BTS GROUP HOLDINGS PCL 1Q 2018/19 EARNINGS PRESENTATION 16 AUGUST 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 Earnings Presentation 2
Agenda Section 1 BTSG 1Q 2018/19 FINANCIAL PERFORMANCE Section 2 BUSINESS UPDATES Section 3 BTSGIF 1Q 2018/19 FINANCIAL PERFORMANCE (separate presentation) APPENDICES BTS Group Earnings Presentation 3
1Q 2018/19 Highlights PROFITABILITY WHAT’S NEW IN 1Q 2018/19 • Operating EBITDA was THB 1,128mn, rose by THB 212mn or 23.1% YoY 18 Jun: BTSG bought TOR of a High Speed Rail project • Reported net profit (before MI) was THB 495mn, increasing by 13.1% YoY mainly from higher recurring gross profit, yet partially offset with higher SG&A expenses and finance cost 29 Jun • Reported net profit (after MI) was THB 387mn, dropped by 4.4% YoY • Notice-to-Proceed (NTP) for Pink & Yellow lines was issued • Recurring net profit (after MI) of THB 472mn, an increase of 20.4% YoY for construction kick-off • VGI received proceeds from the exercise of VGI-W1 of THB 7.1bn 1 . Of this, BTSG and BTSC exercised its rights totaling THB 5.4bn. BALANCE SHEET • Balance sheet strength: THB 30.8bn cash & liquid investments* & cash to be 5 Jul: VGI AGM approved the investment in Kerry Express received from clearing house - share subscription of subsidiary Thailand, total purchase price of THB 5.9bn • Low leverage: Adjusted net D/E at 0.39x *Cash and liquid investments include cash bal. of THB 4.7bn, current investments of THB 5.5bn, L/T investments of THB 15.4bn 31 Jul: BTSC and KT entered into a 30-year O&M Services Agreement of the Gold Line Project Phase 1 (Krung Thonburi BTS Station – Khlong San District Office) CASH FLOW Investment phase; including; 5 Aug: The first in a series of 22x4-carriage trains • CFO: Investment in E&M works and train procurement for Southern and (1 train) from Siemens was successfully delivered Northern Green line extensions of THB 1.5bn and an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 0.2bn • CFI: Cash paid to exercise VGI-W1 of THB 5.4bn 1 Subsequently, on 1 August 2018 (VGI-W1 final exercise date), • CFF : Net cash received from bank loans (via BE and PN) of THB 2.2bn VGI received additional cash of THB 1.4bn, making total proceeds from the exercises of VGI-W1 of THB 8.6bn, or 72% of maximum proceeds BTS Group Earnings Presentation prepared by Investor Relations department 4 BTS Group Holdings PCL Section 1: BTSG 1Q 2018/19 Financial Performance
Facts and Figures KEY HIGHLIGHTS (THB mn) THB 3,049mn Operating Revenue OPERATING 4,875 Chiefly from REVENUE 3,574 (i) Mass Transit: THB 1,813mn (-9% YoY) 3,110 3,049 2,543 (ii) Media: THB 1,077mn (+27% YoY) 2% YoY 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 THB 1,128mn Operating EBITDA OPERATING 1,154 1,144 1,128 Increased by THB 212mn or 23% YoY EBITDA 917 875 37% Operating EBITDA Margin 23% YoY 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 THB 472mn Recurring Net Profit (after MI) RECURRING 938 rose 20% YoY, largely as a result of 810 NET PROFIT (i) Higher recurring gross profit 472 (AFTER MI) 392 375 (ii) An increase in share of net profit from associates/JVs 20% YoY 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 BTS Group Earnings Presentation prepared by Investor Relations department 5 BTS Group Holdings PCL Section 1: BTSG 1Q 2018/19 Financial Performance
1Q 2018/19 Overview P&L SNAPSHOT INCOME STATEMENT (THB mn) 1Q 2018/19 1Q 2017/18 % YoY 4Q 2017/18 % QoQ Operating Revenues 1 3,049 3,110 (2)% 3,574 (15)% Gross operating profits 1,470 1,278 15% 1,652 (11)% Operating EBITDA 2 1,128 917 23% 1,154 (2)% Recurring net profit – after MI 472 392 20% 810 (42)% Accounting EBITDA 1,114 1,087 (2)% 3,367 (64)% Net income (loss) 3 387 405 (4)% 2,470 (84)% Gross operating profit margin (%) 46.2% 48.2% 41.1% Accounting EBITDA margin (%) 33.5% 32.7% 56.0% Recurring net profit margin (%) 19.6% 15.2% 12.0% Operating EBITDA margin (%) 37.0% 29.5% 32.3% 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 1Q 2018/19 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) ( THB mn) 27% (45)% (35)% (9%) Media 35% Property Mass Transit (66) 228 3% 59% 3,110 (180) (43) 3,049 Services 3% Q1 FY17/18 Mass Transit Media Property Services Q1 FY18/19 BTS Group Earnings Presentation prepared by Investor Relations department 6 BTS Group Holdings PCL Section 1: BTSG 1Q 2018/19 Financial Performance
1Q 2018/19 Cash Flow Snapshot ( THB mn) CFO CFI CFF • Profit before tax of THB 606mn, deducted • Cash paid to exercise VGI-W1 of THB 5.4bn • Net cash received from bank loans of THB 2.2bn • Cash paid for acquisitions of current and other • Net cash received mainly from sale of VGI of THB by • Non-cash reconciling items of THB 187mn long-term investments of THB 748mn 665mn • Changes in net working capital of THB 2bn • Cash paid for purchases of property, plant and (this includes THB 1.5bn Green Line equipment of THB 138mn • Dividend Income of THB 437mn and Interest extensions E&M works and train procurement an advance payment for income of THB 209mn civil works and E&M works of the Pink and Yellow lines of THB 0.2bn) (2,110)* (5,703) 33 4,574** 2,896 9,458 Beginning cash CFO CFI CFF Others Ending cash (31/3/18) (30/6/18) * After corporate income tax of THB 56mn, interest expenses of THB 448mn and investment in E&M works and train procurement for the Southern and Northern Green Line extensions of THB 1.5bn and an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 0.2bn ** Excluding liquid investments and cash to be received from clearing house - share subscription of subsidiary of THB 26.1bn BTS Group Earnings Presentation prepared by Investor Relations department 7 BTS Group Holdings PCL Section 1: BTSG 1Q 2018/19 Financial Performance
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