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Investor Presentation
FEBRUARY 2020
BTS GROUP HOLDINGS PCL
Prepared by BTS Group IR
IR Contact
This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings PCL (“BTSG”) solely for information
purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the
information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or
analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of
any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information
described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss
howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the
information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words
"believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been
constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and
uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG
assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no
obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Disclaimer
Address: BTS Group Holdings PCL
IR Department
15th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd.
Chomphon, Chatuchak, Bangkok, Thailand 10900
Telephone: +66(0) 2273 8611-15 Fax: +66(0) 2273 8610
Email: [email protected] Website: www.btsgroup.co.th
BTS Group Investor Presentation 2
Prepared by BTS Group IR
Contents
BTS Group Investor Presentation 3
BTS Group in Brief & Strategy & Outlook
Business Segment Profiles • Mass Transit Business
• Media Business
• Property Business
• Services Business
Corporate Information
Financial Summary
Appendices
2
3
4
5
Section
1
Prepared by BTS Group IR
MASS TRANSIT
86%
BTS Group Overview 4 Business Units with Mass Transit as our core
MASS TRANSIT MEDIA PROPERTY SERVICES
BTS Group Holdings PCL (BTSG)
A privately-owned conglomerate that engages in 4 business units; Mass Transit, Media, Property and Services. Listed on the Stock
Exchange of Thailand (SET), BTSG is a constituent member of the SET50 “Bluechip” Index, MSCI Asia Pacific Index, FTSE4Good Emerging
Markets Index and Dow Jones Sustainability Indices (DJSI).
FY 2018/19 OPERATING REVENUE CONTRIBUTION
BTS Group Investor Presentation
Section 1: BTS Group in Brief & Strategy & Outlook
MEDIA
11%
PROPERTY
1%
SERVICES
2%
Total of
THB 47,923mn
4
Prepared by BTS Group IR
As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines which are authorised or set by the
government at both municipal and national levels. We capture further value from opportunities which cascade down to our other
independently operating business units in Media, Property and Services.
STRATEGY
5-YEAR OUTLOOK
BTS Group Investor Presentation
Section 1: BTS Group in Brief & Strategy & Outlook
Strategy and 5-Year Growth Targets Mass transit led strategy : full growth phase
5Y CAGR
31% Operating Revenue
29% 5Y CAGR
Net Recurring Profit (after MI)
THB 131bn
5-Year Targeted CAPEX
* Operating revenue includes share of net profit (loss)
from associated companies and JVs
THB 8.2bn
THB 31.8bn
FY 16/17 FY 21/22E
THB 1.4bn
THB 5.1bn
FY 16/17 FY 21/22E
93% or THB 123bn
spent on all existing
and newly-secured
mass transit lines
5
Prepared by BTS Group IR 6
1. Source: OTP (http://www.otp.go.th/uploads/tiny_uploads/ DataStatistics/2562/25611012-SumData01.pdf), Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau
MASTER PLAN: 515.2KM IN 2029, 33% MARKET SHARE IN 2037
Bangkok Rail Mass Transit Market Overview Aggressive rail market share growth in Bangkok
RAIL MASS TRANSIT MARKET SHARE1
Sources: Office of Traffic Policy and Planning, Bangkok Metropolitan Transport and Administration
Includes MRTA and BMA projects
Bangkok
13%
Hong Kong
49%
Tokyo
48%
Singapore
46%
BTS Group Investor Presentation
Section 1: BTS Group in Brief & Strategy & Outlook
BANGKOK MASS TRANSIT MARKET SHARE
515.2km in 2029
* Van, Ferry and Commuter train
Bus
79%
Rail Mass Transit
13%
Others*
8%
Prepared by BTS Group IR 7
OPERATING LINES: 152.4KM, 110 STATIONS BY 3 OPERATORS
53.9km
WEEKDAY RIDERSHIP MARKET SHARE IN 2018 (JAN-DEC)
*BEM ridership excludes Purple line. BTS and BEM based on company’s ridership reported on website as of 2018 and ARL is based on information as of DEC 18.
Bangkok Rail Mass Transit Network Immature network, 143km under construction
70km 28.5km
1.2mn trips
TOTAL AVERAGE
WEEKDAY RIDERSHIP
BTS
62% 741,056 trips
BEM
31% 371,447 trips*
ARL
7% 80,000 trips*
BTS Group Investor Presentation
Section 1: BTS Group in Brief & Strategy & Outlook
152.4km in 2019
Blue line : 47km
Purple line : 23km
48 stations 54 stations 8 stations
Prepared by BTS Group IR
Contents
BTS Group Investor Presentation 8
BTS Group in Brief & Strategy & Outlook
Business Segment Profiles
Mass Transit Business
Corporate Information
Financial Summary
Appendices
1
3
4
5
Section
2
Prepared by BTS Group IR
Line km Station Route
Core Network 23.5 23 Mo Chit – On Nut (17.0km)
National Stadium – Saphan
Taksin (6.5km)
Extension
Zone 1
7.5 6 Saphan Taksin – Bang Wa
Extension
Zone 1
5.3 5 On Nut – Bearing
Extension
Zone 2
(Southern)
12.6 9 Bearing – Kheha
Extension
Zone 2
(Northern)*
17.8 16 Mo Chit - Khu Khot
Gold
1.8 3 Krung Thonburi BTS
Station – Khlong San
Pink
34.5 30 Khae Rai – Min Buri
Yellow
30.4 23 Lat Phrao – Sam Rong
Total 133.4 115
9 BTS Group Investor Presentation
Section 2.1: Mass Transit Business
BTS NETWORK: 133.4KM (115 STATIONS)
Saphan Taksin
– Bang Wa
7.5km
On Nut – Bearing
5.3km
Southern Green Line
Bearing – Kheha
12.6km
Lat Phrao – Sam Rong
30.4km
Mo Chit – On Nut
17.0km
National Stadium –
Saphan Taksin
6.5km
Khae Rai – Min Buri
34.5km
Northern Green Line
Mo Chit - Khu Khot
17.8km
CORE NETWORK
EXT. ZONE 1
EXT. ZONE 1
EXT. ZONE 2
EXT. ZONE 2
PINK
YELLOW
Krung Thonburi BTS
Station – Khlong
San 1.8km
GOLD PHASE 1
BTS Lines 4 Lines - covering a total of 133.4km by 2021 (2.5 times from 53.9km in 2019)
OP
ER
ATIN
G
48.9
KM
UN
DER
CO
NSTR
UC
TIO
N
84
.5 K
M
*5 stations (5.0km) were partially opened during Aug and Dec 2019
Prepared by BTS Group IR
2021E: Pink and Yellow
10
Routes
Authority
Contract Type
Contract Term
*Remarks
Dark Green: Mo Chit – On Nut
Light Green: National Stadium –
Saphan Taksin
PPP Net Cost & O&M Contract
• 30 Years (Dec 1999 - Dec 2029)
for PPP Net Cost
• 13 Years (2029-2042)
for O&M Contract
• In Apr 2013, the rights to net farebox revenue of Core Network until 2029 was sold to BTSGIF
• BTS Group used the proceeds to invest in 1/3 units in BTSGIF
Dark Green: On Nut - Bearing
Light Green: Saphan Taksin –
Bang Wa
O&M Contract
30 Years (2012 - 2042)
Southern Green: : Samrong – Kheha
Northern Green : Mo Chit - Khu Khot
O&M Contract
25 Years (2017 - 2042)
Pink: Khae Rai – Min Buri
Yellow: Lat Phrao - Samrong
PPP Net Cost with Subsidy
30 Years (2021 - 2051)
BMA BMA BMA MRTA
Length/ Stations 23.5km / 23 stations 12.8km / 11 stations 30.4km / 25 stations 64.9km / 53 stations
1999:Core Network 2012: Green Line Ext.1 2018, 2020E: Green Line Ext.2
BTS Group Investor Presentation
Section 2.1: Mass Transit Business
23.5km 12.8km 30.4km 64.9km
Status Operating Operating Southern: Operating /
Northern: 2020E Oct 2021E
BTS Lines Evolution since 1999
2018 2020E 2021E 1999
Targeted Gold Line and Northern
Green Ext.2 full commencement
Targeted Pink and Yellow
full commencement
Core Network Extension
Zone 1
2012 Southern
Green Ext 2
2019 Opening of the first 5 Stations
of Northern Green Ext. 2
Commencement
Timeline
Prepared by BTS Group IR
THB 13BN GREEN BOND
11
Rationale:
Issuance Date:
Purchase new rolling
stocks and E&M for the
Northern and Southern
Green Line extensions
10 November 2016
Average
Coupon Rate:
3.31%
THB 63.4BN SYNDICATED LOAN
Credit
Facilities:
Total of THB 63.36bn
THB 31.68bn for Pink Line
THB 31.68bn for Yellow Line
Syndicate
Banks: BBL, KTB, SCB
Loan Term: 17 years and 3 months,
repayments starting from
first operation date
Rationale: Financing of the Pink
and Yellow lines
Transaction
Date: 10 October 2017
Green Line Extensions Pink and Yellow Lines
THB 22BN BTSC DEBENTURE
BTS Group Investor Presentation
Section 2.1: Mass Transit Business
CAPEX for New Green Line Extensions and Pink & Yellow Secured by debt financing
Rationale:
Issuance Date:
For debt repayment of
Eligible Green Projects
(Pink & Yellow Line)
24 May 2019
Average
Coupon Rate:
3.41%
Prepared by BTS Group IR BTS Group Investor Presentation
Section 2.1: Mass Transit Business
Bang Wa - Taling Chan
7.0km
Bang Na
– Suvarnabhumi
18.3km
Watcharaphon –
Thong Lo
16.3km
Thailand Cultural Center - Min Buri
22.5km Bang Khun Non - Thailand
Cultural Center
13.4km
12
WESTERN ORANGE LINE EASTERN ORANGE LINE
WESTERN GREEN LINE EXT. GREY LINE (PHASE 1)
LRT
77.5KM TARGETED LINES IN THE NEXT 4 YEARS
BTS TARGET ROUTE AUTHORITY DISTANCE
(KM)
NO. OF
STATION
EXPECTED
OPERATING
GREEN EXT.
(WESTERN)
BANG WA
- TALING CHAN BMA 7.0 6 2024
LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2023
GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2023
ORANGE (E) THAILAND CULTURAL
CENTER - MIN BURI MRTA 22.5 17 2023
ORANGE (W) BANG KHUN NON - THAILAND
CULTURAL CENTER MRTA 13.4 11 2026
OTHER ROUTE AUTHORITY DISTANCE
(KM)
NO. OF
STATION
EXPECTED
OPERATING
BLUE BANG KHAE –
BHUDHAMONTHON 4 MRTA 8.0 4 n.a.
DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021
DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2024
LIGHT RED BANG SUE – MAKKASAN –
HUAMAK SRT 19.0 9 2024
LIGHT RED BANG SUE – TALING CHAN SRT 15.0 4 2021
PURPLE
(SOUTHERN) TAO POON – RAT BURANA MRTA 23.6 17 2026
TOTAL 175.9
Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and
Yellow lines, totaling 143.3km under construction) 7 above-ground stations
BTS Targeted Lines Interested in an additional 77.5km of rail mass transit lines
Prepared by BTS Group IR
9.8 CAPEX INCL. SOUTHERN
AND NORTHERN PARTS
84
.5KM
AW
AR
DED
LIN
ES
77.5
KM
BTS T
AR
GETED
LIN
ES
GREEN LINE EXTENSION
ZONE 2:
NORTHERN 17.8KM1
PINK LINE: 34.5KM
YELLOW LINE: 30.4KM
WESTERN GREEN LINE
EXTENSION: 7.0KM
GOLD LINE PHASE 1:
1.8KM
LRT: 18.3KM
GREY LINE PHASE 1:
16.3KM
ORANGE LINE: 35.9KM
1 In total of 30.4km, divided into Southern Green 12.6km (fully commenced on 6 Dec 18) and Northern Green (17.8km).
2 Project cost (excluding interest expenses) for the Pink and Yellow based on MRTA submission and BTS owns 75% equity stake
in JV Cos. Calculation based on D/E ratio at 2.2x (equity required of THB 21bn). The JV Cos will receive civil work subsidy from
the MRTA of THB 22.5bn (for the Pink Line) and THB 25.05bn (for the Yellow Line) for 10 years from beginning of operation. 3Assume O&M revenue of THB 140mn/km p.a.
34.52 CIVIL + TRAINS + E&M
32.62
CIVIL + TRAINS + E&M
2.1
0.4 0.6
3.6
12.9 TRAINS + E&M
32.1 TRAINS + E&M
2.53 (Y1)
BY 2024
SEP 2020
BY 2023
BY 2023
BY 2023
OCT 2021 JUL 2018
BY 2021
MAR 2018
BY 2020
BY 2020
MID 2017
EASTERN SIDE
BY 2020
OCT 2021 JUL 2018 2051/52
2020 2042/43
2051/52
EXPECTED TIMELINE
FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23
EXPECTED CAPEX
(THB BN)
EXPECTED REVENUE
(THB BN P.A.)
FAREBOX
REVENUE
O&M
REVENUE FY 23/24 TRAINS E&M WORKS
5.0
4.5 – 5.0 (Y1)
START CIVIL WORKS CONSTRUCTION
EXPECTED START FULL OPERATION CONSTRUCTION PERIOD
OPERATION YEAR, UP UNTIL EXPECTED OPEN BID/ AWARD BIDDING & CONSTRUCTION PERIOD
TOTAL
CAPEX/FINANCING
THB
133.6bn
13
FY 24/25
2049/50
NOTE:
Timeline of Upcoming Lines and CAPEX Significant upcoming revenue expected in the next 3-5 years
BTS Group Investor Presentation
Section 2.1: Mass Transit Business
Prepared by BTS Group IR
Transportation Project U-Tapao international airport – BBS JV as the best bidder
14 BTS Group Investor Presentation
Section 2.1: Mass Transit Business
Consortium’s Members
Location Plub Pla ,Ban Chang District,
Rayong Province
Land Area Approx. 1,600 Rai
Contract Type PPP Net Cost
Contract Term 50 Years
Authority Royal Thai Navy
Total Project Cost THB 91bn per market sounding
Sources of Fund Debt 70 : Equity 30
Project Details
45%
35%
20%
3 Years 47 Years
Design & Build Operation and Maintenance
BBS JV
2
3
4
1
5
6
7
PPP Project Scope
1. Passenger Terminal Building 3
2. Commercial Gateway
3. Cargo Village as a Free Zone
4. Cargo Complex
5. Maintenance, Repair & Overhaul
Facilities
6. Aviation Training Center
7. Passenger Terminal Building 1 & 2
Timeline
21 March 2019
Bidding submission
30 January 2020
BBS JV was announced as
the best bid winner
October 2018
RFP selling period
Package Inclusion:
Package Exclusion:
(42 companies bought U-Tapao RFP)
By June 2020
Expected contract signing
Prepared by BTS Group IR
Transportation Project Intercity Motorway – BGSR JV as the best bidder
M6: Bang Pa In –
Nakhon Ratchasima
Contract Type PPP Gross Cost
Distance 196km
Contract Term 2 phases
3Y 30Y
Design & Construction Operating & Maintenance (O&M)
M81: Bang Yai –
Kanchanaburi
PPP Gross Cost
96km
Authority Department of Highways
Department of Highways
15 BTS Group Investor Presentation
Section 2.1: Mass Transit Business
Bang Pa In
Nakhon
Ratchasima
196km
96km
Bang Yai
Kanchanaburi
M
6
M
81
Budget Approved by the
Cabinet THB 33.2bn THB 27.8bn
BGSR
JV 40% 40%
10% 10%
Price Proposed by BGSR THB 21.3bn THB 17.8bn
Scope of Works
Phase I: Design and Construction (3 years)
• Toll Collection System
• Traffic Management and Control System
• Other infrastructure
Phase 2: Operation and Maintenance (30 years)
Expected COD 2023 2023
Status
PPP Contract signing expected in 1Q 2020
Consortium’s Members
Prepared by BTS Group IR
BTS 5-year Target of Network Expansion Quadruple growth from 48.9km in 2018 to 215km in 2024
BTS Group Investor Presentation
Section 2.1: Mass Transit Business
16
48.9
43
53.9
48
68.5
62
133.4
115
168.0
144
214.6
179
South ext.
(12.6km) 5 stations
of North ext.
(5.0km)
North ext.
(17.8km)
Gold line
(1.8km)
Pink line
(34.5km)
Yellow line
(30.4km)
FY 18/19 FY 23/24 FY 20/21 FY 21/22 FY 19/20 FY 22/23
BTS Lines
BTS Targeted Lines
Distance (km)
No. of stations
400km Total network in 2026
from 148.4km
currently
215km Targeted BTS network
in 2024 from 48.9km in
2018
143km Lines under construction
BTS Targeted Lines
LRT (18.3km)
Grey line
phase1
(16.3km)
FY 24/25
Western
Green ext.
(7km)
Orange line
(39.6km)
133.4
115
Prepared by BTS Group IR
Contents
BTS Group Investor Presentation 17
BTS Group in Brief & Strategy & Outlook
Business Segment Profiles
Media Business
Corporate Information
Financial Summary
Appendices
1
2
3
4
5
Section
Prepared by BTS Group IR
Media Evolution From traditional advertising to “Offline-to-Online Solutions”
18
1999 2009 2012
2015 2017 2018 2019
2015
BANGKOK CENTRIC NATIONWIDE NETWORK
O2O SOLUTIONS
2019
Demo Power
Direct to consumer
(40% stake)
Rabbit Group
Payment
(90% stake2)
Kerry Express (Thailand)
Logistics
(23% stake)
OOH Partners
Plan B (18.6% stake),
Ad Chaopraya (25% stake)
Tech Partners
Anymind (JV 49%),
iClick (JV 30%)
Aero Media
Airport
(30% stake)
POV
Building
(100% stake)
IPO
MACO
Billboard
(51.4% stake1)
Established and was granted
30yrs BTS ad. concession
BTS Group Investor Presentation
Section 2.2: Media Business
2015
1 includes BTS shareholdings of 18.2% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd.
Prepared by BTS Group IR
Well-Diversified Media Portfolios Advertising, Payment and Logistics Platforms across industries
ADVERTISING PAYMENT
51.4%1 30.0% 40.0% 90.0%2 90.0%2 100.0%
COMPANY
SEGMENT
PLATFORM
No. 1
Transit Media
No. 1
Building Media No.1 Outdoor Media No. 2
Aviation Media
No. 1
Activation
Services
The largest micro payment
platform
LOGISTICS
23.0%
TRANSIT BUILDING OUTDOOR AIRPORT ACTIVATION PAYMENT SERVICES
MACO AERO MEDIA DEMO
POWER RABBIT GROUP VGI
LOGISTICS
KERRY EXPRESS
No. 1
Parcel Delivery
Services
HOLDING
PERCENTAGE
BKK, Thailand
KL, Malaysia
BKK,
Thailand
Nationwide,
Thailand
KL, Malaysia
JKT, Indonesia
Nationwide,
Thailand
Yangon,
Myanmar
Nationwide,
Thailand Nationwide,
Thailand
Nationwide,
Thailand GEOGRAPHICAL
ACTIVITY
BKK and
nationwide,
Thailand
18.6%
OUTDOOR
PLAN B
Nationwide,
Thailand
BTS Group Investor Presentation
Section 2.2: Media Business 19
THB 4.7bn THB 483mn
AUDIENCE
REACH
2018/19 REVENUE3
18mn potential reach
2019/20
REVENUE TARGET THB 6.0-6.2bn
1 includes BTS shareholdings of 18.2% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd 3 excluding revenue from Aero Media, Demo Power and Kerry Express Thailand of which are recognised as equity method
Prepared by BTS Group IR
2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 - 2024/25
Advertising: Solid Growth Opportunities Upside from BTS rail mass transit expansion
20
Secured by BTS Targeted Lines Carriages Stations
ADVERTISING
BTS Group Investor Presentation
Section 2.2: Media Business
208
34*
264
43
336
47
392
62
5-6x Increase in Train &
Station Capacity
Core Line
Extension
Green South
Extension
4 stations of
Green North
Extension
Pink Line
Yellow Line
Western Green
Extension
LRT
Grey Line (Phase I)
*VGI manages media on 30 stations of BTS.
Orange Line
12 stations of
Green North
Extension
Gold Line
Core Line
Extension
680
115
848
179
Prepared by BTS Group IR 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
ONLINE PAYMENT: RABBIT LINE PAY
A mobile e-wallet solution embedded in the leading chat messenger
application
SERVICES BUSINESS UNDER RABBIT
JV with AEON: THB 1.8bn 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 12.6mn > 15.0mn
Retailer
Points > 10,000 >20,000
Current 2020
Line Users 45.0mn >55.0mn
Rabbit Line Pay
Users 7.0mn >8.0mn
Online
Merchants > 1,000 >1,500
Payment: Synergy between VGI and Rabbit Upside from monetisation of Rabbit’s data
Prepared by BTS Group IR
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
22 BTS Group Investor Presentation
Section 2.2: Media Business
DELIVERY SERVICES PORTFOLIO SERVICES PRODUCTS
INVESTMENT & ACCOUNTING METHOD
Investment: 23% in Kerry Express Thailand
Accounting Method: Equity Sharing
SERVICES CHANNEL
Kerry is the No. 1 parcel delivery services in Thailand,
delivering more than 1,200,000 parcels per day and has more
than 4,000 retail service points nationwide.
• Deliver more than 1,000,000 parcels per day
• 975 distribution centers
• 695 parcel shops in Bangkok, Central and East
• 5,079 retail service points at alliance shops
NETWORK
Logistics: Last Miles Delivery Services Network expansion to accommodate the rise of E-commerce
125X KERRY PARCEL DELIVERED
PER DAY
C2C
70%
C2C
65%
C2C
50%
B2C
26%
B2C
30%
B2C
40%
2012 2013 2015 2017 2018
C2C
B2C
B2B
C2C
67%
C2C
50% C2C
50% B2C
31% B2C
40% 40,000
75,000
500,000
1,200,000
8,000
Digital Thailand – Jan.2018
Population 69.11 M
Internet users 57.00 M
Social media users 51.00 .M
Unique mobile users 55.56 M
Mobile social users 46.00 M
Prepared by BTS Group IR
Contents
BTS Group Investor Presentation 23
BTS Group in Brief & Strategy & Outlook
Business Segment Profiles
Property Business
Corporate Information
Financial Summary
Appendices
1
3
4
5
2
Section
Prepared by BTS Group IR
3,492 554 1,411 7,700
1,000
379 368
(200)
300
800
1,300
1,800
2,300
2,800
3,300
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
F/Y 12/13 F/Y 13/14 F/Y 14/15 F/Y 19/20E
Proceeds from land sales Net gain
PROPERTY STRATEGY
BTS Group Investor Presentation
Section 2.3: Property Business
Owners Total Area (Rai) Total Area (sq.m)
BTS Group PCL 484.0 782,966.0
U City PCL 881.0 1,418,763.6
Total 1,365.0 2,201,729.6
Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted
ATTRACTIVE LAND BANK
LAND: OVER 670,000M² OF OPPORTUNITY IN BANGKOK ALONE
Data as of 30 Sep 19
BTS Commercial
BTS Residential
U City Recurring Income
U City Residential BTS Group Land Bank
U City Land Bank
Projects and Properties Land Bank
Projects and Properties
a. The LINE Jatujak – Mochit
b. The LINE Sukhumvit 71
c. The LINE Ratchathewi
d. The LINE Asoke-Ratchada
e. The BASE Garden Rama 9
f. The LINE Pradipat
g. The LINE Sukhumvit 101
h. KHUN BY YOO
i. The BASE Petkasem 29
j. The LINE Sathorn
k. The LINE Wongsawang
l. TST Tower Office Building
m. U Sathorn Hotel
n. Eastin Grand Sathorn Hotel
o. Eastin Thana City
p. The Unicorn
q. The Grand
r. The Royal Place II
s. Thana City Golf & Sports Club
t. Verso International School
a f
l
d
e c
q r
g
h
s m
n i
Kukot 51.7 rai (8.3 ha)
Thana City
308.6 rai
(49.4 ha)
j
k
Ratburana &
Suksawad
44.1 rai
(7.6 ha)
p
o b
t
Mochit 11.1 rai (1.8 ha)
HISTORICAL LAND TRADING UNDER BTS GROUP
(THB mn)
Kamla Beach Resort and Hotel
THB 1.6bn (Net Gain THB
0.3bn)
Kampoo Property: THB 1.8bn
(Net Gain THB 0.7bn)
Bang Pakong and
Bangna km 18
5-rai land at
Mo Chit
Property Portfolio
48-rai land sale
(Bayswater JV)
24
Land Bank: Land Trading Opportunity with benefit from the ‘mass
transit premium’
U City PCL: The Global Property Investment Vehicle for BTS Group
Prepared by BTS Group IR
• Austria
• Belarus
• Czech Republic
• France
• Germany
• Poland
• Romania
• Russia
• Slovakia
• United Kingdom
25 BTS Group Investor Presentation
Section 2.3: Property Business
33 Gracechurch Street
Presence in
10 European Countries
• Thailand
• Vietnam
• Indonesia
• India
• Oman
Presence in
5 Asian & Middle
Eastern Countries
6-14 Underwood
Street TST Tower
OFFICE
The Unicorn
MIXED USE EDUCATION
Verso International School
HOSPITALITY
U Chiang Mai Hotel
U Sathorn Hotel
Vienna House Hotels
Eastin Grand Sathorn Hotel
U City’s Property Overview Globally developing and investing in diversified property
RESIDENTIAL
SANSIRI JV
95 hotels and more than 28,000* keys owned, leased or managed
3 office buildings and business interests spanning 15 countries globally
39 hotels, 3 buildings
56 hotels, 1 building,
14 condominiums launched
* As of Jun 19, there were 11,707 keys are under operation
Prepared by BTS Group IR
Contents
BTS Group Investor Presentation 26
BTS Group in Brief & Strategy & Outlook
Business Segment Profiles
Services Business
Corporate Information
Financial Summary
Appendices
1
3
4
5
2
Section
Prepared by BTS Group IR 27 BTS Group Investor Presentation
Section 2.4: Services Business
BANGKOK PAYMENT SOLUTIONS (BPS)
• Joint venture between BTSG and VIX Group, a leading technology development for Central Clearing House (CCH) and
Automatic Fare Collection (AFC) services
• Served as a vehicle for developing software and providing technology services for an integrated mass transit and payment
systems in Thailand
RABBIT REWARDS PROGRAMME
• A loyalty programme for consumers who transact with the Rabbit Card and/or Rabbit Line Pay.
• The Rabbit Points can be redeemed for vouchers across our retail partner network and additional Rabbit Rewards partners.
• Rabbit Rewards registration will enable us to enhance and provide marketing solutions to targeted consumers which will
synergise with our media business. In FY 2018/19, the programme had 4.2million registered members.
HHT CONSTRUCTION
Joint venture between BTSG and Li Kay Engineering, a Hong Kong based civil and foundation company.
SERVICES BUSINESS
CHEFMAN RESTAURANTS
• Premium Chinese restaurant chain managed by Man Food Holdings.
• In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR). With
BR’s extensive food processing expertise will enable Chef Man to scale-up its
business domestically and internationally.
CHEFMAN
RESTAURANTS
Services Business Strategic support and business incubator
Prepared by BTS Group IR
Contents
BTS Group Investor Presentation 28
BTS Group in Brief & Strategy & Outlook
Business Segment Profiles • Mass Transit Business
• Media Business
• Property Business
• Services Business
Corporate Information
Financial Summary
Appendices
1
2
4
5
3 Section
Prepared by BTS Group IR 29
BTS Group History
BTS Group Investor Presentation
Section 3: Corporate Information
Company established
as Tanayong Co., Ltd.
(TYONG) to operate in
property development
field
1968
TYONG established
a wholly-owned
subsidiary, Bangkok
Transit System
Corporation Ltd.
(BTSC), which won
the SkyTrain
concession bid
1992
BTSC exit court
supervised
rehabilitation
procedure
2008
TYONG acquired 94.6%
of BTSC, returning Mass
Transit operations to be
the primary business of
the Company. The
Company also changed
its name to BTS Group
Holdings PCL (BTSG)
2010
BTSC sold the future
Net Fare-box Revenue
under its Concession
Agreement to BTS Rail
Mass Transit
Infrastructure Fund
(BTSGIF)
APR 2013
BTSG completed the entire business transfer of
Unicorn Enterprise Company Limited, our
former subsidiary, to U City Public Company
Limited, our associate
MAR 2018
TYONG listed on the
Stock Exchange of
Thailand under
Property Development
sector
1991
Commercial
operation of the BTS
SkyTrain
commenced
1999
BTSC expanded into
Media business
through the acquisition
of 100% of VGI Co.,
Ltd. (VGI)
2009 VGI PCL, the Group’s Media
subsidiary, listed on the Stock
Exchange of Thailand
OCT 2012
BTSC signed a 30-year
operating & maintenance
(O&M) contract covering Green
Line extensions (Saphan Taksin
- Wongwian Yai - Bang Wa
and Onnut - Bearing) under the
purview of the Bangkok
Metropolitan Administration
(BMA)
MAY 2012 Concession Contracts of the Pink (Khae
Rai to Min Buri) and the Yellow Line (Lad
Prao to Sam Rong), a total length of
64.9km were awarded
JUN 2017
BTSC signed the operating & maintenance
(O&M) contract with KT; covers 30.8km of
Green Line Northern and Southern
extensions (Mo Chit – Khu Khot and Bearing
– Kheha)
MAR 2017
SEP 2018 The company has been officially selected
by the Dow Jones Sustainability Indices (DJSI)
Emerging Markets 2018 in the first time
JUL 2018 BTSC&KT entered into a 30-year O&M Services
Agreement of the Gold Line Project Phase 1
(Krung Thonburi BTS Station – Khlong San District
Office, 1.8km and 3 stations)
Prepared by BTS Group IR
18.22%
BTS Infrastructure
Services Co., Ltd
1 Information based on book closure date on 21 Jan 19 with total issued shares = 11,940.4mn shares 2 BTSG holds 65.11% of VGI indirectly and directly as of 30 September 2019 3 Revenue from the Company recorded under Services BU
33.33%
45.02%
30
BTS Group Holdings PCL
BTS Rail Mass Transit
Growth Infrastructure
Fund (BTSGIF)
97.48%
Bangkok Mass Transit
System PCL (BTSC)
21.22%
MEDIA BUSINESS
41% Kanjanapas Family1
36% Institutional Investors1
22% Individual Investors1
PROPERTY BUSINESS
VGI Advertising
Media Co., Ltd.
100%
888 Media
Co., Ltd. 100%
100%
Master Ad PCL
33.17%
Aero Media
Group Co., Ltd.
30%
VGI PCL (VGI) 2
Point of View (POV)
Media Group Co., Ltd.
33.33%
MASS TRANSIT BUSINESS
SERVICES BUSINESS
RabbitPay System Co., Ltd. 80%
Rabbit-Line Pay Co., Ltd.
Rabbit Internet Co., Ltd. 60%
Rabbit Rewards
Co., Ltd. 75%
KMJ 2016 Co., Ltd.
BSS Holdings Co., Ltd. 90%
51% ATS Rabbit Special Purpose
Vehicle Co., Ltd.
Little Corner Co., Ltd. 69%
Man Food Holdings Co.,
Ltd.
41.18%
HHT Construction
Co., Ltd.3
51%
90% Bangkok Smartcard System Co., Ltd.
Man Kitchen Co.,
Ltd.
Man Food Products
Co., Ltd.
Bangkok Payment
Solutions Co., Ltd. 60%
Listed entities
Subsidiaries
Associates
LEGEND
JVs
40% Demo Power
(Thailand) Co., Ltd.
The ICON VGI
Co., Ltd.
25%
100% RB Services Co., Ltd.
Northern Bangkok
Monorail Co., Ltd.
Eastern Bangkok
Monorail Co., Ltd.
75%
75%
Win Win Kitchen
Co., Ltd.
51%
100%
BTS Infrastructure
Development Co., Ltd
100%
Supremo Media
Co., Ltd 25%
Kerry Express
(Thailand) Ltd 23%
Bayswater Co., Ltd. 50%
Yongsu Co., Ltd. 100%
DNAL Co., Ltd. 100%
The Community One Co.,
Ltd.
100%
Kingkaew Assets Co., Ltd. 100%
37.83%
The Community Two Co.,
Ltd.
100%
U City PCL
100%
100%
100%
Group Work
Co., Ltd.
20%
100% Turtle 23 Co., Ltd.
50% BV Media
Ads Limited
Rabbit Insurance
BrokerCo., Ltd.
ASK Direct Group Co., Ltd. 100%
100%
75% VGI MACO (Singapore)
Private Limited
75% VGI (Malaysia)
Sdn Bhd
25%
25%
BTS Group Investor Presentation
Section 3: Corporate Information
VGI AnyMind
Technology
Co., Ltd
49%
Business Organisation and Shareholding Structure as of 30 September 2019
Employees (as of 31 Mar 2019)
Mass Transit 2,862
Media 727
Property -
Services 497
BTS Group 122
Total 4,208
Prepared by BTS Group IR
(1) Calculated based on the share price of one day before the Board of Directors’ approval date for relevant dividend
payment
31
No less than 50% of net profit
DIVIDEND POLICY CREDIT RATING AND OUTLOOK
HISTORICAL DIVIDEND PAYMENTS/ DIVIDEND YIELD AND PAYOUT
Issue Rating/ Outlook
from TRIS
BTS Group A/ Stable
BTSC A/ Stable
THB 22bn BTSC Debenture
Senior Unsecured Debenture A/ Stable
THB 9.5bn BTSG Debenture
Senior Unsecured Debenture
Issuance Date: 7 Sep 18
Average Coupon Rate: 3.38%
A/ Stable
THB 7bn BTSG Debenture
Senior Unsecured Debenture
Issuance Date: 26 Dec 17
Average Coupon Rate: 3.17%
A/ Stable
THB 13bn BTSG Debenture
Unsubordinated and Unsecured
Green Bond
Issuance Date: 24 May 19
Average Coupon Rate: 3.41%
A/ Stable
BTS Group Investor Presentation
Section 3: Corporate Information
BTS Group Share Information Dividend and credit rating profile
FY 16/17 FY 17/18 FY 18/19
Actual Dividend Paid
(THB mn) 4,026 4,145 5,153
Dividend per Share
(THB) 0.34 0.35 0.42
Dividend Yield (1)
(%) 4.0% 3.9% 4.0%
Dividend Payout
(%) 180% 87% 139%
Prepared by BTS Group IR
-
200.0
400.0
600.0
800.0
1,000.0
1,200.0
6
7
8
9
10
11
12BTS Daily Traded Value (RHS) BTS TB Equity SET Index
Foreign Limit
Free Float
(as of Jun 18)
10.9%
NVDR
18.9%
Thai Funds
9.2%
Foreign Funds
Name %*
1 Mr. Keeree Kanjanapas 's Group 41%
2 Thai NVDR Co., Ltd. 11%
3 Bangkok Bank Public Company Limited 5%
4 Social Security Office 3%
5 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2%
6 STATE STREET EUROPE LIMITED 1%
7 Bualuang Long-Term Equity Fund 1%
8 Bualuang Top-Ten Fund 1%
9 UOB KAY HIAN PRIVATE LIMITED 1%
10 Mr. Min Tieanworn 1%
TOTAL TOP 10 SHAREHOLDERS 67%
Stock code BTS
Outstanding shares (mn shares) 11,845
Market capitalisation (THB mn) 130,299.1
Market capitalisation (USD mn) 4,105.6
Average daily traded value (THB mn) 407.9
Average daily traded value (USD mn) 12.9
Credit Rating (by TRIS) A/Stable
SHARE INFORMATION (as of 29 Mar 2019)
SHARE PRICE MOVEMENT (as of 29 Mar 2019)
SHAREHOLDING STRUCTURE (as of 29 Mar 2019)
TOP 10 SHAREHOLDERS (as of 29 Mar 2019)
32
THB THB mn
12M ADTV = THB 44bn
*Total of 11,845,369,480 shares
Kanjanapas’s
Group
41.3%
Retails
19.7%
58%
49%
11,845mn
shares
BTS Group Investor Presentation
Section 3: Corporate Information
BTS Group Share Information
Prepared by BTS Group IR
BTS Group Overview Our path towards sustainability
BTS SDGs FOCUS
Awards and Recognition
E S G
BTS VALUE
Delivering
Customer satisfaction
Creating
shareholder value
Supporting
sustainable growth
Developing
communities
33 BTS Group Investor Presentation
Section 3: Corporate Information
Prepared by BTS Group IR
Contents
BTS Group Investor Presentation 34
BTS Group in Brief & Strategy & Outlook
Business Segment Profiles - Mass Transit Business
- Media Business
- Property Business
- Services Business
Corporate Information
Financial Summary
Appendices
1
2
3
5
4 Section
Prepared by BTS Group IR
OPERATING REVENUE COMPARISON (YoY)
(1) Operating EBITDA excludes non-recurring items but includes share of profit (loss) from BTSGIF
(2) Net income attributable to equity holders of the parent
(3) Operating EBITDA/finance cost
(4) Interim and final dividends, calculated on annual basis using BTS TB closing share price on the date
of the Board of Directors’ meeting approving the relevant dividend
(5) Interest bearing debt - cash and cash equivalent and liquid investment
35 BTS Group Investor Presentation
Section 4: Financial Summary
Note: Revenue and EBITDA excludes the equity income from Sansiri JV, U City, Bayswater JV, Keystone JV
* Calculated base on EBITDA of THB 6,835mn which excludes selling and Administrative expenses at Head-
Office of THB 729mn
** After selling and Administrative expenses at Head-Office of THB 729mn
FY 18/19 OPERATING REVENUE & EBITDA CONTRIBUTION
BTS Group Financial Performance
CONSOLIDATED P&L (THB MN) FY 18/19 FY 17/18 FY 16/17
Operating revenues 47,923 14,102 8,606
Accounting revenues 48,947 15,107 9,618
Operating expenses 40,054 8,325 4,143
EBITDA 6,876 7,571 4,114
Operating EBITDA(1) 6,106 4,089 2,928
Recurring Net Profit 3,248 2,508 1,417
Net income(2) 2,873 4,416 2,003
DEBT INFORMATION (THB MN) 31-Mar-19 31-Mar-18 31-Mar-17
Interest bearing debt 72,474 47,169 38,310
Adj. net debt (5) 53,784 17,129 6,051
KEY FINANCIAL RATIOS FY 18/19 FY 17/18 FY 16/17
Profitability ratios (%)
Gross operating profit margin 16.4% 41.0% 51.9%
SG&A to operating sales ratio 5.3% 17.3% 24.6%
Accounting EBITDA margin 13.9% 42.3% 41.2%
Operating EBITDA margin(1) 12.7% 29.0% 34.0%
Recurring net profit margin (%) 9.8% 23.4% 25.0%
Liquidity ratio
Current ratio (times) 0.51x 0.95x 1.38x
Leverage (Times)
Total liability to total asset 0.64x 0.56x 0.52x
Total liability to total equity 1.77x 1.29x 1.07x
Interest bearing debt to equity 1.39x 1.02x 0.85x
Adj. net debt(5) to equity 1.03x 0.37x 0.13x
Adj. net debt(5) to recurring EBITDA 7.43x 3.02x 1.72x
Interest coverage(3) 3.70x 3.31x 4.55x
Per share ratios
Book value per share (THB) 4.40 3.91 3.82
Dividend yield (4) 3.98% 3.95% 4.00%
14,102
47,923
4,875 1,221 (279) 663
FY17/18 Mass Transit Media Property Services FY18/19
(44)% 148% 31% 354%
(THB mn)
Business Units Revenue
Contribution (%)
EBITDA
Contribution* (%)
Mass Transit 86% 65%
Media 11% 34%
Property 1% (0.3)%
Services 2% 0.4%
Total (THB mn) 47,923 6,106**
Prepared by BTS Group IR
2,574 4,237 9,112
41,328
FY 15/16 FY 16/17 FY 17/18 FY 18/19
36
492
743
449
1,112
FY 15/16 FY 16/17 FY 17/18 FY 18/19
897
617 639
360
FY 15/16 FY 16/17 FY 17/18 FY 18/19
2,318 3,010
3,902
5,123
FY 15/16 FY 16/17 FY 17/18 FY 18/19
MEDIA
PROPERTY SERVICES
MASS TRANSIT
FY 2018/19:-
• Construction revenue for Pink & Yellow Lines: THB 30.7bn
• Services revenue from provision of E&M works & train: THB 6.1bn
• O&M Revenue: THB 2,277mn
• Share of net profit from investment in BTSGIF: THB 898mn
• Mass Transit related Interest Income: THB 1,078mn
FY 2018/19:-
• OOH Media revenue: THB 3,841mn
• Digital Services business: THB 1,282mn
FY 2018/19:-
• Commercial Property revenue : THB 332mn
• Residential Property revenue: THB 28mn
FY 2018/19:-
• HHT revenue : THB 911mn
• BPS and Rabbit Rewards: THB 201mn
BTS Group Investor Presentation
Section 4: Financial Summary
Operating Revenue by Business Units
Prepared by BTS Group IR 37
Financial Position as of 31 December 2019
BTS Group Investor Presentation
Section 4: Financial Summary
52,310 72,078
50,477
70,779
41,611
29,098
31 Mar 19 31 Dec 19
Total shareholders' equity Total non-current liabilities
Total current liabilities
171,955
144,398
124,474 152,738
19,924
19,217
31 Mar 19 31 Dec 19
Total non-current assets Total current assets
171,955
144,398
Cash
31 Mar 19: THB 4.0bn
31 Dec 19: THB 3.8bn
Cash & liquid investment
31 Mar 19: THB 18.7bn
31 Dec 19: THB 19.8bn
Current Investments
31 Mar 19: THB 7.7bn
31 Dec 19: THB 3.8bn
Long-Term Investments
31 Mar 19: THB 14.6bn
31 Dec 19: THB 21.5bn
86%
14%
11%
89%
17%
42%
41%
36%
29%
35%
3Q 2019/20: 1.11x 3Q 2018/19: 1.19x
Gross Debt
to Equity
3Q 2019/20: 0.84x 3Q 2018/19: 0.74x
Adjusted Net
Debt2 to Equity
3Q 2019/20: 5.80x 3Q 2018/19: 5.75x
Adjusted Net Debt2 to
Recurring EBITDA
3Q 2019/20: 4.09x 3Q 2018/19: 4.10x
Interest Coverage
3Q 2019/20: 0.66x 3Q 2018/19: 0.58x
Current Ratio
ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN
KEY RATIOS
1 Comprised of 15% floating-rate debt and 85% fixed-rate debt, 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
(THB mn) (THB mn) Gross Debt
31 Mar 19: THB 72.5bn
31 Dec 19: THB 80.2bn1
Adjusted Net Debt2
31 Mar 19: THB 53.8bn
31 Dec 19: THB 60.4bn
*****
Issued Ordinary Shares
31 Mar 19: 11,845.4mn
31 Dec 19: 13,154.3mn
Prepared by BTS Group IR 38
THB 1.5 - 1.9bn Mass transit-related interest income
THB 27 - 33bn THB 0.7bn
THB 23 - 27bn Pink and Yellow Lines
Construction revenue
THB 4 - 6bn Revenue from E&M
provision and train
procurement for
Green Line extensions
4 - 5% Core Network ridership growth
THB 3.4bn Train O&M revenue
40 - 45% VGI EBITDA margin
≥ 20% U City EBITDA margin
THB 350mn BTS Group
Property Revenue
THB 7.2 - 7.5bn U City Revenue
BTS GROUP TARGETS
CAPEX: THB 28-34BN
MASS TRANSIT PROPERTY MEDIA
THB 0.2bn
BTS Group Investor Presentation
Section 4: Financial Summary
2019/20 BTS Group Targets and CAPEX
THB 3.8 - 4.0bn VGI Revenue
(revised)
30 - 35% VGI NPAT margin
(revised)
Prepared by BTS Group IR
Contents
BTS Group Investor Presentation 39
BTS Group in Brief & Strategy & Outlook
Business Segment Profiles • Mass Transit Business
• Media Business
• Property Business
• Services Business
Corporate Information
Financial Summary
Appendices
1
2
3
4
5 Section
Prepared by BTS Group IR 40 BTS Group Investor Presentation
Appendices
Appendix 1: Media Market Overview OOH and Online outperformed industry spending
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
OOH Traditional Online/ Digital Total
TRADITIONAL CAGR1 = 0.6%
OOH CAGR1 = 8.8%
ONLINE CAGR1 = 58.7%
INDUSTRY CAGR1 = 3.3%
Incl. TV, Radio, Newspaper and Magazine
Increasing mobility Increasing urbanisation Fragmentation of other
broadcasting channels
Improving of OOH Media
(Digitalisation, data, planning tools,
mobile connection etc.)
Source: The Nielsen Company (Thailand) Co.Ltd. & Digital Agency Association (Thailand) 12009 – 2018 CAGR
Economic Down Turn
- Bangkok shutdown
- Coup d’etat
Industry Spending = THB 90bn
Traditional Spending = THB 79bn
OOH Spending = THB 6.5bn
Online Spending = THB 0.3bn
Industry Spending = THB 121bn
Traditional Spending = THB 84bn
OOH Spending = THB 14bn
Online Spending = THB 17bn
Prepared by BTS Group IR 41 BTS Group Investor Presentation
Appendices
Appendix 1: Media Market Overview The Rise of E-Commerce Fueling Growth in E-Payment & Logistics
744 768
2,033
2,245
2,560
2,763
3,150
2012 2013 2014 2015 2016 2017 2018
4X E-COMMERCE MARKET
Increasing Players
in E-commerce
Market
Increasing
Transaction
Through Online
Growth Opportunity
For E-Payment &
Logistics
Increasing Demand
On Goods Delivery
And Other Services
Source: Electronic Transaction Development Agency (ETDA)
THB bn
Prepared by BTS Group IR
994 1,040 1,088 1,134 1,184 1,235 1,322
1,401
2011 2012 2013 2014 2015 2016 2017 2018
19.2 22.4
26.5 24.8 29.9
32.6 35.4
38.3
2011 2012 2013 2014 2015 2016 2017 2018
56% 61% 60% 57% 58%
0%
10%
20%
30%
40%
50%
60%
70%
0
5,000
10,000
15,000
20,000
25,000
2014 2015 2016 2017 20181Q 2Q 3Q 4Q Average Take-up Rates (%)
Total
58,424
Total
50,105
Total
34,666
Total
39,046
Total
66,021
7%
46% 42%
5% 2%
55%
35%
8%
2%
46%
37%
15%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Below THB
50,000 / sq.m
THB 50,000 -
100,000 / sq.m
THB 100,001 -
200,000 / sq.m
THB over
200,000 sq.m
Units 2016
2017
2018
BANGKOK CONDO LAUNCHES AVG. PRICES AND TAKE-UP RATES BY DISTANCE TO BTS
Source: Colliers International (Thailand) Source: Colliers International Thailand
INTERNATIONAL TOURIST ARRIVALS IN THAILAND GLOBAL INTERNATIONAL TOURIST ARRIVALS
Source: Department of Tourism, Ministry of Sports and Tourism Source: UNWTO
CAGR
+4.9%
CAGR
+10.3% Millions of Visitors
Appendix 1: Property Market Overview
BTS Group Investor Presentation
Appendices 42
Prepared by BTS Group IR
1.42
1.78
2.12
2.2
9
2.5
7
2.8
2
3.0
7
3.2
2
3.2
9
3.4
8
3.5
4
4.3
0
4.9
0
5.6
8
5.8
7
6.4
0
6.6
4
6.8
2
6.9
6
59 79
96 105 118
132 139 133 136 144 145
176 197
215 219 233 238 241 241
00/0
1
01/
02
02/0
3
03/0
4
04
/05
05/0
6
06/0
7
07/0
8
08/0
9
09/1
0
10/1
1
11/
12
12/1
3
13/1
4
14
/15
15/1
6
16/1
7
17/1
8
18/1
9
Farebox revenue (THB bn)
Ridership (mn)
1.7
3.4
6
.0
16/1
7
17/1
8
18/1
9
19/2
0
20/2
1
21/
22
22/2
3
23/2
4
24
/25
25/2
6
26/2
7
27/2
8
28/2
9
29/3
0
30/3
1
31/
32
32/3
3
33/3
4
34
/35
35/3
6
36/3
7
37/3
8
38/3
9
39/4
0
40/4
1
41/
42
42/4
3
Core Line Zone 1
43
CORE NETWORK: 23.5KM
23 stations, 23.5km located at CBD of Bangkok
Inaugural Mass Transit route, operated since Dec 1999
No revenue sharing to BMA
Under 30 years concession contract (net cost model)
from 1999 - 2029
In Apr 2013, BTSC sold the rights to net farebox revenue
under its concession agreement for the BTS Skytrain
Core Network until Dec 2029 to BTSGIF
BTS Group used the proceeds to invest 1/3 units in
BTSGIF (10 years lock-up)
18Y Farebox Revenue CAGR: 9.3%
18Y Ridership CAGR: 8.2%
RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.3%)
20.1
26.8
33.5
40.2
46.9
53.6
60.3
16.0
23.0 26.0
30.0 33.0
37.0 40.0
44.0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
NO. OF STATIONS
AUTHORISED FARE (APR 13)
NEW EFFECTIVE FARE (OCT 17)
PREVIOUS EFFECTIVE FARE (JUN 13)
POTENTIAL FARE UPSIDE
DISTANCE-BASED FARE (AVG = THB 29.0/TRIP)
PPP NET COST CONTRACT O&M CONTRACT
ZONE 1: 12.8KM EXTENSIONS
(unit: THB bn)
BTSC has operated & maintained the
extensions since 2009
Pre-agreed fee income with no ridership risk
30-Year O&M Contract signed in May 2012: 1. Current extensions (zone 1) of 11 stations, 12.8km
2. Core Network of 23 stations, 23.5km
post concession expiry (Dec 2029 – May 2042)
Zone 1: CAGR
(FY16/17-FY41/42) = 3.9%
Core Line: CAGR
(FY30/31-FY41/42) = 3.1%
CORE NETWORK MO CHIT –
ON NUT
17.0KM
NATIONAL
STADIUM –
SAPHAN
TAKSIN 6.3KM
EXT. ZONE 1
ONNUT – BEARING
5.3KM
SAPHAN TAKSIN –
BANG WA 7.5KM
Appendix 2: BTS Network 23.5km Core Network and 12.8km Green Line Extension
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR
STEC 15%
44
BTSC has the operated & maintained of the
additional 30.8km of Green Line extensions
on 31 Mar 17
Pre-agreed fee income with no ridership risk
25-year O&M contract covers 30.8km of
Northern and Southern Green Line
Extensions
(Apr 17 – May 42)
• SOUTHERN: Bearing – Kheha
(12.6km/ 9 stations)
• NORTHERN: Mo Chit – Saphan Mai – Khu
Khot (17.8km/ 16 stations)
PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT
PINK YELLOW
Route Kae Rai –
Min Buri
Lat Phrao –
Sam Rong
Distance / no. of
stations 34.5km / 30 30.4km / 23
Required trains
42; 4-car train
(168 cars )
30; 4-car
train
(120 cars )
Contract length 30yr operation 30yr operation
Daily ridership in Y1 199k trips 195k trips
Ridership CAGR (30Y) 5.2% 4.5%
Average fare in Y1 THB 34.7/ trip THB 30.0/ trip
EBITDA margin (%)
26% at early
stages
rising to 69%
at Y30
34% at early
stages
rising to 64%
at Y30
Commercial revenue 10% of farebox
revenue
15% of
farebox
revenue
Total Project Cost THB 49.4bn THB 46.7bn
Civil Subsidy Amount THB 22.5bn THB 25.05bn
Civil Subsidy Term
Equal payment
at 2.25bn p.a.
for 10 years
from
beginning of
operation
Equal
payment at
2.505bn p.a.
for 10 years
from
beginning of
operation
Sharing to MRTA THB 250mn THB 250mn
Funding (D/E) 2.5x 2.5x
OWNERSHIP STRUCTURE
PR
OJE
CT D
ETA
ILS
EX
PEC
TED
RID
ER
SH
IP A
ND
REV
EN
UE
PR
OJE
CT C
AP
EX
&
FIN
AN
CIN
G
EASTERN BANGKOK
MONORAIL COMPANY
LIMITED
NORTHERN BANGKOK
MONORAIL COMPANY
LIMITED
PINK LINE PROJECT
(INCLUDE EXTENSIONS)
YELLOW LINE PROJECT
(INCLUDE EXTENSIONS)
BTS
75% RATCH 10%
ZONE 2: 30.4KM NEW EXTENSIONS 64.9KM PINK AND YELLOW LINE (MONORAIL)
NORTHERN GREEN
LINE
MO CHIT - KHU KHOT
17.8KM
SOUTHERN GREEN
LINE
BEARING – KHEHA
12.6KM
YELLOW
LAT PHRAO –
SAM RONG
30.4KM
EXT. ZONE 2
EXT. ZONE 2
KHAE RAI
– MIN
BURI
34.5KM
PINK
YELLOW
Appendix 2: BTS Network 23.5km Core Network and 12.8km Green Line Extension
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR
CORE NETWORK EXTENSION ZONE 1 EXTENSION ZONE 2 PINK & YELLOW GOLD LINE PHASE 1
ROUTE • Dark Green
Mo Chit – Onnut
• Light Green
National Stadium - Saphan Taksin
• Dark Green
Onnut - Bearing
• Light Green
Saphan Taksin - BangWa
• Southern Green
Bearing - Kheha
• Northern Green
Mo Chit - Khu Kot
• Pink
Khae Rai - Min Buri
• Yellow
Lat Phrao - Sam Rong
Krung Thonburi BTS Station
- Khlong San District Office
DISTANCE
& NO. OF
STATIONS
23.5km, 23 stations 12.8km, 11 stations 30.4km, 25 stations 64.9km, 53 stations 1.8km, 3 stations
AUTHORITY BMA BMA BMA MRTA BMA
CONTRACT
TYPE
& CONTRACT
LENGTH
30Y Concession
Agreement (1999-
2042)
13Y O&M
Contract
(2029-2042)
30Y O&M Contract
(2012 - 2042)
25Y O&M Contract
(2017 - 2042)
30Y Concession
Agreement
(from 1st operation
date)
30Y O&M Contract
(from 1st operation date)
INVESTMENT
SCHEME
PPP Net Cost
(1999-2029)
O&M Contract
(2029-2042)
O&M Contract O&M Contract PPP Net Cost
O&M Contract
CAPEX AND
FINANCING
= BTS
INVESTMENT
Civil:
E&M:
Rolling Stock:
------------
Project Cost
(≈THB 49.5bn)
Civil: x
E&M: x
Rolling Stock:
(≈THB 5.8bn)
Civil: x
E&M: x
Rolling Stock:
(≈THB 4.9bn)
Civil: x
E&M: x
Rolling Stock:
(≈THB 9.8bn)
Civil:
(subsidised by gov’t) E&M:
Rolling Stock:
------------
Project Cost
≈THB 96bn (gov’t subsidy of THB 47bn)
Civil: x
E&M: x
(hire BTS, ≈THB 0.6bn) Rolling Stock:
(≈THB 0.4bn)
45
REMARKS:
Public-Private Partnership (PPP) Net Cost = Private obtains farebox revenue and commercial development
O&M Contract = Private receives operation and maintenance fee, while the public benefits from farebox revenues and commercial development of station areas
Appendix 2: Summary of BTS Mass Transit Contracts
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR
1.42
1.78
2.12
2.2
9
2.5
7
2.8
2
3.0
7
3.2
2
3.2
9
3.4
8
3.5
4
4.3
0
4.9
0
5.6
8
5.8
7
6.4
0
6.6
4
6.8
2
6.9
6
59
79
96 105
118 132
139 133 136 144 145
176
197
215 219 233 238 241 241
00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19
Farebox revenue (THB bn) Ridership (mn)
46
Jul 04 :
Opening of
Bangkok MRT
System (Blue
line)
May 10 :
Opening of
Bangkok
BRT;
Thai political
protests
Aug 10 :
Opening of
Airport Rail
Link
Aug 11 : On Nut
– Bearing
extension
opening
Oct – Nov 11 :
Floods
INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%) STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%) FASTER GROWTH (10 YRS RIDERSHIP CAGR 6%)
Dec 99 : BTS SkyTrain
service opening
Mar 07 :
First fare
rate
increase
May 09 :
Opening of
Silom Line
extension
Farebox revenue CAGR: 9.3%
Ridership CAGR: 8.2%
GROWTH (18 YRS)
Jan-Mar 14 :
Bangkok
Shutdown
May 14 :
Martial law
Oct 16 :
The passing of
His Majesty
King Bhumibol
Aug 16 :
Opening of
Bangkok
MRT System
(Purple line)
Ridership
(0.1)%
YoY
Fare
+2.4%
YoY
Apr 17 :
Opening
of Samrong
Station
Oct 17 :
Fare
Increased
Aug 17 :
Opening of
Tao Poon
Station (Blue
line ext.)
BTS Group Investor Presentation
Appendices
Apr 13 : Sale of net farebox
revenue to BTSGIF
Jun 13 :
Fare increase
Dec 13 : Wongwian Yai –
Bang Wa extension opening
Nov 13 : Thai political
protests
Appendix 3: Core Network Ridership Uninterrupted revenue growth and resilient under pressure
Dec 18 :
Opening of
Southern
extension
Prepared by BTS Group IR
15.0
22.0 25.0
28.0
31.0
34.0
37.0 42.0
20.1
26.8
33.5
40.2
46.9
53.6
60.3
16.0 23.0
26.0
30.0
33.0
37.0 40.0
44.0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
SJT 33%
AVG FARE THB 32.6
30-DAY PASS (ADULT)* 29%
AVG FARE THB 27.4
PURSE (STV)* 32%
AVG FARE THB 27.6
30-DAY PASS (STUDENT)* 5%
AVG FARE THB 22.2
ONE-DAY PASS 1%
AVG FARE THB 36.8
47
FARE ADJUSTMENT MECHANISM
Can be adjusted no more than once every 18 months by making
announcement to BMA and public 30 days in advance
Must not exceed the Authorised fare
EFFECTIVE FARE
Normal situation : upon change of Bangkok’s CPI >=5%, may adjust up to
7% (No approval required)
Special situation : upon change of CPI (>= 9%), USD/THB foreign
exchange rate, interest rate or electricity costs (BMA approval required)
AUTHORISED FARE
HISTORICAL AVERAGE FARE RIDERSHIP BY TICKET TYPES (FY 2018/19)
THB / Trip
* Counted as Rabbit (66%)
BTS Group Investor Presentation
Appendices
DISTANCE-BASED FARE (BY NO. OF STATIONS)
NO. OF STATIONS
AUTHORISED FARE (APR 2013)
NEW EFFECTIVE FARE (OCT 2017)
PREVIOUS EFFECTIVE FARE (JUN 2013)
FARE PRICE (THB)
POTENTIAL FARE UPSIDE
• CAGR 5 yr (2013/14 to 2018/19) = 1.9%
• CAGR 13 yr (2005/06 to 2018/19)= 2.4%
Appendix 4: Core Network Fare Adjustment Flexibility to increase fares
21.4
22.1
24
.3
24
.22
24
.1
24
.4
24
.4
24
.8
26.4
26.9
27.5
27.9
28.3
29.0
2005/0
6
2006/0
7
2007/0
8
2008/0
9
2009/10
2010
/11
2011/12
2012
/13
2013
/14
2014
/15
2015
/16
2016
/17
2017
/18
2018
/19
Prepared by BTS Group IR 48
50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY)
25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY)
BTS Group Investor Presentation
Appendices
98 4-CAR TRAINS (392 CARRIAGES)
FOR GREEN LINE CORE NETWORK
AND EXTENSION ZONE 1 & 2
72 4-CAR MONORAIL TRAINS
(288 CARRIAGES)
FOR PINK AND YELLOW LINES
CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES FROM
1ST BATCH 35 105 SIEMENS
2ND BATCH 12 48 CRRC
3RD BATCH 35 SIEMENS
4TH BATCH 5 20 CRRC
TOTAL 52 208
FLEET EXPANSION NO. OF TRAINS TOTAL CARRIAGES FROM
DELIVERED BY
FY 18/19
22 88 SIEMENS
DELIVERED BY
FY 19/20
24 96 CRRC
TOTAL 46 184
PROJECT REQUIRED TRAINS TOTAL CARRIAGES FROM
PINK 42 168 BOMBARDIER
YELLOW 30 120 BOMBARDIER
TOTAL 72 288
10,000 – 44,000 PPHPD: SERVICE CAPACITY
NOTE: PPHPD = Passengers per Hour per Direction
Appendix 5: Rolling Stocks 67 trains in service and 98 trains are expected to be fully in service by 2020
Prepared by BTS Group IR
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
E&M works Civil works Repayment of gov't subsidy (civil) Farebox revenue
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
Rolling stocks Investment O&M revenue
ECONOMIC PROFILE (O&M CONTRACT)
ECONOMIC PROFILE (PPP NET COST WITH SUBSIDY)
KEY ASSUMPTIONS
KEY ASSUMPTIONS
1) 30-year contract from operating
date
2) O&M revenue* of approx. THB
140mn/km in FY 16/17 with
growth rate of 3.5% p.a.
3) EBITDA margin of 40-50% YEAR
YEAR
1) 3-4 year investment in civil and
E&M works (includes rolling
stocks)
2) 10-year repayment from gov’t
for civil works
3) Receive farebox revenue and
commercial revenue (30-year
contract from operating date)
BTS Group Investor Presentation
Appendices
*O&M revenue includes revenue from provision of operating services and interest income under concession
agreement
49
Appendix 6: Mass Transit Economic profile PPP Net Cost & O&M contract (PPP Gross Cost)
Prepared by BTS Group IR
E&M AND O&M SERVICES PROVIDED BY BTSC
50
Source: http://www.raillynews.com
31 JUL 2018
O&M Services Agreement
signed
1 AUG 2020
Targeted Commercial
Operation Date
(30 years operation*)
1 AUG 2018
NTP issued for E&M kick-off
9 MAR 2018
Civil work construction began
27 FEB 2018
Sale and installation of E&M
works Agreement signed
15 DEC 2017
KT awarded civil contract
to ITD
TIMELINE
KRUNG THONBURI BTS STATION
– KHLONG SAN 1.8KM
GOLD PHASE 1
*Such term can be terminated earlier if the operation and maintenance services agreement of the Bangkok Mass Transit System, in which BTSC has been engaged by Krungthep Thanakom until 2 May 2042, has not
been extended.
BTS Group Investor Presentation
Appendices
Appendix 7: Gold Line Phase 1 Project at a glance
Route Krung Thon Buri – Klong San
(Phase I): 1.8km 3 stations
No. of Stations 3 overground stations (G1 to G3)
• G1: Krung Thon Buri
• G2: Charoen Nakorn
• G3: Klong San
Type Monorail Feeder Line
Trains Three 2-Car Automatic People Mover (APM)
trains
System
Capacity 4,000-12,000 pphpd (5-6 min headway)
Sale and installation of E&M works agreement
• E&M value (incl.VAT) of THB 765.59mn
O&M services agreement
• 30 years from 1st commercial operation date
• O&M services include the operation of trains,
management, maintenance of the mass transit system,
fare collection and the procurement of rolling stock
• O&M value (incl.VAT) of THB 13,520mn
Prepared by BTS Group IR
Appendix 8: Targeted Rail Mass Transit Line Orange Line – project at a glance
51 BTS Group Investor Presentation
Appendices
Western Orange
Eastern Orange
Eastern Orange
Western Orange
EXPECTED TIMELINE
2023
Targeted Commercial
Operation Date for Eastern
Orange
MAY 2017
Civil work construction of
Eastern Orange began
Oct 2020
Expected bidding
Underground Stations
Elevated Stations
ORANGE LINE (35.9KM, 28 STATIONS)
CAPEX Civil ~THB 111bn*
E&M ~THB 32bn
Route
Length
No. of
Stations
Taling Chan –
Thailand Cultural
Center
13.4km
11 (underground)
Route
Length
No. of
Stations
Thailand Cultural
Center - Min Buri
22.5km
17 (10 underground and
7 aboveground)
28 JAN 2020
Cabinet approved the
project
2026
Targeted Commercial
Operation Date for
Western Orange
Prepared by BTS Group IR BTS Group Investor Presentation
Appendices 52
TRAIN
MERCHANDISING STATION
OFFICE BUILDING INSIDE-TRAIN
Appendix 9: VGI Products BTS-Related Media and Building Media Products
Prepared by BTS Group IR 53
BILLBOARD
STREET FURNITURE
AIRPORT LED SCREEN
AVIATION: JET BRIDGE CREATIVE PRODUCTION
BTS Group Investor Presentation
Appendices
Appendix 9: VGI Products Outdoor Media and Aviation Media Products
Prepared by BTS Group IR 54
TRANSIT MEDIA IN MALAYSIA
AVIATION MEDIA IN MALAYSIA
BTS Group Investor Presentation
Appendices
Appendix 9: MACO Products Expanding OOH Media internationally
Prepared by BTS Group IR
• 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
55
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
Appendices
• Thana City Golf Course and Sports Club
• Par 1 (Housing Estate)
• Land (e.g. Bayswater JV)
PRE EBT
Total Assets Value: THB 12.2bn
Appendix 10: Overview of Property Restructuring The Entire Business Transfer (EBT) of UE to U City
Prepared by BTS Group IR 56
THB
51.4bn
FY 2019 REVENUE CONTRIBUTION
30 SEP 2018 BOOK VALUE BREAKDOWN
Office
THB 4.1bn
8.1%
Hospitality
THB 19.7bn
38.3%
Land bank
THB 8.0bn
15.5%
RECURRING INCOME PROPERTY
RESIDENTIAL PROPERTY
LANDBANK
Hospitality segment includes a
geographically diversified portfolio of
owned, leased and managed hotels in
Europe and Asia.
Office segment has lettable space
comprising of 2 office buildings in
London, UK and 1 office building in
Bangkok, Thailand.
Through a 50% stake in the BTS-
Sansiri JV, which develops
condominiums near mass transit
lines . We recognise equity income
or a share of profit from the JV.
64% of land bank value is located adjacent to future or current mass transit lines and is
therefore well-positioned to benefit from the ‘mass transit premium’
1,027
3,868 6,009
2017 2018 2019
63
162
282
2017 2018 2019
Operating Revenue (THB mn)
Residential
THB 15.6bn
30.4%
Office
THB 324mn
3.2%
Others*
THB 2,557mn
25.2%
Hospitality
THB 7,264mn
71.6%
* Includes property management revenue
Alternative*
THB 4.0bn
7.7%
*Includes the Unicorn and Verso International School
Appendix 11: U City’s Overview The designated vehicle for property development
BTS Group Investor Presentation
Appendices
THB
10,145mn
Prepared by BTS Group IR 57
Appendix 12: U City’s Residential Property Overview 14 Projects SIRI-JV condominium launched
BTS Group Investor Presentation
Appendices
PARTNERSHIP ROADMAP
2015
2016
50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with
Sansiri PCL with an expected NPAT margin 12%
2018
2017
The LINE Wongsawang
The LINE Sukhumvit
101
The LINE Jatujak-
Mo Chit
Fully transferred
• The LINE Jatujak – Mo Chit Project value: THB 5,815mn
No. of units: 841
• The LINE Sukhumvit 71 Project value: THB 1,967mn
No. of units: 291
• The LINE Ratchathewi Project value: THB 2,809mn
No. of units: 231
• The BASE Phetkasem 29 Project value: THB 2,011mn
No. of units: 640
• The MONUMENT Thong Lo Project value: THB 6,381mn
No. of units: 127
• The LINE Sathorn Project value: THB 3,910mn
No. of units: 327
• The LINE Asoke-Ratchada Project value: THB 3,022mn
No. of units: 473
• The BASE Garden Rama 9 Project value: THB 2,336mn
No. of units: 640
• The LINE Phahon-Pradipat Project value: THB 5,887mn
No. of units: 982
• The LINE Sukhumvit 101 Project value: THB 4,653mn
No. of units: 778
• KHUN BY YOO Project value: THB 4,066mn
No. of units: 148
• The LINE Wongsawang Project value: THB 4,763mn
No. of units: 1,288
• The BASE Saphanmai Project value: THB 2,919mn
No. of units: 820
• The LINE Phahonyothin Park Project value: THB 4,969mn
No. of units: 880
• The BASE Ratchada-Thapra Project value: THB 3,050mn
No. of units: 1,037
2022
• The Line Rama9 Pung Muang Project value: THB 1,842mn
No. of units: 315
2024
The LINE Sathorn
Prepared by BTS Group IR
Appendix 13: BTS-W4 and BTS-W5 Term Sheets
58 BTS Group Investor Presentation
Appendices
BTS-W4 TERMS AND CONDITIONS BTS-W5 TERMS AND CONDITIONS
Ticker BTS-W4
Term 1 year from the issuance date
Issuance date 30 November 2018
Expiry date 29 November 2019
Warrants price nil
No. of warrants 1,315,710,907 units
Allocation To existing shareholders at the ratio of 9 existing
BTS shares : 1 BTS-W4
Exercise ratio1 1 BTS-W4 to 1.0111 new common share of BTS
Exercise price THB 10.3841 per share
Expected maximum
proceeds THB 13.8bn
Exercise period Quarterly
Total Proceeds
THB 13.6bn
(1,293.8mn units exercised, equivalent to 98% of
maximum proceeds)
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 new common share of BTS
Exercise price THB 14 per share
Expected maximum
proceeds THB 18.4bn
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.
Prepared by BTS Group IR
19,052
11,069
(8,461)
364 89
3Q FY18/19 Mass Transit Media Property Services 3Q FY19/20
28% 24% 25% (49)%
(THB mn)
25
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 3Q 2019/20 3Q 2018/19 % YoY 2Q 2019/20 % QoQ 9M 2019/20 9M 2018/19 %YoY
Operating Revenue1 11,069 19,052 (42)% 11,359 (3)% 31,513 37,959 (17)%
Gross operating profit 2,882 2,299 25% 2,371 22% 7,429 5,621 32%
Operating EBITDA2 2,253 1,862 21% 1,814 24% 5,730 4,420 30%
Recurring net profit – after MI 2,378 980 143% 1,131 110% 4,515 2,282 98%
Accounting EBITDA 3,808 2,345 62% 2,599 47% 8,480 5,140 65%
Net income (loss)3 2,460 1,189 107% 1,278 93% 4,631 2,246 106%
Gross operating profit margin (%) 26.0% 12.1% 20.9% 23.6% 14.8%
Accounting EBITDA margin (%) 30.0% 12.0% 21.4% 24.6% 13.1%
Recurring net profit margin – after MI(%) 19.0% 5.1% 9.4% 13.2% 5.9%
Operating EBITDA margin (%) 20.4% 9.8% 16.0% 18.2% 11.6%
P&L SNAPSHOT
3Q 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
3Q 2019/20 Overview
78%
Mass Transit 17%
Media
1%
Property
4%
Services
BTS Group Investor Presentation
Appendices 59
Prepared by BTS Group IR
1 CFO included
• Corporate income tax of THB 1,413mn
• Net interest expenses of THB 1,773mn
• Net investment for construction of the Pink and Yellow Lines of THB 3.1bn
• Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 4.8bn 2 CFI included net investment for construction of the Pink and Yellow Lines of THB 8.9bn 3 Excluding liquid investments of THB 15.9bn
CFI • Net investment for construction of the Pink and
Yellow lines of THB 8.9bn
• Cash paid for purchase of investment properties of
THB 4.1bn
• Net cash paid for acquisitions of current and other
long-term investments, and investment in derivative
instruments of THB 1.0bn
• Cash received in advance from sale of investment in
Bayswater of THB 2.3bn
• Cash received from return of capital of asso./ JVs of
THB 1.0bn
9M 2019/20 Cash Flow Snapshot
CFF • Cash received from the exercised BTS-W4 of THB 13.7bn
• Net increase in long-term loans from financial
institutions of THB 12.5bn mainly for the Pink and Yellow
lines
• Net increase in long-term debentures 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 12.3bn
• Dividend payment of THB 3.1bn in August 2019
CFO • Profit before tax of THB 6.0bn, deducted by
• Non-cash reconciling items of THB 2.2bn
• Changes in net working capital of THB 12.1bn
(this includes net investment in mass transit
projects of THB 7.9bn)
4,021 (11,415)1 (10,147)2 21,410 (39) 3,8303
Beginning cash
(31/3/19)
CFO CFI CFF Others Ending cash
(31/12/19)
(THB mn)
BTS Group Investor Presentation
Appendices 60
Prepared by BTS Group IR
Share of net profit
in
BTSGIF
3%
Construction
revenue for Pink and
Yellow Lines
52%
Mass Transit
related
interest income
7%
HISTORICAL OPERATING REVENUE (THB bn) KEY FACTORS
Total Mass Transit revenue of THB 8,659mn, a decrease of 49% YoY from a lower
recognition of construction revenue for the Pink and Yellow lines to THB 4.5mn (THB
13.6bn in 3Q 2018/19), partially offset by
• Higher O&M revenue of THB 376mn YoY to THB 942mn, chiefly as a result of the full
opening of Southern Green Line ext. and the opening of the first 5 stations of
Northern Green Line ext.
• Higher Mass Transit related interest income of THB 357mn YoY to THB 646mn
Cost dropped by THB 8,903mn to THB 6,847mn largely from the reduced recognition of
construction cost for the Pink and Yellow Lines
Operating EBITDA margin rose YoY to 21.1% (8.0% in 3Q 2018/19)
OPERATING PERFORMANCE
MASS TRANSIT
(THB mn)
3Q
2019/20
3Q
2018/19 %YoY
2Q
2019/20 %QoQ
9M
2019/20
9M
2018//19 %YoY
Revenue 8,659 17,120 (49)% 9,132 (5)% 24,998 33,188 (25)%
Costs of revenue 6,847 15,750 (57)% 7,596 (10)% 20,328 30,047 (32)%
Gross profit 1,812 1,369 32% 1,535 18% 4,670 3,140 49%
Operating EBITDA 1,823 1,378 32% 1,552 17% 4,697 3,165 48%
Gross margin (%) 20.9% 8.0% 16.8% 18.7% 9.5%
Operating EBITDA
margin (%) 21.1% 8.0% 17.0% 18.8% 9.5%
OPERATING REVENUE BREAKDOWN
3Q 2019/20
Mass Transit
Services revenue from provision
of E&M works & train procurement
for Green Line ext.
25%
O&M
11%
3Q 18/19 4Q 18/19 1Q 19/20 2Q
19/20
3Q
19/20
Construction revenue for Pink
and Yellow Lines
13.6 5.3 4.3 4.4 4.5
Services revenue from provision of
E&M works & train procurement for
Green Line ext.
2.2 1.5 1.4 3.1 2.1
Mass Transit related interest income 0.3 0.4 0.4 0.3 0.6
O&M 0.6 0.8 0.8 0.9 0.9
Share of net profit in BTSGIF 0.2 0.2 0.2 0.3 0.2
Others* 0.2 0.0 0.0 0.1 0.4 *Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT
Others*
2%
BTS Group Investor Presentation
Appendices 61
Prepared by BTS Group IR
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Media revenue of THB 1,836mn, an increase of 25% YoY mainly driven by organic
growth in Transit Media and the consolidation of International Advertising
• Digital Services revenue* rose by 27% YoY to THB 632mn mainly driven by the
revenue recognition of VGI Digital Lab
• OOH Media revenue** increased by 24% YoY to THB 1,204mn, chiefly due to the
consolidation of an ‘International Advertising’ in Outdoor Media segment as well
as a growth in Transit Media.
Costs increased by 36% YoY to THB 808mn primarily due to the consolidation of
Puncak Berlian Sdn. Bhd. (PBSB) and Online Advertising
Operating EBITDA margin declined YoY to 37.4% (43.0% in 3Q 2018/19)
35%
BTS – Related
Media
25%
Outdoor Media
MEDIA
(THB mn)
3Q
2019/20
3Q
2018/19 %YoY
2Q
2019/20 %QoQ
9M
2019/20
9M
2018/19 %YoY
Operating revenue 1,836 1,472 25% 1,607 14% 4,806 3,807 26%
Costs of revenue 808 596 36% 792 2% 2,121 1,361 56%
Gross profit 1,028 876 17% 815 26% 2,685 2,446 10%
Operating EBITDA 687 633 9% 530 30% 1,847 1,786 3%
Gross margin (%) 56.0% 59.5% 50.7% 55.9% 64.3%
Operating EBITDA
margin (%) 37.4% 43.0% 33.0% 38.4% 46.9%
3Q 2019/20
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
Media
6%
Office Buildings
and Others
34%
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
975 1,047 928 1,010 1,204
497 335 435 597
632
3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20
Digital Services Business
OOH Media
*
BTS Group Investor Presentation
Appendices 62
Prepared by BTS Group IR
Residential
12%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Operating revenue was THB 114mn, an increase of 28% YoY, note that
commercial property revenue now mainly comprises of revenue from Thana
City Golf & Sports Club.
Significant rise in share of net profit from investment in U City, our associate, of
THB 1,279mn (THB 82mn profit in 3Q 2018/19) largely due to the recognition of
gain of THB 1,118mn from the sale of Mochit Land by U City.
Operating costs dropped by 11% YoY to THB 89mn.
OPERATING PERFORMANCE
PROPERTY
(THB mn)
3Q
2019/20
3Q
2018/19 %YoY
2Q
2019/20 %QoQ
9M
2019/20
9M
2018/19 %YoY
Operating Revenue 114 89 28% 100 13% 293 256 14%
Costs of revenue 89 101 (11)% 100 (11)% 263 267 (2)%
Gross profit 24 (12) N.A. 0 N.A. 30 (11) N.A.
Operating EBITDA 13 (20) N.A. (5) N.A. (7) 4 N.A.
Gross margin (%) 21.3% N.A. 0.4% N.A. N.A.
Operating EBITDA
margin (%) 11.3% N.A. N.A. 1.7% 1.7%
OPERATING REVENUE BREAKDOWN
3Q 2019/20
NOTE: Property operating performances exclude share of profit/(loss) from investment
in U City
Property
88%
Commercial
& Others
89
107
79
100
114
3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20
BTS Group Investor Presentation
Appendices 63
Prepared by BTS Group IR
Mass Transit Update Green Line network will expand to 66.7km and 59 stations by 2020
Aug 2019
N8: Mo Chit
N13: Kasetsart University
N9: Ha Yaek Lat Prao
N17: Wat Phra Sri
Maha that
N24: Khu Khot
Northern Green Line extension
E15: Samrong
E23: Kheha
Southern Green Line extension
Dec 2019
Expected
Jun 2020
Expected
by 2020
Full operation
since Dec 2018
Current Green Line
network operation
48
53.9
66.7
59
To be operational in 2020
stations
km
stations
km
BTS Group Investor Presentation
Appendices 64
Prepared by BTS Group IR
Transportation Update Summary of project status during 2017-2019
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 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 91bn
(per market sounding)
PPP Contract signing
expected by Apr 20
PPP Contract signing
expected by Apr 20
PPP Contract signing
expected by Jun 20
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 Aug 20.
BTS Group Investor Presentation
Appendices 65
Prepared by BTS Group IR
Media Update: Advertising Establishing a clear function of domestic media assets management
TRANSACTION SUMMARY
50.0%
19.96% 38.91% 26.55%
Public
Hello Bangkok Holdings
Company Limited
14.58%
50.0%
On 14 January 2020, MACO’s EGM approved the following transactions:-
POST SHAREHOLDING STRUCTURE
IMPACT FROM MACO AT VGI’S LEVEL
• Deconsolidate MACO – effective on 30 January 2020
• Retrospective restated VGI’s Profit and Loss statements since 2018/19
and 2019/20
• Change annual revenue target from THB 6.0 – 6.2bn to THB 3.8 –
4.0bn, representing 15 – 20% growth YoY based on the restatement
• Net profit remains unchanged, hence, increasing net profit margin from
20 – 25% to 30 – 35%.
I. The acquisition of Hello Bangkok L E D Company Limited (Hello LED)
% of investment: 50.0%
Total investment: THB 1,950mn
II. The issuance of 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. The entry into the Advertising Media Management and Service Agreement
with PlanB
Minimum guarantee: THB 700mn per year
Duration: 5 years (start from 1 January 2020)
Completion of transaction: 30 January 2020
EVENTS AFTER THE COMPLETION
• MACO has completed a sale of its new shares to PlanB, which resulted in a
dilution of the VGI’s shareholding in MACO from 33.17% to 26.55%
• In addition, VGI also reduced Board of Directors in MACO to 2 out of 7 persons
• Therefore, VGI would no longer have control in MACO. As a result, MACO
changed its status from VGI’s subsidiary to associated company.
BTS Group Investor Presentation
Appendices 66
Prepared by BTS Group IR
Media Update: Advertising Establishing the footprint in Vietnam market – the fastest growing country in the Southeast
Asia
TRANSACTION SUMMARY
RATIONALE
SHAREHOLDING STRUCTURE
• To establish our footprint in Vietnam market by partnering with the leading
OOH Media company, which its network covers static billboards and digital
screens in prime locations nationwide.
• The investment will allow MACO to leverage its know-how to enhance more
strength to VGI Vietnam.
To invest in VGI Vietnam Joint Stock Company (VGI Vietnam), the leading OOH
Media company with nationwide network coverage, through VGI MACO
(Singapore) Private Limited (VGIMS)
% of investment: 25.0%
Total investment: THB 457mn (MACO THB 343mn and VGI THB 114mn)
1) 10.0% from existing shareholders at THB 183mn
2) 15.0% from newly issued shares at THB 274mn
Sources of fund: Capital increase from VGI and MACO into VGIMS
Completion Within March 2020
*Trang & Partner Co., Ltd. is 95.0% held by Ms. Nguyen Thi Ngoc Trang (Seller) and the
remaining 5.0% is held by Mr. Lan Tieu Phi (Seller’s spouse)
25.0%
VGIMS
VGI Vietnam
(Holding Co.)
Trang & Partner
Co., Ltd.*
25.0% 75.0%
75.0%
T-Icon Co., Ltd.
(T-Icon)
99.9% 100.0%
BTS Group Investor Presentation
Appendices 67
Prepared by BTS Group IR
Media Update : Payment Continue to experience strong user growth
Rabbit LinePay serves more than 7.0mn users, an increase of 37.3% YoY
5.1
5.5
6.0
6.5
7.0
3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20
Single e-wallet with BTS
and Rabbit Card & Rabbit
LinePay
RABBIT LINEPAY
Rabbit Card circulation reached 12.6mn cards, increased by 22.4% YoY
10.3 11.0
11.5 12.2
12.6
3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20
+37.3%
YoY
RABBIT CARD
+22.4%
YoY
(mn cards) (mn users)
BTS Group Investor Presentation
Appendices 68
Prepared by BTS Group IR
Property Update Verso International School – project at a glance
Located at
Thana City
85%
Construction
Progress
Targeted
opening for
the first
semester in
Aug 2020
BTS Group Investor Presentation
Appendices 69
Prepared by BTS Group IR
Property Update The Custom House (Roi Chak Sam) – project at a glance
On the Fine Arts
Department
submission
process for approval
5-Star
Luxurious Hotel
World-Class
Dining Experience
Current status
2025
Expected
operation year
BTS Group Investor Presentation
Appendices 70
Prepared by BTS Group IR
Property Update The Unicorn Phayathai - project at a glance
51 levels of
mixed-use building
• Retail
• Office
• Hotel &
Residence
Located at
Phayathai
12% Construction
Progress
2022
Expected opening
year
BTS Group Investor Presentation
Appendices 71