WHA Corporation Public Company Limited WHA Management...
Transcript of WHA Corporation Public Company Limited WHA Management...
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Jan 2014 WHA Management Roadshow WHA Corporation Public Company Limited
The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in WHA Corporation Public Company Limited (“WHA” and shares in WHA, “shares”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. In addition, this presentation contains projections and forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions.
Disclaimer
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Agenda
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• WHA provides logistics facilities to manufacturers, retailers and third-party logistics providers. Also, we provide best solution of logistics infrastructure for MNCs and local enterprises.
• We offer Built-to-Suit Development services that include customized site location, design, construction and delivery of warehouse, distribution center and factory to meet clients’ satisfaction and needs.
WHA Corporation PCL. (WHA)
Rental Business
Warehouse/ Distribution Center/ Factory
Other Recurring-Income Business
Property for Sales
Warehouse Farm
Built-to-Suit
• World-class standard for customers’ specific needs
• Leasable area:
10,000-70,000 sqm.
• Combination of built-to-suit and ready-built project within same site
• Leasable area:
- Built-to-suit 10,000-20,000 sqm.
- Ready-built 4,000-5,000 sqm.
• Monetization of its rental assets to this vehicle
Sale to Existing Tenants
WHAPF
Return from
Investment of WHAPF
(Dividend)
Property Manager Fee
• Property manager to WHAPF
Sale and Leaseback
Business Overview
2011 RESTRUCTURING • WHA Corporation restructured itself by
acquiring 99.99% of WHA Alliance from CWT (Singapore) and co-founder, as well as 99.99% of Warehouse Asia Alliance from GLOMAC (Malaysia) and co-founder to become WHA Corporation’s subsidiaries.
• Development of first warehouse farm on Bangna-Trad km.18 with the leasable area of 72,179.48 sqm
2012 BECAME LISTED • Monetization of 3 warehouses and 1
factory to WHAPF with the value of THB 1,827mm (107,277 sqm)
• On Nov 8, 2012, WHA Corporation became to be listed Co. and first traded in SET, raising up the capital to THB 1,709mm or USD 56.97mm
• The post-IPO paid-up capital was THB 510mm
2013 GROWING PHASE • Monetization of the assets to WHAPF
with the value of THB 2,046mm (69,529 sqm) in the 1st quarter and injected another lot of THB 4,536mm worth of assets (173,367 sqm) to WHAPF in 4th Quarter which makes total fund size of THB 9,308mm
• This year WHA offered 2 stock dividends to existing shareholders on May, 2013 (5:1) and on September, 2013 (2:1)
• WHA is rated A- with stable outlook by Fitch Ratings (Thailand)
2010 THE RISE OF PROPERTY FUND
• Establishment of WHAPF (initially known as M-WHA) with the total fund size of THB 1,283mm or USD 42.77mm with total leasable area of 39,808.80 sqm. of 2 warehouses and 1 factory
2003 - 2009 THE BIGGEST DC IN SOUTHEAST ASIA
• Establishment of WHA Alliance and partnership with CWT (Singapore) to develop first distribution center on Bangna-Trad km.20 with leasable area of 53,000 sqm, followed by expansion phase for 10,900 sqm
2006 - 2007 WHA’S FIRST DC
• Establishment of Warehouse Asia Alliance and partnership with GLOMAC (Malaysia) to develop distribution center for DKSH Healthcare on Bangna-Trad km.19 with leasable area of 53,000 sqm
Key Milestones and Developments
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Warehouse Asia Alliance
(Registered and Paid-up Capital THB 310 mm)
WHA Alliance
(Registered and Paid-up Capital THB 260 mm)
WHAPF
NAV per unit –THB 10.50 Paid-Up Capital–THB 9,390.6 mm
WHA Gunkul GSR
8 newly setup JVs with Gunkul for solar roof projects
Total capacity awarded as at Oct 21, 2013 of 4.28 MW
99.9% 15.0% 75.0%
WHA Corporation PCL. (WHA)
(Registered and Paid-up Capital THB 918 mm)
Group Structure
WHA KPN Alliance
Regist. Capital – THB 768 mm Paid-up Capital – THB 384mm
76%
24%
Acquisition ValueFreehold Leasehold
29%
71%
Acquisition valueFactory Warehouse & DC
67%
33%
Area (Sqm.)Freehold Leasehold
23%
77%
Area (Sqm.)Factory Warehouse & DC
65.0%
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99.9%
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Shareholding Information
Top 10 Shareholding Structure
Paid-Up Capital
THB 918mm
Major shareholders 62.70 %
Other pre-IPO shareholders* 7.20%
Post-IPO Investors 30.10%
Shareholder No. of Share
(After XD) %
1) WHA Holding Co., Ltd. 230,418,000 25.10
2) Mrs. Jareeporn Anantaprayoon 176,786,910 19.26
3) Mr. Somyos Anantaprayoon 168,686,964 18.38
4) Mr. Sompong Chonkadeedumrongkul 78,785,250 8.49
6) Mr. Wutt Jarukornsakul 18,720,000 2.04
7) Ms. Supitchaya Phupisut 10,632,000 1.16
8) Ms. Nalinrat Sae Aung 10,051,500 1.09
9) Mrs. Chaleow Srichaiwat 9,936,000 1.08
10) Mr. Jakrit Chaisanit 9,052,500 0.99
11) State Street Bank Europe Limited 8,351,400 0.91
Share Overview
*Remark: As of September 5, 2013
*Remark: Include relatives and management directors
Ticker Reuter WHA.BK
Ticker Bloomberg WHA TB
Par Value (Bt) 1
Market Capitalization THB 21,572.82mm
Market Capitalization (USD) USD 651.83mm
Average 1-Year Daily Turnover 0.43%
Share Issued (share) 917,992,494
12-Month High/Low Price 62.75/23.50
Foreign Limit 49%
Free Float Approx. 24.31%
Dividend Policy ≥40% of Net profit
*Remark: Figures as of January 3, 2014
Shareholding Information
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To focus on Built-to-Suit
Developments to satisfy specific customers’ requirements
To provide high-quality logistics and warehouse/ distribution center/ factory to customers
To strategically grow portfolio
Recycling capital to enhance shareholder value
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Providing total solutions across the logistics value chain
Delivery of premium-quality product Growing size and scale of domestic markets both ‘existing’ Build Scale and ‘new’ strategic locations Embark on new markets to serve customers
To optimize capital structure for financial flexibility and shareholder value through optimization of ROE
Company’s Business Platform and Strategies
Inquire all requirements in terms of location, specifications, cost and timing
Transportation and rental cost optimization
Traffic and distance management
Humidity and temperature control system
Special floor’s loading
Clear height ceiling space
Deliver as designed and promised (no project delay, no cost overrun, and meet project’s specifications)
Business partner to co-developing extension phase
Understand client’s preference
Flexible for expansion solution
Overall Project Advisory
Requirement Gathering
Location Identification
Project Design
Construction Management
Long-term Advisory and After-sale Service
Customer Requirements
Customer Satisfactions
WHA’s Total Solution
To establish long-term cooperative relationship with our customers by providing high quality properties and services
Sample of WHA
Service
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1) To Focus on the Built-to-Suit Development to Satisfy Customers’ Requirements
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Various Features of our High-Quality Warehouse and Distribution Center
Large Floor Area Clear Height High Load Tolerance Dock Leveler Wide Column Spacing
Burnished Floor Finish
One Continuous Metal Sheet Roof
Air Gap Roof Insulation
Natural Ventilation
Steel Pipe Structure
10,000-70,000 sqm. 10-13 meters 3-5 tons/sqm.
Mirror floor finish Eliminate the leakage
on the roof Lower inside temperature
Maximize wind flow Less dust
accumulation
Increase usable area Hydraulic Dock Leveler
2) To Provide High-Quality Logistics and Warehouse/ Distribution Center/ Factory to Customers
U-Tapao Airport
Bangkok Port
Laem Chabang Port
Map Ta phut Port
Bangna-Trad K.M.19
Bangna-Trad Km.18
Bangna-Trad Km.19
Lardkrabang
Chonburi
Bangna-Trad Km.20
Saraburi
Amata City
Bang pa-in
Wang-Noi K.M.61
Outer East Bangkok Zone (Bangna-Trad Rd, K.M.18-23) (Chonburi) (Lardkrabang) - Convenient access to the City Center of
Bangkok, Suvannabhumi Airport, and Laemchabang Seaport
Industrial Estate Zone (Hemaraj, Saraburi) (Amata City, Rayong)
- Tax privileges from BOI
- Comfortable access to Suvannabhumi Airport and Laemchabang Seaport
3 Outer North Bangkok Zone (Bang Pa-in, Ayuthaya) (Wangnoi, Ayuthaya)
- A logistic hub to North and Northeast region of Thailand
Note: Portfolio as of June 31, 2013 Built-to-Suit project
Warehouse Farm project
WHAPF Port
Airport
Best Strategic Locations in Logistic Hubs Area
Bangna-Trad Km.23
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Prachinburi
Bangna-Trad Km.18
Chonlaharnpichitl
Laemchabang
3) To Strategically Grow Portfolio
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WHA has a business plan to develop logistics center at the strategic locations to serve upcoming AEC and our customers expansion…
3) To Strategically Grow Portfolio
Highly Stable CF from
Investment
Utilize Recurring
Income Stream
Well-balanced Portfolio and
Capital Structure
All Invested Assets Generate Revenue
100% Occupancy rate track records
To hold minimal non-income generating assets
Strong Stability of Rental Profit
Secured L-T contract with growth in rental
Appx. 85% EBITDA margin
Low maintenance cost
Capital Structure Optimization
Asset-Optimization Model
Optimization of return on equity (ROE) to shareholder through the asset monetization
program via PFPO/REIT to optimize long-term capital structure and achieve return-
enhancing strategy
Rental Business Developing Business
Expedited growth of investment
Earning from asset divestment
Recurring income from dividend and asset management fee
Complementary business model of property company with strong CF stability and PFPO/ REIT leads to accelerated growth, high efficiency, and high margin business model capturing full value chain
Capital Recycling Model
Through PFPO/REIT
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4) Recycling Capital to Enhance Shareholder Value
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Proven and Strong Track Record and Credentials in Thailand and SEA Region.
Pioneered Built-to-Suit Concept to Thai Logistics Market
Superior and Best-in-Class Warehouse, Distribution Center in Prime Locations
Like-Minded Logistic Consultant and Hands-on Management Team
Most Sophisticated Financial Engineering Tools to Serve the Capital-Intensive Business and Satisfy the Attractive Return on Capital to Shareholders
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• WHA has become global contact for MNCs to expand and consolidate their hubs for AEC
• Tailor-made product to cater with each tenant’s specific requirements in order to optimize their long-term logistics costs
• With continuous research and development to improve the quality of our products e.g. floor (high-strength, super flat concrete), large continuous roof, natural ventilation, and ability to construct in each module concurrently to shorten the construction period
• Logistics mentality, dedicated top management to listen to clients’ requirements with in house design and construction management team to communicate with the clients directly
• Property Fund (WHAPF) • Upcoming Infrastructure Fund
Our Key Competitive Advantages
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Agenda
Date Description
Nov 12nd – Nov 14th RO Subscription Period
Nov 18th – Nov 22th PP/PO Subscription Period
Nov 25th Unit Allotment
Nov 28th Registration of New Capital
Nov 29th Asset Transfer
November 2013
S M T W Th F Sa
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
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Asset Sales Price: Approx. THB 4,536 mm
Completion of WHAPF 3rd Capital Increase
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Upcoming Asset Divestment to WHAPF
Asset Leasable Area Tenant Snapshot
Distribution Center Ladkrabang Phase I & II
Khlong Sam Prawet, Ladkrabang, Bangkok
35,092.97 sq.m.
WHA Mega Logistics km 18
Bangna-Trad km 18, Samutprakarn
72,179.48 sq.m.
WHA Mega Logistics km 23
Bangna-Trad km 23, Samutprakarn
59,835.00 sq.m.
DSG Modification
Nongkae, Saraburi
-
2
3
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4
WHAPF’s 4th Capital Increase of not more than THB 4,590 mm has been approved by WHAPF’s unitholders on 19 Dec 2013 In all, this allows WHA to divest assets with a total leasable area of 167,107.451) sq.m. to WHAPF expectedly in Q42014
1) Not include rooftop leasable area of 73,690.30
Upcoming Asset Divestment
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Asset Divestment Options
Possible Alternatives for the 4th Round of Asset Sale
Asset Divestment to WHAPF Base Case
Through WHAPF’s 4th capital increase
Convert WHAPF to
REIT
Divest assets to the converted REIT
Set Up a Standalone
REIT
Divest assets to the new set-up REIT
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WHA will gauge the best possible alternative upon the clearance of REIT regulation/REIT conversion and relevant transactions to maximize gain from asset sale
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66,218 sqm.
Additional Pre-leased Contract
New Locations
Occupancy Rate 100% and Retention Rate 100%
Additional Completed/
Leased Contract 149,926
sqm.
Total Pre-Leased
Area
254,574 sqm.
54,000 sqm.
Additional Land
Acquisition
Total Leased
Area
420,096
sqm.
Customers
4 New Customers
2 Existing Customers
Bangna-Trad Km.7
Business Highlights – Q3 2013
Impressive Track Record of Growth and 100% Occupancy Rate
Growth Phase Introduction Phase
WHA Group is the market leader with proven track record of high growth and impressive 100% occupancy rate
OR
100% 100% 100% 100% 100% 100% 100%
Total developed and occupied area (Owned by WHA)
Area sold to WHAPF
Unit: Sqm.
2006 – 2010 Originated the concept of Built-to-Suit warehouse
business model Develop one of the largest Built-to-Suit distribution
centers in Thailand Developed 3 world-class factories Set up WHAPF as a vehicle for supporting its growth
2011 - Present Introduced Warehouse Farm project Strengthen value capturing from asset monetization to
PFPO as continuous stream income and vehicle to expedite growth
298,139
192,341 169,433
141,619 141,619 88,913
505,051
39,809
147,086
39,809
Key Milestones
Developed/ Developing & Occupied area for 2006-2013
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357,965
100% 2006 2008 2007 2011 2010 2009 2012 Q3 2013
216,616
420,096
258,330
152,532
891,286
721,082
Land held for future development
Total Pre-leased Contract
254,574
1,612,368
WHA Group’s tenants are mainly the reputable MNCs
Remark: The information, shown in charts above, are calculated from leasable area (sqm.)
Well-Known Tenant Profile
Note: Portfolio as of November 1, 2013
*FMCG means Fast Moving Consumer Goods **3PLs means Third Party Logistics
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34%
9% 16%
36%
5%
Tenant Nationality
JP
USA
Asia
EU
TH
26%
24%
50%
Tenant Industry (Overall)
3PLS
Manufacturing
FMCG&Healthcare
**
*
36%
23% 5%
36%
Contract Term (WHA Group)
1-3 Y
>3-5 Y
>5-9 Y
>9 Y
27%
19%
13%
41%
Contract Term
(Overall)
1-3 Y
>3-5 Y
>5-9 Y
>9 Y
Top 10 Tenants
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Top 10 Tenants by Rental Income (WHA Group)
Top 10 Tenants by Rental Income (Overall*)
14% 13%
13%
8%
6% 6%
4% 4% 4% 4% Re
ven
ue
(TH
B m
m)
Tenants
33%
8% 8% 7% 5% 4% 4% 3% 3% 3%
Re
ven
ue
(TH
B m
m)
Tenants
Note: *Included all the assets divested to WHAPF
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Agenda
Unit : THB mm FY2011 FY2012 9M-Q3 2012 9M-Q3 2013
Rental and service income 220.9 359.9 241.5 342.9
Asset Sale - 1,808.9 1,808.9 2,046.5
Gain from asset sale - - - -
Dividend from WHAPF & property management fee
12.8 38.4 27.0 49.3
Other income 6.5 6.3 3.8 9.0
Total Normalized Revenues* 240.2 2,213.5 2,081.2 2,447.7
Gain from acquisition of subsidiaries
350.1 -
Total Revenues 590.3 2,213.5 2,081.2 2,447.7
Revenue Structure
Note: : *Exclude the gain from acquisition of subsidiaries amount of THB350.1 mm in FY2011. ** In FY2012 and FY2013, the Company recognized revenue from asset sale as its normal operating business instead of recording the gain from asset sale in 2010.
Rental & Service Revenue & GPM Leasable Area Growth
Asset Sales Business Revenue & GPM WHAPF – Leasable Area
Property Management Fee Dividend Received - WHAPF
24 v v v v
v v
-
500.0
1,000.0
1,500.0
2,000.0
2,500.0
3,000.0
FY2011 FY2012 9M-Q3 2012 9M-Q3 2013Other income
Dividend from WHAPF and property management fee
Asset Sale
Rental and service income
17.61%
240.2
2,081.2
2,447.7 2,213.5
1,274.6
1,808.9 1,808.9
2,046.5
1,148.2
1,617.1 1,617.1
1,922.7
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
FY2010 FY2011 FY2012 9M-Q3 2012 9M-Q3 2013
Asset Sale Revenue COGS
6.0%
GPM
10.6% 10.6% 10%
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
FY2010 FY2011 FY2012 Q3 2012 Q3 2013
0
10.6
32.3
22.5
42.4
0
5
10
15
20
25
30
35
40
45
FY2010 FY2011 FY2012 9M-Q3 2012 9M-Q3 2013
Dividend from WHAPF
0.1
2.2
6.1
4.4
7.0
0
1
2
3
4
5
6
7
8
FY2010 FY2011 FY2012 9M-Q3 2012 9M-Q3 2013
Property management fee
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
FY2010 FY2011 FY2012 Q3 2012 Q3 2013
Rental and service income COGS - Rental and service
GPM - Rental and service GPM - adjusted of asset reclassification
39,809 39,809 39,809 39,809 39,809
107,277 107,277 107,277
69,529
-
50,000
100,000
150,000
200,000
250,000
FY2010 FY2011 FY2012 9M-Q3 2012 9M-Q3 2013
IPO 1st PO 2nd PO
-
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
-
2,000.0
4,000.0
6,000.0
8,000.0
10,000.0
12,000.0
14,000.0
FY2011 FY2012 Q2 2013 Q3 2013
Liabilities Equity D/E Ratio IBD/E Ratio
Assets and Capital Structure
Assets Composition Capital Structure
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Debt Profile Financial Cost
%
29.3%
22.4%
THB mm
29.3%
22.4%
18.4%
20.0%
60.3% 50.1% 54.6% 64.6%
59.6%
14.4%
18.4%
20.0% 22.4%
29.3%
5,188.0
8,297.5
7,215.3
8,678.3
12.005.9 4.0x
2.9x
0
1
2
3
4
5
6
7
0
20
40
60
80
100
120
140
160
2011 2012 9M-Q3 2013
6.5%
5.5%
5.1%
-
2,000.0
4,000.0
6,000.0
8,000.0
10,000.0
12,000.0
14,000.0
FY2011 FY2012 Q1 2013 Q2 2013 Q3 2013
Cash Advance for construction Non current assets available for sale
Investment in available for sale securities Investment property Other assets
60.3% 50.1% 54.6% 64.6% 59.93%
14.47%
18.4%
20.0% 22.4%
29.3%
1.7x
1.4x
2.3x
2.0x
3.1x
2.4x
11%
51%
38% Short-term loan
Long-term loan
Long-term bond
12,005.9
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Agenda
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Balance Sheet
WHA Corporation Public Company Limited
Statement of Financial Position
As at 30 September 2013
Q2 2013 Q3 2013 %
MB MB Change
Current assets
Cash and cash equivalents 84 1,645 1858%
Advance for construction and deposit 127 127 0%
Non-current asset held-for-sale 1,593 1,737 9%
Total Current assets 1,852 3,609 95%
Non-current asset
Investment available-for-sale 867 851 -2%
Investment properties (net) 5,467 7,054 29%
Other non-current assets (net) 302 291 -4%
Total Non-current assets 6,827 8,396 23%
Total Assets 8,678 12,006 38%
Current liabilities 3,050 3,973 30%
Non-current liabilities 2,690 5,115 90%
Total liabilities 5,740 9,084 58%
Total Shareholders' equity 2,938 2,922 -1%
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Income Statement
WHA Corporation Public Company Limited
Statements of Comprehensive income
For the three-month period ended 30 September 2013
Q3 2012 Q2 2013 Q3 2013 % %
MB MB MB QoQ YoY
Rental and services income 84 106 140 32% 67%
Income from sale of investment properties
0 0 0 0% 0%
Dividends 10 14 14 -2% 40%
Other income 2 5 4 -17% 114%
Total Income 96 125 158 26% 64%
Cost of rental and service 27 34 45 32% 63%
Cost of investment properties 0 0 0 0% 0%
Total Cost 27 34 45 32% 63%
Operating profit 56 72 95 32% 69%
Net profit 15 22 30 36% 100%
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Income Statement (Cont.)
WHA Corporation Public Company Limited
Statements of Comprehensive income
For the nine-month period ended 30 September 2013
Q3 2012 Q3 2013 %
MB MB YoY
Rental and services income 242 343 42%
Income from sale of investment properties 1,809 2,046 13%
Dividends 23 42 88%
Other income 8 16 95%
Total Income 2,082 2,447 18%
Cost of rental and service 84 119 41%
Cost of investment properties 1,617 1,923 19%
Total Cost 1,702 2,042 20%
Operating profit 349 348 0%
Net profit 189 174 -8%
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“Target at Well-known MNCs”
“Currently 80% of our customers are well-known MNCs because they realize the importance of logistic system that can substantially save their operating costs. Even though our price per sq.m. is 30-50% over that of the industry average, it’s worth investment for them”
Source: Business Thai
“ The largest premium warehouse in Southeast Asia”
“WHA aims to build large distribution centers that suit the customer’s specific needs. Right now, we are the largest premium warehouse in Southeast Asia constructed under well accepted international standard and equipped with innovative technology”
Source: logistic Digest
Dr. Somyos Anantaprayoon
Chief Executive Officer
A Director since incorporation
Group’s CEO who originated the idea of world-class standard Built-to-Suit Warehouse and DC
Ms. Jareeporn Anantaprayoon
Managing Director
A Director since incorporation
Assist the CEO in business strategy development
Responsible for Group’s sales and marketing
Mr. Surathian Chakthranont
Director
Advise on business strategy &plan
Previous President of SC Asset Corporation, PCL (1995 – 2005)
More than 10 years experience in Real Estate sector
Dr. Pichit Akrathit
Independent Director
Chairman of the Audit Committee
An advisor to several leading companies
Mr. Jakrit Chaisanit
Director
Head of Construction Management Division
Mr. Narong Kritchanchai
Director
Mr. Somsak Boonchoyruengchai
Director
Head of Accounting division
Dr. Somsak Pratomsrimek
Independent Director
Member of the Audit Committee
Dr. Kritsana Sukboonyasatit
Independent Director
Member of the Audit Committee
Mr. Chakkaphob Nuangchamnong
Executive director
Head of Business Development Division
Mr. Arttavit Chalermsaphayakorn
Executive Director
CFO
“WHA Expertise”
“WHA Corporation is regarded as the world class built-to-suit warehouse developer with strong reputation in selecting prime location, operational efficiency and after sales service”
Source: www.freightmaxad.com
Board of Director and Management Team
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1121 Moo.3 Theparak Rd., Theparak, A. Muang, Samutprakarn 10270 Thailand Tel. +66 (0) 2 753 3750 Fax. +66 (0) 2 753 2750 e-mail: [email protected] Website: www.wha.co.th
WHA Corporation PCL.