Annual Report 2003 - Parkway Pantai

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MANAGING DIRECTOR’S MESSAGE“The Parkway team’s strong performance in 2003,despite tough operating conditions, demonstrates thatour strategies are clearly able to create value.”Dear Shareholders,The Year in PerspectiveThe 2003 performance of the Parkway Group exceeded expectations,inspite of the ravages of the Severe Acute Respiratory Syndrome (SARS)outbreak on the regional economy.I am pleased to announce that the Group saw an improvement in earningscompared to 2002. Strong recovery in the third and fourth quarters bufferedthe impact of the SARS outbreak on the Group’s revenue earlier in 2003.As we remember at Parkway, the year 2003 focused largely on theindomitable spirit of the Parkway team and its ability to respond swiftly tochallenges. I applaud our doctors, nurses and personnel for showingcourage and commitment.During the SARS period the Group took all measures necessary to ensurean infection-free environment at all our facilities. Stringent infection controlprotocols were implemented to provide our patients and personnel addedprotection. Not only was Parkway the first private hospital group to installthermal scanners at our Singapore hospitals, we were also the first inSingapore to adopt cutting-edge bio-decontamination technology.During the year, Parkway’s experience in hospital management anddevelopment was recognised in the Superbrands Award given to MountElizabeth and Gleneagles Hospitals.Our Accomplishments in 2003During the year we consolidated our business strategies, fine-tuned ourfocus and moved towards greater integration of services.Our Singapore Hospitals registered higher admissions and revenueintensity due to increased competitiveness in common procedures and ourcontinued focus on high value-added tertiary and quaternary services,in which Parkway has a strategic advantage.Major investments in advanced equipment, new services and facilities weremade. The Group now offers the most advanced cancer diagnosis andmanagement techniques and the most comprehensive liver transplantservices in the region. Its newly upgraded Operating Theatre complex atMount Elizabeth Hospital is geared for complex procedures of the future.8Parkway Holdings Limited Annual Report 2003
In Healthcare Services, the Group invested for growth. Parkway LaboratoryServices’ fully automated clinical laboratory is now able to handle commonand esoteric tests in greater volume and with improved efficiency to meetregional demands. MediRad invested in the cutting-edge Positron EmissionTomography – Computerised Tomography (PET-CT) scan and Parkway Shentonnot only established a new flagship clinic at Republic Plaza, but it also set upseven other clinics as well.On the international front, the Group is developing strategic partnerships withestablished healthcare players in the region, with a focus on China, India,Malaysia, Indonesia and Vietnam. The official opening of Apollo GleneaglesHospital, Kolkata, augurs well for the Group’s expansion into India. Ourexisting International Hospitals are doing exceptionally well.Further extending the Parkway network across Asia, the Group set up six newMedical Referral Centres (MRC) in major Asian cities to attract internationalpatients, bringing the total to 14. The MRC, a free service, connects patients inreal time to relevant medical services and doctors across the Parkway Group.During the year, investment in expertise, training and service quality initiativeswas stepped up as we continue to develop our strong, highly experienced team.With the Parkway Centre for Medical Simulation, we now have the region’smost advanced simulation training facility, setting a gold standard for healthcaretraining.The pool of specialists at the Group’s Medical Centres in Singapore hasexpanded from over 850 to 1,110. This is testimony to the Parkway Group’ssound business model, excellent business practices and dynamic, progressiveenvironment.Whilst enhancing our topline, we continually review ways of managing costs.This year, some of the initiatives include switching to more cost-effectivealternatives in purchasing, as well as centralising our supplies and sterilisationdepartment.Financial PerformanceThe Parkway Group maintained its level of earnings in 2003, with a slightimprovement over the previous year, despite the impact of the SARS outbreakon the economy.For the financial year ended 31 December 2003, the Group achieved a netprofit after tax and minority interest of S$33.6 million, representing a 1%increase over the S$33.3 million achieved in the previous year.Higher patient admissions and revenue intensity in the final quarters of theyear mitigated the impact of SARS on the Group’s performance in the secondquarter of 2003.Revenues grew from S$337.6 million in 2002 to S$348.6 million in 2003,representing a 3% growth. This reflects modest improvements across all corehealthcare operations in the second half of the year.Parkway Holdings Limited Annual Report 2003 9
Page 1 and 2: PASSION FORPEOPLE &PROGRESSPARKWAY
Page 3 and 4: ABOUT USParkway Holdings Limited is
Page 5 and 6: Apollo Gleneagles Hospital, Kolkata
Page 7 and 8: This is the essence of our ‘Integ
Page 9: As the dominant player in the Singa
Page 13 and 14: Prospects Looking ForwardThe Manage
Page 15 and 16: 2003 FINANCIAL REVIEWGROUP CONSOLID
Page 17 and 18: FINANCIAL REVIEWHospital Statistics
Page 19 and 20: FINANCIAL REVIEWPROFIT AFTER TAX AN
Page 21 and 22: MEDICAL EXCELLENCEAs a leading inte
Page 23 and 24: BUSINESS REVIEWMicro-multi-leaf col
Page 25 and 26: BUSINESS REVIEWParkway Hospitals in
Page 27 and 28: QUALITY SERVICEQuality service is o
Page 29 and 30: BUSINESS REVIEWREGIONAL MEDICAL REF
Page 31 and 32: INVESTMENT IN EXPERTISEOur healthca
Page 33 and 34: Mr Ang Guan SengNon-executive Direc
Page 35 and 36: SENIOR MANAGEMENTDr Lim Cheok PengM
Page 37 and 38: CORPORATE OFFICEPARKWAY HOLDINGS LI
Page 39 and 40: FINANCIALS 2003Directors’ Report
Page 41 and 42: Directors’ Interests (Cont’d)Ho
Page 43 and 44: Share Options (Cont’d)Parkway Emp
Page 45 and 46: Share Options (Cont’d)Parkway Sha
Page 47 and 48: STATEMENT BY DIRECTORSYear ended 31
Page 49 and 50: BALANCE SHEETSas at 31 December 200
Page 51 and 52: CONSOLIDATED STATEMENT OF CHANGES I
Page 53 and 54: CONSOLIDATED STATEMENT OF CASH FLOW
Page 55 and 56: NOTES TO THE FINANCIAL STATEMENTS31
Page 57 and 58: 2. Summary of Significant Accountin
Page 59 and 60: 2. Summary of Significant Accountin
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2. Summary of Significant Accountin
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LeaseholdOfficePremisesS$’000Reno
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5. Interests in Subsidiaries - The
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7. Interests in Partnerships - The
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11. Inventories - The GroupInventor
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17. Other Payables2003S$’000The G
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18. Interest-Bearing Borrowings (Co
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19. Employee Benefits - The Group (
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No. of optionsexercisable at1 Jan 2
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No. of optionsexercisable at1 Jan 2
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22. Share Capital - The Company (Co
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26. Directors’ Remuneration - The
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29. Earnings Per Share (Cont’d)(a
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31. Significant Related Party Trans
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34. AssociatesName of AssociatePrin
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34. Associates (Cont’d)Name of As
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35. Financial Instruments (Cont’d
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36. Segment Reporting (Cont’d)(a)
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36. Segment Reporting (Cont’d)(b)
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2. Interested Person TransactionsIn
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4. Corporate Governance Statement (
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ANALYSIS OF SHAREHOLDINGSas at 17 F
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(b)That the Board of Directors of t
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PROXY FORMPARKWAY HOLDINGS LIMITED(
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CORPORATE OFFICEPARKWAY HOLDINGS LI
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Annual Report 2003 - Parkway Pantai

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