BTS Group Holdings PCL SET Opportunity Day 2Q 15/16 earnings presentation 23 November 2015 U Sathorn Hotel Bangkok 2Q 15/16 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. 2Q 15/16 earnings presentation prepared by Investor Relations department 2 BTS Group Holdings PCL
Agenda Section 1 BTSG 2Q 15/16 FINANCIAL PERFORMANCE Section 2 BUSINESS UPDATES Section 3 BTSGIF 2Q 15/16 FINANCIAL PERFORMANCE (separate presentation) APPENDICES 2Q 15/16 earnings presentation prepared by Investor Relations department 3 BTS Group Holdings PCL
2Q 15/16 Financial Highlights CORE BUSINESS PROFITABILITY STILL IMPROVING NEW CORE RIDERSHIP RECORD: 58.5MN TRIPS (increased +7.1% YoY) • Net recurring profit (THB 421.0mn) declined 44.7% YoY mainly from a reduction in interest income and share of losses from property JVs/associates. RESILIENT MASS TRANSIT-RELATED REVENUES: • However, net recurring profit and margin improved YoY if Net farebox revenue +10.1% YoY excluding these impacts: BTS-related Media revenue +5.7% YoY Net recurring profit: +3.7% YoY to THB 501.0mn Net recurring profit margin: 28.7% (vs 23.7% in 2Q 14/15) BTS DIVIDEND SET50 DIVIDEND YIELD (LTM)** YIELD (LTM)*** >> BALANCE SHEET STRENGTH 6.21% 3.34% • THB 18.78bn excess cash and liquid investments* BTS DAILY TRADED VALUE (LTM) (as of 10 Nov 2015) • Leverage: Net debt / equity at 0.03x THB 330.1mn (USD 9.8mn) * Excess cash and liquid investments exclude sinking fund and include cash balance of THB 1.54bn (includes cash from an associate of THB 0.04bn), ** Dividend yield based on share price as of date prior to Board of Directors’ current investments of THB 6.90bn (includes current investments from an approval of relevant dividend payment associate of THB 0.09bn), long term investments of THB 9.18bn and *** Sum of the gross DPS that have gone ex-dividend over the past 12 months, restricted deposits of THB 1.15bn divided by stock price as of 10 Nov 2015 2Q 15/16 earnings presentation prepared by Investor Relations department 4 Section 1: BTSG 2Q 15/16 Financial Performance BTS Group Holdings PCL
2Q 15/16 Overview P&L SNAPSHOT Income Statement (THB mn) 2Q 15/16 2Q 14/15 % YoY 1Q 15/16 % QoQ 1H 15/16 1H 14/15 % YoY Operating Revenues 1 1,671 1,871 (10.7%) 1,538 8.6% 3,209 3,616 (11.2%) Gross operating profits 969 1,046 (7.4%) 88 8 9.1% 1,856 1,990 (6.7%) Operating EBITDA 2 707 739 (4.3%) 631 12.1% 1,338 1,428 (6.3%) Recurring net profit – before MI 421 762 (44.7%) 508 (17.1%) 944 1,531 (38.3%) Accounting EBITDA 3 834 1,172 (28.9%) 4,314 (80.7%) 5,148 2,380 116.3% Net income (loss) 4 474 633 (25.2%) 3,016 (84.3%) 3,490 1,284 171.9% Gross operating profit margin (%) 58.0% 55.9% 57.7% 57.8% 55.0% EBITDA margin (%) 42.3% 50.3% 82.9% 71.8% 51.0% Recurring net profit margin (%) 25.3% 32.9% 29.5% 27.8% 33.3% Operating EBITDA margin (%) 42.3% 39.5% 41.0% 41.7% 39.5% 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 2Q 15/16 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) ( THB mn) Mass Transit 8 (260) Media 1,871 32% 37% 1% 51 1,671 (0) -33% 0% Services Property 35% 20% 11% 2Q 14/15 Mass transit Media Property Services 2Q 15/16 2Q 15/16 earnings presentation prepared by Investor Relations department 5 Section 1: BTSG 2Q 15/16 Financial Performance BTS Group Holdings PCL
Mass Transit – As Reported OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN Mass transit (THB mn) 2Q 15/16 2Q 14/15 YoY 1Q 15/16 QoQ 1H 15/16 1H 14/15 YoY Share in BTSGIF O&M Revenue 617 609 1% 602 2% 1,220 1,154 6% 36% O&M revenue 395 392 1% 394 0% 789 771 2% 64% Share in BTSGIF 223 217 2% 208 7% 431 384 12% Costs of revenue 207 206 1% 209 (1%) 416 414 0% 2Q 14/15 2Q 15/16 Gross profit 410 404 2% 394 4% 804 740 9% Operating EBITDA 415 407 2% 398 4% 813 747 9% Gross margin (%) 66.4% 66.3% 65.4% 65.9% 64.1% Operating EBITDA margin (%) 67.2% 66.8% 66.1% 66.7% 64.7% KEY FACTORS HISTORICAL OPERATING REVENUE (THB mn) O&M revenue rose by 0.7% YoY to THB 394.9mn mainly from the O&M (THB mn) Farebox (THB mn) Share of NP in BTSGIF (THB mn) contractually agreed increase in operating fee of the Sukhumvit extension and Silom extension Share of net profit in BTSGIF increased 2.5% YoY to THB 222.6mn 1,263 1,259 1,238 from the increase in core network performance Costs remained unchanged YoY (rose 0.9% YoY to THB 207.4mn) 217 Operating EBITDA margin improved to 67.2% (66.8% in 2Q 14/15) as 124 208 223 194 166 147 157 174 157 costs remained flat YoY whilst operating revenue increased 208 379 379 392 386 392 394 395 322 271 283 288 308 270 - - 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 12/13 12/13 12/13 13/14 13/14 13/14 13/14 14/15 14/15 14/15 14/15 15/16 15/16 2Q 15/16 earnings presentation prepared by Investor Relations department 6 Section 1: BTSG 2Q 15/16 Financial Performance BTS Group Holdings PCL
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