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 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 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 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 or representation of the Company as to the future. BTS Group Earnings Presentation 2

Agenda Section 1 BTSG 2Q 2017/18 FINANCIAL PERFORMANCE Section 2 BUSINESS UPDATES Section 3 BTSGIF 2Q 2017/18 FINANCIAL PERFORMANCE (separate presentation) APPENDICES BTS Group Earnings Presentation 3

2Q 2017/18 Financial Highlights PROFITABILITY • Operating EBITDA was THB 875mn, increasing by THB 252mn or 40% YoY as a result of the improvements in operating performance of Mass Transit and Media businesses • Pre-tax recurring profit (before MI) of THB 640mn, a growth of 11% YoY • Reported net profit (before MI) rose by 19% YoY to THB 741mn mainly from higher recurring profit, extra-gain from Chef Man restructuring, partially offset with higher finance cost and increase in share of net loss from associates/JVs BALANCE SHEET • Balance sheet strength: THB 30.5bn cash & liquid investments* • Low leverage: adjusted net D/E** ratio at 0.30x *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 CASH FLOW • Fully enter investment phase; including:  Pink & Yellow Lines civil works and E&M works (THB 6.2bn) and  Green Line extension E&M works and train procurement (THB 1.2bn) • Net cash received from debt financing of THB 6.0bn • Cash received from JV partners (STEC, RATCH) of THB 1.75bn for 25% equity investment in pink and yellow line projects BTS Group Earnings Presentation prepared by Investor Relations department 4 BTS Group Holdings PCL Section 1: BTSG 2Q 2017/18 Financial Performance

2Q 2017/18 Overview P&L SNAPSHOT INCOME STATEMENT (THB mn) 2Q 2017/18 2Q 2016/17 %YoY 1Q 2017/18 % QoQ 1H 2017/18 1H 2016/17 %YoY Operating Revenues 1 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 EBITDA 2 875 623 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% 1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 to equity holders of the parent 2Q 2017/18 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) ( THB mn) 23% 12% Media 105% Mass Transit 2,543 (53) 17 180 38% 676 52% (2)% 1,722 Property 6% Services 4% 2Q 16/17 Mass Media Property Services 2Q 17/18 transit BTS Group Earnings Presentation prepared by Investor Relations department 5 BTS Group Holdings PCL Section 1: BTSG 2Q 2017/18 Financial Performance

6 Months Cash Flow Snapshot ( THB mn) CFO CFI CFF • Advance payment for civil works and • Net cash received from BE and PN Profit before tax of THB 1,519mn, • Cash received from STEC and RATCH E&M works of the Pink and Yellow lines deducted by • Net cash paid for acquisitions of current • non-cash reconciling items of THB (re. pink and yellow line projects) • Final dividend payment for FY 2016/17 and other long-term investments 177mn • changes in net working capital of • Dividend Income and Interest income THB 865mn (this includes THB 1.2bn Green Line extension E&M works and train procurement) (327)* 15,095 (10,825) 9,025** 40 5,043 - Beginning cash CFO CFI CFF Others Ending cash (31/3/17) (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 BTS Group Earnings Presentation prepared by Investor Relations department 6 BTS Group Holdings PCL Section 1: BTSG 2Q 2017/18 Financial Performance