BTS GROUP HOLDINGS PCL FY 2017/18 EARNINGS PRESENTATION SET - - PowerPoint PPT Presentation

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BTS GROUP HOLDINGS PCL FY 2017/18 EARNINGS PRESENTATION SET - - PowerPoint PPT Presentation

BTS GROUP HOLDINGS PCL FY 2017/18 EARNINGS PRESENTATION SET OPPORTUNITY DAY 4 JUNE 2018 prepared by Investor Relations department BTS Group Holdings PCL Disclaimer Investment involves risk. Prospective should understand the characteristics of


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prepared by Investor Relations department BTS Group Holdings PCL

BTS GROUP HOLDINGS PCL

FY 2017/18 EARNINGS PRESENTATION

SET OPPORTUNITY DAY 4 JUNE 2018

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SLIDE 2

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

  • r 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

  • r 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

  • n as promise or representation of the Company as to the future.

BTS Group Earnings Presentation 2

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Agenda

Section

1

BTSG FY 2017/18 FINANCIAL PERFORMANCE

Section

2

BUSINESS UPDATES

APPENDICES

BTS Group Earnings Presentation 3

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prepared by Investor Relations department BTS Group Holdings PCL

FY 17/18 BTS Group Key Milestones

For more details, please refer to FY17/18 BTS MD&A: significant events

4

MASS TRANSIT

16 JUN 2017 Concession Contract signed for the Pink and Yellow Lines 1 OCT 2017 Fares increased on Single Journey Tickets (SJT), Rabbit monthly pass and Rabbit senior tickets in the Core Network 10 OCT 2017 Syndicated Loan Agreement signed for financing the Pink and Yellow Lines

MEDIA PROPERTY BTS GROUP

FY 17/18 integrated offline Out-of- Home (OOH) and online digital platform to be the “Offline-to-Online (O2O)” solution 3 MAY 2017 U City signed an agreement to invest in office building at 6-14 Underwood Street, London, UK 29 JUN 2017 Ground breaking ceremony of Phayathai Complex Project 8 January 2018 BoD approved interim dividend

  • f FY 2017/18

(THB 0.165/share) 16 MAR 2018 Property Restructuring (the completion of EBT of UE to U City) 30 JUN 2017 MACO acquired 70% in CO-MASS 5 MAR 2018 VGI partnered with AIS to strengthen Rabbit Group ecosystem 26 DEC 2017 The issuance of THB 7bn Senior Unsecured Debentures with “A / Stable” credit rated by TRIS 23 APR 2018 VGI intended to invest 23% of shares in Kerry Express (Thailand) 28 May 2018 BoD approved final dividend of FY 2017/18 (THB 0.185/share) BTS Group Earnings Presentation Section 1: FY 2017/18 Financial Performance 28 May 2018 BoD approved the issuance of new warrant (BTS-W4) up to 1,755mn units at a ratio of 9:1 with exercise price of THB 10.5

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prepared by Investor Relations department BTS Group Holdings PCL

FY 2017/18 Financial Highlights

  • Operating EBITDA was THB 4,089mn, rose by THB 1,161mn or 39.6% YoY
  • Reported net profit (after MI) was THB 4,416mn, increased by 120.4% YoY mainly from

higher recurring profit and extraordinary gain from property restructuring

  • Net recurring profit (after MI) of THB 2,515mn, an increase of 77.5% YoY
  • Balance sheet strength: THB 30.1bn cash & liquid investments*
  • Low leverage: Adjusted net D/E at 0.37x

*Cash and liquid investments include cash bal. of THB 9.5bn, current investments of THB 5.7bn, L/T investments of THB 14.9bn

  • Investment phase; including;
  • (CFO) Investment in E&M works and train procurement for Southern and

Northern Green line extensions of THB 6bn

  • (CFO) An advance payment for civil works and E&M works of Pink and Yellow lines
  • f THB 8.2bn
  • (CFI) Purchases of investment in associates of THB 3.2bn mainly from an increase

in stake in U City

  • (CFF) Cash received from long-term debentures of THB 7bn and JV partners

(STEC&RATCH) of THB 2.25bn for 25% equity investment in Pink and Yellow lines

5

PROFITABILITY BALANCE SHEET CASH FLOW

BTS Group Earnings Presentation Section 1: FY 2017/18 Financial Performance

  • The final dividend payment for FY 2017/18 up to THB 2,922.1mn or THB 0.185 per share,

subject to shareholders’ approval, based on the closing share price on 25 May 2018 at THB 9.50 (one day before BOD date), this is equivalent to an annual dividend yield of 3.95%

DIVIDEND

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prepared by Investor Relations department BTS Group Holdings PCL

Facts and Figures

6 BTS Group Earnings Presentation Section 1: FY 2017/18 Financial Performance

KEY HIGHLIGHTS

OPERATING REVENUE

 64% YoY

OPERATING EBITDA

 40% YoY

NET RECURRING PROFIT (after MI)

 78% YoY

THB 14,102mn Operating Revenue

Chiefly from (i) Mass Transit: THB 9,112mn (+115% YoY) (ii) Media: THB 3,902mn (+30% YoY) (iii) Property: THB 639mn (+4% YoY)

6,280 8,606 14,102 2015/16 2016/17 2017/18 2,693 2,928 4,089 2015/16 2016/17 2017/18

THB 4,089mn Operating EBITDA

Increased by THB 1,161mn or 40% YoY

29% Operating EBITDA Margin THB 2,515mn Net Recurring Profit (after MI)

rose 78% YoY as a result of (i) robust operating performance (ii) higher interest and investment income (iii) an increase in share of net profit from associates/JVs

1,956 1,417 2,515 2015/16 2016/17 2017/18

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OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) FY 2017/18 FY 2016/17 % YoY Operating Revenues1 14,102 8,606 64% Gross operating profits 5,778 4,463 29% Operating EBITDA2 4,089 2,928 40% Recurring net profit – after MI 2,515 1,417 78% Accounting EBITDA 7,571 4,114 84% Net income (loss)3 4,416 2,003 120% Gross operating profit margin (%) 41.0% 51.9% Accounting EBITDA margin (%) 42.3% 41.2% Recurring net profit margin (%) 16.0% 15.4% Operating EBITDA margin (%) 29.0% 34.0%

P&L SNAPSHOT

65% Mass Transit 28% Media 4% Property 3% Services

FY 2017/18 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

7 BTS Group Earnings Presentation Section 1: FY 2017/18 Financial Performance

FY 2017/18 Overview

8,606 14,102 4,875 893 (294) FY16/17 Mass Transit Media Property Services FY17/18 4%

  • 73%

30% 115% (THB mn)

22

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prepared by Investor Relations department BTS Group Holdings PCL

10% Share in BTSGIF

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

  • Services revenue from the provision of E&M works and the train

procurement service for the Southern and Northern Green Line extensions of THB 5.8bn was recorded

  • O&M revenue rose by 12% YoY to THB 1,865mn mainly from the

existing extensions and one new additional station (Samrong: E15)

  • Farebox revenue of THB 6,821mn (up 2.8% YoY) with 1.3% YoY

ridership growth and 1.4% YoY average fare increase

  • Share of net profit in BTSGIF of THB 949mn (increased 0.4% YoY)
  • Costs rose by 194% YoY to THB 6,274mn largely due to cost of

services related to the provision of E&M works and the train procurement service for Green Line extensions

  • Operating EBITDA margin was 31.5% (50.4% in FY 2016/17)

OPERATING PERFORMANCE

MASS TRANSIT (THB mn) FY 17/18 FY 16/17 %YoY Revenue 9,112 4,237 115% Costs of revenue 6,274 2,131 194% Gross profit 2,837 2,105 35% Operating EBITDA 2,872 2,136 35% Gross margin (%) 31.1% 49.7% Operating EBITDA margin (%) 31.5% 50.4%

OPERATING REVENUE BREAKDOWN

20% O&M Services revenue from provision of E&M works & train procurement 64%

FY 2017/18

Int income from train procurement & E&M 6% 8

Mass Transit

409 417 411 411 422 474 472 452 467 33 33 32 32 90 78 82 109 234 197 221 199 284 241 218 247 233 252 1,444 1,224 519 2,848 1,205

4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18

Services revenue from provision of E&M works & train procurement Share of NP in BTSGIF Int income from train procurement O&M

BTS Group Earnings Presentation Section 1: FY 2017/18 Financial Performance

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prepared by Investor Relations department BTS Group Holdings PCL

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

  • Overall Media revenue up 30% YoY to THB 3,902mn mainly from

healthy performance in OOH Media

  • OOH Media revenue* increased 35% YoY to THB 3,559mn chiefly

attributable to higher prices, synergies from the Digital Services segment, the launch of a new product (LED billboards) as well as the full year consolidation of MACO

  • Costs rose by 18% YoY to THB 1,234mn from higher sales and the

full year consolidation of MACO

  • Operating EBITDA margin improved YoY to 50.6% (46.7% in FY

2016/17) 58% BTS – Related Media 25% Outdoor Media

MEDIA (THB mn) FY 17/18 FY 16/17 %YoY Operating revenue 3,902 3,010 30% Costs of revenue 1,234 1,043 18% Gross profit 2,668 1,967 36% Operating EBITDA 1,976 1,407 41% Gross margin (%) 68.4% 65.3% Operating EBITDA margin (%) 50.6% 46.7%

FY 2017/18

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

9

Media

8% Office Buildings and Others 9% Digital

*OOH Media includes Transit, Outdoor and Office Building and Other Media

570 542 790 754 741 753 891 894 1,020 79 104 96 79 82 87

4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18

Digital Services Media OOH

BTS Group Earnings Presentation Section 1: FY 2017/18 Financial Performance

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prepared by Investor Relations department BTS Group Holdings PCL

Residential 4%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

  • Operating revenue was THB 639mn, increasing 4% YoY
  • Residential property revenue reduced by THB 10mn to THB 24mn

from lower housing unit sales at Thana City

  • Commercial property revenue rose by 5% YoY to THB 616mn

mainly from the improving overall hotel performance and Thana City Golf & Sports Club

  • Operating costs increased by 29mn or 8% YoY

OPERATING PERFORMANCE

PROPERTY (THB mn) FY 17/18 FY 16/17 %YoY Operating Revenue 639 617 4% Costs of revenue 413 385 8% Gross profit 226 233 (3)% Operating EBITDA (4) 3 N.A. Gross margin (%) 35.3% 37.7% Operating EBITDA margin (%) (0.6)% 0.5%

OPERATING REVENUE BREAKDOWN

FY 2017/18

NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.

10

Property

171 142 142 147 186 146 159 174 160

4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18

96% Commercial & Others BTS Group Earnings Presentation Section 1: FY 2017/18 Financial Performance

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45,182 46,355 29,833 36,779 18,616 22,923

31 Mar 17 31 Mar 18 Total shareholders' equity Total non-current liabilities Total current liabilities

106,058 93,631 67,909 84,747 25,722 21,311

31 Mar 17 31 Mar 18 Total non-current assets Total current assets

106,058 93,631 Cash 31 Mar 17: THB 15.09bn 31 Mar 18: THB 9.46bn Current Investments 31 Mar 17: THB 6.24bn 31 Mar 18: THB 5.67bn Long-Term Investments 31 Mar 17: THB 13.52bn 31 Mar 18: THB 15.95bn Gross Debt 31 Mar 17: THB 38.31bn 31 Mar 18: THB 47.17bn Adjusted Net Debt* 31 Mar 17: THB 6.06bn 31 Mar 18: THB 17.13bn ***** Issued Ordinary Shares 31 Mar 17: 11,935.0mn 31 Mar 18: 11,940.4mn

73% 27% 20% 80% 22% 44% 34% 48% 20% 32% FY 2017/18: 1.02x FY 2016/17: 0.85x

Gross Debt to Equity

FY 2017/18: 0.37x FY 2016/17: 0.13x

Adjusted Net Debt* to Equity

FY 2017/18: 3.02x FY 2016/17: 1.72x

Adjusted Net Debt* to Recurring Operating EBITDA

FY 2017/18: 3.31x FY 2016/17: 4.53x

Interest Coverage

FY 2017/18: 0.93x FY 2016/17: 1.38x

Current Ratio

ASSET BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) KEY RATIOS

11

Balance Sheet

*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

BTS Group Earnings Presentation Section 1: FY 2017/18 Financial Performance

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Agenda

Section

1

BTSG 4Q & FY 2017/18 FINANCIAL PERFORMANCE

Section

2

Section

3

BUSINESS UPDATES BTSGIF 4Q & FY 2017/18 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES

12 BTS Group Earnings Presentation

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prepared by Investor Relations department BTS Group Holdings PCL

  • Annual Ridership increased 1.3% YoY to 241.2mn trips
  • Annual average weekday ridership of 743,681 trip, +1.2% YoY
  • Farebox revenue grew 2.8% YoY to THB 6.8bn

Historical average fare & % growth (YoY) Historical ridership & % growth (YoY)

13

Mass Transit Update

FY 2017/18 Core Network Ridership

BTS Group Earnings Presentation Section 2: Business Update

214.7 218.7 232.5 238.0 241.2 8.9% 1.9% 6.3% 2.4% 1.3%

  • 150.0%
  • 140.0%
  • 130.0%
  • 120.0%
  • 110.0%
  • 100.0%
  • 90.0%
  • 80.0%
  • 70.0%
  • 60.0%
  • 50.0%
  • 40.0%
  • 30.0%
  • 20.0%
  • 10.0%
0.0% 10.0% 20.0% 30.0%
  • 50.0
100.0 150.0 200.0 250.0 300.0 350.0

2013/14 2014/15 2015/16 2016/17 2017/18 Total Ridership (mn trips) Ridership Growth (% YoY) 26.4 26.9 27.5 27.9 28.3 6.5% 1.6% 2.4% 1.3% 1.4%

  • 150.0%
  • 140.0%
  • 130.0%
  • 120.0%
  • 110.0%
  • 100.0%
  • 90.0%
  • 80.0%
  • 70.0%
  • 60.0%
  • 50.0%
  • 40.0%
  • 30.0%
  • 20.0%
  • 10.0%
0.0% 10.0% 15.0 17.0 19.0 21.0 23.0 25.0 27.0 29.0

2013/14 2014/15 2015/16 2016/17 2017/18 Average fare price (THB) % Change YoY

  • Average Fare increased 1.4% YoY to THB 28.3 per trip
  • Key factors: Fare increased in October 2017
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prepared by Investor Relations department BTS Group Holdings PCL

Historical average fare & % growth (YoY) Historical ridership & % growth (YoY)

14

Mass Transit Update

April 2018 Core Network Ridership

BTS Group Earnings Presentation Section 2: Business Update

29.3 28.7 28.8 28.9 29.4 6.6% 3.0% 3.1% 3.7% 3.2%

  • 2.0%
  • 1.5%
  • 1.0%
  • 0.5%
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5%

28.2 28.4 28.6 28.8 29.0 29.2 29.4 29.6

Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Average fare price (THB) % Change YoY 20.4 20.2 19.1 20.9 17.9 2.4% 2.5% 1.2%

  • 2.8%
  • 1.8%
  • 6.0%
  • 3.0%
0.0% 3.0%

16.0 16.5 17.0 17.5 18.0 18.5 19.0 19.5 20.0 20.5 21.0 21.5

Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Ridership (mn trips) % YoY ridership growth FY 2018/19 Ridership Growth Target +4-5% FY 2018/19 Fare Increase Target +1.5-2%

  • Ridership decreased by 1.8 % YoY to 17.9mn trips
  • Average weekday ridership of 718,785 trips, -0.9% YoY
  • Average Fare increased 3.2% YoY to THB 29.4 per trip
  • Farebox revenue grew 1.4% YoY to THB 525mn
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prepared by Investor Relations department BTS Group Holdings PCL

15 BTS Group Earnings Presentation Section 2: Business Update

Mass Transit Update

Progress of BTS Secured Lines

Source: MRTA, the Company

SOUTHERN GREEN LINE EXT. (Bearing - Samutprakarn) 12.6km/ 9 stations 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 1 station opened: Samrong (Apr 2017) Targeted full Operation (Dec 2018) Targeted 1st station: Ladprao (Mid 2019) Targeted full Operation (Jul 2020) Contract Signed FY 21/22 Targeted full

  • peration

(Nov 2021) Targeted full

  • peration

(Nov 2021) Contract Signed Construction Period Construction Period Construction Period

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16 BTS Group Earnings Presentation Section 2: Business Update

Media Update

Acquisition of Kerry Express (Thailand)

% of investment 23% of total shares Total investment THB 5,901mn Vendors 1. KLN Logistics (Thailand) Limited* 2. Gather Excellence Limited & Siam Chao Phraya Express Limited Target Kerry Express (Thailand) Limited Source of funds Step1: THB 5.9bn by cash (100% transaction value) Step2: After the completion of cash payment, VGI will issues new shares (15% of transaction value) to vendors via private placement. Rationale and synergies:-

  • VGI will solidify its establishment within the O2O ecosystem
  • Enables VGI to have physical connectivity to the consumers,

with a particular focus on the e-commerce business.

  • Strengthen VGI’s capabilities in tailor-made advertising

solutions surrounding Kerry Express’s sophisticated delivery “heat map”

  • Creating new opportunities, such as smart product sampling, via

Kerry Express’ extensive delivery routes

  • Building on new forms of transit media using Kerry Express’

thousands of delivery vehicles and service points in Thailand.

  • In the agreement, Kerry Express also accepts to use Rabbit

Rewards as an exclusive loyalty program.

TRANSACTION SUMMARY INVESTMENT HIGHLIGHTS

* A subsidiary of Kerry Logistics Network Limited (Hong Kong)

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17 BTS Group Earnings Presentation Section 2: Business Update

Media Update

Partnership between Rabbit LinePay and AIS

% of investment 33.3% of total shares Total investment THB 787mn Purchaser Advanced Info Services Public Company Limited Seller Rabbit Line Pay Company Limited

TRANSACTION SUMMARY

  • The key catalyst is to expand our own propriety database. RLP

enables VGI to go further beyond Bangkok

  • To expand RLP, to push it to be the no. 1 wallet, requires key
  • anchors. The new partnership includes the no. 1 micropayment

network (which includes the no. 1 Transit (Rabbit & BTS), the no. 1 ecommerce Logistic (Kerry), the no. communication consumer channel (LINE) and now the no. 1 Telco (AIS).

  • With 40mn user base, AIS will help RLP expand user base by

setting the RLP system to be their default payment option in the Mpay application

  • AIS will be pivotal in providing over 500k cash-in channels for

RLP.

INVESTMENT HIGHLIGHTS PRE AND POST SHAREHOLDING STRUCTURE

PRE TRANSACTION

VGI BSSH RPS LINE RLP 90% 80% 50% 50% VGI BSSH RPS AIS RLP LINE

POST TRANSACTION

33.3% 33.3% 33.3% 80% 90%

Note: RPS refers to Rabbit Pay System RLP refers to Rabbit LinePay LINE comprised of Line biz plus (25%) and LINE Company Thailand (25%)

AIS acquired newly issued shares of RLP.

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Net Gain of THB 1.88bn from EBT Remaining Key Assets at BTSG

Preferred Shares from: PP: 63,882mn shares (@THB 0.034/share) with U-W3 31,941mn units 18 BTS Group Earnings Presentation Section 2: Business Update

Property Update

Overview of the Entire Business Transfer Transaction

  • Thana City Golf Course and Sports Club
  • Par 1 (Housing Estate)
  • Land (e.g. Bayswater JV)
  • Land Bank (Ratburana, Khao Yai)
  • TST Tower
  • Thana City
  • U Sathorn
  • U Chiang Mai
  • U Kanchanaburi
  • BTS-Sansiri JVs

Consideration

Loan Novation: THB 5.02bn Loan Repayment: THB 5.05bn THB 2.17bn Fair value of U City’s preferred shares and warrants and loans to and interest receivable from U City THB 12.2bn Book value Net assets of the Unicorn Group (THB 9.08bn) Deducted deferred gain on the entire business transfer of subsidiary and Transaction costs (THB 1.24bn) Net gain on the entire business transfer of subsidiary THB 1.88bn

Key Assets Transferred

THB 10.07bn Total Assets Value THB 12.2bn THB 12.2bn Total Settlement Value

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prepared by Investor Relations department BTS Group Holdings PCL

19 BTS Group Earnings Presentation Section 2: Business Update

Property Update

U City Capital Raising of THB 11.9bn from Private Placement and Right Offerings

1) Private Placement (PP) of preferred shares and warrants to Bangkok Bank (Strategic Investor) 2a) Rights Offering of preferred shares and warrants RO to all shareholders 2b) PP of preferred shares to UE THB 900mn THB 11bn 1) Debt Novation: Repaid loans to UE (from EBT) *Remaining debt payment to UE: THB 5.024bn. THB 5.05bn* 2) Working Capital: Used for company’s operations THB 4.65bn

THB 11.9bn Capital Raising (of which THB 9.7bn is cash)

Use of Capital Source of Capital Increase

3) PP of preferred shares to UE: THB 2.17bn

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prepared by Investor Relations department BTS Group Holdings PCL

Property Update

Residential Segment Overview - BTS-Sansiri JV projects

20

25,948 9,473 3,842 7,083 5,550 2018 2019 2020 2021 BTS-SIRI JV Presales Backlog

(Unit: THB mn) *Backlog as of May 2018

Project Name Presale Project Value (THB mn) Units

  • Avg. Price per sqm

(THB) Sold Construction Progress*

  • Est. Transfer

Start Foreign Participation 1 The LINE Jatujak – Mochit May-15 5,829 841 182k 91% 100% Sep-17 36% 2 The LINE Sukhumvit 71 Aug-15 1,967 291 167k 100% 100% Sep-16 48% 3 The LINE Ratchathewi Oct-15 3,015 231 269k 97% 92% May-18 23% 4 The LINE Asoke-Ratchada Jun-16 3,022 473 183k 99% 49% Oct-18 43% 5 The BASE Garden Rama 9 Sep-16 2,344 639 110k 91% 62% Oct-18 42% 6 The LINE Pradipat Nov-16 5,892 981 160k 67% 4% Jan-20 14% 7 The LINE Sukhumvit 101 Nov-16 4,652 778 177k 62% 10% Nov-19 44% 8 KHUN BY YOO Thonglor 12 Nov-16 4,069 148 383k 65% 11% Nov-19 5% 9 The BASE Phetkasem 29 Jun-17 2,010 640 104k 74% 7% Jan-20 28% 10 The MONUMENT THONGLOR Sep-17 6,244 127 310k 20% 34% Jul-19 3% 11 The LINE Sathorn Nov-17 3,919 327 277k 100% 0% Apr-21 39% 12 The LINE Wongsawang Mar-18 4,871 1,287 115k 26% 100% Mar-18 7% Total/Weighted Average 47,834 6,763 212k 68% 24%

The LINE Sukhumvit 71

JV with Sansiri Presales Backlog

Fully transferred

Data as of April 2018

BTS Group Earnings Presentation Section 2: Business Update

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prepared by Investor Relations department BTS Group Holdings PCL

Commercial THB 2.5bn

HOTEL REVPAR AND OCCUPANCY HISTORICAL HOTEL OCCUPANCY

Others 27% U-Hotels 42% Thana City Golf 31% Total Book Value as of 31 Mar 18: THB 28.2bn 21 BTS Group Earnings Presentation Section 2: Business Update

Property Update

BTS Group Property Breakdown

PROPERTY BOOK VALUE BREAKDOWN COMMERCIAL PROPERTY REVENUE BREAKDOWN COMMERCIAL PROPERTY

U City THB 20.2bn Bayswater JV THB 4.3bn

* Adjusted for equity stake

FY 17/18 Commercial Property Revenue:

THB 616mn

Land Bank THB 0.8bn 3,195 1,535 2,743 2,507 88.1% 81.2% 86.0% 85.1%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

  • 1,000

2,000 3,000 4,000 5,000

U Chiang Mai U Inchantree U Sathorn Blended

RevPAR (THB/night) Occupancy Rate

82.9% 76.3% 83.4% 76.6% 79.3% 71.4% 83.0% 81.2% 85.1%

4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18

Residential THB 0.5bn

2% 9% 3% 72% 15%

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SLIDE 22

prepared by Investor Relations department BTS Group Holdings PCL

22

MEDIA

2018/19 BTS Group Targets and CAPEX

FY 2018/19 BTS GROUP TARGETS

THB 4.4-4.6bn

Targeted Media Revenue

4-5%

Core Network ridership growth

1.5-2%

Core Network average fare increase

30%

Train O&M revenue growth

THB 7-9bn

Revenue from E&M provision and train procurement for Green Line South and North extensions

THB 350mn

Targeted BTS Group Property Revenue (more details in U City presentation)

THB 20-25bn

Construction revenue for Pink and Yellow Lines

THB 6-6.7bn

Targeted U City Property Revenue

≥ 25% EBITDA margin

(at U City level)

40-45%

EBITDA margin

20-25%

NPAT margin

THB 0.6-0.7bn

Interest income from train procurement for Green Line extensions and construction revenue for Pink and Yellow lines

MASS TRANSIT

FY 2018/19 CAPEX: THB 27-34BN

THB 26-32bn

(Excludes: BTSGIF CAPEX )

  • THB 6-7bn E&M and rolling stocks for Green

Line South and North extensions

  • THB 20-25bn for Pink and Yellow

construction

THB 1.1bn THB 0.4bn

(Excludes: Real estate development cost)

PROPERTY

BTS Group Earnings Presentation Section 2: Business Update

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SLIDE 23

prepared by Investor Relations department BTS Group Holdings PCL

23

5-Year BTS Group Outlook

BTS Group Earnings Presentation Section 2: Business Update

FY16/17 FY17/18 Mass Transit Media Property Services FY21/22

5Y CAGR 39% 5Y CAGR 17% 5Y CAGR 10% 8,606 30,327

49% 74% 21%

29% 5YRS CAGR

(FY 16/17 – FY 21/22)

Mass Transit Media Property Services

Operating revenue growth contribution by business unit

Note: Operating revenue includes share of net profit (loss) from associated companies and JVs

35% ≈69% or THB 8.8bn from the construction revenue of Pink and Yellow lines

14,102

65% 28%

2,566 663 33 12,722  64% YoY

(unit: THB mn)

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SLIDE 24

prepared by Investor Relations department BTS Group Holdings PCL

24

5-Year BTS Group Outlook

BTS Group Earnings Presentation Section 2: Business Update

Net recurring profit growth contribution by business unit

(unit: THB mn) FY16/17 FY17/18 Mass Transit Media Property Services Others FY21/22

5Y CAGR 25% 5Y CAGR 16% 1,417 5,125

107% 73% 27%

Mass Transit Media Property Services

49% 13%

Note: Others include treasury operations

29% 5YRS CAGR

(FY 16/17 – FY 21/22)

2,515

84% 38%

2,336 496 1,125 181 (1,395)  78% YoY

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SLIDE 25

Agenda

Section

1

BTSG 4Q & FY 2017/18 FINANCIAL PERFORMANCE

Section

2

Section

3

BUSINESS UPDATES BTSGIF 4Q & FY 2017/18 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES

25 BTS Group Earnings Presentation

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SLIDE 26

prepared by Investor Relations department BTS Group Holdings PCL

949 (70) (428) (5) 445 Mass Transit Media Property Services Total

26

BTS Group Update

Share of Income / (Loss) from Investments in JV & Associates

(THB mn) FY 2017/18 FY 2016/17 FY 2017/18 Share of Net Profit/ (Loss) Breakdown by BU

Share of income/ (loss) from investments in joint ventures

(28) (400)

(THB mn)

ATS (AEON-rabbit)

32 13

Bayswater

(190) (118)

BTS-SIRI JV Projects

254 (253)

Rabbit LinePay

(122) (41)

Others

(1) (1)

Share of income/ (loss) from investments in associates

473 787

Absolute Hotel Services (AHS)

12 8

Aero Media

6 (3)

BTSGIF

949 945

MACO’s associates

6 5

U City

(505) (179)

Others

5 12

*includes performances from discontinued operation for the year

BTS Group Earnings Presentation Appendix

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SLIDE 27

prepared by Investor Relations department BTS Group Holdings PCL

BTS-W4 Term Sheet

27

TICKER BTS-W4 TERMS 1 YEAR WARRANTS PRICE NIL

  • NO. OF WARRANTS

SCENARIO 1: UP TO 1,755,034,187 UNITS* SCENARIO 2: UP TO 1,316,158,099 UNITS**

  • No. OF SHARE

SCENARIO 1: UP TO 1,755,034,187 UNITS* SCENARIO 2: UP TO 1,316,158,099 UNITS** EXERCISE RATIO 1 BTS-W4 TO 1 NEW COMMON SHARE OF BTS EXERCISE PRICE THB 10.50 PER SHARE EXPECTED MAXIMUM PROCEEDS SCENARIO 1: THB 18,427,858,963.50* SCENARIO 2: THB 13,819,660,039.50** EXERCISE PERIOD QUARTERLY SET LISTING BOTH BTS-W4 AND THE NEW SHARES TO BE LISTED

WARRANTS TERMS AND CONDITIONS

BTS Group Earnings Presentation Appendix

*Assuming all BTS-W3, BTS-WB and BTS-WC are exercised **If only BTS-WB are exercised

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SLIDE 28

prepared by Investor Relations department BTS Group Holdings PCL

28

Mass Transit Update

Progress of BTS Targeted Lines

Sources: MRTA, the Company

FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22

GOLD LINE PHASE 1

(Krung Thon Buri – Klong San) 1.7km/ 3 stations

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

HIGH SPEED RAIL

(Don Mueang – Suvarnabhumi – U- Tapao) 220km/ 15 stations

Targeted Full operation Expected open bid/ award Expected open bid/ award Expected open bid/ award Targeted Full operation Targeted Full operation Targeted Full operation

FY 22/23 FY 23/24 FY 24/25

Expected open bid/ award Construction Period Construction Period Construction Period Construction Period Construction Period Construction Period

BTS Group Earnings Presentation Appendix

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SLIDE 29

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29

Media Update

TRANSIT MEDIA Bangkok’s Network

  • OPPO brand at Mo Chit, Ploenchit and Saladang
  • AEON brand at Asok
  • COMICO brand at Victory Monument
  • Aquarius at Chong Nonsi
  • AIS at Siam
  • McDonald’s at National Stadium
  • Netflix at Phaya Thai
  • AIA at Chit Lom
  • Shopee at Phrom Phong and Victory Monument

Malaysia’s Network

  • Media on 19 stations and 25 trains

OFFICE MEDIA

  • Total 174 office buildings (additional 12 buildings)

OUTDOOR MEDIA

  • Fully operated 35 digital screens

AVIATION MEDIA

  • 15 airports (additional 2 airports)
  • 343 digital screens (additional 1 screen)
  • 80 media on planes of Air Asia, Thai Lion Air and Nok Air

(additional 4 planes) ACTIVATION MEDIA

  • Demonstration services on 34 BTS stations

OUT OF HOME KEY DEVELOPMENTS

AIS at Siam Station McDonalds’ at National Stadium

BTS Group Earnings Presentation Appendix

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SLIDE 30

prepared by Investor Relations department BTS Group Holdings PCL

30

Media Update

DIGITAL SERVICES KEY DEVELOPMENTS

OFFLINE PAYMENT

  • 8.9mn cardholders
  • 5,680 retail points
  • 157 brand partners

ONLINE PAYMENT

  • 2.9mn Rabbit LinePay members
  • 678 merchants

MICRO LOAN SERVICES

  • THB 1,366mn

BTS Group Earnings Presentation Appendix

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SLIDE 31

prepared by Investor Relations department BTS Group Holdings PCL

FY 17/18 Target Assessment

31

FY 2017/18 BTS GROUP TARGETS FY 2017/18 ACTUAL

  • 2-4% Ridership Growth (revised)
  • 2% Average Fare Increase (revised)
  • 10-12% O&M Revenue1 Growth
  • THB 6-9bn Services Revenue of E&M Works &

Rolling Stocks Procurement for Green Line South and North extensions

  • 1.3% Ridership Growth
  • 1.4% Average Fare Increase
  • 12.3% Train O&M Revenue Growth
  • THB 5.8bn Services Revenue of E&M Works & Rolling

Stocks Procurement for Green Line South and North extensions

  • THB 4,000mn Targeted Media Revenue
  • 9.2mn Rabbit Cards in Circulation
  • THB 3,902mn Media Revenue
  • 8.9mn Rabbit Cards in Circulation
  • THB 650mn Commercial Property Revenue
  • THB 200mn Share of Net Profit from BTS-SIRI

JVs

  • THB 616mn Commercial Property Revenue
  • THB 254mn Share of Net Profit from BTS-SIRI JVs

(As of 15 March 2018, we have transferred and recognised revenues of an additional 704 units or 84% pf total units for The Jatujak-Mo Chit. To date, 88% of units of the project have been transferred as of 31 March 2018)

1O&M revenue includes 1st station of Green Line South: E15 which was opened on 3 April 2017

Mass Transit Media and Rabbit Property

BTS Group Earnings Presentation Appendix