Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — 9M 2008 Earnings Presentation
42 slides from Electricity Generating Public's earnings presentation, Sep 30, 2008
Slide 1: Corporate Presentation: Nine-Month Period Financial Results Ended 30 September 2008
Corporate Presentation Nine - Month Period Financial Results Ended 30 September 2008
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. (2.14 %)* IPP (40.65%)* SPP (6.96%) * (50.25%) EGAT Transmission 2 MEA PEA Direct Customers End Users IPP : Independent Power Producer MEA : Metropolitan Electricity Authority EGCO’s IPPs have 11 % market share
Slide 6: Historical Demand Growth
Thailand’s Electricity Industry Overview : Historical Demand Growth 22,568.20 MW or 22,586.10 MW or -0.08% decrease 7.23% increase MW from the lower in 2007 from the highest in 2006 25,000 24,000 23,000 2008 22,000 2007 21,000 20,000 2006 19,000 2005 18,000 2004 17,000 2003 16,000 2002 15,000 14,000
Slide 7: Energy Generation Comparison
Thailand’s Electricity Industry Overview : Energy Generation Comparison Unit : Gwh Unit : Gwh +2.70% 13,320.12 13,069.56 12,791.06 13,064.53 13,070.85 12,429.92 13,247.78 12,670.44 12,735.71 12,594.48 12,738.73 12,521.37 12,610.12 12,187.76 113,827.36 11,945.88 11,525.32 110,838.11 11,291.33 10,850.
Slide 8: Thailand's New Capacity from 2008-2016
Corporate Overview : Thailand’s New Capacity from 2008-2016 MW 4,500 4,000 3,500 SPP 210 MW SPP 200 MW 3,000 Nam Ngum 3 EGAT (Coal) Jana 440 MW 700 MW 2,500 SPP+RPS 134 MW SPP 245 MW 710 MW Hongsa 1 Theun Hinboun- Ex 220 MW 490 MW SPP 200 MW South BKK # 2- 3 2,000 IPP (Coal) IPP (Coal) 74 (CHP) + 71
Slide 9: EGCO Group's Overview
“i uss [- G C O Energy for life GROUP EGCO Group’s Overview
Slide 10: EGCO Group Investment
EGCO Group’s Overview : EGCO Group Investment Recent mw addition come from BLCP & GEC-GPG (KK2) 10
Slide 11: 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 12: Financial Results
a6 ig EG C O Energy for life GROUP Financial Results
Slide 13: Operating Results – One Line VS Proportionate
Financial Results : Operating Results – One Line VS Proportionate Ended September 30, 2008 and 2007 MM baht 13
Slide 14: Summary Results of 9M08 VS 9M07
Financial Results : Summary Results of 9M08 VS 9M07 MM baht 9M08 9M07 -14% One Line -15% Proportionate 7,270 7,369 -2% -15% 7,369 6,258 6,268 6,453 6,603 6,268 -89% -124% 766 11 99 -185 Net Profit bf FX FX Net Profit Net Profit bf FX FX Net Profit Mostly from a decrease of FX Gain 14
Slide 15: IPP Operating Results
Financial Results : IPP Operating Results Ended September 30, 2008 and 2007 MM baht 15
Slide 16: FX Analysis
Financial Results : FX Analysis Ended September 30, 2008 and 2007 MM baht Sharp drop in Gain on FX due to the Baht depreciation 16
Slide 17: Net Profits before FX by Segment
Financial Results : Net Profits before Fx by Segment Ended September 30, 2008 and 2007 MM baht -12% 9M08 9M07 6,702 5,896 -36% +20% 760 +85% -86% 484 223 185 -31 -209 -314 -169 IPP SPP Others Overseas EGCO 17
Slide 18: Total Revenues
Financial Results : Total Revenues Ended September 30, 2008 and 2007 Others EGCO MM baht 8,821 194 861 -6% SPP 1,670 9M08 8,252 5,526 IPP Others EGCO 380 SPP 739 1,623 9M07 IPP 9M08 9M07 6,079 18
Slide 19: Share of Profits from JVEs
Financial Results : Share of Profits from JVEs Ended September 30, 2008 and 2007 MM baht -10% GEC 238 CONA L 67 NTPC -98 4,549 EGCO JD AMESCO 4 47 4,114 GPG 1,066 9M08 BLCP 2,790 CONA L 34 NTPC -243 GEC 453 A MESCO 5 EGCO JD 88 GPG 581 9M07 BLCP 3,632 9M08 9M07 19
Slide 20: Total Expenses
Financial Results : Total Expenses Ended September 30, 2008 and 2007 Others EGCO MM baht +1% 606 509 6,023 SPP 5,993 1,422 9M08 3,486 IPP Others EGCO 549 524 SPP 1,331 9M07 IPP 9M08 9M07 3,589 20
Slide 21: EBITDA and Net Profit
Financial Results : EBITDA and Net Profit Ended September 30, 2008 and 2007 MM baht EBITDA* 9M08 9M07 -10% Net Profit 9,958 8,914 -15% 7,369 6,268 11 99 -468 -619 -521 -456 -1,666-1,613 Interest Tax DA FX * Excluding the effect of foreign currency exchange, interest expenses, income tax, depreciatio
Slide 22: EGCO D/E Profiles
EGCO D/E Profiles : Ended September 30, 2008 MM Baht 1.20 Total Debt (One Line) : 9,813 Total Equity : 45,234 1.00 0.97 0.94 0.89 0.91 0.89 0.89 0.86 0.85 Cash and cash equivalents : 5,260 0.80 Facility Amount : 4,000 Total : 9,260 0.60 0.41 0.40 0.36 0.31 0.31 0.28 0.26 0.22 0.22 0.20 0.00 1Q05 1H0
Slide 23: Financial Ratio Highlights
Financial Results : Financial Ratio Highlights Low D/E ratio with solid cash flows 23
Slide 24: Cashflow
Financial Results : Cashflow Ended September 30, 2008 and 2007 MM baht 24
Slide 25: Summary of Debt Structure
Financial Results : Summary of Debt Structure Total Outstanding Balances Total Facilities 30 September 2008 USD 27 M. USD 18 M. 5.99% JPY 1,260 M. JPY 772 M. 2.48% Baht 20,287 M. Baht 9,405 M. 91.53% • Total facilities and total outstanding balances of EGCO Group (Not in EGCO’s portion) • Total outs
Slide 26: Dividend Policy
Financial Results : Dividend Policy Baht/Share 4.75 4.00 3.25 2.50 3.00 2.75 2.00 2.50 2.25 1.75 1.50 1.25 1.50 1.25 2.25 2.50 2.00 1.25 1.25 1.50 1.50 1.00 2001 2002 2003 2004 2005 2006 2007 2008 Interim Final “In the absence of unforeseen circumstances, the company has a policy to dividend approxi
Slide 27: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 28: EGCO Shareholding Structure
Corporate Overview : EGCO Shareholding Structure as of 1 September 2008 EGAT OneEnergy Thailand Ltd. (owned by OneEnergy which is jointly owned 50% each by CLP Holding and Mitsubishi Corporation) 25.41% 22.42% • Foreign investors including those investing in foreign board (22.40%) and Non-Voting Dep
Slide 29: EGCO Board of Directors
Corporate Overview : EGCO Board of Directors • Mr.Sanit Rangnoi (Chairman of the Board) EGAT • Mr. Sombat Sarntijaree Directors • Mr. Narongsak Vichetpan • Mr. Visit Akaravinak • Mr. Peter Albert Littlewood • Mr. Mark Takahashi One Energy • Mr. Hideaki Tomiku Directors • Mr. Hideo Kuramochi EGCO Mr.
Slide 30: EGCO Group Structure
Corporate Overview : EGCO Group Structure EGCO Group 4,094.0 MW Majority Owned Minority Owned 2,156.6 MW 1,937.4 MW ESCO REGCO EGCO Green EGCO Co gen KEGCO GEC NT2 EGCO BVI BLCP 1,232.00 9.40 117.00 824.00 1,853.00 1,070.00 26.40 1,434.00 100.0% 100.0% 74.0% 80.0% 100.0% 50.0% 25.0% 100.0% 50.0% 123
Slide 31: EGCO Group's CSR Projects
Corporate Overview : EGCO Group’s CSR Projects 1. Forest : The Circle of Life (Forest Planting at Doi Inthanond) Nationwide 2. How to Fight Global Warming with Sustainable Living 3. EGCO Thai conservation of Forest Youth Camp 4. Green Learning Project 5. Cleaner Canal : Better Living : Ladtanod Cana
Slide 32: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 33: Operating Results – One Line VS Proportionate
Financial Results : Operating Results – One Line VS Proportionate 33
Slide 34: Segmental Operating Results: Ended September 30, 2008
Segmental Operating Results : Ended September 30, 2008 MM baht 34
Slide 35: Segmental Operating Results: Ended September 30, 2007
Segmental Operating Results : Ended September 30, 2007 MM baht 35
Slide 36: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 37: Annual Net Generation & Electricity Sales 2003-2007
Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year 2003-2007 Net Generation GWh Electricity Sales MM Baht REGCO KEGCO BLCP KK II (Block 1) • EGAT is the sole offtaker for electricity produced by REGCO and KEGCO under long term cost-plus based Power Purchase Agreeme
Slide 38: Major Maintenance Expenses for the Year 2008
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2008 MM Baht 38
Slide 39: Major Maintenance Expenses for the Year 2007
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2007 MM Baht 39
Slide 40: Equivalent Availability Factor
Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor 40
Slide 41: Net Generation and Fuel Consumption
Operating Performance (IPPs) : Net Generation and Fuel Consumption 41
Slide 42: IR Contacts
IR Contacts : ELECTRICITY GENERATING Jiraporn Rungsrithong PUBLIC COMPANY LIMITED Vice President - IR Tel: 66-2998-5145 EGCO Tower, 222 Moo 5 Vibhavadi Rangsit Road Pawuth Chaladyam Tungsonghong, Laksi Assistant Vice President - IR Bangkok 10210 Thailand Tel: 66-2998-5146 www.egco.com Suthatip Moras
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