2q 2019/20 bts group earnings...
TRANSCRIPT
2Q 2019/20 BTS GROUP EARNINGS PRESENTATION
19 November 2019
prepared by Investor Relations department
BTS Group Holdings PCL
Disclaimer
BTS Group Earnings Presentation 2
Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings
Public Company Limited (the “Company”) before making a decision to invest in Securities. This presentation is for information purposes only
and is intended only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. It
shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchange or a
solicitation to sell or exchange any securities of BTS Group Holdings PCL (the "Company") or any of its subsidiaries in the United States of
America or in any other jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its
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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
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presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any
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which may cause the actual results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise
or representation of the Company as to the future.
prepared by Investor Relations department
BTS Group Holdings PCL3
BTS Group UpdateOur Achievement in Sustainable Development
“GROWING SUSTAINABILITY GROWING TOGETHER”
2nd time member in Dow Jones
Sustainability Indices (DJSI)
in the Emerging Markets 2019
(2nd Rank in the Transportation Sector)
1st time included inthe Thailand Sustainability Investment (THSI) list 2019
BTS Group Earnings Presentation
Platinum Award of the Asset ESG
Corporate Award 2019 which is the
Asia longest-running ESG awards
Best Investor Relations Team Award
in 2019
prepared by Investor Relations department
BTS Group Holdings PCL
Agenda
BTS Group Earnings Presentation 4
2Q 2019/20 FINANCIAL PERFORMANCESECTION 1
BUSINESS UPDATESSECTION 2
APPENDICESSECTION 3
prepared by Investor Relations department
BTS Group Holdings PCL
2Q 2019/20 Highlights
5BTS Group Earnings Presentation
Section 1: 2Q 2019/20 Financial Performance
Solid growth in profitability
Operating Revenue of THB 11.4bn
+36% YoY
Record Net Recurring Profit of 1.1bn
Balance sheet remains strong
Cash & Liquid Investments
THB 18.3bn
Adjusted Net D/E
0.90x
Low leverage
Financing cash earmarked for investments in Mass Transit projects
(28)% YoY
+30% YoY
Operating EBITDA of THB 1.8bn
Cash received
from the issuance of Green Bond
THB 13bn
Net investments in
Pink & Yellow Lines &
Green Extension
THB 11.1bn
Cash received
from the exercised BTS-W4*
THB 7.5bn
P&L HIGHLIGHTS FINANCIAL POSITION 6M CASH FLOW
*Additional THB 2.0bn from the exercised BTS-W4 on 30 Sep 2019 was recognised under receivables from exercise of warrants
prepared by Investor Relations department
BTS Group Holdings PCL
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 2Q 2019/20 2Q 2018/19 % YoY 1Q 2019/20 % QoQ 1H 2019/20 1H 2018/19 %YoY
Operating Revenue1 11,359 15,818 (28)% 9,086 25% 20,445 18,908 8%
Gross operating profit 2,390 1,836 30% 2,178 10% 4,568 3,347 36%
Operating EBITDA2 1,814 1,401 30% 1,663 9% 3,476 2,558 36%
Recurring net profit – after MI 1,131 830 36% 1,006 13% 2,137 1,302 64%
Accounting EBITDA 2,599 1,681 55% 2,073 25% 4,672 2,795 67%
Net income (loss)3 1,278 670 91% 894 43% 2,171 1,057 105%
Gross operating profit margin (%) 21.0% 11.6% 24.0% 22.3% 17.7%
Accounting EBITDA margin (%) 21.4% 10.3% 21.5% 21.4% 14.3%
Recurring net profit margin – after MI(%) 9.4% 5.1% 10.5% 9.9% 6.7%
Operating EBITDA margin (%) 16.0% 8.9% 18.3% 17.0% 13.5%
P&L SNAPSHOT
2Q 2019/20 OPERATING REVENUE BREAKDOWN
1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding non-mass transit interest income 3 to equity holders of the parent
6
2Q 2019/20 Overview
80%
Mass Transit14%
Media
1%
Property
5%
Services
BTS Group Earnings Presentation
Section 1: 2Q 2019/20 Financial Performance
15,818
11,359
(5,123)
390 261 13
Q2 FY18/19 Mass Transit Media Property Services Q2 FY19/20
(36)% 101%32% 15%
(THB mn)
2Q FY18/19 2Q FY19/20
prepared by Investor Relations department
BTS Group Holdings PCL
1 CFO included
• Corporate income tax of THB 750mn
• Net interest expenses of THB 897mn
• Net investment for construction of the Pink and Yellow Lines of THB 2.0bn
• Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 3.3bn2 CFI included net investment for construction of the Pink and Yellow Lines of THB 5.8bn3 Excluding liquid investments of THB 14.1bn
CFI• Net investment for construction of the Pink and
Yellow lines of THB 5.8bn
• Cash paid for purchase of investment properties
of THB 3.9bn
• Cash received in advance from sale of
investment in Bayswater of THB 2.3bn
• Net cash received from sales or current and
other long-term investments of THB 1.0bn
• Net cash received from sales of investments in
derivative instruments of THB 0.8bn
6M 2019/20 Cash Flow Snapshot
CFF• An increase in long-term debentures of THB 13.0bn
from BTSG issued ‘Green Bond’ debentures
• Net increase in long-term loans from financial
institutions of THB 8.0bn mainly for the Pink and
Yellow lines
• Cash received from the exercised BTS-W4 of THB
7.5bn
• Net cash received mainly from sale of VGI and VGI-
W2 of THB 3.7bn
• Net cash paid for short-term loans from financial
institutions and bills of exchange payables of THB
16.4bn
• Dividend payment of THB 3.1bn in August 2019
BTS Group Earnings Presentation
Section 1: 2Q 2019/20 Financial Performance
CFO• Profit before tax of THB 3.0bn, deducted
by
• Non-cash reconciling items of THB 0.8bn
• Changes in net working capital of THB
7.6bn (this includes net investment in
mass transit projects of THB 5.3bn)
7
4,021 (7,046)1
(4,773)2
12,193 (179) 4,2163
Beginning cash
(31/3/19)
CFO CFI CFF Others Ending cash
(30/9/19)
(THB mn)
prepared by Investor Relations department
BTS Group Holdings PCL
Share of
net profit in
BTSGIF
3%
O&MConstruction
revenue for Pink
and Yellow Lines
48%
Mass Transit
related
interest income
4%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Total Mass Transit revenue of THB 9,132mn, a decrease of 36% YoY from a lower
recognition of construction revenue for the Pink and Yellow lines to THB 4,374mn (THB
11.8bn in 2Q 2018/19), partially offset by an increase in
• Services revenue for the provision of E&M works and the train procurement service
of THB 1,633mn YoY to THB 3,157mn
• O&M revenue of THB 414mn YoY to THB 866mn, chiefly as a result of the full
opening of Southern Green Line ext.
• Mass Transit related interest income of THB 113mn YoY to THB 355mn
• Share of net profit from investment in BTSGIF of THB 21mn YoY to THB 265mn
Cost dropped by THB 5,581mn to THB 7,596mn largely from the reduced recognition
of construction cost for the Pink and Yellow Lines
Operating EBITDA margin rose YoY to 17.0% (7.6% in 2Q 2018/19)
OPERATING PERFORMANCE
MASS TRANSIT
(THB mn)
2Q
2019/20
2Q
2018/19%YoY
1Q
2019/20%QoQ
1H
2019/20
1H
2018//19%YoY
Revenue 9,132 14,255 (36)% 7,208 27% 16,340 16,068 2%
Costs of revenue 7,596 13,178 (42)% 5,902 29% 13,498 14,297 (6)%
Gross profit 1,535 1,078 43% 1,306 18% 2,841 1,771 60%
Operating EBITDA 1,552 1,085 43% 1,322 17% 2,874 1,787 61%
Gross margin (%) 16.8% 7.6% 18.1% 17.4% 11.0%
Operating EBITDA
margin (%) 17.0% 7.6% 18.3% 17.6% 11.1%
OPERATING REVENUE BREAKDOWN
2Q 2019/20
8
Mass Transit
Services revenue from provision
of E&M works & train
procurement for Green Line ext.
35%
9%
BTS Group Earnings Presentation
Section 1: 2Q 2019/20 Financial Performance
2Q
18/19
3Q
18/19
4Q
18/19
1Q
19/20
2Q
19/20
Construction revenue for Pink
and Yellow Lines
11,777 13,616 5,325 4,335 4,374
Services revenue from provision of
E&M works & train procurement
for Green Line ext.
1,524 2,183 1,451 1,370 3,157
Mass Transit related interest
income
242 289 354 439 355
O&M 452 565 807 830 866
Share of net profit in BTSGIF 244 239 187 225 265
Others* 16 228 15 9 115 *Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT
Others
1%
prepared by Investor Relations department
BTS Group Holdings PCL
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Media revenue of THB 1,607mn, an increase of 32% YoY mainly driven by higher
revenue in the Digital Services segment
• Digital Services revenue* increased significantly by 102% YoY to THB
597mn mainly due to the revenue recognition of VGI Digital Lab, higher
revenue from Rabbit Group as well as the full-quarter consolidation of
Trans.Ad Group (a system integration and total solutions services provider)
• OOH Media revenue** increased by 10% YoY to THB 1,010mn, chiefly due
to the positive impact from the first-time consolidation of an ‘International
Advertising’ in Outdoor media segment
Costs increased by 73% YoY to THB 792mn primarily due to the consolidation of
PBSB and full-quarter consolidation of Trans.Ad Group by MACO
Operating EBITDA margin declined YoY to 33.0% (44.2% in 2Q 2018/19)
32%
BTS – Related
Media26%
Outdoor Media
MEDIA
(THB mn)
2Q
2019/20
2Q
2018/19%YoY
1Q
2019/20%QoQ
1H
2019/20
1H
2018/19%YoY
Operating revenue 1,607 1,217 32% 1,363 18% 2,970 2,335 27%
Costs of revenue 792 457 73% 521 52% 1,313 765 72%
Gross profit 815 760 7% 842 (3)% 1,657 1,570 6%
Operating EBITDA 530 537 (1)% 630 (16)% 1,160 1,154 1%
Gross margin (%) 50.7% 62.5% 61.8% 55.8% 67.2%
Operating EBITDA
margin (%)33.0% 44.2% 46.2% 39.1% 49.4%
2Q 2019/20
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
9
Media
5%
Office
Buildings
and Others
37%
Digital
* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) Trans.Ad Group
under MACO and (iii) VGI Digital Lab
**OOH Media includes Transit, Outdoor and Office Building and Other Media
BTS Group Earnings Presentation
Section 1: 2Q 2019/20 Financial Performance
921 965 1,047 928 1,010
296495 335 435
597
2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20
Digital Services Business
OOH Media
prepared by Investor Relations department
BTS Group Holdings PCL
Residential
13%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Operating revenue was THB 100mn, an increase of 15% YoY, note that
commercial property revenue now mainly comprises of revenue from
Thana City Golf & Sports Club.
Narrowed share of net loss from investment in U City, our associate, of
THB 7mn (THB 99mn loss in 2Q 2018/19) chiefly from no recognition of
impairment loss (which was recognised in U City’s 3Q 2018 Financial
Statement)
Operating costs rose in tandem with the increase in operating revenue,
increasing by 11% YoY to THB 81mn.
OPERATING PERFORMANCE
PROPERTY
(THB mn)
2Q
2019/20
2Q
2018/19%YoY
1Q
2019/20%QoQ
1H
2019/20
1H
2018/19%YoY
Operating Revenue 100 87 15% 79 27% 179 168 7%
Costs of revenue 81 73 11% 55 47% 136 141 (3)%
Gross profit 19 14 35% 24 (20)% 43 27 61%
Operating EBITDA (5) 6 n.a. (15) (65)% (20) 24 n.a.
Gross margin (%) 19.1% 16.3% 30.2% 24.0% 16.0%
Operating EBITDA
margin (%)(5.2)% 6.4% (18.9)% (11.2)% 14.4%
OPERATING REVENUE BREAKDOWN
2Q 2019/20
NOTE: Property operating performances exclude share of profit/(loss) from investment
in U City
10
Property
87%
Commercial
& Others
BTS Group Earnings Presentation
Section 1: 2Q 2019/20 Financial Performance
87 85
107
79
100
2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20
prepared by Investor Relations department
BTS Group Holdings PCL
52,195 65,584
50,406
67,829
41,612
30,083
31 Mar 19 30 Sep 19
Total shareholders' equity Total non-current liabilities
Total current liabilities
163,496
144,213
123,282 143,964
20,931
19,532
31 Mar 19 30 Sep 19
Total non-current assets Total current assets
163,496
144,213
Cash
31 Mar 19: THB 4.0bn
30 Sep 19: THB 4.2bn
Cash & liquid investment
31 Mar 19: THB 18.7bn
30 Sep 19: THB 18.3bn
Current Investments
31 Mar 19: THB 7.7bn
30 Sep 19: THB 3.8bn
Long-Term Investments
31 Mar 19: THB 14.6bn
30 Sep 19: THB 19.8bn
85%
15%
12%
88%
18%
40%
42%
36%
29%
35%
2Q 2019/20: 1.18x2Q 2018/19: 1.15x
Gross Debt
to Equity
2Q 2019/20: 0.90x2Q 2018/19: 0.56x
Adjusted Net
Debt2 to Equity
2Q 2019/20: 8.34x2Q 2018/19: 5.85x
Adjusted Net Debt2
to Recurring EBITDA
2Q 2019/20: 3.10x2Q 2018/19: 3.52x
Interest Coverage
2Q 2019/20: 0.65x2Q 2018/19: 0.88x
Current Ratio
ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN
KEY RATIOS
11
Financial Position as of 30 September 2019
1 Comprised of 10% floating-rate debt and 90% fixed-rate debt2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
(THB mn) (THB mn)Gross Debt
31 Mar 19: THB 72.5bn
30 Sep 19: THB 77.1bn1
Adjusted Net Debt2
31 Mar 19: THB 53.8bn
30 Sep 19: THB 58.8bn
*****
Issued Ordinary Shares
31 Mar 19: 11,845.4mn
30 Sep 19: 12,556.6mn
BTS Group Earnings Presentation
Section 1: 2Q 2019/20 Financial Performance
prepared by Investor Relations department
BTS Group Holdings PCL
Agenda
BTS Group Earnings Presentation
2Q 2019/20 FINANCIAL PERFORMANCESECTION 1
BUSINESS UPDATESSECTION 2
APPENDICESSECTION 3
12
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit UpdateProgress of BTS secured Lines
13
*Sources: Information was from MRTA and the Company’s report as of 30 October 2019
NORTHERN GREEN LINE
EXT.
(Mochit – Khu Khot)
17.8km/ 16 stations
PINK LINE
(Khae Rai – Min Buri)
34.5km/ 30 stations
YELLOW LINE
(Lad Prao - Samrong)
30.4km/ 23 stations
100%
PINK LINE (EXTENSION)
(Sirat – Muengthong Thani)
3.0km/ 2 stations
YELLOW LINE (EXTENSION)
(Ratchada - Ratchayothin)
2.6km/ 2 stations
GOLD LINE PHASE 1
(Krung Thon Buri – Klong
San)
1.8km/ 3 stations
46% 39%
47% 48%
46% 39%
Civil E&M
Progress (%)*
58%
Included in
Masterplan
17 Oct 18
Included in
Masterplan
17 Oct 18
NTP issued
29 Jun 18
NTP issued
29 Jun 18
FY 17/18 FY 18/19 FY 19/20 FY 20/21
1st station
opened:
(9 Aug 2019)
Targeted full
Operation
(2020)
Contract Signed
FY 21/22
Targeted
operation
(Oct 2021)
Targeted
operation
(Oct 2021)Contract Signed
Construction Period
Construction Period
Construction Period
Targeted
operation
(Sep 2020)
O&M contract Signed (31 Jul 18)
Construction Period
BTS Group Earnings Presentation
Section 2: Business Updates
prepared by Investor Relations department
BTS Group Holdings PCL
Media Update: AdvertisingMACO’s BoD approved the acquisition of Hello Bangkok LED and an issuance of PP to PlanB
14BTS Group Earnings Presentation
Section 2: Business Updates
I. Acquire 50% in Hello Bangkok LED Company Limited (Hello LED)
% of investment: 50% from Wind Harvest International Limited
Total investment: THB 1,950mn
Source of fund: Cash from Private Placement (PP) of
THB 1,553mn and S/T loan of THB 397mn
II. Issue PP to Plan B Media Public Company Limited (PlanB)
No. of shares issued: 1,080mn shares
Price: THB 1.44 per share
Total value: THB 1,553mn
III. Appoint PlanB to be the asset manager for media in Thailand
Revenue sharing: 85% - 90% to MACO
Minimum guarantee: THB 700mn per year
Duration: 5 years (start from 1 January 2020)
Expected completion: By Dec 19 (subject to EGM approval)
18.22% 48.61%33.17%
Public
50.00%
19.96% 38.91%26.55%
Public
Hello Bangkok
Holdings Company
Limited
14.58%
50.00%
Pre shareholdings structure
Total share: 4,332.0mn shares
Post shareholdings structure
Total share: 5,412.0mn shares
RATIONALE
• Expand MACO’s media inventory – static and digital billboards – which
located in a strategic location, allowing MACO to be a larger outdoor
media asset owner.
• Secure MACO’s domestic advertising financial performance from
minimum guarantee received from PlanB.
• Allow MACO to fully focus on overseas expansion.
TRANSACTION SUMMARY PRE/ POST SHAREHOLDING STRUCTURE
prepared by Investor Relations department
BTS Group Holdings PCL
Media Update : PaymentContinue to experience strong user growth
15BTS Group Earnings Presentation
Section 2: Business Updates
RABBIT LINEPAY
Rabbit LinePay serves more than 6.5mn users, an increase of 43.2% YoY
4.55.1
5.56.0
6.5
2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20
Single e-wallet with BTS and
Rabbit Card & Rabbit LinePay
+43.2% YoY
RABBIT CARD
Rabbit Card circulation reached 12.2mn cards, increased by 24.3% YoY
9.8 10.311.0 11.5 12.2
2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20
+24.3% YoY
• Rabbit card has expanded its touchpoints to several transportation
modes including:-
• BTS new lines
• Buses (Chiang Mai, Phuket, Salaya and Nonthaburi)
• Piers & boats along Chao Phraya River
EXPANDING TOUCHPOINTS TO SEVERAL TRANSPORTATION MODES
prepared by Investor Relations department
BTS Group Holdings PCL
Media Update : LogisticsCapture the e-commerce boom by expanding Kerry’s service locations
16BTS Group Earnings Presentation
Section 2: Business Updates
BTS EXPRESS SERVICE EXPANDING KERRY’S NETWORK
• Launched a brand new service called “BTS Express Service” at 4 BTS
stations: Siam, Sala Daeng, Phrom Phong and Thong Lo station.
• Provided more convenient and allowed over a million of BTS
passengers to drop off and pick up their parcels from within the
station to other stations and 200 metres around those stations
within 3 hours.
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
1800000
2000000
2012 2013 2015 2017 2018 Aug-19
40,00075,000
500,000
1,000,000
8,000
2,000,000
250XKERRY PARCEL DELIVERED DAY
• Kerry’s service locations has now reached more than 10,000 service
locations and delivered the highest parcel at over 2 million parcels
per day
prepared by Investor Relations department
BTS Group Holdings PCL17BTS Group Earnings Presentation
Section 2: Business Updates
Property UpdateU City made the first press conference for Verso International School
Located at
Thana City
70% Construction
Progress
Targeted
opening in
Aug 2020
prepared by Investor Relations department
BTS Group Holdings PCL
Property UpdateU signed the amendment to the agreement of Roi Chak Sam project
18BTS Group Earnings Presentation
Section 2: Business Updates
Ground Breaking
Ceremony
Archeological
Excavation
5-Star
Luxurious Hotel
World-Class
Dining Experience
Current status
prepared by Investor Relations department
BTS Group Holdings PCL
Agenda
BTS Group Earnings Presentation 19
2Q 2019/20 FINANCIAL PERFORMANCESECTION 1
BUSINESS UPDATESSECTION 2
APPENDICESSECTION 3
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit Update2Q 2019/20 Core Network Ridership
20
Historical Ridership & % Growth (YoY) Historical Average Fare & % Growth (YoY)
BTS Group Earnings Presentation
Section 3: Appendices
*Excluding the impact of free-trip allowance to passengers from train services disruption
**Excluding the impact of free-trips during Coronation Ceremony
• Quarterly ridership rose 4.4% YoY to 63.9mn trips
• Quarterly average weekday ridership of 781,874 trips,
+4.6% YoY
• Farebox revenue grew 4.4% YoY to THB 1.8bn
• Quarterly average fare remained flat YoY at THB 28.8
per trip
61.2 61.6 61.1
59.6
63.9
-1.5%
1.3% 1.5%4.4%
4.4%
7.1%
0.6% -0.8% -2.4%
7.2%
2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20 2Q 2019/20
Ridership (mn trips) Ridership Growth (YoY)
28.8 29.1* 29.0 29.1**
28.8
3.7%1.5% 0.6% 0.4% 0.0%
-0.8%1.0%
-0.4% 0.1%-0.9%
2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20 2Q 2019/20
Average Fare (THB/trip) Average Fare Growth (YoY)
Average Fare Growth (QoQ)
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit UpdateProgress of 46 New Trains Delivery
21
72 trains currently in service (vs 52 trains in 2015)
98 trains are expected to be fully in service by 2020
10 trains arrived 22 trains all arrived 20 trains in service The remaining 14 trains
will be delivered by 2020
BTS Group Earnings Presentation
Section 3: Appendices
prepared by Investor Relations department
BTS Group Holdings PCL
BTS Group UpdateBTS-W4 and BTS-W5 Term Sheets
BTS Group Earnings Presentation
Section 3: Appendices
Ticker BTS-W4
Term 1 year from the issuance date
Issuance date 30 November 2018
Expiry date 29 November 2019
Warrants price nil
No. of warrants 1,315,710,907 units
AllocationTo existing shareholders at the ratio of 9
existing BTS shares : 1 bts-W4
Exercise ratio 1 BTS-W4 to 1.0111 new common share of BTS
Exercise price THB 10.3841 per share
Expected maximum
proceedsTHB 13.8bn
Exercise period Quarterly
Progress
(as of 30 Sep 19)
899.0mn units exercised, generating proceeds
of THB 9.4bn, equivalent to 68.3% of
maximum proceeds
BTS-W4 TERMS AND CONDITIONS
22
Ticker BTS-W5
Term 1 year from the issuance date
Warrants price nil
No. of warrants Up to 1,319.62mn 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
proceedsTHB 18.5bn
Exercise period Quarterly
1The adjustment took effect from 30 Jul 2019 onwards, following the condition in the
event that the Company distributed dividends in cash in excess of 95% of the
Company’s net profit after income tax under the standalone financial statements of
the Company of any relevant fiscal year.
2The issuance of new warrants (BTS-W5) up to 1,319.6mn units, is calculated based on
the assumption that BTS-W4 Warrants (including the case of rights adjustment of
BTS-W4 Warrants) and BTS-WC Warrants which are entitled to exercise are fully
exercised.
BTS-W5 TERMS AND CONDITIONS
prepared by Investor Relations department
BTS Group Holdings PCL
THB 1.5 - 1.9bnMass-transit related interest income
THB 27 - 33bn THB 0.7bn THB 0.2bn(Excludes: Real estate
development cost)
THB 23 - 27bnPink and Yellow Lines
Construction 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
BTS Group Earnings Presentation
Section 3: Appendices23
prepared by Investor Relations department
BTS Group Holdings PCL
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24BTS Group Earnings Presentation
Section 3: Appendices