1Q 13/14 Earnings Presentation 15 August 2013

Transcription

1 1Q 13/14 Earnings Presentation 15 August 2013

2 Disclaimer This is not prospectus of BTS Rail Mass Transit Growth Infrastructure Fund ( BTSGIF or the Fund ). Investment in the Funds contains certain risk. Before investing, please carefully study the prospectus of the Funds. An investment in investment units shall not be deemed as deposit of money. The unitholders may receive an amount of any return that is more or less than the initial amount invested. Furthermore, the Fund has intention to invest in infrastructure projects which is a long-term investment; as a consequence, the investors ought to be aware of its risks from and returns on investment in investment units. This Fund invests in the future net farebox revenue from the Core BTS SkyTrain System. Its value may decrease along with elapse of the concession term, thus decreasing the value of the investment units accordingly. The unitholders will receive return of initial investment in the form of dividend and capital reduction. Once the term expires according to the Net Revenue Purchase and Transfer Agreement that the Fund hasinvestedin,thevalueoftheinvestmentunitsmaydecreasetobahtzero. This document has been prepared solely for the information purpose. The information contained herein is general and does not constitute advice or opinion, and should not be regarded as a substitute for detailed advice in individual cases. None of this information in this document constitutes an offer to treat, buy or sell any security or to participate in any trading strategy. Third parties cannot derive any rights from this document. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof. Any information given in this document may be subject to change or update without notice. No liability(such as, but not limited to, direct, consequential, special, punitive or indirect damages) will be accepted for any loss sustained by readers as a result of using this document or basing decisions on it. Please note that the investment is not a deposit of money and may be subject to certain risks. The value of your investment may rise or fall and also past performance is not insisting of future performanceandshallinnoeventbedeemedassuch. For more information relating to the Fund, please visit or 2

3 Agenda SECTION 1 BTSGIF Overview SECTION 2 Financial Performance SECTION 3 Core Network Performance 3

4 BTSGIF Overview FUND SUMMARY FUND NAME BTS Rail Mass Transit Growth Infrastructure Fund ( BTSGIF ) SPONSORS BTS Group Holdings PCL ( BTSG ) and Bangkok Mass Transit System PCL ( BTSC ) FUND MANAGEMENT COMPANY BBL Asset Management Co., Ltd. ( BBLAM ) FUND SUPERVISOR Standard Chartered Bank(Thai) Pcl. ( SCBT ) INITIAL ASSET Future net farebox revenue (Farebox revenue less related operating cost and CAPEX) from the Core BTS SkyTrain system (23.5km) Concession period ending 4 Dec 2029 Investment cost : THB 61,399 million IPO PRICE AND UNITS THB 10.80, total of 5,788 million investment units REGISTERED CAPITAL THB 62,510.4 million (as of 17 Apr 2013) LOCK-UP ARRANGEMENT Lock-up of BTSG s 33.3% holding of BTSGIF units: 10 years CORE BTS SKYTRAIN SYSTEM National Stadium Ratchadamri Sala Daeng Chong Nonsi Mo Chit Saphan Khwai Right to receive net farebox revenue on core BTS Skytrain System from the underlying concession which ends on 4 Dec stationsover23.5 km in CBD: Connecting Bangkok s most important business and tourist destinations Operated by BTSC with no revenue sharing or concession fees to any third party Ari Sanam Pao Victory Monument Surasak Saphan Taksin Phaya Thai Ratchathewi Siam Phloenchit Phrom Phong Chitlom Nana Asok Thong Lo Ekkamai Phra Khanong On Nut Section 1: BTSGIF Mass Transit Overview 4

5 BTSGIF 1Q 13/14 Income Statement (Unit: THB mm) Projected FY13/14 (1 Apr Mar 14) 1Q 13/14 (17 Apr - 30 Jun 13) % of FY13/14 Projection 75 days (17 Apr 30 Jun 13) equals to 20.55% of the full year Income from investment in NRTA 3, % Interest income % Total Income 3, % Fund management fee and expenses % Amortisation of issuance costs % Other expenses n/a Total Expenses % Net Investment Income 3, % Total Unrealised Gain on Investments n/a Increase in Net Assets resulting from Operations Net income available to the unitholders (to be paid as dividend) Add back: excess liquidity due to amortisation of issuance cost (to be paid as capital reduction in the future) 3,223 1, % THB/Unit 3, % % Total distribution available to unitholders 3, % Income from investment in NRTA Farebox revenues 1, Total Expenses Cost of farebox revenues Selling expenses Administrative expenses Capital expenditures 7.64 Total income from investment in NRTA IPO Price = THB Implied Annual Distributable Yield of 5.9% 5.3% from dividend 0.6% from capital reduction (in the future) Section 2: Financial Performance 5

6 BTSGIF Balance Sheet (Unit: THB mm) 30 Jun 2013 Investment in NRTA 61, Investment in Securities and Cash Other Assets 1, Total Assets 63, Total Liabilities Net Asset Value 63, Capital Received from Unitholders 62, Retained Earnings 1, NAV per Unit (THB) Section 2: Financial Performance 6

7 Core Network Performance ( 1 Apr 30 Jun 2013) RIDERSHIP (MN Trips) CORE NETWORK FAREBOX REVENUE (THB MN) 1, , Q 12/13 1Q 13/14 1Q 12/13 1Q 13/14 Section 3: Core Network Performance 7

8 Thank you 8