Investor Presentation

1
Investor Presentation
Senior Secured Bond of Golden Land Property
Development PLC No.1/2546 Due 2551of Baht
1,100,000,000
Lead Arranger
Co-Lead Arranger

• July-August 2003

2
Disclaimer
This presentation is intended to be used
solely for the purpose of the fund raising
exercise as planned by Golden Land Property
Development Public Company Limited ( GOLD )
with certain facts regarding GOLDs businesses.
Please note that this is not an offering of the
debt instruments which are subject to SEC
approval. KASIKORNBANK Public Company
Limited has not verified any of the information
or data contained herein or makes any
representation or warranty, express or implied,
or assumes any responsibility, for the accuracy
or completeness of such information or data. Each
relevant person and/or institution should perform
his own independent investigation and analysis of
GOLD. Please note that the wordings used
herein is for convenience of reference only and
that the companys fund raising plan is subject
to the approvals of pertinent authorities and the
issuers discretion.
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Presentation Outline
Section 1
Property Industry Overview
Company Profile
Section 2
Financial Highlight
Section 3
Bond Features
Section 4
4
Section 1
Property Industry Overview
5
New Registered Units in BMA
Strong demand from developer -built projects
especially in BKK
Rapid turnaround for SDH segment
SDHs in BMA
New Registered Residential Units in BMA
Units
SDHs in Bangkok
29
28
27
28
38
35
72
71
73
52
Source GHB
6
New Housing Projects in BMA
Increasing supply to serve real demand, not for
speculative as before the crisis
Growth 124 -44 -54 -36 -97 27 124 103 114
of Peak Base 56 26 16 0.4 0.5 1 2 5
Source National Housing Authority
7
Demand-Driven Factors
Low Mortgage Rate
Government Tax Support
Source GHB
Rate extended until December 2003
Increasing population and decreasing household
size in BKK
Increasing GDP per Capita
Source NESDB
Source NESDB
8
Serviced Apartment Update
Sustainable Trend in Occupancy Rate
Supply by Area (as at Q1, 03)
Source CB Richard Ellis
Source CB Richard Ellis
Remark Central Lumpini includes Wireless,
Ploenchit, Rajdamri, Langsuan
Occupied units increased as 2 new projects,
Conrad and Mayfair Marriott, were well received
in the market.
9
Serviced Apartment Outlook
Slightly increase in Grade A supply
Growing number of expatriates in BKK mainly due
to business expansion
Source DTZ Debenham Tie Leung
Mayfair Marriott 162 units Ascott Piriya 298
units
SourceDepartment of Employment

• Higher demand for grade A as change in the
  expatriates profile

• New projects with good management will be
  able to sustain a satisfactory occupancy level.

10
Office Building Update
Grade A core CBD is only 16 of total supply
Upward trend in occupancy rate
Occupancy Rate
Mil. Sqr. m.
BKK Office Supply (as at Q1, 03)
Source CB Richard Ellis
Source CB Richard Ellis
BKK Grade A Office (as at Q1, 03)
Remark Core CBD includes Silom, Sathorn,
Wireless, Rajdamri, Langsuan
11
Office Building Outlook
Continuously increasing number of existing and
new registered firms
Slightly increase in new supply when compared to
3-year average demand around 330,000 sq. m.
Projects to be Completed in 2003-2004
Company Registration in Thailand
Source Registration Office, MoC
Source CB Richard Ellis

• Number of firms in BKK is 56 of total number
  of firms in Thailand.

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Section 2
Company Profile
13
Company Profile

• Establishment 1978 (listed in 1994)
• Registered Capital 6,298 MB (Fully Paid)
• Major Shareholders Thai NVDR Co., Ltd. 27.69
• ABN Amro Asia Service (Singapore) 16.78 Mo
  rgan Stanley Co International 9.69
• Somers (U.K.) Limited 8.84
• Chase Nominee Limited 2.41
• Others 34.85
• Business Real Estate Development
• - Housing Development, mainly focus on SDHs
• - CBD Property Development
• Credential BBB issue rating from TRIS

(As of April, 2003)
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Company Vision and Strategy
Company Vision
Business Management
Business Investment

• Invest in core businesses with average IRR more
  than 15

• Geographically diversified property portfolio
• Partner with renowned internationally property
  operators
• Implement escrow account for SDHs
• Cost and quality control
• Database on customer preference for marketing

• To be blue chip property developer
• To balance revenues from housing and recurring
  rental income

Liquidity Management

• Maintain low leverage maximum D/E lt 1.5X
• Financial support from banks and capital market
• Strategic partners in capital intensive projects

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Company Structure
Golden Land Property Development PLC
High-Rise
SDHs
Main Subsidiary
Main Subsidiary
United Homes Reg. Cap. 50 MB 100 Stake
Golden Land (Mayfair) Reg. Cap. 1 MB 100 Stake
Narayana Pavilion Reg. Cap. 475 MB 100 Stake

• Baan Ladprao
• Ladprao Exclusive I
• Ladprao Exclusive II
• Baan Ramindra
• Golden Lanna
• (Ramkamhaeng)
• Golden Legend I (Sathorn)
• Golden Legend II (Sathorn)
• Golden Nakara I (Srinakarin)
• Golden Horizon (Pinklao)

• Goldenland Building

• Marriott Mayfair

Sathorn Supsin Reg. Cap. 500 MB 51 Stake
Golden Land Fund II Reg. Cap. 691.3 MB 90 Stake

• Polo Park

• Ascott Bangkok

North Sathorn Realty Reg. Cap. 639 MB 100 Stake
Siam Real Estate Fund Reg. Cap. 815 MB 60 Stake

• Sathorn Square

• Kallista
• Somerset Court Thonglor

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Housing Strategy

• Focus on 15-20 km radius and easy access to
  transportation
• Size 50-100 rais/phase for better project
  management
• Capture middle to upper market in every location
• Enter price-guaranteed contracts with contractors
• Use escrow account concept for consumer
  confidence

Baan Ladprao
Golden Lanna Ramhamhaeng
1
4
Baan Ramindra
2
5
Golden Horizon Pinklao
3
Golden Legend Sathorn
Golden Nakara Srinakarin
6
17
Ongoing Projects
Located in the city area
Expected Revenue composition in 2003

• Expected revenue in 2003 2,000 MB

As of 30/6/03
18
Future Projects
Future projects provide revenue assurance for the
next 3-4 years
As of 30/6/03
19
CBD Property Strategy

• Strategic joint venture
• Management by high profile brand

Goldenland Building
1
4
Kallista
Marriott Mayfair
Ascott Bangkok
5
2
Sathorn Square
Polo Park
3
6
20
CBD Property Portfolio

• CBD properties generate 10 of total revenue
• More revenue from Mayfair Marriott and
  Goldenland Building in Q303

As of June 30, 2003
Collateral
Remark Phase I units occupied is 79 out of
90 units. All 162 units will be available in
July-03 Kallista is on sale at selling price
/ sqm 57,000 baht. The number of units
transferred as of 30/06/03 were 40 units .
Somerset is under plan to sell, expected
selling price / sqm 57,000 baht
21
Future CBD Projects

• Recurring income from Ascott Bangkok for the
  next year while Polo Park and Sathorn Square for
  the next 3 years

As of June 30, 2003
22
Credit Facilities
Undrawn Committed credit facilities help to
provide funding flexibility
As of May 31, 2003
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Section 3
Financial Highlight
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Operating Performance
Improving operating performance
Remark EBITDA EBIT plus depreciation and
amortization
Source Financial Statements, SET
25
Revenue
High GP margin at average 39
Major revenue from real estate sales
Real Estate Sales
Revenue Breakdown
Source Financial Statements, SET
26
Leverage
Employ low leverage to support high sale growth
High interest coverage with more than 4X
Interest Coverage
Net debt/Equity
Mil. Baht
Mil. Baht
Source Financial Statements, SET
Remark Net debt interest-bearing debts minus
cash
27
Peer Ranking (as at Q1 2003)
D/E below average industry 0.88X
GP margin higher than average industry 35
Profitability
Gross Margin
Sales(MB)
Source Financial Statements, SET
28
Financial Summary
ROA and ROE of 1Q03 are not annualized
Source Financial Statements, SET
29
Investment Highlight
Competent management
Mix recurring income with lucrative profit from
SDHs
Well-accepted brand name
Strategic partners and operators for large CBD
projects
Strong financial position with low leverage
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Section 4
Bond Features
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Summary Terms

• Type
• Tenor
• Issue Amount
• Issue Period
• Collateral
• Duration
• Collateral to Bond
• Issue Rating

Senior Secured 5 yrs Amortizing 1,100
MB August 03 Marriott Mayfair Executive
Apartments In Soi Lungsuan with appraised value
of 1,472MB by Insignia Brooke (Thailand) Limited
3.50 1.34 1 BBB Fixed Rate TBD,
quarterly payment 350 MB for refinancing
Marriott Mayfairs loan with DBS 650 MB for
working capital
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Summary Terms

• Repayment
• Key Covenants
• Placement Formal
• Lead Arranger
• Co-lead Arranger
• Registrar/ Bondholders Representative

2.5 years grace period and quarterly
amortizing Q10-Q19 90 Baht/unit each Q20
100 Baht/unit 1. D/E lt 1.5 2. Dividend
lt60 3. Collateral to Bond gt1.34 Private
Placement to Qualified Institutional Investors
under SEC Notification Kor.Jor.32/2544 Section
2(13) KASIKORNBANK Public Company
Limited National Securities Company Limited DBS
Thai Danu Bank Public Company Limited Thai Bond
Dealing Center
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Tentative Timetable

• One-on-One
• One-on-group
• Bookbuilding
• Allotment
• Subscription Period
• Issue Date

4th week of July -1st week of August 2003 30
July 2003 Mid August 2003 3rd-4th week of
August 2003 3rd-4th week of August 2003 3rd-4th
week of August 2003