BTS GROUP HOLDINGS PCL
FY 2018/19 EARNINGS PRESENTATION SET OPPORTUNITY DAY 6 JUN 2019
BTS GROUP HOLDINGS PCL FY 2018/19 EARNINGS PRESENTATION SET - - PowerPoint PPT Presentation
BTS GROUP HOLDINGS PCL FY 2018/19 EARNINGS PRESENTATION SET OPPORTUNITY DAY 6 JUN 2019 Disclaimer Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public
FY 2018/19 EARNINGS PRESENTATION SET OPPORTUNITY DAY 6 JUN 2019
prepared by Investor Relations department BTS Group Holdings PCL
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
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 own investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this 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
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
BTS Group Earnings Presentation 2
prepared by Investor Relations department BTS Group Holdings PCL
BTS Group Earnings Presentation 3
FY 2018/19 FINANCIAL PERFORMANCE SECTION 1 BUSINESS UPDATES SECTION 2 APPENDICES SECTION 3
prepared by Investor Relations department BTS Group Holdings PCL
4 BTS Group Earnings Presentation Section 1: FY 2018/19 Financial Performance
Strong growth in revenue and profitability Operating Revenue of THB 47.9bn +29% YoY Net Recurring Profit (after MI)
FINANCIAL POSITION Balance sheet Expansion and Strength Cash & Liquid Investments of THB 18.7bn Adjusted Net D/E 1.03x Low leverage despite the increase in debt Investment phase continues; Net investment in Pink & Yellow Lines of THB 24.6bn Net investment in Green Line Extensions THB 4.1bn Investment in Kerry Express Thailand THB 5.0bn P&L HIGHLIGHTS 12M CASH FLOW +240% YoY +49% YoY Operating EBITDA of 6.1bn Balance Sheet expansion by 36%
prepared by Investor Relations department BTS Group Holdings PCL
5 BTS Group Earnings Presentation Section 1: FY 2018/19 Financial Performance
2018 BTS GROUP MASS TRANSIT PROPERTY
JUN – JUL
MEDIA
Jun: Received the Notice-to- Proceed for Pink and Yellow Lines Jul: Received 30-year O&M Contract of Gold Line Phase 1 Jul: MACO acquired “Trans. Ad Group” in order to support its digital media expansion domestically and internationally SEP – DEC Oct: U City EGM approved (i) the capital reduction to clear its deficit in order to pay dividend in the future and (ii) reverse-stock split to facilitate U’s trading liquidity JAN – MAR Feb: Interim dividend of THB 0.17 per share was paid. Feb: VGI partnered with LAWSON to establish O2O ecosystem through Lawson Stores Mar: Submitted U-Tapao International Airport and Eastern City Development Project bid Sep: BTSG was selected as a member of DJSI EM 2018 Mar: VGI acquired 18.6% stake in “PlanB”, valued THB 4.6bn APR - MAY Apr: U City Entered into the Share Sale and Purchase Agreement to dispose ordinary shares of Mo Chit Land, to STEC, worth THB 4.3bn May: BoD approved final dividend THB 0.25 per share and the issuance of BTS-W5, exercise price at THB 14
(subject to shareholders’ approval)
May: Disposed Bayswater JV shares to CPN, worth THB 7.7bn Dec: Full operation of the Southern Green Line extension (Bearing – Kheha), totalling 12.6km, 9 stations Mar: New JV “VGI AnyMind” to incorporate AI solutions in advertising Apr: New JV “VClick” to capture advertising opportunity in Chinese consumer market May: THB 13bn first Thai Green Bond issued (avg. coupon rate 3.41%) Jul: VGI completed 23% acquisition of Kerry Express Thailand, total purchase price
2019
Oct: VGI launched new features of Rabbit Line Pay which enable RLP users to top up BTS cards through RLP Nov: BTS-W4 issued, with exercise price at THB 10.50 Sep: THB 9.5bn debenture issued (avg. coupon rate 3.38%) Apr: U City entered into share sales and purchase agreement to acquire hotels in Germany and Switzerland
prepared by Investor Relations department BTS Group Holdings PCL
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) FY 2018/19 FY 2017/18 % YoY Operating Revenue1 47,923 14,102 240% Gross operating profit 7,869 5,778 36% Operating EBITDA2 6,106 4,089 49% Recurring net profit – after MI 3,248 2,508 29% Accounting EBITDA 6,876 7,571 (9)% Net income (loss)3 2,873 4,416 (35)% Gross operating profit margin (%) 16.4% 41.0% Accounting EBITDA margin (%) 13.9% 42.3% Recurring net profit margin – after MI(%) 6.6% 16.0% Operating EBITDA margin (%) 12.7% 29.0%
P&L SNAPSHOT
FY 2018/19 OPERATING REVENUE BREAKDOWN
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
86% Mass Transit 11% Media 1% Property 2% Services BTS Group Earnings Presentation Section 1: FY 2018/19 Financial Performance
14,102 47,923 32,216 1,221 (279) 663 FY17/18 Mass Transit Media Property Services FY18/19 (44)% 148% 31% 354% (THB mn)
prepared by Investor Relations department BTS Group Holdings PCL Share in BTSGIF 2% O&M Construction revenue for Pink and Yellow Lines 74% Mass Transit related Interest income 3%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
▪ The YoY revenue growth of 32.2bn or 354% was mainly from
to THB 1,078mn
chiefly as a result of the full opening of Southern Green Line ext. in Dec 18 and the contractually agreed increase in the operating fee of the existing ext. ▪ Cost rose by THB 30.6bn to THB 36.9bn largely from the recognition of construction cost for the Pink and Yellow Lines ▪ Operating EBITDA margin was 10.9% (31.5% in FY 2017/18)
OPERATING PERFORMANCE
MASS TRANSIT (THB mn) FY 2018/19 FY 2017/18 %YoY Revenue 41,328 9,112 354% Costs of revenue 36,868 6,274 488% Gross profit 4,460 2,837 57% Operating EBITDA 4,498 2,872 57% Gross margin (%) 10.8% 31.1% Operating EBITDA margin (%) 10.9% 31.5%
OPERATING REVENUE BREAKDOWN
FY 2018/19
7
Services revenue from provision
train procurement for Green Line ext. 15%
5%
BTS Group Earnings Presentation Section 1: FY 2018/19 Financial Performance
468 452 452 565 807 252 228 244 239 187 234 193 242 289 354 1,205 926 1,524 2,183 1,451 11,777 13,616 5,325 14 16 228 15 4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 Others Construction revenue for Pink and Yellow Lines Services revenue from provision of E&M works & train procurement for Green Line ext. Mass Transit related interest income Share of net profit in BTSGIF O&M * Comprised of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox from BRT
Others* 1%
*
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
▪ All-time high revenue of THB 5,123mn, an increase of 31% YoY driven by organic growth in the OOH media segment and higher revenue from Digital Services segment
encouraging growth in all business units
1,282mn mainly due to the eight-month consolidation of Trans.Ad Group, higher revenue from Rabbit Group and the increase in average number of policies sold ▪ Costs increased by 56% YoY to THB 1,234mn primarily due to the eight- month consolidation of Trans.Ad Group ▪ Operating EBITDA margin declined YoY to 45.5% (50.6% in FY 2017/18) 46% BTS – Related Media 21% Outdoor Media MEDIA (THB mn) FY 2018/19 FY 2017/18 %YoY Operating revenue 5,123 3,902 31% Costs of revenue 1,919 1,234 56% Gross profit 3,204 2,668 20% Operating EBITDA 2,332 1,976 18% Gross margin (%) 65.5% 68.4% Operating EBITDA margin (%) 45.5% 50.6%
FY 2018/19
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
8
8% Office Buildings and Others 25% Digital
*OOH Media includes Transit, Outdoor and Office Building and Other Media
BTS Group Earnings Presentation Section 1: FY 2018/19 Financial Performance
1,020 990 909 965 1,047 87 87 296 495 335
4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19
Digital Services Media OOH
prepared by Investor Relations department BTS Group Holdings PCL
Residential 4%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
▪ Operating revenue was THB 360mn, mainly from commercial property which decreased by 46% YoY, primarily attributable to the deconsolidation of the majority of BTS property business as a result of the EBT of UE to U City in 4Q 17/18 ▪ Share of net loss from investment in U City, our associate, of THB 80mn (THB 505mn loss in FY 2017/18) as U City recognised lower loss on impairment of assets, improved operating performance of hotel business in Europe and the transfer progress of Sansiri-JVs ▪ Operating costs dropped in tandem with the decline in operating revenue, reducing by 37% YoY or THB 153mn to THB 261mn.
OPERATING PERFORMANCE
PROPERTY (THB mn) FY 2018/19 FY 2017/18 %YoY Operating Revenue 360 639 (44)% Costs of revenue 261 413 (37)% Gross profit 99 226 (56)% Operating EBITDA (22) (4) 460% Gross margin (%) 27.6% 35.3% Operating EBITDA margin (%) (6.1)% (0.6)%
OPERATING REVENUE BREAKDOWN
FY 2018/19
NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.
9
96% Commercial & Others BTS Group Earnings Presentation Section 1: FY 2018/19 Financial Performance
160 80 87 85 107
4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19
Operating revenue
prepared by Investor Relations department BTS Group Holdings PCL
46,364 52,150 36,971 50,370 22,923 41,794
31 Mar 18 31 Mar 19 Total shareholders' equity Total non-current liabilities Total current liabilities
144,315 106,258 84,591 123,186 21,667 21,129
31 Mar 18 31 Mar 19 Total non-current assets Total current assets
144,315 106,258 Cash 31 Mar 18: THB 9.5bn 31 Mar 19: THB 4.0bn Current Investments 31 Mar 18: THB 5.7bn 31 Mar 19: THB 7.7bn Long-Term Investments 31 Mar 18: THB 15.9bn 31 Mar 19: THB 14.6bn 80% 20% 15% 85% 29% 36% 35% 44% 21% 35% FY 2018/19:
1.39x
FY 2017/18: 1.02x
Gross Debt to Equity
FY 2018/19:
1.03x
FY 2017/18: 0.37x
Adjusted Net Debt* to Equity
FY 2018/19:
7.43x
FY 2017/18: 3.02x
Adjusted Net Debt* to Recurring EBITDA
FY 2018/19: 3.70x FY 2017/18: 3.31x
Interest Coverage
FY 2018/19:
0.51x
FY 2017/18: 0.95x
Current Ratio
ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN KEY RATIOS
10
*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment (THB mn) (THB mn)
BTS Group Earnings Presentation Section 1: FY 2018/19 Financial Performance
Gross Debt 31 Mar 18: THB 47.2bn 31 Mar 19: THB 72.5bn Adjusted Net Debt* 31 Mar 18: THB 17.1bn 31 Mar 19: THB 53.8bn ***** Issued Ordinary Shares 31 Mar 18: 11,940.4mn 31 Mar 19: 11,845.4mn
prepared by Investor Relations department BTS Group Holdings PCL
11 BTS Group Earnings Presentation
FY 2018/19 FINANCIAL PERFORMANCE SECTION 1 BUSINESS UPDATES SECTION 2 APPENDICES SECTION 3
prepared by Investor Relations department BTS Group Holdings PCL
12
Historical Ridership & % Growth (YoY) Historical Average Fare & % Growth (YoY)
BTS Group Earnings Presentation Section 2: Business Updates
*Excluding the impact of free-trip allowance to passengers from train services disruption
218.7 232.5 238.0 241.2 241.0 1.9% 6.3% 2.4% 1.3%
2014/15 2015/16 2016/17 2017/18 2018/19 Total Ridership (mn trips) Ridership Growth (% YoY)
26.9 27.5 27.9 28.3 29.0* 1.6% 2.4% 1.3% 1.4% 2.4%
2014/15 2015/16 2016/17 2017/18 2018/19 Average fare price (THB) % Change YoY
241.0mn trips
+0.1% YoY
card in April 2018
prepared by Investor Relations department BTS Group Holdings PCL
13 Included in Masterplan 17 Oct 18 Included in Masterplan 17 Oct 18 NTP issued 29 Jun 18 NTP issued 29 Jun 18
*Sources: Information was from MRTA and the Company’s report as of 30 April 2019, except for E&M for Northern Green Line ext. and Gold Line which were as of 30 May 2019
NORTHERN GREEN LINE EXT. (Mochit - Khukot) 18.2km/ 16 stations PINK LINE (Khae Rai – Min Buri) 34.5km/ 30 stations YELLOW LINE (Ladprao - Samrong) 30.4km/ 23 stations
FY 17/18 FY 18/19 FY 19/20 FY 20/21
Targeted 1st station: (Aug 2019) Targeted full Operation (2020)
Contract Signed
FY 21/22
Targeted
(Oct 2021) Targeted
(Oct 2021)
Contract Signed
Construction Period Construction Period Construction Period
100%
PINK LINE (EXTENSION) (Sirat – Muengthong Thani) 3.0km/ 2 stations YELLOW LINE (EXTENSION) (Ratchada - Ratchayothin) 2.6km/ 2 stations GOLD LINE PHASE 1 (Krung Thon Buri – Klong San) 1.7km/ 3 stations Targeted
(by Sep 2020) O&M contract Signed (31 Jul 18) Construction Period
34% 20% 19% 33% 34% 20%
Civil E&M Progress(%)*
BTS Group Earnings Presentation Section 2: Business Updates
27%
prepared by Investor Relations department BTS Group Holdings PCL
14 BTS Group Earnings Presentation Section 2: Business Updates
Acquisition of 18.6% in PlanB
Collaboration of the Top Players in OOH Media Segment
% of investment 18.6% of total shares 1. 9.5% from existing shareholders 2. 9.1% from newly issued ordinary shares Total shares acquisition 1. 368.8mn shares from existing shareholders 2. 353.0mn shares from PLANB’s newly shares Acquisition price THB 6.40 per share Total investment THB 4,619.6mn Source of fund: Cash of THB 2,900mn and Loan THB 1,700mn
Lajanagosin Group
Luechaikajohn pan Group Public 43.6% 6.4% 31.4% 18.6%
completed OOH journey to data optimisation with engaging entertainment content, to convert on payment & loyalty platforms
Partnership with Anymind Group
To incorporate AI solutions in Offline and Online advertising
and influencer marketing into VGI O2O Solutions offering to provide better performance for our clients
Anymind’s technology and VGI’s digital out-of-home media assets to increase effectiveness of out-of-home media platforms in terms
analyse and mobilise Rabbit data network
Partnership with I-Click Interactive Asia Group
To capture advertising opportunity in Chinese consumer market
cross border advertising solution distributor
and new media products, including: O2O Solutions: launching 10,000 new mobile charging stations with LED display, which will be placed throughout VGI’s network across Thailand such as BTS SkyTrain stations and Kerry Express’s distribution centers.
Chinese search engine Game Online Operator Travel service provider Instant messaging service
prepared by Investor Relations department BTS Group Holdings PCL
15 BTS Group Earnings Presentation Section 2: Business Updates
RABBIT LINEPAY
Rabbit LinePay serves more than 5.5mn users, an increase of 83.0% YTD
Partnership with AIS
2.9 3.1 3.2 3.4 3.8 4.2 4.5 4.7 4.9 5.1 5.2 5.3 5.5
Single e-wallet with BTS and Rabbit Card & Rabbit LinePay
+83.0% YTD
RABBIT CARD
Rabbit Card circulation reached 11.0mn, increased by 23.2% YTD
9.0 9.1 9.2 9.3 9.4 9.6 9.8 9.9 10.1 10.3 10.6 10.8 11.0
+23.2% YTD
KERRY PARCEL SHOP KERRY TRUCK
prepared by Investor Relations department BTS Group Holdings PCL
16
Transaction Disposal of the investment in Bayswater Co., Ltd. Rationale To generate profit and to use proceeds for other businesses, projects or working capital of the Company Seller The Company Buyer Central Pattana Public Company Limited (CPN) Value of Disposed Investment THB 7,699mn Amount of Shares to be Disposed 50,000 ordinary shares (50% of total shares) at par value of THB 100 per share Asset Details Land 48 – 3 – 12.8 Rai (78,051.2sqm) Ownership: Freehold BTS Proximity 200m from Phahon Yothin 24 Station (N10 of Northern Green Line extension)
BTS Group Earnings Presentation Section 2: Business Updates
prepared by Investor Relations department BTS Group Holdings PCL
Transaction Ordinary Shares Disposal of Mo Chit Land Company Limited Seller U City PLC (BTS Associates) Buyer Sino-Thai Engineering and Construction PLC (STEC) Total Price THB 4,320mn Amount of Shares to be Disposed 29,550,000 ordinary shares (100% of total shares) at par value of THB 27.25 per share Asset Details Land and commercial buildings (Shop house) in amount of 63 plots 11-0-40.7 Rai (4,440.7 Sq.Wah) Payment Terms 1st installment: 1 November 2019 THB 1,300mn (transfer date) 2nd installment: 1 November 2020 THB 1,000mn 3rd installment: 1 November 2021 THB 1,000mn 4th installment: 1 November 2022 THB 1,020mn Shares Transfer Date 1 November 2019
17 BTS Group Earnings Presentation Section 2: Business Updates
prepared by Investor Relations department BTS Group Holdings PCL
18 BTS Group Earnings Presentation Section 2: Business Updates
THB 13BN GREEN BOND Rationale: Issuance Date: For debt repayment of Eligible Green Projects (Pink & Yellow Line) 24 May 2019 Average Coupon Rate: 3.41% Complied with
By ICMA
Climate Bonds Standard version 2.1
Verified by
Provide Second Party Opinion (SPO) to verify BTSG Greenbond Framework Aligned with GBP Certified by Climate Bonds Initiative (CBI)
Certified by THB 13.0bn Issue Size: THB 41.7bn Bidding Demand: A/ Stable rated by TRIS Credit Rating:
prepared by Investor Relations department BTS Group Holdings PCL
BTS Group Earnings Presentation Section 2: Business Updates Ticker BTS-W4 Term 1 year from the issuance date Issuance date 30 November 2018 Expiry date 29 November 2019 Warrants price nil
1,315,710,907 units Allocation To existing shareholders at the ratio of 9 existing BTS shares : 1 bts-W4 Exercise ratio1 1 BTS-W4 to 1.1 new common share of BTS Exercise price THB 10.50 per share Expected maximum proceeds THB 13.8bn Exercise period Quarterly Progress 48.8mn units exercised, generating proceeds
proceeds
BTS-W4 TERMS AND CONDITIONS
19 Ticker BTS-W5 Term 1 year from the issuance date Warrants price nil
Up to 1,319.61mn units Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5 Exercise ratio 1 BTS-W5 to 1 new common share of BTS Exercise price THB 14 per share Expected maximum proceeds THB 18.5bn Exercise period Quarterly
1Subject to shareholders’ approval, issuance of new warrants (BTS-W5) up to
1,319.6mn units, 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. The number of shares with the right to receive BTS-W5 Warrants will be equivalent to 13,195.7mn shares.
BTS-W5 TERMS AND CONDITIONS
prepared by Investor Relations department BTS Group Holdings PCL
THB 1.5 - 1.9bn
Mass-transit related interest income
THB 27 - 33bn THB 0.7bn THB 0.2bn
(Excludes: Real estate development cost)
THB 23 - 27bn
Pink and Yellow Lines Construction revenue
THB 4 - 6bn
Revenue from E&M provision and train procurement for Green Line extensions
Core Network ridership growth
THB 3.4bn
Train O&M revenue
THB 6.0 - 6.2bn
VGI Revenue
VGI EBITDA margin
VGI NPAT margin
U City EBITDA margin
THB 350mn
BTS Group Property Revenue
THB 7.2 - 7.5bn
U City Revenue
BTS GROUP TARGETS CAPEX: THB 28-34BN MASS TRANSIT PROPERTY MEDIA
BTS Group Earnings Presentation Section 2: Business Updates 20
prepared by Investor Relations department BTS Group Holdings PCL
BTS Group Earnings Presentation 21
FY 2018/19 FINANCIAL PERFORMANCE SECTION 1 BUSINESS UPDATES SECTION 2 APPENDICES SECTION 3
prepared by Investor Relations department BTS Group Holdings PCL
22
✓ 14 trains arrived ✓ Another 8 trains will be completely delivered by 2019 ✓ First batch arrived in 1H 2019 ✓ The remaining will be completely delivered by 2020
BTS Group Earnings Presentation Appendices
prepared by Investor Relations department BTS Group Holdings PCL
Sources: MRTA, the Company
FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 WESTERN GREEN LINE EXT.
(Bang Wa – Taling Chan) 7.0km/ 6 stations Targeted Full operation Targeted Full operation Expected open bid/ award Expected open bid/ award
LRT
(Bangna - Suvarnabhumi) 18.3km/ 14 stations
GREY LINE PHASE 1
(Watcharaphon - Thonglo) 16.3km/ 15 stations
ORANGE LINE
(Min Buri – Taling Chan) 39.6km/ 29 stations Expected open bid/ award Expected open bid/ award Targeted Full operation Targeted Full operation
FY 22/23
Construction Period Construction Period Construction Period Construction Period (Civil works of Eastern Orange) BTS Group Earnings Presentation Appendices 23
prepared by Investor Relations department BTS Group Holdings PCL
24 BTS Group Earnings Presentation Appendices
3 Consortiums submitted bid of U-Tapao
Location Plub Pla ,Ban Chang District, Rayong Province Land Area
Contract Type PPP Net Cost Contract Term 50 Years Authority Royal Thai Navy Total Project Cost THB 91bn per market sounding Sources of Fund Debt 70 : Equity 30
Project Details
45% 35% 20% 3 Years 47 Years Design & Build Operation and Maintenance
BBS
JV 2 3 4 1 5 6 7
PPP Project Scope
Facilities
Timeline
Source: Company Data and Market Sounding
21 March 2019 Bidding Submission 2019 Expected Best Bid Announcement October 2018 RFP selling period
Package Inclusion: Package Exclusion:
Grande Asset: 80% Thai Air Asia: 10% Christiani & Neilson: 10%
Grand Consortium
Thana Holding Ch Karnchang Italian Thai Development
Venture Holding
(42 companies bought U-Tapao RFP) CP Consortium
prepared by Investor Relations department BTS Group Holdings PCL
Western Orange Eastern Orange Eastern Orange Western Orange EXPECTED TIMELINE
25 2023 Targeted Commercial Operation Date MAY 2017 Civil work construction of Eastern Orange began 2019 Expect request for proposal (RFP) for Civil work construction of Western Orange & E&M, available for sale
Underground Stations Elevated Stations
ORANGE LINE (39.6KM, 29 STATIONS) CAPEX Civil ~THB 90bn* E&M ~THB 30bn Route Length
Station Taling Chan – Thailand Cultural Center 17km 12 (underground) Route Length
Station Thailand Cultural Center - Min Buri 22.6km 17 (10 aboveground and 7 underground)
* Western Orange civil works CAPEX
BTS Group Earnings Presentation Appendices
prepared by Investor Relations department BTS Group Holdings PCL
26
PARTNERSHIP ROADMAP 2015 2016
50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri PCL with an expected NPAT margin 12%
2018
The LINE Jatujak – Mo Chit Project value: THB 5,815mn
The LINE Sukhumvit 71 Project value: THB 1,967mn
The LINE Ratchathewi Project value: THB 2,851mn
The LINE Asoke-Ratchada Project value: THB 3,022mn
The BASE Garden Rama 9 Project value: THB 2,336mn
The LINE Phahon-Pradipat Project value: THB 5,890mn
2017
The BASE Phetkasem 29 Project value: THB 2,012mn
The MONUMENT Thong Lo Project value: THB 6,258mn
The LINE Sathorn Project value: THB 3,910mn
The LINE Sukhumvit 101 Project value: THB 4,653mn
KHUN BY YOO Project value: THB 4,069mn
The LINE Wongsawang Project value: THB 4,776mn
The LINE Wongsawang The LINE Sukhumvit 101 The LINE Jatujak-Mo Chit
Fully transferred
The BASE Saphanmai Project value: THB 2,921mn
The LINE Phahonyothin Park Project value: THB 4,961mn
2019
The LINE Sathorn
The BASE Ratchada-Thapra Project value: THB 3,050mn
VIA Sukhumvit 34 Project value: THB 1,345mn
Yak Phang Muang Project value: THB 1,842mn
Ready to move in New project To be transferred
BTS Group Earnings Presentation Appendices
prepared by Investor Relations department BTS Group Holdings PCL
MEDIA
FY 2018/19 BTS GROUP TARGETS
Targeted Media Revenue (Actual THB 5.1bn)
Core Network ridership growth (Actual -0.1% YoY)
Core Network average fare increase (Actual +2.4% YoY)
Train O&M revenue growth (Actual +29% YoY)
Revenue from E&M provision and train procurement for Green Line South and North extensions (Actual THB 6.7bn)
Targeted BTS Group Property Revenue (Actual THB 360mn) (Actual 19%)
Construction revenue for Pink and Yellow Lines (Actual THB 30.7bn)
Targeted U City Property Revenue (Actual 7.0bn)
(Actual 43.0%)
(Actual 21.5%)
Interest income from train procurement and construction revenue for Pink and Yellow lines (Actual THB 1.1bn)
MASS TRANSIT
FY 2018/19 CAPEX: THB 27-34BN
(Excludes: BTSGIF CAPEX )
Line South and North extensions
construction (Actual THB 28.7bn; P/Y THB 24.6bn E&M and trains THB 4.1bn)
(Actual THB 750mn)
(Excludes: Real estate development cost)
PROPERTY
BTS Group Earnings Presentation Appendices 27