analyst meeting q2-2011....

ANALYST MEETING 2Q11ANALYST MEETING 2Q11August 11, 2011

AgendaAgendaAgenda Agenda

• Highlights• Highlights

• Operation Performancep

• Project Highlights

• Financial Performance

2

Highlights Highlights

3

Highlights

2Q11 Power Consumption

• Peak generation was 23,900 MW in May, decreased 0.46% yoyg , y, y y

• Total energy generation has decreased 1.29% yoy (as of July 2011)

EventsEventsShares Purchase of TSI in Australia. : On 2 May 2011, entered into a Scheme Implementation Agreement with TSE to

acquire the 56.16% of TSI Fund that TSE does not own for a price of AUS 0.85 per security under Schemes of Arrangement .

The execution of the Acquisition Scheme completed on 5 July 2011. The execution of the Acquisition Scheme completed on 5 July 2011. TSIF's security delisted from the Australian Securities Exchange and

changed its name to be RATCH-Australia Corporation Limited (RAC).

Investment in Huay Bong 3 Wind-T bi P P j t (20% hi )

: On 26 July 2011, entered into the agreements with Aeolus Power Co., Ltd and Ch b El t i P K t BV t i t d d l i d t biTurbine Power Project. (20% ownership) Chubu Electric Power Korat, BV to invest and develop wind-turbine power project. (Total Installed Capacity 103.5 MW)

Investment in Solar Power Generation Projects. (40% ownership)

: On 4 August 2011, entered into the agreements with Solar Power Company to invest and develop three solar power projects. (Total Installed Capacity 18 MW; 6 MW each)6 MW each) Solar Power (Korat 3) Co.,Ltd Solar Power (Korat 4) Co.,LtdSolar Power (Korat 7) Co.,Ltd

4

Highlights

Project Progress

: Signed Project’s Shareholder Agreement ith PTT and Na a NakornNava Nakhon Electricity Generating (SPP): Signed Project’s Shareholder Agreement with PTT and Nava Nakorn

(NNCL) on 30 May 2011

Sao Thian-A Project : Signed the Gas Sales Agreement with PTTEP and PTTEP Siam Limited (a subsidiary company of PTTEP) on June 29, 2011

Xe Pian-Xe Namnoy Hydroelectric Power Plant : Signed Shareholder Agreement on June 15, 2011

Financial HighlightsFinancial Highlights

Equity holders of the Company

2Q11 Net Profit = 1,891.72 Million Baht increased 23.83% YoYQ ,

1H11 Net Profit = 3,087.88 Million Baht increased 3.34% YoY

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Operation PerformanceOperation Performance

6

RATCHGEN Operation Performance: Dispatch Factor & Equivalent Availability Factor

2Q10 & 2Q11

100

Dispatch Factor (%)120

Equivalent Availability Factor (%)

84 83 8681 83

60

80100 100 97 100

93100 100 99 99

80

100

3645

27

41

30

20

40 41

20

40

60

0TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3

2Q10 2Q11


2Q10 2Q11

7

RATCHGEN Operation Performance: Dispatch Factor & Equivalent Availability Factor

1H10 & 1H11

Dispatch Factor (%) Equivalent Availability Factor (%)

78 79 82

5867

5260

80

100

94 100 98 9991

100 100 99 99

6980

100

120

40

2619

30

52

20

40

20

40

60


1H10 1H11


1H10 1H11

8

P j t Hi hli htP j t Hi hli htProject HighlightsProject Highlights

9

Group Projects

5,154 MW 6,620 MW

4 0006,0008,000

Total ProjectsTotal Projects by the end of 2011

OperationCompany Effective RATCH’s

MW

02,0004,000

End of 2011 In Pipeline End of 2018

In Thailand 199 MW

In Laos 999 MW

1,466 MWIn Australia 268 MW

Company Effective Shareholding

RATCH s Capacity Stake

RATCHGEN 100.00% 3,645 MW

TECO 50 00% 350 MWTECO 50.00% 350 MW

RPCL 25.00% 350 MW

Pratu Tao-A 100.00% 1.75 MW 8,000

Nam Bak

40 MW

Xe Pian

2011 (New)

MW

Pratu Tao-A (Expansion) 100.00% 0.90 MW

NN2 25.00% 153.75 MW 6,000

7,000

,

751.2 MW 110 MW 97.5 MW

632.36 MW

268.44 MW

153.75MW

RATCH-Australia Corporation

56.16% 632.36 MW

Under construction4,000

5,000

44 MW

RW CogenUnit 2

44 MW

Nava Nakoen

Solara

16.78 MW Solar Power

RW CogenUnit 1

Solarta 49.00% 16.78 MW

Sao Thian-A 99.99% 3.6 MW

Total 5,154.14 MW 1,000

2,000

3,000 30.6 MW52 MW

Huay Bong 3

20.7 MW

Sao Thian-A

3.6 MW

(Korat Group)

7.2 MW

10

,

2011

2012

2013

2014

2015

2016

2017

2018

Year

Financial Performance Financial Performance

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Statements of Comprehensive Income: 2Q11 & 2Q10

Unit : in Million Baht 2Q11 2Q10 Diff %

Revenues 11 823 93 12 521 48 (697 55) (5 57)Revenues 11,823.93 12,521.48 (697.55) (5.57)

Cost & Expenses 9,142.84 10,384.50 (1,241.66) (11.96)

EBIT 2 681 09 2 136 98 544 11 25 46EBIT 2,681.09 2,136.98 544.11 25.46

Finance costs 141.55 174.15 (32.60) (18.72)

Income tax expense 648.97 435.15 213.82 49.14Income tax expense

Profit for the period 1,890.57 1,527.68 362.89 23.75

EPS (Baht) 1.30 1.05 0.25 23.81( )

Profit (loss) attributable to :

Equity holders of the Company 1,891.72 1,527.68 364.04 23.83q y p y

Non-controlling interests (1.15) - (1.15) n.a.


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Statements of Comprehensive Income: 1H11 & 1H10

Unit : in Million Baht 1H11 1H10 Diff %

20 295 23 22 854 41 (2 559 18) (11 20)Revenues 20,295.23 22,854.41 (2,559.18) (11.20)

Cost & Expenses 15,616.03 18,892.41 (3,276.38) (17.34)

EBIT 4 679 20 3 962 00 717 20 18 10EBIT 4,679.20 3,962.00 717.20 18.10

Finance costs 472.77 353.15 119.62 33.87

Income tax expense 1 120 99 620 81 500 18 80 57Income tax expense 1,120.99 620.81 500.18 80.57


EPS (Baht) 2 13 2 06 0 07 3 40EPS (Baht) 2.13 2.06 0.07 3.40

Profit (loss) attributable to :

Equity holders of the Company 3,087.88 2,988.04 99.84 3.34Equity holders of the Company 3,087.88 2,988.04 99.84 3.34

Non-controlling interests (2.44) - (2.44) n.a.


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Statements of Financial Position

Unit : in Million Baht June 11 June 10 Diff %AssetAssetCurrent Asset 24,239.58 19,273.62 4,965.96 25.77Property, plant & equipments 34,256.82 35,470.09 (1,213.27) (3.42)Invest in Joint Ventures 12 054 46 10 997 71 1 056 75 9 61Invest in Joint Ventures 12,054.46 10,997.71 1,056.75 9.61

Others Assets 4,438.82 3,840.40 598.42 15.58Total Assets 74,989.68 69,581.82 5,407.86 7.77

LiabilitiesLiabilities Current Liabilities 5,041.33 6,047.25 (1,005.92) (16.63)

Long-term Liabilities 21,389.54 16,855.00 4,534.54 26.90

Non Current Liabilities 71 37 3 26 68 11 n aNon-Current Liabilities 71.37 3.26 68.11 n.a.

Total Liabilities 26,502.24 22,905.51 3,596.73 15.70

Shareholders’ EquityEquity holders of the Company 48 425 38 46 630 08 1 795 30 3 85Equity holders of the Company 48,425.38 46,630.08 1,795.30 3.85

Minority interests 62.06 46.23 15.58 34.24

Shareholders’ Equity 48,487.44 46,676.31 1,811.13 3.88

T t l Li biliti & Sh h ld ’ E it 74 989 68 69 581 82 5 407 86 7 77

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Total Liabilities & Shareholders’ Equity 74,989.68 69,581.82 5,407.86 7.77

Financial Ratios

2Q11 2010

Current Ratio (times) 1.62 2.00

ROE (%) 12.96* 11.46

ROA (%) 8.52* 7.52

EBITDA (Million Baht) 3,341 9,921

Debt/Equity (times) 0.55 0.49

Net Debt/Equity (times) 0.12 0.06

DSCR (times) 2.75 2.48

Book Value (Baht per share) 33.44 32.10

EPS (Baht per share) 1.30 3.60

* Annualized

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Outstanding Loan

As at June 2011

1H11 RATCH Portion Million Baht Million USD

RATCHGEN 100% 15,185.98 -C G 00% 5, 85 98

TECO 50% - 13.44

RPCL 25% 1,259.44 93.17

SEAN 25% 3,750.75 45.00

Maturity Year

SEAN 25% 3,750.75 45.00

RATCHGEN 2015

TECO 2013

RPCL 2020

16

SEAN 2022

Thank youThank you

Disclaimer The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains

projections and forward-looking 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

17

p j g , p j

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.

A diA diAppendixAppendix

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Company Structure

h b i l i i i ldiRatchaburi Electricity Generating Holding PCL.

100 % 49.99 %33.33 %100 %100 % 100% 10% 100%40%37.5%3 645 MW

100 %16.78 MW

25%110 MW

49% 25%97.5 MW

50 %

Ratchaburi Energy Co., Ltd

SouthEast Asia Energy

Limited

Ratchaburi ElectricityGenerating Co., Ltd

RATCH-LAO Services Co., Ltd EGAT

Diamond Service

RH International Corporation Limited

Thermal & Combined Cycle

3,645 MW

100 %

Solar Power34.25 MW.

16.78 MW

Nam Ngum 3 Power Co., LtdHydro

440 MW

110 MW

40%88 MW

97.5 MW

20%75 % Company Limited 100%Thermal & Combined Cycle

3,645 MW. 350 MW

153.75 MW

751.2 MW

100 %

Tri Energy Co., Ltd

Ratchaburi Alliances C Ltd

Combined Cycle700 MW Nam Ngum 2 Power Hongsa Power

RH International (Mauritius)

Corporation Limited

440 MW.

Nava NakornNava Nakorn

Cogen 220 MW.

88 MW

Cogen 130 MW.

40%52 MW Xe Pian – Xe NamnoyXe Pian – Xe Namnoy

Hydro 390 MW.

Huay Bong 3Huay Bong 3

20%20.7 MW

Wind103.50 MW.

Wind60 MW.

25 %

Co., Ltd700 MW.

350 MW

Nam Ngum 2 Power Co., Ltd

Hydro615 MW.

100%

Hongsa Power Co.,LtdLignite-Fired1,878 MW.

Corporation Limited

Phu Fai Mining Co.,Ltd

Phu Fai Mining Co.,Ltd

g

100%51 %30.6 MW

99.99%2.65 MW Korat 3Korat 3

40%2.4 MW

Ratchaburi Power Co., LtdCombined Cycle

1,400 MW.

RH International (Singapore)

Corporation Limited

56.16%

Pratu Tao-APratu Tao-A2.65 MW

632 MWSao Thian-ASao Thian-A3.6 MW99.99%

Korat 3Korat 3

Korat 4Korat 4

40%2.4 MW

40%2.4 MW

Solar Power6 MW.

Solar Power6 MW.

19As of Aug 2011

1,126 MW.Korat 7Korat 7

Solar Power6 MW.

Total Installed Capacity

Total Installed Capacity: 31,629 MW.

SPPs2,182

Foreign Purchase

Other 8 IPPs7,901

Foreign Purchase2,049

TECO

EGAT14 998

RG3,645

350RPCL350

NN2

RATCH4,499

14,998 NN2154

Other 8 IPPs consisted of1. Electricity Generating PCL.2. Independent Power (Thailand) Co., Ltd3. Tri Energy Co., Ltd4. Glow IPP Co., Ltd5. Eastern Power and Electric Co., Ltd

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6. BLCP Power Limited7. Gulf Power Generation Co., Ltd.8. Ratchaburi Power Co., Ltd

Source: EGAT, June 2011

Project under Construction

Sao Thian-A ProjectProjects Summary Project ProgressProjects Summary

Location : Sao Thian-A oil fieldSukhothai Province

Technology : Gas Engine

Project Progress• Signed the Gas Sales Agreement on June 29, 2011 with

PTTEP and PTTEP Siam Limited (a subsidiary company of PTTEP)

Shareholders’ Structuregy g

Total installed Capacity : 3.6 MW

Contributed capacity to RATCH: 3.6 MW (100%)RATCH

PPA : 5 Years (Automatic Renewal)

COD : 4Q2011

Project Cost : THB 187 Million

100%

RATCH

Project Cost : THB 187 Million

Debt to Equity : 50:50

Investment Amount (for RATCH) : THB 93.5 Million

Ratchaburi Energy

100%

Sao Thian-A

21

Projects under Development

Huay Bong 3 Wind-Turbine Power ProjectProject Progress

• On 26 July 2011, entered into the agreements with Aeolus Power Co., Ltd and Chubu Electric Power Korat, BV to invest and develop wind-turbine power project.

Project SummaryLocation : Nakorn Ratchasima

Province

T h l Wi d T bip p p j

Shareholders’ Structure

Technology : Wind-Turbine

Total Capacity : 103.5 MW

Contributed capacity to RATCH: 20.7 MW (20%)

PPA : Non-Firm PPA

COD : In 2013

RATCH

20%Project Cost : THB 6,500 Million

Debt to Equity : 70 : 30 times

Investment Amount (for RATCH) : THB 400 Million

20%

Aeolus Power Co., Ltd.

Chubu Electric Power

60%

10%Huay Bong 3

Investment Amount (for RATCH) : THB 400 Million Korat, BV

22

Projects under Development

Solar Power Project

Project ProgressProject SummaryL ti

Solar Power (Korat 3) Solar Power (Korat 7)Solar Power (Korat 4)

• On 4 August 2011, entered into the agreements with Solar Power Company to invest and develop three solar power projects.

Shareholders’ Structure

Location : Nakorn RatchasimaProvince

Technology : Solar Power Generation

T l C iTotal Capacity : 18 MW (6 MW each)

Contributed capacity to RATCH: 7.2 MW (40%)

PPA : Non-Firm PPARATCH

COD : In 2013

Project Cost : THB 1,950 Million (THB 650 Million each)

40%

Solar Power Solar Power 60%(THB 650 Million each)

Debt to Equity : 70 : 30 times

Investment Amount (for RATCH) : THB 235 Million

Company LimitedSolar Power

Project

23

Planned Outage at Ratchaburi Power Plant in 2011Planned OutageActual Outage

As at June 2011

Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

RG CCST-10

CCGT-11

CCGT-12

CI23 6

CI23 6

12 6MI

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30

13 7MI

CI24 7

CI24 7MI

20 8MI20 4

CCGT-31

CCGT-32

Thermal-1

Thermal-2

11MI

20

6 15MI

MI20 2120 23

10 2310 21

TECO CCST-10

CCGT-11

CCGT-12

RPCL CCST-10 MI8 31

23 1CI

3 7MI

CCGT-11

CCGT-12

RPCL CCST-20

CCGT-21

MI8 31

MI8 31

CI1 12

CI3

3

CCGT-22

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days

Gas Turbine

Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul

Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)

CI1 123

26 Days 32 Days 15 Days 30 Days 52 Days

Steam Turbine

Warranty Inspection (WI) Minor Inspection Major Overhaul

Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)

26 Days 30 Days 26 Days 49 Days 24

Planned Outage at Ratchaburi Power Plant in 2010Actual Outage

Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

RG CCST-10

CCGT-11

CCGT-12

CI11 3

CI11 2

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30 CI

MI25 1

MI15 1

CCGT-31

CCGT-32

Thermal-1

Thermal-2

423

423

1 Jan – 17 Mar, 24-30 Mar (Reserve Shutdown)24-30 Mar(Reserve Shutdown)

CI

TECO CCST-10

CCGT-11

CCGT-12

RPCL CCST-10

CI530

2921CI

CICCGT-11

CCGT-12

RPCL CCST-20

CCGT-21

MI2 28

Start 8CI

18

MI2 28

MICCGT-22

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days

Gas Turbine

Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul

Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)

MI2 28

26 Days 32 Days 15 Days 30 Days 52 Days

Steam Turbine

Warranty Inspection (WI) Minor Inspection Major Overhaul

Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)

26 Days 30 Days 26 Days 49 Days 25

analyst meeting q2-2011....

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