BTS Group Holdings PCL SET Opportunity Day 2Q 15/16 earnings - - PowerPoint PPT Presentation

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Holdings PCL

2Q 15/16 earnings presentation

SET Opportunity Day

2Q 15/16 earnings presentation

23 November 2015

U Sathorn Hotel Bangkok

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

• r a solicitation to sell or exchange any securities of BTS Group Holding 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.

2 2Q 15/16 earnings presentation

prepared by Investor Relations department BTS Group Holdings PCL

Agenda

Section

1

BTSG 2Q 15/16 FINANCIAL PERFORMANCE

Section

2

Section

3

BUSINESS UPDATES BTSGIF 2Q 15/16 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES

3 2Q 15/16 earnings presentation

prepared by Investor Relations department BTS Group Holdings PCL

CORE BUSINESS PROFITABILITY STILL IMPROVING

• Net recurring profit (THB 421.0mn) declined 44.7% YoY mainly

from a reduction in interest income and share of losses from property JVs/associates.

• However, net recurring profit and margin improved YoY if

excluding these impacts:

• Net recurring profit: +3.7% YoY to THB 501.0mn
• Net recurring profit margin: 28.7% (vs 23.7% in 2Q 14/15)

2Q 15/16 Financial Highlights

BTS DAILY TRADED VALUE (LTM) (as of 10 Nov 2015) THB 330.1mn (USD 9.8mn) NEW CORE RIDERSHIP RECORD: 58.5MN TRIPS (increased +7.1% YoY) BTS DIVIDEND YIELD (LTM)** 6.21% SET50 DIVIDEND YIELD (LTM)*** 3.34%

>>

4 2Q 15/16 earnings presentation Section 1: BTSG 2Q 15/16 Financial Performance

• THB 18.78bn excess cash and liquid investments*
• Leverage: Net debt / equity at 0.03x

BALANCE SHEET STRENGTH

* Excess cash and liquid investments exclude sinking fund and include cash balance of THB 1.54bn (includes cash from an associate of THB 0.04bn), current investments of THB 6.90bn (includes current investments from an associate of THB 0.09bn), long term investments of THB 9.18bn and restricted deposits of THB 1.15bn

RESILIENT MASS TRANSIT-RELATED REVENUES: Net farebox revenue +10.1% YoY BTS-related Media revenue +5.7% YoY

** Dividend yield based on share price as of date prior to Board of Directors’ approval of relevant dividend payment *** Sum of the gross DPS that have gone ex-dividend over the past 12 months, divided by stock price as of 10 Nov 2015

prepared by Investor Relations department BTS Group Holdings PCL

1,871 1,671 8 (260) (0) 51 2Q 14/15 Mass transit Media Property Services 2Q 15/16 1%

• 33%

(THB mn)

0% 35%

OPERATING REVENUE COMPARISON (YoY)

2Q 15/16 Overview

Income Statement (THB mn) 2Q 15/16 2Q 14/15 % YoY 1Q 15/16 % QoQ 1H 15/16 1H 14/15 % YoY Operating Revenues1 1,671 1,871 (10.7%) 1,538 8.6% 3,209 3,616 (11.2%) Gross operating profits 969 1,046 (7.4%) 888 9.1% 1,856 1,990 (6.7%) Operating EBITDA2 707 739 (4.3%) 631 12.1% 1,338 1,428 (6.3%) Recurring net profit – before MI 421 762 (44.7%) 508 (17.1%) 944 1,531 (38.3%) Accounting EBITDA3 834 1,172 (28.9%) 4,314 (80.7%) 5,148 2,380 116.3% Net income (loss)4 474 633 (25.2%) 3,016 (84.3%) 3,490 1,284 171.9% Gross operating profit margin (%) 58.0% 55.9% 57.7% 57.8% 55.0% EBITDA margin (%) 42.3% 50.3% 82.9% 71.8% 51.0% Recurring net profit margin (%) 25.3% 32.9% 29.5% 27.8% 33.3% Operating EBITDA margin (%) 42.3% 39.5% 41.0% 41.7% 39.5%

P&L SNAPSHOT

37% Mass Transit 32% Media 20% Property 11% Services

2Q 15/16 OPERATING REVENUE BREAKDOWN

1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 including profit from discontinued operation 4to equity holders of the parent

5 2Q 15/16 earnings presentation Section 1: BTSG 2Q 15/16 Financial Performance

prepared by Investor Relations department BTS Group Holdings PCL

270 271 322 283 288 308 379 379 392 386 392 394 395 1,238 1,259 1,263 208

• 124

174 157 157 166 217 194 147 208 223

2Q 12/13 3Q 12/13 4Q 12/13 1Q 13/14 2Q 13/14 3Q 13/14 4Q 13/14 1Q 14/15 2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 2Q 15/16

O&M (THB mn) Farebox (THB mn) Share of NP in BTSGIF (THB mn)

Mass Transit – As Reported

6

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

• O&M revenue rose by 0.7% YoY to THB 394.9mn mainly from the

contractually agreed increase in operating fee of the Sukhumvit extension and Silom extension

• Share of net profit in BTSGIF increased 2.5% YoY to THB 222.6mn

from the increase in core network performance

• Costs remained unchanged YoY (rose 0.9% YoY to THB 207.4mn)
• Operating EBITDA margin improved to 67.2% (66.8% in 2Q 14/15) as

costs remained flat YoY whilst operating revenue increased

2Q 15/16 earnings presentation Section 1: BTSG 2Q 15/16 Financial Performance

OPERATING REVENUE BREAKDOWN OPERATING PERFORMANCE

Mass transit (THB mn) 2Q 15/16 2Q 14/15 YoY 1Q 15/16 QoQ 1H 15/16 1H 14/15 YoY Revenue 617 609 1% 602 2% 1,220 1,154 6% O&M revenue 395 392 1% 394 0% 789 771 2% Share in BTSGIF 223 217 2% 208 7% 431 384 12% Costs of revenue 207 206 1% 209 (1%) 416 414 0% Gross profit 410 404 2% 394 4% 804 740 9% Operating EBITDA 415 407 2% 398 4% 813 747 9% Gross margin (%) 66.4% 66.3% 65.4% 65.9% 64.1% Operating EBITDA margin (%) 67.2% 66.8% 66.1% 66.7% 64.7%

64% O&M Share in BTSGIF 36%

2Q 14/15 2Q 15/16

prepared by Investor Relations department BTS Group Holdings PCL

Mass Transit – Core Network (Quarter)

7

HISTORICAL AVERAGE FARE & % GROWTH (YOY) HISTORICAL RIDERSHIP & % GROWTH (YOY)

2Q 15/16 earnings presentation Section 1: BTSG 2Q 15/16 Financial Performance

54.6 56.4 56.4 55.9 58.5 2.1% 4.7%

• 1.2%

9.0% 7.1%

• 50.0%

50.0 55.0 60.0

2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 2Q 15/16

Ridership (mn trips) Passenger Growth (YoY), RHS

26.6 26.9 26.9 26.9 27.4 0.5% 0.4%

• 0.7%
• 0.7%

2.8%

2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 2Q 15/16

Average Fare (THB/trip) Average Fare Growth (YoY), RHS

• Quarterly ridership = 58.5mn trips, +7.1% YoY, +4.7% QoQ
• Quarterly avg fare = THB 27.40/trip, + 2.8% YoY
• Quarterly weekday ridership = 43.8mn trips, +4.8% YoY
• YTD farebox revenue (Apr – Sep) => +9.2% YoY
• YTD ridership (Apr – Sep) = 114.4mn trips, +8.0% YoY
• YTD fare (Apr – Sep) = THB 27.14/ trip, +1.1% YoY*

*compared to THB 26.86/ trip (FY 14/15 avg fare)

prepared by Investor Relations department BTS Group Holdings PCL

Media

8

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

• Overall Media revenue fell 33.0% YoY to THB 527.4mn from the

discontinuation of Modern Trade Media

• BTS-related Media

Revenue grew 5.7% YoY and 7.0% QoQ to THB 466.8mn from increase in occupancy of on-station (both static & digital) and digital media in-train as well as revenue from 7 new extensions stations

• Modern Trade Media

Revenue decreased 100.0% YoY to THB 0.0mn from the termination

• f Modern Trade Media business
• Office Buildings and Other Media

Revenue rose 49.4% YoY to THB 60.6mn from additional contracts

• Operating EBITDA margin improved to 63.2% (49.5% in 2Q 14/15)

from lower contribution of lower margin Modern Trade business

2Q 15/16 earnings presentation Section 1: BTSG 2Q 15/16 Financial Performance

11% Office Buildings & Others 89% BTS - Related

Media (THB mn) 2Q 15/16 2Q 14/15 YoY 1Q 15/16 QoQ 1H 15/16 1H 14/15 YoY Revenue 527 787 (33%) 539 (2%) 1,067 1,541 (31%) Costs of revenue 147 328 (55%) 178 (17%) 325 638 (49%) Gross profit 380 459 (17%) 362 5% 742 902 (18%) Operating EBITDA 333 390 (14%) 317 5% 650 768 (15%) Gross margin (%) 72.1% 58.3% 67.1% 69.5% 58.6% Operating EBITDA margin (%) 63.2% 49.5% 58.8% 61.0% 49.9%

2Q 15/16

725 749 683 844 847 798 632 754 787 780 605 539 527 2Q 12/13 3Q 12/13 4Q 12/13 1Q 13/14 2Q 13/14 3Q 13/14 4Q 13/14 1Q 14/15 2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 2Q 15/16

OPERATING REVENUE BREAKDOWN OPERATING PERFORMANCE

prepared by Investor Relations department BTS Group Holdings PCL

179 401 710 950 863 686 436 319 331 341 364 233 331 1,643 1,849 554 1,411 9,469

2Q 12/13 3Q 12/13 4Q 12/13 1Q 13/14 2Q 13/14 3Q 13/14 4Q 13/14 1Q 14/15 2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 2Q 15/16

Operating revenue Proceeds from land sale

THB 9,469 Sale of assets to U City

Property

9

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

• Operating revenue was THB 331mn, unchanged YoY from the

increase in transferred units condominium, offset with the reduction in commercial property (from EGS divestment to U City)

• Residential property revenue was THB 211.2mn, up 74.3% YoY

mainly from higher sales of Abstracts Phahonyothin Park

• Commercial property revenue fell 42.4% YoY to THB 119.5mn from

EGS following the disposal of EGS to U City on 20 Apr 2015

• Recorded share of losses from U City of THB 67.7mn and BTS-SIRI

JVs of THB 87.8mn in 2Q 15/16

• Operating costs increased by 6.1% YoY to THB 204.6mn mainly

from costs and expenses related to transferred units

• Operating EBITDA margin remained unchanged at 13.9%

THB 1,849 Nana land THB 1,411 Mo Chit land THB 554 Sale of non-core land

2Q 15/16 earnings presentation Section 1: BTSG 2Q 15/16 Financial Performance

64% Residential Commercial & Others 36%

OPERATING REVENUE BREAKDOWN OPERATING PERFORMANCE

Property (THB mn) 2Q 15/16 2Q 14/15 YoY 1Q 15/16 QoQ 1H 15/16 1H 14/15 YoY Operating Revenue 331 331 0% 233 42% 564 650 (13%) Costs of revenue 205 193 6% 140 46% 345 383 (10%) Gross profit 126 138 (9%) 93 35% 219 267 (18%) Operating EBITDA 46 46 0% 14 232% 60 85 (30%) Gross margin (%) 38.1% 41.7% 39.9% 38.9% 41.0% Operating EBITDA margin (%) 13.9% 13.9% 5.9% 10.6% 13.1%

2Q 14/15 2Q 15/16

THB 1,643 Kamala

prepared by Investor Relations department BTS Group Holdings PCL

Services

10

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

• Revenue

Revenue increased by 35.3% YoY to THB 195.1mn from i) increase in revenue from HHT construction of THB 37.6mn YoY and ii) increase in revenue from ChefMan Restaurants of THB 15.9mn or 18.9% YoY to THB 99.9mn

• Costs & SGA

Costs increased by 44.0% YoY or THB 43.7mn to THB 142.9mn. SG&A rose by 30.8% YoY to THB 52.5mn. Key costs and SG&A items were mainly from staff costs, food & beverage cost at ChefMan Restaurants

2Q 15/16 earnings presentation Section 1: BTSG 2Q 15/16 Financial Performance

HHT Construction 18% 51% ChefMan Rabbit 27% Others 3%

OPERATING REVENUE BREAKDOWN OPERATING PERFORMANCE

Services (THB mn) 2Q 15/16 2Q 14/15 YoY 1Q 15/16 QoQ 1H 15/16 1H 14/15 YoY Revenue 195 144 35% 164 19% 359 270 33% Costs of revenue 143 99 44% 125 15% 268 189 41% Gross profit 52 45 16% 39 33% 91 80 13% Operating EBITDA 24 27 (11%) 19 26% 42 51 (17%) Gross margin (%) 26.7% 31.2% 23.9% 25.4% 29.8% Operating EBITDA margin (%) 12.1% 18.4% 11.4% 11.8% 18.8%

2Q 14/15 2Q 15/16

24 45 46 78 104 107 108 126 144 138 139 164 195

2Q 12/13 3Q 12/13 4Q 12/13 1Q 13/14 2Q 13/14 3Q 13/14 4Q 13/14 1Q 14/15 2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 2Q 15/16

prepared by Investor Relations department BTS Group Holdings PCL

40,808 49,097 26,003 14,321 31-มี.ค.-15 30-ก.ย.-15

Total current assets Total non-current assets

66,811 63,418 52,012 50,016 8,004 5,918 6,795 7,484 31-มี.ค.-15 30-ก.ย.-15

Total current liabilities Total non-current liabilities Total shareholders' equity

Balance Sheet

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

61% 39% 23% 77% 12% 79% 9% 78% 10% 12%

2Q 15/16:

0.03x

2Q 14/15: (0.03)x

Net Debt to Equity Net Debt to Operating EBITDA

2Q 15/16:

0.62x

2Q 14/15: (0.61)x 2Q 15/16: 10.17x 2Q 14/15: 6.60x

Interest Coverage

2Q 15/16:1.91x 2Q 14/15: 4.88x

Current Ratio

11 2Q 15/16 earnings presentation Section 1: BTSG 2Q 15/16 Financial Performance

66,811 63,418

prepared by Investor Relations department BTS Group Holdings PCL

Agenda

Section

1

BTSG 2Q 15/16 FINANCIAL PERFORMANCE

Section

2

Section

3

BUSINESS UPDATES BTSGIF 2Q 15/16 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES

12 2Q 15/16 earnings presentation

prepared by Investor Relations department BTS Group Holdings PCL

19.43 20.19 19.25 19.07 19.75 12.4% 11.3% 4.6% 5.3% 4.3%

Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Ridership (mn trips) % YoY ridership growth OCT 2015:

• Oct 15 ridership = 19.7mn trips, +4.3% YoY, +3.6% MoM
• Oct 15 avg fare = THB 27.7 / trip, +3.9% YoY
• Avg Oct 15 weekday ridership = 720,586 trips, +7.1% YoY

13 2Q 15/16 earnings presentation Section 2: Business Updates

Mass Transit Update

Oct 15 Ridership Update

OCT 15 RIDERSHIP UPDATE

YTD (Apr – Oct) 15/16:

• YTD fare-box revenue = +9.1% YoY
• YTD ridership = 134.1mn trips, +7.4% YoY
• YTD fare = THB 27.23 / trip, +1.4% YoY*

*compared to THB 26.86 / trip (FY 14/15 avg fare)

prepared by Investor Relations department BTS Group Holdings PCL

82.9% 85.0% 74.9% 63.0% 81.8% 81.7% 85.1% 78.9% 86.1% 2Q 13/14 3Q 13/14 4Q 13/14 1Q 14/15 2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 2Q 15/16

Land bank THB 2.1bn Residential* THB 1.8bn

Property Update

PROPERTY BOOK VALUE BREAKDOWN COMMERCIAL PROPERTY COMMERCIAL PROPERTY REVENUE BREAKDOWN

2Q 15/16 REVPAR AND OCCUPANCY

14

HISTORICAL HOTEL OCCUPANCY

Others 26% 2Q 15/16 Commercial Property Revenue:

THB 120mn

U-Hotels 40% Thana City Golf 34%

2Q 15/16 earnings presentation Section 2: Business Updates

24.1% 48.0% 27.9%

Total Book Value as of 30 Sep 15:

THB 7.4bn

Commercial THB 3.5bn

*Includes assets reclassified as “held for sale” of THB 1.4bn from Nuvo Line transaction 2,409.9 1,608.7 2,247.0 1,778.1 2,154.4

88.7% 81.7% 88.3% 76.2% 86.1%

U Chiang Mai U Inchantree Eastin Grand Sathorn* U Sathorn Blended RevPar (THB per Night) Occupancy rate * Eastin Grand Hotel Sathorn (EGS) was divested to U City since 20 Apr 2015

prepared by Investor Relations department BTS Group Holdings PCL

Property Update

U Sathorn Hotel Bangkok

15

• U Sathorn Hotel Bangkok, new 4-star urban boutique resort located at Sathorn Road
• 86 rooms and suites under three low-rise wings with French Colonial style
• J’AIME, a French fine-dining restaurant by Michelin-star chef, Jean-Michel Lorain

(located at U-Sathorn Hotel)

2Q 15/16 earnings presentation Section 2: Business Updates

U Sathorn Hotel Bangkok (ballroom) U Sathorn Hotel Bangkok (deluxe garden) J’AIME Restaurant U Sathorn Hotel Bangkok (deluxe) U Sathorn Hotel Bangkok (exterior) U Sathorn Hotel Bangkok (lobby)

prepared by Investor Relations department BTS Group Holdings PCL

Property Update

BTS-Sansiri Projects Launched in 2015

Project Name THE LINE Jatujak - Mochit THE LINE Sukhumvit 71 THE LINE Ratchathewi Distance from mass transit station 300m from BTS Mo chit 400m from BTS Prakanong 220m from BTS Ratchathewi Project value THB 5.8bn THB 2.0bn THB 2.9bn*

• No. of units

841 (43 floors) 291 (28 floors) 231 (38 floors)

• Avg. selling price per sqm

THB 179k THB169k; fully furnished THB 265k* Land Area (Rai) 4-2-95.7 1-3-54.4 1-2-12

• Intl. Roadshow / Domestic Presales

Construction Starts Construction Completion

Aug 2015 May 2015 Nov 2016 Dec 2016 Feb 2017

Transfer Starts Transfer Completion

Oct 2015 Jan 2016 Apr 2018 May 2019 Jul 2019 May 2015 Mar 2015 Jan 2018 Feb 2018 Jun 2018

16

• Target project value revised up to THB 100bn (from THB 25-30bn) to be developed over 5 years under the

“Strategic Alliance Framework Agreement”

• Expected equity IRR ≈ 17% and NPAT margin ≈ 12%

*Approximate figures

2Q 15/16 earnings presentation Section 2: Business Updates

prepared by Investor Relations department BTS Group Holdings PCL

Agenda

Section

1

BTSG 2Q 15/16 FINANCIAL PERFORMANCE

Section

2

Section

3

BUSINESS UPDATES BTSGIF 2Q 15/16 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES

17 2Q 15/16 earnings presentation

prepared by Investor Relations department BTS Group Holdings PCL

*See Appendix 2 for

details of CAPEX requirements

18

• BTSG is WELL-POSITIONED FOR

NEW CONTRACTS

• Relevant expertise
• Financial strength
• Green line advantage
• New contracts are expected to be on a

‘PPP GROSS COST BASIS’

• Operator to invest in E&M

works with repayment from government

• Operator given operation

contract

• Variations will be considered

PINK LINE

• Khae Rai – Min Buri (36.0km)
• Expected turnkey bidding: 2016
• Target operation: 2020 – 2021

DARK GREEN NORTH LINE

• Mo Chit – Saphan Mai – Khu Khot (18.4km)
• Expected O&M award: early 2016
• Target operation: 2020

GREY LINE

• Watcharaphol – Rama 9 Bridge (26.0km)
• Feasibility study underway
• Expected bidding (Phase I): late 2016
• Target operation (Phase I): 2019

Phase I: Watcharaphol – Thong Lo (16.3km)

LIGHT RAIL TRANSIT (LRT)

• Bang Na – Suvarnabhumi (18.3km)
• Awaiting EIA approval
• Expected bidding: 2015
• Target operation: 2018

DARK GREEN SOUTH LINE

• Bearing – Samut Prakarn (12.8km)
• Civil works progress: 61.1% (as of Jul 2015)
• Expected O&M award: end 2015 or early 2016
• Target operation: late 2019

Sources: Office of Transport and Traffic Policy and Planning, Mass Rapid Transit Authority of Thailand, Bangkok Metropolitan Administration, Ministry of Transport

LIGHT GREEN LINE

• Bang Wa – Borommaratchachonnani (7.0km)
• Expected O&M award: early 2017
• Target operation: 2019

2Q 15/16 earnings presentation Appendix: Targeted Lines

Mass Transit Update

6 Targeted Lines

prepared by Investor Relations department BTS Group Holdings PCL

Source :

* http://www.ryt9.com/s/prg/2290234 ** http://www.bangkokpost.com/news/politics/754836/enterprises-face-revamp

19 2Q 15/16 earnings presentation Appendix: PPP vs PPP Fast Track Timeline

Mass Transit Update

PPP vs PPP Fast Track Timeline

prepared by Investor Relations department BTS Group Holdings PCL

Breakdown Share of Income / (Loss) from Investments

in Joint Ventures & Associates & Subsidiary

Shares on Investments in Joint Ventures % Effective Holding (9 Oct 2015) Amount (THB mn) Amount per FS (THB mn) BTS-SIRI JV projects 50.00% (87.8) Share of income from investments in associates 168.6 Total (87.8) Total share of net income in JV/Asso 80.8 Shares on Investments in Associates % Effective Holding (9 Oct 2015) Amount (THB mn) Amount per IR Pack (THB mn) BTSGIF 33.33% 222.6 Shares of net income in BTSGIF (including in Mass Transit operating revenue) 222.6 MACO 18.22% 11.2 Shares of net loss in Associates/ JV (excluding shares in BTSGIF) (141.8) U CITY 35.64% (67.7) Total share of net income in JV/Asso 80.8 AHS 50.00% 2.4 Total 168.6 Shares on Investments in Subsidiary %% Effective Holding (9 Oct 2015) Amount (THB mn) VGI 73.00% N.A.

20 2Q 15/16 earnings presentation Appendix: Breakdown of Share of Income (Loss) from Investments

prepared by Investor Relations department BTS Group Holdings PCL

Nuvo Line Transaction

Transaction Summary

21 2Q 15/16 earnings presentation Appendix: Nuvo Line Transaction Summary

BTS

Nuvo Line Agency Co., Ltd.

100%

Property

i.e. Abstracts Condo

• Land
• Property development

Before

BTS

50%

After

BTS’s wholly owned subsidiary

• On 6 Oct 2015, BTS disposed 50% shares in Nuvo Line to SIRI
• Intention is to turn Nuvo Line into another 50:50 joint venture company under SAFA between company and SIRI
• The selling price as of 25 Sep 2015 of THB 769.1mn is based on the negotiation between BTS and SIRI
• Final selling price would be adjusted when all remaining units of Abstracts Condominium (Tower A) are sold

Nuvo Line Agency Co., Ltd. i.e. Abstracts Condo

• Land
• Property development

BTS’s joint venture

Property SIRI

50%

prepared by Investor Relations department BTS Group Holdings PCL

Bayswater Transaction

Transaction Summary

• Bayswater (50:50% affiliated company of BTS and

GLAND), won the auction for a land plot at Phaholyothin Road.

• The Completion of land acquisition remains subject to

certain conditions.

• This project is excluded from the strategic alliance

framework with SIRI.

2Q 15/16 earnings presentation Appendix: Bayswater Transaction Summary

Land price THB 7,350mn Ownership Freehold Area 48 – 2 – 96.8 Rai (200m from N10, future station)

Land Details

22

prepared by Investor Relations department BTS Group Holdings PCL

Pre-sale period: 31 Oct-1 Nov 2015 Foreign participation: 15%

Property Update

THE LINE Presale Update

23

• THE LINE Ratchathewi was completely sold out within the first day of pre-sale on 31 October 2015
• Foreign participation reached 15% for The LINE Ratchathewi
• Average selling price was approximately THB 265k/sqm, significantly higher than comparable projects in the vicinity

2Q 15/16 earnings presentation Appendix: The Line Ratchathewi Presale Update

Project Name THE LINE Ratchathewi Distance from mass transit station 220m from BTS Ratchathewi Project value THB 2.9bn*

• No. of units

231 (38 floors)

• Avg. selling price per sqm

THB 265k* Land Area (Rai) 1-2-12

• Intl. Roadshow/

Domestic Presales Construction Starts Construction Completion Transfer Starts Transfer Completion Oct 2015 Jan 2016 Apr 2018 May 2019 Jul 2019

TIMELINE

*Approximate figures

prepared by Investor Relations department BTS Group Holdings PCL

IR Contacts

Address: BTS Group Holdings PCL IR Department 15th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd., Chomphon, Chatuchak, Bangkok, Thailand 10900 Telephone: +66(0) 2273 8611-15 Email: ir@btsgroup.co.th Fax: +66(0) 2273 8610 Website: www.btsgroup.co.th

Thank you

24 2Q 15/16 earnings presentation