Hemaraj Land and Development Public : - Year 2015 Net Income of Baht 3,335.8 Million (Normalized Net Income (NNI) of Baht 3,698.3 Million) reflected strong earnings despite a challenging environment.

HEMARAJ ANNOUNCED 9 MONTHS RESULTS HEMARAJ - Year 2015 Net Income of Baht 3,335.8 Million (Normalized Net Income (NNI) of Baht 3,698.3 Million) reflected strong earnings despite a challenging environment.

Hemaraj Land And Development Public Company Limited announced its operating and financial results for the year 2015 as summarized below.

Net Income

For 4Q'15, Hemaraj reported Total Net Income of Baht 1,261.4 million, an increase of 174% compared with the same period of the previous year. Earnings per-share was Baht 0.130 per share, representing an increase of 198%. Normalized Net Income (NNI) for 4Q'15 was Baht 1,228.0 million (excluding unrealized foreign exchange gain of Baht 33.3 million), or an increase of 127%.

For the year of 2015, Hemaraj reported Total Net Income of Baht 3,335.8 million, including of minority interest, an increase of 2% compared with the same period of the previous year. Earnings per-share was Baht 0.339 per share, representing an increase of 10%

Hemaraj recognized share of profit from power/utility associates (excluding foreign exchange unrealized translation gain/loss) at Baht 1,594.2 million, or an increase of 1% from the same period of 2014. There was an unrealized foreign exchange translation loss from Power Investment (Gheco-One and GJP NLL) of Baht 362.5 million compared to an unrealized foreign exchange translation loss of Baht 3 million in the same period of 2014. Therefore, Normalized Net Income (NNI) for year of 2015 was Baht 3,698.3 million, or a increase of 13%.

3 months ended 31-December		Change from
		2014
2015	2014	Amount	%
Total Net Income (Baht million)	1,261.4	459.6	801.7	174%
Normalized Net Income (Baht million)*	1,228.0	540.3	687.8	127%
(NNI*)
Earning Per Share (Baht) **	0.130	0.044	0.086	198%

*Adjusted Foreign Exchange Unrealized Translation Gain (Loss)

** Calculated by using the net profit attributable to ordinary shareholders of the company (after non-controlling interests)

12 months ended 31-December		Change from
		2014
2015	2014	Amount	%
Total Net Income (Baht million)	3,335.8	3,264.9	70.9	2%
Normalized Net Income (Baht million)*	3,698.3	3,267.9	430.3	13%
(NNI*)
Earning Per Share (Baht)**	0.339	0.309	0.029	10%

*Adjusted Foreign Exchange Unrealized Translation Gain (Loss)

** Calculated by using the net profit attributable to ordinary shareholders of the company (after non-controlling interests)

Mr. David Nardone, President & CEO of Hemaraj Land And Development Public Company Limited had the following comments on the company's performance.

"Hemaraj Land And Development Public Company Limited finished the year of 2015 with strong earnings amid Thailand and global economic concerns. Industrial Estate revenue was increased by 35%, as revenue is based on industrial land transfers. Rental Property revenue increased 4% from the same period of 2014 and revenue from industrial estate utilities (non power) also increased by 3% from the same period of 2014.

Industrial Estate land sales for 2015 were 1,043 rai (417 acres or 167 hectares), with 28 contracts, 22 new customers and 6 project expansions from existing customers. Sixty four percent of the contracts in 2015 were non automotive.

The domestic OEM automotive sales were down 9% while automotive OEM production volume increased 2% and automotive exports increased 7% in 2015. Automotive export value increased 8% compared with the previous year auto value. Automotive in total was 15.05% of total Thailand exports.

For 2015, Ready Built Factories were flat totaling 299,586 square meters under rental inclusive of the Hemaraj Property Fund. Hemaraj Logistics Parks for Rent increased net 17,647 square meters or 21% from 2014 cumulative balance.

In Power, Hemaraj received share of profit from power/utility associates (excluding foreign exchange unrealized translation gain/loss) at Baht 1,594.2 million, or a increase of 1% from the same period of 2014. Hemaraj also signed shareholder agreements with B.Grimm and Gulf Energy Development (GED) in 2015 to develop another 7 126 MW SPP power projects expecting COD starting from 2017 onwards. The investment will increase Hemaraj's equitable operating capacity from 318 MW to 538 MW by 2019.

The combined leadership of WHA and Hemaraj will provide enhanced opportunities in providing complete industrial estate, utility, power, and logistics property solutions for our customers and in ensuring our joint success going forward.

Hemaraj has broad strategic revenue in core business areas: - industrial estates, utilities, power, and property. Our 2015 operating and financial results, demonstrate the profitability from these recurring investments. Our strategy remains to provide superior long term returns to shareholders. As the second tender offer by WHA has been completed with 98.54% shareholding, we will be concentrating on the combined listed company results going forward. With twenty three years of developing performance at Hemaraj, I am a grateful for your trust and support."

Revenue and Results of Operations for the Year of 2015

For the year of 2015, Hemaraj Total Revenue was Baht 7,471.1 million compared with Baht 6,333.1 million for the same period of 2014, representing a 18% increase. Total Operating Revenue from core business was Baht 7,544.2 million, a 17% increase from the same period of 2014. Industrial Estate Land Sales for 2015 were Baht 4,655.9 million, or a 35% increase, with a gross margin of 40%. This included revenue from sales of investment properties Baht 33.5 million in 2Q'15. The backlog in deferred revenue is Baht 429 million, with recognition based on the title transfer date, from Industrial Estate land sales not recognized to date representing sales that will be recognized primarily over the next 3 to 12 months.

Industrial estate utilities increased to Baht 1,760.9 million, or an increase of 3%. Total Utilities which includes industrial estate utilities, dividend from power utilities associates, and other utilities and services fees increased to Baht 1,927.3 million, an increase of 4%.

Total Rental Property and Services Revenue including ready built factory rental, logistics parks rental, pipe-rack rental, and commercial office rental increased to Baht 937.7 million, an increase of 4%. This was mainly from the increase in Pipe-rack Rental to Baht 153.9 million, an increased by 16% due to higher occupancy rates and rental rate. Ready Built Factory Rental improve to Baht 494.2 million, an increased by 9%. Logistics Parks Rental also improved to Baht 151.4 million, an increase of 7%.

The Gross Profit was Baht 3,444.5 million. Earnings before Interest Tax Depreciation and Amortization (EBITDA) were Baht 3,237.0 million for 2015. The Gross Profit Margin and EBITDA Margin were 46% and 43%, respectively.

Summary of Operating Revenue (Baht: Million)	12 months ended		Change from
	31-December		2014
	2015	2014	Amount	%
Industrial Estates Industrial Estates Land Sales	4,655.9	3,445.9	1,210.0	35%
Total Industrial Estates	4,655.9	3,445.9	1,210.0	35%
Utilities
Industrial Estates Utilities	1,760.9	1,712.5	48.4	3%
Dividend from Power/Utility Associates	4.8	65.4	-60.6	-93%
Other Utilities & Service Fees (Net)	161.6	70.0	91.6	131%
Total Utilities	1,927.3	1,847.9	79.4	4%
Rental Property
Ready Built Factory Rental	494.2	454.5	39.7	9%
Logistics Parks Rental	151.4	141.2	10.3	7%
Pipe-rack Rental	153.9	132.3	21.6	16%
Commercial Office	30.4	95.8	-65.4	-68%
Land/Commercial/Other Rental	29.5	23.5	6.0	26%
Other Property Management, Rental and Services	78.2	54.1	24.2	45%
Total Rental Property	937.7	901.3	36.3	4%
Sale of Property
Ready Built Factory	-	39.3	-39.3	-100%
Residential	23.3	194.9	-171.6	-88%
Total Sale of Property	23.3	234.2	-210.9	-90%
Total Operating Revenue *	7,544.2	6,429.3	1,114.8	17%
Total Revenue	7,471.1	6,333.1	1,138.0	18%
Gross Profit	3,444.5	3,162.0	282.5	9%
Gross Profit Margin	46%	50%	-4%	-8%
EBITDA	3,237.0	2,812.8	424.2	15%
EBITDA Margin	43%	44%	-1%	-2%
Share of Profit from Power/ Utility Associates	1,594.2	1,578.5	15.7	1%
Share of Profit from Hemaraj Property Fund (HPF)	73.4	74.9	-1.6	-2%
Foreign Exchange Unrealized Translation Gain (Loss) **	-362.5	-3.0	-359.5	11978%
Financial Costs	760.6	751.7	8.9	1%
Income Tax	157.2	98.1	59.1	60%
Total Net Income (Baht million)	3,335.8	3,264.9	70.9	2%
Foreign Exchange Unrealized Translation Gain (Loss) **	-362.5	-3.0	-359.5	11978%
Normalized Net Income (Baht million) ***	3,698.3	3,267.9	430.3	13%
Normalized Net Income Margin ***	49.5%	51.6%	-2.1%	-4%
Earnings Per Share (Baht)****	0.339	0.309	0.029	10%

• Internal Restated, ** from Gheco-One and GJP NLL, *** Adjusted Foreign Exchange Unrealized Translation Gain (Loss)

  **** Calculated by using the net profit attributable to ordinary shareholders of the company (after non-controlling interests)

  Significant Activities for the year of 2015

  • Industrial Estate Land Sales were 1,043 rai with 28 contracts, 22 new customers and 6 project expansions from existing customers. Hemaraj now has 668 distinct new customers with 1,003 contracts including 233 automotive customers with 352 automotive contracts.

  • Ready Built Factories decreased net 2,484 square meters totaling 299,586 square meters under rent. This comprises of 194,268 square meters at Hemaraj companies and 105,318 square meters rented at 2015 year-end Hemaraj Property Fund (Hemaraj 23.12% share).

  • Hemaraj Logistics Parks for Rent increased net 17,647 square meters or 21% from 2014 cumulative balance, totaling 100,082 square meters under rent.

    Activities after Quarter 4, 2015

  • As reported after the close of the quarter, on February 16, 2016 WHA Venture Holding Company Limited, a fully owned subsidiary of WHA Corporation Public Company Limited completed their tender offer for 98.54% of the total shares of Hemaraj Land And Development Public Company Limited. The SET approved to delist Hemaraj shares with last trading date on 1 March 2016

Balance Sheet Highlights for the 12 months period ended 31th December 2015

At 31th December 2015, Hemaraj reported Total Assets of Baht 32,491 million, Total Liabilities of Baht 18,197 million and Total Shareholders' Equity of Baht 14,295 million. The Net Debt to Equity ratio was 1.07 to 1 with Cash and cash equivalents of Baht 2,936 million.

(Baht in million)	31-Dec-15	Restated 2014
Cash and cash equivalents	2,936	2,087
Land and Development	12,982	13,485
Investment (mostly Power)	8,817	8,283
Investment (Hemaraj Property Fund)	659	659
Ready Built Factory & Rental Assets	4,624	4,237
Asset held for sale	2,129	0
Other Assets	344	5,151
Total Assets	32,491	33,902
Baht Bonds	13,938	12,938
Other Baht Loans	1,048	2,628
Total Debt/Loans	14,986	15,566
Other Liabilites	3,211	3,039
Total Liabilites	18,197	18,605
Total Shareholders Equity	14,295	15,297
Total Liabilities & Shareholders Equity	32,491	33,902
Net Debt / Equity Ratio (Times)	1.07	1.08
(million shares)
No. of Shares outstanding	9,705.19	9,705.19
Book Value per share (Baht/Sh)	1.47	1.58
Par Value (Baht/Sh)	0.40	0.40

For further information concerning Hemaraj Land And Development Public Company Limited (SET symbol Hemraj), please visit our website at www.hemaraj.com or contact us by email at [e-mail]

Hemaraj Land And Development Public Company Limited

18/F UM Tower, 9 Ramkhamhaeng, Suanluang, Bangkok 10250, Thailand

Tel: [phone] to 9 Fax: [phone] to 7