Bangkok Expressway and Metro Public Company Limited (BEM) October 2019
BEM : Business Overview Road Rail Investment Commercial Development ➢ Total Expressway ➢ Total Rail ➢ BL = IBL + BL Ex ➢ Infrastructure portfolio SES 38.5 km - Owns 99.99% in NECL IBL 20 km 18 stations For advertising in Stations Sector C+ 32 km BL Ex 27 km 20 stations - Owns 89.67% in BMN & Trains, Retailing and SOE 17.06 km - Owns 18.47% in TTW PPL 23 km 16 stations Telecommunications Total 87.56 km - Owns 16.50% in CKP Total 70 km 54 stations ➢ PPL to be negotiated with ➢ BL Ridership ➢ Traffic Volume ➢ Profit sharing in P&L MRTA Sep 2019 Sep 2019 Y2018 434 MB 351,509 trips/day 1,238,345 trips/day 6M/2019 173 MB ➢ Expressway Ads on SES Growth 8.05% YoY Growth 0.85% YoY Avg. 2019 Avg. 2019 ➢ Cash Dividend Received ➢ CD Revenue 320,690 trips/day 1,239,037 trips/day Y2018 494 MB Y2018 = 705 MB Growth 3.69% YoY Growth 1.07% YoY 6M/2019 37 MB 6M/2019 = 356 MB ➢ BL farebox ➢ Tolls Revenue Sep 2019 Sep 2019 8.95 MB/day 28.29 MB/day Growth 9.19% YoY Growth 1.75% YoY Avg. 2019 Avg. 2019 8.12 MB/day 28.25 MB/day Growth 3.69% YoY Growth 1.79% YoY ➢ PPL O&M service income Annual Income apx.1,800 MB/year 2
BEM: Financial Highlights & Earning Outlook REVENUE STRUCTURE TOTAL REVENUE NET PROFIT As of Q2/2019 Unit: MB Unit: MB 5% 65% 19,087* 13,233 15,393 5,317* 11,668** 3,977** 30% 3,123 2,606 2016 2017 2018 6M/2019 2016 2017 2018 6M/2019 Road Rail Commercial Development NET IBD/E DPS/EPS Earning Highlights & its Outlook : Unit : Times Unit: THB - Reclassified the investment in TTW from investment in associated company to investment in available-for-sale securities. 1.38 1.33 1.34 0.35* - Interim dividend for the first half of 2019 0.26 1.24 0.20 0.17 0.15 0.06 baht per share. 0.13 0.11 0.06 - COD BL Ex Section II on 29 Sep, 19 2016 2017 2018 Q2/2019 2016 2017 2018 6M/2019 - Y20 To Open Full BL Line in Mar 20 DPS EPS Remark : * Including non - cash extra item from reclassified the investment in CKP ** Including non - cash extra item from reclassified the investment in TTW 3
Overview of Expressway Business Distance Expressway Network Operator (km) 1. First Stage Expressway System (FES) 27.10 EXAT 2. Second Stage Expressway System (SES) 38.50 BEM 3. Northern Stage Expressway (C+) 32.00 NECL (Bang Pa In – Pak Kret Expressway) 4. Don Muang Tollway (DMT) 28.00 DMT 5. Ramindra-Atnarong Expressway (RAE) 32.90 EXAT 6. Bang Pli - Suksawad Expressway (Southern Outer Bangkok Ring Road) 42.30 EXAT and Highway No. 37 (Suksawad-Bang Khun Thien Section) 7. Bangna-Chonburi Expressway 56.70 EXAT 8. Si Rat – Outer Ring Road Expressway (SOE) 17.06 BEM Total 274.56 ✓ BEM is the largest private expressway operator in Thailand; • The Second Stage ExpresswaySystem (SES) - Sector A, B,C concession ending in 2020 and Sector D concession ending in 2027 • The Bang Pa In- Pak Kret expressway (Sector C+) operated by BEM’s subsidiary company Northern Expressway Company Limited (NECL) concession ending in 2026. • The Si Rat – Outer Ring Road Expressway (SOE) concession ending in 2042 ✓ Over 1.2 million trips a day in BEM expressway system. ✓ Get a 40% toll revenue share from FES and SES (sector A & B) concession. ✓ 100% toll revenue from SES (sector C & D), NECL (Sector C+) and SOE. 4
Highlights of Expressway Business Remaining Concession Period Financial Strength Toll Revenues & Traffic Expressway Revenues (MB) ✓ Reliable cash revenues Toll Revenues ✓ Toll revision every 5 years Traffic ('000 Trips/Day) FES & SES 2030 2020 ✓ Steady traffic growth 2040 (Sector A-B-C) 1,238 1,230 1,214 1,178 ✓ CAGR = 2.65% (2011 - 2018) 1,142 Traffic ✓ SOE contributes highest 10,174 Udonrattaya 9,957 2026 (Sector C+) 9,301 traffic growth. 8,815 Existing SES Extension ✓ Rights to extend the 2027 (Sector D) 5,103 Projects contract for 10 years twice ( FES&SES&C+) Sirat Outer Ring 2042 (SOE ) ✓ 15-20 mins to downtown ✓ East - West Corridor link SOE Project ✓ Toll hike every 5 years 2042 2019 2015 2016 2017 2018 6M/2019 without applying CPI base SOE ramp to north (heading to Chaeng Wattana road) Project SOE Ramp ✓ SOE Ramp to north connects SES (Sector A) heading to Chaeng Wattana road and Bang Pa In (Sector C+) ✓ More convenience for expressway users. ✓ Reduce travel time from local road and traffic congestion on Kamphaeng Phet 2 road. ✓ Approximately 360 meters long. 5
Bangkok Metropolitan Mass Rapid Transit Network Master Plan Future Bangkok Mass Rapid Transit Network: 10 Lines total 464 kms. Lumlukka – Bang Pu 4 Thammasart – Mahachai 1 (66.5 kms.) (80.8 kms.) 7 Bang Yai – Rat Burana Kae Rai – Min Buri 9 (42.8 kms.) (36 kms.) 2 Salaya-Hau Mark (48 kms.) 10 Lat Phrao - Samrong (30.4 kms.) Taling Chan- Min Buri – Thailand 8 6 Cultural Center (37.5 kms.) Bang Sue – Phuttamonthon Sai 4 (55 kms.) Yot Se – Bang Wa 5 3 Airport Link (15.5 kms.) (50.3 kms.) Source : MOT 6
Metro Map 6 more Lines under construction Existing Metro Lines Bang Sue – Hua Lamphong – Lak Song Distance Operated Distance Operated Projects Stations Trains Cars Status Operator Project Stations Trains Cars Status Operator km (Year) km (Year) Blue Line Blue Line (Extension) - Bang Sue - Hua Lamphong 20 18 19 57 2004 BEM Operating BEM - Bang Pho - Tha Pra - Tao Poon 1 1 15 45 Aug11, 2017 12 8 20 60 Constructing 2020 - Wat Mungkorn - Lak Song 14 11 Sep 29,2019 - - Red Line (Bang Sue-Rang Sit) 26.3 8 Constructing 2021 SRT Purple Line (Bang Yai-Tao Poon) 23 16 21 63 Operating Aug 6, 2016 BEM Airport Rail Link (Phaya Thai-Suvarnabhumi Green Line 28.5 8 9 - Operating 2010 SRT - BTS Mochit - Khu Khot 17.8 16 Constructing 2021 Airport) Green Line Pink Line (Kae Rai – Min Buri) 34.5 30 42 168 Constructing 2021 BTS - Mochit – On Nut 1999 17.0 17 Yellow Line Dec 2018 - Bang Chak – Bearing 5.3 5 BTS (Lat Phrao – Samrong) 30.4 23 30 120 Constructing 2021 - Samrong – Kheha 12.6 9 52 296 Operating BTS Orange Line Light Green Line (TCC - Minburi) 21.2 17 - - Constructing 2022-2023 - - National Stadium – SaphanTaksin 6.5 6 Total (km) 142.2 - SaphanTaksin – Bang Wa 1999 7.5 6 Total (km) 135.4 Source: MRTA, SRT, and BTS Group 7
Map of Initial Blue Line (IBL) Initial Blue Line Union Mall Gourmet Market Blue Line Extension Phahon Yothin Lat Phrao Central Ladprao Ratchadaphisek Chatuchak Park Chatuchak Park SCG HQ JJ Market Muang Thai Sutthisan Phatra complex Tao Poon Bang Sue Kamphaeng Phet Huai Khwang Open Mar 2020 The Street Ratchada TCC Section III Thai Life Insurance Section I Thailand Cultural Centre Esplanade Opened 11 Aug 2017 True tower SET & AIA The Blue Line Extension Phra Ram 9 Chinese Embassy Central Phra Ram 9 Fortune tower Super tower G tower Phetchaburi Singha Complex Chao Phraya River ARL Sukhumvit Chulalongkorn U. Terminal 21 Chulalongkorn Hospital Hua Lamphong Grand station Queen Sirikit National Chamchuri Square QSNCC Convention Centre Sam Yan Lumphini Park ONE Bangkok Dragon temple Interchange Tower Mitrtown Exchange Tower Si Lom Lumphini Khlong Toei Hua Lamphong Sam Yan FYI Tower Open Sep 2019 Hua Lamphong Dusit Section II temple Q House tower Central Park China Town 8
Map of Blue Line Extension (BL EX) Opened 11 Aug 2017 Section I Initial Blue Line Yothinburana Blue Line Extension School EGAT HQ Tiewpaingam School Depot SCG HQ Connect with Purple Line Connect with Light Green Line EENN Hospital Bang Sue Bang O Bang Pho Connect with Light Red Line Tao Poon Bang Phlat Connect with Dark Red Line Yanhee Hospital New Parliament Sirindhorn Connect with Orange Line Major Pinklao Connect with Airport Rail Link Thonburi 2 Hospital Central Pinklao Connect with Yellow Line Bank of Thailand Bang Yi Khan Existing : Initial Blue Line Makro Charan Br. Thammasart U. Open Mar 2020 Siriraj Hospital Bang Khun Non Section III Chao Phraya River Emerald Buddha Temple Grand Palace Mega Shopping Mall Fai Chai Royal Navy Hua Lumphong Grand Station Wat Pho The Old Siam Mall Siam Museum Dragon Temple Paknam Siam Charan 13 The Mall Bang Kae Temple University The Mall Tha Pra Depot Wat Sanam Chai Hua Lamphong Sam Yot Mangkon Lak Bang Phasi Phet Rajini School Bang Wa Bang Phai Tha Phra Itsaraphap China Town Song Central Khae Chareon kasem 48 Somdejchaopraya Wang Burapa Sampheng Wholesale Market University Flower Market Opened Sep 2019 Seacon Phayathai 3 BIG C Pahurat Cloth Market Bang Kae Hospital Section II 9
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