Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — H1 2011 Earnings Presentation
42 slides from Electricity Generating Public's earnings presentation, Aug 29, 2011
Slide 1: Corporate Presentation for the First-Half Financial Results
Corporate Presentation For the First-Half Financial Results 30 June 2011
Slide 2: Disclaimer Statement
Disclaimer Statement This presentation was made from the analysis of reliable information in order to assist investment community to better understand the company's financial status and operation. It also supports the "Good Corporate Governance Project" of the Securities and Exchange Commission (SEC
Slide 3: Table of Contents
Table of Contents • 2008-2011 EGCO Group’s Performance • EGCO Group’s Overview • Financial Results • Appendices 3
Slide 4: 2008-2011 EGCO Group's Performance
2008-2011 EGCO Group’s Performance
Slide 5: 2008-2011 EGCO Group's Performance
2008-2011 EGCO Group’s Performance Year Acquisition Greenfield Total 2008 Quezon (23.4%) 117.6 MW e 117.6 MW e 2009 Quezon (2.6%) 13.1 MW e NED (33.33%) 21.0 MW e 34.1 MW e 2010 NT2 107.7 MW e 107.7 MW e 2011 Quezon (26.1%) 131.3 MW e 3 SPPs (100%) 375 MW e 506.3 MW e XHPP (12.5%) 160.6 MW e 160.6 M
Slide 6: Thailand's Electricity Industry Overview
Thailand’s Electricity Industry Overview
Slide 7: Current Electricity Supply Industry
Thailand’s Electricity Industry Overview : Current Electricity Supply Industry EGAT * INT. (6.95%)* IPP (38.42%)* SPP (6.94%)* (47.70%) EGAT Transmission 2 MEA PEA Direct Customers End Users IPP : Independent Power Producer MEA : Metropolitan Electricity Authority EGCO’s IPPs have 10.59% market shar
Slide 8: Historical Demand Growth
Thailand’s Electricity Industry Overview : Historical Demand Growth 26,000 24,009.90 MW or 8.91% 23,900.21 MW or -0.46% 25,000 increase from 2009 decrease from 2010 24,000 23,000 2011 2010 22,000 2009 21,000 2008 20,000 2007 19,000 2006 18,000 2005 2004 17,000 2003 16,000 2002 15,000 14,000 January
Slide 9: Energy Generation Sales by Categories
Thailand’s Electricity Industry Overview : Energy Generation Sales by Categories Unit : Gwh 3.62% 2010 Others 7% -7.17% Residential -5.10% 23% -2.56% -5.97% Large General Service Small General 43% Service 11% Medium General Service 16% Jan – May 2010 Jan – May 2011 9
Slide 10: Thailand's New Capacity (2010-2017)
Corporate Overview : Thailand’s New Capacity (2010 – 2017) Reserve Margin 4,500 28.1% 27.1% 23.7% 25.4% 23.4% 26.0% 27.2% 23.2% 4,000 Others 18 MW SPP (Co-gen) 90 MW Source: PDP 2010 Revised by 12 3,500 VSPP 192 MW March 2010 NPS # 3-4 2x135 MW 3,000 Others 54 MW Wang Noi # 4 VSPP 187 MW 800 MW 2,50
Slide 11: Thailand's New Capacity (2018-2030)
Corporate Overview : Thailand’s New Capacity (2018 – 2030) Reserve Margin 6,500 17.3% 15.0% 15.6% 15.4% 16.0% 16.7% 16.5% 16.3% 15.9% 15.4% 16.3% 16.3% 15.0% 6,000 VSPP 146 MW SPP (Co-gen) 360 5,500 MW VSPP 173 MW EGAT # 3 5,000 SPP (Co-gen) 360 (Coal) 800 MW MW 4,500 EGAT # 5 VSPP 159 MW (Nuclear)
Slide 12: EGCO Group's Overview
EGCO Group’s Overview
Slide 13: EGCO Group Investment
EGCO Group’s Overview : EGCO Group Investment Note: Since December 2008, installed capacity of GPG, WMPC, SPPC, and NT2 have been adjusted to gross MW capacity so that all figures shown will be on the same basis. 13
Slide 14: EGCO Group's Strategic Direction
EGCO Group’s Overview : EGCO Group’s Strategic Direction • Seek ASEAN region opportunities • Develop or acquire IPP&SPP projects including increase stakes in existing IPP projects • Develop renewable energy projects (SPP) • Negotiate on REGCO & KEGCO PPA Extension 14
Slide 15: Financial Results
Financial Results
Slide 16: Net Profit for the three-month periods (QoQ)
Net Profit for the three-month periods (QoQ) Million Baht 1,749 525 43% 1,224 1Q11 2Q11 16
Slide 17: Net Profit for six-month periods
Net Profit for six-month periods Million Baht 4,354 (- 1,381) 32% 2,973 3,527 2,906 827 67 6M10 6M11 EGCO & Subs JVEs EGCO & Subs JVEs 17
Slide 18: Operating Results
Operating Results Million Baht 225% 18
Slide 19: Net Profit before FX by Company
Net Profit before FX by Company Million Baht GCC, NKCC, SCC, GYG 4% GPG (KK2) 22% 143 MB PEPOI 1%, 18 MB 761 MB ET 2%, 53 MB ROI-ET GREEN 1%, 40 MB BLCP 36% EGCO COGEN 2%, 57 MB 1,226 MB KEGCO 4%, 152 MB RAYONG POWER PLANT 3% QUEZON 12% 99 MB 393 MB NTPC 11% 383 MB CONAL 2%, 70 MB 19
Slide 20: Cash Flow Summary
Cash Flow Summary Million Baht 20
Slide 21: Summary of Debt Structure
Summary of Debt Structure Total facilities and total outstanding balances of EGCO & Subs Total Outstanding Balances Total Facilities June 30, 2011 USD 467 M. USD 112 M. 28.60% JPY 1,260 M. JPY 520 M. 1.66% Baht 20,778 M. Baht 8,419 M. 69.74% 21
Slide 22: EGCO D/E Profiles
EGCO D/E Profiles : Ended June 30, 2011 1.20 Total Debt : 14,028 Total Equity : 56,336 1.00 0.89 0.91 0.940.97 0.89 0.89 0.860.85 Cash and cash equivalents : 5,294 0.80 Outstanding revolving credit facility : 4,000 0.60 Total : 9,294 0.41 0.40 0.36 0.310.31 0.28 0.26 0.22 0.280.260.240.32 0.22 0.23
Slide 23: Dividend
Dividend Baht/Share 5.25 5.25 5.00 Interim Final 4.75 4.00 2.50 2.75 2.75 3.00 3.25 2.50 2.75 2.00 2.50 2.25 2.50 1.50 1.75 1.25 1.50 1.25 2.25 2.50 2.50 2.50 2.50 2.00 1.25 1.25 1.50 1.50 1.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Interim dividend payment for the 1ST- half-year ope
Slide 24: Appendices
Appendices • Corporate Overview • Key Financial Data • Operating Performance
Slide 25: EGCO Shareholding Structure as of July 2011
EGCO Shareholding Structure as of 25 July 2011 No Name No. of Shares % of Holding 1 EGAT 133,773,662 25.41% EGAT 2 TEPDIA Generating B.V.* 126,054,178 23.94% 25.41% 3 Thai NVDR Company Limited 59,482,330 11.30% 4 Littledown Nominees Limited 28,943,528 5.50% 5 Bangkok Life Assurance Company Limited 1
Slide 26: EGCO Board of Directors
EGCO Board of Directors EGAT Mr. Pornchai Rujiprapa (Chairman of the Board), Mr. Sahust Pratuknukul, Directors Mr. Kurujit Nakornthap and Mr. Somboon Arayaskul TEPDIA Mr. Hideaki Tomiku, Mr. Ryota Sakakibara, Mr. Akio Matsuzaki and Directors Mr. Toshiro Kudama Mr. Aswin Kongsiri, Mr. Chaipat Sahasak
Slide 27: EGCO Group Structure
Corporate Overview : EGCO Group Structure EGCO Group 4,973.9 MW Wholly / Majority Owned Equally / Minority Owned Overseas 2,456.60 MW 1,685.50 MW 831.84 MW ESCO TJ Cogen TP Cogen SK Cogen EGCO-Rayong EGCO Green EGCO Cogen KEGCO GEC BLCP NED EAST Water North Pole NTPC XHPP 125.00 125.00 125.00 1,232.
Slide 28: Net Profit before FX by Company
Net Profit before FX by Company Million Baht SPP 7% 232 MB IPP 67% OVERSEAS 24% 2,239 MB 828 MB OTHERS 2% 63 MB IPP SPP OVERSEAS OTHERS 28
Slide 29: EGCO Group's CSR Projects
Corporate Overview : EGCO Group’s CSR Projects Paths for Promotion of Learning and Building a Public Conscience in Paths for Preservation of the “Youths” “Watershed Forest” Paths for Promotion and Development of Community's “Quality of Life” 29
Slide 30: Appendices
Appendices • Corporate Overview • Key Financial Data • Operating Performance
Slide 31: EBITDA and Net Profit for six-month periods
Key Financial Data: EBITDA and Net Profit for six-month periods Million Baht EBIDA 6M10 6M11 (30%) Net Profit 6,075 (32%) 4,592 4,354 2,973 25 (301) (325) (170) (133) (20) (1,228) (1,188) Finance costs Tax DA FX 31
Slide 32: Segmental Operating Results, Ended June 30, 2010
Key Financial Data: Segmental Operating Results, Ended June 30, 2010 Subsidiaries Joint Ventures 6M2010 Holding Power Generation Others Total Power Generation EGCO & Subs Total-JVEs Grand Total GCC, Rayong EGCO Roi-Et NKCC, EGCO power KEGCO ESCO ET NP PEPOI BLCP GPG-KK2 NED CONAL NT2 Quezon Cogen Gr
Slide 33: Segmental Operating Results, Ended June 30, 2011
Key Financial Data: Segmental Operating Results, Ended June 30, 2011 Subsidiaries Joint Ventures 6M2011 Holding Power Generation Others Total Power Generation Total-JVEs Grand Total EGCO & Subs GCC, Rayong EGCO Roi-Et NKCC, EGCO power KEGCO ESCO ET NP PEPOI BLCP GPG-KK2 NED CONAL NT2 Quezon Cogen Gr
Slide 34: Financial Ratio Highlights
Key Financial Data: Financial Ratio Highlights 34
Slide 35: FX Variance
Key Financial Data: FX Variance MM Baht 35
Slide 36: Appendices
Appendices • Corporate Overview • Key Financial Data • Operating Performance
Slide 37: Annual Net Generation & Electricity Sales 2006-2010
Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year 2006-2010 Net Generation GWh (Block I) (9 Month) Electricity Sales MM Baht (Block I) (9 Month) Rayong Power Plant KEGCO BLCP KK 2 NT 2 • EGAT is the sole offtaker for electricity produced by Rayong Power Plant and
Slide 38: Major Maintenance Expenses for the Year 2010
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2010 MM Baht 38
Slide 39: Major Maintenance Expenses for the Year 2011
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2011 MM Baht 39
Slide 40: Operating Performance Equivalent Availability Factor
Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor 40
Slide 41: Net Generation and Fuel Consumption
Operating Performance (IPPs) : Net Generation and Fuel Consumption 41
Slide 42: Thank You
THANK YOU
Electricity Generating Public Company Limited (EGCO) — H1 2011 Earnings Presentation on 6ix