1Q15 Busin iness Update te Opportunity Day, at The Stock Exchange - - PowerPoint PPT Presentation
The Pride of Property Business 1Q15 Busin iness Update te Opportunity Day, at The Stock Exchange of Thailand 2 June 2015 Singha Complex, due to open in 2017 Singha Complex, due to open in 2018 This information was prepared by Singha Estate
Singha Complex, due to open in 2017
The Pride of Property Business
This information was prepared by Singha Estate Public Company Limited solely for information and discussion purposes
Singha Complex, due to open in 2018
Opportunity Day, at The Stock Exchange of Thailand
2 June 2015
2 The information contained in this material has been prepared by Singha Estate Public Company Limited (“S”) solely for information purpose and does not constitute an offer or invitation to sell or the solicitation of an
shares in S, “shares”). Some statements made in this material are forward‐looking statements with the relevant assumptions, which are subject to various risks and uncertainties. These include statements with respect to our corporate plans, strategies, and beliefs. The statements are based on our management’s assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward‐looking statements. Please note that S and executives/staff do not control and cannot guarantee the relevance, timeliness, or accuracy of these statements. S undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. None of S’s executives/staff or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this material. Investor Relations Singha Estate Public Company Limited
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Boon Rawd Brewery 46% Khun Santi Bhirombhakdi 33% Public shareholders 18% Nirvana's shareholders 3%
real estate e invest stmen ent and devel elop
ent company and a property arm of Boon Rawd Brewery Co.,
and the largest brewery in Thailand.
Rasa Property Development Public Company Limited (“RASA”), S was created through a reverse acquisition and a result of entire business transfer of companies under BRB and Khun Santi Bhirombhakdi.
property property business: business: residential, residential, commercial, commercial, and and hopitality hopitality.
Shareh ehol
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Paid-up share (shares) : 4,898,860,524 Paid-up capital (Bt.mn.) : 4,898.86 Par value (Bt./share) : 1.00 Security symbol : S Sector : Property Market cap. (Bt.mn.)
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: 33,802.14
Note: 1. As of 27 May 2015.
5 Boon Rawd wd Brewer wery Khun Santi Bhirom
CORE BUSINESS SS Beer & Alcohol hol:
Market leader in Thailand and neighboring countries
DIVER ERSIFICA CATION ON
Non-alcohol
erage: e: soda water, drinking water, mineral water, and energy drinks Packaging ng: glass bottle, carton, crate, and PET Other her F&B: food, restaurant Founded in 1933, started from beer business, Boon n Rawd Brew ewer ery Co., Ltd. has expanded its business into food & non-alcohol beverage, packaging, and real estate.
BRB’s first listed company
Real Estate With the goal of entering into real estate development and investment business, S was created in 2014.
A A 11.3-rai land d (Asoke-Petchaburi) 1 A 2.0-rai land d (Asoke-Montri) 2 A A 30.5-rai land (Ekamai-Ramindra) 3 4 Santiburi Beach Resor
& Spa – 5-star resort on Samui Island
Rasa sa Proper erty Public Company Limited ed
Paid-up share (shares)
549,998,401
Paid-up capital (Bt.mn.)
550.00
Par value (Bt./share)
1.00
Security symbol RASA Sector Property New shares New shares
A 13.5-rai land (Ramintra) A 1.5-rai land (Watcharapol) A 143.8-rai land (Lumlookka) A 33.7-rai land (Don Muang)
Real esta tate te
Note: The reverse acquisition was completed on 12 September 2014 with the change of the company’s name from “Rasa Property Development Plc.” to “Singha Estate Plc.”.
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Sing ngha ha Prop
erty ty Mana nagement ement Khun un Santi nti Bhiromb
hakdi 100% 100% 3% /1
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33% 33% /1
/1
46% 46% /1
/1
Boon
ewer ery
Note: 1. As of 27 May 2015.
Following the business integration, S restructured its business operations ; its subsidiaries currently engage in residential, commercial, and hospitality.
Resid siden ential Devel elop
ent & Invest estmen ent Commer ercial Devel elop
ent & Invest estmen ent Hosp spitality Invest estmen ent & Managem emen ent
Max Futur ture Singha Proper erty ty Devel elop
ment S Hotel el Managem emen ent S Hotel el Phi Phi Island nd.
(99.99%)
Nirvana Devel elop
ment
(51.00%) (99.99%) (99.99%) (99.99%)
Phi Phi Village e Asset t Management ement
(94.99%)
Singha Estate (“S”)
Nirvana’s shareh ehol
ers Public Shareh ehol
ers 18 18% /1
/1
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Support
m Boon Rawd d Brewery ery Professio fessional nal managem gement ent with good govern ernance ance M&A of recurrin urring g income me-based ased asset ets Partn tnersh ership ip & Joint t Investm stment ent Fundin ing through ugh REIT T and spin-off
Profess ession
by prof
ession
s with in-dep epth real estate e exper ertise se Rapid growt wth with well- balanced ed earning prof
e thru smart invest vestmen ent and product differ eren entiation
Propert perty y developm lopment ent in favorable rable market et
Stron
landbank accumulated ed over r 80 years s in addition
ess alliance e and networ work with its beer er dist stributor
s nation
wide e
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talize e on existin ting prop
erty ty and
tunitie ties to fur urther ther improv
e prof
e recurring ng earni nings platfor
expans nsion
early stages
ty-or
ented brand nd
projects
comm mmer ercial asset t management ement and exper ertis ise e
use concept
Rapid expansi sion
stmen ent and M&A
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APR Strategically invested 51% in “Nirvana Devel elop
ment Co., Ltd.” – a well-established low-rise residential developer
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With an ambition to be market leader across real estate sectors, S has continuously expanded through acquisition of green and brown-field assets, investments and partnership.
2014 2014 2015 SEP
Completed its business integration and change corporate name to “Singha ha Estate e Plc.” NOV Acquired “Phi Phi Island nd Village e Beach Resort” – a 112 keys 3-star hotel with 167.3 rais of land SEP – DEC Fully refurbished an initial asset “Santi ntibur uri Beach Resort t & Spa” – a 5-star hotel and re-opened in Dec 2014 SEP Pre-sale of the condo in Asoke NOV Acquired a 4.5-rai land plot (Bangrakyai) FEB Acquired a 7.8-rai land plot (Rattanathibet) JUN Increase capital through Rights Offering & Private Placement DEC (ten
entative) e)
Groundbreaking “Singha ha Complex ex”
Note: As of 31 May 2015 and subject to change.
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Note: 1. As of 31 December 2014.
Resid siden ential Commer erci cial Hosp spitality Inven entor
es (dev evel elop
ed by RASA)
(Don Muang)
Landbank
(Ekamai-Ramindra)
Invest estmen ent in Nirvana
Development Co., Ltd.
Bt.879mn.
detached house, home
condo
Retail space e (dev evel elop
ed by RASA)
retail space in Charoen Nakorn area
Landbank
Petchaburi)
5-st star hotel el
Spa (Samui Island, south
3-st star hotel el
Beach Resort (Phi Phi Island, south of Thailand) – 112 keys
S’s existing assets comprise residential properties for sales, retail space, unique hotels in Thailand’s top tourist destinations, and landbank in strategic locations for future development.
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Nirvana Development Co., Ltd. (a 51%-owned subsidiary) is a well-established residential developer with a strong presence in low-rise products. Its assets comprise on-going projects and landbank in strategic locations.
Note: As of 31 December 2014.
On On-goi
ng Proj
ects ts Produc uct Type Tota tal Proj
ect t Value ue (Bt.mn) Rema maini ning ng Proj
ect t Value e /1
/1 (Bt.mn.)
Nirvana Icon Wongwean - Rama 9 2-Storey SDH 572 207 Nirvana Intro 2-Storey SDH 307 34 The Tara 2-Storey SDH 280 136 Nirvana Beyond Lite Rama 9 2-3-Storey SDH 1,289 342 Beyond Kaset – Nawamin (phase 1) 3-Storey SDH 1,214 521 Beyond Rama 9 3-Storey SDH 995 76 Beyond Suan Luang 3-Storey SDH 1,031 949 Beyond @ Beach Pattaya 3-Storey SDH 310 269 Cover On-Nut 65 Townhome 530 469 @ Work Kaset-Nawamin 5-storey home office 792 152 Tota tal 7,320 3,153
Nirvana Beyond Nirvana Icon Nirvana Intro Nirvana @Work Nirvana Cover
13 Inven entor
es (dev evel elop
ed by RASA) A)
Landba bank
Focusing on high-rise residential and luxury housing products, Max Future (a 99.99%-owned subsidiary) has continuously secured landbank in high-potential locations and will be soon taking-off with its ‘best-in-class’ condo project (in Asoke-Montri) in 3Q15.
Continue sales and marketing works Continue sales and marketing works Develop a condo. Pre-sale in 3Q15 Develop a luxury low-rise project Develop a condo for sales Develop a condo for sales Develop a condo for sales
Exist sting Asset sets Devel elop
ent Plan
Note: As of 31 May 2015 and subject to change.
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Located in BKK central business area, the land plot on Asoke-Montri Road will be soon developed into the highest condo development in Asoke vicinity. Total investment cost is Bt.2,300 mn./1
The 2.5-rai land plot on Asoke Montri Road (BKK CBD), next to :
As of 31 May 2015 and subject to change. Note: 1. Excludes land cost.
Q3/14
Design & Obtain permit
Q1/19
Transfe fer
Q3/15
Pre-sale
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S engages in rental and service businesses through hospitality and commercial assets which generate recurring income. The key strategy is to acquire and reposition the properties through value enhancement initiatives.
Retail space e (dev evel elop
ed by RASA) A)
Landbank
Commer ercial
Renovate and re-merchandizing in 2015 Develop a mixed-use project – “Singha Complex”
5-st star hotel el
south of Thailand) – 78 keys with FY2013
3-star ar hotel el
Island, south of Thailand) – 112 keys with FY2014
Hospital ality
Recently re-opened with new look in December 2014 after a full refurbishment Add keys in 2015-2016. Refurbish existing rooms in 2016-2017
Note: As of 31 May 2015 and subject to change.
Exist sting Asset sets Devel elop
ent Plan
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Opera ration
Location
An initial asset, Santiburi Beach Resort & Spa – a 5-star beachfront resort on Samui Island – underwent a major refurbishment and value enhancement project during low season last year and re-opened with new look on 20 December 2014.
Before refurbishment New look
Refurbish shmen ent & Value e Enhancem emen ent (Complet eted ed) Period
17 Standard Villa Beach Bar Restaurant Spa Pool Villa Santiburi Lounge
18 Opera ration
Location
Interior design Exterior design
A Bt.2,700mn newly acquired asset, Phi Phi Island Village Beach Resort is a 3-star beachfront hotel on Phi Phi Island, Krabi Province. Room expansion is now under works.
Program am and Period
Phase 1: June – October 2015
Phase 2: 2016-17
Renov
e Enhancem emen ent
Note: As of 31 May 2015 and subject to change.
Add keys (Phase 1)
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Previously owned and used by Japanese government as its embassy, the strategic land plot will be soon developed into a world-class mixed-use development – “Singha Complex”.
Open ening The 11.3-rai land plot on Asoke- Petchaburi intersection (BKK CBD), next to :
Program
1H’2018 (Tentative)
Note: As of 31 May 2015 and subject to change.
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Consolidated Financial Statements
transferred from BRB and Khun Santi Bhirombakdi were amalgamated with one another from the start and acquired RASA on the 12 September 2014.
Consol solidated ed Company 1Q15 S and its existing subsidiaries S only 1Q14 Companies transferred from BRB and Khun Santi Bhirombhakdi /1 S only (previously RASA)
Statements of Comprehensive Income
Consol
ated ed Company 31 March 15 S and its existing subsidiaries S only 31 December 14 S and its existing subsidiaries S only
Statements of Financial Position
Note: 1. Max Future Co., Ltd, Singha Property Development Co., Ltd., Bhiromphat Co., Ltd., and Santiburi Co., Ltd.
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Abbreviation: STB : Santiburi Beach Resort & Spa PP : Phi Phi Island Village Beach Resort 1Q14 4Q14 1Q15 yoy qoq (Unit: Bt.mn) change change Revenues 82.8 178.7 308.5 225.7 129.8 Revenues from sales of house and condominium units 0.0 118.5 75.3 75.3 (43.2) Revenues from services 82.8 60.2 233.2 150.3 173.0 Costs 15.7 176.1 186.7 170.9 10.5 Costs of house and condominium unit sold 0.0 95.1 67.5 67.5 (27.7) Costs of services 15.7 81.0 119.2 103.5 38.2 Gross profit 67.1 2.6 121.8 54.7 119.3 Gross profit from house and condominium unit sold 0.0 23.4 7.9 7.9 (15.5) Gross profit from services 67.1 (20.8) 114.0 46.9 134.8 Selling and admin expenses 53.4 147.1 125.7 72.3 (21.4) Profit (loss) from operation 13.7 (144.5) (3.9) (17.6) 140.6 Other income 4.4 20.9 14.2 9.8 (6.7) Profit (loss) before interest and income taxes 18.1 (123.6) 10.3 (7.8) 133.9 Financial costs 0.2 25.1 36.2 36.0 11.2 Income taxes 6.7 (5.9) (0.3) (6.9) 5.6 Frofit (loss) for the period 11.3 (142.8) (25.7) (36.9) 117.1 Non-controlling interests 0.0 (1.2) (1.9) (1.9) (0.7) Net Profit (loss) 11.3 (144.0) (27.6) (38.8) 116.4 Gross profit margin 81% 1% 39% (42%) (43%) Profit margin from house and condominium unit sold n/a 20% 10% n/a n/a Profit margin from services 81% (35%) 49% (32%) 2%
Maxx Ville transferred in 1Q15
from STB and PP
STB’s renovation work
4Q14
head office to support business expansion
expense of new loan raised to acquire PP
most of 4Q14 for refurbishment)
Consolidated Statements of Comprehensive Income
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(Unit: Bt.mn / % to total assets) Assets Cash and Short-term investments 898.2 9% 578.0 6% Costs of property development 794.8 8% 439.4 4% Inventories 11.7 0% 12.0 0% Others 92.9 1% 111.7 1% Total current assets 1,797.7 18% 1,141.0 11% Investments in subsidiaries 0.0 0% 0.0 0% Land held for development 1,499.6 15% 2,716.2 26% Investment property 2,820.0 29% 2,848.1 28% PP&E 3,122.9 32% 3,169.0 31% Others 481.6 5% 466.7 5% Total assets 9,721.7 100% 10,341.0 100% Liabilities Short-term loans 3,166.9 33% 4,083.8 39% Current portion of long-term loans 38.3 0% 11.0 0% Others 429.3 4% 213.7 2% Total current liabilities 3,634.4 37% 4,308.5 42% Long-term loans 504.8 5% 471.6 5% Others 31.3 0% 34.5 0% Total liabilities 4,170.5 43% 4,814.7 47% Shareholders' equity Paid-up capital 4,712.4 48% 4,712.4 46% Retained eanrings 307.6 3% 280.0 3% Others 531.3 5% 534.0 5% Total shareholders' equity 5,551.2 57% 5,526.3 53% End of 2014 End of 1Q15
Rattanathibet) acquired in 1Q15
raised to acquire new land plots
Net IBD to equity
0.51 0.72
Consolidated Statements of Financial Position
Short-term 90% Long-term 10% 1Q15 Outstanding borrowings: Bt.4,566.4mn.
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25 New common
es 2,635,940,054 shares res
186,509,792 shares (completed)
816,476,754 shares
1,632,953,508 shares
Capital Increase
Ratio
e : new share e : warrant) 6 : 1 : 2 Share e subsc scription
e Baht 3.00 per share S-W1 W1 offer ering g price Baht 0.00 Ex Ex-rights s date e (XR) 14 May 2015 Subsc scription
ent period
8 to 12 June 2015 (by 16.00) First st day trade e of new share 23 June 2015 (tentative) First st day trade e of S-W1 W1 10 July 2015 (tentative) Subsc bscription
ent Maybank Kim Eng Securities
Rights Offering (“RO”)
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Information of the S-W1
Warrant symbol
S-W1 Exercise se ratio
e) 1 : 1 Exercise price ce Baht 15.00 per share Term of warrants Not exceeding 4 years and 2 months
15 January 2018
16 July 2018
15 January 2019
15 July 2019 Issuance and offer ering date 24 June 2015 (tentative) First st day trade e of S-W1 W1 10 July 2015 (tentative) Secon
et SET
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Choenporn Subhadhira
Tel: (+66) 2632 4533 ext.101 Email: choenporn.s@singhaestate.co.th Website: www.singhaestate.co.th
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