Investor Presentationbts.listedcompany.com/...presentation-202008-02.pdf · 8/13/2020 · thailand...
Transcript of Investor Presentationbts.listedcompany.com/...presentation-202008-02.pdf · 8/13/2020 · thailand...
Investor Presentation
AUGUST 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
80%
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) and among one of the largest companies in Thailand.
FY 2019/20 OPERATING REVENUE CONTRIBUTION
BTS Group Investor Presentation
Section 1: BTS Group in Brief & Strategy & Outlook
MEDIA
15%
PROPERTY
1%
SERVICES
4%
Total of
THB 39,937mn
4
Prepared by BTS Group IR
As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines and transportation projects 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 2042
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: 157.6KM, 113 STATIONS BY 3 OPERATORS
58.1km
Bangkok Rail Mass Transit Network Immature network, 143km under construction
71km 28.5km
BTS Group Investor Presentation
Section 1: BTS Group in Brief & Strategy & Outlook
157.6km in 2020
Blue line : 47km
Purple line : 23km
52 stations 53 stations 8 stations
*SRT: State Railway of Thailand
*
WEEKDAY RIDERSHIP MARKET SHARE IN 2019 (JAN-DEC)
*BEM ridership excludes Purple line. (as of Dec 2019)
1.3mn trips
TOTAL AVERAGE
WEEKDAY RIDERSHIP
BTS
61% 787,315 trips
BEM
33% 433,000 trips*
ARL
6% 79,000 trips*
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 58.1km currently)
OP
ER
ATIN
G
58.1
KM
UN
DER
CO
NSTR
UC
TIO
N
75.3
KM
*9 stations (9.2km) were partially opened in Aug 2019, Dec 2019 and Jun 2020
Prepared by BTS Group IR
2021E: Pink and Yellow
10
Routes
Authority
Contract Type
Contract Term
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 2020 2021E 1999
• Opening additional 4 stations of
Northern Green Ext. 2
• 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
*Remarks
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 2025
LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2024
GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2024
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
Note: MRTA: Mass Rapid Transit Authority of Thailand
BMA: Bangkok Metropolitan Administration
SRT: State Railway of Thailand
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 150mn/km p.a. in 2018
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 2025
4Q 2020
BY 2023
OCT 2021 JUL 2018
BY 2022
MAR 2018
BY 2021
BY 2021
MID 2017
EASTERN SIDE
BY MID 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
BY 2024
BY 2024
BTS Group Investor Presentation
Section 2.1: Mass Transit Business
Prepared by BTS Group IR
Transportation Project U-Tapao international airport – at a glance
14 BTS Group Investor Presentation
Section 2.1: Mass Transit Business
Role & responsibilities
Design and development of the
required Airport Infrastructure
Operations and maintenance
over the concession term
Financing and maintenance
over the project components
Consortium
Commercial Gateway
269 Rai (430,000 sq.m.)
Airport City
654 Rai (1,047,000 sq.m.)
45%
35%
20%
Cargo & Free Trade Zone
430 Rai (688,000 sq.m.) Passenger Terminal
Building 3
Timeline
3 Years 47 Years
30 Jan 2020
Announced Pricing
Proposal Winner
2 Jun 2020
19 Jun 2020
Cabinet Approved
PPP Contract
PPP Contract
Signing
Early 2022
Early 2025
Early 2072
End of PPP contract Notice to proceed
(NTP)
O&M Start Date
Start construction
Location Plub Pla ,Ban Chang District, Rayong Province
Land Area Approx. 6,500 Rai (10,400,000 sq.m.)
Contract Type PPP Net Cost
Contract Term 50 Years
Authority Royal Thai Navy
Total Project Cost THB 31bn (phase 1)
Equity Injection Paid-up capital of THB 9bn at COD
Sources of Fund Debt 70 : Equity 30
Project Details
3 Years 47 Years
Design & Build Operation and Maintenance
Prepared by BTS Group IR
Transportation Project Intercity Motorway – at a glance
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 2026
Status
PPP Contract signing expected in Aug 2020
Consortium’s Members
Prepared by BTS Group IR
BTS 5-year Target of Network Expansion Quadruple growth from 48.9km in 2018 to 210.9km 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
210.9
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
211km 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
(35.9km)
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 (19.9% 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
(41.1% stake1)
Established and was granted
30yrs BTS ad. concession
BTS Group Investor Presentation
Section 2.2: Media Business
2015
1 includes BTS shareholdings of 14.6% 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
BTS Group Investor Presentation
Section 2.2: Media Business 19
ADVERTISING PAYMENT
41.1%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
20.0%
OUTDOOR
PLAN B
Nationwide,
Thailand
AUDIENCE
REACH 18mn potential reach
1 includes BTS shareholdings of 14.6% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd
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 13.0mn > 15.0mn
Retailer
Points > 12,000 >20,000
Current 2020
Line Users 45.0mn >55.0mn
Rabbit Line Pay
Users 7.3mn >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 parcels from individual retailers to individual
consumers
22 BTS Group Investor Presentation
Section 2.2: Media Business
DELIVERY SERVICES PORTFOLIO SERVICES POINT ON BTS
INVESTMENT & ACCOUNTING METHOD
Investment: 23% in Kerry Express Thailand
Accounting Method: Equity Sharing
SERVICES CHANNEL
Kerry Express is the No. 1 parcel delivery services in Thailand,
delivering more than 1,200,000 parcels per day and has more
than 10,000 retail service points nationwide.
• Deliver more than 1,200,000 parcels per day
• > 1,200 distribution centers
• > 1,800 shops nationwide
• > 22,000 fleets
• > 13,000 service points operated by individual and corporate
retail partners
NETWORK
Logistics: Last Miles Delivery Services Network expansion to accommodate the rise of E-commerce
C2C
70%
C2C
65%
C2C
50%
B2C
26%
B2C
30%
B2C
40%
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
1800000
2000000
2012 2013 2015 2017 2018 2019
C2C
B2C
B2B
40,000 75,000
500,000
1,000,000
8,000
1,200,000
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
2,985
(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
BTS GROUP’S PROPERTY BOOK VALUE BREAKDOWN
BTS Group Investor Presentation
Section 2.3: Property Business
Owners Total Area (Rai) Total Area (sq.m)
BTS Group PCL 541.0 882,644.0
U City PCL 881.0 1,418,763.6
Total 1,422.0 2,301,407.6
Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted
ATTRACTIVE LAND BANK
LAND BANK UNDER BTS GROUP AND SUBSIDIARIES
Data as of 31 Mar 20
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
F/Y 19/20
Total Book Value
as of 31 Mar 20
THB 26.5bn
U City*
THB 17.4bn
66%
Residential
THB 0.5bn
2%
Land Bank
THB 5.3bn
20%
Commercial
THB 3.3bn
12%
*Adjusted for equity stake
Prepared by BTS Group IR
• Austria
• Belarus
• Czech Republic
• Germany
• Poland
• Romania
• Russia
• Slovakia
• Switzerland
• United Kingdom
25 BTS Group Investor Presentation
Section 2.3: Property Business
Presence in
10 European Countries
• Thailand
• Vietnam
• Indonesia
• India
• Oman
• Hong Kong
Presence in
6 Asian & Middle
Eastern Countries
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
119 hotels and more than 30,000* keys owned, leased or managed
4 office buildings and business interests spanning 17 countries globally
60 hotels, 2 office buildings
57 hotels, 2 office buildings,
16 condominiums projects
33 Gracechurch
Street, London 6-14 Underwood
Street, London
TST Tower,
Bangkok
Noble Comm. Building,
Bangkok
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 2019/20, the programme had 4.8million 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
14.58%
BTS Infrastructure
Services Co., Ltd
1 Information based on book closure date on 31 Mar 20 with total issued shares = 13,154.3mn shares 2 BTSG holds 65.93% of VGI indirectly and directly as of 31 Mar 2020 3 Revenue from the Company recorded under Services BU
33.33%
45.04%
30
BTS Group Holdings PCL
BTS Rail Mass Transit
Growth Infrastructure
Fund (BTSGIF)
97.48%
Bangkok Mass Transit
System PCL (BTSC)
22.03%
MEDIA BUSINESS
40% Kanjanapas Family1
32% Institutional Investors1
18% Individual Investors1
PROPERTY BUSINESS
VGI Advertising
Media Co., Ltd.
100%
888 Media
Co., Ltd. 100%
Master Ad PCL 26.55%
Aero Media
Group Co., Ltd.
30%
VGI PCL (VGI) 2
100% 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%
BSS Holdings Co., Ltd. 90%
51% ATS Rabbit Special Purpose
Vehicle Co., Ltd.
Man Food Holdings Co.,
Ltd.
41.18%
HHT Construction
Co., Ltd.3
51%
90% Bangkok Smartcard System Co., Ltd.
Bangkok Payment
Solutions Co., Ltd. 60%
Listed entities
Subsidiaries
Associates
LEGEND
JVs
Demo Power
(Thailand) Co., Ltd.
40%
The ICON VGI
Co., Ltd.
25%
100% RB Services Co., Ltd.
Northern Bangkok
Monorail Co., Ltd.
Eastern Bangkok
Monorail Co., Ltd.
75%
75%
100%
BTS Infrastructure
Development Co., Ltd
100%
Supremo Media
Co., Ltd 25%
Kerry Express
(Thailand) Ltd 23%
Yongsu Co., Ltd. 100%
DNAL Co., Ltd. 100%
The Community One Co.,
Ltd.
100%
Kingkaew Assets Co., Ltd. 100%
37.87%
The Community Two Co.,
Ltd.
100%
U City PCL
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%
BTS Group Investor Presentation
Section 3: Corporate Information
Business Organisation and Shareholding Structure as of 31 March 2020
U-Tapao International
Aviation Co., Ltd.
35%
Chao Phraya Express
Boat Co., Ltd.
27.5%
30% V-Click Technology
Co., Ltd.
SLV Retail
Co., Ltd.
30%
49% VGI AnyMind
Technology
Co., Ltd
Ads Chaophraya
Co., Ltd.
25.01%
25.01%
VGI (Malaysia)
Sdn Bhd
25.01%
VGI MACO (Singapore)
Private Limited
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
(2) Subject to shareholders’ approval at the shareholders meeting on 20 July 2020.
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/ Negative
BTSC A/ Negative
THB 22bn BTSC Debenture
Senior Unsecured Debenture A
THB 9.5bn BTSG Debenture
Senior Unsecured Debenture
Issuance Date: 7 Sep 18
Average Coupon Rate: 3.38%
A
THB 7bn BTSG Debenture
Senior Unsecured Debenture
Issuance Date: 26 Dec 17
Average Coupon Rate: 3.17%
A
THB 13bn BTSG Debenture
Unsubordinated and Unsecured
Green Bond
Issuance Date: 24 May 19
Average Coupon Rate: 3.41%
A
BTS Group Investor Presentation
Section 3: Corporate Information
BTS Group Share Information Dividend and credit rating profile
FY 17/18 FY 18/19 FY 19/20
Actual Dividend Paid
(THB mn) 4,145 5,152 6,513(2)
Dividend per Share
(THB) 0.35 0.42 0.48
Dividend Yield (1)
(%) 3.9% 4.0% 4.0%
Dividend Payout
(%) 87% 143% 126%
Prepared by BTS Group IR
0
2,000
4,000
6,000
8,000
10,000
12,000
5
7
9
11
13
15
BTS Turnover (RHS) BTS TB SET Index (rebased)
Foreign Limit
Free Float
(as of Jun 18)
10.0%
NVDR
21.7%
Thai Funds
10.2%
Foreign Funds
Name %*
1 Mr. Keeree Kanjanapas 's Group 40%
2 Thai NVDR Co., Ltd. 10%
3 Social Security Office 2%
4 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2%
5 Bualuang Securities Public Company Limited 2%
6 STATE STREET EUROPE LIMITED 1%
7 Bualuang Long-Term Equity Fund 1%
8 Mr. Min Tieanworn 1%
9 GIC Private Limited 1%
10 Bualuang Top-Ten Fund 1%
TOTAL TOP 10 SHAREHOLDERS 61%
Stock code BTS
Outstanding shares (mn shares) 13,154.3
Market capitalisation (THB mn) 119,704.1
Market capitalisation (USD mn) 3,656.5
Average daily traded value (THB mn) 626.7
Average daily traded value (USD mn) 20.3
Credit Rating (by TRIS) A/Negative
SHARE INFORMATION (as of 31 Mar 2020)
SHARE PRICE MOVEMENT (as of 31 Mar 2020)
SHAREHOLDING STRUCTURE (as of 31 Mar 2020)
TOP 10 SHAREHOLDERS (as of 31 Mar 2020)
32
THB
*Total of 13,154,296,081 shares
Kanjanapas’s
Group
40.1%
Retails
18.0%
58%
49%
13,154mn
shares
BTS Group Investor Presentation
Section 3: Corporate Information
BTS Group Share Information
THB mn
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 972mn
FY 19/20 OPERATING REVENUE & EBITDA CONTRIBUTION
BTS Group Financial Performance
CONSOLIDATED P&L (THB MN) FY 19/20 FY 18/19 FY 17/18
Operating revenues 39,937 48,004 14,102
Accounting revenues 47,299 48,997 15,107
Operating expenses 30,343 40,120 8,325
Operating EBITDA(1) 7,460 6,137 4,089
Recurring Net Profit 4,776 3,248 2,508
Net income(2) 8,162 2,873 4,416
DEBT INFORMATION (THB MN) 31-Mar-20 31-Mar-19 31-Mar-18
Interest bearing debt 88,559 72,474 47,169
Adj. net debt (5) 70,892 53,784 17,129
KEY FINANCIAL RATIOS FY 19/20 FY 18/19 FY 17/18
Profitability ratios (%)
Gross operating profit margin 24.0% 16.4% 41.0%
SG&A to operating sales ratio 7.7% 5.3% 17.3%
Operating EBITDA margin(1) 18.7% 12.8% 29.0%
Recurring net profit margin (%) 11.4% 6.6% 23.4%
Liquidity ratio
Current ratio (times) 0.68x 0.47x 0.95x
Leverage (Times)
Total liability to total asset 0.61x 0.64x 0.56x
Total liability to total equity 1.57x 1.76x 1.29x
Interest bearing debt to equity 1.32x 1.39x 1.02x
Adj. net debt(5) to equity 1.05x 1.03x 0.37x
Adj. net debt(5) to recurring EBITDA 7.35x 7.43x 3.02x
Interest coverage(3) 3.32x 3.74x 3.31x
Per share ratios
Book value per share (THB) 5.32 4.42 3.91
Dividend yield (4) 4.00% 3.98% 3.95%
Business Units Revenue
Contribution (%)
EBITDA
Contribution* (%)
Mass Transit 80% 76%
Media 15% 25%
Property 1% (0.2)%
Services 4% (0.6)%
Total (THB mn) 39,937 7,461**
48,004 39,937 (9,252) 530 21 634
FY18/19 Mass Transit Media Property Services FY19/20
(22)% 57% 10% 6%
(THB mn)
Prepared by BTS Group IR
4,237 9,112
41,328
32,076
FY 16/17 FY 17/18 FY 18/19 FY 19/20
36
743
449
1,112
1,746
FY 16/17 FY 17/18 FY 18/19 FY 19/20
617 639
360 381
FY 16/17 FY 17/18 FY 18/19 FY 19/20
3,010 3,902
5,204 5,735
FY 16/17 FY 17/18 FY 18/19 FY 19/20
MEDIA
PROPERTY SERVICES
MASS TRANSIT
FY 2019/20:-
• Construction revenue for Pink & Yellow Lines: THB 16.9bn
• Services revenue from provision of E&M works & train: THB 8.3bn
• O&M Revenue: THB 3.8bn
• Mass Transit related Interest Income: THB 1.9bn
• Share of net profit from investment in BTSGIF: THB 0.8bn
FY 2019/20:-
• OOH Media revenue: THB 3,709mn
• Digital Services business: THB 2,026mn
FY 2019/20:-
• Commercial Property revenue : THB 341mn
• Residential Property revenue: THB 40mn
FY 2019/20:-
• HHT revenue : THB 1,604mn
• BPS, Rabbit Rewards and Turtle 23: THB 142mn
BTS Group Investor Presentation
Section 4: Financial Summary
Operating Revenue by Business Units
Prepared by BTS Group IR
67,245 63,034
72,940 84,412
32,915 28,371
31 Mar 20 30 Jun 20
Total current liabilities Total non-current liabilities
Total shareholders' equity
175,817 173,100
150,702 164,458
22,398 11,359
31 Mar 20 30 Jun 20
Total current assets
Total non-current assets
175,817 173,100
Cash
31 Mar 20: THB 3.2bn
30 Jun 20: THB 3.8bn
Cash & liquid investment
31 Mar 20: THB 17.7bn
30 Jun 20: THB 15.0bn
Current Financial Assets1
1 Apr 20: THB 2.8bn
30 Jun 20: THB 2.5bn
Non-current Financial Assets1
1 Apr 20: THB 18.0bn
30 Jun 20: THB 17.5bn
87%
13% 6%
94%
16%
36%
48%
39%
19%
42%
1Q 2020/21: 1.39x 1Q 2019/20: 1.32x
Gross Debt
to Equity
1Q 2020/21: 1.15x 1Q 2019/20: 0.82x
Adjusted Net
Debt2 to Equity
1Q 2020/21: 8.06x 1Q 2019/20: 6.52x
Adjusted Net Debt3 to
Recurring EBITDA
1Q 2020/21: 2.65x 1Q 2019/20: 3.90x
Interest Coverage
1Q 2020/21: 0.40x 1Q 2019/20: 1.05x
Current Ratio
ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN
KEY RATIOS
37
Financial Position as of 30 June 2020
1 The Group adopted TFRS 9 which the cumulative effect is recognised as an adjustment to the retained earnings as at 1 April 2020
2 Comprised of 13% floating-rate debt and 87% fixed-rate debt 3Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
(THB mn) (THB mn) Gross Debt
31 Mar 20: THB 88.6bn2
30 Jun 20: THB 87.4bn2
Adjusted Net Debt2
31 Mar 20: THB 70.9bn
30 Jun 20: THB 72.4bn
********
Issued Ordinary Shares
31 Mar 20: 13,154.3mn
30 Jun 20: 13,154.6mn
BTS Group Investor Presentation
Section 4: Financial Summary
Prepared by BTS Group IR
FY 2020/21 Mass Transit Guidance
THB bn 20
Pink & Yellow Lines
Construction
THB bn 6
Mass-transit related
interest income
THB bn 2.6
E&M provision and train
procurement for Green
Line extensions
Train O&M
revenue
THB bn 5.2
Mass Transit CAPEX
THB bn 26
40% YoY
BTS Group Investor Presentation
Section 4: Financial Summary 38
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
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
OOH Traditional Online/ Digital Total
40 BTS Group Investor Presentation
Appendices
Appendix 1: Media Market Overview OOH and Online outperformed industry spending
TRADITIONAL CAGR1 = 0.3%
OOH CAGR1 = 9.3%
ONLINE CAGR1 = 63.2%
INDUSTRY CAGR1 = 3.7%
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 – 2019 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 123bn
Traditional Spending = THB 10bn
OOH Spending = THB 14bn
Online Spending = THB 21bn
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
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
6.8
1 59 79
96 105 118 132 139 133 136 144 145 176
197 215 219 233 238 241 241 237
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
19/2
0
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
42
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)
19Y Farebox Revenue CAGR: 9.1%
19Y Ridership CAGR: 8.0%
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%
43
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 – 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)
44
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
6.8
1
59
79
96 105
118 132 139 133 136
144 145
176
197
215 219 233 238 241 241 237
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 19/20
Farebox revenue (THB bn) Ridership (mn)
45
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 ext.
opening
Oct – Nov 11 :
Floods
INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%) STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%) FASTER GROWTH (11 YRS RIDERSHIP CAGR 6%)
Dec 99 : BTS SkyTrain
service opening
Mar 07 :
First fare
rate
increase
May 09 :
Opening of
Silom Line
ext.
Farebox revenue CAGR: 9.1%
Ridership CAGR: 8.0%
GROWTH (19 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
(1.7)% YoY
Fare
(0.4)%
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 ext. opening
Nov 13 : Thai political
protests
Appendix 3: Core Network Ridership Uninterrupted revenue growth and resilient under pressure
Dec 18 :
Opening of
the entire
Southern
ext.
Jul-Sep 19 :
Opening
Of Blue line ext.
Dec 19 :
Ha Yaek Lat Prao –
Kasetsart
University opening
Aug 19 :
Opening of
Ha Yaek Lat
Prao station
Prepared by BTS Group IR
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
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
2019
/20
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 36%
AVG FARE THB 31.7
30-DAY PASS (ADULT)* 28%
AVG FARE THB 27.7
PURSE (STV)* 31%
AVG FARE THB 27.6
30-DAY PASS (STUDENT)* 4%
AVG FARE THB 22.5
ONE-DAY PASS 1%
AVG FARE THB 35.4
46
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 2019/20)
THB / Trip
* Counted as Rabbit (63%)
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 (2014/15 to 2019/20) = 1.5%
• CAGR 14 yr (2005/06 to 2019/20)= 2.2%
Appendix 4: Core Network Fare Adjustment Flexibility to increase fares
Prepared by BTS Group IR 47
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
COMPLETELY
DELIVERED
22 88 SIEMENS
COMPLETELY
DELIVERED
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 98 trains in service for the entire Green Line
Prepared by BTS Group IR
Appendix 6: Debentures
Tenor Amount up to Coupon Rate Maturity Date
3-year THB 5.5bn 2.46% 10 Nov 19
5-year THB 2.2bn 2.85% 10 Nov 21
7-year THB 4.1bn 3.30% 10 Nov 23
10-year THB 10.2bn 3.87% 10 Nov 26
Total THB 22.0bn 3.31% (average)
Rationale Purchase new rolling stocks and E&M for the Northern
and Southern Green Line extensions
Issuance Date 10 November 2016
THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS
Tenor Amount up to Coupon Rate Maturity Date
3-year THB 1.5bn 2.24% 26 Dec 20
5-year THB 1.5bn 2.64% 26 Dec 22
10-year THB 2.0bn 3.65% 26 Dec 27
12-year THB 2.0bn 3.78% 26 Dec 29
Total THB 7.0bn 3.17% (average)
Rationale Repay existing debts and/or investment and/or
financing the working capital of the Company
Issuance Date 26 December 2017
THB 7BN BTSG DEBENTURE
BTS Group Investor Presentation
Appendices 48
Tenor Amount up to Coupon Rate Maturity Date
2-year THB 3.55bn 2.58% 7 Sep 20
5-year THB 1.29bn 3.25% 7 Sep 23
10-year THB 4.66bn 4.03% 7 Sep 28
Total THB 9.5bn 3.11% (average)
Rationale Repay existing debts and/or investment and/or
financing the working capital of the Company
Issuance Date 7 September 2018
THB 9.5BN BTSG DEBENTURE
Tenor Amount up to Coupon Rate Maturity Date
2-year THB 1.0bn 2.51% 24 May 21
3-year THB 1.3bn 2.63% 24 May 22
5-year THB 3.0bn 3.15% 24 May 24
7-year THB 2.7bn 3.57% 24 May 26
10-year THB 5.0bn 3.86% 24 May 29
Total THB 13.0bn 3.41% (average)
Rationale For debt repayment of Eligible Green Projects (Pink &
Yellow Line)
Issuance Date 24 May 2019
THB 13BN BTSG GREEN BOND
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 7: 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
Oct 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 8: 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 9: 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
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)
EXPECTED TIMELINE
2023
Targeted Commercial
Operation Date for
Eastern Orange
MAY 2017
Civil work construction of
Eastern Orange began
10-24 Jul 2020
Request for proposal
(RFP) selling period
28 JAN 2020
Cabinet approved the
project
2026
Targeted Commercial
Operation Date for
Western Orange
6 Nov 2020
Expected bid submission
Early 2021
Expected best bid winner
announcement
Prepared by BTS Group IR 52
THB
59.2bn
FY 2019 REVENUE CONTRIBUTION
31 MAR 2020 BOOK VALUE BREAKDOWN
Office
THB 5.0bn
8%
Hospitality
THB 16.4bn
28%
Land bank
THB 5.2bn
9%
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 2 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.
59% 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 24.8bn
42%
Office
THB 324mn
3%
Others*
THB 2,557mn
25%
Hospitality
THB 7,264mn
72%
* Includes property management revenue
Alternative*
THB 7.8bn
13%
*Includes the Unicorn and Verso International School
Appendix 10: U City’s Overview The designated vehicle for property development
BTS Group Investor Presentation
Appendices
THB
10,145mn
Prepared by BTS Group IR 53
Appendix 11: 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 1,947mn
No. of units: 640
• The MONUMENT Thong Lo Project value: THB 6,232mn
No. of units: 127
• The LINE Sathorn Project value: THB 3,816mn
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 5,714mn
No. of units: 981
• The LINE Sukhumvit 101 Project value: THB 4,552mn
No. of units: 778
• KHUN BY YOO Project value: THB 4,039mn
No. of units: 148
• The LINE Wongsawang Project value: THB 4,871mn
No. of units: 1,287
• The BASE Saphanmai Project value: THB 2,916mn
No. of units: 820
• The LINE Phahonyothin Park Project value: THB 4,751mn
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 12: BTS-W5 Term Sheet
54 BTS Group Investor Presentation
Appendices
BTS-W5 TERMS AND CONDITIONS
Ticker BTS-W5
Term 1 year from the issuance date
Issuance date 17 February 2020
Expiry date 16 February 2021
Warrants price nil
No. of warrants 1,315,385,979 units
Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5
Exercise ratio 1 BTS-W5 to 1 new common share of BTS
Exercise price THB 14 per share
Expected maximum proceeds THB 18.4bn
Exercise period Quarterly
Prepared by BTS Group IR
8,422 9,725 2,384 (922) (44) (116)
1Q 2019/20 Mass Transit Media Property Services 1Q 2020/21
36% (27)% (68)% (55)%
(THB mn)
92%
Mass Transit
OPERATING REVENUE COMPARISON (YoY)
INCOME STATEMENT (THB mn) 1Q 2020/21 1Q 2019/20 %YoY 4Q 2019/20 %QoQ
Operating revenue1 9,725 8,422 16% 7,793 25%
Total revenue 10,770 8,761 23% 9,915 9%
Gross operating profit 1,384 1,495 (7)% 1,517 (9)%
Recurring EBITDA2 1,520 2,181 (30)% 1,289 18%
Recurring net profit – after MI 461 1,006 (54)% 261 76%
Net income (loss)3 443 894 (50)% 3,531 (87)%
Gross operating profit margin (%) 14.2% 17.8% 19.5%
Recurring EBITDA margin (%) 15.6% 25.9% 16.5%
Recurring net profit margin – after MI(%) 4.5% 10.5% 3.3%
P&L SNAPSHOT
1Q 2020/21 OPERATING REVENUE BREAKDOWN
1 Operating revenue from the operational performance of 4 BUs excludes interest income, dividend income and non-recurring items. 2 Recurring EBITDA calculated from the operational performance of 4 BUs, interest income, dividend income, other income, net share of profit /(loss) from associates/ JV, yet, excludes other
non-recurring items 3 to equity holders of the parent
55
1Q 2020/21 Overview
4%
Media
1%
Property
3%
Services
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR
Development of new
lines
85%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Total Mass Transit revenue of THB 8.9bn, an increase of 36% YoY mainly from
• Higher services revenue from provision of E&M works & train procurement for Northern
Green Line ext. of THB 1.4bn YoY to THB 2.7bn
• Higher construction revenue for Pink & Yellow Lines of THB 0.5bn YoY to THB 4.9bn
• Higher O&M revenue of THB 323mn YoY to THB 1,153mn, chiefly as a result of the
opening of the first 9 stations of Northern Green Line ext.
Cost rose by THB 1.8bn to THB 7.7bn largely from higher recognition of services cost for the
provision of E&M works & train procurement for Northern Green Line ext., and construction
costs for the Pink and Yellow Lines
Mass Transit related interest income increased by THB 159mn YoY to THB 598mn
Share of loss from BTSGIF of THB 24mn due to the impact from COVID-19 pandemic
Recurring EBITDA margin rose YoY to 20.3% (19.2% in 1Q 2019/20)
OPERATING PERFORMANCE
MASS TRANSIT
(THB mn)
1Q
2020/21
1Q
2019/20 %YoY
4Q
2019/20 %QoQ
Operating Revenue 8,929 6,544 36% 6,446 39%
Costs of revenue 7,672 5,902 30% 5,380 43%
Gross profit 1,257 642 96% 1,066 18%
Mass Transit interest income 598 439 36% 480 25%
Share of profit from BTSGIF (24) 225 N.A. 152 N.A.
Recurring EBITDA 1,815 1,255 45% 1,634 11%
Gross margin (%) 14.1% 9.8% 16.5%
Recurring EBITDA
margin (%) 20.3% 19.2% 25.4%
OPERATING REVENUE BREAKDOWN
1Q 2020/21
56
Mass Transit
O&M
13%
*Comprises of (i) Services revenue from provision of E&M works and train procurement for Gold Line and (ii)
Farebox revenue from BRT
Others*
2%
5,704 7,531 6,666
5,279 7,596
830
866 942
1,115
1,153 10
115 198
52
180
1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21
Development of new lines
O&M revenue
Others*
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR
928 1,010 1,204
568 265
435 597
632
361
176
1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21
Digital Services Business
OOH Media
3%
Office Buildings
and Others
4%
Outdoor
Media
40%
Digital*
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Media revenue of THB 441mn, a decrease of 68% YoY mainly due to an
impact from COVID-19 pandemic and the deconsolidation of MACO
• Digital Services revenue* declined by 60% YoY to THB 176mn
• OOH Media revenue** decreased by 71% YoY to THB 265mn
Costs decreased by 43% YoY to THB 296mn
53%
BTS –
Related Media
MEDIA
(THB mn)
1Q
2020/21
1Q1
2019/20 %YoY
4Q1
2019/20 %QoQ
Operating revenue 441 1,363 (68)% 929 (53)%
Costs of revenue 296 521 (43)% 506 (41)%
Gross profit 145 842 (83)% 423 (66)%
Recurring EBITDA 1 712 (100)% 290 (100)%
Gross margin (%) 32.9% 61.8% 45.5%
Recurring EBITDA margin
(%) 0.2% 52.3% 31.2%
1Q 2020/21
OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN
57
Media
* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) VGI Digital Lab and (iii)
Trans.Ad Group under MACO
** OOH Media includes Transit, Outdoor and Office Building and Other Media
*
1 Note that 1Q & 4Q 2019/20 operating performances from Media business included contribution of MACO and its
subsidiaries for the period from April to June 2019 and January to March 2020, respectively
OOH Media (60%)
**
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR
Commercial
& Others
100%
HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS
Operating revenue was THB 35mn, a decrease of 55% YoY, largely due to
lower commercial property revenue as a result of the effect from the
COVID-19 pandemic
Share of loss from investment in U City, our associate, of THB 399mn (THB
193mn profit in 1Q 2019/20) primarily from lower revenue from hotel
operations owing to the impact of COVID-19 pandemic
Operating costs rose slightly by 2% YoY to THB 75mn.
OPERATING PERFORMANCE
PROPERTY
(THB mn)
1Q
2020/21
1Q
2019/20 %YoY
4Q
2019/20 %QoQ
Operating Revenue 35 79 (55)% 88 (60)%
Costs of revenue 75 74 2% 82 (8)%
Gross profit (40) 5 N.A. 6 N.A.
Recurring EBITDA (450) 179 N.A. (321) N.A.
Gross margin (%) N.A. 6.5% 7.1%
Recurring EBITDA
margin (%) N.A. 226.3% N.A.
OPERATING REVENUE BREAKDOWN
1Q 2020/21
NOTE: Property operating performances exclude share of profit/(loss) from investment
in U City
58
Property
90%
Commercial
& Others
79
100
113
88
35
1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR 59
Impact from COVID-19 pandemic Overall business have been affected especially in Media and Property sectors
Media Property Mass Transit
Core Network Ridership
69% YoY in 1Q 20/21
44% YoY in Jul 20 to 12mn trips,
(yet, gradually recovered MoM)
Measures Taken:
• Social distancing encouragement
• Wearing masks are required at all time during
BTS travelling
• Increasing in cleaning frequency from once daily
to once every loop at the terminal
Measures Taken:
Hospitality
Measures Taken:
Advertising
Significant impacts in 1Q 20/21 due to
delay in advertising spending to 3Q and
4Q 20/21 80% reopened (June 2020)
20% expected reopen in 2H 2020
53 hotels out of 57 were closed since the
2H of March 20
• Some promotions given to retain customers
• Maintenance cost cut down to a per-time basis
• Negotiation with office building landlords to
reduce rental fees
• Reduction in rental fees for the office and retail
spaces for a certain period in order to help its
tenants
• Cost control policies & cost saving measures
• Negotiations with creditors and landlord to
postpone principal/ interests and rental fee
▲ No impact from COVID-19
58%* of recurring EBITDA is from
development of new lines and
O&M, unaffected by COVID-19
Office Buildings
Some tenants were struggled to
pay the rental fee
Payment
Financial Impact
▲ 39% YoY O&M revenue
Recognised share of loss from
BTSGIF of THB 24mn in 1Q 20/21
Decrease in physical transactions
at BTS stations and retail
Financial Impact
51% YoY in 1Q 20/21 Media revenue
64% YoY in OOH revenue
▲ +12% YoY in Digital services revenue
Financial Impact
Recognised share of loss from
U City of THB 399mn in 1Q 20/21
▲ 33% YoY Revenue from development
of new lines to THB 7.6bn
O&M Business
▲ Recognised share of profit from
Kerry in 1Q 20/21
Logistics
▲ Huge surge in online shopping
* Based on FY 2019/20 financial performance
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR
Mass Transit & Transportation Update
60
Northern Green Line
extension
Pink & Yellow Lines
Gold Line
Phase 1
U-Tapao
International Airport
Intercity Motorways
(M6 & M81) Orange Line
Early 2022
Expected Notice to
Proceed to be issued
Under feasibility study
Nov 2020
Expected bid submission
Aug 2020
Expected contract
signing
Jun 2020
The 1st batch of trains
was delivered
Oct 2020
Expected Commercial
operation
Dec 2020
Targeted full operation
of Northern Green ext.
Oct 2021
Expected partial
operation of Pink &
Yellow Lines
BTS Group Investor Presentation
Appendices
Prepared by BTS Group IR
Media Update VGI’s key developments in 1Q 2020/21
ADVERTISING PAYMENT AWARD AND ACHIEVEMENT
Created new Station Entrance
Experience welcoming commuters
on BTS stations
Continued to experience
strong user growth
• 13.3mn Rabbit cards
• 7.7mn Rabbit LinePay
users
• Expanding network to
cover in every
transportation mode e.g.
bus, boat and widen its
reach to cafeteria in
shopping malls and
industrial estates.
• ASEAN’s
Transformation
Champions
• SET50 Index
BTS Group Investor Presentation
Appendices 61
Prepared by BTS Group IR
U City’s Project Update
VERSO INTERNATIONAL SCHOOL THE CUSTOMS HOUSE (ROI CHAK SAM) THE UNICORN PHAYATHAI
Concept Providing unique learning experience by
paring modern technology and contemporary
teaching techniques
A luxurious 5-star hotel project in a rare, historic,
colonial-era heritage building located along
magnificent Chao Praya Riverside
51 levels of mixed-use building comprising of
retail, office, hotel and residence
Project Value Approximately THB 4.8bn Approximately THB 4.6bn Approximately THB 9.3bn
Location Thana City On the Chao Praya Riverside, Soi Charoenkrung
36, Bangrak, Bangkok
Adjacent to 2 mass transit stations: BTS
Phayathai Station and Airport Rail Link
Land Area 79.4 Rai or 12.7 Ha (127,065 sqm) 5.15 Rai or 0.82 Ha (8,240 sqm) 7.3 Rai or 1.2 Ha (11,749.6 sqm)
Construction
Timeline
Project Period Approximately 42 months (Phase 1 & 2) 6 years Approximately 60 months
Status
(as of 30 June 20)
Phase 1: 100%
Phase 2: 96%
School opened in 17 Aug 2020
Restoration plan approved by the Fine Arts
Department
18%
4Q 2019 2025
Start Completion
3Q 2017 2Q 2022
Start Completion
2017 3Q 2020
Start Completion
BTS Group Investor Presentation
Appendices 62
Prepared by BTS Group IR
U City’s Project Update
NUE Noble Ratchada – Lat Phrao: Noble JV
Concept A condominium with wide frontage units and full
furniture package next to BTS Yellow line and MRT
Blue line
Project Value Approximately THB 2.0bn
Location
50m from BTS Yellow line (Lat phrao station)
150m from MRT Blue line (Lat phrao station)
Land Area 2-0-96.5 Rai
Construction
Timeline
Presale Value
THB 470mn by 2 weeks
1Q 2021 3Q 2023
Start Completion
BTS Group Investor Presentation
Appendices 63