BTS Group Holdings PCLbts.listedcompany.com/misc/presentation/20141112-bts-am... · 2014-11-12 ·...

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Holdings PCL

2Q 14/15 earnings presentation

2Q 14/15 earnings presentation 12 November 2014


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 only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. It 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 Holding 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 existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. 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 exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its own investigation and 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 hereof. None of the Company or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of the Company. Some statements made in this presentation are forward-looking statements, which are subject to various risks and 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”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of the Company’s management in light of the 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.

2 2Q 14/15 earnings presentation


Agenda

Section

1 BTSG 2Q 14/15 FINANCIAL PERFORMANCE

Section

2 Section

3

BUSINESS UPDATES

BTSGIF 2Q 14/15 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES



IMPROVED PROFITABILITY

• Improved recurring net profit and recurring net profit margins in spite of revenue reduction: 2Q 14/15: +1.5% YoY to THB 761.8mn (NPM 32.9%) 1H 14/15: +11.1% YoY to THB 1,531.0mn (NPM 33.3%)

• Although accounting net profit fell YoY for both 2Q 14/15 and 1H 14/15 due to no repeat of extraordinary gains

2Q 14/15 Financial Highlights

BTS DAILY TRADED VALUE (LTM) (as of 11 Nov 2014)

THB 508.0mn (USD 15.7mn)

DIVIDEND PAYMENT OF THB 2,493.5MN (for operation period from 1 Oct 2013 – 31 Mar 2014)

BTS DIVIDEND YIELD (LTM)** 3.94%

SET50 DIVIDEND YIELD (LTM) 3.01% >>

4 2Q 14/15 earnings presentation Section 1: BTSG 2Q 14/15 Financial Performance

** Sum of the gross DPS that have gone ex-dividend over the past 12 months, divided by stock price as of 11 Nov 2014

COMMITTED MINIMUM DIVIDEND OF: THB 7BN IN FY 14/15 & THB 8BN IN FY 15/16 (equivalent to 5.8% & 6.7% dividend yield based on share price of THB 10.40 as of 11 Nov 2014)

• THB 29.25bn excess cash and liquid investments*

• Leverage : Net debt / equity reduced to (0.03)x

• Reduction in cash of THB 2,712.8mn (for six-months ended 30 Sep 14) mainly from dividend payment and treasury stock repurchase

BALANCE SHEET STRENGTH

* Excess cash and liquid investments excludes sinking fund and includes cash balance of THB 5.96bn, current investments of THB 18.85bn, long term investments of THB 3.29bn and restricted deposits of THB 1.15bn


2,276

1,871

147 (60) (532)

41

2Q 13/14 Mass transit Media Property Services 2Q 14/15

32% -7%

(THB mn)

-62% 39%

OPERATING REVENUE COMPARISON (YoY)

2Q 14/15 Overview

Income Statement (THB mn) 2Q 14/15 2Q 13/14 % YoY 1Q 14/15 % QoQ 1H 14/15 1H 13/14 % YoY

Operating Revenues1 1,871 2,276 (17.8%) 1,744 7.3% 3,616 4,763 (24.1%)

Gross operating profits 1,078 1,193 (9.6%) 974 10.7% 2,053 2,441 (15.9%)

Operating EBITDA2 739 842 (12.2%) 690 7.1% 1,428 1,739 (17.9%)

Recurring net profit – before MI 762 751 1.5% 769 (1.0%) 1,531 1,378 11.1%

Accounting EBITDA3 1,178 1,573 (25.1%) 1,220 (3.4%) 2,399 16,244 (85.2%)

Net income (loss)4 633 947 (33.1%) 650 (2.6%) 1,284 11,755 (89.1%)

Gross operating profit margin (%) 57.6% 52.4% 55.9% 56.8% 51.3%

EBITDA margin (%) 50.5% 51.4% 52.1% 51.3% 83.1%

Recurring net profit margin (%) 32.9% 28.2% 33.7% 33.3% 25.1%

Operating EBITDA margin (%) 39.5% 37.0% 39.5% 39.5% 36.5%

P&L SNAPSHOT

33%

Mass Transit

42%

Media

18%

Property 8%

Services

2Q 14/15 OPERATING REVENUE BREAKDOWN

1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 including profit from discontinued operation 4 to equity holders of the parent

5 2Q 14/15 earnings presentation Section 1: BTSG 2Q 14/15 Financial Performance


8,669 (186)*

3,661 (6,189)

5,956**

Beginning cash(31/3/14)

CFO CFI CFF Ending cash(30/9/14)

(THB mn)

Debt repayment, dividend payment, investment in subsidiaries and treasury stock

6 Months Cash Flow Snapshot

* after tax (THB 1,064.4mn) and interest expense (THB 202.0mn) ** excluding BTSC sinking fund and THB 23.3bn liquid investments

6

Treasury management and dividends received

2Q 14/15 earnings presentation Section 1: BTSG 2Q 14/15 Financial Performance


O&M revenue rose by 36.3% YoY to THB 392.2mn mainly from additional service income from the Silom line extension which opened on 5 December 2013 and from the additional scope of work in BRT contract

Share of net profit in BTSGIF increased 24.6% YoY to THB 217.2mn due to the revision of amortisation method for fund set-up cost

Costs increased 6.2% YoY to THB 205.6mn due to higher O&M costs related to higher O&M revenue

Operating EBITDA margin improved to 66.8% (59.8% in 2Q 13/14) as costs and SG&A increased less than the revenue growth 2

38

27

0

29

1

25

8

27

0

27

1

32

2

28

3

34

4

36

7

37

9

37

9

39

2

1,0

88

1,0

76

1,1

77

1,1

35

1,2

38

1,2

59

1,2

63

20

8 -

-

12

4

17

4

15

7

15

7

16

6

21

7

2Q11/12

3Q11/12

4Q11/12

1Q12/13

2Q12/13

3Q12/13

4Q12/13

1Q13/14

2Q13/14

3Q13/14

4Q13/14

1Q14/15

2Q14/15

O&M (THB mn) Farebox (THB mn) Share of NP in BTSGIF (THB mn)

OPERATING REVENUE BREAKDOWN

Mass Transit – As Reported

7

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

OPERATING PERFORMANCE

Mass transit (THB mn) 2Q 14/15 2Q 13/14 YoY 1Q 13/14 QoQ 1H 14/15 1H 13/14 YoY

Revenue 609 462 32% 545 12% 1,154 1,077 7%

O&M revenue 392 288 36% 379 4% 771 571 35%

Share in BTSGIF 217 174 25% 166 31% 384 299 28%

Costs of revenue 206 194 6% 208 (1%) 414 477 (13%)

Gross profit 404 269 50% 336 20% 740 600 23%

Operating EBITDA 407 276 47% 340 20% 747 562 33%

Gross margin (%) 66.3% 58.1% 61.7% 64.1% 55.7%


64%

O&M Share in BTSGIF 36%

2Q 14/15


IR Quarterly Presentation 4Q 1213_Draft1.xlsx


12

1.9

12

4.9

26.6 26.8

YTD 13/14 YTD 14/15

Ridership (mn trips) Average fare (THB/trip)

49

.4

50

.3

51

.1

50

.3

53

.5

53

.9

57

.1

51

.3

54

.6

25.1 25.0 24.7 25.3

26.5 26.8 27.0 27.0 26.6

2Q12/13

3Q12/13

4Q12/13

1Q13/14

2Q13/14

3Q13/14

4Q13/14

1Q14/15

2Q14/15

Ridership (mn trips) Average fare (THB/trip)

Mass Transit – Core Network

8

YTD RIDERSHIP & AVG FARE (as of Oct 2014) HISTORICAL AVG FARE AND RIDERSHIP

Quarterly Ridership increased 2.1% YoY to 54.6mn trips

Average Fare increased 0.6% YoY to THB 26.6 per trip

Key factors: i) organic growth ii) the commencement of 4 stations

of the Silom line (Bang Wa) extension and iii) new carriages into

service (all 4-car trains across the network)


3,1

76

.6

3,3

48

.8

YTD 13/14 YTD 14/15

Farebox revenue (THB mn)

+0.7%

YTD FAREBOX REVENUE (as of Oct 2014)


52

3

50

3

46

5

63

7

72

5

74

9 68

3

84

4

84

7

79

8

63

2

75

4

78

7

2Q11/12

3Q11/12

4Q11/12

1Q12/13

2Q12/13

3Q12/13

4Q12/13

1Q13/14

2Q13/14

3Q13/14

4Q13/14

1Q14/15

2Q14/15

5%

Office Buildings & Others

39%

Modern Trade

56%

BTS - Related

Media

9

Overall Media revenue rebounded 4.4% QoQ from improving economy and clearer political directions

BTS-related Media Revenue increased 3.6% YoY to THB 441.6mn from increase in capacity from new products

Modern Trade Media Revenue decreased 17.0% YoY to THB 304.8mn from i) weakened consumer spending and ii) political disruptions

Office Buildings and Other Media Revenue decreased 24.7% YoY to THB 40.6mn, driven by i) consumption slowdown and ii) political instabilities

Operating EBITDA margin decreased to 49.5% (53.3% in 2Q 13/14) from decline in operating revenue and increase in costs & SGA

OPERATING REVENUE BREAKDOWN OPERATING PERFORMANCE

Media (THB mn) 2Q 14/15 2Q 13/14 YoY 1Q 13/14 QoQ 1H 14/15 1H 13/14 YoY

Revenue 787 847 (7%) 754 4% 1,541 1,691 (9%)

Costs of revenue 328 315 4% 310 6% 638 655 (2%)

Gross profit 459 532 (14%) 444 3% 902 1,063 (13%)

Operating EBITDA 390 452 (14%) 379 3% 768 875 (12%)

Gross margin (%) 58.3% 62.8% 58.8% 58.6% 61.3%


HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

2Q 14/15




15

2

11

1

21

0

15

5 1

79

40

1

71

0

95

0

86

3 6

85

43

6 31

9

33

1

1,6

43

1,8

49

55

4

2Q11/12

3Q11/12

4Q11/12

1Q12/13

2Q12/13

3Q12/13

4Q12/13

1Q13/14

2Q13/14

3Q13/14

4Q13/14

1Q14/15

2Q14/15

37%

Residential Commercial & Others 63%

Property*

10


Property* (THB mn) 2Q 14/15 2Q 13/14 YoY 1Q 13/14 QoQ 1H 14/15 1H 13/14 YoY

Operating Revenue 331 863 (62%) 319 4% 650 1,813 (43%)

Costs of revenue 193 522 (63%) 191 1% 383 1,097 (65%)

Gross profit 138 341 (60%) 129 7% 267 716 (63%)

Operating EBITDA 46 188 (76%) 39 17% 85 418 (80%)

Gross margin (%) 41.7% 39.5% 40.3% 41.0% 39.5%


HISTORICAL OPERATING REVENUE* (THB mn) KEY FACTORS

2Q 14/15

Operating revenue dropped by 61.7% YoY to THB 330.9mn mainly from Residential Property

Residential property revenue decreased by 81.7% YoY to THB 121.2mn mainly from decline in sales of Abstracts Phahonyothin Park (33 units transferred this quarter vs 201 units in 2Q 13/14)

Commercial property revenue rose 4.3% YoY to THB 207.6mn from the improvement in Thana City Golf Course and hotels

Operating costs decreased by 63.1% YoY or THB 329.5mn to THB 192.9mn from costs and expenses related to transferred units of Abstracts Phahonyothin Park

Operating EBITDA margin contracted to 13.9% (21.8% in 2Q 13/14) as a result of decrease in sales of Abstracts Phahonyothin Park

* Transactions related to Chef Man Restaurants were reclassified from Property business to Services business in 4Q 13/14 and applied retrospectively since 2Q 12/13

THB 1,643

Proceeds from sale of Kamala

THB 1,849

Proceeds from sale of Nana

THB 554

Proceeds from sale of non-core land




33

36

1

6

24

45

46

78

10

4

10

9

10

8

12

6

14

4

2Q11/12

3Q11/12

4Q11/12

1Q12/13

2Q12/13

3Q12/13

4Q12/13

1Q13/14

2Q13/14

3Q13/14

4Q13/14

1Q14/15

2Q14/15

Others 0%

rabbit 34%

58%

ChefMan

Services*

11


Services* (THB mn) 2Q 14/15 2Q 13/14 YoY 1Q 13/14 QoQ 1H 14/15 1H 13/14 YoY

Revenue 144 104 39% 126 15% 270 182 49%

Costs of revenue 66 52 28% 61 10% 127 93 37%

Gross profit 78 52 50% 65 19% 143 89 61%

Operating EBITDA 27 21 29% 24 10% 51 33 55%

Gross margin (%) 54.0% 50.0% 51.9% 53.0% 48.9%


HISTORICAL OPERATING REVENUE* (THB mn) KEY FACTORS

2Q 14/15

Revenue Revenue increased by THB 40.5mn YoY to THB 144.2mn from i) increase in revenue from ChefMan Restaurants of THB 84.0mn and ii) the growth in marketing and co-promotion of rabbit cards of THB 13.0mn

Costs & SGA Costs & SGA increased by 41.7% YoY to THB 139.3mn (cost THB 66.4mn and SG&A THB 72.9mn). Key items were mainly from staff costs, food & beverage cost at ChefMan Restaurants and depreciation expenses for hardware, software and machines.

* Transactions related to Chef Man Restaurants were reclassified from Property business to Services business in 4Q 13/14 and applied retrospectively since 2Q 12/13


Carrot 8%



59,542.2 56,639.4

8,638.7 8,151.6

8,530.2 6,514.7

31-Mar-14 30-Sep-14

39,368.0 39,499.5

37,343.1 31,806.2

31-Mar-14 30-Sep-14

Balance Sheet

LIABILITIES AND EQUITY BREAKDOWN (THB MN) ASSET BREAKDOWN (THB MN)

KEY RATIOS

Non-current assets

Current assets

51%

49% 45%

55%

76,711 71,306

Non-current liabilities

Current liabilities

Equity

9%

79%

11%

76,711 71,306

78%

11%

11%

2Q 14/15: (0.03)x 2Q 13/14*: (0.01)x

Net Debt to Equity Net Debt to

Operating EBITDA

2Q 14/15: (0.61)x 2Q 13/14*: 0.08x

2Q 14/15: 6.60x 2Q 13/14*: 4.84x

Interest Coverage

2Q 14/15: 4.88x 2Q 13/14*: 3.80x

Current Ratio

12

* 2Q 13/14 ratios have not been restated to reflect the effects of TFRIC 4 and TFRIC 12



Agenda

Section


Section

2 Section

3

BUSINESS UPDATES


APPENDICES



Mass Transit Update Updates on 6 Mass Transit Lines

14

Sources: Office of Transport and Traffic Policy and Planning, Mass Rapid Transit Authority of Thailand, Bangkok Metropolitan Administration, Ministry of Transport

GREY LINE • Watcharaphol – Rama 9 Bridge (26.0km) • Feasibility study underway • Expected bidding (Phase I): 2016 • Target operation (Phase I): 2018 – 2019

DARK GREEN NORTH LINE • Mo Chit – Saphan Mai – Khu Khot (18.4km) • Expected O&M bidding: early 2015 • Target operation: 2018 - 2019

DARK GREEN SOUTH LINE • Bearing – Samut Prakarn (12.8km) • Civil works progress: 41.8% (as of Oct 2014) • Expected O&M bidding: late 2014 to early 2015 • Target operation: 2017

PINK LINE • Khae Rai – Min Buri (36.0km) • Expected turnkey bidding: early 2015 • Target operation: 2020 – 2021

LIGHT GREEN LINE • Bang Wa – Borommaratchachonnani (7.0km) • Feasibility study underway • Expected bidding: early 2017 • Target operation: 2019

LIGHT RAIL TRANSIT (LRT) • Bang Na – Suvarnabhumi (18.3km) • Awaiting EIA approval • Expected bidding: 2015 • Target operation: 2018

Phase I: Watcharaphol – Thong Lo (16.3km)

2Q 14/15 earnings presentation Section 2: Business Updates


Mass Transit Update Siemens Maintenance Contract & Oct 14 Ridership Update

15

On 15 September 2014, BTSC signed a contract with Siemens for the maintenance service of the BTS SkyTrain system

The contract term is from 1 Jan 2015 to 4 Dec 2029

The scope of work covers maintenance of: • 35 x 4-car trains supplied by Siemens • track works • power supply • building services • communications system (excludes radio system) • workshop equipment

SIEMENS MAINTENANCE CONTRACT

Achieves cost reduction compared to previous contract

Lump sum contract so minimise downside risk from unexpected maintenance cost


OCT 14 RIDERSHIP UPDATE

17.28

18.14 18.41

18.10

18.94

0.7%

2.7%

-1.1%

4.9% 4.4%

-2.0%

-1.0%

0.0 %

1.0 %

2.0 %

3.0 %

4.0 %

5.0 %

6.0 %

15.5 0

16.0 0

16.5 0

17.0 0

17.5 0

18.0 0

18.5 0

19.0 0

19.5 0

20.0 0

Jun-14 Jul-14 Aug-14 Sep-14 Oct-14

Ridership (mn trips) % YoY ridership growth

• Oct 14 ridership = 18.9mn trips, +4.4% YoY, +4.6% MoM

• Oct 14 avg fare = THB 26.70/trip, + 0.1% YoY,

• Avg Oct 14 weekday ridership = 672,952 trips, +4.2% YoY

• YTD farebox revenue (Apr – Oct 14) => +5.4% YoY

• YTD ridership (Apr – Oct 14) = 124.9mn trips, +2.4% YoY

• YTD fare (Apr – Oct 14) = THB 26.82/ trip, +1.4% YoY*

*compared to THB 26.44 / trip (FY 13/14 avg fare)

CONTRACT TERMS AND CONDITIONS

FINANCIAL IMPLICATIONS


Media Update Modern Trade Media

FAMILYMART

16

BIG C Renewed contract with Big C until 2019 Expanded branch coverage to 474 branches from 309

branches


Exclusive rights to manage FamilyMart’s advertising spaces for existing and upcoming branches

FamilyMart currently has 1,074 existing branches Media space and Merchandising area

NORTH

NORTHEAST

CENTRAL &WEST BKK

EAST

SOUTH

8

362

133

234

295

42

*Data includes all store formats

NORTH

NORTHEAST

CENTRAL &WEST BKK

EAST

SOUTH

20

59

17

19

16

27

*Data includes only large and medium formats as of 30 Sep 2014

VGI Media Coverage of Big C in Thailand* FamilyMart Branches in Thailand


Media Update Office Building and Other Media

ADDITIONAL OFFICE BUILDINGS IN PORTFOLIO

17

FIRST STEP IN AEC Exclusive sales agent for the largest mega LED in Lao PDR at

Vientiane Square (intersection with highest viewer traffic)

Length of contract: 5 years


No. of Buildings

No. of Screens

Capacity Increase

(%)

Previous (as of 30 Mar 2014)

75 665

Additional +28 +261

Total (as of 30 Oct 2014)

103 926 +39%

* Includes 42 elevators at Empire Tower, the largest office building in Thailand with the highest passenger traffic

Empire Tower Cyber World Tower Athenee Tower


Others 13%

Property Update

RESIDENTIAL PROPERTY

2Q 14/15 Commercial

Property Revenue:

THB 208mn

COMMERCIAL PROPERTY

Eastin Grand Sathorn 57% U-Hotels

8%

Thana City Golf 22%

Presold (as of 30 Sep 14): 90%

LOCATION: 250M FROM NEW BTS STATION

SITE AREA: 33,420 SQM (20-3-55 RAI)

LAND TENURE: FREEHOLD

AVERAGE SALE PRICE:

THB 76,400 PER SQM

TDC: THB 2,527MN

TRANSFERRED: 87% (as of 30 Sep 14)

ABSTRACTS PROJECT – PHAHONYOTHIN PARK

COMMERCIAL PROPERTY REVENUE BREAKDOWN

Opened: Oct 12 2Q 14/15 average occupancy rate: 82%

LOCATION: SATHORN, BANGKOK

SITE AREA: 16-0-81 RAI

LAND TENURE: LEASEHOLD, 30 YEARS LEASE CONTRACT WITH TREASURY DEPT.

SIZE: 3 FLR, 86 ROOMS

OFFICIAL OPENING: 1 DEC 2014

TDC: THB 690MN

LOCATION: SATHORN, BANGKOK, DIRECT ACCESS TO BTS SURASAK

SITE AREA: 3,828 SQM (2-1-57 RAI)

LAND TENURE: FREEHOLD

SIZE: 33 FLR, 396 ROOMS

TYPE: Business/Leisure Grand Hotel

TOTAL NLA: 17,561 SQM

EASTIN GRAND SATHORN – 4 Stars U SATHORN HOTEL – 4 Stars

18 2Q 14/15 earnings presentation Section 2: Business Updates

http://www.abstractscitizen.com/p-lnsprtn.php


Property Update – Partnership Approach


SANSIRI TRANSACTION

BTS and SIRI entered into a “STRATEGIC ALLIANCE FRAMEWORK AGREEMENT” (SAFA)

Exclusive partnership to jointly invest and develop residential developments for sale within 500m of mass transit stations

Establish a 50:50 Joint Venture Company (JVCo)

First project (Mo Chit) • Expect land sale end of 2014 • Project launch 1Q 2015

Divest 3 assets to NPARK in exchange for up to 37% of total issued shares of NPARK

The completion of this transaction is subject to: 1. Due diligence 2. NPARK’s shareholders’ approval for entry into

the transactions and whitewash resolution (29 Dec 2014)

3. BTS Group’s BOD approval

These transactions enable BTS Group to: 1. Recognise gains on sale of assets to the benefit of existing BTS Group shareholders 2. Partnered with real estate players with expertise in their respective sectors 3. Retain a major economic stake in the development of those assets 4. Use only existing assets as equity without the need for further capital investment

NPARK TRANSACTION

For detailed information on the transactions, please refer to our Strategic Partnership for City Living presentation at: http://bts.listedcompany.com/misc/presentation/20141017-bts-property-strategy.pdf

http://bts.listedcompany.com/misc/presentation/20141017-bts-property-strategy.pdf









> 1.0 > 1.2

> 1.5

> 1.8

> 2.1

> 2.5

> 2.8 > 3.0

DEC 12 MAY 13 JUL 13 OCT 13 DEC 13 MAR 14 Jun-14 Sep-14

CENTRAL CLEARING HOUSE (CCH) PROJECT

Services Update

NUMBER OF RABBIT CARDS AUTO TOP UP FUNCTION & PARAGON PROJECT

Auto top-up function is now available for co-branded Be 1st Smart Rabbit debit card and Rabbit Bangkok Bank credit card

The function will enable users to directly top-up purse balance from their credit card and debit card when their purse balance reaches a certain threshold. The function will open up additional top-up channels, granting more convenience to card holders.

Public launch in November 2014

Public launch of usage and top-up service for Rabbit cards

at Siam Paragon department store’s food court also in November 2014

million cards

BTSC, as part of BVS consortium, offered lowest bid for design and implementation of CCH system for common ticketing system

Completed negotiating contract terms between BVS consortium and OTP

The contract is now under review by Office of The Attorney General

Expected contract finalisation: November 2014



Agenda

Section


Section

2 Section

3

BUSINESS UPDATES


APPENDICES



200

600

1,000

190

10

Masstransit

Media Property* Services BTS Group

2014/15 BTS Group Targets and CAPEX

2Q 14/15 earnings presentation Appendix 1: 2014/15 BTS Group Targets and CAPEX

22

BTS GROUP CAPEX (THB mn) BTS GROUP TARGETS

FY 14/15 TOTAL CAPEX*: THB 2,000MN

* excludes real estate development cost

MASS TRANSIT

MEDIA

5 – 8% Ridership Growth

1% Effective Fare Increase

Revised down to 0 – 3% Revenue Growth

PROPERTY

THB 800mn Residential Property Revenue

THB 1,000mn Commercial Property Revenue

SERVICES

3.5mn Rabbit Cards

17% O&M Revenue Growth

2014/15 BTSGIF CAPEX is expected to be approx. THB 180mn (not included in BTS Group CAPEX)


23

Calculation of Share of Net Profit from BTSGIF

Previous: amortised for three years Current: amortised to the end of concession (until 2029) by ridership Impact: “share of net profit in BTSGIF” this quarter includes an adjustment of the previous ‘over amortisation’ in the amount of THB 54.5mn

REVISION OF AMORTISATION METHOD FOR FUND SET-UP COST

2Q 14/15 NET INVESTMENT INCOME FROM BTSGIF

Transactions THB mn

Net investment income from GIF (from GIF P&L) 907.8

Add back: 6-months amortisation of fund set-up cost (principal = THB 1.1bn for 3 yrs)

185.5

Total net investment in BTSGIF (from operation) xxx.x

= 1/3 investment in BTSGIF (from operation) xxx.x

Less: amortisation of 1/3 of original project cost (until 2029)

(xx.x)

Less: amortisation of fund set-up cost (until 2029) (x.x)

Share of net profit from BTSGIF (A) + (B) + (C) 217.2

A

B

C

2Q 14/15 earnings presentation Appendix 2: Calculation of Share of Net Profit from BTSGIF


IR Contacts 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 Email: [email protected] Fax: +66(0) 2273 8610 Website: www.btsgroup.co.th

Thank You


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