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Central Pattana Plc CentralCentral PattanaPattana Plc.Plc. Property Development & Investment Opportunity Day – 3Q 2007 & 9M 2007 1 Important Notice The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Central Pattana Public Company Limited (“CPN” and shares in CPN, “shares”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which CPN operates and general achievement of CPN business forecasts, which will cause the actual results, performance or achievements of CPN to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. This presentation has been prepared by the CPN. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the CPN or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes. This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws. 2 Content Market Update Business Highlight Operations Developments Financial Highlights 3 Market Update 3Q 2007 Retail Market Overview Retail in 3Q 2007 Outlook for 2007 – 2008 Retail Industry in 3Q 2007 has been depressed as a result of Even though a gradual sign of economic recovery has a plunge in consumer confidence. Consumer Confidence unveiled, confidence has not yet been restored. This can be Index (CCI) fell to 69.2 in Sep 2007, a further decline from explained by the expected aftermath of the upcoming 69.5 in Aug 2007, reflecting weak domestic growth. election and concerns about the formation of new Retail sales experienced a contraction for three quarters in a government. However, the belief of continual recovery in row since 4Q 2006. domestic demand and investment, and supportive factors to the improvement of economic circumstances persists. This However, retail sales in July and Aug 2007 displayed is based on the assumption that : growth of 4.4%yoy and 2.1%yoy, respectively. It is noted that the improvement of retail sales growth in the last three Election takes place by the end of 2007 and the newly months has been in line with better performance of Private elected government will be in the office by March 2008. Consumption for the past four months. The mega / infrastructure projects has been initially Revenue of retail operators witnessed a single-digit to zero implemented as planned, and payment for Government’s growth after enjoying double-digit growth rates since the public spending and budget deficit is on schedule, which financial crisis. would lead to a more dynamic economy. Luxury goods and high-end products have been affected Core inflation remains in BOT’s target band of 1.0 - 2.0% in the most by low consumer consumption, followed by 2008. retail fashion which has started to slow down. Interest rate is kept at low level in order to stimulate the Meanwhile food & beverage and entertainment sectors are economy and domestic demand. still performing fairly well. Tourism continues to flourish as the Tourism Authority set a Unsettled draft of Retail Business Act has discouraged target growth of 8% yoy. retail growth in 2007. The Draft is to monitor and limit wholesale / retail business expansion in discount store, hypermarket, supermarket, and cash and carry. Source : Bank of Thailand (BOT) and National Economics and Social Development Board (NESDB) 5 Bangkok Property Market Overview Retail Property Office Property Bangkok retail supply in 2Q07 increased by 33,500 sqm or 5.3% Bangkok office supply in 2Q07 increased by 8,300 sqm to 7.47 mil yoy to 4.68 mil sqm. Most of new spaces came in the form of sqm owing to the completion of Pipatanasin Building (Grade B shopping mall, of which supply increased by 9.6% yoy to 2.36 mil in mid-town area). sqm. Average vacancy in 2Q07: Major New supply operational in 2Q07 are: SC Plaza (13,000 sqm) Grade A down from 6.0% in 1Q07 to 5.7% in 2Q07. Home Pro Ramindra (6,000 sqm) Grade B up from 15.0% in 1Q07 to 15.3% in 2Q07. The Mall Tha Pra (expansion - 14,500 sqm) Rental rates increased from 2006 to 2Q07 for both grades: Average vacancy in 2Q07 was 6.0%, up from 5.0% in 1Q07. Grade A up 0.7%. Rental rates have generally been stable due to steady new Grade B up 2.7%. supply and is expected to remain steady in the short-term. New retail supply in 2007 will be approximately 131,000 sqm, New supply of approximately 142,000 sqm are expected to or an increase of 2.9% yoy. come in 2H07 (Grade A:20%, Grade B:80%) or an increase of 1.9% yoy. 6,000 5.4% 6.0% 6.0% 5.1% 5,000 4.7% 4,680 5.0% Office rental rate 4,355 4,575 0.7% 3,972 4,017 4,000 4.0% 700 674 679 3.5% + 2.7% 3,000 3.0% 595 sqm 600 2,000 2.0% 506 488 500 475 431 428 1,000 1.0% 400 365 Bt/sqm 311 0 0.0% 300 2003 2004 2005 2006 2Q07 Retail Supply Vacancy 200 Year 2004 2005 2006 1H07 100 New Supply (sqm) 45,000 338,000 220,000 104,790 0 2003 2004 2005 2006 2Q07 Total Supply (sqm) 4,017,000 4,355,000 4,575,000 4,679,790 Grade A Grade B Source : CBRE and the Company’s estimate 6 Business Highlight 3Q07 Business Highlights 3Q07 total revenue and EBITDA grew by 12.4% y-o-y and Leading Position in Bangkok Retail Space 8.3% y-o-y to 1,930.7 MB and 988.5 MB, respectively, primarily due to incremental contribution from the newly CPN opened CentralWorld. 23% The Mall Group Financial While 3Q07 net profit decreased 4.5% y-o-y to 412.1 MB, 11% reflecting lower margin at CentralWorld and higher marketing and promotion expenses. Future Park Rangsit 8% Others Average effective retail rental rates increased by 7% y-o-y to 33% Siam Paragon Bt 1,216 per sqm per month, flat q-o-q and up 3.8% y-o-y. 5% Seacon Square MBK 5% Occupancy of retail properties was maintained at 95%. 3% Siam Future Seri Center Fashion Island 5% Occupancy of office space slightly increased to 93%, 3% 4% Operation supported by strong take up rate at new office, Pinklao Tower B (from 65% in 2Q07 to 75% in 3Q07). Shareholder’s Value Creation Construction of two new projects, CentralPlaza 22.8% Bt mn Chaengwattana and CentralFestival Pattaya Beach, have 70,000 made progression as per schedule. In 3Q07 total sales 60,462 60,000 56.9% progress reached 60% and 80%, respectively, with 49,241 confirmation of all anchors. 50,000 86.7% 40,000 Construction of CentralPlaza Chonburi is under foundation 31,375 works. 30,000 Development 16,802 Construction permit was granted for CentralPlaza Khon Kaen 20,000 new location and CentralPlaza Rama 9. Groundbreaking will 10,000 be initiated in 1Q08 and 3Q08, respectively. 0 31 Dec 2004 31 Dec 2005 29 Dec 2006 28 Sep 2007 8 Developments Projects Under Development CentralPlaza Chaengwattana CentralFestival Pattaya Beach Investment Cost (1) : 4,500 – 5,400 MB Investment Cost (1) : 3,500 – 4,200 MB Program : Shopping center (N.L.A) 64,000 sqm (2) Program : Shopping center (N.L.A) 55,000 sqm (2) Office (G.A) 27,000 sqm Hotel (G.A) 40,000 sqm (3) Parking (G.A) 106,000 sqm (3,218 cars) Parking (G.A) 66,000 sqm (1,935 cars) Construction Period: September 2006 – December 2008 Construction Period: January 2007 – February 2009 Progress : 27% of total construction Progress : 10% of total construction Opening : December 2008 Opening : February 2009 Note1: Including land and construction cost of shopping center and parking building. Note2: Excluding Central Group’s area (department store and CRC specialty stores). 10 Note3: Hotel is under consideration to sub-lease. Projects Under Development CentralPlaza Chonburi CentralPlaza Khon Kean Investment Cost (1) : 1,500 to 2,000 MB Investment Cost (1) : 1,500 to 2,000 MB Program : Shopping center (N.L.A) – 39,700sqm (2) Program : Shopping center (N.L.A) – 48,700sqm (2) : Parking (G.A) – 52,500sqm (1,500 cars) : Parking (G.A) – 92,716sqm (2,235 cars) Construction Period: 4Q 2007 – 2Q 2009 Construction Period: 1Q 2008 – 3Q 2009 Progress : Construction permit approved Progress : Construction permit approved : Foundation work / designing phase : Designing phase / detailed feasibility study : Detailed feasibility study Opening : August 2009 Opening : April 2009 Note1: Including land and construction cost of shopping center and parking building.
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