BTS Group Holdings PCL August 2011 Sector 1
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Agenda Section 1 BTS Group Holdings PCL Section 2 Group Profile Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Section 3 Financial Summary Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: BTSC Acquisition Transaction Structure Appendix 3: Key Terms of the Concession Agreement Appendix 4: BTSG’s capital expenditures Appendix 5: BTSC’s financial performance [] Appendix 6: BTSC’s quality management system Appendix 7: Convertible bonds information 3
BTS Group Overview 2010/11 revenues (1) Historical revenues (2) Mass Transit Mass Transit Revenue (THB mn) Revenue contribution 3,861 3,680 3,288 3,221 65.50% 07/08 08/09 09/10 10/11 Media Revenue contribution Media Revenue (THB mn) 1,370 1,138 977 850 23.24% 23.24% 07/08 08/09 09/10 10/11 Property Revenue contribution Property Revenue (THB mn) 1,160 1,059 799 cc 9.54% 563 07/08 08/09 09/10 10/11 Revenue contribution (3) Services Services Revenue (THB mn) 101 cc 1.71% 38 18 2 07/08 08/09 09/10 10/11 (1) 2010/11 ended March 2011 (2) Figures are calculated by combining revenues of each business without consideration of eliminating transactions of related parties in order to present performance of particular business unit. (3) Services revenue excludes revenue of Hip Hing Construction (Thailand) Co.,Ltd. as it is consolidated as cost of project under property business 4 Section 1: BTS Group Holdings PCL
Our 2011/12 Strategic Goal As of 31 March 2011 Ridership Media revenue 15.0% 40.0% Ridership (mn passengers) 1,920.0 167.0 Media revenue (THB mn) 1,369.9 145.2 144.5 1,100.2 2009/10 2010/11 2011/12F 2009/10 2010/11 2011/12F o New extension On Nut – Bearing o New sales floor advertising contracts from Tesco Lotus and BIG C o Full year feeder effect from Airport Rail Link and BRT o New advertising space on BRT o Full year operation of 12 new 4-car trains o New advertising space on 12 new 4-car trains Operational EBIT margin (%) CAPEX (include project development cost) 24.8% THB 4.0 bn CAPEX (THB mn) 4,200 4,000 Operating EBIT margin (%) 24.80% 24.61% 24.55% 1,900 2009/10 2010/11 2011/12F 2009/10 2010/11 2011/12F o Economies of scale from scalable ridership o Mass transit: purchase new 35 C-car and upgrade signaling system o Lower revenue contribution from NHA project (low EBIT margin) o Property: hotel at BTS Surasak and Abstracts Phahonyothin project o Lower maintenance cost from new signaling system o Services: develop e-money service system with a common ticketing system 5 Section 1: BTS Group Holdings PCL
History and Shareholding Structure (As of 5 July 2011) BTS Group History 1968 – Company established as Institutional Kanjanapas Tanayong Co., Ltd. to operate in Others Investors (1) Family field Property Development 41.9% 20.9% 37.2% 1991 – Tanayong is listed in the Stock Exchange of Thailand under BTS GROUP Property Development section 1992 – Tanayong establishes a wholly-owned subsidiary Bangkok Transit System Corporation Ltd. (BTSC) which bids for and wins Mass Transit (2) Media (2) Property (2) Services (2) SkyTrain concession 96.4% 96.4% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 1999 – Commercial operation of Thana City Golf & the BTS SkyTrain begins VGI and its BTS Land BTSC Sports Club Co., subsidiaries Co., Ltd. Ltd. 2008 – BTSC exits court supervised rehabilitation 100.0% 51.0% procedure Nuvoline Agency Hip Hing Construction Co., Ltd. (Thailand) Co., Ltd. 2009 – BTSC expands into Media business through the acquisition 100.0% 50.0% of 100% of VGI Global Media Absolute Hotel BTS Assets Co.,Ltd. Services Co., Ltd. Co., Ltd. 2010 – Tanayong acquires 94.6% 90.0% of BTSC, returning Mass Transit operations to be the primary Bangkok Smartcard System Co. Ltd. business of the Company. The Company also changes its name to BTS Group Holdings Plc. and is re-categorised under the Transportation index of SET (1) Foreign institution and local institutions (2) Major subsidiaries only. Please see the full shareholding structure of the Company in the appendix 1 : Shareholding Structure 6 Section 1: BTS Group Holdings PCL
Agenda Section 1 BTS Group Holdings PCL Section 2 Group Profile Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Section 3 Financial Summary Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: BTSC Acquisition Transaction Structure Appendix 3: Key Terms of the Concession Agreement Appendix 4: BTSG’s capital expenditures Appendix 5: BTSC’s financial performance [] Appendix 6: BTSC’s quality management system Appendix 7: Convertible bonds information 7
The Skytrain System Original Network All investments made by 23 Stations, BTSC 23.5 km in CBD Including civil works, E&M and trains Connecting Bangkok’s most important (except land acquisition) from private business and tourist destinations, serving sector sources. BTO for civil works, BOT for as the backbone to all Bangkok’s mass electrical and mechanical works, including transit systems trains 30 years concession, 30 years concession, No revenue sharing or No revenue sharing or ending December 2029 concession fees for BMA First right to negotiate with BMA on the Exclusive right to operate and retain all potential extension revenues from BTS Skytrain system, including fares and revenues from advertising and commercial areas Sukhumvit Extension Silom Extension New 5.3km On Nut - Bearing BTSC operates the 2.2 km Operation fee of about THB extension with THB 630 mn extension on S7 and S8 184.2 mn per year operation fee for the 1 st year* Appointed by Krungthep Thanakom. Operated Appointed by Krungthep Thanakom to Operation fee is subject to annual escalation and it since 12 August 2011. operate the extension and provide train and agreed pricing is based on 28 months contract * . customer services. * with the right to extend until the end of original network concession. 8 Section 2.1: Mass Transit Business
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