Page 109 - BTSGroup ONE REPORT 2021/22_EN

BTS Group Holdings Public Company Limited 4.4 Management Discussion and Analysis 107
Annual Report 2021/22

The Group posted total reported (consolidated) revenue of THB 31,195mn loss from investment in Master Ad PCL (MACO). However, this was partially
in FY 2021/22, decreasing by 26.2% YoY or THB 11,055mn from previous year. offset by (iii) the downturn to share of loss from investment in Kerry Express
The reduction in total reported revenue was majorly attributed to lower (Thailand) PCL (KEX) (versus share of profit in the prior year) as a result of
revenues from (i) contracting works of THB 11,713mn (owing to a decrease KEX's aggressive pricing strategy to maintain its market leadership and
in construction revenue for the Pink and Yellow Lines as well as a reduction no repeat recognition of the extraordinary gain from KEX IPO by VGI of
in services income for the provision of E&M works and the train procurement THB 513mn in the previous year and (iv) a record of share of loss from investment
service for the Green Line extensions as we entered tail-end of development) in BTSGIF (versus the share of profit in the previous year) due to the impact
and (ii) gains on sale of land of THB 1,497mn. Nonetheless, the decrease in from the Delta variant to BTSGIF’s performance.
the reported revenue was partly offset by (iii) increasing in service and sales
income of THB 2,744mn chiefly from consolidation of Fanslink Communication Recurring EBITDA was THB 8,116mn, decreasing by 7.8% YoY or
Company Limited (Fanslink) by VGI starting from August 2021 and (iv) higher THB 684mn. The Group recorded recurring net profit (after minority interests)
interest income of THB 522mn. of THB 2,782mn, dropping by 25.6% YoY or THB 956mn. This was mainly from
(i) higher finance costs which rose THB 710mn or 28.3% YoY to THB 3,220mn
Total consolidated expense was at THB 22,748mn in FY 2021/22, decreasing mainly from bonds issuance of THB 13,000mn in July 2021 and the drawdown
by 26.1% YoY or THB 8,041mn largely from lower recognition of cost related of syndicated loans in relation to the Pink and Yellow Lines, (ii) softer operating
to the construction revenue for the Pink and Yellow Lines and the provision of performances of MIX and MATCH businesses. This was partially offset by
E&M works and the train procurement service for the abovementioned Green a narrower share of loss from investment in associates/ JVs compared to
Line Extensions. This was partially offset with higher costs of services FY 2020/21.
and sales, following the consolidation of Fanslink aforementioned.
The Company reported net profit attributable to the equity holders of the
Share of loss from investments in associates/JVs was THB 131mn (compared Company of THB 3,826mn, declining by 16.4% YoY or THB 751mn mainly
to reported share of loss of THB 1,664mn in FY 2020/21). A narrower share from lower recurring net profit and a lower gain from sale of land compared
of loss of THB 1,533mn was driven by (i) a turnaround from share of loss to previous year.
to share of profit from our investment in U City PCL (U City), which resulted
from an improved operational performance, an unrealised gain from U City’s The net profit margin attributable to the equity holders of the Company in FY
recognition of its investment in Jaymart PCL (Jaymart) in December 2021, 2021/22 was 12.3% (compared to 10.8% in FY 2020/21).
as well as a lower impairment of U City’s assets and (ii) lower share of