BTS GROUP HOLDINGS PCL 3Q 2017/18 EARNINGS PRESENTATION 1 9 F E B R U ARY 2 0 1 8 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 2017/18 FINANCIAL PERFORMANCE Section 2 BUSINESS UPDATES Section 3 BTSGIF 3Q 2017/18 FINANCIAL PERFORMANCE (separate presentation) APPENDICES BTS Group Earnings Presentation 3
3Q 2017/18 Financial Highlights PROFITABILITY • Operating EBITDA of THB 1,144mn, increasing by THB 464mn or 68% YoY as a result of the improvements in operating performance of Mass Transit and Media businesses • Pre-tax recurring profit (before MI) of THB 1,234mn, up 91% YoY • Reported net profit (before MI) rose by 99% YoY to THB 973mn mainly from robust performance, higher interest and investment income, an increase in share of net profit from associates/JVs, being partially offset by higher finance cost BALANCE SHEET • Balance sheet strength: THB 34bn cash & liquid investments * • Low leverage: adjusted net D/E** ratio at 0.34x *Cash and liquid investments include cash balance of THB 13.2bn, current investments of THB 8.5bn and L/T liquid investments of THB 12.3bn **Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment CASH FLOW • Fully enter investment Phase; including: - Pink & Yellow Lines civil works & E&M works (THB 6.5bn) in CFI - Green Line extension E&M works & train procurement (THB 3.7bn ) in CFO • Net cash received from debt financing of THB 4.0bn and BTS debenture of THB 7bn • Cash received from JV partners (STEC, RATCH) of THB 1.75bn for 25% equity investment in pink and yellow lines BTS Group Earnings Presentation prepared by Investor Relations department 4 BTS Group Holdings PCL Section 1: BTSG 3Q 2017/18 Financial Performance
3Q 2017/18 Overview P&L SNAPSHOT INCOME STATEMENT (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY Operating Revenues 1 4,875 1,935 152% 2,543 92% 10,528 5,211 102% Gross operating profit 1,552 1,080 44% 1,295 20% 4,125 3,070 34% Operating EBITDA 2 1,144 681 68% 875 31% 2,936 1,940 51% Net recurring profit – before MI 1,016 500 103% 471 116% 1,923 1,407 37% 1,696 973 Accounting EBITDA 74% 1 ,420 19 % 4,204 2,947 42% Net income (loss) 3 889 468 90% 653 36% 1,946 1,564 24% Gross operating profit margin (%) 31.8% 55.8% 50.9% 39.2% 58.9% Accounting EBITDA margin (%) 31.0% 42.0% 45.6% 35.3% 46.0% Recurring net profit margin (%) 18.6% 22.1% 16.7% 16.6% 23.9% Operating EBITDA margin (%) 23.5% 35.2% 34.4% 27.9% 37.2% 1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 to equity holders of the parent 3Q 2017/18 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) ( THB mn) 29% 18% Media 224 401% 4,875 Mass Transit 20% 222 27 (73)% 75% 1,935 Property 4% 2,915 Services 3Q 16/17 Mass Transit Media Property Services 3Q 17/18 1% BTS Group Earnings Presentation prepared by Investor Relations department 5 BTS Group Holdings PCL Section 1: BTSG 3Q 2017/18 Financial Performance
9 Months Cash Flow Snapshot ( THB mn) CFO CFI CFF Profit before tax of THB 2,710mn, • Advance payment for civil works and • Net cash received from long-term deducted by E&M works of the Pink and Yellow lines debentures and BE of THB 12bn • non-cash reconciling items of THB • Cash received from STEC and RATCH (re. of THB 6,474mn 215mn • Net cash paid for acquisitions of pink and yellow line projects) and proceeds • changes in net working capital of derivative instruments, current and from VGI newly issued ordinary shares THB 2.9bn (this includes THB other long-term investments (through PP) of THB 1,750mn 3.7bn Green Line extensions E&M • Net cash paid for purchases of • Net cash paid from investment in works and train procurement) equipment subsidiaries (VGI and MACO) • Dividend Income and Interest income • Interim dividend payment for FY 2017/18 (1,881)* 15,095 48 13,222** 9,429 ( 9,469) - - Beginning cash CFO CFI CFF Others Ending cash (31/3/17) (31/12/17) * After corporate income tax of THB 789mn, interest expenses of THB 708mn and investment in E&M works and train procurement for the Southern and Northern Green Line extensions of THB 3.7bn ** Excluding liquid investments of THB 20.9bn BTS Group Earnings Presentation prepared by Investor Relations department 6 BTS Group Holdings PCL Section 1: BTSG 3Q 2017/18 Financial Performance
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