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R E S U L T S

B R I E F I N G

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1 . A G E N D A H E A D E R

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OV E RV I E W

K E Y S E G M E N T S P E R F O R M A N C E

R E V I E W

F U T U R E P L A N S

A G E N DA

1

2

3

3

P r e s e n t a t i o n b y E d d y S e e ,

P r e s i d e n t a n d G r o u p M D

O V E R V I E W

4

FY18 (S$’M) FY19 (S$’M) Change1 (%)

Revenue 329.0 347.0 5%

Operating Profit (a) 83.1 56.2 32%

One-off Gains on Disposal (b) (37.6) -

Allowance on Impairment losses2

(c) - 8.9

Core Operating Profit [(a) + (b) + (c)] 45.5 65.1 43%

Cash Profit3 44.1 22.5 49%

Net Asset Value 719.8 747.4 4%

1 . O V E R V I E W

Group Financial Highlights

1 Variance is computed based on figures to the nearest thousands & in line with announcement in SGXNet.2 One-off impairment provided on Morocco’s assets and trade receivables.3 Cash Profit = Profit after taxation and minority interests adjusted for depreciation, amortisation expense, fair value adjustments on various investments, impairments, effective interest adjustment on receivables and fixed

assets written off. Adjustment items are net of MI.

“Core operating profit is the most critical metric of corporate performance because it excludes non-recurring, one-off

gains or losses and shows the underlying health of any business.”

Ho KwonPing, Executive Chairman

5

1 . O V E R V I E W

Key Figures1

Note:

1. Financial figures as at 31-Dec-19.

2. NAV denotes Net Asset Value.

3. Share price based on closing share price of S$0.395 as at 13-Feb-20.

4. Gearing ratio is defined as net debt divided by total equity (includes minority interests).

5. Enterprise value (EV) defined as sum of Market Capitalization, Debt and Minority Interest, less Cash.

EBITDA

S$0.8b S$56m

Enterprise Value5

NAV2 Per Share Share Price3 / NAV Cash and

Cash Equivalents

Net Gearing Ratio4

S$0.80 S$131m

57%

51%

discount

EV/EBITDA

15x

6

K E Y

S E G M E N T S

B U S I N E S S

R E V I E W

7

H O T E L &

F E E -

B A S E D

B U S I N E S S

8

4.3

(4.5)

18.9

14.6

-$6.0

$0.0

$6.0

$12.0

$18.0

$24.0

$30.0

$36.0

FY18 FY19

Non-Thailand Thailand

S$'M

Total S$23.2m

NetS$10.1m

13.1m

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Hotel Investments – Financial Performance

HighlightsOperating Profit

Owned Hotels1

1. Hotel management fees attributed for hotels managed and owned by BTH was allocated to hotel management segment.

Absence of Seychelles

contribution (S$4.9m).

Impairment loss on

Morocco’s assets

(S$5.3m).

profit (Thailand) due

to lower revenue.

9

1.9 2.4 2.6 2.6

24.2 23.3

$0.0

$6.0

$12.0

$18.0

$24.0

$30.0

$36.0

FY18 FY19

Design and Others Spa/Gallery Hotel Management

S$'M

Total S$28.7m

Total S$28.3m

0.4m

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Fee-Based Business – Financial Performance

HighlightsOperating Profit

1. Hotel management fees attributed for hotels managed and owned by BTH was allocated to hotel management segment.

2. Hotel management revenue includes royalty fees.

fees income.

Partially cushioned by:

staff costs.

S&M expenses.

10

60%

54%

60%60%

67%

55% 59%58%

50%

55%

60%

65%

70%

1Q 2Q 3Q 4Q

%

2019 2018

FY18: 60%

FY19: 58%

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Hotel Operating Performance – Ave Occupancy (%)

HighlightsAll Hotels (Same Store1)

1. Same Store Concept excludes all new resorts opened in the past 2 years as they take on an average two years to stabilize.

2% points mainly due

to resorts in Thailand,

Seychelles and

Indonesia, partially

cushioned by higher

occupancy in Maldives.

11

364

307

311 333

384

317

309304

200

250

300

350

400

450

1Q 2Q 3Q 4Q

S$

2019 2018

FY18: 330

FY19: 329

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Hotel Operating Performance – Ave Room Rates (S$)

HighlightsAll Hotels (Same Store1)

1. Same Store Concept excludes all new resorts opened in the past 2 years as they take on an average two years to stabilize.

Consistent with last

year.

12

219

167

185 199

258

176

181 177

100

150

200

250

300

1Q 2Q 3Q 4Q

S$

2019 2018

FY18: 197

FY19: 193

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Hotel Operating Performance – RevPAR (S$)

HighlightsAll Hotels (Same Store1)

1. Same Store Concept excludes all new resorts opened in the past 2 years as they take on an average two years to stabilize.

2%

Due to lower occupancy.

13

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Room Revenue By Country Of Residence (COR)*

14

Highlights

China guests make up

22% of owned hotels.

China guests make up

majority (90%) of China

managed hotels.

Contribution to Group

EBITDA from China

guests in managed hotels

is approx. 4% whereas

owned hotels is approx.

7%.

FY18 FY19

* Room revenue is derived from hotel guests and sorted by their COR.

Note: Comparative figures have been adjusted to reclassify Banyan Tree Seychelles from Owned to Managed hotel.

Asia(Owned: Hotel Investments)

China(Managed: Fee-based)

FY18 FY19

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Room Revenue By Country Of Residence (COR)*

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Highlights

China guests make up

15% of Asia managed

hotels.

Contribution of fees to

Group EBITDA from

China guests on Asia

managed hotels is

approx. 1%.

China guests make up

less than 1% of Americas

managed hotels.

Americas(Managed: Fee-based)

* Room revenue is derived from hotel guests and sorted by their COR.

Note: Comparative figures have been adjusted to reclassify Banyan Tree Seychelles from Owned to Managed hotel.

Asia(Managed: Fee-based)

14.6 7.7

23.6 22.1

13.2 12.4 6.4 7.1

57.8

49.3

$0

$10

$20

$30

$40

$50

$60

1 Q 1 9 1 Q 2 0 1 Q 1 9 1 Q 2 0 1 Q 1 9 1 Q 2 0 1 Q 1 9 1 Q 2 0 1 Q 1 9 1 Q 2 0

China (Managed) Asia (Owned) Asia (Managed) Americas (Managed) Total

US$'M

(6%)(47%)

(15%)

(6%)

11%

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Hotel Business – Forward Bookings

HighlightsAll HotelsOn-The-Book (“OTB”) Room Revenue

1. Comparative figures have been adjusted to reclassify Banyan Tree Seychelles from “Asia (Owned)” to “Asia (Managed)”.

2. Based on OTB as at 18 February 2020.

Forward bookings overall

impacted by Covid-19 (

15%).

Owned hotels forward

bookings only 6%.

China managed hotels

by 47%.

No impact to our resorts in

Americas ( 11%).

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2 . H O T E L & F E E - B A S E D

B U S I N E S S

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Highlights

Cancellation for Thailand

hotels peaked around end

Jan 2020 whereas

Maldives peaked in early

Feb 2020.

Cancellations for both

Thailand and Maldives

hotels have since been

declining.

Net pick up for last two

weeks has been

stabilizing with pick up

offsetting cancellation.

Rev

enu

e (S

$’0

00

)R

even

ue

(S$

’00

0)

Covid-19Pick-up & Cancellation Trend for Owned Hotels

Thailand Hotels Q1’ 2020Daily Cancellation vs. Daily Pick-up

Maldives Hotels Q1’ 2020Daily Cancellation vs. Daily Pick-up

2 . H O T E L & F E E - B A S E D

B U S I N E S S

18

Highlights

Thailand

• Sharp decline lead mainly

by China and Japan

guests.

• Significant growth in

Europe guests, especially

from Russia.

Maldives

• Similarly, China guests is

the major contributor to

the decline for Maldives

hotels.

• Main growth are mainly

from Europe guests.

Thai

lan

dM

ald

ive

sCovid-19COR Top 5 Declining & Growth for Owned HotelsFrom 23 January to 30 June (SGD ‘000)

No. of Keys

No. of Hotels: 35 37 39 826722 25 29 32 34 9355474741

1,100 1,436 1,698 1,897 2,116 2,284 2,405 2,338 2,547 2,794 2,677 3,107 3,465 3,933 4,372

475

998 1,618

1,746 1,827

2,220 2,226 1,699 1,699

2,113 2,411

3,182

3,748

4,501

4,931

229

229 285

486 488

488

488

824

1,193

516 516

714 714

838

2,621

3,583

4,267

112

112

112 112

112 112

112 187 112

437 424

638

688

688

1,026

1,687

2,546

3,428 3,755

4,055 4,616

4,972 4,969 5,159

6,544 6,714

8,253

11,010

13,529

15,789

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000

2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E

Banyan Tree Angsana Cassia Dhawa Others

2 . H O T E L & F E E - B A S E D

B U S I N E S S

Hotel Business – Projected Growth

HighlightsSteady Pipeline Growth

Number of keys1

1. Based on contracts that were already signed.

CAGR 2019 - 2023 = 24%Past Current Future

(2009) (2019) (2023)

66% 27% 13%

34% 73% 87%

Owned Hotels %

Managed Hotels %

CAGR of 24% based on

contracts completion

dates.

46 hotels to be opened

in next 4 years.

Room keys estimated to

grow by 135% from

about 6,700 keys as at

31 Dec 2019 to about

15,800 keys by end of

2023.

Additional keys are

largely managed without

any equity interest.

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R E S I D E N C E S

A N D

E X T E N D E D

S T AY

20

5.5

28.8

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

FY18 FY19

S$'M

$23.3m

2 . R E S I D E N C E S A N D

E X T E N D E D S T A Y

Residences and Extended Stay – Financial Performance

HighlightsOperating Profit1

1. Based on completed contract method of revenue recognition.

revenue recognition

from Cassia Phuket

(Phase 3) and Banyan

Tree Phuket Pool Villas.

226 units (FY19) vs.

128 units (FY18).

21

$125.6 $115.9

211 units

337 units

$-

$50

$100

$150

$200

$250

$300

0

50

100

150

200

250

300

350

400

FY18 FY19

Gross Sales (Value) Gross Sales (Qty)

Unit S$'M

2 . R E S I D E N C E S A N D

E X T E N D E D S T A Y

Residences and Extended Stay – Financial Performance

HighlightsSales Progress

Recognised in Year S$'M

2020 97.3

2021 42.1

2022 38.8

Unrecognised Revenue

as at 31.12.2019: S$178.2m

In FY19, 337 units sold

(S$116m) vs. 211 units

(S$126m) in FY18.

In Aug’19, we launched

Skypark which was well

received. 68% sold.

Unrecognised Revenue at

S$178m; about half to be

recognised in 2020.

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F U T U R E

P L A N S

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3 . F U T U R E P L A N S

Future Plans

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Will continue to leverage our key competences for growth by assets/ownership rebalancing when opportunities arise.

Maintain hotel investments in Asia Pacific, our stronghold.

Continue to unlock value from our landbanks through branded hotel-residences model.

Strategic partnerships in target growth markets to boost Fee-based income.

Covid-19 Plans

Prudent cash-preservation measures, similar to other unforeseen events (eg. SARS).

Ensure health and safety, our first priority for associates and guests.

Forward planning to capture market when business rebounds.

3 . F U T U R E P L A N S

Future Plans – New Hotel Contracts Signed in 2019

* Include 10 Accor / Vanke leads.

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Brand HMA MOU

Banyan Tree 11 4

Angsana 4 4

Cassia 1 3

Dhawa 9 4

Folio 1 -

Others 1 -

Total 27* 15

Future Plans – 46 Hotels to be opened 3 . F U T U R E P L A N S

*White label

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Existing Land Bank

Land size (Hectares) 124

Gross Development Value (S$’Billion) 4.6

2020: Projects activated for development

No. of Projects 3

Land size (Hectares) 9

Gross Development Value (S$’Billion) 0.6

Percentage of land bank to be utilized (Land size) 8%

Future Plans – Residences and Extended Stay Development3 . F U T U R E P L A N S

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