Thailand Corporate Day

Transcription

1 Thailand Corporate Day Stepping up domestic demand 30 July - 3 August 2012 Toronto / San Francisco / Tokyo

2 Content Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 2

3 Industry Overview

4 Power Industry Peak & Energy Generation Peak (MW) MW 60,000 CAGR : Generation (GWh) GWh 400,000 50,000 40,000 30,000 CAGR : Peak = 4.29% Generation = 7.70% Peak = 4.13% Generation = 4.09% 350, , , ,000 20, , ,000 10,000 50, Year Peak (MW) Generation (GWh) POWER DEMAND STATISTIC AND LOAD FORECAST FOR PDP 2010 Source: The Energy Policy and Planning Office (EPPO) and EGAT In 2012: Peak generation was 26,121 MW in April, increased 8.8% from peak period last year and total energy generation has increased 10.56% yoy Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 4

5 Power Industry Electricity Consumption GWh 160, , , , ,101 6, ,240 6, ,879 6, ,113 7, , ,181 7,900 8,367 9,542 9,194 67,952 67,785 80, ,443 59,669 62,432 64,553 64,148 60, % 40,000 28,009 29,675 31,656 33,198 34,782 35,684 38,590 39,077 47,794 2,985 22,396 52,104 3,331 23, ,538 25,482 26,847 27,938 28,691 30,257 33,216 13,876 32,799 12,274 10,139 11, (4 MTHS) 2012 (4 MTHS) Residential Business Industrial Others Source: MEA, PEA and EGAT Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 5

6 Regulatory Environment : Thailand s Electricity Sector National Energy Policy Council Ministry of Energy EPPO Generation Power Purchase EGAT IPPs SPPs From Abroad 15,010 MW 2,185 MW 12,081MW 2,174 MW VSPPs Transmission EGAT Transmission Regu lator Distribution PEA MEA End Users Direct Customers Source: Ministry of Energy and EGAT National Energy Policy Council MOE s primary committee for setting country's energy policies to be proposed to Cabinet Energy Policy and Planning Office : EPPO Dept. under MOE, responsible for studying and analyzing energy policies to be presented to NEPC Electricity Generation Authority of Thailand : EGAT The state enterprise which is the primary electricity generator and exclusive power purchaser from IPPs, REGCO, KEGCO, RATCHGEN and the government power purchaser from SPPs Transmission network is owned and operated by EGAT EGAT plans, operates and controls the least-cost dispatch of generated power from its power plants, as well as from private power plants Independent Power Producer : IPP IPP scheme was introduced in 1994 (obligated to sell all electricity to EGAT) Small Power Producer : SPP SPP scheme was introduced in 1992 (allowed to sell electricity either to EGAT or industrial users) Very Small Power Producers : VSPPs VSPPs were introduced in 2002 to promote non-conventional sources & renewable energy Provincial Electricity Authority / Metropolitan Electricity Authority : PEA / MEA MEA and PEA are the state enterprises responsible for electricity distribution Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 6

7 Company Overview

8 Company Overview RATCH, was founded on 7 March 2000 through a spin-off of EGAT assets, and was listed on the Stock Exchange of Thailand in October Following the IPO, EGAT remains the single largest shareholder (45%). RATCH is still to date, the largest IPP in Thailand with aggregate g installed capacity of 5.3 GW. 14% of Thailand's total installed capacity 4.4 GW. The largest power investor in Lao PDR 0.2 GW in operation (0.9 GW in pipeline). The first Thailand's power investor in Australia with a total capacity of 0.7 GW. Credit's Ratings BBB+ with stable outlook by STANDARD&POOR S Baa1 with stable outlook by Moody s AA with stable outlook by TRIS (local credit rating company) Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 8

9 RATCH simplified corporate structure As of 2012 Subsidiaries Jointly-Controlled Entities RATCHGEN 100% 3,645 MW MW 4, MW O&M RAC 80% MW Full structure details are shown in Annexure O&M Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 9

10 Shareholder Information Major Shareholders As of March 1,2012 Foreign Shareholders Data are as of AGM closing date in each respective year 45.00% 10.11% 6.50% 4.69% 11.23% 30% 25% 20% 15% 10% 5% 12.05% 14.07% 14.34% 12.17% 23.59% 24.65% 22.47% 0% Apr 2,2007 Mar 2,2008 Mar 2,2009 Mar 3,2010 Mar 2,2011 Mar 1,2012 EGAT Nortrust Nominees Group Littledown Nominees Limited Social Security Office Other Shareholders Minor Shareholders Other Shareholder consisted of AIA Group 3.52% Bangkok Life Assurance 2.07% Thai NVDR 1.60% Government Saving Bank Fund 1.50% State Street Bank Group 1.28% The Bank of New York Group 1.26% Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 10

11 Overview of RATCH projects Company In Operation Effective Shareholding RATCH s Capacity Stake (MW) Ongoing Projects RATCHGEN % 3,645 TECO 50.00% 350 MW 7,000 Xe Pian = 97.5 MW RPCL 25.00% 350 Pratu Tao-A + Expansion % 2.65 NN % Hongsa = MW RW Cogen#2 = 44.8 MW EDL-Generation % RAC 68.08% ,500 Solarta 49.00% 1.50 Sao Thian-A % 3.60 Solar Power 40.00% ,000 In operation 5, MW 5, COD in 2 nd half Solarta = MW Huay Bong 3 Wind Farm = 20.7 MW NNEG = 48.8 MW Under construction (COD by 2012) Solarta 49.00% ,500 Huay Bong % By the end of , ,000 Songkhla Biomass = 3.96 MW RW Cogen #1 = 44.8 MW Project in pipeline ( ) Thailand Khao Kor 55.18% ,500 Khao Kor Wind Farm = MW Huay Bong 2 Wind Farm = 20.7 MW Huay Bong % Songkhla Biomass 40.00% 3.96 RW Cogen # % NNEG 40.00% , Year Laos Hongsa 40.00% Xe Pian 25.00% , By the end of , Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 11

12 Portfolio by core business I Power Generation II Renewable Energy III Related Business End of 2012 I II Unit : MW Power Generation Renewable Energy Capital Grand Total Gas Coal Hydro Wind Solar Gas Engine Investment Thailand 4, , Laos % 2.72% 2.91% 1.68% 1.98% 1.41% 0.45% 0.12% Australia Total 4, , , MW in operation, MW COD in 2 nd half 2012 Gas Coal Hydro Capital Investment Wind Solar Gas Engine Project from 2013 to 2018 I II Unit : MW Power Generation Renewable Energy Gas Grand Total Coal Hydro Wind Biomass (SPP) Thailand Laos Total , % 71.89% 5.15% 5.53% 13.25% 0.38% III Related Business Gas Coal Hydro Wind Biomass RATCH-LAO Services Co., Ltd Sukhothai Energy Co., Ltd EGAT Diamond Service Co., Ltd Phu Fai Mining Co., Ltd Chubu Ratchaburi Electric Services Co., Ltd Songkhla Biofuel Co., Ltd RATCH O&M Co., Ltd Service of flared gas quality improvement Gas turbine maintenance Fuel Supply Operations and maintenance Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 12

13 Asset Portfolio : Thailand Project Project RATCH Equity Capacity Equity Capacity Fuel 40% 18 MW 7.20 MW Solar Korat 3, 4 & 7 RATCH Equity Capacity Equity Capacity Fuel Pratu Tao A 100% 2.65 MW 2.65 MW Associated Gas Sao Thain A 100% 3.60 MW 3.60 MW Associated Gas Project RATCH Equity Capacity Equity Capacity Fuel 55.18% 55 18% 60 MW MW Wind Khao Kor Project RATCH Equity Capacity Equity Capacity Fuel 49% 3 MW 1.47 MW Solar Solarta Project RATCH Equity Capacity Equity Capacity Fuel 49% 8 MW 3.92 MW Solar Solarta Project Project RATCH Equity Capacity Equity Capacity Fuel Ratchaburi 100% 3,645 MW 3,645 MW Gas Tri Energy 50% 700 MW 350 MW Gas Ratchaburi Power 25% 1,400 MW 350 MW Gas Project Solarta Project RATCH Equity Capacity Equity Capacity Fuel RW Cogen # 1-2 (SPP ) 40% 224 MW MW Gas RATCH Equity Capacity Equity Capacity Fuel Huay Bong 2 20% MW MW Wind Huay Bong 3 20% MW MW Wind Project RATCH Equity Capacity Equity Capacity Fuel NNEG (SPP ) 40% 122 MW MW Gas RATCH Equity Capacity Equity Capacity Fuel 49% MW MW Solar In operation Under Construction Project Songkhla Biomass Industry Overview RATCH Equity Capacity Equity Capacity Fuel 40% 9.90 MW 3.96 MW Biomass Company Overview Financial Performance Prospect Under Development Annexure PAGE 13

14 Asset Portfolio : Laos Project RATCH Equity Capacity Equity Capacity Capital EDL-Gen % 881 MW MW Investment Project RATCH Equity Capacity Equity Capacity Fuel Hongsa 40% 1,878 MW MW Coal Project RATCH Equity Capacity Equity Capacity Fuel Nam Ngum 2 25% 615 MW MW Hydro In operation Under Construction Project RATCH Equity Capacity Equity Capacity Fuel Xe pian - Xe namnoy 25% 390 MW MW Hydro Under Development Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 14

15 Asset Portfolio : Australia I operation In ti Townsville Capacity Equity Capacity Fuel 80% 234 MW MW Gas BP Kwinana Capacity Equity Capacity Fuel 80% MW MW Gas Kemerton Capacity Equity Capacity Fuel 80% 300 MW 240 MW Gas Industry Overview Company Overview Windy Hill Capacity Equity Capacity Fuel 80% 12 MW 9.6 MW Wind Collinsville Capacity Equity Capacity Fuel 80% 180 MW 144 MW Coal Starfish Hill Capacity Equity Capacity Fuel Toora Capacity Equity Capacity Fuel 80% MW 27.6 MW Wind 80% 21 MW MW Wind Financial Performance Prospect Annexure PAGE 15

16 Financial Performance

17 Financial Performance Net Income Breakdown Unit: Million Baht 7,000 6,000 5,000 4,729 1% 5,424 6,487 4% 6,066 6,106 5% 15% 5,829 14% 6,493 15% 6,740 26% 5,226 4,841 4,000 27% 19% 3,060 3,000 12% 2,000 1, % 99% 101% 96% 95% 85% 86% 85% 74% 73% 81% (1%) Subsidiaries Jointly-Controlled Entities 7,000 6,493 6,725 6,740 6,553 Avg. Net Income = 5,826 MB 6,000 5,829 Avg. Net Income before FX = 5,749 MB 5,000 5,636 5,226 4,923 4,908 4,841 4, Net Income Net Income before Fx. Avg.Net Income Avg.Net Income before Fx. Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 17

18 Financial Performance EPS / DPS & Payout Ratio Baht per Share % 0% 67% 62% % 48% 49% 47% 50% 51% 52% 49% 48% 60.0% % % DPS EPS Payout Ratio 0.0% Dividend Policy : RATCH has a dividend payout policy of no less than 40% of net profit Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 18

19 Free Cash Flow Unit: Million Baht 14,000 12,000 10, ,748 9,736 10,374 10,547 10,002 9,915 11,145 11,029 9,521 11,805 8,000 6,000 5,970 6,578 7,991 9,113 9,248 8,483 8,453 9,634 9,337 7,577 8,263 4,000 2, , Unit: Million Baht EBITDA * Free Cash Flow 14,000 12,000 10,000 8,748 Tax Interest Free Cash Flow EBITDA * 11,145 11,029 10,374 10,547 10,002 9,736 9,915 9,521 11,805 8,000 8,263 6,000 5,970 6,578 7,991 9,113 9,248 8,483 8,453 9,634 9,337 7,577 4,000 4,295 2, , ,386 1, ,703 1,822 1,225 1,209 1,444 1,365 1, , * EBITDA included share of profit of jointly-controlled entities and associates Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 19

20 Debt Profile Debt Profile as of March 31,2012 Unit: Million Baht 40,000 30,000 5,575 13,628 20,000 13,628 2,787 35,537 10, ,347 12,347 1,383 1,200 5,575 1,404 1,200 < 1 Year < 3 Year < 10 Year < 15 Year > 15 Year Total RH RG RAC- Loans from related party RAC - Loans from financial institution RHIS (15,000 M.JPY) RG - Debenture RAC - Loan RHIS JPY Bond Unit: Million Baht Unit: Million Baht Unit: Million Baht 16,000 12,000 13,286 9, ,000 12,000 13,779 13,619 13,619 13,619 13,619 8,000 6,000 6,000 6,000 6,000 6,000 8,000 4, ,663 3,940 5,683 4, ,000 4, ,026 1,021 1, ,000 2, Balance Repayment Interest Paid Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 20

21 Prospect

22 Prospect Myanmar Dawei Power Plant Project RATCH signed MOU with ITALIAN-THAI Development Co., Ltd. (ITD) which was awarded to develop the Dawei Power Plant Project in Myanmar. RATCH and ITD now have ongoing feasibility studies in 4,000 MW power plant development to supply electricity in Dawei industrial estate. Dawei is about 300km from the Thai border province of Kanchanaburi. Part of the industrial development plan is to build a land transport link with Thailand and other mainland Southeast Asian countries, making it a key industrial site and port for the region. The project is part of the Southern Economic Corridor under the Greater Mekong Subregion initiative. Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 22

23 Prospect Cambodia Koh Kong Project RATCH has purchased 50 percent stake of total shares issued of KK Power Co., Ltd. which was granted by the government of Cambodia the right of developing and operating the 1,800 MW coal-fired power plant in Cambodia. Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 23

24 Annexure

25 RATCH Company Structure

26 Power Generation Ratchaburi Electricity Generating Company Limited 100 % 100 % 100 % % 40% 100 % 40 % 40 % 25% 3,645 MW MW 89.6 MW 48.8 MW 97.5 MW Xe-Pian Xe-Namnoy Power Company Limited Ratchaburi Gas Company Limited Ratch Udom Power Company Limited SouthEast Asia Energy Limited Hongsa Power Company Limited RH International Corporation Limited Ratchaburi World Cogeneration Company Limited Nava Nakorn Electricity Generation Company Limited 50% 100% 75% 3,645 1,878 MW. MW. 350 MW MW 100 % 224 MW. 122 MW. 390 MW. Tri Energy Company Limited Ratchaburi Alliances Company Limited Nam Ngum 2 Power Company Limited RH International 700 MW. (Mauritius) 615 MW. Corporation Limited 25% 350 MW 100 % Ratchaburi Power Company Limited 1,400 MW. RH International (Singapore) Corporation Pte. Limited 4.307% 80 % MW MW 5.801% RATCH-LAO Services Company Limited EDL-Generation Public Company 881 MW. RATCH Australia Corporation Limited MW. Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 26

27 Renewable Energy 100 % 49 % 40 % 40 % 40 % 20 % 20 % 40 % MW 2.4 MW 2.4 MW 2.4 MW 20.7 MW 20.7 MW 3.96MW Ratchaburi Energy Company Limited % Solarta Company Limited Solar Power (Korat 3) Company Limited Solar Power (Korat 4) Company Limited Solar Power (Korat 7) Company Limited MW. 6 MW. 6 MW. 6 MW. 100 % 33.11MW K.R. Two Co., Ltd First Korat Co., Ltd Songkhla Biomass MW MW. Company Limited 9.9 MW. Sustainable Energy Corporation Company Limited Khao Kor Wind Power Company Limited 60 MW. Related Business 100 % 50 % 100 % 10 % 37.5 % 40% 100% 51% Phu Fai Mining Company Limited Sukhothai Energy Company Limited Ratchaburi Energy Company Limited Chubu Ratchaburi Electric Services Company Limited RATCH-LAO Services Company Limited EGAT Diamond Service Company Limited Songkhla Biofuel Company Limited RATCH O&M Company Limited Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 27

28 RATCH Projects

29 Projects in Operation IPP in Thailand Ratchaburi Power Plant (RATCHGEN) Tri Energy Power Plant (TECO) Ratchaburi Power Power Plant (RPCL) Ratchaburi Province Ratchaburi Province Ratchaburi Province Technology Thermal & Combined Cycle Technology Combined Cycle Technology Combined Cycle Total Capacity 3,645 MW (holds 100%) Total Capacity 700 MW (350 MW holds 50 %) Total Capacity 1,400 MW (350 MW holds 50 %) PPA 25-Year PPA 20-Year PPA 25-Year COD TH#1-2 : 31 Oct 2000 CCGT #1-2 : 18 Apr 2002 CCGT#3 : 1 Nov 2002 Partner RG holds 100% IPP in Laos COD In 2000 Partner Chevron Thailand Energy Company I holds 50 % Num Ngum 2 Hydroelectric Power Plant (NN2) Lao PDR COD In 2008 Partner Ratchaburi Alliances Company Limited holds 25% Power Assets holds 25% Chubu Electric Power Company International B.V. holds 15% PTT PCL holds 15% Union Energy Company Limited holds 10% Toyota Tsusho Corporation holds 10% Technology Hydro Power Plant Total Capacity 615 MW ( MW holds 25%) PPA 27-Year IOD / COD In 2011 / In 2013 Partner SEAN* holds 75% GOL holds 25% Remark: SEAN's shareholder consist of RATCH holds 33.33% Bangkok Expressway PCL holds 16.67% 67% CH. Karnchang holds 38% P.T. Construction & Irrigation 5.33% Shlapak Development Company holds 5.33% Team Consulting Engineering and Management 1.34% Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 29

30 Projects in Operation VSPP in Thailand Pratu Tao-A & Pratu Tao-A (Expansion) Sao Thian-A Project Sukhothai Province Sukhothai Province Technology Gas Engine Technology Gas Engine Total Capacity 2.65 MW (holds 100%) Total Capacity 3.6 MW (holds 100%) PPA 5-Year (Automatic Renewal) PPA 5-Year (Automatic Renewal) COD In 2007 / 2010 COD In 2012 Partner RE holds 100% Partner RE holds 100% Solar Power Project (Korat 3, Korat 4, Korat 7) Solarta Power Project Nakorn Ratchasima Province Ayutthaya Province Technology Solar Power Technology Solar Power Generation Total Capacity 18 MW (7.2 MW holds 40%) Total Capacity 34.25MW (16.78 MW holds 49%) PPA 5-Year (Automatic Renewal) PPA 5-Year (Automatic Renewal) COD Korat 3: 9 March 2012 Korat 4: 14 May 2012 Korat 7: 30 May 2012 Partner RATCH holds 40% Solar Power holds 60% COD Ayutthaya Province : 7 April 2011 Suphan Buri Province : In 2012 Nakon Pathom Province : In 2012 Partner RATCH holds 49% Yanhee Power holds 51% Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 30

31 Projects in Operation Power Plant in Australia : Gas Townsville Kemerton BP Kwinana North Queensland Western Australia Western Australia Technology Combined Cycle Gas Turbine Technology Open Cycle Gas / Diesel Turbine Technology Co-generation Total Capacity 234 MW ( MW holds 80%) All output sold under a 20 year PPA to AGL / Arrow, expiring in 2025 Power Plant in Australia : Coal Total Capacity 300 MW (240 MW holds 80%) All capacity sold under a 25 Year PPA to Verve Energy, expiring in 2030 Total Capacity 35 MW (28.32 MW holds 80%) Energy and Services Agreement (ESA) with BP and a PPA (power only) with Verve Energy, both expiring in 2021 Collinsville Technology Queensland Black coal fired Total Capacity 180 MW (144 MW holds 80%) All output sold under PPA to CS Energy, expiring in 2016 Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 31

32 Projects in Operation Power Plant in Australia : Wind Starfish Hill South Australia Commissioned In 2003 Total Capacity 35 MW (27.60 MW holds 80%) Toora Victoria Commissioned In 2002 Total Capacity 21 MW (16.80 MW holds 80%) Windy Hill Queensland Commissioned In 2000 Total Capacity 12 MW (9.60 MW holds 80%) Contracting Party Merchant Contracting Party Energy Australia, expiry date in 2012 Contracting Party Ergon Energy, expiry date in 2015 Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 32

33 Projects under Construction SPP in Thailand IPP in Laos Huay Bong 3 Wind-Turbine Power Project Technology Nakorn Ratchasima Province Wind-Turbine Total Capacity MW (20.7 MW holds 20%) PPA Expected COD Project Cost SPP Non-Firm 5-Year 3Q12 THB 6,500 Million Debt to Equity 70 : 30 Partner RATCH holds 20% Aeolus Power holds 60% Chubu Electric Power Korat, BV holds 20% Hongsa Thermal Project Lao PDR Technology Lignite-Fired Total Capacity 1,878 MW (751.2 MW holds 40%) Huay Bong 2 Wind-Turbine Power Project Nakorn Ratchasima Province Technology Wind-Turbine Total Capacity MW (20.7 MW holds 20%) PPA SPP Non-Firm 5-Year Expected COD 1Q13 Project Cost THB 6,100 Million Debt to Equity 70 : 30 PPA 25-Year Expected COD In 2015 Project Cost Debt to Equity 75 : 25 Partner (Power Plant ) Partner (Phu Fai Mining) USD 3,710 Million RATCH holds 40% Banpu Power holds 40% Lao PDR holds 20% RATCH holds 37.5% Banpu Power holds 37.5% Lao PDR holds 25% Partner RATCH holds 20% Aeolus Power holds 60% Chubu Electric Power Korat, BV holds 20% Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 33

34 Projects under Development SPP in Thailand Khao Kor Wind Farm Project Ratchaburi World Cogeneration (RW Cogen) Nava Nakhon Electricity Generating (NNEG) Phetchabun Province Ratchaburi Province Pathum Thani Province Technology Wind-Turbine Technology Cogeneration Technology Cogeneration Total Capacity 60 MW (33.11 MW holds 55.18%) Total Capacity 224 MW (89.60 MW holds 40%) Total Capacity 122 MW (48.80 MW holds 40%) PPA SPP Non-Firm 5-Year PPA 25-Year PPA 25-Year Expected COD In 2013 Expected COD In 2014 Expected COD In 2016 Project Cost THB 4,100 Million Project Cost THB 10,620 Million Project Cost THB 6,000 Million Debt to Equity 70 : 30 Debt to Equity 75 : 25 Debt to Equity 75 : 25 Partner RE holds 55.18% Wind Energy holds 34.16% Partner RATCH holds 40% Majoe Sharholder Group of Thai Partner RATCH holds 40% PTT holds 30% DEMCO hlods 10.66% Agri Food PCL holds 60% Nava Nakon holds 30% VSPP in Thailand IPP in Laos Songkhla Biomass Power Project Songkhla Province Technology Thermal Power Plant Total Capacity 9.9 MW (3.96 MW holds 40%) Xe Pian - Xe Namnoy Project Lao PDR Technology Hydro Power Plant Total Capacity 390 MW (97.5 MW holds 25%) PPA Expected COD In 2014 Project Cost Debt to Equity 75 : 25 5-Year (Automatic Renewal) THB 820 Million Partner RATCH holds 40% Precise Power Producer holds 40% Assiddeek Saving Cooperative holds 20% PPA Expected COD In 2018 Project Cost Debt to Equity 70 :30 Industry Overview Company Overview Financial Performance Prospect Negotiating PPA with EGAT USD 830 Million Partner RATCH holds 25% SK Engineering holds 26% Korea Western Power holds 25% Lao PDR holds 24% Annexure PAGE 34

35 RATCH Financial Performance 1Q12

36 Financial Performance Statements t t of Comprehensive Income Unit : in Million Baht 1Q12 1Q11 4Q11 Diff 1Q12 & 1Q11 % 1Q12 & 1Q11 Diff 1Q12 & 4Q11 % 1Q12 & 4Q11 Revenues 12, , , , , Cost & Expenses (9,117.64) (5,913.71) (8,385.90) (3,203.93) (731.74) 8.73 Gross Profit 2, , , Share of profit of jointly-controlled (87.13) (38.81) entities and associates EBITDA before FX 3, , , Gain (Loss) on exchange rate (17.86) (2,422.56) EBITDA included gain (loss) from subsidiaries & jointly-controlled entities 3, , , , Depreciation & Amortisation (1,057.26) (740.92) (1,048.97) (316.34) (8.29) 0.79 EBIT 2, , , , Finance costs (666.88) (170.78) (756.06) (496.10) (11.80) Income tax expense (211.28) 28) (472.02) (160.10) 10) (55.24) (51.18) 18) Profit for the period 1, , , Non-controlling interests (51.09) (1.29) (64.48) (49.80) 3, (20.77) Profit for the period: Equity holders of the Company 1, , , Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 36

37 Financial Performance Statements t t of Financial i Position Unit : in Million Baht Mar 12 Dec 11 Diff % Assets Current Assets 19, , Investment in Jointly-controlled entities/associate 13, , Property, plant & equipments 49, , (921.31) (1.81) Others Assets 12, , Liabilities Total Assets 96, , Loans from Financial Institutions & Debentures 32, , (1,708.23) (4.96) Other Liabilities 14, , , Equity Total Liabilities 47, , Issued and paid-up share capital 16, , Other components of equity (226.02) n.a. Retained earnings 32, , (102.41) (0.32) Total equity attributable to owners of the Company 48, , Non-controlling interests (51.33) (7.40) Total Equity 48, , Total Liabilities & Equity 96, , Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 37

38 Financial Performance Avg. Net Income before FX = 1,212 MB Net Income Breakdown (Quarter) Avg. Net Income = 1,281 MB Unit: Million Baht 2,000 1,969 1,892 2,000 1,500 1, ,892 1,565 1,196 28% 1,231 8% 13% 31% % 92% 72% 87% 76% 69% Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 1,500 1, ,565 1,359 1,196 1,214 1,231 1, Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Subsidiaries Jointly-Controlled Entities Net Income Avg.Net Income Net Income before Fx. Avg.Net Income before Fx. Free Cash Flow (Quarter) Unit: Million Baht 4,000 3,000 2,000 1, ,411 3,531 3,035 2,596 2,267 2,622 1,953 2,337 2,157 1,351 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 4,000 3,000 2,000 1, ,411 3,531 3,035 2,596 2,267 2,337 2,622 2,157 1,953 1, Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 EBITDA * Free Cash Flow Tax Interest Free Cash Flow EBITDA * * EBITDA included share of profit of jointly-controlled entities and associates Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 38

39 Financial Performance Financial i Ratios Q11 2Q11 3Q11 4Q11 1Q12 Liabilities/Equity it (times) Net Debt/Equity (times) Q11 2Q11 3Q11 4Q11 1Q Q11 2Q11 3Q11 4Q11 1Q12 Book Value (Baht per share) EPS (Baht per share) Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 39

40 PDP 2010 (Revision 3)

41 Recently approved Power Development Plan (Revision 3) reflects the higher power generation capacity demand Summary of changes in PDP 2010 (Revision 3) Unit: MW Power generation capacity Revision 2 (27 April 2012) Revision 3 (June 2012) Power generation capacity ,744 32,395 New power generation ( ) 53,874 55,130 Retired power capacity (17,061) (16,839) Ending power capacity ,557 70,686 New power generation capacity during by Fuel Type Unit: MW Type of Fuel Revision 2 Revision 3 Change % Change Renewable Energy 4, ,481 5, Cogeneration 8,319 6,476 (1,843) (22.15) Gas-fired power 18,400 25,451 7, Coal-fired power 7,740 4,400 (3,340) (43.15) Nuclear 4,000 2,000 (2,000) (50.00) Gas Turbine Import 10,982 6,572 (4,410) (40.16) Total 53,874 55,130 1, Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 41

42 PPA

43 PPA Tariff Structure The PPA Tariff has two main components to cover fixed and variable generation costs called Availability Payments ( AP ) & Energy Payments ( EP ) respectively Monthly Revenue = Availability Payment + Energy Payment Availability Payment Covers Debt financing cost ; Principal and Interest Fx/Inflation Adjustment After tax return on equity Major maintenance costs (Parts and Labor ) Fixed operating and maintenance cost Fixed general and administration costs Insurance premium costs Taxes Energy Payment Covers Cost of fuel Variable operations and maintenance cost (VOM) With inflation indexation and pass through mechanism Availability Payment (Baht/MW/month) is payable irrespective of whether electricity is dispatched or not as long as plants are available at agreed capacity (EAF) Energy Payment (Baht/MWh) - includes fuel costs and variable operation and maintenance costs with inflation indexation and pass through mechanism (based on actual energy dispatch) Such structure eliminates FUEL RISK, FX RISK, INFLATION RISK and Demand/Supply RISK Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 43

44 Gas Sales Agreement Gas Pipeline System Natural gas supplied by PTT will be sourced from gas fields in Myanmar. Aggregate proven reserves of 7 trillion cubic feet exceeds gas consumption over PPA term. Terms of the GSA will be requirement-based with PTT subject to reasonable endeavors obligation. EGAT will be responsible for minimum take-or-pay obligation with PTT under Ratchaburi Master Gas Sales Agreement ( RMGSA ). EGAT is obligated to make Availability Payments to RATCHGEN regardless of availability of fuel Information on Gas Pipeline Route Pipeline length (kms) Pipeline diameter (Inches) YADANA BAAN E TONG YETAGUN - BAAN E TONG BAAN E TONG RATCHABURI Industry Overview Company Overview Financial Performance Prospect Annexure PAGE 44

45 Disclaimer The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forwardlooking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance is given that future events will occur, that projections will be achieved, or that the Company s assumptions are correct. Actual results may differ materially from those projected. Investors are, however, required to use their own discretion regarding the use of information contained in this presentation for any purpose. IR Contact Ms. Ananda Muthitacharoen Tl Tel : +66 (0) Fax : +66 (0) ir@ratch.co.th PAGE 45