ANALYST S BRIEFING : No.3/2013. August 22, 2013

Transcription

1 ANALYST S BRIEFING : No.3/2013 August 22,

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 Highlights Q2/2013 Financial Results EGCO Group s Overview 3

4 Highlights Q2/2013 Highlights Project Highlights New Project Acquisition Post Q2/2013 Highlights Divestment of EGCO's investment in JV Signing Power Purchase Agreement 4

5 XPCL Xayaburi, Laos PDR SCOD: January 2019 NED Expansion Lopburi COD: May 2, 2013 TWF Chaiyaphum COD: July 18, 2013 Solarco Phase 1: Suphan Buri Phase 2-5: Nakhon Pathom SCOD: December 2013 COD Achievement: 1 project Under Construction: 4 projects GIDEC Songkhla SCOD: January

6 NED Expansion Project Description Type: Solar Power Plant Contracted Capacity: 8 MW Location: Wang Ploeng, Lopburi Province Shareholders: EGCO 33.33%, CLP 33.33%, DGA 33.33% Project Progress - COD on May 2,

7 Theppana Wind Farm Power Project (TWF) Project Description Type: Wind Farm Power Plant Contracted Capacity: 6.9 MW Location: Watabak, Chaiyaphum Province Shareholders: EGCO 90%, PVI Group 10% Project Progress COD on July 18,

8 Solarco Solar Power Project (Solarco) Project Description Type: Solar Power Plants Contracted Capacity: 6x9.5 MW Location: Phase 1 - Suphan Buri Province Phase Nakhon Pathom Province Shareholders: EGCO 49%, Yanhee Solar Power 51% Expected COD: September - December 2013 Project Progress - Most of PV module and main equipment were delivered to site, construction work is ongoing. - Ending Q2/2013, the progress of work was from 36.60% 87.60%. 8

9 Hat Yai Municipal Waste Power Plant (GIDEC) Project Description Type: Municipal Solid Waste Plant Contracted Capacity: 6.5 MW Location: Hat Yai, Songkhla Province Shareholders: EGCO 50%, IEC Green Energy 50% Expected COD : January 2014 Project Progress - The construction work for main equipment is ongoing. - Ending Q2/2013, the progress of work was 85%. 9

10 Xayaburi Power Company Limited (XPCL) Project Description Type: Hydropower Project, Run of River Installed Capacity: 1,285 MW Contracted Capacity with EGAT: 1,220 MW Contracted Capacity with EDL: 60 MW Location: Xayaburi District, Laos PDR Shareholder: EGCO 12.5%, CK 57.5%, Natee Synergy 25%, PT Construction and Irrigation Co., Ltd. 5% SCOD: January 2019 Project Progress - The design and excavation work of the three main structures, namely Navigation Lock, Spillway and Intermediate Block are ongoing. - Ending Q2/2013, the progress of work was 10.13%. 10

11 Highlights Q2/2013 Highlights Project Highlights New Project Acquisition Post Q2/2013 Highlights Divestment of EGCO's investment in JV Signing Power Purchase Agreement 11

12 Boco Rock Wind Farm (BRWF) Project Description Type: Wind Farm Power Plant (Green field) Installed Capacity: 113 MW Turbine: Totaling 67 GE Wind Turbine Generators (WTG) - 58 WTG x 1.7 MW - 9 WTG x 1.6 MW Location: New South Wales, Australia PPA: 15 years with Energy Australia Pty Ltd. (100% of output purchased by Energy Australia) Shareholders: EGCO 100% SCOD: February 2015 BRWF Stage-1 12

13 Highlights Q2/2013 Highlights Project Highlights New Project Acquisition Post Q2/2013 Highlights Divestment of EGCO's investment in JV Signing Power Purchase Agreement 13

14 Conal Holding Corporation (Conal) Details of Divestment Sale all existing EGCO s share in Conal (40% of shares in Conal) Conal holds the share in: 1) Alto Power Management Corporation, a management company 2) Southern Philippines Power Corporation, a 55 MW diesel power plant 3) Western Mindanao Power Plant Corporation, a 110 MW diesel power plant 14

15 Highlights Q2/2013 Highlights Project Highlights New Project Acquisition Post Q2/2013 Highlights Divestment of EGCO's investment in JV Signing Power Purchase Agreement 15

16 New Khanom Power Plant (KN4) Project Description Type: Combined Cycle Power Plant Installed Capacity: 977 MW Contracted Capacity: 930 MW Location: Khanom, Nakhon Si Thammarat Province Shareholder: EGCO 100% SCOD: June

17 Highlights Q2/2013 Financial Results EGCO Group s Overview 17

18 Million Baht 7,000 6,000 6,100 5,000 4,000 3,000 2,000 1,000 4,310 1, , or 14.02% 2, ,984 0 Q2/2012 Q2/2013 Power Generation Others Gain on Combination 18

19 Million Baht 9,000 8,000 7,825 7,000 6,000 5,000 4,000 3,000 2,000 1,000 4,310 3, , or 17.55% 4, , M 12 6M 13 Power Generation Others Gain on Combination 19

20 Million Baht 6,500 6,000 5,500 5,000 Highlights Q2/2013 Financial Results EGCO Group s Overview Increase in AP KEGCO 214 Rayong 36 BLCP (94) GPG (97) Result from Acquisition QPL 450 SPP5 46 GPS 58 TWF (2) NED 23 GIDEC (4) SPP2 46 APPC (19) SPP3 25 MME (14) SPP4 18 EGCO (350) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,515 3, , , Operating Performances BLCP 280 EGCOM Tara 5 GEC-SPP 235 Conal (2) QPL 162 Rayong (2) EGCO Cogen 150 Roi ET green (14) NED 24 GPG (33) SPP3 16 KEGO (119) SPP4 6 NTPC (194) ESCO 6 EGCO (221) 4,132 (18) Result from Deferred tax EGCO 317 KEGCO 6 SPP3 (3) Conal (7) GEC (9) BLCP (71) Rayong (103) QPL (150) 4, M M

21 ESCO 81 MB, 2% KEGCO 116 MB,2% Rayong 167 MB ET 67 MB, 1% Conal 33 MB, 1% SOLAR 367 MB (GPS, SPP2-5, NED) 8% 3% 25% BLCP 1,223 MB NTPC 377 MB 8% 9% SPP 414 MB(GEC, EGCO COGEN,ROI- ET Green) 20% 21% Quezon 1,022 MB (QPL,QMS,PEPOI) GPG(KK2) 958 MB Note: Excluding EGCO, MME, APPC, GIDEC, TWF 21

22 Total Outstanding As of 31 March 2013 Total Outstanding As of 30 June 2013 AUD 44 M USD 759 M USD 750 M JPY 314 M JPY 314 M THB 12,360 M THB 16,402 M Total Outstanding (Baht Equivalent) THB 34,470 M THB 40,460 M 22

23 Times (X) EGCO + Subsidiaries Unit: MB Debt 49,619 Debt Equity 67,555 Equity Debt 23,588 EGCO only Unit: MB 0 Equity 55,156 EGCO+Subsidiaries EGCO only Debt Equity 23

24 Q2/2013 Beginning Balance of Cash and Deposits at financial institutions 1,217 Net Cash Received from Operating Activities 148 Dividend received from subsidiaries JVs & Other 2,601 Net Cash Payments in Investing Activities (1,707) Investment in subsidiaries & JVs (210) Shareholder Loan (1,315) Others (182) Net Cash Payments in Financing Activities (1,547) Loans from financial institution (net) 405 Interest Payment (241) Dividend Payment (1,711) Ending Balance of Cash and Cash Deposits at financial institutions

25 Highlights Q2/2013 Financial Results EGCO Group s Overview 25

26 EGCO Group s Overview EGCO Shareholders Progress of Work Portfolio and Corporate Strategies 26

27 As of March 22, 2013 Highlights Q2/2013 Financial Results EGCO Group s Overview EGAT 25.41% TEPCO 50% NDF* 50.11% NVDR 10.43% 10.33% TEPDIA 23.94% Others 49.89% Mitsubishi 50% Foreign Investors 20.88% Thai Investors 19.44% * Nuclear Damage Liability Facilitation Fund 27

28 EGCO Group s Overview EGCO Shareholders Progress of Work Portfolio and Corporate Strategies 28

29 TP Cogeneration Project (TP Cogen) Project Description Type: Cogeneration Power Plant Installed Capacity: 125 MW Contracted Capacity with EGAT : 90 MW Contracted Capacity with IUs: 20 MW with 50 T/Hr of steam Location: Ban Pong, Ratchaburi Province Shareholder: EGCO 100% SCOD: June 2016 Highlights Q2/2013 Financial Results EGCO Group s Overview Project Progress - In process of EIA study for power plant and natural gas pipeline, EPC Selection, PPA & SPA negotiation with customer and conceptual design for natural gas pipeline. - Other necessary project development activities are ongoing. 29

30 SK Cogeneration Project (SK Cogen) Project Description Type: Cogeneration Power Plant Installed Capacity: 125 MW Contracted Capacity with EGAT : 90 MW Contracted Capacity with IUs: 20 MW with 50 T/Hr of steam Location: Ban Pong, Ratchaburi Province Shareholder: EGCO 100% SCOD: June 2016 Highlights Q2/2013 Financial Results EGCO Group s Overview Project Progress - In process of EIA study for power plant and natural gas pipeline, EPC Selection, PPA & SPA negotiation with customer and conceptual design for natural gas pipeline. - Other necessary project development activities are ongoing. 30

31 TJ Cogeneration Project (TJ Cogen) Project Description Type: Cogeneration Power Plant Installed Capacity: 125 MW Contracted Capacity with EGAT: 90 MW Contracted Capacity with IUs: 16 MW with 10T/Hr of steam Location: Klongluang, Pathum Thani Province Shareholder: EGCO 100% SCOD: June 2017 Project Progress - In process of EIA study for power plant and natural gas pipeline, EPC Selection and conceptual design for natural gas pipeline. - Other necessary project development activities are ongoing. 31

32 Quezon Expansion Project Project Description Type: Coal Fired Power Plant Installed Capacity: 500 MW Location: Quezon Province, The Philippines Shareholders: EGCO and MPG Corp Expected COD: Q1/2018 Project Progress - Development and investment terms are under negotiation. 32

33 EGCO Group s Overview EGCO Shareholders Progress of Work Portfolio and Corporate Strategies 33

34 Currently, EGCO Group s portfolio comprises of 19 operating power plants, totaling contracted capacity 4, MWe. Highlights Q2/2013 Financial Results EGCO Group s Overview Power Plant Contracted Cap. (MW) MW Equity Power Plant Contracted Cap. (MW) MW Equity IPPs Renewable Rayong 1, , NED KEGCO SPP GPG (Khaeng Khoi 2) 1, SPP BLCP 1, SPP , SPP SPPs GPS (Phase 1-4) EGCO COGEN TWF ROI-ET GREEN GEC-GCC GEC-NKCC Overseas GEC-SCC NTPC (Nam Theun 2) 1, GEC-GYG QUEZON

35 Q1/2013 Current Portfolio MWe IPPs SPPs Renewable Overseas MWe MWe IPPs SPPs Renewable Overseas MWe MWe 3, MWe MWe 3, MWe Total 4, MWe Total 4, MWe Remark: Increase in Renewable portion from TWF; 6.21 MWe Decrease in Oversea portion from sale of Conal; 26.4 MWe 35

36 Currently, EGCO Group s portfolio consists of 5 under construction power plants, 3 under development projects and 1 potential project, totaling contracted capacity 1, MWe. Power Plant Contracted Cap. (MW) MW Equity Power Plant Contracted Cap. (MW) MW Equity Under Construction Potential Project Solarco GIDEC Quezon Expansion Project BRWF New Khanom Power Plant XPCL 1, , Under Development TJ Cogeneration TP Cogeneration SK Cogeneration Consequently, EGCO Group s portfolio will become 6, MWe. 36

37 Q1/2013 Current Portfolio Under Construction Under Development Under Construction Under Development Potential Project Potential Project MWe 250 MWe 270 MWe 270 MWe 1,150 MWe 1, MWe Total 1, MWe Total 1, MWe Remark: Increased in Under Construction portion from KN4 and BRWF; 930 MWe and 113 MWe respectively 37

38 Q1/2013 IPPs SPPs Renewable Overseas Under Construction Under Development Potential Project Current Portfolio IPPs SPPs Renewable Overseas Under Construction Under Development Potential Project 250 MWe 270 MWe 1,150 MWe 270 MWe MWe 3, MWe 1, MWe 3, MWe MWe MWe MWe MWe Total 6, MWe MWe MWe Total 6, MWe 38

39 EGCO Group s other business portfolio comprises of 5 companies: Company Business Type EGCO Engineering and Service Co., Ltd. (ESCO) Eastern Water Resources Development and Management Plc. (EASTW) Egcom Tara Co., Ltd. (Egcom Tara) Absolute Power P Co., Ltd. (APPC) Manambang Muara Enim Co., Ltd. (MME) O&M Water Water Bio Diesel Coal Mining 39

40 Projects in pipeline Solarco GIDEC New Khanom Power Plant Under Construction Projects Under Development Projects Potential Projects BRWF TP Cogeneration SK Cogeneration TJ Cogeneration Quezon Expansion Xayaburi Hydro Power

41 Operate power plant portfolio to achieve optimum efficiency Manage projects under construction to achieve on time/on budget completion Secure new investment opportunities in Thailand and Asia Pacific Region 41

42 Q&A 42

43 THANK YOU 43

44 44

45 EGCO Group s Overview Q2/2013 Financial Results As of June 2013, Thailand s Power Installed Capacity was 33, MW. 7.3% EGAT 15, MW 9.0% IPP 12, MW SPP 2, MW 45.3% IMPORT 2, MW 38.4% Total 33, MW EGAT IPP SPP IMPORT 45

46 EGCO Group s Overview Q2/2013 Financial Results Natural Gas is the primary source of fuel for Thailand s Power Generation. 2.8% NATURAL GAS 22, MW 13.7% HYDRO 5, MW COAL 4, MW OTHERS* MW Total 33, MW * OTHERS = Fuel Oil, Diesel, Renewable 16.7% 66.7% NATURAL GAS HYDRO COAL OTHERS* 46

47 EGCO Group s Overview Q2/2013 Financial Results 30,000 26, MW 26, MW (May 16, 2013) (April 26, 2012) + 1.8% 23, MW (May 24, 2011) 25,000 20,000 15,

48 Key Financial Data: FX Variance MD&A EGCO Group s Overview Q2/2013 Financial Results Q2/2012 Q2/2013 +/- EGCO (40.00) (680.29) (640.29) Rayong Power Plant (0.04) KEGCO EGCO Cogen (6.80) (8.19) (1.40) Roi-Et Green (8.10) (0.85) 7.25 ESCO (3.00) ET PEPOI (0.35) Quezon (11.13) (105.46) QMS (0.85) SPP2 (0.20) (2.01) (1.81) SPP (0.33) SPP (0.67) SPP TWF - (4.01) (4.01) YEH - (17.78) (17.78) Total Subs FX (711.68) (747.67) BLCP (133.30) GPG (87.25) (124.09) (36.84) GEC(GCC, NKCC, SCC, GYG) (27.63) (36.38) (8.75) CONAL (0.63) NTPC NED (0.03) GPS APPC GIDEC MME Total JVEs FX (67.83) Grand Total (206.05) (815.50) 48

49 Key Financial Data: Financial Ratio Highlights EGCO Group s Overview Q2/2013 Financial Results 6M/2012 6M/2013 Debt to Equity (Time) Net Debt to Equity (Time) Net Profit before FX* (Million Baht) 7, , EPS (Baht) Operating Cash Flow / share (Baht) BV / share (Baht) * FX gains/losses from Income Statements including financial cost from foreign currency loans (EGCO & Subs) and JVs 49

50 Key Financial Data: Segmental Operating Results, Ended June 30, 2013 EGCO Group s Overview Q2/2013 Financial Results 6M2013 Holding EGCO Rayong power plant KEGCO EGCO Cogen Roi-Et Green Subsidiaries Joint Ventures Joint Ventures Total Power Generation Power Generation Power Others Others generation SPP4 SPP3 YEH SPP2 SPP5 TWF QPL BLCP GPG GCC, NKCC, SCC, GYG Subsidiaries NED CONAL NTPC GPS APPC GIDEC ESCO ET PEPOI QMS MME Total Other businesses Grand Total Sales of Electricity - 1,110 1,079 1, , , ,509 - Capacity Payment - 1,051 1, , ,176 - Energy Payment , , , ,334 Sales of Water Service Income Cost of Sales , , , ,607 Cost of Services Gross Profit , , ,234 EBITDA (643) (1) 2,293 2,093 1, , (15) (3) 9, (14) 238 9,704 EBIT (667) (1) 1,883 1,567 1, (15) (3) 6, (14) 219 6,610 Net Profit before FX (658) (3) 984 1, (19) (4) 3, (13) 174 4,132 Net Profit (837) (10) (7) 962 1, (19) (4) 3, (13) 174 4,044 50

51 Key Financial Data: Segmental Operating Results, Ended June 30, 2012 EGCO Group s Overview Q2/2013 Financial Results 6M2012 Holding EGCO Rayong power plant KEGCO EGCO Cogen Roi-Et Green Subsidiaries Joint Ventures Total Power Generation Power Generation Power Others Others generation SPP4 SPP3 YEH SPP2 SPP5 TWF QPL BLCP GPG GCC, NKCC, SCC, GYG NED CONAL NTPC GPS APPC GIDEC ESCO ET PEPOI QMS MME Total Other businesses Grand Total Sales of Electricity - 1, , , ,213 - Capacity Payment - 1, , ,910 - Energy Payment , , ,303 Sales of Water Service Income Cost of Sales , , ,340 Cost of Services Gross Profit (77) , , ,147 EBITDA 4, (15) ,925 1, , , ,259 EBIT 4, (64) (15) ,411 1, , , ,429 Net Profit before FX 3, (87) (15) ,109 1, , ,828 Net Profit 3, (87) (15) ,262 1, , (0) ,157 51

52 - - 3,894 3,212 3,722 2,319 2,535 2,788 2,258 2,170 2,167 1,762 6,317 7,672 8,107 20,255 20,741 17,909 17,706 17,868 22,506 22,750 22,655 18,505 29, ,249 2,952 2,127 5,577 5,643 4,783 5,476 4,976 4,004 5,816 6,361 5,311 5,770 10,175 8,960 10,018 9,329 10,036 9,857 8,813 10,617 10,770 10,848 Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year Net Generation GWh REGCO KEGCO BLCP KK II NT2 15,000 10,000 5, Electricity Sales MM Baht 30,000 20,000 10, EGAT is the sole offtaker for electricity produced by Rayong Power Plant and KEGCO under long term cost-plus based Power Purchase Agreements (PPAs). 52 REGCO and KEGCO receive the capacity payment (Rayong Power Plant) or availability payment (KEGCO) for maintaining the availability of the power plants, regardless of whether the electric power will be supplied to EGAT or not.

53 Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2012 EGCO Group s Overview Rayong Power Plant Q2/2013 Financial Results Million Baht Quarter Total Actual Actual Actual Actual Spare Parts Service Charge Total KEGCO Quarter Total Actual Actual Actual Actual Spare Parts Service Charge Total

54 Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2013 EGCO Group s Overview Rayong Power Plant Q2/2013 Financial Results Million Baht Quarter Total Actual Actual Budget Budget Spare Parts Service Charge Total KEGCO Quarter Total Actual Actual Budget Budget Spare Parts Service Charge Total

55 Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor EGCO Group s Overview Q2/2013 Financial Results Rayong Power Plant 2012 Plant Type 1Q12 2Q12 3Q12 4Q12 Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) CCGT # CCGT # CCGT # CCGT # Rayong Power Plant 2013 Plant Type 1Q13 2Q13 3Q13 4Q13 Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) CCGT # CCGT # CCGT # CCGT # KEGCO 2012 Plant Type 1Q12 2Q12 3Q12 4Q12 Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Barge # Barge # CCGT # KEGCO 2013 Plant Type 1Q13 2Q13 3Q13 4Q13 Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Barge # Barge # CCGT #

56 Operating Performance (IPPs) : Net Generation and Fuel Consumption EGCO Group s Overview Q2/2013 Financial Results Rayong Power Plant CCGT #1-4 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Net Generation - By Natural Gas (GWh) 1,138 1,101 1, ,146 - By Secondary Fuel (GWh) Fuel Consumption - By Natural Gas (MMBTU) 9,823,707 9,515,501 9,025,465 6,287,046 8,432,352 9,904,901 - By Secondary Fuel (Million Litre) KEGCO Barge # 2 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Net Generation - By Natural Gas (GWh) By Secondary Fuel (GWh) Fuel Consumption - By Natural Gas (MMBTU) 1,775,680 1,850,363 1,676,533 1,875,388 1,791,289 1,286,936 - By Secondary Fuel (Million Litre) CCGT # 3 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Net Generation - By Natural Gas (GWh) 1, ,284 1,290 1,162 1,181 - By Secondary Fuel (GWh) Fuel Consumption - By Natural Gas (MMBTU) 9,604,779 10,842,732 10,335,010 10,286,267 9,404,137 9,571,503 - By Secondary Fuel (Million Litre)

57 For further information, Please contact Investor Relations at Tel or 57