2Q 20 2019 19/20 BTS GROUP EAR ARNIN INGS PR PRESENTATIO ION
19 19 Nov
- vem
embe ber r 201 2019
2 Q 20 2019 19/20 BTS GROUP EAR ARNIN INGS PR PRESENTATIO ION - - PowerPoint PPT Presentation
2 Q 20 2019 19/20 BTS GROUP EAR ARNIN INGS PR PRESENTATIO ION 19 19 Nov ovem embe ber r 201 2019 Dis isclaimer Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS
2Q 20 2019 19/20 BTS GROUP EAR ARNIN INGS PR PRESENTATIO ION
19 19 Nov
embe ber r 201 2019
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
BTS Gro roup Ear arnings Pres Presentation 2
Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public Company Limited (the “Company”) before making a decision to invest in Securities. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. It shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchange or a solicitation to sell or exchange any securities of BTS Group Holdings PCL (the "Company") or any of its subsidiaries in the United States of America or in any other jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its
presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions contained herein are subject to change without notice. None of the Company nor any of its subsidiaries accepts any obligation to update or otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of the Company or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of the Company. Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of the Company’s management in light of the information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
3
Our ur Ach Achievement in in Sus Sustainable Dev Development “GROWING SUSTAINABILITY GROWING TOGETHER”
2nd 2nd ti time me member in Dow Jones Sustainability Indices (DJSI) in the Emerging Markets 2019 (2nd Rank in the Transportation Sector) 1st time included in the Thailand Sustainability Investment (THSI) list 2019
BTS Gro roup Ear arnings Pres Presentation
Plat atinum Awar ard of the Asset ESG Corporate Award 2019 which is the Asia longest-running ESG awards Be Best Inv nvestor Relatio tions Team Awar ard in 2019
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
BTS Gro roup Ear arnings Pres Presentation 4
2Q 2Q 20 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
5 BTS Gro roup Ear arnings Pres Presentation Section 1: 2Q 2019/20 Financial Performance
Solid growth in profitability Ope peratin ing Revenue of f THB THB 11.4bn +36% YoY Recor cord Net Recu currin ing g Profit fit of f 1.1bn Balance sheet remains strong Cas Cash & Li Liqu quid id Investments THB THB 18. 8.3b 3bn Adj djusted Net D/E D/E 0. 0.90x 90x Low leverage Financing cash earmarked for investments in Mass Transit projects (28)% YoY +30% YoY Ope peratin ing EBITDA of f THB THB 1.8b 8bn Cas Cash rece ceiv ived fr from
ssuance of f Gr Green Bond
THB THB 13bn 3bn Net investments in Pink k & Yellow Li Lines & Gr Green Extension ion THB THB 11.1bn bn Cas Cash rece ceiv ived fr from
ised BTS TS-W4 W4* THB THB 7.5bn bn P&L L HIGH GHLIGHTS FIN INANCIAL POSITION 6M 6M CA CASH FLOW
*Additional THB 2.0bn from the exercised BTS-W4 on 30 Sep 2019 was recognised under receivables from exercise of warrants
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
OPE OPERATING REV REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn mn) 2Q Q 2019/20 2Q Q 2018/19 % YoY 1Q 2019/2 /20 % % QoQ 1H H 2019/20 1H H 2018/1 /19 %Yo YoY Operating Revenue1 11,359 15,818 (28)% 9,086 25% 20,445 18,908 8% Gross operating profit 2,390 1,836 30% 2,178 10% 4,568 3,347 36% Operating EBITDA2 1,814 1,401 30% 1,663 9% 3,476 2,558 36% Recurring net profit – after MI 1,131 830 36% 1,006 13% 2,137 1,302 64% Accounting EBITDA 2,599 1,681 55% 2,073 25% 4,672 2,795 67% Net income (loss)3 1,278 670 91% 894 43% 2,171 1,057 105% Gross operating profit margin (%) 21.0% 11.6% 24.0% 22.3% 17.7% Accounting EBITDA margin (%) 21.4% 10.3% 21.5% 21.4% 14.3% Recurring net profit margin – after MI(%) 9.4% 5.1% 10.5% 9.9% 6.7% Operating EBITDA margin (%) 16.0% 8.9% 18.3% 17.0% 13.5%
P&L &L SNAPSHOT 2Q Q 20 2019/20 OPE OPERATING REV REVENUE BR BREAKD KDOWN
1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding non-mass transit interest income 3 to equity holders of the parent
6
80% Mas Mass Tran ransit 14% Me Media 1% Property 5% 5% Se Services BTS Gro roup Ear arnings Pres Presentation Section 1: 2Q 2019/20 Financial Performance
15,818 11,359 (5,123) 390 261 13
Q2 FY18/19 Mass Transit Media Property Services Q2 FY19/20
(36 36)% 101% 1% 32% 32% 15%
(THB mn)
2Q FY18/19 2Q FY19/20
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
1 CFO included
2 CFI included net investment for construction of the Pink and Yellow Lines of THB 5.8bn 3 Excluding liquid investments of THB 14.1bn
CFI
Yellow lines of THB 5.8bn
investment in Bayswater of THB 2.3bn
derivative instruments of THB 0.8bn
CFF
from BTSG issued ‘Green Bond’ debentures
institutions of THB 8.0bn mainly for the Pink and Yellow lines
7.5bn
W2 of THB 3.7bn
institutions and bills of exchange payables of THB 16.4bn
BTS Gro roup Ear arnings Pres Presentation Section 1: 2Q 2019/20 Financial Performance CFO
by
7.6bn (this includes net investment in mass transit projects of THB 5.3bn)
7 4,021 (7,046)1 (4,773)2 12,193 (179) 4,2163 Beginning cash (31/3/19) CFO CFI CFF Others Ending cash (30/9/19)
(THB mn)
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL Share of
net t pr prof
it in BTS BTSGIF 3% 3% O& O&M Con
ion revenue for
and d Ye Yell llow Li Lines 48% Ma Mass Tr Transit it rela lated inte terest inco come 4%
HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
l Mass ss Trans nsit it reve venu nue of THB 9,132mn, a decrease of 36% YoY from a lower recognition of construction revenue for the Pink and Yellow lines to THB 4,374mn (THB 11.8bn in 2Q 2018/19), partially offset by an increase in
rvic ices reve venu nue for r the provi visio ion of E&M work rks s and the he train in procu cure rement nt se serv rvic ice
venu nue of THB 414mn YoY to THB 866mn, chiefly as a result of the full
Trans nsit it rela lated intere rest inc ncome of THB 113mn YoY to THB 355mn
hare re of net profi fit from inve nvestment nt in BTSGIF of THB 21mn YoY to THB 265mn
Cost dropped by THB 5,581mn to THB 7,596mn largely from the reduced recognition
ratin ing EBITDA marg rgin n rose YoY to 17.0% (7.6% in 2Q 2018/19)
OPE OPERATING PERFORMANCE
MAS MASS TRAN TRANSIT (TH THB mn mn) 2Q 2019 19/20 2Q 2018 18/19 19 %YoY 1Q 2019 19/20 %Qo QoQ 1H 2019 19/20 1H 2018 18//19 %YoY Re Revenue 9,132 14,255 (36)% 7,208 27% 16,340 16,068 2% Costs of revenue 7,596 13,178 (42)% 5,902 29% 13,498 14,297 (6)% Gross profit 1,535 1,078 43% 1,306 18% 2,841 1,771 60% Op Opera rating EBITD TDA 1,552 1,085 43% 1,322 17% 7% 2,874 74 1,787 61% Gross margin (%) 16.8% 7.6% 18.1% 17.4% 11.0% Operating EBITDA margin (%) 17.0% 7.6% 18.3% 17.6% 11.1%
OPE OPERATING REV REVENUE BREA BREAKDOWN
2Q Q 2019/20 8
Servic ices revenue from
provi
ion
E&M M wor
pr proc
Line ext. xt. 35% 9%
BTS Gro roup Ear arnings Pres Presentation Section 1: 2Q 2019/20 Financial Performance
2Q 2Q 18/19 19 3Q 18/19 19 4Q 4Q 18/19 19 1Q 19/20 2Q Q 19/20 Construction revenue for Pink and Yellow Lines 11,777 13,616 5,325 4,335 4,374 Services revenue from provision of E&M works & train procurement for Green Line ext. 1,524 2,183 1,451 1,370 3,157 Mass Transit related interest income 242 289 354 439 355 O&M 452 565 807 830 866 Share of net profit in BTSGIF 244 239 187 225 265 Others* 16 228 15 9 115
*Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT
Ot Others 1%
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
Medi dia revenue of THB 1,607mn, an increase of 32% YoY mainly driven by higher revenue in the Digital Services segment
gital l Servic ices revenue* increased significantly by 102% YoY to THB 597mn mainly due to the revenue recognition of VGI Digital Lab, higher revenue from Rabbit Group as well as the full-quarter consolidation of Trans.Ad Group (a system integration and total solutions services provider)
H Me Media dia revenue** increased by 10% YoY to THB 1,010mn, chiefly due to the positive impact from the first-time consolidation of an ‘International Advertising’ in Outdoor media segment
ts increased by 73% YoY to THB 792mn primarily due to the consolidation of PBSB and full-quarter consolidation of Trans.Ad Group by MACO
Operating g EBI BITD TDA ma margin in declined YoY to 33.0% (44.2% in 2Q 2018/19)
32% BTS – Re Related Media 26% Outdoor r Med edia
ME MEDIA A (THB THB mn mn) 2Q 20 2019 19/20 2Q 20 2018 18/19 19 %YoY 1Q 2019 19/20 %Qo QoQ 1H 20 2019 19/20 1H 20 2018 18/19 19 %YoY Operating revenue 1,607 1,217 32% 1,363 18% 2,970 2,335 27% Costs of revenue 792 457 73% 521 52% 1,313 765 72% Gross profit 815 760 7% 842 (3)% 1,657 1,570 6% Op Opera rating EBITD TDA 530 530 537 537 (1)% )% 630 630 (16)% )% 1,1 ,160 1,1 ,154 1% 1% Gross margin (%) 50.7% 62.5% 61.8% 55.8% 67.2% Operating EBITDA margin (%) 33.0% 44.2% 46.2% 39.1% 49.4%
2Q Q 2019/20
OPE OPERATING PERFORMANCE OPE OPERATING REVE REVENUE BR BREAKDOWN
9
5% Of Office Buildings and Oth thers 37% Digital
* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) Trans.Ad Group under MACO and (iii) VGI Digital Lab **OOH Media includes Transit, Outdoor and Office Building and Other Media
BTS Gro roup Ear arnings Pres Presentation Section 1: 2Q 2019/20 Financial Performance
921 965 1,047 928 1,010 296 495 335 435 597
2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 Digital Services Business OOH Media
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
Re Residenti tial 13%
HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
revenue was THB 100mn, an increase of 15% YoY, note that commercial property revenue now mainly comprises of revenue from Thana City Golf & Sports Club.
Narrowed shar are of f net et loss from investm tment t in U City ty, our associate, of THB 7mn (THB 99mn loss in 2Q 2018/19) chiefly from no recognition of impairment loss (which was recognised in U City’s 3Q 2018 Financial Statement)
costs ts rose in tandem with the increase in operating revenue, increasing by 11% YoY to THB 81mn.
OPE OPERATING PERFORMANCE
PR PROPERTY TY (THB THB mn mn) 2Q 20 2019 19/20 2Q 20 2018 18/19 19 %YoY 1Q 2019 19/20 %Qo QoQ 1H 20 2019 19/20 1H 20 2018 18/19 19 %YoY Operating Revenue 100 87 15% 79 27% 179 168 7% Costs of revenue 81 73 11% 55 47% 136 141 (3)% Gross profit 19 14 35% 24 (20)% 43 27 61% Op Opera rating EBITD TDA (5) 6 n.a. (15) (65)% (20) 24 n.a. Gross margin (%) 19.1% 16.3% 30.2% 24.0% 16.0% Operating EBITDA margin (%) (5.2)% 6.4% (18.9)% (11.2)% 14.4%
OPE OPERATING REV REVENUE BREA BREAKDOWN
2Q Q 2019/20
NOT OTE: Property operating performances exclude share of profit/(loss) from investment in U City
10 10
87% Commercial & Oth thers BTS Gro roup Ear arnings Pres Presentation Section 1: 2Q 2019/20 Financial Performance
87 85 107 79 100
2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
52,195 65,584 50,406 67,829 41,612 30,083 31 Mar 19 30 Sep 19
Total shareholders' equity Total non-current liabilities Total current liabilities
163,496 144,213 123,282 143,964 20,931 19,532 31 Mar 19 30 Sep 19
Total non-current assets Total current assets
163,496 144,213
Cash 31 Mar 19: THB 4.0bn 30 Sep p 19: THB THB 4.2bn bn Cash & liqu quid id investment 31 Mar 19: THB 18.7bn 30 Sep p 19: THB THB 18.3bn Current Investm tments 31 Mar 19: THB 7.7bn 30 Sep p 19: THB THB 3.8bn Lo Long-Term Investments 31 Mar 19: THB 14.6bn 30 Sep p 19: THB THB 19.8bn
85% 15% 12% 88% 18% 40% 42% 36% 29% 35% 2Q Q 20 2019 19/20:
1. 1.18x
2Q 2018/19: 1.15x
Gro ross Debt to
quity
2Q Q 2019 19/20:
0.90x
2Q 2018/19: 0.56x
Adj djusted Ne Net Debt2 to Equ quity
2Q Q 2019 19/20:
8.3 8.34x
2Q 2018/19: 5.85x
Adj djusted Ne Net Debt2 to Re Recurring EBITDA
2Q Q 2019 19/20: :
3. 3.10x
2Q 2018/19: 3.52x
Inte terest Cov Coverage
2Q Q 20 2019 19/20:
0. 0.65x
2Q 2018/19: 0.88x
Curr Current t Rat Ratio
ASS SSETS BREA EAKDOWN LIA LIABILITIES AND ND EQ EQUITY BREA EAKDOWN KE KEY RATIOS
11 11
1 Comprised of 10% floating-rate debt and 90% fixed-rate debt 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
(THB mn) (THB mn) Gros
31 Mar 19: THB 72.5bn 30 Sep p 19: THB THB 77 77.1bn bn1 Adjus justed d Net t Debt2 31 Mar 19: THB 53.8bn 30 Sep p 19: THB THB 58.8bn bn ***** ***** Issued d Or Ordina dinary y Shares 31 Mar 19: 11,845.4mn 30 Sep p 19: 12,556.6mn
BTS Gro roup Ear arnings Pres Presentation Section 1: 2Q 2019/20 Financial Performance
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
BTS Gro roup Ear arnings Pres Presentation
2Q 2Q 20 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
12 12
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
Pr Progress of BTS sec secured Li Lines
13 13
*Sources: Information was from MRTA and the Company’s report as of 30 October 2019
NO NORTHERN GREEN LI LINE EXT. (Mochit – Khu Khot) 17.8km/ 16 stations PINK LI LINE (Khae Rai – Min Buri) 34.5km/ 30 stations YELLOW LI LINE (Lad Prao - Samrong) 30.4km/ 23 stations
100 00%
PINK LI LINE (EXTENSION) (Sirat – Muengthong Thani) 3.0km/ 2 stations YELLOW LI LINE (EXTENSION) (Ratchada - Ratchayothin) 2.6km/ 2 stations GOLD LI LINE PHASE 1 (Krung Thon Buri – Klong San) 1.8km/ 3 stations
46% 6% 39% 47 47% 48% 46% 6% 39% 9%
Ci Civil E&M Pr Progress(%)*
58% 58%
Included in Masterplan 17 Oct 18 Included in Masterplan 17 Oct 18 NTP issued 29 Jun 18 NTP issued 29 Jun 18 FY FY 17/18 FY FY 18/19 FY FY 19/20 FY FY 20/21 /21 1st station
(9 Aug 2019) Targeted full Operation (2020) Contract Signed FY FY 21/22 Targeted
(Oct 2021) Targeted
(Oct 2021) Contract Signed Construction Period Construction Period Construction Period Targeted
(Sep 2020) O&M contract Signed (31 Jul 18) Construction Period BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
MACO’s Bo BoD app approved ed the he acqu acquisiti tion of He Hell llo Ban Bangkok LED LED and and an n issu issuance e of PP to to Pla lanB
14 14 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
Acquire re 50% in Hello Bangkok k LED Comp mpany y Limi mited (Hello LED) % of inv nves estment: 50% from Wind Harvest International Limited To Total investment: THB 1,950mn Sourc rce of fund: Cash from Private Placement (PP) of THB 1,553mn and S/T loan of THB 397mn II. . Issue PP PP to Pl Plan B Me Media Pu Public Comp mpany y Limi mited (Pl PlanB) No. . of share res issued: 1,080mn shares Pr Price: THB 1.44 per share To Total value: THB 1,553mn III. . Ap Appoint Pl PlanB to be the asset ma manager r for me media in Th Thailand Re Revenue sharing: 85% - 90% to MACO Mi Minimum guara rantee: THB 700mn per year Dur Duration: 5 years (start from 1 January 2020) Expected comp mpletion: : By Dec 19 (subject to EGM approval)
18.22% 48.61% 33.17% Public 50.00% 19.96% 38.91% 26.55% Public
Hello Bangkok Holdings Company Limited
14.58% 50.00% Pre e shar areholdings structure Total share: 4,332.0mn shares Post shar areholdings structure Total share: 5,412.0mn shares
RATIONALE LE
located in a strategic location, allowing MACO to be a larger outdoor media asset owner.
minimum guarantee received from PlanB.
TRAN RANSACTION SUM UMMARY PRE/ PRE/ PO POST SHAREHOLDING STRUCTURE
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
Con Continue to
experie ience str strong us user gr growth
15 15 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
RA RABBIT LINEPAY
Rabbit LinePay serves more than 6.5mn users, an increase of 43.2% YoY 4.5 5.1 5.5 6.0 6.5
2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20
Single e-wallet with BTS and Rabbit Card & Rabbit LinePay
+43 +43.2% YoY
RA RABBIT CA CARD
Rabbit Card circulation reached 12.2mn cards, increased by 24.3% YoY 9.8 10.3 11.0 11.5 12.2
2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20
+24.3% YoY
modes including:-
EXPANDING TOUCHPOINTS TO O SEVERAL TRANSPORTATION MODES
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
Cap Capture the the e-commerce boom by expanding Kerry’s service locations
16 16 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
BTS TS EXPR PRESS SERVICE EXPANDING KERRY’S NETWORK
stations: Siam, Sala Daeng, Phrom Phong and Thong Lo station.
passengers to drop off and pick up their parcels from within the station to other stations and 200 metres around those stations within 3 hours.
200000 400000 600000 800000 1000000 1200000 1400000 1600000 1800000 20000002012 2013 2015 2017 2018 Aug- g-19 19
40,0 ,000 75 75,000 500,0 ,000 1,000,0 ,000 8, 8,000 2,000,000
KERRY PARCEL DELIVERED DAY
locations and delivered the highest parcel at over 2 million parcels per day
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
17 17 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
Located at
Construction Progress Targeted
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
18 18 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
Ground Breaking Ceremony Archeological Excavation 5-Star Luxurious Hotel World-Class Dining Experience
Curr rrent statu tus
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
BTS Gro roup Ear arnings Pres Presentation 19 19
2Q 2Q 20 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
2Q Q 20 2019 19/20 Cor Core Ne Network Rid iders rship
20 20
Historica cal Rid Riders rship & & % % Growth (YoY) Historical Avera rage Far are & & % % Gr Growth (YoY)
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
*Excluding the impact of free-trip allowance to passengers from train services disruption **Excluding the impact of free-trips during Coronation Ceremony
Quart rterly ridership rose 4.4% YoY to 63.9mn trips
rterly average weekday ridership of 781,874 trips, +4.6% YoY
Farebox revenue grew 4.4% YoY to THB 1.8bn
Quart rterly average fa fare remained flat YoY at THB 28.8 per trip
61.2 61.6 61.1 59.6 63.9
1.3% 1.5% 4.4% 4.4% 7.1% 0.6%
7.2% 2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20 2Q 2019/20
Ridership (mn trips) Ridership Growth (YoY)
28.8 29.1* 29.0 29.1** 28.8 3.7% 1.5% 0.6% 0.4% 0.0%
1.0%
0.1%
2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20 2Q 2019/20
Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ)
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
Pr Progress of 46 46 Ne New Tra rains Deli Delivery
21 21
72 72 train ins cu curr rrently ly in n servic ice (vs 52 52 train ins in n 20 2015) 98 98 train ins are ex expected to to be be fully ly in n servic ice by by 202 2020
10 trains arrived 22 trains all arrived 20 trains in service The remaining 14 trains will be delivered by 2020 BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
BTS TS-W4 4 an and d BTS TS-W5 Ter erm Sh Sheet eets
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices Ticker BTS-W4 Term 1 year from the issuance date Issuance dat ate 30 November 2018 Expiry y dat ate 29 November 2019 War arrants pri rice nil No
f war arrants 1,315,710,907 units Al Allocation To existing shareholders at the ratio of 9 existing BTS shares : 1 bts-W4 Exercise e rat ratio 1 BTS-W4 to 1.0111 new common share of BTS Exercise e price THB 10.3841 per share Expected max maximum proceeds THB 13.8bn Exercise e per eriod Quarterly Progress (as of f 30 Se Sep 19) 899.0mn units exercised, generating proceeds
maximum proceeds
BTS TS-W4 TER TERMS AND ND CONDITIONS
22 22 Ticker BTS-W5 Term 1 year from the issuance date War arrants pri rice nil No
f war arrants Up to 1,319.62mn units All Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5 Exercise e rat ratio 1 BTS-W5 to 1 new common share of BTS Exercise e price THB 14 per share Expected max maximum proceeds THB 18.5bn Exercise e per eriod Quarterly
1The adjustment took effect from 30 Jul 2019 onwards, following the condition in the
event that the Company distributed dividends in cash in excess of 95% of the Company’s net profit after income tax under the standalone financial statements of the Company of any relevant fiscal year.
2The issuance of new warrants (BTS-W5) up to 1,319.6mn units, is calculated based on
the assumption that BTS-W4 Warrants (including the case of rights adjustment of BTS-W4 Warrants) and BTS-WC Warrants which are entitled to exercise are fully exercised.
BTS TS-W5 TER TERMS AND ND CONDITIONS
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
THB 1.5
.5 - 1.9 .9bn
bn
Mass-transit related interest income
THB 27
27 - 33 33bn
bn THB 0.7
0.7bn
bn
THB THB 0.2
bn
(Excludes: Real estate development cost)
TH THB 23
23 - 27 27bn
bn
Pink and Yellow Lines Construction revenue
TH THB 4
4 - 6bn
bn
Revenue from E&M provision and train procurement for Green Line extensions
4 4 - 5% 5%
Core Network ridership growth
THB 3.4
3.4bn
Train O&M revenue
TH THB 6.0
6.0 - 6. 6.2bn
bn
VGI Revenue
40 40 - 45 45%
VGI EBITDA margin
20 20 - 25 25%
VGI NPAT margin
≥ 20%
U City EBITDA margin
TH THB 35
350mn
mn
BTS Group Property Revenue
THB 7.2
7.2 - 7.5 .5bn
bn
U City Revenue
BTS TS GROUP P TARGETS CA CAPE PEX: : THB THB 28 28-34B 4BN MASS TR TRANSIT PROPE PERTY TY MEDIA
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices 23 23
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
24 24 BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices