Bang Pu 1 (80.8 Kms.) (66.5 Kms.)
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Bangkok Expressway and Metro Public Company Limited (BEM) February 2020 BEM : Business Overview Road Rail Commercial Development Investment ➢ Total Expressway ➢ Total Rail ➢ BL = IBL + BL Ex ➢ Infrastructure portfolio SES 38.5 km IBL 20 km 18 stations For advertising in Stations - Owns 99.99% in NECL Sector C+ 32 km BL Ex 27 km 20 stations & Trains, Retailing and - Owns 89.67% in BMN SOE 17.06 km PPL 23 km 16 stations Telecommunications - Owns 18.47% in TTW Total 87.56 km Total 70 km 54 stations - Owns 16.17% in CKP ➢ PPL to be negotiated with ➢ BL Ridership ➢ Traffic Volume MRTA ➢ Profit sharing in P&L Jan 2020 Jan 2020 Y2018 434 MB 397,440 trips/day 1,216,971 trips/day ➢ Expressway Ads on SES Y2019 173 MB Growth -1.82% YoY Growth 25.43% YoY Avg. 2020 Avg. 2020 ➢ Cash Dividend Received 397,440 trips/day ➢ CD Revenue 1,216,971 trips/day Y2018 494 MB Growth -1.82% YoY Growth 25.43% YoY Y2018 = 705 MB Y2019 = 783 MB Y2019 258 MB ➢ Tolls Revenue ➢ BL farebox Jan 2020 Jan 2020 10.62 MB/day 27.81 MB/day Growth 32.11% YoY Growth -1.27% YoY Avg. 2020 Avg. 2020 10.62 MB/day 27.81 MB/day Growth 32.11% YoY Growth 1.27% YoY ➢ PPL O&M service income Annual Income apx.1,800 MB/year 2 BEM: Financial Highlights & Earning Outlook REVENUE STRUCTURE TOTAL REVENUE NET PROFIT As of Y2019 Unit: MB 5% Unit: MB 65% 19,087* 20,404** 15,393 13,233 5,317* 5,435** 30% 2,606 3,123 2016 2017 2018 2019 2016 2017 2018 2019 Road Rail Commercial Development NET IBD/E DPS/EPS Earning Highlights & its Outlook : Unit : Times Unit: THB - Reclassified the investment in TTW from investment in associated company to investment in available-for-sale securities. 1.38 1.37 0.35* 0.36** - Interim dividend for the first half of 2019 1.33 1.34 0.17 0.20 0.15 0.06 baht per share. 0.11 0.13 0.06*** - COD BL Ex Section II on 29 Sep, 19 2016 2017 2018 2019 2016 2017 2018 2019 - Y20 To Open Full BL Line in Mar 20 DPS EPS Remark : * Including non - cash extra item from reclassified the investment in CKP ** Including non - cash extra item from reclassified the investment in TTW *** Interim dividend for the first half of 2019 3 Overview of Expressway Business Distance Operator Expressway Network (km) 1. First Stage Expressway System (FES) 27.10 EXAT 2. Second Stage Expressway System (SES) 38.50 BEM 3. Northern Stage Expressway (C+) 32.00 NECL (Bang Pa In – Pak Kret Expressway) 4. Don Muang Tollway (DMT) 28.00 DMT 5. Ramindra-Atnarong Expressway (RAE) 32.90 EXAT 6. Bang Pli - Suksawad Expressway (Southern Outer Bangkok Ring Road) 42.30 EXAT and Highway No. 37 (Suksawad-Bang Khun Thien Section) 7. Bangna-Chonburi Expressway 56.70 EXAT 8. Si Rat – Outer Ring Road Expressway (SOE) 17.06 BEM Total 274.56 ✓ BEM is the largest private expressway operator in Thailand; • The Second Stage Expressway System (SES) - Sector A, B, C and D concession ending in 2035 • The Bang Pa In-Pak Kret expressway (Sector C+) operated by BEM’s subsidiary company Northern Expressway Company Limited (NECL) concession ending in 2035. • The Si Rat – Outer Ring Road Expressway (SOE) concession ending in 2042 ✓ Over 1.2 million trips a day in BEM expressway system. ✓ Get a 40% toll revenue share from FES and SES (sector A & B) concession. ✓ 100% toll revenue from SES (sector C & D), NECL (Sector C+) and SOE. 4 Highlights of Expressway Business Toll Revenues & Traffic Financial Strength Remaining Concession Period Expressway Revenues (MB) Toll ✓ Reliable cash revenues Revenues ✓ Toll revision every 10 years Traffic ('000 Trips/Day) FES & SES 4.4 2020 15.8 years ✓ Steady traffic growth (Sector A-B-C) years 1,214 1,230 1,237 1,142 1,178 ✓ CAGR = 2.39% (2011 - 2019) 10,302 Traffic Udonrattaya 9,957 10,174 ✓ SOE contributes highest 8.6 years 11.6 years (Sector C+) 8,815 9,301 traffic growth. ✓ Entitled to full renewal of SES Extension Existing 9.1 years 10.11 years Projects existing concession (Sector D) ( FES&SES&C+) agreements. Sirat Outer Ring ✓ 15-20 mins to downtown (SOE) ✓ SOE Project East - West Corridor link 2015 2016 2017 2018 2019 ✓ Toll hike every 5 years 2019 2035 2042 without applying CPI base SOE ramp to north (heading to Chaeng Wattana road) Project SOE Ramp ✓ SOE Ramp to north connects SES (Sector A) heading to Chaeng Wattana road and Bang Pa In (Sector C+) ✓ More convenience for expressway users. ✓ Reduce travel time from local road and traffic congestion on Kamphaeng Phet 2 road. ✓ Approximately 360 meters long. 5 Bangkok Metropolitan Mass Rapid Transit Network Master Plan Future Bangkok Mass Rapid Transit Network: 10 Lines total 464 kms. Thammasart –Mahachai 4 Lumlukka – Bang Pu 1 (80.8 kms.) (66.5 kms.) 7 Bang Yai – Rat Burana (42.8 kms.) Kae Rai– Min Buri 9 (36 kms.) 2 Salaya-Hau Mark (48 kms.) 10 Lat Phrao - Samrong (30.4 kms.) Taling Chan- Min Buri– Thailand 6 8 Cultural Center (37.5 kms.) Bang Sue – Phuttamonthon Sai 4 (55 kms.) Yot Se – Bang Wa 5 (15.5 kms.) 3 Airport Link (50.3 kms.) Source : MOT 6 Metro Map Existing Metro Lines 6 more Lines under construction Bang Sue – Hua Lamphong – Lak Song Distance Operated Distance Operated Projects Stations Trains Cars Status Operator Project Stations Trains Cars Status Operator km (Year) km (Year) Blue Line - Bang Sue - Hua Lamphong 20 18 19 57 2004 Blue Line (Extension) Operating BEM BEM - Tao Poon 1 1 15 45 Aug 11, 2017 - Bang Pho - Tha Pra 12 8 20 60 Constructing 2020 - Wat Mungkorn - Lak Song 14 11 Sep 29,2019 Purple Line (Bang Yai-Tao Poon) 23 16 21 63 Operating Aug 6, 2016 BEM Red Line (Bang Sue-Rang Sit) 26.3 8 - - Constructing 2021 SRT Airport Rail Link (Phaya Thai-Suvarnabhumi Green Line 28.5 8 9 - Operating 2010 SRT - BTS Airport) Mochit - Khu Khot 17.8 16 Constructing 2021 Green Line Pink Line (Kae Rai – Min Buri) 34.5 30 42 168 Constructing 2021 BTS - Mochit – On Nut 17.0 17 1999 Yellow Line - Bang Chak – Bearing 5.3 5 Dec 2018 BTS (Lat Phrao –Samrong) 30.4 23 30 120 Constructing 2021 - Samrong – Kheha 12.6 9 52 296 Operating BTS Orange Line Light Green Line (TCC - Minburi) 21.2 17 - - Constructing 2022-2023 - - National Stadium – Saphan Taksin 6.5 6 Total (km) 142.2 - SaphanTaksin– Bang Wa 1999 7.5 6 Total (km) 135.4 Source: MRTA, SRT, and BTS Group 7 Map of Initial Blue Line (IBL) Initial Blue Line Union Mall Gourmet Market Blue Line Extension Phahon Yothin Lat Phrao Central Ladprao Ratchadaphisek Chatuchak Park SCG HQ JJ Market Chatuchak Park Sutthisan Muang Thai Phatra complex Tao Poon Bang Sue Kamphaeng Phet Huai Khwang Open Mar 2020 The Street Ratchada TCC Thai Life Insurance Section III Section I Thailand Cultural Centre Esplanade Opened 11 Aug 2017 True tower SET & AIA The Blue Line Extension Chinese Embassy Phra Ram 9 Central Phra Ram 9 Fortune tower Super tower G tower Phetchaburi Singha Complex Chao Phraya River Phraya Chao ARL Sukhumvit Chulalongkorn U. Terminal 21 Hua Lamphong Chulalongkorn Hospital Grand station Chamchuri Square Queen Sirikit National QSNCC Sam Yan Convention Centre Dragon temple Mitrtown Lumphini Park ONE Bangkok Interchange Tower Exchange Tower Hua Lamphong Sam Yan Si Lom Lumphini Khlong Toei FYI Tower Open Sep 2019 Hua Lamphong Dusit temple Central Park Q House tower Section II China Town 8 Map of Blue Line Extension (BL EX) Opened 11 Aug 2017 Section I Yothinburana Blue Line Tiewpaingam EGAT HQ School Depot School SCG HQ Connect with Purple Line Connect with Light Green Line EENN Hospital Connect with Light Red Line Bang O Bang Pho Tao Poon Bang Sue Bang Phlat Connect with Dark Red Line Yanhee Hospital New Parliament Connect with Orange Line Sirindhorn Connect with Airport Rail Link Major Pinklao Thonburi 2 Hospital Connect with Yellow Line Central Pinklao Bang Yi Khan Bank of Thailand Existing Initial: Blue Line Makro Charan Br. Open Mar 2020 Siriraj Hospital Thammasart U. Bang Khun Non Chao Phraya River Phraya Chao Section III Emerald Buddha Temple Grand Palace Mega Shopping Mall Fai Chai Royal Navy Hua Lumphong Wat Pho The Old Siam Mall Grand Station Siam Museum Dragon Temple Paknam Siam The Mall Bang Kae Temple University Charan 13 The Mall Depot Tha Pra Sanam Chai Sam Yot Wat Hua Lamphong Mangkon Lak Bang Phasi Phet Bang Wa Bang Phai Tha Phra Itsaraphap Rajini School China Town Central Song Khae Chareon kasem 48 Somdejchaopraya Wang Burapa Sampheng Wholesale Market University Flower Market Opened Sep 2019 Seacon Phayathai 3 BIG C Bang Kae Hospital Section II Pahurat Cloth Market 9 Highlights of Mass Transit Business Rail Revenues & Ridership High Potential Growth BEM’s rail service by distance (km) 337 8 Future Expected 295 312 5,022 ✓ Organic ridership growth 5-7% 19.8 4,736 ✓ Fares revision every 2 years 4,521 Farebox 260 274 ✓ Additional revenues from Purple 37.5 37.5 revenues & line 3,230 Ridership ✓ Passengers fed to Initial Blue 27 27 27 2,374 Line 23 23 23 23 20 20 20 20 20 ✓ Purple line operated on Aug 6, Expected 2015 2016 2019-20F 2023-24F 2025-26F 2016 2015 2016 2017 2018 2019 Service by ✓ BL Ex is expected to fully Blue line (IBL) Purple line Distance Revenues (MB) operate in Y2020 Blue line Extensions Orange line Ridership ('000 Trips per Day) Purple line Extensions Blue line Extension 2 Blue Line Extension Initial Blue Line Purple Line Hua Lamphong – Lak Song Hua Lamphong – Bang Sue Bang Yai-Bang Sue Bang Sue – Tha Phra ➢ Under construction ➢ ➢ Operated Operated ➢ PPP Net Cost ➢ ➢ PPP Net Cost PPP Gross Cost ➢ Income source : Ridership ➢ ➢ Income source : Ridership Income source : O&M services ➢ Operational within 2020 ➢ COD : July 3, 2004 Annual income Apx.