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3BB INTERNET INFRASTRUCTURE FUND — Management Reports 2023
Nov 7, 2023
75066_rns_2023-11-07_1d3fb213-ccf5-46a7-b03c-92d3465337ca.pdf
Management Reports
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Jasmine Broadband Internet Infrastructure Fund
Management Discussion & Analysis for Q3/23
7 November 2023
QUARTERLY HIGHLIGHTS
Translation
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Total income in Q3/23 was THB 2,337.25mn, decreased 9.16% YoY and decreased 12.20% QoQ.
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Net investment income in Q3/23 was THB 1,938.71mn, a decrease of 12.48% YoY and decrease of 14.46% QoQ.
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As of 30 September 2023, Net Asset Value (NAV) was THB 68,002.15mn, equivalent to THB 8.5002 per unit.
FINANCIAL PERFORMANCE
| (THB mn) | Q3/2023 | Q3/2022 | % Change (YoY) |
Q2/2023 | % Change (QoQ) |
|---|---|---|---|---|---|
| Total income | 2,337.25 | 2,572.88 | (9.16)% | 2,662.07 | (12.20)% |
| Rental income | 2,313.43 | 2,567.15 | (9.88)% | 2,644.17 | (12.51)% |
| Interest income | 21.05 | 5.73 | 267.36% | 17.10 | 23.10% |
| Other income | 2.77 | 0.00 | N.A. | 0.80 | 246.25% |
| Total expenses | 398.54 | 357.66 | 11.43% | 395.52 | 0.76% |
| Fund management fee and expenses | 28.27 | 30.55 | (7.46)% | 28.63 | (1.26)% |
| Operating expenses | 140.57 | 135.70 | 3.59% | 140.20 | 0.26% |
| Finance costs | 224.06 | 187.61 | 19.43% | 221.30 | 1.25% |
| Other expenses | 5.65 | 3.80 | 48.68% | 5.39 | 4.82% |
| Net investment income | 1,938.71 | 2,215.22 | (12.48)% | 2,266.55 | (14.46)% |
| Net realised gains from investments | 0.00 | 0.00 | N.A. | 0.00 | N.A. |
| Gains (Losses) from changes in fair value of investments | (12,200.04) | (800.08) | (1,424.85)% | (2,199.90) | (454.57)% |
| Increase (Decrease) in net assets from operations | (10,261.33) | 1,415.14 | (825.11)% | 66.65 | (15,495.84)% |
Q3/23 PERFORMANCE
TOTAL INCOME
Total income for Q3/23 was THB 2,337.25mn, decreasing 9.16% YoY and decreasing 12.20% QoQ, mainly came from rental income from Optical Fiber Cables of THB 2,313.43mn, decreasing 9.88% YoY and decreasing 12.51% QoQ. Interest income was THB 21. 05 mn, increasing 267. 36% YoY and increasing 23. 10% QoQ. Other income was THB 2.77mn, increasing 246.25% QoQ.
TOTAL EXPENSES
Total expenses in Q3/23 were THB 398.54mn, increasing 11.43% YoY and increasing 0.76% QoQ. Fund management fee and expenses were THB 28.27mn, decreasing 7.46% YoY and decreasing 1.26% QoQ. Operating expenses were THB 140.57mn, increasing 3.59% YoY and increasing 0.26% QoQ (composed of Optical Fiber Cables maintenance expenses THB 106.43mn, right of way expenses THB 31.88mn and insurance expenses THB 2.26mn). Finance Costs were THB 224.06mn, increasing 19.43% YoY and increasing 1.25% QoQ. Other expenses were THB 5.65mn, increasing 48.68% YoY and increasing 4.82% QoQ.
NET INVESTMENT INCOME
JASIF recorded net investment income of THB 1,938.71mn in Q3/23, decreasing 12.48% YoY and decreasing 14.46% QoQ. Losses from changes in fair value of investments was THB 12,200.04mn. (In September 2023, 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 76,700.00mn, resulting in losses from changes in fair value of investments THB 12,200.04mn from this appraisement). Net assets from operations was decreased THB (10,261.33mn), dropped 825.11% YoY and dropped 15,495.84% QoQ.
MD&A for Q2/23
1
Jasmine Broadband Internet Infrastructure Fund
7 November 2023
Management Discussion & Analysis for Q3/23
BALANCE SHEET
| THB mn | 30-Sep-23 | 30-Jun-23 |
|---|---|---|
| Investment in OFCs | 76,700.00 |
88,900.00 |
| Investment in securities at fair value and Cash at bank | 4,266.88 | 4,927.91 |
| Other assets | 534.56 |
11.89 |
| Total Asset | 81,501.44 |
93,839.80 |
| Total Liabilities | 13,499.29 |
13,736.32 |
| Net Asset Value | 68,002.15 | 80,103.48 |
| Capital Received from Unitholders | 76,683.80 |
76,683.80 |
| Retain Earnings | (8,681.65) | 3,419.68 |
| NAV per Unit (THB) | 8.5002 | 10.0129 |
Total assets of JASIF as of 30 September 2023 stood at THB 81,501.44mn. The main component was Investment in Optical Fiber Cables (OFCs) of THB 76,700.00mn, Investment in securities at fair value and cash at bank of THB 4,266. 88mn and other assets of THB 534.56mn. Total liabilities stood at THB 13,499.29mn. Net Asset Value (NAV) as of 30 September 2023 was THB 68,002.15mn, equivalent to THB 8.5002 per unit.
Long-term loan repayment amount detail for the year 2023
| (THB mn) | Q1/2023 (13th) |
Q2/2023 (14th) |
Q3/2023 (15th) |
Q4/2023 (16th) |
Total 2023 |
|---|---|---|---|---|---|
| Long-term loan repayment amount | 287.50 | 287.50 | 287.50 | 287.50 | 1,150.00 |
JASIF had long-term loan repayment in amount of THB 287.50mn. for Q3/23.
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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• Rental rate in 2023
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Rental rate for the Amended and Restated Main Lease Agreement is THB 454.91 per core kilometer per month. (The change in the Thailand CPI in 2022 announced by the Ministry of Commerce on 5 January 2023 was +6.08%, therefore the rental rate in 2023 will be increased 3.00%.)
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Rental rate for the Amended and Restated Rental Assurance Agreement is THB 802.76 per core kilometer per month, which will be collected until 24 August 2023 reflected the resolution of the EGM 1/2023 (for more details please see https://investor-th.jas-if.com/shareholder_meeting.html)
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OFCs maintenance fee for the period of 2023 is THB 253.35 per core kilometer per year.
MD&A for Q2/23
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