CENTRAL PLAZA HOTEL August 15, 2022
The President & Director,
The Stock Exchange of Thailand (SET)
LETTER OF CLARIFICATION for CENTEL's Operating Performance Results
for the 3 months ended June 30, 2022
Central Plaza Hotel Pcl. (the "Company" or "CENTEL") wishes to inform and clarify to the SET regarding the analysis of the Company's operating performance results for the 3 months, ended June 30, 2022 (Q2/2022), with the following details:
- Overview of the tourism industry in Thailand, the Maldives, and Dubai
- Analysis of the operating performance of the Company and for each respective Business Group
- Financial Status of the Company
- Factors that may impact ongoing business operations for 2022
1. Overview of the tourism industry in Thailand, the Maldives, and Dubai
1.1 The tourism industry in Thailand
According to a gradual easing of international travel restrictions to prevent the pandemic of COVID-19 and the cancelation of Test & Go since May 1, 2022. Consequently, the total number of international tourist arrivals in Q2/2022 significantly increased to 1.6 million, a growth of 78 times YoY. The top three arrivals were from India, Malaysia, and Singapore with the contribution of 14%, 12%, and 7% of total arrivals respectively.
For 6 months 2022, total tourist arrivals were 2.1 million, an increase of 51 times YoY. The top three tourist arrivals were from India with the contribution of 11%, Malaysia at 10%, Singapore at 6% and the UK at 6% of total arrivals, respectively.
1.2 The tourism industry in the Maldives
The total number of international tourist arrivals in Q2/2022 was 381,691, a growth of 80% YoY. The top three arrivals were from India, the UK, and Germany with the contribution of 19%, 12%, and 9% of total arrivals, respectively.
For 6 months 2022, the total arrivals were 813,211, an increase of 59% compared to the same period last year. The top three tourists were from India, the UK, and Russia with the contribution of 15%, 12%, and 10% of total tourist arrivals, respectively.
1.3 The tourism industry in Dubai
The total number of international tourist arrivals in Q2/2022 was 3.15 million, an increase of 152% YoY. The top three arrivals were from India, Oman, and the UK with the contribution of 15%, 10%, and 7% of total arrivals, respectively.
For 6 months 2022, the total arrivals were 7.12 million, a growth of 183% compared to the same period last year. The top three tourists were from India, Oman, and Saudi Arabia with the contribution of 12%, 11%, and 8% of total tourist arrivals, respectively.
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2 Analysis of the operating performance of the Company and for each respective Business Group
2.1 Analysis of the operating performance
Operating Performance for Q2/2022 and Q2/2021
(Amount - in Baht Million) | Changes YoY | |||||
Q2/2022 | Q2/2021 | (Increase+/ Decrease-) | ||||
Amount | % | Amount | % | Amount | % | |
Revenues - hotel business | 1,421 | 33% | 322 | 12% | 1,099 | 341% |
Revenues - food business | 2,919 | 67% | 2,368 | 88% | 551 | 23% |
Total revenues | 4,340 | 100% | 2,690 | 100% | 1,650 | 61% |
Cost of sales - hotel business | (522) | -12% | (192) | -7% | 330 | 172% |
Cost of sales - food business | (1,236) | -28% | (963) | -36% | 273 | 28% |
Total cost of sales (1) | (1,758) | -41% | (1,155) | -43% | 603 | 52% |
Selling & General Administrative Expenses | (1,572) | -36% | (1,220) | -45% | 352 | 29% |
Share of Loss - Investments (by the equity method) | (18) | 0% | (13) | 0% | 5 | 38% |
Earning before Interest, Tax, Depreciation and Amortization (EBITDA) | 992 | 23% | 302 | 11% | 690 | 228% |
Depreciation & Amortization | (808) | -19% | (816) | -30% | (8) | -1% |
Earning (Loss) before Interest and Tax (EBIT) | 184 | 4% | (514) | -19% | 698 | 136% |
Finance Costs(2) | (177) | -4% | (172) | -6% | 5 | 3% |
Corporate Tax Income | 12 | 0% | 7 | 0% | 5 | 71% |
Loss from Non-Controlling Interests | 3 | 0% | 27 | 1% | (24) | -89% |
Net Profit (Loss) from operation | 22 | 1% | (652) | -24% | 674 | 103% |
Extraordinary Items | ||||||
Reversal for Assets Impairment | - | - | 45 | 2% | (45) | -100% |
Net Profit (Loss) | 22 | 1% | (607) | -23% | 629 | 104% |
- Cost of Sales EXCLUDES Depreciation & Amortization Expenses that are allocated to Cost of Sales
- Finance costs excluding interest expenses related to the lease according to TFRS 16 were Baht 95 million (Q2/2021: Baht 75 million)
Q2/2022: The Company achieved total revenues of Baht 4,340 million (Q2/2021: Baht 2,690 million), an increase of Baht 1,650 million (or a rise of 61% YoY), with the proportion of total revenues between the hotel business and the food business being 33%:67% (Q2/2021: 12%:88%); while a Gross Profit was Baht 2,431 million, an increase of 73% YoY and represented a Gross Profit Margin of 58% of the revenues (excluding other income) that increased from the same period last year (Q2/2021: 55%) mainly due to the recovery of the hotel business. The Company achieved an Earning before Interest, Tax, Depreciation, and Amortization (EBITDA) of Baht 992 million, (Q2/2021: Baht 302 million), an increase of Baht 690 million (or 228% YoY) from Q2/2021. An EBITDA Margin of 23% was an increase compared to last year (Q2/2021: 11%). The Company had an Earning before Interest and Tax (EBIT) of Baht 184 million, an increase of Baht 698 million
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or 136% compared to last year, and had a Net profit of Baht 22 million compared to a Net loss of Baht 607 million last year or improved by 104%.
Operating Performance for 6 months 2022 and 2021
(Amount - in Baht Million) | Changes YoY | |||||||||||||
6 months 2022 | 6 months 2021 | (Increase+/ Decrease-) | ||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||
Revenues - hotel business | 2,669 | 32% | 822 | 15% | 1,847 | 225% | ||||||||
Revenues - food business | 5,552 | 68% | 4,641 | 85% | 911 | 20% | ||||||||
Total revenues | 8,221 | 100% | 5,463 | 100% | 2,758 | 50% | ||||||||
Cost of sales - hotel business | (956) | -12% | (403) | -7% | 553 | 137% | ||||||||
Cost of sales - food business | (2,350) | -29% | (1,891) | -35% | 459 | 24% | ||||||||
Total cost of sales (1) | (3,306) | -40% | (2,294) | -42% | 1,012 | 44% | ||||||||
Selling & General Administrative Expenses | (2,955) | -36% | (2,359) | -43% | 596 | 25% | ||||||||
Share of Loss - Investments (by the equity method) | (18) | 0% | (22) | 0% | (4) | -18% | ||||||||
Earning before Interest, Tax, Depreciation and Amortization (EBITDA) | 1,942 | 24% | 788 | 14% | 1,154 | 146% | ||||||||
Depreciation & Amortization | (1,575) | -19% | (1,626) | -30% | (51) | -3% | ||||||||
Earning (Loss) before Interest and Tax (EBIT) | 367 | 4% | (838) | -15% | 1,205 | 144% | ||||||||
Finance Costs(2) | (349) | -4% | (337) | -6% | 12 | 4% | ||||||||
Corporate Tax Income (Expense) | (22) | 0% | 16 | 0% | (38) | -238% | ||||||||
(Profit) Loss from Non-Controlling Interests | (17) | 0% | 32 | 1% | (49) | -153% | ||||||||
Net Loss from operation | (21) | 0% | (1,127) | -21% | 1,106 | 98% | ||||||||
Extraordinary Items | ||||||||||||||
Reversal for Assets Impairment | - | - | 45 | 1% | (45) | -100% | ||||||||
Net Loss | (21) | 0% | (1,082) | -20% | 1,061 | 98% |
- Cost of Sales EXCLUDES Depreciation & Amortization Expenses that are allocated to Cost of Sales
- Finance costs excluding interest expenses related to the lease according to TFRS 16 were Baht 181 million (6 months 2021: Baht 141 million)
6 months 2022:The Company achieved Total Revenues of Baht 8,221 million (H1/2021: Baht 5,463 million), an increase of Baht 2,758 million (or 50% YoY), with the proportion of total revenues between the Hotel Business and the Food Business being 32%:68% (H1/2021: 15%:85%); while Total Gross Profit was Baht 4,560 million, an increase of Baht 1,614 million or 55% YoY and represented a Gross Profit Margin of 58% of total revenues (excluding other income) that was a rise compared to the same period last year (H1/2021: 56%). The Company achieved a Total EBITDA of Baht 1,942 million (H1/2021: Baht 788 million), an increase of Baht 1,154 million (or 146%) YoY. An EBITDA Margin of 24% was an increase from the same period last year (H1/2021: 14%). The Company had an Earning before Interest and Tax (EBIT) of Baht 367 million, an increase of Baht 1,205 million
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or 144% compared to last year and had a Net loss of Baht 21 million compared to a Net loss of Baht 1,082 million last year or improved by 98%.
2.2 Analysis of the Operating Results for each respective Business Group
2.2.1 Hotel Business
As of June 30, 2022, the Company had hotels under management in a total of 91 hotels (19,149 rooms); with 48 hotels (10,007 rooms) already in operation together with other 43 hotels (9,142 rooms) still under development. Of the 48 hotels already in operation, 19 hotels (5,050 rooms) are owned and operated by the Company, with the other 29 hotels (4,957 rooms) being operated under the Company's Hotel Management Agreements.
As of June 30, 2022, there was a total of 44 operating hotels with 18 owned hotels and 26 managed hotels with the following details:
Number | Owned hotels | Rooms | Location |
1 | Centara Grand & Bangkok Convention Centre at CentralWorld | 509 | Thailand |
2 | Centara Grand Beach Resort & Villas Hua Hin | 251 | Thailand |
3 | Centara Grand Mirage Beach Resort, Pattaya | 553 | Thailand |
4 | Centara Grand at Central Plaza Ladprao Bangkok | 565 | Thailand |
5 | Centra by Centara Government Complex Hotel & Convention | 212 | Thailand |
Centre Cheang Watthana | |||
6 | Centara Grand Beach Resort, Phuket | 261 | Thailand |
7 | Centara Ras Fushi Resort & Spa Maldives | 140 | Maldives |
8 | Centara Grand Island Resort & Spa Maldives | 112 | Maldives |
9 | Cosi Pattaya Wong Amat Beach | 282 | Thailand |
10 | Centara Villas Phuket | 72 | Thailand |
11 | Centara Reserve Samui | 184 | Thailand |
12 | Centara Villas Samui | 102 | Thailand |
13 | Centara Grand Beach Resort Villas Krabi | 192 | Thailand |
14 | Centra by Centara Mae Sot | 113 | Thailand |
15 | Centara Mirage Beach Resort Dubai | 607 | Dubai |
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Central Plaza Hotel pcl published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 05:52:04 UTC.
