WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q1 2022 Earnings Presentation
48 slides from WHA Utilities and Power Public's earnings presentation, May 23, 2022
Slide 1: Q1/22 Opportunity Day
Q1/2022 Q1/2022 Q1/22 Opportunity Day WHA Utilities and Power Public Company Limited 23Partner Your Ultimate Solution Mayin2022 Utilities & Power with Environmental Care
Slide 2: Agenda
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 2
Slide 3: Vision and Mission
I. Company Overview 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 needs • To vertic
Slide 4: Flagship Company in Utilities & Power of WHA Group
I. Company Overview WHAUP is the Flagship Company in Utilities & Power Business of WHA Group ▪ #1 Industrial Estate Developer ▪ Exclusive utilities provider ▪ To be one-stop ▪ #1 Logistics developers, with more than 2.5 million ▪ 12 Industrial Estates in Thailand’s in the industrial estates service
Slide 5: Business Overview
I. Company Overview Business Overview Utilities Business Power Business Sole provider of utilities to manufacturers/ factories in leading Active power investor with strategic partnership with leading Thai and industrial estates with a concrete plan to capture increasing international power companies
Slide 6: Utilities Business At A Glance
I. Company Overview 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 industrial use
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 cover all WHA ID’s Industrial Estates. Currently, WHAUP provides utilities services to 11 operating IEs located in Thailand and 1 IE (WHA Industrial Zone 1, Nghe
Slide 8: Utilities Business – Strong Customer Base
I. Company Overview Utilities Business – Strong Customer Base WHAUP’s has established the strong operation in 83% of WHAUP’s volume are distributed to heavy EEC area. industry. Q1’22 Volume by IEs Q1’22 Volume by Industry Petrochemical Others 40% 12% Consumer 8% WHA SIL 5% 14% ESIE 5% WHA CIE 1 Stee
Slide 9: Power Business – Portfolio Breakdown
I. Company Overview Power Business – Portfolio Breakdown Total Capacity (655 eq MW) : 610 eq MW under Operation + 45 eq MW under development By Type By Off-taker Analysis 3% 0.4% Portfolio Analysis Gas (45%, 297 eq MW) 14% EGAT/ PEA/ MEA 16% Coal (35%, 231 eq MW) Industrial Users Total Portfolio Tot
Slide 10: Agenda
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: Key Highlights
II. Executive Summary Key Highlights % change Unit : MB Q1’21 Q1’22 YoY 1) Revenue, Normalized Share of Profit and Dividend Income 782.1 608.0 -22% 1.1 Revenue 611.0 575.4 -6% - Utilities Business/1 480.6 512.5 7% - Power Business/2 123.2 51.9 -58% - Others/3 7.2 11.0 52% 1.2 Normalized Share of Pro
Slide 12: Agenda
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* YoY/QoQ Unit : Million M3 +11% +9% YoY% QoQ% Domestic : 9% 13% 35.7 Raw Water (RW) 33% 15% 32.1 32.6 Industrial Water (IW) +25% -5% 1% 14% 5.8 4.6 6.1 Value Added Water 11% 5% 9.5 Wastewater (WW) 8% 9% 8.8 8.7 1.1 1.2
Slide 14: Power Business - IPP Group
III. Operating Performance Power Business - IPP Group GHECO-One : 18-day maintenance in Q1’22: unplanned maintenance 11-day and forced outage 7-day (vs 37-day planned maintenance in Q1’21) GIPP : EGAT dispatched GIPP of 93 GWh in Q1’22 (vs 269 GWh in Q1’21) Higher Availability factor at 98.7% in Q1’
Slide 15: Power Business - SPP Group
III. Operating Performance Power Business - SPP Group Maintenance Zero planned maintenance in Q1’22 (vs 2-SPPs performed B-Inspection in Q1’21) Shutdown : Power Demand : Total dispatch improved +3.9% YoY thanks to +5.2% higher EGAT dispatch and +0.2% slightly higher IU dispatch YoY/QoQ Q1’21 Q1’21 Q
Slide 16: 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 (44 MW as of Q1’21 vs 60 MW as of Q1’22) YoY/QoQ Unit : GWh +36% +18% 17.5 14.8 12.9 Q1'21 (A) Q1'22 (A) Q4'21 (A) 23 May 2022 16
Slide 17: Agenda
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 17
Slide 18: Financial Highlight Q1'22 vs Q1'21
IV. Financial Performance Financial Highlight Q1’22 vs Q1’21 Unit: THB mm Q1’21 Q1’22 YoY Remarks Total Revenue, NSOP and 782.1 608.0 -22% Dividend Income Total Revenue 611.0 575.4 -6% - Growth in domestic utilities sales volume mainly due - Utilities Business 480.6 512.5 7% to higher demand from ex
Slide 19: Power Business – Normalized Share of Profit and Dividend Payment
IV. Financial Performance Power Business – Normalized Share of Profit/1 and Dividend Payment Normalized Share of Profit /1 and Dividend Income decreased 67.4% YoY in Q1’22 - 67.4% Unit: THB mm 210.1 40.0 14.0 0.9 1.3 68.5 25.0 7.2 - 39.7% 0.2 187.7 113.1 8.1 11.0 - 105.8% (41.9) (86.3) (1.8) Q1'21 Q
Slide 20: IU Gas Spread of SPP Business
IV. Financial Performance IU Gas Spread* of SPP Business IU tariff vs Gas cost (THB/KWh) 5.0 4.0 3.0 2.0 1.0 0 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Average IU tariff Gas cost Note: * IU gas spread = Avg. IU tariff - gas cost 23 May 2022 20
Slide 21: Utilities Business: Share of Profit (Vietnam)
IV. Financial Performance Utilities Business : Share of Profit (Vietnam) Share of loss from SDWTP and Cua Lo in Q1’22 improved by 3.2% YoY and 53.6% YoY, respectively. SDWTP Cua Lo Unit : MB Unit : MB Q1'21 Q1’22 Q1'22 Q1'21 Q1’22 Q1'22 7.7% (1.7) -3.6% (1.8) YoY YoY (27.0) (25.0) (1.8) (2.1) (3.8)
Slide 22: Profit and Loss Statement – Q1'22 Vs Q1'21
IV. Financial Performance Profit and Loss Statement – Q1’22 Vs Q1’21 Normalized Net Profit (NNP) Q1’22 (A) Vs Q1’22 (A), -120.2 MB or -63.4% + Positive • Lower loss from revaluation of investment in GIPP (+17.6 MB) • Lower Financial Cost (+14.3 MB) - Negative • Lower Normalized Share of Profit (-123
Slide 23: Capital Structure and Financial Ratio
IV. Financial Performance Capital Structure and Financial Ratio Statement of Financial Position Debt Maturity Profile as of 31 Mar 2022 Unit : THB mm Unit : THB mm 3,790 Average cost of debt of 2.63% 3,500 25,839 25,839 26,316 25,753 25,753 1,000 12,101 12,101.0 2,000 1,500 1,354 1,391 1,300 1,320 2
Slide 24: Agenda
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 24
Slide 25: Utilities Business – Projects in Pipeline
V. Business Update Utilities Business – Projects in Pipeline Increasing Conventional Water Sales Partnering with ASIA Industrial Estate Volume in WHA Industrial Estates Expects to start distributing Demineralized Water to the 1st customer in Q4’22 Sales volume in 2022 + 12.6 mm3/yr Capacity 1 mm3/yr
Slide 26: Power Business – Enlarging Renewables Portfolio
V. Business Update Power Business – Enlarging Renewables Portfolio Selected Projects Signed in Q1’22 Cumulative Target Signed PPA 300 MW 2023(F) 150 MW 2022(F) 105 MW Q1’22(A) 92 MW 51 MW 2021(A) 2020(A) Mega Bangna Samut Prakarn Capacity 9.9 MW 2 Projects COMMISSIONED in Q1’2022 5 New projects sign
Slide 27: Power Business – Enlarging Renewables Portfolio: Projects Commissioning in 2022
V. Business Update Power Business – Enlarging Renewables Portfolio Selected projects commissioning in 2022 SAIC Phase 2 ESIE (Chonburi) Capacity 1.8 MW COD : Q1’22 Prinx Chengshan Supernap ESIE 3 EEC Capacity 19.44 MW Capacity 1.44 MW COD : Q3’22 COD : Q4’22 Honda Engineering Amata (Chonburi) Capaci
Slide 28: Power Business – Smart Energy Solutions P2P Energy Trading
V. Business Update Power Business – Smart Energy Solutions Innovative Energy Solution for Increased Opportunities and Efficiency P2P Energy Trading 2-sided 100% auction Market • Launch ‘RENEX’ platform Block Chain Scheme Clearance Update • In preparation for commercialization Example of RENEX Dashbo
Slide 29: Q&A
Q&A 23 May 2022 29
Slide 30: 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 24 Nov 2021 30
Slide 31: Agenda
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 31
Slide 32: Vietnam Utilities Business - SDWTP Sales Volume
VI. Appendix : Company Performance Vietnam Utilities Business - SDWTP Sales Volume (100%)/1 YoY/QoQ Unit : Million M3 +24% -6% 17.3 16.3 13.2 Q1’22 60% Utilization Rate Q1'21 Q1'22 Q4'21 ▪ 24% YoY volume increase in Q1’22 is mainly explained by more consumption of water supply since business started
Slide 33: 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 6.6% YoY for Q1’22. Total Revenue Gross Profit Margin Unit : THB mm +6.6% 47.9% 512.5 44.9% 45.4% 480.6 1.7 41.2 42.5% 6.1 45.6% 37.7 40.3 45.0
Slide 34: Financial Highlight Q1'22 vs Q4'21
VI. Appendix : Company Performance Financial Highlight Q1’22 vs Q4’21 Unit: THB mm Q4’21 Q1’22 QoQ Remarks Total Revenue, NSOP and 684.3 782.1 -11% Dividend Income Total Revenue 526.6 611.0 9% - Utilities Business 475.4 480.6 8% - Revenue from Solar Rooftop projects continued to - Power Business 40.
Slide 35: 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 0.15 0.10 0.2034 0.2115 0.05 0.0925 0.0925 0.0925 0.00 2017 2018 2019 2020 2021 Interim Dividend Additional Dividend 23 May 2022 35
Slide 36: 2022 Operating Target
VI. Appendix : Company Performance 2022 Operating Target Introducing Innovation Utilities And Smart Solutions Business Power Business Water Sales and Management Volume Secured Power Purchase Agreement 700 655 Equity MW Equity MW /1 153 36 million m3 million m3 Q1’2022 2022F Q1’2022 2022F To be Asia'
Slide 37: Shareholders and Management Structure
VI. Appendix : Company Information Shareholders and Management Structure Shareholding Structure Board of Directors Foreign Institutions Ms. Jareeporn Jarukornsakul Mr. Weidt Nuchjalearn 2% Retail Chairman of Board of Directors Independent Director and 19% Chairman of Audit Committee Domestic Institu
Slide 38: Sustainability Framework and Strategy
VI. Appendix : Sustainability Development Framework and Strategy Sustainability at WHAUP WHAUP has adopted WHA Group’s sustainability strategy and corporate long-term targets that contribute and provide support in driving WHA Group to achieve its business ambition to stay ahead and becoming “Your Ul
Slide 39: Materiality Assessment on Sustainability
VI. Appendix : Sustainability Development Materiality Assessment on Sustainability Materiality Issues EnvironmentDimension Environment Dimension • Water Management • Waste Management • Climate Change • Energy Management • Air Emission • Biodiversity Social Social Dimension Dimension • Human Capital
Slide 40: Sustainability Highlight: Environment – Climate Change and Water Management
VI. Appendix : Sustainability Development Sustainability Development Highlight Environment Dimension Climate Change and Water Management Water Reclamation projects Climate Change and Solar Target WHAUP , in alight with WHA Group, has committed to long-term target to provide solar power and has signe
Slide 41: Sustainability Highlight: Environment – Waste Management
VI. Appendix : Sustainability Development Sustainability Development Highlight Environment Dimension Waste Management Chonburi Clean Energy (CCE) Plastic Waste Reduction Sludge to Fertilizer Reduce more than 20,000 bottles of plastic waste by stop serving plastic bottled drinking water to its guests
Slide 42: Sustainability Highlight: Social – Clean Water for Planet Roadmap
VI. Appendix : Sustainability Development Sustainability Development Highlight Social Dimension CLEAN WATER FOR PLANET Roadmap 2000-2019 2026 - onwards 2020 2024-2026 2021-2023 Clean Water For Planet To create brand Continuous Pilot Project To Pluakdaeng awareness of Community for City Water Treatme
Slide 43: Sustainability Highlight: Social Dimension
VI. Appendix : Sustainability Development Sustainability Development Highlight Social Dimension PAN GAN project ‘5 YEARS’ DIRECTIONS FOR HUMAN RESOURCE MANAGEMENT WHAUP sets out a 5-year strategic direction for human resource management, starting from 2022 to 2026. The strategy is implemented to re-
Slide 44: Sustainability Highlight: Digital Transformation
VI. Appendix : Sustainability Development Sustainability Development Highlight Governance and Economic Dimension Digital Transformation WHAUP implemented a Digital Transformation Project Aimed to change the work processes within the organization by applying information technology (more efficient and
Slide 45: Innovation Project: Demineralized Water
VI. Appendix : Sustainability Development Sustainability Development Highlight Governance and Economic Dimension Innovation Project : Demineralized Water Innovation Highlight ✓ Sustainable Water Resource Management Large-scale Project ✓ Sustainable Raw Water Sourcing Maximum Capacity Minimized risk
Slide 46: Smart Utilities & Power + WHAUP Intelligence Platform
VI. Appendix : Sustainability Development Sustainability Development Highlight Governance and Economic Dimension SMART Utilities & Power + WHAUP intelligence Platform SCADA System Smart Metering Unified Operation Center (UOC) for Remote Monitoring Enhance the Traceability of Utilities Provided Help
Slide 47: Governance and Economic Dimension: Risk and Conduct
VI. Appendix : Sustainability Development Sustainability Development Highlight Governance and Economic Dimension Risk Management Code of Business Conduct 100% of employees at 100% of employees all levels are trained on have been risk management by communicated on the 2022 Code of Conduct Data Securi
Slide 48: Listed in THSI SET Sustainability Index
VI. Appendix : Sustainability Development Listed in ‘THSI’ SET Sustainability Index WHAUP has been listed in 2021 Thailand Sustainability Investment (THSI) ENVIRONMENTAL Index or selected as one of the ‘Sustainable Stock’, for 2 consecutive years. This reflects the company’s potential to grow a sust
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