Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — CLSA ASEAN Corporate Access Forum 2013
56 slides from Tenaga Nasional Bhd's conference presentation, March 2013
Slide 1: CLSA - ASEAN Corporate Access Forum
TENAGA NASIONAL sernad CLSA - ASEAN CORPORATE ACCESS FORUM Grand Hyatt Erawan Bangkok (13 - 15t March 2013) Prepared by: + . A tenaga_ird@.tnb.com.my Investor Relations & Management Reporting Department GROUP FINANCE DIVISION
Slide 2: CLSA - ASEAN Corporate Access Forum
TENAGA ~ NASIONAL sernad CLSA - ASEAN CORPORATE ACCESS FORUM
Slide 3: Agenda
AGENDA CLSA - ASEAN CORPORATE ACCESS FORUM 7 Takeaways Outlook - A Key Y 4 Dividend Policy DY A Tariff Business 4 Strategy & Introduction Direction to MESI Introduction to Tenaga
Slide 4: Introduction to Tenaga
CLSA - ASEAN CORPORATE ACCESS FORUM (2) INTRODUCTION TO TENAGA
Slide 5: * ' * ++ , -.- -+/ - . /- .+# -#- + /-
* ' * ++ , -.- -+/ - . /- 0 .+# -#- + /- . 1 2 30/- - & 4 ) 56 & $ 47)8 5 6 . !$ $! ! & /" &" ." 2 (8" 5 " /" 0 & " 4$ 7 5 &" " 1 " , 4"%( 5 .+# -#- & &! " $ #$ # $# $% % $# # $# # $#& $#& $#& $% !" ' ' () * $& % $& $ # $#%# $# $ #$ + $ + $ & +# ' ', , ' &+& #+ + + +&& +# + + +& ' , ' $# %$ $ $ $ $%
Slide 6: * ' * + -# .. * + + -.- # +/ / /
* ' * 9 + -# .. * + + -.- # +/ / / ' 0 ( ' , ' 1 . ' / : ;< = ' $ % !" 2 -! + . 3 41 +&. - 5 -! + . 3 41 &+ . '6 2 . . ' 4* *' -! +% . 3 41 +# . ! 7 ' * -! + . 3 41 +% .
Slide 7: * ' * * / ..+ > #- ?/ + + - -@ .
* ' * * / ..+ > #- ?/ + + - -@ . * / ..+ > #- + + - -@ / ? $% $ * / ..+ > #- + += + + - + += = "$A72 = )1A 2 * = )7A 2 * = " A72 ! "# $ % ! "# %&$ & & '
Slide 8: B 3/ C + ?/ -BB 0
* ' * B 3/ C + ?/ .+/ 9 .3+ ?/ - .+/ %A12 A 2 A12 1A 2 $ A 2 +# . .+/ . /-/ & 1 A12 ) A)2 )A$2 & % + &%+ + + %&+ &%+ + + %%+& &&+ +& + 8A$2 )$A82 7A%2 %%+ &&+% +& +# %A)2 %%+ &&+ +% + ', , 1 ', 8 * % + & + + +% ?+ + -BB 0 +# % + & + + +% % + + + %+& )%A1 C C + #- . / / % / / / / ?+ + -BB A1 ', , 1 '
Slide 9: E C+ D
* ' * * 3/ + 3. C+ C> + + 0 .+# -#- * * * 3>>. # D * ./ 88% E .+ < + 67 89: 5 - -/ B - #+D * * ; B ;4 > - * * * & F G /- . + ; - ' +?+. >/ # C >.+C + / ' 5 F+ & -? -/ - .-# ' . /- - ? .3 +/ /+.+# / * / 99 6;: ; 7<: 49 8=: - +# C C + / * > .-#-+/ + ? A + #-+/ H +- 30.-# > - / .-# + ; * * + 3. & 9 C +
Slide 10: Introduction to Malaysian Electricity Supply Industry (MESI)
CLSA - ASEAN CORPORATE ACCESS FORUM INTRODUCTION TO (2) MALAYSIAN ELECTRICITY SUPPLY INDUSTRY (MESI
Slide 11: /B C + * D CC+
* ' * * /B C - * - - -?+/ 0 ?+ C+ / + .H + * D 30/- 3#.+ + - . + 3. +/ -# + - .-/ - > #- .-# H # - * H 3 +# -/C *C > - C+ - - CC+ 3-. - . #+C + " # $ %&
Slide 12: /B C F+ / C0
* ' * * /B C - . = # 3 F+ / C0 + + +# /B C - CC+ 5 ' : ' ' * + +B C - - - -?+/ '6 * . /- .+# -#- 3>>. * 3/ *& * .- + - + ?+ C + # C -# /B C - C C +/ & * /B C - + 7 ' * ' : , ) * : ' +.- 0-.- 4 /> + # 4 +BB-#-+ # 4 /3/ - 0-.- - + +.+# -#- /3>>. - 3/ ! :, ( '5 6' ! ;4 < " # $ %&
Slide 13: /B C - . = -C +.- +
* ' * * /B C - . = -C +.- + • ', 5 • 1 5 ' , '6 • ;66 5 • 8 '6 • , , ' • , , ' • ; , '6 : - : ' 5 : )' 7 '6 ', 5 '6 - ', ' • 2 ' ; * , = : ' • , , ' . := ; - : ' 3 . : ,' ' : '6 - ( > ' • ; . *, • * = • 2) • '6 . 4 '6 ; ': , -( , 7 *, 7 : • ; : • - :96 2 *' • 4 1 . 6 ' '6 • ' , ' '6 4 • 6' , ( 48 =
Slide 14: B 3>>. C -# BB-#-+ # 4 C+
* ' * * + + .-# + + + .-# +//+/ # C -# BB-#-+ # 4 +#3 - B 3>>. #- . ?- C+ . 0,+# -?+/ + + + + ?+ #+ -#- 3>>. BB-#-+ # +C + ) . & 2 7 # 7 # &+ & " )00 " /& / 0 & &+ ) " 8) # + 0/ 1 . &+ ) 4 35 6 & " #) $ 0 2 * 3 /" 2 & &0 & & . & ! "# " # $'
Slide 15: * ' * * ' -C + /- / B + +#3 - 3+.
* ' * * 3 ' -C + /- / B + +#3 - 3+. -@ 3+. 3>>. +#3 - 3/ + + /3 + +.- 0.+ .+# -#- 3>>. " # $ %& ( ) '# )#
Slide 16: C >+ - -?+ - - C C -//- C 0- +
* ' * * C >+ - -?+ - - ! # + 0++ / + 0 + C C -//- & +?+. > $ @ " " 5 C 0- + #.+ / 3 0- + & + . -4 3. 3 - - A + > ,+# -/ +@>+# + 0+ $ / I 3 $% 4 + / # C C -//- + 0 I 3 $% (A /- + ++C + / B $A)7 0-..- > + >. -= > #- > #&# ! " '+ -./ B +> ,+# + / B .. /= - ++ - 4 + + - 3+. ( #3 +C + H + C /3 / 3# - & -
Slide 17: C >+ - -?+ - - . B B#
* ' * * C >+ - -?+ - - ! # $ + + . B / + + - * / : 5 ' < :- < • - ' ' B# • C '6 5 ' ' :' ) • ' : ) & * ? ' *' . ' • : ' , ) * 8 '. 5 :' 6 * . : , C> @-/ - -+ @-/ - ;> 2 +?+.-/+ > #- * -BB 3/ C 7 $ :: !" 4 # /+ D 5 & C ( :$ & !" 4 # (; ( * : 4 , ?'*' 4 ') 2 ;> ' 2 ) * &#+& & ( : D C : $ !" . 4 * 6 .
Slide 18: # C C -//- + - # 0+ $% 7A • # + 3.+
* ' * * C >+ - -?+ - - ! # ,+# H 4%%% 5 / # ,+# & $@ 4%%% 5 ,+# & • 3>+ # - -# .D3. /3>+ # - -# . # . B- + > + >. 0+ # C C -//- + - # 0+ $% 7A • # + 3.+ 0+ - >+ - - • / 7 +0 3 $% 4 + + / +/ - # 0+ $% 1 > -. C C -//- / # C >.+ + + $% 8A +? .3 - / B $& : A • . /- += # $% A 30C -//- / + $ / I 3 • - + /
Slide 19: . BB-#-+ #-+/ #- . BB-#-+ #-+/ + B C
* ' * * * #+ -?+ /+ + 3. - * & # C -# + 3. - C+ . > > /+ 0 + C C -//- & > C + +BB-#-+ # /> + # 3 - #+ -?+ >+ . C +# -/C 0 +BB-#-+ # # + -+/ BB+ + 0 * = >+ - . BB-#-+ #-+/ G- ) 6' 7 : 66 ' ' > - #- . BB-#-+ #-+/ G- ) 6' , : 66 + B C #+ BB-#-+ #-+/ G- ) 6' 5 : , '5 , )' 7 6' , -
Slide 20: • + / /30C - + - / B3.. * > > / .B
* ' * * * #+ -?+ /+ + 3. - * & 30C -//- B* > / . • + / /30C - + - / B3.. * > > / .B + * + -C ;+ ; $% ) -/ + 3. + - B ; $% "! ; $% 7 - ?+C 0+ $% $ A • +* /30C -//- # /-/ / B= +# ?+ + +?+ 3+ +J3- +C + B - / >+ - . > /+ + 3. +@>+ - 3 +4 - ?+/ - + //+ /4 /3/ - /+#3 + # / +.+C + / -# B #-.- +/= +.- 0.+ +
Slide 21: * *C >.+C + - -C +.- + + C C -//- &
* ' * * * #+ -?+ /+ + 3. - * & * *C >.+C + - -C +.- + 0 + C C -//- & $ % & ' ( !)* !)* !)* # !)* !)* + % " *) 0 . + %1 0%1 2 %1 $2 ,- ) . ( + " / * ! ( / * )&+ .) / * 3" ,- 4 ! ,- / * 5 6) # 7 8 - ) . ( + 5 " # $' (
Slide 22: Business Strategy & Direction
CLSA - ASEAN CORPORATE ACCESS FORUM (3) BUSINESS STRATEGY & DIRECTION
Slide 23: * ; H '* * $% ;+ + -# . ; ' ' **
* ; H '* * $% ;+ + -# . ; ' 5 5 ' ** 9* * ' * * 03-. / 3> +> +// B 7 ' * $%$" G @#+. - = - .. 03/- +// + / 9 - +>3 - / * 9 $%$% / 03/- +// > + - 0-.- # - 3+ # + + G *C > ?+ B- #- . / + . + ? .3+ * > /- - 3C K * +/ 3 #+ + - +// B G + # .+ + 9* & $% " + / C / +C / C - + # C > -+/ G 9+ 3 + - . 0 .. 7 G
Slide 24: * ; H '* * $ /+ B + $% ;+ + -# .
* ; H '* * $ /+ B + $% ;+ + -# . = + > -# . @> /- + -+/ ?+ + + +@ +?+. +?+ + + </ # > 0-.- -+/ - - .+ / B -# L M + & - >3 /3- * + - . 3/- +// H &4 ,+# +C + - + + - 3/- +// -.-/+ +@-/ - +. + /+ ?-#+/ # /3. - H -- & C 3B # 3 - > 3# / / / +>>- / + B B3 3 + 03/- +// - + B -+ # 3 -+/
Slide 25: * ; H '* * * + - . @>+ -+ #+ C >.+
* ; H '* * * + - . @>+ -+ #+ C >.+ + D - ,+# /& ! " .4 - *:; ! , (9 : :* <= 3 -4 - *:; ! , 9 : :* <= & ", ! -< 9 %$ +& ; 711 ) &6 * 5 & ?1 3 $ & & & @1 / / )00 " )00 " / / >) & )#&. 6& ", ! -< %$ +& ) &6 7; 11 #8) & 8 = ", ! -< - ; 1 3 %$ +& (( 9 / A# " ; 4&6 " 1 3 9 / A# " ; 4 #91 2& /# )00 " ", !
Slide 26: * ; H '* * -0 B #+4 3# -?- +? .3 - #3/-
* ; H '* * 9 -0 5 B #+4 3# -?- +? .3 - #3/- + B C #+ +C + #3/- + 3. + 3/- +//+/ #3/- *C > ?+C + - C C 3 -# - + .+ / +C +
Slide 27: * ; H '* * -0 B #+4 3# -?- +? .3 - +?+
* ; H '* * 9 -0 5 B #+4 3# -?- +? .3 - +?+ - 3 + 3##+// 3/ : : - ' * 9* 5 F ' *9 * ; 9 * : : ( ') * 6' , '
Slide 28: * ; H '* * # -+?+C + / '3 - / /+ $%
* ; H '* * # -+?+C + / '3 - / /+ $% ;+ + -# . / + / + + + - $%%" + + + + B + ' + 0 <848 ;$%%" ;$%%( ;$%%7 ;$%%1 ;$%%8 ;$% % ' & # 3 . # 3 . # 3 . # 3 . # 3 . # 3 . <887 + 3 //+ / ; 7: $A$2 A 2 (A 2 )A(2 )A%2 )A72 & ' ! 8 ( + - > ;8 8: ()A8 2 "1 A 2 )8 A8 2 )(A8 2 )(A"2 )$A"2 ! * ) ( 4 (A 2 )A72 $A$2
Slide 29: * ; H '* * + .- + F */ = $ /+ $%
* ; H '* * + .- + F */ = $ /+ $% ;+ + -# . ; ' ; $% * ** *9 ; $% ; $% $ +/ + & / ;$% " : + 3 //+ / & 2& $A )A" "A) ( 7 ' C> /+ D & $A7 A8 $8A% N $8A8 +?+ 3+ B C + 3. + A1 $A %A" "A% 3/- +// 0 & >. + 3 + + & 2& 7A A" "A% N )A% ' H ' //+/ 2& 8A% 1A$ 1A7 ( 7 /C -//- / +C - 3 +/ C - /& A% A% %A N A% * '
Slide 30: Tariff
CLSA - ASEAN CORPORATE ACCESS FORUM
Slide 31: = -C +.- + /30C -//- ?+ C +
* -/ = -C +.- + ?+ C + -C >.+C + + $)2 + -BB ,3/ C + /30C -//- ?+ C + / > -#+ - # + /+ + 3#+ / > -#+ * + -C -BB + ?+ C + 0 $ 2& %A7%DC C 0 3A - # + /+ A1/+ D 5 -BB + 3#+ 0 A72A ' +# ' +# I3 + I3. $%%8 I3 + 887 $%%% $%%) $%%( $%%1 > $% $%%8 -BB +?-+ -BB +?-+ /30C - + ! /30C - + ?+ C + ?+ C + - # + /+
Slide 32: G) )/ D E D ? 'D@ * ) ' D
* .+# -#- -BB +?-+ .00 + # " <) ( F 6 - <) - " &+ # <) <) ( - <) - <) G) )/ D E D ? 'D@ * ) ' D ? A/ / 6 )@ ' ' ' ? A :@ ' ( ( ( .+ : & ? A2; @ 32 32
Slide 33: * .+# -#- -BB +?-+ = +# . +?-/-
* .+# -#- -BB +?-+ = +# . +?-/- 33
Slide 34: * + # C - = C> -/ - + - . -+/ 4<
* + # C - = C> -/ - + - . 3 -+/ 4< ,#/ - -< ,"- ! ' 4 ; #/" ! 34
Slide 35: Dividend
CLSA - ASEAN CORPORATE ACCESS FORUM (5) DIVIDEND
Slide 36: -/ # C C - + ' , I B ' - +# /
' *9 *' ' .-# ;-+. + -/ # C C - + > 3 -?- + 0 /+ - / ' -?- + .-# + +0 = 15 ' . ' )%2 (%2 '6 ', 6 * 6 ') H * 6 ') 6 ', 8 ' ' , I > 4 5 : + B ' - +# / / +# C C + + B- . /- .+ -+ ; $ -?- + B "A% /+ >+ - / + - +/>+# B + B- #- . + + - / 3 3/ $% $A # ?< #8 4.0% 40.0 3.6% Dividend Paid (gross sen) 3.5% Yie
Slide 37: Outlook - Key Takeaways
CLSA - ASEAN CORPORATE ACCESS FORUM (6) OUTLOOK - KEY TAKEAWAYS
Slide 38: F !F ; F ; . ;$% ' +C
F !F ; F 5 ; 3 . ;$% ' +C 3></ + B C #+ B + ; - / 3 3/ $% -/ @>+# + +C - ..+ - ' ' +C - / + . - + > + - 3/ -/ ./ +@>+# + 0+ +B- + -C >.+C + - B # C -# B C + ?+ C + </ - - - -?+ 3 . /- /B C - - . 0 .- + + - 30 B -. /A C C +A -/ C +/3. - C + / 0.+ /3>>. B B3+. //-/ + - +. - B3+. /+#3 - A + B +# / + '
Slide 39: F !F ; F ; . ;$% /
F !F ; F 5 ; 3 . ;$% / 3></ + B C #+ B + ; - / 3 3/ $% -/ @>+# + +C - ..+ - ;< %) C C /#B $ 9 @>+# + 0+ 3 4%%%C C /#B A ' -. ?+ + / ? .3C + C C /#B & ): ;$% $ 4% " : ;$% 4%) ;< $ 8%8C C /#B 8)8C C /#B 8(%C C /#B % "C C /#B 39
Slide 40: F !F ; F #3 +C +
F !F ; F 5 ; 3 . ;$% . . #3 +C + / -C +B ;$% -/ $ A C ;<%7 ;<%1 ;<%8 ;< % ;< ;< $ : ;< ?+ + . -#+ 3 -@6 *& ' DC + -# )"A 7(A) 8%A$ 11A$ %(A8 % A( 1)A) 25.0 D +& 21.3 D D ' 20.8 20.0 18.9 - D + - - / 17.8 $12 ? ) @ ' 2 15.0 4' * 26 * + C & - 12.6 12.5 . > -#+ -/ 11.6 +@>+# + +C - 10.0 7 2 7.9 8.6 / 0
Slide 41: CLSA - ASEAN Corporate Access Forum
TENAGA ~ NASIONAL sernad CLSA - ASEAN CORPORATE ACCESS FORUM
Slide 42: 1QFY2013 Results Snapshots
CLSA - ASEAN CORPORATE ACCESS FORUM 1QFY2013 RESULTS SNAPSHOTS
Slide 43: B- B A) 0-..-
: ;$% + % ?+C 0+ $% $ / :3 + ;$% & • + B- B A) 0-..- : ;$% $= + . // B %A 0-..- &A • *' C - A%2 : ;$% $= 1A%2&A • A"2 3 - +.+# -#- +C - + - /3. . /- C - . -?+ B C + C C + #- ./+# A • ?+ + . -#+ B ' 1)A)DC : ;$% $= ' %A%DC &A • + + - B - / ;+ ' 0 7A)2 $A72 +/>+# -?+. A
Slide 44: 1QFY2013 Results Highlights
CLSA - ASEAN CORPORATE ACCESS FORUM 1QFY2013 RESULTS HIGHLIGHTS
Slide 45: 3 - + * # C + +C + • "A%2 * # +
: ;$% * * 3 -+ * # C + +C + 3>& • "A%2 * # + /+ - 3> +?+ 3+ - / 8A(2 ' +# + /+ - >+ - @>+ /+/ • >+ - B- * # + /+ -. -03 + + . -#+ • + B- -03 0.+ + + / B + C> B A)0 OC ; ' : ; $% $ 9 - #+ ; ' : ; $% +/ + 2 - 3- >+ - /= + ?+ 3 + 14(8)A) 84 %A1 "A% >+ - + @> + /+ / 14$"8A1& 74)("A8& 8A( >+ - - # C+ 8)A
Slide 46: -/C +A ?+ C +
: ;$% * * • + 3+. / - +# -/C / >> ?+ +// + #3 + - # + /+ # / 0 +0 + 3+ // +A • + +#-/- > ?- +/ + 4 + / + ?+ C + -.. + # +J3 .. / + + -BB+ + - . # / - #3 + 0 + 3+ -/> # - B .+ -?+ B3+./ ./ -C > /A • + 3+. / - +# -/C -.. # - 3+ 3 -. + + /-B-# - + C- . - +. -/ - >+ - 4 > ,+# + 0 C - .+ $% A ; * * * 5*
Slide 47: 7A$2 *C > ?+C + - ,3/ + + B- +B + +@ /.
: ;$% * * ,3/ + + B- +/ + 3+. / C >+ / - & 7A$2 *C > ?+C + - ,3/ + + B- +B + +@ /. - -. -03 + + . -#+ : ; $% $ 0 +/ + & : ; $% 9 - #+ + B- -0 3 0 .+ + 7)A & 4) "A" P %%2 + / B + C> " C) ' ', ' # + > & +% ,3 / + + B- $ A 4) "A" P %%2 % + & +% ' > ' ( A C' ,3 / + + B- +B + 7)$A$ 4% 1A 7A$2 +@ /. - - D
Slide 48: *C > ?+ *' - +/3. + B C + + + - /
: ;$% * * ;+ ;+ . /-/ +/ + 3+. / C >+ / - & *C > ?+ *' - +/3. + B C + + + - / /H + ' +C B C C C + #- . +# C ; ' ; ' : ; $% $ : ; $% +/ + & . -/ . 5 & #$ #+ $ +% + ?+ 3 + $ %+% $ & + >+ - @>+ /+ / 0 + B + $ +# $& %+# + > +#- - & / : +> ?& >+ - * # C + %+ + ;O $ ;O 9 2& -< ! " -, @ -< ' #; / <' * ' $4
Slide 49: K A)2 ' +# + /+ - BB
: ;$% * * ;+ ;+ . /-/ K +/ + 3+. / C >+ / - & A)2 ' +# + /+ - >+ - @>+ /+/ 3+ + . -#+ +# -- B 3+. / C >+ / - ; ' ; ' 9 - #+ 9 - #+ C : ;$% $ : ;$% C 2 R +/ + S .* / 3 # /+ /D // 4")7A7 4( A( 1 A8 $A) 3+. // 41 "%A) 4 1 "A% )("A)& $"A$& +> - H - + #+ $8 $A8 A" 1 A( (A) BB // (1 %A% (1 $A $A %A + + .
Slide 50: : ;$% * * 3+. . /-/= ;+ ;+ + + - -@ +
: ;$% * * 3+. . /-/= ;+ ;+ + + - -@ + - /3. & ; ; . /-/ / + 3+. / / 3+ + . -#+ + + - B -/ ' 3 +. / C & -/ + + + & 3 +. ; ' 9 - #+ 3 +. ; ' 9 - #+ >+ : ;O $ : ;O C 2 >+ : ;O $ : ;O 2 ( $% + $% &+ #+ + ( $ %%+ $ %%+ $ + + ' $ + $& + # + +% ' $ % + $ + + +% 1 + % &+ +# + % + 1 + +# $ +& & + % + 8 # &+&
Slide 51: + .- + F + + B C #+ * -# /
: ;$% * * + .- + F + + B C #+ * -# / ; ' ; $% * ** *9 ; $% $ / : +/ + & + 3 //+ / & 2& )A" "A) C> /+ D & A8 $8A% +?+ 3+ B C + 3. + $A %A" 3/- +// 0 & >. + 3 + + & 2& A" "A% H ' //+/ 2& 1A$ 1A7 /C -//- / +C - 3 +/ C - /& A% %A ' -/ -03 - *' * C - /& ($A "A
Slide 52: . /-/ B .+# -#- ' +C B A"2
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Slide 53: / +C ++ . + ' +C + - /3. & B ;$%%8D %
: ;$% * * / +C 5 ++ . + ' +C + - /3. & B ;$%%8D % ;$% D ) 5 ++ . + ' +C H 3 5 & ! 5 ++ - # $%
Slide 54: " ( A ( A ) ( A
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Slide 55: H + J3 + / A $84 I .
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Slide 56: Thank You
TENAGA NASIONAL sernad CLSA - ASEAN CORPORATE ACCESS FORUM BANGKOK THANK YOU www.tnb.com.my YOU SEE | gm gee, A ASEAN CORPORATE ACCESS FORUM
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