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3BB INTERNET INFRASTRUCTURE FUND — Interim / Quarterly Report 2021
Nov 9, 2021
75066_rns_2021-11-09_0cfcee5c-1964-4441-9850-35937c499265.pdf
Interim / Quarterly Report
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Jasmine Broadband Internet Infrastructure Fund
Management Discussion & Analysis for Q3/21
9 Nov 2021
QUARTERLY HIGHLIGHTS
Translation
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Total income in Q3/21 was THB 2,540.66 mn, decreased 0.01% YoY and increased 0.04% QoQ.
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Net investment income in Q3/21 was THB 2,174.51 mn, an increase of 0.21% YoY and decrease of 0.04% QoQ.
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As of 30 Sep 2021, Net Asset Value (NAV) was THB 88,273.72 mn, equivalent to THB 11.0342 per unit.
FINANCIAL PERFORMANCE
| (THB mn) | Q3/21 | Q3/20 | % Change (YoY) |
Q2/21 | % Change (QoQ) |
|---|---|---|---|---|---|
| Total income | 2,540.66 | 2,540.91 | (0.01)% | 2,539.54 | 0.04% |
| Rental income | 2,535.95 | 2,535.94 | 0.00% | 2,535.95 | 0.00% |
| Interest income | 4.38 | 4.97 | (11.87)% | 3.59 | 22.01% |
| Other income | 0.33 | 0.00 | N.A. | 0.00 | N.A. |
| Total expenses | 366.15 | 370.96 | (1.30)% | 364.20 | 0.54% |
| Fund management fee and expenses | 30.40 | 31.49 | (3.46)% | 30.10 | 1.00% |
| Operating expenses | 132.25 | 130.31 | 1.49% | 131.90 | 0.27% |
| Finance costs | 199.67 | 206.95 | (3.52)% | 200.13 | (0.23)% |
| Other expenses | 3.83 | 2.21 | 73.30% | 2.07 | 85.02% |
| Net investment income | 2,174.51 | 2,169.95 | 0.21% | 2,175.34 | (0.04)% |
| Net realised gains from investments | 0.00 | 0.00 | N.A. | 0.00 | N.A. |
| Gains (Losses) from changes in fair value of investments | (499.93) | 299.96 | (266.67)% | (100.13) | (399.28)% |
| Increase in net assets from operations | 1,674.58 | 2,469.91 | (32.20)% | 2,075.21 | (19.31)% |
Q3/21 PERFORMANCE
TOTAL INCOME
Total income for Q3/21 was THB 2,540.66 mn, decreasing 0.01% YoY and increasing 0.04% QoQ, mainly came from rental income from Optical Fiber Cables of THB 2,535.95 mn, no change on YoY and QoQ. Interest income was THB 4.38 mn, decreasing 11.87% YoY and increasing 22.01% QoQ.
TOTAL EXPENSES
Total expenses in Q3/21 were THB 366.15 mn, decreasing 1.30% YoY and increasing 0.54% QoQ. Fund management fee and expenses were THB 30.40 mn, decreasing 3.46% YoY and increasing 1.00% QoQ. Operating expenses were THB 132.25 mn, increasing 1.49% YoY and increasing 0.27% QoQ (composed of Optical Fiber Cables maintenance expenses THB 100.33 mn, right of way expenses THB 29.42 mn and insurance expenses THB 2.50 mn). Finance Costs were THB 199.67 mn, decreasing 3.52% YoY and decreasing 0.23% QoQ. Other expenses were THB 3.83 mn, increasing 73.30% YoY and increasing 85.02% QoQ.
NET INVESTMENT INCOME
JASIF recorded net investment income of THB 2,174.51 mn in Q3/21, increasing 0.21% YoY and decreasing 0.04% QoQ. Losses from changes in fair value of investments was THB 499.93 mn. (In Sep 2021, the Fund engaged an independent appraiser to appraise the fair value of the investments. The Fund revalued such investments to be new fair value of THB 99,700.00 mn, resulting in losses from changes in fair value of investments THB 500.00 mn from this appraisement). Increase in net assets from operations was THB 1,674.58 mn, decreasing 32.20% YoY and decreasing 19.31% QoQ.
MD&A for Q3/21
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Jasmine Broadband Internet Infrastructure Fund
Management Discussion & Analysis for Q3/21
9 Nov 2021
BALANCE SHEET
| THB mn | 30-Sep-21 | 30-Jun-21 |
|---|---|---|
| Investment in OFCs | 99,700.00 | 100,200.00 |
| Investment in securities at fair value and Cash at bank | 4,128.13 | 4,037.78 |
| Other assets | 11.41 | 13.17 |
| Total Asset | 103,839.54 | 104,250.95 |
| Total Liabilities | 15,565.82 | 15,731.81 |
| Net Asset Value | 88,273.72 | 88,519.14 |
| Capital Received from Unitholders | 76,683.80 | 76,683.80 |
| Retain Earnings | 11,589.92 | 11,835.34 |
| NAVper Unit(THB) | 11.0342 | 11.0648 |
Total assets of JASIF as of 30 Sep 2021 stood at THB 103,839.54 mn. The main component was Investment in Optical Fiber Cables (OFCs) of THB 99,700.00 mn, Investment in securities at fair value and cash at bank of THB 4,128.13 mn and other assets of THB 11.41 mn. Total liabilities stood at THB 15,565.82 mn. Net Asset Value (NAV) as of 30 Sep 2021 was THB 88,273.72 mn, equivalent to THB 11.0342 per unit.
Long-term loan repayment amount detail for the year 2021
| (THB mn) | Q1/2021 (5th) |
Q2/2021 (6th) |
Q3/2021 (7th) |
Q4/2021 (8th) |
Total 2021 |
|---|---|---|---|---|---|
| Long-term loan repayment amount | 200.00 | 200.00 | 200.00 | 200.00 | 800.00 |
JASIF had long-term loan repayment in amount of THB 200.00 mn. for Q3/21. And JASIF has made long-term loan repayment totaling 600.00 mn from Q1/21 to Q3/21.
Other Information
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At currently, OFCs transferred to JASIF were totally 1,680,500 core kilometers. The assets consist of initial assets with the amount of 980,500 core kilometers and additional assets amount of 700,000 core kilometers.
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In 2021 rental rate for the Amended and Restated Main Lease Agreement is THB 436.29 per core kilometer per month and rental rate for the Amended and Restated Rental Assurance Agreement is THB 769.91 per core kilometer per month. (The change in the Thailand CPI in 2020 announced by the Ministry of Commerce on 5 January 2021 was -0.85%, therefore the rental rate in 2021 is equal to the rental rate in 2020.)
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OFCs maintenance fee for the period of 2021 is THB 238.81 per core kilometer per year.
MD&A for Q3/21
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