WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q3 2017 Earnings Presentation
33 slides from WHA Utilities and Power Public's earnings presentation, Nov 22, 2017
Slide 1: Analyst Meeting 3Q'17
WHA Utilities & Power Public Company Limited Analyst Meeting 3Q’ 17 22 November 2017 “ 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. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 3
Slide 4: Vision & Mission
I. Company Profile Vision & Mission “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 VISION operations” • To develop world class utilities and power solutions fitting customer's needs • T
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 #1 Industrial Estate Developer Exclusive utilities provider To be one-stop service for Built-to-Suit (BTSW): World- in the industrial estates with Data Center developer and
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. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 7
Slide 8: Financial Highlight 3Q'17
II. Performance Highlight Financial Highlight 3Q’17 3Q’17 YoY Revenue from Sales and Services (Utilities Business) THB 406.2 mm 9.4% Share of Profit and Dividend Income (Power Business) THB 558.8 mm 162.4% Revenue from Sales and Services + Share of Profit and Dividend Income THB 965.0 mm 65.2% EBITD
Slide 9: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 9
Slide 10: Utilities Business Overview
III. 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-Hemaraj Group’s Estates in Thailand and CLMV Strong base of in
Slide 11: Assets Location
III. Utilities Business Assets Location WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA-Hemaraj Industrial Estates. Currently, WHAUP provides utilities services to 9 operating IEs plus 3 developing IEs in the future. 11
Slide 12: Industry Overview
III. Utilities Business Industry Overview Thailand Countrywide’s Water Market Forecast Demand for Water Wastewater Management Expected growing demand for industrial utilities approx. 4.6% p.a. Unit: million m3/day Annual demand for water (million m3/year) CAGR 1.9% 10,000 CAGR 4.6% 31% 8,000 8,260 (
Slide 13: Industry Overview: Opportunities from EEC Policy
III. Utilities Business Industry Overview Opportunities from EEC Policy Forecasted Water Demand in EEC area Forecasted Water Supply in EEC area mm m3 per year mm m3 Increased supply capacity from EEC Policy Industrial Domestic Agriculture 4000 3950 1,600 575 mm m3 per 1,200 year come from 929 indust
Slide 14: Business Strategies
III. Utilities Business Business Strategies 5Y Aspiration Current Positioning Domestic: Integrated solutions to industrial market, expansion to other market segments Thailand’s leader in industrial water businesses provides approximately 100 million m3 per with world-class operation and services yea
Slide 15: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 15
Slide 16: Growing Portfolio
IV. Power Business Growing Portfolio Continuing Growth from Projects under Construction 542.0 MW Construction Under 509.7 MW 32.3 GNLL2 478.4 MW 31.3 GTS4 CCE GVTP GTS1 128.8 GTS2 349.6 MW GTS3 30.3 BGWHA-1 Under Operation 509.7 478.4 349.6 Acquisition 319.3 Gheco-One May’16 Houay Ho May’16 Glow IPP
Slide 17: Portfolio Analysis
IV. Power Business Well-balanced and High Stability Portfolio Conventional Power: 537.1 Equity MW Secured Highly reliable off-taker (EGAT)/1 Long-maturity Portfolio By Type of Power Plant By Type of Sourcing Industrial Portfolio Analysis Maturity < IPP 53% Coal 43% Users, 5% 20 Years,… SPP 47% Gas 5
Slide 18: Industry Changes Leading to New Opportunities
IV. Power Business Industry Overview Industry Changes Leading to New Opportunities 1 Grid Over-capacity: No new conventional IPP/SPP 2 Energy 4.0 Policy: Energy Efficiency and Distributed for 10 years Generation (DG) GW % Energy 4.0 70.3 Current Measure 2017-2018 Target 2036 Low Efficiency - Change
Slide 19: Business Strategies
IV. Power Business Business Strategies “Developer” in Power and Energy Businesses Power and Energy Businesses Conventional Alternative Energy NGD Services Power Power New projects in IEs Exploring opportunity in Energy Solar Rooftop WTE Management IPP SPP Services such as Cogen plant, Glow IPP
Slide 20: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 20
Slide 21: Utilities – Operating Performance
V. Operating Performance Utilities – Operating Performance Utilities Portfolio Growth – Sale & Management Volume and Selling Price Million m3/ year Quarter 16.6 14.5 16.0 Baht/ m3 Selling Price Growth 90 Baht/ m3 Baht/ m3 82 80 74 • CAGR2012-2017 2.7% 70 25 57 26 60 Volume Growth 50 13 17 40 31 32 3
Slide 22: Power Plants Operating Performance
V. Operating Performance Power Plants Operating Performance GHECO-One HHPC Energy Dispatch Availability Energy Dispatch GWh % AF GWh 94.7% 323 302 4,089 85.8% 3,736 9M'16 9M'17 9M'16 9M'17 9M'16 9M'17 GNLL BGWHA-1* Energy Dispatch Availability Energy Dispatch Availability GWh GWh 659 % AF 99.6% % AF
Slide 23: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 22 November 2017 23
Slide 24: Consolidated Financial Statement
VI. Financial Information Consolidated Financial Statement Revenue and Net Profit Growth Unit : THB mm Quarter YTD Revenue from Sales and Services + 9.4% (Utilities Business) Share of Profit and Dividend Income/1 2,730.1 + 162.4% (Power Business) Net Profit Attribute to Owners of the + 207.9% Parent
Slide 25: Utilities Performance
VI. Financial Information Utilities Performance Revenue from Sales and Services from Utilities Business was recorded at Baht 406.2 million. Revenue from Sales and Services Gross Profit Trend Units: THB mm 35.3% Quarter YTD 29.5% 27.4% 27.9% 26.9% 1,199.6 25.8% 34.2 2014 2015 2016 114.3 985.1 Gross P
Slide 26: Power Performance
VI. Financial Information Power Performance /1 Share of Profit and Dividend Income total at Baht 558.8 million, a 162.4% growth from 3Q2016. Units: THB mm Quarter YTD 1,530.5 5.0 • Completion of BGWHA-1, COD in November 2016 • Completion of Gulf VTP, COD in 1,152.7 May 2017 558.8 • Completion of Gul
Slide 27: Consolidated Performance
VI. Financial Information Consolidated Performance Consolidated EBITDA/1 and EBITDA Margin Consolidated Net Profit/2 and Net Profit Margin/3 Unit : THB mm Unit : THB mm Quarter YTD Quarter YTD 3000.0 73.6% 72.9%100.0% 62.0% 60.6% 2000.0 58.0% 55.4% 50.0% 1800.0 30.3% 34.2% 0.0% 2500.0 0.0% 1,543.2 2
Slide 28: Capital Structure and leverage ratio
VI. Financial Information Capital Structure and leverage ratio Strong Financial Position for Potential Growth Total Liabilities and Shareholder’s Equity D/E Ratio Unit : THB mm 1.51x 20,832 18,652 0.72x 8,688 2016 3Q'17 11,233 Net Interest-Bearing Debt/Equity Ratio 1.38x 12,144 7,419 0.62x 2016 3Q'1
Slide 29: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 29
Slide 30: Company Outlook
VII. Outlook 2017E Company Outlook The acquisition of water business from WHA Group, adding both new locations and products coverage to the Company’s portfolio, is expected to add approx. 8-10 million m3/yr in 2017 Utilities COD of 4 SPPs is expected to add approx. 3-4 million m3/yr Business I
Slide 31: Agenda
Agenda I. Company Profile II. Performance Highlight III. Utilities Business IV. Power Business V. Operating Performance VI. Financial Information VII. Outlook 2017E Appendix 31
Slide 32: Shareholders and Management Structure
Appendix Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Institutions Mr. Somyos Anantaprayoon Ms. Jareeporn Jarukornsakul 2% Retail 12% Chairman of Board of Directors Vice-Chairman of Board of Directors Domestic Institutions 12% Mr. David Richard Nardone Mr.
Slide 33: Well-Balanced Portfolio with Strategic Location
Appendix Well-Balanced Portfolio with Strategic Location Operating Plants Alternative Power Huoay Ho Glow IPP HESIE WHA Gunkul Hydropower IPP Combined Cycle IPP Total MW : 152.0 MW Total MW : 713.0 MW Solar VSPP COD in 1999 COD in 2003 HCIE Total MW : 3.3 MW Located in Lao PDR ESIE
WHA Utilities & Power Public Company — Q3 2017 Earnings Presentation on 6ix