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Investor Presentation JUNE 2020 BTS GROUP HOLDINGS PCL

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Page 1: Investor Presentationbts.listedcompany.com/misc/presentation/20200610... · 10/6/2020  · BTS Group Investor Presentation Section 1: BTS Group in Brief & Strategy & Outlook BANGKOK

Investor Presentation

JUNE 2020

BTS GROUP HOLDINGS PCL

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Prepared by BTS Group IR

IR Contact

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings PCL (“BTSG”) solely for information

purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the

information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or

analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of

any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information

described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss

howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the

information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words

"believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been

constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and

uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG

assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no

obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Disclaimer

Address: BTS Group Holdings PCL

IR Department

15th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd.

Chomphon, Chatuchak, Bangkok, Thailand 10900

Telephone: +66(0) 2273 8611-15 Fax: +66(0) 2273 8610

Email: [email protected] Website: www.btsgroup.co.th

BTS Group Investor Presentation 2

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Prepared by BTS Group IR

Contents

BTS Group Investor Presentation 3

BTS Group in Brief & Strategy & Outlook

Business Segment Profiles • Mass Transit Business

• Media Business

• Property Business

• Services Business

Corporate Information

Financial Summary

Appendices

2

3

4

5

Section

1

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Prepared by BTS Group IR

MASS TRANSIT

80%

BTS Group Overview 4 Business Units with Mass Transit as our core

MASS TRANSIT MEDIA PROPERTY SERVICES

BTS Group Holdings PCL (BTSG)

A privately-owned conglomerate that engages in 4 business units; Mass Transit, Media, Property and Services. Listed on the Stock

Exchange of Thailand (SET), BTSG is a constituent member of the SET50 “Bluechip” Index, MSCI Asia Pacific Index, FTSE4Good Emerging

Markets Index and Dow Jones Sustainability Indices (DJSI) and among one of the largest companies in Thailand.

FY 2019/20 OPERATING REVENUE CONTRIBUTION

BTS Group Investor Presentation

Section 1: BTS Group in Brief & Strategy & Outlook

MEDIA

15%

PROPERTY

1%

SERVICES

4%

Total of

THB 39,937mn

4

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Prepared by BTS Group IR

As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines and transportation projects which are

authorised or set by the government at both municipal and national levels. We capture further value from opportunities which cascade

down to our other independently operating business units in Media, Property and Services.

STRATEGY

5-YEAR OUTLOOK

BTS Group Investor Presentation

Section 1: BTS Group in Brief & Strategy & Outlook

Strategy and 5-Year Growth Targets Mass transit led strategy : full growth phase

5Y CAGR

31% Operating Revenue

29% 5Y CAGR

Net Recurring Profit (after MI)

THB 131bn

5-Year Targeted CAPEX

* Operating revenue includes share of net profit (loss)

from associated companies and JVs

THB 8.2bn

THB 31.8bn

FY 16/17 FY 21/22E

THB 1.4bn

THB 5.1bn

FY 16/17 FY 21/22E

93% or THB 123bn

spent on all existing

and newly-secured

mass transit lines

5

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Prepared by BTS Group IR 6

1. Source: OTP (http://www.otp.go.th/uploads/tiny_uploads/ DataStatistics/2562/25611012-SumData01.pdf), Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau

MASTER PLAN: 515.2KM IN 2029, 33% MARKET SHARE IN 2037

Bangkok Rail Mass Transit Market Overview Aggressive rail market share growth in Bangkok

RAIL MASS TRANSIT MARKET SHARE1

Sources: Office of Traffic Policy and Planning, Bangkok Metropolitan Transport and Administration

Includes MRTA and BMA projects

Bangkok

13%

Hong Kong

49%

Tokyo

48%

Singapore

46%

BTS Group Investor Presentation

Section 1: BTS Group in Brief & Strategy & Outlook

BANGKOK MASS TRANSIT MARKET SHARE

515.2km in 2029

* Van, Ferry and Commuter train

Bus

79%

Rail Mass Transit

13%

Others*

8%

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Prepared by BTS Group IR 7

OPERATING LINES: 156.6KM, 113 STATIONS BY 3 OPERATORS

58.1km

Bangkok Rail Mass Transit Network Immature network, 143km under construction

70km 28.5km

BTS Group Investor Presentation

Section 1: BTS Group in Brief & Strategy & Outlook

156.6km in 2020

Blue line : 47km

Purple line : 23km

52 stations 53 stations 8 stations

*SRT: State Railway of Thailand

*

WEEKDAY RIDERSHIP MARKET SHARE IN 2019 (JAN-DEC)

*BEM ridership excludes Purple line. BTS and BEM based on company’s ridership reported on website as of 2019 and ARL is based on information as of DEC 18.

1.2mn trips

TOTAL AVERAGE

WEEKDAY RIDERSHIP

BTS

59% 787,315 trips

BEM

35% 433,000 trips*

ARL

6% 80,000 trips*

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Prepared by BTS Group IR

Contents

BTS Group Investor Presentation 8

BTS Group in Brief & Strategy & Outlook

Business Segment Profiles

Mass Transit Business

Corporate Information

Financial Summary

Appendices

1

3

4

5

Section

2

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Prepared by BTS Group IR

Line km Station Route

Core Network 23.5 23 Mo Chit – On Nut (17.0km)

National Stadium – Saphan

Taksin (6.5km)

Extension

Zone 1

7.5 6 Saphan Taksin – Bang Wa

Extension

Zone 1

5.3 5 On Nut – Bearing

Extension

Zone 2

(Southern)

12.6 9 Bearing – Kheha

Extension

Zone 2

(Northern)*

17.8 16 Mo Chit - Khu Khot

Gold

1.8 3 Krung Thonburi BTS

Station – Khlong San

Pink

34.5 30 Khae Rai – Min Buri

Yellow

30.4 23 Lat Phrao – Sam Rong

Total 133.4 115

9 BTS Group Investor Presentation

Section 2.1: Mass Transit Business

BTS NETWORK: 133.4KM (115 STATIONS)

Saphan Taksin

– Bang Wa

7.5km

On Nut – Bearing

5.3km

Southern Green Line

Bearing – Kheha

12.6km

Lat Phrao – Sam Rong

30.4km

Mo Chit – On Nut

17.0km

National Stadium –

Saphan Taksin

6.5km

Khae Rai – Min Buri

34.5km

Northern Green Line

Mo Chit - Khu Khot

17.8km

CORE NETWORK

EXT. ZONE 1

EXT. ZONE 1

EXT. ZONE 2

EXT. ZONE 2

PINK

YELLOW

Krung Thonburi BTS

Station – Khlong

San 1.8km

GOLD PHASE 1

BTS Lines 4 Lines - covering a total of 133.4km by 2021 (2.5 times from 53.9km in 2019)

OP

ER

ATIN

G

58.1

KM

UN

DER

CO

NSTR

UC

TIO

N

75.3

KM

*9 stations (9.2km) were partially opened in Aug 2019, Dec 2019 and Jun 2020

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Prepared by BTS Group IR

2021E: Pink and Yellow

10

Routes

Authority

Contract Type

Contract Term

Dark Green: Mo Chit – On Nut

Light Green: National Stadium –

Saphan Taksin

PPP Net Cost & O&M Contract

• 30 Years (Dec 1999 - Dec 2029)

for PPP Net Cost

• 13 Years (2029-2042)

for O&M Contract

• In Apr 2013, the rights to net farebox revenue of Core Network until 2029 was sold to BTSGIF

• BTS Group used the proceeds to invest in 1/3 units in BTSGIF

Dark Green: On Nut - Bearing

Light Green: Saphan Taksin –

Bang Wa

O&M Contract

30 Years (2012 - 2042)

Southern Green: : Samrong – Kheha

Northern Green : Mo Chit - Khu Khot

O&M Contract

25 Years (2017 - 2042)

Pink: Khae Rai – Min Buri

Yellow: Lat Phrao - Samrong

PPP Net Cost with Subsidy

30 Years (2021 - 2051)

BMA BMA BMA MRTA

Length/ Stations 23.5km / 23 stations 12.8km / 11 stations 30.4km / 25 stations 64.9km / 53 stations

1999:Core Network 2012: Green Line Ext.1 2018, 2020E: Green Line Ext.2

BTS Group Investor Presentation

Section 2.1: Mass Transit Business

23.5km 12.8km 30.4km 64.9km

Status Operating Operating Southern: Operating /

Northern: 2020E Oct 2021E

BTS Lines Evolution since 1999

2018 2020 2021E 1999

• Opening additional 4 stations of

Northern Green Ext. 2

• Targeted Gold Line and Northern

Green Ext.2 full commencement

Targeted Pink and Yellow

full commencement

Core Network Extension

Zone 1

2012 Southern

Green Ext 2

2019 Opening of the first 5 Stations

of Northern Green Ext. 2

Commencement

Timeline

*Remarks

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Prepared by BTS Group IR

THB 13BN GREEN BOND

11

Rationale:

Issuance Date:

Purchase new rolling

stocks and E&M for the

Northern and Southern

Green Line extensions

10 November 2016

Average

Coupon Rate:

3.31%

THB 63.4BN SYNDICATED LOAN

Credit

Facilities:

Total of THB 63.36bn

THB 31.68bn for Pink Line

THB 31.68bn for Yellow Line

Syndicate

Banks: BBL, KTB, SCB

Loan Term: 17 years and 3 months,

repayments starting from

first operation date

Rationale: Financing of the Pink

and Yellow lines

Transaction

Date: 10 October 2017

Green Line Extensions Pink and Yellow Lines

THB 22BN BTSC DEBENTURE

BTS Group Investor Presentation

Section 2.1: Mass Transit Business

CAPEX for New Green Line Extensions and Pink & Yellow Secured by debt financing

Rationale:

Issuance Date:

For debt repayment of

Eligible Green Projects

(Pink & Yellow Line)

24 May 2019

Average

Coupon Rate:

3.41%

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Prepared by BTS Group IR BTS Group Investor Presentation

Section 2.1: Mass Transit Business

Bang Wa - Taling Chan

7.0km

Bang Na

– Suvarnabhumi

18.3km

Watcharaphon –

Thong Lo

16.3km

Thailand Cultural Center - Min Buri

22.5km Bang Khun Non - Thailand

Cultural Center

13.4km

12

WESTERN ORANGE LINE EASTERN ORANGE LINE

WESTERN GREEN LINE EXT. GREY LINE (PHASE 1)

LRT

77.5KM TARGETED LINES IN THE NEXT 4 YEARS

BTS TARGET ROUTE AUTHORITY DISTANCE

(KM)

NO. OF

STATION

EXPECTED

OPERATING

GREEN EXT.

(WESTERN)

BANG WA

- TALING CHAN BMA 7.0 6 2025

LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2024

GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2024

ORANGE (E) THAILAND CULTURAL

CENTER - MIN BURI MRTA 22.5 17 2023

ORANGE (W) BANG KHUN NON - THAILAND

CULTURAL CENTER MRTA 13.4 11 2026

OTHER ROUTE AUTHORITY DISTANCE

(KM)

NO. OF

STATION

EXPECTED

OPERATING

BLUE BANG KHAE –

BHUDHAMONTHON 4 MRTA 8.0 4 n.a.

DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021

DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2024

LIGHT RED BANG SUE – MAKKASAN –

HUAMAK SRT 19.0 9 2024

LIGHT RED BANG SUE – TALING CHAN SRT 15.0 4 2021

PURPLE

(SOUTHERN) TAO POON – RAT BURANA MRTA 23.6 17 2026

TOTAL 175.9

Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and

Yellow lines, totaling 143.3km under construction)

7 above-ground stations

BTS Targeted Lines Interested in an additional 77.5km of rail mass transit lines

Note: MRTA: Mass Rapid Transit Authority of Thailand

BMA: Bangkok Metropolitan Administration

SRT: State Railway of Thailand

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Prepared by BTS Group IR

9.8 CAPEX INCL. SOUTHERN

AND NORTHERN PARTS

84

.5KM

AW

AR

DED

LIN

ES

77.5

KM

BTS T

AR

GETED

LIN

ES

GREEN LINE EXTENSION

ZONE 2:

NORTHERN 17.8KM1

PINK LINE: 34.5KM

YELLOW LINE: 30.4KM

WESTERN GREEN LINE

EXTENSION: 7.0KM

GOLD LINE PHASE 1:

1.8KM

LRT: 18.3KM

GREY LINE PHASE 1:

16.3KM

ORANGE LINE: 35.9KM

1 In total of 30.4km, divided into Southern Green 12.6km (fully commenced on 6 Dec 18) and Northern Green (17.8km).

2 Project cost (excluding interest expenses) for the Pink and Yellow based on MRTA submission and BTS owns 75% equity stake

in JV Cos. Calculation based on D/E ratio at 2.2x (equity required of THB 21bn). The JV Cos will receive civil work subsidy from

the MRTA of THB 22.5bn (for the Pink Line) and THB 25.05bn (for the Yellow Line) for 10 years from beginning of operation. 3Assume O&M revenue of THB 150mn/km p.a. in 2018

34.52 CIVIL + TRAINS + E&M

32.62

CIVIL + TRAINS + E&M

2.1

0.4 0.6

3.6

12.9 TRAINS + E&M

32.1 TRAINS + E&M

2.53 (Y1)

BY 2025

4Q 2020

BY 2023

OCT 2021 JUL 2018

BY 2022

MAR 2018

BY 2021

BY 2021

MID 2017

EASTERN SIDE

BY MID 2020

OCT 2021 JUL 2018 2051/52

2020 2042/43

2051/52

EXPECTED TIMELINE

FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23

EXPECTED CAPEX

(THB BN)

EXPECTED REVENUE

(THB BN P.A.)

FAREBOX

REVENUE

O&M

REVENUE FY 23/24 TRAINS E&M WORKS

5.0

4.5 – 5.0 (Y1)

START CIVIL WORKS CONSTRUCTION

EXPECTED START FULL OPERATION CONSTRUCTION PERIOD

OPERATION YEAR, UP UNTIL EXPECTED OPEN BID/ AWARD BIDDING & CONSTRUCTION PERIOD

TOTAL

CAPEX/FINANCING

THB

133.6bn

13

FY 24/25

2049/50

NOTE:

Timeline of Upcoming Lines and CAPEX Significant upcoming revenue expected in the next 3-5 years

BY 2024

BY 2024

BTS Group Investor Presentation

Section 2.1: Mass Transit Business

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Prepared by BTS Group IR

Transportation Project U-Tapao international airport – BBS JV as the best bidder

14 BTS Group Investor Presentation

Section 2.1: Mass Transit Business

Consortium’s Members

Location Plub Pla ,Ban Chang District,

Rayong Province

Land Area Approx. 1,600 Rai

Contract Type PPP Net Cost

Contract Term 50 Years

Authority Royal Thai Navy

Total Project Cost THB 27bn (phase 1)

Sources of Fund Debt 70 : Equity 30

Project Details

45%

35%

20%

3 Years 47 Years

Design & Build Operation and Maintenance

BBS JV

2

3

4

1

5

6

7

PPP Project Scope

1. Passenger Terminal Building 3

2. Commercial Gateway

3. Cargo Village as a Free Zone

4. Cargo Complex

5. Maintenance, Repair & Overhaul

Facilities

6. Aviation Training Center

7. Passenger Terminal Building 1 & 2

Timeline

21 March 2019

Bidding submission

30 January 2020

BBS JV was announced as

the best bid winner

October 2018

RFP selling period

Package Inclusion:

Package Exclusion:

(42 companies bought U-Tapao RFP)

Jun 2020

Expected contract signing

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Prepared by BTS Group IR

Transportation Project Intercity Motorway – BGSR JV as the best bidder

M6: Bang Pa In –

Nakhon Ratchasima

Contract Type PPP Gross Cost

Distance 196km

Contract Term 2 phases

3Y 30Y

Design & Construction Operating & Maintenance (O&M)

M81: Bang Yai –

Kanchanaburi

PPP Gross Cost

96km

Authority Department of Highways

Department of Highways

15 BTS Group Investor Presentation

Section 2.1: Mass Transit Business

Bang Pa In

Nakhon

Ratchasima

196km

96km

Bang Yai

Kanchanaburi

M

6

M

81

Budget Approved by the

Cabinet THB 33.2bn THB 27.8bn

BGSR

JV 40% 40%

10% 10%

Price Proposed by BGSR THB 21.3bn THB 17.8bn

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)

Expected COD 2023 2023

Status

PPP Contract signing expected in July 2020

Consortium’s Members

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Prepared by BTS Group IR

BTS 5-year Target of Network Expansion Quadruple growth from 48.9km in 2018 to 215km in 2024

BTS Group Investor Presentation

Section 2.1: Mass Transit Business

16

48.9

43

53.9

48

68.5

62

133.4

115

168.0

144

214.6

179

South ext.

(12.6km) 5 stations

of North ext.

(5.0km)

North ext.

(17.8km)

Gold line

(1.8km)

Pink line

(34.5km)

Yellow line

(30.4km)

FY 18/19 FY 23/24 FY 20/21 FY 21/22 FY 19/20 FY 22/23

BTS Lines

BTS Targeted Lines

Distance (km)

No. of stations

400km Total network in 2026

from 148.4km

currently

215km Targeted BTS network

in 2024 from 48.9km in

2018

143km Lines under construction

BTS Targeted Lines

LRT (18.3km)

Grey line

phase1

(16.3km)

FY 24/25

Western

Green ext.

(7km)

Orange line

(39.6km)

133.4

115

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Prepared by BTS Group IR

Contents

BTS Group Investor Presentation 17

BTS Group in Brief & Strategy & Outlook

Business Segment Profiles

Media Business

Corporate Information

Financial Summary

Appendices

1

2

3

4

5

Section

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Prepared by BTS Group IR

Media Evolution From traditional advertising to “Offline-to-Online Solutions”

18

1999 2009 2012

2015 2017 2018 2019

2015

BANGKOK CENTRIC NATIONWIDE NETWORK

O2O SOLUTIONS

2019

Demo Power

Direct to consumer

(40% stake)

Rabbit Group

Payment

(90% stake2)

Kerry Express (Thailand)

Logistics

(23% stake)

OOH Partners

Plan B (19.9% stake),

Ad Chaopraya (25% stake)

Tech Partners

Anymind (JV 49%),

iClick (JV 30%)

Aero Media

Airport

(30% stake)

POV

Building

(100% stake)

IPO

MACO

Billboard

(41.1% stake1)

Established and was granted

30yrs BTS ad. concession

BTS Group Investor Presentation

Section 2.2: Media Business

2015

1 includes BTS shareholdings of 14.6% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd.

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Prepared by BTS Group IR

Well-Diversified Media Portfolios Advertising, Payment and Logistics Platforms across industries

BTS Group Investor Presentation

Section 2.2: Media Business 19

ADVERTISING PAYMENT

41.1%1 30.0% 40.0% 90.0%2 90.0%2 100.0%

COMPANY

SEGMENT

PLATFORM

No. 1

Transit Media

No. 1

Building Media No.1 Outdoor Media No. 2

Aviation Media

No. 1

Activation

Services

The largest micro payment

platform

LOGISTICS

23.0%

TRANSIT BUILDING OUTDOOR AIRPORT ACTIVATION PAYMENT SERVICES

MACO AERO MEDIA DEMO

POWER RABBIT GROUP VGI

LOGISTICS

KERRY EXPRESS

No. 1

Parcel Delivery

Services

HOLDING

PERCENTAGE

BKK, Thailand

KL, Malaysia

BKK,

Thailand

Nationwide,

Thailand

KL, Malaysia

JKT, Indonesia

Nationwide,

Thailand

Yangon,

Myanmar

Nationwide,

Thailand Nationwide,

Thailand

Nationwide,

Thailand GEOGRAPHICAL

ACTIVITY

BKK and

nationwide,

Thailand

20.0%

OUTDOOR

PLAN B

Nationwide,

Thailand

AUDIENCE

REACH 18mn potential reach

1 includes BTS shareholdings of 14.6% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd

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Prepared by BTS Group IR

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 - 2024/25

Advertising: Solid Growth Opportunities Upside from BTS rail mass transit expansion

20

Secured by BTS Targeted Lines Carriages Stations

ADVERTISING

BTS Group Investor Presentation

Section 2.2: Media Business

208

34*

264

43

336

47

392

62

5-6x Increase in Train &

Station Capacity

Core Line

Extension

Green South

Extension

4 stations of

Green North

Extension

Pink Line

Yellow Line

Western Green

Extension

LRT

Grey Line (Phase I)

*VGI manages media on 30 stations of BTS.

Orange Line

12 stations of

Green North

Extension

Gold Line

Core Line

Extension

680

115

848

179

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Prepared by BTS Group IR 21

The E-money service provider with a common ticketing system supporting BTS and BRT.

BSS system also encompass other forms of public transportation as well as retail, service

and tourism sectors.

OFFLINE PAYMENT: RABBIT CARD

BTS Group Investor Presentation

Section 2.2: Media Business

LARGE PARTNERS NETWORK BUILT

ONLINE PAYMENT: RABBIT LINE PAY

A mobile e-wallet solution embedded in the leading chat messenger

application

SERVICES BUSINESS UNDER RABBIT

JV with AEON: THB 1.8bn outstanding loans Micro loan through the joint venture with AEON

Rabbit Daily: 3mn monthly visits Online lifestyle publisher, providing social news and entertainment

content and advertorials

Rabbit Insurance Broker: More than THB 16mn gross written

premiums per month Insurance aggregator services on Rabbit Finance website and also a

licensed broker for insurance products.

Co-branded Card: BBL co-branded card & AIS-Rabbit card Issued by financial institutions or corporations that wish to add Rabbit

functionality to credit card, debit card, or other card types or devices

Current 2020

Rabbit Cards 13.0mn > 15.0mn

Retailer

Points > 12,000 >20,000

Current 2020

Line Users 45.0mn >55.0mn

Rabbit Line Pay

Users 7.3mn >8.0mn

Online

Merchants > 1,000 >1,500

Payment: Synergy between VGI and Rabbit Upside from monetisation of Rabbit’s data

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Prepared by BTS Group IR

B2B delivering parcels from company to various places such

as financial institutions, law firm, retail shops and etc.

B2C delivering parcels from e-market place to the individual

shoppers

C2C delivering letters and parcels from online retailers to

individual consumers

22 BTS Group Investor Presentation

Section 2.2: Media Business

DELIVERY SERVICES PORTFOLIO SERVICES PRODUCTS

INVESTMENT & ACCOUNTING METHOD

Investment: 23% in Kerry Express Thailand

Accounting Method: Equity Sharing

SERVICES CHANNEL

Kerry is the No. 1 parcel delivery services in Thailand,

delivering more than 2,000,000 parcels per day and has

more than 10,000 retail service points nationwide.

• Deliver more than 2,000,000 parcels per day

• 1,289 distribution centers

• 1,900 parcel shops in Bangkok, Central and East

• 22,376 fleets

• 14,625 retail service points at alliance shops

NETWORK

Logistics: Last Miles Delivery Services Network expansion to accommodate the rise of E-commerce

125X KERRY PARCEL DELIVERED

PER DAY

C2C

70%

C2C

65%

C2C

50%

B2C

26%

B2C

30%

B2C

40%

Digital Thailand – Jan.2018

Population 69.11 M

Internet users 57.00 M

Social media users 51.00 .M

Unique mobile users 55.56 M

Mobile social users 46.00 M

0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000

2012 2013 2015 2017 2018 2019

C2C

B2C

B2BC2C

67%

B2C

31% 40,000

75,000

500,000

1,000,000

8,000

C2C

50% B2C

40%

2,000,000

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Prepared by BTS Group IR

Contents

BTS Group Investor Presentation 23

BTS Group in Brief & Strategy & Outlook

Business Segment Profiles

Property Business

Corporate Information

Financial Summary

Appendices

1

3

4

5

2

Section

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Prepared by BTS Group IR

3,492 554 1,411 7,700

1,000

379 368

2,985

(200)

300

800

1,300

1,800

2,300

2,800

3,300

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

F/Y 12/13 F/Y 13/14 F/Y 14/15 F/Y 19/20E

Proceeds from land sales Net gain

BTS GROUP’S PROPERTY BOOK VALUE BREAKDOWN

BTS Group Investor Presentation

Section 2.3: Property Business

Owners Total Area (Rai) Total Area (sq.m)

BTS Group PCL 541.0 882,644.0

U City PCL 881.0 1,418,763.6

Total 1,422.0 2,301,407.6

Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted

ATTRACTIVE LAND BANK

LAND BANK UNDER BTS GROUP AND SUBSIDIARIES

Data as of 31 Mar 20

BTS Commercial

BTS Residential

U City Recurring Income

U City Residential BTS Group Land Bank

U City Land Bank

Projects and Properties Land Bank

Projects and Properties

a. The LINE Jatujak – Mochit

b. The LINE Sukhumvit 71

c. The LINE Ratchathewi

d. The LINE Asoke-Ratchada

e. The BASE Garden Rama 9

f. The LINE Pradipat

g. The LINE Sukhumvit 101

h. KHUN BY YOO

i. The BASE Petkasem 29

j. The LINE Sathorn

k. The LINE Wongsawang

l. TST Tower Office Building

m. U Sathorn Hotel

n. Eastin Grand Sathorn Hotel

o. Eastin Thana City

p. The Unicorn

q. The Grand

r. The Royal Place II

s. Thana City Golf & Sports Club

t. Verso International School

a f

l

d

e c

q r

g

h

s m

n i

Kukot 51.7 rai (8.3 ha)

Thana City

308.6 rai

(49.4 ha)

j

k

Ratburana &

Suksawad

44.1 rai

(7.6 ha)

p

o b

t

Mochit 11.1 rai (1.8 ha)

HISTORICAL LAND TRADING UNDER BTS GROUP

(THB mn)

Kamla Beach Resort and Hotel

THB 1.6bn (Net Gain THB

0.3bn)

Kampoo Property: THB 1.8bn

(Net Gain THB 0.7bn)

Bang Pakong and

Bangna km 18

5-rai land at

Mo Chit

Property Portfolio

48-rai land sale

(Bayswater JV)

24

F/Y 19/20

Total Book Value

as of 31 Mar 20

THB 26.5bn

U City*

THB 17.4bn

66%

Residential

THB 0.5bn

2%

Land Bank

THB 5.3bn

20%

Commercial

THB 3.3bn

12%

*Adjusted for equity stake

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• Austria

• Belarus

• Czech Republic

• Germany

• Poland

• Romania

• Russia

• Slovakia

• Switzerland

• United Kingdom

25 BTS Group Investor Presentation

Section 2.3: Property Business

Presence in

10 European Countries

• Thailand

• Vietnam

• Indonesia

• India

• Oman

• Hong Kong

Presence in

6 Asian & Middle

Eastern Countries

OFFICE

The Unicorn

MIXED USE EDUCATION

Verso International School

HOSPITALITY

U Chiang Mai Hotel

U Sathorn Hotel

Vienna House Hotels

Eastin Grand Sathorn Hotel

U City’s Property Overview Globally developing and investing in diversified property

RESIDENTIAL

SANSIRI JV

119 hotels and more than 30,000* keys owned, leased or managed

4 office buildings and business interests spanning 17 countries globally

60 hotels, 2 office buildings

57 hotels, 2 office buildings,

16 condominiums projects

33 Gracechurch

Street, London 6-14 Underwood

Street, London

TST Tower,

Bangkok

Noble Comm. Building,

Bangkok

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Prepared by BTS Group IR

Contents

BTS Group Investor Presentation 26

BTS Group in Brief & Strategy & Outlook

Business Segment Profiles

Services Business

Corporate Information

Financial Summary

Appendices

1

3

4

5

2

Section

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Prepared by BTS Group IR 27 BTS Group Investor Presentation

Section 2.4: Services Business

BANGKOK PAYMENT SOLUTIONS (BPS)

• Joint venture between BTSG and VIX Group, a leading technology development for Central Clearing House (CCH) and

Automatic Fare Collection (AFC) services

• Served as a vehicle for developing software and providing technology services for an integrated mass transit and payment

systems in Thailand

RABBIT REWARDS PROGRAMME

• A loyalty programme for consumers who transact with the Rabbit Card and/or Rabbit Line Pay.

• The Rabbit Points can be redeemed for vouchers across our retail partner network and additional Rabbit Rewards partners.

• Rabbit Rewards registration will enable us to enhance and provide marketing solutions to targeted consumers which will

synergise with our media business. In FY 2019/20, the programme had 4.8million registered members.

HHT CONSTRUCTION

Joint venture between BTSG and Li Kay Engineering, a Hong Kong based civil and foundation company.

SERVICES BUSINESS

CHEFMAN RESTAURANTS

• Premium Chinese restaurant chain managed by Man Food Holdings.

• In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR). With

BR’s extensive food processing expertise will enable Chef Man to scale-up its

business domestically and internationally.

CHEFMAN

RESTAURANTS

Services Business Strategic support and business incubator

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Prepared by BTS Group IR

Contents

BTS Group Investor Presentation 28

BTS Group in Brief & Strategy & Outlook

Business Segment Profiles • Mass Transit Business

• Media Business

• Property Business

• Services Business

Corporate Information

Financial Summary

Appendices

1

2

4

5

3 Section

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Prepared by BTS Group IR 29

BTS Group History

BTS Group Investor Presentation

Section 3: Corporate Information

Company established

as Tanayong Co., Ltd.

(TYONG) to operate in

property development

field

1968

TYONG established

a wholly-owned

subsidiary, Bangkok

Transit System

Corporation Ltd.

(BTSC), which won

the SkyTrain

concession bid

1992

BTSC exit court

supervised

rehabilitation

procedure

2008

TYONG acquired 94.6%

of BTSC, returning Mass

Transit operations to be

the primary business of

the Company. The

Company also changed

its name to BTS Group

Holdings PCL (BTSG)

2010

BTSC sold the future

Net Fare-box Revenue

under its Concession

Agreement to BTS Rail

Mass Transit

Infrastructure Fund

(BTSGIF)

APR 2013

BTSG completed the entire business transfer of

Unicorn Enterprise Company Limited, our

former subsidiary, to U City Public Company

Limited, our associate

MAR 2018

TYONG listed on the

Stock Exchange of

Thailand under

Property Development

sector

1991

Commercial

operation of the BTS

SkyTrain

commenced

1999

BTSC expanded into

Media business

through the acquisition

of 100% of VGI Co.,

Ltd. (VGI)

2009 VGI PCL, the Group’s Media

subsidiary, listed on the Stock

Exchange of Thailand

OCT 2012

BTSC signed a 30-year

operating & maintenance

(O&M) contract covering Green

Line extensions (Saphan Taksin

- Wongwian Yai - Bang Wa

and Onnut - Bearing) under the

purview of the Bangkok

Metropolitan Administration

(BMA)

MAY 2012 Concession Contracts of the Pink (Khae

Rai to Min Buri) and the Yellow Line (Lad

Prao to Sam Rong), a total length of

64.9km were awarded

JUN 2017

BTSC signed the operating & maintenance

(O&M) contract with KT; covers 30.8km of

Green Line Northern and Southern

extensions (Mo Chit – Khu Khot and Bearing

– Kheha)

MAR 2017

SEP 2018 The company has been officially selected

by the Dow Jones Sustainability Indices (DJSI)

Emerging Markets 2018 in the first time

JUL 2018 BTSC&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, 1.8km and 3 stations)

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14.58%

BTS Infrastructure

Services Co., Ltd

1 Information based on book closure date on 31 Mar 20 with total issued shares = 13,154.3mn shares 2 BTSG holds 65.93% of VGI indirectly and directly as of 31 Mar 2020 3 Revenue from the Company recorded under Services BU

33.33%

45.04%

30

BTS Group Holdings PCL

BTS Rail Mass Transit

Growth Infrastructure

Fund (BTSGIF)

97.48%

Bangkok Mass Transit

System PCL (BTSC)

22.03%

MEDIA BUSINESS

40% Kanjanapas Family1

32% Institutional Investors1

18% Individual Investors1

PROPERTY BUSINESS

VGI Advertising

Media Co., Ltd.

100%

888 Media

Co., Ltd. 100%

Master Ad PCL 26.55%

Aero Media

Group Co., Ltd.

30%

VGI PCL (VGI) 2

100% Point of View (POV)

Media Group Co., Ltd.

33.33%

MASS TRANSIT BUSINESS

SERVICES BUSINESS

RabbitPay System Co., Ltd. 80%

Rabbit-Line Pay Co., Ltd.

Rabbit Internet Co., Ltd. 60%

Rabbit Rewards

Co., Ltd. 75%

BSS Holdings Co., Ltd. 90%

51% ATS Rabbit Special Purpose

Vehicle Co., Ltd.

Man Food Holdings Co.,

Ltd.

41.18%

HHT Construction

Co., Ltd.3

51%

90% Bangkok Smartcard System Co., Ltd.

Bangkok Payment

Solutions Co., Ltd. 60%

Listed entities

Subsidiaries

Associates

LEGEND

JVs

Demo Power

(Thailand) Co., Ltd.

40%

The ICON VGI

Co., Ltd.

25%

100% RB Services Co., Ltd.

Northern Bangkok

Monorail Co., Ltd.

Eastern Bangkok

Monorail Co., Ltd.

75%

75%

100%

BTS Infrastructure

Development Co., Ltd

100%

Supremo Media

Co., Ltd 25%

Kerry Express

(Thailand) Ltd 23%

Yongsu Co., Ltd. 100%

DNAL Co., Ltd. 100%

The Community One Co.,

Ltd.

100%

Kingkaew Assets Co., Ltd. 100%

37.87%

The Community Two Co.,

Ltd.

100%

U City PCL

Group Work

Co., Ltd.

20%

100% Turtle 23 Co., Ltd.

50% BV Media

Ads Limited

Rabbit Insurance

BrokerCo., Ltd.

ASK Direct Group Co., Ltd. 100%

100%

BTS Group Investor Presentation

Section 3: Corporate Information

Business Organisation and Shareholding Structure as of 31 March 2020

U-Tapao International

Aviation Co., Ltd.

35%

Chao Phraya Express

Boat Co., Ltd.

27.5%

30% V-Click Technology

Co., Ltd.

SLV Retail

Co., Ltd.

30%

49% VGI AnyMind

Technology

Co., Ltd

Ads Chaophraya

Co., Ltd.

25.01%

25.01%

VGI (Malaysia)

Sdn Bhd

25.01%

VGI MACO (Singapore)

Private Limited

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(1) Calculated based on the share price of one day before the Board of Directors’ approval date for relevant dividend

payment

(2) Subject to shareholders’ approval at the shareholders meeting on 20 July 2020.

31

No less than 50% of net profit

DIVIDEND POLICY CREDIT RATING AND OUTLOOK

HISTORICAL DIVIDEND PAYMENTS/ DIVIDEND YIELD AND PAYOUT

Issue Rating/ Outlook

from TRIS

BTS Group A/ Negative

BTSC A/ Negative

THB 22bn BTSC Debenture

Senior Unsecured Debenture A

THB 9.5bn BTSG Debenture

Senior Unsecured Debenture

Issuance Date: 7 Sep 18

Average Coupon Rate: 3.38%

A

THB 7bn BTSG Debenture

Senior Unsecured Debenture

Issuance Date: 26 Dec 17

Average Coupon Rate: 3.17%

A

THB 13bn BTSG Debenture

Unsubordinated and Unsecured

Green Bond

Issuance Date: 24 May 19

Average Coupon Rate: 3.41%

A

BTS Group Investor Presentation

Section 3: Corporate Information

BTS Group Share Information Dividend and credit rating profile

FY 17/18 FY 18/19 FY 19/20

Actual Dividend Paid

(THB mn) 4,145 5,152 6,513(2)

Dividend per Share

(THB) 0.35 0.42 0.48

Dividend Yield (1)

(%) 3.9% 4.0% 4.0%

Dividend Payout

(%) 87% 143% 126%

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0

2,000

4,000

6,000

8,000

10,000

12,000

5

7

9

11

13

15

BTS Turnover (RHS) BTS TB SET Index (rebased)

Foreign Limit

Free Float

(as of Jun 18)

10.0%

NVDR

21.7%

Thai Funds

10.2%

Foreign Funds

Name %*

1 Mr. Keeree Kanjanapas 's Group 40%

2 Thai NVDR Co., Ltd. 10%

3 Social Security Office 2%

4 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2%

5 Bualuang Securities Public Company Limited 2%

6 STATE STREET EUROPE LIMITED 1%

7 Bualuang Long-Term Equity Fund 1%

8 Mr. Min Tieanworn 1%

9 GIC Private Limited 1%

10 Bualuang Top-Ten Fund 1%

TOTAL TOP 10 SHAREHOLDERS 61%

Stock code BTS

Outstanding shares (mn shares) 13,154.3

Market capitalisation (THB mn) 119,704.1

Market capitalisation (USD mn) 3,656.5

Average daily traded value (THB mn) 626.7

Average daily traded value (USD mn) 20.3

Credit Rating (by TRIS) A/Negative

SHARE INFORMATION (as of 31 Mar 2020)

SHARE PRICE MOVEMENT (as of 31 Mar 2020)

SHAREHOLDING STRUCTURE (as of 31 Mar 2020)

TOP 10 SHAREHOLDERS (as of 31 Mar 2020)

32

THB

*Total of 13,154,296,081 shares

Kanjanapas’s

Group

40.1%

Retails

18.0%

58%

49%

13,154mn

shares

BTS Group Investor Presentation

Section 3: Corporate Information

BTS Group Share Information

THB mn

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Prepared by BTS Group IR

BTS Group Overview Our path towards sustainability

BTS SDGs FOCUS

Awards and Recognition

E S G

BTS VALUE

Delivering

Customer satisfaction

Creating

shareholder value

Supporting

sustainable growth

Developing

communities

33 BTS Group Investor Presentation

Section 3: Corporate Information

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Prepared by BTS Group IR

Contents

BTS Group Investor Presentation 34

BTS Group in Brief & Strategy & Outlook

Business Segment Profiles - Mass Transit Business

- Media Business

- Property Business

- Services Business

Corporate Information

Financial Summary

Appendices

1

2

3

5

4 Section

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Prepared by BTS Group IR

OPERATING REVENUE COMPARISON (YoY)

(1) Operating EBITDA excludes non-recurring items but includes share of profit (loss) from BTSGIF

(2) Net income attributable to equity holders of the parent

(3) Operating EBITDA/finance cost

(4) Interim and final dividends, calculated on annual basis using BTS TB closing share price on the date

of the Board of Directors’ meeting approving the relevant dividend

(5) Interest bearing debt - cash and cash equivalent and liquid investment

35 BTS Group Investor Presentation

Section 4: Financial Summary

Note: Revenue and EBITDA excludes the equity income from Sansiri JV, U City, Bayswater JV, Keystone JV

* Calculated base on EBITDA of THB 6,835mn which excludes selling and Administrative expenses at Head-

Office of THB 729mn

** After selling and Administrative expenses at Head-Office of THB 972mn

FY 19/20 OPERATING REVENUE & EBITDA CONTRIBUTION

BTS Group Financial Performance

CONSOLIDATED P&L (THB MN) FY 19/20 FY 18/19 FY 17/18

Operating revenues 39,937 48,004 14,102

Accounting revenues 47,299 48,997 15,107

Operating expenses 30,343 40,120 8,325

Operating EBITDA(1) 7,460 6,137 4,089

Recurring Net Profit 4,776 3,248 2,508

Net income(2) 8,162 2,873 4,416

DEBT INFORMATION (THB MN) 31-Mar-20 31-Mar-19 31-Mar-18

Interest bearing debt 88,559 72,474 47,169

Adj. net debt (5) 70,892 53,784 17,129

KEY FINANCIAL RATIOS FY 19/20 FY 18/19 FY 17/18

Profitability ratios (%)

Gross operating profit margin 24.0% 16.4% 41.0%

SG&A to operating sales ratio 7.7% 5.3% 17.3%

Operating EBITDA margin(1) 18.7% 12.8% 29.0%

Recurring net profit margin (%) 11.4% 6.6% 23.4%

Liquidity ratio

Current ratio (times) 0.68x 0.47x 0.95x

Leverage (Times)

Total liability to total asset 0.61x 0.64x 0.56x

Total liability to total equity 1.57x 1.76x 1.29x

Interest bearing debt to equity 1.32x 1.39x 1.02x

Adj. net debt(5) to equity 1.05x 1.03x 0.37x

Adj. net debt(5) to recurring EBITDA 7.35x 7.43x 3.02x

Interest coverage(3) 3.32x 3.74x 3.31x

Per share ratios

Book value per share (THB) 5.32 4.42 3.91

Dividend yield (4) 4.00% 3.98% 3.95%

Business Units Revenue

Contribution (%)

EBITDA

Contribution* (%)

Mass Transit 80% 76%

Media 15% 25%

Property 1% (0.2)%

Services 4% (0.6)%

Total (THB mn) 39,937 7,461**

48,004 39,937 (9,252) 530 21 634

FY18/19 Mass Transit Media Property Services FY19/20

(22)% 57% 10% 6%

(THB mn)

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Prepared by BTS Group IR

4,237 9,112

41,328

32,076

FY 16/17 FY 17/18 FY 18/19 FY 19/20

36

743

449

1,112

1,746

FY 16/17 FY 17/18 FY 18/19 FY 19/20

617 639

360 381

FY 16/17 FY 17/18 FY 18/19 FY 19/20

3,010 3,902

5,204 5,735

FY 16/17 FY 17/18 FY 18/19 FY 19/20

MEDIA

PROPERTY SERVICES

MASS TRANSIT

FY 2019/20:-

• Construction revenue for Pink & Yellow Lines: THB 16.9bn

• Services revenue from provision of E&M works & train: THB 8.3bn

• O&M Revenue: THB 3.8bn

• Mass Transit related Interest Income: THB 1.9bn

• Share of net profit from investment in BTSGIF: THB 0.8bn

FY 2019/20:-

• OOH Media revenue: THB 3,709mn

• Digital Services business: THB 2,026mn

FY 2019/20:-

• Commercial Property revenue : THB 341mn

• Residential Property revenue: THB 40mn

FY 2019/20:-

• HHT revenue : THB 1,604mn

• BPS, Rabbit Rewards and Turtle 23: THB 142mn

BTS Group Investor Presentation

Section 4: Financial Summary

Operating Revenue by Business Units

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52,310 67,245

50,477

72,940

41,611

32,915

31 Mar 19 31 Mar 20

Total shareholders' equity Total non-current liabilities

Total current liabilities

173,100

144,398

124,745 150,702

19,653

22,398

31 Mar 19 31 Mar 20

Total non-current assets Total current assets

173,100

144,398

Cash

31 Mar 19: THB 4.0bn

31 Mar 20: THB 3.2bn

Cash & liquid investment

31 Mar 19: THB 18.7bn

31 Mar 20: THB 17.7bn

Current Investments

31 Mar 19: THB 7.7bn

31 Mar 20: THB 2.7bn

Long-Term Investments

31 Mar 19: THB 14.6bn

31 Mar 20: THB 17.9bn

86%

14%

13%

87%

19%

39%

42%

36%

29%

35%

FY 2019/20: 1.32x FY 2018/19: 1.39x

Gross Debt

to Equity

FY 2019/20: 1.05x FY 2018/19: 1.03x

Adjusted Net

Debt2 to Equity

FY 2019/20: 7.35x FY 2018/19: 7.43x

Adjusted Net Debt2 to

Recurring EBITDA

FY 2019/20: 3.32x FY 2018/19: 3.74x

Interest Coverage

FY 2019/20: 0.68x FY 2018/19: 0.47x

Current Ratio

ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN

KEY RATIOS

37

Financial Position as of 31 March 2020

1 Comprised of 19% floating-rate debt and 81% fixed-rate debt 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn) Gross Debt

31 Mar 19: THB 72.5bn

31 Mar 20: THB 88.6bn1

Adjusted Net Debt2

31 Mar 19: THB 53.8bn

31 Mar 20: THB 70.9bn

*****

Issued Ordinary Shares

31 Mar 19: 11,845.4mn

31 Mar 20: 13,154.3mn

BTS Group Investor Presentation

Section 4: Financial Summary

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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

Mass Transit CAPEX

THB bn 26

40% YoY

BTS Group Investor Presentation

Section 4: Financial Summary 38

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Contents

BTS Group Investor Presentation 39

BTS Group in Brief & Strategy & Outlook

Business Segment Profiles • Mass Transit Business

• Media Business

• Property Business

• Services Business

Corporate Information

Financial Summary

Appendices

1

2

3

4

5 Section

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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

OOH Traditional Online/ Digital Total

40 BTS Group Investor Presentation

Appendices

Appendix 1: Media Market Overview OOH and Online outperformed industry spending

TRADITIONAL CAGR1 = 0.3%

OOH CAGR1 = 9.3%

ONLINE CAGR1 = 63.2%

INDUSTRY CAGR1 = 3.7%

Incl. TV, Radio, Newspaper and Magazine

Increasing mobility Increasing urbanisation Fragmentation of other

broadcasting channels

Improving of OOH Media

(Digitalisation, data, planning tools,

mobile connection etc.)

Source: The Nielsen Company (Thailand) Co.Ltd. & Digital Agency Association (Thailand) 12009 – 2019 CAGR

Economic Down Turn

- Bangkok shutdown

- Coup d’etat

Industry Spending = THB 90bn

Traditional Spending = THB 79bn

OOH Spending = THB 6.5bn

Online Spending = THB 0.3bn

Industry Spending = THB 123bn

Traditional Spending = THB 10bn

OOH Spending = THB 14bn

Online Spending = THB 21bn

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Appendices

Appendix 1: Media Market Overview The Rise of E-Commerce Fueling Growth in E-Payment & Logistics

744 768

2,033

2,245

2,560

2,763

3,150

2012 2013 2014 2015 2016 2017 2018

4X E-COMMERCE MARKET

Increasing Players

in E-commerce

Market

Increasing

Transaction

Through Online

Growth Opportunity

For E-Payment &

Logistics

Increasing Demand

On Goods Delivery

And Other Services

Source: Electronic Transaction Development Agency (ETDA)

THB bn

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1.42

1.78

2.12

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

6.8

2

6.9

6

6.8

1 59 79

96 105 118 132 139 133 136 144 145 176

197 215 219 233 238 241 241 237

00/0

1

01/

02

02/0

3

03/0

4

04

/05

05/0

6

06/0

7

07/0

8

08/0

9

09/1

0

10/1

1

11/

12

12/1

3

13/1

4

14

/15

15/1

6

16/1

7

17/1

8

18/1

9

19/2

0

Farebox revenue (THB bn)

Ridership (mn)

1.7

3.4

6

.0

16/1

7

17/1

8

18/1

9

19/2

0

20/2

1

21/

22

22/2

3

23/2

4

24

/25

25/2

6

26/2

7

27/2

8

28/2

9

29/3

0

30/3

1

31/

32

32/3

3

33/3

4

34

/35

35/3

6

36/3

7

37/3

8

38/3

9

39/4

0

40/4

1

41/

42

42/4

3

Core Line Zone 1

42

CORE NETWORK: 23.5KM

23 stations, 23.5km located at CBD of Bangkok

Inaugural Mass Transit route, operated since Dec 1999

No revenue sharing to BMA

Under 30 years concession contract (net cost model)

from 1999 - 2029

In Apr 2013, BTSC sold the rights to net farebox revenue

under its concession agreement for the BTS Skytrain

Core Network until Dec 2029 to BTSGIF

BTS Group used the proceeds to invest 1/3 units in

BTSGIF (10 years lock-up)

19Y Farebox Revenue CAGR: 9.1%

19Y Ridership CAGR: 8.0%

RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.3%)

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0

23.0 26.0

30.0 33.0

37.0 40.0

44.0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

NO. OF STATIONS

AUTHORISED FARE (APR 13)

NEW EFFECTIVE FARE (OCT 17)

PREVIOUS EFFECTIVE FARE (JUN 13)

POTENTIAL FARE UPSIDE

DISTANCE-BASED FARE (AVG = THB 29.0/TRIP)

PPP NET COST CONTRACT O&M CONTRACT

ZONE 1: 12.8KM EXTENSIONS

(unit: THB bn)

BTSC has operated & maintained the

extensions since 2009

Pre-agreed fee income with no ridership risk

30-Year O&M Contract signed in May 2012: 1. Current extensions (zone 1) of 11 stations, 12.8km

2. Core Network of 23 stations, 23.5km

post concession expiry (Dec 2029 – May 2042)

Zone 1: CAGR

(FY16/17-FY41/42) = 3.9%

Core Line: CAGR

(FY30/31-FY41/42) = 3.1%

CORE NETWORK MO CHIT –

ON NUT

17.0KM

NATIONAL

STADIUM –

SAPHAN

TAKSIN 6.3KM

EXT. ZONE 1

ONNUT – BEARING

5.3KM

SAPHAN TAKSIN –

BANG WA 7.5KM

Appendix 2: BTS Network 23.5km Core Network and 12.8km Green Line Extension

BTS Group Investor Presentation

Appendices

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STEC 15%

43

BTSC has the operated & maintained of the

additional 30.8km of Green Line extensions

on 31 Mar 17

Pre-agreed fee income with no ridership risk

25-year O&M contract covers 30.8km of

Northern and Southern Green Line

Extensions

(Apr 17 – May 42)

• SOUTHERN: Bearing – Kheha

(12.6km/ 9 stations)

• NORTHERN: Mo Chit – Khu Khot

(17.8km/ 16 stations)

PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT

PINK YELLOW

Route Kae Rai –

Min Buri

Lat Phrao –

Sam Rong

Distance / no. of

stations 34.5km / 30 30.4km / 23

Required trains

42; 4-car train

(168 cars )

30; 4-car

train

(120 cars )

Contract length 30yr operation 30yr operation

Daily ridership in Y1 199k trips 195k trips

Ridership CAGR (30Y) 5.2% 4.5%

Average fare in Y1 THB 34.7/ trip THB 30.0/ trip

EBITDA margin (%)

26% at early

stages

rising to 69%

at Y30

34% at early

stages

rising to 64%

at Y30

Commercial revenue 10% of farebox

revenue

15% of

farebox

revenue

Total Project Cost THB 49.4bn THB 46.7bn

Civil Subsidy Amount THB 22.5bn THB 25.05bn

Civil Subsidy Term

Equal payment

at 2.25bn p.a.

for 10 years

from

beginning of

operation

Equal

payment at

2.505bn p.a.

for 10 years

from

beginning of

operation

Sharing to MRTA THB 250mn THB 250mn

Funding (D/E) 2.5x 2.5x

OWNERSHIP STRUCTURE

PR

OJE

CT D

ETA

ILS

EX

PEC

TED

RID

ER

SH

IP A

ND

REV

EN

UE

PR

OJE

CT C

AP

EX

&

FIN

AN

CIN

G

EASTERN BANGKOK

MONORAIL COMPANY

LIMITED

NORTHERN BANGKOK

MONORAIL COMPANY

LIMITED

PINK LINE PROJECT

(INCLUDE EXTENSIONS)

YELLOW LINE PROJECT

(INCLUDE EXTENSIONS)

BTS

75% RATCH 10%

ZONE 2: 30.4KM NEW EXTENSIONS 64.9KM PINK AND YELLOW LINE (MONORAIL)

NORTHERN GREEN

LINE

MO CHIT - KHU KHOT

17.8KM

SOUTHERN GREEN

LINE

BEARING – KHEHA

12.6KM

YELLOW

LAT PHRAO –

SAM RONG

30.4KM

EXT. ZONE 2

EXT. ZONE 2

KHAE RAI

– MIN

BURI

34.5KM

PINK

YELLOW

Appendix 2: BTS Network 23.5km Core Network and 12.8km Green Line Extension

BTS Group Investor Presentation

Appendices

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CORE NETWORK EXTENSION ZONE 1 EXTENSION ZONE 2 PINK & YELLOW GOLD LINE PHASE 1

ROUTE • Dark Green

Mo Chit – Onnut

• Light Green

National Stadium - Saphan Taksin

• Dark Green

Onnut - Bearing

• Light Green

Saphan Taksin - BangWa

• Southern Green

Bearing - Kheha

• Northern Green

Mo Chit - Khu Kot

• Pink

Khae Rai - Min Buri

• Yellow

Lat Phrao - Sam Rong

Krung Thonburi BTS Station

- Khlong San District Office

DISTANCE

& NO. OF

STATIONS

23.5km, 23 stations 12.8km, 11 stations 30.4km, 25 stations 64.9km, 53 stations 1.8km, 3 stations

AUTHORITY BMA BMA BMA MRTA BMA

CONTRACT

TYPE

& CONTRACT

LENGTH

30Y Concession

Agreement (1999-

2042)

13Y O&M

Contract

(2029-2042)

30Y O&M Contract

(2012 - 2042)

25Y O&M Contract

(2017 - 2042)

30Y Concession

Agreement

(from 1st operation

date)

30Y O&M Contract

(from 1st operation date)

INVESTMENT

SCHEME

PPP Net Cost

(1999-2029)

O&M Contract

(2029-2042)

O&M Contract O&M Contract PPP Net Cost

O&M Contract

CAPEX AND

FINANCING

= BTS

INVESTMENT

Civil:

E&M:

Rolling Stock:

------------

Project Cost

(≈THB 49.5bn)

Civil: x

E&M: x

Rolling Stock:

(≈THB 5.8bn)

Civil: x

E&M: x

Rolling Stock:

(≈THB 4.9bn)

Civil: x

E&M: x

Rolling Stock:

(≈THB 9.8bn)

Civil:

(subsidised by gov’t) E&M:

Rolling Stock:

------------

Project Cost

≈THB 96bn (gov’t subsidy of THB 47bn)

Civil: x

E&M: x

(hire BTS, ≈THB 0.6bn) Rolling Stock:

(≈THB 0.4bn)

44

REMARKS:

Public-Private Partnership (PPP) Net Cost = Private obtains farebox revenue and commercial development

O&M Contract = Private receives operation and maintenance fee, while the public benefits from farebox revenues and commercial development of station areas

Appendix 2: Summary of BTS Mass Transit Contracts

BTS Group Investor Presentation

Appendices

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1.42

1.78

2.12

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

6.8

2

6.9

6

6.8

1

59

79

96 105

118 132 139 133 136

144 145

176

197

215 219 233 238 241 241 237

00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20

Farebox revenue (THB bn) Ridership (mn)

45

Jul 04 :

Opening of

Bangkok MRT

System (Blue

line)

May 10 :

Opening of

Bangkok

BRT;

Thai political

protests

Aug 10 :

Opening of

Airport Rail

Link

Aug 11 : On Nut

– Bearing ext.

opening

Oct – Nov 11 :

Floods

INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%) STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%) FASTER GROWTH (11 YRS RIDERSHIP CAGR 6%)

Dec 99 : BTS SkyTrain

service opening

Mar 07 :

First fare

rate

increase

May 09 :

Opening of

Silom Line

ext.

Farebox revenue CAGR: 9.1%

Ridership CAGR: 8.0%

GROWTH (19 YRS)

Jan-Mar 14 :

Bangkok

Shutdown

May 14 :

Martial law

Oct 16 :

The passing of

His Majesty

King Bhumibol

Aug 16 :

Opening of

Bangkok

MRT System

(Purple line)

Ridership

(1.7)% YoY

Fare

(0.4)%

YoY

Apr 17 :

Opening

of

Samrong Station

Oct 17 :

Fare

Increased

Aug 17 :

Opening of

Tao Poon

Station (Blue

line ext.)

BTS Group Investor Presentation

Appendices

Apr 13 : Sale of net farebox

revenue to BTSGIF

Jun 13 :

Fare increase

Dec 13 : Wongwian Yai –

Bang Wa ext. opening

Nov 13 : Thai political

protests

Appendix 3: Core Network Ridership Uninterrupted revenue growth and resilient under pressure

Dec 18 :

Opening of

the entire

Southern

ext.

Jul-Sep 19 :

Opening

Of Blue line ext.

Dec 19 :

Ha Yaek Lat Prao –

Kasetsart

University opening

Aug 19 :

Opening of

Ha Yaek Lat

Prao station

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21.4

22.1

24

.3

24

.22

24

.1

24

.4

24

.4

24

.8

26.4

26.9

27.5

27.9

28.3

29.0

29.0

2005/0

6

2006/0

7

2007/0

8

2008/0

9

2009/10

2010

/11

2011/12

2012

/13

2013

/14

2014

/15

2015

/16

2016

/17

2017

/18

2018

/19

2019

/20

15.0

22.0 25.0

28.0

31.0

34.0

37.0 42.0

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0 23.0

26.0

30.0

33.0

37.0 40.0

44.0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SJT 36%

AVG FARE THB 31.7

30-DAY PASS (ADULT)* 28%

AVG FARE THB 27.7

PURSE (STV)* 31%

AVG FARE THB 27.6

30-DAY PASS (STUDENT)* 4%

AVG FARE THB 22.5

ONE-DAY PASS 1%

AVG FARE THB 35.4

46

FARE ADJUSTMENT MECHANISM

Can be adjusted no more than once every 18 months by making

announcement to BMA and public 30 days in advance

Must not exceed the Authorised fare

EFFECTIVE FARE

Normal situation : upon change of Bangkok’s CPI >=5%, may adjust up to

7% (No approval required)

Special situation : upon change of CPI (>= 9%), USD/THB foreign

exchange rate, interest rate or electricity costs (BMA approval required)

AUTHORISED FARE

HISTORICAL AVERAGE FARE RIDERSHIP BY TICKET TYPES (FY 2019/20)

THB / Trip

* Counted as Rabbit (63%)

BTS Group Investor Presentation

Appendices

DISTANCE-BASED FARE (BY NO. OF STATIONS)

NO. OF STATIONS

AUTHORISED FARE (APR 2013)

NEW EFFECTIVE FARE (OCT 2017)

PREVIOUS EFFECTIVE FARE (JUN 2013)

FARE PRICE (THB)

POTENTIAL FARE UPSIDE

• CAGR 5 yr (2014/15 to 2019/20) = 1.5%

• CAGR 14 yr (2005/06 to 2019/20)= 2.2%

Appendix 4: Core Network Fare Adjustment Flexibility to increase fares

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50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY)

25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY)

BTS Group Investor Presentation

Appendices

98 4-CAR TRAINS (392 CARRIAGES)

FOR GREEN LINE CORE NETWORK

AND EXTENSION ZONE 1 & 2

72 4-CAR MONORAIL TRAINS

(288 CARRIAGES)

FOR PINK AND YELLOW LINES

CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES FROM

1ST BATCH 35 105 SIEMENS

2ND BATCH 12 48 CRRC

3RD BATCH 35 SIEMENS

4TH BATCH 5 20 CRRC

TOTAL 52 208

FLEET EXPANSION NO. OF TRAINS TOTAL CARRIAGES FROM

COMPLETELY

DELIVERED

22 88 SIEMENS

COMPLETELY

DELIVERED

24 96 CRRC

TOTAL 46 184

PROJECT REQUIRED TRAINS TOTAL CARRIAGES FROM

PINK 42 168 BOMBARDIER

YELLOW 30 120 BOMBARDIER

TOTAL 72 288

10,000 – 44,000 PPHPD: SERVICE CAPACITY

NOTE: PPHPD = Passengers per Hour per Direction

Appendix 5: Rolling Stocks 79 trains in service and 98 trains are expected to be fully in service by 2020

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Appendix 4: Debentures

Tenor Amount up to Coupon Rate Maturity Date

3-year THB 5.5bn 2.46% 10 Nov 19

5-year THB 2.2bn 2.85% 10 Nov 21

7-year THB 4.1bn 3.30% 10 Nov 23

10-year THB 10.2bn 3.87% 10 Nov 26

Total THB 22.0bn 3.31% (average)

Rationale Purchase new rolling stocks and E&M for the Northern

and Southern Green Line extensions

Issuance Date 10 November 2016

THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS

Tenor Amount up to Coupon Rate Maturity Date

3-year THB 1.5bn 2.24% 26 Dec 20

5-year THB 1.5bn 2.64% 26 Dec 22

10-year THB 2.0bn 3.65% 26 Dec 27

12-year THB 2.0bn 3.78% 26 Dec 29

Total THB 7.0bn 3.17% (average)

Rationale Repay existing debts and/or investment and/or

financing the working capital of the Company

Issuance Date 26 December 2017

THB 7BN BTSG DEBENTURE

BTS Group Investor Presentation

Appendices 48

Tenor Amount up to Coupon Rate Maturity Date

2-year THB 3.55bn 2.58% 7 Sep 20

5-year THB 1.29bn 3.25% 7 Sep 23

10-year THB 4.66bn 4.03% 7 Sep 28

Total THB 9.5bn 3.11% (average)

Rationale Repay existing debts and/or investment and/or

financing the working capital of the Company

Issuance Date 7 September 2018

THB 9.5BN BTSG DEBENTURE

Tenor Amount up to Coupon Rate Maturity Date

2-year THB 1.0bn 2.51% 24 May 21

3-year THB 1.3bn 2.63% 24 May 22

5-year THB 3.0bn 3.15% 24 May 24

7-year THB 2.7bn 3.57% 24 May 26

10-year THB 5.0bn 3.86% 24 May 29

Total THB 13.0bn 3.41% (average)

Rationale For debt repayment of Eligible Green Projects (Pink &

Yellow Line)

Issuance Date 24 May 2019

THB 13BN BTSG GREEN BOND

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

E&M works Civil works Repayment of gov't subsidy (civil) Farebox revenue

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

Rolling stocks Investment O&M revenue

ECONOMIC PROFILE (O&M CONTRACT)

ECONOMIC PROFILE (PPP NET COST WITH SUBSIDY)

KEY ASSUMPTIONS

KEY ASSUMPTIONS

1) 30-year contract from operating

date

2) O&M revenue* of approx. THB

140mn/km in FY 16/17 with

growth rate of 3.5% p.a.

3) EBITDA margin of 40-50% YEAR

YEAR

1) 3-4 year investment in civil and

E&M works (includes rolling

stocks)

2) 10-year repayment from gov’t

for civil works

3) Receive farebox revenue and

commercial revenue (30-year

contract from operating date)

BTS Group Investor Presentation

Appendices

*O&M revenue includes revenue from provision of operating services and interest income under concession

agreement

49

Appendix 6: Mass Transit Economic profile PPP Net Cost & O&M contract (PPP Gross Cost)

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E&M AND O&M SERVICES PROVIDED BY BTSC

50

Source: http://www.raillynews.com

31 JUL 2018

O&M Services Agreement

signed

4Q 2020

Targeted Commercial

Operation Date

(30 years operation*)

1 AUG 2018

NTP issued for E&M kick-off

9 MAR 2018

Civil work construction began

27 FEB 2018

Sale and installation of E&M

works Agreement signed

15 DEC 2017

KT awarded civil contract

to ITD

TIMELINE

KRUNG THONBURI BTS STATION

– KHLONG SAN 1.8KM

GOLD PHASE 1

*Such term can be terminated earlier if the operation and maintenance services agreement of the Bangkok Mass Transit System, in which BTSC has been engaged by Krungthep Thanakom until 2 May 2042, has not

been extended.

BTS Group Investor Presentation

Appendices

Appendix 7: Gold Line Phase 1 Project at a glance

Route Krung Thon Buri – Klong San

(Phase I): 1.8km 3 stations

No. of Stations 3 overground stations (G1 to G3)

• G1: Krung Thon Buri

• G2: Charoen Nakorn

• G3: Klong San

Type Monorail Feeder Line

Trains Three 2-Car Automatic People Mover (APM)

trains

System

Capacity 4,000-12,000 pphpd (5-6 min headway)

Sale and installation of E&M works agreement

• E&M value (incl.VAT) of THB 765.59mn

O&M services agreement

• 30 years from 1st commercial operation date

• O&M services include the operation of trains,

management, maintenance of the mass transit system,

fare collection and the procurement of rolling stock

• O&M value (incl.VAT) of THB 13,520mn

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Appendix 8: Targeted Rail Mass Transit Line Orange Line – project at a glance

51 BTS Group Investor Presentation

Appendices

Western Orange

Eastern Orange

Eastern Orange

Western Orange

EXPECTED TIMELINE

Underground Stations

Elevated Stations

ORANGE LINE (35.9KM, 28 STATIONS)

CAPEX Civil ~THB 111bn*

E&M ~THB 32bn

Route

Length

No. of

Stations

Taling Chan –

Thailand Cultural

Center

13.4km

11 (underground)

Route

Length

No. of

Stations

Thailand Cultural

Center - Min Buri

22.5km

17 (10 underground and

7 aboveground) 2023

Targeted Commercial

Operation Date for

Eastern Orange

MAY 2017

Civil work construction of

Eastern Orange began

Jun 2020

Expected request for

proposal (RFP) for Civil

work construction of

Western Orange & E&M,

available for sale

28 JAN 2020

Cabinet approved the

project

2026

Targeted Commercial

Operation Date for

Western Orange

Sep 2020

Expected bid submission

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Prepared by BTS Group IR 52

THB

59.2bn

FY 2019 REVENUE CONTRIBUTION

31 MAR 2020 BOOK VALUE BREAKDOWN

Office

THB 5.0bn

8%

Hospitality

THB 16.4bn

28%

Land bank

THB 5.2bn

9%

RECURRING INCOME PROPERTY

RESIDENTIAL PROPERTY

LANDBANK

Hospitality segment includes a

geographically diversified portfolio of

owned, leased and managed hotels in

Europe and Asia.

Office segment has lettable space

comprising of 2 office buildings in

London, UK and 2 office building in

Bangkok, Thailand.

Through a 50% stake in the BTS-

Sansiri JV, which develops

condominiums near mass transit

lines . We recognise equity income

or a share of profit from the JV.

59% of land bank value is located adjacent to future or current mass transit lines and is

therefore well-positioned to benefit from the ‘mass transit premium’

1,027

3,868 6,009

2017 2018 2019

63

162

282

2017 2018 2019

Operating Revenue (THB mn)

Residential

THB 24.8bn

42%

Office

THB 324mn

3%

Others*

THB 2,557mn

25%

Hospitality

THB 7,264mn

72%

* Includes property management revenue

Alternative*

THB 7.8bn

13%

*Includes the Unicorn and Verso International School

Appendix 11: U City’s Overview The designated vehicle for property development

BTS Group Investor Presentation

Appendices

THB

10,145mn

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Appendix 12: U City’s Residential Property Overview 14 Projects SIRI-JV condominium launched

BTS Group Investor Presentation

Appendices

PARTNERSHIP ROADMAP

2015

2016

50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri PCL with

an expected NPAT margin 12%

2018

2017

The LINE Wongsawang

The LINE Sukhumvit

101

The LINE Jatujak-

Mo Chit

Fully transferred

• The LINE Jatujak – Mo Chit Project value: THB 5,815mn

No. of units: 841

• The LINE Sukhumvit 71 Project value: THB 1,967mn

No. of units: 291

• The LINE Ratchathewi Project value: THB 2,809mn

No. of units: 231

• The BASE Phetkasem 29 Project value: THB 1,947mn

No. of units: 640

• The MONUMENT Thong Lo Project value: THB 6,232mn

No. of units: 127

• The LINE Sathorn Project value: THB 3,816mn

No. of units: 327

• The LINE Asoke-Ratchada Project value: THB 3,022mn

No. of units: 473

• The BASE Garden Rama 9 Project value: THB 2,336mn

No. of units: 640

• The LINE Phahon-Pradipat Project value: THB 5,714mn

No. of units: 981

• The LINE Sukhumvit 101 Project value: THB 4,552mn

No. of units: 778

• KHUN BY YOO Project value: THB 4,039mn

No. of units: 148

• The LINE Wongsawang Project value: THB 4,871mn

No. of units: 1,287

• The BASE Saphanmai Project value: THB 2,916mn

No. of units: 820

• The LINE Phahonyothin Park Project value: THB 4,751mn

No. of units: 880

• The BASE Ratchada-Thapra Project value: THB 3,050mn

No. of units: 1,037

2022

• The Line Rama9 Pung Muang Project value: THB 1,842mn

No. of units: 315

2024

The LINE Sathorn

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Appendix 13: BTS-W5 Term Sheets

54 BTS Group Investor Presentation

Appendices

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 new common share of BTS

Exercise price THB 14 per share

Expected maximum proceeds THB 18.4bn

Exercise period Quarterly

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OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) FY 2019/20 FY 2018/19 % YoY

Operating Revenue1 39,937 48,004 (17)%

Gross operating profit 9,595 7,884 22%

Operating EBITDA2 7,460 6,137 22%

Recurring net profit – after MI 4,776 3,248 47%

Net income (loss)3 8,162 2,873 184%

Gross operating profit margin (%) 24.0% 16.4%

Recurring net profit margin – after MI(%) 11.4% 6.6%

Operating EBITDA margin (%) 18.7% 12.8%

P&L SNAPSHOT

FY 2019/20 OPERATING REVENUE BREAKDOWN

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

55

FY 2019/20 Overview

80%

Mass Transit 15%

Media

1%

Property

4%

Services

48,004 39,937 (9,252) 530 21 634

FY18/19 Mass Transit Media Property Services FY19/20

(22)% 57% 10% 6%

(THB mn)

BTS Group Earnings Presentation

Section 1: FY 2019/20 Financial Performance

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Share of net profit

in

BTSGIF

2%

Construction

revenue for Pink and

Yellow Lines

53%

Mass Transit

related

interest income

6%

HISTORICAL OPERATING REVENUE (THB bn) KEY FACTORS

Total Mass Transit revenue of THB 32,076mn, a decline of 22.4% YoY from a lower

recognition of construction revenue for the Pink and Yellow lines to THB 16.9mn (THB

30.7bn in FY 2018/19), partially offset by

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

Line ext. of THB 2.2bn YoY to THB 8.3bn

• Higher O&M revenue of THB 1,476mn YoY to THB 3,753mn, chiefly as a result of the

full opening of Southern Green Line ext. and the opening of the first 5 stations of

Northern Green Line ext.

• Higher Mass Transit related interest income of THB 842mn YoY to THB 1,920mn

Cost dropped by THB 11,178mn to THB 25,691mn largely from the reduced recognition of

construction cost for the Pink and Yellow Lines

Operating EBITDA margin rose YoY to 20.0% (10.9% in FY 2018/19)

OPERATING PERFORMANCE

MASS TRANSIT

(THB mn)

FY

2019/20

FY

2018/19 %YoY

Revenue 32,076 41,328 (22)%

Costs of revenue 25,691 36,868 (30)%

Gross profit 6,385 4,460 43%

Operating EBITDA 6,421 4,497 43%

Gross margin (%) 19.9% 10.8%

Operating EBITDA

margin (%) 20.0% 10.9%

OPERATING REVENUE BREAKDOWN

FY 2019/20

Mass Transit

Services revenue from provision

of E&M works & train procurement

for Green Line ext.

26%

O&M

12%

4Q 18/19 1Q 19/20 2Q

19/20

3Q

19/20

4Q

19/20

Construction revenue for Pink

and Yellow Lines

5.3 4.3 4.4 4.5 3.7

Services revenue from provision of

E&M works & train procurement for

Green Line ext.

1.4 1.4 3.1 2.1 1.6

Mass Transit related interest income 0.4 0.4 0.3 0.6 0.5

O&M 0.8 0.8 0.9 0.9 1.1

Share of net profit in BTSGIF 0.2 0.2 0.3 0.2 0.2

Others* 0.0 0.0 0.1 0.2 0.0 *Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT

Others*

1%

56 BTS Group Investor Presentation

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22%

Outdoor Media

6%

Office Buildings

and Others

35%

Digital*

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

Media revenue of THB 5,735mn, an increase of 10.2% YoY mainly driven by the growth

in Digital services segment

• Digital Services revenue* rose by 54.3% YoY to THB 2,026mn largely due to the

revenue recognition of VGI Digital Lab

• OOH Media revenue** decreased by 4.7% YoY to THB 3,709mn, chiefly due to a

digital transformation impact on BTS stations and lower utilisation rate of Office

Media

Costs increased by 36.9% YoY to THB 2,627mn primarily due to higher cost of project

management and online advertising under Digital Services segment

Operating EBITDA margin declined YoY to 36.2% (45.4% in FY 2018/19)

Share of net profit from Kerry Express (Thailand) of THB 268mn (THB 169mn in FY

2018/19)

37%

BTS – Related

Media

MEDIA

(THB mn)

FY

2019/201

FY

2018/19 %YoY

Operating revenue 5,735 5,204 10%

Costs of revenue 2,627 1,919 37%

Gross profit 3,108 3,285 (5)%

Operating EBITDA 2,077 2,363 (12)%

Gross margin (%) 54.2% 63.1%

Operating EBITDA margin (%) 36.2% 45.4%

FY 2019/20

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

Media

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

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

986 928 1,010 1,204

568

411 435 597

632

361

4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20

Digital Services Business

OOH Media

*

1 Note that FY 2019/20 operating performances from Media business included contribution of MACO and its

subsidiaries for the period from April 2019 to January 2020

OOH Media (65%)

57 BTS Group Investor Presentation

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Residential

10%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

Operating revenue was THB 381mn, an increase of 5.8% YoY, chiefly from

commercial property revenue which now primarily comprises of revenue

from Thana City Golf & Sports Club

Significant rise in share of net profit from investment in U City, our associate,

of THB 1,152mn (THB 80mn loss in FY 2018/19) largely due to the

recognition of gain of THB 1,118mn from the sale of Mochit Land by U City.

Operating costs dropped by 5.6% YoY to THB 345mn.

OPERATING PERFORMANCE

PROPERTY

(THB mn)

FY

2019/20

FY

2018/19 %YoY

Operating Revenue 381 360 6%

Costs of revenue 345 326 6%

Gross profit 36 34 7%

Operating EBITDA (16) (22) (26)%

Gross margin (%) 9.5% 9.3%

Operating EBITDA

margin (%) (4.3)% (6.1)%

OPERATING REVENUE BREAKDOWN

FY 2019/20

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

in U City

Property

90%

Commercial

& Others

89

80

100

113

88

4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q19/20

58 BTS Group Investor Presentation

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Mass Transit Update 9 out of 16 Northern Green stations began operational

Northern Green Line extension

(16 stations, 17.8km)

N 8

M O C H I T

N 9

H A Y A E K

L A T P R A O

K A S E T S A R T

U N I V E R S I T Y

N 1 3

R O Y A L F O R E S T

D E P A R T M E N T

N 1 4

B A N G B U A

N 1 5

1 1 T H

I N F A N T R Y

R E G I M E N T

N 1 6

W A T P H R A S R I

M A H A T H A T

N 1 7

K H U K H O T

N

2

4

N 24

Aug 2019

Current Green Line

network operation

52 stations

58.1 km

Green Line, to be operational

in 2020

59 stations

66.7 km

Targeted in Dec

2020

5 Jun 2020

Dec 2019

BTS Group Investor Presentation

Appendices 59

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Transportation Update

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 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 Jul 20

PPP Contract signing

expected by Jul 20

PPP Contract signing

expected by Jun 20

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.

BTS Group Investor Presentation

Appendices 60

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Media Update VGI’s key developments in FY 2019/20

ADVERTISING PAYMENT LOGISTICS

Established VGI Digital Lab, an

online media agency, focusing on

creating online/digital marketing

campaign based on the Group’s

DMP

Partnered with iClick Interactive

Asia Group, the largest online

marketing and data technology

platform in China

Changed in classification of an

investment in MACO from

subsidiary to associate company

Realised considerable synergies

with PlanB by launching new

media packages such as

Bangkok Takeover, Street

Combo and Bangkok Combo

Partnered with SAHA

Group, Thailand’s

consumer product leader

• Opened 12 Lawson

shops on BTS

Continued to experience

strong user growth

• 13.0mn Rabbit cards

• 7.3mn Rabbit LinePay

users

Delivered the better

experience for consumers

through synergies with Kerry

• > 600,000 Smart

Sampling

• > 500,000 Parcel Wrap

• > 400 Trucks Wrap

BTS Group Investor Presentation

Appendices 61

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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 39 months 6 years Approximately 48 months

Status

(as of 31 Mar 20)

90% On the Fine Arts Department submission process

for approval

14%

4Q 2019 2024

Start Completion

3Q 2017 1Q 2022

Start Completion

2017 2Q 2020

Start Completion

BTS Group Investor Presentation

Appendices 62