Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — Q1 2009 Earnings Presentation
40 slides from Electricity Generating Public's earnings presentation, Mar 31, 2009
Slide 1: Corporate Presentation: Quarterly Financial Results Ended 31 March 2009
Corporate Presentation Quarterly Financial Results Ended 31 March 2009
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. S
Slide 6: Historical Demand Growth
Thailand’s Electricity Industry Overview : Historical Demand Growth 22,568.20 MW or 22,044.90 MW or MW -0.08% decrease -2.32% decrease from the lower in 2007 from the lower in 2008 2009 2008 2007 2006 2005 2004 2003 2002 Source: EGAT 6
Slide 7: Energy Generation Comparison
Thailand’s Electricity Industry Overview : Energy Generation Comparison Unit : Gwh Unit : Gwh - 8.44% 36,791.32 33,685.97 12,619.72 13,320.12 10,861.41 10,204.84 11,525.32 11,945.88 Jan Feb Mar Jan – Mar 08 Jan – Mar 09 Source: EGAT 7
Slide 8: Sales by Categories Comparison
Thailand’s Electricity Industry Overview : Sales by Categories Comparison 2008 - 3% 45% 42% + 1% 22% 21% + 1% 17% 17% + 1% 10% 11% 7% 8% Residential Small General Medium General Large General Others Service Service Service Jan – Feb 2008 Jan - Feb 2009 8
Slide 9: Thailand's New Capacity from 2009 - 2021
Corporate Overview : Thailand’s New Capacity from 2009 - 2021 4,500 EGAT Private Players New Plants Neighboring Country 4,000 SPP (Cog.+VSPP) 90+50 MW 3,500 NPS #3-4 VSPP VSPP 2x135 MW 50 MW 50 MW VSPP VSPP Neighboring C. 3,000 50 MW 50 MW VSPP VSPP 500 MW 50 MW 50 MW Neighboring C. Neighboring C. 4
Slide 10: EGCO Group's Overview
a4 an FE G C O Energy for life GROUP EGCO Group’s Overview
Slide 11: EGCO Group Investment
EGCO Group’s Overview : EGCO Group Investment Note. As of Dec 2008, MW of GPG, WMPC, SPPC and NT 2 have been updated to gross MW capacity which are consistently used. That will effect in a small increase in EGCO equity MW compared to previous reporting. 11
Slide 12: 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 13: Financial Results
a) WS E G C O Energy for life GROUP Financial Results
Slide 14: Summary Results – One Line VS Proportionate
Financial Results : Summary Results – One Line VS Proportionate Ended March 31, 2009 and 2008 Million Baht 3M09 3M08 One Line Proportionate -19% -21% -21% 10% 2,817 2,769 2,817 2,360 2,240 2,239 2,239 2,143 -118% -100% 674 0 48 -121 Net Profit bf FX FX Net Profit Net Profit bf FX FX Net Profit 14
Slide 15: Profits before FX by Segment (One Line)
Financial Results : Profits before FX by Segment (One Line) Ended March 31, 2009 and 2008 Million Baht -29% 3M09 3M08 2,648 1,893 -59% -35% +178% +44% 312 185 129 88 57 -24 -43 -237 IPP SPP Others Overseas EGCO REGCO, KEGCO, Roi-ET Green, ESCO, ET Conal, BLCP, GPG-KK2 EGCO Cogen, Quezon, 15 GEC Excl
Slide 16: Profits before FX by Segment (Proportionate)
Financial Results : Profits before FX by Segment (Proportionate) Ended March 31, 2009 and 2008 Million Baht +6% 3M09 3M08 2,059 1,935 -3% -35% +1,850% +44% 163 168 105 57 88 -6 -24 -43 IPP SPP Others Overseas EGCO REGCO, KEGCO, Roi-ET Green, ESCO, ET Conal, BLCP, GPG-KK2 EGCO Cogen, Quezon, 16 GEC E
Slide 17: Profit before FX by Segment and Company
Profit before FX Ended March 31, 2009 By Segment By Company GEC Excl. GPG 4% 103 MB EGCO Cogen 1% GPG - KK2 23% 35 MB 558 MB Roi Et Green 1% SPP 6.8% 24 MB IPP Conal 1% 86.4% 8 MB 163 MB BLCP 40% Quezon 6% 2,059 MB 105 971 MB 140 MB MB Overseas 57 4.4% ESCO 1% MB 30 MB REGCO 14% ET 1% Others 349 MB
Slide 18: Cashflow Ended March 31, 2009 and 2008
Financial Results : Cashflow Ended March 31, 2009 and 2008 Million Baht 18
Slide 19: Summary of Debt Structure
Financial Results : Summary of Debt Structure Total Outstanding Balances Total Facilities 31 March 2009 USD 27 M. USD 17 M. 4.69% JPY 1,260 M. JPY 722 M. 2.04% Baht 20,287 M. Baht 12,051 M. 93.27% • Total facilities and total outstanding balances of EGCO Group (Not in EGCO’s portion) • Total outstan
Slide 20: EGCO D/E Profiles
EGCO D/E Profiles : Ended March 31, 2009 Million Baht 1.20 Total Debt (One Line) : 12,598 Total Equity : 47,783 1.00 0.97 0.94 0.89 0.86 0.89 0.91 0.89 Cash and cash equivalents : 4,090 0.85 0.80 Outstanding revolving credit facility : 500 0.60 Total : 4,590 0.41 0.40 0.36 0.31 0.31 0.28 0.28 0.26 0
Slide 21: Dividend Policy
Financial Results : Dividend Policy Baht/Share 5.00 4.75 4.00 2.50 3.25 2.50 3.00 2.50 2.75 2.00 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 divide
Slide 22: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 23: EGCO Shareholding Structure
Corporate Overview : EGCO Shareholding Structure as of 10 March 2009 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 Deposi
Slide 24: EGCO Board of Directors as of April 24, 2009
Corporate Overview : EGCO Board of Directors as of April 24, 2009 • Mr. Pornchai Rujiprapa (Chairman of the Board) EGAT • Mr. Apichart Dilogsopon Directors • Mr. Wisudhi Srisuphan • Mr. Somboon Arayaskul • Mr. Peter Albert Littlewood • Mr. Mark Takahashi One Energy • Mr. Hideaki Tomiku Directors • M
Slide 25: EGCO Group Structure
Corporate Overview : EGCO Group Structure EGCO Group 4,252.4 MW Majority Owned Minority Owned 2,156.6 MW 2,095.8 MW ESCO REGCO EGCO Green EGCO Cogen KEGCO GEC BLCP NT2 EGCO BVI EAST Water 1,232.00 9.40 117.00 824.00 1,895.00 1,434.00 1,086.80 159.60 100.0% 100.0% 74.0% 80.0% 100.0% 50.0% 50.0% 25.0%
Slide 26: 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 27: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 28: Operating Results – One Line VS Proportionate
Financial Results : Operating Results – One Line VS Proportionate Ended March 31, 2009 and 2008 Million Baht 28
Slide 29: Segmental Operating Results: Ended March 31, 2009
Segmental Operating Results : Ended March 31, 2009 Million Baht 29
Slide 30: Segmental Operating Results: Ended March 31, 2008
Segmental Operating Results : Ended March 31, 2008 Million Baht 30
Slide 31: FX Analysis Ended March 31, 2009 and 2008
Financial Results : FX Analysis Ended March 31, 2009 and 2008 Million Baht Sharp drop in Gain on FX due to the Baht depreciation 31
Slide 32: EBITDA (One Line) and Net Profit
Financial Results : EBITDA (One Line) and Net Profit Ended March 31, 2009 and 2008 Million Baht EBITDA 3M09 3M08 -15% 3,660 Net Profit 3,129 -21% 2,817 2,239 -0.24 48 -151 -165 -182 -176 -557 -551 Finance costs Tax DA FX 32
Slide 33: EBITDA (Proportionate) and Net Profit
Financial Results : EBITDA (Proportionate) and Net Profit Ended March 31, 2009 and 2008 Million Baht EBITDA 3M09 3M08 + 9% Net Profit 4,519 4,137 -21% 2,817 2,239 674 -276 -240 -121 -692 -640 -1,190 -1,115 Finance costs Tax DA FX 33
Slide 34: Financial Ratio Highlights
Financial Results : Financial Ratio Highlights Low D/E ratio with solid cash flows 34
Slide 35: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 36: Annual Net Generation & Electricity Sales 2004-2008
Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year 2004-2008 Net Generation GWh (Block I) Electricity Sales MM Baht (Block I) REGCO KEGCO BLCP KK II • EGAT is the sole offtaker for electricity produced by REGCO and KEGCO under long term cost-plus based Power Purcha
Slide 37: Major Maintenance Expenses for the Year 2009
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2009 MM Baht 37
Slide 38: Major Maintenance Expenses for the Year 2008
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2008 MM Baht 38
Slide 39: Operating Performance Equivalent Availability Factor
Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor 39
Slide 40: Net Generation and Fuel Consumption
Operating Performance (IPPs) : Net Generation and Fuel Consumption 40
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