4 Q Q & & FY 20 2019/20 BTS TS GR GROUP EARNINGS S PRE - - PowerPoint PPT Presentation
4 Q Q & & FY 20 2019/20 BTS TS GR GROUP EARNINGS S PRE PRESENTATION 5 5 Jun une 20 20 20 In this challenging time, we commend our br brave her heroes for their sacrifices in helping fi fight th the COVID-19 19
4Q Q & & FY 20 2019/20 BTS TS GR GROUP EARNINGS S PRE PRESENTATION
5 5 Jun une 20 2020
In this challenging time, we commend our br brave her heroes for their sacrifices in helping fi fight th the COVID-19 19 pandemic and we extend our support and encouragement to everyone
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BTS Gro roup Ear arnings Pres Presentation 3
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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4
20 2019/20 Sus Sustainable Dev Development Rec ecognition
DJS JSI in n the Em Emergin ing Ma Markets ts 201 2019
(2nd Rank in the Transportation Sector)
Thail iland Su Susta tain inabil ilit ity Inv Investment
The Stock Exchange of Thailand, 2019 BTS Gro roup Ear arnings Pres Presentation
Plati tinum Award
The Asset ESG Corporate Award 2019
Si Silv lver Class Disti tincti tion
The Sustainability Yearbook 2020
Su Susta tain inabil ilit ity Disclo losure Recognit itio ion
Thaipat Institute, 2019
Bes est Gr Green Bon
The Asset Triple A Sustainable Capital Markets Regional Awards 2019
At BTS Group, we embrace sustainabi nability y as a cor core e value e and are committed to practicing good good corpor corporate te gov governance ernance as we believe this strengthens the lon
term gr grow
h pr pros
pects of our business. GROWING TOGETHER
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BTS Gro roup Ear arnings Pres Presentation 5
4Q 4Q & & FY FY 201 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
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6
Solid growth in profitability Ope pera ratin ing Revenue of THB THB 39 39.9 .9bn +47% YoY Reco cord Recu curr rring Net t Pro rofit it
THB 4.8 4.8bn bn Balance sheet
remains strong
Cas ash h & & Li Liqu quid id Inv nvest stments THB THB 17 17.7 .7bn Adju Adjust sted Net t D/E 1.0 1.05x 5x Low leverage Financing cash earmarked for investments in Mass Transit projects (17)% YoY +22% YoY Ope pera ratin ing EBIT BITDA of THB THB 7.5 .5bn bn Cas ash h re receiv ived fro rom the the exercis ise of
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 21. 21.7bn Net t inc ncrease in n long ng-term loans ns fro rom finan nancia ial ins nsti titutio ions s of THB THB 15.6bn bn P&L L HI HIGH GHLIGHTS FINANCIAL POSITION 12M M CA CASH FLOW
BTS Gro roup Ear arnings Pres Presentation Section 1: 4Q & 2019/20 Financial Performance
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OPE OPERATING REVE REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn mn) FY FY 2019/20 FY FY 2018/19 % YoY 4Q 2019/20 4Q 4Q 2018/19 %Yo YoY 3Q 2019/20 %QoQ Operating Revenue1 39,937 48,004 (17)% 8,424 10,045 (16)% 11,069 (24)% Gross operating profit 9,595 7,884 22% 2,149 2,263 (5)% 2,882 (25)% Operating EBITDA2 7,460 6,137 22% 1,732 1,717 1% 2,253 (23)% Recurring net profit – after MI 4,776 3,248 47% 290 966 (70)% 2,378 (88)% Net income (loss)3 8,162 2,873 184% 3,531 627 463% 2,460 44% Gross operating profit margin (%) 24.0% 16.4% 25.5% 22.5% 26.0% Recurring net profit margin – after MI(%) 11.4% 6.6% 3.6% 9.3% 19.0% Operating EBITDA margin (%) 18.7% 12.8% 20.6% 17.1% 20.4%
P&L &L SNAPSHOT FY 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
7
80% Mas Mass Tran ransit 15% Me Media 1% Property 4% Se Services BTS Gro roup Ear arnings Pres Presentation Section 1: 4Q & 2019/20 Financial Performance 48,004 39,937 (9,252) 530 21 634 FY18/19 Mass Transit Media Property Services FY19/20
(22)% )% 57% 57% 10% 6% (THB mn)
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1 CFO included
2 CFI included net investment for construction of the Pink and Yellow Lines of THB 11.5bn 3 Excluding liquid investments of THB 14.4bn
CFI
and Yellow Lines of THB 11.5bn
properties of THB 4.1bn
derivative instruments of THB 2.2bn
investment in Bayswater of THB 2.3bn
CFF
institutions of THB 15.6bn mainly for the Pink and Yellow lines
13.7bn
shares and VGI-W2 of THB 3.5bn
institutions and bills of exchange payables of THB 6.6bn
CFO
deducted by
15.4bn (this includes net investment in mass transit projects of THB 10.2bn)
8 BTS Gro roup Ear arnings Pres Presentation Section 1: 4Q & 2019/20 Financial Performance 4,021 (14,107)1 (14,459)2 27,551 220 3,2263 Beginning cash (31/3/19) CFO CFI CFF Others Ending cash (31/3/20)
(THB mn)
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Holding dings PCL Share of
t pr prof
it in BTS BTSGIF 2% Con
ion revenue for
and d Ye Yell llow Li Lines 53% 53% Ma Mass Tr Transit it rela lated inte terest inco come 6%
HISTORICAL OPE OPERATING REV REVENUE (THB THB bn) ) KEY FACTORS
Total Ma Mass Tr Transit it reve venue of THB 32,076mn, a decline of 22.4% YoY from a lower recognition of construction revenue for the Pink and Yellow lines to THB 16.9mn (THB 30.7bn in FY 2018/19), partially offset by
High gher servic ices revenue from
provi
ion of
M wor
procu
Green Li Line ext.
High gher O& O&M M revenue of THB 1,476mn YoY to THB 3,753mn, chiefly as a result
stations of Northern Green Line ext.
High gher Ma Mass Tr Transit it rela lated inte terest inco come of THB 842mn YoY to THB 1,920mn
recognition of construction cost for the Pink and Yellow Lines
Operating g EBI BITD TDA ma margin in rose YoY to 20.0% (10.9% in FY 2018/19)
OPE OPERATING PERFORMANCE
MA MASS TRA TRANSIT (THB THB mn mn) FY FY 20 2019 19/20 FY FY 20 2018 18/19 19 %YoY 4Q 20 2019 19/20 4Q 4Q 20 2018 18/19 19 %YoY 3Q Q 20 2019 19/20 %Qo QoQ Re Revenue 32,076 41,328 (22)% 7,078 8,140 (13)% 8,538 (17)% Costs of revenue 25,691 36,868 (30)% 5,380 6,821 (21)% 6,847 (21)% Gross profit 6,385 4,460 43% 1,698 1,319 29% 1,691 1% Op Opera rating EB EBITD TDA 6, 6,421 4,497 7 43% 3% 1,724 1,332 29% 29% 1, 1,702 1% 1% Gross margin (%) 19.9% 10.8% 24.0% 16.2% 19.8% Operating EBITDA margin (%) 20.0% 10.9% 24.4% 16.4% 19.9%
OPE OPERATING REVE REVENUE BR BREAKDOWN
FY FY 2019/20 9
Servic ices revenue from
provi
ion
M wor
pr procu
Line ext. xt. 26% 26% O& O&M 12%
4Q 4Q 18/19 19 1Q 19/20 2Q Q 19/20 3Q Q 19/20 4Q Q 19/20 Construction revenue for Pink and Yellow Lines 5.3 4.3 4.4 4.5 3.7 Services revenue from provision of E&M works & train procurement for Green Line ext. 1.4 1.4 3.1 2.1 1.6 Mass Transit related interest income 0.4 0.4 0.3 0.6 0.5 O&M 0.8 0.8 0.9 0.9 1.1 Share of net profit in BTSGIF 0.2 0.2 0.3 0.2 0.2 Others* 0.0 0.0 0.1 0.2 0.0
*Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT
Ot Others* 1%
BTS Gro roup Ear arnings Pres Presentation Section 1: 4Q & 2019/20 Financial Performance
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22% Outdoor r Med edia 6% Off ffice Buildings and Oth thers 35% Digital*
HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
Medi dia revenue of THB 5,735mn, an increase of 10.2% YoY mainly driven by the growth in Digital services segment
gital l Servic ices revenue* rose by 54.3% YoY to THB 2,026mn largely due to the revenue recognition of VGI Digital Lab
OOH Me Media dia revenue** decreased by 4.7% YoY to THB 3,709mn, chiefly due to a digital transformation impact on BTS stations and lower utilisation rate of Office Media
ts increased by 36.9% YoY to THB 2,627mn primarily due to higher cost of project management and online advertising under Digital Services segment
Operating g EBI BITD TDA ma margin in declined YoY to 36.2% (45.4% in FY 2018/19)
t pr prof
it from
press (Th Thaila land) d) of THB 268mn (THB 169mn in FY 2018/19)
37% BTS – Re Related Me Media
ME MEDIA A (TH THB mn mn) FY FY 2019 19/201 FY FY 2018 18/19 19 %YoY 4Q 2019 19/20 4Q 4Q 2018 18/19 19 %YoY 3Q Q 2019 19/20 %Qo QoQ Operating revenue 5,735 5,204 10% 929 1,397 (34)% 1,836 (49)% Costs of revenue 2,627 1,919 37% 506 558 (9)% 808 (37)% Gross profit 3,108 3,285 (5)% 423 839 (50)% 1,028 (59)% Op Opera rating EBITD TDA 2,077 77 2,363 (12)% )% 230 230 576 76 (60)% )% 687 687 (67)% 7)% Gross margin (%) 54.2% 63.1% 45.5% 60.1% 56.0% Operating EBITDA margin (%) 36.2% 45.4% 24.7% 41.2% 37.4%
FY FY 2019/20
OPE OPERATING PERFORMANCE OPE OPERATING REVE REVENUE BR BREAKDOWN
10 10
* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) VGI Digital Lab ** OOH Media includes Transit, Outdoor and Office Building and Other Media
986 928 1,010 1,204 568 411 435 597 632 361 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 Digital Services Business OOH Media *
BTS Gro roup Ear arnings Pres Presentation Section 1: 4Q & 2019/20 Financial Performance
1 Note that FY 2019/20 operating performances from Media business included contribution of MACO
and its subsidiaries for the period from April 2019 to January 2020
OOH Media (6 (65%)
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Re Residenti tial 10%
HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
revenue was THB 381mn, an increase of 5.8% YoY, chiefly from commercial property revenue which now primarily 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 1,152mn (THB 80mn loss in FY 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 5.6% YoY to THB 345mn.
OPE OPERATING PERFORMANCE
PR PROPERTY TY (TH THB mn mn) FY FY 2019 19/20 FY FY 2018 18/19 19 %YoY 4Q 2019 19/20 4Q 4Q 2018 18/19 19 %YoY 3Q Q 2019 19/20 %Qo QoQ Operating Revenue 381 360 6% 88 104 (15)% 113 (23)% Costs of revenue 345 326 6% 82 59 38% 89 (9)% Gross profit 36 34 7% 6 44 (86)% 24 (74)% Op Opera rating EBITD TDA (16) (22) (26)% )% (9) 9) (26) (66)% )% 13 13 (170 70)% Gross margin (%) 9.5% 9.3% 7.1% 42.7% 21.3% Operating EBITDA margin (%) (4.3)% (6.1)% (10.2)% (25.5)% 11.3%
OPE OPERATING REVE REVENUE BR BREAKDOWN
FY FY 2019/20
NOT OTE: Property operating performances exclude share of profit/(loss) from investment in U City
11 11
90% Commercial & Oth thers
89 80 100 113 88 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q19/20
BTS Gro roup Ear arnings Pres Presentation Section 1: 4Q & 2019/20 Financial Performance
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52,310 67,245 50,477 72,940 41,611 32,915 31 Mar 19 31 Mar 20
Total shareholders' equity Total non-current liabilities Total current liabilities
173,100 144,398 124,745 150,702 19,653 22,398 31 Mar 19 31 Mar 20
Total non-current assets Total current assets
173,100 144,398
Cash 31 Mar 19: THB 4.0bn 31 Ma Mar 20: THB THB 3. 3.2bn bn Cash & liqu quid id investment 31 Mar 19: THB 18.7bn 31 Ma Mar 20: THB THB 17. 7.7bn 7bn Current Investm tments 31 Mar 19: THB 7.7bn 31 Ma Mar 20: THB THB 2.7bn 7bn Lo Long-Term Investments 31 Mar 19: THB 14.6bn 31 Ma Mar 20: THB THB 17. 7.9bn
86% 14% 13% 87% 19% 39% 42% 36% 29% 35% FY 20 2019 19/20:
1. 1.32x
FY 2018/19: 1.39x
Gro ross Debt to Equ quity
FY 2019 19/20: 1.
1.05x
FY 2018/19: 1.03x
Adj djusted Ne Net Debt2 to Equ quity
FY 2019 19/20:
7. 7.35x
FY 2018/19: 7.43x
Adj djusted Ne Net Debt2 to Re Recurring EBITDA
FY 2019 19/20: :
3. 3.32x
FY 2018/19: 3.74x
Inte terest Cov Coverage
FY 2019 19/20: 0.
0.68x
FY 2018/19: 0.47x
Curr Current t Rat Ratio
ASS SSETS BREA EAKDOWN LIA LIABILITIES AND ND EQ EQUITY BREA EAKDOWN KE KEY RATIOS
12 12
1 Comprised of 19% floating-rate debt and 81% 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 Ma Mar 20: THB THB 88.6bn bn1 Adjus justed d Net t Debt2 31 Mar 19: THB 53.8bn 31 Ma Mar 20: THB THB 70 70.9bn bn ***** ***** Issued d Or Ordina dinary y Shares 31 Mar 19: 11,845.4mn 31 Ma Mar 20: 13,15 154. 4.3mn
BTS Gro roup Ear arnings Pres Presentation Section 1: 4Q & 2019/20 Financial Performance
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BTS Gro roup Ear arnings Pres Presentation
4Q 4Q & & FY FY 201 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
13 13
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9 ou
Northern Gree een sta stations be began ope
Nor Northern Gr Green Li Line ex extensio ion
(16 stations, 17.8km)
N 8 M O C H I T N 9 H A Y A E K L A T P R A O K A S E T S A R T U N I V E R S I T Y N 1 3 R O Y A L F O R E S T D E P A R T M E N T N 1 4 B A N G B U A N 1 5 1 1 T H I N F A N T R Y R E G I M E N T N 1 6 W A T P H R A S R I M A H A T H A T N 1 7 K H U K H O T
N 2 4
N 24
Aug 2019
Current Green Line network operation
52 52 stations 58 58.1
km
Green Line, to be
59 59 stations 66 66.7
km 14 14 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates Targeted in Dec 2020 5 Jun 2020 Dec 2019
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15 15 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 27bn (phase 1) PPP Contract signing expected by Jul 20 PPP Contract signing expected by Jul 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 4Q 20.
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VGI’s key developments in FY 2019/20
16 16 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
ADVE DVERTISING PAYMENT LOGISTICS
Established VGI Digital Lab, an
marketing campaign based on the Group’s DMP Partnered with iClick Interactive Asia Group, the largest online marketing and data technology platform in China Changed in classification of an investment in MACO from subsidiary to associate company Realised considerable synergies with PlanB by launching new media packages such as Bangkok Takeover, Street Combo and Bangkok Combo Partnered with SAHA Group, Thailand’s consumer product leader
shops on BTS Continued to experience strong user growth
users Delivered the better experience for consumers through synergies with Kerry
Sampling
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17 17
VE VERSO INTERNATI TIONAL SCHOOL TH THE CUSTO TOMS HOUSE (RO ROI CHAK SAM AM) TH THE UNICORN PH PHAYATHAI Concept Providing unique learning experience by paring modern technology and contemporary teaching techniques A luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along magnificent Chao Praya Riverside 51 levels of mixed-use building comprising of retail, office, hotel and residence Pr Project Va Value Approximately THB 4.8bn Approximately THB 4.6bn Approximately THB 9.3bn Location Thana City On the Chao Praya Riverside, Soi Charoenkrung 36, Bangrak, Bangkok Adjacent to 2 mass transit stations: BTS Phayathai Station and Airport Rail Link Land Ar Area 79.4 Rai or 12.7 Ha (127,065 sqm) 5.15 Rai or 0.82 Ha (8,240 sqm) 7.3 Rai or 1.2 Ha (11,749.6 sqm) Constru ruction Ti Time meline Pr Project Pe Peri riod Approximately 39 months 6 years Approximately 48 months Status (as of 31 1 Ma Mar 20) 90% On the Fine Arts Department submission process for approval 14% 4Q 2019 20 2024 Start Comp mpletion 3Q 2017 1Q Q 20 2022 Start Comp mpletion 2017 2Q 2Q 20 2020 Start Comp mpletion
BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
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BTS Gro roup Ear arnings Pres Presentation 18 18
4Q 4Q & & FY FY 201 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
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Pr Progress of 46 46 Ne New Tra rains Deli Delivery
19 19
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
24 trains all arrived 22 trains all arrived all trains in service BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices 5 trains in service
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Intercity Motorway – BGS BGSR JV JV as as the the be best bid bidder
20 20 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 Jul 2020
Consortium’s Members
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U-Tapao International Air Airport - BB BBS JV JV as as the the bes best bid bidder
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 27bn (phase 1) Sources of f Fu Fund Debt 70 : Equity 30 21 21
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 June 2020 Expected contract signing
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Western n Or Orange Eas astern Or Oran ange
Eas astern Ora range We Western Orange
Ora range Li Line – pr project at at a a gla glance
22 22
Underground Stations Elevated Stations
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
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
EXPE PECTED TI TIMELINE
2023 Targeted Commercial Operation Date for Eastern Orange MA MAY 2017 Civil work construction of Eastern Orange began Jun 2020 Expected request for proposal (RFP) for Civil work construction of Western Orange & E&M, available for sale 28 JAN 2020 Cabinet approved the project 2026 Targeted Commercial Operation Date for Western Orange Se Sep 2020 Expected bid submission
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Sh Shar are of Income / / (L (Loss) from Investments in in JV JV & & Ass Associates
(THB mn mn) FY FY 2019/20 FY FY 2018/19 Share of f income/ (loss) from investments in joint ven entures (140) (406) Bayswater (34) (267) Rabbit Line Pay (111) (143) Chefman (22) (35) SPV AEON-Rabbit 41 37 Media’s JV (15) 3 Share of f income/ (loss) from investments in associates 2,212 957 BTSGIF 848 898 CPX (1) Media’s associates Kerry 268 169 Aero (46) (27) DEMO 27 (2) Others and VGIM’s Associates (114) (57) Ads Chaopraya (10) MACO (Discontinued Operation) 87 58 U City 1,152 (80) Tota tal 2,072 552 FY FY 2019/20 SHARE OF NE NET PROFIT/ (LOSS) BREAKDOWN BY Y BU (THB mn) 23 23
847 127 1,118 (22) 2,072 Mass Transit Media Property Services Total
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
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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 24 24
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
25 25
THB bn
Pink & Yellow Lines Construction
THB bn
Mass-transit related interest income
THB bn
E&M provision and train procurement for Green Line extensions Train O&M revenue
THB bn
Mass Transit CAPEX
THB bn
40% YoY BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices