1Q 2019/20 BTS GROUP EARNINGS PRESENTATIONbts.listedcompany.com/misc/presentation/20190820... ·...

Ladphrao

Intersection

Phaholyothin 24 Ratchayothin Senanikhom Kasetsart University

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1Q 2019/20 BTS GROUP EARNINGS PRESENTATION

20 AUGUST 2019

prepared by Investor Relations department

BTS Group Holdings PCL

Disclaimer

Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public Company Limited (the “Company”) before making a

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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.

BTS Group Earnings Presentation 2



Agenda

BTS Group Earnings Presentation

1Q 2019/20 FINANCIAL PERFORMANCE SECTION 1

BUSINESS UPDATES SECTION 2

APPENDICES SECTION 3

3



1Q 2019/20 Highlights

4 BTS Group Earnings Presentation

Section 1: 1Q 2019/20 Financial Performance

Robust growth in revenue and profitability

Operating Revenue of THB 9.1bn

+113% YoY

Net Recurring Profit of 1.0bn

FINANCIAL POSITION

Balance sheet strengthening further

Cash & Liquid Investments

THB 32.4bn

+13.7bn QoQ

Adjusted Net D/E

0.82x

Low leverage despite the increase in debt

Financing cash earmarked for investments in Mass Transit projects

P&L HIGHLIGHTS 3MTH CASH FLOW

+194% YoY

+44% YoY

Operating EBITDA of THB 1.6bn

Cash received

from the issuance of Green Bond

THB 13bn

Net investments in

Pink & Yellow Lines &

Green Extension

THB 5.9bn

Net cash received mainly

from sale of VGI and VGI-W2

THB 3.8bn



OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 1Q 2019/20 1Q 2018/19 % YoY 4Q 2018/19 % QoQ

Operating Revenue1 9,086 3,090 194% 10,033 (9)%

Gross operating profit 2,178 1,511 44% 2,270 (4)%

Operating EBITDA2 1,663 1,157 44% 1,719 (3)%

Recurring net profit – after MI 1,006 472 113% 967 4%

Accounting EBITDA 2,073 1,114 86% 1,736 19%

Net income (loss)3 894 387 131% 628 42%

Gross operating profit margin (%) 24.0% 48.9% 22.6%

Accounting EBITDA margin (%) 21.5% 33.5% 16.9%

Recurring net profit margin – after MI(%) 10.5% 15.1% 9.3%

Operating EBITDA margin (%) 18.3% 37.4% 17.1%

P&L SNAPSHOT

1Q 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

5

1Q 2019/20 Overview

79%

Mass Transit 15%

Media

1%

Property

5%

Services



3,090

9,086 5,395 245

358

Q1 FY18/19 Mass Transit Media Property Services Q1 FY19/20

(2)% 454% 22% 298%

(THB mn)

(1)

1Q 18/19 1Q 19/20



1 CFO included

• Corporate income tax of THB 72mn

• Net interest expenses of THB 520mn

• Net investment for construction of the Pink and Yellow Lines of THB 1.0bn

• Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 1.4bn 2 CFI included net investment for construction of the Pink and Yellow Lines of THB 3.5bn 3 Excluding liquid investments of THB 17.4bn

CFI • Net investment for construction of the Pink and

Yellow lines of THB 3.5bn

• Net cash paid for acquisitions of current and

other long-term investments of THB 3.0bn

• Cash received in advance from sale of

investment in Bayswater of THB 2.3bn

3M 2019/20 Cash Flow Snapshot

CFF • An increase in long-term debentures of THB 13.0bn

from BTSG issued ‘Green Bond’ debentures

• Net increase in long-term loans from financial

institutions of THB 4.5bn mainly for the Pink and

Yellow lines

• Net cash received mainly from sale of VGI and VGI-

W2 of THB 3.8bn

• Cash received from the exercised BTS-W4 of THB

583mn

• Net cash paid for short-term loans from financial

institutions and bills of exchange payables of THB

3.9bn



CFO • Profit before tax of THB 1.3bn, deducted

by

• Non-cash reconciling items of THB 29mn

• Changes in net working capital of THB

3.8bn (this includes net investment in

mass transit projects of THB 2.4bn)

4,021 (3,168)1 (3,655)2

17,871 (3) 15,0663

Beginning cash

(31/3/19)

CFO CFI CFF Others Ending cash

(30/6/19)

(THB mn)

6



Share of

net profit in

BTSGIF

3%

O&M

Construction

revenue for Pink

and Yellow Lines

60%

Mass Transit related

interest income

6%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

The YoY revenue growth of 5,395mn or 298% was mainly from

• Construction revenue for the Pink and Yellow lines of THB 4.3bn

• Higher services revenue for the provision of E&M works and the train

procurement service of THB 444mn or 48% YoY to THB 1,370mn

• O&M revenue increased by 84% or THB 378mn to THB 830mn, chiefly

as a result of the full opening of Southern Green Line ext. in Dec 18

• Higher Mass Transit related interest income of THB 246mn or 127%

YoY to THB 439mn

Cost rose by THB 4,782mn to THB 5,902mn largely from the recognition

of construction cost for the Pink and Yellow Lines

Operating EBITDA margin was 18.3% (38.7% in 1Q 2018/19)

OPERATING PERFORMANCE

MASS TRANSIT

(THB mn)

1Q

2019/20

1Q

2018/19 %YoY

4Q

2018/19 %QoQ

Revenue 7,208 1,813 298% 8,139 (11)%

Costs of revenue 5,902 1,120 427% 6,821 (14)%

Gross profit 1,306 694 88% 1,318 (1)%

Operating EBITDA 1,322 702 88% 1,330 (1)%

Gross margin (%) 18.1% 38.3% 16.2%

Operating EBITDA

margin (%) 18.3% 38.7% 16.3%

OPERATING REVENUE BREAKDOWN

1Q 2019/20

7

Mass Transit

Services revenue

from provision

of E&M works &

train procurement

for Green Line ext.

19%

12%



1Q

18/19

2Q

18/19

3Q

18/19

4Q

18/19

1Q

19/20

Construction revenue for Pink

and Yellow Lines

- 11,777 13,616 5,325 4,335

Services revenue from provision of

E&M works & train procurement

for Green Line ext.

926 1,524 2,183 1,451 1,370

Mass Transit related interest

income

193 242 289 354 439

O&M 452 452 565 807 830

Share of net profit in BTSGIF 228 244 239 187 225

Others* 14 16 228 15 9 *Comprises of (i) Services revenue from provision of E&M works for Gold Line and

(ii) Farebox revenue from BRT

IR Quarterly Presentation 4Q 1213_Draft1.xlsx




Media revenue of THB 1,363mn, an increase of 22% YoY driven by

higher revenue in the Digital Services segment

• Digital Services Business increased considerably by 298% YoY to

THB 435mn mainly due to the full-quarter consolidation of

Trans.Ad Group (a system integration and total solutions services

provider) as well as higher revenue from Rabbit Group

• OOH Media revenue* decreased by 8% YoY to THB 928mn, chiefly

due to the digital transformation project in Thailand and Outdoor

media by converting static media assets to digital screens

Costs increased by 69% YoY to THB 521mn primarily due to the full-

quarter consolidation of Trans.Ad Group

Operating EBITDA margin declined YoY to 46.2% (55.1% in 1Q 2018/19)

42%

BTS – Related

Media 19%

Outdoor Media

MEDIA

(THB mn)

1Q

2019/20

1Q

2018/19 %YoY

4Q

2018/19 %QoQ

Operating revenue 1,363 1,118 22% 1,382 (1)%

Costs of revenue 521 309 69% 558 (7)%

Gross profit 842 809 4% 824 2%

Operating EBITDA 630 616 2% 575 10%

Gross margin (%) 61.8% 72.4% 59.6%

Operating EBITDA margin

(%) 46.2% 55.1% 41.6%

1Q 2019/20

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

8

Media

7%

Office

Buildings

and Others

32%

Digital

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



1,009 909 965 1,047 928

109 296 495 335 435

1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20

Digital Services Business

OOH Media




Residential

0%


Operating revenue was THB 79mn, a decrease of 2% YoY. Note that

commercial property revenue now mainly comprises of revenue from

Thana City Golf & Sports Club.

Share of net profit from investment in U City, our associate, of THB

193mn (THB 8mn loss in 1Q 2018/19) chiefly from the transfer progress

of Sansiri-JVs

Operating costs dropped in tandem with the decline in operating

revenue, reducing by 19% YoY to THB 55mn.

OPERATING PERFORMANCE

PROPERTY

(THB mn)

1Q

2019/20

1Q

2018/19 %YoY

4Q

2018/19 %QoQ

Operating Revenue 79 80 (2)% 107 (26)%

Costs of revenue 55 68 (19)% 41 35%

Gross profit 24 13 91% 66 (64)%

Operating EBITDA (15) 19 (181)% (23) (34)%

Gross margin (%) 30.2% 15.6% 61.9%

Operating EBITDA

margin (%) (18.9)% 23.0% (21.0)%

OPERATING REVENUE BREAKDOWN

1Q 2019/20

NOTE: Property operating performances exclude share of profit/(loss) from investment in

BTS-SIRI JVs and U City

9

Property

100%

Commercial

& Others



80 87 85

107

79

1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20




52,200 65,394

50,405

67,630

41,794

38,713

31 Mar 19 30 Jun 19

Total shareholders' equity Total non-current liabilities

Total current liabilities

171,737

144,400

123,271 130,973

21,129 40,764

31 Mar 19 30 Jun 19

Total current assets Total non-current assets

171,737

144,400

Cash

31 Mar 19: THB 4.0bn

30 Jun 19: THB 15.1bn

Cash & liquid investment

31 Mar 19: THB 18.7bn

30 Jun 19: THB 32.4bn

Current Investments

31 Mar 19: THB 7.7bn

30 Jun 19: THB 8.7bn

Long-Term Investments

31 Mar 19: THB 14.6bn

30 Jun 19: THB 17.6bn

85%

15% 24%

76%

23%

38%

39%

36%

29%

35%

1Q 2019/20: 1.32x 1Q 2018/19: 1.02x

Gross Debt

to Equity

1Q 2019/20: 0.82x 1Q 2018/19: 0.39x

Adjusted Net

Debt2 to Equity

1Q 2019/20: 6.52x 1Q 2018/19: 3.23x

Adjusted Net Debt2

to Recurring EBITDA

1Q 2019/20: 2.96x 1Q 2018/19: 3.67x

Interest Coverage

1Q 2019/20: 1.05x 1Q 2018/19: 0.95x

Current Ratio

ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN

KEY RATIOS

10

Financial Position as of 30 June 2019

1 Comprised of 23% floating-rate debt and 77% fixed-rate debt, with an average cost of debt of 3.6% as of 30 Jun 19

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

30 Jun 19: THB 86.1bn1

Adjusted Net Debt2

31 Mar 19: THB 53.8bn

30 Jun 19: THB 53.7bn

*****

Issued Ordinary Shares

31 Mar 19: 11,845.4mn

30 Jun 19: 11,894.3mn





Agenda


FY 2018/19 FINANCIAL PERFORMANCE SECTION 1



11



Mass Transit Update Progress of the Northern Green Line Extension


Section 2: Business Updates

9 August 2019: began trial operation of Ladphrao Intersection (N9) station

Source: Postjung



Mass Transit Update Progress of the Northern Green Line Extension



Ladphrao

Intersection (9 Aug 2019)

Phahonyothin 24 Ratchayothin Senanikhom Kasetsart University

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Targeted to begin operation in 2019

Full operation (Mochit – Khu Khot: 17.8km, 16 stations) expected in 2020



Mass Transit Update Progress of 46 New Trains Delivery



4 trains arrived

The remaining 20 trains will

delivered by 2020

20 trains arrived

15 trains in service

Another 2 trains will be delivered

by 2019

67 trains currently in service (vs 52 trains in 2015)

98 trains are expected to be fully in service by 2020



Mass Transit Update Intercity Motorway - project at a glance



M6: Bang Pa In –

Nakhon Ratchasima

Contract Type: PPP Gross Cost

Distance: 196km

Contract Term: 2 phases

Timeline

Bidding

Submission

Best Bid

Announcement

BGSR JV

27 Jun 2019

Aug 2019

3Y 30Y

Design & Construction Operating & Maintenance (O&M)

Max PV of Availability

Payment (AP)* per Cabinet: THB 33.2bn

M81: Bang Yai –

Kanchanaburi

PPP Gross Cost

96km

THB 27.8bn

M81:

Bang Yai –

Kanchanaburi,

96km

M6:

Bang Pa In –

Nakhon

Ratchasima,

196km D/E for CAPEX Not exceed 3x during

contract period

Not exceed 3x during

contract period

3 Consortiums submitted bid

Authority Department of Highways

Department of Highways

Bid for M6 & M81

UNIQ &

CCCC* JV

*China Communications Construction Company Ltd.

BGSR JV

Bid for M6 & M81

*comprises of (i) construction reimbursement and (ii) O&M revenue

• UN-CCCC bid for M6

• CCCC-UN bid for M81

BEM 40% 40%

10% 10%

BGSR proposed AP THB 21.3bn THB 17.8bn

Equity requirement

- Before contract signing

- Before operation THB 1.0bn THB 0.85bn

THB 2.0bn THB 1.7bn

Expected

contract signing

Dec 2019

Expected

Operation

2022-23E

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)



Mass Transit Update Intercity Motorway – BGSR JV Scope of Works



1.1 Toll Collection System

Phase 1: Design and Construction

1.2 Traffic Management Control System

1.3 Other infrastructure

Phase 2: Operation and Maintenance

Source: Prachachat



Media Update: Advertising Unlocking the Chinese market through online marketing solutions



ONLINE MARKETING SOLUTIONS ECOSYSTEM SYNERGY

BANGKOK TAKEOVER

• Tapping into considerable synergies by combining more

than 80% of VGI and PlanB’s digital Out-of-Home screens

throughout Bangkok

• Painting exclusive advertisement for 1 hour prime time

per month that cover all transit media channels including

BTS, Street, Metro as well as PlanB’s media assets

• Creating impact advertising for brand with over 9.0mn

eyeballs

• The package is now fully booked end of this year

• Successfully established the joint venture named V-

Click Technology Co., Ltd (V-Click)

• V-Click will help provide its clients with

comprehensive insights and ability to deepen their

engagement with the Chinese traveler through a

suite of digital marketing technology, based on

iClick’s 780 million consumer profiles



Media Update : Payment Enabling the smarter marketing solutions through payment expansion



RABBIT CARD ENTER INTO JV AGREEMENT WITH SAHA GROUP

• Launching Lawson 108 stores along mass transit platform.

Currently, the stores has already open on 5 BTS stations:

Thong Lo, Ploen Chit, Saphan Khwai, Victory Monument

and Bearing

• Offering Rabbit Card and Rabbit LinePay as an option for

cashless payments

• In addition, Saha Group also tied over 3,000 staff ID cards

to Rabbit cards, allowing employees to enjoy loyalty

rewards and promotion

9.3 9.8 10.3 11.0 11.5

1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20

+24% YoY

3.4

4.5 5.1

5.5 6.0

1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20

RABBIT LINEPAY

+77% YoY



Property Update U’s acquisition of hotels portfolio in Germany and Switzerland

19

17 Existing operating leased hotels and 2 new hotels opened in 2020 - 2022

Transaction Acquisition of 12 companies’ ordinary shares in

Germany and Switzerland

• Signing date: 30 April 2019

• Completion date: 31 May 2019

Purchaser

Vienna House Germany II GmbH

• Subsidiary in Germany in which the Company

indirectly holds 100 percent of shares

Seller Arcona Management GmbH

Asset Details Operating lease rights of:

17 existing hotels (1,792 keys)

• Currently operate under arcona, arcona Living

and Steigenberger brands

• The number of rooms are ranging from

47 rooms to 180 rooms

2 new projects (251 keys)

• Expected to be completed in 2020 and 2022

Asset Current

Location

• 16 destinations in Germany

• 1 destination in Switzerland

Total Purchase

Price EUR 24.7mn (approx. THB 890.5mn1)

1Reference is made to the foreign exchange rate of EUR and Baht currency according to the Notification

of the Bank of Thailand as of April 30, 2019, of which EUR 1 is equivalent to Baht 36.0522.



A

Hotels under Vienna House portfolio

Hotels under Arcona portfolio

Berlin

Leipzig

Munich

Dresden

Amberg

Bad

Oeynhausen

Braunschweig

Castrop-Rauxel

Coburg

Günzburg

Landsberg

Limberg

Neckarsulm Trier

Wuppertal

Rostock Wismar

A A Stralsund

Greifswald

A

A A

A Potsdam

A

Bremen A

Osnabruck

A A

Wetzlar

A Eisenach

A Bremen Schaffhausen

A Baden

Baden

A Stuttgart

A Mannheim

A

A

A

A

Total acquired

keys 2,043



Property Update U signed the amendment to the agreement of Roi Chak Sam project



Project value Approximately THB 4.6bn

Land Area 5.15 Rai or 0.82 Ha (8,240 sqm)

Location On the Chao Praya Riverside, Soi

Charoenkrung 36, Bangrak, Bangkok

Concept Focus on the harmony between the

heritage custom house and new building

Management

Company Luxury hotel brand

Status New lease terms signed and during

planning stage

PROJECT DETAILS

A luxurious 5-star hotel project in a rare, historic, colonial-era heritage

building located along magnificent Chao Praya Riverside, on Charoen

Krung road.



Agenda


FY 2018/19 FINANCIAL PERFORMANCE SECTION 1



21



Mass Transit Update 1Q 2019/20 Core Network Ridership

22

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


Section 3: Appendices

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

**Excluding the impact of free-trips during Coronation Ceremony

• Quarterly ridership rose 4.4% YoY to 59.6mn trips

• Quarterly average weekday ridership of 759,238 trips,

+5.5% YoY

• Farebox revenue grew 2.6% YoY to THB 1.7bn

• Quarterly average fare increased slightly by 0.1% YoY to

THB 29.1 per trip

57.1

61.2 61.6 61.1

59.6

-1.5% -1.5%

1.3% 1.5% 4.4%

-5.0%

7.1%

0.6% -0.8% -2.4%

-50.0%

0.0 %

53.0

58.0

63.0

1Q 2018/19 2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20

Ridership (mn trips) Passenger Growth (YoY)

Passenger Growth (QoQ)

29.0* 28.8

29.1* 29.0 29.1**

3.9% 3.7% 1.5% 0.6%

0.1% 0.9% -0.8%

1.0% -0.4%

0.4%

1Q 2018/19 2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20

Average Fare (THB/trip) Average Fare Growth (YoY)

Average Fare Growth (QoQ)



Mass Transit Update Progress of BTS secured Lines

23

Included in

Masterplan

17 Oct 18

Included in

Masterplan

17 Oct 18

NTP issued

29 Jun 18

NTP issued

29 Jun 18

*Sources: Information was from MRTA and the Company’s report as of 30 June 2019, except for E&M for Northern Green Line ext. and Gold Line which were as of 9 August 2019

NORTHERN GREEN LINE

EXT.

(Mochit – Khu Khot)

17.8km/ 16 stations

PINK LINE

(Khae Rai – Min Buri)

34.5km/ 30 stations

YELLOW LINE

(Lad Prao - Samrong)

30.4km/ 23 stations

FY 17/18 FY 18/19 FY 19/20 FY 20/21

1st station

opened:

(9 Aug 2019)

Targeted full

Operation

(2020)

Contract Signed

FY 21/22

Targeted

operation

(Oct 2021)

Targeted

operation

(Oct 2021) Contract Signed

Construction Period

Construction Period

Construction Period 100%

PINK LINE (EXTENSION)

(Sirat – Muengthong Thani)

3.0km/ 2 stations

YELLOW LINE (EXTENSION)

(Ratchada - Ratchayothin)

2.6km/ 2 stations

GOLD LINE PHASE 1

(Krung Thon Buri – Klong

San)

1.8km/ 3 stations

Targeted

operation

(Sep 2020)

O&M contract Signed (31 Jul 18)

Construction Period

38% 27%

24% 40%

38% 28%

Civil E&M

Progress (%)*



43%



Infrastructure Project U-Tapao International Airport - project at a glance

3 Consortiums submitted bid of U-Tapao

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

24

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 and Overhaul

Facilities

6. Aviation Training Center

7. Passenger Terminal Building 1 and 2

Timeline

Source: Company Data and Market Sounding

21 March 2019

Bidding

Submission

2019

Expected Best Bid

Announcement

October 2018

RFP selling period

Package Inclusion:

Package Exclusion:

Grande

Asset:

80% Thai Air

Asia: 10%

Christiani

& Neilson:

10%

Grand

Consortium

Thana

Holding

Ch

Karnchang

Italian Thai

Development

B. Grimm Joint

Venture Holding

(42 companies bought U-Tapao RFP)

CP

Consortium





Western Orange

Eastern Orange

Eastern Orange

Western Orange

EXPECTED TIMELINE

Rail Mass Transit Project Orange Line – project at a glance

25

2023

Targeted Commercial

Operation Date

MAY 2017

Civil work construction

of

Eastern Orange began

2019

Expect request for

proposal (RFP) for Civil

work construction of

Western Orange & E&M,

available for sale

Underground Stations

Elevated Stations



ORANGE LINE (39.6KM, 29 STATIONS)

CAPEX Civil ~THB 90bn*

E&M ~THB 30bn

Route

Length

No. of

Stations

Taling Chan –

Thailand Cultural

Center

17km

12 (underground)

Route

Length

No. of

Stations

Thailand Cultural

Center - Min Buri

22.6km

17 (10 aboveground and

7 underground)

* Western Orange civil works CAPEX



Property Update Disposal of the Investment in Bayswater JV to CPN, worth THB 7.7bn



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

Rationale

To generate profit and to use proceeds for other

businesses, projects or working capital of the

Company

Seller The Company

Buyer Central Pattana Public Company Limited (CPN)

Value of

Disposed

Investment

THB 7,699mn

Amount of

Shares to be

Disposed

50,000 ordinary shares

(50% of total shares)

at par value of THB 100 per share

Asset Details Land 48 – 3 – 12.8 Rai

(78,051.2sqm)

Ownership: Freehold

BTS Proximity 200m from Phahon Yothin 24 Station (N10 of

Northern Green Line extension)



BTS Group Update BTS-W4 and BTS-W5 Term Sheets



Ticker BTS-W4

Term 1 year from the issuance date

Issuance date 30 November 2018

Expiry date 29 November 2019

Warrants price nil

No. of warrants 1,315,710,907 units

Allocation To existing shareholders at the ratio of 9

existing BTS shares : 1 bts-W4

Exercise ratio 1 BTS-W4 to 1.0111 new common share of BTS

Exercise price THB 10.3841 per share

Expected maximum

proceeds THB 13.8bn

Exercise period Quarterly

Progress

(as of 30 Jun 19)

655.4mn units exercised, generating proceeds

of THB 6.9bn, equivalent to 49.8% of

maximum proceeds

BTS-W4 TERMS AND CONDITIONS

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Ticker BTS-W5

Term 1 year from the issuance date

Warrants price nil

No. of warrants Up to 1,319.62mn 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 18.5bn

Exercise period Quarterly

1The adjustment took effect from 30 Jul 2019 onwards, following the condition in the

event that the Company distributed dividends in cash in excess of 95% of the

Company’s net profit after income tax under the standalone financial statements of

the Company of any relevant fiscal year.

2The issuance of new warrants (BTS-W5) up to 1,319.6mn units, is calculated based on

the assumption that BTS-W4 Warrants (including the case of rights adjustment of

BTS-W4 Warrants) and BTS-WC Warrants which are entitled to exercise are fully

exercised.

BTS-W5 TERMS AND CONDITIONS



THB 1.5 - 1.9bn Mass-transit related interest income

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

development cost)

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

THB 6.0 - 6.2bn VGI Revenue

40 - 45% VGI EBITDA margin

20 - 25% VGI NPAT margin

FY 2019/20 BTS Group Targets and CAPEX

≥ 20% U City EBITDA margin

THB 350mn BTS Group

Property Revenue

THB 7.2 - 7.5bn U City Revenue

BTS GROUP TARGETS

CAPEX: THB 28-34BN

MASS TRANSIT PROPERTY MEDIA



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