Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q4 FY2016 Earnings Presentation
22 slides from Tenaga Nasional Bhd's earnings presentation, Oct 27, 2016
Slide 1: Presentation to Analysts
PRESENTATION TO ANALYSTS Audited Consolidated Results for the 4th Quarter FY2016 ended 31st August 2016 27th October 2016 Prepared by: tenaga_ird@tnb.com.my Investor Relations & Management Reporting Department GROUP FINANCE DIVISION
Slide 2: Agenda
AGENDA RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 2
Slide 3: Key Highlights
KEY HIGHLIGHTS Improved Profit After Tax From Higher Electricity Demand Growth • 4.0% unit electricity demand growth in Peninsular Malaysia (FY2015: 2.2%) FY2016 FY2015 YoY Profit After Tax RM7.32 bn RM6.06 bn 20.8% Capital Expenditure RM11.39 bn RM10.77 bn 5.8% 3
Slide 4: System Weekly Maximum Demand (Peninsula)
SYSTEM WEEKLY MAXIMUM DEMAND (PENINSULA) For FY2012 to FY2017 Peak Demand: 17,788 MW (20/04/16) MW 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 18,000 17,500 17,000 16,500 16,000 15,500 15,000 14,500 14,000 13,500 Peak Demand YoY Growth (%) FY 2012 15,826 MW 20/6/2012 2.3 13,000 FY 2013 16,562 MW 13/5/2013 4.7 F
Slide 5: Generation Mix (Peninsula)
GENERATION MIX (PENINSULA) Quarterly Analysis Increase in Coal Generation with Commissioning of Tg Bin 4 in Mar’16 % 3.4 7.0 3.6 4.3 4.1 4.1 3.0 3.1 1.1 0.1 0.6 0.4 0.6 0.6 0.1 0.1 46.3 45.2 44.1 52.0 52.2 47.0 49.3 49.6 49.2 51.1 51.0 46.0 46.5 45.9 44.4 44.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY'15 FY'15 FY'
Slide 6: Capital Expenditure
CAPITAL EXPENDITURE Major Projects Represent 44.8% of Total CAPEX RM mn 7,342.6 8,456.6 9,997.9 10,774.4 11,394.0 11,000.0 10,000.0 9,000.0 5,100.7 4,738.0 44.8% 8,000.0 4,442.3 3,113.2 7,000.0 2,378.5 6,000.0 O 852.5 O 697.8 O 669.5 5,000.0 O 699.7 O 713.3 4,000.0 D 3,205.7 D 3,376.9 D 3,002.4 55.2
Slide 7: Status of Major Projects
STATUS OF MAJOR PROJECTS 4 Generation Projects With Capacity of 1,892MW Successfully Commissioned COAL HYDRO GAS Janamanjung Unit 5 Hulu Terengganu Hydro Connaught Bridge 96% 1,000MW COD 1st Oct 2017 COMPLETED 250MW COD Dec 2015 (U1 & U2) COMPLETED COD 27th Feb 2016 385MW Tembat 99% 15MW COD Dec 201
Slide 8: Headline Key Performance Indicators
HEADLINE KEY PERFORMANCE INDICATORS INITIATIVES FY’16 FY’15 • Return on Assets (ROA) (%) 6.4 6.6 • Company CPU (sen/kwh) 34.2 35.1 • Revenue from Non-Regulated 2.7 2.6 Business (RM bn) • Equivalent Plant Availability 89.3 88.8 Factor (EAF) (%) • Transmission System Minutes (mins) 1.47 0.77 • Distrib
Slide 9: Proposed Final Dividend
PROPOSED FINAL DIVIDEND Total Dividend for FY2016: 32.0 sen per Ordinary Share INTERIM DIVIDEND Interim Single-Tier Dividend of 10.0 sen per ordinary share PROPOSED Single-Tier Dividend FINAL of 22.0 sen per ordinary share TOTAL DIVIDEND FOR FY2016: 32.0 sen per ordinary share Tenaga is committed to
Slide 10: Agenda
AGENDA RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 10
Slide 11: Quarterly & Yearly Analysis
QUARTERLY & YEARLY ANALYSIS Improved Group EBITDA Margin Attributed by Higher Revenue Mainly From 4.0% Demand Growth in Peninsula ANALYSIS OF EBITDA MARGIN RM mn 1QFY'16 2QFY'16 3QFY'16 4QFY'16 FY'16 FY'15 Total Units Sold (GWh) 28,518.4 28,319.9 29,246.2 29,420.4 115,504.9 110,837.3 Revenue 10,676.
Slide 12: Details of Revenue
DETAILS OF REVENUE 2.9% Increase in Total Revenue Mainly From 4.0% Demand Growth in Peninsula FY'16 FY'15 Grow th UNITS SOLD GWh GWh % - TNB 108,858.3 104,652.9 4.0 - EGAT (Export) 3.5 4.9 (28.6) - SESB 5,137.7 4,983.7 3.1 - LPL 1,505.4 1,195.8 25.9 Total Units Sold (GWh) 115,504.9 110,837.3 4.2 REV
Slide 13: Operating Expenses
OPERATING EXPENSES Marginal Increase in Group Operating Expenses Variance Variance RM mn FY'16 FY'15 RM mn % Capacity Payment 4,434.1 4,012.3 (421.8) (10.5) Energy Payment 8,076.1 8,893.1 817.0 9.2 Total IPPs Purchases/Costs 12,510.2 12,905.4 395.2 3.1 21,245.6 21,836.4 590.8 Fuel Costs 8,735.4 8,93
Slide 14: Generation Mix (Peninsula)
GENERATION MIX (PENINSULA) Year-on-Year Analysis 7.0% Decrease in Fuel Costs Mainly due to Lower LNG Price Table 1: Fuel Costs (RM mn) Units Generated (Gwh) Fuel Variance Fuel Variance FY'16 FY'15 FY'16 FY'15 Type RM mn % Type Gwh % Gas 7,801.2 7,808.2 (7.0) (0.1) Gas & LNG 54,235.3 56,424.3 (2,189.
Slide 15: Fuel Costs (TNB & IPPs - Peninsula)
FUEL COSTS (TNB & IPPs - PENINSULA) 7.0% Decrease in Fuel Costs Mainly due to Lower LNG Price Fuel Costs Units Generated Dist. TNB; 0.0 Coal IPP Dist. IPP; 0.1 Dist. TNB; 0.0 24.3 Coal TNB Coal IPP Dist. IPP; 0.3 19.0 Hydro Oil TNB; 0.4 21.5 Coal IPP Coal TNB 3.6 Oil IPP; 0.0 Coal IPP Oil TNB; 1.0 2
Slide 16: Coal Requirement
COAL REQUIREMENT Average Coal Price for FY’16 was at USD55.7/MT @ RM231.1/MT Average Coal Price FY’10 FY’11 FY’12 FY’13 FY’14 FY’15 FY’16 (CIF) (USD/metric tonne) 88.2 106.9 103.6 83.6 75.4 66.0 55.7 (RM/metric tonne) 293.8 325.9 321.9 259.5 244.6 236.0 231.1 Tonne (mn) 30.0 27.8 25.4 25.0 Country M
Slide 17: Debt Exposure & Gearing
DEBT EXPOSURE & GEARING Higher Debt due to Loan Issuance for Jimah East Power of RM8.98bn & Gama Enerji of RM1.20bn 31st Aug’16 (RM bn) 31st Aug’15 (RM bn) 8.7% 14.5% 3.00 Total Debt: 3.59 8.5% 34.3 2.92 Total Debt: 24.7 7.1% Net Debt: Net Debt: 1.76 17.2 15.8 0.1% 0.2% 78.3% 82.6% 0.02 0.05 19.33 2
Slide 18: Shareholding
SHAREHOLDING 5.5 Percentage Point Increase in Foreign Shareholding Year-on-Year Main Shareholding as at Aug’16 Foreign Shareholding 28.28% Khazanah Nasional 10.7 5.9 26.90% Berhad 10.5 Employees Provident 10.4 Fund Board 15.3 5.4 Permodalan Nasional Bhd 28.3 14.9 16.4 (%) 22.8 Other Corporations & G
Slide 19: Agenda
AGENDA RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 19
Slide 20: Disclaimer
DISCLAIMER All information contained herein is meant strictly for the use of this presentation only and should not be used or relied on by any party for any other purpose and without the prior written approval of TNB. The information contained herein is the property of TNB and it is privileged and c
Slide 21: Contact Details
CONTACT DETAILS For further enquiries, kindly contact us at: INVESTOR RELATIONS & MANAGEMENT REPORTING DEPARTMENT Tenaga Nasional Berhad 4th Floor, TNB Headquarters No.129, Jalan Bangsar, 59200 Kuala Lumpur, MALAYSIA Tel : +603 2296 5566 Fax : +603 2284 0095 Email : tenaga_ird@tnb.com.my Website : w
Slide 22: Thank You
THANK YOU Audited Consolidated Results for the 4th Quarter FY2016 ended 31st August 2016
Tenaga Nasional Berhad — Q4 FY2016 Earnings Presentation on 6ix