Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — Q1 2011 Earnings Presentation
44 slides from Electricity Generating Public's earnings presentation, 2011
Slide 1: Corporate Presentation: Annual Period Financial Results Ended 31 March 2011
NED Corporate Presentation Annual Period Financial Results Ended 31 March 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 • Thailand’s Electricity Industry Overview • EGCO Group’s Overview • Financial Results • Appendices 3
Slide 4: Thailand's Electricity Industry Overview
Thailand’s Electricity Industry Overview
Slide 5: Current Electricity Supply Industry
Thailand’s Electricity Industry Overview : Current Electricity Supply Industry EGAT * INT. (6.93%)* IPP (38.55%)* SPP (6.93%)* (47.59%) EGAT Transmission 2 MEA PEA Direct Customers End Users IPP : Independent Power Producer MEA : Metropolitan Electricity Authority EGCO’s IPPs have 10.79% market shar
Slide 6: Historical Demand Growth
Thailand’s Electricity Industry Overview : Historical Demand Growth MW 22,044.90 MW or -2.32% 26,000 24,009.90 MW or 8.91% decrease from 2008 increase from 2009 25,000 24,000 2011 23,000 2010 2009 22,000 2008 21,000 2007 20,000 2006 19,000 2005 18,000 2004 17,000 2003 16,000 2002 15,000 14,000 Janua
Slide 7: Energy Generation Sales by Categories
Thailand’s Electricity Industry Overview : Energy Generation Sales by Categories 2010 + 5.21% Unit : Gwh - 3.93% - 3.46% - 2.12% 10,352,328,281 - 4.63% 2,403,682,286 9,840,001,916 2,320,432,626 1,623,574,663 1,548,433,499 4,892,607,885 4,700,302,428 3,653,895,689 3,576,366,082 Market Share Residenti
Slide 8: 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 9: 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) 5,500 360 MW VSPP 173 MW EGAT # 3 5,000 (Coal) SPP (Co-gen) 360 MW 800 MW 4,500 EGAT # 5 VSPP 159 MW (Nuclear)
Slide 10: EGCO Group's Overview
Sa [- G C O Energy for life GROUP EGCO Group’s Overview
Slide 11: 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. 11
Slide 12: 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 Continue to focus on power generati
Slide 13: Financial Results
= G C O Energy for life leat “4 Financial Results
Slide 14: Net Profit
Net Profit Million Baht 2,076 (- 852) 41% 1,224 14 3M10 3M11
Slide 15: Net Profit before FX
Net Profit before FX Million Baht 1,878 (- 653) 35% 1,225 15 3M10 3M11
Slide 16: FX of SUBs and JVEs
FX of SUBs and JVEs Million Baht (- 199) 100% 198 (- 1) 16 3M10 3M11
Slide 17: Operating Results
Operating Results Million Baht 17
Slide 18: Summary Results
Summary Results Ended March 31, 2010 and 2011 18
Slide 19: Net Profit before FX
Net Profit before FX Million Baht 3M10 3M11 44% 1,493 830 15% 8% 326 283 53% 133 123 1% 43 20 -75 -74 IPP SPP Overseas Others EGCO 19
Slide 20: Net Profit before FX by Segment
Net Profit before FX Ended March 31, 2011 Million Baht SPP 9% 123 MB Overseas 25% 326 MB IPP 64% 830 MB Others 2% 20 MB 20 By Segment
Slide 21: Net Profit before FX by Company
Net Profit before FX Ended March 31, 2011 Million Baht Roi Et Green 1% 18MB EGCO Cogen 3% Conal 3% 40 MB 38 MB NTPC 13% GCC, NKCC, SCC, 173 MB GYG, 5% 69 MB Quezon 9% 116 MB GPG (KK2) 12% 160 MB ET 2% 26 MB KEGCO 7% 89 MB BLCP 44% 572 MB Rayong Power plant 1% 9 MB 21 By Company
Slide 22: Cash Flow
7 EGCO GROUP Effect of FX Cash F low = Beginning Balance of Cash and Cash Equivalents Net Cash Received from (Payments in) Operating Activities Net Cash Received from (Payments in) Investing Activities Net Cash Received from (Payments in) Financing Activities 613 1,264 180 1,698 2,851 (2,079) Energy
Slide 23: Summary of Debt Structure
Summary of Debt Structure -Total facilities and total outstanding balances of EGCO & Subs Total Outstanding Balances Total Facilities March 31, 2011 USD 467 M. USD 112 M. 27.18% JPY 1,260 M. JPY 520 M. 1.53% Baht 20,778 M. Baht 8,922 M. 71.28% 23
Slide 24: EGCO D/E Profiles
EGCO D/E Profiles Ended March 31, 2011 Million Baht 1.20 Total Debt : 14,656 0.97 Total Equity : 55,786 1.00 0.94 0.89 0.86 0.89 0.91 0.89 0.85 Cash and cash equivalents : 5,673 0.80 Outstanding revolving credit facility : 4,000 0.60 Total : 9,673 0.41 0.40 0.36 0.31 0.31 0.28 0.26 0.22 0.28 0.26 0.
Slide 25: Dividend Policy
% [- G C O Energy for life GROUP Dividend Policy
Slide 26: Dividend Policy
Dividend Policy Baht/Share 5.00 5.25 5.25 4.75 4.00 2.50 2.75 2.75 3.25 2.50 3.00 2.75 2.00 2.50 2.25 1.50 1.75 1.25 1.50 1.25 2.25 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 26 Interim Final
Slide 27: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 28: EGCO Shareholding Structure
Corporate Overview : EGCO Shareholding Structure as of 16 March 2011 EGAT OneEnergy Thailand Ltd. OneEnergy is jointly owned 50% each by Mitsubishi Corporation and TEPCO (There was additional 25.41% 23.95% 0.63% held in NVDR according to Form 246-2 on January 7, 2011.) * Foreign investors comprise t
Slide 29: EGCO Board of Directors
Corporate Overview : EGCO Board of Directors • Mr. Pornchai Rujiprapa (Chairman of the Board) EGAT • Mr. Sahust Pratuknukul Directors • Mr. Kurujit Nakornthap • Mr. Somboon Arayaskul • Mr. Hideaki Tomiku TEPDIA • Mr. Ryota Sakakibara Generating B.V. • Mr. Akio Matsuzaki Directors • Mr. Toshiro Kudam
Slide 30: EGCO Group Structure
Corporate Overview : EGCO Group Structure EGCO Group 5,048.9 MW Majority Owned Minority Owned 2,531.6 MW 2,517.4 MW ESCO TJ Cogen TP Cogen SK Cogen EGCO-Rayong EGCO Green EGCO Cogen KEGCO GEC BLCP NTPC North Pole NED XHPP EAST Water 125.00 125.00 125.00 1,232.00 9.40 117.00 824.00 1,895.00 1,434.00
Slide 31: EGCO Group's CSR Projects
Corporate Overview : EGCO Group’s CSR Projects Paths for Promotion and Development of Community's “Quality of Life” Paths for Preservation of the “Watershed Forest” • Pluak Dang Health Care Market • A Watershed Forest: A Source of Energy for • Mobile Medical Unit Support Life project • Breeding of B
Slide 32: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance 32
Slide 33: EBITDA and Net Profit
Financial Results : EBITDA and Net Profit Million Baht EBITDA 3M10 3M11 (30%) Net Profit 2,890 (41%) 2,016 2,076 1,224 16 13 (65) (76) (157) (130) (608) (599) Finance costs Tax DA FX 33
Slide 34: Operating Results – 3M10 vs 3M11
Financial Results : Operating Results – 3M10 VS 3M11 Million Baht 34
Slide 35: Segmental Operating Results Ended March 31, 2010
Financial Results : Segmental Operating Results Ended March 31, 2010 Million Baht 35
Slide 36: Segmental Operating Results Ended March 31, 2011
Financial Results : Segmental Operating Results Ended March 31, 2011 Million Baht 36
Slide 37: Financial Ratio Highlights
Financial Results : Financial Ratio Highlights 37
Slide 38: FX Variance
Financial Results : FX Variance Million Baht 38
Slide 39: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 40: Annual Net Generation & Electricity Sales 2006-2010
Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year 2006-2010 Net Generation GWh (9 Month) (Block I) 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 41: Major Maintenance Expenses for the Year 2010
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2010 MM Baht 41
Slide 42: Major Maintenance Expenses for the Year 2011
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2011 MM Baht 42
Slide 43: Operating Performance Equivalent Availability Factor
Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor 43
Slide 44: Net Generation and Fuel Consumption
Operating Performance (IPPs) : Net Generation and Fuel Consumption 44
Electricity Generating Public — Q1 2011 Earnings Presentation on 6ix