Samui Airport Property Fund (Leasehold) Q1 2016
Introduction of SPF
Investment Asset Samui Airport Property Fund (Leasehold) Location Samui Airport Samui Island “The premier island destination in the Gulf of Thailand” Tourism Authority of Thailand “ 3 rd place ranked in Trip Advisor Top 10 Asian Islands 2016 ” Trip Advisor 3
Fund Structure Samui Airport Property Fund (Leasehold) • SPF acquires Samui airport from the sponsor under 30 year leasehold (expire Management on November 23, 2036) Lease & Samui • SPF finances acquisition by issuance of Investors Service Invests Airport Agreement units • Bangkok Property • Airport is sub-leased back and operated by Airways Plc. Fund Distributions (“sale Bangkok Airways Plc. and Airport • Institutional “SPF” Operator leaseback”) Investors - 3 years with option to renew Leasehold right Lease • Retail Over Asset Income - SPF can require the operator to renew 9 Investors additional times for 3 year terms Lease & • Sub-lease terms supported by collateral of Service Payment marketable securities of 45 mil. BDMS & Collateral shares (over 1.5 times of 12 months • minimum rent + fixed service fee) Runway • Investors will enjoy quarterly distribution of • Buildings • income from SPF Utilities 4
Revenue and Expense Structure Samui Airport Property Fund (Leasehold) Fixed Rental & Service Fee 6% of the initial Fund size OR 570 MB p.a. until 2036 Additional Service Income Fee Formula* Additional Service Fee* Number of Passengers X Fees that exceed Fixed rental & service fee Per Formula Passenger Service Fee 30 Years 2006 AND 2036 Asset Operation expenses Number of Aircrafts Expenses Sub-lessee is responsible for all of the Operational expenses, X Aircraft Landing Fee as specified in the Lease/Sub-lease Agreements 5
Passenger Service Fee Formula Samui Airport Property Fund (Leasehold) Domestic First 300 B 300 B SPF Samui Airport Passengers + + Current @ 300 B Current @ 300 B Addition of 300 B 20% of the addition International First 500 B 300 B SPF Samui Airport Passengers + + Current @ 700 B Current @ 340 B Addition of 500 B 20% of the addition 6
Aircraft Landing Fee Formula Samui Airport Property Fund (Leasehold) Type 1 Cessna 5,000 B / Flight 0 - 10,000 kilograms Type 2 Dash 7 10,000 B / Flight 10,000 - 20,000 kilograms Type 3 ATR 50,000 B / Flight More than 70 seats Type 4 More than 125 Airbus / Boeing 80,000 B / Flight seats 7
Operation & Financial Highlight
SPF Performance - Q1 2016 Samui Airport Property Fund (Leasehold) No of Passengers Number of Passenger (Thousand Persons) 2,000 20% 18.9% 18.5% 1,800 YOY Change of number of Passenger (%) 1,600 15% 1,400 1,200 10% 9.0% 1,000 5.9% CAGR 6.6% 5.7% 5.4% 800 5% 4.3% 600 0.5% 400 0% -1.6% 200 - -5% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 Q1 2015 2016 International Passenger Domestic Passenger Total Passenger Change YoY (%) Source: Bangkok Airways Plc. Performance Highlight Ratio of Passenger by Type Q1 2016 No of Passengers Change Domestic Domestic 216,052 (+21.4%) Passenger 42.1% International 57.9% International 156,938 (+14.7%) Passenger Total 372,990 (+18.5%) 9
SPF Performance - Q1 2016 Samui Airport Property Fund (Leasehold) No of Aircraft Major Airlines to Number of Aircraft (Thousand Persons) 16,000 20% Samui airport 16.0% 14,000 16% YOY Change of number 12,000 of Aircraft (%) 12% 11.6% 10,000 9.6% 8,000 8% 7.6% 4.3% CAGR 6,000 5.0% 4.2% 4% 4,000 0.1% 0% Type of Flight 2,000 -1.0% -2.1% 0 -4% Cessna 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 Q1 (Type 1) 2015 2016 Type 1 Type 2 Type 3 Type 4 Total Flight Change YoY (%) Dash 7 Source: Bangkok Airways Plc. (Type 2) Ratio of Aircraft by Type Performance Highlight ATR (Type 3) Q1 2016 No of Change Q1 2016 No of Change Type 1 Type 2 Aircraft Aircraft 1.0% 0.5% Airbus Type 1 40 (+25.0%) Type 3 1,447 (+1.8%) (Type 4) Type 2 21 (-61.6%) Type 4 2,521 (+28.3%) Total 4,029 (+16.0%) Type 3 Type 4 35.9% 62.6% 10
SPF Performance - Q1 2016 Samui Airport Property Fund (Leasehold) Fund Revenue Annual revenue by year May 2014 – Mar 2015 Nov – Dec 2013 ; - Martial Law 1,400 25% - Protest in Sep 2011 ; Bangkok 20.4% 1,200 - Great flood YOY Change of revenue (%) 20% Fund Revenue (Unit: MB) Nov 2008 ; Apr – May 2010 ; - Political Issue Apr 2009; - Political Unrest 1,000 - Suvarnabhumi 15.9% - Swine Flu 15% Airport closure 800 10% 8.3% 600 5.6% CAGR 6.0% 5.5% 5% 4.4% 400 3.6% 2.6% 0% -0.4% 200 - -5% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 Q1 2015 2016 Passenger Rev Aircraft Rev % Total Increase Source: Bangkok Airways Plc. Ratio of Fund Revenue Performance Highlight Q1 2016 Amount (mil. THB) Change 30.1% Aircraft Rev Aircraft Revenue 118 (+21.6%) Passenger Rev Passenger Revenue 274 (+19.9%) 69.9% Total 393 (+20.4%) 11
Balance Sheet Samui Airport Property Fund (Leasehold) Unit: THB Million except indicated Q1 2016 Q4 2015 Q-o-Q 10,287 10,028 3% Investments in leasehold rights to properties at fair value 365 291 25% Cash and near cash 127 113 12% Accounts receivable 3% Total Assets 10,780 10,433 0% Other Assets 0.05 0.05 0% Account payable and Accrued 3 3 expenses 0% Deposits received from customer 48 48 9 10 (-15%) Other liabilities (-2%) Total Liabilities 60 62 0% Capital received from unitholders 9,500 9,500 1,511 1,163 30% Retained earnings 10,719 10,371 3% Net Asset Values 11.2836 10.9168 3% NAV per unit (THB) 12
Profit & Loss Samui Airport Property Fund (Leasehold) Unit: THB Million except Q1 2016 Q4 2015 Q-o-Q Q1 2015 Y-o-Y indicated Property Level Income from investments in 393 304 29% 326 20% leasehold rights to properties Net Income at property level 326 20% 29% 393 304 Fund Level Other Income 2 (-50%) 1 1 0% Fund management fee and (10) 0% 0% (10) (10) others Net investment income 318 21% 30% 384 295 Net realised gains (losses) on 0 0% 0 0 0% investments Net unrealised gains (losses) on (-58) 347% 259 (-31) 735% investments Net Increase in net assets 260 147% 643 264 144% 13
Shareholder Structure and Dividend Samui Airport Property Fund (Leasehold) Dividend Policy Total Distribution Listed on the SET Nov 24, 2006 - Quarterly dividend payment since inception: Outstanding Units 950 mil. units 9.7010 THB/unit - 90% minimum payout of net investment income Par value (as of IPO) 10.000 THB/unit NAV (as of Mar 2016) 11.2835 THB/unit 1.40 1.2500 1.2500 1.2900 Market price as of Mar 2016) 23.8 THB/unit 1.1550 1.20 DPU (THB/share) Unitholders Information 1.00 0.9900 0.9229 0.9250 0.80 0.7521 THAI 90.3% 21.2% growth 0.7660 0.60 30.4% Bangkok Airways Plc. (sponsor) 0.3300 0.4000 0.40 32.2% Institutional Investor 0.20 27.7% Retail Investor 0.00 Foreign 9.7% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 Q1 2015 2016 8.5% Institutional Investor Source: SPF 1.1% Retail Investor Q1 Q1 (as of 25 February 2016) (THB per share) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 2016 8.85 4.94 8.35 9.70 9.75 16.8 16.0 17.3 19.9 17.2 23.5 Market Price* Annualized Yield 10.4% 15.5% 9.0% 9.5% 10.2% 6.9% 7.8% 7.2% 6.5% 7.2% 5.8% [Note] *Market price as of end of each period 14
Fund Prospect
Fund Prospect Samui Airport Property Fund (Leasehold) Macro Operator Fund • Growth of Thai • New route (+) • Fully realized Tourism industry • Increase flights • international PSC (+) (+) to existing • Airport renovation • Corporate & routes (+) • plan (+) personal tax • More codeshare incentive (+) partners (+) • Multiple Entry visa • Increase fleets (+) (+) • Political risk (-) 16
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