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3BB INTERNET INFRASTRUCTURE FUND — Management Reports 2025
Feb 6, 2025
75066_rns_2025-02-06_b7877c25-5475-4401-97f8-9c1799998d13.pdf
Management Reports
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Jasmine Broadband Internet Infrastructure Fund Management Discussion & Analysis for Q4/2024
6 February 2025
QUARTERLY HIGHLIGHTS
Translation
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Total income in Q4/2024 was THB 1,877.87mn, increased 1.00% YoY but decreased 0.36% QoQ. For FY2024, Total Income was THB 7,526.74mn, decreased 20.89% YoY. (Rental fee for the Amended and Restated Rental Assurance Agreement, collected until 24 August 2023)
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Net investment income in Q4/2024 was THB 1,520.91mn, increased of 2.38% YoY and increased 3.17% QoQ. Net investment income for FY2024 was THB 5,979.01mn, decreased 24.89% YoY. (The mainly caused from the Rental rate for the Amended and Restated Rental Assurance Agreement was THB 802.76 per core kilometer per month, which will be collected until 24 August 2023 reflected the resolution of the EGM # 1/2023)
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As of 31 Dec 2024, Net Asset Value (NAV) was THB 66,886.77mn, equivalent to THB 8.3608 per unit.
FINANCIAL PERFORMANCE
| (THB mn) | Q4/2024 | Q4/2023 | % Change (YoY) |
Q3/2024 | % Change (QoQ) |
FY2024 | FY2023 | % Change (YoY) |
|---|---|---|---|---|---|---|---|---|
| Total income | 1,877.87 | 1,859.29 | 1.00% | 1,884.66 | (0.36)% | 7,526.74 | 9,514.85 | (20.89)% |
| Rental income | 1,857.33 | 1,834.74 | 1.23% | 1,857.33 | 0.00% | 7,429.32 | 9,436.51 | (21.27)% |
| Interest income | 20.54 | 24.55 | (16.33)% | 27.33 | (24.84)% | 97.42 | 74.53 | 30.71% |
| Other income | 0.00 | 0.00 | N.A. | 0.00 | N.A. | 0.00 | 3.81 | (100.00)% |
| Total expenses | 356.96 | 373.76 | (4.49)% | 410.55 | (13.05)% | 1,547.73 | 1,554.07 | (0.41)% |
| Fund management fee and expenses | 24.12 | 24.87 | (3.02)% | 23.85 | 1.13% | 99.04 | 110.62 | (10.47)% |
| Operating expenses | 129.85 | 118.21 | 9.85% | 173.49 | (25.15)% | 591.34 | 539.20 | 9.67% |
| Finance costs | 199.69 | 226.63 | (11.89)% | 209.87 | (4.85)% | 841.90 | 887.68 | (5.16)% |
| Other expenses | 3.30 | 4.05 | (18.52)% | 3.34 | (1.20)% | 15.45 | 16.57 | (6.76)% |
| Net investment income | 1,520.91 | 1,485.53 | 2.38% | 1,474.11 | 3.17% | 5,979.01 | 7,960.78 | (24.89)% |
| Net realised gains from investments | 0.00 | 0.02 | (100.00)% | 0.00 | N.A. | 0.00 | 0.02 | (100.00)% |
| Gains (Losses) from changes in fair value of investments | 1,800.03 | (1,000.05) | 279.99% | (300.10) | 699.81% | (699.89) | (19,099.98) | 96.34% |
| Increase (decrease) in net assets from operations | 3,320.94 | 485.50 | 584.02% | 1,174.01 | 182.87% | 5,279.12 | (11,139.18) | 147.39% |
Q4/2024 PERFORMANCE
TOTAL INCOME
Total income for Q4/2024 was THB 1,877.87mn, increasing 1.00% YoY but decreasing 0.36% QoQ, mainly came from rental income from Optical Fiber Cables of THB 1,857.33mn, increasing 1.23% YoY and there is no change on QoQ. Interest income was THB 20.54mn, decreasing 16.33% YoY and decreasing 24.84% QoQ.
TOTAL EXPENSES
Total expenses in Q4/2024 were THB 356.96mn, decreasing 4.49% YoY and decreasing 13.05% QoQ. Fund management fee and expenses were THB 24.12mn, decreasing 3.02% YoY but increasing 1.13% QoQ. Operating expenses were THB 129.85mn, increasing 9.85% YoY but decreasing 25.15% QoQ (composed of Optical Fiber Cables maintenance expenses THB 109.57mn, right of way expenses THB 18.02mn and insurance expenses THB 2.26mn). Financial Costs were THB 199.69mn, decreasing 11.89% YoY and decreasing 4.85% QoQ. Other expenses were THB 3.30mn, decreasing 18.52% YoY and decreasing 1.20% QoQ.
NET INVESTMENT INCOME
The Fund recorded net investment income of THB 1,520.91mn in Q4/2024, increasing 2.38% YoY and increasing 3.17% QoQ. Gains from changes in fair value of investments was THB 1,800.03mn. (In Dec 2024, 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 75,000. 00mn, resulting in gains from changes in fair value of investments THB 1,800.00mn from this appraisement). Net assets from operations was increased THB 3,320.94mn, up 584.02% YoY and up 182.87% QoQ.
MD&A for Q4/24
1
Jasmine Broadband Internet Infrastructure Fund
Management Discussion & Analysis for Q4/2024
6 February 2025
FY2024 PERFORMANCE
TOTAL INCOME
Total income for FY2024 was THB 7,526.74mn, decreasing 20.89% YoY, mainly came from rental income from Optical Fiber Cables THB 7,429.32mn, decreasing 21.27% YoY (Rental fee for the Amended and Restated Rental Assurance Agreement, collected until 24 August 2023). Interest income was THB 97.42mn, increasing 30.71% YoY. And Other income decreased by 100.00% YoY.
TOTAL EXPENSES
Total expenses for FY2024 were THB 1,547.73mn, decreasing 0.41% YoY. Fund management fee and expenses were THB 99.04mn, decreasing 10.47% YoY. Operating expenses were THB 591.34mn, increasing 9.67% YoY. (composed of Optical Fiber Cables maintenance expenses THB 438. 53mn, right of way expenses THB 114.66mn, insurance expenses THB 8.98mn and expenses and rental fee relating to subduct for the OFCs relocation THB 29.17mn). Financial Cost THB 841.90mn decreasing 5.16% YoY and other expenses were THB 15.45mn, decreasing 6.76% YoY.
NET INVESTMENT INCOME
The Fund recorded net investment income of THB 5,979. 01mn in FY2024, decreasing 24.89% YoY (The mainly caused from the Rental rate for the Amended and Restated Rental Assurance Agreement was THB 802.76 per core kilometer per month, which will be collected until 24 August 2023 reflected the resolution of the EGM # 1/2023) . Net losses from changes in fair value of investments were THB 699.89mn, increasing 96.34% YoY . Net assets from operations was increased THB 5,279.12mn, up 147.39% YoY.
BALANCE SHEET
| (THB mn) | 31-Dec-24 | 30-Sep-24 |
|---|---|---|
| Investment in OFCs | 75,000.00 | 73,200.00 |
| Investment in securities at fair value and Cash at bank | 3,763.03 | 3,823.40 |
| Other assets | 16.03 | 8.64 |
| Total Asset | 78,779.06 | 77,032.04 |
| Total Liabilities | 11,892.29 | 12,186.22 |
| Net Asset Value | 66,886.77 | 64,845.82 |
| Capital Received from Unitholders | 69,803.80 | 71,083.80 |
| Retain Deficit | (2,917.03) | (6,237.98) |
| NAVper Unit(THB) | 8.3608 | 8.1057 |
Total assets of 3BBIF as of 31 Dec 2024 stood at THB 78,779.06mn. The main component was Investment in Optical Fiber Cables (OFCs) of THB 75,000.00mn, Investment in securities at fair value and cash at bank of THB 3,763.03mn and other assets of THB 16.03mn. Total liabilities stood at THB 11,892.29mn. Net Asset Value (NAV) as of 31 Dec 2024 was THB 66,886.77mn, equivalent to THB 8.3608 per unit.
Long-term loan repayment amount detail for the year 2024
| (THB mn) | Q1/2024 (17 th) |
Q2/2024 (18 th) |
Q3/2024 (19 th) |
Q4/2024 (20 th) |
Total 2024 |
|---|---|---|---|---|---|
| Long-term loan repayment amount | 325.00 | 325.00 | 325.00 | 325.00 | 1,300.00 |
MD&A for Q4/24
2
Jasmine Broadband Internet Infrastructure Fund
6 February 2025
Management Discussion & Analysis for Q4/2024
3BBIF had long-term loan repayment in the amount of THB 325.00mn. for Q4/2024. And 3BBIF has made long-term loan repayment totaling THB 1,300.00mn from Q1/2024 to Q4/2024.
DISTRIBUTION TO UNITHOLDERS
The Fund has a policy to pay dividends to the unitholders not less than twice a year, in the case that the Fund has a sufficient retained earnings. Any dividend distributed to the unitholders is not less than 90% of adjusted net profit in each financial year.
As the Fund recorded retained deficits amount THB 2,917.03mn in this quarter, distributable payout for Q4/24 of THB 0.1600 per unit will be paid in form of capital return. XN (Excluding Capital Return) is on 18 February 2025, book closing date is on 20 February 2025 and payment is scheduled on 6 March 2025.
History of Dividend Payment and Capital Return
| Period | No. | Dividend Rate (THB/Unit) |
No. | Reduction of Capital Rate (THB/Unit) |
Total (THB/Unit) |
|---|---|---|---|---|---|
| Year 2015 | 1-4 | 0.7400 | - | - | 0.7400 |
| Year 2016 | 5-8 | 0.9000 | 1-2 | 0.1247 | 1.0247 |
| Year 2017 | 9-12 | 0.9100 | 3 | 0.0237 | 0.9337 |
| Year 2018 | 13-16 | 0.9000 | - | - | 0.9000 |
| Year 2019 | 17-20 | 0.9000 | - | - | 0.9000 |
| Year 2020 | 21-24 | 0.9900 | - | - | 0.9900 |
| Year 2021 | 25-28 | 0.9500 | - | - | 0.9500 |
| Year 2022 | 29-32 | 0.9200 | - | - | 0.9200 |
| Year 2023 | 33-34 | 0.4600 | 4-5 | 0.3200 | 0.7800 |
| Quarter 1 Year 2024 | - | - | 6 | 0.1900 | 0.1900 |
| Quarter 2 Year 2024 | - | - | 7 | 0.1900 | 0.1900 |
| Quarter 3 Year 2024 | - | - | 8 | 0.1600 | 0.1600 |
| Quarter 4 Year 2024 | - | - | 9 | 0.1600 | 0.1600 |
| Total | 1-34 | 7.6700 | 1-9 | 1.1684 | 8.8384 |
Note: Dividend for natural persons were exempted from personal income tax for 10 tax years from the establishment of the Fund (The Fund was registered in the Year 2015) this exemption ended in 2024. In accordance with the rules, procedures, and conditions as announced by the notification of Director-General of the Revenue Department under the criteria and conditions of the Royal Decree issued under the Revenue Code (No. 544) B.E. 2555. From now on, dividends shall be subject to a 10% withholding tax.
Other Information
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At currently, OFCs transferred to 3BBIF 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 2024 rental rate for the Amended and Restated Main Lease Agreement is THB 460.51 per core kilometer per month (The change in the Thailand CPI in 2023 announced by the Ministry of Commerce on 5 January 2024 was +1.23%, therefore the rental rate in 2024 will be increased 1.23%.)
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OFCs maintenance fee for the period of 2024 is THB 260.95 per core kilometer per year.
MD&A for Q4/24
3