Investor and analyst meeting: Fourth Quarter and Full Year 29 25 th February 21
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.
1. Recent Performances 2. Project Updates 3. Outlook
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
International Tourist Arrivals by month Thailand International Tourist Arrival (All ports of Entry) (mil) 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1..9.8-11.7% 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
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% 548 64 1% Luxury Resorts 187 182-3% 42 57 35% Midscale Hotels 262 274 4% 6 122 13% Economy Hotels 58 297 411% 42 98 134% Income from hotel properties 2,986 2,748-8% 692 881 27% Rent from office space 159 172 8% 41 44 7% Rent from retail space 139 143 2% 37 37 -% Others (food court, parking, utilities, et 91 86-6% 22 21-3% Income from rental properties 389 41 3% 1 12 2% Other income 28 43 5% 9 9-3% Gains from sales of investment 9 Total 3,413 3,192-6% 81 992 24% 6
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
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
y-y changes (vs. 4Q8) in EBITDA by Property MB 35 3 25 +32 +9 +24 +15 +4 287 2 15 23 1 5 4Q8 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.
q-q changes (vs. 3Q9) in EBITDA by Property MB 35 3 25 +63-5 +23-3 287 2 +24 +13 15 172 1 5 3Q9 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.
y-y changes (vs. FY8) in EBITDA by Property MB 1,4 1,2 +11 +77 1, 1,77 8-289 -43-15 -3 79 6 4 2 12M8 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.
P&L Comparison Bt Million 12M8 12M9 %Ch 4Q8 4Q9 %Ch Operating Income 3,376 3,149-7% 791 983 +24% Operating expenses (2,299) (2,359) +3% (589) (696) +18% EBITDA 1,77 79-27% 23 287-27% Depreciation (55) (628) +24% (147) (171) +41% Operating Profit 572 162-72% 56 116 +17% Other income 28 43 +5% 9 9 +% Interest expenses (274) (37) +12% (83) (83) +1% Pre-tax Profit 372 (12) -131% (18) 41 +327% 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
Balance sheet Bt Million Cash & Cash equivalent PP&E - Net Others Dec-8 416 11,482 732 Mar-9 142 11,721 757 Jun-9 132 11,914 72 Sep-9 176 12,18 739 Dec-9 277 12,193 819 1.4bn 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 1,137 554 7,191 1,138 87 7,379 977 1,6 7,422 1,56 95 7,666 1,179 697MB 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
Bt million 1,4 1,2 1, 8 1,373 16 71 646 Updated Capex CAPEX 211 Rental properties & Others Ibis #7-1 Holiday Inn Pattaya Ibis #1-#6 Other Hotels 6 4 366 548 71 267 2 5 56 277 144 137 29 21f 211f Including capitalized interest, excluding disposals 14
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 1,2 9 6 3 2,178 1,373 1,187 56 56 548 41 28 29f 21f 15
1. Recent Performances 2. Project Updates 3. Outlook
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
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
Number of Hotel Rooms in our Portfolio 3,5 3, 2,5 7 IBIS hotels Holiday Inn (1,72) Pattaya +367 +61 +458 +267 2, Six Senses Destination Spa Phuket +988 1,5 1, +78 Renaissance Koh Samui Courtyard by Marriott +316 19 5 GHEB (38) JWM (441) 25 26 27 28 29 21 821 899 1,215 2,264 3,89 3,356
1. Recent Performances 2. Project Updates 3. Outlook
Thailand Tourist Arrivals - Trend 16 15 14 13.8 14.5 14.6 + 1% 14.1 15.5 13 Millions 12 11 1 1.1 1.9 1.1 11.7 11.6 9 8 21 22 23 24 25 26 27 28 29E 21F 9/11 SARs TSUNAMI Coup Bomb Airport Source : TAT 21
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 2,733 29 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 22 21 Expect Occupancy to increase in line with demand trend
Appendix : 4Q9 review
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 5,68-12.1% 3,53 4,56 +15.8% JW Marriott Bkk (JWM) 59.2% 77.2% +18.% 5,247 4,347-17.1% 3,18 3,357 +8.% Luxury BKK 56.9% 74.5% +17.6% 5,782 4,938-14.6% 3,291 3,68 +11.8% 5-star Bkk by The River 46.2% 5.7% +4.5% 6,244 5,625-9.9% 2,884 2,852-1.1% 5-star Bkk CBD* 48.3% 68.4% +2.1% 4,882 3,998-18.1% 2,357 2,734 +16.% Courtyard by Marriott Bkk (CY) 6.9% 81.5% +2.6% 2,494 1,935-22.4% 1,519 1,578 +3.9% Holiday Inn Pattaya 61.1% +61.1% 1,968 1,23 Midscale 6.9% 7.6% +9.7% 2,494 1,951-21.8% 1,519 1,377-9.4% 4-star Bkk CBD** 57.8% 78.8% +21.% 3,261 2,685-17.7% 1,885 2,115 +12.2% 4-star Pattaya.% 76.8% +76.8% - 2,87-2,23 Renaissance Koh Samui (RKS) 46.5% 49.9% +3.4% 6,17 5,27-12.4% 2,8 2,631-6.% 5-star Samui comparables* 36.8% 47.% +1.3% 7,872 6,272-2.3% 2,895 2,95 +1.9% Six Senses Destination Spa 4.8% 2.8% +15.9% 23,887 12,547-47.5% 1,153 2,67 +126.% Ibis Patong Phuket (IPP) 46.9% 72.4% +25.5% 1,387 1,432 +3.2% 651 1,37 +59.3% Ibis Pattaya (IPT) 31.8% 69.2% +37.3% 933 883-5.3% 297 611 +15.8% Ibis Sathorn (IST) 4.6% 68.7% +28.1% 1,62 945-11.% 431 649 +5.5% Ibis Samui (ISM) 12.% 22.1% +1.% 1,286 1,256-2.3% 155 277 +78.8% Ibis Nana (INN) 78.5% +78.5% 1,124 882 Ibis Kata 57.7% 1,23 694 Economy 32.5% 6.9% +28.4% 1,173 1,124-4.2% 381 684 +79.5% Total Group 45.1% 65.9% +2.8% 3,772 2,75-28.3% 1,699 1,782 +4.8% 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 38,85 - -.5% 6,264 6,222 6,222 - -.7% Occupancy 95% 93% 94% +1.8% -.2% 9.4% 94.3% 94.7% +.5% +4.3% Avg. Receipt (Bt/sqm/mth) 473 49 5 +1.9% +5.7% 1,36 1,153 1,28 +11.% -2.% 24
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
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
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
Revenues (MB) Profits (MB) 4 35 3 25 2 15 1 5 354 32 Others 256 253 19 F&B 156 14 13 122 142 Room 126 136 16 4Q8 4Q9 4Q8 4Q9 12 1 8 6 4 2 115 (33%) 97 (32%) 81 66 EBITDA & Margin EBIT 9 (35%) 84 (33%) 6 49 4Q8 4Q9 4Q8 4Q9 4Q9 9 35 3 25 2 15 1 5 3 28 3 2 7 7 2 19 Others F&B Room 12 28 7 6 15 6 4Q8 4Q9 4Q8 4Q9 4 6 5 4 3 2 1 EBITDA & Margin EBITDA 5 (17%) 4 (16%) 4Q8 4Q9 28
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
Revenues (MB) Profits (MB) 7 6 5 4 3 2 1 6 65 Others 57 13 15 F&B 15 Room 44 46 41 4Q8 4Q9 4Q9 25 2 15 1 5 EBITDA & Margin EBIT 18 (7%) 5 4Q8 24 (11%) 11 4Q9 Courtyard by Marriott 4Q9 3
Economy : 4Q9 Operating Statistics Bt/room/night 1,5 47% 72% Occupancy rate 1, 5 1,432 32% 69% 41% 69% 1,387 1,37 933 883 ARR 1,62 945 651 611 649 RevPar 431 297 4Q8 4Q9 4Q8 4Q9 4Q8 4Q9 Patong Pattaya Sathorn 1,5 12% 22% 79% 58% 33% 61% 1, 1,286 1,256 1,124 1,23 882 1,173 1,124 5 694 684 381 277 155 4Q8 4Q9 4Q9 Dec-9 4Q8 4Q9 Samui Nana Kata Ibis All 31
4Q9 3 25 2 15 1 5 15 18 29 4 2 25 15 Others F&B Room 3 Revenues (MB) 18 16 9 1 1 15 1 13 7 8 3 Patong Pattaya Sathorn Samui Nana Kata Profits (MB) - 2 1 3 16 1-1 7 6 4 4Q8 4Q9 4Q8 4Q9 4Q8 4Q9 4Q8 4Q9 4Q9 4Q9 14 (48%) 5 9 19 7 1 5 6 (36%) 1 6 (33%) 5 (28%) 8 (4%) EBITDA & Margin 3 2 1 4Q8 4Q9 4Q9 4Q9 4Q9 EBIT Patong Pattaya Sathorn Nana 32
Rental Properties : 4Q9 Operating Statistics M 2 4, 35, 3, 25, 2, 15, 1, 5, 473 95% 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
Revenues (MB) Profits (MB) 8 7 6 5 4 3 2 1 73 7 17 17 Others 12 12 Retail 25 26 41 44 Office 23 23 4Q8 4Q9 4Q8 4Q9 5 4 3 2 1 43 (59%) 41 (58%) 24 27 EBITDA Margin EBITDA EBIT 17 (66%) 16 (63%) 11 1 4Q8 4Q9 4Q8 4Q9 4Q9 34
Appendix : FY9 review
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 5,589-11.8% 4,394 3,35-24.8% JW Marriott Bkk (JWM) 74.6% 65.8% -8.7% 5,34 4,47-15.7% 3,955 2,943-25.6% Luxury BKK 72.2% 62.7% -9.4% 5,762 4,958-14.% 4,158 3,11-25.2% 5-star Bkk by The River 59.9% 42.8% -17.1% 5,713 5,342-6.5% 3,419 2,284-33.2% 5-star Bkk CBD* 59.9% 53.3% -6.6% 4,893 4,85-16.5% 2,931 2,179-25.7% Courtyard by Marriott Bkk (CY) 7.4% 64.9% -5.5% 2,394 2,67-13.7% 1,686 1,342-2.4% Holiday Inn Pattaya 61.1% +61.1% 1,968 1,23 Midscale 7.4% 64.% -6.4% 2,394 2,46-14.6% 1,686 1,31-22.3% 4-star Bkk CBD** 74.8% 62.7% -12.1% 3,272 2,817-13.9% 2,447 1,767-27.8% 4-star Pattaya.% 76.8% +76.8% - 2,87-2,23 Renaissance Koh Samui (RKS) 66.2% 54.9% -11.3% 6,192 5,163-16.6% 4,99 2,835-3.8% 5-star Samui comparables* 56.3% 54.3% -2.% 8,68 6,631-17.8% 4,542 3,63-2.7% Six Senses Destination Spa 3.6% 11.5% +7.9% 42,345 24,558-42.% 1,524 2,834 +85.9% Ibis Patong Phuket (IPP) 3.4% 63.9% +33.5% 1,168 1,136-2.8% 355 726 +14.3% Ibis Pattaya (IPT) 28.% 63.6% +35.6% 885 79-1.8% 248 52 +12.5% Ibis Sathorn (IST) 39.4% 59.6% +2.2% 1,62 948-1.8% 418 565 +35.2% Ibis Samui (ISM) 12.% 23.7% +11.7% 1,286 1,147-1.8% 155 272 +75.5% Ibis Nana (INN) 77.% +77.% 1,24 788 Ibis Kata 57.7% +57.7% 1,23 694 Economy 28.2% 56.% +27.8% 1,69 993-7.1% 31 556 +84.5% Total Group 59.% 58.4% -.7% 4,471 2,73-38.9% 2,64 1,593-39.6% 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 6,222 -.7% Occupancy 96.1% 93.5% -2.6% 89.8% 92.7% +2.9% Avg. Receipt (Bt/sqm/mth) 452 496 +9.9% 1,26 1,223 +1.3% 36 Ranked #1 among 15 fivestar hotels in Bangkok s CBD
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
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
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
Revenues (MB) Profits (MB) 1,6 1,4 1,2 1, 8 6 4 2 1,338 1,167 1,19 Others 913 621 F&B 419 57 366 Room 611 638 458 474 FY8 FY9 FY8 FY9 6 5 4 3 2 1 472 (35%) 318 (29%) 358 187 EBIT EBITDA & Margin 436 (37%) 31(33%) 299 169 FY8 FY9 FY8 FY9 FY9 16 14 12 1 8 6 4 2 169 14 38 118 9 29 117 81 Others F&B Room 17 6 9 63 16 14 33 FY8 FY9 FY8 FY9 6 5 4 3 2 1 EBITDA & Margin EBIT 49 (29%) 17.2 FY8 19 (16%) FY9 4
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
Revenues (MB) Profits (MB) 3 25 2 15 1 5 261 215 54 Others 5 F&B 195 57 Room 155 15 41 FY8 FY9 FY9 9 8 7 6 5 4 3 2 1 EBIT 83 (32%) 61 (29%) 33 1 FY8 FY9 EBITDA & Margin Courtyard by Marriott FY9 42
Economy : FY9 Operating Statistics Bt/room/night 1,5 1, 5 3% 1,168 726 355 64% 39% 6% 28% 64% Occupancy rate 1,136 1,62 948 885 79 ARR 565 52 RevPar 418 248 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 1,24 788 694 1,69 993 556 272 31 155 FY8 FY9 FY9 Dec-9 FY8 FY9 Samui Nana Kata Ibis All 43
Revenues (MB) FY9 9 8 7 6 5 4 3 2 1 35 3 25 2 27 4 22 83 13 68 14 2 12 59 55 56 1 47 11 1 44 1 9 1 4 2 8 48 26 FY8 FY9 FY8 FY9 FY8 FY9 FY8 FY9 FY9 FY9 Patong Pattaya Sathorn Samui Nana Kata 3 (36%) Others F&B Room Profits (MB) 5 36 2 6 7 1-6 15 1 11 (18%) 11 (19%) 11 (2%) EBITDA & Margin 5 12 FY9 FY9 FY9 FY9 3 EBIT Patong Pattaya Sathorn Nana 44
Rental Properties : FY9 Operating Statistics M 2 4, 35, 3, 25, 2, 15, 1, 5, 452 96% 496 94% Average Receipt (Bt/m 2 /month) 1,26 Occupied Vacant 1,223 9% 93% FY8 FY9 FY8 FY9 Ploenchit Center Erawan Bangkok 45
Revenues (MB) Profits (MB) 35 3 25 2 15 1 5 277 289 71 69 48 48 Others Retail 94 98 159 172 Office 83 86 FY8 FY9 FY8 FY9 18 16 14 12 1 8 6 4 2 161 (58%) 17 (59%) 96 15 EBIT EBITDA & Margin 6 (64%) 63 (65%) 36 39 FY8 FY9 FY8 FY9 FY9 46
General Info
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%
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
5 ERAWAN is only one in hotel sector achieved Excellent CG Scoring
51
52 success with integrity