Bangkok Expressway Public Company Limited. Opportunity Day Quarter 4/2013 March 27, 2014

Transcription

1 Bangkok Expressway Public Company Limited Opportunity Day Quarter 4/2013 March 27,

2 Part 1 Company Overview 2

3 3

4 Revenue Sharing with EXAT BECL* BECL EXAT Urban Network (FES and SES urban : Sector A&B) First 9 Years ( ) 60% 40% Between First & Last 9 Years ( ) 50% 50% Last 9 Years ( ) 40% 60% Sub-urban Network (SES Sub-urban : Sector C&D) 100% - NECL (Sector C+) NECL - Bang Pa In Pak Kret Expressway 100% - * Excluding Si Rat Outer Ring Road Expressway 4

5 Total Traffic Volume (Thousand trips / Day) 1, , , % YOY -2.69% YOY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

6 Total Toll Revenue (Million Baht / Day) % YOY +4.87% YOY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg

7 Total Traffic Volume & Toll Revenue Trips/Day YoY Change % FES 370, ,297 2, % Sector A 218, , % Sector B 102, , % Urban 691, ,948 3, % Sector C 177, ,394 3, % Sector D 163, ,346 4, % Sub urban 340, ,740 7, % Total BECL 1,031,975 1,020,689 11, % Total NECL (C+) 67,748 63,886 3, % Total BECL+NECL 1,099,723 1,084,576 15, % (Baht / Day) YoY Change % FES 7,024,044 6,727, , % Sector A 4,007,378 3,867, , % Sector B 1,927,451 1,843,411 84, % Urban 12,958,873 12,438, , % Sector C 2,376,443 2,325,972 50, % Sector D 3,815,524 3,668, , % Sub urban 6,191,967 5,994, , % Total BECL 19,150,840 18,432, , % Total NECL (C+) 2,875,420 2,689, , % Total BECL+NECL 22,026,260 21,122, , % 7

8 1,100 1, Traffic Volume & Toll Revenue (Thousand Trips/Day) 1, Daily Traffic Volume ,100 1,085 1,058 1, M 2014 Year (Million Baht/Day) Daily Toll Revenue Changed RevenueSharing since Sep 2, 2002 Changed RevenueSharing since Mar 1, M 2014 Year 8

9 Sirat-WOBRR Expressway Project Sirat Western Outer Bangkok Ring Road WOBRR SIRAT 9

10 Concession in Summary Sirat WOBRR Expressway BTO Concession (Build-Transfer-Operate) from The Expressway Authority of Thailand (EXAT) Concession period = 30 years (Commencing from Notice to Proceed dated on December 15, 2012) EXAT is responsible for Land acquisition matter Revenue received 100%, no sharing with EXAT Project Cost = 25,491 MB. (excld VAT) 10

11 Progression of Sirat WOBRR Expressway 11

12 Progression of Sirat WOBRR Expressway 12

13 To alleviate the congested traffic, BECL have planned to construct a project called The Extension of AS3 under the Second Stage Expressway System Project 13

14 The extension of AS 3 14

15 The extension of AS 3 BECL AS 3

16 New Entry and Exit Ramp Atnarong3 (AN3) 16

17 Part 2 Financial Overview 17

18 Financial Highlights (Year ) Consolidated (Unit : MB.) Revenue :- (Restated)* Toll Revenue 6,956 7,623 7,811 7,308 7,732 8,040 Interest Received Others ,433 3,225 Expense :- Total Revenue 7,149 7,760 8,004 7,652 9,224 11,314 Selling (781) (889) (1,044) (997) (1,099) (1,103) Administration (346) (362) (401) (451) (539) (595) Others - (8) EBITDA (Before Land Acq.) 6,022 6,501 6,559 6,204 7,586 9,616 Financial Cost (1,330) (1,138) (994) (896) (829) (801) Corporate Income Tax (581) (680) (601) (509) (768) (381) Cash Profit (Before Land Acq.) 4,111 4,683 4,964 4,799 5,989 8,434 Depreciation and Amortization (2,101) (2,329) (2,417) (2,575) (2,804) (2,927) Land Acquisition (566) (652) (744) (842) (947) (1,060) Share of income from investment in associate Profit for the Period 1,444 1,702 1,803 1,390 2,254 4,848 Profit/(Loss) Attributable to Non-controlling interests (18) (7) 13 Profit Attributable to Equity Holders of the Company 1,444 1,702 1,803 1,408 2,261 4,835 EPS (Baht) DPS (Baht) *According to the adoption of accounting standard No.12 Income Taxes which is effective for fiscal years beginning on or after January 1, 2013 ; therefore, the Company restated the prior year s financial, presented as comparative information as though the Company and its Subsidiary had initially recognised the tax effects as deferred tax assets or liabilities ** Subject to shareholders approval on AGM ( April 23, 2014) 0.70 (H1) 0.90 (H2)** 18

19 Financial Highlights Consolidated (Unit : MB.) %CHANGE Revenue :- (Restated)* Toll Revenue 8,040 7, % Interest Received % Others % Expense :- Total Revenue (from normal operation) 8,232 8, % Selling (1,103) (1,099) 0.36% Administration (595) (539) 10.39% EBITDA (Before Land Acq.) 6,534 6, % Financial Cost (801) (829) -3.38% Corporate Income Tax (381) (768) % Cash Profit (Before Land Acq.) 5,352 4, % Depreciation and Amortization (2,927) (2,804) 4.39% Land Acquisition (1,060) (947) 11.93% Share of income (loss) from investment in associate % Gain on fair value adjustment (TTW) 2,808 - N/A Gain on sale of investment (CKP) N/A Gain on sale of investment (SEAN) - 1,156 N/A Profit for the Period 4,848 2, % Profit/(Loss) Attributable to Non-controlling interests 13 (7) % Profit Attributable to Equity Holders of the Company 4,835 2, % EPS (Baht) % *According to the adoption of accounting standard No.12 Income Taxes which is effective for fiscal years beginning on or after January 1, 2013 ; therefore, the Company restated the prior year s financial, presented as comparative information as though the Company and its Subsidiary had initially recognised the tax effects as deferred tax assets or liabilities. 19

20 BECL Financial Ratio Profitability Ratio (Restated) Net Profit Margin 20.20% 22.33% 23.08% 18.40% 24.51% 42.73% ROA 3.30% 3.96% 4.33% 3.56% 5.65% 11.22% ROE 8.98% 10.10% 9.85% 7.46% 11.54% 22.04% Interest Coverage D/E RATIO DSCR Ratio Net Debt to EBITDA * Annualized 20

21 BECL Financial Ratio (Con t) Market Value Ratio (Restated) Average Price Closed Price P/E Dividend Payout 58.66% 56.55% 55.56% 71.04% 51.02%* 25.48%** Dividend Yield 6.36% 5.53% 6.35% 7.42% 3.80% 4.72% * If excluding extra gain from SEAN, Div. payout ratio from core profit is equal to 77.78% ** If excluding gain on fair value adjustment of TTW, Div. payout ratio from core profit is equal to 60.79% DPS (Baht) 0.70 H1/ H2/ Subject to shareholders approval on AGM ( April 23, 2014) 21

22 Financial Covenants Bangkok Expressway Plc. (BECL) Current Covenants 2013 Debt to Equity Ratio Existing Status 0.99 times Existing Covenant 2.50 times Net Debt to EBITDA Existing Status 3.59 times Existing Covenant 4.50 times Existing Covenant after SOE 6.00 times Debt Service Coverage Ratio (DSCR) Existing Status 2.80 times Existing Covenant 1.00 times 22

23 Fixed Rate Floating Rate Funding Structure (Excluding Sirat WOBRR Expressway) Outstanding * Interest Charged (%) As of February 14 (Million Baht) %Portion Bond 09 5Y5M 2, % M4-3 M Bond 10 7Y 1, % D D D D Total 3, % Average cost of Floating Rate as of February 2014 = % Loan T # % Loan T # % Bond 07 7Y 1, % Bond 11 3Y 1, % Y 1, % Y % Bond 12 3Y 1, % Bond 13 3Y 3, % Y 2, % Bond 14 3Y 3, % Total 14, % Average cost of Fixed Rate as of February 2014 = % Grand Total 17, % Average cost of Debts as of February 2014 = % Where ; M4 = Average MLR of KTB+BBL+SCB+KBANK = % D4 1 = Average 6MFDR of KTB+BBL+SCB+KBANK = % (As of February, 2014 ) 23

24 Financing Plan Sirat WOBRR Expressway As of February, 2014 Commercial Loan - Tranche I : Interest Rate = MLR* % pa. - Tranche II : Interest Rate = 6M FDR* % pa. Grace period 5 Yrs. with Repayment period 10 Yrs. Debenture Financing Plan 5,750 4,250 Current Status Unit : MB. Interest Rate % % Sub Total for Loan 10, % Y : 4Y ( Oct 12 - Oct 16) Int Rate 4.08% 2,000 2, % Y : 7Y ( Mar 13 Mar 20) Int Rate 4.36% 1,000 1, % Y : 5Y ( Nov 13 Nov 18) Int Rate 4.70% 1,000 1, % Y : 5Y ( Feb 14 Feb 19) Int Rate 4.35% 1,000 1, % - Others in plan 4, Sub Total for Debenture 9,000 5, % Working Capital (Bearing Debt) 3, Construction Costs 22,500 5,400 - Working Capital (Internal CF) 2, Project Cost 25,491 5, % *MLR : Average MLR of BBL+SCB = % 6M FDR : 6M FDR KTB = % (As of February, 2014) 24

25 Debt Repayment Schedule Inclusive of Sirat WOBRR Expressway Year Existing Debt Total Sirat WOBRR Repayment* Existing Loan Debenture Repayment Loan Debenture Total New Project Repayment Grand Total Repayment ,000 3, , ,000 2,000-2,000 2,000 4, ,500 4, , ,900 1, ,000 1,267 3, ,000 1, ,500 2,831 3, ,000 1, ,000 2,631 3, ,000 1, ,500 2,473 3, ,117-1,117 1, ,317-1,317 1, ,317-1,317 1, ,382-1,382 1, ,537-1,537 1, ,061-1,061 1,061 Total ,400 15,210 10,000 9,000 19,000 34,210 *Indicative 25

26 Provision for Land site acquisition reserve for SES Project ( A,B,C,D ) Cash Out Flow Original Provision Expense in P&L Year Actual Payment Cum. Actual Payment Annual Provision Cum. Provision The effects of the adoption of new accounting policy (TFRIC 12 : Service Concession Arrangement), commencing from January 2014 onwards Unit : Million Baht , , , , , , , , , , , , , The impact, increase/(decrease) on Financial statements as at January 1, 2014 will be as follow: Assets 1. Advance for compensation ( MB.) 2. Intangible Asset 1, MB. 3. DTA 1, MB. Liabilities 1. Provision for compensation 7, MB. 2. DTL (63.41 MB.) Shareholders Equity 1. R/E (4, MB.) , , , New Provision Expense in P&L , , , Annual Provision Cum. Provision , , , , B/F 13, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Total 16, , , , , ,

27 Project Investment (As of December 31, 2013) Investment Project TTW Thai Tap Water Supply Plc. CKP (CK Power Plc.) BECL owns 23.22% in CKP (2,554 MB.)* Stated at cost Total registered and paid up capital : 5,500 MB. Effective Equity MW : MW BECL also owns CKP 5.07% indirectly through TTW SEAN Southeast Asia Energy Co.Ltd. BIC Bangpa-In Cogeneration Co., Ltd BKC Bangkhenchai Co.Ltd. CRS Changrai Solar Co.Ltd NRS Nakorn Rachasima Solar Co.Ltd. BMCL Bangkok Metro Plc. XPCL Xayaburi Co.Ltd. Investment Type % of Possession as of December 31, 2013 BOO water purchase agreement 20.24% (7,259 MB.) * Stated at cost Holding Company (75% in NN2) BOOT PPA ( 615 MW.) Concession date BOO PPA BIC1: MW. BIC2: 120 MW. BOO PPA (8 MW.) BOO PPA (8 MW.) BOO PPA (6 MW.) 56% 65% 100% 30% 30% BIC1: 2013 BIC2: 2017 Concession period 30 years 25 years 25 years Customer PWA EGAT EGAT, Industrial customers AOT Concession 10.00% (2,340 MB.) * Stated at cost BOOT Concession (1,285 MW.) 7.50% (434MB.) * Stated at cost N/A 5 years + renewal option 5 years + renewal option 5 years + renewal option 25 years 29 years PEA PEA PEA Public EGAT/EDL BOI Privilege 8 years Tax Exempt from Laos PDR Government 8 years 8 years 8 years 8 years 8 years Tax Exempt from Laos PDR Government Registered capital (MB.) 3,990 6,607 1, ,500 26,861 Paid-up Capital (MB.) 3,990 6,607 1, ,500 5,790 AOT = Acquired-Transfer-Operate, BOO = Build-Own-Operate, BOT = Build-Operate-Transfer, BOOT = Build-Own-Operate-Transfer, PPA = Power Purchase Agreement 27

28 Components of TTW Investment Total cost of TTW investment (Consolidated) 7,259 MB. Fair Value (FV) >> only for BECL s portion of investment << = % of TTW, measured by independence appraiser. Goodwill Fair Value (FV) Book Value (BV) Recorded in TTW Financial Statements = + Differences (FV BV) Recorded in BECL Financial Statements 28

29 Amortisation expense for each year until the expiration of TTW Concession (Unit : Million Baht) Year Period Amortisation Expense / Year Y Y Y Y Y Concession Period 1. Thai Tap Water Supply Public Company Limited (TTW) : 30 years (July 21, 2004 July 20, 2034) 2. Pathum Thani Water Company Limited (PTW) : 25 years (October 15, 1998 October 14, 2023) 3. Rights to produce tap water and wastewater treatment in Bang Pa-In Industrial Estate (BIE) : 30 years (August 7, 2009 August 6, 2039) 29

30 Q&A 30

31 Thank you For further inquiry ir@becl.co.th 31