Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — FY2007 Earnings Presentation
44 slides from Electricity Generating Public's earnings presentation, February 2008
Slide 1: Corporate Presentation: Annual Period Financial Results Ended 31 December 2007
Corporate Presentation Annual Period Financial Results Ended 31 December 2007
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 • EGCO Group’s Investment • 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. (2.24 %)* IPP (35.11%)* SPP (7.29%)* (55.36%) EGAT Transmission 2 Customers MEA PEA Direct End Users IPP : Independent Power Producer MEA : Metropolitan Electricity Authority EGCO’s IPPs have 10 % market share.
Slide 6: Historical Demand Growth
Thailand’s Electricity Industry Overview : Historical Demand Growth MW 22,586.10 MW or 7.23% increase 21,064 MW or 25,000 from the highest in 2006 2.57% increase 24,000 from the highest in 2005 23,000 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 J
Slide 7: Thailand's New Capacity from 2008-2014
Corporate Overview : Thailand’s New Capacity from 2008-2014 MW 4,500 4,000 3,500 3,000 SPP 200 MW Nam Ngum 3 Jana 440 MW 2,500 SPP+RPS 134 MW SPP 245 MW 710 MW Hongsa 1 South BKK # 2- 3 Theun Hinboun- Ex 220 MW 490 MW 2,000 SPP 200 MW 74+715 MW IPP (Coal) IPP (Coal) Nam Ngiep 261 MW 660 MW 540 MW 1,
Slide 8: EGCO Group's Overview
oO uss [- G C O Energy for life GROUP EGCO Group’s Overview
Slide 9: EGCO Vision Statement
EGCO Group’s Overview : EGCO Vision Statement To be the leading Thai integrated electric power Company with comprehensive energy services in Thailand and in the ASEAN region, with full commitment to environment protection and social development support 9
Slide 10: EGCO Group's Strategic Direction
EGCO Group’s Overview : EGCO Group’s Strategic Direction Vision Statement • Focus on IPP bidding • Develop or acquire IPP projects including increase stakes in existing IPP projects • Seek ASEAN region opportunities especially in neighboring countries with cross-border electricity sale to EGAT • Neg
Slide 11: EGCO Group Investment
EGCO Group’s Overview : EGCO Group Investment More earnings will be from BLCP & GEC-GPG (KK2) 11
Slide 12: EGCO Group's Investment
EGCO Group’s Investment • Projects under Construction • Future Projects
Slide 13: Projects under Construction: GPG (Kaeng Khoi 2)
Projects under Construction : GPG (Kaeng Khoi 2) Location : Saraburi, Thailand Technology : Combined Cycle Power Plant Installed Capacity : 1,468 MW (Unit #2 - 734 MW) Type of Fuel : Natural Gas PPA : 25-year with EGAT COD : 1 March 2008 (unit #2) ( Unit #1 - 5 May 2007) Mitpower Estimated Project C
Slide 14: Projects under Construction: Nam Theun 2
Projects under Construction : Nam Theun 2 Location : Khammouane, Laos Technology : Hydroelectric Power Plant Installed Capacity : 1,070 MW Contracted capacity to EGAT : 920-995 MW Type of Fuel : Hydro PPA : 25-year with EGAT COD : December 2009 Project Progress : Construction phase EGCO LHSE* 25% Es
Slide 15: EGCO Group's Investment
EGCO Group’s Investment • Projects under Construction • Future Projects
Slide 16: Future Projects: Nam Theun 1 Project
Future Projects : Nam Theun 1 Project Location : Bolikhamxay, Laos Technology : Hydroelectric Power Plant Installed Capacity : 523 MW Type of Fuel : Hydro COD : 2014 Project Progress Laos 20 % EGCO 40 % EGCO signed Tariff MoU with EGAT Gamuda 40 % 16
Slide 17: Future Projects: Wind Power Project
Future Projects : Wind – Power Project Location : The Southern coast of Thailand Capacity : 30-35 MW Feasibility Study : 18 Months Cost of Project : 1,800 MM Baht Eurus 20 % EGCO 30 % Project Progress EGCO signed MoU with PTT, WEGCO and EURUS conduct a feasibility study WEGCO 20 % PTT 30 % 17
Slide 18: Future Projects: Waste-Powered Electricity Plant Project
Future Projects : Waste – Powered Electricity Plant Project Location : Phuket, Thailand Capacity : 20-25 MW Cost of Project : 1,600 MM Baht SEPCO Asia 15% Project Progress EGCO EGCO signed MoU with PTT 50% and SEPCO-Asia Group conduct a feasibility study PTT 35% Note: Tentative por tion for investme
Slide 19: Future Projects: LNG Receiving Terminal Project
Future Projects : LNG Receiving Terminal Project Location : Rayong, Thailand Capacity : Phase 1 - 5 MTA Phase 2 - 10 MTA COD : 2011 EGCO 20% Project Progress PTT 50% EGCO signed MoU with EGAT and PTT conduct a feasibility study LNG EGAT Receiving Terminal 30% Note: Tentative por tion for investment
Slide 20: New Investment Project: Koh Kong
New Investment Project : Koh Kong Location : Combodia Technology : Coal Power Plant Installed Capacity : 3,660 MW Type of Fuel : Coal Progress : Signed MOU to study for investment on January 23, 2008 Expected COD : 2016 Estimated Project Cost : Baht 200,000 million EGCO 35% The Project’s talks with
Slide 21: Financial Results
2 "< EG C O Energy for life GROUP Financial Results
Slide 22: Operating Results: One Line vs Proportionate
Financial Results : Operating Results – One Line VS Proportionate Ended Year 2007 and 2006 MM baht 22
Slide 23: Operating Results: Net Profit and EBITDA
Financial Results : Operating Results - Net Profit and EBITDA Ended Year 2007 and 2006 MM baht 13,000 11,924 12,000 11,000 9,737 10,000 9,000 8,402 8,000 7,000 6,016 6,000 5,000 4,000 3,000 2,000 716 1,000 121 -819 -1,166 -634 -1,130 -2,190 -2,142 0 -1,000 -2,000 -3,000 EBITDA Interest Tax Depre & A
Slide 24: IPP Operating Results Ended Year 2007 & 2006
Financial Results : IPP Operating Results Ended Year 2007 & 2006 MM baht Most earnings are from BLCP 24
Slide 25: Cashflow Ended Year 2007 and 2006
Financial Results : Cashflow Ended Year 2007 and 2006 MM baht 25
Slide 26: Capital Expenditure from 2007-2009
Financial Results : Capital Expenditure from 2007- 2009 MM baht 2007 2008 2009 Actual GPG (KK 2) 2,331 - - BLCP 7,903 - - NTPC (NT II) - 903 1,510 NT I 77 391 - Total 10,311 1,294 1,510 26
Slide 27: Financial Ratio Highlights
Financial Results : Financial Ratio Highlights Low D/E ratio with solid cash flows 27
Slide 28: Summary of Debt Structure
Financial Results : Summary of Debt Structure Total Outstanding Balances Total Facilities 31 December 2007 USD 192 M. USD 33 M. 9.51% JPY 1,260 M. JPY 873 M. 2.20% Baht 16,287 M. Baht 10,478 M. 88.29% • Total facilities and total outstanding balances of EGCO Group (Not in EGCO’s portion) • Total out
Slide 29: Dividend Policy
Financial Results : Dividend Policy Baht/Share 4.50 4.00 4.00 3.50 3.25 3.00 3.00 2.75 2.00 2.50 2.50 2.25 1.75 1.50 2.00 1.50 1.25 1.50 1.25 1.00 2.25 2.00 1.50 1.50 0.50 1.00 1.25 1.25 0.00 Year 2001 2002 2003 2004 2005 2006 2007 Interim Final “In the absence of unforeseen circumstances, the compa
Slide 30: Appendices
Appendices • Corporate Overview • Segmental Operating Results • Operating Performance
Slide 31: EGCO Shareholding Structure as of September 2007
Corporate Overview : EGCO Shareholding Structure as of 10 September 2007 EGAT OneEnergy Thailand Ltd. (owned by One Energy which is jointly owned 50% 25.41% 22.42% each by CLP Holding and Mitsubishi Corporation) • Foreign investors including those investing in foreign board (22.39%) and Non-Voting D
Slide 32: EGCO Board of Directors
Corporate Overview : EGCO Board of Directors EGAT Directors EGCO President • Chairman of the Board • Mr. Visit Akaravinak (Mr. Sanit Rangnoi) • Mr. Chamnong Wongsawarng • Mr. Sombat Sarntijaree • Mr. Narongsak Vichetpan OneEnergy Directors Independent Directors • Mr. Richard McIndoe • Mr . Aswin Kon
Slide 33: EGCO Group Structure
Corporate Overview : EGCO Group Structure EGCO Group 4,143.6 MW Majority Owned Minority Owned 2,156.6 MW 1,987.0 MW ESCO REGCO EGCO Green EGCO Co gen KEGCO GEC EGCO JD NT2 EGCO BVI BLCP 1,232.00 9.40 117.00 824.00 1,853.00 99.10 1,070.00 26.40 1,434.00 100.0% 100.0% 74.0% 80.0% 100.0% 50.0% 50.0% 25
Slide 34: EGCO Group's CSR Projects
Corporate Overview : EGCO Group’s CSR Projects Nationwide 1. Forest : The Circle of Life (Forest Planting at Doi Inthanond) 2. School Network for Global Warming Reduction 3. Thai conservation of Forest Youth Camp 4. Power of Books : Power of Learning Local 5. Cleaner Canal : Better Living 10. School
Slide 35: Appendices
Appendices • Corporate Overview • Segmental Operating Results • Operating Performance
Slide 36: Segmental Operating Results: Ended Year 2007
Segmental Operating Results : Ended Year 2007 MM baht 36
Slide 37: Segmental Operating Results: Ended Year 2006
Segmental Operating Results : Ended Year 2006 MM baht 37
Slide 38: Appendices
Appendices • Corporate Overview • Segmental Operating Results • Operating Performance
Slide 39: Annual Net Generation & Electricity Sales 2003-2007
Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year 2003-2007 Net Generation GWh 9,723 7,269 6,133 6,393 6,274 5,811 5,975 5,837 6,006 5,349 3,895 3,397 - - - - - - - - 2003 2004 2005 2006 2007 Electricity Sales 20,104 MM Baht 7,164 5,947 5,448 5,392 5,273 5,039 4,2
Slide 40: Major Maintenance Expenses for the Year 2008
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2008 MM Baht 40
Slide 41: Major Maintenance Expenses for the Year 2007
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2007 MM Baht 41
Slide 42: Equivalent Availability Factor 2007 and 2006
Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor for the 1st – 4th Quarter of 2007 and 2006 42
Slide 43: Net Generation and Fuel Consumption 2007 and 2006
Operating Performance (IPPs) : Net Generation and Fuel Consumption for the 1st – 4th Quarter of 2007 and 2006 43
Slide 44: IR Contacts
IR Contacts : ELECTRICITY GENERATING Jiraporn Rungsrithong PUBLIC COMPANY LIMITED Vice President - IR Tel: 0-2998-5145 EGCO Tower, 222 Moo 5 Vibhavadi Rangsit Road Pawuth Chaladyam Tungsonghong, Laksi Assistant Vice President - IR Bangkok 10210 Thailand Tel: 0-2998-5146 www.egco.com Suthatip Morasut
Electricity Generating Public Company Limited (EGCO) — FY2007 Earnings Presentation on 6ix