WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — FY2022 Earnings Presentation
57 slides from WHA Utilities and Power Public's earnings presentation, Mar 3, 2023
Slide 1: FY2022 Analyst Meeting
FY2022 Analyst Meeting WHA Utilities and Power Public Company Limited 3 March 2023
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
I Company Overview Executive Summary II III Operating Performance IV Financial Performance V 2023 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 3
Slide 4: 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 5: Power Business – Portfolio Breakdown
I. Company Overview Power Business – Portfolio Breakdown Total Capacity (683 MW eq) : 644 MW eq under Operation + 39 MW eq under development By Type By Off-taker Analysis 3% 0.4% Portfolio Analysis Gas (43%, 297 MW eq) EGAT/ PEA/ MEA 19% Coal (34%, 231 MW eq) 31% Industrial Users Total Portfolio Tot
Slide 6: 2022 Achievement
I. Company Overview 2022 Achievement Selected Solar projects commission in 2022 Selected new Solar projects signed in 2022 Prinx Chengshan/1 WHA ESIE 3, Chon Buri Capacity 24.2 MW Mega Bangna Ford Motor Samut Prakan WHA ESIE 1 , Rayong Capacity 9.9 MW Capacity 7.7 MW SAIC Motor-CP (Phase 2) WHA ESIE
Slide 7: 2022 Achievement (Cont’d)
I. Company Overview 2022 Achievement (Cont’d) SET Best Innovative Company Award New Value-Added Product Utilities Plants The company was received in Best Innovative Company Awards category for Premium Clarified the project Peer-to-peer Energy Trading : Water for Gulf the Future of Energy Market. GTS
Slide 8: Sustainability Highlight
I. Company Overview Sustainability Highlight Wastewater Management Projects Solar Rooftop Projects CSR Projects WHAUP has provided Wastewater treatment services to manufacturers Offers an all-in solar rooftop service package WHAUP has social responsibility strategy and and operators in industrial es
Slide 9: Sustainability Highlight (Cont’d)
I. Company Overview Sustainability Highlight (Cont’d) WHAUP supports WHA Group to Achieving Net Zero Greenhouse Gas Emissions by 2050 WHAUP Achieved Carbon Neutrality since 2021 WHAUP provides solar power, with private PPA scheme, creating 31,599 Avoided CO2 Emission offsetting CO2 Emissions from ou
Slide 10: Agenda
I Company Overview II Executive Summary III Operating Performance IV Financial Performance V 2023 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 10
Slide 11: Key Highlights
II. Executive Summary Key Highlights Unit : MB % change % change Q4’21 Q3’22 Q4’22 2021 2022 YoY QoQ YoY Revenue, Normalized Share of Profit and Dividend 1) 684.3 691.1 654.3 -4% -5% 3,016.8 2,790.0 -8% Income 1.1 Revenue 526.6 629.1 659.0 25% 5% 2,214.6 2,479.5 12% - Utilities Business/1 475.4 547.
Slide 12: Agenda
I Company Overview Executive Summary II III Operating Performance IV Financial Performance V 2023 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 12
Slide 13: Utilities Business - Total Sales and Management Volume
III. Operating Performance Utilities Business - Total Sales and Management Volume* 3M 12M Unit : Million M3 Unit : Million M3 +3% -8% +8% 36.6 145.3 32.6 33.6 135.0 7.9 28.4 22.5 6.1 7.7 9.1 36.1 36.8 8.7 8.3 1.4 4.4 5.3 116.8 1.1 1.4 112.5 25.9 28.7 Domestic 26.5 12.1 49.6 Domestic 49.1 11.3 Domest
Slide 14: Power Business – Key Headlines
II. Operating Performance Power Business – Key Headlines IPP Business: Q4’22 vs Q4’21 GHECO-One • Force outage 10 days vs 4 days in Q4’21 GIPP • EGAT dispatched GIPP of 244 GWh in Q4’22 (vs 320 GWh in Q4’21) • Better Availability factor at 96% in Q4’22 (vs 93% Q3’21) HHPC • -19% lower dispatch than
Slide 15: Power Business - IPP Group
II. Operating Performance Power Business - IPP Group 3M Q4’21 (A) Q4’21 (A) Unit : GWh Q4’22 (A) Unit : % AF Q4’22 (A) Energy Dispatch Q3’22 (A) Availability Q3’22 (A) -10% +12% 1,408 96% 93% 96% 96% 1,273 87% 1,138 77% +116% +31% -19% -37% 320 244 81 66 104 148 Gheco-One HHPC Glow IPP Gheco-One GIP
Slide 16: Power Business – Key Headlines
II. Operating Performance Power Business – Key Headlines Q4’22 vs Q4’21 SPP Business: • Total dispatch decreased -5.9% YoY mainly due to -5.3% lower EGAT dispatch while IU dispatch decreased by -7.7% • Total 3 SPP (GTS3, GNLL2, BGWHA-1) had plant maintenance in Q4'22 vs 1 SPP plant (GNLL2) maintenan
Slide 17: Power Business – SPP Group
II. Operating Performance Power Business – SPP Group 3M Q4’21 (A) Q4’21 (A) Unit: GWh Q4’22 (A) Q4’22 (A) Energy Dispatch Q3’22 (A) Availability Q3’22 (A) -5.9% -7.5% -5.3% -6.2% -7.7% -11.2% 1 2 Total 1 + 2 12M Unit: GWh 2021 (A) 2021 (A) Energy Dispatch 2022 (A) Availability 2022 (A) -2.9% -3.3% -
Slide 18: Power Business - Solar Energy Dispatch
II. Operating Performance Power Business - Solar Energy Dispatch Power Dispatch : Solar energy dispatch continued to increase in accordance with capacity under operation (57.1 MW as of Q4’21 vs 94.0 MW as of Q4’22) 3M 12M +26% Unit : GWh Unit : GWh +15% -9% 70.2 2.5 55.8 2.9 18.7 17.1 0.7 14.8 0.6 0
Slide 19: Agenda
I Company Overview Executive Summary II III Operating Performance IV Financial Performance V 2023 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 19
Slide 20: Financial Highlight Q4’22 vs Q4’21
IV. Financial Performance Financial Highlight Q4’22 vs Q4’21 Q4’21 Q4’22 YoY Remarks Unit: THB mm 1. Total Revenue, NSOP and 684.3 654.3 -4% Dividend Income 1.1 Total Revenue 526.6 659.0 25% - Growth in domestic utilities revenue mainly due to higher - Utilities Business 475.4 495.5 4% Excessive Cha
Slide 21: Financial Highlight 2021 vs 2022
IV. Financial Performance Financial Highlight 2021 vs 2022 2021 2022 YTD Remarks Unit: THB mm 1. Total Revenue, NSOP and 3,016.8 2,790.0 -8% Dividend Income 1.1 Total Revenue 2,214.6 2,479.5 12% - Growth in domestic utilities sales volume driven by - Utilities Business 1,926.2 2,111.4 10% revenue fr
Slide 22: Power Business – Normalized Share of Profit and Dividend Income
IV. Financial Performance /1 Power Business – Normalized Share of Profit and Dividend Income Normalized Share of Profit and Dividend income decreased by 68.3% YoY in Q4’22 and 48.2% YoY in FY2022. 3M 12M Unit: THB mm -68.3% -35.3% -48.2% 1,006.3 - 50.0 27.1 2.9 255.0 3.4 - 5.8 0.0 1.0 521.0 140.7 74
Slide 23: IU Gas Spread of SPP Business
IV. Financial Performance IU Gas Spread of SPP Business IU Tariff vs Gas Cost (THB/kWh) 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 (F) Avg. total tariff Gas cost 3 March 2023 23
Slide 24: Profit and Loss Statement – 2022 vs 2021
IV. Financial Performance Profit and Loss Statement – 2022 vs 2021 Normalized Net Profit (NNP) 2022 Vs 2021 , -418.4 MB or -48.3% + Positive • Higher Gross Profit before Depreciation (+152.2 MB): due to Utilities business (+102.2 MB) and Solar Business (+50.0 MB) • Higher Gain from Revalue Investmen
Slide 25: Capital Structure and Financial Ratio
IV. IV. Financial Performance Financial Performance Capital Structure and Financial Ratio Statement of Financial Position Debt Maturity Profile as of 31 January 2023 Unit : THB mm Unit : THB mm Average cost of debt of 2.80% 3,050 3,120 25,839 25,839 27,645 27,645 1,000 12,101 13,500 1,750 1,354 1,52
Slide 26: Historical Dividend Payment
IV. Financial Performance Historical Dividend Payment THB / Share 0.30 0.2525 0.2525 0.2525 0.25 0.2034 0.2115 0.20 0.16 0.16 0.16 0.1600 0.15 To be approved by 2022 0.2115 0.1000 Annual General Meeting of 0.10 0.2034 Shareholders (AGM) 0.05 0.0925 0.0925 0.0925 0.0600 0.00 2017 2018 2019 2020 2021
Slide 27: Agenda
I Company Overview Executive Summary II III Operating Performance IV Financial Performance V 2023 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 27
Slide 28: Utilities & Power Business – Our Plan & Beyond 2023
V. 2023 Plan & Beyond Utilities & Power Business – Our Plan & Beyond 2023 UTILITIES BUSINESS POWER BUSINESS Grow with Industrial Estate Development Enlarge Domestic Portfolio with (Both Central utilities and Value-added Products) Focusing on Clean Energy e.g., Solar & Wind Farm, Waste-to-Energy Powe
Slide 29: 2023 Target
V. 2023 Plan & Beyond 2023 Target UTILITIES BUSINESS 2022A 2023 Target 145 168 Total Water Supply and Wastewater Management Volume Million m3 Million m3 117 135 Thailand’s Total Water Supply and Wastewater Management Volume Million m3 Million m3 28 33 Vietnam’s Total Water Supply and Wastewater Mana
Slide 30: 5Y Financial Target (2023 – 2027)
V. 2023 Plan & Beyond 5Y Financial Target (2023 – 2027) Total 5Y Revenue, Normalized share of profit and dividend Total 5Y CAPEX % EBITDA Margin income during 2023-2027 during 2023-2027 *Total Revenue, Normalized share of profit and dividend income in 2022 = 2,790 MB 3 March 2023 30
Slide 31: Q&A
Q&A 31
Slide 32: 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 32
Slide 33: Appendix
III Operating Performance IV Financial Performance V 2023 Plan & Beyond VI Appendix > Company Information > Company Performance > Sustainability Development Your Ultimate Solution Partner in Utilities & Power with Environmental Care 33
Slide 34: Vision and Mission
VI. Appendix: Company Information “To be Asia's leader in Utilities and Power providing total solutions to VISION partners with good corporate governance as well as environmentally and socially friendly operations” • To develop world class utilities and power solutions fitting customer's needs • To
Slide 35: Utilities Business At A Glance
VI. Appendix: Company Information 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
Slide 36: Utilities Business – Assets Location
VI. Appendix : Company Information 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 11 operating IEs located in Thailand and 1 IE (WHA Industri
Slide 37: Shareholders and Management Structure
VI. Appendix : Company Information Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Institutions Ms. Jareeporn Jarukornsakul Mr. Weidt Nuchjalearn 1.5% Retail 20% Chairman of Board of Directors Independent Director and Chairman of Audit Committee Domestic Insti
Slide 38: Utilities Business – Strong Customer Base
VI. Appendix: Company Information Utilities Business – Strong Customer Base WHAUP’s has established the strong operation in 82% of WHAUP’s volume are distributed to heavy EEC area. industry. 2022 Volume by IEs 2022 Volume by Industry Petrochemical Others 38% 13% Consumer 7% WHA SIL 5% 12% ESIE 6% WH
Slide 39: Digitalize Utilities Operation through Smart Water Platform
VI. Appendix : Company Information Digitalize Utilities Operation through Smart Water Platform Smart Metering NB-IoT Device • Installed smart meter covering 80% of the “Optical Character Recognition (OCR)” water consumption in WHA EIE • Integrated water consumption data with The solution to automate
Slide 40: Vietnam Utilities Business - SDWTP Sales Volume
VI. Appendix: Company Performance Vietnam Utilities Business - SDWTP Sales Volume ( Based on 34% Shareholding) 3M 12M +27% -1% +26% 7.5 7.6 27.3 5.9 21.7 Q4'21 Q4'22 Q3'22 2021 2022 ▪ 27% YoY volume increase in Q4’22 is mainly due to an increased of utilities demand in Vietnam due to business recove
Slide 41: Power Business - SPP Group
VI. Appendix : Company Performance Power Business - SPP Group Q4’22 vs Q4’21 EGAT Unit : GWh Energy Dispatch IU 1,642 -5.9% 1,545 220 221 224 217 221 204 207 195 186 193 196 196 405 183 175 184 374 166 66 63 64 62 63 48 45 39 42 43 40 36 37 53 40 38 1,237 1,171 159 159 158 158 157 157 157 154 154 15
Slide 42: Power Business - SPP Group (Cont’d)
VI. Appendix : Company Performance Power Business - SPP Group (Cont’d) 2022 vs 2021 EGAT Unit : GWh Energy Dispatch IU -2.9% 889 901 887 905 6,742 6,548 848 833 828 844 862 815 805 793 804 769 742 765 253 262 241 269 1,681 1,654 173 204 194 184 213 237 222 179 169 168 160 208 642 636 640 645 639 646
Slide 43: Utilities Business – Domestic Revenue and Gross Profit Margin
VI. Appendix : Company Performance Utilities Business – Domestic Revenue and Gross Profit Margin Total Revenue from Domestic Utilities Business increased by 4.2% YoY for Q4’22 and improved by 9.6% in 2022. Total Revenue Gross Profit Margin Unit : THB mm +9.6% +4.2% -9.5% 2,111.4 47.9% 44.9% 1,926.2
Slide 44: Utilities Business : Share of Profit (Vietnam)
VI. IV.Appendix: Company Performance Financial Performance Utilities Business : Share of Profit (Vietnam) Utilities Business : Share of loss from SDWTP decreased by 16.5% YoY and for 2022 increased by 7.2% YoY. Share of loss Cua Lo in Q4’22 increased by 106.9% YoY and for 2022 improved by 46.7% YoY.
Slide 45: Profit and Loss Statement – Q4'22 vs Q4'21
VI. Appendix: Company Performance Profit and Loss Statement – Q4'22 vs Q4'21 Normalized Net Profit (NNP) Q4’22 Vs Q4’21, -108.2 MB or -81.5% + Positive • Higher Gross Profit before Depreciation (+56.7 MB): due to Utilities business (+35.4 MB) and Solar business (+21.3 MB) • Higher Gain from Revalue
Slide 46: Balance Sheet – as of 31 December 2022
VI. Appendix : Company Performance Balance Sheet – as of 31 December 2022 Total Assets Liabilities and Equity Unit : MB Unit : MB 237 27,645 632 1,357 27,645 25,839 1,569 25,839 (183) Cash = 721 Cash = 905 Investment TL =15,024 Investment TL = 13,455 = 13,688 = 14,321 Others Others TE = 12,621 TE =
Slide 47: Framework and Strategy Sustainability at WHAUP
VI. Appendix : Sustainability Development Framework and Strategy Sustainability at WHAUP WHAUP has adopted WHA Group’s sustainability strategy and corporate long-term targets that contribute and provide support in driving WHA Group to achieve its business ambition to stay ahead and becoming “Your Ul
Slide 48: Materiality Assessment on Sustainability
VI. Appendix : Sustainability Development Materiality Assessment on Sustainability Materiality Issues EnvironmentDimension Environment Dimension • Water Management • Waste Management • Climate Change • Energy Management • Air Emission • Biodiversity Social Social Dimension Dimension • Human Capital
Slide 49: Sustainability Development Highlight: Environment Dimension
VI. Appendix : Sustainability Development Sustainability Development Highlight Environment Dimension Climate Change and Water Management Water Reclamation projects Climate Change and Solar Target WHAUP , in alight with WHA Group, has committed to long-term target to provide solar power and has signe
Slide 50: Sustainability Development Highlight: Waste Management
VI. Appendix : Sustainability Development Sustainability Development Highlight Environment Dimension Waste Management Chonburi Clean Energy (CCE) Plastic Waste Reduction Sludge to Fertilizer Reduce more than 20,000 bottles of plastic waste by stop serving plastic bottled drinking water to its guests
Slide 51: Social Dimension: Clean Water for Planet Roadmap
VI. Appendix : Sustainability Development Sustainability Development Highlight Social Dimension CLEAN WATER FOR PLANET Roadmap 2000-2019 2026 - onwards 2020 2024-2026 2021-2023 Clean Water For Planet To create brand Continuous Pilot Project To Pluakdaeng awareness of Community for City Water Treatme
Slide 52: Sustainability Development Highlight: Social Dimension
VI. Appendix : Sustainability Development Sustainability Development Highlight Social Dimension PAN GAN project ‘5 YEARS’ DIRECTIONS FOR HUMAN RESOURCE MANAGEMENT WHAUP sets out a 5-year strategic direction for human resource management, starting from 2022 to 2026. The strategy is implemented to re-
Slide 53: Governance and Economic Dimension: Digital Transformation
VI. Appendix : Sustainability Development Sustainability Development Highlight Governance and Economic Dimension Digital Transformation WHAUP implemented a Digital Transformation Project Aimed to change the work processes within the organization by applying information technology (more efficient and
Slide 54: Innovation Project: Demineralized Water
VI. Appendix : Sustainability Development Sustainability Development Highlight Governance and Economic Dimension Innovation Project : Demineralized Water Innovation Highlight ✓ Sustainable Water Resource Management Large-scale Project ✓ Sustainable Raw Water Sourcing Maximum Capacity Minimized risk
Slide 55: SMART Utilities & Power + WHAUP Intelligence Platform
VI. Appendix : Sustainability Development Sustainability Development Highlight Governance and Economic Dimension SMART Utilities & Power + WHAUP intelligence Platform SCADA System Smart Metering Unified Operation Center (UOC) for Remote Monitoring Enhance the Traceability of Utilities Provided Help
Slide 56: Risk Management and Code of Business Conduct
VI. Appendix : Sustainability Development Sustainability Development Highlight Governance and Economic Dimension Risk Management Code of Business Conduct 100% of employees at 100% of employees all levels are trained on have been risk management by communicated on the 2022 Code of Conduct Data Securi
Slide 57: Listed in THSI SET Sustainability Index
VI. Appendix : Sustainability Development Listed in ‘THSI’ SET Sustainability Index WHAUP has been listed in 2022 Thailand Sustainability Investment (THSI) ENVIRONMENTAL Index or selected as one of the ‘Sustainable Stock’, for 3 consecutive years. This reflects the company’s potential to grow a sust
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