Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — FY2008 Earnings Presentation
44 slides from Electricity Generating Public's earnings presentation, 2009
Slide 1: Corporate Presentation: Annual Period Financial Results Ended 31 December 2008
Corporate Presentation Annual Period Financial Results Ended 31 December 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. S
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 21,000 2007 20,000 2006 19,000 2005 18,000 2004 17,000 16,000 2003 15,000 2002 14,000
Slide 7: Energy Generation Comparison
11,291.33 Jan 11,945.88 10,850.51 Feb 11,525.32 13,247.78 Mar 13,320.12 12,187.76 Apr 12,610.12 12,670.44 May 13,069.56 12,735.71 Jun 12,791.06 12,594.48 Jul 13,064.53 12,738.73 Aug 13,070.85 12,521.37 Energy Generation Comparison Sep 12,429.92 12,511.44 Oct 12,741.88 11,670.42 Nov 11,337.16 Unit :
Slide 8: Sales by Categories Comparison
Thailand’s Electricity Industry Overview : Sales by Categories Comparison 2008 2007 Others Others 7% 7% Residential Residential 22% 21% Large General Service Large General Service Small General Service Small General Service 44% 45% 10% 10% Medium General Service Medium General Service 17% 17% 8
Slide 9: Thailand's New Capacity from 2008-2016
Corporate Overview : Thailand’s New Capacity from 2008-2016 MW EGAT Private Players 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) 74
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: Operating Results – One Line VS Proportionate
Financial Results : Operating Results – One Line VS Proportionate Ended Year 2008 and 2007 MM baht 14
Slide 15: Summary Results – One Line VS Proportionate
Financial Results : Summary Results – One Line VS Proportionate Ended Year 2008 and 2007 MM baht YE08 YE07 -16% One Line -18% Proportionate 1% -18% 8,402 8,402 8,281 7,491 7,391 6,952 6,927 6,927 -121% -156% 1,011 -25 121 -534 Net Profit bf FX FX Net Profit Net Profit bf FX FX Net Profit 15
Slide 16: IPP Operating Results Ended Year 2008 and 2007
Financial Results : IPP Operating Results Ended Year 2008 and 2007 MM baht 16
Slide 17: FX Analysis Ended Year 2008 and 2007
Financial Results : FX Analysis Ended Year 2008 and 2007 MM baht Sharp drop in Gain on FX due to the Baht depreciation 17
Slide 18: Profits before FX by Segment (One Line)
Financial Results : Profits before FX by Segment (One Line) Ended Year 2008 and 2007 MM baht -14% YE08 YE07 7,726 6,676 -39% +7% +129% -52% 891 544 274 255 57 -197 -598 -394 IPP SPP Others Overseas EGCO 18
Slide 19: Profits before FX by Segment (Proportionate)
Financial Results : Profits before FX by Segment (Proportionate) Ended Year 2008 and 2007 +3% MM baht 7,195 6,965 YE08 YE07 +6% +6% +1,517% -52% 599 564 274 255 21 1 -598 -394 IPP SPP Others Overseas EGCO 19
Slide 20: Total Revenues Ended Year 2008 and 2007
Financial Results : Total Revenues Ended Year 2008 and 2007 Others EGCO MM baht 249 11,594 1,034 -8% SPP 2,234 YE08 7,195 IPP 10,712 Others EGCO 498 SPP 1,000 2,186 YE07 IPP YE08 YE07 7,910 20
Slide 21: Share of Profits before FX from JVEs
Financial Results : Share of Profits before FX from JVEs Ended Year 2008 and 2007 5,157 24% MM baht Others Overseas 3.68 21 SPP 365 4,162 YE08 IPP 4,767 Others 2.29 Ov erseas 1 SPP 290 YE07 YE08 YE07 IPP 3,868 21
Slide 22: Total Expenses Ended Year 2008 and 2007
Financial Results : Total Expenses Ended Year 2008 and 2007 Others EGCO MM baht +0.77% 717 847 8,293 8,230 SPP 1,961 YE08 IPP 4,767 Others EGCO 703 891 SPP 1,822 YE07 IPP YE08 YE07 4,813 22
Slide 23: EBITDA and Net Profit
Financial Results : EBITDA and Net Profit Ended Year 2008 and 2007 MM baht EBITDA YE08 YE07 Net Profit +3% 15,432 14,953 -18% 8,402 6,927 1,011 -913 -753 -564 -2,618 -2,663 -4,410 -4,146 Finance costs Tax DA FX 23
Slide 24: EGCO D/E Profiles
EGCO D/E Profiles : Ended Year 2008 MM Baht 1.20 Total Debt (One Line) : 12,788 Total Equity : 45,542 1.00 0.97 0.94 0.89 0.89 0.91 0.89 Cash and cash equivalents : 4,979 0.86 0.85 0.80 Outstanding revolving credit facility : 500 0.60 Total : 5,479 0.41 0.40 0.36 0.31 0.31 0.28 0.28 0.26 0.22 0.22 0
Slide 25: Financial Ratio Highlights
Financial Results : Financial Ratio Highlights Low D/E ratio with solid cash flows 25
Slide 26: Cashflow Ended December 31, 2008 and 2007
Financial Results : Cashflow Ended December 31, 2008 and 2007 MM baht 26
Slide 27: Summary of Debt Structure
Financial Results : Summary of Debt Structure Total Outstanding Balances Total Facilities 31 December 2008 USD 27 M. USD 18 M. 4.86% JPY 1,260 M. JPY 772 M. 2.16% Baht 20,287 M. Baht 12,092 M. 92.98% • Total facilities and total outstanding balances of EGCO Group (Not in EGCO’s portion) • Total outs
Slide 28: Dividend Policy
Financial Results : Dividend Policy Remarks: Baht/Share * Final DPS for the 2nd half of 2008 Operating Results 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 absen
Slide 29: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 30: EGCO Shareholding Structure as of September 2008
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 31: EGCO Board of Directors as of January 2009
Corporate Overview : EGCO Board of Directors as of January 13, 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 •
Slide 32: EGCO Group Structure
Corporate Overview : EGCO Group Structure EGCO Group 4,239.3 MW Majority Owned Minority Owned 2,156.6 MW 2,082.7 MW ESCO REGCO EGCO Green EGCO Cogen KEGCO GEC NT2 EGCO BVI BLCP 1,232.00 9.40 117.00 824.00 1,895.00 1,086.80 146.50 1,434.00 100.0% 100.0% 74.0% 80.0% 100.0% 50.0% 25.0% 100.0% 50.0% 1,2
Slide 33: 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 34: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 35: Operating Results – One Line VS Proportionate
Financial Results : Operating Results – One Line VS Proportionate 35
Slide 36: Segmental Operating Results: Ended Year 2008
Segmental Operating Results : Ended Year 2008 MM baht 36
Slide 37: Segmental Operating Results: Ended Year 2007
Segmental Operating Results : Ended Year 2007 MM baht 37
Slide 38: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 39: 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 40: Major Maintenance Expenses for the Year 2009
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2009 MM Baht 40
Slide 41: Major Maintenance Expenses for the Year 2008
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2008 MM Baht 41
Slide 42: Major Maintenance Expenses for the Year 2007
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2007 MM Baht 42
Slide 43: Operating Performance Equivalent Availability Factor
Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor 43
Slide 44: Net Generation and Fuel Consumption
Operating Performance (IPPs) : Net Generation and Fuel Consumption 44
Electricity Generating Public — FY2008 Earnings Presentation on 6ix