Financial Information

Income Statement Summary (THB mn)	19/20	18/19 (Restated)	17/18	16/17	15/16
Revenues
Revenue from mass transit business *	32,076	41,328	9,112	4,237	2,574
Revenue from media business	5,735	5,204	3,902	3,010	2,318
Revenue from property business	381	360	639	617	897
Revenue from services business	1,746	1,112	449	743	492
Other recurring income	2,182	1,103	1,574	602	499
Total recurring revenues	42,119	49,107	15,676	9,209	6,780
Accounting EBITDA		6,876	7,571	4,114	6,254
Operating EBITDA	7,460	6,137	4,089	2,928	2,693
Net income (loss) after minority interest	8,162	2,873	4,416	2,003	4,134

Year end: 31 March
^(*) FY 2019/20 Mass Transit revenue includes: (i) Share of net profit (loss) from BTSGIF (included in 'Share of profit (loss) from investments in associates' in statement of comprehensive income), (ii) Service Income from Train, farebox revenue from BRT, Interest Income from Train Procurement and Interest Income under purchase and installation of operating system agreement, as well as revenue from the provision of E&M works and train procurement service for the Gold line, (iii) Services Income from the provision of E&M works and the train procurement service for the Southern and Northern Green Line extensions and (iv) Construction revenue and the interest income related to the Pink and Yellow lines
⁺ Restated to reflect effects from TFRIC 12 and TFRIC 4

Revenue Breakdown

Income Statement Summary

Balance Sheet Summary (THB mn)	31 Mar 20	31 Mar 19 (Restated)	31 Mar 18	31 Mar 17	31 Mar 16
Current assets	22,398	19,653	21,667	25,722	10,191
Non-current assets	150,702	124,745	84,591	67,909	55,069
Total assets	173,000	144,398	106,258	93,631	65,259
Current liabilities	32,915	41,612	22,923	18,616	12,560
Non-current liabilities	72,940	50,477	36,971	29,833	5,799
Total liablities	105,855	92,089	59,895	48,449	18,358
Share capital - issued and fully paid	52,617	47,381	47,761	47,740	47,717
Retained earnings	(6,428)	(7,739)	(5,868)	(6,185)	(2,427)
Other items in shareholders' equity	21,057	12,668	4,470	3,627	1,610
Total shareholders' equity	67,246	52,310	46,364	45,182	46,901
Total liabilties and shareholders' equity	173,000	144,398	106,258	93,631	65,259

Balance Sheet

Cash Flow Statement Summary (THB mn)	19/20	18/19	17/18	16/17	15/16
Net cash from (used in) operating activities	(14,107)	(15,503)	(9,929)	(4,082)	265
Net cash from (used in) investing activities	(14,459)	(17,596)	(1)	(7,539)	(3,471)
Net cash from (used in) financing activities	27,551	27,757	4,270	24,360	(4,610)
Net increase (decrease) in cash and cash equivalents	(1,015)	(5,342)	(5,661)	12,739	(7,816)
Cash and cash equivalents at the beginning of the period	4,021	9,458	15,095	2,362	10,112
Others	220	(95)	25	(7)	68
Cash and cash equivalents at the end of the period	3,226	4,021	9,458	15,095	2,362

Debt Information (THB mn)	19/20	18/19	17/18	16/17	15/16
Interest bearing debt	88,559	72,474	47,169	38,310	9,283
Adjusted net debt *	70,892	53,783	17,129	6,064	6,921

Year end: 31 March
* Adjusted net debt: Calculated based on interest bearing debt - cash and cash equivalent and liquid investment

Income Statement Summary (THB mn)	2Q 19/20	3Q 19/20	4Q 19/20	1Q 20/21	2Q 20/21
Operating revenue ¹	10,739	10,216	7,793	9,725	8,910
Mass Transit	8,512	7,806	6,446	8,929	7,946
Media	1,404	1,639	747	441	710
Property	100	113	88	35	45
Services	723	657	511	320	209
Total revenue	11,886	11,185	9,915	10,770	10,055
Recurring EBITDA ²	2,450	3,707	1,289	1,520	2,012
Recurring net income after minority interest	1,131	2,363	261	461	751
Net income after minority interest	1,277	2,445	3,531	443	765

Year end: 31 March

¹ Operating revenue from operational performance of 4 BUs, excludes interest income, dividend income and non-recurring items.

² Recurring EBITDA calculated from the operational performance of 4 BUs, interest income, dividend income, other income, net share of profit /(loss) from associates/ JV, yet, excludes other non-recurring items.

Revenue Breakdown

Income Statement Summary

Balance Sheet Summary (THB mn)	30 Sep 19	31 Dec 19	31 Mar 20	30 Jun 20	30 Sep 20
Current assets	19,532	15,308	22,398	11,359	12,118
Non-current assets	143,964	156,647	150,702	164,457	173,788
Total assets	163,496	171,955	173,100	175,816	185,906
Current liabilities	30,083	29,098	32,915	28,371	32,993
Non-current liabilities	67,829	70,779	72,940	84,411	90,000
Total liablities	97,912	99,877	105,855	112,782	122,994
Share capital - issued and fully paid	50,227	52,617	52,617	52,618	52,644
Retained earnings	(8,766)	(6,307)	(6,428)	(8,627)	(9,708)
Other items in shareholders' equity	24,123	25,768	21,057	19,043	19,976
Total shareholders' equity	65,584	72,078	67,246	63,034	62,912
Total liabilties and shareholders' equity	163,496	171,955	173,100	175,816	185,906

Balance Sheet

Cash Flow Statement Summary (THB mn)	2Q 19/20	3Q 19/20	4Q 19/20	1Q 20/21	2Q 20/21
Net cash from (used in) operating activities	(3,878)	(4,369)	(2,692)	(3,429)	(5,452)
Net cash from (used in) investing activities	(1,118)	(5,374)	(4,312)	6,478	(3,461)
Net cash from (used in) financing activities	(5,678)	9,217	6,141	(2,383)	9,369
Net increase (decrease) in cash and cash equivalents	(10,674)	(526)	(878)	665	456
Cash and cash equivalents at the beginning of the period	15,066	4,216	3,830	3,226	3,838
Others	(176)	140	273	(53)	70
Cash and cash equivalents at the end of the period	4,216	3,830	3,226	3,838	4,365

Debt Information (THB mn)	30 Sep 19	31 Dec 19	31 Mar 20	30 Jun 20	30 Sep 20
Interest bearing debt	77,079	80,174	88,559	87,404	98,982
Adjusted net debt *	58,805	60,416	70,892	72,424	82,343

Year end: 31 March

³Adjusted net debt: Calculated based on interest bearing debt - cash and cash equivalent and liquid investment