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BTSGIF PRESENTATION SET Opportunity Day 7 June 2019 BTSGIF At a - PowerPoint PPT Presentation

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BTSGIF PRESENTATION SET Opportunity Day 7 June 2019 BTSGIF At a Glance Invest in 23.5km of BTS Core Network, 10.5 years concession remaining Fund summary Initial asset: Core BTS SkyTrain system (until 2029) Fund Name BTS Rail Mass Transit

  1. BTSGIF PRESENTATION SET Opportunity Day 7 June 2019

  2. BTSGIF At a Glance Invest in 23.5km of BTS Core Network, 10.5 years concession remaining Fund summary Initial asset: Core BTS SkyTrain system (until 2029) Fund Name BTS Rail Mass Transit Growth Infrastructure Fund (“BTSGIF”) Sponsors BTS Group Holdings PCL (“BTSG”) and Bangkok Mass Transit System PCL (“BTSC”) DARK GREEN Fund Management BBL Asset Management Co., Ltd. (“BBLAM”) MO CHIT – ON NUT Company 17.0km Fund Supervisor Standard Chartered Bank (Thai) Pcl . (“SCBT”) Initial Asset • Future net farebox revenue (Farebox revenue less related operating cost and CAPEX) from the Core BTS SkyTrain system (23.5km) • Concession period ending 4 December 2029 (approximately 10.5 years remaining) • Investment cost : THB 61,399mn • American Appraisal appraisal value: THB 61,000mn (Discount rate 9.0%) LIGHT GREEN • fnAsia appraisal value: THB 59,400mn NATIONAL STADIUM (Discount rate 8.8%) (1) - SAPHAN TAKSIN Total Investment Units 5,788mn investment units 6.5km Par Value THB 10.8 per investment unit (THB 10.611 per investment unit as of Jun 2017) • 30-year concession (ending 4 Dec 2029) to exclusively collect Registered Capital ridership fare (and bear related expenses and capital expenditure) THB 62,510.4mn, THB 61,416.5mn as of Jun 2017 • 23 stations over 23.5km located at CBD area of Bangkok Lock-up Arrangement Lock- up of BTSG’s 33.3% holding of BTSGIF units • All investments made by BTSC: Including civil works, E&M and for 10 years from FY 13/14 to FY 22/23 trains (except land acquisition) • No revenue sharing or concession fees to BMA (1) Discount cash flow without adjusting Mid-Year Conversion BTSGIF : At a Glance 2

  3. BTSGIF At a Glance BTSGIF Stock information  Stock code BTSGIF BTSGIF is the first Infrastructure Fund in Thailand  Invest in the 23.5km of BTS Core Network with 10.5 years concession Outstanding shares (mn) 5,788 remaining  Position to benefit from passenger growth, fare increase and Market capitalisation (THB mn)* 60,195.2 operating leverage on Core Network Market capitalisation (USD mn)* 1,892.9  Seek for new opportunities from mass transit infrastructure projects with strong cash flow potential Closing price* 10.40 *as of 30 May 2019 THB ≈10.5 years 9.2% CAGR 62.5bn remaining Raised from IPO Concession expiry in of Farebox revenue 2029 (18 yrs since inception) ≈ 241mn trips 66.1% 5.8% (744,475 trips / Weekday ) EBITDA margin Yield Annual passengers Implied annual of Core BTS SkyTrain in core network dividend yield** (FY 18/19) (FY 18/19) (FY 18/19) ** Based on par value (THB) 10.611 BTSGIF : At a Glance 3

  4. BTSGIF Core Ridership and Fare FY 18/19 Ridership was 241mn trips and average fare was THB 29.0 per trip 260 29.5 29.0 258 256 254 28.3 CAGR since IPO CAGR since 252 250 28.5 27.9 248 (2013/14) Inception 246 27.5 244 242 ds (2000/01) 240 27.5 26.9 238 241 241 236 234 26.4 238 232 230 26.5 Ridership 233 Ridership 228 226 224 +2.3% +8.2% 222 220 25.5 218 216 219 214 212 215 210 24.5 208 206 Farebox Farebox 204 202 200 23.5 Revenue Revenue 198 196 194 +4.2% 192 +9.2% 190 22.5 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 Core BTS SkyTrain Ridership (mn trips) Fare (THB per trip) CAGR CAGR CAGR CAGR Fare Ridership FB Revenue Net FB Revenue (FY 18/19 – FY 29/30) (FY 18/19 – FY 29/30) (FY 18/19 – FY 29/30) (FY 18/19 – FY 29/30) 3.9% 3.1% 7.2% 9.1% BTSGIF : BTSGIF Core Ridership and Fare 4

  5. BTSGIF Performance Summary Key financial highlights Revenue (gross farebox revenue) Income from investment in NRTA +2.1% THB mn +2.8% THB mn +2.6% -2.0% +3.7% YoY YoY YoY YoY +2.2% YoY +8.9% YoY +13.1% YoY YoY +7.4% +4.9% YoY YoY 6,963 6,821 6,636 6,397 4,696 4,576 4,603 4,475 5,874 5,470 3,957 3,774 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 13/14 started from 17 April 2013 to 31 March 2014 FY 13/14 started from 17 April 2013 to 31 March 2014 Net investment income* Total distribution available to unitholders** +3.1% -2.1% THB mn +2.7% THB mn -2.1% +11.5% YoY YoY +2.4% YoY YoY YoY +14.2% YoY +12.9% YoY +5.0% +4.9% YoY YoY YoY 4,622 4,525 4,483 4,622 4,525 4,499 4,021 4,392 3,520 3,353 3,890 3,707 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 13/14 started from 17 April 2013 to 31 March 2014 FY 13/14 started from 17 April 2013 to 31 March 2014 * Income from investment in NRTA less fund expenses **Total distribution available to unitholders includes capital reduction (paid from excess cash of fund) BTSGIF : BTSGIF Performance Summary 5

  6. BTSGIF 4Q 18/19 Income Statement Unit (THB mn) 4Q 18/19 4Q 17/18 % YoY 3Q 18/19 % QoQ Income from investment in NRTA (see details in slide 6) 987.1 1,155.8 (14.6)% 1,214.4 (18.7)% Interest income 5.0 3.5 41.3% 4.5 11.9% Total Income 992.1 1,159.3 (14.4)% 1,218.9 (18.6)% Fund management fee and expenses 21.6 19.2 12.7% 20.7 4.6% Other expenses (9.4) (10.7) 12.5% 1.3 (846.3)% Total Expenses 12.2 8.5 44.7% 22.0 (44.1)% Net Investment Income 979.9 1,150.8 (14.9)% 1,196.9 (18.1)% Total Unrealised Gain (Loss) on Investments (5,300.1) 0.1 N/A (999.9) (430.1)% (2,292.6) Changes in Net Assets resulting from Operations (4,320.2) 1,150.9 (475.4)% 197.0 % Net Investment Income Margin (%) 98.8% 99.3% 98.2% THB/Unit THB/Unit THB/Unit Net income available to the unitholders (4,320.2) (0.746) 1,150.8 0.198 (475.4)% 197.0 0.034 (2,292.6)% (to be paid as dividend) Add back excess liquidity from unrealised loss 5,300.1 0.915 - - - 999.9 0.172 (430.1)% on investments 979.9 0.169 1,150.8 0.198 (14.9)% 1,196.9 0.206 (18.1)% Total distribution available to unitholders In 4Q 18/19, BTSGIF recognised an unrealised loss on investment of The appraisal value decreased from the previous report due to a decrease in projected net farebox revenue. Projected farebox revenue decreases from various THB 5,300.1mn (non-cash expense) primarily from the devaluation in the fair value of its investment in NRTA of THB 5,300.0mn, following factors, including i) lower economic growth rate and inflation rate the Fund’s reappraisal (which must be done every 3 years). ii) an integrated fare structure of other train lines (one-time boarding fee) The new fair value of investment in NRTA, hence, decreased to iii) a delay in the implementation of the dual track station and temporary closure for the improvement of Saphan Taksin station THB 59,100mn from THB 64,400mn in the previous quarter. iv) moving the van terminal at Victory Monument and v) delay of the opening of various train lines. BTSGIF : 4Q 18/19 Income Statement 6

  7. FY 18/19 Income Statement Unit (THB mn) FY 18/19 FY 17/18 % YoY Income from investment in NRTA (see details in slide 7) 4,603.0 4,696.3 (2.0)% Interest income 17.7 16.1 9.4% Total Income 4,620.7 4,712.4 (1.9)% Fund management fee and expenses 84.8 81.0 4.7% Other expenses 10.5 9.9 5.8% Total Expenses 95.3 90.9 4.8% Net Investment Income 4,525.4 4,621.5 (2.1)% Total Unrealised Gain (Loss) on Investments (6,300.0) (399.9) (1,475.2)% Increase in Net Assets resulting from Operations (1,774.6) 4,221.6 (142.0)% Net Investment Income Margin (%) 97.9% 98.1% THB/Unit THB/Unit Net income available to the unitholders (1,774.6) (0.306) 4,221.6 0.729 (142.0)% (to be paid as dividend) Add back excess liquidity from unrealised loss 6,300.0 1.088 399.9 0.069 1,475.2% on investments Total distribution available to unitholders 4,525.4 0.781 4,621.5 0.798 (2.1)% BTSGIF : FY 18/19 Income Statement 7

  8. 4Q 18/19 Income from Investment in NRTA Change Change Unit (THB mn) 4Q 18/19 4Q 17/18 % YoY 3Q 18/19 % QoQ (YoY) (QoQ) Farebox revenues 1,768.8 1,731.8 37.0 2.1% 1,791.8 (23.0) (1.3)% Total operating and maintenance costs 781.7 576.0 205.7 35.7% 577.4 204.3 35.4% Employees expenses 152.3 165.5 (13.2) (8.0)% 246.8 (94.5) (38.3)% Maintenance costs 130.8 129.4 1.4 1.1% 112.8 18.0 16.0% Utilities expenses 94.2 93.7 0.5 0.6% 94.9 (0.7) (0.7)% Property insurance premium 21.4 21.8 (0.4) (1.8)% 0.1 21.3 N/A Selling expenses 11.6 22.9 (11.3) (49.4)% 20.1 (8.5) (42.3)% Administrative and other expenses 32.2 33.7 (1.5) (4.4)% 32.9 (0.7) (2.3)% Capital expenditures 339.2 109.0 230.2 211.0% 69.8 269.3 385.7% Total income from investment in NRTA 987.1 1,155.8 (168.7) (14.6)% 1,214.4 (227.3) (18.7)% Income from investment in NRTA margin (%) 55.8% 66.7% 67.8% FAREBOX REVENUE O&M COSTS Farebox revenue was THB 1,768.8mn, grew by 2.1% YoY O&M costs were THB 781.7mn, increasing 35.7% YoY and 35.4% QoQ. but down by 1.3% QoQ. YoY and QoQ increases were principally from an increased CAPEX; YoY increase largely came from the main CAPEX components in 4Q 18/19 were Automatic Fare i) ridership growth by 1.5% YoY to 61.1 mn trips and Collection (AFC) system upgrade of THB 225.4mn, rolling stocks of THB ii) increase in average fare by 0.6% YoY to THB 29.0 per trip 69.0mn and radio upgrade of THB 29.4mn, compared to rolling stocks of THB 89.8mn last year, and compared to AFC system upgrade of THB QoQ decrease came from 41.5mn and rolling stocks of THB 11.5mn last quarter. i) ridership drop by 0.8% QoQ and ii) decrease in average fare by 0.4% QoQ QoQ increases in CAPEX was partially offset by lower employee expenses from bonus paid in previous quarter. BTSGIF : 4Q 18/19 Income from investment in NRTA 8

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