SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD. Corporate Presentation 2016 - - PowerPoint PPT Presentation

SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD. Corporate Presentation 2016

Overview

Financial Summary Project Update

2

Overview

Founded:

1994

Staff:

78

Centers:

22

Vision “Unlike other developers,

we create a place for people

first then for business. “

3

32%, 131,901 sq.m.

Business Model

Shopping Center Development

• Neighborhood Center
• Lifestyle Center
• Power Center
• Entertainment Center
• Convenience Center
• Stand-Alone Retail Center
• Super Regional Center

60% 242,713 sq.m. 15 centers

4 centers:

• Petchkasem
• Ekkamai
• Ratchayothin
• Mega Bangna

8%, 33,949 sq.m.

3 centers:

• La Villa
• Piyarom Place
• The Avenue Changwattana

Total Rental Space 408,563 sq.m. with 22 Centers

4

1994

Established “Siam Future Development”

1995 Opened first open-air shopping center “Bangbon” 1996 Opened “Prachautid” and “Sukaphiban 3” 1998 Opened “Sukhumvit 71” 2000 Opened 2 Convenient centers and 8 B-quik centers 2002 Listed in MAI and

• pened “Thonglo”

2003 Listed in SET PP to Major Cineplex Group and

• pened “Thungmahamek”

2004 Opened “Changwattana”, “Ladprao120”, ”Chachoengsao”, “Piyarom Place” and “J Avenue” 2005 Opened “Wanghin 2”, “Petchkasem” and “Ekkamai” 2006 Completed Changwattana”, “La-villa” and “Esplanade” 2007 Opened “Pattaya” and “Kao-yai” 2008 Opened “Nawamin” and “Ratchayothin” 2009 Opened “Nawamin City Avenue” 2011 Open “Nawamin Festival Walk” 2012 Open “1st IKEA Store in Mega Bangna”

Development Timeline

5

Leasable Area and Occupancy

Format 2014 2015 2016 Average size (sq.m.)

• No. of

centers GLA (sq.m.)

• No. of

centers GLA (sq.m.)

• No. of

centers GLA (sq.m.) Lifestyle Center 8 81,515 6 77,709 6 77,709 10,000 Power Center 3 67,217 3 67,217 3 67,217 22,500 Entertainment Center 1 43,241 1 43,241 1 43,241 43,000 Neighborhood Center 7 38,389 7 38,389 7 38,389 5,500 Convenience Center 2 1,178 2 1,178 2 1,178 600 Automotive Service center 3 1,172 2 829 2 829 400 Super Regional 1 180,000 1 180,000 1 180,000 180,000 Total 25 412,712 22 408,563 22 408,563 16,400 Occupancy Rate 93% 98% 93%

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*Gross Leasable Area

Shareholding Structure

24% 51% 25%

10% 3% 7% 4% 17% 31% 4%

Major Cineplex Group PLC. Management Freefloat

Witoonchart group Pojkasemsin Group Suttapong Group Jantaraprapa Group Foreigners Retails

Number of shares: 1,776.61 Million

Source: Shareholder list as of 31 Dec 16 7

Local Institutions

Overview

Financial Summary

Project Update

8

Balance Sheet

12,002 12,460 14,422 14,920 5,572 5,314 5,516 5,289 6,430 7,146 8,906 9,632 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Y2013 Y2014 Y2015 Y2016 Million Baht Assets Liabiilites Equity

9

Income Statement (Management Account)

2013 2014 2015 2016

A C D E F

1 Recurring Revenue 1,396 1,372 1,429 1,431 2 Cost of rental & service (1,002) (936) (909) (911) 3 Gross profit 394 436 520 520 4 SG&A (198) (229) (233) (238) 5 EBIT 197 207 287 282 6 Interest expenses (99) (95) (96) (75) 7 Income tax (27) (32) (38) (46) 8 Minority (18) (18) (21) (18) 9 Recurring profit (excl. MEGA BANGNA) 53 62 131 143 10 Profit from joint venture 118 191 201 281 11 Total recurring profit 170 253 332 424 12 Add: Profit from Fin Lease (after tax) 3 2

• 13

Fair value adjustment on IP*– SF (after tax) 165 161 679 246 14 Fair value adjustment on IP– Mega Bangna (49%) 174 284 397 294 15 Net profit 512 700 1,408 964 16 Earnings per share (EPS) 0.39 0.47 0.79 0.54 17 Average Occupancy Rate (%) 94% 93% 98% 93%

(Million Baht)

Remarks: * Fair value adjustment on Investment Property= Depreciation & Amortization + Gain (Loss) from revaluation

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Rental Structure

10% Fixed Rent 90%

by Revenue

31% Fixed Rent 69%

by GLA

As of 31 Dec 2016 Revenue Share Revenue Share 11

Costs Breakdown

Land Rent 16% 19% Utilities 36% 26%

Depreciation & Amortization

Operating 17% 55% 6% 21%

Depreciation

SG&A Breakdown

As of 31 Dec 2016

Personnel Marketing Admin

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Debt Structure (MB)

As of Dec 15

Total Debt = 1,950 MB 100% Debenture Average interest rate = 4.83%

As of Dec 16

13

Total Debt = 1,550 MB 77% Debenture Average interest rate = 4.43%

Repayment schedule (MB) 2015 2016 2017 2018 2019 2020 Bond

• 750

700

• 500

Repayment schedule (MB) 2015 2016 2017 2018 2019 2020 Bond

• 700
• 500

P/N, B/E

• 200

150

• D:E Ratio

Y10 = 0.53 Y11 = 0.47 Y12 = 0.33 Y13 = 0.33 Y14 = 0.27 Y15 = 0.22 Y16 = 0.16

Stock Information and Dividend

INDEX 2010 2011 2012 2013 2014 2015 2016 SET Index 1,033 1,025 1,392 1,299 1,498 1,288 1,543 SF (stock price) 5.70 6.30 7.05 5.65 6.25 6.25 6.15 Market Cap (MB) 5,873 6,528 8,249 7,435 9,256 11,104 10,926 Dividend Summary Par Value (Baht) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Dividend Paid (MB) 155 Stock Dividend 8:1 Stock Dividend 5:1 266

• Dividend/share

0.15 0.13889* 0.22223 0.15

• Dividend Payout Ratio

66% N.A. N.A. N.A. N.A. 80%

• Statistics as of 9 Mar 17

Stock Price 6.45 Par Value (Baht) 1.00 Share Capital (M shares) 1,776.61 P/E (times) 11.89 Market Cap (MB) 11,459 P/BV (times) 1.30 14

Overview Financial Summary

Project Update

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Expansion Plan *

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Type of Center Location Existing GLA (sq.m.) Future GLA (sq.m.) CAPEX Target Opening Date Lifestyle Center Nanglinchee (expansion) 3,000 11,500 608 MB Q3,2018 Lifestyle Center Thonglor 4 (redevelopment) 3,000 14,000 100 MB (Land lease renewal) 2018 TOTAL 6,000 25,500 708 MB * Subject to change upon future situation

63,344 96,837 188,514 219,641 237,308 235,229 224,120 231,795 229,600 229,600 228,906 228,563 228,563 140,000 140,000 140,000 140,000 140,000

97% 95% 95% 95% 98% 95% 98% 97% 97% 94% 93% 98% 93% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 2,004 2,005 2,006 2,007 2,008 2,009 2,010 2,011 2,012 2,013 2,014 2,015 2,016 GLA (sq.m.) Mega Bangna Existing Occupancy Rate

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Marketplace NANGLINCHEE

Shopping centre format

Lifestyle center

GLA

11,500 sq.m. (+8,500)

Anchor

Tops Market

Target Opening Q3 2018

(expansion)

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Marketplace NANGLINCHEE

(expansion)

19

Marketplace THONGLOR 4

Shopping centre format

Lifestyle center

GLA

14,000 sq.m. (+11,000)

Anchor

Tops Market

Target Opening 2018

(redevelopment)

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MEGA BANGNA, Fact Sheet

21

Land Area 254 Rais (406,400 sq.m.) Building Area 400,000 sq.m. Leasable Area 180,000 sq.m. Tenants 440 shops Parking Space 8,000 cars & 2,200 motorcycles Opening 5 May 2012

Tenants 55,500 sq.m.

MEGA BANGNA, Tenants Mix

Mini-anchors 33,000 sq.m. Anchors 91,500 sq.m.

34% 24% 43%

22

31% 18% 51%

NEW COMERS

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Visitor Numbers Car Numbers

Occupancy Rate (Dec 16) In line units 100% Common Area 99 %

(Mil. People) (Mil. cars)

7% 7% 10% 11% 23 25 28 29 5 10 15 20 25 30 35 2013 2014 2015 2016 8.3 9.4 10.1 2 4 6 8 10 12 2013 2014 2015 2016 7.6 7% 4%

MEGA Mixed Use Project

24

Plot A Plot H

WWTP

Million Baht

• 1. Plot H (Retail

Expansion & Garage) 1,050

• 2. Accessibility

improvement 104

• 3. New waste water

treatment plant 134

• 4. Plot A

(Land preparation) 66 Total 1,430

• 10. MEGA Mixed Use Project

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1. Plot H

• 10. MEGA Mixed Use Project
• 2. Accessibility Improvement:
• Parking guidance system - Add ticket booths
• Improve and extend ring road - Add signage
• Widen, connect EXAT slip road -Transportation hub

Investment: 104 MB Timeline: Q3-16 to Q3-17

• 3. Waste Water Treatment Plant

Investment: Move and enhance efficiency of the Plant CAPEX: 134 MB Timeline: Q4-16 to Q1-17

• 4. Plot A

Land size: 40 rais Investment: land preparation for future development CAPEX: 66 MB Timeline: Q4-16 to Q3-17

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Land Area: 10 Rais (16,000 sq.m.) Investment: Construct lifestyle community mall and garage CAPEX: 1,050 MB Building Area: 57,119 sq.m. Leasable Area: 10,614 sq.m. Parking Space: 1,154 cars Timeline: Q3-16 to Q4-17 Opening: Q4-2017