WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q1 2021 Earnings Presentation
48 slides from WHA Utilities and Power Public's earnings presentation, May 28, 2021
Slide 1: WHA Utilities and Power Public Company Limited
WHA Utilities and Power Public Company Limited 28 May 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care
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 Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 28 May 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 3
Slide 4: Vision and Mission
I. Company Overview VISION “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 operations” MISSION • To develop world class utilities and power solutions fitting customer's needs • To vertic
Slide 5: WHAUP is the Flagship Company in Utilities & Power of WHA Group
I. Company Overview WHAUP is the Flagship Company in Utilities & Power Business of WHA Group #1 Logistics developers, #1 Industrial Estate Developer Exclusive utilities provider To be one-stop with more than 2.49 million in the industrial estates service for Data 10 operating and 3 Planned
Slide 6: Business Overview
I. Company Overview Business Overview Utilities Business Power Business Sole provider of utilities to manufacturers/ factories in leading Active power investor with strategic partnership with leading Thai and industrial estates with a concrete plan to capture increasing international power companies
Slide 7: Utilities Business At A Glance
I. Company Overview Utilities Business At A Glance 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 ID’s Estates in Thailand and CLMV Strong base of industrial use
Slide 8: Utilities Business – Assets Location
I. Company Overview Utilities Business – Assets Location • WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA ID’s Industrial Estates. Currently, WHAUP provides utilities services to 10 operating IEs located in Thailand and 1 IE (WHA Industrial Zone 1, Nghe
Slide 9: Utilities Business - Our Utilities Customer Base
I. Company Overview Utilities Business - Our Utilities Customer Base WHAUP’s has established the strong operation in 85% of WHAUP’s volume are distributed to heavy EEC area. industry. Q1’21 Volume by IEs Q1’21 Volume by Industry Petrochemical Others 40% 10% Consumer 9% 5% WHA SIL 13% ESIE 6% WHA CIE
Slide 10: Power Business - Growing Portfolio
I. Company Overview Power Business - Growing Portfolio Continuing Growth from Projects Under Construction and Committed Projects in Pipeline Unit: MWeq under Operation As of the 31 March 2021, 594 MW under operation (Incl. solar of 43.7* MW) and 17.3 MW under development 594 MW 590 MW 559 MW 521 MW
Slide 11: Power Business – Portfolio Breakdown
I. Company Overview Power Business – Portfolio Breakdown Total Capacity (611 eq MW) : 594 eq MW under Operation + 17 eq MW under development By Type By Off-taker Analysis 3% 0.5% Portfolio Analysis Gas (49%, 297 eq MW) 13% 10% EGAT/ PEA/ MEA Coal (38%, 231 eq MW) Industrial Users Total Portfolio Tot
Slide 12: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 28 May 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 12
Slide 13: Q1'21 Key Highlight
II. Executive Summary Q1’21 Key Highlight Unit : MB % change Q1’20 Q4'20 Q1’21 QoQ YoY Total Revenue 430.3 446.9 603.8 35% 40% - Utilities Business/1 423.4 427.0 481.4 13% 14% - Power Business/2 6.9 19.9 122.4 514% 1,668% Normalized Share of Profit and 220.5 211.8 171.1 -19% -22% Dividend Income - U
Slide 14: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 28 May 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 14
Slide 15: Utilities Business - Total Sales and Management Volume
III. Operating Performance Utilities Business - Total Sales and Management Volume * Unit : Million M3 YoY / QoQ +11% +12% +10%*** +17%*** 32.9 29.6 29.2 4.6 3.8 5.0 9.4 8.3 8.0 0.4 1.1 28.3 1.0 25.7 13.1 Domestic 24.2 12.8 Domestic 11.7 Domestic 4.3 4.7 3.5 Q1'20 (A) Q1'21 (A) Q4'20 (A) RW IW Value
Slide 16: Vietnam Utilities Business - SDWTP Sales Volume
III. Operating Performance Vietnam Utilities Business - SDWTP Sales Volume (100%) Unit : ‘000 cmd Unit : Million M3 +21% -7% Q1’21 14.2 13.2 10.9 200 150 100 50 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1'20 Q1'21 Q4'20 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 Q1’21 (A) vs Q
Slide 17: Power Business - IPP Group
III. Operating Performance Power Business - IPP Group GHECO-One : Planned maintenance outage total 37 days: 1 January to 6 February 2021 The de-rating issue was solved after planned maintenance. Plant resumes full capacity at 660 MW. GIPP : EGAT dispatched GIPP of 296 GWh in Q1’21 vs no dispatch in
Slide 18: Power Business - SPP Group
III. Operating Performance Power Business - SPP Group Maintenance Shutdown : GTS 3 & 4 performed B-inspection for 15 days and 18 days respectively IU Power IU power demand was higher by around +6% YoY and +4% QoQ Demand : EGAT Power EGAT power demand was higher by +4% YoY but lower by -3% QoQ due to
Slide 19: Power Business - Solar Energy Dispatch
III. Operating Performance Power Business - Solar Energy Dispatch YoY / QoQ Unit : MWh +235% +33% 12,869 747 39 8,594 674 29 12,084 3,837 823 7,892 36 2,977 Q1'20 (A) Q1'21 (A) Q4'20 (A) WHA Gunkul (WHAUP Equity Portion) Gulf Solar (WHAUP Equity Portion) WHAUP Rooftop 28 May 2021 19
Slide 20: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 28 May 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 20
Slide 21: Financial Highlight Q1'21 vs Q1'20
IV. Financial Performance Financial Highlight Q1’21 vs Q1’20 Unit: THB mm Q1’20 Q1’21 YoY Remarks Total Revenue 430.3 603.8 40% - 10% Growth in domestic utilities sales volume due - Utilities Business 423.4 481.4 14% to absence of drought and 4% increase of water tariff - EPC Revenue of 92.7 MB in Q
Slide 22: Financial Highlight Q1'21 vs Q4'20
IV. Financial Performance Financial Highlight Q1’21 vs Q4’20 Unit: THB mm Q4’20 Q1’21 QoQ Remarks - Utilities demand growth and Water tariff Total Revenue 446.9 603.8 35% adjustment - Utilities Business 427.0 481.4 13% - EPC Revenue recorded of 92.7 MB - Revenue from Solar Rooftop projects continued
Slide 23: Utilities Business – Domestic Revenue and Gross Profit Margin
IV. Financial Performance Utilities Business – Domestic Revenue and Gross Profit Margin Total Revenue from Utilities Business increased by 13.7%YoY and 12.7% QoQ. Total Revenue Gross Profit Margin Unit : THB mm +13.7% +12.7% 481.4 47.9% 49.1% 6.8 423.4 42.1 427.0 8.4 4.2 45.3% 37.7 35.8 48.6% 37.4 1
Slide 24: Vietnam Utilities Business - Share of Profit
IV. Financial Performance Vietnam Utilities Business - Share of Profit Q1’20 vs Q1’21 vs Q4’20 Unit: THB mm Cua Lo 0.2 (0.2) SDWTP w/o PPA (3.8) amortization SDWTP w/ PPA amortization (29.1) (29.1) (27.0) (27.8) (35.2) * (36.2) * Q1'20 Q1'21 Q4'20 Purchase Price Allocation (PPA) Unit: THB mm 2,453 2
Slide 25: IPP and SPP Business – Key Headlines
IV. Financial Performance IPP and SPP Business – Key Headlines IPP Business GHECO-One : Net loss due to Lower Availability payment as a result of planned outage (timing, will be recovered along the year) GIPP : Lower Availability revenue due to forced outage/ 40 MB of dividend recorded Higher Normal
Slide 26: Power Business – Normalized Share of Profit and Dividend Payment
IV. Financial Performance Power Business – Normalized Share of Profit and Dividend Payment Normalized Share of Profit and Dividend Income decreased 15.9%YoY and 15.2%QoQ. /1 Share of Profit and Dividend Income Normalized Share of Profit and Dividend Income Unit: THB mm Unit: THB mm - 15.9% - 15.2% +
Slide 27: Profit and Loss Statement – Q1'21 vs Q1'20
IV. Financial Performance Profit and Loss Statement – Q1'21 (A) vs Q1'20 (A) Normalized Net Income (NNI) Q1’21 (A) Vs Q1’20 (A), - 33.3 MB or -15.0% + Positive • Higher Gross Profit before Depreciation (+85.5 MB): due to Utilities Business (+49.9 MB) and Power business (+35.6 MB) • Higher Other Inco
Slide 28: Profit and Loss Statement – Q1'21 vs Q4'20
IV. Financial Performance Profit and Loss Statement – Q1'21 (A) vs Q4'20 (A) Normalized Net Income (NNI) Q1’21 (A) Vs Q4’20 (A), +13.1 MB or +7.4% + Positive • Higher Gross Profit before Depreciation (+87.1 MB): due to Utilities Business (+63.9 MB) and Power business (+23.3 MB) • Higher Other Income
Slide 29: Capital Structure and Financial Ratio
IV. Financial Performance Capital Structure and Financial Ratio Statement of Financial Position Debt Maturity Profile as of 31 March 2021 Unit : THB mm Unit : THB mm 4,200 26,172 700 26,172 26,471 26,471 3,290 12,866 12,692 2,390 2,000 2,000 1,087 1,320 1,500 1,148 2,390 12,157 12,692 1,500 1,320 1,
Slide 30: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 28 May 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 30
Slide 31: Utilities Business – General Update
V. Business Update Utilities Business – General Update Demineralized Water WHA RY36 Fully COD of the 2nd phase The new WHA IE namely of GPSC Demin water in early WHA RY36 is under 6.0 Jan 2021. construction with the Million M3 per year #1 water demand up to 1.6 7,500 cmd plus Alternative 1.5 Million
Slide 32: Water Situation of Dokkrai, Nongplalai, and Klongyai Reservoirs
V. Business Update Utilities Business - Water Situation of Dokkrai, Nongplalai, and Klongyai Reserviors Source: Eastwater 28 May 2021 32
Slide 33: Water Situation of Prasae Reservoir
V. Business Update Utilities Business - Water Situation of Prasae Reservoir Source: Eastwater 28 May 2021 33
Slide 34: Power Business – Enlarging Solar Portfolio
V. Business Update Power Business – Enlarging Solar Portfolio Selected projects Commissioning in 2021 Cumulative Target Signed PPA Capacity 4.9 MW Auto Alliance Thailand (AAT) Solar Rooftop - EPC Service 300 MW ESIE (Rayong) 2023(F) 90 MW 51 MW 2021(F) 33 MW 2020(A) 2019(A) Capacity 4.2 MW Continent
Slide 35: Power Business – Accelerating Business Growth
V. Business Update Power Business – Accelerating Business Growth Introducing Innovation And Smart Solutions Actively Exploring P2P Energy Trading Vietnam Opportunities 1 Signed a WHAUP collaborates with PEA in studying and Memorandum of implementing P2P Energy Trading System in Understanding WHA’s I
Slide 36: Q&A
Q&A 28 May 2021 36
Slide 37: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 28 May 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 37
Slide 38: Shareholders and Management Structure
VI. Appendix Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Institutions Retail Ms. Jareeporn Jarukornsakul Mr. David Richard Nardone 2% 17% Chairman of Board of Directors Director Domestic Institutions 7% /1 Mr. Vivat Jiratikarnsakul Dr. Niphon Bundechanan W
Slide 39: Power Business - SPP Group (Cont'd)
VI. Appendix Power Business - SPP Group (Cont’d) Yearly – Q1’21 vs Q1’20 EGAT Unit : GWh Energy Dispatch IU +3.8% 1,600 217 208 208 207 216 214 1,545 192 201 198 207 198 174 174 180 184 182 +5.9% 402 426 64 60 66 52 55 57 46 42 48 42 45 36 52 43 63 56 +2.7% 1,174 157 155 155 154 153 152 1,143 152 15
Slide 40: Power Business - SPP Group (Cont'd)
VI. Appendix Power Business - SPP Group (Cont’d) Quarterly – Q4’20 vs Q1’21 EGAT Unit : GWh Energy Dispatch IU 1,636 -2.2% 215 217 208 217 214 1,600 198 201 204 204 207 198 198 206 203 174 180 +4.1% 409 426 64 62 66 60 52 55 52 50 46 39 42 54 45 40 43 63 -4.3% 159 157 155 155 154 154 154 154 153 153
Slide 41: Consolidated Performance
IV. Financial Performance Consolidated Performance Consolidated EBITDA/1 and EBITDA Margin Consolidated Net Profit and Net Profit Margin/4 Unit : THB mm Unit : THB mm 58% 52% 49% 47% 34% 49% 29% 44% 26% 24% 8% 18% 439.9 242.9 321.8 88.8 264.3 43.5 130.7 386.1 379.7 351.1 88.8 221.9 188.6 175.5 (143.
Slide 42: Sustainability at WHAUP: Framework and Strategy
VI. Appendix WHAUP Sustainability Development Highlight Sustainability at WHAUP BUSINESS DIRECTION Framework and Strategy “YOUR ULTIMATE SOLUTION PARTNER IN UTILITIES & POWER WITH ENVIRONMENTAL CARE” WHAUP has adopted WHA Group’s 5-Year Sustainability Framework to drive corporate sustainability acti
Slide 43: Sustainability Highlight: Materiality Issues
VI. Appendix WHAUP Sustainability Development Highlight Materiality Issues Environment Dimension Environment Dimension Water Management Waste Management Climate Change Energy Management Air Emission Biodiversity Social Dimension Social Dimension Human Capital Development Talent Attra
Slide 44: Sustainability Highlight: Environment Dimension
VI. Appendix WHAUP Sustainability Development Highlight Environment Dimension Climate Change and Energy Management Promoting Clean Energy to Our Customers Energy Saving in Office Buildings Offers an all-in solar rooftop service package for customers in Thailand including permitting, design and engin
Slide 45: Sustainability Highlight: Environment Dimension
VI. Appendix WHAUP Sustainability Development Highlight Environment Dimension Waste Management Thailand Sustainability Investment 2020 Chonburi Clean Energy (CCE) Plastic Waste Reduction Advanced waste-to- Reduce 20,487 energy power plant bottles of plastic located at WHA waste by stop Chonburi Indu
Slide 46: Sustainability Highlight: Social Dimension
VI. Appendix WHAUP Sustainability Development Highlight Social Dimension Caring for the Environment WHA Constructed Wetland Systems, considered a natural technology that is eco-friendly, cost effective and easy to maintain delivered to Pluak Daeng Sub-District Office in Rayong Province. Demonstrate
Slide 47: Sustainability Highlight: Governance and Economic Dimension
VI. Appendix WHAUP Sustainability Development Highlight Governance and Economic Dimension Innovation Management Code of Business Conduct SMART Metering 100% of employees have been Utilities Business communicated on the In progress of upgrading the analog water meters to generate digital outputs. Cod
Slide 48: IR Contact
IR CONTACT WHA Utilities and Power Public Company Limited Finance and Investor Relations Department 777 WHA TOWER, 22nd Floor, Unit 2203-2205, Moo 13, Debaratna Road (Bangna-Trad) KM.7, Bang Kaeo, Bang Phli, Samut Prakarn 10540 Email: ir@wha-up.com Website: www.wha-up.com 28 May 2021 48
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