Maluku Population :
2.6 mio
Sulawesi Population :
17.4 mio
JCI Standard
Kalimantan Population :
13.8 mio
Papua Population :
3.6 mio
Java Population :
136.6 mio
Nusa Tenggara Population :
9.2 mio
Bali Population :
3.9 mio
Operational Hospitals (17)
Future Developments (29)
Greater Jakarta Population :
28 mio
Jakarta Population :
10 mio
The Strategy & Business Model
05
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
06
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
07
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
08
Mature and Developing Hospitals
SILOAM HOSPITALS LIPPO VILLAGE
MRCCC SILOAM SEMANGGI
TANGERANG (West of Jakarta)
308 Bed Capacity
234 GP and Specialists
455 Nurses
Centre of Excellence : Neurosience &
Heart Centre
SOUTH JAKARTA
JCIA
331 Bed Capacity
172 GP and Specialists
220 Nurses
Centre of Excellence : Cancer Centre
SILOAM HOSPITALS KEBON JERUK
WEST JAKARTA
279 Bed Capacity
198 GP and Specialists
342 Nurses
Centre of Excellence : Urology &
Orthopaedic
SILOAM HOSPITALS JAMBI
SILOAM HOSPITALS SURABAYA
EAST SUMATERA
EAST JAVA
100 Bed Capacity
65 GP and Specialists
127 Nurses
Centre of Excellence : Emergency &
Trauma
162 Bed Capacity
144 GP and Specialists
265 Nurses
Centre of Excellence : Fertility Centre
83.0% Ownership
SILOAM HOSPITALS CIKARANG
SILOAM HOSPITALS BALIKPAPAN
BEKASI (East of Jakarta)
EAST KALIMANTAN
118 Bed Capacity
91 GP and Specialists
161 Nurses
Centre of Excellence : Occupational Health
228 Bed Capacity
92 GP and Specialists
180 Nurses
Centre of Excellence : Emergency & Trauma
and Orthopedics
79.45% Ownership
Premier Private Hospital Group
09
New Hospitals in 2012
SILOAM GENERAL HOSPITAL (RSUS)
TANGERANG (West of Jakarta)
SILOAM HOSPITALS CINERE
DEPOK (South of Jakarta)
664 Bed Capacity
49 GP and Specialists
214 Nurses
37 Bed Capacity
19 GP and Specialists
51 Nurses
Centre of Excellence: Cardiology
SILOAM HOSPITALS MANADO
NORTH SULAWESI
230 Bed Capacity
98 GP and Specialists
126 Nurses
Centre of Excellence : Emergency & Trauma
80.0% Ownership
SILOAM HOSPITALS MAKASSAR
SOUTH SULAWESI
SILOAM HOSPITALS PALEMBANG
SOUTH SUMATERA
360 Bed Capacity
97 GP and Specialists
247 Nurses
Centre of Excellence : Cardiology and
Emergency & Trauma
347 Bed Capacity
119 GP and Specialists
161 Nurses
Centre of Excellence : Emergency & Trauma
70.39% Ownership
Premier Private Hospital Group
10
New Hospitals in 2013
SILOAM HOSPITALS BALI
BALI
BIMC KUTA
BALI
281 Bed Capacity
97 GP and Specialists
179 Nurses
Centre of Excellence : Emergency & Trauma,
Medical Tourism,
Orthopaedics and Cardiology
19 Bed Capacity
51 GP and Specialists
65 Nurses
Centre of Excellence : Emergency & Trauma
SILOAM HOSPITALS TB SIMATUPANG
SOUTH JAKARTA
BIMC NUSA DUA
BALI
269 Bed Capacity
110 GP and Specialists
136 Nurses
Centre of Excellence : Emergency & Trauma.
Cardiology, Oncology and
Neuroscience
31 Bed Capacity
57 GP and Specialists
74 Nurses
Centre of Excellence : Emergency & Cosmetic
Surgery
New Hospitals in 2014
SILOAM HOSPITALS PURWAKARTA
WEST JAVA
203 Bed Capacity
34 GP and Specialists
105 Nurses
Centre of Excellence : Emergency & Trauma
80.0% Ownership
80.0% Ownership
Premier Private Hospital Group
Hospitals under Construction
SILOAM HOSPITALS MEDAN
NORTH SUMATERA
SILOAM HOSPITALS KUPANG
EAST NUSA TENGGARA
There are currently 29 sites under
various stages of development
11
Premier Private Hospital Group
12
Awards
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare
Survey in 7 Big Cities in
Indonesia
(Awarded by SWA)
BIMC Hospital was awarded
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare Survey in 7
Big Cities in Indonesia
(Awarded by SWA)
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare
Survey in Jabodetabek City
(Awarded by SWA)
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare
Survey in Denpasar City
(Awarded by SWA)
European Award For Best Practices 2014
(from European Society for Quality
Research)
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare Survey in
Makassar City
(Awarded by SWA)
Corporate Image Award 2014
The Best in Building and Managing
Corporate Image - Category Hospital
(Awarded by TEMPO and Frontier)
Indonesia Best New Issuer 2014
(Awarded by Warta Ekonomi)
Operational & Financial
Performance
For The 6 Months Ended June 30, 2014
Strong Financial Performance
14
Revenue
EBITDA
( In Rp Bn )
( In Rp Bn )
508
3,504
14%
+40%
+40%
+70%
2,504
+35%
+42%
1,788
+22%
1,259
+12%
1,030
737
102
14%
2009
2010
2011
12%
+23%
890
2008
221
+10%
+21%
2012
12%
+43%
+16%
2013 2014P
2008
140
114
298
14%
155
12%
13%
2009
2010
2011
2012
2013 2014P
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).
2014 Revenue Ramp Up
15
( In Rp Bn )
3,504 3,504
100%
2,504
100%
2,486 2,501
71%
71%
1,522 1,568
43%
2013
751
751
21%
21%
Q1 2014A
Guidance
45%
14%
Q2 2014A
Actual
Q3 2014P
Projection
Q4 2014P
Revenue & EBITDA Growth
16
Q2 2014 Results by Hospital Category
Revenue Contribution and Growth by Category
13%
13%
8%
13%
+ 6%
EBITDA Contribution and Growth by Category
6%
6%
+ 29%
13%
18%
- 10%
9%
8%
8%
+ 12%
11%
8%
+ 33%
+ 93%
+ 73%
55%
51%
+ 1,675%
+ 736%
4 Mature
4 New 2012
Q2 2014
2 Developing
4 New 2013
+ 205%
+ 153%
86%
62%
Q2 2013
+ 67%
Q2 2013
MRCCC
1 New 2014
RSUS
4 Mature
4 New 2012
Q2 2014
2 Developing
4 New 2013
MRCCC
1 New 2014
RSUS
Commentary
The decreased EBITDA of 10% 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 Q2 2014 amounted to Rp 17 billion and Q2 2013 was Rp 3 billion.
SHLC rental expense for its sale and leaseback agreement amounted to Rp 16 billion in Q2 2014 and Rp 12 billion in Q2 2013.
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 Analyses
17
Q2 2014 Consolidated Results
(i)
Q2 2013
Q2 2014
IDR Bn
IDR Bn
1,201
1,568
31%
Service Cost
325
403
24%
NOR
876
1,165
33%
Material Cost
390
494
27%
Gross Margin
486
671
38%
Operating Expenses
305
399
31%
EBITDAR
181
272
50%
% to GOR
15.1%
17.3%
Rental (i)
15
33
122%
HO Expenses
23
31
35%
EBITDA (ii)
143
208
45%
11.9%
13.2%
17
45
1.4%
2.8%
Particulars
GOR
% to GOR
NPAT
% to GOR
Notes:
(i)
Represents rental expenses for the land and buldings, Siloam is leasing from FREIT, PT Lippo Karawaci Tbk and other parties. PT Lippo Karawaci started
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).
∆%
156%
Balance Sheet
18
Q2 2014 Consolidated Results
(i)
FY 2013
Q2 2014
∆%
515
434
-16%
Property and Equipment
1,402
1,423
1%
Total Assets
2,601
2,641
2%
962
959
-0.3%
Shareholders' Equity
1,639
1,682
3%
D/E Ratio
0.37
0.36
In Rp Bn
Assets
Cash & Equivalent
Liabilities & Equity
Liabilities
Average Revenue Per Patient
19
Q2 2014
IPD Average Revenue Per Patient
(Rp Mn)
50.0
40.9
39.4
39.0
34.1
40.0
30.0
20.0
25.5
16.8
19.1 19.119.8 20.5
9.3
10.0
15.5
11.1 11.1
15.6
20.2
15.0
7.3
5.0 7.1
5.1
6.2
4 Mature
2 Developing
MRCCC
2010
2011
RSUS
2012
2013
4 New 2012
Q2 2014
4 New 2013
1 New 2014
OPD Average Revenue Per Patient
(Rp Mn)
2.5
2.0
2.0
2.2
2.1 2.1
1.4
1.5
1.0
0.8 0.8
0.6 0.7 0.7
1.0
0.5 0.6 0.6
0.6 0.5 0.5 0.6
0.5
0.3
0.2 0.2 0.3
-
-
-
-
4 Mature
2 Developing
MRCCC
2010
2011
RSUS
2012
2013
4 New 2012
Q2 2014
4 New 2013
1 New 2014
Operational Update Patient Visits & Admissions
20
Q2 2014
OPD Visits (+19%)
ED Visits (+27%)
0.3%
336,604
335,578
6%
41,389
39,053
14%
75,645
66,325
4 Mature
2
Developing
18%
330%
149%
68,338
28,024
33,036 45,058
23,776
13,242
MRCCC
19%
52%
RSUS
Q2 2013
40,938
9,518
9,183
7,748
- 5,595
4 New 20124 New 20131 New 2014
Q2 2014
4 Mature
2
Developing
40%
2,735
1,955
MRCCC
40%
255%
15,682
9% 11,162
9,507
2,932
2,681
2,697
RSUS
Q2 2013
- 1,320
4 New 2012 4 New 2013 1 New 2014
Q2 2014
IPD Admissions (+30%)
-0.6%
22,973
22,846
34%
86%
20%
5,163
26%
6,212
2,217 2,800
4 Mature
2
Developing
MRCCC
5,982
Q2 2013
Note:
Total of OPD visits includes One Day Care Visits
10,033
561%
7,511
3,214
RSUS
Strong throughput growth at all entry points and
conversion to IPD across all hospitals
5,092
770
-
1,373
4 New 20124 New 2013 1 New 2014
Q2 2014
Number of Hospital Growth
21
2010 to Q2 2014
2010
2011
2012
2013 / Q1 2014
Q2 2014
4 Hospitals
7 Hospitals
12 Hospitals
16 Hospitals
17 Hospitals
Note:
Image courtesy of iconbug.com
Thank You
Indonesia’s Largest, Fastest Growing,
World Class Hospital Group
Q2 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 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
The Vision
03
The Operations
04
The Strategy & Business Model
05 - 07
Premier Private Hospital Group
08 - 12
Financial & Operational Performance
13 – 21
Highlights
•
Successfully completed IPO on September 12, 2013.
Share Price Performance
Closing Price (Rp)
15,000
15,000
14,450
14,000
13,000
12,000
11,000
10,400
10,150
9,600
10,000
SILO IJ
Oct
Nov
Dec
10,300
9,625
9,500
9,000
Sept
11,000
10,500
Jan
2013
Feb
Mar
Apr
May
June
2014
•
Hospitals in operation as of June 30, 2014 - 17 Hospitals
•
Q2 results on track to achieve 40% growth in GOR and 14.5% EBITDA to GOR in 2014.
•
Expansion plan to 40 hospitals by end of 2017 is on track. 29 projects in the pipeline in different stages of
completion.
•
Medical tourism project in Bali on track, Australia as the main target. Application for Accreditation with the
Australian Council on Healthcare Standards (ACHS) was approved on July 17, 2014.
Where We Are In Lippo Karawaci
01
LIPPO RELATED COMPANIES
PUBLIC
25.66%
74.34 %
As of 30 June 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
• 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 Commissioners
Ketut Budi Wijaya
President
Commissioner
dr. Gershu Paul
Group Executive
Chairman
Theo L. Sambuaga
Commissioner
Lambock V.
Nahattands
Commissioner
Rahmawaty
Commissioner
Farid Harianto
Independent
Commissioner
dr. Grace Frelita
Director, Quality
Kailas N. Raina
Director, Chief
Financial Officer
Prof. Dr. H. Muladi, S.H
Independent
Commissioner
Board of Directors
Romeo Lledo
President
Director
dr. Andry
dr. Anang Prayudi
Director, Chief
Director, Network and
Enterprise &
Development
Operational Officer
Prof. George Mathew
Director, Talent and
Development
Ir. Jonathan L.
Parapak
Independent
Commissioner
The Vision
03
By 2017..
•
International
Quality
Reach
Godly
Compassion
Scale
Affordable and Accessible Healthcare
to all socio economic segments
•
•
Beds
3,900 to 10,000
Patients per annum
2 million to 15 million
Hospitals
17 to 40 hospitals
13 to over 25 cities
The Operations
04
Unrivalled scale across Indonesia
Sumatra Population :
50.6 mio
Maluku Population :
2.6 mio
Sulawesi Population :
17.4 mio
JCI Standard
Kalimantan Population :
13.8 mio
Papua Population :
3.6 mio
Java Population :
136.6 mio
Nusa Tenggara Population :
9.2 mio
Bali Population :
3.9 mio
Operational Hospitals (17)
Future Developments (29)
Greater Jakarta Population :
28 mio
Jakarta Population :
10 mio
The Strategy & Business Model
05
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
06
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
07
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
08
Mature and Developing Hospitals
SILOAM HOSPITALS LIPPO VILLAGE
MRCCC SILOAM SEMANGGI
TANGERANG (West of Jakarta)
308 Bed Capacity
234 GP and Specialists
455 Nurses
Centre of Excellence : Neurosience &
Heart Centre
SOUTH JAKARTA
JCIA
331 Bed Capacity
172 GP and Specialists
220 Nurses
Centre of Excellence : Cancer Centre
SILOAM HOSPITALS KEBON JERUK
WEST JAKARTA
279 Bed Capacity
198 GP and Specialists
342 Nurses
Centre of Excellence : Urology &
Orthopaedic
SILOAM HOSPITALS JAMBI
SILOAM HOSPITALS SURABAYA
EAST SUMATERA
EAST JAVA
100 Bed Capacity
65 GP and Specialists
127 Nurses
Centre of Excellence : Emergency &
Trauma
162 Bed Capacity
144 GP and Specialists
265 Nurses
Centre of Excellence : Fertility Centre
83.0% Ownership
SILOAM HOSPITALS CIKARANG
SILOAM HOSPITALS BALIKPAPAN
BEKASI (East of Jakarta)
EAST KALIMANTAN
118 Bed Capacity
91 GP and Specialists
161 Nurses
Centre of Excellence : Occupational Health
228 Bed Capacity
92 GP and Specialists
180 Nurses
Centre of Excellence : Emergency & Trauma
and Orthopedics
79.45% Ownership
Premier Private Hospital Group
09
New Hospitals in 2012
SILOAM GENERAL HOSPITAL (RSUS)
TANGERANG (West of Jakarta)
SILOAM HOSPITALS CINERE
DEPOK (South of Jakarta)
664 Bed Capacity
49 GP and Specialists
214 Nurses
37 Bed Capacity
19 GP and Specialists
51 Nurses
Centre of Excellence: Cardiology
SILOAM HOSPITALS MANADO
NORTH SULAWESI
230 Bed Capacity
98 GP and Specialists
126 Nurses
Centre of Excellence : Emergency & Trauma
80.0% Ownership
SILOAM HOSPITALS MAKASSAR
SOUTH SULAWESI
SILOAM HOSPITALS PALEMBANG
SOUTH SUMATERA
360 Bed Capacity
97 GP and Specialists
247 Nurses
Centre of Excellence : Cardiology and
Emergency & Trauma
347 Bed Capacity
119 GP and Specialists
161 Nurses
Centre of Excellence : Emergency & Trauma
70.39% Ownership
Premier Private Hospital Group
10
New Hospitals in 2013
SILOAM HOSPITALS BALI
BALI
BIMC KUTA
BALI
281 Bed Capacity
97 GP and Specialists
179 Nurses
Centre of Excellence : Emergency & Trauma,
Medical Tourism,
Orthopaedics and Cardiology
19 Bed Capacity
51 GP and Specialists
65 Nurses
Centre of Excellence : Emergency & Trauma
SILOAM HOSPITALS TB SIMATUPANG
SOUTH JAKARTA
BIMC NUSA DUA
BALI
269 Bed Capacity
110 GP and Specialists
136 Nurses
Centre of Excellence : Emergency & Trauma.
Cardiology, Oncology and
Neuroscience
31 Bed Capacity
57 GP and Specialists
74 Nurses
Centre of Excellence : Emergency & Cosmetic
Surgery
New Hospitals in 2014
SILOAM HOSPITALS PURWAKARTA
WEST JAVA
203 Bed Capacity
34 GP and Specialists
105 Nurses
Centre of Excellence : Emergency & Trauma
80.0% Ownership
80.0% Ownership
Premier Private Hospital Group
Hospitals under Construction
SILOAM HOSPITALS MEDAN
NORTH SUMATERA
SILOAM HOSPITALS KUPANG
EAST NUSA TENGGARA
There are currently 29 sites under
various stages of development
11
Premier Private Hospital Group
12
Awards
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare
Survey in 7 Big Cities in
Indonesia
(Awarded by SWA)
BIMC Hospital was awarded
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare Survey in 7
Big Cities in Indonesia
(Awarded by SWA)
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare
Survey in Jabodetabek City
(Awarded by SWA)
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare
Survey in Denpasar City
(Awarded by SWA)
European Award For Best Practices 2014
(from European Society for Quality
Research)
Indonesia Healthcare Most
Reputable Brand 2014
Based on Healthcare Survey in
Makassar City
(Awarded by SWA)
Corporate Image Award 2014
The Best in Building and Managing
Corporate Image - Category Hospital
(Awarded by TEMPO and Frontier)
Indonesia Best New Issuer 2014
(Awarded by Warta Ekonomi)
Operational & Financial
Performance
For The 6 Months Ended June 30, 2014
Strong Financial Performance
14
Revenue
EBITDA
( In Rp Bn )
( In Rp Bn )
508
3,504
14%
+40%
+40%
+70%
2,504
+35%
+42%
1,788
+22%
1,259
+12%
1,030
737
102
14%
2009
2010
2011
12%
+23%
890
2008
221
+10%
+21%
2012
12%
+43%
+16%
2013 2014P
2008
140
114
298
14%
155
12%
13%
2009
2010
2011
2012
2013 2014P
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).
2014 Revenue Ramp Up
15
( In Rp Bn )
3,504 3,504
100%
2,504
100%
2,486 2,501
71%
71%
1,522 1,568
43%
2013
751
751
21%
21%
Q1 2014A
Guidance
45%
14%
Q2 2014A
Actual
Q3 2014P
Projection
Q4 2014P
Revenue & EBITDA Growth
16
Q2 2014 Results by Hospital Category
Revenue Contribution and Growth by Category
13%
13%
8%
13%
+ 6%
EBITDA Contribution and Growth by Category
6%
6%
+ 29%
13%
18%
- 10%
9%
8%
8%
+ 12%
11%
8%
+ 33%
+ 93%
+ 73%
55%
51%
+ 1,675%
+ 736%
4 Mature
4 New 2012
Q2 2014
2 Developing
4 New 2013
+ 205%
+ 153%
86%
62%
Q2 2013
+ 67%
Q2 2013
MRCCC
1 New 2014
RSUS
4 Mature
4 New 2012
Q2 2014
2 Developing
4 New 2013
MRCCC
1 New 2014
RSUS
Commentary
The decreased EBITDA of 10% 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 Q2 2014 amounted to Rp 17 billion and Q2 2013 was Rp 3 billion.
SHLC rental expense for its sale and leaseback agreement amounted to Rp 16 billion in Q2 2014 and Rp 12 billion in Q2 2013.
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 Analyses
17
Q2 2014 Consolidated Results
(i)
Q2 2013
Q2 2014
IDR Bn
IDR Bn
1,201
1,568
31%
Service Cost
325
403
24%
NOR
876
1,165
33%
Material Cost
390
494
27%
Gross Margin
486
671
38%
Operating Expenses
305
399
31%
EBITDAR
181
272
50%
% to GOR
15.1%
17.3%
Rental (i)
15
33
122%
HO Expenses
23
31
35%
EBITDA (ii)
143
208
45%
11.9%
13.2%
17
45
1.4%
2.8%
Particulars
GOR
% to GOR
NPAT
% to GOR
Notes:
(i)
Represents rental expenses for the land and buldings, Siloam is leasing from FREIT, PT Lippo Karawaci Tbk and other parties. PT Lippo Karawaci started
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).
∆%
156%
Balance Sheet
18
Q2 2014 Consolidated Results
(i)
FY 2013
Q2 2014
∆%
515
434
-16%
Property and Equipment
1,402
1,423
1%
Total Assets
2,601
2,641
2%
962
959
-0.3%
Shareholders' Equity
1,639
1,682
3%
D/E Ratio
0.37
0.36
In Rp Bn
Assets
Cash & Equivalent
Liabilities & Equity
Liabilities
Average Revenue Per Patient
19
Q2 2014
IPD Average Revenue Per Patient
(Rp Mn)
50.0
40.9
39.4
39.0
34.1
40.0
30.0
20.0
25.5
16.8
19.1 19.119.8 20.5
9.3
10.0
15.5
11.1 11.1
15.6
20.2
15.0
7.3
5.0 7.1
5.1
6.2
4 Mature
2 Developing
MRCCC
2010
2011
RSUS
2012
2013
4 New 2012
Q2 2014
4 New 2013
1 New 2014
OPD Average Revenue Per Patient
(Rp Mn)
2.5
2.0
2.0
2.2
2.1 2.1
1.4
1.5
1.0
0.8 0.8
0.6 0.7 0.7
1.0
0.5 0.6 0.6
0.6 0.5 0.5 0.6
0.5
0.3
0.2 0.2 0.3
-
-
-
-
4 Mature
2 Developing
MRCCC
2010
2011
RSUS
2012
2013
4 New 2012
Q2 2014
4 New 2013
1 New 2014
Operational Update Patient Visits & Admissions
20
Q2 2014
OPD Visits (+19%)
ED Visits (+27%)
0.3%
336,604
335,578
6%
41,389
39,053
14%
75,645
66,325
4 Mature
2
Developing
18%
330%
149%
68,338
28,024
33,036 45,058
23,776
13,242
MRCCC
19%
52%
RSUS
Q2 2013
40,938
9,518
9,183
7,748
- 5,595
4 New 20124 New 20131 New 2014
Q2 2014
4 Mature
2
Developing
40%
2,735
1,955
MRCCC
40%
255%
15,682
9% 11,162
9,507
2,932
2,681
2,697
RSUS
Q2 2013
- 1,320
4 New 2012 4 New 2013 1 New 2014
Q2 2014
IPD Admissions (+30%)
-0.6%
22,973
22,846
34%
86%
20%
5,163
26%
6,212
2,217 2,800
4 Mature
2
Developing
MRCCC
5,982
Q2 2013
Note:
Total of OPD visits includes One Day Care Visits
10,033
561%
7,511
3,214
RSUS
Strong throughput growth at all entry points and
conversion to IPD across all hospitals
5,092
770
-
1,373
4 New 20124 New 2013 1 New 2014
Q2 2014
Number of Hospital Growth
21
2010 to Q2 2014
2010
2011
2012
2013 / Q1 2014
Q2 2014
4 Hospitals
7 Hospitals
12 Hospitals
16 Hospitals
17 Hospitals
Note:
Image courtesy of iconbug.com
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