WHA Utilities and Power Public Company Limited · SET:WHAUP

WHA Utilities and Power Public — Q4 2023 Earnings Presentation

64 slides from WHA Utilities and Power Public's earnings presentation, Feb 29, 2024

  1. Slide 1: Q4/2023 Analyst Meeting

    Q4/2023 Analyst Meeting 29 February 2024 WHA Utilities and Power Public Company Limited (WHAUP)

  2. 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

  3. Slide 3: Agenda

    I Company Overview Executive Summary II III Operating Performance IV Financial Performance V 2024 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 3

  4. Slide 4: Business Overview

    I. Company Overview Business Overview Utilities Business Power Business Sole provider of utilities to manufacturers/ factories in leading Active power provider and investor with strategic partnership with industrial estates with a concrete plan to capture increasing leading Thai and international po

  5. Slide 5: Utilities Business – Assets Location

    I. Company Overview Utilities Business – Assets Location ➢ WHAUP’s exclusive rights to operate and provide utilities services to customers in WHA Industrial Estates and 2 other areas outside WHA Industrial Estates, which are Eastern Economic Corridor of Innovation (EECi) and Asia Industrial Estate (

  6. Slide 6: Power Business – Portfolio Breakdown as of 31 December 2023

    I. Company Overview Power Business – Portfolio Breakdown as of 31 December 2023 Total Capacity (733 MW eq) : 659 MW eq under Operation + 74 MW eq under development By Type By Type 3% 0.4% Gas (40%, 297 eq MW) 28% Conventional 25% Coal (32%, 231 eq MW) Total Total 40% Solar (25%, 183 eq MW)* 733 Rene

  7. Slide 7: 2023 Achievement

    I. Company Overview 2023 Achievement SOLAR FIT 125 MW 2023 SOLAR PRIVATE PPA Selected new Solar projects signed in 2023 Our 5 Solar farm projects with total installed capacity of 125 MW equity were awarded by ERC. AutoAlliance (Thailand) Aisin Powertrain Expected to sign PPA by Q2’2024. Rayong Rayon

  8. Slide 8: 2023 Achievement (Cont’d)

    I. Company Overview 2023 Achievement (Cont’d) UTILITIES BUSINESS EXPANSION ESG AWARDS Premium Clarified Water production at ESIE4 WHAUP “Commended Sustainability Excellence Award” at SET Awards 2023 ➢ Total plant capacity: Sustainability 2.9 mm3 per year Excellence category in SET Awards 2023 ➢ Tota

  9. Slide 9: Sustainability Highlight

    I. Company Overview Sustainability Highlight Wastewater Management Projects Wastewater Management Projects Reclamation water Value-added products Saving 7.3 Mm3 per year Converting 6.5 Mm3 per of total water withdrawal year of reclamation water SUSTAINABLE and water discharge to Value-added water DE

  10. Slide 10: 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 51,497 WHAUP provides solar power, with private PPA tCO2e scheme, creating Avoided CO2 Emission offsetting CO2 Emissions f

  11. Slide 11: Agenda

    I Company Overview II Executive Summary III Operating Performance IV Financial Performance V 2024 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 11

  12. Slide 12: Key Highlights

    II. Executive Summary Key Highlights Unit : MB % change % change Q4’22 Q3’23 Q4’23 2022 2023 YoY QoQ YoY Revenue, Normalized Share of Profit and 1) 654.3 1,190.5 1,160.3 77% -3% 2,790.0 4,227.8 52% Dividend Income 1.1 Revenue 659.0 697.9 693.5 5% -1% 2,479.5 2,821.1 14% - Utilities Business/1 495.5

  13. Slide 13: Agenda

    I Company Overview Executive Summary II III Operating Performance IV Financial Performance V 2024 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 13

  14. Slide 14: Utilities Business - Total Sales and Management Volume

    III. Operating Performance Utilities Business - Total Sales and Management Volume* 3M 12M YoY QoQ YoY Unit : Million M3 +14% -5% +7% 155.1 40.5 145.2 38.4 33.5 33.6 8.6 28.4 9.0 7.7 36.8 37.0 9.7 8.8 6.5 8.3 1.4 5.3 2.0 116.8 121.6 1.4 31.9 46.2 25.9 29.4 11.8 49.1 Domestic 10.9 Domestic Domestic Do

  15. Slide 15: Power Business - IPP Group

    III. Operating Performance Power Business - IPP Group IPP Business: Q4’23 vs Q4’22 GHECO-One • No energy dispatch due to reserved shutdown since 10 Mar 2023 (vs Forced outage 10 days in Q4’22 (14 – 15 Oct and 17-27 Nov 22) • Higher availability factor at 100% in Q4’23 vs 87% in Q4’22 GIPP • EGAT dis

  16. Slide 16: Power Business - IPP Group

    III. Operating Performance Power Business - IPP Group 3M Q4’22 (A) Q4’22 (A) Q4’23 (A) Q4’23 (A) Unit : GWh Energy Dispatch Q3’23 (A) Unit : % AF Availability Q3’23 (A) -100% 100% 100% -68% -23% 9% -29% 96% 99% 1,273 87% 88% 320 101 66 72 104 135 0 0 Gheco-One HHPC Glow IPP Gheco-One Glow IPP 12M 20

  17. Slide 17: Power Business - SPP Group

    III. Operating Performance Power Business - SPP Group SPP Business: Q4’23 vs Q4’22 • Total dispatch increased by +5.9% YoY due to +5.7% YoY higher EGAT dispatch and +6.3% YoY IU dispatch. 2023 vs 2022 • Total dispatch remain unchanged due to the offset of the IU dispatch and EGAT dispatch • 5 SPPs (

  18. Slide 18: Power Business - SPP Group

    III. Operating Performance Power Business - SPP Group 3M Q4’22 (A) Q4’22 (A) Q4’23 (A) Q4’23 (A) Unit : GWh Energy Dispatch Q3’23 (A) Unit : % AF Availability Q3’23 (A) 5.9% -1.3% 5.7% -0.03% 98.8% 1,545 1,636 1,653 95.6% 1,171 1,239 1,239 6.3% -4.0% 93.0% 374 398 414 EGAT 1 IU 2 Total 1 + SPP Busin

  19. Slide 19: Power Business - Solar Energy Dispatch

    III. Operating Performance Power Business - Solar Energy Dispatch Power Dispatch : Solar energy dispatch continued to increase in accordance with capacity under operation (94.0 MW as of Q4’22 vs 108.9 MW as of Q4’23) 3M 12M Unit : GWh Unit : GWh +78% -1% +63% 116.5 4.3 71.5 31.0 31.2 3.8 1.0 1.0 112

  20. Slide 20: Agenda

    I Company Overview Executive Summary II III Operating Performance IV Financial Performance V 2024 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 20

  21. Slide 21: Financial Highlight Q4’23 vs Q4’22

    IV. Financial Performance Financial Highlight Q4’23 vs Q4’22 Q4’22 Q4’23 YoY Remarks Unit: THB mm 1. Total Revenue, NSOP and 654.3 1,160.5 77% Dividend Income 1.1 Total Revenue 659.0 693.5 5% - Growth in domestic utilities revenue mainly driven by - Utilities Business 495.5 589.5 19% revenue from Ra

  22. Slide 22: Financial Highlight 2023 vs 2022

    IV. Financial Performance Financial Highlight 2023 vs 2022 2022 2023 YTD Remarks Unit: THB mm 1. Total Revenue, NSOP and 2,790.0 4,227.8 52% Dividend Income 1.1 Total Revenue 2,479.5 2,821.1 14% - Higher revenue from domestic utilities mainly due to an - Utilities Business 2,111.4 2,357.9 12% increa

  23. Slide 23: 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 increased by 486% YoY in Q4’23 and 120% YoY in 2023. 3M 12M Unit: THB mm +486% -2% +120% 1,423.5 483.9 474.3 3.7 8.1 25.8 189.1 224.2 810.1 8.1 521.0 75.0 11.1

  24. Slide 24: 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 Q2'23 Q3'23 Q4'23 Q1'24 (F) Avg. total tariff Gas cost 29 Feb 2024 40

  25. Slide 25: Utilities Business: Normalized Share of Profit (Vietnam) SDWTP

    IV. Financial Performance Utilities Business : Normalized Share of Profit (Vietnam) Unit : MB SDWTP 3M 12M Q4'22 Q4'23 Q3'23 2022 2023 - 28.9 - +131.6% 19.9 YoY (37.2) - 2.9 (1.5) -85.3% (91.7) +291.7% (9.4) QoQ (9.4) YoY (6.5) (8.3) (38.2) 10.5 (38.2) (70.2) (39.8) (200.2) (79.5) +92% -162% +96% Sh

  26. Slide 26: 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 December 2023 Unit : THB mm Unit : THB mm Average cost of debt of 3.08% 3,700 27,645 27,645 29,818 29,818 3,050 3,120 13,500 15,009 3,000 1,750 1,5

  27. Slide 27: Historical Dividend Payment

    IV. Financial Performance Historical Dividend Payment THB / Share 0.30 0.2525 0.2525 0.2525 0.2525 0.25 0.2034 0.2115 0.20 0.1600 0.1600 0.1600 0.1600 To be approved by 2023 0.15 0.1925 Annual Generation Meeting of Shareholders (AGM) 0.2115 0.1000 0.10 0.2034 0.05 0.0925 0.0925 0.0925 0.0600 0.0600

  28. Slide 28: Agenda

    I Company Overview Executive Summary II III Operating Performance IV Financial Performance V 2024 Plan & Beyond VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 28

  29. Slide 29: Utilities Business – Our Plan & Beyond 2024

    V. 2024 Plan & Beyond Utilities Business – Our Plan & Beyond 2024 WHA Utilities Provide Extensive Utility Products & Capture Opportunities Both Inside and Outside WHA Territory Focus on Vietnam Market Digitalization through Smart Water Platform Offer Innovative & Sustainable Products Organization De

  30. Slide 30: WHA Utilities – Thailand

    V. 2024 Plan & Beyond WHA Utilities – Thailand 2024 Strategies and Projects Water Supply & Wastewater Management Volume Alternative Raw Water Supply Volume New Projects 2023 2024 • WHAIER : COD 2Q’24 Expand +8.8/1 Continue to Alternative +34% YoY • WHA Rayong 36 Expansion : Support WHA 17.5 23.5 Raw

  31. Slide 31: WHA Utilities – Vietnam

    V. 2024 Plan & Beyond WHA Utilities – Vietnam Hanoi 2024 Strategies and Projects Expand Utilities Business to Support Growth Leverage WHAUP’s Expertise to Improve the of WHA Industrial Zones in Vietnam Performance of Local Utilities Businesses Thanh Hoa WHA Nghe An Industrial Zone 1 Cua Lo Water Pla

  32. Slide 32: Digital Utilities Operation and New Utilities Solutions

    V. 2024 Plan & Beyond Digital Utilities Operation and New Utilities Solutions Smart Water Platform (Phase2) : Beyond Water Data Harvest (AI & ML) & Commercialize the Platform Expand our utilities portfolio beyond water supply and wastewater management services NGD 2023 2024 Projects Operating • WHAN

  33. Slide 33: Power Business – Our Plan & Beyond 2024

    V. 2024 Plan & Beyond Power Business – Our Plan & Beyond 2024 WHA Power Enlarge Domestic Portfolio Expanding Our Renewable Energy Portfolio Regionally Embrace Innovative and Sustainable Practices Pursue New S-Curve Business Organization Development 29 Feb 2024 33 33

  34. Slide 34: Enlarging Domestic Portfolio

    V. 2024 Plan & Beyond Enlarging Domestic Portfolio As of 2023, total of 659 Operating Equity MW in Power Portfolio Conventional Solar Energy Selected Project Commissioning in 2023 Power Plants Equity MW 109 COD Continuing Growth from Committed Mega Bangna DKSH SPDC KM.19 Projects in Pipeline Samut P

  35. Slide 35: Expanding Our Renewable Energy Portfolio Regionally

    V. 2024 Plan & Beyond Expanding Our Renewable Energy Portfolio Regionally Thailand Market Awarded 2023 FiT Bidding Our 5 solar farm projects with installed capacity of 125 MW equity were awarded by ERC Project Progress : Keep Monitoring & Preparing for Next Bidding Round Secure Direct PPA Solution f

  36. Slide 36: Delivering Innovation & Smart Energy Solutions

    V. 2024 Plan & Beyond Delivering Innovation & Smart Energy Solutions P2P Energy Trading Platform EV Charging Station (Green Logistics) Won Utility Award in Category Project Progress “Most Innovative Energy Trading Service Platform” from International Finance Awards 2023 ➢ To establish the first 2 pi

  37. Slide 37: 2024 Targets: Water Volume and Secured PPA

    V. 2024 Plan & Beyond Target Water Sales & Managed Volume Target Total Secured PPA 178 Total Water Supply 1) & Wastewater 155 Total Secured PPA Equity MW 858 1,000 Management Million m3 MW Volume Million m3 MW 1) ▪ Vietnam’s Total Water Supply and Wastewater 34 36 ▪ Secured PPA Equity MW 311 453 fro

  38. Slide 38: 5Y Financial Target (2024 – 2028)

    V. 2024 Plan & Beyond 5Y Financial Target (2024 – 2028) Total Revenue, Normalized % EBITDA Margin share of profit and dividend income in next 5 years (2024- 2028) > 50% 30,000 MB 8,300 5 – year CAPEX 4,228 2x ≈ 21,200 MB 2023 2028(F) 29 Feb 2024 38 38 Note: 1) Incl. Solar FiT of 15 MW

  39. Slide 39: Q&A

    Q&A 39

  40. Slide 40: 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 40

  41. Slide 41: 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 41

  42. Slide 42: Appendix Agenda

    III Operating Performance IV Financial Performance V Business Update VI Appendix > Company Information > Company Performance > Sustainability Development Your Ultimate Solution Partner in Utilities & Power with Environmental Care 42

  43. Slide 43: 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

  44. Slide 44: 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

  45. Slide 45: EEC water situation-Rayong

    VI. Appendix: Company Information EEC water situation-Rayong 29 Feb 2024 45 45

  46. Slide 46: EEC water situation-Chonburi

    VI. Appendix: Company Information EEC water situation-Chonburi 29 Feb 2024 46 46

  47. Slide 47: Rain Forecast

    VI. Appendix: Company Information Rain Forecast 29 Feb 2024 47 47

  48. Slide 48: Utilities Business – Strong Customer Base

    VI. Appendix: Company Information Utilities Business – Strong Customer Base WHAUP’s has established the strong operation in 84% of WHAUP’s volume are distributed to heavy EEC area. industry. 2023 Volume by IEs 2023 Volume by Industry Petrochemical Others 37% 11% Consumer 7% WHA SIL 5% 13% ESIE 4% WH

  49. Slide 49: Power Business – Portfolio Breakdown as of 31 December 2023

    IV. Appendix: Company Information Power Business – Portfolio Breakdown as of 31 December 2023 Portfolio Summary Installed WHAUP Equity Project Name Type JV Partner Location Capacities COD Portion MW (MW) Operating Phase Gheco-I IPP Coal Glow Map Ta Phut IE 660 35.00% 231 Q3’12 Glow IPP IPP Gas Combi

  50. Slide 50: Shareholders and Management Structure

    VI. Appendix: Company Information Shareholders and Management Structure Shareholding Structure Board of Directors Ms. Jareeporn Jarukornsakul Mr. Weidt Nuchjalearn Foreign Retail Institutions 20% Chairman of Board of Directors Independent Director and Chairman of Audit Committee 1.7% Domestic Instit

  51. Slide 51: Vietnam Utilities Business - SDWTP Sales Volume

    VI. Appendix: Company Performance Vietnam Utilities Business - SDWTP Sales Volume ( Based on 34% Shareholding) 3M 12M +18% Unit: Million M3 +16% -2% 8.9 32.3 8.7 27.3 7.5 Q4'22 Q4'23 Q3'23 2022 2023 Average 87% Utilization Rate in 2023 ▪ 16% YoY volume increase in Q4’23 and 18% YoY volume increase i

  52. Slide 52: 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 19% YoY in Q4’23 and 12% YoY in 2023 Total Revenue Gross Profit Margin Unit : THB mm +12% 48.4% 2,357.9 45.8% 44.9% 195.4 42.5% 2,111.4 124.7 2

  53. Slide 53: Profit and Loss Statement – Q4'23 vs Q4'22

    VI. Appendix : Company Performance Profit and Loss Statement – Q4'23 vs Q4'22 Normalized Net Profit (NNP) Q4’23 (A) vs Q4’22 (A), +448.0 MB or +400.5% + Positive 1• Higher Normalized Share of Profit (+471.5 MB): mainly from higher Gheco-One (+269.6 MB), higher SPP (103.2 MB) and higher SDWTP (+73.0

  54. Slide 54: Profit and Loss Statement – 2023 vs 2022

    VI. Appendix : Company Performance Profit and Loss Statement – 2023 vs 2022 Normalized Net Profit (NNP) 2023 (A) vs 2022 (A), +1,139.0 MB or +254.2% + Positive •1 Higher Normalized Share of Profit (+1,056.6 MB): mainly due to higher SPPs (+442.6 MB), higher Gheco-One (+387.5 MB), and higher SDWTP (+

  55. Slide 55: Balance Sheet – as of 31 December 2023

    VI. Appendix : Company Performance Balance Sheet – as of 31 December 2023 Total Assets Liabilities and Equity Unit : MB Unit : MB 574 651 959 29,830 1,227 958 29,830 27,645 27,645 Cash = 1,295 Cash = 721 Investment TL = 15,024 TL =15,691 Investment = 14,958 = 14,321 Others Others TE = 13,555 TE = 12

  56. Slide 56: The Ultimate Solution for Sustainable Growth

    VI. Appendix : Sustainability Development The Ultimate Solution for Sustainable Growth ENVIRONMENTAL SOCIAL GOVERNANCE CHANGING FOR A MORE INTEGRITY & ETHICAL WELL-BEING & BETTER LIFE SUSTAINABLE WORLD RESPONSIBILITIES • Solar Power Projects • Human Rights Awareness • Code of Conducts • Battery Ener

  57. Slide 57: WHAUP Sustainability Mapped with 17 SDG Goals

    VI. Appendix : Sustainability Development WHAUP Sustainability Mapped with 17 SDG Goals #16 PEACE & JUSTICE STRONG INSTITUTIONS #17 PARTNERSHIPS TO ACHIEVE THE GOAL #1 NO POVERTY • Code of Conducts • Supply Chain • Pan Gan Project • Clean Water for Planet • 5-star CGR Rating Management • Clean Water

  58. Slide 58: 5-Year Sustainability Framework and Strategy

    VI. Appendix : Sustainability Development 5-Year Sustainability Framework and Strategy BUSINESS DIRECTION “The Ultimate Solution for Sustainable Growth” NATURAL RESOURCES DIGITIZATION ➢ Double the reclaimed industrial water for ➢ Revenue generation and cost reduction industrial use from 30,200 cubic

  59. Slide 59: Waste Management for Circular Economy

    VI. Appendix : Sustainability Development Waste Management for Circular Economy WASTE TO ENERGY Chonburi Clean Energy (CCE) Plastic Waste Reduction Sort N’ Save Project The first industrial waste to energy facility in Southeast Asia to meet European emission standards Using safe and environmentally

  60. Slide 60: Clean Water For Planet Project: Wastewater Management for Society

    VI. Appendix : Sustainability Development Clean Water For Planet Project: Wastewater Management for Society CLEAN WATER FOR PLANET Roadmap 2000-2019 2026 - onwards 2020 2021-2023 2024-2026 Continuous Pilot Project To build a sustainable Clean Water For Planet To Pluakdaeng Community for City Water w

  61. Slide 61: Water Hyacinth Project: Turning Waste Into Valuable Products

    VI. Appendix : Sustainability Development Water Hyacinth Project: Turning Waste Into Valuable Products The Community can take unwanted water Hyacinths from WHA’s wastewater pond for free Benefit to community generate income, save cost from purchasing such water hyacinths that is approximately 80-100

  62. Slide 62: Human Rights Principles & Human Resource for Sustainable Growth

    VI. Appendix : Sustainability Development Human Rights Principles & Human Resource for Sustainable Growth WHAUP Human Rights Policy Corporate Culture WHAUP has identified and assess potential and actual human rights issues including risks and impacts covered the followings; ADVANCE CHAMPION RESOURCE

  63. Slide 63: WHAUP Compliance Policy and Results

    VI. Appendix : Sustainability Development WHAUP Compliance Policy and Results “Good Corporate Governance creates long-term Shareholder Value and builds trust with stakeholders” CGR Rating AGM Scoring Code of Business Conduct 5 Stars 100 Score 100% of employees have Received a CG Rating of of AGM Che

  64. Slide 64: Listed in SET ESG Index

    VI. Appendix : Sustainability Development Listed in SET ESG Index WHAUP has been listed in 2023 Thailand Sustainability I n v e s t m e n t S t o c k in the resource sector for four ENVIRONMENTAL consecutive years and has achieved the highest rating of "AAA" in the SET ESG Ratings 2023. This recogni

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