PT Siloam International Hospitals Tbk ("Siloam" or the "Company"; stock code: "SILO")
On Friday the 15th ofMarch 2019, PT Siloam International Hospitals TBK ("Siloam") held its Annual General Meeting of Shareholders (AGMS) for the financial year ended on 31 December 2018.
Siloam announced two new additionsto its Board of Directors, welcoming Phua Meng Kuan (Daniel Phua) and Mrs. Monica Surjapranata as directors. Mr. Daniel Phua has also recently commenced as Chief Financial Officer of Siloam. He has extensive experience as a CFO and head of finance roles at publicly listed companies in Indonesia and abroad. He has more than 23 years of experience across finance, business strategy and business technology development. His experience includes being the CFO of PT Blue Bird Tbk and Singapore Post. Mrs. Monica Surjapranata has worked at Siloam since 2016 in executive roles. She has most recently been appointed as the executive director of West and Central Java in Siloam Hospitals Group. She also has significant business management experience and was previously the CEO of Times Bookstore and Books & Beyond. The board warmly welcomes Daniel and Monica and we look forward to their counsel and guidance as members of our Board of Directors.
The Board of Directors accepted the resignations of directors Mr. Budi Raharjo Legowo and Dr. dr. Andry, M.M., M.M., M.H.Kes. We thank them for their leadership and positive contribution to Siloam over the past year.
Siloam announced one new addition to its Board of Commissioners by welcoming Mrs. Kartini Sjahrir asan independent commissioner. Mrs. Kartini Sjahrir is a doctor of anthropology from Boston University and is the chairman of the Association of Anthropologists of Indonesia. Her distinguished experience includes being the Indonesian ambassador for Argentina, Paraguay and Uruguay. She was also the chief editor at Yayasan Obor Indonesia. We warmly welcome Mrs. Kartini Sjahrir to the Board of Commissioners and look forward to receiving her guidance in 2019.
The Board of Commissioners accepted the resignations of commissioners Mr. Tjokro Libianto, Mr. Romeo Fernandez Lledo, and Mr. Farid Harianto. We thank them for their leadership and counsel that they've provided during their tenure as members on the board.
In 2018, the Company reported a +12% increase of Gross Operating Revenue (GOR) to Rp5,965 billion and +13% increase in Net Operating Revenue (NOR) to RP4,490 billion. Siloam served a total of 2.3 million outpatient visit and received 206k Inpatients in 2018, increasing 8% and 11% respectively compared to 2017. The Company added 4 new hospitals into their network, namely Siloam Jember, Siloam Lubuk Linggau, Siloam Semarang, and Siloam Palangkaraya. Until 2018, Siloam continued to show commitment to growth and by operating 34 hospitals spread across 22 provinces.
Mr. John Riady as the President Commissioner of Siloam stated, "The strong operational and financial performance of Siloam in 2018 is due to the consistent and hard work of our management team and of those who support them. I want to thank the regulators and the government for their measured and concerted action to expand the hope of better healthcare across this large and diverse country. I finally want to thank our shareholders for their continued support of Siloam and I look forward to further financial and operational growth in 2019."
On behalf of the Board of Directors, Mr. Ketut Budi Wijaya, the President Director of Siloam stated, "Thank you to all patients who chose to place their trust in Siloam Hospitals for their health in 2018. We honor and respect that trust and will continue to provide best in class health care across Indonesia. I would like to thank our employees for their dedication in providing service excellence. For regulators and the government, I greatly appreciate the efforts taken to ensure that expanded access to healthcare
follows a path that seeks to meet all stakeholder expectations. Finally, I'd like to thank our shareholders for their continued faith in our management. We will continue to work tirelessly to achieve the best possible outcomes for all our stakeholders."
For more information, please contact:
Joel Ellis
Head of Investor Relations
Siloam Hospitals Group
Joel.Ellis@siloamhospitals.com
+6281291177785
Disclaimer:
This press release has been prepared by PT Siloam International Hospitals Tbk ("Siloam") 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 Siloam. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this release constitute our judgment as of this date and are subject to change without prior notice. Siloam 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 press release and neither Siloam nor any of its affiliated companies and their respective employees and agents accepts liability for any errors, omissions, negligent or 3 otherwise, in this press release and any inaccuracy herein or omission here from which might otherwise arise.
Forward-Looking Statements. Certain statements in this release are or may be forward- looking statements. 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 release. 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 healthcare industry in Indonesia; prevailing market conditions; increases in regulatory burdens in Indonesia, including environmental regulations and compliance costs; fluctuations in foreign currency exchange rates; interest rate trends, cost of capital and capital availability; the anticipated demand and selling prices for our healthcare and related capital expenditures and investments; the cost of construction; availability of healthcare; 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; our ability to be and remain competitive; our financial condition, business strategy as well as the plans and objectives of our 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 we believe that the expectations of our 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 we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
