Central Plaza Hotel Plc.

Central Plaza Hotel Plc.
OPPORTUNITY DAY
4th Quarter and Full Year 2008
March 18th , 2009
Disclaimer
2
TodayAgenda
Agenda
Today
•
•
•
•
•
•
Executive Summary
Financial Performance
Hotel Business Performance
QSR Business Performance
Financial Highlights
2009 Outlooks
3
TodayAgenda
Agenda
Today
• Executive Summary
•
•
•
•
•
Financial Performance
Hotel Business Performance
QSR Business Performance
Financial Highlights
2009 Outlooks
4
Executive Summary
CENTEL 2008 revenues increased 13.8% YoY to Bt8.17bn from Bt7.18bn in last
year which supported by 20.2% grew on hotel revenue and 9.5% grew from food
business. The company’s 2008 core profit increased 9.1% YoY to Bt434.1mn from
Bt397mn last year while company’s net profit dropped to Bt324mn from the
extra ordinary items such as impairment of assets and provision guarantee of
PFPO
Hotel’s 2008 total revenue improved 20.2% YoY to Bt3.47bn from Bt2.89bn. The
outstanding growth of hotel revenue was partly due to the full opening of
Centara Grand @ CentralWorld hotel and Bangkok Convention Centre.
For the food business, food’s 2008 total revenue improved 9.5% YoY to Bt4.7bn
from Bt4.3bn, The key growth brands are KFC, Mister Donut and Auntie Anne’s
The company’s 4th quarter performance had been impacted from the closing of
Suvarnabhumi Airport during late November until early December and the extra
ordinary items
5
Financial Performance
6
Adjusted Net Profit 2008
2008
Recurring
items
2007
%Chg.
Net Profit - before extra items
HOTEL
FOOD
TOTAL N et Profit - before extra items
EPS (Baht per share)-before extra items
Extra-items
Loss on impairment of land (CSH)
Gain on sale of FF&E (CSBR)
Loss on guarantee provision (CPH, CSBR)
Equity gain in PFPO (25% of extra-items)
Amortization of deferred rental income (CPH, CSBR)
Loss from written-off asset (CPH-Ladprao Project)
Loss on impairment of assets (Pizza H ut)
Rental adjustment due to acctg. change (CGCW)
Net Profit - after extra items
EPS (Baht per share)
256.8
177.3
434.1
0.32
190.8
207.0
397.9
0.29
34.6%
-14.4%
9.1%
9.1%
(15.2)
8.3
(78.7)
17.6
26.7
(24.0)
(19.0)
(26.0)
323.8
0.24
397.9
0.29
-18.6%
-17.2%
Net Profit - after extra items
HOTEL
FOOD
TOTAL Net Profit - after extra items
165.5
158.3
323.8
190.8
207.0
397.9
-13.3%
-23.5%
-18.6%
7
Extra Items on Financial Statement
Q3/08 P&L >SG&A
Q3/08 P&L >SG&A
Q3/08 P&L >Interest Exp.
Q4/08 P&L >SG&A
Q3/08 P&L >Equity Gain
Q3/08 P&L >other Income
Q3/08 P&L >Extra Items
Q4/08 P&L >SG&A
EPS (Baht per share)
%growth YoY
0.02
0.08
0.33
+250.8%
-33.3%
+10.5%
8
CENTEL Revenue and Margin Movement : 2008
54.4%
56.0%
40%
8,000
21.7%
20.7%
5.5%
4.0%
+13.8%
8,172
Btmn
7,182
10%
-20%
-50%
6,000
-80%
+10.1%
4,000
3,963
1,556
398
0
1,695
-18.6%
2007
EBITDA
GP
Total Revenue
-110%
-140%
+8.9%
2,000
NPAT
4,363
% margins
10,000
324
-170%
-200%
2008
EBITDA Margin
GP Margin
Net profit Margin
Note : GP Margin = GP/Sales
9
CENTEL Revenue and Margin Movement : 4Q08
54.0%
55.8%
3,000
40%
19.0%
8.3%
3.3%
+8.1%
Btmn
2,000
10%
-20%
2,127
1,968
-50%
1,500
-80%
+3.9%
1,124
1,081
1,000
% margins
2,500
22.1%
-110%
-140%
-6.8%
500
434
164
0
-57.4%
4Q07
NPAT
EBITDA
GP
Total Revenue
404
-170%
70
-200%
4Q08
EBITDA Margin
GP Margin
Net profit Margin
Note : GP Margin = GP/Sales
10
% Contribution by type of business : 2008
Revenue Contribution
CHR
42%
(40%)
CRG
37%
(41%)
EBITDA Contribution
CRG
58%
(60%)
CHR
63%
(59%)
NPAT Contribution
EBIT Contribution
CRG
33%
(38%)
CRG
49%
(52%)
CHR
67%
(62%)
CHR
51%
(48%)
Note: ( ) = Last Year Figures
11
% Contribution by type of business : 4Q08
Revenue Contribution
CHR
43%
(42%)
CRG
36%
(34%)
EBITDA Contribution
CRG
57%
(58%)
CRG
30%
(28%)
CHR
64%
(66%)
CRG
19%
(25%)
EBIT Contribution
CHR
70%
(72%)
NPAT Contribution
CHR
81%
(75%)
Note: ( ) = Last Year Figures
12
CTARAF A/C booking methodology
A/C Booking methodology
• Land lease agreement (Value Bt1,500mn)
Operating Lease
• Building lease agreement (Value Bt1,510mn)
Operating Lease
• Sale of FF&E (Value Bt80mn) Sale
• Company will not consolidate property fund
13
Impact to financial statement
Balance Sheet Asset: - additional Bt2,290mn cash receive from the transaction
- additional Bt800mn investment in property fund
- lower fixed assets from sale of FF&E (Bt71.7mn)
Liabilities: CENTEL will set deferred rental income of Bt3,010mn in non current
liabilities, which already negotiate with bank to exclude this items from
covenant formula
Equity: CENTEL will booked Bt8.3mn gain from sale FF&E
Profit & Loss Statement CENTEL will amortize deferrer rental income for Bt100mn per annum
annum for the next 30 years.
(Year 2008 = Bt26.7mn)
Depreciation from building Bt13
mn per annum (Year 2008 = Bt3.5mn)
Bt13mn
Equity gain from investment in PFPO (25% from PFPO income, Year 2008 = Bt8.9mn)
Rental expense to property fund (based on property performance, Year 2008 = Bt43.3mn)
Lower interest expense from additional Bt2,290mn advance cash
Tax saving from rental expense to PFPO around Bt15mnBt15mn-Bt20mn
Tax expense from land and building lease agreement (Bt15.6mn per
per annum, year 2008 = Bt4mn)
14
Hotel Business Performance
15
Hotel Industry Overview
Numbers of tourists in 2008
Total Number = 14.53 Mil. Persons
1,600
25
%growth YoY = +0.5%
20
18
1,400
15
9.4
10
9.4
5
0.2
1,115.00
600
0
1,481.46
800
1,437.69
'000 tourists
1,000
-6.3
400
-5
-10
% growth YoY
1,200
-15
-16.5
-20
-22.4
200
-25
-26.7
0
Jan
Feb
Source: Bank of Thailand
Mar
Apr
May
Jun
Number of tourists
Jul
Aug
Sep
Oct
Nov
-30
Dec
% growth YoY
16
63.02
10%
0%
-5%
40
-10%
30
-15%
-20%
20
RevPAR growth YoY
5%
43.21
65.76
15%
54.36
58.05
51.55
59.47
57.57
56.8
56.76
56.7
45.53
50
49.97
53.03
55.27
55
66.12
65.88
60
58.28
55.45
Occupancy rate (%)
70
70.58
70.81
80
69.13
67.28
Hotel Industry Performance
-25%
10
-30%
0
-35%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Source: Bank of Thailand
Occupancy 07
Hotel Industry Performance
Occupancy 08
RevPAR growth
2007
2008
%Growth
ARR
1,441.7
1,509.0
+4.67%
% Occupancy
60.80%
56.84%
-3.96%
RevPar
877
858
-2.1%
17
RevPar Growth Comparison
40%
RevPAR growth Comparison
30%
RevPAR growth YOY
20%
10%
0%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
-10%
2008
2009
-20%
-30%
Centara
Industry
-40%
Source: Bank of Thailand, CENTEL
18
%Occupancy, ARR, Rev Par : 2008
3,900
80%
ARR +2.1% YoY
3,400
3,367
3,295
2,900
64.2%
62.1%
60%
2,400
RevPAR +5.6%
50%
1,900
40%
1,400
900
30%
2,160
2,046
20%
400
-100
70%
10%
2007
2008
RevPar
ARR
0%
Occ
Hotel Industry Performance : 2008
ARR growth
+4.67%
% Occupancy
56.84%
RevPar growth
-2.14% YoY
19
%Occupancy, ARR, Rev Par : 4Q08
4,600
66.6%
70%
4,100
58.9%
3,600
60%
ARR +1.4% YoY
3,100
3,437
3,391
50%
2,600
RevPAR
-1
2,100
40%
0.4%
1,600
1,100
30%
2,258
2,024
20%
600
10%
100
-400
4Q07
4Q08
RevPar
ARR
0%
Occ
Hotel Industry Performance : 4Q08
ARR growth
+4.83%
% Occupancy
50.6%
RevPar growth
-14.8% YoY
20
Hotel Operational Performance : 2008
%Occupancy
ARR
Rev Par
2008
2007
∆
2008
2007
%∆
2008
2007
%∆
Overall
performance
64.2%
62.1%
2.1%
3,367
3,295
2.2%
2,160
2,046
5.6%
Performance
exclude CGCW
66.9%
62.1%
4.8%
3,319
3,295
0.7%
2,221
2,046
8.4%
Bangkok
64.1%
73.2%
-9.1%
2,613
2,272
15.0%
1,675
1,663
0.7%
Hat Yai
51.8%
41.1%
10.7%
1,303
1,282
1.6%
675
527
28.1%
Hua Hin
76.0%
79.1%
-3.1%
5,663
5,436
4.2%
4,304
4,300
3.7%
Krabi
54.1%
51.4%
2.7%
7,210
6,935
4.0%
3,901
3,564
9.4%
Mae Sot
44.4%
46.0%
-1.6%
1,111
1,086
2.3%
493
499
-1.2%
Phuket
61.8%
57.5%
10.6%
2,358
2,229
5.8%
1,606
1,283
25.2%
Samui
70.9%
64.9%
6.0%
4,695
4,837
2.6%
3,521
3,138
12.2%
21
Hotel Operational Performance : 4Q08
%Occupancy
4Q08
4Q07
ARR
∆
4Q08
4Q07
Rev Par
%∆
4Q08
4Q07
%∆
Overall
performance
58.9%
66.6%
-7.6%
3,437
3,391
1.4%
2,024
2,258
-10.4%
Performance
exclude CGCW
64.5%
66.6%
-2.1%
3,368
3,391
-0.7%
2,173
2,258
-3.8%
Bangkok
52.9%
82.5%
-29.6%
2,822
2,238
26.1%
1,493
1,846
-19.2%
Hat Yai
55.6%
45.3%
10.3%
1,325
1,352
-2.0%
736
612
20.3%
Hua Hin
70.4%
80.4%
-10.0%
6,176
6,168
0.1%
4,348
4,959
-12.3%
Krabi
55.0%
61.1%
-6.1%
7,668
7,690
-0.3%
4,218
4,699
-10.2%
Mae Sot
48.6%
55.8%
-7.2%
1,108
1,103
0.5%
539
616
-12.5%
Phuket
72.6%
67.9%
4.7%
2,701
2,640
2.3%
1,960
1,792
9.4%
Samui
55.1%
46.9%
8.2%
4,351
4,421
-1.6%
2,398
2,073
15.7%
22
CHR Revenue and Margin Movement : 2008
60.4%
4,500
30.8%
31.8%
4,000
3,500
+20.2%
6.6%
4.8%
3,471
3,000
Btmn
2,887
+14.6%
2,030
-110%
+16.5%
1,000
1,070
919
-140%
-170%
500
191
0
-13.3%
2007
NPAT
-20%
-80%
1,772
1,500
10%
-50%
2,500
2,000
40%
% margins
63.2%
EBITDA
GP
Total Revenue
166
-200%
2008
EBITDA Margin
GP Margin
Net profit Margin
Note : GP Margin = GP/Sales
23
CHR Revenue and Margin Movement : 4Q08
57.9%
62.8%
1,300
34.3%
1,200
1,100
27.9%
14.7%
6.1%
1,000
+10.9%
Btmn
900
800
925
40%
10%
-20%
-50%
834
700
-80%
600
+1.2%
500
514
509
400
300
100
258
-53.9%
122
0
4Q07
NPAT
EBITDA
GP
Total Revenue
-110%
-140%
-9.9%
286
200
% margins
1,400
53
-170%
-200%
4Q08
EBITDA Margin
GP Margin
Net profit Margin
Note : GP Margin = GP/Sales
24
CRG Business Performance
25
CRG Revenue and Margin Movement : 2008
50.0%
51.3%
5,000
40%
14.9%
13.3%
4.8%
3.4%
+9.4%
4,701
4,295
4,000
10%
-20%
Btmn
-50%
3,000
-80%
+6.4%
2,191
2,000
2,332
% margins
6,000
-110%
-140%
1,000
-2.0%
638
207
0
-23.5%
158
2007
NPAT
EBITDA
GP
Total Revenue
625
-170%
-200%
2008
EBITDA Margin
GP Margin
Net profit Margin
Note : GP Margin = GP/Sales
26
CRG Revenue and Margin Movement : 4Q08
51.1%
50.8%
1,400
40%
13.1%
12.2%
3.7%
1.1%
+6.0%
1,200
Btmn
1,133
1,202
10%
-20%
1,000
-50%
800
-80%
6.3%
600
572
608
400
-110%
-140%
200
-170%
-0.8%
148
42
0
-67.7%
4Q07
NPAT
% margins
1,600
EBITDA
GP
Total Revenue
147
13
-200%
4Q08
EBITDA Margin
GP Margin
Net profit Margin
Note : GP Margin = GP/Sales
27
CRG Sales Movement : 2008
2007 Sales Breakdown
BR
3.2%
2008 Sales Breakdown
Plant
Plant
BRT PL
3.0% 0.1%
BRT
3.2%
PH
7.1%
BR
2.6%
KFC
53.4%
AA
7.7%
PL
0.8%
PH
6.6%
KFC
54.9%
AA
7.6%
MD
24.3%
MD
25.5%
+ 9.1%
Sales 4,271.7 MB.
Sales 4,661.0 MB.
28
CRG Sales Movement : 4Q08
Q4/2007 Sales Breakdown
Q4/2008 Sales Breakdown
Plant
Plant
PL
BRT
BR
0.4%
2.8%
2.7%
BRT
3.1%
PH
6.9%
BR
2.3%
KFC
54.3%
AA
8.5%
PL
0.9%
PH
7.3%
KFC
53.5%
AA
7.6%
MD
24.3%
+ 5.7%
Sales 1,126.0 MB.
MD
25.3%
Sales 1,190.5 MB.
29
Total System Sales, Same Store Sales: 2008
511
25%
20.3%
20%
20.8%
427
456
550
473
450
% growth
15%
350
10.6%
10%
9.1%
8.6%
6.9%
250
4.1%
5%
No. of outlets
371
1.5%
150
0%
2004
2005
2006
-1.9%
-5%
SSS
TSS
2007
-3.1%
2008
50
Outlets
30
Total System Sales, Same Store Sales: 4Q08
500
20%
15%
488
478
500
480
13.2%
460
9.4%
8.6%
10%
440
420
7.0%
5.70%
3.3%
400
380
1.2%
0.7%
360
0%
No. of outlets
% growth
11.4%
5%
520
No. of outlets
473
511
340
Q4/07
Q1/08
Q2/08
Q3/08
-5%
Q4/08
-2.20%
320
300
SSS
TSS
Outlets
31
Performance by Brand : 2008
No. of Outlets
SSS (%)
TSS (%)
Brand
Total
2008
2007
Chg.
2008
2007
Chg.
2008
2007
Chg.
151
136
+15
4.5%
-0.8%
+5.3%
12.4%
6.8%
+5.6%
25
25
0
2.3%
1.4%
+0.9%
1.3%
-0.8%
+2.1%
209
188
+21
-5.0%
-3.4%
-1.6%
4.4%
7.2%
-2.8%
86
81
+5
3.4%
-17.3%
+20.7%
7.0%
-11.8%
+18.8%
37
42
-5
-2.7%
-9.3%
+6.6%
-10.2%
-8.3%
-1.9%
3
1
+2
-
-
-
-
-
-
511
473
+38
1.5%
-3.1%
+4.6%
9.1%
4.0%
+5.1%
32
Performance by Brand: 4Q08
SSS (%)
TSS (%)
Brand
Total
Q4/08
Q4/07
Chg.
Q4/08
Q4/07
Chg.
-3.3%
6.8%
-10.1%
4.3%
15.7%
-11.4%
12.8%
1.9%
+10.9%
12.0%
5.5%
+6.5%
1.4%
-7.4%
+8.8%
10.2%
4.4%
+5.8%
-15.7%
20.2%
-35.9%
-5.6%
21.3%
-26.9%
-4.1%
-6.6%
+2.5%
-10.6%
-8.2%
-2.4%
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
-2.2%
3.3%
-5.5%
5.7%
11.4%
-5.7%
33
Marketing Campaign
Crispy Sushi
29 Bht/pc
Jan 4-31, 08
Roasted Wing
49/79 (3/5 pcs)
Mar 28-May 8, 08
Japanese
Chicken Puff
55 Bht/pc
Feb 1-28, 08
Wing Chili Lime
45 Bht/3 pcs
Feb 29-Mar 27, 08
Chicken Fried Rice
Popcorn Dip
95 Bht/set
49 Bht/box
May 9-Jun 5, 08
Jun 6-Jul 3, 08
Roasted Burger
Shrimp Donut
Seafood
55 Bht/pc
29 Bht/pc
98 Bht/set
Jul 4-31, 08
Aug 1-28, 08
Aug 29-Sep 25,08
Roasted Wing Herbs
Zeed Squid
Cheesy Chicken
59/95 Bht (3/5 pcs)
39 Bht/box
70 Bht/2 pcs
Sep 26-Oct 30, 08
Oct 31-Nov 27, 08
Nov 28,08-Jan 8,09
34
Marketing Campaign
Cheesy Bite Fondue
Cheesy Lava
Nov 21, 07-Jan 15, 08
Jan 16-Feb 26, 08
Spain Food Festival
Fish Sticks Pizza
Feb 27-Apr 15, 08
Apr 2-May 27, 08
Crispy Twist Pizza
Heavy Load BBQ Pizza
May 28-Jul 29, 08
Jul 30-Sep 23, 08
Double Pizza
Cheesy Sausage Bites
Sep 24 – Nov 25, 08
Nov 26, 08-Jan 20, 09
35
Marketing Campaign
Choco Bites Select
Member Card
59 Bht/Box
99 Bht
Dec 16, 07-Feb 29, 08
Dec 15, 07-Mar 31, 08
Fruity Pods
Mister Donut
Surprises
29 Bht/Box
29 Bht/Box
Apr 1-May 31, 08
Jun 1-Jul 31, 08
Mister Donut
DeliSnax
39 Bht/Box
Aug 1-Sep 30, 08
Mister Donut
Saku Saku
Mister Donut
Mini Donuts
Mister Donut
Misdo Buddy 2009
19 Bht/pc
99 Bht/Box
119 Bht
Oct 1-Nov 30, 08
Dec 1,08-Jan 15,09
Dec 1,08-Mar 31,09
36
Marketing Campaign
Pretzel Spring
Pretzel Sesame Spring
Wind Upz
59 Bht/pc
63 Bht/pc
59 Bht
Sep 24, 07-Jan 31, 08
Dec 1, 07-Jan 15, 08
Feb 1-29, 08
Fünnelz
Pretzel Together
69 Bht/pc
May 16-Jun 30, 08
Cheesy Chicken
Pretzel Bites
Mar 1-May 15, 08
55 Bht/pc
Jun 21-Aug 31, 08
Berry Stix
49 Bht/box
Aug 16-Sep 15, 08
Cheesy-O
Long Island
55 Bht/box
69 Bht/pc
Sep 16-Nov 15, 08
Nov 16-Jan 15, 09
Pretzel Club
Member Card
150 Bht
Oct 1, 08-Mar 31, 09
37
Marketing Campaign
BR Tiramisu
Extreme French
BR Member Card 2008
Dec 1, 07-Jan 31, 08
Feb 1-Mar 15, 08
Dec 21, 07-Mar 31, 08
Extreme Hawaii
Extreme Swiss
Mar 16-May 31, 08
Jun 1-Jul 31, 08
Extreme Italy
Aug 1-Sep 30, 08
Extreme International
Mocktail
Oct 1-Nov 30, 08
Extreme Universe
Dec 1, 08-Jan 31, 09
Extreme Moment
Member Card 2009
Dec 16, 08-Mar 31, 09
38
Marketing Campaign
Happy Collecting Point
Hot Summer Set
Jan 11-Jul 31, 08
459-469 Bht
Mar 28-May 31, 08
Tokusen Set
499 Bht
Jun 1-Jul 15, 08
Pork Pepper Steak
249/399Bht
Jun 16-Aug 31, 08
Yaki Shabu
Teriyaki
3rd Branch Celebration
170 Bht (A la carte)
165/229/210 Bht
Nov 17-Dec 31, 08
Sep 1-Oct 22, 08
Oct 23, 08-Jan 31, 09
39
Outlets Expansion Plan
(No. of Outlets)
600
511
511
473
473
500
400
544
544
571
571
2009
2010
2011
Baskin Robbins
Pizza Hut
519
519
3
25
37
1
25
42
86
81
300
151
136
200
100
188
209
2007
2008
0
Mister Donut
KFC
Auntie Anne's
Pepper Lunch
40
Financial Highlights
41
Balance Sheet Summary
Total Shareholders’ Equity
Total Asset
Unit : Mn.
Mn. Baht
Non-current Assets
18,000
Current Assets
17,665
Total Shareholders' Equity
1,414
4,500
15,000
9,851
12,000
11,791
3,500
1,002
8,046
6,430
820
9,000
16,251
791
6,000
3,000
Unit : Mn.
Mn. Baht
7,255
9,031
2,500
4,334
4,419
2006
2007
3,503
10,789
1,500
0
500
2005
2006
2007
Total Liabilities
2008
2005
Unit : Mn.
Mn. Baht
7,372
7,500
6,500
5,500
5,517
2,781
4,500
3,500
3,168
4,591
2,500
1,500
2,750
4,001
2,349
500
2005
2006
Non-current Liabilities
2007
Current Liabilities
% Change
7,234
4,543
1,793
2008
11,235
2008
Current Asset
+41.1%
Non-current Assets
+50.6%
Total Asset
+49.8%
Current Liabilities
+160.2%
Non-current Liabilities
-12.9%
Total Liabilities
+52.4%
Total Shareholders’ Equity
+45.5%
Note: compared between 2008 and 2007
42
Revalue in Asset and Equity in 2008
2008
Balance Sheet
2008
Excl. revalue items
Total Non-current Assets
16,250.6
14,286.0
• Non-current Assets
14,286.0
14,286.0
• Revalue on Assets
1,964.6
-
1,413.9
1,413.9
17,664.5
15,699.9
Non-current Liabilities
4,000.5
4,000.5
Current Liabilities
7,234.1
7,234.1
Total Liabilities
11,234.7
11,234.7
6,429.8
4,465.2
• Shareholders’ Equity
4,465.2
4,465.2
• Revalue on Assets
1,964.6
-
Current Assets
Total Assets
Total Shareholders' Equity
43
Financial Ratio Indicator
Efficiency Indicator
Efficiency Indicator
Total Shareholders' Equity and ROE
Total Asset and ROA
Asset (Million THB)
Equity (Million THB)
ROA (%)
7,000
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
17,665
11,791
9%
6,261
Notes:
4%
2005
5,000
4,000
10%
3%
7%
2004
14%
12%
9,851
8,046
16%
6,000
2006*
3%
2007
8%
3,000
6%
2,000
4%
16%
14%
4,334
3,433
2004
2004
Notes:
2006
2005
2006*
2007
2008
ROE = NPAT / Equity, ROE(2008) = Core Profit/Equity excluded revalue on assets
*Include extra gain from selling floating hotel
Leverage Indicator
1.75
1.28
Total
Liability
2005
8%
0%
Equity
2003
9%
10%
2%
1.27
Notes: D/E ratio = Total Liability/Total Equity
10%
0
2008
1.67
0.82
10%
3,503
0%
Interest Coverage Ratio
D/E Ratio (Times)
1.3
12%
4%
Capital Structure and D/E Ratio
1.14
4,419
6%
Leverage Indicator
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
16%
2%
ROA = NPAT / Asset , ROA(2008) = Core Profit/Asset excluded revalue on assets
Equity
15%
1,000
*Include extra gain from selling floating hotel
Liabilities
ROE (%)
6,430
2007
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Times
16
14
15.0
15.2
15.0
12.9
12
9.4
10
7.3
8
D/E excluded
deferred
income from PF
6
4
2
0
2003
2008
Notes:
2004
2005
2006
2007
2008
Interest coverage ratio = EBITDA/(interest expense + dividend to
lender type in PPF
44
Borrowing Summary
45
CENTEL’s Borrowings : Q4/2008
2,799 , 45%
279 , 4%
114.2 , 2%
62 , 1%
218.4 , 3%
421.6 , 7%
2,350 , 38%
D:E** =1.28x
Total = 6,244.2 MB
S-T LOANS (88.8%) = 5,543.6 MB
Bank Overdarfts
S-T Loans
L-T Loans: PPF*
Current portion of PPF
L-T LOANS (11.2%) = 700.6 MB.
L-T Loans*
Current portion of L-T Loans
Current portion of L-T Debenture
Note: * Net of current portion, exclude loan from JV
** D/E excluding deferred income from Prop. Fund
46
Financing Plan to support Short-term
Liabilities
Current portion of
L-T Debenture
2,799 MB , 51%
Current portion of
PPF
62 MB , 1%
Current portion of
L-T Loans
114.2 MB , 2%
Bank Overdarfts
218.4 MB , 4%
S-T Loans
2,350 MB , 42%
Total 5,544 MB
Supported by
• COMMITTED BANK LOANS 5,910 MB
1) Bank A.
2,300 MB
2) Bank B.
2,010 MB
3) Bank C.
1,600 MB
• REVOLVING DEBENTURE 5,000 MB
• Extension of Credit Limit ( P/N, B/E) +1,000 MB
47
2009 Outlooks
48
Outlook Q1/2009 and Beyond
Overall the outlook continuers to be mixed. The political worries of Thailand seem to have
taken a back stage position with most major markets.
However economic gloom is now global and we see absolute trends of value searching and
very last minute booking – neither of which will change for the most part of 2009
Bangkok
Q1 still has the ability to hold up due to the current booked business. However past this
period business is still slow and will become more price conscience as availability outstrips
demand. City centre has more competition in this regard.
Phuket
In general looks to hold up will given business type and guarantees, For sure low season to
the destination will be challenging
Samui
Too many hotels chasing a much smaller market. Rates are eroding and air capacity falling in
relation to demand Samui continues to face challenging times ahead, but compared to our
comset product and/or location are winning factors.
Hua Hin
Q1/2009 continues to be quite goof with demand holding, although not to past years. Again
summer 2009 will be challenging as many competing 5 star resorts have suffered low winter
occupancy and are prepared to sacrifice yield for revenue in the coming months.
49
BCC at CentralWorld Booking for 2009
Total = 173 MB*
F&B, 142 MB. ,
81%
Rental, 31 MB. ,
19%
Current
Current Composition
Composition in
in 2009
2009 booking
booking
Note: * Data as of 3 Mar. 09
This exclude Bt 72.4 mn. room revenue that will receive from convention business
50
0%
2008
Nov
Oct
Jan.09
2.0%
3.0%
2.0%
3.0%
29.0%
22.0%
25.0%
17.0%
14.0%
21.0%
15.0%
11.0%
10.0%
10.0%
23.0%
20.0%
20.0%
47.0%
42.0%
39.0%
34.0%
40%
Sep
3.0%
9.0%
7.0%
13.0%
26.0%
Food
Aug
Jul
Jun
May
9.0%
Apr
16.0%
11.0%
9.0%
10%
20.0%
21.0%
18.0%
30%
Mar
Feb
50%
Hotel
-5.0%
-6.0% Dec
-6.0%
-10%
17.0%
13.0%
15.0%
20%
Jan
% Revenue growth YoY
CENTEL Revenue Growth Movements
Total
51
Centara Hotel Portfolio
Owned hotels
19 Properties with total room of 4,640 within 2010
Khon Kaen
Resort
CCT
Khon Kaen
Bangkok
SCGB
Pattaya
City
Trat
Sofitel Centara Grand Resort & Villas Hua-Hin
249
Centara Grand Beach Resort & Villas Krabi
192
Centara Mae Sot Hill Resort
120
Centara Villas Samui
100
Centara Villas Phuket
72
Centara Grand Mirage Beach Resort Pattaya
555
Centara Grand & Bangkok Convention Centre
512
Sofitel Centara Grand Bangkok
607
Novotel Centara Hat-Yai
245
Joint Venture & Managed
Resort
335
Centara Kata Resort, Phuket
158
Centara Grand Island Resort & Spa, Maldives
112
Centara Grand Beach Resort Samui
Centara Chantalay Resort & Villas, Trat
Bhundari Spa Resort & Villas Samui
464
Centara Hotel and Convention Center Khon Kaen
<Managed>
202
Centara Grand Beach Resort Phuket <Owned>
262
605
Centara Karon Beach Resort, Phuket
Managed hotels
New Project Expansion (Owned, JV, Managed)
2,652
Centara Pariya Resort & Villas, Koh Pangan
Centara Duangtawan Hotel, Chiang Mai
919
203
44
128
44
500
52
Centara Grand Island Resort & Spa Maldives
No. of rooms
Investment Cost
Soft Launch
Expected Occupancy
Expected Average Room Rate
(1st full year operation)
Expected Management fees in 2009
Expected Management fee (1st full year)
% holding
112
US$49.2mn.
Q4/2009
85.0%
US$370
Bt10-15mn
Bt~70mn
25%
53
Centara Grand Mirage Beach Resort Pattaya
No. of rooms
Investment Cost
Soft Launch
Grand Opening
Expected Occupancy
Expected Average Room Rate (Bt)
Total Revenue
555
Bt4bn.
Q3/2009
Q4/2009
52.6%
3,026
Bt182mn
54
Bhundhari Spa Resort & Villas Samui A Centara Resort
No. of rooms
Launch
Expected Occupancy
Expected Average Room Rate (Bt)
128
Q2/2009
64%
6,258
(1st full year operation)
55
Centara Pariya Resort & Villas – Koh Pha-Ngan
No. of rooms
Launch
Expected Occupancy
Expected Average Room Rate (Bt)
44
Q2/2009
51%
4,500
(1st full year operation)
56
Brand Portfolio Expansion
Brand Portfolio Expansion
•
CRG announced to expand brand portfolio with
the “World’s Best Cream Puffs”, Beard Papa’s
•
Beard Papa’s, originated in Japan, is a premium
light food with unique product concept having
potential to grow in the segment as well as
strengthen CRG’s light food category
•
With over 250 stores in Japan and more than 80
stores in 13 countries
•
Beard Papa’s will be operated by CRG in April
2009
57
Brand Portfolio Expansion
Cream Puffs
Why are they special?
•
Baked fresh several times daily.
•
Contain no preservatives.
•
Whipped cream custard take 2 hours to prepare and make fresh 3-5 times a
day.
•
Use handpicked vanilla beans from Madagascar- smell wonderful sweet
aroma.
•
Fresh baked crunchy puffs are filled with whipped cream custard then a
sprinkle of powdered sugar only when an order is placed – right in front of
customers.
58
Brand Portfolio Expansion
Brand Portfolio Expansion
Summary
Summary Info.
Info.
Details
No. of Outlets
Projected Revenues
Investment
3-5 Outlets in 1st Year
8-10 Mil. Baht/Outlet/Year
4-5 Mil. Baht/Outlet
59
Project Investment Plan in 2009
35%
CPBR
CGCW
9%
CMBR
354 MB
513 MB
56%
2,873 MB
QSR
Existing Hotels
New Hotels
Total Investment 3,740 MB
60
Q&A
61