Lad Ladphrao In Interse rsecti tion Pha haholy lyothin in 24 24 Ratchayothin in Se Senanik ikhom Ka Kasetsart Un Univ iversit ity
N 9 N 12 N 11 N 10 N 13
1Q 1Q 20 2019/2 /20 BTS GR GROUP EARNINGS PRESENTATION
20 AUGUST 2019
Interse In rsecti tion Dis isclaimer Investment involves risk. - - PowerPoint PPT Presentation
1Q 1Q 20 2019/2 /20 BTS GR GROUP EARNINGS PRESENTATION 20 AUGUST 2019 N N N N N 9 10 11 12 13 Ladphrao Lad Pha haholy lyothin in 24 24 Ratchayothin in Senanik Se ikhom Kasetsart Un Ka Univ iversit ity Interse In
Lad Ladphrao In Interse rsecti tion Pha haholy lyothin in 24 24 Ratchayothin in Se Senanik ikhom Ka Kasetsart Un Univ iversit ity
N 9 N 12 N 11 N 10 N 13
1Q 1Q 20 2019/2 /20 BTS GR GROUP EARNINGS PRESENTATION
20 AUGUST 2019
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
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 or 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
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 or 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
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
achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise or representation of the Company as to the future.
BTS Gro roup Ear arnings Pres Presentation 2
prepared by Investor Relations department BTS BTS Grou
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BTS Gro roup Ear arnings Pres Presentation
1Q 1Q 20 2019/2 /20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
3
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
4 BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2019/20 Financial Performance
Robust growth in revenue and profitability Ope peratin ing Revenue of f THB THB 9. 9.1bn bn +113% YoY Net Recu currin ing Profit fit of f 1.0b 0bn FINANCIAL POSITION Balance sheet strengthening further Cas Cash & Li Liqu quid id Investments THB THB 32. 32.4bn bn +13.7bn QoQ Adj djusted Net D/E D/E 0. 0.82x 82x Low leverage despite the increase in debt Financing cash earmarked for investments in Mass Transit projects P&L L HI HIGH GHLIGHTS 3M 3MTH TH CA CASH FLOW +194% YoY +44% YoY Ope peratin ing EBITDA of f THB THB 1.6b 6bn Cas Cash rece ceiv ived fr from
ssuance of f Gr Green Bond
THB 13bn Net investments in Pink k & Yellow Li Lines & Gr Green Extension ion THB 5.9bn Net cas cash rece ceiv ived mai ainly ly fr from
sale of f VGI GI an and d VGI GI-W2 THB 3.8bn
prepared by Investor Relations department BTS BTS Grou
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OPE OPERATING REVE REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn mn) 1Q 2019/2 /20 1Q 2018/1 /19 % YoY 4Q 2018/19 % % QoQ Operating Revenue1 9,086 3,090 194% 10,033 (9)% Gross operating profit 2,178 1,511 44% 2,270 (4)% Operating EBITDA2 1,663 1,157 44% 1,719 (3)% Recurring net profit – after MI 1,006 472 113% 967 4% Accounting EBITDA 2,073 1,114 86% 1,736 19% Net income (loss)3 894 387 131% 628 42% Gross operating profit margin (%) 24.0% 48.9% 22.6% Accounting EBITDA margin (%) 21.5% 33.5% 16.9% Recurring net profit margin – after MI(%) 10.5% 15.1% 9.3% Operating EBITDA margin (%) 18.3% 37.4% 17.1%
P&L &L SNAPSHOT 1Q 2019/2 /20 OPE OPERATING REVE REVENUE BR 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
5
79% Mas Mass Tran ransit 15% Me Media 1% 1% Property 5% 5% Services BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2019/20 Financial Performance
3,090 9,086 5,395 245 358
Q1 FY18/19 Mass Transit Media Property Services Q1 FY19/20 (2)% )% 454% 4% 22% 22% 298% (THB mn)
(1)
1Q 18/19 1Q 19/20
prepared by Investor Relations department BTS BTS Grou
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1 CFO included
2 CFI included net investment for construction of the Pink and Yellow Lines of THB 3.5bn 3 Excluding liquid investments of THB 17.4bn
CFI
Yellow lines of THB 3.5bn
investment in Bayswater of THB 2.3bn
CFF
from BTSG issued ‘Green Bond’ debentures
institutions of THB 4.5bn mainly for the Pink and Yellow lines
W2 of THB 3.8bn
583mn
institutions and bills of exchange payables of THB 3.9bn
BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2019/20 Financial Performance CFO
by
3.8bn (this includes net investment in mass transit projects of THB 2.4bn)
4,021 (3,168)1 (3,655)2 17,871 (3) 15,0663 Beginning cash (31/3/19) CFO CFI CFF Others Ending cash (30/6/19)
(THB mn)
6
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL Share of
net t pr prof
it in BTS BTSGIF 3% 3% O& O&M Con
ion revenue for
and d Ye Yell llow Li Lines 60% 60% Ma Mass Tr Transit it rela lated inte terest inco come 6% 6%
HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
The YoY revenue growt wth of 5,395mn or 298% was mainly from
ruction revenue for the Pi Pink k and Yellow lines of THB 4.3bn
r services revenue for the provision of E&M wo works ks and the train procure rement service of THB 444mn or 48% YoY to THB 1,370mn
O&M revenue increased by 84% or THB 378mn to THB 830mn, chiefly as a result of the full opening of Southern Green Line ext. in Dec 18
r Ma Mass Tr Transit related intere rest income of THB 246mn or 127% YoY to THB 439mn
Opera rating EBITD TDA ma margin was 18.3% (38.7% in 1Q 2018/19)
OPE OPERATING PERFORMANCE
MA MASS TRA TRANSIT (THB THB mn mn) 1Q 1Q 20 2019 19/20 1Q 1Q 20 2018 18/19 19 %YoY 4Q 4Q 20 2018 18/19 19 %Qo QoQ Re Revenue 7,208 1,813 298% 8,139 (11)% Costs of revenue 5,902 1,120 427% 6,821 (14)% Gross profit 1,306 694 88% 1,318 (1)% Op Opera rating EB EBITD TDA 1,322 702 702 88% 88% 1,330 (1)% Gross margin (%) 18.1% 38.3% 16.2% Operating EBITDA margin (%) 18.3% 38.7% 16.3%
OPE OPERATING REVE REVENUE BR BREAKDOWN
1Q 2019/20 7
Servic ices revenue from
provi
ion
M wor
train in pr proc
for
Line ext xt. 19% 12%
BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2019/20 Financial Performance
1Q 18/19 19 2Q 2Q 18/19 19 3Q 18/19 19 4Q 4Q 18/19 19 1Q 19/20 Construction revenue for Pink and Yellow Lines
13,616 5,325 4,335 Services revenue from provision of E&M works & train procurement for Green Line ext. 926 1,524 2,183 1,451 1,370 Mass Transit related interest income 193 242 289 354 439 O&M 452 452 565 807 830 Share of net profit in BTSGIF 228 244 239 187 225 Others* 14 16 228 15 9 *Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT
prepared by Investor Relations department BTS BTS Grou
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HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
Media revenue of THB 1,363mn, an increase of 22% YoY driven by higher revenue in the Digital Services segment
Digital Servi rvices Business increased considerably by 298% YoY to THB 435mn mainly due to the full-quarter consolidation of Trans.Ad Group (a system integration and total solutions services provider) as well as higher revenue from Rabbit Group
OOH Me Media revenue* decreased by 8% YoY to THB 928mn, chiefly due to the digital transformation project in Thailand and Outdoor media by converting static media assets to digital screens
quarter consolidation of Trans.Ad Group
Opera rating EBITD TDA ma margin declined YoY to 46.2% (55.1% in 1Q 2018/19)
42% BTS – Re Related Me Media 19% Outdoor r Med edia
ME MEDIA A (TH THB mn mn) 1Q 1Q 2019 19/20 1Q 1Q 2018 18/19 19 %YoY 4Q 4Q 2018 18/19 19 %Qo QoQ Operating revenue 1,363 1,118 22% 1,382 (1)% Costs of revenue 521 309 69% 558 (7)% Gross profit 842 809 4% 824 2% Op Opera rating EBITD TDA 630 630 616 2% 2% 575 75 10% Gross margin (%) 61.8% 72.4% 59.6% Operating EBITDA margin (%) 46.2% 55.1% 41.6%
1Q 2019/20
OPE OPERATING PERFORMANCE OPE OPERATING REVE REVENUE BR BREAKDOWN
8
7% 7% Off ffice Buildings and Oth thers 32% Digital
*OOH Media includes Transit, Outdoor and Office Building and Other Media
BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2019/20 Financial Performance
1,009 909 965 1,047 928 109 296 495 335 435 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 Digital Services Business OOH Media
prepared by Investor Relations department BTS BTS Grou
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Re Residenti tial 0% 0%
HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS
revenue was THB 79mn, a decrease of 2% YoY. Note that commercial property revenue now mainly comprises of revenue from Thana City Golf & Sports Club.
f net et profit from investment in U City ty, our associate, of THB 193mn (THB 8mn loss in 1Q 2018/19) chiefly from the transfer progress
Operating co costs ts dropped in tandem with the decline in operating revenue, reducing by 19% YoY to THB 55mn.
OPE OPERATING PERFORMANCE
PR PROPERTY TY (TH THB mn mn) 1Q 1Q 2019 19/20 1Q 1Q 2018 18/19 19 %YoY 4Q 4Q 2018 18/19 19 %Qo QoQ Operating Revenue 79 80 (2)% 107 (26)% Costs of revenue 55 68 (19)% 41 35% Gross profit 24 13 91% 66 (64)% Op Opera rating EBITD TDA (15) 19 (181)% (23) (34)% Gross margin (%) 30.2% 15.6% 61.9% Operating EBITDA margin (%) (18.9)% 23.0% (21.0)%
OPE OPERATING REVE REVENUE BR BREAKDOWN
1Q 2019/20
NOT OTE: Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs and U City
9
100% Commercial & Oth thers BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2019/20 Financial Performance
80 87 85 107 79 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20
prepared by Investor Relations department BTS BTS Grou
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52,200 65,394 50,405 67,630 41,794 38,713 31 Mar 19 30 Jun 19
Total shareholders' equity Total non-current liabilities Total current liabilities
171,737 144,400 123,271 130,973 21,129 40,764 31 Mar 19 30 Jun 19
Total current assets Total non-current assets
171,737 144,400
Cash 31 Mar 19: THB 4.0bn 30 Jun 19: THB THB 15.1bn bn Cash & liqu quid id investment 31 Mar 19: THB 18.7bn 30 Jun 19: THB THB 32.4bn bn Current Investm tments 31 Mar 19: THB 7.7bn 30 Jun 19: THB THB 8.7bn bn Lo Long-Term Investments 31 Mar 19: THB 14.6bn 30 Jun 19: THB THB 17.6bn bn
85% 15% 24% 76% 23% 38% 39% 36% 29% 35% 1Q Q 2019 19/20:
1. 1.32x
1Q 2018/19: 1.02x
Gro ross Debt to Equ quity
1Q Q 2019 19/20: 0.8
0.82x
1Q 2018/19: 0.39x
Adj djusted Ne Net Debt2 to Equ quity
1Q Q 2019 19/20: 6.5
6.52x
1Q 2018/19: 3.23x
Adj djusted Ne Net Debt2 to Re Recurring EBITDA
1Q Q 2019 19/20: 2.96x 1Q 2018/19: 3.67x
Inte terest Cov Coverage
1Q Q 2019 19/20: 1.05x 1Q 2018/19: 0.95x
Curr Current t Rat Ratio
ASS SSETS BREA EAKDOWN LIA LIABILITIES AND ND EQ EQUITY BREA EAKDOWN KE KEY RATIOS
10 10
1 Comprised of 23% floating-rate debt and 77% fixed-rate debt, with an average cost of debt of 3.6% as of 30 Jun 19 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
(THB mn) (THB mn)
Gros
31 Mar 19: THB 72.5bn 30 Jun 19: THB THB 86.1bn bn1 Adjus justed d Net t Debt2 31 Mar 19: THB 53.8bn 30 Jun 19: THB THB 53.7bn bn ***** ***** Issued d Or Ordina dinary y Shares 31 Mar 19: 11,845.4mn 30 Jun 19: 11,894. 4.3mn
BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2019/20 Financial Performance
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
BTS Gro roup Ear arnings Pres Presentation
FY FY 201 2018/19 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
11 11
prepared by Investor Relations department BTS BTS Grou
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12 12 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
9 9 Augu gust t 201 2019: beg began tria rial l ope
ion of Lad Ladphrao Int Intersectio ion (N9) statio ion
Source: Postjung
prepared by Investor Relations department BTS BTS Grou
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13 13 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
Lad Ladphrao Int Interse rsecti tion
(9 Aug ug 2019)
Pha hahonyoth thin in 24 24 Ratchayothin in Se Senanik ikhom Ka Kasetsart Un Univ iversit ity
N 9 N 12 N 11 N 10 N 13
Tar arget eted to to be begi gin op
erati tion in in 201 2019
Ful Full l ope
tion (Mochit it – Khu Khu Kho Khot: 17. 17.8km, 16 16 stati tions) ex expected in n 202 2020
prepared by Investor Relations department BTS BTS Grou
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14 14 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates 4 trains arrived The remaining 20 trains will delivered by 2020 20 trains arrived 15 trains in service Another 2 trains will be delivered by 2019
67 67 train ins cu curr rrently ly in servic ice (vs 52 52 train ins in 20 2015) 98 98 train ins are ex expected to to be be fully ly in n servic ice by by 202 2020
prepared by Investor Relations department BTS BTS Grou
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15 15 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates M6: : Ban ang Pa Pa In – Nak Nakhon Rat Ratchasima
Contra ract Typ Type: PPP Gross Cost Di Distance: 196km Contra ract Te Term: 2 phases
Timeline
Bidding Submission Best Bid Announcement BGSR JV 27 7 Jun 2019 19 Au Aug 2019 19
3Y 30Y
Design & Construction Operating & Maintenance (O&M)
Ma Max PV PV of Av Availability Pa Paym yment (AP AP)* )* per Cabinet: THB 33.2bn
M81: : Ban ang Yai ai – Ka Kanchanaburi
PPP Gross Cost 96km THB 27.8bn
M81: Bang Yai – Kanchanaburi, 96km M6: Bang Pa In – Nakhon Ratchasima, 196km
D/ D/E for CAP APEX Not exceed 3x during contract period Not exceed 3x during contract period
3 Con Consortiums submitted bi bid d
Au Authori rity Department of Highways Department of Highways
Bid for M6 & M81 UN UNIQ & CCCC* * JV V
*China Communications Construction Company Ltd.
BG BGSR JV Bid for M6 & M81
*comprises of (i) construction reimbursement and (ii) O&M revenue
BE BEM
40% 40% 10% 10%
BGSR proposed AP AP THB 21.3bn THB 17.8bn Equity y require rement
re contra ract signing
re opera ration THB 1.0bn THB 0.85bn THB 2.0bn THB 1.7bn Expected contract signing Dec Dec 2019 19 Expected Operation 2022-23E 23E
Scope of Wo Work rks
Ph Phase I: Des Design and Constru ruction (3 ye years rs)
Ph Phase 2: Op Opera ration and Ma Maintenance (30 ye years rs)
prepared by Investor Relations department BTS BTS Grou
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16 16 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates 1.1 .1 Toll Col Collection Sys ystem
Pha hase 1: 1: Des esig ign and Con
tructio ion
1.2 Tra raffic Man anagement Con Contr trol Sys ystem 1.3 Oth ther infr frastru ructure
Pha hase 2: Ope peratio ion and Main Maintenance
Source: Prachachat
prepared by Investor Relations department BTS BTS Grou
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17 17 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
ON ONLINE MARKETING SOLUTIONS ECOSYSTEM SYNERGY BA BANG NGKOK OK TAKEOV OVER
than 80% of VGI and PlanB’s digital Out-of-Home screens throughout Bangkok
per month that cover all transit media channels including BTS, Street, Metro as well as PlanB’s media assets
eyeballs
Click Technology Co., Ltd (V-Click)
will help provide its clients with comprehensive insights and ability to deepen their engagement with the Chinese traveler through a suite of digital marketing technology, based on iClick’s 780 million consumer profiles
prepared by Investor Relations department BTS BTS Grou
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18 18 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates
RA RABBIT CA CARD ENT NTER INT NTO JV V AGREEMENT WITH SAHA GROUP
Currently, the stores has already open on 5 BTS stations: Thong Lo, Ploen Chit, Saphan Khwai, Victory Monument and Bearing
cashless payments
to Rabbit cards, allowing employees to enjoy loyalty rewards and promotion
9.3 9.8 10.3 11.0 11.5
1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20
+24% Yo YoY 3.4 4.5 5.1 5.5 6.0
1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20
RA RABBIT LINEPAY
+77% YoY
prepared by Investor Relations department BTS BTS Grou
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19 19
17 17 Ex Exis isti ting ope
ing leased ho hotels ls and 2 2 ne new ho hotels ls ope
n 20 2020 - 20 2022
Tran ansaction Acquisition of 12 companies’ ordinary shares in Germany and Switzerland
Pur urch chaser Vienna House Germany II GmbH
indirectly holds 100 percent of shares Seller Arcona Management GmbH Asset De Details Operating lease rights of: 17 existing hotels (1,792 keys)
and Steigenberger brands
47 rooms to 180 rooms 2 new projects (251 keys)
Asset Curr Current Loca cation
Total Pur urch chase Pri rice EUR 24.7mn (approx. THB 890.5mn1)
1Reference is made to the foreign exchange rate of EUR and Baht currency according to the Notification
BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates A
Hotels under Vienna House portfolio Hotels under Arcona portfolio
Berlin in Leip ipzig Mun Munic ich Dre Dresden Amberg Bad Oeynhausen Braunsc nschweig ig Castrop-Rauxel Coburg Günzburg Landsberg Lim imberg Ne Neckarsulm lm Trie ier Wup uppertal Rostock Wismar
A A
Strals lsund Greif ifswald
A A A A
Po Potsdam
A
Bremen
A
Osna nabruck
A A
Wetzlar
A
Eisenach
A Bremen
Schaffhausen
A
Baden Baden
A Stuttgart A
Ma Mannheim im
A A A A
Tot
l acqu acquir ired d keys 2,0
prepared by Investor Relations department BTS BTS Grou
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20 20 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates Project value Approximately THB 4.6bn Land Area 5.15 Rai or 0.82 Ha (8,240 sqm) Location On the Chao Praya Riverside, Soi Charoenkrung 36, Bangrak, Bangkok Concept Focus on the harmony between the heritage custom house and new building Management Company Luxury hotel brand Status New lease terms signed and during planning stage PRO ROJECT DETAI AILS LS
A luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along magnificent Chao Praya Riverside, on Charoen Krung road.
prepared by Investor Relations department BTS BTS Grou
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BTS Gro roup Ear arnings Pres Presentation
FY FY 201 2018/19 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3
21 21
prepared by Investor Relations department BTS BTS Grou
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22 22
Historica cal Rid Riders rship & & % % Growth (YoY) Historica cal Avera rage Far are & & % % Growth (YoY)
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
*Excluding the impact of free-trip allowance to passengers from train services disruption **Excluding the impact of free-trips during Coronation Ceremony
rterly ridership rose 4.4% YoY to 59.6mn trips
rterly average weekday ridership of 759,238 trips, +5.5% YoY
Farebox revenue grew 2.6% YoY to THB 1.7bn
rterly average far fare increased slightly by 0.1% YoY to THB 29.1 per trip
57.1 61.2 61.6 61.1 59.6
1.3% 1.5% 4.4% 4%
7.1% 0.6%
4%
1Q 2018/19 2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20 Ridership (mn trips) Passenger Growth (YoY) Passenger Growth (QoQ) 29.0* 28.8 29.1* 29.0 29.1* 1** 3.9% 3.7% 1.5% 0.6% 0.1% 0.9%
1.0%
0.4% 4% 1Q 2018/19 2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20 Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ)
prepared by Investor Relations department BTS BTS Grou
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23 23 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 30 June 2019, except for E&M for Northern Green Line ext. and Gold Line which were as of 9 August 2019
NO NORTHERN GREEN LI LINE EXT. (Mochit – Khu Khot) 17.8km/ 16 stations PINK LI LINE (Khae Rai – Min Buri) 34.5km/ 30 stations YELLOW LI LINE (Lad Prao - Samrong) 30.4km/ 23 stations FY FY 17/18 FY FY 18/19 FY FY 19/20 FY FY 20/21 /21 1st station
(9 Aug 2019) Targeted full Operation (2020)
Contract Signed
FY FY 21/22 Targeted
(Oct 2021) Targeted
(Oct 2021)
Contract Signed
Construction Period Construction Period Construction Period
100%
PINK LI LINE (EXTENSION) (Sirat – Muengthong Thani) 3.0km/ 2 stations YELLOW LI LINE (EXTENSION) (Ratchada - Ratchayothin) 2.6km/ 2 stations GOLD LI LINE PHASE 1 (Krung Thon Buri – Klong San) 1.8km/ 3 stations Targeted
(Sep 2020) O&M contract Signed (31 Jul 18) Construction Period
38% 27% 24% 4% 40% 0% 38% 28% 28%
Ci Civil E&M Pr Progress (%)* BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
43%
prepared by Investor Relations department BTS BTS Grou
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3 Co Consortiums sub ubmitt tted bid of U-Tapao
Loc Location Plub Pla ,Ban Chang District, Rayong Province Lan Land Ar Area ea
Contract Type PPP Net Cost Contract t Term 50 Years Au Authority Royal Thai Navy Tota tal Project Cost THB 91bn per market sounding Sources of f Fu Fund Debt 70 : Equity 30 24 24
Project ct De Details
45% 35% 20%
3 Years 47 Years Design & Build Operation and Maintenance
BBS
JV JV 2 3 4 1 5 6 7
PPP PP Project ct Sco cope
Facilities
Ti Timeline
Source: Company Data and Market Sounding
21 1 Mar March 2019 Bidding Submission 2019 Expected Best Bid Announcement October 2018 RFP selling period
Pac ackage Inc nclusion: n: Pac ackage Exclus usion:
Grande Asset: 80% Thai Air Asia: 10% Christiani & Neilson: 10%
Grand Con Consortium
Thana Holding Ch Karnchang Italian Thai Development
Venture Holding
(42 companies bought U-Tapao RFP) CP CP Con Consortium BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
prepared by Investor Relations department BTS BTS Grou
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Western n Or Orange Eas astern Or Oran ange Eas astern Or Oran ange Western n Or Orange EXPE PECTED TI TIMELINE
25 25 2023 2023 Targeted Commercial Operation Date MAY 2017 Civil work construction
Eastern Orange began 2019 Expect request for proposal (RFP) for Civil work construction of Western Orange & E&M, available for sale
Underground Stations Elevated Stations
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
OR ORANGE LINE (39.6 .6KM, , 29 STATIONS) CA CAPE PEX Civil ~THB 90bn* E&M ~THB 30bn Rout ute Length No No. . of Stat ations Taling Chan – Thailand Cultural Center 17km 12 (underground) Rout ute Length No No. . of Stat ations Thailand Cultural Center - Min Buri 22.6km 17 (10 aboveground and 7 underground)
* Western Orange civil works CAPEX
prepared by Investor Relations department BTS BTS Grou
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26 26 BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices
Tran ansaction Disposal of the investment in Bayswater Co., Ltd. Rat Rationale To generate profit and to use proceeds for other businesses, projects or working capital of the Company Seller The Company Bu Buyer Central Pattana Public Company Limited (CPN) Val alue of Disposed Inv nvestment nt THB 7,699mn Amount t of Shar ares to be Di Disposed 50,000 ordinary shares (50% of total shares) at par value of THB 100 per share Asset De Details Land 48 – 3 – 12.8 Rai (78,051.2sqm) Ownership: Freehold BTS TS Proximity 200m from Phahon Yothin 24 Station (N10 of Northern Green Line extension)
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices Ticker BTS-W4 Term 1 year from the issuance date Issuance dat ate 30 November 2018 Expiry y dat ate 29 November 2019 War arrants pri rice nil No
f war arrants 1,315,710,907 units Al Allocation To existing shareholders at the ratio of 9 existing BTS shares : 1 bts-W4 Exercise e rat ratio 1 BTS-W4 to 1.0111 new common share of BTS Exercise e price THB 10.3841 per share Expected max maximum proceeds THB 13.8bn Exercise e per eriod Quarterly Progress (as of f 30 Jun 19) 655.4mn units exercised, generating proceeds
maximum proceeds
BTS TS-W4 TER TERMS AND ND CONDITIONS
27 27 Ticker BTS-W5 Term 1 year from the issuance date War arrants pri rice nil No
f war arrants Up to 1,319.62mn units Al Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5 Exercise e rat ratio 1 BTS-W5 to 1 new common share of BTS Exercise e price THB 14 per share Expected max maximum proceeds THB 18.5bn Exercise e per eriod Quarterly
1The adjustment took effect from 30 Jul 2019 onwards, following the condition in the
event that the Company distributed dividends in cash in excess of 95% of the Company’s net profit after income tax under the standalone financial statements of the Company of any relevant fiscal year.
2The issuance of new warrants (BTS-W5) up to 1,319.6mn units, is calculated based on
the assumption that BTS-W4 Warrants (including the case of rights adjustment of BTS-W4 Warrants) and BTS-WC Warrants which are entitled to exercise are fully exercised.
BTS TS-W5 TER TERMS AND ND CONDITIONS
prepared by Investor Relations department BTS BTS Grou
Holding dings PCL
THB 1.5
bn
Mass-transit related interest income
TH THB 27
bn TH THB 0.7
bn
THB THB 0.2
bn
(Excludes: Real estate development cost)
THB 23
bn
Pink and Yellow Lines Construction revenue
THB 4
bn
Revenue from E&M provision and train procurement for Green Line extensions
Core Network ridership growth
THB 3.4
Train O&M revenue
THB 6.0
bn
VGI Revenue
VGI EBITDA margin
VGI NPAT margin
U City EBITDA margin
THB 35
mn
BTS Group Property Revenue
THB 7.2
bn
U City Revenue
BTS TS GROUP P TARGETS CA CAPE PEX: : THB THB 28-34B 4BN MASS TR TRANSIT PROPE PERTY TY MEDIA
BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices 28 28