general presentation -...

prepared by Investor Relations departmentBTS Group Holdings PCL

BTS Group General Presentation

BTS Group Holdings PCL

GENERAL PRESENTATION

APRIL 2018


IR Contact

2

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings PCL (“BTSG”) solely for information purposes. Itdoes 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 thisdocument 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 orcontrol 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, BTSGassumes 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, orall 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 orotherwise 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 statementsas to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual resultsto differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG assumes no responsibility and makes norepresentations 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 PCLIR Department15th 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 General Presentation


Section 1 BTS Group in Brief

Section 2 Business Segment Profiles

Section 2.1 Mass Transit Business

Section 2.2 Media Business

Section 2.3 Property Business

Section 2.4 Services Business

Section 3 Financial Summary

Appendices

Contents

BTS Group General Presentation 3


4

BTS Group History

BTS Group General PresentationSection 1: BTS Group in Brief

TYONG listed on the Stock Exchange of Thailand under Property Development sector

1991

TYONG established a wholly-owned subsidiary, Bangkok Transit System Corporation Ltd. (BTSC), which won the SkyTrainconcession bid

1992

Commercial operation of the BTS SkyTraincommenced

1999

BTSC exit court supervised rehabilitation procedure

2008

BTSC expanded into Media business through the acquisition of 100% of VGI Global Media Co., Ltd. (VGI)

2009

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)

2010BTSC sold the future Net Fare-box Revenue under its Concession Agreement to BTS Rail Mass Transit Infrastructure Fund (BTSGIF)

APR 2013

VGI Global Media 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

BTSC finalised the operating & maintenance (O&M) contract with KT; a wholly owned subsidiary of the BMA. The contract covers 30.8km of Green Line Northern and Southern extensions (Mo Chit –Saphan Mai – Khu Khot and Bearing – Samut Prakarn)

MAR 2017

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

Company established as Tanayong Co., Ltd. (TYONG) to operate in property development field

1968


BTS Infrastructure

Services Co., Ltd

1 Information based on book closure date on 22 Jan 18 with total issued shares = 11,940.4mn shares2 BTSG holds 73.61% of VGI indirectly and directly3 Revenue from the Company recorded under Services BU

33.33%

48.59%

BayswaterCo., Ltd.

50%

5

BTS Group Holdings PCL


Business Organisation and Shareholding Structureas of 31 March 2018

BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF)

97.46%

Yongsu Co., Ltd.100%

DNAL Co., Ltd.100%

The Community One Co., Ltd.

100%

Kingkaew Assets Co., Ltd.

100%

Bangkok Mass Transit System PCL (BTSC)

25.02%

MEDIA BUSINESS

41% Kanjanapas Family1

31% Institutional Investors1

28% Individual Investors1

38.97%

PROPERTY BUSINESS

VGI Advertising Media Co., Ltd.

100%

888 Media Co., Ltd.

100%

100%

Master Ad PCL

30.38%

Aero Media Group Co., Ltd.

30%

VGI Global Media PCL (VGI) 2

Point of View (POV) Media Group Co., Ltd.

33.33%

MASS TRANSIT BUSINESS

Tanayong International Ltd.100%

SERVICES BUSINESS

RabbitPay System Co., Ltd.80%

Rabbit-Line Pay Co., Ltd.

ASK Direct Group Co., Ltd.51%

Rabbit Insurance Broker Co., Ltd.

51%

Rabbit Internet Co., Ltd.30%

Rabbit Rewards Co., Ltd.

100%

KMJ Co., Ltd.

BSS Holdings Co., Ltd.90%

51% ATS Rabbit Special Purpose Vehicle Co., Ltd.

Little Corner Co., Ltd.69%

Man Food Holdings Co., Ltd.41.18%

HHT Construction Co., Ltd.3

51%

90% Bangkok Smartcard System Co., Ltd.

The Community Two Co., Ltd.

100%

Man Kitchen Co., Ltd.

Man Food Products Co., Ltd.

Bangkok Payment Solutions Co., Ltd.

60%

Listed entities

Subsidiaries

Associates

LEGEND

JVs

40%Demo Power (Thailand) Co., Ltd.

49%

49%

100%VGI Global Media (Malaysia) Sdn Bhd

The ICON VGI Co., Ltd.

25%

100% RB Services Co., Ltd.U City PCL

Northern Bangkok

Monorail Co., Ltd.

EasternBangkok

Monorail Co., Ltd.

75%

75%

18.09%

Primary Kitchen Co., Ltd.

51%

100%

BTS Infrastructure Development

Co., Ltd

100%

Supremo Media Co., Ltd

25%

Group Work Co., Ltd

20%

100%

100%

100%


49% 35%

7%9%

399 548 492

743

FY 13/14 FY 14/15 FY 15/16 FY 16/17

2,934

1,355 897 617

FY 13/14 FY 14/15 FY 15/16 FY 16/17

3,121 2,926 2,318

3,010

FY 13/14 FY 14/15 FY 15/16 FY 16/17

2,077 2,274 2,574 4,237

FY 13/14 FY 14/15 FY 15/16 FY 16/17

(1) FY ended 31 March (2) Services revenue excludes revenue of HHT Construction (Thailand) Co., Ltd. as it is consolidated as cost of project under Property business

BTS Group Overview4 Business Units with Mass Transit as our Core

MASS TRANSIT

PROPERTY

MEDIA

SERVICES

Historical operating revenues(1)

Media Revenue (THB mn)

Property Revenue (THB mn)

Services Revenue(2) (THB mn)

Mass Transit Revenue (THB mn)FY 16/17

Operating Revenue contribution

*FY 2016/17:- Services revenue from provision of E&M works & train: THB 1,444mn, O&M Revenue: THB 1,661mn, Share in BTSGIF: THB 945mn, interest income from E&M and train procurement: THB 187mn


6

FY 16/17 Operating EBITDA Contribution

*FY 2016/17:- OOH Media revenue: THB 2,640mn, Digital Services business: THB 370mn

* FY 2016/17:- Residential Property revenue:- THB 39mn, Commercial Property revenue : THB 578mn

* FY 2016/17:- ChefMan revenue:- THB 406mn, HHT revenue : THB 213mn, BPS and Rabbit Rewards: THB 124mn

THB8,606mn

62%

41%

0%-3%

THB2,928mn

Mass Transit Media

Property Services

Mass Transit Media

Property Services


FY 16/17 FY 21/22E

FY 16/17 FY 21/22E

7BTS Group General PresentationSection 1: BTS Group in Brief

Strategy and 5-Year Growth TargetsEarnings Expected to Grow by 24% CAGR

As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines which are authorised or set by the government at both municipal and national levels.

After securing additional lines, we capture further value from opportunities which cascade down to our other independently operating business units in Media, Property and Services. We actively pursue capital market opportunities that allow us to unlock further uplift from our assets or to allow us to recycle capital to finance future expansion sustainably.

BU 5-YEAR GROWTH DRIVERS

Mass transit Organic growth: 4-5% CAGR ridership growth, inflationary fare increase on Core Network (23.5km): pre-agreed O&M fee increase to Green Line extensions (12.8km)New contracts: 95.7km (Pink, Yellow, Dark Green North & South extensions) already secured taking total to 132km Target contracts for an additional 82.9km (Gold, Green West, Orange, LRT and Grey)

Media Transit: 4-5X increase in mass transit inventoryOffice: new property projects under BTS, 50 new office buildings planned or under construction in BangkokOutdoor: billboard digitalisation, M&AAviation: 5.8% expected CAGR passenger growth in Thailand and expand to overseasActivation: cross-selling on VGI’s existing network, increasing audience reach by 14XDigital Services: expand online and offline network and enriching our data depth

Property Residential: THB 81bn in GDV of future condominium projectsCommercial: additional 6,800 keys, THB 27.5bn in Gross Development Value (GDV) of future commercial property projectsLand Bank: 2.3mn sqm (227 Hectares) with book value of THB 12.6bn to facilitate up to 10 years of future development

CAGR ≈27%

CAGR ≈39%

CAGR ≈24%

MASS TRANSIT

STRATEGY

68%

MEDIA

29%

SERVICES

2%

PROPERTY

1%

5-YEAR OPERATING REVENUE OUTLOOK

5-YEAR OPERATING EBITDA OUTLOOK

5-YEAR NET PROFIT (AFTER MI) OUTLOOK

THB 2.5BN

THB 2.0BN

THB 13.1BN

THB 6.0BN

THB 26.3BN

FY 21/22E


FY 16/17 FY 21/22E

≈4.6x

FY 16/17 FY 21/22E

4-5 times expected increase in BTS media capacity by 2021/22

>15mn rabbit card holders and

synergy with data from Rabbit Group

8BTS Group General PresentationSection 1: BTS Group in Brief

Business Synergy and Investment FeaturesBenefit from Rail Mass Transit Network Expansion

Real estate development along mass transit worth

THB 100bn in 5 years

• The sole concessionaire and operator of the BTS SkyTrain Core Network (Green lines), its extensions and the Bus Rapid Transit (BRT) system.

• BTSG is the controlling partner in the consortium that was awarded the Pink and Yellow monorail line concessions.

• Currently operating 38.1km (35 stations), by acquiring 4 additional lines totaling 95.7km since 1H 2017, increasing length by 3.6x compared to last year

MASS TRANSIT66% ridership market share in Bangkok

66% ridership market share in bangkok1

• VGI is the largest media company in Thailand.

• VGI is a multi-faceted media services company that is pioneering data-driven, targeted advertising in Thailand.

• VGI Enjoys uniquely exclusive long-term contracts to manage advertising space on the BTS SkyTrain Network as well as future lines secured by BTSG.

MEDIA42% market share by media revenue

PROPERTY2nd largest Hotel Company in Thailand operating globally

• Developing or acquiring residential and commercial properties predominantly in close proximity to - or directly connected with - future or existing mass transit lines to benefit from the “mass transit premium” through various partnerships

• BTSG is Thailand’s 2nd largest hotel group that directly and indirectly owns, operates or manages over 15,000 keys globally*

*as measured by keys under ownership, lease and management (both operating and under contract)

RAIL LENGTH TARGET

36.3KM

175.3KM

≈9.0x

THB 2.6BN

THB 23.4BN

MASS TRANSIT REV.*

* excludes services revenue from provision of E&M and train and interest income from E&M and train procurement


4,359

7,073 7,094 8,048

4,716

FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17

BTSG at a Glance

PROGRESSIVE DIVIDEND POLICY

Completed Minimum THB 21bn committed dividends over 3 years:

No less than THB 6bn in FY 13/14



Current Policy: Not less than 50% of net profit (stand alone basis)


HISTORICAL DIVIDEND PAYMENTS / DIVIDEND YIELD

KEY FIGURES (as of 31 Mar 2017)

EMPLOYEES (as of 31 Mar 2017)

Mass Transit 2,160 51%

Media 481 11%

Property 464 11%

Services 999 24%

BTS Group Holdings 139 3%

Total 4,243 100%

THB (mn) USD (mn)**

Accounting revenue 9,618 282

Operating revenue 8,606 253

Operating EBITDA 2,928 86

Net income*** 2,004 59

Total assets 93,651 2,754

Excess cash and liquid investments 35,107 1,032

Cash 15,094 444

Current investments 6,376 188

Long-term investments 13,520 398

Restricted deposits 117 3

Free cash flow (5,715) (168)

**Source: Bank of Thailand; based on Interbank Exchange Rate of USD 1 = THB 34.004 as of 7 June 2017***to equity holders of the parent

Actual dividend paid (THB mn)

Dividend yield* (%)

* Calculated based on share price one day before the Board of Directors’ approval date for relevant dividend payment

7.3%6.2%

7.8%

4.8% 4.0%

Committed dividend period

9


8.45

-

200

400

600

800

1,000

1,200

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5BTS Turnover (RHS) BTS TB SET Index (rebased) Name %

1 MR. KEEREE KANJANAPAS’S GROUP 41.3%

2 THAI NVDR CO., LTD. 8.1%

3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6%

4 SOCIAL SECURITY OFFICE 2.3%

5 HSBC (SINGAPORE) NOMINEES PTE LTD 1.6%

6 STATE STREET BANK EUROPE LIMITED 1.2%

7 CHASE NOMINEES LIMITED 1.0%

8 UOB KAY HIAN PRIVATE LIMITED 0.9%

9 THE BANK OF NEW YORK MELLON 0.6%

10 GIC PRIVATE LIMITED 0.6%

TOTAL TOP 10 SHAREHOLDERS 62.2%

Stock code BTS

Outstanding shares (mn shares) 11,935.0

Treasury shares (mn shares) 95.8

Market capitalisation (THB mn) 100,850.4

Market capitalisation (USD mn) 2,935.7

Average daily traded value (THB mn) 153.7

Average daily traded value (USD mn) 4.4

BTS Group Share Information

SHARE INFORMATION (as of 31 Mar 2017)


SHARE PRICE MOVEMENT (as of 31 Mar 2017)

SHARE STRUCTURE (as of 22 Jan 2018)

TOP 10 SHAREHOLDERS (as of 22 Jan 2018)

10

THB THB mn

* As of 31 March 2017

12M ADTV = THB 245mn

Kanjanapasfamily

BTS Group treasury shares

Institutional investors

Others

41.3% 0.8% 31.1% 26.8%

Free float (as of Jun 17) 57.4%

Foreign limit 49.0%

Foreign holdings (incl. NVDR) 18.3%


Contents









Appendices


Bangkok Rail Mass Transit NetworkAt 110.6km Bangkok’s Network is Immature

12BTS Group General PresentationSection 2.1: Mass Transit Business

MASTER PLAN: 515.2KM IN 2029, 24% MARKET SHARE IN 2037

Seoul 51% Hong Kong 46% Singapore 40% Tokyo 36% Guangzhou 17% Bangkok 6%

RAIL MASS TRANSITMARKET SHARE

Hong Kong 35.0 Singapore 35.6 Tokyo 42.0 Bangkok 10.2

RAIL TRACK LENGTH PERVASION(per million population)

OPERATING LINES: 110.6KM

BTS: 38.1km(SkyTrainGreen Line)

BEM: 44.0km(Blue & Purple)

SRT: 28.5km(Airport Rail Link)

WEEKDAY RIDERSHIP MARKET SHARE IN 2017 (JAN-DEC)

Total Average Weekday Ridership of 1,145,390 trips

BTS743,223

65%

BEM*273,637

30%

ARL61,500

5%Source: OTP, Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau

Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities

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

*Includes MRTA and BMA projects

*BEM ridership excludes purple line, BTS and BEM based on company’s ridership report website as of 2017, whilst ARL is based on information as of OCT 16.

110.6km78 stations by 3 operators


BTS LinesExpanding 3.5x from 36.3km in 2016 to 132km


*The first station (E15, Samrong, 1.8km) of the Southern Green Line Extension from Bearing to Samutprakan began operation on 3 Apr 17. Full operation of the Southern part is targeted in 2018.

MOCHIT TO ONNUT AND NATIONAL STADIUM TO SAPHAN TAKSIN• 23.5KM & 23 STATIONS• CONCESSION CONTRACT (1999-2029)

• 13YR O&M CONTRACT (2029-2042)

ONNUT TO BEARING AND SAPHAN TAKSIN TO BANG WA• 12.8KM & 11 STATIONS• 30YR O&M CONTRACT (2012-2042)

BEARING TO SAMUTPRAKARN AND MOCHIT TO KHU KHOT• 30.8KM & 25 STATIONS• 26YR O&M CONTRACT (2017-2042)

KHAE RAI TO MIN BURI AND LAD PRAO TO SAM RONG• 64.9KM & 53 STATIONS• 30YR PPP NET COST CONTRACT

OP

ERA

TIN

G L

INES

36

.3K

MR

ECEN

TLY

SEC

UR

ED L

INES

95

.7K

M

BTS NETWORK: 132KM (112 STATIONS)

SAPHAN TAKSIN – BANG WA7.5KM

ONNUT – BEARING5.3KM

BEARING –SAMUT PRAKARN12.6KM

LAD PRAO – SAM RONG30.4KM MO CHIT – ON NUT

17.0KM

NATIONAL STADIUM – SAPHAN TAKSIN 6.3KM

KHAE RAI – MIN BURI 34.5KM

MO CHIT - KHU KHOT18.2KM

CORE NETWORK

EXT. ZONE 1

EXT. ZONE 1

EXT. ZONE 2

EXT. ZONE 2 PINK

YELLOW

CORE NETWORK

ZONE 1: GREEN LINE EXTENSIONS

ZONE 2: GREEN LINE EXTENSIONS

PINK AND YELLOW LINES


1.7

3.4

6

.0

16/

17

17/

18

18/

19

19/

20

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21

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22

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43

Core Line Zone 1

BTS Operating Lines23.5km Core Network and 12.8km Green Line Existing Extension


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)

16yr Farebox Revenue CAGR: 10.1%16yr Ridership CAGR: 9.1%

RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.1%)

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.023.0

26.030.0

33.037.040.0

44.0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17NO. OF STATIONS

AUTHORISED FARE (APR 13)

NEW EFFECTIVE FARE (OCT 17)

PREVIOUS EFFECTIVE FARE (JUN 13)

POTENTIAL FARE UPSIDE

DISTANCE-BASED FARE (AVG = THB 28/TRIP)

PPP NET COST CONTRACT O&M CONTRACT

ZONE 1: 12.8KM EXTENSIONS

(unit: THB bn)

1.4

2

1.7

8

2.1

2

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

59 79

96 105 118

132 139 133 136 144 145

176197

215 219233 238

00/

01

01/

02

02/

03

03/

04

04/

05

05/

06

06/

07

07/

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08/

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10/

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11/

12

12/

13

13/

14

14/

15

15/

16

16/

17

Farebox revenue (THB bn)

Ridership (mn)

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 – BEARING5.3KM

SAPHAN TAKSIN – BANG WA7.5KM


STEC

15%

BTS Recently-Secured Lines30.8km New Extension and 64.9km Pink & Yellow Monorail Lines


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 26-year O&M contract covers 30.8km of

Northern and Southern Green Line Extensions (Apr 17 – May 42)• SOUTHERN: Bearing – Samut Prakarn(12.6km/ 9 stations)•NORTHERN: Mo Chit – Saphan Mai – Khu Khot

(18.2km/ 16 stations)

PPP NET COST CONTRACT WITH SUBSIDYO&M CONTRACT

PINK YELLOW

RouteKae Rai –Min Buri

Lad Prao –Sam Rong

Distance / no. of stations 34.5km / 30 30.4km / 23

Required trains42; 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 stagesrising to 69% at Y30

34% at early stagesrising to 64% at Y30

Commercial revenue10% 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) 2.2x 2.2x

OWNERSHIP STRUCTURE

PR

OJE

CT

DET

AIL

SEX

PEC

TED

RID

ERSH

IP A

ND

R

EVEN

UE

PR

OJE

CT

CA

PEX

& F

INA

NC

ING

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: 30.8KM NEW EXTENSIONS PINK AND YELLOW LINE MONORAIL: 64.9KM

MO CHIT - KHU KHOT18.2KM

BEARING – SAMUT PRAKARN*12.6KM

YELLOWLAD PRAO –SAM RONG30.4KM

EXT. ZONE 2

EXT. ZONE 2

KHAE RAI – MIN BURI 34.5KM

PINK

YELLOW


BTS Group Earnings PresentationSection 2.1: Mass Transit Business

BTS Targeted LinesInterested in an additional 302.9km

302.9KM FUTURE LINES IN THE NEXT 5 YEARSBTS TARGET ROUTE AUTHORITY DISTANCE

(KM) NO. OF

STATIONEXPECTED

OPERATING

GOLD (1) KRUNG THON BURI – KLONG SAN BMA 1.7 3 2020

GREEN EXT. (WESTERN)

BANG WA - TALING CHAN

BMA 7.0 6 2021

LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2022

GREY (1) WATCHARAPHON – THONG LO BMA 16.3 15 2022

ORANGE (E)THAILAND CULTURAL CENTER - MIN BURI

MRTA 22.6 17 2023

ORANGE (W)TALING CHAN - THAILAND CULTURAL CENTER

MRTA 17.0 12 2023

HIGH SPEED RAIL

DON MUEANG – SUVARNABHUMI –U-TAPAO

SRT 220.0 8* 2024

OTHER ROUTE AUTHORITY DISTANCE(KM)

NO. OF STATION

EXPECTEDOPERATING

BLUEHUA LAMPHONG- BANG KHAE

MRTA 14.0 11 2020

BLUE BANG SUE - THA PRA MRTA 13.0 9 2020

BLUE BANG KHAE – BHUDHAMONTHON 4 MRTA 8.0 4 2021

DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021

DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2020

LIGHT REDBANG SUE – PHAYATHAI – MAKKASAN – HUAMAK

SRT 19.0 9 2020

PURPLE(SOUTHERN)

TAO POON – RAT BURANA MRTA 23.6 17 2022

BANG WA - BOROMMARATCHACHONNANI7.0km

BANG NA – SUVARNABHUMI18.3Km

WATCHARAPHON –THONG LO (PHASE 1)16.3km

THAILAND CULTURAL CENTER -MIN BURI 22.6km

TALING CHAN - THAILAND CULTURAL CENTER17.0km

KRUNG THON BURI – KLONG SAN(PHASE 1)1.7km

16

WESTERN ORANGE LINE EASTERN ORANGE LINE

WESTERN GREEN LINE EXT.

GREY LINE

LRT

GOLD LINE

TOTAL 413.3

Under construction (including Extension Zone 2, total of 104.9km under construction)NOTE: *Excluding 7 stations in ARL


Timeline of Upcoming Lines and CAPEXSignificant Upcoming Revenue Expected in the Next 5 years

BTS Group Earnings PresentationSection 2.1: Mass Transit Business

95

.7K

MA

WA

RD

ED L

INES

30

2.9

KM

BTS

TA

RG

ETED

LIN

ES

SOUTHERN GREEN LINE EXTENSION: 12.6KM

NORTHERN GREEN LINE EXTENSION: 18.2KM

PINK LINE: 34.5KM

YELLOW LINE: 30.4KM

WESTERN GREEN LINE EXTENSION: 7.0KM

GOLD LINE PHASE 1: 1.7KM

LRT: 18.3KM

GREY LINE PHASE 1: 16.3KM

ORANGE LINE: 39.6KM

NOTE: 1Under the terms of the contract signed on 28 June 2016 with Krungthep Thanakom (KT) - a wholly owned subsidiary of the BMA (Bangkok Metropolitan Administration). BTSC is pre-financing E&M provision and installation. KT will repay the costs of E&M works in a lump sum amount after four years after contract signing date.2Project 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 140mn/km p.a.4Excluding land acquisition of THB 3.6bn.

17.31

34.52

CIVIL + TRAINS + E&M

32.62


2.1

0.4

3.6

12.9TRAINS + E&M

33.3TRAINS + E&M

4.5 – 5.03

(Y1)

BY 2021

BY 2020

BY 2022

BY 2023

BY 2022

APR 2021MID 18

BY 2019

BY 2018

BY 2018

BY 2018

MID 2017 BY 2019

DEC 2018 2041/42

APR 2021MID 18 2051/52

MID 2020 2041/42

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

FY ended 31 March

TRAINS E&M WORKS

9.8

5.0

4.5 – 5.0(Y1)

START CIVIL WORKS CONSTRUCTION

START FULL OPERATIONCONSTRUCTION PERIOD

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

TOTAL CAPEX/FINANCING

THB 316.5bn

17

HIGH SPEED RAIL: 220.0KM

BY 2024BY 2018

FY 24/25

165.14



Contents









Appendices


Focusing on the Highest Growth Media Segments OOH and Online

19BTS Group General PresentationSection 2.2: Media Business

Rising in infrastructure, urbanisation and increasing number of people who spend time outdoor were driven the growth of Thailand OOH Media.

VGI GROUP’S FOCUS

• Our focus has proven to be the fastest growth media sector OOH (Out-of-Home)

• Thailand’s no. 1 transit media with 60% of market share

• The sole player in office building media with 162 Grade A&B buildings under management

• Strong nationwide footprint in outdoor media with >2,200 billboards

• Thailand’s no. 2 aviation media with 20% market share Online

• Thailand’s no. 1 activation operator with 70% market share

• The first mover in Thailand who established the integrated online and offline media platform

OOH MARKET SHARE: VGI GROUP VS PEERS

VGI controls almost half of the OOH media market share. Thanks to our continuing organic growth and participating in M&A.

ADVERTISING MARKET 5 YRS CAGR (2011/12 – 2016/17)5 YRS HISTORICAL ADVERTISING SPENDING (THB bn)

2,838 3,149 3,678 3,021 3,537

3,352 4,082 2,715

3,223

4,297

6,189

7,231 6,393 6,244

7,834

2012/13 2013/14 2014/15 2015/16 2016/17

VGI Group Revenue Peers

45.8% 43.6% 57.5% 48.4%

1

54.2%56.4% 42.5%

51.6%

45.2%

54.8%

* Online adspend includes banner ad on 50 websites and 10 mobile sites ** based on December year-endSource: The Nielsen (Thailand) Co., Ltd. and Digital Advertising Association Thailand (DAAT)

2012/13 2013/14 2014/15 2015/16 2016/17

TV Traditional media OOH media Cinema Online* Digital adspend (DAAT)**

Coupd’etat

ShutdownBKK

114bn

60%

24%

9%6%1%

113bn

62%

23%

9%5%1%

107bn

66%

16%

11%5%2%

120bn

1%

69%

18%8%4%

121bn1%

68%

19%

4%8%

Mourning effect

3bn 4bn6bn 8bn 9bn

ON LINE

OOH MEDIA

-14.8%

-8.3%

-6.0%

-4.2%

0.2%

10.1%

27.5%

36.4%

In-store

Traditional media**

Analogue TV

Cinema

Total industry

OOH

Online

Digital*

The accelerated growth of online, digital and OOH media fueled by migration to mobile devices and increased consumer media exposure as people spend more time out of home.

* Digital adspend based on December year-end reported by DAAT** traditional media includes Radio, Newspapers, Magazines

VGI’s Focus


A Well-Diversified Out-of-Home Media Business

BTS Group General PresentationSection 2.2: Media Business

20

VGI GROUP

BKK, ThailandKL, Malaysia

BKK, Thailand Nationwide, ThailandKL, Malaysia

Nationwide, Thailand




>770,000, BKK>150,000, KL

>500,000 >1,200,000 >330,000 >500,000 >20mn >100,000

OOH Media Platform Digital Services

THB 2,681mn THB 371mn

30.7% 30.0% 40.0% 90.0% 90.0%100.0%

TRANSIT OFFICE OUTDOOR AVIATION ACTIVATION PAYMENT SERVICES

MACO AERO MEDIA DEMO POWER BSS & BSSHVGI COMPANYSEGMENT

GEOGRAPHICAL ACTIVITY

MARKET SHARE & NETWORK

AUDIENCE REACH PER DAY

KEY GROWTH AREA

SEGMENT

2016/17REVENUE

60% market share

31.0km, BKK51.0km, Malaysia

80% market share

172 office building262 condominium

30%market share

>2,000 billboards

20% market share

14 airports

70% market share

>1,000 stores

8.5mn cardholders3.2mn active holders45mn LINE users2.8mn LINE pay users

THB 1,300mn outstanding loan

Additional inventory from BTS’s new line extensions

Grade B&C and upcountry market

To convert 10% of static billboards to digital screens

Expand to airports South East Asia

Potential expansion in BTS stations and office buildings

Expand Rabbit card & Rabbit Line Pay network

Rabbit’s data

Expand insurance and micro loan network


Our Media Capacity will reach THB 7.3bnWith Multi-Channel Audience Reach


• 172 office buildings• 242 residential buildings• 200,000 sq.m. in chamchuri square

• 996 static billboards• 240 PTT posters• 35 LED screens and 255 LCD screens• 494 street furniture panels

THB 0.5bn

THB 3.0bn

• 30 BTS stations• 208 carriages• >4,000 static displays• 2,029 digital screens• 8,800 sq.m. merchandising space

THB 1.0bn

• 3,000 salespeople• 360 exclusive stores• 275 brand clients• 77 provinces nationwide

THB 0.3bn

TRANSIT

THB 0.6bn THB 1.4bn

• 14 airports (342 LCDs)• 2,500 trolleys• 57 jetbridges• sale agent for 80 aircrafts

• Banner Advertising• Direct Targeted Marketing

OFFICE OUTDOOR

AVIATION ACTIVATION DIGITAL SERVICES

Media capacity of THB 6.8bn (as of December 2017)


Digital Services: Synergy between VGI and RabbitRabbit Platform’s Database

22

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

8.5mnRabbit cardsin circulation

(as of Dec 2017)


LARGE PARTNERS NETWORK BUILT

145brand

partners

>5,200card

readers

Use on BTS SkyTrain & BRT

Use in retail stores

ONLINE PAYMENT: RABBIT LINE PAY

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

SERVICES BUSINESS

JV with AEON: THB 1.3bn outstanding loansMicro loan through the joint venture with AEON

Rabbit Daily: 7mn monthly visitsOnline lifestyle publisher, providing social news and entertainment content and advertorials

Rabbit Insurance Broker: THB 22mn gross written premiumsInsurance aggregator services on Rabbit Finance website and also a licensed broker for insurance products.

Co-branded Card: BBL co-branded card & AIS-Rabbit cardIssued by financial institutions or corporations that wish to add Rabbit functionality to credit card, debit card, or other card types or devices

2.8mnusers

>600merchants

http://www.google.co.th/url?sa=i&rct=j&q=tom+n+toms+coffee&source=images&cd=&cad=rja&docid=HKk-NMNg6DoIxM&tbnid=m7R1K7N_xciZKM:&ved=0CAUQjRw&url=http://www.whereonsale.com/2012/07/07/tom-n-toms-coffee-free-voucher/&ei=6_8RUen7EoGuiAeBmYGYCQ&bvm=bv.41934586,d.dGI&psig=AFQjCNFnTJ8aESdTGdo-yzdgUf-v3kWcyw&ust=1360220519339060

http://www.google.co.th/url?sa=i&rct=j&q=tom+n+toms+coffee&source=images&cd=&cad=rja&docid=HKk-NMNg6DoIxM&tbnid=m7R1K7N_xciZKM:&ved=0CAUQjRw&url=http://www.whereonsale.com/2012/07/07/tom-n-toms-coffee-free-voucher/&ei=6_8RUen7EoGuiAeBmYGYCQ&bvm=bv.41934586,d.dGI&psig=AFQjCNFnTJ8aESdTGdo-yzdgUf-v3kWcyw&ust=1360220519339060


Evolving into a Data Centric Media HypermarketOffering Targeted Advertising and Proactive Media Sales


23

PR

OC

ESS

DATA ANALYTICS & SEGMENT CREATION

Payment platform

Data type: • Demographic, spending,

location, travelData source:• BTS station/ BRT• Retail merchant• Supermarket/ store • Rabbit Line Pay

Service platform

Data type: • Demographic, spending, financial

Data source:• Insurance aggregator website• Micro loan offering through the

partnership with AEON

Online platform

Data type: • Lifestyle, interest

Data source:• Online brand partners• Published content in

www.rabbitdaily.co.th

OFFICE OUTDOOR AVIATION DIGITALTRANSIT ACTIVATION

AUDIENCE TARGETING AUTOMATED MEDIA PLANNING CROSS CHANNEL TARGETING AD. EFFECTIVENESS RESEARCH

MONETISING DATA THROUGH OUR MEDIA PLATFORMS

CO

LLEC

T

ONLINEengagement

DIS

TRIB

UTE

OFFLINEawareness

Adaptiveconversion


Solid Growth OpportunitiesUpside from BTS rail mass transit expansion and monetisation of Rabbit’s data

2MN TARGETED ADVERTISING VIEWERS

3.8X EXPECTED INCREASE IN BTS TRAIN CAPACITY 4.9X EXPECTED INCREASE IN BTS STATION CAPACITY

FIRST PHASE OF MONETISING RABBIT’S DATA AND PLATFORM

2016/17 2021/22E

GREEN CORE + EXTENSION 208 236

GREEN (SOUTHERN) NONE 60

GREEN (NORTHERN) NONE 84

GREEN EXT (WESTERN) NONE 32

PINK NONE 168

YELLOW NONE 120

GREY (PHASE I) NONE 72

LRT NONE 64

TOTAL 208 4.0X 836

2016/17 2021/22E

CORE + EXTENSION 30 34

GREEN (SOUTHERN) NONE 9

GREEN (NORTHERN) NONE 16

GREEN EXT (WESTERN) NONE 6

PINK NONE 30

YELLOW NONE 23

GREY (PHASE I) NONE 15

LRT NONE 14

TOTAL 30 4.9X 147

New extensions are expected to add more than 1 million passengers daily. Together with our existing networks, the exposure to VGI advertising is expected to increased by 2.9X.

772,132 932,000

1,065,000

2015/16 2021/22

2.6X increased

Ridership from VGI’s existing network

Ridership from New extensions

To create targeted media through Rabbit’s data across BTS’s existing and future media platform

Improved occupancy by monetisingrabbit’s data and BTS platform

80%95%

20%5%

3YRS AVG. 2017/18 - 2020/21

Successful case: 11 STREET Station Sponsorship(launched in February 2017)• Innovative Rabbit Media has partnered with

11 STREET, which stimulates the 3 key senses – touch, sight and sound.

• Leveraging on the data analysis of travel behavior coupled with strategically selected VGI’s media

Occupiedinventory

Unoccupiedinventory

1,997,000


668 (secured lines) 108 (secured lines)

2016/17

2021/22 GOALS Revenue of THB 7,500 – 8,000mn (20% CAGR) NPAT growth of 15 – 20% CAGR


Contents









Appendices


2,975 2,993 3,019 3,231 3,152 3,287 3,400

1,583 1,901

2,131 2,404

1,951

2,475 2,635

53.2%

63.5%

70.6%74.4%

61.9%

75.3% 77.5%

40%

50%

60%

70%

80%

90%

100%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2010 2011 2012 2013 2014 2015 2016

OccupancyTHB/Night

ADR RevPAR Occupancy (RHS)

15.919.2

22.4

26.524.8

29.932.6

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2010 2011 2012 2013 2014 2015 2016

Millions of Visitors

Total Tourist Arrivals to Thailand

61%

56%

61%60%

50%

52%

54%

56%

58%

60%

62%

64%

66%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2013 2014 2015 2016

Units

1Q 2Q 3Q 4Q Average Take-up Rate (RHS)

Total 51,150

Total 50,105

Total 34,666

Total 39,046

26

BANGKOK CONDO LAUNCHES AVG. LAUNCH PRICES AND TAKE-UP RATES BY DISTANCE TO BTS

Property Market OverviewSlowing Down, but Resilient Near Mass Transit Lines

Source: Colliers International (Thailand) Source: Colliers International Thailand

BTS Group General PresentationSection 2.3: Property Business

63% 47%

70% 76%

52% 63% 65%

64%

70% 60%

46% 58%

51% 48% 48% 78%

-

50,000

100,000

150,000

200,000

250,000

300,000

2013 2014 2015 2016

Baht/sq.m 0 - 200m (CAGR +24.0%) 201 - 500m (CAGR +13.4%)

501 - 1,000m (CAGR +22.6%) Over 1,000m (CAGR +9.8%)

INTERNATIONAL TOURIST ARRIVALS BANGKOK HOTEL PERFORMANCE METRICS

Source: Department of Tourism, Ministry of Sports and Tourism Source: CBRE


Property Portfolio and Business StrategySubstantial Development Potential of Assets for Long-Term Value

27

PROPERTY BOOK VALUE BREAKDOWN


HOTEL PORTFOLIO

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

BTS Group Plc 1,145.6 1,833,022.0

Bayswater JV 48.8 78,051.2

U City Plc 273.4 437,444.8

Total 1,467.8 2,348,518.0Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted)

ATTRACTIVE LAND BANK FOR LONG-TERM DEVELOPMENT

Under No. of Hotels No. of Keys Ownership

BTS Group 55 8,490

Owned 1 50 100%

Leased 2 127 100%

Managed 52 8,313 50%*

U City 39 7,381

Owned 21 3,545 36%

Leased 6 1,258 36%

Managed 12 2,578 36%

Grand Total 94 15,871

* Hotels under AHS

BTS Group Land Bank

U City Land Bank

Bayswater JV Land Bank

Projects and PropertiesLand Bank

Keystone JV Land Bank

Projects and Propertiesa. The LINE Jatujak – Mochitb. The LINE Sukhumvit 71c. The LINE Ratchathewid. The LINE Asoke-Ratchadae. The BASE Garden Rama 9f. The LINE Pradipatg. The LINE Sukhumvit 101h. KHUN BY YOOi. The BASE Petkasem 29j. The Grandk. The Royal Place II l. TST Tower Office Buildingm. U Sathorn Hoteln. Thana City Golf & Sports Clubo. Park Ramindra Condop. Eastin Grand Sathorn Hotel

Commercial Properties (l - n)

Residential Projects & Properties (a - k)

U City Commercial Properties (p)

U City Residential Projects (o)

o

af

l

d e

LAND: OVER 800,000M² OF POTENTIAL NEAR MASS TRANSIT LINES

c

j kb

g

h

nmp

i

Ku Kot 56.5 rai (9.4 ha)

Thana City & Keystone JV356.7 rai (57.1 ha)

Charansanitwong21.9 rai (3.5 ha)

Bayswater JV48.8 rai (7.8 ha)

* Data as of 30 Sep 17

Keystone JVTHB 0.8bn

CommercialTHB 5.0bn

1%

13%

5%

31%

11%

2%

37%BTS-Sansiri JVTHB 13.8bn

Total Book Valueas of 31 Dec 17

THB 37.7bn

Bayswater JVTHB 4.3bn

ResidentialTHB 0.5bn

* Adjusted for equity stake

Land BankTHB 1.8bn

U CityTHB 11.5bn


28BTS Group General PresentationSection 2.3: Property Business

MULTI-FACETED COMMERCIAL PROPERTY BUSINESS

2017 & 2018

2016

Divested 3 assets to U City for total consideration of THB 9.4bn in exchange for a 35.64% stake. “U City aims to develop or acquire a portfolio of recurring income-generating assets predominantly near mass transit lines”

Acquired 3 overseas assets

Target to launch 2 local projects with a total value of THB 19.5bn

Residential & Commercial Property DevelopmentsAccumulating a Portfolio for Future Growth

Details Investment value

Estimated rental income

GRACECHURCH STREET

• Office building, on 33 Gracechurch Street in London, UK

• Net leaseable area: 9,701 sqm

GBP 74.3mn, or THB 3,436mn

GBP 4.0mn, or THB 175mn

UNDERWOOD STREET

• Office building on 6-14 Underwood Street in London, UK

• Net leaseable area: 2,388 sqm

GBP 7.3mn, or THB 328.6mn

GBP 1.2mn, or THB 52mn

VIENNA HOUSE • Pan-European hotel portfolio, hotel management company and associated brands

• Over 6,700 keys in 9 European countries

EUR 170mn, or THB 6,336mn

EUR 115mn, or THB 4.4bn and estimated EBITDA of EUR 26mn or THB 1bn

Details Project value

Timeline

PHAYATHAI COMPLEX

• Project: 51 levels of mixed use complex building comprising retail, office, 4 stars hotel and premium serviced residence

• Gross Floor Area: 120,395 sqm

THB 9.5bn

• Groundbreaking in June 2017

• Target completion: 2021

MOCHIT COMPLEX

• Project: Twin 36 levels office complex building comprising retail, office and rooftop sports center

• Gross Floor Area: 170,649 sqm

THB 10bn • Target construction start in 2018

• Expected completion in 2022

PARTNERSHIP ROADMAP

2015

2017

2016

To develop 25 projects with THB 100bn worth of condominiums along the current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 12% & equity IRR 17%

Target to launch at least 4 projects with a total value of THB 12bn

Project value(THB mn)

Est. TransferStart

The LINE Jatujak – Mo Chit 5,816 Sep 2017

The LINE Sukhumvit 71 1,967 Sep 2016

The LINE Ratchathewi 2,965 May 2018


Est. TransferStart

The LINE Asoke-Ratchada 3,021 Oct 2018

The BASE Garden Rama 9 2,342 Oct 2018

The LINE Pradipat 5,891 Jan 2020

The LINE Sukhumvit 101 4,650 Nov 2019

KHUN BY YOO Thonglor 12 4,065 Nov 2019


Est. TransferStart

THE BASE Phetkasem 29 1,984 Jan 2020

THE MONUMENT Thonglor

6,242 Jul 2019

THE LINE Sathorn 3,918 Nov 2020


Property UpdateRationale - U City is the dedicated BTS Group property vehicle

• Unclear segregation of property business (and in some case conflict of interest) between BTS Group and U City and inefficient resource allocation

• U City has limited growth opportunities and limited residential opportunities

CURRENT SITUATION

U City Capital Increase

Entire Business Transfer (EBT) of Unicorn Enterprises (UE)

Disposal of U City Assets

U City becomes the dedicated property development and investment vehicle for BTSG• As U City’s current property business is limited to hotels and office rental, new

assets to be acquired from Unicorn will allow U City to expand its revenue stream and serve larger base of customers

More efficient resource allocation and better management of property business• Consolidation of property opportunities in one vehicle allows for higher efficiency

and economies of scale in each business

KEY RESTRUCTURING TRANSACTION:

BENEFIT TO BTSG & U CITY

UNICORN ENTERPRISE (UNICORN OR UE)

Property for sale

(mostly sold out)

Property-related

services

Hospitality

Land banks

Joint venture

i.e. JV Sansiri,

International school,

AHS

Projects and land banks

under study

Hospitality

Other assets

100% 35.64%

1

29

2

3

“U City becomes the dedicated property vehicle for BTS Group”

OBJECTIVE:

OUR ACTION

To eliminate potential conflict between U City and BTSG property business• Unicorn will discontinue its business, dissolve and liquidate after the EBT • BTSG will grant ROFR, Call Option and Management Agreement and/or Sales

Agency Agreement to U City on assets remaining at BTSG

Office buildings Office buildings

“Expected gain to BTS Group from restructuring transaction is approx. THB 2,000mn (after elim) upon transaction completion in 4Q 2017/18”



Hotel Condominium Some land bank

UE Entire Business Transfer (EBT) U City Capital Increase U City Asset Divestment

*Assets to be divested (value of approx. THB 3bn)• Anantara Chiang Mai Resort and Spa• AVANI Khon Kaen Hotel & Convention Centre• Anantara Chiang Mai Serviced Suites• Park Aran Boulevard Commercial Building Project• Park Ramindra Condominium • Land banks in Charansanitwong & Chonburi• Land in Nakhon Ratchasima

Phaya Thai Project Mochit Project

Land banks

Projects and land

banks under studyHospitality

Hotel and hotel management

Office rental

Property for sale*Assets from EBT

Subsidiary shares

Joint venture shares

UE to transfer all selected assets and shareholder loans to U City in exchange for new shares (and warrants) in U City• Assets value: THB 12,917mn (as of 30 Jun 2017) • BTSG loan: THB 10,745mn (as of 30 Jun 2017)• Value of preferred shares issued to UE (PP): THB

2,172mn

35.64%

UE

100%

1 EBT• Subsidiary shares in

companies

• Joint venture shares

i.e. JV Sansiri, International school, AHS

Preferred shares issued to UE (PP)

U City plans to repay all shareholder loan from BTSG (from EBT) with proceeds from capital increase

• Private Placement (PP) – Preferred shares and warrants PP to Bangkok Bank (Strategic investor)

• Right Offering (RO) – Preferred shares and warrants RO to all shareholders including strategic investor

35.64%

Strategic Investor

U City Shareholder

RO • PP• RO

#1 and #2 will be conditional upon each other

2

RO

3

Note: - Certain assets under UE that will not be transferred to U City but will be transferred to BTSG prior to the transaction - To ensure sufficient funding, U City is currently securing bank facility in case of proceeds from PP and RO are lower than shareholder loans

30

Property RestructuringRestructuring transaction structure

voluntarily propose to shareholder for approval

Repayment of Shareholders’ Loan



Contents









Appendices


Services BusinessStrategic Support and Business Incubator

32

Premium Chinese restaurant chain managed by Man Kitchen

As of 31 Mar 2017, 11 existing branches:

3 dine-in branches, 1 take-away branch, 3 Chairman by Chef Man (Hong Kong

Café concept), 1 private dining concept under M Krub restaurant, 1 Man Kitchen

buffet, and 2 The Round Table restaurants

Joint venture originally founded between BTS and HHT Construction, a major HK

contractor

AHS is within the top 4 management companies based in Thailand based on number

of keys under management and number of rooms under management together

with Minor, Centara and Onyx.

Fastest growing YOY management company in Thailand (in terms of properties and

keys under management)

Provide a unique range of hospitality and consultancy services with tailor-made,

client-, owner- and developer-centric solutions

Currently manages 3 to 5 star hotels under “U Hotels & Resorts”, “Eastin Grand

Hotels”, “Eastin Easy”, and “Eastin Hotels & Residences” and Travelodge brands in

Thailand, Vietnam, Laos, Indonesia, India, Oman and Europe.

Number of hotels 68 80Number of rooms >9,350 11,500Under AHS contracts 2016/17 2017/18E

CHEFMAN RESTAURANTS ABSOLUTE HOTEL SERVICES (AHS)

Eastin Grand Sathorn Branch

BTS Group General PresentationSection 2.4: Services Business

Thana City Branch

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

listed and leading purveyor of duck meat through a capital increase. BR’s

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

business domestically and internationally.

41%

Man Food Holdings

41% 18%

Bangkok RanchBTS Group Chef Man

BTSG and BR have an option to increase stake up to 42.5% in Man Food Holdings. Expected final shareholding in Man Food Holdings of 42.5% : 42.5% : 15% between BTS Group : BR : Chef Man


Contents









Appendices


KEY FINANCIAL RATIOS FY 16/17 FY 15/16 FY 14/15 FY 13/14

Profitability ratios (%)Gross operating profit margin 51.9% 60.4% 55.5% 51.4%SG&A to operating sales ratio 24.6% 24.6% 22.0% 19.5%Accounting EBITDA margin 41.2% 59.7% 52.0% 73.%Operating EBITDA margin(1) 34.0% 42.9% 39.9% 36.3%

Recurring net profit margin (%) 20.1% 33.7% 34.7% 25.4%

Liquidity ratio Current ratio (times) 1.43x 0.81x 3.96x 4.36xLeverage (Times)Total liability to total asset 0.52x 0.28x 0.22x 0.22x Total liability to total equity 1.07x 0.39x 0.28x 0.29x

Interest bearing debt to equity 0.85x 0.20x 0.09x 0.11xAdj. net debt(5) to equity 0.13x (0.13)x (0.40)x (0.52)x Adj. net debt(5) to operating EBITDA 2.07x (2.23)x (7.32)x (10.03)x Interest coverage(3) 4.53x 9.30x 7.03x 4.94x Per share ratiosBook value per share (THB) 3.82 3.96 4.38 5.09Dividend yield (4) 4.00% 7.75% 6.38% 7.37%

FY 16/17 OPERATING REVENUE & EBITDA CONTRIBUTION

(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

OPERATING REVENUE COMPARISON (YoY)

34

CONSOLIDATED P&L (THB MN) FY 16/17 FY 15/16 FY 14/15 FY 13/14

Operating revenues 8,606 6,280 7,102 8,532

Accounting revenues 9,618 10,069 8,126 23,468

Operating expenses 4,142 2,489 3,163 4,147

Non-recurring items 1,907 2,283 268 10,971

EBITDA 4,117 6,254 4,937 10,334

Operating EBITDA(1) 2,928 2,693 2,836 3,100

Net income(2) 2,004 4,134 2,944 12,598

DEBT INFORMATION (THB MN) 31 MAR 17 31 MAR 16 31 MAR 15 31 MAR 14

Interest bearing debt 38,310 9,283 4,556 6,655

Adj. net debt (5) 6,051 (6,012) (20,755) (31,106)

BTS Group General PresentationSection 3: Financial Summary

BTS Group Financial Performance

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

49.2%

35.0%

7.2%8.6%

THB8,606mn 61.9%

40.8%

0.1%(2.8)%

THB2,928mn

Mass Transit Media Property Services

6,280

8,606 1,663

691 (279) 251

2015/16 Mass Transit Media Property Services 2016/17

65%

30%

(THB mn)

-31% 51%

FY 15/16 FY 16/17FY 15/16 FY 16/17


46,901

45,182

5,799

29,833

12,560 18,636

31-Mar-16 31-Mar-17

Total current liabilities Total non-current liabilities

Total shareholders' equity

65,259 93,651

55,06966,947

10,191 26,705

31-Mar-16 31-Mar-17Total current assets Total non-current assets

65,259 93,651

Cash

31 Mar 16: THB 2.36bn

31 Mar 17: THB 15.09bn

Current Investments

31 Mar 16: THB 4.67bn

31 Mar 17: THB 6.38bn

Long-Term Investments

31 Mar 16: THB 9.75bn

31 Mar 17: THB 13.52bn

Restricted Deposits

31 Mar 16: THB 1.27bn

31 Mar 17: THB 0.12bn

Gross Debt

31 Mar 16: THB 9.28bn

31 Mar 17: THB 38.31bn

Adjusted Net Debt*

31 Mar 16: THB (6.0)bn

31 Mar 17: THB 6.05bn

*****

Issued Ordinary Shares

31 Mar 16: 11,929.3mn

31 Mar 17: 11,935.0mn

THB mn

Registered Capital (15,928.9mn shares @ THB 4.0)

63,716

Issued and paid-up (11,935.0mn shares @ THB 4.0)

47,740

Others 1,618

Retained earnings (Deficits) (6,198)

Total Shareholders’ Equity 45,182

TypeOutstanding

warrants (mn)

Exercise ratio (warrant : share)

Exercise price (THB)Outstanding shares

reserved for warrants (mn)

% Dilution

BTS-WA N.A. 1 : 0.17** 4.177**N.A.

(expired)N.A.

BTS-WB 6.3 1 : 1 5.01 6.3 0.0%

BTS-WC 16.0 1 : 1 10.19 16.0 0.0%

BTS-W3 3,944.5 1 : 1 12.00 3,971.5 25.0%

Total 3,993.8 25.0%

SHAREHOLDERS’ EQUITY

as of 31 Mar 2017

Balance Sheet

35

** Adjusted under the conditions as stated in the terms and conditions of the warrants

DILUTION IMPACT

as of 31 Mar 2017

ESOP

BTS Group General PresentationSection 3: Financial Summary

84%

16%29%

71%

20%

48%

32%

72%

19%

9%

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

*Calculated based on interest bearing

debt - cash and cash equivalent and

liquid investment


BTS Group Presentation BTSG Targets and CAPEX Guidance

36

MED

IA2018/19 BTS Group Targets and CAPEX

FY 2018/19 BTS GROUP TARGETS

THB 4.4-4.6bnTargeted Media Revenue

4-5%Core Networkridership growth

1.5-2%Core Networkaverage fare increase

30%Train O&M revenue growth

THB 7-9bnRevenue from E&M provision and train procurement for Green Line South and North extensions

THB 350mnTargeted BTS Group Property Revenue

(more details in U City presentation)

THB 20-25bnConstruction revenue for Pink and Yellow Lines

THB 6-6.7bnTargeted U City Property Revenue

≥ 25% EBITDA margin (at U City level)

40-45% EBITDA margin

20-25% NPAT margin

THB 0.6-0.7bnInterest income from train procurement for Green Line extensions and construction revenue for Pink and Yellow lines

MA

SS T

RA

NSI

T

FY 2018/19 CAPEX: THB 27-34BN

THB 26-32bn(Excludes: BTSGIF CAPEX )•THB 6-7bn E&M and rolling stocks for Green

Line South and North extensions •THB 20-25bn for Pink and Yellow

construction

THB 1.1bn

THB 0.4bn(Excludes: Real estate development cost)

PR

OP

ERTY


Contents








Section 3ction 3 Financial Summary

Appendices


1.4

2

1.7

8

2.1

2

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

59

79 96

105 118

132 139 133 136 144 145

176

197 215 219

233 238

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

Farebox revenue (THB bn) Ridership (mn)

Appendix 1: Core Network RidershipUninterrupted Revenue Growth and Resilient Under Pressure

38

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 extension opening

Oct – Nov 11: Floods

INITIAL GROWTHRIDERSHIP CAGR (3 YRS): 21%

STABLE GROWTHRIDERSHIP CAGR (5 YRS): 5%

FASTER GROWTHRIDERSHIP CAGR (8 YRS) 7%

Dec 99: BTS SkyTrainservice opening

Mar 07: First fare rate increase

May 09: Opening of SilomLine extension

Farebox revenue CAGR: 10.1% Ridership CAGR: 9.1%

GROWTH (16 YRS)

Nov 13: Thai political protests

Dec 13: Wongwian Yai – Bang Waextension opening

Apr 13: Sale of net farebox revenue to BTSGIF

Jun 13: Fare increase

BTS Group General PresentationAppendix 1: Core Network Ridership

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 +2.4% YoY

Fare+1.3% YoY


15.0

22.0 25.0

28.0

31.034.0

37.0

42.0

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.023.0 26.0

30.0

33.037.0

40.0

44.0

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

21

.4

22

.1 24

.2

24

.2

24

.1

24

.4

24

.4

24

.8 26

.4

26

.9

27

.5

27

.9

20

05/0

6

20

06/0

7

20

07/0

8

20

08/0

9

20

09/1

0

20

10/1

1

20

11/1

2

20

12/1

3

20

13/1

4

20

14/1

5

20

15/1

6

20

16/1

7

SJT 36%AVG FARE THB 30.6

30-DAY PASS (ADULT)* 28%AVG FARE THB 26.5

PURSE (STV)* 29%AVG FARE THB 27.0

30-DAY PASS (STUDENT)* 6%AVG FARE THB 21.2

ONE-DAY PASS 1%AVG FARE THB 36.6

39

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 FARERIDERSHIP BY TICKET TYPES (FY 2016/17)

THB / Trip

* Counted as Rabbit (63%)

BTS Group General PresentationAppendix 2: Core Network Fare Adjustment

Appendix 2: Core Network Fare AdjustmentFlexibility to Increase Fares

DISTANCE-BASED FARE (BY NO. OF STATIONS)

NO. OF STATIONS




FARE PRICE (THB)


• CAGR 5 yr (2012/13 to 2016/17) = 2.4%• CAGR 12 yr (2005/06 to 2016/17)= 2.2%


Appendix 2: Core Network Fare AdjustmentIncreased from 1 October 2017

BTS Group General PresentationAppendix 2: Core Network Fare Adjustment

40

15.0

22.025.028.0

31.034.0

37.0

42.0

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0

23.026.0

30.0

33.0

37.040.0

44.0

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

SINGLE JOURNEY TICKET (SJT): 35% OF TICKET TYPES

Number of Station

0-1 2 3 4 5 6 7 ≥ 8

Previous 15 22 25 28 31 34 37 42

1 Oct 17 16 23 26 30 33 37 40 44

RABBIT SENIOR

Number of Station

0-1 2 3 4 5 6 7 ≥ 8

Previous 7 11 13 14 16 17 19 21

1 Oct 17 8 12 13 15 17 19 20 22

• Fare of SJT, Rabbit monthly pass and Rabbit senior tickets in the Core Network will be increased from 1 October 2017 onwards• For Rabbit Purse Card (Stored Value Card: STV), the fare will remain as the previous effective fare of THB 15 - 42 until 31 March 2018• Expected FY 17/18 average fare increased by 2% to THB 28.5 per trip

RABBIT MONTLY PASS ADULT: 28% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip

15 Trips 450 30 465 31

25 Trips 700 28 725 29

40 Trips 1,040 26 1,080 27

50 Trips 1,250 25 1,300 26

RABBIT MONTLY PASS STUDENT: 6% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip

15 Trips 345 23 360 24

25 Trips 525 21 550 22

40 Trips 760 19 800 20

50 Trips 900 18 950 19




FARE PRICE (THB)


NO. OF STATIONS


Appendix 3: Rolling Stocks Enlarging Our Fleet for Future Growth

41

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

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

BTS Group General PresentationAppendix 3: Rolling Stocks

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

DELIVERED BY FY 18/19

22 88 SIEMENS

DELIVERED BY FY 20/21

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


42

Appendix 4: Debentures & Syndicated Loan AgreementCAPEX for newly-awarded lines - secured by debt financing

BTS Group General PresentationAppendix 4: Debentures and Syndicated Loan for the Pink and Yellow Lines

Tenor Amount up to Coupon Rate

3-year THB 5.5bn 2.46%



10-year (NC5) THB 10.2bn 3.87%

Total THB 22bn 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 THB 63.4BN SYNDICATED LOAN: PINK AND YELLOW LINES

10 October 2017: BSR JV signed the syndicated loan agreement between Bangkok Bank, Krungthai Bank and Siam Commercial Bank at a total value of up to THB 63.36bn.

Credit Facilities Total of THB 63.36bn• THB 31.68bn for Pink Line• THB 31.68bn for Yellow Line

Syndicate Banks Bangkok Bank, Krung Thai Bank, Siam Commercial Bank

Loan Term 17 years and 3 months, repayments starting from first operation date

Rationale Financing of both Pink and Yellow lines

Tenor Amount up to Coupon Rate



10-year THB 2.0bn 3.65%

12-year (NC5) THB 2.0bn 3.78%

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


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

Appendix 5: Mass Transit Economic profile O&M Contract & PPP Net Cost

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 General PresentationAppendix 5: Mass Transit Economic profile

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

43


Appendix 6: VGI ProductsBTS-related Media and Office Building & Residential Media Products

BTS Group General PresentationAppendix 6: VGI Products

44

TRAIN

MERCHANDISING STATION

OFFICE BUILDINGINSIDE-TRAIN


Appendix 6: VGI ProductsOutdoor Media and Aviation Media Products

BTS Group General PresentationAppendix 6: VGI Products

45

BILLBOARD

STREET FURNITURE

AIRPORT LED SCREEN

AVIATION: JET BRIDGECREATIVE PRODUCTION


Appendix 7: VGI & MACO Top20 Customer Profile

BTS Group General PresentationAppendix 7: VGI and MACO Top20 Customer Profile

46

VGI: CUSTOMER TYPE

MACO: CUSTOMER TYPE

77.4%

22.6%

Agency

Direct customer

70.0%

30.0%

VGI: TOP BRAND

MACO: TOP BRAND

Agency

Direct customer

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwidz5ijtqjSAhXMO48KHVqeCOMQjRwIBw&url=http://vivaki.md/advertising-agency/zenithoptimedia/&bvm=bv.147448319,d.c2I&psig=AFQjCNFu09CELdJRk0NoDkKDbBwfEvJ9Qw&ust=1488014960146331

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwidz5ijtqjSAhXMO48KHVqeCOMQjRwIBw&url=http://vivaki.md/advertising-agency/zenithoptimedia/&bvm=bv.147448319,d.c2I&psig=AFQjCNFu09CELdJRk0NoDkKDbBwfEvJ9Qw&ust=1488014960146331

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjL28i7tqjSAhUJr48KHRNlCPwQjRwIBw&url=http://caanz.co.nz/agencies/starcom-nz/&bvm=bv.147448319,d.c2I&psig=AFQjCNHhKasqArpjXw0a3m_JyPX3iwSDKQ&ust=1488015128712863

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjL28i7tqjSAhUJr48KHRNlCPwQjRwIBw&url=http://caanz.co.nz/agencies/starcom-nz/&bvm=bv.147448319,d.c2I&psig=AFQjCNHhKasqArpjXw0a3m_JyPX3iwSDKQ&ust=1488015128712863

http://www.phdmedia.com/

http://www.phdmedia.com/


47BTS Group General PresentationAppendix 8: Residential Property Business

Appendix 8: Residential Property BusinessLaunches of BTS-Sansiri JV Projects

ACTIVE RESIDENTIAL PROJECTS UNDER SIRI JV

Project NamePresale Launch

Project Value UnitsAvg. Price per

sqm (THB)Sold

Construction Progress*

Est. Transfer Start

Foreign Participation

THE LINE Jatujak – Mochit May-15 5,816 841 181k 97% 100% Sep-17 37%

THE LINE Sukhumvit 71 Aug-15 1,967 291 167k 100% 100% Sep-16 48%

THE LINE Ratchathewi Oct-15 2,965 231 270k 98% 92% May-18 25%

THE LINE Asoke-Ratchada Jun-16 3,021 473 183k 99% 49% Oct-18 41%

THE BASE Garden Rama 9 Sep-16 2,342 639 110k 91% 62% Oct-18 41%

THE LINE Pradipat Nov-16 5,891 981 160k 67% 4% Jan-20 12%

THE LINE Sukhumvit 101 Nov-16 4,650 778 177k 59% 10% Nov-19 42%

KHUN BY YOO Thonglor 12 Nov-16 4,065 148 382k 66% 11% Nov-19 4%

THE BASE Phetkasem 29 Jun-17 1,984 640 103k 69% 7% Jan-20 23%

THE MONUMENT ThonglorSep-17

(soft launch)6,242 127 309k 20% 34% Jul-19 3%

THE LINE Sathorn Nov-17 3,918 327 277k 100% 0% Nov-20 30%

Total/Weighted Average 42,861 5,476 222k 74% 25%


48BTS Group General PresentationAppendix 9: Commercial Property Business

Appendix 9: Commercial Property BusinessU City Office Buildings

COMMERCIAL PROPERTY6-14 UNDERWOOD

STREET OFFICE33 GRACECHURCH STREET OFFICE

Ownership 145-year lease expiring on 18 Jan 2162

Building Specifications • Comprehensively refurbished and extended in 2007• NFA: 9,701 sqm

Lettable Area • Office: 7,125 sqm• Retail: 1,798 sqm• Storage: 778 sqm

Tenants • 7 tenants• Average unexpired lease term of 7.90 years

Rental Price* • Expected annually: GBP 4.0mn (THB 174.0mn)1

• Average of approx. GBP 400/sqm (THB 18,700/sqm)1

Capital Invested Purchase Price of GBP 74.3mn plus Acquisition Cost of GBP 1.8mn (Total THB 3,310.0 mn)1

Ownership 38-year lease expiring in 25 Dec 2055

Building Specifications • Comprise with three attractive Victorian warehouse buildings

• NFA: 2,731 sqm over basement, ground and three upper floors.

Lettable Area Office: 2,731 sqm

Tenants 1 Single tenant

Rental Price* • Expected annually: GBP 1.2 mn (THB 52.0mn)1

• Average of approx. GBP 480/sqm (THB 20,880/sqm)1

Capital Invested Purchase Price of GBP 7.3mn plus Acquisition Cost of GBP 0.8mn (Total THB 352.4mn)1

1Exchange rate at THB 43.5 per GBP as of 31 May 2017

Situated within the heart of the City of London, fronting the western side of Gracechurch Street, one of the City’s main thoroughfares, and benefits from close walking distances to underground stations Bank and Monument

Situated within the heart of the tech city area of London and is less than 650 meters from Old Street Roundabout, known as ‘Silicon Roundabout’ due to the increasing number of technology, media and telecommunications companies choosing to relocate to the area. The property also benefits from excellent transport links (underground, rail and bus services)


Appendix 9: Commercial Property BusinessU City Future Projects

49

PHATATHAI COMPLEX

Project value THB 9.5bn

Land Area 7.3 Rai or 1.2 Ha (11,749.6 sqm)

LocationAdjacent to 2 mass transit stations: BTS Phayathai Station and Airport Rail Link

GFA 120,395 sqm

NFA 52,043 sqm

Equity IRR 9-10%

Status Constructing

Project period 44-48 months

Construction period3Q 2017 3Q 2021

Starts Completion

MOCHIT COMPLEX

Project value THB 10.0bn

Land Area 11.1 Rai or 1.8 Ha (17,719 sqm)

LocationAdjacent to 2 mass transit stations: BTS Mo-chit Station and MRT Chatuchak Park Station

GFA 170,649 sqm

NFA 75,310 sqm

Equity IRR 9-10%

Status Preliminary design

Project period 42 months

Construction period 2018 Mid 2022

Starts Completion

RetailNFA: 7,096 sq.m.

Office 12 floorsNFA: 22,452 sq.m.

Service ApartmentNFA: 7,532 sq.m.

Hotel397 keysNFA: 14,111 sq.m.

Hotel Facilities NFA: 852 sq.m.

RetailNFA: 5,040 sqm

Office Tower IINFA: 35,135 sqm

Office Tower INFA: 35,135 sqm

BTS Group General PresentationAppendix 9: Commercial Property Business


Appendix 10: Property BusinessOverview of Assets transferred to U City

50BTS Group General PresentationAppendix 10: Commercial Property Business

• TST Tower

THAILAND• U Sathorn• U Inchantree Karnchanaburi

• Eastin Thana City Golf Resort Bangkok

• International School

• Absolute Hotel Services• Thana City Golf & Sports Club• Tanayong Property Management

Hotel (7%)

Office (6%)

Services (2%) Under Development (13%)

Land Bank (17%)

• Ratburana• Khao Yai, Pakchong,

Nakorn Ratchasima

• 21 BTS-SANSIRI JV Companies

Residential (55%)

THAILAND• Eastin Grand Sathorn

• 33 Gracechurch St. UK• 6-14 Underwood St. UK

INTERNATIONAL• 24 hotels under Vienna House

& Vienna House Easy

• Vienna International Hotel Management

Hotel

Office

Service

• The Unicorn • Mo Chit

Complex• Roi Chak Sam

Developing

Land Bank

• Sukhumvit• Suksawad• Khukot –• Bang Krachao

Divestment

HOTEL• Anantara Chiang Mai• Avani Khon Kaen

RESIDENTIAL• Park Ramindra• Park Arun Boulevard• Anantara Serviced Suite

LAND BANK• Nakorn Ratchasrima• Charansanitwong• Chonburi

100% 35.64%

Selected Assets

Approximate Transaction Value THB 12,917mn

Agreed Divestment ValueTHB 4,140mn

• U Chiang Mai


Appendix 11: BTS-W3 Term Sheet

TICKER BTS-W3

TERMS 5 YEARS

ISSUE DATE 1 NOV 2013

EXPIRY DATE 1 NOV 2018

EXERCISE PERIODQUARTERLY STARTING FROM DEC 2016 TO SEP 2018 WITH THE LAST EXERCISE DATE ON 1 NOV 2018

(TOTAL 9 TIMES)

WARRANT PRICE -

ALLOCATION TO EXISTING SHAREHOLDERS AT THE RATIO OF 3 EXISTING BTS SHARES : 1 BTS-W3

NO. OF WARRANTS 3,944,626,464 UNITS

EXERCISE RATIO 1 BTS-W3 TO 1 NEW COMMON SHARE OF BTS

EXERCISE PRICE THB 12.00 PER SHARE

EXPECTED MAXIMUM

PROCEEDSTHB 47,336MN

WARRANTS TERMS AND CONDITIONS

BTS Group General PresentationAppendix 11: BTS-W3 Term Sheet

51


Appendix 12: 3Q 2017/18 Financial Highlights

BTS Group Earnings PresentationAppendix 12: BTSG 3Q 2017/18 Financial Performance

52

PROFITABILITY • Operating EBITDA of THB 1,144mn, increasing by THB 464mn or 68% YoY as a result of the improvements in operating performance of Mass Transit and Media businesses

• Pre-tax recurring profit (before MI) of THB 1,234mn, up 91% YoY

• Reported net profit (before MI) rose by 99% YoY to THB 973mn mainly from robust performance, higher interest and investment income, an increase in share of net profit from associates/JVs, being partially offset by higher finance cost

BALANCE SHEET • Balance sheet strength: THB 34bn cash & liquid investments*• Low leverage: adjusted net D/E** ratio at 0.34x

*Cash and liquid investments include cash balance of THB 13.2bn, current investments of THB 8.5bn and L/T liquid investments of THB 12.3bn**Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment

CASH FLOW • Fully enter investment Phase; including: - Pink & Yellow Lines civil works & E&M works

(THB 6.5bn) in CFI - Green Line extension E&M works & train procurement

(THB 3.7bn) in CFO• Net cash received from debt financing of THB 4.0bn

and BTS debenture of THB 7bn• Cash received from JV partners (STEC, RATCH) of THB 1.75bn for

25% equity investment in pink and yellow lines


Appendix 12: 3Q 2017/18 Overview


53

OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY

Operating Revenues1 4,875 1,935 152% 2,543 92% 10,528 5,211 102%

Gross operating profit 1,552 1,080 44% 1,295 20% 4,125 3,070 34%

Operating EBITDA2 1,144 681 68% 875 31% 2,936 1,940 51%

Net recurring profit – before MI 1,016 500 103% 471 116% 1,923 1,407 37%

Accounting EBITDA 1,696 973 74% 1,420 19% 4,204 2,947 42%

Net income (loss)3 889 468 90% 653 36% 1,946 1,564 24%

Gross operating profit margin (%) 31.8% 55.8% 50.9% 39.2% 58.9%

Accounting EBITDA margin (%) 31.0% 42.0% 45.6% 35.3% 46.0%

Recurring net profit margin (%) 18.6% 22.1% 16.7% 16.6% 23.9%

Operating EBITDA margin (%) 23.5% 35.2% 34.4% 27.9% 37.2%

P&L SNAPSHOT

75%

Mass Transit 20%

Media

4%

Property

1%

Services

3Q 2017/18 OPERATING REVENUE BREAKDOWN1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 to equity holders of the parent

1,935

4,875

2,915

222

224

3Q 16/17 Mass Transit Media Property Services 3Q 17/18

18%

(73)%

29%401%

(THB mn)

27


Appendix 12: 9 Months Cash Flow Snapshot

(THB mn)


54

15,095

- -

13,222** (1,881)*

( 9,469) 9,429 48

Beginning cash(31/3/17)

CFO CFI CFF Others Ending cash(31/12/17)

CFI• Advance payment for civil works and

E&M works of the Pink and Yellow lines of THB 6,474mn

• Net cash paid for acquisitions of derivative instruments, current and other long-term investments

• Net cash paid for purchases of equipment

• Dividend Income and Interest income

CFF• Net cash received from long-term

debentures and BE of THB 12bn• Cash received from STEC and RATCH (re.

pink and yellow line projects) and proceeds from VGI newly issued ordinary shares (through PP) of THB 1,750mn

• Net cash paid from investment in subsidiaries (VGI and MACO)

• Interim dividend payment for FY 2017/18

CFOProfit before tax of THB 2,710mn, deducted by• non-cash reconciling items of THB

215mn• changes in net working capital of

THB 2.9bn (this includes THB 3.7bn Green Line extensions E&M works and train procurement)

* After corporate income tax of THB 789mn, interest expenses of THB 708mn and investment in E&M works and train procurement for the Southern and Northern Green Line extensions of THB 3.7bn

** Excluding liquid investments of THB 20.9bn


55BTS Group Earnings PresentationAppendix 12: BTSG 3Q 2017/18 Financial Performance

Appendix 12: Balance Sheet as of 31 December 2017

45,182 46,475

29,833 36,884

18,636 23,555

31-Mar-17 31-Dec-17

Total current liabilities Total non-current liabilities Total shareholders' equity

106,91493,651

67,351 80,271

26,301 26,643

31-Mar-17 31-Dec-17

Total current assets Total non-current assets

106,91493,651 Cash

31 Mar 17: THB 15.09bn

31 Dec 17: THB 13.22bn

Current Investments

31 Mar 17: THB 6.24bn

31 Dec 17: THB 6.60bn

Long-Term Investments

31 Mar 17: THB 13.52bn

31 Dec 17: THB 15.58bn

Gross Debt

31 Mar 17: THB 38.31bn

31 Dec 17: THB 49.70bn

Adjusted Net Debt*

31 Mar 17: THB 6.19bn

31 Dec 17: THB 15.61bn

*****

Issued Ordinary Shares

31 Mar 17: 11,935.0mn

31 Dec 17: 11,940.4mn

72%

28% 25%

75%

22%

43%

35%

48%

20%

32%

3Q 2017/18: 1.07x3Q 2016/17: 0.77x

Gross Debt to Equity

3Q 2017/18: 0.34x3Q 2016/17: 0.07x

Adjusted NetDebt* to Equity

3Q 2017/18: 3.98x3Q 2016/17: 1.15x

Adjusted Net Debt* to

Operating EBITDA

3Q 2017/18: 3.66x3Q 2016/17: 3.59x

Interest Coverage

3Q 2017/18: 1.13x3Q 2016/17: 1.58x

Current Ratio

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

KEY RATIOS

*Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment


Appendix 12: 3Q 17/18 Mass Transit


56

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

OPERATING PERFORMANCE

MASS TRANSIT (THB mn)

3Q 2017/18

3Q 2016/17

% YoY2Q

2017/18% QoQ

9M 2017/18

9M 2016/17

% YoY

Operating revenue 3,642 727 401% 1,318 176% 6,953 2,040 241%

Costs of revenue 2,808 219 1,185% 740 279% 4,886 665 634%

Gross profit 834 508 64% 578 44% 2,067 1,374 50%

Operating EBITDA 842 516 63% 587 44% 2,093 1,396 50%

Gross margin (%) 22.9% 69.9% 43.8% 29.7% 67.4%

Operating EBITDA margin (%) 23.1% 71.0% 44.5% 30.1% 68.4%

OPERATING REVENUE BREAKDOWN

12%

O&MServices revenue from provision of E&M works & train procurement

78%3Q 2017/18

Share in BTSGIF

7%

Int income from train

procurement & E&M

3%

O&M revenue rose by 10% YoY to THB 452mn mainly from the existing extension and one new additional station (Samrong: E15)

Farebox revenue of 1,742mn (up 5.0% YoY) with 1.7% YoY ridership growth and 3.2% YoY average fare increase

Share of net profit in BTSGIF of THB 233mn (decreased 17.9% YoY) Services revenue from the provision of E&M works and the train

procurement service for the Southern and Northern Green Line extensions of THB 2.8bn

Costs rose by THB 2,589mn to THB 2,808mn largely due to cost of services related to the provision of E&M works and the train procurement service for Green Line extensions

Operating EBITDA margin was 23.1% (71.0 % in 3Q 2016/17)

395 409 417 411 411 422 474 472 452 33 33 33 32 32 90 78 82 109 219 197 221 199 284

241 218 247 233

1,444 1,224

519

2,848

3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18

Services revenue from provision of E&Mworks & train procurement

Share of NP in BTSGIF

Int income from train procurement andE&M works

O&M

IR Quarterly Presentation 4Q 1213_Draft1.xlsx


512 570 542

790 755 741 753 891 895

79

104 96

79 81

3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18

Digital Services Media OOH

57

Appendix 12: 3Q 17/18 Media



56%

BTS – Related Media

27%

Outdoor Media

MEDIA (THB mn)

3Q 2017/18

3Q 2016/17

% YoY2Q

2017/18% QoQ

9M 2017/18

9M 2016/17

% YoY

Operating revenue

976 755 29% 970 1% 2,795 2,165 29%

Costs of revenue 310 283 9% 310 (0)% 913 754 21%

Gross profit 667 471 41% 660 1% 1,882 1,411 33%

Operating EBITDA 507 303 67% 519 1,447 1,003 44%

Gross margin (%) 68.3% 62.4% 68.1% 67.3% 65.2%

Operating EBITDA margin (%)

52.0% 40.1% 53.5% 51.8% 46.3%

3Q 2017/18

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

9%

Office Buildings

and Others

8%

Digital

Overall Media revenue up 29% YoY to THB 976mn mainly fromhigher consolidated revenue from acquired businesses and healthyperformance of all Media business segments.

OOH Media* revenue or 92% of total Media revenue, increased byTHB 240mn, or 36.7% YoY due to higher prices, synergies from theDigital Services segment as well as higher utilisation of digitalscreens of Outdoor media segment.

Costs increased 9.3% YoY from THB 283mn to THB 310mn, due tohigher sales and the consolidation of newly acquired businesses.

Operating EBITDA margin improved YoY to 52.0% (40.1% in 3Q2016/17).

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



58

Appendix 12: 3Q 17/18 Property



97%

Commercial & Others Residential

3%

OPERATING PERFORMANCE

PROPERTY (THB mn)

3Q 2017/18

3Q 2016/17

% YoY2Q

2017/18% QoQ

9M 2017/18

9M 2016/17

% YoY

Operating Revenue 174 147 18% 159 9% 479 431 11%

Costs of revenue 105 92 14% 108 (3)% 308 272 13%

Gross profit 68 54 26% 51 33% 171 159 8%

Operating EBITDA 12 (6) N.A. (4) N.A. 1 (14) N.A.

Gross margin (%) 39.4% 37.0% 32.2% 35.8% 36.9%

Operating EBITDA margin (%)

6.7% N.A. N.A. 0.3% N.A.

OPERATING REVENUE BREAKDOWN

3Q 2017/18

Note: Property revenue excludes share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.

Total operating revenue was THB 174mn, increasing 18.2% YoY Residential property revenue increased by THB 5mn to THB 6mn

from higher housing unit sales at Thana City Commercial property revenue rose by 14.8% YoY or THB 22mn to

THB 168mn mainly from improving overall hotel performance Blended hotel occupancy in 3Q 17/18 = 81.2% (76.6% in 3Q 16/17) Operating costs increased by THB 13mn or 13.8% YoY Share of net profit from BTS-SIRI (THB 103mn), mainly from 33%

transferred units of The Line Jatujak – Mochit in 3Q 2017/18. YoY narrowed share of loss from U City (THB 29mn) mainly from the

consolidation of Vienna House, an improving performance of its hotels in Thailand and gain on a 50% divestment of Prime Area 38 Co., Ltd. To Sansiri

161171

142 142 147

186

146159

174

3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18



HISTORICAL AVERAGE FARE & % GROWTHHISTORICAL RIDERSHIP & % GROWTH

59

Appendix 12: 3Q 17/18 Mass Transit UpdateQuarterly Core Network Ridership

3Q 2017/18• Ridership = 60.8mn trips, +1.7% YoY, -2.2% QoQ

• Average fare = THB 28.7/trip, +3.2% YoY, +3.2% QoQ

• Average weekday ridership = 744,490 trips, +2.9% YoY

9M 2017/18• 9M 17/18 ridership = 181mn trips, +1.7% YoY

• 9M 17/18 average fare = THB 28.1/trip, +1.7% YoY

59.8 60.1

58.0

62.2

60.8

1.2% 1.7% 2.8%

0.8%

1.7%

-3.1%0.5%

-3.4%

7.1%

-2.2%

-50.0%

0.0 %

53.0

58.0

63.0

3Q 2016/17 4Q 2016/17 1Q 2017/18 2Q 2017/18 3Q 2017/18

Ridership (mn trips) Passenger Growth (YoY)

Passenger Growth (QoQ)

27.8 27.9 27.9 27.8

28.7

-0.3% -0.3% -0.6%

-0.2% 3.2%-0.2% 0.4% 0.3%

-0.6%

3.2%

25.0

30.0

3Q 2016/17 4Q 2016/17 1Q 2017/18 2Q 2017/18 3Q 2017/18

Average Fare (THB/trip) Average Fare Growth (YoY)

Average Fare Growth (QoQ)



60

Appendix 12: 3Q 17/18 Media Update9 months VGI Group’s key developments

TRANSIT MEDIA

Bangkok’s Network

• OPPO brand at Mo Chit, Ploenchit and Saladang

• AEON brand at Asok

• COMICO brand at Victory Monument

• Aquarius at Chong Nonsi

• AIS at Siam

• McDonald’s at National Stadium

• Netflix at Phaya Thai

Malaysia’s Network

• >200,000 ridership in SBK Line

• Media on 5 stations and 20 trains

OFFICE MEDIA

Office buildings portfolio has achieved this year’s target

• Total 172 office buildings (additional 10 buildings)

OUTDOOR MEDIA

• Fully operated 35 digital screens/ 51 screens

AVIATION MEDIA

• 14 airports (additional 1 airport)

• 343 digital screens (additional 1 screen)

• 80 media on planes of Air Asia, Thai Lion Air and Nok Air (additional 4 planes)

ACTIVATION MEDIA

• Demonstrate on 34 BTS stations


OFFLINE PAYMENT

• 8.5mn cardholders

• 5,200 retail points

• 145 brand partners

ONLINE PAYMENT

• 2.6mn Rabbit LinePay members

• 600 merchants

MICRO LOAN SERVICES

• >THB 1,300mn

general presentation -...

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