WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q1 2019 Earnings Presentation
37 slides from WHA Utilities and Power Public's earnings presentation, May 23, 2019
Slide 1: Analyst Meeting No.2/2019
Analyst Meeting No.2/2019 23 May 2019 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 Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 3
Slide 4: Vision & Mission
I. Company Profile Vision & Mission 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 n
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. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 7
Slide 8: Utilities Business Overview
II. 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 ID’s Estates in Thailand and CLMV Strong base of industrial use
Slide 9: Assets Location
II. 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 9 operating IEs plus 3 developing IEs in the future. 6 1 WHA Chonburi Industrial Estate 1 (WHA
Slide 10: Industry Overview – Water Demand
II. Utilities Business Industry Overview – Water Demand Forecasted Demand for Water Proportion of Water Demand • Demand for water in Thailand for the next 20 years increases at the rate of 0.5% CAGR 93% • Agriculture sector reduce its proportion from 90% to 85% while municipal and 8% Agricultural in
Slide 11: Opportunities in EEC
II. Utilities Business Opportunities in EEC Forecasted Demand and Supply for Industrial Water 1 Raising the efficiency of 7 old reservoirs in EEC which will increase water storage level from 770 million m 3 to 872 million m3 2 Establish the diversion channel from Klong Panthong to Bang Pra Reservoir
Slide 12: Business Strategies
II. Utilities Business Business Strategies Current Positioning 5Y Aspiration Industrial Estate Products Developing (Raw Water, Industrial Integrated Solutions Municipal Water CLMV Markets Water and Central to Industrial Users Supply Wastewater Treatment) Thailand’s leader in Domestic: Integrated sol
Slide 13: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 13
Slide 14: Growing Portfolio
III. Power Business Growing Portfolio Continuing Growth from Projects Under Construction and Projects in Pipeline Over 200 MW of solar opportunities from over 2 million sqm logistics roof areas under WHA/WHA Management 570 MW 521 MW 486 MW 352 MW 2016 2017 2018 2019B 14
Slide 15: Well-balanced and High Stability Portfolio
III. Power Business Well-balanced and High Stability Portfolio Conventional Power: 547 Equity MW Secured Highly reliable off-taker (EGAT) Long-maturity Portfolio By Type of Power Plant By Type of Sourcing Industrial Users, 8% Portfolio Analysis IPP 52% Coal 43% SPP 48% Gas 53% Maturity < 20 Years, 2
Slide 16: Industry Overview – Power Development Plan 2018
III. Power Business Industry Overview – Power Development Plan 2018 The development guideline is as follow. 1. Prepare a new forecasted country’s demand of electricity in long term by adding Electric vehicle, EEC and Independent Power Supply (IPS) in the forecast EV IPS Use ESS to support the electr
Slide 17: Industry Overview - Power Development Plan 2018
III. Power Business Industry Overview - Power Development Plan 2018 EPPO forecast system demand increased from 30,300 MW in 2017 to 54,000 MW in 2037 with a CAGR of 2.9%. The forecast system demand will be used for planning on establishing the new power plants in each regions. The total new power pl
Slide 18: Industry Overview – Energy 4.0 Policy
III. Power Business Industry Overview – Energy 4.0 Policy Ministry of Energy launched Energy 4.0 policy to raise the standard and improve the efficiency of energy usage by deploying technologies/innovations as key driver. The policy focuses on 3 main energy – electricity, fuel for transportation and
Slide 19: Business Strategies
III. Power Business Business Strategies “Developer” in Power and Energy Businesses Conventional - IPP : Glow IPP, Gheco-One , Houay Ho Hydropower in Lao PDR Power - SPP : 8 SPPs in operation - Solar Rooftop : 2.6 MW sale to grid & 2.0 MW private-sale. Further opportunities from over 6 million sqm IE
Slide 20: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 20
Slide 21: Utilities – Operating Performance
IV. Operating Performance Utilities – Operating Performance Utilities Portfolio Growth – Sale & Management Volume Million m3/ year 120 100 105 100 82 WWT 0% YoY 35 26 27 80 34 RW -4% YoY 25 9 9 60 17 17 IW +5% YoY 31 32 34 13 4 4 40 43 49 53 13 14 20 31 32 34 0 2013 2014 2015 2016 2017 2018 1Q'18 1Q
Slide 22: Power Business - IPP Group
IV. Operating Performance Power Business - IPP Group 1Q’18 1Q’18 Energy Dispatch 1Q’19 Availability 1Q’19 GWh % AF 1,313 100.0% 100.0% 91.2% 767 50.3% 85 120 38 0 Gheco-One HHPC Glow IPP Gheco-One Glow IPP 22
Slide 23: Power Business - SPP Group
IV. Operating Performance Power Business - SPP Group 1Q’18 1Q’18 Energy Dispatch 1Q’19 Availability 1Q’19 GWh % AF 100.0% 100.0% 100.0% 99.9% 99.9% 99.8% 99.6% 99.6% 99.5% 99.4% 99.4% 99.2% 99.0% 98.5% 226 223 222 222 94.7% 217 217 214 213 212 207 207 204 203 199 189 0.0% 0 GNLL GVTP GTS1 GTS2 GTS3
Slide 24: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 24
Slide 25: Financial Highlight 1Q'19
V. Performance Highlight Financial Highlight 1Q’19 1Q’19 YoY Remarks Total Revenue 459.4 +8.9% - Higher Sales Volume mainly from COD of 2 SPPs (GNLL2 - Utilities Business 458.0 +8.5% and Other SPP), existing and new IEs customers - Started to recognize revenue from Power Business (Solar - Power Busi
Slide 26: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 26
Slide 27: Consolidated Financial Statement
VI. Financial Information Consolidated Financial Statement Total Revenue and Share of Profit and Dividend Income was recorded at Baht 798.6 million Utilities = IE Utilities Revenue + Other Utilities Revenue Power = Solar Project Revenue + Normalized Share of Profit and Dividend Income Unit : THB mm
Slide 28: Utilities Performance
VI. Financial Information Utilities Performance Total Revenue from Utilities Business was recorded at Baht 458.0 million. Total Revenue - Utilities Business Gross Profit Margin - Utilities Business Units: THB mm Units: % 458.0 422.0 39.9% 26.8 1.4 35.3% 40.3 38.7 33.1% 34.4% 64.9 68.4 26.9% 36.0% 27
Slide 29: Power Performance
VI. Financial Information Power Performance Total Revenue from Power Business was Baht 1.4 million andShare of Profit and Dividend Income was Baht 339.2 million Total Revenue – Power Business Share of Profit and Dividend Income Units: THB mm Units: THB mm 659.2 - 1.4 250.6 339.2 94.6 408.6 309.2 - 1
Slide 30: 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 1500.0 100.0%1500.0 100.0% 78.4% 68.4% 65.2% 1300.0 1300.0 51.9% 72.0% 67.2% 50.0% 50.0% 54.9% 50.0% 1100.0 1100.0 860.6 900.0 0.0%
Slide 31: 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 23,773 23,773 22,810 22,810 14,049 13,038 4,000 736 762 2,390 8,988 9,010 1,290 1,320 0 0 1 2018 2 3 4 5 1Q’19 6 2018 2019 2020 2021 2022 2023 2024 2025 Bo
Slide 32: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 32
Slide 33: 2019 Plan: Utilities Business
VII. Outlook 2019B 2019 Plan: Utilities Business Market Product Capture Key Deliverables Expansion Innovation Vietnam New WHA IEs Wastewater Reclamation, Opportunity Non-WHA IEs RO Water, Demineralized Water, Raw Water, Industrial Target Sales & Smart Water Solution, Water, Municipal Water, Wastewat
Slide 34: 2019 Plan: Power Business
VII. Outlook 2019B 2019 Plan: Power Business Power Innovative Energy Capture Key Deliverables Portfolio Solution Vietnam Growth Smart Grid, Energy Storage Opportunity System, Captive Gas Power Renewable Solar Plant, Floating Solar Energy in Focus 570 Installed Explore potential Solar power Equity MW
Slide 35: Enhance Products Offering to Provide Total Solution Energy Services
VII. Outlook 2019B 2019 Plan: Power Business Enhance Products Offering to Provide Total Solution Energy Services Leverage on Industrial Estates’ Customers Base Focus on Industrial Sales Strong Partnership with Leading International Energy Players Natural Gas Distribution Projects 3 WHANGD 3 - Upcomi
Slide 36: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 36
Slide 37: Shareholders and Management Structure
VIII. Appendix Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Institutions Mr. David Richard Nardone 1% Retail Ms. Jareeporn Jarukornsakul 16% Chairman of Board of Directors Director Domestic Institutions 10% WHA Group Mr. Vivat Jiratikarnsakul Mr. Wisate Chu
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