prepared by Investor Relations department BTS Group Holdings PCL
2Q 2017/18 EARNINGS PRESENTATION
1 4 N O V E M B E R 2 0 1 7
BTS GROUP HOLDINGS PCL 2Q 2017/18 EARNINGS PRESENTATION 1 4 N O V - - PowerPoint PPT Presentation
BTS GROUP HOLDINGS PCL 2Q 2017/18 EARNINGS PRESENTATION 1 4 N O V E M B E R 2 0 1 7 prepared by Investor Relations department BTS Group Holdings PCL Disclaimer Investment involves risk. Prospective should understand the characteristics of
prepared by Investor Relations department BTS Group Holdings PCL
2Q 2017/18 EARNINGS PRESENTATION
1 4 N O V E M B E R 2 0 1 7
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
Section
BTSG 2Q 2017/18 FINANCIAL PERFORMANCE
Section
Section
BUSINESS UPDATES BTSGIF 2Q 2017/18 FINANCIAL PERFORMANCE (separate presentation)
APPENDICES
BTS Group Earnings Presentation 3
prepared by Investor Relations department BTS Group Holdings PCL
recurring profit, extra-gain from Chef Man restructuring, partially offset with higher finance cost and increase in share of net loss from associates/JVs
*Cash and liquid investments include cash bal. of THB 9.0bn, current investments of THB 8.8bn and L/T liquid investments of THB 12.7bn **Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment
investment in pink and yellow line projects PROFITABILITY BALANCE SHEET CASH FLOW
BTS Group Earnings Presentation Section 1: BTSG 2Q 2017/18 Financial Performance 4
prepared by Investor Relations department BTS Group Holdings PCL
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 2Q 2017/18 2Q 2016/17 %YoY 1Q 2017/18 % QoQ 1H 2017/18 1H 2016/17 %YoY Operating Revenues1 2,543 1,722 48% 3,110 (18)% 5,653 3,276 73% Gross operating profit 1,295 1,030 26% 1,278 1% 2,574 1,991 29% Operating EBITDA2 875 623 40% 917 (5)% 1,791 1,259 42% Net recurring profit – before MI 471 445 6% 435 8% 907 906 0% Accounting EBITDA 1,420 984 44% 1,088 31% 2,508 1,974 28% Net income (loss)3 653 548 19% 405 61% 1,058 1,096 (3)% Gross operating profit margin (%) 50.9% 59.8% 41.1% 45.5% 60.8% Accounting EBITDA margin (%) 45.6% 45.6% 32.5% 39.7% 48.2% Recurring net profit margin (%) 16.7% 23.6% 13.3% 14.9% 25.0% Operating EBITDA margin (%) 34.4% 36.2% 29.5% 31.7% 38.4%
P&L SNAPSHOT
52% Mass Transit 38% Media 6% Property 4% Services
2Q 2017/18 OPERATING REVENUE BREAKDOWN
1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 to equity holders of the parent
BTS Group Earnings Presentation Section 1: BTSG 2Q 2017/18 Financial Performance
1,722 2,543 676 180 17 (53) 2Q 16/17 Mass transit Media Property Services 2Q 17/18 105% 23% (THB mn) 12% (2)%
5
prepared by Investor Relations department BTS Group Holdings PCL
15,095
(10,825) 5,043 9,025** 40 Beginning cash (31/3/17) CFO CFI CFF Others Ending cash (30/9/17)
* After tax of THB 451mn and interest expense of THB 354mn as well as investment in E&M works and trains procurement (Green Line North and South extensions) of THB 1.2bn ** Excluding liquid investments of THB 21.5bn
CFI
E&M works of the Pink and Yellow lines
and other long-term investments
CFF
(re. pink and yellow line projects)
CFO Profit before tax of THB 1,519mn, deducted by
177mn
THB 865mn (this includes THB 1.2bn Green Line extension E&M works and train procurement)
(THB mn)
BTS Group Earnings Presentation Section 1: BTSG 2Q 2017/18 Financial Performance 6
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn)
KEY FACTORS OPERATING PERFORMANCE
MASS TRANSIT (THB mn) 2Q 2017/18 2Q 2016/17 %YoY 1Q 2017/18 % QoQ 1H 2017/18 1H 2016/17 %YoY Operating revenue 1,318 642 105% 1,993 (34)% 3,311 1,313 152% Costs of revenue 740 227 226% 1,338 (45)% 2,078 447 365% Gross profit 578 415 39% 655 (12)% 1,233 866 42% Operating EBITDA 587 422 39% 664 (12)% 1,251 881 42% Gross margin (%) 43.8% 64.6% 32.9% 37.2% 66.0% Operating EBITDA margin (%) 44.5% 65.8% 33.3% 37.8% 67.1%
OPERATING REVENUE BREAKDOWN
36% O&M Services revenue from provision
39%
2Q 2017/18
Share in BTSGIF 19% BTS Group Earnings Presentation Section 1: BTSG 2Q 2017/18 Financial Performance Int income from train procurement & E&M 6%
395 395 409 417 411 411 422 474 472 33 33 33 33 32 32 90 78 82 223 219 197 221 199 284 241 218 247 1,444 1,224 519
2Q 15/16 3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18
Services revenue from provision of E&M works & train procurement Share of NP in BTSGIF (THB mn) Int income from train procurement (THB mn) O&M (THB mn)
extension and one new additional station (Samrong: E15)
procurement service for the Southern and Northern Green Line extensions
to the provision of E&M works and the train procurement service for Green Line extensions
7
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn)
KEY FACTORS
59% BTS – Related Media 24% Outdoor Media
MEDIA (THB mn) 2Q 2017/18 2Q 2016/17 %YoY 1Q 2017/18 % QoQ 1H 2017/18 1H 2016/17 %YoY Operating revenue 970 789 23% 849 14% 1,819 1,410 29% Costs of revenue 310 271 14% 293 6% 603 470 28% Gross profit 660 519 27% 555 19% 1,216 940 29% Operating EBITDA 519 361 44% 421 23% 940 690 36% Gross margin (%) 68.1% 65.7% 65.4% 66.8% 66.6% Operating EBITDA margin (%) 53.5% 45.7% 49.6% 51.7% 48.9%
2Q 2017/18
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
8
9% Office Buildings and Others 8% Digital BTS Group Earnings Presentation Section 1: BTSG 2Q 2017/18 Financial Performance
527 512 570 542 789 755 741 753 891 79 104 96 79
2Q 15/16 3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18
Digital Services Media OOH
higher consolidated revenue from acquired businesses and healthy performance of all Media business segments
THB 891mn, or 27% YoY higher prices, synergies from the Digital Services segment as well as positive order intake in the Outdoor media product group
due to the consolidation of newly acquired businesses
2016/17)
*OOH Media includes Transit, Outdoor and Office Building and Other Media
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn)
KEY FACTORS
90% Commercial & Others Residential 10%
OPERATING PERFORMANCE
PROPERTY (THB mn) 2Q 2017/18 2Q 2016/17 %YoY 1Q 2017/18 % QoQ 1H 2017/18 1H 2016/17 %YoY Operating Revenue 159 142 12% 146 9% 306 284 8% Costs of revenue 108 88 22% 95 14% 203 179 13% Gross profit 51 54 (4)% 52 (1)% 103 105 (2)% Operating EBITDA (4) (5) (10)% (6) (26)% (10) (8) 32% Gross margin (%) 32.2% 37.8% 35.3% 33.7% 36.9% Operating EBITDA margin (%) (2.7)% (3.4)% (4.0)% (3.3)% (2.7)%
OPERATING REVENUE BREAKDOWN
2Q 2017/18
NOTE: Property revenue excludes share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.
9
BTS Group Earnings Presentation Section 1: BTSG 2Q 2017/18 Financial Performance
331 161 171 142 142 147 186 146 159
2Q 15/16 3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18
Operating revenue Proceeds from land sale
commercial properties
to THB 15mn from higher housing unit sales
144mn mainly from improving overall hotel performance
and in-line with the increase in revenue
transferred units in The Line Jatujak - Mochit
prepared by Investor Relations department BTS Group Holdings PCL
Cash 31 Mar 17: THB 15.09bn 30 Sep 17: THB 9.03bn Current Investments 31 Mar 17: THB 6.24bn 30 Sep 17: THB 7.22bn Long-Term Investments 31 Mar 17: THB 13.52bn 30 Sep 17: THB 15.75bn Gross Debt 31 Mar 17: THB 38.31bn 30 Sep 17: THB 44.49bn Adjusted Net Debt* 31 Mar 17: THB 6.19bn 30 Sep 17: THB 14.01bn ***** Issued Ordinary Shares 31 Mar 17: 11,935.0mn 30 Sep 17: 11,940.4mn
72% 28% 22% 78% 25% 46% 30% 48% 20% 32% 2Q 2017/18: 0.97x 2Q 2016/17: 0.31x
Gross Debt to Equity
2Q 2017/18: 0.30x 2Q 2016/17: 0.01x
Adjusted Net Debt* to Equity
2Q 2017/18: 4.05x 2Q 2016/17: 0.16x
Adjusted Net Debt* to Operating EBITDA
2Q 2017/18: 2.75x 2Q 2016/17: 6.95x
Interest Coverage
2Q 2017/18: 0.91x 2Q 2016/17: 0.58x
Current Ratio
ASSET BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) KEY RATIOS
10 BTS Group Earnings Presentation Section 1: BTSG 2Q 2017/18 Financial Performance
*Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment
67,351 78,296 26,301 22,597
31-Mar-17 30-Sep-17 Total current assets Total non-current assets
93,651 100,893 45,182 46,000 29,833 29,936 18,636 24,957
31-Mar-17 30-Sep-17 Total current liabilities Total non-current liabilities Total shareholders' equity
100,893 93,651
Section
BTSG 2Q 2017/18 FINANCIAL PERFORMANCE
Section
Section
BUSINESS UPDATES BTSGIF 2Q 2017/18 FINANCIAL PERFORMANCE (separate presentation)
APPENDICES
BTS Group Earnings Presentation 11
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL AVERAGE FARE & % GROWTH HISTORICAL RIDERSHIP & % GROWTH
12
BTS Group Earnings Presentation Section 2: Business Update
2Q 17/18
The ridership considerably increased QoQ mainly from more weekdays this quarter (more holidays last quarter such as Song Kran Festival, National Labor Day)
61.7 59.8 60.1 58.0 62.2 5.5% 1.2% 1.7% 2.8% 0.8% 9.3%
0.5%
7.1%
2Q 2016/17 3Q 2016/17 4Q 2016/17 1Q 2017/18 2Q 2017/18
Ridership (mn trips) Passenger Growth (YoY) Passenger Growth (QoQ)
27.8 27.8 27.9 27.9 27.8 1.6%
0.4% 0.3%
2Q 2016/17 3Q 2016/17 4Q 2016/17 1Q 2017/18 2Q 2017/18
Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ)
prepared by Investor Relations department BTS Group Holdings PCL
13 BTS Group Earnings Presentation Section 2: Business Update
15.0 22.0 25.0 28.0 31.0 34.0 37.0 42.0 20.1 26.8 33.5 40.2 46.9 53.6 60.3 16.0 23.0 26.0 30.0 33.0 37.0 40.0 44.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
SINGLE JOURNEY TICKET (SJT): 35% OF TICKET TYPES
Number
Station 0-1 2 3 4 5 6 7 ≥ 8 Present 15 22 25 28 31 34 37 42 1 Oct 17 16 23 26 30 33 37 40 44
RABBIT SENIOR
Number
Station 0-1 2 3 4 5 6 7 ≥ 8 Present 7 11 13 14 16 17 19 21 1 Oct 17 8 12 13 15 17 19 20 22
RABBIT MONTLY PASS ADULT: 28% OF TICKET TYPES
Present THB/Trip 1 Oct 17 @THB/Trip 15 Trips 450 30 465 31 25 Trips 700 28 725 29 40 Trips 1,040 26 1,080 27 50 Trips 1,250 25 1,300 26
RABBIT MONTLY PASS STUDENT: 6% OF TICKET TYPES
Present THB/Trip 1 Oct 17 @THB/Trip 15 Trips 345 23 360 24 25 Trips 525 21 550 22 40 Trips 760 19 800 20 50 Trips 900 18 950 19
AUTHORISED FARE (APR 2013) NEW EFFECTIVE FARE (OCT 2017) PREVIOUS EFFECTIVE FARE (JUN 2013) FARE PRICE (THB) POTENTIAL FARE UPSIDE
prepared by Investor Relations department BTS Group Holdings PCL
SOUTHERN GREEN LINE EXT. (BEARING – SAMUTPRAKARN) 12.6KM, 9 STATIONS MAR 2012 Civil works start MAR 2016 MOU between MRTA & BMA signed APR 2017 1st station Opened (E15 - Samrong Station) Targeted full operation
2012 2016 2017 2018
14 BTS Group Earnings Presentation Section 2: Business Update
MAR 2017 Finalised O&M contract NORTHERN GREEN LINE EXT. MO CHIT – KHU KHOT 18.2KM, 16 STATIONS MID 2015 Civil works start MAR 2016 MOU between MRTA & BMA signed MAR 2019 Targeted 1st station open (N9 - Ladphrao Intersection Station) Targeted full operation
2015 2016 2017 2020
MAR 2017 Finalised O&M contract
2019 2017
NOV 2016 BSR JV (BTS Group, STEC and RATCH) submitted a tender offer of the Pink and the Yellow lines MAY 2017 The Cabinet approved the Pink and the Yellow Line APR 2021 Targeted full operation for both lines
2016 2021 2017
JUN 2017 Contracts signed for both lines
2017
JAN 2018 Expected construction begins
2018
PINK AND YELLOW LINES KHAE RAI – MIN BURI AND LAD PRAO – SAM RONG 64.9KM, 53 STATIONS
progress (expected completion in Dec 2017)
prepared by Investor Relations department BTS Group Holdings PCL
3 November 2016: BTSC was approved by the Securities and Exchange Commission, Thailand (SEC) to issue up to THB 22,000mn senior unsecured
2023, and 2026.
Tenor Amount up to Coupon Rate 3-year THB 5.5bn 2.46% 5-year THB 2.2bn 2.85% 7-year THB 4.1bn 3.30% 10-year (NC5) THB 10.2bn 3.87% Total THB 22bn 3.31% (average) Amount up to THB 22bn Tenor 3, 5, 7, 10 years (NC5) Rating A / Stable by Fitch and TRIS Rationale Purchase new rolling stocks and electrical and mechanical system (E&M) for the Northern and Southern Green Line extensions Issuance Date 10 November 2016
15
NEW GREEN LINE EXTENSIONS PINK AND YELLOW LINES
10 October 2017: BSR JV signed the syndicated loan agreement between Bangkok Bank, Siam Commercial Bank and Krungthai Bank at a total value of up to THB 63.4bn.
Credit Facilities Total of THB 63.36bn
Syndicate Banks Bangkok Bank, Krung Thai Bank, Siam Commercial Bank Loan Term 17 years and 3 months spread across 15 payments starting from first operation date Rationale Financing of both Pink and Yellow lines
BTS Group Earnings Presentation Section 2: Business Update
prepared by Investor Relations department BTS Group Holdings PCL
16 BTS Group Earnings Presentation Section 2: Business Update
TRANSIT: Bangkok’s Network
Malaysia’s Network
OFFICE:
OUTDOOR: • Fully operated 21 digital screens / 51 target screens RABBIT:
prepared by Investor Relations department BTS Group Holdings PCL
74.4% 80.5% 81.8% 82.9% 76.3% 83.4% 76.6% 79.3% 71.4% 83.0%
1Q 15/16 2Q 15/16 3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18
BTS-Sansiri JV THB 13.8bn
HOTEL REVPAR AND OCCUPANCY HISTORICAL HOTEL OCCUPANCY
Others 26% U-Hotels 46% Thana City Golf 28% Total Book Value as of 30 Sep 17: THB 37.7bn 17 BTS Group Earnings Presentation Section 2: Business Update
PROPERTY BOOK VALUE BREAKDOWN COMMERCIAL PROPERTY REVENUE BREAKDOWN COMMERCIAL PROPERTY
Bayswater JV THB 4.3bn Residential THB 0.5bn
* Adjusted for equity stake
2,528 1,457 2,349 2,138
85.1% 79.7% 83.9% 83.0%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%U Chiang Mai U Inchantree U Sathorn Blended
RevPar (THB per night) Occupancy Rate
2Q 17/18 Commercial Property Revenue:
THB 144mn
Keystone JV THB 0.8bn Commercial THB 4.5bn Land Bank THB 1.8bn U City THB 12.0bn
1% 12% 5% 32% 11% 2% 37%
prepared by Investor Relations department BTS Group Holdings PCL
interest) between BTS Group and U City and inefficient resource allocation
CURRENT SITUATION U City Capital Increase Entire Business Transfer (EBT)
Disposal of U City Assets
U City becomes the dedicated property development and investment vehicle for BTSG
new assets to be acquired from Unicorn will allow U City to expand its revenue stream and serve larger base of customers More efficient resource allocation and better management of property business
efficiency and economies of scale in each business
KEY RESTRUCTURING TRANSACTION: BENEFIT TO BTSG & U CITY
UNICORN ENTERPRISE (UNICORN OR UE) Property for sale (mostly sold out) Property-related services Hospitality Land banks Joint venture i.e. JV Sansiri, International school, AHS Projects and land banks under study Hospitality Other assets
100% 35.64%
1
18
2 3
“U City becomes the dedicated property vehicle for BTS Group” OBJECTIVE: OUR ACTION
To eliminate potential conflict between U City and BTSG property business
Sales Agency Agreement to U City on assets remaining at BTSG Office buildings Office buildings
“Expected gain to BTS Group from restructuring transaction is approx. THB 2,000mn (after elim) upon transaction completion in 4Q 2017/18”
BTS Group Earnings Presentation Section 2: Business Update
prepared by Investor Relations department BTS Group Holdings PCL
UE Entire Business Transfer (EBT) U City Capital Increase U City Asset Divestment
*Assets to be divested (value of approx. THB 3bn)
Projects and land banks under study Hospitality
management
Property for sale* Assets from EBT
UE to transfer all selected assets and shareholder loans to U City in exchange for new shares (and warrants) in U City
2,172mn 35.64%
UE
100%
1 EBT
companies
i.e. JV Sansiri, International school, AHS
Preferred shares issued to UE (PP)
U City plans to repay all shareholder loan from BTSG (from EBT) with proceeds from capital increase
PP to Bangkok Bank (Strategic investor)
to all shareholders including strategic investor 35.64%
Strategic Investor U City Shareholder RO
#1 and #2 will be conditional upon each other
2
RO
3
Note: - Certain assets under UE that will not be transferred to U City but will be transferred to BTSG prior to the transaction
19
voluntarily propose to shareholder for approval
Repayment of SH Loan BTS Group Earnings Presentation Section 2: Business Update
prepared by Investor Relations department BTS Group Holdings PCL
UE Entire Business Transfer (EBT) U City Capital Increase U City Asset Divestment
30 Oct 2017 Execute EBT Agreement 15 Nov 2017 U City EGM record date 4 Jan 2018 U City EGM for SHD approval 14 Mar 2018 EBT completion date 30 Oct 2017 Execute EBT Agreement 15 Nov 2017 U City EGM record date 4 Jan 2018 U City EGM for SHD approval 22 Jan 2018 BBL PP subscription date 26 Jan 2018 RO record date 5 – 9 Mar 2018 RO subscription period 14 Mar 2018 EBT completion date 16 Mar 2018 PP & RO warrants issuance date Preferred shares start trading on SET 15 Nov 2017 U City EGM record date 4 Jan 2018 U City EGM for SHD approval To be completed within end 2018 Execute asset divestment 20 BTS Group Earnings Presentation Section 2: Business Update
prepared by Investor Relations department BTS Group Holdings PCL
21 BTS Group Earnings Presentation Section 2: Business Update
Project Name The Line Jatujak – Mochit Presale Period May 2015 Project Value (THB mn) 5,813 Units 841
sqm (THB) 181k Sold 97% Construction Progress 100% Transfer Start Sep 2017
Completion May 2018 Foreign Participation 14%
THE LINE JATUJAK – MOCHIT
Backlog THB 2,134mn THB 3,519mn Transferred
Source: www.dotproperty.co.th
prepared by Investor Relations department BTS Group Holdings PCL
Group and BR have an option to increase stake up to 42.5% in Man Food Holdings. Expected final shareholding in Man Food Holdings of 42.5% : 42.5% : 15% between BTS Group : BR : Chef Man)
profit/ (loss) from investment in Joint venture (MFH)” instead.
69%
BTSG
PK MK LC
70% 100% Chair Man (quick dining)
M Krub (fine dining)
ChefMan
30%
Others
31%
KMJ
Round Table (quick dining) 51%
MFP
100% Factory
PRE-TRANSACTION
100%
LC
100%
ChefMan
50%
PK
41%
MFP
18%
CURRENT STRUCTURE
BR BTSG
KMJ Man Food Holdings (MFH)
41% 69%
MK
100%
Subsidiary JV
22 BTS Group Earnings Presentation Section 2: Business Update
Section
BTSG 2Q 2017/18 FINANCIAL PERFORMANCE
Section
Section
BUSINESS UPDATES BTSGIF 2Q 2017/18 FINANCIAL PERFORMANCE (separate presentation)
APPENDICES
BTS Group Earnings Presentation 23
prepared by Investor Relations department BTS Group Holdings PCL LINE ROUTE AUTHORISING BODY TARGETED OPERATE YEAR CONSTRUCTION PROGRESS
DISTANCE (KM)
BLUE HUA LAMPHONG - BANG KHAE MRTA 2020 UNDER CONSTRUCTION 11 14.0 BLUE BANG SUE - THA PRA MRTA 2020 UNDER CONSTRUCTION 9 13.0 BLUE BANG KHAE - BHUDHAMONTHON 4 MRTA 2021 4 8.0 PURPLE (SOUTHERN) TAO POON - RAT BURANA MRTA 2022 17 23.6 GREEN (SOUTHERN) BEARING - SAMUT PRAKARN BMA 2018 UNDER CONSTRUCTION 9 12.6 GREEN (NORTHERN) MO CHIT - KHU KHOT BMA 2020 UNDER CONSTRUCTION 16 18.2 PINK KHAE RAI – MIN BURI MRTA Early 2021 30 34.5 YELLOW LAD PRAO – SAM RONG MRTA Early 2021 23 30.4 GOLD (PHASE I) KRUNG THON BURI – KLONG SAN BMA 2019 3 1.7 GREEN EXT. (WESTERN) BANG WA - TALING CHAN BMA 2020 6 7.0 LRT BANG NA - SUVARNABHUMI BMA 2022 14 18.3 GREY (PHASE I) WATCHARAPHON - THONG LO BMA 2022 15 16.3 ORANGE (EASTERN) THAILAND CULTURAL CENTER - MIN BURI MRTA 2023 UNDER CONSTRUCTION 17 22.6 ORANGE (WESTERN) TALING CHAN - THAILAND CULTURAL CENTER MRTA 2023 12 17.0 DARK RED BANG SUE - RANGSIT SRT 2021 UNDER CONSTRUCTION 8 26.3 GREEN EXT. (NORTHERN) KHU KHOT - LUMLUKKA MRTA 2021 4 7.0 GREEN EXT. (SOUTHERN) SAMUT PRAKARN - BANGPU MRTA 2021 4 7.0 DARK RED BANG SUE – HUA LUM PHONG SRT 2020 5 6.5 LIGHT RED BANG SUE – PHAYATHAI – MAKKASAN – HUAMAK SRT 2020 9 19.0
TOTAL (KM) 303.0
303.0KM ONGOING PROJECTS PRIORITISED BY THE GOVERNMENT IN 6 YRS, 104.9KM UNDER CONSTRUCTION
CORE AND EXTENSIONS TO OUR CURRENT LINES LINES CONNECTING TO OUR LINES
82.9km
24
Sources: Office of Transport and Traffic Policy and Planning, Mass Rapid Transit Authority of Thailand, Bangkok Metropolitan Administration, State Railway of Thailand, Ministry of Transport, Bangkok Expressway and Metro Public Company Limited (BEM), BTS Group Holdings Public Company Limited (BTS)
BTS Group Earnings Presentation Appendix
prepared by Investor Relations department BTS Group Holdings PCL
25
CURRENT STATUS: Awaiting EIA approval and cabinet’s approval (The route already includes in the master plan and approved by CMLT/BMC) 2017 Expected bidding/ award 2022 Target operation year 2022 Target operation year LRT (18.3km) GREY PHASE I (16.3km) WESTERN GREEN (7km) 2020 Target operation year 2018 Expected O&M award CURRENT STATUS: Awaiting EIA approval and cabinet’s acknowledgment (The route already includes in the master plan and approved by CMLT/BMC) 2018 Expected bidding CURRENT STATUS: Awaiting EIA approval, BMC approval (CMLT already approved in the principle) ORANGE (39.6km) 2017 Target civil work (phase II – West) open bid CURRENT STATUS: Civil work (phase I - East) Bidding process - Done) MID 2018 Target concession bidding GOLD (2.7km) 2023 Target operation year 2017 Expected O&M award CURRENT STATUS: KT is proactively finding contractor and operator
2019 Target operation year
BTS Group Earnings Presentation Appendix
prepared by Investor Relations department BTS Group Holdings PCL
26
BTS Group Earnings Presentation Appendix
Amount (THB mn) 2Q 2017/18 2Q 2016/17
Share of income/ (loss) from investments in joint ventures ATS (AEON-rabbit) 5.9 3.4 Bayswater (10.5) (32.0) BTS-SIRI JV Projects 189.6 (28.3) Man Food Holdings (0.4)
0.6
(20.3) (9.3) Total 164.8 (66.3) Share of income/ (loss) from investments in associates Absolute Hotel Services (AHS) 1.8 1.5 Aero Media 2.0 0.1 BTSGIF 246.6 199.0 Demo Power 3.4
1.7 1.5 U City (335.9) (26.6) Total (80.5) 175.5
prepared by Investor Relations department BTS Group Holdings PCL
50% 51% Bayswater Co., Ltd.
BTS Group Holdings PCL
BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) 97.46% Yongsu Co., Ltd. The Community One Co., Ltd. 100% Bangkok Mass Transit System PCL (BTSC) 20.57%
MEDIA BUSINESS
41% Kanjanapas Family1 32% Institutional Investors 27% Individual Investors 35.64%
PROPERTY BUSINESS
VGI Advertising Media Co., Ltd. 100% 888 Media Co., Ltd. 100% 100% Master Ad PCL 30.69% Aero Media Group Co., Ltd. 30% VGI Global Media PCL (VGI) 2 Point of View (POV) Media Group Co., Ltd. 33.33%
MASS TRANSIT BUSINESS
Tanayong International Ltd. 100%
SERVICES BUSINESS
RabbitPay System Co., Ltd. 80% Rabbit-Line Pay Co., Ltd. ASK Direct Group Co., Ltd. 51% Rabbit Insurance Broker Co., Ltd. 51% Rabbit Internet Co., Ltd. 25% Rabbit Rewards Co., Ltd. 100% KMJ Co., Ltd. 100% BSS Holdings Co., Ltd. 90% 51% ATS Rabbit Special Purpose Vehicle Co., Ltd. Little Corner Co., Ltd. 69% Man Food Holdings Co., Ltd. 41% HHT Construction Co., Ltd.3 90% Bangkok Smartcard System Co., Ltd. The Community Two Co., Ltd. 100% 100% Kingkaew Assets Co., Ltd Man Kitchen Co., Ltd. Man Food Products Co., Ltd. Bangkok Payment Solutions Co., Ltd. 60% Listed entities Subsidiaries Associates LEGEND JVs 40% Demo Power (Thailand) Co., Ltd. 49% 49% 100% VGI Global Media (Malaysia) Sdn Bhd The ICON VGI Co., Ltd. 25% 100% RB Services Co., Ltd. U City PCL Northern Bangkok Monorail Co., Ltd. Eastern Bangkok Monorail Co., Ltd. 75% 75% 4.73% Primary Kitchen Co., Ltd. 100% 100% 51% 100% 51% 50%
27
DNAL Co., Ltd. 100%
1 Information based on book closure date on 4 Aug 17 with total issued shares = 11,940.4mn shares 2 BTSG holds 71.6% of VGI indirectly and directly 3 Revenue from the Company recorded under Services BU
BTS Group Earnings Presentation Appendix
prepared by Investor Relations department BTS Group Holdings PCL
Project Green Co., Ltd BTS Assets Co., Ltd Lombard Estate Holdings Limited Thirty Three Gracechurch 1 Limited Thirty Three Gracechurch 2 Limited Vienna House Capital GmbH LH Unit Trust Underwood Street Limited PrannaKiri Assets Co., Ltd Siam Paging and Communication Co., Ltd Tanayong Food and Beverage Co., Ltd BTS Land Co., Ltd Mak8 Co., Ltd Nine Square Co., Ltd Unison One Co., Ltd Absolute Hotel Services Co., Ltd BTS Sansiri Holding One Co., Ltd Tanayong Property Management Co., Ltd BTS Sansiri Holding Two Co., Ltd Thana City Golf & Sports Club Co., Ltd BTS Sansiri Holding Three Co., Ltd Muangthong Assets Co., Ltd BTS Sansiri Holding Four Co., Ltd BTS Sansiri Holding Fourteen Co., Ltd Keystone Estate Co., Ltd BTS Sansiri Holding Five Co., Ltd BTS Sansiri Holding Fifteen Co., Ltd BTS Sansiri Holding Seven Co., Ltd BTS Sansiri Holding Seventeen Co., Ltd BTS Sansiri Holding Eight Co., Ltd BTS Sansiri Holding Eighteen Co., Ltd Ratburana Property Co., Ltd BTS Sansiri Holding Six Co., Ltd BTS Sansiri Holding Sixteen Co., Ltd Keystone Management Co., Ltd BTS Sansiri Holding Nine Co., Ltd BTS Sansiri Holding Nineteen Co., Ltd Nuvo Line Agency Co., Ltd. BTS Sansiri Holding Twenty Co., Ltd BTS Sansiri Holding Twenty One Co., Ltd BTS Sansiri Holding Eleven Co., Ltd BTS Sansiri Holding Twenty Two Co., Ltd Prime Area 38 Co., Ltd BTS Sansiri Holding Twelve Co., Ltd Absolute Hotel Services (HK) Ltd 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 100% 100% 50% 100% 100% 50% 50% 100% 100% 100% 100% 100% 75.47% 71.6% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Natural Hotel Panwa Co., Ltd Kamkoong Property Co., Ltd 100% 100% Natural Hotel Sukhumvit Co., Ltd Natural Park Ville Co., Ltd Natural Real Estate Co., Ltd 100% Richee Property Co., Ltd 100% Park Gourmet Co., Ltd 100% Park Opera Co., Ltd 100% 100% 100% 35.64% Hotel Office Alternative Residential Former UE subsidiaries and associates
U City PCL
28
Tanayong Hong Kong Ltd.
12.26% 100%
BTS Group Earnings Presentation Appendix
prepared by Investor Relations department BTS Group Holdings PCL
TYPE preferred shares with specified dividend ISSUE DATE 5 March 2018 SPECIFIED DIVIDEND THB 0.0022 per share per calendar year DIVIDEND ENTITLEMENT for 5 years at dividend rate dividend accumulates at the difference between specified dividend and actual dividend paid until fully paid VOTING RIGHTS 1 share : 1 vote after full payment of cumulative dividend or after 31 December 2027; 10 shares : 1 vote CONVERSION RIGHTS after 31 December 2022 preferred shares are convertible to ordinary shares on quarterly basis CONVERSION RATIO 1 preferred shares : 1 ordinary share ALLOCATION to existing shareholders at the ratio of 5 existing shares : 4 new preferred shares
up to 571,241,855,310 shares of which:
29 BTS Group Earnings Presentation Appendix
prepared by Investor Relations department BTS Group Holdings PCL
TICKER U-W3 U-W4 TERMS 5 years 5 years ISSUE DATE upon completion of preferred shares offering upon completion of preferred shares offering EXPIRY DATE 2023 2023 EXERCISE PERIOD 1 years from issuance date on a quarterly basis 1 years from issuance date on a quarterly basis EXERCISE RATIO 1 warrant : 1 ordinary share 1 warrant : 1 ordinary share EXERCISE PRICE THB 0.05 THB 0.06 ALLOCATION to preference shareholders at the ratio of 2 preferred shares : 1 warrant to preference shareholders at the ratio of 2 preferred shares : 1 warrant
up to 49,501,008,065 warrants up to 236,119,919,590 warrants WARRANT PRICE
No Yes EXPECTED MAXIMUM PROCEEDS THB 2,475.1mn THB 14,167.2mn 30 BTS Group Earnings Presentation Appendix