24
Analyst Meeting 4Q2010 4 March 2011
Agenda
2011 Company Highlight
Projects in Pipeline
Project Launches
Presales Update
Financial Performance
Dividend Payout -2010
Page 2
2011 Company Highlight
• Expansion to cover more segments with well established brands in each segment
Price Range(THB Million)
TownhousePrice/Unit
Single-detached housePrice/Unit
CondominiumPrice/sq m.
High-End
Medium-End
Low-End
> 7.10> 10.10 >100,000
3.10 – 7.105.10 – 10.10 60,000 – 100,000
1.20-3.102.51 – 5.10 40,000-60,000
W A T C H A R A P O L
% of Total Revenue by
Product Type
30-40% 40-50%20-25%
• The new condominium LTV (Jan’11) regulation has not impacted the sales performance because of Sansiri’s strong branding in condominiums
Page 3
2011 Company Highlight
• Improving gross margins through Sansiri brand premium, effective cost management and construction speed
• Improving net profit margin through economy of scale, and effective marketing channels
• An industry leader in innovative and effective marketing strategies in online, digital and social media channels
• The accounting policy changes (Q4’10) slightly impacted the D/E ratio, but will be reduced continuously
5.16.0
9.210.1
2
5
8
11
2007 2008 2009 2010*
Net income margin
28.8
30.1 30.5
33.5
28
30
32
34
2007 2008 2009 2010*
Gross margin from project
* 2010 based on transfer
Page 4
Strong Projects in Pipeline
Page 5
Strong condominium pre-sales (off-plan) shows strength in brand reputation and confidence
Type of Product(As of 1 Mar 11)
No. of Projects
Project Value of Existing
Project (MB)
% Available for sale Value
Available for sale
(MB)
Available for sale (Units)
Avg. Price per Unit
(MB) Single House 20 21,416 49% 10,480 2,060 5.1Townhouse 15 11,697 49% 5,729 1,635 3.5Condominium 19 30,537 16% 4,873 1,467 3.3
Total 54 63,650 33% 21,082 5,162 4.1
Effective inventory management
(Low inventory with 11% of Available Value for Sale)
• 5,162 available units for sale• 387 inventory units only
Total Project Value
Available Value for Sale
Inventory(Construction completed)
475
21,416
30,537
11,697
4,873
10,480
21,082
63,650
CondominiumTownhouseSingle House
2,309
THB
Mill
ion
60,000
40,000
20,0005,729
1,820
14
Page 6
2011 Project Launches
Page 7
Year 2011 Single DetachedHouses Townhouses Condominiums Number of
ProjectsProject Value (THB Million)
1Q2011 6 6,814
2Q2011 5 4,387
3Q2011 - 7 9,396
4Q2011 5 9,743
Number of Projects
8 4 11 23
Project Value(THB Million) 10,214 3,223 16,903 30,340
% 34% 11% 55% 100%
1Q2011 PROJECT LAUNCHES
HabitiaWatcharapol
Project Details
Location Watcharapol
Land Area 77-0-0 Rai
Project Type Single-Detached Houses
Total Unit 206
Project Value 979 MB
Unit Details Total Units
Single-Detached Houses 2-Storey 206
Setthasiri Ratchaphruek-Charan
Page 8
New Project Updates
Project Details
Location Bangkhunsri -Talingchan
Land Area 79-0-0 Rai
Project Type Single-Detached Houses
Total Unit 234
Project Value 2,142 MB
Unit Details Total Units
Single-Detached Houses 2-Storey 234
1Q2011 PROJECT LAUNCHES
B Square Rama IX-MengjaiProject Details
Location Wangthonglang, Bangkapi
Land Area 15-42-0 Rai
Project Type Home Office
Total Unit 78
Project Value 936 MB
Unit Details Total Units
Home Office 4-Storey 78
CEILby Sansiri
Page 9
New Project Updates
Project Details
Location Sukhumvit 63 (Ekamai)
Land Area 3-2-98 Rai
Project Type Condominium
Total Unit 374
Project Value 1,700 MB
Unit Details Total Units
Condominium (8,14,17-Storey Bldgs.) 374
Presales Update
Page 10
Value No.of Avg Value No.of Avg Value No.of Avg
(MB) Units Price (MB) Units Price (MB) Units Price
Single Houses 2,199 375 5.9 6,962 1,325 5.3 1,115 226 4.9
Townhouses 1,087 331 3.3 3,548 1,030 3.4 654 200 3.3
Condominiums 6,719 2,787 2.4 14,486 4,915 2.9 660 352 1.9
Grand Total 10,005 3,493 2.9 24,995 7,270 3.4 2,428 778 3.1
4Q2010 20102011 YTD
(As of 8 Feb 11)Type of Product
4Q2010 Y2010 YTD(As of 1 Mar 11)
Presales Backlog as of 1 Mar 2011 (Based on transfer method)
High Presales Backlog Securing 61% Revenue in 2011
26,674 11,997 8,836
2011(F) 2012(F)
7,000
21,959
2,082
2,633 2,612
1,926
7,459
THB
Mill
ion
0
8,659
2013(F)
5,841
21
156
5,841
14,000
Presales Backlog
Single House
Townhouse
Condominium
21,000
28,000
Page 11
2010 Revenue Growth
Financial Statement 2010(Based on transfer)
2009(Based on transfer)
2009(Based on percentage
of completion)
Total Revenue 18,755 15,972 17,497
• Cost of good sold 12,541 11,158 12,096
• Gross Margin 6,214 4,814 5,401
•SG&A 3,368 2,767 2,717
• Selling Expenses 1,706 1,064 1,015
• Administrative Expenses 1,585 1,409 1,409
• Other Expenses 77 293 293
EBIT 2,846 2,047 2,684
Interest 245 124 124
Tax 702 951 951
Net Profit 1,898 970 1,608
Page 12Unit : THB Million
17% 7%
22% 24%
39% 6%
98% 98%
-26% -26%
96% 18%
60% 68%
12% 12%
-74% -74%
12% 4%
29% 15%
Financial Structure
Y2010(Based on transfer)
Y2009 (Based on transfer)
Y2009(Based on percentage of
completion)
Total Revenue 100% 100% 100%
• Total Cost 67% 70% 69%
• Average Gross Margin 33% 30% 31%
•SG&A (% of Total Revenue) 18% 17% 15%
• Selling Expenses 9.1% 6.7% 5.8%
• Administrative Expenses 8.5% 8.8% 8.1%
• Other Expenses 0.4% 1.8% 0.7%
EBIT 15% 13% 16%
Interest 1% 1% 1%
Effective tax rate 27% 50% 46%
Net Profit 10% 6% 9%
Page 13
2010 Revenue Growth
Revenues 2010 2009 Y-o-Y
Unit : THB Million
Property Development 18,067 15,332 18%► Project sales 17,868 15,103 18%► Rental Business 199 229 -13%Property Services 528 491 8%► Business Management 376 377 0%► Other Property Services 152 114 33%Other Income 160 148 8%
Total Revenues 18,755 15,971 17%
Based on transfer method
Page 14
Revenue Breakdown
Total Revenue for 2010 Breakdown
*Base on transfer method
Revenue from Project Sales Breakdown for 2009-2010
• THB 18,755 million of total revenue for 2010
Property Development
96%
Property Services
3%
Others 1%7,988
3,081
7,086
2,648
35%
18%
47%45%
38%6,788
5,341
17%
0.2%
THB
Mill
ion
20,000
4,000
8,000
2010 2009
Single House Townhouse Condominium Others
12
17,869 15,104
12,000
16,000
Page 15
280.1%
Financial Highlights
Financial Statement 4Q2010 3Q2010 4Q2009
Cash Balance 3,331 2,148 3,439
Interest bearing debt 15,319 12,987 11,200
D/E 2.23 1.74 2.04
Gearing 1.53 1.27 1.36
Net Gearing 1.27 1.06 0.94
Earnings per Share (YTD) 1.28 0.56 0.66
Page 16
Financial Statement 4Q2010 3Q2010 4Q2009
Cash Balance 3,331 2,148 3,439
Interest bearing debt 14,677 12,987 10,517
D/E 2.30 1.74 2.12
Gearing 1.55 1.27 1.36
Net Gearing 1.20 1.06 0.86
Earnings per Share (YTD) 1.28 0.56 0.66
Dividend Payout – 2010
Page 17
• Consolidated Profit 1,897.73 MB• Less Legal Reserve 121.07 MB• Distributable Profit 1,776.66 MB
• No. shares as at 28 Feb 2011 1,505,959,692 • Earning per share (EPS) 1.180 Bht
– Amount of dividend per share 1.180 Bht– As dividend shares 1.062 Bht– As Cash 0.118 Bht
Stock Dividend Ratio = 6 existing shares to 1 dividend share- No. of dividend shares 250,993,282
Siri Warrant Adjustment
SIRI-W1 & ESOP# 6 ESOP#5
Existing Exercise Price 5.20 5.00
Existing Exercise Ratio 1 1
New Exercise Price 4.46 4.29
New Exercise Ratio 1.167 1.167
Page 18
Summary of Newly Issued Shares
• No. of shares as of 28 Feb. 2011 : 1,505,959,692
•
No of share
Dividend shares 250,993,282
SIRI-W1 Adjustment 123,044,269
ESOP#5 Adjustment 3,912,810
ESOP#6 Adjustment 10,856,503
Total No. of Newly Issued Shares 388,806,864
Page 19
Q&A
Page 20
Appendix
• Presales Update of Active Projects (as of 1 Mar 11)
Sale StartProjects Value
(THB Mil)Total Units
AccumulativeSold Value(THB Mil)
AccumulativeSold Unit
Value Sold (%)
1 Habitia Panyaindra (PN1-P2) Aug-10 997 215 430 78 43%2 Promptpatt Priva Mar-10 355 134 355 134 100%3 Baan Promptpatt Prime Sep-10 912 369 242 93 27%4 Saransiri Ramindra (P6-1) Mar-06 813 359 811 358 100%5 Habitia Ratchaphruek Dec-08 1,264 364 803 224 64%6 Sida Dec-08 119 22 38 7 32%7 Greenside by Sansiri Jul-07 171 48 159 46 93%8 Setthasiri Prachachuen Phase 6 Aug-09 965 111 965 111 100%9 Setthasiri Wongwaen Ramindra Oct-08 975 163 620 101 64%10 Setthasiri Bangna Wongwaen Oct-08 1,591 217 1,260 170 79%11 Burasiri Prachachuen (PCC 53 Rai) Jun-09 1,947 301 812 126 42%12 Burasiri Ratchaphruek Dec-08 1,129 184 896 149 79%13 Saransiri Prachauthit-Suksawas Feb-09 1,468 340 685 149 47%14 Burasiri Onnuch-Bangna Oct-09 1,292 229 558 98 43%15 Saransiri Takham-Rama II Jan-10 1,082 242 656 144 61%16 Habitia Bangyai Apr-09 795 216 528 144 66%17 Setthasiri Chaiyapruek-Changwattana Sep-10 2,233 276 389 44 17%18 Saransiri Phaholyothin-Saimai Oct-10 1,385 293 271 54 20%19 Baan Sansiri Sukhumvit 67 (Buy back from ING) Sep-10 943 24 390 10 41%20 Habitia Watcharapol Feb-11 979 206 68 13 7%
Total 21,416 4,313 10,936 2,253 51%
Single House Projects
Page 21
Appendix
• Presales Update of Active Projects (as of 1 Mar 11)
Sale Start Projects Value (THB Mil)
Total UnitsAccumulative
Sold Value(THB Mil)
AccumulativeSold Unit
Value Sold (%)
1 Town Plus X Prachachuen Sep-09 956 249 657 165 69%2 Town Plus Onnuch Ladkrabang Feb-09 672 198 473 138 70%3 Town Plus Kaset Navamindra Mar-08 1,678 376 1,517 340 90%4 Town Plus Huamark May-08 431 116 431 116 100%5 Town Plus X Ladprao Sep-09 352 70 352 70 100%6 Town Plus Prachauthit Mar-09 1,382 492 436 152 32%7 Town Plus Teparak Feb-09 822 274 319 113 39%8 Habitia Wongwan-Ramindra Jul-09 535 245 519 237 97%9 V-Village Phase I Aug-10 208 171 76 69 36%10 Town Avenue Srinagarindra Jul-10 993 235 216 48 22%11 Town Avenue Rama II Jul-10 539 157 334 96 62%12 Town Avenue Rama IX Nov-10 980 296 154 45 16%13 Habitown Watcharapol Dec-10 608 238 85 31 14%14 B Avenue Watcharapol Nov-10 605 146 342 81 56%15 B Square Rama IX-Mengjai Jan-11 936 78 57 5 6%
Total 11,697 3,341 5,968 1,706 51%
Townhouse Projects
Page 22
Appendix
• Presales Update of Active Projects (as of 1 Mar 11)
Sale StartProjects Value
(THB Mil)Total Units
AccumulativeSold Value(THB Mil)
AccumulativeSold Unit
Value Sold (%)
1 Baan Sanpluem May-07 595 85 580 84 98%2 HIVE Feb-08 1,599 363 1,599 363 100%3 Quattro by Sansiri Jan-09 4,478 446 3,169 338 71%4 The Base Oct-10 2,420 1,227 1,818 939 75%5 39 by Sansiri Oct-07 1,594 163 1,594 163 100%6 Prive' Nov-07 1,240 78 1,218 77 98%7 HIVE Taksin May-08 1,513 365 1,267 319 84%8 Blocs 77 Mar-09 1,551 467 1,261 388 81%9 The Vertical Aree Feb-09 993 189 993 189 100%10 PYNE by Sansiri Mar-10 2,049 298 2,049 298 100%11 ONYX Phaholyothin Oct-10 2,322 620 2,289 612 99%12 WYNE Sukhumvit Aug-10 1,741 460 803 231 46%13 KEYNE by Sansiri Jun-10 1,787 216 1,640 206 92%14 Via 49 Aug-10 603 85 603 85 100%15 TEAL Sathorn-Taksin Sep-10 1,482 409 1,379 391 93%16 Dcondo Onnuch-Suvannabhum Jul-10 925 916 874 864 94%17 Dcondo Ramkamhang Oct-10 1,703 1,120 1,358 885 80%18 Dcondo Ramindra Oct-10 1,008 825 617 491 61%19 Via BOTANI Dec-10 936 137 554 79 59%
Total 30,537 8,469 25,664 7,002 84%Grand Total 63,650 16,123 42,568 10,961 67%
Condominium Projects
Page 23
Thank you for your attention
Contact Information
Varangkana Artkarasatapon
Senior Manager
Sansiri PLC.16th Fl. Siripinyo Bldg. 475 Sri Ayutthaya Rd., Rajthevi, Bangkok 10400 Thailand. Direct Line : 0 2201 3944E-mail [email protected]
Website : www.sansiri.com
