Electricity Generating Public Co., Ltd. · SET:EGCO
Electricity Generating Public — H1 2009 Earnings Presentation
44 slides from Electricity Generating Public's earnings presentation, August 2009
Slide 1: Corporate Presentation For the First-Half Financial Results Ended 30 June 2009
i “Ss EG c O Energy for life GROUP Corporate Presentation For the First-Half Financial Results Ended 30 June 2009 wee
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 • 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. (2.25%)* IPP (42.66%)* SPP (7.28%)* (47.81%) EGAT Transmission 2 MEA PEA Direct Customers End Users IPP : Independent Power Producer MEA : Metropolitan Electricity Authority EGCO’s IPPs have 11.94% market share
Slide 6: Historical Demand Growth
Thailand’s Electricity Industry Overview : Historical Demand Growth 22,568.20 MW or 22,044.90 MW or MW -0.08% decrease -2.32% decrease from the lower in 2007 from the lower in 2008 24,000 23,000 22,000 2009 21,000 2008 20,000 2007 19,000 2006 18,000 2005 2004 17,000 2003 16,000 2002 15,000 14,000 Ja
Slide 7: Energy Generation Comparison
Thailand’s Electricity Industry Overview : Energy Generation Comparison Unit : Gwh Unit : Gwh - 6.29% 75,262.06 70,526.89 12,610.12 11,898.61 13,069.56 12,389.78 12,552.53 12,791.06 13,320.12 12,619.72 11,525.32 11,945.88 10,861.41 10,204.84 Jan Feb Mar Apr May June Jan – Jun 09 Jan – Jun 08 Source:
Slide 8: Sales by Categories Comparison
Thailand’s Electricity Industry Overview : Sales by Categories Comparison - 4% 2008 45% 41% + 2% 24% 22% + 1% 17% 17% 11% 10% 7% 7% Residential Small General Medium General Large General Others Service Service Service Jan - May 2009 Jan – May 2008 8
Slide 9: Thailand's New Capacity (2009 – 2021)
Corporate Overview : Thailand’s New Capacity (2009 – 2021) 4,500 EGAT Private Players New Plants Neighboring Country 4,000 SPP (Cog.+VSPP) 90+50 MW 3,500 NPS #3-4 VSPP VSPP 2x135 MW 50 MW 50 MW VSPP VSPP Neighboring C. 3,000 50 MW 50 MW VSPP VSPP 500 MW 50 MW 50 MW Neighboring C. Neighboring C. 450
Slide 10: EGCO Group's Overview
a4 an FE G C O Energy for life GROUP EGCO Group’s Overview
Slide 11: EGCO Group Investment
EGCO Group’s Overview : EGCO Group Investment Note. Since December 2008, installed capacity of GPG, WMPC, SPPC, and NT2 have been adjusted to gross MW capacity so that all figures shown will be on the same basis. 11
Slide 12: EGCO Group's Strategic Direction
EGCO Group’s Overview : EGCO Group’s Strategic Direction • Seek ASEAN region opportunities • Develop or acquire IPP&SPP projects including increase stakes in existing IPP projects • Develop renewable energy projects (SPP) • Negotiate on REGCO & KEGCO PPA Extension Continue to focus on power generati
Slide 13: Financial Results
a) WS E G C O Energy for life GROUP Financial Results
Slide 14: Summary Results – One Line VS Proportionate
Financial Results : Summary Results – One Line VS Proportionate Ended June 30, 2009 and 2008 Million Baht 1H09 1H08 One Line Proportionate 9% 9% 3% 9% 4,624 4,642 4,642 4,384 4,226 4,257 4,257 4,257 -9% 258 18 31 0 Net Profit bf FX FX Net Profit Net Profit bf FX FX Net Profit 14
Slide 15: Profit before FX by Segment (One Line)
Financial Results : Profit before FX by Segment (One Line) Ended June 30, 2009 and 2008 Million Baht 10% 1H09 1H08 4,358 3,945 -31% -43% 263 380 93 163 75 -64 -166 -198 IPP SPP Others Overseas EGCO REGCO, KEGCO, Roi-ET Green, ESCO, ET Conal, BLCP, GPG-KK2 EGCO Cogen, Quezon, 15 GEC Excl. GPG, NTPC-N
Slide 16: Profit before FX by Segment (Proportionate)
Financial Results : Profit before FX by Segment (Proportionate) Ended June 30, 2009 and 2008 Million Baht +3% 1H09 1H08 4,068 3,957 -38% -43% 221 357 93 163 167 -21 -166 -198 IPP SPP Others Overseas EGCO REGCO, KEGCO, Roi-ET Green, ESCO, ET Conal, BLCP, GPG-KK2 EGCO Cogen, Quezon, 16 GEC Excl. GPG,
Slide 17: Profit before FX by Segment and Company
Profit before FX Ended June 30, 2009 By Segment By Company GEC Excl. GPG 4% 163 MB GPG - KK2 23% EGCO Cogen 0% 1,093 MB 12 MB Roi Et Green 1% IPP 89% SPP 5% 46 MB Conal 1% 4,068 MB BLCP 41% 50 MB 221 MB 167 1,913 MB Quezon 5% MB Overseas 4% 210 MB 93 ESCO 1% MB 41 MB REGCO 17% ET 1% 53 MB 775 MB Oth
Slide 18: Cashflow Ended June 30, 2009 and 2008
Financial Results : Cashflow Ended June 30, 2009 and 2008 Million Baht 18
Slide 19: Summary of Debt Structure
Financial Results : Summary of Debt Structure Total Outstanding Balances Total Facilities 30 June 2009 USD 27 M. USD 17 M. 4.76% JPY 1,260 M. JPY 722 M. 2.15% Baht 24,287 M. Baht 11,189 M. 93.09% • Total facilities and total outstanding balances of EGCO Group (Not in EGCO’s portion) • Total outstand
Slide 20: EGCO D/E Profiles
EGCO D/E Profiles : Ended June 30, 2009 Million Baht 1.20 Total Debt (One Line) : 11,818 Total Equity : 48,891 1.00 0.97 0.94 0.89 0.86 0.85 0.89 0.91 0.89 Cash and cash equivalents : 4,866 0.80 Outstanding revolving credit facility : 500 0.60 Total : 5,366 0.41 0.40 0.36 0.31 0.31 0.28 0.28 0.26 0.
Slide 21: Dividend Policy
Financial Results : Dividend Policy Baht/Share 5.00 4.75 4.00 3.25 2.50 2.50 3.00 2.50 2.75 2.00 2.25 1.50 1.75 1.25 1.50 1.25 2.25 2.50 2.00 1.25 1.25 1.50 1.50 1.00 2001 2002 2003 2004 2005 2006 2007 2008 Interim Final “In the absence of unforeseen circumstances, the company has a policy to divide
Slide 22: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 23: EGCO Shareholding Structure as of March 2009
Corporate Overview : EGCO Shareholding Structure as of 10 March 2009 EGAT OneEnergy Thailand Ltd. (owned by OneEnergy which is jointly owned 50% each by CLP Holding and Mitsubishi Corporation) 25.41% 22.42% * Foreign investors comprise those investing in foreign board (22.40%) and Non-Voting Deposit
Slide 24: EGCO Board of Directors as of June 22, 2009
Corporate Overview : EGCO Board of Directors as of June 22, 2009 • Mr. Pornchai Rujiprapa (Chairman of the Board) EGAT • Mr. Apichart Dilogsopon Directors • Mr. Wisudhi Srisuphan • Mr. Somboon Arayaskul • Mr. Peter Albert Littlewood • Mr. Mark Christopher Jobling OneEnergy • Mr. Hideaki Tomiku Direc
Slide 25: EGCO Group Structure
Corporate Overview : EGCO Group Structure EGCO Group 4,252.4 MW Majority Owned Minority Owned 2,156.6 MW 2,095.8 MW ESCO REGCO EGCO Green EGCO Cogen KEGCO GEC BLCP NT2 EGCO BVI EAST Water 1,232.00 9.40 117.00 824.00 1,895.00 1,434.00 1,086.80 159.60 100.0% 100.0% 74.0% 80.0% 100.0% 50.0% 50.0% 25.0%
Slide 26: EGCO Group's CSR Projects
Corporate Overview : EGCO Group’s CSR Projects Environment and Natural Resource Conservation 1. Forest : The Circle of Life (Forest Fight Global Planting at Doi Inthanond) 2. How to Fight Global Warming with Sustainable Living 3. EGCO Thai conservation of Forest Youth Camp 4. Research on Dolphin Pop
Slide 27: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 28: Operating Results – One Line VS Proportionate, Ended June 30, 2009 and 2008
Financial Results : Operating Results – One Line VS Proportionate Ended June 30, 2009 and 2008 Million Baht 28
Slide 29: Operating Results – One Line VS Proportionate 2Q09 VS 2Q08
Financial Results : Operating Results – One Line VS Proportionate 2Q09 VS 2Q08 Million Baht 29
Slide 30: Operating Results – One Line VS Proportionate 2Q09 VS 1Q09
Financial Results : Operating Results – One Line VS Proportionate 2Q09 VS 1Q09 Million Baht 30
Slide 31: Segmental Operating Results: Ended June 30, 2009
Segmental Operating Results : Ended June 30, 2009 Million Baht 31
Slide 32: Segmental Operating Results: Ended June 30, 2008
Segmental Operating Results : Ended June 30, 2008 Million Baht 32
Slide 33: Segmental Operating Results: 2Q09
Segmental Operating Results : 2Q09 Million Baht 33
Slide 34: Segmental Operating Results: 2Q08
Segmental Operating Results : 2Q08 Million Baht 34
Slide 35: FX Analysis Ended June 30, 2009 and 2008
Financial Results : FX Analysis Ended June 30, 2009 and 2008 Million Baht Arise in Gain on FX due to the Baht appreciation 35
Slide 36: EBITDA (One Line) and Net Profit
Financial Results : EBITDA (One Line) and Net Profit Ended June 30, 2009 and 2008 Million Baht EBITDA 1H09 1H08 6% 6,370 6,019 Net Profit 9% 4,642 4,257 18 31 -295 -336 -316 -356 -1,135 -1,101 Finance costs Tax DA FX 36
Slide 37: EBITDA (Proportionate) and Net Profit
Financial Results : EBITDA (Proportionate) and Net Profit Ended June 30, 2009 and 2008 Million Baht EBITDA 1H09 1H08 + 4% Net Profit 8,588 8,250 + 9% 4,642 4,257 258 0.12 -529 -449 -1,322 -1,323 -2,353 -2,221 Finance costs Tax DA FX 37
Slide 38: Financial Ratio Highlights
Financial Results : Financial Ratio Highlights 38
Slide 39: Appendices
Appendices • Corporate Overview • Financial Results • Operating Performance
Slide 40: Annual Net Generation & Electricity Sales 2004-2008
Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year 2004-2008 Net Generation GWh (Block I) Electricity Sales MM Baht (Block I) REGCO KEGCO BLCP KK II • EGAT is the sole offtaker for electricity produced by REGCO and KEGCO under long term cost-plus based Power Purcha
Slide 41: Major Maintenance Expenses for the Year 2009
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2009 MM Baht 41
Slide 42: Major Maintenance Expenses for the Year 2008
Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2008 MM Baht 42
Slide 43: Operating Performance Equivalent Availability Factor
Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor 43
Slide 44: Net Generation and Fuel Consumption
Operating Performance (IPPs) : Net Generation and Fuel Consumption 44
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