Management Discussion & Analysis
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Analysis of Operating Results

*Distributable Income calculates from net increase in net assets from operations, excluding net unrealized gain from changing in investment value.

Total Income

In 1Q2017, FUTUREPF had total income of 257.1 million baht, which increased by 17.9 million baht or 7% from the same period of last year. It was mainly driven from:

  1. revenue from shop area increased by 15.3 million baht or 10%, mainly due to the 7% growth of average rental rate and 3% the occupancy rate increasing.
  2. revenue from common area increased by 1.8 million baht or 2%, mainly due to the increasing of occupancy rate.

Comparing with 4Q2016, the fund has total income slightly decreased by 0.1 million baht, mainly resulted from decreasing of interest income and other income.

Total Expenses

In 1Q2017, FUTUREPF had total expenses of 46.8 million baht, which decreased by 3.8 million baht or 8% compared with the same period of last year. The main reasons were as follows:

  1. property expenses decreased by 1.6 million baht or 8%, mainly due to the decrease of marketing expense from the Red Cross Fair cancellation.
  2. fund management fees and expenses decreased by 1.8 million baht or 20%, mainly due to the decrease of interest expense.

Comparing with 4Q2016, the fund had total expenses decreased by 4.1 million baht or 8%, mainly due to the decreased of marketing and interest expense.

Net Investment Income

In 1Q2017, FUTUREPF had net investment income of 210.2 million baht, which increased by 21.7 million baht or 12% compared with the same period of last year. It was resulted from the increasing of rental income while total expenses dropped. Therefore, FUTUREPF announced the dividend payment of 189.6 million baht, or 0.358 baht per investment unit. It was increased from 0.322 baht per investment unit in 1Q2016.

Compared with 4Q2016, FUTUREPF had net investment income increased by 4.0 million baht or 2%, which was due to the decreasing of total expense.

Unrealized Gain (Loss) from Changes in Investment Value

In 1Q2017, FUTUREPF recorded unrealized gain from changes in investment value of 4.0 million baht compared with 4Q2016. It was comprised of the capital expenditures for the improvement of the equipment and the renovation of leasable area of 0.8 million baht and the net unrealized gain in property investment of 3.2 million baht.

Profitability

In 1Q2017, the net investment income margin increased to 82% from 79% and the distribution income margin also increased to 74% from 71% in the same period of last year. This was resulted from the operating performance improvement.

Comparing with 4Q2016, the net investment income margin and distribution income margin also improved from the previous quarter.

Balance Sheet

As of 31 Mar 2017, FUTUREPF had total assets of 7,465.7 million baht. The major assets consisted of the investments in properties 6,995.0 million baht and the investment in securities and cash at banks 413.2 million baht. Total liabilities were 667.0 million baht, most was in the form of deposits of rental and service.

Therefore, FUTUREPF had net asset value 6,798.7 million baht or 12.8382 baht per unit, increased from 12.7862 baht per unit as of 31 December 2016.

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