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BTS GROUP HOLDINGS PCL Investor Presentation AUGUST 2020
IR Contact
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: ir@btsgroup.co.th Website: www.btsgroup.co.th
Disclaimer
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.
BTS Group Investor Presentation Prepared by BTS Group IR 2
Contents
Section
1 BTS Group in Brief & Strategy & Outlook
2 Business Segment Profiles
• Mass Transit Business
• Media Business
• Property Business
• Services Business
3 Corporate Information
4 Financial Summary
5 Appendices
BTS Group Investor Presentation Prepared by BTS Group IR 3
BTS Group Overview
4 Business Units with Mass Transit as our core
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.
MASS TRANSIT MEDIA PROPERTY SERVICES
FY 2019/20 OPERATING REVENUE CONTRIBUTION
MEDIA
15%
MASS TRANSIT Total of PROPERTY
80% THB 39,937mn 1%
SERVICES
4%
BTS Group Investor Presentation Prepared by BTS Group IR 4
Section 1: BTS Group in Brief & Strategy & Outlook
Strategy and 5-Year Growth Targets
Mass transit led strategy : full growth phase
STRATEGY
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.
5-YEAR OUTLOOK
Operating Revenue Net Recurring Profit (after MI) 5-Year Targeted CAPEX
31% 29% THB 131 bn
5Y CAGR 5Y CAGR
THB 31.8bn THB 5.1bn
93% or THB 123bn
THB 8.2bn THB 1.4bn spent on all existing
FY 16/17 FY 21/22E FY 16/17 FY 21/22E
and newly-secured
mass transit lines
* Operating revenue includes share of net profit (loss)
from associated companies and JVs
BTS Group Investor Presentation Prepared by BTS Group IR 5
Section 1: BTS Group in Brief & Strategy & Outlook
Bangkok Rail Mass Transit Market Overview
Aggressive rail market share growth in Bangkok
MASTER PLAN: 515.2KM IN 2029, 33% MARKET SHARE IN 2042 RAIL MASS TRANSIT MARKET SHARE1
515.2km in 2029
Singapore Tokyo
46% 48%
Hong Kong Bangkok
49% 13%
BANGKOK MASS TRANSIT MARKET SHARE
Rail Mass Transit
Bus 13%
79% Others*
8%
* Van, Ferry and Commuter train
1. Source: OTP (http://www.otp.go.th/uploads/tiny_uploads/
Includes MRTA and BMA projects DataStatistics/2562/25611012-SumData01.pdf),
Singapore’s Land Transport Authority, Hong Kong’s Transport
Sources: Office of Traffic Policy
Department, MTR Corporation Limited, SMRT Corporation
and Planning, Bangkok Metropolitan Transport and Administration
Limited, Japan Statistic Bureau
BTS Group Investor Presentation Prepared by BTS Group IR 6
Section 1: BTS Group in Brief & Strategy & Outlook
Bangkok Rail Mass Transit Network
Immature network, 143km under construction
OPERATING LINES: 157.6KM, 113 STATIONS BY 3 OPERATORS WEEKDAY RIDERSHIP MARKET SHARE IN 2019 (JAN-DEC)
157.6km in 2020
Purple line : 23km
BTS BEM
33%
61% 1.3mn trips 433,000 trips*
787,315 trips
Blue line : 47km TOTAL AVERAGE
WEEKDAY RIDERSHIP
ARL
6%
79,000 trips*
* *BEM ridership excludes Purple line.
(as of Dec 2019)
58.1km 71km 28.5km
52 stations 53 stations 8 stations
*SRT: State Railway of Thailand
BTS Group Investor Presentation Prepared by BTS Group IR 7
Section 1: BTS Group in Brief & Strategy & Outlook
Contents
1 BTS Group in Brief & Strategy & Outlook
Section
Business Segment Profiles
2
Mass Transit Business
3 Corporate Information
4 Financial Summary
5 Appendices
BTS Group Investor Presentation Prepared by BTS Group IR 8
BTS Lines
4 Lines - covering a total of 133.4km by 2021 (2.5 times from 58.1km currently)
BTS NETWORK: 133.4KM (115 STATIONS)
Line km Station Route
Core Network 23.5 23 Mo Chit – On Nut (17.0km)
EXT. ZONE 2
Northern Green Line National Stadium – Saphan
Mo Chit - Khu Khot Taksin (6.5km)
17.8km
PINK
Khae Rai – Min Buri Extension 7.5 6 Saphan Taksin – Bang Wa
OPERATING
34.5km Zone 1
58.1KM
CORE NETWORK Extension 5.3 5 On Nut – Bearing
Mo Chit – On Nut Zone 1
17.0km
YELLOW Extension 12.6 9 Bearing – Kheha
National Stadium –
Lat Phrao – Sam Rong
Saphan Taksin Zone 2
30.4km
6.5km (Southern)
Extension 17.8 16 Mo Chit - Khu Khot
Zone 2
UNDER CONSTRUCTION
(Northern)*
EXT. ZONE 1 Gold 1.8 3 Krung Thonburi BTS
75.3 KM
On Nut – Bearing Station – Khlong San
5.3km
EXT. ZONE 1
Saphan Taksin Pink 34.5 30 Khae Rai – Min Buri
– Bang Wa
7.5km
GOLD PHASE 1 Yellow 30.4 23 Lat Phrao – Sam Rong
Krung Thonburi BTS
Station – Khlong EXT. ZONE 2
San 1.8km Southern Green Line Total 133.4 115
Bearing – Kheha
12.6km *9 stations (9.2km) were partially opened in Aug 2019, Dec 2019 and Jun 2020
BTS Group Investor Presentation Prepared by BTS Group IR 9
Section 2.1: Mass Transit Business
BTS Lines
Evolution since 1999
1999:Core Network 2012: Green Line Ext.1 2018, 2020E: Green Line Ext.2 2021E: Pink and Yellow
23.5km 12.8km 30.4km 64.9km
Routes Dark Green: Mo Chit – On Nut Dark Green: On Nut - Bearing Southern Green: : Samrong – Kheha Pink: Khae Rai – Min Buri
Light Green: National Stadium – Light Green: Saphan Taksin – Northern Green : Mo Chit - Khu Khot Yellow: Lat Phrao - Samrong
Saphan Taksin Bang Wa
Length/ Stations 23.5km / 23 stations 12.8km / 11 stations 30.4km / 25 stations 64.9km / 53 stations
Authority BMA BMA BMA MRTA
Contract Type PPP Net Cost & O&M Contract O&M Contract O&M Contract PPP Net Cost with Subsidy
Contract Term • 30 Years (Dec 1999 - Dec 2029) 30 Years (2012 - 2042) 25 Years (2017 - 2042) 30 Years (2021 - 2051)
for PPP Net Cost
• 13 Years (2029-2042)
for O&M Contract
Southern: Operating /
Status Operating Operating Oct 2021E
Northern: 2020E
Commencement
Timeline 1999 2021E
2012 2018 2019 2020
Core Network Extension Southern Opening of the first 5 Stations • Opening additional 4 stations of Targeted Pink and Yellow
Zone 1 Green Ext 2 of Northern Green Ext. 2 Northern Green Ext. 2 full commencement
• Targeted Gold Line and Northern
*Remarks • In Apr 2013, the rights to net farebox revenue of Core Network until 2029 was sold to BTSGIF Green Ext.2 full commencement
• BTS Group used the proceeds to invest in 1/3 units in BTSGIF
BTS Group Investor Presentation Prepared by BTS Group IR 10
Section 2.1: Mass Transit BusinessCAPEX for New Green Line Extensions and Pink & Yellow
Secured by debt financing
THB 22BN BTSC DEBENTURE THB 63.4BN SYNDICATED LOAN THB 13BN GREEN BOND
Rationale: Purchase new rolling Rationale: Financing of the Pink Rationale: For debt repayment of
stocks and E&M for the and Yellow lines Eligible Green Projects
Northern and Southern (Pink & Yellow Line)
Green Line extensions
Transaction 10 October 2017 Issuance Date: 24 May 2019
Issuance Date: 10 November 2016 Date:
Average 3.31% Credit Total of THB 63.36bn Average 3.41%
Coupon Rate: Facilities: THB 31.68bn for Pink Line Coupon Rate:
THB 31.68bn for Yellow Line
Syndicate BBL, KTB, SCB
Banks:
Loan Term: 17 years and 3 months,
repayments starting from
first operation date
Green Line Extensions Pink and Yellow Lines
BTS Group Investor Presentation Prepared by BTS Group IR 11
Section 2.1: Mass Transit BusinessBTS Targeted Lines
Interested in an additional 77.5km of rail mass transit lines
WESTERN ORANGE LINE EASTERN ORANGE LINE 77.5KM TARGETED LINES IN THE NEXT 4 YEARS
Bang Khun Non - Thailand Thailand Cultural Center - Min Buri
Cultural Center 22.5km BTS TARGET ROUTE AUTHORITY DISTANCE NO. OF EXPECTED
13.4km (KM) STATION OPERATING
GREEN EXT. BANG WA
BMA 7.0 6 2025
(WESTERN) - TALING CHAN
LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2024
GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2024
THAILAND CULTURAL
ORANGE (E) MRTA 22.5 17 2023
CENTER - MIN BURI
BANG KHUN NON - THAILAND
ORANGE (W) MRTA 13.4 11 2026
CULTURAL CENTER
OTHER ROUTE AUTHORITY DISTANCE NO. OF EXPECTED
(KM) STATION OPERATING
BANG KHAE –
BLUE MRTA 8.0 4 n.a.
BHUDHAMONTHON 4
DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021
DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2024
BANG SUE – MAKKASAN –
LIGHT RED SRT 19.0 9 2024
HUAMAK
LIGHT RED BANG SUE – TALING CHAN SRT 15.0 4 2021
LRT
Bang Na PURPLE
TAO POON – RAT BURANA MRTA 23.6 17 2026
(SOUTHERN)
– Suvarnabhumi
18.3km TOTAL 175.9
WESTERN GREEN LINE EXT. GREY LINE (PHASE 1)
Bang Wa - Taling Chan Watcharaphon –
7.0km Thong Lo Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and
16.3km Yellow lines, totaling 143.3km under construction)
7 above-ground stations Note: MRTA: Mass Rapid Transit Authority of Thailand
BMA: Bangkok Metropolitan Administration
SRT: State Railway of Thailand
BTS Group Investor Presentation Prepared by BTS Group IR 12
Section 2.1: Mass Transit BusinessTimeline of Upcoming Lines and CAPEX
Significant upcoming revenue expected in the next 3-5 years
EXPECTED CAPEX EXPECTED REVENUE
EXPECTED TIMELINE
(THB BN) (THB BN P.A.)
FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FAREBOX O&M
TRAINS E&M WORKS REVENUE REVENUE
GREEN LINE EXTENSION 9.8 2020 2042/43
ZONE 2: CAPEX INCL. SOUTHERN
84.5KM AWARDED LINES
AND NORTHERN PARTS 2.53 (Y1)
NORTHERN 17.8KM1
JUL 2018 OCT 2021 2051/52
34.52
PINK LINE: 34.5KM CIVIL + TRAINS + E&M
JUL 2018 OCT 2021 2051/52 4.5 – 5.0 (Y1)
32.62
YELLOW LINE: 30.4KM CIVIL + TRAINS + E&M
MAR 2018 4Q 2020 2049/50
GOLD LINE PHASE 1:
0.4 0.6
1.8KM
WESTERN GREEN LINE BY 2022 BY 2025
2.1
77.5KM BTS TARGETED LINES
EXTENSION: 7.0KM
BY 2021 BY 2024
LRT: 18.3KM 3.6 5.0
BY 2021 BY 2024
GREY LINE PHASE 1: 12.9
TRAINS + E&M
16.3KM
MID 2017 BY MID 2020 BY 2023
32.1
ORANGE LINE: 35.9KM TRAINS + E&M EASTERN SIDE
TOTAL THB START CIVIL WORKS CONSTRUCTION NOTE: 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
CONSTRUCTION PERIOD
CAPEX/FINANCING 133.6bn EXPECTED START FULL OPERATION
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.
OPERATION YEAR, UP UNTIL 3Assume O&M revenue of THB 150mn/km p.a. in 2018
EXPECTED OPEN BID/ AWARD
BIDDING & CONSTRUCTION PERIOD
BTS Group Investor Presentation Prepared by BTS Group IR 13
Section 2.1: Mass Transit BusinessTransportation Project
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 Passenger Terminal Cargo & Free Trade Zone
3 Years 47 Years Building 3 430 Rai (688,000 sq.m.)
Authority Royal Thai Navy Design and development of the
required Airport Infrastructure
Total Project Cost THB 31bn (phase 1) Operations and maintenance
over the concession term
Equity Injection Paid-up capital of THB 9bn at COD Financing and maintenance
over the project components
Sources of Fund Debt 70 : Equity 30
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 Investor Presentation Prepared by BTS Group IR 14
Section 2.1: Mass Transit BusinessTransportation Project
Intercity Motorway – at a glance
M6: Bang Pa In – M81: Bang Yai –
M Nakhon Ratchasima Kanchanaburi
6
Contract Type PPP Gross Cost PPP Gross Cost
Authority Department of Highways Department of Highways
Nakhon
Ratchasima Distance 196km 96km
Contract Term 2 phases
3Y 30Y
Design & Construction Operating & Maintenance (O&M)
Bang Pa In
Budget Approved by the THB 33.2bn THB 27.8bn
Cabinet
196km
Price Proposed by BGSR THB 21.3bn THB 17.8bn
Expected COD 2023 2026
M
81
Consortium’s Members Scope of Works
Kanchanaburi
Phase I: Design and Construction (3 years)
• Toll Collection System
• Traffic Management and Control System
Bang Yai • Other infrastructure
40% BGSR 40%
JV
Phase 2: Operation and Maintenance (30 years)
10% 10% Status
96km
PPP Contract signing expected in Aug 2020
BTS Group Investor Presentation Prepared by BTS Group IR 15
Section 2.1: Mass Transit BusinessBTS 5-year Target of Network Expansion
Quadruple growth from 48.9km in 2018 to 210.9km in 2024
Distance (km) BTS Lines
400km
No. of stations BTS Targeted Lines
Total network in 2026 210.9
from 148.4km 168.0
currently 179
133.4 133.4
144
115 115
211km
68.5
48.9 53.9
62
43 48
Targeted BTS network
in 2024 from 48.9km in
2018
FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25
South ext. 5 stations North ext. Pink line BTS Targeted Lines
143km
(12.6km) of North ext. (17.8km) (34.5km)
LRT (18.3km) Western
(5.0km) Gold line Yellow line
Grey line Green ext.
(1.8km) (30.4km)
phase1 (7km)
Lines under construction (16.3km) Orange line
(35.9km)
BTS Group Investor Presentation Prepared by BTS Group IR 16
Section 2.1: Mass Transit BusinessContents
1 BTS Group in Brief & Strategy & Outlook
Section Business Segment Profiles
2 Media Business
3 Corporate Information
4 Financial Summary
5 Appendices
BTS Group Investor Presentation Prepared by BTS Group IR 17Media Evolution
From traditional advertising to “Offline-to-Online Solutions”
BANGKOK CENTRIC NATIONWIDE NETWORK
POV MACO Aero Media
Established and was granted
Building IPO Billboard Airport
30yrs BTS ad. concession
(100% stake) (41.1% stake1) (30% stake)
1999 2009 2012 2015 2015
O2O SOLUTIONS
Demo Power Rabbit Group Kerry Express (Thailand) Tech Partners OOH Partners
Direct to consumer Payment Logistics Anymind (JV 49%), Plan B (19.9% stake),
(40% stake) (90% stake2) (23% stake) iClick (JV 30%) Ad Chaopraya (25% stake)
2015 2017 2018 2019 2019
1 includesBTS shareholdings of 14.6%
2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd.
BTS Group Investor Presentation Prepared by BTS Group IR 18
Section 2.2: Media BusinessWell-Diversified Media Portfolios
Advertising, Payment and Logistics Platforms across industries
PLATFORM ADVERTISING PAYMENT LOGISTICS
100.0% 41.1%1 20.0% 30.0% 40.0% 90.0%2 90.0%2 23.0%
HOLDING
PERCENTAGE VGI MACO PLAN B AERO MEDIA DEMO
RABBIT GROUP KERRY EXPRESS
POWER
TRANSIT BUILDING OUTDOOR OUTDOOR AIRPORT ACTIVATION PAYMENT SERVICES LOGISTICS
No. 1 No. 1 No. 2 No. 1 The largest micro payment No. 1
No.1 Outdoor Media
Transit Media Building Media Aviation Media Activation platform Parcel Delivery
Services Services
COMPANY
SEGMENT
BKK, Thailand BKK, Nationwide, Nationwide, Nationwide, Nationwide, Nationwide, BKK and
GEOGRAPHICAL Nationwide,
KL, Malaysia Thailand Thailand Thailand Thailand Thailand Thailand nationwide,
Thailand
ACTIVITY KL, Malaysia Yangon, Thailand
JKT, Indonesia Myanmar
AUDIENCE
18mn potential reach
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
BTS Group Investor Presentation Prepared by BTS Group IR 19
Section 2.2: Media BusinessAdvertising: Solid Growth Opportunities
Upside from BTS rail mass transit expansion
Secured by BTS Targeted Lines Carriages Stations
848
179
680
115
392
336
ADVERTISING 208 264
62
5-6x 43 47
34*
Increase in Train &
Station Capacity
2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 - 2024/25
Core Line Core Line 4 stations of 12 stations of Pink Line Western Green
Extension Extension Green North Green North Extension
Extension Extension
Green South Gold Line Yellow Line Orange Line
Extension
LRT
Grey Line (Phase I)
*VGI manages media on 30 stations of BTS.
BTS Group Investor Presentation Prepared by BTS Group IR 20
Section 2.2: Media BusinessPayment: Synergy between VGI and Rabbit
Upside from monetisation of Rabbit’s data
OFFLINE PAYMENT: RABBIT CARD ONLINE PAYMENT: RABBIT LINE PAY
The E-money service provider with a common ticketing system supporting BTS and BRT. A mobile e-wallet solution embedded in the leading chat messenger
BSS system also encompass other forms of public transportation as well as retail, service application
and tourism sectors.
Current 2020 Current 2020
Rabbit Cards 13.0mn > 15.0mn Line Users 45.0mn >55.0mn
Retailer Rabbit Line Pay
> 12,000 >20,000 7.3mn >8.0mn
Points Users
Online
> 1,000 >1,500
Merchants
LARGE PARTNERS NETWORK BUILT SERVICES BUSINESS UNDER RABBIT
JV with AEON: THB 1.8bn outstanding loans
Micro loan through the joint venture with AEON
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.
Rabbit Daily: 3mn monthly visits
Online lifestyle publisher, providing social news and entertainment
content and advertorials
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
BTS Group Investor Presentation Prepared by BTS Group IR 21
Section 2.2: Media BusinessLogistics: Last Miles Delivery Services
Network expansion to accommodate the rise of E-commerce
DELIVERY SERVICES PORTFOLIO SERVICES POINT ON BTS
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.
INVESTMENT & ACCOUNTING METHOD
Investment: 23% in Kerry Express Thailand
Accounting Method: Equity Sharing
SERVICES CHANNEL
B2B delivering parcels from company to various places such
as financial institutions, law firm, retail shops and etc.
Digital Thailand – Jan.2018
B2C delivering parcels from e-market place to the individual
Population 69.11 M
shoppers 2000000
Internet users 57.00 M
C2C delivering parcels from individual retailers to individual
Social media users
1800000 51.00 .M
consumers
Unique mobile users 55.56 M
Mobile social users
1600000 46.00 M C2C
NETWORK
1400000 70%
1,200,000
• Deliver more than 1,200,000 parcels per day 1200000 1,000,000
C2C
• > 1,200 distribution centers 1000000 65%
• > 1,800 shops nationwide C2C
800000 C2C
B2C
• > 22,000 fleets 50%
B2B
600000 500,000
• > 13,000 service points operated by individual and corporate 400000
retail partners B2C B2C B2C
200000 75,000
40% 30% 26%
8,000 40,000
0
2012 2013 2015 2017 2018 2019
BTS Group Investor Presentation Prepared by BTS Group IR 22
Section 2.2: Media BusinessContents
1 BTS Group in Brief & Strategy & Outlook
Section Business Segment Profiles
2 Property Business
3 Corporate Information
4 Financial Summary
5 Appendices
BTS Group Investor Presentation Prepared by BTS Group IR 23Property Portfolio
BTS GROUP’S PROPERTY BOOK VALUE BREAKDOWN LAND BANK UNDER BTS GROUP AND SUBSIDIARIES
Projects and Properties Kukot 51.7 rai (8.3 ha)
Residential a. The LINE Jatujak – Mochit
THB 0.5bn b. The LINE Sukhumvit 71
2% c. The LINE Ratchathewi Mochit 11.1 rai (1.8 ha)
U City* d. The LINE Asoke-Ratchada
Commercial THB 17.4bn e. The BASE Garden Rama 9
THB 3.3bn Total Book Value 66% f. The LINE Pradipat
as of 31 Mar 20 g. The LINE Sukhumvit 101 k
12% l
h. KHUN BY YOO
THB 26.5bn a
i. The BASE Petkasem 29
Land Bank j. The LINE Sathorn f
THB 5.3bn k. The LINE Wongsawang d
20% l. TST Tower Office Building p
m. U Sathorn Hotel e
c
*Adjusted for equity stake n. Eastin Grand Sathorn Hotel h
o. Eastin Thana City q r b
HISTORICAL LAND TRADING UNDER BTS GROUP p. The Unicorn
j m g
o s
q. The Grand t
(THB mn) r. The Royal Place II i n
Proceeds from land sales Net gain s. Thana City Golf & Sports Club Thana City
9,000 3,300 308.6 rai
t. Verso International School
2,985 Projects and Properties (49.4 ha)
8,000 Land Bank
48-rai2,800
land sale U City Residential Ratburana &
BTS Group Land Bank
7,000 (Bayswater JV) U City Recurring Income Suksawad
Kamla Beach Resort and Hotel U City Land Bank
THB 1.6bn (Net Gain THB 2,300 BTS Residential 44.1 rai
0.3bn)
6,000 5-rai land at (7.6 ha)
BTS Commercial
Kampoo Property: THB 1.8bn Mo Chit
(Net Gain THB 0.7bn)
5,000 1,800
ATTRACTIVE LAND BANK
4,000 Bang Pakong and 1,300
1,000 Bangna km 18
3,000 Owners Total Area (Rai) Total Area (sq.m)
800
2,000 379 368 BTS Group PCL 541.0 882,644.0
300 U City PCL 881.0 1,418,763.6
1,000
Total 1,422.0 2,301,407.6
3,492 554 1,411 7,700
- (200) Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted Data as of 31 Mar 20
F/Y 12/13 F/Y 13/14 F/Y 14/15 F/Y19/20E
F/Y 19/20
BTS Group Investor Presentation Prepared by BTS Group IR 24
Section 2.3: Property BusinessU City’s Property Overview
Globally developing and investing in diversified property
HOSPITALITY
119 hotels and more than 30,000* keys owned, leased or managed
U Chiang Mai Hotel Vienna House Hotels
4 office buildings and business interests spanning 17 countries globally
Presence in
10 European Countries
60 hotels, 2 office buildings
• Austria
• Belarus U Sathorn Hotel
• Czech Republic Presence in
• Germany 6 Asian & Middle
• Poland Eastern Countries
• Romania 57 hotels, 2 office buildings,
• Russia 16 condominiums projects
• Slovakia Eastin Grand Sathorn Hotel
• Thailand
• Switzerland
• Vietnam
• United Kingdom
• Indonesia
• India
• Oman
• Hong Kong
OFFICE RESIDENTIAL MIXED USE EDUCATION
33 Gracechurch 6-14 Underwood TST Tower, Noble Comm. Building, SANSIRI JV The Unicorn Verso International School
Street, London Street, London Bangkok Bangkok
BTS Group Investor Presentation Prepared by BTS Group IR 25
Section 2.3: Property BusinessContents
1 BTS Group in Brief & Strategy & Outlook
Section Business Segment Profiles
2 Services Business
3 Corporate Information
4 Financial Summary
5 Appendices
BTS Group Investor Presentation Prepared by BTS Group IR 26Services Business
Strategic support and business incubator
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.
CHEFMAN RESTAURANTS
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
SERVICES BUSINESS
BR’s extensive food processing expertise will enable Chef Man to scale-up its
business domestically and internationally.
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
HHT CONSTRUCTION
Joint venture between BTSG and Li Kay Engineering, a Hong Kong based civil and foundation company.
BTS Group Investor Presentation Prepared by BTS Group IR 27
Section 2.4: Services BusinessContents
1 BTS Group in Brief & Strategy & Outlook
2 Business Segment Profiles
• Mass Transit Business
• Media Business
• Property Business
• Services Business
Section
3 Corporate Information
4 Financial Summary
5 Appendices
BTS Group Investor Presentation Prepared by BTS Group IR 28BTS Group History
MAR 2018
BTSG completed the entire business transfer of
Unicorn Enterprise Company Limited, our
1968 1992 2008 2010 APR 2013 former subsidiary, to U City Public Company
Company established TYONG established BTSC exit court TYONG acquired 94.6% BTSC sold the future Limited, our associate
as Tanayong Co., Ltd. a wholly-owned supervised of BTSC, returning Mass Net Fare-box Revenue
subsidiary, Bangkok rehabilitation Transit operations to be under its Concession JUL 2018
(TYONG) to operate in
Transit System procedure the primary business of Agreement to BTS Rail BTSC&KT entered into a 30-year O&M Services
property development
Mass Transit Agreement of the Gold Line Project Phase 1
field Corporation Ltd. the Company. The
Infrastructure Fund (Krung Thonburi BTS Station – Khlong San District
(BTSC), which won Company also changed
Office, 1.8km and 3 stations)
the SkyTrain its name to BTS Group (BTSGIF)
concession bid Holdings PCL (BTSG) SEP 2018
The company has been officially selected
by the Dow Jones Sustainability Indices (DJSI)
Emerging Markets 2018 in the first time
BTSC signed a 30-year
operating & maintenance BTSC signed the operating & maintenance
(O&M) contract covering Green (O&M) contract with KT; covers 30.8km of
Line extensions (Saphan Taksin Green Line Northern and Southern
- Wongwian Yai - Bang Wa extensions (Mo Chit – Khu Khot and Bearing
and Onnut - Bearing) under the – Kheha)
TYONG listed on the BTSC expanded into
Commercial purview of the Bangkok
Stock Exchange of Media business MAR 2017
operation of the BTS Metropolitan Administration
Thailand under through the acquisition
SkyTrain (BMA)
Property Development of 100% of VGI Co.,
sector commenced Ltd. (VGI) MAY 2012
Concession Contracts of the Pink (Khae
1991 1999 2009 Rai to Min Buri) and the Yellow Line (Lad
VGI PCL, the Group’s Media Prao to Sam Rong), a total length of
subsidiary, listed on the Stock 64.9km were awarded
Exchange of Thailand
JUN 2017
OCT 2012
BTS Group Investor Presentation Prepared by BTS Group IR 29
Section 3: Corporate InformationBusiness Organisation and Shareholding Structure
as of 31 March 2020
1 Information
40% Kanjanapas Family1
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 BTS Group Holdings PCL 32% Institutional Investors1
3 Revenue from the Company recorded under Services BU 18% Individual Investors1
MASS TRANSIT BUSINESS MEDIA BUSINESS PROPERTY BUSINESS SERVICES BUSINESS
22.03% 100% Turtle 23 Co., Ltd.
LEGEND 97.48% 37.87%
45.04% VGI PCL (VGI) 2 U City PCL 100%
Listed entities Bangkok Mass Transit RB Services Co., Ltd.
System PCL (BTSC) 100% Rabbit Rewards
Subsidiaries VGI Advertising 100% Kingkaew Assets Co., Ltd. 75%
100% Co., Ltd.
Associates Media Co., Ltd. 100% The Community One Co.,
BTS Infrastructure 60% Bangkok Payment
JVs Services Co., Ltd 888 Media 100% Ltd. Solutions Co., Ltd.
100% Co., Ltd. 100% The Community Two Co., 41.18% Man Food Holdings Co.,
BTS Infrastructure Point of View (POV) 100% Ltd.
Ltd.
Development Co., Ltd Media Group Co., Ltd. 100%
Yongsu Co., Ltd. 51%
75% HHT Construction
BV Media 50% 100% Co., Ltd.3
Northern Bangkok
Ads Limited DNAL Co., Ltd.
Monorail Co., Ltd.
75% VGI AnyMind
Technology 49%
Eastern Bangkok
Monorail Co., Ltd. Co., Ltd
35% Demo Power 40%
U-Tapao International (Thailand) Co., Ltd.
Aviation Co., Ltd. Aero Media 30%
33.33% Group Co., Ltd.
BTS Rail Mass Transit V-Click Technology 30% 90% BSS Holdings Co., Ltd.
Growth Infrastructure Co., Ltd.
Fund (BTSGIF) 80% RabbitPay System Co., Ltd.
SLV Retail 30%
Co., Ltd. 14.58% 33.33%
27.5% Rabbit-Line Pay Co., Ltd.
Ads Chaophraya 25.01% 26.55% Master Ad PCL
Chao Phraya Express
Boat Co., Ltd. Co., Ltd. 51% ATS Rabbit Special Purpose
25% 25% Supremo Media Vehicle Co., Ltd.
The ICON VGI
Co., Ltd 60%
Co., Ltd. Rabbit Internet Co., Ltd.
VGI MACO (Singapore) 25.01% 23% Kerry Express 100% ASK Direct Group Co., Ltd.
Private Limited (Thailand) Ltd
100% Rabbit Insurance
VGI (Malaysia) 25.01% 20% Group Work BrokerCo., Ltd.
Sdn Bhd Co., Ltd. 90% Bangkok Smartcard System Co., Ltd.
BTS Group Investor Presentation Prepared by BTS Group IR 30
Section 3: Corporate InformationBTS Group Share Information
Dividend and credit rating profile
DIVIDEND POLICY CREDIT RATING AND OUTLOOK
No less than 50% of net profit Issue Rating/ Outlook
from TRIS
HISTORICAL DIVIDEND PAYMENTS/ DIVIDEND YIELD AND PAYOUT BTS Group A/ Negative
BTSC A/ Negative
FY 17/18 FY 18/19 FY 19/20
THB 22bn BTSC Debenture
A
Senior Unsecured Debenture
Actual Dividend Paid
4,145 5,152 6,513(2) THB 9.5bn BTSG Debenture
(THB mn)
Senior Unsecured Debenture
A
Dividend per Share Issuance Date: 7 Sep 18
0.35 0.42 0.48
(THB) Average Coupon Rate: 3.38%
THB 7bn BTSG Debenture
Dividend Yield (1)
3.9% 4.0% 4.0% Senior Unsecured Debenture
(%) A
Issuance Date: 26 Dec 17
Average Coupon Rate: 3.17%
Dividend Payout
87% 143% 126%
(%) THB 13bn BTSG Debenture
Unsubordinated and Unsecured
(1) Calculated based on the share price of one day before the Board of Directors’ approval date for relevant dividend Green Bond A
payment
(2) Subject to shareholders’ approval at the shareholders meeting on 20 July 2020. Issuance Date: 24 May 19
Average Coupon Rate: 3.41%
BTS Group Investor Presentation Prepared by BTS Group IR 31
Section 3: Corporate InformationBTS Group Share Information
SHARE INFORMATION (as of 31 Mar 2020) SHAREHOLDING STRUCTURE (as of 31 Mar 2020)
Stock code BTS Retails
18.0%
Outstanding shares (mn shares) 13,154.3 Free Float
Market capitalisation (THB mn) 119,704.1 Kanjanapas’s (as of Jun 18)
Market capitalisation (USD mn) 3,656.5 Group 13,154mn 58%
shares Thai Funds
Average daily traded value (THB mn) 626.7 40.1%
21.7%
Average daily traded value (USD mn) 20.3 Foreign Limit
Credit Rating (by TRIS) A/Negative NVDR Foreign Funds 49%
10.0% 10.2%
SHARE PRICE MOVEMENT (as of 31 Mar 2020) TOP 10 SHAREHOLDERS (as of 31 Mar 2020)
THB BTS Turnover (RHS) BTS TB SET Index (rebased) THB mn Name %*
15 12,000 1 Mr. Keeree Kanjanapas 's Group 40%
2 Thai NVDR Co., Ltd. 10%
13 10,000
3 Social Security Office 2%
8,000 4 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2%
11
5 Bualuang Securities Public Company Limited 2%
6,000
9 6 STATE STREET EUROPE LIMITED 1%
4,000 7 Bualuang Long-Term Equity Fund 1%
7 8 Mr. Min Tieanworn 1%
2,000
9 GIC Private Limited 1%
5 0 10 Bualuang Top-Ten Fund 1%
TOTAL TOP 10 SHAREHOLDERS 61%
*Total of 13,154,296,081 shares
BTS Group Investor Presentation Prepared by BTS Group IR 32
Section 3: Corporate InformationBTS Group Overview
Our path towards sustainability
BTS VALUE
Delivering Creating Supporting Developing
Customer satisfaction shareholder value sustainable growth communities
BTS SDGs FOCUS
Awards and Recognition
E S G
BTS Group Investor Presentation Prepared by BTS Group IR 33
Section 3: Corporate InformationContents
1 BTS Group in Brief & Strategy & Outlook
2 Business Segment Profiles
- Mass Transit Business
- Media Business
- Property Business
- Services Business
3 Corporate Information
Section
4 Financial Summary
5 Appendices
BTS Group Investor Presentation Prepared by BTS Group IR 34BTS Group Financial Performance
CONSOLIDATED P&L (THB MN) FY 19/20 FY 18/19 FY 17/18
FY 19/20 OPERATING REVENUE & EBITDA CONTRIBUTION Operating revenues 39,937 48,004 14,102
Accounting revenues 47,299 48,997 15,107
Revenue EBITDA Operating expenses 30,343 40,120 8,325
Business Units
Contribution (%) Contribution* (%) Operating EBITDA(1) 7,460 6,137 4,089
Mass Transit 80% 76% Recurring Net Profit 4,776 3,248 2,508
Media 15% 25% Net income(2) 8,162 2,873 4,416
Property 1% (0.2)% DEBT INFORMATION (THB MN) 31-Mar-20 31-Mar-19 31-Mar-18
Interest bearing debt 88,559 72,474 47,169
Services 4% (0.6)%
Adj. net debt (5) 70,892 53,784 17,129
Total (THB mn) 39,937 7,461**
KEY FINANCIAL RATIOS FY 19/20 FY 18/19 FY 17/18
Note: Revenue and EBITDA excludes the equity income from Sansiri JV, U City, Bayswater JV, Keystone JV Profitability ratios (%)
* Calculated base on EBITDA of THB 6,835mn which excludes selling and Administrative expenses at Head-
Office of THB 729mn
Gross operating profit margin 24.0% 16.4% 41.0%
** After selling and Administrative expenses at Head-Office of THB 972mn SG&A to operating sales ratio 7.7% 5.3% 17.3%
Operating EBITDA margin(1) 18.7% 12.8% 29.0%
OPERATING REVENUE COMPARISON (YoY) Recurring net profit margin (%) 11.4% 6.6% 23.4%
(THB mn) Liquidity ratio
Current ratio (times) 0.68x 0.47x 0.95x
(22)% 10% 6% 57% Leverage (Times)
48,004 (9,252) 39,937 Total liability to total asset 0.61x 0.64x 0.56x
530 21 634 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
FY18/19 Mass Transit Media Property Services FY19/20 Interest coverage(3) 3.32x 3.74x 3.31x
(1) Operating EBITDA excludes non-recurring items but includes share of profit (loss) from BTSGIF Per share ratios
(2) Net income attributable to equity holders of the parent
(3) Operating EBITDA/finance cost Book value per share (THB) 5.32 4.42 3.91
(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 Dividend yield (4) 4.00% 3.98% 3.95%
(5) Interest bearing debt - cash and cash equivalent and liquid investment
BTS Group Investor Presentation Prepared by BTS Group IR 35
Section 4: Financial SummaryOperating Revenue by Business Units
MASS TRANSIT MEDIA
41,328
32,076 5,735
5,204
3,902
3,010
9,112
4,237
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 16/17 FY 17/18 FY 18/19 FY 19/20
FY 2019/20:- FY 2019/20:-
• Construction revenue for Pink & Yellow Lines: THB 16.9bn • OOH Media revenue: THB 3,709mn
• Services revenue from provision of E&M works & train: THB 8.3bn • Digital Services business: THB 2,026mn
• 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
PROPERTY SERVICES
617 639
1,746
360 381 1,112
743
449
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 16/17 FY 17/18 FY 18/19 FY 19/20
FY 2019/20:- FY 2019/20:-
• Commercial Property revenue : THB 341mn • HHT revenue : THB 1,604mn
• Residential Property revenue: THB 40mn • BPS, Rabbit Rewards and Turtle 23: THB 142mn
BTS Group Investor Presentation Prepared by BTS Group IR 36
Section 4: Financial SummaryFinancial Position as of 30 June 2020
ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN
(THB mn) (THB mn)
Cash Gross Debt
31 Mar 20: THB 3.2bn THB 88.6bn2
31 Mar 20:
175,817 30 Jun 20: THB 3.8bn
173,100 175,817 30 Jun 20: THB 87.4bn2
173,100
11,359 6% Cash & liquid investment 32,915 19% 28,371 16%
22,398 13%
THB 17.7bn Adjusted Net Debt2
31 Mar 20:
31 Mar 20: THB 70.9bn
30 Jun 20: THB 15.0bn
72,940 42% 84,412 48% 30 Jun 20: THB 72.4bn
164,458 94% Current Financial Assets1
150,702 87%
1 Apr 20: THB 2.8bn ********
30 Jun 20: THB 2.5bn 67,245 39% Issued Ordinary Shares
63,034 36%
31 Mar 20: 13,154.3mn
Non-current Financial Assets1 30 Jun 20: 13,154.6mn
31 Mar 20 30 Jun 20 1 Apr 20: THB 18.0bn 31 Mar 20 30 Jun 20
Total current assets 30 Jun 20: THB 17.5bn Total current liabilities Total non-current liabilities
Total non-current assets Total shareholders' equity
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 13% floating-rate debt and 87% fixed-rate debt
3Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment
KEY RATIOS
Gross Debt Adjusted Net Adjusted Net Debt3 to
Interest Coverage Current Ratio
to Equity Debt2 to Equity Recurring EBITDA
1Q 2020/21: 1.39x 1Q 2020/21: 1.15x 1Q 2020/21: 8.06x 1Q 2020/21: 2.65x 1Q 2020/21: 0.40x
1Q 2019/20: 1.32x 1Q 2019/20: 0.82x 1Q 2019/20: 6.52x 1Q 2019/20: 3.90x 1Q 2019/20: 1.05x
BTS Group Investor Presentation Prepared by BTS Group IR 37
Section 4: Financial SummaryFY 2020/21 Mass Transit Guidance
THB 20 bn THB 6 bn THB 2.6 bn THB 5.2 bn
40% YoY
E&M provision and train
Pink & Yellow Lines Mass-transit related Train O&M
procurement for Green
Construction interest income revenue
Line extensions
THB 26 bn
Mass Transit CAPEX
BTS Group Investor Presentation Prepared by BTS Group IR 38
Section 4: Financial SummaryContents
1 BTS Group in Brief & Strategy & Outlook
2 Business Segment Profiles
• Mass Transit Business
• Media Business
• Property Business
• Services Business
3 Corporate Information
4 Financial Summary
Section
5 Appendices
BTS Group Investor Presentation Prepared by BTS Group IR 39Appendix 1: Media Market Overview
Industry Spending = THB 123bn
OOH and Online outperformed industry spending Traditional Spending = THB 10bn
OOH Spending = THB 14bn
Industry Spending = THB 90bn Economic Down Turn
Online Spending = THB 21bn
- Bangkok shutdown
Traditional Spending = THB 79bn - Coup d’etat ONLINE CAGR1 = 63.2%
OOH Spending = THB 6.5bn
Online Spending = THB 0.3bn
OOH CAGR1 = 9.3%
INDUSTRY CAGR1 = 3.7%
TRADITIONAL CAGR1 = 0.3%
Incl. TV, Radio, Newspaper and Magazine
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
OOH Traditional Online/ Digital Total
Improving of OOH Media
Increasing mobility Increasing urbanisation Fragmentation of other
(Digitalisation, data, planning tools,
broadcasting channels
mobile connection etc.)
Source: The Nielsen Company (Thailand) Co.Ltd. & Digital Agency Association (Thailand) 12009 – 2019 CAGR
BTS Group Investor Presentation Prepared by BTS Group IR 40
AppendicesAppendix 1: Media Market Overview
The Rise of E-Commerce Fueling Growth in E-Payment & Logistics
4X
THB bn
3,150
2,763
E-COMMERCE MARKET
2,560
2,245
2,033
744 768
2012 2013 2014 2015 2016 2017 2018
Increasing Players Increasing Increasing Demand Growth Opportunity
in E-commerce Transaction On Goods Delivery For E-Payment &
Market Through Online And Other Services Logistics
Source: Electronic Transaction Development Agency (ETDA)
BTS Group Investor Presentation Prepared by BTS Group IR 41
AppendicesAppendix 2: BTS Network
23.5km Core Network and 12.8km Green Line Extension
CORE NETWORK: 23.5KM ZONE 1: 12.8KM EXTENSIONS
23 stations, 23.5km located at CBD of Bangkok
Inaugural Mass Transit route, operated since Dec 1999
No revenue sharing to BMA CORE NETWORK MO CHIT –
Under 30 years concession contract (net cost model) ON NUT
from 1999 - 2029 17.0KM
In Apr 2013, BTSC sold the rights to net farebox revenue ONNUT – BEARING
under its concession agreement for the BTS Skytrain NATIONAL 5.3KM
STADIUM – EXT. ZONE 1
Core Network until Dec 2029 to BTSGIF SAPHAN
BTS Group used the proceeds to invest 1/3 units in TAKSIN 6.3KM
BTSGIF (10 years lock-up)
SAPHAN TAKSIN –
BANG WA 7.5KM
BTSC has operated & maintained the
RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.3%) DISTANCE-BASED FARE (AVG = THB 29.0/TRIP) extensions since 2009
AUTHORISED FARE (APR 13)
Pre-agreed fee income with no ridership risk
19Y Farebox Revenue CAGR: 9.1%
19Y Ridership CAGR: 8.0% NEW EFFECTIVE FARE (OCT 17) 30-Year O&M Contract signed in May 2012:
PREVIOUS EFFECTIVE FARE (JUN 13) 1. Current extensions (zone 1) of 11 stations, 12.8km
POTENTIAL FARE UPSIDE 2. Core Network of 23 stations, 23.5km
Farebox revenue (THB bn) 233 238 241 241 237 60.3
215 219 post concession expiry (Dec 2029 – May 2042)
Ridership (mn) 197 53.6
176 (unit: THB bn)
132 139 133 136 144 145 46.9 Core Line Zone 1
105 118
6.96
96
6.82
6.81
40.2
6.64
79
6.40
59 Zone 1: CAGR
5.87
33.5
5.68
44.0 (FY16/17-FY41/42) = 3.9%
4.90
26.8
37.040.0 Core Line: CAGR
6.0
4.30
33.0 (FY30/31-FY41/42) = 3.1%
3.54
3.48
20.1
3.29
30.0
3.22
3.07
2.82
26.0
2.29
2.57
1.42
2.12
1.78
23.0
3.4
16.0
16/17 1.7
00/01
02/03
05/06
07/08
08/09
03/04
06/07
14/15
17/18
04/05
11/12
18/19
01/02
09/10
19/20
10/11
12/13
15/16
13/14
16/17
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
20/21
22/23
25/26
27/28
28/29
29/30
30/31
32/33
35/36
37/38
38/39
23/24
26/27
33/34
36/37
24/25
34/35
39/40
19/20
21/22
31/32
40/41
42/43
17/18
41/42
18/19
NO. OF STATIONS
PPP NET COST CONTRACT O&M CONTRACT
BTS Group Investor Presentation Prepared by BTS Group IR 42
AppendicesAppendix 2: BTS Network
23.5km Core Network and 12.8km Green Line Extension
ZONE 2: 30.4KM NEW EXTENSIONS 64.9KM PINK AND YELLOW LINE (MONORAIL)
PINK YELLOW
NORTHERN GREEN
PINK Kae Rai – Lat Phrao –
LINE Route
Min Buri Sam Rong
EXT. ZONE 2 MO CHIT - KHU KHOT
PROJECT DETAILS
Distance / no. of
17.8KM 34.5km / 30 30.4km / 23
KHAE RAI stations
– MIN 42; 4-car train 30; 4-car
BURI Required trains (168 cars ) train
YELLOW 34.5KM (120 cars )
SOUTHERN GREEN YELLOW Contract length 30yr operation 30yr operation
LINE LAT PHRAO –
BEARING – KHEHA SAM RONG Daily ridership in Y1 199k trips 195k trips
EXPECTED RIDERSHIP AND
12.6KM 30.4KM Ridership CAGR (30Y) 5.2% 4.5%
Average fare in Y1 THB 34.7/ trip THB 30.0/ trip
REVENUE
26% at early 34% at early
EXT. ZONE 2
stages stages
EBITDA margin (%)
rising to 69% rising to 64%
OWNERSHIP STRUCTURE at Y30 at Y30
BTSC has the operated & maintained of the 15% of
10% of farebox
Commercial revenue farebox
additional 30.8km of Green Line extensions revenue
revenue
STEC
on 31 Mar 17
BTS 15% Total Project Cost THB 49.4bn THB 46.7bn
Pre-agreed fee income with no ridership risk
25-year O&M contract covers 30.8km of RATCH Civil Subsidy Amount THB 22.5bn THB 25.05bn
75%
PROJECT CAPEX &
10% Equal
Northern and Southern Green Line Equal payment
FINANCING
payment at
Extensions at 2.25bn p.a.
2.505bn p.a.
for 10 years
(Apr 17 – May 42) Civil Subsidy Term for 10 years
NORTHERN BANGKOK EASTERN BANGKOK from
• SOUTHERN: Bearing – Kheha MONORAIL COMPANY MONORAIL COMPANY beginning of
from
(12.6km/ 9 stations) LIMITED LIMITED
beginning of
operation
operation
• NORTHERN: Mo Chit – Khu Khot PINK LINE PROJECT YELLOW LINE PROJECT Sharing to MRTA THB 250mn THB 250mn
(17.8km/ 16 stations) (INCLUDE EXTENSIONS) (INCLUDE EXTENSIONS)
Funding (D/E) 2.5x 2.5x
O&M CONTRACT PPP NET COST CONTRACT WITH SUBSIDY
BTS Group Investor Presentation Prepared by BTS Group IR 43
AppendicesAppendix 2: Summary of BTS Mass Transit Contracts
CORE NETWORK EXTENSION ZONE 1 EXTENSION ZONE 2 PINK & YELLOW GOLD LINE PHASE 1
ROUTE • Dark Green • Dark Green • Southern Green • Pink Krung Thonburi BTS Station
Mo Chit – Onnut Onnut - Bearing Bearing - Kheha Khae Rai - Min Buri - Khlong San District Office
• Light Green • Light Green • Northern Green • Yellow
National Stadium - Saphan Taksin Saphan Taksin - BangWa Mo Chit - Khu Kot Lat Phrao - Sam Rong
DISTANCE 23.5km, 23 stations 12.8km, 11 stations 30.4km, 25 stations 64.9km, 53 stations 1.8km, 3 stations
& NO. OF
STATIONS
AUTHORITY BMA BMA BMA MRTA BMA
CONTRACT 30Y Concession 13Y O&M 30Y O&M Contract 25Y O&M Contract 30Y Concession 30Y O&M Contract
TYPE Agreement (1999- Contract (2012 - 2042) (2017 - 2042) Agreement (from 1st operation date)
& CONTRACT 2042) (2029-2042) (from 1st operation
LENGTH date)
INVESTMENT PPP Net Cost O&M Contract O&M Contract O&M Contract PPP Net Cost O&M Contract
SCHEME (1999-2029) (2029-2042)
CAPEX AND Civil: Civil: x Civil: x Civil: x Civil: Civil: x
FINANCING (subsidised by gov’t)
E&M: E&M: x E&M: x E&M: x E&M: x
= BTS E&M: (hire BTS, ≈THB 0.6bn)
INVESTMENT Rolling Stock: Rolling Stock: Rolling Stock: Rolling Stock:
(≈THB (≈THB 4.9bn) (≈THB 9.8bn) Rolling Stock: Rolling Stock:
------------ 5.8bn) ------------ (≈THB 0.4bn)
Project Cost Project Cost
(≈THB 49.5bn) ≈THB 96bn
(gov’t subsidy of THB
47bn)
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
BTS Group Investor Presentation Prepared by BTS Group IR 44
AppendicesAppendix 3: Core Network Ridership
Uninterrupted revenue growth and resilient under pressure
GROWTH (19 YRS) Farebox revenue (THB bn) Ridership (mn)
Farebox revenue CAGR: 9.1%
Ridership CAGR: 8.0%
238 241 241 237
233
215 219
197
176
6.96
6.82
6.81
6.64
6.40
139 144 145 Ridership
136
5.87
132 133
5.68
118 (1.7)% YoY
105
4.90
96
Fare
4.30
79
(0.4)%
59
3.54
3.48
YoY
3.29
3.22
3.07
2.82
2.57
2.29
2.12
1.78
1.42
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
Jan-Mar 14 : Dec 18 : Jul-Sep 19 :
Bangkok Aug 16 : Opening of Opening
May 09 : the entire Of Blue line ext.
Jul 04 : Mar 07 : Shutdown Opening of Apr 17 :
Opening of May 10 : Southern
Dec 99 : BTS SkyTrain Opening of First fare Aug 11 : On Nut May 14 : Bangkok Opening Aug 19 :
Silom Line Opening of ext.
service opening Bangkok MRT rate – Bearing ext. Martial law MRT System of Opening of
ext. Bangkok
System (Blue increase opening (Purple line) Samrong Station Ha Yaek Lat
BRT;
line) Apr 13 : Sale of net farebox Oct 16 : Prao station
Thai political Aug 17 :
protests Oct – Nov 11 : revenue to BTSGIF The passing of Opening of Dec 19 :
Aug 10 : Floods Jun 13 : His Majesty Tao Poon Ha Yaek Lat Prao –
Opening of Fare increase King Bhumibol Station (Blue Kasetsart
Airport Rail Nov 13 : Thai political line ext.) University opening
Link protests
Dec 13 : Wongwian Yai – Oct 17 :
Bang Wa ext. opening Fare
Increased
INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%) STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%) FASTER GROWTH (11 YRS RIDERSHIP CAGR 6%)
BTS Group Investor Presentation Prepared by BTS Group IR 45
AppendicesAppendix 4: Core Network Fare Adjustment
Flexibility to increase fares
FARE ADJUSTMENT MECHANISM DISTANCE-BASED FARE (BY NO. OF STATIONS)
60.3
EFFECTIVE FARE 53.6
Can be adjusted no more than once every 18 months by making 46.9
announcement to BMA and public 30 days in advance
Must not exceed the Authorised fare 40.2
44.0
33.5
40.0
37.0 42.0
FARE PRICE (THB)
AUTHORISED FARE 26.8 33.0 37.0
34.0 AUTHORISED FARE (APR 2013)
30.0
20.1 31.0 NEW EFFECTIVE FARE (OCT 2017)
Normal situation : upon change of Bangkok’s CPI >=5%, may adjust up to 23.0 26.0 28.0 PREVIOUS EFFECTIVE FARE (JUN 2013)
7% (No approval required) 16.0 25.0
Special situation : upon change of CPI (>= 9%), USD/THB foreign 22.0 POTENTIAL FARE UPSIDE
15.0
exchange rate, interest rate or electricity costs (BMA approval required)
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
NO. OF STATIONS
HISTORICAL AVERAGE FARE
• CAGR 5 yr (2014/15 to 2019/20) = 1.5%
THB / Trip
RIDERSHIP BY TICKET TYPES (FY 2019/20)
• CAGR 14 yr (2005/06 to 2019/20)= 2.2%
ONE-DAY PASS 1%
30-DAY PASS (STUDENT)* 4%
AVG FARE THB 35.4
AVG FARE THB 22.5
29.0
29.0
28.3
27.9
27.5
26.9
26.4
24.8
24.4
24.4
24.3
24.22
24.1
30-DAY PASS (ADULT)* 28%
22.1
21.4
AVG FARE THB 27.7 SJT 36%
AVG FARE THB 31.7
PURSE (STV)* 31%
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
2016/17
2017/18
2018/19
2019/20
AVG FARE THB 27.6
* Counted as Rabbit (63%)
BTS Group Investor Presentation Prepared by BTS Group IR 46
AppendicesAppendix 5: Rolling Stocks
98 trains in service for the entire Green Line
98 4-CAR TRAINS (392 CARRIAGES) 72 4-CAR MONORAIL TRAINS
FOR GREEN LINE CORE NETWORK (288 CARRIAGES)
AND EXTENSION ZONE 1 & 2 FOR PINK AND YELLOW LINES
CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES FROM PROJECT REQUIRED TRAINS TOTAL CARRIAGES FROM
1ST BATCH 35 105 SIEMENS PINK 42 168 BOMBARDIER
2ND BATCH 12 48 CRRC YELLOW 30 120 BOMBARDIER
3RD BATCH 35 SIEMENS TOTAL 72 288
4TH BATCH 5 20 CRRC
10,000 – 44,000 PPHPD: SERVICE CAPACITY
TOTAL 52 208
FLEET EXPANSION NO. OF TRAINS TOTAL CARRIAGES FROM
COMPLETELY 22 88 SIEMENS
DELIVERED
COMPLETELY 24 96 CRRC
DELIVERED
TOTAL 46 184
50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY)
25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY)
NOTE: PPHPD = Passengers per Hour per Direction
BTS Group Investor Presentation Prepared by BTS Group IR 47
AppendicesAppendix 6: Debentures
THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS THB 9.5BN BTSG DEBENTURE
Rationale Purchase new rolling stocks and E&M for the Northern Rationale Repay existing debts and/or investment and/or
and Southern Green Line extensions financing the working capital of the Company
Issuance Date 10 November 2016 Issuance Date 7 September 2018
Tenor Amount up to Coupon Rate Maturity Date Tenor Amount up to Coupon Rate Maturity Date
3-year THB 5.5bn 2.46% 10 Nov 19 2-year THB 3.55bn 2.58% 7 Sep 20
5-year THB 2.2bn 2.85% 10 Nov 21 5-year THB 1.29bn 3.25% 7 Sep 23
7-year THB 4.1bn 3.30% 10 Nov 23 10-year THB 4.66bn 4.03% 7 Sep 28
10-year THB 10.2bn 3.87% 10 Nov 26 Total THB 9.5bn 3.11% (average)
Total THB 22.0bn 3.31% (average)
THB 13BN BTSG GREEN BOND
THB 7BN BTSG DEBENTURE Rationale For debt repayment of Eligible Green Projects (Pink &
Yellow Line)
Rationale Repay existing debts and/or investment and/or
financing the working capital of the Company Issuance Date 24 May 2019
Issuance Date 26 December 2017 Tenor Amount up to Coupon Rate Maturity Date
Tenor Amount up to Coupon Rate Maturity Date 2-year THB 1.0bn 2.51% 24 May 21
3-year THB 1.5bn 2.24% 26 Dec 20 3-year THB 1.3bn 2.63% 24 May 22
5-year THB 1.5bn 2.64% 26 Dec 22 5-year THB 3.0bn 3.15% 24 May 24
10-year THB 2.0bn 3.65% 26 Dec 27 7-year THB 2.7bn 3.57% 24 May 26
12-year THB 2.0bn 3.78% 26 Dec 29 10-year THB 5.0bn 3.86% 24 May 29
Total THB 7.0bn 3.17% (average) Total THB 13.0bn 3.41% (average)
BTS Group Investor Presentation Prepared by BTS Group IR 48
AppendicesAppendix 7: Mass Transit Economic profile
PPP Net Cost & O&M contract (PPP Gross Cost)
ECONOMIC PROFILE (O&M CONTRACT)
Rolling stocks Investment O&M revenue
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.
YEAR 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
3) EBITDA margin of 40-50%
*O&M revenue includes revenue from provision of operating services and interest income under concession
agreement
ECONOMIC PROFILE (PPP NET COST WITH SUBSIDY)
E&M works Civil works Repayment of gov't subsidy (civil) Farebox revenue
KEY ASSUMPTIONS
1) 3-4 year investment in civil and
E&M works (includes rolling
YEAR stocks)
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
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 Prepared by BTS Group IR 49
AppendicesAppendix 8: Gold Line Phase 1
Project at a glance
TIMELINE
Route Krung Thon Buri – Klong San
(Phase I): 1.8km 3 stations
No. of Stations 3 overground stations (G1 to G3) 15 DEC 2017
• G1: Krung Thon Buri KT awarded civil contract
to ITD
• G2: Charoen Nakorn
• G3: Klong San 27 FEB 2018
Sale and installation of E&M
Type Monorail Feeder Line
works Agreement signed
GOLD PHASE 1 Three 2-Car Automatic People Mover (APM)
Trains
trains 9 MAR 2018
KRUNG THONBURI BTS STATION System Civil work construction began
– KHLONG SAN 1.8KM 4,000-12,000 pphpd (5-6 min headway)
Capacity
E&M AND O&M SERVICES PROVIDED BY BTSC 31 JUL 2018
O&M Services Agreement
Sale and installation of E&M works agreement signed
• E&M value (incl.VAT) of THB 765.59mn
1 AUG 2018
O&M services agreement NTP issued for E&M kick-off
• 30 years from 1st commercial operation date
• O&M services include the operation of trains, Oct 2020
management, maintenance of the mass transit system, Targeted Commercial
fare collection and the procurement of rolling stock Operation Date
• O&M value (incl.VAT) of THB 13,520mn (30 years operation*)
Source: http://www.raillynews.com
*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 Prepared by BTS Group IR 50
AppendicesAppendix 9: Targeted Rail Mass Transit Line
Orange Line – project at a glance
ORANGE LINE (35.9KM, 28 STATIONS) EXPECTED TIMELINE
Western Orange MAY 2017
Civil work construction of
Route Taling Chan – Eastern Orange began
Eastern Orange Thailand Cultural
Center 28 JAN 2020
Length 13.4km Cabinet approved the
project
No. of
11 (underground)
Stations 10-24 Jul 2020
Request for proposal
Western Orange Eastern Orange (RFP) selling period
Route Thailand Cultural 6 Nov 2020
Center - Min Buri Expected bid submission
Length 22.5km Early 2021
Expected best bid winner
No. of 17 (10 underground and announcement
Stations 7 aboveground)
2023
Targeted Commercial
Civil ~THB 111bn* Operation Date for
CAPEX
E&M ~THB 32bn Eastern Orange
Underground Stations 2026
Elevated Stations Targeted Commercial
Operation Date for
Western Orange
BTS Group Investor Presentation Prepared by BTS Group IR 51
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