ANALYSTS BRIEFING UNAUDITED Q1 FY2015

Transcription

1 ANALYSTS BRIEFING UNAUDITED Q1 FY May 2015

2 Contents OVERVIEW 3 FINANCIAL HIGHLIGHTS 8 PROJECT STATUS 17 KEY TAKEWAYS 20 1/21

3 OVERVIEW

4 Present Domestic and International Footprint Malaysian Independent Power Generation International Independent Water Production & Power Generation Prai Power Plant MW SEV Power Plant 1,221.6 MW GB3 Power Plant MW Kapar Power Plant MW Az Zour South Combined Cycle Power Plant 1,200.0 MW (1) Souk Tleta IWP 71,400 m 3 /day Hidd IWPP 164,000 m 3 /day MW Shuaibah Phase 3 Expansion IWP 17,850 m 3 /day Shuaibah Phase 3 IWPP 105,600 m 3 /day MW Merak Coal-Fired Power Plant MW (1) 55 tonnes/hour Al Ghubrah IWP (under construction) 85,950 m 3 /day Macarthur Wind Farm MW Port Dickson Power Plant MW Total power generating capacity Domestic 7,249.4 MW International 2,249.0 MW (2) Tanjung Bin Power Plant 1,890.0 MW Tanjung Bin Energy Power Plant (under construction) 1,000.0 MW Total effective power generating capacity Total water production capacity Domestic 5,346.0 MW International MW (2) 1,640,000 m 3 /day Note: Based on the Company s effective capacity (1) Provides Operations & Maintenance ( O&M ) services only and is not based on effective capacity O&M s business presence (2) Excludes Az Zour South Combined Cycle Power Plant and Merak Coal-Fired Power Plant 3/21 Total effective water production capacity 358,850 m 3 /day

5 Our Targets International 10% 2015 International 30% 2020 Local 90% Local 70% Total: 6,036 MW nett Total: 10,000 MW nett 5,826 MW current generation capacity 210 MW Renewable 358,850m 3 /day Desalination O&M: 2,220 MW 1,421,000 m 3 /day 9,700 generation capacity 300 MW Renewable 530,000 m 3 /day Desalination O&M: 4,000 MW 2,800,000 m 3 /day 4/21

6 Further Expand Power Generation Platform in Malaysia Total Portfolio Growth Target Effective Power Generation Capacity (Domestic & International) (MW) 10,000 6,036 7,036 Domestic International Expansion Opportunities: 1 Current 2016E 2020E Tanjung Bin Energy Power Plant expected to commence commercial operations in Participate in a 1,300 MW co-generation power plant that forms part of PETRONAS Refinery and Petrochemicals Integrated Development ( RAPID ) in Southern Johor (2) 3 Exploring possibility of new 1,000 MW coal-fired plant at Tanjung Bin site to export power to Singapore 4 Exploring posibility of a new 1,000 MW coal-fired power plant in North Peninsular Malaysia to export power to Thailand, to capitalise on the substantial energy demand-supply gap in Thailand 5 Existing land site of ~400 hectares with ready access to transmission infrastructure to accommodate expansion and building of additional plants 6 (1) Leverage on land bank with long remaining land leases life with ~47 years (3) for further capacity expansion or contract extension beyond life of existing PPAs 7 Pursue additional investments or acquisitions with attractive returns Notes: (1) As at 20 March (2) In the midst of discussions. (3) Average lease life. 5/21

7 Grow International Presence in Power Generation and Water Production International Expansion Focus 1 Cooperate with strategic partners in international projects Lower-cost financing Specific expertise Competitive advantage in securing projects Risk mitigation 2 Focus on stable, developed and mature energy markets Established merchant power markets Stable regulatory, legal and power market structure Entry for new participants relatively seamless UK 3 Develop capabilities to become merchant power operator Emerging countries with high GDP-growth and expanding energy markets MENA and Turkey Substantial energy demand-supply gap 4 Shortfall in domestic investments in the energy sector Malaysia-based companies have been successful in international expansion in these countries Leverage experience and track record South Africa Southeast Asia and Australia Consolidate market share in existing countries of operation Increase market share in target countries Pursue greenfield, brownfield projects and acquisition opportunities Pursue additional investments on selective basis Profitable projects with geographical diversification Investments to expand portfolio without significant capital commitments Financed through combination of internally generated funds and/or borrowings 6/21

8 FINANCIAL HIGHLIGHTS

9 Key Financial Parameters Q1 FY2015 RM mil Q1 FY2014 RM mil Increments Q4 FY2014 RM mil Revenue 1,347 1,238 9% 1,482 Profit from operating activities % 388 PBT % 202 PATMI ,367% 113 EBITDA % 674 EPS * 2.90 sen 0.07 sen 3,833% 3.15 sen * EPS calculated based on 3,582,080,000 number of share after completion of the Pre IPO exercise : Bonus Issue and Subdivision of Shares excluding the conversion of RCPS 8/21

10 Financial Results Better results largely due to the improved performance of Tanjung Bin power plant Q1 FY2015 RM mil Q1 FY2014 RM mil Variance RM mil Variance % Revenue 1,347 1, % Cost of sales (898) (870) (28) (3%) Gross profit % Other income % Administrative expenses (81) (62) (19) (31%) Operating expenses (41) (83) 42 51% Profit from operating activities % Interest income % Finance costs (214) (229) 15 7% Share of associates and JV s profit % Profit before taxation % Income tax expenses (55) (29) (26) (90%) Profit for the period % Profit attributable to: Owners of the Company ,367% Non-controlling interests % 9/21

11 Revenue Mix Total revenue Power generation revenue comprises: RM1.22b RM1.12b 10% RM1.35b RM1.24b 10% Q1 FY2015 Capacity Payment RM573m 9% 7% 10% Q1 FY2014 Capacity Payment RM484m 8% 12% 33% 38% RM1.22b 90% RM1.12b 90% 43% 42% Q1 FY2015 Q1 FY2014 Energy Payment RM1,215 Energy Payment 1% 5% RM642m 6% RM632m 5% 13% 18% 30% Power Generation Others 71% 51% TBP SEV GB3 PPSB PDP 10/21

12 Impact of IC Interpretation 4 The adoption of IC interpretation 4 has resulted in the PPAs of our subsidiaries to be accounted for as operating leases. Revenue from capacity payments are recognised on a straight-line basis over the term of the relevant PPA. Previously, these PPAs were accounted for as normal sale and purchase contracts. Q1 FY2015 Q1 FY2014 Actual capacity Actual capacity payments received Revenue recognised Variance payments received Revenue recognised Variance RM'mil RM'mil RM'mil RM'mil RM'mil RM'mil TBP SEV (40) (38) PPSB GB (15) PDP * Lease Accounting (IC4) impact in prior years RM2,400 RM2,200 RM290mil RM180mil Actual capacity payments received RM2,000 Revenue recognised RM1,800 FY2012 FY2013 FY2014 * Acquisition of PD Power was completed in Q /21

13 Breakdown of Costs Q1 FY2015 Q1 FY % 18% 3% Finance Cost RM214m Finance Cost RM229m 7% 7% Admin RM81m Cost of Sales RM898m 73% 5% Admin RM62m Cost of Sales RM870m 70% Major cost components: Cost of sales : Fuel costs, depreciation and amortisation of intangible assets. Finance costs : Interest expense for project financing Admin : Staff-related costs, professional fees, contributions and corporate social responsibility activities & depreciation of office equipment and furniture and fittings Other : insurance premiums, cess fund created by the Energy Commission, sales taxes and duties, licence fees, coal handling fees and amortisation and impairment of intangible assets relating to an associate Note : We would potentially incur the majority of this year s maintenance costs in Q2, and the same will be reflected in our Q2 results. 12/21

14 Debt Analysis Debt profile by foreign currency Debt profile by interest rate terms RM0.3b 2% RM1.9b 10% Floating rate 6% RM1.2b RM15.9b 88% Fixed rate 94% RM17.0b RM USD AUD Q1 FY2015 Pro Forma Post IPO Gearing Ratio 4.4x 2.8x Net Gearing Ratio 3.6x 2.1x Weighted Average Cost of Debt 5.51% 5.43% 13/21

15 Capital Expenditure (RM) 556m 11m 51m Tanjung Bin Energy Plant C-Inspection Cost (major) Others 157m 5m 66m 494m Majority of the capital expenditure were related to the construction and development of the Tanjung Bin Energy Power Plant which is mostly funded by non-recourse borrowings. 86m Q1 FY2015 Q1 FY /21

16 Sustainable Long Term Return To Shareholders Dividend Payout RM mil % % % 80.0% 60.0% 40.0% Target FY2015: - Dividend payout ratio of not less than 70% of consolidated profit to shareholders INTERIM DIVIDEND - FY2013 FY2014 Interim % 0.0% Interim single-tier dividend of 3 sen per share for FY2015 Books closure date :12 June 2015 Payment date: 8 July 2015 Ordinary shares dividend Payout ratio Dividend Payout Ratio is calculated by dividing total ordinary dividends declared in respect of the financial year by the profit attributable to the owners of our Company of the respective financial years consolidated profit is higher, hence the drop in % 15/21

17 PROJECT STATUS

18 Tanjung Bin Energy Power Plant (1000MW) Overview Tanjung Bin Energy Commercial operations are expected to commence in 2016 Supercritical coal-fired thermal power plant Power generated is expected to be sold to TNB under a 25-year PPA PPA expected to expire in February 2041 Competitive Advantage Ready access to requisite land, existing coal handling and transmission infrastructure at our existing Tanjung Bin site that can be utilised for further capacity expansion Current Status As at April 2015 actual physical completion stood at 92% versus the scheduled completion of 97% (variance 5%) Civil works coming towards the end by May 2015 whilst mechanical and electrical erection continues with accelerated pace. Commissioning works has started for some auxiliary plants e.g. Coal Handling System, Water Treatment Plant and Auxiliary Boiler First full coal shipment completed and Light Fuel Oil (Diesel) delivery commenced in Apr Key Milestones Key Highlights Fuel Type Project Cost Financing O&M Coal RM6.7bil (successfully secured project financing of approximately RM5.2bil) RM5.1bil expected to be spent up until Dec 2014 Remaining RM1.6bil to be incurred in 2015/16 80:20 debt to equity Malakoff Power Berhad Signs PPA and CSTA for the Tanjung Bin Energy Power Plant EPC contractors have reported that actual physical completion of the plant stood at approx. 79% as at 28 November 2014 Expected completion date Expansion will solidify Tanjung Bin as one of the largest independent coal-fired power plant in Southeast Asia EPC Consortium consists of:- Alstom Power Systems SA Alstom Services Sdn Bhd Shin Eversendai Engineering (M) Sdn Bhd Mudajaya Corporation Berhad 17/21

19 Tanjung Bin Energy Progress Power Block (view from East) Power Block (view from West) Cooling Water Intake Area Coal Yard (view from South) 18/21

20 KEY TAKEAWAYS

21 Strong Q1 FY2015 given the full recovery of Tanjung Bin Power Redemption of RM1.8 billion Junior Sukuk from the IPO proceeds provides annual interest savings of RM113 million Tanjung Bin Energy is on track to further enhance the group financials Focused to deliver growth that will be value added and earnings accretive 20/21

22 THANK YOU

23 Power Plant s Availability Q Q SEV GB3 PPSB TBP PDP Note:- Availability:- computed as 1 Unplanned outage rate Gas plant UOR allowance-4% Coal plant s UOR allowance -6% Within the allowance, company will get 100% capacity payment 22/21

24 Company / Business Overview: Fuel is pass through cost Capacity payment covers the investment Low despatch factor does not affect the original IRR because the margin from energy payment is marginal Borrowings mostly from project finance on non recourse basis. They are raised at each power plant entities with proper debt covenants ring fencing the repayments to lenders 23/21

25 Financial Position At At RM mil RM mil Assets Property, plant and equipment 14,333 14,324 Intangible Assets 4,582 4,704 Finance lease receivables 1,961 1,991 Cash and cash equivalents 3,298 3,575 Other assets 4,848 4,742 Total Assets 29,022 29,336 Liabilities Borrowings 18,162 18,227 Other liabilities 6,708 6,932 Total Liabilities 24,870 25,159 Equity Shareholders' funds 3,937 3,964 Non-controlling interests Total Equity 4,152 4,177 Return on Equity* 10.57% 8.63% * annualised based on YTD figures as at 31 March /21

26 Increasing Role of Coal-Fired Power Generation in Malaysia Malaysia s Shift in Energy Mix Towards Coal Malaysia s Power Plant Capacity Mix % 2% Malakoff s Strength in Coal Will Capture this Shift Malakoff s Well-Diversified Fuel Mix in Malaysia Current (1) 18% 32% 35% 57% 47% 2020E 25% 2016E 15% 49% 5% 46% 39% 21% Coal Gas Hydro Others (2) Coal Gas Multi-fuel fired We currently operate one of the largest privately owned coal-fired power plants in SEA based on generating capacity that accounts for ~29.3% of Peninsular Malaysia s total installed coal-fired generation capacity (3) Source: Frost & Sullivan. Notes: (1) As at 20 March (2) Others include diesel, oil and renewable. (3) As of 20 March 2015, according to Frost & Sullivan. 25

27 3 Proven Development, Acquisition and Operation and Maintenance Track Record Proven Development and Acquisition Track Record with Total O&M Portfolio Capacity of 8,049 MW of power, 1,421,000 m 3 /day water and 55 tonnes of steam per hour (1) Country Commercial Operation Date ( COD ) Greenfield development and EPC negotiation O&M Debt financing Kapar Power Plant Malaysia Port Dickson Power Plant Malaysia 1995 SEV Power Plant Malaysia GB3 Power Plant Malaysia Prai Power Plant Malaysia 2003 Tanjung Bin Power Plant Malaysia Successful acquisitions (2004) (2) (1995) (3) /(2014) (4) (2003) (2) Key highlights Construction completion ahead of schedule Construction completion ahead of schedule, including the conversion of the plant from an OCGT power plant to a CCGT power plant Construction completion on schedule Tanjung Bin Energy Power Plant Malaysia 2016 Under construction Merak Power Plant Indonesia 2013 Shuaibah Phase 3 IWPP / Shuaibah Phase 3 Expansion IWP Saudi Arabia Largest IWP project in the MENA region (5) Souk Tleta IWP Algeria 2011 Hidd IWPP Bahrain (2012) (3) Largest IWPP in Bahrain (5) Al Ghubrah IWP Oman 2015 Under construction Az Zour Emergency Power Plant Kuwait 2008 Az Zour South Combined Cycle Power Plant Kuwait 2013 Macarthur Wind Farm Australia 2013 (2013) Largest wind farm in the Southern hemisphere (1) Malakoff has a proven track record of expansion through greenfield developments and acquisitions Notes: (1) As at 20 March (4) Year of acquisition of remaining 75% stake. (2) Year of acquisition. (5) According to Frost & Sullivan as of December (3) Year of commencement of operations. 26

28 SEV Power Plant Capacity & ownership Location Commencement date Plant description Offtaker Fuel supply Operation & management Generation capacity of 1,303.0 MW; effective capacity of 1,221.6 MW Co-owned by Malakoff (93.75%) and Employees Provident Fund (6.25%) Perak, Malaysia July 1996 (first block) and January 1997 (second block) Two blocks using gas turbines, each with a capacity of MW Three Alstom Power gas turbines and one steam turbine 21-year PPA with TNB Extended to operate for another 10 years until June 2027 Fuel supply contract with PETRONAS that runs concurrently with the PPA Provided by Malakoff s wholly-owned subsidiary, Malakoff Power Berhad ( M Power ) SEV Power Plant Equivalent Availability Factor (%) (1) M2013 9M2014 Largest CCGT power plant owned by an IPP in Malaysia (3) Industry average Notes: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 2) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output 3) As at 31 October 2014, 27

29 GB3 Power Plant Capacity & ownership Location Commencement date Plant description Offtaker Generation capacity of MW; effective capacity of MW Co-owned by Malakoff (75%), TNB (20%) and EPF (5%) Perak, Malaysia December 2001 as OCGT and converted to CCGT in November 2002 One block Three Alstom Power gas turbines and one steam turbine 21-year PPA with TNB (renewable for an additional three terms of five years each) GB3 Power Plant Fuel supply Operation & management Fuel supply contract with PETRONAS that runs concurrently with the PPA Provided by wholly-owned subsidiary, M Power Equivalent Availability Factor (%) (1) M2013 9M2014 Operational synergies and cost savings from co-location with SEV Power Plant Industry average Notes: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 2) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output, 28

30 Prai Power Plant Capacity & ownership Location Commencement date Plant description Offtaker Fuel supply Operation & management Generation and effective capacity of MW 100% owned by Malakoff Pulau Pinang, Malaysia June 2003 One block One GE gas turbine and one steam turbine 21-year PPA with TNB (renewable for an additional three terms of five years each) Fuel supply contract with PETRONAS that runs concurrently with the PPA Provided by wholly-owned subsidiary, M Power Prai Power Plant Equivalent Availability Factor (%) (1) M2013 9M2014 One of the most efficient natural gas-fueled power plants in Malaysia based on thermal efficiency (3) Industry average Notes: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 2) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output 3) As at LPD, 29

31 Port Dickson Power Plant Capacity & ownership Location Commencement date Generation and effective capacity of MW 100% owned by Malakoff Negeri Sembilan, Malaysia January 1995 Port Dickson Power Plant Plant description Four units using GE gas turbines Offtaker Fuel supply Operation & management 21-year PPA with TNB (renewable for an additional three terms of five years each) Natural gas supply contract with PETRONAS that runs concurrently with the PPA Provided by PDP O&M Sdn Bhd, a wholly-owned subsidiary of M Power Equivalent Availability Factor (%) (1) Consistently performing above IPP industry average (1) since 2009 Highest EAF ever recorded in M2013 9M2014 One of the most reliable OCGT power plants in Malaysia, based on reliability factor Industry average Note: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages, 30

32 Tanjung Bin Power Plant Capacity & ownership Location Commencement date Generation capacity of 2,100.0 MW; effective capacity of 1,890.0 MW Co-owned by Malakoff (90%) and EPF (10%) Johor, Malaysia September 2006 (first unit), February 2007 (second unit), August 2007 (third unit) Tanjung Bin Power Plant Plant description Three units using Toshiba turbines Offtaker Fuel supply Operation & management 25-year PPA with TNB (renewable for an additional three terms of five years each) Coal supply contract with TNB Fuel Services that runs concurrently with the PPA Provided by Tanjung Bin O&M Berhad, a wholly-owned subsidiary of M Power Equivalent Availability Factor (%) (1) M2013 9M2014 One of the largest privately owned coal-fired power plants in SEA Industry average Notes: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 2) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output, 31

33 Kapar Power Plant Capacity & ownership Location Commencement date Plant description Offtaker Coal/Fuel/Gas/Oil supply Operation & management Generation capacity of 2,420.0 MW; effective capacity of MW Co-owned by Malakoff (40%) and TNB (60%) through associate, Kapar Energy Ventures Sdn Bhd ( KEV ) Selangor, Malaysia October 1985 and August 1986 (first phase) December 1988 and July 1989 (second phase) April 2001 and June 2001 (third phase) December 1995 and January 1996 (fourth phase) Four phases GE, GE Nuovo Pignone and Mitsubishi Heavy Industries turbines 25-year PPA with TNB Coal and MFO are purchased pursuant to a supply agreement with TFS Natural gas is purchased pursuant to a supply arrangement with TNB as set forth in the KEV PPA Distillate oil is purchased pursuant to spot market KEV Kapar Power Plant Equivalent Availability Factor (%) (1)(2) M2013 9M2014 Largest power plant in Malaysia (4) Notes: 1) Calculated by the taking the average of the four phases 2) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 3) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output 4) As at LPD 32

34 Shuaibah Phase 3 Expansion IWP & Shuaibah Phase 3 IWPP Shuaibah Phase 3 Expansion IWP & Shuaibah Phase 3 IWPP Capacity Water production capacity of 1,030,000 m 3 /day; effective capacity of 123,450 m 3 /day Generating capacity of MW; effective capacity of MW Location Jeddah, Kingdom of Saudi Arabia Commencement date November 2009 (IWP) and January 2010 (IWPP) Ownership Offtaker Plant description IWP - Co-owned by Malakoff (11.9%), TNB (5.95%), Khazanah (11.9%), Acwa Power (29.75%), PIF (1) (31.2%), SEC (2) (8.3%) and various individuals (1.0%) IWPP - Co-owned by Malakoff (12.0%), TNB (6.0%), Khazanah (12.0%), Acwa Power (30.0%), PIF (32.0%), SEC (8.0%) 20-year Power and Water Purchase Agreements ( PWPA ) with Saudi Arabia s Water and Electricity Company 12 multistage flash distillers processing sea water 3 units of light crude oil-fired boilers and three backpressure turbines Selected water capacity & power contribution by plant in MENA Water Capacity (m 3 /day) (3) Power Contribution (MW) (4) Operation management & Provided by Al-Imtiaz Operation & Maintenance Company Limited (Shuaibah Phase 3 Expansion IWP) Provided by Saudi-Malaysia Operation & Maintenance Services Company Limited (Shuaibah Phase 3 IWPP) 1,030, , ,000 2, Shuaibah 3 Jubail Shuqaiq Jubail Shuaibah 3 Shuqaiq Largest independent water project in the MENA region Source: Frost & Sullivan Notes: (1) Denotes Public Investment Fund of the Kingdom of Saudi Arabia (2) Denotes Saudi Electricity Company (3) Based on plant design capacity (4) Based on installed capacity 33

35 Souk Tleta IWP Souk Tleta IWP Capacity Water production capacity of 200,000 m 3 /day; effective capacity of 71,400 m 3 /day Location Wilaya of Tlemcen, Algeria Commencement date April 2011 Ownership Offtaker Operation & management Co-owned by Malakoff (35.7%), MenaSpring Utility (Tlemcen) Pte Ltd (15.3%), and Algerian Energy Company (49.0%) 25-year Water Purchase Agreement ( WPA ) with Algeria s national water company, L Algerienne Des Eaux, and Algeria s national oil and gas company, Sonatrach Provided by Hyflux-TJSB Algeria SPA Malakoff s first project in Northern Africa 34

36 Hidd IWPP Capacity Location Water production capacity of 410,000 m 3 /day; effective capacity of 164,000 m 3 /day Generating capacity of MW; effective capacity of MW Hidd, Bahrain Hidd IWPP Commencement date Ownership 2000 (first phase), 2004 (second phase) and 2008 (third phase) Co-owned by Malakoff (40.0%), GDF Suez S.A. (30.0%), and Sumitomo Corporation (30.0%) Offtaker Operation & management 20-year PWPA with Bahrain s Ministry of Electricity and Water Provided by Hidd Power Company B.S.C. Dominant Market Share (%) Power Contribution (1) Water Contribution (2) Hidd Other IWPPs Hidd Other IWPs 34.0% 41.4% 66.0% 58.6% Source: Frost & Sullivan Notes: (1) Based on gross installed power generation capacity (2) Based on gross water production capacity Major supplier of Bahrain s consumed power and water based on market share 35

37 Latest Additions: Macarthur Wind Farm & Al Ghubrah IWP Macarthur Wind Farm Al Ghubrah IWP Capacity Generation capacity of MW, effective capacity of MW Capacity Expected water production capacity of 191,000 m 3 /day; effective capacity of 85,950 m 3 /day Location State of Victoria, Australia Location Muscat, the Sultanate of Oman Acquisition date Commencement date Plant description Ownership Offtaker June 2013 February unit of Vestas 3 MW V112 wind turbines Co-owned by Malakoff (50.0%) and Macarthur Wind Farm (50.0%) through an unincorporated joint venture (UJV) 25-year offtake arrangement with AGL Hydro Formation date Commencement date Ownership Offtaker January Co-owned by Malakoff (45.0%), Sumitomo Corporation (45.0%), and Cadagua S.A. (10.0%) Expected to supply water to Oman Power and Water Procurement Co. SAOC pursuant to a WPA for a term of 20 years Operation & management Provided by AGL Hydro Operation & management Provided jointly by wholly-owned subsidiary TJSB International Ltd, Sumitomo and Cadagua S.A Largest Wind Farm in the Southern Hemisphere (1) To Increase Oman s Daily Water Production Capacity by 17% (2) Notes: (1) As at 31 October 2014 according to Frost & Sullivan (2) Computed based on Oman s Total Daily Water Production Capacity in

38 Operation and Maintenance Overview Project Summary M Power TJSB International Group Project Location Ownership Generating Capacity Date of OMA O&M Term (years) SEV Power Plant Subsidiary 1,303.0 MW (2) GB3 Power Plant Subsidiary MW Offers services to our own power plants in Malaysia Participate in power and water projects as sole or co-developers Conduct engineering audits, inspections and operation and maintenance for our own power plants in Malaysia Services also include fuel management, inventory management, emissions monitoring and personnel training Services are performed pursuant to contractual arrangements Contractual Arrangements (1) Lump Sum Cost Plus Hybrid Lump sum payment, regardless of the actual operations and maintenance costs incurred Based on the actual operations and maintenance costs Include an additional management fee Offers services to associates, a joint venture and third-party clients overseas Customised according to owner s needs Hybrid of Lump Sum and Cost Plus Prai Power Plant Subsidiary MW Tanjung Bin Power Plant Tanjung Bin Energy Power Plant Port Dickson Power Plant Shuaibah Phase 3 IWPP Shuaibah Phase 3 Expansion IWP Al Ghubrah IWP Souk Tleta IWP Merak Coal-Fired Power Plant Az Zour South Combined Cycle Power Plant Subsidiary 2,100.0 MW Subsidiary 1,000.0 MW Subsidiary MW Associate Associate Associate Joint Venture Third Party 880,000 m 3 /day MW 150,000 m 3 /day 191,000 m 3 /day 200,000 m 3 /day MW 55 MT/hour Third Party 1,200.0 MW Average 19 Notes: 1) Company website 2) Includes the 10-year extension Earnings visibility from long contract period and an average contract expiration period of 19 years 37

39 38 Electricity and Chilled Water Distribution & Project Management Business Electricity and Chilled Water Distribution Operate through Malakoff s wholly-owned subsidiary Malakoff Utilities Sdn Bhd Supplies electricity to buildings in the Kuala Lumpur Sentral Development Electricity is purchased in bulk from TNB Pursuant to a 11-year license, expiring in October 2017 (renewable for an additional 10 years) Tariffs charged as approved by the Energy Commission Supplies chilled water for air conditioning to the Plaza Sentral office suites Pursuant to chilled water supply agreements A total capacity of 17,000 RT as at 28 November 2014 Project Management Business Operate via Malakoff s wholly-owned subsidiary Malakoff Engineering Sdn Bhd Primarily offer services to our own power plant projects Services include large-scale project management expertise related to: Execution of engineering, procurement and construction contracts for power plants Managing relationships with engineers and the relevant authorities Past projects include the SEV Power Plant, the GB3 Power Plant, the Tanjung Bin Power Plant and current projects include the Tanjung Bin Energy Power Plant SEV Power Plant GB3 Power Plant Business Capacity (RT) Certifications 9 buildings Tanjung Bin Power Plant 4 buildings 17,000 7,000 (1) +143% ISO 9001:2000 ISO 9001: F Complementary services via wholly-owned subsidiaries provide further accretion to Malakoff s earnings