WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q3 2023 Earnings Presentation
60 slides from WHA Utilities and Power Public's earnings presentation, Nov 20, 2023
Slide 1: Q3/2023 Opportunity Day
Q3/2023 Opportunity Day 20 November 2023 WHA Utilities and Power Public Company Limited
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 Your Ultimate Solution Partner in Utilities & Power with Environmental Care 3
Slide 4: Vision and Mission
I. Company Overview “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 vertically int
Slide 5: WHAUP is the Flagship Company in Utilities & Power of WHA Group
I. Company Overview WHAUP is the Flagship Company in Utilities & Power Business of WHA Group ▪ #1 Logistics developers, with ▪ #1 Industrial Estate Developer ▪ Exclusive utilities provider in ▪ To be one-stop service more than 2.85 million sqm the industrial estates with high for Data Center under o
Slide 6: 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 leading Thai and international po
Slide 7: Utilities Business – Assets Location
I. Company Overview 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 (EECi) and Asia Industrial Estate (
Slide 8: Utilities Business – Strong Customer Base
I. Company Overview Utilities Business – Strong Customer Base WHAUP’s has established the strong operation in 84% of WHAUP’s volume are distributed to heavy EEC area. industry. 9M’23 Volume by IEs 9M’23 Volume by Industry Petrochemical Others 38% 11% Consumer 7% WHA SIL 5% 12% ESIE 4% WHA CIE 1 Stee
Slide 9: Power Business – Portfolio Breakdown
I. Company Overview Power Business – Portfolio Breakdown Total Capacity (730 MW eq) : 656 MW eq under Operation + 74 MW eq under development By Type By Type 3% 0.4% Gas (41%, 297 eq MW) 28% Conventional 25% Coal (32%, 231 eq MW) Total Total 45% Solar (25%, 179 eq MW)* 730 Renewable 730 Hydro (3%, 19
Slide 10: Agenda
I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 10
Slide 11: Executive Summary: Key Highlights
II. Executive Summary Key Highlights Unit : MB % change % change Q3’22 Q2’23 Q3’23 9M’22 9M’23 YoY QoQ YoY Revenue, Normalized Share of Profit and 1) 691.1 1,063.7 1,190.5 72% 12% 2,135.7 3,067.5 44% Dividend Income 1.1 Revenue 629.1 789.9 697.9 11% -12% 1,820.5 2,127.5 17% - Utilities Business/1 54
Slide 12: Agenda
I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 12
Slide 13: Utilities Business - Total Sales and Management Volume
III. Operating Performance Utilities Business - Total Sales and Management Volume* 3M 9M Unit : Million M3 +13% +2% +5% 41.4 40.5 116.7 36.6 111.7 9.2 8.6 24.5 20.7 7.9 9.8 9.7 28.5 28.2 9.1 1.6 1.4 3.9 4.5 1.4 32.1 91.0 92.2 28.7 11.8 40.5 Domestic 12.3 38.3 Domestic 35.3 Domestic 12.1 Domestic Dom
Slide 14: Power Business - IPP Group
III. Operating Performance Power Business - IPP Group IPP Business: Q3’23 vs Q3’22 GHECO-One • No energy dispatch due to reserved shutdown since 10 Mar 2023 (vs Unplanned maintenance outage 5 days in Q3’22 (12 – 17 Sep 22) • Higher availability factor at 100% in Q3’23 vs 77% in Q3’22 GIPP • EGAT dis
Slide 15: Power Business - IPP Group Energy Dispatch and Availability
III. Operating Performance Power Business - IPP Group 3M Q3’22 (A) Q3’22 (A) Q3’23 (A) Q3’23 (A) Unit : GWh Energy Dispatch Q2’23 (A) Unit : % AF Availability Q2’23 (A) -100% 100% 100% -45% +16% 96% 99% 97% 1,138 -3% -23% 77% 244 131 104 101 135 116 0 0 Gheco-One HHPC Glow IPP Gheco-One Glow IPP 9M
Slide 16: Power Business - SPP Group
III. Operating Performance Power Business - SPP Group SPP Business: Q3’23 vs Q3’22 • Total dispatch decreased by -1.0% YoY due to -1.7% YoY lower IU dispatch and -0.8% YoY EGAT dispatch. • GVTP had an unplanned outage of 31 days in Q3’23. • BPWHA1 Performed planned maintenance of 20 days in Sep 23.
Slide 17: Power Business - SPP Group Energy Dispatch and Availability
III. Operating Performance Power Business - SPP Group 3M Q3’22 (A) Q3’22 (A) Q3’23 (A) Q3’23 (A) Unit : GWh Energy Dispatch Q2’23 (A) Unit : % AF Availability Q2’23 (A) -1.0% +0.6% -0.8% -0.8% 98.1% 95.0% 95.6% 1,670 1,653 1,643 1,249 1,239 1,249 -1.7% +5.2% 421 414 394 EGAT 1 IU 2 Total Total 1 + S
Slide 18: Power Business - Solar Energy Dispatch
III. Operating Performance Power Business - Solar Energy Dispatch Power Dispatch : Solar energy dispatch continued to increase in accordance with capacity under operation (68.6 MW as of Q3’22 vs 105.6 MW as of Q3’23) 3M 9M Unit : GWh Unit : GWh +81% +9% +58% 85.5 3.3 31.2 1.0 28.6 54.1 1.2 2.9 82.2
Slide 19: Agenda
I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 19
Slide 20: Financial Highlight Q3'23 vs Q3'22
IV. Financial Performance Financial Highlight Q3’23 vs Q3’22 Q3’22 Q3’23 YoY Remarks Unit: THB mm 1. Total Revenue, NSOP and 691.1 1,190.5 73% Dividend Income 1.1 Total Revenue 629.1 697.9 11% - Growth in domestic utilities revenue mainly driven by - Utilities Business 547.8 582.2 6% revenue from Ra
Slide 21: Financial Highlight 9M'23 vs 9M'22
IV. Financial Performance Financial Highlight 9M’23 vs 9M’22 9M’22 9M’23 YTD Remarks Unit: THB mm 1. Total Revenue, NSOP and 2,135.7 3,067.5 44% Dividend Income 1.1 Total Revenue 1,820.5 2,127.5 17% - Higher revenue from domestic utilities due to an increased - Utilities Business 1,615.9 1,768.4 9%
Slide 22: Power Business – Normalized Share of Profit and Dividend Income
IV. Financial Performance /1 Power Business – Normalized Share of Profit and Dividend Income Normalized Share of Profit and Dividend income increased by 287% YoY in Q3’23 and 116% YoY in 9M’23. 3M 9M Unit: THB mm +287% +75% +116% 949.2 25.9 75.0 6.6 483.9 3.4 75.0 8.1 1.0 440.1 621.1 275.6 224.2 9.1
Slide 23: IU Gas Spread of SPP Business
IV. Financial Performance IU Gas Spread of SPP Business IU Tariff vs Gas Cost (THB/kWh) 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Q1'20 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 (F) Avg. total tariff Gas cost 20 Nov 2023 20
Slide 24: Utilities Business: Normalized Share of Profit (Vietnam) SDWTP
IV. Financial Performance Utilities Business : Normalized Share of Profit (Vietnam) Unit : MB SDWTP 3M 9M Q3'22 Q3'23 Q2'23 9M'22 9M'23 10.5 - 26.0 19.9 8.5 +142.3% YoY (27.8) +192.8% (9.4) +134.2% (9.3) (21.5) YoY QoQ (61.6) (0.8) (1.8) (10.0) (28.6) (30.5) (30.5) (61.9) (120.6) +117% +92% +99% Sha
Slide 25: Capital Structure and Financial Ratio
IV. IV. Financial Performance Financial Performance Capital Structure and Financial Ratio Statement of Financial Position Debt Maturity Profile as of 30 September 2023 Unit : THB mm Unit : THB mm Average cost of debt of 3.08% 3,700 27,645 29,246 29,246 27,645 3,120 3,050 13,500 14,109 1,524 1,582 3,
Slide 26: Financial Activities
IV. Financial Performance Financial Activities TRIS Rating affirms the A- company rating and This reflects WHAUP”s position as the ratings on the sole utilities service provider WHAUP’s senior for all WHA’s industrial estates in Thailand and neighboring unsecured countries and recurring income deben
Slide 27: Agenda
I Company Overview II Executive Summary III Operating Performance IV Financial Performance V Business Update VI Appendix Your Ultimate Solution Partner in Utilities & Power with Environmental Care 27
Slide 28: Utilities & Power Business – Our Plan & Beyond 2023
V. Business Update Utilities & Power Business – Our Plan & Beyond 2023 UTILITIES BUSINESS POWER BUSINESS Grow with Industrial Estate Development Enlarge Domestic Portfolio with (Both Central utilities and Value-added Products) Focusing on Clean Energy e.g., Solar & Wind Farm, Waste-to-Energy Power O
Slide 29: Utilities Business – Projects Update
V. Business Update Utilities Business – Projects update Continue to Grow along with WHA Industrial Estates Stared constructing new water treatment and wastewater treatment facilities at WHA Projects update IER Total plant capacity: • water = 3.0 mm3/year, wastewater = 1.9 mm3/year. Expected completi
Slide 30: Power Business – Enlarging Renewables Portfolio
V. Business Update Power Business – Enlarging Renewables Portfolio Selected Projects Signed in Q3’23 Cumulative Signed Renewable Energy PPA 300 MW 2023(F) Auto Alliance Thailand Capacity 8.0 MW 182 MW Q3’23(A) 136 MW 2022(A) 95 MW 2021(A) Quality Minerals Capacity 3.0 MW 6 New Solar Private PPA sign
Slide 31: Power Business – Enlarging Renewables Portfolio (Cont'd)
V. Business Update Power Business – Enlarging Renewables Portfolio (Cont’d) Selected Projects Commissioning in 2023 Mega Bangna Winthai Food DSG Thailand Samut Prakan Samut Prakan Saraburi Capacity 9.9 MW Capacity 3.7 MW Capacity 4.0 MW COD Q2’23 COD Q4’23 COD Q4’23 3 Projects commissioned in Q3’23
Slide 32: SET ESG Ratings 2023 – WHAUP Attained Highest Rating of AAA
V. Business Update SET ESG Ratings 2023 – WHAUP has attained the highest rating of “AAA” WHAUP has Attained the Highest Rating of "AAA“ in SET ESG Ratings 2023, Listed as a Sustainable Stock for the 4th Consecutive Year. WHAUP has been listed in 2023 Thailand Sustainability Investment S t o c k in t
Slide 33: Q&A
Q&A 33
Slide 34: 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 34
Slide 35: Appendix
III Operating Performance IV Financial Performance V Business Update VI Appendix > Company Information > Company Performance > Sustainability Development Your Ultimate Solution Partner in Utilities & Power with Environmental Care 35
Slide 36: 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 37: Utilities Business At A Glance
VI. Appendix: Company Information Utilities Business At 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
Slide 38: Power Business – Portfolio Breakdown
VI. Appendix: Company Information Power Business – Portfolio Breakdown Portfolio Summary Installed WHAUP Equity Project Name Type JV Partner Location Capacities COD Portion MW (MW) Operating Phase Gheco-I IPP Coal Glow Map Ta Phut IE 660 35.00% 231 Q3’12 Glow IPP IPP Gas Combined Cycle Glow WHA CIE
Slide 39: Shareholders and Management Structure
VI. Appendix: Company Information Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Institution Retail Ms. Jareeporn Jarukornsakul Mr. Weidt Nuchjalearn s 1.6% 20% Independent Director and Chairman of Board of Directors Chairman of Audit Committee Domestic Insti
Slide 40: Financial Highlight Q3'23 vs Q2'23
VI. Appendix: Company Performance Financial Highlight Q3’23 vs Q2’23 Q2’23 Q3’23 QoQ Remarks Unit: THB mm 1. Total Revenue, NSOP and 1,063.7 1,190.5 12% Dividend Income 1.1 Total Revenue 789.9 697.9 -12% - Lower in domestic utilities revenue mainly due to Lower - Utilities Business 663.7 582.2 -12%
Slide 41: Vietnam Utilities Business - SDWTP Sales Volume
VI. Appendix: Company Performance Vietnam Utilities Business - SDWTP Sales Volume ( Based on 34% Shareholding) 3M 9M +19% Unit: Million M3 +17% +7% 8.9 23.6 8.3 19.8 7.6 Q3'22 Q3'23 Q2'23 9M'22 9M'23 Q3’23 94% Utilization Rate ▪ 17% YoY volume increase in Q3’23 and 19% YoY volume increase in 9M’23 a
Slide 42: Utilities Business – Domestic Revenue and Gross Profit Margin
VI. Appendix : Company Performance Utilities Business – Domestic Revenue and Gross Profit Margin Total Revenue from Domestic Utilities Business increased by 6% YoY in Q3’23 and 9% YoY in 9M’23 Total Revenue Gross Profit Margin Unit : THB mm +9% 1,768.4 1,615.9 48.6% 161.8 44.9% 45.8% 96.1 154.8 42.5
Slide 43: Profit and Loss Statement – Q3'23 vs Q3'22
VI. Appendix : Company Performance Profit and Loss Statement – Q3'23 vs Q3'22 Normalized Net Profit (NNP) Q3’23 (A) Vs Q3’22 (A), +385.0 MB or +426.3% + Positive • Higher Normalized Share of Profit (+365.9 MB): mainly from SPPs (+181.4 MB), Gheco-One (+105.8 MB) and SDWTP (+72.4 MB). • Higher Gross
Slide 44: Profit and Loss Statement – 9M'23 vs 9M'22
VI. Appendix : Company Performance Profit and Loss Statement – 9M'23 vs 9M'22 Normalized Net Profit (NNP) 9M’23 (A) Vs 9M’22 (A), +699.7 MB or +165.2% + Positive • Higher Normalized Share of Profit (+585.2 MB): mainly due to SPPs (+339.4 MB), SDWTP (+121.3 MB), and Gheco-One (+118.8 MB). • Higher Gr
Slide 45: Balance Sheet – as of 30 September 2023
VI. Appendix : Company Performance Balance Sheet – as of 30 September 2023 Total Assets Liabilities and Equity Unit : MB Unit : MB 29,246 667 934 29,246 27,645 128 637 835 27,645 Cash = 849 Cash = 721 Investment TL =15,691 Investment TL = 15,024 = 14,958 = 14,321 Others Others TE = 12,621 TE = 13,55
Slide 46: Historical Dividend Payment
VI. Appendix : Company Performance Historical Dividend Payment THB / Share 0.30 0.2525 0.2525 0.2525 0.25 0.2034 0.2115 0.20 0.16 0.16 0.16 0.1600 0.15 0.2115 0.1000 0.10 0.2034 0.0600 0.05 0.0925 0.0925 0.0925 0.0600 0.0600 0.00 2017 2018 2019 2020 2021 2022 2023 Interim Dividend Additional Dividen
Slide 47: 2023 Target
VI. Appendix : Company Performance 2023 Target Utilities Business 2022 (A) 9M’2023 (A) 2023 Target 145 117 168 Total Water Supply and Wastewater Management Volume Million m3 Million m3 Million m3 117 92 Thailand’s Total Water Supply and Wastewater Management Volume 135 Million m3 Million m3 Million
Slide 48: 5Y Financial Target (2023 – 2027)
VI. Appendix : Company Performance 5Y Financial Target (2023 – 2027) Total 5Y Revenue, Normalized share of profit and dividend Total 5Y CAPEX % EBITDA Margin income during 2023-2027 during 2023-2027 THB THB 27,000 18,500 > 50% mm mm *Total Revenue, Normalized share of profit and dividend income in Q
Slide 49: Power Business – FiT Bidding Results
VI. Appendix : Company Performance Power Business – FiT Bidding Results Power Business-Fit Bidding Results Our 5 Solar farm projects with total installed capacity of 125 MW equity were awarded by ERC on 5 April 2023. SCOD in year 2029 - 2030. No. Type Location Installed Capacity (MW equity) 1. SPP +
Slide 50: The Ultimate Solution for Sustainable Growth
VI. Appendix : Sustainability Development The Ultimate Solution for Sustainable Growth ENVIRONMENTAL SOCIAL GOVERNANCE CHANGING FOR A MORE INTEGRITY & ETHICAL WELL-BEING & BETTER LIFE SUSTAINABLE WORLD RESPONSIBILITIES • Solar Power Projects • Human Rights Awareness • Code of Conducts • Battery Ener
Slide 51: Sustainability Highlight
VI. Appendix : Sustainability Development Sustainability Highlight Wastewater Management Projects Solar Rooftop Projects CSR Projects WHAUP has provided Wastewater treatment WHAUP has social responsibility strategy and Offers an all-in solar rooftop service package services to manufacturers and oper
Slide 52: 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 WHAUP provides solar power, with private PPA scheme, creating 31,599 Avoided CO2 Emission offsetting
Slide 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: 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
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