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Financial SummaryFinancial Summary
Q3 2010 Q2 2010 Q1 2010 Q3 2009 Q2 2009 Q1 2009 2009 2008 2007 2006
Revenues from Property Development (Btm) 1,365 2,133 6,035 2,836 2,264 2,702 12,317 9,730 7,785 6,344 YoY Chg (%) ‐51.9% ‐5.8% 123.3% 4.7% ‐11.1% 108.1% 26.6% 25.0% 22.7% 41.3%
Consolidated Revenues (Btm) 1,396 2,173 6,093 2,868 2,289 2,722 12,424 9,832 7,825 6,344 YoY Chg (%) ‐51.3% ‐5.1% 123.8% 5.0% ‐11.1% 107.0% 26.4% 25.6% 23.3% 20.7%QoQ Chg (%) ‐35.8% ‐64.3% 34.1% 25.3% ‐15.9% ‐15.2%
Gross profit from Property Development (Btm) 486 773 2,076 934 739 894 4,058 3,381 2,537 1,996 Gross margin from Property (%) 35.6% 36.3% 34.4% 32.9% 32.6% 33.1% 33.0% 34.8% 32.6% 31.5%
Overall Gross profit (Btm) 517 813 2,134 967 764 914 4,166 3,484 2,577 1,996Gross margin (%) 37.1% 37.4% 35.0% 33.7% 33.4% 33.6% 33.5% 35.4% 32.9% 31.5%
Operating profit (Btm) 139 413 1,661 607 458 630 2,781 2,467 1,389 1,043Operating margin (%) 9.9% 19.0% 27.3% 21.2% 20.0% 23.1% 22.4% 25.1% 17.8% 16.4%
Net profit from normal operations (Btm) 91 286 1,166 421 298 407 1,869 1,638 899 794 YoY Chg (%) ‐78.5% ‐4.0% 186.4% ‐7.0% ‐39.9% 168.7% 14.1% 82.3% 13.2% 23.2%
Net profit (Btm) 91 286 1,239 421 298 407 1,869 1,638 899 1,344 YoY Chg (%) ‐78.5% ‐4.0% 204.3% ‐7.0% ‐39.9% 168.7% 14.1% 82.3% ‐33.1% 75.7%QoQ Chg (%) ‐68.4% ‐76.9% 66.6% 41.1% ‐26.7% ‐24.3%Q Q g ( )
EPS (Bt) 0.04 0.12 0.53 0.18 0.13 0.17 0.80 0.70 0.39 0.59
Total assets (Btm) 21,286 21,503 22,177 18,158 16,430 16,865 19,159 17,378 13,145 10,418Equity (Btm) 8,890 8,789 9,234 7,181 6,738 6,977 8,030 6,787 5,513 5,048
Outstanding debt (Btm) 9,090 9,119 9,427 7,925 6,662 6,739 7,942 7,986 5,509 4,031Net debt (Btm) 8,374 5,739 4,561 6,375 5,874 5,243 6,234 6,227 4,787 3,124
Net debt to equity (x) 0.94 0.65 0.49 0.89 0.87 0.75 0.78 0.92 0.87 0.62ROE (%) (average equity) N/A N/A N/A N/A N/A N/A 25.2% 26.6% 17.0% 29.8%
Source: Asian Property Development Plc. 31
Note: 2009 figures in financial statement were restated to comply with new accounting policy.
RevenueRevenue
14 000
9 832
12,424
9 661
12,000
14,000
6 344
7,825
9,832 9,661
8,000
10,000
2 701
4,757 5,740 5,258
6,344
4,000
6,000
1,281
2,701
2,000
‐
2001 2002 2003 2004 2005 2006 2007 2008 2009 9M 2010
Source: Asian Property Development Plc. 32
Net ProfitNet Profit
1 8692,000
1,638
1,869
1,616
1,600
1,800
2,000
1,192 1,097
1,344
1 000
1,200
1,400
688 765
899
600
800
1,000
265
200
400
‐
2001 2002 2003 2004 2005 2006 2007 2008 2009 9M 2010
Source: Asian Property Development Plc. 33
Gross MarginGross Margin
50 0%
40.0%
45.0%
50.0%
25.0%
30.0%
35.0%
10 0%
15.0%
20.0%
0.0%
5.0%
10.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 9M20102001 2002 2003 2004 2005 2006 2007 2008 2009 9M 2010
Gross Margin Operating Margin Net Margin
Source: Asian Property Development Plc. 34
Net Debt to EquityNet Debt to Equity
1.20
0.80
1.00
0 40
0.60
0.20
0.40
0.00Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010
35Source: Asian Property Development
Debt Structure as of 30 Sep 2010Debt Structure as of 30 Sep 2010
Project jLoan12%
BondBond88%
36Source: Asian Property Development
Debenture as of 30 Sep 2010Debenture as of 30 Sep 2010
Bond Amount Interest Rate Duration Due
AP117A 1,000 5.30% 4 Yrs Jul 11
AP118A 1,000 5%,6%,7% 3 Yrs Aug 11
AP122A 1,000 5.5%,6.0% 3 Yrs Feb 12
AP127A 1,000 5% 3 Yrs Jul 12
AP132A 1,000 4.90% 3 Yrs 5 Mths Feb 13
AP138A 500 3 80% 3 Yrs 6 Mths Aug 13AP138A 500 3.80% 3 Yrs 6 Mths Aug 13
AP139A 1,000 3.80% 3 Yrs 7 Mths 26 Days Sep 13
AP141A 1,000 3.50% 3 Yrs 6 Mths Jan 14AP141A 1,000 3.50% 3 Yrs 6 Mths Jan 14
AP157A 500 4% 4 Yrs 11 Mths 4 Days Jul 15
Total 8,000
37Source: Asian Property Development
AP PROJECT UPDATEAP PROJECT UPDATE
AP ProductsAP Products
Price Range (MB)
1 2 3 4 5 6 7 8 9 10 11 12
SDH
TH
CONDO
Source: Asian Property Development Plc.39
AP ProjectsAP Projects
Source: Asian Property Development Plc.40
Sales & Backlog (Million Baht)Sales & Backlog (Million Baht)
2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD
Gross sales booking 11,932 2,330 4,906 10,007 4,713 21,956 3,861 3,571 7,538 5,860 20,830 Beginning Backlog 14,669 13,924 12,852 14,314 20,476 13,924 19,744 16,747 17,334 22,771 19,744 Total sold value 26,601 16,254 17,758 24,321 25,188 35,880 23,605 20,318 24,872 28,630 40,574
Cancellation (3,514) (700) (1,181) (1,009) (726) (3,616) (822) (851) (737) (878) (3,289) Net sold value 23,087 15,554 16,578 23,312 24,462 32,264 22,782 19,467 24,135 27,752 37,285
Revenue Recognition (9,163) (2,702) (2,264) (2,836) (4,718) (12,520) (6,035) (2,133) (1,365) ‐ (9,533)
Ending Backlog 13,924 12,852 14,314 20,476 19,744 19,744 16,747 17,334 22,771 27,752 27,752
‐ from TH&SDH 1,826 1,681 2,089 2,164 1,629 1,629 1,075 1,835 2,545 4,374 4,374 ‐ from Condo 12,098 11,171 12,225 18,312 18,115 18,115 15,672 15,499 20,226 23,378 23,378
Net Sales Booking 8,418 1,630 3,726 8,997 3,987 18,341 3,038 2,720 6,802 4,981 17,541 ‐ from TH&SDH 5,185 1,284 1,822 1,562 1,066 5,735 998 2,155 1,964 1,829 6,946
* Backlogmeans we have already sold but not yet recognized income.
‐ from Condo 3,233 346 1,904 7,435 2,921 12,606 2,040 565 4,838 3,152 10,595
Source: Asian Property Development Plc.41
Ongoing Projects as of Dec 31, 2010(SDH)
Ongoing Projects Rai
No of units
Project value (Btm)
Launch year
Completion (last unit
transferred)
% sold (in unit) (as of 31 Dec
10)
Available for sales (Btm)
Single Detached House
Place & Park 91.6 275 800 N/A
The City (Pinklao) 38.0 88 760 Q3 2004 Q2 2010 100% 0
The City (Pinklao) Phase II 115.7 283 2,228 Q2 2007 Q2 2010 100% 0
l ( h h bh )Baan Klang Krung (The Nice Ratchavibha) 18.2 50 670 Q2 2006 Q2 2011 86% 94
The Centro (Sukhumvit 113) 35.6 188 800 Q3 2008 Q4 2011 84% 128
The City (Rattanathibet‐Khaerai) 60.0 206 1,600 Q3 2008 Q4 2011 92% 132
The City (Rama 5 ‐ Ratchaphruek) 27.1 106 770 Q1 2009 Q1 2011 100% 0
The Centro (Rattanatibet) 121.0 453 2,700 Q2 2010 Q4 2013 14% 2,325
The Centro (Ram intra) 73.3 296 1,600 Q2 2010 Q4 2013 21% 1,265
The City (Rama5‐Ratchaphruek) II 50.6 140 1,150 Q3 2010 Q4 2013 6% 1,084
The Centro (On nuch‐Wongwan) 57.1 216 1,400 Q3 2010 Q4 2013 5% 1,329
The Centro (Watcharapon) 111.7 407 2,250 Q4 2010 Q4 2014 1% 2,228
The Palazzo Sathorn 44.0 108 1,500 Q4 2010 Q4 2013 16% 1,264
SDH ‐ Available for Sales 9,848
Source: Asian Property Development Plc.42
Note: 1 rai = 0.4 acre = 0.16 hectare = 400 sq.w. = 1,600 sq.m., 1 sq.feet = 0.09 sq.m. , 1 sq.m. = 10.76 sq. feet
SDH Available for Sales 9,848
Ongoing Projects as of Dec 31, 2010(TH)
Project Completion % sold (in unit) Available
Ongoing Projects Rai
No of units
Project value (Btm)
Launch year
Completion (last unit
transferred)
% sold (in unit) (as of 31 Dec
10)
Available for sales (Btm)
Townhouse
Baan Klang Krung (The Royal Vienna Ratchavibha) 35.6 330 1,850 Q4 2006 Q2 2011 99% 11
Baan Klang Muang Urbanion (Rama9‐Wongwan) 10.9 124 430 Q4 2007 Q1 2011 99% 3
Baan Klang Muang Urbanion (Sathorn‐Taksin) 22.6 208 1,100 Q2 2008 Q2 2010 100% 0
Baan Klang Muang Urbanion (Sukhumvit 113) 11.6 124 350 Q2 2008 Q3 2010 100% 0
Baan Klang Muang Urbanion (Ladprao 71(4)) 7.1 75 417 Q3 2008 Q1 2010 100% 0
Biztown (Srinakarin) 6.0 54 330 Q3 2008 Q3 2010 100% 0
Baan Klang Muang Urbanion (Srinakarin) 22.0 207 910 Q3 2008 Q3 2011 89% 101
Biztown (Ladprao) 9.8 69 660 Q1 2009 Q1 2011 99% 10
Baan Klang Muang Urbanion (Rama9‐Ladprao) 13.7 150 780 Q4 2009 Q2 2011 87% 99
Baan Klang Muang Urbanion (Kaset‐Navamin) II 23.8 271 1,100 Q1 2010 Q4 2011 71% 317
Baan Klang Krung (Sathorn) 9.0 90 950 Q2 2010 Q1 2011 100% 0
Baan Klang Muang Urbanion (Rama 3‐Suksawat) 8.4 92 400 Q3 2010 Q2 2011 92% 30
Biztown (Rama3‐Suksawat) 7.1 63 500 Q3 2010 Q4 2011 37% 317
Baan Klang Muang (Ladprao‐Sena) 8.1 88 450 Q3 2010 Q2 2011 74% 118
Baan Klang Muang S‐Sense (Sathorn‐Taksin) 52.8 486 2,600 Q3 2010 Q4 2015 7% 2,423
Baan Klang Muang S‐Sense (Rama9‐Ladprao) 28.7 302 1,500 Q3 2010 Q4 2013 16% 1,262
Baan Klang Muang S‐Sense (On nuch‐Wongwan) 32.3 338 980 Q4 2010 Q4 2013 4% 945
Source: Asian Property Development Plc. 43Note: 1 rai = 0.4 acre = 0.16 hectare = 400 sq.w. = 1,600 sq.m., 1 sq.feet = 0.09 sq.m. , 1 sq.m. = 10.76 sq. feet
TH‐Available for Sales 5,637
Ongoing Projects as of Dec 31, 2010(Condo)
P j t C l ti % ld (i it) A il bl
Ongoing Projects Rai
No of units
Project value (Btm)
Launch year
Completion (last unit
transferred)
% sold (in unit) (as of 31 Dec
10)
Available for sales (Btm)
Condominium
The Address Chidlom 4.5 597 3,940 Q1 2007 Q2 2011 98% 59
Life @ Sathorn 10 1 4 286 1 056 Q2 2007 Q22010 100% 0Life @ Sathorn 10 1.4 286 1,056 Q2 2007 Q2 2010 100% 0
Life @ Ratchada‐Suthisan 2.9 484 1,280 Q2 2007 Q3 2010 100% 0
Life @ Sukhumvit 65 2.7 540 1,570 Q3 2007 Q1 2011 100% 6
Life @ Ratchada‐Huay Kwang 2.5 480 1,300 Q3 2007 Q4 2010 100% 0
Life @ Sukhumvit 67 1.0 78 420 Q1 2008 Q4 2010 100% 0
Rhythm Ratchada 7.0 881 3,560 Q3 2008 Q4 2011 86% 485
The Address Pathumwan 2.3 156 1,050 Q2 2009 Q2 2011 95% 54
Life@Ladprao 18 3.0 457 1,600 Q2 2009 Q1 2012 89% 172
The Address Phayathai 1.4 152 1,070 Q3 2009 Q4 2011 82% 190
The Address Asoke 3.9 574 3,370 Q3 2009 Q4 2012 99% 35
The Address Sukhumvit 28 2.0 246 2,250 Q3 2009 Q3 2012 97% 64
The Address Sathorn 12 3.5 562 4,100 Q3 2009 Q4 2013 75% 1,014
Rhythm Ratchada‐Huay Kwang 3.6 539 2,300 Q1 2010 Q2 2012 88% 273
Rhythm Sukhumvit 50 3.9 589 2,500 Q3 2010 Q4 2013 100% 4
Rhythm Phahol‐Aree 5.5 809 3,200 Q3 2010 Q4 2014 40% 1,922
Rhythm Sathorn 4.8 910 4,200 Q3 2010 Q4 2014 43% 2,414
Aspire Rama 4 6.8 1,432 2,600 Q4 2010 Q4 2013 16% 2,179
Aspire Ngamwongwan 8.5 1,458 2,100 Q4 2010 Q4 2013 26% 1,548
Condo‐Available for Sales 10,420
Total ongoing projects available for sales 25 904
Source: Asian Property Development Plc. 44Note: 1 rai = 0.4 acre = 0.16 hectare = 400 sq.w. = 1,600 sq.m., 1 sq.feet = 0.09 sq.m. , 1 sq.m. = 10.76 sq. feet
Total ongoing projects available for sales 25,904
Future Projects to be launched in 2011 Future Projects to be launched in 2011
Project Completion
Planned‐to‐be‐launched projects in 2011 Rai
No of units
Project value (Btm)
Land acquisition
Launch year
Completion (last unit
transferred)
Single Detached House
1 The Palazzo Suksawat 44.0 140 1,750 Q1 2010 Q2 2011 Q4 2013
Total SDH 1,750
Townhouse
1 Baan Klang Muang S‐Sense (Srinakarin) 22.0 212 900 Q1 2008 Q1 2011 Q4 2013
2 Baan Klang Muang (Ladprao‐Sena) II 10.1 97 500 Q2 2010 Q2 2011 Q4 2012
3 The Pleno (Suksawat) 71.3 680 1,480 Q3 2010 Q2 2011 Q4 2014
4 The Pleno (Bangbon) 43.9 434 1,000 Q3 2010 Q2 2011 Q4 2013
5 The Pleno (Bangkruay) 45.7 450 1,050 Q3 2010 Q2 2011 Q4 2013
6 Baan Klang Krung (Rama 3‐Wongwan) 9.3 57 500 Q3 2010 Q2 2011 Q2 2012
l (S h h h k) 6 3 0 600 Q 20 0 Q2 20 Q 20 27 Baan Klang Muang (Sathorn‐Ratchaphruek) 16.3 150 600 Q4 2010 Q2 2011 Q4 2012
8 Baan Klang Muang (Ladprao 101) 6.6 79 330 Q4 2010 Q3 2011 Q4 2012
9 Baan Klang Muang (Ratchada) 13.7 165 700 Q1 2011 Q3 2011 Q4 2012
Total TH 7,060
C d i iCondominium
1 Rhythm Sukhumvit 44 3.0 493 2,400 Q1 2011 Q2 2011 Q4 2014
2 Aspire Srinakarin 3.4 330 440 Q1 2011 Q2 2011 Q2 2013
Total Condo 2,840
Total planned to be launched projects in 2011 11 650
Source: Asian Property Development Plc.Note: 1 rai = 0.4 acre = 0.16 hectare = 400 sq.w. = 1,600 sq.m., 1 sq.feet = 0.09 sq.m. , 1 sq.m. = 10.76 sq. feet
45
Total planned‐to‐be‐launched projects in 2011 11,650
Project PortfolioProject Portfolio
P j il bl f l f D 31 2010 P j l b l h d i 2011
SDH15%
Condo24%
SDH38%Condo
Project available for sales as of Dec 31, 2010 Projects plan to be launched in 2011
Condo40%
TH61%TH
22% Total project portfolio
SDH31%Condo
35%
TH34%
Source: Asian Property Development Plc. 46
% Estimated Transferred Condo% Estimated Transferred Condo
(mill ion Baht) % Estimated transferred
Existing Condo of AP Project value Total units % unit sold *Accumulated until 2010 2011F 2012F 2013F 2014F
Estimated last unit
transferredThe Address Chidlom 3,940 597 98% 98% 2% Q2 2011Life @ Sathorn Soi 10 1,056 286 100% 100% Q2 2010Life @ Suthisan 1,280 484 100% 100% Q3 2010Life @ Sukhumvit 65 1,570 540 100% 100% Q1 2011Life @ Ratchada ‐ Huay Kwang 1,300 480 100% 100% Q4 2010Life @ Sukhumvit 67 420 78 100% 100% Q4 2010Rhythm Ratchada 3,560 881 86% 51% 49% Q4 2011The Address Pathumwan 1,050 156 95% 95% 5% Q2 2011Life @ Ladprao 18 1,600 457 89% 80% 20% Q1 2012Life @ Ladprao 18 1,600 457 89% 80% 20% Q1 2012The Address Phayathai 1,070 152 82% 100% Q4 2011The Address Asoke 3,370 574 99% 100% Q4 2012The Address Sukhumvit 28 2,250 246 97% 50% 50% Q3 2012The Address Sathorn 12 4,100 562 75% 30% 70% Q4 2013Rhythm Ratchada ‐ Huay Kwang 2,300 539 88% 80% 20% Q2 2012Rhythm Sukhumvit 50 2 500 589 100% 100% Q4 2013Rhythm Sukhumvit 50 2,500 589 100% 100% Q4 2013Rhythm Phahol‐Aree 3,200 809 40% 50% 50% Q4 2014Rhythm Sathorn 4,200 910 43% 10% 90% Q4 2014Aspire Rama 4 2,600 1,432 16% 100% Q4 2013Aspire Ngamwongwan 2,100 1,458 26% 100% Q4 2013
43,466
How do we manage any potential risk for condo projects?
• Reducing the financial risk, we finance each new condo project by cash inflow from prior condo projects.
• Reducing the operational risk, we monitor the number of unit sold reaching the confident level before acquiring new plots of land for new
* % sold as of Dec 31, 2010
Source: Asian Property Development Plc.
condo development.
47
Summary of our Project InventorySummary of our Project Inventory
Backlog as of Dec 31, 2010 27,752 MB
Available for sales 25 904 MBAvailable for sales 25,904 MB
New projects plan to be launched 11,650 MB
Total available inventories in market value 65,306 MB
Source: AP 48
THANK YOU
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Disclaimer
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