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1Q 2020/21 BTS GROUP EARNINGS PRESENTATION
19 AUGUST 2020
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
existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No
representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,
completeness or correctness of the information or the opinions contained herein.
This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the
exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its
own investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this
presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any
future date, and the information and opinions contained herein are subject to change without notice. None of the Company nor any of its
subsidiaries accepts any obligation to update or otherwise revise any such information to reflect information that subsequently becomes
available or circumstances existing or changes occurring after the date hereof. None of the Company or any of its subsidiaries or any of
their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss
howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all
such liability is expressly disclaimed.
The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the
express written approval of the Company. Some statements made in this presentation are forward-looking statements, which are subject to
various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other
statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”,
“expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of the
Company’s management in light of the information currently available to the Company. These assumptions involve risks and uncertainties
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 PCL
Agenda
BTS Group Earnings Presentation 3
1Q 2020/21 FINANCIAL PERFORMANCE SECTION 1
BUSINESS UPDATES SECTION 2
APPENDICES SECTION 3
prepared by Investor Relations department
BTS Group Holdings PCL
1Q 2020/21 Highlights
4
Profitability resilience amid COVID-19 pandemic
Operating Revenue of THB 9.7bn
(50)% YoY
Net Profit of THB 443mn
Balance sheet remains strong
Cash & Liquid Investments
THB 15.0bn
Adjusted Net D/E
1.15x
Low leverage
Financing cash earmarked for investments in Mass Transit projects
16% YoY
(30)% YoY
Recurring EBITDA of THB 1.5bn
Cash received
from the remaining proceeds of
the sale of Bayswater land
THB 5.4bn
Net investments in
Pink & Yellow Lines &
Green Extensions
THB 5.7bn
Net increase in long-term loans
from financial institutions
THB 5.0bn
P&L HIGHLIGHTS FINANCIAL POSITION 3M CASH FLOW
BTS Group Earnings Presentation
Section 1: 1Q 2020/21 Financial Performance
58%* of recurring EBITDA is from
development of new lines and
O&M, unaffected by COVID-19
* Based on FY 2019/20 financial performance
prepared by Investor Relations department
BTS Group Holdings PCL
8,422 9,725 2,384 (922) (44) (116)
1Q 2019/20 Mass
Transit
Media Property Services 1Q 2020/21
36% (27)% (68)% (55)%
(THB mn)
92%
Mass Transit
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 1Q 2020/21 1Q 2019/20 %YoY 4Q 2019/20 %QoQ
Operating revenue1 9,725 8,422 16% 7,793 25%
Total revenue 10,770 8,761 23% 9,915 9%
Gross operating profit 1,384 1,495 (7)% 1,517 (9)%
Recurring EBITDA2 1,520 2,181 (30)% 1,289 18%
Recurring net profit – after MI 461 1,006 (54)% 261 76%
Net income (loss)3 443 894 (50)% 3,531 (87)%
Gross operating profit margin (%) 14.2% 17.8% 19.5%
Recurring EBITDA margin (%) 15.6% 25.9% 16.5%
Recurring net profit margin – after MI(%) 4.5% 10.5% 3.3%
P&L SNAPSHOT
1Q 2020/21 OPERATING REVENUE BREAKDOWN
1 Operating revenue from the operational performance of 4 BUs excludes interest income, dividend income and non-recurring items. 2 Recurring EBITDA calculated from the operational performance of 4 BUs, interest income, dividend income, other income, net share of profit /(loss) from associates/ JV, yet,
excludes other non-recurring items 3 to equity holders of the parent
5
1Q 2020/21 Overview
4%
Media
1%
Property
3%
Services
BTS Group Earnings Presentation
Section 1: 1Q 2020/21 Financial Performance
prepared by Investor Relations department
BTS Group Holdings PCL
1 CFO after
• Corporate income tax of THB 22mn
• Net interest expenses of THB 936mn
• Net investment for construction of the Pink and Yellow Lines of THB 2.3bn
• Net investment for E&M works and trains procurement for the Northern Green Line extensions of THB 0.8bn 2 CFI included net investment for construction of the Pink and Yellow Lines of THB 2.6bn 3 Excluding liquid investments of THB 11.1bn
CFI • cash received from settlement received from sale
of investments in joint ventures of THB 5.4bn
(mostly from receiving the remaining proceeds
of the sale of Bayswater land)
• net cash received from sales of current and other
long-term financial assets of THB 4.6bn
• net investment for construction of the Pink and
Yellow Lines of THB 2.6bn
• cash paid for purchases of investments in joint
ventures of THB 1.2bn largely from an
investment in U-Tapao International Aviation
Company Limited
1Q 2020/21 Cash Flow Snapshot
CFF • net cash paid for short-term loans from financial
institutions and bills of exchange payables of THB
6.5bn
• dividend payment of THB 2.0bn in May 2020
• net increase in long-term loans from financial
institutions of THB 5.0bn mainly for the drawdown
of syndicated loans related to the Pink & Yellow
lines.
CFO • Profit before tax of THB 741mn, deducted
by
• Non-cash reconciling items of THB 310mn
• Changes in net working capital of THB
3.5bn (this includes net investment in
mass transit projects of THB 3.1bn)
6
3,226 (3,430)1
6,4782 (2,383)
(53) 3,8383
Beginning cash
(31/3/20)
CFO CFI CFF Others Ending cash
(30/6/20)
(THB mn)
BTS Group Earnings Presentation
Section 1: 1Q 2020/21 Financial Performance
prepared by Investor Relations department
BTS Group Holdings PCL
Development of
new lines
85%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Total Mass Transit revenue of THB 8.9bn, an increase of 36% YoY mainly from
• Higher services revenue from provision of E&M works & train procurement for
Northern Green Line ext. of THB 1.4bn YoY to THB 2.7bn
• Higher construction revenue for Pink & Yellow Lines of THB 0.5bn YoY to THB
4.9bn
• Higher O&M revenue of THB 323mn YoY to THB 1,153mn, chiefly as a result of
the opening of the first 9 stations of Northern Green Line ext.
Cost rose by THB 1.8bn to THB 7.7bn largely from higher recognition of services
cost for the provision of E&M works & train procurement for Northern Green Line
ext., and construction costs for the Pink and Yellow Lines
Mass Transit related interest income increased by THB 159mn YoY to THB 598mn
Share of loss from BTSGIF of THB 24mn due to the impact from COVID-19
pandemic
Recurring EBITDA margin rose YoY to 20.3% (19.2% in 1Q 2019/20)
OPERATING PERFORMANCE
MASS TRANSIT
(THB mn)
1Q
2020/21
1Q
2019/20 %YoY
4Q
2019/20 %QoQ
Operating Revenue 8,929 6,544 36% 6,446 39%
Costs of revenue 7,672 5,902 30% 5,380 43%
Gross profit 1,257 642 96% 1,066 18%
Mass Transit interest income 598 439 36% 480 25%
Share of profit from BTSGIF (24) 225 N.A. 152 N.A.
Recurring EBITDA 1,815 1,255 45% 1,634 11%
Gross margin (%) 14.1% 9.8% 16.5%
Recurring EBITDA
margin (%) 20.3% 19.2% 25.4%
OPERATING REVENUE BREAKDOWN
1Q 2020/21
7
Mass Transit
O&M
13%
*Comprises of (i) Services revenue from provision of E&M works and train procurement for Gold Line and
(ii) Farebox revenue from BRT
Others*
2%
5,704 7,531 6,666
5,279 7,596
830
866 942
1,115
1,153 10
115 198
52
180
1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21
Development of new lines
O&M revenue
Others *
BTS Group Earnings Presentation
Section 1: 1Q 2020/21 Financial Performance
prepared by Investor Relations department
BTS Group Holdings PCL
928 1,010 1,204
568 265
435 597
632
361
176
1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21
Digital Services Business
OOH Media
3%
Office
Buildings
and Others
4%
Outdoor
Media
40%
Digital*
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Media revenue of THB 441mn, a decrease of 68% YoY mainly due to
an impact from COVID-19 pandemic and the deconsolidation of
MACO
• Digital Services revenue* declined by 60% YoY to THB 176mn
• OOH Media revenue** decreased by 71% YoY to THB 265mn
Costs decreased by 43% YoY to THB 296mn
53%
BTS –
Related Media
MEDIA
(THB mn)
1Q
2020/21
1Q1
2019/20 %YoY
4Q1
2019/20 %QoQ
Operating revenue 441 1,363 (68)% 929 (53)%
Costs of revenue 296 521 (43)% 506 (41)%
Gross profit 145 842 (83)% 423 (66)%
Recurring EBITDA 1 712 (100)% 290 (100)%
Gross margin (%) 32.9% 61.8% 45.5%
Recurring EBITDA
margin (%) 0.2% 52.3% 31.2%
1Q 2020/21
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
8
Media
* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) VGI Digital Lab and
(iii) Trans.Ad Group under MACO
** OOH Media includes Transit, Outdoor and Office Building and Other Media
*
1 Note that 1Q & 4Q 2019/20 operating performances from Media business included contribution of MACO and
its subsidiaries for the period from April to June 2019 and January to March 2020, respectively
OOH Media (60%)
BTS Group Earnings Presentation
Section 1: 1Q 2020/21 Financial Performance
**
prepared by Investor Relations department
BTS Group Holdings PCL
Commercial
& Others
100%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Operating revenue was THB 35mn, a decrease of 55% YoY, largely
due to lower commercial property revenue as a result of the effect
from the COVID-19 pandemic
Share of loss from investment in U City, our associate, of THB 339mn
(THB 193mn profit in 1Q 2019/20) primarily from lower revenue from
hotel operations owing to the impact of COVID-19 pandemic
Operating costs rose slightly by 2% YoY to THB 75mn.
OPERATING PERFORMANCE
PROPERTY
(THB mn)
1Q
2020/21
1Q
2019/20 %YoY
4Q
2019/20 %QoQ
Operating Revenue 35 79 (55)% 88 (60)%
Costs of revenue 75 74 2% 82 (8)%
Gross profit (40) 5 N.A. 6 N.A.
Recurring EBITDA (450) 179 N.A. (321) N.A.
Gross margin (%) N.A. 6.5% 7.1%
Recurring EBITDA
margin (%) N.A. 226.3% N.A.
OPERATING REVENUE BREAKDOWN
1Q 2020/21
NOTE: Property operating performances exclude share of profit/(loss) from investment
in U City
9
Property
90%
Commercial
& Others
79
100
113
88
35
1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21
BTS Group Earnings Presentation
Section 1: 1Q 2020/21 Financial Performance
prepared by Investor Relations department
BTS Group Holdings PCL
67,245 63,034
72,940 84,412
32,915 28,371
31 Mar 20 30 Jun 20
Total current liabilities Total non-current liabilities
Total shareholders' equity
175,817 173,100
150,702 164,458
22,398 11,359
31 Mar 20 30 Jun 20
Total current assets
Total non-current assets
175,817 173,100
Cash
31 Mar 20: THB 3.2bn
30 Jun 20: THB 3.8bn
Cash & liquid investment
31 Mar 20: THB 17.7bn
30 Jun 20: THB 15.0bn
Current Financial Assets1
1 Apr 20: THB 2.8bn
30 Jun 20: THB 2.5bn
Non-current Financial Assets1
1 Apr 20: THB 18.0bn
30 Jun 20: THB 17.5bn
87%
13% 6%
94%
16%
36%
48%
39%
19%
42%
1Q 2020/21: 1.39x 1Q 2019/20: 1.32x
Gross Debt
to Equity
1Q 2020/21: 1.15x 1Q 2019/20: 0.82x
Adjusted Net
Debt2 to Equity
1Q 2020/21: 8.06x 1Q 2019/20: 6.52x
Adjusted Net Debt3 to
Recurring EBITDA
1Q 2020/21: 2.65x 1Q 2019/20: 3.90x
Interest Coverage
1Q 2020/21: 0.40x 1Q 2019/20: 1.05x
Current Ratio
ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN
KEY RATIOS
10
Financial Position as of 30 June 2020
1 The Group adopted TFRS 9 which the cumulative effect is recognised as an adjustment to the retained earnings as at 1 April 2020
2 Comprised of 13% floating-rate debt and 87% fixed-rate debt 3Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
(THB mn) (THB mn) Gross Debt
31 Mar 20: THB 88.6bn2
30 Jun 20: THB 87.4bn2
Adjusted Net Debt2
31 Mar 20: THB 70.9bn
30 Jun 20: THB 72.4bn
********
Issued Ordinary Shares
31 Mar 20: 13,154.3mn
30 Jun 20: 13,154.6mn
BTS Group Earnings Presentation
Section 1: 1Q 2020/21 Financial Performance
prepared by Investor Relations department
BTS Group Holdings PCL
Agenda
BTS Group Earnings Presentation
1Q 2020/21 FINANCIAL PERFORMANCE SECTION 1
BUSINESS UPDATES SECTION 2
APPENDICES SECTION 3
11
prepared by Investor Relations department
BTS Group Holdings PCL 12
Impact from COVID-19 pandemic Overall business have been affected especially in Media and Property sectors
Media Property Mass Transit
Core Network Ridership
69% YoY in 1Q 20/21
44% YoY in Jul 20 to 12mn trips,
(yet, gradually recovered MoM)
Measures Taken:
• Social distancing encouragement
• Wearing masks are required at all time
during BTS travelling
• Increasing in cleaning frequency from once
daily to once every loop at the terminal
Measures Taken:
Hospitality
Measures Taken:
Advertising
Significant impacts in 1Q 20/21 due
to delay in advertising spending to
3Q and 4Q 20/21 80% reopened (June 2020)
20% expected reopen in 2H 2020
53 hotels out of 57 were closed since
the 2H of March 20
• Some promotions given to retain customers
• Maintenance cost cut down to a per-time
basis
• Negotiation with office building landlords to
reduce rental fees
• Reduction in rental fees for the office and
retail spaces for a certain period in order to
help its tenants
• Cost control policies & cost saving measures
• Negotiations with creditors and landlord to
postpone principal/ interests and rental fee
▲ No impact from COVID-19
58%* of recurring EBITDA is from
development of new lines and
O&M, unaffected by COVID-19
Office Buildings
Some tenants were struggled to
pay the rental fee
Payment
Financial Impact
▲ 39% YoY O&M revenue
Recognised share of loss from
BTSGIF of THB 24mn in 1Q 20/21
Decrease in physical transactions
at BTS stations and retail
Financial Impact
51% YoY in 1Q 20/21 Media revenue
64% YoY in OOH revenue
▲ +12% YoY in Digital services revenue
Financial Impact
Recognised share of loss from
U City of THB 399mn in 1Q 20/21
▲ 33% YoY Revenue from development
of new lines to THB 7.6bn
O&M Business
▲ Recognised share of profit from
Kerry in 1Q 20/21
Logistics
▲ Huge surge in online shopping
BTS Group Earnings Presentation
Section 2: Business Updates
* Based on FY 2019/20 financial performance
prepared by Investor Relations department
BTS Group Holdings PCL
Mass Transit & Transportation Update
13 BTS Group Earnings Presentation
Section 2: Business Updates
Northern Green
Line extension
Pink & Yellow Lines Gold Line
Phase 1
U-Tapao
International Airport
Intercity Motorways
(M6 & M81) Orange Line
Early 2025
Expected Notice to
Proceed to be issued
Under feasibility
study
Sep 2020
Expected bid
submission
Aug 2020
Expected contract
signing
Jun 2020
The 1st batch of trains
was delivered
Oct 2020
Expected Commercial
operation
Dec 2020
Targeted full
operation of
Northern Green ext.
Oct 2021
Expected partial
operation of Pink &
Yellow Lines
prepared by Investor Relations department
BTS Group Holdings PCL
Media Update VGI’s key developments in 1Q 2020/21
14 BTS Group Earnings Presentation
Section 2: Business Updates
ADVERTISING PAYMENT AWARD AND ACHIEVEMENT
Created new Station Entrance
Experience welcoming
commuters on BTS stations
Continued to experience
strong user growth
• 13.3mn Rabbit cards
• 7.7mn Rabbit LinePay
users
• Expanding network to
cover in every
transportation mode
e.g. bus, boat and
widen its reach to
cafeteria in shopping
malls and industrial
estates.
• ASEAN’s
Transformation
Champions
• SET50 Index
prepared by Investor Relations department
BTS Group Holdings PCL 15
U City’s Project Update
VERSO INTERNATIONAL SCHOOL THE CUSTOMS HOUSE (ROI CHAK SAM) THE UNICORN PHAYATHAI
Concept Providing unique learning experience by
paring modern technology and
contemporary teaching techniques
A luxurious 5-star hotel project in a rare,
historic, colonial-era heritage building
located along magnificent Chao Praya
Riverside
51 levels of mixed-use building
comprising of retail, office, hotel and
residence
Project Value Approximately THB 4.8bn Approximately THB 4.6bn Approximately THB 9.3bn
Location Thana City On the Chao Praya Riverside, Soi
Charoenkrung 36, Bangrak, Bangkok
Adjacent to 2 mass transit stations: BTS
Phayathai Station and Airport Rail Link
Land Area 79.4 Rai or 12.7 Ha (127,065 sqm) 5.15 Rai or 0.82 Ha (8,240 sqm) 7.3 Rai or 1.2 Ha (11,749.6 sqm)
Construction
Timeline
Project Period Approximately 42 months (Phase 1 & 2) 6 years Approximately 60 months
Status
(as of 30 June 20)
Phase 1: 100%
Phase 2: 96%
School opened in 17 Aug 2020
Restoration plan approved by the Fine Arts
Department
18%
4Q 2019 2025
Start Completion
3Q 2017 2Q 2022
Start Completion
2017 3Q 2020
Start Completion
BTS Group Earnings Presentation
Section 2: Business Updates
prepared by Investor Relations department
BTS Group Holdings PCL 16
U City’s Project Update
NUE Noble Ratchada – Lat Phrao: Noble JV
BTS Group Earnings Presentation
Section 2: Business Updates
Concept A condominium with wide frontage units and
full furniture package next to BTS Yellow line
and MRT Blue line
Project Value Approximately THB 2.0bn
Location
50m from BTS Yellow line (Lat phrao station)
150m from MRT Blue line (Lat phrao station)
Land Area 2-0-96.5 Rai
Construction
Timeline
Presale Value
THB 470mn by 2 weeks
1Q 2021 3Q 2023
Start Completion
prepared by Investor Relations department
BTS Group Holdings PCL
Agenda
BTS Group Earnings Presentation 17
1Q 2020/21 FINANCIAL PERFORMANCE SECTION 1
BUSINESS UPDATES SECTION 2
APPENDICES SECTION 3
prepared by Investor Relations department
BTS Group Holdings PCL
Transportation Update
18
EXTENSION GREEN ZONE 2 PINK AND YELLOW LINE
Consortium N.A.
(100% BTS)
75% BTS
15% STEC
10% RATCH
Authority BMA MRTA
Investment
Type
O&M Contract PPP Net Cost
Operation 25 years 30 years
Scope Train procurement
25 years: O&M
39 months:
Construction
30 years: Farebox
revenue collection and
O&M
Project Cost Train procurement
≈THB 9.8bn
≈THB 96.1bn (gov’t subsidy, THB 47.55bn)
Status Southern: full operation
in Dec 18
Northern: Expected full
operation by 2020
PPP Contract signed
Expected partial COD:
Oct 21
M6 MOTORWAY M81 MOTORWAY U-TAPAO AIRPORT
40% BTS
40% GULF
10% STEC
10% RATCH
40% BTS
40% GULF
10% STEC
10% RATCH
45% BA
35% BTS
20% STEC
DOH DOH RTN
PPP Gross Cost PPP Gross Cost PPP Net Cost
30 years 30 years 47 years
3 years: Design &
Construction (Toll
Plaza, Toll Collection
System, Traffic Mgt
Control System,
Other infrastructure
30 years: O&M
3 years: Design &
Construction (Toll
Plaza, Toll Collection
System, Traffic Mgt
Control System,
Other infrastructure
30 years: O&M
3 years: Design &
Build Passenger
Terminal Building 3,
Commercial Gateway,
Cargo Village, Cargo
Complex
47 years: O&M
[to be disclosed] [to be disclosed]
THB 27bn
(phase 1)
PPP Contract signing
expected by Aug 20
PPP Contract signing
expected by Aug 20
PPP Contract signed on
19 June 2020, currently
awaiting Notice-to-
proceed
Remarks: This summary excludes “30-year O&M Contract” for Gold Line Phase 1 (Krung Thon Buri – Klong San, 1.7km, 3 stations) which the contract was signed in Jul 18, expected COD in 4Q 20.
BTS Group Earnings Presentation
Section 3: Appendices
prepared by Investor Relations department
BTS Group Holdings PCL
Role & responsibilities
Design and development of the
required Airport Infrastructure
Operations and maintenance
over the concession term
Financing and maintenance
over the project components
Consortium
Commercial Gateway
269 Rai (430,000 sq.m.)
Airport City
654 Rai (1,047,000 sq.m.)
45%
35%
20%
Cargo & Free Trade Zone
430 Rai (688,000 sq.m.) Passenger Terminal
Building 3
Timeline
3 Years 47 Years
30 Jan 2020
Announced Pricing
Proposal Winner
2 Jun 2020
19 Jun 2020
Cabinet Approved
PPP Contract
PPP Contract
Signing
Early 2022
Early 2025
Early 2072
End of PPP contract Notice to proceed
(NTP)
O&M Start Date
Start construction
Location Plub Pla ,Ban Chang District, Rayong Province
Land Area Approx. 6,500 Rai (10,400,000 sq.m.)
Contract Type PPP Net Cost
Contract Term 50 Years
Authority Royal Thai Navy
Total Project Cost THB 31bn (phase 1)
Equity Injection Paid-up capital of THB 9bn at COD
Sources of Fund Debt 70 : Equity 30
Project Details
3 Years 47 Years
Design & Build Operation and Maintenance
BTS Group Earnings Presentation
Section 3: Appendices
Transportation Update U-Tapao international airport – at a glance
19
prepared by Investor Relations department
BTS Group Holdings PCL
Transportation Update Intercity Motorway – BGSR JV as the best bidder
20
Status
M6: Bang Pa In –
Nakhon Ratchasima
Investment Type PPP Gross Cost
Distance 196km
Contract Term 2 phases
3Y 30Y
Design & Construction Operating & Maintenance (O&M)
Budget Approved by the Cabinet THB 33.2bn
M81: Bang Yai –
Kanchanaburi
PPP Gross Cost
96km
THB 27.8bn
Authority Department of Highways
Department of Highways
Price Proposed by BGSR THB 21.3bn THB 17.8bn
BGSR
JV 40% 40%
10% 10%
Expected COD 2023 2023
Bang Pa In
Nakhon
Ratchasima
196km
96km
Bang Yai
Kanchanaburi
M
6
M
81
BTS Group Earnings Presentation
Section 3: Appendices
Scope of Works
Phase I: Design and Construction (3 years)
• Toll Collection System
• Traffic Management and Control System
• Other infrastructure
Phase 2: Operation and Maintenance (30 years)
PPP Contract signing expected by Aug 2020
Consortium’s Members
prepared by Investor Relations department
BTS Group Holdings PCL
Western Orange
Eastern Orange (under construction)
Mass Transit Update Orange Line bidding submission is expected in Sep 20
21
Underground Stations
Elevated Stations
Orange Line (35.9km, 28 stations)
* Western Orange civil works and land exploration CAPEX
BTS Group Earnings Presentation
Section 3: Appendices
Expected timeline
2023
Targeted COD of
Eastern Orange
10-24 Jul 2020
Request for
proposal (RFP)
selling period
2026
Targeted COD of
Western Orange
Sep 2020
Expected bid
submission
Dec 2020
Expected
contract signing
Contract Type PPP Net Cost with subsidy (covering (i) civil work construction of Western Orange and (ii) E&M and train procurement services for the entire Orange Line
Term 30 Years
CAPEX Civil ~THB 111bn*
E&M ~THB 32bn Route Taling Chan –
Thailand Cultural
Center
Length 13.4km
No. of
stations
11 (underground)
Route Thailand Cultural
Center - Min Buri
Length 22.5km
No. of
stations
17
(10 underground
and 7 aboveground)
10 companies bought Orange Line RFP
1. BTS Group Holdings PCL.
2. Bangkok Mass Transit System PCL.
3. Bangkok Expressway and Metro PCL.
4. Sino-Thai Engineering and Construction PCL.
5. Italian-Thai Development PCL.
6. Ratch Group PCL.
7. Ch. Karnchang PCL.
8. Gulf Energy Development PCL.
9. Sino-hydro Corporate Limited
10. Voranitas Development Limited
prepared by Investor Relations department
BTS Group Holdings PCL
BTS Group Update BTS-W5 Term Sheet
BTS Group Earnings Presentation
Section 3: Appendices
22
BTS-W5 TERMS AND CONDITIONS
Ticker BTS-W5
Term 1 year from the issuance date
Issuance date 17 February 2020
Expiry date 16 February 2021
Warrants price nil
No. of warrants 1,315,385,979 units
Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5
Exercise ratio 1 BTS-W5 to 1.010 new common share of BTS
Exercise price THB 13.865 per share
Expected maximum proceeds THB 18.4bn
Exercise period Quarterly
1The adjustment took effect from 29 Jul 2020 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.
prepared by Investor Relations department
BTS Group Holdings PCL 23
FY 2020/21 Mass Transit Guidance
THB bn 20
Pink & Yellow Lines
Construction
THB bn 6
Mass-transit related
interest income
THB bn 2.6
E&M provision and
train procurement for
Green Line extensions
Train O&M
revenue
THB bn 5.2
FY 2020/21 CAPEX
THB bn 26
40% YoY
BTS Group Earnings Presentation
Section 3: Appendices
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