3Q Q 20 2019 19/20 BTS GROUP EAR EARNIN INGS PR PRESENTATIO ION
19 19 Febru ruary 20 2020
3 Q Q 20 2019 19/20 BTS GROUP EAR EARNIN INGS PR PRESENTATIO - - PowerPoint PPT Presentation
3 Q Q 20 2019 19/20 BTS GROUP EAR EARNIN INGS PR PRESENTATIO ION 19 19 Febru ruary 20 20 20 Dis isclaimer Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group
19 19 Febru ruary 20 2020
prepared by Investor Relations department BTS BTS Grou
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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
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3
DJS JSI in the Em Emergin ing Markets ts 20 2019
(2nd Rank in the Transportation Sector)
Thail iland Su Susta tain inabil ilit ity Inv Investment t (THSI) ) list t 201 2019
from The Stock Exchange of Thailand BTS Gro roup Ear arnings Pres Presentation
Plati tinum Award
Si Silv lver Class Disti tincti tion
in The Sustainability Yearbook 2020
Su Susta tain inabil ilit ity Disclo losure Recognit itio ion 20 2019
by Thaipat Institute
Bes est Gr Green Bon
at The Asset Triple A Sustainable Capital Markets Regional Awards 2019 by the Asset Magazine
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BTS Gro roup Ear arnings Pres Presentation 4
3Q Q 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
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5 BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance
Solid growth in profitability Ope pera ratin ing Revenue of THB THB 11.1b 11.1bn +143% YoY Reco cord Recu curr rring Net t Pro rofit it
THB 2. 2.4bn 4bn Balance sheet
remains strong
Cas ash h & & Li Liqu quid id Inv nvest stments THB THB 19. 19.8b 8bn Adju Adjust sted Net t D/E 0. 0.84x 84x Low leverage Financing cash earmarked for investments in Mass Transit projects (42)% YoY +21% YoY Ope pera ratin ing EBIT BITDA of THB THB 2. 2.3b 3bn Cas ash h re receiv ived fro rom the the exercis ised BTS TS-W4 W4 THB THB 13. 13.7bn Net t inv nvest stment nts s in n Pink nk & & Yello low Li Line nes s & & Gre reen Ext xtensio ions THB THB 16. 16.8b 8bn Net t cas cash h re receiv ived fro rom long ng-term deb debentures THB THB 7.5 .5bn bn P&L L HI HIGH GHLIGHTS FINANCIAL POSITION 9M M CA CASH FLOW
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19,052 11,069 (8,461) 364 89
3Q FY18/19 Mass Transit Media Property Services 3Q FY19/20 28% 28% 24% 25% 25% (49)% )%
(THB mn) 25
OPE OPERATING REVE REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn mn) 3Q Q 2019/20 3Q Q 2018/19 % YoY 2Q 2019/20 % % QoQ 9M 2019/20 9M 2018/1 /19 %Yo YoY Operating Revenue1 11,069 19,052 (42)% 11,359 (3)% 31,513 37,959 (17)% Gross operating profit 2,882 2,299 25% 2,371 22% 7,429 5,621 32% Operating EBITDA2 2,253 1,862 21% 1,814 24% 5,730 4,420 30% Recurring net profit – after MI 2,378 980 143% 1,131 110% 4,515 2,282 98% Accounting EBITDA 3,808 2,345 62% 2,599 47% 8,480 5,140 65% Net income (loss)3 2,460 1,189 107% 1,278 93% 4,631 2,246 106% Gross operating profit margin (%) 26.0% 12.1% 20.9% 23.6% 14.8% Accounting EBITDA margin (%) 30.0% 12.0% 21.4% 24.6% 13.1% Recurring net profit margin – after MI(%) 19.0% 5.1% 9.4% 13.2% 5.9% Operating EBITDA margin (%) 20.4% 9.8% 16.0% 18.2% 11.6%
P&L &L SNAPSHOT 3Q Q 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
78% Mas Mass Tran ransit 17% Me Media 1% Property 4% Se Services BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance
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1 CFO included
2 CFI included net investment for construction of the Pink and Yellow Lines of THB 8.9bn 3 Excluding liquid investments of THB 15.9bn
CFI
Yellow lines of THB 8.9bn
derivative instruments of THB 1.0bn
investment in Bayswater of THB 2.3bn
CFF
13.7bn
institutions of THB 12.5bn mainly for the Pink and Yellow lines
W2 of THB 3.7bn
institutions and bills of exchange payables of THB 12.3bn
BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance CFO
by
12.1bn (this includes net investment in mass transit projects of THB 7.9bn)
7 4,021 (11,415)1 (10,147)2 21,410 (39) 3,8303
Beginning cash (31/3/19) CFO CFI CFF Others Ending cash (31/12/19)
(THB mn)
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL Share of
t pr prof
it in BTS BTSGIF 3% Con
ion revenue for
and d Ye Yell llow Li Lines 52% 52% Ma Mass Tr Transit it rela lated inte terest inco come 7%
HISTORICAL OPE OPERATING REV REVENUE (THB THB bn) ) KEY FACTORS
Total Ma Mass Tr Transit it reve venue of THB 8,659mn, a decrease of 49% YoY from a lower recognition of construction revenue for the Pink and Yellow lines to THB 4.5mn (THB 13.6bn in 3Q 2018/19), partially offset by
High gher O& O&M M revenue of THB 376mn YoY to THB 942mn, chiefly as a result of the full opening of Southern Green Line ext. and the opening of the first 5 stations of Northern Green Line ext.
High gher Ma Mass Tr Transit it rela lated inte terest inco come of THB 357mn YoY to THB 646mn
recognition of construction cost for the Pink and Yellow Lines
Operating g EBI BITD TDA ma margin in rose YoY to 21.1% (8.0% in 3Q 2018/19)
OPE OPERATING PERFORMANCE
MA MASS TRA TRANSIT (THB THB mn mn) 3Q 20 2019 19/20 3Q 20 2018 18/19 19 %YoY 2Q 20 2019 19/20 %Qo QoQ 9M 9M 20 2019 19/20 9M 9M 20 2018 18//19 %YoY Re Revenue 8,659 17,120 (49)% 9,132 (5)% 24,998 33,188 (25)% Costs of revenue 6,847 15,750 (57)% 7,596 (10)% 20,328 30,047 (32)% Gross profit 1,812 1,369 32% 1,535 18% 4,670 3,140 49% Op Opera rating EB EBITD TDA 1,823 1,378 32% 32% 1,552 17% 7% 4,697 3, 3,16 165 48% 8% Gross margin (%) 20.9% 8.0% 16.8% 18.7% 9.5% Operating EBITDA margin (%) 21.1% 8.0% 17.0% 18.8% 9.5%
OPE OPERATING REVE REVENUE BR BREAKDOWN
3Q Q 2019/20 8
Servic ices revenue from
provi
ion
M wor
pr procu
Line ext. xt. 25% O& O&M 11% 11%
BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance
3Q 18/19 19 4Q 4Q 18/19 19 1Q 19/20 2Q Q 19/20 3Q Q 19/20 Construction revenue for Pink and Yellow Lines 13.6 5.3 4.3 4.4 4.5 Services revenue from provision of E&M works & train procurement for Green Line ext. 2.2 1.5 1.4 3.1 2.1 Mass Transit related interest income 0.3 0.4 0.4 0.3 0.6 O&M 0.6 0.8 0.8 0.9 0.9 Share of net profit in BTSGIF 0.2 0.2 0.2 0.3 0.2 Others* 0.2 0.0 0.0 0.1 0.4
*Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT
Ot Others* 2%
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HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
Medi dia revenue of THB 1,836mn, an increase of 25% YoY mainly driven by
Advertising
gital l Servic ices revenue* rose by 27% YoY to THB 632mn mainly driven by the revenue recognition of VGI Digital Lab
OOH H Me Media dia revenue** increased by 24% YoY to THB 1,204mn, chiefly due to the consolidation of an ‘International Advertising’ in Outdoor Media segment as well as a growth in Transit Media.
ts increased by 36% YoY to THB 808mn primarily due to the consolidation of Puncak Berlian Sdn. Bhd. (PBSB) and Online Advertising
Operating g EBI BITD TDA ma margin in declined YoY to 37.4% (43.0% in 3Q 2018/19)
35% BTS – Re Related Me Media 25% Outdoor r Med edia
ME MEDIA A (TH THB mn mn) 3Q 2019 19/20 3Q 2018 18/19 19 %YoY 2Q 2019 19/20 %Qo QoQ 9M 9M 2019 19/20 9M 9M 2018 18/19 19 %YoY Operating revenue 1,836 1,472 25% 1,607 14% 4,806 3,807 26% Costs of revenue 808 596 36% 792 2% 2,121 1,361 56% Gross profit 1,028 876 17% 815 26% 2,685 2,446 10% Op Opera rating EBITD TDA 687 687 633 633 9% 9% 530 530 30% 30% 1,847 1,786 3% 3% Gross margin (%) 56.0% 59.5% 50.7% 55.9% 64.3% Operating EBITDA margin (%) 37.4% 43.0% 33.0% 38.4% 46.9%
3Q Q 2019/20
OPE OPERATING PERFORMANCE OPE OPERATING REVE REVENUE BR BREAKDOWN
9
6% Off ffice Buildings and Oth thers 34% 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: 3Q 2019/20 Financial Performance
975 1,047 928 1,010 1,204 497 335 435 597 632 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 Digital Services Business OOH Media *
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Re Residenti tial 12%
HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
revenue was THB 114mn, an increase of 28% YoY, note that commercial property revenue now mainly comprises of revenue from Thana City Golf & Sports Club.
rise e in shar are of f net et profit from investment in U City ty, our associate, of THB 1,279mn (THB 82mn profit in 3Q 2018/19) largely due to the recognition of gain of THB 1,118mn from the sale of Mochit Land by U City.
costs ts dropped by 11% YoY to THB 89mn.
OPE OPERATING PERFORMANCE
PR PROPERTY TY (TH THB mn mn) 3Q 2019 19/20 3Q 2018 18/19 19 %YoY 2Q 2019 19/20 %Qo QoQ 9M 9M 2019 19/20 9M 9M 2018 18/19 19 %YoY Operating Revenue 114 89 28% 100 13% 293 256 14% Costs of revenue 89 101 (11)% 100 (11)% 263 267 (2)% Gross profit 24 (12) N.A. N.A. 30 (11) N.A. Op Opera rating EBITD TDA 13 (20) N.A. (5) N.A. (7) 4 N.A. Gross margin (%) 21.3% N.A. 0.4% N.A. N.A. Operating EBITDA margin (%) 11.3% N.A. N.A. 1.7% 1.7%
OPE OPERATING REVE REVENUE BR BREAKDOWN
3Q Q 2019/20
NOT OTE: Property operating performances exclude share of profit/(loss) from investment in U City
10 10
88% Commercial & Oth thers BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance
89 107 79 100 114 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20
prepared by Investor Relations department BTS BTS Grou
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52,310 72,078 50,477 70,779 41,611 29,098 31 Mar 19 31 Dec 19
Total shareholders' equity Total non-current liabilities Total current liabilities
171,955 144,398 124,474 152,738 19,924 19,217 31 Mar 19 31 Dec 19
Total non-current assets Total current assets
171,955 144,398
Cash 31 Mar 19: THB 4.0bn 31 Dec c 19: THB THB 3.8bn bn Cash & liqu quid id investment 31 Mar 19: THB 18.7bn 31 Dec c 19: THB THB 19.8bn Current Investm tments 31 Mar 19: THB 7.7bn 31 Dec c 19: THB THB 3.8bn Lo Long-Term Investments 31 Mar 19: THB 14.6bn 31 Dec c 19: THB THB 21.5bn
86% 14% 11% 89% 17% 42% 41% 36% 29% 35% 3Q Q 20 2019 19/20:
1. 1.11x
3Q 2018/19: 1.19x
Gro ross Debt to Equ quity
3Q Q 2019 19/20: 0.84x 3Q 2018/19: 0.74x
Adj djusted Ne Net Debt2 to Equ quity
3Q Q 2019 19/20:
5.80x
3Q 2018/19: 5.75x
Adj djusted Ne Net Debt2 to Re Recurring EBITDA
3Q Q 2019 19/20: :
4.0 4.09x
3Q 2018/19: 4.10x
Inte terest Cov Coverage
3Q Q 2019 19/20: 0.
0.66x
3Q 2018/19: 0.58x
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 15% floating-rate debt and 85% 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 31 Dec c 19: THB THB 80.2bn bn1 Adjus justed d Net t Debt2 31 Mar 19: THB 53.8bn 31 Dec c 19: THB THB 60.4b 4bn ***** ***** Issued d Or Ordina dinary y Shares 31 Mar 19: 11,845.4mn 31 Dec c 19: 13,15 154. 4.3mn
BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance
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BTS Gro roup Ear arnings Pres Presentation
3Q Q 20 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
12 12
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13 13 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates Aug 2019 N8 N8: Mo Mo Chit N13 N13: : Kasetsart University N9 N9: Ha Ha Yaek Lat Lat Prao ao N1 N17: Wat at Phra Sri Mah Maha that N2 N24: Khu Khot
Nor North thern Green Line ext xtension
E15 15: Sam amrong E23: Kheha
South thern Green Line ext xtension
Dec 2019 Expected Jun 2020 Expected by 2020 Full operation since Dec 2018
Current Green Line network operation
To be operational in 2020
stations km stations km
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14 14 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
EXTE XTENSION GRE REEN ZON ONE 2 PI PINK AN AND YELLOW LINE Consort rtium N.A. (100% BTS TS) 75 75% BTS TS 15% STEC 10% RATCH Au Authori rity BMA MRTA Investment Typ Type O&M Contract PPP Net Cost Op Opera ration 25 years 30 years Scope
Construction
revenue collection and O&M Pr Project Cost Train procurement ≈THB 9.8bn ≈THB 96.1bn
(gov’t subsidy, THB 47.55bn)
Status
in Dec 18
M6 M6 MO MOTO TORWAY M8 M81 1 MO MOTORWAY U-TA TAPAO AI AIRP RPORT 40% BTS TS 40% GULF 10% STEC 10% RATCH 40% BTS TS 40% GULF 10% STEC 10% RATCH 45% BA 35% BTS TS 20% STEC DOH DOH RTN PPP Gross Cost PPP Gross Cost PPP Net Cost 30 years 30 years 47 years
Construction (Toll Plaza, Toll Collection System, Traffic Mgt Control System, Other infrastructure
Construction (Toll Plaza, Toll Collection System, Traffic Mgt Control System, Other infrastructure
Build Passenger Terminal Building 3, Commercial Gateway, Cargo Village, Cargo Complex
[to be disclosed] [to be disclosed] THB 91bn (per market sounding) PPP Contract signing expected by Apr 20 PPP Contract signing expected by Apr 20 PPP Contract signing expected by Jun 20
Remarks: This summary excludes “30-year O&M Contract” for Gold Line Phase 1 (Krung Thon Buri – Klong San, 1.7km, 3 stations) which the contract was signed in Jul 18, expected COD in Aug 20.
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Western n Or Orange Eas astern Or Oran ange
Eas astern Ora range We Western Orange
EXPE PECTED TI TIMELINE
15 15 2023 Targeted Commercial Operation Date for Eastern Orange MA MAY 2017 Civil work construction of Eastern Orange began Oc Oct 2020 Expect request for proposal (RFP) for Civil work construction of Western Orange & E&M, available for sale
Underground Stations Elevated Stations
BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
OR ORANGE LINE (35.9 .9KM, , 28 28 STATIONS)
CA CAPEX Civil ~THB 111bn* E&M ~THB 32bn Rou Route te Length th No.
Sta tations Taling Chan – Thailand Cultural Center 13.4km 11 (underground) Rou Route te Length th No.
Sta tations Thailand Cultural Center - Min Buri 22.5km 17 (10 underground and 7 aboveground)
* Western Orange civil works and land exploration CAPEX
28 JAN 2020 Cabinet approved the project 2026 Targeted Commercial Operation Date for Western Orange
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16 16 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
TR TRANSACTION SUMMARY
50.0% 19.96% 38.91% 26.55% Public Hello Bangkok Holdings Company Limited 14.58% 50.0% On 14 January 2020, MACO’s EGM approved the following transactions:-
POST SHAREHOLDING STR TRUCTURE IMPACT FROM MACO AT VGI’S LEVEL
2018/19 and 2019/20
4.0bn, representing 15 – 20% growth YoY based on the restatement
from 20 – 25% to 30 – 35%.
The acquisition of Hello Bangkok k L E D D Company Limi mited (Hello LED) D) % of investment: 50.0% To Total investment: THB 1,950mn II. . Th The issuance of PP PP to Pl Plan B Me Media Pu Public Company 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. . Th The entry ry into the Ad Advert rtising Me Media Ma Management and Service Ag Agreement wi with Pl PlanB Mi Minimum guara rantee: THB 700mn per year Dur Duration: 5 years (start from 1 January 2020) Comp mpletion of transaction: 30 January 2020
EVE VENTS AFTER THE THE COMPLETION
dilution of the VGI’s shareholding in MACO from 33.17% to 26.55%
persons
changed its status from VGI’s subsidiary to associated company.
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Est stablishing the he foo
tpri rint in in Vietn ietnam mark arket t – the he fas astest t grow
coun untr try y in in the he So Sout utheast t Asia sia
17 17 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
TR TRANSACTION SUMMARY RA RATIONALE SHAREHOLDING STRUCTURE
leading OOH Media company, which its network covers static billboards and digital screens in prime locations nationwide.
more strength to VGI Vietnam. To invest in VGI Vietnam Joint Stock Company (VGI Vietnam), the leading OOH Media company with nationwide network coverage, through VGI MACO (Singapore) Private Limited (VGIMS) % % of investment: 25.0% Total investment: THB 457mn (MACO THB 343mn and VGI THB 114mn) 1) 10.0% from existing shareholders at THB 183mn 2) 15.0% from newly issued shares at THB 274mn Sourc rces of fund: Capital increase from VGI and MACO into VGIMS Comp mpletion Within March 2020
*Trang & Partner Co., Ltd. is 95.0% held by Ms. Nguyen Thi Ngoc Trang (Seller) and the remaining 5.0% is held by Mr. Lan Tieu Phi (Seller’s spouse)
25.0%
VG VGIMS VG VGI Vi Vietnam (Holding Co.) Tr Trang & Pa Partner r Co., ., Ltd.* .*
25.0% 75.0% 75.0%
T-Icon Co., ., Ltd. (T (T-Icon)
99.9% 100.0%
prepared by Investor Relations department BTS BTS Grou
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18 18 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
Rabbit LinePay serves more than 7.0mn users, an increase of 37.3% YoY 5.1 5.5 6.0 6.5 7.0
3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20
Single e-wallet with BTS and Rabbit Card & Rabbit LinePay
RA RABBIT LINEPAY
Rabbit Card circulation reached 12.6mn cards, increased by 22.4% YoY 10.3 11.0 11.5 12.2 12.6
3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20
+37.3 .3% YoY
RA RABBIT CA CARD
+22.4% YoY
(mn cards) (mn users)
prepared by Investor Relations department BTS BTS Grou
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19 19 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
Located at Thana City ty 85% 85% Construction Progress Targeted
the first semester in Aug g 20 2020
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20 20 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
On the Fine Arts Department submission process for approval 5-Star Luxurious Hotel World-Class Dining Experience Curr Current stat tatus us 2025 2025 Expected
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21 21 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
51 levels of mixed-use building
Residence Located at Phay ayathai 12% Construction Progress 2022 2022 Expected
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BTS Gro roup Ear arnings Pres Presentation 22 22
3Q Q 20 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
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23 23
*Sources: Information was from MRTA and the Company’s report as of 31 December 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%
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
50% 45 45% 61% 66% 66% 50% 45 45%
Ci Civil E&M Pr Progress (%)*
69% 69%
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 5 stations
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
(Aug 2020) O&M contract Signed (31 Jul 18) Construction Period BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices Approved by MRTA BoD
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24 24
Historica cal Rid Riders rship & & % % Growth (YoY) Historica cal Avera rage Far are & & % % Growth (YoY)
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
For comparison purpose, abovestated average fare was calculated before extraordinary events
rterly ridership increased 2.2% YoY to 63.0mn trips
rterly average weekday ridership of 774,563trips, +3.1% YoY
Farebox revenue1 grew 1.3% YoY to THB 1.8bn Quart rterly average far fare rose 0.7% YoY to THB 29.3 per trip
61.6 61.1 59.6 63.9 63.0 1.3% 1.5% 4.4% 4.4% 2.2% 0.6%
7.2%
3Q 2018/19 4Q 2018/19 1Q 2019/20 2Q 2019/20 3Q 2019/20
Ridership (mn trips) Ridership Growth (YoY) Ridership Growth (QoQ)
1Farebox revenue would increase by 1.4% YoY if compared to 3Q 18/19 farebox
revenue before recognition of the reversion of THB 0.6mn from free-trip allowance to passengers from train services disruption during June 2018
29.1 29.0 29.1 28.8 29.3 1.5% 0.6% 0.1% 0.0% 0.7% 1.0%
0.4%
1.7% 3Q 2018/19 4Q 2018/19 1Q 2019/20 2Q 2019/20 3Q 2019/20
Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ)
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25 25 BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
FY 2019/20 Rid Riders rship Growth Target YTD TD Rid Riders rship: : Actua ual +4 +4-5% 5% +3. +3.3%
JAN 20 SUMMARY
*Before discount
Rid Riders rship Far are
YTD TD SUMMARY (APR PR 19-JAN 20, 10MTHS)
1 The declined was mainly from free trips during 5-6 May to celebrate the Royal Coronation Ceremony. 2 The decline was mainly from free trips on 12 Dec to celebrate the Royal Barge Procession Coronation.
18.7 20.3 20.6 21.1 22.0 20.8 20.8 21.3 20.9 20.8 4.8% 5.3% 3.1% 7.1% 2.1% 4.3% 3.4% 0.7% 2.7% 0.2%
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Ridership (mn trips) % YoY ridership growth 29.3 27.5 28.9 28.8 28.9 28.7 29.2 29.1 28.3 29.0
0.3% 0.0% 0.0% 0.2% 0.9% 0.8% -4.1%2 0.3%
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Average fare price (THB) % Change YoY
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
26 26
79 79 train ins cu curr rrently ly in servic ice (vs 52 52 train ins in 20 2015) 98 98 train ins are ex expected to to be be fully ly in n servic ice by by 202 2020
18 trains arrived 5 trains in service 22 trains all arrived all trains in service The remaining 6 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
27 27 Sta tatus M6: : Ban ang Pa Pa In – Nak Nakhon Rat Ratchasima
Investment Typ Type PPP Gross Cost Di Distance 196km Contra ract Te Term 2 phases
3Y 30Y
Design & Construction Operating & Maintenance (O&M)
Budget Ap Appro roved by y the Cabinet THB 33.2bn
M81: : Ban ang Yai ai – Ka Kanchanaburi
PPP Gross Cost 96km THB 27.8bn Au Authori rity Department of Highways Department of Highways Pr Price Pr Proposed by y BGSR THB 21.3bn THB 17.8bn BGSR JV JV 40% 40% 10% 10% Expected COD OD 2023 2023
Bang ng Pa Pa In In Nakhon n Ratchasima
196km 96km km
Bang ng Yai Kanc nchan anaburi
M 6 M 81 81 BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices Scope of Wo Work rks
Ph Phase I: Des Design and Constru ruction (3 ye years rs)
Ph Phase 2: Op Opera ration and Ma Maintenance (30 ye years rs) PPP Contract signing expected by Apr 2020
Consortium’s Members
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
Consortium’s Members
Loc Location Plub Pla ,Ban Chang District, Rayong Province Lan Land Ar Area ea
Contract Type PPP Net Cost Contract t Term 50 Years Au Authority Royal Thai Navy Tota tal Project Cost THB 91bn per market sounding Sources of f Fu Fund Debt 70 : Equity 30 28 28
Project ct De Details
45% 35% 20%
3 Years 47 Years Design & Build Operation and Maintenance
BBS
JV JV 2 3 4 1 5 6 7
PPP PP Project ct Sco cope
Facilities
Ti Timeline
Source: Company Data and Market Sounding
21 1 Mar March 2019 Bidding submission 30 Jan January y 2020 BBS JV was announced as the best bid winner October 2018 RFP selling period
Pac ackage Inc nclusion: n: Pac ackage Exclus usion:
(42 companies bought U-Tapao RFP) BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices By June 2020 Expected contract signing
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices 29 29
BTS TS-W4 TER TERMS AND ND CONDITIONS BTS TS-W5 TER TERMS AND ND CONDITIONS
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 ratio1 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 Tota tal Proceeds THB 13.7bn (1,293.8mn units exercised, equivalent to 98%
Ticker BTS-W5 Term 1 year from the issuance date Issuance dat ate 17 February 2020 Expiry y dat ate 16 February 2021 War arrants pri rice nil No
f war arrants 1,315,385,979 units Al 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 18.4bn 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.
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
THB 1.5
bn
Mass-transit related interest income
TH THB 27
bn TH THB 0.7
bn
THB THB 0.2
bn
(Excludes: Real estate development cost)
THB 23
bn
Pink and Yellow Lines Construction revenue
THB 4
bn
Revenue from E&M provision and train procurement for Green Line extensions
Core Network ridership growth
THB 3.4
Train O&M revenue
THB 3.8
bn
VGI Revenue (revised)
VGI EBITDA margin
VGI NPAT margin (revised)
U City EBITDA margin Actual: 31.5%
THB 35
mn
BTS Group Property Revenue
THB 7.2
bn
U City Revenue Actual: THB 10.1bn
BTS TS GROUP P TARGETS CA CAPE PEX: : THB THB 28-34B 4BN MASS TR TRANSIT PROPE PERTY TY MEDIA
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices 30 30