U CITY PCL FY 2018 EARNINGS PRESENTATION 20 FEB 2019 Prepared by Investor Relations Department U CITY PCL
IR CONTACT Address: U City Public Company Limited IR Department 20 th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd. Chomphon, Chatuchak, Bangkok, Thailand 10900 Telephone: +66(0) 2273 8623 Fax: +66(0) 2273 8858 Email: ir@ucity.co.th Website: www.ucity.co.th DISCLAIMER This document has been prepared and distributed by the Investor Relations Department of U City Public Company Limited (“U City”) solely for information purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in U City and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or analyst. U City does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statements. Thus, U City assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of U City or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and U City assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, U City assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. U City undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Prepared by Investor Relations Department 2 U CITY PCL
CONTENTS Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendix Prepared by Investor Relations Department 3 U CITY PCL
KEY HIGHLIGHTS 2018 Key Developments of the Year Net Loss Total Revenue 629mn Capital increase of THB 11.9bn via preference • THB 6,976mn shares, issuance of U-W3 & U-W4 warrants, EBT of UE vs +222.5% YoY 56.6% YoY Reverse stock split of ordinary and preferred • (983)mn (2017) shares and capital reduction to reduce deficit to pave way for future dividend payments Net D/E Ratio Expansion of hotel business – acquisition of • Total Assets VHE Bratislava, opening of VHE Leipzig and 0.55x Eastin Thana City, VH-AHS JVs, UBM+VH JV THB 54.0bn Sansiri JV – launched 3 projects this year • vs totaling THB 12.7bn (The Line Wongsawang, +42.0% YoY +34.7% from 31 Dec ‘17 The Base Saphanmai, The Line Pahonyothin 0.93x (31 Dec ‘17) Park) and transferred units of 4 projects Section 1: Financial Performance Prepared by Investor Relations Department 4 U CITY PCL
FINANCIAL PERFORMANCE OVERVIEW PROFIT & LOSS THB mn 2018 2017 % YoY 4Q 2018 % QoQ 6,976.2 4,454.0 56.6% 1,969.3 10.5% Total Revenues 6,396.2 4,029.7 58.7% 1,718.4 1.1% Operating Revenue Gross Operating Profit (GOP) 3,965.1 2,563.4 54.7% 1,038.5 (3.7)% 3,213.5 2,062.2 55.8% 969.9 17.5% SG&A 976.5 144.0 578.0% 319.5 N.A. EBITDA 31.1 (1.1) N.A. 37.9 303.4% Share of Profit 909.8 556.3 63.6% 111.0 (16.2)% Finance Cost Net Profit/Loss (628.9) (983.2) (36.0)% 93.1 N.A. GOP Margin 62.0% 63.6% 60.4% EBITDA Margin 14.0% 3.2% 16.2% Operating EBITDA Margin* 19.1% 20.8% 16.2% Net Profit Margin (9.0%) (22.1)% 4.7% * Excludes impairment charges 2018 REVENUE CONTRIBUTION BY SEGMENT 2018 REVENUE GROWTH CONTRIBUTION 61.4% 74.2% (THB mn) 55.4% Office THB 282mn Hospitality 6,976 4.0% THB 6,009mn 261 120 2,141 86.1% 4,454 THB Others* 6,976mn THB 685mn 9.8% 2017 Hospitality Office Others* 2018 * Includes property management revenue Section 1: Financial Performance Prepared by Investor Relations Department 5 U CITY PCL
FINANCIAL PERFORMANCE OVERVIEW (THB mn) Vienna House Operating Revenue THB 4,600mn (72% of operating revenue) Vienna House Operating Expenses THB 1,721mn (71% of operating cost) (2,431) 1. Vienna House SG&A THB 2,217mn (69% of SG&A cost) 2. FX Loss of THB 168mn (5% of SG&A cost) 6,396 One-off Impairment of NMG shares THB 355mn (3,214) (355) (910) (629) (983) (684) 537 31 2017 Net Loss Operating Operating SG&A Impairments Finance Cost Depr. & Share of Profit Tax & Others 2018 Net Loss Revenue Cost Amort. Share of Profit from Associates & JVs • VH JV 27 • Sansiri JVs (12) • AHS 11 • Keystone JVs (1) • MHG 6 Total 31 Section 1: Financial Performance Prepared by Investor Relations Department 6 U CITY PCL
BALANCE SHEET & CASH FLOW (THB mn) (THB mn) 53,964 53,964 2,468 4.6% 6,591 12.2% 40,062 40,062 41.4% 22,345 6.4% 2,577 4,352 10.9% 49.0% 19,627 87.8% 47,374 35,711 89.1% 54.0% 29,152 44.6% 17,858 31 Dec 17 31 Dec 18 31 Dec 17 31 Dec 18 Non-Current Assets Current Assets Equity Non-Current Liabilities Current Liabilities 12M CASH FLOW (THB mn) CAPEX & PROPERTY INVESTMENTS (THB mn) (THB mn) 2,797 887 3,511 1,383 (502) (2,482) (5,659) 6,926 510 7.4% 2,373 92.6% 6,416 62.4% 1,480 Beginning CFO CFI CFF Others Ending Cash 37.6% 893 Cash 1 Jan 18 31 Dec 18 12M 2017 12M 2018 * Others includes translation adjustment and cash & cash equivalents of subsidiaries at Investments CAPEX acquisition and selling date Section 1: Financial Performance Prepared by Investor Relations Department 7 U CITY PCL
DEBT STRUCTURE BREAKDOWN BY INTEREST BREAKDOWN BY CURRENCY GBP Weighted Average Fixed Rate 1% 4.4% 10% Cost of Debt Weighted Average EUR 6.8 years Maturity of Debt 53% Current Debt THB 1,019mn THB 46% Non-Current Debt THB 19,325mn Floating Rate 90% KEY RATIOS Total Interest Bearing D/E Ratio Net D/E Ratio Debt 31 Dec 2018: 20,344mn 31 Dec 2018: 0.70x 31 Dec 2018: 0.55x 31 Dec 2017: 18,087mn 31 Dec 2017: 1.01x 31 Dec 2017: 0.93x Section 3: Financial Summary Prepared by Investor Relations Department 8 U CITY PCL
CONTENTS Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendix Prepared by Investor Relations Department 9 U CITY PCL
HOSPITALITY SEGMENT OVERVIEW BREAKDOWN OF REVENUE BY TYPE & SOURCE OPERATING EBITDA (THB mn) & MARGIN (%) 1,000 35.0% 30.8% 100.0% 900 28.3% 30.0% 800 7.0% 9.2% 24.5% 10.3% 12.1% 11.3% 12.1% 12.3% 23.6% 25.0% 21.7% 700 21.3% 25.5% 24.4% 25.4% 28.9% 27.4% 600 29.5% 20.0% 16.0% 15.3% 452 500 374 15.0% 11.1% 400 335 333 36.5% 255 300 25.6% 10.0% 23.6% 357 21.0% 20.7% 19.3% 284 18.5% 143 200 266 267 123 96 91 5.0% 30 100 48 132 100.0% 71.7% 65.3% 62.4% 65.3% 59.8% 60.5% 58.2% 113 91 90 95 69 66 48 0 0.0% 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 Operating EBITDA Thailand Operating EBITDA Overseas Owned Leased Managed % Thai Sourced Revenue Operating EBITDA Margin UPCOMING KEYS TIMELINE TOTAL HOTEL KEYS 26,997 26,305 25,162 Type 2019 2020 2021 2022 Total Owned 394 (1) 394 (1) 19,174 17,122 16,229 15,583 Leased 260 (2) 200 (1) 607 (1) 80 (1) 1,147 (5) 10,251 8,316 8,275 7,549 1,253 1,253 466 Managed 2,528 (9) 6,750 (13) 5,528 (8) 775 (1) 15,581 (31) 10,076 9,875 9,579 8,923 7,083 7,063 7,022 669 Total 2,788 (11) 6,950 (14) 6,529 (10) 855 (2) 17,122 (37) 1Q '17 2Q '17 3Q '17 4Q' 17 1Q '18 2Q '18 3Q '18 4Q '18 ( ) = no of hotels Operational Keys Pending Keys Note: All figures above, save for operating EBITDA are based on management accounts which haven’t been subject to eliminations and adjustments Section 1: Financial Performance Prepared by Investor Relations Department 10 U CITY PCL
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