BEM: Business Overview

Transcription

1 Bangkok Expressway and Metro Public Company Limited (BEM) February 2019

2 BEM: Business Overview Road Rail Commercial Development Investment Total Expressway SES 38.5 Kms. Sector C+ 32 Kms. SOE 16.7 Kms. Total 87.2 Kms. Traffic Volume in Jan 19 1,239,578 trips/day Growth 2.74% YoY Tolls Revenue in Jan MB./day Growth 3.34% YoY Total Rail IBL 20 Kms. 18 stations BL Ex 27 Kms. 20 stations PPL 23 Kms. 16 stations Total 70 Kms. 54 stations BL Ridership in Jan ,850 trips/day Growth 5.96% YoY BL farebox in Jan MB./day Growth 6.28% YoY PPL O&M service income Annual Income apx.1,800mb./year BL = IBL + BL Ex For advertising in Stations & Trains, Retailing and Telecommunications PPL to be negotiated with MRTA Expressway Ads on SES CD Revenue Y2017 = 675 MB. Q3/2018 = 167 MB. Growth Y17/16 = 18% YoY Infrastructure portfolio - Owns 99.99% in NECL - Owns 65.15% in BMN - Owns 19.29% in TTW - Owns 17.83% in CKP Profit sharing in P&L Y MB. 9M/ MB. Cash Dividend Received Y MB. Fully open BL Ex in Y2020 Section 1: 11 Aug Section 2: 14 Aug Section 3: By Mar (Section 3.1: 25 Dec. 2019) (Section 3.2: 2 Mar. 2020) 2

3 BEM: Financial Highlights & Earning Outlook REVENUE STRUCTURE TOTAL REVENUE NET PROFIT 30% 5% As of Q3/ % 13,233 15,393 Unit: MB. 12,503 2,606 3,123 Unit: MB. 2,804* Road Rail Commercial Development M/ M/2018 Remark : *Excluding non - cash extra item at 2,030 MB. (net tax) NET IBD/E Unit : Times DPS/EPS Unit: Baht Earning Highlights & its Outlook : - Rev. growth Y17/16 = 16.3% YoY - Net Profit growth Y17/16 = 19.80% YoY - Y17 Significant Revenue growth from PPL Line & SOE Expressway - Reduce interest rate fluctuation risk to * 90% Fixed interest of Total Debts - Y18 Full year impact from new projects and Opening BL Ex at Tao Poon ST Q3/ M/2018 (connect PPL & BL) and the SOE ramp to the DPS EPS Remark : *DPS H1/2018 = 0.06 north. - Y19 To Open BL Ex Section II on 14 Aug Y20 To Open Full BL Line by Mar 20 3

4 Overview of Expressway Business Expressway Network Distance (kms.) Operator 1. First Stage Expressway System (FES) 27.1 EXAT 2. Second Stage Expressway System (SES) 38.5 BEM 3. Northern Stage Expressway (C+) (Bang Pa In Pak Kret Expressway) 32.0 NECL 4. Don Muang Tollway (DMT) 28.0 DMT 5. Ramindra-Atnarong Expressway (RAE) 32.9 EXAT 6. Bang Pli - Suksawad Expressway (Southern Outer Bangkok Ring Road) and Highway No. 37 (Suksawad-Bang Khun Thien Section) 42.3 EXAT 7. Bangna-Chonburi Expressway 56.7 EXAT 8. Si Rat Outer Ring Road Expressway (SOE) 16.7 BEM Total BEM is the largest private expressway operator in Thailand. More than 1 million journeys a day in BEM toll road system. BEM is now an operator of SES (Sector A-B-C-D) under two concession agreements ending in 2020 and 2027 respectively, and SOE has been operated since August 22, 2016 BEM shares 40% of Toll Revenue from FES Toll road under SES Concession. NECL, a subsidiary of BEM, is an operator of Bangpain-Pak Kret expressway (Sector C+) under a concession agreement ending in

5 Highlights of Expressway Business Toll Revenues & Traffic Expressway Revenues (MB.) Traffic ('000 Trips/Day) 1,214 1,228 1,142 1,178 1,104 9,957 8,815 9,301 8,485 7, M/2018 Toll Revenues Traffic Existing Projects ( FES&SES&C+) SOE Project Financial Strength Reliable cash revenues Toll revision every 5 years Steady traffic growth CAGR = 2.88% ( ) SOE contributes highest traffic growth. Rights to extend the contract for 10 years twice East-West Corridor linking between Bangkok city and its vicinity area SOE Ramp opened on 30 Sep. 18 FES & SES (Sector A-B-C) Udonrattaya (Sector C+) SES Extension (Sector D) Sirat Outer Ring (SOE) Remaining Concession Period SOE Project 30-year concession (15 Dec ) under BTO basis EXAT is responsible for Land acquisition matter Project cost 24,145 MB. 100% revenues to BEM, but sharing with EXAT Construction Cost 22,500 MB. ( Construction period 48 months) if 13.5% < FIRR 15.5%, 30% of its NCF that exceeds 13.5% in such year(s) 16.7 kms. with 3-dual lanes, 10 toll plazas (Inbound=6, Outbound=4) if FIRR > 15.5%, 50% of its NCF that exceeds 15.5% in such year(s) East-West Corridor linking between Bangkok city and its vicinity Toll increased every 5 years (Fixed amount) 5

6 Bangkok Metropolitan Mass Rapid Transit Network Master Plan Future Bangkok Mass Rapid Transit Network: 10 Lines total 464 kms. 1 Thammasart Mahachai (80.8 kms.) 4 Lumlukka Bang Pu (66.5 kms.) 7 Bang Yai Rat Burana (42.8 kms.) 9 Kae Rai Min Buri (36 kms.) 2 Salaya-Hau Mark (48 kms.) 10 Lat Phrao - Samrong (30.4 kms.) 6 Bang Sue Phuttamonthon Sai 4 (55 kms.) 8 Taling Chan- Min Buri Thailand Cultural Center (37.5 kms.) 5 Yot Se Bang Wa (15.5 kms.) 3 Airport Link (50.3 kms.) Source : MOT 6

7 Metro Map Existing Metro Lines 6 more Lines under construction Projects Distance Operated Stations Trains Cars Status kms. (Year) Operator Blue Line (Bang Sue-Hua Lamphong) Operating + 1 station (Tao Poon) Aug 11, 2017 BEM Purple Line (Bang Yai-Tao Poon) Operating Aug 6, 2016 BEM Airport Rail Link (Phaya Thai-Suvarnabhumi Airport) Operating 2010 SRT Green Line - Mochit - Kheha Light Green Line - National Stadium-Saphan Taksin-Bang Wa Operating 1999 BTS Total (kms.) Project Blue Line (Extension) Bang Sue-Tha Pra Hua Lamphong-Lak Song Distance Stations Trains Cars Status kms. Operated (Year) Operator * 105 Constructing 2020 BEM Red Line (Bang Sue-Rang Sit) Constructing 2021 SRT Green Line Mochit - Khu Khot Bearing Samut Prakan Constructing 2021 BTS Pink Line (Kae Rai Min Buri) Constructing 2021 BTS Yellow Line (Lat Phrao Samrong) Constructing 2021 BTS Orange Line (TCC - Minburi) Constructing Total (kms.) Remark: *7 of 35 trains will be used for IBL 7

8 Highlights of Mass Transit Business Rail Revenues & Ridership Farebox Revenues (THB mm) Ridership ('000 Trips per Working Day) ,248 2,374 3, , , M/2018 High Potential Growth Farebox revenues & Ridership Expected Service by Distance Organic ridership growth 6-8% Fares revision every 2 years Additional revenues from Purple line Passengers fed to Initial Blue Line Purple line operated on Aug 6, 2016 BL EX is expected to fully operate in Y2020 BEM s rail service by distance (kms.) Future Expected F F F Blue line (IBL) Blue line Extensions Purple line Orange line Purple line Extensions Blue line Extension 2 Initial Blue Line Hua Lamphong Bang Sue Operated PPP Net Cost Income source : Ridership COD : July 3, 2004 Concession period 25 years ( ) Extended to the year 2050 in accordance with BL EX Concession. Purple Line Bang Yai-Bang Sue Operated PPP Gross Cost Income source : O&M services Annual income Apx. 1,800 MB./year COD : Aug 6, 2016 Concession period 30 years ( ) Blue Line Extension Hua Lamphong Lak Song Bang Sue Tha Phra Under construction PPP Net Cost Income source : Ridership Operational within 2020 Concession period 33years ( ) Fully open BL Ex in Y2020 Section 1: 11 Aug Section 2: 14 Aug Section 3: By Mar (Section 3.1: 25 Dec. 2019) (Section 3.2: 2 Mar. 2020) 8

9 Map of Blue Line Extension (BL EX) Opened 11 Aug Section I Initial Blue Line Section 3.1: Tao Poon Sirindhorn * stations target to open 25 Dec Section 3.2:Tha Pra Sirindhorn * stations target to open 2 Mar EENN Hospital Sirindhorn Tiewpaingam School Bang Plad EGAT HQ Bang Aor Yanhee Hospital Yothinburana School Bang Pho New Parliament Tao Poon SCG HQ Bang Sue The Mall Bang Kae Lak Song Bang Kae Start from 25 Dec. 2019* Section III Paknam Temple Pasee chareon Seacon Bang Kae Depot Petch kasem48 Central Pinklao Siam University Bang Wa Major Pinklao Bang Yee Kan Makro Charan Br. Bang Khunnon Yaek Fai Chai Charan 13 The Mall Tha Pra Bang Phai Phayathai 3 Hospital Tha Pra BIG C Thonburi 2 Hospital Siriraj Hospital Royal Navy Isaraphab Chao Phraya River Bank of Thailand Thammasart U. Emerald Buddha Temple Grand Palace Mega Shopping Mall Hua Lumphong Wat Pho The Old Siam Mall Grand Station Siam Museum Dragon Temple Sanam Chai Sam Yot Wat Mungkorn Hua Lumphong China Town Rajini School Somdejchaopraya Central University Wang Burapa Sampheng Wholesale Market Flower Market Open 14 Aug Pahurat Cloth Market Section II Existing : Initial Blue Line 9

10 Section I (Bang Sue - Tao Poon station) From Bang Sue Tao Poon 2020 Tao Poon PPL SECTION I (Bang Sue Tao Poon station) BL EX 1 km. Existing IBL Tao Poon Bang Sue Kamphaeng Phet Operated since August 11, 2017 Section I 10

11 Overview of Commercial Development Business Advertising Telecommunications Retail Spaces 18 Stations & 19 Trains Static Media Digital Media Creative & Innovative Design New Media : DIGITAL 119 Screens in 18 stations Mobile phone Network High Speed Internet Wi-Fi Services Telecommunications Signal System (2G, 3G, 4G) Future Internet Technology Retail Spaces in 11 MRT Stations & 1 Park & Ride Building Brighten up : 9 stations Under Development : 2 stations 11

12 Highlights of Commercial Development Business CD Revenues Commercial Development M/2018 Unit: MB. CD revenues Advertising Telecommuni cations Retails More rooms to grow CAGR = 11% p.a. ( ) New CD expected by 2019 Revenue increased by eyeballs Rooms to grow outside MRT Steady CF Long term contracts Rental rates increased by ridership's traffic Open more locations Target to double CD revenue in Y2021 Purple Line Bang Yai-Bang Sue Future Projects Blue Line Extension Hua Lamphong Lak Song Bang Sue Tha Phra CD projects outside MRT To Operate Commercial Development (To be negotiated with MRTA) To Operate Commercial Development Tao Poon station opened on 11 Aug Advertising outside MRT, ie. Expressway. Retails business Telecommunications 12

13 BEM : Financial Highlights Consolidated (Unit : MB.) %CHANGE Revenue :- Revenue from Expressway business 9,957 9, % Revenue from Rail business 4,521 3, % Revenue from Commercial development business % Others % Total Revenue 15,393 13, % Expense :- Costs of Expressway business (1,735) (1,512) 14.75% Costs of Rail business (3,353) (2,371) 41.42% Costs of Commercial development business (177) (200) % Amortization Expressway (3,695) (3,471) 6.45% Amortization Rail (246) (440) % Selling (95) (93) 2.15% Administration (1,049) (891) 17.73% Profit before share of profit from investments in associates, financial cost and income tax expenses 5,043 4, % Share of profit (loss) from investments in associates % EBIT 5,449 4, % Financial Cost (1,611) (1,426) 12.97% Income tax expenses (696) (563) 23.62% Profit for the Period 3,142 2, % Profit/(Loss) Attributable to Non-controlling interests % Profit Attributable to Equity Holders of the Company 3,123 2, % EPS (Bath) DPS (Baht)

14 BEM : Financial Highlights Consolidated (Unit : MB.) Q3/2018 Q3/2017 %CHANGE 9M/2018 9M/2017 %CHANGE Revenue :- Expressway Business Revenue 2,561 2, % 7,576 7, % Rail Business Revenue 1,218 1, % 3,562 3, % Commercial Development Revenue % % Others % % Expense :- Total Revenue 4,281 3, % 12,503 11, % Costs of Expressway Business (461) (432) 6.7% (1,350) (1,290) 4.7% Costs of Rail Business (881) (840) 4.9% (2,630) (2,533) 3.8% Costs of commercial development (45) (43) 4.7% (129) (139) -7.2% Amortization Expressway (958) (945) 1.4% (2,828) (2,750) 2.8% Amortization Rail (48) (44) 9.1% (139) (201) -30.8% Selling (24) (25) -4.0% (75) (61) 23.0% Administration (252) (226) 11.5% (809) (729) 11.0% Profit before share of profit from investments in associates, financial cost and income tax expenses 1,612 1, % 4,543 3, % Share of profit (loss) from investments in associates % % EBIT 1,745 1, % 4,882 4, % Financial Cost (420) (365) 15.07% (1,444) (1,124) 28.5% Income tax expenses (233) (199) 17.09% (625) (530) 17.9% Profit for the Period 1, % 2,813 2, % Profit/(Loss) Attributable to Non-controlling interests % % Profit Attributable to Equity Holders of the Company 1, % 2,804 2, % EPS (Baht) DPS (Baht) BEM : Financial Ratio Q3/2018 Q3/2017 Q3/2018 Q3/2017 Net Profit Margin 26.12% 23.94% Net IBD to Equity

15 Appendix (A) 15

16 Total Traffic Volume (Thousand trips / Day) 1, , , , , , , Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YoY , , , , , , , , , , , % , , , , , , , , , , , , , % , , , , , , , , , , , , , % , , , , , , , , , , , , , % %YoY 19/ % SOE has been operated since August 22,

17 Total Toll Revenue (Million Baht / Day) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YoY % % % % %YoY 19/ % SOE has been operated since August 22,

18 Expressway : Total Traffic Volume Trips/Day YoY Jan-19 Jan-18 Change % FES 372, ,408 2, % Sector A 225, ,728 1, % Sector B 99,209 96,659 2, % Urban 696, ,795 6, % Sector C 188, ,767 7, % Sector D 204, ,296 8, % SOE* 61,042 53,362 7, % Sub urban 453, ,425 23, % Total BEM 1,150,621 1,121,220 29, % NECL (C+) 88,957 85,291 3, % Total BEM+NECL 1,239,578 1,206,511 33, % Trips/Day YTD 1M-19 1M-18 Change % FES 372, ,408 2, % Sector A 225, ,728 1, % Sector B 99,209 96,659 2, % Urban 696, ,795 6, % Sector C 188, ,767 7, % Sector D 204, ,296 8, % SOE* 61,042 53,362 7, % Sub urban 453, ,425 23, % Total BEM 1,150,621 1,121,220 29, % NECL (C+) 88,957 85,291 3, % Total BEM+NECL 1,239,578 1,206,511 33, % SOE is operated on August 22,

19 Expressway : Total Traffic Volume Trips/Day YoY Q3-18 Q3-17 Change % FES 372, ,542-5, % Sector A 224, ,587-4, % Sector B 97, ,497-2, % Urban 694, ,625-12, % Sector C 185, , % Sector D 200, ,927 4, % SOE* 56,277 53,140 3, % Sub urban 442, ,557 7, % Total BEM 1,136,896 1,141,183-4, % NECL (C+) 91,243 88,221 3, % Total BEM+NECL 1,228,138 1,229,404-1, % Trips/Day YTD Change % FES 373, ,000-2, % Sector A 226, ,118 2, % Sector B 99, ,580-2, % Urban 699, ,699-2, % Sector C 184, ,069-8, % Sector D 194, ,638 7, % SOE* 49,946 39,369 10, % Sub urban 428, ,673 33, % Total BEM 1,127,883 1,097,372 30, % NECL (C+) 86,153 82,128 4, % Total BEM+NECL 1,214,036 1,179,500 34, % SOE is operated on August 22,

20 Expressway : Total Toll Revenue (Baht / Day) YoY Jan-19 Jan-18 Change % FES 7,547,951 7,517,472 30, % Sector A 4,436,151 4,406,591 29, % Sector B 2,001,885 1,951,207 50, % Urban 13,985,987 13,875, , % Sector C 2,520,772 2,427,308 93, % Sector D 4,876,990 4,679, , % SOE* 2,869,233 2,505, , % Sub urban 10,266,995 9,612, , % Total BEM 24,252,982 23,487, , % NECL (C+) 3,913,054 3,767, , % Total BEM+NECL 28,166,036 27,254, , % (Baht / Day) YTD 1M-19 1M-18 Change % FES 7,547,951 7,517,472 30, % Sector A 4,436,151 4,406,591 29, % Sector B 2,001,885 1,951,207 50, % Urban 13,985,987 13,875, , % Sector C 2,520,772 2,427,308 93, % Sector D 4,876,990 4,679, , % SOE* 2,869,233 2,505, , % Sub urban 10,266,995 9,612, , % Total BEM 24,252,982 23,487, , % NECL (C+) 3,913,054 3,767, , % Total BEM+NECL 28,166,036 27,254, , % SOE is operated on August 22,

21 Expressway : Total Toll Revenue (Baht / Day) YoY Q3-18 Q3-17 Change % FES 7,548,124 7,662, , % Sector A 4,417,736 4,503,680-85, % Sector B 1,973,288 2,028,747-55, % Urban 13,939,149 14,195, , % Sector C 2,487,340 2,485,526 1, % Sector D 4,777,313 4,670, , % SOE* 2,644,080 2,494, , % Sub urban 9,908,733 9,650, , % Total BEM 23,847,882 23,845,560 2, % NECL (C+) 3,993,581 3,875, , % Total BEM+NECL 27,841,463 27,720, , % (Baht / Day) YTD Change % FES 7,574,658 7,629,770-55, % Sector A 4,464,399 4,400,068 64, % Sector B 2,001,763 2,048,819-47, % Urban 14,040,820 14,078,657-37, % Sector C 2,475,313 2,597, , % Sector D 4,627,796 4,449, , % SOE* 2,344,465 1,847, , % Sub urban 9,447,575 7,795,461 1,652, % Total BEM 23,488,395 21,874,118 1,614, % NECL (C+) 3,789,685 3,614, , % Total BEM+NECL 27,278,079 25,488,409 1,789, % SOE is operated on August 22,

22 Metro : Average Daily Ridership : Blue Line (BL) (Thousand trips / Day) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YOY % % % % % YOY 19/ % 22

23 Metro : Average Daily Revenue : Blue Line (BL) (Million Baht / Day) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. %YoY % % % % %YoY 19/ % 23

24 Metro : Average Daily Ridership & Revenue: Blue Line (BL) Ridership Trips / Day YoY Jan-19 Jan-18 Change % BL 316, ,019 17, % Fare Box Revenue Baht / Day YoY Jan-19 Jan-18 Change % BL 316, ,019 17, % YoY 1M-19 1M-18 Change % BL 8,036,632 7,561, , % YoY 1M-19 1M-18 Change % BL 8,036,632 7,561, , % Trips / Day YoY Q3/18 Q3/17 Change % BL 319, ,050 14, % Baht / Day YoY Q3/18 Q3/17 Change % BL 8,061,024 7,607, , % YoY Change % BL 295, ,637 21, % YoY Change % BL 7,375,055 6,793, , % 24

25 Disclaimer The information in this presentation has been prepared by Bangkok Expressway and Metro Public Company Limited (BEM) and is general background information about BEM s activities current as at date of this presentation. This presentation is not intended to provide the basis of any investment decision, nor to substitute your own analysis and investigation and should not be considered as a recommendation to any recipient of this presentation. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities or instrument transactions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or should be relied on as a promise or representation of BEM as to the future. Thank you For further inquiry ir@bemplc.co.th