results briefing presentation q1 2017 2017... · 5 q1 2017 highlights resilient core financial...
TRANSCRIPT
© All Rights Reserved.
This material is confidential and property to IHH Healthcare Berhad. No part of this material
should be reproduced or published in any form by any means, nor should the material be
disclosed to third parties without the consent of IHH.
Results Briefing Presentation
Q1 2017
19 May 2017
2
Disclaimer
This document is and shall remain the exclusive property of IHH Healthcare Berhad (the “Company”) and nothing herein shall give, or shall be construed
as giving, to any party any right, title, ownership, interest, licence or any other right whatsoever in or to this document. Neither this document nor any part
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Although care has been taken to ensure that the information in this document is accurate, and that the opinions expressed are fair and reasonable, the
information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material
information concerning the Company and its subsidiaries and associate companies. None of the Company nor its subsidiaries or associate companies nor
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situation or particular needs of any particular investor, and should not be treated as giving investment advice.
In addition, this document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and
objectives of the Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company’s
current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are
subject to business, economic, political and competitive uncertainties and contingencies as well as various risks which are in many cases outside the
control of the Company, and which may change over time and may cause actual events and the Company’s future results to be materially different than
expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s
assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial condition,
performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. You are
cautioned not to place undue reliance on these forward looking statements.
The Company does not undertake to provide you with access to any additional information or to update the information contained in the document or to
correct any inaccuracies therein which may become apparent.
3
Agenda
Q1 2017 Group Key Highlights
Key Operational Highlights
o Inpatient admissions and revenue intensity
o Project progress – 2017
o Project progress – 2018 & beyond
Key Financial Highlights
o Key Group Highlights (without PLife REIT results)
o Performance by SBUs (in key metrics)
o Balance sheet and cashflows
o Expansion capital expenditure
Outlook and Prospects
4
Strong results from existing operations
EBITDA and PATMI (Excl EI) eroded by New Hospitals
Total Group Results
RM'mil
Revenue
EBITDA
EBITDA Margin (%)
PATMI
PATMI Margin (%)
PATMI
(Excluding exceptional items)
PATMI Margin (%)
(Excluding exceptional items)
2017 2016 Variance
2,684.8 2,475.4 8%
565.6 617.0 -8%
21.1% 24.9% -3.9%
470.0 235.5 100%
17.5% 9.5% 8.0%
201.8 238.3 -15%
7.5% 9.6% -2.1%
YTD Mar
5
Q1 2017 Highlights
Resilient core financial performanceo Revenue increased 8% to RM2.7bil,
o EBITDA decreased 8% to RM565.4mil
o PATMI (Excl EI*) decreased 15% to RM201.8mil
o EBITDA and PATMI (Excl EI) eroded by pre-operating and start-up costs of Gleneagles Hong Kong
Hospital and Acibadem Altunizade Hospital, both opened in March 2017
Sustained expansion and excellence in operationso Growth in inpatient admissions and revenue intensity across all home markets
Rebalancing portfolio, with focus on core operations Divested divestment of non-core 6.07% interest in Apollo Hospitals for RM313.4 million gain
Maintained strong financial position and balance sheeto Gearing of 0.20 times at March 2017
o Cash position of RM2.8 billion
Note*: excludes exceptional items
© All Rights Reserved.
This material is confidential and property to IHH Healthcare Berhad. No part of this material
should be reproduced or published in any form by any means, nor should the material be
disclosed to third parties without the consent of IHH.
6
Key Operational Highlights
7
Growth in patient volumes and revenue intensities across home markets
Inpatient Admission Volumes1 (Number)
Q42015
Q12016
Q42016
Q12017
45,675
49,026 47,318
50,541
PPL - Malaysia
Q42015
Q12016
Q42016
Q12017
17,335
18,094 18,174
18,842
PPL - MalaysiaPPL - Singapore
Q42015
Q12016
Q42016
Q12017
34,372
39,296
50,470
52,581
PPL - MalaysiaAcibadem
Q42015
Q12016
Q42016
Q12017
14,712
14,033
15,838 16,008
PPL - MalaysiaPPL - India
Average Revenue per Inpatient Admission1 (RM)
Q42015
Q12016
Q42016
Q12017
27,763
28,819 28,697
29,666
PPL - MalaysiaPPL - Singapore2,3
Q42015
Q12016
Q42016
Q12017
5,475
5,583
6,151 6,185
PPL - MalaysiaPPL - Malaysia2
Q42015
Q12016
Q42016
Q12017
9,595
8,977
8,521
9,340
PPL - MalaysiaAcibadem2,3
Q42015
Q12016
Q42016
Q12017
6,924
8,006 8,110
8,255
PPL - MalaysiaPPL - India2,3
The above charts are not drawn to scale.
1. Based on Singapore, Malaysia, India and Acibadem Holdings hospitals only. Excludes hospitals operated by joint venture companies, hospitals under hospital management agreements and
other international hospitals.
2. Specialist fees not included in Singapore’s and Malaysia’s average revenue per inpatient admission
3. Based on a uniform exchange rate throughout the periods shown (SGD: 3.1626; INR:0.0677; TL:1.2263)
Q1 YoY Growth 4.1% Q1 YoY Growth 3.1% Q1 YoY Growth 14.1% Q1 YoY Growth 33.8%
Q1 YoY Growth 2.9% Q1 YoY Growth 10.8% Q1 YoY Growth 3.1% Q1 YoY Growth 4.0%
8
Project Progress 2017
Country Type Hospital Description Target Completion
Malaysia ExpansionPantai Hospital
Kuala Lumpur
Phase 2:
~120 beds capacity• Late 2017
Malaysia GreenfieldGleneagles MediniHospital
Phase 1b:
Medical Office Block
160 Medical Clinic Suites
• Late 2017
9
Project Progress 2018 and beyond
Country Type Hospital Description Target Completion
Turkey Expansion Acibadem Maslak 210 bed capacity • 2018
China Greenfield Gleneagles Chengdu 350 bed capacity • 2018
China Greenfield Gleneagles Nanjing 70 bed capacity • 2019
Turkey GreenfieldAcibadem Kartal,
Istanbul120 bed capacity • 2019
Turkey GreenfieldAcibadem Atasehir,
Istanbul180 bed capacity • 2019
10
Project Progress 2018 and beyond
Country Type Hospital Description Target Completion
Malaysia ExpansionPantai Hospital Ayer
Keroh160 beds capacity • 2019
China Greenfield Gleneagles Shanghai 450 beds capacity • 2020
Malaysia Expansion Pantai Hospital Klang 80 beds capacity • Planning stage
© All Rights Reserved.
This material is confidential and property to IHH Healthcare Berhad. No part of this material
should be reproduced or published in any form by any means, nor should the material be
disclosed to third parties without the consent of IHH.
11
Key Financial Highlights
12
Double-digit Revenue growth on constant currency
EBITDA and PATMI (Excl EI) eroded by New Hospitals
Excluding PLife REIT’s Results
RM'mil
Revenue
EBITDA
EBITDA Margin (%)
PATMI
PATMI Margin (%)
PATMI
(Excluding exceptional items)
PATMI Margin (%)
(Excluding exceptional items)
2017 2016 Variance
Variance
(@ Constant
Currency)
2,652.3 2,444.4 9% 13%
496.6 551.9 -10% -7%
18.7% 22.6% -3.9% -3.9%
452.5 221.0 105% 94%
17.1% 9.0% 8.0% 6.5%
184.2 223.8 -18% -17%
6.9% 9.2% -2.2% -2.4%
YTD Mar
13
Key Financial Highlights(Excluding Plife REIT’s results)
Q1 2017 Revenue grew 9%; EBITDA declined 10%; PATMI (Excl EI) declined 18%
Robust revenue performance mainly driven by:
o Healthy inpatient admissions numbers and revenue intensity
o Contribution from the ramp up of hospitals opened in 2015
o Contribution from Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital, both opened in
March 2017
o Contribution from Tokuda and City Clinic Groups in Bulgaria, which were acquired in June 2016
EBITDA eroded by:
o Pre-operating and start-up losses for Gleneagles Hong Kong Hospital and Acibadem Altunizade
Hospital
PATMI (Excl EI) declined mainly due to:
o Incremental depreciation, amortisation and finance costs with the opening of Gleneagles Hong Kong
Hospital and Acibadem Altunizade Hospital
Stronger Singapore Dollar (“S$”) partially offset by weaker Turkish Lira (“TL”) in Q1 2017 on
translation of subsidiary groups’ income statements*
*: Movements in key average exchange rates used to translate the results of significant overseas subsidiaries into RM:
SGD Average Rates Variance YTD
vs Last Year 4.8%
TL Average Rates Variance YTD
vs Last Year -15.6%
14
Exceptional Items
RM'mil 2017 2016 Variance
Profit after tax and minority interests 470.0 235.5 100%
Add back/(Less): Exceptional Items
Gain on dispoal of quoted available-for-sale financial instrumentsi
(313.4) -
Exchange loss/(gain) on net borrowingsii
94.1 5.8
(219.4) 5.8
Add/(less): Tax effects on exceptional items (18.8) (1.2)
(238.2) 4.7
Add/(less): Minority interest share of exceptional items (30.1) (1.9)
(268.3) 2.8
Profit after tax and minority interests
(Excluding exceptional itemsiii
) 201.8 238.3 -15%
Less: PATMI contribution from PLife REIT (17.5) (14.5)
Profit after tax and minority interests
(Excluding exceptional itemsiii
and PLife REIT) 184.2 223.8 -18%
YTD Mar
Note:
i) Gain on disposal of 6.07%% interest in Apollo Hospital Enterprise Limited
ii) Exchange differences arising from foreign currency denominated borrowings/payables net of foreign currency denominated cash/receivables
(As at 31 Mar 2017, Euro/TL = 3.9083; USD/TL = 3.6386)
iii) Exceptional items, net of tax and non-controlling interests
15
Contribution across the Group
RM'mil
PPL-Singapore
PPL-Malaysia
PPL-China
PPL-HK
PPL-India
PPL-Others
Acibadem Holdings
IMU Health
REIT
Others
Check to highlights
Others, 0%
REIT, 6%
IMU Health, 6%
Acibadem Holdings, 10%
PPL-Others, 3%
PPL-India, -7%
PPL-HK, -7%
PPL-China, 4%
PPL-Malaysia, 22%
PPL-Singapore, 63%
-20% 0% 20% 40% 60% 80%
Others, 0%
REIT, 1%
IMU Health, 2%
Acibadem Holdings, 34%
PPL-Others, 2%
PPL-India, 6%
PPL-HK, 0%
PPL-China, 2%
PPL-Malaysia, 16%
PPL-Singapore, 36%
0% 10% 20% 30% 40%
Others, 0%
REIT, 1%
IMU Health, 2%
Acibadem Holdings, 34%
PPL-Others, 2%
PPL-India, 5%
PPL-HK, 0%
PPL-China, 2%
PPL-Malaysia, 16%
PPL-Singapore, 37%
0% 10% 20% 30% 40%
Others, 0%
REIT, 11%
IMU Health, 4%
Acibadem Holdings, 26%
PPL-Others, 3%
PPL-India, 0%
PPL-HK, -1%
PPL-China, 3%
PPL-Malaysia, 17%
PPL-Singapore, 39%
-10% 0% 10% 20% 30% 40% 50%
Others, -2%
REIT, 12%
IMU Health, 5%
Acibadem Holdings, 26%
PPL-Others, 2%
PPL-India, 0%
PPL-HK, -15%
PPL-China, 2%
PPL-Malaysia, 23%
PPL-Singapore, 47%
-20% -10% 0% 10% 20% 30% 40% 50% 60%
Others, -4%
REIT, 9%
IMU Health, 9%
Acibadem Holdings, 11%
PPL-Others, -1%
PPL-India, -7%
PPL-HK, -36%
PPL-China, 4%
PPL-Malaysia, 34%
PPL-Singapore, 82%
-60% -40% -20% 0% 20% 40% 60% 80% 100%
YTD 2017 PATMI (Excl EI)
YTD 2016 PATMI (Excl EI)
YTD 2017 Revenue YTD 2017 EBITDA
YTD 2016 Revenue YTD 2016 EBITDA
16
Revenue: Robust YoY & QoQ growth from existing operations
Revenue (RM ‘mil) Variances
“Others” segment comprises of IHH Group corporate offices as well as other
investment holding entities
“New Hospitals” as referred to in these slides refers to:
Parkway Pantai – Malaysia
- Gleneagles Kota Kinabalu (Opened in May 2015)
- Gleneagles Medini (Opened in Nov 2015)
Parkway Pantai – North Asia
- Gleneagles Hong Kong Hospital (Opened in Mar 2017)
- Gleneagles Shanghai Hospital
- Gleneagles Chengdu Hospital
- Gleneagles Nanjing Hospital
Acibadem Holdings – Turkey
- Acibadem Taksim Hospital (Opened in Oct 2015)
- Acibadem Altunizade Hospital (Opened in Mar 2017)
1,533.7 1,493.5 1,525.8 1,549.41,649.1
- - -
10.213.2
17.3 21.8
25.0
- - -
819.0 853.2 795.0
945.6887.8
- - -
17.0 14.6 13.7
22.127.0
- - -
58.2 65.9 55.0
58.062.9
- - -
30.9 32.3 34.4
34.032.5
-- -
48.8 48.0 49.3
50.351.7
- - -
2,475.4 2,473.3 2,441.8
2,631.52,684.8
- - -
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Segments
GROUP 2% 8% 8%
GROUP (Excl REIT) 2% 9% 9%
PLife REIT (External) -4% 5% 5%
Others -16% -92% -92%
IMU Health 9% 8% 8%
Acibadem Holdings (New) 22% 59% 59%
Acibadem Holdings (Existing) -6% 8% 8%
Parkway Pantai (New) 15% 144% 144%
Parkway Pantai (Existing) 6% 8% 8%
PLife REIT Interco Revenue
Q1'17
vs Q4'16
Q1'17
vs Q1'16
YTD'17
vs YTD'16
17
Revenue: Actual Q1 revenues eroded by the depreciation of TL;
Mitigated by the appreciation of S$
Revenue Variance (RM’mil)
The above figures excludes PLife REIT
Revenue - YTD Variance
RM'mil
YTD Dec 2015
Parkway Pantai
Parkway Pantai (Translation Difference)
Acibadem Holdings
Acibadem Holdings (Translation Difference)
IMU Health
Others
YTD Dec 2016
Check:
Check:
2,444.4
73.9
56.3
247.6
168.9
4.7
5.8
2,652.3
YTD Dec 2015 Parkway PantaiParkway Pantai(TranslationDifference)
AcibademHoldings
AcibademHoldings
(TranslationDifference)
IMU Health Others YTD Dec 2016
Parkway Pantai
Acibadem Holdings
IMU Health
Group (Excl PLife REIT)
Actual
@
Constant
Currency
8% 5%
9% 30%
8% 8%
9% 13%
YTD'17vs YTD'16
18
EBITDA: YoY EBITDA declined due to new hospitals
EBITDA (RM ‘mil) Variances
Margins
Margins
w/o New Hospitals & PLife REIT
w/o PLife REIT
385.7359.8 377.1 374.4
418.6
- - -(12.2) (16.3) (22.7)(41.5)
(84.2)
- - -
161.0
164.088.6
135.6
151.2
- - -
(4.4) (4.8)
1.4
(4.9)
- - -
23.226.8
19.5
16.0
27.4
- - -
(2.5)
(40.4)
20.9
(9.5)
(11.5)
- - -
65.065.0
67.8
89.0
69.0
- - -
617.0554.4
546.3
565.4
565.6
- - -
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
22.6% 20.1% 19.9% 18.3% 18.7% - - -
23.5% 21.1% 21.3% 20.2% 22.5% - - -
Segments
GROUP 0% -8% -8%
GROUP (Excl REIT) 4% -10% -10%
PLife REIT -23% 6% 6%
Others -22% NM NM
IMU Health 71% 18% 18%
Acibadem Holdings (New) NM -51% -51%
Acibadem Holdings (Existing) 12% -6% -6%
Parkway Pantai (New) -103% NM NM
Parkway Pantai (Existing) 12% 9% 9%
Q1'17
vs Q4'16
Q1'17
vs Q1'16
YTD'17
vs YTD'16
19
EBITDA Variance (RM’mil)
The above figures excludes PLife REIT
EBITDA: Actual Q1 EBITDA eroded by the depreciation of TL;
Mitigated by the appreciation of S$
EBITDA - YTD Variance
Check:
551.9
47.3
8.2
15.6
27.0
4.3
9.1
496.6
YTD Dec 2015 Parkway PantaiParkway Pantai(TranslationDifference)
AcibademHoldings
AcibademHoldings
(TranslationDifference)
IMU Health Others YTD Dec 2016
Parkway Pantai
Acibadem Holdings
IMU Health
IHH Group (Excl PLife REIT)
Actual
@
Constant
Currency
-10% -13%
-7% 10%
18% 18%
-10% -7%
YTD'17vs YTD'16
As at
31 Dec 2016
RM'mil
37,188
23,622
11,076
2,490
(13,295)
23,893
(1,907)
21,986
8,420
(7,487)
2,443
(5,044)
0.60
0.21
3.28
2.21
20
Healthy key coverage ratios
*: Based on last 12 months EBITDA
^: Excludes fixed deposits (>3 months) and amounts placed in money market funds of RM217.6 million (2016: RM209.2 million)
^^
Balance Sheet
As at
31 Mar 2017
RM'mil
Total Assets 37,904
- Tangible Assets 24,242
- Intangible Assets
Goodwill 11,204
Other intangibles 2,458
Total Liabilities (13,607)
Total Equity 24,297
Non-controlling Interests (1,832)
Total Shareholders' Equity (excluding non-controlling interests) 22,465
Net Tangible Assets ("NTA") (excluding non-controlling interests) (A) 8,803
Total Debt (B) (7,555)
Total Cash 2,774
Net Debt (C) (4,781)
Net Debt / NTA (C)/(A) 0.54
Net Debt / Equity 0.20
Gross Debt / EBITDA* (times) (B)/(D) 3.39
Net Debt / EBITDA* (times) (C)/(D) 2.14
21
Strong operating cash flows to support annual dividends and capital
expenditure for expansion
Cashflows @ 31 March 2017 (RM’mil)
2,423
433
31106
34 2,754
Cash @ 1/1/2017 Net cash fromOperating Activities
Net cash used inInvesting Activities
Net cash fromFinancing Activities
Effect of FX Cash @ 31/3/2017
Cash Reconciliation to Cashflow Statement: RM'mil
Cash per Balance Sheet 2,774
Less:
Bank overdrafts (12)
Cash collateral received (6)
Fixed deposits pledged (3)
Cash per Cashflow Statement 2,754
Cash
@ 31 Mar 2017 RM'mil
Parkway Pantai 1,419
Acibadem Holdings 90
IMU Health 194
Others 1,200
2,903
PLife REIT 89
2,992
(218)
2,774
Less:
Fixed Deposits placed for 3
months or more
Debt
@ 31 Mar 2017 RM'mil
Parkway Pantai 1,241
Acibadem Holdings 3,650
IMU Health -
Others 572
5,463
PLife REIT 2,092
7,555
RM' mil
Projected
Disbursements
Q2 2017 till 2018
Pantai Hospital Kuala Lumpur Expansion 162.1
Pantai Hospital Ayer Keroh Expansion 106.6
Pantai Hospital Klang Expansion 155.0
Gleneagles Medini Greenfield 162.8
Pantai Hospital Manjung Acquisition of Land 56.7
643.2
Gleneagles Hong Kong Hospital - 60% Greenfield 444.1
Gleneagles Shanghai Hospital - 70% Greenfield 643.7
Gleneagles Chengdu Hospital - 70% Brownfield 577.5
Gleneagles Nanjing Hospital - 60% Greenfield 91.9
1,313.1
Yangon Hospital - 52% Greenfield 282.2
Acibadem Maslak Expansion 332.8
Acibadem Altunizade Greenfield 16.6
Acibadem Atasehir Greenfield 98.9
Acibadem Kartal Greenfield 173.6
621.8
Total Unincurred Expansion Capital Expenditure 3,304.5
22
Expansion Capital Expenditure – Construction & Medical Equipment
*: Parkway will fund its share of the project cost
through its bank facility and the business partner
will fund their respective share. Amount shown is
total capex
Funded from Malaysia’s operating cash flows
and new bank facilities, if required
Funded from Acibadem’s operating cash flows
and bank facilities
*
*
*
*
Based on the following exchange rates:1 SGD : 3.16231TL : 1.22631 HKD : 0.57051 RMB : 0.642631 USD : 4.4304
*
© All Rights Reserved.
This material is confidential and property to IHH Healthcare Berhad. No part of this material
should be reproduced or published in any form by any means, nor should the material be
disclosed to third parties without the consent of IHH.
23
Outlook & Prospects
24
Outlook & ProspectsOverall IHH Group
While 2017 is expected to be a challenging operating environment, we have a differentiated strategy in place to:
Consolidate and build on successeso Enhance service offerings at existing hospitals, ramp up new hospitals
o Prepare for progressive opening of new greenfield hospitals in 2018 & 2019
o Improve the mix on higher revenue intensity procedures
o Continually review and rebalance portfolio to optimise returns
Actively mitigate against cost pressures and geopolitical/forex risk
o Cost pressures: Tight cost controls and ramping up new facilities to maximise operational efficiencies
o Geopolitical and forex movements: Explore de-risking options for Acibadem’s currency exposure
We remain confident we can navigate macro uncertainties on our ability to leverage:
o Experienced management team with execution track record
o Strong brands and network of hospitals
o Robust balance sheet and operating cash flows
o 40-year track record of delivering superior clinical outcomes for patient
© All Rights Reserved.
This material is confidential and property to IHH Healthcare Berhad. No part of this material
should be reproduced or published in any form by any means, nor should the material be
disclosed to third parties without the consent of IHH.
25
Appendix
26
Revenue: QoQ & YoY Comparison
Revenue1
Q1 2017 Q4 2016 Variance Q1 2017 Q1 2016 Variance YTD 2017 YTD 2016 Variance
RM'mil RM'mil % RM'mil RM'mil % RM'mil RM'mil %
Parkway Pantai:
- Singapore 961.5 892.1 8% 961.5 910.8 6% 961.5 910.8 6%
- Malaysia 416.8 392.2 6% 416.8 381.1 9% 416.8 381.1 9%
- Malaysia(New)
24.6 21.8 13% 24.6 10.2 140% 24.6 10.2 140%
- India 161.4 150.1 8% 161.4 127.8 26% 161.4 127.8 26%
- North Asia 65.2 68.6 -5% 65.2 67.3 -3% 65.2 67.3 -3%
- North Asia (New)
0.4 - - 0.4 - - 0.4 - -
- PPL Others* 44.2 46.4 -5% 44.2 46.8 -6% 44.2 46.8 -6%
Parkway Pantai 1,674.1 1,571.3 7% 1,674.1 1,543.9 8% 1,674.1 1,543.9 8%
Acibadem Holdings 887.8 945.6 -6% 887.8 819.0 8% 887.8 819.0 8%
Acibadem Holdings(New)
27.0 22.1 22% 27.0 17.0 59% 27.0 17.0 59%
Acibadem Holdings 914.8 967.6 -5% 914.8 836.0 9% 914.8 836.0 9%
IMU Health 62.9 58.0 9% 62.9 58.2 8% 62.9 58.2 8%
Others^ 0.5 0.6 -16% 0.5 6.3 -92% 0.5 6.3 -92%
GROUP (Excl REIT) 2,652.3 2,597.5 2% 2,652.3 2,444.4 9% 2,652.3 2,444.4 9%
PLife REIT Total 84.2 84.2 0% 84.2 79.7 6% 84.2 79.7 6%
Less: PLife REIT Inter-segment (51.7) (50.3) -3% (51.7) (48.8) -6% (51.7) (48.8) -6%
PLife REIT 32.5 34.0 -4% 32.5 30.9 5% 32.5 30.9 5%
GROUP 2,684.8 2,631.5 2% 2,684.8 2,475.4 8% 2,684.8 2,475.4 8%
Q-on-Q QTD Y-on-Y YTD Y-on-Y
1: Relates to external revenue only.
It excludes PLife REIT’s rental income earned from Parkway Pantai. Similarly, it excludes Parkway Pantai’s dividend and management fee income earned from PLife REIT.
*: PPL Others comprise mainly Parkway Pantai’s hospital in Brunei, corporate office as well as other investment holding entities within Parkway Pantai
^: Others comprise mainly IHH Group’s corporate office as well as other investment holding entities
27
EBITDA: QoQ & YoY Comparison
EBITDA1
Q1 2017 Q4 2016 Variance Q1 2017 Q1 2016 Variance YTD 2017 YTD 2016 Variance
RM'mil RM'mil % RM'mil RM'mil % RM'mil RM'mil %
Parkway Pantai:
- Singapore2
265.6 249.4 6% 265.6 243.0 9% 265.6 243.0 9%
- Malaysia 128.5 97.2 32% 128.5 113.0 14% 128.5 113.0 14%
- Malaysia(New)
0.4 (1.7) 126% 0.4 (6.4) 107% 0.4 (6.4) 107%
- India 2.1 14.0 -85% 2.1 (3.1) 167% 2.1 (3.1) 167%
- North Asia 10.6 10.8 -2% 10.6 16.6 -36% 10.6 16.6 -36%
- North Asia (New)
(84.5) (39.7) -113% (84.5) (5.8) NM (84.5) (5.8) NM
- PPL Others* 11.8 2.8 NM 11.8 16.2 -27% 11.8 16.2 -27%
Parkway Pantai 334.4 332.9 0% 334.4 373.5 -10% 334.4 373.5 -10%
Acibadem Holdings 151.2 135.6 12% 151.2 161.0 -6% 151.2 161.0 -6%
Acibadem Holdings(New)
(4.9) 1.4 NM (4.9) (3.2) -51% (4.9) (3.2) -51%
Acibadem Holdings 146.3 136.9 7% 146.3 157.8 -7% 146.3 157.8 -7%
IMU Health 27.4 16.0 71% 27.4 23.2 18% 27.4 23.2 18%
Others^ (11.5) (9.5) -22% (11.5) (2.5) NM (11.5) (2.5) NM
GROUP (Excl REIT) 496.6 476.4 4% 496.6 551.9 -10% 496.6 551.9 -10%
PLife REIT3
69.0 89.0 -23% 69.0 65.0 6% 69.0 65.0 6%
GROUP 565.6 565.4 0% 565.6 617.0 -8% 565.6 617.0 -8%
Q-on-Q QTD Y-on-Y YTD Y-on-Y
1: Relates to the EBITDA performance of each SBUs. After elimination of dividend income from within the Group
2: Includes rental expense incurred for lease of hospitals from PLife REIT
3: Includes rental income earned from lease of hospitals to Parkway Pantai
*: PPL Others comprise mainly Parkway Pantai’s hospital in Brunei, corporate office as well as other investment holding entities within Parkway Pantai
^: Others comprise mainly IHH Group’s corporate office as well as other investment holding entities
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