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Presentation 2014 Q1 Results Analyst Meeting 1 Disclaimer The - - PowerPoint PPT Presentation
Presentation 2014 Q1 Results Analyst Meeting 1 Disclaimer The - - PowerPoint PPT Presentation
Presentation 2014 Q1 Results Analyst Meeting 1 Disclaimer The information (Confidential Information) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited (the Company) to
Disclaimer
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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.
Agenda
- 1. Q1 Financial Results
- 2. Q1 Detail
- 1. Revenue
- 2. Presales
- 3. Cancelation Rate
- 4. Mortgage Rejection Rate
- 5. Backlog
- 6. Launch Plan
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- 3. Five Year Plan
- 4. Bond
- 5. Macro
- 6. Dividend
- 7. Trading Performance
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Note: 1 Revenue from real estate generated 1,714 M Baht, 5,860 M Baht and 1,003 M Baht for 1Q2014, 4Q2013 and 1Q2013, respectively
1Q/2014 Financial Statements
1Q2014 4Q2013 1Q2013
% Q-o-Q % Y-o-Y M Baht % M Baht % M Baht % Revenue 1,790 100% 6,105 100% 1,050 100%
- 71%
70% Other incomes 14 1% 22 0% 13 1%
- 36%
6% Gross Profit 600 34% 2,252 37% 401 39%
- 73%
50% SG&A 422 24% 909 15% 329 31%
- 54%
28% Selling expenses 196 11% 676 11% 164 16%
- 71%
20% Administrative expenses 226 13% 232 4% 165 16%
- 3%
37% Other expenses 2 0% 8 0% 60 6%
- 78%
- 97%
Share of Profit (Loss)
- 9
- 1%
- 82
- 1%
0% N/A N/A EBIT 181 10% 1,276 21% 25 2%
- 86%
633% Interest expenses (Buyout) 0% 0% 0% N/A N/A Interest expenses 41 2% 54 1% 8 1%
- 23%
438% EBT 140 8% 1,222 20% 17 2%
- 89%
722% Tax 29 21% 223 18% 12 72%
- 87%
141% Net Profit (Loss) 110 6% 999 16% 5 0%
- 89%
2210% Earnings per share (baht)* 0.03 0.30 0.001
- 89%
2210%
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1Q2014 4Q2013 1Q2013
% Q-o-Q % Y-o-Y M Baht M Baht M Baht Cash balance 1,077 2,309 1,894
- 53%
- 43%
Assets 12,911 12,482 10,284 3% 26% Interest bearing debts 4,700 4,163 2,803 13% 68% Liabilities 6,922 6,603 5,212 5% 33% Shareholders' equity 5,989 5,879 5,072 2% 18% D/E ratio (times) 1.2 1.1 1.0 3% 12% Net IBDE ratio (times) 0.6 0.3 0.2 92% 238%
1Q/2014 Financial Highlight
2014 Business Plan – Quarterly Revenues
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2014 Revenue target between 8,500 and 9,500 M Baht
Quarter Condo (M Baht) Housing (M Baht) Total (M Baht) Quarter 1 Guidance 1,050 450 1,500 Quarter 1 Actual 1,376 338 1,714 Quarter 2 1,344 812 2,156 Quarter 3 1,600 750 2,350 Quarter 4 2,300 550 2,850 Grand Total 6,620 2,450 9,070
- 500
1,000 1,500 2,000 2,500 3,000 1Q14 (F) 1Q14 (A) 2Q14 (F) 3Q14 (F) 4Q14 (F) Unit : Mil Baht Condo Landed property
Q1/2014 Revenues above our guidance 14%
Revenue Sources and Risks
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Source Begins Revenue to achieve in the next 9 months (M Baht) Backlog (M Baht) Risk Note
Q1 2,658 1,663 Sales Risk Whole year to sell Q1 136 136 Sales Risk Whole year to sell Q2 850 1,133 Household Debt Started finance pre-approval Q4 850 1,572 Household Debt Q4 650 1,788 Construction Risk Q1 2,212 1,267 Sales Risk Whole year to sell
Total
7,356 7,559
Updated: Mar 31, 2014
2014 Business Plan – Quarterly Presales
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2014 Presales target between 8,500 and 9,500 M Baht
Quarter Condo (M Baht) Housing (M Baht) Total (M Baht) Quarter 1 Guidance 1,000 400 1,400 Quarter 1 Actual 1,463 679 2,142 Quarter 2 350 450 800 Quarter 3 50 550 600 Quarter 4 5,700 500 6,200 Grand Total 7,563 2,179 9,742
- 1,000
2,000 3,000 4,000 5,000 6,000 7,000 1Q14 (F) 1Q14 (A) 2Q14 (F) 3Q14 (F) 4Q14 (F) Unit : Mil Baht Condo Landed property
Q1/2014 Presales above our guidance 53%
Cancellations
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Updated: Mar 31, 2014
Condo Housing Total 772 M Baht 208 M Baht 980 M Baht
Cancelled Value (Q1/2014)
2.6% 9.8% 3.1%
%Cancellation Rate (Q1/2014)*
Note: % Cancellation Rates are calculated by cancelled value divided by total presales
Mortgage Rejection Rate
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YTD March 2014
Mortgage Rejection Rate (units):
0.0%
Condo
YTD March 2014
Mortgage Rejection Rate (units):
22.9%
Housing
YTD March 2014
Mortgage Rejection Rate (units):
6.6%
Total
Transferred: 359 units/ No. of customers rejected for mortgage: 0 Transferred: 111 units/ No. of customers rejected for mortgage: 33 Transferred: 470 units/ No. of customers rejected for mortgage: 33
Updated: Mar 31, 2014
Current Projects >> 2014 Sales to Date
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Updated: Mar 31, 2014
Project Launched Value (M Baht) %Net Sold Net Sales (Q1 2014) Unsold Inventory (M Baht) %Transfer AD2: Ideo Verve Ratchaprarop Nov-08 2,153 99.7% 7 7 98.9% AD3: Ideo Mobi Sukhumvit Feb-12 3,401 86.8% 103 448 76.1% AD3: Ideo Mobi Phayathai Feb-12 1,459 94.7% 36 77 71.2% AD3: Ideo Mobi Sathorn Feb-12 1,887 99.9% (2) 2 70.1% AD3: Ideo Mobi Rama 9 Feb-12 2,837 82.7% 67 492 68.9% ADO: Atoll Feb-13 8,358 25.3% 471 6,240 10.2% AD2: Ashton Morph Mar-13 2,910 100.0% 45
- 95.9%
AD 14: Elio Sukhumvit 64 Mar-13 1,482 76.4% 40 349
- AD14: Ideo Sathorn – Tha
Phra Jul-13 3,660 48.9% 66 1,871
- AD14: Elio Del Ray
Aug-13 3,233 48.6% 274 1,661
- AD 15: Ideo Wutthakat
Aug-13 2,147 41.0% 103 1,267
- AD15: Ideo Mobi Charun-
Interchange Oct-13 3,667 58.5% (41) 1,521
- AD16: Ideo Q Ratchatewi
Oct-13 2,019 98.7% (27) 26
- AD16: Ideo Q Chula-
Samyan Oct-13 6,761 94.3% 19 383
- Total
45,973 1,162 14,345
4,110 5,209 5,245 3,125 1,267
- 1,000
2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2014 2015 2016 Ananda's Backlog - Condo Mitsui's Share Ananda's Backlog - Housing
Backlog
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18.96 Bn Baht in Backlog
Updated: Mar 31, 2014
5,377 5,209 8,370
2,188 5,650 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 As of March 14 New launches Necessary revenue (next 9 months)
Unit: M Baht Unit: M Baht
Presales to achieve revenue target
Note: Backlog from Ideo Q Ratchatewi change from 2015 to 2016
2014 Business Plan – Quarterly Launches
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2014 Launches target between 14,500 and 15,500 M Baht
Quarter Condo (M Baht) Housing (M Baht) Total (M Baht) Quarter 1
- Quarter 2
- Quarter 3
- Quarter 4
14,950
- 14,950
Grand Total 14,950
- 14,950
Note: “Ananda” includes projects owned 100% by Ananda plus percentage share of JV projects
- 2,000
4,000 6,000 8,000 10,000 12,000 14,000 16,000 1Q14 (F) 2Q14 (F) 3Q14 (F) 4Q14 (F) Unit:Mil Baht Condo Landed property
Acquisitions : 8 Sites Launches : 4 Sites
9,070 15,700 13,250 18,000 22,700 4,000 8,900 7,000 7,091 5,209 5,245 9,070 15,700 14,827 12,048
- 5,000
10,000 15,000 20,000 25,000 30,000 35,000 2014 2015 2016 2017 2018 Ananda's revenue Ananda's 51% share in JVs Ananda's share of backlog and 2014 transferred Land secured
5-Year Business Plan
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17,250 15,700 9,070 26,900 29,700
Updated: Mar 31, 2014
100% 100% 86% 45%
Bond issue
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Fact sheet Detail
1. Debentures’ name Debentures of Ananda Development Public Company Limited No. 1/2014 Due 2017
- 2. Type of Debentures
Unsubordinated and Unsecured Debentures with a Debentures holder ‘Representative in the Name-Registered Debentures
- 3. Offering Method
Public Offering and/or Institutional Investors
- 4. Offering Amount
4,000,000 Units
- 5. Face Value
1,000 Baht/Unit
- 6. Offering Price
1,000 Baht/Unit
- 7. Total Amount
4,000,000,000 Baht
- 8. Issuing Date
12 May 2014
- 9. Maturity Date
12 May 2017
- 10. Interest Rate
Fixed Rate at 5.40% per annum
- 11. Tenor
3 Years
Dividend
The company’s intention has always been to provide investors with a good dividend as well as capital growth Our stated policy has been to pay a dividend when the Board thought it was appropriate and prudent
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AGM on 10th April 2014 approved a dividend to be paid in the amount of 5 satang per share
Macro
Environment challenging and uncertain Acquisitions made in first half for launches in second half Expect rebound in demand when political situation resolves Interest rate cut less important for demand than resolution of political uncertainty Mass transit ridership still increasing Land prices easing Construction costs rising similar to previous years Labor shortage remains Banks remain strongly supportive Our customer group remains “cashed up” and with good credit
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Summary of First Quarter
- Profitable quarter
- Revenues up 70% YoY
- Sales above guidance
- Cancellation rates low
- Construction of condos on
schedule
- Acquisitions on plan
- Housing getting back on
schedule
- Bond issue successful
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Ananda – According to Plan!
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ANAN Trading Performance
1Q2014 Trading Performance
Volume (‘000 Shares)
___________________________ Source: Factset (as of 31 March 2014).
0.0 0.5 1.0 1.5 2.0 2.5 1-Jan-14 30-Jan-14 28-Feb-14 29-Mar-14 50,000 100,000 150,000 200,000 250,000 300,000 Price (THB) Volume ('000) ANAN-TH
1Q2014 Average Daily Trading Volume: 33.4mn shares March 2014 Average Daily Trading Volume: 53.2mn shares
Most Active Volume (March 2014)
No. Company Cumulative Trading Volume (‘000 shares)
1 International Engineering Public Co. Ltd. 8,867,408 2 Natural Park Public Co. Ltd. 6,302,308 3 Wattana Capital Public Co. Ltd. 5,735,027 4 True Corp. Public Co., Ltd. 3,638,222 5 Bangkok Land Public Co. Ltd. 3,260,801 6 Jasmine International Public Co. Ltd. 2,822,574 7 Live, Inc. Plc 2,793,681 8 Raimon Land Public Co. Ltd. 1,896,666 9 TMB Bank Public Co., Ltd. 1,873,549 10 Krisdamahanakorn Public Co. Ltd. 1,751,934 11 Sansiri Public Co. Ltd. 1,364,386 12 BTS Group Holdings Public Co. Ltd. 1,361,437 13 Sahaviriya Steel Industries Public Co. Ltd. 1,274,381 14 Nation Multimedia Group Public Co. Ltd. 1,177,419 15 Ananda Development Co. Ltd. 1,117,154 16 Eastern Star Real Estate Public Co., Ltd. 1,116,132 17 Quality Houses Public Co. Ltd. 1,107,349 18 Bangkok Metro Public Co. Ltd. 1,094,749 19 Thai German Products Public Co. Ltd. 981,233 20 Italian-Thai Development Public Co., Ltd. 975,037 +6.3%
2013 Forms of Activities Person/ Times
Investor Visit (Person) 283 Analyst Visit (Person) 85 Investor and Analyst Site Visit (Times) 21 Quarterly Analyst Meeting (Times) 4 Investor Conference and Road Show (Times) 9 Conference Call (Times) 7 Opportunity Day (Times) 1 Company Event (Times) 1
2013 IR Activities
Thank you
Ananda Development PLC 2013
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Contact:
- Dr. John Millar
Head of Financial Strategy and Investor Relations Ananda Development Public Company Limited john@ananda.co.th +662 697 3300 Mobile: +66 877 99 1946