Million Baht

MBK Public Company Limited
Key performance 9M/2015
Disclaimer

This presentation is made, furnished and distributed for information
purposes only. Nothing in this release should be construed as either an
offer to sell or the solicitation of and offer to buy or sell share in any
jurisdiction.

This presentation may include information which is forward-looking in
nature. Forward-looking involve risks, uncertainties and other factors
which may impact on the actual outcomes, include economic conditions
in the markets in which MBK operates and general achievement of MBK
business forecasts, which will cause the actual results, performance or
achievements of MBK to differ, perhaps materially, from the results,
performance or achievements expressed or implied in this presentation.

Please be advised that this presentation may contain expectations and
assumptions that are subject to change at any time. Results and future
performance are not guaranteed and may differ from expectations.
Agenda
 Company overview
 Operating Performance 9M/2015
 Operating Performance by segment
- Shopping Center Business
- Hotel & Tourism Business
- Golf Business
- Real Estate Business
- Finance Business
- Food Solution Business
- Other Business
 Financial Information 9M/2015
Skywalk
Company Overview
MBK Group
Background :
Established in 1974; relisted on the SET since 1994;
changing its name to “MBK” in 2003
Paid-Up capital :
1,886.29 million Baht (1,886.2 million shares@ par 1
Baht)
Market capital :
26,974 million Baht (14.3 Baht/share as of 30
September 2015)
Dividend policy :
Not less than the previous period*
Major shareholder :
Pathum Rice Mill and Granary Plc. (26.47%)
Thanachart Group (19.9%)
Credit rating :
“A/Stable ” By TRIS Rating Co., Ltd.
*Unless there are any unexpected situations
Associated
companies
Group’s businesses
History of MBK Group
1974 - 2000
2001 - 2010
1974 – Established MBK
Group
1981 - Rice Business
1985 - Mah Boon Krong
Shopping Center
1996 - Pathumwan Princess
Hotel
2002 – Tinidee Hotel @
Ranong
2003 - Real Estate Business
- Sheraton Krabi Beach
Resort
- Loch Palm Golf Course
2007 - Red Mountain Golf
Course
- Automobile Auction
(Apple)
- Glas Haus Sukhumvit
2010 - Paradise Park
- Hire purchase (T
Leasing) and Lending Business
(MBK Guarantee)
- Riverdale Golf Course
- Glas Haus Ratchada
2001 - Royal Orchid
Sheraton Hotel
2002 - Siam Piwat Group
(Siam Paragon, Siam Center,
Siam Discovery)
2011 - Present
2011 - The Nine Center
- Layana Hotel (Lanta
Island)
2014 - A La Art (formerly 29
Plaza)
- HaHa
- Life Insurance
Business
- Bangkok Golf Course
2015 - Tokyu Department
Store @ Paradise Park
2011 - Dusit Thani Maldives
MBK Group’s structure
Shopping Center
Patumwan Princess
Hotel
MBK Center
Paradise Park
(50%)
Siam Piwat
(30.7%)
Hotel & Tourism
50%
Siam Center
Siam Discovery
Siam Tower
Siam Paragon
(15.4%)
Dusit Thani Krabi Beach
Resort
Tinidee Hotel
@Ranaong
Layana Resort &
Spa Hotel
Dusit Thani
Maldives (35%)
Glas Haus Ratchada
Siam Delice
(50%)
Food Solution
Plan Estate
(72.6%)
Finance
Patum Rice Mill
(74.5%)
Other
MBK-G
MBK
Guarantee
T Leasing
Red Mountain Golf
Course (72.6%)
Riverdale Golf
Course
Bangkok Golf
Course
Royal Orchid Sheraton
Hotel (29.9%)
Dusit Thani
Hotel (11.7%)
Real Estate
Loch Palm Golf
Course (72.6%)
Tinidee Golf Resort
@Phuket
The Nine Center
Glas Haus Sukhumvit
Golf
Lam Luk Ka Golf
Course (44.6%)
Glas Haus Ratchada
(Quinn Condo)
MBK Food Island
(74.5%)
MBK Resort
(72.6%)
MBK Food and
Entertainment
(62.1%)
MBK Realty
(55%)
MBK Food System
(44.7%)
TCAP
(10.2%)
Max Asset
(16.6%)
Apple Auto
Auction
(50%)
SCI Life
(49%)
MBK Restaurant Group
(62.1%)
As at 30 September 2015
Operating Performance 9M/2015
Operating Performance – MBK Group
Million Baht
For the three-month period ended
30 September 2015
2015
2014
Operating Revenue
7,562
6,639
923
14%
Operating Profit
1,250
984
266
27%
Share of profit from investments in associates
230
213
17
8%
Other income
318
523
(205)
(39%)
Finance costs
(373)
(337)
(36)
(11%)
Income Tax expense
(209)
(241)
32
13%
44
2
42
2,100%
1,260
1,144
116
10%
0.94
0.86
0.08
9%
Non - controlling interests of subsidiaries
Net profit - attributable to equity of the
Company
Earning per shares (Baht)
Increase/decrease
Operating Revenue – MBK Group
7,562
8,000
7,000
YoY +14%
6,639
Million baht
6,000
5,000
4,000
3,000
2,000
1,000
9M/2014
Shopping Center
Hotel & Tourism
9M/2015
Golf
Food solution
Real Estate
Finance
Others
EBIT – MBK Group
1400
1200
1,250
YoY +27%
984
Million baht
1000
800
600
400
200
0
9M/2014
9M/2015
-200
Shopping Center
Hotel & Tourism
Golf
Food solution
Real Estate
Finance
Others
Key Operations by Geographic Locations
Bangkok and Surrounding areas
Shopping Mall
Krabi Province
Hotel
Bangkok
Phuket Province
Golf
Hotel
Krabi
Phuket
Golf
Hotel
Operating Performance by
Segment
Shopping Center Portfolio
Shopping
Center
Location
MBK Center
Pathumwan
Intersection
Paradise
Park
Srinakarin
Road
The Nine
Center
Rama 9 Road
Ha Ha
Srinakarin
Road
Lettable
Area
(Sq.m.)
Storey
MBK’s stake
Avg. OR
(%) *
86,142
8
100.0%
90.5%
91,123
5
65.4%
95.0%
Freehold
15,619
4
100.0%
95.3%
Leasehold
ended year
2037
17,468
4
65.4%
44.8%
Ownership
Leasehold
ended year
2033
Leasehold
ended year
2023
*Average Occupancy Rate of 9M’ 2015
Office Building Portfolio
Office Building
Location
Ownership
MBK Tower
Pathumwan
Intersection
Leasehold
ended year 2033
Leasehold
ended year 2030
Freehold
Leasehold
ended year 2024
Glas Haus
Sukhumvit
The Nine Office
Glas Haus
Ratchada
Sukhumvit Road
Rama 9 Road
Ratchadapisek
Road
* Average Occupancy Rate as of 9M’ 2015
Lettable Area
(Sqm)
Avg. OR
(%) *
15,588
100.0%
12,999
99.3%
8,979
100.0%
7,509
100.0%
Shopping Center Business
Property
MBK’s stake
Total
Shopping Center
MBK Center
100%
HaHa
The Nine Center
100%
MBK Center
Paradise Park
65.4%*
HaHa
213,072
MBK's Net…
Office Building
17,468
86,142
116,000
Siam Paragon
23,200
65.4%*
Siam Center
19,000
15,619
MBK Tower
100%
The Nine
Glas Haus Sukhumvit
100%
Paradise Park
Glas Haus Ratchada
100%
The Nine Office
100%
368,552
Retail Area
(Sqm.)
Retail
Area
(Sq.m.)
91,123
Siam Piwat Group
Siam Center
Siam Discovery
Siam Paragon
30.7%
30.7%
15.4%
* Including indirect investment through Siam Piwat (SPW) 15.4%
Office Building Area
(Sq.m.)
Shopping Center Business- Average Occupancy Rate
Avg. OR (%) *
9M’15
9M’14
2014
2013
90.5%
95.0%
95.3%
44.8%
98.2%
92.6%
89.7%
40.2%
97.8%
93.0%
89.9%
52.7%
98.9%
93.0%
90.8%
-
Total Group
89.0%
90.0%
92.7%
95.6%
MBK Tower (15,588 sq.m.)
Glas Haus Sukhumvit (12,999 sq.m.)
The Nine office (8,979 sq.m.)
Glas Haus Ratchada (7,509 sq.m.)
100.0%
99.3%
100.0%
100.0%
100.0%
99.0%
100.0%
100.0%
100.0%
98.8%
100.0%
100.0%
99.6%
84.3%
100.0%
100.0%
Total Group
99.8%
99.7%
99.7%
95.3%
MBK Center (86,142 sq.m.)
Paradise Park (91,123 sq.m.)
The Nine Center (15,619 sq.m.)
Ha Ha (17,468 sq.m.)
*Average Occupancy Rate
Operating Revenue - Shopping Center Business
3,500
Million Baht
3,000
2,905
2,962
9M'14
9M'15
2,500
2,000
1,500
1,000
500
-
MBK
THE NINE
PDP
GLAS HAUS
YoY +2%
EBIT – Shopping Center Business
800
726
690
Million Baht
700
600
500
400
300
200
100
(100)
9M'14
MBK
PDP
9M'15
THE NINE
GLAS HAUS
YoY -5%
Contribution of SPW
MBK holds 30.7% stakes in SPW
300
247
Million Baht
250
221
200
175
161
150
121
121
121
121
100
50
0
2013
2014
Profit Sharing
9M' 14
9M' 15
Dividend
Book Value : 1,680 Million Baht (equity method as of 30 September 2015)
Hotel & Tourism Business Portfolio
Hotel
Pathumwan Princess
Hotel (PPB)
Dusit Thani Krabi
Beach Resort (DTKR)
Tinidee Hotel @
Ranong (TNDR)
Tinidee Hotel Inn
(TNDI)
Layana Resort & Spa
(LAYANA)
Tinidee Golf Resort @
Phuket (TNDP)
Operate/
Room
Capacity
(Keys)
Ownership
Patumwan
Intersection,
Bangkok
Acquire
MBK’s
Stake
455
Leasehold
ended year
2033
1996
100%
Krabi
240
Freehold
2003
100%
Ranong
136
Freehold
2002
100%
Ranong
46
Freehold
2011
100%
Koh Lanta, Krabi
51
Freehold
2011
100%
Loch Palm Golf
Course,
Phuket
45
Freehold
2010
100%
2012
35%
2011
29.9%
Location
Dusit Thani Maldives
(DMS)
Maldives Island
95
Leasehold
ended year
2044
Royal Orchid Sheraton
(ROH)
Bangkok
726
Freehold
Hotel & Tourism Business– Avg. OR%
Average Occupancy Rate (%)
Patumwan Princess Bangkok
Dusit Thani Krabi Beach Resort
Tinidee Hotel Ranong
Tinidee Inn Ranong
Layana Resort & Spa
Tinidee Hotel Phuket
Dusit Maldives
Royal Orchid Sheraton
Total Group
9M' 15
9M' 14
2014
2013
82%
75%
52%
74%
56%
72%
65%
72%
60%
75%
53%
74%
66%
57%
65%
49%
66%
76%
53%
73%
71%
61%
66%
53%
80%
72%
59%
80%
70%
49%
60%
69%
72%
58%
61%
71%
Operating Revenue- Hotel & Tourism Business
1,000
872
900
774
800
Million Baht
700
600
500
400
300
200
100
9M'14
PPB
DTKR
9M'15
LAYANA
TNDR &TNDI
TNDP
YoY +13%
EBIT – Hotel & Tourism Business
60
(18)
40
20
(110)
Million Baht
(20)
(40)
(60)
(80)
(100)
(120)
9M’ 14
(140)
PPB
DTKR
9M’ 15
LAYANA
TNDR &TNDI
TNDP
YoY +84%
Golf Business Portfolio
Golf Course
Location
Loch Palm Golf Course
Kathu District, Phuket
(LPGC)
Red Mountain Golf
Kathu District, Phuket
Course (RMGC)
Riverdale Golf Course
Bang Kadi District, Pathum Thani
(RDGC)
Lam Luk Ka Golf
Lam Luk Ka District, Pathum Thani
Course (LLKGC)
Bangkok Golf Club
Bang Kadi District, Pathum Thani
(BKGC)
Capacity
MBK’s stake
18 Holes
72.6%
18 Holes
72.6%
18 Holes
100.0%
36 Holes
44.6%
18 Holes
100.0%
25
Golf Business – Number of Golfer
Number of
Golfers (Rounds)
9M' 15
9M' 14
2014
2013
LPGC
20,622
23,229
31,017
34,208
RMGC
13,506
15,632
21,172
20,472
RDGC
34,794
34,317
47,373
50,505
LLKGC
45,839
47,135
64,240
65,150
BKGC
56,809
-
-
-
Operating Revenue – Golf Business
400
338
350
Million Baht
300
274
250
200
150
100
50
9M' 14
RDGC
9M' 15
RMGC/LPGC
BKGC
YoY +23%
EBIT – Golf Business
25
6
20
Million Baht
15
2
10
5
-
(5)
9m' 14
9m' 15
(10)
(15)
(20)
RDGC
RMGC/LPGC
BKGC
YoY +200%
Real Estate Business Portfolio
Total
Project Name
Year
Launched
Project
Number
Total of sold
Units
(Million Baht)
Housing Development (Phuket)
The Indy II
2008
Sabai Village II
2011
Total
Housing Development (Chonburi)
Baan Rom Mai 1
2013
Baan Rom Mai 2
2014
Total
Land for sale (Phuket)
Planery Zone 2
2011
Total
Condominium (Bangkok)
QUINN
2012
Grand Total
Sold
Amount
%
of Sold
(Units) (Million Baht)
Backlog
(To be transfer)
Unsold
(Units)
(Million Baht)
(Unit)
(Million Baht)
307
519
826
67
106
173
52
98
150
238
480
718
78%
92%
87%
15
8
23
69
39
108
10
9
19
46
44
90
149
145
294
78
105
183
76
11
87
145
15
160
97%
10%
48%
2
94
96
4
130
134
0
11
11
0
15
15
58
58
11
11
9
9
48
48
82%
82%
2
2
11
11
1
1
5
5
3,193
4,077
729
913
594
753
2,473
3,239
81%
82%
135
160
591
710
415
435
1,726
1,821
Operating Revenue – Real Estate Business
1,200
YoY +150%
986
Million Baht
1,000
800
600
394
400
200
9M' 14
PST
MBK-R
9M' 15
MBK-RT
GHR
Others
EBIT – Real Estate Business
300
219
YoY +356%
250
Million Baht
200
150
100
48
50
9M' 14
9M' 15
(50)
PST
MBK-R
MBK-RT
GHR
Others
Finance Business
Company
Business
MBK’s
stake
Portfolio Size
(Million Baht)
30 September 2015 31 December 2014
Offer assets financing
MBK
against collateral in
Guarantee
100%
Bangkok and key tourist
(MBK-G)
provinces
3,427
3,732
Operate motorcycle hire
T Leasing
purchase business in
100%
(TLS)
Bangkok and suburban
area
2,228
2,001
Total
5,655
5,733
Operating Revenue – Finance Business
YoY -6%
1,000
900
890
841
9M' 14
9M' 15
Million Baht
800
700
600
500
400
300
200
100
Lending
Hire purchase
Others
EBT – Finance Business
YoY +1%
350
300
297
299
9M' 14
9M' 15
Million Baht
250
200
150
100
50
-
Lending
Hire purchase
Others
Finance Business - Investment
MBK’s
stake
Assets size
(Million Baht)
Thanachart Capital Plc. Holding company of Tbank and other
(TCAP)
related financial institutions
10.2%
4,125*
Providing asset management service
of NPL and NPA acquiring from
financial institutions
16.6%
120**
Company
Max Asset Management
(Max Asset)
Business
* Market value as at 30 September 2015
**Equity method
Contribution – Finance Business
250
195
65
65
60
50
150
130
130
Million Baht
Mllion Baht
200
70
208
40
33
30
100
20
50
16
13
13
10
0
0
0
2013
2014
9M' 14
9M' 15
-10
2013
2014
9M' 14
Dividend
Profit Sharing
Dividend
9M' 15
0
Food Solution Business
Business type
Brand
Location
MBK’s stake
Manufacture
and trade rice
Mah
Glas Haus Building,
Boonkrong Rice
Sukhumvit
74.5%
International
Food court
The Fifth Food
Avenue
MBK Center @ 5th
Floor
62.1%
Food court
MBK Food
Island
MBK Center @ 6th
Floor
74.5%
Japanese
Restaurant
Traditional
Suki
Fujio Shokudo,
MBK Center , Ha Ha
Tsurumaru
, Lotus AMATA
Honpo Udon
Suki Number
One
The Nine Center @
1st Floor
44.7%
62.1%
Operating Revenue – Food Solution Business
YoY +14%
1,800
1,600
1,557
1,360
Million Baht
1,400
1,200
1,000
800
600
400
200
9M' 14
Restaurant
9M' 15
Food Center
Rice
EBIT – Food Solution Business
70
49
60
Million Baht
50
35
40
30
20
10
(10)
9M' 14
9M' 15
(20)
Restaurant
Food Center
Rice
YoY +40%
Other Business
Company
Business type
Capital
(Million Baht)
MBK’s
Stake
Apple Auto Auction
(AAA)
Provide car and motorcycle auction
service with genuine on-line auction
service
94
50%
70,000
60,758
60,000
50,438
50,000
Number of cars
40,000
40,787
39,115
29,236
30,000
20,000
21,362
21,130
20,975
10,000
2013
2014
All auction cars
9M'14
Success auction cars
9M'15
Contribution – Apple Auto Auction
35
30
30
23
Million Baht
25
23
20
15
12
9
10
5
5
5
2014
9M' 14
0
2013
Profit sharing
Dividend
9M' 15
New Projects in year 2016
New Projects – Shopping Center Business
Skywalk
Location
MBK Center
renovation*
Facade
Area (sq.m.)
5,250
MBK Center
6,992
MBK’s stake
100%
100%
100%
275
70
281
Investment
(Million Baht)
*On 5th floor (zone D) and 6th floor (zone A)
-
Skywalk - Overview
Skywalk - Overview
Skywalk - Overview
MBK Renovation
On 5th floor (zone D) and 6th floor (zone A)
New Projects – Real Estate Business
Type
Loch Palm
Residence
The Riverdale
Residence
Park
Riverdale
Baan Rom
Mai 3
Residence
Residence
Residence
Residence
Riverdale Golf Riverdale Golf
Course
Course
Pathum Thani Pathum Thani
Bowin,
Chonburi
Location
Loch Palm Golf
Course, Phuket
Units
8
56
79
355
MBK’s stake
72.60%
100%
100%
54.98%
130
560
436
375
Project cost
(Million Baht)
Loch Palm Residence
Future projects – Food Solution Business
- Expand 10 branches of Suki Number One in year 2016
Financial Information of 9M/2015
ROA and ROE
16.0%
14.0%
14.1%
12.5%
12.0%
11.7%
10.3%
10.0%
8.0%
8.0%
7.8%
6.2%
6.0%
5.7%
4.0%
2.0%
0.0%
2013
2014
ROE
9M' 14
ROA
9M' 15
EPS
3.50
Baht per share
3.00
2.89
2.50
2.00
1.50
1.19
1.00
0.86
0.94
9M' 14
9M' 15
0.50
0.00
2013
2014
P/E Ratio
14.0
12.3
Times
12.0
11.4*
10.0
8.0
6.0
4.8
4.0
2.0
0.0
2013
* Annualized
2014
9M' 15
Balance Sheet
45,000
40,000
37,921
39,571
37,909
Million Baht
35,000
30,000
25,000
21,970
20,000
22,190
21,032
17,381
16,877
15,951
15,000
10,000
5,000
0
2013
Asset
2014
Liability
9M' 15
Equity
Profit and Loss Statement
14,000
13,131
Million Baht
12,000
10,080
10,000
8,000
6,000
4,000
8,110
7,378
4,108
1,591
2,000
1,144
1,260
0
2013
2014
Total Revenue
9M' 14
Net profit
9M' 15
Major Shareholders
Name
1. PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED GROUP
PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED
PRG. GRANARY COMPANY LIMITED
2. THANACHART CAPITAL PUBLIC COMPANY LIMITED GROUP
THANACHART CAPITAL PUBLIC COMPANY LIMITED
THANACHART BANK PUBLIC COMPANY LIMITED
THANACHART SECURITIES PUBLIC COMPANY LIMITED
THANACHART INSURANCE PUBLIC COMPANY LIMITED
3. MR.YONGSAK KANATHANAVANICH
4. THAI NVDR
5. KRUNGSRI DIVIDEND STOCK LONGTERM FUND
KRUNGSRI DIVIDEND STOCK
6. DBS BANK A/C DBS NOMINEES-PB Clients
7. NORTRUST NOMINEES LIMITED-THE NORTHERN TRUST COMPANY RE
IEDP AIF CLIENTS NORTRUST NOMINEES 10 PERCENT ACCOUNT
8. MORGAN STANLEY&CO. INTERNATIONAL PLC
9. Mr. Parinya Tieanworn
10. FOUNDATION OF THAILAND
Source: SET (as of September 2015)
Number of
shares
%
499,249,530
474,249,530
25,000,000
375,372,090
188,562,090
76,842,000
75,603,000
34,365,000
48,264,000
40,347,417
40,251,300
23,910,600
35,984,000
26.47%
25.14%
1.33%
19.90%
10.00%
4.07%
4.01%
1.82%
2.56%
2.14%
2.13%
1.27%
1.91%
33,691,427
23,050,000
23,000,000
20,182,000
1.79%
1.22%
1.22%
1.07%
Thank You
For further enquiries, Contact MBK Investor Relations :
E-mail : [email protected]
Tel : (66)2620-7120
Website : www.mbk-center.co.th