BTS Group Holdings PCL

Transcription

1 GROUP GENERAL PRESENTATION AUGUST 2014

2 IR Contacts Address: IR Department 15 th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd. Chomphon, Chatuchak, Bangkok, Thailand Telephone: +66(0) Fax: +66(0) Website: Disclaimer 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. 2

3 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 Group Profile Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: Key Terms of the Core Network Concession Agreement Appendix 3: Future Funding Requirements (Mass Transit) Appendix 4: BTS-W3 Appendix 5: Saphan Taksin Station Removal Appendix 6: BTSC s Quality Management System Appendix 7: Fare Adjustment History Bangkok Concessions 3

4 BTS Group History APR: BTSC sold the future Net Fare-box Revenue under its Concession Agreement to BTS Rail Mass Transit Infrastructure Fund (BTSGIF) Company established as Tanayong Co., Ltd. to operate in property development field Tanayong established a wholly-owned subsidiary, Bangkok Transit System Corporation Ltd. (BTSC), which won the SkyTrain concession bid BTSC exit court supervised rehabilitation procedure Tanayong acquired 94.6% of BTSC, returning Mass Transit operations to be the primary business of the Company. The Company also changed its name to Tanayong listed on The Stock Exchange of Thailand under Property Development sector Commercial operation of the BTS SkyTrain began BTSC expanded into Media business through the acquisition of 100% of VGI Global Media Co., Ltd. MAY: BTSC signed a 30-year operating & maintenance (O&M) contract covering all Green Line extensions under the purview of the Bangkok Metropolitan Administration (BMA) OCT: The Group s Media subsidiary, VGI Global Media PCL, listed on The Stock Exchange of Thailand Section 1: 4

5 Shareholding Structure KANJANAPAS FAMILY TOP INSTITUTIONAL INVESTORS 1 OTHERS 41.0% % % 1 BTS GROUP MASS TRANSIT 2 MEDIA 2 PROPERTY 2 SERVICES 2 BTSGIF 33.3% BTSC 97.5% 51.0% % VGI 100% BTS ASSETS CO., LTD. 100% TANAYONG INTERNATIONAL LTD. 100% THANA CITY GOLF & SPORTS CLUB CO., LTD. 100% CARROT REWARDS CO., LTD. 100% NUVO LINE AGENCY CO., LTD. 70.0% MAN KITCHEN CO., LTD. Listed entities 1 Information based on the close book date as at 10 Jun 14 with total issued shares = 11,914.2mn shares 2 Major subsidiaries and associates only. Please see the full shareholding structure of the Company in Appendix 1: Shareholding Structure 3 BTSG holds 62.2% in VGI indirectly and directly Section 1: 87.5% MAK8 CO., LTD. 51.0% 90.0% HHT CONSTRUCTION CO., LTD. BANGKOK SMARTCARD SYSTEM CO., LTD. 5

6 BTS Group Overview 4 Business Units MASS TRANSIT MEDIA PROPERTY SERVICES Section 1: Historical operating revenues (1) 5,177 1, Mass Transit Revenue (THB mn) 6,016 Media Revenue (THB mn) 2,795 3,121 1, ,312 2, FY 11/12 FY 12/13 FY 13/14 1Q 14/ FY 11/12 FY 12/13 FY 13/14 1Q 14/15 Property Revenue (THB mn) 319 FY 11/12 FY 12/13 FY 13/14 1Q 14/15 Services Revenue (2) (THB mn) 126 FY 11/12 FY 12/13 FY 13/14 1Q 14/15 (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 Revenue contribution FY 13/14 1Q 14/15 26% 31% FY 13/14 1Q 14/15 36% 43% FY 13/14 1Q 14/15 33% 5% 18% FY 13/14 1Q 14/15 7% 6

7 BTSG at a glance PROGRESSIVE DIVIDEND POLICY Minimum THB 21bn committed dividends over 3 years No less than THB 6bn in 2013/14 No less than THB 7bn in 2014/15 No less than THB 8bn in 2015/16 Not less than 50% of net profit (stand alone basis) EMPLOYEES (as of 31 Mar 2014) Section 1: MASS TRANSIT 2,037 MEDIA 514 PROPERTY 821 SERVICES 378 BTS GROUP HOLDINGS 63 TOTAL 3,813 KEY FIGURES (as of 31 Mar 2014) THB (mn) USD (mn)* OPERATING REVENUE 8, OPERATING EBITDA 3, NET INCOME** 12, TOTAL ASSETS 76,757 2,350 *Source: Bank of Thailand, based on weighted-average Interbank Exchange Rate of USD 1 = THB as of 28 May 2014 **to equity holders of the parent SHARE INFORMATION (as of 30 Jun 2014) STOCK CODE BTS OUTSTANDING SHARES (MN SHARES) 11,914.2 MARKET CAPITALISATION (THB MN) 103,058.1 MARKET CAPITALISATION (USD MN) 3,176.9 AVERAGE DAILY TRADED VALUE (THB MN) AVERAGE DAILY TRADED VALUE (USD MN)

8 Investment Highlights GROWTH INCREASE IN RIDERSHIP: Prime beneficiary of mass transit development and market share shift from bus to rail. Increasing ridership on Core network; increasing eyeballs for BTS-related media GROWING WITH RETAIL PARTNERS: automatic rights to manage advertising space in new Modern Trade branches SHAREHOLDER RETURN HIGH DIVIDEND YIELD: 3-year progressive dividend policy with minimum committed amount of THB 21bn SECURE BUSINESS: underlying concession with advertising rights on BTS until 2029; O&M contract until 2042 OPPORTUNITIES STRONG FINANCIAL POSITION: BTS Group has excess cash and liquid investments of THB 31.8bn FUTURE MASS TRANSIT LINES: potential developer and operator of future mass transit lines and extensions EXPANSION OF FRANCHISE: expansion of VGI Global Media franchise to new extension lines and other markets Section 1: 8

9 Key Developments 2013/14 RIDERSHIP MEDIA NET PROFIT 8.9% 27.1% (THB mn) (THB mn) 902 1, / / /14 Commencement of 4 stations of Silom line (Bang Wa) extension New carriages into service (all 4-car trains across the network) Organic growth and development along the lines 2011/ / /14 Increase in train capacity (35 single cars) Introduction of new digital media NET RECURRING PROFIT 153.5% (THB mn) 1,047 1,030 2,612 DIVIDEND PAYMENT (THB mn) 2, % 4,359 7, / / /14 Improvement in operations Reduction in finance costs Section 1: 2011/ / /14 Progressive dividend payment 9

10 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 Group Profile Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: Key Terms of the Core Network Concession Agreement Appendix 3: Future Funding Requirements (Mass Transit) Appendix 4: BTS-W3 Appendix 5: Saphan Taksin Station Removal Appendix 6: BTSC s Quality Management System Appendix 7: Fare Adjustment History Bangkok Concessions 10

11 BTS Group Vision 2018 TO BE THAILAND S LEADING MASS TRANSIT DEVELOPER AND OPERATOR 3X BKK MASS TRANSIT COVERAGE MASS TRANSIT RAIL LENGTH TARGETS (KM) 36.3km 3x 121.8km Target Network Length in km* BTS Target Distance in km T = Target TARGET 6X MASS TRANSIT O&M REVENUE THB 1.5bn 6x >THB 10bn TARGET O&M = Operation and Maintenance Section 2.1: Mass Transit Business T 2029T *Source: Office of Transport and Traffic Policy and Planning 11

12 Role of BTS Group in Mass Transit Investor, Operator, Developer, Concessionaire I 33.3% INVESTMENT IN BTSGIF OPERATOR OF BTS SKYTRAIN CORE NETWORK O Underlying assets have 14 year track record Growth & resilience characteristics Stable and growing dividend yield Full beneficiary of Ridership growth Fare increases Operating leverage until Dec 2029 BTS GROUP Exclusive operator of BTS SkyTrain Core Network (23.5km) 14 year track record Operate at cost, but potential benefit from incentive fee Limited CAPEX, large CAPACITY Remain legal concessionaire O OPERATOR OF CORE NETWORK EXTENSIONS ROLE IN MASS TRANSIT DEVELOPER OF RAIL MASS TRANSIT D Appointed to operate & maintain Green line by the Bangkok Metropolitan Administration (BMA) Track record since year contract covering Green line extensions (12.8km) from Also covers Core Network (23.5km) from 2029 to May 2042 No ridership risk Original developer of BTS Core SkyTrain Network Expertise as well as financial capability to invest in future mass transit lines Section 2.1: Mass Transit Business 12

13 Bangkok Rail Mass Transit Master Plan 464 km by 2029, 42.4% share of Mass Transit commute by 2032 Source: Office of Transport and Traffic Policy and Planning RAIL MASS TRANSIT MARKET SHARE* Seoul 51% Hong Kong 46% Singapore 40% Tokyo 36% Guangzhou 17% Bangkok 6% Source: OTP, Singapore s Land Transport Authority, Hong Kong s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau * Percentage of people using rail mass transit over other forms of mass transit Section 2.1: Mass Transit Business PERVASION (per million population) (rail track length per mn population) Hong Kong 34.7 Singapore 34.2 Tokyo 24.2 Bangkok 7.6 Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities 13

14 Existing Bangkok Mass Transit Network Immature network, 100.1km as of 2013 EXISTING LINES KM; 64 STATIONS LINE DARK GREEN (CORE) LIGHT GREEN (CORE) BLUE LIGHT GREEN (EXTENSION) RED LINE AIRPORT LINK DARK GREEN (EXTENSION) SRT LINE LIGHT GREEN (EXTENSION) CORE NETWORK ROUTE DISTANCE (KM) OPERATING SINCE MO CHIT ON NUT 17.0 DEC 99 NATIONAL STADIUM SAPHAN TAKSIN BANG SUE HUA LAMPHONG SAPHAN TAKSIN WONGWIAN YAI PHAYATHAI SUVARNABHUMI 6.5 DEC JUL MAY AUG 10 ON NUT BEARING 5.3 AUG 11 BANG SUE TALING CHAN WONGWIAN YAI BANG WA EXTENSIONS TO OUR CURRENT CORE NETWORK 15.3 NOV DEC 13 SRT BANG SUE TALING CHAN 15.3km LIGHT GREEN NATIONAL STADIUM BANG WA 14.0km BLUE BANG SUE - HUA LAMPHONG 20.0km DARK GREEN MO CHIT BEARING 22.3km ARL PHAYATHAI - SUVARNABHUMI 28.5km 3 RAIL MASS TRANSIT OPERATORS BTS: 36.3km (SkyTrain) BMCL: 20.0km (Underground) SRT: 43.8km (Airport Rail Link & SRT Line) Section 2.1: Mass Transit Business 14

15 I BTS Group: INVESTOR in BTSGIF (Core Network) Prime position to capture growth from Network Expansion WHAT IS THE CORE NETWORK? 23 stations, 23.5km located at the heart of Bangkok Inaugural Mass Transit route, operated since Dec 1999 NO REVENUE SHARING TO BMA WHAT IS BTSGIF? LIGHT GREEN NATIONAL STADIUM - SAPHAN TAKSIN 6.5km DARK GREEN MO CHIT ON NUT 17.0km BTSGIF has the rights to receive the NET FAREBOX REVENUE collected by BTSC on the SkyTrain Core Network until Dec 2029 Formerly, these revenues were retained by BTSC in accordance with the terms and conditions of its Concession Agreement with the BMA on the Core Network* In Apr 2013, BTSC SOLD THE RIGHTS TO NET FAREBOX REVENUE under its concession agreement for the BTS SKYTRAIN CORE NETWORK to BTSGIF NO REVENUE SHARING TO BMA BTS Group used the proceeds to purchase 1/3 units in BTSGIF which is the maximum permitted amount under SEC regulations BTS Group is subject to a lock up of 10 years on these units *See Appendix 2 for details of Concession Agreement Section 2.1: Mass Transit Business 15

16 I BTS Group: INVESTOR in BTSGIF (Core Network) Uninterrupted revenue growth and resilient under pressure GROWTH (13 YRS) Farebox revenue (THB mn) Ridership (mn) Farebox revenue CAGR: 11.3% Ridership CAGR: 10.5% , , , , , ,292 3,224 3,066 2, ,485 3,545 4,297 4,896 5, / / / / / / / / / / / / / /14 Dec 99: BTS SkyTrain service opening Jul 04: Opening of Bangkok MRT System (Blue line) Mar 07: First fare rate increase May 09: Opening of Silom Line extension 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 Apr 13: Sale of net farebox revenue to BTSGIF Jun 13: Fare increase Nov 13: Thai political protests INITIAL GROWTH RIDERSHIP CAGR (3 YRS): 21% Section 2.1: Mass Transit Business STABLE GROWTH RIDERSHIP CAGR (5 YRS): 5% Dec 13: Wongwian Yai Bang Wa extension opening FASTER GROWTH RIDERSHIP CAGR (5 YRS) 10% 16

17 I BTS Group: INVESTOR in BTSGIF (Core Network) Flexibility to increase fares FARE ADJUSTMENT MECHANISM DISTANCE-BASED FARE (BY NO. OF STATIONS) EFFECTIVE FARE 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 AUTHORISED 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) HISTORICAL AVERAGE FARE RIDERSHIP BY TICKET TYPES (FY 13/14) THB AUTHORISED FARE EFFECTIVE FARE POTENTIAL FARE UPSIDE NO. OF STATIONS THB / Trip DAY PASS (STUDENT)* 8% AVG FARE THB DAY PASS (ADULT)* 29% AVG FARE THB 23.6 ONE-DAY PASS 1% AVG FARE THB 32.7 SJT 40% AVG FARE THB / / / / / / / / /14 Section 2.1: Mass Transit Business * Counted as Rabbit PURSE (STV)* 22% AVG FARE THB

18 I BTS Group: INVESTOR in BTSGIF (Core Network) Efficient operation; further scope for cost efficiency STRONG RIDERSHIP GROWTH ALONG WITH SUSTAINED MARGIN EXPANSION 54.9% 57.1% % 67.8% 69.1% EBITDA MARGIN COMPARISON (CORE ONLY) FY 12/13 FY 13/ % 69.1% 44.8% 44.3% 22.6% 15.1% 2009/ / / / /14 Core BTS SkyTrain Ridership (mn) Core BTS SkyTrain Op EBITDA margin (%) CORE COSTS AND SG&A BREAKDOWN BTS SkyTrain* Singapore MRT* Hong Kong MTR** * FY ending 31 Mar 2013, 2014 ** FY ending 31 Dec 2012, 2013 MAINTENANCE EXPENSES BREAKDOWN (THB mn) UTILITIES, 24% MAINTENANCE, 26% ADMIN, 8% SELLING EXPENSES, 5% OTHERS, 2% STAFF COSTS, 35% 2006/ / / / / / / /14 Major overhaul expenses General maintenance expense Section 2.1: Mass Transit Business 18

19 BTSGIF Investment Core Concession for BTS Core SkyTrain network Ample capacity with limited Capex for concession period CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES CAPACITY INCREASE (CUMULATIVE) INDICATIVE CAPEX (THB mn) X FULLY PAID Already operated in May 2013 X % FULLY PAID ~THB 2.3bn (paid ~THB 2.0bn) Already fully operated in Feb 2014 TOTAL CURRENT FLEET X X % ~THB 1.2bn (paid ~THB 1.1bn) ESTIMATED FLEET*** Expect to order in 2017, expect to be delivered in 2019 Expected required by 2032 TOTAL CURRENT FLEET X * Based on 2 assumptions: i) 6-car trains in service and ii) 2 min headway ** Based on Sukhumvit Line morning peak time *** Based on existing contracts (core network and O&M contracts up to 2042) Section 2.1: Mass Transit Business X % % SYSTEM DESIGN CAPACITY OF 50,000 PPHPD* CURRENT CAPACITY OF 24,000** PPHPD 19

20 O BTSC is the OPERATOR of the Core Network Thailand s most experienced Operator OPERATED & MAINTAINED THE CORE NETWORK SINCE 5 DEC 1999 Reliable Operations Team with 14-year track record Impeccable safety record Strong management expertise REMAINS THE CORE NETWORK OPERATOR FOLLOWING ESTABLISHMENT OF BTSGIF BTSC operates the Core Network on behalf of BTSGIF It deducts OPEX and CAPEX at cost (no margin) BTSC receives an incentive fee from BTSGIF Net Farebox Revenue (transferred to BTSGIF daily) Incentive Fee FAREBOX REVENUE net of OPERATING EXPENSES CAPITAL EXPENDITURE PAYABLE BY BTSGIF TO BTSC ONLY WHEN NET FAREBOX REVENUE EXCEEDS BUDGET All farebox revenue from passengers in the Core BTS SkyTrain system Other revenue and compensation from any person under, arising out of or relating to concession or the farebox revenue of the Core BTS SkyTrain system Excludes revenue from O&M business extension, media business and revenue from BTSC s other business Cost relevant to the Core BTS SkyTrain system such as maintenance capital expenditure, labor, electricity, etc. New rolling stock for the Core BTS SkyTrain system to serve future ridership 1. NO INCENTIVE FEE If actual Net Farebox Revenue 100% of Budget 2. 10% INCENTIVE FEE On actual amount exceeding 100% but not exceeding 125% of Budget 3. FEE FROM ITEM 2 PLUS 15% OF THE INCREMENTAL AMOUNT EXCEEDING 125% If actual amount > 125% of Budget Section 2.1: Mass Transit Business 20

21 O BTSC: OPERATOR of Green Line Extensions 12.8km of extensions already under contract BTSC has operated & maintained the extensions since 2009 Agreed fee income with no ridership risk 30-year contract now covers: 11 stations/12.8km extensions (May 2012 May 2042) 23 stations/ 23.5km Core Network (Dec 2029 May 2042) Existing extensions LIGHT GREEN: Saphan Taksin - Wongwian Yai (2.2km/2 stations) DARK GREEN: On Nut Bearing (5.3km/5 stations) LIGHT GREEN: Wongwian Yai - Bang Wa (5.3km/4 stations) O&M COSTS AND SG&A BREAKDOWN O&M figures (excluding VAT) THB 1,700 mn THB 6,000 mn O&M CORE CAGR 3.8% OTHERS, 11% CLEANING & SECURITY GUARD, 8% DEPRECIATION, 17% MAINTENANCE, 13% STAFF COST, 38% O&M EXTENSION Year * * Including full year effect of Wongwian Yai Bang Wa extension Section 2.1: Mass Transit Business CAGR 3.8% UTILITIES, 13% 21

22 D BTS Group: Potential DEVELOPER of Mass Transit Extensions Focused on 4 extension lines; total length of 85.5km 204.3KM ONGOING PROJECTS PRIORITISED BY THE GOVERNMENT, 89.1KM UNDER CONSTRUCTION Sources: * Office of Transport and Traffic Policy and Planning ** National Council for Peace and Order *** Mass Rapid Transit Authority of Thailand LINE ROUTE AUTHORISING BODY OPERATE YEAR CONSTRUCTION PROGRESS DISTANCE (KM) PURPLE BANG YAI - BANG SUE MRTA 2015* UNDER CONSTRUCTION 23.0 BLUE HUA LAMPHONG - BANG KHAE MRTA 2016* UNDER CONSTRUCTION 14.0 BLUE BANG SUE - THA PRA MRTA 2016* UNDER CONSTRUCTION 13.0 DARK RED BANG SUE - RANGSIT SRT 2017* UNDER CONSTRUCTION 26.3 DARK GREEN SOUTH DARK GREEN NORTH BEARING - SAMUT PRAKARN MRTA 2017** UNDER CONSTRUCTION 12.8 MO CHIT SAPHAN MAI KHU KHOT MRTA ** 18.4 LRT BANG NA - SUVARNABHUMI BMA 2017* 18.3 PINK LINE KHAE RAI PAK GRED MIN BURI MRTA 2017* 36.0 DARK GREEN SAMUT PRAKARN - BANGPU MRTA 2018*** 7.0 LIGHT RED BANG SUE - PHAYATHAI - MAKKASAN SRT 2017* 9.0 LIGHT RED MAKKASAN - HUA MAK SRT 2017* 10.0 DARK RED RANGSIT THAMMASART UNIVERSITY SRT 2017* 10.0 DARK RED BANG SUE - HUA LAMPHONG SRT 2017* 6.5 TOTAL (KM) km Section 2.1: Mass Transit Business CORE AND EXTENSIONS TO OUR CURRENT LINES LINES CONNECTING TO OUR LINES 22

23 D BTS Group: Potential DEVELOPER of Mass Transit extensions BTSG well-positioned for new contracts Sources: Office of Transport and Traffic Policy and Planning and Mass Rapid Transit Authority of Thailand Dark Green North Line Mo Chit Saphan Mai Khu Khot 18.4 km; completed by 2018 Dark Green North Line Kukod Lamlukka 6.5 km; completed by 2019 Pink Line Khae Rai Min Buri 36.0 km; completed by 2017 BTSG is WELL-POSITIONED FOR NEW CONTRACTS Relevant expertise Financial strength Green line advantage New contracts are expected to be on a PPP GROSS COST BASIS Operator to invest in civil works and E&M works with repayment from government Operator given operation contract Variations will be considered Light Green Line National Stadium Yodse 1.0 km; completed by 2019 Light Rail Transit (LRT) Bang Na Suvarnabhumi 18.3km; completed by 2017 Dark Green South Line Bearing Samut Prakarn 12.8 km; completed by 2017 Section 2.1: Mass Transit Business Dark Green South Line Samut Prakarn Bang Pu 7.0 km; completed by 2018 *See Appendix 3 for details of CAPEX requirements 23

24 With 6 distinctive advantages, we are in very good position to achieve our vision 1) The only operator who can provide seamless services ~15-minute interchange time saved* Dark Green North (Mo Chit Saphan Mai Khu Khot) Dark Green South (Bearing Samut Prakarn) 2) Lower project CAPEX Pink LRT 3) Lower O&M OPEX ~10% operating costs and 15% maintenance costs saved* 4) Proven track records 14 years experience in running BTS core lines Complete BTS core line construction in 35mths 5) Financial strength with THB 31bn excess liquidity 6) Financial flexibility from the new Warrant 3 *compared between seamless model and shuttle service model Section 2.1: Mass Transit Business 24

25 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 Group Profile Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: Key Terms of the Core Network Concession Agreement Appendix 3: Future Funding Requirements (Mass Transit) Appendix 4: BTS-W3 Appendix 5: Saphan Taksin Station Removal Appendix 6: BTSC s Quality Management System Appendix 7: Fare Adjustment History Bangkok Concessions 25

26 Overview of Media Business Thai media market overview (2013/14) Outdoor 4% Cinema Magazines 7% 5% Transit 3% Newspapers 13% Radio 5% In-Store 2% Internet 1% Note: Excludes classified and house ads. Source: The Nielsen Company (Thailand) Limited TV 60% Top 10 ad spending by segments (FY 13/14) Total market value of advertisement industry = THB 113.4bn Historical Thai ad expenditures (THB bn) Total market Transit In-store Industry CAGR 3.8% Transit CAGR 21.7% In-store CAGR 45.5% Source: The Nielsen Company (Thailand) Limited OVERALL MEDIA INDUSTRY 1 FMCG 39% 2 Motor vehicles 9% 3 Communications 7% 4 Govt. & community announcement 6% 5 Leisure 4% 6 Retail shops/stores 3% 7 Banks 3% 8 Real estate 3% 9 Insurance 2% 10 Pharmaceuticals 2% TOP 10 78% Note: Excludes classified and house ads. Section 2.2: Media Business VGI MASS TRANSIT 1 FMCG 42% 2 Communications 10% 3 Food outlets & restaurants 5% 4 Travel & tours 4% 5 Leisure 4% 6 Banks 4% 7 Real estate 3% 8 Retail shops/stores 3% 9 Electrical products 3% 10 Photographic products 2% TOP 10 80% VGI IN-STORE 1 FMCG 92% 2 Motor vehicle accessories 2% 3 Motor vehicles 2% 4 Communications 1% 5 Food outlets & restaurants 1% 6 Multi sections advertising 0.5% 7 Pharmaceuticals 0.5% 8 Govt. & community announcement 0.3% 9 Real estate 0.2% 10 Retail shops/stores 0.1% TOP % Source: The Nielsen Company (Thailand) Limited 26

27 Media Business: Financial Performance High Margins, No Leverage Operating revenues and Operating EBITDA (THB mn) Operating Revenue Operating EBITDA 3,121 2,795 1,959 1,580 1,370 1,386 1, , Revenues by business unit Office Buildings 5.3% 5.9% Modern Trade 41.5% 44.7% BTS-related 53.2% 49.4% 07/08 08/09 09/10 10/11 11/12 12/13 13/14 Cost (% Rev) breakdown - FY 2013/14 FY13/14 Operating EBITDA margin FY12/13 BTS MODERN TRADE OFFICE BUILDING AND OTHERS TOTAL FY 13/14 FY 12/13 CONCESSION N/A 53% 23% 23% DEPRECIATION (COST) 1% 4% 2% 2% STAFF COSTS 2% 5% 1% 3% OTHERS 9% 13% 6% 10% TOTAL COST 10% 76% 31% 39% OVERALL 52% 51% BTS-RELATED 78% 80% MODERN TRADE 17% 17% OFFICE BUILDING & OTHERS 59% 62% Section 2.2: Media Business 27

28 BTS SkyTrain Media Exclusive rights for the Core BTS SkyTrain Network KEY CONCESSION TERMS DIGITAL MEDIA RIGHTS Exclusive rights for 23 stations & all BTS trains In Trains & On-Stations Merchandising Area Additional areas First right to renew contract and extend space on additional mass transit projects that BTSC is granted the rights to operate media space Platform Truss LED & Platform Screen Door Digital Screen inside the train EFFECTIVE PERIOD 18 May December 2029 STATIC MEDIA (ON BTS SKYTRAIN & PLATFORMS) CONCESSION FEE (PAYABLE TO BTSC) 5% - 20% of total revenues/year (an incremental increase of 5% every 5 years) PAST SUCCESS BTS Media Revenue (THB mn) CAGR (3 years) = 24.0% 1,660 Train Body Wrap MERCHANDISING SPACE Cladding 1,379 1, / / / /14 Section 2.2: Media Business Merchandising Shop Merchandising Shop 28

29 Modern Trade Media KEY CONCESSION TERMS DIGITAL MEDIA RIGHTS Exclusive rights for existing and upcoming branches Tesco Lotus Big C (including former Carrefour) LENGTH OF CONTRACT 3-5 years on average LICENSE FEE Mainly based on percentage of revenue sharing and minimum guarantee Health and Beauty Zone STATIC MEDIA Sales Floor Area Radio Media in Tesco Lotus & Big C Non-Sales Floor Area PAST SUCCESS Acquired exclusive rights to manage all advertising areas from Tesco Lotus and Big C, the top 2 players in the Modern Trade Retailer industry Shelf Divider Shelf Frame & Floor Sticker Entrance Lightbox Big surge in revenue (93% growth in FY 2011/12) mainly from sales floor areas, which account for over 70% of total Modern Trade Media revenue Aisle Arch Sensormatic Section 2.2: Media Business 29

30 Office Buildings and Other Media KEY CONTRACT TERMS OFFICE BUILDING MEDIA RIGHTS AND LENGTH OF CONTRACT Office Buildings 83 buildings in CBD, 3-5 years contract (avg.) Outdoor LED (Selling Agent) 4 locations in Bangkok 1 year contract with renewable rights Chulalongkorn University (CU) Bus 15 buses and 15 bus-stops 1 year contract with renewable rights Digital Screen in Elevators OUTDOOR LED SCREENS Lift Wrap LICENSE FEE Revenue sharing and fixed rates PAST SUCCESS Changed to integrated network across all office buildings, increasing sales by 50% Rama 9 Junction Pratunam Junction CHULALONGKORN UNIVERSITY (CU) BUS Bundled Office Building Media with the Company s other media and sold as a package, increasing occupancy and driving sales by 100% Bus Body Wrap Bus Shelter Section 2.2: Media Business 30

31 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 Group Profile Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: Key Terms of the Core Network Concession Agreement Appendix 3: Future Funding Requirements (Mass Transit) Appendix 4: BTS-W3 Appendix 5: Saphan Taksin Station Removal Appendix 6: BTSC s Quality Management System Appendix 7: Fare Adjustment History Bangkok Concessions 31

32 Property portfolio PROPERTY BOOK VALUE BREAKDOWN LAND FOR DEVELOPMENT ALONG MASS TRANSIT ROUTE Land bank THB 3.7bn 32.9% 18.0% TOTAL BOOK VALUE: THB 11.1BN Residential THB 2.0bn ABSTRACTS PHY 48.0% Commercial THB 5.4bn MO CHIT: LAND BANK SITE AREA: 25,862 SQM LIST OF LAND BANK Location Total Area (Rai) Total Area (Sqm) Bangkok ,007.6 Samutprakarn ,711.6 Nakorn Ratchasima ,051,424.0 Chiang Mai and Chiang Rai ,992.0 Phuket ,740.0 Other Provinces ,372.0 Total 1, ,156,247.2 *as of 30 Jun 2014 PHAYATHAI: LAND BANK SITE AREA: 5,658 SQM EASTIN GRAND HOTEL ABSTRACTS 66/1 THANA CITY GOLF & SPORTS CLUB SITE AREA: 510,912 SQM LONG-TERM VISION Section 2.3: Property Business Complete existing projects Open for joint-venture/divestment Opportunistic strategy 32

33 Commercial and Residential Property COMMERCIAL PROPERTY EASTIN GRAND SATHORN LOCATION: SITE AREA: LAND TENURE: SATHORN, BANGKOK, DIRECT ACCESS TO BTS SURASAK 3,828 SQM ( RAI) FREEHOLD U SATHORN LOCATION: SITE AREA: LAND TENURE: SATHORN, BANGKOK RAI LEASEHOLD, 30 YEARS LEASE CONTRACT WITH TREASURY DEPARTMENT SIZE: TOTAL GFA: TOTAL NLA: 33 FLR, 396 ROOMS 38,280 SQM 17,561 SQM Equity THB1.3Bb USD 42mn Debt THB 1.8Bn USD 57mn SIZE: 3 FLR, 86 ROOMS TOTAL GFA: 16,200 SQM EXPECTED OPERATION NOV 2014 Equity THB275mn USD 9mn Debt THB 415mn USD 13mn RESIDENTIAL PROPERTY TDC: THB 3.1BN (USD 99MN) TDC: THB 690MN (USD 22MN) ABSTRACTS PHAHONYOTHIN PARK ABSTRACTS SUKHUMVIT 66/1 LOCATION: 250M FROM NEW BTS STATION LOCATION: 250M FROM BTS UDOMSUK SITE AREA: 33,420 SQM ( RAI) SITE AREA: 3,160 SQM ( RAI) LAND TENURE: FREEHOLD LAND TENURE: FREEHOLD AVERAGE SALE PRICE: THB 75,000 PER SQM AVERAGE SALE PRICE: 75,000 PER SQM # UNITS GFA(SQM) NFA(SQM) TOWER A 1,012 62,091 42,818 TOWER B 1,012 62,091 42,818 TOWER C 1,012 62,091 42,818 TOTAL 3, , ,455 Section 2.3: Property Business TDC: THB 2,527MN (USD 81MN) Equity THB 732mn USD 24mn Deposit & Sales proceeds THB 196mn USD 6mn Debt THB 1,697mm USD 54mn # UNITS GFA(SQM) NFA(SQM) THE MOON 56 4,540 2,500 THE SUN 56 4,540 2,500 TOTAL 112 9,080 5,000 TDC: THB 296MN (USD 10MN) Equity THB203mn USD 7mn Deposit & Sales proceed THB 93mn USD 3mn 33

34 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 Group Profile Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: Key Terms of the Core Network Concession Agreement Appendix 3: Future Funding Requirements (Mass Transit) Appendix 4: BTS-W3 Appendix 5: Saphan Taksin Station Removal Appendix 6: BTSC s Quality Management System Appendix 7: Fare Adjustment History Bangkok Concessions 34

35 Overview of Services Business BANGKOK SMARTCARD SYSTEM Aim to provide common ticketing system across network >> Mass Transit BTS, MRT, BRT, etc. >> Retail, Service and Tourism sectors Received E-Money License from BOT Public launch on 1 May 2012 ABSOLUTE HOTEL SERVICES (AHS) Joint venture originally founded between BTS and HHT Construction, a major HK contractor Over 50 years of experience in delivering large complex construction projects on time and to the quality demanded by discerning clients Responsible for project management of all BTS Group property projects Partnership between BTS and experienced management team, whose track record include Four Seasons Samui & Chiang Rai & JW Marriott Phuket & Bangkok Provide hospitality and consultancy services for hotel development across Asia Currently manages 3 to 4 star hotels under U Hotels & Resorts and Eastin Hotels & Residences brands ~3.5mn cards Targeted potential rabbit cards base from BTS and MRT passengers by Mar 2015 Number of hotels Number of rooms 5,688 8,000 Under AHS contracts 2013/ /15E Section 2.4: Services Business 35

36 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 Group Profile Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: Key Terms of the Core Network Concession Agreement Appendix 3: Future Funding Requirements (Mass Transit) Appendix 4: BTS-W3 Appendix 5: Saphan Taksin Station Removal Appendix 6: BTSC s Quality Management System Appendix 7: Fare Adjustment History Bangkok Concessions 36

37 BTSG Financial Performance REVENUE CONTRIBUTION BY BUSINESS UNIT Services 5% Property 33% REVENUE COMPARISON BY BUSINESS UNIT (THB mn) 6,016 2,312 FY 2013/14 FY 12/13 FY 13/14 2,795 3,121 2,934 1,445 (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 Section 3: Financial Summary Mass Transit 26% Media 36% 10,376 8,767 Mass Transit Media Property Services Total Consolidated financials (THB mn) FY 13/14 FY 12/13 FY 11/12 FY 10/11 Operating revenues 8,767 10,375 7,720 5,892 Operating expenses 4,110 5,317 4,077 3,358 Non-recurring items 10, , EBITDA 18,533 6,186 5,344 3,206 Operating EBITDA (1) 3,423 5,081 3,913 2,426 Net income (2) 12,645 1,719 2, Key financial ratios FY 13/14 FY 12/13 FY 11/12 FY 10/11 Profitability ratios (%) Gross operating profit margin 53.1% 48.8% 47.2% 43.0% SG&A to operating sales ratio 19.9% 16.6% 15.8% 21.7% Accounting EBITDA margin 76.8% 53.3% 57.8% 46.9% Operating EBITDA margin (1) 39.0% 49.0% 50.7% 41.2% Recurring net profit margin (%) 25.6% 9.7% 13.2% n/a Liquidity ratio Current ratio (times) 4.31x 5.79x 0.94x 1.65x Leverage (Times) Total liability to total asset 0.22x 0.25x 0.45x 0.41x Total liability to total equity 0.28x 0.33x 0.81x 0.70x Net debt to equity (0.02)x 0.17x 0.67x 0.56x Net debt to operating EBITDA (0.35)x 1.66x 6.32x 8.61x Interest coverage (3) 5.43x 4.07x 2.73x 1.51x Per share ratios (THB per share) Book value per share Dividend yield (4) 7.34%** 4.71% 6.38% 5.00% ** Subject to shareholders approval of the final dividend of THB 0.21per share. Dividend yield based on share price as of date prior to Board of Directors approval of relevant dividend payment 37

38 Equity Structure LIABILITIES AND EQUITY (THB mn) 67,291 76,757 9, , , , , ,762.3 Current liabilities Non-current liabilities Equity SHAREHOLDER S EQUITY Registered Capital (15,913.1mn THB 4.0) Issued and paid-up (11,914.2mn THB 4.0) THB mn 63,653 47,657 Others 8,312 Retained earnings (Deficits) 3,793 Total Shareholders Equity 59, Mar Mar-14 as of 31 Mar 2014 DILUTION IMPACT Type No. of outstanding warrants (mn) Exercise ratio (warrant : share) Exercise price (THB) No. of shares (mn) % Dilution BTS-WA 11 1 : % BTS-WB 16 1 : % BTS-W3 3, : , % Total 3, % Section 3: Financial Summary as of 31 Mar

39 2014/15 BTS Group Targets and CAPEX BTS GROUP TARGETS MASS TRANSIT 5 8% Ridership Growth 1% Effective Fare Increase 17% O&M Revenue Growth BTS GROUP CAPEX (THB mn) FY 14/15 TOTAL CAPEX*: THB 2,000MN 1,000 MEDIA 13 17% Revenue Growth PROPERTY THB 800mn Residential Property Revenue THB 1,000mn Commercial Property Revenue Mass transit Media Property* Services BTS Group SERVICES 3.5mn Rabbit Cards Section 3: Financial Summary * excludes real estate development cost 2014/15 BTSGIF CAPEX is expected to be approx. THB 180mn (not included in BTS Group CAPEX) 39

40 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 Group Profile Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices Appendix 1: Shareholding Structure Appendix 2: Key Terms of the Core Network Concession Agreement Appendix 3: Future Funding Requirements (Mass Transit) Appendix 4: BTS-W3 Appendix 5: Saphan Taksin Station Removal Appendix 6: BTSC s Quality Management System Appendix 7: Fare Adjustment History Bangkok Concessions 40

41 Appendix 1: Shareholding Structure KANJANAPAS FAMILY TOP INSTITUTIONAL INVESTORS 1 OTHERS 41.0% % % 1 OTHERS 2.5%, mn shares BTS GROUP MASS TRANSIT MEDIA PROPERTY SERVICES 33.3% BTSGIF 97.46% BTSC 51.0% 2 100% 100% 100% 100% 100% 30% 24.89% 11.2% VGI GLOBAL MEDIA PCL VGI ADVERTISING MEDIA CO., LTD. 999 MEDIA CO., LTD. 888 MEDIA CO., LTD. POINT OF VIEW (POV) MEDIA GROUP CO., LTD. VGI ADVERTISING CHINA CO., LTD. MIDAS GLOBAL MEDIA CO., LTD. MASTER AD PCL 100% 100% 100% 100% 100% 100% BTS ASSETS CO., LTD. PRANNAKIRI ASSETS CO., LTD. SIAM PAGING AND COMMUNICATION CO., LTD. KAMKOONG PROPERTY CO., LTD. DNAL CO., LTD. MUANGTHONG ASSETS CO., LTD. 100% 100% 100% 100% 100% 87.5% TANAYONG FOOD & BEVERAGE CO., LTD. TANAYONG PROPERTY MANAGERMENT CO., LTD. YONGSU CO., LTD. THANA CITY GOLF & SPORTS CLUB CO., LTD. NUVO LINE AGENCY CO., LTD. MAK8 CO., LTD. 100% BTS LAND CO., LTD. 50% BAYSWATER CO., LTD. 100% 100% 100% 70% 51% 50% 60% TANAYONG INTERNATIONAL LIMITED TANAYONG HONG KONG LIMITED CARROT REWARDS CO., LTD. MAN KITCHEN CO., LTD. 50% LITTLE CORNER CO., LTD. HHT CONSTRUCTION CO., LTD. ABSOLUTE HOTEL SERVICES CO., LTD % ABSOLUTE HOTEL SERVICES HONG KONG LIMITED BANGKOK PAYMENT SOLUTIONS CO., LTD % Listed entities 1 Information based on the close book date as at 10 Jun 14 with total issued shares = 11,914.2mn shares 2 BTSG holds 62.20% of VGI indirectly and directly Appendix 1: Shareholding Structure 90% BANGKOK SMARTCARD SYSTEM CO., LTD. 41

42 Appendix 2: Core Network Concession Agreement Key terms and background 23 STATIONS, 23.5 KM IN CBD ALL INVESTMENTS MADE BY BTSC Connecting Bangkok s most important business and tourist destinations, serving as the backbone to all Bangkok s mass transit systems Including civil works, E&M and trains (except land acquisition) from private sector sources. BTO for civil works, BOT for electrical and mechanical works, including trains AUTHORISATION EXCLUSIVE OPERATION RIGHT MINISTRY OF INTERIOR 30 YEARS CONCESSION 30 years of concession period ending 4 Dec 2029, approximately 17 years remaining BTSC CONCESSION AGREEMENT BMA NO REVENUE SHARING OR CONCESSION FEES FOR BMA Exclusive right to operate and retain all farebox revenues from BTS SkyTrain System during the period of the concession BTS SKYTRAIN MINISTRY OF SCOPE Procuring, operating and maintaining the mass transit system. BTS has the right to earn revenues from the business related to the BTS Sky Train's system including advertisement, sublicensing and fare collection for 30 years commencing from 5 Dec 1999 AUTHORISATION EXCLUSIVE OPERATION RIGHT INTERIOR EXTENSIONS BTS must inform the BMA of such intent at least 3 years (< 5 years) prior to the expiration of the Concession Agreement. The extension is subject to the prior approval of the Interior Minister. BTS is granted a ROFR for negotiations with BMA to construct and operate such network extensions or new routes, provided that BTS matches the best price offered by other potential investors. Appendix 2: Core Network Concession Agreement BTSC BTS SKYTRAIN CONCESSION AGREEMENT NET REVENUE TRANSFER AGREEMENT BMA BTSGIF 42

43 Appendix 3: Future Funding Requirements (Mass Transit) BTS Pipeline PROJECTED CAPEX BREAKDOWN OF 6 EXPECTED FUTURE LINES (THB mn) KEY ASSUMPTIONS Total CAPEX for 6 lines = THB 117.8bn with D/E Ratio = 1.5 : 1 Total equity required by BTS Group = THB 47.1bn 117,836 2,400 72,410 42,001-9,129-9,129 Dark Green South (Bearing - Samut Prakarn) 20,056-20,056 - Dark Green North (Mo Chit - Saphan Mai - Khu Khot) 23,152 18,849 Pink Line (Kae Rai - Min Buri) 24,250 20, ,073 12,000 2,400 11,927 2,400 12,250 LRT (Bang Na - Suvarnabhumi) Light Green line (Bang Wa - Taling Chan) Grey Line (Watcharaphon - Rama 4) 43,026 Total Rolling Stock E&M Civil works Source: Office of Transport and Traffic Policy and Planning (OTP), Mass Rapid Transit Authority of Thailand (MRTA) and Company estimates Appendix 3: Future Funding Requirements (Mass Transit) 43

44 Appendix 3: Future Funding Requirements (Mass Transit) PPP Gross Cost (E&M only) Dark Green North (Mochit Saphan Mai) FINANCING AND REPAYMENT OF E&M THB mn 2,119 2,100 2,027 1,953 1,879 1,806 1,732 1,658 1,584 1,511 KEY ASSUMPTIONS YEAR (395) (349) (302) (256) (209) (163) (116) (70) (23) (2,570) (2,581) (3,946) 1) 3 to 4-year investment period 2) 10-year repayment from govt. 3) Interest rate (neutral) 4) D/E of 1.5x (6,734) E&M Interest expense Reimburse from Gov. Interest Income from Gov. O&M REVENUE KEY ASSUMPTIONS YEAR ) 30-year contract from operating date 2) O&M revenue of THB 141mn/km in FY 16/17 with growth rate of 3.5% p.a. 3) EBITDA margin of 40% 4) Tax holiday of 8 years Appendix 3: Future Funding Requirements (Mass Transit) 44

45 Appendix 4: BTS-W3 Term Sheet WARRANTS TERMS AND CONDITIONS TICKER BTS-W3 TERMS 5 YEARS ISSUE DATE 1 NOV 2013 EXPIRY DATE 1 NOV 2018 EXERCISE PERIOD QUARTERLY STARTING FROM DEC 2016 TO SEP 2018 WITH THE LAST EXERCISE DATE ON 1 NOV 2018 (TOTAL 9 TIMES) WARRANT PRICE - ALLOCATION NO. OF WARRANTS EXERCISE RATIO EXERCISE PRICE EXPECTED MAXIMUM PROCEEDS TO EXISTING SHAREHOLDERS AT THE RATIO OF 3 BTS EXISTING SHARES : 1 BTS-W3 3,971,617,378 UNITS 1 BTS-W3 TO 1 NEW COMMON SHARE OF BTS THB PER SHARE THB 47,659MN Appendix 4: BTS-W3 45

46 Appendix 5: Saphan Taksin Station Removal BRIEF INFORMATION All costs in relation to station removal & dual track construction covered by BMA All costs in relation to walkway construction paid for by BMA Walkway construction will take approx 1 year to complete Station removal & dual track construction will take approx 1 year to complete No service interruption expected in walkway construction & station removal No significant impact to BTS SkyTrain core revenue and core cost expected S5 S6 S7 SURASAK SAPHAN TAKSIN KRUNG THON BURI Appendix 5: Saphan Taksin Station Removal 46

47 Appendix 6: BTSC s Quality Management System ISO 14001: 2004 ENVIRONMENTAL MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV). OHSAS : 2007 OCCUPATIONAL HEALTH AND SAFETY ZONE CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV). LLOYDS REGISTER RAIL LLOYDS REGISTER RAIL S BEST PRACTICE MODEL IMPLEMENTATION. ISO 9001 : 2008 QUALITY MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV). Appendix 6: BTSC s Quality Management System 47

48 Appendix 7: Fare Adjustment History Bangkok Concession BTS (THB) BMCL (THB) max 0.0% CAGR max 1.2% CAGR min % CAGR min 1.5% CAGR BECL (THB) DON MUANG TOLLWAY (THB) % CAGR % CAGR Appendix 7: Fare Adjustment History Bangkok Concession 48

49 Thank You 49