1q 2020/21 bts group earnings presentationbts.listedcompany.com/misc/presentation/20200819... ·...

1Q 2020/21 BTS GROUP EARNINGS PRESENTATION

19 AUGUST 2020

prepared by Investor Relations department

BTS Group Holdings PCL

Disclaimer

BTS Group Earnings Presentation 2

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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.



Agenda


1Q 2020/21 FINANCIAL PERFORMANCE SECTION 1

BUSINESS UPDATES SECTION 2

APPENDICES SECTION 3



1Q 2020/21 Highlights

4

Profitability resilience amid COVID-19 pandemic

Operating Revenue of THB 9.7bn

(50)% YoY

Net Profit of THB 443mn

Balance sheet remains strong

Cash & Liquid Investments

THB 15.0bn

Adjusted Net D/E

1.15x

Low leverage

Financing cash earmarked for investments in Mass Transit projects

16% YoY

(30)% YoY

Recurring EBITDA of THB 1.5bn

Cash received

from the remaining proceeds of

the sale of Bayswater land

THB 5.4bn

Net investments in

Pink & Yellow Lines &

Green Extensions

THB 5.7bn

Net increase in long-term loans

from financial institutions

THB 5.0bn

P&L HIGHLIGHTS FINANCIAL POSITION 3M CASH FLOW

BTS Group Earnings Presentation

Section 1: 1Q 2020/21 Financial Performance

58%* of recurring EBITDA is from

development of new lines and

O&M, unaffected by COVID-19

* Based on FY 2019/20 financial performance



8,422 9,725 2,384 (922) (44) (116)

1Q 2019/20 Mass

Transit

Media Property Services 1Q 2020/21

36% (27)% (68)% (55)%

(THB mn)

92%

Mass Transit

OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 1Q 2020/21 1Q 2019/20 %YoY 4Q 2019/20 %QoQ

Operating revenue1 9,725 8,422 16% 7,793 25%

Total revenue 10,770 8,761 23% 9,915 9%

Gross operating profit 1,384 1,495 (7)% 1,517 (9)%

Recurring EBITDA2 1,520 2,181 (30)% 1,289 18%

Recurring net profit – after MI 461 1,006 (54)% 261 76%

Net income (loss)3 443 894 (50)% 3,531 (87)%

Gross operating profit margin (%) 14.2% 17.8% 19.5%

Recurring EBITDA margin (%) 15.6% 25.9% 16.5%

Recurring net profit margin – after MI(%) 4.5% 10.5% 3.3%

P&L SNAPSHOT

1Q 2020/21 OPERATING REVENUE BREAKDOWN

1 Operating revenue from the operational performance of 4 BUs excludes interest income, dividend income and non-recurring items. 2 Recurring EBITDA calculated from the operational performance of 4 BUs, interest income, dividend income, other income, net share of profit /(loss) from associates/ JV, yet,

excludes other non-recurring items 3 to equity holders of the parent

5

1Q 2020/21 Overview

4%

Media

1%

Property

3%

Services





1 CFO after

• Corporate income tax of THB 22mn

• Net interest expenses of THB 936mn

• Net investment for construction of the Pink and Yellow Lines of THB 2.3bn

• Net investment for E&M works and trains procurement for the Northern Green Line extensions of THB 0.8bn 2 CFI included net investment for construction of the Pink and Yellow Lines of THB 2.6bn 3 Excluding liquid investments of THB 11.1bn

CFI • cash received from settlement received from sale

of investments in joint ventures of THB 5.4bn

(mostly from receiving the remaining proceeds

of the sale of Bayswater land)

• net cash received from sales of current and other

long-term financial assets of THB 4.6bn

• net investment for construction of the Pink and

Yellow Lines of THB 2.6bn

• cash paid for purchases of investments in joint

ventures of THB 1.2bn largely from an

investment in U-Tapao International Aviation

Company Limited

1Q 2020/21 Cash Flow Snapshot

CFF • net cash paid for short-term loans from financial

institutions and bills of exchange payables of THB

6.5bn

• dividend payment of THB 2.0bn in May 2020

• net increase in long-term loans from financial

institutions of THB 5.0bn mainly for the drawdown

of syndicated loans related to the Pink & Yellow

lines.

CFO • Profit before tax of THB 741mn, deducted

by

• Non-cash reconciling items of THB 310mn

• Changes in net working capital of THB

3.5bn (this includes net investment in

mass transit projects of THB 3.1bn)

6

3,226 (3,430)1

6,4782 (2,383)

(53) 3,8383

Beginning cash

(31/3/20)

CFO CFI CFF Others Ending cash

(30/6/20)

(THB mn)





Development of

new lines

85%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

Total Mass Transit revenue of THB 8.9bn, an increase of 36% YoY mainly from

• Higher services revenue from provision of E&M works & train procurement for

Northern Green Line ext. of THB 1.4bn YoY to THB 2.7bn

• Higher construction revenue for Pink & Yellow Lines of THB 0.5bn YoY to THB

4.9bn

• Higher O&M revenue of THB 323mn YoY to THB 1,153mn, chiefly as a result of

the opening of the first 9 stations of Northern Green Line ext.

Cost rose by THB 1.8bn to THB 7.7bn largely from higher recognition of services

cost for the provision of E&M works & train procurement for Northern Green Line

ext., and construction costs for the Pink and Yellow Lines

Mass Transit related interest income increased by THB 159mn YoY to THB 598mn

Share of loss from BTSGIF of THB 24mn due to the impact from COVID-19

pandemic

Recurring EBITDA margin rose YoY to 20.3% (19.2% in 1Q 2019/20)

OPERATING PERFORMANCE

MASS TRANSIT

(THB mn)

1Q

2020/21

1Q

2019/20 %YoY

4Q

2019/20 %QoQ

Operating Revenue 8,929 6,544 36% 6,446 39%

Costs of revenue 7,672 5,902 30% 5,380 43%

Gross profit 1,257 642 96% 1,066 18%

Mass Transit interest income 598 439 36% 480 25%

Share of profit from BTSGIF (24) 225 N.A. 152 N.A.

Recurring EBITDA 1,815 1,255 45% 1,634 11%

Gross margin (%) 14.1% 9.8% 16.5%

Recurring EBITDA

margin (%) 20.3% 19.2% 25.4%

OPERATING REVENUE BREAKDOWN

1Q 2020/21

7

Mass Transit

O&M

13%

*Comprises of (i) Services revenue from provision of E&M works and train procurement for Gold Line and

(ii) Farebox revenue from BRT

Others*

2%

5,704 7,531 6,666

5,279 7,596

830

866 942

1,115

1,153 10

115 198

52

180

1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21

Development of new lines

O&M revenue

Others *



IR Quarterly Presentation 4Q 1213_Draft1.xlsx



928 1,010 1,204

568 265

435 597

632

361

176

1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21

Digital Services Business

OOH Media

3%

Office

Buildings

and Others

4%

Outdoor

Media

40%

Digital*


Media revenue of THB 441mn, a decrease of 68% YoY mainly due to

an impact from COVID-19 pandemic and the deconsolidation of

MACO

• Digital Services revenue* declined by 60% YoY to THB 176mn

• OOH Media revenue** decreased by 71% YoY to THB 265mn

Costs decreased by 43% YoY to THB 296mn

53%

BTS –

Related Media

MEDIA

(THB mn)

1Q

2020/21

1Q1

2019/20 %YoY

4Q1

2019/20 %QoQ

Operating revenue 441 1,363 (68)% 929 (53)%

Costs of revenue 296 521 (43)% 506 (41)%

Gross profit 145 842 (83)% 423 (66)%

Recurring EBITDA 1 712 (100)% 290 (100)%

Gross margin (%) 32.9% 61.8% 45.5%

Recurring EBITDA

margin (%) 0.2% 52.3% 31.2%

1Q 2020/21

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

8

Media

* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) VGI Digital Lab and

(iii) Trans.Ad Group under MACO

** OOH Media includes Transit, Outdoor and Office Building and Other Media

*

1 Note that 1Q & 4Q 2019/20 operating performances from Media business included contribution of MACO and

its subsidiaries for the period from April to June 2019 and January to March 2020, respectively

OOH Media (60%)



**




Commercial

& Others

100%


Operating revenue was THB 35mn, a decrease of 55% YoY, largely

due to lower commercial property revenue as a result of the effect

from the COVID-19 pandemic

Share of loss from investment in U City, our associate, of THB 399mn

(THB 193mn profit in 1Q 2019/20) primarily from lower revenue from

hotel operations owing to the impact of COVID-19 pandemic

Operating costs rose slightly by 2% YoY to THB 75mn.

OPERATING PERFORMANCE

PROPERTY

(THB mn)

1Q

2020/21

1Q

2019/20 %YoY

4Q

2019/20 %QoQ

Operating Revenue 35 79 (55)% 88 (60)%

Costs of revenue 75 74 2% 82 (8)%

Gross profit (40) 5 N.A. 6 N.A.

Recurring EBITDA (450) 179 N.A. (321) N.A.

Gross margin (%) N.A. 6.5% 7.1%

Recurring EBITDA

margin (%) N.A. 226.3% N.A.

OPERATING REVENUE BREAKDOWN

1Q 2020/21

NOTE: Property operating performances exclude share of profit/(loss) from investment

in U City

9

Property

90%

Commercial

& Others

79

100

113

88

35

1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21






67,245 63,034

72,940 84,412

32,915 28,371

31 Mar 20 30 Jun 20

Total current liabilities Total non-current liabilities

Total shareholders' equity

175,817 173,100

150,702 164,458

22,398 11,359

31 Mar 20 30 Jun 20

Total current assets

Total non-current assets

175,817 173,100

Cash

31 Mar 20: THB 3.2bn

30 Jun 20: THB 3.8bn

Cash & liquid investment

31 Mar 20: THB 17.7bn

30 Jun 20: THB 15.0bn

Current Financial Assets1

1 Apr 20: THB 2.8bn

30 Jun 20: THB 2.5bn

Non-current Financial Assets1

1 Apr 20: THB 18.0bn

30 Jun 20: THB 17.5bn

87%

13% 6%

94%

16%

36%

48%

39%

19%

42%

1Q 2020/21: 1.39x 1Q 2019/20: 1.32x

Gross Debt

to Equity

1Q 2020/21: 1.15x 1Q 2019/20: 0.82x

Adjusted Net

Debt2 to Equity

1Q 2020/21: 8.06x 1Q 2019/20: 6.52x

Adjusted Net Debt3 to

Recurring EBITDA

1Q 2020/21: 2.65x 1Q 2019/20: 3.90x

Interest Coverage

1Q 2020/21: 0.40x 1Q 2019/20: 1.05x

Current Ratio

ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN

KEY RATIOS

10

Financial Position as of 30 June 2020

1 The Group adopted TFRS 9 which the cumulative effect is recognised as an adjustment to the retained earnings as at 1 April 2020

2 Comprised of 13% floating-rate debt and 87% fixed-rate debt 3Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn) Gross Debt

31 Mar 20: THB 88.6bn2

30 Jun 20: THB 87.4bn2

Adjusted Net Debt2

31 Mar 20: THB 70.9bn

30 Jun 20: THB 72.4bn

********

Issued Ordinary Shares

31 Mar 20: 13,154.3mn

30 Jun 20: 13,154.6mn





Agenda





11


BTS Group Holdings PCL 12

Impact from COVID-19 pandemic Overall business have been affected especially in Media and Property sectors

Media Property Mass Transit

Core Network Ridership

69% YoY in 1Q 20/21

44% YoY in Jul 20 to 12mn trips,

(yet, gradually recovered MoM)

Measures Taken:

• Social distancing encouragement

• Wearing masks are required at all time

during BTS travelling

• Increasing in cleaning frequency from once

daily to once every loop at the terminal

Measures Taken:

Hospitality

Measures Taken:

Advertising

Significant impacts in 1Q 20/21 due

to delay in advertising spending to

3Q and 4Q 20/21 80% reopened (June 2020)

20% expected reopen in 2H 2020

53 hotels out of 57 were closed since

the 2H of March 20

• Some promotions given to retain customers

• Maintenance cost cut down to a per-time

basis

• Negotiation with office building landlords to

reduce rental fees

• Reduction in rental fees for the office and

retail spaces for a certain period in order to

help its tenants

• Cost control policies & cost saving measures

• Negotiations with creditors and landlord to

postpone principal/ interests and rental fee

▲ No impact from COVID-19

58%* of recurring EBITDA is from

development of new lines and

O&M, unaffected by COVID-19

Office Buildings

Some tenants were struggled to

pay the rental fee

Payment

Financial Impact

▲ 39% YoY O&M revenue

Recognised share of loss from

BTSGIF of THB 24mn in 1Q 20/21

Decrease in physical transactions

at BTS stations and retail

Financial Impact

51% YoY in 1Q 20/21 Media revenue

64% YoY in OOH revenue

▲ +12% YoY in Digital services revenue

Financial Impact

Recognised share of loss from

U City of THB 399mn in 1Q 20/21

▲ 33% YoY Revenue from development

of new lines to THB 7.6bn

O&M Business

▲ Recognised share of profit from

Kerry in 1Q 20/21

Logistics

▲ Huge surge in online shopping


Section 2: Business Updates

* Based on FY 2019/20 financial performance



Mass Transit & Transportation Update

13 BTS Group Earnings Presentation


Northern Green

Line extension

Pink & Yellow Lines Gold Line

Phase 1

U-Tapao

International Airport

Intercity Motorways

(M6 & M81) Orange Line

Early 2022

Expected Notice to

Proceed to be issued

Under feasibility

study

Sep 2020

Expected bid

submission

Aug 2020

Expected contract

signing

Jun 2020

The 1st batch of trains

was delivered

Oct 2020

Expected Commercial

operation

Dec 2020

Targeted full

operation of

Northern Green ext.

Oct 2021

Expected partial

operation of Pink &

Yellow Lines



Media Update VGI’s key developments in 1Q 2020/21

14 BTS Group Earnings Presentation


ADVERTISING PAYMENT AWARD AND ACHIEVEMENT

Created new Station Entrance

Experience welcoming

commuters on BTS stations

Continued to experience

strong user growth

• 13.3mn Rabbit cards

• 7.7mn Rabbit LinePay

users

• Expanding network to

cover in every

transportation mode

e.g. bus, boat and

widen its reach to

cafeteria in shopping

malls and industrial

estates.

• ASEAN’s

Transformation

Champions

• SET50 Index



U City’s Project Update

VERSO INTERNATIONAL SCHOOL THE CUSTOMS HOUSE (ROI CHAK SAM) THE UNICORN PHAYATHAI

Concept Providing unique learning experience by

paring modern technology and

contemporary teaching techniques

A luxurious 5-star hotel project in a rare,

historic, colonial-era heritage building

located along magnificent Chao Praya

Riverside

51 levels of mixed-use building

comprising of retail, office, hotel and

residence

Project Value Approximately THB 4.8bn Approximately THB 4.6bn Approximately THB 9.3bn

Location Thana City On the Chao Praya Riverside, Soi

Charoenkrung 36, Bangrak, Bangkok

Adjacent to 2 mass transit stations: BTS

Phayathai Station and Airport Rail Link

Land Area 79.4 Rai or 12.7 Ha (127,065 sqm) 5.15 Rai or 0.82 Ha (8,240 sqm) 7.3 Rai or 1.2 Ha (11,749.6 sqm)

Construction

Timeline

Project Period Approximately 42 months (Phase 1 & 2) 6 years Approximately 60 months

Status

(as of 30 June 20)

Phase 1: 100%

Phase 2: 96%

School opened in 17 Aug 2020

Restoration plan approved by the Fine Arts

Department

18%

4Q 2019 2025

Start Completion

3Q 2017 2Q 2022

Start Completion

2017 3Q 2020

Start Completion





U City’s Project Update

NUE Noble Ratchada – Lat Phrao: Noble JV



Concept A condominium with wide frontage units and

full furniture package next to BTS Yellow line

and MRT Blue line

Project Value Approximately THB 2.0bn

Location

50m from BTS Yellow line (Lat phrao station)

150m from MRT Blue line (Lat phrao station)

Land Area 2-0-96.5 Rai

Construction

Timeline

Presale Value

THB 470mn by 2 weeks

1Q 2021 3Q 2023

Start Completion



Agenda







Transportation Update

18

EXTENSION GREEN ZONE 2 PINK AND YELLOW LINE

Consortium N.A.

(100% BTS)

75% BTS

15% STEC

10% RATCH

Authority BMA MRTA

Investment

Type

O&M Contract PPP Net Cost

Operation 25 years 30 years

Scope Train procurement

25 years: O&M

39 months:

Construction

30 years: Farebox

revenue collection and

O&M

Project Cost Train procurement

≈THB 9.8bn

≈THB 96.1bn (gov’t subsidy, THB 47.55bn)

Status Southern: full operation

in Dec 18

Northern: Expected full

operation by 2020

PPP Contract signed

Expected partial COD:

Oct 21

M6 MOTORWAY M81 MOTORWAY U-TAPAO AIRPORT

40% BTS

40% GULF

10% STEC

10% RATCH

40% BTS

40% GULF

10% STEC

10% RATCH

45% BA

35% BTS

20% STEC

DOH DOH RTN

PPP Gross Cost PPP Gross Cost PPP Net Cost

30 years 30 years 47 years

3 years: Design &

Construction (Toll

Plaza, Toll Collection

System, Traffic Mgt

Control System,

Other infrastructure

30 years: O&M

3 years: Design &

Construction (Toll

Plaza, Toll Collection

System, Traffic Mgt

Control System,

Other infrastructure

30 years: O&M

3 years: Design &

Build Passenger

Terminal Building 3,

Commercial Gateway,

Cargo Village, Cargo

Complex

47 years: O&M

[to be disclosed] [to be disclosed]

THB 27bn

(phase 1)

PPP Contract signing

expected by Aug 20

PPP Contract signing

expected by Aug 20

PPP Contract signed on

19 June 2020, currently

awaiting Notice-to-

proceed

Remarks: This summary excludes “30-year O&M Contract” for Gold Line Phase 1 (Krung Thon Buri – Klong San, 1.7km, 3 stations) which the contract was signed in Jul 18, expected COD in 4Q 20.


Section 3: Appendices



Role & responsibilities

Design and development of the

required Airport Infrastructure

Operations and maintenance

over the concession term

Financing and maintenance

over the project components

Consortium

Commercial Gateway

269 Rai (430,000 sq.m.)

Airport City

654 Rai (1,047,000 sq.m.)

45%

35%

20%

Cargo & Free Trade Zone

430 Rai (688,000 sq.m.) Passenger Terminal

Building 3

Timeline

3 Years 47 Years

30 Jan 2020

Announced Pricing

Proposal Winner

2 Jun 2020

19 Jun 2020

Cabinet Approved

PPP Contract

PPP Contract

Signing

Early 2022

Early 2025

Early 2072

End of PPP contract Notice to proceed

(NTP)

O&M Start Date

Start construction

Location Plub Pla ,Ban Chang District, Rayong Province

Land Area Approx. 6,500 Rai (10,400,000 sq.m.)

Contract Type PPP Net Cost

Contract Term 50 Years

Authority Royal Thai Navy

Total Project Cost THB 31bn (phase 1)

Equity Injection Paid-up capital of THB 9bn at COD

Sources of Fund Debt 70 : Equity 30

Project Details

3 Years 47 Years

Design & Build Operation and Maintenance



Transportation Update U-Tapao international airport – at a glance

19



Transportation Update Intercity Motorway – BGSR JV as the best bidder

20

Status

M6: Bang Pa In –

Nakhon Ratchasima

Investment Type PPP Gross Cost

Distance 196km

Contract Term 2 phases

3Y 30Y

Design & Construction Operating & Maintenance (O&M)

Budget Approved by the Cabinet THB 33.2bn

M81: Bang Yai –

Kanchanaburi

PPP Gross Cost

96km

THB 27.8bn

Authority Department of Highways

Department of Highways

Price Proposed by BGSR THB 21.3bn THB 17.8bn

BGSR

JV 40% 40%

10% 10%

Expected COD 2023 2023

Bang Pa In

Nakhon

Ratchasima

196km

96km

Bang Yai

Kanchanaburi

M

6

M

81



Scope of Works

Phase I: Design and Construction (3 years)

• Toll Collection System

• Traffic Management and Control System

• Other infrastructure

Phase 2: Operation and Maintenance (30 years)

PPP Contract signing expected by Aug 2020

Consortium’s Members



Western Orange

Eastern Orange (under construction)

Mass Transit Update Orange Line bidding submission is expected in Sep 20

21

Underground Stations

Elevated Stations

Orange Line (35.9km, 28 stations)

* Western Orange civil works and land exploration CAPEX



Expected timeline

2023

Targeted COD of

Eastern Orange

10-24 Jul 2020

Request for

proposal (RFP)

selling period

2026

Targeted COD of

Western Orange

Sep 2020

Expected bid

submission

Dec 2020

Expected

contract signing

Contract Type PPP Net Cost with subsidy (covering (i) civil work construction of Western Orange and (ii) E&M and train procurement services for the entire Orange Line

Term 30 Years

CAPEX Civil ~THB 111bn*

E&M ~THB 32bn Route Taling Chan –

Thailand Cultural

Center

Length 13.4km

No. of

stations

11 (underground)

Route Thailand Cultural

Center - Min Buri

Length 22.5km

No. of

stations

17

(10 underground

and 7 aboveground)

10 companies bought Orange Line RFP

1. BTS Group Holdings PCL.

2. Bangkok Mass Transit System PCL.

3. Bangkok Expressway and Metro PCL.

4. Sino-Thai Engineering and Construction PCL.

5. Italian-Thai Development PCL.

6. Ratch Group PCL.

7. Ch. Karnchang PCL.

8. Gulf Energy Development PCL.

9. Sino-hydro Corporate Limited

10. Voranitas Development Limited



BTS Group Update BTS-W5 Term Sheet



22

BTS-W5 TERMS AND CONDITIONS

Ticker BTS-W5

Term 1 year from the issuance date

Issuance date 17 February 2020

Expiry date 16 February 2021

Warrants price nil

No. of warrants 1,315,385,979 units

Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5

Exercise ratio 1 BTS-W5 to 1.010 new common share of BTS

Exercise price THB 13.865 per share

Expected maximum proceeds THB 18.4bn

Exercise period Quarterly

1The adjustment took effect from 29 Jul 2020 onwards, following the condition in the event that the Company distributed dividends in cash in excess of 95% of the Company’s net profit

after income tax under the standalone financial statements of the Company of any relevant fiscal year.



FY 2020/21 Mass Transit Guidance

THB bn 20

Pink & Yellow Lines

Construction

THB bn 6

Mass-transit related

interest income

THB bn 2.6

E&M provision and

train procurement for

Green Line extensions

Train O&M

revenue

THB bn 5.2

FY 2020/21 CAPEX

THB bn 26

40% YoY



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