Presentation 2017 Q3 Results and Business Plan Opportunity Day - - PowerPoint PPT Presentation

2017 Q3 Results and Business Plan Opportunity Day

Presentation

The information (“Confidential Information”) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited (the “Company”) to you solely for your reference. Neither this presentation nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the

• Company. Although care has been taken to ensure that the Confidential Information in this presentation is accurate, and that the opinions expressed are fair and

reasonable, the Confidential Information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company. None of the Company, or any of their respective members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation is for information purposes only and does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in Thailand, United States or any other jurisdiction. Any such purchase should be made solely on the basis of the information contained in the announcements to the Stock Exchange of Thailand relating to such securities. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness. This presentation contains projections and forward‐looking statements that reflect the Company's current views with respect to future events and financial

• performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and

contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company. You are cautioned not to place undue reliance on these forward looking statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those forecasted and projected or in the forward‐looking statements.

Disclaimer

3

• 1. 3Q2017 Financial Results

▪ Transfers ▪ Launches ▪ Presales ▪ Backlog ▪ Bonds Issue

• 2. 3Q2017 Summary
• 3. 2018 Business Plan
• 4. Company View
• 5. Mass Transit Network Updates

Agenda

4

3Q/2017 Financial Statements

3Q2017 2Q2017 3Q2016 % Q-o-Q % Y-o-Y

M Baht % M Baht % M Baht % Total revenue

2,759 100% 3,752 100% 2,979 100%

• 26%
• 7%

Revenue from sale of real estate

1,692 61% 2,661 71% 2,358 79%

• 36%
• 28%

Other incomes

1,066 39% 1,090 29% 621 21%

• 2%

72%

Gross Profit

927 35% 1,331 37% 972 34%

• 30%
• 5%

SG&A

649 24% 674 18% 570 19%

• 4%

14%

Selling expenses

253 9% 307 8% 248 8%

• 18%

2%

Administrative expenses

396 14% 366 10% 322 11% 8% 23%

Share of Profit (Loss)

(113)

• 4%

(300)

• 8%

(105)

• 4%

N/A N/A

EBIT

289 10% 519 14% 437 15%

• 44%
• 34%

Interest expenses

89 3% 104 3% 98 3%

• 14%
• 9%

EBT

200 7% 414 11% 339 11%

• 52%
• 41%

Tax

59 19% 135 19% 90 20%

• 57%
• 35%

Net Profit (Loss)

141 5% 279 7% 250 8%

• 50%
• 44%

Earnings per share (baht)

0.03 0.07 0.06

5

9M/2017 Financial Statements

9M2017 9M2016 % Y-o-Y

M Baht % M Baht % Total revenue

8,825 100% 8,463 100% 4%

Revenue from sale of real estate

5,931 67% 7,065 83%

• 16%

Other incomes

2,894 33% 1,399 17% 107%

Gross Profit

2,980 35% 2,899 35% 3%

SG&A

1,871 21% 1,773 21% 6%

Selling expenses

775 9% 729 9% 6%

Administrative expenses

1,096 12% 1,044 12% 5%

Share of Profit (Loss)

(471)

• 5%

(304)

• 4%

N/A

EBIT

1,056 12% 1,072 13%

• 1%

Interest expenses

281 3% 241 3% 16%

EBT

775 9% 830 10%

• 7%

Tax

214 17% 222 20%

• 4%

Net Profit (Loss)

561 6% 608 7%

• 8%

Earnings per share (baht)

0.13 0.16

6

3Q/2017 Financial Highlights

3Q2017 2Q2017 3Q2016 % Q-o-Q % Y-o-Y

M Baht M Baht M Baht

Cash balance and equivalent

1,461 1,842 2,091

• 21%
• 30%

Assets

27,019 26,147 23,515 3% 15%

Interest bearing debts

11,480 10,897 10,158 5% 13%

Liabilities

15,041 14,350 13,619 5% 10%

Shareholders' equity

11,979 11,797 9,896 2% 21%

D/E ratio (times)

1.26 1.22 1.38 3%

• 9%

Net IBDE ratio (times)

0.84 0.77 0.82 9% 3%

7

2017 Transfer Target between 22,000 and 24,000 M Baht

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2017 Condo 1,217 2,326 1,844 1,239 3,816 8,599 Housing 360 335 596 454 800 1,947 Ananda F/S 1,557 2,661 2,440 1,692 4,615 10,546 Ananda Share in JV 337 41 632 783 5,202 6,363 Partner Share in JV

324 39 607 753 4,998 6,114 Total (M Baht) 2,238 2,741 3,679 3,229 14,815

23,023

10 new condo projects

to complete in 2017

2017 Business Plan >>Transfers Growth

45

%

From 2016

Q3/2017 transfers below our latest guidance by

12% and lower full year guidance by 8%

1Q17 (A) 2Q17 (A) 3Q17 (F) 3Q17 (A) 4Q17 (F) 1,217 2,328 1,844 1,239 3,816 360 334 596 454 800 337 41 632 783 5,202 324 39 607 753 4,998 Unit : Mil Baht Condo Housing Ananda Share in JV Partner Share in JV

8

Note : (JV, Joint Venture with Mitsui Fudosan and Ananda)

69% Of Q4/2017 Target Will Be Derived From New Projects

Updated: Sept 30, 2017

Q4/2017 Projects To Be Transferred

New Projects Transfer Target Presales Required to achieve

Condo 2,088 Housing 225 50 Own Projects 2,313 50 Condo JV Projects 7,853 80 New Projects 10,166 130

Existing Projects Transfer Target Presales Required to achieve

Condo 1,728 662 Housing 574 183 Own Projects 2,302 845 Condo JV Projects 2,347 110 Existing Projects 4,649 955

Total Projects Transfer Target Presales Required to achieve

Condo 3,816 662 Housing 800 233 Own Projects 4,615 895 Condo JV Projects 10,200 190 Total Projects 14,815 1,085

6 new condo

projects and

3 new housing

projects to complete in 4Q2017

7 existing condo

projects and

4 existing housing

projects to continue to be transferred in 4Q2017

93% of the

4Q2017 transfers secured by backlog

18.6% 1.0% 11.0% 21.0% 31.0% 41.0% 2 4 6 8 10 12 3.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2 4 6 8 10 12

9

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Cancellation Rate

Updated: Sept 30, 2017

1Q17

Note: % Cancellation Rates are calculated by cancelled value divided by beginning backlog + presales

2Q17 3Q17 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

3.6% 1.0% 3.0% 5.0% 7.0% 2 4 6 8 10 12

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

3Q17 without Ready to move Campaign should be 2.2% 3Q17 without Ready to move Campaign should be 2.6%

14.4% 1.0% 6.0% 11.0% 16.0% 21.0% 2 4 6 8 10 12 13.0% 0.0% 5.0% 10.0% 15.0% 20.0% 2 4 6 8 10 12

10

Mortgage Rejection Rate

Note: % Mortgage Rejection Rates are shown by units Updated: Sept 30, 2017

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

24.7% 10.0% 20.0% 30.0% 40.0% 2 4 6 8 10 12

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

3Q17 without Ready to move Campaign should be 8%

3Q17 without Ready to move Campaign should be 5%

11

2017 Launch Target between 41,000 and 43,000 M Baht

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2017 Condo 1,875 21,880

• 4,435

7,761 35,951 Housing 1,637 949 2,852 3,252

• 5,838

Total (M Baht) 3,512 22,829 2,852 7,687 7,761

41,789

• No. of Condo Project

2 5 (JVs)

• 2 (1 JV)

2 (1 JV)

11 (7 JVs)

• No. of Housing Project

1 1 3 3

• 5

JV 7 Sites accounting for 66% of launch value)

2017 Business Plan >>Launches

Q3/2017 launch target beat our latest guidance by 170%

16 Projects 42 Bn Baht

Growth

102

%

From 2016

1Q17 (A) 2Q17 (A) 3Q17 (F) 3Q17 (A) 4Q17 (F) 1,875 21,880 4,435 7,761 1,637 949 2,852 3,252 Unit : Mil Baht Condo Housing

12

New Launch In Q3 >> Ideo Mobi Sukhumvit 40

Ideo Mobi Sukhumvit 40 Project value (M Baht) 2,057

• No. of unit

272 Soft Launched date September 2017 Expected transfer date 2019 Location 660 m. from BTS Ekamai

New

AMC Sales Only

558 MB

as of Sept 30th, 2017

13

New Launch In Q3 >> Ideo Mobi Rangnam

Ideo Mobi Rangnam Project value (M Baht) 2,377

• No. of unit

366 Soft Launched date September 2017 Expected transfer date 2019 Location 630 m. from BTS Victory Monument

New

AMC Sales Only

259 MB

as of Sept 30th, 2017

14

New Launch In Q3 >> Airi Rama 5 - Ratchaphruek

Airi Rama 5 - Ratchaphruek Project value (M Baht) 792

• No. of unit

63 Soft Launched date July 2017 Sales to Date (M Baht) 65 Location Rama 5 Road, Nonthaburi

15

New Launch In Q3 >> Artale Kaset - Nawamin

Artale Kaset - Nawamin Project value (M Baht) 1,658

• No. of unit

59 Soft Launched date August 2017 Sales to Date (M Baht) 81 Location 13 km. to Thonglor

16

New Launch In Q3 >> Atoll Wongwaen - LumLukka

Atoll Wongwaen - Lumlukka Project value (M Baht) 802

• No. of unit

138 Soft Launched date September 2017 Sales to Date (M Baht) 48 Location Lumlukka Near BTS Green Line

17

New Launch In Q4 >> Ideo Mobi Rama 4

Ideo Mobi Rama 4 Project value (M Baht) 4,398

• No. of unit

486 Soft Launched date November 2017 Expected transfer date 2020 Location 0 m. from MRT Khlong Toei

18

New Launch In Q4 >> Elio Del Moss

Elio Del Moss Phaholyothin 34 Project value (M Baht) 3,363

• No. of unit

1,552 Soft Launched date November 2017 Expected transfer date 2019 Location 1,200 m. from BTS Sena Nikhom

19

2017 Presales Target between 32,000 and 33,000 M Baht

2017 Business Plan >>Presales

Q3/2017 presales beat our latest guidance by 52% and raise full year guidance by 5% Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2017 Condo 3,836 10,322 5,576 8,739 6,857 29,754 Housing 600 728 774 906 600 2,834 Total (M Baht) 4,436 11,051 6,350 9,645 7,457

32,588

Growth

29

%

From 2016

1Q17 (A) 2Q17 (A) 3Q17 (F) 3Q17 (A) 4Q17 (F) 3,836 10,322 5,576 8,739 6,857 600 728 774 906 600 Unit : Mil Baht Condo Housing

2017 2018 2019 2020 3,154 1,062 558 5,105 11,457 5,390 1,874 4,905 13,169 5,179 1,800 567 153 Unit: Mil Baht Ananda's Backlog - Condo Ananda's Backlog in JV - Condo Partner's Share Ananda's Backlog - Housing

20

Backlog 54.4 Bn Baht 93% of the 4Q17

transfers secured by backlog

Record Backlog

Updated: Sept 30, 2017

13,730 25,841 3,674 11,128

64% of the 2018

transfers secured by backlog

• 5,000

10,000 15,000 20,000 25,000 30,000 35,000 40,000 1 year 2 years 3 years more than 3 years 20,663 16,350 7,611 9,026 18,795 10,245 3,348 2,123 Unit:M Baht Backlog Unsold Inventories

21

Condo Unsold Inventories Aging Condo Unsold Inventories are Cleared by End of Construction

Updated: Sept 30, 2017

Backlog (condo) 53.7 Bn Baht Unsold Inventories (condo) 34.5 Bn Baht

2.4% of Total Development Unsold After 3 Years

+

2.4% of condo projects

under development

88.2 Bn Baht

22

Fact sheet Detail

• 1. Debentures’ name

Debentures of Ananda Development Public Company Limited No. 5/2017

• 2. Type of Debentures

Unsubordinated and Unsecured Debentures without a Debenture holders’ Representative in the Name-Registered Debenture Certificate

• 3. Offering Method

Institutional investors or/and high net worth investors

• 4. Offering Amount

2,000,000 Units

• 5. Face Value

1,000 Baht/Unit

• 6. Offering Price

1,000 Baht/Unit

• 7. Total Amount

2,000,000,000 Baht

• 8. Issuing Date

6 October 2017

• 9. Tenor

3 Years 10. Interest Rate 3.50%

• 11. Credit Rating

“BBB” (stable) by Tris Rating

Bond Issuance (3 Years)

23

Securitization

Summary of Accounting Treatment ✓ Preference Shares in JV SPV are treated as “Equity”. Classified after deducting securities discount under “Non- controlling interests of the subsidiary” ✓ Preference Shares in JV SPV are better than capital increase as no share dilution ✓ D/E and Net IBDE Ratio will be decreased. ✓ ROE is diluted in the short term (higher equity base). ✓ New capital will support ANAN’s strategy and earnings growth sustainability in the medium and long term.

Fact sheet Detail

• 1. Type of Securities

Preference Shares in JV SPV with rights at 1 vote for every 20 shares

• 2. Offering Method

High net worth investors

• 3. Offering Amount

3,000,000 preferred shares in JV SPV

• 4. Par Value

100 Baht/Unit

• 5. Total Amount

300,000,000 Baht

• 6. Issuing Date

2 August 2017 7. Dividend Yield 8.0% per annum, dependent on the subsidiary’s performance

• 8. Tenor

1 year and 6 months after August 2017

24

❖ Record Backlog – 54.4 Bn Baht ❖ Net IBDE – below Target at 0.84 times ❖ Successful Launches ❖ Successful Bond Issue ❖ Record Low Cost of Bond

Ananda – The Harvest Continues!

❖ Transfers below guidance by 12% ❖ Lower annual transfers target by 8% ❖ Presales beat guidance by 52% ❖ Raise annual presales target by 5% ❖ Launches beat guidance by 170%

Summary 3Q 2017

25

Item 2013 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Guidance

Launches (M Baht) 34,213 14,954 34,828 20,693 41,000-43,000 Transfers1 (M Baht) 8,808 9,678 9,598 15,866 22,000-24,000 Presales (M Baht) 21,083 20,898 26,235 25,175 32,000-33,000 Gross Profit Margin 37% 38% 39% 35% 32% Total Debt / Equity, Year End 1.1 1.5 1.4 1.4 1.1 Net Interest Bearing D / E, Year End 0.3 0.7 0.7 0.8 0.8 Effective Tax Rate 21% 18% 17% 18% 20% Land Purchases (M Baht) 4,343 10,284 5,258 7,252 13,000-14,000

2017 Summary

Note : 1 including Joint Venture with Mitsui Fudosan)

26

9,598

2015 TRANSFERS

9,598

65% YoY

TRANSFERS

15,866

45% YoY

TRANSFERS

23,023

76% YoY

TRANSFERS

40,524

13% YoY

TRANSFERS

45,806

24% YoY

TRANSFERS

56,589

2015-2019: 5 Times Growth

13,730

25,841

11,128

Backlog 54.4 Bn Baht 93% of the 4Q17

transfers secured by Backlog

64% 24%

Note: The 5-year plan has assumption of no new capital and keeping net IDE ratio at 1:1

3,674

6%

9,780 3,104 2,982 10,546 6,363 6,114 9,710 14,613 16,201 15,294 15,711 14,801 18,733 19,919 17,936 3,721 5,105 4,905

93% of 4Q17

1,215 11,457 13,169 558 5,390 5,179 1,874 1,800

64% of the 2018

transfers secured by Backlog

27

2018 Transfer target between 35,000 and 45,000 M Baht

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2018 Condo 1,620 1,019 1,460 2,537 6,637 Housing 546 832 802 893 3,073 Ananda F/S 2,166 1,851 2,262 3,430 9,710 Ananda Share in JV 2,967 2,909 2,300 6,437 14,613 Partner Share in JV

2,850 2,795 2,210 8,346 16,201 Total (M Baht) 7,983 7,555 6,772 18,213

40,524

11 new condo projects

to complete in 2018

2018 Business Plan >>Transfers Growth

76

%

From 2017

1Q17 (A) 2Q17 (A) 3Q17 (F) 3Q17 (A) 4Q17 (F) 1,217 2,328 1,844 1,239 3,816 360 334 596 454 800 337 41 632 783 5,202 324 39 607 753 4,998 Unit : Mil Baht Condo Housing Ananda Share in JV Partner Share in JV

28

2018 Launch Target between 46,000 and 49,000 M Baht

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2018 Condo 11,061 9,482 9,389 9,684 39,616 Housing 1,840

• 4,437

2,130 8,406 Total (M Baht) 12,901 9,482 13,826 11,814

48,022

• No. of Condo Project

3 (2 JVs) 2 (JVs) 5 (1 JV) 3 (2 JVs)

13 (7 JVs)

• No. of Housing Project

3

• 4

2

9 JV 7 Sites accounting for 60% of launch value)

2018 Business Plan >>Launches

22 Projects 48 Bn Baht

Growth

15

%

From 2017

1Q18 (A) 2Q18 (A) 3Q18 (F) 4Q18 (F) 11,061 9,482 9,389 9,684 1,840 4,437 2,130 Unit : Mil Baht Condo Housing

29

2018 Presales Target between 40,000 and 41,000 M Baht

2018 Business Plan >>Presales

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2018 Condo 7,160 7,912 10,149 10,692 35,912 Housing 992 933 1,108 1,562 4,595

Total (M Baht) 8,151 8,845 11,257 12,254

40,507

Growth

24

%

From 2017

1Q18 (F) 2Q18 (F) 3Q18 (F) 4Q18 (F) 7,160 7,912 10,149 10,692 992 933 1,108 1,562 Unit : Mil Baht Condo Housing

30

Item 2013 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Guidance 2018 Guidance

Launches (M Baht) 34,213 14,954 34,828 20,693 41,000-43,000 46,000-49,000 Transfers1 (M Baht) 8,808 9,678 9,598 15,866 22,000-24,000 35,000-45,000 Presales (M Baht) 21,083 20,898 26,235 25,175 32,000-33,000 40,000-41,000 Gross Profit Margin 37% 38% 39% 35% 32% 32% Total Debt / Equity, Year End 1.1 1.5 1.4 1.4 1.1 1.1-1.2 Net Interest Bearing D / E, Year End 0.3 0.7 0.7 0.8 0.8 0.7-0.9 Effective Tax Rate 21% 18% 17% 18% 20% 20% Land Purchases (M Baht) 4,343 10,284 5,258 7,252 13,000-14,000 9,000-11,000

2018 Summary

Note : 1 including Joint Venture with Mitsui Fudosan)

31

❖ Economic situation stable ❖ GDP growth projections revisions stable ❖ Increased government disbursement ❖ Land price increases slowing ❖ Construction costs constrained ❖ Consumer confidence moving up ❖ Banks remain strongly supportive – Bond ❖ Our customer group remains “cashed up” and with good credit ❖ Mass Transit Supply/Demand varies by station ❖ Mass Transit market more robust than general market

Source : University of Thai Chamber

Initial Sales Rate

Sources: AREA

59% 47% 58% 36% 64% 22% 53% 37% 0% 10% 20% 30% 40% 50% 60% 70% 0-300 m. > 1,000 m. 2013 2014 2015 2016

Company View

32

Updated : 6 November 2017 Under Construction

• Blue Line: Bangsue – Bangkae – Hua

Lampong (2019)

• Dark Green Line: Bearing Samutprakarn

(2018)

• Red Line: Bangsue - Rangsit (2020)
• Dark Green Line: Mor Chit - Kukod (2020)
• Orange Line: Thai Cultural Center -

Minburi (2023)

Awarded in 2016 and 2017

• Pink Line: Kalai - Minburi (2020)
• Yellow Line: Ladprao – Samrong (2020)
• Light Red Line: Bangsue – Phayathai –

Makasan – Huamark (2019)

• Red Line: Bangsue – Hualamphong (2019)

*Approved by cabinet within 2016

• Gold Line: Krungthonburi – Klongsan

(2019) *Approved by cabinet in March 2017

• Purple Line: Taopoon – Ratburana (2024)

*Approved by cabinet in July 2017

• Blue Line: Bangkae – Bhuthamonthon Sai

4 (2023) *Will be approved by cabinet within 2017

Current Line Under Construction Awarding in 2016 & 2017

Mass Transit Network Expansion

❖ In 2017 34 kms of new lines will be approved by cabinet representing 25 new stations additional from 112kms of new lines approved in 2016 for 82 new stations ❖ Future growth opportunities for Ananda for many years to come

33

5-Star Corporate Governance

Corporate Governance

❖ Upgrade to one of companies with excellent CG Scoring (5-star) from a company with very good CG scoring (4-star) ❖ Upgrade in the rights of shareholders and board responsibilities category

34

IR Awards

Investor Relations

❖ Achieved excellence in Investor Relations from IR Magazine South East Asia Awards 2017 for real estate sector ❖ Outstanding achievement in SET Awards 2017 for Investor Relations ❖ Best in class in Investor Relations also recognized by South East Asia including The Stock Exchange of Thailand

35

Contact:

• Dr. John Millar

Chief Strategic Development Officer Ananda Development Public Company Limited john@ananda.co.th +662 056 2222 Mobile: +66 877 99 1946

• Mr. Komsan Atthaphonphithak

Senior Investor Relations Manager Ananda Development Public Company Limited komsan@ananda.co.th +662 056 2222 Mobile: +66 819 16 3755

Thank You

Scan QR Code to talk to Ananda IR Chatbot

36

Appendix

37

Project Launched Type Value (M Baht) %Net Sold Backlog (M Baht) Unsold Inventory (M Baht) %Transfer

ADO: Atoll (Housing) Feb-13 Housing 6,229 64.3% 38 2,226 63.3% AD14: Ideo Sathorn – Tha Phra Jul-13 Condo 3,548 100.0%

• 100.0%

AD15: Ideo Mobi Charan-Interchange Oct-13 Condo 3,735 100.0%

• 100.0%

AD17: Ashton Asoke (JV) Sep-14 Condo 6,705 97.9% 6,564 142

• AD17: Ideo Q Siam-Ratchathewi (JV)

Sep-14 Condo 3,822 83.2% 3,181 641 24.9% AD16: Ideo Mobi Wongsawang- Interchange Sep-14 Condo 1,775 37.9% 50 1,102 35.1% AD16: Ideo Mobi Sukhumvit Eastgate Sep-14 Condo 2,522 88.0% 112 302 83.6% AD18: Ashton Chula-Silom (JV) Mar-15 Condo 8,709 78.5% 6,835 1,874

• AD17: Ashton Residence 41

Mar-15 Condo 2,119 44.8% 693 1,170 12.1% AD16: Unio Charan 3 Jun-15 Condo 2,120 85.7% 83 304 81.8% AD16: Arden 3 projects Jun-15 Housing 2,877 71.4% 93 823 68.1% AD17: Ideo Sukhumvit 115 Aug-15 Condo 2,777 73.5% 222 735 65.5% AD17: Q Chidlom (JV) Aug-15 Condo 3,030 64.9% 1,966 1,064

• AD18: Ideo O2 (JV)

Aug-15 Condo 5,096 61.0% 3,108 1,987

• AD17: Ideo Mobi Bangsue Grand

Interchange (JV) Nov-15 Condo 2,536 43.2% 516 1,440 22.9% AD18: Ashton Silom (JV) Nov-15 Condo 6,116 66.4% 4,061 2,055

• Sub total

(2013-2015 Launched) 63,729 26,642 15,803

AD17: Ideo Tha Phra Interchange (JV) Feb-16 Condo 2,791 44.7% 1,248 1,543

• AD17: Unio Sukhumvit 72

Jul-16 Condo 1,517 80.8% 1,225 292

• AD17: Unio Rama2-Thakham

Jul-16 Condo 983 67.9% 667 316

• Current Projects As Of September 2017

Updated: Sept 30, 2017

Note: JV = Joint Venture with Mitsui Fudosan

38

Current Projects As Of September 2017 (Cont.)

Updated: Sept 30, 2017

Project Launched Type Value (M Baht) % Net Sold Backlog (M Baht) Unsold Inventory (M Baht) %Transfer

AD17: Venio Sukhumvit 10 Sep-16 Condo 862 90.3% 779 84

• AD18: Ideo Mobi Asoke (JV)

Sep-16 Condo 3,288 77.8% 2,558 729

• AD18: Ideo Sukhumvit 93 (JV)

Oct-16 Condo 6,224 87.3% 5,435 789

• AD18: Ideo Phaholyothin-Chatuchak (JV)

Oct-16 Condo 2,553 67.8% 1,732 821

• AD18: Ideo Sukhumvit 66 (JV)

Oct-16 Condo 2,423 42.3% 1,026 1,398

• Sub total (2016 Launched)

20,641 14,669 5,972

AD18: Unio Ramkhamhaeng-Serithai Mar-17 Condo 939 21.4% 201 738

• AD18: Unio H Tiwanon

Mar-17 Condo 941 19.4% 183 758

• AD17: Artale Phattanakarn-Thonglor

Mar-17 Housing 1,643 22.5% 282 1,273 5.4% AD19: Ideo Q Victory (JV) Jun-17 Condo 3,208 98.2% 3,150 59

• AD20: Ashton Asoke-Rama 9 (JV)

Jun-17 Condo 6,428 57.2% 3,674 2,754

• AD19: Ideo Q Sukhumvit 36 (JV)

Jun-17 Condo 4,289 41.6% 1,784 2,505

• AD19: Ideo New Rama 9 (JV)

Jun-17 Condo 2,967 57.8% 1,714 1,253

• AD19: Elio Del Nest (JV)

Jun-17 Condo 5,050 18.8% 949 4,102

• AD17: Unio Town Lumlukka Klong 4

Jun-17 Housing 952 14.2% 113 817 2.3% AD17: Airi Rama 5-Ratchaphruek1 Jul-17 Housing 792 8.2% 65 728

• AD17: Artale Kaset-Nawamin2

Aug-17 Housing 1,658 4.9% 81 1,577

• AD17: Atoll Wongwaen-Lumlukka3

Sep-17 Housing 802 6.0% 48 754

• AD19: Ideo Mobi Sukhumvit 404

Sep-17 Condo 2,057 27.1% 558 1,499

• AD19: Ideo Mobi Rangnam5 (JV)

Sep-17 Condo 2,377 10.9% 259 2,118

• Sub total (2017 Launched)

34,105 13,060 20,935

Grand total

118,475 54,371 42,709

Note: JV = Joint Venture with Mitsui Fudosan