AI assistant
3BB INTERNET INFRASTRUCTURE FUND — Management Reports 2022
Feb 21, 2022
75066_rns_2022-02-21_1b6d448f-8211-4433-bae7-6aaafd9e0a96.pdf
Management Reports
Open in viewerOpens in your device viewer
Jasmine Broadband Internet Infrastructure Fund
Management Discussion & Analysis for Q4/21
21 Feb 2022
Translation
QUARTERLY HIGHLIGHTS
-
Total income in Q4/21 was THB 2,541.22 mn, decreased 0.02% YoY and increased 0.02% QoQ.
-
Net investment income in Q4/21 was THB 2,202.74 mn, an increase of 0.04% YoY and increase of 1.30% QoQ.
-
As of 31 Dec 2021, Net Asset Value (NAV) was THB 89,016.43 mn, equivalent to THB 11.1270 per unit.
FINANCIAL PERFORMANCE
| (THB mn) | Q4/21 | Q4/20 | % Change (YoY) |
Q3/21 | % Change (QoQ) |
FY21 | FY20 | % Change (YoY) |
|---|---|---|---|---|---|---|---|---|
| Total income | 2,541.22 | 2,541.62 | (0.02)% | 2,540.66 | 0.02% | 10,161.57 | 10,171.57 | (0.10)% |
| Rental income | 2,535.95 | 2,535.96 | 0.00% | 2,535.95 | 0.00% | 10,143.78 | 10,143.78 | 0.00% |
| Interest income | 5.27 | 4.92 | 7.11% | 4.38 | 20.32% | 17.46 | 27.05 | (35.45)% |
| Other income | 0.00 | 0.74 | N.A. | 0.33 | N.A. | 0.33 | 0.74 | (55.41)% |
| Total expenses | 338.48 | 339.79 | (0.39)% | 366.15 | (7.56)% | 1,431.59 | 1,571.35 | (8.89)% |
| Fund management fee and expenses | 33.22 | 31.31 | 6.10% | 30.40 | 9.28% | 121.93 | 123.73 | (1.45)% |
| Operating expenses | 107.33 | 99.13 | 8.27% | 132.25 | (18.84)% | 503.03 | 489.34 | 2.80% |
| Finance costs | 196.97 | 205.96 | (4.36)% | 199.67 | (1.35)% | 797.31 | 948.19 | (15.91)% |
| Other expenses | 0.96 | 3.39 | (71.68)% | 3.83 | (74.93)% | 9.32 | 10.09 | (7.63)% |
| Net investment income | 2,202.74 | 2,201.83 | 0.04% | 2,174.51 | 1.30% | 8,729.98 | 8,600.22 | 1.51% |
| Net realised gains from investments | 0.00 | 0.00 | N.A. | 0.00 | N.A. | 0.00 | 0.03 | N.A. |
| Gains (Losses) from changes in fair value of investments | 299.97 | 400.46 | (25.09)% | (499.93) | 160.00% | (700.47) | 500.44 | (239.97)% |
| Increase in net assets from operations | 2,502.71 | 2,602.29 | (3.83)% | 1,674.58 | 49.45% | 8,029.51 | 9,100.69 | (11.77)% |
Q4/21 PERFORMANCE
TOTAL INCOME
Total income for Q4/21 was THB 2,541.22 mn, decreasing 0.02% YoY and increasing 0.02% 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 5.27 mn, increasing 7.11% YoY and increasing 20.32% QoQ.
TOTAL EXPENSES
Total expenses in Q4/21 were THB 338.48 mn, decreasing 0.39% YoY and decreasing 7.56% QoQ. Fund management fee and expenses were THB 33.22 mn, increasing 6.10% YoY and increasing 9.28% QoQ. Operating expenses were THB 107.33 mn, increasing 8.27% YoY and decreasing 18.84% QoQ (composed of Optical Fiber Cables maintenance expenses THB 100.34 mn, right of way expenses THB 4.51 mn and insurance expenses THB 2.48 mn). Finance Costs were THB 196.97 mn, decreasing 4.36% YoY and decreasing 1.35% QoQ. Other expenses were THB 0.96 mn, decreasing 71.68% YoY and decreasing 74.93% QoQ.
NET INVESTMENT INCOME
JASIF recorded net investment income of THB 2,202.74 mn in Q4/21, increasing 0.04% YoY and increasing 1.30% QoQ. Gains from changes in fair value of investments was THB 299.97 mn. (In Dec 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 100,000.00 mn, resulting in gains from changes in fair value of investments THB 300.00 mn from this appraisement). Increase in net assets from operations was THB 2,502.71 mn, decreasing 3.83% YoY and increasing 49.45% QoQ.
MD&A for Q4/21
1
Jasmine Broadband Internet Infrastructure Fund
Management Discussion & Analysis for Q4/21
21 Feb 2022
FY21 PERFORMANCE
TOTAL INCOME
Total income for FY21 was THB 10,161.57 mn, decreasing 0.10% YoY mainly came from rental income from Optical Fiber Cables THB 10,143.78 mn, not changed in YoY, (As of 31 December 2021 rental rate for the Amended and Restated Main Lease Agreement was THB 436.29 Baht per core kilometer per month and rental rate for the Amended and Restated Rental Assurance Agreement was THB 769.91 Baht per core kilometer per month. And Interest income was THB 17.46 mn, decreasing 35.45% YoY. And Other income was THB 0.33 mn, decreasing 55.41% YoY from prior year.
TOTAL EXPENSES
Total expenses for FY21 were THB 1,431.59 mn, decreasing 8.89% YoY. Fund management fee and expenses were THB 121.93 mn, decreasing 1.45% YoY. Operating expenses were THB 503.03 mn, increasing 2.80% YoY. (composed of Optical Fiber Cables maintenance expenses THB 401.32 mn, right of way expenses THB 91.82 mn and insurance expenses THB 9.89 mn). Finance Cost 797.31 mn decreasing 15.91% YoY and other expenses were THB 9.32 mn, decreasing 7.63% YoY.
NET INVESTMENT INCOME
JASIF recorded net investment income of THB 8,729.98 mn in FY21, increasing 1.51% YoY. Net losses from changes in fair value of investments were THB 700.47 mn.decreasing 239.97% YoY.Increase in net assets from operations was THB 8,029.51 mn, decreasing 11.77% YoY.
BALANCE SHEET
| THB mn | 31-Dec-21 | 30-Sep-21 |
|---|---|---|
| Investment in OFCs | 100,000.00 | 99,700.00 |
| Investment in securities at fair value and Cash at bank | 4,380.35 | 4,128.13 |
| Other assets | 16.41 | 11.41 |
| Total Asset | 104,396.76 | 103,839.54 |
| Total Liabilities | 15,380.33 | 15,565.82 |
| Net Asset Value | 89,016.43 | 88,273.72 |
| Capital Received from Unitholders | 76,683.80 | 76,683.80 |
| Retain Earnings | 12,332.63 | 11,589.92 |
| NAVper Unit(THB) | 11.1270 | 11.0342 |
Total assets of JASIF as of 31 Dec 2021 stood at THB 104,396.76 mn. The main component was Investment in Optical Fiber Cables (OFCs) of THB 100,000.00 mn, Investment in securities at fair value and cash at bank of THB 4,380.35 mn and other assets of THB 16.41 mn. Total liabilities stood at THB 15,380.33 mn. Net Asset Value (NAV) as of 31 Dec 2021 was THB 89,016.43 mn, equivalent to THB 11.1270 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 Q4/21. And JASIF has made long-term loan repayment totaling 800.00 mn from Q1/21 to Q4/21.
MD&A for Q4/21
2
Jasmine Broadband Internet Infrastructure Fund Management Discussion & Analysis for Q4/21
21 Feb 2022
Other Information
-
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.
-
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.)
-
OFCs maintenance fee for the period of 2021 is THB 238.81 per core kilometer per year.
MD&A for Q4/21
3