FY2019 Results and Business Plan
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FINANCIAL PERFORMANCE & BUSINESS GOALS 2020
Profitability: A drop from the High Base of Joint Ventures in 2018 2019 2018 % Y-o-Y M Baht % M Baht % Total revenue 9,203 100% 10,555 100% -13% Revenue from sale of real estate 4,847 53% 5,905 56% -18% Project management and commission income 1,880 20% 2,080 20% -10% Other incomes 2,476 27% 2,570 24% -4% Gross profit 2,948 32% 3,605 34% -18% Sale of real estate 1,240 26% 1,644 28% -25% Project management and commission 1,075 57% 1,176 57% -9% Others 633 N/A 785 N/A -19% SG&A 2,664 29% 2,912 28% -14% Selling expenses 825 9% 947 9% -13% Administrative expenses 1,839 20% 2,138 20% -14% Share of Profit (Loss) 1,117 12% 2,341 22% -52% EBIT 1,400 15% 2,861 27% -51% Interest expenses 590 6% 368 3% 60% Net Profit (Loss) 853 9% 2,398 23% -64% Profit attributable to non-controlling interests -148 -2% 22 0% N/A Profit attributable to equity holders of the company 705 8% 2,419 23% -71% 4
Profitability: Investment from Joint Ventures was a Key Contribution Unit: M Baht 2019 Transfers from JV 27,267 15,173 TRANSFERS Share Profit from JV 2,341 1,117 76 % FROM JV PROJECTS 37% %Gross Profit Margin 34% MAINTAIN HIGH LEVEL OF PROFIT MARGIN 22% %Net Profit Margin 17% 2018 2019 5
Balance Sheet: Business Growth with Discipline 4Q2019 3Q2019 4Q2018 % Q-o-Q %Y-o-Y M Baht M Baht M Baht Cash balance and equivalent 6,316 8,002 4,914 -21% 29% Assets 48,795 52,292 41,573 -7% 17% Interest bearing debts 25,916 27,917 18,402 -7% 41% Liabilities 30,321 33,853 23,584 -10% 29% Shareholders' equity 18,474 18,439 17,989 0% 3% D/E ratio (times) 1.64 1.84 1.31 -11% 25% Net IBDE ratio (times) 1.06 1.08 0.75 -2% 41% 6
Launch 2019: Moderate Growth with Mid-End Segment Focus 16 BILLION BAHT 82 % CONDOMINIUM 6 PROJECTS 4 PROJECTS 3 JOINT VENTURE PROJECTS 95% CONDO LAUNCH 26,756 18 % HOUSING 15,944 2 PROJECTS 2013 2014 2015 2016 2017 2018 2019 7
Launch 2019: Selective Launches with Mid-End Segment Focus 16 BILLION BAHT 6 PROJECTS 3 JOINT VENTURE PROJECTS NO. LAUNCH 2019 1Q19 3Q19 2Q19 4Q19 BEGINS Condo - - - 13,140 13,140 Housing - 1,369 1,434 - 2,804 TOTAL 15,944 - 1,369 1,434 13,140 (MILLION BAHT) 4 (3 JVs) NO. OF CONDO PROJECT - - - 4 (3JVs) 2 - 1 1 - NO. OF HOUSING PROJECT Note : * Ideo Q Phahol-Saphankhai is under redesigned and will be launched by the first half of 2020 8
Launch 2019: 95% of Condo Launches with Mid-End Segment Focus 13,140 4 MILLION BAHT CONDOMINIUM 5 % MID TO UPPER MID-END SELLING PRICES > 150,000 BAHT/SQM 95 % VALUE TO MID-END SELLING PRICES < 150,000 BAHT/SQM 2,804 2 MILLION BAHT HOUSING 100 % VALUE TO MID-END SELLING PRICES < 7 MILLION BAHT/UNIT 9
4Q19 Launch Projects: Successful Launches for Mid-End Segment Sold Out Online Booking within 15 Minutes 10
Presales 2019: Successful Launches for Mid-End Segment 26.6 BILLION BAHT 12 % HOUSING From previous plan of 23.4 Bn 14 % 88 % Higher than previous guidance CONDOMINIUM 2019 1Q19 2Q19 3Q19 4Q19 PRESALES CONDOMINIUM 4,064 5,215 3,567 10,553* 23,399 752 885 752 867 3,256 HOUSING TOTAL 26,654 4,815 6,100 4,319 11,420 (MILLION BAHT) Note : * Excluding Ideo Q Phahol-Saphankhai of 1.2 Bn Baht which is under redesigned and will be launched by the first half of 2020 11
Presales 2019: Align with Launches หน่วย : ล้านบาท 34,213 26,654 PRESALES 21,083 26,654 MILLION BAHT LAUNCHES 15,944 15,944 MILLION BAHT 2013 2014 2015 2016 2017 2018 2019 12
Presales 2019: Presales from Existing Projects achieved Higher Rate 72 % of Presales from Existing Projects 100% 80% 60% 40% 72% 62% 20% 0% 2013 2014 2015 2016 2017 2018 2019 13
Transfer 2019: Joint ventures were the key contribution 91 20 % CONDOMINIUM BILLION BAHT From previous plan of 21.3 Bn 9 6 % % HOUSING Lower than previous guidance 2019 2Q19 Transfer 1Q19 3Q19 4Q19 Condo 202 675 1,098 1,118 3,092 Housing 573 196 433 553 1,755 Ananda F/S 775 871 1,531 1,671 4,847 Ananda Share in JV 2,171 1,761 1,634 1,904 7,492 Partner Share in JV 2,685 1,648 1,553 1,818 7,681 Ananda Share in Transfers 2,946 2,632 3,165 3,575 12,339 Total (M Baht) 5,631 4,280 4,717 5,393 20,020 14
Transfer 2019: Transfers from RTM achieved Higher Rate 60 % 4 0 % Transfers from of Transfers from Ready to RTM Increase Move (RTM) 100% 11,933 80% 8,708 60% 40% 60% 20% 26% 0% 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 15
Transfer 2019: 8 Projects were Ready to Transfer 40 8 % NEW CONDO PROJECTS OF TRANSFERS THAT COMPLETE THIS COMING FROM YEAR Transfer 1Q19 2Q19 3Q19 4Q19 Begins 16
Transfer 2019: Consistent International Customers Transfers TOTAL TRANSFERS 1,067 Units 10 % Growth YoY 20 4.2 Average Prices Million Baht/Unit BILLION BAHT 22 % 22% International 19% 10% 78 % 4% Thai 3% 2015 2016 2017 2018 2019 % International Transfers 17
Transfer Performance: Our Customers were Cashed Up 100% 41 % 90% CASH 80% 2019 70% 19 % 60% DOMESTIC 50% 22 % INTERNATIONAL 40% 59 30% % MORTGAGE 20% 10% 2019 0% 2015 2016 2017 2018 2019 18
2019 Summary: Business Growth with Discipline ❖ 60% of transfers from ready to move projects ❖ 22% of transfers from international customers ❖ Over 70% sold of 2 newly launch projects ❖ Customers paid cash 41% the same range over the past several years ❖ 56% of 2020 transfers secured by backlog ❖ Net IBDE ratio including JV at 1.4 below bond covenants at 2.5 times 19
Business Plan 2020 Built to Last with Change the Plan but Never the Goal
Key Factors for Thailand economic outlook in 2019 and 2020 GDP * Forecast 2.4 1.8 2020 2019 Government large scale investment Government construction expansion Tourism robust China-US trade talks China-US conflicts Iran-US conflicts Strong Thai Baht Strong Thai Baht/High level of household debt High level of household debt Drought/ Coronaviruses * 2020 Forecasted by SCBEIC (17 Feb 2020) 21
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