Analyst Meeting 1Q'21 Results - 14 May 2021 - Noble Development
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Analyst Meeting
1Q’21 Results
14 May 2021
1
Disclaimer
The information (“Confidential Information”) contained in this presentation is strictly confidential and is provided by Noble Development Public Company Limited (the “Company”) to you solely
for your reference. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information regarding the Company. None of the
Company, or any of their respective members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss
howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. By using this presentation, you are agreeing to be bound by the below.
The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness,
accuracy, completeness or correctness of the information and opinions in this presentation. It is not the intention to provide, and you may not rely on these materials as providing a complete
or comprehensive analysis of the Company or trading position or prospects. The information and opinions contained in these materials are provided as at the date of this presentation and are
subject to change without notice. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or
in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein.
This presentation is for information purposes only and does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to or
recommendation to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in
relation thereto in Thailand, United States or any other jurisdiction. Any such purchase should be made solely on the basis of the information contained in the announcements to the Stock
Exchange of Thailand relating to such securities. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness.
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. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's
assumptions are correct. The actual results, financial condition, performance or achievements of the Company may differ materially from those forecasted and projected. All forward-looking
statement are subject to change and should not be relied upon.
2
Total of 65 Residential Projects
worth more than 148,900 THB mm
Forward Looking 2021
Total of 19 active projects , Inventories approximately 28,600 THB mm
Total of 9 new projects worth more than 39,000 THB mm
3
Agenda
1 New Noble - at a glance
2 Corporate Strategy
3 News Alert
4 Operation Performance for 1Q’21
5 Financial Performance for 1Q’21
6 Appendix
4
Key Achievements in 1Q’21
KEY ACHIEVEMENTS IN 1Q’21 KEY RESULTS IN 1Q’21
1) Total Pre-Sales 1Q’21 stands at THB 2,568 Total Revenue Net Profit ROE
mm
2) Successful Inventory Sale - worths THB
1,309 mm - mainly thanks to sale
2,682 484 31.9%
THB mm THB mm
campaign Last Piece Last Price and sale of
Noble Above Wireless- Ruamrude
3) Launch 2 new Projects worth THB 6,100
mm from Noble Form Thonglor and Nue Pre-Sales Backlog Inventory
Noble Centre Bangna
4) Secured partnership with Fulcrum to set 2,568 12,884 15,702
up “Noble Venture Investment”, a THB mm THB mm THB mm
subsidiary to invest in the UK property
market.
5
New Projects in 2021
11 Project Value
45,100
Projects THB mm
High Rise 4 Projects : 25,000 THB mm
Low Rise 7 Projects : 20,100 THB mm
6
Target Deliverables
FORWARD-LOOKING 2020 BEYOND 2021
Target Growth of Pre-Sales
22% 50%
+142% 16,000 NOBLE
THB mm
VS
NUE
6,602
THB mm
Low Rise 10% Low Rise 34%
High Rise
VS High Rise High Rise
2020 2021F Low Rise
Remark: low rise consists of horizontal project,8-storey condominium project, and land plot
7
Agenda
1 New Noble - at a glance
2 Corporate Strategy
3 News Alert
4 Operation Performance for 1Q’21
5 Financial Performance for 1Q’21
6 Appendix
8
Developing Brand Pyramid
We plan to develop three separate brands to broaden the Company’s appeal beyond Noble’s traditional customer set.
• Traditional “Noble” brand • Develop JV with international developers to target
to continue to address the customers with different value proposition
High End mid-to-high end segment • 2019: JV with Hongkong Land
x
• ”NUE” brand to develop into
Greater Bangkok alongside rail
infrastructure expansion
• Establish JVs to get access to
strategic land plots
Mass Market
9
Overview of Overseas Market 2021
Interest for Thailand properties dropped in 1Q2021 to third place as interest for immigration/study destinations became more
attractive
Top Investment Destinations for Chinese Investors
Rank 2017 2018 2019 2020 2021
1 United States Thailand Thailand Thailand United States
2 Australia Canada United States Australia Australia
3 Thailand Australia Australia Japan Thailand
4 Canada United States Canada United States Canada
5 United Kingdom United Kingdom New Zealand Canada Malaysia
6 New Zealand Malaysia United Kingdom Malaysia Japan
7 Germany Greece Vietnam United Kingdom Singapore
8 Japan Japan Malaysia UAE United Kingdom
9 Malaysia New Zealand Japan Vietnam New Zealand
10 Spain Singapore Philippines Philippines France
Source: Juwai IQ Data
10Noble’s Overseas Market Share
Noble’s overseas market share gained strongly in 1Q2021 compared to the rest of the market.
Noble Pre-Sales 1Q’21 Share of Overseas Market 1Q’21
Overseas,
19%
Noble
Share,
Rest of the 45%
market,
55%
Local,
81%
At THB 488 mm, Overseas pre-sales accounted for 19% of total pre- In 1Q’21, Noble accounted for 45% of the overseas market for
sales of the company in 1Q’21 Bangkok condominiums.
11Overseas Key Performance Indicators
Noble’s strong performance came about mainly as a result of stronger online visit and event hosting, along with a higher
conversion rate than the market
Market Average Noble
Physical Visit in Q1 2021 223 Groups 236 Groups
Online Visit in Q1 2021 169 Groups 412 Groups
Total Groups/ Individuals Visited in 392 Groups 648 Groups
Q1 2021 690 Individuals 1,275 Individuals
Drop Rate in Q1 2021 9.5% 6%
Conversion Rate 5.1% 11.7%
Noble has emerged as the clear market leader amongst developers in the overseas segment.
12Noble Brand Recognition in Overseas Market
Noble Development’s brand recognition ranks third in the overseas market, and has the highest positive brand
perception among Thai developers
Perceived Brand Awareness Among Relative Perception of Developer Amongst
Chinese Consumers Chinese Consumers
(Distribution Survey Results, n = 205, Top 7 Developers only) (Distributor Survey Results, n = 210)
A Noble
B B
Noble A
C D
D E
E F
F C
Lower Higher Less More
Recognition Recognition Positive Positive
Source: Distributor survey with sample size = 223, TNS.
13Noble’s Overseas Pre-Sales
Despite the continued lockdown, pre-sales in 1Q2021 have picked up strongly from 4Q2020, and was on par with 1Q2020.
Noble’s Overseas Pre-Sales by Quarter Noble’s Overseas Pre-Sales by Quarter
Unit : THB mm Unit : THB mm
662
460 488
488
435
145
2Q20 3Q20 4Q20 Q121 1Q20 Q121
14Sales distribution
Proportion of China was particularly strong this quarter, accounting for 85% of sales, mostly notably in the Southeast province of
Fujian
Geographic Distribution of Units Sold Total In China Units Sold Total Divided by Country
Singapore, Others,
Taiwan, 2% 3%
2%
Hong Kong,
7%
1Q’21
China,
85%
China Hong Kong Taiwan Singapore Others
15Overseas Transfers
Overseas customers have continued to transferred, and we have maintained drop rates
Transfers of Overseas Customers by Quarter Transfers of Overseas Customers by Nationality
Unit : THB mm
Singapore, Others,
11% 3%
2,062
1,454 Taiwan,
8%
998 1Q’21
998
416 THB mm China,
47%
2Q20 3Q20 4Q20 1Q21 Hong Kong,
26%
2Q’20 3Q’20 4Q’20 1Q’21
Drop Rate1 7% 3% 2% 6%
As % of BKK Condo China Hong Kong Taiwan Singapore Others
14% 43% 36% 32%
Transfer by Overseas
Note : /1 - Drop Rate = Value of Dropped Sales/Value of Transferred Unit within a given period
16Agenda
1 New Noble - at a glance
2 Corporate Strategy
3 News Alert
4 Operation Performance for 1Q’21
5 Financial Performance for 1Q’21
6 Appendix
17New Projects in 2021
Total Value Expected
Project Product % Equity Expected Launch Status
THB mm Completion
1. Noble Form Thonglor Condo High Rise 100% 5,400 1Q’21 4Q’24 Launched
2. Nue Noble Centre Bangna Condo Low Rise 100% 700 1Q’21 4Q’22 Launched
3. The Embassy at Wireless Condo High Rise 26% 10,700 2Q’21 2Q’24
4. Nue Condo @ Don Mueang Condo Low Rise 100% 1,900 2Q’21 4Q’23
5. Nue Townhouse @ Don Mueang Townhouse 100% 1,300 3Q’21 4Q’21
6. Nue Evo Ari Condo High Rise 100% 3,000 4Q’21 3Q’25
7. Ekkamai-Ram Inthra -
Townhouse 50% 3,700 4Q’21 4Q’21
Townhouse
8. Ekkamai-Ram Inthra – Land Plot Land Plot 50% 1,300 4Q’21 4Q’21
9. Suksawat Townhouse / Semi-Detach 50% 1,200 4Q’21 1Q’22
10. Khu Khot Condo Low Rise 50% 10,000 4Q’21 4Q’23
11. Rama 9 Condo High Rise 50% 5,900 4Q’21 4Q’24
Total Projects 45,100
18Projects in UK
i) Mass Residential Market Overview
Housing Crisis in the UK
The Housing Crisis has been one of the defining issues in the UK, especially among the mass market segment of the market
• Home ownership rates have fallen sharply as a result of rising home
prices, whereby ownership, particularly among the young, have halved
from 2004 – 2018
• An estimated 8.4 million people in England are living in an
unaffordable, insecure or unsuitable home.
• This will further create economic and social issues that will disrupt
society stability and function:
Source: BBC News
o Negative impact of wealth and savings
o Increased levels of inequality
o Negative impacts on well being
o Disillusionment and depressions
Source: pbctoday
20i) Mass Residential Market Overview
Trends in Housing Affordability
The driving factor of the housing factor has conclusively proven to be driven not by availability of housing stock, rather its
availability – a problem which is worsening over time
Average Annual Average Weekly Average UK
UK Salary Rent in UK Home Price
Unit : Thousands Unit : Thousands Unit : Thousands
£35 £250 £250
17% 43%
£30
£200
31% £200
£25
£20 £150 £150
£15 £100 £100
£10
£50 £50
£5
£0 £0 £0
2008 2018 2008 2018 2008 2018
• While average salaries have grown by 17% between 2008 – 2018, average weekly rent have increased by 31% and home prices by 43% in the
same period
Source: ONS and Statista Research Department
21i) Mass Residential Market Overview
Rise in Shared Accommodations
As such, shared accommodations will continue its rise, especially among the young
Why Shared Housing Shared housing in London, 1985-2017
3%
37%
57%
3%
Financial Reasons Social Reasons
Financial & Social Reasons Other
• With housing affordability continuing to be an issue, shared housing becomes the more attractive option. The demand for shared private rent
has been growing steadily in the UK.
Source: Spareroom.co.uk survey of 10,000 tenants in shared accommodation, Resolution Foundation
22i) Mass Residential Market Overview
Challenges of Shared Accommodations
However, lack of standards of shared homes has made shared accommodations an inadequate solution for potential tenants
23ii) Business Model & Economics
Permitted Development - Investment Rationale
Permitted Development (“PD”) right allows property owners to convert office or commercial usage units into residential usage
without needing to apply for planning commission, nor make contributions to affordable housing
• Quick turnaround – no need for planning permission means that turnaround
is quick without having to bear planning risk
• Low cost – no contributions to affordable housing means development cost
savings of up to 30% to traditional residential projects
Advantages of
• High yield – no restrictions of unit mix resulted in large number of smaller
UK Permitted
units which drive up rental yield
Developments
• City center locations – large number of PD projects located centrally due to
their office heritage
• Low SDLT – low quantum results in minimal SDLT paid for unit purchases
(mostly in 0% bracket)
24ii) Business Model & Economics
Superior economics
A combination of smaller units and lower cost of development have resulted in a 45% premium on net yield compared to a
purpose-built apartment
Average Cost of Studio Unit Average Net Yield Average Cost/Sqft
£140 8% £250 19%
£120 57% 44% £200
£100 6%
£80 £150
4%
£60 £100
£40 2%
£50
£20
£0 0% £0
PD Resi PD Resi PD Resi
• While the gap is getting smaller over time as regulations of permitted developments tighten, it is expected that the overall trend remains
the same
25ii) Business Model & Economics
Our Strategy
Our strategy is to acquire both built and tenanted permitted development blocks, then leverage our distribution network to sell
them in the Greater China, UK and potentially Thailand markets
Acquire Package Divest
• Acquire en bloc off plan or tenanted PD • Finance - target 55% - 60% LTV with • Develop sales collaterals and show unit
blocks, inclusive of freehold network of banks • Develop sales documents, sign on panel
• Focus on secondary and tertiary cities in • Manage leasing and optimize yield, solicitors for pre-conveyancing
the UK, particularly Northwest and improve operations • Plan marketing campaign
Northeast England • Minor infrastructure and refurbishment • Mobilize distribution network for sales,
• Target gross yield cap rate of 8% for if necessary with target exit net cap rate of 6.25%
tenanted blocks and 8.25%for off plan • Package freehold into strata leasehold • Oversee sales admin and transfer
• Explore sale and leaseback • Create standardized brand and
arrangements with vendor if possible proposition
26ii) Business Model & Economics
Scale of opportunity in overseas markets
The international property market has undergone tremendous growth. Reflection fundamental demand for investors to diversify
beyond their home country.
Chinese Outbound Real Estate Investments Chinese Overseas Real Estate Inquires
Chinese Overseas Target Market
Source: CORElogic and other sources, Juwai IQI analysis
27ii) Business Model & Economics
The Overseas Real Estate Market
Permitted Development condos will offer far higher net rental yields, along with a much lower quantum that will appeal to a larger
segment of the international property market
Average unit price
Average Net Rental Yield
2020 (in USD)
$763,498 Beijing, China 1.4%
$905,834 Shanghai, China 1.7%
$1,254,442 Hong Kong, China 1.8%
$544,000 Tokyo, Japan 1.9%
$632,271 New York City, US 2.0%
$915,601 Singapore 2.2%
$635,919 London, UK 2.6%
$644,592 Sydney, Australia 2.8%
$370,788 Manchester, UK 3.4%
$273,087 Birmingham, UK 3.5%
$97,500 UK PD 5.8%
0% 1% 2% 3% 4% 5% 6% 7%
Source: Global Property Guide, Seven Capital, Rightmove, hk.asiatatler.com, Zoopla
28ii) Business Model & Economics
Divestment Returns
We expect to achieve net leverage yield of 11.5% and ROE on Sales (after costs) of 22%. So key driver of return will be our
inventory turnover rate which is currently assumed to be 1.5 years, hence IRR of c. 20%
LTV = 55% Acquisition Cost/Unit Acquisition Net Cap
Interest Cost = 3.5% = £58k Rate = 6.5%
Exit Net Cap = 5.5% Net Leveraged Yield
ROE on Sales = 21.9%
Cost of Sales = 6% Before Tax = 11.5%
29iii) Structure & Roadmap
Collaboration Structure
Overview of investment structure
Noble Development PLC
100%
FG Investments Noble Venture Investment Equity Partners
55% Investment Vehicles
45%
Fulcrum Subsidiaries
Fulcrum Noble Holdings
Assets
Ltd
FG Investment (BVI)
Management Mngt Agt 100% initially, with flexibility to further invite future partners
BVI Intermediate Hold Co
FG Properties (BVI)
Agency
Agt 100% Offshore
UK Onshore
UK Project Hold Co Mortgage
Bank
(UK)
Assets
Assets
Assets
30Agenda
1 New Noble - at a glance
2 Corporate Strategy
3 News Alert
4 Operation Performance for 1Q’21
5 Financial Performance for 1Q’21
6 Appendix
31Pre-Sales Performance of 1Q’21
Yearly Quarterly
Unit : THB mm
17,850 17,064
15,437
12,805 12,884
9,902 9,729
6,602
5,287
9,654
2,568
6,335 1,035
5,168
267 241 2,494
1,010
25 73
248 - 119
2018 2019 2020 1Q'20 1Q'21
Pre-Sales Horizontal Project Condominium Backlog Extra Items /1
Note : /1 Extra items consists of land plots and commercial property sales
32Backlog & Inventory Recognition
Backlog Recognition (2021-2024) Inventory Recognition* (2021-2024)
2024,
645 THB mm 2021,
2021, 2024, 3,448 THB mm
4,028 THB mm 4,776 THB mm
2023,
12,884 15,702
4,837 THB mm
THB mm THB mm 2022,
2,951 THB mm
2022, 2023,
3,374 THB mm 4,528 THB mm
Note : Figures as of 31 March 2021 Note : Inventory Recognition including completed inventory and project under construction
33Details of Backlog by Project
Pre-sale of project under construction as of 31 March 2021 has created strong backlogs for revenues realization.
Completed Inventory Project under construction
18,000 120%
Transferred Backlog Inventory
16,000
99% 100%
14,000
12,000 80%
10,000
60%
8,000
6,000 40%
4,000 24%
20% 51% 88% 20%
4% 2% 17% 10% 56%
2,000 4% 13%
60% 99.7% 99.8% 95%1% 98% 5% 56% 30% 40%
73%
39%
61% 49%
38% 46% 58% 24%
39% 91% 53% 50% 44% 62% 54% 42% 12% 76%
- 15% 0%
Noble Ploenchit
Nue Noble Fai Chai
Noble Revolve Ratchada II
Noble Recole
Noble BE33
Noble BE19
Noble State 39
Nue Chaengwattana
Nue Srinakarin-Lasalle
Noble Around Ari
Noble Gable
Nue Ngamwongwan
Noble Form Thonglor
Nue Noble Ratchada - Lat Phrao
Nue Noble Centre Bangna
Noble Revolve Ratchada
Noble Around Sukhumvit 33
Noble Ambience Sukhumvit 42
Noble Above Wireless-Ruamrudee
34Agenda
1 New Noble - at a glance
2 Corporate Strategy
3 News Alert
4 Operation Performance for 1Q’21
5 Financial Performance for 1Q’21
6 Appendix
35Financial Highlight
/1
TOTAL REVENUE Total GROSS PROFIT
40.5% 39.2%
2,682
245 2,437
2,168 13
38 47 2,121
2,425
2,083
955
859
1Q'20 1Q'21 1Q'20 1Q'21
Sale of Real Estate Development Business Sale of Goods, Rental,and Services Revenue Gross Profit % Gross Profit
Others Income
• Revenue from sale of real estate development business for 1Q’21 was THB 2,425 mm, % Gross Profit Margin 1Q’20 1Q’21
or increased 16% YoY, mainly from higher transfer of condominium and horizontal Real Estate Development Business 41.0% 39.1%
projects.
• Total Revenue for 1Q’21 was THB 2,682 mm, or increased 24% YoY, mainly from Goods, Rental,and Services 11.5% 47.2%
higher transfer of condominium and horizontal projects, and higher other income
% Total Gross Profit Margin 40.5% 39.2%
Note : /1 Total Revenue consists of Revenue from Sale-Real Estate, Revenue from Service & Rental, and Other Income
36Financial Position
BALANCE SHEET NET IBD/E
Unit: THB mm
Net IBD/E stands lower than covenant of 2.50x
19,198 19,530 19,530 1.15x 0.98x
19,198
2,893 3,324
899 5,864 899 6,345
4,743 8,377 4,152 2020 1Q'21
11,144
8,591 4,145 9,033 RETURN ON INVESTMENT
2,421
1,840 2,784
Total Assets
Dec'19 Total Liabilities & Equity TotalDec'20
Assets Total Liabilities & Equity
2020 1Q’21
33.1% 31.9%
Cash Inventories Real Estate Development Cost
Investment Properties Others Financial Liabilities
Non-Financial Liabilities Equity 12.8%
13.0%
• As of 1Q’21, we have cash on hand up to THB 2,784 mm, thanks to sale of inventories
2020 1Q'21
• Financial liabilities increased by THB 442 mm from issued bond (net) of THB 288 mm and ROE* ROA*
issued project finance (net) of THB 154 mm
Note : * Normalized trailing 12 months
37Debt Profile
Amid historically low interest rate environment, the credit facilities from the financial institutions with MLR base currently offer
lower cost of funding compared to bond issuance.
Debt Breakdown Fixed Vs Floating Credit Facility & Utilization
Floating Undrawn Drawn
Long-
Long-Term Fixed 45% Facility Facility
Term Loan
Bonds 55% 4,040
4,172
9,073 4,040 9,073 THB mm
8,213 THB mm
5,033 THB mm THB mm THB mm
THB mm THB mm
Weighted Average Cost of Fund Bond Maturity Profile
Unit : THB mm
1,800
4.48% 4.24% 1,733
1,500
1Q'20 1Q'21 2022 2023 2024
Note : Cost of Fund = Average Beginning & Ending of period
38Capital expenditure
CAPITAL EXPENDITURE (2020LV – 2021F)
Unit : THB mm
9,660
3,995
5,619
1,072
4,864
3,618
930 801
2020LV 2021F
Land Development Investment
39Dividend Payout
Expected Strong Dividend Payout From Now On
• Additional Dividend Payment of THB 0.50 per share will pay on 27 May 2021 on a result of second-half performance of 2020
• With higher liquidity as a result of asset optimization, it is expected that the dividend payout will be passed through shareholders.
Dividend Payment Historical: ( Par = 1 Baht/Share)
Unit : Baht/Share
2.30
1.73
0.73
0.37 0.50
0.10 0.10 0.03 0.00 0.00 0.06
2013 2014 2015 2016 2017 2018 Mar'19 Oct'19 May'20 Sep'20 May'21
Dividend Payment Date 2013 2014 2015 2016 2017 2018 Mar’19 Oct’19 May’20 Sep’20 May’21
Dividend Payout Ratio (%) 42.2% 42.4% 28.0% - - 3.8% 319.1% 110.0% 63.2%
40Agenda
1 New Noble - at a glance
2 Corporate Strategy
3 News Alert
4 Operation Performance for 1Q’21
5 Financial Performance for 1Q’21
6 Appendix
41APPENDIX
Inventories as of 31 March 2021
NOBLE GABLE NOBLE PLOENCHIT NOBLE REVOLVE RATCHADA
Total Units : 266 Units Total Units : 1,385 Units Total Units : 762 Units
Project Value : THB 1,860 mm Project Value : THB 17,800 mm Project Value : THB 2,900 mm
Remaining Units : 146 Units Remaining Units : 7 Units Remaining Units : 1 Units
Remaining Project Value : THB 1,100 mm Remaining Project Value : THB 100 mm Remaining Project Value : THB 8 mm
42APPENDIX
Inventories as of 31 March 2021
NOBLE RECOLE NOBLE BE 33 SUKHUMVIT NOBLE ABOVE WIRELESS-RUAMRUDEE
Total Units : 288 Units Total Units : 279 Units Total Units : 104 Units
Project Value : THB 2,400 mm Project Value : THB 2,800 mm Project Value : THB 820 mm
Remaining Units : 10 Units Remaining Units : 1 Units Remaining Units : 4 Units
Remaining Project Value : THB 100 mm Remaining Project Value : THB 6 mm Remaining Project Value : THB 30 mm
43APPENDIX
Inventories as of 31 March 2021
NOBLE BE 19 SUKHUMVIT NOBLE AROUND SUKHUMVIT 33 NUE NOBLE CHANGE WATTANA
Total Units : 586 Units Total Units : 274 Units Total Units : 813 Units
Project Value : THB 5,300 mm Project Value : THB 2,300 mm Project Value : THB 2,400 mm
Remaining Units : 150 Units Remaining Units : 67 Units Remaining Units : 78 Units
Remaining Project Value : THB 1,300 mm Remaining Project Value : THB 380 mm Remaining Project Value : THB 250 mm
44APPENDIX
Inventories as of 31 March 2021
NOBLE AMBIENCE SUKHUMVIT 42
Total Units : 259 Units
Project Value : THB 1,700 mm
Remaining Units : 32 Units
Remaining Project Value : THB 210 mm
45APPENDIX
Projects under construction as of 31 March 2021
NOBLE STATE 39 NOBLE AROUND ARI
Total Units : 351 Total Units : 611 Units
Project Value : THB 3,300 mm Project Value : THB 4,400 mm
Sale Progress : 44% Sale Progress : 49%
Development Progress : 47% Development Progress : 43%
Expected Transfer : 3Q2022 Expected Transfer : 4Q2022
NUE NOBLE SRINAKARIN – LASALLE NUE NOBLE CENTRE BANGNA
Total Units : 1,019 Total Units : 204
Project Value : THB 2,400 mm Project Value : THB 700 mm
Sale Progress : 61% Sale Progress : 76%
Development Progress : 38% Development Progress : 0%
Expected Transfer : 3Q2022 Expected Transfer : 4Q2022
NUE NOBLE NGAMWONGWAN NUE NOBLE FAI CHAI - WANGLANG
Total Units : 804 Total Units : 356
Project Value : THB 1,900 mm Project Value : THB 1,100 mm
Sale Progress : 62% Sale Progress : 42%
Development Progress : 22% Development Progress : 0%
Expected Transfer : 4Q2022 Expected Transfer : 3Q2023
46APPENDIX
Projects under construction as of 31 March 2021
NUE NOBLE RATCHADA-LAT PHRAO NOBLE FORM THONGLOR
Total Units : 565 Total Units : 546
Project Value : THB 2,000 mm Project Value : THB 5,400 mm
Sale Progress : 54% Sale Progress : 12%
Development Progress : 0% Development Progress : 0%
Expected Transfer : 4Q2023 Expected Transfer : 4Q2024
47APPENDIX
Profit & Loss Statement of 1Q’21
YoY
Unit : THB mm 1Q’20 1Q’21
MB %
Revenue
Revenues from Sales - Real Estate Development Business 2,083 2,425 341 16%
- Residential Sale 2,083 2,425 341 16%
- Land & Commercial Sale - - - N/A
Revenues from Sale of Goods,Rental & Services 38 13 (26) -67%
Revenue 2,121 2,437 316 15%
Cost of Sale
Cost of Sales - Real Estate Development Business (1,229) (1,476) (247) 20%
- Residential Sale (1,229) (1,476) (247) 20%
- Land & Commercial Sale - - - N/A
Cost of Good Sold- Rental & Services (34) (7) 27 -80%
Total Cost of Sales (1,263) (1,483) (220) 17%
Gross Profit % - Real Estate Development Business 41.0% 39.1%
- Residential Sale 41.0% 39.1%
- Land & Commercial Sale - -
Gross Profit % - Sale of Goods,Rental & Services 11.5% 47.2%
Total Gross Profit % 40.5% 39.2%
Other income 47 245 198 426%
SG&A (330) (512) (182) 55%
Gain (Loss) from JV (4) (4) (0) 9%
Other Profit (Loss) (0) (21) (21) 20329%
EBIT 571 662 91 16%
Interest Expense (56) (54) 2 -3%
Income Tax (104) (124) (19) 19%
Gain(Loss) from Minority (0) (0) 0 -4%
Net Profit 411 484 73 18%
Net Profit % 19.0% 18.0%
48APPENDIX
Balance Sheet as of 31 March 2021
Unit : THB mm 2020 1Q’21 Unit : THB mm 2020 1Q’21
Assets Liabilities
Cash and cash equivalents 1,840 2,784 Trade and other accounts payable 1,012 893
Temporary investments at financial 28 36 Current portion of long-term borrowings 1,808 151
Trade and other accounts receivable 320 380 Deposits and advances received from customers 2,644 2,085
Inventories 2,421 4,145 Other current liabilities 303 426
Real estate development cost 11,144 8,377 Total Current Liabilities 5,766 3,556
Other current assets 435 369 Long-term borrowings 6,783 8,882
Total Current Asset 16,189 16,092 Employee benefit obligations 40 41
Long-term loans to joint venture 354 354 Deferred tax liability 181 150
Other long-term investments - - Other non-current liabilities 563 557
Investment properties 899 899 Total Non-Current Liabilities 7,568 9,630
Property, plant and equipment 168 182 Total Liabilities 13,334 13,185
Deferred costs to obtain a contract 122 124
Other non-current assets 505 582 Shareholder's Equity
Total Non-Cureent Assets 3,009 3,438 Issued and fully paid-up share capital 1,369 1,369
Total Assets 19,198 19,530 Appropriated - legal reserve 159 159
Unappropriated 4,278 4,762
Other Shareholder's Equity 57 54
Total Shareholder's Equity 5,864 6,345
Total Liabilities & Equity 19,198 19,530
49Information
For more information, please contact:
K.Benjawan Munikorn
Investor Relations
Noble Development Public Company Limited
Noble Building, 1035 Ploenchit Rd., Lumpini, Pathumwan, Bangkok 10330, Thailand.
ir@noblehome.com
+66 2 251 9955
+66 2 251 9977
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