CENTRAL PLAZA HOTEL PCL. 16 May, 2016

Transcription

1 CENTRAL PLAZA HOTEL PCL. 16 May, 2016

2 Company Background Hotel Business Food Business Financial Highlight & Outlook 2

3 COMPANY BACKGROUND 3

4 CENTRAL GROUP & CENTEL OVERVIEWS Central Group Business Unit Equity market information Symbol: CENTEL Sector: Tourism Tos Chirathivat Group CEO CENTEL Div Policy: 60% Price: Bt38.75 (as of 12/05/16) Market Cap: Bt52,313mn CENTEL S 16 Yuwadee Chirathivat CEO Pascal Billaud CEO Suthisarn Chirathivat CEO Worawoot Ounjai CEO Preecha Ekkunagul CEO Edwin Yap Hawson CEO Thirayuth Chirathivat CEO Thiradej Chirathivat CEO Phillippe Broianigo CEO Chirathivat family 65% Local investors 20% Vietnam Foreign investors 15% 4

5 MILESTONES Corporate Food business CENTEL s MILESTONE Listed in Capital The Stock increase introduced Mister Donut Authorized franchisee of KFC Exchange of Thailand (SET) of Baht 500 million Franchisee of Auntie Anne s Capital increase of Baht 450 million Par splited from Baht 5 to Baht 1 Introduced Pepper Lunch Terminated Pizza Hut and Baskin Robbins and introduced Beard Papa s Bought 5 new brands into portfolios Acquired Ootoya home cooking style Japanese restaurant Terminated Café Andonand Introduced Tenya into portfolio Terminated Beard Papa s Introduced katsuya into portfolio Hotel business 1 st hotel, Centara Grand at Central Ladprao Bangkok Rebranding hotel brand from Central to Centara Centara Grand at Central World Launched Property Fund (Centara Grand Samui) Centara Grand Mirage Beach Resort, Pattaya Opening the 1 st oversea JVs in Maldives Centara Grand Resort & Spa, Maldives Opening Centara Grand Phuket Step up acquisition of Centara Karon, (Feb) Centara Maldives (Mar) Centara Grand Maldives (Dec) Centara Maldives (24-Mar) Step up acquisition of Centara Kata (7-Oct) 5

6 BUSINESS CONTRIBUTION 2015 Total Revenue and Profit by Segment Total Revenue by Geography Hotel Food Overseas 53% 30% 31% 9% 47% 70% 69% Thailand 91% Total Revenue* EBITDA NPAT * Excluded equity gain (loss) from property fund, amortization of deferred rental income 6

7 HOTEL BUSINESS 7

8 BRANDS & KEY STRATEGY 2 Key Strategies Key Brands Focusing on expansion of portfolios through hotel management business Brands Traditional Lodging Independent Travelers Extended Stay Asset Light Strategy Asset Right Strategy Grand Design Exclusively Yours Designed& Focused Investing in property (100% equity or JVs) using internal cash flow and leverage, subject to internal guideline Value Proposition Economy Brand 8

9 HOTEL PORTFOLIOS AS AT 1 MAY 16 Hotels in operation Owned hotels Property Fund Managed hotels Total % Total Portfolio: 61 hotels with 12,647 rooms Thailand 3, ,529 7,089 91% Overseas % Total Rooms 3, ,938 7, % Total Hotels Hotels in pipeline Owned hotels Property Fund Managed hotels Total % Thailand 451* - 1,091 1,542 31% CUBA 1 hotel THA 42 hotels Middle East 3 hotel Srilanka 1 hotel CHN 1 hotel CHN 3 hotel Maldive Maldives s 54 hotels VNM 4 hotels LAOS 1 IND hotel 2 INDO hotels 2 hotels Overseas 300** - 3,055 3,355 69% Total Rooms 751-4,146 4, % Total Hotels Total portfolio Owned hotels Property Fund Managed hotels Total % Thailand 3, ,620 8,631 68% Overseas 552-3,464 4,016 32% Total Rooms 4, ,084 12, % Total Hotels *2 COSI hotels, **2 New Maldives projects, *** incl. contracts on hand only Hotels in pipeline by target opening year*** 4,500 3,500 2,500 Overseas Thailand # of hotels ,500 2, F 2017F 2018F 2019F Remark: Overseas include Indonesia, Laos, Maldives, Sri Lanka, Doha, Oman, Cuba and China 9

10 FEEDER MARKET FY15 and 1Q16 CENTARA s Guests by room nights FY14 FY15 1Q15 1Q16 36% 37% 31% 36% 39% 40% 27% 34% 10% 9% 3% 3% 15% 17% 3% 3% 2% 4% 6% 5% 3% 3% 12% 12% 3% 2% 2% 3% Asia AUS EU Middle East THA USA Others Asia AUS EU Middle East THA USA Others 10

11 HOTEL PERFORMANCE SNAPSHOT OCC (%) 2014A 2015A Chg 1Q15 1Q16 Chg Bangkok 61.6% 81.3% 19.7% 85.0% 85.0% - Upcountry 78.9% 79.6% 0.7% 84.9% 88.0% 3.1% Maldives 90.6% 86.2% -4.4% 89.8% 85.3% -4.5% Average 74.8% 80.5% 5.7% 85.3% 87.0% 1.7% ARR (Bt) 2014A 2015A % Chg 1Q15 1Q16 % Chg Bangkok 3,112 3, % 3,148 3, % Upcountry 3,987 4, % 5,199 5, % Maldives 17,455 19, % 21,931 24, % Average 4,855 4, % 5,782 5, % RevPar (Bt) 2014A 2015A % Chg 1Q15 1Q16 % Chg Bangkok 1,917 2, % 2,677 2, % Upcountry 3,146 3, % 4,416 4, % Maldives 15,814 16, % 19,687 20, % Average 3,632 3, % 4,932 5, % Noted: Performance of owned hotels 4,773 3,908 3,993 3,938 3,812 3,812 3,812 3,812 FY14 Number of rooms Managed Hotels Owned + JVs Hotels FY15 1Q15 1Q16 2,636 2,951 1,187 FY14 EBITDA (Btm) +12% -2% 1,168 FY15 1Q15 1Q16 8,316 9,046 FY14 Total Revenue** (Btm) 31.7% 32.6% Total Revenue +9% EBITDA Margin Noted: **Excluded extra items and deferred rental income from PFPO 2,719 +3% 2,803 FY15 1Q15 1Q % 41.7% FY14 FY15 1Q15 1Q16 11

12 100% 50% 0% -50% -100% -150% -200% CENTARA vs. MARKET PERFORMANCE Tourist Arrivals CENTEL - OCC Industry - OCC % 81% 85% 87% 56% 62% 68% 70% +20% % FY14 FY15 1Q15 1Q16 Source: BOT * Source: National Economics and Social Development Board -NESDB 12

13 REVENUE CONTRIBUTION BY LOCATION Revenue FY14 FY15 Revenue 1Q15 1Q16 30% 26% 19% 21% 16% 13% 16% 14% 7% 7% 6% 8% 2% 7% 6% 3% 26% 26% 21% 17% 19% 18% 12% 13% 8% 7% 7% 8% 7% 7% 2% 2% Bangkok Maldives Phuket Pattaya Hua Hin Samui Krabi Others Bangkok Maldives Phuket Pattaya Hua Hin Samui Krabi Others Bangkok Maldives Phuket Pattaya Hua Hin Samui Krabi Hat Yai Tak Total # Rooms 1, ,812 % of Total Rooms %RevParGrowth (FY15) %RevPar Growth (1Q16) 28.3% 6.6% 21.7% 14.6% 6.5% 7.9% 5.0% 6.4% 3.0% 100% 37.8% 4.3% -2.2% -0.9% 5.4% 5.2% 6.3% 9.6% -0.2% 6.6% 8.2% 6.6% -3.7% -3.6% 3.4% 6.0% 11.6% 5.4% 21.3% 3.5% 13

14 FOOD BUSINESS 14

15 BRANDS AND KEY STRATEGY Key Strategy 10 Brands (Franchise Agreements) 1 Brand (In House) Establishment Joint venture with partner 1978 Joint Venture Acquisition 2007 Acquisition Owned-Outlet Expansion Existing brands expansion across Thailand All expansion plans are expected to be supported by internal cash flows and debt

16 PORTFOLIOS AS AT 31 MARCH, 2016 Brands # Outlets KFC 207 Mister Donut 319 7% in the North 12% in Northeast Bangkok Contribution By Location By Revenue Auntie Anne s 129 Ootoya 47 Pepper Lunch 17 Cold Stone 17 The Terrace 15 Chabuton 17 Yoshinoya 18 Tenya 4 Katsuya 10 Total 800 3% in the West 60% in Central 8% in the South 10% in the East 37% 35% Outlets and Revenue Contribution: 37% of total outlets and 35% of total food revenue are from Bangkok 16

17 2,000 1, % 12% 10% 8% 6% 4% 2% 0% FOOD PERFORMANCE SNAPSHOT SSS TSS 9.3% 5.6% 1.4% 3.2% 2.0% 0.6% -0.7% -0.1% FY14 FY15 1Q15 1Q16 Number of Outlets +3% +1% FY14 FY15 1Q15 1Q16 Total Revenue (Btmn) +2% 9,967 10,170 +3% 2,426 2, % EBITDA (Btmn) EBITDA Margin % 12.2% +34% 11.6% 1,258-2% FY14 FY15 1Q15 1Q16 FY14 FY15 1Q15 1Q16 17

18 REVENUE CONTRIBUTION BY BRANDS 55% FY14 FY15 55% 1Q15 1Q16 54% 55% 19% 19% 8% 7% 9% 9% 7% 9% 2% 2% 18% 18% 8% 8% 10% 9% 7% 8% 3% 2% KFC MD OOTOYA AA Other Heavy Food Other Light Food KFC MD OOTOYA AA Other Heavy Food Other Light Food FY15 KFC Mister Donut Auntie Anne s Ootoya Other heavy food* Other light food** Total #Outlets (FY15) YoY growth (#outlet) 2.0% -1.9% 3.2% - 10% 14% 1% #Outlets (1Q16) YoY growth (#outlet) 2.5% -1.2% 2.4% % 30.8% 3.0% *Other heavy food include Pepper Lunch, Chabuton, The Terrace, Yoshinoya, Tenya, Katsuya and Ryu(terminated 31 Dec 15) **Other light food include Cold Stone. 18

19 Financial Highlight and Outlook 19

20 DEBT PROFILE AS AT 31 March, 2016 Bt8,311mn Interest Bearing Debt with Average Cost of Debt at 3.9% Loan breakdown by type Loan breakdown by type LT debt, 4,667MB, 56% Unit: Btmn 4, ,913.5 Floating rate, 4,108MB, 49% O/D and ST/L Debentures LT/L Finance Lease Liabilities USD loans, 22% Baht loan, 78% 20

21 GUIDANCE 2016 Hotel FY15A FY16F Food FY15A FY16F Occupancy 81% 81% -82% RevPar 7% 4% -5% Revenue from operation 7% 4% - 5% SSS -1% Flat TSS 2% 4% Outlet Expansion 1% 4% Key Factors Key Factors Key drivers Key Challenges Key Drivers Key Challenges Bangkok Hotels in particular Centara Grand at Central World Centara Grand Maldives post renovation High Competition in Pattayaand Phuket due to changes in guest mix Top 3 brands KFC, Mister Donut, Auntie Ann s Continued efforts on cost control Slim economic growth and weak domestic consumption 21

22 DEVELOPMENT HIGHLIGHT 15,000 rooms (>70 hotels) >1,000 outlets 7,720 rooms (40 hotels) 792 outlets of 12 brands 5,726 rooms (32 hotels) 512 outlets of 8 brands 22

23 THANK YOU 23

24 HOTEL IN OPERATION AS AT 1 MAY 2016 (1/2) Total 40 hotels in operation as at 1 May 2016 with 7,750 rooms (including 15 owned hotels and 25 hotels under management contract). List of 15owned & JV hotels (3,812rooms) Owned Hotels 1 Hotel Name #Rms Country CentaraGrand at CentralWorld 512 Thailand 2 Centara Grand Ladprao 565 Thailand 3 Centara Grand Hua Hin 249 Thailand 4 Centara Grand Phuket 262 Thailand 5 Centara Grand Krabi 192 Thailand 6 CentaraGrand Mirage Pattaya 555 Thailand 7 Centara Villas Phuket 72 Thailand 8 CentaraKaronResort Phuket 335 Thailand Asset types # Properties #Rms Owned & JV hotels 15 3,812 Hotelsunder management contracts Owned Hotels (continued) 9 Hotel Name #Rms Country CentaraMae Sot Hill Resort 113 Thailand 10 Centara Hat Yai 245 Thailand 11 Centara Villas Samui 100 Thailand 12 Centara Grand Maldives 112 Maldives 13 Centara Maldives 140 Maldives 14 Centara Kata Resort Phuket Property Fund Hotel 25 3,938 Grand total 40 7, Thailand 15 Centara Grand Samui 202 Thailand 24

25 Hotels in Operation as at 1 May 16 (2/2) HOTEL IN OPERATION AS AT 1 MAY 2016 (2/2) List of 25 hotels under management contract (3,938 rooms) Managed Hotel Hotel Name #Rms Country 16 Khum Phaya Resort, Boutique 87 THA 17 Centara Udon Thani 259 THA 18 Centara Chaan Talay, Trat 44 THA 19 Centara Sappaya, Rayong 42 THA 20 Centra Ashlee Hotel Patong 110 THA 21 Centara Anda Dhevi, Krabi 135 THA 22 Centara Plaza Hotel Pattaya 152 THA 23 Nova Hotel & Spa Pattaya, Boutique 79 THA 24 Chen La Resort & Spa PhuQuoc, Boutique 36 VNM 25 Waterfront Suites Phuket 39 THA 26 Centra Taum Resort Bali 90 IND 27 Centara Grand West Sands, Phuket 545 THA 28 Centara Hotel Khonkaen 196 THA 29 Sandy Beach Non NuocResort Danong Vietnam Managed by Centara 118 VNM Hotel Name #Rms Country 30 Centara Koh Chang Resort 157 THA 31 Centra Government Complex 204 THA 32 Centra Coconut Beach Samui 55 THA Centara Watergate Hotel & Spa Bangkok KhaoLakSeaviewResort & Spa, Centara 281 THA 230 THA 35 Centra Central Station Bangkok 150 THA 36 Centara Grand Phrathamnak Resort Pattaya 165 THA 37 The Blue Marine Resort & Spa Phuket 266 THA 38 CentaraCeysandsResort & Spa Srilanka 165 SRI 39 Centra Avenue Hotel Pattaya 51 THA 40 Centra Maris Resort Jomtien 282 THA Opened in 1Q16 25