MB M K B P ubli l c C o C mp m any y Limi m te t d Ke K y e y P e P r e f r o f r o m r a m n a ce c e Q /12 Page 1

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1 MBK Public Company Limited Key Performance Q1 2011/1212 Page 1

2 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. Page 2

3 Content Quarterly Highlight Company Overview Profile and Key Performance - Shopping Center Business - Hotel & Tourism Business - Golf Business - Real Estate Development Business - Rice Business - Finance Business - Other Business CAPEX Financial Highlight Q1 2011/12 Page 3

4 Quarterly Highlight Revenue up 14% to 2,055 Bt mil. Operating profit margin grew 3% YoY to 33.2%. ROE up 3.4% to 10.7% and ROA up 1.4% to 4.5% YoY. Page 4

5 Company Overview Page 5

6 Corporate info Background Paid-Up Capital Established in 1974; relisted on the SET since 1994; changing its name to MBK in Bt1, Mil( million 10 baht) Market Cap. Bt16,600 Mil (88 Bt/share as of 31 October 2011) Dividend Policy Semi-Annually Major shareholders Patum Rice Mill and Granary Plc. (26%) Rating Thanachart Group (19.9%) State Street Bank and Trust Company For Australia (3.7%) Nortrust Nominees Ltd. (3.5%) A by Tris Rating. Page 6

7 Milestones The Nine opened Layana acquired Invested in Maldives (Resort) Paradise Park taken over (formerly Seri Center) 2011 Sheraton Krabi Beach Resort launched Plan Estate acquired Established PPB Hotel opened Relisted on SET 1994 Invested in ROH 1996 Mah Boon Krong Shopping Center opened Invested In Siam Piwat Tinidee Ranong acquired Loch Palm Golf Course acquired Paradise Park relaunched Riverdale Golf Course opened T Leasing acquired Glas Haus Ratchada acquired Red Mountain Golf Course opened Apple Auto Auction operated Glas Haus Sukhumvit acquired Renewed lease agreement of MBK Page 7

8 Business Structure As of October 2011 Shopping Center Hotel & Tourism Golf Real Estate Development Rice Finance Other MBK Center Paradise Park (50%) Sheraton Krabi Beach Resort 50% Siam Piwat (30.7%) Siam Center Siam Discovery Siam Tower Siam Paragon (50%) The Nine Center Glas Haus Sukhumvit Glas Haus Ratchada Pathumwan Princess Hotel Tinidee Ranong Tinidee Layana Dusit Thani Maldives, Mudhdhoo Island, Baa Atoll (30%) Royal Orchid Sheraton (29.7%) Dusit Thani (11.6%) Erawan Group (6.3%) Loch Palm Golf Course (72.6%) Red Mountain Golf Course (72.6%) Riverdale Golf Course Lam Luk Ka Golf and Country Club (25.3%) Plan Estate (72.6%) Crystal Lake (72.6%) Riverdale Residence New Ratchada Patum Rice Mill (74.5%) MBK-G T Leasing TCAP (9.9%) Max Asset (16.6%) Apple Auto Auction (50%) X-GEN Page 8

9 Profile and Key Performance Page 9

10 Shopping Center Business Page 10

11 Industry Overview : Retail Approximately 12,000 sq.m. was completed in Q in the Suburban Bangkok Area The Nine Neighborhood Center. More than 260,000 sq.m. is schedule to be completed in Q For example, Gateway Ekamai (90,000 sq.m.), Central Rama IX (89,600 sq.m.) and Terminal 21 (40,000 sq.m.). Page 11

12 Industry Overview : Retail The occupancy rate for retail in Bangkok is similar to the previous quarter. Small increases were registered in all areas for Q Page 12

13 Shopping Center Business Profile Property MBK's Stake (%) Retail (sq.m.) Office (sq.m.) MBK Center 100.0% 92,000 MBK Tower 100.0% 18,000 Paradise Park 65.4% 90,000 The Nine Neighborhood Center 100.0% 12,000 9,000 Investment in Siam Piwat Siam Center 30.7% 19,000 Siam Discovery & Tower 30.7% 23,200 30,700 Siam Paragon 15.4% 186,010 Glas Haus Sukhumvit 100.0% 13,500 Glas Haus Ratchada 100.0% 8,200 Total 422,210 79,400 MBK's Net Stake 204,357 58,128 Page 13

14 MBK Center 2008/ / /11 Q1 2010/11 Q1 2011/12 Occupancy Rate (%) 99.8% 99.9% 99.5% 99.4% 99.8% The lease contracts of MBK Center tenants : to be expired in 2011/12^ = ~22%* to be expired in 2012/13^ = ~44%* Note : ^ fiscal year and * of total lettable space Average traffic of 84,000 visitors per day during weekdays and 97,000 visitors per day during weekend with foreign visitors accounting for 38%. (As of September 2011) Page 14

15 Siam Piwat (SPW) SPW's Stake (%) Business Retail (sq.m) Office (sq.m.) Branches Siam Center 100% Shopping center 19,000 Siam Discovery 100% Shopping center 23,200 Siam Tower 100% Office Building 30,700 Siam Paragon 50% Shopping center 186,010 Paradise Park 50% Shopping center 90,000 Loft 100% Gift shop 3 Page 15

16 Contribution of SPW Bt Mil ing Profit Shari Dividend / / / /11 Q1 2010/11 Q1 2011/12 Profit Sharing Dividend Book Value = Bt1, Mil (under equity method as of September 2011) Page 16

17 Paradise Park Property Profile As of September 2011 Type Shopping Center Lettable Area 90,000 sq.m. Location Srinakarin Road Tenure Leasehold ended 2023 Storey 5 No. of Tenants 408 Investment Size Bt1,677 Mil Avg. OR 97% Target Customer A and B Reopening Date 24 August 2010 Page 17

18 The Nine Neighborhood Center Property Profile As of September 2011 Type Community Mall Lettable Area: Retail 12,000 sq.m. Office 9,000 sq.m. Location Rama IX Road Tenure Freehold Storey 2-4 No. of Tenants 128 Investment Size Bt1,200 Mil Target Customer B Opening Date 15 July 2011 Avg. OR 99.5% Page 18

19 The Nine Neighborhood Center Page 19

20 The Nine Neighborhood Center Page 20

21 The Nine Neighborhood Center Page 21

22 The Nine Neighborhood Center Page 22

23 Office Buildings Property : Glas Haus Building Location : Sukhumvit Rd. Tenure : Leasehold ended August 2020 Tenant : TBANK, UOB, GHB and PST Lettable area : 13,500 sq.m. Acquired : June 2007 Investment Size : Bt290.5 Mil Avg. OR : 88.7% Property : Glas Haus Ratchada Location : Ratchada Rd. Tenure : Leasehold ended February 2024 Tenant : TBANK Lettable area : 8,200 sq.m. Acquired : June 2010 Investment Size : Bt208 Mil Avg. OR : 100% Page 23

24 Shopping Center Business Revenue Breakdown 706 million baht 845 million baht Q1 2010/11 Q1 2011/12 GLAS HAUS OFFICE 5.61% SPW 9.81% GLAS HAUS OFFICE 3.69% THE NINE 3.22% SPW 7.71% PDP 22.93% MBK 61.66% PDP 26.54% MBK 58.84% Page 24

25 Hotel & Tourism Business Page 25

26 Hotel Business Profile Property Location : Pathumwan Princess Hotel (PPB) : Sitting adjacent to MBK Center and opposite Siam Square. : 4 star : 455 keys Grade Room Capacity Tenure : Leasehold ended 2033 Operate : 1996 Property : Sheraton Krabi Beach Resorts (SKBR) Location : Krabi Province Grade : 5 star Room Capacity: 246 keys Tenure : Freehold Operate : 2003 Page 26

27 Hotel Business Profile (Con.) Property : Tinidee (TNDR) Location : Ranong Province Grade : 3 star Room Capacity : 138 keys Tenure : Freehold Acquire : 2002 Property : Tinidee Phuket (TNDP) Location : Loch Palm Golf Course, Phuket Grade : 3 star Room Capacity: 47 keys Tenure : Freehold Operate : 2010 Page 27

28 Hotel Business Profile Property Location Investment size : : Layana Resort & Spa : Koh Lanta Yai Island in Mu Koh Lanta National Park. About 2 hours of Krabi International Airport Bt Mil. Room Capacity : 50 keys Tenure : Freehold Acquire : April 2011 Room rate ADR : Bt3,314 Avg. OR : 40% Page 28

29 Hotel Business Profile Page 29

30 Hotel Business Profile Page 30

31 Hotel Business Profile Page 31

32 Hotel Business Profile Company : Royal Orchid Hotel (Thailand) Plc. (ROH) Location : 2 Captain Bush Lane, New road, Bangrak, Bangkok Business : Owns a 455-key hotel at the bench of Chaopraya River managed by Starwood Book Value : Bt502 Mil (at market value as of September 2011) Stake : 29.7% (as of September 2011) Dividend : - Proceeds Page 32

33 Hotel Business Profile Company Business : Dusit Thani Plc. (DTC) : Owns and manage 16 properties with 4,252 keys in total in Thailand and overseas under its own hotel brands: Dusit Thani, Dusit Princess, dusitd2, Dusit Devarana and Dusit Residence Book Value : Bt337 Mil (at market value as of September 2011) Stake : 11.6% (as of September 2011) Dividend : - Proceeds Page 33

34 Hotel Business Profile Company : The Erawan Group Plc. (ERW) Business : Owns 15 properties countrywide with 3,347 keys in total and operates under varied international hotel managements namely: Grand Hyatt, JW Marriott, A Luxury Collection, Renaissance, Courtyard, Holiday Inn, Mercure and ibis Book Value : Bt320 Mil (at market value as of September 2011) Stake : 6.3% (as of September 2011) Dividend : - Proceeds Page 34

35 Hotel Operating Performance Average Occupancy Rate (Percent) 2007/ / / /11 Q1 2010/11 Q1 2011/12 Patumwan Princess Bangkok (455 keys) 90.57% 74.97% 57.09% 65.11% 52.72% 80.07% Sheraton Krabi Beach Resort (246 keys) 54.99% 43.32% 45.21% 53.40% 29.21% 44.77% Tinidee Hotel Ranong (138 keys) 56.18% 57.88% 62.30% 64.56% 64.74% 50.03% Layana Resort & Spa (50 keys) N/A N/A N/A N/A N/A 39.90% Total Group 74.81% 60.98% 54.33% 61.59% 47.80% 59.18% Average Room Rate (Baht/Room/Night) Patumwan Princess Bangkok 3,038 3,201 2,923 2,825 2,715 2,890 Sheraton Krabi Beach Resort 3,973 4,217 4,274 4,229 2,975 2,668 Tinidee Hotel Ranong Layana Resort & Spa N/A N/A N/A N/A N/A 3,097 Total Group 2,985 3,004 2,837 2,810 2,298 2,582 Average RevPAR (Baht/Room/Night) Patumwan Princess Bangkok 2,752 2,399 1,669 1,839 1,431 2,314 Sheraton Krabi Beach Resort 2,185 1,827 1,933 2, ,194 Tinidee Hotel Ranong Layana Resort & Spa N/A N/A N/A N/A N/A 1,236 Total Group 2,233 1,832 1,541 1,731 1,098 1,636 Page 35

36 Hotel and Tourism Business Revenue Breakdown 158 million baht 231 million baht Q1 2010/11 Q1 2011/12 TNDR 8.92% TNDR 6.23% LAYANA 5.98% SKBR 19.90% SKBR 19.16% PPB 71.18% PPB 68.63% Page 36

37 Golf Business Page 37

38 Golf Business Profile Property Location Hole : Loch Palm Golf Course (LPGC) : 500 rai of land in Kratu District, Phuket : Standard 18-holes golf course (par 72) Property Location Hole : Red Mountain Golf Course (RMGC) : 600 rai of land in Kratu District, Phuket : Standard 18-holes golf course (par 72) Page 38

39 Golf Business Profile Property : Riverdale Golf Course (RDGC) Location : 360 rai of land in Muang Pathum Thani District, Pathum Thani. The landscape includes several large lakes, sloping hills and gently rolling fairways. Offer challenging experience and a test to every level of gofer. Hole : Standard 18-holes golf course (par 72) Page 39

40 Lam Luk Ka Golf Course Location Hole Facilities Stake : 1,500 rai of land in Lam Luk Ka Klong 11, Pathum Thani. : Standard 2 golf courses 36 Holes. 18-Holes East (Championship) Course and 18-Holes West (Resort) Course. : Restaurant, Swimming pool, Locker rooms, Function rooms, Driving range, Chipping green, Putting green and Pro shop : MBK invested 25.33% in common shares or Bt Mil with intention to increase stake up to 30%. (as of October 2011) Page 40

41 Lam Luk Ka Golf Course Page 41

42 Lam Luk Ka Golf Course Page 42

43 Golf Operating Performance LPGC 2007/ / / /11 Q1 2010/11 Q1 2011/12 No. of Golfer (Rounds) 52,078 44,873 44,432 39,271 8,468 6,925 Avg. Green Fee per Golfer (Baht) 1,158 1,274 1,303 1,541 1,198 1,377 RMGC 2007/ / / /11 Q1 2010/11 Q1 2011/12 No. of Golfer (Rounds) 12,949 15,687 16,624 18,697 2,498 3,446 Avg. Green Fee per Golfer (Baht) 2,526 2,834 2,922 2,934 2,456 2,830 RDGC 2007/ / / /11 Q1 2010/11 Q1 2011/12 No. of Golfer (Rounds) N/A N/A N/A 40,711 8,455 10,592 Avg. Green Fee per Golfer (Baht) N/A N/A N/A 1,264 1,022 1,278 Page 43

44 Golf Business Revenue Breakdown 59 million baht 64 million baht Q1 2010/11 Q1 2011/12 RDGC 39.43% LPGC 33.07% RDGC 40.12% LPGC 30.28% RMGC 27.50% RMGC 29.60% Page 44

45 Real Estate Development Business Page 45

46 Existing Residential Project Profile Project Name Presales 2007/ / / /11 Q1 2010/11 Q1 2011/12 Baan Suan Loch Palm (Bt Mil) (Units) Indy I (Bt Mil) (Units) Indy II (Bt Mil) (Units) Sabai Village (Bt Mil) (Units) Total (Bt Mil) (Units) Project Name Transfers 2007/ / / /11 Q1 2010/11 Q1 2011/12 Baan Suan Loch Palm (Bt Mil) (Units) Indy I (Bt Mil) (Units) Indy II (Bt Mil) (Units) Sabai Village (Bt Mil) (Units) Total (Bt Mil) (Units) Page 46

47 Existing Residential Project Profile Property : Baan Suan Loch Phuket Location : the edge of loch Palm Golf club in Kathu, Phuket. Price : Bt 22 Mil Type : Single Detached House No. of Units : 60 Property Location Price Type No. of Units : 28 : The Phuket : Situated in the heart of Loch Palm Golf Course at the 13 th,14 th and 15 th hole area, Phuket : Bt Mil : Single Detached House Page 47

48 Existing Residential Project Profile Property Location Price Type No. of Units : 59 : The Indy Phuket : Kao-kaew, Phuket : THB M : Single Detached House, Duplex and Townhouse Property : Sabai Phuket Location : Kathu soi 6, Phuket Price : THB 2-3 M Type : Town house,twin No. of Units : 119 Page 48

49 Existing Residential Project Profile As of Sep 2011 Project Name Total Average % Remaining Remaining Year Project Total Unit of sold Unsold Unsold Value Launch Value Units Price Total Units (Units) (Bt Mil) (Bt Mil) (Bt Mil) Baan Suan Loch Palm % The Indy % - - The Indy II % Pano , % 28 1, Sabai Village % Sabai Village II % A % Riverdale Residence % Sum 4, % 305 3, Page 49

50 Finance Business Page 50

51 Finance Business Profile Company : MBK Guarantee (MBK-G) Location : 8 th floor MBK Center Type : Offering financing against collateral in Bangkok and key tourist provinces with acceptable LTV. Portfolio size : Bt2,159 Mil (as of September 2011) Company : T Leasing (TLS) Location : 5 th floor Thanachart Building, Rama VII Road. Type : Operating motorcycle hire purchase in Bangkok and suburban area. Portfolio size : Bt944 Mil (as of September 2011) Page 51

52 Finance Business Profile Name Location Business Book Value : Thanachart Capital Plc. : MBK Tower : Holding Company of Tbank and other related financial institutions : Bt3,632 Mil (at market value as of September 2011) Portfolio size : Bt674,879 Mil (as of September 2011) Stake : 9.9% Dividend : - Proceeds Name Location Business Book Value : Max Asset Management : MBK Tower : Acquire NPA and NPL from financial institutions to manage restructure the collection and foreclose mortgage : Bt325 Mil (under equity method as of September 2011) Portfolio size : Bt946 Mil (as of September 2011) Stake : 16.6% Dividend : Bt33.2 Mil (2011/12) Proceeds Page 52

53 Other Business Page 53

54 Other Business Profile Company Location Business Investment Size: Bt45 Mil Stake : 50% : Apple Auto Auction (AAA) : Bangna-Trad Km.4 Rd : Car and motorcycle auction company with genuine on-line auction service Company : X-Gen Premium (X-GEN) Location : Bangkae Business : Motorcycles dealer Investment Size: Bt27 Mil Stake : 100% Page 54

55 CAPEX Bt mil Business 2011/ / /14 Total Shopping ,102 Hotel Golf Real estate Others ,211 Page 55

56 Future Projects 55 Market, community mall close to PDP (50% JV) Maldives (30% stake) Ratchada Soi 17 Riverdale Residence More Residential Projects in Phuket Page 56

57 Financial Highlights Page 57

58 Ratio Analysis for Shareholders Financial Ratios 2007/ / /09 (Adj) 2009/ /11 Q1 2010/11 Q1 2010/11 Operating Profit Margin 40.81% 40.05% 40.05% 33.27% 32.82% 30.22% 33.18% ROE 14.85% 12.64% 14.64% 26.32%* 11.30% 7.28%** 10.65%** ROA 7.49% 5.75% 6.34% 10.82%* 4.70% 3.11%** 4.5%** Dividend Yield 5.96% 7.73% 7.73% 6.94% 5.11% N/A N/A Price to book value Price to earnings ** 11.57** Note: * Including gain on marketable securities sale ** Annualized Page 58

59 Balance Sheet 30,000 25,000 20,000 20,887 24,654 20,413 26,682 28,430 27,476 Bt Mil 15,000 10,000 10,572 12,456 10,315 12,198 11,181 9,232 14,605 15,790 12,077 12,640 14,730 12,746 5, / /09 * 2008/09(Adj) 2009/ /11 Q1 2011/12 Asset Liabilities Shareholders'Equity Note: *For comparison purpose with previously reported only adjusted real estate investment from fair value to historical cost. Page 59

60 Income Statement ,573 8, ,282 6,434 2, Bt mil ,564 1,402 2,577 1,308 4,434 6,340 2,233 2,547 1,582 2, ,736 1,293 1,805 2, / / / /11 Q1 2010/11 Q1 2011/12 Total Revenue EBITDA Net Profit Gain on marketable securities sale Page 60

61 Revenue breakdown 9,000 8,000 7,000 6,000 5,000 6,283 6, ,573 2, , ,547 Gain on marketable securities sale Others Finance Real Estate Rice Golf Hotel & Tourism Shopping Center l Bt mil 4,000 1,943 1,865 2, , , ,000 1, , /08 2, /09 2, /10 3,411 1, , /11 Q1 2010/11 Q1 2011/12 Page 61

62 Revenue breakdown Q1 2010/11 Q1 2011/12 Golf 3% Real Estate 6% Rice 30% Hotel & Tourism 9% Finance Others 6% 3% Shopping Center 43% Golf 3% Real Estate 2% Rice 28% Hotel & Tourism 13% Finance 7% Others 2% Shopping Center 45% Total revenue = Bt1,805 million Total revenue = Bt2,055 Million Page 62

63 EBITDA Breakdown 4,500 4,434 4,000 Bt mil 3,500 3,000 2,500 2,000 1,500 2,564 2, , , Gain on marketable securities sale Others Finance Real Estate Rice Golf Hotel & Tourism Shopping Center 1, ,321 1, / / /10 1,386 2, /11 Q1 2010/11 Q1 2011/12 Page 63

64 Operating Profit Margin Operating Profit Margin (%) 60.00% 50.00% 40.81% 40.05% 40.00% 30.00% 33.26% 32.82% 30.22% 33.18% 20.00% 10.00% 0.00% 2007/ / / /11 Q1 2010/11 Q1 2011/12 Page 64

65 Return on Assets and Equity 30.00% 25.00% Bt mil 20.00% 15.00% 10.00% 5.00% 0.00% 14.85% 7.49% 12.64% 14.64% 5.75% 6.34% 17.27% 11.30% 6.72% 4.70% 9.05% 4.10% 3.11% 7.28% 4.50% 10.65% 2007/ / /09 (adj) * 2009/ /11 Q1 ** 2010/11 Q1 ** 2011/12 ROA (%) ROE (%) Gain on marketable securities sale Note: * For comparison purpose with previously reported only adjusted real estate investment from fair value to historical cost. ** Annualized Page 65

66 EPS Ba aht / / / /11 Q1 2010/11 Q1 2011/12 EPS Gain on sales (Marketable securities) Page 66

67 Dividend Baht / / / / /11 DPS : interim DPS : final Page 67

68 Major shareholders As of September 27,2011 Name Number of shares % 1. PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED GROUP 49,924, % PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED 47,424, % PRG. GRANARY COMPANY LIMITED 2,500, % 2. THANACHART CAPITAL PUBLIC COMPANY LIMITED GROUP 37,537, % THANACHART CAPITAL PUBLIC COMPANY LIMITED 18,856, % THANACHART LIFE INSURANCE CO.,LTD. 7,684, % THANACHART SECURITIES PUBLIC COMPANY LIMITED 7,560, % THANACHART INSURANCE CO.,LTD. 3,436, % 3. STATE STREET BANK AND TRUST COMPANY FOR AUSTRALIA 7,050, % 4. NORTRUST NOMINEES LTD. 6,643, % 5. MR.YONGSAK KANATHANAVANICH 4,421, % 6. DBS BANK A/C DBS NOMINEES-PB Clients 3,598, % 7. AMERICAN INTERNATIONAL ASSURANCE COMPANY, LIMITED-APEX 3,086, % 8. THAI NVDR CO.,LTD 3,009, % 9. THANACHART EMPLOYEE SAVINGS AND CREDIT COOPERATIVES.,LTD 3,000, % 10. MS. SINEE THIENPRASIDDHI 2,550, % Page 68

69 Thank You For further enquiries, Contact MBK Investor Relations : inv@mbk-center.co.th Tel : (66 66) Website : Page 69