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BTS GROUP HOLDINGS PCL

FY 2018/19 EARNINGS PRESENTATION

SET OPPORTUNITY DAY 6 JUN 2019

prepared by Investor Relations departmentBTS Group Holdings PCL

Disclaimer

Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public Company Limited (the “Company”)before making a decision to invest in Securities. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not 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

BTS Group Earnings Presentation3

FY 2018/19 FINANCIAL PERFORMANCESECTION 1

BUSINESS UPDATESSECTION 2

APPENDICESSECTION 3


FY 2018/19 Highlights

4BTS Group Earnings PresentationSection 1: FY 2018/19 Financial Performance

Strong growth in revenue and profitability

Operating Revenue of THB 47.9bn

+29% YoY

Net Recurring Profit (after MI) of 3.2bn

FINANCIAL POSITION

Balance sheet Expansion and Strength

Cash & Liquid Investments ofTHB 18.7bn

Adjusted Net D/E 1.03x

Low leverage despite the increase in debt

Investment phase continues;

Net investment in Pink & Yellow Lines of

THB 24.6bn

Net investment in Green Line Extensions

THB 4.1bn

Investment in Kerry Express Thailand

THB 5.0bn

P&L HIGHLIGHTS 12M CASH FLOW

+240% YoY

+49% YoYOperating EBITDA of 6.1bn

Balance Sheet expansion

by 36%


FY 18/19 Key Milestones

5BTS Group Earnings PresentationSection 1: FY 2018/19 Financial Performance

2018

BTS

GR

OU

PM

ASS

TR

AN

SIT

PR

OP

ERTY

JUN – JUL

MED

IA

Jun: Received the Notice-to-Proceed for Pink and Yellow Lines

Jul: Received 30-year O&M Contract of Gold Line Phase 1

Jul: MACO acquired “Trans. Ad Group” in order to support its digital media expansion domestically and internationally

SEP – DEC

Oct: U City EGM approved (i) the capital reduction to clear its deficit in order to pay dividend in the future and (ii) reverse-stock split to facilitate U’s trading liquidity

JAN – MAR

Feb: Interim dividend of THB 0.17 per share was paid.

Feb: VGI partnered with LAWSON to establish O2O ecosystem through Lawson Stores

Mar: Submitted U-TapaoInternational Airport and Eastern City Development Project bid

Sep: BTSG was selected as a member of DJSI EM 2018

Mar: VGI acquired 18.6% stake in “PlanB”, valued THB 4.6bn

APR - MAY

Apr: U City Entered into the Share Sale and Purchase Agreement to dispose ordinary shares of Mo Chit Land, to STEC, worth THB 4.3bn

May: BoD approved final dividend THB 0.25 per share and the issuance of BTS-W5, exercise price at THB 14 (subject to shareholders’ approval)

May: Disposed Bayswater JV shares to CPN, worth THB 7.7bn

Dec: Full operation of the Southern Green Line extension (Bearing – Kheha), totalling12.6km, 9 stations

Mar: New JV “VGI AnyMind” to incorporate AI solutions in advertising

Apr: New JV “VClick” to capture advertising opportunity in Chinese consumer market

May: THB 13bn first Thai Green Bond issued (avg. coupon rate 3.41%)

Jul: VGI completed 23% acquisition of Kerry Express Thailand, total purchase price of THB 5.9bn

2019

Oct: VGI launched new features of Rabbit Line Pay which enable RLP users to top up BTS cards through RLP

Nov: BTS-W4 issued, with exercise price at THB 10.50

Sep: THB 9.5bn debenture issued (avg. coupon rate 3.38%)

Apr: U City entered into share sales and purchase agreement to acquire hotels in Germany and Switzerland


OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) FY 2018/19 FY 2017/18 % YoY

Operating Revenue1 47,923 14,102 240%

Gross operating profit 7,869 5,778 36%

Operating EBITDA2 6,106 4,089 49%

Recurring net profit – after MI 3,248 2,508 29%

Accounting EBITDA 6,876 7,571 (9)%

Net income (loss)3 2,873 4,416 (35)%

Gross operating profit margin (%) 16.4% 41.0%

Accounting EBITDA margin (%) 13.9% 42.3%

Recurring net profit margin – after MI(%) 6.6% 16.0%

Operating EBITDA margin (%) 12.7% 29.0%

P&L SNAPSHOT

FY 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

6

FY 2018/19 Overview

86%

Mass Transit 11%

Media

1%

Property

2%

Services

BTS Group Earnings PresentationSection 1: FY 2018/19 Financial Performance

14,102

47,923

32,216 1,221 (279) 663

FY17/18 Mass Transit Media Property Services FY18/19

(44)% 148%31%354%

(THB mn)


Share in BTSGIF

2%

O&M

Construction revenue for Pink and Yellow Lines

74%

Mass Transit relatedInterest income

3%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS▪ The YoY revenue growth of 32.2bn or 354% was mainly from

• Construction revenue for the Pink and Yellow lines of THB 30.7bn• Interest income related to Mass Transit rose by 114% or THB 576mn

to THB 1,078mn• O&M revenue increased by 29% or THB 515mn to THB 2,277mn,

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 30.6bn to THB 36.9bn largely from the recognition of construction cost for the Pink and Yellow Lines

▪ Operating EBITDA margin was 10.9% (31.5% in FY 2017/18)

OPERATING PERFORMANCE

MASS TRANSIT (THB mn)

FY2018/19

FY2017/18

%YoY

Revenue 41,328 9,112 354%

Costs of revenue 36,868 6,274 488%

Gross profit 4,460 2,837 57%

Operating EBITDA 4,498 2,872 57%

Gross margin (%) 10.8% 31.1%

Operating EBITDA margin (%)

10.9% 31.5%

OPERATING REVENUE BREAKDOWN

FY 2018/19

7

Mass Transit

Services revenue from provision of E&M works & train procurement for Green Line ext.

15%

5%


468 452 452 565 807 252 228 244 239 187 234 193 242 289 354

1,205 926

1,524 2,183

1,451

11,777

13,616

5,325

14

16

228

15

4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19

Others

Construction revenue for Pink and YellowLinesServices revenue from provision of E&Mworks & train procurement for Green Line ext.Mass Transit related interest income

Share of net profit in BTSGIF

O&M

* Comprised of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox from BRT

Others*

1%

*

IR%20Quarterly%20Presentation%204Q%201213_Draft1.xlsx


HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

▪ All-time high revenue of THB 5,123mn, an increase of 31% YoY driven by organic growth in the OOH media segment and higher revenue from Digital Services segment• OOH Media revenue* rose by 8% YoY to THB 3,841mn largely from

encouraging growth in all business units• Digital Services Business rose sharply by 273% YoY to THB

1,282mn mainly due to the eight-month consolidation of Trans.AdGroup, higher revenue from Rabbit Group and the increase in average number of policies sold

▪ Costs increased by 56% YoY to THB 1,234mn primarily due to the eight-month consolidation of Trans.Ad Group

▪Operating EBITDA margin declined YoY to 45.5% (50.6% in FY 2017/18)

46%

BTS – Related Media

21%

Outdoor Media

MEDIA (THB mn)

FY2018/19

FY2017/18

%YoY

Operating revenue 5,123 3,902 31%

Costs of revenue 1,919 1,234 56%

Gross profit 3,204 2,668 20%

Operating EBITDA 2,332 1,976 18%

Gross margin (%) 65.5% 68.4%

Operating EBITDA margin (%) 45.5% 50.6%

FY 2018/19

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

8

Media

8%

Office Buildings

and Others

25%

Digital

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


1,020 990 909 965 1,047

87 87296

495335

4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19

Digital Services Media OOH



Residential

4%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS▪Operating revenue was THB 360mn, mainly from commercial property

which decreased by 46% 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 loss from investment in U City, our associate, of THB 80mn (THB 505mn loss in FY 2017/18) as U City recognised lower loss on impairment of assets, improved operating performance of hotel business in Europe and the transfer progress of Sansiri-JVs

▪Operating costs dropped in tandem with the decline in operating revenue, reducing by 37% YoY or THB 153mn to THB 261mn.

OPERATING PERFORMANCE

PROPERTY (THB mn)

FY2018/19

FY2017/18

%YoY

Operating Revenue 360 639 (44)%

Costs of revenue 261 413 (37)%

Gross profit 99 226 (56)%

Operating EBITDA (22) (4) 460%

Gross margin (%) 27.6% 35.3%

Operating EBITDA margin (%)

(6.1)% (0.6)%

OPERATING REVENUE BREAKDOWN

FY 2018/19

NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.

9

Property

96%

Commercial & Others


16080 87 85

107

4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19

Operating revenue



46,364 52,150

36,971 50,370

22,923

41,794

31 Mar 18 31 Mar 19

Total shareholders' equity Total non-current liabilities Total current liabilities

144,315106,258

84,591

123,186

21,667

21,129

31 Mar 18 31 Mar 19

Total non-current assets Total current assets

144,315106,258

Cash

31 Mar 18: THB 9.5bn


Current Investments



Long-Term Investments

31 Mar 18: THB 15.9bn

31 Mar 19: THB 14.6bn

80%

20%

15%

85%

29%

36%

35%

44%

21%

35%

FY 2018/19: 1.39xFY 2017/18: 1.02x

Gross Debt to Equity

FY 2018/19: 1.03xFY 2017/18: 0.37x

Adjusted NetDebt* to Equity

FY 2018/19: 7.43xFY 2017/18: 3.02x

Adjusted Net Debt* to Recurring EBITDA

FY 2018/19: 3.70xFY 2017/18: 3.31x

Interest Coverage

FY 2018/19: 0.51xFY 2017/18: 0.95x

Current Ratio

ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN

KEY RATIOS

10

Financial Position

*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn)


Gross Debt

31 Mar 18: THB 47.2bn

31 Mar 19: THB 72.5bn

Adjusted Net Debt*

31 Mar 18: THB 17.1bn

31 Mar 19: THB 53.8bn

*****

Issued Ordinary Shares

31 Mar 18: 11,940.4mn

31 Mar 19: 11,845.4mn


Agenda

11BTS Group Earnings Presentation



APPENDICESSECTION 3


Mass Transit UpdateFY 2018/19 Core Network Ridership

12

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

BTS Group Earnings PresentationSection 2: Business Updates

*Excluding the impact of free-trip allowance to passengers from train services disruption

218.7 232.5 238.0 241.2 241.0

1.9% 6.3% 2.4% 1.3% -0.1%

-150.0%

-140.0%

-130.0%

-120.0%

-110.0%

-100.0%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2014/15 2015/16 2016/17 2017/18 2018/19

Total Ridership (mn trips) Ridership Growth (% YoY)

26.9 27.5 27.9 28.3 29.0*

1.6% 2.4% 1.3% 1.4% 2.4%

-150.0%

-140.0%

-130.0%

-120.0%

-110.0%

-100.0%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

15.0

17.0

19.0

21.0

23.0

25.0

27.0

29.0

31.0

33.0

35.0

2014/15 2015/16 2016/17 2017/18 2018/19

Average fare price (THB) % Change YoY

• Annual ridership slightly declined 0.1% YoY to 241.0mn trips

• Annual average weekday ridership of 744,513 trips, +0.1% YoY

• Farebox revenue grew 2.3% YoY to THB 7.0bn

• Annual fare increased 2.4% YoY to THB 29.0 per trip

• Key factor: Promotional adjustment of stored-value card in April 2018


Mass Transit UpdateProgress of BTS Secured Lines

13

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 30 April 2019, except for E&M for Northern Green Line ext. and Gold Line which were as of 30 May 2019

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 Period100%

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 – KlongSan)1.7km/ 3 stations

Targetedoperation

(by Sep 2020)

O&M contract Signed (31 Jul 18)

Construction Period

34% 20%

19% 33%

34% 20%

Civil E&M

Progress (%)*


27%


Media UpdateVGI’s Partnership

14BTS Group Earnings PresentationSection 2: Business Updates

Acquisition of 18.6% in PlanBCollaboration 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 shareholders2. 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. PinijsornLuechaikajohn

pan GroupPublic

43.6%6.4%31.4% 18.6%

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

• Market “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

Partnership with Anymind GroupTo 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 in terms of reaching the targeted customers at the right time

• Leveraging AnyMind Technology platform to better organise, analyse and mobilise Rabbit data network

Partnership with I-Click Interactive Asia GroupTo capture advertising opportunity in Chinese consumer market

• Capturing advertising opportunity in China market

• Appointing VGI as a sale 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 OnlineOperator

Travel service provider

Instant messaging service


Media UpdateVGI’s Broaden User-Base from Rabbit and Kerry Network Expansion


RABBIT LINEPAY

Rabbit LinePay serves more than 5.5mn users, an increase of 83.0% YTD

Partnership with AIS

2.9 3.1 3.23.4

3.84.2 4.5 4.7 4.9 5.1 5.2 5.3 5.5

Single e-wallet with BTS and Rabbit Card & Rabbit LinePay

+83.0% YTD

RABBIT CARD

Rabbit Card circulation reached 11.0mn, increased by 23.2% YTD

9.0 9.1 9.2 9.3 9.4 9.6 9.8 9.9 10.1 10.3 10.6 10.8 11.0

+23.2% YTD

KERRY PARCEL SHOP

KERRY TRUCK


Property UpdateDisposal of the Investment in Bayswater JV to CPN, Worth THB 7.7bn

16

Transaction Disposal of the investment in Bayswater Co., Ltd.

RationaleTo generate profit and to use proceeds for other businesses, projects or working capital of the Company

Seller The Company

Buyer Central Pattana Public Company Limited (CPN)

Value ofDisposed Investment

THB 7,699mn

Amount of Shares to be Disposed

50,000 ordinary shares (50% of total shares) at par value of THB 100 per share

Asset Details Land 48 – 3 – 12.8 Rai (78,051.2sqm)

Ownership: Freehold

BTS Proximity 200m from Phahon Yothin 24 Station (N10 of Northern Green Line extension)



Property UpdateU’s Disposal of the Investment in Mochit Land to STEC, Worth THB 4.3bn

Transaction Ordinary Shares Disposal of Mo Chit Land Company Limited

Seller U City PLC (BTS Associates)

Buyer Sino-Thai Engineering and Construction PLC (STEC)

Total Price THB 4,320mn

Amount of Shares to be Disposed

29,550,000 ordinary shares (100% of total shares) at par value of THB 27.25 per share

Asset Details Land and commercial buildings (Shop house) in amount of 63 plots 11-0-40.7 Rai (4,440.7 Sq.Wah)

Payment Terms 1st installment: 1 November 2019 THB 1,300mn (transfer date)

2nd installment: 1 November 2020 THB 1,000mn3rd installment: 1 November 2021 THB 1,000mn4th installment: 1 November 2022 THB 1,020mn

Shares Transfer Date

1 November 2019



BTS Group UpdateFirst Thai Green Bond Offering to Institutional & HNW Investors


THB 13BN GREEN BOND

Rationale:

Issuance Date:

For debt repayment of Eligible Green Projects (Pink & Yellow Line)

24 May 2019

Average Coupon Rate:

3.41%

Complied with

By ICMA✓ ✓

Climate Bonds Standard version 2.1

✓

Verified by

Provide Second Party Opinion (SPO) to verify BTSG Greenbond Framework Aligned with GBP

Certified by Climate Bonds Initiative (CBI)

Certified byTHB 13.0bnIssue Size:

THB 41.7bnBidding Demand:

A/ Stable rated by TRISCredit Rating:


BTS Group UpdateBTS-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

AllocationTo existing shareholders at the ratio of 9 existing BTS shares : 1 bts-W4

Exercise ratio1 1 BTS-W4 to 1.1 new common share of BTS

Exercise price THB 10.50 per share

Expected maximum proceeds

THB 13.8bn

Exercise period Quarterly

Progress48.8mn units exercised, generating proceeds of THB 0.5bn, equivalent to 3.7% of maximum proceeds

BTS-W4 TERMS AND CONDITIONS

19

Ticker BTS-W5

Term 1 year from the issuance date

Warrants price nil

No. of warrants Up to 1,319.61mn units

AllocationTo 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

1Subject to shareholders’ approval, issuance of new warrants (BTS-W5) up to 1,319.6mn units, 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. The number of shares with the right to receive BTS-W5 Warrants will be equivalent to 13,195.7mn shares.

BTS-W5 TERMS AND CONDITIONS


THB 1.5 - 1.9bnMass-transit related interest income

THB 27 - 33bn THB 0.7bn THB 0.2bn(Excludes: Real estate

development cost)

THB 23 - 27bnPink and Yellow LinesConstruction revenue

THB 4 - 6bnRevenue 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 - 6.2bnVGI Revenue

40 - 45% VGI EBITDA margin

20 - 25% VGI NPAT margin

FY 2019/20 BTS Group Targets and CAPEX

≥ 20% U City EBITDA margin

THB 350mnBTS Group

Property Revenue

THB 7.2 - 7.5bnU City Revenue

BTS GROUP TARGETS

CAPEX: THB 28-34BN

MASS TRANSIT PROPERTYMEDIA


20


Agenda

BTS Group Earnings Presentation 21



APPENDICESSECTION 3


Mass Transit UpdateProgress of New Trains Delivery

22

✓ 14 trains arrived ✓ Another 8 trains will be completely

delivered by 2019

✓ First batch arrived in 1H 2019✓ The remaining will be completely

delivered by 2020

BTS Group Earnings PresentationAppendices


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


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 Targeted

Full operation


FY 22/23

Construction Period

Construction Period

Construction Period

Construction Period

(Civil works of Eastern Orange)


23


Mass Transit UpdateU-Tapao International Airport - Project at a Glance

24BTS Group Earnings PresentationAppendices

3 Consortiums submitted bid of U-Tapao

LocationPlub 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

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 32. Commercial Gateway3. Cargo Village as a Free Zone4. Cargo Complex

5. Maintenance, Repair and Overhaul Facilities

6. Aviation Training Center7. Passenger Terminal Building 1 and 2

Timeline

Source: Company Data and Market Sounding

21 March 2019

Bidding Submission

2019

Expected Best Bid Announcement

October 2018

RFP selling period

Package Inclusion:

Package Exclusion:

Grande Asset: 80%

Thai Air Asia: 10%

Christiani & Neilson: 10%

Grand Consortium

Thana Holding

Ch Karnchang

Italian Thai Development

B. Grimm Joint Venture Holding

(42 companies bought U-Tapao RFP)

CPConsortium


Western Orange

Eastern Orange

Eastern Orange

Western OrangeEXPECTED TIMELINE

Mass Transit UpdateOrange Line – Project at a Glance

25

2023Targeted Commercial Operation Date

MAY 2017Civil work construction of Eastern Orange began

2019Expect 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 Station

Taling Chan –

Thailand Cultural Center

17km

12 (underground)

Route

Length

No. of Station

Thailand Cultural Center - Min Buri

22.6km

17 (10 aboveground and 7 underground)

* Western Orange civil works CAPEX



26

Property Update14 Projects SIRI-JV Condomimium Launched with Upcoming 3 Projects

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

The LINE Jatujak – Mo Chit Project value: THB 5,815mn No. of units: 841The LINE Sukhumvit 71Project value: THB 1,967mn No. of units: 291The LINE RatchathewiProject value: THB 2,851mn No. of units: 231

The LINE Asoke-RatchadaProject value: THB 3,022mn No. of units: 473The BASE Garden Rama 9Project value: THB 2,336mn No. of units: 640The LINE Phahon-PradipatProject value: THB 5,890mn No. of units: 981

2017

The BASE Phetkasem 29Project value: THB 2,012mn No. of units: 640The MONUMENT Thong LoProject value: THB 6,258mn No. of units: 127The LINE SathornProject value: THB 3,910mn No. of units: 327

The LINE Sukhumvit 101Project value: THB 4,653mn No. of units: 778KHUN BY YOO Project value: THB 4,069mn No. of units: 148

The LINE WongsawangProject value: THB 4,776mn No. of units: 1,288

The LINE WongsawangThe LINE Sukhumvit

101

The LINE

Jatujak-Mo Chit

Fully transferred

The BASE SaphanmaiProject value: THB 2,921mn No. of units: 820

The LINE Phahonyothin ParkProject value: THB 4,961mn No. of units: 880

2019The LINE

Sathorn

The BASE Ratchada-ThapraProject value: THB 3,050mn No. of units: 1,037VIA Sukhumvit 34Project value: THB 1,345mn No. of units: 82Yak Phang MuangProject value: THB 1,842mn No. of units: 315

Ready to move in

New projectTo be transferred



Tracking FY 2018/19 guidanceM

EDIA

FY 2018/19 BTS GROUP TARGETS

THB 5bn (revised)Targeted Media Revenue(Actual THB 5.1bn)

1% (revised)Core Networkridership growth

(Actual -0.1% YoY)

1.5-2%Core Networkaverage fare increase(Actual +2.4% YoY)

30%Train O&M revenue growth (Actual +29% YoY)

THB 7-9bnRevenue from E&M provision and train procurement for Green Line South and North extensions(Actual THB 6.7bn)

THB 350mnTargeted BTS Group Property Revenue(Actual THB 360mn)

(Actual 19%)

THB 20-25bnConstruction revenue for Pink and Yellow Lines(Actual THB 30.7bn)

THB 6-6.7bnTargeted U City Property Revenue(Actual 7.0bn)

≥ 25% EBITDA margin (at U City level)

40-45% EBITDA margin(Actual 43.0%)

20-25% NPAT margin(Actual 21.5%)

THB 0.6-0.7bnInterest income from train procurement and construction revenue for Pink and Yellow lines(Actual THB 1.1bn)

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

(Actual THB 28.7bn;

P/Y THB 24.6bnE&M and trains THB 4.1bn)

THB 1.1bn(Actual THB 750mn)

THB 0.4bn(Excludes: Real estate development cost)

PR

OP

ERTY


27

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