Ananda Development PublicCompany Limited announces presales for the year of 2019 beat our guidance by14% to 26.6 billion Baht, supported by our newly launched projects during thefourth quarter especially Ideo Chula-Samyan and Ideo Charan 70-Riverviewcondominium project achieved sales rate over 70% at launch. The company endedthe quarter with a large backlog of 31 billion Baht due to transfer over thenext 3 years. In addition, Ananda announces the business plan to delivertransfers of 22,000 million Baht, an increase of 10% from the year earlier believethat the demand for residential projects near the mass transit stationcontinues.
Dr. Chaiyuth Chunnahacha, ChiefFinancial Officer of Ananda, stated that “Our presales andtransfers were close to the expectation. Despite our numbers decreased from thelast year among many challenges both domestic and international situation. We believedthat demands for condominium close to mass transit remained in the markets. For theyear 2019, Ananda reported total revenues of 9,203 million Baht, an decrease of13% year on year and net profits of 705 million Baht, decreasing 71% year onyear, mainly due to a decrease in share of profit from investment in jointventures which in line with the company’s construction schedules. Transfers fromjoint venture projects which were finished and started to transfer in 2019 wasless than the joint venture projects that were finished and started to transferin 2018, such as, Ashton Asoke, Ashton Chula-Silom and Ideo Sukhumvit 93 whichwere sizable projects”.
For Ananda, this yearis considered a challenging year. The situation has changed, it needs to beadjusted all the time under the concept of "Change The Plan Never TheGoal". In order to be in line with the market conditions and the needs ofcustomers which Ananda still believe in the strategy of condominium developmentnear the mass transit.
Our cash flow remainsstrong and we have maintained a large cash balance including joint venture atthe end of the quarter at 14.8 billion Baht. We have continued to havestrong support from our banks and have multiple options in place to fund thecash needs of the company through the year depending on how the situation evolves.
The company expectsto keep its preferred measure of leverage, Net Interest-Bearing Debt to Equitybelow 1:1 for the year at management’s long-term target.
During the fourth quarter the company launched 13.1billion Baht of new condominium projects. Comprising the 4.9 billion Baht IdeoChula-Samyan condominium project near the Samyan MRT station, the 4 billionBaht Ideo Sukhumvit-Rama 4 near the Prakanong BTS station, the 3.5 billion BahtIdeo Charan 70-Riverview near Bangphat MRT station and the 0.7 billion Baht QPrasarnmit near the Promphong BTS station.
In 2019 the company launched a total of 4 new condominiumand 2 new housing projects, with a total project value of 16 billion Baht as selectivelaunches with Mid-End segment focus.
The company continuedto expand its international transfers of total transfers from 19% in theprevious year to 22% bringing us into the highest international transfers proportionsince 2014 we started to expand the international sales business.
The company ended thequarter with a large backlog of 31 billion Baht due to transfer over the next 3years.
In 2020, the companyhas continued the business strategy to develop condominium next to the masstransit station which continues to build a trust from our strong partner,Mitsui Fudosan.
The company releasedits business plan for 2020 as the company’s total residential transfers to increaseby 10% to 22 billion Baht with the contribution from 7 new condominiumbuildings finishing construction and beginning to transfer throughout 2020 inaddition to remaining units from the 8 condominiums that finished in 2019. Thecompany plans to launch the Ideo Phahol-Saphankwai condominium project adjacentto Saphan Khwai BTS Station, 0 meters on the land of more than 5 rai, there area total of 1,356 units of residential projects with a project value of 8,500million Baht.
Ananda continues to gain the trust of astrong partner like Mitsui Fudosan since the beginning of the joint venture in2013. In addition, the company has developed serviced apartments in partnershipwith world class partners like Ascott Limited, one of the world's leadingluxury serviced residences. 2 newly completed projects this year, Somerset Rama9 and Lyf Sukhumvit 8 will be added to increase recurring income.
As such, the Board will submitfor approval to the Annual General Meeting a recommendation to increase thedividend to 11.75 satang with dividend payout ratio of 56%, the highest payoutratio since the IPO.
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