12. FINANCIAL POSITION AND PERFORMANCE

12.1 Summary of Financial Information

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+---------------------------+------+------+------+------+------+------+
|                           | 2009 | %    | 2008 | %    | 2007 | %    |
+---------------------------+------+------+------+------+------+------+
| ASSETS                    |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
| Current assets            |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Cash and cash           | 386  | 4.52 | 384  | 4.74 | 549  | 7.37 |
|   equivalents             | ,641 |      | ,642 |      | ,864 |      |
+---------------------------+------+------+------+------+------+------+
|   Trade accounts          | 657  | 7.68 | 494  | 6.10 | 590  | 7.91 |
|   receivable - net        | ,908 |      | ,122 |      | ,306 |      |
+---------------------------+------+------+------+------+------+------+
|   Amounts due from        | 14   | 0.17 | 8    | 0.11 | 7    | 0.10 |
|   related parties         | ,583 |      | ,797 |      | ,141 |      |
+---------------------------+------+------+------+------+------+------+
|   Advances to employees   | 5    | 0.07 | 8    | 0.11 | 10   | 0.14 |
|   and directors           | ,833 |      | ,786 |      | ,338 |      |
+---------------------------+------+------+------+------+------+------+
|   Inventories             | 198  | 2.32 | 187  | 2.32 | 203  | 2.73 |
|                           | ,879 |      | ,975 |      | ,484 |      |
+---------------------------+------+------+------+------+------+------+
|   Prepaid expenses        | 65   | 0.77 | 52   | 0.65 | 48   | 0.64 |
|                           | ,998 |      | ,243 |      | ,036 |      |
+---------------------------+------+------+------+------+------+------+
|   Other current assets    | 1    | 0.02 | 5    | 0.06 | 1    | 0.02 |
|                           | ,994 |      | ,011 |      | ,383 |      |
+---------------------------+------+------+------+------+------+------+
| Total current assets      | 1    | 1    | 1    | 1    | 1    | 1    |
|                           | ,331 | 5.55 | ,141 | 4.09 | ,410 | 8.91 |
|                           | ,836 |      | ,576 |      | ,552 |      |
+---------------------------+------+------+------+------+------+------+
| Non-current assets        |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Restricted bank         | -    | -    | 17   | 0.21 | 12   | 0.16 |
|   deposits                |      |      | ,147 |      | ,147 |      |
+---------------------------+------+------+------+------+------+------+
|   Investment in joint     | 7    | 0.08 | 6    | 0.07 | -    | -    |
|   venture                 | ,215 |      | ,085 |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Investments in          | 1    | 1    | 1    | 1    | 1    | 2    |
|   associated companies -  | ,257 | 4.67 | ,234 | 5.24 | ,522 | 0.41 |
|   net                     | ,158 |      | ,931 |      | ,607 |      |
+---------------------------+------+------+------+------+------+------+
|   Other long-term         | 2    | 0.03 | 2    | 0.03 | 2    | 0.03 |
|   investments – net       | ,247 |      | ,247 |      | ,247 |      |
+---------------------------+------+------+------+------+------+------+
|   Property, plant and     | 5    | 6    | 5    | 6    | 4    | 5    |
|   equipment - net         | ,666 | 6.15 | ,373 | 6.31 | ,144 | 5.57 |
|                           | ,942 |      | ,731 |      | ,587 |      |
+---------------------------+------+------+------+------+------+------+
|   Intangible assets – net | 285  | 3.33 | 310  | 3.83 | 349  | 4.68 |
|                           | ,629 |      | ,364 |      | ,178 |      |
+---------------------------+------+------+------+------+------+------+
|   Other non-current       | 15   | 0.19 | 18   | 0.22 | 17   | 0.24 |
|   assets                  | ,965 |      | ,163 |      | ,845 |      |
+---------------------------+------+------+------+------+------+------+
| Total non-current assets  | 7    | 8    | 6    | 8    | 6    | 8    |
|                           | ,235 | 4.45 | ,962 | 5.91 | ,048 | 1.09 |
|                           | ,156 |      | ,668 |      | ,611 |      |
+---------------------------+------+------+------+------+------+------+
| TOTAL ASSETS              | 8    | 10   | 8    | 10   | 7    | 10   |
|                           | ,566 | 0.00 | ,104 | 0.00 | ,459 | 0.00 |
|                           | ,992 |      | ,244 |      | ,163 |      |
+---------------------------+------+------+------+------+------+------+
|                           |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+---------------------------+------+-----+------+-----+------+-----+
|                           | 2009 | %   | 2008 | %   | 2007 | %   |
+---------------------------+------+-----+------+-----+------+-----+
| LIABILITIES AND           |      |     |      |     |      |     |
| SHAREHOLDERS' EQUITY      |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
| Current liabilities       |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Short-term loans from   | 190  | 2   | 200  | 2   | -    | -   |
|   financial Institutions  | ,000 | .22 | ,000 | .47 |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Trade accounts payable  | 522  | 6   | 504  | 6   | 501  | 6   |
|                           | ,672 | .10 | ,341 | .22 | ,350 | .72 |
+---------------------------+------+-----+------+-----+------+-----+
|   Construction and        | 27   | 0   | 77   | 0   | 120  | 1   |
|   medical equipment       | ,490 | .32 | ,127 | .95 | ,299 | .61 |
|                           |      |     |      |     |      |     |
|   payables                |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Amount due to related   | -    | -   | 2    | 0   | -    | -   |
|   parties                 |      |     | ,015 | .03 |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Current portion of      | -    | -   | 569  | 7   | 437  | 5   |
|   long-term loans from    |      |     | ,279 | .02 | ,149 | .86 |
|                           |      |     |      |     |      |     |
|   financial institutions  |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Accrued physicians’ fee | 329  | 3   | 262  | 3   | 292  | 3   |
|                           | ,567 | .85 | ,461 | .24 | ,550 | .92 |
+---------------------------+------+-----+------+-----+------+-----+
|   Interest payable        | 692  | 0   | 565  | 0   | 1    | 0   |
|                           |      | .01 |      | .01 | ,092 | .02 |
+---------------------------+------+-----+------+-----+------+-----+
|   Interest payable -      | 11   | 0   | 11   | 0   | 6    | 0   |
|   convertible bonds       | ,575 | .13 | ,576 | .14 | ,233 | .08 |
|   treated                 |      |     |      |     |      |     |
|                           |      |     |      |     |      |     |
|   as equity securities    |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Corporate income tax    | 209  | 2   | 195  | 2   | 197  | 2   |
|   payable                 | ,859 | .45 | ,480 | .41 | ,048 | .64 |
+---------------------------+------+-----+------+-----+------+-----+
|   Accrued expenses        | 305  | 3   | 260  | 3   | 148  | 2   |
|                           | ,971 | .57 | ,094 | .21 | ,690 | .00 |
+---------------------------+------+-----+------+-----+------+-----+
|   Accounts payable -      | 13   | 0   | 16   | 0   | 29   | 0   |
|   others                  | ,372 | .16 | ,098 | .20 | ,373 | .39 |
+---------------------------+------+-----+------+-----+------+-----+
|   Other current           | 53   | 0   | 23   | 0   | 41   | 0   |
|   liabilities             | ,183 | .62 | ,825 | .29 | ,056 | .55 |
+---------------------------+------+-----+------+-----+------+-----+
| Total current liabilities | 1    | 19  | 2    | 26  | 1    | 23  |
|                           | ,664 | .43 | ,122 | .19 | ,774 | .79 |
|                           | ,381 |     | ,861 |     | ,840 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Non-current liabilities   |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Long-term loans from    | 1    | 16  | 1    | 13  | 1    | 17  |
|   financial institutions  | ,430 | .69 | ,116 | .77 | ,335 | .90 |
|                           | ,000 |     | ,022 |     | ,301 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Total non-current         | 1    | 16  | 1    | 13  | 1    | 17  |
| liabilities               | ,430 | .69 | ,116 | .77 | ,335 | .90 |
|                           | ,000 |     | ,022 |     | ,301 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Total liabilities         | 3    | 36  | 3    | 39  | 3    | 41  |
|                           | ,094 | .12 | ,238 | .96 | ,110 | .69 |
|                           | ,381 |     | ,883 |     | ,141 |     |
+---------------------------+------+-----+------+-----+------+-----+
|                           |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+------------------------------+-----+-----+------+-----+------+-----+
|                              | 2   | %   | 2008 | %   | 2007 | %   |
|                              | 009 |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Shareholders' equity         |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Share capital                |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Registered                   |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| 920,954,935 ordinary shares  | 9   |     | 920  |     | 920  |     |
| of Baht 1 each               | 20, |     | ,920 |     | ,853 |     |
|                              | 954 |     |      |     |      |     |
| (2008: 920,919,935 ordinary  |     |     |      |     |      |     |
| shares of Baht 1 each,       |     |     |      |     |      |     |
|                              |     |     |      |     |      |     |
| 2007: 920,853,235 ordinary   |     |     |      |     |      |     |
| shares of Baht 1 each)       |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| 1,747,750 preference shares  | 1,  |     | 1    |     | 1    |     |
| of Baht 1 each               | 748 |     | ,783 |     | ,849 |     |
|                              |     |     |      |     |      |     |
|   (2008: 1,782,750           |     |     |      |     |      |     |
|   preference shares of Baht  |     |     |      |     |      |     |
|   1 each,                    |     |     |      |     |      |     |
|                              |     |     |      |     |      |     |
|   2007: 1,849,450 preference |     |     |      |     |      |     |
|   shares of Baht 1 each)     |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Issued and paid-up           |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| 728,304,472 ordinary shares  | 7   | 8   | 728  | 8   | 728  | 9   |
| of Baht 1 each               | 28, | .50 | ,269 | .99 | ,203 | .76 |
|                              | 304 |     |      |     |      |     |
| (2008: 728,269,472 ordinary  |     |     |      |     |      |     |
| shares of Baht 1 each,       |     |     |      |     |      |     |
|                              |     |     |      |     |      |     |
| 2007: 728,202,772 ordinary   |     |     |      |     |      |     |
| shares of Baht 1 each)       |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| 1,747,750 preference shares  | 1,  | 0   | 1    | 0   | 1    | 0   |
| of Baht 1 each               | 748 | .02 | ,783 | .02 | ,849 | .03 |
|                              |     |     |      |     |      |     |
| (2008: 1,782,850 preference  |     |     |      |     |      |     |
| shares of Baht 1 each,       |     |     |      |     |      |     |
|                              |     |     |      |     |      |     |
| 2007: 1,849,450 preference   |     |     |      |     |      |     |
| shares of Baht 1 each)       |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Premium on ordinary shares | 2   | 3   | 285  | 3   | 285  | 3   |
|                              | 85, | .33 | ,568 | .52 | ,568 | .83 |
|                              | 568 |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Other paid-in capital of a | 2   | 2   | 252  | 3   | 256  | 3   |
|   subsidiary/an associated   | 52, | .94 | ,173 | .11 | ,549 | .44 |
|   company                    | 173 |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Translation adjustment     | (7  | (0. | (53, | (0. | 9    | 0   |
|                              | 5,4 | 88) | 479) | 66) | ,985 | .13 |
|                              | 51) |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Convertible bonds treated  | 5   | 6   | 550  | 6   | 550  | 7   |
|   as equity securities       | 50, | .42 | ,000 | .79 | ,000 | .37 |
|                              | 000 |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Excess of investment over  | (19 | (2. | (    | (2. | (    | (2. |
|   book value of a subsidiary | 2,6 | 24) | 192, | 37) | 192, | 58) |
|                              | 62) |     | 662) |     | 662) |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Retained earnings          |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Appropriated - statutory     | 92, | 1   | 92   | 1   | 92   | 1   |
| reserve                      | 275 | .08 | ,275 | .14 | ,275 | .24 |
+------------------------------+-----+-----+------+-----+------+-----+
| Unappropriated               | 3,8 | 44  | 3    | 39  | 2    | 35  |
|                              | 30, | .71 | ,201 | .50 | ,617 | .09 |
|                              | 656 |     | ,434 |     | ,255 |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Total shareholders' equity   | 5,4 | 63  | 4    | 60  | 4    | 58  |
|                              | 72, | .88 | ,865 | .04 | ,349 | .31 |
|                              | 611 |     | ,361 |     | ,022 |     |
+------------------------------+-----+-----+------+-----+------+-----+
| TOTAL LIABILITIES AND        | 8,5 | 100 | 8    | 100 | 7    | 100 |
| SHAREHOLDERS' EQUITY         | 66, | .00 | ,104 | .00 | ,459 | .00 |
|                              | 992 |     | ,244 |     | ,163 |     |
+------------------------------+-----+-----+------+-----+------+-----+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

INCOME STATEMENTS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

+-----------------------------+------+-----+------+-----+------+-----+
|                             | 2009 | %   | 2008 | %   | 2007 | %   |
+-----------------------------+------+-----+------+-----+------+-----+
| Revenues                    |      |     |      |     |      |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Revenues from hospital    | 9    | 97  | 8    | 97  | 8    | 97  |
|   operations                | ,068 | .12 | ,629 | .16 | ,323 | .25 |
|                             | ,932 |     | ,431 |     | ,137 |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Revenues from hospital    | -    | -   | -    | -   | 17   | 0   |
|   management                |      |     |      |     | ,456 | .20 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Rental income             | 131  | 1   | 127  | 1   | 132  | 1   |
|                             | ,772 | .41 | ,883 | .44 | ,305 | .55 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Interest income           | 1    | 0   | 6    | 0   | 12   | 0   |
|                             | ,612 | .02 | ,273 | .07 | ,493 | .15 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Exchange gains            | 38   | 0   | 31   | 0   | 29   | 0   |
|                             | ,680 | .41 | ,545 | .36 | ,877 | .35 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Other income              | 96   | 1   | 86   | 0   | 43   | 0   |
|                             | ,859 | .04 | ,697 | .98 | ,466 | .51 |
+-----------------------------+------+-----+------+-----+------+-----+
| Total revenues              | 9    | 100 | 8    | 100 | 8    | 100 |
|                             | ,337 | .00 | ,881 | .00 | ,558 | .00 |
|                             | ,855 |     | ,829 |     | ,734 |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Expenses                    |      |     |      |     |      |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Cost of hospital          | 5    | 59  | 5    | 59  | 5    | 59  |
|   operations                | ,553 | .47 | ,324 | .95 | ,120 | .82 |
|                             | ,191 |     | ,432 |     | ,232 |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Depreciation and          | 539  | 5   | 459  | 5   | 407  | 4   |
|   amortisation              | ,265 | .78 | ,363 | .17 | ,634 | .76 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Administrative expenses   | 1    | 16  | 1    | 15  | 1    | 15  |
|                             | ,525 | .33 | ,395 | .72 | ,355 | .84 |
|                             | ,303 |     | ,956 |     | ,876 |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Allowance for loss on     | (13, | (0. | -    | -   | 370  | 4   |
|   impairment of assets      | 642) | 15) |      |     | ,233 | .33 |
|                             |      |     |      |     |      |     |
|   (reversal)                |      |     |      |     |      |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Total expenses              | 7    | 81  | 7    | 80  | 7    | 84  |
|                             | ,604 | .43 | ,179 | .84 | ,253 | .76 |
|                             | ,117 |     | ,751 |     | ,975 |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Income before interest      | 1    | 18  | 1    | 19  | 1    | 15  |
| expense and income tax      | ,733 | .57 | ,702 | .16 | ,304 | .24 |
|                             | ,738 |     | ,078 |     | ,759 |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Share of income from        | 47   | 0   | 43   | 0   | 854  | 9   |
| investments in joint        | ,244 | .51 | ,248 | .49 | ,388 | .98 |
| venture                     |      |     |      |     |      |     |
|                             |      |     |      |     |      |     |
| and associated companies    |      |     |      |     |      |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Finance cost                | (90, | (0. | (    | (1. | (    | (1. |
|                             | 934) | 97) | 114, | 29) | 110, | 29) |
|                             |      |     | 428) |     | 514) |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Corporate income tax        | (    | (4. | (    | (4. | (    | (5. |
|                             | 444, | 76) | 439, | 95) | 445, | 20) |
|                             | 400) |     | 851) |     | 375) |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Income before minority      | 1    | 13  | 1    | 13  | 1    | 18  |
| interest                    | ,245 | .34 | ,191 | .41 | ,603 | .73 |
|                             | ,648 |     | ,047 |     | ,258 |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Minority interest           | -    | -   | -    | -   | 2    | 0   |
|                             |      |     |      |     | ,204 | .03 |
+-----------------------------+------+-----+------+-----+------+-----+
| Net income for the year     | 1    | 13  | 1    | 13  | 1    | 18  |
|                             | ,245 | .34 | ,191 | .41 | ,605 | .76 |
|                             | ,648 |     | ,047 |     | ,462 |     |
+-----------------------------+------+-----+------+-----+------+-----+

[TABLE]

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

  ------------------------------------------- ----------- ----------- -----------
                                              2009        2008        2007

  Cash flows from operating activities                                

  Income before corporate income tax          1,690,048   1,630,897   2,048,633

  Adjustments to reconcile net income before                          
  tax to net cash                                                     

  provided by (paid from) operating                                   
  activities: -                                                       

  Depreciation and amortisation               539,265     459,363     407,635

  Allowance for loss on impairment of assets  (13,642)    -           370,233
  (reversal)                                                          

  Bad debts and allowance for doubtful        16,353      48,062      31,083
  accounts                                                            

  Loss on sales of equipment                  4,595       2,030       6,631

  Income from receipt of securities           -           -           (200)

  Share of income from investments in         (47,262)    (43,283)    (854,388)
  associated companies                                                

  Share of loss from investments in joint     18          35          -
  venture                                                             

  Interest expense                            78,351      114,428     110,514

  Income from operating activities before                             
  changes in operating                                                

  assets and liabilities                      2,267,726   2,211,532   2,120,141

  Decrease (increase) in operating assets                             

  Trade accounts receivable                   (180,139)   48,123      (165,308)

  Amounts due from related parties            (5,786)     (1,657)     76

  Inventories                                 (10,903)    15,509      (37,070)

  Other current assets                        (10,737)    (8,967)     (5,449)

  Increase (decrease) in operating                                    
  liabilities                                                         

  Trade accounts payable                      18,331      2,992       (94,956)

  Amount due to a related party               (2,015)     -           (1,800)

  Accrued physicians' fee                     67,106      (30,090)    36,988

  Accrued expenses                            45,876      111,404     34,545

  Accounts payable - others                   (3,165)     (13,968)    1,985

  Other current liabilities                   29,358      (17,232)    7,339

  Cash flows from operating activities        2,215,652   2,317,646   1,896,491

  Cash paid for interest expense              (78,224)    (114,955)   (110,190)

  Cash paid for corporate income tax          (430,020)   (440,287)   (445,646)

  Net cash flows from operating activities    1,707,408   1,762,404   1,340,655
  ------------------------------------------- ----------- ----------- -----------

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

+-------------------------------------------+---------+-------+-------+
|                                           | 2009    | 2008  | 2007  |
+-------------------------------------------+---------+-------+-------+
| Cash flows from investing activities      |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Decrease (increase) in restricted bank    | 17,147  | (5    | 7,459 |
| deposits                                  |         | ,000) |       |
+-------------------------------------------+---------+-------+-------+
| Decrease in advances to employees and     | 2,953   | 1,552 | 938   |
| directors                                 |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Acquisition of investment in joint        | (1,148) | (6    | -     |
| venture                                   |         | ,120) |       |
+-------------------------------------------+---------+-------+-------+
| Acquisition of investments in associated  | -       | (141  | (287  |
| companies                                 |         | ,750) | ,704) |
+-------------------------------------------+---------+-------+-------+
| Dividend income from an associated        | -       | 43    | 41    |
| company                                   |         | 7,927 | 8,430 |
+-------------------------------------------+---------+-------+-------+
| Acquisition of property, plant and        | (8      | (     | (569  |
| equipment and repayment of                | 36,624) | 1,722 | ,699) |
|                                           |         | ,415) |       |
| construction and medical equipment        |         |       |       |
| payables                                  |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Proceeds from sales of equipment          | 5,981   | 2,766 | 4,276 |
+-------------------------------------------+---------+-------+-------+
| Acquisition of computer software          | (       | (6    | (155  |
|                                           | 14,015) | ,290) | ,784) |
+-------------------------------------------+---------+-------+-------+
| Decrease (increase) in other non-current  | 2,198   | (317) | (3    |
| assets                                    |         |       | ,361) |
+-------------------------------------------+---------+-------+-------+
| Net cash flows used in investing          | (8      | (     | (585  |
| activities                                | 23,508) | 1,439 | ,445) |
|                                           |         | ,647) |       |
+-------------------------------------------+---------+-------+-------+
| Cash flows from financing activities      |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Cash receipt from short-term loans from   | 800,000 | 20    | -     |
| financial institutions                    |         | 0,000 |       |
+-------------------------------------------+---------+-------+-------+
| Repayment of short-term loans from        | (8      | -     | -     |
| financial institutions                    | 10,000) |       |       |
+-------------------------------------------+---------+-------+-------+
| Cash receipt from long-term loans from    | 1,      | 40    | 35    |
| financial institutions                    | 430,000 | 0,000 | 0,000 |
+-------------------------------------------+---------+-------+-------+
| Repayment of long-term loans from         | (1,6    | (487  | (328  |
| financial institutions                    | 85,301) | ,148) | ,522) |
+-------------------------------------------+---------+-------+-------+
| Dividend paid                             | (5      | (583  | (620  |
|                                           | 83,489) | ,331) | ,544) |
+-------------------------------------------+---------+-------+-------+
| Interest paid for convertible bonds       | (       | (17   | (17   |
| treated as equity securities              | 32,500) | ,500) | ,500) |
+-------------------------------------------+---------+-------+-------+
| Net cash flows used in financing          | (8      | (487  | (616  |
| activities                                | 81,290) | ,979) | ,566) |
+-------------------------------------------+---------+-------+-------+
| Net increase (decrease) in cash and cash  | 2,610   | (165  | 13    |
| equivalents                               |         | ,222) | 8,644 |
+-------------------------------------------+---------+-------+-------+
| Translation adjustment                    | (611)   | -     | (554) |
+-------------------------------------------+---------+-------+-------+
| Cash and cash equivalents at beginning of | 384,642 | 54    | 85    |
| year                                      |         | 9,864 | 3,860 |
+-------------------------------------------+---------+-------+-------+
| Less: Cash and cash equivalents of a      | -       | -     | (442  |
| subsidiary (BIL) as at the date of it     |         |       | ,086) |
|                                           |         |       |       |
| changed to an associated company          |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Cash and cash equivalents at end of year  | 386,641 | 38    | 54    |
|                                           |         | 4,642 | 9,864 |
+-------------------------------------------+---------+-------+-------+
|                                           |         |       |       |
+-------------------------------------------+---------+-------+-------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

FINANCIAL RATIO SUMMARY

+-----------------------------------+----------+----------+----------+
| Consolidated                      | 2009     | 2008     | 2007     |
+-----------------------------------+----------+----------+----------+
| Liquidity Ratios                  |          |          |          |
+-----------------------------------+----------+----------+----------+
| Liquidity ratio (times)           | 0.80     | 0.54     | 0.79     |
+-----------------------------------+----------+----------+----------+
| Quick ratio (times)               | 0.63     | 0.41     | 0.64     |
+-----------------------------------+----------+----------+----------+
| Cash ratio (times)                | 0.90     | 0.90     | 0.80     |
+-----------------------------------+----------+----------+----------+
| Accounts Receivables Turnover     | 13.50    | 14.04    | 13.82    |
| (times)                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Average Collection Period (days)  | 26.67    | 25.65    | 26.05    |
+-----------------------------------+----------+----------+----------+
| Inventory Turnover (times)        | 28.71    | 27.20    | 27.68    |
+-----------------------------------+----------+----------+----------+
| Sales Period (days)               | 12.54    | 13.23    | 13.00    |
+-----------------------------------+----------+----------+----------+
| Accounts Payable Turnover (times) | 10.81    | 10.59    | 9.72     |
+-----------------------------------+----------+----------+----------+
| Payment Period (days)             | 33.29    | 34.00    | 37.02    |
+-----------------------------------+----------+----------+----------+
| Cash Cycle (days)                 | 5.92     | 4.88     | 2.03     |
+-----------------------------------+----------+----------+----------+
| Profitability Ratios              |          |          |          |
+-----------------------------------+----------+----------+----------+
| Gross Margin (%)                  | 38.8     | 38.3     | 38.5     |
+-----------------------------------+----------+----------+----------+
| EBITDA Margin (%)                 | 24.2     | 24.3     | 24.2     |
+-----------------------------------+----------+----------+----------+
| Operation Margin (%)              | 18.6     | 19.1     | 19.5     |
+-----------------------------------+----------+----------+----------+
| Cash to operating profit (%)      | 98.6     | 103.9    | 80.6     |
+-----------------------------------+----------+----------+----------+
| EBT Margin (%)                    | 18.0     | 18.3     | 18.5     |
+-----------------------------------+----------+----------+----------+
| Net Margin before Extraordinary   | 13.3     | 13.3     | 13.3     |
| Items (%)                         |          |          |          |
+-----------------------------------+----------+----------+----------+
| Net Margin (%)                    | 13.3     | 13.3     | 17.0     |
+-----------------------------------+----------+----------+----------+
| Return on equity (%)              | 24.1     | 25.9     | 40.2     |
+-----------------------------------+----------+----------+----------+
| Efficiency Ratio                  |          |          |          |
+-----------------------------------+----------+----------+----------+
| Return on assets (%)              | 14.9     | 15.3     | 22.8     |
+-----------------------------------+----------+----------+----------+
| Return on fixed assets (%)        | 32.3     | 34.7     | 50.9     |
+-----------------------------------+----------+----------+----------+
| Asset turnover (times)            | 1.12     | 1.14     | 1.22     |
+-----------------------------------+----------+----------+----------+
| Financial Policy Ratio            |          |          |          |
+-----------------------------------+----------+----------+----------+
| Total Liabilities to Equity       | 0.57     | 0.67     | 0.72     |
| (times)                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Debt to Equity (times)            | 0.30     | 0.39     | 0.41     |
+-----------------------------------+----------+----------+----------+
| Net Debt to Equity (times)        | 0.23     | 0.31     | 0.28     |
+-----------------------------------+----------+----------+----------+
| Interest Coverage Ratio (times)   | 24.83    | 18.83    | 18.73    |
+-----------------------------------+----------+----------+----------+
| Debt service coverage ratio (CASH | 19.78    | 2.75     | 2.65     |
| BASIS) (times)                    |          |          |          |
+-----------------------------------+----------+----------+----------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

FINANCIAL RATIO SUMMARY

+-----------------------------------+----------+----------+----------+
| Consolidated                      | 2009     | 2008     | 2007     |
+-----------------------------------+----------+----------+----------+
| Per share                         |          |          |          |
+-----------------------------------+----------+----------+----------+
| Par Value                         | 1.00     | 1.00     | 1.00     |
+-----------------------------------+----------+----------+----------+
| Book Value Per Share              | 7.51     | 6.68     | 5.97     |
+-----------------------------------+----------+----------+----------+
| Book Value Per Share - Fully      | 6.31     | 5.61     | 5.01     |
| Diluted                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Earnings Per Share                | 1.71     | 1.64     | 2.20     |
+-----------------------------------+----------+----------+----------+
| Earnings Per Share - Fully        | 1.44     | 1.37     | 1.85     |
| Diluted                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Dividend per share                | 0.85     | 0.80     | 0.80     |
+-----------------------------------+----------+----------+----------+
| Growth ratios                     |          |          |          |
+-----------------------------------+----------+----------+----------+
| Sales from hospital operations    | 5.1      | 3.7      | 8.8      |
| (%)                               |          |          |          |
+-----------------------------------+----------+----------+----------+
| Cost of goods sold (%)            | 4.3      | 4.0      | 7.2      |
+-----------------------------------+----------+----------+----------+
| Administrative expenses (%)       | 9.3      | 3.0      | 18.0     |
+-----------------------------------+----------+----------+----------+
| EBITDA (%)                        | 4.8      | 4.1      | 6.4      |
+-----------------------------------+----------+----------+----------+
| Operating profit (%)              | 2.1      | 2.0      | 4.4      |
+-----------------------------------+----------+----------+----------+
| Net profit before extraordinary   | 4.6      | 4.0      | 4.5      |
| items (%)                         |          |          |          |
+-----------------------------------+----------+----------+----------+
| Net profit (%)                    | 4.6      | -25.7    | 46.5     |
+-----------------------------------+----------+----------+----------+
| Total assets (%)                  | 5.7      | 8.6      | 12.6     |
+-----------------------------------+----------+----------+----------+

12.2 Management Discussion and Analysis 

  The Company reported total revenues in 2009 of Baht 9,338 million, a
  5% increase from 2008 revenues of Baht 8,882 million. The 2009 net
  profit was Baht 1,246 million, also a 5% increase from 2008 net profit
  of Baht 1,191 million. Details of the management discussion and
  analysis are as follows:

1. Profit and Loss Statement

  For the year 2009, the Company reported revenues from hospital
  operations of Baht 9,069 million, an increase by 5% from Baht 8,629
  million in 2008. The increase is mainly the result of the continuous
  growth in hospital operations, where inpatient revenues increased by
  6% while outpatient revenues increased by 7%.

  Other income increased to Baht 97 million in 2009 from Baht 87 million
  in 2008, primarily from the sale of membership of the “Healthy Living
  Club” loyalty program, which was launched in June 2008, together with
  revenues from “the Mezz” food center in the new Bumrungrad
  International Clinic Building, which was also opened in June 2008.
  Total revenues in 2009 were Baht 9,338 million, compared to Baht 8,882
  million in 2008, an increase of 5%, in line with the increase in
  revenues from hospital operations.

  In 2009, the Company reported cost of hospital operations of Baht
  5,553 million, an increase by 4% from Baht 5,324 million in 2008,
  slightly at a lower rate than that of revenues from hospital
  operations as a result of continuous cost control throughout the year.
  Gross profit, therefore, increased by 6% to Baht 3,516 million in 2009
  from Baht 3,305 million in 2008, with improvement in gross profit
  margin to 38.8% in 2009 compared to 38.3% in 2008.

  The Company’s administrative expenses increased to Baht 1,416 million
  in 2009 compared to Baht 1,311 million in 2008, or an increase of 8%,
  which is a faster rate than the increase in total revenues as a result
  of additional expenses related to two new subsidiaries, Asia Global
  Health Co., Ltd., an investment company looking for healthcare
  opportunities in the region, and Asia Global Research Co., Ltd., a
  clinical research company. As a result, EBITDA was Baht 2,258 million
  in 2009, a 5% increase from Baht 2,155 million in 2008. Consequently,
  EBITDA margin remained stable at 24.2% in 2009 compared to 24.3% in
  2008.

  The Company reported depreciation and amortization of Baht 539 million
  in 2009, an increase of 17% from Baht 459 million in 2008, as a result
  of the opening of the new Bumrungrad International Clinic Building in
  May 2008, together with the rolling renovation of inpatient beds which
  started in February 2008. Financing expenses decreased to Baht 91
  million in 2009 compared to Baht 114 million in 2008, as the loan
  outstanding decreased according to the scheduled repayment of the
  previous loan agreement, prior to the refinancing in October 2009,
  together with the decrease in interest rate, MLR (minimum lending
  rate). The corporate income tax was Baht 444 million in 2009, compared
  to Baht 440 million in 2008, or at the effective tax rate of 27.1% in
  2009 and 27.4% in 2008. The low effective tax rates for both periods
  were because the Company was able to take advantage of the tax savings
  scheme issued by the Revenue Department allowing 25% of the Company’s
  qualified CAPEX to be tax deductible expense.

  The Company reported share of income from investments in joint venture
  and associated companies of Baht 47 million in 2009, compared to Baht
  43 million in 2008. The 2009 share of income of Baht 47 million is
  attributable to share of income from Bumrungrad International Limited
  of Baht 43 million and share of income from CDE Trading Company
  Limited of Baht 4 million. The decrease in share of income from
  Bumrungrad International Limited to Baht 43 million in 2009 from Baht
  65 million in 2008 is attributable to the year-end accounting
  adjustment of approximately Baht -23 million at the end of 2009
  because of the impairment of goodwill for Asia Renal Care’s (ARC)
  clinics in Japan as the financials are no longer consolidated into ARC
  accounts, impairment of Bumrungrad International Limited’s hospital
  software, netted off with the change in the accounting method for the
  recognition of minority interest of Asian Hospital Group (AHI) in the
  Philippines. Taking out the accounting adjustment, the share of income
  of Bumrungrad International Limited from its operations was stable at
  Baht 67 million in 2009, compared to Baht 65 million in 2008. For CDE
  Trading Company Limited, the contribution significantly improved to
  share of profit of Baht 4 million in 2009, compared to share of loss
  of Baht 22 million in 2008. The share of loss in 2008 of Baht 22
  million was primarily a result of foreign exchange loss on the
  unreceived USD proceeds from the sale of its assets to Microsoft Group
  in 4Q07, as the Thai Baht strengthened against US dollars since the
  time of sale. In 2009, CDE Trading Company Limited contributed a small
  profit of Baht 4 million as the company is temporarily inactive.

  As a result of the above, the Company reported net profit of Baht
  1,246 million in 2009, an increase of 5% from net profit of Baht 1,191
  million in 2008. Net profit margin remained stable at 13.3% both in
  2009 and 2008.

  For the year 2009, basic EPS was Baht 1.71, a 5% increase from Baht
  1.64 in 2008. Similarly, for the year 2009, fully diluted EPS was Baht
  1.44, a 5% increase from Baht 1.37 in 2008.

(Unit: Baht Million)

  --------------------------------------------------------------------------
                                                  YE09     YE08     Growth
  ----------------------------------------------- -------- -------- --------
  Revenues from Hospital Operations               9,069    8,629    5%

  Total Revenues                                  9,338    8,882    5%

  Gross Profit                                    3,516    3,305    6%

  Gross Profit Margin                             38.8%    38.3%    

  EBITDA                                          2,258    2,155    5%

  EBITDA Margin                                   24.2%    24.3%    

  Share of Income from Investments in Joint       47       43       9%
  Venture and Associated Companies                                  

  Net Profit                                      1,246    1,191    5%

  Net Profit Margin                               13.3%    13.3%    

  EPS – Basic                                     1.71     1.64     5%

  EPS – Fully Diluted                             1.44     1.37     5%
  --------------------------------------------------------------------------

2. Balance Sheet

  As at 31 December 2009, the Company reported total current assets of
  Baht 1,332 million, an increase from Baht 1,142 million as at 31
  December 2008 primarily because of increase in trade accounts
  receivable. The increase in accounts receivable to Baht 658 million as
  at 31 December 2009 from Baht 494 million as at 31 December 2008 was
  primarily the result of the increase in Middle East corporate
  accounts, together with increasing international insurance contracts.
  Therefore, collection period increased to 26.7 days as at 31 December
  2009 compared to 25.6 days as at 31 December 2008. Total non-current
  assets increased to Baht 7,235 million as at 31 December 2009 compared
  to Baht 6,963 million as at 31 December 2008 because of the increase
  in property, plant and equipment to Baht 5,667 million as at 31
  December 2009 from Baht 5,374 million as at 31 December 2008. This was
  primarily a result of an increase in assets related to the renovation
  of inpatient wards. As a result, total assets increased to Baht 8,567
  million as at 31 December 2009 from Baht 8,104 million as at 31
  December 2008.

  Total liabilities were Baht 3,094 million as at 31 December 2009, a
  decrease from Baht 3,239 million as at 31 December 2008. The
  interest-bearing debt (short-term loan + long-term loans inclusive of
  the current portion) decreased to Baht 1,620 million as at 31 December
  2009 from Baht 1,885 million as at 31 December 2008. During 2009, the
  Company repaid all of its long-term loan with a financial institution
  in the amount of Baht 1,685 million, of which the loan in the amount
  of Baht 1,430 million was refinanced with another financial
  institution in October 2009. In addition, the Company was granted
  additional credit line of long term loan of Baht 800 million. The
  interest rate is also lower by 0.25% at MLR (minimum lending rate) –
  1.50%. The term of the loan is seven years with a two-year grace
  period. In addition, the Company’s short-term credit line was
  increased to Baht 600 million.

  With stable debt position and cash balance, and an increase in
  shareholders’ equity, net debt to equity decreased to 0.23x as at 31
  December 2009 from 0.31x as at 31 December 2008. The Company’s
  interest coverage ratio also significantly improved to 24.8x in 2009
  compared to 18.8x in 2008.

  Total shareholder’s equity increased to Baht 5,473 million as at 31
  December 2009 from Baht 4,865 million as at 31 December 2008,
  primarily as a result of the Company’s 2009 net profit of Baht 1,246
  million, netted off with dividend payment of Baht 584 million. Average
  return on assets in 2009 was 14.9% while average return on equity
  remained high at 24.1% in 2009.

  In terms of working capital, the Company’s average collection period
  increased to 26.7 days as at 31 December 2009 from 25.6 days as at 31
  December 2008, because of the increase in Middle East corporate
  accounts, together with increasing international insurance contracts.
  The Company’s average inventory period decreased slightly to 12.5 days
  compared to 13.2 days as at 31 December 2008. The average payable
  period decreased slightly to 33.3 days as at 31 December 2009 from
  34.0 days as at 31 December 2008.

(Unit: Baht Million)

  ------------------------------------------------------------------------
                                    2009         2008         Growth
  --------------------------------- ------------ ------------ ------------
  Total Assets                      8,567        8,104        6%

  Total Liabilities                 3,094        3,239        -4%

  Total Shareholders’ Equity        5,473        4,865        12%

  Average Collection Period (days)  26.7         25.6         

  Average Inventory Period (days)   12.5         13.2         

  Average Payables Period (days)    33.3         34.0         

  Net Debt to Equity (x)            0.23         0.31         

  Interest Coverage Ratio (x)       24.8         18.8         

  Average Return on Assets (%)      14.9         15.3         

  Average Return on Equity (%)      24.1         25.9         
  ------------------------------------------------------------------------

3. Liquidity

  The Company’s cash flow from operating activities in 2009 was Baht
  1,707 million, stable compared to Baht 1,762 million in 2008. Net cash
  used in investment activities decreased to Baht 824 million in 2009
  from Baht 1,440 million in 2008, primarily because of acquisition of
  property, plant and equipment related to the acquisition of BH Tower,
  the construction of the Bumrungrad International Clinic Building and
  the purchase of medical equipment, together with the investment in
  associated company, Bumrungrad International Limited, in 2008. The
  Company reported net cash flow used in financing activities of Baht
  881 million in 2009, compared to Baht 488 million in 2008, because of
  the scheduled repayment of the previous long-term loan agreement in
  2009. As a result, cash and cash equivalents at the end of the period
  was Baht 387 million as at 31 December 2009, stable when compared to
  Baht 385 million as at 31 December 2008.

  Liquidity ratio as at 31 December 2009 increased to 0.80x, compared to
  0.54x as at 31 December 2008, primarily because of the increase in
  total current assets, as a result of the increase in accounts
  receivable, together with the decrease in total current liabilities,
  as there was no longer any current portion of long term loans in 2009,
  as all of the long-term loans have been refinanced in October 2009,
  with a two-year grace period. Similarly, quick ratio increased to
  0.63x as at 31 December 2009, compared to 0.41x as at 31 December
  2008, as a result of the increase in accounts receivable.

(Unit: Baht Million)

  -------------------------------------------- ------------- -------------
                                               2009          2008

  Cash Flow from Operating Activities          1,707         1,762

  Cash Flow from Investing Activities          -824          -1,440

  Cash Flow from Financing Activities          -881          -488

  Net Increase (Decrease) in cash and cash     2             -165
  equivalents                                                

  Cash and Cash Equivalents at end of year     387           385

  Liquidity Ratio (x)                          0.80          0.54

  Quick Ratio (x)                              0.63          0.41
  -------------------------------------------- ------------- -------------

12.3 Audit Fees

12.3.1 Audit Fees

  For the year 2009, the Company and subsidiaries have paid the audit
  fee in the amount of Baht 2.38 million. The Company’s 2009 audit fee
  has been approved by the shareholders’ meeting.

12.3.2 Non-Audit Fees

  None.