SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD. Corporate Presentation 2017
Presentation Agenda Overview Financial Summary Project Update 2
Overview Founded : 1994 Vision “Unlike other developers, we create a place for people Staff: 75 first then for business . “ Centers: 22 3
Development Timeline 1994 2002 Established “Siam Future Listed in MAI and Development” opened “ Thonglor ” 2011 - Open 1 st IKEA Store in Thailand 1995 - Open “ Nawamin Festival Walk” Opened first open-air 2006 shopping center Completed Changwattana ” , 2003 “ Bangbon ” “La - villa” and “Esplanade” 2017 Listed in SET - Open “ Plot H at Megabangna ” 1998 PP to Major Cineplex Group and - Open “Marketplace Nanglinchee Opened opened “ Thungmahamek ” Phase 1” “ Sukhumvit 71” 2012 Open Megabangna 2004 2007 Opened “ Changwattana ”, Opened “ Pattaya ” and “Ladprao120”, ” Chachoengsao ”, 1996 “Kao -yai ” “ Piyarom Place” and “J Avenue” Opened “ Prachautid ” and “ Sukaphiban 3” 2005 Opened “ Wanghin 2” , 2009 2000 “ Petchkasem ” and “ Ekkamai ” Opened “ Nawamin Opened 2 Convenient centers City Avenue” and 8 B-quik centers 2008 Opened “ Nawamin ” and “ Ratchayothin ” 4
Leasable Area and Occupancy 2017 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 6 77,709 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 42,000 5,500 Center Convenience 2 1,178 2 1,178 2 1,178 600 Center Automotive 2 829 2 829 2 997 400 Service center Super Regional 1 180,000 1 180,000 1 191,216 191,216 Total 22 408,563 22 408,563 22 423,558 19,253 Occupancy Rate 98% 93 % 88% Note: GLA = Gross Leasable Area 5
Shareholding Structure Jantaraprapa Group 4% Witoonchart group Suttapong 10% Group Major Cineplex Management 7% Pojkasemsin Group PLC. Group 23% 26% 3% Local Institutions Foreigners 4% Freefloat 16% 51% Retails 30% Number of shares: 1,776.61 Million 6 Source: Shareholder list as of 31 Dec 17
Presentation Agenda Overview Financial Summary Project Update 7
Balance Sheet Million Baht 20,000 17,240 18,000 16,000 14,920 14,422 14,000 12,460 11,144 12,000 9,632 10,000 8,906 7,146 8,000 6,095 5,314 5,289 6,000 5,516 4,000 2,000 0 Y2014 Y2015 Y2016 Y2017 Assets Liabiilites Equity 8
Income Statement (Management Account) (Million Baht) 2014 2015 2016 2017 1 Recurring Revenue 1,394 1,429 1,431 1,414 2 Cost of rental & service (955) (909) (911) (932) 3 Gross profit 439 520 520 482 4 SG&A (229) (233) (238) (242) 5 EBIT 210 287 282 239 6 Interest expenses (95) (96) (75) (71) 7 Income tax (32) (38) (46) (22) 8 Minority (18) (21) (18) (17) 9 Recurring profit (excl. Megabangna) 65 131 143 130 10 Profit from joint venture 191 201 281 370 11 Total recurring profit 256 332 424 499 %growth (YOY) 48% 30% 28% 18% Total recurring profit per share (Baht/share) 0.18 0.20 0.24 0.28 12 Add: Profit from Fin Lease (after tax) 2 - - - Fair value adjustment on IP * – SF (after tax) 13 161 679 246 253 14 Fair value adjustment on IP – Megabangna (49%) 284 397 294 1,088 15 Net profit 700 1,408 964 1,841 Earnings per share (EPS) (Baht/share) 0.49 0.85 0.54 1.04 93 % 93 % Average Occupancy Rate (%) 93% 88% Average number of shares (million shares) 1,431 1,665 1,777 1,777 Dividend per share (Baht/share) Stock dividend 5:1 0.15 0.20 0.25 Dividend Yield (%) n.a. 2.40% 3.25% 3.21% 9 Remarks: * Fair value adjustment on Investment Property= Depreciation & Amortization + Gain (Loss) from revaluation
Profit Structure Megabangna’s Recurring Profit Million Baht Esplanade, 900 8% 818 800 J Avenue, 700 634 4% 600 La Villa, 4% 474 500 Megabangna, 393 Petchkasem 72% 400 , 2% 300 240 Others, 6% 200 89 100 - 2012 (8m) 2013 2014 2015 2016 2017 As of 30 Sep 2017 10
Rental Structure by GLA by Revenue 17% 27% Revenue Sharing Revenue Sharing 83% 73% Fixed Rent Fixed Rent Fixed Rent 73% As of 31 Dec 2017 11
Costs Breakdown SG&A Breakdown Marketing Land Rent Admin Depreciation & 17% 19% Amortization 20% Depreciation 6% 32% Operating Personnel Utilities 58% 26% 22% As of 30 Sep 2017 12
Debt Structure As of Dec-16 As of Dec-17 Total Debt = 1,550 million Baht Total Debt = 2,221 million Baht Average interest rate = 4.43% Average interest rate = 3.76% D:E Ratio 0.27 0.3 0.22 0.20 0.2 0.16 0.1 - Y2014 Y2015 Y2016 Y2017 13
Stock Information and Dividend INDEX 2014 2015 2016 2017 SET Index 1,498 1,288 1,543 1,754 SF (stock price) 6.25 6.25 6.15 7.80 Market Cap (MB) 9,256 11,104 10,926 13,858 Dividend Summary Par Value (Baht) 1.00 1.00 1.00 1.00 Dividend Paid (MB) Stock Dividend 266 355.3 444.2 5:1 Dividend/share (Baht) 0.22223 0.15 0.20 0.25 Dividend Payout Ratio N.A. 80% 84% 89% Statistics as of 29 Dec 17 * Stock Price 7.80 Par Value (Baht) 1.00 Share Capital (M shares) 1,776.61 P/E (times) 13.62 Market Cap (MB) 13,858 P/BV (times) 1.49 * Source: www.set.or.th 14
Presentation Agenda Overview Financial Summary Project Update 15
Expansion Plan* GLA (sq.m.) 98% 98% 98% 97% 97% 95% 95% 94% 93% 93% 500,000 88% 18,360 450,000 11,000 6,540 4,500 400,000 6,500 11,000 350,000 6,500 180,000 180,000 180,000 180,000 180,000 180,000 180,000 300,000 250,000 200,000 150,000 237,308 235,229 231,795 229,600 229,600 228,906 228,563 228,563 224,120 225,686 219,641 213,276 100,000 50,000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F Existing Megabangna Nanglinchee-Ph.1 Megabangna Retail expansion (Plot H) Nanglinchee-Ph.2 Dusit Megabangna Retail expansion (Plot A) Occupancy Rate * Subject to change upon future situation 16
Expansion Plan* Project Objective Existing GLA Future GLA CAPEX Target Opening (sq.m.) (sq.m.) (mil baht) Date SF • Nanglinchee Lifestyle Center 2,900 11,000 660 Phase 1: Nov-17 (expansion) Phase 2: Sep-18 • Dusit Lifestyle Center - 6,540 295 Dec-18 • Thonglor 4 Lifestyle Center 3,600 15,500 850 Y2020 (redevelopment) Total 6,500 33,040 1,855 Megabangna & Megacity • Plot H Retail extension + - 11,000 1,080 Dec-17 Parking • New Ring Road Car and - n.a. 115 Dec-17 Pedestrian link • Plot A (land lease Outdoor - 18,000 150 May-18 only) entertainment + Leisure for family • Plot D Edutainment - 8,500 350 Mar-19 Total - 37,500 1,695 17 * Subject to change upon future situation
Marketplace Nanglinchee (Expansion) Shopping centre format Lifestyle center GLA 11,000 sq.m. Anchor Tops Market Target Opening Phase 1: Nov-17 Phase 2: Sep-18 18
Market Place Dusit Shopping centre format Lifestyle center GLA 6,540 sq.m. Anchor Tops Market Target Opening Dec-18 19
Marketplace Thonglor4 (Redevelopment) Shopping centre format Lifestyle center GLA 15,500 sq.m. Anchor Tops Market Target Opening Y2020 20
Megabangna, Fact Sheet Land Area 254 Rais (406,400 sq.m.) Tenants Building Area 400,000 sq.m. - In line units 511 shops Leasable Area 191,000 sq.m. - Common area units 355 shops Opening 5 May 2012 Parking Space 8,160 cars & 1,587 motorcycles 22
Megabangna, Tenants Mix Anchors: 102,000 sq.m. 52% 34% 14% Mini-anchors: 24,000 sq.m. Tenants: 58,000 sq.m. 23
Megabangna Transformation to Megacity 24
Megabangna&Mega City: Land Plot Summary 25
Retail Expansion and Parking Deck Project Location Plot H Land Area 6.5 Rai Leasable Area 11,000 sq.m. Parking Space 1,100 cars Opening Dec-17 26
Plot H: Tenants
New Ring Road - Car and Pedestrian link Opening: Dec-17 28
Retail Expansion – Outdoor Entertainment & Leisure Project Location Plot A Leasable Area 18,000 sq.m. Opening May-18 29
Retail Expansion – Edutainment Project Location Plot D Leasable Area 8,500 sq.m. Opening Mar-19 30
For Further Information Contact: Investor Relations Team Tel (662) 660-9464 Tel (662) 660-9465 Tel (662) 660-9474 Fax (662) 660-9020 E-mail panravee@siamfuture.com woramon@siamfuture.com kulwanida@siamfuture.com Website www.siamfuture.com 31
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