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横山大ちゃん |
Dear Investor, We would like to thank you for your patience and understanding during this very special and difficult time. Like every company in our industry, it would be entirely possible to bemoan the ‘challenges’ which have affected the tourism and hospitality industry. Prior to March of this year, industry ‘challenges’ were typically limited to single-digit decreases in tourist arrives from Country A or Country B. The pandemic has certainly redefined the use of the word ‘challenge’, and as we move into the final quarter of 2020, it is still very uncertain when these hard times will make way for the ‘new normal’. New Nordic Group is roughly halved between two distinct divisions ? Development and Accommodation. Prior to March 2020, our Accommodation Division was turning in record results for occupancy at our properties on Pratumnak Hill. We were seeing a diverse mix of clients in our hotels and management was looking for ways to continually improve our product offerings. We saw great success in our revamped menu offerings at our eateries, with good reviews being left on social media. Within days, our Accommodation division went from an occupancy rate of 80-90% a night down to almost zero. Our restaurants went from preparing thousands of meals a day to a couple dozen per day. On the Development side of the business, sales dried up entirely and many clients were justifiably unable or unwilling to continue their milestone payments on various projects. This abrupt stop to almost any revenue was compounded by the fact that most of the tour operators we were doing business with also stopped payments entirely, leaving us with tens of millions of baht in accounts receivable. Additionally, the company had ongoing obligations for construction contractors, land payments and other expenses related to the development of our projects. Finally, the sad reality was confronted whereby hundreds of staff were laid off from work, all being owed severance payments in accordance with Thai labour laws. All in all, it was the perfect storm for catastrophe and no amount of business acumen or experience could overcome it. Since the early days of the pandemic, New Nordic Group has had one singular goal ? to protect the investments made by its clients. This work has been communicated to you through our regular updates to investors and stakeholders. We are fully aware that the Company’s decision to withhold cashback and rental guarantee payments were a major financial blow to some investors. We truly understand and empathize with your struggles. Reflecting on the past six months, the logic behind many of the decisions made early in the crisis is now clear. The Group chose to protect as much cash as possible to physically secure construction sites and ensure skeletal operations staff would be around to keep the Company going. All members of management took pay cuts, with some senior management not taking any salary at all until today. In previous communication, the company has announced that it is working towards a plan which was to be launched within the month of September. However, the fluid nature of the pandemic and governmental response to it continues to make planning difficult. We further apologize if we have not responded to each of you in a timely manner due to both limited number of staffs and increasing number of inquiries. It is also important to us to ensure that all investors are informed of developments at the same time and in the same manner moving forward. We have been tirelessly searching for ways to gather revenue. During the month of September, the Company has been engaged with the Thai government to explore the possibility of using the Pratumnak campus as an Alternate State Quarantine (ASQ) or Organizational Quarantine (OQ) location. Last week, certain buildings were approved by the government for use and our teams are working hard to prepare the financial models so a final decision can be made as to the viability of this project for the Company. The Company has developed a multipoint plan to serve as a roadmap for the future. We would like to share the essentials of this plan now, so investors have a better understanding of what we have been working on: 1. Maintain the security of construction sites, land banks and unused accommodation assets to ensure no unnecessary loss in value. 2. Continue to explore alternative ways of generating revenue with the goal of covering expenses and maintaining our talent pool to the best of our ability. 3. Work with external consultants and experts to formulate a new investment return strategy for the foreseeable future, most likely based on a shared revenue pool and equitable distributions based on the investment amount. 4. Review the viability of all open construction sites, keeping options open for modifying the project to meet the current needs of the market. Our team is working hard on this and many more issues to ensure the long-term viability of the Company and its projects, with more updates being delivered to you within the month of October. In the coming days, we will be launching a new investor portal where all updates from the Company will be posted for your convenience. We hope this will give you better insight into the Company and allow for more transparency into the process. We are living in unprecedented times; however, we feel optimistic that like all things, these times will pass. Our hope is to come out of this crisis a better, stronger and more nimble company prepared for whatever comes next. We sincerely appreciate your support over the years and promise to continue to work to the best of our ability to see us all through this storm. |
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