BTS Group Holdings PCL 4Q & FY 13/14 earnings presentation 28 May 2014 4Q & FY 13/14 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. 4Q & FY 13/14 earnings presentation prepared by Investor Relations department 2 BTS Group Holdings PCL
Agenda Section 1 BTSG 4Q & FY 13/14 FINANCIAL PERFORMANCE Section 2 BUSINESS UPDATES Section 3 BTSGIF 4Q & FY 13/14 FINANCIAL PERFORMANCE (separate presentation) APPENDICES 4Q & FY 13/14 earnings presentation prepared by Investor Relations department 3 BTS Group Holdings PCL
FY 13/14 Financial Highlights SIGNIFICANT EVENTS IN 2013/14 NEW CORE RIDERSHIP & REVENUE RECORD: 214.7mn TRIPS (increased +8.9% YoY) 17 APR 2013 BTSGIF transaction AVERAGE FARE (increased +6.5% YoY) 1 JUN 2013 Fare Increase MEDIA BUSINESS RECORD PROFITABILITY 1 NOV 2013 BTS-W3 issuance Net profit +27% YoY 5 DEC 2013 Silom line extension opening (against Thai adex spending decline of 0.9%) 7 FEB 2014 Beijing bid submission PROPOSED FINAL DIVIDEND = THB 0.21/SHARE IMPROVED PROFITABILITY YoY COMMITTED MINIMUM DIVIDEND OF: THB 7BN IN FY 14/15 & THB 8BN IN FY 15/16 • Net profit up 605% YoY to THB 13.6bn • Recurring net profit grew 154% YoY to THB 2,611.6mn BTS DIVIDEND SET50 DIVIDEND • Recurring net profit improvement : recurring net profit YIELD** YIELD (LTM)*** margin rose to 25.6% (9.7% in FY 12/13) >> 7.34% 3.29% BALANCE SHEET STRENGTH BTS DAILY TRADED VALUE (LTM) (as of 15 May 2014) • THB 31.33bn excess cash* / liquid investments THB 539.7mn ($16.6mn) Cash Balance of THB 7.86bn Current Investments of THB 20.40bn ** Subject to shareholders’ approval of the final dividend of THB 0.21per share. Long term Investments of THB 3.07bn Dividend yield based on share price as of date prior to Board of Directors’ • Leverage reduced: Net debt / equity reduced to (0.02)x approval of relevant dividend payment *** Sum of the gross DPS that have gone ex-dividend over the past 12 months, * Excludes sinking fund divided by stock price as of 22 May 2014 4Q & FY 13/14 earnings presentation prepared by Investor Relations department 4 Section 1: BTSG 4Q & FY 13/14 Financial Performance BTS Group Holdings PCL
FY 13/14 Business Highlights MASS TRANSIT MEDIA Resilient performance in face of Results highly resistant to economic uncertain environment and political volatility Record Revenue & Net Profit All Targets/ Guidance Achieved Target Target • O Revenue +12% YoY • 214.7mn trips +8.9% YoY P • VGI Net profit +27% YoY N/A • P Average fare +6.5% YoY • Adjusted net profit +21% YoY N/A • P O&M revenue +33.2% YoY *Total Thai AdSpend declined 0.9% in 13/14 PROPERTY SERVICES Revenue contribution to Group of 4.6% (from 1.2%) Revenue growth driven by condominiums driven by Restaurants (Chef Man) and rabbit card transferred and improved hotel performance expansion Record Revenue & Target Achieved Record Revenue Target Target • Residential revenue of THB 2.1bn O • Rabbit cards of 2.5 million cards P • Commercial revenue of THB 862mn N/A 4Q & FY 13/14 earnings presentation prepared by Investor Relations department 5 Section 1: BTSG 4Q & FY 13/14 Financial Performance BTS Group Holdings PCL
4Q & FY 13/14 Overview P&L SNAPSHOT Income Statement (THB mn) 4Q 13/14 4Q 12/13 % YoY 3Q 13/14 % QoQ FY 13/14 FY 12/13 % YoY Operating Revenues 1 1,776 3,024 (41.3%) 2 ,116 (16.0%) 8,767 10,375 (15.5%) Gross operating profits 938 1,451 (35.4%) 1, 179 (20.5%) 4,657 5,058 (7.9%) Operating EBITDA 2 652 1,403 (53.5%) 875 (25.4%) 3,423 5,081 (32.6%) Recurring net profit – before MI 643 201 220.2% 563 14.2% 2,612 1,030 153.5% Accounting EBITDA 3 906 1,437 (36.9%) 1 ,301 (30.3%) 1 8,533 6,186 199.6% Net income (loss) 4 411 66 523.0% 449 (8.5%) 12,645 1,719 635.8% Gross operating profit margin (%) 52.8% 48.0% 55.7% 53.1% 48.8% EBITDA margin (%) 46.4% 46.2% 54.0% 79.5% 53.3% Recurring net profit margin (%) 29.8% 6.5% 22.5% 25.6% 9.7% Operating EBITDA margin (%) 36.9% 46.4% 41.3% 39.0% 49.0% 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 FY 13/14 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) ( THB mn) 10,375 (3,703) Mass Transit Media 8,767 278 1,489 36% 26% 327 231% Services 103% -62% 12% 5% Property 33% 2012/13 Mass transit Media Property Services 2013/14 4Q & FY 13/14 earnings presentation prepared by Investor Relations department 6 Section 1: BTSG 4Q & FY 13/14 Financial Performance BTS Group Holdings PCL
12 Months Cash Flow Snapshot ( THB mn) Proceeds from sale of net fare-box revenue to BTSGIF Debt repayment and 12,180 and treasury management dividend payment (11,048) Abstracts PHY transferred, 7,863* higher interest income and 3,218 reduced interest expense 3,513 Beginning cash CFO CFI CFF Ending cash (31/3/13) (31/3/14) * excluding BTSC sinking fund and THB 23.47bn liquid investments 4Q & FY 13/14 earnings presentation prepared by Investor Relations department 7 Section 1: BTSG 4Q & FY 13/14 Financial Performance BTS Group Holdings PCL
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