Presentation - Bangkok Metro Public Company Limited

On 24 November 2014
Analyst Meeting No.2/2014
1
Agenda
Metro Network Master Plan
Company Information Financial Results
BMN Commercial Development
Conclusion
2
Metro Network
Master Plan 3
Metro Lines Existing
Routes
Distance
(Km.)
Stations
Responsible
Agencies
Mo Chit-On nut-Bearing
&
National Stadium-Taksin
Bridge-Taksin RoadBang Wa
36.3
35
BMA
2. Blue Line
(MRT)
Bang Sue - Hua Lamphong
20
18
MRTA
3. Airport Rail Link
Phaya Thai - Suvarnabhumi
Airport
28
8
SRT
Total
84.3
61
Projects
1. Green Line
(BTS)
Source : ขอมูลบริษัท ; www.bts.co.th ; www.srtet.co.th
4
gg
in
t
s
i
x
E
n
i
s
t
s
e
i
n
x
i
E
L
s
M
Meettrroo Line
Bang Sue-Hua Lamphong
ARL Phaya Thai-MakkasanSuvarnabhumi Airport
National Stadium-Taksin Bridge-Taksin Road-Bang Wa
Mo Chit-On nut-Bearing
5
Metro Lines operate in 2016 ‐ 2018
Distance
(Km.)
Stations
Year to start
construction
Progress
(Oct 14)
22
16 (Elevated)
2011
95%
2016
MRTA
26
21 (17
elevated &
4
underground)
2011
56%
2017
MRTA
3. Green Line
(Baring – Samut Prakan)
13
9 (Elevated)
2013
42%
2017
MRTA
4. Red Line
(Bang Sue – Rang Sit)
26.3
8 (Elevated)
2013
14%
2018
SRT
5. Dark Green Line
(Mochit – Saphan Mai – Khu
Khoat)
19
16 (Elevated)
2014
TOR
in 2014
2018-2020
MRTA
Total
106
Projects
1. Purple Line
(Bang Yai - Bang Sue)
2. Blue Line
(Tao Poon – Tha Phra &
Hua Lamphong – Bang Khae)
Year to operate Responsible
(expected)
Agencies
Data Source: MRTA
6
Transport and Traffic Plan for Year 2015 (Budget approx. 68,000 million baht) MRT + NGV
26%
Rail Transport
14%
20%
Motor way
Road Transport
2%
38%
Airport & Port
Source : Office of Transport and Traffic Policy and Planning, Ministry of Transport (สนข.)
7
Transport and Traffic Plan
2 trillion baht project
กอสราง
ประกวดราคา /เจรจา
Source : BMCL
Rang Sit-Mahachai (80.8 km.)
Lam Lukka-Bang Pu
(66.5 km.)
Bang Yai-Rat Burana (42.8 km.)
Kae Rai-Min Buri
(36 km.)
Salaya-Hua Mark (48 km.)
Lad Prao-Sam Rong
(30.4 km.)
Bang Sue – Tha Phra Puttamonton 4 (55 km.)
Yod Se-Bang wha
(15.5 km.)
Ta Ling ChanThailand Cultural centerMinburi
(37.5 km.)
Company Information 12
Blue Line & Purple Line
Contract signed Date
Concession Type
Concession Duration
Concession years left
Started to operate
Trains & Stations & Distances
Blue Line
Purple Line
Aug. 1, 2000
Sep. 4, 2013
PPP Net Cost (Acquire‐Operate‐Transfer)
PPP Gross Cost (Acquire‐Transfer‐Operate)
25 years (2004‐2029)
30 years (2013‐2043)
15 years
29 years
Jul. 3, 2004
2016
19 Trains & 18 Stations & 20 km.
21 Trains & 16 Stations & 22 km.
13
Capacities Blue Line & Purple Line
( within Year 2018)
Distances Stations Trains
Blue Line
Blue Line
(Existing) (Existing) Purple Line
Purple Line
(KhlongBang Phai‐Tao Poon)
Bang Phai‐Tao Poon)
(Khlong
Blue Line
Blue Line
(Extension) (Extension) 20
18
19
22
16
21
26
21 30
Total 68 55 70
In 2016 : BMCL will become the only mass transit operator in Thailand which has expertise in the management both underground and elevated rail projects.
14
BMCL Projects Blue Line & Purple Line
Tao Poon Station :
Bang Sue Station :
Linking between
MRT Purple line &
Blue Line
Railway Junction
Station for the MRT
train & the SRT train
Tha Phra Station :
Interchange between
Bang Sue-Tha Phra and
Hua Lamphong-Lak Song
(at Tha Phra intersection)
Bang Wha Station :
Linking between
MRT Blue Line & BTS
15
Company Milestone
Raising in Fare Rate
Road show
Repayment Sponsor Loan 4,200 Mb.
Capital
Raising 8,550 Mb.
Signing Purple Line Concession
2013
bid Commercial & Ads. In Repayment Bank Loan 1,500 Mb.
Raising in Fare Rate
Biding Blue Line (Extension) (O&M)
2014
Blue Line (Extension) Project
bid Commercial & Ads. In Purple Line start operation
Completed Circle Line (The center of BKK Metro)
Raising in Fare Rate
Dividend
Blue Line (Extension) start operation
Purple Line Project
2015F
BMCLIF
2016F
16
2017F
2018F
20XX
Financial Results
17
Growth Rate
Year 2013 Growth Rate
461 %
20 %
109 %
9M 2014 YOY Growth Rate
14 %
35 %
12%
209%%
5%
8
%
19%
18Fare
%
Box
Ratio
Total (per day)
Average
Farebox
Ridership
Revenue
(per day)
18
8%
19 %
Farebox
Average
Ridership
Revenue
(per day)
Total CD
Revenue
Revenue
Farebox
CD
Ratio
Revenue
EBITDA
EBITDA
EBIT
EBIT
Average Ridership (5‐year Period)
Trip per Day
350,000
300,000
250,000
200,000
150,000
202,428
+4 % 210,873 +5 % 220,552
+15 %
252,826
220,225
174,657
181,870
2009
2010
+8 % 272,009
+8 %
236,811
292,384
253,884
189,310
100,000
50,000
0
2011
2012
Working day
19
2013
Per day
9M‐14
Revenue Structure
THB (Million)
3,000
%
+ 20
2,500
2,000
1,903
2,280
+ 11%
2,537
431
301
S+9%
1,867
257
2,028
348
313
1,500
1,000
1,646
1,979
2,106
2012
2013
1,554
1,680
9M2013
9M2014
500
0
2011
Farebox
CD & Others
Total Expenses
Baht Million
4,000
3,500
+7%
3,061
3,261
+1%
3,300
3,000
2,500
2,000
1,100
317
1,186
1,229
348
371
1,500
1,000
1,644
1,727
1,700
2011
2012
2013
500
T-8 %
2,524
2,332
892
585
275
299
1,357
1,448
9M/2013
9M/2014
0
Operating Expenses
20
Amort. & Depre.
Finance Cost
Farebox Revenue
Baht Million
2,500
2,000
1,500
1,000
1,646
%
+ 20
1,979
+ 6%
+ 8%
2,106
1,554
1,680
9M 2013
9M 2014
500
0
2011
2012
2013
21
Commercial Development Revenue
Baht Million
450
400
350
300
250
%
+ 15
200
150
+ 45%
254
291
2011
2012
+ 12%
422
306
342
100
50
0
2013
22
9M 2013
9M 2014
Expense Structure
Finance Cost
585
25%
Selling&Admin. Exp.
234
7%
CD Exp.
150
5%
Selling&
Admin. Exp.
221
9%
CD Exp.
119
5%
Amort.&Depre.
371
11%
Finance Cost
1,229
37%
Cost of Farebox
1,108
48%
Cost of Farebox
1,316
40%
9M 2014
Total 2,332 mb.
2013
Total 3,230 mb.
23
Amort.&
Depre.
299
13%
EBITDA / EBIT
THB (Million)
900
800
700
600
500
400
300
200
100
0
‐100
‐200
%
1
5
+
837
554
509
282
235
206
2011
581
466
260
-57
+ 14%
2012
2013
.
EBITDA
9M 2013
EBIT
24
9M 2014
Financial Performance
Growth EBITDA : Yr 2013 vs 2012 ~ S 51%
Baht Million
9M (14 vs 13) ~ S 14% 3,000
2,500
2,000
1,500
1,000
500
0
-500
2007
2008
2009
Total Revenue
2010
2011
2012
2013
Total Operating Expenses
25
9M/2013 9M/2014
EBITDA
Financial Statements
Baht Million
Common Size Analysis
Current Assets
5%
Assets
Current
Liabilities
4%
Intangible Asset
under
concession
agreement
(Project Cost)
93%
Non-current
Liability
51%
Liabilities
• Current Assets
944 • Current Liabilities
671
• Intangible Asset under
• Long-term Loans
9,356
concession agreement
• Other non-current Liabilities 156
(Project Cost)
17,322
10,183
• Non-current Assets 367
Shareholder’s Equity
8,450
Total 18,633
Equity
Non-current
Assets
2%
45%
D/E Ratio = 1.21 times
As at Sep 30, 2014
26
MRT Route & Future Property Development
Year 2014 :
1.Town Square (Shopping Mall) – KAM
2. อาคารทีท
่ ําการศาลเยาวชนและครอบครัวกลาง
3.E QUINOX PHAHOL‐VIBHA CONDO‐CHA
4.Suan Lum Night Bazaar –LAT/RAT
5.Lugano LAT Soi.18‐LAT
6.L Loft Ratchadaphisek – RAT
7.Humble Living – SUT
8.Ivy Ampio ‐ CUL
9. SupaLai Wellington – CUL
10.Ideo Mobi Rama9 Condominium‐RAM
11.The 9th Tower & Empire Condo‐RAM
12.The Mark ‐ PET
13.Supalai – PET
14. Chodtayakorn /15 Sukhumvit
Residence / Hyde SUK Condo– SUK
Total 7,145 units
+ New SET Building @ CUL
+ New AIA Building @ CUL
Bang Sue
3
Kamphaeng Phet
1
Lat Phrao
5
Phahon
Chatuchak Park Yothin
6
4
Ratchadaphisek
1
Sutthisan
7
2
2
Year 2015 ‐2017 :
1. The Sky / chateau-in-town – SUT
2. The Sky – HUI
3. Noble Revolve – CUL
4. Tree Condo – SUK 5. Ideo Q Chula – SAM
Total 4,393 units
+ The Grand Rama 9
Huai Khwang
8
9
Thailand Cultural Centre
3
10
11
Phra Ram 9
12
Hua Lamphong
DEP
O
Phetchaburi
5
Sam Yan
HO
13
14
Silom
Lumphini
T MWS OCC
4
Sukhumvit
Queen Sirikit
Khlong Toei
Note:
27
= Interchange with BTS
Farebox Ratio
Times
2.0
+ 10
1.8
1.6
1.4
%
+ 15
%
+
1.60
1.45
5%
1.52
1.45
1.26
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2011
2012
2013
.
28
9M 2013
9M 2014
BMN Commercial Development
29
Commercial Development
Bangkok Metro Networks Limited (BMN)
BMCL 65.19 %
BMN
30
¾ Bangkok Metro Networks (BMN)
BMN’ s Business
Advertising
Retail Spaces
Telecommunications
31
¾ Advertising & Media
STATION & TRAIN
STATIC MEDIA DIGITAL MEDIA
CREATIVE &INNOVATIVE
DESIGN
New Media : DIGITAL
New Media : DIGITAL
FULL YEAR EFFECT: Q3
‐14
FULL YEAR EFFECT: Q3‐14
119 Screens in 18 Stations
32
¾ Retail
Retail Spaces in 11 MRT Stations & 1 Park & Ride Building
1. Khlong Toei
7. Ratchadaphisek
2. Queen Sirikit National Convention Centre
8. Lad Phrao
3. Sukhumvit
9. Phahon Yothin
4. Phetchaburi
10. Chatuchak
5. Phra Ram 9
11. Kamphaeng Phet
6. Thailand Cultural Centre
12. Park&Ride Bldg. - Lad Phrao
33
¾ Telecommunication
4 G
34
Total Advertising Expenditure
Media
TV
9M-2013
9M-2014
%Change
52,066
48,197
-7.43%
4,629
4,021
-13.13%
11,066
9,492
-14.22%
MAGAZINES
4,179
3,471
-16.94%
CINEMA
3,794
3,430
-9.59%
OUTDOOR
3,109
3,000
-3.51%
TRANSIT
2,615
2,692
S 2.94%
IN STORE
2,041
1,323
-35.18%
651
671
3.07%
84,149
76,298
T -9.33%
RADIO
NEWSPAPER
INTERNET
TOTAL
Source : The Nielsen Company / on 13 Oct 2014
35
¾ BMN – Financial Statement (3‐year Period)
THB (Million)
450
392.3
400
+ 49
350
+ 16
300
250
%
+ 13
%
%
320.6
283.5
262.9
226.8
200
150
100
50
33.0
29.7
2013
9M 2013
23.4*
1.4
‐
-9.4
‐50
2011
2012
Revenue
Net Profit
Remark : *9M-2014 : BMN ชําระภาษีเงินได จํานวน 6.2 ลานบาท / EBT = 29.6 ลานบาท
36
9M 2014
Conclusion
37
The Blue Line (Existing)
18 Stations / 20 Km. / 19 Trains
Ridership
Growth Rate 6 – 8% 38
The Purple Line
16 Stations / 22 Km. / 21 Trains
2016_Ridership Forecast = 380,000 trips/day
on Blue Line Existing
Passenger Feeding to ……. ..…..the Blue Line (Existing) 70,000 trips/day
39
Purple Line_Revenue
Service Revenue from Purple Line Operating,
from the year 2016…
… ~ 1,700 Million Baht.
40
Ability to grow
Lots of room for expansion
41
Disclaimer
The information contained in this presentation is intended solely for your personal reference only. This presentation is not intended to provide the basis for 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. Some statements made in this presentation are projections and forward‐looking statements, with respect to BMCL’s corporate plans, strategies and beliefs and other statements that are not historical facts and are subject to various risks and uncertainties. These statements can be identified by the use of forward‐looking terminology such as “may” , “will” , “expect” , “anticipate”, “intend” , “estimate” , “continue” “plan” or other similar words. The statements are based on the assumptions and beliefs of BMCL’s management in light of the information currently available to BMCL. These assumptions 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 BMCL as to the future.
www.bangkokmetro.co.th
email: [email protected]
+66 2 354 2000 x 3531, 3512‐15
42

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