prepared by Investor Relations department BTS Group Holdings PCL
16 AUGUST 2018
BTS GROUP HOLDINGS PCL
1Q 2018/19 EARNINGS PRESENTATION
BTS GROUP HOLDINGS PCL 1Q 2018/19 EARNINGS PRESENTATION 16 AUGUST - - PowerPoint PPT Presentation
BTS GROUP HOLDINGS PCL 1Q 2018/19 EARNINGS PRESENTATION 16 AUGUST 2018 prepared by Investor Relations department BTS Group Holdings PCL Disclaimer Investment involves risk. Prospective should understand the characteristics of Securities and
prepared by Investor Relations department BTS Group Holdings PCL
16 AUGUST 2018
1Q 2018/19 EARNINGS PRESENTATION
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 1Q 2018/19 FINANCIAL PERFORMANCE
Section
Section
BUSINESS UPDATES BTSGIF 1Q 2018/19 FINANCIAL PERFORMANCE (separate presentation)
APPENDICES
BTS Group Earnings Presentation 3
prepared by Investor Relations department BTS Group Holdings PCL
mainly from higher recurring gross profit, yet partially offset with higher SG&A expenses and finance cost
received from clearing house - share subscription of subsidiary
*Cash and liquid investments include cash bal. of THB 4.7bn, current investments of THB 5.5bn, L/T investments of THB 15.4bn
Investment phase; including;
Northern Green line extensions of THB 1.5bn and an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 0.2bn
4
PROFITABILITY BALANCE SHEET CASH FLOW
BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance 18 Jun: BTSG bought TOR of a High Speed Rail project 29 Jun
for construction kick-off
7.1bn1. Of this, BTSG and BTSC exercised its rights totaling THB 5.4bn. 5 Jul: VGI AGM approved the investment in Kerry Express Thailand, total purchase price of THB 5.9bn
WHAT’S NEW IN 1Q 2018/19
31 Jul: BTSC and KT entered into a 30-year O&M Services Agreement of the Gold Line Project Phase 1 (Krung Thonburi BTS Station – Khlong San District Office) 5 Aug: The first in a series of 22x4-carriage trains (1 train) from Siemens was successfully delivered
1 Subsequently, on 1 August 2018 (VGI-W1 final exercise date),
VGI received additional cash of THB 1.4bn, making total proceeds from the exercises of VGI-W1 of THB 8.6bn, or 72%
prepared by Investor Relations department BTS Group Holdings PCL
5 BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance
KEY HIGHLIGHTS
OPERATING REVENUE
2% YoY
OPERATING EBITDA
23% YoY
RECURRING NET PROFIT (AFTER MI)
20% YoY
THB 3,049mn Operating Revenue
Chiefly from (i) Mass Transit: THB 1,813mn (-9% YoY) (ii) Media: THB 1,077mn (+27% YoY)
THB 1,128mn Operating EBITDA
Increased by THB 212mn or 23% YoY
37% Operating EBITDA Margin THB 472mn Recurring Net Profit (after MI)
rose 20% YoY, largely as a result of (i) Higher recurring gross profit (ii) An increase in share of net profit from associates/JVs
3,110 2,543 4,875 3,574 3,049 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 917 875 1,144 1,154 1,128 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 392 375 938 810 472 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19
(THB mn)
prepared by Investor Relations department BTS Group Holdings PCL
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 1Q 2018/19 1Q 2017/18 % YoY 4Q 2017/18 % QoQ Operating Revenues1 3,049 3,110 (2)% 3,574 (15)% Gross operating profits 1,470 1,278 15% 1,652 (11)% Operating EBITDA2 1,128 917 23% 1,154 (2)% Recurring net profit – after MI 472 392 20% 810 (42)% Accounting EBITDA 1,114 1,087 (2)% 3,367 (64)% Net income (loss)3 387 405 (4)% 2,470 (84)% Gross operating profit margin (%) 48.2% 41.1% 46.2% Accounting EBITDA margin (%) 33.5% 32.7% 56.0% Recurring net profit margin (%) 15.2% 12.0% 19.6% Operating EBITDA margin (%) 37.0% 29.5% 32.3%
P&L SNAPSHOT
59% Mass Transit 35% Media 3% Property 3% Services
1Q 2018/19 OPERATING REVENUE BREAKDOWN
1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding non-mass transit interest income 3 to equity holders of the parent
6 BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance
3,110 3,049 (180) 228 (43) Q1 FY17/18 Mass Transit Media Property Services Q1 FY18/19
(45)% (35)% 27% (9%) (THB mn)
(66)
prepared by Investor Relations department BTS Group Holdings PCL
CFO
by
(this includes THB 1.5bn Green Line extensions E&M works and train procurement an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 0.2bn)
9,458 (2,110)* (5,703) 2,896 4,574** 33 Beginning cash (31/3/18) CFO CFI CFF Others Ending cash (30/6/18)
* After corporate income tax of THB 56mn, interest expenses of THB 448mn and investment in E&M works and train procurement for the Southern and Northern Green Line extensions of THB 1.5bn and an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 0.2bn ** Excluding liquid investments and cash to be received from clearing house - share subscription of subsidiary of THB 26.1bn
CFI
long-term investments of THB 748mn
equipment of THB 138mn
income of THB 209mn
CFF
665mn
(THB mn)
7 BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn)
KEY FACTORS
procurement service for the Southern and Northern Green Line extensions of THB 0.9bn was recorded
existing extensions and one new additional station (Samrong: E15)
services disruption, Farebox revenue up 1% YoY to THB 1,640mn on the back of 2.7% YoY average fare increase
recognition in cost of services related to the provision of E&M works and the train procurement service for Green Line extensions
OPERATING PERFORMANCE
MASS TRANSIT (THB mn) 1Q 2018/19 1Q 2017/18 %YoY 4Q 2017/18 %QoQ Revenue 1,813 1,993 (9)% 2,159 (16)% Costs of revenue 1,120 1,338 (16)% 1,389 (19)% Gross profit 694 655 6% 770 (10)% Operating EBITDA 702 664 6% 779 (10)% Gross margin (%) 38.3% 32.9% 35.7% Operating EBITDA margin (%) 38.7% 33.3% 36.1%
OPERATING REVENUE BREAKDOWN
25% O&M Services revenue from provision of E&M works & train procurement 51%
1Q 2018/19
Int income from train procurement & E&M 11% 8
BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance
417 411 411 422 473 472 452 468 452 33 32 32 90 78 82 109 234 193 221 199 284 241 218 247 233 252 227 1,444 1,224 519 2,848 1,205 926
14
1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 Farebox BRT Services revenue from provision of E&M works & train procurement Share of NP in BTSGIF Int income from train procurement & E&M O&M
12% Share in BTSGIF 1% Farebox BRT
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
from improved performance in OOH Media
attributable to from synergies of O2O Solutions services, a higher utilisation rate, digital billboards products as well as the full quarter consolidation of Co-Mass in the Outdoor media segment
related to the launch of 35 digital billboards and full year consolidation of Co-Mass by MACO
2017/18) 58% BTS – Related Media 26% Outdoor Media MEDIA (THB mn) 1Q 2018/19 1Q 2017/18 %YoY 4Q 2017/18 %QoQ Operating revenue 1,077 849 27% 1,107 (3)% Costs of revenue 309 294 5% 321 (4)% Gross profit 768 555 38% 786 (2)% Operating EBITDA 587 421 39% 529 11% Gross margin (%) 71.3% 65.4% 71.0% Operating EBITDA margin (%) 54.5% 49.6% 47.8%
1Q 2018/19
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
9
9% Office Buildings and Others 7% Digital
*OOH Media includes Transit, Outdoor and Office Building and Other Media
BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance
542 790 755 741 753 891 894 1,020 996 79 104 96 79 82 87 81
1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19
Digital Services Media OOH
prepared by Investor Relations department BTS Group Holdings PCL
Residential 11%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
primarily attributable to the deconsolidation of the majority of BTS property business as a result of the EBT of UE to U City in prior quarter
revenue, which now mainly comprises of revenue from Thana City Golf & Sports Club. The decrease of THB 70mn or 50% YoY was chiefly due to the deconsolidation of the 3 former BTS’ hotels following the EBT of UE to U City
THB 8mn (THB 59mn loss in 1Q 2017/18) mainly from the release of deferred gain according to transfer progress of Sansiri-JVs.
revenue, reducing by 28% YoY or THB 27mn to THB 68mn.
OPERATING PERFORMANCE
PROPERTY (THB mn) 1Q 2018/19 1Q 2017/18 %YoY 4Q 2017/18 %QoQ Operating Revenue 80 146 (45)% 160 (50)% Costs of revenue 68 95 (28)% 105 (36)% Gross profit 13 52 (76)% 54 (77)% Operating EBITDA 19 (6) N.A. (5) N.A. Gross margin (%) 15.6% 35.3% 34.1% Operating EBITDA margin (%) 23.0% N.A. N.A.
OPERATING REVENUE BREAKDOWN
1Q 2018/19
NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.
10
89% Commercial & Others BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance
142 142 147 186 146 159 174 160 80
1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19
prepared by Investor Relations department BTS Group Holdings PCL
11
BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance (THB mn) 1Q 2018/19 1Q 2017/18* Share of income/ (loss) from investments in joint ventures (90) (183) Bayswater (64) (52) Rabbit Line Pay (24) (20) Chefman (13)
9 2 Media’s JV 2
Share of income/ (loss) from investments in associates 202 169 BTSGIF 227 218 Media’s associates (17) 9 U City (8)** (59) AHS
Total 111 (13)
1Q 2018/19 SHARE OF NET PROFIT/ (LOSS) BREAKDOWN BY BU
227 (30) (73) (13) 111
Mass Transit Media Property Services Total (THB mn)
*includes performances from discontinued operation **After Purchase Price Allocation (PPA) adjustment and deferred gain
prepared by Investor Relations department BTS Group Holdings PCL
46,364 48,512 36,971 37,038 22,923 24,918
31 Mar 18 30 Jun 18 Total current liabilities Total non-current liabilities Total shareholders' equity
106,258 110,467 84,980 86,793 21,278 23,674
31 Mar 18 30 Jun 18 Total current assets Total non-current assets
110,467 106,258 Cash 31 Mar 18: THB 9.46bn 30 Jun 18: THB 4.57bn Current Investments 31 Mar 18: THB 5.67bn 30 Jun 18: THB 5.46bn Long-Term Investments 31 Mar 18: THB 15.95bn 30 Jun 18: THB 16.58bn Gross Debt 31 Mar 18: THB 47.17bn 30 Jun 18: THB 49.48bn Adjusted Net Debt* 31 Mar 18: THB 17.13bn 30 Jun 18: THB 18.69bn ***** Issued Ordinary Shares 31 Mar 18: 11,940.4mn 30 Jun 18: 11,845.2mn
80% 20% 21% 79% 23% 44% 33% 44% 21% 35% 1Q 2018/19: 1.02x 1Q 2017/18: 0.92x
Gross Debt to Equity
1Q 2018/19: 0.39x 1Q 2017/18: 0.10x
Adjusted Net Debt* to Equity
1Q 2018/19: 4.35x 1Q 2017/18: 1.43x
Adjusted Net Debt* to Recurring Operating EBITDA
1Q 2018/19: 3.58x 1Q 2017/18: 3.12x
Interest Coverage
1Q 2018/19: 0.95x 1Q 2017/18: 1.39x
Current Ratio
ASSET BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) KEY RATIOS
12
*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment - Cash to be received from clearing house - share subscription of subsidiary
BTS Group Earnings Presentation Section 1: BTSG 1Q 2018/19 Financial Performance
Section
BTSG 1Q 2018/19 FINANCIAL PERFORMANCE
Section
Section
BUSINESS UPDATES BTSGIF 1Q 2018/19 FINANCIAL PERFORMANCE (separate presentation)
APPENDICES
13 BTS Group Earnings Presentation
prepared by Investor Relations department BTS Group Holdings PCL
1Q 2018/19
Historical average fare & % growth (YoY) Historical ridership & % growth (YoY)
14
BTS Group Earnings Presentation Section 2: Business Update
Explanation
disruption during 25-27 Jun 2018. Additionally, a QoQ decrease from lower number of weekdays from several holidays in this quarter (seasonal impact).
rose from adjustment of promotional price for stored-valued card since Apr 2018
58.0 62.2 60.8 60.2 57.1 2.8% 0.8% 1.7% 0.2%
7.1%
1Q 2017/18 2Q 2017/18 3Q 2017/18 4Q 2017/18 1Q 2018/19 Ridership (mn trips) Passenger Growth (YoY) Passenger Growth (QoQ)
27.9 27.8 28.7 28.8 29.0* 0.3%
3.2% 0.4% 0.8%
3.2% 3.3% 3.9%
1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 Average Fare (THB/trip) Average Fare Growth (% QoQ) Average Fare Growth (% YoY) * Excluding the impact of free-trip allowance to passengers from train services disruption
prepared by Investor Relations department BTS Group Holdings PCL
15 BTS Group Earnings Presentation Section 2: Business Update
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
(Oct 2021) Targeted
(Oct 2021) Contract Signed Construction Period Construction Period Construction Period NTP issued 29 Jun 18 NTP issued 29 Jun 18 GOLD LINE PHASE 1 (Krung Thon Buri – Klong San) 1.7km/ 3 stations Targeted Full operation (Sep 2020) O&M contract Signed (31 Jul 18) Construction Period
prepared by Investor Relations department BTS Group Holdings PCL
16
BTS Group Earnings Presentation Section 2: Business Update
In order to accommodate the increase in passengers in existing Green Line network as well as in the Southern Green Line extension which its full operation is targeted to begin commencement in December 2018
prepared by Investor Relations department BTS Group Holdings PCL
17
BTS Group Earnings Presentation Section 2: Business Update
Yellow Line was issued on 29 June 2018, marking the start of a 39-month construction period to completion.
Sources: https://www.facebook.com/CRSTECONPINKLINE/
prepared by Investor Relations department BTS Group Holdings PCL
ROUTE KRUNG THON BURI – KLONG SAN (PHASE I): 1.7KM 3 STATIONS
STATIONS 3 OVERGROUND STATIONS (G1 TO G3)
TYPE MONORAIL FEEDER LINE TRAINS THREE 2-CAR AUTOMATIC PEOPLE MOVER (APM) TRAINS SYSTEM CAPACITY 4,000-12,000 PPHPD (5-6 MIN HEADWAY)
E&M AND O&M SERVICES PROVIDED BY BTSC
18
Source: http://www.raillynews.com
BTS Group Earnings Presentation Section 2: Business Update
31 JUL 2018 O&M Services Agreement signed 1 SEP 2020 Targeted Commercial Operation Date (30 years operation*) 1 AUG 2018 NTP issued for E&M kick-off 9 MAR 2018 Civil work construction began 27 FEB 2018 Sale and installation of E&M works agreement signed 15 DEC 2017 KT awarded civil contract to ITD
TIMELINE
KRUNG THONBURI BTS STATION – KHLONG SAN 1.7KM
GOLD PHASE 1
*Such term can be terminated earlier if the operation and maintenance services agreement of the Bangkok Mass Transit System, in which BTSC has been engaged by Krungthep Thanakom until 2 May 2042, has not been extended.
SALE AND INSTALLATION OF E&M WORKS AGREEMENT
O&M SERVICES AGREEMENT
MANAGEMENT, MAINTENANCE OF THE MASS TRANSIT SYSTEM, FARE COLLECTION AND THE PROCUREMENT OF ROLLING STOCK
prepared by Investor Relations department BTS Group Holdings PCL
19
1 Existing ARL Suvarnabhumi-Phayathai ARL Extension Phayathai-Don Mueang 3 High Speed Rail Bangkok-U-Tapao 4 Makkasan Area Land Development 5 PROJECT Transit Oriented Development (TOD) 2
Makkasan Area Land Development
Don Mueang Bang Sue Phayathai Makkasan Suvarnabhumi Chachoeng- sao Chon Buri Si Racha Pattaya U-Tapao
2 1 3 4
Transit Oriented Development
5
High Speed Rail Station Existing Maintenance Depot New Maintenance Depot Source: High Speed Rail’s Market Sounding
Route Don Mueang – Suvarnabhumi – U-Tapao Distance 220km
15 Stations Maximum Design Speed
280 km/hr
Suvarnabhumi: same as current system Maximum Operation Speed
250 km/hr
Suvarnabhumi:160 km/hr Contract Type PPP Net Cost with subsidy Expected Project Cost THB 221bn Expected Operation Year 2024 Contract Length 50 Years
Design & Construction Operation 5 years 45 years
BTS Group Earnings Presentation Section 2: Business Update
prepared by Investor Relations department BTS Group Holdings PCL
20
BTS Group Earnings Presentation Section 2: Business Update
18 Jun-9 Jul 2018 12 Nov 2018 13 Nov 2018 End 2018 Terms of Reference (TOR) selling period Bid Submission Announce the bid winner Open bidding documents companies bought High Speed Rail TOR
7 companies 4 companies 1 company 14 companies 2 companies 2 companies 1 company List of 14 Thai companies
Construction PCL.
Holding PCL.
Construction PCL.
prepared by Investor Relations department BTS Group Holdings PCL
21 BTS Group Earnings Presentation Section 2: Business Update
SERVICE CHANNEL B2B delivering parcels from company to various places such as financial institutions, law firm, retail shops and etc. B2C delivering parcels from e-market place to the individual shoppers C2C delivering letters and parcels from online retailers to individual consumers NETWORK AND CHANNEL
POST VGI SHAREHOLDING STRUCTURE
TRANSACTION DETAILS
% of investment 23% of total shares Total investment THB 5,901mn Source of funds Cash from proceed from PP-1 and VGI-W1
KERRY BUSINESS
Kerry is the No. 1 private express delivery services in Thailand, with a network of more than 2,500 services points nationwide and more than 6,000 delivery vehicles.
Remark: VGI total shares = 8,556,680,098 shares, which based on shares after exercise of VGI-W1 and subscription of PP by Kerry.
1 BTS includes 45.0% of BTSC, 23.1% of BTSG and 0.6% from Kanjanapas Family 2 Kerry Express includes 1.3% of KLN Logistics, 0.1% of Siam Chao Phraya Express and
Gather Excellence
BTS Public VGI KERRY Express (Thailand) 68.7%1 29.9% 1.4%2
prepared by Investor Relations department BTS Group Holdings PCL
22 BTS Group Earnings Presentation Section 2: Business Update
TRANSIT MEDIA Station Sponsorship Campaign
OFFICE MEDIA
OUT-OF-HOME MEDIA DIGITAL SERVICES
OFFLINE PAYMENT
ONLINE PAYMENT
MICRO LOAN SERVICES
prepared by Investor Relations department BTS Group Holdings PCL
(162) (254) (8) 1,643 148 (611) (768) (458) (172) (25) (11) 233
2Q 2017 Net Loss Operating Revenue Other Revenue Operating Cost SG&A Finance Cost
Amort. Share of Profit Income Tax 2Q 2018 Net Loss Deferred Gain & Adjustment 1Q 2017/18 Share of Loss U City 23 BTS Group Earnings Presentation Section 2: Business Update
FX Loss Vienna House Loans THB 221mn Vienna House Operating Expenses THB 438mn Vienna House SG&A THB 518mn
THB 107mn (1Q 2018/19)
Vienna House THB 125mn (for 2Q 2017 -1Q 2018)
(38.9% stake) 1Q 2018/19 (THB mn)
Section
BTSG 1Q 2018/19 FINANCIAL PERFORMANCE
Section
Section
BUSINESS UPDATES BTSGIF 1Q 2018/19 FINANCIAL PERFORMANCE (separate presentation)
APPENDICES
24 BTS Group Earnings Presentation
prepared by Investor Relations department BTS Group Holdings PCL
25
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
HIGH SPEED RAIL
(Don Mueang – Suvarnabhumi – U- Tapao) 220km/ 15 stations
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
BTS Group Earnings Presentation Appendix
prepared by Investor Relations department BTS Group Holdings PCL
26
Replaced “Motorola” radio receiver by “Moxa” 1. Moved our signaling system to new frequency channel bandwidth 2480-2495 MHz 2. Installed the band-pass filter 3.
Service Delays
due to external radio interference PROBLEM SOLUTIONS 2.4 MHz 2.5 MHz MOTOROLA MOXA 2.48 MHz SkyPurse1 BTS MEASURE DURING 25-27 JUN 18
(Adult, Student and Senior)
Monthly Pass2 3 Free-trips3 6 Free-trips3 MEASURE
1cards used during 25-27 Jun 2018 2monthly cards which comprise of remaining trips during the services delay (25-27 Jun 2018)
7-31 Jul 2018 7-31 Jul 2018 CLAIMABLE PERIOD CARD TYPE
3additional trips must be used within 45 days from date of issue and will be valid for 30 days from the first-use date
BANDWIDTH
completed by 30 Jun
SJT Cash refund or retain within 14 days 7-31 Jul 2018
completed by 30 Jun completed by 5 Jul (Adult and Student) BTS Group Earnings Presentation Appendix
prepared by Investor Relations department BTS Group Holdings PCL
27
MEDIA
FY 2018/19 BTS GROUP TARGETS
Targeted Media Revenue
Core Network ridership growth
Core Network average fare increase
Train O&M revenue growth
Revenue from E&M provision and train procurement for Green Line South and North extensions
Targeted BTS Group Property Revenue (more details in U City presentation)
Construction revenue for Pink and Yellow Lines
Targeted U City Property Revenue
(at U City level)
EBITDA margin
NPAT margin
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
(Excludes: BTSGIF CAPEX )
Line South and North extensions
construction
(Excludes: Real estate development cost)
PROPERTY
BTS Group Earnings Presentation Appendix
prepared by Investor Relations department BTS Group Holdings PCL
28 BTS Group Earnings Presentation Appendix
TICKER BTS-W4 TERMS 1 YEAR WARRANTS PRICE NIL
SCENARIO 1: UP TO 1,755,034,187 UNITS* SCENARIO 2: UP TO 1,316,158,099 UNITS**
SCENARIO 1: UP TO 1,755,034,187 UNITS* SCENARIO 2: UP TO 1,316,158,099 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 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
*Assuming all BTS-W3, BTS-WB and BTS-WC are exercised **If only BTS-WB are exercised