Opp Day 2015 copy - listed companylpn.listedcompany.com/misc/PRESN/20150305-lpn-analystmeeting4q… · 05/03/2015 · Industry Overview Business Overview LPN Projects Financial Highlights

Industry Overview Business Overview

LPN Projects Financial Highlights

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 5, 2015

Opportunity DayL.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED5 March 2015

Presented by Opas Sripayak

Managing Director of L.P.N. Development Public Company Limited




Industry Overview

2




Industry Overview (Opportunity Day March 6, 2014)

3

Influences • Political uncertainty • Consumer debt

The first half of 2013 was totally different from the second half. Both demand and supply were very strong. In the first half of 2013, many projects were launched during this period and got very good feedback. Consequently, BOT sent out the signal to reduce the loan-to-value ratio (LTV) in order to cool down the situation and reduce the financial risk in long term. Meanwhile, the higher consumer debt and the political uncertainty led to a slowdown of the property business in the second half of 2013, especially in the fourth quarter period. Nevertheless, the number of the new launches of the condominium last year hit the highest record in the past decade. Therefore, the developers have to pay more attention on continuing the business in 2014 due to the higher risk especially from the political uncertainty.

The estimated number of the condominium registration in 2014 will be approximately 55,000 units.




Industry Overview New Launched and Project Registration 2014

4

Launch 1,968 4,145 15,040 17,438 39,459 59,501 32,982 24,523 68,651 45,106 62,860 85,621 78,894

LPN (Unit) 1,046 1,526 4,287 3,680 3,471 9,738 3,747 7,840 7,723 8,607 9,083 10,753 10,386

LPN’s Share 53% 37% 29% 21% 9% 16% 11% 32% 11% 19% 15% 13% 13%

Registration 5,746 5,235 7,567 11,617 14,807 16,222 26,124 33,309 38,374 30,092 44,157 52,280 45,210

LPN (Unit) 1,538 1,596 1,176 2,389 3,333 3,050 8,009 6,281 6,144 7,888 9,613 6,976 6,107

LPN’s Share 27% 30% 16% 21% 23% 19% 31% 20% 16% 26% 22% 13% 14%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Unit

Launch Registration LPN

“New Launch dropped by 8% and new Registration dropped by 14%”




Industry Overview New Condominium Project Launch 2014

5

2014

2013

2012

2011

2010

0% 25% 50% 75% 100%

11%

17%

6%

12%

13%

28%

25%

30%

18%

24%

25%

22%

24%

26%

15%

21%

22%

22%

26%

23%

9%

7%

12%

10%

16%

7%

7%

6%

8%

9%

A+ (>5.0 MB.) A (3.0-5.0 MB.) B+ (2.0-3.0 MB.)B (1.5-2.0 MB.) B- (1.0-1.5 MB.) C+ (<1 .0 MB.)

78,894 units of Condominium Launched in 2014 Source : L.P.N., (Greater Bangkok only)

A + A B + B B - C

Segmentation of New Condominium Project Launch 2010-2014




45,210 units of Condominium Registered in 2014 Source : Land Department, L.P.N., (Greater Bangkok only)

2014

2013

2012

2011

2010

0% 25% 50% 75% 100%

26%

13%

13%

10%

15%

14%

18%

29%

36%

24%

19%

29%

10%

18%

32%

19%

20%

31%

22%

19%

11%

16%

12%

10%

7%

11%

4%

5%

4%

3%

A+ (>5.0 MB.) A (3.0-5.0 MB.) B+ (2.0-3.0 MB.)B (1.5-2.0 MB.) B- (1.0-1.5 MB.) C+ (<1 .0 MB.)

Industry Overview New Condominium Project Registration 2014

6

A + A B + B B - C

Segmentation of New Condominium Project Registration 2010-2014




Industry Overview (2014 Business Highlights)

7

Fina

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• Maximize cash inflow: Focus on selling inventory (sold 5,400 MB)

• Minimize cash outflow: Delay land acquisition (spent 500 MB)

• Increase liquidity: Increase cash on hand to 1 billion baht

• Closely monitor on DE ratio: D/E Ratio 0.90 : 1 and Net D/E = 0.53 : 1

• There will be 12 finished projects and will be transferred in this year with

the total projects value of 18,450 MB: [14,700 MB] Postponed LT-RS and

LTS-RK1

• Planning to launch 12 new projects with the total value of 20,810 MB:

[12,700 MB] Postponed all up-country projects and LTS-RK1 (P2)

• Cost conscious

• Flexibility

• Refresh product standard

• Expand project: 7 projects out of 8 projects

• Product diversification (TH, SDH)




Projects No. of Units Project Value (MB) Launch Realized Period Sold

New Launched Project in 2014 12,697.00

Lumpini Ville Onnut 46 1,450 1,436.00 1Q14 3Q14 58%

Lumpini Ville Onnut-Pattanakarn 1,600 1,948.00 1Q14 4Q14 51%

Lumpini SeaView Jomtien 1,150 1,303.00 2Q14 4Q14 37%

Lumpini Place Borommaratchachonnani-Pinklao 992 1,660.00 2Q14 4Q15 100%

Lumpini Park Nawamin-Sriburapha 1,831 2,000.00 2Q14 1Q16 48%

Lumpini Park Petchakasem 98 (P1) 1,352 1,750.00 2Q14 2Q16 56%

Lumpini Ville Onnut-Ladkrabang (2) 1,043 1,100.00 4Q14 4Q15 30%

Lumpini CondoTown Romklao-Suvarnabhumi 1,961 1,500.00 4Q14 2Q16 37%

Industry Overview New Launched Projects in 2014

8




9

Lumpini Ville Onnut 461Q14 Lumpini Ville Onnut-Pattanakarn

Lumpini Place Borommaratchachonnani-Pinklao Lumpini SeaView Jomtien 2Q14

1Q14

2Q14






10

4Q14 4Q14

2Q14 2Q14Lumpini Park Nawamin-Sriburapha Lumpini Park Petchakasem 98 (P1)

Lumpini Ville Onnut-Ladkrabang (2) Lumpini CondoTown Romklao-Suvarnabhumi




Industry Overview Registered Projects in 2014

1111


New Finished Project in 2014 14,728.00

Lumpini Condotown Chonburi-Sukhumvit 4,101 2,743.00 4Q12 3Q13-1Q14 80%

Lumpini Ville Ramkhamhaeng 60/2 1,212 1,503.00 3Q12 4Q13-1Q14 99%

Lumpini Condotown Ramintra-Lat Pla Khao 2 532 563.00 1Q13 1Q14 100%

Lumpini Ville Onnut-Ladkrabang 1,118 1,091.00 2Q13 3Q14 96%

Lumpini Ville Prachachuen–Phongphet 2 1,395 2,027.00 2Q12 3Q14 84%




Lumpini Place Udon-Phosri 1,370 2,114.00 1Q13 4Q14 72%




4Q14 4Q14 4Q14

3Q14 3Q14 3Q14

1Q14

Industry Overview Registered Projects in 2014

1Q14 Lumpini Condotown Chonburi-Sukhumvit (P2)

Lumpini Ville Onnut-Ladkrabang Lumpini Ville Prachachuen–Phongphet 2 Lumpini Ville Onnut 46

Lumpini SeaView Jomtien Lumpini Ville Onnut-Pattanakarn Lumpini Place Udon-Phosri

Lumpini Ville Ramkhamhaeng 60/2 (A,B) Lumpini Condotown Ramintra-Lat Pla Khao 21Q14

12



L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 5, 2015L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 5, 2015

Financial Highlights

13L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 26, 2009 1913L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 5, 2015




Financial Highlights Total Revenue

14

MB

0

3,000

6,000

9,000

12,000

15,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

12,960

14,401

13,483

12,445

10,047

8,592

7,3046,824

5,020

3,583

2,4781,944

1,070




Financial Highlights Income from Sales

15

0

3,000

6,000

9,000

12,000

15,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

12,321

13,871

12,950

12,014

9,676

8,268

7,0196,574

4,748

3,346

2,3091,754

912

MB




Financial Highlights Gross Profit from Sales

16

%

-4

3

9

16

23

29

36

0

1,000

2,000

3,000

4,000

5,000

6,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

32.532.932.533.3

34.3

31.331.2

34.7

32.3

35.535.1

31.2

17.8

4,006

4,558

4,2094,003

3,319

2,590

2,1932,279

1,534

1,187

810548

162

17.8

31.2

35.1 35.5

32.3

34.7

31.2 31.3

34.333.3

32.5 32.9 32.5

MB




Financial Highlights S&A Expenses

17

-10

-5

0

5

10

15

20

0

600

1,200

1,800

2,400

3,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

13.112.4

11.6911.811.36

9.378.01

11.0411.67

12.51

14.71

11.85

13.49

1,7001,790

1,5571,460

1,141

805

585

754

586448

365230

144

13.49

11.85

14.71

12.5111.67

11.04

8.019.37

11.36 11.8 11.6912.4

13.1

%MB




Financial Highlights Net Profit

18

%

-20

-15

-10

-5

0

5

10

15

20

25

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

15.6016.2016.6015.4916.2915.8216.50

13.6015.24

16.4118.08

23.92

15.23

2,021

2,3292,217

1,917

1,637

1,3591,205

928765

588448465

163

15.23

23.92

18.0816.41

15.2413.60

16.50 15.82 16.29 15.4916.60 16.20 15.60

MB




Financial Highlights EPS and Dividend

19

Bt/Shr

*Dividend 2014 is subjected to AGM 2015 approval

0.0

0.4

0.7

1.1

1.4

1.8

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EPS Dividend

1.37

1.581.5

1.299

1.11

0.95

0.82

0.63

0.520.430.41

0.497

0.201

58% Payout

0.0

0.4

0.7

1.1

1.4

1.8

0.800.84

0.76

0.650.56

0.500.41

0.320.26

0.220.200.25

0.100.10

0.250.20 0.22

0.260.32

0.410.50

0.560.65

0.760.84

0.80




Financial Highlights Balance Sheet for 2014

20

Liability & EquityAsset

Total Asset19,783.69 MB

Liabilities (47.39%) 9,375.31 MB

Equities (52.61%)10,408.38 MB

Cash

1,047.35 MB Equities

Interest Debt

6,569.21 MB70.07%

Non interestDebt

2,806.09 MB29.93%

D/E Ratio 0.901 : 1 , Interest Bearing Debt 0.631 : 1

Current Asset

16,776.22 MB

Non–Current Asset

1,960.12 MB

Net Interest Debt = 5,513.43 MB = 0.53 : 1 (Less Cash)




Industry Overview (Opportunity Day March 5, 2015)

21

Influences • Household debt • Rejection rate

The political uncertainty from late 2013 continued to impact the industry mainly in early 2014. Most of the developers hold back the new launch especially in 1Q14. However, after the political situation was stable around the end of May, the market was picking up again with higher in both new launch and take up rate. Although the market seemed to be recovered from the political situation in 2H14 but an increase in household debt became an important issue which led to higher rejection rate from the bank, and the business in the up-country was directly impacted by this. Therefore, the developers adjusted their direction to target more into higher segment especially into the residential price higher than 3 MB.

The estimated number of the condominium registration in 2015 will be approximately 60,000 units.



L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 5, 2015L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 5, 2015

Business Overview

22L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 26, 2009 1422L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 5, 2015



L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED | Opportunity Day | March 5, 2015 23

Business Overview 2015 Business Highlights

• Household debt

• Rejection rate

• There will be 7 finished projects and will be transferred in this year with

the total projects value of 17,000 MB

• Planning to launch 11 new projects with the total value of 20,000 MB

• Cost management by BIM

• Inventory management

• Social right awareness

• LPN Green Project

• Vibrant Community Model

• Township community management

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Company Target 2015

▪ Income from condo sales 16,000 MB (36% growth)

11,726 MB (2014)

▪ Sales Volume 20,000 MB (17% growth)

17,069 MB (2014)

▪ New projects launch 20,000 MB (58% growth)

12,697 MB

▪ Backlog (as of 31 Dec 2014) 18,600 MB

Secured revenue 2015 13,951 MB (87% secured)

Secured revenue 2016 4,649 MB

24

Business Overview The LPN’s Target 2015




Business Overview The LPN’s Recognized Project during the period 2013 - 2015

25


Recognized Project in 2013 18,029.00

Lumpini Ville Sukhumvit 109-Barring 742 952.00 1Q12 1Q13 100%

Lumpini Park Beach Jomtien 1,846 4,254.00 4Q11 2Q13 87%

Lumpini Mega City Bangna 4,046 4,466.00 4Q11 2Q13 96%

Lumpini Ville Naklua-Wong Amat 2,168 2,914.00 4Q11 3Q13 73%

Lumpini Ville Sukhumvit 77 (2) 956 1,197.00 1Q12 3Q13 100%

Lumpini Condotown Chonburi-Sukhumvit 4,101 2,743.00 4Q12 3Q13 80%

Lumpini Ville Ramkhamhaeng 60/2 1,212 1,503.00 3Q12 4Q13 99%


Lumpini Condotown Ramintra-Lat Pla Khao 2 532 563.00 1Q13 1Q14 100%

Lumpini Ville Onnut-Ladkrabang 1,118 1,091.00 2Q13 3Q14 96%

Lumpini Ville Prachachuen–Phongphet 2 1,395 2,027.00 2Q12 3Q14 84%




Lumpini Place Udon-Phosri 1,370 2,114.00 1Q13 4Q14 72%


Lumpini Place Suksawat-Rama 2 750 1,100.00 1Q13 1Q15 100%

Lumpini Place Srinakarin-Huamark Station 1,613 3,000.00 2Q13 2Q15 100%

Lumpini Park Ratanathibet-Ngamwongwan 2,826 4,000.00 2Q12 2Q15 98%

Lumpini Township Rangsit-Klong 1 (P1) 5,500 3,590.00 4Q13 3Q15 40%

Lumpini Park Rama 9-Ratchada 1,540 2,600.00 2Q13 3Q15 100%

Lumpini Ville Onnut-Ladkrabang (2) 1,043 1,100.00 4Q14 4Q15 30%

Lumpini Place Borommaratchachonnani-Pinklao 992 1,660.00 2Q14 4Q15 100%

4,0

00

MB

12

,00

0 M

B




Business Overview The LPN’s New Launched Projects 2015

26

Total 11 projects with total value of 19,540 MB

Project Name Units Value (MB) Launch Finish

1. Lumpini ParkBeach Chaam 413 1,000.00 1Q15 2016

2. Lumpini Ville Nakhon In-Riverview 1,544 1,750.00 1Q15 2016

3. Lumpini CondoTown Thepharak-Srinakharin 1,900 1,600.00 2Q15 2016

4-7. Additional 4 projects - 8,000.00 2Q-3Q15 2016

8. Lumpini Township Rangsit-Klong 1 (P2) 4,440 3,600.00 4Q15 2016

9. Lumpini Park Petchakasem 98 (P2) 1,355 1,850.00 4Q15 2017

10. Lumpini SeaView Chaam 1,134 1,230.00 4Q15 2017

11. Lumpini Place Huahin 339 510.00 4Q15 2017

Total 11,125 19,540.00

Opp Day 2015 copy - listed companylpn.listedcompany.com/misc/PRESN/20150305-lpn-analystmeeting4q… · 05/03/2015 · Industry Overview Business Overview LPN Projects Financial Highlights

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