Opportunity Day Presentation 1Q14

Transcription

Opportunity Day Presentation 1Q14
Central Plaza Hotel Public Company Limited
June 4, 2014
CENTEL’s Opportunity Day 1Q14
Disclaimer
This presentation contains certain forward looking statements. Such forward looking statements are not guarantees of future
performance and involve risks and uncertainties, and actual results may differ from those in the forward looking statements as a
result of various factors and circumstances. The views, analyses and opinions expressed herein contain some information
derived from publicly available sources and third party information providers. No representation or warranty is made as to the
accuracy, completeness, or reliability of such information. This presentation should not be relied upon as any recommendation,
view, opinion, representation or forecast of “Central Plaza Hotel Plc.” Nothing in this presentation should be construed as either
an offer to sell, a solicitation of an offer to buy or sell shares or any type of securities in any jurisdiction. This presentation is not
intended to be any type of investment advice and must not be relied upon as such. You must always seek the relevant
professional advice before otherwise making any such financial, legal or commercial decisions.
2
Agenda
o 1Q14 Financial Summary
o Performance by Business
o Hotel Business
o QSR Business
o Medium Term Outlook
o Appendix
3
1Q14 Financial Summary
Centara Grand Resort and Spa, Maldives
4
Consolidated Earnings 1Q14:
•
Core profit dropped by 22.7% yoy to Bt501.9mn, mainly caused by
 Significant drop in occupancy for hotels in Bangkok as a result
of political unrest; and

Consumption slow down which resulted in low same store sale
growth for food business.
THB million
1Q13
1Q14
% chg
Hotel revenue
2,350.7
2,327.5
-1.0%
Food Revenue
2,162.8
2,298.0
6.2%
Total Revenues
4,513.6
4,625.5
2.5%
Total Cost & Expense (Excl. depreciation
allocated to cost)
3,271.5
3.478.6
6.3%
37.6
24.4
-35.1%
Total EBITDA
1,279.6
1,171.3
-8.5%
EBITDA margin (%)
28.4%
25.3%
Net Profit (Loss) before extra items
649.0
501.9
-22.7%
Net Profit
649.0
501.9
-22.7%
EPS (Baht per share)
0.48
0.37
Equity Gain (Loss)
Total revenue by business
EBITDA by business
Net profit by business
5
Financial position as at 31 Mar 14
Million Baht
Consolidated BS: Net D/E ratio improved from 1.6x to 1.4x
+4.3%
-6.4%
-2.3%
6
Interest Bearing Debt:
Outstanding balance as at 31 Mar 14 of 10,756MB with an average cost of debt 4.3%
Interest Bearing Debt 31 Dec 13 vs. 31 Mar 14
As at
31-Dec-13
31-Mar-14
Interest Bearing
Debt/ Equity
1.0X
0.9X
Proportion of interest bearing debt by type
S/T Loan
(29.9%)
Bt3,218mn
L/T Loan
(70.1%)
Bt7,538mn
Fixed Rate (33.4%)
Bt3,591mn
Float Rate (66.6%)
Bt7,165mn
7
Hotel Business
Centara Grand West Sand Resort & Villars Phuket
8
Total 67 hotels,
including 43
hotels in
operation and
24 hotels under
development,
scheduled to
open between
2014 and 2017
Total hotels in portfolio: 13,314rooms
Hotel Portfolios including Pipeline
Brands
Thailand
Bali
Laos
Maldives
Centara
Grand
4,174
82
220
112
100
246
Centara
4,315
177
250
100
648
Centra
950
90
Centara
Boutique
Collection
166
Centara
Residence
& Suite
39
Cosi
120
Total
9,764
Mauritius Vietnam
Ethiopia
Doha
300
360
516
Oman
China
Total
125
5,719
154
6,160
1,040
166
70
109
120
349
220
362
270
13,314 rms
Noted: * Included 2nd phase of Centara Grand West Sand in 2017
**Included 2nd phase of Centara Sappaya in 2015
Hotels in pipeline: 5,138 rooms
Proportion of rooms: Owned vs. Managed
As at 24 March, 2014
Sri
Lanka
894
516
300
360
154
125
13,314
2Q – 4Q14
2015
2016
2017
Total
Thailand
92
475*
1,421
583**
2,571
Bali
259
259
Laos
200
Maldives
110
Vietnam
138
Sri Lanka
165
530
360
Oman
154
125
516
629
300
360
154
China
668
391
300
Doha
Total
110
226
Ethiopia
200
2,380
125
1,613
5,138
9
Hotels in Operation (1/2)
# Properties
#Rms
Owned & JV hotels
15
3,812
Hotels under management
contracts
28
4,364
Grand total
43
8,176
Total 43 hotels (including 15 owned and JV
properties and 28 hotels under management
contract) in operation by the end of 1Q14 of
8,176 rooms.
Asset types
List of 15 owned & JV hotels (3,812 rooms)
Hotel Name
#Rms
Country
Owned Hotels
Hotel Name
#Rms
Country
Owned Hotels (continued)
1
Centara Grand at CentralWorld
512
Thailand
9
Centara Mae Sot Hill Resort
113
Thailand
2
Centara Grand Ladprao
565
Thailand
10
Centara Hat Yai
245
Thailand
3
Centara Grand Hua Hin
249
Thailand
11
Centara Villas Samui
100
Thailand
4
Centara Grand Phuket
262
Thailand
12
Centara Grand Maldives
112
Maldives
5
Centara Grand Krabi
192
Thailand
13
Centara Maldives
140
Maldives
6
Centara Grand Mirage Pattaya
555
Thailand
7
Centara Villas Phuket
72
Thailand
202
Thailand
8
Centara Karon Resort Phuket
335
Thailand
158
Thailand
Property Fund Hotel
14
Centara Grand Samui
Joint Venture Hotel
15
Centara Kata Resort Phuket
10
Hotels in Operation (2/2)
List of 28 hotels under management contract (4,364 rooms)
Hotel Name
#Rms
Country
Managed Hotel
Hotel Name
#Rms Country
32
Centara Poste Lafayette, Maurittius
100
MUS
33
Centra Government Complex
204
THA
34
Centra Coconut Beach Samui
55
THA
35
Centara Watergate Hotel & Spa Bangkok
281
THA
36
Centara Passikudah Resort & Spa
Srilanka
125
SRI
16
Khum Phaya Resort, Boutique
87
THA
17
Centara Udon Thani
259
THA
18
Centara Chaan Talay, Trat
44
THA
19
Centara Duangtawan Chiang Mai
512
THA
20
Centara Sappaya, Rayong
13
THA
21
Centra Ashlee Hotel Patong
110
THA
37
Khao Lak Seaview Resort & Spa, Centara
215
THA
22
Centara Anda Dhevi, Krabi
138
THA
38
Centra Central Station Bangkok
150
THA
23
Centara Plaza Hotel Pattaya
152
THA
39
Centara Grand Modus Pattaya
215
THA
24
Nova Hotel & Spa Pattaya, Boutique
79
THA
40
165
THA
25
Chen La Resort & Spa Phu Quoc,
Boutique
Centara Grand Phrathamnak Resort
Pattaya
108
VNM
26
Waterfront Suites Phuket
39
THA
41
Centara Grand Azuri Resort & Spa
Mauritius
100
MUS
27
Centra Tuam Resort Bali
90
IND
42
The Blue Marine Resort & Spa Phuket
266
THA
28
Centara Grand West Sands, Phuket
316
THA
43
70
MUS
29
Centara Hotel Khonkaen
196
THA
Centara Grand Azuri Residences & Suites
Mauritius
30
Centara Sandy Beach Da Nang Vietnam
118
VNM
31
Centara Koh Chang Resort
157
THA
Total 28 hotels
Note:
4,364
Opened in 1Q14
11
New hotel 2Q14
Centara Ceysands Resort and Spa Sri Lanka
Located
A superb location with the
Bentota River on one side and the
Indian Ocean on the other
Star
4 Stars
Target guests
The resort offers accommodation
options to suit the needs of
couples and families alike with a
choice of 165 rooms and suites
ranging from 38 to 139 square
metres in size
12
Hotel Performance Snapshot
Occupancy, Average Room Rate and RevPar
• Bangkok, Pattaya and Hat Yai reported negative
RevPar growth yoy mainly due to the turmoil.
• Strong performance in Maldives is noted.
Total Revenue (Btmn) and # of rooms available
2,351
2,328
-1%
-23%
OCC (%)
1Q13
1Q14
chg
+11%
Bangkok
78.1%
48.2%
-29.9%
Upcountry
Maldives
87.1%
79.8%
85.9%
90.3%
-1.2%
+10.5%
ARR (Bt)
1Q13
1Q14
%chg
Bangkok
3,181
2,885
-9.3%
Upcountry
5,173
5,224
1.0%
Maldives
20,665
21,812
5.6%
RevPar(Bt)
1Q13
1Q14
%chg
Bangkok
2,485
1,91
-44.0%
Upcountry
4,505
4,488
-0.4%
Maldives
16,488
19,689
+19.4%
EBITDA* (Btmn) and EBITDA margin:
-1%
Noted: *Excluded extra items and deferred rental income from PFPO 13
Revenue Contribution by Location
Significant reduction in revenue from Bangkok in 1Q14 due to the political unrest, whilst big jump in contribution
from Maldives. For FY14, expecting contribution from Maldives to account for around 19-20%.
Revenue Per Room Available – RevPar (Bt)
Bangkok
Hua Hin
Hat Yai
Krabi
Pattaya
Phuket
Samui
Tak
Maldives
1Q13
2,485
6,688
1,221
5,910
5,048
4,791
4,247
409
16,488
1Q14
1,391
6,963
1,060
6,102
4.703
4,874
4,311
457
19,689
-44.0%
4.1%
-13.3%
3.2%
-6.8%
1.7%
1.5%
11.6%
17.5%
% change
14
Tourism Arrivals
In 1Q14, no. of tourist arrivals decreased 6% yoy, particularly those from Hong Kong, China and Japan. Tourist arrivals
from Europe grew 7%, driven by Russian.
International Arrivals by Nationality: 1Q14
Million Persons
Number of International Tourist Arrivals to Thailand
26.7
19.1
14.6
Airport
Closure
15.9
14.1
April Riot
22.3
Rajprasong
Protest
Source: BOT and TAT
Flood in
Central of
Thailand
Demonstration
in 4Q13
Nationality
1Q13
1Q14
% ∆ yoy
East Asia
3.83
3.35
-12.56
Europe
2.11
2.56
6.64
The Americas
0.33
0.33
0.09
South Asia
0.31
0.27
-13.77
Oceania
0.24
0.23
-5.23
Middle East
0.14
0.12
-12.34
Africa
0.04
0.04
10.06
Total
7.01
6.60
-5.86
15
Centara Guests by Region
Guests by Region: European guest increased proportion due to
economic recovery, while Asian down due to the unrest.
Room Night Growth 1Q14 yoy:
Note: By number of Room Nights
Others included Latin America, Canada, South America, etc.
16
Marketing Updates
Bangkok
Pattaya
• The market
challenges
continue to take
a toll on
Bangkok
properties
• With current
political issues,
a glut of rooms
in the market
means everyone
was chasing
online and
leisure, which
are growing but
still much
reduced over
normal trading
environment
• Like Bangkok,
Pattaya also
faces a
challenge from
slowing arrivals,
especially from
Asian markets
that usually pick
up the slack left
post high
season from
Russian market
• Trading starts to
turn round by
changing source
markets and
engaging more
with market
driven discounts
Samui
• Continued
strong demand
allows us to
yield our
inventory
effectively,
especially in
Chaweng
• Q2 continues
positive trend
Phuket
• Impacted by
date change of
Easter YOY,
market
becomes
tougher, more
from shifting
market sources
than political
issues
• Markets like
Phuket but are
more price
sensitive
Maldives
• Both resorts
continue to
benefit from
good
distribution and
related demand
• Occasional
months will
have a
challenge due
to shifting
seasonality
/holiday periods
YOY, but overall
expectation is
for solid
performance in
2014
17
Food Business
The Terrace
18
Food performance snapshot (1/1):
Consumption slowdown continued to impact performance of food business.
SSS (%)
TSS (%)
Number of Outlets
1Q13
1Q14
1Q13
1Q14
1Q13
1Q14
KFC
4.6
2.2
11.2
9.2
182
196
Mister Donut
9.0
-6.6
17.6
0.7
291
316
Auntie Anne’s
12.9
-11.8
34.9
-2.6
103
118
Pepper lunch
0.05
-15.7
15.7
-10.8
16
18
Beard Papa’s
-14.9
-12.8
-8.1
-69.4
12
5
Chabuton
-15.6
-15.8
35.4
-8.2
12
13
Ryu
-5.2
-28.9
-6.0
-28.9
1
1
Cold stone
-17.7
-18.9
-1.3
38.5
10
17
The terrace
3.2
-8.3
57.2
19.8
5
9
Yoshinoya
-29.9
-3.4
69.5
42.4
12
17
Ootoya
-9.2
5.7
-5.0
16.3
37
40
-
-
-
-
-
2
3.2
-1.8
14.5
6.3
681
752
Tenya
Average
19
Food performance snapshot (2/2):
Total Revenue (Btmn) and # of outlets:
1Q14’s revenue grew 6% yoy, mainly driven by outlet
expansion
2,298
EBITDA (Btmn) and EBITDA margin:
EBITDA margin contraction in 1Q14 was mainly related
to negative SSS growth
+6%
2,163
-32%
20
Revenue Contribution by Brand
Revenue Contribution: : Top 4 brands, KFC, MD, AA and Ootoya contribute about 90% of food revenue
TEN
YO
TT
RYU
CBT
CSC
PL
BP
# of outlets
KFC
Mister
Donut
Auntie
Anne’s
Ootoya
Other
Heavy Food
Other Light
Food
Total
1Q13
182
291
103
37
46
22
681
1Q14
196
316
118
40
60
22
752
Change (+/-)
14
25
15
3
14
-
71
21
Outlet Expansion Plan
Number of outlets expansion:
Targeting additional 75 outlets in FY14. Long term expansion
plan is 50-70 outlets per year for existing brands.
12 Existing Brands:
Heavy Food:
55%
49%
Light Food:
56%
56%
22
Introduce New Brand: Katsuya
“Quick and delicious deep fried pork cutlet meal at favorable price”
KATSUYA
Quick , fresh and delicious deep fried pork cutlet
at favorable price , making Ton-Katsu using an
automated fryer that can be served within 5
minutes.
Japanese market leader (Ton-Katsu category)
and they have 214 outlets in Japan (93
owned+121 franchise) since 1998.
Signature dish is Katsudon as it is among the
most popular Japanese dish for a long time.
23
Medium Term Outlook
Centara Poste Lafayette, Maurittius
24
2014 Target
Hotel
1Q14
FY14E
OCC
76%
75% - 76%
ARR
+ 19.0%
6% - 7%
RevPar
+ 6.7%
3% - 4%
Food
1Q14
FY14E
SSS
-1.8%
Flat
TSS
6.3%
8% - 10%
# of Outlets
+9
+75
Hotel Business
• Maldives hotel is the key growth driver.
• Expecting margin expansion from Maldives hotels
and hotel management contracts to partially
compensate the reduction in earnings from
Bangkok hotels.
Food Business
• Outlet expansion is the key growth driver.
• Expecting successful marketing campaign to boost
up sale.
25
Portfolio Expansion
Asset Light Expansion: Management fees and # of rooms
Food Outlet Expansion: BKK VS Upcountry
920
Btmn
677
603
59%
743
50%
45%
59%
55%
50%
Note: assumed 8-10 new contracts per annum plus 34 hotels for COSI brand since 2016
26
Earning prospects VS. Investment
Revenue by business: 4-year CAGR=12%
Investment (Btmn)
Net Profit by business: 4-year CAGR =18%
Note: - Included COSI in total of Bt254mn and Bt351mn, in
2014E and 2015E ,respectively
- Included assumption of new hotel construction
during 2015 – 2017 in total project cost of Bt6,600mn
- EBITDA before gain and expense from Property Fund CTARAF
27
CENTEL Milestone
2009
2018E
• Hotel 19 hotels (13
owned/JVs and 6
managed)
owned/JVs and 59
managed)
• QSR 5 Brands 478
outlets
• QSR 14 brands >
950 outlets
2013
owned/JVs and 27
managed)
• QSR 12 brands 743
outlets
28
Thank you
Centra Ras Fushi Resort and Spa, Maldives
29
Appendix
30
Hotel OCC, ARR and RevPar by Brand
OCC (%)
1Q13
1Q14
chg
Grand
84.5%
71.8%
-12.7%
Centara
Average
83.6%
84.3%
84.0%
75.6%
0.4%
-8.7%
ARR (Bt)
1Q13
1Q14
%chg
Grand
5,911
6,639
12.3%
Centara
3,106
5,066
63.1%
Average
5,128
6,103
19.0%
RevPar(Bt)
1Q13
1Q14
%chg
Grand
4,995
4,768
-4.5%
Centara
2,597
4,257
63.9%
Average
4,323
4,612
6.7%
Noted: Opening date for 2nd project in Maldives was 24 Mar 13.
31

Opportunity Day Presentation 1Q14

Transcription

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