CENTRAL PATTANA Public Company Limited Analyst Meeting For the 1Q 2020 financial results May 20, 2020 GotoMeeting Virtual Conference
Disclaimer Please read before you proceed! The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or ▪ the solicitation of an offer or invitation to purchase or subscribe for share in Central Pattana Public Company Limited ( “ CPN ” and shares in CPN, “ shares ” ) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, CE any contract or commitment whatsoever. This presentation may include information which is forward-looking in nature. Forward-looking information involve known and ▪ unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which CPN operates and general achievement of CPN business forecasts, which will cause the actual results, performance or achievements of CPN to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. This presentation has been prepared by the CPN. The information in this presentation has not been independently verified. No ▪ representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the CPN or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon ▪ directly or indirectly for any investment decision-making or for any other purposes. This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in ▪ part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws. 2
1Q20 Key Highlights & Performance
1Q20 Financial Performance Impact from temporary closed shopping malls due to COVID-19 outbreak Key Highlights 34 1.8 92 % -0.5 % A slightly dropped of total revenue especially from food 1Q20 RECAP center services and hotel OVERVIEW business during COVID-19 outbreak. However, residential revenue performed in-line with Key Financial Performance and Ratios*** target mainly from a massive UPDATES transferred of residential units . 1Q19 4Q19 1Q20 YoY% QoQ% Unit: THB mn UPDATES UPDATES The Company continues to Total Revenue 8,674 10,819 8,627 -0.50% -20.30% implement effective and cost Gross Profit 4,358 5,372 3,935 -9.70% -26.80% management and prudent cost control measures to Operating Profit 3,280 3,937 3,016 -8.11% -23.40% maintain its profitability which expected to see the effect in Net Profit 2,802 3,468 2,557 -8.70% -26.20% STRATEGY up-coming quarter. EPS (THB/share) 0.62 0.77 0.57 -0.05 -0.2 Save more operating costs amidst mall closure and deferred mall events Gross Profit Margin 51.80% 51.90% 48.00% -3.80% -3.90% EBITDA Margin 55.00% 56.60% 53.00% -1.90% -3.50% Better-than-expected EBITDA APPENDICES Margin SG&A to Revenue 16.60% 18.00% 16.00% -0.60% -2.00% APPENDICES APPENDICES Net D/E Ratio 0.35x 0.38x 0.38x +0.03x 0.00 * Central Phuket, which includes the Floresta and Festival buildings, is counted as 1 project ** Includes area transferred to CPNREIT and CPNCG 4 *** Excludes non-recurring items
1Q20 Financial Performance – excluding non-recurring items Resilient core profit amidst challenging situation Unit: MTHB 115 62 4,592 (43) 1Q20 RECAP OVERVIEW -8.7% YoY 68 2,557 2,489 UPDATES (2,237) 1Q20 Net gain on Tax On Financial Net gain on 1Q20 Net Impact 1Q20 STRATEGY Reported GLANDRT GLANDRT Instrument Financial Net Profit of TFRS16 Net Profit Net Profit Dissolution Dividend Expenses Leases (ex. N. Rec) (ex. N. Rec & TFRS16) Accounting Transactional APPENDICES Impact Impact Note: Non-recurring items comprise transactions that are highly probable to happen only once and are not resulted from the per formance of the Company’s businesses The net impact of TFRS16 comprises the effect of lower cost of rental and services (net of depreciation of right-of-use of assets) and increase in interest expense 5 Adoption of other financial reporting standards in the same period does not materially impact the net profit of the Company
CPN ’ s Asset Performance Summary High occupancy rates sustained for all malls Land NLA (1)(2) (mn sqm) Occupancy Rate (1) No. of Retail Properties Freehold & Department Projects Freehold Leasehold Retail Total 1Q19 4Q19 1Q20 Leasehold Store BMA 15 5 7 3 0.72 0.06 0.78 93% 94% 94% 1Q20 RECAP OVERVIEW Provinces 18 12 4 2 0.67 0.06 0.73 91% 91% 90% Thailand 33 17 11 5 1.39 0.12 1.51 92% 93% 92% Overseas 1 1 0.08 0.00 0.08 50% 83% 82% UPDATES Total (1) 34 18 11 5 1.48 0.12 1.59 90% 92% 92% NLA split by region Rent revenue split by region Overseas, Overseas, STRATEGY 2.0% 5.3% Provinces BMA, , 40.9% 57.2% BMA, Provinces Occupancy Rate (1) (%) No. of 49.2% Non-core Properties NLA (sqm) , 45.5% Projects 1Q19 4Q19 1Q20 APPENDICES Office in BMA (1)(2) 5 56,194 93% 90% 91% Residential for Rent in BMA 1 1,568 27% 27% 27% APPENDICES Hotel in provincial area 2 561 rooms 85% 77% 59% (1) Counts Central Phuket (Floresta + Festival) as one project ; Excludes area transferred to CPNREIT, CPNCG and area under GLAND 6 (2) Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines.
CPN ’ s Financial Performance revenue performance was hit by COVID-19 Normalized (LHS) and Net (RHS) Profit Operating Profit Total Revenue MTHB MTHB MTHB Normalized Net profit Net profit 34,949 38,108 13,568 29,234 30,875 11,739 11,383 11,655 12,486 13,541 1Q20 10,990 9,893 10,814 11,314 RECAP 9,244 9,244 OVERVIEW 4,592 8,674 8,627 2,847 2,802 2,557 3,280 3,016 2016 2017 2018 2019 1Q19 1Q20 2016 2017 2018 2019 1Q19 1Q20 2016 2017 2018 2019 1Q19 1Q20 UPDATES % YoY Growth 2016 2017 2018 2019 1Q19 /3 1Q20 /3 Total revenues (Exc. non-recurring items) /1 14% 6% 13% 9% 9% (1%) Operating profit (Exc. non-recurring items) 19% 5% 10% 8% 4% (8%) Normalized Net profit 19% 7% 11% 6% (1%) (9%) STRATEGY Net profit 17% 47% (16%) 3% 1% 61% Same store revenue growth 2% 4% 3% 3.4% 2.4% (2.9%) GP Margin (Exc. Other Income and non-recurring)(%) 49% 50% 51% 51% 52% 48% EBITDA Margin (Exc. non-recurring items) (%) 54% 54% 52% 54% 55% 53% APPENDICES /1 Includes rental & services, hotel operation, food & beverages, real estate sales and other income. Excludes interest income and share of profit from joint ventures and associated companies /2 Excludes Central i-City, Central Village, CentralWorld, CentralPlaza Lardprao, CentralPlaza Chonburi, CentralPlaza Chiangrai, Central Phuket Festival, CentralFestival Pattaya Beach, CentralFestival Chiangmai and CentralPlaza Rama2. /3 Excludes non-recurring items and adoption of TFRS 16 sine January 1, 2020, cost of rental and services , interest expenses for the current periods have been 7 adjusted to better reflect the normal business operation.
Total Revenue & Cost of operation Total revenue Total cost of operations (THB mn) (THB mn) 20,000 18,111 45,000 1Q20 38,107 16,463 40,000 RECAP 34,949 16,000 12,634 14,041 14,518 OVERVIEW 35,000 30,875 29,234 30,000 12,000 25,713 25,000 -0.5% YoY +5.2% YoY 20,000 8,000 15,000 4,055 4,264 8,675 8,627 4,000 10,000 UPDATES 5,000 0 0 2015 2016 2017 2018 2019 1Q19 1Q20 2015 2016 2017 2018 2019 1Q19 1Q20 1Q20 Breakdown 1Q20 Breakdown STRATEGY Office 4% Office 2% F&B 2% Retail F&B 2% Hotel 2% Retail 88% Hotel 2% 83% Management fee 4% Residential 6% APPENDICES Other income 1% Residential 4% Note: Includes revenues from residential projects and water & amusement park, property management fees from CPNREIT & CPNCG and other income. 8 Excludes non-recurring items and adoption of TFRS16 since January 1, 2020 to better reflect the normal business operation.
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