Bangkok--Mar 1--L.P.N. Development
L.P.N. Development Public Co., Ltd. , its subsidiaries and joint company have total revenues of Baht 3,582.63 Million, greater than Baht 2,478.40 Million in 2004 or 44.55% more. This is due to the ownership transfer of Lumpini Center Sukhumvit 77, Lumpini Place Rama 3 — Riverview, Lumpini Ville Phahon — Sutthisan and some of the former projects, totally 2,243 units, which is 59.42% greater than the transfer in the previous year with total amount of 1,407 units. As a consequence of our punctual construction and transfer, we gain Net Profit of Baht 588.38 Million, which equals 31.22% more when compared with Baht 448.39 Million in 2004, although the company has had no more Tax Shield since 2004 and has to pay corporate income tax at normal rate in 2005 (equal to Baht 221.11 Million or 334.31% more). However, when considered only the profit before interest and tax, it obviously rises from Baht 360.81 Million in 2004 to Baht 876.17 Million in 2005 or 70.01% more. This clearly presents the increasing efficiency in management of the company as well as that the ownership transfer is carried out through the business plan.
Regarding gross profit from sales, the company can retain the level higher than the expectation of 30%. Selling and administrative expenses in 2005 equals 12.51% of the total revenues, which less than 2.20% in 2004
Regarding cash flow statement on 31st December, 2005 , the cash status equals Baht 288.84 Million, rising from the amount of Baht 163.31 Million in the previous year or 130.10% more. This is due to the fact that in 2005 warrants are exercised into ordinary shares equal to 270.10 Million shares with more income of Baht 340.17 Million. Moreover, the ownership transfer fulfils the schedule and there is, consequently, adequate liquidity for the normal operation and debt repayment, gearing ratio on 31st December 2004 and 2005 sinks from 0.90:1 to 0.51:1. However, when considered only interest debt , the aforesaid ratio will equal 0.19:1 instead of 0.69:1 in 2004. Net Profit per share and book value per share rise a little although the Net profit has extremely increased when compared with the previous year. This is because the warrant exercise as mentioned earlier.
In 2006, there will be the ownership transfer for Lumpini Center Nawamin (Happyland Phase 5), Lumpini Place Pinklao, Lumpini Ville Sukhumvit 77 and Lumpini Ville Cultural Center totaling 3,333 units(approximately Baht 5.0 Billion) ,and it is expected that there would be 5 new projects launched totaling 6,900 units (approximately Baht 8.6 Billion).
Key Financial Ratios
Item Consolidated Statement
2005 2004 % Variance
1. Total Revenues (Million Baht) 3,582.63 2,478.40 44.55%
2. Gross margin (G/P) from Sales (%) 35.46% 35.09% 0.37%
3. G/P from Rent & Service (%) 29.31% 22.88% 6.43%
4. G/P from Management Service Fee (%) 41.81% 29.94% 11.87%
5. G/P from item 2 — 4 (Million Baht) 1,249.20 848.89 47.16%
6. G/P from item 2 — 4 (%) 35.66% 34.74% 0.92%
7. Selling and administrative Expenses (%) 12.51% 14.71% -2.20%
8. E.B.I.T. (Million Baht) 876.17 515.36 70.01%
9. E.B.I.T. (%) 24.46% 20.79% 3.66%
10. Net Profit (Million Baht) 588.38 448.39 31.22%
11. Net Profit (%) 16.42% 18.09% -1.67%
12. Earning per share (Baht) 0.43 0.41 4.88%
13. Book value per share (Baht) 2.2 2.12 3.77%
For more information please contact:
Saowanee Jeradechatum, Supreeya Pinket
Public Relations Department Tel. 02-285-5011-6 ext. 502, 504 End.