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CPN Retail Growth Property Fund “CPNRF”

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CPN Retail Growth Property Fund “CPNRF” CentralCentral PattanaPattana PlcPlc.. ““CPNCPN”” CPNCPN RetailRetail GrowthGrowth PropertyProperty FundFund ““CPNRFCPNRF”” Opportunity Day March 28, 2006 Content Economic Overview and Marketing Situation CPN Achievements and Plans Operation Review Financial Highlights CPN Retail Growth Property Fund (CPNRF) 2 Economic Overview & Marketing Situation Economic Overview Thai economy in Q405 grew by 4.7% Q-o-Q. However, for full year 2005 the economy grew by only 4.5%, a moderate decrease from 6.2% from the previous year. The decrease was attributed to the slowdown in household spending, lower overall production and a decrease in export. The contributing factors: - Higher oil price - Higher inflation - Higher interest rate - Reduction in consumer confidence - Other non-macroeconomic factors such as Tsunami, southern unrest, avian influenza, drought and flooding Note: Source from NESDB 4 Marketing Situation Retail Market Total supply of retail space in Bangkok rose by approximately 8% to 4.2 million sq.m. at the end of 2005, as compared with 3.9 million sq.m. at year-end 2004 and vacancy at year-end 2005 stood at approximately 5%. Retail rent in Bangkok was broadly stable in Q405, however, 2005 saw approximately 5% growth from 2004. New retail supply in 2006 is expected to be around 300,000 sq.m. Competition in Rajprasong is becoming increasingly intense, due to the growth in supply from the newly opened Paragon mall and the near completion of Centralworld. Office Market Total supply of office in Bangkok was stable in 2005 with an increase of less than 1% over 2004. Office space in 2005 stood at 7.2 million sq.m. with vacancy rate at year-end of approximately 13.3%. Grade A office rents in the Central Business District (CBD) rose by 23.3% while grade B rents in the same area rose by 19.6%. New office supply in 2006 expected to be around 230,000 sq.m and 160,000 sq.m.in 2007. While take up rate is approximately 300,000 sq.m. each year. Note: Source from CB Richard Ellis and Jones Lang Lasalle 5 CPN Achievements and Plans Achievements in 2005 Business Growth Strategic Management Relaunched of Central Town Rattanathibet Implemented Good Corporate Governance Policy Increased occupancy rate of The Offices at Centralworld from 60% in 2004 to 85% in Implemented Key Performance Indicator (KPI) 2005 Setted up Thailand largest property fund, Launched Corporate Culture - 7 Values CPNRF, in which CPN acts as property “THE MOST ADMIRED RETAIL manager and is the largest shareholder. EXPERIENCE DEVELOPER” Listed as one of the Top 200 “Best Under Re-branded of Central Pattana to CPN A $ Billion” in Forbes Asia Magazine Achieved market capitalization Y-O-Y growth of 86.7% Formalized Business Strategies - 4 Retail Formats 7 Business Strategy - 4 Retail Formats “CPN continuously strives to create innovate formats to suit customers’ needs” The renowned international The real shopping experience, The “Center of community” The shopping and Definition shopping experience. Trend with complete quality selection. catering to basic lifestyle. entertainment experience with setter & “Best of The Best” Enhance every lifestyle fashion Customizing to service each a holiday spirit and local and entertainment locality novelty Main shopping district in major Heart of city Suburban area of major cities Holiday destination Location city Satellite city and outskirt of Mid-town of secondary cities CBD Type A - B+ Type B+ Type C+ and up Type B Customer Innovative idea design Good design meeting point Local architectural design Holiday and festive design 8 Plans in 2006 Business Growth Strategic Management Open the 1st phase of Centralworld Plaza Create Brand Perception and Brand Strength by Mid year and continue development of 2nd phase for next year relaunch. Improve Customer Relation Management (CRM) Implement Balanced Score Card Develop 2 new projects; Chaengwattana and Pattaya Beach Implement Economic Value Added (EVA) Look for prime locations to develop new projects both in Thailand and Overseas Set up Property Fund for Public Offering – Office 9 Operation Review CPN’s Existing Projects : December 31, 2005 Shopping Center Office Building Residential Salable Occupancy Rate Salable Occupancy Rate Salable Occupancy Rate area area area (sq.m.) Q4/05 Q3/05 Q4/04 (sq.m.) Q4/05 Q3/05 Q4/04 (sq.m.) Q4/05 Q3/05 Q4/04 Lardprao 55,561 100% 99% 99% 18,321 98% 98% 98% - - - - Ram Indra 13,585 95% 95% 97% - - - - - - - - Pinklao 56,868 99% 100% 100% 22,553 99% 99% 100% -(1) - - 84% Pattaya 15,258 100% 100% 100% - - - - - - - - Rama III 56,783 97% 99% 98% - - - - - - - - Chiangmai 69,318 97% 96% 94% - - - - - - - - Bangna 57,705 98% 97% 98% 9,796 99% 97% 90% 1,907 69% 49% 34% Rama II 97,626 97% 99% 98% - - - - - - - - Centralworld 126,045 75% 78% 87% 83,368 74% 66% 17% - - - - Rattanathibet 68,550 97% 94% 98% - - - - - - - - Langsuan Colonnade - - - - - - - - 4,466 72% 81% 85% Total 617,300 93% 94% 95% 134,038 83% 78% 47% 6,373 71% 72% 77% % Lease : Rent (2) 34% : 66% 1% : 99% 0% : 100% Note1: Renovation to convert apartment building to office building with salable area 10,730 sq.m.. Sale progress as of February 28, 2006 is approximately 65% 11 Centralworld Renovation & Expansion Started Date Expected New Salable Area Investment Remark Completed Date Cost Centralworld Phase I May. 2006 • Expansion Aug. 2003 New Zone (Zone D, E, F) and Zone B, C Sale Progress 70,000 sq.m. 5,000 MB 60%(1) • Renovation Jun. 2004 Phase II Feb. 2007 Zone A & ZEN extension DD EE CC FF AA BB Note1: As of December 31, 2005 12 Value Enhancements of Existing Projects Project Development Plan Investment (MB) Time Frame Pinklao ÎConvert apartment to office (10,400 sq.m.) 70 Completed ÎRenovate facade at the entrance on 1st Under study and 2 floor 80 Ramindra ÎMajor internal and external renovation 220 Under study ÎLeaseback and rearrange tenant mix Pattaya Festival ÎIncrease more retail space and parking area 500 Under study ÎMay add new anchor ÎDevelop new fashion zone on 2nd floor Completed Bangna ÎDevelop Playland to retail space on 6th floor 130 Completed ÎBuild sky bridge link to 2nd floor Under study Rattanathibet ÎDevelop new parking building with additional 200 Dec 2006 retail space Total 1,200 Company estimates 13 CPN’s Future Projects Expected Investment Complete Remark Starting Date New Salable Area Cost NEW PROJECTS Date • Shopping Mall 100,000 sq.m. (Include department store) Chaengwattana Q1/2006 Q3/2008 4,550 MB Design Process • Office building 20,000 sq.m. “Plaza” • Parking area 94,000 sq.m. Pattaya (New) • Shopping Mall 80,000 sq.m. (Beachfront) Q1/2006 Q2/2008 (Include department store) 3,300 MB Design Process “Plaza” • Parking area 70,000 sq.m. Tentative Tentative Rama 9 100,000 sq.m. 4,000-4,700 MB Under study “Plaza” Q1/2007 Q1/2010 Chonburi & Tentative Tentative 60,000 sq.m. 1,200-1,500 MB Khonkaen Under study Q2/2008 Q2/2010 (Per project) (Per project) “Town Center” Company estimates 14 Capital Expenditure Profile Major capital expenditure will be used to develop 8 shopping centers and renovate 5 existing shopping centers Financing plan for future expansion includes: Cash flow from operation Loan – project financing Property fund Unit : Bt mm Capital Expenditure 2005 2006 2007 2008 2009 2010 Centralworld (100%) 3,300 2,500 700 - - - Chaengwattana 400 900 1,800 1,100 - - Pattaya (New) 300 1,000 1,200 700 - - Rama 9 150 600 500 1,000 1,500 900 Chonburi and Khonkaen - - - 500 1,200 1,200 Existing Projects (Includes Rattanathibet) 1,000 1,200 1,100 500 500 500 (1) 3 New Projects 600 1,200 2,200 3,000 2,600 Total 5,750 7,000 6,500 6,000 6,200 5,200 Company estimates Note1: Tentative development projects 15 Future Average Salable Area and Occupancy Rate Salable Area & Occupancy-Shopping Center Sq.m. Salable area (Sq.m.) Occupancy rate (%) 1,200,000 99% 97% 1,000,000 97% 96% 96% 97% 95% 95% 95% 800,000 94% 94% 95% 93% 1,010,549 93% 600,000 791,549 791,549 687,299 687,299 91% 598,587 591,007 617,299 400,000 518,894 89% 200,000 281,623 87% 0 85% 2001 2002 2003 2004 2005 2006 F 2007 F 2008 F 2009 F 2010 F Salable area (Sq.m.) 2001 2002 2003 2004 2005 2006 F 2007 F 2008 F 2009 F 2010 F Shopping Center 281,623 518,894 598,587 591,007 617,299 687,299 687,299 791,549 791,549 1,010,549 Office Building 49,833 49,833 49,833 134,099 134,038 144,768 144,768 164,768 164,768 164,768 Residential 16,825 16,825 16,336 16,336 6,373 6,373 6,373 6,373 6,373 6,373 Total 348,281 585,552 664,756 741,442 757,710 838,440 838,440 962,690 962,690 1,181,690 Note: Salable area includes Rama 2 and Rama 3 shopping centers 16 Financial Highlights Consolidated Performance Bt mm 9,783 10,000 8,000 6,899 6,190 6,298 6,000 5,540 4,877 4,000 3,106 3,295 3,413 2,754 2,399 1,916 2,187 2,000 1,197 1,348 1,446 - 2003 2004 2005 2005 Adj. Total Revenue (1) EBITDA Operating Profit Net Profit 2003 2004 2005 2005 Adj. *Adjusted items in 2005 (unit : Bt mm) Net profit 3,295 % Revenue Growth 44% 12% 58% 11% Adjusted 1.Gain from CPNRF (2,885) 2.Impairment provision 407 % Same Store Growth (2) 12% 9% 10% 10% 3.Tax of 1.&2.
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