Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — FY2011 Earnings Presentation
28 slides from Electricity Generating Public's earnings presentation, Feb 22, 2012
Slide 1: Corporate Presentation: Financial Results Ended December 31, 2011
Corporate Presentation Financial Results Ended December 31, 2011 February 22, 2012 1
Slide 2: Disclaimer
Disclaimer 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). However
Slide 3: Agenda
Agenda Highlights EGCO Group’s Overview 2011 Financial Results • Highlights • EGCO Group’s Overview • 2011 Financial Results 3
Slide 4: 2011 Highlights
2011 Highlights Highlights EGCO Group’s Overview 2011 Financial Results January 2011: TJ Cogen (90 MW), TP Cogen (90 MW), and SK Cogen (90 MW) have been selected for co-generation Small Power Producers (SPPs). March 2011: EGCO acquired a 12.50% stake in Xayaburi Power Company Limited (XPCL), a 1,285
Slide 5: 2011 Highlights
2011 Highlights Highlights EGCO Group’s Overview 2011 Financial Results May 2011: EGCO submitted Rayong’s PPA extension proposal to EGAT. November 2011: EGCO signed Power Purchase Agreements (PPA) for TJ Cogen, TP Cogen, and SK Cogen with EGAT for 25 years each. Quezon refinanced its project debt en
Slide 6: 2012 Highlights
2012 Highlights Highlights EGCO Group’s Overview 2011 Financial Results January 2012: NED commissioned another 16 MW to EGAT, bringing total supply from the facility to 24 MW. EGCO acquired 99.99% of SPP4 Company Limited (SPP4), a solar power plant with 6 MW of contracted capacity to PEA. SPP4 is lo
Slide 7: Agenda: EGCO Group's Overview
Agenda Highlights EGCO Group’s Overview 2011 Financial Results • Highlights • EGCO Group’s Overview • 2011 Financial Results 7
Slide 8: EGCO's Shareholders & Management
EGCO’s Shareholders & Management Highlights EGCO Group’s Overview 2011 Financial Results Shareholding Structure Board of Directors EGAT 25.41% TEPCO BOD 50% NVDR TEPDIA 11.98% 23.94% Mitsu- Independent bishi EGAT TEPDIA President 50% Directors 4 seats 4 seats 1 seats 6 seats Thai Foreign Investors I
Slide 9: EGCO Group's Business Lines
EGCO Group’s Business Lines Highlights EGCO Group’s Overview 2011 Financial Results EGCO Group’s business lines can be categorized into 3 business groups: Power Business To develop and acquire power plants with multiple fuel types. Service Business To provide operation, maintenance, engineering and
Slide 10: EGCO Group's Power Plants Portfolio
EGCO Group’s Power Plants Portfolio Highlights EGCO Group’s Overview 2011 Financial Results • At present, EGCO Group’s portfolio comprises 16 operating power plants, with 5 more under development. • Total MW equity of the portfolio is 4,993 MW. Renewable IPP SPP Overseas (SPP/ VSPP) Rayong (1,232 MW
Slide 11: EGCO Group's Investment Map
EGCO Group’s Investment Map Highlights EGCO Group’s Overview 2011 Financial Results • EGCO has 16 operating plants, of which 12 are located in Thailand. Another 4 plants are located elsewhere in ASEAN region. • At present, EGCO plans to focus not only on ASEAN region but also other markets elsewhere
Slide 12: Investment Strategy
Investment Strategy Highlights EGCO Group’s Overview 2011 Financial Results • Prepare for IPP Bidding and PPA extensions for Rayong and KEGCO • Develop and acquire operating projects including expansion of existing power plants • Develop and acquire renewable energy projects (SPP and VSPP) • Explore
Slide 13: Agenda: 2011 Financial Results
Agenda Highlights EGCO Group’s Overview 2011 Financial Results • Highlights • EGCO Group’s Overview • 2011 Financial Results 13
Slide 14: FY10 VS FY11 Net Profit
FY10 VS FY11 Net Profit Highlights EGCO Group’s Overview 2011 Financial Results Baht Million 8,000 7,000 1,813 or (27%) 6,000 6,803 5,000 4,000 3,000 4,990 2,000 1,000 - 2010 2011 2010 2011 14
Slide 15: FY11 Net Profit before FX
FY11 Net Profit before FX Highlights EGCO Group’s Overview 2011 Financial Results Baht Million 6,800 6,300 963 or (15%) 5,800 5,300 4,800 6,264 4,300 5,301 3,800 3,300 2,800 2010 2011 2010 2011 15
Slide 16: FY11 Normalized Net Profit Before FX
FY11 Normalized Net Profit Before FX Highlights EGCO Group’s Overview 2011 Financial Results 215 Baht Million or (3%) Extraordinary 6,049 8,000 +451 -1,404 Items +355 +140 - 748 7,000 +213 963 6,264 Rayong KEGCO -440 6,000 Quezon Expenses Expenses or (15%) NT2 Rayong, -212 Stakes Decrease Decrease -
Slide 17: Normalized Net Profit before FX by Company
Normalized Net Profit before FX by Company Highlights EGCO Group’s Overview 2011 Financial Results Unit: Baht Million PEPOI 1%, 36 MB ET 2%, 125 MB NT2 11%, 766 MB GPG (KK2) 24%, 1,659 MB QUEZON 13%, 876 MB RAYONG 4%, 243 MB KEGCO 4%, 274 MB BLCP 30%, 2,040 MB GCC, NKCC, SCC, GYG 6%, 406 MB CONAL 1%
Slide 18: Cash Flow Summary
Cash Flow Summary Highlights EGCO Group’s Overview 2011 Financial Results 2010 2011 Beginning Balance of Cash and Cash Equivalents 5,855 7,748 Net Cash Received from (Payments in) Operating Activities 4,021 3,201 Net Cash Received from (Payments in) Investing Activities 2,429 (1,557) Net Cash Receiv
Slide 19: EGCO & Subsidiaries' Loan Structures
EGCO & Subsidiaries’ Loan Structures Highlights EGCO Group’s Overview 2011 Financial Results Total Outstanding Total Facilities As of Dec. 31, 2011 Loan Structures USD 127 M. USD 110 M. (Baht Equivalent) 1% JPY 1,260 M. JPY 470 M. 20% 79% Baht 8,953 M. Baht 8,365 M. Total Outstanding Baht Equivalent
Slide 20: Debt/Equity
Debt/Equity Highlights EGCO Group’s Overview 2011 Financial Results Unit: Baht Million 1 0.89 0.91 Equity Debt 0.9 58,533 14,423 0.8 0.7 DEBT EQUITY 0.6 0.5 0.41 0.4 0.28 0.28 0.25 0.3 0.23 0.20 0.2 0.1 0 2004 2005 2006 2007 2008 2009 2010 2011 D/E Ratio 20
Slide 21: Historical Dividend Payment
Historical Dividend Payment Highlights EGCO Group’s Overview 2011 Financial Results Baht/Share 6.00 5.25 5.25 5.00 5.00 4.75 4.00 4.00 2.50 2.75 2.75 3.25 2.50 3.00 2.75 3.00 2.00 2.50 2.50 2.25 1.50 1.75 2.00 1.50 1.25 1.25 2.25 2.50 2.50 2.50 2.50 1.00 2.00 1.25 1.25 1.50 1.50 1.00 - 2001 2002 200
Slide 22: Thank You
GROUP Energy for life “4 THANK YOU 22
Slide 23: Appendix
Ecco Energy for life “4 Appendix
Slide 24: EGCO Group's Power Plants Portfolio
EGCO Group’s Power Plants Portfolio Installed EGCO Attrib. Contract Power Plant Province/Country Fuel Type Cap. COD Shares (MW) Installed Cap. Years Rayong Power Plant Rayong Natural Gas 100.00% 1,232 1,232 7-Dec-94 20 KEGCO Nakorn Sri Thammarat Natural Gas 100.00% 749 749 19-Jun-96 15/20 BLCP Rayon
Slide 25: Key Financial Data: FX Variance
Key Financial Data: FX Variance 3
Slide 26: Key Financial Data: Financial Ratio Highlights
Key Financial Data: Financial Ratio Highlights * FX gains/losses from Income Statements including financial cost from foreign currency loans (EGCO & Subs) and JVs 4
Slide 27: Key Financial Data: Segmental Operating Results, Ended December 31, 2010
Key Financial Data: Segmental Operating Results, Ended December 31, 2010 Subsidiaries Joint Ventures Grand YE 2010 Holding Power Generation Others Total Power Generation Total Total EGCO& Subs GCC, JVEs Rayong EGCO Roi-Et NKCC, EGCO power KEGCO ESCO ET NP PEPOI BLCP GPG NED CONAL NTPC QPL Cogen Gree
Slide 28: Key Financial Data: Segmental Operating Results, Ended December 31, 2011
Key Financial Data: Segmental Operating Results, Ended December 31, 2011 Subsidiaries Joint Ventures Grand YE 2011 Holding Power Generation Others Total Power Generation Total Total EGCO& Subs GCC, JVEs Rayong EGCO Roi-Et NKCC, EGCO power KEGCO ESCO ET NP PEPOI BLCP GPG NED CONAL NTPC QPL Cogen Gree
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