WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — FY2019 Earnings Presentation
38 slides from WHA Utilities and Power Public's earnings presentation, Mar 12, 2020
Slide 1: Opportunity Day YE2019 Results
Opportunity Day YE2019 Results 12 March 2020 Your Ultimate Solution Partner in Utilities & Power with Environmental Care
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
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Financial Information VI. 2020 Direction VII. Appendix 3
Slide 4: Vision & Mission
I. Company Profile Vision & Mission VISION VISION “To be Asia's leader in Utilities and Power providing total solutions to partners with good corporate governance as well as environmentally and socially friendly operations” MISSION MISSION • To develop world class utilities and power solutions fitti
Slide 5: WHAUP is the Flagship Company in Utilities and Power Business of WHA Group
I. Company Profile WHAUP is the Flagship Company in Utilities and Power Business of WHA Group #1 Logistics developers, with #1 Industrial Estate Developer Exclusive utilities provider in To be one-stop service for more than 2.3 million sqm the industrial estates with Data Center developer an
Slide 6: Business Overview
I. Company Profile Business Overview Utilities Business Power Business Sole provider of utilities to manufacturers/ factories in leading Active power investor with strategic partnership with leading Thai industrial estates with a concrete plan to capture increasing and international power companies
Slide 7: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Financial Information VI. 2020 Direction VII. Appendix 7
Slide 8: Utilities Business Overview
II. Utilities Business Utilities Business Overview 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 industrial use
Slide 9: Assets Location
II. 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 10 operating IEs plus 4 developing IEs (RY 36, SIL Phase 2, IRPC and Vietnam) in the future. 6
Slide 10: Our Utilities Customer Base
II. Utilities Business Our Utilities Customer Base WHAUP’s has established the strong operation in EEC 63% of WHAUP’s volume are distributed to area. Bluechip customers. Petrochemical 2019 VOLUME by IEs Others 37% 12% Consumer 5% 9% 2019 15% VOLUME 5% Steel by 9% INDUSTRY 4% 55% 10% WHA CIE2 0.3% 1.
Slide 11: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Financial Information VI. 2020 Direction VII. Appendix 11
Slide 12: Growing Portfolio
III. Power Business Growing Portfolio Continuing Growth from Projects Under Construction and Committed Projects in Pipeline Targeted 100 MW solar rooftop by 2022; 6.7% As of YE2019, 30.8 MW already secured CAGR ~590 MW 559 MW 521 MW 486 MW 2017 2018 2019 2020 F 12
Slide 13: Well-balanced and High Stability Portfolio
III. Power Business Well-balanced and High Stability Portfolio Conventional Power: 547 Equity MW Secured Highly reliable off-taker (EGAT) Long-maturity Portfolio By Type of Power Plant By Type of Sourcing Industrial 52% Users, 12% Portfolio Analysis IPP Coal 43% SPP 48% Gas 53% Maturity ≥ 20 Hydro 4
Slide 14: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Financial Information VI. 2020 Direction VII. Appendix 14
Slide 15: Utilities – Operating Performance
IV. Operating Performance Utilities – Operating Performance Utilities Portfolio Growth – Sale & Management Volume Million m3/ year 120 105 110 100 3 100 82 105 107 WWT +1% YoY 35 35 80 34 RW -2% YoY 25 17 35 35 60 17 17 IW +4% YoY 32 34 13 17 17 40 49 53 55 20 32 34 43 53 55 0 2014 2015 2016 2017 20
Slide 16: Power Business - IPP Group
IV. Operating Performance Power Business - IPP Group (YTD) 12M’18 12M’18 Energy Dispatch 12M’19 Availability 12M’19 GWh % AF 5,503 4,905 99.2% 99.0% 95.6% 85.6% 417 510 38 0 Gheco-One HHPC Glow IPP Gheco-One Glow IPP • Gheco-One had major maintenance during 1Q19, but reached full CAH for the year. •
Slide 17: Power Business - SPP Group (YTD – YoY)
IV. Operating Performance – Power Business Power Business - SPP Group (YTD – YoY) YTD - YoY EGAT GWh Energy Dispatch IU 6,665 904 922 6,011 864 863 863 865 850 841 874 854 828 810 812 780 746 1,595 268 257 222 1,459 215 215 220 220 200 195 227 177 161 171 179 126 5,070 654 652 651 650 649 648 649 64
Slide 18: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Financial Information VI. 2020 Direction VII. Appendix 18
Slide 19: Financial Highlight 12M’19
V. Financial Information Financial Highlight 12M’19 Unit : THB mm 12M’19 YoY Remarks Total Revenue 1,857.2 +8.7% - Higher Utilities Sales Volume mainly from COD of 2 SPPs (GNLL2 and Other SPP), existing and new IEs customers - Utilities Business 1,847.1 +8.3% - Higher Excessive Charge: Baht 106.8 mi
Slide 20: Consolidated Financial Statement
V. Financial Information Consolidated Financial Statement Total Revenue and Share of Profit and Dividend Income was recorded at Baht 3,813.3 million in 12M’19 Utilities = Utilities Operating Revenue + Other Utilities Revenue + Share of Profit (Utilities) Power = Normalized Share of Profit (Power)/1
Slide 21: Utilities Performance
V. Financial Information Utilities Performance Total Revenue from Utilities Business was increased 8.3% for 12M’19 Total Revenue - Utilities Business Gross Profit Margin - Utilities Business Units: THB mm Units: % 1,847.1 1,705.1 112.7 6% 25.4 160.8 9% 158.3 35.3% 37.3% 264.0 33.1% 34.4% 268.9 14% 2
Slide 22: Power Performance
V. Financial Information Power Performance Normalized Share of Profit and Dividend Income for 12M19 increased 2.4% /1 Normalized Share of Profit and Dividend Income Share of Profit and Dividend Income by Power Plant Units: THB mm Units: THB mm 2,122.4 1,969.6 1,586.6 1,625.0 551.6 75.0 75.0 344.5 4.
Slide 23: Consolidated Performance
V. Financial Information Consolidated Performance Consolidated EBITDA/1 and EBITDA Margin Consolidated Net Profit and Net Profit Margin/3 Unit : THB mm Unit : THB mm 4,500.0 72.9% 3,500.0 57.5% 70.6% 55.0% 4,000.0 67.7% 3,000.0 50.7% 50.6% 3,500.0 68.6% 2,854.8 2,740.9 2,500.0 2,137.2 3,000.0 -4.0%
Slide 24: Profit and Loss Statement – YTD
V. Financial Information Profit and Loss Statement – YTD Normalized Net Income (NNI) 12M’19 (A) Vs 12M’18 (A), +76.5 MB, +4.5% + Positive Higher Gross Profit before depreciation : +118.6 MB from higher GPM and increase of Industrial Water volume and higher excessive charge Higher Normalized Shar
Slide 25: Capital Structure and leverage ratio
V. Financial Information Capital Structure and leverage ratio Statement of Financial Position Debt Maturity Profile Unit : THB mm Unit : THB mm 200 26,419 26,419 23,773 23,773 13,559 14,049 4,000 1,103 736 2,390 11,757 1,500 1,290 1,320 1,500 8,988 0 1 2018 2 3 4 5 20196 2020 2021 2022 2023 2024 202
Slide 26: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Financial Information VI. 2020 Direction VI. Appendix 26
Slide 27: 2020 Plan: Growing Beyond the Core
VI. 2020 Direction WHA Utilities and Power – 2020 Plan Growing Beyond the Core Continuously Expand Launch Innovative Product and Solutions Utilities Business in New MUNICIPAL WASTEWATER TREATMENT WASTEWATER WHA IE RECLAMATION DEMINERALIZED WATER (WHA RY36, WHA IER and WHA SEAWATER DESALINATION SIL2)
Slide 28: 2020 Plan: Accelerating our Expansion in Vietnam
VI. 2020 Direction WHA Utilities and Power – 2020 Plan Accelerating our Expansion in Vietnam Cua Lo Duong River Surface Water Plant 330.0 4.8 Million m3/year Hanoi Million m3 /year Water Treatment and Distribution WHAUP acquired 34% First Move towards Partnership +3.7 Million m3/year Non-Industrial
Slide 29: 2020 Plan: Enlarging Power Portfolio
VI. 2020 Direction WHA Utilities and Power – 2020 Plan Enlarging Power Portfolio Chonburi Clean Energy PARTNERSHIP Industrial Waste to Energy 8.6 MW +31 Equity Megawatt COD Date: 7 Nov 19 in 2020 Conventional Power Plants Solar Rooftops All-in solar rooftop packages to Solar Monitoring System indust
Slide 30: 2020 Plan: Specializing in Solar for Industrial Users
VI. 2020 Direction WHA Utilities and Power – 2020 Plan Specializing in Solar for Industrial Users MG Solar Carpark Project “Thailand’s Largest Solar Carpark Project” JJR Chicken Farm Nikkei Siam Aluminium Danieli Far East Nakhon Nayok Pathum Thani ESIE, Rayong Capacity 1.0 MW Capacity 1.0 MW Capacit
Slide 31: 2020 Plan: Introducing Innovative Energy Solutions
VI. 2020 Direction WHA Utilities and Power – 2020 Plan Introducing Innovative Energy Solutions WHAUP collaborates with PEA in studying P2P Energy Trading and Smart Microgrid in WHA Industrial Estates P2P Energy Trading Smart Microgrid Renewable Power Co-generation Power Prosumer Industrial Users/ Pr
Slide 32: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Financial Information VI. 2020 Direction VII. Appendix 32
Slide 33: Vietnam Project - Duong River Surface Water Plant JSC
VII. Appendix I Vietnam Project - Duong River Surface Water Plant JSC Company and Project Overview Capacity Expansion Plan Timeline • Duong River Surface Water Plant JSC (“the Company”) • Significant contribution to WHAUP’s utilities business was established in June 2016. The Company built and • Siz
Slide 34: SDWTP Performance – 2019
VII. Appendix I SDWTP Performance – 2019 1A + 1B = 300k cmd +/- 80% +/- 85% 1A = 150k cmd +/- 75% (1A+1B) (1A+1B) Profit contribution (1A+1B) started from +/- 60% November 2019 (1A+1B) >80% of 1A Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Mar Jun Sep Dec 2019 (A) 2020 (F) • Phase 1A started com
Slide 35: Mitigation Plans in EEC Area
VII. Appendix I Mitigation Plans in EEC Area Chonburi Rayong Chantaburi 8 Increase water from Klong Luang Bangpakong to Bang pra (cap 117 MCM) reservoir 50 MCM 1 To transfer water from Dokkrai Nongplalai Klongyai Prasae Wang tanode to Rayong (cap 79 MCM) (cap 164 MCM) (cap 40 MCM) (cap 295 MCM) Bang
Slide 36: Mitigation Plans in EEC Area
VII. Appendix I Mitigation Plans in EEC Area On going mitigation projects from various departments No. Project Goal Responsible Party 1 To transfer water from Wang-Tanode, Chantaburi to Prasae reservoir 10 mil cu.m. RID and EW 2 To pump back spilled water from Klong Saphan to Prasae reservoir (raini
Slide 37: Shareholders and Management Structure
VII. Appendix II Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Institutions 2% Mr. David Richard Nardone Retail Ms. Jareeporn Jarukornsakul 14% Chairman of Board of Directors Director Domestic Institutions 12% WHA Group Mr. Vivat Jiratikarnsakul Dr. Niphon B
Slide 38: Power
Power
WHA Utilities and Power Public Company — FY2019 Earnings Presentation on 6ix