2 Q 20 2019 19/20 BTS GROUP EAR ARNIN INGS PR PRESENTATIO ION 19 19 Nov ovem embe ber r 201 2019
Dis isclaimer Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public Company Limited (the “Company”) before making a decision to invest in Securities. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. It shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchange or a solicitation to sell or exchange any securities of BTS Group Holdings PCL (the "Company") or any of its subsidiaries in the United States of America or in any other jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions contained herein are subject to change without notice. None of the Company nor any of its subsidiaries accepts any obligation to update or otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of the Company or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of the Company. Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of the Company’s management in light of the information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise or representation of the Company as to the future. BTS Gro roup Ear arnings Pres Presentation prepared by Investor Relations department 2 BTS BTS Grou oup Hol Holding dings PCL
BTS Group Up Update Our ur Ach Achievement in in Sus Sustainable Dev Development “GROWING SUSTAINABILITY GROWING TOGETHER ” 1st time included in the Thailand Sustainability Investment (THSI) list 2019 2nd ti 2nd time me member in Dow Jones Plat atinum Awar ard of the Asset ESG Sustainability Indices (DJSI) Corporate Award 2019 which is the in the Emerging Markets 2019 Asia longest-running ESG awards ( 2 nd Rank in the Transportation Sector ) Be Best Inv nvestor Relatio tions Team Awar ard in 2019 BTS Gro roup Ear arnings Pres Presentation prepared by Investor Relations department 3 BTS BTS Grou oup Hol Holding dings PCL
Agenda SECTION 1 SE 2Q 20 2Q 2019/20 FIN FINANCIAL PER ERFORMANCE SECTION 2 SE BUSINESS UP UPDATES SE SECTION 3 APPENDICES BTS Gro roup Ear arnings Pres Presentation prepared by Investor Relations department 4 BTS BTS Grou oup Hol Holding dings PCL
2Q Q 20 2019/20 Hig ighlights ts FIN INANCIAL POSITION P&L L HIGH GHLIGHTS 6M CA 6M CASH FLOW Solid growth in Balance sheet Financing cash earmarked for profitability remains strong investments in Mass Transit projects Ope peratin ing Revenue of f THB THB 11.4bn Cash & Li Cas Liqu quid id Investments Cash rece Cas ceiv ived THB THB 18. 8.3b 3bn (28)% YoY fr from om the issu ssuance of f Gr Green Bond ond THB 13bn THB 3bn Cas Cash rece ceiv ived Low leverage from fr om the exercis ised BTS TS-W4 W4* Ope peratin ing EBITDA of f THB THB 1.8b 8bn THB THB 7.5 bn bn +30% YoY Adj djusted Net D/E D/E 0. 0.90x 90x Net investments in Recor cord Net Recu currin ing g Profit fit of f 1.1bn Pink k & Yellow Li Lines & Green Extension Gr ion + 36% YoY THB 11.1bn THB bn *Additional THB 2.0bn from the exercised BTS-W4 on 30 Sep 2019 was recognised under receivables from exercise of warrants BTS Gro roup Ear arnings Pres Presentation prepared by Investor Relations department 5 BTS BTS Grou oup Hol Holding dings PCL Section 1: 2Q 2019/20 Financial Performance
2Q Q 20 2019/20 Overview P&L &L SNAPSHOT INCOME STATEMENT (THB mn mn) 2Q Q 2019/20 2Q Q 2018/19 % YoY 1Q 2019/2 /20 % % QoQ 1H H 2019/20 1H H 2018/1 /19 %Yo YoY Operating Revenue 1 11,359 15,818 (28)% 9,086 25% 20,445 18,908 8% Gross operating profit 2,390 1,836 2,178 30% 10% 4,568 3,347 36% Operating EBITDA 2 1,814 1,401 30% 1,663 9% 3,476 2,558 36% Recurring net profit – after MI 1,131 1,006 830 36% 13% 2,137 1,302 64% Accounting EBITDA 2,599 1,681 55% 2,073 25% 4,672 2,795 67% Net income (loss) 3 1,278 670 91% 894 43% 2,171 1,057 105% Gross operating profit margin (%) 22.3% 17.7% 21.0% 11.6% 24.0% Accounting EBITDA margin (%) 21.4% 14.3% 21.4% 10.3% 21.5% Recurring net profit margin – after MI(%) 9.9% 6.7% 9.4% 5.1% 10.5% Operating EBITDA margin (%) 16.0% 8.9% 18.3% 17.0% 13.5% 1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding non-mass transit interest income 3 to equity holders of the parent 2Q Q 20 2019/20 OPE OPERATING REV REVENUE BR BREAKD KDOWN OPERATING REV OPE REVENUE COMPARISON (YoY) ( THB mn) Media Me 14% (36 36)% 32% 32% 15% 101% 1% Mass Tran Mas ransit 80% Property (5,123) 15,818 1% 261 11,359 390 13 Se Services 5% 5% 2 Q FY18/19 2 Q FY19 / 20 Q2 FY18/19 Mass Transit Media Property Services Q2 FY19/20 BTS Gro roup Ear arnings Pres Presentation prepared by Investor Relations department 6 BTS BTS Grou oup Hol Holding dings PCL Section 1: 2Q 2019/20 Financial Performance
6M M 20 2019/20 Cas ash Flo Flow Snapshot CFO CFI CFF • Profit before tax of THB 3.0bn, deducted • Net investment for construction of the Pink and • An increase in long-term debentures of THB 13.0bn by Yellow lines of THB 5.8bn from BTSG issued ‘Green Bond’ debentures • Non-cash reconciling items of THB 0.8bn • Cash paid for purchase of investment properties • Net increase in long-term loans from financial • Changes in net working capital of THB of THB 3.9bn institutions of THB 8.0bn mainly for the Pink and 7.6bn (this includes net investment in • Cash received in advance from sale of Yellow lines mass transit projects of THB 5.3bn) investment in Bayswater of THB 2.3bn • Cash received from the exercised BTS-W4 of THB • Net cash received from sales or current and 7.5bn other long-term investments of THB 1.0bn • Net cash received mainly from sale of VGI and VGI- • Net cash received from sales of investments in W2 of THB 3.7bn derivative instruments of THB 0.8bn • Net cash paid for short-term loans from financial institutions and bills of exchange payables of THB 16.4bn ( THB mn) • Dividend payment of THB 3.1bn in August 2019 (179) 4,216 3 12,193 4,021 (7,046) 1 (4,773) 2 Beginning cash CFO CFI CFF Others Ending cash (31/3/19) (30/9/19) 1 CFO included • Corporate income tax of THB 750mn • Net interest expenses of THB 897mn • Net investment for construction of the Pink and Yellow Lines of THB 2.0bn • Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 3.3bn 2 CFI included net investment for construction of the Pink and Yellow Lines of THB 5.8bn 3 Excluding liquid investments of THB 14.1bn BTS Gro roup Ear arnings Pres Presentation prepared by Investor Relations department 7 BTS BTS Grou oup Hol Holding dings PCL Section 1: 2Q 2019/20 Financial Performance
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