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ACCT 201: CORPORATE REPORTING & ANALYSIS

BA N YA N T R E E
BANYAN TREE HOLDINGS LIMITED
HOLDING LIMITED

ANALYSTS: CHEW ZI YI | GILLIAN GOH | CLIFFTON HO | GERALD LEE | GREGORY ZHOU







ACCT 201: CORPORATE REPORTING & ANALYSIS




Chew Zi Yi
Gillian GoH
Cliffton Ho
Gerald Lee
Gregory Zhou

S8710557A
S9017105D
S8729934A
S8830084Z
S8705793C


Date of Submission: Nov 2, 2011
Instructor: Wang Jiwei

BANYAN TREE HOLDINGS LIMITED

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ACCT 201: CORPORATE REPORTING & ANALYSIS

BA N YA N T R E E
BANYAN TREE HOLDINGS LIMITED
HOLDING LIMITED

ANALYSTS: CHEW ZI YI | GILLIAN GOH | CLIFFTON HO | GERALD LEE | GREGORY ZHOU

RESTRUCTURING-IN-PROGRESS

CHALLENGING TIMES AHEAD: UNCERTAIN ECONOMIC OUTLOOK. The global tourism


industry is set to slowdown; expected to dip below the 4.0% benchmark for healthy growth.
Hence, the outlook for the demand of international tourism and luxury properties remains
weak, as travelers and investors remain cautious and choose to stay on the sideline. Such
externalities will have an impact on BTHs performance. On the other hand, the Asia Pacific
region, particularly China, is expected to have the most encouraging prospects in terms of
economic and tourism indicators with expected growth of 5% over 2010-2015.

HOLDINGS LIMITED
www.banyantree.com

meltdown and political uncertainties surrounding Thailand, BTH embarked on a portfolio

SELL S$0.55

Bloomberg:
Reuters:
SGX:


Trading Data
As at 28-10-2011

Market Cap:
Volume:
Avg Vol (3m):
52wk Range:
Days Range:

restructuring with focus turning towards fee-based segments in a bit to reduce its exposure
in Thailand. To fund its restructuring, BTH continues its divestment efforts to sell off Laguna

BTH SP
BANY. SI
B58.SI

Beach Resort for USD$23.6mn to free up cash for developments in other regions. BTH is
expected to reduce its proportion of EBITDA generated by Thailand from 52% in 2010 to 40%
in 2013; hence, we expect divestment progress in Thailand to decelerate in the current period
given Thailands current economic outlook, especially with the recent m assive flood.
Nonetheless, its aggressive expansion in China may be offsetting divestment efforts in

615.310M
113,000
87,952
0.55 - 1.21
0.80 - 0.82

Banyan Tree Holdings Limited is a


Singapore Exchange Listed
investment holding company,
engaged in the Hotel & Resort
industry. The Group operates
globally but mainly focuses in luxury
resort & spa segment in the Asia-
Pacific region.

Banyan Tree operates in seven
business segments: hotel
investment, hotel residence sales,
hotel management, spa operations,
gallery operations, property sales,
and design fees and others (design
and project management, golf
course operations and other
businesses).

PORTFOLIO REBALANCING: REDUCING EXPOSURE IN THAILAND. Following the financial

Thailand, as portfolio rebalancing heavily weights on China, which is experiencing high


growth (exposure from 26% to 46%).

MITIGATING RISK EXPOSURE THROUGH MANAGEMENT FEE-BASED SEGMENT. BTH is


growing its fee-based segment at around 11.14 %, higher than the other 2 segments.
Hotel/Resort with non-equity interests is expected to increase 32.7%. 1H11 increased 23.0% y-o-
y due to increase in hotel management fee from new Asian resorts, fund management fees
and revenue from spa/gallery operations at new resorts. We believe this strategy will hold
out for BTH in the longer term given the current challenging landscape in property
development.

BANYAN TREE HOLDINGS LIMITED

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INDUSTRY ANALYSIS: PORTERS FIVE FORCES



Moderately Weak Buyer Power Buyers in the industry are generally small and unorganized and hence
the loss of individual customer has little impact on the companys revenue. However, switching cost for
buyer is low.

Moderate Supplier Power Many of the suppliers are generally smaller than the hotel and resort
operator and have little bargaining power over them. The high importance placed on quality & cost and
the high cost involved in sourcing for another supplier returns some power to the supplier.

Weak New Entrants New entrants have to grapple with the many branded chained or independent
hotel operators in the industry. High initial capital outlay for Property, Plants and Equipment is also
major deterrent to new entrant.

Strong Substitutes Substitutes to hotels and motels include alternative forms of leisure
accommodation, such as camping facilities, budget hotels, recreational vehicles, or informal
accommodation with friends and family. All these substitutes offer the same basic function of a place to
stay.

Strong Degree of Rivalry There are several large hotel operators, such as Accor and Starwood with
most of the leading players operating several different branded chains. However, there are also a large
number of independents present in the industry.












BANYAN TREE HOLDINGS LIMITED

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SWOT ANALYSIS

STRENGTHS

- Diversied revenue streams
- Niche presence in key tourism markets
- Strong brand equity: Reputable, award-winning
resort and spa name largely in Asia
- Strategic brand names, Banyan Tree & Angsana to
market to high-end & upper-mid markets
- Over 16 years of management expertise
- Internationally acclaimed corporate social
responsibility eorts & committment: Banyan Tree
Global Foundation

OPPORTUNITIES

- Matured assets ready to be divested
- Large growth potential with growing auence in
China: inbound & outbound tourism
- Tapping on real estate property boom in China:
develop branded holiday homes
- Debuts in new destinations e.g.
Resorts, Hotels & Spas: Vietnam, Oman, Spain,
Greece
Residences available for sale: China, Vietnam,
Oman, Mexico

WEAKNESSES

- High dependability on Thailand
- Extensive outreach, but small-scale operations
(spa operations)
- Weak corporate governance: non-independent
directors
- Risk of litigations

THREATS
- Global tourism demand expected to dip slightly amid
global economic uncertainty
- Property sales: Thai shrinking personal wealth, currency
risk
- Holiday home markets & property sales subjected to
global property demand; investor's condence is taking a
dip
- Risk of property bubble & government tightening
measures
- Entering saturated property developer market in China
- Major portfolio holdings in Thailand: great political
instability risk
- Middle East expansion plans: subjected to high political
play

BUSINESS STRATEGY
BTH aims to establish itself as an internationally recognized operator in the premium boutique resort,
residences and spa industry. It is moving into the next phase of expansion both in Asia and other new
regions. As of 2010, it has 94 hotels, resorts and spas in 27 countries, which, by 2014, is projected to
grow to 193 hotels, resorts and spas in 34 countries. It seeks to gain a competitive advantage through
these strategies:

Aggressive expansion mainly in Asia, with China as its central plank of growth strategy. BTHs revenue
from 2006 2010 from North East Asia recorded a growth rate of 26.7%. Pipeline projects are set to
increase the number of hotel/resort keys by 370.4%, from 839 to 3947 and triple number of spas in China
alone. BTH will enter new market, Vietnam, by 2012 with resorts, spas and residences available for sale.

BANYAN TREE HOLDINGS LIMITED

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Diversification from Thailand is underway to reduce the proportion of EBITDA generated by Thailand
from 52% in 2010 to 40% in 2013. Divestments in Thailand help unlock value from matured assets such as
Dusit Thani Laguna Phuket and Laguna Beach Resort has freed up some cashflow of USD$85.5mil and
USD$23.6mil.

Adding more depth to the property segment, mainly in China Branded primary housing in Chinas 2nd/3rd
tier cities where land is relatively less expensive and riding on PRCs government plans to boost rural
tourism. Thus number of keys for residences available-for-sale is set to increase by 127.4%.

Ability to finance project expansions with the creation of private equity funds worth USD$440 mil under
the Banyan Tree Indochina Hospitality Fund (2009) funding the development of Laguna Hue Resort in
Vietnam & Banyan Tree China Hospitality Fund (2011) intended to finance the property growth in China.

Major hotel developments and refurbishments in key resorts have been rolled out to enhance and
expand the presence of the Groups resort options for travellers worldwide through the Banyan Tree
and Angsana-branded resorts. Improvements include upgrading of Villas from Standard to Deluxe level,
floor space enlargement and renovating of facilities and spa treatment rooms.

Leveraging on their innovative & award-winning spa concept as a means of market entry, BTH is opening
new resorts in existing regions.

Expected No. of Hotel/Resort Keys for Pipeline Projects


8000
7000
6000
5000
4000
3000
2000
1000

China
839

China
1101

China
2005

2010A

2011E

2012E

China
3947

China
2891
2013E

2014E

China

Thailand

Middle East

Vietnam

Maldives

Australia

Indonesia

Spain

Greece

Mexico

India

Portugal

Seychelles

Mauritius

South Korea

Laos

BANYAN TREE HOLDINGS LIMITED

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QUALITY OF FINANCIAL STATEMENTS



Accounting for Prepaid Island Rental BTH has entered into operating lease agreements involving the
use of islands. Based on the information in its annual reports, island rentals are prepaid upfront and
annual lease rentals will be deducted from that account and recorded as expenses (amortisation of
lease rentals) in the income statement. Given that the island leases are of a certain long period and
benefits and costs could be reasonably assumed to be transferred to Banyan Tree, we have capitalized
these island rental leases to provide a better picture of Banyan Trees financial condition.

Converting Equity to Proportionate Consolidation for Associates & JV BTH uses equity method to
account for its associates and JV. In trying to provide a clearer picture of the financial conditions of BTH,
we removed the investments amount and accounted for its associates and JVs assets and liabilities in
its balance sheets.

Accounting for Off-Balance Sheet Item (Litigations) From 2006 till present, Banyan Tree is involved in
three litigations involving its subsidiary, Laguna Resort Holdings (LRH). In trying to be more
conservative, we have accounted for these contingent liabilities based on a 50% likelihood that these
events will occur and have an impact on Banyan Trees financial statements. This was done by adding
back half of the contingent liabilities amount reported back to its financial statements under
Guarantees & Litigations.

Note: We observed that Banyan Tree has taken the liberty to assume that it will lose the lawsuit
between its subsidiary, Laguna Resort Holdings and Thai Wah Public Company by recording an
exceptional item gain of $44.5 million in 2007. Such a move can be seen as conservative on Banyan
Trees part.

BANYAN TREE HOLDINGS LIMITED

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RATIO ANALYSIS
Banyan Trees profitability ratios were observed to be volatile throughout the years. This was largely
attributed to externalities like the 2008 financial crisis and political unrest in Thailand. The ratios prove the

2006

2007

2008

2008

Return of Asset

2009

1.82
1.76

7.9%

26.5%

Short Term Solvency Analysis Throughout the five years,


the group had been able to finance its current liabilities

with its current assets. Even during financial crisis

1.18
1.13

1.26
1.19

1.58

1.63

1.39
1.33

(2008-2009), it was able to maintain solvency ratios of


more than 1. The higher current and quick ratios

0.5

largely attributable to
recorded in 2007 and 2010 were

0.0
2008

2010

BTH holding larger cash balances and expanding more


aggressively globally resulting in more property

1.58
1.08

Quick Ra>o

development cost capitalized than the other years


under review.

0.72

0.80
1.38
0.96

0.77
1.19
0.84

Current Ra>o

2009

1.56
1.10

2007

0.76

2006

0.84
1.23
0.86

rebounded in 2010.

Return on Equity

1.0

1.00

16.5%

was mainly due to the unstable NOPAT reported over


the past five years. NOPAT was declining till 2009 and

2010

1.5

rebalancing. The reason for the decline of both ratios

0.0%
2007

action to stabilize its returns through portfolio

1.2%
0.5%

2.4%
2.4%

2.0%

2.0

Net Prot Margin

Returns Analysis further reinforces the need to take

4.0%

2010

6.0%

2006

2009

EBIT(Opera>ng Income)

3.6%
4.4%

6.8%
8.4%

8.0%

7.1%
8.7%

EBITDA Margin

10.0%

1.50

21.9%

0.0%

2.00

1.1%

10.0%

9.4%

21.9%

4.3%

20.0%

13.0%

12.6%

30.0%

21.7%

33.1%

40.0%

13.7%

28.9%

27.4%

point that BTHs revenues are too heavily reliant on certain countries like Thailand. Hence, there is a need to
diversify its geographic and operating portfolio to lower idiosyncratic risk and generate m ore stable returns.

Long Term Solvency Analysis The total liability to equity

0.50

ratio is increasing over the years. After adjusting for

0.00
2006

2007

2008

2009

2010

minority interest, we can see that BTH is increasingly

Total Debt to Equity (less minority)

leveraged despite committing to maintaining a ratio of 1

Total Liabilities to Equity (less minority)

in their annual reports.

Total Liabilites to Equity

BANYAN TREE HOLDINGS LIMITED

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PEER SELECTION AND COMPARATIVE ANALYSIS


Our group performed a peer selection based on market capitalization, business model, operating
geography, and reached the conclusion that they have no similar competitor as industry players have
different components and invest in different regions. As a result, relative valuation of BTH will also not be
meaningful. BTHs P/E Ratio of 33 is starkly different from Hotel Properties Limited (6.19) and Pan Pacific
(26.11). Hence, comparing Banyan Tree with these competitors will paint an unfair picture.

FORECAST METHODOLOGY
Forecast of Growth
The growth rate for our forecast is based largely on the projected pipeline project of the company. We
derived the growth rate using two-tiered weighted average method. On the 1st Tier, we broke down the
total revenue streams of the company into its operating segments and identified the main revenue
drivers; subsequently for each segment we identified the geographic breakdown of the each business
segments revenue driver in 2015. Lastly, we extracted each countrys hotel and spa industrys growth
rate (regional rates used if country rates unavailable) and used them as the basis to pool the growth
rate. The final weighted-average growth is 8.9%.

Segment
Revenue Breakdown

100%


50%

32.7%

31.4%

31.7%

16.7%

17.7%

18.6%

50.6%

51.0%

49.7%

2006

2007

15.4%

9.3%

25.0%

28.7%

59.6%

62.0%

2009

2010

0%

Hotel Investments

2008
Fee-Based

Property Sales


We foresee the segment proportion to remain relatively constant given the current global economic
conditions
Forecasting of Financial Statements
Plant, Property & Equipment: Historically, BTHs PPE has been increasing steadily, possibly due to its
aggressive expansion strategies especially in China. However, the Group has recently announced
decisions to commence divestments of its resorts in Thailand and some parts of China in order to shift
their focus on fee-based management contracts instead of equity investments. For these reasons, we
expect a consistent decrease in its PPE-to-sales ratio.

BANYAN TREE HOLDINGS LIMITED

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Income Tax Expenses / Profit before taxation: BTHs reported income tax expense included figures for
deferred tax assets not recognized, withholding taxes etc., resulting in a reported tax expense that was
preposterously high (approximately 42%). To adjust for this, we used the 2010 figures of (Income tax
using Singapore tax rate of 17% + Effect of different tax rates in other countries)/Accounting Profit
Before Taxation as an indication of their true tax expense. We expect this to remain at the same level.

Dividend/ Net Income: BTH paid dividends in the first couple of years subsequent to listing but failed to
declare dividends in the last three years. However, the Group has announced that they do intend to pay
dividends in the near future, so our team used a conservative estimate of 10% of net income (as
compared to its historical dividend payouts) to forecast the annual dividends BTH might pay.

VALUATION
Cost of Equity = 11.75 % (Bloomberg)

2010

2011

2012

2013

2014

2015

71,601,770
723,518,824
78,126,139
-6,524,370
758,837,980
-0.0086
8.5106
0.6412
-0.0469

Terminal Growth = 8.90%

Actual
Residual Income Method
NPAT
Book value of owner's e quity l ess MI
Required e arnings
Abnormal Earnings
Oustanding shares
AE per share
Discount Factor of Perpetuity at Cost of Equity
Discount Factor at Cost of Equity
Present value of AE
Price per share based on RIM

477,081,223

758,837,980

Forecasted
45,993,949
518,780,370
56,057,044
-10,063,094
758,837,980
-0.0133

52,732,813
561,736,141
60,956,694
-8,223,881
758,837,980
-0.0108

60,310,033
611,107,873
66,003,997
-5,693,963
758,837,980
-0.0075

65,713,812
664,903,313
71,805,175
-6,091,363
758,837,980
-0.0080

0.8949
-0.0119

0.8008
-0.0087

0.7166
-0.0054

0.6412
-0.0051

0.55


Relying on the Residual Income Model to valuate BTHs shares, our team arrived at a figure of $0.55 as
compared to the market price of S$0.80 (2 November 2011) suggesting that BTHs shares may be
overpriced. In support of our findings, the market price of BTHs shares was indeed in the S$0.50 region
merely three weeks ago. Between then and now, the STI in general saw a steady bull run buoyed by
optimism in the EU that greater steps are being taken to resolve the Greek crisis. Therefore, the share price
of BTH increased correspondingly and could be due plainly to positive investor sentiment instead of strong
fundamentals.

We would like to highlight the negative abnormal earnings per share forecasted for 2011 through 2015,
which we expect to perpetuate. This implies value destruction by the firm; which can be explained by a
number of possible reasons:

BANYAN TREE HOLDINGS LIMITED

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BTH plans to create a niche in the branded property housing market in the 2nd and 3rd tier cities of China.
However, there is a high risk to it. Although the property market has been expanding, research has shown
that there might be a property bubble. Moreover, BTHs core competency is in its hotel, resort and service
residences industry. Although it has been doing property sales, they are mainly resorts. Hence, it is
counterintuitive to venture into a relatively new risky market with a new product.

BTH also plans to expand aggressively in Chinas different regions in the next few years. However, this is
contrary to international business theories. The reason is that China markets are diversified: each region
has its own idiosyncratic economic, political and social condition. Hence, it takes time to understand the
different culture before undertaking aggressive international expansion. Aggressive expansion without
understanding the markets will lead to undesirable ramifications. Evidently, its rapid expansion (without
first understanding the market) in the Middle East in the past has led to subsequent losses and disputes.

BANKRUPTCY: ALTMANS Z-SCORE
Also, our calculated Z-score of 1.28 (Bloomberg Z-score is 1.4) illustrates that BTHs probability of
bankruptcy is high. Further, as established earlier, the industry and economic outlook is not rosy. Hence, a
sell is recommended since current price indicates overvaluation.

Revenue Growth

SENSITIVITY ANALYSIS
Sensitivity Analysis of Price per Share
0.55
9.75%
10.25%
6.50%
$ 0.625 $ 0.586
7.00%
$ 0.641 $ 0.600
8.50%
$ 0.689 $ 0.646
7.50%
$ 0.657 $ 0.615
8.00%
$ 0.673 $ 0.630
8.50%
$ 0.689 $ 0.646
8.96%
$ 0.705 $ 0.660
9.50%
$ 0.723 $ 0.677
10.00%
$ 0.740 $ 0.694
10.50%
$ 0.758 $ 0.710
11.00%
$ 0.776 $ 0.727
11.50%
$ 0.794 $ 0.744

10.75%
$ 0.550
$ 0.564
$ 0.607
$ 0.578
$ 0.592
$ 0.607
$ 0.620
$ 0.636
$ 0.652
$ 0.667
$ 0.683
$ 0.699

Cost of Equity
11.25%
$ 0.518
$ 0.531
$ 0.571
$ 0.544
$ 0.557
$ 0.571
$ 0.584
$ 0.599
$ 0.613
$ 0.628
$ 0.643
$ 0.658

11.75%
$ 0.488
$ 0.501
$ 0.539
$ 0.513
$ 0.526
$ 0.539
$ 0.551
$ 0.565
$ 0.579
$ 0.593
$ 0.607
$ 0.621

12.25%
$ 0.461
$ 0.473
$ 0.509
$ 0.485
$ 0.497
$ 0.509
$ 0.521
$ 0.534
$ 0.547
$ 0.560
$ 0.574
$ 0.587

12.75%
$ 0.437
$ 0.448
$ 0.482
$ 0.459
$ 0.470
$ 0.482
$ 0.493
$ 0.506
$ 0.518
$ 0.531
$ 0.543
$ 0.556

13.25%
$ 0.414
$ 0.425
$ 0.457
$ 0.435
$ 0.446
$ 0.457
$ 0.467
$ 0.480
$ 0.491
$ 0.503
$ 0.515
$ 0.528

13.75%
$ 0.393
$ 0.403
$ 0.434
$ 0.413
$ 0.424
$ 0.434
$ 0.444
$ 0.456
$ 0.467
$ 0.478
$ 0.490
$ 0.501

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We stressed-tested our Residual Income Valuation using sensitivity analysis, varying our assumptions on
the cost of equity and terminal growth rate.

SCENARIO ANALYSIS
Bear

1.

Our bear case scenario assumes that Thailand growth rate will drop from 4.62% to 2% due to
worsened political uncertainities and prolonged flooding. This scenario represents a downside
of 36.4% below our forecasted fair value ($0.55 to $0.35).

2. Our second bear case scenario assumes that China growth rate will drop from 12% to 5% due to
tightening of property regulations. This scenario represents a downside of 10.91% below our
forecasted fair value ($0.55 to $0.49).
Bull
3. Our Bull case scenario assumes that Thailand growth rate will increase from 4.62% to 8% due to
improved political situation. This scenario represents an upside of 3.64% above our forecasted
fair value ($0.55 to $0.57)




APPENDIX

FIGURE 1: NUMBER OF HOTEL/RESORT KEYS

BANYAN TREE HOLDINGS LIMITED

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11

8000
7000
6000
5000
4000
3000
2000
1000
0

4935
1398
1825

1023
450

690
326

546
0

2601

1278
0

Opened as Expected Expected Expected Expected


Total
of AR 2010 TBO in 2011 TBO in 2012 TBO in 2013 TBO in 2014 Expected
by end of
2014
No. of Keys with Equity Interest

No. of Keys without Equity Interest


SOURCE: BANYAN TREE ANNUAL REPORT 2010

FIGURE 1: TOTAL NO. OF RESORTS/HOTELS WITH RESIDENCES AVAILABLE FOR SALE*

800
700
600
500
400
300
200
100
0

474

27
108

0
128

379
68
47

283

Opened as Expected Expected Expected Expected


Total
of AR 2010 TBO in 2011 TBO in
TBO in
TBO in Expected
2012
2013
2014
by end of
2014
No. of Keys with Equity Interest

No. of Keys without Equity Interest


SOURCE: BANYAN TREE ANNUAL REPORT 2010

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12

Banyan Tree Holdings Revenue


Breakdown
Property Sales
9%
Fee-Based
29%

Hotel Investments

Fee-Based

Hotel
Investments
62%

Property Sales


Hotel Investments:
Banyan Tree Holdings own and manage luxury hotels under two brands: a) Banyan Tree b) Angsana. They also own hotels
that are managed by other operators.

Fee-Based:
a) Hotel/Fund/Club management, where they receive fees based on management contracts for managing hotels for
other owners under the Banyan Tree and Angsana brands BTH also manages asset-backed destination clubs and two
private equity funds
b) Spa operations mgmt within BTH's own resorts and resorts owned by other operators.
c) Gallery operations
d) Design & others, as most of BTH's resorts are designed by an in-house division
Property Sales:
a) Hotel Residences: currently available in 6 regions; primarily sold under the Banyan Tree Residences brand
b) Laguna Property Sales: Properties are sold under BTH's subsidiary, Laguna Resorts & Hotels and its subsidiaries.
BTH also manages Laguna Holiday Club, a timeshare vacation club.

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13

Subsidiary Business Breakdown*


Investment
Holdings, 21%

Property, 30%

Management, 49%

Investment Holdings

Management

Property


Investment
Holding:
Investment holding companies own investments such as properties and shares for long term investment and
derives investment income such as dividend
Management:
Providing management, consultancy and operational services such as resort, spa, F&B, project, and golf
management services. Also includes marketing, hotel design services, travel agency services, ancillary services
related to the hospitality industry, tourism management services, trading and retailing of consumer goods in
resorts. Subsidiary companies also manage and operate the Banyan Tree Indochina Hospitality Fund, L.P. A
particular currently dormant subsidiary company also provides tax planning services for BTH.
Property:
Property holding companies are legal entities used by groups of companies to invest in real estate or to hold
shares or participations in other companies investing in real estate. A property holding company may be used to
invest in a single property or a large number of properties forming part of a large development project. In some
cases, a property holding company will be used for each property forming part of large development project. In
addition to the holding of immovable property, property holding companies may engage themselves in other
activities such as:
a. Leasing real estate to companies forming part of the same group or to un-related third parties; and
b. Financing of immovable property development projects.

Includes construction and development of properties, property holding and investments, property leases, rental of
apartments, lease of office building space, holiday club memberships, to own, buy, sell, take on lease, develop or
otherwise deal in immovable property
*Subsidiary companies may be involved and considered under more than one segment.

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14

Existing Portfolio of Hotels/Resorts


2.0% 2.4% 0.7%
1.6% 2.5%

4.1%
26.0%

7.4%
1.2%
4.7%
6.7%
1.9%

38.9%

China
Mexico
India
UAE

Thailand
Morocco
Australia

Maldives
Indonesia
Sri Lanka

Seychelles
Korea
Laos

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Estimated Portfolio of Hotels/Resorts (by end 2014)


1% 1% 2%
1%
1% 0% 1%
2% 1%

2%

3%

3%

4%

4%
46%

3%
3%

2%
2%

17%
1%

China

Thailand

Maldives

Seychelles

Mexico

Morocco

Indonesia

Korea

India

Australia

Sri Lanka

Laos

UAE

Vietnam

Portugal

Greece

Oman

Montenegro

Mauritius

Egypt

Spain

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Existing Portfolio of Hotels/Resorts with Residences


Available for Sales (as of FY 2010)
0% 0%
3%
27%

20%

0%

4%

0%

46%

China

Thailand

Maldives

Seychelles

Mexico

Morocco

Indonesia

Korea

India

Australia

Sri Lanka

Laos

UAE

BANYAN TREE HOLDINGS LIMITED

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17

Estimated Portfolio of Hotels/Resorts with


Residences Available for Sales (by end 2014)
0%
7%

8%

12%

30%

7%
5%

0%

0%
17%

8%

2%

1%
4%
0% 0%

China
Morocco
Sri Lanka
Greece

Thailand
Indonesia
Laos
Oman

Maldives
Korea
UAE
Montenegro

0%

0%

Seychelles
India
Vietnam
Mauritius

Mexico
Australia
Portugal
Egypt

BANYAN TREE HOLDINGS LIMITED

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18