Corporate Presentation Financial Results Ended December 31, March 13, 2013

Transcription

1 Corporate Presentation Financial Results Ended December 31, 2012 March 13,

2 Highlights 2012 Financial Results EGCO Group s Overview 2012 Highlights 2012 Financial Results EGCO Group s Overview 2

3 Highlights 2012 Financial Results EGCO Group s Overview 2012 Highlights Acquisition Operating Projects Acquisition Under Construction Projects 3

4 Highlights 2012 Financial Results EGCO Group s Overview Categories IPPs Renewable Power Plants Other Business Total Capacity : 230 MWe Consist of : - Quezon Description Total Capacity : 46 MWe Consist of : - SPP 2 - SPP 3 - SPP 4 - SPP 5 - G-Power Source (GPS) : Phase 1-4 Absolute Power P (Bio Diesel Plant) - Capacity : 300,000 Liter per day Manambang Muara Enim Coal Mine (Open-Pit Coal Mine) - Reserve: 140 Million Tons of Coal Mine 4

5 Highlights 2012 Financial Results EGCO Group s Overview November 2008 : Acquired 23.40% stake in Quezon March 2009 : Acquired 2.6% stake in Quezon (26.00% of total stake) December 2010 : Acquired additional % stake in Quezon Quezon Power (Philippines) Co., Ltd. (52.125% of total stake) May 2012 : Acquired additional % stake in Quezon (98.00% of total stake) Type : Coal Fired Power plant Contracted Capacity : 460 MW Location : Quezon Province, Philippines COD : May

6 Highlights 2012 Financial Results EGCO Group s Overview May 2012 : Acquired 99.99% stake in SPP2 Co., Ltd. SPP Two Co., Ltd. Type : Solar Power Contracted Capacity : 8 MW Location : Saraburi Province COD : May 2012 February 2012 : Acquired 99.99% stake in SPP3 Co., Ltd. SPP Three Co., Ltd. Type : Solar Power Contracted Capacity : 8 MW Location : Si Sa Ket Province COD : February

7 Highlights 2012 Financial Results EGCO Group s Overview January 2012 : Acquired 99.99% stake in SPP4 Co., Ltd. SPP Four Co., Ltd. Type : Solar Power Contracted Capacity : 6 MW Location : Si Sa Ket Province and Ubon Ratchathani Province COD : January 2012 SPP Five Co., Ltd. June 2012 : Acquired 99.99% stake in SPP5 Co., Ltd. Type : Solar Power Contracted Capacity : 8 MW Location : Roi Et Province COD : June

8 Highlights 2012 Financial Results EGCO Group s Overview March 2012 : Acquired 60% stake in G-Power Source Co., Ltd. G-Power Source Co., Ltd Type : Solar Power Contracted Capacity : 4x6.5 MW (Total 26 MW) Location : Nakorn Sawan Province (Phase : 1), Chai Nat Province (Phase : 2-3) Phetchabun Province (Phase 4) COD : March 2012 (Phase 1-3) / Feb 2013 (Phase 4) GPS : Phase 2 GPS : Phase 4 GPS : Phase 1 GPS : Phase3 8

9 Highlights 2012 Financial Results EGCO Group s Overview May 2012 : Acquired 50% stake in Absolute Power P Co., Ltd. Absolute Power P Co., Ltd Type : Bio Diesel Plant Capacity : 300,000 litre per day Location : Rojana Industrial Park, Rayong Province COD : October 2011 Manambang Muara Enim Co., Ltd. August 2012 : Acquired 40% stake in Manambang Muara Enim Co., Ltd. Type : Open-pit coal mine (Sub-Bituminous 5,800kCal/kg) Reserve : 140 Million Tons Location : Muara Enim Regency, South Sumatra Republic of Indonesia COD : March

10 Highlights 2012 Financial Results EGCO Group s Overview 2012 Highlights Acquisition Operating Projects Acquisition Under Construction Projects 10

11 Highlights 2012 Financial Results EGCO Group s Overview Categories Renewable Power Plants Description Total Capacity 37 MWe Consist of : - Theppana Wind Farm Power Project (TWF) - Hat Yai Municipal Waste Power Plant (GIDEC) - Yanhee Solar Power Project (Solarco) 11

12 Highlights 2012 Financial Results EGCO Group s Overview Theppana Wind Farm Power Project (TWF) Project Description Type : Wind Farm Power Plant Installed Capacity : 6.9 MW Contracted Capacity : 6.9 MW Location : Watabak, Chaiyaphum Province COD Expected in August 2013 Shareholder EGCO 90% and PVI Group 10% Project Progress - Completed for WTG foundation construction - In process of construction Blades tower 12

13 Highlights 2012 Financial Results EGCO Group s Overview Hat Yai Municipal Waste Power Plant (GIDEC) Project Description Type : Municipal Solid Waste Plant Installed Capacity : 7 MW Contracted Capacity : 6.5 MW Location : Hat Yai, Songkhla Province COD Expected in August 2013 Shareholder EGCO 50% and IEC Green Energy 50% Project Progress - In process of construction Drying room and Turbine 13

14 Highlights 2012 Financial Results EGCO Group s Overview Yanhee Solar Power Project (Solarco) Project Description Type : Solar Power Plants Installed Capacity : 57 MW Contracted Capacity : 6x9.5 MW (Total 57 MW) Location : Suphan Buri Province (Phase : 1) and Nakhon Pathom Province (Phase : 2-6) COD Expected in December 2013 Shareholder EGCO 49% and Yanhee Solar Power 51% Project Progress - In process of landfill, dyke construction, leveling work and compaction 14

15 Agenda Highlights 2012 Financial Results EGCO Group s Overview 2012 Highlights 2012 Financial Results EGCO Group s Overview 15

16 Net Profit before FX Actual 2011 VS Actual 2012 Highlights 2012 Financial Results EGCO Group s Overview Million Baht 12,000 10,000 8,000 6,000 4,000 2,000 0 Power Generation 5, or 14.32% 10,242 4,182 6, ,140 5, Others Profit from business combination 16

17 10,000 8,000 6,000 4,000 2,000 12M11 VS 12M12 Net Profit before FX Cont d. Million Baht 5,301 Highlights 2012 Financial Results EGCO Group s Overview Decrease in AP BLCP (26) GPG (64) Rayong (157) KEGCO (401) (648) 4,653 Operating Performances QPL 831 GPG 235 KEGCO 164 ESCO 128 Rayong 126 Conal 31 BLCP 26 Roi-Et Green 7 EGCOM Tara (4) NTPC (24) EGCO (433) (690) 3,963 Plant Outage EGCO Cogen (314) GEC- NKCC (376) 4, ,121 1,087 Maintenance KEGCO (80) Rayong 96 GPG 55 6, ,242 10,242 4,182 Gain on Combination New Projects QPL 565 NED 176 SPP2 43 SPP3 35 SPP4 42 SPP5 39 GPS 39 MME 26 YEH (1) GIDEC (4) TWF (5) APPC (16) 0 12 M/ M/

18 2012 Net Profit before FX ; Breakdown Highlights 2012 Financial Results EGCO Group s Overview Roi-et Green 142 MB, 2% ET 121 MB, 2% GEC 30 MB, 1% Conal 34 MB, 0% MME 25 MB, 0% NED 160 MB, 2% ESCO 164 MB, 2% GPS, SPP MB, 3% REGCO 308 MB, 4% BLCP 2,040 MB NTPC 742 MB 10% 27% Quezon 1,655 MB 22% 25% GPG(KK2) 1,885 MB Note: Excluding EGCO, EGCO Cogen, KEGCO, APPC 18

19 EGCO & Subsidiaries Outstanding Loan Highlights 2012 Financial Results EGCO Group s Overview Total Outstanding As of 31 Dec 2011 Total Outstanding As of 31 Dec 2012 USD 110 M USD 761 M JPY 470 M JPY 367 M THB 8,365 M THB 12,814 M Total Outstanding (Baht Equivalent) THB 12,068 M THB 36,287 M 19

20 Debt/Equity Highlights 2012 Financial Results EGCO Group s Overview Times (X) Debt 41,004 EGCO + Subsidiaries Unit: MB Equity 68, EGCO+Subsidiaries EGCO only Debt Debt 22,387 Equity Equity 56,527 EGCO only Unit: MB Debt Equity

21 Cash Flow Summary : EGCO ONLY Highlights 2012 Financial Results EGCO Group s Overview 2012 Beginning Balance of Cash and Deposits at financial institutions 7,471 Net Cash Received from (Payments in) Operating Activities 1,027 Net Cash Received from (Payments in) Investing Activities (14,520) Investment in subsidiaries & JVs (17,052) Dividend received from subsidiaries & JVs 3,775 Shareholder Loan (1,100) Others (143) Net Cash Received from (Payments in) Financing Activities 7,239 Loans from financial institution (net) 10,606 Dividend paid to shareholders (2,895) Interest Payment (472) Ending Balance of Cash and Cash Deposits at financial institutions 1,217 21

22 Dividend Payment Baht/ Share Highlights 2012 Financial Results EGCO Group s Overview Final Interim 3.25 Proposed to AGM

23 EGCO Group Investments & CAPEX for developing projects Highlights 2012 Financial Results EGCO Group s Overview Investment of EGCO Group Million Baht , , , , ,941.92

24 Agenda Highlights 2012 Financial Results EGCO Group s Overview 2012 Highlights 2012 Financial Results EGCO Group s Overview 24

25 Agenda Highlights 2012 Financial Results EGCO Group s Overview EGCO Group s Overview Shareholders and Portfolio Progress of Work Corporate Strategies 25

26 EGCO s Shareholders As of February 11, 2013 Highlights 2012 Financial Results EGCO Group s Overview EGAT 25.41% TEPCO 50% NDF* 50.11% NVDR 10.36% 10.43% TEPDIA 23.94% Others 49.89% Foreign Investors 19.90% Thai Investors 20.30% Mitsubishi 50% * Nuclear Damage Liability Facilitation Fund 26

27 EGCO Group s Power Plants Portfolio Highlights 2012 Financial Results EGCO Group s Overview As of February 2013, EGCO Group s portfolio comprised of 20 operating power plants, presenting the totaling to 4,712 MWe. IPPs SPPs Renewable Overseas 64 MWe 293 MWe 902 MWe 3,453 MWe 27

28 EGCO Group s Power Plants Portfolio Highlights 2012 Financial Results EGCO Group s Overview As of February 2013, EGCO Group s portfolio consisted of 5 under construction power plants, 3 under development power plants and 2 potential projects, presenting the totaling to 1,726 MWe. Under Construction Under Development Potential Project 201 MWe 1,150 MWe 375 MWe Consequently, EGCO Group s grand total portfolio will become 6,438 MWe. 28

29 EGCO Group s Other Business Portfolio Highlights 2012 Financial Results EGCO Group s Overview EGCO Group s other business portfolio comprised of 4 companies namely : Company Business Type EGCO Engineering and Service Co., Ltd. (ESCO) Egcom Tara Co., Ltd. (Egcom Tara) Absolute Power P Co., Ltd. Manambang Muara Enim Coal Mine (MME) O&M Water Bio Diesel Coal Mining 29

30 Agenda Highlights 2012 Financial Results EGCO Group s Overview EGCO Group s Overview Shareholders and Portfolio Progress of Work Corporate Strategies 30

31 Solarco Solar Power Theppana Wind Farm NED GIDEC Projects in pipeline New Khanom Power Plant TP Cogeneration SK Cogeneration Quezon Under Construction Projects Under Development Projects Potential Projects TJ Cogeneration TP Cogeneration Xayaburi Hydro Power SK Cogeneration

32 Agenda Highlights 2012 Financial Results EGCO Group s Overview EGCO Group s Overview Shareholders and Portfolio Progress of Work Corporate Strategies 32

33 EGCO Group s Corporate Strategies Highlights 2012 Financial Results EGCO Group s Overview Managing existing power plants to be operated efficiently as planned. Managing power plant projects which are under construction to be completed by time schedule and within the budget. Exploring for opportunities to new projects investment both in Thailand and abroad, particularly in Asia. 33

34 THANK YOU 34

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36 Thailand s Power Industry EGCO Group s Overview 2012 Financial Results As of 31 December 2012, Thailand s Power Installed Capacity was 32, MW. 7.0% 7% EGAT IPP SPP IMPORT 15,010 MW 12,742 MW 2,444 MW 2,405 MW 32,600 MW 39% 46% EGAT IPP SPP IMPORT 36

37 Thailand s Power Generation Classified by Fuel Type EGCO Group s Overview 2012 Financial Results Natural Gas is the primary source of fuel for Thailand s Power Generation. 17% NATURAL GAS 21,562 MW HYDRO COAL 5,541 MW 4,556 MW 66% 14% OTHERS* 941 MW 32,600 MW 3% NATURAL GAS HYDRO COAL OTHERS* * * OTHERS = Fuel Oil, Diesel, Renewable 37

38 Peak Demand Comparison EGCO Group s Overview 2012 Financial Results 28,000 26, MW (26 April 2012) 23, MW (24 May 2011) + 9.3% 23,000 18,000 January Februaary March April May June July August September October November December

39 IPPs EGCO Group s Power Plants Portfolio Power Plant EGCO Group s Overview Installed Capacity (MW) MW Equity Power Plant Renewable 2012 Financial Results As of February 2013, EGCO Group s portfolio comprised of 20 operating power plants, presenting the totaling to 4,712 MWe Installed Capacity (MW) Rayong 1,232 1,232 NED KEGCO SPP2 8 8 GPG (Khaeng Khoi 2) 1, SPP3 8 8 MW Equity BLCP 1, SPP ,925 3,453 SPP5 8 8 SPPs GPS (Phase 1-4) EGCO COGEN ROI-ET GREEN 10 7 Overseas GCC CONAL-WMPC NKCC CONAL-SPPC SCC QUEZON GYG NTPC (Nam Theun 2) 1,

40 EGCO Group s Power Plants Portfolio Power Plant Under Construction EGCO Group s Overview As of February 2013, EGCO Group s portfolio consisted of 5 under construction power plants, 3 under development power plants and 2 potential projects, presenting the totaling to 1,726 MWe. Installed Capacity (MW) MW Equity Protential Project NED 8 3 New Khanom Power Plant GIDEC 7 3 Quezon Expansion Project TWF 7 6 1,150 YEH XPCL 1, Under Development TJ Cogeneration TP Cogeneration SK Cogeneration Power Plant Installed Capacity (MW) Consequently, EGCO Group s grand total portfolio will become 6,438 MWe Financial Results MW Equity 40

41 Key Financial Data: FX Variance MD&A 12M M2012 +/- EGCO (133.42) Rayong Power Plant (0.34) KEGCO (1.28) EGCO Cogen (12.52) Roi-Et Green (14.43) ESCO (4.27) (17.12) ET PEPOI 0.17 (0.75) (0.92) Quezon (13.22) IMS - (1.36) (1.36) SPP2 - (0.69) (0.69) SPP SPP SPP5 - (7.43) (7.43) TWF YEH Total Subs Net Profit (158.68) BLCP (191.05) GPG (138.41) GEC(GCC, NKCC, SCC, GYG) (91.09) CONAL 0.44 (1.65) (2.09) NTPC (124.15) (403.30) NED (11.67) (0.03) GPS APPC GIDEC MME Total JVEs Net Profit (152.63) Grand Total (311.32) ,

42 Key Financial Data: Financial Ratio Highlights EGCO Group s Overview 2012 Financial Results Debt to Equity (Time) Net Debt to Equity (Time) Net Profit before FX* (Million Baht) 5,301 10,176 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 42

43 Key Financial Data: Segmental Operating Results, Ended December 31, M2011 Holding EGCO Rayong power KEGCO EGCO Roi-Et Cogen Green plant Subsidiaries SPP4 SPP3 YEH SPP2 SPP5 TWF QPL ESCO ET PEPOI IMS BLCP GPG GCC, NKCC, SCC, GYG Joint Ventures Power Generation Others Total Power Generation Others EGCO& Subs NED CONAL NTPC GPS APPC GIDEC MME Total- JVEs Grand Total Sales of Electricity - 2,258 2,170 2, , , ,928 - Capacity Payment - 2,201 2, , , ,002 - Energy Payment , , , ,926 Sales of Water Service Income Cost of Sales - 1,805 1,475 1, , , ,172 Cost of Services Gross Profit , , ,155 EBITDA (369) 1,381 1, , ,005 3,792 3, (16) 241 2, ,907 14,911 EBIT (421) , ,547 2,741 2, (17) 77 1, ,118 9,665 Net Profit before FX (802) ,040 1, (17) ,859 5,301 Net Profit (1,056) ,849 1, (28) 4 1, ,706 4,990 43

44 Key Financial Data: Segmental Operating Results, Ended December 31, M2012 Holding EGCO Rayong power KEGCO EGCO Roi-Et Cogen Green plant Subsidiaries SPP4 SPP3 YEH SPP2 SPP5 TWF QPL ESCO ET PEPOI IMS BLCP GPG GCC, NKCC, SCC, GYG Joint Ventures Power Generation Others Total Power Generation Others EGCO& Subs NED CONAL NTPC GPS APPC GIDEC MME Total- JVEs Grand Total Sales of Electricity - 2,167 1,762 1, , , ,077 - Capacity Payment - 2,043 1, , ,888 - Energy Payment , , , ,189 Sales of Water Service Income , ,162 Cost of Sales - 1,673 1,533 1, , , ,360 Cost of Services Gross Profit (101) , , ,377 EBITDA 3,473 1, (1) (6) 3, ,890 3,706 3, , (11) (4) 26 10,178 21,068 EBIT 3, (12) (99) (1) (6) 3, ,570 2,675 2, , (11) (4) 26 7,246 14,816 Net Profit before FX 2, (42) (141) (1) (5) 1, ,304 2,040 1, (16) (4) 26 4,938 10,242 Net Profit 3, (42) (133) (1) (5) 1, ,903 2,193 1, (16) (4) 19 5,077 10,979 44

45 - - 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 (Block I) Operating Performance (IPPs) : Annual Net Generation & Electricity Sales for the Year Net Generation (9 Month) 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). 45 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.

46 Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2012 Quarter Actual Actual Actual Actual Million Baht Spare Parts Service Charge Total Total Quarter Rayong Power Plant KEGCO Actual Actual Actual Actual Spare Parts Service Charge Total Total

47 Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2013 Rayong Power Plant Million Baht Quarter Total Budget Budget Budget Budget Spare Parts Service Charge Total KEGCO Quarter Total Budget Budget Budget Budget Spare Parts Service Charge Total

48 Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor Rayong Power Plant 2011 Plant Type 1Q12 2Q11 3Q11 4Q11 Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) CCGT # CCGT # CCGT # CCGT # 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 # KEGCO 2011 Plant Type 1Q11 2Q11 3Q11 4Q11 Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Barge # Barge # CCGT # KEGCO Q12 2Q12 3Q13 4Q12 Plant Type Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Barge # CCGT #

49 Operating Performance (IPPs) : Net Generation and Fuel Consumption Rayong Power Plant CCGT #1-4 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Net Generation - By Natural Gas (GWh) ,138 1,101 1, By Secondary Fuel (GWh) Fuel Consumption - By Natural Gas (MMBTU) 4,149,687 5,179,906 3,504,009 5,728,762 9,823,707 9,515,501 9,025,465 6,287,046 - By Secondary Fuel (Million Litre) KEGCO Barge # 2 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Net Generation - By Natural Gas (GWh) By Secondary Fuel (GWh) Fuel Consumption - By Natural Gas (MMBTU) 2,183,284 2,933,950 1,773,602 1,753,549 1,775,680 1,850,363 1,676,533 1,875,388 - By Secondary Fuel (Million Litre) CCGT # 3 1Q11 2Q11 3Q11 4Q11 1Q12 2Q11 3Q12 4Q12 Net Generation - By Natural Gas (GWh) 1,296 1,202 1,349 1,274 1, ,284 1,290 - By Secondary Fuel (GWh) Fuel Consumption - By Natural Gas (MMBTU) 10,450,500 9,812,045 10,887,245 10,261,359 9,604,779 10,842,732 10,335,010 10,286,267 - By Secondary Fuel (Million Litre)

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