Central Pattana Plc.                   Property Development and InvestmentCorporate Presentation: 3Q12 Performance Review ...
Disclaimer    The information contained in this presentation is for information purposes only and does not constitute an ...
Agenda   ► Company Overview   ► Operations   ► Future Developments   ► Financial Highlights
Company Overview
3Q12 Overview    Operations    • CentralPlaza Suratthani resumed its operations on October 11, 2012       an Occupancy Rat...
Operational Performance
Property LocationsExisting Projects:                            ThailandShopping Centers: 19  World Format          1 (BMA...
Leasable Area and Occupancy: Bangkok RetailAs of 3Q12, CPN manages 18 premium shopping centers – 10 in Bangkok Metropolita...
Leasable Area and Occupancy: Provincial Retail8 shopping centers are strategically located in high traffic growth areas in...
Leasable Area and Occupancy: OfficeOffice property is considered as non-core business, complementing shopping center busin...
Occupancy: Residential and HotelResidential property and hotel are non-core businesses. These businesses complement that o...
Operation Performance: CPNRFIn 3Q12, CPN Retail Growth Leasehold Property Fund (“CPNRF”) owns three shopping centers and t...
Rental Contract Type : By Area                                                                        % of Sales         M...
Effective Rental Rate                                    (1)Overall effective rental rate declined in 2009 – 2011 from new...
Expiration of Long term lease contract                                       (1)Long term lease contract will be expired i...
Future Developments
Secured Future Locations                                         CentralFestival Chiangmai  CentralPlaza Lampang          ...
CentralPlaza LampangProject Highlights Investment Cost (1)                      1,100 MB Program  Shopping Center (N.L.A.)...
CentralPlaza UbonratchathaniProject Highlights Investment Cost (1)                        1,800 MB Program   Shopping Cent...
CentralFestival HatyaiProject Highlights Investment Cost (1)                        4,500 MB Program   Shopping Center (N....
CentralFestival ChiangmaiProject Highlights Investment Cost (1)                        3,100 MB Program   Shopping Center ...
Future Leaseable Area & Occupancy RateAssets under management                      2006          2007          2008       ...
Capital ExpenditureMajor capital expenditure will be used to develop new projects. Financing plan for future expansion inc...
3Q12Financial Performance
Financial Summary                                                                   6-mth closure of                      ...
Retail & office +44% YoY, mainly from:  Revenues Breakdown                                                                ...
Costs Breakdown                                                                                               Cost of reta...
SG&A Expenses Breakdown(Bt.mil)                                                                                           ...
Debt Analysis  Outstanding Borrowings 26,492mil (THAI BAHT)                                                  Fixed vs. Flo...
Capital Structure               CPN’s net D/E stood at 1 times, against its debt covenant of 1.75 times.    (Bt.mil)      ...
Share Price Performance and Dividend                        CPN Share Performance (5-Yr)                       70         ...
Appendix
Balance Sheet                33
Income Statement                                           3Q11       2Q12       3Q12       % YoY      % QoQ      Consolid...
CPN Retail Growth Leasehold Property Fund3rd Quarter 2012 Financial Results21st November 2012
Important Notice    • The information contained in this presentation is for information purposes only and does not      co...
Contents                                       Page           1.   Operations                5           2.   Financial Hi...
1. Operations
Leasable Area and Occupancy     Occupancy rate of CPNRF Portfolio slightly increased QoQ                                  ...
New and Renewed Lease Profile     Rental rates for the 3 malls have continued to grow by 7.6%                             ...
Lease expiry profile              Well balanced lease expiry profile40%                                                   ...
Rental Structure Profile                                                                                                  ...
High Quality Tenants (Plaza)                                                              Expiry                          ...
2. Financial Highlights
Income breakdown : 3Q12Good performance across the three assets leads to strong YoY growth for the Fund                   ...
Profit & LossNet Investment Income continues to grow, both QoQ and YoY(Baht Million)                            3Q12    2Q...
Balance Sheet unit : Baht Million except      indicated                      Sep-12    Jun-12    QoQ Investments in proper...
Distribution Summary     3Q2012 DPU of Bt 0.2863, increases by 1% QoQ and 8% YoY                                          ...
Shareholder Structure and Dividend     Listed on the SET         23 August     2005                                     Di...
CPNRF Fund Structure             Land Owner                                         Land Owner             Lease of land  ...
CPNRF Fund Information    Name                   CPN Retail Growth Leasehold Property Fund (“CPNRF”)    Property Manager  ...
CPN : Opp day Nov 21, 2012
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CPN : Opp day Nov 21, 2012

  1. 1. Central Pattana Plc. Property Development and InvestmentCorporate Presentation: 3Q12 Performance Review Central Suratthani CentralPlaza Suratthani
  2. 2. Disclaimer  The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Central Pattana Public Company Limited (“CPN” and shares in CPN, “shares”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever.  This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which CPN operates and general achievement of CPN business forecasts, which will cause the actual results, performance or achievements of CPN to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.  This presentation has been prepared by the CPN. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the CPN or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.  This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes.  This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws. Note: All currency figures within this presentation are presented in Thai Baht unless otherwise stated. 2
  3. 3. Agenda ► Company Overview ► Operations ► Future Developments ► Financial Highlights
  4. 4. Company Overview
  5. 5. 3Q12 Overview Operations • CentralPlaza Suratthani resumed its operations on October 11, 2012 an Occupancy Rate of approximately 93%. • Shopping centers achieved 3Q12 same store effective rental rate +12% yoy (1). Financials – Overall performance : – 3Q12 Revenues + 42% yoy – 3Q12 Operating Profit +150% yoy – 3Q12 Net Profit +220% yoy – 3Q12 Net Profit (Include non-recurring) +632% yoy – For a same store basis(1) : – 3Q12 Revenues +11% yoy – Net D/E stood at 0.88 times.•Expansion – CentralPlaza Lampang will be launched on November 30 with approximately 90% occupancy rate. – Development of future projects – CentralPlaza Ubonratchathani and CentralFestival Hatyai and CentralFestival Chiangmai is on progress. Note 1:.Excludes CentralPlaza Udonthani, CentralPlaza Lardprao, CentralPlaza Pitsanulok, and CentralPlaza Grand Rama9. 5
  6. 6. Operational Performance
  7. 7. Property LocationsExisting Projects: ThailandShopping Centers: 19 World Format 1 (BMA) Plaza Format 16 (9 - BMA) (7 - Province) Equity-owned (CPN) Center Format 1 (Province) Pure-managed (CPNRF) Festival Format 1 (Province)Offices: 7 (BMA) Under constructionHotel: 2 (Province) Bangkok Metropolitan Area (BMA)Pipeline Projects:Shopping Centers:BMA - Suan Lumpini (Pre-Cadet School)Provinces - Lampang - Ubonratchthani - Hatyai (Songkla) - Chiangmai Note : As of 30 September 2012. 7
  8. 8. Leasable Area and Occupancy: Bangkok RetailAs of 3Q12, CPN manages 18 premium shopping centers – 10 in Bangkok Metropolitan Area (BMA) and its vicinitiesand 8 in provincial areas. In 3Q12, occupancy of the BMA shopping centers stood at 97%.Retail Properties in BMA Leaseable area(1) (sqm) Occupancy Rate (2) CPN Retail Develop- Land Properties ment Ownership Department Retail Total 3Q12 2Q12 3Q11 Store 1. Lardprao Greenfield Leasehold 48,140 - 48,140 100% 100% 97% 2. Ramindra Greenfield Leasehold 17,156 - 17,156 100% 100% 98% 3. Pinklao (3) Greenfield Leasehold 35,575 - 35,575 100% 100% 99% 4. Rama 3 (3) Greenfield Freehold 18,192 - 18,192 85% 100% 100% Under renovation. 5. Bangna Acquisition Freehold 58,112 - 58,112 91% 96% 95% 6. Rama 2 (3) Greenfield Leasehold 5,937 - 5,937 100% 100% 100% 7. Rattanathibet Acquisition Freehold 59,680 17,558 77,238 100% 98% 98% Underwent a major 18,970 8. CentralWorld Acquisition Leasehold 141,029 187,054 98% 98% 88% renovation during 27,055 May 10 – Nov 11. 9.Chaengwattana Greenfield Freehold 64,458 - 64,458 95% 95% 96% 10.Grand Rama 9 Greenfield Leasehold 59,505 23,432 82,937 99% 99% n/a Opened in Dec11. (4) CPN Portfolio in BMA 507,784 87,015 594,799 97% 98% 94% Note 1: Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. Note 2: Percentage based on leaseable area. 8 Note 3: Excludes areas transferred to CPNRF.
  9. 9. Leasable Area and Occupancy: Provincial Retail8 shopping centers are strategically located in high traffic growth areas in provinces.Occupancy rate in 3Q12 averaged 98%. Retail Properties in Provincial Areas Land Leaseable area (1) (sqm) Occupancy Rate (2) CPN Retail Develop- Properties ment Department Ownership Retail Total 3Q12 2Q12 3Q11 Store1. Pattaya Center Greenfield Leasehold 15,226 - 15,226 97% 97% 93%2. Chiangmai Acquisition Freehold 45,140 30,751 75,891 99% 98% 99%3. Pattaya Festival Greenfield Freehold 57,161 - 57,161 96% 96% 97%4. Udonthani Acquisition Freehold 45,196 23,640 68,836 99% 98% 91% Underwent a major renovation5. Chonburi Greenfield Freehold 40,386 - 40,386 96% 94% 96% during Jun 11 – Mar 12.6. Khonkaen Greenfield Freehold 50,146 - 50,146 95% 96% 93%7. Chiangrai Greenfield Freehold 21,459 - 21,459 98% 98% 98%8. Phitsanulok Greenfield Freehold 24,974 - 24,974 100% 100% n/a Opened in Oct 11. CPN Portfolio in Provinces 299,688 54,391 354,079 98% 97% 96% Total CPN Portfolio for Retail Properties 807,472 141,406 948,878 98% 98% 95% Note 1: Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. Note 2: Percentage based on leaseable area. 9 Note 3: CentralPlaza Suratthani opened in October 2012 with an occupancy rate 93%
  10. 10. Leasable Area and Occupancy: OfficeOffice property is considered as non-core business, complementing shopping center business and adding value to theoverall project. As of 3Q12, CPN owned five office towers located in BMA with an average occupancy rate of 96%. Leaseable Occupancy Rate (2) Develop- Land Office area (1) ment Ownership 3Q12 2Q12 3Q11 (sqm) 1. Lardprao Greenfield Leasehold 16,250 96% 99% 22% Completed its major renovation in 1Q11. 2. Bangna Acquisition Freehold 10,007 94% 97% 99% 3. CentralWorld Acquisition Leasehold 82,796 98% 97% 89% Divested to CPNCG in Sep 12. 4. Chaengwattana Greenfield Freehold 19,867 84% 85% 56% 5. Grand Rama 9 Greenfield Leasehold 13,163 95% 94% n/a Opened in Dec 11. Total 142,082 96% 95% 76% Note 1: Excludes storage. Note 2: Percentage based on leaseable area. 10
  11. 11. Occupancy: Residential and HotelResidential property and hotel are non-core businesses. These businesses complement that of theshopping center and add value to the project.Residential Leaseable area (1) Occupancy Rate (2) Residential (sqm) 3Q12 2Q12 3Q11 1. Bangna 1,907 47% 47% 49% Strata title. Asset for sales. 2. Langsuan 4,466 61% 65% 64% 50-unit furnished apartment. Total 6,373 57% 60% 60%Hotel No. of Occupancy Rate % Hotel Available Room 3Q12 2Q12 2Q11 Centara Udonthani 259 56% 53% n.a Closure for refurbishment during Jun 11 – Dec 11. Managed by Central Plaza Hotel Plc. Hilton Pattaya 302 63% 76% 59% Launched in Dec 10. Managed by Hilton Hotel Corporation Total 561 60% 66% 59% Note 1: Includes retail space. Excludes storage. Note 2: Percentage based on leaseable area. 11
  12. 12. Operation Performance: CPNRFIn 3Q12, CPN Retail Growth Leasehold Property Fund (“CPNRF”) owns three shopping centers and two office towers.CPNRF is managed by SCB Asset Management, Fund Manager. Its properties are managed by CPN, Property Manager. Leaseable Occupancy Rate (2) CPNRF Retail Develop- Land area (1) Properties ment Ownership 3Q12 2Q12 3Q11 (sqm) 1. Rama 2 Greenfield Leasehold 88,945 100% 99% 100% 2. Rama 3 Greenfield Freehold 37,053 99% 100% 96% 3. Pinklao Greenfield Leasehold 21,706 99% 98% 94% CPNRF Retail Properties 147,704 100% 99% 98% Leaseable Occupancy Rate (2) CPNRF Office Develop- Land area (1) Properties ment Ownership 3Q12 2Q12 3Q11 (sqm) Pinklao Tower Greenfield Leasehold 33,760 97% 98% 97% A&B CPNRF Portfolio 181,464 99% 98% 97% Note 1: Includes rental agreements < 1 year such as kiosk, carts, ATMs and coin machines and CPN acts as the property manager. Note 2: Percentage based on leaseable area. 12
  13. 13. Rental Contract Type : By Area % of Sales Monthly basis collection 24% (up to 3 years) • Tenants: food centers, cineplex and international brands such as “McDonalds”, “KFC” Fixed rent • Range of percentage: 10% - 30% 48% of salesMonthly basis collection(up to 3 years) • With minimum guarantees• Increase rental rate approx 5% p.a.• Approx. 1/3 of rental contract Long-term lease expired every year 28% Up-front collection (up to 30 years) • Up-front payment – realize throughout lease contract period on straight-line basis Note: On top of space rental fee, service & utility fees are collected on a monthly basis Note1: Percentage based on occupied area. Source: Company estimate as of 30 September 2012. 13
  14. 14. Effective Rental Rate (1)Overall effective rental rate declined in 2009 – 2011 from new malls in Same store rental rate of matured mallsprovinces. 3Q12 same store rental rate grew 12% y-o-y. (Bt/sm/mth) 1,600 1,443 1,422 Same Store 1,400 1,298 1,253 1,200 (Bt/sm/mth) Rental + 12% YoY 1,000 1,600 800 1,455 1,441 600 1,430 1,369 3Q11 3Q12 9M/11 9M/12 1,400 1,356 1,274 1,254 1,248 1,225 1,218 1,206 Excludes , CentralPlaza Lardprao, and malls launched during 2008-2012 (2) 1,200 Same store rental rate of new malls (2) 1,000 (Bt/sm/mth) 1,400 1,233 1,236 1,200 1,109 1,128 800 1,000 800 Excludes CentralPlaza Udonthani, 600 All projects CentralPlaza Lardprao, 3Q11 3Q12 9M/11 9M/12 and new malls launched in 2H 2011 Excludes CentralPlaza Udonthani, malls launched in 2H 2011 (3) Note 1 : The figures are effective rental rates for retail tenants (occupied space < 1,000 sqm) and net of special rental discounts. Note 2 : Malls which have been operating less than 3 - 4 years – CentralPlaza Chaengwattana, CentralFestival Pattaya Beach, CentralPlaza Udonthani, 14 CentralPlaza Chonburi, CentralPlaza Khonkaen, and newly launched malls opened in 2011. Note 3 : CentralPlaza Udonthani, CentralPlaza Phitsanulok, and CentralPlaza Grand Rama 9. Source: Company estimate as of 30 September 2012.
  15. 15. Expiration of Long term lease contract (1)Long term lease contract will be expired in each following year from now. At that day, these area will beconverted to short term contract at market rental rate which could be increased the company’s revenues. The expiration area and expiration period are shown below : Year Retail Anchor Retail + Anchor 2013 11,781 - 11,781 2014 5,497 25,956 31,453 2015 23,464 - 23,464 2016 4,573 - 4,573 2017 4,556 26,270 30,826 2018 4,414 - 4,414 2019 7,150 18,970 26,120 2020 359 27,056 27,415 2021 onward 45,204 24,919 70,123 Total 106,996 123,171 230,167 .Source: Company estimate as of 30 September 2012. 15
  16. 16. Future Developments
  17. 17. Secured Future Locations CentralFestival Chiangmai CentralPlaza Lampang NLA: 46,700 sqm NLA: 16,100 sqm Opening in 4Q 2013 Opening in 30 Nov 2012 CentralPlaza Ubonratchathani NLA: 25,300 sqm Opening in 2Q 2013 CentralFestival Hatyai NLA: 50,100 sqm Opening in 4Q 2013 Note: As of 30 September 2012. 17
  18. 18. CentralPlaza LampangProject Highlights Investment Cost (1) 1,100 MB Program Shopping Center (N.L.A.) 16,100 sqm (2) Parking (G.A) 800 cars Joint- Developer Robinson Department Store (3) Location 39 rais, Lampang Province North of Thailand Construction Progress 92% of construction (As of Oct 12) Opening 30 Nov 2012 Note1: Includes land and construction cost of shopping center and parking building. Excludes those of department store. Note2: Excludes CRC’s area (Robinson Department Store). 18 Note3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area.
  19. 19. CentralPlaza UbonratchathaniProject Highlights Investment Cost (1) 1,800 MB Program Shopping Center (N.L.A.) 25,300 sqm (2) Parking (G.A) 1,500 cars Joint- Developer Robinson Department Store (3) Location 76 rais, Ubonratchathani Province Northeast of Thailand Construction Progress 42% of construction (As of Oct 12) Opening (tentative) 2Q 2013 Note1: Includes land and construction cost of shopping center and parking building. Excludes those of department store. Note2: Excludes CRC’s area (Robinson Department Store). 19 Note3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area.
  20. 20. CentralFestival HatyaiProject Highlights Investment Cost (1) 4,500 MB Program Shopping Center (N.L.A.) 50,100 sqm (2) Multi-purposed Hall 4,800 sqm Parking (G.A) 2,100 cars Joint- Developer Central Department Store (3) Location 50 rais, Hatyai Province South of Thailand Construction Progress 7% of construction (As of Oct 12) Opening (Tentative) 4Q 2013 Note1: Includes land and construction cost of shopping center and parking building. Excludes those of Central Department Store. Note2: Excludes CRC’s area (Central Department Store). 20 Note3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area.
  21. 21. CentralFestival ChiangmaiProject Highlights Investment Cost (1) 3,100 MB Program Shopping Center (N.L.A.) 46,700 sqm (2) Parking (G.A) 1,500 cars Joint- Developer Central Department Store (3) Location 68 rais, Chiangmai Province North of Thailand Development Progress 5% of construction (As of Oct 12) Opening (tentative) 4Q 2013 Note1: Includes land and construction cost of shopping center and parking building. Excludes those of Central Department Store. Note2: Excludes CRC’s area (Central Department Store). 21 Note3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area.
  22. 22. Future Leaseable Area & Occupancy RateAssets under management 2006 2007 2008 2009 2010 2011 2012F 2013F 2014F 2015FNo.of project 10 10 11 15 15 18 20 23 27 30Retail space (NLA in sqm) 684,587 697,038 761,111 967,430 964,612 1,085,774 1,142,350 1,264,450 1,419,450 1,537,450Office space (NLA in sqm) 145,700 144,791 144,791 164,253 163,991 175,831 175,831 175,831 175,831 175,831Hotel (rooms) 255 557 561 561 561 561 561Residential (units) 62 62 62 62 62 62 62 62 62 62 Source: Company estimate as at 30 September 2012. Includes leaseable area of CentralPlaza Rama 2, CentralPlaza Rama 3, and CentralPlaza Pinklao which were partially transferred to CPNRF, but still 22 under CPN’s management.
  23. 23. Capital ExpenditureMajor capital expenditure will be used to develop new projects. Financing plan for future expansion includes:cash flow from operation, bond issuance and/or project finance, and property fund vehicle. (Unit: MB) Source: Company estimate as of 30 September 2012. Note 1: Tentative development projects. 23
  24. 24. 3Q12Financial Performance
  25. 25. Financial Summary 6-mth closure of CentralPlaza Lardprao (Bt.mil) 6-mth closure of CentralWorld15,000 13,089 12,76612,500 11,755 11,38810,000 9,271 8,282 7,500 5,079 5,000 4,499 4,432 4,495 2,991 3,112 3,158 2,843 2,404 2,442 2,620 2,500 1,541 1,550 619 1,171 1,569 2,158 2,292 1,552 1,871 3,478 389 1,242 0 2007 2008 2009 2010 2011 9M12 3Q11 2Q12 3Q12 /1 Total revenues Operating profit Net profit Net profit inc. non-recurring Excludes non-recurring items. Note1: Total Revenue includes rental & service, hotel operation, food & beverage, and other incomes. 25 Excludes interest income and share of profit from investment. .
  26. 26. Retail & office +44% YoY, mainly from: Revenues Breakdown • Strong increases in rental rates and decrease of discount at most of retail properties.16,000 (Bt.mil) +42% YoY 13,100 +1% QoQ • Contributions from new projects –12,000 CentralPlaza Phitsanulok, CentralPlaza 9,216 Grand Rama 9 – launched in 2011. 8,000 4,437 4,495 • The completion of CentralPlaza Udonthani 4,000 3,158 expansion and renovation in March 2012 0 • The re-launch of CentralPlaza Lardprao in 9M11 9M12 3Q11 2Q12 3Q12 August 2011. Other income Hotel F&B Office Retail • Continuous improvement of CentralWorld. Hotel revenues +70% YoY, due to re-launch 3Q12 Revenue breakdown of Centara Hotel & Convention Center Udonthani and continuous improvement of Retail Hilton Pattaya Hotel. Office Office 5% F&B sales +14% YoY from F&B F&B 4% Hotel • Higher sales at CentralFestival Pattaya Retail 82% Hotel Other income Beach. 4% Other income • Contributions from the new food centers at 5% the CentralPlaza Udonthani and CentralPlaza Phitsanulok. Excludes non-recurring income. Note1: Includes revenues from residential projects and water & amusement park, and property management fees from CPNRF. 26
  27. 27. Costs Breakdown Cost of retail & office +19% YoY from: • Costs of the newly launched projects.(Bt.mil) • Higher amortizations of CentralPlaza10,000 Lardprao after renovation. 8,000 6,855 +25% YoY +3% QoQ • Depreciations of the newly launched 5,718 6,000 projects. 4,000 2,300 2,370 1,893 2,000 Cost of hotel business +61% YoY from the increased income from hotel operations. 0 9M11 9M12 3Q11 2Q12 3Q12 Others Hotel F&B Office Retail F&B costs +12% YoY from 3Q12 Cost breakdown • Higher F&B sales. The change in costs was in-line with that of F&B sales. Office • Costs of the new food centers at the 6% F&B CentralPlaza Udonthani and CentralPlaza 6% Phitsanulok. Hotel Retail 3% 85% Others 0% Note1: Excludes non-recurring items. 27
  28. 28. SG&A Expenses Breakdown(Bt.mil) Personnel expenses +14% YoY from: 3,000 +6% YoY • Increased number of employees to support 2,500 1,782 -2% QoQ business expansion and increased 1,632 2,000 minimum based salary. 1,500 1,000 608 Advertising & promotion -10% YoY, due to 553 593 500 the effective cost management thru top-line 0 driven basis 9M11 9M12 3Q11 2Q12 3Q12 Others Depreciation Advertising & promotion Personnel 3Q12 SG&A breakdown Advertising & promotion 15% Personnel 50% Depreciation 16% Others 19% Note1: Excludes non-recurring items. 28
  29. 29. Debt Analysis Outstanding Borrowings 26,492mil (THAI BAHT) Fixed vs. Floating Interest Rate Mix Floating 17% Long-term loan 47% Short-term bond 12% Long-term bond Short-term loan 32% 9% Fixed 83% Financing Cost (Bt.mil) 1,400 5.5% 6% 5.2% 1,200 4.7% 4.4% 4.3% 4.4% 4.4% 5% 4.2% 1,000 874 4% 745 800 688 581 543 3% 600 336 2% 400 254 235 200 1% 0 0% 2007 2008 2009 2010 2011 3Q11 2Q12 3Q12 /1 Interest expenses Weighted average cost of debt (RHS) Note 1 : Weighted average interest rate was derived from interest expenses including interest capitalization for projects under development. 29
  30. 30. Capital Structure CPN’s net D/E stood at 1 times, against its debt covenant of 1.75 times. (Bt.mil) (Times) 30,000 1.40 25,245 25,847 26,870 26,492 24,765 1.20 25,000 21,522 21,905 1.19 1.14 19,085 18,918 1.00 19,008 20,448 1.12 20,000 16,445 16,669 0.92 0.88 0.80 15,000 13,639 15,173 12,045 0.84 0.74 0.60 10,000 0.59 0.40 3,983 4,704 5,000 3,677 2,541 1,884 0.20 1,632 945 1,685 0 - 2007 2008 2009 2010 2011 1Q12 2Q12 3Q12 Cash & current investment Interest bearing debts Equity Net D/E 30
  31. 31. Share Price Performance and Dividend CPN Share Performance (5-Yr) 70 30,000,000.00 60 25,000,000.00 50 (Baht/share) 20,000,000.00 40 15,000,000.00 30 10,000,000.00 20 10 5,000,000.00 0 0.00 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Volume (RHS) CPN Price (LHS) Share overview Dividend policy is 40% of normal net profit. Par Value (Bt) 1.00 2011 2010 2009 2008 2007 Stock Price (Bt) 60.00 Par Value (Bt) 1.00 1.00 1.00 1.00 1.00 FY12 core EPS (Bt/share) /1 1.96 Dividend (Bt/share) 0.37 0.25 0.58 0.33 0.33 P/E (Times)/1 35.1 Dividend Paid (Bt mil) 806 545 1,264 719 719 EV/EBITDA (Times)/1 21.4 Dividend Payout Ratio 39% 48% 25%/1 33% 40% Market Capitalization (Bt bn.) 130.7 Remarks: Dividend policy is paid annually not less than 40% of net profit (unless there is a Share Capital (mil.shares) 2,178.8 compelling reason against this). Note 1: Dividend payout ratio of 25% in 2009 was derived from 40% of normal net profit and 14% of gain from transferring assets into CPNRF. Source: Factset as of 30 September 2012. Note 1: Bloomberg’s consensus as of 7 November 2012. 31
  32. 32. Appendix
  33. 33. Balance Sheet 33
  34. 34. Income Statement 3Q11 2Q12 3Q12 % YoY % QoQ Consolidated earnings (MB) Change Change Revenues from rental and service 2,710 3,792 3,915 44% 3% Retail 2,511 3,549 3,666 46% 3% Office 195 238 245 26% 3% Other supportive businesses 5 5 4 (16%) (16%) Hotel operations 100 163 170 70% 4% Food & beverage sales 150 180 170 14% (5%) Other income 198 298 239 21% (20%)Total revenues 3,158 4,432 4,495 42% 1% Costs of rental and service 1,817 2,085 2,157 19% 3% Retail 1,676 1,930 2,003 19% 4% Office 137 150 150 9% (0%) Other supportive businesses 5 5 5 (2%) (2%) Hotel operations 43 64 69 61% 8% Food & beverage sales 128 151 144 12% (5%)Total costs 1,988 2,301 2,370 19% 3%Operating profit 619 1,541 1,550 150% 1%Net profit 389 1,171 2,843 632% 143%Net profit excluding non-recurring items 389 1,171 1,242 220% 6%EPS (Bt) excluding non-recurring items 0.18 0.54 0.57 217% 6%EPS (Bt) including non-recurring items 1.31 34
  35. 35. CPN Retail Growth Leasehold Property Fund3rd Quarter 2012 Financial Results21st November 2012
  36. 36. Important Notice • The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in CPN Retail Growth Leasehold Property Fund (CPNRF and units in CPNRF, “Units”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. • This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which CPNRF operates and general achievement of CPNRF business forecasts, which will cause the actual results, performance or achievements of CPNRF to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. • This presentation has been prepared by the CPNRF Property Manager. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the CPNRF Property Manager or CPNRF Fund Manager or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. • This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes. • This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws.
  37. 37. Contents Page 1. Operations 5 2. Financial Highlights 11 3. Q&A
  38. 38. 1. Operations
  39. 39. Leasable Area and Occupancy Occupancy rate of CPNRF Portfolio slightly increased QoQ Area (sqm) Occupancy Rate Leaseable Number of Gross Area 31 Dec 11 31 Mar 12 30 Jun 12 30 Sep 12 Area Tenants/1Rama 2 251,182 93,658 322 98.9% 98.8% 98.1% 98.7%Rama 3 169,740 39,587 236 97.8% 98.6% 98.3% 98.1%PinKlao (Plaza) 135,018 24,592 118 95.6% 96.7% 96.3% 98.1%Pinklao Office Tower 50,653 33,760 97 96.5% 97.3% 97.3% 97.1%A&B Total 606,593 191,597 773 97.8% 98.2% 97.7% 98.2% Source: CPN Note: /1 Number of tenants excluding those with long-term lease with upfront rent, kiosks, carts, ATMs and coin machines as at 30 September 2012
  40. 40. New and Renewed Lease Profile Rental rates for the 3 malls have continued to grow by 7.6% From 1 January to 30 September 2012/1 Renewal and New Leases/1 Increase / (Decrease) No. of Leases Area (sqm) % of Total/2 in Rental Rate (p.a.)/3 Rama 2 74 4,084 4.4% 10.3% Rama 3 47 5,370 13.6% 6.5% Pinklao (Plaza) 28 3,393 13.8% 11.3% Pinklao Office Tower A & B 24 5,719 % 4.4% Total 173 18,566 9.7% 7.6% Source: CPN Note: /1 Exclude rental agreements < 1 year /2 Percentage of leasable area as at 30 September 2012 /3 Exclude rental agreements with revenue sharing clause
  41. 41. Lease expiry profile Well balanced lease expiry profile40% 38%35% 33% 32% 30%30% 28% 28%25% 22% 22% 21% 19% 20% 20% 18% 18% 18% 17% 19%20% Central 15%15% 12% 11% 10% 10% Department10% Store lease expiring 20255%0% Oct - Dec Y2012 Y2013 Y2014 Y2015 - Y2024 CDS Y2025 Rama II Rama III Pinklao (Plaza) Pinklao Office Tower A & B Total Portfolio Source: CPN Note: 1. Percentage of total occupied area as at 30 September 2012 2. Exclude rental agreements < 1 year
  42. 42. Rental Structure Profile 100% 100% 90% 90% 78%% of Occupied Area 80% 70% 60% 52% 48% 50% 40% 30% 22% 20% 10% 10% 0% 0% Rama II Rama III Pinklao (Plaza) Pinklao Office Tower A & B Fixed Rent % of Sales Rent Note: 1. % of total occupied area excluding those with long-term lease with upfront rent as at 30 September 2012 2. % of total number of tenants excluding those with long-term lease with upfront rent, kiosks, carts, ATMs and coin machine as at 30 September 2012
  43. 43. High Quality Tenants (Plaza) Expiry Area (sqm) % of Total Anchor Tenant /1 Trade Sector Year Leasable Area /2 Rama 2 Rama 3 Pinklao TotalCentral Department Store Department/4 Aug 2025 27,000 27,000 17.1% Store Dec 2012,Major Cineplex /4 Entertainment 5,518 6,530 12,048 7.6% Apr 2015Homework Furnishing Dec 2012 7,765 7,765 4.9% Sports & Apr 2015,Fitness First 2,333 2,975 5,308 3.4% Fitness Jul 2014TOPS Supermarket Supermarket Dec 2017 4,961 4,961 3.1%Major Bowl Entertainment Dec 2012 2,665 2,665 1.7%Office Depot Specialties Mar 2013 1,045 1,045 0.7%IT City Computer Aug 2015 1,026 1,026 0.7% Total Area of Anchor Tenants 48,954 9,889 2,975 61,818 39.2% Total Leasable Area 93,658 39,587 24,592 157,837 100.0% Note: /1 Anchor tenant is a shop with space from 1,000 sqm. and above /2 Based on leasable area as at 30 September 2012 /3 The Fund does not invest in the leasable areas which are the location of CDS and Major Bowl at CentralPlaza Rama III since those are owned by Ratchada Nonsi Department Store Co., Ltd. /4 The Fund does not invest in the leasable areas which are the location of CDS and Major Cineplex at CentralPlaza Pinklao since those areas are owned by Centerl Pinklao Department Store Co., Ltd.
  44. 44. 2. Financial Highlights
  45. 45. Income breakdown : 3Q12Good performance across the three assets leads to strong YoY growth for the Fund Funds other income 1% Pinklao Rama 2 35% 40% THB 635mn, +2% QoQ and +6% YoY Rama 3 24%
  46. 46. Profit & LossNet Investment Income continues to grow, both QoQ and YoY(Baht Million) 3Q12 2Q12 QoQ Ch. 3Q11 YoY Ch.Property levelTotal income 629 620 +1% 588 +7%Total expenses (41) (44) -8% (46) -10%Property management fees (73) (73) +1% (70) +4%Net income from property level 515 503 +2% 473 +9%Fund levelOther income 6 6 +8% 11 -42%Fund management fee and etc. (7) (7) +1% (7) +1%Interest expenses (6) (6) 0% (6) -4%Net investment income 508 495 +2% 470 +8%Net realised (loss)/gain on investments 1 1 +6% - -Net unrealised (loss) gains frominvestment 189 (13) -1525% 120 +58%Net increase in net assets 698 483 +44% 590 +18%
  47. 47. Balance Sheet unit : Baht Million except indicated Sep-12 Jun-12 QoQ Investments in properties at fair 17,720 17,505 +1% value Cash and near cash 1,004 983 +2% Other assets 207 200 +3% Total Assets 18,931 18,688 +1% A/P and Accrued expenses 110 107 +2% Deposits received from customers 788 785 +0% Loan from SCB 455 460 -1% Other liabilities 168 164 +3% Total Liabilities 1,522 1,516 +0% Capital received from unitholders 15,764 15,764 0% Retained Earnings 1,645 1,408 +17% Net Asset Values 17,409 17,172 +1% NAV per unit (Baht) 10.6389 10.4944 +1%
  48. 48. Distribution Summary 3Q2012 DPU of Bt 0.2863, increases by 1% QoQ and 8% YoY 3Q12 2Q12 QoQ 3Q11 YoY Net investment income 508 495 +2% 470 +8% Distributable income /1 via Dividend 509 483 +5% 470 +8% via Par Reduction /2 - 13 -100% - - Total distributable income 509 497 +3% 470 +8% Actual Distribution via Dividend 468 462 +1% 433 +8% 0.264 Baht per unit 0.2863 0.2823 +1% 4 +8% via Par Reduction - - - - - Baht per unit - - - - - Total Distribution 468 462 +1% 433 +8% 0.264 Baht per unit 0.2863 0.2823 +1% 4 +8% % of Net investment income 92% 93% -1% 92% +0.2% Annualised Distribution Yield /3 6.9% 6.8% +0.1% 6.4% +0.5% /1 Distributable income includes Net realised gain/loss on investments /2 SEC regulation mandates non-cash expenses (e.g. unrealized loss) to be distributed only via par reduction, not dividend /3 Based on unit price of 16.60 Baht as at 17 Oct 2012 (For the current quarter and next 9 months)
  49. 49. Shareholder Structure and Dividend Listed on the SET 23 August 2005 Dividend Policy Units Outstanding 1,636.3M • 4 times a year Units • Pay out a minimum of 90% of net Investment Income Registered Fund Size Baht 15,764.0M NAV (Sep 2012) Baht 10.6389 DP Unitholders Information U (as at 7 November 2012) 0.9910 1.0230 0.9201 THAI 86.66% 0.8230 0.8716 CPN 27.80% 0.2723 0.2823 0.2863 Institution 19.43% Individual 39.43% Y2007 Y2008 Y2009 Y2010 Y2011 1Q12 2Q12 3Q12 FOREIGN 13.34% 2007 2008 2009 2010 2011 1Q12 2Q12 3Q12 Institution 13.20% Annualize 9.09% 11.17% 9.95% 8.26% 7.75% 7.72% 7.27% 6.69% d Yield/1 Individual 0.14% Note: /1 Based on unit price as at the end of each period (For the previous 12 months)
  50. 50. CPNRF Fund Structure Land Owner Land Owner Lease of land Lease of land 90-2-9.3 Rai 90-2-9.3 Rai (Principle Leasing Contract) (Principle Leasing Contract) Central Central Central Pattana Plc. Pattana Rama Central Pattana Pattana Rama (Central Plaza Plc. 2 Co., Ltd 3 Co., Ltd Pinklao) Sublease of Lease of Sublease of Lease of Lease of land land building shopping and building land and parking complex and Property Manager 53-2-39.4 Rai 30 + 30 + 30 24-02-84 Rai 20 years office building 20 Years years 15 Years 15 years CPN Retail Growth Leasehold Property Fund (CPNRF)
  51. 51. CPNRF Fund Information Name CPN Retail Growth Leasehold Property Fund (“CPNRF”) Property Manager Central Pattana Public Company Limited (“CPN”) Fund Manager SCB Asset Management Company Limited Trustee Kasikorn Bank Public Company Limited Registrar SCB Public Company Limited CentralPlaza Rama 2, CenteralPlaza Ratchada-Rama 3, Assets CentralPlaza Pinklao Type Property Fund Type I (Indefinite Life) Total Fund Size Baht 15,764.0 MB Fund Registered Date 11 August 2005 15 August 2005 for CentralPlaza Rama 2 Fund Investing Date 16 August 2005 for CentralPlaza Ratchada-Rama 3 4 November 2009 for CentraPlaza Pinklao Fund Listed Date 23 August 2005 Secondary Market The Stock Exchange of Thailand (“SET”)
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