BTS GROUP HOLDINGS PCL 2Q AND 1H 2018/19 EARNINGS PRESENTATION SET OPPORTUNITY DAY 27 NOVEMBER 2018 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 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 Group: SET Opportunity Day Presentation 2
Agenda Section 1 BTSG 2Q AND 1H 2018/19 FINANCIAL PERFORMANCE Section 2 BUSINESS UPDATES APPENDICES BTS Group: SET Opportunity Day Presentation 3
2Q 2018/19 Highlights WHAT’S NEW IN BTS GROUP PROFITABILITY • Operating EBITDA of THB 1,401mn, an increase of THB 526mn or 60.2% YoY, 29 Jun: Notice-to-Proceed (NTP) for Pink & Yellow lines was largely from improved performances in Mass Transit and Media businesses issued for construction kick-off • Recurring Net Profit (after MI) of THB 830mn, an increase of THB 460mn or 31 Jul: BTSC and KT entered into a 30-year O&M Services 124.4% YoY, chiefly from an increase in recurring gross profit, higher interest Agreement of the Gold Line Project Phase 1 (Krung Thonburi and investment income, being partially offset by higher finance cost and BTS Station – Khlong San District Office) corporate income tax • Reported Net Profit (after MI) of THB 670mn, an increase of THB 17mn or 12 Nov: BSR Joint Venture between the Company (60%), STEC 2.7% YoY (20%) and RATCH (20%) submitted its bid for the High Speed Rail Project FINANCIAL POSITION 20 Jul: VGI completed 23% acquisition of Kerry Express Thailand, total purchase price of THB 5.9bn • Balance sheet strength: THB 29.6bn cash & liquid investments* Jul: MACO acquired “Trans. Ad Group” in order to support its • Low leverage: Increasing debt but adjusted net D/E at 0.56x digital media expansion domestically and internationally *Cash and liquid investments include cash bal. of THB 10.1bn, current investments of THB 9.0bn, L/T investments of THB 10.5bn 30 Oct: VGI launched new features of Rabbit Line Pay which enable RLP users to top up BTS cards through RLP CASH FLOW 12 Oct: U City EGM approved (i) the capital reduction to clear its deficit in order to pay dividend in the future and (ii) Investment phase continues; reverse- stock split to facilitate U’s trading liquidity • CFO: Net investment for construction of the Pink and Yellow Lines of THB 2.6bn and net investment for E&M works and trains procurement for the 7 Sep: BTSG issued THB 9.5bn debenture with average Southern and Northern Green Line extensions of THB 2.3bn • CFI: Cash paid purchase of investment in Kerry Express of THB 5.0bn and net interest rate of 3.38% investment for construction of the Pink and Yellow Lines of THB 3.7bn 13 Sep: BTSG was selected as a member of Dow Jones Sustainability Indices (DJSI) Emerging Markets 2018 7 Nov: BTS-W4 issuance date confirmed as 30 Nov 18, with one-year term from issuance date. BTS Group: SET Opportunity Day Presentation prepared by Investor Relations department 4 BTS Group Holdings PCL Section 1: BTSG 2Q and 1H 2018/19 Financial Performance
Facts and Figures KEY HIGHLIGHTS (THB mn) Largely from the recognition of THB 15.8bn Operating Revenue construction revenue for the Pink 15,806 OPERATING and Yellow lines of THB 11.8bn Chiefly from REVENUE (i) Mass Transit: THB 14.2bn (+981% YoY) 4,875 (increased by THB 12.9bn YoY largely from the recognition 14,255 3,574 3,049 2,543 of construction revenue for the Pink and Yellow lines) 522% YoY (ii) Media: THB 1.2bn (+24% YoY) 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 1,401 THB 1,401mn Operating EBITDA OPERATING 1,154 1,144 1,128 Increased by THB 526mn or 60% YoY EBITDA 875 9% Operating EBITDA Margin 60% YoY 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 RECURRING THB 830mn Recurring Net Profit (after MI) 938 NET PROFIT rose 124% YoY, largely as a result of 830 810 (i) Higher recurring gross profit (AFTER MI) 472 375 (ii) Higher interest and investment income 124% YoY 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19 BTS Group: SET Opportunity Day Presentation prepared by Investor Relations department 5 BTS Group Holdings PCL Section 1: BTSG 2Q and 1H 2018/19 Financial Performance
2Q and 1H 2018/19 Overview P&L SNAPSHOT INCOME STATEMENT (THB mn) 2Q 2018/19 2Q 2017/18 % YoY 1Q 2018/19 % QoQ 1H 2018/19 1H 2017/18 %YoY Operating Revenue 1 15,806 2,543 522% 3,049 418% 18,855 5,653 234% Gross operating profit 1,824 1,295 41% 1,470 24% 3,294 2,574 28% Operating EBITDA 2 1,401 875 60% 1,128 24% 2,529 1,791 41% Recurring net profit – after MI 830 370 124% 472 76% 1,302 762 71% Accounting EBITDA 1,681 1,420 18% 1,114 51% 2,794 2,508 11% Net income (loss) 3 670 653 3% 387 73% 1,057 1,057 0% Gross operating profit margin (%) 48.2% 17.5% 45.5% 11.5% 50.9% Accounting EBITDA margin (%) 10.3% 48.6% 33.5% 14.3% 39.0% Recurring net profit margin – after MI(%) 15.2% 6.7% 12.5% 5.1% 13.2% Operating EBITDA margin (%) 13.4% 31.7% 8.9% 34.4% 37.0% 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 2018/19 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) ( THB mn) (45)% 172% 981% 24% Media 8% Mass Transit 235 15,806 Property (72) 163 12,937 90% 1% Services 1% 2,543 Q2 FY17/18 Mass Transit Media Property Services Q2 FY18/19 BTS Group: SET Opportunity Day Presentation prepared by Investor Relations department 6 BTS Group Holdings PCL Section 1: BTSG 2Q and 1H 2018/19 Financial Performance
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