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Singha Complex, due to open in 2017
The Pride of Property Business
This information was prepared by Singha Estate Public Company Limited solely for information and discussion purposes
Singha Complex, due to open in 2018
1Q15 Business Update
Opportunity Day, at The Stock Exchange of Thailand
2 June 2015
Disclaimer
2
The information contained in this material has been prepared by Singha Estate Public Company Limited (“S”)
solely for information purpose 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 Singha Estate Public Company Limited (“S” and
shares in S, “shares”).
Some statements made in this material are forward‐looking statements with the relevant assumptions, which
are subject to various risks and uncertainties. These include statements with respect to our corporate plans,
strategies, and beliefs. The statements are based on our management’s assumptions and beliefs in light of the
information currently available to us. These assumptions involve risks and uncertainties which may cause
the actual results, performance, or achievements to be materially different from any future results,
performance, or achievements expressed or implied by such forward‐looking statements.
Please note that S and executives/staff do not control and cannot guarantee the relevance, timeliness, or
accuracy of these statements. S undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
None of S’s executives/staff or any of its agents, or all of their respective affiliates, or representatives shall
have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or
its contents or otherwise arising in connection with this material.
Investor Relations
Singha Estate Public Company Limited
3
Overview
Singha Estate – Part of Boon Rawd Brewery Group
4
Boon Rawd Brewery
46%
Khun Santi
Bhirombhakdi
33%
Public
shareholders
18%
Nirvana's
shareholders
3%
• Singha Estate Public Company Limited (“S”) is a
real estate investment and development company
and a property arm of Boon Rawd Brewery Co.,
Ltd. (“Boon Rawd Brewery” or “BRB”) – the first
and the largest brewery in Thailand.
• Formerly Rasa Property Development Public
Company Limited (“RASA”), S was created through a
reverse acquisition and a result of entire business
transfer of companies under BRB and Khun Santi
Bhirombhakdi.
• S’s business currently spans across 3 major sectors of
property business: residential, commercial, and
hopitality.
Shareholding Structure /1
Paid-up share (shares) : 4,898,860,524
Paid-up capital (Bt.mn.) : 4,898.86
Par value (Bt./share) : 1.00
Security symbol : S
Sector : Property
Market cap. (Bt.mn.)/2
: 33,802.14
Note: 1. As of 27 May 2015.2. As of 29 May 2015 at the share price of Bt.6.90 per share.
The Reverse Acquisition
5
Boon Rawd Brewery
Khun Santi Bhirombhakdi
CORE BUSINESS
Beer & Alcohol:
Market leader in Thailand and
neighboring countries
DIVERSIFICATION
Non-alcohol Beverage:
soda water, drinking water,
mineral water, and energy
drinks
Packaging: glass bottle,
carton, crate, and PET
Other F&B: food, restaurant
Founded in 1933, started from beer business, Boon Rawd Brewery Co., Ltd. has
expanded its business into food & non-alcohol beverage, packaging, and real estate.
BRB’s first listed company
Real Estate
With the goal of entering into real
estate development and investment
business, S was created in 2014.
A 11.3-rai land (Asoke-Petchaburi)1
A 2.0-rai land (Asoke-Montri)2
A 30.5-rai land (Ekamai-Ramindra)3
4Santiburi Beach Resort
& Spa – 5-star resort on
Samui Island
Rasa Property Public Company Limited
Paid-up share (shares) 549,998,401
Paid-up capital (Bt.mn.) 550.00
Par value (Bt./share) 1.00
Security symbol RASA
Sector Property
New shares
New shares
A 13.5-rai land (Ramintra)
A 1.5-rai land (Watcharapol)
A 143.8-rai land (Lumlookka)
A 33.7-rai land (Don Muang)
Real estate
Note: The reverse acquisition was completed on 12 September 2014 with the change of the company’s name from “Rasa Property Development Plc.” to “Singha Estate Plc.”.
Business and Shareholding Structure
6
Singha Property ManagementKhun Santi Bhirombhakdi
100%
3% /133% /1 46% /1
Boon Rawd Brewery
Note: 1. As of 27 May 2015.
Following the business integration, S restructured its business operations ; its subsidiaries
currently engage in residential, commercial, and hospitality.
Residential
Development & Investment
Commercial
Development & Investment
Hospitality
Investment & Management
Max Future Singha Property
DevelopmentS Hotel
Management
S Hotel Phi Phi
Island.
(99.99%)
Nirvana
Development
(51.00%)
(99.99%) (99.99%)
(99.99%)
Phi Phi Village
Asset Management
(94.99%)
Singha Estate (“S”)
Nirvana’s shareholders
Public Shareholders
18% /1
Value Proposition
7
Support from
Boon Rawd Brewery
Professional
management
with good
governance
M&A of recurring
income-based
assets
Partnership &
Joint Investment
Funding
through REIT
and spin-off
Professionally run
by professionals
with in-depth real
estate expertise
Rapid growth with well-
balanced earning profile thru
smart investment and
product differentiation
Property
development in
favorable market
Strong support from the wealth and
landbank accumulated over 80 years in
addition to business alliance and network
with its beer distributors nationwide
Key Initiatives
8
Expand into
commercial / mixed-use
properties
Reinforce
residential expertise
Optimize
hospitality asset
• Capitalize on existing property and
opportunities to further improve profits
- Refurbishments and enhancements
- Room rate and occupancy
optimization
• Provide recurring earnings platform for
expansion
- Hospitality majority of earnings in
early stages
• Build a quality-oriented brand
- Continue with the development
of quality low-rise and high-rise
projects
• Capitalize on team’s retail and
commercial asset management and
expertise
- Introduce differentiated mixed-
use concept
Rapid expansion through investment and M&A
9
Operations
APR
Strategically invested
51% in “Nirvana
Development Co., Ltd.”
– a well-established
low-rise residential
developer
Key Milestones
10
With an ambition to be market leader across real estate sectors, S has continuously expanded
through acquisition of green and brown-field assets, investments and partnership.
2014 2015
SEP
Completed its business
integration and change
corporate name to
“Singha Estate Plc.”
NOV
Acquired “Phi Phi Island
Village Beach Resort” – a
112 keys 3-star hotel
with 167.3 rais of land
SEP – DEC
Fully refurbished an initial asset
“Santiburi Beach Resort & Spa” – a
5-star hotel and re-opened in Dec 2014
SEP
Pre-sale of the
condo in AsokeNOV
Acquired a 4.5-rai
land plot
(Bangrakyai)
FEB
Acquired a 7.8-rai
land plot
(Rattanathibet)
JUN
Increase capital
through Rights
Offering & Private
Placement
DEC (tentative)
Groundbreaking
“Singha Complex”
Note: As of 31 May 2015 and subject to change.
Our Assets
11Note: 1. As of 31 December 2014.
Residential Commercial Hospitality
Inventories (developed by
RASA)
• Intro Condo (Pradipat)
• Maxx Ville Townhomes
(Don Muang)
Landbank
• A 2.5-rai land (Asoke-Montri)
• A 30.5-rai land
(Ekamai-Ramindra)
• A 4.5-rai land (Bangrakyai)
• A 13.5-rai land (Ramindra)
• A 7.8-rai land (Rattanathibet)
Investment in Nirvana
• 51% stake in Nirvana
Development Co., Ltd.
• Registered capital of
Bt.879mn.
• 10 years in operation
• Products include single-
detached house, home
office, townhome, and
condo
Retail space (developed
by RASA)
• The Lighthouse – a
approx. 3,300-sqm NLA
retail space in Charoen
Nakorn area
Landbank
• A 11.3-rai land (Asoke-
Petchaburi)
5-star hotel
• Santiburi Beach Resort &
Spa (Samui Island, south
of Thailand) – 78 keys
3-star hotel
• Phi Phi Island Village
Beach Resort (Phi Phi
Island, south of Thailand)
– 112 keys
S’s existing assets comprise residential properties for sales, retail space, unique hotels in
Thailand’s top tourist destinations, and landbank in strategic locations for future development.
Low-Rise Residential Projects – Nirvana Development
12
Nirvana Development Co., Ltd. (a 51%-owned subsidiary) is a well-established residential
developer with a strong presence in low-rise products. Its assets comprise on-going projects and
landbank in strategic locations.
Note: As of 31 December 2014.
On-going Projects Product TypeTotal Project Value
(Bt.mn)
Remaining Project
Value /1
(Bt.mn.)
Nirvana Icon Wongwean - Rama 9 2-Storey SDH 572 207
Nirvana Intro 2-Storey SDH 307 34
The Tara 2-Storey SDH 280 136
Nirvana Beyond Lite Rama 9 2-3-Storey SDH 1,289 342
Beyond Kaset – Nawamin (phase 1) 3-Storey SDH 1,214 521
Beyond Rama 9 3-Storey SDH 995 76
Beyond Suan Luang 3-Storey SDH 1,031 949
Beyond @ Beach Pattaya 3-Storey SDH 310 269
Cover On-Nut 65 Townhome 530 469
@ Work Kaset-Nawamin 5-storey home office 792 152
Total 7,320 3,153
Nirvana BeyondNirvana Icon Nirvana Intro Nirvana @WorkNirvana Cover
High-Rise Residential Project – Max Future
13
Inventories (developed by RASA)
• Intro Condo (Pradiphat, BKK) – 3 units remaining
• Maxx Ville Townhomes (Don Muang, BKK) – 7 units remaining
Landbank
• A 2.5-rai land (Asoke-Montri, BKK CBD)
• A 30.5-rai land (Ekamai-Ramindra, BKK)
• A 4.5-rai land (Bangrakyai, BKK vicinity)
• A 13.5-rai land (Ramindra, BKK)
• A 7.8-rai land (Rattanathibet, BKK vicinity)
Focusing on high-rise residential and luxury housing products, Max Future (a 99.99%-owned
subsidiary) has continuously secured landbank in high-potential locations and will be soon
taking-off with its ‘best-in-class’ condo project (in Asoke-Montri) in 3Q15.
Continue sales and marketing works
Continue sales and marketing works
Develop a condo. Pre-sale in 3Q15
Develop a luxury low-rise project
Develop a condo for sales
Develop a condo for sales
Develop a condo for sales
Existing Assets Development Plan
Note: As of 31 May 2015 and subject to change.
Immediate Development : Condo in Asoke-Montri
14
Located in BKK central business area, the land plot on Asoke-Montri Road will be soon
developed into the highest condo development in Asoke vicinity. Total investment cost is
Bt.2,300 mn./1
The 2.5-rai land plot on Asoke Montri Road (BKK CBD), next to :
• Asoke commercial district
• Petchaburi and Sukhumvit MRT stations
• Asoke BTS station
• Schools and university
As of 31 May 2015 and subject to change.Note: 1. Excludes land cost.
Q3/14
Design &
Obtain permit
Q1/19
Transfer
Q3/15
Pre-sale
Hospitality and Commercial Projects
15
S engages in rental and service businesses through hospitality and commercial assets which
generate recurring income. The key strategy is to acquire and reposition the properties through
value enhancement initiatives.
Retail space (developed by RASA)
• The Lighthouse (Charoen Nakorn, BKK)
Landbank
• A 11.3-rai land (Asoke-Petchaburi, BKK CBD)
Commercial
Renovate and re-merchandizing in 2015
Develop a mixed-use project – “Singha
Complex”
5-star hotel
• Santiburi Beach Resort & Spa (Samui Island,
south of Thailand) – 78 keys with FY2013
occupancy of 80%
3-star hotel
• Phi Phi Island Village Beach Resort (Phi Phi
Island, south of Thailand) – 112 keys with FY2014
occupancy of 83%
Hospitality
Recently re-opened with new look in
December 2014 after a full refurbishment
Add keys in 2015-2016.
Refurbish existing rooms in 2016-2017
Note: As of 31 May 2015 and subject to change.
Existing Assets Development Plan
Existing Asset : Santiburi Beach Resort & Spa
16
Program
• Face lift with new interior design
• Upgrade entertainment system
• Add keys
Operations
Location• 57 rais of land (beachfront)
• On Samui Island, South of Thailand
An initial asset, Santiburi Beach Resort & Spa – a 5-star beachfront resort on Samui Island –
underwent a major refurbishment and value enhancement project during low season last year
and re-opened with new look on 20 December 2014.
Before refurbishment New look
• 78 keys (villa and duplex)
• 2011-13 Average occupancy 80%
Refurbishment & Value Enhancement (Completed)
Period • Refurbishment: Sep-Dec 2014
• Room expansion: Sep 2014-May 2015
Santiburi Beach Resort & Spa – New Look
17
Standard Villa Beach Bar Restaurant
Spa Pool Villa Santiburi Lounge
Existing Asset : Phi Phi Island Village Beach Resort
18
Operations
Location• 167.3 rais of land (beachfront)
• Phi Phi Island, South of Thailand
Interior design Exterior design
• 112 keys (villa) and 5 clusters
• 2014 Average occupancy 83%
A Bt.2,700mn newly acquired asset, Phi Phi Island Village Beach Resort is a 3-star beachfront
hotel on Phi Phi Island, Krabi Province. Room expansion is now under works.
Program and
Period
Phase 1: June – October 2015
• Add 46 keys and facilities
• CAPEX Bt.200mn.
Phase 2: 2016-17
• Add keys
• Face lift existing assets
Renovation & Value Enhancement
Note: As of 31 May 2015 and subject to change.
Add keys
(Phase 1)
Immediate Development : Singha Complex
19
Previously owned and used by Japanese government as its embassy, the strategic land plot will be
soon developed into a world-class mixed-use development – “Singha Complex”.
Opening
The 11.3-rai land plot on Asoke-
Petchaburi intersection (BKK CBD),
next to :
• Asoke commercial district
• Petchaburi MRT station
• Makkasan Airport Rial Link station
Program
• Office tower (10,000-sqm BRB’s HQ and an
approx. 31,000-sqm NLA office for rent)
• Boutique hotel (approx. 30 keys)
• Multi-purpose hall (approx. 4,000 PAX)
• Retail space (approx. 6,000-sqm NLA)
1H’2018 (Tentative)
Note: As of 31 May 2015 and subject to change.
20
Financial Performance
Basis of Accounting
21
Consolidated Financial Statements
• The accounting standard for “Reverse Acquisition” was applied to S’s.
• The consolidated financial information of S were prepared as if the companies
transferred from BRB and Khun Santi Bhirombakdi were amalgamated with one
another from the start and acquired RASA on the 12 September 2014.
Consolidated Company
1Q15 S and its existing subsidiaries S only
1Q14 Companies transferred from BRB and Khun
Santi Bhirombhakdi /1
S only (previously RASA)
Statements of Comprehensive Income
Consolidated Company
31 March 15 S and its existing subsidiaries S only
31 December 14 S and its existing subsidiaries S only
Statements of Financial Position
Note: 1. Max Future Co., Ltd, Singha Property Development Co., Ltd., Bhiromphat Co., Ltd., and Santiburi Co., Ltd.
Financial Performance
22
Abbreviation: STB : Santiburi Beach Resort & Spa
PP : Phi Phi Island Village Beach Resort
1Q14 4Q14 1Q15 yoy qoq
(Unit: Bt.mn) change change
Revenues 82.8 178.7 308.5 225.7 129.8
Revenues from sales of house and condominium units 0.0 118.5 75.3 75.3 (43.2)
Revenues from services 82.8 60.2 233.2 150.3 173.0
Costs 15.7 176.1 186.7 170.9 10.5
Costs of house and condominium unit sold 0.0 95.1 67.5 67.5 (27.7)
Costs of services 15.7 81.0 119.2 103.5 38.2
Gross profit 67.1 2.6 121.8 54.7 119.3
Gross profit from house and condominium unit sold 0.0 23.4 7.9 7.9 (15.5)
Gross profit from services 67.1 (20.8) 114.0 46.9 134.8
Selling and admin expenses 53.4 147.1 125.7 72.3 (21.4)
Profit (loss) from operation 13.7 (144.5) (3.9) (17.6) 140.6
Other income 4.4 20.9 14.2 9.8 (6.7)
Profit (loss) before interest and income taxes 18.1 (123.6) 10.3 (7.8) 133.9
Financial costs 0.2 25.1 36.2 36.0 11.2
Income taxes 6.7 (5.9) (0.3) (6.9) 5.6
Frofit (loss) for the period 11.3 (142.8) (25.7) (36.9) 117.1
Non-controlling interests 0.0 (1.2) (1.9) (1.9) (0.7)
Net Profit (loss) 11.3 (144.0) (27.6) (38.8) 116.4
Gross profit margin 81% 1% 39% (42%) (43%)
Profit margin from house and condominium unit sold n/a 20% 10% n/a n/a
Profit margin from services 81% (35%) 49% (32%) 2%
- Fewer units of Intro and
Maxx Ville transferred in
1Q15
- Full quarter contribution
from STB and PP
- Full quarter cost of PP
- Additional depreciation of
STB’s renovation work
- One-time expenses in
4Q14
- Increased headcount at
head office to support
business expansion
- Full quarter interest
expense of new loan raised
to acquire PP
- Re-opening of STB (closed
most of 4Q14 for
refurbishment)
Consolidated Statements of Comprehensive Income
Financial Position
23
(Unit: Bt.mn / % to total assets)
Assets
Cash and Short-term investments 898.2 9% 578.0 6%
Costs of property development 794.8 8% 439.4 4%
Inventories 11.7 0% 12.0 0%
Others 92.9 1% 111.7 1%
Total current assets 1,797.7 18% 1,141.0 11%
Investments in subsidiaries 0.0 0% 0.0 0%
Land held for development 1,499.6 15% 2,716.2 26%
Investment property 2,820.0 29% 2,848.1 28%
PP&E 3,122.9 32% 3,169.0 31%
Others 481.6 5% 466.7 5%
Total assets 9,721.7 100% 10,341.0 100%
Liabilities
Short-term loans 3,166.9 33% 4,083.8 39%
Current portion of long-term loans 38.3 0% 11.0 0%
Others 429.3 4% 213.7 2%
Total current liabilities 3,634.4 37% 4,308.5 42%
Long-term loans 504.8 5% 471.6 5%
Others 31.3 0% 34.5 0%
Total liabilities 4,170.5 43% 4,814.7 47%
Shareholders' equity
Paid-up capital 4,712.4 48% 4,712.4 46%
Retained eanrings 307.6 3% 280.0 3%
Others 531.3 5% 534.0 5%
Total shareholders' equity 5,551.2 57% 5,526.3 53%
End of 2014 End of 1Q15
- New land plots (additional Asoke and
Rattanathibet) acquired in 1Q15
- New debt (bridging loan facility)
raised to acquire new land plots
Net IBD to equity 0.51 0.72
Consolidated Statements of Financial Position
Short-term
90%
Long-term
10%
1Q15 Outstanding borrowings: Bt.4,566.4mn.
24
Right Offerings
Capital Increase and Rights Offering
25
New common shares 2,635,940,054 shares
- Nirvana Development Placement 186,509,792 shares (completed)
- Rights Offering 816,476,754 shares
- Reserve for exercise of warrants “S-W1” 1,632,953,508 shares
Capital Increase
Ratio (old share : new share : warrant) 6 : 1 : 2
Share subscription price Baht 3.00 per share
S-W1 offering price Baht 0.00
Ex-rights date (XR) 14 May 2015
Subscription and payment period 8 to 12 June 2015 (by 16.00)
First day trade of new share 23 June 2015 (tentative)
First day trade of S-W1 10 July 2015 (tentative)
Subscription agent
Maybank Kim Eng Securities
Rights Offering (“RO”)
S-W1 Warrant
26
Information of the S-W1
Warrant symbol S-W1
Exercise ratio (warrant : share) 1 : 1
Exercise price Baht 15.00 per share
Term of warrants Not exceeding 4 years and 2 months
- 1st exercise date 15 January 2018
- 2nd exercise date 16 July 2018
- 3rd exercise date 15 January 2019
- 4th exercise date 15 July 2019
Issuance and offering date 24 June 2015 (tentative)
First day trade of S-W1 10 July 2015 (tentative)
Secondary market SET
27
Q & A
28
Contacts
Investor Relations
Choenporn Subhadhira
Tel: (+66) 2632 4533 ext.101Email: [email protected]: www.singhaestate.co.th
29
Appendix
New Land Plots
30
RattanathibetBangrakyai