Andalusia Hospital Model

8/8/2019 Andalusia Hospital Model

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Project Cost Breakdown

Item US$ in 000's

Land 2,727

Building 6,300

Equipment 7,192

Non Medical Furnitures 1,242

Pre-operating Marketing 2,000

Vehicles 200

Foundation 2,000

Other / Contingency 2,166

Working capital 0

Total Cost 23,828

Land

Square 1,500

M/US 1,818

Building

Building Area 60%

No.Of Floor 7

M/US 1,000

Medical Equipments Group A Group B

Laboratory 673,443 670,073

Radiology 2,508,076 1,766,903

operation Room 2,025,475 1,797,590

Outpatient Clinics 1,479,548 1,081,594

IVF 324,555 299,816

Dialysis 28,736 28,736

Day Care Unit 1,230 1,230

Endoscopy 315,344 257,572


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Dental Center 137,226 137,071

surgery 34,403 33,296

Special Units 456,012 326,226

Total 7,984,047 6,400,106

Non Medical Furnitures

Offices 36,364

Chair for waiting Areas 6,545

Photocopy Machines (Moderate Size) 10,909

Photocopy Machines (Large Size) 21,818

Fax Machine (Moderate Size) 1,091Fax Machine (Large Size) 1,309

IT Infrastructure + System 545,455

Operator 400 Lines 36,364

Telephone Machines 10,909

Rooms Furniture's 436,364

Meeting Rooms 2,182

T.V 21,818

Satellite 9,091

Furniture for Pharmacy 18,182

Sewing Equipments 7,273

Uniforms 27,273

Fire Alarm System 18,182

Calling system 12,727

Sound system 18,182

Total 1,242,036


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Andalusia Hospital Assumptions

2013 2014 2015

Andalusia Hospital

Market

Cairo-area Population (000's) 30,000 30,570 31,151

popn growth (%) 1.9% 1.9% 1.9%

Sick Ratio 35.0% 35.0% 35.0%

# of Patient Consultations (000's) in Cairo 10,500 10,700 10,903

Percentage private sector 15.0% 15.0% 15.0%

# of Private Consultations (000's) in Cairo 1,575 1,605 1,635

Implied Mkt Share of Andalusia Hospital of Pvt. Mark 1.6% 2.1% 2.9%

Revenues

Outpatient:

# of OP Consultations 25,000 33,750 47,250

per day (300 days) 83 113 158

% growth 35% 40%

# of OP Clinics 10 15 15

# of Consultations per Clinic per day 8 8 11

Revenue per OP Consultation 120 126 132

OP Revenues (LE in 000s) 3,000 4,253 6,251

IP Admissions / OP Consultations (%) 25.0% 25.0% 22.0%

Inpatient:# of IP admissions 6,250 8,438 10,395

Revenue per IP admission 3,845 4,422 4,864

IPD Revenues (LE in 000s) 24,030 37,307 50,558

Beds 100 100 100

ALOS 2.00 2.00 2.00

Occupancy (%) 34.2% 46.2% 57.0%

Lab & Rad Revenues 5,406 8,312 14,202

% of IPD/OPD Revenues 20.0% 20.0% 25.0%

Total Andalusia Hospital Revenues 32,436 49,871 71,011

Pharmacy revenues 8,109 12,468 21,303

% of hospital revenues 25.0% 25.0% 30.0%

Ancillary Sales 0 0 0

% of hospital revenues 0.0% 0.0% 0.0%

Total Andalusia Hospital Revenues 40,545 62,339 92,315

Expenses

Medical Staff (Fixed)

Consultants (#) 15 23 23

Avg Pay per Consultant 240 257 275


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Consultant payroll 3,600 3,780 3,969

Consultants per clinic 1.50 1.50 1.50

Specialists (#) 45 68 68

Avg Pay per Specialist 60 64 69

Specialist payroll 2,700 4,334 4,637

Specialists per consultant 3.0 3.0 3.0

ER Doctors (#) 8 8 9

Avg Pay per ER Doctors 48 51 54

ER Payroll 384 411 475

Principal Nurses 16 17 18

Avg Pay per Principal Nurse 42 45 48

Principal Nurse Payroll 672 764 866

Nurses 110 115 120

Avg Pay per Nurse 24 26 27

Nurse Payroll 2,640 2,953 3,297

Principal Nurse / Nurse Ratio 15% 15% 15%

Total Nurses / Doctors 1.9 1.3 1.4

Technicians 20 29 29

Avg Pay per Technician 18 19 21

Technician Payroll 360 555 599

Technician / Doctors 0.29 0.29 0.29

Total Medical Payroll 10,356 12,797 13,842Admin. Salary per bed 48 51 55

growth in salary per bed (%) 7.0% 7.0%

Admin. Salaries 4,800 5,136 5,496

Marketing Expense 1,000 1,050 1,103

Management Fees 5,500 5,775 6,064

Utilities / Other Fixed Expenses 4,000 4,200 4,410

per bed 40 42 44

Rent 3,356 3,692 4,061

Maintenance - existing 896 941 988

(% of Original Book Value) 6% 6% 6%

Total Fixed Costs 24,408 27,816 29,899

Variable Expenses

Medicines / Consumables 10,136 15,585 23,079

% of Revenue 25% 25% 25%

Lab expenses 1,646 2,530 3,747

% of Revenue 4.1% 4.1% 4.1%

Outside Doctors 2,125 3,267 4,839

% of Revenue 5.2% 5.2% 5.2%30,000

35,000

40,000


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G&A / Other 2,027 3,117 4,616

% of Revenue 5.0% 5.0% 5.0%

Total Variable Costs 15,934 24,499 36,279

EBITDA 202 10,024 26,136

FX - EOY 5.50 5.50 5.50

FX - AVG 5.50 5.50 5.501

0

5,000

10,000

15,000

20,000

25,000

EBITDA


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2016 2017

31,743 32,346

1.9 1.9

35.0 35.0

11,109.9 11,321.0

15.0 15.0

1,666.5 1,698.2

3.7% 4.3%

61,425 73,710

205 246

30% 20%

15 15

14 16

139 146

8,532.9 10,751.4

18.0% 15.8%

11,056.5 11,646.2

5,107 5,107

56,463.9 59,475.3

100.0 100.0

2.0 2.0

60.6% 63.8%

16,249.2 17,556.7

25.0% 25.0%

81,245.9 87,783.3

24,373.8 26,335.0

30.0 30.0

0.0 0.0

0.0 0.0

105,620 114,118

23 23

294 315

2345

lied Mkt Share of Andalusia Hospi

Implied MktShare ofAndalusiaHospital of Pvt.Market

12345

Total Andalusia Hospital Reven

Total AndalusiaHospitalRevenues


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4,167 4,376

1.50 1.50

68 68

74 79

4,961 5,309

3.0 3.0

9 10

57 59

498 576

18 18

51 55

926 991

125 130

29 31

3,675 4,090

14% 14%

1.4 1.5

29 29

22 24

641 686

0.29 0.29

14,869 16,02659 63

7.0% 7.0%

5,880 6,292

1,158 1,216

6,367 6,685

4,631 4,862

46 49

4,467 4,914

1,037 1,089

6% 6%

32,042 34,399

26,405 28,530

25% 25%

4,287 4,632

4.1% 4.1%

5,536 5,981

5.2% 5.2%

EBITDA


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5,281 5,706

5.0% 5.0%

41,508 44,848

32,069 34,871

5.50 5.50

5.50 5.502 3 4 5


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1

0.0%0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%4.5%

tal of Pvt. Ma

0

20,000

40,000

60,000

80,000

100,000

120,000

es


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Andalusia Hospital Income Statement

(US$ in 000's) 2013 2014 2015 2016 2017

Total Revenues

Fixed Costs

Medical Staff

Admin Salaries

Utilities / Other

Marketing

Maintenance & Repair

Rent

Management Fees

Total Fixed Costs

Variable Costs

Medicines, Consumables & Lab

Outside Doctors

G&A / Other

Total Variable Costs

EBITDA

Depreciation & Amortization

Interest Expense

Pre-Tax Income

Taxes

Net Income


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Andalusia Hospital Balance Sheet

(US$ in 000's) 2013 2014 2015 2016

Cash & equivalents

Accounts receivable

InventoriesPrepayments & others

Current Assets

Fixed Assets

Investment

Total Assets

Short term loans

Accounts payable

Accruals & other payables

Andalusia Current Account

Current liabilities

Deferred Tax

Existing Loan

Total liabilities

Capital

Statutory reserve

General reserve

Retained earnings

Total Equity

Total liabilities and Equity


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2017


15/18

Andalusia Hospital Cash Flow Statement

(US$ in 000's) 2013 2014 2015 2016

Net Profit

Depreciation & Amortization

(Increase) / Decrease in Accounts Receivable(Increase) / Decrease in Inventories

(Increase) / Decrease in Prepaids

Increase / (Decrease) in Accounts Payable

Cash Flow from Operations

Project Capex

Replacement Capex

Cash Flow from Investing

Debt Issuance

Equity Issuance

LT Debt Repayment

Cash Flow from Financing

Change in Cash Balance

Opening Cash Balance

Closing Cash Balance


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2017


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Depreciation of Fixed Assets

2013 2014 2015 2016 2017Building

Beginning Balance

Addition

Disposals

Ending Balance

Depreciation

Accumulated Depreciation

Equipment

Beginning Balance

Addition

Disposals

Ending Balance

DepreciationAccumulated Depreciation

Non Medical Furniture's

Beginning Balance

Addition

Disposals

Ending Balance

Depreciation


Vehicles

Beginning Balance

Addition

Disposals

Ending Balance

Depreciation


Foundation's

Beginning Balance

Addition

Disposals

Ending Balance

Depreciation



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Pre-Operating Marketing

Beginning Balance

Addition

Disposals

Ending Balance

Depreciation


Total Assets

Beginning Balance

Addition

Disposals

Ending Balance

Depreciation


Andalusia Hospital Model

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