bangkok expressway plc. (becl)€¦ · bangkok expressway plc. (becl) opportunity day at set becl...
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1
Bangkok Expressway Plc. (BECL)
Opportunity Day at SET BECL connects Bangkok approx. 1 Million journeys daily with 70 kms distance covering city wide.
March 9, 2010 We collect tolls from 180 booths40 Toll plaza all around Bangkok.
2
Agendag• Traffic update
• The FY2009 Earnings Result
• Debenture Plan in 2010
• Q&A SessionQ&A Session
2
3
Traffic updateTraffic update
3
4
Toll Roads Network N
4
Sector C+BANG PA IN - PAKKRET
Expressway MapFirst Stage Exwy.
NonthaburiChaeng Wattana
g y
SES Urban
SES Sub-urban
Sector C+Sector C
Sector B+
Prachachuen DONMUANG
AIRPORT
Future Extension
Donmuang Tollways
Ramindra At Narong
Motorway
Sector C
Sector B+
Din Daeng
Bus TerminalMotorway
Sector ASector D
Thonburi AsokeSrinakarindra
Hua Lam Pong
SukumvitRajadamri
Royal Palace
S t B
Sector D
Sector D+PortSilomDao Kanong
Rama III
At NarongRama IVSector B
FES New Airport
Samutprakarn
BangnaRama III
Rama IX Bridge
5
Total Traffic Volume1,050.00
(Thousand cars / Day)
2010
950.00
1,000.00
2006
2007
20042005
2006
2008
2009
2010
850.00
900.00
20042005
200620082007
2009
750 00
800.00
750.00
2010 957.62 1,010.65 982.792009 916.11 961.98 983.78 873.25 904.34 969.89 930.70 957.28 974.41 977.01 944.56 988.05 952.532008 941 05 971 25 976 74 889 18 905 59 915 30 903 63 927 74 898 08 923 12 930 42 914 86 924 67
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg.
2008 941.05 971.25 976.74 889.18 905.59 915.30 903.63 927.74 898.08 923.12 930.42 914.86 924.672007 966.65 1,010.12 1,020.24 922.85 961.99 1,001.62 979.98 996.62 1,001.32 1,000.27 1,019.47 934.97 984.452006 923.44 947.69 978.15 868.12 914.82 935.08 907.73 949.92 946.18 959.75 1,016.20 987.84 944.582005 898.39 931.28 947.26 848.86 882.09 920.80 878.70 916.95 921.97 907.12 952.97 950.83 912.982004 862.02 904.53 909.06 835.20 863.12 885.84 900.57 872.51 903.31 895.36 939.40 941.15 892.63
6
Total Toll Revenue(Million Baht / Day)
22.00
23.002010
20.00
21.00
2009 20082006
20092010
18 00
19.00
2005
2006
2007
200420052006
20072008
16 00
17.00
18.00
2004
2005
16.00
2010 21.08 22.23 21.622009 20.11 21.08 21.57 19.20 19.83 21.24 20.41 21.00 21.34 21.39 21.79 21.68 20.882008 18 84 19 44 19 54 17 80 18 07 18 26 18 03 18 50 19 39 19 93 20 34 19 98 19 01
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg.
2008 18.84 19.44 19.54 17.80 18.07 18.26 18.03 18.50 19.39 19.93 20.34 19.98 19.012007 19.52 20.39 20.58 18.63 19.37 20.16 19.75 20.10 20.15 20.14 20.51 18.73 19.832006 18.58 19.09 19.67 17.48 18.40 18.83 18.29 19.11 19.03 19.44 20.49 19.92 19.032005 18.13 18.77 19.14 17.17 17.80 18.58 17.72 18.46 18.52 18.22 19.17 19.10 18.392004 17.24 18.08 18.19 16.73 17.30 17.76 18.08 17.51 18.21 18.07 18.98 18.98 17.93
7
Total Traffic VolumeTotal Traffic VolumeYoY Q4 09 Q4 08 change % YoY 2009 2008 change %
Veh./day Veh./day
YoY Q4-09 Q4-08 change %
FES 341,845 329,402 12,443 3.78%
Sector A 203,087 189,017 14,070 7.44%
YoY 2009 2008 change %
FES 335,257 331,001 4,256 1.29%
Sector A 195,782 189,206 6,576 3.48%
Sector B 94,763 87,700 7,063 8.05%
Urban 639,694 606,120 33,574 5.54%
Sector C 153 097 141 247 11 850 8 39%
Sector B 90,488 88,480 2,008 2.27%
Urban 621,528 608,688 12,840 2.11%
Sector C 145 631 137 916 7 715 5 59%Sector C 153,097 141,247 11,850 8.39%
Sector D 138,783 122,660 16,123 13.14%
Sub urban 291,880 263,907 27,973 10.60%
Sector C 145,631 137,916 7,715 5.59%
Sector D 132,978 126,376 6,602 5.22%
Sub urban 278,609 264,291 14,318 5.42%
Total BECL 931,576 870,027 61,549 7.07%
Total NECL 54,876 52,689 2,187 4.15%
Total BECL 900,139 872,979 27,160 3.11%
Total NECL 52,391 51,693 698 1.35%
Total BECL+NECL 986,452 922,716 63,736 6.91% Total BECL+NECL 952,530 924,672 27,858 3.01%
8
Total Traffic VolumeTotal Traffic VolumeYoY Feb 10 Feb 09 change % YTD 2M 10 2M 09 change %
Veh./day Veh./day
YoY Feb-10 Feb-09 change %
FES 350,196 339,255 10,941 3.23%
Sector A 208,138 197,439 10,699 5.42%
YTD 2M-10 2M-09 change %
FES 339,437 331,941 7,496 2.26%
Sector A 202,986 192,670 10,316 5.35%
Sector B 98,572 92,024 6,548 7.12%
Urban 656,906 628,718 28,188 4.48%
Sector C 155 490 146 049 9 441 6 46%
Sector B 96,121 89,602 6,519 7.28%
Urban 638,544 614,213 24,331 3.96%
Sector C 151 263 141 817 9 446 6 66%Sector C 155,490 146,049 9,441 6.46%
Sector D 144,844 134,661 10,183 7.56%
Sub urban 300,334 280,710 19,624 6.99%
Sector C 151,263 141,817 9,446 6.66%
Sector D 140,165 130,488 9,677 7.42%
Sub urban 291,429 272,305 19,124 7.02%
Total BECL 957,242 909,430 47,812 5.26%
Total NECL 53,403 52,552 851 1.62%
Total BECL 929,976 886,520 43,456 4.90%
Total NECL 52,810 51,358 1,452 2.83%
Total BECL+NECL 1,010,645 961,982 48,663 5.06% Total BECL+NECL 982,786 937,878 44,908 4.79%
9
Total Toll RevenueTotal Toll RevenueQ Q Q4 09 Q4 08 h % Y Y 2009 2008 h %
(Baht / Day) (Baht / Day)
QoQ Q4-09 Q4-08 change %
FES 7,847,685 7,547,106 300,579 3.98%
Sector A 4,485,478 4,174,608 310,870 7.45%
YoY 2009 2008 change %
FES 7,686,912 7,020,889 666,023 9.49%
Sector A 4,323,729 3,864,786 458,943 11.87%
Sector B 2,147,960 1,987,365 160,595 8.08%
Urban 14,481,123 13,709,079 772,044 5.63%
Sector B 2,050,590 1,856,941 193,649 10.43%
Urban 14,061,231 12,742,616 1,318,615 10.35%
Sector C 2,055,069 1,897,504 157,565 8.30%
Sector D 3,206,876 2,748,797 458,079 16.66%
Sub urban 5,261,945 4,646,301 615,644 13.25%
Sector C 1,954,352 1,854,546 99,806 5.38%
Sector D 3,071,881 2,838,595 233,286 8.22%
Sub urban 5,026,233 4,693,141 333,092 7.10%Sub urban 5,261,945 4,646,301 615,644 13.25%
Total BECL 19,743,068 18,355,379 1,387,689 7.56%
Total NECL 1,874,173 1,721,754 152,419 8.85%
Sub urban 5,026,233 4,693,141 333,092 7.10%
Total BECL 19,087,463 17,435,757 1,651,706 9.47%
Total NECL 1,795,474 1,570,406 225,068 14.33%Total BECL+NECL 21,617,241 20,077,133 1,540,108 7.67%
Total BECL+NECL 20,882,937 19,006,164 1,876,773 9.87%
10
Total Toll RevenueTotal Toll RevenueY Y F b 10 F b 09 h % YTD 2M 10 2M 09 h %
(Baht / Day) (Baht / Day)
YoY Feb-10 Feb-09 change %
FES 8,039,208 7,758,291 280,917 3.62%
Sector A 4,599,207 4,360,312 238,895 5.48%
YTD 2M-10 2M-09 change %
FES 7,792,639 7,590,265 202,374 2.67%
Sector A 4,484,337 4,254,077 230,260 5.41%
Sector B 2,235,694 2,085,369 150,325 7.21%
Urban 14,874,109 14,203,972 670,137 4.72%
Sector B 2,179,896 2,030,018 149,878 7.38%
Urban 14,456,872 13,874,360 582,512 4.20%
Sector C 2,084,088 1,960,320 123,768 6.31%
Sector D 3,352,944 3,111,519 241,425 7.76%
Sub urban 5,437,032 5,071,839 365,193 7.20%
Sector C 2,027,488 1,903,834 123,654 6.49%
Sector D 3,243,079 3,013,929 229,150 7.60%
Sub urban 5,270,568 4,917,763 352,805 7.17%Sub urban 5,437,032 5,071,839 365,193 7.20%
Total BECL 20,311,140 19,275,812 1,035,328 5.37%
Total NECL 1,914,652 1,800,039 114,613 6.37%
Sub urban 5,270,568 4,917,763 352,805 7.17%
Total BECL 19,727,439 18,792,123 935,316 4.98%
Total NECL 1,896,609 1,772,951 123,658 6.97%Total BECL+NECL 22,225,792 21,075,851 1,149,941 5.46%
Total BECL+NECL 21,624,048 20,565,073 1,058,975 5.15%
11
The FY2009 Earning Result Earning Result
12
Financial Highlights
Consolidated (Unit : MB.)Revenue :-
Toll RevenueInterest Received
2003
6,18410
2004
6,55010
2005
6,7159
2006
6,94416
2007*
7,23823
2008*
6,95696
2009
7,62312
Interest ReceivedOthers
Total RevenueExpense :-
S lli
2510
6,2194010
6,600109
6,7345316
7,0132823
7,289
(663)
97**96
7,149
(781)
12125**
*7,760
(889)
AdministrationOthers
EBITDA
Selling(771)
5,448
-
-(898)
5,702
-
-(897)
5,837
-
-(970)
6,030(13)
-(300)
6,073
(663)
(253)(346)
6,022
(781)
-
(889)(362)
(8)6 501
Financial Cost
Cash ProfitCorporate Income Tax
EBITDA(1,853)
3,371(224)
5,448(1,326)
4,168(208)
5,702(1,240)
3,913(684)
5,837(1,244)
4,113
(673)
6,030(1,359)
4,112(602)
6,073(1,330)
4,111(581)
6,022(1,138)
(680)
6,501
4,683
Land AcquisitionDepreciation and Amortization
Net Profit(Loss) Loss Attributable to Minority Interest
(260)(1,886)
1 2338
(2,015)(306)
1 91669
(2,065)(360)
1 488 -
(2,149)(421)
1 543 -
(2,215)(490)
1 407 -
(2,101)(566)
1 444 -
(2,329)(652)-
,
1 702
Net Profit(Loss)
EPSDPS
1,233
1.60 1.50
1,916
2.49 2.00
1,488
1.93 1.00
* Reclassified Profit and Loss Statement in accordance with the mentioned TAS no.35.
1,543
2.00 1.00
1,407
1.83 1.10
1,444
1.88 1.10
1,702
2.21 1.25****
** Gains on sale of investment in TTW amounted to Baht 38 Million (net) and Receives dividend income from
TTW amounted to Baht 55 Million.
Reclassified Profit and Loss Statement in accordance with the mentioned TAS no.35.
*** Receives dividend income from TTW amounted to Baht 114 Million.**** Subject to approval from Annual Ordinary General Meeting of the Company’s shareholders in April 2010.
13
Toll revenue are classified into routes as follows:Toll revenue are classified into routes as follows:
2008 2009 Ch
(Unit : MB.)
2008 2009 Change %YoY
First Stage Expressway System 2,569 2,807 238 9.26
Second Stage Expressway System
Sector A (Rama IX – Ratchadapisek) 1,414 1,578 164 11.60
Sector B (Phayathai – Bang Khlo)
Sector C (Ratchadapisek – Chaeng Watthana)
S t D (R IX S i i d )
680
679
1 039
749
713
1 121
69
34
82
10.15
5.01
7 89Sector D (Rama IX – Srinagarindra)
Total Second Stage Expressway System
1,039
3,812
1,121
4,161
82
349
7.89
9.16
Bang Pa-In – Pak Kret Expressway System
Total
575
6,956
655
7,623
80
667
13.91
9.59
14
Th FY2009 E i SThe FY2009 Earnings SummaryComparing with FY2008 ( Consolidated )
• Traffic Volume 952,500 veh./day ( up 3.01 %YoY)
• Toll Revenue 20 88 MB /day ( up 9 84 %YoY)Toll Revenue 20.88 MB./day ( up 9.84 %YoY)
• EBITDA 6,501 MB. ( up 7.95 %YoY)
• Financial Cost 1,138 MB. ( down 14.44 %YoY)
• Cash profit 4 683 MB ( up 13 91 %YoY)Cash profit 4,683 MB. ( up 13.91 %YoY)
• Corporate Tax 680 MB. ( up 17.04 %YoY)
• Net profit 1,702 MB. ( up 17.87 %YoY)
• EPS 2 21 Bt /shr• EPS 2.21 Bt./shr
15
K Fi i l & O ti I di tKey Financial & Operating Indicators• Avg. Traffic Volume (veh./day) FY2009 %YoY %Portion
– URBAN 621,496 2.11 65.25( FES + A + B)
– SUB-URBAN 278,613 5.42 29.25,(C + D)
– Sector C+ 52,391 1.35 5.50
T t l 952 500 3 01 100 00Total 952,500 3.01 100.00
• Avg. Toll Revenue (MB./day)
– URBAN 14.06 10.36 67.34( FES + A + B)
– SUB-URBAN 5.03 7.02 24.09(C + D)
– Sector C+ 1.79 14.01 8.57
T t l 20 88 9 84 100 00Total 20.88 9.84 100.00
16
BECL T ffi l & T llBECL : Traffic volume & Toll revenueDaily Traffic Volume Daily Toll Revenue
930928950
1000
Daily Traffic Volume( FES + SES )(Thousand cars/day)
Daily Toll Revenue( FES + SES )(Million Baht/day)
19.7319.09
18 1719.0020.00
873
930900
928
843812
891864
850
900
95017.44
18.17
16.9316.48
17.4616.50
15.63 15.8216.0017.0018.00
812
685
765
700
750
80014.53
13.91
12.2812.06
13.0014.0015.00
555
678
629604
634
685
600
650
700 12.06
9.77
9 0010.0011.0012.00
555550
1996
1998
2000
2002
2004
2006
2008
2010
(2M
)
Year
8.009.00
1996
1998
2000
2002
2004
2006
2008
010(
2M)
Year
2
Opened Sector BEconomic Crisis
20
Changed Revenue Sharing since Sep. 2, 2002
17
NECL T ffi l & T llNECL : Traffic volume & Toll revenue
1.901 791 80
2.00575354
60
Daily Traffic Volume(Thousand cars/day)
Daily Toll Revenue(Million Baht/day)
1.661.57
1.46
1 12
1.451.57
1.79
1.40
1.60
1.8052 52 535449
43
50
40455055
0 60 0 66
0.90
1.12
0.80
1.00
1.20
25
35
25303540
0.60
0.440.58
0.66
0 20
0.40
0.6016 1517
10152025
0.00
0.20
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
0(2M
)
5
1998
2000
2002
2004
2006
2008
010(
2M)
Year Year
201020
Year Year
18
EExpenses• Our expenses have changed from
• Increased expenses
Expenses %Change YoY 2008 (MB.) 2009 (MB.)( )Amortization Cost +11.10% 2,073 2,303Land Acquisition Cost +15.19% 566 652Administration Expenses +4.62% 346 362Corporate Income TaxS lli E
+17.04%13 83%
581781
680889
• Reduced expenses
Selling Expenses +13.83% 781 889
Expenses %Change YoY 2008 (MB.) 2009 (MB.)Interest Expenses -14.31% 1,265 1,084
19
E i R ltEarnings Result
Unit : Million Baht 2008 2009 Change %YoY
Toll Revenue 6 956 7 623 667 9 59Toll Revenue 6,956 7,623 667 9.59
EBITDA 6,022 6,501 479 7.95
Cash Profit 4,111 4,683 572 13.91
Net Profit 1,444 1,702 258 17.87
EPS (Bt / h ) 1 88 2 21 0 33 17 55EPS (Bt./shr) 1.88 2.21 0.33 17.55
20
A tAssets• Investment in SEAN (as of December 31, 2009 )
– Invested an additional 263 MB. in SEAN.
– Maintained 16.67% of its capital.
– Cumulative investment 952 MB.
21
A tAssets• Investment in TTW (as of December 31, 2009 )
– Unrealized loss on changes in value of investments has
decreased from end of year 2008 by 96 MB From adjustment indecreased from end of year 2008 by 96 MB. From adjustment in
its market value.
– The amount of investment in TTW is at 9.24% of its capital.
– Cumulative investment 1,137 MB.Cumulative investment 1,137 MB.
22
A tAssets• Investment in BMCL (as of December 31, 2009 )
– The amount of investment in BMCL is at 11.88% of its capital.
– Cumulative investment 1,764 MB.
23
Project Investment (as of December 2009)
Investment ProjectTTW
Thai Tap Water SupplyBMCL
Bangkok MetroSEAN
Southeast Asia EnergyNECL
Northern Expresswayj
Investment Type BTO Concession
Thai Tap Water Supply Plc
Bangkok Metro Plc
BOO water purchase
agreement
BOT power purchase
agreement
AOT Concession
Southeast Asia Energy Co.Ltd
Northern Expressway Co. Ltd
% of Possessionas of Dec. 31, 2009Concession date 1996
53.33% 16.67%(952 MB.)
9.24%(1,137 MB.)
11.88% (1,764 MB.)
201320042004
agreement agreement
Remaining year
Concession period
18 year
30 year
26 year21 year
25 year30 year25 yearUnder
Construction
R i t d C it l (MB )
BOI Privilege
Customer
6 000
8 year
Public
6 6073 99011 950
Tax Exempt from Laos PDR Government
8 year8 year
PWA EGATPublic
Update
Registed Capital (MB.)
Target completion date
Trading day on S 21 2006
6,000 6,6073,99011,9505,160 11,950 3,990 5,709
Toll Hikes in N 2008
Paid-up Capital (MB.)
Trading day on M 21 2006
p completion date in year 2010Sep. 21, 2006
BTO = Build-Transfer-Operate, AOT = Acquired-Transfer-Operate, BOO = Build-Owned-Operate, BOT = Build-Operate-Transfer
Nov. 2008 May 21, 2006
24
Debt • Interest bearing debt (Million Baht) as at December 31, 2009g ( ) ,
1. Loan outstanding (FY2009) 13,383
– Loan repayment (3,197)
P t (2 101) 8 085– Prepayment (2,101) 8,085
2. Debenture C/F 15,500
3. B/E C/F -
– C/F outstanding Debt 23,585
• Average funding cost as of January 29, 2010 = 4.3067%comparing with average MLR = 5.9563%p g g
• Debt to equity ratio = 1.43 times• Debt service coverage ratio = 1.83 times
DSCR = EBITDA / (Int. exp. + Debt repayment)( y )
• On 2 August 2007, the company has issued debenture 7.5 Billion Baht to refinance existing debt.
• On 7 November 2008, the company has issued debenture 4.0 Billion BahtOn 7 November 2008, the company has issued debenture 4.0 Billion Baht to refinance existing debt.
• On 11 September 2009, the company has issued debenture 2.0 Billion Baht t fi i ti d btto refinance existing debt.
• On 28 December 2009, the company has issued debenture 2.0 Billion Baht to refinance existing debt.
25
C h Fl All ti5 000
Cash Flows AllocationsUnit : Million Baht
4 844
1 925
7704,000
4,500
5,000
40%
4,844
4,2834,616
17%3 716
3,946
770
1,925
578
1,155
770847
3,000
3,500
24%18%
3,144 3,25027%
3,716
21%
21%3,149
28%
1 812
2,193
8862,580
2 833
578
2,000
2,500
53%
24%
64%
18%
58%
51%
56%
72% 72%
28%
1 266
1,8122,091
2,579 2,663
2,000
2,833
1,000
1,50053%64%
22%
64%
389
1,266
263
935340
7542830
500
2002 2003 2004 2005 2006 2007 2008 2009
266
22%27%
*
24% 12% 7% 7% 7% 8%
Investment Repayment Dividend*Please note that the dividends shown here are based on payment date
26
E itEquity• Total equity (Million Baht)
– B/F Equity 16,127
– Dividend Paid (886)
– Adjusted investment value 639
– Profit of FY2009 1,702
– C/F Equity 17,582( as at December 31, 2009 )
P id i l 7 700 MB• Paid-up capital = 7,700 MB.
• Registered capital = 8,000 MB.
• Par value = 10.00 Bt./shr.
• Book value (as at December 31, 2009) = 22.83 Bt./shr.
27
Fi i l R tiFinancial Ratios
2008 2009
• % NET PROFIT MARGIN 20.20 21.94
• % ROA 3.30 3.96
• % ROE 8.98 10.10
• D/E RATIO (times) 1.69 1.43
• Interest Coverage (times) 4.26 5.35
• DSCR RATIO (times) 1.68 1.83
28
Debt Movement in Y2009Debt Movement in Y2009.
1. Loan Repayment - Loan T#1 (4,908)- Loan T#2 (140)- Loan T#3 (250) (5,298)
2. Debenture Issued - 1/2009 4.0Yr (4.25%) 1,000- 2/2009 3.5Yr (4.10%) 1,000- 3/2009 5.5Yr (MLR-3%) 2,000 4,000
Net Debt Repayment 1,298
Debt StructureOutstanding
End of F b’10
Interest Charged (%)% 2007 2008 2009 2010 2011 2012 2013 2014 2015
29
Feb’10 % 2007 2008 2009 2010 2011 2012 2013 2014 2015
Loan T #1 7,509 32.05% 5 5M4*-2 M4*-2 M4*-2 M4*-2 M4*-2 M4*-2 M4*-2 M4*-2
Loan T #2 224 0.96% 3.255 5 5
M4* 2 M4*-2 M4*-2 M4*-2 M4*-2 M4*-2 M4*-2Rat
e
5 M4 -2
Loan T #3 199 0.85% M5-1.5 M5-1.5M5-1 M5-1 M5-1
M5-0.5M5-0.5
M5 M5 - - -
Debenture ’09 5 5Yr #4 2,000 8.54% - - M4**-3 M4**-3 M4**-3 M4**-3 M4**-3 M4**-3 M4**-3Fl
oatin
g
5.5Yr #4
Total 9,932 42.39% Average cost of Floating Rate as of February’10 = 3.7560%Debenture
2007: 3Yr #1 3 905 16 67% -4 20 4 20 4 202007: 3Yr #1 3,905 16.67%
4.20 4.20 4.20 4.20 - - - - -
5Yr #1 1,895 8.09% - 4.88 4.88 4.88 4.88 4.88 4.88 - - -
7Yr #1 1,700 7.26% - 5 20 5.20 5.20 5.20 5.20 5.20 5.20 5.20 -R
ate
5.20
2008: 3Yr #2 2,900 12.38% - 5.20 5.20 5.20 5.20 - - - -
5Yr #2 1,100 4.69% - 5.20 5.20 5.205.65 5.65 5.65
6.00 6.00 --Fi
xed
R
2009: 3.5Yr #3 1,000 4.27% - - 4.10 4.10 4.10 4.10 4.10 - -
4 Yr #3 1,000 4.27% - - 4.25 4.25 4.25 4.25 4.25 --
Total 13 500 57 61% Average cost of Fixed Rate as of February’10 = 4 7140%Total 13,500 57.61% Average cost of Fixed Rate as of February’10 = 4.7140%Grand Total 23,432 100% Average cost of Debts as of February’10 = 4.3079%Where ; *M 4 = Average MLR of KTB+BBL+SCB+TMB = 5.9563%
M 5 = Average MLR of KTB+BBL+SCB+TMB+SCIB = 6.0150% ** M 4 = Average MLR of KTB+BBL+SCB+KBANK = 5.8563%
(As of March 1, 2010 )
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Debt Repayment Schedule
YearRepayment Schedule (MB.)
Loan Debenture Total
2010 980 3,905 * #1 4,885
2011 1,000 2,900** #2 3,900
2012 1,194 1,895 * #1 3,089
2013 1,996 1,100** #2 5,096
1,000*** #3
1,000*** #3
2014 1,396 1,700 * #1 3,096
2015 1,519 2,000**** #4 3,519
Total 8,085 15,500 23,585
#1 : * Due date will be settle on Aug 2 , 2010 , Aug 2 , 2012 and Aug 2 , 2014
#2 : ** Due date will be settle on Nov 7, 2011 and Nov 7, 2013#3 : *** Due date will be settle on Mar 15, 2013 and Sep 11, 2013#4 : **** Due date will be settle on May 30, 2015
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EBITDA vs Major PaymentsEBITDA vs Major Payments• Existing loan repayments have been rearranged for new debenture issuance.• Historical EBITDA showed stable performance whilst BECL’s major payments
fi d di t th h d lare fixed according to the schedule.
8,000 8,000
THB million THB million
5,0006,0007,000,
5,0006,0007,000,
EBITDA
1 0002,0003,0004,000
1 0002,0003,0004,000
-1,000
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
-1,000
Compensation for site acquisition Existing loan repaymentNew debenture Dividend paymentEBITDA
32
D b t Pl i 2010*Debenture Plan in 2010*
Debenture Period Facilities Interest Rate Purpose Timing
1/2010 3Y3M 1 000 Floating Rate Refinance March 3 20101/2010 3Y3M 1,000 Floating Rate Refinance March 3, 20102/2010 3Y2M 1,000 Floating Rate Refinance very soon3/2010 7Y 1,500 Floating Rate Roll over very soon3/2010 7Y 1,500 Floating Rate Roll over very soon
Total 3,500
* Not yet applicable with slide number 29 - 31
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