Post on 28-May-2020
transcript
Ladphrao
Intersection
Phaholyothin 24 Ratchayothin Senanikhom Kasetsart University
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1Q 2019/20 BTS GROUP EARNINGS PRESENTATION
20 AUGUST 2019
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 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
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 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
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
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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 on as promise or representation of the Company as to the future.
BTS Group Earnings Presentation 2
prepared by Investor Relations department
BTS Group Holdings PCL
Agenda
BTS Group Earnings Presentation
1Q 2019/20 FINANCIAL PERFORMANCE SECTION 1
BUSINESS UPDATES SECTION 2
APPENDICES SECTION 3
3
prepared by Investor Relations department
BTS Group Holdings PCL
1Q 2019/20 Highlights
4 BTS Group Earnings Presentation
Section 1: 1Q 2019/20 Financial Performance
Robust growth in revenue and profitability
Operating Revenue of THB 9.1bn
+113% YoY
Net Recurring Profit of 1.0bn
FINANCIAL POSITION
Balance sheet strengthening further
Cash & Liquid Investments
THB 32.4bn
+13.7bn QoQ
Adjusted Net D/E
0.82x
Low leverage despite the increase in debt
Financing cash earmarked for investments in Mass Transit projects
P&L HIGHLIGHTS 3MTH CASH FLOW
+194% YoY
+44% YoY
Operating EBITDA of THB 1.6bn
Cash received
from the issuance of Green Bond
THB 13bn
Net investments in
Pink & Yellow Lines &
Green Extension
THB 5.9bn
Net cash received mainly
from sale of VGI and VGI-W2
THB 3.8bn
prepared by Investor Relations department
BTS Group Holdings PCL
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 1Q 2019/20 1Q 2018/19 % 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 SNAPSHOT
1Q 2019/20 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
5
1Q 2019/20 Overview
79%
Mass Transit 15%
Media
1%
Property
5%
Services
BTS Group Earnings 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% 22% 298%
(THB mn)
(1)
1Q 18/19 1Q 19/20
prepared by Investor Relations department
BTS Group Holdings PCL
1 CFO included
• Corporate income tax of THB 72mn
• Net interest expenses of THB 520mn
• Net investment for construction of the Pink and Yellow Lines of THB 1.0bn
• Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 1.4bn 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 • Net investment for construction of the Pink and
Yellow lines of THB 3.5bn
• Net cash paid for acquisitions of current and
other long-term investments of THB 3.0bn
• Cash received in advance from sale of
investment in Bayswater of THB 2.3bn
3M 2019/20 Cash Flow Snapshot
CFF • An increase in long-term debentures of THB 13.0bn
from BTSG issued ‘Green Bond’ debentures
• Net increase in long-term loans from financial
institutions of THB 4.5bn mainly for the Pink and
Yellow lines
• Net cash received mainly from sale of VGI and VGI-
W2 of THB 3.8bn
• Cash received from the exercised BTS-W4 of THB
583mn
• Net cash paid for short-term loans from financial
institutions and bills of exchange payables of THB
3.9bn
BTS Group Earnings Presentation
Section 1: 1Q 2019/20 Financial Performance
CFO • Profit before tax of THB 1.3bn, deducted
by
• Non-cash reconciling items of THB 29mn
• Changes in net working capital of THB
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 Group Holdings PCL
Share of
net profit in
BTSGIF
3%
O&M
Construction
revenue for Pink
and Yellow Lines
60%
Mass Transit related
interest income
6%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
The YoY revenue growth of 5,395mn or 298% was mainly from
• Construction revenue for the Pink and Yellow lines of THB 4.3bn
• Higher services revenue for the provision of E&M works and the train
procurement 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
• Higher Mass Transit related interest income of THB 246mn or 127%
YoY to THB 439mn
Cost rose by THB 4,782mn to THB 5,902mn largely from the recognition
of construction cost for the Pink and Yellow Lines
Operating EBITDA margin was 18.3% (38.7% in 1Q 2018/19)
OPERATING PERFORMANCE
MASS TRANSIT
(THB mn)
1Q
2019/20
1Q
2018/19 %YoY
4Q
2018/19 %QoQ
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)%
Operating EBITDA 1,322 702 88% 1,330 (1)%
Gross margin (%) 18.1% 38.3% 16.2%
Operating EBITDA
margin (%) 18.3% 38.7% 16.3%
OPERATING REVENUE BREAKDOWN
1Q 2019/20
7
Mass Transit
Services revenue
from provision
of E&M works &
train procurement
for Green Line ext.
19%
12%
BTS Group Earnings Presentation
Section 1: 1Q 2019/20 Financial Performance
1Q
18/19
2Q
18/19
3Q
18/19
4Q
18/19
1Q
19/20
Construction revenue for Pink
and Yellow Lines
- 11,777 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 Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Media revenue of THB 1,363mn, an increase of 22% YoY driven by
higher revenue in the Digital Services segment
• Digital Services 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 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
Costs increased by 69% YoY to THB 521mn primarily due to the full-
quarter consolidation of Trans.Ad Group
Operating EBITDA margin declined YoY to 46.2% (55.1% in 1Q 2018/19)
42%
BTS – Related
Media 19%
Outdoor Media
MEDIA
(THB mn)
1Q
2019/20
1Q
2018/19 %YoY
4Q
2018/19 %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%
Operating EBITDA 630 616 2% 575 10%
Gross margin (%) 61.8% 72.4% 59.6%
Operating EBITDA margin
(%) 46.2% 55.1% 41.6%
1Q 2019/20
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
8
Media
7%
Office
Buildings
and Others
32%
Digital
*OOH Media includes Transit, Outdoor and Office Building and Other Media
BTS Group Earnings 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 Group Holdings PCL
Residential
0%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Operating 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.
Share of net profit from investment in U City, our associate, of THB
193mn (THB 8mn loss in 1Q 2018/19) chiefly from the transfer progress
of Sansiri-JVs
Operating costs dropped in tandem with the decline in operating
revenue, reducing by 19% YoY to THB 55mn.
OPERATING PERFORMANCE
PROPERTY
(THB mn)
1Q
2019/20
1Q
2018/19 %YoY
4Q
2018/19 %QoQ
Operating Revenue 79 80 (2)% 107 (26)%
Costs of revenue 55 68 (19)% 41 35%
Gross profit 24 13 91% 66 (64)%
Operating EBITDA (15) 19 (181)% (23) (34)%
Gross margin (%) 30.2% 15.6% 61.9%
Operating EBITDA
margin (%) (18.9)% 23.0% (21.0)%
OPERATING REVENUE BREAKDOWN
1Q 2019/20
NOTE: Property operating performances exclude share of profit/(loss) from investment in
BTS-SIRI JVs and U City
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Property
100%
Commercial
& Others
BTS Group Earnings 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 Group Holdings PCL
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 15.1bn
Cash & liquid investment
31 Mar 19: THB 18.7bn
30 Jun 19: THB 32.4bn
Current Investments
31 Mar 19: THB 7.7bn
30 Jun 19: THB 8.7bn
Long-Term Investments
31 Mar 19: THB 14.6bn
30 Jun 19: THB 17.6bn
85%
15% 24%
76%
23%
38%
39%
36%
29%
35%
1Q 2019/20: 1.32x 1Q 2018/19: 1.02x
Gross Debt
to Equity
1Q 2019/20: 0.82x 1Q 2018/19: 0.39x
Adjusted Net
Debt2 to Equity
1Q 2019/20: 6.52x 1Q 2018/19: 3.23x
Adjusted Net Debt2
to Recurring EBITDA
1Q 2019/20: 2.96x 1Q 2018/19: 3.67x
Interest Coverage
1Q 2019/20: 1.05x 1Q 2018/19: 0.95x
Current Ratio
ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN
KEY RATIOS
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Financial Position as of 30 June 2019
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) Gross Debt
31 Mar 19: THB 72.5bn
30 Jun 19: THB 86.1bn1
Adjusted Net Debt2
31 Mar 19: THB 53.8bn
30 Jun 19: THB 53.7bn
*****
Issued Ordinary Shares
31 Mar 19: 11,845.4mn
30 Jun 19: 11,894.3mn
BTS Group Earnings Presentation
Section 1: 1Q 2019/20 Financial Performance
prepared by Investor Relations department
BTS Group Holdings PCL
Agenda
BTS Group Earnings Presentation
FY 2018/19 FINANCIAL PERFORMANCE SECTION 1
BUSINESS UPDATES SECTION 2
APPENDICES SECTION 3
11
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit Update Progress of the Northern Green Line Extension
12 BTS Group Earnings Presentation
Section 2: Business Updates
9 August 2019: began trial operation of Ladphrao Intersection (N9) station
Source: Postjung
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit Update Progress of the Northern Green Line Extension
13 BTS Group Earnings Presentation
Section 2: Business Updates
Ladphrao
Intersection (9 Aug 2019)
Phahonyothin 24 Ratchayothin Senanikhom Kasetsart University
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Targeted to begin operation in 2019
Full operation (Mochit – Khu Khot: 17.8km, 16 stations) expected in 2020
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit Update Progress of 46 New Trains Delivery
14 BTS Group Earnings 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 trains currently in service (vs 52 trains in 2015)
98 trains are expected to be fully in service by 2020
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit Update Intercity Motorway - project at a glance
15 BTS Group Earnings Presentation
Section 2: Business Updates
M6: Bang Pa In –
Nakhon Ratchasima
Contract Type: PPP Gross Cost
Distance: 196km
Contract Term: 2 phases
Timeline
Bidding
Submission
Best Bid
Announcement
BGSR JV
27 Jun 2019
Aug 2019
3Y 30Y
Design & Construction Operating & Maintenance (O&M)
Max PV of Availability
Payment (AP)* per Cabinet: THB 33.2bn
M81: Bang Yai –
Kanchanaburi
PPP Gross Cost
96km
THB 27.8bn
M81:
Bang Yai –
Kanchanaburi,
96km
M6:
Bang Pa In –
Nakhon
Ratchasima,
196km D/E for CAPEX Not exceed 3x during
contract period
Not exceed 3x during
contract period
3 Consortiums submitted bid
Authority Department of Highways
Department of Highways
Bid for M6 & M81
UNIQ &
CCCC* JV
*China Communications Construction Company Ltd.
BGSR JV
Bid for M6 & M81
*comprises of (i) construction reimbursement and (ii) O&M revenue
• UN-CCCC bid for M6
• CCCC-UN bid for M81
BEM 40% 40%
10% 10%
BGSR proposed AP THB 21.3bn THB 17.8bn
Equity requirement
- Before contract signing
- Before operation THB 1.0bn THB 0.85bn
THB 2.0bn THB 1.7bn
Expected
contract signing
Dec 2019
Expected
Operation
2022-23E
Scope of Works
Phase I: Design and Construction (3 years)
• Toll Collection System
• Traffic Management and Control System
• Other infrastructure
Phase 2: Operation and Maintenance (30 years)
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit Update Intercity Motorway – BGSR JV Scope of Works
16 BTS Group Earnings Presentation
Section 2: Business Updates
1.1 Toll Collection System
Phase 1: Design and Construction
1.2 Traffic Management Control System
1.3 Other infrastructure
Phase 2: Operation and Maintenance
Source: Prachachat
prepared by Investor Relations department
BTS Group Holdings PCL
Media Update: Advertising Unlocking the Chinese market through online marketing solutions
17 BTS Group Earnings Presentation
Section 2: Business Updates
ONLINE MARKETING SOLUTIONS ECOSYSTEM SYNERGY
BANGKOK TAKEOVER
• Tapping into considerable synergies by combining more
than 80% of VGI and PlanB’s digital Out-of-Home screens
throughout Bangkok
• Painting exclusive advertisement for 1 hour prime time
per month that cover all transit media channels including
BTS, Street, Metro as well as PlanB’s media assets
• Creating impact advertising for brand with over 9.0mn
eyeballs
• The package is now fully booked end of this year
• Successfully established the joint venture named V-
Click Technology Co., Ltd (V-Click)
• 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 Group Holdings PCL
Media Update : Payment Enabling the smarter marketing solutions through payment expansion
18 BTS Group Earnings Presentation
Section 2: Business Updates
RABBIT CARD ENTER INTO JV AGREEMENT WITH SAHA GROUP
• Launching Lawson 108 stores along mass transit platform.
Currently, the stores has already open on 5 BTS stations:
Thong Lo, Ploen Chit, Saphan Khwai, Victory Monument
and Bearing
• Offering Rabbit Card and Rabbit LinePay as an option for
cashless payments
• In addition, Saha Group also tied over 3,000 staff ID cards
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% 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
RABBIT LINEPAY
+77% YoY
prepared by Investor Relations department
BTS Group Holdings PCL
Property Update U’s acquisition of hotels portfolio in Germany and Switzerland
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17 Existing operating leased hotels and 2 new hotels opened in 2020 - 2022
Transaction Acquisition of 12 companies’ ordinary shares in
Germany and Switzerland
• Signing date: 30 April 2019
• Completion date: 31 May 2019
Purchaser
Vienna House Germany II GmbH
• Subsidiary in Germany in which the Company
indirectly holds 100 percent of shares
Seller Arcona Management GmbH
Asset Details Operating lease rights of:
17 existing hotels (1,792 keys)
• Currently operate under arcona, arcona Living
and Steigenberger brands
• The number of rooms are ranging from
47 rooms to 180 rooms
2 new projects (251 keys)
• Expected to be completed in 2020 and 2022
Asset Current
Location
• 16 destinations in Germany
• 1 destination in Switzerland
Total Purchase
Price EUR 24.7mn (approx. THB 890.5mn1)
1Reference is made to the foreign exchange rate of EUR and Baht currency according to the Notification
of the Bank of Thailand as of April 30, 2019, of which EUR 1 is equivalent to Baht 36.0522.
BTS Group Earnings Presentation
Section 2: Business Updates
A
Hotels under Vienna House portfolio
Hotels under Arcona portfolio
Berlin
Leipzig
Munich
Dresden
Amberg
Bad
Oeynhausen
Braunschweig
Castrop-Rauxel
Coburg
Günzburg
Landsberg
Limberg
Neckarsulm Trier
Wuppertal
Rostock Wismar
A A Stralsund
Greifswald
A
A A
A Potsdam
A
Bremen A
Osnabruck
A A
Wetzlar
A Eisenach
A Bremen Schaffhausen
A Baden
Baden
A Stuttgart
A Mannheim
A
A
A
A
Total acquired
keys 2,043
prepared by Investor Relations department
BTS Group Holdings PCL
Property Update U signed the amendment to the agreement of Roi Chak Sam project
20 BTS Group Earnings 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
PROJECT DETAILS
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 Group Holdings PCL
Agenda
BTS Group Earnings Presentation
FY 2018/19 FINANCIAL PERFORMANCE SECTION 1
BUSINESS UPDATES SECTION 2
APPENDICES SECTION 3
21
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit Update 1Q 2019/20 Core Network Ridership
22
Historical Ridership & % Growth (YoY) Historical Average Fare & % Growth (YoY)
BTS Group Earnings 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
• Quarterly ridership rose 4.4% YoY to 59.6mn trips
• Quarterly average weekday ridership of 759,238 trips,
+5.5% YoY
• Farebox revenue grew 2.6% YoY to THB 1.7bn
• Quarterly average fare increased slightly by 0.1% YoY to
THB 29.1 per trip
57.1
61.2 61.6 61.1
59.6
-1.5% -1.5%
1.3% 1.5% 4.4%
-5.0%
7.1%
0.6% -0.8% -2.4%
-50.0%
0.0 %
53.0
58.0
63.0
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**
3.9% 3.7% 1.5% 0.6%
0.1% 0.9% -0.8%
1.0% -0.4%
0.4%
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 Group Holdings PCL
Mass Transit Update Progress of BTS secured Lines
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
NORTHERN GREEN LINE
EXT.
(Mochit – Khu Khot)
17.8km/ 16 stations
PINK LINE
(Khae Rai – Min Buri)
34.5km/ 30 stations
YELLOW LINE
(Lad Prao - Samrong)
30.4km/ 23 stations
FY 17/18 FY 18/19 FY 19/20 FY 20/21
1st station
opened:
(9 Aug 2019)
Targeted full
Operation
(2020)
Contract Signed
FY 21/22
Targeted
operation
(Oct 2021)
Targeted
operation
(Oct 2021) Contract Signed
Construction Period
Construction Period
Construction Period 100%
PINK LINE (EXTENSION)
(Sirat – Muengthong Thani)
3.0km/ 2 stations
YELLOW LINE (EXTENSION)
(Ratchada - Ratchayothin)
2.6km/ 2 stations
GOLD LINE PHASE 1
(Krung Thon Buri – Klong
San)
1.8km/ 3 stations
Targeted
operation
(Sep 2020)
O&M contract Signed (31 Jul 18)
Construction Period
38% 27%
24% 40%
38% 28%
Civil E&M
Progress (%)*
BTS Group Earnings Presentation
Section 3: Appendices
43%
prepared by Investor Relations department
BTS Group Holdings PCL
Infrastructure Project U-Tapao International Airport - project at a glance
3 Consortiums submitted bid of U-Tapao
Location Plub Pla ,Ban Chang District,
Rayong Province
Land Area Approx. 1,600 Rai
Contract Type PPP Net Cost
Contract Term 50 Years
Authority Royal Thai Navy
Total Project
Cost THB 91bn per market sounding
Sources of Fund Debt 70 : Equity 30
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Project Details
45%
35%
20%
3 Years 47 Years
Design &
Build
Operation and
Maintenance
BBS JV
2
3
4
1
5
6
7
PPP Project Scope
1. Passenger Terminal Building 3
2. Commercial Gateway
3. Cargo Village as a Free Zone
4. Cargo Complex
5. Maintenance, Repair and Overhaul
Facilities
6. Aviation Training Center
7. Passenger Terminal Building 1 and 2
Timeline
Source: Company Data and Market Sounding
21 March 2019
Bidding
Submission
2019
Expected Best Bid
Announcement
October 2018
RFP selling period
Package Inclusion:
Package Exclusion:
Grande
Asset:
80% Thai Air
Asia: 10%
Christiani
& Neilson:
10%
Grand
Consortium
Thana
Holding
Ch
Karnchang
Italian Thai
Development
B. Grimm Joint
Venture Holding
(42 companies bought U-Tapao RFP)
CP
Consortium
BTS Group Earnings Presentation
Section 3: Appendices
prepared by Investor Relations department
BTS Group Holdings PCL
Western Orange
Eastern Orange
Eastern Orange
Western Orange
EXPECTED TIMELINE
Rail Mass Transit Project Orange Line – project at a glance
25
2023
Targeted Commercial
Operation Date
MAY 2017
Civil work construction
of
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 Group Earnings Presentation
Section 3: Appendices
ORANGE LINE (39.6KM, 29 STATIONS)
CAPEX Civil ~THB 90bn*
E&M ~THB 30bn
Route
Length
No. of
Stations
Taling Chan –
Thailand Cultural
Center
17km
12 (underground)
Route
Length
No. of
Stations
Thailand Cultural
Center - Min Buri
22.6km
17 (10 aboveground and
7 underground)
* Western Orange civil works CAPEX
prepared by Investor Relations department
BTS Group Holdings PCL
Property Update Disposal of the Investment in Bayswater JV to CPN, worth THB 7.7bn
26 BTS Group Earnings Presentation
Section 3: Appendices
Transaction Disposal of the investment in Bayswater Co., Ltd.
Rationale
To generate profit and to use proceeds for other
businesses, projects or working capital of the
Company
Seller The Company
Buyer Central Pattana Public Company Limited (CPN)
Value of
Disposed
Investment
THB 7,699mn
Amount of
Shares to be
Disposed
50,000 ordinary shares
(50% of total shares)
at par value of THB 100 per share
Asset Details Land 48 – 3 – 12.8 Rai
(78,051.2sqm)
Ownership: Freehold
BTS Proximity 200m from Phahon Yothin 24 Station (N10 of
Northern Green Line extension)
prepared by Investor Relations department
BTS Group Holdings PCL
BTS Group Update BTS-W4 and BTS-W5 Term Sheets
BTS Group Earnings Presentation
Section 3: Appendices
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 1,315,710,907 units
Allocation To existing shareholders at the ratio of 9
existing BTS shares : 1 bts-W4
Exercise ratio 1 BTS-W4 to 1.0111 new common share of BTS
Exercise price THB 10.3841 per share
Expected maximum
proceeds THB 13.8bn
Exercise period Quarterly
Progress
(as of 30 Jun 19)
655.4mn units exercised, generating proceeds
of THB 6.9bn, equivalent to 49.8% of
maximum proceeds
BTS-W4 TERMS AND CONDITIONS
27
Ticker BTS-W5
Term 1 year from the issuance date
Warrants price nil
No. of warrants Up to 1,319.62mn units
Allocation To existing shareholders at the ratio of 10
existing BTS shares : 1 BTS-W5
Exercise ratio 1 BTS-W5 to 1 new common share of BTS
Exercise price THB 14 per share
Expected maximum
proceeds THB 18.5bn
Exercise period 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-W5 TERMS AND CONDITIONS
prepared by Investor Relations department
BTS Group Holdings PCL
THB 1.5 - 1.9bn Mass-transit related interest income
THB 27 - 33bn THB 0.7bn THB 0.2bn (Excludes: Real estate
development cost)
THB 23 - 27bn Pink and Yellow Lines
Construction revenue
THB 4 - 6bn Revenue from E&M
provision and train
procurement for Green
Line extensions
4 - 5% Core Network ridership growth
THB 3.4bn Train O&M revenue
THB 6.0 - 6.2bn VGI Revenue
40 - 45% VGI EBITDA margin
20 - 25% VGI NPAT margin
FY 2019/20 BTS Group Targets and CAPEX
≥ 20% U City EBITDA margin
THB 350mn BTS Group
Property Revenue
THB 7.2 - 7.5bn U City Revenue
BTS GROUP TARGETS
CAPEX: THB 28-34BN
MASS TRANSIT PROPERTY MEDIA
BTS Group Earnings Presentation
Section 3: Appendices
28