Note: 2018 and 2Q19 net profits include special items
IBD/EBITDA covenant <6x
  Consolidated financial statements
Profit and loss statements (million baht) 2017 2018 2Q19 % YoY change
Revenue from medical service 6,172 6,579 1,747 11.1%
Revenue from Healthcare solution provider 414 492 258 155.4%
Revenue from other businesses 26 23 4 100.0%
Total revenue 6,612 7,094 2,009 19.9%
Cost from medical service (4,488) (4,834) (1,503) 27.8%
Cost from Healthcare solution provider (277) (336) (154) 133.3%
Cost from other businesses (16) (15) (4) 0.0%
Total cost (4,781) (5,185) (1,661) 33.3%
Gross profit 1,830 1,909 348 (18.9%)
Selling, general and admin expenses (1,005) (1,379) (336) 4.3%
EBITDA 1,147 1,094 476 91.2%
Normalized EBITDA   1,013 293 17.7%
Financial cost (161) (144) (48) 33.3%
Net profit  565 367 219 204.2%
Normalized net profit   302 73 1.4%
Net profit - parent 554 348 224 211.1%
Normalized net profit - parent   283 73 1.4%
Margin 2017 2018 2Q2019  
Gross profit margin 27.7% 26.9% 23.9%  
EBITDA margin 17.4% 15.4% 10.0%  
Normalized EBITDA margin   14.3% 14.6%  
Net profit margin - parent 8.4% 4.9% 5.8%  
Normalized net profit margin - parent   4.0% 3.6%  
Statements of financial position (million baht) End of 2017 End of 2018 30-Jun-19 % change from end of 2018
Current assets 2,615 4,268 4,927 15.4%
Non-current assets 11,395 13,659 14,699 7.6%
Total assets 14,010 17,927 19,626 9.5%
Current liabilities 1,279 5,325 7,511 41.1%
Non-current liabilities 4,066 3,876 3,519 (9.2%)
Total liabilities 5,345 9,201 11,030 19.9%
Total equity 8,665 8,726 8,596 (1.5%)
Financial ratios 2017 2018 30-Jun-19  
Current ratio 2.0 0.8 0.7  
Return on assets (%) 6.9 3.9 3.6  
Assets turnover (times) 0.6 0.5 0.5  
Return on equity (%) 8.3 4.2 4.3  
Debt/ equity 0.6 1.1 1.3  
Interest bearing debt/ EBITDA 3.2 5.7 7.0  
Debt service coverage ratio (DSCR) (times)  4.4 2.0 1.5  
Interest coverage ratios (times) 5.3 4.4 3.8  

Note: normalized values exclude

1) Profit from disposal of investment in Ratchthanee Rojjana Co., Ltd. in 1Q18
2) Other revenue from write-off of long standing tax payable in 1Q18
3) Profit from the disposal of investment in Ratchathanee PLC in 2Q19
4) Reserve employees’ benefit in 2Q19