ANALYST MEETING PRESENTATION Q3/2020 - 10 November 2020 - Asset World ...
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ANALYST MEETING PRESENTATION
Q3/2020
10 November 2020
Asset World Corp Public Company Limited (“AWC”) is Thailand’s leading integrated lifestyle real estate group and
a member of TCC Group, with a focus on hospitality, lifestyle destinations, and commercial workspaces.
Driven by the slogan “Building a Better Future,” AWC strives to grow and expand with a diverse array of completed and
in-the-works real estate projects that flourish together with the country and creates the sustainable values for all stakeholders.
2
AGENDA
❖ THREE NEW STARTS
❖ NEW NORMAL & NEW OPPORTUNITY
❖ Q3 TIMELINE
❖ COST CONTROL & EFFICIENCY
INITIATIVE
❖ FINANCIAL PERFORMANCE
❖ ESG
❖ KEY SUMMARY
❖ APPENDIX
3 Copyright 2020, ASSET WORLD CORPORATION
THREE NEW STARTS
NEW CONCEPT OF OPENING OF BANYAN TREE AEC TRADE CENTER PANTIP
ASIATIQUE THE RIVERFRONT KRABI WHOLESALE DESTINATION
Copyright 2020, ASSET WORLD CORPORATION 4
NEW START:
ASIATIQUE
THE RIVERFRONT
“NEW CONCEPT”
Copyright 2020, ASSET WORLD CORPORATION 5
GRAND OPENING OF ASIATIQUE THE RIVERFRONT Copyright 2020, ASSET WORLD CORPORATION 6
SIRIMAHANNOP TALL SHIP
Inspired by “Tool-Kra-Mhom” tall ship by royal appointment of the Siam
Palace used to protect national sovereignty, before it turned to be an
essential tall ship that connects Siam and Europe.
Sirimahannop invites you to take a culinary journey with a series of
delectable dishes, including Thai and European-inspired seafood
dishes, which reflects the ship’s historic global voyage. To experience
the recommended specials, Captain's Set Menu is also available when
booking in advance. All dishes are crafted with fine ingredients to
ensure impeccable gastronomic experiences.
Copyright 2020, ASSET WORLD CORPORATION 7
PERCEPTION SHIFT & WIDER TARGET GROUP
From To
Tourist Lifestyle
Destination Destination
Low interest More accessible OFFICE YOUNG FAMILIES CHAROENKRUNG
WORKERS RESIDENTS
among locals to Thai people ADULTS
New
Retail Mix
New New
Attractions Activities An Everyday A Modern Art Space Outdoor Crafts Popular Hangout
Hangout Location with a Rich Heritage and Garden Spot
Activities And Community
Center
Copyright 2020, ASSET WORLD CORPORATION 8
ASIATIQUE THE RIVERFRONT
NEW CONCEPT
HERITAGE
ALIVE
9 Copyright 2020, ASSET WORLD CORPORATION
HERITAGE ALIVE
EXPERIENCE THAI LEGACY NEW MEGA RIVERSIDE THE MEMORY LANE
AT SIRIMAHANNOP TALL SHIP F&B DESTINATION LIVING MESEUM AND ART FESTIVAL
59 Attractions of Thai Legacy
✓ A unique concept as a museum- Journey into the riverside hub of
like, surrounding by colonial enriched food and beverage
decoration. culture from local Thai street
✓ Offering distinctive styles of food food to international delicacy.
and beverage.
Copyright 2020, ASSET WORLD CORPORATION 10NEW START:
BANYAN TREE KRABI
Copyright 2020, ASSET WORLD CORPORATION 11BANYAN TREE KRABI
AWC RAISES THE CURTAIN OF “BANYAN TREE KRABI”, ELEVATING THE DESTINATION AS
THE FIRST LUXURY RESORT TO OPEN IN KRABI AFTER A DECADE
✓ Offering 72 beachfront pool villas and pool
suites The resort offers seven suite and villa
types, ranging from a 99-sq.m. to a 587- sq.m.
✓ The Saffron Restaurant which uniquely
features a ride to the edge of the mountain with
the Bird’s Nest which provides a dining
experience with nature
✓ The Naga Kitchen, a beach bar called
Kredkaew Bar,
✓ Banyan Tree’s global wellbeing brand
standards a rainforest-themed spa and various
facilities
Copyright 2020, ASSET WORLD CORPORATION 12BANYAN TREE KRABI Copyright 2020, ASSET WORLD CORPORATION 13
NEW START:
AEC TRADE CENTER
PANTIP WHOLESALE
DESTINATION
Copyright 2020, ASSET WORLD CORPORATION 14AEC TRADE CENTER PANTIP WHOLESALE DESTINATION ❖ Founded with an aim to mark Thailand as the wholesale hub of the region. ❖ AEC Trade Center Pantip Wholesale Destination will transform 30,000 sq.m. of Pantip Pratunam into The 1st In-town Wholesale Marketplace in the region. ❖ AEC Trade Center Pantip Wholesale Destination is now amidst collaborative discussions between both international and local governments and private sectors. Copyright 2020, ASSET WORLD CORPORATION 15
AEC TRADE CENTER PANTIP WHOLESALE DESTINATION Copyright 2020, ASSET WORLD CORPORATION 16
AEC TRADE CENTER PANTIP WHOLESALE DESTINATION Copyright 2020, ASSET WORLD CORPORATION 17
NEW NORMAL &
NEW OPPORTUNITY
Copyright 2020, ASSET WORLD CORPORATION 18NEW NORMAL & OPPORTUNITY: HOSPITALITY
KEY TREND
❑ Trusted brand - New normal of hospitality hygiene, (SHA)
❑ Easy Access Destination - drive-to-resort within 3 hours from main city
is new potential locations for micro vocation.
❑ Well-being & Long stay destination - Medical tourism, wellness and
unique experience is new luxury.
OPPORTUNITY
✓ Create businesses base on niche market i.e. active senior, millennial,
medical tourism etc.
✓ Increase efficiency using automation
✓ Expand portfolio to wellness, medical tourism, long stay, branded
residence & drivable location
✓ Lead to hybrid MICE (physical venues + livestreaming).
Copyright 2020, ASSET WORLD CORPORATION 19NEW NORMAL & OPPORTUNITY: RETAIL
KEY TREND
❑ A Flexible Omni-channel Retail Model & sustainable fulfilment via
strengthened partnerships between landlords and retailers
❑ Lifestyle Destination –To be experience provider of new lifestyle.
❑ Lifestyle Mall with larger space i.e. semi-indoor & outdoor areas with
green zone.
OPPORTUNITY
✓ AWC’s eco-systems & OMNI channel in aiding tenants
✓ Capture New Demand Relocation
✓ Cloud kitchen as fast food chains & restaurant will downsize seating
areas but enlarge operating kitchens & delivery pick-up areas
✓ Serve unserved needs i.e. recreation with semi outdoor and green space.
Copyright 2020, ASSET WORLD CORPORATION 20NEW NORMAL & OPPORTUNITY: COMMERCIAL
KEY TREND
❑ Life under BCP and work from anywhere will make the office become a
choice, not an obligation.
❑ Health, safety & well-being become the society’s heightened awareness
❑ One stop services with trustable outsourcing company
OPPORTUNITY
✓ Unique offering to ensure workplace well-being policies and facilities
meet the needs of employees i.e. sustainability and wellness features
✓ Touchless technologies and online facilities to support remote working
and BCP
✓ Activity-based workspace to enable collaboration, innovation, and
socialization
✓ AWC Infinite Lifestyle serving new customer segment
Copyright 2020, ASSET WORLD CORPORATION 21NEW NORMAL: BLURRING OF SEGMENTS
HOSPITALITY RETAIL COMMERCIAL
BLURRING OF SEGMENTS
TOWARD LIFESTYLE
Copyright 2020, ASSET WORLD CORPORATION 22OPPORTUNITY FROM BLURRING OF SEGMENTS
“COMPETITIVE SYNERGY FROM MULTI SECTORS”
AWC IS THE BIGGEST OWNER OFFERING LIFESTYLE AND WORKPLACE
EXPERIENCE THROUGH NUMBERS OF ITS PRIME PROPERTIES
➢ SYNERGY CREATION AMONG THE ➢ FULFILLING THE EVOLUTION OF
BUSINESS GROUP CUSTOMER DEMAND
LIFESTYLE TRAVELLING WORKPLACE
Copyright 2020, ASSET WORLD CORPORATION 23OPPORTUNITY FROM NEW WAYS OF WORKING
NEW NORMAL WORK FORCE SYSTEM*
FIXED BASED WORK MULTI BASED WORK
FORCE FORCE
FULL TIME OFFICE OFFICE + HOTEL + RETAIL
✓ NEW DEMAND OF WORK FROM ANYWHERE
Capturing the new trend of work through AWC Infinite Lifestyle Program
✓ CREATE SYNERGY AMONG THE BUSINESS SEGMENT
Package Deal with the commercial clients in experiencing AWC Infinite
Lifestyle Program
RAPID
EFFICIENCY ENGAGEMENT
RESPONSE
Copyright 2020, ASSET WORLD CORPORATION 24OPPORTUNITY FROM NEW MARKETS
Bangkok is the #1 tourism city
OPPORTUNITY “Best Countries to Start a Business”
globally
Thailand is ranked 1st in in Disease After COVID-19, Foreign investors has agreed
COVID-19 Prevention and 6th in the world in Health INVESTMENT that Thailand is the best country to start a
Security according to John Hopkins University business out of 73 countries worldwide
according U.S. News & World Report
BENEFITS Hospitality & Retail Commercial & Wholesale
Copyright 2020, ASSET WORLD CORPORATION 25OPPORTUNITY FROM NEW MARKETS
ROBUST GROWTH OPPORTUNITY IN
WELLNESS & LONG STAY
No.1 Healthcare & Wellness System
MEDICAL attracting foreign investment and relocation
TOURISM demand for long stay for senior group
according to U.S. News & World Report
Copyright 2020, ASSET WORLD CORPORATION 26OPPORTUNITY OF ACQUISITION
SIGNIFICANT GROWTH Supported by Operating Leverage and Visible Development Pipeline. AWC
is positioning to achieve near term EBITDA performance and acquire long term sustainability growth.
ENHANCED OUR PORTFOLIO BY EXPLORING
NEW OPPORTUNITIES TO MAXIMIZE EBITDA
GROWTH C
Continuous Growth:
Right of First Refusal
with TCC Group
B
Medium Term Growth: AWC retains a Right of First Refusal on
Strong Development and TCC Group’s future developments in
hospitality, retail, commercial and
A Conversion Pipeline wholesale in Thailand (subject to certain
Near-Term Growth: exceptions), providing access to the prime
Active Asset Management Highly visible growth levers with 3,837 land banks of TCC Group
hotel rooms (1) and 292,678 sqm NLA of
and Ramp-up retail space (2) in the pipeline through both
development and conversions
Proactive approach to enhance operating
performance by positioning, marketing and
tenant mix management
Notes:
1. Includes existing hotels under renovation and new development projects i.e. Innside Bangkok Sukhumvit , Meliá Chiang Mai , InterContinental Chiang Mai Mae Ping
Copyright 2020, ASSET WORLD CORPORATION 2. Includes existing retail and wholesales under expansions and new development projects i.e. AEC Trade Center, Lasalles’ Avenue Phase2, Gateway Ekamai, Asiatique 2.2 and Aquatique 27Q3 TIMELINE Copyright 2020, ASSET WORLD CORPORATION 28
Q3 TIMELINE
Hotel Re-opening Marriott Concept launch of ‘Krua Khun Toi’
w ith ‘Thai Holidays International Signing Sirimahanop Tall Signing Ceremony
Lifestyle’ and ‘We Ceremony (4 HMAs) Ship & Asiatique
Travel Together’ 1,638 rooms Grand Opening
JULY AUG SEP SEP
Q3/2020
JULY AUG SEP
Le Meridien Bangkok and
Doubletree By Hilton AWC Infinite
PIA Interior Signing Sukhumvit Bangkok Lifestyle: Infinite
Ceremony ( 18 Projects) participates in ASQ Program Point of Happiness
Copyright 2020, ASSET WORLD CORPORATION
29COST CONTROL &
EFFICIENCY INITIATIVE
Copyright 2020, ASSET WORLD CORPORATION 30COST CONTROL INITIATIVES: HOSPITALITY
-30.4%
473
-50.6% -66.9%
Q3(YoY) 329 107
-35.0% 217
148
-75.9%
97
69 107
36 32
Personal Utilities F&B Room Marketing
Q3/2019 Q3/2020
-24.0%
1,454
1,105
-38.1% 631 -57.3% -62.8% -55.4%
9M (YoY) 322 451
269 292
199 167 130
Personal Utilities F&B Room Marketing
9M/2019 9M/2020
• PERSONAL EXPENSE IS CONSIDERED AS FIXED COST
• U L I T I T I E S , F & B , R O O M A N D MA R K E T I N G E X P E N S E A R E D E E ME D A S V AR I AB L E C O S T
• P R O P O R T I O N O F F I X E D C O S T T O T O T A L O P E R A T I N G E X P E N S E O F T H I S B U S I N E S S I S A T 4 0 % A P P R O X I MA T E L Y
31
IN 2019COST CONTROL INITIATIVES: RETAIL & COMMERCIAL
-25.2%
-15.6% -26.1%
-18.9%
-85.2%
69
Q3(YoY) 62 58 68
50 43 35 18
46 3
Personal Utilities - common Utilities - rental Security & Clean Marketing
Q3/2019 Q3/2020
-38.2% -20.0% -25.9%
211 210 -16.7%
235 169 156 138
9M (YoY) -74.9%
145 55
114
14
Personal Utilities - common Utilities - rental Security & Clean Marketing
9M2019 9M/2020
• P E R S O N A L , U T I L I T I E S - C O MMO N A N D S E C U R I T Y E X P E N S E A R E C O N S I D E R E D A S F I X E D C O S T
• U L I T I T I E S - R E N T A L A N D MA R K E T I N G E X P E N S E A R E D E E ME D A S V AR I AB L E C O S T
• P R O P O R T I O N O F F I X E D C O S T T O T O T A L O P E R A T I N G E X P E N S E O F R E T A I L A N D C O MME R C I A L B U S I N E S S A R E
A T 6 1 % A N D 5 3 % A P P R O X I MA T E L Y I N 2 0 1 9 32FINANCIAL
PERFORMANCE
Copyright 2020, ASSET WORLD CORPORATION 33FINANCIAL HIGHLIGHT
NET INCOME REVENUE OPERATING EXPENSE
Q3/2020 Q3/2020 Q3/2020
*
-620 mTHB 1,267 mTHB 1,176 mTHB
- More +29.3% -60.9% -39.0%
+63.5% +15.2%
than 100%
(YoY) (QoQ) (YoY) (QoQ) (YoY) (QoQ)
9M/2020 9M/2020 9M/2020
*
-1,389 mTHB 4,555 mTHB 3,735 mTHB
- More than 100% ** -54.4% -38.3%
(YoY) (YoY) (YoY)
34 * (Exclude interest income)FINANCIAL HIGHLIGHT
HOSPITALITY-REVENUE RETAIL-REVENUE OFFICE-REVENUE
Q3/2020 Q3/2020 Q3/2020
450 mTHB 236 mTHB 535 mTHB
-78.5% +257.1% -49.2% +116.5% -3.3% +2.3%
(YoY) (QoQ) (YoY) (QoQ) (YoY) (QoQ)
9M/2020 9M/2020 9M/2020
2,105 mTHB 747 mTHB 1,621 mTHB
-67.6% -47.4% -5.0%
(YoY) (YoY) (YoY)
35PARAMETERS : HOSPITALITY
Segment Q3/2019 Q2/2020 Q3/2020 %Growth QoQ
Occupancy rate Occupancy rate Occupancy rate Occupancy rate
76.4% 6.7% + 2%
8.7%
Average Daily Rate Average Daily Rate Average Daily Rate Average Daily Rate
4,320 (Baht/Night) 1,406 (Baht/Night) 3,041 (Baht/Night) +116.3%
REVPAR REVPAR REVPAR REVPAR
MICE 3,301 (Baht/Night) 94 (Baht/Night) 265 (Baht/Night) +181.9%
Occupancy rate Occupancy rate Occupancy rate Occupancy rate
83.6% 1.0% 7.5% +6.5%
Average Daily Rate Average Daily Rate Average Daily Rate Average Daily Rate
3,516 (Baht/Night) 1,081 (Baht/Night) 2,061 (Baht/Night) +90.7%
REVPAR REVPAR REVPAR REVPAR
BANGKOK CITY 2,940 (Baht/Night) 10 (Baht/Night) 154 (Baht/Night) +1440%
Occupancy rate Occupancy rate Occupancy rate Occupancy rate
75.5% 2.3% 16.8% +14.5%
Average Daily Rate Average Daily Rate Average Daily Rate Average Daily Rate
13,353 (Baht/Night) 6,863 (Baht/Night) 8,648 (Baht/Night) +26.0%
REVPAR REVPAR REVPAR REVPAR
LUXURY RESORT 10,075 (Baht/Night) 158 (Baht/Night) 1,454 (Baht/Night) +820.3%
Occupancy rate Occupancy rate Occupancy rate Occupancy rate
68.0% 7.6% 19.3%
+11.7%
Average Daily Rate Average Daily Rate Average Daily Rate Average Daily Rate
4,222 (Baht/Night) 4,832 (Baht/Night) 4,682 (Baht/Night)
-3.1%
REVPAR REVPAR REVPAR
36 REVPAR
NON- BANGKOK 2,871(Baht/Night) 368 (Baht/Night) 902 (Baht/Night) +145.1%PARAMETERS : RETAIL AND COMMERCIAL
Segment Q3/2019 Q2/2020 Q3/2020 %Growth QoQ
Occupancy rate Occupancy rate Occupancy rate Occupancy rate
89.4% 70.3% 55.1% -15.2%
Rent Rate Rent Rate Rent Rate Rent Rate
1,526 (Baht/sq. m./mth) 163 (Baht/sq. m./mth) 247 (Baht/sq. m./mth) +51.5%
TOURIST LIFESTYLE
DESTINATION
Occupancy rate Occupancy rate Occupancy rate Occupancy rate
68.0% 62.3% 62.5% +0.2%
Rent Rate Rent Rate Rent Rate Rent Rate
710 (Baht/sq. m./mth) 230 (Baht/sq. m./mth) 534 (Baht/sq. m./mth) +132.2%
COMMUNITYSHOPPING
MALLS
Occupancy rate Occupancy rate Occupancy rate Occupancy rate
42.5% 39.9% 44.2% +4.3%
Rent Rate Rent Rate Rent Rate Rent Rate
1,398 (Baht/sq. m./mth) 406 (Baht/sq. m./mth) 747 (Baht/sq. m./mth) +84.0%
COMMUNITY MARKET
Occupancy rate Occupancy rate Occupancy rate Occupancy rate
83.1% 82.3% 80.7% -1.6%
Rent Rate Rent Rate Rent. Rate Rent Rate
703 (Baht/sq. m./mth) 736 (Baht/sq. m./mth) 705 (Baht/sq. m./mth) -4.2% *
37
COMMERCIAL
* ( Temporary discount for the Athenee Hotel, A Luxury Collection Hotel, Bangkok)REVENUE OVERVIEW
TOTAL REVENUE Revenue COMMERCIAL
Q3/2020
3,237 -60.9% 3,115 -58.9% -3.3%
+57.4% -3.6% +2.1%
+2.3%
+63.5%
1,267 1,281 1,281 553 599
535 578 578
1,267 814 523 535 566
775
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 Q2/2020 Q3/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
FINANCIAL STATEMENT OPERATING ASSETS FINANCIAL STATEMENT OPERATING ASSETS
36%
1,281
46% 38%
45%
Million Baht
RETAIL
HOSPITALITY
2,095 2,040 -77.4%
-78.5%
+257.1% 19% 16% -49.2%
+239.3% +116.5% -49.1% +115.8%
450 450 461 465 476
126 461 242
136 236 109 242 251
112
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
FINANCIAL STATEMENT OPERATING ASSETS FINANCIAL STATEMENT OPERATING ASSETS
38
Copyright 2020, ASSET WORLD CORPORATION 38REVENUE :HOSPITALITY
“Still under pressure from the worldwide COVID -19 pandemic situations but the
performance of Q3 has improved significantly from Q2”
MICE B AN G K O K C I T Y
1,126
-78.1% +283.7% -92.3% +549.1%
2,040 +239.3% 292
-77.4% 247 247
64 22 3 22
461 136 461
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
Q3/2019 Q3/2020 2Q/2020 3Q/2020
OPERATING ASSETS OPERATING ASSETS
Q3/2020
Proportion LUXURY RESORT N O N - B AN G K O K
425 -61.7% +155.8%
NON-BANGKOK, MICE, 54% -85.3% +548.0%
35% 197 163 64 163
29 5 29
LUXURY RESORT, Q3/2019 Q3/2020 2Q/2020 3Q/2020
Q3/2019 Q3/2020 2Q/2020 3Q/2020
6%
BANGKOK CITY,
OPERATING ASSETS OPERATING ASSETS
5%
Copyright 2020, ASSET WORLD CORPORATION 39REVENUE :RETAIL & COMMERCIAL
“ Rebound in Q3 performance after the relieve of the lockdown measures with a strong cash
flow contribution from the office but was not able to run -over the impact from COVID-19”
TOURIST LIFESTYLE C O M M U NI T Y
D E S T I N AT I O N S H O P P O I N G M AL L S
+127.1%
-23.7% +20.9%
-85.4% +78.7%
1,075 -31.8%
678 820 251
820 146 171 75 171
21 12 21
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
OPERATING ASSETS OPERATING ASSETS
Q3/2020
Proportion C O M M U NI T Y M AR K E T S O F F I CE
COMMUNITY SHOPPING
MALLS, 22%
-3.6% +2.1%
TOURIST LIFESTYLE
+99.4% 599 578
DESTINATION, 3% -37.0% 566 578
COMMUNITY 79 50 25 50
OFFICE, 70%
MARKET, 6%
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
OPERATING ASSETS OPERATING ASSETS
Copyright 2020, ASSET WORLD CORPORATION 40EXPENSE OF OPERATING BU
“ ON TOP OF THE SITUATION BY ACHIEVING COST CONTROL INITIATIVE FOR LONG TERM EFFICIENCY ”
E X P E N S E O F O P E R AT I N G B U R E T AI L
BU EBITDA Margin BU EBITDA Margin BU EBITDA Margin BU EBITDA Margin
+21.8% +18.9% +46.9% +47.5%
-0.4% 21.4% 8.0% 26.9% -3.7% 43.2% 1.2% 48.7%
-42.8% -44.9%
1,678 +26.1% 1,699 +25.0%
-34.0% +18.6% -32.8%
960 960 936 936 -12.1%
761 749 203 185
134 113 134 124 111 124
Q3/2019 Q3/2020 Q2/2020 Q3/2020 Q3/2019 Q3/2020 Q2/2020 Q3/2020 Q3/2019 Q3/2020 Q2/2020 Q3/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
FINANCIAL STATEMENT OPERATING ASSETS FINANCIAL STATEMENT OPERATING ASSETS
H O S P I TAL I T Y C O M M E R C I AL
BU EBITDA Margin BU EBITDA Margin BU EBITDA Margin BU EBITDA Margin
* *
+262.3% +239.5% -1.9% -1.8%
-315.9% -53.6% -289.0% -49.5% 78.2% 76.3% 80.7% 78.9%
-46.7% -49.5%
1,297 +31.9% 1,367 +30.4%
-19.1% +11.4% -17.1% +12.0%
691 691 690 690
524 529 157 148
127 114 127 122 109 122
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 Q2/2020 Q3/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
FINANCIAL STATEMENT OPERATING ASSETS FINANCIAL STATEMENT OPERATING ASSETS 41
* ( Increase in Utilities Revenue, which has lower margin, resulting in the decrease in overall BU EBITDA Margin )NET OPERATING PROFIT (BU EBITDA)
TOTAL NET OPERATING PROFIT HOSPITALITY
798 673
-81.0% -75.6% -133.9%
-130.2%
1,371 1,416 +42.0%
+8,800.0% +430.2% +39.4%
261 261 345 345
65
-3
Q3/2019 Q3/2020 2Q/2020 3Q/2020 2Q/2020 3Q/2020 -241 -398 -241 -228 -228
Q3/2019 Q3/2020 -393
21% Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
FINANCIAL STATEMENT OPERATING ASSETS FINANCIAL STATEMENT OPERATING ASSETS
73%
COMMERCIAL RETAIL
+3.0% -0.2% +1.1% 0.0%
-59.4%
452 457 457 457 -61.1% +8,489.4%
408 409 408 +2,650.0% 291
396 262
102 102 118 118
1
-4
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
FINANCIAL STATEMENT OPERATING ASSETS FINANCIAL STATEMENT OPERATING ASSETS
Copyright 2020, ASSET WORLD CORPORATION 42NET OPERATING PROFIT (BU EBITDA) :HOSPITALITY
“STRONG PICK UP IN Q3 WITH THE GOVERNMENT SUPPORT BUT STILL AFFECTED BY
THE COVID-19 SITUATION”
MICE B AN G K O K C I T Y
-126.9%
363 +45.3% -150.2% +11.4%
112
-98 -178 -98 -56 -64 -56
2Q/2020 3Q/2020 Q3/2019 Q3/2020
Q3/2019 Q3/2020 2Q/2020 3Q/2020
OPERATING ASSETS OPERATING ASSETS
673 -133.9%
+42.0%
-228 LUXURY RESORT N O N - B AN G K O K
-373 -228
Q3/2019 Q3/2020
2Q/2020 3Q/2020 -127.8%
-152.3%
+30.2% +64.3%
78 120
-41 -58 -41 -33 -93 -33
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
OPERATING ASSETS OPERATING ASSETS
Copyright 2020, ASSET WORLD CORPORATION 43NET OPERATING PROFIT (BU EBITDA) :RETAIL & COMMERCIAL
“OFFICE WAS ABLE TO MAINTAIN PERFORMANCE”
TOURIST LIFESTYLE C O M M U NI T Y
D E S T I N AT I O N S H O P P I N G M AL L S
-103.1% -28.1% +1,551.5%
+75.5%
132
105
95 6 95
-3 -3
-13
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
OPERATING ASSETS OPERATING ASSETS
-22.8%
+25.2%
743
574
574
458 C O M M U NI T Y M AR K E T S O F F I CE
Q3/2019 Q3/2020 2Q/2020 3Q/2020
+1.1% 0.0%
-51.1% +196.8% 452 457
457 457
54
26 26
9
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
OPERATING ASSETS OPERATING ASSETS
Copyright 2020, ASSET WORLD CORPORATION 44CORPORATE EXPENSE & CORPORATE EBITDA
OPERATING EXPENSE
CORPORATE EXPENSE TOTAL OPERATING EXPENSE
OF BU
BU EBITDA Margin EBITDA Margin
21.8% 21.0%
-0.4% 21.4% -0.39% 20.6%
-42.8% -39.0% +15.2%
+26.1%
1,927
1,678 -13.3% -16.9%
1,176 1,176
960 960 1,021
761
249 216 260 216
Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020 Q3/2019 Q3/2020 2Q/2020 3Q/2020
CORPORATE EBITDA EBITDA MARGIN NET PROFIT
-93.1% -33.7% ** +39.1% **
+137.0% - More than 100%
1,310 41.1% +29.3%
91 7.4% 7.4%
-246 -31.7% 123
91
Q3/2019 Q3/2020 Q3/2019 Q3/2020
2Q/2020 3Q/2020 -620 -620
2Q/2020 3Q/2020 -877
Q3/2019 Q3/2020 2Q/2020 3Q/2020
Copyright 2020, ASSET WORLD CORPORATION ** (THE DIFFERENCE BETWEEN EBITDA MARGIN) 45FINANCIAL POSITION
Q2/2020 Q3/2020
51,809 52,320
124,055 123,967
72,246 71,647
Assets Liabilities & Equity Assets Liabilities & Equity
D/E RATIO 0.7X 0.7X
Asset Liabilities Equity
➢ A decline in equity of 599 million baht was caused by the net loss of 620
million baht and gain from Other Comprehensive Income (OCI)
➢ D/E ratio remained stable
Copyright 2020, ASSET WORLD CORPORATION 46PORTFOLIO ANALYSIS
“STRONG GROWTH POTENTIAL WITH 81.2% FIXED ASSETS VALUE
CONTRIBUTION FROM RAMP-UP & DEVELOPMENT”
2.6%
WEIGHTED AVERAGE PROPORTION OF
RATE OF RETURN ASSET VALUE
47SUSTAINABILITY
48SUSTAINABILITY OVERALL Sustainability model from the essence of AWC that is truly different and creates long-term value in a way that applies ESG principles across the entire business process cycle 49
ENVIRONMENT – THE 1ST GREEN LOAN IN THAILAND
• AWC is the first company in Thailand to receive a green
loan from the International Finance Corporation (IFC),
a member of the World Bank Group.
• The proposed investment of THB 4,500 million
(equivalent of US$144 million) shall be used toward
water and energy efficiency measures in the
refurbishment of AWC’s four hotels and greenfield
development of two new hotels in key tourism
destinations in Thailand.
• AWC shall adopt the IFC’s Excellence in Design for
Greater Efficiencies (“EDGE”) green building standards
in asset portfolio as well as promote the use of the
EDGE standards whilst rebuilding an invigorating
hospitality and tourism landscape in Thailand for
a better and more sustainable future.
50SOCIAL & COMMUNITIES
ASIATIQUE HERITAGE LOUNGE
Asiatique Heritage Lounge is a community’s space with
its objectives to create values and inherit local wisdom.
Families and youths in Bangkolaem can use the lounge
as community’s common area, a training center
holding different workshops for upskilling, and a
marketplace by locals to support communities for
sustainable growth.
51Merit Making Ceremony for 99 monks
AWC 1ST IPO
ANNIVERSARY
Celebration of the first anniversary of
AWC its IPO as the company
embarked on a journey with a strong
commitment to “Build a Better
Future” by engaging employees and
communities for merit making and
fundraising for scholarships and
community’s activities through AWC
Charity Market Around.
52SOCIAL & COMMUNITIES
AWC CHARITY MARKET AROUND
Happy donor
FUNDRAISING
68,114.99 BAHT
• In the occasion of AWC’s first anniversary
on October 10th, AWC organized AWC
Charity Market Around and invited
communities and the public to purchase
good quality second-hand items from hotels
under AWC while they could pay as they
wish.
• All proceeds will go towards scholarships
and community’s activities in Bangkolaem
district.
53Communities supported fundraising Staff Volunteers
Registration for AWC Charity Market Around
Donors enjoyed item selection Happy donors
Electrical appliances for sales
54SOCIAL & COMMUNITY
CORPORATE SOCIAL RESPONSIBILITY
FOR COMMUNITIES AND
SOCIETY
• Donated over 1,000 sanitary ware
items to the Department of Juvenile
Observation for distribution across
Thailand
• Donated 51 mattresses to Chiang
Mai Municipality project to promote
better quality of life for highland
children and community in need.
• Visited Bangkolaem communities
and discussed community
development projects with
community leadersCorporate Governance and Code of Conduct
Independent Directors – More than half of the total numbers of the Board of Directors
Independent Directors – More than half of the total number of the Board of Directors
• Ensuring the balancing of power between the Board of Directors and the management team.
• More than half of the total number of the Board of Directors are independent directors (8 out of 15 directors)
• The Board of Directors would assure the corporate governance best practice of the company.
Copyright 2020, ASSET WORLD CORPORATION 56Anti-Corruption / CAC
Strengthen Effective Risk Management and Internal Control
To declare the Company’s intention to participate the Thailand’s Private Sector
Collective Action Coalition Against Corruption (CAC)
➢ The Board of Directors will ensure that a clear and enforceable policy and practice of anti-corruption
is established and communicated to all level within the organization, and with third parties.
➢ The Company has formed CAC Committee and CAC Working Team in order to be ready to take all
necessary actions and to roll out anti-corruption practices and any supporting activities to promote
awareness of relevant laws and regulations compliance to all employees.
➢ AWC aims to declare their intention to join the Private Sector Collective Action Coalition Against
Corruption (CAC) within 2020.
Copyright 2020, ASSET WORLD CORPORATION 5759 59
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