WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q2 2021 Earnings Presentation
48 slides from WHA Utilities and Power Public's earnings presentation, Aug 23, 2021
Slide 1: WHA Utilities and Power Public Company Limited
WHA Utilities and Power Public Company Limited 23 Aug 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 23 Aug 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: Flagship Company in Utilities & Power Business of WHA Group
I. Company Overview WHAUP is the Flagship Company in Utilities & Power Business of WHA Group ▪ #1 Industrial Estate Developer ▪ Exclusive utilities provider ▪ To be one-stop ▪ #1 Logistics developers, with more than 2.49 million ▪ 10 operating and 3 Planned New in the industrial estates service for
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 83% of WHAUP’s volume are distributed to heavy EEC area. industry. 6M’21 Volume by IEs 6M’21 Volume by Industry Petrochemical Others 40% 11% 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 30 June 2021, 596 MW under operation (Incl. solar of 46.2* MW) and 16.7 MW under development 596 MW 590 MW 559 MW 521 MW 2018
Slide 11: Power Business – Portfolio Breakdown
I. Company Overview Power Business – Portfolio Breakdown Total Capacity (613 eq MW) : 596 eq MW under Operation + 17 eq MW under development By Type By Off-taker Analysis 3% 0.5% Portfolio Analysis Gas (48%, 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 23 Aug 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 12
Slide 13: Q2'21 Key Highlight
II. Executive Summary Q2’21 Key Highlight Unit : MB % change % change Q2’20 Q1’21 Q2’21 6M’20 6M’21 YoY QoQ YoY Total Revenue 403.9 603.8 543.6 35% -10% 834.2 1,147.3 38% - Utilities Business/1 390.2 481.4 489.7 26% 2% 813.6 971.1 19% - Power Business/2 13.7 122.4 53.9 294% -56% 20.6 176.3 756% Norm
Slide 14: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 23 Aug 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* Quarterly - YoY/QoQ YTD YTD Unit : Million M3 +18% Unit : Million M3 +28% +10% 67.3 57.1 10.5 35.2 8.4 32.1 18.1 27.6 5.8 15.6 4.6 2.1 4.5 9.3 0.8 56.8 8.8 48.8 Domestic 7.4 1.0 1.1 Domestic 25.7 0.4 Domestic Domestic
Slide 16: Vietnam Utilities Business - SDWTP Sales Volume
III. Operating Performance Vietnam Utilities Business - SDWTP Sales Volume (100%) Unit : ‘000 cmd Unit : Million M3 +29% +26% 16.6 Q2’21 12.8 13.2 183 190 173 161 160 165 159 155 155 150 149 151 144 138 114 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Q2'20 Q2'21 Q1'21 20 20 20 20 20
Slide 17: Power Business – Key Headlines
III. Operating Performance Power Business – Key Headlines IPP Business: GHECO-One • Forced outage total 20 days in May-2021: plant shutdown to repair boiler tube leak GIPP • EGAT dispatched GIPP of 236 GWh in Q2’21 vs no dispatch in Q2’20 HHPC • Slightly higher dispatch in Q2’21, +2% YoY and +46% Qo
Slide 18: Power Business - IPP Group
III. Operating Performance Power Business - IPP Group Quarterly Q2’20 Q2’20 Unit : GWh Q2’21 Q2’21 Unit : % AF Energy Dispatch Q1’21 Availability Q1’21 -23% +32% 99.4% 100.0% 99.8% 1,440 76.5% 76.4% 1,113 59.2% 846 +2% +36% 236 130 133 91 0 0 Gheco-One HHPC Glow IPP Gheco-One Glow IPP YTD – 6M’21 vs
Slide 19: Power Business - SPP Group
III. Operating Performance Power Business - SPP Group Quarterly Q2’20 Q2’20 Q2’21 Q2’21 Unit : GWh Energy Dispatch Q1’21 Unit : % AF Availability Q1’21 +9.2% +8.7% +1.3% +11.7% 96.9% 99.2% 95.2% 1,739 1,592 1,600 1,294 1,311 1,174 +43.6% +0.5% 428 426 298 EGAT 1 IU 2 1 + 2 Total Total SPP Business Y
Slide 20: Power Business - Solar Energy Dispatch
III. Operating Performance Power Business - Solar Energy Dispatch Quarterly - YoY/QoQ YTD Unit : MWh Unit : MWh +187% 27,492 1,602 +154% +14% 14,623 817 12,869 785 25,890 9,588 1,752 5,751 13,806 12,084 893 7,835 4,858 Q2'20 (A) Q2'21 (A) Q1'21 (A) 6M'20 (A) 6M'21 (A) WHAUP Rooftop Gulf and WHA Gunk
Slide 21: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 23 Aug 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 21
Slide 22: Financial Highlight Q2'21 vs Q2'20
IV. Financial Performance Financial Highlight Q2’21 vs Q2’20 Unit: THB mm Q2’20 Q2’21 YoY Remarks Total Revenue 403.9 543.6 35% - Growth in domestic utilities sales volume due to - Utilities Business 390.2 489.7 26% demand recovery, demand from new customers, absence of drought and increase of water
Slide 23: Financial Highlight Q2'21 vs Q1'21
IV. Financial Performance Financial Highlight Q2’21 vs Q1’21 Unit: THB mm Q1’21 Q2’21 QoQ Remarks Total Revenue 603.8 543.6 -10% - Utilities Business 481.4 489.7 2% - EPC Revenue recorded of 92.7 MB in Q1’21 vs 15.5 MB in Q2’21 - Power Business 122.4 53.9 -56% - Revenue from Solar Rooftop projects c
Slide 24: Financial Highlight 6M'21 vs 6M'20
IV. Financial Performance Financial Highlight 6M’21 vs 6M’20 Unit: THB mm 6M’20 6M’21 YTD Remarks Total Revenue 834.2 1,147.3 38% - Utilities Business 813.6 971.1 19% - Sale volume growth and water tariff adjustment - EPC Revenue recorded of 108.2 MB in 6M’21 vs none in 6M’20 - Power Business 20.6 1
Slide 25: 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 25.6%YoY and 19.8%YoY for Q2’21 and 6M’21 respectively and increased by 2.6% QoQ. Total Revenue Gross Profit Margin +19.4% Unit : THB mm 971.1 47.9% 9.5 45.3% 69
Slide 26: Utilities Business: Share of Profit (Vietnam)
IV. Financial Performance Utilities Business : Share of Profit (Vietnam) Unit : MB SDWTP Unit : MB Cua Lo Quarterly Quarterly Q2'20 (A) Q1'21 (A) Q2'21 (A) Q2'21 (B) Q2'20 (A) Q1'21 (A) Q2'21 (A) Q2'21 (B) 0.6 2.0 (1.4) (1.6) (0.8) -14.3% -14.3% - 24.4% (20.4) (24.1) YoY QoQ (27.0) QoQ (1.4) (2.4) (
Slide 27: 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 for 2Q’21 and 6M’21 increased 12.5%YoY and 1.9%YoY, respectively and also increased 30.9% QoQ. /1 Share of Profit and Dividend Income Normalized Share of Profit a
Slide 28: Profit and Loss Statement – Q2'21 vs Q2'20
IV. Financial Results Profit and Loss Statement – Q2'21 (A) vs Q2'20 (A) Normalized Net Income (NNI) Q2’21 (A) Vs Q2’20 (A), + 80.7 MB or +43.9% + Positive • Higher Gross Profit before Depreciation (+75.3 MB): Utilities Business (+53.2 MB) and Power business (+23.1 MB) • Higher Normalized Share of P
Slide 29: Profit and Loss Statement – Q2'21 vs Q1'21
IV. Financial Results Profit and Loss Statement – Q2'21 (A) vs Q1'21 (A) Normalized Net Income (NNI) Q2’21 (A) Vs Q1’21 (A), +75.0 MB or +39.6% + Positive • Higher Normalized Share of Profit (+105.3 MB): mainly from Gheco-One (+90.0 MB) and SPPs (+25.4 MB) • Loss from Revalue Investment from GIPP (+
Slide 30: Profit and Loss Statement – 6M'21 vs 6M'20
IV. Financial Results Profit and Loss Statement – 6M'21 (A) Vs 6M‘20 (A) Normalized Net Income (NNI) 6M’21 (A) Vs 6M’20 (A), +48.4 MB or +11.9% + Positive • Higher Gross Profit before depreciation (+162.5 MB): Utilities Business (+103.8 MB) and Power business (+58.7 MB) • Higher Other Income (+33.2
Slide 31: Capital Structure and Financial Ratio
IV. Financial Performance Capital Structure and Financial Ratio Statement of Financial Position Debt Maturity Profile as of 31 July 2021 Unit : THB mm Unit : THB mm New bond issuance of 3,500 MB in July 2021 with tenor of 2, 3 and 5 yrs and 4,200 26,172 26,172 25,747 25,747 26,471 weighted avg. cost
Slide 32: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 23 Aug 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 32
Slide 33: Utilities Business – General Update
V. Business Update Utilities Business – General Update New Big Customer Demand Covid-19 Business Continuous Plan = Gulf SRC Bubble and Seal of control room at water plants to secure operation and ensure continuity of our utilities system = Petrochem 16.2 5.8 Million M3 Million M3 0.3 14 days Million
Slide 34: Water Situation of Dokkrai, Nongplalai, and Klongyai Reservoirs
V. Business Update Utilities Business - Water Situation of Dokkrai, Nongplalai, and Klongyai Reserviors Source : Eastwater 23 Aug 2021 34
Slide 35: Water Situation of Prasae Reservoir
V. Business Update Utilities Business - Water Situation of Prasae Reservoir Source : Eastwater 23 Aug 2021 35
Slide 36: 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 ESIE (Rayong) 300 MW 2023(F) 90 MW 51 MW 2021(F) 33 MW 2020(A) 2019(A) Capacity 4.2 MW Continent
Slide 37: 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 38: Q&A
Q&A 23 Aug 2021 38
Slide 39: Agenda
Agenda I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix 23 Aug 2021 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 39
Slide 40: Consolidated Performance
VI. Appendix Consolidated Performance Consolidated EBITDA/1 and EBITDA Margin Consolidated Net Profit and Net Profit Margin/4 Units: THB mm Units: THB mm 58% 58% 53% 51% 36% 47% 34% 49% 48% 46% 44% 45% 32% 27% 28% 29% 24% 26% 708.5 673.0 25% 18% 376.4 360.9 1.5 465.6 102.2 351.2 317.4 321.8 31.4 749
Slide 41: 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 42: Sustainability Framework and Strategy
VI. Appendix WHAUP Sustainability Development Highlight Sustainability at WHA Group Framework and Strategy WHAUP has adopted WHA Group’s 5-Year Sustainability Framework to drive corporate sustainability actions to build upon, and align with the Group’s business direction to become “Your Ultimate Sol
Slide 43: Sustainability 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: Waste Management
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 23 Aug 2021 48
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