BH : Annual Report 2005

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Annual Report 2005

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  • Annual Report 2005

    Bumrungrad Hospital Public Company Limited 1

    /Table of Contents / Message from Chairman 2 - / Message from Group Chief Executive Officer 4 / Bumrungrads Business 6 17

    19 20 22 23 24

    61 63 65 68 70 82 88

    Financial Information 91

    Financial Highlights 93 Management Discussion and Analysis 94 Report of the Audit Committee 95 Report of the Accountability of the Board of Directors to the Companys Financial Reports 96 Financial Statements 97

    Other Important Information 129

    General Information 131 Company Profile 132 Risk Factors 136 Shareholding Structure & Management 137 Corporate Governance 144 Related Parties Transactions 148

  • 2548

    ()2

    2548 () 25 200 2523 190

    (Medical Tourism)

    25

  • Message from the Chairman

    2005 was a milestone year, as Bumrungrad Hospital PCL celebrated its 25th Anniversary. Looking back, we have taken

    an incredible journey, starting in 1980 with a modest 200-bed general hospital to one of the most recognized healthcare

    brand names in the world, serving over one million patients annually from over 190 countries.

    We attribute our success in no small part to our exceptional employees and physicians. Healthcare is, after all, a service

    business, and our reputation for outstanding service and medical excellence has made Bumrungrad the pride of Thai

    healthcare. Those core attributes and a strong multinational management team continue to meet the needs of our

    patients and the goals of our shareholders year after year.

    Looking forward, Bumrungrad is positioning itself for future by acting today. Clinical capacity at our Bangkok campus

    will double, medical tourism will drive our international patient volume, and the Bumrungrad hospital network will span

    from the Middle East to the Far East. The Bumrungrad model of healthcare will become recognized for delivering what

    people around the world want most: quality, access, and affordability.

    Our next twenty five years will undoubtedly see many more changes, but throughout it all one thing will remain the

    same our commitment to deliver world class medicine and world class service one patient at a time.

    Mr. Chai SophonpanichChairman

    Annual Report 2005

    Bumrungrad Hospital Public Company Limited 3

  • 2548

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    12

    (First movers advantage) (MedicalTourism)

    2540

    2543

    2544 Joint Commission International Accreditation

    9/11 SARS (Medical Tourism)

    ... ""

    -

  • Annual Report 2005

    Bumrungrad Hospital Public Company Limited 5

    Message from Group Chief Executive Officer

    What is the key to Bumrungrads success and how will you generate growth going forward?

    This is the question I am asked most often by investors, journalists and shareholders, and after 12 years at the helm of

    Bumrungrad International, I can unequivocally say we succeed because we consistently deliver quality medical services

    by committed and caring professionals who put the patient first.

    But what makes Bumrungrad International unique, however, is our ability to create first movers advantage in so many

    key market segments.We are a first mover in hospital design, information technology, quality accreditation and medical

    tourism. In each of these areas, Bumrungrad is a market leader because we responded to a challenge or opportunity

    with a novel approach or innovative solution.

    In 1997 amid rising competition in the private hospital sector, Bumrungrad International set a new standard in

    hospital design by creating a hospital environment that was distinctly different from anything else in the market.

    In 2000, Bumrungrad International stopped being a technology follower and started being a technology leader by

    implementing a fully integrated electronic medical record and digital radiology system while most of the worlds

    hospitals are still using paper based systems.

    In 2001, Bumrungrad International was the first hospital in Asia to receive JCI Accreditation, and in doing so

    established itself as a leader in quality on par with the best medical centers in the USA and Europe.

    The Asian economic crisis, 9/11 and SARS crippled many businesses regionally, but Bumrungrad International used

    these events to expand into new overseas markets. Today, Bumrungrad International is regarded as the pioneer in

    medical tourism and the worlds #1 international destination for healthcare.

    Healthcare delivery systems worldwide are changing, and many of these changes will be revolutionarynot

    evolutionary. Bumrungrad International is uniquely positioned for growth, because we continue to innovate to meet

    the challenges and opportunities in a flat world.

    Mr. Curtis J. Schroeder

    Group Chief Executive Officer

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    ...

    700 ...

  • Annual Report 2005

    Bumrungrad Hospital Public Company Limited 7

    Our Specialty is You Bumrungrad Internationals new marketing campaign emphasizes our core strength patient centered specialty

    care. With over 700 internationally trained specialists in all fields of medicine, Bumrungrad International

    differentiates itself by delivering high quality, integrated specialty careone patient at a time.

  • Annual Report 2005

    Bumrungrad Hospital Public Company Limited 9

    Room to GrowBumrungrad Internationals new 25,000 sq. meter outpatient clinic will expand total outpatient

    capacity to 5,500 patients per day, making Bumrungrad International one of the largest outpatient

    clinics in the world. The striking new design communicates spaciousness and comfort, and re-defines

    the hospital experience for our patients.

    25,000 5,500

  • Annual Report 2005

    Bumrungrad Hospital Public Company Limited 11

    Spreading our WingsBumrungrad Internationals expansion strategy involves developing a regional network of hospitals in

    some of the worlds fastest growing healthcare markets. Bumrungrads new hospital project in Dubai

    complements our earlier acquisition of Asian Hospital in Manila and paves the way for future

    diversification and growth.

  • Annual Report 2005

    Bumrungrad Hospital Public Company Limited 13

    Where the World Comes for HealthcareBumrungrad International pioneered medical tourism and now treats 400,000 international patients

    from 190 countries annually, making us the worlds number one medical tourism destination. Our

    formula is simple: deliver world class, affordable healthcare by trusted professionals in a five-star

    setting with no waiting.

    (Medical Tourism) 400,000 190

  • Annual Report 2005

    Bumrungrad Hospital Public Company Limited 15

    Brand BuildingBumrungrad International is fast becoming one of the most recognized names in healthcare. Intel

    Corporation showcased Bumrungrad as a healthcare innovator in its worldwide advertising campaign,

    and millions of viewers around the world tuned in to watch Bumrungrad featured on CBS award

    winning program 60 Minutes.

    "60 Minutes" CBS

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  • 14

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    () 1,103,842 1,503,740 1,635,878 5,727,518 5,021,086 4,456,285 1,580,758 1,181,395 824,743 3,031,729 2,960,888 3,196,780 2,695,789 2,060,198 1,259,505 6,806,775 5,809,299 4,620,311 1,052,739 934,547 666,488 1.45 1.36 1.34 1.21 1.08 0.78 3.59 3.00 2.48 3.01 2.39 1.44 0.75 0.70 -

    () 0.70 1.27 1.98 () 13.99 16.36 16.34 () 11.04 9.73 10.04 () 38.98 39.88 41.49 (%) 37.6% 35.6% 34.6% (EBITDA Margin) 24.5% 23.4% 22.3% (%) 15.5% 16.1% 14.4% (%) 16.9% 26.6% 25.4% (%) 12.6% 40.2% 194.5% (%) 19.6% 19.7% 16.6% () 1.16 1.44 2.58 () 12.94 9.54 6.66 (Cash Basis) () 3.72 3.03 5.47

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