Management Discussion and Analysis

Company name                             : VIBHAVADI MEDICAL CENTER PUBLIC 
COMPANY LIMITED
Year                                     : 2013
Quarter                                  : Yearly
Ending                                   : 31-Dec-2013
Note                                     :
Vibhavadi   Medical  Center  PCL. hereby submits a copy of its
Audited  and consolidated financial statements of the Group and the financial 
statement of the Company for the year ending December 31,2013. The results of
their operations can be summarized  as  follows :
     1. Income from medical treatments in the consolidated financial
Statement went up 14.39%  due to income from Chiang Mai Ram Medical Business 
PCL."CMR", a subsidiary amount  Baht 2,663.75 million went up from previous year
18.23%. Income from medical treatments in the separate  financial statement
went up 8.17%  due to the  number of out-patients and in-patients remains the
same as last year. The rental and service income went up 3.86%  due to  income
from Princeton Park Suit  Co.,Ltd."PPS" a  subsidiary went up amount to Baht
1.42 million. The other  income  went up  2.72%  amount to Baht 1.42 million .
     2. The cost of medical  treatments   when compared to income from medical 
treatments  went down  1.39% . The cost of selling and administrative  when
compared to income from medical treatments went down  1.26 %. The cost of
rental and service when compared to income from rental and service went down
0.41% due to the cost  of  PPS  went  down  5.03%.
      3. The net income increased  39.49%  (Separate financial statement :
Increased  5.13%) due to the net income of  CMR went up 77.68%  and the some 
income from Social Security Office amount to Baht 183.23 million
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