siloam hospitals delivered double digit revenue growth in 3q18 · treatment volumes improved across...

Siloam Hospitals delivered

double digit revenue growth in

3Q18

Q3 2018 Results

Q3 2018 Results

Strong Financial Performance

Siloam is the clear leader and fastest growing private hospital group in Indonesia serving all segments of the population

Notes:

GOR refers to revenues relating to medical support services, professional fees and consultation fees, drugs and medical supplies, room serv ice, administration, operating theatre, delivery rooms, registration fees and other services. NOR is

calculated by deducting service costs (doctor consultation and professional fees) from GOR.

EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or income (consisting primarily of financing income and others-net).

EBITDAR & EBITDARevenue

EBITDA / EBITDARRevenue

2

In IDR Bn

Reclassified

In IDR Bn

# %△

2,504

3,341

4,144

5,168

5,848

1,847

2,472

3,042

3,719

3,992 3,893

4,396

2,928

3,309

33%

24%

25%

13%

13%

34%

23%

22%

7%

13%

FY-13 FY-14 FY-15 FY-16 FY-17 Q3-17 Q3-18

GOR

NOR

## %△

334

526

671

809

913

298

466

574

674

733

813

884

527

568

57%

28%

21%

13% 9%

56%

23%

17%

9%

8%

FY-13 FY-14 FY-15 FY-16 FY-17 Q3-17 Q3-18

EBITDAR

EBITDA

Q3 2018 Results 3

Gross Operating Revenue in Q3 2018 expanded by 11% Y-o-Y while EBITDA advanced 16%

• Professional Service Costs in Q3 rose by 8% from the

previous year.

• Material and Operating Costs were 10% and 15%

higher respectively year-on-year.

• Rental charges rose by 12% from Q3-2017.

• Gross Operating Revenue (GOR) for Q3-2018 of

IDR1.55 trillion, up 11%

• Net Operating Revenue after Service Costs of

IDR1.18 trillion.

• Gross profit of IDR721 billion – up 13% from the

previous year - resulting in a gross profit margin

of 46.6%.

Q3 Y-o-Y △11% 12% 13% 12% 16%

1,448 1,086

644 286 182

1,401

1,045

622

254 149

1,548

1,179

721

344

237

4,396

3,309

1,987

884

568

0

1,000

2,000

3,000

4,000

5,000

6,000

GOR NOR Gross Profit EBITDAR EBITDA

IDR

bn

'17 '18

Q1

Q2

Q3

Q4

Notes:

GOR refers to revenues relating to medical support services, professional fees and consultation fees, drugs and medical supplies, room serv ice, administration, operating theatre, delivery rooms, registration fees and other services. NOR is

calculated by deducting service costs (doctor consultation and professional fees) from GOR.


8% 10% 15% 12%

362 442

357

55

356

422

369

56

369

458

376

58

1,087

1,323

1,102

168

0

450

900

1,350

1,800

Service Costs Material Costs Operating Costs Rent

IDR

bn

Q3 2018 Results

SILO Margin vs. Peers

Siloam Mature Hospitals EBITDAR Margins are comparable to Peers EBITDA Margin

Note:

EBITDAR refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes, other expense and/or income (consisting primarily of financing income and others-net) and rental.


Comparable Hospital Margin with Peers

% to NOR

4

(31.9%)

27.4%

(44.5%)

22.4% 21.3% 20.8%

29.7%

35.6%

SH New SH Mature Hospital A Hospital B Hospital C Hospital D

EBITDAR EBITDA

Q3 2018 Results

Treatment Volumes improved across all venues, while average unit revenues expanded as well

• Average Inpatient Revenue per Day was down slightly at

Rp5.0mn, even as the average inpatient stay dropped from

3.60 to 3.47 days.

• Inpatient visits grew 16% and as a result Inpatient Revenue

was 10% higher at Rp914 billion for the quarter.

• Outpatient Revenue per visit was flat at Rp1mn. Outpatient

Revenue in Q3 grew by 13% Y-o-Y to IDR633 billion.

• Outpatient visits, at 616 thousand in total, were 5%

higher than Q3-2017.

• Inpatient Admissions rose by 8% from Q3-2017 to 53

thousand patients.

• Inpatient Days expanded by 8% to 183 thousand.

• Emergency and Trauma Center visits were higher by

9% from the previous year.

5

Notes:

*Financials and operational metrics include all hospitals and exclude clinics

5% 8% 8% 9%

602

172 50 72

556

170

49 74

616

183

53 75

1,775

525

152 221

0

400

800

1,200

1,600

2,000

2,400

Oupatient Visits Inpatient Days Inpatient Admits ETC Visits

in T

ho

usa

nd

s

3.60

5.10

1.00

3.47

5.00

1.00

(4%)

(2%)

0%

Average Daysper Inpatient

Stay

InpatientRevenue perDay (IDR mn)

OutpatientRevenue perVisit (IDR mn)

2018 Q3

2017 Q3

58.2%

56.4%

(3%)Average

Occupany

Q3 2018 Results 6

Hospitals Segmentation Definition:

• Our mature hospitals include all developments completed

prior to 2016.

• While 75% of our hospitals are able to service BPJS patients,

the hospitals we designate “BPJS” see 70% to 80% of patient

volume and over 50% of revenues derived from public-

insurance payers.

• New hospitals are typically in the early stages of rapid growth.

We initiated a rapid expansion stage in 2011 which has resulted in a network capacity of 6,585 beds

# IPO*Rights

Issue

1996 2002 2011 2012 2013# 2014 2016* 2017* 2018

RSUS

SH Manado

GUM

SH Bekasi

Timur

SH

BalikpapanSH JemberRSUPB

SH Bangka

Belitung

BIMC KutaSH

Purwakarta

SH Labuan

BajoSH Makassar

Hosana

Medica

BIMC

Nusa DuaSH Jambi Asri SH SilampariSentosa

SH Lippo

Cikarang

SH TB

SimatupangSH MRCCC SH Medan

SH

Samarinda

SH

Lippo Village

SH

Palembang

SH

Yogyakarta

SH

Surabaya

SH Bali SH Kupang SH ButonSH Cinere SH BogorSH

Kebon Jeruk

Mature

BPJS

New

Leased

Hospitals

Owned

Hospitals

SH Semarang

Notes:


776

1,130

1,137

451

1,539

1,721

1,999

1,285

BPJS

Mature East

Mature West

New

Our hospital network has a current Capacity of

±6,500 beds, with 3,494 currently Operational

Q3 2018 Results 7

Siloam has 34 cities spanning 22 provinces

Operational Hospitals (34)

Hospital operational in Q3-2018 (1)

Future Potential Developments (16)

Sumatra: 52.2m

Kalimantan: 21.3m

Sulawesi: 19.0mPapua: 3.6m

Bali: 4.2 m

Nusa Tenggara: 9.6m

Maluku: 1.7m

Java: 160.3m4

5 5 5 5 5 5 5 5 5 5

8

9 9 9 9 9 9 9 9 9 9

9 9 9 9 9 9 9 9 9 9 9

1 1

3

4

8 8

9

10

11

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18

Mature West

Mature East

BPJS

New

Siloam has opened a total of 3 New hospitals in 2018

Notes:


755

1,507

1,368

547

60

147

284

49

167

691

672

284

100

184

172

93

BPJS

Mature East

Mature West

New

Our professional staff now comprises 549 GPs , 2,354 FT

and PT Specialists and Dentists as well as 4,177 NursesNurses

Specialist (FT)

Specialist (PT)

GPs

Q3 2018 Results

Hospital Outpatient and ETC Activity

8

35%

36%

32%

58%

45%

40%

32%

55%

28%

10%

2%

(6%)

New

Mature West

Mature East

BPJS

ETC Conversions were up slightly at 41% overall,

while New hospitals performed in line with Mature

Hospitals

2.6%

3.2%

3.3%

3.6%

1.9%

3.1%

3.8%

3.9%

(26%)

(4%)

14%

6%

New

Mature West

Mature East

BPJS

OPD Conversions was flat at 3.4% overall, with a

drop in New hospitals in Q3-2018

Notes:


26

214

209

131

65

210

223

119

152%

(2%)

6%

(9%)

New

Mature West

Mature East

BPJS

Outpatient Visits in Q3-2018 grew by 6% overall to

616k, despite a 9% decline at BPJS hospitals ('000

visits)

7

21

28

13

11

19

29

15

54%

(6%)

5%

10%

New

Mature West

Mature East

BPJS

Emergency & Trauma Center Visits were up 9% in

Q3-2018 to 75k, driven largely by New Hospitals

Q3 2018 Results

Hospital Inpatient Activity

9

Notes:


22%

21%

33%

4%

19%

8%

60%

26%

35%

32%

31%

8%

28%

BPJS

Mature East

Mature West

New

Consolidated

Utilization rates in Q3-2018 for Cath Labs, MRIs

and CT Scans reflect the maturity and patient mix

of our regions

28%

55%

59%

65%

43%

52%

61%

63%

52%

(5%)

4%

(4%)

New

Mature West

Mature East

BPJS

Occupancy Rates were down slightly to 56.4% in

Q3-2018 Vs 58.2% due to drops in BPJS and

Mature West inpatient days

2.9

3.9

3.8

3.5

2.9

3.8

3.6

3.6

0%

(0%)

(5%)

1%

New

Mature West

Mature East

BPJS

Average Inpatient Stay was 3.47 days in Q3-2018

Vs 3.6 days in Q3-2017.

4

14

15

13

7

15

18

13

79%

4%

18%

1%

New

Mature West

Mature East

BPJS

Inpatient Admissions rose to 53k in Q3-2018.

Q3 2018 Results

Revenue & EBITDA Details

In IDR Bn Q3 ‘18 Q3 ‘17 ∆% 9M18 9M17 ∆%

GOR 1,548 1,391 11% 4,396 3893 13%

Service Cost 369 340 8% 1,087 965 13%

NOR 1,179 1,051 12% 3,309 2,928 13%

% to GOR 76% 76% 75% 75%

Material Cost 458 415 10% 1,322 1,174 13%

Gross Profit 720 635 13% 1,987 1,754 13%

% to GOR 47% 46% 45% 45%

Operating Expenses 376 329 15% 1,102 941 17%

EBITDAR 344 307 12% 884 813 9%

% to GOR 22% 22% 20% 21%

% to NOR 29% 29% 27% 28%

Rental(ii) 58 51 12% 168 129 30%

EBITDA(iii) 237 204 16% 568 526 8%

% to GOR 15% 15% 13% 14%

% to NOR 20% 19% 17% 18%

Notes:

(i) Reclassified, please see Financial Statements note 39.

(ii) Represents rental expenses for the land and buildings, Siloam is leasing from FREIT, PT Lippo Karawaci Tbk and other parties

(iii) EBITDA refers to income before depreciation, provisions for post-employment benefits, allowance for impairment in value, corporate income taxes and other expense and/or income (consisting primarily of financing income and others-net).

(4) Operational metrics will differ slightly on slide 2 as figures on slide two don’t include clinics.

10

Q3 2018 Results

Balance Sheets

In IDR Bn 9M18 9M17 ∆%

Assets

Cash & Equivalent 358 930 (-62%)

Other Current Assets 1,419 1,241 +14%

Property and Equipment 4,382 4,117 +6%

Other Non-Current Assets 564 416 +36%

Total Assets 7,701 7,596 1%

Liabilities & Equity

Debt 174 176 0%

Liabilities 1,390 1,283 +8%

Shareholders' Equity 4,770 4,524 +5%

Total Liabilities & Equity 6,094 5,766 +6%

Gearing Ratio 0.04 0.03

11

Comparison Health Statistics

Hospitals in Indonesia

Indonesia’s Aging Population

BPJS Kesehatan Roadmap

4

4

4

5

4

6

4

7

Appendices

12

Q3 2018 Results

Name PlaceDate

Opened

Bed

Capacity

Operation

al Beds

GPs &

SpecialistsNurses Centre of Excellence Accreditation

Land/Building

Ownership

SH Kebon

JerukW. JAKARTA 2002 285 217 216 341

Cardiology, Urology,

Orthopedics, Emergency

SH Surabaya E. JAVA 2002 162 160 167 238 Cardiology, Emergency

SH Manado N. SULAWESI 2012 238 177 105 190 Emergency

SH

Balikpapan

E.

KALIMANTAN2002 232 165 94 143 Orthopedics, Emergency 79.90%

RS Grha

Ultima

Medika

W. NUSA

TENGGARA2017 69 40 45 61 Emergency

SH

MakassarS. SULAWESI 2012 362 215 132 217

Cardiology, Emergency,

Endocrinology

SH

Samarinda

E.

KALIMANTAN2016 34 10 24 19 Emergency

Mature East Hospitals

JCIA

13

Q3 2018 Results

Name ProvinceDate

Opened

Bed

Capacity

Operation

al Beds

GPs &


Land/Building

Ownership

MRCC

Siloam

Semanggi

S. JAKARTA 2011 334 176 183 235 Cancer, Liver, Emergency

SH Cinere DEPOK 2012 50 33 22 40 Cardiology 80.00%

SH

Palembang

S.

SUMATERA2012 357 150 125 146

Gastroenterology,

Emergency 70.39%

SH TB

SimatupangS. JAKARTA 2013 269 117 142 109

Cardiology, Emergency,

Neuroscience, Oncology

SH Lippo

Village

TANGERAN

G1996 308 274 274 365

Cardiology, Orthopedics,

Neuroscience, Emergency

SH Lippo

CikarangBEKASI 2002 164 118 88 148

Occupational Health,

Emergency 79.84%

SH JambiE.

SUMATERA2011 119 107 67 122 Emergency 83.00%

RS Siloam

Dhirga Surya

Medan

N.

SUMATERA2014 356 117 113 121 Emergency, Trauma

Mature West Hospitals

JCIA

14

Q3 2018 Results

Name PlaceDate

Opened

Bed

Capacity

Operation

al Beds

GPs &


Land/Building

Ownership

SH Denpasar

(East)BALI 2013 281 124 133 184

Cardiology, Orthopedics,

Tourists, Emergency

SH Asri

(West)S. JAKARTA 2014 42 42 114 82 Urology

BIMC Kuta

(East)BALI 2013 19 18 43 62 Tourists, Emergency

BIMC Nusa

Dua (East)BALI 2013 39 24 56 46

Cosmetic Surgery,

Emergency

Mature Distinct Segment Hospitals

JCIA

SH Buton SE. SULAWESI 2016 140 80 35 94 Emergency

SH

PurwakartaW. JAVA 2014 219 212 79 216 Emergency

SH KupangE. NUSA


SH Labuan

Bajo

E. NUSA


SGH

(RSUS)TANGERANG 2012 640 300 126 226 Emergency

BPJS Hospitals

15

Q3 2018 Results

Name PlaceDate

Opened

Bed

Capacity

Operation

al Beds

GPs &


Land/Building

Ownership

RS Umum

Putera

Bahagia

CIREBON 2017 114 104 51 118 Emergency

SH Bogor W. JAVA 2017 246 60 60 58 Emergency

RS Siloam

Bangka

BANGKA

BELITUNG2017 412 33 42 49 Emergency

RS Hosana

BekasiBEKASI 2017 101 60 37 65 Emergency

RS Siloam

YogyakartaYOGYAKARTA 2017 149 60 60 53 Emergency

Siloam

Medika Blu

Plaza

BEKASI 2017 56 32 33 53 Emergency

RS Siloam

SilampariS. SUMATERA 2018 175 69 29 45 Emergency

SH Jember E. JAVA 2018 323 30 39 45 Opening April 2018

RS Umum

SentosaBEKASI 2017 50 50 38 59 Emergency

New Hospitals

16

Q3 2018 Results

MERTANADI,

BALI

SILIGITA,

BALI

BALIKPAPAN

BEKASI

CIANJUR

JABABEKA,

CIKARANG

Clinics – currently 16 operational located in Bali, Balikpapan, Bekasi, Jakarta and Tangerang

ROBSON,

CIKARANG

BONA INDAH,

JAKARTA

MERUYA,

JAKARTA

CISOKA,

TANGERANG

CYBERPARK,

TANGERANG

GADING

SERPONG

GRAHA RAYA,

TANGERANG

HARKIT,

TANGERANG

PERMATA,

TANGERANG

LABUAN

BAJO

17

Q3 2018 Results

Status AmbonBanjarmasi

n

Batu Lippo

Mall

Bekasi

Grand Mall

Gunung

SahariJember Kelapa Dua

Semarang

HooTegalrejo

Palangka

Raya

Beds >100 <100 <100 <100 <100 >100 >100 <100 >100 >100

Planned Opening 2019 2018 2019 2019 2019 Apr 2018 2018 2018 2019 2018

Environmental License

(AMDAL) P P P P P P P P P P

Building Permit

(IMB) P P P P P P P P P

Nuisance Permit

(HO) P P P P P P P P

Hospital Building

Permit (IMRS) P P P P P

Certificate of Proper Building Function (SLF) P P P P

P

Operational

License (IO) PP

Comprehensive Licensing Requirements for New Hospitals

Status of Selected Projects for 2018-2019*

In order to be able to fully commission a new hospital, we have to go through a licensing process involving local governments

and provincial health departments. This involves more than 40 licenses and can be summarized into 6 most critical licenses.

* As of April

2018

18

Q3 2018 Results 19

Corporate Structure

As of 31 Sep 2018

No . Of Outstanding Shares : 1,624,765,625

Code : SILO

LIPPO KARAWACI RELATED COMPANIES

51.05%

CVC CAPITAL PARTNERS

22.90%

PUBLIC

26.05%

As of 31 Mar 2018

No of Outstanding Shares :

22,771,585,119 Code : LPKR.JK ; LPKR IJ

LIPPO RELATED COMPANIES

63.48%

PUBLIC < 5%

31.20%

OTHER MAJORITY SHAREHOLDERS

> 5%

5.32%

Q3 2018 Results 20

Our initial growth strategy relied on leasing hospitals, while we increasingly own new developments

Sublease of

Hospitals

51.05%*

In Indonesia

In Singapore

* As of 31 December2017

Sale and

Leaseback

of Hospitals

20.34%*

Sale and

Leaseback

of Hospitals

Ownership Interest

Contractual Relationship

Our early “asset light” strategy allowed the group to

expand more rapidly without accessing excessive

financing.

We increasingly intend to retain ownership of newer

developments.

Our management of hospital development and

construction ensures more efficient permitting and a

responsive layout for projected needs.

Hospital selling prices are determined through

independent valuation, with rental rates determined to

generate a long-term stable return over 20 years.

2

2

1

5

5

4

3

3

3

6

BPJS

Mature East

Mature West

New

17 of our hospitals are leased from FREIT or

related parties, while 12 are Owned and 5 are 3rd

Party leases

Q3 2018 Results 21

• Primary clinics for corporate clients

• Public-Private-Partnership (PPP) model

• RSUS – 1st hospital using public sector model

– Additional demand from BPJS patients

– Gateway to Indonesia’s “Universal Healthcare

Coverage”

• Integrated platform with UPHMS and others

• Medical training at RSUS, SHLV, and SHKJ

• Integrated Centers of Excellence: Neuroscience, Cardiology,

Cancer, Orthopedic, Urology, Fertility

• Hub and Spoke strategy for specialized services via Digital

Tele-Medicine

• Pioneering investments in Indonesia’s healthcare sector

– Comprehensive Cancer Centre opened in 2011

– Indonesia’s first Gamma Knife installed in 2012

• Best in class and highly accessible healthcare

services platform through:

– Rapid expansion of network across Indonesia

– Attracting and retaining the best doctors with strong

focus on doctors’ welfare (SDPDP)

– Equip hospitals with State-of-the-Art facilities such

as 128 slice CT Scan and 1.5T MRI

Our vision is to provide affordable and accessible healthcare to all socio-economic segments

Tertiary

Secondary

Primary

Research & Education

Siloam’s Integrated

Healthcare Delivery Model:

• Access to Centres of

Excellence through hub &

spoke system and Tele-

medicine

• High standards and

accessible medical care

through a strong focus on

clinical governance and

affordable price points

• Specialist access for

primary healthcare

demand

• Public-Private-

Partnerships

Continuum of care at primary, secondary, tertiary &

quaternary levels

Q3 2018 Results

• Alignment – across teaching and service delivery

• Affiliate with agencies such as ACORN/NUS/SGH/UOM

• Leading edge research

• Best practice Models

• Remote Access Diagnosis (RAD) and Remote Access

Clinical Management (RACM)

• Telemedicine

• Centres of Clinical Excellence/Accreditation

• Teaching Hospital paradigm

• Future workforce

• Systems based curriculum converged with PBL

• Best practice replication

• Clinical placement

• Foundation for Innovation

• Overseas training –Singapore/Australia/USA/China

Our affiliation with UPH Medical Sciences is key in acquiring, training and retaining professional staff

Centre of Excellenceand

Global Reputation

EducationResearch

Clinical

22

Q3 2018 Results

Comparison Health Statistics

Source : World Bank, WHO2017

Indonesia Vietnam Malaysia Singapore South Korea India China Australia USA UK

Hospital beds per 10,000 pops 9 20 19 20 103 7 38 39 29 29

Physician per10,000 pops 2 12 12 20 21 7 19 33 25 28

Health Profesionals per 10,000

pops 16 24 47 76 79 28 32 157 118 112

Life expectancy at birth (years) 69 76 75 83 82 68 76 83 79 81

IMR per 1,000 live birth 14 11 4 1 2 28 6 2 4 2

MMR per 100,000 live birth 126 54 40 10 11 174 27 6 14 9

% Government Expenditure 38 54 55 42 54 30 56 67 48 83

% Private Expenditure 62 46 45 58 46 70 44 33 52 17

Healthcare Spend as % of GDP 3 7 4 5 7 5 6 9 17 9

Per capita total expenditure on

healthcare (USD) 299 391 1,040 4,047 2,531 267 731 4,357 9,403 3,377

31.5

27.5

24.1

15.7

46.8

79.0

75.6

117.8

112.4

157.2Australia

USA

UK

South Korea

Singapore

Malaysia

China

India

Vietnam

Indonesia

Health Professional per 10,000 pops

2.8

5.5

4.9

4.7

4.2

7.4

7.1

9.4

9.1

17.1USA

Australia

UK

South Korea

Vietnam

China

Singapore

India

Malaysia

Indonesia

Total Healthcare Spending as % of GDP

23

Q3 2018 Results

Hospitals in Indonesia

No OWNER 2012 2013 2014 2015 2016 2017 Mar 2018

1 MOH 32 33 34 36 33 33 33

2 PROVINCE GOVERNMENT 89 96 98 113 120 136 138

3 MUNICIPAL GOVERNMENT 88 92 93 98 97 97 97

4 DISTRICT GOVERNMENT 444 455 463 469 480 497 510

5 ARMY / POLICE 155 159 170 170 167 171 171

6 OTHER MINISTRIES

/ PUBLIC

COMPANIES

79 79 79 79 77 78 78

7 PRIVATE 1,179 1,314 1,472 1,525 1,627 1,765 1,800

TOTAL 2,066 2,228 2,409 2,490 2,601 2,777 2,827

Source : Ministry of Health

24

Summarize # of private hospitals as footnote on previous page

Q3 2018 Results

Indonesia’s Aging Population

Source:

Kompas Newspaper 12 July 2017

edition.

CHANGE OF INDONESIA’S POPULATION STRUCTURE IN 44 YEARS

Population Pyramid 1971 Population Pyramid 2015

Male Female Student

s

Employed Others

Total

population

Life

expectancy

Urban

population

Total

population

Life

expectancy

Urban

population

Mn Mn

years

years

25

Q3 2018 Results

Disclaimer

This presentation has been prepared by PT Siloam International Hospitals, Tbk (SILO ) and is circulated for the purpose of general

information only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the

securities of SILO. No warranty ( expressed or implied ) is made to the accuracy or completeness of the information. All opinions and

estimations included in this report constitute our judgment as of this date and are subject to change without prior notice. SILO

disclaims any responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of

reliance upon the whole or any part of the contents of this presentation and neither SILO nor any of its affiliated companies and their

respective employees and agents accept liability for any errors, omission, negligent or otherwise, in this presentation and any

inaccuracy herein or omission here from which might otherwise arise.

Forward – Looking Statements

The information communicated in this presentation contains certain statements that are or may be forward looking. These statements

typically contain words such as “will”, “expects” and “anticipates” and words of similar import. By their nature, forward looking

statements involve a number of risks and uncertainties that could cause actual events or results to differ materially from those

described in this presentation. Factors that could cause actual results to differ include, but are not limited to, economic, social, and

political conditions in Indonesia ; the state of the property industry in Indonesia; prevailing market conditions; increases in regulatory

burdens in Indonesia, including environmental regulation and compliance cost; fluctuations in foreign currency exchange rates;

interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for SILO developments and

related capital expenditures and investments; the cost of construction; availability of real estate property; competition from other

companies and venues; shifts in customer demands; changes in operation expenses, including employee wages, benefits, and

training, governmental and public policy changes; SILO’s ability to be and remain competitive; SILO’s financial condition, business

strategy as well as the plans and objectives of SILO’s management for future operations; generation of future receivables; and

environmental compliance and remediation. Should one or more of these uncertainties or risks, among others, materialize, actual

results may vary materially from those estimated, anticipated or projected. Specifically, but without limitation, capital costs could

increase, projects could be delayed and anticipated improvements in production, capacity or performance might not be fully realized.

Although SILO believes that the expectations of its management as reflected by such forward –looking statements are reasonable

based on information currently available to us, no assurances can be given that such expectations will prove to have been correct. You

should not unduly rely on such statements. In any event, these statements speak only as of the date hereof, and SILO undertakes no

obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

26

Care and Compassion for the Nation

THANK YOU

BALI• BALIKPAPAN • CIKARANG • DEPOK• JAKARTA• JAMBI • KUPANG• MAKASSAR • MANADO• MEDAN• PALEMBANG• PURWAKARTA •SURABAYA• TANGERANG

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siloam hospitals delivered double digit revenue growth in 3q18 · treatment volumes improved across...

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