Ratchaburi Electricity Generating. Asean & India Conference

Transcription

1 Ratchaburi Electricity Generating Holding PCL. Asean & India Conference 1-3 September 2010

2 Table of Contents o RATCH Overview o RATCH Highlights o RATCH Growth Strategies Appendix

3 RATCH Overview

4 Company History In February 1999 the Thai Cabinet approved private participation on the EGAT Ratchaburi power plant with generating capacity of 3,645 MW, the single largest power plant in Thailand. The private participation plan involves the creation of the Ratchaburi Electricity Generating Holding Company Limited ( RATCH ) and its wholly owned subsidiary, Ratchaburi Electricity it Generating Company Limited, it to own and operate Ratchaburi power plant. RATCH was established as a wholly owned subsidiary of Electricity Generating Authority of Thailand ( EGAT ) in March 2000 and was listed on the Stock Exchange on Thailand ( SET ) (symbol RATCH) in October Following the IPO, EGAT remains the single largest shareholder (45%). RATCH is still to date, the largest IPP in Thailand. 4

5 Company History Price History RATCH Daily Closing Market Cap. = Share Million x Closing Price (Bht) = 1,450 x = 54, Mil Bht As at Aug 27,

6 Company Structure Ratchaburi Electricity Generating Holding PCL. 100 % 100% 100 % % 100% 50 % 100% 10% 100% 3,645 MW. Ratchaburi Electricity Generating Co., Ltd Thermal & Combined Cycle 3,645 MW. 50 % 350 MW. 100% SouthEast Asia Energy Ratchaburi Energy Co., Ltd Limited 75 % MW. 51 % 60 % RATCH-LAO Services Co., Ltd RH International Corporation Limited EGAT Diamond Service Co., Ltd 40% Tri Energy Co., Ltd MW. 37.5% Hongsa Power Co.,Ltd Combined Cycle 700 MW. Ratchaburi Alliances Co., Ltd 100% Solar Power 1.80 MW. Lignite-Fired (Mine Mouth) 1,878 MW. Phu Fai Mining Co.,Ltd 25 % 350 MW. Nam Ngum 2 Power Co., Ltd Hydro 615 MW. 18 MW. Ratchaburi Power Co., Ltd Khao Kor Wind Power Co., Ltd Combined Cycle 1,400 MW. 6

7 Total Installed Capacity: 30, MW. 14, RATCH s Installed Capacity consisted of RG = 3,645 MW TECO = 350 MW RPCL = 350 MW (47.25%) 4,345 4,345 MW (14.33%) 7, (26.28%) 2, , (6.90%) (5.24%) EGAT RATCH Other 8 IPPs SPPs Foreign Purchase Source: EGAT, July Electricity Generating PCL. 2. Independent Power (Thailand) Co., Ltd 3. Tri Energy Co., Ltd 4. Glow IPP Co., Ltd 5. Eastern Power and Electric Co., Ltd 6. BLCP Power Limited 7. Gulf Power Generation Co., Ltd. 8. Ratchaburi Power Co., Ltd (Block 1) 7

8 RATCH Highlights

9 RATCH Highlights Capital Structure as at June 30, 2010 Debt 36.54% Equity 63.46% Strong Balance Sheet Total Shareholders Equity Total Debt 45,839 MB 26,391 MB >> TOTAL CAPITAL 72,230 MB D/E =0.58 times 9

10 RATCH Highlights MW. Lignite-Fired (Mine Mouth) Hydro Nam Bak 40 MW Xe Pian = 97.5 MW NN3 = 110 MW Combined Cycle Combined Cycle TECO 350 MW Combined Cycle Solar Cell RPCL 350 MW Solar Power 1.8 MW Wind Turbine Generator Wind farm MW Hongsa MW RG 2,175 MW Gas Engine Pratu Tao 1.75 MW 2009 Gas Engine Pratu Tao (Expansion) MW Hydro NN MW 2017 Total Install Capacity 5, MW. Thermal RG 1,470 MW Total Install Capacity 4, MW. RATCH Group s capacity to rise 27% by

11 Stable dividends payment RATCH has a dividend policy of no less than 40% Baht per Share (% of Net Profit) (48.42%) 1.75 (49.24%) (47.06%) (50.32%) 2.10 (51.14%) (52.24%) (49.13%) (48.41%) (53.50%) Interim Dividend Year 11

12 RATCH Growth Strategy

13 RATCH Growth Strategies Aiming to invest in renewable energy and biomass projects. Seeking investment opportunities abroad including Vietnam, Indonesia, Australia and the Philippines etc. Well prepared for the next bidding round since RATCH has in place at least 2 sites ready to accommodate the new power plants. Extending our investment to related business including operating and maintenance for power plants and coal mining. Continuing to strengthen the excellent relationships with existing business partners as well as seeking potential new business partners. 13

14 Appendix

15 2010 (1 st Half) Unit : in Million Baht Revenues 22, , , , , Expenses 18, , , , , EBIT 3, , , , , Interest Expense , , , Income Tax Net Income 2, , , , , EPS (Baht)

16 Asset 2010 (1 st Half) Unit : in Million Baht Current Asset 22,759 19,196 19,520 21,071 21,923 Property, plant & equipments 36,432 37,762 40,383 42,876 45,233 Interests in Joint Ventures 9,805 9,494 7,362 5,676 3,986 Others Assets 3,234 2,890 2, Total lassets 72, ,342 69, ,301 72,105 Liabilities & Shareholders Equity Current Liabilities 11, ,963 9,058 10, ,010 Long-term Liabilities 15,192 16,855 19,640 22,814 26,400 Shareholders Equity 45,839 44,524 40,974 37,480 34,695 Total Liabilities & Shareholders Equity 72,230 69,342 69,672 70,301 72,105 16

17 Financial Ratio Highlights (1 st Half) : 2010 & (1 st Half) 2009 (1 st Half) Current Ratio (times) Net Profit Margin (%) ROE (%) ROA (%) EBITDA (Million Baht) 5,343 6,373 EBITDA/Avg. Assets (%) Debt/Equity (times) Net Debt/Equity (times) DSCR (times) Book Value (Baht per share) EPS (Baht per share)

18 As at June 2010 RATCHGEN Unit : in Million Baht TECO Unit : in Million USD 2010 (1 st Half) 18, , , , , , , Maturity Year RATCHGEN Debentures: June 2010 Loans: 2015 TECO Loans: 2013 RPCL Loans: (1 st Half) RPCL Million USD Million Baht 2010 (1 st Half) , , ,

19 Under Construction Project MW Location Plant type RATCH s holding Status (%) Expected COD Capacity contribution to RATCH 1. Nam Ngum 2 Project 615 Lao PDR Hydro 25% (July 2010) Jan MW 2. Pratu Tao-A (Expansion) Sukhothai Province Associated Gas 100% (July 2010) Aug MW Ne ew 3. Solar Power Project (Phase 1: 1 MW. ) (Phase 2: 2MW MW. ) 3 Ayutthaya Solar Power Generation 60% Phase 1 : Test Run Phase 2 : (July 2010) Under Development (Phase 1 ) Aug 2010 (Phase 2 ) Oct MW Project MW Location Plant type RATCH s Status Expected Capacity holding (%) COD contribution to RATCH 4. Hongsa Thermal Project 1,878 Lao PDR Lignite-Fired 40% PPA, CA & EPC signed Finance Documents signed on August 5, Nam Ngum 3 Project 440 Lao PDR Hydro 25% Tariff MOU signed Negotiating PPA& CA with EGAT 6. Xe-Pian Xe-Namnoy Project 390 Lao PDR Hydro 25% Tariff MOU signed on August 16, MW MW MW 19

20 Project MW Location Plant type RATCH s holding COD Capacity contribution to RATCH 1. Ratchaburi Power Plant 3,645 Ratchaburi Thermal & 100% TH : ,645 MW Province Combined Cycle CCGT : 2001 (Thailand) 2. Tri Energy Power Plant 700 Ratchaburi Province (Thailand) 3. Ratchaburi Power (RPCL) 1,400 Ratchaburi Province (Thailand) Combined Cycle 50% MW Combined Cycle 25% MW Total IPPs 5,745 4,345 MW 4. Pratu Tao-A (SPP) 1.75 Sukhothai Associated Gas 100% MW Province (Thailand) Total 5, , MW 20

21 Project MW Location Plant type RATCH s holding Status (%) Expected COD Capacity contribution to RATCH 1. Nam Ngum 2 Project 615 Lao PDR Hydro 25% Jan MW (July 2010) 2. Pratu Tao-A (Expansion) Sukhothai Province Associated Gas 100% (July 2010) Oct MW 3. Solar Power Project (Phase 1: 1 MW. ) 3 Ayutthaya Solar Power Generation 60% (Phase 1 ) Test Run (Phase 1 ) Aug MW (Phase 2: 2 MW. ) (Phase 2 ) (July 2010) (Phase 2 ) Oct 2010 Total MW 21

22 In Thailand Project MW Location Plant type RATCH s holding Status (%) Expected COD Capacity contribution to RATCH 1. Khao Kor Wind Farm 60 Phetchabun Province Wind 51% Negotiating PPA Preparing RFP for lenders Turbine Supply and Balance of Plant Agreement signed on 18 March MW Total MW. 22

23 In Lao PDR Project MW Location Plant type RATCH s holding Status (%) Expected COD Capacity contribution to RATCH 1. Hongsa Thermal Project 1,878 Lao PDR Lignite-Fired 40% PPA, CA & EPC signed Finance Documents have been singed on August 5, Nam Ngum 3 Project 440 Lao PDR Hydro 25% Tariff MOU signed Negotiating PPA& CA with EGAT 3. Xe-Pian Xe-Namnoy Project 390 Lao PDR Hydro 25% Tariff MOU signed on Aug 16, MW MW MW 4. Nam Bak Project 160 Lao PDR Hydro 25% Tariff proposal sent to MW EGAT Total 2, MW 23

24 Projects in Operation Ratchaburi Power Plant (RG) Project Summary Shareholders Structure Location : Ratchaburi Province Technology : Thermal &C Combined dcycle Total Capacity : Contributed capacity to RATCH: 3,645 MW. 3,645 MW. (100%) RATCH 100% PPA : 25 Years (Remaining:15 Years) COD : TH#1-2 - Oct 2000, CCGT #1-2 Apr 2002 and CCGT#3 Nov 2002 Outstanding Loan: THB 18, Million (as at June 2010) Debt to Equity : Lender : 1.28 times KTB, KBANK, BAY, GSB, BT & TMB Investment Amount (for RATCH) : THB 18,275 Million 24

25 Projects in Operation Tri Energy Power Plant (TECO) Project Summary Shareholders Structure Location : Ratchaburi Province Technology : Total Capacity : Contributed capacity to RATCH: Combined Cycle 700 MW. 350 MW. (50%) RATCH 100% PPA : COD : July Years (Remaining:10 Years) RGAS 50% 50% Chevron Thailand Energy Company I Outstanding Loan: (as at June 2010) Debt to Equity : Lender : Investment Amount (for RATCH) : THB 1, Million (USD Million) 0.38 times BTMU, Mizuho & SMBC THB 1,809 Million 25

26 Projects in Operation Ratchaburi Power Plant (RPCL) Project Summary Location : Technology : Ratchaburi Province Combined Cycle Shareholders Structure RATCH Total Capacity : 1,400 MW. Contributed capacity 350 MW. (25%) to RATCH: PPA : 25 Years (Remaining: 23Year) 100% Ratch Udom Power 25% HK Electric COD : CCGT #1 March 2008 CCGT #2 June 2008 Outstanding Loan: THB 5, Million (as at June 2010) Debt to Equity : USD Million 2.12 times 100% Ratch Alliances 25% 15% 15% Chubu Electric PTT Lender : USD: JBIC, Calyon, HSBC & SMBC THB: BBL & KTB 10% Union Energy Investment Amount (for RATCH) : USD Million THB 1,831 Million 10% Toyota Tsusho 26

27 Projects Summary Num Ngum 2 Project Project Progress Location : Lao PDR RATCH-Lao Service Co., Ltd has signed O&M Agreement with Num Ngum 2 Power co., Ltd on June 25, 2009 Technology : Hydro Power Plant Construction ti completed of 97.4% as at July 2010 Total Capacity : Contributed capacity to RATCH: 615 MW. (3x205 MW.) MW. (25%) Reservoir level reach to 334 masl* (Operating water level masl) * masl : Meters Above Sea Level PPA : 27 Years Shareholders Structure IOD : December 2010 COD : January 2013 Project Cost : THB 30,832 Million 33.3% 38% RATCH CHKarnchang C.H Total Debt : Debt to Equity : THB 15,003 Million USD 180 Million 2.5:1 times 75% SouthEast Asia Energy 16.7% 5.3% Bangkok Expressway Shalapak Lender : Investment Amount (for RATCH) : KTB, TMB & SCIB THB 2, Million 25% Lao PDR 5.3% 1.4% P.T Construction Irrigation Team Consulting 27

28 Pratu Tao-A (Expansion) Project Summary Shareholders Structure Location : Sukhothai Province RATCH Technology : Gas Engine RATCH Total Capacity : 1.75 MW. Contributed capacity to RATCH: 1.75 MW. (100%) 100% PPA : 5 Years (Automatic Renewal) COD : June 2007 Investment Amount (for RATCH) : THB 62 Million Ratchaburi Energy 100% Ptatu Tao-A (Expansion) Total Capacity : MW. Contributed capacity to RATCH: MW. (100%) Pratu Tao-A Pratu Tao-A (Expansion) PPA : 5 Years (Automatic Renewal) COD : Ot2010 Oct Investment Amount (for RATCH) : THB 32 Million 28

29 Projects Summary Solar Power Project Project Progress Location : Ayutthaya Province Phase 1: Test Run Phase 2: Contraction completed of 60% as at July 2010 Technology : Solar Power Generation Signed Share Purchase Agreement and Shareholders h Total Capacity : 3 MW. Agreement with Yanhee Power Holding on July 19, 2010 Contributed capacity to RATCH: 1.80 MW. (60%) PPA : 5 Years (Automatic Renewal) COD : October 2010 Project Cost : THB 365 Million Total Debt : THB Million Shareholders Structure RATCH 100% Debt to Equity : Lender : 70 : 30 times BBL Ratchaburi Energy Yanhee Power Holding Investment Amount (for RATCH) : THB Million 60% 40% Solar Power Project 29

30 Khao Kor Wind Farm Project Project Summary Location : Technology : Total Capacity : Phetchabun Province Wind Turbine Generator 60 MW. Contributed capacity to RATCH: MW. (51%) PPA : IOD : n.a. n.a. Project Progress MOU signed on December 3, 2008 Share Purchase Agreement & Shareholder Agreement signed on February 18, 2009 Preparing RFP for lenders COD : In 2011 Shareholders Structure Project Cost : USD 120 Million Debt to Equity : 70:30 times RATCH Turbine Supply and Balance of Plant Agreement signed on March 18, 2010 RATCH has purchased another 21% stake in the Project on Aug 10, 2010 Lender : Investment Amount (for RATCH) : n.a. USD Million 100% Ratchaburi Energy 51% 39% 10% Wind Energy Holding Other 30

31 Hongsa Thermal Project Projects Summary Location : Lao PDR Technology : Lignite-Fired Power Plant Total installed Capacity : 1,878 MW. Contributed capacity to RATCH: MW. (40%) Project Progress Signed the Shareholder Agreement on February 5, 2009 for the establishment of Hongsa Power Co., Ltd. and Phu Fai Mining to operate Hongsa Power Plant Project Signed Tariff MOU with EGAT on May 13,2009 Signed Concession Agreement with the Government of Lao PDR on November 30, 2009 Signed EPC on December 24, 2009 Fuel: PPA : IOD : Lignite 25 Years n.a. Signed PPA with EGAT on April 2, 2010 Signed EPC (Transmission Line Contractor) on June 2, 2010 Finance Documents have been singed on August 5, 2010 COD : In 2015 Shareholders Structure Project Cost : Debt to Equity : Lender : USD 3,710 Million 3:1 times n.a. RATCH 40% Hongsa Power 40% 20% Banpu Power Lao PDR Investment Amount (for RATCH) : USD 371 Million 37.5% Phu Fai Mining 37.5% 25% Banpu Power Lao PDR 31

32 Projects Summary Num Ngum 3 Project Project Progress Location : Lao PDR Shareholder Agreement signed with GMS Lao Co.,Ltd., Marubeni Corporation and Lao Holding State Enterprise Technology : Hydro Power Plant on May 13, 2008 Total Capacity : 440 MW. (2x220 MW.) Contributed capacity to RATCH: 110 MW. (25%) Signed Tariff MOU with EGAT on March 11, 2010 Negotiating PPA with EGAT & CA with GOL PPA : IOD : 27 Years n.a. Shareholders Structure COD : In 2017 Project Cost : USD 905 Million 27% GMS Lao Debt to Equity : 70:30 times Potential ti Lender : - USD Loan :ADB, JBIC & PROPARCO - THB Loan: n.a. Investment Amount (for RATCH) : USD Million RATCH 25% NN3 25% 23% Marubeni Corporation Lao PDR 32

33 Xe Pian - Xe Namnoy Project Projects Summary Location : Lao PDR Technology : Hydro Power Plant Total Capacity : 390 MW. Contributed capacity to RATCH: 97.5 MW. (25%) Project Progress Joint Development Agreement signed with SK Engineering & Construction and Korean Western Power on August 6, 2007 Project Development Agreement signed with the government of Lao PDR on November 14, 2008 Signed Tariff MOU with EGAT on August 16, 2010 PPA : IOD : n.a. n.a. Shareholders Structure COD : In % SK Engineering Project Cost : Debt to Equity : USD 830 Million 70:30 times RATCH 25% XePian 25% Korea Western Power Lender : Investment Amount (for RATCH) : n.a. USD 63 Million 24% Lao PDR 33

34 Projects Summary Location : Lao PDR Nam Bak Project Project Progress Tariff proposal sent to EGAT Technology : Total Capacity : Hydro Power Plant 160 MW. Contributed capacity to RATCH: 40 MW. (25%) PPA : IOD : n.a. n.a. COD : In 2017 Project Cost : Debt to Equity : Lender : Investment Amount (for RATCH) : n.a. 70:30 times n.a. n.a. 34

35 Company RATCH s holding Type of Business Registered Capital Chubu Ratchaburi Electric Services Co., Ltd 50% Providing O&M services to Power Plant THB 40 Million RATCH-Lao Services Co., Ltd 100% Providing O&M services to Power Plant, investing and operating other activities related to the Company s investment in Lao PDR EGAT Diamond Service Co., Ltd 10% Investing in Power Plants Gas Turbine maintenance service business USD 0.5 Million THB 623 Million Phu Fai Mining i Co., Ltd 37.5% Coal mining i business (Hongsa Project) USD Million RH International Corporation Limited 100% Investing, developing and operating electricity generating and related businesses in other countries THB 5 Million 35

36 (1 st Half) (1 st Half) DF. EAF DF. EAF DF. EAF DF. EAF DF. EAF (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) TP# TP# CCGT # CCGT # CCGT # DF = Dispatch Factor EAF = Equivalent Availability Factor 36

37 (1 st Half) (1 st Half) Total Net Generation (GWh) 8, , , , , Net Generation (TP#1-2) (GWh) 2, , , , , By Gas 1, , , , , By Oil Net Generation (CCGT#1-3) (GWh) 6, , , , , By Gas 6, , , , , By Oil

38 (1 st Half) (1 st Half) Fuel Consumption (TH#1-2) - Gas Million MMBTU Heavy Oil Million Liters Fuel Consumption (CCGT#1-3) - Gas Million MMBTU Diesel Million Liters Gas Price (Average) Baht/MMBTU Heavy Oil Price (Average) Baht/Liters

39 Generation VSPPs EGAT IPPs SPPs Imported VSPPs DEDE Transmission Distribution MEA Transmission System (EGAT) PEA Re egulato or Minis stry of En nergy Customer Direct Customer Customer EGAT : Electricity Generating Authority of Thailand PEA : Provincial Electricity Authority MEA : Metropolitan Electricity Authority IPPs : Independent Power Producer SPPs : Small Power Producer VSPPs : Very Small Power Producer DEDE : Department of Alternative Energy Development and Efficiency Source: EPPO 39

40 PDP 2010 : Electricity Capacity by Type of fuel MW. 7% 7% 7% 7% 8% 18% 18% 8% 8% 18% 8% 7% 8% 17% 18% 6% 7% 7% 7% 16% 17% 15% 15% 5% 5% 6% 15% 14% 13% 6% 8% 10% 11% 12% 5% 6% 43% 42% 43% 7% 44% 7% 45% 45% 47% 49% 51% 51% 54% 57% 68% 65% 64% 66% 67% 64% 63% 61% 60% 11% 11% 15% 15% 17% 13% 13% 9% 9% 12% 8% 5% 7% 7% 7% 7% 7% 7% 7% 7% 8% 5% 4% 4% 4% 5% 6% 8% 7% 7% 8% 8% 8% 7% 7% 6% 6% 5% 5% 5% 5% 5% 5% 4% 4% 4% 11% 10% 10% 9% 9% 9% 8% 9% 9% 9% 9% 8% 8% 8% 7% 7% 7% 7% 6% 6% 6% Year 40

41 Power Purchase Agreement (PPA) RATCHGEN: PPA Tariff Structure Thermal Units and Combined Cycle Units have separate 25 year PPAs. Fixed O&M Costs FX/ Inflation Adjustments Tariff is designed to cover all operating and financing costs and yield IRR of 19%. EGAT Availability Payment Availability Factor Debt Services Interest Indexation Return on Equity RATCHGEN Revenues are from Availability Payments ( AP ) and Energy Payments ( EP ). AP (Baht/MW/month) - includes fixed operation and maintenance expenses, debt servicing, and return on equity. Energy Payment Variable O&M Cost Fuel Cost Inflation Adjustments Efficiency Factor AP is payable irrespective of whether electricity is dispatched or not as long as plants are available as agreed capacity. EP (Baht/MWh) - includes fuel costs and variable operation and maintenance costs with inflation indexation and pass through h mechanism. 41

42 ,000 Year 24,000 MW. Peak Generation Increase (Decrease ) MW. % 22,000 20,000 18,000 16,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,010 1, ,045 (523) (2.32) ,568 (18) (0.08) ,586 1, , ,538 1, o In 2009, the highest peak generation was 22,045 MW on April -2.32% decrease yoy. o In 2010 (7-month), the highest peak generation was 24,010 MW on May 8.91% increase yoy. y 42

43 15,000 14, Energy Generation Year Increase (Decrease ) MW. MW. % 2010 (7-month) 94,842 13,000 13, (7-month) 81,278 12,000 11,000 10,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,456 (4,980) (3.35) ,436 1, ,884 4, ,088 7, ,854 7, o In 2009, average monthly energy generation growth was -3.35% o In 2010, average monthly energy generation growth was 16.69% 43

44