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BTS GROUP HOLDINGS PCL

INVESTOR PRESENTATION

OCTOBER 2019

Prepared by BTS Group IR

IR Contact

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings PCL (“BTSG”) solely for information

purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the

information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or

analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of

any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information

described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss

howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the

information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words

"believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been

constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and

uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG

assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no

obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Disclaimer

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 Fax: +66(0) 2273 8610

Email: [email protected] Website: www.btsgroup.co.th

BTS Group Investor Presentation 2


Contents


BTS Group in Brief & Strategy & Outlook

Business Segment Profiles • Mass Transit Business

• Media Business

• Property Business

• Services Business

Corporate Information

Financial Summary

Appendices

2

3

4

5

Section

1


MASS TRANSIT

86%

BTS Group Overview 4 Business Units with Mass Transit as our core

MASS TRANSIT MEDIA PROPERTY SERVICES

BTS Group Holdings PCL (BTSG)

A privately-owned conglomerate that engages in 4 business units; Mass Transit, Media, Property and Services. Listed on the Stock

Exchange of Thailand (SET), BTSG is a constituent member of the SET50 “Bluechip” Index, MSCI Asia Pacific Index, FTSE4Good Emerging

Markets Index and Dow Jones Sustainability Indices (DJSI).

FY 2018/19 OPERATING REVENUE CONTRIBUTION

BTS Group Investor Presentation

Section 1: BTS Group in Brief & Strategy & Outlook

MEDIA

11%

PROPERTY

1%

SERVICES

2%

Total of

THB 47,923mn

4


BTS Group Overview Our path towards sustainability

BTS SDGs FOCUS

Awards and Recognition

E S G

BTS VALUE

Delivering

Customer satisfaction

Creating

shareholder value

Supporting

sustainable growth

Developing

communities

5 BTS Group Investor Presentation



As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines which are authorised or set by the

government at both municipal and national levels. We capture further value from opportunities which cascade down to our other

independently operating business units in Media, Property and Services.

STRATEGY

5-YEAR OUTLOOK



Strategy and 5-Year Growth Targets Mass transit led strategy : full growth phase

5Y CAGR

31% Operating Revenue

29% 5Y CAGR

Net Recurring Profit (after MI)

THB 131bn

5-Year Targeted CAPEX

* Operating revenue includes share of net profit (loss)

from associated companies and JVs

THB 8.2bn

THB 31.8bn

FY 16/17 FY 21/22E

THB 1.4bn

THB 5.1bn

FY 16/17 FY 21/22E

93% or THB 123bn

spent on all existing

and newly-secured

mass transit lines

6

Prepared by BTS Group IR 7

1. Source: OTP (http://www.otp.go.th/uploads/tiny_uploads/ DataStatistics/2562/25611012-SumData01.pdf), Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau

MASTER PLAN: 515.2KM IN 2029, 33% MARKET SHARE IN 2037

Bangkok Rail Mass Transit Market Overview Aggressive rail market share growth in Bangkok

RAIL MASS TRANSIT MARKET SHARE1

Sources: Office of Traffic Policy and Planning, Bangkok Metropolitan Transport and Administration

Includes MRTA and BMA projects

Bangkok

13%

Hong Kong

49%

Tokyo

48%

Singapore

46%



BANGKOK MASS TRANSIT MARKET SHARE

515.2km in 2029

* Van, Ferry and Commuter train

Bus

79%

Rail Mass Transit

13%

Others*

8%


OPERATING LINES: 137.4KM, 97 STATIONS BY 3 OPERATORS

50.7km

WEEKDAY RIDERSHIP MARKET SHARE IN 2018 (JAN-DEC)

*BEM ridership excludes Purple line. BTS and BEM based on company’s ridership reported on website as of 2018 and ARL is based on information as of DEC 18.

Bangkok Rail Mass Transit Network Immature network, 160km under construction

58.2km 28.5km

1.2mn trips

TOTAL AVERAGE

WEEKDAY RIDERSHIP

BTS

62% 741,056 trips

BEM

31% 371,447 trips*

ARL

7% 80,000 trips*



137.4km in 2019

Blue line : 34km

Purple line : 23km


Contents



Business Segment Profiles

Mass Transit Business


Financial Summary

Appendices

1

3

4

5

Section

2


Line km Station Route

Core Network 23.5 23 Mo Chit – On Nut (17.0km)

National Stadium – Saphan

Taksin (6.5km)

Extension

Zone 1

7.5 6 Saphan Taksin – Bang Wa

Extension

Zone 1

5.3 5 On Nut – Bearing

Extension

Zone 2

(Southern)

12.6 9 Bearing – Kheha

Extension

Zone 2

(Northern)

17.8 16 Mo Chit - Khu Khot

Gold

1.8 3 Krung Thonburi BTS

Station – Khlong San

Pink

34.5 30 Khae Rai – Min Buri

Yellow

30.4 23 Lat Phrao – Sam Rong

Total 133.4 115


Section 2.1: Mass Transit Business

BTS NETWORK: 133.4KM (115 STATIONS)

Saphan Taksin

– Bang Wa

7.5km

On Nut – Bearing

5.3km

Southern Green Line

Bearing – Kheha

12.6km

Lat Phrao – Sam Rong

30.4km

Mo Chit – On Nut

17.0km

National Stadium –

Saphan Taksin

6.5km

Khae Rai – Min Buri

34.5km

Northern Green Line

Mo Chit - Khu Khot

17.8km

CORE NETWORK

EXT. ZONE 1

EXT. ZONE 1

EXT. ZONE 2

EXT. ZONE 2

PINK

YELLOW

Krung Thonburi BTS

Station – Khlong

San 1.8km

GOLD PHASE 1

BTS Lines 4 Lines - covering a total of 133.4km by 2021 (2.7 times from 48.9km in 2018)

OP

ER

ATIN

G

48.9

KM

UN

DER

CO

NSTR

UC

TIO

N

84

.5 K

M


2021E: Pink and Yellow

10

Routes

Authority

Contract Type

Contract Term

*Remarks

Dark Green: Mo Chit – On Nut

Light Green: National Stadium –

Saphan Taksin

PPP Net Cost & O&M Contract

• 30 Years (Dec 1999 - Dec 2029)

for PPP Net Cost

• 13 Years (2029-2042)

for O&M Contract

• In Apr 2013, the rights to net farebox revenue of Core Network until 2029 was sold to BTSGIF

• BTS Group used the proceeds to invest in 1/3 units in BTSGIF

Dark Green: On Nut - Bearing

Light Green: Saphan Taksin –

Bang Wa

O&M Contract

30 Years (2012 - 2042)

Southern Green: : Samrong – Kheha

Northern Green : Mo Chit - Khu Khot

O&M Contract

25 Years (2017 - 2042)

Pink: Khae Rai – Min Buri

Yellow: Lat Phrao - Samrong

PPP Net Cost with Subsidy

30 Years (2021 - 2051)

BMA BMA BMA MRTA

Length/ Stations 23.5km / 23 stations 12.8km / 11 stations 30.4km / 25 stations 64.9km / 53 stations

1999:Core Network 2012: Green Line Ext.1 2018, 2020E: Green Line Ext.2



23.5km 12.8km 30.4km 64.9km

Status Operating Operating Southern: Operating /

Northern: 2020E Oct 2021E

BTS Lines Evolution since 1999

2018 2020E 2021E 1999

Targeted Gold Line and Northern

Green Ext.2 full commencement

Targeted Pink and Yellow

full commencement

Core Network Extension

Zone 1

2012 Southern

Green Ext 2

2019 Opening of the 1st Station

of Northern Green Ext. 2

Commencement

Timeline


THB 13BN GREEN BOND

12

Rationale:

Issuance Date:

Purchase new rolling

stocks and E&M for the

Northern and Southern

Green Line extensions

10 November 2016

Average

Coupon Rate:

3.31%

THB 63.4BN SYNDICATED LOAN

Credit

Facilities:

Total of THB 63.36bn

THB 31.68bn for Pink Line

THB 31.68bn for Yellow Line

Syndicate

Banks: BBL, KTB, SCB

Loan Term: 17 years and 3 months,

repayments starting from

first operation date

Rationale: Financing of the Pink

and Yellow lines

Transaction

Date: 10 October 2017

Green Line Extensions Pink and Yellow Lines

THB 22BN BTSC DEBENTURE



CAPEX for New Green Line Extensions and Pink & Yellow Secured by debt financing

Rationale:

Issuance Date:

For debt repayment of

Eligible Green Projects

(Pink & Yellow Line)

24 May 2019

Average

Coupon Rate:

3.41%

Prepared by BTS Group IR BTS Group Investor Presentation


Bang Wa - Taling Chan

7.0km

Bang Na

– Suvarnabhumi

18.3km

Watcharaphon –

Thong Lo

16.3km

Thailand Cultural Center - Min Buri

22.6km Bang Khun Non - Thailand

Cultural Center

17.0km

13

WESTERN ORANGE LINE EASTERN ORANGE LINE

WESTERN GREEN LINE EXT. GREY LINE (PHASE 1)

LRT

81.2KM TARGETED LINES IN THE NEXT 4 YEARS

BTS TARGET ROUTE AUTHORITY DISTANCE

(KM)

NO. OF

STATION

EXPECTED

OPERATING

GREEN EXT.

(WESTERN)

BANG WA

- TALING CHAN BMA 7.0 6 2022-2023

LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2022

GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2022

ORANGE (E) THAILAND CULTURAL

CENTER - MIN BURI MRTA 22.6 17 2023

ORANGE (W) BANG KHUN NON - THAILAND

CULTURAL CENTER MRTA 17.0 12 2026

OTHER ROUTE AUTHORITY DISTANCE

(KM)

NO. OF

STATION

EXPECTED

OPERATING

BLUE TAO POON - THA PRA MRTA 13.0 9 2020

BLUE BANG KHAE –

BHUDHAMONTHON 4 MRTA 8.0 4 2021

DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021

DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2024

LIGHT RED BANG SUE – MAKKASAN –

HUAMAK SRT 19.0 9 2024

LIGHT RED BANG SUE – TALING CHAN SRT 15.0 4 2021

PURPLE

(SOUTHERN) TAO POON – RAT BURANA MRTA 23.6 17 2026

TOTAL 192.6

Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and

Yellow lines, totaling 159.6km under construction)

7 above-ground stations

BTS Targeted Lines Interested in an additional 81.2km of rail mass transit lines


9.8 CAPEX INCL. SOUTHERN

AND NORTHERN PARTS

BTS Group Earnings Presentation


84

.5KM

AW

AR

DED

LIN

ES

81.

2KM

BTS T

AR

GETED

LIN

ES

GREEN LINE EXTENSION

ZONE 2:

NORTHERN 17.8KM1

PINK LINE: 34.5KM

YELLOW LINE: 30.4KM

WESTERN GREEN LINE

EXTENSION: 7.0KM

GOLD LINE PHASE 1:

1.8KM

LRT: 18.3KM

GREY LINE PHASE 1:

16.3KM

ORANGE LINE: 39.6KM

1 In total of 30.4km, divided into Southern Green 12.6km (fully commenced on 6 Dec 18) and Northern Green (17.8km).

2 Project cost (excluding interest expenses) for the Pink and Yellow based on MRTA submission and BTS owns 75% equity stake

in JV Cos. Calculation based on D/E ratio at 2.2x (equity required of THB 21bn). The JV Cos will receive civil work subsidy from

the MRTA of THB 22.5bn (for the Pink Line) and THB 25.05bn (for the Yellow Line) for 10 years from beginning of operation. 3Assume O&M revenue of THB 140mn/km p.a.

34.52 CIVIL + TRAINS + E&M

32.62

CIVIL + TRAINS + E&M

2.1

0.4 0.6

3.6

12.9 TRAINS + E&M

33.3 TRAINS + E&M

2.53 (Y1)

BY 2022

SEP 2020

BY 2022

BY 2023

BY 2022

OCT 2021 JUL 18

BY 2019

MAR 2018

BY 2019

BY 2019

MID 2017

EASTERN SIDE

BY 2019

OCT 2021 JUL 18 2051/52

2020 2042/43

2051/52

EXPECTED TIMELINE

FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23

EXPECTED CAPEX

(THB BN)

EXPECTED REVENUE

(THB BN P.A.)

FAREBOX

REVENUE

O&M

REVENUE FY 23/24 TRAINS E&M WORKS

5.0

4.5 – 5.0 (Y1)

START CIVIL WORKS CONSTRUCTION

EXPECTED START FULL OPERATION CONSTRUCTION PERIOD

OPERATION YEAR, UP UNTIL EXPECTED OPEN BID/ AWARD BIDDING & CONSTRUCTION PERIOD

TOTAL

CAPEX/FINANCING

THB

134.8bn

14

FY 24/25

2049/50

NOTE:

Timeline of Upcoming Lines and CAPEX Significant upcoming revenue expected in the next 3-5 years


Mass Transit Project Intercity Motorway - project at a glance

M6: Bang Pa In –

Nakhon Ratchasima

Contract Type PPP Gross Cost

Distance 196km

Contract Term 2 phases

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

D/E for CAPEX Not exceed 3x

during contract period

Not exceed 3x

during contract period

Authority Department of Highways

Department of Highways

BGSR

JV

*comprises of (i) construction reimbursement and (ii) O&M revenue

40% 40%

10% 10%

Proposed AP by BGSR 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

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)



Expected COD 2023 2023

Bang Pa In

Nakhon

Ratchasima

196km

96km

Bang Yai

Kanchanaburi

M

6

M

81


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

16

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

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 5-year Target of Network Expansion Quadruple growth from 48.9km in 2018 to 215km in 2023



17

38.1

35

48.9

43

50.7

44

68.5

62

175.0

150

214.6

179

Samrong (1.8km)

began operation

South ext.

(12.6km)

1st station

of North ext.

(1.8km)

North ext.

(17.8km)

Gold line

(1.8km)

Pink line (34.5km)

Yellow line (30.4km)

Western Green

ext. (7km)

LRT (18.3km)

Grey line phase1

(16.3km)

Orange line

(39.6km)

FY 17/18 FY 22/23 FY 19/20 FY 20/21 FY 18/19 FY 21/22

BTS Lines

BTS Targeted Lines

Distance (km)

No. of stations

400km Total network in 2023

from 121.6km currently

215km Targeted BTS network

in 2023 from 48.9km

currently

160km Lines under construction

BTS Targeted Lines


Contents




Media Business


Financial Summary

Appendices

1

2

3

4

5

Section


Media Evolution From traditional advertising to “Offline-to-Online Solutions”

19

1999 2009 2012

2015 2017 2018 2019

2015

BANGKOK CENTRIC NATIONWIDE NETWORK

O2O SOLUTIONS

2019

Demo Power

Direct to consumer

(40% stake)

Rabbit Group

Payment

(90% stake2)

Kerry Express (Thailand)

Logistics

(23% stake)

OOH Partners

Plan B (18.6% stake),

Ad Chaopraya (25% stake)

Tech Partners

Anymind (JV 49%),

iClick (JV 30%)

Aero Media

Airport

(30% stake)

POV

Building

(100% stake)

IPO

MACO

Billboard

(51.4% stake1)

Established and was granted

30yrs BTS ad. concession


Section 2.2: Media Business

2015

1 includes BTS shareholdings of 18.2% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd.


Well-Diversified Media Portfolios Advertising, Payment and Logistics Platforms across industries

ADVERTISING PAYMENT

51.4%1 30.0% 40.0% 90.0%2 90.0%2 100.0%

COMPANY

SEGMENT

PLATFORM

No. 1

Transit Media

No. 1

Building Media No.1 Outdoor Media No. 2

Aviation Media

No. 1

Activation

Services

The largest micro payment

platform

LOGISTICS

23.0%

TRANSIT BUILDING OUTDOOR AIRPORT ACTIVATION PAYMENT SERVICES

MACO AERO MEDIA DEMO

POWER RABBIT GROUP VGI

LOGISTICS

KERRY EXPRESS

No. 1

Parcel Delivery

Services

HOLDING

PERCENTAGE

BKK, Thailand

KL, Malaysia

BKK,

Thailand

Nationwide,

Thailand

KL, Malaysia

JKT, Indonesia

Nationwide,

Thailand

Yangon,

Myanmar

Nationwide,

Thailand Nationwide,

Thailand

Nationwide,

Thailand GEOGRAPHICAL

ACTIVITY

BKK and

nationwide,

Thailand

18.6%

OUTDOOR

PLAN B

Nationwide,

Thailand


Section 2.2: Media Business 20

THB 4.7bn THB 483mn

AUDIENCE

REACH

2018/19 REVENUE3

18mn potential reach

2019/20

REVENUE TARGET THB 6.0-6.2bn

1 includes BTS shareholdings of 18.2% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd 3 excluding revenue from Aero Media, Demo Power and Kerry Express Thailand of which are recognised as equity method


Advertising: Solid Growth Opportunities Upside from BTS rail mass transit expansion

21

2018/19 2019/20 2020/21 2021/22 2022/23

Secured by BTS Targeted Lines Carriages Stations

ADVERTISING



FY 22/23 FY 19/20 FY 20/21 FY 18/19 FY 21/22

208

43

296

44

380

62

836

150

179

5-6x Increase in Train &

Station Capacity

Orange Line Core Line

Extension

Green South

Extension

Green North

Extension

Pink Line

Yellow Line

Western Green

Extension

LRT

Grey Line (Phase I)


The E-money service provider with a common ticketing system supporting BTS and BRT.

BSS system also encompass other forms of public transportation as well as retail, service

and tourism sectors.

OFFLINE PAYMENT: RABBIT CARD



LARGE PARTNERS NETWORK BUILT

ONLINE PAYMENT: RABBIT LINE PAY

A mobile e-wallet solution embedded in the leading chat messenger

application

SERVICES BUSINESS UNDER RABBIT

JV with AEON: THB 1.3bn outstanding loans Micro loan through the joint venture with AEON

Rabbit Daily: 3mn monthly visits Online lifestyle publisher, providing social news and entertainment

content and advertorials

Rabbit Insurance Broker: More than THB 16mn gross written

premiums per month Insurance aggregator services on Rabbit Finance website and also a

licensed broker for insurance products.

Co-branded Card: BBL co-branded card & AIS-Rabbit card Issued by financial institutions or corporations that wish to add Rabbit

functionality to credit card, debit card, or other card types or devices

Current 2020

Rabbit Cards 11.5mn > 15.0mn

Active Cards 3.5mn > 8.0mn

Retailer

Points > 7,400 >10,000

Current 2020

Line Users 45.0mn >55.0mn

Rabbit Line Pay

Users 6.0mn >10.0mn

Online

Merchants > 1,000 >1,500

Payment: Synergy between VGI and Rabbit Upside from monetisation of Rabbit’s data

http://www.google.co.th/url?sa=i&rct=j&q=tom+n+toms+coffee&source=images&cd=&cad=rja&docid=HKk-NMNg6DoIxM&tbnid=m7R1K7N_xciZKM:&ved=0CAUQjRw&url=http://www.whereonsale.com/2012/07/07/tom-n-toms-coffee-free-voucher/&ei=6_8RUen7EoGuiAeBmYGYCQ&bvm=bv.41934586,d.dGI&psig=AFQjCNFnTJ8aESdTGdo-yzdgUf-v3kWcyw&ust=1360220519339060


B2B delivering parcels from company to various places such

as financial institutions, law firm, retail shops and etc.

B2C delivering parcels from e-market place to the individual

shoppers

C2C delivering letters and parcels from online retailers to

individual consumers



DELIVERY SERVICES PORTFOLIO SERVICES PRODUCTS

INVESTMENT & ACCOUNTING METHOD

Investment: 23% in Kerry Express Thailand

Accounting Method: Equity Sharing

SERVICES CHANNEL

Kerry is the No. 1 parcel delivery services in Thailand,

delivering more than 1,200,000 parcels per day and has more

than 4,000 retail service points nationwide.

• Deliver more than 1,000,000 parcels per day

• 975 distribution centers

• 695 parcel shops in Bangkok, Central and East

• 5,079 retail service points at alliance shops

NETWORK

Logistics: Last Miles Delivery Services Network expansion to accommodate the rise of E-commerce

125X KERRY PARCEL DELIVERED

PER DAY

C2C

70%

C2C

65%

C2C

50%

B2C

26%

B2C

30%

B2C

40%

2012 2013 2015 2017 2018

C2C

B2C

B2B

C2C

67%

C2C

50% C2C

50% B2C

31% B2C

40% 40,000

75,000

500,000

1,200,000

8,000

Digital Thailand – Jan.2018

Population 69.11 M

Internet users 57.00 M

Social media users 51.00 .M

Unique mobile users 55.56 M

Mobile social users 46.00 M


VGI’s acquisition and partnership

24 BTS Group Earnings Presentation

Section 2: Business Updates

Collaboration of the Top Players in OOH Media Segment

% of investment 18.6% of total shares

1. 9.5% from existing shareholders

2. 9.1% from newly issued ordinary shares

Total shares

acquisition

1. 368.8mn shares from existing shareholders

2. 353.0mn shares from PLANB’s newly shares

Acquisition price THB 6.40 per share

Total investment THB 4,619.6mn

Source of fund: Cash of THB 2,900mn and Loan THB 1,700mn

Mr. Palin

Lajanagosin

Group

Dr. Pinijsorn

Luechaikajohn

pan Group

Public

43.6% 6.4% 31.4% 18.6%

• Consolidate OOH media market (> 12bn of media inventory)

• Apply “unique Offline-to-Online marketing solutions” from a completed

OOH journey to data optimisation with engaging entertainment content,

to convert on payment & loyalty platforms

• Centralise for cost savings including leverage proprietary system or

technology. Hence, more overall cost efficient.

• Improve competitive positioning in THB 100bn media industry

To incorporate AI solutions in Offline and Online advertising

• Leveraging AnyMind platform product including online advertising and

influencer marketing into VGI O2O Solutions offering to provide better

performance for our clients

• Developing out-of-home programmatic media platform by using Anymind’s

technology and VGI’s digital out-of-home media assets to increase

effectiveness of out-of-home media platforms

• Leveraging AnyMind Technology platform to better organise, analyse and

mobilise Rabbit data network

To capture advertising opportunity in Chinese consumer market

• Capturing advertising opportunity in China market

• Appointing VGI as a sales agent of the JVCo to become the regional

cross-border advertising solution distributor

• Generating cross-border marketing opportunities through mobile and

new media products, including: O2O Solutions: launching 10,000 new

mobile charging stations with LED display, which will be placed

throughout VGI’s network across Thailand such as BTS SkyTrain stations

and Kerry Express’s distribution centers.

Chinese

search engine

Game Online

Operator

Travel

service provider

Instant

messaging service

ACQUISITION OF 18.6% IN PLANB PARTNERSHIP WITH ANYMIND GROUP

PARTNERSHIP WITH I-CLICK INTERACTIVE ASIA GROUP


Contents




Property Business


Financial Summary

Appendices

1

3

4

5

2

Section


3,492 554 1,411 7,700

1,000

379 368

(200)

300

800

1,300

1,800

2,300

2,800

3,300

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

F/Y 12/13 F/Y 13/14 F/Y 14/15 F/Y 19/20E

Proceeds from land sales Net gain

PROPERTY STRATEGY


Section 2.3: Property Business

Owners Total Area (Rai) Total Area (sq.m)

BTS Group PCL 484.0 782,966.0

U City PCL 881.0 1,418,763.6

Total 1,365.0 2,201,729.6

Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted

ATTRACTIVE LAND BANK

LAND: OVER 670,000M² OF OPPORTUNITY IN BANGKOK ALONE

Data as of 30 Jun 19

BTS Commercial

BTS Residential

U City Recurring Income

U City Residential BTS Group Land Bank

U City Land Bank

Projects and Properties Land Bank

Projects and Properties

a. The LINE Jatujak – Mochit

b. The LINE Sukhumvit 71

c. The LINE Ratchathewi

d. The LINE Asoke-Ratchada

e. The BASE Garden Rama 9

f. The LINE Pradipat

g. The LINE Sukhumvit 101

h. KHUN BY YOO

i. The BASE Petkasem 29

j. The LINE Sathorn

k. The LINE Wongsawang

l. TST Tower Office Building

m. U Sathorn Hotel

n. Eastin Grand Sathorn Hotel

o. Eastin Thana City

p. The Unicorn

q. The Grand

r. The Royal Place II

s. Thana City Golf & Sports Club

t. Verso International School

a f

l

d

e c

q r

g

h

s m

n i

Kukot 51.7 rai (8.3 ha)

Thana City

308.6 rai

(49.4 ha)

j

k

Ratburana &

Suksawad

44.1 rai

(7.6 ha)

p

o b

t

Mochit 11.1 rai (1.8 ha)

HISTORICAL LAND TRADING UNDER BTS GROUP

(THB mn)

Kamla Beach Resort and Hotel

THB 1.6bn (Net Gain THB

0.3bn)

Kampoo Property: THB 1.8bn

(Net Gain THB 0.7bn)

Bang Pakong and

Bangna km 18

5-rai land at

Mo Chit

Property Portfolio

48-rai land sale

(Bayswater JV)

26

Land Bank: Land Trading Opportunity with benefit from the ‘mass

transit premium’

U City PCL: The Global Property Investment Vehicle for BTS Group


• Austria

• Belarus

• Czech Republic

• France

• Germany

• Poland

• Romania

• Russia

• Slovakia

• United Kingdom


Section 2.3: Property Business

33 Gracechurch Street

Presence in

10 European Countries

• Thailand

• Vietnam

• Indonesia

• India

• Oman

Presence in

5 Asian & Middle

Eastern Countries

6-14 Underwood

Street TST Tower

OFFICE

The Unicorn

MIXED USE EDUCATION

Verso International School

HOSPITALITY

U Chiang Mai Hotel

U Sathorn Hotel

Vienna House Hotels

Eastin Grand Sathorn Hotel

U City’s Property Overview Globally developing and investing in diversified property

RESIDENTIAL

SANSIRI JV

95 hotels and more than 28,000* keys owned, leased or managed

3 office buildings and business interests spanning 15 countries globally

39 hotels, 3 buildings

56 hotels, 1 building,

14 condominiums launched

* As of Jun 19, there were 11,707 keys are under operation


Contents




Services Business


Financial Summary

Appendices

1

3

4

5

2

Section

Prepared by BTS Group IR 29 BTS Group Investor Presentation

Section 2.4: Services Business

BANGKOK PAYMENT SOLUTIONS (BPS)

• Joint venture between BTSG and VIX Group, a leading technology development for Central Clearing House (CCH) and

Automatic Fare Collection (AFC) services

• Served as a vehicle for developing software and providing technology services for an integrated mass transit and payment

systems in Thailand

RABBIT REWARDS PROGRAMME

• A loyalty programme for consumers who transact with the Rabbit Card and/or Rabbit Line Pay.

• The Rabbit Points can be redeemed for vouchers across our retail partner network and additional Rabbit Rewards partners.

• Rabbit Rewards registration will enable us to enhance and provide marketing solutions to targeted consumers which will

synergise with our media business. In FY 2018/19, the programme had 4.2million registered members.

HHT CONSTRUCTION

Joint venture between BTSG and Li Kay Engineering, a Hong Kong based civil and foundation company.

SERVICES BUSINESS

CHEFMAN RESTAURANTS

• Premium Chinese restaurant chain managed by Man Food Holdings.

• In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR). With

BR’s extensive food processing expertise will enable Chef Man to scale-up its

business domestically and internationally.

CHEFMAN

RESTAURANTS

Services Business Strategic support and business incubator


Contents




• Media Business




Financial Summary

Appendices

1

2

4

5

3 Section


BTS Group History


Section 3: Corporate Information

Company established

as Tanayong Co., Ltd.

(TYONG) to operate in

property development

field

1968

TYONG established

a wholly-owned

subsidiary, Bangkok

Transit System

Corporation Ltd.

(BTSC), which won

the SkyTrain

concession bid

1992

BTSC exit court

supervised

rehabilitation

procedure

2008

TYONG acquired 94.6%

of BTSC, returning Mass

Transit operations to be

the primary business of

the Company. The

Company also changed

its name to BTS Group

Holdings PCL (BTSG)

2010

BTSC sold the future

Net Fare-box Revenue

under its Concession

Agreement to BTS Rail

Mass Transit

Infrastructure Fund

(BTSGIF)

APR 2013

BTSG completed the entire business transfer of

Unicorn Enterprise Company Limited, our

former subsidiary, to U City Public Company

Limited, our associate

MAR 2018

TYONG listed on the

Stock Exchange of

Thailand under

Property Development

sector

1991

Commercial

operation of the BTS

SkyTrain

commenced

1999

BTSC expanded into

Media business

through the acquisition

of 100% of VGI Co.,

Ltd. (VGI)

2009 VGI PCL, the Group’s Media

subsidiary, listed on the Stock

Exchange of Thailand

OCT 2012

BTSC signed a 30-year

operating & maintenance

(O&M) contract covering Green

Line extensions (Saphan Taksin

- Wongwian Yai - Bang Wa

and Onnut - Bearing) under the

purview of the Bangkok

Metropolitan Administration

(BMA)

MAY 2012 Concession Contracts of the Pink (Khae

Rai to Min Buri) and the Yellow Line (Lad

Prao to Sam Rong), a total length of

64.9km were awarded

JUN 2017

BTSC signed the operating & maintenance

(O&M) contract with KT; covers 30.8km of

Green Line Northern and Southern

extensions (Mo Chit – Khu Khot and Bearing

– Kheha)

MAR 2017

SEP 2018 The company has been officially selected

by the Dow Jones Sustainability Indices (DJSI)

Emerging Markets 2018 in the first time

JUL 2018 BTSC&KT entered into a 30-year O&M Services

Agreement of the Gold Line Project Phase 1

(Krung Thonburi BTS Station – Khlong San District

Office, 1.8km and 3 stations)


18.09%

BTS Infrastructure

Services Co., Ltd

1 Information based on book closure date on 21 Jan 19 with total issued shares = 11,940.4mn shares 2 BTSG holds 69.69% of VGI indirectly and directly as of 31 January 2019 3 Revenue from the Company recorded under Services BU

33.33%

45.04%

32

BTS Group Holdings PCL

BTS Rail Mass Transit

Growth Infrastructure

Fund (BTSGIF)

97.48%

Bangkok Mass Transit

System PCL (BTSC)

25.79%

MEDIA BUSINESS

41% Kanjanapas Family1

36% Institutional Investors1

22% Individual Investors1

PROPERTY BUSINESS

VGI Advertising

Media Co., Ltd.

100%

888 Media

Co., Ltd. 100%

100%

Master Ad PCL

31.65%

Aero Media

Group Co., Ltd.

30%

VGI PCL (VGI) 2

Point of View (POV)

Media Group Co., Ltd.

33.33%

MASS TRANSIT BUSINESS

SERVICES BUSINESS

RabbitPay System Co., Ltd. 80%

Rabbit-Line Pay Co., Ltd.

Rabbit Internet Co., Ltd. 60%

Rabbit Rewards

Co., Ltd. 75%

KMJ 2016 Co., Ltd.

BSS Holdings Co., Ltd. 90%

51% ATS Rabbit Special Purpose

Vehicle Co., Ltd.

Little Corner Co., Ltd. 69%

Man Food Holdings Co.,

Ltd.

41.18%

HHT Construction

Co., Ltd.3

51%

90% Bangkok Smartcard System Co., Ltd.

Man Kitchen Co.,

Ltd.

Man Food Products

Co., Ltd.

Bangkok Payment

Solutions Co., Ltd. 60%

Listed entities

Subsidiaries

Associates

LEGEND

JVs

40% Demo Power

(Thailand) Co., Ltd.

The ICON VGI

Co., Ltd.

25%

100% RB Services Co., Ltd.

Northern Bangkok

Monorail Co., Ltd.

Eastern Bangkok

Monorail Co., Ltd.

75%

75%

Primary Kitchen

Co., Ltd.

51%

100%

BTS Infrastructure

Development Co., Ltd

100%

Supremo Media

Co., Ltd 25%

Kerry Express

(Thailand) Ltd 23%

Bayswater Co., Ltd. 50%

Yongsu Co., Ltd. 100%

DNAL Co., Ltd. 100%

The Community One Co.,

Ltd.

100%

Kingkaew Assets Co., Ltd. 100%

38.99%

The Community Two Co.,

Ltd.

100%

U City PCL

100%

100%

100%

Group Work

Co., Ltd.

20%

100% Turtle 23 Co., Ltd.

50% BV Media

Ads Limited

Rabbit Insurance

BrokerCo., Ltd.

ASK Direct Group Co., Ltd. 100%

100%

75% VGI MACO (Singapore)

Private Limited

75% VGI (Malaysia)

Sdn Bhd

25%

25%



VGI AnyMind

Technology

Co., Ltd

49%

Business Organisation and Shareholding Structure as of 31 March 2019

Employees (as of 31 Mar 2019)

Mass Transit 2,862

Media 727

Property -

Services 497

BTS Group 122

Total 4,208


(1) Calculated based on the share price of one day before the Board of Directors’ approval date for relevant dividend

payment

33

No less than 50% of net profit

DIVIDEND POLICY CREDIT RATING AND OUTLOOK

HISTORICAL DIVIDEND PAYMENTS/ DIVIDEND YIELD AND PAYOUT

Issue Rating/ Outlook

from TRIS

BTS Group A/ Stable

BTSC A/ Stable

THB 22bn BTSC Debenture

Senior Unsecured Debenture A/ Stable

THB 9.5bn BTSG Debenture

Senior Unsecured Debenture

Issuance Date: 7 Sep 18

Average Coupon Rate: 3.38%

A/ Stable

THB 7bn BTSG Debenture

Senior Unsecured Debenture

Issuance Date: 26 Dec 17


A/ Stable

THB 13bn BTSG Debenture

Unsubordinated and Unsecured

Green Bond

Issuance Date: 24 May 19


A/ Stable



BTS Group Share Information Dividend and credit rating profile

FY 16/17 FY 17/18 FY 18/19

Actual Dividend Paid

(THB mn) 4,026 4,145 5,153

Dividend per Share

(THB) 0.34 0.35 0.42

Dividend Yield (1)

(%) 4.0% 3.9% 4.0%

Dividend Payout

(%) 180% 87% 139%


-

200.0

400.0

600.0

800.0

1,000.0

1,200.0

6

7

8

9

10

11

12BTS Daily Traded Value (RHS) BTS TB Equity SET Index

Foreign Limit

Free Float

(as of Jun 18)

10.9%

NVDR

18.9%

Thai Funds

9.2%

Foreign Funds

Name %*

1 Mr. Keeree Kanjanapas 's Group 41%

2 Thai NVDR Co., Ltd. 11%

3 Bangkok Bank Public Company Limited 5%

4 Social Security Office 3%

5 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2%

6 STATE STREET EUROPE LIMITED 1%

7 Bualuang Long-Term Equity Fund 1%

8 Bualuang Top-Ten Fund 1%

9 UOB KAY HIAN PRIVATE LIMITED 1%

10 Mr. Min Tieanworn 1%

TOTAL TOP 10 SHAREHOLDERS 67%

Stock code BTS

Outstanding shares (mn shares) 11,845

Market capitalisation (THB mn) 130,299.1

Market capitalisation (USD mn) 4,105.6

Average daily traded value (THB mn) 407.9

Average daily traded value (USD mn) 12.9

Credit Rating (by TRIS) A/Stable

SHARE INFORMATION (as of 29 Mar 2019)

SHARE PRICE MOVEMENT (as of 29 Mar 2019)

SHAREHOLDING STRUCTURE (as of 29 Mar 2019)

TOP 10 SHAREHOLDERS (as of 29 Mar 2019)

34

THB THB mn

12M ADTV = THB 44bn

*Total of 11,845,369,480 shares

Kanjanapas’s

Group

41.3%

Retails

19.7%

58%

49%

11,845mn

shares



BTS Group Share Information


Contents



Business Segment Profiles - Mass Transit Business

- Media Business

- Property Business

- Services Business


Financial Summary

Appendices

1

2

3

5

4 Section


OPERATING REVENUE COMPARISON (YoY)

(1) Operating EBITDA excludes non-recurring items but includes share of profit (loss) from BTSGIF

(2) Net income attributable to equity holders of the parent

(3) Operating EBITDA/finance cost

(4) Interim and final dividends, calculated on annual basis using BTS TB closing share price on the date

of the Board of Directors’ meeting approving the relevant dividend

(5) Interest bearing debt - cash and cash equivalent and liquid investment


Section 4: Financial Summary

Note: Revenue and EBITDA excludes the equity income from Sansiri JV, U City, Bayswater JV, Keystone JV

* Calculated base on EBITDA of THB 6,835mn which excludes selling and Administrative expenses at Head-

Office of THB 729mn

** After selling and Administrative expenses at Head-Office of THB 729mn

FY 18/19 OPERATING REVENUE & EBITDA CONTRIBUTION

BTS Group Financial Performance

CONSOLIDATED P&L (THB MN) FY 18/19 FY 17/18 FY 16/17

Operating revenues 47,923 14,102 8,606

Accounting revenues 48,947 15,107 9,618

Operating expenses 40,054 8,325 4,143

EBITDA 6,876 7,571 4,114

Operating EBITDA(1) 6,106 4,089 2,928

Recurring Net Profit 3,248 2,508 1,417

Net income(2) 2,873 4,416 2,003

DEBT INFORMATION (THB MN) 31-Mar-19 31-Mar-18 31-Mar-17

Interest bearing debt 72,474 47,169 38,310

Adj. net debt (5) 53,784 17,129 6,051

KEY FINANCIAL RATIOS FY 18/19 FY 17/18 FY 16/17

Profitability ratios (%)

Gross operating profit margin 16.4% 41.0% 51.9%

SG&A to operating sales ratio 5.3% 17.3% 24.6%

Accounting EBITDA margin 13.9% 42.3% 41.2%

Operating EBITDA margin(1) 12.7% 29.0% 34.0%

Recurring net profit margin (%) 9.8% 23.4% 25.0%

Liquidity ratio

Current ratio (times) 0.51x 0.95x 1.38x

Leverage (Times)

Total liability to total asset 0.64x 0.56x 0.52x

Total liability to total equity 1.77x 1.29x 1.07x

Interest bearing debt to equity 1.39x 1.02x 0.85x

Adj. net debt(5) to equity 1.03x 0.37x 0.13x

Adj. net debt(5) to recurring EBITDA 7.43x 3.02x 1.72x

Interest coverage(3) 3.70x 3.31x 4.55x

Per share ratios

Book value per share (THB) 4.40 3.91 3.82

Dividend yield (4) 3.98% 3.95% 4.00%

14,102

47,923

4,875 1,221 (279) 663

FY17/18 Mass Transit Media Property Services FY18/19

(44)% 148% 31% 354%

(THB mn)

Business Units Revenue

Contribution (%)

EBITDA

Contribution* (%)

Mass Transit 86% 65%

Media 11% 34%

Property 1% (0.3)%

Services 2% 0.4%

Total (THB mn) 47,923 6,106**


2,574 4,237 9,112

41,328

FY 15/16 FY 16/17 FY 17/18 FY 18/19

37

492

743

449

1,112

FY 15/16 FY 16/17 FY 17/18 FY 18/19

897

617 639

360

FY 15/16 FY 16/17 FY 17/18 FY 18/19

2,318 3,010

3,902

5,123

FY 15/16 FY 16/17 FY 17/18 FY 18/19

MEDIA

PROPERTY SERVICES

MASS TRANSIT

FY 2018/19:-

• Construction revenue for Pink & Yellow Lines: THB 30.7bn

• Services revenue from provision of E&M works & train: THB 6.1bn

• O&M Revenue: THB 2,277mn

• Share of net profit from investment in BTSGIF: THB 898mn

• Mass Transit related Interest Income: THB 1,078mn

FY 2018/19:-

• OOH Media revenue: THB 3,841mn

• Digital Services business: THB 1,282mn

FY 2018/19:-

• Commercial Property revenue : THB 332mn

• Residential Property revenue: THB 28mn

FY 2018/19:-

• HHT revenue : THB 911mn

• BPS and Rabbit Rewards: THB 201mn



Operating Revenue by Business Units


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

38

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




THB 1.5 - 1.9bn Mass transit-related interest income

THB 27 - 33bn THB 0.7bn

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

≥ 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

THB 0.2bn



2019/20 BTS Group Targets and CAPEX


Contents




• Media Business




Financial Summary

Appendices

1

2

3

4

5 Section


Appendices

Appendix 1: Media Market Overview OOH and Online outperformed industry spending

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

OOH Traditional Online/ Digital Total

TRADITIONAL CAGR1 = 0.6%

OOH CAGR1 = 8.8%

ONLINE CAGR1 = 58.7%

INDUSTRY CAGR1 = 3.3%

Incl. TV, Radio, Newspaper and Magazine

Increasing mobility Increasing urbanisation Fragmentation of other

broadcasting channels

Improving of OOH Media

(Digitalisation, data, planning tools,

mobile connection etc.)

Source: The Nielsen Company (Thailand) Co.Ltd. & Digital Agency Association (Thailand) 12009 – 2018 CAGR

Economic Down Turn

- Bangkok shutdown

- Coup d’etat

Industry Spending = THB 90bn

Traditional Spending = THB 79bn

OOH Spending = THB 6.5bn

Online Spending = THB 0.3bn

Industry Spending = THB 121bn

Traditional Spending = THB 84bn

OOH Spending = THB 14bn

Online Spending = THB 17bn


Appendices

Appendix 1: Media Market Overview The Rise of E-Commerce Fueling Growth in E-Payment & Logistics

744 768

2,033

2,245

2,560

2,763

3,150

2012 2013 2014 2015 2016 2017 2018

4X E-COMMERCE MARKET

Increasing Players

in E-commerce

Market

Increasing

Transaction

Through Online

Growth Opportunity

For E-Payment &

Logistics

Increasing Demand

On Goods Delivery

And Other Services

Source: Electronic Transaction Development Agency (ETDA)

THB bn


994 1,040 1,088 1,134 1,184 1,235 1,322

1,401

2011 2012 2013 2014 2015 2016 2017 2018

19.2 22.4

26.5 24.8 29.9

32.6 35.4

38.3

2011 2012 2013 2014 2015 2016 2017 2018

56% 61% 60% 57% 58%

0%

10%

20%

30%

40%

50%

60%

70%

0

5,000

10,000

15,000

20,000

25,000

2014 2015 2016 2017 20181Q 2Q 3Q 4Q Average Take-up Rates (%)

Total

58,424

Total

50,105

Total

34,666

Total

39,046

Total

66,021

7%

46% 42%

5% 2%

55%

35%

8%

2%

46%

37%

15%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Below THB

50,000 / sq.m

THB 50,000 -

100,000 / sq.m

THB 100,001 -

200,000 / sq.m

THB over

200,000 sq.m

Units 2016

2017

2018

BANGKOK CONDO LAUNCHES AVG. PRICES AND TAKE-UP RATES BY DISTANCE TO BTS

Source: Colliers International (Thailand) Source: Colliers International Thailand

INTERNATIONAL TOURIST ARRIVALS IN THAILAND GLOBAL INTERNATIONAL TOURIST ARRIVALS

Source: Department of Tourism, Ministry of Sports and Tourism Source: UNWTO

CAGR

+4.9%

CAGR

+10.3% Millions of Visitors

Appendix 1: Property Market Overview


Appendices 43


1.42

1.78

2.12

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

6.8

2

6.9

6

59 79

96 105 118

132 139 133 136 144 145

176 197

215 219 233 238 241 241

00/0

1

01/

02

02/0

3

03/0

4

04

/05

05/0

6

06/0

7

07/0

8

08/0

9

09/1

0

10/1

1

11/

12

12/1

3

13/1

4

14

/15

15/1

6

16/1

7

17/1

8

18/1

9

Farebox revenue (THB bn)

Ridership (mn)

1.7

3.4

6

.0

16/1

7

17/1

8

18/1

9

19/2

0

20/2

1

21/

22

22/2

3

23/2

4

24

/25

25/2

6

26/2

7

27/2

8

28/2

9

29/3

0

30/3

1

31/

32

32/3

3

33/3

4

34

/35

35/3

6

36/3

7

37/3

8

38/3

9

39/4

0

40/4

1

41/

42

42/4

3

Core Line Zone 1

44

CORE NETWORK: 23.5KM

23 stations, 23.5km located at CBD of Bangkok

Inaugural Mass Transit route, operated since Dec 1999

No revenue sharing to BMA

Under 30 years concession contract (net cost model)

from 1999 - 2029

In Apr 2013, BTSC sold the rights to net farebox revenue

under its concession agreement for the BTS Skytrain

Core Network until Dec 2029 to BTSGIF

BTS Group used the proceeds to invest 1/3 units in

BTSGIF (10 years lock-up)

18Y Farebox Revenue CAGR: 9.3%

18Y Ridership CAGR: 8.2%

RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.3%)

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0

23.0 26.0

30.0 33.0

37.0 40.0

44.0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

NO. OF STATIONS

AUTHORISED FARE (APR 13)

NEW EFFECTIVE FARE (OCT 17)

PREVIOUS EFFECTIVE FARE (JUN 13)

POTENTIAL FARE UPSIDE

DISTANCE-BASED FARE (AVG = THB 29.0/TRIP)

PPP NET COST CONTRACT O&M CONTRACT

ZONE 1: 12.8KM EXTENSIONS

(unit: THB bn)

BTSC has operated & maintained the

extensions since 2009

Pre-agreed fee income with no ridership risk

30-Year O&M Contract signed in May 2012: 1. Current extensions (zone 1) of 11 stations, 12.8km

2. Core Network of 23 stations, 23.5km

post concession expiry (Dec 2029 – May 2042)

Zone 1: CAGR

(FY16/17-FY41/42) = 3.9%

Core Line: CAGR

(FY30/31-FY41/42) = 3.1%

CORE NETWORK MO CHIT –

ON NUT

17.0KM

NATIONAL

STADIUM –

SAPHAN

TAKSIN 6.3KM

EXT. ZONE 1

ONNUT – BEARING

5.3KM

SAPHAN TAKSIN –

BANG WA 7.5KM

Appendix 2: BTS Network 23.5km Core Network and 12.8km Green Line Extension


Appendices


STEC 15%

45

BTSC has the operated & maintained of the

additional 30.8km of Green Line extensions

on 31 Mar 17

Pre-agreed fee income with no ridership risk

25-year O&M contract covers 30.8km of

Northern and Southern Green Line

Extensions

(Apr 17 – May 42)

• SOUTHERN: Bearing – Kheha

(12.6km/ 9 stations)

• NORTHERN: Mo Chit – Saphan Mai – Khu

Khot (17.8km/ 16 stations)

PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT

PINK YELLOW

Route Kae Rai –

Min Buri

Lat Phrao –

Sam Rong

Distance / no. of

stations 34.5km / 30 30.4km / 23

Required trains

42; 4-car train

(168 cars )

30; 4-car

train

(120 cars )

Contract length 30yr operation 30yr operation

Daily ridership in Y1 199k trips 195k trips

Ridership CAGR (30Y) 5.2% 4.5%

Average fare in Y1 THB 34.7/ trip THB 30.0/ trip

EBITDA margin (%)

26% at early

stages

rising to 69%

at Y30

34% at early

stages

rising to 64%

at Y30

Commercial revenue 10% of farebox

revenue

15% of

farebox

revenue

Total Project Cost THB 49.4bn THB 46.7bn

Civil Subsidy Amount THB 22.5bn THB 25.05bn

Civil Subsidy Term

Equal payment

at 2.25bn p.a.

for 10 years

from

beginning of

operation

Equal

payment at

2.505bn p.a.

for 10 years

from

beginning of

operation

Sharing to MRTA THB 250mn THB 250mn

Funding (D/E) 2.5x 2.5x

OWNERSHIP STRUCTURE

PR

OJE

CT D

ETA

ILS

EX

PEC

TED

RID

ER

SH

IP A

ND

REV

EN

UE

PR

OJE

CT C

AP

EX

&

FIN

AN

CIN

G

EASTERN BANGKOK

MONORAIL COMPANY

LIMITED

NORTHERN BANGKOK

MONORAIL COMPANY

LIMITED

PINK LINE PROJECT

(INCLUDE EXTENSIONS)

YELLOW LINE PROJECT

(INCLUDE EXTENSIONS)

BTS

75% RATCH 10%

ZONE 2: 30.4KM NEW EXTENSIONS 64.9KM PINK AND YELLOW LINE (MONORAIL)

NORTHERN GREEN

LINE

MO CHIT - KHU KHOT

17.8KM

SOUTHERN GREEN

LINE

BEARING – KHEHA

12.6KM

YELLOW

LAT PHRAO –

SAM RONG

30.4KM

EXT. ZONE 2

EXT. ZONE 2

KHAE RAI

– MIN

BURI

34.5KM

PINK

YELLOW

Appendix 2: BTS Network 23.5km Core Network and 12.8km Green Line Extension


Appendices


CORE NETWORK EXTENSION ZONE 1 EXTENSION ZONE 2 PINK & YELLOW GOLD LINE PHASE 1

ROUTE • Dark Green

Mo Chit – Onnut

• Light Green

National Stadium - Saphan Taksin

• Dark Green

Onnut - Bearing

• Light Green

Saphan Taksin - BangWa

• Southern Green

Bearing - Kheha

• Northern Green

Mo Chit - Khu Kot

• Pink

Khae Rai - Min Buri

• Yellow

Lat Phrao - Sam Rong

Krung Thonburi BTS Station

- Khlong San District Office

DISTANCE

& NO. OF

STATIONS

23.5km, 23 stations 12.8km, 11 stations 30.4km, 25 stations 64.9km, 53 stations 1.8km, 3 stations

AUTHORITY BMA BMA BMA MRTA BMA

CONTRACT

TYPE

& CONTRACT

LENGTH

30Y Concession

Agreement (1999-

2042)

13Y O&M

Contract

(2029-2042)

30Y O&M Contract

(2012 - 2042)

25Y O&M Contract

(2017 - 2042)

30Y Concession

Agreement

(from 1st operation

date)

30Y O&M Contract

(from 1st operation date)

INVESTMENT

SCHEME

PPP Net Cost

(1999-2029)

O&M Contract

(2029-2042)

O&M Contract O&M Contract PPP Net Cost

O&M Contract

CAPEX AND

FINANCING

= BTS

INVESTMENT

Civil:

E&M:

Rolling Stock:

------------

Project Cost

(≈THB 49.5bn)

Civil: x

E&M: x

Rolling Stock:

(≈THB 5.8bn)

Civil: x

E&M: x

Rolling Stock:

(≈THB 4.9bn)

Civil: x

E&M: x

Rolling Stock:

(≈THB 9.8bn)

Civil:

(subsidised by gov’t) E&M:

Rolling Stock:

------------

Project Cost

≈THB 96bn (gov’t subsidy of THB 47bn)

Civil: x

E&M: x

(hire BTS, ≈THB 0.6bn) Rolling Stock:

(≈THB 0.4bn)

46

REMARKS:

Public-Private Partnership (PPP) Net Cost = Private obtains farebox revenue and commercial development

O&M Contract = Private receives operation and maintenance fee, while the public benefits from farebox revenues and commercial development of station areas

Appendix 2: Summary of BTS Mass Transit Contracts


Appendices


1.42

1.78

2.12

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

6.8

2

6.9

6

59

79

96 105

118 132

139 133 136 144 145

176

197

215 219 233 238 241 241

00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19

Farebox revenue (THB bn) Ridership (mn)

47

Jul 04 :

Opening of

Bangkok MRT

System (Blue

line)

May 10 :

Opening of

Bangkok

BRT;

Thai political

protests

Aug 10 :

Opening of

Airport Rail

Link

Aug 11 : On Nut

– Bearing

extension

opening

Oct – Nov 11 :

Floods

INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%) STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%) FASTER GROWTH (10 YRS RIDERSHIP CAGR 6%)

Dec 99 : BTS SkyTrain

service opening

Mar 07 :

First fare

rate

increase

May 09 :

Opening of

Silom Line

extension

Farebox revenue CAGR: 9.3%

Ridership CAGR: 8.2%

GROWTH (18 YRS)

Jan-Mar 14 :

Bangkok

Shutdown

May 14 :

Martial law

Oct 16 :

The passing of

His Majesty

King Bhumibol

Aug 16 :

Opening of

Bangkok

MRT System

(Purple line)

Ridership

(0.1)%

YoY

Fare

+2.4%

YoY

Apr 17 :

Opening

of Samrong

Station

Oct 17 :

Fare

Increased

Aug 17 :

Opening of

Tao Poon

Station (Blue

line ext.)


Appendices

Apr 13 : Sale of net farebox

revenue to BTSGIF

Jun 13 :

Fare increase

Dec 13 : Wongwian Yai –

Bang Wa extension opening

Nov 13 : Thai political

protests

Appendix 3: Core Network Ridership Uninterrupted revenue growth and resilient under pressure

Dec 18 :

Opening of

Southern

extension


15.0

22.0 25.0

28.0

31.0

34.0

37.0 42.0

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0 23.0

26.0

30.0

33.0

37.0 40.0

44.0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SJT 33%

AVG FARE THB 32.6

30-DAY PASS (ADULT)* 29%

AVG FARE THB 27.4

PURSE (STV)* 32%

AVG FARE THB 27.6

30-DAY PASS (STUDENT)* 5%

AVG FARE THB 22.2

ONE-DAY PASS 1%

AVG FARE THB 36.8

48

FARE ADJUSTMENT MECHANISM

Can be adjusted no more than once every 18 months by making

announcement to BMA and public 30 days in advance

Must not exceed the Authorised fare

EFFECTIVE FARE

Normal situation : upon change of Bangkok’s CPI >=5%, may adjust up to

7% (No approval required)

Special situation : upon change of CPI (>= 9%), USD/THB foreign

exchange rate, interest rate or electricity costs (BMA approval required)

AUTHORISED FARE

HISTORICAL AVERAGE FARE RIDERSHIP BY TICKET TYPES (FY 2018/19)

THB / Trip

* Counted as Rabbit (66%)


Appendices

DISTANCE-BASED FARE (BY NO. OF STATIONS)

NO. OF STATIONS

AUTHORISED FARE (APR 2013)

NEW EFFECTIVE FARE (OCT 2017)

PREVIOUS EFFECTIVE FARE (JUN 2013)

FARE PRICE (THB)

POTENTIAL FARE UPSIDE

• CAGR 5 yr (2013/14 to 2018/19) = 1.9%

• CAGR 13 yr (2005/06 to 2018/19)= 2.4%

Appendix 4: Core Network Fare Adjustment Flexibility to increase fares

21.4

22.1

24

.3

24

.22

24

.1

24

.4

24.4

24

.8

26.4

26.9

27.5

27.9

28.3

29.0

2005/0

6

2006/0

7

2007/0

8

2008/0

9

2009/10

2010

/11

2011/12

2012

/13

2013

/14

2014

/15

2015

/16

2016

/17

2017

/18

2018

/19


50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY)

25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY)


Appendices

98 4-CAR TRAINS (392 CARRIAGES)

FOR GREEN LINE CORE NETWORK

AND EXTENSION ZONE 1 & 2

72 4-CAR MONORAIL TRAINS

(288 CARRIAGES)

FOR PINK AND YELLOW LINES

CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES FROM

1ST BATCH 35 105 SIEMENS

2ND BATCH 12 48 CRRC

3RD BATCH 35 SIEMENS

4TH BATCH 5 20 CRRC

TOTAL 52 208

FLEET EXPANSION NO. OF TRAINS TOTAL CARRIAGES FROM

DELIVERED BY

FY 18/19

22 88 SIEMENS

DELIVERED BY

FY 19/20

24 96 CRRC

TOTAL 46 184

PROJECT REQUIRED TRAINS TOTAL CARRIAGES FROM

PINK 42 168 BOMBARDIER

YELLOW 30 120 BOMBARDIER

TOTAL 72 288

10,000 – 44,000 PPHPD: SERVICE CAPACITY

NOTE: PPHPD = Passengers per Hour per Direction

Appendix 5: Rolling Stocks 67 trains in service and 98 trains are expected to be fully in service by 2020


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

E&M works Civil works Repayment of gov't subsidy (civil) Farebox revenue

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

Rolling stocks Investment O&M revenue

ECONOMIC PROFILE (O&M CONTRACT)

ECONOMIC PROFILE (PPP NET COST WITH SUBSIDY)

KEY ASSUMPTIONS

KEY ASSUMPTIONS

1) 30-year contract from operating

date

2) O&M revenue* of approx. THB

140mn/km in FY 16/17 with

growth rate of 3.5% p.a.

3) EBITDA margin of 40-50% YEAR

YEAR

1) 3-4 year investment in civil and

E&M works (includes rolling

stocks)

2) 10-year repayment from gov’t

for civil works

3) Receive farebox revenue and

commercial revenue (30-year

contract from operating date)


Appendices

*O&M revenue includes revenue from provision of operating services and interest income under concession

agreement

50

Appendix 6: Mass Transit Economic profile PPP Net Cost & O&M contract (PPP Gross Cost)


E&M AND O&M SERVICES PROVIDED BY BTSC

51

Source: http://www.raillynews.com

31 JUL 2018

O&M Services Agreement

signed

1 SEP 2020

Targeted Commercial

Operation Date

(30 years operation*)

1 AUG 2018

NTP issued for E&M kick-off

9 MAR 2018

Civil work construction began

27 FEB 2018

Sale and installation of E&M

works Agreement signed

15 DEC 2017

KT awarded civil contract

to ITD

TIMELINE

KRUNG THONBURI BTS STATION

– KHLONG SAN 1.8KM

GOLD PHASE 1

*Such term can be terminated earlier if the operation and maintenance services agreement of the Bangkok Mass Transit System, in which BTSC has been engaged by Krungthep Thanakom until 2 May 2042, has not

been extended.


Appendices

Appendix 7: Gold Line Phase 1 Project at a glance

Route Krung Thon Buri – Klong San

(Phase I): 1.8km 3 stations

No. of Stations 3 overground stations (G1 to G3)

• G1: Krung Thon Buri

• G2: Charoen Nakorn

• G3: Klong San

Type Monorail Feeder Line

Trains Three 2-Car Automatic People Mover (APM)

trains

System

Capacity 4,000-12,000 pphpd (5-6 min headway)

Sale and installation of E&M works agreement

• E&M value (incl.VAT) of THB 765.59mn

O&M services agreement

• 30 years from 1st commercial operation date

• O&M services include the operation of trains,

management, maintenance of the mass transit system,

fare collection and the procurement of rolling stock

• O&M value (incl.VAT) of THB 13,520mn


Western Orange

Eastern Orange

Eastern Orange

Western Orange

EXPECTED TIMELINE

Appendix 8: Targeted Rail Mass Transit Line Orange Line – project at a glance

52

2023

Targeted Commercial

Operation Date

MAY 2017

Civil work construction of

Eastern Orange began

2020

Expect request for

proposal (RFP) for Civil

work construction of

Western Orange & E&M,

available for sale

Underground Stations

Elevated Stations

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


Appendices

Prepared by BTS Group IR BTS Group Investor Presentation

Appendices 53

TRAIN

MERCHANDISING STATION

OFFICE BUILDING INSIDE-TRAIN

Appendix 9: VGI Products BTS-Related Media and Building Media Products


BILLBOARD

STREET FURNITURE

AIRPORT LED SCREEN

AVIATION: JET BRIDGE CREATIVE PRODUCTION


Appendices

Appendix 9: VGI Products Outdoor Media and Aviation Media Products


TRANSIT MEDIA IN MALAYSIA

AVIATION MEDIA IN MALAYSIA


Appendices

Appendix 9: MACO Products Expanding OOH Media internationally


• Hotels: Vienna House &

Vienna House Easy and

Eastin Grand Sathorn

• Office buildings:

33 Gracechurch and 6-14

Underwood St. UK

• Service: Vienna International

Hotel Management

• Under developing:

The Unicorn and Mo Chit

Complex

• Roi Chak Sam

• Land Bank: Sukhumvit,

Suksawad, Khukot and Bang

Krachao

REMAINING KEY ASSETS AT BTSG

U CITY’S PROPERTY PORTFOLIO CONSIDERATION

• Hotels: U Sathorn, U Chiang

Mai and U Kanchanaburi

• Office Building: TST Tower

• Services: Absolute Hotel

Services, Thana City and

Tanayong Property

Management

• International School

• Land Bank:

Khao Yai and Ratburana

• BTS-Sansiri JVs

ASSETS TRANSFERRED FROM UE

NET GAIN OF THB 1.9BN FROM EBT

Preferred Shares from:

PP: 63,882mn shares (@THB 0.034/share) with

U-W3 31,941mn units

56

Loan Novation: THB 5.0bn

Loan Repayment: THB 5.1bn

THB 2.2bn

Fair value of U City’s preferred shares and

warrants and loans to and interest receivable

from U City

THB 12.2bn

Book value Net assets of the Unicorn Group (THB 9.1bn)

Deducted deferred gain on the entire business

transfer of subsidiary and Transaction costs (THB 1.2bn)

Net gain on the entire business transfer of

subsidiary THB 1.9bn

THB 10.1bn

THB 12.2bn Total Settlement Value


Appendices

• Thana City Golf Course and Sports Club

• Par 1 (Housing Estate)

• Land (e.g. Bayswater JV)

PRE EBT

Total Assets Value: THB 12.2bn

Appendix 10: Overview of Property Restructuring The Entire Business Transfer (EBT) of UE to U City


THB

51.4bn

FY 2018 REVENUE CONTRIBUTION

30 SEP 2018 BOOK VALUE BREAKDOWN

Office

THB 4.1bn

8.1%

Hospitality

THB 19.7bn

38.3%

Land bank

THB 8.0bn

15.5%

RECURRING INCOME PROPERTY

RESIDENTIAL PROPERTY

LANDBANK

Hospitality segment includes a

geographically diversified portfolio of

owned, leased and managed hotels in

Europe and Asia.

Office segment has lettable space

comprising of 2 office buildings in

London, UK and 1 office building in

Bangkok, Thailand.

Through a 50% stake in the BTS-

Sansiri JV, which develops

condominiums near mass transit

lines . We recognise equity income

or a share of profit from the JV.

64% of land bank value is located adjacent to future or current mass transit lines and is

therefore well-positioned to benefit from the ‘mass transit premium’

1,027

3,868 6,009

2017 2018 2019

63

162

282

2017 2018 2019

Operating Revenue (THB mn)

Residential

THB 15.6bn

30.4%

THB

6,976mn Office

THB 282mn

4.0%

Others*

THB 685mn

9.8%

Hospitality

THB 6,009mn

86.1%

* Includes property management revenue

Alternative*

THB 4.0bn

7.7%

*Includes the Unicorn and Verso International School

Appendix 11: U City’s Overview The designated vehicle for property development


Appendices


Appendix 12: U City’s Residential Property Overview 14 Projects SIRI-JV condominium launched


Appendices

PARTNERSHIP ROADMAP

2015

2016

50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with

Sansiri PCL with an expected NPAT margin 12%

2018

2017

The LINE Wongsawang

The LINE Sukhumvit

101

The LINE Jatujak-

Mo Chit

Fully transferred

• The LINE Jatujak – Mo Chit Project value: THB 5,815mn

No. of units: 841

• The LINE Sukhumvit 71 Project value: THB 1,967mn

No. of units: 291

• The LINE Ratchathewi Project value: THB 2,809mn

No. of units: 231

• The BASE Phetkasem 29 Project value: THB 2,011mn

No. of units: 640

• The MONUMENT Thong Lo Project value: THB 6,381mn

No. of units: 127

• The LINE Sathorn Project value: THB 3,910mn

No. of units: 327

• The LINE Asoke-Ratchada Project value: THB 3,022mn

No. of units: 473

• The BASE Garden Rama 9 Project value: THB 2,336mn

No. of units: 640

• The LINE Phahon-Pradipat Project value: THB 5,887mn

No. of units: 982

• The LINE Sukhumvit 101 Project value: THB 4,653mn

No. of units: 778

• KHUN BY YOO Project value: THB 4,066mn

No. of units: 148

• The LINE Wongsawang Project value: THB 4,763mn

No. of units: 1,288

• The BASE Saphanmai Project value: THB 2,919mn

No. of units: 820

• The LINE Phahonyothin Park Project value: THB 4,969mn

No. of units: 880

• The BASE Ratchada-Thapra Project value: THB 3,050mn

No. of units: 1,037

2022

• The Line Rama9 Pung Muang Project value: THB 1,842mn

No. of units: 315

2024

The LINE Sathorn


Appendix 13: BTS-W4 and BTS-W5 Term Sheets

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 ratio1 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 June 2019)

704.2mn units exercised, generating proceeds of

THB 7.4bn, equivalent to 54% of maximum

proceeds

BTS-W4 TERMS AND CONDITIONS

59

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

BTS-W5 TERMS AND CONDITIONS


Appendices

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.


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

Appendix 14: 1Q 2019/20 Overview

79%

Mass Transit 15%

Media

1%

Property

5%

Services 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


Appendices 60


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

Appendix 14: 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

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)


Appendices 61


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

Appendix 14: 1Q 2019/20 Mass Transit

Services revenue

from provision

of E&M works &

train procurement

for Green Line ext.

19%

12%

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


Appendices 62

IR Quarterly Presentation 4Q 1213_Draft1.xlsx



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

Appendix 14: 1Q 2019/20 Media

7%

Office Buildings

and Others

32%

Digital

*OOH Media includes Transit, Outdoor and Office Building and Other Media

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


Appendices 63



Residential

0%


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

Appendix 14: 1Q 2019/20 Property

100%

Commercial

& Others

80 87 85

107

79

1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20


Appendices 64



Appendix 14: 1Q 2019/20 Mass Transit Update 1Q 2019/20 Core Network Ridership

Historical Ridership & % Growth (YoY) Historical Average Fare & % Growth (YoY)

*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)


Appendices


Appendix 14: 1Q 2019/20 Mass Transit Update Progress of BTS secured Lines

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 (%)*

43%


Appendices


Appendix 14: 1Q 2019/20 Mass Transit Update Progress of 46 New Trains Delivery

4 trains arrived

The remaining 20 trains will be 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


Appendices


Appendix 14: 1Q 2019/20 Media Update: Advertising Unlocking the Chinese market through online marketing solutions

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


Appendices


Appendix 14: 1Q 2019/20 Media Update : Payment Enabling the smarter marketing solutions through payment expansion

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


Appendices


Appendix 14: 1Q 2019/20 Property Update U’s acquisition of hotels portfolio in Germany and Switzerland

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.

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


Appendices


Appendix 14: 1Q 2019/20 Property Update U signed the amendment to the agreement of Roi Chak Sam project

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.


Appendices

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