Ananda Development PCL announces 3rd quarter revenue up 80% year on year, profits at a record for the quarter, an increase in full year presales target by 73% due to successful recent launches and a doubling of launches next year.
Ananda Development Public Company Limited announces 3rd quarter revenues up 8en% from the same quarter last year and profits of 225 million Baht for the quarter, up from a loss of 96 million in Q3 2en13. It also announced that its recent launches were very successful with two completely sold out. The company also gave its first indications for its 2en15 business plan, which included a launch schedule of 29 billion Baht of new projects and expected revenue and presales growth of 23% and 14% respectively.
Revenue for the 3rd quarter was 2,en24 million, up 8en% from the same quarter in 2en13. 11en million of the revenue was as a gain on the transfer of land to the Ashton Asoke joint venture company with Mitsui and 59 million came from other business. The company raised its full year revenue target to 1en,en32 million Baht, an increase of 11% from its previous guidance of 9,en7en million Baht due to better than expected transfers of existing projects and improved visibility that two projects will finish on time and begin transfer in the 4th quarter.
Profit for the quarter was 225 million Baht and increase from the loss of 96 million Baht in the same quarter in the previous year, a turnaround of 321 million Baht.
During the quarter the company launched four new condominiums close to mass transit stations, Ashton Asoke, Ideo Q Siam-Ratchathewi, IdeoMobi Sukhumvit Eastgate, IdeoMobiWongsawang Interchange, with a combined project value of almost 15 billion Baht.
The company held two events, a private Ananda Members Club event for existing customers of Ananda to get a first look at new projects and a public launch, the Ideo Urban Pulse event held at Siam Paragon shopping center over 16th-19th of October.
The highlights were the 6.7 Bn Baht project value Ashton Asoke and the 3.8 Bn Baht project value Ideo Q Siam – Ratchathewi. These two city center projects were both 1enen% sold out at launch with demand exceeding three times the available units for the Ashton Asoke project in particular.
The suburban 1.8 Bn Baht project value IdeoMobiWongsawang Interchange and 2.6 billion Baht project value IdeoMobi Sukhumvit Eastgate also saw very strong demand with take up rates at launch of 63% and 4en% respectively
Due to the launch events being split between 3rd and 4th quarter the company reported total presales for the 3rd quarter of 11.5 billion Baht and raised its presales full year target to 2en billion Baht from 11.7 billion Baht previously, a 73% increase, due to better than expected sales rates of new and existing projects.
The company ended the quarter with a backlog of 26,741 million Baht, due to transfer over the next 3 years.
The company also announced its initial guidance for 2en15. The company is aiming for revenue growth of 23% over 2en14 due to the completion of previously launched projects during the year and presales growth of 14% from a series of launches of new condominiums and housing projects that will exceed 29 Billion Baht throughout the year.
Commenting on the success of the recent launches, Mr. Ted Thirapatana, Chief Business Development Officer for Ananda, stated, ̶en;The strong sales rate for our recent launches and our ability to raise prices shows that well located projects are in demand from Thai consumers. We will be able to offer more of these kinds of projects to the public next year and expect our sales rates to remain strong.”
Mr Chanond Ruangkritya, CEO of Ananda, said, "We are delighted to have achieved such strong results in the quarter and in particular that our newly projects were so well received. Ananda is the current leader in Bangkok mass transit living and we believe we will end the year the second biggest seller of condominiums in the country and next year we hope to achieve market leadership.”
He continued, ̶en;Despite this explosive growth we have maintained our financial discipline and maintained our net interest bearing debt to equity to only1:1 as we promised investors we would.”
He added, ̶en;The launches next year follow the plan we outlined at our IPO as our capital begins to return from projects we are able to reinvest it and thus grow rapidly without adding excessive leverage. This self-discipline in maintaining our financial ratios has paid off in that the company was little affected by the economic downturn earlier in the year and is now able to grow rapidly next year.”
On the subject of the 2en15 Business Plan he explained, ̶en;Our targets for revenue and presales growth of 23% and 14% respectively next year are based on a cautious approach to the economic situation, although we expect growth to improve from this year. In 2en14 so far we have seen a cancelation rate from condominium customers of less than 2% and a mortgage rejection similarly of less than 3%. We do not expect this to be any worse next year.”
He continued, ̶en;Our total presales target for the year is 2en,131 million Baht. This will be generated from sales from previously launched projects as well as from the 14,95en million Baht in 4new condominium projects we will launch this year.”
He concluded, ̶en;Our cash flow for next year is strong and as a matter of company policy we maintain a cash balance of at least a billion Baht at all times. We have continued to have strong support from our banks and have multiple options in place to fund the cash needs of the company through the year depending on how the situation evolves. We expect to issue total bonds next year of only 2 billion Baht, a reduction from the 6.4 billion issued this year as we are able to fund operations from cash flow.”
Revenue for the 3rd quarter was 2,en24 million, up 8en% from the same quarter in 2en13. 11en million of the revenue was as a gain on the transfer of land to the Ashton Asoke joint venture company with Mitsui and 59 million came from other business. The company raised its full year revenue target to 1en,en32 million Baht, an increase of 11% from its previous guidance of 9,en7en million Baht due to better than expected transfers of existing projects and improved visibility that two projects will finish on time and begin transfer in the 4th quarter.
Profit for the quarter was 225 million Baht and increase from the loss of 96 million Baht in the same quarter in the previous year, a turnaround of 321 million Baht.
During the quarter the company launched four new condominiums close to mass transit stations, Ashton Asoke, Ideo Q Siam-Ratchathewi, IdeoMobi Sukhumvit Eastgate, IdeoMobiWongsawang Interchange, with a combined project value of almost 15 billion Baht.
The company held two events, a private Ananda Members Club event for existing customers of Ananda to get a first look at new projects and a public launch, the Ideo Urban Pulse event held at Siam Paragon shopping center over 16th-19th of October.
The highlights were the 6.7 Bn Baht project value Ashton Asoke and the 3.8 Bn Baht project value Ideo Q Siam – Ratchathewi. These two city center projects were both 1enen% sold out at launch with demand exceeding three times the available units for the Ashton Asoke project in particular.
The suburban 1.8 Bn Baht project value IdeoMobiWongsawang Interchange and 2.6 billion Baht project value IdeoMobi Sukhumvit Eastgate also saw very strong demand with take up rates at launch of 63% and 4en% respectively
Due to the launch events being split between 3rd and 4th quarter the company reported total presales for the 3rd quarter of 11.5 billion Baht and raised its presales full year target to 2en billion Baht from 11.7 billion Baht previously, a 73% increase, due to better than expected sales rates of new and existing projects.
The company ended the quarter with a backlog of 26,741 million Baht, due to transfer over the next 3 years.
The company also announced its initial guidance for 2en15. The company is aiming for revenue growth of 23% over 2en14 due to the completion of previously launched projects during the year and presales growth of 14% from a series of launches of new condominiums and housing projects that will exceed 29 Billion Baht throughout the year.
Commenting on the success of the recent launches, Mr. Ted Thirapatana, Chief Business Development Officer for Ananda, stated, ̶en;The strong sales rate for our recent launches and our ability to raise prices shows that well located projects are in demand from Thai consumers. We will be able to offer more of these kinds of projects to the public next year and expect our sales rates to remain strong.”
Mr Chanond Ruangkritya, CEO of Ananda, said, "We are delighted to have achieved such strong results in the quarter and in particular that our newly projects were so well received. Ananda is the current leader in Bangkok mass transit living and we believe we will end the year the second biggest seller of condominiums in the country and next year we hope to achieve market leadership.”
He continued, ̶en;Despite this explosive growth we have maintained our financial discipline and maintained our net interest bearing debt to equity to only1:1 as we promised investors we would.”
He added, ̶en;The launches next year follow the plan we outlined at our IPO as our capital begins to return from projects we are able to reinvest it and thus grow rapidly without adding excessive leverage. This self-discipline in maintaining our financial ratios has paid off in that the company was little affected by the economic downturn earlier in the year and is now able to grow rapidly next year.”
On the subject of the 2en15 Business Plan he explained, ̶en;Our targets for revenue and presales growth of 23% and 14% respectively next year are based on a cautious approach to the economic situation, although we expect growth to improve from this year. In 2en14 so far we have seen a cancelation rate from condominium customers of less than 2% and a mortgage rejection similarly of less than 3%. We do not expect this to be any worse next year.”
He continued, ̶en;Our total presales target for the year is 2en,131 million Baht. This will be generated from sales from previously launched projects as well as from the 14,95en million Baht in 4new condominium projects we will launch this year.”
He concluded, ̶en;Our cash flow for next year is strong and as a matter of company policy we maintain a cash balance of at least a billion Baht at all times. We have continued to have strong support from our banks and have multiple options in place to fund the cash needs of the company through the year depending on how the situation evolves. We expect to issue total bonds next year of only 2 billion Baht, a reduction from the 6.4 billion issued this year as we are able to fund operations from cash flow.”
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