fourth quarter and full year 2009 - the erawan group · renaissance koh samui resort and spa luxury...

Investor and analyst meeting:

Fourth Quarter and Full Year 2009

25th February 2010

2

The views expressed here contain some information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by The Erawan Group PLC. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

1. Recent Performances

2. Project Updates

3. Outlook

4

4Q09 Highlights

Strongest recovery as Thailand recorded 4.3 million tourist

arrivals in 4Q09, a 28% increase year-on-year (“y-y”)

As such, Thailand’s annual tourist arrivals remained above

14 millions in 2009, only 3% drop from 2008 and 2007

With higher occupancy and Revpar y-y, income from our

hotel operations increased 27% y-y in 4Q09

Consolidated EBITDA remained positive and above our

finance costs, taxes and non-recurring expenses however

the balance was not sufficient to cover depreciation charges

and hence leading to additional loss in 4Q09 but much

improved from 4Q08

2 new hotels opened in 4Q09, 2nd midscale (Holiday Inn

Pattaya) and 6th economy (Ibis Kata Phuket), leading to 12

hotels with total of 3,089 rooms in our portfolio at the end of

2009.

5

Thailand International Tourist Arrival (All ports of Entry)

-11.2%-14.2%

+16.9%

+10.5%

+26.3%

-17.3%-21.2%

+41.1%

-5.4%

-12.1%-11.7%

-23.2%0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

1.60

1.70

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

no. of tourist (Millions)

(mil)

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2008 FY 14.6M2009 FY 14.1Myoy

Source: Office of Tourism Development

International Tourist Arrivals – by month

6

Higher rental yield

Approx -15% y-yAverage 75% vs. 57% last yr, +10% q-q Luxury CBD (2)

Approx -4% y-y but +29% q-qPatong and Kata in High Season

Average 61%, + 28% y-y and + 5% q-q Kata opened in Dec -09

Economy (6)

Lower OCC for PC Rental Prop (2)

Approx -22% y-y and -3% q-qHoliday Inn still at promotion rate

y-y +10% to 71% and +11% q-qOpened Holiday Inn Pattaya in Oct -09

Midscale (2)

Approx -12% y-y but +9% q-q for SamuiRKS +3 y-y -20% q-q,

SSP +18% y-y +11% q-qLuxury Resorts (2)

ARROccupancyTop-line Overview

Baht Million FY08 FY09 % Ch. 4Q08 4Q09 % Ch.Luxury Central Bangkok Hotels 2,479 1,996 -20% 548 604 10%

Luxury Resorts 187 182 -3% 42 57 35%

Midscale Hotels 262 274 4% 60 122 103%

Economy Hotels 58 297 411% 42 98 134%

Income from hotel properties 2,986 2,748 -8% 692 881 27%Rent from office space 159 172 8% 41 44 7%

Rent from retail space 139 143 2% 37 37 -0%

Others (food court, parking, utilities, etc.) 91 86 -6% 22 21 -3%

Income from rental properties 389 401 3% 100 102 2%Other income 28 43 50% 9 9 -3%

Gains from sales of investment 9

Total 3,413 3,192 -6% 801 992 24%

Top Line Review

7

Office

4%Retail

4%Others

2%

Luxury CBD

62%

Economy

10%

Luxury

Resort

6%Midscale

CBD

12%

“Others” include parking, utilities, food court, etc.

MB = Baht Million

Office

5%

Luxury CBD

69%

Economy

5% Retail

5% Others

3%

Luxury

Resort

5%

Midscale

CBD

8%

Revenue Breakdown

4Q08 : 802MB 4Q09 : 992MB

8

Rental

18%

Luxury

Resort

1%

Luxury

CBD

61%

Midscale

CBD

10%

Economy

10%

EBITDA Breakdown

4Q08 : 203MB 4Q09 : 287MB

• Excluding pre-opening expenses booked in “Selling & Administrative” in audited statement.

• % above are calculated without taking non-property-specific expenses into account.

• For illustrative purposes, group of assets that combined to generate losses are not included.

MB = Baht Million

2%

Rental

21%

Luxury

Resort

2%

Luxury

CBD

67%

Economy

3%Midscale

CBD

7%

9

y-y changes (vs. 4Q08) in EBITDA by Property

0

50

100

150

200

250

300

350

4Q08

EBITDA

Ibis 1-6 Six

Senses

Luxury

BKK

RKS Midscale Rental

properties

and others

4Q09

EBITDA

+24

+15

287

MB

* Excluding pre-opening expenses booked in “Selling & Administrative” in audited statement.

203

+32 +9

+4

10

q-q changes (vs. 3Q09) in EBITDA by Property

0

50

100

150

200

250

300

350

3Q09

EBITDA

Ibis 1-6 Six

Senses

Luxury

BKK

RKS Midscale Rental

properties

and others

4Q09

EBITDA

+24

-5

+23

287

MB


172

+63

-3

+13

11

y-y changes (vs. FY08) in EBITDA by Property

0

200

400

600

800

1,000

1,200

1,400

12M08

EBITDA

Rental

Properties

and others

Ibis 1-6 Luxury

BKK

Six

Senses

Midscale RKS 12M09

EBITDA

+11

-289 -43 -15 -30 790

MB


1,077

+77

12

(49)

(5)

(44)

(11)

(16)

(18)

(83)

9

56

(147)

203

(589)

791

4Q08

(15)

(19)

4

(15)

(23)

41

(83)

9

116

(171)

287

(696)

983

4Q09

-393%

-47%

-204%

-48%

-51%

-131%

+12%

+50%

-72%

+24%

-27%

+3%

-7%

%Ch

78

(94)

173

(61)

(93)

372

(274)

28

572

(505)

1,077

(2,299)

3,376

12M08

(229)

(50)

(180)

(32)

(46)

(102)

(307)

43

162

(628)

790

(2,359)

3,149

12M09

+70%Net Profit

+280%Non recurring - net

-109%Normalized Net Profit

+32%Minority interest

+44%Taxes

+327%Pre-tax Profit

+1%Interest expenses

+0%Other income

+107%Operating Profit

+41%Depreciation

-27%EBITDA

+18%Operating expenses

+24%Operating Income

%ChBt Million

P&L Comparison

13

Balance sheet

2.68x

3,539

9,484

1,056

7,422

1,006

13,023

739

12,108

176

Sep-09

2.54x

3,603

9,162

977

7,379

807

12,766

720

11,914

132

Jun-09

2.38x

3,738

8,882

1,138

7,191

554

12,620

757

11,721

142

Mar-09

2.36x

3,758

8,872

1,137

6,163

1,573

12,630

732

11,482

416

Dec-08

2.75xLiabilities to Equity Ratio

13,289Total Assets

905Short-term debts

1,179Others

9,750Total Liabilities

3,539Shareholders’ Equities

7,666Long-term debts

819Others

12,193PP&E - Net

277Cash & Cash equivalent

Dec-09Bt Million

697MB is current portion of long-term loans

1.4bn in CapExduring 12M09

646MB for Holiday Inn Pattaya,59MB for ibis Nana and

286MB for ibis Kata

14

Updated Capex

277

144

366

56

646

5

71

267

16

71

137

0

200

400

600

800

1,000

1,200

1,400

2009 2010f 2011f

CAPEX 2011

Rental properties & Others

Ibis #7-10

Holiday Inn Pattaya

Ibis #1-#6

Other Hotels

Bt million

Including capitalized interest, excluding disposals

1,373

548

15

CapEx and Fundings

Major source of funding are from project loans and cashflow

from operation.

In 2010, if we decide to go with Ibis #8 (Hua Hin), fundings will

come from undrawn project loans for these projects.

2,704

1,373

548

2,178

1,187

401

0

300

600

900

1,200

1,500

1,800

2,100

2,400

2,700

2008 2009f 2010f

CapEx Loan Drawdown

Bt Million

5656


2. Project Updates

3. Outlook

17

Grand Hyatt Erawan

LUXURY hotel in Bangkok CBDwith 380 rooms

JW Marriott LUXURY hotel

in Bangkok CBD with 441 rooms

Courtyard by MarriottMIDSCALE hotel in Bangkok CBD with 316 rooms

Six Senses Destination Spa PhuketUltra-LUXURY Destination Spa on Koh Naka Yai with 61 villas & largest spa area in Asia

Ibis Patong Phuket258-room ECONOMY resort

End 2009 : 12 Hotels in Operations

Bangkok

Pattaya

Samui

Phuket

Ibis NanaECONOMY hotel in Bangkok CBDwith 200-room

Renaissance Koh SamuiResort and SpaLUXURY resort in Koh Samui with 45 deluxe rooms and 33 pool villas

Ibis Samui258-room ECONOMY resort by the beach

Ibis SathornECONOMY hotel in Bangkok CBDwith 213-room

1991

1997

Nov-07

Sep-08

Mar-09

2005 Oct-08

Jul-08 May-08

Ibis Pattaya259-room ECONOMY resort

Jul-08 Oct-09

Ibis KataPhuket258-room ECONOMYresort

Holiday Inn PattayaMIDSCALE resort with 367 all sea view rooms

Dec-09

18

Grand Hyatt Erawan

LUXURY hotel Bangkok’s CBDwith 380 rooms

JW Marriott LUXURY hotel Bangkok’s CBD with 441 rooms

Courtyard by Marriott

MIDSCALE hotel Bangkok’s CBD with 316 rooms

Six Senses Destination Spa PhuketUltra-LUXURY Destination Spa on Koh Naka Yai with 61 villas & largest spa area in Asia

Ibis Patong Phuket258-room ECONOMY resort hotel

4Q10 : 13 Hotels in Operations

Bangkok

Pattaya

Samui

Phuket

Ibis NanaECONOMY hotel

in Bangkok’s CBDwith 200-room

Renaissance Koh SamuiResort and SpaLUXURY resort in Koh Samui with 45 deluxe rooms and 33 pool villas

Ibis Samui258-room ECONOMY resort hotel by the beach

Ibis SathornECONOMY hotel

in Bangkok’s CBDwith 213-room

1991

1997

Nov-07

Sep-08

Mar-09

2005 Oct-08

Jul-08 May-08

Ibis Pattaya259-room ECONOMY resort hotel

Jul-08 Oct-09

Ibis KataPhuket258-room ECONOMYresort hotel

Holiday Inn PattayaMIDSCALE resort hotel with 367 sea view rooms

Dec-09Ibis RiversideECONOMY hotel

on the Chaoprayariverside

with 267-room

4Q10

19

Number of Hotel Rooms in our Portfolio

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2005 2006 2007 2008 2009 2010

Renaissance Koh Samui

GHEB (380)

JWM (441)


Six Senses Destination Spa Phuket

7 IBIS hotels Holiday Inn Pattaya

+316

+78

+61 +458

+988

(1,720)

+367 +267

3,089 3,3561,215 2,264821 899


2. Project Updates

3. Outlook

21

Thailand Tourist Arrivals - Trend

10.1

10.9

10.1

11.7 11.6

13.8

14.5 14.614.1

15.5

8

9

10

11

12

13

14

15

162001

2002

2003

2004

2005

2006

2007

2008

2009E

2010F

Millions

SARs TSUNAMI BombCoup9/11 Airport

Source : TAT

+ 10%

22

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

No. of rooms Occupancy

All ERAWAN Hotels

2009 Occupancy maintained despite additional 825 rooms inventory from the 3 new hotels opened in 2009

ARR was lower y-y mainly due to change of product mix with greater contributions from midscale & economy

segment

2,7332,7304,471ARR

2010

OCC

# rooms

Year

Expect Occupancy to increase in line with demand trend

70%58%59%

3,356 rooms3,089 rooms2,264 rooms

2010f20092008a

Appendix :

4Q09 review

24

ERAWAN’s hotels vs. Industry : 4Q09

ARR = Average Room Rate (Baht/room/night) RevPar = Revenue per Available Room (Baht/room/night)

Rental Properties operating stats : 4Q09Rental PropertiesYoY and QoQ 4Q08 3Q09 4Q09 QoQ YoY 4Q08 3Q09 4Q09 QoQ YoY

Rentable sqm 39,056 38,850 38,850 - -0.5% 6,264 6,222 6,222 - -0.7%

Occupancy 95% 93% 94% +1.8% -0.2% 90.4% 94.3% 94.7% +0.5% +4.3%

Avg. Receipt (Bt/sqm/mth) 473 490 500 +1.9% +5.7% 1,306 1,153 1,280 +11.0% -2.0%

Ploenchit Center (PC) Erawan Bangkok (EB)

Hotel Properties

YoY 4Q08 4Q09 % ch. 4Q08 4Q09 % ch. 4Q08 4Q09 % ch.

Grand Hyatt Erawan (GHEB) 54.2% 71.4% +17.2% 6,462 5,680 -12.1% 3,503 4,056 +15.8%

JW Marriott Bkk (JWM) 59.2% 77.2% +18.0% 5,247 4,347 -17.1% 3,108 3,357 +8.0%

Luxury BKK 56.9% 74.5% +17.6% 5,782 4,938 -14.6% 3,291 3,680 +11.8%

5-star Bkk by The River 46.2% 50.7% +4.5% 6,244 5,625 -9.9% 2,884 2,852 -1.1%

5-star Bkk CBD* 48.3% 68.4% +20.1% 4,882 3,998 -18.1% 2,357 2,734 +16.0%

Courtyard by Marriott Bkk (CY) 60.9% 81.5% +20.6% 2,494 1,935 -22.4% 1,519 1,578 +3.9%

Holiday Inn Pattaya 61.1% +61.1% 1,968 1,203

Midscale 60.9% 70.6% +9.7% 2,494 1,951 -21.8% 1,519 1,377 -9.4%

4-star Bkk CBD** 57.8% 78.8% +21.0% 3,261 2,685 -17.7% 1,885 2,115 +12.2%

4-star Pattaya 0.0% 76.8% +76.8% - 2,870 - 2,203

Renaissance Koh Samui (RKS) 46.5% 49.9% +3.4% 6,017 5,270 -12.4% 2,800 2,631 -6.0%

5-star Samui comparables* 36.8% 47.0% +10.3% 7,872 6,272 -20.3% 2,895 2,950 +1.9%

Six Senses Destination Spa 4.8% 20.8% +15.9% 23,887 12,547 -47.5% 1,153 2,607 +126.0%

Ibis Patong Phuket (IPP) 46.9% 72.4% +25.5% 1,387 1,432 +3.2% 651 1,037 +59.3%

Ibis Pattaya (IPT) 31.8% 69.2% +37.3% 933 883 -5.3% 297 611 +105.8%

Ibis Sathorn (IST) 40.6% 68.7% +28.1% 1,062 945 -11.0% 431 649 +50.5%

Ibis Samui (ISM) 12.0% 22.1% +10.0% 1,286 1,256 -2.3% 155 277 +78.8%

Ibis Nana (INN) 78.5% +78.5% 1,124 882

Ibis Kata 57.7% 1,203 694

Economy 32.5% 60.9% +28.4% 1,173 1,124 -4.2% 381 684 +79.5%

Total Group 45.1% 65.9% +20.8% 3,772 2,705 -28.3% 1,699 1,782 +4.8%

Occupancy ARR (Bt/room/night) RevPar (Bt/room/night)

25

Office

4%Retail

4%Others

2%

Luxury CBD

62%

Economy

10%

Luxury

Resort

6%Midscale

CBD

12%

“Others” include parking, utilities, food court, etc.

MB = Baht Million

Office

5%

Luxury CBD

69%

Economy

5% Retail

5% Others

3%

Luxury

Resort

5%

Midscale

CBD

8%

Revenue Breakdown

4Q08 : 802MB 4Q09 : 992MB

26

Rental

18%

Luxury

Resort

1%

Luxury

CBD

61%

Midscale

CBD

10%

Economy

10%

EBITDA Breakdown

4Q08 : 203MB 4Q09 : 287MB




MB = Baht Million

2%

Rental

21%

Luxury

Resort

2%

Luxury

CBD

67%

Economy

3%Midscale

CBD

7%

27

Luxury : 4Q09 Operating Statistics

3,5034,056

3,1083,357

2,3572,734

1,000

2,000

3,000

4,000

5,000

6,000

7,000

4Q08 4Q09 4Q08 4Q09 4Q08 4Q09

Other 5-star hotels in CBD

5,680

6,462

5,2474,347

4,882

3,998

54% 71%

59% 77%

48% 68%

Occupancy rate

ARR

RevPar

Grand Hyatt Erawan JW Marriott

2,800 2,631 2,895 2,950

0

1,500

3,000

4,500

6,000

7,500

9,000

4Q08 4Q09 4Q08 4Q09

Other luxury resorts in Samui

6,017

5,270

7,812

6,272

46% 50%

37% 47%


2,6071,153100

3,100

6,100

9,100

12,100

15,100

18,100

21,100

4Q08 4Q09

Occupancy

rate

5%

Six Senses Destination Spa

23,887

ARR

RevPar

Bt/room/night

21%

12,547

28

122 142 126

156190

104 103

136

0

50

100

150

200

250

300

350

400

4Q08 4Q09 4Q08 4Q09

6681

4960

0

20

40

60

80

100

120

4Q08 4Q09 4Q08 4Q09

Revenues (MB) Profits (MB)

EBITDA & Margin

EBIT

Others

F&B

Room

302

354

253256

97 (32%)

20 19

6

7 7

6

15

23

4

7

0

5

10

15

20

25

30

35

4Q08 4Q09 4Q08 4Q09

Others

F&B

Room

3028

16

12

4Q09

28

9

0

1

2

3

4

5

6

4Q08 4Q09

EBITDA & Margin

EBITDA

115 (33%)

84 (33%)90 (35%)

5 (17%) 4 (16%)

29

Midscale : 4Q09 Operating Statistics

1,519 1,5781,885

2,115

0

1,000

2,000

3,000

4,000

4Q08 4Q09 4Q08 4Q09

Other Midscale CBD

82%

79% Occupancy rate

ARR

RevPar


61%

58%

Bt/room/night

Holiday Inn Pattaya

1,935

2,685

2,494

3,261

1,203

2,203

1,5191,377

0

1,000

2,000

3,000

4,000

4Q09 4Q09 4Q08 4Q09

Other Midscale Pattaya

61%

1,968

Our Midscale Segment (CYB & HIP)

77%

2,870

61%

2,494

71%

1,951

30


44 46 41

13 1515

0

10

20

30

40

50

60

70

4Q08 4Q09 4Q09

5

11

0

5

10

15

20

25

4Q08 4Q09

Others

F&B

Room

60 65

EBITDA & Margin

EBIT


4Q09

57

18 (7%)

24 (11%)

31

Economy : 4Q09 Operating Statistics

651

1,037

297

611

431

649

0

500

1,000

1,500

4Q08 4Q09 4Q08 4Q09 4Q08 4Q09

1,432

883

72%

69%

Occupancy rate

ARR

RevPar

47%

32%

1,387

Samui

Bt/room/night

Nana

933

Patong Pattaya Sathorn

69%41%

9451,062

155277

882

694

381

684

0

500

1,000

1,500

4Q08 4Q09 4Q09 Dec-09 4Q08 4Q09

Kata Ibis All

22% 58%12% 79% 61%33%

1,2561,124

1,286 1,203

1,1731,124

32

Revenues (MB)

Profits (MB)

Patong Pattaya Sathorn Samui

Patong

Nana

4Q09

Pattaya Sathorn Nana

15

25

7

13

7

16

6

2

4

1

3

2

3

1

-

1

-

4

8

15

1

1

3

0

5

10

15

20

25

30

4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q09 4Q09

Kata

18

29

9

18

10

16

5

9

19

7

Others

F&B

Room

2

10

10

3

0

5

10

15

4Q08 4Q09 4Q09 4Q09 4Q09

6 (36%)

EBITDA & Margin

EBIT

14 (48%)

6 (33%)5 (28%)

8 (40%)

33

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

4Q08 4Q09 4Q08 4Q09

93%

M2

95%

473 500

Average Receipt

(Bt/m2/month)

Occupied

Vacant

90% 95%

1,306 1,280

Ploenchit Center Erawan Bangkok

Rental Properties : 4Q09 Operating Statistics

34


41 44

12 12

23 23

17 17

0

10

20

30

40

50

60

70

80

4Q08 4Q09 4Q08 4Q09

24 27

11 10

0

10

20

30

40

50

4Q08 4Q09 4Q08 4Q09

Others

Retail

Office

7073

25 26

EBITDA Margin

EBITDA

EBIT

4Q09

41 (58%)43 (59%)

17 (66%) 16 (63%)

Appendix :

FY09 review

36

ARR = Average Room Rate (Baht/room/night) RevPar = Revenue per Available Room (Baht/room/night)

ERAWAN’s hotels vs. Industry : FY09

Hotel PropertiesYoY FY2008 FY2009 % ch. FY2008 FY2009 % ch. FY2008 FY2009 % ch.

Grand Hyatt Erawan (GHEB) 69.4% 59.1% -10.2% 6,334 5,589 -11.8% 4,394 3,305 -24.8%

JW Marriott Bkk (JWM) 74.6% 65.8% -8.7% 5,304 4,470 -15.7% 3,955 2,943 -25.6%

Luxury BKK 72.2% 62.7% -9.4% 5,762 4,958 -14.0% 4,158 3,110 -25.2%

5-star Bkk by The River 59.9% 42.8% -17.1% 5,713 5,342 -6.5% 3,419 2,284 -33.2%

5-star Bkk CBD* 59.9% 53.3% -6.6% 4,893 4,085 -16.5% 2,931 2,179 -25.7%

Courtyard by Marriott Bkk (CY) 70.4% 64.9% -5.5% 2,394 2,067 -13.7% 1,686 1,342 -20.4%

Holiday Inn Pattaya 61.1% +61.1% 1,968 1,203

Midscale 70.4% 64.0% -6.4% 2,394 2,046 -14.6% 1,686 1,310 -22.3%

4-star Bkk CBD** 74.8% 62.7% -12.1% 3,272 2,817 -13.9% 2,447 1,767 -27.8%

4-star Pattaya 0.0% 76.8% +76.8% - 2,870 - 2,203

Renaissance Koh Samui (RKS) 66.2% 54.9% -11.3% 6,192 5,163 -16.6% 4,099 2,835 -30.8%

5-star Samui comparables* 56.3% 54.3% -2.0% 8,068 6,631 -17.8% 4,542 3,603 -20.7%

Six Senses Destination Spa 3.6% 11.5% +7.9% 42,345 24,558 -42.0% 1,524 2,834 +85.9%

Ibis Patong Phuket (IPP) 30.4% 63.9% +33.5% 1,168 1,136 -2.8% 355 726 +104.3%

Ibis Pattaya (IPT) 28.0% 63.6% +35.6% 885 790 -10.8% 248 502 +102.5%

Ibis Sathorn (IST) 39.4% 59.6% +20.2% 1,062 948 -10.8% 418 565 +35.2%

Ibis Samui (ISM) 12.0% 23.7% +11.7% 1,286 1,147 -10.8% 155 272 +75.5%

Ibis Nana (INN) 77.0% +77.0% 1,024 788

Ibis Kata 57.7% +57.7% 1,203 694

Economy 28.2% 56.0% +27.8% 1,069 993 -7.1% 301 556 +84.5%

Total Group 59.0% 58.4% -0.7% 4,471 2,730 -38.9% 2,640 1,593 -39.6%

Occupancy ARR (Bt/room/night) RevPar (Bt/room/night)

Rental Properties operating stats : FY09

Rental PropertiesYoY FY2008 FY2009 % ch. FY2008 FY2009 % ch.

Rentable sqm 39,056 38,850 -0.5% 6,264 6,222 -0.7%

Occupancy 96.1% 93.5% -2.6% 89.8% 92.7% +2.9%

Avg. Receipt (Bt/sqm/mth) 452 496 +9.9% 1,206 1,223 +1.3%

Erawan Bangkok (EB)Ploenchit Center (PC)

Ranked #1 among 15 five-

star hotels in Bangkok’s CBD

37

Office

5% Retail

4% Others

3%Luxury

Resort

6%

Luxury

CBD

64%

Midscale

CBD

9%

Economy

9%

Others include parking, utilities, food court, etc.

MB = Baht Million

Office

5%Retail

4%

Luxury

CBD

73%

Economy

2% Others

3%Luxury

Resort

5%

Midscale

CBD

8%

Revenue Breakdown

12M08 : 3,404MB 12M09 : 3,192MB

38

Rental

23%

Luxury

Resort

2%

Luxury

CBD

62%

Midscale

CBD

7%

Economy

6%

EBITDA Breakdown

12M08 : 1,077MB 12M09 : 790MB




MB = Baht Million

Rental

17%

Luxury

Resort

4%

Luxury

CBD

72%

Midscale

CBD

7%

39

Luxury : FY09 Operating Statistics

4,394

3,305

3,955

2,943 2,931

2,179

1,000

2,000

3,000

4,000

5,000

6,000

7,000

FY08 FY09 FY08 FY09 FY08 FY09

Other 5-star hotels in CBD

5,589

6,334

5,304 4,4704,893

4,085

69% 59%

75%

66%

60%

53%

Occupancy rate

ARR

RevPar

Grand Hyatt Erawan JW Marriott

4,099

2,835

4,542

3,603

0

1,500

3,000

4,500

6,000

7,500

9,000

FY08 FY09 FY08 FY09

Other luxury resorts in Samui

6,192

5,163

8,068

6,631

66%55%

56%

54%


2,8341,5241,000

6,000

11,000

16,000

21,000

26,000

31,000

36,000

41,000

4Q08 4Q09

Occupancy

rate

3%

Six Senses Destination Spa

42,345

ARR

RevPar

Bt/room/night

12%

24,558

40

611458

638

621

570419

366

474

0

200

400

600

800

1,000

1,200

1,400

1,600

FY08 FY09 FY08 FY09

358

187299

169

0

100

200

300

400

500

600

FY08 FY09 FY08 FY09


EBITDA & Margin

EBIT

Others

F&B

Room

1,338

1,109

1,167

913

17.2

0

10

20

30

40

50

60

FY08 FY09

FY09

117

81

9

38

29

14

33

9

14

6

16

0

20

40

60

80

100

120

140

160

FY08 FY09 FY08 FY09

Others

F&B

Room

169

118

63

17

472 (35%) 318 (29%)

301(33%)436 (37%)

19 (16%)

49 (29%)

EBIT

EBITDA & Margin

41

Midscale : FY09 Operating Statistics

1,6861,342

2,447

1,767

0

1,000

2,000

3,000

4,000

FY08 FY09 FY08 FY09

Other Midscale CBD

65%

63% Occupancy rate

ARR

RevPar


70%

75%

Bt/room/night

Holiday Inn Pattaya

2,067

2,817

2,394

3,272

1,203

2,203

1,686

1,310

0

1,000

2,000

3,000

4,000

FY09 FY09 FY08 FY09

Other Midscale Pattaya

61%

1,968

Our Midscale Segment (CYB & HIP)

77%

2,870

70%

2,394

64%

2,046

Occupancy rate

ARR

RevPar

42

195155

41

54

50

15

0

50

100

150

200

250

300

FY08 FY09 FY09

33

100

10

20

30

40

50

60

70

80

90

FY08 FY09

Others

F&B

Room

261215

EBIT


FY09

57

83 (32%) 61 (29%)

EBITDA & Margin


43

Economy : FY09 Operating Statistics

355

726

248

502418

565

0

500

1,000

1,500

FY08 FY09 FY08 FY09 FY08 FY09

1,136

790

64%

64% Occupancy rate

ARR

RevPar

30%

28%

1,168

Samui

Bt/room/night

Nana

885

Patong Pattaya Sathorn

60%39%

9481,062

155272

788694

301

556

0

500

1,000

1,500

FY08 FY09 FY09 Dec-09 FY08 FY09

Kata Ibis All

24% 58%12% 77% 56%38%

1,147 1,024

1,286 1,203

1,069993

44

Revenues (MB)

Patong Pattaya Sathorn Samui

Patong

Nana

Pattaya Sathorn Nana

22

68

12

44

26

48

6

4

13

2

10

8

6

1

2

2

-4

9

47

1

1

10

0

10

20

30

40

50

60

70

80

90

FY08 FY09 FY08 FY09 FY08 FY09 FY08 FY09 FY09 FY09

Kata

27

83

14

59

11

55

5

36

56

7

Others

F&B

Room

12

3

0

5

10

15

20

25

30

35

FY09 FY09 FY09 FY09

EBITDA & Margin

EBIT

30 (36%)

11 (18%) 11 (19%)11 (20%)

FY09Profits (MB)

45

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

FY08 FY09 FY08 FY09

94%

M2

96%

452 496

Average Receipt

(Bt/m2/month)

Occupied

Vacant

90% 93%

1,206 1,223

Ploenchit Center Erawan Bangkok

Rental Properties : FY09 Operating Statistics

46


159 172

48 48

83 86

6971

0

50

100

150

200

250

300

350

FY08 FY09 FY08 FY09

96 105

36 39

0

20

40

60

80

100

120

140

160

180

FY08 FY09 FY08 FY09

Others

Retail

Office

277289

94 98

EBITDA & Margin

EBIT

FY09

161 (58%) 170 (59%)

60 (64%) 63 (65%)

General Info

48

Our shareholders

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

30-S

ep-0

505

-Apr

-06

15-A

ug-0

629

-Dec

-06

30-A

pr-0

729

-Jun

-07

14-A

ug-0

730

-Sep

-07

30-N

ov-0

731

-Jan

-08

02-A

pr-0

830

-May

-08

31-J

ul-0

830

-Sep

-08

28-N

ov-0

830

-Jan

-09

08-A

pr-0

929

-May

-09

31-J

ul-0

930

-Sep

-09

30-N

ov-0

9

% Holdings(As of 30 Dec 09)

4.4%

13.6%

7.8%

4.3%

70%Family shareholders

• Vongkusolkit (other holdings include Banpu Plc.

and Mitr Phol Sugar, Thailand’s largest sugar

conglomerate)

• Wattanavekin (Kiatnakin Bank – KK)

• Represent 5 out of 12 board seats (none among

ERAWAN’s management team)

Local funds

Individuals incl. mgmt

Foreign funds

MBK Plc. (a listed co.)

82.2%

7.8%

6.5%

49

HOTELS(operational)

(under construction)

Grand Hyatt Erawan (GHEB)*

74%

JW Marriott Bangkok (JWM)*

Renaissance Koh Samui (RKS)

Courtyard by Marriott(CY)*

Six SensesDestination Spa Phuket

Holiday Inn Pattaya

10 Ibis hotels

April 08** to 2010

* Leaseholds with > 30 years remaining except for Ploenchit Center (15 years left)

OFFICE

Ploenchit Center*

Erawan Bangkok*

PLAZA

** 6 Ibis in operations (Patong Phuket, Pattaya, Sathorn Bangkok, Samui, Nana Bangkok and KataPhuket

50

� ERAWAN is only one in hotel sector achieved Excellent CG Scoring

52

success with integrity

fourth quarter and full year 2009 - the erawan group · renaissance koh samui resort and spa luxury...

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