Mitra Keluarga. Rapat Gabungan Dewan Komisaris, Direksi & Komite Audit

Transcription

1 Mitra Keluarga Rapat Gabungan Dewan Komisaris, Direksi & Komite Audit 24 Agustus 2017

2 Forward Looking Statement This presentation has been prepared for informational purposes only by PT Mitra Keluarga Karyasehat Tbk ( Mitra Keluarga or the Company ) and solely for use in connection with the release of June 30, 2017 limited reviewed results of the Company. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of their respective affiliates, and their respective commissioners, directors and employees, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Any decision to purchase or subscribe for securities of the Company should not be made on the basis of the information contained in this presentation. The presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. This presentation and its contents are confidential unless they are or become generally available as public information in accordance with prevailing laws and regulations (other than as a result of a disclosure by you) and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation, including the information and opinions contained herein, is provided as of the date of this presentation and is subject to change without notice, including change as a result of the issuance of June 30, 2017 limited reviewed results of the Company. This presentation includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans, objectives relating to the Company's products and services and anticipated product launches) are forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaims any obligation or reflection of any change in the Company's expectations with regard thereto, or any change in events, conditions or circumstances on which any statement is based. Market data and certain industry forecasts used in this presentation were obtained from market research, publicly available information and industry publications which have not been independently verified, and no representation is made as to the accuracy of such information. 2

3 Agenda 1 Mitra Keluarga Growth Strategy 2 Kasih Group Overview 3 Transaction Details

4 Agenda 1 Section 2 Investment Highlights Mitra Keluarga Growth Strategy

5 Why Taping BPJS Market 133,4 BPJS Member (In Million) 171,9 180,7 156,8 92,2 Healthcare Expenditure (In Trilion IDR) 67,24 57,08 42, * PBI (Subsidized Beneficiary) BPJS Members * YTD August 2017 Source : BPJS Source : BPJS Outpatient Visits (In Million) Inpatient Cases (In Million) 66,8 21,3 100,6 120,9 39,8 49,3 4,2 6,3 7, Primary Clinic Hospital Source : BPJS Source : BPJS Over 70% of Indonesian Population already in the System and BPJS patients have outgrown private hospital patients since implemented in 2014

6 Why Mitra Keluarga Taping Into BPJS Market - Expand MIKA portfolio by adding new market segment (BPJS). - Ability to expand into other geographical focus with more demand and lower doctor supply - Provide opportunity to tap to the COB patients

7 Mitra Keluarga Growth Strategy Continue to expand to add 6 more hospitals until 2020 Hospital Site Identified Land Acquired Construction Permits Secured Hospitals in Construction Expected Opening Site 1 in progress 2018 Site 2 in progress 2018 Site Site Site Site Site 7 Site 8 Site 9 Selectively converting few Mitra Keluarga hospitals into BPJS providers Mitra Keluarga Tegal (2016) Mitra Keluarga Kali Deres (late 2017)

8 Mitra Keluarga Growth Strategy Build second brand hospitals to tap the BPJS growing market both through inorganic (acquisitions) & organic (greenfield) modes. Oct 2017 ~ Acquisition of Kasih Hospital Group Currently operates 7 hospitals located in the Greater Jakarta area and West Java ~ Construct a hospital of beds which shall tap into the BPJS market in Greater Jakarta area.

9 Agenda 2 Section 2 Investment Highlights Kasih Group Overview

10 COMPANY OVERVIEW Board of Commissioners President Commissioner : Ronny Hadiana Commissioner : Stanley H. Angkasa Board of Directors President Director : Jozef D. Angkasa Director : Jenny Go Jenny Setiowati Director : dr. Carla Permanasari Director : Hendra Ali Established since Hospitals Expanding the business through acquisitions > 500 Hospital Beds

11 RUMAH KASIH INDONESIA NETWORK PT SUMBER KASIH Location : Cirebon Operational Bed : 107 Beds Type of hospital : General Hospital Year of Acquisition : June 2008 BPJS Member : December 2015 PT KARUNIA BUNDA SETIA Location : Bekasi Operational Bed : 41 Beds Type of hospital : Mother & Child Year of Acquisition : May 2010 BPJS Member : December 2016

12 RUMAH KASIH INDONESIA NETWORK PT PONDOK KARYA MEDIKA Location : Tangerang Operational Bed : 49 Beds Type of hospital : Mother & Child Year of Acquisition : Oct 2010 BPJS Member : December 2016 PT RESTU PURNA BHAKTI HUSADA Location : East Jakarta Operational Bed : 85 Beds Type of hospital : Mother & Child Year of Acquisition : March 2012 BPJS Member : November 2014

13 RUMAH KASIH INDONESIA NETWORK PT BINA ILMA HUSADA Location : Sukabumi Operational Bed : 93 Beds Type of hospital : General Hospital Year of Acquisition : Jan 2014 BPJS Member : December 2016 PT PRATIWI MEDIKA UTAMA Location : Karawang Operational Bed : 61 Beds Type of hospital : Mother & Child Year of Acquisition : July 2016 BPJS Member : April 2016

14 RUMAH KASIH INDONESIA NETWORK PT KARTIKA PARAMA MEDIKA Location : Sukabumi Operational Bed : 85 Beds Type of hospital : General Hospital Year of Acquisition : June 2017 BPJS Member: November 2015

15 WHY RUMAH KASIH INDONESIA Outpatient Visits Inpatient Admissions OPE Coy / Insurance BPJS OPE Coy / Insurance BPJS Exclude performance from RS. Kartika Kasih - acquired in June 2017 BPJS patients continue to be the main source of growth for Kasih Group hospitals. BPJS Outpatient Visits CAGR 120% BPJS Inpatient Admissions CAGR 70%

16 WHY KASIH GROUP In Bio IDR 84,60 115,38 SALES 155, In Bio IDR 45,00 40,00 35,00 30,00 25,00 20,00 15,00 10,00 5, P* 2018P* 11,71% 9,91 17,15% 13,15% 19,79 20,46 14,0% 15.0% P* 2018P* Exclude RS. Kartika Kasih figures as acquired in mid-2017 *2017 & 2018 are estimate numbers EBITDA Strong operating performance Positive EBITDA & Earnings 5yr- Sales CAGR 24% ( F) 5yr- EBITDA CAGR 31% ( F) 15.0% - 16,0% ,00% 15,00% 10,00% 5,00% 0,00%

17 Agenda 3 Section 2 Investment Highlights Transaction Details

18 Transaction Highlights Target Company PT Rumah Kasih Indonesia ( RKI ) % Ownership Mitra Keluarga will own 70% ownership in RKI Transaction Split 1. Issuance of new RKI shares Shares / IDR Purchase of shares from the existing shareholders shares / IDR Range Valuation (Subject to Indepent Fairness Opinion) 1.9x - 2.0x to Sales Multiple (FY 2018P) 12x - 13x to EV EBITDA FY 2018 P

19 Shareholder Structure Post Transaction MIKA Josef Darmawan Angkasa Stanley Handiono Angkasa Ronny Hadiana 13.5% 12.0% 4.5% The Target 70.0% RKI Transaction Perimeter 80.0% 99.9% 75.0% 85.0% 80.0% 70.0% 90.0% The Subsidiaries PT Sumber Kasih (SK) PT Karunia Bunda Setia (KBS) PT Pondok Karya Medika (PKM) PT Restu Purna Bhakti Husada (RPBH) PT Bina Ilma Husada (BIH) PT Pratiwi Medika Utama (PMU) PT Kartika Parama Medika (KPM) Hospital Name Sumber Kasih Karunia Kasih Cinta Kasih Restu Kasih Betha Medika Mitra Famili Kartika Medical Ctr. Location Year of Acquisition Cirebon Bekasi Tangerang East Jakarta Sukabumi Karawang Sukabumi June 2008 May 2010 Oct 2010 March 2012 Jan 2014 July 2016 Juni 2017 Mother & Child Hospital General Hospital

20 Proposed Timeline Date 31.Aug 04.Sep Detail Signing of Conditional Sales and Purchase Agreement Disclosure of Acquisition Plan of RKI and to employees of RKI in newspaper 04.Sep Disclosure of execution of CSPA to OJK in compliance to POJK No.31/ Oct 04.Oct 04.Oct 05.Oct EGM of RKI to approve the issuance of new shares and the sale of existing RKI shares to Mitra Keluarga Approval from Ministry of Law and Human Rights in relation to minutes of EGM which approve the issuance of new shares and sale of existing RKI shares to Mitra Keluarga Signing of Sale and Purchase of Shares Agreement ( SPA ) Disclosure of the transaction details including the fairness opinion report to OJK in compliance to POJK No. IX.E.1 in relation to affiliated & conflict of interest transactions

21 Thank You PT Mitra Keluarga Karyasehat Tbk Jl. Bukit Gading Raya Kav. 2 Kelapa Gading Permai Jakarta 14240, Indonesia Phone : (62 21) Fax : (62 21) corporate.secretary@mitrakeluarga.com investor.relations@mitrakeluarga.com Website : 21