WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q1 2017 Earnings Presentation
35 slides from WHA Utilities and Power Public's earnings presentation, May 12, 2017
Slide 1: Analyst Meeting 1Q'17
WHA Utilities & Power Public Company Limited Analyst Meeting 1Q’ 17 12 May 2017 “Strictly Private and Confidential”
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is strictly confidential and is provided by WHA Utilities and Power Public Company Limited (“WHAUP” or the "Company") to you solely for use at this presentation. Neither this presentation nor any part thereof may be (i) used or relied upon by
Slide 3: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 3 Strictly Private & Confidential
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: WHAUP is the Flagship Company in Utilities and Power Business of WHA Group
I. Company Profile WHAUP is the Flagship Company in Utilities and Power Business of WHA Group Listing Business #1 Logistics developers #1 Industrial Estate Developer Exclusive utilities provider To become one-stop Built-to-Suit (BTSW): World- in the industrial estates with service for Data
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. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 7 Strictly Private & Confidential
Slide 8: 1Q2017 Highlights
II. Performance Highlight 1Q2017 Highlights 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 % EBITDA THB 445.6 mm 298.9 % Net Profit Attribute to Owners of the Parents THB 272.5 mm 340.3 % Remark /1 Sh
Slide 9: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 9 Strictly Private & Confidential
Slide 10: Utilities Business Overview
III. Utilities 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 CLMVI Strong base of i
Slide 11: Business Location and Scope
III. Utilities 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. 11 Strictly Private & Con
Slide 12: Industry Overview
III. Utilities Business Industry Overview 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 portion of B
Slide 13: Business Strategies
III. Utilities 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 e
Slide 14: Utilities Business – Potential Growth
III. Utilities Business Utilities 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
Slide 15: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 15 Strictly Private & Confidential
Slide 16: Growing Portfolio
IV. Power Business Growing Portfolio Upside from Projects under Implementation Under Construction 542.0 MW Plant Date CAGR 15.6% 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 Nov 2016 CCE 4Q 2019 Under Operation
Slide 17: Well-balanced and High Stability Portfolio
IV. Power Business Well-balanced and High Stability Portfolio Conventional Power: 537.1 Equity MW Secured Highly reliable off-taker (EGAT)/1 Long-maturity Portfolio By Type of Power Plant By Type of Sourcing Industrial Portfolio Analysis Maturity < IPP 53% Coal 43% Users, 5% 20 Years,… SPP 47% Gas 5
Slide 18: Industry Overview
IV. Power Business Industry Overview 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 Megawatt PDP
Slide 19: Business Strategies
IV. 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 Rooft
Slide 20: Potential Growth
IV. Power Business Potential Growth Potential Growth Commercially Operating Construction and Local Expansion International Expansion Conventional Power Pre-Investment • Develop captive Co-Generation • Focus in CLMV power pants small power • Power for Industrial Users plants with strategic partners •
Slide 21: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 21 Strictly Private & Confidential
Slide 22: Utilities – Operating Performance (1/2)
V. Operating Performance Utilities – Operating Performance (1/2) WHAUP Utilities Sales and Wastewater Management Volume Power Plant 15.5% 16.7% 16.8% 15.1% 12.6% 12.7% 13.3% Petrochemical 53.8% 51.1% 51.0% 51.9% 52.3% 52.6% 52.2% Other 30.7% 32.2% 32.2% 33.0% 35.1% 34.6% 34.5% Million m3/ year 90 82
Slide 23: Utilities – Operating Performance (2/2)
V. Operating Performance Utilities – Operating Performance (2/2) Utilities Portfolio Growth – Volume and Selling Price Million m3/ year 16.6 Selling Price Growth 16.0 150 Baht/ m3 14.5 Baht/ m3 • CAGR2012-2017 2.7% 130 Baht/ m3 110 94 94 96 90 Volume Growth 90 85 31 33 70 28 29 32 • CAGR2012-2016 4.
Slide 24: Power Plants Operating Performance
• V. Operating Performance • Power Plants Operating Performance • Gheco-1 • 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'16 1Q'17 (A) 1Q'16 1Q'17 (A) • GNLL • BGWHA-1* Energy Dispatch Availability Energy Dis
Slide 25: Agenda
• Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 25 Strictly Private & Confidential
Slide 26: Consolidated Financial Statement
VI. Financial Information Consolidated Financial Statement Revenue and Net Profit Growth Unit : THB mm Annual Quarter Revenue from Sales and Services 293.7 + 86.3% (Utilities Business) Share of Profit and Dividend Income/1 + 513.7% (Power Business) Net Profit Attribute to Owners of the + 340.3% Pare
Slide 27: Utilities Performance
VI. Financial Information Utilities Performance Revenue from Sales and Services from Utilities Business was recorded at Baht 388.0 million represents 86.3% increase YoY Revenue from Sales and Services Gross Profit/1 and Gross Profit Margin Units: THB mm Units: THB mm Annual Quarter Annual Quarter 1,
Slide 28: Power Performance
VI. Financial Information Power Performance 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 in May and Jun 2016 Equity Plant % Holding 293.7 MW 3.6 Gheco-One 35.00% 231.00 275.7 Houay Ho 51.00% 19.38 1.
Slide 29: Consolidated Performance
VI. Financial Information Consolidated Performance Consolidated EBITDA/1 and EBITDA Margin Consolidated Net Profit/2 and Net Profit Margin Unit : THB mm Unit : THB mm Annual Quarter Annual Quarter 50.0% 65.1% 39.8% 40.0% 53.3% 40.9% 44.1% 30.0% 21.2% 18.0% 24.5% 20.0% 978.1 10.0% 445.0 356.3 0.0% 36
Slide 30: Capital Structure and leverage ratio
VI. Financial Information 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 Annual Quarter 18,652 18,892 1.51x 1.45x 16,400 ~ 0.85x 0.28x 0.15x 3,606 11,196 2015 2
Slide 31: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 31 Strictly Private & Confidential
Slide 32: Company Outlook
VII. Outlook 2017E Company Outlook The acquisition of water business from WHA Group, adding both new locations and products coverage to the Company’s portfolio, is expected to add at least 10 million m3/yr in 2017 Utilities COD of 4 SPPs is expected to add approx. 3-4 million m3/yr Business In
Slide 33: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 33 Strictly Private & Confidential
Slide 34: 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 35: 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
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