Opportunity Day Presentation 4Q11

Transcription

1 Opportunity Day Presentation 4Q11 Central Plaza Hotel Public Company Limited March 13, 2012 Centara Grand Resort & Spa, Maldives

2 Agenda 4Q11/FY11Financial Summary Performance by Business Hotel Food Summary of Outstanding Debt Medium Term Outlook CENTEL's Opportunity Day Presentation 4Q11 2

3 4Q11/FY11 FINANCIAL SUMMARY Centara Central World CENTEL's Opportunity Day Presentation 4Q11 3

4 CENTEL: Consolidated Earnings 4Q11 CENTEL s 4Q11 revenue was Bt3,042.7mn representing 13.5% growth yoy (or about Bt362.4mn). Hotel business contributed about 39% of the revenue, whilst food business contributed about 61%. In term of EBITDA, hotel business contributed about 49% of total EBITDA, whilst the balance was contributed by food business. 4Q11 s net profit was Bt75.0mn. However, if considering operating profit before guarantee provision of property fund of Bt64mn, net profit was Bt139mn, reflecting 55% growth over 4Q10 s profit. 4Q11 4Q10 Change % Change Total Revenues Hotel 1, , % Food 1, , % Total Revenues 3, , % Total Cost & Expenses (exc. depre) (2,502.1) (2,136.9) (365.2) 17.1% Equity Gain (Loss) % Total EBITDA % Total Net Profit - before extra items % Extra-items Amortization of deferred rental income (PFPO) (0.2) Extra-equity gain in PFPO - from Asset Revaluation Loss on guarantee provision PFPO (64.1) 0.0 (64.1) Net Profit - after extra items (14.5) EPS (Baht per share) CENTEL's Opportunity Day Presentation 4Q11 4

5 CENTEL: Consolidated Earnings FY11 For 2011, CENTEL s revenue was Bt11,473.9mn, reflecting Bt2,074.0mn or about 22.1% growth yoy. o Hotel: represented about 43% of total revenue and contributed about 39% of total revenue growth. o Food: represented about 57% of total revenue and contributed about 61% of total revenue growth. In terms of EBITDA, hotel business contributed about 54% of EBITDA, whilst the balance was contributed by food business net profit was Bt550.4mn, significantly improved from the reported net loss of Bt56mn in Without taking to consideration of guarantee provision of property fund, net profit was Bt624mn, compared to net loss of Bt43.8mn in Change % Change Total Revenues Hotel , , % 9% Food 6, , , % Total Revenues 11, , , % Total Cost & Expenses (exc. depre) (9,184.0) (7,724.7) (1,459.4) 18.9% Equity Gain (Loss) 75.6 (7.8) 83.4 Total EBITDA 2, , % Total Net Profit - before extra items (131.0) Extra-items Amortization of deferred rental income (PFPO) (0.0) Extra-equity gain in PFPO 2.4 (13.2) 15.6 Loss on guarantee provision PFPO (73.7) (12.0) (61.7) Net Profit - after extra items (55.8) EPS (Baht per share) 0.41 (0.04) 0.45 CENTEL's Opportunity Day Presentation 4Q11 5

6 HOTEL BUSINESS Centara Karon Beach Resort, Phuket CENTEL's Opportunity Day Presentation 4Q11 6

7 Our Hotel Portfolios CHINA 125 KEYS INDIA 30 KEYS SRILANKA 517 KEYS MALDIVES 252 KEYS THAILAND 8,408 KEYS VIETNAM 834 KEYS BALI 354 KEYS PHILIPINES 96 KEYS o Total 56 hotels & resorts with 10,884keys o 15 owned and JV hotels (1 JV hotel will operate in 4Q12) and 41 hotels under management contracts (of which 17 hotels are currently in operation and 24 are under MAURITIUS 268 KEYS construction) As of March 5, 2012 CENTEL's Opportunity Day Presentation 4Q11 7

8 Hotel Portfolios by Brand o CENTEL s 31 operating hotels included 10 owned properties, 3 JVs, 1 Property Fund and 17 hotels under management contract. Information as at March 5, 2012 Key Destinations Thailand Overseas Phuket Krabi Suranthani Pattaya Hua Hin Tak Trat / Rayong/ Koh Kood Udon/ Kon Kaen Bangkok Chaing Mai Hat Yai Maldives Vietnam Indonesia Philippines CPBR CSBR CGLB CIRM CPV CGWP (New Q211) CKBR CMBR CHBR CGCW (NewQ1-11) CKR CKT CVP CAK (New Q411) BRS CPR CSV CPY (New Q411) CMS CCT CRR CUD CDC CHY CHM (New Q411) CHP CTB (New Q411) WSP (New Q111) NVP (New Q411) ASC KPC Note: Red letter = Owned hotel, Blue letter = JVs, Green = Property Fund and Black letter = Managed CENTEL's Opportunity Day Presentation 4Q11 8

9 Hotel: Financial Snapshot 4Q11 and FY11 Revenue by category and EBITDA margin Growth Room F&B Others EBITDA margin (%) 4Q11 vs. 4Q10 6, % 37.9% 5, % 17.0% 21.2% 24.0% 19.3% 26.2% 4,000-18% -1.8% 5.1% 3,000 2,000 1, Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 FY10 FY % Room +12% F&B -10% Others -14% 30.00% 10.00% 00% % FY11 vs FY10 Room +26% F&B +15% Others +12% % % 00% # of Available Rooms* # of Available Rooms* 4Q10 4Q11 Chg 3,285 3, FY10 FY11 Chg 3,201 3, Note: -* Owned and JV hotels in Thailand only (average no. of rooms per day) - additional rooms for 4Q11 and FY11 were mainly from from Centra Grand Beach Resort, Phuket (CPBR), commencing operation in November In 4Q11, EBITDA margin slightly dropped from 25.5% to 24.0% primarily il due to flooding impact. In term of value, EBITDA slightly dropped around 5.7% yoy from Bt301mn to Bt284mn. The equity gain in 4Q11 was higher than last period by about Bt21mn. In FY11, EBITDA margin improved significantly from 19.3% to 26.2% mainly due to the rebound of CGCW (in particular for the first 9 months of 2011) from the riot in 2010, an increase in management fees of about Bt22mn, and increase in equity gain from JVs of approximately Bt83mn. CENTEL's Opportunity Day Presentation 4Q11 9

10 Hotel s KPI by Brand Occupancy by Category 4Q11 4Q10 % Chg % Chg Grand 61.2% 58.6% 2.6% 64.6% 57.5% 7.1% 4Q11 Occupancy Rate (OCC): Average OCC in 4Q11 was 64.3% compared to 59.5% 5% in 4Q10. Key improvement were from hotels in Krabi, Hat Yai and Phuket. Average Room Rate (ARR): the room rate was fairly flat, 1.4% growth yoy, at Bt3,679mn as result of flooding impact. RevPar: growth 9.5% yoy, primarily driven by growth in occupancy. Centara 72.0% 61.4% 10.6% 62.1% 59.3% 2.8% Average Occ 64.3% 59.5% 4.8% 63.9% 58.1% 5.8% rate was fairly flat, 1.4% growth yoy, at Average Room Rate by Category Grand 4,284 4, % 4,197 4, % Centara 2,389 2, % 2,328 2, % 2011 Occupancy Rate: increased 5.8% mainly due to good performance in Centara Grand Central World (CGCW), Centara Average ARR 3,679 3, % 3,663 3, % Grand Phuket (CPBR), Centara Grand RevPar by Category Grand 2,621 2, % 2,712 2, % Centara 1,719 1, % 1,447 1, % Average RevPar 2,364 2, % 2,340 1, % Mirage (CMBR) and Centara Villas Phuket (CVP). Average Room Rate: increased by 7.4% yoy y primarily from properties p in Pattaya, Hat Yai and Phuket. RevPar: growth significantly by 18.2% yoy due to improvement in both OCC and ARR. CENTEL's Opportunity Day Presentation 4Q11 10

11 Hotel: Revenue Contribution by Location In FY11, about 35% of revenue was from 2 properties in Bangkok, followed by 19% from Pattaya and 13% from Phuket. In comparison between quarters, contribution of revenue from Bangkok dropped significantly from about 39.3% in 4Q10 to 32.6% in 4Q11. Flooding impact to two main properties in Bangkok in 4Q11 resulting in the reduction in revenue of about Bt70mn, together with the growth in revenue of CPBR resulted in the changes in contribution of revenue in those locations. 4Q10 4Q % 32.6% 19.2% 13.2% 19.7% 14.8% 9.2% 8.7% 11.6% 6.7% 29% 2.9% 9.4% 7.4% 0.8% 3.9% 0.6% Bangkok Hua Hin Hat Yai Krabi Pattaya Phuket Samui Mae Sot Note: Excluded other income and revenue from JVs * Excluding 448 rooms from JVs (2 hotels in Phuket) Phuket 13.0% Pattaya 19.4% Samui 9.2% Mae Sot 0.6% 2011 FY11 Bt4,667.9mn Krabi 8.1% Bangkok 35.0% Hua Hin 11.3% Hat Yai 3.5% Note: Excluded other income and revenue from JVs CENTEL's Opportunity Day Presentation 4Q11 11

12 International tourist arrivals continue to grow Million Tourist No. of international tourist arrivals Growth Oct 11 Nov 11 Dec 11 yoy +7.0% -17.9% -2.5% October November December No. of international tourist arrivals and occupancy 72% 48% 53% 60% 71% 58% 63% 64% 4Q11: Total tourist arrivals slightly dropped by 3.9% yoy to 4.44 million mainly due to flooding impact in November. 2011: Total arrivals grew 20% yoy. Top 3 sources of growth were from Russia (57.4%), China (56.9%) and Hong Kong (32.1%). Contribution: East Asia was a major source market, contributing about 54%, followed by Europe accounting for about 26% 2012: TAT estimates the total number of international tourist arrivals to reach 21 million, growing about 10% from % 50.00% 0.00% 00% sinternational % 54% 65% 57% 56% 21.0 Tourist Arrivals by Region 39% 47% 50% Severe Negative Factors flood in % South Oceania Middle Africa European Debt Problem Central Asia 5% East 1% Volcano Eruption in Iceland of % Thailand Political Unrest 6% 3% Thailand Q10 2Q10 3Q10 4Q10 1Q Q11 3Q11 4Q A 2012E % % % Americas 5% Europe 26% East Asia 54% Tourist Arrivals Tourism OCC Centel OCC Source: Bank of Thailand, Tourist Authority of Thailand CENTEL's Opportunity Day Presentation 4Q11 12

13 Centaras Centara s Feeder Market The proportion of guests mixed is fairy consistent with the pattern of international tourist arrivals over the past years. The contribution from European guests decreased from 46% to 29% from 2008 to On the other hand, the contribution from Asian guests increased from 19% to 32% between 2008 and In 2011,guests from Asia accounted for 32% of total room nights, followed by European guests (29%) and domestic guests (18%). Guest mixes by number of room night 100% 90% 80% 70% 8.5% 7.3% 6.1% 6.3% 3.9% 3.7% 3.2% 2.7% 6.0% 7.3% 7.4% 10.6% 15.6% 17.5% 20.5% 18.2% Others Africa 60% 19.4% Middle East 50% 22.6% 27.1% 32.1% Australia 40% 30% Thailand 46.2% 20% 41.1% 35.1% Asia 29.4% 10% Europe 0% 2008A 2009A 2010A 2011A Note: By number of Room Nights Russia is included in Asia Others such as Latin America, USA, Canada, South America CENTEL's Opportunity Day Presentation 4Q11 13

14 Overview Key Destination In January, a robust performance, bolstered by a large last minute demand after flooding fears subsided.this was especially the case for the first half of the month. Phuket and Bangkok Particularly strong with all units outperforming plan. Samui Samui was better than past years but with more than 2000 new rooms chasing similar airline seats, access continued to be the biggest challenge and not client demand. Pattaya Continues to perform to prospect and attain strong demand throughout h t this quarter. CENTEL's Opportunity Day Presentation 4Q11 14

15 FOOD BUSINESS CENTEL's Opportunity Day Presentation 4Q11 15

16 Historical Food Market Trend Over the last 5 years, Suki, Shabu, Chacoal grilled segment has contributed the largest share (over 20%) of food services revenue as presented below. In 2011, market size of key food chain segment was around Bt69,800mn. Top 3 contributors were Suki/ Shabu/ Chacoal grilled, Japanese restaurant and chicken, respectively accounting approximately 61%. 80,000 Revenue by food market segment ,000 Btmn 40,000 20, A 2007A 2008A 2009A 2010A 2011E Bakery Burger Premium Coffee Chicken Ice Cream Japanese restaurant Suki, Shabu, Chacoal grilled Pizza Source : Euromonitor International Ltd. and Ministry of Commerce Central Plaza Hotel Pcl. 16

17 Food: Financial Snapshot 4Q11 In 4Q11, total revenue increased significantly by 23.9% yoy or Bt359.2mn to Bt1,859.2mn The growth of Thai economy and successful sales and marketing promotion were key contributors to such growth. Some of our highlights included: Ootoya generated total revenue of 158mn, accounting for about 44% of incremental revenue in 4Q11; KFC s continue its strong performance with total revenue growth of 13% yoy or Bt115mn (accounting for 32% of incremental revenue in 4Q11); and Strong growth of Chabuton (CBT) with Bt31mn increase in revenue, accounting for 9% of incremental revenue. While total EBITDA increased by 13.7% yoy, EBITDA margin dropped from 17.0% to 15.6% primarily due to the set up cost for new brand Yoshinoya and one-time loss of ice-cream factory damaged from flood. In 2011, total revenue increased by 23.7% to Bt6,551.0mn., while EBITDA margin maintained at 16% as result of cost control efficiency i and no extra expense from acquired new brand during1h11. 8,000 7,000 6,000 5,000 4, % 17.5% 15.6% 17.0% 17.2% 17.3% 14.2% 15.6% 16.5% 16.4% 30.00% Totel Revenue EBITDA Margin (%) Growth 10.00% 4Q11 vs. 4Q % Total Revenue 23.9% 3, % FY11 vs. FY10 2,000 Total Revenue 23.7% % 1, Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 FY10 FY11 Note: Excluded depreciation allocated to cost % CENTEL's Opportunity Day Presentation 4Q11 17

18 Food: Revenue by Brands 4Q11 4Q10 %Chg Bt1,842.3mn Bt1,479.4mn 24.5% Note: Excluded other income MD 23% FY11: Bt6,495.3mn AA 8% PL 2% BP 1% CBT 2% CSC 2% RYU 1% TT 0.1% YO 0.3% Other 4% 4Q11 4Q10 KFC Mister Donut 21.3% 25.1% Auntie Anne 8.9% 8.1% Others 6.5% 16.8% Ootoya 0.8% Yoshinoya 0.4% The Terrace 0.4% Ryu Shabu 0.5% 0.8% Cold Stone 2.3% Chabuton 0.8% 2.3% Beard Papa 1.2% 1.2% Peper Lunch 1.6% 2.4% Note: Cold Stone included ice-cream factory 53.8% 59.5% 8.5% KFC 58% Ottoya 3% For 4Q11, revenue (excluded other income) of all brands increased significantly to Bt1,842.3mn. In terms of contributions, the three key brands, KFC, Mister Donut and Auntie Anne, contributed about 83% and 89% of total revenue in 4Q11 and FY11, respectively. CENTEL's Opportunity Day Presentation 4Q11 18

19 Food Performance: 4Q11 4Q11: Same Store Sale (SSS) grew by about10.6%, with KFC, Auntie Anne s and Pepper Lunch being the key drivers of the growth at 13.1%,30.9% and 13.3% respectively. Total System Sale (TSS) rose by about 24.5%, largely due to the continuous growth of KFC together with contribution from new brands, Yoshinoya, Ootoya and the new store opening of The Terrace by CRG. The growth in number of outlets also added to the sales of Chabuton and Pepper Lunch. Brand # Outlets 4Q11 /4Q10 revenue growth FY11/FY10 revenue growth SSS SSS TSS TSS SSS SSS TSS TSS 4Q11 4Q10 Chg 4Q11 4Q10 4Q11 4Q10 FY11 FY10 FY11 FY10 KFC % 24.0% 12.6% 25.1% 18.3% 19.9% 18.3% 20.1% Mister Donut % 17.9% 5.6% 25.8% 9.0% 3.4% 12.0% 11.1% Auntie Anne % 15.0% 14.0% 14.8% 17.5% 13.3% 14.5% 19.1% Pepper Lunch % 17.4% 80.7% 70.4% 6.2% 18.0% 70.8% 40.1% Beard Papa % 18.3% 17.3% 259.9% -35.9% N/A 38.6% 317.5% Chabuton % N/A 257.0% N/A N/A N/A 363.8% N/A Cold Stone N/A N/A -1.6% 30.5% N/A N/A 151.5% N/A Ryu Shabu Shabu % N/A -2.0% N/A N/A N/A 85.4% N/A The Terrace N/A N/A 0.0% N/A N/A N/A N/A N/A Yoshinoya N/A N/A 0.0% N/A N/A N/A N/A N/A Ootoya N/A N/A 0.0% N/A N/A N/A N/A N/A Total % 21.7% 24.5% 27.9% 14.8% 14.5% 23.7% 15.4% Note: Cold Stone excluded Factory CENTEL's Opportunity Day Presentation 4Q11 19

20 4Q11 11: Organic Growth vs Total Growth KFC, Mister Donut, Auntie Anne s, Pepper Lunch and Beard Papa were the key growth drivers. In 4Q11, sale from the above brands increased by Bt171.9mn or about 47% of total incremental sale. While in FY11, the sales of the above brands rose by Bt881.5mn or about 71% of total incremental sale. 4Q11 FY11 Organic All Brands Organic All Brands Incremental Sale (Btmn) ,245.4 Sale Growth (% yoy) 12.1% 24.5% 17.3% 23.7% Note: Organic included KFC, Mister Donut, Auntie Anne s, Pepper Lunch and Beard Papa All brands included Chabuton, Cold Stone, Ryu Shabu Shabu, Yoshinoya and Ootoya CENTEL's Opportunity Day Presentation 4Q11 20

21 Food Portfolios: 603 outlets*, of which, 59% are in Bangkok Light food 5 brands with 374 outlets, accounting for 62% of total outlets. Revenue of Bt2,216mn, accounting for 34% of the total food revenue of International fried chicken KFC Japanese Food : Quick service steak Pepper Lunch Japanese food (In-house brand): Buffet shabu shabu Ryu Shabu Shabu Japanese Food : Premium Ramen Chabuton Japanese Food: Rice bowl Yoshinoya Japanese Food: Home made style Ootoya Thai Food (In-house brand) : casual dining The Terrace International donut brand Mister Donut Premium soft pretzel Auntie Anne s Premium cream puffs Beard Papa s Premium donut from Japan Café Andonand Premium mix-in ice cream Cold Stone Heavy food 7 brands with 229 outlets, accounting for 38% of total outlets. Revenue of Bt4,335mn, accounting for 66% of the total food revenue of 2011 (Bt6,551mn) * as at 31 Dec 2011 Central Plaza Hotel Pcl. 21

22 QSR s Highlights 28 New Store Open in Q4/11 Cold Stone Creamery, 1 Beard Papa, 3 Number of New Store KFC Pepper Lunch KFC, 6 Chabuton Auntie Anne's, 3 Mister Donut, 9 Pepper Lunch, 2 Chabuton, 2 The Terrace Yoshinoya Ootoya Mister Donut Ootoya, 2 The Terrace, 2 Yoshinoya, 2 Auntie Anne's Beard Papa Cold Stone Creamery CENTEL's Opportunity Day Presentation 4Q

23 SUMMARY OF OUTSTANDING DEBT Centra Taum Seminyak Bali CENTEL's Opportunity Day Presentation 4Q11 23

24 Debt Structure: 4Q11 Current PPF, 62, 1% O/D, 78.9, 1% S/T Loan, 1650, 17% Current Debenture, 1600, 16% Debenture, 3200, 32% Current L/T Loan, 408, 4% Long Term Loan, 2718, 28% PPF 2, 93, 1% Centel s Ratio Q4/11 (Q3/11) Gearing Ratio = 1.62X (1.65X) Total = 9,809.9 MB, Average cost of debt = 4.54% S T LOANS (39.2%) = 3,848.7 MB L T LOANS (60.8%) = 5,961.2 MB FIXED RATE LOAN (40.1%) = 3,935.0 MB FLOAT RATE LOAN (59.9%) 9%) = 5,874.9 MB Note: Excluded interest bearing debt of JVs CENTEL's Opportunity Day Presentation 4Q11 24

25 MEDIUM TERM OUTLOOK Centara Grand Beach Resort, Phuket CENTEL's Opportunity Day Presentation 4Q11 25

26 Outlook 2012 Performance : Hotel E OCC (%) 63.9% 66% 68% ARR (Bt) 3,663 Revenue (Btmn) 4,667.9 Growth 3% 4% Growth 15% 20% Food E SSS (%) 14.8% 6% 8% No of Outlets Revenue (Btmn) 6,495.3 Growth 25% 27% Note: Revenue excluded d other income and revenue from JVs Hotel Business -keydrivers: Centara Grand Central Ladprao Bangkok: 2012 will be its 1 st full year of operation after renovation period during Centara Grand at Central World: Expecting the rebound from the political and flooding impact in 2010 and 2011, respectively. Additionally, recovery MICE market will the key factor to boost up performance. Continuous growth of existing hotels especially Centara Grand Mirage Pattaya and Centara Grand Phuket. Food Business -keydrivers: New brands: Ootoya and Yoshinoya, will be the 1 st full year operations. Continuous growth of existing brands especially from KFC, MD and CBT. CENTEL's Opportunity Day Presentation 4Q11 26

27 CENTELs CENTEL s Growth Contribution 2012 Hotel Business: Bangkok will be a key destination to drive revenue growth in year 2012, accounting for about 50% of incremental revenue. While Pattaya is expected continue its robust performance contributed for approx 13% of incremental revenue. Food Business: Ootoya and KFC will be the key growth contributors in 2012 accounting around 60% of incremental revenue. Hotel Business* Food Business** Revenue Incremental Contribution Revenue Incremental Contribution 6,495 4, A Bangkok Hua Hin Hat Yai Krabi Pattaya Phuket Samui Tak Note: * Excluding other income and revenue from JVs 2012E 2011A KFC MD AA PL BP CBT CSC RYU TT Yoshinoya Note: -** Excluding other income - Ryu will be temporary closed in Jun Dec 2012 Ootoya 2012E CENTEL's Opportunity Day Presentation 4Q11 27

28 Business by Segment Ootoya is expected to contribute a significant growth in food business in Assuming no new development for hotel project, the proportion of revenue between hotel and food will be around 36:64 in With the strategy of focusing on asset light, more hotels under management will be added. With the high margin on management fees, the proportion of NPAT between hotel and food is expected to be about 51:49. Revenue* by Segment Hotel Food 62% 63% 64% 60% 61% 58% 39% 38% 37% 36% 42% 40% 2011A 2012E 2013E 2014E 2015E 2016E Note: *Revenue exclude other income and revenue from JVs Central Plaza Hotel Pcl. 28

29 Hotel in Pipeline Total 25 hotels with 4,951 rooms are in pipeline, scheduled to open between hotels are in Thailand and 13 hotels are in overseas. JVs Managed Overseas Thailand Overseas Maldives Bangkok Trat Hua Hin Khonkaen Pattaya Phuket Bali India Mauritius Srilanka Vietnam China o 240 rms o 120 rms o 350 rms o 82 rms o 85 rms o 196 rms o 125 rms o 140 rms o 281 rms o 157 rms o 156 rms o 196 rms o 364 rms o 98 rms o 166 rms o 125 rms o 226 rms o 204 rms o 150 rms o 106 rms o 182 rms o 30 rms o 146 rms o 85 rms o 530 rms Note: red letters = open in 2012, blue letters = open in 2013, green letters = open in 2014 as of March 5, 2012 CENTEL's Opportunity Day Presentation 4Q11 29

30 Outlet Expansion Plan Including Ootoya (35 outlets), total no. of outlets at the end of 2011 was outlets will be added in On average, the target expansion plan is approximately 50 outlets and 1 new brand per year. Over 800 outlets are expected by Heavy Food Outlets Expansion Heavy Food Light Food 33 Light Food A 2012E 2013E 2014E 2015E 2016E No. of outlets Central Plaza Hotel Pcl. 30

31 CENTELs CENTEL s CAPEX vs EBITDA In 2011, total CAPEX for annual renovation, food outlet expansion, acquisition Ootoya and investment new JVs in Maldives was about Bt2,230mn. The new opportunity is under feasibility study, and if feasible, investment is targeted to be made during The target source of funds would be mainly from cash flow from operation. 5,000 4,000 3,000 2,000 1,000 - CAPEX New Opportunity EBITDA 2011A 2012F 2013F 2014F 2015F 2016F 5,000 4,000 3,000 2,000 1,000 - CENTEL's Presentation 31

32 Target Ending Balance of Interest Bearing Debt Under assumption of no investment in owned hotel after Centara Grand Phuket (CPBR) in CENTEL s gearing ratio is expected to decrease gradually to belessthan 1X in year ,000 10,000 8,000 6,000 4,000 2,000 - O/D, P/N, B/E Debenture Long Term Loan Gearing Ratio A 2012E 2013E 2014E 2015E 2016E Note: Gearing Ratio = Interest Bearing Debt/ Equity CENTEL's Presentation 32

33 CENTELs CENTEL s Milestone Hotel 7 hotels (only 1 managed hotel) QSR 5 Brands Hotel 31 hotels (owned & JVs = 14 + managed = 17) Hotel in Thailand 27 hotels, Overseas 4 hotels QSR 12 brands, 603 outlets F Hotel 87 hotels (Owned & JVs = 17 + managed = 70) Hotel in Thailand = 54 hotels, Overseas = 33 hotels QSR 16 brands, > 800 outlets Central Plaza Hotel Pcl. 33

34 Shareholder Structure On 8 March 2012, Thailand Equity Fund diverted 9.04%, mn shares, in CENTEL to local and foreign investors Foreigner 8.23% Chirathivat Family 63.19% Free F i Folat Foreign Funds 19.54% 25.15% Chirativat Family 39.62% Thailand Equity Fund 9.04% Divested to Private Clients 8.19% 122.0mn Shares Local Funds 27.04% As of December 2011 CENTEL's Opportunity Day Presentation 4Q11 34

35 THANK YOU CENTEL's Opportunity Day Presentation 4Q11 35