Global Destination Makers Strengthening Our Global Presence and Reach More Worldwide Destinations Today Our Growing Regional Reach
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Banyan Tree Holdings Limited Annual Report 2010 Global Destination Makers Strengthening Our Global Presence and Reach More Worldwide Destinations Today Our Growing Regional Reach 2006 2010 MEXICO IRELAND BRAZIL PORTUGAL CHINA KOREA IRELAND IRELAND JAPAN MOROCCO KUWAIT PORTUGAL MEXICO EGYPT QATAR TAIWAN U.A.E INDIA LAOS HONG KONG MOROCCO THAILAND EGYPT EGYPT MALAYSIA GUAM SRI LANKA KENYA MALDIVES KENYA SEYCHELLES SEYCHELLES INDONESIA SEYCHELLES BRAZIL SOUTH SOUTH AFRICA MAURITIUS AFRICA MAURITIUS AUSTRALIA SOUTH AFRICA MAURITIUS KUWAIT KUWAIT U.A.E INDIA QATAR U.A.E INDIA Legends Hotels & Resorts Spas MALDIVES SRI LANKA MALDIVES SRI LANKA CHINA CHINA KOREA New openings in 2010 JAPAN JAPAN Resorts with Minority Equity Interest TAIWAN TAIWAN Banyan Tree LAOS HONG KONG LAOS HONG KONG > Cabo Marqués, Mexico THAILAND THAILAND Resorts without Equity Interest Banyan Tree MALAYSIA GUAM MALAYSIA GUAM > Club & Spa Seoul, Korea > Samui, Koh Samui, Thailand INDONESIA INDONESIA Angsana > Fuxian Lake, Yunnan, China AUSTRALIA AUSTRALIA Banyan Tree Club & Spa Seoul Banyan Tree Samui Spas Korea Thailand Banyan Tree > Cabo Marqués, Mexico > Club & Spa Seoul, Korea No. of Countries* No. of Hotels* No. of Keys/Rooms* No. of Owned Hotels* No. of Hotel No. of Spas* > Samui, Koh Samui, Thailand from 20 to 27 from 20 to 29 from 2,198 to 3,223 from 14 to 16 Management Contracts* from 53 to 65 > Estoril, Portugal from 19 to 67 Angsana > Nikko, Shanghai, China > Sankara, Nairobi, Kenya > Fuxian Lake, Yunnan, China +35% +45% +47% +14% +253% +23% * The above comparisions are between 2006 and 2010. We want to build a globally Total No. of Resorts* Total No. of Spas* Key Figures 2010 recognised brand which, by inspiring exceptional experiences among our guests, 29 65 instilling pride and integrity in Full Year Figures our associates and enhancing Total No. of Total No. of Revenue EBITDA* PATMI** Cash Flow both the physical and human Gallery Outlets* Golf Courses* S$305.3m S$101.4m S$15.7m S$139.0m environment in which we operate, will deliver attractive returns to our shareholders. 81 3 -3% +46% +422 % +82% * As at 31 December 2010 * EBITDA is defined as Earnings Before ** PATMI is defined as Profit after Interest, Tax, Depreciation and Taxation and Minority Interests Amortisation Banyan Tree Holdings Limited is a leading manager and developer of premium resorts, hotels and spas around the world. We have been listed on the Singapore Exchange since June 2006 and have been Quarterly Figures included in the FTSE ST Mid Cap Index since 10 January 2008. Revenue (S$m) EBITDA (S$m) As at 31 December 2010, we have 29 resorts, 65 spas, 81 gallery outlets and three golf courses. 1Q10 96.3 1Q10 27.4 Our strong brand, integrated capabilities and experienced and multi-disciplinary management team 1Q09 88.3 1Q09 24.4 are key drivers in our success across diverse markets. Such cohesiveness is vital in ensuring a consistent 2Q10 60.7 2Q10 1.0 branding identity synonymous with an established player in the hospitality industry that is constantly 2Q09 59.8 2Q09 9.0 outdoing itself in its growth. 3Q10 66.3 3Q10 4.0 3Q09 71.2 3Q09 15.7 4Q10 82.0 4Q10 69.0 4Q09 94.0 4Q09 20.4 PATMI (S$m) RevPAR (S$) 1Q10 5.3 1Q10 261 1Q09 5.2 1Q09 215 2Q10 (9.2) 2Q10 135 2Q09 (4.2) 2Q09 123 3Q10 0.1 3Q10 143 3Q09 (1.0) 3Q09 147 4Q10 19.5 4Q10 182 4Q09 3.0 4Q09 207 Contents * RevPAR denotes revenue per available room Key Figures 2010 01 Business Review 50 Banyan Tree at a Glance 02 Key Statistics 64 Tangible Net Worth (S$m) Net Asset Value Per Share (S$) Expediting Asset Rebalance 04 Analytical Review 68 Enlarging China Footprint 06 Banyan Tree Management Academy 74 1Q10 701.0 1Q10 0.69 Accelerating Worldwide Presence 08 Substainability 76 1Q09 786.5 1Q09 0.76 2Q10 682.1 2Q10 0.67 Executive Chairman’s Statement 14 Corporate Governance Report 78 2Q09 772.3 2Q09 0.75 Interested Person Transactions 84 Board of Directors 18 3Q10 671.2 3Q10 0.66 Management Team 22 Financial Statements 86 3Q09 751.6 3Q09 0.73 5-Year Financial Highlights 32 Statistics of Shareholdings 179 4Q10 715.6 4Q10 0.69 Key Figures from 2006 to 2010 33 Worldwide Resorts and Offices 180 4Q09 679.7 4Q09 0.67 Milestones 34 Corporate Information 184 Awards and Accolades 36 Notice of Annual General Meeting 185 Portfolio 40 Proxy Form Cover picture: Banyan Tree Ungasan, Bali, Indonesia Banyan Tree Holdings Limited Annual Report 2010 1 Banyan Tree at a Glance Banyan Tree Bangkok Banyan Tree Holdings is a leading manager and developer of premium resorts, Thailand Group Revenue hotels and spas centered on our award-winning brands: Banyan Tree and Angsana. With effect from this year, we have streamlined the presentation of the Group’s performance in three segments instead of seven: 2010 32.0% 9.3% 28.7% Hotel Investments S$189.3m +1% Property Sales S$28.4m -41% Fee-based S$87.6m +12% Hotel Investments Hotel Investments Banyan Tree Cabo Marqués Revenue Mexico S$189.3m We own and manage luxury hotels under our brands. We also Key Facts own hotels that are managed by other world-class operators. We hold equity Interest in 16 hotels, comprising over 2,000 keys. +1% We hold a minority interest in Banyan Tree Cabo Marqués in Mexico, which opened during the year. 2010 62.0% Hotel Residences Hotel Investments S$189.3m +1% Properties are primarily sold under the Banyan Tree Residences brand, which is part of our hotel operations. Property Sales Banyan Tree Phuket Revenue Thailand S$28.4m Key Facts Laguna Property Sales Banyan Tree Residences are available in Phuket, Lijiang, Bintan, Bangkok, Mexico and Seychelles. The properties offer owners -41% 6% p.a. fixed return for six years. Properties are sold by our subsidiary company Laguna Resorts & Hotels and its subsidiaries. We also manage Laguna Holiday Laguna properties refer to townhomes and bungalows located Club, a timeshare vacation club. in Laguna Phuket that are within the vicinity of our resorts but are not part of our hotel operations. Laguna properties on the rental programme are managed by Hawaiian resort operator 2010 40.8% 59.2% Outrigger, and offer an attractive rental yield. Hotel/Fund/Club Management Hotel Residences S$11.6m -50% Property Sales S$16.8m -33% Besides managing hotels under the Banyan Tree and Angsana brands for other owners, we also manage an asset-backed destination club and two private equity funds. Fee-based Banyan Tree Club & Spa Seoul Revenue Korea S$87.6m Key Facts Spa Operations New resorts, Banyan Tree Club & Spa Seoul in Korea, Banyan Tree Samui, in Koh Samui, Thailand and Angsana Fuxian Lake in Yunnan, +12% We manage spas within our own resorts and also resorts China were opened during the year. owned by other hotel/resort operators. We pioneered the tropical garden spa concept. Banyan Tree China Hospitality Fund (I) achieved total capital commitment of RMB1.07 billion in its final closing in January 2011. This follows the successful close of Banyan Tree Indochina Hospitality Fund in 2009. Gallery Operations We have 65 spas worldwide and spa training facilities in Phuket, The retail arm of the group, Banyan Tree Gallery supports Bintan and Lijiang and 81 gallery outlets. indigenous artistry, livelihoods of village artisans and environmental conservation. There are currently 9 different brand segments under the retail arm. The brand segments are Banyan Tree Gallery, Angsana Gallery, Elements Jewelry By Banyan Tree, Element Spa Essentials By Banyan Tree, Laguna Phuket Shops, Museum Shop By Banyan Design & Others Tree, Banyan Tree & Angsana Spa Essentials and Angsana Colors. 2010 30.0% 42% 26% Hotel/Fund/Club Manangment S$26.3m +11% Construction of new resorts determines revenue from design and We receive fees for design services and income from Spa/Gallery Operations S$36.8m +8% operating golf clubs. Most of our resorts are planned technical assistance fees. We also operate golf clubs in Phuket, Design and Others S$24.5m +19% and designed by an in-house division. Bintan and Ras Al Khaimah. 2 Banyan Tree Holdings Limited Annual Report 2010 Banyan Tree Holdings Limited Annual Report 2010 3 Banyan Tree Seychelles, Seychelles Accelerating Asset Rebalance Rebalancing and unlocking value of our asset portfolio and to re-deploy capital Banyan Tree Samui more efficiently Thailand We are rebalancing our asset portfolio to reduce concentration and country-risk exposure from any single country, and to unlock the value of our mature assets. This will let us deploy capital to promising markets such as China to create greater value. Banyan Tree Seychelles Banyan Tree Seychelles on high growth markets. We aim to Seychelles Seychelles DIVESTMENT GAINS FROM reduce the proportion of EBITDA MATURE ASSETS generated by our biggest market, Thailand, to about 40% in 2013 • S$67 million from 52% in 2010*. gain in Phuket We were able to optimise and EXERCISING PRUDENCE IN extract value from our mature CASH MANAGEMENT assets, as demonstrated by the divestment of Dusit Laguna • S$63 million Banyan Tree Sanya Phuket for S$112.3 million which increase in cash and China represented 2.7 times the book cash equivalent value and generated S$67 million of additional profit before tax. With financial markets remaining volatile, we have and will continue • Sale of land in Seychelles to exercise prudence in our cash management. This is reflected by We augmented our net income by the increase in our cash and cash S$5 million by selling a piece of land equivalent position in 2010 to in Seychelles.