03 ZINC PERFORMANCE 20 04 FINANCIAL ANALYSIS 23 Univentures - - PowerPoint PPT Presentation

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Univentures Public Company Limited

CONTENT

01

03 COMPANY OVERVIEW

02

08 REAL ESTATE PERFORMANCE

03

20 ZINC PERFORMANCE

04

23 FINANCIAL ANALYSIS

LRK UVRM UVAM EV UVC

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Univentures Public Company Limited

2015 HIGHLIGHT

2015 Revenue(F)

48% yoy

Lower IBD/E (after REIT)

1.00

Loan Repayment (after REIT)

6,400 MB

2015 Secured Revenue Real estate-for Sale

83%

H1’15 Transfer

84% yoy

Strong OCC Rate PKV:SSQ

100%:92%

Real Estate Focus

90%

Diversified Residential Portfolio Low-rise : High-rise

70%: 30%

H1’15 Pre-sale

44% yoy

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Univentures Public Company Limited

BUSINESS STRUCTURE

1980 - 1990 1991 - 2000

1980 Established Uni-Thai Oxide Company 1988 Listed to SET in the Petro chemical Segment 1995 Renamed to Univentures PCL. 1999 Expand to Real Estate Development Sector 2001 Acquired 33% of Grand U shares

2001 - 2005 2006 - 2010

2006 Move to Real Estate Development Segment 2007 Adelfos acquired 66%

• f UV shares

2008 Acquired 60% of Grand U shares

2011 - 2012

2011 Completed the Park Ventures Ecoplex Project 2012 Acquired 100% of Grand U shares Acquired 50.64% of Goldenland shares

2013 - 2014

2014 Goldenland Acquired 100% of KLAND shares

2015

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Univentures Public Company Limited

MILESTONE

in 1988

1,911.9 million shares (par THB 1 / share) Market cap = Approx.THB 16.73 Billion Free float = 33.99%

LISTED

Property Zinc Oxide Other Sales Rent

100% 55.73%

in 1994

1,6387.0 million shares (par THB 1/0 share) Market cap = Approx.THB 11.06 Billion Free float = 19.29%

UVAM

100% 100%

LRK

100% 100%

UVC

Zinc Oxide Property development & Consulting Car park system, Time record

100% 99.99%

EV

Energy Saving Consulting Services

79%

SIRI Apartment, Property Mgt Services Park Ventures Office and Victor Club

LISTED

High-rise Low-rise Low-rise

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Univentures Public Company Limited

BUSINESS STRUCTURE

6,083.4 MB 9,126.9 MB 13,500.0 MB

For Sale (High-rise) 3,414 37% For Sale (Low-rise) 3,072 34% For Rent 1,274 14% Zinc 1,243 14% Others 124 1%

For Sale (High-rise) 3,500 26% For Sale (Low-rise) 7,100 53% For Rent 1,520 11% Zinc 1,220 9% Others 160 1%

47.91 %

For Sale (High- rise) 3,123 51% For Sale (Low- rise) 622 10% For Rent 1,201 20% Zinc 1,057 18% Others 80 1%

13.22 %

2013

2014

2015

(A+F)

50.03 %

REAL ESTATE PERFORMANCE

PROPERTY FOR SALE

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Univentures Public Company Limited

2015 ACTIVE PROJECT

Brand No Projects

• No. of Units

Project Value (MB) Pre-Sale (MB) Available For Sales (MB) Transferred (MB) Backlog (MB)

High - rise

Condo U 3 1,202 2,543 2,175 368 1,947 228 U Delight 5 4,216 10,475 4,969 5,506 2,245 2,724 U Delight Residence 1 1,030 3,718 2,220 1,498

• 2,220

High – rise (Total) 9 6,448 16,736 9,364 7,372 4,192 5,172

Low - rise

Golden Legend 1 17 410 410

• 357

53 Golden Avenue 1 418 1,380 978 402 899 79 Golden Village 1 186 1,108 604 504 544 60 Golden Town 6 1,602 5,096 3,313 1,783 2,276 1,037 Gold Prestige 2 243 2,470 609 1,861 467 142 KLAND 12 1,749 16,885 6,821 10,064 6,446 375 Low – rise (Total) 23 4,215 27,349 12,735 14,614 10,989 1,746

As of August 2015

• SOLD rate– Cumulative sold rate is 50% ( high rise at 56% and low rise at 47%).
• Transfer & Backlog—Cumulative transfer rate is 34%. Total backlog is 6,918 MB mainly from high-rise 5,172 MB and from low-rise 1,746 MB

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Univentures Public Company Limited

NEW PROJECT

QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 HIGH RISE LOW RISE

U DELIGHT RATCHAVIPHA

Project Value 2,138 MB GOLDEN NEO ONNUT- PATTANAKARN Project Value 567 MB GOLDEN TOWN LADPRAO-KASET Project Value 1,206 MB GOLDEN TOWN SUKSAWAT- PUTTABUCHA Project Value 563 MB

THE GRAND RAMA II-BLISS

Project Value 1,284 MB GOLDEN TOWN NGANWONGWAN- KAERAI Project Value 599 MB GOLDEN PRESTIGE EKACHAI- WONGWAEN Project Value 1,035 MB GOLDEN TOWN ONNUT- PATTANAKARN Project Value 1,274 MB GOLDEN CITY ONNUT- PATTANAKARN Project Value 326 MB GOLDEN CITY PINKLAO- CHARAN SANITWONG Project Value 1,783 MB GOLDEN TOWN BANGNA ONNUT Project Value 1,061 MB

GOLDEN VILLAGE ONNUT- PATTANAKARN

Project Value 1,272 MB GOLDEN NEO - RAMA II Project Value 733 MB GOLDEN TOWN RAMKHAMHAENG- WONGWAN Project Value 681 MB

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Univentures Public Company Limited

TRANSFER OVERVIEW

622 3,072 7,100 3,123 3,414 3,500 3,745 6,486 10,600 FY 13 FY 14 FY 15 (Target)

Low – rise High – rise Low-rise Target High-rise Target

3,123 3,414 3,500 695 1,659 FY 13 FY 14 FY 15 (Target) 6M 14 6M 15

139%

63% 2,451 1,111 4,649 1,948 622 3,072 7,100 1,863 3,059 FY 13 FY 14 FY 15 (Target) 6M 14 6M 15 64% 131% 3%

Total H1’15 Transfer is 4,713 MB , or 84% yoy.

High rise Low rise

GOLD KLAND

3,300 1,330 7,300 2,586 415 2,375 10,600 911 3,917 FY 13 FY 14 FY 15 (Target) 6M 14 6M 15 330% 346%

PRE-SALES OVERVIEW

4,154 7,010 15,900 415 2,375 10,600 3,739 4,635 5,300 FY 13 FY 14 FY 15 (Target)

Low – rise High – rise Low-rise Target High-rise Target

127% 3,739 4,635 5,300 2,819 1,445 FY 13 FY 14 FY 15 (Target) 6M 14 6M 15 14% 49%

Total H1’15 Pre-sales is 5,362 MB, or 44% yoy.

High rise Low rise

GOLD KLAND

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Univentures Public Company Limited

TRANSFER & BACKLOG - HIGH RISE

1,657 1,215 4,342 628 3,123 3,414 3,500 4,100 FY 13 FY 14 FY 15 FY 16

6M

823 665 992 1,025 Q1-15 Q2-15 Q3-15 Q4-15 2M 60%

Transfer (Actual) Backlog Target

49% 3%

• High-rise revenue in year 2015 is forecasted at 3,500
• r 3% yoy.
• H1’15 actual transfer is 1,657 MB, or 47% of target

revenue.

• High-rise revenue in year 2016 is more secured via

backlog in amount of 4,342 MB

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Univentures Public Company Limited

TRANSFER & BACKLOG - LOW RISE

1,338 1,721 1,665 2,376 Q1-15 Q2-15 Q3-15 Q4-15

Transfer (Actual) Backlog Target

2M 60% 28% 3,059 1,324 2,717 622 3,072 7,100 FY 13 FY 14 FY 15 131%

• Low-rise revenue in year 2015 is forecasted at 7,100
• r 131% yoy.
• H1’15 actual transfer is 3,059 MB, or 43% of target

revenue.

REAL ESTATE PERFORMANCE

PROPERTY FOR RENT

841 842 843 860 874 886 901 900

95% 100% 100% 100% 100% 99% 100% 98% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

666 669 672 707 720 738 740 747

73% 74% 75% 78% 76% 78% 95% 95% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

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Univentures Public Company Limited

PERFORMANCE - PROPERTY FOR RENT

799 818 846 891

43% 87% 99% 99% FY 12 FY 13 FY 14 FY 15

630 654 678 736

48% 64% 75% 86% FY 12 FY 13 FY 14 FY 15

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Univentures Public Company Limited

GOLDEN VENTURES LEASEHOLD REIT

PARK VENTURES ECOPLEX SATHORN SQUARE

Land Ownership : M.L. Suthada Kasemsant 5-0-36.2 Rai Crown Property Bureau 5-0-60.32 Rai Building Ownership : Lert Rattakarn Crown Property Bureau Net Leasable Area : 26,313 sqm (excludes Okura) 73,181 sqm Investment Period : Approx. 26 years

• Approx. 25 years

Occupancy : Approx. 99%

• Approx. 96%

Average Rental : 881 Baht / sqm / month 749 Baht / sqm / month Property Manager : North Sathorn Realty North Sathorn Realty

TARGET ACQUISITION PRICE: THB 10 BILLION

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Univentures Public Company Limited

REIT

Super Prime Location Office Building in CBD ARR Growth Potential Managed by Experienced Property Manager Growth Opportunity in Office REIT Quality Tenants Growing Demand Limited Supply

• f Prime office in CBD

Strong Sponsor Support

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Univentures Public Company Limited

GOLDEN VENTURES LEASEHOLD REIT

GVREIT FILING TIMELINE

AUG 2015 SEPT 2015 OCT 2015 NOV 2015 DEC 2015 JAN 2016 FEB 2016

120 days to review filing documents and site visit

Submitted GVREIT Filing 27 Aug 15 SEC - RM Interview 21 Sep 15 SEC Site Visit 19 Oct 15 SEC Conf Call 30 Sep 15

45 days to approve filing

Latest Approval Date 8 Feb 16 Sell to

Investors

ZINC PERFORMANCE

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Univentures Public Company Limited

INDUSTRY PROSPECT- ZINC

14,636 16,727 17,309 16,200 28,000 28,000 28,000 28,000 52% 60% 62% 58% FY 12 FY 13 FY 14 FY 15 (Target)

Sales Volume Market Volume Market Share

• Weakened Chinese and South East Asia Economy growth

affect weak demand of Zinc.

• Forecast 2015 LME is 1,990 USD, increasing due to major

supplier plan to shut down some production line. While 2016 LME is forecasted higher than 1,900 USD due to decreasing zinc supply. 39% 9% 7% 7% 4% 17% 17% Export Others

New Customers:

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Univentures Public Company Limited

PERFORMANCE - ZINC

Production Capacity %Utilization

15,547 16,542 16,695 16,528 17,100 17,100 18,100 18,090 91% 97% 92% 91% FY 12 FY 13 FY 14 FY 15 (Target)

• Plan to maintain this production capacity.
• Target Revenue is 1,220 MB, or 16,200 MT. Main

revenue is from local 82% and 18% export.

• Plan to improve profit margin:
• New furnace machine- energy saving 2MB/month
• Diversify customer that create higher GP

14,629 16,727 17,309 16,200 FY 12 FY 13 FY 14 FY 15 (Target)

Domestic Oversea

88% 84% 75% 82% 12% 16% 25% 18%

1,810 1,990 1,900 1,600 1,800 2,000 2,200 2,400 2,600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014 2015 2016

FINANCIAL ANALYSIS

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Univentures Public Company Limited

FINANCIAL ANALYSIS

1.99 1.95 2.40

1.86 1.83 2.28 1.51 1.47 1.00 FY 14 6M 15 FY 15 (After REIT)

IBD/E Covenant 1.75

D/E Ratio D/E* Ratio IBD/E Ratio

Remark : D/E* = (Debt- Lease received in advance)/ Equity

13.0% 12.4% 17.3% 20.5% 21.0% 17.2%

2011 2012 2013 2014 6M14 6M15

SG&A/Revenue (%)

2,633 2,746 9,981 3,556 9,526 3,717 5,177 5,688 5,074 5,937 FY 12 FY 13 FY 14 6M 14 6M 15

IBD Structure

IBD-Short-term IBD-Long-term

Thank you