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Central Pattana Plc. Property Development and Investment

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Central Pattana Plc. Property Development and Investment CentralPlaza Nakhon Si Thammarat Corporate Presentation: 1Q16 Performance Review Contents ► Our Company ► Growth ► Financing ► Looking ahead ► Appendices 2 Our company CPN at a Glance Flagship business of the Central Group (Chirathivat Family) 29 1.6 mn sqm 93% 21% 15% Shopping Malls NLA Occ. Rate Market Share 5-yr top line growth Malls Other related business Residential Commercial Hotel 15 New Projects (2016-2020): 12 domestic malls and 3 overseas malls (i-City and 2 new malls) 1 Residence 7 Office Buildings 2 Hotels 1 Central City Residence @ Bangna • Lardprao Renovation projects: 21 • Pinklao Tower A 2016: Project 2016-2020 • Pinklao Tower B 6 BNA, RM3, PTC, and PKT • Bangna • CentralWorld Tower centralcenter 2017-2020: 1 • Chaengwattana CMA, CTW, CWN, and RM2 Announced: 3 Condominiums • Rama9 New Retail format and paid attraction Target: 3 Condominiums/Yr 3 Growth 5-yr target: revenue growth of 15%CAGR Overall NLA to increase by 20% between 2015 and 2018F Retail NLA and occupancy rates SQMmn % 97 98 96 96 97 2.0 95 96 96 94 94 94 94 100 1.8 90 1.6 80 36 1.4 70 33 1.2 60 30 1.0 29 50 0.8 25 40 23 0.6 20 30 18 15 0.4 15 20 10 11 0.2 projects 10 - - Existing New Unannounced RS: Occupancy rate Source: Company estimate as at 31 March 2016. Retail space: Includes leasable area of CentralPlaza Rama 2, CentralPlaza Rama 3, CentralPlaza Pinklao, and CentralPlaza Chiangmai Airport, which were 4 partially transferred to CPNRF, but still under CPN’s management. Growth CPN average occupancy rate remains high Land NLA (2) (sqm million) Occupancy Rate (%) Retail No. of Property Projects Freehold & Dept. Freehold Leasehold Retail Total 1Q15 4Q15 1Q16 Leasehold Store BMA 13 4 7 2 0.68 0.06 0.74 93 94 94 Provinces 16 12 4 0 0.61 0.05 0.65 95 94 94 Total (1) 29 16 11 2 1.28 0.12 1.40 94 94 94 Breakdown: NLA Breakdown: rental income Provinces Provinces 47% 40% BMA BMA 60% 53% (1) Excludes area transferred to CPNRF and CPNCG (2) Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. 5 Growth Upside from expirations of Long-term Lease Contracts Conversion into short term contracts at market rental rate should help increase revenues. Reliable contract structure Potential higher revenue Types of rental contract (1) % of expired area to total long-term lease area (2) >'21 26 31 Fixed Rent Consignment 48% 35% (48%) (33%) '20 17 '19 4 12 '18 3 '17 3 FY2016 3 PKO Long-term Lease 17% % (19%) - 20 40 60 Retail shops Department Stores in Acquired Projects Source: Company estimate as of 31 March 2016. (1) Percentage based on occupied area. 6 (%) 1Q15 figure (2) Total long-term lease area is 163,157 sq.m. with less than 4% rental income contribution. Growth Domestic expansion continues CentralPlaza Nakhon Si Thammarat CentralPlaza Nakhon Ratchasima Investment cost (1) : THB1.90bn Investment cost (1) : THB5.00bn NLA (2) : 26,000 sqm NLA (2) : 56,000 sqm Joint developer (3) : Robinson Department Store Joint developer (3) : Central Department Store Land Size : 20 acres (51 rais) (Freehold) Land Size : 26 acres (65 rais) (Freehold) Parking : 1,500 cars Parking : 3,500 cars 2020 28 July 2016 2017 additional projects ′17-′20 12 Central Phuket Phase 2 Investment cost (1) : THB6.65bn NLA (2) : 63,000 sqm Joint developer (3) : - Land Size : 22 acres (57 rais) (Leasehold) Parking : 3,000 cars Note 1: Includes land and construction cost of shopping center and parking building. Excludes those of Central Department Store or Robinson Department Store (CRC) Note 2: Excludes CRC’s area. 7 Note 3: Area will be developed and owned by the joint developer. However the store will serve as a magnet to draw traffic into CPN’s plaza area. Asset enhancement projects Growth Modernize malls to enhance asset value and draw traffic 4 Projects in ’16 • CentralPlaza Bangna • CentralPlaza Rama3 • Central Center Pattaya • CentralFestival Phuket 2020 2016 2017 4 Additional Projects ′17-′20 • CentralPlaza Chiangmai Airport • CentralWorld • CentralPlaza Chaengwattana • CentralPlaza Rama 2 8 Growth Latest international project in Malaysia First step outside Thailand Central i-City ( 1 ) Investment Cost THB8.3bn I-R&D Sdn Bhd (“IRD”), an I-Berhad wholly-owned subsidiary Joint venture CPN holds 60% stake and IRD holds 40% stake CPN will lead in the development and management of the shopping mall Program: Shopping center 89,700 sqm (NLA includes department store) Land size 11 acres (27 rais) Location i-City, Shah Alam, Selangor Darul Ehsan, Malaysia Opening (Tentative) 2018 (1) Includes land and construction cost of shopping center and parking building. Growth Potential expansion in neighboring countries Investment strategy Malaysia Joint venture with local partners with focus on retail Realistic land prices and freehold ownership properties Moderate competition and fragmented market To be a property manager High spending power with customer profile similar to Completed JV Agreement Thailand Potential Locations Vietnam Large population Thailand Low competition with few major players Strong growth in disposable income/low spending power Vietnam Indonesia Malaysia Large population Rapidly growing middle class population with increasing spending power Sophisticated market but strong competition from existing players Indonesia High cost of fund and unrealistic land price with limited infrastructure 10 Growth Residential projects in the provinces Value-added condominium projects in key domestic market • 3 key projects in high-growth provinces: Chiangmai, Rayong, and Khonkaen; • encouraging pre-sales; and • maximize value creation from outstanding mall locations ESCENT Chiangmai 400 Units 26-storey condo ESCENT Khonkaen ESCENT Rayong 408 Units 419 Units 24-storey condo 25 storey condo 11 Additional capex to drive future growth Financing Capex will continue to focus on core business Capex 2015-2018F (THBbn) FY2015 ‘16F ‘17F ‘18F Under construction 12.00 9.21 7.00 3.33 Enhancement 2.16 3.10 1.42 1.30 Potential 2.79 4.05 4.99 9.09 Total malls 16.96 16.36 13.40 13.73 Residential 0.01 0.44 1.22 1.55 Total Capex 16.97 16.81 14.63 15.28 Source: Company estimate as of 31 March 2016. 12 Financing Solid balance sheet despite expansion Declining gearing and cost of debt Balance sheet and D:E Finance Costs and cost of debt (1) THBbn x THBbn % 60 1.4 1.2 5.0 4.5 1.2 1.0 50 4.0 1.0 3.5 40 0.8 3.0 0.8 30 0.6 2.5 0.6 2.0 20 0.4 0.4 1.5 1.0 10 0.2 0.2 0.5 - - - - FY2011 '12 '13 '14 '15 1Q16 Cash&current investment Interest bearing debts Equity RS: Net D:E Finance Costs RS: Cost of debt (1) Cost of debt was derived from interest expenses including interest capitalization for projects under development 13 Our Look Growth Financing company ahead Possibility of converting property fund to REIT CPNRF CPNCG No. of project: 5 No. of project: 1 Listed date: 23 August 2005 Listed date: 21 September 2012 NAV(1) : THB 13.34 per unit NAV(1) : THB 11.55 per unit NAV(1) : THB 29.52 bn NAV(1) : THB 4.93 bn Units: 2.21 bn Units: 426 bn Tax on dividends Thai corporates and foreign investors will lose tax benefits from dividend exemption. No impact on Thai retail investors. - Thai corporates will be subject to 20% corporate tax - Foreign investors will be subject to 10% withholding tax Gearing Higher gearing under REIT structure should compensate lower yield from tax issue (REIT = 35-60% vs. Property Fund = 10%) (1) as of 31 March 2016. 14 Looking ahead • Revenue growth from new projects, asset enhancement, same store rental growth, Financial and space utilization (promotional events, on-site media, and convention halls) • Mixed Use Development: New shopping mall : CentralPlaza Nakhon Si Thammarat Enhancement (4) : CentralPlaza Bangna, CentralPlaza Rama3, Investment Central Center Pattaya, and CentralFestival Phuket Residential (3 condominiums) : ESCENT Chiangmai, Rayong, and Khonkaen • Looking for acquisition opportunities in domestic and overseas markets • New format and new attraction • Cost efficiency improvement • Tenants management Operation • Customers experiences • Space utilization efficiency management • Online social community Funding • Studying property fund conversion to REIT • Increase DJSI score through programs : CSR - education program, reduction in Carbon Footprint and support community CG & SD economic growth CG Individual Assessment for all staff 15 Disclaimer . 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.
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