BTS Group Holdings PCL 3Q 2018/19 Earnings Presentation 20 February 2019 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 Earnings Presentation 2
Agenda Section 1 BTSG 3Q 2018/19 FINANCIAL PERFORMANCE Section 2 BUSINESS UPDATES APPENDICES BTS Group Earnings Presentation 3
3Q 2018/19 Highlights FINANCIAL POSITION 9M CASH FLOW P&L HIGHLIGHTS Strong growth in Balance sheet strength Investment phase continues; revenue and profitability THB 19.0bn THB 24bn THB 17.9bn +290.5% YoY Cash & Liquid Investments* Net investment in Total operating revenue Pink & Yellow Lines Key revenue components: • THB 13.6bn Pink and Yellow lines THB 3.0bn Low leverage construction • THB 2.2bn E&M & Train Procurement Net investment in despite the increase in debt for Green Line Extensions Green Line Extensions 0.74x • THB 1.4bn Media Revenue Adjusted Net D/E *includes cash balance of THB 6.9bn, current THB 1.2bn THB 5.0bn investments of THB 8.6bn, L/T investments of THB 8.4bn +33.8% YoY Investment in Net profit (after MI) Kerry Express Thailand BTS Group Earnings Presentation prepared by Investor Relations department 4 BTS Group Holdings PCL Section 1: BTSG 3Q 2018/19 Financial Performance
3Q 2018/19 Overview P&L SNAPSHOT INCOME STATEMENT (THB mn) 3Q 2018/19 3Q 2017/18 % YoY 2Q 2018/19 % QoQ 9M 2018/19 9M 2017/18 %YoY Operating Revenue 1 19,035 4,875 291% 15,806 20% 37,894 10,528 260% Gross operating profit 2,305 1,552 49% 1,824 26% 5,603 4,125 36% Operating EBITDA 2 1,858 1,144 62% 1,401 33% 4,391 2,936 50% Recurring net profit – after MI 980 938 5% 830 18% 2,282 1,700 34% Accounting EBITDA 2,345 1,697 38% 1,681 40% 5,140 4,204 22% Net income (loss) 3 1,189 888 34% 670 77% 2,246 1,946 15% Gross operating profit margin (%) 14.8% 39.2% 12.1% 31.8% 11.5% Accounting EBITDA margin (%) 12. 0 % 31.1% 10.3% 13.3% 35.3% Recurring net profit margin – after MI(%) 5.9% 14.7% 5.1% 17.1% 5.1% Operating EBITDA margin (%) 11.6% 27.9% 9.8% 23.5% 8.9% 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 3Q 2018/19 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) ( THB mn) (51)% Media 370% 50% 345% 8% Mass Transit 19,035 Property (89) 483 288 13,478 90% 0% Services 2% 4,875 Q3 FY17/18 Mass Transit Media Property Services Q3 FY18/19 BTS Group Earnings Presentation prepared by Investor Relations department 5 BTS Group Holdings PCL Section 1: BTSG 3Q 2018/19 Financial Performance
9M 2018/19 Cash Flow Snapshot CFO CFI CFF • Profit before tax of THB 1.7bn, deducted • Net investment for construction of the Pink and • Net cash received of THB 9.5bn from BTS debenture • An increase in loans from financial institutions and by Yellow lines of THB 9.5bn • Non-cash reconciling items of THB 0.5bn • Net cash paid for purchases of investments in B/E of THB 6.8bn mainly for the Pink & Yellow lines • Changes in net working capital of THB • Cash received of THB 4.4bn from (i) STEC and RATCH associates of THB 4.6bn, mainly for an investment 5.5bn (this includes net investment in in Kerry Express Thailand of THB 5.0bn (re. Pink and Yellow line projects) of THB 3.7bn and • Net cash received of THB 2.9bn from sales of mass transit projects of THB 11.4bn) (ii) non-controlling interests for issuances of MACO’s treasury investments ordinary shares via RO of THB 0.7bn • Net cash received from VGI’s group of THB 3.1bn • Dividend received of THB 0.8bn and Interest income of THB 0.5bn from (i) non-controlling interests from the exercise of VGI warrants and (ii) the issuance of addional VGI’s ordinary shares to Kerry Express Thailand • Dividend payment of THB 2.2bn in August 2018 ( THB mn) 20,865 6,895*** (61) 9,458 (12,822)* (10,544)** Beginning cash CFO CFI CFF Others Ending cash (31/3/18) (31/12/18) * CFO: After 1. Corporate income tax of THB 0.1bn 2. Net Interest expenses of THB 0.9bn 3. Net investment for construction of the Pink and Yellow Lines of THB 8.4bn 4. Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 3.0bn ** CFI: After net investment for construction of the Pink and Yellow Lines of THB 9.5bn *** Excluding liquid investments of THB 17.1bn BTS Group Earnings Presentation prepared by Investor Relations department 6 BTS Group Holdings PCL Section 1: BTSG 3Q 2018/19 Financial Performance
Recommend
More recommend
