Fourth Quarter and Full Year 2009

Transcription

1 Investor and analyst meeting: Fourth Quarter and Full Year th February 21

2 2 The views expressed here contain some information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by The Erawan Group PLC. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

3 1. Recent Performances 2. Project Updates 3. Outlook

4 4Q9 Highlights Strongest recovery as Thailand recorded 4.3 million tourist arrivals in 4Q9, a 28% increase year-on-year ( y-y ) As such, Thailand s annual tourist arrivals remained above 14 millions in 29, only 3% drop from 28 and 27 With higher occupancy and Revpar y-y, income from our hotel operations increased 27% y-y in 4Q9 Consolidated EBITDA remained positive and above our finance costs, taxes and non-recurring expenses however the balance was not sufficient to cover depreciation charges and hence leading to additional loss in 4Q9 but much improved from 4Q8 2 new hotels opened in 4Q9, 2 nd midscale (Holiday Inn Pattaya) and 6 th economy (Ibis Kata Phuket), leading to 12 hotels with total of 3,89 rooms in our portfolio at the end of 29. 4

5 International Tourist Arrivals by month Thailand International Tourist Arrival (All ports of Entry) (mil) % f tour -23.2% -12.1% -11.2% -21.2% -17.3% -14.2% 28 FY 14.6M 29 FY 14.1M yoy -5.4% +16.9% +1.5% +41.1% +26.3% 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % -5% -1% -15% -2% -25% -3% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Office of Tourism Development 5

6 Top Line Review Top-line Overview Luxury CBD (2) Luxury Resorts (2) Midscale (2) Economy (6) Rental Prop (2) Occupancy Average 75% vs. 57% last yr, +1% q-q RKS +3 y-y -2% q-q, SSP +18% y-y +11% q-q y-y +1% to 71% and +11% q-q Opened Holiday Inn Pattaya in Oct -9 Average 61%, + 28% y-y and + 5% q-q Kata opened in Dec -9 Lower OCC for PC ARR Approx -15% y-y Approx -12% y-y but +9% q-q for Samui Approx -22% y-y and -3% q-q Holiday Inn still at promotion rate Approx -4% y-y but +29% q-q Patong and Kata in High Season Higher rental yield Baht Million FY8 FY9 % Ch. 4Q8 4Q9 % Ch. Luxury Central Bangkok Hotels 2,479 1,996-2% % Luxury Resorts % % Midscale Hotels % % Economy Hotels % % Income from hotel properties 2,986 2,748-8% % Rent from office space % % Rent from retail space % % Others (food court, parking, utilities, et % % Income from rental properties % % Other income % 9 9-3% Gains from sales of investment 9 Total 3,413 3,192-6% % 6

7 Revenue Breakdown 4Q8 : 82MB 4Q9 : 992MB Midscale CBD 8% Econom y 5% Office 5% Retail 5% Others 3% Luxury Resort 5% Midscale CBD 12% Econom y 1% Office 4% Retail 4% Others 2% Luxury Resort 6% Luxury CBD 69% Luxury CBD 62% Others include parking, utilities, food court, etc. 7 MB = Baht Million

8 EBITDA Breakdown 4Q8 : 23MB 4Q9 : 287MB Midscale CBD 7% Economy 3% Rental 21% Luxury Resort 2% 2% Midscale CBD 1% Economy 1% Rental 18% Luxury Resort 1% Luxury CBD 67% Luxury CBD 61% 8 Excluding pre-opening expenses booked in Selling & Administrative in audited statement. % above are calculated without taking non-property-specific expenses into account. For illustrative purposes, group of assets that combined to generate losses are not included. MB = Baht Million

9 y-y changes (vs. 4Q8) in EBITDA by Property MB Q8 EBITDA Ibis 1-6 Six Senses Luxury BKK RKS Midscale Rental properties and others 4Q9 EBITDA 9 * Excluding pre-opening expenses booked in Selling & Administrative in audited statement.

10 q-q changes (vs. 3Q9) in EBITDA by Property MB Q9 EBITDA Ibis 1-6 Six Senses Luxury BKK RKS Midscale Rental properties and others 4Q9 EBITDA 1 * Excluding pre-opening expenses booked in Selling & Administrative in audited statement.

11 y-y changes (vs. FY8) in EBITDA by Property MB 1,4 1, , 1, M8 EBITDA Rental Properties and others Ibis 1-6 Luxury BKK Six Senses Midscale RKS 12M9 EBITDA 11 * Excluding pre-opening expenses booked in Selling & Administrative in audited statement.

12 P&L Comparison Bt Million 12M8 12M9 %Ch 4Q8 4Q9 %Ch Operating Income 3,376 3,149-7% % Operating expenses (2,299) (2,359) +3% (589) (696) +18% EBITDA 1, % % Depreciation (55) (628) +24% (147) (171) +41% Operating Profit % % Other income % 9 9 +% Interest expenses (274) (37) +12% (83) (83) +1% Pre-tax Profit 372 (12) -131% (18) % Taxes (93) (46) -51% (16) (23) +44% Minority interest (61) (32) -48% (11) (15) +32% Normalized Net Profit 173 (18) -24% (44) 4-19% Non recurring - net (94) (5) -47% (5) (19) +28% Net Profit 78 (229) -393% (49) (15) +7% 12

13 Balance sheet Bt Million Cash & Cash equivalent PP&E - Net Others Dec , Mar , Jun , Sep , Dec , bn in CapEx during 12M9 646MB for Holiday Inn Pattaya, 59MB for ibis Nana and 286MB for ibis Kata Total Assets 12,63 12,62 12,766 13,23 13,289 Short-term debts Long-term debts Others 1,573 6,163 1, ,191 1, , ,6 7,422 1, ,666 1, MB is current portion of long-term loans Total Liabilities 8,872 8,882 9,162 9,484 9,75 Shareholders Equities 3,758 3,738 3,63 3,539 3,539 Liabilities to Equity Ratio 2.36x 2.38x 2.54x 2.68x 2.75x 13

14 Bt million 1,4 1,2 1, 8 1, Updated Capex CAPEX 211 Rental properties & Others Ibis #7-1 Holiday Inn Pattaya Ibis #1-#6 Other Hotels f 211f Including capitalized interest, excluding disposals 14

15 CapEx and Fundings Major source of funding are from project loans and cashflow from operation. In 21, if we decide to go with Ibis #8 (Hua Hin), fundings will come from undrawn project loans for these projects. Bt Million 2,7 2,4 2,74 CapEx Loan Drawdown 2,1 1,8 1,5 1, ,178 1,373 1, f 21f 15

16 1. Recent Performances 2. Project Updates 3. Outlook

17 End 29 : 12 Hotels in Operations 1991 Grand Hyatt Erawan LUXURY hotel in Bangkok CBD with 38 rooms 1997 JW Marriott LUXURY hotel in Bangkok CBD with 441 rooms Jul-8 Ibis Pattaya 259-room ECONOMY resort Oct-9 Holiday Inn Pattaya MIDSCALE resort with 367 all sea view rooms Nov-7 Bangkok Courtyard by Marriott MIDSCALE hotel in Bangkok CBD with 316 rooms Pattaya 25 Oct-8 Renaissance Koh Samui Resort and Spa LUXURY resort in Koh Samui with 45 deluxe rooms and 33 pool villas Ibis Samui 258-room ECONOMY resort by the beach Sep-8 Samui Ibis Sathorn ECONOMY hotel in Bangkok CBD with 213-room Phuket Mar-9 Jul-8 May-8 Dec-9 Ibis Nana ECONOMY hotel in Bangkok CBD with 2-room Six Senses Destination Spa Phuket Ultra-LUXURY Destination Spa on Koh Naka Yai with 61 villas & largest spa area in Asia Ibis Patong Phuket 258-room ECONOMY resort Ibis Kata Phuket 258-room ECONOMY resort 17

18 4Q1 : 13 Hotels in Operations 1991 Grand Hyatt Erawan LUXURY hotel Bangkok s CBD with 38 rooms 1997 JW Marriott LUXURY hotel Bangkok s CBD with 441 rooms Jul-8 Ibis Pattaya 259-room ECONOMY resort hotel Oct-9 Holiday Inn Pattaya MIDSCALE resort hotel with 367 sea view rooms Nov-7 Courtyard by Marriott MIDSCALE hotel Bangkok s CBD with 316 rooms Bangkok Sep-8 Ibis Sathorn ECONOMY hotel in Bangkok s CBD with 213-room Pattaya 25 Oct-8 Renaissance Koh Samui Resort and Spa LUXURY resort in Koh Samui with 45 deluxe rooms and 33 pool villas Ibis Samui 258-room ECONOMY resort hotel by the beach Mar-9 Ibis Nana ECONOMY hotel in Bangkok s CBD with 2-room 4Q1 Phuket Samui Ibis Riverside ECONOMY hotel on the Chaopraya riverside with 267-room Jul-8 Six Senses Destination Spa Phuket Ultra-LUXURY Destination Spa on Koh Naka Yai with 61 villas & largest spa area in Asia May-8 Ibis Patong Phuket 258-room ECONOMY resort hotel Dec-9 Ibis Kata Phuket 258-room ECONOMY resort hotel 18

19 Number of Hotel Rooms in our Portfolio 3,5 3, 2,5 7 IBIS hotels Holiday Inn (1,72) Pattaya , Six Senses Destination Spa Phuket ,5 1, +78 Renaissance Koh Samui Courtyard by Marriott GHEB (38) JWM (441) ,215 2,264 3,89 3,356

20 1. Recent Performances 2. Project Updates 3. Outlook

21 Thailand Tourist Arrivals - Trend % Millions E 21F 9/11 SARs TSUNAMI Coup Bomb Airport Source : TAT 21

22 All ERAWAN Hotels No. of rooms Occupancy 4, 9% 3,5 8% 3, 2,5 2, 1,5 1, 7% 6% 5% 4% 3% 2% 5 1% 1Q8 2Q8 3Q8 4Q8 1Q9 2Q9 3Q9 4Q9 1Q1 2Q1 3Q1 4Q1 % Year 28a 29 21f # rooms 2,264 rooms 3,89 rooms 3,356 rooms OCC 59% 58% 7% ARR 4,471 2,73 2, Occupancy maintained despite additional 825 rooms inventory from the 3 new hotels opened in 29 ARR was lower y-y mainly due to change of product mix with greater contributions from midscale & economy segment Expect Occupancy to increase in line with demand trend

23 Appendix : 4Q9 review

24 ERAWAN s hotels vs. Industry : 4Q9 Hotel Properties Occupancy ARR (Bt/room/night) RevPar (Bt/room/night) YoY 4Q8 4Q9 % ch. 4Q8 4Q9 % ch. 4Q8 4Q9 % ch. Grand Hyatt Erawan (GHEB) 54.2% 71.4% +17.2% 6,462 5, % 3,53 4, % JW Marriott Bkk (JWM) 59.2% 77.2% +18.% 5,247 4, % 3,18 3, % Luxury BKK 56.9% 74.5% +17.6% 5,782 4, % 3,291 3, % 5-star Bkk by The River 46.2% 5.7% +4.5% 6,244 5, % 2,884 2, % 5-star Bkk CBD* 48.3% 68.4% +2.1% 4,882 3, % 2,357 2, % Courtyard by Marriott Bkk (CY) 6.9% 81.5% +2.6% 2,494 1, % 1,519 1, % Holiday Inn Pattaya 61.1% +61.1% 1,968 1,23 Midscale 6.9% 7.6% +9.7% 2,494 1, % 1,519 1, % 4-star Bkk CBD** 57.8% 78.8% +21.% 3,261 2, % 1,885 2, % 4-star Pattaya.% 76.8% +76.8% - 2,87-2,23 Renaissance Koh Samui (RKS) 46.5% 49.9% +3.4% 6,17 5, % 2,8 2,631-6.% 5-star Samui comparables* 36.8% 47.% +1.3% 7,872 6, % 2,895 2, % Six Senses Destination Spa 4.8% 2.8% +15.9% 23,887 12, % 1,153 2, % Ibis Patong Phuket (IPP) 46.9% 72.4% +25.5% 1,387 1, % 651 1, % Ibis Pattaya (IPT) 31.8% 69.2% +37.3% % % Ibis Sathorn (IST) 4.6% 68.7% +28.1% 1, % % Ibis Samui (ISM) 12.% 22.1% +1.% 1,286 1, % % Ibis Nana (INN) 78.5% +78.5% 1, Ibis Kata 57.7% 1, Economy 32.5% 6.9% +28.4% 1,173 1, % % Total Group 45.1% 65.9% +2.8% 3,772 2, % 1,699 1, % ARR = Average Room Rate (Baht/room/night) RevPar = Revenue per Available Room (Baht/room/night) Rental Properties operating stats : 4Q9 Rental Properties Ploenchit Center (PC) Erawan Bangkok (EB) YoY and QoQ 4Q8 3Q9 4Q9 QoQ YoY 4Q8 3Q9 4Q9 QoQ YoY Rentable sqm 39,56 38,85 38, % 6,264 6,222 6, % Occupancy 95% 93% 94% +1.8% -.2% 9.4% 94.3% 94.7% +.5% +4.3% Avg. Receipt (Bt/sqm/mth) % +5.7% 1,36 1,153 1, % -2.% 24

25 Revenue Breakdown 4Q8 : 82MB 4Q9 : 992MB Midscale CBD 8% Econom y 5% Office 5% Retail 5% Others 3% Luxury Resort 5% Midscale CBD 12% Econom y 1% Office 4% Retail 4% Others 2% Luxury Resort 6% Luxury CBD 69% Luxury CBD 62% Others include parking, utilities, food court, etc. 25 MB = Baht Million

26 EBITDA Breakdown 4Q8 : 23MB 4Q9 : 287MB Midscale CBD 7% Economy 3% Rental 21% Luxury Resort 2% 2% Midscale CBD 1% Economy 1% Rental 18% Luxury Resort 1% Luxury CBD 67% Luxury CBD 61% 26 Excluding pre-opening expenses booked in Selling & Administrative in audited statement. % above are calculated without taking non-property-specific expenses into account. For illustrative purposes, group of assets that combined to generate losses are not included. MB = Baht Million

27 Luxury : 4Q9 Operating Statistics Bt/room/night 7, 54% 71% Occupancy rate 6, 5, 4, 3, 2, 6,462 3,53 5,68 4,56 59% 77% 5,247 4,347 3,18 3,357 ARR RevPar 48% 68% 4,882 3,998 2,734 2,357 1, 4Q8 4Q9 4Q8 4Q9 4Q8 4Q9 Other 5-star hotels in CBD Grand Hyatt Erawan JW Marriott 5% 21% 9, 7,5 6, 4,5 3, 1,5 46% 5% 6,17 5,27 Occupancy rate 37% 47% 7,812 6,272 2,8 2,631 2,895 2,95 4Q8 4Q9 4Q8 4Q9 Renaissance Koh Samui ARR RevPar Other luxury resorts in Samui 21,1 18,1 15,1 23,887 12,1 9,1 12,547 6,1 3,1 1 1,153 2,67 4Q8 4Q9 Six Senses Destination Spa 27

28 Revenues (MB) Profits (MB) Others F&B Room Q8 4Q9 4Q8 4Q (33%) 97 (32%) EBITDA & Margin EBIT 9 (35%) 84 (33%) Q8 4Q9 4Q8 4Q9 4Q Others F&B Room Q8 4Q9 4Q8 4Q EBITDA & Margin EBITDA 5 (17%) 4 (16%) 4Q8 4Q9 28

29 Midscale : 4Q9 Operating Statistics Bt/room/night 4, 58% 79% Occupancy rate 3, 2, 1, 61% 82% 2,494 1,935 1,519 1,578 3,261 1,885 2,685 2,115 ARR RevPar 4Q8 4Q9 4Q8 4Q9 Courtyard by Marriott Other Midscale CBD 4, 77% 3, 61% 2,87 61% 71% 2, 1, 1,968 1,23 2,23 2,494 1,519 1,951 1,377 4Q9 4Q9 4Q8 4Q9 Holiday Inn Pattaya Other Midscale Pattaya Our Midscale Segment (CYB & HIP) 29

30 Revenues (MB) Profits (MB) Others F&B 15 Room Q8 4Q9 4Q EBITDA & Margin EBIT 18 (7%) 5 4Q8 24 (11%) 11 4Q9 Courtyard by Marriott 4Q9 3

31 Economy : 4Q9 Operating Statistics Bt/room/night 1,5 47% 72% Occupancy rate 1, 5 1,432 32% 69% 41% 69% 1,387 1, ARR 1, RevPar Q8 4Q9 4Q8 4Q9 4Q8 4Q9 Patong Pattaya Sathorn 1,5 12% 22% 79% 58% 33% 61% 1, 1,286 1,256 1,124 1, ,173 1, Q8 4Q9 4Q9 Dec-9 4Q8 4Q9 Samui Nana Kata Ibis All 31

32 4Q Others F&B Room 3 Revenues (MB) Patong Pattaya Sathorn Samui Nana Kata Profits (MB) Q8 4Q9 4Q8 4Q9 4Q8 4Q9 4Q8 4Q9 4Q9 4Q9 14 (48%) (36%) 1 6 (33%) 5 (28%) 8 (4%) EBITDA & Margin Q8 4Q9 4Q9 4Q9 4Q9 EBIT Patong Pattaya Sathorn Nana 32

33 Rental Properties : 4Q9 Operating Statistics M 2 4, 35, 3, 25, 2, 15, 1, 5, % 5 93% Average Receipt (Bt/m 2 /month) 1,36 Occupied Vacant 1,28 9% 95% 4Q8 4Q9 4Q8 4Q9 Ploenchit Center Erawan Bangkok 33

34 Revenues (MB) Profits (MB) Others Retail Office Q8 4Q9 4Q8 4Q (59%) 41 (58%) EBITDA Margin EBITDA EBIT 17 (66%) 16 (63%) Q8 4Q9 4Q8 4Q9 4Q9 34

35 Appendix : FY9 review

36 ERAWAN s hotels vs. Industry : FY9 Hotel Properties Occupancy ARR (Bt/room/night) RevPar (Bt/room/night) YoY FY28 FY29 % ch. FY28 FY29 % ch. FY28 FY29 % ch. Grand Hyatt Erawan (GHEB) 69.4% 59.1% -1.2% 6,334 5, % 4,394 3, % JW Marriott Bkk (JWM) 74.6% 65.8% -8.7% 5,34 4, % 3,955 2, % Luxury BKK 72.2% 62.7% -9.4% 5,762 4, % 4,158 3, % 5-star Bkk by The River 59.9% 42.8% -17.1% 5,713 5, % 3,419 2, % 5-star Bkk CBD* 59.9% 53.3% -6.6% 4,893 4, % 2,931 2, % Courtyard by Marriott Bkk (CY) 7.4% 64.9% -5.5% 2,394 2, % 1,686 1, % Holiday Inn Pattaya 61.1% +61.1% 1,968 1,23 Midscale 7.4% 64.% -6.4% 2,394 2, % 1,686 1, % 4-star Bkk CBD** 74.8% 62.7% -12.1% 3,272 2, % 2,447 1, % 4-star Pattaya.% 76.8% +76.8% - 2,87-2,23 Renaissance Koh Samui (RKS) 66.2% 54.9% -11.3% 6,192 5, % 4,99 2, % 5-star Samui comparables* 56.3% 54.3% -2.% 8,68 6, % 4,542 3,63-2.7% Six Senses Destination Spa 3.6% 11.5% +7.9% 42,345 24, % 1,524 2, % Ibis Patong Phuket (IPP) 3.4% 63.9% +33.5% 1,168 1, % % Ibis Pattaya (IPT) 28.% 63.6% +35.6% % % Ibis Sathorn (IST) 39.4% 59.6% +2.2% 1, % % Ibis Samui (ISM) 12.% 23.7% +11.7% 1,286 1, % % Ibis Nana (INN) 77.% +77.% 1, Ibis Kata 57.7% +57.7% 1, Economy 28.2% 56.% +27.8% 1, % % Total Group 59.% 58.4% -.7% 4,471 2, % 2,64 1, % ARR = Average Room Rate (Baht/room/night) RevPar = Revenue per Available Room (Baht/room/night) Rental Properties operating stats : FY9 Rental Properties Ploenchit Center (PC) Erawan Bangkok (EB) YoY FY28 FY29 % ch. FY28 FY29 % ch. Rentable sqm 39,56 38,85 -.5% 6,264 6, % Occupancy 96.1% 93.5% -2.6% 89.8% 92.7% +2.9% Avg. Receipt (Bt/sqm/mth) % 1,26 1, % 36 Ranked #1 among 15 fivestar hotels in Bangkok s CBD

37 Revenue Breakdown 12M8 : 3,44MB 12M9 : 3,192MB Midscale CBD 8% Office Economy 5% Retail 2% 4% Others 3% Luxury Resort 5% Midscale CBD 9% Economy 9% Office 5% Retail 4% Others 3% Luxury Resort 6% Luxury CBD 73% Luxury CBD 64% Others include parking, utilities, food court, etc. 37 MB = Baht Million

38 EBITDA Breakdown 12M8 : 1,77MB 12M9 : 79MB Midscale CBD 7% Rental 17% Midscale CBD 7% Economy 6% Rental 23% Luxury Resort 4% Luxury Resort 2% Luxury CBD 72% Luxury CBD 62% 38 Excluding pre-opening expenses booked in Selling & Administrative in audited statement. % above are calculated without taking non-property-specific expenses into account. For illustrative purposes, group of assets that combined to generate losses are not included. MB = Baht Million

39 Luxury : FY9 Operating Statistics Bt/room/night 7, 6, 5, 4, 3, 2, 1, 69% 59% 75% Occupancy rate 6% 6,334 66% 53% 5,589 5,34 ARR 4,893 4,394 4,47 3,955 4,85 3,35 2,943 2,931 RevPar 2,179 FY8 FY9 FY8 FY9 FY8 FY9 Grand Hyatt Erawan JW Marriott Other 5-star hotels in CBD 3% 9, 7,5 6, 4,5 3, 1,5 66% 6,192 4,99 55% 5,163 2,835 Occupancy rate 56% 8,68 4,542 54% 6,631 3,63 FY8 FY9 FY8 FY9 Renaissance Koh Samui ARR RevPar Other luxury resorts in Samui 41, 36, 31, 26, 21, 16, 11, 6, 1, 42,345 1,524 4Q8 12% 24,558 2,834 4Q9 Six Senses Destination Spa 39

40 Revenues (MB) Profits (MB) 1,6 1,4 1,2 1, ,338 1,167 1,19 Others F&B Room FY8 FY9 FY8 FY (35%) 318 (29%) EBIT EBITDA & Margin 436 (37%) 31(33%) FY8 FY9 FY8 FY9 FY Others F&B Room FY8 FY9 FY8 FY EBITDA & Margin EBIT 49 (29%) 17.2 FY8 19 (16%) FY9 4

41 Midscale : FY9 Operating Statistics Bt/room/night 4, 75% 63% Occupancy rate 3, 2, 1, 7% 2,394 1,686 65% 2,67 1,342 3,272 2,447 2,817 1,767 ARR RevPar FY8 FY9 FY8 FY9 Courtyard by Marriott Other Midscale CBD 4, 3, 61% 77% 2,87 7% 64% Occupancy rate 2, 1, 1,968 1,23 2,23 2,394 1,686 2,46 1,31 ARR FY9 FY9 FY8 FY9 Holiday Inn Pattaya Other Midscale Pattaya Our Midscale Segment (CYB & HIP) RevPar 41

42 Revenues (MB) Profits (MB) Others 5 F&B Room FY8 FY9 FY EBIT 83 (32%) 61 (29%) 33 1 FY8 FY9 EBITDA & Margin Courtyard by Marriott FY9 42

43 Economy : FY9 Operating Statistics Bt/room/night 1,5 1, 5 3% 1, % 39% 6% 28% 64% Occupancy rate 1,136 1, ARR RevPar FY8 FY9 FY8 FY9 FY8 FY9 Patong Pattaya Sathorn 1,5 12% 24% 77% 58% 38% 56% 1, 5 1,286 1,23 1,147 1, , FY8 FY9 FY9 Dec-9 FY8 FY9 Samui Nana Kata Ibis All 43

44 Revenues (MB) FY FY8 FY9 FY8 FY9 FY8 FY9 FY8 FY9 FY9 FY9 Patong Pattaya Sathorn Samui Nana Kata 3 (36%) Others F&B Room Profits (MB) (18%) 11 (19%) 11 (2%) EBITDA & Margin 5 12 FY9 FY9 FY9 FY9 3 EBIT Patong Pattaya Sathorn Nana 44

45 Rental Properties : FY9 Operating Statistics M 2 4, 35, 3, 25, 2, 15, 1, 5, % % Average Receipt (Bt/m 2 /month) 1,26 Occupied Vacant 1,223 9% 93% FY8 FY9 FY8 FY9 Ploenchit Center Erawan Bangkok 45

46 Revenues (MB) Profits (MB) Others Retail Office FY8 FY9 FY8 FY (58%) 17 (59%) EBIT EBITDA & Margin 6 (64%) 63 (65%) FY8 FY9 FY8 FY9 FY9 46

47 General Info

48 48 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% Our shareholders % 3-Sep-5 5-Apr-6 7.8% 6.5% 82.2% Individuals incl. mgmt MBK Plc. (a listed co.) Foreign funds Local funds Family shareholders Vongkusolkit (other holdings include Banpu Plc. and Mitr Phol Sugar, Thailand s largest sugar conglomerate) Wattanavekin (Kiatnakin Bank KK) Represent 5 out of 12 board seats (none among ERAWAN s management team) 15-Aug-6 29-Dec-6 3-Apr-7 29-Jun-7 14-Aug-7 3-Sep-7 3-Nov-7 31-Jan-8 2-Apr-8 3-May-8 31-Jul-8 3-Sep-8 28-Nov-8 3-Jan-9 8-Apr-9 29-May-9 31-Jul-9 3-Sep-9 3-Nov-9 % Holdings (As of 3 Dec 9) 4.4% 13.6% 7.8% 4.3% 7%

49 HOTELS (operational) 74% (under construction) Grand Hyatt Erawan (GHEB)* JW Marriott Bangkok (JWM)* Renaissance Koh Samui (RKS) Courtyard by Marriott (CY)* Six Senses Destination Spa Phuket Holiday Inn Pattaya 1 Ibis hotels April 8** to 21 OFFICE PLAZA ** 6 Ibis in operations (Patong Phuket, Pattaya, Sathorn Bangkok, Samui, Nana Bangkok and Kata Phuket * Leaseholds with > 3 years remaining except for Ploenchit Center (15 years left) Ploenchit Center* Erawan Bangkok* 49

50 5 ERAWAN is only one in hotel sector achieved Excellent CG Scoring

51 51

52 52 success with integrity