BTS Group Holdings PCL 1Q 15/16 earnings presentation 14 August 2015 1Q 15/16 earnings presentation prepared by Investor Relations department BTS Group Holdings PCL
Disclaimer Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public Company Limited (the “Company”) before making a decision to invest in Securities. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. It shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchange or a solicitation to sell or exchange any securities of BTS Group Holding PCL (the "Company") or any of its subsidiaries in the United States of America or in any other jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions contained herein are subject to change without notice. None of the Company nor any of its subsidiaries accepts any obligation to update or otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of the Company or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of the Company. Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of the Company’s management in light of the information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise or representation of the Company as to the future. 1Q 15/16 earnings presentation prepared by Investor Relations department 2 BTS Group Holdings PCL
Agenda Section 1 BTSG 1Q 15/16 FINANCIAL PERFORMANCE Section 2 BUSINESS UPDATES Section 3 BTSGIF 1Q 15/16 FINANCIAL PERFORMANCE (separate presentation) APPENDICES 1Q 15/16 earnings presentation prepared by Investor Relations department 3 BTS Group Holdings PCL
1Q 15/16 Financial Highlights IMPROVED PROFITABILITY GAIN (BEFORE TAX) ON SALE OF PROPERTY ASSETS TO U CITY OF THB 3,458.5MN • Improved accounting net profit and net profit margin due to extraordinary gain from sale of property assets: RESILIENT MASS TRANSIT-RELATED REVENUE: Net farebox revenue +8.2% YoY 1Q 15/16: +303.4% YoY to THB 3,075.5mn (NPM 59.1%) O&M revenue +4.1% YoY COMMITTED MINIMUM DIVIDEND OF: • Although recurring net profit (THB 507.6mn) declined THB 8BN IN FY 15/16 34.0% due to softened operating results and share of loss in (equivalent to 6.7% dividend yield based on share joint ventures price of THB 9.95 as of 4 Aug 2015) BTS DIVIDEND SET50 DIVIDEND BALANCE SHEET STRENGTH YIELD (LTM)** YIELD (LTM)*** >> 6.21% 3.13% • THB 23.75bn excess cash and liquid investments* BTS DAILY TRADED VALUE (LTM) (as of 4 Aug 2015) • Leverage: Net debt / equity at (0.00)x THB 436.1mn (USD 13.3mn) * Excess cash and liquid investments exclude sinking fund and include cash ** Dividend yield based on share price as of date prior to Board of Directors’ approval of relevant dividend payment balance of THB 4.63bn, current investments of THB 9.64bn, long term *** Sum of the gross DPS that have gone ex-dividend over the past 12 months, investments of THB 8.33bn and restricted deposits of THB 1.15bn divided by stock price as of 4 Aug 2015 1Q 15/16 earnings presentation prepared by Investor Relations department 4 Section 1: BTSG 1Q 15/16 Financial Performance BTS Group Holdings PCL
1Q 15/16 Overview P&L SNAPSHOT Income Statement (THB mn) 1Q 15/16 1Q 14/15 % YoY 4Q 14/15 % QoQ Operating Revenues 1 1,538 1,744 (12)% 1,647 (7)% Gross operating profits 88 8 944 (6)% 952 (7)% Operating EBITDA 2 631 690 (9)% 691 (9)% Recurring net profit – before MI 508 769 (34)% 780 (35)% Accounting EBITDA 3 4,244 1,039 308% 728 483% Net income (loss) 4 3,016 650 364% 680 343% Gross operating profit margin (%) 57.7% 54.2% 57.8% Accounting EBITDA margin (%) 81.6% 44.4% 39.8% Recurring net profit margin (%) 29.5% 33.7% 38.4% Operating EBITDA margin (%) 41.0% 39.5% 41.9% 1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 including profit from discontinued operation 4 to equity holders of the parent 1Q 15/16 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) ( THB mn) 57 (215) Mass Transit 1,744 Media (86) 1,538 38 35% 39% 11% -28% -27% 30% Services Property 11% 15% 1Q 14/15 Mass transit Media Property Services 1Q 15/16 1Q 15/16 earnings presentation prepared by Investor Relations department 5 Section 1: BTSG 1Q 15/16 Financial Performance BTS Group Holdings PCL
3 Months Cash Flow Snapshot ( THB mn) Treasury management, 821* (5,413) loans to related parties 10,112 Increase in VGI stake (962) 4,626*** 68** Beginning cash CFO CFI CFF OTHERS Ending cash (31/3/15) (30/6/15) * after tax (THB 32.8mn) and interest expense (THB 50.7mn) ** cash and cash equivalents of BTSA and KKP (presented as discontinued operation at the end of the year) *** excluding BTSC sinking fund and THB 19.1bn liquid investments 1Q 15/16 earnings presentation prepared by Investor Relations department 6 Section 1: BTSG 1Q 15/16 Financial Performance BTS Group Holdings PCL
Mass Transit – As Reported OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN Mass transit (THB mn) 1Q 15/16 1Q 14/15 YoY 4Q 14/15 QoQ Share in BTSGIF Revenue 602 545 11% 539 12% O&M revenue 394 379 4% 392 0.5 % 35% Share in BTSGIF 208 166 25% 147 42% Costs of revenue 209 208 0.1% 170 23% Gross profit 394 336 17% 369 7% 1Q 15/16 Operating EBITDA 398 340 17% 374 6% O&M Gross margin (%) 65.4% 61.7% 68.5% 65% Operating EBITDA margin (%) 66.1% 62.3% 69.4% KEY FACTORS HISTORICAL OPERATING REVENUE (THB mn) O&M revenue rose by 4.1% YoY to THB 394.0mn mainly from the O&M (THB mn) Farebox (THB mn) Share of NP in BTSGIF (THB mn) contractually agreed increase in operating fee of the Sukhumvit extension and Silom extension 1,263 1,259 1,238 Share of net profit in BTSGIF increased 25.2% YoY to THB 208.4mn 1,135 from the increase in core network performance and revision of amortisation method for fund set-up cost 124 194 208 217 147 Costs remained unchanged YoY (rose 0.1% YoY to THB 208.7mn) 166 157 157 174 Operating EBITDA margin improved to 66.1% (62.3% in 1Q 14/15) as 208 costs remained flat YoY whilst operating revenue increased 392 392 394 379 379 386 322 283 308 270 271 288 258 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 12/13 12/13 12/13 12/13 13/14 13/14 13/14 13/14 14/15 14/15 14/15 14/15 15/16 1Q 15/16 earnings presentation prepared by Investor Relations department 7 Section 1: BTSG 1Q 15/16 Financial Performance BTS Group Holdings PCL
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