WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q3 2024 Earnings Presentation
53 slides from WHA Utilities and Power Public's earnings presentation, Nov 22, 2024
Slide 1: Q3/2024 Opportunity Day
Q3/2024 Opportunity Day 22 November 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 33
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 than ▪ #1 Industrial Estate Developer ▪ Exclusive utilities provider in the ▪ To be one-stop service for Data 3.01 million sqm under owned and industrial
Slide 5: Company Overview – Utilities Business
I.COMPANY OVERVIEW COMPANY OVERVIEW – UTILITIES BUSINESS Sole provider of utilities to manufacturers/ factories in leading industrial estates with a concrete plan to capture increasing demand from heavy users and expansion outside i.e. other IEs, non-IE area and international Raw Water Industrial Wa
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 user
Slide 7: Utilities Business – Asset Location
I.COMPANY OVERVIEW UTILITIES BUSINESS – ASSET LOCATION Thailand Vietnam WHAUP’s exclusive rights to operate and provide utilities services to customers in WHA Industrial Estates and 2 other Vietnam, WHAUP holds 47% stake in Cua Lo water plant in Nghe An province and 34% stake in SDWTP water areas ou
Slide 8: Company Overview – Power Business
I.COMPANY OVERVIEW COMPANY OVERVIEW – POWER BUSINESS Active power provider and investor with strategic partnership with leading Thai and international power companies Conventional Solar Hydro Waste to Energy Natural Gas 528 394 19 3 MWeq MWeq MWeq MWeq Total Secured Capacity (944* Equity MW) : 697 E
Slide 9: Power Business – Portfolio Breakdown as of Q3'24
I.COMPANY OVERVIEW POWER BUSINESS – PORTFOLIO BREAKDOWN AS OF Q3’24 Total Capacity (944* Equity MW) : 697 Equity MW under Operation + 247 Equity MW under developing By Type By Type 2% 0.3% Gas (31%, 297 eq MW) Conventional Coal (24%, 231 eq MW) Total Renewable 31% (Solar, Waste-to-Energy) 44% 42% To
Slide 10: Sustainability Highlight
I.COMPANY OVERVIEW SUSTAINABILITY HIGHLIGHT Wastewater Management Projects Reclamation Water Value-added products Saving 6.7 mm3 in 9M’24 of Converting 6.2 mm3 in 9M’24 total water withdrawal and of reclamation water to Value- water discharge added water SUSTAINABLE DEVELOPMENT Solar Rooftop Project
Slide 11: Sustainability Highlight (Cont'd)
I.COMPANY OVERVIEW 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 Avoided CO2 51,497 tCO2e Emission offsetting CO2 Emissions fr
Slide 12: Agenda
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 12 12
Slide 13: Key Highlights
II.EXECUTIVE SUMMARY KEY HIGHLIGHTS % change % change Q3’23 Q2’24 Q3’24 9M’23 9M’24 Unit : MB YoY QoQ YoY Revenue, Normalized Share of Profit and Dividend 1) 1,190.5 958.0 1,047.9 -12% 9% 3,067.5 3,052.5 -0.5% Income 1.1 Revenue 697.9 733.9 778.8 12% 6% 2,127.5 2,242.0 5% - Utilities Business/1 582.
Slide 14: Agenda
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 14 14
Slide 15: Utilities Business – Total Sales and Management Volume
III.OPERATING PERFORMANCE UTILITIES BUSINESS – TOTAL SALES AND MANAGEMENT VOLUME 3M 9M • Domestics Sale volume in Q3’24 increased by 2% YoY mainly driven • Domestics Sale volume in 9M’24 increased by 8% YoY mainly driven by the growth in all products, except raw water. by value-added water. • Sale v
Slide 16: Power Business – IPP Group
III.OPERATING PERFORMANCE POWER BUSINESS – IPP GROUP IPP Business: Q3’24 (A) vs Q3’23 (A): GHECO-One: • Higher energy dispatch as there was zero energy dispatch in Q3’23 from reserved shutdown since 10 Mar 2023 vs 2-month reserved shutdown in Q3’24 (resumed operation on 5 Sep 24) • Availability fact
Slide 17: Power Business – IPP Group
III.OPERATING PERFORMANCE POWER BUSINESS – IPP GROUP 3M Q3’23 (A) Q3’23 (A) Q3’24 (A) Q3’24 (A) Unit : GWh Energy Dispatch Q2’24 (A) Unit : GWh Availability Q2’24 (A) -57% +2% -17% -79% -83% 100% 100% 98% 99% 976 97% 164 91% 135 123 416 101 103 28 - Gheco-One HHPC Glow IPP Gheco-One Glow IPP 9M 9M’2
Slide 18: Power Business – SPP Group
III.OPERATING PERFORMANCE POWER BUSINESS – SPP GROUP SPP Business: Q3’24 (A) vs Q3’23 (A): • Total energy sales increased by +5.1% YoY derived from a +6.9% higher EGAT dispatch despite a -0.2% lower IU demand. • High availability factor of 99.6% on average. • GVTP better due to higher electricity ou
Slide 19: Power Business – SPP Group
III.OPERATING PERFORMANCE POWER BUSINESS – SPP GROUP 3M Q3’23 (A) Q3’23 (A) Q3’24 (A) Q3’24 (A) Unit : GWh Energy Dispatch Q2’24 (A) Unit : GWh Availability Q2’24 (A) +7% +9% +6% +5% +8% -0.2% 99.6% 92.7% 92.1% 1,653 1,737 1,606 1,239 1,324 1,216 414 413 389 1 EGAT 2 IU 1 + Total Total 2 SPP Busines
Slide 20: Power Business – Solar Energy Dispatch
III.OPERATING PERFORMANCE POWER BUSINESS – SOLAR ENERGY DISPATCH Power Dispatch: • Solar energy dispatch continued to increase in accordance with growing capacity under operation (106 MW as of Q3’23 vs 147 MW as of Q3’24) 3M 9M Unit : GWh Unit : GWh +28% -3% +35% 115.1 3.7 85.5 3.3 39.8 41.1 1.2 1.2
Slide 21: Agenda
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 21 21
Slide 22: Financial Highlight Q3'24 vs Q3'23
IV.FINANCIAL PERFORMANCE FINANCIAL HIGHLIGHT Q3’24 VS Q3’23 Unit : MB Q3’23 Q3’24 YoY Remarks 1. Total Revenue, NSOP and 1,190.5 1,047.9 -12% Dividend Income 1.1 Total Revenue 697.9 778.8 +12% - Higher sale volume and one time charge (12.4 MB in Q3’23 vs 47.3 - Utilities Business 582.2 645.3 +11% MB
Slide 23: Financial Highlight 9M'24 vs 9M'23
IV.FINANCIAL PERFORMANCE FINANCIAL HIGHLIGHT 9M’24 VS 9M’23 Unit : MB 9M’23 9M’24 YoY Remarks 1. Total Revenue, NSOP and 3,067.5 3,052.5 -0.5% Dividend Income 1.1 Total Revenue 2,127.5 2,242.0 +5% - Mainly driven by revenue from Value-Added product from new - Utilities Business 1,768.4 1,861.9 +5% c
Slide 24: Power Business – Normalized Share of Profit and Dividend Income
IV.FINANCIAL PERFORMANCE POWER BUSINESS – NORMALIZED SHARE OF PROFIT AND DIVIDEND INCOME Normalized Share of Profit and Dividend Income: • Normalized Share of Profit and Dividend income decreased by 51% YoY in Q3’24 and 22% YoY in 9M’24 3M 9M Unit : MB Unit : MB -22% -51% +17% 949.2 29.7 483.9 75.0
Slide 25: IU Gas Spread and SPP Business
IV.FINANCIAL PERFORMANCE IU GAS SPREAD AND SPP BUSINESS 6.00 5.00 4.00 3.00 2.00 1.00 0.00 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 Q3'24 Q3’24(F) Q4'24 (F) Avg. total IU tariff Gas cost 25 25
Slide 26: Utilities Business – Normalized Share of Profit (Vietnam)
IV.FINANCIAL PERFORMANCE UTILITIES BUSINESS – NORMALIZED SHARE OF PROFIT (VIETNAM) SDWTP +214% +50% Unit : MB Unit : MB 3M 9M +4121% 32.9 72.4 21.9 10.5 42.3 100.2 31.3 +113% +36% 19.9 YoY QoQ 26.0 (9.4) (9.4) (9.3) (27.8) (27.8) (1.8) Q2’24 9M’23 9M’24 Q3’23 Q3’24 Share of profit excl. PPA amort. P
Slide 27: Capital Structure and Financial Ratio
IV.FINANCIAL PERFORMANCE CAPITAL STRUCTURE AND FINANCIAL RATIO Statement of Financial Position Debt Maturity as of 30 September 2024 Unit : MB Average cost of debt of 3.33% 3,700 3,450 29,817 29,817 31,146 31,146 3,120 2,500 14,658 15,706 500 1,592 1,786 3,700 1,500 3,120 3,450 750 800 13,567 13,654
Slide 28: Financial Activities
IV.FINANCIAL PERFORMANCE FINANCIAL ACTIVITIES A- TRIS Rating affirms the company This reflects WHAUP”s position as rating and the ratings on WHAUP’s the sole utilities service provider senior unsecured debentures, and for all WHA’s industrial estates in Thailand and neighboring the rating outlook “S
Slide 29: Agenda
I. COMPANY OVERVIEW II. EXECUTIVE SUMMARY III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX 29 29
Slide 30: Utilities Business – Projects Update
V.BUSINESS UPDATE UTILITIES BUSINESS – PROJECTS UPDATE New Projects COD Projects in pipeline WHA Rayong 36 Expansion of water treatment and wastewater Contractual Volume of Value-added Water treatment production at WHA Rayong 36 o Total additional plant capacity: Water = 0.4 million m3 per year. Was
Slide 31: Power Business – Enlarging Renewables Portfolio
V.BUSINESS UPDATE POWER BUSINESS – ENLARGING RENEWABLES PORTFOLIO Selected Projects commissioning in Q3’24 Selected Projects to be completed in 2024 11 Projects COD in Q3’24 Total Total capacity of 15 MW 147 MW In operation as of Sep 24 Quality Minerals Wisewoods Lopburi Phetchaburi Capacity 3.0 MW
Slide 32: Power Business – Enlarging Renewables Portfolio (Cont'd)
V.BUSINESS UPDATE POWER BUSINESS – ENLARGING RENEWABLES PORTFOLIO (CONT’D) Solar Private PPA projects Selected Solar Private PPA projects signed in Q3’24 signed in Q3’24 24 New Solar projects signed in Q3’24 With a total capacity of 12 MW Toagosei (Thailand) Linak (Phase 2) Total Rayong Rayong Capac
Slide 33: Power Business – FiT Bidding
V.BUSINESS UPDATE POWER BUSINESS – FiT BIDDING Phase 1 Bidding in 2023 Upcoming Bidding WHAUP won the bidding of solar power plants with a Feed-in-Tariff (FiT) scheme in Phase 1 for 5 projects with a total installed capacity of 125.4 MW Equity 125 MW Expansion of Solar 1,580 MW COD: 2029-2030 Electr
Slide 34: Q&A
Q&A 34 34
Slide 35: 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 35 35
Slide 36: Appendix
III. OPERATING PERFORMANCE IV. FINANCIAL PERFORMANCE V. BUSINESS UPDATE VI. APPENDIX COMPANY INFORMATION COMPANY PERFORMANCE SUSTAINABILITY DEVELOPMENT 36 36
Slide 37: Vision and Mission
VI.APPENDIX: COMPANY INFORMATION COMPANY INFORMATION 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 fit
Slide 38: Utilities Business – Strong Customer Base
VI.APPENDIX: COMPANY INFORMATION UTILITIES BUSINESS – STRONG CUSTOMER BASE WHAUP’s has established the strong operation in EEC area 83% of WHAUP’s volume are distributed to heavy industry. 9M’24 Volume by IEs 9M’24 Volume by Industry Petrochemical Others 37% 12% Consumer 7% 5% WHA SIL 11% ESIE 48% S
Slide 39: Power Business – Portfolio Breakdown as of 30 September 2024
VI.APPENDIX: COMPANY INFORMATION POWER BUSINESS – PORTFOLIO BREAKDOWN AS OF 30 September 2024 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 Cycle Glow WHA
Slide 40: Shareholder and Management Structure
VI.APPENDIX: COMPANY INFORMATION SHAREHOLDER AND MANAGEMENT STRUCTURE Shareholding Structure Board of Directors Foreign Ms. Jareeporn Jarukornsakul Mr. Weidt Nuchjalearn Institutions 2.5% Retail Independent Director and Chairman of Board of Directors 16.6% Chairman of Audit Committee Domestic Instit
Slide 41: Vietnam Utilities Business – SDWTP Sales Volume
VI.APPENDIX: COMPANY PERFORMANCE VIETNAM UTILITIES BUSINESS – SDWTP SALES VOLUME (BASE ON 34% SHAREHOLDING) 3M 9M Unit: Million M3 +2% +3% +9% 25.5 23.5 9.0 8.8 8.7 Q3'23 Q3'24 Q2'24 9M'23 9M'24 SDWTP Q3’24 (A) Q2’24 (A) Q3’23 (A) ▪ 2% YoY volume increase in Q3’24 and 9% YoY increase in 9M’24 are ma
Slide 42: Utilities Business – Domestics Revenue and Gross Profit Margin
VI.APPENDIX: COMPANY PERFORMANCE UTILITIES BUSINESS – DOMESTICS REVENUE AND GROSS PROFIT MARGIN Total Revenue Gross Profit Margin Unit: MB +5% +10% +6% 1,855.7 1,766.8 93.3 48.5% 161.8 45.8% 231.9 44.9% 49.2% 154.8 42.5% 641.8 146.1 581.5 605.5 132.3 47.4% 44.8% 44.2% 14.2 49.2 4.6 42.8% 406.3 42.2%
Slide 43: Profit and Loss Statement – Q3'24 vs Q3'23
VI.APPENDIX: COMPANY PERFORMANCE PROFIT AND LOSS STATEMENT – Q3’24 (A) vs Q3’23 (A) Normalized Net Profit (NNP) Q3’24 (A) = 274.5 MB, -200.8 MB or -42.2% vs Q3’23 (A) + Positive 1• Higher Gross Profit before Depreciation (+83.6 MB): mostly from One-time charge (+35.0 MB), Industrial Water (+20.2 MB)
Slide 44: Profit and Loss Statement – 9M'24 vs 9M'23
VI.APPENDIX: COMPANY PERFORMANCE PROFIT AND LOSS STATEMENT – 9M’24 (A) vs 9M’23 (A) Normalized Net Profit (NNP) 9M’24 = 956.5 MB, -166.7 MB or -14.8% vs 9M’23 + Positive 1• Higher Gross Profit before Depreciation (+116.8 MB): mainly from Industrial Water (+75.7 MB), Solar business (+50.6 MB), value-
Slide 45: Balance Sheet – As of 30 September 2024
VI.APPENDIX: COMPANY PERFORMANCE BALANCE SHEET – AS OF 30 SEPTEMBER 2024 Total Asset Liabilities and Equity Unit : MB Unit : MB 29,817 1,104 31,146 1,242 87 31,146 25 200 29,817 Cash = 1,295 Cash = 1,153 Investment Investment TL = 16,250 TL = 17,492 = 14,961 = 15,160 Others Others TE = 13,567 TE = 1
Slide 46: Historical Dividend Payment
VI.APPENDIX: COMPANY PERFORMANCE HISTORICAL 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 0.10 0.2034 0.2115 0.1000 0.0600 0.05 0.0925 0.0925 0.0925 0.0600 0.0600 0.0600 0.00 2017 2018 2019 2020 2021 2022 2023 2024 Interim Dividend
Slide 47: 5-Year Financial Target (2024-2028)
VI.APPENDIX: COMPANY 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 5 – year CAPEX 4,228 2x ≈ 21,200 MB 2023 2028(F) 47 47
Slide 48: Power Business – Smart Energy Solution
VI.APPENDIX: COMPANY PERFORMANCE POWER BUSINESS – SMART ENERGY SOLUTION Charging EV Fleet Provision Business & Maintenance • EV Public Charging Station • EV Charger on Premise • EV Fleet Rental • After sale Service – O&M Charging Ancillary Infrastructure • Charger Mobility As A Service • Battery Sto
Slide 49: Target Deliverables
VI.APPENDIX: COMPANY PERFORMANCE TARGET DELIVERABLES Target Water Sales & Managed Volume Target Total Secured PPA Total Water Supply & Wastewater 126 178 Total Secured PPA Equity MW 944/1 1,000 Management Million m3 Million m3 MW MW Volume ▪ Vietnam’s Total Water Supply and Wastewater 27 36 ▪ Secure
Slide 50: WHAUP Waste Management Initiatives: Impactful Results 2023
VI.APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP WASTE MANAGEMENT INITINATIVES: IMPECTFUL RESULTS 2023 WASTE TO ENERGY SLUDGE TO SOIL NUTRIENT HAZARDOUS CHEMICAL REDUCE DEPENDENCY CONTAINER REDUCTION ON PLASTICS WHAUP and WHA Group have been actively reducing single-use plastic since WHAUP has transiti
Slide 51: WHAUP Energy Initiatives: Impactful Results 2023
VI.APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP ENERGY INITINATIVES: IMPECTFUL RESULTS 2023 ENERGY SAVING IN OUR OPERATIONS ENERGY SAVING IN ENERGY SAVING IN OFFICE SOLAR ENERGY PROJECT WITHIN WHAUP’S BATTERY ENERGY STORAGE INDUSTRIAL ESTATES BUILDINGS OPERATIONAL AREA SYSTEM:BESS WHAUP participated i
Slide 52: WHAUP Governance Management
VI.APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP GOVERNANCE MANAGEMENT The Board of Directors’ structure five sub-Committees. Corporate Governance and Sustainable Nomination and Remuneration Audit Committee Development Committee Committee 2 Non- 2 Independe nt directors Independe nt directors 1 executi
Slide 53: WHAUP Governance Management (Cont'd)
VI.APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP GOVERNANCE MANAGEMENT (CONT’D) Corporate Governance Performance “Effective corporate governance drives sustainable shareholder value and fosters stakeholder trust Excellent CGR Scoring AGM Scoring CG Policy and the Code of Conduct 5 Stars 100% scoring 10
WHA Utilities and Power Public Company — Q3 2024 Earnings Presentation on 6ix