Shopping Center Business

MBK Public Company Limited
Key performance 2014
1
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. Forwardlooking 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.
2
Agenda
 Company overview
 Operating Performance of year 2014
 Operating Performance by segment
- Shopping Center Business
- Hotel & Tourism Business
- Golf Business
- Real Estate Business
- Finance Business
- Food Solution Business
- Other Business
 Financial Information of year 2014
Ha Ha
A La Art
3
Company Overview
4
MBK Group
Background :
Paid-Up capital :
Market capital :
Dividend policy :
Major shareholder :
Credit rating :
Established in 1974; relisted on the SET since 1994;
changing its name to “MBK” in 2003
1,886.29 million Baht (1,886.2 million shares@ par 1 Baht)
27,540 million Baht (14.6 baht/share as of 30 December 2014)
Not less than the previous period*
Pathum Rice Mill and Granary Plc. (26.47%)
Thanachart Group (19.9%)
THAI NVDR (2.58%)
“A/Stable ” By TRIS Rating Co., Ltd.
*Unless there are any unexpected situations
- On 28 April 2014, MBK split its par value from 10 Baht to 1 Baht
5
History of MBK Group
Associated
companies
Group’s businesses
1974 - 2000
1974 – Established MBK Group
1981 - Rice Business
1985 - Mah Boon Krong
Shopping Center
1996 - Pathumwan Princess
Hotel
2001 - 2010
2002 – Tinidee Hotel @ Ranong
2003 - Real Estate Business
- Sheraton Krabi Beach Resort
- Loch Palm Golf Course
2007 - Red Mountain Golf Course
- Automobile Auction
- Glas Haus Sukhumvit
2010 - Paradise Park
- Hire purchase and Lending
Business
- Riverdale Golf Course
- Glas Haus Ratchada
2001 - Royal Orchid Sheraton Hotel
2002 - Siam Piwat Group (Siam
Paragon, Siam Center, Siam
Discovery)
2011 - Present
2011 -The Nine Center
- Layana Hotel (Koh Lanta)
2014 - A La Art (renovate from 29
Plaza)
- Ha Ha
- Life Insurance Business
- Bangkok Golf Course
2011 -Dusit Thani Maldives
MBK Group’s structure
Shopping Centr
Siam Piwat
(30.7%)
50%
Siam Center
Siam Discovery
Real Estate
Loch Palm Golf
Course
(72.6%)
Sheraton Krabi Beach
Resort Hotel
Tinidee Hotel
@Ranaong
Red Mountain Golf
Course (72.6%)
Tinidee Golf Resort
@Phuket
Layana Resort &
Spa Hotel
Siam Tower
Siam Paragon
(15.4%)
Dusit Thani
Maldives (30%)
The Nine Center
Glas Haus Sukhumivt
Glas Haus Ratchada
Siam Delice
(50%)
Golf
Patumwan Princess
Hotel
MBK Center
Paradise Park
(50%)
Hotel & Tourism
Royal Orchid Sheraton
Hotel (29.9%)
Dusit Thani
Hotel (11.7%)
Riverdale Golf
Course
Bangkok Golf
Course
Lam Luk Ka Golf
Course (44.3%)
Food Solution
Indy 2
(72.6%)
Other
Finance
Patum Rice Mill
(74.5%)
MBK
Guarantee
MBK-G
T Leasing
Quinn Condo
Sabai 2
(72.6%)
Baan Rom Mai 1 & 2
(55%)
MBK Food Island
(74.5%)
The Fifth Avenue
(62.1%)
Tsurumaru Udon
Honpo,
Fujio Shokudo
(44.7%)
TCAP
(10.2%)
Max Asset
(16.6%)
Apple Auto
Auction
(50%)
SCI Life
(46.5%)
MBK Suki Number One
(62.1%)
As at 31 December 2014
7
Operating Performance
of year 2014
8
Operating Performance – MBK Group
Million Baht
For the year ended 31 December
2014
2013
Increase/decrease
Operating Revenue
Operating Profit
Share of profit from investments in associates
Other income
Finance costs
Income Tax expense
Non - controlling interests of subsidiaries
Net profit - attributable to equity of the Company
Earning per shares (Baht)
9,114
1,410
316
650
(411)
(361)
(13)
1,591
1.19
9,272
1,420
294
3,564
(344)
(805)
(21)
4,108
2.89
(158)
(10)
22
(2,914)
(67)
444
8
(2,517)
(1.70)
(2%)
(1%)
7%
(82%)
(19%)
55%
38%
(61%)
(59%)
9
Operating Revenue – MBK Group
10
EBIT – MBK Group
11
Key Operations by Geographic Locations
Bangkok and Surrounding areas
Shopping Mall
Krabi Province
Hotel
Bangkok
Phuket Province
Golf
Hotel
Krabi
Phuket
Golf
Hotel
12
Operating Performance by Segment
13
Shopping Center Portfolio
Ownership
Lettable
Area
(Sq.m.)
Storey
MBK’s
stake
Avg. OR
(%) *
Pathumwan
Intersection
Leasehold ended
year 2033
82,829
8
100%
97.8%
Paradise Park
Srinakarin
Road
Leasehold ended
year 2023
86,359
65.4%
94.9%
The Nine Center
Rama 9 Road
Freehold
15,689
4
100%
89.9%
Ha Ha
Srinakarin
Road
Leasehold ended
year 2037
10,026
4
65.4%
52.7%
Shopping
Center
Location
MBK Center
5
*Average OR% of year 2014 14
Office Building Portfolio
Office Building
Location
Ownership
Lettable Area
(Sq.m.)
Avg. OR
(%) *
MBK Tower
Pathumwan
Intersection
Leasehold ended
year 2033
15,588
100%
Glas Haus Sukhumvit
Sukhumvit
Road
Leasehold ended
year 2030
12,999
99%
The Nine Office
Rama 9 Road
Freehold
8,979
100%
Glas Haus Ratchada
Ratchadapisek
Road
Leasehold ended
year 2024
7,509
100%
*Average OR% of year 2014
15
Shopping Center Business
Property
MBK’s stake
Shopping Center
MBK Center
100%
The Nine Center
100%
Paradise Park
65.4%*
Ha Ha
65.4%*
Retail Area
(Sq.m.)
Retail
Area
(Sq.m.)
Retail Area
(Sq.m.)
Office Building
MBK Tower
100%
Glas Haus Sukhumvit
100%
Glas Haus Ratchada
100%
The Nine Office
100%
Siam Piwat’s Group
Siam Center
Siam Discovery
Siam Paragon
Total
54,502
MBK Tower
Glas Haus Ratchada
Glas Haus Sukhumvit
30.7%
30.7%
15.4%
75,775
MBK's Net Stake
The Nine
Siam Discovery
15,588
7,509
12,999
Office Building Area
(Sq.m.)
8,979
30,700
* Include indirect investment through Siam Piwat (SPW) of 15.4%
16
Shopping Center Business- Average Occupancy Rate
Avg. OR (%) *
2011
2012
2013
2014
MBK Center (82,829 sq.m.)
99.9%
99.9%
98.9%
97.8%
Paradise Park (86,359 sq.m.)
95.2%
93.6%
93.0%
93.0%
The Nine Center (15,689 sq.m.)
94.9%
97.2%
90.8%
89.9%
-
-
-
52.7%
97.4%
96.9%
95.6%
92.7%
100.0%
93.7%
99.6%
100.0%
89.1%
65.5%
84.3%
98.8%
The Nine office (8,979 sq.m.)
100.0%
100.0%
100.0%
100.0%
Glas Haus Ratchada (7,509 sq.m.)
100.0%
100.0%
100.0%
100.0%
97.0%
87.9%
95.3%
99.7%
Shopping Center
Ha Ha (10,026 sq.m.)
Total Group
Office Building
MBK Tower (15,588 sq.m.)
Glas Haus Sukhumvit (12,999 sq.m.)
Total Group
*Average OR% of year 2014
17
Operating Revenue - Shopping Center Business
18
EBIT – Shopping Center Business
19
Contribution of SPW
MBK holds 30.7% stakes in SPW
Book Value : 1,626 Million Baht (equity method as of 31 December 2014)
20
Hotel & Tourism Business Portfolio
Hotel
Room
Operate/
Capacity Ownership
Acquire
(Keys)
MBK’s
Stake
455
Leasehold ended
year 2033
2539
100%
240
Freehold
2546
100%
136
Freehold
2545
100%
Ranong
46
Freehold
2554
100%
Location
Pathumwan Princess Patumwan Intersection,
Hotel (PPB)
Bangkok
Sheraton Krabi Beach
Krabi
Resorts (SKBR)
Tinidee Hotel @ Ranong
Ranong
(TNDR)
Tinidee Hotel Inn (TNDI)
Layana Resort & Spa
(LAYANA)
Tinidee Golf Resort @
Phuket (TNDP)
Dusit Thani Maldives
(DMS)
Koh Lanta, Krabi
51
Freehold
2554
100%
Loch Palm Golf Course,
Phuket
45
Freehold
2553
100%
Maldives Island
95
Leasehold ended
year 2044
2555
30%
Royal Orchid Sheraton
Bangkok
726
Freehold
2544
29.85%
21
Hotel & Tourism Business– Avg. OR%
Average Occupancy Rate (%)*
2011
2012
2013
2014
Patumwan Princess Bangkok
Sheraton Krabi Beach Resort
Tinidee Hotel Ranong
Tinidee Inn Ranong
Layana Resort & Spa
Tinidee Hotel Phuket
Dusit Maldives
Royal Orchid Sheraton
75%
52%
57%
82%
63%
12%
47%
79%
61%
52%
83%
62%
37%
40%
66%
80%
72%
59%
80%
70%
49%
60%
69%
66%
76%
53%
73%
71%
61%
66%
53%
64%
64%
71%
61%
Total Group
* Average OR% of year 2014
22
Operating Revenue- Hotel & Tourism Business
23
EBIT – Hotel & Tourism Business
24
Golf Business Portfolio
Golf Course
Location
Capacity
MBK’s stake
Loch Palm Golf Course (LPGC)
Red Mountain Golf Course
(RMGC)
Kathu District, Phuket
18 Holes
72.6%
Kathu District, Phuket
18 Holes
72.6%
18 Holes
100.0%
Riverdale Golf Course (RDGC) Bang Kadi District, Pathum Thani
Lam Luk Ka Golf Course
(LLKGC)
Lam Luk Ka District,
Pathum Thani
36 Holes
44.3%
Bangkok Golf Club (BKGC)
Bang Kadi District, Pathum Thani
18 Holes
100%
25
Golf Business – Number of Golfer
Number of Golfers (Rounds)
LPGC
RMGC
RDGC
LLKGC
2011
39,455
18,975
33,276
54,509
2012
37,637
20,389
48,705
64,725
2013
34,208
20,472
50,505
65,150
2014
31,017
21,172
47,373
64,240
26
Operating Revenue – Golf Business
27
EBIT – Golf Business
28
Real Estate Business Portfolio
Total
Project Name
Year Project
Launched
(Million
Baht)
Number
Total
Units
Sold
of sold Amount
(Units)
(Million
Baht)
%
of Sold
Backlog (To be
transfer)
Unsold
(Units)
(Million
Baht)
(Unit)
(Million
Baht)
Housing Development (Phuket)
The Indy II
Sabai Village II
2008
2011
307
515
822
67
106
173
43
95
138
197
462
659
64%
90%
80%
24
11
35
110
53
163
14
24
38
64
117
181
2013
2014
149
145
294
78
105
183
76
5
81
145
7
152
97%
5%
44%
2
100
102
4
138
142
2
5
7
4
7
11
2011
58
11
9
48
82%
2
11
2
11
58
11
9
48
82%
2
11
2
11
3,041
729
535
1,603
73%
194
809
535
1,603
3,921
913
682
2,309
75%
231
983
575
1,794
Total
Housing Development (Chonburi)
Baan Rom Mai 1
Baan Rom Mai 2
Total
Land for sale (Phuket)
Planery Zone 2
Total
Condominium (Bangkok)
QUINN
2012
Grand Total
29
Operating Revenue – Real Estate Business
30
EBIT – Real Estate Business
31
Finance Business
Company
Business
MBK’s
stake
MBK
Offer assets financing
Guarantee against collateral in Bangkok 100%
(MBK-G) and key tourist provinces
Operate motorcycle hire
T Leasing
purchase business in
100%
(TLS)
Bangkok and suburban area
Total
Portfolio Size
(Million Baht)
31 December 2013 31 December 2014
3,804
3,732
2,158
2,001
5,962
5,733
32
Operating Revenue – Finance Business
33
EBT – Finance Business
34
Finance Business - Investment
Company
Business
MBK’s
stake
Assets size
(Million Baht)
Thanachart Capital Plc. Holding company of Tbank and other
10.2%
(TCAP)
related financial institutions
4,125*
Providing asset management service of
Max Asset Management
NPL and NPA acquiring from financial 16.6%
(Max Assets)
institutions
117**
* Market value as at 31 December 2014
**Equity method
35
Contribution – Finance Business
36
Food Solution Business
Business
Name
Location
MBK’s stake
Manufacture and sell rice
Mah Boonkrong Rice
Glas Haus Building, Sukhumvit
74.5%
International Food center
The Fifth Food Avenue
MBK Center @ 5th Floor
62.1%
Food center
MBK Food Island
MBK Center @ 6th Floor
74.5%
Japanese Restaurant
Fujio Shokudo,
Tsurumaru Honpo Udon
MBK Center , Seacon Square ,
Ha Ha , Lotus AMATA
44.7%
Traditional Suki
Suki Number One
The Nine Center @ 1st Floor
62.1%
37
Operating Revenue – Food Solution Business
38
Other Business
Company
Business
Capital
(Million Baht)
Apple Auto Auction
(AAA)
Provide car and motorcycle auction service
with genuine on-line auction service
90
MBK’s
Stake
50%
39
Contribution – Other Business
40
New Projects in year 2015
41
New Projects – Shopping Center Business
Skywalk
Façade
MBK Center
renovation
MBK Center
Location
Paradise Tokyo Retail
(PT Retail)
Paradise Park
Area (sq.m.)
5,250
-
50,430
13,165
MBK’s stake
100%
100%
100%
25%
Investment
(Million Baht)
275
260
376
400
42
Skywalk - Overview
43
Skywalk - Overview
44
Skywalk (Phaya Thai Road view)
45
Skywalk (Chula Soi 12 view)
46
New Projects – Real Estate Business
Type
Location
Units
MBK’s stake
Investment
(Million Baht)
Loch Palm
Residence
The Nine
Condominium
Albratross
Residence
Condominium
Residence
Loch Palm Golf
Course, Phuket
Next to The Nine
Center
10
72.6%
456
100%
Riverdale Golf
Course
Pathum Thani
56
100%
130
902
1,054
47
Loch Palm Residence
48
New Projects – Hotel & Tourism Business
- Expand 6 rooms at Layana Resort and Spa totaled 26 million Baht
49
Future projects – Food Solution Business
- Expand 2-3 branches of Tsurumaru Udon Honpo
- Expand 2 branches of Fujio Shukodo
- Expand 3 branches of Suki Number One
50
Financial Information of year 2014
51
ROA and ROE
52
EPS
3.50
Baht per share
3.00
2.50
2.00
2.89
1.50
1.00
0.50
0.91
1.25
1.19
0.00
2011
2012
2013
2014
53
P/E Ratio
54
Balance Sheet
55
Profit and Loss Statement
Notes : Total revenue year 2013 is included share of profit from investments in associates 294 million Baht and other income 3,564 million Baht
Total revenue year 2014 is included share of profit from investments in associates 316 million Baht and other income 650 million Baht
56
Major Shareholders
Name
Number of shares
%
1. PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED GROUP
PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED
PRG. GRANARY COMPANY LIMITED
2. THANACHART CAPITAL PUBLIC COMPANY LIMITED GROUP
THANACHART CAPITAL PUBLIC COMPANY LIMITED
THANACHART BANK PUBLIC COMPANY LIMITED
THANACHART SECURITIES PUBLIC COMPANY LIMITED
THANACHART INSURANCE PUBLIC COMPANY LIMITED
3. THAI NVDR
4. MR.YONGSAK KANATHANAVANICH
5. KRUNGSRI DIVIDEND STOCK LONGTERM FUND
KRUNGSRI DIVIDEND STOCK
6. DBS BANK A/C DBS NOMINEES-PB Clients
7. MS. SINEE THIENPRASIT
8. MR. CHANIN DONAVANIK
9. Mr. Parinya Tieanworn
10. N.C.B.TRUST LIMITED-BOA NA/CLIENT ASSETS
499,249,530
474,249,530
25,000,000
375,372,090
188,562,090
76,842,000
75,603,000
34,365,000
48,752,377
48,264,000
40,251,300
23,910,600
35,984,000
24,872,330
24,534,330
22,000,000
22,124,189
26.47%
25.14%
1.33%
19.90%
10.00%
4.07%
4.01%
1.82%
2.58%
2.56%
2.13%
1.27%
1.91%
1.32%
1.30%
1.17%
1.17%
Source: SET (as of December 2014)
57
Thank You
For further enquiries, Contact MBK Investor Relations :
E-mail : inv@mbk-center.co.th
Tel : (66)2620-7120
Website : www.mbk-center.co.th
58