Post on 09-May-2020
transcript
prepared by Investor Relations departmentBTS Group Holdings PCL
BTS Group Holdings PCL3Q 2018/19 Earnings Presentation20 February 2019
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 bereproduced 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 exchangeor 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 aninducement 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 orcommitment 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 personmade aware of the information set-forth hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. Except where otherwiseindicated, 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 anyfuture 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 updateor otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of theCompany 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 losshowsoever 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 theCompany’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 inlight of the information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to bematerially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be reliedon as promise or representation of the Company as to the future.
BTS Group Earnings Presentation2
Agenda
Section
1 BTSG 3Q 2018/19 FINANCIAL PERFORMANCE
Section
2 BUSINESS UPDATES
APPENDICES
BTS Group Earnings Presentation3
prepared by Investor Relations departmentBTS Group Holdings PCL
3Q 2018/19 Highlights
4BTS Group Earnings PresentationSection 1: BTSG 3Q 2018/19 Financial Performance
Strong growth in revenue and profitability
THB 19.0bn
+33.8% YoYNet profit (after MI)
THB 1.2bn
FINANCIAL POSITION
Cash & Liquid Investments*
Balance sheet strength
THB 24bn
Adjusted Net D/E
0.74x
Low leverage despite the increase in debt
Net investment in Pink & Yellow Lines
Investment phase continues;
THB 17.9bn
Net investment in Green Line Extensions
THB 3.0bn
Investment in Kerry Express Thailand
THB 5.0bn
P&L HIGHLIGHTS 9M CASH FLOW
+290.5% YoYTotal operating revenue
• THB 13.6bn Pink and Yellow lines construction
• THB 2.2bn E&M & Train Procurement for Green Line Extensions
• THB 1.4bn Media Revenue
Key revenue components:
*includes cash balance of THB 6.9bn, current investments of THB 8.6bn, L/T investments of THB 8.4bn
prepared by Investor Relations departmentBTS Group Holdings PCL
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 3Q 2018/19 3Q 2017/18 % YoY 2Q 2018/19 % QoQ 9M 2018/19 9M 2017/18 %YoY
Operating Revenue1 19,035 4,875 291% 15,806 20% 37,894 10,528 260%
Gross operating profit 2,305 1,552 49% 1,824 26% 5,603 4,125 36%
Operating EBITDA2 1,858 1,144 62% 1,401 33% 4,391 2,936 50%
Recurring net profit – after MI 980 938 5% 830 18% 2,282 1,700 34%
Accounting EBITDA 2,345 1,697 38% 1,681 40% 5,140 4,204 22%
Net income (loss)3 1,189 888 34% 670 77% 2,246 1,946 15%
Gross operating profit margin (%) 12.1% 31.8% 11.5% 14.8% 39.2%
Accounting EBITDA margin (%) 12.0% 31.1% 10.3% 13.3% 35.3%
Recurring net profit margin – after MI(%) 5.1% 17.1% 5.1% 5.9% 14.7%
Operating EBITDA margin (%) 9.8% 23.5% 8.9% 11.6% 27.9%
P&L SNAPSHOT
3Q 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
5
3Q 2018/19 Overview
90%
Mass Transit 8%
Media
0%
Property
2%
Services
BTS Group Earnings PresentationSection 1: BTSG 3Q 2018/19 Financial Performance
4,875
19,03513,478 483 288
Q3 FY17/18 Mass Transit Media Property Services Q3 FY18/19
(51)%
345%50%370%
(THB mn)
(89)
prepared by Investor Relations departmentBTS Group Holdings PCL
CFO• Profit before tax of THB 1.7bn, deducted
by• Non-cash reconciling items of THB 0.5bn• Changes in net working capital of THB
5.5bn (this includes net investment in mass transit projects of THB 11.4bn)
* CFO: After 1. Corporate income tax of THB 0.1bn2. Net Interest expenses of THB 0.9bn 3. Net investment for construction of the Pink and Yellow Lines of THB 8.4bn4. Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 3.0bn
** CFI: After net investment for construction of the Pink and Yellow Lines of THB 9.5bn*** Excluding liquid investments of THB 17.1bn
CFI• Net investment for construction of the Pink and
Yellow lines of THB 9.5bn• Net cash paid for purchases of investments in
associates of THB 4.6bn, mainly for an investment in Kerry Express Thailand of THB 5.0bn
• Net cash received of THB 2.9bn from sales of treasury investments
• Dividend received of THB 0.8bn and Interest income of THB 0.5bn
9M 2018/19 Cash Flow Snapshot
6BTS Group Earnings PresentationSection 1: BTSG 3Q 2018/19 Financial Performance
9,458 (12,822)*
(10,544)**
20,8656,895***(61)
Beginning cash(31/3/18)
CFO CFI CFF Others Ending cash(31/12/18)
(THB mn)
CFF• Net cash received of THB 9.5bn from BTS debenture• An increase in loans from financial institutions and
B/E of THB 6.8bn mainly for the Pink & Yellow lines• Cash received of THB 4.4bn from (i) STEC and RATCH
(re. Pink and Yellow line projects) of THB 3.7bn and (ii) non-controlling interests for issuances of MACO’s ordinary shares via RO of THB 0.7bn
• Net cash received from VGI’s group of THB 3.1bnfrom (i) non-controlling interests from the exercise of
VGI warrants and (ii) the issuance of addional VGI’s ordinary shares to Kerry Express Thailand
• Dividend payment of THB 2.2bn in August 2018
prepared by Investor Relations departmentBTS Group Holdings PCL
Services revenue from provision of
E&M works for Gold Line
Mass Transit related Interest income
2%
Construction revenue for Pink and Yellow Lines
80%
O&M
3%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS The YoY revenue growth of 13.5bn or 370% was mainly from
• Construction revenue for the Pink and Yellow lines of THB 13.6bn• Interest income related to Mass Transit rose by 165% or THB 180mn
to THB 289mn• O&M revenue increased by 29% or THB 180mn to THB 565mn, chiefly
as a result of the full opening of Southern Green Line ext. in Dec 18 and the contractually agreed increase in the operating fee of the existing ext.
Cost rose by THB 12.9bn to THB 15.8bn largely from the recognition of construction cost for the Pink and Yellow Lines
Operating EBITDA margin was 8.1% (23.1% in 3Q 2017/18)
OPERATING PERFORMANCE
MASS TRANSIT (THB mn)
3Q 2018/19
3Q2017/18
%YoY2Q
2018/19%QoQ
9M2018/19
9M 2017/18
%YoY
Revenue 17,120 3,642 370% 14,255 20% 33,188 6,953 377%
Costs of revenue 15,750 2,808 461% 13,177 20% 30,047 4,886 515%
Gross profit 1,370 834 64% 1,078 27% 3,140 2,067 52%
Operating EBITDA 1,378 842 64% 1,085 27% 3,165 2,093 51%
Gross margin (%) 8.0% 22.9% 7.6% 9.5% 29.7%
Operating EBITDA margin (%) 8.1% 23.1% 7.6% 9.5% 30.1%
OPERATING REVENUE BREAKDOWN
Farebox BRT
0%
3Q 2018/19
7
Mass Transit
Services revenue from provision of E&M works & train procurement for Green Line ext.
13%
BTS Group Earnings PresentationSection 1: BTSG 3Q 2018/19 Financial Performance
1%
Share in BTSGIF
1%
452 468 452 452 565 213 233 252 228 244 239 109 234 193 242 289
2,848 1,205 926 1,524
2,183
11,777
13,616
14
16
15
3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19
Farebox BRT
Construction revenue for Pink and Yellow Lines
Services revenue from provision of E&M works & train procurement for Green Line ext.
Interest income related to Green Line ext., Pink and Yellow Lines
Share of net profit in BTSGIF
Services revenue from provision of E&M works for Gold Line
O&M
prepared by Investor Relations departmentBTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Record-breaking quarter revenue THB 1,460mn, an increase of 50% YoY driven by organic growth of all business and the full-quarter consolidation of Trans.Ad Group• OOH Media revenue* rose by 8% YoY to THB 965mn largely from
robust growth across all business units• Digital Services Business rose sharply by 506% YoY to THB 495mn
mainly due to the full-quarter consolidation of Trans.Ad Group as well as the increase in project management fees and lead generation of Rabbit Group
Costs increased by 92% YoY to THB 596mn primarily due to the full-quarter consolidation of Trans.Ad Group
Operating EBITDA margin declined YoY to 43.3% (52.0% in 3Q 2017/18)
39%
BTS – Related Media
20%
Outdoor Media
MEDIA (THB mn)
3Q 2018/19
3Q2017/18
%YoY2Q
2018/19%QoQ
9M 2018/19
9M2017/18
%YoY
Operating revenue 1,460 976 50% 1,205 21% 3,741 2,795 34%
Costs of revenue 596 310 92% 457 30% 1,361 913 49%
Gross profit 864 667 30% 748 15% 2,380 1,882 26%
Operating EBITDA 632 508 25% 537 18% 1,757 1,448 21%
Gross margin (%) 59.2% 68.3% 62.1% 63.6% 67.3%
Operating EBITDA margin (%)
43.3% 52.0% 44.6% 47.0% 51.8%
3Q 2018/19
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
8
Media
7%
Office Buildings
and Others
34%
Digital
*OOH Media includes Transit, Outdoor and Office Building and Other Media
BTS Group Earnings PresentationSection 1: BTSG 3Q 2018/19 Financial Performance
894 1,020 990 909 965
8287 87 296
495
3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19
Digital Services Media
OOH
prepared by Investor Relations departmentBTS Group Holdings PCL
Residential
0%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORSOperating revenue was THB 85mn, from commercial property which
decreased by 51% YoY, primarily attributable to the deconsolidation of the majority of BTS property business as a result of the EBT of UE to U City in 4Q 17/18
Share of net profit from investment in U City, our associate, of THB 82mn (THB 29mn loss in 3Q 2017/18) as U City turn profitable in this quarter
Operating costs dropped in tandem with the decline in operating revenue, reducing by 25% YoY or THB 27mn to THB 79mn.
OPERATING PERFORMANCE
PROPERTY (THB mn)
3Q 2018/19
3Q2017/18
%YoY2Q
2018/19%QoQ
9M 2018/19
9M 2017/18
%YoY
Operating Revenue 85 174 (51)% 87 (3)% 256 479 (47)%
Costs of revenue 79 105 (25)% 73 8% 220 308 (29)%
Gross profit 6 68 (91)% 14 (57)% 37 171 (79)%
Operating EBITDA (24) 12 (304)% 6 (522)% 4 1 221%
Gross margin (%) 7.3% 39.4% 16.3% 14.3% 35.8%
Operating EBITDA margin (%)
(27.8)% 6.7% 6.4% 1.7% 0.3%
OPERATING REVENUE BREAKDOWN
3Q 2018/19
NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.
9
Property
100%
Commercial & Others
BTS Group Earnings PresentationSection 1: BTSG 3Q 2018/19 Financial Performance
174160
80 87 85
3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19
prepared by Investor Relations departmentBTS Group Holdings PCL
46,364 53,557
36,971 43,863
22,923 39,079
31 Mar 18 31 Dec 18
Total current liabilitiesTotal non-current liabilities
Total shareholders' equity
136,499106,258
84,968 111,859
21,290 22,640
31 Mar 18 31 Dec 18
Total current assets
Total non-current assets
136,499106,258
Cash
31 Mar 18: THB 9bn
31 Dec 18: THB 7bn
Current Investments
31 Mar 18: THB 6bn
31 Dec 18: THB 9bn
Long-Term Investments
31 Mar 18: THB 16bn
31 Dec 18: THB 11bn
Gross Debt
31 Mar 18: THB 47bn
31 Dec 18: THB 63bn
Adjusted Net Debt*
31 Mar 18: THB 17bn
31 Dec 18: THB 40bn
*****
Issued Ordinary Shares
31 Mar 18: 11,940mn
31 Dec 18: 11,845mn
80%
20% 17%
83%
29%
39%
32%
44%
21%
35%
3Q 2018/19: 1.19x3Q 2017/18: 1.07x
Gross Debt to Equity
3Q 2018/19: 0.74x3Q 2017/18: 0.34x
Adjusted NetDebt* to Equity
3Q 2018/19: 5.75x3Q 2017/18: 3.14x
Adjusted Net Debt* to Recurring EBITDA
3Q 2018/19: 4.09x3Q 2017/18: 3.65x
Interest Coverage
3Q 2018/19: 0.58x3Q 2017/18: 1.13x
Current Ratio
ASSET BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN
KEY RATIOS
10
Financial Position
*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
BTS Group Earnings PresentationSection 1: BTSG 3Q 2018/19 Financial Performance
(THB mn) (THB mn)
Agenda
Section
1 BTSG 3Q 2018/19 FINANCIAL PERFORMANCE
Section
2 BUSINESS UPDATES
APPENDICES
11BTS Group Earnings Presentation
prepared by Investor Relations departmentBTS Group Holdings PCL
Mass Transit Update9M YTD 18/19 Core Network Ridership
12
FY 2018/19Ridership Growth Revised Target
YTDRidership: Actual
FY 2018/19Avg Fare Increase Target
YTDAvg. Fare: Actual
FY 2018/19Fare-box Increase Revised Target
YTDFarebox: Actual
+1% +1.5-2% +2.5-3%
-0.6% +3.0% +2.4%
Ridership Fare
BTS Group Earnings PresentationBusiness Updates
60.8 60.2 57.1 61.2 61.6
1.7% 0.2% -1.5%
-1.5%
1.3%
-2.2% -1.0% -5.0%
7.1%
0.6%
-50.0%
0.0 %
53.0
58.0
63.0
3Q2017/18
4Q2017/18
1Q2018/19
2Q2018/19
3Q2018/19
Ridership (mn trips) Passenger Growth (YoY)
Passenger Growth (QoQ)
28.7 28.8
29.0* 28.8 29.1*
3.2% 3.3% 3.9% 3.7% 1.5%
3.2% 0.4% 0.9% -0.8% 1.0%
25.0
30.0
3Q2017/18
4Q2017/18
1Q2018/19
2Q2018/19
3Q2018/19
Average Fare (THB/trip) Average Fare Growth (YoY)
Average Fare Growth (QoQ)
*Excluding the impact of free-trip allowance to passengers from train services disruption
prepared by Investor Relations departmentBTS Group Holdings PCL
Mass Transit UpdateJanuary and YTD 10 months Core Network Ridership
13BTS Group Earnings PresentationBusiness Updates
FY 2018/19Ridership Growth Target (Revised)
YTDRidership: Actual
FY 2018/19Avg Fare Increase Target
YTDAvg. Fare: Actual
FY 2018/19Fare-box Increase Target(Revised)
YTDFarebox: Actual
+1% +1.5-2% +2.5-3%
-0.2% +2.8% +2.5%
• Ridership = 200.7mn trips, -0.2% YoY
• Average fare* = THB 29.0 / trip, +2.8% YoY
• Farebox revenue* = THB 5,816.3mn, +2.5% YoY
• Average weekday ridership = 740,573 trips, -0.2% YoY
• Ridership = 20.8mn trips, +3.0% YoY, +2.2% MoM
• Average fare* = THB 28.9 / trip, +0.7% YoY
• Farebox revenue* = THB 601.5mn, +3.8% YoY
• Average weekday ridership = 744,845 trips, +1.9% YoY
JAN 19 SUMMARY YTD SUMMARY (APR-JAN, 10 MONTHS)
*Before discountRidership Fare
17.9 19.3 20.0 19.7 21.5 19.9 20.1 21.2 20.3 20.8
-1.8%-0.1%
-2.7% -2.2%
0.7%
-3.2%
3.8%
0.4% -0.1%
3.0%
-10.0%
-7.0%
-4.0%
-1.0%
2.0 %
5.0 %
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19
Ridership (mn trips) % YoY ridership growth
29.4 29.0
28.8 28.8 28.9 28.7
28.9 28.9 29.5
28.9
3.2% 3.7%4.6%
3.3%4.0% 3.7% 3.4%
0.7% 0.7% 0.7%
-6.0%
-5.5%
-5.0%
-4.5%
-4.0%
-3.5%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0 %
0.5 %
1.0 %
1.5 %
2.0 %
2.5 %
3.0 %
3.5 %
4.0 %
4.5 %
5.0 %
5.5 %
6.0 %
6.5 %
7.0 %
7.5 %
8.0 %
28.2
28.4
28.6
28.8
29.0
29.2
29.4
29.6
29.8
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19
Average fare price (THB) % Change YoY
prepared by Investor Relations departmentBTS Group Holdings PCL
Mass Transit UpdateProgress of BTS Secured Lines
14
Included in Masterplan17 Oct 18
Included in Masterplan17 Oct 18
NTP issued
29 Jun 18
NTP issued
29 Jun 18
*Sources: Information was from MRTA and the Company’s report as of 31 December 2018
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
Targeted 1st station: (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 Period93%
PINK LINE (EXTENSION)(Sirat – Impact 2)3.0m/ 2 stations
YELLOW LINE (EXTENSION)(Ratchada - Ratchayothin)2.6km/ 2 stations
GOLD LINE PHASE 1(Krung Thon Buri – KlongSan)1.7km/ 3 stations
Targetedoperation
(by Sep 2020)
O&M contract Signed (31 Jul 18)
Construction Period
21% 7%
7% 23%
21% 7%
Civil E&M
Progress (%)*
BTS Group Earnings PresentationBusiness Updates
prepared by Investor Relations departmentBTS Group Holdings PCL
Southern Green Line Extension Commencement
A 12.6km track network totaling 9 stations (Samrong-Samutprakarn) of the Southern Green Line extension were officially opened on 6 December 2018.
BTS Group Earnings PresentationBusiness Updates
prepared by Investor Relations departmentBTS Group Holdings PCL
Northern Green Line Extension Construction
BTS Group Earnings PresentationBusiness Updates
prepared by Investor Relations departmentBTS Group Holdings PCL
Pink and Yellow Lines Construction
BTS Group Earnings PresentationBusiness Updates
prepared by Investor Relations departmentBTS Group Holdings PCL
Gold Line Construction
BTS Group Earnings PresentationBusiness Updates
prepared by Investor Relations departmentBTS Group Holdings PCL
Mass Transit UpdateProgress of BTS Targeted Lines
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
TargetedFull operation
TargetedFull 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
Expected open bid/ award
Expected open bid/ award Targeted
Full operation
TargetedFull operation
FY 22/23
Construction Period
Construction Period
Construction Period
Construction Period
BTS Group Earnings PresentationBusiness Updates
15
prepared by Investor Relations departmentBTS Group Holdings PCL
Mass Transit UpdateProgress of New Trains Delivery
16
7 trains arrived Another 15 trains will be completely
delivered by 2019
First batch expected to arrive by 1H 2019 The remaining will be completely
delivered by 2020
BTS Group Earnings PresentationBusiness Updates
prepared by Investor Relations departmentBTS Group Holdings PCL
Media UpdateDigital Transformation - Paving the Way for Intelligent OOH Solutions
BTS Group Earnings PresentationBusiness Updates
IMMERSIVE DIGITAL MEDIA TARGETING PREMIUM AUDIENCE
VISUAL IMPACT EXCLUSIVE AIRTIME ENGAGING CREATIVE
17
prepared by Investor Relations departmentBTS Group Holdings PCL
Media UpdateVGI Immerse Drives Avg. 2x Impact and Engagement
BTS Group Earnings PresentationBusiness Updates
IMPACT / ENGAGEMENT AD RECALL
When asked “how often do you look at the media?” the response for “all
the time” increased by 110%.
The number of brands recalled by the BTS passengers.
CONVERSION RATE*
Conversion rate = total people who look / total people exposed
to the advertising
118%
*Using visual recognition technology
VGI IMMERSE DRIVES AVG. 2X IMPACT AND ENGAGEMENT
50%110%
CONSUMER RESEARCH: PRE VS. POST PILOT STUDY OF BTS PASSENGERS
18
prepared by Investor Relations departmentBTS Group Holdings PCL
Media UpdateRobust Growth Reaffirming the Right Strategy – Cashless Platform
BTS Group Earnings PresentationBusiness Updates
RABBIT CARD
Rabbit Card circulation reached 10.3mn cards. Nearly achieving its full-year target of 10.5mn cards.
9.0 9.1 9.29.3
9.49.6
9.8 9.910.1
10.310.5
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Mar-19
FY Target+15.1% YTD
RABBIT LINEPAY
2.9 3.1 3.23.4
3.84.2
4.5 4.7 4.9 5.1 5.3
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Mar-19
partnership with AIS
Single e-wallet with BTS and Rabbit Card
FY Target+72.7% YTD
Rabbit LinePay serves more than 5.1mn users, an increase of 73% YoY.
19
prepared by Investor Relations departmentBTS Group Holdings PCL
Media UpdateDelivering New Marketing Solutions Synergy through Logistics Platform
BTS Group Earnings PresentationBusiness Updates
>150,000 SAMPLES DELIVERED IN 5 MONTHS
LEAFLET FOR SAMPLING RABBIT REWARDS SURVEY
20
prepared by Investor Relations departmentBTS Group Holdings PCL
Property UpdateNew Hotel Opening: Eastin Thana City Golf Resort under U City
BTS Group Earnings PresentationBusiness Updates
• Officially opened on 1 December 2018• 194-key freehold hotel
WHY THANA CITY?• Located 10 mins drive from Suvarnabhumi International Airport at kilometer 14 on
Bangna-Trad highway and near a future LRT station.• Thana City Country Club offers a range facilities, such as a par 72 Greg Norman-
designed golf course, renowned ChefMan Chinese restaurant and spaces toaccommodate a range of events i.e. weddings, business meetings, seminars, etc.
21
prepared by Investor Relations departmentBTS Group Holdings PCL
Property UpdateReverse stock split and capital reduction of U City
BTS Group Earnings PresentationBusiness Updates
Board of Directors Approved the
transaction
U City EGM record date
U City EGM for shareholders’
approval
Private placement (PP) subscription for
rounding purpose
Par value per share adjusted to THB 100Rights adjustment of all warrants
(U-W1 -> U-W4)
Commence trading with new par value after reverse stock split
30 Aug 18 12 Oct 18 31 Oct 1814 Sep 18 17 Oct 18 5 Nov 18
Commence trading with new par value of THB 3.2
after capital reduction
26 Dec 18
Creditor objection period (2 months)
22
prepared by Investor Relations departmentBTS Group Holdings PCL
Total CAPEX & Investments
THB 1.9-2.2bn
Property UpdateU City 2019 Guidance
BTS Group Earnings PresentationBusiness Updates
Total Revenue
3-8% YoYTHB 7,200 - 7,500mn
Hospitality Revenue
3-8% YoYTHB 6,200 - 6,500mn
Office Revenue
6-24% YoYTHB 300 - 350mn
≥20%EBITDA Margin
23
Agenda
Section
1 BTSG 3Q 2018/19 FINANCIAL PERFORMANCE
Section
2 BUSINESS UPDATES
APPENDICES
BTS Group Earnings Presentation 24
prepared by Investor Relations departmentBTS Group Holdings PCL
MED
IA
2018/19 BTS Group Targets and CAPEX
FY 2018/19 BTS GROUP TARGETS
THB 5bn Targeted Media Revenue(revised from THB 4.4-4.6bn)
1%Core Networkridership growth(revised from 4-5%)
1.5-2%Core Networkaverage fare increase
30%Train O&M revenue growth
THB 7-9bnRevenue from E&M provision and train procurement for Green Line South and North extensions
THB 350mnTargeted BTS Group Property Revenue
(more details in U City presentation)
THB 20-25bnConstruction revenue for Pink and Yellow Lines
THB 6-6.7bnTargeted U City Property Revenue
(U City 2018 Revenue: THB 7bn)
≥ 25% EBITDA margin (at U City level)
(U City 2018 EBTIDA margin: 19%)
40-45% EBITDA margin
20-25% NPAT margin
THB 0.6-0.7bnInterest income from train procurement for Green Line extensions and construction revenue for Pink and Yellow lines
MA
SS T
RA
NSI
T
FY 2018/19 CAPEX: THB 27-34BN
THB 26-32bn(Excludes: BTSGIF CAPEX )•THB 6-7bn E&M and rolling stocks for Green
Line South and North extensions•THB 20-25bn for Pink and Yellow
construction
THB 1.1bn
THB 0.4bn(Excludes: Real estate development cost)
PR
OP
ERTY
BTS Group Earnings PresentationAppendix
25
prepared by Investor Relations departmentBTS Group Holdings PCL
BTS Group Update3Q 2018/19 Share of Income / (Loss) from Investments in JV & Associates
(THB mn)
BTS Group Earnings PresentationAppendix
239
18
(14)
(3)
241
Mass Transit Media Property Services Total
26
prepared by Investor Relations departmentBTS Group Holdings PCL
BTS Group UpdateBTS-W4 Term Sheet
BTS Group Earnings PresentationAppendix
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 UP TO 1,755,034,187 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 THB 18.4BN
EXERCISE PERIOD QUARTERLY
WARRANTS TERMS AND CONDITIONS
27