SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD. Corporate Presentation 2016
Overview Financial Summary Project Update 2
Overview Founded : 1994 Vision “Unlike other developers, we create a place for people Staff: 78 first then for business . “ Centers: 22 3
Business Model Total Rental Space 408,563 sq.m. with 22 Centers 32%, 60% 242,713 sq.m. 131,901 sq.m. 15 centers 4 centers: Shopping Center -Petchkasem Development -Ekkamai -Ratchayothin -Mega Bangna • Neighborhood Center • Lifestyle Center • Power Center • Entertainment Center • Convenience Center • Stand-Alone Retail Center 8%, • Super Regional Center 33,949 sq.m. 3 centers: -La Villa -Piyarom Place -The Avenue Changwattana 4
Development Timeline 1994 2002 Established “Siam Future Listed in MAI and 2011 Development” opened “ Thonglo ” Open “ Nawamin Festival Walk” 1995 Opened first open-air 2006 shopping center Completed Changwattana ” , 2003 “ Bangbon ” “La - villa” and “Esplanade” Listed in SET 1998 PP to Major Cineplex Group and Opened opened “ Thungmahamek ” “ Sukhumvit 71 ” 2004 2007 Opened “ Changwattana ”, Opened “ Pattaya ” and “Ladprao 120 ”, ” Chachoengsao ”, 1996 “Kao -yai ” “ Piyarom Place” and “J Avenue” Opened “ Prachautid ” and “ Sukaphiban 3 ” 2005 Opened “ Wanghin 2 ” , 2012 2009 2000 Open “ 1 st IKEA Store in “ Petchkasem ” and “ Ekkamai ” Opened “ Nawamin Opened 2 Convenient centers Mega Bangna ” City Avenue” and 8 B-quik centers 2008 Opened “ Nawamin ” and “ Ratchayothin ” 5
Leasable Area and Occupancy 2014 2015 2016 Average size Format No. of GLA No. of GLA No. of GLA (sq.m.) centers (sq.m.) centers (sq.m.) centers (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 1 43,241 1 43,241 1 43,241 43,000 Center Neighborhood 7 38,389 7 38,389 7 38,389 5,500 Center Convenience 2 1,178 2 1,178 2 1,178 600 Center Automotive 3 1,172 2 829 2 829 400 Service center 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 % *Gross Leasable Area 6
Shareholding Structure Jantaraprapa Group 4% Witoonchart group Suttapong 10% Group 7% Pojkasemsin Major Cineplex Group PLC. Management Group 24% 25% 3% Local Institutions Foreigners 4% Freefloat 17% 51% Retails 31% Number of shares: 1,776.61 Million 7 Source: Shareholder list as of 31 Dec 16
Overview Financial Summary Project Update 8
Balance Sheet Million Baht 16,000 14,920 14,422 14,000 12,460 12,002 12,000 9,632 10,000 8,906 8,000 7,146 6,430 5,572 5,289 5,516 6,000 5,314 4,000 2,000 0 Y2013 Y2014 Y2015 Y2016 Assets Liabiilites Equity 9
Income Statement (Management Account) (Million Baht) 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 - - Fair value adjustment on IP * – SF (after tax) 13 165 161 679 246 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 98 % 93 % 17 Average Occupancy Rate (%) 94% 93% 10 Remarks: * Fair value adjustment on Investment Property= Depreciation & Amortization + Gain (Loss) from revaluation
Rental Structure by Revenue by GLA Revenue Share 10% Revenue Share 31% Fixed Rent 69% Fixed Rent 90% 11 As of 31 Dec 2016
Costs Breakdown SG&A Breakdown Land Rent Marketing Depreciation & Admin 16% 17% Amortization 21% 26% Operating Depreciation 6% 19% Personnel Utilities 55% 36% As of 31 Dec 2016 12
Debt Structure (MB) As of Dec 15 As of Dec 16 Total Debt = 1,950 MB Total Debt = 1,550 MB 100% Debenture 77% Debenture Average interest rate = 4.83% Average interest rate = 4.43% Repayment schedule (MB) Repayment schedule (MB) 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Bond - 750 700 - - 500 Bond - - 700 - - 500 P/N, - - 200 - - - D:E Ratio B/E - - 150 - - - Y10 = 0.53 Y13 = 0.33 Y11 = 0.47 Y14 = 0.27 Y12 = 0.33 Y15 = 0.22 Y16 = 0.16 13
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 266 - Dividend 5:1 0.13889 * Dividend/share 0.15 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 15
Expansion Plan * GLA (sq.m.) 98% 98% 98% 97% 97% 97% 450,000 100% 95% 95% 95% 95% 94% 93% 93% 95% 400,000 90% 350,000 85% 140,000 140,000 140,000 140,000 140,000 300,000 80% Mega Bangna 250,000 75% Existing 70% 200,000 65% Occupancy Rate 237,308 235,229 224,120 231,795 229,600 150,000 228,906 228,563 228,563 229,600 188,514 219,641 60% 100,000 55% 63,344 96,837 50,000 50% 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 Type of Center Location Existing GLA Future GLA CAPEX Target Opening (sq.m.) (sq.m.) Date Lifestyle Center Nanglinchee 3,000 11,500 608 MB Q3,2018 (expansion) Lifestyle Center Thonglor 4 3,000 14,000 100 MB 2018 (redevelopment) (Land lease renewal) TOTAL 6,000 25,500 708 MB 16 * Subject to change upon future situation
Marketplace NANGLINCHEE (expansion) Lifestyle center Shopping centre format 11,500 sq.m. (+8,500) GLA Tops Market Anchor Target Opening Q3 2018 17
Marketplace NANGLINCHEE (expansion) 18
Marketplace THONGLOR 4 (redevelopment) Lifestyle center Shopping centre format 14,000 sq.m. (+11,000) GLA Tops Market Anchor Target Opening 2018 19
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MEGA BANGNA, Fact Sheet Land Area 254 Rais (406,400 sq.m.) Tenants 440 shops Building Area 400,000 sq.m. Parking Space 8,000 cars & 2,200 motorcycles Leasable Area 180,000 sq.m. Opening 5 May 2012 21
MEGA BANGNA, Tenants Mix Anchors 91,500 sq.m. Tenants 55,500 sq.m. 34% 24% 51% Mini-anchors 33,000 sq.m. 31% 18% 43% NEW COMERS 22
Car Numbers Visitor Numbers (Mil. People) (Mil. cars) 4% 35 12 7% 10.1 7% 11% 29 28 9.4 30 10% 10 7% 8.3 25 7.6 23 25 8 20 6 15 4 10 2 5 0 0 2013 2014 2015 2016 2013 2014 2015 2016 Occupancy Rate (Dec 16) In line units 100% Common Area 99 % 23
MEGA Mixed Use Project 24
10. MEGA Mixed Use Project Million Baht WWTP 1. Plot H (Retail 1,050 Expansion & Garage) 2. Accessibility 104 improvement Plot A 3. New waste water 134 treatment plant 4. Plot A 66 (Land preparation) Total 1,430 Plot H 25
10. MEGA Mixed Use Project Land Area: 10 Rais (16,000 sq.m.) 1. Plot H 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 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 26 Timeline: Q4-16 to Q3-17
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