2Q 2020/21 BTS GROUP EARNINGS PRESENTATION 18 NOVEMBER 2020
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2Q 2020/21 BTS GROUP EARNINGS PRESENTATION
18 NOVEMBER 2020
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 decision to invest in Securities. This presentation is for information purposes only and is intended
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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
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analysis of the information contained herein. Except where otherwise indicated, the information provided in this presentation is based on matters as
they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions
contained herein are subject to change without notice. None of the Company nor any of its subsidiaries accepts any obligation to update or otherwise
revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date
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uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other statement that are not
historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”,
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information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or
achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Nothing in this Presentation is, or should be relied on as promise or representation of the Company as to the future.
BTS Group Earnings Presentation Prepared by BTS Group IR 2
BTS Group Update
Rewards and achievements on sustainability
BTS Group is the The Company is included in the
1 DJSI global industry leader Thailand Sustainability Investment
in the Transportation and (THSI) list 2020 for
Transportation Infrastructure sector two consecutive years
(TRA) in 2020
BTS Group Earnings Presentation Prepared by BTS Group IR 3
Agenda
SECTION 1 2Q 2020/21 FINANCIAL PERFORMANCE
SECTION 2 BUSINESS UPDATES
SECTION 3 APPENDICES
BTS Group Earnings Presentation Prepared by BTS Group IR 4
2Q 2020/21 Highlights
P&L HIGHLIGHTS FINANCIAL POSITION 6M CASH FLOW
Profitability resilience amid Balance sheet Financing cash earmarked for
COVID-19 pandemic remains strong investments in Mass Transit projects
Cash received
Operating Revenue of THB 8.9bn Cash & Liquid Investments from the remaining proceeds of
8% QoQ, 17% YoY THB 16.7bn the sale of Bayswater land
THB 5.4bn
Recurring EBITDA of THB 2.0bn Net increase in long-term loans from
32% QoQ, 18% YoY
Low leverage
financial institutions
Adjusted Net D/E THB 10.6bn
1.31x
Net Profit of THB 765mn
Net investments in
73% QoQ, 40% YoY
Pink & Yellow Lines & Green Extensions
THB 11.5bn
BTS Group Earnings Presentation Prepared by BTS Group IR 5
Section 1: 2Q 2020/21 Financial Performance
2Q 2020/21 Overview
P&L Snapshot
INCOME STATEMENT (THB mn) 2Q 2020/21 2Q 2019/20 %YoY 1Q 2020/21 %QoQ 1H 2020/21 1H 2019/20 %YoY
Operating revenue1 8,910 10,739 (17)% 9,725 (8)% 18,635 19,161 (3)%
Total revenue 10,055 11,237 (11)% 10,770 (7)% 20,787 19,999 4%
Gross operating profit 1,510 1,751 (14)% 1,384 9% 2,894 3,246 (11)%
Recurring EBITDA2 2,012 2,450 (18)% 1,520 32% 3,532 4,631 (24)%
Recurring net profit – after MI 751 1,132 (34)% 461 63% 1,212 2,137 (43)%
Net income (loss)3 765 1,278 (40)% 443 73% 1,208 2,171 (44)%
Gross operating profit margin (%) 17.0% 16.3% 14.2% 15.5% 16.9%
Recurring EBITDA margin (%) 22.6% 22.8% 15.6% 19.0% 24.2%
Recurring net profit margin – after MI(%) 7.7% 9.4% 4.5% 6.1% 9.9%
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
2Q 2020/21 Operating Revenue Breakdown Operating Revenue Comparison (YoY)
THB mn
(7)% (56)% (55)% (60)%
Media
Mass Transit 10,739 (566) (55) (358) (310) 8,910
8%
89%
Property
1%
Services
2%
2Q 19/20 Mass Transit Media Property Services 2Q 20/21
BTS Group Earnings Presentation Prepared by BTS Group IR 6
Section 1: 2Q 2020/21 Financial Performance
6M 2020/21 Cash Flow Snapshot
CFO CFI CFF
• Profit before tax of THB 1,956mn, deducted by • cash received from settlement received from sale of • net increase in long-term loans from financial institutions of
• Non-cash reconciling items of THB 283mn investments in joint ventures of THB 5.4bn (mostly from THB 10.6bn mainly for the drawdown of syndicated loans
• Changes in net working capital of THB 8.5bn (this receiving the remaining proceeds of the sale of Bayswater related to the Pink & Yellow lines.
includes net investment in mass transit projects of land) • net increase in short-term loans from financial institutions and
THB 5.9bn) • net cash received from sales of investments in financial bills of exchange payables of THB 2.4bn
assets of THB 4.9bn • dividend payment of THB 3.9bn in May and August 2020
• net investment for construction of the Pink and Yellow Lines • Cash paid for repayment of long-term debentures of THB 3.6bn
of THB 5.7bn resulted from the partial repayment of the first tranch in
• cash paid for purchases of investments in joint ventures of September 2020 amounted to THB 3.55bn of the THB 9.5bn
THB 1.9bn largely from an investment in U-Tapao debenture issued by BTS Group in September 2018.
International Aviation Co., Ltd, BGSR 6 Co., Ltd and BGSR
(THB mn) 81 Co., Ltd
3,226 (8,881)1 3,0172 6,9863 17 4,365
Beginning cash CFO CFI CFF Others Ending cash
(31/3/20) (30/9/20)
1 CFO after
• Corporate income tax of THB 1,126mn
• Net interest expenses of THB 1,474mn
• Net investment for construction of the Pink and Yellow Lines of THB 4.4bn
• Net investment for E&M works and trains procurement for Green Line extension of THB 1.4bn
2 CFI included net investment for construction of the Pink and Yellow Lines of THB 5.7bn
3 Excluding liquid investments of THB 12.3bn
BTS Group Earnings Presentation Prepared by BTS Group IR 7
Section 1: 2Q 2020/21 Financial Performance
Mass Transit
Operating Performance
(THB mn) 2Q 2020/21 2Q 2019/20 %YoY 1Q 2020/21 %QoQ 1H 2020/21 1H 2019/20 %YoY
Operating Revenue 7,946 8,512 (7)% 8,929 (11)% 16,875 15,056 12%
Costs of revenue 6,739 7,596 (11)% 7,672 (12)% 14,410 13,498 7%
Gross profit 1,207 915 32% 1,257 (4)% 2,464 1,557 58%
Mass Transit interest income 660 355 86% 598 10% 1,259 794 59%
Share of profit from BTSGIF 108 265 (59)% (24) N.A. 84 490 (83)%
Recurring EBITDA 1,950 1,646 19% 1,815 8% 3,765 2,901 30%
Gross margin (%) 15.2% 10.8% 14.1% 14.6% 10.3%
Recurring EBITDA margin (%) 24.5% 19.3% 20.3% 22.3% 19.3%
Historical Operating Revenue (THB mn)
Development of new lines
• Total Mass Transit revenue of THB 7.9bn, a decrease of 7% YoY from
O&M revenue
Others services revenue from provision of E&M works & train procurement for
0.2 Northern Green Line ext. of THB 2.3bn YoY to THB 0.8bn, offset with
0.1 3%
0.2 0.2
0.9 1.2 construction revenue for Pink & Yellow Lines of THB 1.2bn YoY to THB 5.6bn
0.9 0.1 1.3 16%
1.1 O&M revenue of THB 434mn YoY to THB 1.3bn, chiefly as a result of the
7.5 6.7
7.6
6.4 81% partial opening of the Northern Green Line ext.
5.3
• Share of profit from BTSGIF of THB 108mn
2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21 2Q 20/21
*Comprise of (i) Services revenue from provision of E&M works and train procurement for Gold Line and (ii) Farebox revenue from BRT
BTS Group Earnings Presentation Prepared by BTS Group IR 8
Section 1: 2Q 2020/21 Financial Performance
Media
Operating Performance
(THB mn) 2Q 2020/21 2Q 2019/201 %YoY 1Q 2020/21 %QoQ 1H 2020/21 1H 2019/201 %YoY
Operating Revenue 710 1,607 (56)% 441 61% 1,151 2,970 (61)%
Costs of revenue 382 792 52% 296 (29)% 679 1,313 (48)%
Gross profit 328 816 (60)% 145 126% 472 1,657 (72)%
Recurring EBITDA 145 649 (78)% 1 18,282% 146 1,361 (89)%
Gross margin (%) 46.1% 50.7% 32.9% 41.0% 55.8%
Recurring EBITDA margin (%) 20.4% 40.4% 0.2% 12.7% 45.8%
1 Note that 2Q & 1H 2019/20 operating performances from Media business included contribution of MACO and its subsidiaries for the period from July to September 2019 and April to September 2020, respectively
Historical Operating Revenue (THB mn)
Digital Services Business • Media revenue of THB 710mn, decreasing 56% YoY mainly due to an impact
OOH Media from COVID-19 pandemic and the deconsolidation of MACO
Digital Services revenue* rose 31% QoQ but dropping by 61% YoY to
632 THB 231mn
597
OOH Media revenue** increased 81% QoQ but declining by 53% YoY
361
1,204 231 33%
1,010
568 176
479 67%
265
2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21 2Q 20/21
* 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
BTS Group Earnings Presentation Prepared by BTS Group IR 9
Section 1: 2Q 2020/21 Financial Performance
Property
Operating Performance
(THB mn) 2Q 2020/21 2Q 2019/201 %YoY 1Q 2020/21 %QoQ 1H 2020/21 1H 2019/20 %YoY
Operating Revenue 45 200 (55)% 35 27% 80 179 (55)%
Costs of revenue 70 100 (30)% 75 (7)% 145 174 (17)%
Gross profit (25) 0 N.A. (40) (37)% (65) 6 N.A.
Recurring EBITDA (300) (10) (2,932)% (450) 33% (749) 169 N.A.
Gross margin (%) N.A. 0.4% N.A. N.A. 3.1%
Recurring EBITDA margin (%) N.A. N.A. N.A. N.A. 94.3%
Historical Operating Revenue (THB mn)
• Operating revenue was THB 45mn, declining 55% YoY, largely due to lower
commercial property revenue as a result of the effect from the COVID-19
113
100 pandemic
88
• Share of loss from investment in U City, our associate, of THB 268mn (THB
7mn loss in 2Q 2019/20) primarily from lower revenue from hotel operations
45 owing to the impact of COVID-19 pandemic
35
2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21 2Q 20/21
NOTE: Property operating performances exclude share of profit/(loss) from investment in U City
BTS Group Earnings Presentation Prepared by BTS Group IR 10
Section 1: 2Q 2020/21 Financial PerformanceFinancial Position as of 30 September 2020
Assets Breakdown Liabilities and Equity Breakdown
(THB mn) Cash (THB mn) Gross Debt
31 Mar 20: THB 3.2bn THB 88.6bn2
31 Mar 20:
30 Sep 20: THB 4.4bn THB 99.0bn2
30 Sep 20:
185,906 185,906
173,100 Cash & liquid investment 173,100
12,118 7%
18% Adjusted Net Debt2
22,398 13% 31 Mar 20: THB 17.7bn 19% 32,993
32,915 31 Mar 20: THB 70.9bn
30 Sep 20: THB 12.3bn
30 Sep 20: THB 82.3bn
42% 48%
72,940 90,000
173,788 93% Current Financial Assets1
150,702 87%
1 Apr 20: THB 2.8bn ********
30 Sep 20: THB 2.6bn 39% 34% Issued Ordinary Shares
67,245 62,912
31 Mar 20: 13,154.3mn
Non-current Financial Assets1 30 Sep 20: 13,161.0mn
31 Mar 20 30 Sep 20
1 Apr 20: THB 18.0bn 31 Mar 20 30 Sep 20
30 Sep 20: THB 18.0bn
Total shareholders' equity Total non-current liabilities
Total non-current assets Total current assets
Total current liabilities
1 TheGroup adopted TFRS 9 which the cumulative effect is recognised as an adjustment to the retained earnings as at 1 April 2020
2 Comprised of 20% floating-rate debt and 80% fixed-rate debt
3Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
Key Ratios
Gross Debt Adjusted Net Debt3 Adjusted Net Debt3
Interest Coverage Current Ratio
to Equity to Equity to Recurring EBITDA
2Q 2020/21: 1.57x 2Q 2020/21: 1.31x 2Q 2020/21: 9.64x 2Q 2020/21: 3.31x 2Q 2020/21: 0.37x
2Q 2019/20: 1.18x 2Q 2019/20: 0.90x 2Q 2019/20: 6.65x 2Q 2019/20: 4.19x 2Q 2019/20: 0.65x
BTS Group Earnings Presentation Prepared by BTS Group IR 11
Section 1: 2Q 2020/21 Financial PerformanceAgenda
SECTION 1 2Q 2020/21 FINANCIAL PERFORMANCE
SECTION 2 BUSINESS UPDATES
SECTION 3 APPENDICES
BTS Group Earnings Presentation Prepared by BTS Group IR 12BTS Group Update
The 2nd Green Bond issuance of THB 8,600mn with average coupon of 2.72%
Objective
The proceeds will be used for investment and debt repayment
of the Eligible Green Projects which are
• Pink line
• Yellow line
Maturity Date
Original Principal Size Interest Rate
Green Bond (Issue Rating by
(THB mn) (Issue Date: 6 Nov 20)
TRIS: A)
Debenture 2 Yrs 2.10% 06 Nov 22
500.00
Debenture 3 Yrs 2.44% 06 Nov 23
4,000.00
Debenture 5 Yrs 2.86% 06 Nov 25
1,500.00
Debenture 7 Yrs 3.11% 06 Nov 27
2,000.00
Debenture 10 Yrs 3.41% 06 Nov 30
600.00
Total 8,600.00
By ICMA
BTS Group Earnings Presentation Prepared by BTS Group IR 13
Section 2: Business UpdatesBTS Group Update
Acquisition of Mo Chit Land and development of Mo Chit Complex
Rationale & Background Mo Chit Complex specifications
STECON (the owner of the
project), would like to divest this Land area 11-0-40.7 Rai
project for its internal working
Building type Mixed-Use Building
capital management purpose
(Office and Retail)
amidst the COVID-19 crisis
GFA 168,699 m2
BTSG is also seeking for the
new head office building to NFA 82,193 m2
support the ongoing expansion - Office 75,994 m2
of the Group - Retail/ Facility 4,784 m2
- Rooftop 1,415 m2
Investment Details No. of floor 36
Acquisition of No. of basement 3
Mo Chit Land THB 4.45bn
shares Carpark 1,530 lots
Development Building height +150m
THB 9.94bn
cost of Mo
Over 4 years (FY 20/21 – FY 23/24) Targeted opening April 2024
Chit Complex*
*Expected 80% project financing Green design Leadership in Energy
and Environmental Design
or LEED : Gold Level
Projected Cash Inflow
• Sale of land (expected THB 4.5bn)
• Treasury divestment (expected THB 7-8bn)
BTS Group Earnings Presentation Prepared by BTS Group IR 14
Section 2: Business UpdatesMass Transit & Transportation Update
Northern Green Line
extension U-Tapao Intercity Motorways
Gold Line Phase 1 Pink & Yellow Lines International Airport (M6 & M81) Orange Line
Dec 2020 Oct 2020 Early 2022 2020 9 Nov 2020
Targeted full operation The first two driverless Expected Notice to Expected contract Bid submission
of Northern Green ext. monorail trains were Proceed to be issued signing
and Gold Line Phase 1 completely delivered Early 2021
Expected best bid
Oct 2021 announcement
Expected partial
operation of Pink &
Yellow Lines
BTS Group Earnings Presentation Prepared by BTS Group IR 15
Section 2: Business UpdatesMass Transit Update
All 3 trains for Gold line arrived in Aug 2020
GOLD
97%*
Civil work completion
91%*
E&M work completion
December 2020
Expected Commercial
Operating Date
* As of October 2020
BTS Group Earnings Presentation Prepared by BTS Group IR 16
Section 2: Business UpdatesMass Transit Update
The first two driverless monorail trains for the Pink and Yellow Lines arrived
67%* 68%*
Construction completion Construction completion
PINK YELLOW
October 2021 October 2021
Expected partial operation Expected partial operation
* As of October 2020
BTS Group Earnings Presentation Prepared by BTS Group IR 17
Section 2: Business UpdatesMass Transit Update
Orange Line
Eastern Orange
(under construction)
Orange Line (35.9km, 28 stations)
Contract Type PPP Net Cost with subsidy
covering (i) civil work construction of Western Orange and (ii)
E&M and train procurement services for the entire Orange Line Western Orange
Route Thailand Cultural Center
- Min Buri
Term 30 Years
Length 22.5km
CAPEX Civil ~THB 111bn*
E&M ~THB 32bn Route Taling Chan – No. of 17
Thailand Cultural stations (10 underground and 7
* Western Orange civil works and land exploration CAPEX Center aboveground)
Length 13.4km
Expected timeline
No. of 11 (underground) Underground Stations
stations
Elevated Stations
9 Nov 2020 2023
Bid submission Targeted COD of Eastern
2 Consortiums submitted the bid
Orange
10-24 Jul 2020 Early 2021 2026
Request for Expected Targeted COD of
proposal (RFP) Best bid announcement Western Orange BSR JV BEM
selling period
BTS Group Earnings Presentation Prepared by BTS Group IR 18
Section 3: AppendicesMedia Update
VGI’s key developments in 2Q 2020/21
ADVERTISING Delivered a full-loop of marketing solutions to complete consumers’ journey
• VGI and Minere (Thailand) launched a campaign by integrated offline Out-of-Home
media with AR technology.
• Delivered a full-loop of
marketing solutions to • Together, we build engagement with the BTS passengers by using ‘Recall’ application to
complete consumers’ scan QR code to receive discount coupon for Minere water, which led consumers to
journey convert their interest to real purchasing
BTS Group Earnings Presentation Prepared by BTS Group IR 19
Section 2: Business Updates 19Media Update
VGI’s key developments in 2Q 2020/21
PAYMENT Partnered with the leading Chinese online travel booking platform
• RLP has partnered with TravelGo.com, the leading Chinese online travel booking platform.
• Partnered with the leading • Providing convenience local transportation and accommodation booking via RLP.
Chinese online travel • Currently, the user can access to ‘Flight’ and ‘Bus’ features in RLP while the ‘Hotels’
booking platform features is expected to launch in 1Q 2021/22
• Continued to experience
strong user growth Rabbit Card Rabbit LinePay
+12.0% +21.5
o 13.6mn Rabbit Cards
11 %
13.6
o 7.9mn Rabbit LinePay
14
7.7 7.9
13.3 7 7.3
9
6.5
users 13
13. 5
7
13
12.6 5
12.2
• Received Superbrands
12. 5
3
Award from Superbrands
12
1
Thailand
11. 5
2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21 2Q 20/21 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21 2Q 20/21
-1
Received Superbrands Award from Superbrands Thailand
• Rabbit card received Superbrands Award for its e-Money services under Banking/ Finance
and Credit Card category from Superbrands Thailand.
• This award reaffirmed that our brand has penetrated into all daily lifestyle consumption.
BTS Group Earnings Presentation Prepared by BTS Group IR 20
Section 2: Business UpdatesMedia Update
VGI’s key developments in 2Q 2020/21
LOGISTICS
IPO INFORMATION
IPO Shares 300mn shares
• Positive sentiment from
ESOP (if exercised) 40mn shares
Kerry Express plan’s to
initial public offering Par value THB 0.50
% of total issued shares 17.2%
Objectives 1) Expand network and capacity
2) Loan repayment
3) Working capital
Financial advisers SCB & Kim Eng
PRE SHAREHOLDING STRUCTURE POST SHAREHOLDING STRUCTURE
Total shares of 1,440mn shares Total shares of 1,740mn shares*
Others Public Others
63.0% 23.0% 14.0% 52.1% 19.0% 17.2% 11.7%
BTS Group Earnings Presentation Prepared by BTS Group IR 21
Section 2: Business UpdatesMedia Update
VGI’s key developments in 2Q 2020/21
SOCIAL RESPONSIBILITY TRASH TO TREASURE
• VGI partnered with Pomelo Fashion Company Limited (“Pomelo”) to promote environmental
sustainability through ‘Trash to Treasure’ project.
• Promote environmental
sustainability through • Upcycling vinyl from VGI’s used billboards and repurposing them for Pomelo’s packaging.
‘Trash to Treasures’ • Together we able to return helps VGI slash its vinyl waste by 3.5 tons, while Pomelo is able
project to cut back more than 200,000 pieces of single-use packaging.
BTS Group Earnings Presentation Prepared by BTS Group IR 22
Section 2: Business UpdatesProperty Update
U City’s key developments in 2Q 2020/21
Global hotel industry continues to struggle with the U City’s long stay promotions
effects of COVID-19 Multipurpose hotels with affordable long-term accommodation in Bangkok
Low occupancy rate continues to lessen revenue and
profitability, even though getting better this quarter than last
quarter with a positive EBITDA
3Q 2020 3Q 2019 2Q 2020
(Jul-Sep 20) (Jul-Sep 19) (Apr-Jun 20)
ADR (THB/ night)* 2,752 2,926 2,548
Occ Rate (%)* 33.0% 77.1% 11.3%
RevPAR (THB/ night)* 909 2,256 288
Sources: U City 2Q 2020 and 3Q 2020 MD&A
* Excludes ADR, Occupancy and RevPAR of AHS managed hotels
To increase recurring revenue, U City purchased Hotel’s status (as of Sep 20)
various commercial unit buildings in Bangkok, with
secured long-term rents
53 4
hotels hotels
Reopened Expected to reopen in
4Q 2020 and 1Q 2021
BTS Group Earnings Presentation Prepared by BTS Group IR 23
Section 2: Business UpdatesProperty Update
U City’s key developments in 2Q 2020/21
VERSO INTERNATIONAL SCHOOL THE CUSTOMS HOUSE (ROI CHAK SAM) THE UNICORN PHAYATHAI
Concept Providing unique learning experience by paring modern A luxurious 5-star hotel project in a rare, historic, colonial-era 51 levels of mixed-use building comprising of retail,
technology and contemporary teaching techniques heritage building located along magnificent Chao Praya office, hotel and residence
Riverside
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, Adjacent to 2 mass transit stations: BTS Phayathai
Bangkok 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 4Q 2020
2017 4Q 2019 2025 3Q 2017 2Q 2022
Start Completion Start
Start Completion Completion
Project Period Approximately 42 months (Phase 1 & 2) 6 years Approximately 60 months
Status Phase 1: 100% 1.2% Progress 22.9% Progress
(as of 30 June 20) Phase 2: 98%
School opened in 17 Aug 2020
BTS Group Earnings Presentation Prepared by BTS Group IR 24
Section 2: Business UpdatesAgenda
SECTION 1 2Q 2020/21 FINANCIAL PERFORMANCE
SECTION 2 BUSINESS UPDATES
SECTION 3 APPENDICES
BTS Group Earnings Presentation Prepared by BTS Group IR 25Transportation Update
EXTENSION GREEN ZONE 2 PINK AND YELLOW LINE M6 MOTORWAY M81 MOTORWAY U-TAPAO AIRPORT
Consortium N.A. 75% BTS 40% BTS 40% BTS 45% BA
(100% BTS) 15% STEC 40% GULF 40% GULF 35% BTS
10% RATCH 10% STEC 10% STEC 20% STEC
10% RATCH 10% RATCH
Authority BMA MRTA DOH DOH RTN
Investment O&M Contract PPP Net Cost PPP Gross Cost PPP Gross Cost PPP Net Cost
Type
Operation 25 years 30 years 30 years 30 years 47 years
Scope Train procurement 39 months: Construction 3 years: Design & 3 years: Design & 3 years: Design & Build
25 years: O&M 30 years: Farebox revenue Construction (Toll Plaza, Toll Construction (Toll Plaza, Toll Passenger Terminal Building
collection and O&M Collection System, Traffic Mgt Collection System, Traffic Mgt 3, Commercial Gateway,
Control System, Other Control System, Other Cargo Village, Cargo Complex
infrastructure infrastructure 47 years: O&M
30 years: O&M 30 years: O&M
Project Cost Train procurement ≈THB 96.1bn [to be disclosed] [to be disclosed] THB 31bn
≈THB 9.8bn (gov’t subsidy, THB 47.55bn) (phase 1)
Status Southern: full operation in Dec PPP Contract signed PPP Contract signing expected by PPP Contract signing expected by PPP Contract signed on
18 Expected partial COD: Oct 21 2020 2020 19 June 2020, currently awaiting
Northern: Expected full Notice-to-proceed
operation by 2020
Remarks: This summary excludes “30-year O&M Contract” for Gold Line Phase 1 (Krung Thon Buri – Klong San, 1.8km, 3 stations) which the contract was signed in Jul 18, expected COD in Dec 20.
BTS Group Earnings Presentation Prepared by BTS Group IR 26
Section 3: AppendicesGreen Line Update
9 out of 16 Northern Green stations began operation
Northern Green Line extension
(16 stations, 17.8km)
Current Green Line Green Line, to be
network operation operational in 2020
52 stations 59 stations
58.1 km 66.7 km
Aug 2019 Dec 2019 Jun 2020 Targeted in Dec 2020
1.7km 3.3km 4.2km 8.6km
N8 N9 N13 N14 N17 N18 N24
Mo Chit Ha Yaek Lat Kasetsart Royal Forest Wat Phra Sri Phahon Khu Khot
Prao University Department Maha That Yothin 59
BTS Group Earnings Presentation Prepared by BTS Group IR 27
Section 3: AppendicesTransportation Update
U-Tapao international airport – at a glance
Project Details Role & responsibilities
Location Plub Pla ,Ban Chang District, Rayong Province
Land Area Approx. 6,500 Rai (10,400,000 sq.m.) Airport City
654 Rai (1,047,000 sq.m.)
Contract Type PPP Net Cost Commercial Gateway
269 Rai (430,000 sq.m.)
Contract Term 50 Years
Design & Build Operation and Maintenance Cargo & Free Trade Zone
Passenger Terminal
3 Years 47 Years 430 Rai (688,000 sq.m.)
Building 3
Authority Royal Thai Navy Design and development
of the required Airport Infrastructure
Total Project Cost THB 31bn (phase 1)
Operations and maintenance
Equity Injection Paid-up capital of THB 9bn at COD over the concession term
Financing and maintenance
Sources of Fund Debt 70 : Equity 30 over the project components
Consortium Timeline Start construction
2 Jun 2020 Early 2022 Early 2072
Cabinet Approved Notice to proceed End of PPP contract
35% PPP Contract (NTP)
30 Jan 2020 19 Jun 2020 Early 2025
Announced Pricing PPP Contract O&M Start Date
45% 20% Proposal Winner Signing
3 Years 47 Years
BTS Group Earnings Presentation Prepared by BTS Group IR 28
Section 3: AppendicesTransportation Update
Intercity Motorway – BGSR JV as the best bidder
M6: Bang Pa In – M81: Bang Yai –
Nakhon Ratchasima Kanchanaburi
M
6 Investment Type PPP Gross Cost PPP Gross Cost
Authority Department of Highways Department of Highways
Distance 196km 96km
Nakhon
Ratchasima Contract Term 2 phases
3Y 30Y
Design & Construction Operating & Maintenance (O&M)
Bang Pa In Budget Approved by the Cabinet THB 33.2bn THB 27.8bn
Price Proposed by BGSR THB 21.3bn THB 17.8bn
196km
Expected COD 2023 2023
M Consortium’s Members Scope of Works
81
Phase I: Design and Construction (3 years)
Kanchanaburi • Toll Collection System
• Traffic Management and Control System
• Other infrastructure
Bang Yai 40% BGSR 40% Phase 2: Operation and Maintenance (30 years)
JV
Status
10% 10%
PPP Contract signing expected by 2020
96km
BTS Group Earnings Presentation Prepared by BTS Group IR 29
Section 3: AppendicesBTS Group Update
BTS-W5 Term Sheet
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 ratio1 1 BTS-W5 to 1.010 new common share of BTS
Exercise price1 THB 13.865 per share
Expected maximum proceeds THB 18.4bn
Exercise period Quarterly
1The adjustment took effect from 29 Jul 2020 onwards, following the condition in the event that the Company distributed dividends in cash in excess of 95% of the Company’s net profit after income tax under the standalone
financial statements of the Company of any relevant fiscal year.
BTS Group Earnings Presentation Prepared by BTS Group IR 30
Section 3: AppendicesFY 2020/21 Mass Transit Guidance
THB 20 bn THB 6 bn THB 2.6 bn THB 5.2 bn
40% YoY
Pink & Yellow Lines E&M provision and Mass-transit related
Train O&M
Construction train procurement for interest income
revenue
Green Line extensions
THB 26 bn
FY 2020/21 CAPEX
BTS Group Earnings Presentation Prepared by BTS Group IR 31
Section 3: AppendicesYou can also read
