BTS Group Holdings PCL 3Q 2018/19 Earnings Presentation 20 February - - PowerPoint PPT Presentation

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Holdings PCL

3Q 2018/19 Earnings Presentation

20 February 2019

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

Agenda

Section

1

BTSG 3Q 2018/19 FINANCIAL PERFORMANCE

Section

2

BUSINESS UPDATES

APPENDICES

BTS Group Earnings Presentation 3

prepared by Investor Relations department BTS Group Holdings PCL

3Q 2018/19 Highlights

4 BTS Group Earnings Presentation Section 1: BTSG 3Q 2018/19 Financial Performance

Strong growth in revenue and profitability

THB 19.0bn

+33.8% YoY Net profit (after MI)

THB 1.2bn

FINANCIAL POSITION

Cash & Liquid Investments*

Balance sheet strength

THB 24bn

Adjusted Net D/E

0.74x

Low leverage despite the increase in debt

Net investment in Pink & Yellow Lines

Investment phase continues;

THB 17.9bn

Net investment in Green Line Extensions

THB 3.0bn

Investment in Kerry Express Thailand

THB 5.0bn

P&L HIGHLIGHTS 9M CASH FLOW

+290.5% YoY Total operating revenue

• THB 13.6bn Pink and Yellow lines

construction

• THB 2.2bn E&M & Train Procurement

for Green Line Extensions

• THB 1.4bn Media Revenue

Key revenue components:

*includes cash balance of THB 6.9bn, current investments of THB 8.6bn, L/T investments of THB 8.4bn

prepared by Investor Relations department BTS Group Holdings PCL

OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 3Q 2018/19 3Q 2017/18 % YoY 2Q 2018/19 % QoQ 9M 2018/19 9M 2017/18 %YoY Operating Revenue1 19,035 4,875 291% 15,806 20% 37,894 10,528 260% Gross operating profit 2,305 1,552 49% 1,824 26% 5,603 4,125 36% Operating EBITDA2 1,858 1,144 62% 1,401 33% 4,391 2,936 50% Recurring net profit – after MI 980 938 5% 830 18% 2,282 1,700 34% Accounting EBITDA 2,345 1,697 38% 1,681 40% 5,140 4,204 22% Net income (loss)3 1,189 888 34% 670 77% 2,246 1,946 15% Gross operating profit margin (%) 12.1% 31.8% 11.5% 14.8% 39.2% Accounting EBITDA margin (%) 12.0% 31.1% 10.3% 13.3% 35.3% Recurring net profit margin – after MI(%) 5.1% 17.1% 5.1% 5.9% 14.7% Operating EBITDA margin (%) 9.8% 23.5% 8.9% 11.6% 27.9%

P&L SNAPSHOT

3Q 2018/19 OPERATING REVENUE BREAKDOWN

1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding non-mass transit interest income 3to equity holders of the parent

5

3Q 2018/19 Overview

90% Mass Transit 8% Media 0% Property 2% Services BTS Group Earnings Presentation Section 1: BTSG 3Q 2018/19 Financial Performance

4,875 19,035 13,478 483 288

Q3 FY17/18 Mass Transit Media Property Services Q3 FY18/19

(51)% 345% 50% 370% (THB mn)

(89)

prepared by Investor Relations department BTS Group Holdings PCL

CFO

• Profit before tax of THB 1.7bn, deducted

by

• Non-cash reconciling items of THB 0.5bn
• Changes in net working capital of THB

5.5bn (this includes net investment in mass transit projects of THB 11.4bn)

* CFO: After

• 1. Corporate income tax of THB 0.1bn
• 2. Net Interest expenses of THB 0.9bn
• 3. Net investment for construction of the Pink and Yellow Lines of THB 8.4bn
• 4. Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 3.0bn

** CFI: After net investment for construction of the Pink and Yellow Lines of THB 9.5bn *** Excluding liquid investments of THB 17.1bn

CFI

• Net investment for construction of the Pink and

Yellow lines of THB 9.5bn

• Net cash paid for purchases of investments in

associates of THB 4.6bn, mainly for an investment in Kerry Express Thailand of THB 5.0bn

• Net cash received of THB 2.9bn from sales of

treasury investments

• Dividend received of THB 0.8bn and Interest

income of THB 0.5bn

9M 2018/19 Cash Flow Snapshot

6 BTS Group Earnings Presentation Section 1: BTSG 3Q 2018/19 Financial Performance

9,458 (12,822)* (10,544)** 20,865 6,895*** (61) Beginning cash (31/3/18) CFO CFI CFF Others Ending cash (31/12/18)

(THB mn)

CFF

• Net cash received of THB 9.5bn from BTS debenture
• An increase in loans from financial institutions and

B/E of THB 6.8bn mainly for the Pink & Yellow lines

• Cash received of THB 4.4bn from (i) STEC and RATCH

(re. Pink and Yellow line projects) of THB 3.7bn and (ii) non-controlling interests for issuances of MACO’s

• rdinary shares via RO of THB 0.7bn
• Net cash received from VGI’s group of THB 3.1bn

from (i) non-controlling interests from the exercise of VGI warrants and (ii) the issuance of addional VGI’s

• rdinary shares to Kerry Express Thailand
• Dividend payment of THB 2.2bn in August 2018

prepared by Investor Relations department BTS Group Holdings PCL

Services revenue from provision of E&M works for Gold Line Mass Transit related Interest income 2% Construction revenue for Pink and Yellow Lines 80% O&M 3%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

• The YoY revenue growth of 13.5bn or 370% was mainly from
• Construction revenue for the Pink and Yellow lines of THB 13.6bn
• Interest income related to Mass Transit rose by 165% or THB 180mn

to THB 289mn

• O&M revenue increased by 29% or THB 180mn to THB 565mn, 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 12.9bn to THB 15.8bn largely from the recognition of

construction cost for the Pink and Yellow Lines

• Operating EBITDA margin was 8.1% (23.1% in 3Q 2017/18)

OPERATING PERFORMANCE

MASS TRANSIT (THB mn) 3Q 2018/19 3Q 2017/18 %YoY 2Q 2018/19 %QoQ 9M 2018/19 9M 2017/18 %YoY Revenue 17,120 3,642 370% 14,255 20% 33,188 6,953 377% Costs of revenue 15,750 2,808 461% 13,177 20% 30,047 4,886 515% Gross profit 1,370 834 64% 1,078 27% 3,140 2,067 52% Operating EBITDA 1,378 842 64% 1,085 27% 3,165 2,093 51% Gross margin (%) 8.0% 22.9% 7.6% 9.5% 29.7% Operating EBITDA margin (%) 8.1% 23.1% 7.6% 9.5% 30.1%

OPERATING REVENUE BREAKDOWN

Farebox BRT 0%

3Q 2018/19

7

Mass Transit

Services revenue from provision

• f E&M works &

train procurement for Green Line ext. 13%

BTS Group Earnings Presentation Section 1: BTSG 3Q 2018/19 Financial Performance

1% Share in BTSGIF 1%

452 468 452 452 565 213 233 252 228 244 239 109 234 193 242 289 2,848 1,205 926 1,524 2,183 11,777 13,616 14 16 15

3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19

Farebox BRT Construction revenue for Pink and Yellow Lines Services revenue from provision of E&M works & train procurement for Green Line ext. Interest income related to Green Line ext., Pink and Yellow Lines Share of net profit in BTSGIF Services revenue from provision of E&M works for Gold Line O&M

prepared by Investor Relations department BTS Group Holdings PCL

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

• Record-breaking quarter revenue THB 1,460mn, an increase of 50% YoY

driven by organic growth of all business and the full-quarter consolidation of Trans.Ad Group

• OOH Media revenue* rose by 8% YoY to THB 965mn largely from

robust growth across all business units

• Digital Services Business rose sharply by 506% YoY to THB 495mn

mainly due to the full-quarter consolidation of Trans.Ad Group as well as the increase in project management fees and lead generation of Rabbit Group

• Costs increased by 92% YoY to THB 596mn primarily due to the full-

quarter consolidation of Trans.Ad Group

• Operating EBITDA margin declined YoY to 43.3% (52.0% in 3Q 2017/18)

39% BTS – Related Media 20% Outdoor Media MEDIA (THB mn) 3Q 2018/19 3Q 2017/18 %YoY 2Q 2018/19 %QoQ 9M 2018/19 9M 2017/18 %YoY Operating revenue 1,460 976 50% 1,205 21% 3,741 2,795 34% Costs of revenue 596 310 92% 457 30% 1,361 913 49% Gross profit 864 667 30% 748 15% 2,380 1,882 26% Operating EBITDA 632 508 25% 537 18% 1,757 1,448 21% Gross margin (%) 59.2% 68.3% 62.1% 63.6% 67.3% Operating EBITDA margin (%) 43.3% 52.0% 44.6% 47.0% 51.8%

3Q 2018/19

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

8

Media

7% Office Buildings and Others 34% Digital

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

BTS Group Earnings Presentation Section 1: BTSG 3Q 2018/19 Financial Performance

894 1,020 990 909 965 82 87 87 296 495

3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19

Digital Services Media OOH

prepared by Investor Relations department BTS Group Holdings PCL

Residential 0%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

• Operating revenue was THB 85mn, from commercial property which

decreased by 51% 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 profit from investment in U City, our associate, of THB

82mn (THB 29mn loss in 3Q 2017/18) as U City turn profitable in this quarter

• Operating costs dropped in tandem with the decline in operating

revenue, reducing by 25% YoY or THB 27mn to THB 79mn.

OPERATING PERFORMANCE

PROPERTY (THB mn) 3Q 2018/19 3Q 2017/18 %YoY 2Q 2018/19 %QoQ 9M 2018/19 9M 2017/18 %YoY Operating Revenue 85 174 (51)% 87 (3)% 256 479 (47)% Costs of revenue 79 105 (25)% 73 8% 220 308 (29)% Gross profit 6 68 (91)% 14 (57)% 37 171 (79)% Operating EBITDA (24) 12 (304)% 6 (522)% 4 1 221% Gross margin (%) 7.3% 39.4% 16.3% 14.3% 35.8% Operating EBITDA margin (%) (27.8)% 6.7% 6.4% 1.7% 0.3%

OPERATING REVENUE BREAKDOWN

3Q 2018/19

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

9

Property

100% Commercial & Others BTS Group Earnings Presentation Section 1: BTSG 3Q 2018/19 Financial Performance

174 160 80 87 85

3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19

prepared by Investor Relations department BTS Group Holdings PCL

46,364 53,557 36,971 43,863 22,923 39,079

31 Mar 18 31 Dec 18

136,499 106,258 84,968 111,859 21,290 22,640

31 Mar 18 31 Dec 18

136,499 106,258 Cash 31 Mar 18: THB 9bn 31 Dec 18: THB 7bn Current Investments 31 Mar 18: THB 6bn 31 Dec 18: THB 9bn Long-Term Investments 31 Mar 18: THB 16bn 31 Dec 18: THB 11bn Gross Debt 31 Mar 18: THB 47bn 31 Dec 18: THB 63bn Adjusted Net Debt* 31 Mar 18: THB 17bn 31 Dec 18: THB 40bn ***** Issued Ordinary Shares 31 Mar 18: 11,940mn 31 Dec 18: 11,845mn 80% 20% 17% 83% 29% 39% 32% 44% 21% 35%

3Q 2018/19:

1.19x

3Q 2017/18: 1.07x

Gross Debt to Equity

3Q 2018/19:

0.74x

3Q 2017/18: 0.34x

Adjusted Net Debt* to Equity

3Q 2018/19:

5.75x

3Q 2017/18: 3.14x

Adjusted Net Debt* to Recurring EBITDA

3Q 2018/19: 4.09x 3Q 2017/18: 3.65x

Interest Coverage

3Q 2018/19:

0.58x

3Q 2017/18: 1.13x

Current Ratio

ASSET BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN KEY RATIOS

10

Financial Position

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

BTS Group Earnings Presentation Section 1: BTSG 3Q 2018/19 Financial Performance (THB mn) (THB mn)

Agenda

Section

1

BTSG 3Q 2018/19 FINANCIAL PERFORMANCE

Section

2

BUSINESS UPDATES

APPENDICES

11 BTS Group Earnings Presentation

prepared by Investor Relations department BTS Group Holdings PCL

Mass Transit Update

9M YTD 18/19 Core Network Ridership

12

FY 2018/19

Ridership Growth Revised Target

YTD

Ridership: Actual

FY 2018/19

Avg Fare Increase Target

YTD

• Avg. Fare: Actual

FY 2018/19

Fare-box Increase Revised Target

YTD

Farebox: Actual

+1% +1.5-2% +2.5-3%

• 0.6%

+3.0% +2.4% Ridership Fare

BTS Group Earnings Presentation Business Updates

60.8 60.2 57.1 61.2 61.6 1.7% 0.2%

• 1.5%
• 1.5%

1.3%

• 2.2%
• 1.0%
• 5.0%

7.1% 0.6%

• 50.0%

3Q 2017/18 4Q 2017/18 1Q 2018/19 2Q 2018/19 3Q 2018/19

Ridership (mn trips) Passenger Growth (YoY) Passenger Growth (QoQ)

28.7 28.8 29.0* 28.8 29.1* 3.2% 3.3% 3.9% 3.7% 1.5% 3.2% 0.4% 0.9%

• 0.8%

1.0%

3Q 2017/18 4Q 2017/18 1Q 2018/19 2Q 2018/19 3Q 2018/19

Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ)

*Excluding the impact of free-trip allowance to passengers from train services disruption

prepared by Investor Relations department BTS Group Holdings PCL

Mass Transit Update

January and YTD 10 months Core Network Ridership

13 BTS Group Earnings Presentation Business Updates

FY 2018/19

Ridership Growth Target (Revised)

YTD

Ridership: Actual

FY 2018/19

Avg Fare Increase Target

YTD

• Avg. Fare: Actual

FY 2018/19

Fare-box Increase Target (Revised)

YTD

Farebox: Actual

+1% +1.5-2% +2.5-3%

• 0.2%

+2.8% +2.5%

• Ridership = 200.7mn trips, -0.2% YoY
• Average fare* = THB 29.0 / trip, +2.8% YoY
• Farebox revenue* = THB 5,816.3mn, +2.5% YoY
• Average weekday ridership = 740,573 trips, -0.2% YoY
• Ridership = 20.8mn trips, +3.0% YoY, +2.2% MoM
• Average fare* = THB 28.9 / trip, +0.7% YoY
• Farebox revenue* = THB 601.5mn, +3.8% YoY
• Average weekday ridership = 744,845 trips, +1.9% YoY

JAN 19 SUMMARY YTD SUMMARY (APR-JAN, 10 MONTHS)

*Before discount

Ridership Fare

17.9 19.3 20.0 19.7 21.5 19.9 20.1 21.2 20.3 20.8

• 1.8%
• 0.1%
• 2.7% -2.2%

0.7%

• 3.2%

3.8% 0.4% -0.1% 3.0%

• 10.0%
• 7.0%
• 4.0%
• 1.0%

• 5.0

10.0 15.0 20.0 25.0 30.0 35.0

Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

Ridership (mn trips) % YoY ridership growth 29.4 29.0 28.8 28.8 28.9 28.7 28.9 28.9 29.5 28.9 3.2% 3.7% 4.6% 3.3% 4.0% 3.7% 3.4% 0.7% 0.7% 0.7%

• 6.0%
• 5.5%
• 5.0%
• 4.5%
• 4.0%
• 3.5%
• 3.0%
• 2.5%
• 2.0%
• 1.5%
• 1.0%
• 0.5%

28.2 28.4 28.6 28.8 29.0 29.2 29.4 29.6 29.8

Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

Average fare price (THB) % Change YoY

prepared by Investor Relations department BTS Group Holdings PCL

Mass Transit Update

Progress of BTS Secured Lines

14 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 31 December 2018

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

• peration

(Oct 2021) Targeted

• peration

(Oct 2021)

Contract Signed

Construction Period Construction Period Construction Period

93%

PINK LINE (EXTENSION) (Sirat – Impact 2) 3.0m/ 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

• peration

(by Sep 2020) O&M contract Signed (31 Jul 18) Construction Period

21% 7% 7% 23% 21% 7%

Civil E&M Progress(%)*

BTS Group Earnings Presentation Business Updates

prepared by Investor Relations department BTS Group Holdings PCL

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 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 BTS Group Earnings Presentation Business Updates 15

prepared by Investor Relations department BTS Group Holdings PCL

Mass Transit Update

Progress of New Trains Delivery

16

 7 trains arrived  Another 15 trains will be completely delivered by 2019  First batch expected to arrive by 1H 2019  The remaining will be completely delivered by 2020

BTS Group Earnings Presentation Business Updates

prepared by Investor Relations department BTS Group Holdings PCL

Media Update

Digital Transformation - Paving the Way for Intelligent OOH Solutions

BTS Group Earnings Presentation Business Updates IMMERSIVE DIGITAL MEDIA TARGETING PREMIUM AUDIENCE VISUAL IMPACT EXCLUSIVE AIRTIME ENGAGING CREATIVE 17

prepared by Investor Relations department BTS Group Holdings PCL

Media Update

VGI Immerse Drives Avg. 2x Impact and Engagement

BTS Group Earnings Presentation Business Updates IMPACT / ENGAGEMENT AD RECALL When asked “how often do you look at the media?” the response for “all the time” increased by 110%. The number of brands recalled by the BTS passengers. CONVERSION RATE* Conversion rate = total people who look / total people exposed to the advertising 118%

*Using visual recognition technology

VGI IMMERSE DRIVES AVG. 2X IMPACT AND ENGAGEMENT

50% 110%

CONSUMER RESEARCH: PRE VS. POST PILOT STUDY OF BTS PASSENGERS

18

prepared by Investor Relations department BTS Group Holdings PCL

Media Update

Robust Growth Reaffirming the Right Strategy – Cashless Platform

BTS Group Earnings Presentation Business Updates RABBIT CARD Rabbit Card circulation reached 10.3mn cards. Nearly achieving its full-year target of 10.5mn cards.

9.0 9.1 9.2 9.3 9.4 9.6 9.8 9.9 10.1 10.3 10.5 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Mar-19

FY Target +15.1% YTD RABBIT LINEPAY

2.9 3.1 3.2 3.4 3.8 4.2 4.5 4.7 4.9 5.1 5.3 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Mar-19

partnership with AIS Single e-wallet with BTS and Rabbit Card FY Target +72.7% YTD Rabbit LinePay serves more than 5.1mn users, an increase of 73% YoY. 19

prepared by Investor Relations department BTS Group Holdings PCL

Media Update

Delivering New Marketing Solutions Synergy through Logistics Platform

BTS Group Earnings Presentation Business Updates

>150,000 SAMPLES DELIVERED IN 5 MONTHS

LEAFLET FOR SAMPLING RABBIT REWARDS SURVEY

20

prepared by Investor Relations department BTS Group Holdings PCL

Property Update

New Hotel Opening: Eastin Thana City Golf Resort under U City

BTS Group Earnings Presentation Business Updates

• Officially opened on 1 December 2018
• 194-key freehold hotel

WHY THANA CITY?

• Located 10 mins drive from Suvarnabhumi International Airport at kilometer 14 on

Bangna-Trad highway and near a future LRT station.

• Thana City Country Club offers a range facilities, such as a par 72 Greg Norman-

designed golf course, renowned ChefMan Chinese restaurant and spaces to accommodate a range of events i.e. weddings, business meetings, seminars, etc. 21

prepared by Investor Relations department BTS Group Holdings PCL

Property Update

Reverse stock split and capital reduction of U City

BTS Group Earnings Presentation Business Updates Board of Directors Approved the transaction U City EGM record date U City EGM for shareholders’ approval Private placement (PP) subscription for rounding purpose Par value per share adjusted to THB 100 Rights adjustment of all warrants (U-W1 -> U-W4) Commence trading with new par value after reverse stock split 30 Aug 18 12 Oct 18 31 Oct 18 14 Sep 18 17 Oct 18 5 Nov 18 Commence trading with new par value of THB 3.2 after capital reduction 26 Dec 18 Creditor objection period (2 months) 22

prepared by Investor Relations department BTS Group Holdings PCL

Total CAPEX & Investments

THB 1.9–2.2bn

Property Update

U City 2019 Guidance

BTS Group Earnings Presentation Business Updates

Total Revenue

+3-8% YoY

THB 7,200 - 7,500mn Hospitality Revenue

+3 - 8% YoY

THB 6,200 - 6,500mn Office Revenue

+6-24% YoY

THB 300 - 350mn

≥20%

EBITDA Margin

23

Agenda

Section

1

BTSG 3Q 2018/19 FINANCIAL PERFORMANCE

Section

2

BUSINESS UPDATES

APPENDICES

BTS Group Earnings Presentation 24

prepared by Investor Relations department BTS Group Holdings PCL

MEDIA

2018/19 BTS Group Targets and CAPEX

FY 2018/19 BTS GROUP TARGETS

THB 5bn

Targeted Media Revenue (revised from THB 4.4-4.6bn)

1%

Core Network ridership growth (revised from 4-5%)

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

(U City 2018 Revenue: THB 7bn)

≥ 25% EBITDA margin

(at U City level)

(U City 2018 EBTIDA margin: 19%)

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 Appendix 25

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Update

3Q 2018/19 Share of Income / (Loss) from Investments in JV & Associates

(THB mn) BTS Group Earnings Presentation Appendix

239 18 (14) (3) 241 Mass Transit Media Property Services Total

26

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Update

BTS-W4 Term Sheet

BTS Group Earnings Presentation Appendix

TICKER BTS-W4 TERM 1 YEAR FROM THE ISSUANCE DATE ISSUANCE DATE 30 NOVEMBER 2018 EXPIRY DATE 29 NOVEMBER 2019 WARRANTS PRICE NIL

• NO. OF WARRANTS

UP TO 1,755,034,187 UNITS ALLOCATION TO EXISTING SHAREHOLDERS AT THE RATIO OF 9 EXISTING BTS SHARES : 1 BTS-W4 EXERCISE RATIO 1 BTS-W4 TO 1 NEW COMMON SHARE OF BTS EXERCISE PRICE THB 10.50 PER SHARE EXPECTED MAXIMUM PROCEEDS THB 18.4BN EXERCISE PERIOD QUARTERLY

WARRANTS TERMS AND CONDITIONS

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