WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q1 2017 Earnings Presentation
38 slides from WHA Utilities and Power Public's earnings presentation, May 15, 2017
Slide 1: Opportunity Day 1Q'17
WHA Utilities & Power Public Company Limited Opportunity Day 1Q’17 15 May 2017
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in WHA Utilities & Power Public Company Limited (“WHAUP” and shares WHAUP
Slide 3: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating and Financial Performance V. Outlook 2017E Appendix 3
Slide 4: Vision & Mission
I. Company Profile Vision & Mission “To be Asia's leader in Utilities and Power providing total solutions to partners with good corporate governance as well as environmentally and socially friendly VISION operations” • To develop world class utilities and power solutions fitting customer's needs • T
Slide 5: Flagship Utilities and Power Business of WHA Group
I. Company Profile Flagship Utilities and Power Business of WHA Group Listing Business #1 Logistics developers #1 Industrial Estate Developer #1 Industrial Estate Utility To be one-stop service for Built-to-Suit (BTSW): World- Provider Data Center developer and More than 45,000 Rai class
Slide 6: Business Overview
I. Company Profile Business Overview Utilities Business Power Business Sole provider of utilities to manufacturers/ factories in leading Active power investor with strategic partnership with leading Thai industrial estates with a concrete plan to capture increasing and international power companies
Slide 7: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating and Financial Performance V. Outlook 2017E Appendix 7
Slide 8: Utilities Business Overview
II. Utility Business Utilities Business Overview One of the largest industrial utilities providers in Thailand Excellent track record in providing comprehensive utilities service Exclusive right for all existing and future WHA-Hemaraj Group’s Estates in Thailand and CLMV Strong base of indus
Slide 9: Business Location and Scope
II. Utility Business Business Location and Scope WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA-Hemaraj Industrial Estates. Currently, WHAUP provides utilities services to 8 operating IEs plus 3 developing IEs in the future. 9
Slide 10: Industry Overview – Utilities
II. Utility Business Industry Overview – Utilities Opportunities in Thailand and Regional Expected growing demand for industrial utilities EEC is expected to be key catalyst for utilities 1 2 demand growth along East Corridor Annual demand for water (million m3/year) East is the second highest por
Slide 11: Business Strategies
II. Utility Business Business Strategies 1 To extend our leadership in Industrial Estate Utilities Business • Continue to build up our reputation and trust by improving our service quality and enhancing our research and development (R&D) • Leverage on exclusivity for existing and new industrial esta
Slide 12: Potential Growth
II. Utility Business Potential Growth Potential Growth Industrial Product Non-Industrial Product Industrial Estates Non-Industrial Estates Existing WHA-Hemaraj New WHA-Hemaraj New Products Industrial Estates Industrial Estates/ Other Municipal Water Industrial Market Recycled Water Raw Water Raw Wat
Slide 13: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating and Financial Performance V. Outlook 2017E Appendix 13
Slide 14: Growing Portfolio
III. Power Business Growing Portfolio Strategic Co-Developer in Conventional Power with Solid Growth from Committed Pipeline 542.0 MW Under Construction Plant Date GVTP May 2017 GTS1 Jul 2017 192.4 GTS2 Sep 2017 349.6 MW GTS3 Nov 2017 Newly COD Plant GTS4 Jan 2018 Plant Date GNLL2 Jan 2019 BGWHA-1 N
Slide 15: Current Portfolio
III. Power Business Current Portfolio Diversified Portfolio of Power Plant with Long Remaining Life Sources of Energy Power Production Project Equity MW COD Partner Location Remaining PPA Period Gheco-One Map ta Phut 231.0 Aug 2012 20.25 yrs Industrial Estates Coal Houay Ho 19.4 Sep 1999 Laos 12.33
Slide 16: Future Portfolio
III. Power Business Future Portfolio 192.4 Equity MW to Turn Operation within 2019 Sources of Energy Power Production Project Equity MW COD Partner Location Remaining PPA Period GVTP 32.5 May 2017 ESIE 25.00yrs GTS1 32.5 Jul 2017 ESIE 25.00 yrs GTS2 32.5 Sep 2017 ESIE 25.00 yrs GTS3 Nov 2017 Coal 31
Slide 17: Industry Overview – Power
III. Power Business Industry Overview – Power Positive Trend is noticed in Power Industry with Evident Opportunity for Alternative Power Operator 1 Continuously growing electricity consumption in Thailand Alternative power has been the fastest growing sector 2 with high opportunity going forward Meg
Slide 18: Business Strategies
III. Power Business Business Strategies Conventional Power 1 To leverage on our extensive strategic partnership with leading developers namely GLOW, GULF, BGRIMM, and continue to enlarge our alliances network Alternative Power 2 To be competent developer in Alternative Power with focus on Solar Roof
Slide 19: Potential Growth
III. Power Business Potential Growth Potential Growth Commercially Operating Construction and Local Expansion International Expansion Conventional Power Development • Develop captive Co-Generation • Focus in CLMV power pants small power • Power for Industrial Users plants with strategic partners • P
Slide 20: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating and Financial Performance V. Outlook 2017E Appendix 20 Strictly Private & Confidential
Slide 21: Financial Highlight 1Q'17
IV. Operating and Financing Performance Financial Highlight 1Q’17 Revenue from Sales and Services (Utilities Business) THB 388.0 mm 86.3% Share of Profit and Dividend Income/1 (Power Business) THB 275.7 mm 513.7% Revenue from Sales and Services + Share of Profit and Dividend Income/1 THB 663.7 mm 16
Slide 22: Utilities Business Performance
IV. Operating and Financing Performance Utilities Business Performance Growth of Revenue from Acquisition and Business Improvement REVENUE THB 388.0 mm 86.3% 1 Improvement of Business and Operation • Increasing Selling Volumes and Selling Price in all Products • Ability to Manage Cost led to Higher
Slide 23: Utilities Business Performance
IV. Operating and Financing Performance Utilities Business Performance 1 Improvement of Business and Avg. Selling Price Volume Growth Operation Growth CAGR2012-2017 CAGR2012-2016 • Increasing Selling Volumes and Selling Price in all Products • Ability to Manage Cost led to Higher Profitability 2.7%
Slide 24: More Scope of Business from Acquisition in 2016
IV. Operating and Financing Performance Utilities Business Performance Location Water Type Transfer Date 2 More Scope of Business from Acquisition in 2016 Acquisition of Raw Water, Industrial Water and Wastewater Treatment Services from WHA Group in March 2016 HEIE HESIE HCIE Raw Water/ Wastewater R
Slide 25: Utilities Business Performance
IV. Operating and Financing Performance Utilities Business Performance Revenue from Sales and Services Gross Profit/1 and Gross Profit Margin Units: THB mm Units: THB mm Annual Quarter Annual Quarter 1,467.5 High growth mainly due to • Increase in sales and 35.3% 150.2 wastewater management 33.4% 10
Slide 26: Power Business Performance
IV. Operating and Financing Performance Power Business Performance Growth from Acquisition of Power Assets and Completion of Projects under Construction SHARE OF PROFIT AND THB 275.7 mm 513.7% DIVIDEND INCOME 1 Improve of Business and Operation Improvement most of power plants, despite 54 Days of GH
Slide 27: Power Business Performance
IV. Operating and Financing Performance Power Business Performance Growth from Acquisition of Power Assets and Completion of Projects under Construction GHECO-One HHPC Energy Dispatch Availability Energy Dispatch GWh % AF Planned Major GWh 1,271 89.92% Maintenance 88 871 63 60.55% 1Q'16 1Q'17 (A) 1Q
Slide 28: Power Business Performance
IV. Operating and Financing Performance Power Business Performance Growth from Acquisition of Power Assets and Completion of Projects under Construction Share of Profit/1 and Dividend Income totalled at Baht 275.7 million, a 513.7% growth from 1Q2016. Units: THB mm Annual Quarter • New Acquisition i
Slide 29: Revenue and Net Profit Growth
IV. Operating and Financing Performance Consolidated Performance Revenue and Net Profit Growth Unit : THB mm Annual Quarter 1,620.1 302.9 1,317.2 862.0 9.1 663.7 852.9 275.7 253.1 388.0 369.5 44.9 208.2 272.5 157.1 /1 61.9 2015 2016 1Q'16 1Q'17 Revenue from Sales and Services Share of Profit and Div
Slide 30: EBITDA
IV. Operating and Financing Performance Consolidated Performance EBITDA THB 445.6 mm 298.9% Unit : THB mm (unless stated otherwise) Annual Quarter Increased both revenue and share of profit led to a 65.1% higher growth of EBITDA 53.3% 40.9% 44.1% 981.1 445.0 356.3 112.0 2015 2016 1Q'16 1Q'17 Remark:
Slide 31: Net Profit
IV. Operating and Financing Performance Consolidated Performance Net Profit THB 272.5 mm 340.3% Unit : THB mm (unless stated otherwise) Annual Quarter 39.8% 21.2% 18.0% 24.5% 369.5 272.5 157.1 61.9 2015 2016 1Q'16 1Q'17 Remark: /1Consolidated EBITDA from Utilities Business and Power Business and oth
Slide 32: Capital Structure and leverage ratio
IV. Operating and Financing Performance Capital Structure and leverage ratio Strong Financial Position for Potential Growth Total Liabilities and Shareholder’s equity D/E Ratio Unit : THB mm Before IPO After IPO Annual Quarter Assets Annual Quarter Assets 18,652 18,892 1.51x 1.45x Assets 1.15x 1.09x
Slide 33: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating and Financial Performance V. Outlook 2017E Appendix 33
Slide 34: Company Outlook
V. Outlook 2017E Company Outlook Utilities sales and volumes under management is expected to increase 16-18 million m3/yr in 2017 from; - Increasing sales of all products Utilities - Acquisition of water business from WHA-Hemaraj Group, adding both Business new locations and products coverage - CO
Slide 35: Agenda
• Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating and Financial Performance V. Outlook 2017E Appendix 35
Slide 36: Shareholders and Management Structure
Appendix Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Domestic Institutions Institutions 6% Mr. Somyos Anantaprayoon Ms. Jareeporn Jarukornsakul 11% Chairman of Board of Directors Vice-Chairman of Board of Directors Retail 10% Mr. David Richard Nardone Mr.
Slide 37: Well-Balanced Portfolio with Strategic Location
Appendix Well-Balanced Portfolio with Strategic Location Operating Plants Alternative Power Huoay Ho Glow IPP HESIE WHA Gunkul Hydropower IPP Combined Cycle IPP Total MW : 152.0 MW Total MW : 713.0 MW Solar VSPP COD in 1999 COD in 2003 HCIE Total MW : 3.3 MW Located in Lao PDR ESIE
Slide 38: Portfolio Analysis and Summary
Appendix Well-balanced and High Stability Portfolio Conventional Power Highly reliable off-taker (EGAT)/1 Long-maturity Portfolio By Type of Power Plant By Type of Sourcing Industrial Maturity < Portfolio Analysis IPP 53% Coal 43% Users, 5% 20 Years,… SPP 47% Gas 53% Hydro 4% Maturity ≥ Alternative
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