1Q18 Quarterly Results SET Opportunity Day 21 May 2018 1Q18 - PowerPoint PPT Presentation

1Q18 Quarterly Results SET Opportunity Day 21 May 2018 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

Disclaimer The information (the “Information”) contained in this presentation is strictly confidential and is provided by Nirvana Daii Public Company Limited (“NVD”) solely for information purpose and does not constitute an offer or invitation to sell or the solicita tion of an offer or invitation to purchase or subscribe for share in NVD. 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. 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 NVD. This presentation contains projections and forward‐looking statements that reflect NVD's current views with respect to future events and financial performance. These views are based on our management’s assumptions and beliefs in light of the information cur rently available to us including 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 our control. Although care has been taken to ensure that the Information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the 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 NVD. 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 NVD's assumptions are correct. Please note that NVD and executives/staff do not control and cannot guarantee the relevance, timeliness, or accuracy of these Information. NVD 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 NVD’s executives/staff or any of its agents, or all of their respective af filiates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever. 2 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

Agenda  1Q18 Key Activities  Grand Opening: Banyan Tree Residences – Riverside Bangkok  Exclusive Sales: Nirvana DEFINE Srinakarin-Rama 9  1Q18 Financial Results  Consolidated Statements of Incomes & Financial Positions  FY18 Outlook  On-going Projects  Sales-Transfers-Backlog Report  Update on Landbanks  Strategy Execution  Strategic Direction & Financial Goal  BAAN Nirvana: Home Building Reimagined  Update on Provincial JV  Update on Construction Services  Key Takeaways 3 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

1Q18 Key Activities SET Opportunity Day 21 May 2018 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

1Q18 Key Activities Feb 2018 Grand Opening Banyan Tree Residences – Riverside Bangkok Project Value Bt.6,000m+  45-story Freehold, Riverfront Condominium 70% JV Project along Chaopraya River  & Golden Line Skytrain Branded Banyan Tree Residences  Construction by Bouygues-Thai Ltd.   Design consultant by SCDA Construction progress up to top floor (45F)  Transfer expected in late 2018  5 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

1Q18 Key Activities Project Value Mar 2018 Bt.1,900m Exclusive Sales: 173-units fully-prefabricated Townhouses  Nirvana DEFINE Srinakarin-Rama 9 Street-front on Srinakarin-Romklao Road   About 30 units, worth nearly Bt.300m, sold in one weekend 6 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

1Q18 Financial Results SET Opportunity Day 21 May 2018 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

1Q18 Financial Results Lower Home Offices transfers from:  Less favorable sentiments, especially for SMEs  Customers’ post -financing being turned down despite strong sales momentum Consolidated Statements of Incomes Townhouses transfers continued strong but Unaudited Unaudited not enough to offset Home Offices drop 1Q17 1Q18 %Change Bt.m Revenue from sales of real estate 537.4 79% 390.9 73% -27% Revenue from construction contracts 119.6 18% 95.5 18% -20% Growth in Sales of Goods from: Revenue from sales of goods 24.9 4% 50.2 9% 102%  Sales of structural precast concrete elements Total revenue 681.9 100% 536.5 100% -21% to Crossroads Project in Maldives Costs of sales of real estate (352.7) -66% (230.3) -59% -35% Costs of construction (93.9) -79% (75.4) -79% -20% Costs of sales of goods (19.5) -78% (47.0) -94% 141% Blended Gross Margins improved in percentage term:  Sales of partial street-front land along Total costs (466.1) -68% (352.7) -66% -24% Srinakarin-Romklao Road Gross profit 215.9 32% 183.8 34% -15%  Land trading as part of asset maximization strategy Other income 7.2 1% 22.7 3% 215% Selling expenses (88.4) -13% (96.4) -15% 9% Selling expenses increased from:  Grand Opening of Banyan Tree Residences Administrative expenses (51.1) -7% (52.5) -8% 3% Net loss from exchange rate 0.0 nm (4.9) -1% nm Financial costs (interest expenses) (3.5) -1% (7.9) -1% 126% EBT 80.1 12% 44.8 8% -44% Forex loss from strong THB against USD in relations to Income taxes (20.7) -3% (13.4) -2% -35% precast concrete shipments to Maldives Net Profit (losses) 59.5 9% 31.4 6% -47% Baht Earnings (losses) per share 0.05 0.03 Financial costs up from:  Interest expenses of project financing loan for Nirvana DEFINE Rama9  Constructions completed but still a few available-for-sales units, thus interest expenses no longer being capitalized 8 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

1Q18 Financial Results Consolidated Statements of Financial Position Bt.m 31-Dec-17 31-Mar-18 %Change Assets Cash and cash equivalents 992 513 -48% Total CA 6,393 6,155 -4% Non-current assets  Overall balance sheet size relatively unchanged from YE17 Land held for development 2,107 2,569 22% Assets Property, plant and equipment, net 356 379  Cash and Bank Deposits consumed mainly in: Goodwill 332 332  Purchase of land for Nirvana DEFINE Srinakarin-Rama9, Total non-current assets 3,356 3,469 3% as well as project development activities Total assets 9,749 9,624 -1%  Some debentures due for repayments  Land held for development up due to: Liabilities and equity  Transfer of 71.5-rai more land along Srinakarin-Romklao Road Land purchase payables 1,197 446 -63%  Land trading as part of asset maximization strategy Interest-bearing debts 2,824 3,473 23% Total liabilities 5,045 4,889 -3% Liabilities Paid-up share capital 1,381 1,381  Land purchase payables down due to: Premium on share capital 1,251 1,251  Payments of approximately 80 rais of land along Premium from acquisition 1,589 1,589 Srinakarin-Romklao Road Retained earnings 402 440 9%  Part of these payables transformed into interest-bearing Total equity 4,704 4,735 1% debts for project financing loans Total liabilities and equity 9,749 9,624 -1%  Interest-Bearing Debts (net of repayments and new drawdowns) increased due to: Net IBDE ratios 0.39 0.62  Land purchase activities above and TL-TE ratios 1.07 1.03  Drawdowns of BTRRB project financing loan. 9 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

FY18 Outlook SET Opportunity Day 21 May 2018 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018

FY18 Outlook: On-going Projects Single Detached Homes 12 1. Nirvana BEYOND - Kaset Nawamin 7 2. Nirvana BEYOND - Srinakarin 3. Nirvana BEYOND - @Beach 4. Nirvana BEYOND - Rama 2 1 5. ICON - WW-Rama 9 6. ICON - Pinklao 13 7. The TARA - Ramindra Townhomes 6 8. CLUSTER by Nirvana - Raspattana 8 9. COVER by Nirvana - On-nut 11 10.DEFINE - Rama 9 10 11.DEFINE - Srinakarin-Rama 9 14 5 9 Home Offices 12.@WORK - Ramintra 13.@WORK - Ladprao-Kaset Nawamin 2 4 Condominium 14.BANYAN TREE Residences Riverside Bangkok 11 1Q18 Quarterly Results | SET Opportunity Day | 21 May 2018