U CITY PCL 3Q 2018 EARNINGS PRESENTATION 16 NOV 2018 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 8838 #2301 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. 2 Prepared by Investor Relations Department U CITY PCL
CONTENTS Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendix 3 Prepared by Investor Relations Department U CITY PCL
KEY HIGHLIGHTS 3Q 2018 Key Developments Recurring Net Profit Total Revenue 10mn VH acquired 50% stake in UBM+VH Hotels • THB 1,783mn Signed a new operating lease contract for • vs R.evo Munich hotel +222.5% YoY +13.4% YoY (64)mn (3Q ‘17) Launched The Base Saphanmai condominium • under Sansiri JV Net D/E Ratio Construction progress of mixed-use building • Total Assets (Unicorn Phayathai) was 8% completed as at 0.53x end September THB 54.4bn Construction progress of VERSO International • vs School was 14% completed as at end +42.0% YoY +35.7% from 31 Dec ‘17 September 0.93x (31 Dec ‘17) Section 1: Financial Performance 4 Prepared by Investor Relations Department U CITY PCL
FINANCIAL PERFORMANCE OVERVIEW * Excludes one-off items such as impairment charges, one-off expenses and profit/loss from discontinued operation PROFIT & LOSS ** Excludes impairment charges and one-off expenses THB mn 3Q 2018 3Q 2017 % YoY 2Q 2018 % QoQ 1,782.5 1,571.3 13.4% 1,791.0 (0.5)% Total Revenues 1,699.5 1,459.5 16.5% 1,642.9 3.4% Operating Revenue Gross Operating Profit (GOP) 1,078.1 923.9 16.7% 1,031.6 4.5% 825.1 641.2 28.7% 767.8 7.5% SG&A (19.0) (422.2) (95.5)% 411.9 N.A. EBITDA 9.4 1.3 606.8% (24.7) N.A. Share of Profit 132.5 254.8 (48.0)% 458.2 (71.1)% Finance Cost Net Profit/Loss (387.5) (880.5) (56.0)% (253.7) 52.8% Recurring Net Profit/Loss* 10.5 (63.7) N.A. (253.7) N.A. GOP Margin 63.4% 63.3% 62.8% EBITDA Margin (1.1)% (26.9)% 23.0% Operating EBITDA Margin** 22.3% 25.1% 23.0% Net Profit Margin (21.7%) (56.0)% (14.2)% 3Q 2018 REVENUE CONTRIBUTION BY SEGMENT 3Q 2018 REVENUE GROWTH CONTRIBUTION 82.5% (2.7)% (THB mn) 12.8% Office THB 75mn Hospitality 1,783 4.2% THB 1,600mn 1,571 (3) 34 181 89.7% THB Others* 1,783mn THB 108mn 6.1% 3Q 2017 Hospitality Office Others* 3Q 2018 * Includes property management revenue Section 1: Financial Performance 5 Prepared by Investor Relations Department U CITY PCL
FINANCIAL PERFORMANCE OVERVIEW (THB mn) Vienna House Operating Expenses THB 435mn (70% of operating cost) (621) 1,700 1. Vienna House SG&A THB 464mn (56% of SG&A cost) (825) 2. One-off expenses THB 122mn One-off Impairment of NMG shares THB 355mn (355) (133) (388) (175) (880) 13 9 FX Gain Vienna House Loans THB 106mn (excluding gain, finance cost was THB (238)mn) Net Loss 3Q Operating Operating SG&A Impairments Finance Cost Deprec. & Share Profit of Tax & Others Net Loss 3Q 2017 Revenue Cost Amort. Investment 2018 Share of Profit from Associates & JVs • JV Sansiri 9 • AHS 2 • Keystone JVs (2) Section 1: Financial Performance 6 Prepared by Investor Relations Department U CITY PCL
BALANCE SHEET & CASH FLOW (THB mn) (THB mn) 54,361 54,361 3,087 5.7% 7,475 13.8% 40,062 40,062 22,121 2,577 40.7% 6.4% 4,352 10.9% 19,627 49.0% 46,886 86.2% 35,710 89.1% 29,153 53.6% 17,858 44.6% 31 Dec 17 30 Sep 18 31 Dec 17 30 Sep 18 Equity Non-Current Liabilities Current Liabilities Non-Current Assets Current Assets 9M CASH FLOW (THB mn) CAPEX & PROPERTY INVESTMENTS (THB mn) (THB mn) 3,927 725 3,582 1,383 (451) (5,659) 5,304 (1,312) 335 6.3% 4,969 93.7% 1,381 67.9% Beginning CFO CFI CFF Others Ending Cash 937 32.1% 444 Cash 31 Dec 30 Sep 18 17 9M 2017 9M 2018 * Others includes translation adjustment and cash & cash equivalents of subsidiaries at Investments CAPEX acquisition and selling date Section 1: Financial Performance 7 Prepared by Investor Relations Department 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 52% Current Debt THB 1,502mn THB 47% Non-Current Debt THB 19,106mn Floating Rate 90% KEY RATIOS Total Interest Bearing D/E Ratio Net D/E Ratio Debt 30 Sep 2018: 20,608mn 30 Sep 2018: 0.71x 30 Sep 2018: 0.53x 31 Dec 2017: 18,087mn 31 Dec 2017: 1.01x 31 Dec 2017: 0.93x Section 3: Financial Summary 8 Prepared by Investor Relations Department U CITY PCL
CONTENTS Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendix 9 Prepared by Investor Relations Department U CITY PCL
HOSPITALITY SEGMENT OVERVIEW BREAKDOWN OF REVENUE BY TYPE & SOURCE OPERATING EBITDA (THB mn) & MARGIN (%) 800 35.0% 30.8% 100.0% 28.3% 700 30.0% 7.0% 9.2% 24.5% 10.3% 11.3% 12.2% 12.1% 23.6% 600 25.0% 21.7% 21.3% 24.4% 25.5% 452 500 25.4% 28.9% 27.4% 20.0% 374 15.3% 400 335 333 15.0% 11.2% 36.5% 300 357 25.6% 284 10.0% 21.0% 200 266 20.7% 143 267 19.3% 18.5% 96 91 30 5.0% 100 48 113 100.0% 71.7% 65.3% 62.4% 65.3% 59.8% 60.5% 95 91 90 69 66 48 - 0.0% 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Operating EBITDA Thailand Operating EBITDA Overseas Owned Leased Managed % Thai Sourced Revenue Operating EBITDA Margin UPCOMING KEYS TIMELINE TOTAL HOTEL KEYS Type 2018 2019 2020 2021 Total 26,305 25,162 Owned 194 (1) 394 (1) 588 (2) 19,174 16,229 Leased 260 (2) 200 (1) 607 (1) 1,067 (4) 15,583 10,251 8,316 8,275 Managed 3,229 (12) 5,859 (10) 4,840 (5) 13,928 (27) 7,549 1,253 1,253 466 10,076 9,579 8,923 Total 194 (1) 3,489 (14) 6,059 (11) 5,841 (7) 15,583 (33) 7,083 7,063 7,022 669 ( ) = no of hotels 1Q '17 2Q '17 3Q '17 4Q' 17 1Q '18 2Q '18 3Q '18 Note: All figures above, save for operating EBITDA are based on management Operational Keys Pending Keys accounts which haven’t been subject to eliminations and adjustments Section 1: Financial Performance 10 Prepared by Investor Relations Department U CITY PCL
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