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Opportunity Day Presentation 4Q11Central Plaza Hotel Public Company LimitedMarch 13, 2012
Centara Grand Resort & Spa, Maldives
Agenda Agenda Agenda Agenda
4Q11/FY11Financial Summary Performance by Business Performance by Business◦ Hotel◦ Food
Summary of Outstanding DebtSummary of Outstanding Debt Medium Term Outlook
CENTEL's Opportunity Day Presentation 4Q11 2
44QQ1111/FY/FY11 11 FINANCIAL SUMMARYFINANCIAL SUMMARY
Centara Grand @ Central World
CENTEL's Opportunity Day Presentation 4Q11 3
CENTEL: Consolidated Earnings CENTEL: Consolidated Earnings 44QQ1111CENTEL: Consolidated Earnings CENTEL: Consolidated Earnings 44QQ1111• 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%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 byfood business.
• 4Q11’s net profit was Bt75.0mn. However, if considering operating profit before guarantee provision of propertyfund of Bt64mn net profit was Bt139mn reflecting 55% growth over 4Q10’s profitfund of Bt64mn, net profit was Bt139mn, reflecting 55% growth over 4Q10 s profit.
4Q11 4Q10 Change % Change
Total Revenues
Hotel 1,183.5 1,180.4 3.2 0.3%
Food 1,859.2 1,500.0 359.2 23.9%
Total Revenues 3,042.7 2,680.4 362.4 13.5%
Total Cost & Expenses (exc. depre) (2,502.1) (2,136.9) (365.2) 17.1%
Equity Gain (Loss) 33.4 12.7 20.7 163.2%
Total EBITDA 574.0 556.1 17.9 3.2%
Total Net Profit - before extra items 114.0 64.2 49.8 77.6%
Extra-items
Amortization of deferred rental income (PFPO) 25.2 25.3 (0.2)
Extra-equity gain in PFPO - from Asset Revaluation 0.0 0.0 0.0
Loss on guarantee provision PFPO (64.1) 0.0 (64.1)
Net Profit - after extra items 75.0 89.5 (14.5)
EPS (Baht per share) 0 06 0 07 0 01
CENTEL's Opportunity Day Presentation 4Q11 4
EPS (Baht per share) 0.06 0.07 -0.01
CENTEL: Consolidated Earnings FYCENTEL: Consolidated Earnings FY1111• 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 foodbusiness.
• 2011 net profit was Bt550.4mn, significantly improved from the reported net loss of Bt56mn in 2010. Withouttaking to consideration of guarantee provision of property fund, net profit was Bt624mn, compared to net loss ofBt43.8mn in 2010.
2011 2010 Change % ChangeTotal Revenues Hotel 4 922 9 4 104 9 818 0 19 9% Hotel 4,922.9 4,104.9 818.0 19.9% Food 6,551.0 5,295.0 1,256.0 23.7%Total Revenues 11,473.9 9,399.9 2,074.0 22.1%Total Cost & Expenses (exc. depre) (9,184.0) (7,724.7) (1,459.4) 18.9%Equity Gain (Loss) 75 6 (7 8) 83 4Equity Gain (Loss) 75.6 (7.8) 83.4Total EBITDA 2,365.4 1,667.4 698.1 41.9%
Total Net Profit - before extra items 521.3 (131.0) 652.3 Extra-items Extra-items Amortization of deferred rental income (PFPO) 100.3 100.3 (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 550 4 (55 8) 606 2
CENTEL's Opportunity Day Presentation 4Q11 5
Net Profit - after extra items 550.4 (55.8) 606.2EPS (Baht per share) 0.41 (0.04) 0.45
HOTEL BUSINESSHOTEL BUSINESS
CENTEL's Opportunity Day Presentation 4Q11 6
Centara Karon Beach Resort, Phuket
Our Hotel PortfoliosOur Hotel PortfoliosOur Hotel PortfoliosOur Hotel Portfolios
CHINA
VIETNAM 834 KEYS
CHINA125 KEYS
INDIA 30 KEYS THAILAND
8,408 KEYS
834 KEYS
PHILIPINES96 KEYSSRILANKA
517 KEYS
Total 56 hotels & resorts with 10 884keys
BALI354 KEYSMALDIVES
252 KEYS
o Total 56 hotels & resorts with 10,884keyso 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
currently in operation and 24 are under construction) As of March 5, 2012
CENTEL's Opportunity Day Presentation 4Q11 7
Hotel Portfolios by Brand Hotel Portfolios by Brand Hotel Portfolios by Brand 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
S / / C
Information as at March 5, 2012
Phuket Krabi Suranthani Pattaya Hua Hin Tak Trat / Rayong/
Koh Kood
Udon/ KonKaen
Bangkok ChaingMai
Hat Yai Maldives Vietnam Indonesia Philippines
CPBR CSBR CGLB CIRM CPVCGWP(NewQ211)
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 (NewQ411)
CHP CTB CHP CTB (New Q411)
WSP(NewQ111)
NVP (New Q411)
ASC KPC
CENTEL's Opportunity Day Presentation 4Q11 8
Note: Red letter = Owned hotel, Blue letter = JVs, Green = Property Fund and Black letter = Managed
Hotel: Financial Snapshot Hotel: Financial Snapshot 44QQ11 11 and FYand FY1111
Room F&B Others EBITDA margin (%)
Hotel: Financial Snapshot Hotel: Financial Snapshot 44QQ11 11 and FYand FY1111
Growth 4Q11 4Q10
Revenue by category and EBITDA margin
34.5%
-1 8%5.1%
25.5%37.9%
17.0% 21.2% 24.0% 19.3%26.2%
10 00%
30.00%
50.00%
4,000
5,000
6,000
Room F&B Others EBITDA margin (%) 4Q11 vs. 4Q10
Room +12%F&B -10%Others -14%-1.8%
-50 00%
-30.00%
-10.00%
10.00%
0
1,000
2,000
3,000FY11 vs FY10
Room +26%F&B +15%Others +12% -50.00%0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 FY10 FY11
• In 4Q11, EBITDA margin slightly dropped from 25.5% to 24.0% i il d fl di i I f l EBITDA
4Q10 4Q11 Chg
Others +12%
primarily 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
# of Available Rooms*
3,285 3,388 +103
FY10 FY11 Chg 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.
# of Available Rooms*
3,201 3,385 +184
Note:-* Owned and JV hotels in Thailand only (average no. of
d )
CENTEL's Opportunity Day Presentation 4Q11 9
rooms per day)- additional rooms for 4Q11 and FY11 were mainly from from Centra Grand Beach Resort, Phuket (CPBR) , commencing operation in November 2010.
Hotel’s KPI by BrandHotel’s KPI by BrandHotel s KPI by BrandHotel s KPI by Brand4Q11• Occupancy Rate (OCC): Average OCC
i 4Q11 64 3% d 59 5% i
Occupancy by Category 4Q11 4Q10 % Chg 2011 2010 % Chg• Grand 61 2% 58 6% 2 6% 64 6% 57 5% 7 1% in 4Q11 was 64.3% compared to 59.5% in
4Q10. Key improvement were from hotelsin Krabi, HatYai and Phuket.
• Average Room Rate (ARR): the roomrate was fairly flat, 1.4% growth yoy, at
• Grand 61.2% 58.6% 2.6% 64.6% 57.5% 7.1%
• 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, atBt3,679mn as result of flooding impact.
• RevPar: growth 9.5% yoy, primarily drivenby growth in occupancy.Average Room Rate by Category
G d 4 284 4 228 1 3% 4 197 4 009 4 7% 2011• Occupancy Rate: increased 5.8% mainly
due to good performance in CentaraGrand Central World (CGCW), CentaraG d Ph k (CPBR) C G d
• Grand 4,284 4,228 1.3% 4,197 4,009 4.7%
• Centara 2,389 2,366 1.0% 2,328 2,174 7.1%
Average ARR 3,679 3,629 1.4% 3,663 3,409 7.4% Grand Phuket (CPBR), Centara GrandMirage (CMBR) and Centara Villas Phuket(CVP).
• Average Room Rate: increased by 7.4%yoy primarily from properties in Pattaya,
Average ARR 3,679 3,629 1.4% 3,663 3,409 7.4%
RevPar by Categoryy y p y p p y ,HatYai and Phuket.
• RevPar: growth significantly by 18.2% yoydue to improvement in both OCC andARR.
• Grand 2,621 2,479 5.8% 2,712 2,304 17.7%
• Centara 1,719 1,452 18.4% 1,447 1,290 12.2%
Average RevPar 2 364 2 159 9 5% 2 340 1 979 18 2%
CENTEL's Opportunity Day Presentation 4Q11 10
Average RevPar 2,364 2,159 9.5% 2,340 1,979 18.2%
Hotel: Revenue Contribution by LocationHotel: Revenue Contribution by LocationHotel: Revenue Contribution by LocationHotel: 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 inrevenue of about Bt70mn, together with the growth in revenue of CPBR resulted in the changes in contribution ofrevenue in those locations.
39.3%4Q10 4Q11
Samui
Mae Sot0.6%
32.6%Bangkok35.0%
Phuket13.0%
9.2%
2011FY11
13.2%
2 9%
9.2%
19.2%
6.7%8.7%
11.6%9 4%
19.7% 14.8%
Hua Hin11 3%Krabi
Pattaya19.4%
Bt4,667.9mn
2.9%0.8%
3.9%9.4%
7.4%0.6%
Bangkok Hua Hin Hat Yai Krabi Pattaya Phuket Samui Mae Sot
Note: Excluded other income and revenue from JVs
11.3%
Hat Yai3.5%
Krabi8.1%
Note: Excluded other income and revenue from JVs
CENTEL's Opportunity Day Presentation 4Q11 11
Note: Excluded other income and revenue from JVs* Excluding 448 rooms from JVs (2 hotels in Phuket)
Note: Excluded other income and revenue from JVs
International tourist arrivals continue to grow International tourist arrivals continue to grow International tourist arrivals continue to grow International tourist arrivals continue to grow
4Q11: Total tourist arrivals slightly dropped by3 9% yoy to 4 4 million mainly due to flooding
Growth Oct 11 Nov 11 Dec 11
No. of international tourist arrivals
3.9% yoy to 4.4 million mainly due to floodingimpact in November.
2011: Total arrivals grew 20% yoy. Top 3 sourcesof growth were from Russia (57.4%), China(56.9%) and Hong Kong (32.1%).1.32 1.48
1.821.41
1 21
1.77
1.0
1.5
2.02010 2011
yoy +7.0% -17.9% -2.5%
Contribution: East Asia was a major sourcemarket, contributing about 54%, followed byEurope accounting for about 26%
2012: TAT estimates the total number ofinternational tourist arrivals to reach 21 million
1.21
0.0
0.5
1.0
October November December
21.061%39% 47% 54% 65% 50% 57% 56%
72% 48% 53% 60% 71% 58% 63% 64%
0 00%50.00%100.00%
20.00
25.00
international tourist arrivals to reach 21 million,growing about 10% from 2011.
s International Tourist Arrivals by Region
No. of international tourist arrivals and occupancy
19.1.039% 47% 50%
-150.00%-100.00%-50.00%0.00%
10.00
15.00
Mill
ion
Tour
ist
Negative Factors European Debt Problem Volcano Eruption in Iceland Thailand Political Unrest
Severe flood in Central
of Thailand
Americas
South Asia6%
Oceania5%
Middle East3%
Africa1%
4.7 2.9 3.8 4.6 5.4 4.4 4.7 4.4-250.00%-200.00%
-
5.00
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
2011
A
2012
E
M
East Asia54%Europe
26%
5%2 2
Tourist Arrivals Tourism OCC Centel OCC
CENTEL's Opportunity Day Presentation 4Q11 12Source: Bank of Thailand, Tourist Authority of Thailand
Centara’sCentara’s Feeder MarketFeeder MarketCentara sCentara s Feeder MarketFeeder Market The proportion of guests mixed is fairy consistent with the pattern of international tourist
arrivals over the past years.p y
The contribution from European guests decreased from 46% to 29% from 2008 to 2011.On the other hand, the contribution from Asian guests increased from 19% to 32%between 2008 and 2011.
In 2011, guests from Asia accounted for 32% of total room nights, followed by Europeanguests (29%) and domestic guests (18%).
Guest mixes by number of room night
15.6% 17.5% 20.5% 18.2%
6.0% 7.3% 7.4% 10.6%3.9% 3.7% 3.2% 2.7%8.5% 7.3% 6.1% 6.3%
70%80%90%
100%
Others
Africa
g
46 2%
19.4% 22.6% 27.1% 32.1%
30%40%50%60% Middle East
Australia
Thailand
N t B b f R Ni ht
46.2% 41.1% 35.1% 29.4%
0%10%20%
2008A 2009A 2010A 2011A
Asia
Europe
CENTEL's Opportunity Day Presentation 4Q11 13
Note: By number of Room Nights Russia is included in AsiaOthers such as Latin America, USA, Canada, South America
Overview Key Destination Overview Key Destination Overview Key Destination 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.
Particularly strong with
Phuketand
Bangkok Samui was better than
SamuiContinues to perform
Pattaya
strong with all units
out-performing
plan.
better than past years but with more than 2000 new
to perform to prospect and attain strong demand th h t rooms
chasing similar airline seats,
throughout this quarter.
access continued to be the biggest challenge challenge and not client demand.
CENTEL's Opportunity Day Presentation 4Q11 14
FOOD BUSINESSFOOD BUSINESS
CENTEL's Opportunity Day Presentation 4Q11 15
Historical Food Market TrendHistorical Food Market TrendHistorical Food Market TrendHistorical 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 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 accountingapproximately 61%.
80,000
Revenue by food market segment 2006-2011
40,000
60,000
Btm
n
0
20,000
B
0
2006A 2007A 2008A 2009A 2010A 2011E
Bakery Burger Premium Coffee Chicken Ice Cream Japanese restaurant Suki, Shabu, Chacoal grilled Pizza
Central Plaza Hotel Pcl. 16
Source : Euromonitor International Ltd. and Ministry of Commerce
Food: Financial Snapshot Food: Financial Snapshot 44QQ1111Food: Financial Snapshot Food: Financial Snapshot 44QQ1111In 4Q11, total revenue increased significantly by 23.9% yoy or Bt359.2mn to Bt1,859.2mn The growth of Thai economyand 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% ofincremental revenue in 4Q11); and
Strong growth of Chabuton (CBT) with Bt31mn increase in revenue accounting for 9% of incremental revenue 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 upcost 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 costt l ffi i d t f i d b d d i 1H11
15 8% 17.5% 15 6% 17.0% 17.2% 17.3% 14 2% 15 6% 16 5% 16 4% 30.00%8,000
control efficiency and no extra expense from acquired new brand during1H11.
15.8% 17.5% 15.6% 17.0% 17.2% 17.3% 14.2% 15.6% 16.5% 16.4%
30 00%
-10.00%
10.00%
4,000
5,000
6,000
7,000
Totel Revenue EBITDA Margin (%)
Growth 4Q11 vs. 4Q10
Total Revenue 23.9%
-70.00%
-50.00%
-30.00%
0
1,000
2,000
3,000 FY11 vs. FY10Total Revenue 23.7%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 FY10 FY11
CENTEL's Opportunity Day Presentation 4Q11 17
Note: Excluded depreciation allocated to cost
Food: Revenue by BrandsFood: Revenue by BrandsFood: Revenue by BrandsFood: Revenue by Brands
MDPL BP
RYU1%
FY11: Bt6,495.3mn4Q11 4Q10 %Chg
23%AA8%
PL2%
BP1%
CBT2%
CSC2%
1%TT
0.1%YO0.3%
Other4%
Bt1,842.3mn Bt1,479.4mn 24.5%
Note: Excluded other income
59.5%
21 3%
53.8%
KFC
4Q11 4Q10
KFC
Ottoya3%
4%
6.5%
8.9%
25.1%
16.8%
8.1%
21.3%
Others
Auntie Anne
Mister Donut
• For 4Q11, revenue (excluded other
KFC58%
income) of all brands increased significantly to Bt1,842.3mn.
• In terms of contributions, the three key brands KFC Mister Donut and Auntie 0 4%
0.4%
0.8%
8.5%
The Terrace
Yoshinoya
Ootoya
brands, KFC, Mister Donut and Auntie Anne, contributed about 83% and 89% of total revenue in 4Q11 and FY11, respectively.1.2%
0.8%
2.3%
0.5%
1.2%
2.3%
0.8%
0.4%
Beard Papa
Chabuton
Cold Stone
Ryu Shabu …
CENTEL's Opportunity Day Presentation 4Q11 18
Note: Cold Stone included ice-cream factory
1.6% 2.4%Peper Lunch
Food Performance: Food Performance: 44QQ1111Food Performance: Food Performance: 44QQ11114Q11:• 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 byCRG. The growth in number of outlets also added to the sales of Chabuton and Pepper Lunch.g pp
Brand
SSS SSS TSS TSS SSS SSS TSS TSS
4Q11 4Q10 Chg 4Q11 4Q10 4Q11 4Q10 FY11 FY10 FY11 FY10
4Q11 /4Q10 revenue growth FY11/FY10 revenue growth # Outlets
4Q11 4Q10 Chg 4Q11 4Q10 4Q11 4Q10 FY11 FY10 FY11 FY10
KFC 168 160 8 13.1% 24.0% 12.6% 25.1% 18.3% 19.9% 18.3% 20.1%
Mister Donut 266 245 21 4.3% 17.9% 5.6% 25.8% 9.0% 3.4% 12.0% 11.1%
Auntie Anne 86 83 3 30.9% 15.0% 14.0% 14.8% 17.5% 13.3% 14.5% 19.1%
Pepper Lunch 13 7 6 13.3% 17.4% 80.7% 70.4% 6.2% 18.0% 70.8% 40.1%
Beard Papa 14 10 4 -25.8% 18.3% 17.3% 259.9% -35.9% N/A 38.6% 317.5%
Chabuton 7 2 5 -30.8% N/A 257.0% N/A N/A N/A 363.8% N/A
Cold Stone 8 4 4 N/A N/A -1.6% 30.5% N/A N/A 151.5% N/A
Ryu Shabu Shabu 1 1 0 -2.0% N/A -2.0% N/A N/A N/A 85.4% N/A
The Terrace 2 0 0 N/A N/A 0.0% N/A N/A N/A N/A N/A
Yoshinoya 3 0 3 N/A N/A 0.0% N/A N/A N/A N/A N/A
Ootoya 35 0 35 N/A N/A 0.0% N/A N/A N/A N/A N/A
Total 603 512 91 10.6% 21.7% 24.5% 27.9% 14.8% 14.5% 23.7% 15.4%
CENTEL's Opportunity Day Presentation 4Q11 19
Note: Cold Stone excluded Factory
44QQ1111: Organic Growth : Organic Growth vsvs Total GrowthTotal Growth44QQ1111: Organic Growth : Organic Growth vsvs Total GrowthTotal Growth
KFC, Mister Donut, Auntie Anne’s, Pepper Lunch and Beard Papa were the key growth drivers.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 totalincremental sale. While in FY11, the sales of the above brands rose by Bt881.5mn or about71% of total incremental sale.
4Q11 FY11
Organic All Brands Organic All Brands
Incremental Sale (Btmn) 171.9 363.2 881.5 1,245.4
Sale Growth (% yoy) 12.1% 24.5% 17.3% 23.7%
Note: Organic included KFC, Mister Donut , Auntie Anne’s, Pepper Lunch and Beard PapaAll brands included Chabuton, Cold Stone, Ryu Shabu Shabu, Yoshinoya and Ootoya
CENTEL's Opportunity Day Presentation 4Q11 20
Food Portfolios: Food Portfolios: 603 603 outlets*, of which, outlets*, of which, 5959% are in Bangkok% are in Bangkok
Light food • 5 brands with 374 outlets,
accounting for 62% of total outlets.
g• International fried
chicken
KFC
• Japanese Food : Quick service steak
Pepper Lunch
• Japanese Food : Premium Ramen
Chabuton
• Thai Food (In-house brand) : casual dining
The Terrace
• Revenue of Bt2,216mn, accounting for 34% of the total food revenue of 2011.
• Japanese food (In-house brand):
• Buffet shabu shabu
Ryu Shabu
• Japanese Food: Rice bowl • Japanese Food: Home made style
Heavy food
Ryu ShabuShabu Yoshinoya Ootoya
• 7 brands with 229 outlets, accounting for 38% of total outlets.
• International donut brand
Mister Donut
• Premium soft pretzel
Auntie Anne’s
• Premium cream puffs
Beard Papa’s
• Premium mix-in ice cream
Cold Stone
y
• Revenue of Bt4,335mn, accounting for 66% of the total food revenue of 2011 (Bt6,551mn)
• Premium donut from Japan
Café’
Central Plaza Hotel Pcl. 21
Andonand
* as at 31 Dec 2011
QSR’s HighlightsQSR’s HighlightsQSRs HighlightsQSRs Highlights
28 New Store Open in Q4/11 28 New Store Open in Q4/11Number of New Store
KFC 6Beard P 3
Cold Stone Creamery, 1
KFC
Pepper Lunch
Ch bKFC, 6
Pepper Lunch 2
Auntie Anne's, 3
Papa, 3 Chabuton
The Terrace
YoshinoyaPepper Lunch, 2Chabuton, 2
Mister Donut, 9
y
Ootoya
Mister Donut
The Terrace, 2
Yoshinoya, 2
Auntie Anne's
Beard Papa
CENTEL's Opportunity Day Presentation 4Q1122
Ootoya, 2 Cold Stone Creamery
22
SUMMARY OF SUMMARY OF SUMMARY OF SUMMARY OF OUTSTANDING DEBTOUTSTANDING DEBT
CENTEL's Opportunity Day Presentation 4Q11 23
Centra Taum Seminyak Bali
Debt Structure: Debt Structure: 44QQ1111O/D, 78.9, 1%Current PPF , 62, 1%
Debt Structure: Debt Structure: 44QQ1111
S/T Loan, 1650, 17%
Debenture, 3200, 32%Current Debenture,
1600, 16%
PPF 2, 93, 1%Long Term Loan , 2718, 28%
Current L/T Loan, 408, 4%
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%) = 5 874 9 MBFIXED‐RATE LOAN (40.1%) = 3,935.0 MB FLOAT‐RATE LOAN (59.9%) = 5,874.9 MB
CENTEL's Opportunity Day Presentation 4Q11 24
Note: Excluded interest bearing debt of JVs
MEDIUM TERM OUTLOOKMEDIUM TERM OUTLOOK
Centara Grand Beach Resort, Phuket
CENTEL's Opportunity Day Presentation 4Q11 25
Outlook Outlook 2012 2012 Performance :Performance :
Hotel Business - key drivers:
◦ Centara Grand Central LadpraoHotel 2011 2012E◦ Centara Grand Central Ladprao
Bangkok: 2012 will be its 1st full year ofoperation after renovation period during2009-2011.
OCC (%) 63.9% 66% ‐ 68%
ARR (Bt) 3 663Growth
◦ Centara Grand at Central World:Expecting the rebound from the politicaland flooding impact in 2010 and 2011,respectively. Additionally, recovery MICE
ARR (Bt) 3,6633% ‐ 4%
Revenue (Btmn) 4,667.9Growth 15% ‐20%
market will the key factor to boost upperformance.
◦ Continuous growth of existing hotelsespecially Centara Grand Mirage Pattaya
Food 2011 2012Eespecially Centara Grand Mirage Pattayaand Centara Grand Phuket.
Food Business - key drivers:
SSS (%) 14.8% 6% ‐ 8%
No of Outlets 603 655
◦ New brands: Ootoya and Yoshinoya, willbe the 1st full year operations.
◦ Continuous growth of existing brandsespecially from KFC MD and CBT
Revenue (Btmn) 6,495.3Growth
25% ‐ 27%
N t R l d d th i d f JV
CENTEL's Opportunity Day Presentation 4Q11 26
especially from KFC , MD and CBT.Note: Revenue excluded other income and revenue from JVs
CENTEL’s Growth Contribution CENTEL’s Growth Contribution 20122012CENTELs Growth Contribution CENTELs Growth Contribution 20122012Hotel Business: Bangkok will be a key destination to drive revenue growth in year 2012, accountingfor about 50% of incremental revenue While Pattaya is expected continue its robust performancefor about 50% of incremental revenue. While Pattaya is expected continue its robust performancecontributed 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**
of incremental revenue.
Revenue Incremental Contribution
6,495
Revenue Incremental Contribution
4,668
2011
A
Bang
kok
Hua
Hin
Hat
Yai
Kra
bi
Patt
aya
Phuk
et
Sam
ui
Tak
2012
E
Note: * Excluding other income and revenue from JVs20
11A
KFC MD AA PL BP
CBT
CSC
RY
U TT
Yos
hino
ya
Oot
oya
2012
E
Note:
CENTEL's Opportunity Day Presentation 4Q11 27
Note: Excluding other income and revenue from JVs Note: -** Excluding other income- Ryu will be temporary closed in Jun – Dec 2012
Business by SegmentBusiness by SegmentBusiness by SegmentBusiness by Segment Ootoya is expected to contribute a significant growth in food business in 2012. Assuming no new
development for hotel project the proportion of revenue between hotel and food will be arounddevelopment for hotel project, the proportion of revenue between hotel and food will be around36:64 in 2016.
With the strategy of focusing on asset light, more hotels under management will be added. Withthe high margin on management fees, the proportion of NPAT between hotel and food is expected
b b 51 49
Revenue* by Segment
to be about 51:49.
Hotel Food
64%
58%60% 61%
62% 63% 64%
2011A 2012E 2013E 2014E 2015E 2016E
42% 40% 39% 38% 37% 36%
Central Plaza Hotel Pcl. 28
2011A 2012E 2013E 2014E 2015E 2016E
Note: *Revenue exclude other income and revenue from JVs
Hotel in PipelineHotel in PipelineHotel in PipelineHotel in Pipeline Total 25 hotels with 4,951 rooms are in pipeline, scheduled to open between 2012 – 2014.
12 hotels are in Thailand and 13 hotels are in overseas.
JVs ManagedOverseas Thailand Overseas
Maldives Bangkok Trat HuaHin Khonkaen Pattaya Phuket Bali India Mauritius Srilanka Vietnam China
o 240 rmso 120
o 350 rms
o 82 rms
o 85 rms o 196 rms o 125 rms
rms
o 140 rms o 281 rms o157rms
o156 rms
o 196 rms o 364rms
o 98 rms o 166 rmso 125 rmso 226 rmsrms
o 204 rmso 150 rms
o 106 rms
o 182 rms
o 30 rms
o 146 rms
o 85 rms o 530 rms
29
Note: red letters = open in 2012, blue letters = open in 2013, green letters = open in 2014as of March 5, 2012
CENTEL's Opportunity Day Presentation 4Q11
Outlet Expansion PlanOutlet Expansion PlanOutlet Expansion PlanOutlet Expansion Plan Including Ootoya (35 outlets), total no. of outlets at the end of 2011 was 603. 52 outlets will be added in 2012 On average the target expansion plan is approximately 50 52 outlets will be added in 2012. On average, the target expansion plan is approximately 50
outlets and 1 new brand per year. Over 800 outlets are expected by 2015.
Heavy Food Outlets Expansion
Heavy Food Light Food
62
33
30 24 24 24 24
Light Food22 27 26 26 26
2011A 2012E 2013E 2014E 2015E 2016E
No. of outlets 603 655 706 756 806 856
Central Plaza Hotel Pcl. 30
CENTEL’s CAPEX CENTEL’s CAPEX vsvs EBITDAEBITDACENTELs CAPEX CENTELs CAPEX vsvs EBITDAEBITDA 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 feasibilitystudy, and if feasible, investment is targeted to be made during 2014-2016. The target source offunds would be mainly from cash flow from operation.
5,000 5,000
CAPEX New Opportunity EBITDA
3,000
4,000
3,000
4,000
2,000
3,000
2,000
3,000
-
1,000
-
1,000
CENTEL's Presentation 31
2011A 2012F 2013F 2014F 2015F 2016F
Target Ending Balance of Interest Bearing DebtTarget Ending Balance of Interest Bearing DebtTarget Ending Balance of Interest Bearing DebtTarget Ending Balance of Interest Bearing Debt
• Under assumption of no investment in owned hotel after Centara Grand Phuket (CPBR) in 2010.C ’ 20 4
O/D, P/N, B/E Debenture Long Term Loan Gearing Ratio
CENTEL’s gearing ratio is expected to decrease gradually to be less than 1X in year 2014.
1.621.33
1.110 96
1.50
2.00
10,000
12,000
1.110.96
0.81 0.69
0.50
1.00
6,000
8,000
-0.50
-
2,000
4,000
-1.00 -
2011A 2012E 2013E 2014E 2015E 2016E
32
Note: Gearing Ratio = Interest Bearing Debt/ Equity
CENTEL's Presentation
CENTEL’s MilestoneCENTEL’s MilestoneCENTELs MilestoneCENTELs Milestone
05 11
Hotel 31 hotels 6F
200
Hotel 7 hotels (only 1 managed hotel)
201 (owned & JVs = 14 +
managed = 17)
H t l i Th il d 27
2016 Hotel 87 hotels
(Owned & JVs = 17 + managed = 70)
QSR 5 Brands Hotel in Thailand 27 hotels, Overseas 4 hotels
Hotel in Thailand = 54 hotels, Overseas = 33 hotels
QSR 12 brands, 603 outlets QSR 16 brands, > 800
outlets
Central Plaza Hotel Pcl. 33
Shareholder StructureShareholder StructureShareholder StructureShareholder Structure
On 8 March 2012, Thailand Equity Fund diverted 9.04%, 122.0 mn shares, in CENTEL to local d f i i and foreign investors
Foreigner8 23%8.23%
Free F i Free Folat
19.54% Chirativat Family39.62%
Foreign Funds25.15%
122.0mn Shares
Thailand Equity Fund9.04%Chirathivat
F il
Local Funds27 04%
Private Clients8 19%
Divested to
Shares
Family63.19%
27.04%8.19%
A f D b 2011
CENTEL's Opportunity Day Presentation 4Q11 34
As of December 2011
THANK YOUTHANK YOU
CENTEL's Opportunity Day Presentation 4Q11 35