Analyst Meeting 2Q2015 Results
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Financial Highlights
Financial Highlights Project THB (mm) # rooms Avg. value per room (1H15/1H14) (1H15) Top lines River 235 11 / 46 21.4 185 1,765 44 / 89 40.1 Zire 1,002 172 / - 5.8 Total 3,002 227 / 135 Revenues from transfer Total revenues (transfer + others) 2014 2014 16% 15% 2015 2015 27% 27% Despite increased number of rooms transferred during 1H2015 (227 rooms vs. 135 rooms YoY), revenues from transfer decreased by 16% as value per unit of Zire is significantly less than that of River and 185 Rajadamri (average value per unit of 5.8mm for Zire)
Financial Highlights Profitability margin Similarly, profitability margin has decreased as compared to last year due to the fact that Zire has lower gross profit margin as compared to River or 185 Rajadamri, As a result, blended gross and net profit margin decreased to 35.5% and 16.6%
Financial Highlights Earnings per share EPS, 3-month 2Q2015 EPS, 6-month 2Q2015 0.14 0.25 0.22 0.12 0.12 50% 32% 0.2 0.1 0.15 0.15 0.08 0.06 0.06 0.1 0.04 0.05 0.02 0 0 Q2/2014 Q2/2015 6M/2014 6M/2015 As a result of reduction in revenues and dilution of profitability margin, earnings per share have reduced by 32% and 50% for the period of 6-month and 3-month ending 30 June 2015, respectively
Financial Highlights Balance Sheet Despite reduction in earnings per share, the company has reduced its interest bearing debt to equity ratio from 1.0x to 0.9x due to continued transfer and debt repayment
Operational Highlights
Project Update as of 30 June 2015 90% 92% Uncompleted Projects % Sold (1) % Transfer (2) 96% 84% 91% % Sold (1) % Transfer (2) 80% 82% 91% % Sold (1) UNIXX The Lofts % Transfer (2) Ekkamai 45% Completion and Completion and 60% 65% transfer to start in transfer to start in % Sold (1) 4Q2015 4Q2016 % Complete (3) Well received with Sales well over 74% mainland Chinese 80% despite customers. Expect construction is only 86% 89% pre-sales to 23% complete % Sold (1) surpass 65% prior to completion which % Complete (3) is extraordinary for 19% Pattaya market 22% 23% % Sold (1) % Complete (3) 0% Note : (1) Value (2) As % of sold value (3) As of 30 June 2015 9
Backlog Secured Backlog as of June2015 THB Mil. 12,000 10,000 8,000 447 1,732 6,000 1,408 2,094 4,000 7,587 6,038 1,906 2,000 145 0 Jun-15 River 185 Zire Unixx Lofts Mews Unsold Data has not included Lofts Asoke (project value of THB 2,500mm++)
Pre-sales, 1Q2015 Project 1Q2015 2Q2015 1H2015 Remarks (THB mm) (THB mm) (THB mm) (Booking pipeline as of 31 July 15) River 116 224 340 THB 135.5 million 185 224 (49) 175 THB 69.0 million Zire 32 (25) 7 Unixx 198 50 248 THB 48.3 million Lotfs 9 83 92 THB 11.0 million Mews - 145 145 Asoke - - - Launch 2H2015 Total 579 428 1,007 THB 263.8 million
Progress up-to-date
Progress up-to-date Since last analyst meeting in May 2015 29 May 2015 Approval of RML-W4 and Private Placement 15 June 2015 Allocation of RML-W4 completed (strike price @ 1.97) First date of RML-W4 trading 29 June 2015 RML successfully raised THB 500mm debentures with coupon 29 July 2015 of 4.80% (issuer rating of BBB- “stable”) Debentures were placed to high net worth and institutional investors Debenture ID : RML 187A
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