WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q1 2018 Earnings Presentation
37 slides from WHA Utilities and Power Public's earnings presentation, May 17, 2018
Slide 1: Analyst Meeting 2/2018
Analyst Meeting 2/2018 17 May 2018
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. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2018F 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: 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 #1 Logistics developers #1 Industrial Estate Exclusive utilities provider To be one-stop service Developer in the industrial estates for Data Center developer Built-to-Suit (BTSW): and provider by
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 2018F Appendix 7
Slide 8: Financial Highlight 1Q'18
II. Performance Highlight Financial Highlight 1Q’18 1Q’18 YoY Remark 1) COD of 5 SPPs as planned and Revenue from Sales and Services (Utilities Business) 422.0 8.8% increase in demand of existing customers 1) COD of 5 SPPs as planned Share of Profit and Dividend Income 2) Gheco-One higher dispatch a
Slide 9: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2018F Appendix 9
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 CLMV Strong base of in
Slide 11: Assets Location
III. Utilities Business Assets Location WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA-Hemaraj Industrial Estates. Currently, WHAUP provides utilities services to 9 operating IEs plus 3 developing IEs in the future. 1 Hemaraj Chonburi Industrial Estate
Slide 12: Industry Overview
III. Utilities Business Industry Overview Thailand Countrywide’s Water Market Forecast Demand for Water Wastewater Management Expected growing demand for industrial utilities approx. 4.6% p.a. Unit: million m3/day Annual demand for water (million m3/year) CAGR 1.9% 31% 10,000 CAGR 4.6% 8,000 8,260 (
Slide 13: Industry Overview: Opportunities from EEC Policy
III. Utilities Business Industry Overview Opportunities from EEC Policy Forecasted Water Demand in EEC area Forecasted Water Supply in EEC area mm m3 per year mm m3 Increased supply capacity from EEC Policy Industrial Domestic Agriculture 4000 3950 1,600 575 mm m3 per 1,200 year come from 929 indust
Slide 14: Business Strategies
III. Utilities Business Business Strategies 5Y Aspiration Current Positioning Domestic: Integrated solutions to industrial market, expansion to other market segments Thailand’s leader in industrial water businesses provides 100 million m3 Industrial Estate with world-class operation and services pro
Slide 15: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2018F Appendix 15
Slide 16: Growing Portfolio
IV. Power Business Growing Portfolio Continuing Growth from Projects Under Construction and Projects in Pipeline CAGR 2016-2019 Over 200 MW of solar opportunities from over 2 million sqm logistics roof areas 16.5% under WHA/WHA Management 552.8 MW 520.5 MW 32.3 478.4 MW 10 GNLL2 CCE GVTP GTS4 GTS1 W
Slide 17: Well-balanced and High Stability Portfolio
IV. Power Business Well-balanced and High Stability Portfolio Conventional Power: 537.0 Equity MW Secured Highly reliable off-taker (EGAT) Long-maturity Portfolio By Type of Power Plant By Type of Sourcing Industrial Analysis PortfolioAnalysis Users, 8% Maturity < 20 IPP 53% Coal 43% Years, 20% SPP
Slide 18: Industry Overview: Changes Leading to New Opportunities
IV. Power Business Industry Overview Industry Changes Leading to New Opportunities 1 Grid Over-capacity: No new conventional IPP/SPP 2 Energy 4.0 Policy: Energy Efficiency and Distributed for 10 years Generation (DG) GW % Energy 4.0 70.3 Current Measure 2017-2018 Target 2036 Low Efficiency - Change
Slide 19: Business Strategies
IV. Power Business Business Strategies “Developer” in Power and Energy Businesses Conventional - IPP : Glow IPP, Gheco-One , Houay Ho Hydropower in Lao PDR Power - SPP : 7 SPPs in operation & 1 SPPs under construction - Solar Rooftop : 2.6 MW sale to grid & 0.9 MW WHA KM.3 private-sale Further oppor
Slide 20: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2018F Appendix 20
Slide 21: Utilities – Operating Performance
V. Operating Performance Utilities – Operating Performance Utilities Portfolio Growth – Sale & Management Volume Million m3/ year 120 WWT +7% YoY 100 100 82 RW +8% YoY 80 34 IW +12% YoY 60 24 26 17 32 34 13 40 31 8 9 4 4 20 43 49 31 32 34 12 13 0 2013 2014 2015 2016 2017 1Q'17 1Q'18 Industrial Water
Slide 22: Power Plants Operating Performance
V. Operating Performance Power Plants Operating Performance GHECO-One HHPC Energy Dispatch Availability Energy Dispatch GWh % AF GWh 1,313 91.2% 89 85 871 60.6% 1Q'17 (A) 1Q'18 (A) 1Q'17 (A) 1Q'18 (A) 1Q'17 (A) 1Q'18 (A) GNLL Gulf VTP Energy Dispatch Availability Energy Dispatch Availability GWh GWh
Slide 23: Power Plants Operating Performance
V. Operating Performance Power Plants Operating Performance Gulf TS1 Gulf TS2 Energy Dispatch Availability Energy Dispatch Availability GWh % AF GWh % AF 99.3% 100.0% 217 214 1Q'17 (A) 1Q'18 (A) 1Q'17 (A) 1Q'18 (A) 1Q'17 (A) 1Q'18 (A) 1Q'17 (A) 1Q'18 (A) * Gulf TS1 started commercial operation since
Slide 24: Power Plants Operating Performance
V. Operating Performance Power Plants Operating Performance BGWHA-1 Energy Dispatch Availability GWh % AF 215 223 99.3% 99.5% 1Q'17 (A) 1Q'18 (A) 1Q'17 (A) 1Q'18 (A) * BGWHA-1 started commercial operation since 1 November 2016 24
Slide 25: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2018F Appendix 25
Slide 26: Consolidated Financial Statement
VI. Financial Information Consolidated Financial Statement Revenue and Net Profit Growth Unit : THB mm Revenue from Sales and Services + 8.8% (Utilities Business) Share of Profit and Dividend Income/1 + 139.1% (Power Business) Net Profit Attribute to Owners of the + 162.8% 1,081.2 Parent 663.7 659.2
Slide 27: Utilities Performance
VI. Financial Information Utilities Performance Revenue from Sales and Services from Utilities Business was recorded at Baht 422.0 million. Revenue from Sales and Services Units: THB mm 35.3% 35.3% 33.1% 33.4% 422.0 27.4% 29.5% 35.1% 388.0 31.6% 1.4 40.3 30.4% 10.4 27.9% 37.3 68.4 26.9% 25.8% 63.9 3
Slide 28: Power Performance
VI. Financial Information Power Performance Share of Profit and Dividend Income total at Baht 659.2 million, a 139.1% growth from 1Q’17. Units: THB mm 659.2 • Completion of Gulf VTP COD in May 2017 250.6 • Completion of Gulf TS1 COD in July 2017 • Completion of Gulf TS2 COD in September 2017 275.7 •
Slide 29: Consolidated Performance
VI. Financial Information Consolidated Performance Consolidated EBITDA/1 and EBITDA Margin Consolidated Net Profit/2 and Net Profit Margin/3 Unit : THB mm Unit : THB mm 1400.0 1200.0 100.0% 65.2% 80.0% 78.4% 60.0% 80.0% 54.9% 1200.0 65.1% 72.0% 1000.0 39.8% 60.0% 40.0% 1000.0 46.3% 860.6 40.0%800.0
Slide 30: Capital Structure and leverage ratio
VI. Financial Information Capital Structure and leverage ratio Statement of Financial Position Debt Maturity Profile Unit : THB mm Unit : THB mm 21,995 21,995 21,378 21,378 13,284 4,000 12,577 871 776 7,930 7,935 1,000 1,500 1,500 1 2017 2 3 4 5 1Q’18 6 2018 2019 2020 2021 2022 Term Loan Bond Total
Slide 31: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2018F Appendix 31
Slide 32: 2018 Plan: Utilities Business
VII. Outlook 2018F 2018 Plan: Utilities Business Extend our Leadership in Industrial Estate Utilities Current Products/Services in Existing WHA-Hemaraj’s IEs Business To continuously build up reputation and trust by improving service quality and enhancing R&D Continue Expanding Markets HESIE3 To
Slide 33: 2018 Plan: Power Business
VII. Outlook 2018F 2018 Plan: Power Business Leverage WHA Group’s Resources and Customer Base To capture huge opportunity from IE roof and over 2 million sqm logistics roof areas - Offering service to customers - Exploring solar rooftop opportunity outside WHA-Hemaraj IEs Exploring municipal was
Slide 34: 2018 Outlook – Visible Growth From Both Businesses
VII. Outlook 2018F 2018 Outlook – Visible Growth From Both Businesses UTILITIES AND SALES MANAGEMENT VOLUME Revenue growth will come from enlargement of sales and management volume Demand increase from new land sales customers 100 113 Million M3 Higher consumption from current Million M3 customers’
Slide 35: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2018F Appendix 35
Slide 36: Shareholders and Management Structure
Appendix Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Institutions, Retail, Mr. David Richard Nardone 1% 13% Ms. Jareeporn Jarukornsakul Chairman of Board of Directors Director Domestic Institutions, 12% WHA Group, Mr. Vivat Jiratikarnsakul Mr. Wisate Chung
Slide 37: Well-Balanced Portfolio with Strategic Location
Appendix Well-Balanced Portfolio with Strategic Location Operating Plants Samutprakarn Alternative Power Huoay Ho Glow IPP WHA Gunkul Hydropower IPP Combined Cycle IPP Total MW : 152.0 MW Total MW : 713.0 MW HESIE Solar VSPP COD in 1999 COD in 2003 Total MW : 3.3 MW Located in Lao
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