WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q1 2024 Earnings Presentation
53 slides from WHA Utilities and Power Public's earnings presentation, May 24, 2024
Slide 1: Q1/2024 Opportunity Day
Q1/2024 Opportunity Day 24 May 2024 WHA Utilities and Power Public Company Limited (WHAUP)
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
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 3
Slide 4: WHAUP is the Flagship Company in Utilities & Power Business of WHA Group
I. COMPANY OVERVIEW WHAUP is the Flagship Company in Utilities & Power Business of WHA Group Utilities & Power ▪ #1 Logistics developers, with more ▪ #1 Industrial Estate Developer ▪ Exclusive utilities provider in the industrial ▪ To be one-stop service for Data than 2.96 million sqm under owned es
Slide 5: 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 demand leading Thai and internati
Slide 6: Utilities Business at a Glance
I. COMPANY OVERVIEW UTILITIES BUSINESS AS 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 industrial use
Slide 7: Utilities Business – Asset Location
I. COMPANY OVERVIEW UTILITIES BUSINESS – ASSET LOCATION 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
Slide 8: Power Business – Portfolio Breakdown as of Q1'24
I. COMPANY OVERVIEW POWER BUSINESS – PORTFOLIO BREAKDOWN AS OF Q1’24 Power Business – Portfolio Breakdown Total Capacity (812* Equity MW) : 675 Equity MW under Operation + 137 Equity MW under development BY TYPE BY TYPE 2% 0.4% Gas (37%, 297 eq MW) Conventional Renewable Coal (28%, 231 eq MW) (Solar
Slide 9: Agenda
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 9
Slide 10: Key Highlights
II. EXECUTIVE SUMMARY KEY HIGHLIGHTS Unit : MB % change Q1’23 Q4’23 Q1’24 YoY QoQ 1) Revenue, Normalized Share of Profit and Dividend Income 813.3 1,160.3 1,046.5 29% -10% 1.1 Revenue 639.7 693.5 729.3 14% 5% - Utilities Business/1 522.5 589.5 611.1 17% 4% - Power Business/2 110.7 88.9 109.5 -1% 23%
Slide 11: Agenda
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 11
Slide 12: Utilities Business – Total Sales and Management Volume
II. OPERATING PERFORMANCE UTILITIES BUSINESS – TOTAL SALES AND MANAGEMENT VOLUME* YoY/QoQ +16% +5% YoY QoQ 40.3 38.4 34.8 8.2 9.0 6.7 9.4 8.8 8.8 2.2 1.5 2.0 28.2 12.0 32.2 29.4 11.2 Domestic Domestic 10.9 Domestic +14% +10% 6.6 8.7 7.7 Q1'23 (A) Q1'24 (A) Q4'23 (A) RW IW Value Added WW Vietnam 3M Y
Slide 13: Power Business – IPP Group
II. OPERATING PERFORMANCE POWER BUSINESS – IPP GROUP IPP Group Q1’24 (A) vs Q1’23 (A): GHECO-One: ▪ Forced Outage 11 days in Jan and Feb 2024 (vs 54-day planned maintenance outage between 15 Jan – 9 Mar 2023 and reserved shutdown since 10 Mar 2023) ▪ Higher availability factor at 87% (vs 40% in Q1’2
Slide 14: Power Business – SPP Group
II. OPERATING PERFORMANCE POWER BUSINESS – SPP GROUP SPP Group Q1’24 (A) vs Q1’23 (A): • Total energy dispatch declined by 2.1% YoY from -3.6% lower EGAT dispatch (1,172 GWh vs 1,216 GWh in Q1’23) whilst IU demand up +2.4% (406 GWh vs 396 GWh in Q1’23). • 63 maintenance days in Q1’24 ( 32 days major
Slide 15: Power Business – Solar Energy Dispatch
II. OPERATING PERFORMANCE POWER BUSINESS – SOLAR ENERGY DISPATCH Solar Energy Dispatch Power Dispatch: • Solar energy dispatch continued to increase in accordance with growing capacity under operation (94.0 MW as of Q1’23 vs 124.5 MW as of Q1’24) YoY/QoQ +34% +11% 34.3 31.0 1.3 25.7 1.0 1.0 33.0 30.
Slide 16: Agenda
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 16
Slide 17: Financial Highlight Q1'24 vs Q1'23
IV. FINANCIAL PERFORMANCE FINANCIAL HIGHLIGHT Q1’24 vs Q1’23 Unit: THB mm Q1’23 Q1’24 YoY Remarks 1. Total Revenue, NSOP and 813.3 1,046.5 29% Dividend Income 1.1 Total Revenue 639.7 729.3 14% - Growth in domestic utilities revenue mainly driven by - Utilities Business 522.5 611.1 17% revenue from R
Slide 18: Power Business – Normalized Share of Profit and Dividend Income
IV. FINANCIAL PERFORMANCE POWER BUSINESS – NORMALIZED SHARE OF PROFIT AND DIVIDEND INCOME POWER BUSINESS Normalized Share of Profit and Dividend income increased by 59% YoY. +59% Unit : MB 301.1 37.5 189.7 12.3 219.0 174.8 11.5 38.7 10.5 (5.6) (8.0) Q1'23 (A) Q1'24 (A) Gheco-One Houay Ho Glow IPP (D
Slide 19: IU Gas Spread of SPP Business
IV. FINANCIAL PERFORMANCE IU GAS SPREAD OF SPP BUSINESS IU TARIFF vs GAS COST (Baht/kWh) 6.00 5.00 4.00 3.00 2.00 1.00 0.00 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 Q2'24 (F) Avg. total tariff Gas cost 19
Slide 20: Utilities Business – Normalized Share of Profit (Vietnam)
IV. FINANCIAL PERFORMANCE UTILITIES BUSINESS – NORMALIZED SHARE OF PROFIT (VIETNAM) UTILITIES BUSINESS SDWTP Unit : MB Q1'23 (A) Q1'24 (A) 17.6 Share of profit excl. PPA amort. PPA amort. 26.8 SOP excl PPA +1,217.8% (2.4) (9.0) (9.2) (11.4) +253% Cua Lo* Unit : MB Q1'23 (A) Q1'24 (A) - - (2.9) (2.9)
Slide 21: Capital Structure and Financial Ratio
IV. FINANCIAL PERFORMANCE CAPITAL STRUCTURE AND FINANCIAL RATIO CAPITAL STRUCTURE AND FINANCIAL RATIO Statement of Financial Position Debt Maturity Profile as of 31 March 2023 Unit : MB Average cost of debt of 3.15% 3,700 29,817 29,817 30,205 30,205 3,120 2,500 14,669 14,622 2,050 1,750 500 1,581 1,
Slide 22: 5-Year Financial Target (2024-2028)
IV. FINANCIAL PERFORMANCE 5-YEAR FINANCIAL TARGET (2024-2028) % EBITDA Margin Total Revenue, Normalized share of profit and dividend income in next 5 years (2024-2028) > 50% Total 5 years = 30,000 MB 8,300 4,228 5 – year CAPEX 2x 2023 2028(F) ≈ 21,200 MB 22
Slide 23: Agenda
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 23
Slide 24: Utilities Business – Providing Extensive Utilities Products
V. BUSINESS UPDATE UTILITIES BUSINESS – PROVIDING EXTENSIVE UTILITIES PRODUCTS New contracts Projects in pipeline Contractual Volume of Value-added Water Water Supply & Wastewater Management Volume WHA Rayong 36 Expansion of water treatment and wastewater treatment production at WHA Rayong 36 o Tota
Slide 25: Power Business – Enlarging Renewables Portfolio
V. BUSINESS UPDATE POWER BUSINESS – ENLARGING RENEWABLES PORTFOLIO Solar Private PPA projects signed in Q1’24 - Sahafarm Group Solar Private PPA projects signed in Q1’24 – Kiriu (Thailand) KIRIU (Thailand) Sahafarm Group Capacity 12.3 MW Capacity 46.4 MW COD Q2/25 COD Q2/25 This partnership aims to
Slide 26: Power Business – Enlarging Renewables Portfolio (Cont'd)
V. BUSINESS UPDATE POWER BUSINESS – ENLARGING RENEWABLES PORTFOLIO (CONT’D) Solar FiT Projects Signed in Q1’24 totaling 19.8 MW No Type Location Installed Capacity PPA Signing (Equity MW) Date 1. VSPP Ubon Ratchathani 9.9 Feb 2024 2. VSPP Buriram 9.9 Feb 2024 3. SPP Ratchaburi 35.4 May 2024 4. SPP K
Slide 27: Power Business – Enlarging Renewables Portfolio (Cont'd)
V. BUSINESS UPDATE POWER BUSINESS – ENLARGING RENEWABLES PORTFOLIO (CONT’D) Selected Projects commissioning in Q1’24 Selected Projects to be completed in 2024 Aisin Powertrain Winthai Food Rayong Sa Kaeo Ford Motor Capacity 3.3 MW Capacity 3.7 MW Rayong COD Q2/24 COD Q2/24 Capacity 7.7 MW COD Q1/24
Slide 28: Power Business – Smart Energy Solutions
V. BUSINESS UPDATE POWER BUSINESS – SMART ENERGY SOLUTIONS WHA Green Logistics Ecosystem EV Fleet Provision & Maintenance Charging Business • EV Fleet Rental • After sale Service – O&M • EV Public Charging Station • EV Charger on Premise Mobility As A Service Charging Ancillary Infrastructure • Char
Slide 29: Power Business – Smart Energy Solutions: WHA Green Logistics
V. BUSINESS UPDATE POWER BUSINESS – SMART ENERGY SOLUTIONS Opportunity for WHAUP – WHA Green Logistics Q1’24 Achievements Strategic Initiatives & 2024 Targets WHAUP strives to be the flagship CPO for commercial vehicles, introducing a new business venture that offers comprehensive EV charging soluti
Slide 30: 2024 Target
V. BUSINESS UPDATE 2024 TARGET Target Water Sales & Managed Volume Target Total Secured PPA 1) Total Water Supply & Wastewater Management 40 178 Total Secured PPA Equity MW 918 MW 1,000 Million m3 Volume Million m3 MW 1) ▪ Vietnam’s Total Water Supply and Wastewater Management Volume 9 36 ▪ Secured
Slide 31: Q&A
Q&A 31
Slide 32: 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 32
Slide 33: Appendix Contents
III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX COMPANY INFORMATION COMPANY PERFORMANCE SUSTAINABILITY DEVELOPMENT 33
Slide 34: 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
Slide 35: Utilities Business – Strong Customer Base
VI. APPENDIX: COMPANY INFORMATION UTILITIES BUSINESS – STRONG CUSTOMER BASE WHAUP’s has established the strong 83% of WHAUP’s volume are distributed to operation in EEC area. heavy industry. Q1’24 Volume by IEs Q1’24 Volume by Industry Petrochemical Others 7% 35% WHA SIL 12% 12% Consumer ESIE 5% 47%
Slide 36: Power Business – Portfolio Breakdown as of 31 March 2024
VI. APPENDIX: COMPANY INFORMATION POWER BUSINESS – PORTFOLIO BREAKDOWN AS OF 31 MARCH 2024 Portfolio Summary Installed Project Name Type JV Partner Location WHAUP Portion Equity MW COD Capacities (MW) Operating Phase Gheco-I IPP Coal Glow Map Ta Phut IE 660 35.00% 231 Q3’12 Glow IPP IPP Gas Combined
Slide 37: Shareholders and Management Structure
VI. APPENDIX: COMPANY INFORMATION SHAREHOLDERS AND MANAGEMENT STRUCTURE Shareholding Structure Board of Directors Foreign Institutions Retail Mr. Weidt Nuchjalearn 1.8% 19.2% Ms. Jareeporn Jarukornsakul Independent Director and Chairman of Board of Directors Chairman of Audit Committee Domestic /1 I
Slide 38: Vietnam Utilities Business – SDWTP Sales Volume
VI. APPENDIX: COMPANY PERFORMANCE VIETNAM UTILITIES BUSINESS – SDWTP SALES VOLUME (BASE ON 34% SHAREHOLDING) YoY/QoQ Unit: Million M3 +23% -9% 8.7 7.9 6.4 Q1'23 Q1'24 Q4'23 Q1’24 Q4’23 Q1’23 SDWTP (A) (A) (A) ▪ 23% YoY volume increase in Q1’24 is mainly from expand customer base expansion and servic
Slide 39: Utilities Business – Domestic Revenue and Gross Profit Margin
VI. APPENDIX: COMPANY PERFORMANCE UTILITIES BUSINESS – DOMESTIC REVENUE AND GROSS PROFIT MARGIN Total Revenue Gross Profit Margin Unit: MB 17% 4% 48.4% 48.4% 44.9% 46.0% 611.1 47.2% 589.5 44.1% 39.6 44.8% 42.9% 33.7 522.5 78.2 77.5 37.7 48.5 46.2 46.4 39.6 144.8 128.3 110.2 286.5 302.3 303.6 2021 20
Slide 40: Profit and Loss Statement – Q1'24 vs Q1'23
VI. APPENDIX: COMPANY PERFORMANCE PROFIT AND LOSS STATEMENT – Q1’24 (A) vs Q1’23 (A) Normalized Net Profit (NNP) Q1’24 (A) =371.8 MB, +142.9 MB or +62.4% vs Q1’23 (A) + Positive 1• Higher Normalized Share of Profit (+106.2): mainly from SPP (+44.2 MB) due to recognition of insurance claim and better
Slide 41: Balance Sheet – as of 31 March 2024
VI. APPENDIX: COMPANY PERFORMANCE BALANCE SHEET – AS OF 31 MARCH 2024 Total Asset Liabilities and Equity Unit: MB Unit: MB 29,817 230 281 30,205 389 29,817 30,205 (124) Cash = 1,172 Cash = 1,295 (1) TL = 16,250 TL = 16,249 Investment Investment = 15,191 = 14,961 Others TE = 13,567 TE = 13,955 Others
Slide 42: Historical Dividend Payment
VI. APPENDIX: COMPANY PERFORMANCE HISTORICAL DIVIDEND PAYMENT HISTOLICAL DIVIDEND PAYMENT 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 0.15 0.1925 0.2115 0.1000 0.10 0.2034 0.05 0.0925 0.0925 0.0925 0.0600 0.0600 0.00 2017 2018 2019 2020 2021 2022 2023 Interim
Slide 43: Sustainability Highlight
VI. Appendix : Sustainability Development SUSTAINABILITY HIGHLIGHT Wastewater Management Projects Reclamation Water Value-added products Saving 7.3 mm3 per year of Converting 6.5 mm3 per total water withdrawal and year of reclamation water water discharge to Value-added water SUSTAINABLE DEVELOPMENT
Slide 44: Sustainability Highlight (Cont'd)
VI. Appendix : Sustainability Development 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 scheme, creating tCO2e Avoided CO2 Emission offs
Slide 45: The Ultimate Solution for Sustainable Growth
VI. VI. Appendix Appendix : Sustainability : Sustainability Development Development THE ULTIMATE SOLUTION FOR SUSTAINABIL GROWTH ENVIRONMENTAL SOCIAL GOVERNANCE CHANGING FOR A MORE INTEGRITY & ETHICAL WELL-BEING & BETTER LIFE SUSTAINABLE WORLD RESPONSIBILITIES • Solar Power Projects • Human Rights A
Slide 46: 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
Slide 47: 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
Slide 48: 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
Slide 49: 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
Slide 50: 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
Slide 51: 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
Slide 52: 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
Slide 53: 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
WHA Utilities and Power Public Company — Q1 2024 Earnings Presentation on 6ix