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Wha presentation revised Wha presentation revised Presentation Transcript

  • 1 July 25, 2013
  • 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 WHA Corporation Public Company Limited (“WHA” and shares in WHA, “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. In addition, this presentation contains projections and forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions. Disclaimer 2
  • Agenda 3
  • 4 Business Overview • WHA provides logistics facilities to manufacturers, retailers and third-party logistics providers. Also, we provide best solution of logistics infrastructure for MNCs and local enterprises. • We offer Built-to-Suit Development services that include customized site location, design, construction and delivery of warehouse, distribution center and factory to meet clients’ satisfaction and needs. WHA Corporation PCL. (WHA) Rental Business Warehouse/ Distribution Center/ Factory Other Recurring-Income Business Property for Sales  Warehouse Farm  Built-to-Suit • World-class standard for customers’ specific needs • Leasable area: 10,000-70,000 sqm. • Combination of built-to-suit and ready-built project within same site • Leasable area: - Built-to-suit 10,000-20,000 sqm. - Ready-built 4,000-5,000 sqm. • Monetization of its rental assets to this vehicle  Sale to Existing Tenants  WHAPF  Return from Investment of WHAPF (Dividend)  Property Manager Fee • Property manager to WHAPF  Sale and Leaseback
  • Key Milestones and Developments 5 2003 2007 2009 2010 2006 2011 2003-2009 • Establishment of WHA Alliance and partnership with CWT (Singapore) to develop first distribution center on Bangna- Trad km.20 with leasable area of 52,900 sqm., followed by expansion phase for 10,900 sqm. 2006-2007 • Establishment of Warehouse Asia Alliance and partnership with GLOMAC (Malaysia) to develop distribution center for DKSH Healthcare on Bangna-Trad km.19 with leasable area of 52,800 sqm. 2011 •WHA Corporation’s corporate restructuring to acquire 99.99% of WHA Alliance from CWT (Singapore) and co-founder, and to acquire 99.99% of Warehouse Asia Alliance from GLOMAC (Malaysia) and co-founder to become WHA Corporation’s subsidiaries. •Development of first warehouse farm on Bangna-Trad km.18 with total leasable area of 72,179.48 sqm. ˗ Built-to-Suit: 45,798.34 sqm. ˗ Ready-built: 26,381.14 sqm. 2010 • Establishment of (initially known as M-WHA) with the fund size of THB 1,283mm or USD 42.77mm with total leasable area of 39,808.80 sqm. of 2 warehouses and 1 factory. 2012 • On Feb 2012, monetization of 3 warehouses and 1 factory to WHAPF, amount of THB 1,827mm with leasable area of 107,277 sqm. • On Nov 2012, WHA Corporation became to be listed Co. traded in SET, raising up to THB 1,709mm or USD 56.97mm The post-IPO paid-up capital was THB 510mm • Total Accumulative Built-to-Suit 309,017 sqm. and general warehouse 196,034 sqm. under own and management of WHA. 2013 • On Jan 2013, monetization of 2 warehouses to WHAPF with the fund raised up to THB 2,142mm or USD 71.4mm with additional leasable area up to 69,529.28 sqm. • On May 2013, the Company offered stock dividend (5:1) to existing shareholders. • The current paid-up capital is THB 612mm 2012 2013
  • WHA Alliance (Registered and Paid-up Capital THB 260mm) 99.9% 99.9% 15.0% Group Structure WHAPF (NAV THB 10.62mm*) (Market Cap THB 5,514.6mm*) Warehouse Asia Alliance (Registered and Paid-up Capital THB 310mm) WHA Corporation PCL. (WHA) (Registered and Paid-up Capital THB 612mm) *Remark: As of July 25, 2013
  • Shareholding Information 7 Shareholding Information Top 10 Shareholding Structure Paid-Up Capital THB 612mm Major shareholders 62.70 % Other pre-IPO shareholders* 7.20% Post-IPO Investors 30.10% Shareholder No. of Share (After XD) % 1) WHA Holding Co., Ltd. 153,010,000 25.10 2) Mrs. Jareeporn Anantaprayoon 117,857,940 19.26 3) Mr. Somyos Anantaprayoon 112,457,976 18.36 4) Mr. Sompong Chonkadeedumrongkul 50,064,000 8.18 5) Mr. Wutt Jarukornsakul 12,540,000 2.05 6) Ms. Thitirat Siripanchanon 12,000,000 1.96 7) Ms. Nalinrat Sae Aung 6,660,000 1.09 8) Mrs. Chaleow Srichaiwat 6,564,000 1.07 9) Mr. Jakrit Chaisanit 6,120,000 1.00 10) Mr. Surachai Thippanumchai 5,796,000 0.95 Share Overview *Remark: As of July 19, 2013 *Remark: Include relatives and management directors Ticker Reuter WHA.BK Ticker Bloomberg WHA TB Par Value (Bt) 1 Market Capitalization THB 34,272mm Market Capitalization (USD) USD 1,101.21mm Ranking in market capitalization 65 SETPROP % in SET 9.29% Market cap % in Sector 2.87% Average Daily Turnover THB154.2 mm Average Daily Turnover USD4.9 mm Share Issued (share) 611,998,983 12-Month High/ Low 62.75/13.25 Foreign Limit 49% Free Float Approx. 30% Dividend Policy ≥40% of Net profit *Remark: Figures as of July 19 , 2013
  • Company’s Business Platform and Strategies 8 To focus on Built-to-Suit Developments to satisfy specific customers’ requirement To provide high-quality logistics and warehouse/ distribution center/ factory to customer To strategically grow portfolio Recycling capital to enhance shareholder value 1 2 3 4 Providing Total Solutions across the Logistics Value Chain Delivery of Premium Product Quality Growing size and scale of domestic markets both ‘existing’ Build Scale and ‘new’ strategic locations Embark on new markets to serve customers To optimize capital structure for financial flexibility and shareholder value through optimization of ROE
  •  Inquire all requirements in terms of location, specifications, cost and timing  Transportation and rental cost optimization  Traffic and distance management  Humidity and temperature control system  Special floor’s loading  Clear height ceiling space  Deliver as designed and promised (no project delay, no cost overrun, and meet project’s specifications)  Business partner to co- developing extension phase  Understand client’s preference  Flexible for expansion solution Overall Project Advisory Requirement Gathering Location Identification Project Design Construction Management Long-term Advisory and After-sale Service Customer Requirements Customer Satisfactions WHA’s Total Solution To establish long-term cooperative relationship with our customers by providing high quality properties and services Sample of WHA Service 9 1) To focus on the Buit-to-Suit Development to satisfy customers’ requirement
  • 2) To provide high-quality logistics and warehouse/ distribution center/ factory to customer 10 Various Features of our High-Quality Warehouse and Distribution Center Large Floor Area Clear Height High Load Tolerance Dock Leveler Wide Column Spacing Burnished Floor Finish One Continuous Metal Sheet Roof Air Gap Roof Insulation Natural Ventilation Steel Pipe Structure 10,000-70,000 sqm. 10-13 meters 3-5 tons/sqm. Mirror floor finish Eliminate the leakage on the roof Lower inside temperature Maximize wind flow Less dust accumulation Increase usable areaHydraulic Dock Leveler
  • 3) To strategically grow portfolio U-Tapao Airport Bangkok Port Laem Chabang Port Map Ta phut Port Bangna-Trad K.M.19 Bangna-Trad Km.18 Bangna-Trad Km.19 Lardkrabang Chonburi Bangna-Trad Km.20 Saraburi Amata City Bang pa-in Wang-Noi K.M.61 Outer East Bangkok Zone (Bangna-Trad Rd, K.M.18-23) (Chonburi) (Lardkrabang) - Convenient access to the City Center of Bangkok, Suvannabhumi Airport, and Laemchabang Seaport Industrial Estate Zone (Hemaraj, Saraburi) (Amata City, Rayong) - Tax privileges from BOI - Comfortable access to Suvannabhumi Airport and Laemchabang Seaport 3 Outer North Bangkok Zone (Bang Pa-in, Ayuthaya) (Wangnoi, Ayuthaya) - A logistic hub to North and Northeast region of Thailand Note: Portfolio as of 31 June 2013 Built-to-Suit project Warehouse Farm project WHAPFPort Airport Best Strategic Locations in Logistic Hubs Area Bangna-Trad Km.23 2 1 11 Prachinburi Bangna-Trad Km.18 Chonlaharnpichitl Laemchabang
  • 12 3) To strategically grow portfolio WHA has a business plan to develop logistics center at the strategic locations to serve upcoming AEC and our customers expansion…
  • Highly Stable CF from Investment Utilize Recurring Income Stream Well-balanced Portfolio and Capital Structure All Invested Assets Generate Revenue  100% Occupancy rate track records  To hold minimal non- income generating assets Strong Stability of Rental Profit  Secured L-T contract with growth in rental  Appx. 85% EBITDA margin  Low maintenance cost Capital Structure Optimization  Asset-Optimization Model Optimization of return on equity (ROE) to shareholder through the asset monetization program via PFPO/ REIT to optimize long-term capital structure and achieve return- enhancing strategy Rental Business Developing Business  Expedited growth of investment  Earning from asset divestment  Recurring income from dividend and asset management fee Complementary business model of property company with strong CF stability and PFPO/ REIT leads to accelerated growth, high efficiency, and high margin business model capturing full value chain 4) Recycling capital to enhance shareholder value Capital Recycling Model Through PFPO/REIT 13
  • 14 Agenda
  • Key Events/ Latest Development 15  Stock Dividend 2:1 Stock Dividend amounting to THB 0.55/share or THB 339.99mm, equivalent to 65% Dividend Payout Ratio (Out of THB 522mm- Net profit (WHA Company only statement)) This was attributable to the gain from asset sales during Q1’2013. Key Milestones can be set out below: • Extraordinary Shareholder Meeting (EGM): August 27, 2013 • XM Date: September 5, 2013 • Payment Date: September 18, 2013  Asset Acquisition (Normal Course of Business) – To be approved New 11 Projects worth THB 9,743.60mm to THB 11,294.70mm for leasable area of 698,000 sqm.  Asset Divestiture to WHAPF 6 Projects having approx. 172,800 sqm. will be sold to WHAPF, during Q4’ 2013 amounting to THB 4,400-4,700mm. This will be recognized as asset sale during Q4’ 2013, totaling of THB 6.4-6.7 bn worth of Revenue From Asset Sale this year.  A- Company Rating by Fitch Ratings (Thailand) THB-Bond up to THB 3,200mm will be issued within third quarter
  • Business Highlights – Q1FY2013 16 153,529 Sqm. Additional Pre-leased Contract New Locations  Occupancy Rate 100% and Retention Rate 100%  Target Full-year Pre-leased 500,000 sqm. Versus original target 300,000 sqm. Additional Completed/ Leased Contract 22,784 Sqm. Total Pre-Leased Area 232,276 Sqm. 418,700 Sqm. Additional Land Acquisition Total Leased Area 209,689 Sqm. Customers  3 New Customers  2 Existing Customers  Chonlaharnpichit, Bangna-Trad Km. 18  Leamchabang  Prachinburi  Panthong, Chonburi
  • Impressive Track Record of Growth and 100% Occupancy Rate Note: The above CAGR is calculated based on actual occupied area in 2006 and actual occupied area in 2012. However, the total estimated area include land held for future project as of the end of 2012 is expected to be 856,551 sq.m., additional 351,500 sq.m. represent land held for future development (115,000 sq.m. in Lardkrabang, 55,000 sq.m. in Saraburi, 21,000 sq.m. in Chonburi, 54,000 sq.m. in Wang-noi, 91,500 sqm. In Bangna Trad and 15,000 sqm. In Kabinburi) Growth PhaseIntroduction Phase WHA Group is the market leader with proven track record of high growth and impressive 100% occupancy rate OR 100% 100% 100% 100% 100% 100% 100% Total developed and occupied area (Own by WHA) Area sold to WHAPF Unit: Sqm. 2006 – 2010  Originated the concept of Built-to-Suit warehouse business model  Develop one of the largest Built-to-Suit distribution centers in Thailand  Developed 3 world-class factories  Set up WHAPF as a vehicle for supporting its growth 2011 - Present  Introduced Warehouse Farm project  Strengthen value capturing from asset monetization to PFPO as continuous stream income and vehicle to expedite growth 298,139 192,341169,433 141,619141,619 88,913 505,051 39,809 147,086 39,809 Key Milestones Developed/ Developing & Occupied area for 2006- 2013 17 357,965 100% 2006 20082007 201120102009 2012 1QFY2013 216,616 209,689 258,330 152,532 658,581 698,000 Land held for future development (To be approved) 73,081 Land held for developing (Pre-leased Contract) 159,195 Land held for future development (Pre-leased Contract) 170,000 Land held for future development 1,526,581 868,000
  • 18 Detailed Project Status Project Name Location Area (sqm.) Revenue Recognition Period (1) Completed and Leased Area (As of Q1 Y2013) WHA Mega Logistics Center Bangna-Trad km.18 Bangna-Trad km.18, Samutprakarn 72,179.48 August 2011 – September 2012 WHA Mega Logistics Center Bangna-Trad km.19 Bangna-Trad km.19, Samutprakarn 58,891.86 September 2012 – January 2013 WHA Mega Logistics Center Bangna-Trad km.23 Bangna-Trad km.23, Samutprakarn 7,453 April 1, 2012 WHA Mega Logistics Center Wangnoi 61 Wangnoi km.61, Ayuttaya 15,331 Feb 1, 2013 WHA Logistics Center, Ladkrabang Phrase I Ladkrabang, BKK 18,155.97 October 1, 2011 WHA – DSGT Distribution Center Saraburi Phrase I Saraburi 28,278.04 September 1, 2012 WHA – Dena Amata City, Rayong 9,399.42 March 16, 2011 Total 209,689 (2) Pre- Leased Area (As of Q1 Y2013) Land Held for Developing (Pre-Leased Contracts) *WHA Mega Logistics Center Bangna-Trad km.19 Bangna-Trad km.19, Samutprakarn 12,603 Q2 Y2013 WHA Mega Logistics Center Bangna-Trad km.23 Bangna-Trad km.23, Samutprakarn 52,382 Q2 - Q3 Y2013 WHA Mega Logistics Center Ladkrabang Ladkrabang, BKK 12,114 Q3 Y2013 *WHA Mega Logistics Center Panthong, Chonburi Phrase I Panthong, Chonburi 32,293 Q3 Y2013 WHA Mega Logistics Center Saraburi Saraburi 15,879 Q4 Y2013 *WHA Inthanon Phrase II Bangna-Trad km.19, Samutprakarn 9,195 Q3 Y2013 *WHA - DSGT Distribution Center Saraburi Phrase II Saraburi 24,729 Q3 Y2013 WHA Mega Logistics Center Chonlaharnpichit km.5 Bangplee, Samutprakarn 34,133 Q4 Y2013 WHA Mega Logistics Center Wangnoi 61 Wangnoi, Ayuttaya 26,113 Q4 Y2013 *WHA – Ducati Phrase II Amata City, Rayong 12,835 Q4 Y2013 Total 232,276
  • 19 Project Name Location Area (Sqm.) (3) Land held for future development (To be approved) (As of Q1 Y2013) WHA Logistics Center, Ladkrabang Ph2 Ladkrabang, Bangkok 17,000 WHA Mega Logistics Center Ladkrabang Ladkrabang, Bangkok 66,000 WHA Mega Logistics Center Cholaharnpichit km.6 Bangplee, Samutprakarn 65,000 WHA Mega Logistics Center Cholaharnpichit km.4 Bangplee, Samutprakarn 70,000 WHA Suratthani Poonpin, Suratthani 50,000 WHA Logistics Kabinburi DC. Kabinburi, Prachinburi 16,500 WHA Mega Logistics Center Cholaharnpichit km.5 Bangplee, Samutprakarn 40,500 WHA Mega Logistics Center Leamchabang Sriracha, Chonburi 49,000 WHA Khon Kaen Muang, Khon Kaen 35,000 WHA Mega Panthong Panthong, Chonburi 119,000 Bangna Bangplee, Samutprakarn 170,000 Total 698,000 (4) Land held for future development (As of Q1 Y2013) WHA Suratthani Poonpin, Suratthani 110,000 Lumpoon Lumpoon 60,000 Total 170,000 Detailed Project Status
  • Updated Project Status 20 WHA 2011A 2012A Q1’2013A Completed/ Leasable Area 196,215 256,434 209,689 Pre-Leased/ Developing (Backlog) 62,115 101,531 232,276 Land Held for Future Development 868,000 Total Area (Completed + Pre-Leased) 258,330 357,965 441,965 Total Area (Total Area) 1,309,965 Additional Pre-Leased Area (During the Period) 206,912 153,529 WHAPF 2011A 2012A Q1’2013A Leasable Area- Beginning 39,809 39,809 147,086 Additional Injection - 107,277 69,530 Leasable Area- Ending 39,809 147,086 216,616 Total WHA+WHAPF (Completed + Pre-Leased) 298,139 505,051 658,581 Total WHA + WHAPF (Total Area) 1,526,581 Ending Period (sqm.) From 2014 onwards, due to substantial growth in y-o-y leasable area (Completed and Backlog area), the recurring income portion consisting of rental revenue, coupled with others recurring income i.e. PM Fee and Dividend Received from WHAPF, is likely to be doubled from 2013 level and should almost reach 50:50 (Recurring Income: Non-Recurring Income i.e. Gain from Asset Sales) 2013E 373,000 252,000 690,000 500,000 2013E 216,616 172,800 389,479 1,079,479
  • WHA Group’s tenants are mainly the reputable MNCs Remark: The information, shown in charts above, are calculated from leasable area (sqm.) Well-Known Tenant Profile 27% 35% 38% Expiry Profile (WHA Group) 1-3 Y 3-5 Y 5-10 Y > 10 Y 19% 26% 36% 19% Expiry Profile (Overall) 1-3 Y 3-5 Y 5-10 Y > 10 Y Note: Portfolio as of March 31, 2013 * *FMCG means Fast Moving Consumer Goods **3PLs means Third Party Logistics 21
  • 22 Agenda
  • Recap: WHA’s pre-IPO shares acquisition in WAA and implication to monetization into WHAPF 23 Sept ’ 11 Dec’11 Nov’12 Jan’13 Event Impact • In accordance with TFRS 3 (Business Combination), WHA was required to upwardly adjust the investment property to be fair market value at acquisition date (on Sept’11and Dec’11). Hence, there will be no accounting gain in WHA’s consolidated basis when WAA’s asset was divested in Jan’13. • However, the cashflow gain is still retained and no impact on WHA’s dividend payment and DCF valuation. WHA’s 74% shares acquisition in WAA by cash (Business combination) FMV Bt 731.3 mm vs. Cash consideration Bt 408.9 mm FMV (Asset) Bt 1,642 mm Debt Bt 654 mm FMV (Equity 100%) Bt 988 mm (P/L) Gain Bt 322.4 mm (B/S) Investment property Bt 1,615.0 mm WHA’s step-up acquisition (Non controlling interest) 26% in WAA (P/L) No impact Bt - mm (B/S) IPO of WHA’s shares and listed in SET Monetization of Healthcare 53,000 sqm. is Bt 1,615 mm Consolidated (P/L) Gain (Loss) Bt (72) mm (B/S) Gain on Company only (WAA) P/ L Bt 372 mm Noted • WHA: WHA Corporation PCL • WAA: Warehouse Asia Alliance Co., Ltd.  Asset (Investment in subsidiaries) Bt 259.1 mm  Equity (Paid-up capital) Bt 158.0 mm (Premium from acquisition non-controlling interests) Bt 101.1 mm
  • Impact on WHA 24 WAA’s Financial Performance arising from Asset Sales Sale value BV SBT+ Transaction cost+ VAT Gross profit Corporate income tax Net profit Bt 1,615 mm Bt 964.4 mm Bt 81.4 mm Bt 537.4 mm Bt 120 mm Bt 372 mm 1QFY2013 WHA’S FS (Consolidation) Net profit for 1QFY2013 (Bt mm) Consolidated Financial Statement 121.91 Company Only Financial Statement 522 Explanation Net profit from company only statement was mainly derived from dividend income Bt 350 mm from WAA which resulted from gain from asset sales (Healthcare) amounting to Bt 372 mm Write off AR Bt 77.2 mm GPM 36%
  • Unit : THB mm FY2010 FY2011 (Consolidation) FY2012 (Consolidation) 1QFY2013 Rental and service income 43.1 220.9 359.9 96.4 Asset Sale - - 1,808.9 2,046.5 Gain from asset sale 126.4 - - - Dividend from WHAPF & property management fee 0.1 12.8 38.4 16.4 Other income 0.2 6.5 6.3 5.2 Total Normalized Revenues* 169.8 240.2 2,213.5 2,164.5 Gain from acquisition of subsidiaries - 350.1 - - Total Revenues 169.8 590.3 2,213.5 2,164.5 Revenue Structure Note: : *Exclude the gain from acquisition of subsidiaries amount of THB350.1 mm in FY2011. ** In FY2012 and FY2013, the Company recognized revenue from asset sale as its normal operating business instead of recording the gain from asset sale in 2010. Rental & Service Revenue & GPM Leasable Area Growth Asset Sales Business Revenue & GPM WHAPF – Fund Size & Leasable Area Property Management Fee Dividend Received - WHAPF 14% 25
  • Profitability Ratio EBITDA, Net Profit and Margins 26 191.2 506.9 77.6 213.3 79.6% 22.9% 32.3% 9.6% -100.0% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 0.00 100.00 200.00 300.00 400.00 500.00 600.00 2011* 2012 EBITDA with sales Net profit EBITDA Margin with sales Net profit margin - 50.0 100.0 150.0 200.0 250.0 300.0 FY Q1 2012 FY Q1 2013 10% 0% 5% 8.7% 5.6% 13.5% 9.8% -10% -5% -15% 15% 257.7 166.2 211.9 121.9 Remark: The EBITDA with sales and Net profit of FY Q1 2013 do not reflect genuine EBITDA Margin from Asset Sale. The figure should be adjusted by an increase of THB 444mm.
  • Assets and Capital Structure Assets Composition Capital Structure 27 Debt Profile Financial Cost Target  Target: Long-term bond up to THB 3,200mm - To refinance long-term loan - For business expansion 0 1 2 3 4 5 6 7 0 20 40 60 80 100 120 140 160 2011 2012 Q1/2013 Financial cost Interest rate THB mm 6.5% 5.3% 5.5% %
  • 28 Agenda 28
  • Balance Sheet 29 WHA Corporation Public Company Limited Statement of Financial Position As at 31 March 2013 FY2012 1QFY2013 % MB MB Change Current assets Cash and cash equivalents 1,095 581 -47% Advance for construction and deposit 135 114 -16% Non-current asset held-for-sale 2,200 1,482 -33% Total Current assets 3,431 2,177 -37% Non-current asset Investment available-for-sale 653 937 44% Investment properties (net) 4,102 3,936 -4% Other non-current assets (net) 112 164 47% Total Non-current assets 4,867 5,038 4% Total Assets 8,298 7,215 -13% Current liabilities 2,386 2,655 11% Non-current liabilities 2,870 1,576 -45% Total liabilities 5,256 4,232 -19% Total Shareholders' equity 3,042 2,984 -2%
  • Income Statement 30 WHA Corporation Public Company Limited Statements of Comprehensive income For the Quarter ended 31 March 2013 Consolidated 1QFY2012 4QFY2012 1QFY2013 % % MB MB MB QoQ YoY Rental and services income 85 118 96 -18% 13% Income from sale of investment properties 1,809 - 2,046 100% 13% Dividends 3 10 14 47% 368% Other income 3 4 7 74% 165% Total Income 1,900 132 2,164 1539% 14% Cost of rental and service 24 42 40 -4% 63% Cost of investment properties 1,617 - 1,923 100% 19% Total Cost 1,642 42 1,963 4628% 20% Operating profit 258 91 181 100% -30% Net profit 164 24 122 401% -26%
  • Mr. Arttavit Chalermsaphayakorn Chief Financial Officer and Executive Director Mr. Jakrit Chaisanit Director, Head of Construction Management division Dr. Somyos Anantaprayoon Chief Executive Officer  A Director since incorporation  Group’s CEO who originated the idea of world-class standard Built- to-Suit Warehouse and DC Mrs. Jareeporn Anantaprayoon Managing Director  A Director since incorporation  Assist the CEO in business strategy development  Responsible for Group’s sales and marketing Management Team 31 Mr. Narong Kritchanchai Director Director Mr. Somsak Boonchoyruengchai Director, Head of Accounting division Mr. Chakkaphob Nuangchamnong Director, Head of Business Development
  • 32 1121 Moo.3 Theparak Rd., Theparak, A. Muang, Samutprakarn 10270 Thailand Tel. +66 (0) 2 753 3750 Fax. +66 (0) 2 753 2750 e-mail: info@wha.co.th Website: www.wha.co.th WHA Corporation PCL.