analysts riefing : no.3/2016 -...

ANALYST’S BRIEFING : No.3/2016

August 30, 2016

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, nevertheless, 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) 998-5146-9 or Email: [email protected]

2

3

Projects in Pipeline Q2/2016 Financial Results EGCO’s Overview

EGCO’s Overview Q2/2016

Financial Results Projects in Pipeline

3

https://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwie0Ie8vYjNAhXGr48KHdQiAFUQjRwIBw&url=https://www.pinterest.com/pin/343962490267327155/&bvm=bv.123664746,d.c2I&psig=AFQjCNEfIKdKECEl8v6AwVaJn10WH7uCBQ&ust=1464926658979515

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Portfolio and

Corporate Strategies

4


EGCO’s Shareholders

EGCO’s Group Overview

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwj3hrLM09jNAhUOTo8KHe56DAgQjRwIBw&url=http://www.gwcmagazine.com/energy-ecology/&psig=AFQjCNEvVWW3kU4GpKlFa0VU1P__zAOO3Q&ust=1467681887072813

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As of March 15, 2016

5

Projects in Pipeline EGCO’s Overview Q2/2016 Financial Results

EGAT 25.41%

TEPDIA 23.94%

Thai Investors 24.39%

Foreign Investors

7.72%

TEPCO 50%

MC 50%

NVDR 18.54%


http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjU2PLbi53NAhUMwI8KHSZDCIwQjRwIBw&url=http://clipartix.com/leaf-clipart-image-3064/&bvm=bv.124088155,d.c2I&psig=AFQjCNHkTsMFeFIfBvXXgtsSCQ4AOPpjAQ&ust=1465635095913570

Portfolio and

Corporate Strategies

6


EGCO’s Shareholders

EGCO’s Group Overview




http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjimqLJhJrNAhVIqo8KHVvsBa4QjRwIBw&url=http://dryicons.com/free-graphics/light-bulb/&bvm=bv.124088155,d.c2I&psig=AFQjCNFu3PmGwIdzvEF16fR_RfnvL6ssLQ&ust=1465530320223527

Power Plant: Renewable (Domestic)

EGCO’s Shares

Contracted Cap. (MW)

MW Equity

NED 66.67% 63.00 41.99

SPP2 100.00% 8.00 8.00

SPP3 100.00% 8.00 8.00

SPP4 100.00% 6.00 6.00

SPP5 100.00% 8.00 8.00

GPS 60.00% 26.00 15.60

TWF 90.00% 6.90 6.21

Solarco 49.00% 57.00 27.93

GIDEC 50.00% 6.50 3.25

Total 124.98

Power Plant: Overseas

EGCO’s Shares


MW Equity

NTPC 35.00% 1,070.00 374.50

QPL 100.00% 460.00 460.00

MPPCL Unit 1&2 49.00% 630.00 308.70

MPPCL Battery Energy Storage

49.00% 10.00 4.90

SEG 20.00% 227.00 45.40

BRWF 100.00% 113.00 113.00

Total 1,306.50

57.72%

6.92%

3.09%

32.27%

EGCO Group’s portfolio comprises 23 operating power plants, total contracted capacity 4,048.85 MWe.

IPP

SPP

Renewable (Domestic)

Overseas

7


Power Plant: SPP

EGCO’s Shares


MW Equity

EGCO Cogen 80.00% 112.18 89.75

Roi-Et Green 70.30% 8.80 6.19

GCC 50.00% 109.10 54.55

NKCC 50.00% 124.60 62.30

SCC 50.00% 114.45 57.23

GYG 50.00% 20.20 10.10

Total 280.12

Power Plant: IPP

EGCO ‘s Shares


MW Equity

KN 4 100.00% 930.00 930.00

KK2 50.00% 1,468.00 734.00

BLCP 50.00% 1,346.50 673.25

Total 2,337.25

47.61%

35.62%

16.77%

8

Projects in Pipeline Q2/2016 Financial Results

Natural Gas Coal Renewable

The percentage of power plant generation fuel mix derived from:

• Natural Gas 47.61% • Coal 35.62% • Renewable 16.77%

EGCO’s Overview

Solar 2.85%

Geothermal 1.12% Biomass 0.40% Battery Energy Storage 0.12%

Hydro 9.25%

Wind 2.95%

Waste 0.08%

67.73%

32.27%

9

Projects in Pipeline Q2/2016 Financial Results

The percentage of power plants was classified by location:

• Domestic 67.73 % • Overseas 32.27 %

EGCO’s Overview

Domestic Overseas

Philippines 19.11%

Laos 9.25%

Australia 2.79% Indonesia 1.12%

EGCO Group’s portfolio consists of 7 under construction projects, total contracted capacity 941.10 MWe.

10


Power Plant: Under Construction

EGCO’s Shares Contracted Cap.

(MW) MW Equity

CWF 90.00% 80.00 72.00

TJ Cogen 100.00% 102.00 102.00

XPCL 12.50% 1,280.00 160.00

TP Cogen 100.00% 113.00 113.00

SK Cogen 100.00% 107.00 107.00

MPPCL Unit 3 49.00% 335.00 164.15

SBPL 49.00% 455.00 222.95

Total 941.10

EASTW (18.72%)

MME (40%)

ESCO (100%)

EGCO Group’s other business portfolio comprises 5 companies:

Q2/2016 Financial Results EGCO’s Overview Projects in Pipeline

QMS (100%)

PEPOI (100%) O&M

Service Management Coal Mining

Water

O&M

11

12


Operate power plants to achieve optimum

efficiency and manage projects

under construction to achieve COD on time

Boost long-term earnings by acquisition of greenfield projects

and/or expansion of existing projects

Acquire operating assets to realize

quick earnings, with focus on

the Asia Pacific region

https://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCOPqtc6_1cgCFY0KjgodZX4FsA&url=https://commons.wikimedia.org/wiki/File:BitcoinSign.svg&bvm=bv.105814755,d.c2E&psig=AFQjCNHOILu0RXdqQAGXlNLge-GZNK8XtA&ust=1445583294692407

https://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCNn4mczF1cgCFdeRjgodgH4JIg&url=https://twitter.com/b00l&bvm=bv.105814755,d.c2E&psig=AFQjCNEf0lugXDOAXMmEZRleOU8RjXk7lw&ust=1445584892606025

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http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiHko6x5JfMAhXhN6YKHYMPCwQQjRwIBw&url=http://www.immediateentourage.com/wind-turbine/&bvm=bv.119745492,d.dGY&psig=AFQjCNGY9w8Tu413FMmHV2OqWKx1M3XwBg&ust=1461055028838666

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiHko6x5JfMAhXhN6YKHYMPCwQQjRwIBw&url=http://www.immediateentourage.com/wind-turbine/&bvm=bv.119745492,d.dGY&psig=AFQjCNGY9w8Tu413FMmHV2OqWKx1M3XwBg&ust=1461055028838666

https://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&ved=0ahUKEwjPorK05ZfMAhUDVZQKHfODAU4QjRwIBw&url=https://www.colourbox.de/vektor/sonnenkollektoren-auf-weisem-hintergrund-vektor-2170582&bvm=bv.119745492,d.dGY&psig=AFQjCNGG9Ep7C56ggslqLifStyeGYQ6PhA&ust=1461055253652376

https://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&ved=0ahUKEwjPorK05ZfMAhUDVZQKHfODAU4QjRwIBw&url=https://www.colourbox.de/vektor/sonnenkollektoren-auf-weisem-hintergrund-vektor-2170582&bvm=bv.119745492,d.dGY&psig=AFQjCNGG9Ep7C56ggslqLifStyeGYQ6PhA&ust=1461055253652376

http://kinovis.inrialpes.fr/2015/06/3d-reconstruction-real-time/

https://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCOvOo47F1cgCFVYJjgodEukGsg&url=https://svn.apache.org/repos/asf/openoffice/tags/SNAPSHOT/main/extras/source/gallery/arrows/&bvm=bv.105814755,d.c2E&psig=AFQjCNFZp_jBFes_FenbdoVNywtVrSIiGQ&ust=1445584773617772

13



13






























































Power Generation Others

Unit: Million Baht

MD&A -301 MB or -12%

14

2,597 2,296

115

2,482


(12)

2,308

Under Construction

1 (304)

(23)

Change of AP KN2&3 50 BLCP 50 KK2 (99)

Unit: Million Baht

15

2,597 2,296


Operating Performance SEG 166 KK2 56 MPPCL 55 BRWF 32 QPL 32 EGCO 20 BLCP 17 EGCO Cogen 12

MME (10) RYPP (26) EGCOM Tara (36) Renewable Group (38) GEC (41) KN2&3 (50) ESCO (81) NTPC (103) North Pole (309)

New Power Plants KN4 25

25

Unit: Million Baht

16

MD&A -301 MB or -12 %


(1,191)

2,296

(90) (164)

Deferred Tax

Net Profit before FX, DT and TFRIC 4&12

FX

TFRIC 4&12

6

(84)

75

2,597

1,397

2,048

Unit: Million Baht

17

MD&A 400 MB or 10%


(1,077)

4,299

578 25

(135)

243

3,899

2,930 Deferred Tax

Net Profit before FX, DT and TFRIC 4&12

FX

TFRIC 4&12

Impairment of Assets

(69) (196)

4,637

18

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Q1 Q2 HALF-YEAR

1,302

2,597

3,899

2,003 2,296

4,299

2015 2016

Million Baht

18


19

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Q1 Q2 HALF-YEAR

1,533 1,397

2,930 2,589

2,048

4,637

2015 2016

Million Baht

19


20 Note: Excluding EGCO

BLCP 1,560 MB

Quezon 1,271 MB

Renewable (Domestic) 875 MB

MPPCL 563 MB

KK2 550 MB

NTPC 490 MB

KN2&3 326 MB

Renewable (Overseas) 295 MB

SPP (GEC, EGCO Cogen) 252 MB Other Business (ESCO, MME) 71 MB, 1%


24%

20%

14%

9%

9%

8%

5% 5%

4%

KN4 25 MB, 1%

21 Note: Excluding EGCO

Domestic 3,655 MB

Overseas 2,624 MB


58.21% 41.79%

AUD 239 M

Total Outstanding (Baht equivalence)

Total Outstanding

As of Jun 30, 2016

Total Outstanding

As of Mar 31, 2016

22

USD 1,652 M

THB 28,596 M

THB 91,737 M

AUD 238 M

USD 1,783 M

THB 30,533 M

THB 94,558 M


Times (X)

0

0.2

0.4

1.2

0.8

1.0

0.6

1.6

1.4

2010 2011 2012 2013 2014 2015

Debt 110,565 MB

Equity 80,112 MB

Debt

48,324 MB

Equity 58,226 MB

EGCO + Subsidiaries EGCO

23


EGCO

+ Subsidiaries

EGCO

As of June 30, 2016

Q2/2016

0.17 0.23

0.41

0.44

0.78

0.83 0.83

0.21 0.25

0.70

0.87

1.17

1.38 1.31

Unit: Million Baht Q2/2016

Beginning Cash 2,675

Cash Payments from Operations (EGCO) (458)

Cash Payments from RYPP (35)

Net Cash Payments in Operating Activities (493)

Dividend Receipts from Subsidiaries, Joint Venture & Others 2,494

Investment in subsidiary (KN4) (2,005)

Other Investments (Payments) and Interest Receipts (271)

Net Cash Receipts from Investing Activities 218

Loan Receipts and Payments 1,677

Interest Payments and Financing Fee (741)

Dividend Payments (1,711)

Net Cash Payments in Financing Activities (775)

Ending Cash 1,625

24


As of June 30, 2016

Baht/Share

25

Interim Payment Final Payment

EGCO Group’s Overview


6.00

5.25 5.25 5.25

4.75

4.00

3.25 3.00

2.75 2.50

2.25

6.00

5.00

6.25 6.25

Note • Our dividend policy is 40% of the consolidated net profit after tax. • Board of Directors approved the appropriation of net profit from the first-half year operation of 2016

at 3.25 baht for the interim dividend payment which will be paid on Sep 16, 2016.

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2.25 2.50 2.50 2.50 2.50 2.75 2.75 3.00 3.00 3.25 1.25 1.25

1.50 1.75

2.00

2.50 2.50 2.75 2.75 2.75

3.25 3.25 3.25 3.25

1.00 1.25 1.25 1.50 1.50

2.00

1.50

26

EGCO Group’s Overview


Project Sponsor of the Year

Best energy/ Renewable energy deal- Wind,

Chaiyaphum Wind Farm Company

Best Power Deal, Thailand for Klongluang Utilities Company

Best Power Deal, Philippines for San Buenaventura Power Limited Company

Best Power Deal, Highly commended, Philippines for Masinloc Power Partners Company

EGCO Group has honored to 5 prestigious awards on new power project development awards at The Asset Triple A Asia Infrastructure Awards 2016.

27



27






























































2020 2019 2018

Projects in Pipeline


28

CWF (Wind) XPCL (Hydro)

SBPL (Coal)

TP Cogen (Gas)

SK Cogen (Gas)

TJ Cogen (Gas)

2017 2016

MPPCL Unit 3 (Coal)

29

XPCL

Xayaburi, Laos PDR

SCOD: October 29, 2019

Laos

Thailand


TJ Cogen

Klong Luang, Pathum Thani

SCOD: June 2017 SBPL

Quezon, Luzon

SCOD : October 8, 2019

Philippines

MPPCL Unit 3

Existing Site in Zambales, Luzon

SCOD: Q2/2019

TP Cogen

Ban Pong, Ratchaburi

SCOD: October 2017

SK Cogen

Ban Pong, Ratchaburi

SCOD: October 2017

CWF

Sub Yai, Chaiyaphum

SCOD: December 1, 2016

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjKz868xN7NAhWEvY8KHX-QCykQjRwIBw&url=http://www.ngantukan.com/green-desktop-background-wallpaper/green-desktop-background-wallpaper-wallpaper-hd-desktop/&bvm=bv.126130881,d.c2I&psig=AFQjCNE38MFk0IXO5d23mUULZZLCPh3p7g&ust=1467883967541787

30


Chaiyaphum Wind Farm (CWF)

Overall Progress : Ending Q2/2016, the overall progress was 93.50%. (The construction plan was 97.72%.)

Type : Wind Power Plant

Location : Sub Yai, Chaiyaphum

Shareholders : EGCO 90%, PVI Group 10% SCOD : December 1, 2016

Contractual Type : SPP Non-Firm

Contracted Capacity : 80 MW with EGAT Adder : 3.50 Baht/kWh for 10 years

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjc4omu0KbNAhUIMo8KHe0ECPgQjRwIBw&url=http://365psd.com/vector/green-spring-tree-background-with-leaves-free-33987&bvm=bv.124272578,d.c2I&psig=AFQjCNHNTlxzAeyMUkekXLYfbUyQGaCjVw&ust=1465963097397290


https://fr.fotolia.com/Search/Category/806






31


TJ Cogeneration Project

Type : Cogeneration Power Plant

Location : Klong Luang, Pathum Thani Shareholders : EGCO 100%

SCOD : June 2017

Contractual Type : SPP Cogeneration Installed Capacity : 115 MW

Contracted Capacity : 90 MW with EGAT Contracted Capacity with IU : 12 MW and 13 t/h of steam










32


TP&SK Cogeneration Project

Type : Cogeneration Power Plant

Location : Ban Pong, Ratchaburi Shareholders : EGCO 100%

SCOD : October 2017

Contractual Type : SPP Cogeneration Installed Capacity : 125 MW each

Contracted Capacity : 90 MW each with EGAT Contracted Capacity with IU : TP Cogen 23 MW and 40 t/h of steam SK Cogen 17 MW and 60 t/h of steam

Project Description Project Progress

Overall Progress: Ending Q2/2016, the overall progress was 58.66%. (The construction plan was 62.15%.)









33



Type : Hydro Power Plant (Run-of- River)

Location : Xayaburi District, Laos PDR

Shareholders : EGCO 12.5%, CKP 30%, EDL 20%, BEM 7.5%, GPSC 25%, PT Construction and Irrigation Co., Ltd. 5% SCOD : October 29, 2019

Contractual Type : IPP

Contracted Capacity : 1,220 MW with EGAT and 60 MW with EDL PPA : 29 years with EGAT and EDL

Xayaburi Power Plant Project (XPCL)








http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjmlsyUkczMAhVWkI4KHZkoBYQQjRwIBw&url=http://phys.org/news/2014-03-ngos-one-year-deadline-xayaburi.html&bvm=bv.121421273,d.dGo&psig=AFQjCNE1xZYa6qbs_mEy4AFU0lqg9b6_wQ&ust=1462853466701104


34


MPPCL Unit 3

Overall Progress : Ending Q2/2016,

site preparation and construction equipment

survey are ongoing.

Type : Brownfield expansion - Coal-fired Power Plant Project is an expansion at the same campus for Units 1&2 with same shareholders and project holding company

Technology : Supercritical Boiler

Location : Existing Site in Zambales, Luzon

Shareholders : EGCO 49.00% and AES 51%

SCOD : Q2/2019

Installed Capacity : 335 MW

Contracted Capacity : 335 MW to date with

Electric Cooperatives (EC)

Term of Contract : 20 years with the ECs









35


Sanbuenaventura Power Co. Ltd (SBPL)

Type : Coal-Fired Power Plant

Technology : Supercritical Boiler

Location : Quezon, Luzon, The Philippines

Shareholders : EGCO Group 49%, MPG 51% SCOD : October 8, 2019 Contractual Type : IPP

Installed Capacity : 500 MW

Contracted Capacity : 455 MW with Meralco PSA Term : 20 years with 5-year extension

Overall Progress: Ending Q2/2016,

constructions of EPC Contractor’s site office and camp were completed. Engineering and procurement works are ongoing.









36

CWF


TJ Cogen XPCL

Plan 97.72%

Actual 93.50%

Plan 62.51%

Actual 63.03% Actual 66.69%

Plan 52.95%

TP&SK Cogen

Actual 58.66%

Plan 62.15%

37

KN 4

Khanom, Nakhon Si Thammarat

SCOD: June 19, 2016


3 Significant Events

Thailand Philippines

MPPCL

Zambales, Luzon

Add. Share Purchase: July 8, 2016

Indonesia

SEG

Bandung, West Java

Tariff Adjustment : April 5, 2016

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjKz868xN7NAhWEvY8KHX-QCykQjRwIBw&url=http://www.ngantukan.com/green-desktop-background-wallpaper/green-desktop-background-wallpaper-wallpaper-hd-desktop/&bvm=bv.126130881,d.c2I&psig=AFQjCNE38MFk0IXO5d23mUULZZLCPh3p7g&ust=1467883967541787

38

Type: Combined Cycle Power Plant

Location: Khanom, Nakhon Si Thammarat

Shareholders : EGCO 100%

SCOD : June 19, 2016

Contractual Type : IPP

Contracted Capacity : 930 MW

PPA : 25 years with EGAT

Capacity Factor Rate : 92.5%

Project Description


Achievement

COD on June 19, 2016

COD Khanom Power Plant Project Unit 4 (KN4)









39


MPPCL Additional Shares Purchase

Achievement

Acquisition of additional shares of 8.05%

in MPPCL from IFC.

Share Transfer was completed on July 8, 2016.

Project Description

Type : Coal Fired Power Plant

Technology : Subcritical Boiler

Location : Zambales Province, Luzon, The Philippines Shareholders : EGCO 49%, AES 51% Installed Capacity : Unit 1&2 – 2x315 MW (COD: 1998) Unit 3 - 335 MW (SCOD: Q2/2019)

Battery Energy Storage - 10 MW

(ASPA: December 2016)









40


Tariff Adjustment in Star Energy Geothermal Pte Ltd (SEG)

Achievement

The tariff adjustment has been increased by 40% on June 27, 2016 enabling EGCO to realize additional project.

Project Description

Type : Geothermal Power Plant

Location : 40 km South of Bandung, West Java, Indonesia Shareholders : Star Energy Geothermal Holding 60%, DGA 20% and EGCO 20% COD : Unit 1 – June 2000 Unit 2 – March 2009

Contracted Capacity with PLN : Unit 1- 110 MW, Unit 2 – 117 MW. SEG has the right to develop the geothermal project up to 400 MW under Energy Sale Contract. Energy Sale Contract : 30 years from COD of each unit (extendable)









41

Laos

Cambodia

Malaysia

Yala Gulf-GYG

Rayong BLCP EGCO Cogen

Khammouane

Nam Theun 2

Roi-Et Roi-Et Green SPP 5

Nakorn Si Thammarat

Samutprakarn Gulf-SCC

Philippines

IPP

SPP

Coal

Coal Mining

Geothermal

Waste

Xayaburi Xayaburi

Luzon

Quezon

Saraburi Gulf-GCC Gulf-NKCC Gulf-GPG (Kaeng Khoi 2) SPP2

Lopburi

NED solar

Thailand

Ratchaburi TP Cogen SK Cogen

Pathumthani TJ Cogen

GPS Nakhon Sawan (Phase 1-2) Chai Nat (Phase 3) Petchaboon (Phase 4)

Chaiyaphum TWF

Nakorn Pathom/

Suphanburi

Solarco

Biomass

Hydro

Solar

Wind

Battery Storage

Under Construction

South Sumatra MME Coal Mining

NSW

Boco Rock

Chaiyaphum CWF

Khanom 4

Luzon

MPPCL Unit 1&2

Luzon SBPL

West Java Star Energy

MPPCL Unit 3

EGCO’s Investment Map

MPPCL Battery Storage Project Sisaket SPP3-4

Songkhla GIDEC

THANK YOU

42

Analyst Site Visit To Khanom 4

Schedule: Wednesday 30th November - Thursday 1st December, 2016

Flight Schedule: Air Asia Airline

Don Mueang -> Surat Thani FD3237 (9.45) (11.00)

Surat Thani -> Don Mueang FD3240 (13.20) (14.20)

Analyst Site Visit To Khanom 4

Wednesday 30th November, 2016 (1st Day) 9.45 hrs. Departure from Bangkok by Air Asia (FD 3237) 11.00 hrs. Arrival at Surat Thani Airport 12.00 hrs. Transfer to Khanom Power Plant 12.30 hrs. Lunch 15.30 hrs. Power Plant Site Visit 19.00 hrs. Dinner and Stay overnight

Thursday 1st December, 2016 (2nd Day) Breakfast

09.00 hrs. Transfer to Surat Thani Airport

11.00 hrs. Lunch

13.20 hrs. Departure from Surat Thani by Air Asia (FD 3240)

14.20 hrs. Arrival at Bangkok Airport

45

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKCClqX388gCFSaGpgodvAMJBg&url=http://www.cliparthut.com/fern-leaves-clipart.html&bvm=bv.106379543,d.dGY&psig=AFQjCNGqmukZeFdO7mEGnOtZj294awmVRA&ust=1446628871822947

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKCClqX388gCFSaGpgodvAMJBg&url=http://www.cliparthut.com/fern-leaves-clipart.html&bvm=bv.106379543,d.dGY&psig=AFQjCNGqmukZeFdO7mEGnOtZj294awmVRA&ust=1446628871822947

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCN2TxO7388gCFSYbpgodP8kJBQ&url=http://theredish.com/img/green line&bvm=bv.106379543,d.dGY&psig=AFQjCNF1q-f8zOZUPMt-hYQZqSpSzXj4DA&ust=1446629184284638

61.6% 13.5%

18.2%

6.7%

NATURAL GAS HYDRO COAL OTHERS*

46

Classified by Producer Classified by Fuel type

As of June 2016, Thailand’s Power Installed Capacity was 41,097.25 MW.

EGAT : 16,376 MW SPP : 5,895 MW

IPP : 14,949 MW Import : 3,878 MW

*OTHERS = Fuel Oil, Diesel, Renewable

Source: EGAT

39.8%

36.4%

14.4%

9.4%

EGAT IPP SPP IMPORT

Natural Gas : 25,281 MW Coal : 7,496 MW

Hydro : 5,553 MW Others* : 2,768 MW

15,000

20,000

25,000

30,000

January February March April May June July August September October November December

2009 2010 2011 2012 2013 2014 2015 2016

47

MW

Source: EGAT

8.3%

27,345.80 MW (June 11, 2015)

29,619.80 MW (May 11, 2016)

As of June 2016

26,471.20 MW (June 9, 2016)

FX Gain/(Loss) Q2/2015 Q2/2016 +/- EGCO (1,197.10) 75.79 1,272.89 BPU (0.16) 1.73 1.90 KLU - (6.81) (6.81) KN23 - - - KN4 (392.62) (113.12) 392.62 EGCO Cogen - - - Roi-Et Green (0.37) - 0.37 ESCO 2.85 (0.36) (3.22) PEPOI 0.50 1.02 0.52 Quezon (6.21) (13.08) (6.87) QMS 0.19 0.57 0.38 SPP2 - - - SPP3 - - - SPP4 - - - SPP5 - - - TWF 0.01 0.08 - Solarco 0.24 0.73 0.49 CWF 14.74 9.43 (5.31) BRWF 2.98 0.21 (2.77) North Pole 0.09 0.07 (0.02) Total Subs FX (1,574.87) (43.74) 1,644.18 BLCP 279.18 (24.12) (303.30) GPG (KK2) (54.27) 2.32 56.59 GEC(GCC, NKCC, SCC, GYG) (9.65) 1.18 122.55 NTPC 155.96 (14.52) (170.48) NED - - - GPS - - - GIDEC (0.01) - - MME 0.01 - (0.01) SBPL 0.60 (0.54) (1.14) MPPCL 12.89 (15.11) (28.00) SEG (1.20) 3.70 4.90 Total JVEs FX 383.50 (47.09) (318.89) Grand Total (1,191.36) (90.83) 1,325.30

FX Variance MD&A

48

Deferred Income (Expense) Tax

49

Deferred Income (Expense) Tax Q2/2015 Q2/2016 Variance

EGCO 27.44 - (27.44)

RYPP 0.15 (0.73) (0.88)

KN23 1.86 5.66

KN4 136.02 56.46 (79.56)

EGCO Cogen (0.06) (0.53) (0.48)

Roi-Et Green (0.19) (0.19) 0.00

ESCO 0.35 0.48 0.13

EGCOM Tara (0.11) - 0.11

PEPOI (11.29) - 11.29

Quezon (39.09) (76.50) (37.41)

QMS 0.17 0.18 0.01

SPP2 0.02 - (0.02)

SPP3 0.02 - (0.02)

SPP4 0.01 - (0.01)

SPP5 0.02 - (0.02)

TWF 0.06 0.05 (0.01)

BRWF (35.34) (23.17) 12.17

Total Subs Net Profit 80.03 (38.30) (122.12)

BLCP (125.88) (8.94) 116.93

GPG (KK2) - - -

GEC (GCC, NKCC, SCC, GYG) (0.36) 2.59 2.95

NTPC 0.22 0.28 0.06

NED - - -

GPS 0.01 (0.02) (0.02)

GIDEC - - -

MME - 1.40 1.40

SBPL - (6.55) (6.55)

MPPCL (2.48) (35.74) (33.27)

SEG (35.72) (78.25) (42.53)

Total JVEs Net Profit (164.22) (125.24) 38.98

Grand Total (84.19) (163.53) (83.14)

(153)

178

3

70

(1)

(172)

13

(71)

81

(6)

87

(250)

(150)

(50)

50

150

250

KEGCO Roi-EtGreen

BLCP GPG GYG NTPC ET

6M/2015

6M/2016

Impact of the Adoption of TFRIC 4 and TFRIC 12

50

Million Baht

+ 243 MB

- 68 MB

144

2

* FX gains/losses from Income Statements including financial cost from foreign currency loans (EGCO & Subs and JVs)

51

6M/2015 6M/2016

Debt to Equity (Time) 1.25 1.38

Net Debt to Equity (Time) 1.09 1.18

Net Profit before FX* (Million Baht) 3,764 2,132

EPS (Baht) 7.15 3.88

Operating Cash Flow / share (Baht) 4.96 6.36

BV / share (Baht) 142.92 151.18

Financial Ratio Highlights (Consolidated)

52

Segmental Operating Results, Ended June 30, 2016

Joint Ventures

Others

(Million Baht) EGCO RYPPKEGCO

(KN2&3)

KEGCO

(KN4)

EGCO

Cogen

Roi-Et

GreenSPP4 SPP3 Solarco SPP2 SPP5 TWF Quezon

TJ

Cogen

TP&SK

CogenCWF BRWF BLCP KK2 GEC NED NT2 GPS GIDEC SBPL MPPCL SEG ESCO MME

Sales of Electricity - - 399 540 426 58 48 44 338 46 48 15 2,700 - - - 259 4,921 - - - 4,921

- Capacity Payment - - 388 167 - - - - - - - - - - - - - 555 - - - 555

- Energy Payment - - 11 373 426 58 48 44 338 46 48 15 2,700 - - - 259 4,366 - - - 4,366

Sales of Water - - - - - - - - - - - - - - - - - - - - - -

Service Income - - - - - - - - - - - - - - - - - - 107 137 246 246

Cost of Sales - - 233 422 354 33 10 12 78 13 12 6 1,378 - - - 105 2,656 - - - 2,656

Cost of Services - - - - - - - - - - - - - - - - - - 112 (116) (323) (323)

Gross Profit - - 166 118 72 25 38 32 260 33 36 9 1,322 - - - 154 - - - - - - - - - - 2,265 (5) 253 569 2,834

EBITDA (723) (238) 734 128 170 35 62 83 633 82 87 29 2,478 (12) (15) (6) 345 2,370 1,202 202 461 1,036 137 13 (18) 1,374 455 11,104 92 26 (143) 10,961

EBIT (787) (239) 394 94 119 28 47 64 504 62 68 21 2,149 (12) (15) (6) 187 1,917 801 202 358 817 96 2 (18) 1,066 361 8,280 82 25 (155) 8,125

Net Profit before FX and

deferred income tax(1,558) (239) 326 25 101 28 30 42 333 40 47 12 1,226 (13) (15) (11) 15 1,560 550 152 290 490 70 (14) (18) 563 280 4,312 66 5 (209) 4,103

Net Profit before FX (1,558) (201) 328 90 100 28 30 42 333 40 47 12 1,234 (13) (15) (11) (30) 1,624 550 156 290 532 70 (14) (25) 538 154 4,331 67 8 (203) 4,128

Net Profit (677) (201) 328 58 100 28 30 42 334 40 47 12 1,233 (18) (2) 19 (30) 1,436 584 160 290 424 70 (14) (91) 545 162 4,909 67 8 (203) 4,706

6M2016 HoldingSubsidiaries Joint Ventures

Total Power

generation

Total Other

businesses

Grand

Total

Power Generation Power Generation Others

Subsidiaries

53

Segmental Operating Results, Ended June 30, 2015

Joint Ventures

Others

(Million Baht) EGCO RYPPKEGCO

(KN2&3)

KEGCO

(KN4)

EGCO

Cogen

Roi-Et

GreenSPP4 SPP3 Solarco SPP2 SPP5 TWF Quezon

TJ

Cogen

TP&SK

CogenCWF BRWF BLCP KK2 GEC NED NT2 GPS GIDEC SBPL MPPCL SEG ESCO MME

Sales of Electricity - - 712 - 891 117 74 48 338 99 100 38 4,729 - - - 380 7,526 - - - 7,526

- Capacity Payment - - 680 - 417 54 - - - - - - - - - - - 1,151 - - - 1,151

- Energy Payment - - 32 - 474 63 74 97 696 99 100 38 4,729 - - - 380 6,782 - - - 6,782

Sales of Water - - - - - - - - - - - - - - - - - - - - - -

Service Income - - - - - - - - - - - - - - - - - - 473 473 473

Cost of Sales - - 562 - 848 78 18 25 155 25 26 13 2,741 - - - 191 4,682 - - - 4,682

Cost of Services - - - - - - - - - - - - 163 - - - - 163 377 377 540

Gross Profit - - 150 - 43 39 56 23 183 74 74 25 1,825 - - - 189 - - - - - - - - - - 2,681 96 - 96 2,777

EBITDA (853) (42) 462 - 32 34 67 90 653 89 90 29 2,071 (7) 2 (3) 307 1,565 936 266 358 998 148 (8) 8 1,233 108 8,633 155 18 173 8,806

EBIT (913) (43) 81 - (21) 28 52 71 523 69 71 21 1,749 (7) 2 (3) 151 1,565 936 266 358 1,022 107 (8) 8 955 108 7,148 145 18 163 7,311

Net Profit before FX and

deferred income tax(1,420) (42) 33 - (23) 27 33 46 333 47 49 13 1,058 (7) 2 (3) 8 1,216 607 168 286 693 78 (22) 8 482 36 3,706 104 17 121 3,827

Net Profit before FX (1,444) (54) 180 - 28 35 36 49 375 48 51 13 1,021 (7) 2 (3) (46) 1,128 606 104 281 694 78 (22) 7 477 (3) 3,634 43 17 60 3,694

Net Profit (2,177) (54) (406) - 28 34 36 49 376 48 51 13 1,017 (7) 1 8 (50) 1,310 577 100 281 803 78 (22) 8 471 (12) 2,561 38 17 55 2,616

6M2015 HoldingSubsidiaries Joint Ventures

Total Power

generation

Total Other

businesses

Grand

Total

Power Generation Power Generation Others

Subsidiaries

2,9

52

4,7

83

2,1

27

4,0

04

2,6

93

1,1

55

5,6

43

5,4

76

5,8

16

5,3

11

5,1

88

5,2

58

4,7

78

10

,01

8

10

,03

6

10

,61

7

10

,77

0

10

,15

7

10

,82

5

10

,78

4

9,3

29

9,8

57

8,8

13

10

,84

8

9,3

23

6,1

50

5,0

73

-

4,9

76

6,3

61

5,7

70

6,2

74

6,2

83

5,3

14

- 2,000 4,000 6,000 8,000

10,000 12,000

2009 2010 2011 2012 2013 2014 2015

RYPP KEGCO (KN2&3) BLCP KK2 NT2

Net Generation

GWh

Electricity Sales

Million Baht

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.

EGAT is the sole off-taker for electricity produced by Rayong Power Plant and KEGCO under long term cost-plus based Power Purchase Agreements (PPAs).

54

Annual Net Generation & Electricity Sales for the Year 2009-2015

2,3

19

2,7

88

2,1

70

1,7

62

2,0

38

1,5

28

1,3

97

17

,90

9

17

,70

6

17

,86

8

18

,50

5

17

,25

5

18

,65

5

18

,56

1

22

,50

6

22

,75

0

22

,65

5

29

,64

9

27

,47

0

20

,46

2

16

,77

1

6,3

17

7,6

72

8,1

07

7,9

37

8,6

67

8,9

98

-

10,000

20,000

30,000

40,000

2009 2010 2011 2012 2013 2014 2015

KEGCO (KN2&3) BLCP KK2 NT2

55

Major Maintenance Expenses

Million Baht

2015

Quarter 1 2 3 4 Total

Actual Actual Actual Actual

Spare Parts 0.89 3.44 7.02 4.09 15.44

Service Charge 3.59 2.28 20.50 5.06 31.43

Total 4.48 5.72 27.52 9.15 46.87

KEGCO

2016

KEGCO

Quarter 1 2 3 4 Total

Actual Actual Actual Actual

Spare Parts 0.00 0.00

Service Charge 0.00 0.00

Total 0.00 0.00

Operating Performance Equivalent Availability Factor

56

KEGCO

Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%) Target EAF (%) Actual EAF (%)

Barge #2 91.00 91.89 91.00 93.70 91.00 86.69 90.38 100.00

CCGT #3 96.00 94.06 90.59 93.96 88.09 92.07 91.75 97.74

KEGCO


Barge #2 91.00 100.00 90.49 100.00

CCGT #3 88.28 98.70 88.67 90.68

Khanom Unit 4 - - 91.30 100.00

2015

Plant Type1Q15 2Q15 3Q15 4Q15

2016


57

Net Generation and Fuel Consumption

KEGCO

Barge # 2 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Net Generation

- By Natural Gas (GWh) 67 43 56 13 8 -

- By Secondary Fuel (GWh) - - - - - -

Fuel Consumption

- By Natural Gas (MMBTU) 869,558 580,306 740,593 165,593 99,015 -

- By Secondary Fuel (Million Litre) 0.027 0.030 0.046 - 0.010 -

CCGT # 3 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Net Generation

- By Natural Gas (GWh) 1,195 1,181 1,156 1,067 1,143 856

- By Secondary Fuel (GWh) - - - - - -

Fuel Consumption

- By Natural Gas (MMBTU) 10,269,184 9,728,099 9,518,343 8,973,170 9,523,751 7,260,397

- By Secondary Fuel (Million Litre) - 0.081 0.012 0.032 0.014 -

Khanom Unit 4 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Net Generation

- By Natural Gas (GWh) - 247

- By Secondary Fuel (GWh) - -

Fuel Consumption -

- By Natural Gas (MMBTU) - 1,598,928

- By Secondary Fuel (Million Litre) - -

20162015

58


QPL


51.42% 46.57% 93.39% 98.43% 91.43% 94.56% 95.06% 95.51%

QPL


62.23% 78.23% 93.00% 89.90% 93.00% 93.00%

2015


2016


59


1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Net Generation

- By Coal (GWh) 354 912 887 848 668 865

- By Secondary Fuel (GWh)

Fuel Consumption

- By Coal (Ton) 173,021 443,885 421,633 402,647 352,374 406,766

- By Secondary Fuel (Million Litre)

QPL20162015

Maintenance in 6M/2015 VS 6M/2016

60

# : Unit : Actual in 2015

: Actual in 2016 D : Days

Power Plant

QPL

MPPCL (7D) (43D)

BLCP

May

Roi-Et Green

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

#1

(46D)

(9D) (22D)

#1

#1 #2

#2

(19D)

(22D)

NTPC

(21D)

#1

#1

(27D)

(16D) #2

(10D)

(12D)

(22D)

SCC (23D)

61

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analysts riefing : no.3/2016 -...

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