Presentation 2014 Q3 Results Analyst Meeting and 2015 Business Plan 1
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Agenda 1. Q3 Financial Results 3. 2015 Business Plan 4. Five Year Plan 2. Q3 Detail 1. Revenue 6. Bond 2. Presales 7. Macro 3. Cancelation Rate 4. Mortgage Rejection Rate 8. Summary 5. Backlog 3
3Q/2014 Financial Statements 3Q2014 2Q2014 3Q2013 % Q-o-Q % Y-o-Y M Baht % M Baht % M Baht % 2,024 100% 2,519 100% 1,127 100% (20%) 80% Total revenue Gain on land sale 1 110 5% 0 0% 0 0% N/A N/A 59 3% 26 1% 8 1% 124% 596% Other incomes Gross Profit 2 735 40% 900 36% 412 37% (18%) 78% 417 21% 483 19% 460 41% (14%) (9%) SG&A 203 10% 231 9% 234 21% (12%) (13%) Selling expenses 214 11% 252 10% 225 20% (15%) (5%) Administrative expenses Other expenses 0 0% 1 0% 18 2% (100%) (100%) (132) (7%) (10) 0% (12) (1%) N/A N/A Share of Profit (Loss) 354 17% 432 17% (70) (6%) (18%) N/A EBIT 56 3% 56 2% 43 4% 0% 29% Interest expenses EBT 298 15% 376 15% (113) (10%) (21%) N/A (17) Tax 73 24% 58 15% N/A 26% N/A Net Profit (Loss) 225 11% 319 13% (96) (9%) (29%) N/A (29%) N/A Earnings per share (baht) 0.07 0.10 (0.03) Note: 1 Gross land price is 1,285 M Baht. 2 Excluded gain on land sale and other incomes 4
9M/2014 Financial Statements 9M2014 9M2013 % Y-o-Y M Baht % M Baht % 6,333 100% 3,123 100% 103% Total revenue Gain on land sale 1 110 2% 0 0% N/A 99 2% 33 1% 204% Other incomes Gross Profit 2 2,235 36% 1,180 38% 89% 1,322 21% 1,228 39% 8% SG&A Selling expenses 630 10% 608 19% 4% 692 11% 620 20% 12% Administrative expenses 3 0% 112 4% (97%) Other expenses (151) (2%) (12) 0% N/A Share of Profit (Loss) EBIT 967 15% (139) (4%) N/A 153 2% 58 2% 162% Interest expenses 814 13% (197) (6%) N/A EBT 160 20% (10) N/A N/A Tax 655 10% (187) (6%) N/A Net Profit (Loss) Earnings per share (baht) 0.20 (0.06) N/A Note: 1 Gross land price is 1,285 M Baht. 2 Excluded gain on land sale and other incomes 5
3Q/2014 Financial Highlight 3Q2014 2Q2014 3Q2013 % Q-o-Q % Y-o-Y M Baht M Baht M Baht Cash balance 1,579 2,441 1,194 (35%) 32% Assets 16,337 16,332 12,558 0% 30% Interest bearing debts 7,797 7,976 4,758 (2%) 64% Liabilities 10,070 10,191 7,679 (1%) 31% Shareholders' equity 6,266 6,141 4,879 2% 29% D/E ratio (times) 1.6 1.7 1.6 (3%) 2% Net IBDE ratio (times) 1.0 0.9 0.7 10% 36% 6
2014 Business Plan – Quarterly Revenues 4,500 Condo Housing Total Quarter 4,000 (M Baht) (M Baht) (M Baht) 3,500 Unit : Mil Baht 3,000 Quarter 1 1,376 338 1,714 2,500 2,000 1,500 Quarter 2 1,780 645 2,425 1,000 Quarter 3 500 1,164 750 1,914 Guidance - 1Q14 2Q14 3Q14 3Q14 4Q14 Quarter 3 (A) (A) (F) (A) (F) 968 699 1,667 Actual Condo Landed property Quarter 4 3,748 478 4,226 Q3/2014 Revenues below our guidance 13% Grand Total 7,872 2,160 10,032 Full year guidance increased 11% 2014 Revenue target between 9,500 and 10,500 M Baht 7
4Q2014 Revenue Sources and Risks Updated: Sep 30, 2014 Revenue to Remaining %Remaining achieve in to be to be Backlog Source Begins the next 3 transferred transferred/ Risk Note (M Baht) months after year Project (M Baht) 2014 Value Remainder of Q1 540 280 344 4% Sales Risk year to sell Remainder of Q1 - - 79 3% Sales Risk year to sell Household Q2 266 389 368 25% Debt Household Q4 1,493 1,870 1,764 54% Debt Construction Q4 1,414 1,779 2,290 62% Risk Remainder of Q1 478 801 5,814 68% Sales Risk year to sell Total 4,226 5,119 10,659 8
2014 Business Plan – Quarterly Presales Condo Housing Total 12,000 Quarter (M Baht) (M Baht) (M Baht) 10,000 Unit : Mil Baht Quarter 1 1,463 679 2,142 8,000 6,000 Quarter 2 1,050 621 1,671 4,000 Quarter 3 500 550 1,050 Guidance 2,000 Quarter 3 - 10,901 644 11,545 1Q14 2Q14 3Q14 3Q14 4Q14 Actual (A) (A) (F) (A) (F) Quarter 4 4,231 541 4,773 Condo Landed property Grand Total 17,646 2,486 20,131 Q3/2014 Presales above our guidance 1,000% Full year guidance increased 73% 2014 Presales target between 19,500 and 20,500 M Baht 9
Cancellations Updated: Sep 30, 2014 % Cancellation Rate % Cancellation Rate (Q3/2014) (Q2/2014) 1.8% 1.0% Condo Cancelled Value: 400 M Baht Cancelled Value: 551 M Baht 9.0% 4.9% Housing Cancelled Value: 270 M Baht Cancelled Value: 128 M Baht 1.5% 2.1% Total Cancelled Value: 670 M Baht Cancelled Value: 679 M Baht Note: % Cancellation Rates are calculated by cancelled value divided by total presales 10
Mortgage Rejection Rate Updated: Sep 30, 2014 % Mortgage Rejection % Mortgage Rejection Rate (Q3/2014) Rate (Q2/2014) 0.0% 2.2% Condo Transferred: 264 units/ No. of customers rejected for mortgage: 6 Transferred: 697 units/ No. of customers rejected for mortgage: 0 21.2% 19.8% Housing Transferred: 190 units/ No. of customers rejected for mortgage: 51 Transferred: 184 units/ No. of customers rejected for mortgage: 40 11.1% 4.3% Total Transferred: 454 units/ No. of customers rejected for mortgage: 57 Transferred: 881 units/ No. of customers rejected for mortgage: 40 Note: % Mortgage Rejection Rates are shown by units 11
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