Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — Q1 2010 Earnings Presentation
38 slides from Electricity Generating Public's earnings presentation, May 2010
Slide 1: Corporate Presentation: Quarterly Financial Results Ended 31 March 2010
Corporate Presentation Quarterly Financial Results Ended 31 March 2010
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. (2.19%)* IPP (41.60%)* SPP (7.16%)* (49.05%) EGAT Transmission 2 MEA PEA Direct Customers End Users IPP : Independent Power Producer MEA : Metropolitan Electricity Authority EGCO’s IPPs have 11.64% market share
Slide 6: Historical Demand Growth
Thailand’s Electricity Industry Overview : Historical Demand Growth MW 24,009.90 MW or 8.91% 26,000 increase from 2009 25,000 22,044.90 MW or -2.32% decrease from 2008 24,000 2010 23,000 2009 22,000 2008 21,000 2007 20,000 2006 19,000 2005 18,000 2004 17,000 2003 16,000 2002 15,000 14,000 January Fe
Slide 7: Energy Generation Sales by Categories
Thailand’s Electricity Industry Overview : Energy Generation Sales by Categories 2009 Unit : Gwh + 21.33% + 12.21% + 12.34% + 12.14% + 13.92% 15,355,823,415 12,656,605,598 3,757,800,204 3,344,932,042 2,527,825,681 2,218,993,746 6,919,661,998 7,764,555,721 5,748,110,997 5,125,781,625 Market Share Res
Slide 8: Thailand's New Capacity (2010 – 2017)
Corporate Overview : Thailand’s New Capacity (2010 – 2017) Reserve Margin 4,500 28.1% 27.1% 23.7% 25.4% 23.4% 26.0% 27.2% 23.2% 4,000 Others 18 MW SPP (Co-gen) 90 MW Source: PDP 2010 Revised by 12 3,500 VSPP 192 MW March 2010 NPS # 3-4 2x135 MW 3,000 Others 54 MW Wang Noi # 4 VSPP 187 MW 800 MW 2,50
Slide 9: Thailand's New Capacity (2018 – 2030)
Corporate Overview : Thailand’s New Capacity (2018 – 2030) Reserve Margin 6,500 17.3% 15.0% 15.6% 15.4% 16.0% 16.7% 16.5% 16.3% 15.9% 15.4% 16.3% 16.3% 15.0% 6,000 VSPP 146 MW SPP (Co-gen) 5,500 360 MW VSPP 173 MW EGAT # 3 5,000 (Coal) SPP (Co-gen) 360 MW 800 MW 4,500 EGAT # 5 VSPP 159 MW (Nuclear)
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: Since December 2008, installed capacity of GPG, WMPC, SPPC, and NT2 have been adjusted to gross MW capacity so that all figures shown will be on the same basis. 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: Summary Results ended March 31, 2010 and 2009
Financial Results : Summary Results ended March 31, 2010 and 2009 Million Baht 3M10 3M09 21% 8% 2,360 2,239 2,071 1,873 198 -121 Net Profit bf FX FX of Subs & JVEs Net Profit 14
Slide 15: Profit before FX of Subs & JVEs by Segment
Financial Results : Profit before FX of Subs & JVEs by Segment Ended March 31, 2010 and 2009 Million Baht 3M10 3M09 -28% 2,059 1,491 -20% -25% 169% 283 131 163 105 43 57 -75 -24 IPP SPP Others Overseas EGCO Rayong power plant, EGCO Cogen, ESCO, ET Conal, KEGCO, BLCP, Roi-ET Green, Quezon, GPG(KK2) G
Slide 16: Profit before FX Ended March 31, 2010
Profit before FX Ended March 31, 2010 By Segment By Company GCC, NKCC, 70 MB EGCO Cogen 2% 43 MB SCC, GYG 4% SPP 7% Roi Et Green 1% 23 MB GPG (KK2) 14% Conal 5% 89 MB 275 MB 131 MB Overseas 15% NTPC (NT2) 2% 66 MB IPP 76% 283 MB BLCP 40% 774 MB Quezon 7% 128 MB 1,491 MB 43 MB ESCO 1% 19 MB Rayong Po
Slide 17: Cashflow Ended March 31, 2010 and 2009
Financial Results : Cashflow Ended March 31, 2010 and 2009 Million Baht 17
Slide 18: Summary of Debt Structure
Financial Results : Summary of Debt Structure Total Outstanding Balances Total Facilities 31 March 2010 USD 27 M. USD 14 M. 4.73% JPY 1,260 M. JPY 621 M. 2.20% Baht 20,778 M. Baht 9,943 M. 93.07% • Total facilities and total outstanding balances of EGCO & Subs (Not in EGCO’s portion) • Total outstan
Slide 19: EGCO D/E Profiles
EGCO D/E Profiles : Ended March 31, 2010 Million Baht Total Debt : 11,562 1.20 Total Equity : 52,995 1.00 0.97 0.94 Cash and cash equivalents : 7,553 0.89 0.86 0.89 0.91 0.89 0.85 Outstanding revolving 0.80 credit facility : 4,000 0.60 Total : 11,553 0.41 0.40 0.36 0.31 0.31 0.28 0.32 0.28 0.26 0.26
Slide 20: Dividend Policy
Financial Results : Dividend Policy Baht/Share 5.25 5.00 4.75 4.00 2.50 2.75 3.25 2.50 3.00 2.50 2.75 2.00 2.25 1.50 1.75 1.25 1.50 1.25 2.25 2.50 2.50 2.00 1.25 1.25 1.50 1.50 1.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 Interim Final “In the absence of unforeseen circumstances, the company ha
Slide 21: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 22: EGCO Shareholding Structure
Corporate Overview : EGCO Shareholding Structure as of 9 March 2010 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 comprise those investing in foreign board (22.39%) and Non-Voting Deposito
Slide 23: EGCO Board of Directors
Corporate Overview : EGCO Board of Directors • Mr. Pornchai Rujiprapa (Chairman of the Board) EGAT • Mr. Sahust Pratuknukul Directors • Mr. Wisudhi Srisuphan • Mr. Somboon Arayaskul • Mr. Peter Albert Littlewood • Mr. Mark Christopher Jobling OneEnergy • Mr. Hideaki Tomiku Directors • Mr. Shinji Tsu
Slide 24: EGCO Group Structure
Corporate Overview : EGCO Group Structure EGCO Group 4,252.4 MW Majority Owned Minority Owned 2,156.6 MW 2,095.8 MW ESCO REGCO EGCO Green EGCO Cogen KEGCO GEC BLCP NT2 EGCO BVI NED EAST Water 1,232.00 9.40 117.00 824.00 1,895.00 1,434.00 1,086.80 159.60 21.50 100.0% 100.0% 74.0% 80.0% 100.0% 50.0% 5
Slide 25: EGCO Group's CSR Projects
Corporate Overview : EGCO Group’s CSR Projects Paths for Promotion and Development of Community's “Quality of Life” Paths for Preservation of the “Watershed Forest” • Pluak Dang Health Care Market • A Watershed Forest: A Source of Energy for • Mobile Medical Unit Support Life project • Breeding of B
Slide 26: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 27: Operating Results ended March 31, 2010 and 2009
Financial Results : Operating Results ended March 31, 2010 and 2009 Million Baht 27
Slide 28: Segmental Operating Results: Ended March 31, 2010
Segmental Operating Results : Ended March 31, 2010 Million Baht 28
Slide 29: Segmental Operating Results: Ended March 31, 2009
Segmental Operating Results : Ended March 31, 2009 Million Baht 29
Slide 30: FX Analysis Ended March 31, 2010 and 2009
Financial Results : FX Analysis Ended March 31, 2010 and 2009 Million Baht Arise in Gain on FX due to the Baht appreciation 30
Slide 31: EBITDA and Net Profit
Financial Results : EBITDA and Net Profit Ended March 31, 2010 and 2009 Million Baht EBITDA 3M10 3M09 17% Net Profit 4,519 3,773 8% 2,239 2,071 198 -144 -276 -121 -543 -692 -1,213 -1,190 Finance costs Tax DA FX 31
Slide 32: Financial Ratio Highlights
Financial Results : Financial Ratio Highlights 32
Slide 33: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 34: Annual Net Generation & Electricity Sales 2005-2009
Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year 2005-2009 Net Generation GWh (Block I) Electricity Sales MM Baht (Block I) Rayong Power Plant KEGCO BLCP KK 2 • EGAT is the sole offtaker for electricity produced by Rayong Power Plant and KEGCO under long term cos
Slide 35: Major Maintenance Expenses for the Year 2010
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2010 MM Baht 35
Slide 36: Major Maintenance Expenses for the Year 2009
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2009 MM Baht 36
Slide 37: Equivalent Availability Factor
Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor 37
Slide 38: Net Generation and Fuel Consumption
Operating Performance (IPPs) : Net Generation and Fuel Consumption 38
Electricity Generating Public — Q1 2010 Earnings Presentation on 6ix