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FY 2018 Results Presentation
7th March 2019
2
Safe Harbour statement
3
Senior management presenting
3
Prashanth Shenoy
CFO
Prasanth Manghat
CEO
Asjad Yahya
Investor Relations
Hani Buttikhi
CIO
Michael Davis
COO
4
Agenda
4
4 Long term strategic initatives and outlook for 2019
1 2018 – Another year of records
2 Financial review
3 Operational overview
5
2018 - Another year of records
5
$2,057m
30%
FY 2018
5 year CAGR
Revenue
28% YoY growth
EBITDA
$487m
39%
FY 2018
5 year CAGR
38% YoY growth
$1,561m
$488mn
Revenue FY18
EBITDA FY18
Healthcare
37% EBITDA YoY growth
Number of Patients
7.5m
29%
FY 2018
5 year CAGR
30% YoY growth
Number of Beds
2,186
48%
FY 2018
5 year CAGR
42% YoY growth
Number of Doctors
1,735
28%
FY 2018
5 year CAGR
21% YoY growth
Distribution
$545m
$68m
Revenue FY18
EBITDA FY18
33% EBITDA YoY growth
6
2018 - Strategic initiatives
6
▪ Acquisition of 70% a
natural progression
following NMC
managing CosmeSurge
under an O&M contract
since September 2017
▪ Significant integration
benefits without broader
portfolio, e.g. Al Zahra
hospital
CosmeSurge
Acquisition
JV with GOSI in KSA
▪ Agreement signed to
form a new joint venture
to drive future expansion
plans
▪ JV formation complete
▪ Significant capacity and
capability expansion in
the coming years
Global IVF
Expansion
▪ Acquisition of
outstanding minority
interest in Fakih IVF
▪ Entry into attractive US
market with the
acquisition of a 70%
stake in Boston IVF
▪ Entry into underserved
sub-Saharan Africa
market
O&M Growth
▪ US$ 23 mn. revenues for
2018
▪ 81 assets managed
across 6 countries
▪ ADNOC Hospital Ruwais
amongst many
prestigious assets
managed by NMC
7
Key factors that differentiate NMC
7
International
collaborations
Portfolio
contribution
Ability
to adapt
Focus on
quality
Centralized
support
▪ Increase complexity
of offerings and
margin
improvement,
without insurance
pricing
▪ GCC-wide
collaborations
with Boston
Children’s
Hospital and
Cincinnati
Children’s
Hospital
▪ Enhanced
contribution from
cash-based
businesses, e.g.
▪ IVF
▪ Cosmetics
▪ Rapid adjustment to
any changes being
introduced in the
sector, translating
into capitalization of
new opportunities
▪ Designated
emergency
service
provision to the
private sector
▪ Constant focus on
quality
improvements
▪ Receiving CBAHI
accreditations in
KSA, which translate
into improved MoH
pricing a key
example
▪ Fully centralized
procurement
supports margin
improvement
through cost
reduction
▪ Data analytics
supported Revenue
Cycle Management
8
ResultsEnablers
KSA Joint Venture outlook
8
UAE leadership -
3 board seats in JV
Strong local
leadership in KSA
O&M revenues for
NMC from JV - 1.5%
Global Clinicians
World Class
Infrastructure
Specialized
services
Strong
management
team
Best
practice
transfer
Superior
quality
healthcare
9
Agenda
9
4 Long term strategic initiatives and outlook for 2019
1 2018 – Another year of records
2 Financial review
3 Operational overview
10
NMC 2018 at a glance
10
2018 Group revenues:
US$ 2.1bn
Reduction in days sales outstanding
98 days
2018 Group EBITDA
Margin 23.7%
+170bps yoy
2018 Group EBITDA:
US$ 487mn
FTSE 100 company
c. £6bn market cap
+28%
yoy
+38%
yoy
2018 Adjusted
Net Income:
US$ 284m
+20%
2019 Year End
Net Debt / EBITDA 2.2-2.4x
98
$
11
Group EBITDA up 37.9% y.o.y. to US$ 487m in FY 2018
11
▪ FY 2018 revenue reached US$ 2.1bn, up 28.3% YoY
▪ Another year of record revenues and profits on the
back of continued benefit of efficiencies at existing
facilities and successful integration of acquired
assets
▪ EBITDA increased by 37.9% to US$ 487.4m
▪ EBITDA margin reached 23.7%, increase of 170bps YoY
▪ Adjusted net profit reached US$ 283.5m, up 19.9% YoY
▪ Adjusted EPS 1.332, up 28.5% on FY 2017
▪ Healthcare division continues to drive NMC’s growth with
revenue and EBITDA up 34.4% and 37.3% respectively
▪ Distribution division also continues to grow with revenue
and EBITDA up 12.0% and 32.7% respectively
▪ Further enhancing our platform for growth through strategic
initiatives in 2018 including;
▪ expansion into Saudi Arabia
▪ integration of CosmeSurge
PerformanceFY 2018 consolidated overview
Revenue US$m and annual growth
EBITDA US$m and margin
1,221 1,603 2,057
38.6%
31.3% 28.3%
0%
10%
20%
30%
40%
50%
0
600
1,200
1,800
2,400
2016 2017 2018
Revenue ($m) Growth (YoY)
246 353 487
20.2% 22.0% 23.7%
0%
10%
20%
30%
0
100
200
300
400
500
2016 2017 2018
EBITDA ($m) EBITDA margin (%)
12
KSA Joint Venture structure
12
NMC to retain operational, Board and management control
JV Capitalization New structure
New JV
52% 48%
KSA Assets
New JV
38.9%
At SAR54 /
share
majority
KSA Assets
1
2
13
Receivables: Collections normalize in H2 18
13
100
107
98
103102
99
85
107
87
80
85
90
95
100
105
110
FY 2017 HY 2018 FY 2018
Total Receivables Days Healthcare Receivables Days
Distribution Receivables Days
Strong collections reduce days sales outstanding
Receivables
as % sales 27.5% 26.8%▪ Working capital-to-revenues ratio declined to
27.8% in 2018 (2017: 30.6%)
▪ The reduction in working capital-to-revenues
ratio was driven by:
▪ An improvement in days receivable
▪ A slight extension of days payable
▪ Strong collections have led to a decline in
receivables days outstanding for FY 2018 to
96
▪ Inventory days increased slightly from 61 in
2017 to 64 in 2018
▪ Days payable outstanding stood extended
slightly from 58 in 2017 to 60 in 2018
Working capital performance
29.3%
14
Receivables: Shift to Expected Credit Loss (ECL) Approach
14
▪ Adoption of IFRS 9 has
translated in more conservative
provisioning
▪ Additional provision of
US$17.2m provided for in 2018
due to implementation of new
regulation
▪ Excluding additional impact of
IFRS 9, days receivables
outstanding would stand at 99
Receivables Impact of IFRS 9 adoption
AR Ageing
Past due but not impaired
Total
Neither past
due nor
impaired
< 90 days 91-180 days181-365
days>365 days
Dec 18 (As Reported) 542,263 345,149 117,029 34,552 21,254 24,278
Dec 18 (Non IFRS 9) 542,263 347,210 123,749 39,817 21,855 9,632
Dec 17 440,146 279,343 86,363 34,302 24,435 15,703
Dec 18 (As Reported) 63.6% 21.6% 6.4% 3.9% 4.5%
Dec 18 (Non IFRS 9) 64.0% 22.8% 7.3% 4.0% 1.8%
Dec 17 63.5% 19.6% 7.8% 5.6% 3.6%
15
Capex
15
31
101 10033
64 3% of revenues
0
50
100
150
200
2017 2018 2019e
Growth Maintenance
2018 capex breakdownSignificant growth and acquisition
capex spend in 2018 (US$m)
▪ Key projects completed during the year:
▪ Opening of IVF clinic in Kenya
▪ Establishment of new Fakih IVF facility in
Oman
▪ Upgradation of facilities in Oman acquired
last year
▪ Key expansion projects underway:
▪ 60-bed brownfield expansion of NMC Royal
DIP
▪ 150-bed brownfield expansion of NMC
Specialty Dubai
▪ 100-bed hospital being established in
Mirdiff Hills
16
Cash Flow Summary
16
Cash Flow Adjusted for Growth Capex (%)Cash Flow Summary
Significant portion of operational beds in ramp-up
phase 2019E
US$’000 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
Profit for the year before tax 85,357 151,575 210,426 256,852
Add/(Less): Net Working
Capital Movement(64,908) (73,796) (82,579) (100,228)
Add: Dep & Amortisation 34,826 55,999 70,883 100,363
Less: Total Capex (79,843) (60,044) (64,861) (164,987)
Growth Capex (61,313) (31,631) (31,392) (101,228)
Maintenance Capex (18,530) (28,413) (33,469) (63,759)
Add: Transaction Cost -
Acquisition4,131 4,603 5,969 4,976
Add: Non cash charge to PL 12,506 18,912 33,625 54,618
Free Cash Flow (7,931) 97,250 173,463 151,594
Free Cash Flow (Adjusted for
Growth Capex)53,382 128,881 204,855 252,821
35.5%
52.4%
58.0%
51.9%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
2015 2016 2017 2018
EBITDA to FCF ratio
37%
63%
Beds in ramp up phase
Mature Beds
YoY decline due to:
• Investment in early stage
assets
• Higher maintenance capex
17
Intangible assets: A closer look
17
▪ Given the active acquisition strategy adopted by NMC in recent years, Goodwill represents a significant portion of NMC’s asset
base (US$1.4bn out of total assets of US$3.9b in 2018)
▪ The five largest acquisitions to date account for 66.4% of total goodwill as at 31 December 2018: Al Zahra (28.9%), Fakih IVF
(12.9%), CosmeSurge (9.0%), Provita (8.4%) and Clinica Eugin (8.0%)
▪ Each of the above mentioned assets continue to serve as key drivers of NMC’s growth and have performed in line with, or
better than, forecasted prior to their acquisitions
▪ Al Zahra completed NMC’s hub and spoke model in Sharjah with the Group now maintaining the leading position in the
emirate
▪ Commencing its venture into IVF market through acquisition of Clinica Eugin and following up with the addition of Fakih IVF
to the portfolio, NMC has now become one of the Top 2 IVF players in the world
▪ With limited CapEx NMC managed to grow its Long Term Care vertical from 90 beds to 554 beds
▪ The underlying assumptions for impairment testing remain conservative, as a result of which, management remains comfortable
with the amount of Goodwill on the balance sheet:
▪ Explicit forecasts are made over a 5-year period, based on financial budgets
▪ Cash flows from the 6th to 10th year are extrapolated at 3% growth rate (2017: 3%), significantly below the current annual
growth rates being realized across the business
▪ 0% growth rate is applied to cash flows beyond the 10th year
▪ The pre-tax discount rate applied to cash flows is 9.71% (2017: 8.23%), based on the Group’s WACC
Goodwill
18
Agenda
18
4 Long term strategic initiatives and outlook for 2019
1 2018 – Another year of records
2 Financial review
3 Operational overview
19
NMC 2018 at a glance
19
21% Emirati Patient Base
Boston Children’s and
Cincinnati Children’s
Hospital Collaborations
NMC Health patients in 2018:
>7.5m
FTSE 100 company
c. £6bn market cap
Growth in patient volume
in Dubai (y.o.y.):
+22%
#1 and most diverse global
IVF provider
+30% yoy
150 new beds in
Dubai in 2019
2020
NMC UAE Business Continues to Achieve Year over Year Growth
OMANUNITED ARAB EMIRATES
Abu Dhabi
Dubai
Sharjah
Sharjah
▪ Expansion of long-term
care (ProVita) and
cosmetic (CosmeSurge)
business
▪ Phenomenal 20% y.o.y.
increase in IP and OP
Patient Volume
▪ 1.5m patients seen across
the Northern Emirates in
2018
Dubai
▪ +22% y.o.y. growth in patient
volume
▪ DIP facility recorded a staggering
y.o.y. growth in EBIDTA
▪ Robust business model catering
to all segments of population
within the same facility has
proven successful
Abu-Dhabi
▪ 31% y.o.y. revenue
growth
▪ 700 pediatric OP visits
per day
▪ Emirati Thiqa business
continues to grow
UAE
▪ 540,000 pediatric visits
per day
▪ 95% occupancy of
pediatric beds
2121
Long Term Care O&M CosmeSurge
20% y.o.y. EBITDA
growth and 42%
increase in bed capacity
Home health care
patient census has
increased by 75%
Five additional
Cosmesurge Units
Opened
MOPA: Exceptional
performance with 96%
KPI achievement
Reinforces NMC’s
capabilities in O&M
contracts
NMC Global Healthcare – 2018 Overview
NMC Fertility Aspen
21% y.o.y. growth in
number of cycles
globally
The largest and most
diverse global IVF
provider
Provides vehicle for UK
entry of NMC’s IVF &
Cosmetics Businesses
Skills in Oncology and
Orthopedics can be
shared internationally
LTC, Homecare and
Rehab remains easy to
replicate across GCC
ADNOC Provides for
expansion of LTC, IVF
and CS into Ruwais
Low capital/ high return
model easy to replicate
across NMC portfolio
Continued expansion of
IVF business into new
geographies
Quick wins through
additional service lines
and improved margins
Relaunch of brand in
2018 has proven
successful
2222
NMC Healthcare KSA: The Current Success Story
Ha’il
Najran
Jeddah
Riyadh
Al Khobar
Al Qadhi Specialty
Chronic Care
▪ Total patient count increased from 50 to 125
patients in 2018
▪ Positive EBITDA after 1 year of operation
▪ CBAHI pre-survey ranking of 95%, #1 LTC
hospital and top 60 hospitals in KSA
▪ Exclusive contracts signed
▪ CBAHI accreditation received in January 2019 with score of 92%
▪ Three times Increase in Bariatric surgeries performed
▪ Plans implemented for addition of IVF services to clinical offerings
Al Rashid Hospital
▪ CBAHI pre-survey improved from 40% to 80%
with accreditation expected in Sep 2019
▪ Obtained exclusive contract with Hail
University to treat staff in December 2018
▪ MOH program makes patients acceptance /
admissions quick and efficient
Al Salam Medical Group
▪ 400% sustained increase in patient census in Q4
2018/ Q1 2019
▪ Occupancy in December - 70%
▪ LTC service line introduced and new contracts
signed with ARAMCO and SABIC to treat 1000
and 5000 employees + dependents
▪ CBAHI accredited with rating of 95.6 increasing
MOH reimbursement prices by 17%
As Salama Hospital
▪ Contract with Saudi Electric to treat 33,000
employees + dependents in December 2018
▪ Began a cash based new service line, Clinical
Patient Escort Program, generating approximately
SAR 250k per month
▪ CBAHI survey complete with results expected in
April 2019
23
NMC Healthcare KSA: The Current Success Story
23
▪ NMC Saudi Healthcare has been successful in streamlining revenue cycle and weekly collections have substantially increased
due to focus on:
▪ Physician documentation
▪ Coding and Billing
▪ Measuring initial rejection rates
▪ Timely Resubmissions
▪ Aggressive Collections
▪ Key leadership from UAE has been deployed to aid in the ramp up and integration of support services across the KSA portfolio
including operations, RCM, finance, and procurement
▪ KSA leadership team remains strong - Country head has been on board for a year and a half and is performing well
▪ AQSH became the first private hospital in
Najran to offer bariatric surgery, spinal
surgery, nerve revision, maxillo-facial
surgery, corneal transplant and vascular
surgery
▪ CCSHM now provides Nephrology,
Hemodialysis and home healthcare. The
facility has also increased it’s ICU bed
capacity and 20% of the beds are critical
care equipped
▪ Al Salam Hospital upgraded the NICU to
accept Level 3 patients
New Service Lines
▪ AQSH saw 115% growth in surgery
cases and 82% growth in Emergency
department visits
▪ Al Salam Hospital has had significant
inpatient growth due to new relationship
with GlobeMed
▪ CCSMC census continues to grow with
each round of licensing additional beds
Patient Volume Growth
▪AQSH: IVF facility to be set up in 2019
▪CCSHM: Increasing patient volume through
3 major government contracts from King
Faisal Specialist Hospital (28 patients),
National Guard Health Affairs (30 patients),
King Fahad Armed Forces (50 patients)
▪NMCH-Hail: Tie-ups with small medical
centers to develop the hub and spoke
referral model
▪With the revised management and
organization structure, the KSA
management has been successful in
developing key corporate leadership
positions that aid in consolidation,
integration and to support KSA’s sustained
growth
Growth plans
24
Aspen Healthcare: A Natural Fit into NMC’s Global Portfolio
24
▪ Aspen Healthcare facilities demonstrate exceptional performance in Quality and Nursing care and have received a Good or Outstanding rating from the CQC
(Care Quality Commission)
▪ The quality, nursing, and clinical leadership teams have decades of experience working under the UK model and have demonstrated exemplary knowledge in
implementation and monitoring of the regulatory standards
▪ In 2018, the UAE regulators began to shift to a more UK based model, with particular interest in the CQC (Care Quality Commission) regulation’s. We have been
able to address this through Aspen’s expertise combined with NMC’s experience by strengthening of our corporate quality framework
Strength of Quality and Nursing
▪ The Cancer Centre London is nationally recognized for its exemplary care of cancer patients, including state of the art radiation therapy and chemotherapy
infusion
▪ Oncology related diagnosis fall within the top 10 DRGs for NMC in Abu Dhabi, therefore providing a natural pathway for sharing and transfer of knowledge across
the organization
▪ In addition, Parkside Hospital and Wimbledon Orthopedic Group operates in the shadow of the legendary Wimbledon Tennis Club. The practice supports
physicians with vast NHS, academic and private hospital experience across a variety of orthopedic diagnosis
▪ With busy orthopedic practices in all of NMC’s facilities this is a natural pipeline to share skills and experience internationally throughout the group
Transfer of knowledge across the organization
▪ NMC plans to capitalize on the fertility business and addition of fertility services at Aspen in 2019 is being considered
▪ CosmeSurge will expand its services by setting up a unit at Aspen to provide comprehensive aesthetic and cosmetic services
▪ NMC IPC is working towards referring patients from KSA to the UK for specialized Orthopedics, Oncology and Comprehensive Health Check-ups
Accreditation and Certifications
Growth Plans
▪ Claremont Hospital and Highgate Hospital both received the JAG (The Joint Advisory Group in GI
Endoscopy) accreditation
▪ Aspen Healthcare was recognized by the UK CXA Customer Service Awards for its commitment to the
patient and customer experience
▪ All of the Aspen facilities have received the Worldhost Customer Care Accreditation
▪ Aspen operating theaters are accredited by the Association of Perioperative Practice (AfPP)
25
Pediatrics – Positioned to become a strong Strategic Vertical
25
Ideal candidate for vertical status with a strong potential for growth
▪ 45,000 pediatric outpatients per month
▪ Over 540,000 pediatric outpatients per year
▪ Over 1,500 pediatric patients treated daily in UAE
alone
▪ 23% increase in deliveries across the group
▪ Over 162 Pediatricians and Pediatric Consultants
▪ International collaborations with the #1 and #2
hospitals in the USA assisted to increase volumes
▪ Ramp up of over 200% in patient volume for the
international collaboration program
Given the shortage of pediatric healthcare services in the GCC in general and the UAE in particular, NMC
Pediatrics represents strong potential for growth, and hence an upgrade to a vertical status
26
2019 – Way Forward
26
▪ Achieved 2018 strategy to drive growth with increased capacity, addition of subspecialty
services and expansion across multiple geographies and this model will continue
through 2019
▪ Strengthened operational leadership by attracting talent and improving employee
satisfaction through enhanced HR structure across the organization
▪ Verticals-based structure continues to serve NMC well across its rapid growth and new
verticals will be announced in 2019
▪ Clinical Governance model will remain strong with emphasis on improved outcomes,
patient safety, and standardization of clinical best practice across the organization
▪ Saudi Arabia business will continue to rapidly grow in 2019 with additional bed capacity
and the addition of more sub-specialty services
▪ Strong growth expected in 2019 driven by sustained ramp-up, integration and expansion
of acquisitions and continued operational excellence
27
Agenda
27
4 Long term strategic initiatives and outlook for 2019
1 2018 – Another year of records
2 Financial review
3 Operational overview
28
NMC follows a structured process for a COE to transition
into a vertical
28
29
Under Evaluation
2014
▪2010
Growth strategy
29
Centre of Excellences are and would continue to be the building blocks of our
growth strategy
Cardiology
Orthopedics
Ophthalmology
Maternity
Urology
Oncology
Neurology
Pediatric
Bariatric surgery
Neonatology
Psychiatry
30
Growth strategy
30
NMC is a well oiled engine churning out globally recognized independent verticals -
Cosmetics & Pediatrics are in the making
Maternity &
IVF
Mental healthOncology
Long term
& home careCosmetics Pediatrics
Ophthalmology
31
Growth strategy - U.A.E
31
▪ White spaces
▪ Market entry in Ras Al Khaimah,
Fujairah & Ajman
▪ Knowledge inversion
▪ Orthopedics from Aspen
▪ Cosmetics from CosmeSurge
▪ Strategic associations
▪ Boston Children's
▪ Cincinnati children’s
▪ Bolt On M&A
▪ Royal Medical Centre, RAK
▪ A Home Healthcare center & two
medical centers in Abu Dhabi
FOOTFALL
GAPS IN KEY
MARKETS1
CARE COMPLEXITY
NEED FOR
SPECIALIZED CARE2
FOOTFALLC
AR
E C
OM
PL
EX
ITY
32
Growth strategy - K.S.A (1/3)
32
▪ Capacity Creation and M&As
▪ Multispecialty
▪ Al Salam Medical Group
▪ 1 hospital of 100 beds and 2
medical centers
▪ NMC Hail - 60 beds
▪ Al Qadi Specialty Hospital
▪ Increased stake from 60% to
80%
▪ Privatization Program
▪ Active participation in government
RFPs for healthcare services
▪ Specialized Verticals
▪ Opened Long Term care facility
AVAILABILITY
LACK OF
AVAILABILITY OF
FACILITIES
1
SPECIALIZED CARE
NEED FOR
SPECIALIZED CARE2
SP
EC
IAL
IZE
D C
AR
EAVAILABILITY
33
Growth strategy - K.S.A (2/3)
33
Established market leader
with 1000 to 1200 beds by
2022
Revenues of US$ 300mn.
by 2022
• Focus on a Tier 1 city
penetration strategy
• Higher complexity &
higher reimbursements
Top 3 players by 2022
Revenues of US$ 600mn.
by 2022
• Focus on a Tier 2 city
penetration strategy
• Focus on Tier 1 city for
super sub specialties
I.V.F services to be
launched in the short to
medium term
High value cosmetic
services to start
immediately
International affiliations
like Boston children &
Cincinnati children
Multispecialty OthersLong Term Care
NMC TO SCALE TO 3000 BEDS IN 3+ YEARS AND 6000 IN 5+ YEARS
3434
Growth strategy - K.S.A (3/3)
INITIATIVES
▪ Diversification of revenue
▪ Improving quality of earnings by
adopting scientific RCM
techniques
▪ Centralized procurement
▪ Integration with NMC specialized
verticals
▪ Hub & Spoke model deployment
across KSA
▪ Increasing complexity of care
*9month FY18 audited number from the website
Increasing EBITDA margins to KSA peer levels
2hospitals
725beds
15clinics
*$36mnEBITDA
500kpatients
330doctors
35
Growth strategy - I.V.F
35
▪ New Markets
▪ Boston IVF in US
▪ Market entry in Kenya
▪ New clinics in Oman, Sharjah and Al
Ain
▪ Singular IT Platform
▪ Phase 1 to launch with all Spanish
clinics in June 2019
▪ Unification of R&D, SOPs etc.
▪ M&A
▪ Boston IVF
▪ Nordic IVF
▪ Stockholm IVF
▪ AVA Clinic Latvia
▪ Clinics in Milan & Taranto
▪ Clinic in Copenhagen
NO. OF CYCLES
GLOBAL FOOTPRINT1
SCIENTIFIC ACUMEN
WORLD CLASS
SCIENTIFIC
PLATFORM
2
SC
IEN
TIF
IC A
CU
ME
NNO. OF CYCLES
36
Outlook for FY 2019
36
▪ Complexity of offerings will continue to rise, enhancing its unique offeringNMC Royal
▪ Enhancing participation in new government initiatives
▪ Designation of NMC Royal as the only private sector hospital included in the list of 8
hospitals offering emergency services in Abu Dhabi a good example
Government
initiatives
▪ Anticipate positive developments on mandatory insurance roll-out in Northern
Emirates this year
Mandatory
insurance
▪ Completion of JV terms sets ground for rapid implementation of KSA strategy
▪ Foundations of a solid management structure already in place
▪ Sharp focus on bringing quality and complexity to KSA healthcare market
KSA
developments
supporting future
growth
Strong start to 2019 reinforces our outlook for the year - Remain comfortable with
guidance provided for the year