2Q 2019/20 BTS GROUP EARNINGS PRESENTATIONbts.listedcompany.com/misc/presentation/20191119-bts-am-2q201920.pdfNov 19, 2019 · presentation is based on matters as they exist as of

2Q 2019/20 BTS GROUP EARNINGS PRESENTATION

19 November 2019

prepared by Investor Relations department

BTS Group Holdings PCL

Disclaimer

BTS Group Earnings Presentation 2

Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings

Public Company Limited (the “Company”) before making a decision to invest in Securities. This presentation is for information purposes only

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shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchange or a

solicitation to sell or exchange any securities of BTS Group Holdings PCL (the "Company") or any of its subsidiaries in the United States of

America or in any other jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its

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This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the

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future date, and the information and opinions contained herein are subject to change without notice. None of the Company nor any of its

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statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”,

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which may cause the actual results, performance or achievements to be materially different from any future results, performance or

achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise

or representation of the Company as to the future.


BTS Group Holdings PCL3

BTS Group UpdateOur Achievement in Sustainable Development

“GROWING SUSTAINABILITY GROWING TOGETHER”

2nd time member in Dow Jones

Sustainability Indices (DJSI)

in the Emerging Markets 2019

(2nd Rank in the Transportation Sector)

1st time included inthe Thailand Sustainability Investment (THSI) list 2019

BTS Group Earnings Presentation

Platinum Award of the Asset ESG

Corporate Award 2019 which is the

Asia longest-running ESG awards

Best Investor Relations Team Award

in 2019



Agenda


2Q 2019/20 FINANCIAL PERFORMANCESECTION 1

BUSINESS UPDATESSECTION 2

APPENDICESSECTION 3



2Q 2019/20 Highlights

5BTS Group Earnings Presentation

Section 1: 2Q 2019/20 Financial Performance

Solid growth in profitability

Operating Revenue of THB 11.4bn

+36% YoY

Record Net Recurring Profit of 1.1bn

Balance sheet remains strong

Cash & Liquid Investments

THB 18.3bn

Adjusted Net D/E

0.90x

Low leverage

Financing cash earmarked for investments in Mass Transit projects

(28)% YoY

+30% YoY

Operating EBITDA of THB 1.8bn

Cash received

from the issuance of Green Bond

THB 13bn

Net investments in

Pink & Yellow Lines &

Green Extension

THB 11.1bn

Cash received

from the exercised BTS-W4*

THB 7.5bn

P&L HIGHLIGHTS FINANCIAL POSITION 6M CASH FLOW

*Additional THB 2.0bn from the exercised BTS-W4 on 30 Sep 2019 was recognised under receivables from exercise of warrants



OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 2Q 2019/20 2Q 2018/19 % YoY 1Q 2019/20 % QoQ 1H 2019/20 1H 2018/19 %YoY

Operating Revenue1 11,359 15,818 (28)% 9,086 25% 20,445 18,908 8%

Gross operating profit 2,390 1,836 30% 2,178 10% 4,568 3,347 36%

Operating EBITDA2 1,814 1,401 30% 1,663 9% 3,476 2,558 36%

Recurring net profit – after MI 1,131 830 36% 1,006 13% 2,137 1,302 64%

Accounting EBITDA 2,599 1,681 55% 2,073 25% 4,672 2,795 67%

Net income (loss)3 1,278 670 91% 894 43% 2,171 1,057 105%

Gross operating profit margin (%) 21.0% 11.6% 24.0% 22.3% 17.7%

Accounting EBITDA margin (%) 21.4% 10.3% 21.5% 21.4% 14.3%

Recurring net profit margin – after MI(%) 9.4% 5.1% 10.5% 9.9% 6.7%

Operating EBITDA margin (%) 16.0% 8.9% 18.3% 17.0% 13.5%

P&L SNAPSHOT

2Q 2019/20 OPERATING REVENUE BREAKDOWN

1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding non-mass transit interest income 3 to equity holders of the parent

6

2Q 2019/20 Overview

80%

Mass Transit14%

Media

1%

Property

5%

Services



15,818

11,359

(5,123)

390 261 13

Q2 FY18/19 Mass Transit Media Property Services Q2 FY19/20

(36)% 101%32% 15%

(THB mn)

2Q FY18/19 2Q FY19/20



1 CFO included

• Corporate income tax of THB 750mn

• Net interest expenses of THB 897mn

• Net investment for construction of the Pink and Yellow Lines of THB 2.0bn

• Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 3.3bn2 CFI included net investment for construction of the Pink and Yellow Lines of THB 5.8bn3 Excluding liquid investments of THB 14.1bn

CFI• Net investment for construction of the Pink and

Yellow lines of THB 5.8bn

• Cash paid for purchase of investment properties

of THB 3.9bn

• Cash received in advance from sale of

investment in Bayswater of THB 2.3bn

• Net cash received from sales or current and

other long-term investments of THB 1.0bn

• Net cash received from sales of investments in

derivative instruments of THB 0.8bn

6M 2019/20 Cash Flow Snapshot

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

from BTSG issued ‘Green Bond’ debentures

• Net increase in long-term loans from financial

institutions of THB 8.0bn mainly for the Pink and

Yellow lines

• Cash received from the exercised BTS-W4 of THB

7.5bn

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

W2 of THB 3.7bn

• Net cash paid for short-term loans from financial

institutions and bills of exchange payables of THB

16.4bn

• Dividend payment of THB 3.1bn in August 2019



CFO• Profit before tax of THB 3.0bn, deducted

by

• Non-cash reconciling items of THB 0.8bn

• Changes in net working capital of THB

7.6bn (this includes net investment in

mass transit projects of THB 5.3bn)

7

4,021 (7,046)1

(4,773)2

12,193 (179) 4,2163

Beginning cash

(31/3/19)

CFO CFI CFF Others Ending cash

(30/9/19)

(THB mn)



Share of

net profit in

BTSGIF

3%

O&MConstruction

revenue for Pink

and Yellow Lines

48%

Mass Transit

related

interest income

4%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

Total Mass Transit revenue of THB 9,132mn, a decrease of 36% YoY from a lower

recognition of construction revenue for the Pink and Yellow lines to THB 4,374mn (THB

11.8bn in 2Q 2018/19), partially offset by an increase in

• Services revenue for the provision of E&M works and the train procurement service

of THB 1,633mn YoY to THB 3,157mn

• O&M revenue of THB 414mn YoY to THB 866mn, chiefly as a result of the full

opening of Southern Green Line ext.

• Mass Transit related interest income of THB 113mn YoY to THB 355mn

• Share of net profit from investment in BTSGIF of THB 21mn YoY to THB 265mn

Cost dropped by THB 5,581mn to THB 7,596mn largely from the reduced recognition

of construction cost for the Pink and Yellow Lines

Operating EBITDA margin rose YoY to 17.0% (7.6% in 2Q 2018/19)

OPERATING PERFORMANCE

MASS TRANSIT

(THB mn)

2Q

2019/20

2Q

2018/19%YoY

1Q

2019/20%QoQ

1H

2019/20

1H

2018//19%YoY

Revenue 9,132 14,255 (36)% 7,208 27% 16,340 16,068 2%

Costs of revenue 7,596 13,178 (42)% 5,902 29% 13,498 14,297 (6)%

Gross profit 1,535 1,078 43% 1,306 18% 2,841 1,771 60%

Operating EBITDA 1,552 1,085 43% 1,322 17% 2,874 1,787 61%

Gross margin (%) 16.8% 7.6% 18.1% 17.4% 11.0%

Operating EBITDA

margin (%) 17.0% 7.6% 18.3% 17.6% 11.1%

OPERATING REVENUE BREAKDOWN

2Q 2019/20

8

Mass Transit

Services revenue from provision

of E&M works & train

procurement for Green Line ext.

35%

9%



2Q

18/19

3Q

18/19

4Q

18/19

1Q

19/20

2Q

19/20

Construction revenue for Pink

and Yellow Lines

11,777 13,616 5,325 4,335 4,374

Services revenue from provision of

E&M works & train procurement

for Green Line ext.

1,524 2,183 1,451 1,370 3,157

Mass Transit related interest

income

242 289 354 439 355

O&M 452 565 807 830 866

Share of net profit in BTSGIF 244 239 187 225 265

Others* 16 228 15 9 115 *Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT

Others

1%

IR Quarterly Presentation 4Q 1213_Draft1.xlsx




Media revenue of THB 1,607mn, an increase of 32% YoY mainly driven by higher

revenue in the Digital Services segment

• Digital Services revenue* increased significantly by 102% YoY to THB

597mn mainly due to the revenue recognition of VGI Digital Lab, higher

revenue from Rabbit Group as well as the full-quarter consolidation of

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

• OOH Media revenue** increased by 10% YoY to THB 1,010mn, chiefly due

to the positive impact from the first-time consolidation of an ‘International

Advertising’ in Outdoor media segment

Costs increased by 73% YoY to THB 792mn primarily due to the consolidation of

PBSB and full-quarter consolidation of Trans.Ad Group by MACO

Operating EBITDA margin declined YoY to 33.0% (44.2% in 2Q 2018/19)

32%

BTS – Related

Media26%

Outdoor Media

MEDIA

(THB mn)

2Q

2019/20

2Q

2018/19%YoY

1Q

2019/20%QoQ

1H

2019/20

1H

2018/19%YoY

Operating revenue 1,607 1,217 32% 1,363 18% 2,970 2,335 27%

Costs of revenue 792 457 73% 521 52% 1,313 765 72%

Gross profit 815 760 7% 842 (3)% 1,657 1,570 6%

Operating EBITDA 530 537 (1)% 630 (16)% 1,160 1,154 1%

Gross margin (%) 50.7% 62.5% 61.8% 55.8% 67.2%

Operating EBITDA

margin (%)33.0% 44.2% 46.2% 39.1% 49.4%

2Q 2019/20

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

9

Media

5%

Office

Buildings

and Others

37%

Digital

* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) Trans.Ad Group

under MACO and (iii) VGI Digital Lab

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



921 965 1,047 928 1,010

296495 335 435

597

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

Digital Services Business

OOH Media




Residential

13%


Operating revenue was THB 100mn, an increase of 15% YoY, note that

commercial property revenue now mainly comprises of revenue from

Thana City Golf & Sports Club.

Narrowed share of net loss from investment in U City, our associate, of

THB 7mn (THB 99mn loss in 2Q 2018/19) chiefly from no recognition of

impairment loss (which was recognised in U City’s 3Q 2018 Financial

Statement)

Operating costs rose in tandem with the increase in operating revenue,

increasing by 11% YoY to THB 81mn.

OPERATING PERFORMANCE

PROPERTY

(THB mn)

2Q

2019/20

2Q

2018/19%YoY

1Q

2019/20%QoQ

1H

2019/20

1H

2018/19%YoY

Operating Revenue 100 87 15% 79 27% 179 168 7%

Costs of revenue 81 73 11% 55 47% 136 141 (3)%

Gross profit 19 14 35% 24 (20)% 43 27 61%

Operating EBITDA (5) 6 n.a. (15) (65)% (20) 24 n.a.

Gross margin (%) 19.1% 16.3% 30.2% 24.0% 16.0%

Operating EBITDA

margin (%)(5.2)% 6.4% (18.9)% (11.2)% 14.4%

OPERATING REVENUE BREAKDOWN

2Q 2019/20

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

in U City

10

Property

87%

Commercial

& Others



87 85

107

79

100

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




52,195 65,584

50,406

67,829

41,612

30,083

31 Mar 19 30 Sep 19

Total shareholders' equity Total non-current liabilities

Total current liabilities

163,496

144,213

123,282 143,964

20,931

19,532

31 Mar 19 30 Sep 19

Total non-current assets Total current assets

163,496

144,213

Cash

31 Mar 19: THB 4.0bn

30 Sep 19: THB 4.2bn

Cash & liquid investment

31 Mar 19: THB 18.7bn

30 Sep 19: THB 18.3bn

Current Investments

31 Mar 19: THB 7.7bn

30 Sep 19: THB 3.8bn

Long-Term Investments

31 Mar 19: THB 14.6bn

30 Sep 19: THB 19.8bn

85%

15%

12%

88%

18%

40%

42%

36%

29%

35%

2Q 2019/20: 1.18x2Q 2018/19: 1.15x

Gross Debt

to Equity

2Q 2019/20: 0.90x2Q 2018/19: 0.56x

Adjusted Net

Debt2 to Equity

2Q 2019/20: 8.34x2Q 2018/19: 5.85x

Adjusted Net Debt2

to Recurring EBITDA

2Q 2019/20: 3.10x2Q 2018/19: 3.52x

Interest Coverage

2Q 2019/20: 0.65x2Q 2018/19: 0.88x

Current Ratio

ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN

KEY RATIOS

11

Financial Position as of 30 September 2019

1 Comprised of 10% floating-rate debt and 90% fixed-rate debt2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn)Gross Debt

31 Mar 19: THB 72.5bn

30 Sep 19: THB 77.1bn1

Adjusted Net Debt2

31 Mar 19: THB 53.8bn

30 Sep 19: THB 58.8bn

*****

Issued Ordinary Shares

31 Mar 19: 11,845.4mn

30 Sep 19: 12,556.6mn





Agenda




APPENDICESSECTION 3

12



Mass Transit UpdateProgress of BTS secured Lines

13

*Sources: Information was from MRTA and the Company’s report as of 30 October 2019

NORTHERN GREEN LINE

EXT.

(Mochit – Khu Khot)

17.8km/ 16 stations

PINK LINE

(Khae Rai – Min Buri)

34.5km/ 30 stations

YELLOW LINE

(Lad Prao - Samrong)

30.4km/ 23 stations

100%

PINK LINE (EXTENSION)

(Sirat – Muengthong Thani)

3.0km/ 2 stations

YELLOW LINE (EXTENSION)

(Ratchada - Ratchayothin)

2.6km/ 2 stations

GOLD LINE PHASE 1

(Krung Thon Buri – Klong

San)

1.8km/ 3 stations

46% 39%

47% 48%

46% 39%

Civil E&M

Progress (%)*

58%

Included in

Masterplan

17 Oct 18

Included in

Masterplan

17 Oct 18

NTP issued

29 Jun 18

NTP issued

29 Jun 18

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

1st station

opened:

(9 Aug 2019)

Targeted full

Operation

(2020)

Contract Signed

FY 21/22

Targeted

operation

(Oct 2021)

Targeted

operation

(Oct 2021)Contract Signed

Construction Period

Construction Period

Construction Period

Targeted

operation

(Sep 2020)

O&M contract Signed (31 Jul 18)

Construction Period


Section 2: Business Updates



Media Update: AdvertisingMACO’s BoD approved the acquisition of Hello Bangkok LED and an issuance of PP to PlanB



I. Acquire 50% in Hello Bangkok LED Company Limited (Hello LED)

% of investment: 50% from Wind Harvest International Limited

Total investment: THB 1,950mn

Source of fund: Cash from Private Placement (PP) of

THB 1,553mn and S/T loan of THB 397mn

II. Issue PP to Plan B Media Public Company Limited (PlanB)

No. of shares issued: 1,080mn shares

Price: THB 1.44 per share

Total value: THB 1,553mn

III. Appoint PlanB to be the asset manager for media in Thailand

Revenue sharing: 85% - 90% to MACO

Minimum guarantee: THB 700mn per year

Duration: 5 years (start from 1 January 2020)

Expected completion: By Dec 19 (subject to EGM approval)

18.22% 48.61%33.17%

Public

50.00%

19.96% 38.91%26.55%

Public

Hello Bangkok

Holdings Company

Limited

14.58%

50.00%

Pre shareholdings structure

Total share: 4,332.0mn shares

Post shareholdings structure

Total share: 5,412.0mn shares

RATIONALE

• Expand MACO’s media inventory – static and digital billboards – which

located in a strategic location, allowing MACO to be a larger outdoor

media asset owner.

• Secure MACO’s domestic advertising financial performance from

minimum guarantee received from PlanB.

• Allow MACO to fully focus on overseas expansion.

TRANSACTION SUMMARY PRE/ POST SHAREHOLDING STRUCTURE



Media Update : PaymentContinue to experience strong user growth



RABBIT LINEPAY

Rabbit LinePay serves more than 6.5mn users, an increase of 43.2% YoY

4.55.1

5.56.0

6.5

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

Single e-wallet with BTS and

Rabbit Card & Rabbit LinePay

+43.2% YoY

RABBIT CARD

Rabbit Card circulation reached 12.2mn cards, increased by 24.3% YoY

9.8 10.311.0 11.5 12.2

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

+24.3% YoY

• Rabbit card has expanded its touchpoints to several transportation

modes including:-

• BTS new lines

• Buses (Chiang Mai, Phuket, Salaya and Nonthaburi)

• Piers & boats along Chao Phraya River

EXPANDING TOUCHPOINTS TO SEVERAL TRANSPORTATION MODES



Media Update : LogisticsCapture the e-commerce boom by expanding Kerry’s service locations



BTS EXPRESS SERVICE EXPANDING KERRY’S NETWORK

• Launched a brand new service called “BTS Express Service” at 4 BTS

stations: Siam, Sala Daeng, Phrom Phong and Thong Lo station.

• Provided more convenient and allowed over a million of BTS

passengers to drop off and pick up their parcels from within the

station to other stations and 200 metres around those stations

within 3 hours.

0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000

2012 2013 2015 2017 2018 Aug-19

40,00075,000

500,000

1,000,000

8,000

2,000,000

250XKERRY PARCEL DELIVERED DAY

• Kerry’s service locations has now reached more than 10,000 service

locations and delivered the highest parcel at over 2 million parcels

per day


BTS Group Holdings PCL17BTS Group Earnings Presentation


Property UpdateU City made the first press conference for Verso International School

Located at

Thana City

70% Construction

Progress

Targeted

opening in

Aug 2020



Property UpdateU signed the amendment to the agreement of Roi Chak Sam project



Ground Breaking

Ceremony

Archeological

Excavation

5-Star

Luxurious Hotel

World-Class

Dining Experience

Current status



Agenda




APPENDICESSECTION 3



Mass Transit Update2Q 2019/20 Core Network Ridership

20

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 63.9mn trips

• Quarterly average weekday ridership of 781,874 trips,

+4.6% YoY

• Farebox revenue grew 4.4% YoY to THB 1.8bn

• Quarterly average fare remained flat YoY at THB 28.8

per trip

61.2 61.6 61.1

59.6

63.9

-1.5%

1.3% 1.5%4.4%

4.4%

7.1%

0.6% -0.8% -2.4%

7.2%

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

Ridership (mn trips) Ridership Growth (YoY)

28.8 29.1* 29.0 29.1**

28.8

3.7%1.5% 0.6% 0.4% 0.0%

-0.8%1.0%

-0.4% 0.1%-0.9%

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

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

Average Fare Growth (QoQ)



Mass Transit UpdateProgress of 46 New Trains Delivery

21

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

98 trains are expected to be fully in service by 2020

10 trains arrived 22 trains all arrived 20 trains in service The remaining 14 trains

will be delivered by 2020





BTS Group UpdateBTS-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

AllocationTo existing shareholders at the ratio of 9

existing BTS shares : 1 bts-W4

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

Exercise price THB 10.3841 per share

Expected maximum

proceedsTHB 13.8bn

Exercise period Quarterly

Progress

(as of 30 Sep 19)

899.0mn units exercised, generating proceeds

of THB 9.4bn, equivalent to 68.3% of

maximum proceeds

BTS-W4 TERMS AND CONDITIONS

22

Ticker BTS-W5

Term 1 year from the issuance date

Warrants price nil

No. of warrants Up to 1,319.62mn units

AllocationTo existing shareholders at the ratio of 10

existing BTS shares : 1 BTS-W5

Exercise ratio 1 BTS-W5 to 1 new common share of BTS

Exercise price THB 14 per share

Expected maximum

proceedsTHB 18.5bn

Exercise period Quarterly

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

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

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

the Company of any relevant fiscal year.

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

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

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

exercised.

BTS-W5 TERMS AND CONDITIONS



THB 1.5 - 1.9bnMass-transit related interest income

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

development cost)

THB 23 - 27bnPink and Yellow Lines

Construction revenue

THB 4 - 6bnRevenue from E&M

provision and train

procurement for Green

Line extensions

4 - 5%Core Network ridership growth

THB 3.4bn Train O&M revenue

THB 6.0 - 6.2bnVGI Revenue

40 - 45% VGI EBITDA margin

20 - 25% VGI NPAT margin

FY 2019/20 BTS Group Targets and CAPEX

≥ 20% U City EBITDA margin

THB 350mnBTS Group

Property Revenue

THB 7.2 - 7.5bnU City Revenue

BTS GROUP TARGETS

CAPEX: THB 28-34BN

MASS TRANSIT PROPERTYMEDIA


Section 3: Appendices23



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2Q 2019/20 BTS GROUP EARNINGS PRESENTATIONbts.listedcompany.com/misc/presentation/20191119-bts-am-2q201920.pdfNov 19, 2019 · presentation is based on matters as they exist as of