0

SISB Public Company Limited

2Q2021 Performance Update

8 September 2021

Incorporated in 2001 by a group of parents with

35 students

The first Singapore international school in

Thailand. Emphasizes on English, Math and

Science with Chinese language in curricula.

Operates school under owned brand “SISB”

with blended UK, SG and IB curricula

Nov 2018, Listed on the Stock Exchange of

Thailand

Y2020, Recognized by Forbes in its annual Best

Under A Billion list

Y2021, 20th Anniversary of SISB School.

Our Beginning and Corporate Structure

Note: (1) Licenses are under Thailand - Private School Act B.E. 2550

(2) NR License is under application process. 1

Corporate Structure

CM License(1)

Outstanding shares: 940 M. Shares

PU License(1)

Singapore

International School

Chiangmai (CM)

50%SV License(1) TR License(1)

Founder

(Group of parents)Public

(On 11 Mar 2021, Free Float 20.1%)

28.7%71.3%

K-12 K-6 K-12

K-10

Singapore

International School of

Bangkok (PU)

Singapore

International School

Suvarnabhumi (SV)

Singapore

International School

Thonburi (TR)

SISB SIRI Co., Ltd.

(Paid-up Capital Baht

130M) (JV)

5) SISB Nonthaburi

(NR)

NR License(2)

Construction

1 2 3

4

5

Due to the delay of construction in 3rd Wave of COVID-19 outbreak

+ TR Phase 2 will ready in October 2021.

+ NR Phase 1 will be postponed to Y2023

SISB Trademark

Corporate VISION“To be the leading education provider, making quality education

accessible to all”

“To educate, enhance and empower diverse learning communities to

be contributing global citizens”

Corporate MISSION

3 5

Singapore International School Thonburi (TR) TR Phase 2 [+600 seat capacity]: Investment Budget 460 Mil. Baht. TR Phase 2 will be ready in October 2021.

Note: TR Phase 2 will be ready in October 2021 2

Aug 2021

Aug 2021Aug 2021Aug 2021

Aug 2021

SISB Nonthaburi (NR) on 14.8 rai NR Phase 1 [1,000 seat capacity]: Estimated Investment 400 Mil. Baht. The opening of NR Phase 1 will be postponed to Y2023.

Note: Due to the directive of Thai government in order to control COVID-19 outbreak on construction site, the construction at SISB Nonthaburi is unlikely to complete as schedule. Therefore, SISB postpones the opening of SISB Nonthaburi to Y20233

A

A

B

B

Aug 2021

Aug 2021

Singapore International School Bangkok (PU) Renovation of Nursery and Kindergarten Section: Investment Budget 42 Mil. Baht. The renovation was completed on August 2021.

4

SISB in COVID-19 Pandemic Situations and Potentials Impacts

5

1st Wave of COVID-19

[Mar – Jun 2020]

2nd Wave of COVID-19

[Jan 2021]

3nd Wave of COVID-19

[April 2021 - Present]

1. School Closure:

Refund not provided

services

i.e. F&B/Extra activities

18 March 2020 – 15 June 2020

3 months (Term2&3 of AY19/20)

11 Jan 2021 – 31 Jan 2021

3 weeks (Term2 of AY20/21)

19 April 2021 – 30 Jun 2021

2.5 months (Term3 of AY20/21)

30 August 2021 – Present

n.a. months (Term1 of AY21/22)

2. Direct Discount:

Give one time support

5-20% discount on Tuition Fee

(Term3 of AY19/20)-

5-15% discount on Tuition Fee

(Term1 of AY21-22)

3. School Fees Increase Postpone Term1 of AY20/21 Tuition Fee

Increase

5% increase on Tuition Fee

(Term2 of AY20/21)

Decide not to increase School Fees for

AY 21/22 (Term1, 2 and 3)

4. Financial Period Impacts

1) Mar – Aug 2020: 3 months closure

2) May – Aug 2020: 5-20% discount

3) (4Q2020 back to normal except Tuition Fee

Increase)

1) Jan – April 2021: 3 weeks closure

2) Jan 2021 onwards: 5% increase

on Tuition fee

1) May – Aug 2021: 2.5 months closure

2) Sept 2021 onwards: n.a. month closure

3) Sept – Dec 2021: 5-15% discount

4) Sept 2021 – Aug 2022: not to increase

school fees

Note: Guideline for School Term VS Revenue recognition on financial statement(F/S).

School Term 1 (Aug - Dec) will be recognized as revenue during Sep – Dec on F/S.

School Term 2 (Jan – April) will be recognized as revenue during Jan – April on F/S.

School Term 3 (April – June) will be recognized as revenue during May – Aug on F/S.

Q2+Q3

2020Q1 2021

Q2+Q3

2021

SEP 2021

onwards

1,532

1,705

2,061

2,176

2,274 2,334

2,369

2,454

2,539 2,582 2,611 2,639

2,598 2,596 2,638 2,628

2,589

1,532

1,705

1,977

2,074

2,164 2,191 2,222

2,305 2,375 2,405 2,433 2,450

2,408 2,414 2,462 2,447

2,409

DEC 2015 DEC 2016 DEC 2017 MAR 2018 JUN 2018 SEP 2018 DEC 2018 MAR 2019 JUN 2019 SEP 2019 Dec 2019 MAR 2020 JUN 2020 SEP 2020 DEC 2020 MAR 2021 JUN 2021

SISB SISB ex CM

+155 +98 +60 +35 +85 +85 +43 +29 +28 (41)

(134)*

(2) +42 (10) (39)

Net Add Student +173 +356 ------------------------ +308 ------------------------ ------------------------ +242 ------------------------ ------------------------ +27 ------------------------

SISB Student Number Track Record

Note: JUN 2020, There were 134 dropped students. If excluded dropped students, student number should be at 2,464. 6

Y2020Y2019Y2018 Y2021

From Y2015 to Y2019 (Before COVID Impact)

SISB - CAGR = 14.3%

SISB ex CM - CAGR =12.3%

1st Wave

Covid

2nd and 3rd

Wave Covid

704 742

922 1,014

1,092

979 999

1,084

1,153

1,004 1,023 1,083

926 875 891 903 869

667

748

889 900 920

1,059 1,075 1,077

1,101

1,245 1,254 1,241 1,222

1,328 1,342 1,320 1,308

161 215

250 262 262 296 295 293 285

333 334 315 316 393 405 405 412

-

200

400

600

800

1,000

1,200

1,400

1,600

DEC 2015 DEC 2016 DEC 2017 MAR 2018 JUN 2018 SEP 2018 DEC 2018 MAR 2019 JUN 2019 Sep 2019 Dec 2019 MAR 2020 JUN 2020 SEP 2020 DEC 2020 MAR 2021 JUN 2021

NK Primary Secondary

SISB Student Number by Education Level

Note: NK Seasonal Effect During JUN and SEP 7

Y2020Y2019Y2018 Y2021

1st Wave

Covid

2nd and 3rd

Wave Covid

100

300

500

700

900

1,100

N2 K1 K2 P1 P2 P3 P4 P5 P6 G7 G8 G9 G10 G11 G12

Global Benchmarking Curricula with Affordable Price

8Source: School Website, August 2021

Affordable tuition fees to be able to provide quality education to meet standards and to be

competitive with other international schools in Thailand

Quality curriculum – Singapore curriculum is ranked top in the world for mathematics and

science which build a strong foundation for students

Unique strength in facilitating trilingual school: English, Thai and Chinese

Wide range of extra-curricular activities

World-class facilities

Excellent learning environment

Expertise and experienced teachers and assistants

School Fees Y2021/22

ISB

St.

Andrew

NIST

Shrewsbury

BPS

Global Benchmarking Curricula along Education Pathway Affordable and Competitive Pricing

Unit: ’000 THB

Primary School

(G1-6)

Sixth from School

(G11-12)

Pre-School Secondary School

(G7-10)

Early Years

Foundation

Stage (UK)

SISB

Harrow

KIS

EK InterAccreditations from World-class Organizations

An international school community with over 1,360 institutions representing 123 countries with

goals to provide students with the knowledge, skills and abilities and a commitment to high quality

international education

Reviewed by the National Association of Independent Schools’ Commission on Accreditation (US)

and deemed in compliance with the criteria for effective accreditation practices.

The Council of International Schools (CIS)

A member of the Kiatnakin Phatra Financial Group

Financial Performance Update

Quarterly Financial Highlight

Note: JUN 2020, There were 134 dropped students. If excluded dropped students, student number should be at 2,464. 10

226.1 226.9 237.4

257.0 268.6 272.4

289.7 298.5

283.3

226.4

265.5

293.7 296.0

270.2

58.0 60.9 68.7 69.4 73.5 85.7 93.7 99.5 104.1

47.2

71.4

111.1 113.6 108.5

22.9 20.8 27.9 32.0 42.5 52.0

60.4 66.0 58.9

4.3 28.7

68.1 70.6 65.5

25.7% 26.8%29.0%

27.0% 27.4%

31.4% 32.3% 33.4%

36.7%

20.8%

26.9%

37.8% 38.4%40.2%

13.3% 14.1%16.1% 15.0% 16.1%

19.9%21.2%

22.5% 22.8%

3.5%

12.1%

24.9% 25.5% 26.2%

10.1% 9.2%11.7% 12.4%

15.8%

19.1%20.8%

22.1%20.8%

1.9%

10.8%

23.2% 23.9% 24.3%

Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-20202 Q1-2021 Q2-2021

Total Revenues EBITDA Net Profit EBITDA Margin EBIT Margin Net Profit Margin

FY2020FY2019FY2018

Million Baht IPO, Nov 2018

# Students 2,176 2,274 2,334 2,369 2,454 2,593 2,582 2,611 2,639 2,598* 2,596 2,638 2,628 2,589

+155 +98 +60 +35 +85 +85 +43 +29 +28 (41) (2) +42 (10) (39)

(134)

1st Wave

Covid

2nd and 3rd

Wave Covid

Y2021

Financial Position and Key Financial Ratio

11

Total Assets Total Liabilities & Shareholder Equity

1,385.9 1,419.3 1,556.41,805.0

367.3 261.5512.3

275.50.0

347.7 337.3672.1 1,019.9

749.8 681.82,425.32,700.7

3,166.1 3,099.6

Y2018 Y2019 Y2020 2Q21

Property, plant and equipment Cash and cash equivalents Right-of-use assets Other assets

214.1 238.1 200.2 362.8

613.2 636.9 650.0 360.2

6.7438.7

434.7

1,598.01,818.9

1,877.2 1,941.8

2,425.32,700.7

3,166.1 3,099.6

Y2018 Y2019 Y2020 2Q21

Other liabilities Deferred income Lease liabilities agreements Equity

0.50.5

0.7

0.6

0.0 0.0

0.2

0.2

Y2018 Y2019 Y2020 2Q21

Debt to equity ratio Interest bearing debt to equity ratio

Debt to Equity Ratio

Million Baht Million Baht

Times

5.0%

8.6%

5.5%

8.3%6.5%

11.6%

12.9%

8.7%

14.1%

10.4%

Y2018 Y2019 Y2020 2Q21

ROA ROA, excluded extraordinary loss ROE ROE, excluded extraordinary loss

ROAA and ROAE

%

A member of the Kiatnakin Phatra Financial Group

Growth Strategies and Developments Progress

Growth Strategies

Higher fee per student from

Student Graduation

School Expansion and New CampusOpen new campuses and target to increase in SISB student

number to be more than 4,000 students in next 5 years

New Businesses• Halving Project” (HVP) -

Lower tuition fee

international school in

upcountry/suburb area to

capture unmet demand

13

1

2

3

Attractive International School Industry Outlook

Note: (1) Capgemini World Wealth Report, 2018 & 2020

(2) Ministry of Interior and the Office of the National Economic and Social Development Council

(3) Ministry of Labour

(4) World bank

(5) National Statistic Office

(6) United Nations, Department of Economic and Social Affairs, Population Division (2018)

14

Supporting Demands for International School in Thailand

Increasing Urbanization Rate in Thailand

43.9%

69.5%

2010 2020 2050F

Urbanization will increase population density in cities hence increase demand for

better quality of education

Upcoming infrastructure projects to support the urbanization trend in Thailand

• New rail links in greater BKK areas

- Yellow Line: Lat Phrao-Samut Prakan

- Red Lines: Bang Sue-Taling Chan, Bang Sue-Rangsit

• High-speed trend

- Bangkok-Nakhon Ratchasima route

- Connecting 3 airports (Don Mueang–Suvarnabhumi–U-Tapao)

• New expressway

- Chalong Rat-Nakhon Nayok-Saraburi

- Thonburi - Pak Tho (Rama 2)

Expected Urbanization rate in Thailand(6)

Parents Pay More Attention to Children’s Education

Key future trends

• Aging society and low fertility population

resulted in smaller families size. Therefore,

parents focus more on the quality of education

their for children

• Globalization and importance of English

• Demands for quality and highly skilled workforce

in the future

• 158 of EP program schools in Thailand3.21people per

household

2.97people per

household

2011 2020

Thai Population per Household(5)

2019 2037F

0-19 years 23% 19%

20-59 years 60% 51%

60+ years 17% 31%

Thai Population by age groups (%)(2)

Expected the demand for international school

in Thailand to continue to rise

• Expected Thailand GDP and GDP per capita to

continue to increase with increase of HNWI

• Investment promotion measures in the Eastern

Economic Corridor (EEC) supporting demands

of highly skilled labor from other countries

Unit: ‘000 people

65

134

2011 2019

High Net Worth Individual: HNWI in Thailand(1)

Unit: ‘000 Workers

100

143

262

2011 2020 2033-2037F

Number of Foreigners working in Thailand (LHS)(2)(3)

Thailand GDP Forecast(2)(4)

502

562

2020 2023

7,189 8,021

Unit: USD bn USD per capita

Higher Fee per Student from Student Graduation

15Source: School Website and Phone call, Sep 2020

Note: (1) NK Seasonal Effect During JUN and SEP

Student Distribution Capacity

(Seat)

#Student

1Q2021

%

Utilization

School

Fee

(THB)

780 405 51.9% 651K

1,825 1,320 72.3% 499K

1,360 903 66.4% 405K

Total 3,965 2,628 66.3%

The higher academic year, the higher tuition fee per student

that SISB could require

Current majority of SISB student is primary class which expected

to continue secondary class in the future

SS

PS

NK

Conversion rate 79.1%

Conversion rate 91.4%

Remaining capacity Students Edu. Level Capacity (Seat) # Student 2Q2021 % Utilization

NK 1,360 869 63.9%

PS 1,825 1,308 71.7%

SS 780 412 52.8%

Total 3,965 2,589 65.3%

704

742

922

999 1,023 1,083

926 875 891 903 869

667

748

889

1,075

1,254 1,241 1,222 1,328 1,342 1,320 1,308

161 215 250 295 334 315 316

393 405 405 412

DEC 2015 DEC 2016 DEC 2017 DEC 2018 Dec 2019 MAR 2020 JUN 2020 SEP 2020 DEC 2020 MAR 2021 JUN 2021

NK Primary Secondary

SISB Student Number by Education Level(1)

1st Wave

Covid

2nd and 3rd

Wave Covid

1

1st Wave

Covid

New Campuses Located in High Demand Area

16(1) Source OPEC, MOE and Google Map, As of July 2021, 138 out of 226 International School are located in greater BKK ( BKK and Vicinity)

1,221

1,315 1,365

1,396 1,418

1,373 1,382 1,420

1,443 1,450 1,464 1,450 1,422 1,413 1,430

1,399 1,362

259 303

…

462 478 519

558

633 646 676 678

748 772 784 789

239

286 262 279 283 271 275 285 288 272 273 278 270 253 260 264 258

72 104 91

96 99 85 87 81

86 50 50 46 38

84 102 110

143 147 149 164 177 178 189 190 182 176 181 180

DEC2015

DEC2016

DEC2017

MAR2018

JUN2018

SEP2018

DEC2018

MAR2019

JUN2019

SEP2019

DEC2019

MAR2020

JUN2020

SEP2020

DEC2020

MAR2021

JUN2021

PU TR SV EK CM

Y2018 Y2021Y2019 Y2020

2nd & 3rd

Wave Covid

3+1 Campuses in Greater BKK

2

International School

Multi Level Kindergarten

NR

TR

PU

SV

2,150

3,120

4,175 4,060 3,965 3,965 3,965

4,565 4,565

5,565

1,705 (79.3%)

2,061 (66.1%)

2,369 (56.7%)

2,611 (64.3%)

2,638(66.5%)

2,628(66.3%)

2,589 (65.3%)

Y2016 Y2017 Y2018 Y2019 Y2020 1Q2021 2Q2021 Y2021 Y2022 Y2023

Unit: Number of

Seat/Student

17

SISB School Seat Capacity Expansion & Target Number of Net Add Student

1st Wave

Covid2nd & 3rd Wave Covid

Net Add

Student +173 +356 +308 +242 +27 (10) (39)

COVID-19

Outbreak+150 +300

+ 600 seats

Secondary @TR

+1,000 seats

NK and Primary @ NR

2

+ 2,025 seats

1.Secondary @ PU

2. NK and Primary @ TR & CM

Untapped International School Demands

18Source: school website and phone call

Chiang

mai

BKK

Udonthani

Konkean

Phuket

Pattaya

Public School

6,442,499

International School87,343

Private School

2,464,951

8,994,793 students

Opportunity to expand to capture untapped demands in EP

program of private school

No. of Student in Thailand in2019

Range of International school fee vs EP program

Looking for new demands in greater BKK and

upcountry/suburb areas with lower fee international school

business model

Tuition fee range

International School (No SISB presence) 150K-300K

EP Program 33K-160K

Example of Rangsit-Nakhon Nayok Location

PU

TR

SV

NRHalving Project (HVP)

Sizable target group (Low-range international schools

and EP program of Thai schools)

Comparable service quality at lower cost while

maintaining margin by cost saving model

Model to expand to upcountry

3

Current SISB

market

Potential

market in

EP program

for SISB

to capture

Under study phase

19

Disclaimer The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an

intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and

forward-looking statements that reflect our current views with respect to future events, financial performance and result of SISB’s activities. These views are based on

assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions

are correct. Actual results may differ materially from those projected. The information contained in this presentation is subject to change without notice and SISB does

not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable

laws and regulations.

SINGAPORE INTERNATIONAL SCHOOL OF BANGKOK

To Stay Connected with us & Quick Download

SISB Website

SISB Investor Relations

MR. SUPAKORN UENHAPAIBUL

TEL: +662-158-9090 ext. 194

E-MAIL: Supakorn@sisb.ac.th

2020 Annual Report2Q2021 Fin Statement

A member of the Kiatnakin Phatra Financial Group

Company Highlights

SISB at a Glance - Leading International School Network in Thailand with World-renowned Singapore Curriculum

22

Source SISB Internal Data, Y2020

Note: (1) International school network ranked by student number

(2) Including Tuition fee, Education material fee and Snack and Lunch fee.

(3) Excluding extra loss in 2020 in total amount of THB 32.0 mm

Revenue Breakdown (FY2020)

Tuition fees and service

91.8%

Application& Enrollment

5.6%

Education Equipment

0.7%

Other Income1.9%

1,069MB

Global Benchmarking

Curricula with

Affordable Price Range

NPM: 24.0% / 18.0%

GPM and NPM in 1H21 / FY2020(3)

GPM: 49.9% / 42.7%

4 + 1 Campuses

in Greater BKK and Chiang Mai

Operating campuses

#2 Largest International

School Network with

2,589 students(1)

School Network Ranking in Thailand

and SISB No. of Student as of 2Q2021

+7.5%

CAGR

‘18-’20

Singapore International

School in Thailand

Unique strength in facilitating trilingual

school: English, Thai and Chinese

1st

SISB Student

Population Pyramid

As of 2Q2021, 83.7% are Thai nationality and

16.3% Foreign

Accreditations from

World-class Organizations

Total fees between THB 393K – 739K / Year from

SISB School Price List AY 2020/2021(2)

THB 566 / 1,069 mm

1H21 / FY 2020 Total Revenue

+6.2%

CAGR

‘18-’20

THB 136 / 192 mm

1H21 / FY 2020 Net Income(3)

+36.2%

CAGR

‘18-’20

Strong Brand Equity over

20 Years of Experience

+1.1%

YoY

+11.1%

YoY

+54.5%

YoY

Leading International School Network in Thailand

Source SISB Internal Data, Y2020

Note: (1) Market share compare to MOE Data as of 2019

3,079

2,638

2,049

1,445

Nord Anglia SISB Shrewsbury Cognita

3.5% 3.0% 2.3%

Unit: #student Market share(%)(1)

2

1.7%

Top 4 Group International School (Ranked by No. of Student as of Dec 2020)

Phuvit T. - University of Illinois at

Urbana-Champaign (USA),

Chulalongkorn University (TH), Illinois

Institute of Technology (USA), KMITl

(TH) and Purdue University (USA)

Intouch T. - Kyoto University

of Advanced Science in

Japan, Bachelor's Degree in

Electrical Engineering.

Arisa T - Tsinghua

University in Beijing,

Bachelor’s Degree in

architecture

SISB University Offer for Class of 2021

CANADA• University of British Columbia

USA• University of Illinois at Urbana-

Champaign

• Illinois Institute of Technology

• Purdue University

UK• University of Nottingham

• University of Leeds

• University of Manchester

• University of Southampton

CHINA• Tsinghua University

JAPAN• Kyoto University of

Advanced Science

SINGAPORE• Singapore Institute of

Management

THAILAND• Chulalongkorn University

• Thammasat University

• Mahidol University

• Kasetsart University

• MKITL

23

Student-to-Teacher Ratio

7.19

7.32

7.37

7.32

Y2018 Y2019 Y2020 2Q21

SISB Campeuses Location

Source: https://urbancreature.co/urban-planning-bangkok/, http://plan4bangkok.com/index.html

Note: (1) PU offers Boarding school

(2) Addition plots of land for TR Phase 2 are secured

(3) Plots of Land for NR are secured.

24

Name Level

Land Lease

Termination

Date

School

Ground

Area

Seat

Capacity

Student

Number

Q2 2021

%

Utilization

1) PU(1)K-12 Y2040,Y2044 31,085 m2 2,175 1,362 62.6%

2) SV K-6 Y2033 14,342 m2 510 258 50.6%

3) TR(2)K-12 Freehold 29,213 m2 910 789 86.7%

4) CM K-10 Y2031 (+15) 8,540 m2 370 180 48.6%

5) NR(3)TBA Freehold 23,680 m2 - - -

3,965 2,589 65.3%

SISB

TR

SISB

SV

SISB

PU

SISB

NR