JANUARY 2019
BTS GROUP HOLDINGS PCL
INVESTOR PRESENTATION
prepared by Investor Relations department BTS Group Holdings PCL
IR Contact
2
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: [emailprotected] Website: www.btsgroup.co.th
BTS Group Investor Presentation
prepared by Investor Relations department BTS Group Holdings PCL
Section 1 BTS Group in Brief
Section 2 Business Segment Profiles
Section 2.1 Mass Transit Business
Section 2.2 Media Business
Section 2.3 Property Business
Section 2.4 Services Business
Section 3 Financial Summary
Appendices
Contents
BTS Group Investor Presentation 3
prepared by Investor Relations department BTS Group Holdings PCL
4
BTS Group History
BTS Group Investor Presentation Section 1: BTS Group in Brief
TYONG listed on the Stock Exchange of Thailand under Property Development sector
1991
TYONG established a wholly-owned subsidiary, Bangkok Transit System Corporation Ltd. (BTSC), which won the SkyTrain concession bid
1992
Commercial operation of the BTS SkyTrain commenced
1999
BTSC exit court supervised rehabilitation procedure
2008
BTSC expanded into Media business through the acquisition of 100% of VGI Global Media Co., Ltd. (VGI)
2009
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
VGI Global Media 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
Company established as Tanayong Co., Ltd. (TYONG) to operate in property development field
1968
BTSG completed the entire business transfer of Unicorn Enterprise Company Limited, our former subsidiary, to U City Public Company Limited, our associate
MAR 2018
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; a wholly owned subsidiary of the BMA. The contract covers 30.8km of Green Line Northern and Southern extensions (Mo Chit – Saphan Mai – Khu Khot and Bearing – Samut Prakarn)
MAR 2017
prepared by Investor Relations department BTS Group Holdings PCL
18.09%
BTS Infrastructure
Services Co., Ltd
1 Information based on book closure date on 14 Jun 18 with total issued shares = 11,845.5mn shares 2 BTSG holds 69.69% of VGI indirectly and directly as of 30 September 2018 3 Revenue from the Company recorded under Services BU
33.33%
45.04%
Bayswater Co., Ltd.
50%
5
BTS Group Holdings PCL
BTS Group Investor Presentation Section 1: BTS Group in Brief
Business Organisation and Shareholding Structure as of 30 September 2018
BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF)
97.48%
Yongsu Co., Ltd. 100%
DNAL Co., Ltd. 100%
The Community One Co., Ltd.
100%
Kingkaew Assets Co., Ltd.
100%
Bangkok Mass Transit System PCL (BTSC)
25.79%
MEDIA BUSINESS
41% Kanjanapas Family1
34% Institutional Investors1 25% Individual Investors1
38.99%
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 Global Media 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.
ASK Direct Group Co., Ltd. 51%
Rabbit Insurance Broker Co., Ltd.
51%
Rabbit Internet Co., Ltd. 30%
Rabbit Rewards Co., Ltd.
100%
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.
The Community Two Co., Ltd.
100%
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.
49%
49%
100% VGI Global Media (Malaysia) Sdn Bhd
The ICON VGI Co., Ltd.
25%
100% RB Services Co., Ltd. U City PCL
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%
100%
100%
100%
Group Work Co., Ltd.
20%
100% Turtle 23 Co., Ltd.
50% BV Media Ads Limited
prepared by Investor Relations department BTS Group Holdings PCL
65% 28%
4% 3%
548 492 743
449
FY 14/15 FY 15/16 FY 16/17 FY 17/18
1,355 897
617 639
FY 14/15 FY 15/16 FY 16/17 FY 17/18
2,926 2,318 3,010
3,902
FY 14/15 FY 15/16 FY 16/17 FY 17/18
2,274 2,574 4,237
9,112
FY 14/15 FY 15/16 FY 16/17 FY 17/18
(1) FY ended 31 March
BTS Group Overview 4 Business Units with Mass Transit as our Core
MASS TRANSIT
PROPERTY
MEDIA
SERVICES
Historical operating revenues(1)
Media Revenue (THB mn)
Property Revenue (THB mn)
Services Revenue (THB mn)
Mass Transit Revenue (THB mn)
FY 17/18 Operating revenue contribution
*FY 2017/18:- Services revenue from provision of E&M works & train: THB 5,795mn, O&M Revenue: THB 1,865mn, net profit from investment in BTSGIF: THB 949mn, interest income from E&M and train procurement: THB 503mn
BTS Group Investor Presentation Section 1: BTS Group in Brief
6
*FY 2017/18:- OOH Media revenue: THB 3,558mn, Digital Services business: THB 344mn
* FY 2017/18:- Commercial Property revenue : THB 616mn, Residential Property revenue: THB 23mn
* FY 2017/18:- ChefMan revenue:- THB 128mn, HHT revenue : THB 180mn, BPS and Rabbit Rewards: THB 141mn
THB 14,102mn
Mass Transit Media
Property Services
EMPLOYEES (as of 31 Mar 2018)
Mass Transit
Media
Property
Services
2,372
495
548
955
BTS Group 148
Total 4,518
prepared by Investor Relations department BTS Group Holdings PCL
FY16/17 FY17/18 FY21/22
FY16/17 FY17/18 FY21/22
7 BTS Group Investor Presentation Section 1: BTS Group in Brief
Strategy and 5-Year Growth Targets Target Average Operating Revenue & Recurring Net Profit Growth of ~30% p.a. from FY 16/17 to FY 21/22
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.
After securing additional lines, we capture further value from opportunities which cascade down to our other independently operating business units in Media, Property and Services. We actively pursue capital market opportunities that allow us to unlock further uplift from our assets or to allow us to recycle capital to finance future expansion sustainably.
BU 5-YEAR GROWTH DRIVERS
Mass transit Organic growth: 4-5% CAGR ridership growth, inflationary fare increase on Core Network (23.5km): pre-agreed O&M fee increase to Green Line extensions (12.8km) New contracts: 97.4km (Pink, Yellow, Dark Green North & South extensions and Gold Line phase 1) already secured taking total to 133.7km Target contracts for an additional 81.2km (Green West, Orange, LRT, Grey and HSR)
Media
Out-of-Home (Organic growth) • Transit: mass transit line expansion • Office: increased building supply • Outdoor: billboard and street portfolio expansion through new licensing agreements • Airport: increasing popularity of low cost airlines Payment & Data: expansion of our payment network through our subsidiary, Rabbit Group, and partnerships with its strategic alliances New products and synergies: new stream of revenue resulting from the full integration of 3 platforms – this can create new synergies such as optimal O2O solutions for our clients
Property Commercial: 4-5% revenue CAGR growth U City: Targets revenue and net profit of THB 9,400mn and 1,360mn, respectively by 2022
5Y CAGR ≈ 31%
STRATEGY 5-YEAR OPERATING REVENUE* OUTLOOK
5-YEAR RECURRING NET PROFIT (AFTER MI) OUTLOOK
THB 1.4BN
THB 5.1BN
THB 8.2BN
THB 31.8BN
5Y CAGR ≈ 29%
* Operating revenue includes share of net profit (loss) from associated companies and JVs
THB 13.9BN
Mass Transit
Media Property Services
Mass Transit
Media Property Services
Others
THB 2.5BN
70%
25%
65%
28%
52% 37%
73%
27%
84%
38%
107% 49%
prepared by Investor Relations department BTS Group Holdings PCL
Contents
BTS Group Investor Presentation 8
Section 1 BTS Group in Brief
Section 2 Business Segment Profiles
Section 2.1 Mass Transit Business
Section 2.2 Media Business
Section 2.3 Property Business
Section 2.4 Services Business
Section 3 Financial Summary
Appendices
prepared by Investor Relations department BTS Group Holdings PCL
Bangkok Rail Mass Transit Network At 121.6km Bangkok’s Network is Immature
9 BTS Group Investor Presentation Section 2.1: Mass Transit Business
MASTER PLAN: 515.2KM IN 2029, 24% MARKET SHARE IN 2037
Seoul 51% Hong Kong 49% Tokyo 48% Singapore 46% Guangzhou 17% Bangkok 6%
RAIL MASS TRANSIT MARKET SHARE
Tokyo 42.0 Singapore 39.4 Hong Kong 34.9 Bangkok 10.2
RAIL TRACK LENGTH PERVASION (per million population)
OPERATING LINES: 121.6KM
BTS: 48.9km (SkyTrain Green Line)
BEM: 44.2km (Blue Subway & Purple)
SRT: 28.5km (Airport Rail Link)
WEEKDAY RIDERSHIP MARKET SHARE IN 2017 (JAN-DEC)
Total Average Weekday Ridership of 1,191,390 trips
BTS 743,223
62%
BEM* 378,167
32%
ARL 70,000
6% Source: OTP, Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau
Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities
Sources: Office of Transport and Traffic Policy and Planning, Bangkok Metropolitan Administration
*Includes MRTA and BMA projects
*BEM ridership excludes purple line, BTS and BEM based on company’s ridership report website as of 2017, whilst ARL is based on information as of DEC 17.
121.6km 85 stations by 3 operators
prepared by Investor Relations department BTS Group Holdings PCL
BTS Lines 4 Lines, covering a total of 133.7km are under BTS Contracts
10 BTS Group Investor Presentation Section 2.1: Mass Transit Business
*Northern Green Line Extension is currently under construction. It s first station is expected to be opened in mid 2019 and its full operation in 2020.
BTS NETWORK: 133.7KM (115 STATIONS)
SAPHAN TAKSIN – BANG WA 7.5KM
ONNUT – BEARING 5.3KM
SOUTHERN GREEN LINE BEARING – SAMUT PRAKARN 12.6KM
LAD PRAO – SAM RONG 30.4KM
MO CHIT – ON NUT 17.0KM NATIONAL STADIUM – SAPHAN TAKSIN 6.3KM
KHAE RAI – MIN BURI 34.5KM
NORTHERN GREEN LINE MO CHIT - KHU KHOT 18.2KM*
CORE NETWORK
EXT. ZONE 1
EXT. ZONE 1
EXT. ZONE 2
EXT. ZONE 2 PINK
YELLOW
KRUNG THONBURI BTS STATION – KHLONG SAN 1.7KM
GOLD PHASE 1
67.1
1.7
30.4
34.5
OPERATING DISTANCE
SECURED DISTANCE
TOTAL 133.7
UNIT: KM
48.9
48.9
GREEN
PINK
YELLOW
GOLD
prepared by Investor Relations department BTS Group Holdings PCL
1.4
2
1.7
8
2.1
2
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
4.9
5.6
8
5.8
7
6.4
6.6
4
6.8
2
59 79
96 105 118
132 139 133 136 144 145
176 197
215 219 233 238 241
Farebox revenue (THB bn)
Ridership (mn)
1.7
3.4
6
.0
16/
17
17/
18
18/
19
19/
20
20/
21
21/
22
22/
23
23/
24
24/
25
25/
26
26/
27
27/
28
28/
29
29/
30
30/
31
31/
32
32/
33
33/
34
34/
35
35/
36
36/
37
37/
38
38/
39
39/
40
40/
41
41/
42
42/
43
Core Line Zone 1
BTS Network 23.5km Core Network and 12.8km Green Line Extension
11 BTS Group Investor Presentation Section 2.1: Mass Transit Business
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)
17Y Farebox Revenue CAGR: 9.7% 16Y Ridership CAGR: 8.6%
RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.1%)
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 28.3/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
prepared by Investor Relations department BTS Group Holdings PCL
STEC
15%
BTS Network 30.8km New Extension and 64.9km Pink & Yellow Monorail Lines
12 BTS Group Investor Presentation Section 2.1: Mass Transit Business
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 26-year O&M contract covers 30.8km of
Northern and Southern Green Line Extensions (Apr 17 – May 42) • SOUTHERN: Bearing – Samut Prakarn (12.6km/ 9 stations) • NORTHERN: Mo Chit – Saphan Mai – Khu Khot
(18.2km/ 16 stations)
PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT
PINK YELLOW
Route Kae Rai – Min Buri
Lad Prao – 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
DET
AIL
S EX
PEC
TED
RID
ERSH
IP A
ND
R
EVEN
UE
PR
OJE
CT
CA
PEX
& F
INA
NC
ING
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: 30.8KM NEW EXTENSIONS 64.9KM PINK AND YELLOW LINE (MONORAIL)
NORTHERN GREEN LINE MO CHIT - KHU KHOT 18.2KM
SOUTHERN GREEN LINE BEARING – SAMUT PRAKARN 12.6KM
YELLOW LAD PRAO – SAM RONG 30.4KM
EXT. ZONE 2
EXT. ZONE 2
KHAE RAI – MIN BURI 34.5KM
PINK
YELLOW
prepared by Investor Relations department BTS Group Holdings PCL
BTS Group Investor Presentation Section 2.1: Mass Transit Business
BTS Targeted Lines Interested in an additional 81.2km
BANG WA - TALING CHAN 7.0km
BANG NA – SUVARNABHUMI 18.3Km
WATCHARAPHON – THONG LO 16.3km
THAILAND CULTURAL CENTER - MIN BURI 22.6km
TALING CHAN - THAILAND CULTURAL CENTER 17.0km
13
WESTERN ORANGE LINE EASTERN ORANGE LINE
WESTERN GREEN LINE EXT.
GREY LINE (PHASE 1)
LRT
81.2KM FUTURE LINES IN THE NEXT 5 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) TALING CHAN - THAILAND CULTURAL CENTER
MRTA 17.0 12 2023
OTHER ROUTE AUTHORITY DISTANCE (KM)
NO. OF STATION
EXPECTED OPERATING
BLUE HUA LAMPHONG - BANG KHAE
MRTA 14.0 11 2020
BLUE BANG SUE - 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 2020
LIGHT RED BANG SUE – PHAYATHAI – MAKKASAN – HUAMAK
SRT 19.0 9 2020
LIGHT RED BANG SUE – TALING CHAN SRT 15.0 4 2021
PURPLE (SOUTHERN)
TAO POON – RAT BURANA MRTA 23.6 17 2022
TOTAL 206.6
Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and Yellow lines, totaling 175.7km under construction)
prepared by Investor Relations department BTS Group Holdings PCL
9.8 CAPEX INCL. SOUTHERN AND NORTHERN PARTS
Timeline of Upcoming Lines and CAPEX Significant Upcoming Revenue Expected in the Next 5 years
BTS Group Earnings Presentation Section 2.1: Mass Transit Business
84
.8K
M A
WA
RD
ED L
INES
8
1.2
KM
BTS
TA
RG
ETED
LIN
ES
GREEN LINE EXTENSION ZONE 2: NORTHERN 18.2KM1
PINK LINE: 34.5KM
YELLOW LINE: 30.4KM
WESTERN GREEN LINE EXTENSION: 7.0KM
GOLD LINE PHASE 1: 1.7KM
LRT: 18.3KM
GREY LINE PHASE 1: 16.3KM
ORANGE LINE: 39.6KM
1 In total of 30.8km, divided into Southern Green which has already commenced on 6 Dec 18 (12.6km),and Northern Green (18.2km).
2Under the terms of the contract signed on 28 June 2016 with Krungthep Thanakom (KT) - a wholly owned subsidiary of the BMA (Bangkok Metropolitan Administration). BTSC is pre-financing E&M provision and installation. KT will repay the costs of E&M works in a lump sum amount after four years after contract signing date. 3Project 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. 4Assume O&M revenue of THB 140mn/km p.a.
17.32
34.53 CIVIL + TRAINS + E&M
32.63
CIVIL + TRAINS + E&M
2.1
0.4 0.6
3.6
12.9 TRAINS + E&M
33.3 TRAINS + E&M
2.5 4 (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 BY 2019
OCT 2021 JUL 18 2051/52
2020 2041/42
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
FY ended 31 March
TRAINS E&M WORKS
5.0
4.5 – 5.0 (Y1)
START CIVIL WORKS CONSTRUCTION
START FULL OPERATION CONSTRUCTION PERIOD
OPERATION YEAR, UP UNTIL EXPECTED OPEN BID/ AWARD BIDDING & CONSTRUCTION PERIOD
TOTAL CAPEX/FINANCING
THB 152.1bn
14
FY 24/25
2049/50
NOTE:
prepared by Investor Relations department BTS Group Holdings PCL
BTS’s 5-year Target of Network Expansion Quadruple Growth from 48.9km in 2018 to 215km in 2023
BTS Group Investor Presentation Section 2.1: Mass Transit Business
15
38.1
35
48.9
43
50.7
44
68.8
62
175.3
150
215
179
Samrong (1.8km) began operation
South ext. (12.6km)
1st station of North ext. (1.8km)
North ext. (18.2km) Gold line (1.7km)
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
Full operation
Partial operation
Distance (km)
No. of stations
400km Total network in 2023 from 121.6km currently
215km Targeted BTS network in 2023 from 48.9km currently
176km Lines under construction
prepared by Investor Relations department BTS Group Holdings PCL
Contents
BTS Group Investor Presentation 16
Section 1 BTS Group in Brief
Section 2 Business Segment Profiles
Section 2.1 Mass Transit Business
Section 2.2 Media Business
Section 2.3 Property Business
Section 2.4 Services Business
Section 3 Financial Summary
Appendices
prepared by Investor Relations department BTS Group Holdings PCL
-19.7%
-13.1%
-10.8%
-2.7%
-0.7%
9.9%
32.3%*
In-store
Traditional media**
Analogue TV
Total industry
Cinema
OOH
Online 32.3%
2013/14 2014/15 2015/16 2016/17 2017/18
TV Traditional media OOH media Cinema Online*
112bn
57.7%
11.9% 11.8% 6.2%
12.4%
Focusing on the Highest Growth Media Segments OOH and Online
17 BTS Group Investor Presentation Section 2.2: Media Business
Rising in infrastructure, urbanisation and increasing number of people who spend time outdoor were driven the growth of Thailand OOH Media.
VGI GROUP’S FOCUS
• Our focus has proven to be the fastest growth media sector OOH (Out-of-Home)
• Thailand’s no. 1 transit media with 60% of market share
• The sole player in office building media with 162 Grade A&B buildings under management
• Strong nationwide footprint in outdoor media with >2,200 billboards
• Thailand’s no. 2 aviation media with 20% market share Online
• Thailand’s no. 1 activation operator with 70% market share
• The first mover in Thailand who established the integrated online and offline media platform
ADVERTISING MARKET 5 YRS CAGR (2011/12 – 2016/17) 5 YRS HISTORICAL ADVERTISING SPENDING (THB bn)
Coup d’etat Shutdown BKK Mourning effect
ON LINE*
OOH MEDIA
The accelerated growth of online and OOH media fueled by migration to mobile devices and increased consumer media exposure as people spend more time out of home.
VGI’s Focus
* Online includes 2 sources (i) online adspend which consists of banner ad on 50 websites and 10 mobile sites and (ii) digital adspend which is from ad on Facebook, YouTube, Display, Search, Social, Creative, Online Video, LINE and others (based on Dec year-end) Sources: The Nielsen (Thailand) Co., Ltd. and Digital Advertising Association Thailand (DAAT)
118bn
60.0%
22.4% 8.7% 4.6% 4.3% 116bn
60.3%
14.7% 10.4% 5.0% 9.6%
128bn 5.6%
64.2%
18.5% 7.7% 3.5%
127bn 5.6%
64.7%
18.5%
3.5% 7.7%
REMARKS: *Online sources include; (i) ) online adspend which consists of banner ad on 50 websites and 10 mobile sites from Nielson and (ii) Digital adspend includes ad on Facebook, YouTube, Display, Search, Social, Creative, Online Video, LINE and others (based on Dec year-end) reported by DAAT ** Traditional media includes Radio, Newspapers, Magazines
56.0%
44.0% 43.6%
28.4% 24.7% 22.9%
15.4%
Focus Media VGI Lamar Outfrontmedia
APG Stroeer JCDecaux
ONE OF THE MOST HIGHEST EBITDA MARGIN MEDIA COMPANY
The top 3 profitable OOH media company globally.
Note: • EBITDA margin as of 2017 • VGI EBITDA margin as of 2017/18
prepared by Investor Relations department BTS Group Holdings PCL
United Kingdom 314
Singapore 716
Malaysia 82
South Korea 413 Thailand
49
Sweden 420
Expanding Our Business Around Data-driven Segment
18
TECHNOLOGY AMPLIFIES E-PAYMENT LANDSCAPE 70% OF THAI E-COMMERCE PAYMENTS MADE IN CASH
Rapid growth in the number of smartphones, internet and innovative payment products, has driven the e-money market to evolve and experience high growth.
THAILAND HAS A LOW E-PAYMENT USAGE PER CAPITA 150 E-PAYMENT TRANSACTIONS PER CAPITA IN 2020
70% = CASH
30% = ALL OTHER PAYMENT TYPES
Opportunity to convert cash on deliver to e-payment method.
17 21 26 31 35 39 49
150
2010 2011 2012 2013 2014 2015 2016 2020E
9x increased
18 24 36 48 56
68
91
126 221 348
512 669 788 883
1,076 1,272
2010 2011 2012 2013 2014 2015 2016 2017Value of e-money transaction (bn) Volume of e-money transaction (mn txn)
Source: Payment Systems Report (2016), Bank of Thailand
Source: Payment systems statistics, Bank of Thailand
Source: Payment Systems Report (2016), Bank of Thailand
Source: Ecommerce IQ
VALUE & VOLUME CAGR (6 YRS): 30%
prepared by Investor Relations department BTS Group Holdings PCL
Well-Diversified Media Portfolios Advertising, Payment and Logistics Platforms
BTS Group Investor Presentation Section 2.2: Media Business
19
VGI GROUP
BKK, Thailand KL, Malaysia
BKK, Thailand Nationwide, Thailand KL, Malaysia
Nationwide, Thailand Yangon, Myanmar
Nationwide, Thailand
Nationwide, Thailand
Nationwide, Thailand
Advertising Payment
THB 3,559mn THB 378mn
30.4% 30.0% 40.0% 90.0% 90.0% 100.0%
TRANSIT OFFICE OUTDOOR AVIATION ACTIVATION PAYMENT SERVICES
MACO AERO MEDIA DEMO POWER BSS & BSSH VGI COMPANY SEGMENT
GEOGRAPHICAL ACTIVITY
LEADING POSITION & NETWORK
AUDIENCE REACH
KEY GROWTH AREA
SEGMENT
2017/18 REVENUE1
No. 1 in Transit media
31.0km, BKK 51.0km, Malaysia
No. 1 in Office media
174 office building 281 condominium
No. 2 in Outdoor media
>2,000 billboards
No. 2 in Aviation media
15 airports
The largest Activation services
>1,000 stores
Additional inventory from BTS’s new line extensions
Grade B&C and upcountry market
To convert 10% of static billboards to digital screens
Expand to airports in South East Asia
Potential expansion in BTS stations and office buildings
Expand Rabbit card & Rabbit Line Pay network
Rabbit’s data
Expand insurance and micro loan network
1 Excluding revenue from Titanium Compass, Aero Media and Demo Power of which are recognised as equity method
40mn potential reach 16mn users
9.3mn Rabbit cards
3.5mn Active cards 3.4mn LINE pay users
>1,300mn outstanding loan
The largest micro payment platform
Logistics
BKK and nationwide, Thailand
23.0%
LOGISTICS
KERRY EXPRESS
No. 1 in Parcel Delivery Services
> 1mn parcels per day
Delivering letters and parcels from online retailers to individual consumers
1mn interaction
prepared by Investor Relations department BTS Group Holdings PCL
Solid Growth Opportunities Upside from BTS Rail Mass Transit Expansion and Monetisation of Rabbit’s Data
20 BTS Group Investor Presentation Section 2.2: Media Business
Revenue of THB 10,000mn (37% 2-Year CAGR) NPAT 42% 2-Year CAGR
TOTAL OF 836 TRAINS CAPACITY TOTAL OF 147 STATIONS CAPACITY
2017/18 2022/23E
CORE + EXTENSION 208 236
GREEN (SOUTHERN) NONE 60
GREEN (NORTHERN) NONE 84
PINK NONE 168
YELLOW NONE 120
GREEN (WESTERN) NONE 32
LRT NONE 64
GREY (PHASE I) NONE 72
TOTAL 208 836
2017/18 2022/23E
CORE + EXTENSION 30 34
GREEN (SOUTHERN) NONE 9
GREEN (NORTHERN) NONE 16
PINK NONE 30
YELLOW NONE 23
GREEN (WESTERN) NONE 6
LRT NONE 14
GREY (PHASE I) NONE 15
TOTAL 30 147
4.0X EXPECTED INCREASE IN BTS TRAIN CAPACITY 4.9X EXPECTED INCREASE IN BTS STATION CAPACITY
208 236 296
380
668
836
200
400
600
800
17/18 (A) 18/19 (E) 19/20 (E) 20/21 (E) 21/22 (E) 22/23 (E)
Secured 668 carriages
Under Negotiation 168 carriages
+4.0x
30 30 43
59
112
147
50
100
150
17/18 (A) 18/19 (E) 19/20 (E) 20/21 (E) 21/22 (E) 22/23 (E)
Secured 108 stations
Under Negotiation 39 stations
+4.9x
Current Green South Green North Pink Yellow LRT Grey (Phase I) Green West
2020/21 GOALS
prepared by Investor Relations department BTS Group Holdings PCL
Payment: Synergy between VGI and Rabbit Rabbit Platform’s Database
21
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
BTS Group Investor Presentation Section 2.2: Media Business
LARGE PARTNERS NETWORK BUILT
Use on BTS SkyTrain & BRT
Use in retail stores
ONLINE PAYMENT: RABBIT LINE PAY
A mobile e-wallet solution embedded in the leading chat messenger application
SERVICES BUSINESS
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 9.8mn > 15.0mn
Active Cards 3.5mn > 8.0mn
Retailer Points
> 6,400 >10,000
Current 2020
Line Users 45.0mn >55.0mn
Rabbit Line Pay Users
4.5mn >10.0mn
Online Merchants
> 1,000 >1,500
prepared by Investor Relations department BTS Group Holdings PCL
Logistics: Parcel Delivery Services
22 BTS Group Investor Presentation Section 2.2: Media Business
DELIVERY SERVICES PORTFOLIO SERVICES PRODUCTS
INVESTMENT & ACCOUNTING METHOD
Investment: 23% in Kerry Express Accounting Method: Equity Sharing
SERVICES CHANNEL
Kerry is the No. 1 parcel delivery services in Thailand, delivering more than 1,000,000 parcels per day and has more than 4,000 retail service points nationwide.
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
• Deliver more than 1,000,000 parcels per day
• 900 distribution centers
• 700 parcel shops in Bangkok, Central and East
• 4,000 retail service points at alliance shops such as
NETWORK
prepared by Investor Relations department BTS Group Holdings PCL
One-Stop Shop Solutions Combining offline out-of-home (OOH) media with online and data
BTS Group Investor Presentation Section 2.2: Media Business
23
ONE-STOP SHOP SOLUTIONS
OFFLINE/ OOH
• No. 1 Transit media in Bangkok
• No. 1 Office media in CBD Bangkok
• No. 2 Outdoor media nationwide
• No. 2 Aviation media
• No. 1 Activation media
Transit Office Outdoor
Aviation Activation
Full service OOH media platform
O2O SOLUTIONS
• Creating awareness through offline OOH platform
• Bridging with our database, creating engagement opportunity for targeted audience
• Activating conversion at last mile touch point
• Completing the customer journey
Integrating Offline and Online world
ONLINE/ DATA
• Partnership with No. 1 market leaders
>1mn BTS daily commuters
>45mn LINE users
>40mn AIS users
>5mn Kerry customers
Over 40mn data points
prepared by Investor Relations department BTS Group Holdings PCL
Contents
BTS Group Investor Presentation 24
Section 1 BTS Group in Brief
Section 2 Business Segment Profiles
Section 2.1 Mass Transit Business
Section 2.2 Media Business
Section 2.3 Property Business
Section 2.4 Services Business
Section 3 Financial Summary
Appendices
prepared by Investor Relations department BTS Group Holdings PCL
47% 63% 60%
48%
70%
65% 46%
48%
76%
64% 58%
78%
75%
60%
75%
65%
50,000
100,000
150,000
200,000
250,000
300,000
0 - 200m(CAGR +22.4%)
201 - 500m(CAGR +10.7%)
501 - 1,000m(CAGR +19.7%)
Over 1,000m(CAGR +6.0%)
Baht/sqm
2014 2015 2016 2017
56% 61% 60% 57%
5,000
10,000
15,000
20,000
25,000
2014 2015 2016 2017
Units
1Q 2Q 3Q 4Q Average Take-up Rate (RHS)
34,666 50,105 39,046 58,424
BANGKOK CONDO LAUNCHES AVG. PRICES AND TAKE-UP RATES BY DISTANCE TO BTS
Property Business Industry Overview
Source: Colliers International (Thailand) Source: Colliers International Thailand
BTS Group Investor Presentation Section 2.3: Property Business
INTERNATIONAL TOURIST ARRIVALS IN THAILAND GLOBAL INTERNATIONAL TOURIST ARRIVALS
Source: Department of Tourism, Ministry of Sports and Tourism Source: UNWTO
19.2 22.4
26.5 24.8
29.9 32.6
35.4
2011 2012 2013 2014 2015 2016 2017
Millions of Persons
994 1,040 1,088 1,134 1,184 1,235 1,322
2011 2012 2013 2014 2015 2016 2017
25
prepared by Investor Relations department BTS Group Holdings PCL
U City
THB 20.2bn
2%
11%
3%
70%
15%
BTS Commercial
BTS Residential
U City Recurring Income
U City Residential
Property Portfolio and Business Strategy U City is the Dedicated Vehicle for Property Development
26
PROPERTY BOOK VALUE BREAKDOWN
BTS Group Investor Presentation Section 2.3: Property Business
OUR HOTEL PORTFOLIO UNDER U CITY
Owners Total Area (Rai) Total Area (sq.m)
BTS Group Plc 489.4 782,966.0
Bayswater JV 48.8 78,051.2
U City Plc 906.6 1,450,635.6
Total 1,444.8 2,311,652.8
Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted
ATTRACTIVE LAND BANK
Under No. of Hotels No. of Keys U City’s Stake
Directly-held 8 1,461 100%
Owned* 6 1,334 100%
Operating Leased 2 127 100%
Vienna House 39 7,691 100%
Owned 19 3,048 100%
Operating Leased 9 2,235 100%
Managed 11 2,408 100%
AHS 49 17,153 50%
Managed 49 17,153 50%
Grand Total 96 26,305
BTS Group Land Bank
U City Land Bank Bayswater JV 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
LAND: OVER 670,000M² OF OPPORTUNITY IN BANGKOK ALONE
c
q r
g
h
s m n i
Kukot 51.7 rai (8.3 ha)
Thana City 308.6 rai (49.4 ha)
Bayswater JV 48.8 rai (7.8 ha)
Data as of 30 Jun 18
Residential THB 0.5bn
Total Book Value as of 30 Jun 18:
THB 29.0bn
Bayswater JV
THB 4.3bn
* Adjusted for equity stake
Commercial THB 3.3bn
Land Bank THB 0.8bn
j
k
Ratburana & Suksawad 44.1 rai (7.6 ha)
p
*Includes financial lease hotels and hotels currently under construction
o b
t
Mochit 11.1 rai (1.8 ha)
prepared by Investor Relations department BTS Group Holdings PCL
• Austria • Belarus • Czech Republic • France • Germany • Poland • Romania • Russia • Slovakia • United Kingdom
U City’s Business Overview Recurring Income Segment Overview
27 BTS Group Investor Presentation Section 2.3: Property Business
RECURRING INCOME PROPERTY (as of June 2018)
33 Gracechurch Street
Interests in 10 European Countries
• Thailand • Vietnam • Indonesia • India • Oman
Interests 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
Currently Over 26,300 Hotel Keys and 27,000 sqm of Office Space
prepared by Investor Relations department BTS Group Holdings PCL
28 BTS Group Investor Presentation Section 2.3: Property Business
U City’s Business Overview Residential Segment Overview - BTS-Sansiri JV
PARTNERSHIP ROADMAP
2015 (3 projects)
2016 (5 projects)
50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 10% and equity IRR 14% on a blended basis
2018 (3 projects)
• The LINE Jatulak – 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 3,014mn No. of units: 231
• The LINE Asoke-Ratchada Project value: THB 3,026mn No. of units: 473
• The BASE Garden Rama 9 Project value: THB 2,339mn No. of units: 639
• The LINE Pradipat Project value: THB 5,893mn No. of units: 981
2017 (3 projects)
• The BASE Phetkasem 29 Project value: THB 2,010mn No. of units: 640
• The MONUMENT Thonglor Project value: THB 6,242mn No. of units: 127
• The LINE Sathorn Project value: THB 3,910mn No. of units: 327
• The LINE Sukhumvit 101 Project value: THB 4,652mn No. of units: 778
• KHUN BY YOO Thonglor 12 Project value: THB 4,065mn No. of units: 148
• The LINE Wongsawang Project value: THB 4,687mn No. of units: 1,288
• The BASE Sapanmai Project value: THB 2,697mn No. of units: 820
• The LINE Pahonyothin Park Project value: THB 4,913mn No. of units: 880
The LINE Wongsawang
The LINE
Sukhumvit 101 KHUN BY YOO
The LINE
Jatujak-Mo Chit The LINE Sukhumvit 71
Fully transferred
14 Residential Projects have been developed since inception
prepared by Investor Relations department BTS Group Holdings PCL
Contents
BTS Group Investor Presentation
29
Section 1 BTS Group in Brief
Section 2 Business Segment Profiles
Section 2.1 Mass Transit Business
Section 2.2 Media Business
Section 2.3 Property Business
Section 2.4 Services Business
Section 3 Financial Summary
Appendices
prepared by Investor Relations department BTS Group Holdings PCL
Services Business Strategic Support and Business Incubator
30
Premium Chinese restaurant chain managed by Man Kitchen
As of 31 Mar 2018, 8 existing branches:
3 dine-in branches, 1 take-away branch, 2 Chairman by Chef Man (Hong Kong
Café concept), 1 private dining concept under M Krub restaurant and 1 Man
Kitchen buffet
Managed a loyalty and benefits 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.
In FY 2017/18, the programme had 3.2million registered members.
CHEFMAN RESTAURANTS BANGKOK PAYMENT SOLUTIONS (BPS)
Eastin Grand Sathorn Branch
BTS Group Investor Presentation Section 2.4: Services Business
Thana City Branch
In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR), a
listed and leading purveyor of duck meat through a capital increase. BR’s
extensive food processing expertise will enable Chef Man to scale-up its
business domestically and internationally.
41%
Man Food Holdings
41% 18%
Bangkok Ranch BTS Group Chef Man
BTSG and BR have an option to increase stake up to 42.5% in Man Food Holdings. Expected final shareholding in Man Food Holdings of 42.5% : 42.5% : 15% between BTS Group : BR : Chef Man
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 for Thailand
In FY 2017/18, BPS recognised revenue from sales of fully-equipped EDC machines
and revenue from software development services.
RABBIT REWARDS PROGRAMME
Joint venture between BTSG and Li Kay Engineering, a Hong Kong based
civil and foundation company
HHT CONSTRUCTION
prepared by Investor Relations department BTS Group Holdings PCL
Contents
BTS Group Investor Presentation 31
Section 1 BTS Group in Brief
Section 2 Business Segment Profiles
Section 2.1 Mass Transit Business
Section 2.2 Media Business
Section 2.3 Property Business
Section 2.4 Services Business
Section 3 Financial Summary
Appendices
prepared by Investor Relations department BTS Group Holdings PCL
KEY FINANCIAL RATIOS FY 17/18 FY 16/17 FY 15/16 FY 14/15
Profitability ratios (%) Gross operating profit margin 41.0% 51.9% 60.4% 55.5% SG&A to operating sales ratio 17.3% 24.6% 24.6% 22.0% Accounting EBITDA margin 42.3% 41.2% 59.7% 52.0% Operating EBITDA margin(1) 29.0% 34.0% 42.9% 39.9% Recurring net profit margin (%) 16.0% 15.4% 29.2% 28.2% Liquidity ratio Current ratio (times) 0.93x 1.38x 0.81x 3.96x Leverage (Times) Total liability to total asset 0.56x 0.52x 0.28x 0.22x Total liability to total equity 1.29x 1.07x 0.39x 0.28x
Interest bearing debt to equity 1.02x 0.85x 0.20x 0.09x Adj. net debt(5) to equity 0.37x 0.13x (0.13)x (0.40)x Adj. net debt(5) to recurring EBITDA 3.02x 1.72x (1.93)x (7.32)x Interest coverage(3) 3.31x 4.55x 9.30x 7.03x Per share ratios Book value per share (THB) 3.92 3.82 3.96 4.38 Dividend yield (4) 3.95% 4.00% 7.75% 6.38%
FY 17/18 OPERATING REVENUE & EBITDA CONTRIBUTION
(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
OPERATING REVENUE COMPARISON (YoY)
32
CONSOLIDATED P&L (THB MN) FY 17/18 FY 16/17 FY 15/16 FY 14/15
Operating revenues 14,102 8,606 6,280 7,102 Accounting revenues 16,987 9,618 10,069 8,126 Operating expenses 8,325 4,143 2,489 3,163 EBITDA 7,571 4,114 6,254 4,937 Operating EBITDA(1) 4,089 2,928 2,693 2,836 Net Recurring Profit 2,889 1,649 2,213 2,820 Net income(2) 4,416 2,003 4,134 2,944
DEBT INFORMATION (THB MN) 31 MAR 18 31 MAR 17 31 MAR 16 31 MAR 15
Interest bearing debt 47,124 38,310 9,283 4,556
Adj. net debt (5) 17,129 6,051 (6,012) (20,755)
BTS Group Investor Presentation Section 3: Financial Summary
BTS Group Financial Performance
Note: Revenue and EBITDA excludes equity income from Sansiri JV, U City, Bayswater JV, Keystone JV
* Calculated base on EBITDA of THB 4,768mn which excludes selling and Administrative expenses at
Head-Office of THB 679mn
** After selling and Administrative expenses at Head-Office of THB 679mn
THB 14,102mn
THB 4,089mn**
Mass Transit Media Property Services
Revenue Contribution
EBITDA Contribution*
8,606
14,102 4,875 893 (294)
FY16/17 Mass Transit Media Property Services FY17/18
4%
(40%)
30% 115%
(THB mn)
22
60% 42%
-0.1%
-1.6%
65% 28%
4%
3%
prepared by Investor Relations department BTS Group Holdings PCL
Financial Position
33 BTS Group Investor Presentation Section 3: Financial Summary
45,182 46,355
29,833 36,779
18,616 22,923
31 Mar 17 31 Mar 18
Total shareholders' equity Total non-current liabilities Total current liabilities
106,058 93,631
67,909 84,747
25,722 21,311
31 Mar 17 31 Mar 18
Total non-current assets Total current assets
106,058 93,631
Cash
31 Mar 17: THB 15.09bn
31 Mar 18: THB 9.46bn
Current Investments
31 Mar 17: THB 6.24bn
31 Mar 18: THB 5.67bn
Long-Term Investments
31 Mar 17: THB 13.52bn
31 Mar 18: THB 15.95bn
Gross Debt
31 Mar 17: THB 38.31bn
31 Mar 18: THB 47.17bn
Adjusted Net Debt*
31 Mar 17: THB 6.06bn
31 Mar 18: THB 17.13bn
*****
Issued Ordinary Shares
31 Mar 17: 11,935.0mn
31 Mar 18: 11,940.4mn
73%
27% 20%
80%
22%
44%
34%
48%
20%
32%
FY 2017/18: 1.02x FY 2016/17: 0.85x
Gross Debt to Equity
FY 2017/18: 0.37x FY 2016/17: 0.13x
Adjusted Net Debt* to Equity
FY 2017/18: 3.02x FY 2016/17: 1.72x
Adjusted Net Debt* to Recurring EBITDA
FY 2017/18: 3.31x FY 2016/17: 4.55x
Interest Coverage
FY 2017/18: 0.93x FY 2016/17: 1.38x
Current Ratio
ASSET BREAKDOWN (THB MN)
LIABILITIES AND EQUITY BREAKDOWN (THB MN)
KEY RATIOS
*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
prepared by Investor Relations department BTS Group Holdings PCL
7,073 7,094 8,048
4,026 4,145
FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18
Dividend Policy and Historical Dividend Payment
DIVIDEND POLICY
BTS Group Investor Presentation Section 1: BTS Group in Brief
HISTORICAL DIVIDEND PAYMENTS /DIVIDEND YIELD AND PAYOUT
(1) Calculated based on share price one day before the Board of Directors’ approval date for relevant dividend payment
4.0%
Following BTSGIF establishment, the company had committed
dividend payment over 3 years, totaling THB 21bn
34
No less than 50% of net profit
56% 241% 183% 180%
87%
Actual dividend paid (THB mn)
Dividend yield(1) (%)
Dividend Payout (%)
No less than THB 6bn
No less than THB 7bn
No less than THB 8bn
3.9%
7.8% 7.3% 6.2%
prepared by Investor Relations department BTS Group Holdings PCL
400
800
1,200
1,600
2,000
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
BTS Daily Traded Value (RHS) BTS TB Equity SET Index Name %*
1 MR. KEEREE KANJANAPAS’S GROUP 41.1%
2 THAI NVDR CO., LTD. 9.2%
3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6%
4 SOCIAL SECURITY OFFICE 2.5%
5 STATE STREET EUROPE LIMITED 2.1%
6 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2.0%
7 CREDIT SUISSE FIRST BOSTON (SINGAPORE) LIMITED 1.7%
8 UOB KAY HIAN PRIVATE LIMITED 0.9%
9 GIC PRIVATE LIMITED 0.6%
10 Mr. Min Tieanworn 0.6%
TOTAL TOP 10 SHAREHOLDERS 65.3%
Stock code BTS
Outstanding shares (mn shares) 11,940.4
Treasury shares (mn shares) 95.8
Market capitalisation (THB mn) 99,702.3
Market capitalisation (USD mn) 3,197.5
Average daily traded value (THB mn) 157.7
Average daily traded value (USD mn) 5.0
Credit Rating (by TRIS) A/Stable
BTS Group Share Information
SHARE INFORMATION (as of 31 Mar 2018)
SHARE PRICE MOVEMENT (as of 31 Mar 2018)
SHARE STRUCTURE (as of 14 Jun 2018)
TOP 10 SHAREHOLDERS (as of 14 Jun 2018)
35
THB THB mn
12M ADTV = THB 183mn
Kanjanapas family*
Institutional investors*
Others*
41% 34% 25%
Free float (as of Jun 18) 58.6%
Foreign limit 49.0%
Foreign holdings (incl. NVDR) 9.2%
*Total of 11,845,222,893 shares
BTS Group Investor Presentation Section 1: BTS Group in Brief
prepared by Investor Relations department BTS Group Holdings PCL
36
MED
IA
2018/19 BTS Group Targets and CAPEX
FY 2018/19 BTS GROUP TARGETS
4-5% Core Network ridership growth
1.5-2% Core Network average fare increase
30% Train O&M revenue growth
THB 7-9bn Revenue from E&M provision for Green Line South and North extensions and train procurement for Green Line extension
THB 350mn Targeted BTS Group Property Revenue
(more details in U City presentation)
THB 20-25bn Construction revenue for Pink and Yellow Lines
THB 6-6.7bn Targeted U City Property Revenue
≥ 25% EBITDA margin (at U City level)
40-45% EBITDA margin
20-25% NPAT margin
THB 0.6-0.7bn Interest income from train procurement for Green Line extensions and construction revenue for Pink and Yellow lines
MA
SS T
RA
NSI
T
FY 2018/19 CAPEX: THB 27-34BN
THB 26-32bn (Excludes: BTSGIF CAPEX ) •THB 6-7bn E&M and rolling stocks for Green
Line South and North extensions •THB 20-25bn for Pink and Yellow
construction
THB 1.1bn
THB 0.4bn (Excludes: Real estate development cost)
PR
OP
ERTY
BTS Group Investor Presentation Section 3: Financial Summary
THB 5bn Targeted Media Revenue (revised from THB 4.4-4.6bn)
prepared by Investor Relations department BTS Group Holdings PCL
Contents
BTS Group Investor Presentation 37
Section 1 BTS Group in Brief
Section 2 Business Segment Profiles
Section 2.1 Mass Transit Business
Section 2.2 Media Business
Section 2.3 Property Business
Section 2.4 Services Business
Section 3ction 3 Financial Summary
Appendices
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 1: Bangkok Rail Mass Transit Master Plan Network Length Expands to 515.2km in 2029
38 BTS Group Investor Presentation Appendix 1: Bangkok Rail Mass Transit Master Plan
prepared by Investor Relations department BTS Group Holdings PCL
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 - Bang Wa
• Southern Green Bearing - Samut Prakarn
• Northern Green Mo Chit - Khu Kot
• Pink Khae Rai - Min Buri
• Yellow Lad Prao - Sam Rong
Krung Thonburi BTS Station - Khlong San District Office
DISTANCE & NO. OF STATIONS
23.5km, 23 stations 12.8km, 11 stations 30.8km, 25 stations 64.9km, 53 stations 1.7km, 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)
26Y 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 (hire BTS, pre-financed by BTS ≈THB 17.3bn) 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)
Appendix 2: Summary of BTS Mass Transit Contracts
BTS Group General Presentation Appendix 2: Summary of BTS Mass Transit Contracts
39
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
prepared by Investor Relations department BTS Group Holdings PCL
Apr 17: Opening of Samrong Station
1.4
2
1.7
8
2.1
2
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
4.9
5.6
8
5.8
7
6.4
6.6
4
6.8
2
59
79
96 105
118 132
139 133 136 144 145
176
197
215 219 233 238 241
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
Farebox revenue (THB bn) Ridership (mn)
Appendix 3: Core Network Ridership Uninterrupted Revenue Growth and Resilient Under Pressure
40
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 (9 YRS RIDERSHIP CAGR 7%)
Dec 99: BTS SkyTrain service opening
Mar 07: First fare rate increase
May 09: Opening of Silom Line extension
Farebox revenue CAGR: 9.7% Ridership CAGR: 8.7%
GROWTH (17 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)
Oct 17: Fare Increased
Ridership +1.3% YoY
Fare +1.4% YoY
Aug 17: Opening of Tao Poon Station (Blue line ext.)
BTS Group Investor Presentation Appendix 3: Core Network Ridership
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
prepared by Investor Relations department BTS Group Holdings PCL
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 34% AVG FARE THB 31.5
30-DAY PASS (ADULT)* 28% AVG FARE THB 27.0
PURSE (STV)* 31% AVG FARE THB 27.0
30-DAY PASS (STUDENT)* 6% AVG FARE THB 21.6
ONE-DAY PASS 1% AVG FARE THB 35.8
41
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 2017/18)
THB / Trip
* Counted as Rabbit (65%)
BTS Group Investor Presentation Appendix 4: Core Network Fare Adjustment
Appendix 4: Core Network Fare Adjustment Flexibility to Increase Fares
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 (2012/13 to 2017/18) = 2.7% • CAGR 12 yr (2005/06 to 2017/18)= 2.4%
21
.4
22
.1
24
.2
24
.2
24
.1
24
.4
24
.4
24
.8
26
.4
26
.9
27
.5
27
.9
28
.3
20
05/0
6
20
06/0
7
20
07/0
8
20
08/0
9
20
09/1
20
10/1
1
20
11/1
2
20
12/1
3
20
13/1
4
20
14/1
5
20
15/1
6
20
16/1
7
20
17/1
8
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 4: Core Network Fare Adjustment Latest Increased from 1 October 2017
BTS Group Investor Presentation Appendix 4: Core Network Fare Adjustment
42
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
SINGLE JOURNEY TICKET (SJT): 34% OF TICKET TYPES
Number of Station
0-1 2 3 4 5 6 7 ≥ 8
Previous 15 22 25 28 31 34 37 42
1 Oct 17 16 23 26 30 33 37 40 44
RABBIT SENIOR
Number of Station
0-1 2 3 4 5 6 7 ≥ 8
Previous 7 11 13 14 16 17 19 21
1 Oct 17 8 12 13 15 17 19 20 22
• Fare of SJT, Rabbit monthly pass and Rabbit senior tickets in the Core Network will be increased from 1 October 2017 onwards • For Rabbit Purse Card (Stored Value Card: STV), the promotional prices for the effective fare were in the range of THB 15 - 43 starting from 1 April 2018 • Expected FY 18/19 average fare increased by 1.5-2% to THB 28.7-28.9 per trip
RABBIT MONTLY PASS ADULT: 28% OF TICKET TYPES
Present THB/Trip 1 Oct 17 @THB/Trip
15 Trips 450 30 465 31
25 Trips 700 28 725 29
40 Trips 1,040 26 1,080 27
50 Trips 1,250 25 1,300 26
RABBIT MONTLY PASS STUDENT: 6% OF TICKET TYPES
Present THB/Trip 1 Oct 17 @THB/Trip
15 Trips 345 23 360 24
25 Trips 525 21 550 22
40 Trips 760 19 800 20
50 Trips 900 18 950 19
AUTHORISED FARE (APR 2013)
NEW EFFECTIVE FARE (OCT 2017)
PREVIOUS EFFECTIVE FARE (JUN 2013)
FARE PRICE (THB)
POTENTIAL FARE UPSIDE
NO. OF STATIONS
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 5: Rolling Stocks Enlarging Our Fleet for Future Growth
43
50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY)
25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY IN SKY LINE)
BTS Group Investor Presentation Appendix 5: Rolling Stocks
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
prepared by Investor Relations department BTS Group Holdings PCL
44
Appendix 6: Debentures & Syndicated Loan Agreement CAPEX for newly-awarded lines - secured by debt financing
BTS Group Investor Presentation Appendix 6: Debentures and Syndicated Loan for the Pink and Yellow Lines
Tenor Amount up to Coupon Rate
3-year THB 5.5bn 2.46%
5-year THB 2.2bn 2.85%
7-year THB 4.1bn 3.30%
10-year (NC5) THB 10.2bn 3.87%
Total THB 22bn 3.31% (average)
Rationale Purchase new rolling stocks and E&M for the Northern and Southern Green Line extensions
Issuance Date 10 November 2016
THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS THB 63.4BN SYNDICATED LOAN: PINK AND YELLOW LINES
10 October 2017: BSR JV signed the syndicated loan agreement with three banks, at a total value of up to THB 63.36bn.
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 both Pink and Yellow lines
Tenor Amount up to Coupon Rate
3-year THB 1.5bn 2.24%
5-year THB 1.5bn 2.64%
10-year THB 2.0bn 3.65%
12-year (NC5) THB 2.0bn 3.78%
Total THB 7.0bn 3.17% (average)
Rationale Repay existing debts and/or investment and/or financing the working capital of the Company
Issuance Date 26 December 2017
THB 7BN BTSG DEBENTURE
Tenor Amount up to Coupon Rate
2-year THB 3.55bn 2.58%
5-year THB 1.29bn 3.25%
10-year THB 4.66bn 4.03%
Total THB 9.50bn 3.38% (average)
Rationale Repay existing debts and/or investment and/or financing the working capital of the Company
Issuance Date 7 September 2018
THB 9.5BN BTSG DEBENTURE
prepared by Investor Relations department BTS Group Holdings PCL
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
Appendix 7: Mass Transit Economic profile PPP Net Cost & O&M Contract (PPP Gross Cost)
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)
BTS Group Investor Presentation Appendix 7: Mass Transit Economic profile
*O&M revenue includes revenue from provision of operating services and interest income under concession agreement
45
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 8: Gold Line Phase 1 Project at a Glance
ROUTE KRUNG THON BURI – KLONG SAN (PHASE I): 1.7KM 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)
E&M AND O&M SERVICES PROVIDED BY BTSC
46
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 1.7KM
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.
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
BTS Group Investor Presentation Appendix 8: Gold Line Phase 1
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 9: VGI Products BTS-Related Media and Office Building & Residential Media Products
BTS Group Investor Presentation Appendix 10: VGI Products
47
TRAIN
MERCHANDISING STATION
OFFICE BUILDING INSIDE-TRAIN
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 9: VGI Products Outdoor Media and Aviation Media Products
48
BILLBOARD
STREET FURNITURE
AIRPORT LED SCREEN
AVIATION: JET BRIDGE CREATIVE PRODUCTION
BTS Group Investor Presentation Appendix 10: VGI Products
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 9: MACO Products Expanding OOH Media Internationally
49
TRANSIT MEDIA IN MALAYSIA
AVIATION MEDIA IN MALAYSIA
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 10: VGI & MACO Top20 Customer Profile YTD Customer Type Breakdown
BTS Group Investor Presentation Appendix 11: VGI and MACO Top20 Customer Profile
50
VGI: CUSTOMER TYPE
MACO: CUSTOMER TYPE
70%
30%
Agency
Direct customer
51%
49%
VGI: TOP BRAND
MACO: TOP BRAND
Agency
Direct customer
(YTD Apr – Sep 2018)
(YTD Jan – Nov 2018)
prepared by Investor Relations department BTS Group Holdings PCL
• 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
51
Appendix 11: Overview of Property Restructuring The Entire Business Transfer (EBT) of UE to U City
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
BTS Group Investor Presentation Appendix 12: Overview of the Entire Business Transfer Transaction
• Thana City Golf Course and Sports Club • Par 1 (Housing Estate) • Land (e.g. Bayswater JV)
PRE EBT
Total Assets Value: THB 12.2bn
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 12: U City’s Overview & Strategy Globally Developing and Investing in Diversified Property
52
THB 32.3bn
THB 4,453mn
FY 2017 REVENUE CONTRIBUTION
Office THB 162mn
3.6%
Others THB 423mn
9.5%
Hospitality THB 3,868mn
86.9%
DECEMBER 2017 BOOK VALUE BREAKDOWN
Office THB 3.4bn
10.5%
Hospitality THB 18.4bn
57.0%
Land bank THB 10.0bn
30.9%
RECURRING INCOME PROPERTY
RESIDENTIAL PROPERTY
LANDBANK
Hospitality 92 Hotels totaling over 19,200 keys includes a portfolio of owned, leased and managed hotels in Europe and Asia.
Office 28,500 sqm of 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 and has currently a presold condominium backlog of THB 26.1bn
U City’s land bank totals THB 7.4bn or 766.1 Rai or 1.23mn sqm of land, which is sufficient for over 5 years of development. 67% 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’
806 1,027
3,868
2015 2016 2017
63
162
2015 2016 2017
159
0 0
2015 2016 2017
Operating Revenue (THB mn)
Residential THB 0.5bn
1.6%
BTS Group Investor Presentation Appendix 13: U City’s Overview & Strategy
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 12: U City’s Overview & Strategy Poised for Substantial Growth Ahead
53
2,620
176 1,204
1,380
FY 2017 Hospitality Office Alternatives Residential FY 2022
5 PILLARS OF SUSTAINABLE VALUE ACCRETION
FY 2017 FY 2022
Operating Revenue
Recurring Net Profit
Operating Revenue 20% CAGR
Recurring Net Profit 15% Margin*
Key Growth Drivers
Hospitality From 8,648 Keys Operating to 19,244 Owned hotels revenue 5% CAGR
Office Full-year effect of acquisitions and rent reversion
Alternatives Share of profit from international school, The Unicorn mixed-use building
Residential Future gross development value of THB 72bn of 12 condominium projects
CAPEX / Investment 5-year aggregate of THB 14.6bn
5-YEAR TARGET – Operating Revenue of THB 9,400mn, Recurring Net Profit of 1,360mn
Operating Revenue Development (Growth 2017 - 2022)
* Note: revenue includes share of profit in BTS-Siri JV, Keystone JV and Property management services revenue
9,400
4,030
2. EFFICIENT USE OF
CAPITAL
• Recycle capital for future
investment.
• Potential for fee-based
income.
3. SUSTAINABILITY
• Respond to changes in
consumer lifestyles,
including digital disruption
• Environmental awareness
• Benefit to communities
• Enterprise Value/Return
To Shareholders
4. PARTNERSHIPS
• Access to expertise and
new business
opportunities
• Reduce development
and investment risk
• Increase long-term firm
value and synergies
1. INVESTMENT
• Diversified portfolio
• Grow through project
development and acquisition
• Enhance value through
prudent management and
value engineering
• Maximize synergy
5. MASS TRANSIT LINK
• To benefit from the
‘mass transit premium’
4,030
9,410
72% Overseas 28% Thailand
59% Overseas 41% Thailand
1,360
(127)
BTS Group Investor Presentation Appendix 13: U City’s Overview & Strategy
(THB mn) ( THB mn)
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 13: BTS-W4 Term Sheet
54 BTS Group Investor Presentation Appendix 14: BTS-W4 Term Sheet
TICKER BTS-W4
TERM 1 YEAR FROM THE ISSUANCE DATE
ISSUANCE DATE 30 NOVEMBER 2018
EXPIRY DATE 29 NOVEMBER 2019
WARRANTS PRICE NIL
NO. OF WARRANTS UP TO 1,755,034,187 UNITS
ALLOCATION TO EXISTING SHAREHOLDERS AT THE RATIO OF 9 EXISTING BTS SHARES : 1 BTS-W4
EXERCISE RATIO 1 BTS-W4 TO 1 NEW COMMON SHARE OF BTS
EXERCISE PRICE THB 10.50 PER SHARE
EXPECTED MAXIMUM PROCEEDS THB 18.4BN
EXERCISE PERIOD QUARTERLY
WARRANTS TERMS AND CONDITIONS
prepared by Investor Relations department BTS Group Holdings PCL
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 2Q 2018/19 2Q 2017/18 % YoY 1Q 2018/19 % QoQ
Operating Revenue1 15,806 2,543 522% 3,049 418%
Gross operating profit 1,824 1,295 41% 1,470 24%
Operating EBITDA2 1,401 875 60% 1,128 24%
Recurring net profit – after MI 830 370 124% 472 76%
Accounting EBITDA 1,681 1,420 18% 1,114 51%
Net income (loss)3 670 653 3% 387 73%
Gross operating profit margin (%) 11.5% 50.9% 48.2%
Accounting EBITDA margin (%) 10.3% 48.6% 33.5%
Recurring net profit margin – after MI(%) 5.1% 13.2% 15.2%
Operating EBITDA margin (%) 8.9% 34.4% 37.0%
P&L SNAPSHOT
2Q 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
55
Appendix 14: 2Q 2018/19 Overview
2,543
15,806 12,937
235 163
Q2 FY17/18 Mass Transit Media Property Services Q2 FY18/19
(45)% 172% 24% 981% (THB mn)
(72) 90%
Mass Transit 8%
Media
1%
Property
1%
Services
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS Construction revenue for the Pink and Yellow Lines of THB 11.8bn was
recognised, start in this quarter Services revenue from the provision of E&M works and the train procurement
service for the Southern and Northern Green Line extensions of THB 1.5bn was recorded
O&M revenue rose by 3% YoY to THB 452mn mainly from the contractually agreed increase in the operating fee of existing extensions
Farebox revenue up 2% YoY to THB 1,762mn from an increase in average fare of 3.7% YoY
Share of net profit in BTSGIF of THB 244mn (decreased 1% YoY) Costs rose by THB 12.4bn YoY to THB 13.2bn largely from the recognition of
construction cost for the Pink and Yellow Lines and cost related to the provision of services for new Green Line extensions
Operating EBITDA margin was 7.6% (44.5% in 2Q 2017/18)
OPERATING PERFORMANCE
MASS TRANSIT (THB mn)
2Q 2018/19
2Q 2017/18
%YoY 1Q
2018/19 %QoQ
Revenue 14,255 1,318 981% 1,813 686%
Costs of revenue 13,177 740 1680% 1,120 1077%
Gross profit 1,078 578 86% 694 55%
Operating EBITDA 1,085 586 85% 702 54%
Gross margin (%) 7.6% 43.8% 38.3%
Operating EBITDA margin (%) 7.6% 44.5% 38.7%
OPERATING REVENUE BREAKDOWN
3%
O&M
Construction revenue for the
Pink and Yellow Lines
82%
2Q 2018/19
Interest income related to Green Line extensions, Pink and Yellow Lines
2%
56
Appendix 14: 2Q 2018/19 Mass Transit
11%
Services revenue from provision of E&M works & train procurement
for Green Line extensions
0%
Farebox BRT
Share in BTSGIF
2%
411 411 422 474 471 452 468 452 452 32 32 90 78 81 109 234 193 242 199 284 241 218 247 233 252 228 244
1,444 1,224 519
2,848 1,205
926 1,524 14
16
11,777
2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19
Construction revenue for the Pink and Yellow Lines
Farebox BRT
Services revenue from provision of E&M works & train procurement
Share of net profit in BTSGIF
Interest income related to Green Line extensions, Pink and Yellow Lines
O&M
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
IR Quarterly Presentation 4Q 1213_Draft1.xlsx
prepared by Investor Relations department BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Overall Media revenue surged 24% YoY to THB 1,205mn mainly from improved performance in OOH Media and the consolidation of Trans.Ad Group (System Integrator Companies) by MACO
OOH Media revenue* rose by 3% YoY to THB 909mn largely from revenue growth of Outdoor and Office & Other media businesses
Digital Services Business rose sharply by 226% YoY to THB 296mn mainly due to the consolidation of Trans.Ad Group
Costs increased by 47% YoY to THB 457mn primarily due to the consolidation of Trans.Ad Group
Operating EBITDA margin declined YoY to 44.6% (53.5% in 2Q 2017/18)
44%
BTS – Related Media
22%
Outdoor Media
MEDIA (THB mn)
2Q 2018/19
2Q 2017/18
%YoY 1Q
2018/19 %QoQ
Operating revenue 1,205 970 24% 1,077 12%
Costs of revenue 457 310 47% 309 48%
Gross profit 748 660 13% 768 (3)%
Operating EBITDA 537 519 4% 587 (8)%
Gross margin (%) 62.1% 68.1% 71.3%
Operating EBITDA margin (%) 44.6% 53.5% 54.5%
2Q 2018/19
OPERATING PERFORMANCE
OPERATING REVENUE BREAKDOWN
57
Appendix 14: 2Q 2018/19 Media
9%
Office Buildings and Others
25%
Digital
*OOH Media includes Transit, Outdoor and Office Building and Other Media
790 755 741 753 891 894 1,020 990 909
104 96 79 82
87 87 296
2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19
Digital Services Media
OOH
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
IR Quarterly Presentation 4Q 1213_Draft1.xlsx
prepared by Investor Relations department BTS Group Holdings PCL
Residential
16%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS Operating revenue was THB 87mn, decreasing 45% YoY, which was 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
Commercial Property revenue was THB 73mn or 84% of Property revenue, which now mainly comprises of revenue from Thana City Golf & Sports Club. The decrease of THB 72mn or 50% YoY was chiefly due to the deconsolidation of the 3 former BTS’ hotels and TST Tower office following the EBT of UE to U City
Narrower share of net loss from investment in U City, our associate, of THB 99mn (THB 336mn loss in 2Q 2017/18) mainly from lower loss on impairment of assets, the transfer progress of Sansiri-JVs and improved operating performance of its hospitality business
Operating costs dropped in tandem with the decline in operating revenue, reducing by 32% YoY or THB 35mn to THB 73mn.
OPERATING PERFORMANCE
PROPERTY (THB mn)
2Q 2018/19
2Q 2017/18
%YoY 1Q
2018/19 %QoQ
Operating Revenue 87 159 (45)% 80 9%
Costs of revenue 73 108 (32)% 68 8%
Gross profit 14 51 (72)% 13 14%
Operating EBITDA 6 (4) N.A. 19 N.A.
Gross margin (%) 16.3% 32.2% 15.6%
Operating EBITDA margin (%)
6.4% N.A. 23.0%
OPERATING REVENUE BREAKDOWN
2Q 2018/19
NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.
58
Appendix 14: 2Q 2018/19 Property
84%
Commercial & Others
142 147
186
146 159
174 160
80 87
2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
IR Quarterly Presentation 4Q 1213_Draft1.xlsx
prepared by Investor Relations department BTS Group Holdings PCL
46,364 50,352
36,971 46,839
22,923 28,517
31 Mar 18 30 Sep 18
Total shareholders' equity Total non-current liabilities Total current liabilities
125,708 106,258
84,968 100,566
21,290 25,143
31 Mar 18 30 Sep 18
Total non-current assets Total current assets
125,708 106,258 Cash
31 Mar 18: THB 9.46bn
30 Sep 18: THB 10.08bn
Current Investments
31 Mar 18: THB 5.67bn
30 Sep 18: THB 9.04bn
Long-Term Investments
31 Mar 18: THB 15.95bn
30 Sep 18: THB 12.62bn
Gross Debt
31 Mar 18: THB 47.17bn
30 Sep 18: THB 58.07bn
Adjusted Net Debt*
31 Mar 18: THB 17.13bn
30 Sep 18: THB 28.43bn
*****
Issued Ordinary Shares
31 Mar 18: 11,940.4mn
30 Sep 18: 11,845.2mn
80%
20% 20%
80%
23%
40%
37%
44%
21%
35%
2Q 2018/19: 1.15x 2Q 2017/18: 0.97x
Gross Debt to Equity
2Q 2018/19: 0.56x 2Q 2017/18: 0.30x
Adjusted Net Debt* to Equity
2Q 2018/19: 4.38x 2Q 2017/18: 3.36x
Adjusted Net Debt* to Recurring EBITDA
2Q 2018/19: 3.52x 2Q 2017/18: 2.75x
Interest Coverage
2Q 2018/19: 0.88x 2Q 2017/18: 0.91x
Current Ratio
ASSET BREAKDOWN (THB MN)
LIABILITIES AND EQUITY BREAKDOWN (THB MN)
KEY RATIOS
59
Appendix 14: Financial Position as of 30 September 2018
*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
prepared by Investor Relations department BTS Group Holdings PCL
9,458 (5,340)*
(7,125)**
13,124
10,080***
(37)
Beginning cash(31/3/18)
CFO CFI CFF Others Ending cash(30/9/18)
(THB mn)
CFO • Profit before tax of THB 1.7bn, deducted by • Non-cash reconciling items of THB 0.5bn • Changes in net working capital of THB 5.5bn
(this includes net investment for construction of the Pink and Yellow Lines of THB 2.6bn and net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 2.3bn)
* CFO: After 1. Corporate income tax of THB 526mn 2. Interest expenses of THB 452mn 3. Net investment for construction of the Pink and Yellow Lines of THB 2.6bn 4. Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 2.3bn ** CFI: After net investment for construction of the Pink and Yellow Lines of THB 3.7bn *** Excluding liquid investments of THB 19.6bn
CFI • Investment in Kerry Express of THB 5.0bn • Net investment for construction of the Pink and Yellow
Lines of THB 3.7bn • Net cash received of THB 1.0bn from sales of treasury
investments • Dividend received of THB 0.8bn • Interest income of THB 0.5bn
CFF • Net cash received of THB 9.5bn from BTS debenture • Cash received of THB 1.65bn from STEC and RATCH (re.
pink and yellow line projects) • Cash received of THB 0.7bn from non-controlling interests
for issuances of MACO’ordinary shares via RO
Appendix 14: 1H 2018/19 Cash Flow Snapshot
(THB mn)
60 BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
prepared by Investor Relations department BTS Group Holdings PCL
2Q 2018/19
Ridership = 61.2mn trips, -1.5% YoY, +7.1% QoQ
Average fare = THB 28.8 per trip, +3.7% YoY, -0.8% QoQ
Average weekday ridership = 747,472 trip, -1.2% YoY
Historical average fare & % growth (YoY) Historical ridership & % growth (YoY)
Appendix 14: 2Q 2018/19 Mass Transit Update Quarterly Ridership in BTS Core Network
Explanation Ridership: YoY : slightly dropped partly as a result of passengers’ sensitivity to the
fare increases in the core skytrain network. QoQ: increased from (i) more weekdays in this quarter (several holidays in last quarter such as the Song Kran Festival and National Labor Day) and (ii) low-base effect from train services disruption in prior quarter.
Average fare: YoY rose from fare increase since Oct 2017 and the adjustments to promotional price for stored-valued card since Apr 2018.
* Excluding the impact of free-trip allowance to passengers from train services disruption
62.2
60.8 60.2
57.1
61.2
0.8%
1.7% 0.2% -1.5% -1.5%
7.1%
-2.2% -1.0% -5.0%
7.1%
-50.0%
0.0 %
53.0
58.0
63.0
2Q 2017/18 3Q 2017/18 4Q 2017/18 1Q 2018/19 2Q 2018/19
Ridership (mn trips) Passenger Growth (YoY)
Passenger Growth (QoQ)
27.8 28.7 28.8 29.0* 28.8
-0.2% 3.2% 3.3% 3.9% 3.7%
-0.6% 3.2%
0.4% 0.9% -0.8%
25.0
30.0
35.0
40.0
2Q 2017/18 3Q 2017/18 4Q 2017/18 1Q 2018/19 2Q 2018/19
Average Fare (THB/trip) Average Fare Growth (YoY)
Average Fare Growth (QoQ)
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
61
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 14: 2Q 2018/19 Mass Transit Update October 2018 and YTD Core Network Ridership
OCT 18 SUMMARY
• Ridership = 138.5mn trips, -0.8% YoY
• Average fare* = THB 28.9 / trip, +3.7% YoY
• Farebox revenue* = THB 4,003.5mn, +2.9% YoY
• Ridership = 20.1mn trips, 3.8% YoY, 0.7% MoM
• Average fare* = THB 28.9 / trip, +3.4% YoY
• Farebox revenue* = THB 581.2mn, +7.4% YoY
• Average weekday ridership = 739,858 trips, 1.5% YoY
FY 2018/19 Ridership Growth Target
+4-5%
YTD Ridership: Actual
-0.8%
FY 2018/19 Avg Fare Increase Target
+1.5-2%
YTD Avg. Fare: Actual
+3.7%
FY 2018/19 Fare-box Increase Target
+5.5-7%
YTD Farebox: Actual
+2.9%
YTD SUMMARY (APR-OCT, 7 MONTHS)
*Before discount
Ridership Fare
19.3
20.0 19.7
21.5
19.9 20.1
-0.1% -2.7% -2.2%
0.7%
-3.2%
3.8%
-6.0%
-3.0%
0.0 %
3.0 %
6.0 %
18.0
18.5
19.0
19.5
20.0
20.5
21.0
21.5
22.0
May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18
Ridership (mn trips) % YoY ridership growth
29.0
28.8 28.8
28.9
28.7
28.9
3.7% 4.6%
3.3% 4.0% 3.7% 3.4%
-2.0%
-1.5%
-1.0%
-0.5%
0.0 %
0.5 %
1.0 %
1.5 %
2.0 %
2.5 %
3.0 %
3.5 %
4.0 %
4.5 %
5.0 %
28.5
28.6
28.6
28.7
28.7
28.8
28.8
28.9
28.9
29.0
29.0
29.1
May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18
Average fare price (THB) % Change YoY
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
62
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 14: 2Q 2018/19 Media Update Empowering Digital Strategy through Strategic Partnership
TRANS.AD GROUP’S BUSINESS OVERVIEW and STRUCTURE
81.65%
89%
100%
MACO
Eye on Ads
Trans.Ad
Roctec
Multimedia display systems provider
Provider of multimedia & communications systems, system integrations and total network infrastructure
Trans.Ad Group LCD in Stations and Buildings
Platform Screen Door
Control System & Media Management
Passenger Information
LED outdoor
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
63
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 14: 2Q 2018/19 Media Update Digital Transformation Project
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
64
No. of screen: 5 screens
Where: Chong Non Si
When: 3Q 2018/19
No. of screen: 35 screens
Where: Chong Nonsi, Phrom Phong, Sala Dang and Asok
When: 2Q 2019/20
PHASE 1 PHASE 2
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 14: 2Q 2018/19 Media Update Revamping ‘More-tap’ to the ‘Wallet’ page in LINE Application
• One click to ‘Wallet’ feature in LINE app.
• Add BTS function to provide a smarter and easier journey on BTS.
USER INTERFACE – NEW VERSION RABBIT CARD circulation reached 9.8mn cards. Nearly achieving its full-year target of 10.5mn cards.
9.0 9.1 9.2 9.3 9.4
9.6 9.8
10.5
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Mar-19
FY Target +9.3%
RABBIT LINEPAY serves more than 4.5mn users, an increase of 55.2% in less than 6 months.
So easy!
2.9 3.1 3.2 3.4
3.8
4.2 4.5
5.3
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Mar-19
FY Target +55.2%
partnership with AIS
Single e-wallet with Rabbit Card
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
65
prepared by Investor Relations department BTS Group Holdings PCL
Appendix 14: 2Q 2018/19 Media Update Delivering Marketing Solutions Synergy through Logistics Platform
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
66
Retarget high prospect customers online
Locate the right target audience and drive product awareness with
100% viewability
Encourage perfect trial
at home
Obtain product user feedback for actionable marketing insights
SMART SAMPLING THROUGH KERRY EXPRESS
prepared by Investor Relations department BTS Group Holdings PCL
(355)
(388) (151)
52
(99)
1,700
(621)
(825)
(133)
(175)
9 13
Op. Revenue Op. Cost SG&A Impairments Finance Cost D&A Share of Profit Tax & Others 2Q 2018 NetLoss
2Q 2018/19Share of Loss
to BTS
Deferred GainAdjustments
2Q 2018/19Share of Loss
to BTS
Appendix 14: 2Q 2018/19 Property Update 3Q 2018 U City Performance and 2Q 2018/19 Share of net Loss from U City Breakdown
Release of Net Deferred Gain THB 52mn (2Q 2018/19)
FX Gain Vienna House Loans THB 106mn (excluding gain, finance cost was THB (238)mn)
Vienna House Operating Expenses THB 435mn (70% of operating cost)
1. Vienna House SG&A THB 464mn (56% of SG&A cost) 2. One-off expenses THB 122mn
One-off Impairment of NMG shares THB 355mn
(38.99% Stake) (38.99% Stake)
*U City’s Share of Profit from Associates & JVs comprised of 1. JV Sansiri: THB 9mn 2. AHS: THB 2mn and 3. Keystone JVS: THB (2)mn
(THB mn)
*
BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances
67