Note: 2018 and 3Q19 net profits include special items
IBD/EBITDA covenant <6x
  Consolidated financial statements
Profit and loss statements (million baht) 2017 2018 3Q19 % YoY change
Revenue from medical service 6,172 6,579 2,071 11.3%
Revenue from Healthcare solution provider 414 492 163 127.4%
Revenue from other businesses 26 23 1 (50.0%)
Total revenue 6,612 7,094 2,235 17.4%
Cost from medical service (4,488) (4,834) (1,505) 19.2%
Cost from Healthcare solution provider (277) (336) (112) 123.1%
Cost from other businesses (16) (15) (3) (9.0%)
Total cost (4,781) (5,185) (1,620) 24.3%
Gross profit 1,830 1,909 615 1.0%
Selling, general and admin expenses (1,005) (1,379) (383) 12.3%
EBITDA 1,147 1,094 408 18.5%
Normalized EBITDA   1,013 408 8.9%
Financial cost (161) (144) (57) 41.0%
Net profit  565 367 150 12.8%
Normalized net profit   302 150 (14.0%)
Net profit - parent 554 348 326 16.6%
Normalized net profit - parent   283 148 (12.3%)
Margin 2017 2018 3Q19  
Gross profit margin 27.7% 26.9% 27.5%  
EBITDA margin 17.4% 15.4% 18.3%  
Normalized EBITDA margin   14.3% 18.3%  
Net profit margin - parent 8.4% 4.9% 6.6%  
Normalized net profit margin - parent   4.0% 6.6%  
Statements of financial position (million baht) End of 2017 End of 2018 30-Sep-19 % change from end of 2018
Current assets 2,615 4,268 5,029 17.8%
Non-current assets 11,395 13,659 15,128 10.8%
Total assets 14,010 17,927 20,157 12.4%
Current liabilities 1,279 5,325 6,363 19.5%
Non-current liabilities 4,066 3,876 5,100 31.6%
Total liabilities 5,345 9,201 11,463 24.6%
Total equity 8,665 8,726 8,694 (0.4%)
Financial ratios 2017 2018 30-Sep-19  
Current ratio 2.0 0.8 0.8  
Return on assets (%) 6.9 3.9 4.3  
Assets turnover (times) 0.6 0.5 0.5  
Return on equity (%) 8.3 4.2 4.8  
Debt/ equity 0.6 1.1 1.3  
Interest bearing debt/ EBITDA 3.2 5.7 9.8  
Debt service coverage ratio (DSCR) (times)  4.4 2.0 1.7  
Interest coverage ratios (times) 5.3 4.4 4.3  

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