WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — FY2018 Earnings Presentation
36 slides from WHA Utilities and Power Public's earnings presentation, Mar 1, 2019
Slide 1: Opportunity Day 2018 Results
Opportunity Day 2018 Results 1 March 2019 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. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 3
Slide 4: Vision & Mission
I. Company Profile Vision & Mission VISION “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 operations” MISSION • To develop world class utilities and power solutions fitting customer's n
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 Exclusive utilities provider To be one-stop service Developer in the industrial estates for Data Center developer Built-to-Suit (BTSW): and provider by
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. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 7
Slide 8: Utilities Business Overview
II. 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 ID’s Estates in Thailand and CLMV Strong base of industrial use
Slide 9: Assets Location
II. Utilities Business Assets Location WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA ID’s Industrial Estates. Currently, WHAUP provides utilities services to 9 operating IEs plus 3 developing IEs in the future. 1 WHA Chonburi Industrial Estate 1 (WHA C
Slide 10: Industry Overview – Water Demand
II. Utilities Business Industry Overview – Water Demand Forecasted Demand for Water Proportion of Water Demand • Demand for water in Thailand for the next 20 years increases at the rate of 0.5% CAGR 93% • Agriculture sector reduce its proportion from 90% to 85% while municipal and 8% Agricultural in
Slide 11: Opportunities in EEC
II. Utilities Business Opportunities in EEC Forecasted Demand and Supply for Industrial Water 1 Raising the efficiency of 7 old reservoirs in EEC which will increase water storage level from 770 million m 3 to 872 million m3 2 Establish the diversion channel from Klong Panthong to Bang Pra Reservoir
Slide 12: Business Strategies
II. Utilities Business Business Strategies Current Positioning 5Y Aspiration Industrial Estate Products (Raw Water, Developing Industrial Water and Integrated Solutions Municipal Water CLMV Markets Central Wastewater to Industrial Users Supply Treatment) Thailand’s leader in Domestic: Integrated sol
Slide 13: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 13
Slide 14: Growing Portfolio
III. Power Business Growing Portfolio Continuing Growth from Projects Under Construction and Projects in Pipeline Over 200 MW of solar opportunities from over 2 million sqm logistics roof areas under WHA/WHA Management 570 MW 521 MW 486 MW 352 MW 2016 2017 2018 2019B 14
Slide 15: Well-balanced and High Stability Portfolio
III. Power Business Well-balanced and High Stability Portfolio Conventional Power: 547 Equity MW Secured Highly reliable off-taker (EGAT) Long-maturity Portfolio By Type of Power Plant By Type of Sourcing Industrial 52% Users, 8% Analysis IPP Coal 43% PortfolioAnalysis SPP 48% Gas 53% Maturity < 20
Slide 16: Industry Overview
III. Power Business Industry Overview Increasing Power Generation with CAGR of 3.2% during 2007-2017 with Natural Gas as the main fuel source Power Generation by Fuel Sources Proportion of Fuel Sources in 1H2018 TWh Hydro Oil & Diesel 250 CAGR 3.7% 0.1% Imported 192 200 201 Oil & Diesel -19.8% 12.1%
Slide 17: Business Strategies
III. Power Business Business Strategies “Developer” in Power and Energy Businesses Conventional - IPP : Glow IPP, Gheco-One , Houay Ho Hydropower in Lao PDR Power - SPP : 8 SPPs in operation - Solar Rooftop : 2.6 MW sale to grid & 1.8 MW private-sale. Further opportunities from over 6 million sqm IE
Slide 18: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 18
Slide 19: Utilities – Operating Performance
IV. Operating Performance Utilities – Operating Performance Utilities Portfolio Growth – Sale & Management Volume Million m3/ year WWT +2% YoY 120 100 105 RW +2% YoY 100 82 35 IW +7% YoY 80 34 60 17 17 31 32 34 13 40 43 49 53 20 31 32 34 0 2013 2014 2015 2016 2017 2018 Industrial Water Raw Water Was
Slide 20: Power Business - IPP Group
IV. Operating Performance Power Business - IPP Group 2017 (A) 2017 (A) Energy Dispatch 2018 (A) Availability 2018 (A) GWh % AF 100.0% 99.2% 5,503 95.6% 5,021 86.4% 396 417 34 38 Gheco-One HHPC Glow IPP Gheco-One Glow IPP 20
Slide 21: Power Business - SPP Group
IV. Operating Performance Power Business - SPP Group 2017 (A) 2017 (A) Energy Dispatch 2018 (A) Availability 2018 (A) GWh % AF 890 864 863 874 856 98.4% 97.9% 97.5% 97.8% 97.4% 98.0% 98.0% 830 828 850 810 98.9% 99.6% 98.2% 95.6% 98.4% 95.2% 498 412 280 127 GNLL GVTP GTS1 GTS2 GTS3 GTS4 BPWHA-1 GNLL
Slide 22: Power Business - Solar Performance
IV. Operating Performance Power Business - Solar Performance 2017 (A) 2018 (A) Energy Dispatch GWh 1.35 1.28 1.19 1.14 1.19 1.14 0.89 0.85 WHA GunKul 1 WHA GunKul 3 WHA GunKul 6 WHA GunKul 17 Total Energy Dispatch for 2017 = 4.62 GWh 2018 = 4.41 GWh 22
Slide 23: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 23
Slide 24: Financial Highlight 2018
V. Performance Highlight Financial Highlight 2018 2018 YoY Remark Revenue from Sales and Services 1,708.3 4.6% 1) Higher Sales Volume mainly from full year operation after COD of 5 SPPs, existing Share of Profit and Dividend Income 2,122.4 6.4% and new IEs customers 2) Gheco-One higher energy dispat
Slide 25: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 25
Slide 26: Consolidated Financial Statement
VI. Financial Information Consolidated Financial Statement Revenue and Share of Profit and Dividend Income was recorded at Baht 3,830.7 million Unit : THB mm 3,830.7 3,629.1 2,122.4 +6.4% 1,995.4 1,633.8 1,708.3 +4.6% 2017 2018 Revenue from Sales and Services Share of Profit and Dividend Income 26
Slide 27: Utilities Performance
VI. Financial Information Utilities Performance Revenue from Sales and Services from Utilities Business was recorded at Baht 1,708.3 million. Revenue from Sales and Services Gross Profit Margin Units: THB mm 1,708.3 1,633.8 28.6 35.3% 34.4% 63.5 158.3 33.1% 152.1 29.5% 268.9 262.9 27.4% 33.3% 30.4%
Slide 28: Power Performance
VI. Financial Information Power Performance Share of Profit and Dividend Income total at Baht 2,122.4 million Units: THB mm 2,122.4 1,995.4 574.3 2,138.3 1,421.0 -15.9 2017 2018 Normalized Share of Profit & Dividend Income Fx and One-Time Items Gain (Loss) 28
Slide 29: 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 4500.0 100.0% 71.2% 72.9% 3500.0 53.5% 57.5% 60.0% 4000.0 57.6% 73.0% 66.0% 50.0% 3500.0 3000.0 40.0% 44.9% 2,854.8 2,251.9 3000.0
Slide 30: Capital Structure and leverage ratio
VI. Financial Information Capital Structure and leverage ratio Statement of Financial Position Debt Maturity Profile Unit : THB mm Unit : THB mm 23,773 23,773 21,378 21,378 14,049 12,577 4,000 871 736 2,390 7,930 8,988 1,290 1,320 0 0 1 2017 2 3 4 5 2018 6 2018 2019 2020 2021 2022 2023 2024 2025 Bon
Slide 31: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 31
Slide 32: 2019 Plan: Utilities Business
VII. Outlook 2019B 2019 Plan: Utilities Business Market Product Capture Key Deliverables Expansion Innovation Vietnam New WHA IEs Wastewater Reclamation, Opportunity Non-WHA IEs RO Water, Demineralized Water, Raw Water, Industrial Target Sales & Smart Water Solution, Water, Municipal Water, Wastewat
Slide 33: 2019 Plan: Power Business
VII. Outlook 2019B 2019 Plan: Power Business Power Innovative Energy Capture Key Deliverables Portfolio Solution Vietnam Growth Smart Grid, Energy Storage Opportunity System, Captive Gas Power Renewable Solar Plant, Floating Solar Energy in Focus 570 Installed Explore potential Solar power Equity MW
Slide 34: 2019 Plan: Enhance Products Offering to Provide Total Solution Energy Services
VII. Outlook 2019B 2019 Plan: Power Business Enhance Products Offering to Provide Total Solution Energy Services Leverage on Industrial Estates’ Customers Base Focus on Industrial Sales Strong Partnership with Leading International Energy Players Natural Gas Distribution Projects 3 WHANGD 3 - Upcomi
Slide 35: Agenda
Agenda I. Company Profile II. Utilities Business III. Power Business IV. Operating Performance V. Performance Highlight VI. Financial Information VII. Outlook 2019B VIII Appendix 35
Slide 36: Shareholders and Management Structure
Appendix Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Retail, Institutions, Ms. Jareeporn Jarukornsakul Mr. David Richard Nardone 14% 1% Chairman of Board of Directors Director Domestic Institutions, 11% WHA Group, Mr. Vivat Jiratikarnsakul Mr. Wisate Chung
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