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INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

AT A GLANCE

FROM THE EDITOR

SHARE INFORMATIONA Shares Outstanding Free FloatE Par Value Market Capitalisation YTD daily traded valueD Stock Identifiers Stock Exchange Symbol Bloomberg / Reuters

Dear Investment Community, 11,106.6mn sharesG 58.7% THB 4.0 / ShareF THB 103.2bn/ USD 3.53bnB THB 1,262.4mn/ USD 42.7mnB BTS BTS TB / BTS.BK

GROSS PROFIT BY BUSINESS UNITC

REVENUE BY BUSINESS UNIT

SERVICES 0%

SERVICE 0% PROPERTY

PROPERTY

15%

37%

MEDIA

The fiscal year results display another period of exceptional results; Operating revenue increase of 34.4% YoY to THB 10,375.5mn, Operating EBITDA increase of 27.3% YoY to THB 5,273.0mn and net profit attributable to the equity holders of the Company, increased by 18.2% YoY to THB 2,488.3mn. Our Mass transit business saw record ridership; All key targets were met with ridership reaching 197.2mn passengers (12.0% increase over FY11/12), average fare reaching THB 24.8 per trip (1.7% increase YoY) and train operating income grew by 52.4% to THB 1,120.0mn, representing 18.6% of total mass transit revenue. Our Media business revenue grew by 42.7% to THB 2,794.7mn exceeding the target 40% growth and our Property business turned around to record a net profit of THB 890.9mn.

MASS TRANSIT

27%

58%

MASS TRANSIT

MEDIA

48%

59%

Source: Company

BTS last 12 months Share Price PerformanceA: 10

8

7,000 BTS Daily Traded Value (RHS) BTS TB Equity SETTRANS Index SET Index

6,000 5,000

7

THB

6

4,000

5 3,000

4 3

2,000

2 1,000

1 0

0

EQUITY MARKETSH BTS TB SET Transport Index SET Index NIKKEI 225 HANG SENG FTSE 100 S&P 500

3 MO 3.66% 22.49% 7.46% 35.90% 2.11% 7.38% 10.91%

6 MO 38.21% 63.88% 28.71% 66.65% 8.67% 17.45% 19.79%

12 MO 76.62% 97.07% 44.72% 78.01% 23.61% 27.36% 26.62%

CURRENCY MARKETSH USD vs THB EUR vs THB THB vs JPY THB vs HKD THB vs SGD THB vs GBP

3 MO 0.34% 2.65% -9.48% -0.42% -1.42% -0.32%

6 MO 3.26% 2.74% -22.04% -3.29% -5.45% -7.39%

12 MO 2.93% 5.31% -17.77% -2.99% -5.45% -8.73%

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THB mn

9

Subsequent events to the fiscal year end also need to be mentioned. On 17 April 2013, BTSC sold the remaining Net Farebox Revenue under its concession contract with the BMA to Thailand’s first Infrastructure Fund. In Thailand’s largest private sector Initial Public Offering to date, BTSC raised THB 61.4 bn (USD 2.1bn) net proceeds. Units of BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) priced at THB 10.8 per share (the top end of the range) and were more than 25 times oversubscribed by institutional investors. 57% of units were allocated to Thai investors (both Institutional and retail) and 43% were allocated to overseas institutional investors which included some of the most globally respected long-only funds. This transaction will be recorded in The Group’s financial statements in 1Q 13/14. Of the net proceeds received by the Group, THB 20.8mn (USD 696.4mn) were used to invest in a one-third stake of BTSGIF by BTSG, THB 9.5bn (USD 318.1mn) was set aside against existing BTSC debt, and the remaining THB 31.1bn (USD 1,041.2mn) is earmarked for future investment in the forthcoming mass transit network expansion in Bangkok. For next year we are setting the following Mass transit targets; 7% - 10% growth in ridership, 6.5% growth in average fare as a result of the increase in Effective fare from 1 June 2013. For Media, we expect Media revenue growth of 30%, driven by the growth coming from both Mass transit Media (additional rolling stock advertising space, increased occupancy at non-prime stations, price increases) and in-store Media (increase in modern trade Media occupancy and consequent increase in efficiency, expansion of 10 office buildings). Further, for Property business, all of the remaining units of Abstracts condominium developments are expected to be sold and transferred in FY 13/14. Abstracts Projects are expected to contribute approximately THB 2.4bn revenue to the Group in FY13/14. By March 2014, we are also targeting to reach 2 million rabbit card holders. Following the meeting of the Board of Directors on 27 May 2013, BTS Group has supplemented its exiting dividend policy by specifying minimum dividend payment amounts for each of the next 3 fiscal years. Specifically, the Group will pay no less than THB 21bn (no less than THB 6bn, THB 7bn and THB 8bn in FY 13/14, FY 14/15 and FY 15/16 respectively) in dividends as the Group reaffirms its progressive dividend policy. Further, BTSG has announced the following 3-point plan for capital management; i) Progressive dividend payment policy, not less than THB 21.0bn (USD 703.1mn) over the next 3 years ii) A disciplined investment approach with minimum hurdle rates of 12% (project IRR) for new investments and iii) Capital Preservation approach for Treasury Management. More details can be seen in the FY2012/13 Analyst Presentation.

Yours faithfully,

Daniel Ross Financial Director

1


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) INCOME STATEMENT (THB mn)

FY 12/13

FY 11/12

% YoY

Operating revenue Other recurring income Total recurring revenue Operating costs Selling and Administrative expenses Income (loss) from investment in associates EBITDA Operating EBITDA Finance cost Non-operating gain (loss) 1 EBT Income tax Minority interests Net income (loss) to equity holders of the parent EPS (THB per share) 2

10,375.5 192.3 10,567.8 5,317.4 1,727.4 9.2 4,291.5 5,273.0 1,247.8 897.3 3,175.3 439.2 247.8 2,488.3 0.2490

7,719.8 227.5 7,947.3 4,076.6 1,217.4 (2.3) 3,687.6 4,140.7 1,431.9 1,189.1 2,408.3 172.6 130.0 2,105.6 0.2311

34.4% -15.5% 33.0% 30.4% 41.9% N.A. 16.4% 27.3% -12.9% -24.5% 31.9% 154.4% 90.6% 18.2% 7.8

BALANCE SHEET (THB mn)

31 MAR 13

31 MAR 12

%YoY

Cash and cash equivalents Current investments - deposits at financial institution Trade and other receivables Real estate development costs-net Non-current assets classified as held for sale Other current assets Total current assets Elevated rail project costs-net Land and projects awaiting development-net Investment in properties - net Property, plant and equipment-net Rights of claim from acquisition of debts per rehabilitation plan Other non-current assets Total non-current assets Total assets Short-term loan from financial institution Trade accounts payable Current portion of creditors per rehabilitation plan Current portion of long-term loan Current portion of long-term debentures Other current liabilities Total current liabilities Long-term loan - net of current portion Long-term debentures-net of current portion Convertible debentures - liability component Other non-current liabilities Total non-current liabilities Total liabilities Registered Share (mn shares) Issued and fully paid capital Share premium (discount) Share subscriptions received in advance Deficit on business combination under common control Surplus (deficit) from the changes in the ownership interests in subsidiaries Other component of shareholder's equity Retained earnings Equity attributable to company's shareholders Non-controlling interest - equity attributable to minority Total shareholders' equity

3,513.3 993.8 945.6 3,510.3 42,172.0 1,095.2 52,230.3 0.0 0.0 2,867.6 9,590.8 545.1 1,797.2 14,800.8 67,031.1 1,117.0 1,862.1 745.4 1,967.2 2,078.7 1,251.6 9,021.9 396.7 6,401.0 0.0 608.8 7,406.5 16,428.4 11,986.4 44,426.5 1,486.1 1,295.6 (3,372.0)

1,333.2 0.0 1,106.7 3,349.1 0.0 2,078.6 7,867.7 45,144.2 2,676.3 2,461.0 6,039.2 741.5 1,958.9 59,021.2 66,888.9 1,941.5 1,452.4 745.4 583.4 2,495.8 1,119.5 8,338.0 2,934.0 9,443.8 8,648.3 592.5 21,618.6 29,956.6 74,815.3 36,600.5 350.7 0.0 (3,372.0)

163.5% N.A. -14.6% 4.8% N.A. -3.3% 563.9% -100.0% -100.0% 16.5% 58.8% -26.5% -8.3% -74.9% 0.2% -42.5% 28.2% 0.0% 237.2% -16.7% 11.8% 8.2% -86.5% -32.2% -100.0% 2.7% -65.7% -45.2% -84.0% 21.4% 323.7% N.A. N.A.

3,355.2 4,262.4 (2,755.9) 48,698.0 1,904.8 50,602.7

(123.1) 3,866.3 (2,032.6) 35,289.8 1,642.5 36,932.3

N.A. 10.2% N.A. 38.0% 16.0% 37.0%

Total liabilities and shareholders' equity

67,031.1

66,888.9

0.2%

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NOTE: 1

Non operating gain for FY 12/13 mainly related to gain from divestment of non-core Property assets (land plots in Bangkok and Phuket) 2

Calculated based on weighted average number of ordinary shares at par value of THB 4.0 per share)

2


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) CASH FLOW STATEMENT (THB mn)

FY 12/13

FY 11/12

% YoY

EBT

1,280.6

752.3

70.2%

Plus Profit before tax from discountinue operation Total Adjustment to reconcile income (loss) before tax:

1,894.7 3,175.3

1,656.0 2,408.3

14.4% 31.9%

Depreciation and amortisation

409.2

284.2

44.0%

1,353.9 303.5

1,219.2 455.8

11.0% -33.4%

5,241.9

4,367.5

20.0%

97.2 6,040.8 (1,064.1) (371.1) 26.5 51.0 4,683.1 (39.3) (20.3) (1,180.2) (17.8) (465.2) (993.8) 235.3 6,628.1 882.1 (71.6) 10.6 11.8 4,979.8

57.0 3,046.6 (1,156.8) (208.9) 35.1 39.9 1,755.8 (472.9) (577.6) (805.0) (16.6) (15.4) (741.5) 0.1 309.4 (2,319.5)

70.6% 98.3% N.A. N.A. -24.4% 27.7% 166.7% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 232079.1% N.A. N.A. N.A. N.A. -96.2% N.A.

(824.5) (1,153.4) (253.7) (3,159.1) 6.3 (3,486.7) 1,295.6 80.8 (7,494.7)

1,441.5 1,732.1 (151.8) (140.6) (163.5) (2,647.1) 70.6

-157.2% -100.0% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. -10715.4%

Increase (decrease) in translation adjustment Net increase (decrease) in cash

11.9 2,168.2

0.9 (493.1)

1166.7% N.A.

Cash at beginning of the period Cash at the end of the period

1,332.3 3,500.5

1,825.4 1,332.3

-27.0% 162.7%

Spare parts and elevated project costs amortisation Other adjustments Income (loss) from operating activities before change in operating assets and liabilities Increase (Decrease) in operating liabilities Cash from (used in) operating activities Cash paid for interest expenses Cash paid for corporate income tax Cash received for witholding tax deducted at source Cash received for interest income Net cash from (used in) operating activities Increase in advances for asset acquisitions Increase in elevated rail project costs Cash paid for purchases of property, plant and equipment Decrease (increase) in land and projects awaiting development Cash purchased of intangible assets Cash paid for purchase of investment in subsidiaries Rights of claim from acquisition of debts per rehabilitation plan Increase in short-term investments Decrease (increase) in restricted deposits Cash received from sales of investments in subsidiaries Cash received from issuance of ordinary shares of the subsidiary Cash paid for purchase of investment properties Cash received from sales of investment properties Others Net cash used in investing activities Increase in short-term loan from financial institution Increase in long-term loans Cash paid for long-term loans Dividend paid to shareholder of subsidiaries befor acquisition Cash paid for LC of convertible debentures Dividend paid Cash received from exercising warrant Cash paid for long-term debentures Increase in share subscriptions received in advance Others Net cash from (used in) financial activities

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3


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

KEY FINANCIAL RATIOS PROFITABILITY RATIOS* Gross operating profit margin (%) Selling and administrative expenses to operating sales ratio (%) Accounting EBITDA margin (%)A Operating EBITDA margin (%)B Accounting net profit margin (%)B Net recurring profit margin (%)C ROA (%)D ROE (%)D LEVERAGE RATIOS Total liability to total asset (times) Total liability to total equity (times) Net debt to equity (times) *Net debt to operating EBITDA (times) *Interest coverage (times) E PER SHARE RATIOS *Basic earnings per share (THB) F *Operating cash flow per share (THB) F *Free cash flow per share (THB ) F Enterprise value per share (THB) Book value per share (THB) F

FY 12/13

FY 11/12

FY 10/11

48.8% 16.6% 63.9% 50.8% 40.8% 17.4% 4.1% 5.4%

47.2% 15.8% 74.4% 53.6% 45.1% 13.2% 3.3% 6.1%

43.0% 21.7% 47.0% 43.3% 4.5% -5.5% 0.5% 0.8%

0.25x 0.32x 0.17x 1.60x 4.23x

0.45x 0.81x 0.67x 5.97x 2.89x

0.41x 0.70x 0.56x 8.19x 1.59x

0.2490 0.469 0.279 10.18 5.06

0.2311 0.193 -0.090 1.21 4.05

0.0302 0.166 -0.365 1.12 4.48

NOTE:

* Includes profit from discontinued operation A Excludes non-recurring items B Calculated based on accounting net profit (before MI) / total accounting revenue C Calculated based on net recurring profit (before MI) / total recurring revenue D Calculated based on accounting net profit (before MI) E Calculated based on operating EBITDA / finance cost F Calculated based on weighted average number of shares at par value of THB 4.0 per share

FINANCIAL HIGHLIGHTS        

Annual operating revenue of THB 10,375.5mn in FY 12/13, representing an increase of 34.4% YoY Operating EBITDA1 in FY 12/13 reaching THB 5,273.0mn, or 27.3% growth YoY Cash from operating activities increases by 101.5% to THB 6.04bn Mass transit revenue in FY 12/13 increased 19.5% YoY to THB 6,015.5mn Record ridership on BTS SkyTrain achieved; 12.0% ridership growth to 197.2mn passengers in FY 12/13. Average fare also increases 1.7% YoY to THB 24.8 per trip. Record revenue for Media business achieved; THB 2,794.7mn in FY 12/13 or 42.7% growth YoY Net income attributable to the equity holders of the Company, increasing 18.2% YoY to THB 2,488.3mn Full year dividend to shareholders of THB 4,359.1mn, equivalent to a dividend yield of 4.65%6

Note: On 17 April 2013, Bangkok Mass Transit System plc (BTSC) sold the future net farebox revenues under its concession contract with the Bangkok Metropolitan Administration for the BTS SkyTrain Core Network to BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF). Although the transaction occurred in 1Q 13/14, in accordance with TFRS5 - Non-current Assets Held for Sale and Discontinued Operations, the Company is required to separately present the assets, liabilities and profitability of the asset held for sale in the financial statements. As such, in the balance sheet for 31 March 2013 “Elevated rail project costs” have been re-classified to “Non-current assets held for sale” and revenue net of costs and expenses from the Core network have been presented as a single line item ‘profit from discontinued operations’ within the Income Statement. For more information, please refer to Notes 27 and 49 to the financial statements. Within the MD&A, in order to present certain figures on a comparable basis to previous quarters, certain mass transit revenue figures include the net revenue from the Core network.

FY 12/13 ANNUAL PERFORMANCE BTS Group Holdings Public Company Limited (“BTSG” or the “Company”) and subsidiaries (together, the “Group”) recorded consolidated total revenue of THB 6,713.5mn in FY12/13. This represented an increase of 35.5% (or THB 1,758.5mn) from THB 4,955.0mn in FY 11/12. The increase was primarily due to both stronger operating performance as well as the proceeds from divestment of non-core Property assets (land plots in Bangkok and Phuket). Operating revenue (see below) also grew 34.4% YoY to THB 10,375.5mn. The increase in operating revenues was on account of the improved performance from the Mass transit, Media, and Property business sectors (see segmental performance for more details). Revenues from the Mass transit, Media, Property and Services businesses accounted for 58.0%, 26.9%, 14.7% and 0.4% of total operating revenue, respectively.

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4


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010) FY 12/13

% OF TOTAL

FY 11/12

% OF TOTAL4

% CHANGE (YOY)

FY 12/13 MARGIN5

FY 11/12 MARGIN5

Mass transit2

6,015.5

58.0%

5,031.9

65.2%

19.5%

48.2%

45.7%

Media

2,794.7

26.9%

1,958.8

25.4%

42.7%

59.1%

59.0%

1,522.7

14.7%

728.3

9.4%

109.1%

36.8%

26.6%

Services

42.6

0.4%

0.7

0.0%

N/A

N/A

N/A

TOTAL4

10,375.5

100.0%

7,719.8

100.0%

34.4%

48.8%

47.2%

OPERATING REVENUE (THB MN)

Property

1

4

3

4

Operating EBITDA excludes non-recurring items

2

Mass transit revenues include ‘Fare-box revenue’ as well as ‘Service Income from Train Operation Management’. As per the introductory note to the MD&A, however, the net farebox revenues from the Core BTS SkyTrain network is now recorded as a separate line item “Profit from discontinued” in accordance with TFRS5. More details can be seen in note 27 to the financial statements) 3

Property includes Sales from Real Estate, Rental and Service Income, Construction & Services Businesses and Service income related to Thana City Golf & Sports Club Co,. Ltd. Note that income related to Thana City Golf & Sports Club Co., Ltd. was reclassified from Services Business to Property business in 4Q 11/12. 4

Total operating revenues for FY 12/13 and FY 11/12 exclude other income from dividend income, interest income, reversal of allowance for diminution in value of civil works awaiting transfer, revenue from court-ordered compensation, gain from sales of investments in subsidiary, gain (loss) on exchange, and others 5

Operating gross profit margin

6

Subject to shareholders’ approval of the final dividend. Dividend yield based on share price as of date prior to Board of Director approval of relevant dividend payment

Although total expenses rose by 51.3% YoY to THB 4,188.0mn in relation to the growth of Mass transit, Media and Property business sectors, the Group demonstrated a strong operating performance with its operating gross profit margin increasing to 48.8% from 47.2% in the previous year as a result of operating leverage in such three business sectors. Despite the fact that SG&A expenses increased 45.7% YoY or by THB 398.9mn to THB 1,271.1mn (mainly due to the increase in Mass transit, Media and Property SG&A expenses), operating EBITDA improved by 27.3% YoY to THB 5,273.0mn. Finance costs decreased YoY by 12.9% or THB 184.1mn to THB 1,247.8mn. The reduction was mainly due to debt reduction, specifically from continued conversion of BTSG convertible bonds, maturity of the first tranche of BTSC Debenture (THB 2,500.0mn in Aug 2012) as well as other debt repayment. Consolidated Group Income tax rose by 154.4% to THB 439.2mn on higher profit as well as a higher BTSC income tax following the expiry of tax losses carried forward at BTSC in December 2012. All the above taken into account, the Group recorded a consolidated profit (increasing 22.4% YoY to THB 2,736.1mn) and profit attributable to the equity holders of the Company (an increase of 18.2% YoY to THB 2,488.3mn).

BALANCE SHEET AND CASH FLOW Total assets as of 31 March 2013 stood at THB 67,031.1mn, a 0.2% increase from 31 March 2012. Total non-current assets reduced by 74.9% to THB 14,800.8mn largely as i) Elevated rail project costs were re-classified as in accordance with TFRS5 (see note 27 to the financial statements) and ii) Land and projects awaiting development fell by 100.0% or THB 2,676.3mn as the Group sold a land plot in Phuket and transferred land plots of THB 1,440.4mn to Investment properties. Total liabilities decreased from 31 March 2012 by 45.2% or THB 13,528.3mn to stand at THB 16,428.4mn largely due to the conversion of all BTSG convertible bonds (THB 8,648.3mn), the first tranche repayment of BTSC debenture (THB 2,500.0mn) in Aug 2012, as well as repayment of bank loans (THB 1,977.9mn). On the equity side, total equity increased by THB 13,670.5mn or 37.0% to THB 50,602.7mn. This increase was attributable to i) increase in paid-up capital to THB 44,426.5mn resulting from additional 1,956.5mn ordinary shares issued from the conversion of all convertible bonds and the first exercise of BTS-W2 which brought issued and fully paid-up shares to increase to 11,106.6mn shares and ii) surplus from sale of shares in the subsidiary, VGI Global Media. Note that the gain on sale of VGI shares was recorded in the consolidated balance sheet as equity under ‘surplus from the changes in the ownership interests in subsidiaries’ but not recorded in the profit & loss account, as the changes in the Company's ownership interest in a subsidiary did not result in a loss of control. For the year ended 31 March 2013, net cash provided from operating activities was at THB 4,683.1mn compared to THB 1,755.8mn in the previous year. Key contributors of the increase were improved profit and a reduction in accrued income following receipt of payment from the Treasury Department. Net cash generated from investing activities stood at THB 4,979.8mn. Key items were proceeds from the sale of investment in subsidiaries (Kamala, Nana, and VGI) and cash received from issuance of ordinary shares of the subsidiaries (VGI IPO). Net cash used in financing activities was at THB 7,494.7mn mainly from debt repayment and dividend payment. As a result, the consolidated cash flow statements showed an increase of THB 2,180.0mn in cash and cash equivalents to THB 3,513.3mn from the previous year of THB 1,333.2mn.

Our City Our Future

5


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

SEGMENTAL PERFORMANCE

MASS TRANSIT Total revenue from our Mass transit business increased by 19.5% YoY to THB 6,015.5mn supported by an increase in fare-box revenue and an increase in train operating & management (O&M) income. Fare-box revenue increased 13.9% (or THB 598.7mn) to THB 4,895.5mn on account of ridership growth and increased average fare (which rose by 1.7% YoY to THB 24.8 per trip). Annual ridership reached a new record of 197.2mn passengers, up 12.0% YoY and within our target range of 12% - 15%). Key growth factors included i) organic growth; ii) increased popularity of Mass transit in Bangkok, especially from the Property development along the core network; iii) the full year effect of the opening of the Sukhumvit line (On nut – Bearing) extension which opened in August 2011 and iv) the introduction into service of new carriages (all trains on the Sukhumvit line were extended from 3-car trains to 4-car trains). Average weekday ridership also reached a new record (603,534 passengers per weekday), increasing 11.4% YoY. Income from train operating management rose by 52.4% or THB 384.9mn YoY to THB 1,120.0mn, mainly related to the full year effect of the Sukhumvit line (On nut – Bearing extension) and the increased revenue from the revised O&M contract for Silom line extension.

Total Ridership Average weekday ridership Average Fare (THB / trip)

FY 12/13

FY 11/12

YoY%

197,185,132

176,044,375

12.0%

603,534

541,701

11.4%

24.8

24.4

1.7%

Historical Quarterly Ridership (mn passengers / quarter)

Historical Quarterly Average Fare (THB / trip)

22.1%

2Q 12/13

Quarterly ridership

2.4%

-0.4%

-1.1%

24.5

24.5

25.1

25.0

24.7

1Q 12/13

2Q 12/13

3Q 12/13

4Q 12/13

50.3

51.1

3Q 12/13

4Q 12/13

Passenger growth (QoQ), RHS

AVERAGE FARE (THB/TRIP)

6.4%

46.4

1Q 12/13

0.0%

4Q 11/12

Average Fare (THB/trip)

% CHANGE (QoQ)

49.4

48.0

4Q 11/12

9.4%

% CHANGE (QoQ)

PASSENGERS (MN)

17.7%

-1.1% 15.7%

Average fare growth (QoQ), RHS

Cost of Mass transit revenue, including SG&A increased 14.8% or THB 463.0mn YoY tied to higher ridership (but less than the increase in operating revenue as a result of economies of scale). Key cost items were mainly from depreciation recorded (from higher ridership, new signaling system and new trains) and employee costs which mainly rose from the full year effect of the On nut – Bearing extension as well as the indirect impact of the increased minimum wage. As higher SG&A expenses were offset by the improved economies of scale across Mass transit network, the operating EBITDA margin of the Mass transit business was steady at 65.9% (66.6% in FY 11/12).

Our City Our Future

6


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

MEDIA Our Media business achieved 42.7% (or THB 835.8mn) revenue growth YoY to THB 2,794.7mn, exceeding the targeted growth of 40%. Factors contributing to our record revenue came from the revenue growth across all three business segments. BTS-related Media revenue was THB 1,379.4mn, representing growth of 22.6% or THB 254.7mn YoY. The growth in BTS-related revenue came from i) increased occupancy on existing In-Train static and digital Media and added capacity (12 additional 4-car trains that were added in 2011, from which the Company fully recognised revenue in FY 12/13); ii) the increased utilisation from On-Station Media and iii) the increase in rent for long-term contracts of merchandising space on the BTS stations which became effective in FY 12/13, coupled with the increased occupancy of small rental shops on the stations, which grew with an increase of 12.0% ridership. Revenue from Modern Trade Media reached THB 1,249.6mn, representing growth of 65.7% or 495.5mn YoY largely due to i) significantly higher earnings from static Media, Media production and radio in relation to additional contracts signed with Tesco Lotus and Big C in sales floor areas in 2H 11/12 and ii) a low base effect from last year’s flooding. Office Building & other Media revenue reached THB 165.8mn, representing growth of 107.0% or THB 85.7mn YoY. The increase was driven by i) additional rights for advertising Media in 4 additional office buildings; ii) the adjustment in sales strategy by bundling Office Building Media with BTS-related Media; iii) business expansion by acting as a sole sales agent for mega-LED screens at Watergate, Rama 9 and Rama 4 junctions as well as Victory Monument and iv) obtaining rights to advertise in Chulalongkorn University’s bus system. Cost of revenue increased 42.1% or THB 338.2mn YoY to THB 1,141.7mn, which is in line with sales growth. Media SG&A increased 42.4% or THB 109.2mn YoY to THB 366.9mn as a result of i) increase in selling expenses as commissions increased which is in line with sales growth and ii) increase in the number of employees to support Modern Trade operations from the acquisition of additional sales floor licenses in Tesco Lotus and Big C. The operating EBITDA margin of the Media business deceased to 50.8% in FY 12/13 (52.3% in FY 11/12) due to the higher revenue contribution from the lower margin business of Modern Trade media.

CONTRIBUTION OF REVENUE (MEDIA BUSINESS) 5.9%

4.1%

OPERATING PROFIT MARGIN (MEDIA BUSINESS)

OFFICE BUILDINGS

Operating gross profit margin (overall) 44.7%

38.5%

MODERN TRADE

57.4%

BTS RELATED MEDIA

Operating EBITDA margin (overall)

*

FY 12/13

FY 11/12

59.1%

59.0%

50.8%

52.3%

* 49.4%

FY 12/13

Our City Our Future

Operating gross profit margin excludes the cost of concession payable to BTSC

FY 11/12

7


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

PROPERTY AND SERVICES In FY 12/13, revenue from the group’s Property business showed a significant improvement increasing by 588.6% to THB 5,014.9mn. The increase was attributable to i) the disposal of the Group’s entire investment in Kamala Beach Resort & Hotel Management Co., Ltd. (THB 1,643.0mn in 2Q 12/13); ii) the divestment of Kampoo Property Company Limited (land plot next to Nana BTS SkyTrain station) (THB 1,849.2mn in 3Q 12/13); and iii) an improvement in operating revenue. Property operating revenue increased by THB 794.4mn YoY to THB 1,522.7mn. The increase in operating performance was primarily driven by i) revenue in relation to 198 units transferred from Abstracts Phahonyothin Park (started transferring in December 2012) and ii) revenue from Eastin Grand Hotel operations at Surasak BTS SkyTrain station which had its grand opening in October 2012. Presales of Abstracts Phahonyothin Park and Abstracts Sukhumvit 66/1 reached 84% and 86% respectively as of 31 March 2013. Operating costs rose at a lower rate than operating revenues. An increase of THB 428.2mn YoY to THB 962.6mn was mainly from costs from transferred units of Abstracts Phahonyothin Park and the newly completed Eastin Grand Hotel. Property SG&A expenses increased by THB 229.9mn or 66.9% YoY to THB 573.8mn mainly driven by expenses related to transfers from Abstracts Phahonyothin Park, including transfer fees, marketing expenses, sales commission and depreciation expenses of Eastin Grand Hotel. Due to the improved operating performance, coupled with the aforementioned sale of land of Kamala and Nana, this resulted in a positive net profit of THB 890.9mn for our Property business this year. PRESOLD UNITS AS OF MAR 13 (TOWER A)

PROJECT SUMMARY Type: Mid-High End Condominium Location: Phahonyothin Road, North Bangkok. 250m from new BTS station

Average selling price/sqm (between Jan – Mar 2013)

Presold units 84%

Site area : 33,420sqm (20-3-55 rai)

THB 78,775

Available

units 16%

Tower A Tower B Tower C Total

PRESOLD UNITS AS OF MAR 13 Available units 14%

#Units 1,012 1,012 1,012 3,036

GFA (sqm) 62,091 62,091 62,091 189,273

NFA (sqm) 42,818 42,818 42,818 128,455

PROJECT SUMMARY Type: Mid-High End Condominium Location : Sukhumvit Soi 66/1, East Bangkok. 250m from new BTS Udomsuk Site area: 3,160sqm. (1-3-90 rai)

Average selling price/sqm (between Jan – Mar 2013)

Presold units 86%

THB 71,975

Bldg A Bldg B Bldg C Bldg D

#Units 28 28 28 28

GFA (sqm) 2,270 2,270 2,270 2,270

Total

112

9,082

AVERAGE OCCUPANCY RATE

NFA (sqm) 1,250 1,250 1,250 1,250 5,000

PROJECT SUMMARY Type: Four Star Hotel

Average occupancy rate (Apr 12 – Mar 13) 76%

Location : Sathorn Road, Direct access to BTS Surasak Site area : 3,828sqm (2-1-57 rai) Construction completed: Apr 2012 Soft Opening: May 2012 Official Launch: Oct 2012

Our Services business saw FY 12/13 revenues increase by THB 41.8mn YoY to THB 42.6mn. This increase was primarily due to the growth of Rabbit card sales (common ticketing cards for Bangkok’s Mass transit network and retail e-payment card which were launched in May 2012), which reached over 1 million cards by 31 March 2013 and the increase of revenue of HHT construction services. There was also THB 98.1mn cost of revenue as well as THB 101.0mn SG&A expenses related to the establishment of the Rabbit card and Carrot Rewards programme.

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8


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

BTS GROUP IN THE COMMUNITY The BTS Group is committed to improving the lives of people, through its vision of being a leading provider of mass transit services. The Group has also initiated many special Corporate Social Responsibility (CSR) projects in both Bangkok and other provinces of Thailand. Activities cover a broad spectrum of social concerns, with a focus on environmental impact. The Group continuously participates in community development in areas including religion, education, sport, public health and encourages staff involvement in all these efforts.

15 FEB 2013 BTSC HOSTS LUNCH FOR BORDER PATROL POLICE SCHOOL Mr. Keeree Kanjanapas, Chairman and Chief Executive Officer of BTSC and Mr. Kavin Kanjanapas, Executive Director of BTS Group recently hosted lunch for children at Thung Kabin Border Patrol Police School and also provided stationery and toys to 144 students. The school is a part of Her Royal Highness Princess Sirindhorn’s initiative, and the construction of the new building funded by Khun Keeree and Friends.

12 JAN 2013 BTSG DONATES SCHOOL BAGS TO MARK CHILDREN'S DAY

Khun Rangsin Kritalug, Executive Director & Chief Operating Officer of BTS Group led staff in presenting 148 school bags to students of Wat Song Plu School, to mark National Children’s Day.

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9


INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 12

BTS GROUP HOLDINGS PLC st

FY 12/13

(FULL YEAR ENDING 31 MAR 2013) (Ended June 2010)

SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS Company Name OSK Securities Kim Eng Securities Bualuang Securities SCB Securities Krungsri Securities KTZMICO Securities Finansia Syrus TISCO DBS Vickers Securities CIMB Securities JP Morgan Asia Plus Securities Phillip Securities Thanachart Securities KGI Securities Summary

Recommenda tion

Target Price

Report Date

Sales*

Trading Buy Buy Buy Buy Trading Buy Trading Buy Buy Hold Buy Buy Overweight Buy Buy Buy Buy

10.15 12.30 10.25 10.00 8.70 9.00 9.70 9.40 11.28 10.50 9.50 10.00 8.60 9.30 7.20 Target Price

28-May-13 28-May-13 28-May-13 28-May-13 28-May-13 2-May-13 18-Apr-13 27-Mar-13 26-Mar-13 20-Mar-13 15-Mar-13 6-Mar-13 12-Feb-13 24-Jan-13 12-Nov-12

7,861 6,337 8,442 12,785 11,773 7,640 N/A 7,601 11,936 12,743 5,269 11,463 7,290 5,707 5,600 Sales*

Average Max Min Source: Broker reports, Bloomberg, SETTrade

9.73 12.30 7.20

8,746 12,785 5,269

EBITDA* Net Profit* 2013/14E (THB mn) 4,672 2,151 2,527 2,435 2,443 2,313 4,549 2,059 6,334 2,341 2,547 2,386 N/A 2,087 3,786 2,838 5,588 2,482 6,417 2,794 2,848 1,944 N/A 2,827 6,171 1,842 2,759 2,585 N/A 1,700 EBITDA* Net Profit* 2013/14E (THB mn) 4,220 2,319 6,417 2,838 2,443 1,700

Analyst Name Norfauzi Bin Narson Jaroonpan Wattanawong Suppata Srisuk Sirima Dissara Sittidath Prasertrungruang Raenoo Bhandasukdi Amnart Ngosawang Monchai Mokaranuraksak Sombat Agekavanpattana Praphan Yukhunthorntham Avin Sony Suwat Wattanapornprom Siam Tiyanont Saksid Phadthananarak Suchot Tirawannarat

*Excludes non-recurring items

SHAREHOLDER CONTACT AND REFERENCE INFORMATION Shareholder Services:

Investor Relations:

For any matters relating to your shareholding such as transfer of shares, change of name and address and loss of share certificates should be addressed in writing to the Registrar:

For enquiries from Institutional investors and securities analysts, please contact: Investor Relations Department, BTS Group Holdings Plc., 15F TST Tower, 21 ViphavadiRangsit Rd, Jompol, Jatujak, Bangkok 10900

The Thailand Securities Depository Co., Ltd. (TSD)

Telephone: Email:

62 The Stock Exchange of Thailand Building, Rachadapisek Road, Klongtoey, Bangkok 10110, Thailand Website: http://www.tsd.co.th Telephone: Facsimile: E-mail:

+66 2 2738525-6 ir@btsgroup.co.th

Financial Calendar: The Quarter Ahead Event End of FY 2012/13 FY 2012/13 Earnings Released Analyst Meeting for FY 2012/13 End of 1Q 2013/14 1Q 2013/14 Earnings Released Analyst Meeting for 1Q 2013/14

+66 (02) 229 2888 +66 (02) 654 5426 tsdcallcenter@set.or.th

Date 31 March 2013 27 May 2013 29 May 2013 30 June 2013 9 August 2013 15 August 2013

Notes: A

E

B

F

Data as of 20 May 2013. Source: Company and Bloomberg Based on exchange rate of 29.868 as of 20 May 2013 C Assumes no cost of concession payable by VGI to BTSC D Source: Bloomberg, data as of 20 May 2013

Source: BTS Group Holding Public Co.Ltd. as of 8 May 2013 New par value (THB 4.0 per share) and numbers of new outstanding shares are effective since 7 Aug 2012 G Source: BTS Group Holding Public Co.Ltd. as of 31 Mar 2013 H Source: Bloomberg, data as of 20 May 2013

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings Plc. (“BTSG�) solely for information purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Investor Relations Quarterly Review: Issue 12