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Towards Sustainable Center of Life

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Towards Sustainable Center of Life TOWARDS SUSTAINABLE CENTER OF LIFE CENTER OF CENTER OF HAPPINESS COMMUNITY CENTER OF ALL LIFESTYLES CENTER OF ACTIVITIES Central Pattana Public Company Limited (CPN) SET Digital Roadshow For the full-year 2018 financial results 18 March 2019 The Stock Exchange of Thailand Agenda DASHBOARD Company Overview SUMMARY RESULTS 2018 Key Highlights and Results UPDATES Business Updates APPENDICES Page 2 CPN at a Glance The most glorified property developer in Thailand DASHBOARD world-class retail and million sq.m. of net million visitors per day GLAND projects1 that leasable area (NLA) (and more) at our offer the most fulfilling under management: a shopping malls, serving 32 lifestyle experiences 1.7 domestic market leader 1.3 both locals and tourists SUMMARY LIFESTYLE DESTINATION % occupancy rate th largest company listed across our projects: a on SET with over USD 10 bn RESULTS strong and sustainable in market capitalization 93 performance 11 and continues to grow UPDATES HOLISTIC ICONIC bn THB of high-quality the only Thai property company % revenue CAGR attained retail and commercial listed on DJSI World (2018) and during the past 10 years assets monetized through DJSI Emerging Markets (2014- (2008-2017): proven track 50 CPNREIT and CPNCG 1 2018): a sustainability leader 14 record of business growth 27% ownership in CPNREIT 25% ownership in CPNCG APPENDICES DYNAMIC ENCHANTED Page 3 Strong Support from Major Shareholders Central Group’s leadership in retail and lifestyle experiences DASHBOARD Other 15% Listed entities / business units and Central Group’s ownership % 62% 65% % ownership in CPN by investor group out of Resorts Hotels & & Hotels SUMMARY Group 4,488 53% Store Dept. Robinson (ROBINS) 50% million total shares Foreign Group Institutions Restaurant B2B B2B 32% RESULTS Specialty COL PCL (COL) Central Plaza Hotel (CENTEL) Non-listed business units – mostly wholly-owned by Central Group Supportive to CPN’s core business UPDATES Group Home Home & Hardline Dept. Store Dept. Group Group Vietnam Food Retail Food Retail Digital Central Group’s brands serve as Group APPENDICES / Online effective and powerful “magnets” Marketing Page 4 2018 Key Highlights & Performance 2018 Key Highlights A continuation of success story and landing on new milestones DASHBOARD WORLD’S NEW DESTINATION IS BORN PARTNERSHIPS COME TO FRUITITION The opening of Central Phuket The opening of IKEA at CentralPlaza WestGate SUMMARY Joint-investment with “Common Ground” RESULTS UPDATES LANDMARK ACQUISITION LEADERSHIP IN SUSTAINABILITY 67.5% ownership in GLAND The only Thai real estate company listed on DJSI World and DJSI Emg. Mkt (5 consec. years) APPENDICES Page 6 FY18 & 4Q18 Financial Performance Delivered strong growth in both revenues and profits DASHBOARD Solid mall performance with Continuous residential unit same store rental rev. growth transfers key to significant 32 within guidance of 3-4% revenue growth SUMMARY Higher operating costs amidst Higher share of profit and business expansion and management fee from continuous mall events % CPNREIT’s strong asset base 1.7 RESULTS Key Financial Performance and Ratios*** Unit: THB mn FY17 FY18 YoY% 4Q17 3Q18 4Q18 YoY% QoQ% Total Revenue 30,875 36,065 +16.8% 7,834 9,191 9,247 +18.0% +0.6% UPDATES Gross Profit 14,266 16,308 +14.3% 3,490 4,107 4,063 +16.4% -1.1% 93% Operating Profit 11,314 12,486 +10.4% 2,365 3,083 2,872 +21.4% -6.8% Net Profit 9,893 10,823 +9.4% 2,151 2,620 2,445 +13.7% -6.7% EPS (THB/share) 2.20 2.41 +9.4% 0.48 0.58 0.54 +13.7% -6.7% Gross Profit Margin 49.6% 48.1% -1.5% 47.7% 47.5% 47.1% -0.6% -0.4% EBITDA Margin 53.7% 50.7% -3.0% 47.5% 50.3% 47.0% -0.5% -3.3% 17% SG&A to Revenue 16.4% 17.0% +0.6% 21.1% 17.4% 20.3% -0.8% +2.9% Net D/E Ratio 0.07x 0.37x +0.30x 0.07x 0.35x 0.37x +0.30x +0.02x APPENDICES * Central Phuket, which includes the Floresta and Festival buildings, is counted as 1 project ** Includes area transferred to CPNREIT and CPNCG Page 7 *** Excludes non-recurring items CPN’s Asset Performance Summary High occupancy rates sustained for domestic malls DASHBOARD Land NLA(1)(2) (mn sqm) Occupancy Rate(1) No. of Retail Properties Freehold & Department Projects Freehold Leasehold Retail Total 4Q17 3Q18 4Q18 Leasehold Store BMA 14 4 7 3 0.71 0.06 0.77 91% 92% 94% Provinces 18 12 4 2 0.66 0.06 0.72 93% 91% 91% (1) SUMMARY Total 32 16 11 5 1.37 0.12 1.49 92% 91% 92% NLA split by region Rent revenue split by region Provinces BMA RESULTS Provinces 41% BMA 59% 48% 52% UPDATES (1) No. of Occupancy Rate (%) Non-core Properties NLA (sqm) Projects 4Q17 3Q18 4Q18 Office in BMA(1)(2) 5 56,174 92% 94% 94% Residential in BMA 1 1,568 21% 21% 27% Hotel in provincial area 2 561 rooms 85% 83% 86% APPENDICES (1) Counts Central Phuket (Floresta + Festival) as one project ; Excludes area transferred to CPNREIT, CPNCG and area under GLAND (2) Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. Page 8 CPN’s Financial Performance Solid top line and profit growth Total Revenue Operating Profit Normalized (LHS) and Net (RHS) Profit DASHBOARD MTHB MTHB MTHB 36,065 12,486 11,314 30,875 10,814 13,568 29,234 9,074 25,713 11,216 23,668 8,447 9,244 7,880 10,823 SUMMARY 7,307 9,893 7,231 7,746 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 RESULTS % YoY Growth 2014 2015 2016 2017 2018 Total revenues (Exc. non-recurring items) /1 13% 9% 14% 6% 17% Operating profit (Exc. non-recurring items) 15% 7% 19% 5% 10% UPDATES Normalized Net profit 21% 7% 19% 7% 9% Net profit 16% 8% 17% 47% (17%) Same store rental revenue growth ~4% ~2% ~2% 3.5% 3.1%/2 Gross Profit Margin (Exc. Other Income)(%) 48% 48% 49% 50% 48% EBITDA Margin (%) 53% 53% 54% 54% 51% /1 Includes rental & services, hotel operation, food & beverages, real estate sales and other income. Excludes interest income and share of profit from joint ventures and associated companies APPENDICES /2 Excludes CentralPlaza Nakhon Ratchasima, CentralPlaza Mahachai, Central Phuket Floresta, CentralWorld, CentralPlaza Rama 3, CentralPlaza Chiangrai, CentralPlaza Chonburi and CentralFestival Pattaya Beach Page 9 Total Revenue Strong growth achieved in all businesses +17% YoY 2018 total revenues /1 +17% YoY mainly contributed by DASHBOARD (THB mn) Rent and services +8% YoY 40,000 36,065 40,000• Contributions from new shopping malls in 2017 and 2018: CentralPlaza Nakhon Ratchasima, CentralPlaza 35,000 30,875 35,000 29,234 Mahachai and Central Phuket Floresta 30,000 30,000 25,713 • Improved performances at malls under renovation: 25,000 23,668 25,000 CentralWorld and CentralPlaza Rama 3 SUMMARY 20,000 20,000• Strong performances of existing shopping malls: Rama 2, Festival Chiangmai, WestGate, Nakhon Si Thammarat, 15,000 15,000 Pinklao 10,000 10,000Hotel +10% YoY 5,000 5,000• Stable contributions from both Hilton Pattaya and Centara Hotel & Convention Centre Udonthani despite RESULTS 0 0 slightly lower average occupancy rates 2014 2015 2016 2017 2018 F&B sales +13% YoY • New food courts opened in 2017 and 2018 at FY18 Breakdown CentralPlaza Nakhon Ratchasima, CentralPlaza Office 2% Mahachai and Central Phuket Floresta. • Strong performances at Rama 2, Festival Chiangmai, UPDATES F&B 5% Hotel 3% Central Marina and Festival Samui Management Real estate sales +100% YoY fee 2% • Continued unit ownership transfer at 3 residential Other income projects: ESCENT Rayong, ESCENT Chiangmai and ESCENT Khonkaen Retail 76% 4% Residential 8% Active marketing and promotional events throughout the year • Rent from shops • Promotional Area Collaboration with business partners, holding promotional (Events) campaigns to encourage more spending from local • Service income customers and cater for expanding foreign tourists visiting • Convention hall Thailand, are vital to the strong revenue performance APPENDICES • On site media throughout the year. Page 10 Note: /1 Includes revenues from residential projects and water & amusement park, and property management fees from CPNREIT & CPNCG. Excludes non-recurring items. Cost of Operation Efficiencies maintained despite external cost pressure (THB mn) +21% YoY 2018 total costs +21% YoY mainly contributed by DASHBOARD 20,000 Cost of rent and services +10% YoY 17,579 • Higher depreciation & amortization at CentralPlaza Rama 2 based on the land lease extension in June 2018. 16,000 14,041 14,518 • Higher operating and depreciation costs of newly opened malls and renovated projects in 2017, namely 12,634 11,616 CentralPlaza Nakhon Ratchasima, CentralPlaza SUMMARY 12,000 Mahachai and CentralPlaza Rama 3. • Higher maintenance, repair and personnel expenses to support the expansion of new shopping malls. 8,000 • Higher utility cost amidst rising electricity unit cost, despite reduction in same-store utility cost courtesy of continuous 4,000 energy conservation initiatives. RESULTS Cost of hotel operations +23% YoY • Change in service charge recognition in 2018 (higher 0 revenue and costs) otherwise in-line with revenue from 2014 2015 2016 2017 2018 hotel operations Cost of F&B sales +13% YoY FY18 Breakdown • Better cost management at existing food courts despite UPDATES higher cost from newly opened food courts in 2017 and 2018 Office 2% Cost of real estate sales +100% YoY • In-line with the increase in real estate sales from 3 residential projects: ESCENT Rayong, Chiangmai and F&B 8% Retail 79% Khonkaen Hotel 2% Residential Continued focus on efficient cost management 9% Implementation of energy conservation initiatives at shopping malls to yield lower electricity unit consumption, in face of rising unit cost, is actively carried out to maintain or increase APPENDICES overall gross profit margin.
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