results briefing analyst presentation 4q & fy2018
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 Analyst Presentation
4Q & FY2018
27 February 2019
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
thereof may be (i) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (ii) redistributed, passed on or otherwise
disseminated, without the Company’s permission. 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
any of its or their respective members, directors, officers, employees, affiliates or advisors make any representation or warranty (express or implied)
regarding, nor assumes any responsibility or liability for, the accuracy, reasonableness, fairness or completeness of, or any errors or omissions in, any
information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss arising
from or in connection with any use of this document or its contents. This document is for information purposes only and does not constitute or form part of any offer or invitation by or on behalf of the Company for sale or
subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities (“Securities”), nor shall it or any part of it
form the basis of or be relied on in connection with any contract, commitment or investment decision in relation to the Securities of the Company in
Malaysia, Singapore or any other jurisdiction. The information in this document does not take into consideration the investment objectives, financial
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
Key Highlights for Q4 2018
Sustained organic growth; Double-digit revenue and EBITDA growth • Q4 2018 revenue up 10% year-on-year to RM3.2 billion; EBITDA up 18% to
RM724.1 million. On constant currency terms, growth was 28% and 33% respectively • PATMI (Excl EI) at RM341.5 million in Q4 2018 driven by stronger operational performance
and boosted by the FX gains from the USD denominated cash balances
Strong balance sheet with prudent cash management: • Net gearing of 0.10 times with RM7.8 billion cash position • Net cash generated from operating activities remained strong at RM1.9 billion for FY 2018 • Board recommends dividend of 3 sen per ordinary share
Revenue
RM3.2 b (↑ 10%)
EBITDA
RM724.1 m (↑ 18%)
PATMI
RM509.4 m (↑ 403%)
PATMI (Excl EI)
RM341.5 m (↑ 88%)
Focused on stabilising performance at Fortis: • Became controlling shareholder after completing preferential allotment in November
2018; appointed 5 members to the Fortis Board • Completed acquisition of RHT Health Trust’s assets for INR46,663 million (~RM2.7 billion) • New CEO appointed in Dr Ashutosh Raghuvanshi; New CFO appointed in Mr Vivek Goyal
© 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.
4
Financial Highlights
5
Sustained organic growth from existing operations
YoY growth eroded by stronger RM
RM'mil 2018 2017 Variance 2018 2017 Variance
Revenue 3,165.3 2,885.1 10% 11,520.9 11,142.6 3%
EBITDA 724.1 615.7 18% 2,477.7 2,279.5 9%
PATMI 509.4 101.3 NM 627.7 970.0 -35%
PATMI (Excl EI) 341.5 181.9 88% 1,027.6 595.3 73%
QTD Dec YTD DecTotal Group Results
Q4 Commentary
• Higher revenue due to:
• Sustained organic growth from existing operations
• Continuous ramp up of Gleneagles Hong Kong and Acibadem Altunizade
• Contribution from newly acquired Amanjaya and Fortis
• Higher EBITDA driven by stronger operational performance across the home markets
• On constant currency, Revenue and EBITDA increased 28% and 33% respectively
• PATMI excluding exceptional items increased due to stronger operational performance and boosted by FX
gains from the USD denominated cash balances
6
Exceptional Items
RM'mil 2018 2017 Variance 2018 2017 Variance
Profit after tax and minority interests 509.4 101.3 NM 627.7 970.0 -35%
Add back/(Less): Exceptional Items
Gain on disposal of a subsidiary1
- (1.1) - (1.1)
Gain on dispoal of quoted AFS financial instruments2
- - - (554.5)
(Gain)/Loss on disposal business units (2.9) (0.2) (2.9) 0.8
Change in fair value of investment properties3
(23.8) (16.5) (23.8) (16.5)
Change in fair value of call option4
(17.2) 4.8 (17.2) 4.8
Change in fair value of CCPS liabilities5
- 13.8 - 13.8
Change in fair value of put option (2.1) - (2.1)
Impairment loss on goodwill 66.2 - 66.2 -
Impairment loss on investment in a joint venture6
33.4 - 33.4 -
2.8 0.4 4.0 1.6
Investment tax allowance8
- (2.5) - (2.5)
Insurance compensation for Chennai flood 0.1 - (17.2) -
Professional fees relating to an acquisition9
- - 3.7 -
Exchange (gain)/loss on net borrowings10
(457.4) 176.9 644.1 379.2
(401.0) 175.4 688.1 (174.7)
Add/(less): Tax effects on exceptional items 67.4 (35.4) (73.4) (75.8)
(333.5) 140.0 614.7 (250.5)
Add/(less): Minority interest share of exceptional items 165.7 (59.4) (214.8) (124.2)
(167.9) 80.6 399.9 (374.6)
341.5 181.9 88% 1,027.6 595.3 73%
(33.9) (21.6) (85.8) (76.1)
307.7 160.3 92% 941.8 519.2 81%
YTD DecQTD Dec
Profit after tax and minority interests
(Excluding exceptional items11
)
Less: PATMI contribution from PLife REIT
Profit after tax and minority interests
(Excluding exceptional items11
and PLife REIT)
Provision for financial guarantee given on a joint venture's loan
facility7
7
Exceptional Items Note:
1) Gain on disposal of 60% interest in SESU Ozel Saglik Hizmetleri Tibbi Malzemeler ve Ticaret A.S. during 2017
2) Gain on disposal of the Group’s 4.78% and 6.07% interest in Apollo Hospital Enterprise Limited in May 2017 and March 2017
respectively
3) Change in fair valuation of investment properties held for rental to third parties, excluding PLife REIT’s investment properties
held for rental to third parties
4) Change in fair value of call option right granted to non-controlling interests of a subsidiary to purchase the Group's 3%
interest in the subsidiary on a fully diluted basis, at a fixed price of INR500.0 million upon the non-achievement of certain
financial targets
5) Change in fair value of Compulsory Convertible Preference Shares ("CCPS") of a subsidiary that were classified as liabilities
in 2017
6) Impairment loss on investment in Khubchandani Hospitals
7) Proportionate share of corporate guarantee in relation to accrued interest on Khubchandani Hospital's loan
8) Investment tax allowance granted in relation the the Group’s hospital construction projects and capital investments
9) Professional fees relating to the Group’s acquisition of approximately 30% equity interest in Acıbadem Sağlık Yatırımları
Holding A.Ş. from a director and a substantial shareholder
10) Exchange differences arising from foreign currency denominated borrowings/payables net of foreign currency denominated
cash/receivables, recognised by Acibadem Holdings (As at 31 Dec 2018, Euro/TL=6.0280, USD/TL=5.2609)
11) Exceptional items, net of tax and non-controlling interests
As at
31 Dec 2018
As at
31 Dec 2017
RM'mil RM'mil
Total Assets 45,115 38,925
- Tangible Assets 31,176 25,955
- Intangible Assets
Goodwill 11,829 10,692
Other intangibles 2,109 2,278
Total Liabilities (16,607) (13,025)
Total Equity 28,507 25,901
Non-controlling Interests ("NCI") (4,355) (1,852)
Perpetual securities ("Perps") (2,158) (2,159)
Total Shareholders' Equity (excluding NCI and Perps) 21,994 21,890
Net Tangible Assets ("NTA") (excluding NCI and Perps) (A) 8,056 8,920
Total Debt (B) (10,535) (6,794)
Total Cash 7,763 6,079
Net Debt (C) (2,772) (715)
Net Debt / NTA (C)/(A) 0.34 0.08
Net Debt / Equity 0.10 0.03
Gross Debt / EBITDA* (times) (B)/(D) 4.25 2.98
Net Debt / EBITDA* (times) (C)/(D) 1.12 0.31
8 *: Based on last 12 months EBITDA
^: Excludes fixed deposits (>3 months) of RM170.3 million (Dec 2017: RM163.6 million)
Higher gearing post Fortis acquisition
9
Expansion Capital Expenditure – Construction & Medical Equipment
*
*
*
*
Expect to invest approx. RM2.0 billion from Q1 2019 for the Group’s hospital projects
Funded from Malaysia’s operating cash flows
and new bank facilities, if required
*: Parkway will fund its share of the project cost
through its bank facility and the hospital
business partner will fund their respective
share. Amount shown is total capex
(% indicated shows the immediate holding
company’s ownership interest in these
hospitals)
Based on the following exchange rates: 1 SGD : 3.04044 1TL : 0.78024 1 HKD : 0.53329 1 RMB : 0.60566 1 USD : 4.16570
RM' mil
Projected
Disbursements
from Q1 2019
Pantai Hospital Kuala Lumpur Expansion 65.0
Pantai Hospital Ayer Keroh Expansion 147.8
Pantai Hospital Klang Expansion 154.4
Gleneagles Medini Greenfield 91.4
458.6
Gleneagles Hong Kong Hospital - 60% Greenfield 145.4
Gleneagles Shanghai Hospital - 70% Greenfield 513.8
Gleneagles Chengdu Hospital - 70% Brownfield 420.0
933.8
Yangon Hospital - 52% Greenfield 354.1
IMU Expansion 65.4
Total Unincurred Expansion Capital Expenditure 1,957.2
Note: Based on expansion capital expenditure approved by IHH’s Board. Excludes Fortis’ hospital expansion pipeline (if any)
© 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.
10
Operational Highlights
11
Q4 2018 Operational Overview
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: 3.04044; INR:0.05871; TL:0.78024)
4. Q4 2018 includes contribution from Fortis, that was acquired on 13 November 2018
Inpatient Admissions1 (Number)
IP Revenue per IP Admit1 (RM)
Q32017
Q42017
Q32018
Q42018
48,408 49,267
49,988
55,196
Malaysia
Q32017
Q42017
Q32018
Q42018
19,362 19,319
19,217
19,327
PPL - MalaysiaSingapore
Q32017
Q42017
Q32018
Q42018
50,966
57,048 54,798
57,230
PPL - MalaysiaAcibadem
Q32017
Q42017
Q32018
Q42018
29,185 29,307
31,528 31,983
PPL - MalaysiaSingapore2,3
Q32017
Q42017
Q32018
Q42018
6,509 6,413
6,678 6,653
PPL - MalaysiaMalaysia2
Q32017
Q42017
Q32018
Q42018
6,283 6,507
8,262 8,611
PPL - MalaysiaAcibadem3
Q32017
Q42017
Q32018
Q42018
20,520 18,283
16,266
39,210
PPL - MalaysiaIndia4
Q32017
Q42017
Q32018
Q42018
6,834
7,400
7,969
6,890
PPL - MalaysiaIndia3,4
Q4 YoY Growth 0.0% Q4 YoY Growth 12.0% Q4 YoY Growth 114.5% Q4 YoY Growth 0.3%
Q4 YoY Growth 9.1% Q4 YoY Growth 3.7% Q4 YoY Growth -6.9% Q4 YoY Growth 32.3%
12
Hospital Expansion Pipeline
1 projects due
for completion
in 2023
1 projects due
for completion
in 2019
2 projects due
for completion in
2020
Country Type Hospital Description
Yangon Greenfield Parkway Yangon Hospital 100 beds capacity
Country Type Hospital Description
China Greenfield Gleneagles Chengdu 350 bed capacity
Country Type Hospital Description
Malaysia Expansion Pantai Hospital Ayer Keroh 160 bed capacity
China Greenfield Gleneagles Shanghai 450 bed capacity
1 projects due
for completion
in 2021
Country Type Hospital Description
Malaysia Expansion Pantai Hospital Klang 140 bed capacity
Note: Based on expansion capital expenditure approved by IHH’s Board (Refer to page 9). Excludes Fortis’ hospital expansion pipeline (if any)
© 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.
13
Key Takeaways
14
Q4 2018 PATMI (Excl EI) up 88% to RM341.5 million on stronger operational performance;
FY 2018 PATMI (Excl EI) up 73% to a record RM1,027.6 billion, while headline PATMI must be seen
against strong FY 2017 that had one-off gain from disposal of Apollo stake;
IHH has executed on several fronts:
India: Added Fortis to IHH’s portfolio in November 2018 and successfully completed RHT
acquisition in January 2019
Turkey: Acting on firm plans to undertake debt restructuring to reduce Acibadem’s foreign
currency debt
Hong Kong: Continues to execute on its ramp up plans with the expansion of cardiology clinic
and health screening center to meet increasing patient’s demand
Solid performance and balance sheet enables Board to recommend a dividend of 3 sen per ordinary
share, even as IHH remains in the growth phase
Positioning for sustainable growth through a differentiated portfolio strategy to maintain leadership,
innovate, while driving organic operations
Enhance service offerings to improve clinical outcomes and increase operational efficiency
Strong Q4 and FY 2018 Performance
Driving sustainable growth to deliver long-term value
Key Takeaways
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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.
15
Questions & Answers
© 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.
16
Supplementary slides
17
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, -16%
REIT, 13%
IMU Health, 9%
Acibadem Holdings, 11%
PPL-Others, -11%
PPL-India, -11%
PPL-HK, -54%
PPL-China, 4%
PPL-Malaysia, 43%
PPL-Singapore, 112%
-100% -50% 0% 50% 100% 150%
Others, 0%
REIT, 1%
IMU Health, 2%
Acibadem Holdings, 32%
PPL-Others, 2%
PPL-India, 7%
PPL-HK, 3%
PPL-China, 2%
PPL-Malaysia, 18%
PPL-Singapore, 34%
0% 10% 20% 30% 40%
Others, 0%
REIT, 1%
IMU Health, 2%
Acibadem Holdings, 35%
PPL-Others, 2%
PPL-India, 6%
PPL-HK, 1%
PPL-China, 2%
PPL-Malaysia, 16%
PPL-Singapore, 35%
0% 10% 20% 30% 40%
Others, -2%
REIT, 12%
IMU Health, 4%
Acibadem Holdings, 27%
PPL-Others, 1%
PPL-India, 1%
PPL-HK, -13%
PPL-China, 2%
PPL-Malaysia, 23%
PPL-Singapore, 47%
-20% -10% 0% 10% 20% 30% 40% 50%
Others, -3%
REIT, 13%
IMU Health, 3%
Acibadem Holdings, 25%
PPL-Others, 0%
PPL-India, 0%
PPL-HK, -7%
PPL-China, -1%
PPL-Malaysia, 23%PPL-Singapore,
46%
-20% -10% 0% 10% 20% 30% 40% 50%
Others, -3%
REIT, 8%
IMU Health, 5%
Acibadem Holdings, 10%
PPL-Others, -3%
PPL-India, -2%
PPL-HK, -22%
PPL-China, -2%
PPL-Malaysia, 33% PPL-Singapore, 76%
-40% -20% 0% 20% 40% 60% 80% 100%
YTD 2018 PATMI (Excl EI)
YTD 2017 PATMI (Excl EI)
YTD 2018 Revenue YTD 2018 EBITDA
YTD 2017 Revenue YTD 2017 EBITDA
18
RM'mil 2018 2017 Variance 2018 2017 Variance
Revenue 3,131.6 2,852.2 10% 11,387.8 11,008.6 3%
EBITDA 603.9 541.2 12% 2,156.0 1,996.8 8%
PATMI 475.6 79.6 NM 541.9 893.9 -39%
PATMI (Excl EI) 307.7 160.3 92% 941.8 519.2 81%
QTD Dec YTD DecExcluding PLife REIT’s Results
Sustained organic growth from healthcare operations
19
Revenue QoQ & YoY Comparison
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
@ : India (Fortis) includes contribution from Northern TK Ventures Pte Ltd, immediate holding company of Fortis
Revenue1
Q4 2018 Q3 2018 Variance Q4 2018 Q4 2017 Variance YTD 2018 YTD 2017 Variance
RM'mil RM'mil % RM'mil RM'mil % RM'mil RM'mil %
Parkway Pantai:
- Singapore 1,027.5 986.9 4% 1,027.5 965.4 6% 3,890.7 3,848.3 1%
- Malaysia 551.1 503.1 10% 551.1 472.7 17% 2,019.8 1,836.4 10%
- India (Fortis@
) 217.1 - - 217.1 - - 217.1 - -
- India 139.7 161.8 -14% 139.7 176.4 -21% 634.2 708.6 -11%
- North Asia 47.4 45.7 4% 47.4 60.9 -22% 209.5 255.4 -18%
- North Asia (New)
92.2 72.6 27% 92.2 38.1 142% 290.1 77.2 NM
- PPL Others* 50.9 49.4 3% 50.9 44.7 14% 188.9 176.6 7%
Parkway Pantai 2,125.8 1,819.4 17% 2,125.8 1,758.1 21% 7,450.4 6,902.6 8%
Acibadem Holdings 817.8 808.3 1% 817.8 915.9 -11% 3,233.1 3,546.1 -9%
Acibadem Holdings(New)
122.2 114.2 7% 122.2 118.7 3% 443.1 307.4 44%
Acibadem Holdings 940.0 922.5 2% 940.0 1,034.5 -9% 3,676.2 3,853.5 -5%
IMU Health 64.4 64.4 0% 64.4 59.0 9% 257.5 250.4 3%
IHH Others^ 1.4 1.1 29% 1.4 0.6 147% 3.6 2.1 71%
GROUP (Excl REIT) 3,131.6 2,807.4 12% 3,131.6 2,852.2 10% 11,387.8 11,008.6 3%
PLife REIT Total 85.4 84.8 1% 85.4 85.1 0% 335.7 342.3 -2%
Less: PLife REIT Inter-segment (51.6) (51.2) -1% (51.6) (52.1) 1% (202.5) (208.3) 3%
PLife REIT 33.8 33.5 1% 33.8 32.9 3% 133.2 134.0 -1%
GROUP 3,165.3 2,840.9 11% 3,165.3 2,885.1 10% 11,520.9 11,142.6 3%
Q-on-Q QTD Y-on-Y YTD Y-on-Y
20
Revenue Q4 revenue eroded by strengthening RM
Revenue Variance (RM’mil)
The above figures excludes PLife REIT
Actual@ Constant
Currency
Parkway Pantai 8% 13%
Acibadem Holdings -5% 32%
IMU Health 3% 3%
IHH Group (Excl PLife REIT) 3% 19%
YTD'18 vs YTD'17
Revenue - QTD Variance
Revenue - YTD Variance
11,008.6
869.4
321.6
1,229.9
1,407.2
7.2 1.5 11,387.8
YTD 2017 Parkway Pantai Parkway Pantai(TranslationDifference)
AcibademHoldings
AcibademHoldings
(TranslationDifference)
IMU Health Others YTD 2018
2,852.2
449.6
81.8
354.2
448.7
5.4 0.83,131.6
QTD 2017 Parkway Pantai Parkway Pantai(TranslationDifference)
AcibademHoldings
AcibademHoldings
(TranslationDifference)
IMU Health Others QTD 2018
Actual@ Constant
Currency
Parkway Pantai 21% 25%
Acibadem Holdings -9% 33%
IMU Health 9% 9%
IHH Group (Excl PLife REIT) 10% 28%
Q4'18 vs Q4'17
21
EBITDA QoQ & YoY Comparison
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
@: India (Fortis) includes contribution from Northern TK Ventures Pte Ltd, immediate holding company of Fortis
EBITDA1
Q4 2018 Q3 2018 Variance Q4 2018 Q4 2017 Variance YTD 2018 YTD 2017 Variance
RM'mil RM'mil % RM'mil RM'mil % RM'mil RM'mil %
Parkway Pantai:
- Singapore2
320.7 301.5 6% 320.7 270.5 19% 1,143.2 1,060.9 8%
- Malaysia 167.0 150.0 11% 167.0 128.6 30% 578.5 513.8 13%
- India (Fortis@
) 13.3 (0.0) NM 13.3 - - 13.3 - -
- India (11.2) 0.6 NM (11.2) 9.7 NM (7.0) 13.7 -151%
- North Asia (8.3) (4.6) -82% (8.3) 9.0 -192% (7.6) 49.0 -116%
- North Asia (New)
(46.4) (55.0) 16% (46.4) (72.0) 36% (201.1) (300.9) 33%
- PPL Others* (3.2) 4.2 -177% (3.2) (28.5) 89% (1.2) 12.7 -109%
Parkway Pantai 431.9 396.7 9% 431.9 317.3 36% 1,518.2 1,349.1 13%
Acibadem Holdings 136.4 101.5 34% 136.4 167.1 -18% 470.9 548.5 -14%
Acibadem Holdings(New)
43.8 38.5 14% 43.8 39.0 12% 146.4 69.4 111%
Acibadem Holdings 180.2 140.0 29% 180.2 206.1 -13% 617.3 617.9 0%
IMU Health 9.6 25.4 -62% 9.6 7.0 38% 84.9 80.6 5%
IHH Others^ (17.8) (12.9) -38% (17.8) 10.9 NM (64.4) (50.8) -27%
GROUP (Excl REIT) 603.9 549.2 10% 603.9 541.2 12% 2,156.0 1,996.8 8%
PLife REIT3
120.1 67.6 78% 120.1 74.5 61% 321.7 282.7 14%
GROUP 724.1 616.8 17% 724.1 615.7 18% 2,477.7 2,279.5 9%
Q-on-Q QTD Y-on-Y YTD Y-on-Y
22
EBITDA Variance (RM’mil)
The above figures excludes PLife REIT
EBITDA Q3 EBITDA eroded by stronger RM
Actual@ Constant
Currency
Parkway Pantai 13% 15%
Acibadem Holdings 0% 38%
IMU Health 5% 5%
IHH Group (Excl PLife REIT) 8% 22%
YTD'18 vs YTD'17
EBITDA - QTD Variance
EBITDA - YTD Variance
Parkway Pantai
Acibadem Holdings
IMU Health
IHH Group (Excl PLife REIT)
Check:
1,996.8
206.0
36.9
235.7
236.3
4.3
13.6
2,156.0
YTD 2018 Parkway Pantai Parkway Pantai(TranslationDifference)
AcibademHoldings
AcibademHoldings
(TranslationDifference)
IMU Health Others YTD 2018
541.2
123.5
8.8
57.8
83.7
2.6
28.7
603.9
QTD 2017 Parkway Pantai Parkway Pantai(TranslationDifference)
AcibademHoldings
AcibademHoldings
(TranslationDifference)
IMU Health Others QTD 2018
Actual@ Constant
Currency
Parkway Pantai 36% 39%
Acibadem Holdings -13% 27%
IMU Health 38% 38%
IHH Group (Excl PLife REIT) 12% 28%
Q4'18 vs Q4'17
23
Strong operating cash flows Support annual dividends and capital expenditure for expansion
Cashflows @ 31 December 2018 (RM’mil)
Cash Reconciliation to Cashflow Statement: RM'mil
Cash per Balance Sheet 7,763
Less:
Bank overdrafts (81)
Cash collateral received (1)
Fixed deposits pledged (1,971)
Cash per Cashflow Statement 5,711
6,078
1,856
1,250
1,041
695,711
Cash @ 1 Jan 2018 Net cash fromOperating Activities
Net cashfrom InvestingActivities
Net cash from FinancingActivities
Effect of FX Cash @ 31 Dec 2018
Cash Debt
@ 31 Dec 2018 RM'mil @ 31 Dec 2018 RM'mil
Parkway Pantai 6,423 Parkway Pantai 6,347
Acibadem Holdings 74 Acibadem Holdings 3,505
IMU Health 70 IMU Health 0
Others 1,300 Others (0)
7,866 9,852
PLife REIT 67 PLife REIT 683
7,934 10,535
(170)
7,763
Less:
Fixed Deposits placed for 3
months or more