On February 24, 2021, Bound & Beyond Public Company Limited or BEYOND, the operator of Four Seasons Hotel Bangkok and Capella Bangkok Hotel, announced its operating results for the year 2021 with a total revenue of 1,362 million baht, an increase of 1,376% compared to the previous year. The company had a total net profit of 878 million baht, a 991% increase from the previous year. This exponential growth reflects the success of the business transition strategy from renewable energy business to hospitality business.

During the year 2021, BEYOND disposed of its investment in subsidiaries that operate solar power plants in Thailand and Japan. The total production capacity is 49.3 megawatts, with a total value sold of more than 2,416 million baht, of which the company recognizes a profit from the sale of investments in this subsidiary of 407 million baht. Subsequently, in the fourth quarter of 2021, the Company invested in Urban Resort Hotel Company Limited and Waterfront Hotel Company Limited, which held the right to use the assets, land, and the right to operate the Four Seasons Bangkok at Chao Phraya River hotel and Capella Bangkok hotel in the proportion of 76% with a total investment value of 4,180 baht. From the acquisition, the Company had a profit from a bargain purchase of 689 million baht recorded in the 2021 financial statements as the company’s fair value was higher than the value acquired by the Company.

Mrs. Kamonwan Wipulakorn, Managing Director of BEYOND, says that “The revenues and profits in 2021 are the implementations of the business plan that the company has put in place since the announcement of business transition at the end of 2022. The company has focused on distributing assets in its existing business at a good price and reinvest in new businesses at the right price and right time. Besides the solar power plants which the Company has sold, BEYOND has several valuable assets on hand, which is currently in the process of selling such as large land in Tak Province with an area of ​​​​over 1,732 rai and land in an industrial estate in Rayong Province with a size of 51 rai which from the appraisal of both land plots with a total value of not less than 1,000 million baht. The cash from the sale of these assets will strengthen BEYOND’s financial position.”

Mrs. Kamonwan added that “The 4th quarter of 2021 was the first quarter that the Company stepped into a full-fledged hospitality operator. The investment in two large projects, the Four Seasons Hotel Bangkok and the Capella Bangkok Hotel has doubled the company’s asset base from having total assets of 7,288 million baht at the end of 2020 to 14,106 million baht at the end of 2021. Although the operating results from the hotel business that the company began to merge financial statements have not yet been reflected positively as tourism and hotels are still facing the pressure of the COVID-19 situation, this is short-term impact that the company has foreseeable and prepared in advance. The company has been in direct communication with shareholders since the request for approval to invest in this business that the company expects operating performance from the hotel business to remain at a loss in 2022-2023. However, the company has already prepared a tight liquidity plan for both hotels. And the company expects EBITDA to start to turn positive this year. In case the situation gets better than expected, we might see the turnaround of business and profit in a short period. Despite the COVID-19 situation, both hotels manage to generate revenue continuously. The revenue from the restaurant and banquet room is the main income at the moment. As both hotels have famous restaurants and bars that earn Michelin Star awards. Although the hotel has only been open for a year, the banquet halls of both hotels have become the very famous wedding destination on the Chao Phraya River. These strengths allow the company not to rely solely on room revenue. For the accommodation service, the company is starting to see signs of a recovery in occupancy even after the country is not fully open. This reflects the potential of the assets that the company has invested in well.”