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

Transcription

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

2 Overview Financial Summary Project Update 2

3 Overview Founded: 1994 Staff: 78 Centers: 22 Vision Unlike other developers, we create a place for people first then for business. 3

4 Business Model Total Rental Space 408,563 sq.m. with 22 Centers 32%, 131,901 sq.m. 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: 8%, 33,949 sq.m. 3 centers: -La Villa -Piyarom Place -The Avenue Changwattana -Petchkasem -Ekkamai -Ratchayothin -Mega Bangna 4

5 Development Timeline 1994 Established Siam Future Development 2002 Listed in MAI and opened Thonglo 2011 Open Nawamin Festival Walk 1995 Opened first open-air shopping center Bangbon 1998 Opened Sukhumvit Completed Changwattana, 2003 La-villa and Esplanade Listed in SET PP to Major Cineplex Group and opened Thungmahamek 1996 Opened Prachautid and Sukaphiban Opened Changwattana, Ladprao120, Chachoengsao, Piyarom Place and J Avenue 2007 Opened Pattaya and Kao-yai 2000 Opened 2 Convenient centers and 8 B-quik centers 2005 Opened Wanghin 2, Petchkasem and Ekkamai 2008 Opened Nawamin and Ratchayothin 2009 Opened Nawamin City Avenue 2012 Open 1 st IKEA Store in Mega Bangna 5

6 Leasable Area and Occupancy Format No. of centers GLA No. of GLA No. of (sq.m.) centers (sq.m.) centers GLA (sq.m.) Average size (sq.m.) Lifestyle Center 8 81, , ,709 10,000 Power Center 3 67, , ,217 22,500 Entertainment Center Neighborhood Center Convenience Center Automotive Service center 1 43, , ,241 43, , , ,389 5, , , , , Super Regional 1 180, , , ,000 Total , , ,563 16,400 Occupancy Rate 93% 98% 93% *Gross Leasable Area 6

7 Shareholding Structure Major Cineplex Group PLC. 25% Management 24% Jantaraprapa Group Suttapong Group 7% 4% 3% Witoonchart group 10% Pojkasemsin Group Freefloat 51% Local Institutions 4% Retails 31% Foreigners 17% Number of shares: 1, Million Source: Shareholder list as of 31 Dec 16 7

8 Overview Financial Summary Project Update 8

9 Balance Sheet Million Baht 16,000 14,000 12,000 10,000 12,002 12,460 14,422 8,906 14,920 9,632 8,000 6,000 6,430 5,572 5,314 7,146 5,516 5,289 4,000 2,000 0 Y2013 Y2014 Y2015 Y2016 Assets Liabiilites Equity 9

10 Income Statement (Management Account) (Million Baht) 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 SG&A (198) (229) (233) (238) 5 EBIT 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) Profit from joint venture Total recurring profit Add: Profit from Fin Lease (after tax) Fair value adjustment on IP * SF (after tax) Fair value adjustment on IP Mega Bangna (49%) Net profit , Earnings per share (EPS) Average Occupancy Rate (%) 94% 93% 98% 93% Remarks: * Fair value adjustment on Investment Property= Depreciation & Amortization + Gain (Loss) from revaluation 10

11 Rental Structure by Revenue by GLA Revenue Share 10% Revenue Share 31% Fixed Rent 90% Fixed Rent 69% As of 31 Dec

12 Costs Breakdown SG&A Breakdown Depreciation & Amortization 26% Utilities 36% Land Rent 16% Operating 19% Admin 21% Depreciation 6% Marketing 17% Personnel 55% As of 31 Dec

13 Debt Structure (MB) As of Dec 15 As of Dec 16 Total Debt = 1,950 MB 100% Debenture Average interest rate = 4.83% Total Debt = 1,550 MB 77% Debenture Average interest rate = 4.43% Repayment schedule (MB) Bond Repayment schedule (MB) Bond D:E Ratio Y10 = 0.53 Y11 = 0.47 Y12 = 0.33 Y13 = 0.33 Y14 = 0.27 Y15 = 0.22 Y16 = 0.16 P/N, B/E

14 Stock Information and Dividend INDEX SET Index 1,033 1,025 1,392 1,299 1,498 1,288 1,543 SF (stock price) Market Cap (MB) 5,873 6,528 8,249 7,435 9,256 11,104 10,926 Dividend Summary Par Value (Baht) Dividend Paid (MB) 155 Stock Dividend 8:1 Stock Dividend 5: Dividend/share * 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, P/E (times) Market Cap (MB) 11,459 P/BV (times)

15 Overview Financial Summary Project Update 15

16 Expansion Plan * GLA (sq.m.) 450, , , , , , , ,000 50,000 97% 98% 98% 97% 97% 98% 95% 95% 95% 95% 94% 93% 93% 140, , , , , , , , , , , , , , , ,563 63,344 96,837 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, % 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% Mega Bangna Existing Occupancy Rate Type of Center Location Existing GLA (sq.m.) Lifestyle Center Nanglinchee (expansion) Lifestyle Center Thonglor 4 (redevelopment) Future GLA (sq.m.) CAPEX Target Opening Date 3,000 11, MB Q3,2018 3,000 14, MB (Land lease renewal) TOTAL 6,000 25, MB 2018 * Subject to change upon future situation 16

17 Marketplace NANGLINCHEE (expansion) Shopping centre format Lifestyle center GLA 11,500 sq.m. (+8,500) Anchor Tops Market Target Opening Q

18 Marketplace NANGLINCHEE (expansion) 18

19 Marketplace THONGLOR 4 (redevelopment) Shopping centre format Lifestyle center GLA 14,000 sq.m. (+11,000) Anchor Target Opening 2018 Tops Market 19

20 20

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

22 MEGA BANGNA, Tenants Mix Anchors 91,500 sq.m. Tenants 55,500 sq.m. 34% 24% 51% Mini-anchors 33,000 sq.m. 18% 31% 43% NEW COMERS 22

23 Visitor Numbers Car Numbers (Mil. People) (Mil. cars) 4% 12 7% % 10% % 11% Occupancy Rate (Dec 16) In line units 100% Common Area 99 % 23

24 MEGA Mixed Use Project 24

25 10. MEGA Mixed Use Project 1. Plot H (Retail Expansion & Garage) 2. Accessibility improvement 3. New waste water treatment plant 4. Plot A (Land preparation) Million Baht 1, Total 1,430 Plot A WWTP Plot H 25

26 10. MEGA Mixed Use Project 1. Plot H 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: Q 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 Q Waste Water Treatment Plant Investment: Move and enhance efficiency of the Plant CAPEX: 134 MB Timeline: Q4-16 to Q Plot A Land size: 40 rais Investment: land preparation for future development CAPEX: 66 MB Timeline: Q4-16 to Q