Annual Report 2005 - Parkway Pantai

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Financial Review 2005EBITDA20052004EarningsThe Group’s EBITDA in 2005 mirrored the growth inrevenue, increasing by 22% from $110.9 million in 2004to $135.0 million in 2005.S$ m -90 -80 -70 -88.379.7The Group’s EBITDA grew by $24.1 million or 22% inFY2005. $8.6 million of this increase was from the SingaporeHospitals division. The International division contributed$7.9 million and the Healthcare services added another$10.9 million. There was a reduction in the Others segmentcompared to 2004, when there was a gain from the sale ofour stake in Lee Hing last year.60 -50 -40 -30 -20 -10 -15.47.531.520.60.13.2Net Financial IncomeThe strong growth of 22% in EBITDA translated to acorresponding increase of 23% in net income. The resultis a fi ve year high net income of $62.0 million in FY2005compared to the $50.5 million in FY2004.DividendsThe directors proposed a fi nal dividend of 5.0 cents perordinary share compared to 4.5 cents per ordinary sharein the preceding year. Together with the interim dividendsof 5.5 cents, this brings annual dividend to 10.5 cents perordinary share for the full year 2005.SingaporeHospitalInternationalHospitalHealthcareServicesOthers28
Group Consolidated Statements2005 2004 # 2003 2002 2001$’ 000 $’ 000 $’ 000 $’ 000 $’ 000Profi t and Loss AccountRevenueHealthcare 547,221 405,614 344,743 325,096 344,775Others 1,750 2,218 3,905 12,463 12,357548,971 407,832 348,648 337,559 357,132Earnings before interest expense, tax, depreciationand amortisation (EBITDA) ~ 134,982 110,925 85,865 89,201 86,848% of revenue 24.6% 27.2% 24.6% 26.4% 24.3%Earnings before interest expense, taxand exceptional items (EBIT) 96,429 71,922 55,381 58,547 56,115% of revenue 17.6% 17.6% 15.9% 17.3% 15.7%Earnings after tax and minority interest but beforeexceptional items 61,969 50,463 33,608 33,301 24,891% of revenue 11.3% 12.4% 9.6% 9.9% 7.0%Net Profi t for the year 61,969 50,463 33,608 33,301 12,479% of revenue 11.3% 12.4% 9.6% 9.9% 3.5%Balance SheetTotal Assets 1,304,179 937,049 815,460 832,881 824,280Net Borrowings 336,114 192,951 233,853 242,645 217,874Total Shareholders’ Funds 415,517 425,027 430,500 427,970 411,107Profi tability Ratios (%):Return on Shareholders’ FundsBefore exceptional items 14.9 11.9 7.8 7.8 6.1After exceptional items 14.9 11.9 7.8 7.8 3.0Return on AssetsBefore exceptional items 4.8 5.4 4.1 4.0 3.0After exceptional items 4.8 5.4 4.1 4.0 1.5Gearing Ratio:Net debt equity ratio 0.81 0.45 0.54 0.57 0.53Per share Data:Earnings per share (S$)Before exceptional items 0.09 0.07 0.05 0.05 0.03After exceptional items 0.09 0.07 0.05 0.05 0.02Gross dividend (S$) + 0.105 0.09 0.06 0.05 0.03Net tangible asset backing per share (S$) 0.32 0.54 0.55 0.55 0.57Net asset value backing per share (S$) 0.57 0.59 0.60 0.59 0.57~ Earnings before exceptional items, exchange differences and share of results of associates.# Certain comparative fi gures in FY2004 have been restated for comparative purposes due to the adoption of the new and revised accounting standards that wereimplemented in 2005.+ Gross dividend comprises interim dividend declared during the year and fi nal dividend proposed by directors in respect of that fi nancial year under review.29
Page 1 and 2: We Believeannual report 2005PARKWAY
Page 3 and 4: We believe... in delivering the ver
Page 5 and 6: We believe that our patients are ou
Page 7 and 8: Built on a rich tradition of medica
Page 9 and 10: Parkway is committed to investing i
Page 11 and 12: Parkway remains an organisation wit
Page 13 and 14: “It is both a privilege and a gre
Page 15 and 16: A Letter from the Managing Director
Page 17 and 18: “2005 was a good year for Parkway
Page 19 and 20: Milestones for 2005January• Parkw
Page 21 and 22: IndiaHOSPITALApollo Gleneagles Hosp
Page 23 and 24: • The Singapore Excellent Service
Page 25 and 26: Believing In Our PeopleOur staff fo
Page 27 and 28: Newbridge Capital is a major invest
Page 29: Singapore Hospitals2004 2005 2005vs
Page 33 and 34: Mr Richard Seow Yung LiangChairmanM
Page 35 and 36: Senior ManagementDr Lim Cheok PengM
Page 37 and 38: ContentsDirectors’ Report 36State
Page 39 and 40: Directors’ ReportYear ended 31 De
Page 45 and 46: Report of the Auditorsto the Member
Page 47 and 48: Consolidated Profit and Loss Accoun
Page 49: Consolidated Statement of Changes i
Page 52 and 53: Consolidated Statement of Cash Flow
Page 54 and 55: Notes to the Financial Statements31
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Notes to the Financial Statements31
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Supplementary Information -SGX-ST L
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Analysis of Shareholdingsas at 2 Ma
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Notice of Annual General Meeting(II
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Proxy FormNotes:1. Please insert th
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PARKWAY HOLDINGS LIMITED(Co. Reg No
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