SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD. Corporate Presentation Q4-15

Size: px

Start display at page:

Download "SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD. Corporate Presentation Q4-15"

Phyllis Watson
5 years ago
Views:

1 SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD. Corporate Presentation Q4-15

2 Overview Financial Summary Project Update 2

3 Overview Founded: 1994 Staff: 80 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

Development Timeline 1994 Established Siam Future Development 2002 Listed in MAI and

center Bangbon 1998 Opened Sukhumvit 71 2006 Completed Changwattana, 2003 La-villa and

Prachautid and Sukaphiban 3 2004 Opened Changwattana, Ladprao120, Chachoengsao,

centers and 8 B-quik centers 2005 Opened Wanghin 2, Petchkasem and Ekkamai 2008 Opened

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* (sq.m.) No. of centers GLA (sq.m.) No. of centers GLA (sq.m.) Average size (sq.m.) Lifestyle Center 8 79, , ,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 97% 93% 98% *Gross Leasable Area 6

7 Shareholding Structure Major Cineplex Group PLC. 23% Management 26% Jantaraprapa Group Suttapong Group 7% 4% Witoonchart group 8% Pojkasemsin Group 3% Freefloat 51% Local Institutions 7% Retails 30% Foreigners 16% Number of shares: 1, Million Source: Shareholder list as of 30 Dec 15 7

8 Overview Financial Summary Project Update 8

9 Balance Sheet Million Baht 16,000 14,000 12,000 11,430 12,002 12,460 14,422 10,000 8,000 6,000 4,000 2,000 7,146 5,903 6,430 5,527 5,572 5,314 5,516 8,906 0 Y2012 Y2013 Y2014 Y2015 Assets Liabiilites Equity 9

10 Income Statement (Management Account) (Million Baht) A B C D E 1 Recurring Revenue 1,347 1,396 1,372 1,429 2 Cost of rental & service (908) (1,002) (936) (909) 3 Gross profit SG&A (197) (198) (229) (233) 5 EBIT Interest expenses (102) (99) (95) (96) 7 Income tax (32) (27) (32) (38) 8 Minority (15) (18) (18) (21) 9 Recurring profit (excl. MEGA BANGNA) Profit from joint venture Total recurring profit Add: Profit from Fin Lease (after tax) Project disposal ** (170) Fair value adjustment on IP * SF (after tax) Fair value adjustment on IP Mega Bangna (49%) 1, Net profit 1, , Earnings per share (EPS) Average Occupancy Rate (%) 96% 94% 93% 98% Remarks: * Fair value adjustment on Investment Property= Depreciation & Amortization + Gain (Loss) from revaluation ** Loss from termination of Finance Lease contract of CAWOW 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% Land Rent 16% Operating 19% Admin 21% Depreciation 6% Marketing 15% Utilities 38% Personnel 57% As of 31 Dec

13 Debt Structure (MB) As of Dec 15 As of Mar 16 Total Debt = 1,950 MB 100% Debenture Average interest rate = 4.83% Total Debt = 1,500 MB 80% Debenture Average interest rate = 4.83% Repayment schedule (MB) Bond Repayment schedule (MB) Bond P/N D:E Ratio Y10 = 0.53 Y11 = 0.47 Y12 = 0.33 Y13 = 0.33 Y14 = 0.27 Y15 =

14 Stock Information and Dividend INDEX SET Index 1,033 1,025 1,392 1,299 1,498 1,288 SF (stock price) Market Cap (MB) 5,873 6,528 8,249 7,435 9,256 11,104 Dividend Summary Par Value (Baht) Dividend Paid (MB) 155 Stock Dividend 8:1 Stock Dividend 5:1 266 Dividend/share * Dividend Payout Ratio 66% N.A. N.A. N.A. N.A. 80% Statistics as of 9 Mar 16 Stock Price 5.95 Par Value (Baht) 1.00 Share Capital (M shares) 1, P/E (times) 7.51 Market Cap (MB) 10,571 P/BV (times)

15 Overview Financial Summary Project Update 15

16 Expansion Plan * GLA (sq.m.) 450, , , , , , , ,000 50,000 97% 63,344 96,837 Type of Center Location Existing GLA (sq.m.) Power Center Petchkasem (Major Renovation) Future GLA (sq.m.) CAPEX Target Opening Date 43,735 43, MB Q2,2016 Neighborhood Center Rangsit-Klong 1-5,925 - Q2,2016 Power Center Lifestyle Center 95% 95% 95% Chachoengsao (expansion) Thungmahamek (expansion) Lifestyle Center Thonglor 4 (redevelopment) * Subject to change upon future situation 98% 95% 98% 97% 97% 94% 93% 140, , , , , , , , , , , , , , , , (F) 98% 8,400 10, MB Q4,2016 3,000 12, MB Q3,2018 3,000 14, MB (Land lease renewal) 8, % 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% New project Mega Bangna Existing Occupancy Rate 16

17 PETCHKASEM Power Center (major renovation) Prior Tenant: New Tenant: Revenue (Y) 3.76 MB MB MB Renovation area 10,000 sq.m. Target Opening Q

18 Marketplace RANGSIT-Klong1 (new project) Shopping centre format Neighborhood centre GLA 5,925 sq.m. Anchor Tops Market Target Opening Q

19 Marketplace RANGSIT-Klong1 (new project) 19

20 Marketplace CHACHOENGSAO (expansion) Shopping centre format Power Center GLA 10,500 sq.m. (+2,100) Anchor Major Cineplex Target Opening Q

21 Marketplace CHACHOENGSAO (expansion) 21

22 Marketplace THUNGMAHAMEK (expansion) Shopping centre format Lifestyle center GLA 12,000 sq.m. (+9,000) Anchor Tops Market Target Opening Q

23 Marketplace THUNGMAHAMEK (expansion) 23

24 Marketplace THONGLOR 4 (redevelopment) Shopping centre format Lifestyle center GLA 14,000 sq.m. (+11,000) Anchor Target Opening 2018 Tops Market 24

25 25

26 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

27 MEGA BANGNA, Location 27

28 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 28

29 Visitor Numbers Car Numbers (Mil. People) (Mil. cars) % 7% 28 10% % Occupancy Rate (Dec-15) In line units 99.6% Common Area 99.2 % 29

30 MEGA BANGNA, Mixed Use Project Prospect Development Lease / Sell the land - Office Building - Hotel Land size - Convention Hall approx. 70 rais (112,000 sq.m.) - Residential 30

31 MEGA BANGNA, Phase 2 Land Area Building Area Leasable Area 10 Rais (16,000 sq.m.) 60,000 sq.m. 10,000 sq.m. Tenants 30 shops Parking Space 1,300 cars Opening Q

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

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