Corporate Presentation

Transcription

1 Corporate Presentation Thailand Focus 2016 Aug 31 - Sep 2, 2016

2 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). However, the information within this presentation has been derived from the existing factors in the present time. Therefore, the forward-looking information on this presentation may not occur in the future if the aforementioned factors or situations are changed. Investors are, however, required to use their own discretion regarding the use of information contained in this presentation for any purpose. For further information, please contact Investor Relations Section of the Electricity Generating Public Company Limited (EGCO) at Tel: (662) or 2

3 Thailand Electricity s Overview EGCO Group s Overview Financial Performances Thailand Electricity s Overview EGCO Group s Overview Financial Performances 3

4 Regulators (ERC) Thailand Electricity s Overview EGCO Group s Overview Financial Performances EGAT Generators IPPs IMPORT SPPs VSPPs Transparent transfer pricing Transmission System Owner (TSOw) Single Buyer Transmission Network System Operator (NSO) MEA PEA END User Industrial User EGAT Electricity Generating Authority of Thailand IPP Independent Power Producer MEA Metropolitan Electricity Authority SPP Small Power Producer PEA Provincial Electricity Authority VSPP Very Small Power Producer ERC Energy Regulatory Commission IMPORT Purchasing from Laos & Malaysia Source: EPPO, ERC and EGAT 4

5 Thailand Electricity s Overview EGCO Group s Overview Financial Performances As of July 2016, Thailand s Power Installed Capacity was 41, MW. Classified by Producer Classified by Fuel type 6.7% 9.4% 14.4% 39.8% 18.2% 13.5% 61.6% 36.4% EGAT IPP SPP IMPORT NATURAL GAS HYDRO COAL OTHERS* EGAT : 16,376 MW IPP : 14,949 MW SPP : 5,895 MW Import : 3,878 MW Natural Gas : 25,281 MW Hydro : 5,553 MW Coal : 7,496 MW Others* : 2,768 MW Source: EGAT *OTHERS = Fuel Oil, Diesel, Renewable 5

6 Thailand Electricity s Overview EGCO Group s Overview Financial Performances As of July ,000 MW 29, MW (May 11, 2016) 27, MW (June 11, 2015) 8.3% 25, MW (July 26, 2016) 25,000 20,000 15,000 January February March April May June July August September October November December Source: EGAT

7 Thailand Electricity s Overview EGCO Group s Overview Financial Performances On May 14, 2015, The National Energy Policy Council approved Thailand s Power Development Plan (PDP 2015). The Plan was endorsed by the Cabinet on June 30, To reduce gas-fired portion from 65% to 30-40% in 2036 To increase coalfired portion from 20% to 25% To increase renewable portion from 8% to 20-25% To set Reserve Margin at least 15% of peak electricity demand. The average tariff rate over PDP 2015 is Baht/kWh. At the end of 2036, Thailand s power installed capacity would be up to 70.4 GW. 7

8 Thailand Electricity s Overview EGCO Group s Overview Financial Performances The total generating capacity during can be summarized as the following: Total capacity (as of December 2014) Total additional capacity during Total retired capacity during Grand total capacity (at the end of 2036) 37,612 MW 57,459 MW -24,736 MW 70,335 MW Gas-fired power plants 17,478 MW Renewable power plants 12,205 MW Import from other countries 11,016 MW Coal-fired power plants 7,390 MW Cogeneration power plants 4,119 MW Pumped Storage Hydro power plants 2,101 MW Nuclear power plants 2,000 MW Combined Cycle power plants 1,250 MW 57,459 MW 8

9 Thailand Electricity s Overview EGCO Group s Overview Financial Performances Thailand Electricity s Overview EGCO Group s Overview Financial Performances 9

10 Thailand Electricity s Overview EGCO Group s Overview Financial Performances The first Independent Power Producer (IPP) in Thailand established on May 12, 1992 through a spin off by EGAT. Listed on the Stock Exchange of Thailand on January 16,

11 Thailand Electricity s Overview EGCO Group s Overview Financial Performances As of March 15, 2016 EGAT 25.41% TEPCO 50% NDF* 50.11% NVDR 18.54% TEPDIA 23.94% Others 49.89% Mitsubishi 50% Foreign Investors 7.72.% Thai Investors 24.39% * Nuclear Damage Liability Facilitation Fund 11

12 Thailand Electricity s Overview EGCO Group s Overview Financial Performances BOD EGAT 4 seats TEPDIA 4 seats Independent Directors 6 seats President 1 seat 12

13 Thailand Electricity s Overview EGCO Group s Overview Financial Performances EGAT TEPDIA EGAT EGCO (President) 13

14 Thailand Electricity s Overview EGCO Group s Overview Financial Performances EGCO Group s business lines can be categorized into 3 business groups: Power Business To develop and acquire power plants with multiple fuel types. Service Business To provide operation, maintenance, engineering and construction services to power plants and other industries. Other Business To invest in water businesses that supply raw and tap water and the integrated energy business. 14

15 As of August 2016 Thailand EGCO s Electricity s Overview Overview EGCO Q3/2015 Group s Financial Overview Results Financial Projects Performances in Pipeline EGCO Group s portfolio comprises 23 operating power plants, total contracted capacity 4, MWe. Power Plant Province/Country Fuel Type Plant Type IPP EGCO Shares Contracted Capacity (MW) Attrib. Capacity (MWe) KEGCO (KN4) Nakhon Si Thammarat Natural Gas Combined Cycle % Jun 19, 2016 Jun 2041 GPG (KK2) Saraburi Natural Gas Combined Cycle 50.00% 1, May 5, 2007 & Mar 1, 2008 May 2032 & Mar 2033 BLCP Rayong Coal Thermal 50.00% 1, Oct 2006 & Feb 2007 Oct 2031 & Feb 2032 SPP Total IPPs 2, EGCO Cogen Rayong Natural Gas Cogeneration 80.00% Jan 28, 2003 Jan 2024 GCC Saraburi Natural Gas Cogeneration 50.00% Sep 3, 1998 Sep 2019 NKCC Saraburi Natural Gas Cogeneration 50.00% Oct 12, 2000 Oct 2021 SCC Samut Prakan Natural Gas Cogeneration 50.00% Sep 23, 1999 Sep 2020 GYG Yala Parawood Thermal 50.00% Nov 28, 2006 Nov 2031 Power Plant Province/Country Fuel Type Plant Type Renewable (Domestic) EGCO Shares Total SPPs Contracted Capacity (MW) Attrib. Capacity (MWe) NED Lop Buri Solar PV Solar PP 66.67% Dec 22, 2011 & May 2, 2013 Dec 2021 & May 2023 SPP2 Saraburi Solar PV Solar PP % May 2, 2012 May 2022 SPP3 Si Sa Ket Solar PV Solar PP % Feb 21, 2012 Feb 2022 SPP4 Si Sa Ket / Ubon Ratchathani Solar PV Solar PP % Jan 24, 2012 Jan 2022 SPP5 Roi Et Solar PV Solar PP % Jun 22, 2012 Jun 2022 GPS Nakhon Sawan / Chai Nat / Phetchabun Solar PV Solar PP 60.00% Mar 1-5, 2012 & Feb 1, 2013 Mar 2022 & Feb 2023 TWF Chaiyaphum Wind Wind Turbine 90.00% Jul 18, 2013 Jul 2023 Roi-Et Green Roi Et Rice Husk Thermal 70.30% May 29, 2003 May 2024 Solarco Nakorn Pathom / Suphan Buri Solar PV Solar PP 49.00% Nov 18, 2013 & Dec 16, 2013 Dec 2023 GIDEC Songkhla Waste Thermal 50.00% Dec 11, 2014 Dec 2024 Renewable (Overseas) Total Renewable (Domestic) SEG Indonesia Geothermal Thermal 20.00% Jun 2000 & Mar 2009 Jun 2030 & Mar 2039 BRWF Australia Wind Wind Turbine % Nov 28, 2014 Nov 2029 MPPCL Battery Energy Storage Philiphines Lithium-ion Battery Grid Scale Battery Storage 49.00% N/A N/A N/A Total Renewable (Overseas) Overseas Total Renewable QPL Philippines Coal Thermal % May 30, 2000 Jun 2025 NTPC (NT2) Laos Hydro Hydro PP 35.00% 1, Apr 30, 2010 Apr 2035 MPPCL Unit 1&2 Philiphines Coal Thermal 49.00% Jun 1998 & Dec 1998 Dec 2022 (Meralco) Total Overseas 1, Total Operating Projects 4, Contract Years Contract Years COD COD Expired Expired 15

16 Thailand Electricity s Overview EGCO Group s Overview Financial Performances EGCO Group s portfolio consists of 7 under construction projects, totaling contracted capacity MWe. As of August 2016 Power Plant Province/Country Fuel Type Plant Type Under Construction EGCO Contracted Capacity (MW) Attrib. Capacity (MWe) CWF Chaiyaphum Wind Wind Turbine 90.00% Dec 1, 2016 Dec 2041 TJ Cogen Pathum Thani Natural Gas Cogeneration % Jun 2017 Jun 2042 TP Cogen Ratchaburi Natural Gas Cogeneration % Oct 2017 Oct 2042 SK Cogen Ratchaburi Natural Gas Cogeneration % Oct 2017 Oct 2042 XPCL Laos Hydro Hydro PP 12.50% 1, Oct 1, 2019 Oct 2048 MPPCL Unit 3 Philippines Coal Thermal 49.00% Q2/2019 June 2039 SBPL Philippines Coal Thermal 49.00% Oct 8, 2019 Oct 2039 Shares Total Under Construction Total Under Construction and Under Development Projects Contract Years COD Expired 16

17 Thailand Electricity s Overview EGCO Group s Overview Financial Performances As of August 2016 Roi-Et Green, NED, SPP2, SPP3, SPP4, SPP5, GYG, GPS, TWF, SEG, Solarco, GIDEC, BRWF, MPPCL Battery Energy Storage Total 305 MW NTPC (NT2) Total 374 MW 9% 7% BLCP, QPL, MPPCL Unit 1&2 Total 1,442 MW 36% 48% KN4, GPG (KK2), EGCO Cogen, GCC, NKCC, SCC Total 1,928 MW Natural Gas Coal Hydro Renewable 17

18 Thailand Electricity s Overview EGCO Group s Overview Financial Performances As of August 2016 Quezon, NTPC (NT2), MPPCL Unit 1&2, MPPCL Battery Storage, SEG, BRWF NED, SPP2, SPP3, SPP4, SPP5, GPS, TWF, Solarco, GIDEC, Roi-Et Green Total 131 MW 32% Total 1,307 MW 58% KN4, GPG (KK2), BLCP Total 2,337 MW 3% 7% EGCO Cogen, GCC, NKCC, SCC, GYG Total 274 MW IPP SPP Renewable (Domestic) Overseas 18

19 Thailand Electricity s Overview EGCO Group s Overview Financial Performances As of July % 1% Thailand 46% Laos 9% (NTPC, XPCL) 41% 55% Thailand Philippines Australia Indonesia 19

20 NTPC Laos XPCL Laos THAILAND PHILIPPINES MPPCL Zambales QPL Quezon SBPL Quezon Asia Pacific Region MME Muara Enim INDONESIA SEG West Java AUSTRALIA BRWF New South Wales 20

21 Nakhon Sawan GPS (Ta Keet); Solar GPS (Ta Sang); Solar Lopburi NED; Solar Chai Nat GPS (Dong Korn); Solar Saraburi GCC; Gas NKCC; Gas GPG (KK2); Gas SPP2; Solar Nakhon Pathom/Suphanburi Solarco; Solar Ratchaburi TP Cogen; Gas SK Cogen; Gas Nakhon Sri Thammarat KEGCO (KN2&3); Gas KEGCO (KN4); Gas Songkhla GIDEC; Waste Yala GYG; Parawood IPP SPP Renewable Chaiyaphum TWF; Wind Farm CWF; Wind Farm Roi-Et Roi-Et Green; Rice Husk SPP5; Solar Srisaket SPP3; Solar SPP4; Solar Phetchabun GPS (Bueng Sam Phan); Solar Pathumthani TJ Cogen; Gas Samutprakarn SCC; Gas Rayong BLCP; Coal EGCO Cogen; Gas 21

22 Thailand Electricity s Overview EGCO Group s Overview Financial Performances SK Cogen (Gas) SBPL (Coal) TP Cogen (Gas) MPPCL Unit 3 (Coal) CWF (Wind) TJ Cogen (Gas) XPCL (Hydro)

23 Thai Market EGCO Group s Overview Financial Performance MWe 6,000 5,500 5,000 4,500 4,000 3,500 3, : 1,232 MW KEGCO (KN1,2&3) GCC SCC Conal - WMPC Conal - SPPC NKCC EGCO Cogen Roi-Et Green BLCP GYG GPG (KK2) QPL NTPC (NT2) NED SPP2-5 GPS TWF Solarco MPPCL SEG BRWF GIDEC NED (Add.) CWF KEGCO (KN4) MPPCL (Add.) TP Cogen SK Cogen TJ Cogen XPCL SBPL 4,878 MWe 2,500 2,000 1,500 RYPP 1, ,000-1, KEGCO (KN1) Retired (75) CONAL: WMPC (19), SPPC (10) Divestment (29) (1,232) RYPP Retired (749) GCC Retired KEGCO (KN2&3) Retired (55) (57) SCC Retired 23

24 Thailand Electricity s Overview EGCO Group s Overview Financial Performances Currently, EGCO Group s other business portfolio comprises 5 companies: Water EASTW (18.72%) ESCO (100%) O&M PEPOI (100%) O&M Coal Mining MME (40%) QMS (100%) Service Management 24

25 Thailand Electricity s Overview EGCO Group s Overview Financial Performances Operate power plants to achieve optimum efficiency and manage projects under construction to achieve COD on time Boost long-term earnings by acquisition of greenfield projects and/or expansion of existing projects Acquire operating assets to realize quick earnings, with focus on the Asia Pacific region 25

26 Thailand Electricity s Overview EGCO Group s Overview Financial Performances Thailand Electricity s Overview EGCO Group s Overview Financial Performances 26

27 Thailand EGCO s Electricity s Overview Overview EGCO 2015 Group s Financial Overview Results Financial Projects Performances in Pipeline Unit: Million Baht 1,397 2,048 Net Profit before FX, DT and TFRIC 4&12 FX Deferred Tax 75 MD&A -301 MB or -12 % 6 TFRIC 4&12 2,597 2,296 (1,191) (90) (164) (84) 27

28 Thailand EGCO s Electricity s Overview Overview EGCO 2015 EGCO Group s Financial Overview Results Financial Projects Performances in Pipeline Unit: Million Baht FX 2,930 Deferred Tax 243 3,899 MD&A 400 MB or 10% 4, ,299 Net Profit before FX, DT and TFRIC 4&12 TFRIC 4&12 Impairment of Assets (1,077) (135) (69) (196) 28

29 Million Baht 5,000 Thailand EGCO s Electricity s Overview Overview EGCO 2015 Q2/2016 EGCO Group s Financial Group s Financial Overview Results Results Financial Projects Performances in Pipeline 4,500 4,000 3,500 3,899 4,299 3,000 2,500 2,000 1,500 1,302 2,003 2,597 2,296 1, Q1 Q2 HALF-YEAR

30 Thailand EGCO s Electricity s Overview Overview EGCO 2015 Q2/2016 Group s Financial Financial Overview Results Results Financial Projects Performances in Pipeline SPP (GEC, EGCO Cogen) 252 MB Other Business (ESCO, MME) 71 MB, 1% Renewable (Overseas) 295 MB KN4 25 MB, 1% KN2&3 326 MB NTPC 490 MB 8% 5% 4% 5% 24% BLCP 1,560 MB 9% KK2 550 MB 9% 20% Quezon 1,271 MB 14% MPPCL 563 MB Renewable (Domestic) 875 MB Note: Excluding EGCO 30

31 Thailand Electricity s Overview EGCO Group s Overview Financial Performances Total Outstanding As of Mar 31, 2016 Total Outstanding As of Jun 30, 2016 AUD 239 M AUD 238 M USD 1,652 M USD 1,783 M THB 28,596 M THB 30,533 M Total Outstanding (Baht equivalence) THB 91,737 M THB 94,558 M 31

32 As of June 30, 2016 Thailand EGCO s Electricity s Overview Overview EGCO 2015 Q2/2016 EGCO Group s Financial Group s Financial Overview Results Overview Results Financial Projects Performances in Pipeline Times (X) EGCO + Subsidiaries EGCO Equity 80,112 MB EGCO + Subsidiaries Q2/2016 Equity 58,226 MB Debt 110,565 MB EGCO Debt 48,324 MB 32

33 Thailand EGCO s Electricity s Overview Overview EGCO 2015 Q2/2016 EGCO Group s Financial Group s Financial Overview Results Results Financial Projects Performances in Pipeline Baht/Share Interim Payment Final Payment Note Our dividend policy is 40% of the consolidated net profit after tax. Board of Directors approved the appropriation of net profit from the first-half year operation of 2016 at 3.25 baht for the interim dividend payment which will be paid on Sep 16,

34 THANK YOU

35

36 EGCO s Overview Q2/2016 Financial Results Projects in Pipeline Chaiyaphum Wind Farm (CWF) Type : Wind Power Plant Location : Sub Yai, Chaiyaphum Shareholders : EGCO 90%, PVI Group 10% SCOD : December 1, 2016 Contractual Type : SPP Non-Firm Contracted Capacity : 80 MW with EGAT Adder : 3.50 Baht/kWh for 10 years Overall Progress : Ending Q2/2016, the overall progress was 93.50%. (The construction plan was 97.72%.) 36

37 EGCO s Overview Q2/2016 Financial Results Projects in Pipeline TJ Cogeneration Project Type : Cogeneration Power Plant Location : Klong Luang, Pathum Thani Shareholders : EGCO 100% SCOD : June 2017 Contractual Type : SPP Cogeneration Installed Capacity : 115 MW Contracted Capacity : 90 MW with EGAT Contracted Capacity with IU : 12 MW and 13 t/h of steam Overall Progress : Ending Q2/2016, the overall progress was 63.03%. (The construction plan was 62.51%.) 37

38 EGCO s Overview Q2/2016 Financial Results Projects in Pipeline TP&SK Cogeneration Project Project Description Project Progress Type : Cogeneration Power Plant Location : Ban Pong, Ratchaburi Shareholders : EGCO 100% SCOD : October 2017 Contractual Type : SPP Cogeneration Installed Capacity : 125 MW each Contracted Capacity : 90 MW each with EGAT Contracted Capacity with IU : TP Cogen 23 MW and 40 t/h of steam SK Cogen 17 MW and 60 t/h of steam Overall Progress: Ending Q2/2016, the overall progress was 58.66%. (The construction plan was 62.15%.) 38

39 EGCO s Overview Q2/2016 Financial Results Projects in Pipeline Xayaburi Power Plant Project (XPCL) Type : Hydro Power Plant (Run-of- River) Location : Xayaburi District, Laos PDR Shareholders : EGCO 12.5%, CKP 30%, EDL 20%, BEM 7.5%, GPSC 25%, PT Construction and Irrigation Co., Ltd. 5% SCOD : October 29, 2019 Contractual Type : IPP Contracted Capacity : 1,220 MW with EGAT and 60 MW with EDL PPA : 29 years with EGAT and EDL Overall Progress : Ending Q2/2016, the overall progress was 66.69%. (The construction plan was 52.95%.) 39

40 EGCO s Overview Q2/2016 Financial Results Projects in Pipeline MPPCL Unit 3 Type : Brownfield expansion - Coal-fired Power Plant Project is an expansion at the same campus for Units 1&2 with same shareholders and project holding company Technology : Supercritical Boiler Location : Existing Site in Zambales, Luzon Shareholders : EGCO 49.00% and AES 51% SCOD : Q2/2019 Installed Capacity : 335 MW Contracted Capacity : 335 MW to date with Electric Cooperatives (EC) Term of Contract : 20 years with the ECs Overall Progress : Ending Q2/2016, site preparation and construction equipment survey are ongoing. 40

41 EGCO s Overview Q2/2016 Financial Results Projects in Pipeline Sanbuenaventura Power Co. Ltd (SBPL) Type : Coal-Fired Power Plant Technology : Supercritical Boiler Location : Quezon, Luzon, The Philippines Shareholders : EGCO Group 49%, MPG 51% SCOD : October 8, 2019 Contractual Type : IPP Installed Capacity : 500 MW Contracted Capacity : 455 MW with Meralco PSA Term : 20 years with 5-year extension Overall Progress: Ending Q2/2016, constructions of EPC Contractor s site office and camp were completed. Engineering and procurement works are ongoing. 41

42 42

43 EGCO Group s portfolio comprises of 10 domestic renewable power plants and 3 overseas renewable power plants, totaling contracted capacity MWe. As of August 2016 Power Plant Province/Country Fuel Type Plant Type Renewable (Domestic) EGCO Shares Contracted Capacity (MW) Attrib. Capacity (MWe) NED Lop Buri Solar PV Solar PP 66.67% Dec 22, 2011 & May 2, 2013 Dec 2021 & May 2023 SPP2 Saraburi Solar PV Solar PP % May 2, 2012 May 2022 SPP3 Si Sa Ket Solar PV Solar PP % Feb 21, 2012 Feb 2022 SPP4 Si Sa Ket / Ubon Ratchathani Solar PV Solar PP % Jan 24, 2012 Jan 2022 SPP5 Roi Et Solar PV Solar PP % Jun 22, 2012 Jun 2022 GPS Nakhon Sawan / Chai Nat / Phetchabun Contract Years COD Expired Solar PV Solar PP 60.00% Mar 1-5, 2012 & Feb 1, 2013 Mar 2022 & Feb 2023 TWF Chaiyaphum Wind Wind Turbine 90.00% Jul 18, 2013 Jul 2023 Roi-Et Green Roi Et Rice Husk Thermal 70.30% May 29, 2003 May 2024 Solarco Nakorn Pathom / Suphan Buri Solar PV Solar PP 49.00% Nov 18, 2013 & Dec 16, 2013 Dec 2023 GIDEC Songkhla Waste Thermal 50.00% Dec 11, 2014 Dec 2024 Renewable (Overseas) Total Renewable (Domestic) SEG Indonesia Geothermal Thermal 20.00% Jun 2000 & Mar 2009 Jun 2030 & Mar 2039 BRWF Australia Wind Wind Turbine % Nov 28, 2014 Nov 2029 MPPCL Battery Energy Storage Philiphines Lithium-ion Battery Grid Scale Battery Storage 49.00% N/A N/A N/A Total Renewable (Overseas) Total Renewable

44 Chachoengsao Chon Buri Rayong Rayong ESCO; O&M and Engineering Services East Water; Pipe Water Generating Muara Enim MME; Coal Mining Project 44

45