BTSGIF General Presentation - February 2021
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BTSGIF General Presentation
February 2021
Disclaimer This is not prospectus of BTS Rail Mass Transit Growth Infrastructure Fund (“BTSGIF” or “the Fund”). Investment in the Funds contains certain risk. Before investing, please carefully study the prospectus of the Funds. An investment in investment units shall not be deemed as deposit of money. The unitholders may receive an amount of any return that is more or less than the initial amount invested. Furthermore, the Fund has intention to invest in infrastructure projects which is a long-term investment; as a consequence, the investors ought to be aware of its risks from and returns on investment in investment units. This Fund invests in the future net farebox revenue from the Core BTS SkyTrain System. Its value may decrease along with elapse of the concession term, thus decreasing the value of the investment units accordingly. The unitholders will receive return of initial investment in the form of dividend and capital return. Once the term expires according to the Net Revenue Purchase and Transfer Agreement that the Fund has invested in, the value of the investment units may decrease to Baht zero. This document has been prepared solely for the information purpose. The information contained herein is general and does not constitute advice or opinion, and should not be regarded as a substitute for detailed advice in individual cases. None of this information in this document constitutes an offer to treat, buy or sell any security or to participate in any trading strategy. Third parties cannot derive any rights from this document. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof. Any information given in this document may be subject to change or update without notice. No liability (such as, but not limited to, direct, consequential, special, punitive or indirect damages) will be accepted for any loss sustained by readers as a result of using this document or basing decisions on it. Please note that the investment is not a deposit of money and may be subject to certain risks. The value of your investment may rise or fall and also past performance is not insisting of future performance and shall in no event be deemed as such. For more information relating to the Fund, please visit www.btsgif.com or www.bblam.co.th BTSGIF General Presentation 2
Contents
Page
I. BTSGIF at a Glance 4
II. BTSGIF Investment Highlights 9
III. BTSGIF Performance Summary 18
IV. Conclusion 22
Appendix
Infrastructure Funds (IFFs) 24
BTSGIF’s Structure 28
BTSGIF’s Initial Assets and Right to Purchase 30
Existing Bangkok Mass Transit Network 31
Targeted Lines by BTS Group 32
BTSGIF Farebox Revenue and Costs Forecast 34
BTSGIF Performance 38
Saint Louis Station (S4) 46
Loss on Valuation of Investment 47
BTS Historical Fare Adjustment 51
BTSGIF General Presentation 3
BTSGIF At a Glance
BTSGIF Stock information
✓ BTSGIF is the first Infrastructure Fund in Thailand Stock code BTSGIF
✓ Invest in the 23.5km of BTS Core Network with 9 years concession remaining
Outstanding shares (mn) 5,788
✓ Position to benefit from passenger growth, fare increase and operating
leverage on Core Network Market capitalisation (THB mn)* 28,824
✓ Seek for new opportunities from mass transit infrastructure projects with
strong cash flow potential Market capitalisation (USD mn)* 961
Closing price* 4.98
*as of 29 Jan 2021
THB ≈9 years 8.6%
62.5bn remaining CAGR
Raised from IPO Concession expiry in of Farebox revenue
2029 (19 yrs since inception)
≈ 237mn trips 70.4% THB 0.775
(735,385 trips / Weekday ) EBITDA margin Per unit
Annual ridership of Core BTS SkyTrain Annual payout
in core network (FY 19/20) (FY 19/20)
(FY 19/20)
BTSGIF General Presentation
Section I: BTSGIF at a Glance
4
BTSGIF At a Glance
Invest in 23.5km of BTS Core Network, 9 years concession remaining
Fund summary Initial asset: Core BTS SkyTrain system (until 2029)
Fund Name BTS Rail Mass Transit Growth Infrastructure Fund
(“BTSGIF”)
Sponsors BTS Group Holdings PCL (“BTSG”) and Bangkok Mass
Transit System PCL (“BTSC”)
DARK GREEN
Fund Management BBL Asset Management Co., Ltd. (“BBLAM”) MO CHIT – ON NUT
Company 17.0km
Fund Supervisor Standard Chartered Bank (Thai) Pcl. (“SCBT”)
Initial Asset • Future net farebox revenue (Farebox revenue less
related operating cost and CAPEX) from the Core
BTS SkyTrain system (23.5km)
• Concession period ending 4 December 2029
(approximately 9 years remaining)
• Initial Investment cost : THB 61,399mn
• American Appraisal appraisal value:
THB 61,000mn (Discount rate 9.0%)
LIGHT GREEN
• fnAsia appraisal value: THB 59,400mn (Discount
NATIONAL STADIUM -
rate 8.8%)(1)
SAPHAN TAKSIN
Total Investment Units 5,788mn investment units 6.5km
Par Value THB 10.8 per investment unit
(THB 9.817 per investment unit as of Dec 2020)
• 30-year concession (ending 4 Dec 2029) to exclusively collect ridership fare
Registered Capital THB 62,510.4mn; THB 56,820.8mn as of Dec 2020 (and bear related expenses and capital expenditure)
• 23 stations over 23.5km located at CBD area of Bangkok
Lock-up Arrangement Lock-up of BTSG’s 33.3% holding of BTSGIF units • All investments made by BTSC: Including civil works, E&M and trains
for 10 years from FY 13/14 to FY 22/23 (except land acquisition)
• No revenue sharing or concession fees to BMA
(1) Discount cash flow without adjusting Mid-Year Convention
BTSGIF General Presentation
Section I: BTSGIF at a Glance
5BTSGIF At a Glance
Strong governance framework: one-third investment by BTS with 10 years lock-up
Management structure
BTSG Public Investors
33.3% 66.7%
(lock up 10 yrs from FY 13/14 to FY 22/23)
Fund Supervisor Agreement
Investment Advisory Fund Supervisor
Committee • Appointed by BBLAM (Standard Chartered Bank (Thai))
• Committees must include experts in
• Supervise Fund Management Company
Sky Train business
Fund Management Company • Make payment for fund expenses
BTSGIF • Give investment advice on • Keep fund’s assets
(BBL Asset Management Co. Ltd)
Fund Management investment to fund manager
Infrastructure Fund Manager
• Ongoing management of BTSGIF
• Monitor BTSC’s operation
NRTA* between BTSC and BTSGIF
Nominate Board Representatives at BTSC 97.5%
• Monitor BTSC’s operation and compliance under NRTA
• Exercise veto vote on Reserved Matters
Controls
BTSC Board BTSC
• Comprise of 1/3 from BTSG, 1/3 from BBLAM
and 1/3 as independent directors
• Resolution on Reserved Matters requires
at least 2 votes from BBLAM
* NRTA: Net Revenue Purchase and Transfer Agreement
BTSGIF General Presentation
Section I: BTSGIF at a Glance
6BTSGIF At a Glance
Secure net farebox revenue transferred to BTSGIF
BTSGIF revenue
I. Net farebox revenue (transferred to BTSGIF daily) II. Incentive fee
OPERATING CAPITAL PAYABLE BY BTSGIF TO BTSC ONLY WHEN
FAREBOX REVENUE net of NET FAREBOX REVENUE EXCEEDS BUDGET
EXPENSES EXPENDITURE
▪ All farebox revenue from Cost relevant to the New rolling stock for 1. NO INCENTIVE FEE
passengers in the Core BTS Core BTS SkyTrain the Core BTS If actual net farebox revenue ≤ 100%
SkyTrain system system such as SkyTrain system to of Budget
▪ Other revenue and • maintenance expense, serve future ridership
compensation from any • staff cost, 2. 10% INCENTIVE FEE
person under, arising out of or On actual amount exceeding 100%
• electricity, etc.
relating to concession or the but not exceeding 125% of budget
farebox revenue of the Core
BTS SkyTrain system 3. FEE FROM ITEM 2 PLUS 15% OF THE
▪ Excludes revenue from O&M INCREMENTAL AMOUNT EXCEEDING
business extension, media 125%
business and revenue from If actual amount > 125% of budget
BTSC’s other business
BTSGIF General Presentation
Section I: BTSGIF at a Glance
7Contents
Page
I. BTSGIF at a Glance 4
II. BTSGIF Investment Highlights 9
III. BTSGIF Performance Summary 18
IV. Conclusion 22
Appendix
Infrastructure Funds (IFFs) 24
BTSGIF’s Structure 28
BTSGIF’s Initial Assets and Right to Purchase 30
Existing Bangkok Mass Transit Network 31
Targeted Lines by BTS Group 32
BTSGIF’s Farebox Revenue and Costs Forecast 34
BTSGIF’s Performance 38
Saint Louis Station (S4) 46
Loss on Valuation of Investment 47
BTS Historical Fare Adjustment 51
BTSGIF General Presentation 8BTSGIF Investment Highlights
1 Attractive industry dynamics and strong government support
• Government’s plan is to expand mass transit network from 169.6km currently to 515.2km in 2029
• Market share of mass transit is expected to increase from 13% to over 33% in 2037
• The Thai government has made explicit its policy to develop Bangkok’s infrastructure by investing in mass transit projects
Resilient business with proven track record
2
• Ridership has showed resilient growth, pass through several situations (CAGR 7.6% since inception)
Exclusive concession with flexibility to increase fares
3
• Able to increase fare in the core network without BMA’s or national government’s approval, in case under the authorised fare
Efficient operations with significant operating leverage
4
• Sustainable margin from the strong operational performance and operating leverage
• Good margin compared to regional mass transit peers
5 Ample capacity for future growth with limited CAPEX
• Additional 46x 4-car trains to accommodate passengers in existing network and new Green Line extensions (3x4 car trains were allocated to BTSGIF
and used in the Core Network)
BTSC’s personnel with extensive experience in the mass transit business
6 • Developer: BTS core network constructed in 35 months
• Operator: 20-years’ experience in operating the SkyTrain green line network
Substantial investment opportunities from accretive mass transit expansion
7
• RoFR and call option on BTS existing contracts (30-yr O&M contracts and concession extension) as well as new mass transit lines by BTS
• Also able to seek out non-BTS related infrastructure opportunities and focus on projects with strong cash flow potential
BTSGIF General Presentation
Section II: BTSGIF Investment Highlights
9BTSGIF Investment Highlights
1. Attractive industry dynamics and strong government support
Existing lines (169.6km; 124 stations) Rail mass transit master plan (515km, year 2029E),
33% share of Mass Transit commute by 2042
BLUE
PURPLE LAK SONG - HUA LAM PONG –
KLONG BANG PHAI – BANG SUE – THA PRA
TAO POON 48.0km 38 stations
23.0km 16 stations
ARL
PHAYATHAI -
SUVARNABHUMI
LIGHT GREEN 28.5km 8 stations
NATIONAL STADIUM – BANG WA
14.0km 14 stations
GOLD
KRUNG THON BURI –
KLONG SAN DARK GREEN
1.8km 3 stations KHU KHOT – KHEHA
54.3km 47 stations
Rail mass transit target by government Sources: Office of Transport and Traffic Policy and Planning and Bangkok Metro Politian Administration
Rail length target (km) 515.2 Rail mass transit Pervasion (rail track length
market share* (km) per mn populations)
• Hong Kong 49% ▪ Hong Kong 36.2
• Singapore 46% ▪ Singapore 40.0
121.6
152.4 169.6 • Tokyo 48% ▪ Tokyo 41.6
74.2 84.8 107.8 109.6
• Bangkok 13% ▪ Bangkok 13.9
* Percentage of people using rail mass
transit over other forms of mass transit
2010 2015 2016 2017 2018 2019 2020 2029E Sources: OTP, Singapore’s Land Transport Authority, Hong Sources: United Nations Statistics Division, BTSC, BMCL,
Kong’s Transport Department, MTR Corporation Limited, MTR Corporation Limited, SMRT Corporation Limited,
Source : Office of Transport and Traffic Policy and Planning. SMRT Corporation Limited, Japan Statistic Bureau official websites of rail mass transit system in major cities
BTSGIF General Presentation
Section II: BTSGIF Investment Highlights
10BTSGIF Investment Highlights
2. Resilient business with proven track record
GROWTH (19 YRS)
Farebox revenue (THB mn) Ridership (mn trips)
▪ Farebox revenue CAGR: 8.6%
▪ Ridership CAGR: 7.6% 233 238 241 241 237
215 219
197
6,962
176
6,821
6,814
6,636
6,397
139 144 145
5,874
132 133 136
5,677
118
105
4,896
96
4,297
79
59
3,545
3,485
3,292
3,224
3,066
2,817
2,573
2,294
2,122
1,419
1,780
FY 00/01 FY 01/02 FY 02/03 FY 03/04 FY 04/05 FY 05/06 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20
Aug 11: On Nut – Jul 15: 30-Day
May 09: Opening of Cards Promotion Dec 18:
Silom Line extension Bearing extension adjustment Opening of
Dec 99: BTS SkyTrain opening Aug 16:
May 10: Jan 16: Stored Southern
service opening Opening of Green Line
Mar 07: Opening of Bangkok BRT; Oct – Nov 11: Floods Value Cards
Promotion MRT System
Jul 04: First fare Thai political protests (Purple line) Jul-Sep 19:
Apr 13: Sale of net Cancellation Opening of Blue
Opening of rate
Aug 10: Opening of farebox revenue to BTSGIF line Extension
Bangkok increase Apr 17: Opening of Samrong station
MRT Airport Rail Link Jun 13: Fare increase Aug-Dec 19:
and increase extension fare Opening of
System Nov 13: Thai political protests Aug 17: Opening of the interchange station Northern Green
(Blue line) on MRT System (Blue & Purple line) line extension
Dec 13: Wongwian Yai – Bang Wa Oct 17 : Fare increase
extension opening Jan-Mar 20:
COVID-19
INITIAL GROWTH STABLE GROWTH FASTER GROWTH STABLE GROWTH
RIDERSHIP CAGR (3 YRS): 21% RIDERSHIP CAGR (5 YRS): 5% RIDERSHIP CAGR (5 YRS) 10% RIDERSHIP CAGR (6 YRS): 2%
BTSGIF General Presentation
Section II: BTSGIF Investment Highlights
11BTSGIF Investment Highlights
3. Exclusive concession with flexibility to increase fares
Fare adjustment mechanism Distance-based fare by number of stations
THB 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
AUTHORISED FARE 26.8 33.0 AUTHORISED FARE (APR’13)
30.0
20.1 PRESENT EFFECTIVE FARE (OCT’17)
▪ Normal situation: upon change of Bangkok’s CPI >=5%, may adjust up to 7% 23.0
26.0
(No approval required) POTENTIAL FARE UPSIDE
16.0
▪ Special situation: upon change of CPI (>= 9%), USD/THB foreign
exchange rate, interest rate or electricity costs (BMA approval required)
0 1 2 3 4 5 6 7 8 9 10 11 12 13
NO. OF STATIONS
Historical average fare (excl. extraordinary events) Ridership by ticket types
THB / Trip 5% ONE-DAY PASS
30-DAY PASS (STUDENT)*
1% FY19/20 AVG FARE THB 35.4
FY19/20 AVG FARE THB 22.5
29.0
29.0
28.3
33%
28.0
5%
27.5
26.9
29% 1% 33%
26.4
29%FY18/19 FY19/20
24.8
SJT
30-DAY PASS (ADULT)* FY19/20 AVG FARE THB 32.6
FY19/20 AVG FARE THB 27.7 32%
PURSE (Stored Value Card)*
32% FY19/20 AVG FARE THB 27.6
Average fare (Avg fare) was excluded the extraordinary events
FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20
* Counted as Rabbit Cards (66%)
BTSGIF General Presentation
Section II: BTSGIF Investment Highlights
12BTSGIF Investment Highlights
4. Efficient operations with significant operating leverage
Ridership growth with sustained margin expansion EBITDA margin comparison with regional peers
260 29.0 29.0 29.5 FY 17/18 FY 18/19 FY 19/20
258
256 28.3
254
252 28.0
250
248 27.5 28.5
246 68.8% 70.4%
244
242 66.1%
240 26.9 27.5
238
236 26.4
234 241 241
232
230 238 237 26.5
228
226 233 41.1% 41.9%
224
222
220
218 25.5 29.6%
216
214
212
210 219 24.5
208
206 215
204
202
200
198 23.5
196
194
192
190 22.5
FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 BTS Sky Train* Hong Kong MTR**
Core BTS SkyTrain Ridership (mn trips) Fare (THB per trip) *FY ending 31 Mar 2018, 2019, 2020
**FY ending 31 Dec 2017, 2018, 2019
Key costs breakdown Historical maintenance and overhaul
Capital expenditures 4% (THB mn)
5% 11% 11% 16% 15% 15%
5% 6% 6% 22% General maintenance expenses Major overhaul expenses
Administrative and other 5% 4% 4% 5% 5% 5%
expenses 2% 1% 4% 4% 5% 4%
23% 1% 1% 3%
Selling expenses 21% 20% 18% 18% 1% 18%
16%
Property insurance premium 95 75 115 91
25% 24% 21% 22% 23% 85 124
25% 20% 79
Utilities expenses
383 381 352 363
Maintenance costs 34% 31% 33% 35% 36% 33% 34% 339 342 341
Employees expenses
FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20
FY 13/14 started from 17 April 2013 (Fund establishment) to 31 March 2014.
BTSGIF General Presentation
Section II: BTSGIF Investment Highlights
13BTSGIF Investment Highlights
5. Ample capacity for future growth with limited CAPEX
Previous Fleet NO. OF TRAINS TOTAL CARRIAGES CAPACITY INCREASE INDICATIVE CAPEX
(CUMULATIVE) (THB mn)
X35 105 FULLY PAID
X12 48 FULLY PAID
35 FULLY PAID
Already operated in May 2013
X5 20 FULLY PAID
Already
Alreadyfully
fullyoperated
operatedininFeb
Feb2014
2014
Total Previous Fleet X52 208
Fleet Expansion
X22*** 88 +42.3%
Expect to order in 2017, expect to be delivered
Already in 2019
fully delivered
~THB 9.8bn
X24 96 +32.4%
Already fully delivered
Total New Fleet X46 184 SYSTEM DESIGN CURRENT
CAPACITY CAPACITY
* Passenger per hour per direction based on 6-car trains and 2min frequency in sky line OF 50,000 PPHPD* OF 25,000** PPHPD
** Based on 4-car trains and 2.4min frequency in sky line (Sukhumvit Line)
*** The 3 new four-carriage trains (totaling 12 carriages) was added to the core line. Cost to be allocated to BTSGIF was estimated at THB 652mn.
BTSGIF General Presentation
Section II: BTSGIF Investment Highlights
14BTSGIF Investment Highlights
6. BTSC’s personnel with extensive experience in the mass transit business
The BTSC team is composed of personnel with extensive experience in the mass transit business
• 20-year track record
Reliable • All operations conducted in-house
operations team • Service reliability recognised globally to be of a high standard
• Maintained full service operation and suffered no major asset damage during natural disasters
• Lloyd’s Register: Certificate of Safety Management Systems
• OHSAS 18001:2007: Certificate of Cleanliness and Safety
Impeccable safety
• ISO9001:2008
record
• No major system accidents in the past 20-year operation
• Mr. Keeree Kanjanapas • Mr. Surapong Laoha-Unya • Dr. Anat Arbhabhirama
Executive Chairman Executive Director / Chief Executive Officer / Executive Committee Member /
Strong (Acting) Chief Administrative Officer Chairman of Advisory Committee
management
• Mr. Kong Chi Keung • Mr. Sumit Srisantithum
expertise
Executive Committee Member / Executive Committee Member /
Chief Financial Officer Chief Operating Officer
BTSGIF General Presentation
Section II: BTSGIF Investment Highlights
15BTSGIF Investment Highlights
7. Substantial investment opportunities from accretive mass transit expansion
Existing BTS SkyTrain (68.3km under O&M contracts) BTS Group’s Other Lines
44.8km of existing extensions & 23.5km of core network (post 2029) 66.7km Gold Line, Pink & Yellow Monorail Lines
EXT. ZONE II : 32.0KM PINK
KHAE RAI – MIN BURI
EXT. ZONE II 34.5KM
NORTHERN GREEN LINE
MO CHIT - KHU KHOT
EXT. ZONE I : 12.8KM 19.0KM GOLD PHASE 1
EXT. ZONE I YELLOW
KRUNG THONBURI BTS
SAPHAN TAKSIN – STATION – KHLONG SAN LAT PHRAO – SAM RONG
BANG WA 1.8KM 30.4KM
EXT. ZONE I
7.5KM
ONNUT – BEARING
5.3KM
EXT. ZONE II 77.5 km targeted lines by BTS Group for bidding in the next 4 years
BEARING - KHEHA BTS TARGET ROUTE AUTHORITY DISTANCE NO. OF EXPECTED
13.0KM (KM) STATION OPERATING
GREEN EXT. BANG WA - TALING CHAN BMA 7.0 6 2025
BTSC to receive pre-determined annual O&M fee for the O&M for BTS existing (WESTERN)
contracts (O&M contracts and concession extension)
LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2024
I. Green line extension zone I (ending 2 May 2042)
GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2024
Sukhumvit Extension (On Nut – Bearing) and
Silom Extension (Saphan Taksin – Bang Wa) ORANGE (E) THAILAND CULTURAL MRTA 22.5 17 2023
CENTER - MIN BURI
II. Green line extension zone II (ending 2 May 2042)
ORANGE (W) BANG KHUN NON - THAILAND MRTA 13.4 11 2026
Sukhumvit Extension (Bearing – Kheha and Ha Yaek Lat Prao – Khu Khot) CULTURAL CENTER
III. Core SkyTrain System after concession expires
(12 years from 5 Dec 2029 to 2 May 2042) Under construction
BTSGIF General Presentation
Section II: BTSGIF Investment Highlights
16Contents
Page
I. BTSGIF at a Glance 4
II. BTSGIF Investment Highlights 9
III. BTSGIF Performance Summary 18
IV. Conclusion 22
Appendix
Infrastructure Funds (IFFs) 24
BTSGIF’s Structure 28
BTSGIF’s Initial Assets and Right to Purchase 30
Existing Bangkok Mass Transit Network 31
Targeted Lines by BTS Group 32
BTSGIF Farebox Revenue and Costs Forecast 34
BTSGIF Performance 38
Saint Louis Station (S4) 46
Loss on Valuation of Investment 47
BTS Historical Fare Adjustment 51
BTSGIF General Presentation 17BTSGIF Performance Summary
Financial performance summary
Income Statement (THB mn) FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 1 BTSGIF has achieved remarkable total income growth since
inception. For FY 19/20, total income increased by 4.3% YoY from
1 Total income 4,497.4 4,593.5 4,712.4 4,620.7 4,818.7
more cost efficient operations which led to an increase in income
Income from investment in NRTA 4,475.3 4,576.0 4,696.3 4,603.0 4,798.4 from investment in NRTA.
Total fund expense (THB mn) (476.9) (110.9) (90.9) (95.3) (88.7)
2 Net investment income (THB mn) 2 Net investment income (to be paid to unitholders).
4,020.5 4,482.6 4,621.5 4,525.4 4,730.0
3 Total distribution available to unitholders 4,391.5 4,498.8 4,621.5 4,525.4 4,690.2
3 BTSGIF paid its total distribution to unitholders in 2 forms
Balance Sheet (THB mn) i) dividend payment (at least 90% of adjusted net profit)
NAV 66,783.6 67,025.8 66,588.0 60,119.3 53,408.0 ii) capital return from amortisation of fund issuance cost (for FY
4 Interest bearing Debt
13/14 to FY 15/16) and from a decrease in value of Investment
- - - - -
(NAV).
Per unit Data (THB per unit)
4 Currently, BTSGIF has no interest bearing debt. Per IFF criteria, BTSGIF
NAV per unit 11.5382 11.5801 11.5045 10.3868 9.2273 is able to leverage at maximum of 3 times of equity.
Dividend per unit 0.692 0.772 0.798 0.611 0.284
Capital return per unit 0.064 0.000 0.000 0.169 0.491 Core network ridership and fare*
Total distribution available to unitholders 29.0 29.0
0.756 0.772 0.798 0.780 0.775 28.3
per unit 28.0
27.5
Capital per unit (beginning period) 10.675 10.611 10.611 10.611 10.442 26.9
26.4
238 241 241
237
Key ratio 233
Dividend yield* 6.5% 7.3% 7.5% 5.8% 2.7% 219
215
4 Debt/Equity No leverage
FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20
* Dividend per unit / capital per unit Core BTS SkyTrain Ridership (mn trips) Fare (THB per trip)
* The fare was excluded the extraordinary events
BTSGIF General Presentation
Section III: BTSGIF Performance Summary
18BTSGIF Performance Summary
Key financial highlights
Revenue (gross farebox revenue) Income from investment in NRTA
THB mn Farebox revenue Farebox revenue Growth (%YoY) THB mn Income from investment in NRTA (EBITDA)
Income from investment in NRTA (EBITDA) Growth (%YoY)
13.1%
7.4% 8.9%
3.7% 2.8% 2.1%
-2.1% 4.9% 4.2%
2.2% 2.6%
-2.0%
6,636 6,821 6,962 6,814
5,874 6,397
5,470 4,475 4,576 4,696 4,603 4,798
3,774 3,957
FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20
FY 13/14 started from 17 April 2013 to 31 March 2014
FY 13/14 started from 17 April 2013 to 31 March 2014
Net investment income* Total distribution available to unitholders**
Total distribution available to unitholders
THB mn Net investment income Net investment income Growth (%YoY)
THB mn Total distribution available to unitholders Growth (%YoY)
14.2%
11.5% 12.9%
5.0% 3.1% 4.5% 4.9%
2.4% 2.7% 3.6%
-2.1% -2.1%
4,483 4,622 4,525 4,730 4,392 4,499 4,622 4,525 4,690
4,021 3,707 3,890
3,353 3,520
FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20
FY 13/14 started from 17 April 2013 to 31 March 2014 FY 13/14 started from 17 April 2013 to 31 March 2014
*Income from investment in NRTA less fund expenses **Total distribution available to unitholders includes capital return (paid from excess cash of fund)
BTSGIF General Presentation
Section III: BTSGIF Performance Summary
19BTSGIF Performance Summary
Constant return to unitholders through dividend payment and capital return
Distribution to unitholders Top 10 unitholders (30 Nov 2020)
(Total distribution of THB 31.5bn or THB 5.450 per unit since IPO) No. of Unit % of total
1 BTS GROUP HOLDINGS PLC 1,929,000,000 33.3%
DISTRIBUTION 2 BANGKOK LIFE ASSURANCE PCL 376,689,000 6.5%
- Dividend policy: in aggregate for each financial year, payout shall not be less than 90% 3 LAND AND HOUSE BANK PCL 277,651,100 4.8%
of adjusted net profit1, if the Fund has sufficient retained earning (more than once a year) 4 SOCIAL SECURITY OFFICE 243,817,100 4.2%
- Capital return Policy: to return excess liquidity (if any; i.e. cash from amortisation of 5 LH FINANCIAL GROUP PUBLIC COMPANY 165,460,800 2.9%
fund issuance costs, unrealised loss (non-cash expense)) by way of decreasing unit value. 6 KRUNGTHAI-AXA LIFE INSURANCE PUBLIC 139,878,400 2.4%
COMPANY LIMITED
7 SOUTH EAST ASIA UK (TYPE C) NOMINEES LTD 127,957,324 2.2%
8 MR.KEEREE KANCHANAPAS 123,703,580 2.1%
9 LAND AND HOUSE SECURITIES PUBLIC 104,757,800 1.8%
Capital Return Dividend COMPANY LIMITED
10 MUANG THAI LIFE INSURANCE PCL 70,218,200 1.2%
Unitholders breakdown by type (30 Nov 2020)
0.775
0.756 0.772 0.798 0.780
0.731
BTS Group,
0.579 0.798 0.611 Individual -
0.606 0.692 0.772 0.284 33.3%
Foreign, 0.4%
0.259
0.579
0.000 Institutional -
0.491 Foreign, 5.4% Total 5,788 mn
0.064 0.000 0.000 0.259
0.000 0.125 0.169 shares
FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 9M 20/21 Individual - Institutional -
Thai, 22.8% Thai, 38.1%
1 Adjusted net profit = BTSGIF net profit less unrealised gain from the appraisal of assets and other adjustment items
to be in line with the cash-basis of BTSGIF
BTSGIF General Presentation
Section III: BTSGIF Performance Summary
20Contents
Page
I. BTSGIF at a Glance 4
II. BTSGIF Investment Highlights 9
III. BTSGIF Performance Summary 18
IV. Conclusion 22
Appendix
Infrastructure Funds (IFFs) 24
BTSGIF’s Structure 28
BTSGIF’s Initial Assets and Right to Purchase 30
Existing Bangkok Mass Transit Network 31
Targeted Lines by BTS Group 32
BTSGIF Farebox Revenue and Costs Forecast 34
BTSGIF Performance 38
Saint Louis Station (S4) 46
Loss on Valuation of Investment 47
BTS Historical Fare Adjustment 51
BTSGIF General Presentation 21Conclusion
Investment Highlights
Delivering on Investors Expectation
• Yield through dividend payment and capital return
• Tax benefit (exempt 10% income tax from dividend receipt for 10 years for individual)
Security
• Creditor step-in rights
• 1/3 of BTSC board membership are nominated by the Fund
• BTSG pledges all of its BTSC shares (97.5%) to guarantee BTSC’s obligations
Sponsor Alignment of Interest
• 1/3 holding by BTS Group
• 10 years lock up until 2023
Growth Opportunities
• Resilience ridership and flexibility to increase fare
• Acquisition growth:-
▪ Call option and RoFR for BTS existing and future lines
- 68.3km (44.8km of existing extensions & 23.5km of core network post 2029) under O&M contracts
- 66.7km BTS Group’s other lines
- 77.5km ongoing projects targeted by BTS Group
▪ Non-BTS infrastructure projects with strong cashflow potential
Ability to Leverage
• Able to leverage up to 3 times of equity
BTSGIF General Presentation
Section IV: Conclusion
22Contents
Page
I. BTSGIF at a Glance 4
II. BTSGIF Investment Highlights 9
III. BTSGIF Performance Summary 18
IV. Conclusion 22
Appendix
Infrastructure Funds (IFFs) 24
BTSGIF’s Structure 28
BTSGIF’s Initial Assets and Right to Purchase 30
Existing Bangkok Mass Transit Network 31
Targeted Lines by BTS Group 32
BTSGIF Farebox Revenue and Costs Forecast 34
BTSGIF Performance 38
Saint Louis Station (S4) 46
Loss on Valuation of Investment 47
BTS Historical Fare Adjustment 51
BTSGIF General Presentation 23Infrastructure Funds (IFFs)
Appendix: Background of Infrastructure Fund
What is an Infrastructure Fund? 12 categorised assets in Infrastructure Fund
1. Rail mass transit 8. Alternative energy
An Infrastructure Fund is an entity that raises capital
2. Power plant 9. Water supply management/ Irrigation
from the public to invest in 12 infrastructure assets.
3. Water supply 10. Natural disaster preventive system
Infrastructure Assets
Assets Owner 4. Toll road/ Express way 11. Waste management
5. Airport 12. Multi-infrastructure relevant to
Infrastructure Fund 6. Deep seaport 11 types above
7. Telecommunication
Investor Public Investors
Key benefits of Infrastructure Fund
Tax efficient investment vehicle that allows public market participants
Purpose of Infrastructure Fund (institutional and retails) access to yield generating infrastructure investments.
Government and Capital Market Regulatory Bodies’ initiative
• To develop the country's infrastructure ✓ IFF is exempted from corporate income tax in Thailand
• To allow access to infrastructure projects for a broader range of investors ✓ Dividends received by individuals (Thailand and non-Thai) will be exempt
from income tax for 10 years
• New financing alternative in order to speed up country’s infrastructure
projects and to release public debt burden ✓ Payout of not less than 90% of adjusted net income p.a.
24
BTSGIF General Presentation
Appendix: Background of Infrastructure Fund
24Infrastructure Funds (IFFs)
Appendix: Key features of IFFs (an alternative tax efficient structure)
Infrastructure Fund (IFF) Property Fund (PFUND) Real Estate Investment Trust (REIT)
Permissible investment assets • 12 specified infrastructure assets and Invest in specified types of real estates under • Invest in specified real estates or
• Able to invest in green field projects positive list (whether leasehold or freehold) • Wholly own (not less than 99% of shares) a
i) not exceed 30% of total assets and sell to company established as the REIT (property
public (>= 500 buyers, list the holding business)
investment units in SET) • Able to invest in green field projects (with
ii) exceed 30% of total assets and sell to high some limitations)
net worth investors (HNW) only
(>= 35 buyers, must list the investment units
within 3 years after completion)
Foreign Investment Allowed (but only for projects that benefits widely Not allowed Allowed
to public in Thailand)
Investment Requirement Must invest at least 75% of total asset value in Must invest at least 75% of NAV in real estates Must invest at least 75% of total asset value in
infrastructure assets no later than 6 months from or the leasehold rights of real estates real estates or the leasehold rights of real estates
the fund registration date
Minimum paid-up capital THB 2,000mn THB 500mn THB 500mn
after the offering (THB mn)
Leverage Not exceed 3 times of equity Not exceed 10% of net asset value Not exceed 35% of total asset value
(given no investment credit rating)
Not exceed 60% of total asset value (the REIT
obtains an investment credit rating)
Dividend payout Minimum of 90% of annual adjusted net profit Minimum of 90% of annual adjusted net profit Minimum of 90% of annual adjusted net profit
Tax implication For individual (Thai & foreign): exempt tax on For Thai individual: 10% WHT on dividend / no For individual (Thai & foreign): 10% WHT on
(investor level) dividend for 10 years / no tax on capital gain tax on capital gain dividend / no tax on capital gain
For Thai corporate: 10% WHT on dividend for For Thai corporate: 10% WHT on dividend / For Thai corporate: 10% WHT on dividend / 20%
non-listed company / 20% CIT for dividend 20% CIT for dividend / 20% CIT for capital gain CIT for dividend / 20% CIT for capital gain
(Exempt 50% for non-listed & 100% for listed company For foreign individual & corporate: N/A For foreign corporate: 10% WHT on dividend /
if holding units for not less than 3 months before N/A for capital gain
and after payment date) / 20% CIT for capital gain
For foreign corporate: 10% WHT on dividend /
15% WHT on capital gain
Total market capitalisation* THB 322bn (currently 9 funds in Thailand) THB 327bn (currently 59 funds/REITs in Thailand)
*As of 29 Jan 2021
BTSGIF General Presentation
Appendix: Key features of IFFs
25Infrastructure Funds (IFFs)
Appendix: Infrastructure Funds in Thailand
Sector Transportation & Logistics Info & Communication Technology Energy & Utilities Energy & Utilities
Sponsor Name / BTS Group Holding Public Co., Ltd Jasmine International Public Co., Ltd Buriram Sugar Public Co., Ltd Super Energy Public Co., Ltd
% of shares* (33.33%) (19.00%) (33.05%) (20.00%)
First-day Trade 19 Apr 2013 16 Feb 2015 7 Aug 2017 21 Aug 2019
Size of fund Cap
56.8 78.8 3.1 5.1
(THB bn)*
Par Value (THB)* 9.817 9.0000 and 9.8516 8.84 9.96
No. of Units (mn) 5,788 8,000 350 515
Market Cap**
28.8 77.6 2.1 5.6
(THB bn)
Underlying Asset Future net farebox revenue to be Ownership of 980,000 core kilometers Right to the Net Revenue Purchase Right to the Net Revenue Purchase
generated from the operation of fiber optic network for broadband and Transfer Agreement of Buriram and Transfer Agreement of
the Core BTS SkyTrain System until internet of Triple T Broadband Plc. (TTTBB). Energy Co., Ltd. (expiry in Aug 2028) 17 Aunyawee Co., Ltd. and Health
the Concession Expiry Date, which is The lease of 80% of fiber optic network and Buriram Power Co., Ltd., Planet Management (Thailand)
Dec 2029 will expire in Feb 2026. (expiry in April 2035), subsidiaries Co., Ltd. (expiry in Dec 2041),
The remaining 20%, JASIF can renew of Buriram Sugar Public Company subsidiaries of Super Energy Public
the contract every 3 years Limited (BRR) Company Limited (SUPER)
Mgmt Company BBLAM BBLAM BBLAM BBLAM
* Information as of latest available date on SET
** Information as of 29 Jan 2021
BTSGIF General Presentation
Appendix: Infrastructure Funds in Thailand
26Infrastructure Funds (IFFs)
Appendix: Infrastructure Funds in Thailand (Cont’)
ABPIF DIF EGATIF TFFIF KBSPIF
Info & Communication
Sector Energy & Utilities Energy & Utilities Transportation & Logistics Energy & Utilities
Technology
AMATA B. Grimm Power Co., TRUE Corporation Public Co., Electricity Generating Authority Kornburi Sugar Public
Sponsor Name / % Expressway Authority of Thailand
Ltd Ltd of Thailand Co., Ltd.
of shares* (MOF held 10.00%)
(29.97%) (23.38%) (25.00%) (15.00%)
First-day Trade 27 Sep 2013 27 Dec 2013 13 Jul 2015 31 Oct 2018 24 Aug 2020
Size of fund Cap
1.9 106.3 20.3 45.5 2.8
(THB bn)*
Par Value /
3.124 10.00 9.718 9.9569 10.00
(THB)*
No. of Units (mn) 600 10,631.7 2,085.5 4,570 280
Market Cap**
1.8 136.1 25.2 41.6 2.7
(THB bn)
Underlying Asset Revenue Sharing Agreement Right to the rental revenues of Future Availability Revenue Right to receive 45% of the Right to receive 62% of
with “B.Grimm 1 and 6,332 telecommunication obtainable from North Net Toll Revenue collected the Revenue from small
B.Grimm 2” which carry out towers and ownership of 9,727 Bangkok Power Plant Block 1, from the initial expressways power plant owned by KKP
power plant business until telecommunication towers, core a Contracted Capacity of 670 for a period of 30 years from under power purchase
Sep 2019 and Sep 2022 fiber-optic cable grids and MW, which is operated and the Transfer Date in the agreement (PPA) with EGAT
respectively in Amata related transmission owned by EGAT, for the Revenue Transfer Agreement (22 MW) and KBS
Nakorn Industrial Estate, equipment (FOC system) and period of 20 years or RTA (3 MW) for the remaining
Chonburi long-term lease of core fiber- period of approx. 19 years
optic cable
Mgmt Company KASSET SCBAM KTAM KTAM & MFC KTAM
* Information as of latest available date on SET
** Information as of 29 Jan 2021
BTSGIF General Presentation
Appendix: Infrastructure Funds in Thailand
27BTSGIF’s Structure
Appendix: Transaction structure
Transaction Structure
BTSG Public Investors
BTSC is awarded a concession from BMA
33.3% 66.7%
• BTSC has rights to operate the system and to
receive revenue from the core 23.5 km (in full)
Cash payment of purchase price
from providing services to the public.
Other BTSG’s BTSC BTSGIF
• At the end concession, BTSC will need to Businesses Transfer of
transfer assets to BMA. Future Net Revenue
• BTSC also provides O&M service to BMA to
operate extension part of sky-train and is thus
Other BTSC’s SkyTrain Receive Net
entitled to receive O&M fee from BMA Future Revenue
Businesses Business
BTSGIF purchases all future net revenue from
BTSC until the end of concession
Conceptual Framework
• BTSC continues to operate the system under Net Revenue Operating Assets
the concession BTSGIF is entitled to receive farebox revenue from BTSC owns assets (including new assets invested
BTSC, net of relevant operating cost and capital during BTSGIF life) and some assets to be
• BTSC will transfer net revenue to BTSGIF (i.e. expenditure transferred to BMA at the end of concession
revenues less operating expenses and capital
expenditure) Key Protection Mechanism for BTSGIF Investor
Protection 1 Protection 2 Protection 3
Right to participate in
Contractual obligations /
corporate governance of BTSC Step-in-mechanism
covenants on BTSC and BTSG
and its business
BTSGIF General Presentation
Appendix: Transaction structure
28BTSGIF’s Structure
Appendix: Structure of Step-in Mechanism
BTSC BTSGIF BTSG BTSGIF
1. Net Revenue Purchase and Transfer Agreement 2. Sponsor Support and Guarantee Agreement
• BTSC to deliver net cash from the core BTS skytrain business to • BTSG to maintain shareholding in BTSC and not to create any
BTSGIF encumbrances over BTSC’s shares
To vote for person nominated by BTSGIF to be BTSC board of
Agreement
•
• BTSGIF can propose to be BTSC’s board of director for 1/3
director
• Reserved matters shall be approved by at least 2 director • BTSG to pledge BTSC’s shares (97.5%) to guarantee obligations
representatives from the Fund
• Guarantee BTSG’s obligation under the Net Revenue Purchase
• BTSGIF approves the operating budget and Transfer Agreement (Liability to BTSGIF limited to the
• BTSGIF has right to purchase and right of first refusal to invest transfer or value of BTSC shares)
in BTSC’s assets • BTSGIF has right to purchase and right of first refusal to invest
• Criteria for new borrowing and new investment of BTSC in BTSG’s assets
BTSGIF can step-in in case of default under 1 or 2
BTSGIF BTSG
Step-in Mechanism
3. Share Sales and Purchase Agreement 4. Share Pledge
• BTSGIF has its right to buy BTSC’ shares • BTSG pledges shares in BTSC to BTSGIF and share certificates
will be deposited with the Trustee
• Exercisable upon EOD under the Net Revenue Purchase and
Transfer Agreement, e.g. breach agreement by either BTSG or • Enforceable by BTSGIF upon breach of BTSG Undertaking or
BTSC BTSG Corporate Guarantee
BTSGIF General Presentation
Appendix: Structure of Step-in Mechanism
29BTSGIF’s Initial Assets and Right to Purchase
Appendix: Initial assets and right to purchase
Initial assets (Core BTS SkyTrain system ) Right to purchase (O&M Business)
SUKHUMVIT EXTENSION
Mo Chit – Khu Khot
19.0km
DARK GREEN
MO CHIT – ON NUT
17.0km
CORE NETWORK
LIGHT GREEN
NATIONAL STADIUM – SUKHUMVIT EXTENSION
SAPHAN TAKSIN
6.5km
On Nut – Kheha
18.3km
SILOM EXTENSION
Saphan Taksin – Bang Wa
7.5km
▪ 30-year concession (ending 4 Dec 2029) to exclusively collect BTSC to receive pre-determined annual O&M fee for the operation
ridership fare (and bear related expenses and capital and maintenance of the system
expenditure)
− Green line extension (ending 2 May 2042)
▪ 23 stations over 23.5 km in CBD: Connecting Bangkok’s most
important business and tourist destinations o Sukhumvit Extension (On Nut – Kheha / Mo Chit – Khu Khot)
▪ All investments made by BTSC: Including civil works, E&M and
trains (except land acquisition) from private sector sources o Silom Extension (Saphan Taksin – Bang Wa)
▪ No revenue sharing or concession fees for BMA − Core SkyTrain System after concession expires (ending 2 May 2042)
BTSGIF General Presentation
Appendix: Initial assets and right to purchase
30Existing Bangkok Mass Transit Network
Total of 169.6km, 124 stations (including 2 common stations, Siam and Tao Poon)
DISTANCE OPERATING
LINE ROUTE (KM) SINCE
DARK GREEN (CORE) MO CHIT – ON NUT 17.0 DEC 99 PURPLE
KHLONG BANG
LIGHT GREEN (CORE) NATIONAL STADIUM – SAPHAN TAKSIN 6.5 DEC 99 PHAI – TAO POON ARL
23.0km 16 stations PHAYATHAI -
BLUE BANG SUE – HUA LAMPHONG 20.0 JUL 04 SUVARNABHUMI
LIGHT GREEN (EXT.) SAPHAN TAKSIN – WONGWIAN YAI 2.2 MAY 09 28.5km 8 stations
AIRPORT LINK (RED LINE) PHAYATHAI – SUVARNABHUMI 28.5 AUG 10
BLUE
DARK GREEN (EXT.) ON NUT – BEARING 5.3 AUG 11 LAK SONG - HUA
LAM PONG – BANG
LIGHT GREEN (EXT.) WONGWIAN YAI – BANG WA 5.3 DEC 13 SUE – THA PRA
48.0km 38 stations
PURPLE KHLONG BANG PHAI – TAO POON 23.0 AUG 16
DARK GREEN (EXT.) BEARING – SAMRONG 1.8 APR 17 DARK GREEN
GOLD KHU KHOT –
BLUE (EXT.) TAO POON – BANG SUE 1.2 AUG 17 LIGHT GREEN
KRUNG THON BURI – KHEHA
NATIONAL STADIUM – KLONG SAN
DARK GREEN (EXT.) SAMRONG – KHEHA 11.2 DEC 18 54.3km 47 stations
BANG WA 1.8km 3 stations
14.0km 14 stations
DARK GREEN (EXT.) MO CHIT – HA YAEK LAT PHRAO 1.8 AUG 19
BLUE (EXT.) HUA LAMPHONG – LAK SONG 16.0 SEP 19
DARK GREEN (EXT.) HA YAEK LAT PHRAO – KASETSART U. 3.2 DEC 19 AVERAGE WEEKDAY RIDERSHIP MARKET SHARE IN 2019 (JAN-DEC)
BLUE (EXT.) TAO POON – THA PRA 10.8 DEC 19
DARK GREEN (EXT.) KASETSART U. – WAT PRA SRI 4.2 JUN 20 787,000 (61%)
DARK GREEN (EXT.) WAT PRA SRI – KHO KHOT 9.8 DEC 20 433,000 (33%)
*BEM ridership excluded purple line. BTS ridership, BEM ridership and
GOLD KRUNG THON BURI – KLONG SAN 1.8 DEC 20
ARL ridership were based on company’s website as of 2019.
79,000 (6%)
CORE NETWORK EXTENSIONS TO OUR CURRENT CORE NETWORK Total Average Weekday Ridership of 1.3mn trips
BTSGIF General Presentation
Appendix: Existing Bangkok Mass Transit Network
31Targeted Lines by BTS Group
Focused on 5 lines in next 4 years
77.5km interested line for bidding in next 4 years
Targeted operate Construction No. of Distance
Line Route Authority
year progress station (km)
GREEN EXT. (WESTERN) BANG WA - TALING CHAN BMA 2025 6 7.0
LRT BANG NA - SUVARNABHUMI BMA 2024 14 18.3
GREY (PHASE I) WATCHARAPHON - THONG LO BMA 2024 15 16.3
77.5
km
ORANGE (EASTERN) THAILAND CULTURAL CENTER - MIN BURI MRTA 2023 UNDER CONSTRUCTION 17 22.5
ORANGE (WESTERN) BANG KHUN NON - THAILAND CULTURAL CENTER MRTA 2026 11 13.4
BLUE BANG KHAE - BHUDHAMONTHON 4 MRTA n/a 4 8.0
PURPLE (SOUTHERN) TAO POON - RAT BURANA MRTA 2026 17 23.6
DARK RED BANG SUE – HUA LUM PHONG SRT 2024 5 6.5
DARK RED BANG SUE - RANGSIT SRT 2021 UNDER CONSTRUCTION 8 26.3
LIGHT RED BANG SUE – MAKKASAN – HUAMAK SRT 2024 9 19.0
LIGHT RED BANG SUE – TALING CHAN SRT 2021 UNDER CONSTRUCTION 4 15.0
Total (km) 175.9
EXTENSIONS TO BTS CURRENT LINES LINES CONNECTING TO BTS LINES
Sources: Office of Transport and Traffic Policy and Planning, Mass Rapid Transit Authority of Thailand, Bangkok Metropolitan Administration, State Railway of Thailand, Ministry of Transport, Bangkok Expressway and Metro Public Company
Limited (BEM), BTS Group Holdings Public Company Limited (BTS)
BTSGIF General Presentation
Appendix: Targeted lines by BTS Group
32Targeted Lines by BTS Group
Targeted lines map
ORANGE LINE GREY LINE
• Bang Khun Non – Min Buri (35.9km) • Watcharaphol – Rama 9 Bridge (26.0km)
• Expected O&M award: 2021 • Expected bidding (phase I): 2021
• Target operation: 2023 (eastern) and • Target operation (phase I): 2024
2026 (western)
Phase I: Watcharaphol – Thong Lo (16.3km)
LIGHT RAIL TRANSIT (LRT)
• Bang Na – Suvarnabhumi (18.3km).
• Expected bidding: 2021
WESTERN GREEN LINE EXTENSION • Target operation: 2024
• Bang Wa – Taling Chan (7.0km)
• Expected O&M award: 2022
• Target operation: 2025
Sources:
Office of Transport and Traffic Policy and Planning,
Mass Rapid Transit Authority of Thailand,
Bangkok Metropolitan Administration,
Ministry of Transport, BTS Group Holdings PCL.
BTSGIF General Presentation
Appendix: Targeted lines by BTS Group
33BTSGIF Farebox Revenue and Costs Forecast
Appendix: Forecasted Ridership until FY 29/30 by Systra MVA (Thailand)
Ridership forecast
Actual ridership Forecasted ridership YoY growth (%)
56.4%
44.7%
1.9% 6.3% 2.4% 1.3% 5.3% 4.4% 4.3% 5.3% 3.1% 2.6%
-0.1% -1.7% 0.4%
112.2
341.3
331.0
314.2
312.8
299.9
287.3
272.9
241.2
241.0
238.0
237.9
236.9
232.5
218.7
214.7
-49.1%
174.5
120.6
Note: These projections were derived from valuation report as of 31 Dec 2020 by C.I.T. Appraisal Co., Ltd. (CIT) which the forecast and assumptions were based on Systra MVA (Thailand),
except FY 20/21F and FY 21/22F which were based on BTSC. FY 13/14A, ridership was for the full year of FY 13/14. FY29/30F (1 Apr 29 – 4 Dec 29), ridership growth was prorated to the full year.
CAGR CAGR CAGR CAGR
Ridership Fare FB Revenue Net FB Revenue
(FY 18/19 – FY 29/30) (FY 18/19 – FY 29/30) (FY 18/19 – FY 29/30) (FY 18/19 – FY 29/30)
3.5% 2.5% 6.0% 7.7%
BTSGIF General Presentation
Appendix: Forecasted ridership until FY 29/30
34BTSGIF Farebox Revenue and Costs Forecast
Appendix: Forecasted Farebox Revenue until FY 29/30 by Systra MVA (Thailand)
Forecasted farebox revenue derived from valuation report
Actual farebox revenue Forecasted farebox revenue Farebox revenue growth (%YoY)
69.9%
44.2%
3.5% 8.9% 3.7% 2.8% 2.1% 6.2% 9.7% 5.6% 5.0% 5.0% 7.9% 3.4%
-2.1%
4,250
12,823
11,879
11,317
10,779
-47.5%
10,204
9,301
9,008
8,761
6,962
6,821
6,814
6,636
6,397
5,874
5,677
5,156
3,577
Note: These projections were derived from valuation report as of 31 Dec 2020 by C.I.T. Appraisal Co., Ltd. (CIT) which the forecast and assumptions were based on Systra MVA (Thailand), except FY 20/21F and
FY 21/22F which were based on BTSC. FY 13/14A, farebox revenue was for the full year of FY 13/14. FY29/30F (1 Apr 29 – 4 Dec 29), farebox revenue growth was prorated to the full year.
BTSGIF General Presentation
Appendix: Forecasted farebox revenue until FY 29/30
35BTSGIF Farebox Revenue and Costs Forecast
Appendix: Forecasted Net Cashflow until FY 29/30 from Valuation Report
Actual net cashflow Forecasted net cashflow per Systra MVA (Thailand) & Infra Asia (Thailand) Net cashflow growth (YoY)
98.5%
79.1%
4.9% 13.1% 3.4% 10.1% 14.3% 6.8% 5.1% 5.4% 12.4% 4.1%
1.5% -2.0% 3.4%
3,353
10,049
8,942
-64.5%
8,480
8,066
7,553
7,107
6,607
6,003
4,758
4,696
4,603
4,543
4,475
3,957
3,774
3,352
1,688
Note: Net cashflow has deducted additional investment costs for the construction and improvement of S4 and S6 stations.
These projections were derived from valuation report as of 31 Dec 2020 by C.I.T. Appraisal Co., Ltd. (CIT) which the forecast and assumptions were based on Systra MVA (Thailand) and Infra Asia
(Thailand) Ltd., except FY 20/21F and FY 21/22F which were based on BTSC. FY29/30F (1 Apr 29 – 4 Dec 29), net cashflow growth was prorated to the full year.
BTSGIF General Presentation
Appendix: Forecasted net cash flow until FY 29/30
36BTSGIF Farebox Revenue and Costs Forecast
Appendix: Costs and additional investment projection
Key costs guidance
Normalised guidance p.a. (THB mn)
% of total
from FY 20/21 to FY 28/29 (9 years)
*Maintenance expenses mainly composed of
OPEX 2,325 91% Siemens lump-sum contracts for previous and
Maintenance expenses* 840 33% 3 new trains, expected THB 441mn p.a. (avg on
Staff cost 729 29% a smooth basis) and the non-Siemens lump-sum
Utilities expense 498 19% contract (in-house P&C maintenance).
Others 257 10%
CAPEX 165 6% Source: Estimated by the Fund based on Infra
Asia forecast and assumptions as of Apr 2020
Additional Investment 72 3%
and updated OPEX, CAPEX and additional
Total costs and additional investment 2,562 100% investment from BTSC.
Costs and Additional Investment Projection
Unit: THB mn
2,836 2,937
OPEX CAPEX (others) CAPEX (rolling stocks) Additional Investment 2,758 2,694 2,713 2,774
2,651
2,713
2,628
2,359
2,578
2,369
2,551
2,412
2,487
2,093 2,125 2,056
1,917 1,922 1,900
1,851
1,889 1,804
1,696
1,804
1,727
1,711
1,702
1,710
1,781
1,531
1,654
1,620
83 424 143 106 88 169
251 171 161 - 162 225
207 220 33 150 84 40 252 260 220 120 164 162 209 196 119
75
- - - - - - -
FY 13/14A FY 14/15A FY 15/16A FY 16/17A FY 17/18A FY 18/19A FY 19/20A FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 FY 26/27 FY 27/28 FY 28/29 FY 29/30
Sources: Estimated based on valuation report from C.I.T. Appraisal Co., Ltd. (CIT) which the forecast and assumptions were based on Infra Asia (Thailand) Ltd.’s report and updated OPEX, CAPEX and
additional investment from BTSC.
BTSGIF General Presentation
Appendix: Costs and additional investment projection
37BTSGIF Performance
Appendix: Income Statement
FY 19/20 FY 18/19 FY 17/18 FY 16/17
(Unit: THB mn) (1 Apr 19- (1 Apr 18- (1 Apr 17 - (1 Apr 16 -
31 Mar 20) 31 Mar 19) 31 Mar 18) 31 Mar 17)
Income from investment in NRTA 4,799 4,603 4,696 4,576
Interest income 20 18 16 18
Total Income 4,819 4,621 4,712 4,594
Fund management fee and expenses 74 85 81 83
Amortisation of issuance costs - - - 16
Other expenses 15 10 10 12
Total Expenses 89 95 91 111
Net Investment Income 4,730 4,525 4,621 4,483
Total gains (losses) on valuation of investments (6,730) (6,300) (400) 367
Changes in Net Assets resulting from Operations (2,000) (1,775) 4,221 4,850
Net Investment Income Margin (%) 98% 98% 98% 98%
THB/Unit THB/Unit THB/Unit THB/Unit
Net income available to the unitholders (to be paid as dividend if the
(2,000) (0.345) (1,775) (0.306) 4,221 0.729 4,483 0.774
Fund has sufficient retained earnings)
Add back excess liquidity from
- loss on valuation of investments* 6,690 1.155 6,300 1.088 400 0.069
- Amortisation of issuance cost - - - - - - 16 0.003
Total distribution available to unitholders 4,690 0.810 4,525 0.781 4,621 0.798 4,499 0.777
* Net from investment cost for Suksa Wittaya station of THB 40.0mn in FY 19/20
BTSGIF General Presentation
Appendix: BTSGIF Income Statement
38BTSGIF Performance
Appendix: Income Statement
Unit (THB mn) 3Q 20/21 3Q 19/20 % YoY 2Q 20/21 % QoQ 9M 20/21 9M 19/20 %YoY
Income from investment in NRTA
805 1,270 (37)% 737 9% 1,683 3,820 (56)%
(see details in slide 41)
Interest income 1 5 (74)% 1 95% 4 16 (76)%
Total Income 806 1,275 (37)% 738 9% 1,687 3,836 (56)%
Fund management fee and expenses 16 18 (11)% 16 (3)% 51 57 (11)%
Other expenses 1 0 112% 3 (65)% 6 12 (50)%
Total Expenses 17 18 (7)% 20 (14)% 57 69 (18)%
Net Investment Income 789 1,257 (37)% 718 10% 1,630 3,767 (57)%
Total net losses on valuation of
(2,965) (208) N/A (27) N/A (2,229) (822) (171)%
investments
Changes in Net Assets resulting from
(2,176) 1,049 (308)% 691 (415)% (599) 2,945 (120)%
Operations
Net Investment Income Margin (%) 98% 99% 97% 97% 98%
THB/Unit THB/Unit THB/Unit THB/Unit THB/Unit
Net income available to the
unitholders
(2,176) (0.376) 1,049 0.181 (307)% 691 0.119 (415)% (599) (0.104) 2,945 0.508 (120)%
(to be paid as dividend if the fund
has sufficient retained earnings)
Add back excess liquidity from loss on
2,900 0.501 200 0.034 N/A 10 0.002 N/A 2,100 0.363 800 0.138 163%
valuation of investments*
Total distribution available
724 0.125 1,249 0.215 (4)% 701 0.121 3% 1,501 0.259 3,745 0.646 (60)%
to unitholders
* Net from investment cost for Saint Louis station of THB 65.7mn in 3Q20/21, THB 17.2mn in 2Q20/21, THB 7.9mn in 3Q19/20, THB 129.7mn in 9M20/21 and THB 22.5mn in 9M19/20
BTSGIF General Presentation
Appendix: BTSGIF Income Statement
39BTSGIF Performance
Appendix: Total Income from Investment in NRTA
FY 19/20 FY 18/19 FY 17/18
(Unit: THB mn) (1 Apr 19 – (1 Apr 18 – % YoY (1 Apr 17 – % YoY
31 Mar 20) 31 Mar 19) 31 Mar 18)
Farebox revenues 6,814 6,963 1 (2)% 6,821 2%
Total O&M costs 2,016 2,360 (15)% 2,125 11%
Employees expenses 693 786 (12)% 759 4%
Maintenance costs 466 468 (0)% 464 1%
Utilities expenses 373 384 (3)% 376 2%
Property insurance premium 17 21 (20)% 22 (2)%
Selling expenses 72 78 (8)% 82 (5)%
Administrative and other expenses 91 115 (21)% 101 14%
Capital expenditures 304 508 (40)% 321 58%
Total income from investment in NRTA 4,798 4,603 4% 4,696 (2)%
Income from investment in NRTA margin (%) 70% 66% 69%
1 In FY 18/19, farebox revenue was after deducting net free-trip allowance to passengers from train services disruption of THB 18.5mn.
BTSGIF General Presentation
Appendix: BTSGIF Total Income from Investment in NRTA
40BTSGIF Performance
Appendix: Total Income from Investment in NRTA
3Q 3Q Change 2Q Change 9M 9M Change
Unit (THB mn) % YoY % QoQ % YoY
20/21 19/20 (YoY) 20/21 (QoQ) 20/21 19/20 (YoY)
Farebox revenues 1,167 1,816 (649) (36)% 1,143 25 2% 2,863 5,357 (2,494) (47)%
Total operating and maintenance
362 546 (184) (34)% 406 (44) (11)% 1,180 1,537 (357) (23)%
costs
Employees expenses 125 212 87 (41)% 170 (45) (27)% 441 545 (104) (19)%
Maintenance costs 114 111 3 3% 116 (2) (1)% 341 325 16 5%
Utilities expenses 79 92 (13) (14)% 85 (6) (6)% 244 282 (38) (14)%
Property insurance premium 0 0 0 N/A 0 0 N/A 0 0 (0) (52)%
Selling expenses 14 18 (4) (20)% 14 (0) (1)% 39 53 (14) (27)%
Administrative and other expenses 15 20 (5) (28)% 15 0 0% 47 66 (19) (29)%
Capital expenditures 15 93 (78) (84)% 6 9 134% 68 265 (197) (74)%
Total income from investment in
805 1,270 (465) (37)% 737 68 9% 1,683 3,820 (2,137) (56)%
NRTA
Income from investment in NRTA
69% 70% 64% 59% 71%
margin (%)
BTSGIF General Presentation
41
Appendix: BTSGIF Total Income from Investment in NRTABTSGIF Performance
Appendix: Balance Sheet
(Unit : THB mn) 30 Dec 2020 31 Mar 2020 31 Mar 2019 31 Mar 2018
Investment in NRTA 50,310 52,410 59,100 65,400
(at cost) 61,602 61,472 61,432 (61,432)
Investment in Securities and Cash 875 998 1,173 1,216
Other Assets 184 54 5 65
Total Assets 51,369 53,462 60,278 66,681
Total Liabilities 88 54 159 93
Net Asset Value 51,281 53,408 60,119 66,588
Capital Received from Unitholders 56,821 58,349 61,416 61,417
Retained Earnings (5,540) (4,941) (1,297) 5,171
NAV per Unit (THB) 8.8598 9.2273 10.3868 11.5045
BTSGIF General Presentation
Appendix: BTSGIF Balance Sheet
42BTSGIF Performance
Appendix: Historical Distribution
TOTAL RETURN Capital Return Dividend
Dividend Payment: Payout of not less than 90% of adjusted net profit1 p.a.
and retained earnings (quarterly payment), and
0.798 0.780 0.775
prohibit to pay dividend if the fund had retained deficit. 0.731 0.756 0.772
0.579 0.798
Capital Return: The Fund has excess liquidity (cash from amortisation of 0.606 0.692 0.772 0.611 0.284
0.259
fund issuance costs and unrealized loss on investment 0.579
0.000
(non-cash expense)) and reduce its registered capital 0.491
0.000 0.064 0.000 0.000 0.259
1 Adjusted net profit = BTSGIF net profit less unrealised gain from the appraisal of assets and 0.125 0.169
other adjustment items to be in line with the cash-basis of BTSGIF FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 9M 20/21
FY Period No. Dividend Payment No. Capital Return Total
(THB per unit) (THB per unit) (THB per unit)
13/14 17 Apr 2013 – 31 Mar 2014 1-4 0.579 - - 0.579
14/15 1 Apr 2014 – 31 Mar 2015 5-8 0.606 1-2* 0.125 0.731
15/16 1 Apr 2015 – 31 Mar 2016 9-12 0.692 3 0.064 0.756
16/17 1 Apr 2016 – 31 Mar 2017 13-16 0.772 - - 0.772
17/18 1 Apr 2017 – 31 Mar 2018 17-20 0.798 - - 0.798
18/19 1 Apr 2018 – 31 Mar 2019 21-23 0.611 4 0.169 0.780
19/20 1 Apr 2019 – 31 Mar 2020 24-25 0.284 5-8 0.491 0.775
9M 20/21 1 Apr 2020 – 30 Dec 2020 - - 9-10 0.259 0.259
Total 17 Apr 2013 – 30 Dec 2020 1-25 4.342 1-10 1.108 5.450
* Payout from FY13/14 – 14/15 performances
BTSGIF General Presentation
Appendix: Historical Distribution
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