BTS Group Holdings PCL 4Q & FY 13/14 earnings presentation 28 - - PowerPoint PPT Presentation

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BTS Group Holdings PCL 4Q & FY 13/14 earnings presentation 28 - - PowerPoint PPT Presentation

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BTS Group Holdings PCL 4Q & FY 13/14 earnings presentation 28 May 2014 4Q & FY 13/14 earnings presentation prepared by Investor Relations department BTS Group Holdings PCL Disclaimer Investment involves risk. Prospective should

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SLIDE 1

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Holdings PCL

4Q & FY 13/14 earnings presentation

28 May 2014

4Q & FY 13/14 earnings presentation

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SLIDE 2

prepared by Investor Relations department BTS Group Holdings PCL

Disclaimer

Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public Company Limited (the “Company”) before making a decision to invest in Securities. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. It shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchange

  • r a solicitation to sell or exchange any securities of BTS Group Holding PCL (the "Company") or any of its subsidiaries in the United States of America or in any other jurisdiction or an

inducement to enter into investment activity. No part of this presentation, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions contained herein are subject to change without notice. None of the Company nor any of its subsidiaries accepts any obligation to update

  • r otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of the

Company or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of the Company. Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of the Company’s management in light of the information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied

  • n as promise or representation of the Company as to the future.

4Q & FY 13/14 earnings presentation 2

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SLIDE 3

prepared by Investor Relations department BTS Group Holdings PCL

Agenda

Section

1

BTSG 4Q & FY 13/14 FINANCIAL PERFORMANCE

Section

2

Section

3

BUSINESS UPDATES BTSGIF 4Q & FY 13/14 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES

3 4Q & FY 13/14 earnings presentation

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SLIDE 4

prepared by Investor Relations department BTS Group Holdings PCL

  • THB 31.33bn excess cash* / liquid investments

Cash Balance of THB 7.86bn Current Investments of THB 20.40bn Long term Investments of THB 3.07bn

  • Leverage reduced: Net debt / equity reduced to (0.02)x

IMPROVED PROFITABILITY YoY BALANCE SHEET STRENGTH

  • Net profit up 605% YoY to THB 13.6bn
  • Recurring net profit grew 154% YoY to THB 2,611.6mn
  • Recurring net profit improvement: recurring net profit

margin rose to 25.6% (9.7% in FY 12/13)

BTS DIVIDEND YIELD** 7.34%

FY 13/14 Financial Highlights

BTS DAILY TRADED VALUE (LTM) (as of 15 May 2014) THB 539.7mn ($16.6mn) MEDIA BUSINESS RECORD PROFITABILITY Net profit +27% YoY

(against Thai adex spending decline of 0.9%)

NEW CORE RIDERSHIP & REVENUE RECORD: 214.7mn TRIPS (increased +8.9% YoY) AVERAGE FARE (increased +6.5% YoY) SET50 DIVIDEND YIELD (LTM)*** 3.29%

>>

4 4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

Beijing bid submission 7 FEB 2014 Silom line extension opening 5 DEC 2013 17 APR 2013 Fare Increase BTSGIF transaction BTS-W3 issuance 1 JUN 2013 1 NOV 2013

SIGNIFICANT EVENTS IN 2013/14

** Subject to shareholders’ approval of the final dividend of THB 0.21per share. Dividend yield based on share price as of date prior to Board of Directors’ approval of relevant dividend payment *** Sum of the gross DPS that have gone ex-dividend over the past 12 months, divided by stock price as of 22 May 2014

  • PROPOSED FINAL DIVIDEND = THB 0.21/SHARE
  • COMMITTED MINIMUM DIVIDEND OF:

THB 7BN IN FY 14/15 & THB 8BN IN FY 15/16

* Excludes sinking fund

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prepared by Investor Relations department BTS Group Holdings PCL

FY 13/14 Business Highlights

MASS TRANSIT Results highly resistant to economic and political volatility All Targets/ Guidance Achieved

Target

  • 214.7mn trips +8.9% YoY P
  • Average fare +6.5% YoY

P

  • O&M revenue +33.2% YoY

P MEDIA Resilient performance in face of uncertain environment Record Revenue & Net Profit

Target

  • Revenue +12% YoY

O

  • VGI Net profit +27% YoY N/A
  • Adjusted net profit +21% YoY N/A

*Total Thai AdSpend declined 0.9% in 13/14

PROPERTY Revenue growth driven by condominiums transferred and improved hotel performance Record Revenue

Target

  • Residential revenue of THB 2.1bn O
  • Commercial revenue of THB 862mn N/A

SERVICES

5 4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

Revenue contribution to Group of 4.6% (from 1.2%) driven by Restaurants (Chef Man) and rabbit card expansion Record Revenue & Target Achieved

Target

  • Rabbit cards of 2.5 million cards P
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prepared by Investor Relations department BTS Group Holdings PCL

10,375 8,767 (3,703) 327 1,489 278 2012/13 Mass transit Media Property Services 2013/14

  • 62%

12% 103%

(THB mn)

231%

OPERATING REVENUE COMPARISON (YoY)

4Q & FY 13/14 Overview

Income Statement (THB mn) 4Q 13/14 4Q 12/13 % YoY 3Q 13/14 % QoQ FY 13/14 FY 12/13 % YoY Operating Revenues1 1,776 3,024 (41.3%) 2,116 (16.0%) 8,767 10,375 (15.5%) Gross operating profits 938 1,451 (35.4%) 1,179 (20.5%) 4,657 5,058 (7.9%) Operating EBITDA2 652 1,403 (53.5%) 875 (25.4%) 3,423 5,081 (32.6%) Recurring net profit – before MI 643 201 220.2% 563 14.2% 2,612 1,030 153.5% Accounting EBITDA3 906 1,437 (36.9%) 1,301 (30.3%) 18,533 6,186 199.6% Net income (loss)4 411 66 523.0% 449 (8.5%) 12,645 1,719 635.8% Gross operating profit margin (%) 52.8% 48.0% 55.7% 53.1% 48.8% EBITDA margin (%) 46.4% 46.2% 54.0% 79.5% 53.3% Recurring net profit margin (%) 29.8% 6.5% 22.5% 25.6% 9.7% Operating EBITDA margin (%) 36.9% 46.4% 41.3% 39.0% 49.0%

P&L SNAPSHOT

26% Mass Transit 36% Media 33% Property 5% Services

FY 13/14 OPERATING REVENUE BREAKDOWN

1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 including profit from discontinued operation 4 to equity holders of the parent

6 4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

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prepared by Investor Relations department BTS Group Holdings PCL

3,513 7,863* 3,218 12,180 (11,048) Beginning cash (31/3/13) CFO CFI CFF Ending cash (31/3/14)

(THB mn)

12 Months Cash Flow Snapshot

* excluding BTSC sinking fund and THB 23.47bn liquid investments

7 4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

Abstracts PHY transferred, higher interest income and reduced interest expense Proceeds from sale of net fare-box revenue to BTSGIF and treasury management Debt repayment and dividend payment

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prepared by Investor Relations department BTS Group Holdings PCL 316 880 1,120 1,492 3,545 4,297 4,896 5,677

FY 10/11 FY 11/12 FY 12/13 FY 13/14

O&M (THB mn) Farebox (THB mn)

Mass Transit (as if no BTSGIF)*

8

HISTORICAL OPERATING REVENUE

HISTORICAL AVG FARE AND RIDERSHIP

KEY FACTORS OPERATING PERFORMANCE

  • Annual Ridership increased 8.9% YoY to 214.7mn trips
  • Average Fare increased 6.5% YoY to THB 26.4 per trip
  • Key growth factors: i) organic growth ii) the commencement of 4

stations of the Silom line (Bang Wa) extension and iii) new carriages into service (all 4-car trains across the network)

  • O&M revenue rose by 33.2% YoY to THB 1.49bn mainly from

additional service income from the Silom line extension which

  • pened on 5 December 2013
  • Costs & SGA increased 17.9% YoY to THB 4.2bn due to i) higher
  • perating costs and depreciation tied to increased ridership, ii) O&M

costs related to higher O&M revenue and iii) depreciation

  • Operating EBITDA margin improved to 65.9% (64.8% in FY 12/13)

as costs and SG&A increased less than the revenue growth

Mass transit (THB mn) 4Q 13/14 4Q 12/13 YoY 3Q 13/14 QoQ FY 13/14 FY 12/13 YoY Revenue 1,985 1,585 25% 1,811 10% 7,169 6,016 19% Fare-box revenue 1,544 1,263 22% 1,443 7% 5,677 4,896 16% Other revenue 442 322 37% 367 20% 1,492 1,120 33% Costs of revenue 1,025 800 28% 949 8% 3,743 3,115 20% Gross profit 960 785 22% 862 11% 3,426 2,901 18% Operating EBITDA 1,315 1,055 25% 1,183 11% 4,726 3,897 21% Gross margin (%) 48.4% 49.5% 47.6% 47.8% 48.2% Operating EBITDA margin (%) 66.2% 66.5% 65.4% 65.9% 64.8%

4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

48.0 46.4 49.4 50.3 51.1 50.3 53.5 53.9 57.1 24.5 24.5 25.1 25.0 24.7 25.3 26.5 26.8 27.0

4Q 11/12 1Q 12/13 2Q 12/13 3Q 12/13 4Q 12/13 1Q 13/14 2Q 13/14 3Q 13/14 4Q 13/14

Ridership (mn trips) Average fare (THB/trip)

* Includes 100% of fare-box revenue and O&M

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SLIDE 9

prepared by Investor Relations department BTS Group Holdings PCL

5% Office Buildings & Others 42% Modern Trade 53% BTS - Related

Media

9

  • BTS-related Media

Revenue increased 20.3% YoY to THB 1.7bn from i) increase in train capacity (35 C-cars), ii) introduction of new digital media, iii) increase in rent for long-term contracts of merchandising space and iv) increase in occupancy of small rental shops on the stations.

  • Modern Trade Media

Revenue increased 3.7% YoY to THB 1.3bn from i) increase in

  • ccupancy of sales floor areas and ii) the development of radio

streaming technology in Big C branches nationwide

  • Office Buildings and Other Media

Revenue increased 0.2% YoY to THB 166mn, driven by i) higher sales from additional office buildings and ii) full year recognition of the rights to advertise in CU bus system

OPERATING REVENUE BREAKDOWN OPERATING PERFORMANCE

Media (THB mn) 4Q 13/14 4Q 12/13 YoY 3Q 13/14 QoQ FY 13/14 FY 12/13 YoY Revenue 632 683 (7%) 798 (21%) 3,121 2,795 12% Costs of revenue 290 288 1% 287 1% 1,231 1,142 8% Gross profit 342 396 (14%) 512 (33%) 1,890 1,653 14% Operating EBITDA 271 326 (17%) 435 (38%) 1,580 1,386 14% Gross margin (%) 54.1% 57.9% 64.1% 60.5% 59.1% Operating EBITDA margin (%) 42.8% 47.7% 54.4% 50.6% 49.6%

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

FY 13/14

300 345 370 355 467 523 503 465 637 725 749 683 843 847 798 632 1Q 10/11 2Q 10/11 3Q 10/11 4Q 10/11 1Q 11/12 2Q 11/12 3Q 11/12 4Q 11/12 1Q 12/13 2Q 12/13 3Q 12/13 4Q 12/13 1Q 13/14 2Q 13/14 3Q 13/14 4Q 13/14

4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

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prepared by Investor Relations department BTS Group Holdings PCL

90 134 185 154 154 152 111 210 155 179 401 710 950 863 685 436

1,643 1,849 554

1Q 10/11 2Q 10/11 3Q 10/11 4Q 10/11 1Q 11/12 2Q 11/12 3Q 11/12 4Q 11/12 1Q 12/13 2Q 12/13 3Q 12/13 4Q 12/13 1Q 13/14 2Q 13/14 3Q 13/14 4Q 13/14

70% Residential Commercial & Others 30%

Property*

10

OPERATING REVENUE* BREAKDOWN OPERATING PERFORMANCE

Property* (THB mn) 4Q 13/14 4Q 12/13 YoY 3Q 13/14 QoQ FY 13/14 FY 12/13 YoY Operating Revenue 436 710 (39%) 685 (36%) 2,934 1,445 103% Costs of revenue 255 441 (42%) 403 (37%) 1,756 920 91% Gross profit 181 269 (33%) 281 (36%) 1,178 524 125% Operating EBITDA 64 119 (46%) 149 (57%) 632 117 441% Gross margin (%) 41.5% 37.9% 41.1% 40.2% 36.3% Operating EBITDA margin (%) 14.7% 16.7% 21.8% 21.5% 8.1%

HISTORICAL OPERATING REVENUE* (THB mn)

KEY FACTORS

FY 13/14

4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

  • Operating revenue increased by 103% YoY to THB 2.9bn from both

Residential and Commercial Property

  • Residential property revenue increased by 160% YoY to THB 2.1bn

mainly from 610 transferred units of Abstracts Phahonyothin Park

  • Commercial property revenue increased by 33.6% YoY to THB

862mn mainly from Eastin Grand Hotel operations

  • Operating costs and SGA increased by 67.6% YoY or THB 990mn to

THB 2.5bn from costs and expenses related to transferred units of Abstracts Phahonyothin Park and costs and expenses related to Eastin Grand Hotel

  • Operating EBITDA margin improved to 21.5% (8.1% in FY 12/13)

THB 1,643 Proceeds from sale of Kamala

* Transactions related to Chef Man Restaurants were reclassified from Property business to Services business in 4Q 13/14 and applied retrospectively since 2Q 12/13

THB 1,849 Proceeds from sale of Nana THB 554 Proceeds from sale of non-core land

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SLIDE 11

prepared by Investor Relations department BTS Group Holdings PCL 9 25 31 35 33 33 36 1 6 24 45 45 78 104 109 108

1Q 10/11 2Q 10/11 3Q 10/11 4Q 10/11 1Q 11/12 2Q 11/12 3Q 11/12 4Q 11/12 1Q 12/13 2Q 12/13 3Q 12/13 4Q 12/13 1Q 13/14 2Q 13/14 3Q 13/14 4Q 13/14

rabbit 35% Carrot 10% 55% Chef Man HHT 0%

Services*

11

OPERATING REVENUE* BREAKDOWN OPERATING PERFORMANCE

Services* (THB mn) 4Q 13/14 4Q 12/13 YoY 3Q 13/14 QoQ FY 13/14 FY 12/13 YoY Revenue 108 45 138% 109 0% 399 121 231% Costs of revenue 64 45 43% 50 28% 207 140 48% Gross profit 44 N/A 59 (25%) 192 (20) N/A Operating EBITDA (11) (29) N/A 11 (198%) 33 (99) N/A Gross margin (%) 40.8% 0.9% 53.8% 48.0% N/A Operating EBITDA margin (%) N/A N/A 10.4% 8.3% N/A

HISTORICAL OPERATING REVENUE* (THB mn)

KEY FACTORS

FY 13/14

4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

  • Revenue

Revenue increased by THB 278.5mn YoY to THB 399mn from i) revenue from Chef Man Restaurants of THB 220mn and ii) the growth in royalty fee from the co-branded Rabbit card between the Company and business partner

  • Costs & SGA

Costs & SGA increased by 59.6% YoY to THB 433mn (cost THB 207mn and SG&A THB 226mn). Key items were mainly from staff costs, food & beverage cost at Chef Man Restaurants and depreciation expenses for hardware, software and machines.

* Transactions related to Chef Man Restaurants were reclassified from Property business to Services business in 4Q 13/14 and applied retrospectively since 2Q 12/13

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prepared by Investor Relations department BTS Group Holdings PCL

50,501.7 59,762.3 7,767.3 8,364.6 9,021.9 8,630.2 31-Mar-13 31-Mar-14 15,072.6 39,530.3 52,218.4 37,226.8 31-Mar-13 31-Mar-14

Balance Sheet

LIABILITIES AND EQUITY BREAKDOWN (THB MN) ASSET BREAKDOWN (THB MN) KEY RATIOS

Non-current assets Current assets 22% 78% 48% 52% 67,291 76,757 Non-current liabilities Current liabilities Equity 11% 78% 11% 67,291 76,757 75% 13% 12%

FY 13/14: (0.02)x FY 12/13: 0.17x

Net Debt to Equity Net Debt to Operating EBITDA

FY 13/14: (0.35)x FY 12/13: 1.66x FY 13/14: 5.43x FY 12/13: 4.07x

Interest Coverage

FY 13/14: 4.31x FY 12/13: 5.79x

Current Ratio

12 4Q & FY 13/14 earnings presentation Section 1: BTSG 4Q & FY 13/14 Financial Performance

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prepared by Investor Relations department BTS Group Holdings PCL

Agenda

Section

1

BTSG 4Q & FY 13/14 FINANCIAL PERFORMANCE

Section

2

Section

3

BUSINESS UPDATES BTSGIF 4Q & FY 13/14 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES

13 4Q & FY 13/14 earnings presentation

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prepared by Investor Relations department BTS Group Holdings PCL

GREEN LINE EXTENSIONS UPDATE

2 1

Mass Transit Update

BEARING-SAMUT PRAKARN:

  • 9 stations, 12.8km
  • Civil works progress: >28% (as of 30 Apr 2014)
  • Expected civil works completion: Nov 2015
  • Bidding for operating contract expected latest in

2015

  • Expected operation date: late 2018 (per MRTA)

1

MO CHIT-SAPHAN MAI-KU KHOT:

  • 16 stations, 18.4km
  • Cabinet approved civil works construction on

15 Oct 2013

  • Bidding for civil works within Sep 2014 (per

MRTA)

  • Bidding for operating contract expected in 2015
  • Expected operation date: late 2018 to early

2019 (per MRTA)

2

14 4Q & FY 13/14 earnings presentation Section 2: Business Updates

Source: Mass Rapid Transit Authority of Thailand (MRTA)

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Grey Line

JAN 2014 Project already approved by Bangkok governor Hire consultant for EIA & feasibility study to determine Phase I route MAR 2014 Feasibility report approval process by Office of National Environment Board

(ส ำนักงำนคณะกรรมกำรสิ่งแวดล้อมแห่งชำติ)

JAN 2015 OPEN FOR BIDDING (both Civil and E&M) JULY 2015 Construction starts OCT 2015 Operation year 2018 10 months 6 months 3 months 2 years (at least) construction time

PROJECT DETAILS ESTIMATED TIMELINE

  • Total route length of 26km
  • Monorail
  • Project under BMA authority

WATCHARAPHON – RAMA 9 BRIDGE

Source: Traffic and Transportation Department, BMA WATCHARAPHON RAMA 9 BRIDGE

15 4Q & FY 13/14 earnings presentation Section 2: Business Updates

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New Light Green Extension

JAN 2014 (Latest 2015) Awaiting project approval by Bangkok governor Hire consultant for EIA & feasibility study MID-2014 (Mid-2015) Feasibility report approval process by Office of National Environment Board

(ส ำนักงำนคณะกรรมกำรสิ่งแวดล้อมแห่งชำติ)

END OF 2014 (End of 2015) Route approval process by Cabinet MID-2015 (Mid-2016) OPEN FOR BIDDING (both Civil and E&M) EARLY 2016 (Early 2017) Operation year 2018 (2019) 8 months 6 months 6 months 2 years construction time

PROJECT DETAILS ESTIMATED TIMELINE

  • Total route length of 7km (6 stations)
  • Project under BMA authority

BANG WA – TALING CHAN

Source: Traffic and Transportation Department, BMA TALING CHAN BANG WA

16 4Q & FY 13/14 earnings presentation Section 2: Business Updates

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Mass Transit Update

17 4Q & FY 13/14 earnings presentation Section 2: Business Updates

MASS TRANSIT AWARDS

ENVIRONMENTAL MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV).

ISO 14001:2004 ISO 9001:2008

QUALITY MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV).

LLOYDS REGISTER RAIL

LLOYDS REGISTER RAIL’S BEST PRACTICE MODEL IMPLEMENTATION.

OHSAS 18001:2007

OCCUPATIONAL HEALTH AND SAFETY ZONE CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV).

CONSUMER PROTECTION THAILAND CALL CENTER AWARD 2014

BTS HOTLINE WAS AWARDED THE CONSUMER PROTECTION THAILAND CALL CENTER AWARD 2014 FROM THE OFFICE OF THE CONSUMER PROTECTION BOARD

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635.5 732.4 724.6 98 139.5 173.8

2011 2012 2013 Operating revenue (THB mn) Net Profit (THB mn)

Media Update

Strategic Investment: 24.43% in MACO

4Q & FY 13/14 earnings presentation Section 2: Business Updates 18

Revenue structure Proven Track Record of Revenue and Net profit 2013 Dividend Yield of 5.6% (based on share price of THB 9.00) 2013 Total operating revenue: THB 724.6mn

NEW CAPACITY IN BTS-RELATED MEDIA MACO’S FINANCIAL PERFORMANCE

Share information (as of 27 May 2014)

Stock code: MACO Market capitalisation (THB mn): 3,069.2 Outstanding shares (mn shares): 300.8

Products Location/Area

1 Billboard Bangkok & vicinity / 170 billboard / 74,635 sqm 2 Street Furniture Bangkok / 2,217 sqm 3 Transit City grip light express, BTS walkway & Mo Chit station / 419 sqm 4 Made to order & Event n/a MACO space: Billboard, Street furniture and Transit Non MACO space: Made to order and Production/Printing

Billboard, 53.5% Transit, 7.5% Production & Event, 11.5% Street furniture, 27.5%

Source: MACO

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prepared by Investor Relations department BTS Group Holdings PCL

Media Update

Strategic Investment: 24.43% in MACO

4Q & FY 13/14 earnings presentation Section 2: Business Updates 19

INVESTMENT HIGHLIGHTS BENEFITS TO VGI

  • VGI invested 24.43% in MACO (73.5mn shares,

at THB 9.00)

  • Total investment value of THB 661.5mn
  • 3 BOD representatives from VGI from a total of 9

Directors

  • Expand media network and market reach
  • Further expansion in outdoor segment
  • Increase long-term revenue and net profit
  • Steady dividend payout
  • Future growth
  • Increase product varieties
  • Broader client portfolio

SYNERGY MAJOR SHAREHOLDERS POST TRANSACTION

  • In short term, sale synergies can be created by

bundling media packages from VGI and MACO

  • Knowledge sharing and transfer among highly

experienced management team

Major shareholder post transaction (% out of all shares) 1. VGI Global Media PCL 24.43% 2. Tansalarak Group 10.05% 3. Maneerattanporn Group 8.40% 4. Meeprasertsakul Group 6.51% Total major shareholders 49.93%

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SLIDE 20

prepared by Investor Relations department BTS Group Holdings PCL

Media Update

Phar Partnership & Warrant Issuance

4Q & FY 13/14 earnings presentation Section 2: Business Updates 20

PHAR PARTNERSHIP WARRANT ISSUANCE: KEY TERMS & CONDITIONS

Partner Phar Partnership, Thailand (exclusive media sales agency of Air Asia) Rights Sales agent for Air Asia planes

  • 1st year: 30 planes
  • 2nd year: 38 planes
  • 3rd year: 42 planes

Contract Length 3 years TICKER VGI-W1 TERMS 4 Years EX-RIGHTS DATE 9 July 2014 EXERCISE PERIOD Quarterly basis WARRANT PRICE Free ALLOCATION To existing shareholders at the ratio

  • f 4 VGI existing shares : 1 VGI-W1
  • NO. OF WARRANTS

Up to 857,993,407 Units EXERCISE RATIO 1 VGI-W1 to 1 ordinary share of VGI EXERCISE PRICE THB 14.00

* Matter is subject to shareholder approval of AGM on 3 July 2014

  • Free warrants
  • Preferential right to existing shareholders
  • Funding to be used for potential acquisitions/ Capex

RATIONALE

Expected maximum proceeds THB 12,011,067,698

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SLIDE 21

prepared by Investor Relations department BTS Group Holdings PCL

Others 14%

Property Update

RESIDENTIAL PROPERTY

FY 13/14 Commercial Property Revenue:

THB 862mn

COMMERCIAL PROPERTY

Eastin Grand Sathorn 56% U-Hotels 9% Thana City Golf 22% Presold (as of 31 Mar 14): 89%

LOCATION: 250M FROM NEW BTS STATION SITE AREA: 33,420 SQM (20-3-55 RAI) LAND TENURE: FREEHOLD AVERAGE SALE PRICE: THB 76,400 PER SQM TDC: THB 2,527MN TRANSFERRED: 80% (as of 31 Mar 14)

ABSTRACTS PROJECT – PHAHONYOTHIN PARK

COMMERCIAL PROPERTY REVENUE BREAKDOWN

Opened: Oct 12 FY 13/14 average occupancy rate: 80%

LOCATION: SATHORN, BANGKOK SITE AREA: 16-0-81 RAI LAND TENURE: LEASEHOLD, 30 YEARS LEASE CONTRACT WITH TREASURY DEPT. SIZE: 3 FLR, 86 ROOMS CONSTRUCTION PROGRESS: 55% (as of 31 Mar 14) EXPECTED OPENING: NOV 2014 TDC: THB 690MN LOCATION: SATHORN, BANGKOK, DIRECT ACCESS TO BTS SURASAK SITE AREA: 3,828 SQM (2-1-57 RAI) LAND TENURE: FREEHOLD SIZE: 33 FLR, 396 ROOMS TYPE: Business/Leisure Grand Hotel TOTAL NLA: 17,561 SQM

EASTIN GRAND SATHORN – 4 Stars U SATHORN HOTEL – 4 Stars

21 4Q & FY 13/14 earnings presentation Section 2: Business Updates

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Property Update

Mak8 Project

22 4Q & FY 13/14 earnings presentation Section 2: Business Updates

PROJECT SUMMARY

LOCATION: PAK CHONG DISTRICT, NAKORNRATCHASIMA PROVINCE SITE AREA: 6,556 SQM (16-1-56 RAI) LAND TENURE: FREEHOLD TYPE: 6 CONDOMINIUMS, 1 CLUB HOUSE AND SHOP 180 UNITS/CONDOMINIUM; 60 SQM & 80 SQM/UNIT NFA: 12,000 SQM CONSTRUCTION PROGRESS: 0% (as of 31 Mar 14) EXPECTED COMPLETION: 2016 (FIRST PHASE)

  • Divided into 3 phases over 6 years
  • Development of 2 condominiums/phase
  • Construction period: 18 months/phase
  • Each phase takes 2 years to develop and transfer
  • First phase to start construction within 2014

PROJECT DEVELOPMENT

FINANCIALS

  • Total investment cost: THB 800 – 1,000mn

32% 21% 47%

Equity Loan Sales Proceeds

SOURCE OF FUNDS

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prepared by Investor Relations department BTS Group Holdings PCL

Property Update

23 4Q & FY 13/14 earnings presentation Section 2: Business Updates

BTSG acquired 20% of shares in Nuvo Line (project owner of Abstracts Phahonyothin Park)

PURPOSE

  • To acquire of additional 4,002,000 shares, representing 20% in Nuvo Line, from the existing shareholder, Pacific

Harbor Advisors Pte. Ltd. (Pacific Harbor).

  • BTSG’s shareholding in Nuvo Line has been increased from 80% to 100%.
  • Total purchase price of THB 227.5 million (book value as of 31 March 2014 according to the management account

(internal account) is THB 387.2 million).

IMPACT TO FINANCIAL STATEMENTS

FY 14/15:

  • Balance Sheet: lower minority interest (MI)
  • Income Statement: no MI reduction
  • Cash Flow: No dividend to other shareholders

TRANSACTION

Book Value: THB 387.2mn Adjusted Book Value*: THB 408.0mn Acquisition cost: THB 227.5mn Acquisition cost / Adj BV*: 56%

*Adjusted to include profit from non-transferred units of Tower A, but excluding any adjustment to land value or profit from Tower B & C.

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SLIDE 24

prepared by Investor Relations department BTS Group Holdings PCL

COMMON TICKETING SYSTEM

>1.0 >1.2 >1.5 >1.8 >2.1 >2.5 2.0 DEC 12 MAY 13 JUL 13 OCT 13 DEC 13 MAR 14 TARGET

Services Update

NUMBER OF RABBIT CARDS mPAY RABBIT SIM

  • AIS mPAY Rabbit SIM official launch on 1 Nov 2013 with
  • ver-the-air (OTA) top-up function
  • Prepaid & postpaid sim
  • Adult & Student type
  • 10.0k users (as of 31 Mar 14)

million cards  Exceeded target

  • MOU signed with Office of Transport and Traffic Policy

and Planning (OTP), BTS, BMCL and BSS on 11 Dec 2013 to develop common ticketing system

  • Interoperable with BTS, BMCL, MRTA, SRT-Airport Rail

Link

  • BSS as one of co-issuer of cards for mass rapid transit
  • Project award: 3Q 2014
  • Automatically top-up value in BBL Rabbit Card and Be 1st

Smart Rabbit Card to preset amount when card balance is lower than the threshold

  • Launch in Jul 2014

24 4Q & FY 13/14 earnings presentation Section 2: Business Updates

AUTO TOP-UP

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SLIDE 25

prepared by Investor Relations department BTS Group Holdings PCL

Agenda

Section

1

BTSG 4Q & FY 13/14 FINANCIAL PERFORMANCE

Section

2

Section

3

BUSINESS UPDATES BTSGIF 4Q & FY 13/14 FINANCIAL PERFORMANCE (separate presentation)

APPENDICES

25 4Q & FY 13/14 earnings presentation

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SLIDE 26

prepared by Investor Relations department BTS Group Holdings PCL

200 600 1,000 190 10 Mass transit Media Property* Services BTS Group

2014/15 BTS Group Targets and CAPEX

4Q & FY 13/14 earnings presentation Appendix 1: 2014/15 BTS Group Targets and CAPEX 26

BTS GROUP CAPEX (THB mn) BTS GROUP TARGETS

FY 14/15 TOTAL CAPEX*: THB 2,000MN

* excludes real estate development cost

MASS TRANSIT MEDIA

5 – 8% Ridership Growth 1% Effective Fare Increase 13 – 17% Revenue Growth

PROPERTY

THB 800mn Residential Property Revenue THB 1,000mn Commercial Property Revenue

SERVICES

3.5mn Rabbit Cards 17% O&M Revenue Growth 2014/15 BTSGIF CAPEX is expected to be approx. THB 180mn (not included in BTS Group CAPEX)

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SLIDE 27

prepared by Investor Relations department BTS Group Holdings PCL

  • Beijing Infrastructure Investment Co., Ltd. (BII) invited 3 public investors to submit tender proposal
  • Three parties:
  • Beijing Mass Transit Railway Operation Corporation Limited (current operator of 10 main lines & 4 sub lines)
  • Beijing MTR Corporation Limited (current operator of 2 lines)
  • BTS-CITIC Consortium

PROJECT DETAILS INVESTMENT DETAILS

  • Total route length of 50km (29 stations)
  • Expected operation date: 2018
  • Consortium partner: CITIC Construction Co., Ltd. (100%

subsidiary of CITIC Group Corporation)

  • Previous experience in construction of mass transit

projects: Iran Teheran Metro and Algeria East-to- West Expressway

  • Expected bidding result announcement: June 2014

BEIJING SUBWAY LINE 16

TENDER INFORMATION

TENDER BACKGROUND

  • Private sector to invest in E&M systems
  • Rolling stock
  • Signaling systems
  • Communication systems
  • Power supply systems
  • Automatic Fare Collection systems
  • Depot and Workshop equipment
  • Platform Screen Doors
  • Others
  • 30-year O&M concession
  • E&M development cost: RMB 15bn (approx. THB 82bn)

PPP INVESTMENT SCHEME

27 4Q & FY 13/14 earnings presentation Appendix 2: Beijing Subway Line 16

Beijing Subway Line 16

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SLIDE 28

prepared by Investor Relations department BTS Group Holdings PCL

Beijing Subway Line 16

Line 16

Map Source: Wikipedia

28 4Q & FY 13/14 earnings presentation Appendix 2: Beijing Subway Line 16

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prepared by Investor Relations department BTS Group Holdings PCL

Investment policy

SECTOR: Out-of-Home media sector STAKE: Influential or controlling GEOGRAPHY: Thailand focus, selective ASEAN (overseas require strong local partner) RETURN CRITERIA: Minimum IRR or payback period RATIONALE:

  • Increase market share in Out-of-Home media

segment (to be the leader in OHM)

  • Revenue and cost synergies

VGI’s Acquisition / Investment Policy

29 4Q & FY 13/14 earnings presentation Appendix 3: VGI’s Acquisition / Investment Policy

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SLIDE 30

prepared by Investor Relations department BTS Group Holdings PCL

3.09% 3.18% 2.19% 2.40%

0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% Q4 FY13/14 Q3 FY13/14 Average yield (Excluded Sinking fund) MPC Rate

90 bp 78 bp

4Q & FY 13/14 earnings presentation Appendix 4: Treasury Management 30

Average yield (Excluded Sinking fund) comparing to MPC Rate

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SLIDE 31

prepared by Investor Relations department BTS Group Holdings PCL

IR Contacts

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 Email: ir@btsgroup.co.th Fax: +66(0) 2273 8610 Website: www.btsgroup.co.th

Thank You

31 4Q & FY 13/14 earnings presentation