No Slide Titlehemraj.listedcompany.com/misc/presentation/... · 9/8/2014 · (approx Baht 2.8...

8 September 2014

Result Q2-2014

“The World Class Developer in Thailand”

Hemaraj Land and DevelopmentPublic company limited

“The World Class Developer in Thailand” 8 September 2014 2

Our Development Business

I. Industrial Estates

a) 8+ Industrial Estate, 41,829 rai (16,732 acres, 6,693hectares)

b) 628 Distinct Customers, 953 total Land or Factory Contracts

II. Utilities

a) Industrial Estates Management

b) Water and Waste Water Treatment

c) Other Utilities & Services

III. Power

a) Small Power Producer (SPP) Cogen Gas, Independent Power Producer (IPP) Gas and Coal, Renewable Hydro and Others.

IV. Property

a) Ready Built Factories for Rent

b) Hemaraj Logistics Parks for Rent

c) Hemaraj Property Fund

d) Selective Property


Hemaraj’s site locations


Hemaraj Eastern Seaboard Industrial Estate and Eastern Seaboard Industrial Estate

Estate Specialization:

Auto Manufacturing and

Auto Parts:

Major Auto Production; Ford, Mazda, GM, Suzuki ,SAIC,15 of top 25 global Automotive Suppliers.

181 Automotive customers with 320 automotive contracts.

800,000 vehicles and kits production by 2016 in ESIE & H-ESIE per annum, 25% -30% of Thailand Production.

(Source: OEM’s, Intelligence

Automotive Asia, Internal)

ISO 9001 & 14001Certified

Key Automotive Customers:

Automotive Brands:

Ford

Chevrolet

GMC

Holden

Mazda

Suzuki

MG


Eastern Seaboard Industrial Estate (Rayong)

Board of Investment Zone III (Dec 2014)

Total Area 9,519 rai (3,807 acres or 1,523 hectares)

To Bangkok 117 km., to Laem Chabang Port 30 km.

10 Phases including Free Zones developed or under (Phase 5 and Phase 7 expansion) development to date

294 New Customers, 487 Contracts to date

A Joint Venture with Siam Food Products Plc

Customer Investment > US$ 8 billion



Board of Investment Zone II and Zone III (Dec 2014)

Total Area 8,113 rai (3,245 acres or 1,298 hectares)

Phase 1-5 developed 7,538 rai (3,015 acres or 1,206 hectares), including HLP2 and HLP3 & Phase 6 completing development 575 rai (230 acres or 92 hectares)


Customer Investment > US$ 5.5 billion

To Bangkok 112 km., to LaemChabang Port 27 km.

Direct Highway 3138 Access on Two Sides and Adjacent to ESIE Expansion Area

Chonburi Power (Gulf/Mitsui) 2,500 MW IPP power plant to operate in 2021/2022.


Hemaraj Eastern Seaboard Industrial Estate

New Ford Plant



Total Area 3,548 rai (1,419 acres or 568 hectares)

To Bangkok 155 km., Map Ta Phut Port 2 km.

Strategically located adjacent to the National Petrochemical Complex at Map Ta Phut, Rayong



Hemaraj Eastern Industrial Estate (Map Ta Phut)


Chemical, Petrochemical, Steel, Cogeneration Power

Key Customers:

PTT Global, PTT Phenol, PTT Asahi, PTT Glycol, GPSC, HMC Polymer, Siam Mitsui PTA, MC Towa, SUS (Nippon Steel), SYS (Siam Yamato Steel), Glow SPP, NS BluescopeSteel, NSGT, Linde


Petrochemical Cluster


Hemaraj Chonburi Industrial Estate

Board of Investment Zone II

Total area 3,885 rai (1,554 acres or 621 hectares)

To Bangkok 110 km., to Laem Chabang Port 25 km.


Export Processing Zone



Electronics, Steel, Auto Parts, Power, Others

Key Customers:

GJS, Tata Steel, Glow IPP, Kitagawa, Kyoden, Honeywell, Waste Management Siam, B-Grimm Power


Glow IPP


Hemaraj Saraburi Industrial Land

Board of Investment Zone II

Total area 3,619 rai (1,448 acres or 579 hectares), excluding Phase 2 not developed.


70 km. North of Bangkok, to Laem Chabang Port 150 km.



Building Material, Electronics, Consumer, Cogeneration Power, Others.

Key Customers:

Siam Fiber Glass, Nong KhaeCogeneration, Air Liquide, Michelin, CPACC, Siam Gypsum, Brilliant Precision, UMI Laufen, Siam Guardian Glass, Fujikoki, Maspro, Hygente, Seki Corp., Shibakawa, F.T.N., TS Tech, Jonan F. Tech, IDEC, World Quality


Hemaraj Rayong Industrial Land


Total Area 3,438 rai (1,375 acres or 550 hectares)

22 km. from Map-Ta-Put deep seaport, to Bangkok 150 km.


Customer Investment > US$ 2 billion


Light Chemical, Building

Material, Plastic, Consumer Products, Rubber, Others.

Key Customers:

Electrolux, Nawaplastic,

Siam Guardian Glass, Michelin,

Rayong Cogen, Thai Herrick,

Caterpillar – Underground Mining

Caterpillar – Medium Tractor

Electrolux Factory


Number of Customers by Industry

Total Thru Q2-2014 = 628 New Customers

= 953 Contracts

Last 10 Quarters, 235 Contracts – 78 Automotive

Auto35%

Building Material

8%Consumer14%

Electronics7%

Logistics4%

Others13%

Petrochemical

10%

Steel/Metal9%


Number of Customers by CountryTotal Thru Q2-2014 = 628 New Customers

= 953 Contracts

Last 10 Quarters, 235 Contracts – 104 Japanese

Taiwan2%

Malaysia3% Singapore

2%

India2%

China3%

Korea2%

Other Asia3%

Australia5%

Japan38%

Others0%

Thailand20%

Europe11%

USA9%


II. UtilitiesMarket Position:

II(a). Industrial Estate Utilities

Provide raw water, potable water, clarified water, wastewater treatment, and industrial estate maintenance services to industrial estate customers.

Unique exposure to petrochemical, steel, automotive, power and major utility users with highest revenue in industry.

Utility assets owned by developers ensure recurring income.

II(b) Water and Waste Water Treatment

Hemaraj Clean Water (HCW) 100% Baht 645 Million Registered Capital to operate Potable & Clarified Water.

Hemaraj Water 100% owned by HCW.

II(c) Other Utilities & Services

Eastern Seaboard Environmental Complex, Fees & Rental from Waste Management.

Eastern Pipeline Services, Baht 316 million Investment (Q2’14)

H-Construction Management and Engineering (HCME).

*excludes SIL/RIL


III Power

Market Position:

GHECO ONE, a Glow (GDF Suez Energy International) Hemaraj joint venture IPP (660 MW coal) Baht 42 Billion Project, with 35% paid Hemaraj shareholding (Baht 5.5 billion) Commercial Operation Date (COD) since 26 July 2012.

Houay Ho Laos hydro project (152 MW.) Minority Share (12.75%) in operation with Glow acquired in Q2’2009.

GJP NLL (126 MW.) the 1st SPP joint venture with GULF JP, with 25.01% Hemaraj (Baht 360 million paid) shareholding with COD 1 May 2013.

Growth Prospects:

7 Cogen SPP (Avg 126 MW) additional power projects with 25.01% Equity option

(approx Baht 2.8 billion 2015-2019) in 4 Industrial Estates with financial close end of 2014.

Increase industrial SPP power cogeneration projects, with 2 to 6 projects under study.

Competitive Advantage:

Captive industrial estate market for further SPP Power

expansion and new industrial estate locations.

Local partner for international power experts in IPP, Hydro,

(Glow GDF Suez), SPP bids (Gulf-J-Power Japan)

and (Gulf- Mitsui).

III. Power


IV. Property DevelopmentIV(a). Ready Built Factories and Logistics Warehouses for Rent

Market Position:

Ready Built Factories under Hemaraj 241 units or 538,179 square meters built to date with cumulative rent of 76 units or 179,392 square meters, and cumulative sold of 60 units or 164,937 square meters.

Hemaraj Property Fund (HPF) 104 units or 150,117 square meters with rent of 83 units or 119,137 square meters.

Ready Built Factories (RBF) or Build to Suit Factories (BTS) for Rent with flexibility of 450 to 10,000 square meters, with Value Add Engineering and Fitout (HCME).

Growth Prospects:

Expanded to H-SIL Saraburi from 2010, H-RIL from 2013, to broaden products , and Hemaraj Ready Built Factory Park @Hi-Tech Kabin, Prachinburi from 2013.

Hemaraj Property Fund launch end of 2013 of 150,117 square meters to facilitate accelerated growth, Hemaraj 23% shareholding.

Build to Suit Factories (BTS) constructed for long term rental, 3 buildings to date leased.

Hemaraj Logistics Park 1 (126,000 square meters), Hemaraj Logistics Park 2 & Hemaraj Logistics Park 3 (217,000+ square meters) available from Q1’2013 and Hemaraj Logistics Park 4 (52,000 square meters), representing total project areas. Initial phases and units were available from 2013, add more product variety and to serve manufacturers and Third Party Logistic Providers (3 PL’s) for logistics warehouses.


IV(a). Ready Built Factories and Logistics Warehouses for Rent

Competitive Advantage:

Industrial cluster customer base requiring support industry

Flexible to expand or upgrade later enhancing the customer relationship.

Factories and Warehouses for Rental only.

IV. Property Development


Hemaraj Logistics Parks for Rent

Hemaraj Logistics Park 2 @ H-ESIE – Free Zone

Project Location & Area :

Highway #3138, 27 km from Laem Chabang Deep Sea Port (in Hemaraj Eastern Seaboard Industrial Estate ).

126,000 square meters for Hemaraj Logistics Warehouses for Rent only.

Phase 1 & 2: 51,000 square meters completed from Q1’2013 to Q4’2013.

Customers: UTI Logistics, DHL Logistics,Sankyu, Thai VMI

Hemaraj Logistics Park 1


New Highway 331, 20 km from LaemChabang Deep Sea Port.

126,000 square meters for HemarajLogistics Warehouses for Rent only.

280 rai gross, 220 rai net Sellable/Rentable.

Phase 1+2 of 58,000 square meters completed.

Customers: Hi-Tech Nittsu, Inoac




Hemaraj Logistics Park 4 - Eastern Seaboard


Adjacent to the Eastern Seaboard Industrial Estate (Rayong)

52,000 square meters for Hemaraj Logistics Warehouses for Rent only

Phase 1,2,3: all 52,000 square meters completed from Q1’2013 to Q1’2014.

Customers: Inergy, Kerry Logistics, Supavut, Rhino, GAC Thoresen, NHK

Antolin.

Hemaraj Logistics Park 3 @ H-ESIE – General Zone


Highway #3138, 27 km from Laem Chabang Deep Sea Port (in Hemaraj

Eastern Seaboard Industrial Estate ).

91,000 square meters for Hemaraj Logistics Warehouses for Rent only.

Phase 1: 19,000 square meters completed from Q1 2013.



IV. Property DevelopmentSelective Property Development

Office Building: UM TowerCondominium for Sale: The Park Chidlom

Koh Lan Island

Tourism Cluster


FINANCIAL


2012 GDP growth actual 6.5 %**

2013 GDP growth actual 2.9%

2014 GDP growth projected 1.0% to 1.5%

2015 GDP growth projected 3.0% to 4.5%

Application Approved by the Board of Investment (Total Investment) 7M- 2014 were 925 projects and value of Baht 337 billion, decreased by 31% compared to the same period of the previous year.

Due to new BOI Board formed in July 2014, there is Baht 484 billion backlog to approve

Thailand Macro View

** Source from National Economic and Social Development Board (NESDB), ADB, World Bank, IMF, Bank of Thailand, Internal, Various.

Total Exports 5,194,589 6,113,335 6,707,988 7,082,490 6,910,509 4,243,037 8%

Total Imports 4,601,982 5,856,591 6,982,719 7,813,061 7,666,934 4,319,505 -5%

Imports Capital Goods 1,025,990 1,223,881 1,484,699 1,905,427 1,781,928 1,048,511 1%

Import Raw Materials

and Intermediate Goods

2,832,378 3,596,977 4,110,518 4,408,671 4,339,902 2,578,530 1%

Source: Bank of Thailand

2009 2010Baht (Millions)% Gro wth

7M (13-14)20122011 2013 7M -2014


Thailand Automotive Industry

1. Auto Consolidation & Relocation from Japan, Australia, USA, Others for Asia Pacific Market Access.

2. Auto Exports 7M-2014 value Increased 11.05% YoY, 14.07% of Thailand Exports**.

3. Auto Exports 7M-2014 volume Increased by 5% YoY respectively.

4. 2013 Auto Production 2,456,291 (#9 Global) vehicles compared with 2,428,181 vehicles in 2012, projected 2,200,000 vehicles (lower local market 1.0 million) in 2014.

5. Vehicle production projected 3,000,000 to 3,200,000 units in year 2018 to 2020**.

Thailand Macro View

Note: * Due to Japan disruption and due to Thailand flood disruption**Source: Thailand Automotive Institute, BOI, Internal and others

Production 999,378 1,626,100 1,455,662 2,428,181 2,456,291 1,104,024 -28%

Export 535,596 896,065 735,627 1,020,091 1,094,089 649,811 5%

Local 548,871 786,096 796,123 1,434,752 1,330,680 510,489 -39%

Source: Thailand Automotive Institute

2009Units 2010 2011 *% C hange

7M (13-14)20132012 7M -2014


30 23 32 4587 110 137

174139

223188 175 200

12355 6177

101

121139

172181

120

185

161

325320

196

6 79

13

1618

22

32

29

29

35

4856

32

58 6583

110

157

180

224

262

211

272315

359378

246

26 26 4569 91

124148 156

201

270

381

447

555

649

499

709 701

907955

597

0

200

400

600

800

1,000

Passenger car Pick up and trucks Motorcycle & Others Parts & Accessories

Total Export Value

Note: * Due to Japan disruption and due to Thailand flood disruption

Source: Bank of Thailand – August 2014

Baht : Billion AUTOMOTIVE & PARTS

Automotive % of Total Export

1995 1.87%

2005 8.59%

2011 10.16%

2012 12.79%

2013 13.81%

7M-2014 Auto 14.07% of Exports

and +11.05% YoY


Industrial Estate Land Increasing

1 Rai = 1,600 Sq.m. or 0.4 acres * Include some rental

Caterpillar

Summit Auto

Thai Summit

LingLong Tyres

Ford

1,670 Rai

#1 Market Share

6 years 2008 to 2013

Mazda Powertrain

Chonburi Power

Y2013

2,200 Rai2,317 Rai

1H-2014

297 Rai

2007 1,264 rai (202 hectares) (506 acres)


2009 144 rai (23 hectares) (58 acres)

2010 930 rai (149 hectares) (372 acres)




1H-2014 297 rai (48 hectares) (118 acres)

Thai Politics

-

300

600

900

1,200

1,500

1,800

2,100

2,400

Rai

Ford / Mazda

Siam United Steel Ford / Mazda (Expansion)

BHP Steel General Motors

Siam Mitsui PTA Mitsubishi Chemical

GM Expansion

Thai Economic Crisis

Maxxis

Glow IPP

- Thai Summit Group

- Siam Mitsui PTA II

- Maxxis II

- MC Towa

560 Rai

607 Rai

PTT Phenol

716 Rai

712 Rai

1,264 Rai

PTT AN

PTT,

Thai Summit

1,621 Rai

SUZUKI, Danieli #5

144 RaiOthers Economic Crisis

930 RaiFord


Hemaraj’s Increasing IE Customer Base

Thru Q2-2014, 628 New Customers, 953 Contracts

2009 : 13 New Customers, 18 New Contracts





1H -2014 : 13 New Customers, 20 New Contracts





60 New Customers

101 New Contracts Y2013

13 New Customers

20 New Contracts 1H-2014

81 40

294

87

84 36

628

050100150200250300350400450500550600650

0

10

20

30

40

50

60

70

80

90

100

110

120

Cum. CustomersNew Customers/Yr.

Hemaraj CIE Hemaraj EIE ESIE H-ESIE HSIL HRIL Contracts/Yr. New customers/Yr.


67,000 68,00059,000 59,000

69,000

69,000

65,000

61,000

59,00064,000

28,00034,000 40,000

44,000

69,000

79,000

96,000107,000

112,000

123,000

43,000 45,000 44,000

44,000

60,00066,000

79,000 82,000 83,00092,000

0

30,000

60,000

90,000

120,000

150,000

Y2006 Y2007 Y2008 Y2009 Y2010 Y2011 Y2012 Y2013 Q1-2014 Q2-2014

Raw Water Potable & Clarified Water Waste Water

Industrial Estate Utilities Quantity

* Forecast 2008

Average Cubic meters / Day

+16% from 2013 Avg.

+15%

from 2013

Avg.

+5% from 2013 Avg.


Million Baht

Total Utilities Revenue

•Industrial Estate Utilities revenue only.

• Excludes power earnings.

* Forecast 2008204266

1H-2014 IE. Utilities*

+12% YoY


139,827 152,144 155,132 161,117 164,937

106,444

159,038

235,809

175,274 179,392

23,992 4,074 7,308

0

40,000

80,000

120,000

160,000

200,000

240,000

280,000

320,0002

00

1

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

1H

-20

14

m2

Ready Build Factory Cumulative Sold** Ready Built Factory Cumulative Rent

Pre-Leased Hemaraj Property Fund***

Ready Built Factories for Rent thru Q2-2014

CUMULATIVE RENT IN SQUARE METERS - RBF

* Excludes Pre-Leased Q2’2014: 3 Units, total 7,308 sq.m. leased from 2014.

** Minimize sales from 2012, ***Hemaraj ownership in HPF = 23%

1H-2014 + *1,161 sq.m. +1%

2013 + 61,559 sq.m. +26%

297,368

122,094

298,529

119,137


16,820

72,145 72,145

15,287

- -0

20,000

40,000

60,000

80,000

100,000

2012 2013 1H-2014

m2

Hemaraj Logistics Parks Rent Pre-Leased

Hemaraj Logistics Parks Warehouses for Rent thru Q2-2014

CUMULATIVE RENT IN SQUARE METERS - HLP

2013 + 55,325 sq.m. +329%

No Pre-Leased in Q2-2014


4,692

2,164

3,812 4,231

6,448

8,849

4,294

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2008 2009 2010 2011 2012 2013 1H-2014

Total Operating Revenue Trend(Million Baht)


2,759

896

427212

0

1,000

2,000

3,000

4,000

5,000

6,000

1H-2014

Property for sale, 212 Million Baht

Rental Property, 427 Million Baht

Utilities, 896 Million Baht

Industrial Estate, 2,759 Million Baht

(Million Baht)

4,294

Operating Revenue By Business


2,929 2,759

799 896

460 428

181 212

0

1,000

2,000

3,000

4,000

5,000

6,000

1H-2013 1H-2014

Property for sale +17%

Rental Property -7%

Utilities +12%

Industrial Estate - 6%

(Million Baht)

4,368 4,294-2%

Operating Revenue By Business


% to Total Operating Revenue

Improving Operating Profit Margins

* EBITDA included gain on sale and lease under financial lease from property fund.

** Adjusted gain on sale and lease under financial lease from property fund net of reserve.

44%48%

36% 43%46% 48% 49%

37% 36% 34% 36% 41%

69%

43%

37% 36% 34% 36%41% 43% 43%

0%

10%

20%

30%

40%

50%

60%

70%

2008 2009 2010 2011 2012 2013 1H-2014

Gross Margin EBITDA Margin * Adjusted EBITDA Margin **


Improving Operating Income

Million BahtTotal Net Income

*2007 In-House•From 2011, the financial statements are based on new standards by the Federation and Accounting Professions.

1,315

474798 780

2,107

3,203

1,99720

62

418

-244

178

-323

63

8

39

1,342

575

1,216 537

2,285

4,338

2,059

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2008 2009 2010 2011 2012 2013 1H-2014

Normalized Net Income (NNI)

Foreign Exchange Unrealized Translation Gain/Loss

Extra. Items

Hemaraj Property Fund after reserve,income tax and minority interest

1,459


1,5201,997

-59

63

-250

250

750

1,250

1,750

2,250

2,750

1H-2013 1H-2014

Foreign Exchange Unrealized Translation Gain/Loss

+207%

Normalized Net Income (NNI) +31%

(Million Baht)

1,461

2,059+41%

Total Net Income


5,729 6,397 7,4529,111

11,031 11,9651,467 1,845 958

3,856

4,266 4,473

1,1901,180 1,438

3,611

3,9924,022

930661 438

313

11727

632

3,624 4,471

7,031

7,8758,321

640679

762

725 707

692

733725

2,970

4,2834,270

1,694

4,7803,433

5,680 7,061 8,062 8,960

11,453 13,897 13,712 13,680

18,715 20,010

26,308

33,434 33,645

0

4,000

8,000

12,000

16,000

20,000

24,000

28,000

32,000

36,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q2'14

Industrial Estate Other Assets RBF and Rental Assets

Residential Investment ( Mostly Power) Investment (HPF)

Commercial Cash /Deposit

Balance Sheet Highlights

Baht: millionAssets

*2007 In-House•From 2011, the financial statements are based on new standards by the Federation and Accounting Professions.



Baht : millionLiabilities and Equity

*2007 In-House

*New Bond April 2014, 10 years 5.75% fixed, Baht 2.5 Billion.

•From 2011, the financial statements are based on new standards by the Federation and Accounting Professions.

8,458 9,139 9,129 11,04014,656 15,151

4,023 2,011 9421,641

3,091 2,1426,000 7,500

9,500

10,838 12,938*

1,199

1,565 2,439

4,127

4,849 3,414

5,6807,061 8,062

8,960

11,45313,897 13,712 13,680

18,71520,010

26,308

33,43433,645

0

4,000

8,000

12,000

16,000

20,000

24,000

28,000

32,000

36,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q2'14

Total Shareholders Equity Interest Bearing Bank Debt Baht Bonds Other Liabilties



*2007 In-House

•From 2011, the financial statements are based on new standards by the Federation and Accounting Professions.

•Note: Net Interest Bearing Debt to Equity = (Interest Bearing Debt-Cash)/Total Equity

Net Debt/ Equity = (Total Liabilities – Cash) / Total Equity (Equity + Minority)

Debt to Equity = Total Liabilities/Total Equity

Total Equity = Equity + Minority

Leverage Ratio

Net Debt/Equity

Target < 1.3 : 1

0.31 0.37

0.49 0.52

0.86

0.62

0.77

0.57 0.51

0.66

0.78

1.23

0.95

0.99

0.68 0.62

1.05

1.19

1.38

1.28 1.22

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2008 2009 2010 2011 2012 2013 Q2-14

Net Interest Bearing Debt/Equity Net Debt/Equity Debt/Equity


Summary for 1H-2014 Industrial Estates

Industrial Estate Sales were 297 rai (118 acres or 48 hectares), with 20 contracts, 13 new customers and 7 project expansions from existing customers.

Utilities

The volume of Industrial Estate Utilities in Q2-2014 increased by 11% from same period of 2013 and increased by 13% from average of 2013.

The volume of Industrial Estate Utilities in 1H-2014 increased by 7 % from same period of 2013.

Properties

Ready Built Factories in 1H-2014 Rental Growth 1% or net 1,161 square meters from 2013 balance excluding 7,308 square meters pre-leased.

Hemaraj Logistics Parks for Rent in 1H-2014, rental of 72,145 square meters.

Power

GJPNLL, our first 126 MW SPP power project with Gulf J-Power with Hemaraj 25%

shareholding that commenced its commercial operation in May 2013 and

Gheco-One, a 660 MW IPP power project with Hemaraj 35% shareholding were

operating at near 100% availability during Q2’2014.


Summary for 1H-2014 Financial Statement

Revenue of Baht 4,285.9 million, or decreased 2% from same period of

2013.

Total net income of Baht 2,059.4 million, and earnings per share was

Baht 0.212 per share, or increased of 41% compared with the same

period of 2013.

Profit from power/utility associates (excluding foreign exchange

unrealized translation gain/loss) were Baht 913.4 million, or increased

208% from the same period of 2013 (mostly from GHECO-ONE).

Normalized net income (NNI) of Baht 1,996.7 million, or increased 31%

compared with the same period of 2013.

The Gross Profit Margin and EBITDA Margin improved to 49% and 43%

respectively.


Outlook for 2014 and BeyondIndustrial Estates:

Complete Hemaraj Eastern Seaboard Industrial Estate (H-ESIE) Phase 6 of 575 rai (230 acres or 92 hectares).

Develop Hemaraj Chonburi Industrial Estate II (H-CIE II) of 632 rai (253 acres or 101 hectares).

Introduce #8 Hemaraj Eastern Seaboard Industrial Estate 2 of 3,200 Rai in early 2015.

Industrial Estate Land Sales Budget 2014, 1,600 rai (640 acres or 256 hectares), 70 contracts, 45 new customers.

Revised Industrial Land 2014 Sales Forecast of 1,200 rai (480 acres or 192 hectares), 50 contracts,35 new customers, due to Board of Investment delay, political disruption, and lower domestic demand.

Utilities:

Utilities demand of average 270,000 cubic meters per day in 2014 of industrial water and waste water treatment with projected revenue increase 14% per annum.

Projected 2015 Industrial Estate Utility Revenue of Baht 2.0 billion.


Outlook for 2014 and Beyond

Power:

GHECO-ONE: Hemaraj’s total investment of Baht 5.6 billion operated since August 2012. The Hemaraj average earning are projected at normal run rate of Baht 1.2 billion per annum from 2014 to 2016, reduced by 10% from 2017 to 2020 due to no coal margin.

To participate in 7 SPP power projects with 25% share options with financial close end of 2014, with expansion thereafter.

Property:

Ready Built Factory: Projected net rental to increase by 13%, or revised down to 40,000 net square meters for 2014.

Hemaraj Logistics Parks: Projected rental space to increase by 28%, or revised down to 20,000 net square meters for 2014.


Q & A

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