Central Plaza Hotel Public Company Limited - CENTEL Q1/19 Opportunity Day Presentation
Agenda Q1/19 summary performance Hotel business overview Food business overview CAPEX and guidance 2019 Appendix
Consolidated earning Q1/19 THB 825.9 mn net profit even Chinese and European down and slow domestic economy THB million Q1/18 Q1/19 % Chg 2,948.8 Total hotel revenue* 2,755.6 -6.6% 2,792.5 Total food revenue 2,887.4 3.4% Total revenues 5,741.3 5,643.0 -1.7% EBITDA 1,664.4 1,497.6 -10.0% EBITDA margin (%) 29.0% 26.5% -2.5% Net profit 883.0 825.9 -6.5% Note: excluding non-recurring item Less: insurance claim (net of tax)** - 80.6 na Net profit excluding non-recurring item 883.0 745.3 -15.6% Note: * Total hotel revenue included deferred rental income 24.7 mn per year ** Insurance claim from fire at Central World, Big C Rajdamri and Center One in 2010 Q1/19 Summary Performance Page 3
Low gearing & optimized profile Average funding cost of 3.05% Total interest bearing debt Gearing ratio Dec 2018 Mar 2019 Current ratio 1.1 1.1 USD, 20% Fixed, 78% Interest bearing debt/Equity 0.5 0.5 Financial position Total liabilities Total equity THB 7.1bn 1.4% THB 7.0bn THB 26.4 bn THB 27.1 bn 2.7% 34% 34% 53% 48% 50% 60% 47% 52% 6% 16% Dec 2018 Mar 2019 Dec 2018 Mar 2019 * OD, Short-term loan Debentures Long-term loan Note: * Included current portion of long-term loan and debentures Q1/19 Summary Performance Page 4
Hotel business overv rview
Thailand tourism overview Slightly growth as key markets drop Thailand number of tourist arrivals Drop in Chinese (-2.1%) and Unit: million European (-2.5%) 55.0 50.0% 15.4% 9.1% 4.3% 2.7% 1.5% 45.0 0.0% 35.0 -50.0% 25.0 -100.0% 15.0 10.6 10.8 9.7 8.9 9.1 5.0 -150.0% -5.0 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 -200.0% No. of tourist arrivals Growth yoy Source: Ministry of Tourism and Sport 6 Hotel Business Overview Page 6
Thailand tourism overview Indian +25% yoy Top 15 - International Tourist Contribution Top 10 - International Tourist Arrivals growth Q1/19 (%) Q1/19 Hong Kong Cambodia 2% UK 2% 3% 25% Vietnam Taiwan France 2% 2% 3% Germany Others 3% USA 21% 9% 8% 7% 3% 4% Laos 2% 3% 4% India -1% -2% 4% China -7% Japan 3,107,978 474,225 29% 4% Korea 537,044 5% Russia Malaysia 615,516 915,922 6% 9% (Unit : Person) Source: Ministry of Tourism and Sport Hotel Business Overview Page 7
Strong demand growth from Hotel demand and supply in Maldives European and Indian Number of tourist arrivals and occupancy rate (yoy) Number of operational beds* Unit: persons Unit: beds 2,500,000 200.00% 90,000 50.0% 75% 75% 9% 10% 64% 7% 8% 8% 57% 52% 80,000 100.00% 2,000,000 0.0% 70,000 0.00% 60,000 1,500,000 -50.0% -100.00% 45,106 43,660 41,137 42,355 50,000 41,503 -200.00% 40,000 17% 1,000,000 15% -100.0% 4% 3% 3% 30,000 -300.00% 482,978 420,103 403,815 353,944 306,412 500,000 20,000 -150.0% -400.00% 10,000 0 -500.00% 0 -200.0% Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 No. of arrivals % Occupancy No. of operational beds Bed growth yoy Source: Ministry of Tourism, Republic of Maldives Source: Ministry of Tourism, Republic of Maldives Note: * included hotels, resorts, guest houses and safari vessels Hotel Business Overview Page 8
Maldives tourism overview Indian +86% yoy Top 15 - International Tourist Contribution Top 10 – International tourist arrivals growth Q1/19 (%) Q1/19 Australia Saudi Arabia Korea Austria 2% 1% 2% 2% Malaysia Japan Switzerland 1% 2% 2% 86% U.S.A. 3% Russia Others 44% 24% 5% 28% 27% France 14% 6% 11% 8% 6% 5% India China -1% 36,053 76,568 7% 16% UK 36,116 7% Germany Italy 37,279 52,848 8% 11% (Unit : Person) Source: Ministry of Tourism Republic of Maldives Hotel Business Overview Page 9
Hotel portfolio – 13,477 rooms Upcoming overseas Number of rooms Number of hotels In operation Pipeline In operation Pipeline Grand Grand Thailand Overseas Total Thailand Overseas Total Thailand Overseas Total Thailand Overseas Total total total Owned 3,932 252 4,184 412 911 1,323 5,507 Owned 15* 2 17 2 3 5 22 Managed 2,593 786 3,379 1,778 2,813 4,591 7,970 Managed 18 4 22 10 14 24 46 Total 33 6 39 12 17 29 68 Total 6,525 1,038 7,563 2,190 3,724 5,914 13,477 *Including JV and property fund As of March 2019 Total portfolio by rooms In operation by rooms 86% 41% 55% 65% Thailand Owned Owned Thailand Hotel Business Overview Page 10
Pipeline – 5,914 rooms AEC, Middle East and Indian Ocean Summary of pipeline 2019E-2022E Total portfolio: number of rooms by region # of rooms Owned Managed Total East Asia Year 2019E 2021E 2022 E 2019E 2020E 2021E 2022E China 596 keys Bali 210 210 Cambodia 240 240 West Asia Turkey 449 keys China 300 296 596 Doha 509 509 Southeast Asia Dubai 601 601 Bali, Cambodia, Laos and Thailand 3,218 keys Laos 322 56 200 578 Maldives 310 231 541 South Asia Maldives 541 keys Turkey 449 449 * Thailand 282 130 329 391 538 520 2,190 Middle East Total Rooms 282 731 310 329 1,762 890 1,610 5,914 Doha and Dubai 1,110 keys Total Hotels 1 3 1 2 8 6 8 29 As of March 2019 * Target to open in September 2019 11 Hotel Business Overview Page 11
Soft demand across portfolio & Hotel performance 36-room closure at Samui Unit: THB mn 3,500 6.5% 2,949 2,756 3,000 2,500 2,000 11.2% 1,324 1,500 1,176 1,000 500 42.7% 44.9% EBITDA margin 0 Q1/18 Q1/19 Total Revenue EBITDA before extra items 12 Hotel Business Overview Page 12
RevPar -5.7% Total own portfolio from both OCC and ARR 90% 10,000 86.0% 2.7% 83.3% 9,000 85% 8,000 2.6% 80% 7,000 5.7% 5,690 75% 5,541 6,000 4,894 4,615 70% 5,000 4,000 65% 3,000 60% 2,000 55% 1,000 50% 0 Q1/18 Q1/19 Average Room Rate (ARR) Revenue Per Available Room (RevPar) Occupancy (OCC) Hotel Business Overview Page 13 13
RevPar -6.7% Thailand portfolio from both OCC and ARR 90% 9,000 86.0% 3.2% 82.8% 85% 8,000 7,000 80% 3.0% 6,000 75% 6.7% 4,671 4,530 5,000 4,017 70% 3,750 4,000 65% 3,000 60% 2,000 55% 1,000 50% 0 Q1/18 Q1/19 Average Room Rate (ARR) Revenue Per Available Room (RevPar) Occupancy (OCC) Hotel Business Overview Page 14 14
Decrease in demand for MICE Bangkok portfolio business during election 90% 8,000 86.3% 5.8% 85% 7,000 80.5% 80% 6,000 75% 5,000 1.7% 5.0% 70% 4,000 3,299 3,244 2,798 2,657 65% 3,000 60% 2,000 55% 1,000 50% 0 Q1/18 Q1/19 Average Room Rate (ARR) Revenue Per Available Room (RevPar) Occupancy (OCC) Hotel Business Overview Page 15 15
Chinese & European drop impacted Upcountry portfolio Krabi, Samui, Phuket & Pattaya 90% 10,000 85.9% 2.0% 83.9% 9,000 85% 8,000 80% 4.8% 7,000 75% 6.9% 5,366 6,000 5,111 4,608 70% 4,288 5,000 4,000 65% 3,000 60% 2,000 55% 1,000 50% 0 Q1/18 Q1/19 Average Room Rate (ARR) Revenue Per Available Room (RevPar) Occupancy (OCC) Hotel Business Overview Page 16 16
Maldives portfolio RevPar (USD) -3.2% from ARR 90.9% 30,000 86.2% 4.7% 90% 8.1% 80% 25,000 3.1% 21,492 19,746 70% 18,524 17,956 20,000 60% 15,000 50% 40% 10,000 30% 3.2% 5,000 20% 587 568 10% 0 Q1/18 Q1/19 Average Room Rate (ARR) Revenue Per Available Room (RevPar) RevPar (USD) Occupancy (OCC) Hotel Business Overview Page 17 17
Hotel revenue breakdown by region 82% of hotel revenue from Thailand done Total revenue Q1/18 Q1/19 29.8% 29.9% 17.8% 17.9% 17.1% 17.5% 12.0% 12.1% 5.6% 6.7% 8.3% 7.7% 6.7% 1.9% 7.0% 2.0% Bangkok Maldives Phuket Pattaya Hua Hin Samui Krabi Others Q1/19 Bangkok Maldives Phuket Pattaya Hua Hin Samui Krabi Hat Yai Tak % RevPar Growth yoy -5.0% -3.1% -4.9% -10.9% 0.7% -14.8% -10.2% -4.6% -16.3% Hotel Business Overview Page 18
Food business overv rview
Q1/19 Food outlet portfolio – 1,003 outlets +11.6% yoy Brands # of outlets % Change yoy KFC 269 9.3% Mister Donut 365 8.3% Number of outlets by location Revenue contribution by location Auntie Anne’s 172 16.2% Ootoya 46 4.5% Pepper Lunch 42 27.3% 65% 64% The Terrace 9 - Upcountry Upcountry Chabuton 19 5.6% Yoshinoya 22 37.5% Tenya 10 42.9% Bangkok Upcountry Katsuya 28 33.3% Cold Stone 18 -10.0% Aroi Dee 3 na Total 1,003 11.6% Food Business Overview Page 20
Food business performance Growth from outlet expansion Unit: THB mn 3,500 3.4% 2,887 2,793 3,000 32% 2,500 2,000 1,500 5.4% 1,000 341 322 500 12.2% EBITDA Margin 11.2% 32% 0 Q1/18 Q1/19 Total Revenue EBITDA Food Business Overview Page 21
Negative SSS both Bangkok and Food business TSS & SSS upcountry Same store sale (SSS) and Total system sale (TSS) Same store sale (SSS): Bangkok vs Upcountry Bangkok Upcountry SSS TSS 12.5% 14.0% 4.0% 3.3% 12.0% 10.0% 3.0% 2.1% 10.0% 7.9% 2.0% 1.4% 6.5% 8.0% 6.0% 0.5% 1.0% 3.4% 2.6% 4.0% 0.0% 0.0% 2.0% -1.0% 0.0% -0.9% -0.6% -1.6% -1.7% -2.0% -1.7% -1.7% -2.0% -4.0% -3.8% -3.0% -6.0% -3.6% -4.0% -4.1% 2Q18 1Q18 3Q18 4Q18 1Q19 1Q18 1Q19 2Q18 -5.0% 3Q18 4Q18 Food Business Overview Page 22
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