“your ultimate solution partner” - listed company · 2020-03-16 · 2019 achievements...

“Your Ultimate Solution Partner”

WHA Corporation Public Company Limited

Opportunity Day

16 March 2020

DisclaimersWHA Group

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitationof an offer or invitation to purchase or subscribe for share in WHA Corporation Public Company Limited (“WHA” and shares in WHA, “shares”) in anyjurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever.

In addition, this presentation contains projections and forward-looking statements that reflect the Company's current views with respect to futureevents and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economicand competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control ofthe Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the currentview of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved,or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-lookingstatements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use ofwords such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees offuture performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factorsand assumptions.

2

Agenda

II. 2019 Achievements

IV. 2020 Outlook

I. WHA Group Overview

III. 2019 Financial Performance

3

Appendix

2012 2017 20192015 2018

Key MilestonesWHA Group Overview

WHA’s First & Biggest Buit-to-Suit Distribution

Centers in Southeast Asia

2006 2010

• Warehouse Asia Allianceis set up in June 2006, inpartnership with GLOMAC from Malaysia. It launches the first Built-to-Suit Customer goods distribution center, considered then as Southeast Asia’s biggest facility underone roof, with a total of 53,000 sq.m. along the BangnaTrad Highway, Km 19

IPO and Listed Company• On November 8, 2012,

WHA Corporation becomes a listed company traded on the Stock Exchange ofThailand (SET), raising its invested capital toBaht 1,709 million(USD 56.97 million)

Establishment of Publicly Listed Fund (WHAPF)

• December: WHAPF (WHA Premium Factory and Warehouse Fund) isestablished, comprising twowarehouse buildings and one factory, with a combinedspace of nearly 40,000 sq.m.

Significant Acquisition

• April: Acquisition of a 92.88% shareholding equity of Hemaraj Land And Development Plc., Thailand’s leadingdeveloper of Industrial Estates, Utilities & Power, and Property Solutions

Branching Out To The Greater Growths

• WHA Utilities and Power Plc. received the approval of WHAUP as a SET-listed company

• WHA Group to develop first industrial zone in Nghe An Province, Vietnam with an investment of USD 100 million. Phase 1 of WHA HemarajIndustrial Zone - NgheAn covers the area of 498 hectares. This is part of a long term plan

Remarkable Year

• Double anniversary celebration for WHA Group’s 15th and 30thof success in industrial estate development

• WHAUP expands overseas water business in Vietnam with exclusivity rights to invest and operate water business in WHA Industrial Zone 1 - NgheAn

A Big Leap Forward

• WHAUP (SG) 2DR PTE. LTD, a subsidiary of WHAUP signed share purchase agreement to acquired 34.00% of total issued shares in Duong River Surface Water Plant Joint Stocks Company in Vietnam

• Chonburi Clean Energy Company Limited (CCE), associated company of WHAUP group with 33.33% stake, started commercial operation of its 8.6 MW waste-to-energy power plant

4

#1 Logistics

Properties Developer#1 Industrial

Estate Developer

Leading Industrial

Utilities and Power

Provider

Strengthened Digital

Platform

110 mm m3 Utilities

Sales & Management Volume

2,350,000 sqm

Owned & Managed

559 4 Data Centers 3 Tier-III facilities and the only Tier IV Gold

Certified data center in Asia Pacific

(Excl. Australia)

FTTx covering 7 Estates

11 Industrial Estates

Installed Equity

MW Power

Performance Highlights

200+world-class tenants

Remark: The data is as of 31 December 2019/1Including land in Thailand and International

68,900 Rai/1 including 44,400

Rai Operating And Under Development

WHA GROUP AT-A-GLANCEWHA Group Overview

5

WHA Strategic LocationsWHA Group Overview

6

WHA 50+ Prime Locations

Mainly in EEC

Key Developing

Location in Vietnam

Agenda


IV. 2020 Outlook



7

Appendix

2019 Achievements

2019 Achievements

Delivering Our Growth Strategy

New STRATEGIC PARTNERS

New WATER PLANT in Hanoi – Duong River110 mm m3 /year

New INDUSTRIAL ESTATE – WHA ESIE3 2,198 Rai

New PRODUCTS – Demineralized Water,

NGD4, Cloud Service

New Commissioned POWER PLANTS – Chonburi Clean Energy 9 MW

– Gulf NLL2 127 MW

– PTT, GPSC

Aqua One

GROUND Inc

8

New LOGISTICS PROPERTY – WHA E-Commerce Park 200,000 SQM

Year of Thailand Expansion

9

2019 Achievements

Launch of 10th Industrial Estate in Thailand – WHA ESIE3

WHA ESIE 3 with 2,198 rai of industrial land(equal to 879 acres or 352 hectares)

Promoted S-curve Industries

Year of Thailand Expansion

10

2019 Achievements

2 New Commissioned Power Plants – GNLL2 & Chonburi Clean Energy (CCE)

• WHAUP owns 33.3% stake of its 9 MW waste-to-energy power plant

• Equipped with the most advanced technologies in terms of reliability, sustainability, stability and environmental protection, CCE is the first industrial waste to energy facility in Southeast Asia to meet European emission standards.

• GNLL2 is the 8th SPPS power plant in the WHA Group portfolio investment, achieved COD on Jan 2019.

• The project has an installed power generation capacity of 127 megawatts along with an installed steam generation capacity of 10 tons per hour.

Year of International Expansion - Vietnam

11

2019 Achievements

Completed Construction of Milestone 1 of WHA Industrial Zone Nghe An (145 Ha or ~1,000 Rai)

Industrial Zone

Pump Station and

Retention Pond

Aerated Lagoon

Year of International Expansion - Vietnam

12

2019 Achievements

Successfully Acquired 34.0% Stake in Duong River Water Plant

Successfully Acquired 47.3% Stake in Cua Lo Water Supply

110 million m3/year capacity

Awards and Recognitions

13

2019 Achievements

Eco Industrial Town Award 2019

(Eco-Champion category)

by Industrial Estate Authority of Thailand, Department of

Industrial Works, Federation of Thai Industries and Water and

Environment Institute for Sustainability (WHA EIE, WHA ESIE1,

WHA CIE1 and ESIE)

Golden Trowel Asia

Award 2019

by FACE ® Certifies that the Concrete Floor Constructed

for WHA E-Commerce Park, Chachoengsao, had been

honored as the Most Flat and Level of the Year in the

Category of Elevated Slab on Pile

Business Person of the Year

2019by Bangkok Biz News

Awards and Recognitions

14

2019 Achievements

Note : *Digital Economy Promotion Agency (DEPA) is under Ministry of Digital Economy and Society (MDES)

Comprise an area : 2,037 rai

Target Industry : This industrial estate is EEC promoted to serve investors in the Next Generation Automotive, Robotics ,Aviation Electronics, Construction Material, etc.

Progress : EIA Process

Operation : Approx. 2022

WHA Industrial Estate Rayong Only 1 Private Sector Receives Recognition as Smart Industrial Estate in 2019

WHA Industrial Estate Rayong (WHA IER) received a Smart Industrial Estate certificate in the New City category from Digital Economy Promotion Agency’s Smart City Thailand Office*, covering all 7 categories in line with the government’s Thailand 4.0 initiative .

“SMARTCITY”A city that takes advantage of modern

technology and innovation to increase the efficiency of the city service and management, reduce the cost and resource usage of the target city and citizen.

WHA IER - Project Details

Customers Highlights

15

2019 Achievements

1,450 TOTAL CONTRACTS

80 NEW CUSTOMERS in 2019

130 NEW CONTRACTS in 2019

900 TOTAL CUSTOMERS

11,622 13,386

2018 2019

10,882

13,059

2018 2019

2,423 2,933

2018 2019

2,907 3,229

2018 2019

2019 Financial Performance Highlights

All Time High Normalized Performance

THB mm THB mm

To

tal R

eve

nu

e a

nd

Sh

are

of

Pro

fit

2019 Achievements

THB mm THB mm

Statutory Normalized

Net

Pro

fit

Att

rib

uta

ble

to

th

e P

are

nts

16

Logistics Business2019 Achievements

17

Logistics Business

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Logistics Business – 2019 Operating Performance

Group-Owned assets and preleased

Asset Under Management

Area owned by WHA Industrial Development and its subsidiaries

Area sold to HPF and HREIT

Industrial Properties

Area owned by WHA and its subsidiaries

Area sold to WHART and WHABT

Logistics Properties

701,677

219,199

482,478

1,317,703

341,185

1,658,889

88,913 141,619 141,619 169,433

891,286

298,139192,341

505,051

1,108,740

Total2,360,556

Unit : sq.m.

CAGR 28.7% (2006A – 2019A)

CAGR 24.6% (2012A – 2019A)

25%

20%

17%

17%

10% 11%

Thai

Japan

Europe

Asia(Exclu.Japan, Thai)

USA

China

40%

30%

17%

12%

1% 3PL

FMCG&Healthcare

Manufacturer

E-Commerce

Other

26%

23%15%6%

9%

19%

2%Japan

Europe

Asia(Exclu.Japan, China)USA

Australia

China

Other

27%

23%14%

22%

3%11%

Auto&Parts

Logistic

Electronic

Consumer

Industrial Service

Other

Industrial Properties BusinessLogistics Properties Business

Customer by Nationality Customer by Industry

Industrial Properties BusinessLogistics Properties Business

2,150,410

Remark: Figures as of Dec 31,2019 18

2,115,2931,975,361

2,321,721

2019 Achievements

108,382

150,225

49,530

293

45,243

135,777

-

50,000

100,000

150,000

200,000

250,000

2017 2018 2019

RBF/RBW BTS/Warehouse farm

Unit: Sq.m.

New Projects / Net Rent

• During 2019, WHA group has secured newprojects/net rent for Built-to-Suit, warehouse farmand RBF/RBW total of 185,307 sq.m.

o 49,530 sq.m. for Built-to-Suit, mainly fromE-commerce, automotive and healthcare.

o 135,777 sq.m. for RBF and RBW, mainly fromautomotive, consumer product and electronic.

• Decrease in new projects/net rent during 2019 dueto shifting of few projects, mainly fromE-commerce, construction material customers.

108,675

195,468185,307

19

2019 Achievements

Logistics Business – 2019 Operating Performance

Industrial Estate Business2019 Achievements

20

Industrial Estate Business

No. 1 by Land Sale since 2008 with 50% Average Market Share for the past 5 years

Unit: rai

21

Breakdown by Country

Overall Portfolio 2019

Japan 33% 8%

Thailand 18% 12%

Europe 11% 1%

USA 8% 3%

China 9% 54%

Taiwan 4% 14%

Korea 3% 3%

Other Asia 14% 5%

Total 100% 100%

Customer Breakdown*

Breakdown by Industry

Overall Portfolio 2019

Auto 32% 20%

Consumer 15% 31%

Petrochemical 9% 7%

Steel/Metal 8% 6%

Electronics 9% 24%

Logistics 5% 0%

Others 22% 12%

Total 100% 100%

Our Domestic Land Sales Record

Remark: * By number of contracts

No.1 Domestic Industrial Market Share

2009 … 2017 2018 9M2019

42

58

WHAIDWHAID

Industrial Estate Business – 2019 Customer Profile2019 Achievements

665

1043

835

974933

816

0

200

400

600

800

1000

1200

2014 2015 2016 2017 2018 2019

16%57%

42%44%

Total BOI Application Growth 40% CAGR for the past 5 years

Incoming Wave of Investments2019 Achievements

Chinese investment

applications in Thailand

surpassed those made by

Japanese companies for the

first time in 2019, worth almost

4 times as much.

Recent surge in

CHINESE

INVESTMENTS

already observed in

WHA Group

Source: Bangkok Post, “BOI: Chinese in the lead” published 14 Jan 2020, The Board of Investment of Thailand

60%+WHA Industrial Land Sales

in 2019 (in Rai) come from

CHINESE Investors

Target Applications 2019 Actual Applications 2019Actual Applications 2019

in 12 Targeted Industries

THB 750 bn THB 756 bnTHB 257 bn (38%)

Actual Applications 2019 in

3 EEC Provinces

THB 445 bn(59% of total value)

Northeast

THB 27.2 bnNorth

THB 27.2 bn

Central

THB 92.5 bn

West

THB 6.6 bn

South

THB 132 bn

2019 BOI total investment

applications stood at THB

756 bn from 1,624 projects.

Total FDI applications

amounted to THB 506 bn,

or 66% of total BOI.

BOI applications value is

16.2% lower than 2018,

which were worth THB 902

bn.

In 2019, Chinese led the investment in Thailand.

22

Chinese BOI

applications worth

THB 262 bn

US - China Trade Tension creates global negative economic impact,

but results in opportunities for well-positioned WHA group

96301 289

543 506102

283 325

272250

2015 2016 2017 2018 2019

Total Value by Non-FDI Total Value by FDI

Unit : THB Bn

198

584 614

815 756

BOI Application Value and FDI Value

Utilities and Power Business2019 Achievements

23

Utilities and Power Business

24

Sole provider of utilities to manufacturers/factories in leading industrial estates with a concrete plan to capture increasing demand from heavy users and expand outside i.e. other IEs, non-IE area and international

Water Sales & Managed Volume

Utilities Business - Overview2019 Achievements

2018

110million m3

105million m3

2019

Municipal Water

Industrial Water

Wastewater Treatment

Reclaimed & Demineralized Water

Water Product/Services & Capacity

25

Utilities Business – 2019 Operating Performance

2019 Achievements

43 46 49 53 55

19 17 17 17 1732 33 34 35 35

394 96 100 105 110

-10

10

30

50

70

90

110

130

150

2015 2016 2017 2018 2019

Industrial Water Raw Water Wastewater SDWTP & Cua Lo

Million m3/ year

Remark: The Utilities & Power business’s operating matrix under WHA level may differ from one shown in WHAUP level as a result of Pre-IPO restructuring, resulting in partial recognition in FY2016 under WHAUP.

37%

26%

11%

9%

5%

12%

Petrochemical

Energy

Automotive

Steel

Consumer

Others

2019 Volume by Industry

Utilities Portfolio Growth – Sale & Management Volume

• 63% of WHAUP’s volume are dispatched by Blue Chip Customers

26

Power Business2019 Achievements

521Installed

Equity MW

559Installed

Equity MW

Conventional Power Plant

Renewable Energy

Natural Gas

2018 2019

Continuing Growth from Projects Under Construction and Committed Projects in Pipeline

547 Equity MW of Existing

Conventional Power

Operating Projects – WHANGD 2 and WHANGD 4

Under Development – EIA Approved for WHANGD 3

Solar Rooftops

Equity MW COD9

Industrial Waste to Energy

Equity MW COD3

Power Business – 2019 Operating Performance2019 Achievements

GWh

IPP Group Energy Dispatch% AF

IPP Group Availability20182019

2018

2019

5,503

41738

4,905

5100

Gheco-One HHPC Glow IPP

95.6% 99.2%

85.6%

99.0%

Gheco-One Glow IPP

EGATIU SPP Group Energy Dispatch

GWh

4,5525,070

1,459 1,595

2018 2019

6,0116,665

% AF

SPP Group Average Availability

97.8% 98.0%

2018 20192018 20192018 2019

Digital Business

2019 Achievements

28

Digital Business

Digital Platform Business

Strengthening Competitiveness

Expand Customer CoverageLeverage from WHA Group’s customers base to capture captive demand

Attract customers through cross selling with existing services(network infrastructure, DC & Backup and System Integrators)

ENERGY STORAGEBIG DATA AIIOTSMART GRID

29

Business Collaboration with Reputable Partners

Well-Known Customers

2019 Achievements

FTTx

Covering

7 Industrial

Estates

4Data Centers

Agenda


IV. 2020 Outlook



30

Appendix

Total Revenue and Share of Profit 2019 Financial Performance

11,389

1,670

33751

9,080

2,542

11,440

1,946

Total Revenue and Share of Profit

• Solid growth in Normalized Revenue and Share of Profit, mainly contributable from Sale of Properties Business , Rental Properties Business and Utilities and Power Business.

Unit: THB mmNormalized Basis

Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement)

Remar (2) Representing Total Revenue Inclusive Share of Profit (Normalized)

(3) Include Share of Profit from JVs Asset Monetization to WHART in 4Q2018(4) To show the retroactive impact for comparing in the same basis with new TFRS15

accounting standard

11,622(1)

13,386(1)

+20%

+ 15%

13,059(2)

20192018

Rental Revenue from asset in WHABT before one time recognition in deferred revenue from monetization to WHART

Impact from FX Total Revenue Share of Profit One-Off ItemTFRS 15 Impact Adjustment (4)

Statutory

8,876

2,006

55255

204

(71)

10,882(2)

20192018

Normalized Basis

(61)

3131

2,933

23610615

32

Net Profit 2019 Financial Performance

21% 22%

2,907

Net Profit

• All time high Normalized Net Profit, mainly contributable from strong all business performance as well as lower financial cost

Remark: (1) Representing Net Profit (Financial Statement) (3) Impact from FX attributed to parent

Remark: (2) Representing Net Profit (Normalized) (4) To show the retroactive impact for comparing in the same basis with new TFRS15 accounting standard

Net Profit Impact from FX(3) One-Off Item

Net Profit Margin

TFRS 15 Impact Adjustment(4) Impact from Callable Bond

Rental Revenue from asset in WHABT before one time recognition in deferred revenue from monetization to WHART

5,458 2,947

1,317 2,252

464 247

2,425

3,343

2,296

3,520

6,279

-1,689

2,362

14,163

6,290 5,765

8,382

32% 47% 43%

2 0 1 6 A 2 0 1 7 A 2 0 1 8 A 2 0 1 8 BLogistics Share of Profit from JV's Asset Monetization

Industrial Development Asset Monetization to HREIT

Margin

2,933(2)

+21%

Unit: THB mm Normalized Basis

Statutory Normalized Basis

20192018 20192018

2,423

381 397044

3,229

3,229(1)

+ 11%

(50)

2,907(1)

2,423(2)

(61)

25% 24%

Summary of Financial Performance

33

2019 Financial Performance

Normalized Revenue and Share of Profit : THB 13,059 mm 20% | Normalized Net Profit : THB 2,933 mm 21%

Reported Revenue and Share of Profit : THB 13,386 mm 15% | Reported Net Profit : THB 3,229 mm 11%

Rental Properties Business Normalized Revenue

THB 951 mm 5% • Due to gradual increase in occupied area of RBF/RBW

Sale of Properties Business Normalized Revenue and Share of Profit

THB 7,396 mm 32% Sale of Industrial Land: THB 3,505 mm• Mainly from higher number of land transfer in 2019

compared to previous yearSale of Investment Properties: THB 3,891 mm• Mainly from revenue realized from deferred revenue

from asset monetization to WHABT in 2015. • Asset monetization to WHART in 2019 amounting of

THB 1,791 mm

Utilities Business Normalized Revenue

THB 2,245 mm 7% • Due mainly to higher demand of industrial water from

new and existing industrial clients as well as increasing in water demand from the completion of COD of 1 SPPs since 1Q19

Power Business Normalized Share of Profit

THB 1,442 mm 5% • Mainly due to lower Availability Payment Rate from the Planned Major Maintenance of Gheco-One

Normalized Finance Cost THB 1,092 mm 13% • Mainly due to accounting impact of early bond redemption and lower weighted average cost of fund

Net Profit Attributable to Owners of the ParentsNormalized Basis

THB 2,933 mm 21% • Strong Performance in 2019 mainly due to the following:

1. Increase in number of Industrial land transfer

2. Lower financial costNet Profit Attributable to Owners of the Parents

THB 3,229 mm 11%

Note : % of growth represent Y-o-Y growth basis

Performance by Business

34


Industrial Revenue

Normalized Margin without realized revenue from asset sold to WHABT

2,125 3,505

1,689

2,1011,317

1,551

464

240 5,594

7,396

45%

35%

2 0 1 8 2 0 1 9

Real GPM before PPA of 2019: 50% (GPM before PPA only Industrial Development Land sales : 55%)

Note : Gross profit margin on consolidated financial statement is different from that on operation financial statement (genuine performance) due to the effect of PPA adjustment after acquisition

RENTAL PROPERTY BUSINESS (NORMALIZED) SALE OF PROPERTIES BUSINESS (NORMALIZED)

In 2019 the GPM excluded revenue realized from asset sold to WHABT, increased Y-o-Y from 45% to 49%.

The Reported Basis of GPM from Properties sales in 2019 decreased to 35%.

The Normalized GPM slightly decreased to 57% in 2019 due mainly to change in product mix between BTS and RBF/RBW.

The Normalized GPM represent the rental income excluded rental

revenue from asset in WHABT before one time recognition in deferred revenue from monetization to WHART.

Real GPM before PPA of 2019 : 57%

Realized revenue from asset sold to WHABT

Normalized Margin

Share of Profit from JV's Asset Monetization

Asset Monetization to HREIT

Logistics Revenue

Industrial Revenue

5,458 2,947

1,317 2,252

464 247

2,425

3,343

2,296

3,520

6,279

-1,689

2,362

14,163

6,290 5,765

8,382

32% 47% 43%



Margin

Unit: THB mmUnit: THB mm

5,458 2,947

1,317 2,252

464 247

2,425

3,343

2,296

3,520

6,279

-1,689

2,362

14,163

6,290 5,765

8,382

32% 47% 43%



Margin

Project A Revenue

49%

Logistics Revenue Normalized Margin

524 636

385 315

909 951

58% 57%

2 0 1 8 2 0 1 9

312 321

460 694

772 1,015

2018 2019

2,070 2,148

27 111 2,096

2,245

43% 42%

2018 2019

Utilities Revenue Share of Profit

35

Performance by Business2019 Financial Performance

UTILITIES BUSINESS (NORMALIZED) POWER BUSINESSUnit: THB mm

The GPM of Utilities sale in 2019 slightly at 42% mainly from decrease in natural water volume, which is the source of raw water.

Unit: THB mmReal GPM before PPA of 2019 : 45%

The normalized performance in 2019 dropped Y-o-Y, Mainly due to lower

Availability Payment Rate from the Planned Major Maintenance of Gheco-One.

(558)

(71)459 60 1,031 1,461 1,284

Nomalized Share of Profit Impact From FX Write-Off Tax PaymentOne-Off Item TFRS 15 Impact

Adjustment(1)Normalized Share of Profit

OTHER REVENUES

The increase in other revenues in 2019 was mainly due to increase in

dividend and management income as well as one‐time charge to one built‐to‐suite client for contract restructuring.

Unit: THB mm

Normalized Margin

5,458 2,947

1,317 2,252

464 247

2,425

3,343

2,296

3,520

6,279

-1,689

2,362

14,163

6,290 5,765

8,382

32% 47% 43%



Margin

Note: Other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, revenue from digital business and other income

Note : Gross profit margin on consolidated financial statement is different from that on operation financial statement (genuine performance) due to the effect of PPA adjustment after acquisition

(14)

1,511 1,442

552

55

337

2,046

1,779

(71)

2018 2019

Excessive Charge

Industrial RevenueLogistics Revenue

Revenue and Gross Profit Breakdown

36


Rental property539 8%

Sale of Industrial Estates

1,777 25%

Sale of IP's964 14%

Utilities941 14%

Power1,779 25%

Div & Mgt 541 8%

Other444 6%

Rental property

951 7% Sale of Industrial

Estates3,505 26%

Sale of IP's3,891 29%

Utilities2,245 17%

Power1,779 13%

Div & Mgt 541 4%

Other474 4%

GROSS PROFIT BREAKDOWNREVENUE AND SHARE OF PROFIT BREAKDOWN

Unit: THB mm Unit: THB mm

2019TOTAL

THB 13,386 mm

2019TOTAL

THB 6,985 mm

Remark: Share of profit from JV’s and Associates included Remark: Share of profit from JV’s and Associates included

Gross profits are based on consolidated financial statements and thus

affected by PPA adjustment

Recurring vs Non-Recurring = 45:55 Recurring vs Non-Recurring = 61:39

Remark: Power & Utility Businesses were full-year performance, comparing to WHAUP, which was partial consolidation

Bond Issuance &

Redemption

Financial Management

REIT Asset Monetization

37

Stand-by Credit Facilities totaling approx. 20 bn, available to drawdown for operating and investment (if needed)

Completion of Asset Monetization to WHART approx. 155,000 sq.m. of BTS warehouse/factory with net proceeds of THB 4,880 mm, transferred on 11 Dec 2019

Apr 19 Bond of THB 3,500 mm at 3.2% average cost of fund and 4 years average tenor

Jun 19 Bond of THB 200 mm at 2.8% average cost of fund and 3 years average tenor

Jul 19 Bond of THB 2,000 mm at 2.8% average cost of fund and 3 years average tenor

Early Bond Redemption of THB 2,500 mm at 5.8% cost of fund

Key Financial ActivitiesFinancing Performance

Financial Position

38

Unit: THB mm

CAPITAL STRUCTURE RETURN ON INVESTMENT

Total asset increased by THB 3,919 mm in 2019 due mainly to increased in operating performance, market price of investment trust unit and retain earning.

Total liability increased by THB 1,832 mm due mainly to increase in short-term loans from financial institutions

The total shareholders’ equity increased by THB 2,087 mm in 2019 due mainly to WHA-W1 exercise as well as increase in retain earning.

14.00%

11.08%12.42%

8.59%7.76% 7.73%

5.17% 5.10% 5.34%

2017 2018 1H'19

ROE ROIC ROA

14.00%

11.08% 11.39%

8.59%7.76% 7.13%

5.17% 5.10% 4.93%

2017 2018 2019

ROE ROIC ROA

73,619 78,345 82,264

28,533 31,014 33,101

45,086 47,331 49,163

1.58 1.53 1.49

1.12 1.04 1.19

(2 .0 0)

(1 .5 0)

(1 .0 0)

(0 .5 0)

-

0.50

1.00

1.50

2.00

0%


Debt Profile

39

As of December 2019Unit: THB mm

Weighted Average

Interest Rate

3.41%

WHA+WHAID WHAUP

Weighted Average

Interest Rate

3.59%

Weighted Average

Interest Rate

3.00%

As of December 2018

Unit: THB mm

Weighted Average

Interest Rate

3.88%

WHAUP

Weighted Average

Interest Rate

3.17%

IBD/E Ratio : 1.17 time IBD/E Ratio : 1.18 time

Bond25,573 mm

95%

Short Term Note

1,390 mm5%

Weighted Average

Interest Rate

4.12%

WHA+WHAID

Bond34,573 mm

96%

Short Term Note1,390 mm4%

Credit Rating

A-

Bond9,000 mm

100%

Bond9,000 mm

76%

Term Loan2,565 mm

22%

Short Term Note200 mm

2%

Bond33,280 mm

86%

Term Loan3,065 mm

8%

Short Term Note

2,350 mm6%

Bond24,280 mm

90%

Term Loan500 mm

2%

Short Term Note2,150 mm

8%


40

Bond Maturity Profile

5,538 mm 6,000 mm4,754 mm

1,428 mm 1,280 mm2,380 mm

400 mm

4,000 mm 2,390 mm

1,500 mm

1,290 mm1,320 mm

1,500 mm

2,500 mm

-1,000 mm -1,500 mm

12,038 mm

8,390 mm

6,254 mm

2,718 mm

1,280 mm

3,700 mm

400 mm1,500 mm

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

WHA: Bond WHA: Term Loan WHAUP: Bond/ Term Loan WHA: Callable Bond

Bond Maturity as of 21 February 2020

Unit: THB mm

Remark :THB 1,000 mm bond and THB 1,500 mm bond which will mature in 2022 and 2025 respectively, have embedded call option

from the year 2020.


Agenda


IV. 2020 Outlook



41

Appendix

42

2020 Growth Remains Subdued2020 Macro Environment Outlook

Higher Growth Rate Expected, But Still Fragile

WORLD

2.4 - 2.9% 2.5 - 3.3%

2019F

2020F

2.2 - 2.3 %

USA

1.7 – 2.0%

EURO

1.1 – 1.4% 1.0 – 1.6%

MIDDLE EAST

0.1 – 0.8% 2.4 – 2.8%

4.80 – 5.7%

INDIA

5.8 - 6.6%

CHINA

6.0 – 6.1% 5.8 – 6.0%

2.5 – 3.0%

THAILAND

2.7 – 3.1%

0.7 – 1.0%

JAPAN

0.5 – 0.9%

VIETNAM

6.8% - 6.9% 6.5 – 6.6%

“Fragile, Handle with Care”

World Bank, Jan 2020

Source: Forecasted GDP growth range is based on World Bank (Jan 2020), IMF (Jan 2020), UNCTAD (Jan 2020), Morgan Stanley (Dec 2019)

“Potential Threats to Mitigate” or “Opportunities to Grab”

2020 Key Events2020 Macro Environment Outlook

EEC Progress

Technologies and

Disruptions

Global Trade Tensions

Climate and Environment

43

US 2020 Presidential

Election

Logistics Business2020 WHA Plan

44

Logistics Business

30 January 2020Note: Key deliverables 2019 Latest View includes net rent, new rent & new contract of approx. 200,000 sq.m.

2020 Target

2019 2020F

2,560,000SQM

2,360,000SQM

Assets under Owned and Managed

E-Commerce Park Phase II 70,000 sq.m.

E-Commerce Center Phase II 30,000 sq.m.

Automotive 25,000 sq.m.

Construction Material 30,000 sq.m.

Food Process 10,000 sq.m.

Food Production 10,000 sq.m.

Multi-temperature 11,000 sq.m.

45


UPCOMING High Value Projects in 2020

Target New Projects/Net Rent

in 2020

250,000 SQM

30 January 2020

Emphasis on Strategic Partnerships and High-Growth Industries

Aviation and

Aerospace

E-Commerce

Seaport & Transportation

Infrastructure

Automotive

Food Processing

Establish long-term partnership with GLOBAL & REGIONAL players

Extend EXISTING relationship

46

Logistics Business

2020 WHA Plan

Focus on high-potential industry clusters Establish & Extend Strategic Partnerships

Develop Win-Win Partnerships

30 January 2020

AI Logistics Software

Barcode Scanning

Signed MOU with “GROUND Inc.”

a leading LogiTech® business in Japan

To optimize warehouse

operation using Artificial

Intelligence & Robots

Dynamic

Allocation

System

“DyAS”

Goods-to-Person Robots Gripper (Soft Robotics) Autonomous Mobile Robot

Automated Guided Vehicle

AGV IoT, Big Data

Robot Arm

AS/RS

Automated Storage &

Retrieval System

47


Embracing Smart Technologies

30 January 2020

Under StudyExisting Footprint

Exploring Opportunities in

Strategic Areas of VIETNAM

Regional

Expansion

Leverage on Industry Leadership in Thailand to Expand to

Strategic Target Countries

Growing Industrial Activities

Characteristics of Strategic Areas

Rising E-Commerce

Improving Infrastructure

Connectivity

48


Expand to Target Neighboring Countries

Industrial Estate Business2020 WHA Plan

49

Industrial Estate Business

30 January 2020

2019 2020F

1,400 Rai Land Sales

2020 Target

Remark: /1 including new Industrial Estate WHA RY36

/2 including 44,400 Rai operating and under development in Thailand and Vietnam

/3 market share based on adjusted accumulated land transfer since 2014 to 30 Sep 2019 (reference total market number from CBRE)

/4 New customers include customers from land sales and rental building in Thailand

11Industrial

Estates

1Industrial

Estate

865 Rai

Land Sale and Rent to

45 Chinese and

Taiwanese Customers

in 2019

Successfully Captured

China Investments As

Most Ready Developer

for 15 Years

50% Market Share/3

No.1

816 Rai Land Sales

66 New Customers/4

50


Industrial Estates Overview

30 January 2020

Extending Our Domestic Leadership

11Industrial Estates in

Thailand

In 2020

1

WHA IER, Rayong

WHA SIL2 , Saraburi

New IE coming up

LAND STOCK IN THAILAND

Remark: /1 Net Sellable Land including Land under HLP and RBF/RBW

/2Land Stock is Gross Area Including Land Under Developing and Plan to Develop as well as Raw Land

Upcoming

New

Projects by

2023

+4

Including

New

Estate

WHA RY 36 construction

to start by end of 2020

In process of obtaining permits/licenses


10,000Rai/2

• Rayong Province

• Gross area 1,280 Rai

• Sellable area 980 Rai

• Promoted S-curve Industries

Sustain Efforts to Increase

Land Bank in Target Areas

WHA ESIE 4 (Expansion Phase)

The Most Ready Industrial Estate Developer to Capture Continuing Investment Relocation and

New S-Curve Opportunities


51


30 January 2020

Catering to Higher Value Industries

Target Promoted S-Curve Industries

Aviation &

Logistics

RoboticsBiofuel &

BiochemicalDigital

Intelligent

Electronics

Food

Processing

Next-

Generation

Automotive

Medical

Tourism

Advance

Biotechnology

Comprehensive

Healthcare

Collaborations With Industry Experts For New

Products and Services

New Waste

Management

SolutionsBeyond Industrial Waste

to Energy

5G / Telecommunication

SolutionsBeyond Fiber Optic and FTTx

Various Types

of Gas Supply /

DistributionBeyond Natural Gas

Distribution

Sources: EEC

52


30 January 2020

Drone

Centralized

Monitoring Room

Wastewater

Reclamation

Fire Pump

Monitoring

Solar Monitoring

System

Solar Rooftop and

Solar Carpark

Waste-to-Energy

Power Plant

Water and Wastewater

Metering Devices

Logistics and

Building Maintenance

Smart App

SMART ECO

INDUSTRIAL

ESTATES

SMART SECURITY

SMART MOBILITY

SMART POWER

SMART COMMUNICATION

SMART SERVICES

Data Center

FTTX

CRM Business

Intelligence

5G

Sandbox

Smart Grid

Online Monitoring

System

Demineralized and

Desalination Water

Ultrasonic Water

Depth Sensor

SMART WATER

Adaptive Traffic

Control

CCTV

Embracing New Technologies and Innovation

Cloud

Service

Continue Rolling out “Smart Eco IE Concept” in WHA Industrial Estates

53


30 January 2020

From Thailand Leader to ASEAN Champion

Exploring strategic PARTNERSHIPS with large

land owners in PRIORITIZED LOCATIONS

Leverage On 30-year Experience in Thailand to Expand Regionally

20,000

RaiTotal Project In

Nghe An, Vietnam

WHA Industrial Zone 1 – Nghe An

3,100 RaiTotal phase 1

development

is on going

1,000 RaiSubstantially

completed and

available to potential

customers

Equipped with HIGHEST QUALITY and

INTERNATIONAL STANDARD Infrastructure

, The Initial Footprint of WHA Group in Vietnam

Enabling OTHER BUSINESSES and

COLLABORATIONS with industry experts

4 lanes with

Reinforced

Concrete Pavement

Dike at 4.30 m. high

with drainage

pumping system

Fiber Optic For

High Speed Internet

Water

Business

Industrial

Properties

Gas Pipeline

Business

125 RaiSecured*

Remark: *2018-2019 Accumulated Area Secured by MOU/LOI

** The remaining of phase 1

In Process of Obtaining Permits / Approvals For 2,100 Rai**

54


Utilities and Power Business2020 WHA Plan

55

Utilities and Power Business

30 January 2020

2020F

590Installed

Equity MW

2019

559 Installed

Equity MW

2020F2019

110Million M3

147Million M3

30Million M3

International

Target Water Sales & Managed Volume

Non-WHAIE

Products

Target Power Contracted Capacity

3 Non-

WHAIE

Products Million M3

International

56

Utilities and Power Business2020 WHA Plan

2020 Target

30 January 2020

of the world’s population may face Water Shortages

2016 2030

Provinces of Thailand Declared Drought Emergency

Water Level In Dams (% of total capacity) in 9 provinces of Thailand

of globally produced wastewater Proper Treatment

Global Water Situation

2/3

16

<30%

Demineralized

Water

Recycled

Water

Reclamation

Water

Municipal

Water

~20%

~34% of wastewater in Thailand was treated

Projected CAGR Growth in

Water Demand from 2016-2030

of Population Had Access

To Treated Surface Water

~2% p.a.

~30%

WATER SCARCITY WATER POLLUTION

Thailand Water Situation Vietnam Water Situation

Water Trends

~13% of urban sewerage is

Treated Before Discharge

Utilities Business2020 WHA Plan

Utilities Industry Outlook

Source : OECD, World Vision, Thailand State of Pollution Report 2015, PricewaterhouseCoopers, 2030 Water Resource Group, Vietnam’s Ministry of Natural Resources and Environment

30 January 2020

Growing Beyond the Core

>3,650,000m3 /yearCapacity

Launch Innovative Product and Solutions

M U N I C I P A L W A S T E W A T E R T R E A T M E N T

W A S T E W A T E R R E C L A M A T I O N

D E M I N E R A L I Z E D W A T E R

S E A W A T E R D E S A L I N A T I O N

Partner with Industrial Estate

Developers to Provide Utility

Solutions, Focusing in Eastern Area

Up to 400,000 m3/yr (full

capacity)

Central Wastewater Treatment

Plant

30Y BOO contract with PTT(Expected to be complete in 3Q’20)

EECi

Demineralized Water

provided to Power

Plants, Petrochemical

and IE customers

Develop or Secure Alternative Raw Water

Supply for existing and future facilities, focusing in Eastern and Southern areas

Continuously Expand

Utilities Business in New

WHA IE (WHA RY36, WHA IER and WHA

SIL2)

2,000,000 m3/yr capacity

Demineralized Water Plant

(GPSC)

3,650,000 m3/yr capacity

Wastewater Reclamation

Plant (WHA EIE)

In 2020

58

Utilities Business2020 WHA Plan

30 January 2020

MG Solar Carpark Project

“Thailand’s Largest Solar Carpark

Project”

JJR Chicken Farm

Nakhon Nayok

Capacity 1.0 MW

Nikkei Siam

Aluminium

Pathum Thani

Capacity 1.0 MW

Danieli Far East

ESIE, Rayong

Capacity 1.6 MW

Wisewoods

Petchaburi

Capacity 5.0 MW

35 MW 50 MW

2020F2019

WHA ESIE2

Capacity 4.9 MW

Y Ogura

ESIE, Rayong

Capacity 0.5 MW

Asno Horie

ESIE, Rayong

Capacity 1.5 MW

Cumulative Target Signed PPA

59

Power Business2020 WHA Plan

Specializing in Solar for Industrial Users

30 January 2020

P2P Energy Trading

WHAUP collaborates with PEA in studying P2P Energy Trading and Smart Microgrid in WHA Industrial Estates

Utility Grid

Co-generation

Power

Renewable

Power

Energy Storage

Industrial

Users/

Prosumers

Energy cost saving to industrial users

Increase opportunity to invest in

renewable energy

Enhance reliability, efficiency and cost saving

for industrial users

Increase opportunity to Invest in distributed

generation

Study on ESS technology

Prosumer

ConsumerConsumer

WHA signed a Memorandum of

Understanding with PEA for a joint feasibility

study on energy innovation projects under the Energy

Regulatory Commission Sandbox (ERC Sandbox) program

and joint implementation of other energy innovation projects

in WHA Group’s industrial estates.

60

Power Business2020 WHA Plan

Introducing Innovative Energy Solutions

Smart Microgrid

61

Utilities Business – Overseas Operations

2019 Achievements

110.0Million m3 /year

330.0Million m3 /year

Hanoi

110.0 Million m3/year

Future Development 2019

First Move towards

Non-Industrial

Business

Nghe An Duong River Surface Water Plant

WHAUP

acquired

34% Stake

in Duong River

Water Plant in

2019

Partnership with

Aqua One Water

JSC

Cua Lo Water Supply Vietnam Operating Capacity

4.4 Million m3/yearWater Distribution Capacity (Completed)

3.5 Million m3/yearWastewater Treatment Capacity (Expected Completion in 1Q’20)

4.8 Million m3/yearWater Treatment and

Distribution

+3.7 Million m3/year potential expansion in 2020

>110Million m3 /year

Sales volume 2020F

COMPLETED

66Million m3 /year

Sales Volume 2019

220.0 Million m3/year

Accelerating our Expansion in Vietnam

Digital Business

2020 WHA Plan

62

Digital Business

30 January 2020

Data Center: Gaining Traction

• Attract customers through cross selling with existing services(network infrastructure, DC & Backup and System Integrators)

• Leverage from WHA Group’s customers base

• Moving up the value chain (from IAAS to PAAS and SAAS)

EquityRacksCapacity1 Industrial Estate having

100% FTTx coverage

102TIER IVGOLD

EquityRacksCapacity

WHA SIL

DATA CENTERS

4

356TIER III

FTTx: Enhancing Digital Connectivity

10Industrial Estates covered FTTx by

2020

• Leverage WHA Group’s customers base to capture captive demand

• Recurring income

• Becoming provider of FTTxinfrastructure of WHA Group

6Industrial Estates having partial FTTx coverage (100% coverage by 2021)

3Industrial Estates to start FTTx service by 2020

WHA CIE 2, ESIE, WHA ESIE 1, WHA ESIE 2, WHA ESIE 3, WHA ESIE 4

WHA CIE, WHA EIE, WHA RIL

1.3

Average Core Usage

Cores Per Factory

Tendency to increase in the future!

Colocation Service

Cloud Computing Service

PRODUCTS & SERVICES

63

Digital Business

2020 WHA Plan

Strengthening Competitiveness

30 January 202064

Digital Business

2020 WHA Plan

WHA to offer 5G network to our customers through cooperation between telecom operators and government authorities within WHA boundaries

5G Potential Use-Case

Autonomous Vehiclese.g. driverless car and truck

Smart Homes/Buildings/Citiese.g. smart light, smart meter

Critical Infrastructure Protection & Control e.g. Smart Grid

Process Automation e.g. aviation, robotics

New Form Factors e.g. wearables and sensors

Extreme Mobile Broadband e.g. UHD Virtual Reality

30 January 202065

Committed to Create Shareholders Value

2020 WHA Target

Remark: /1Include other income and Share of Profits, /2 After Elimination of Purchase Price Allocation

Aim for a BALANCEDRevenue Contribution

43%

26%

30%

1%

Logistics Industrial Development Utilities and Power Digital

2020F

57% 43%RECURRINGSALES

40%

35%

23%

2%

2020F2019LV

Target GROWTH of Operating Revenue

and Share of Profits/1

Target HIGH Level of Earnings

30 January 202066

Investment Plan for 2020 - 2024

2020 WHA Target

TOTAL 5Y CAPEXMainly from Internal Cash Flow from Operation

52,000 mm

TARGET IBD*/EQUITY RATIO ≤1 times

Remark : *Interest Bearing Debt

Agenda


IV. 2020 Outlook



67

Appendix

Group Structure – Operating CompaniesAppendix

WHA KPN Alliance Central WHA Alliance

WHARTNAV per unit –THB 9.99/1

Paid-Up Capital–THB 20,482.5 mmTotal Asset–THB 33,214.3 mm

WHABTNAV per unit –THB 10.52/1

Paid-Up Capital–THB 1,941.0 mmTotal Asset–THB 2,703.2 mm

15.00% 15.00%

WHA Daiwa Logistics Property

WHA Infonite

Registered – THB 400 mmPaid-up – THB 400 mm

WHA Industrial Development PCL.

Registered – THB 6,000 mmPaid-up Cap – THB 3,882 mm

98.54%

97.67%

Core Business

WHA Corporation PCL

Registered – THB 1,567.8 mmPaid-up Cap – THB 1,470.9 mm

WHAUP/2

Registered – THB 3,825 mmPaid-up Cap – THB 3,825 mm

70.00%/2

Property Funds and REITs

HPFNAV per unit –THB 9.90/1

Paid-Up Capital–THB 4,629.5 mm Total Asset–THB 4,731.4 mm

22.95%

HREITNAV per unit – THB 9.09/1

Paid-Up Capital–THB 6,223.4 mm Total Asset–THB 9,901.5 mm

15.00%

JV Collaborations

Gheco-One

Glow IPP

Houy Ho Power

GNLL 2

Gulf Solar

WHA Gunkul

BPWHA1

JV Collaborations – Utilities & Power/2

64.97% 49.99%

50.99%

35.00%

5.00%

12.75%

25.01%

25.01%

75.00%

25.01%

Eastern Seaboard Clean Energy

33.33%

Remarks: /1 NAV per unit as of Jun 30, 2019/2 Held by WHA Industrial Development PCL.

Genesis Data Center

33.33%

Gulf VTP Gulf TS1-4 Gulf WHA MT

25.01% 25.01% 35.00%

15.00%

WHA Industrial Zone Nghe An Joint Stock Company/2

WHA -JD Alliance

51.00%

Eastern Seaboard Industrial Estate

99.00%

SUPERNAP Thailand

60.00%

68

Shareholding Information / Board of Directors

Shareholding Information/1

Top 10 Shareholder/1

Shareholder No. of Share %

1) WHA Holding Co., Ltd./2 3,716,851,546 25.3%2) Ms. Jareeporn Jarukornsakul/2 1,473,761,769 10.0%3) STATE STREET BANK EUROPE LIMITED 1,017,466,095 6.9%4) Mr. Somyos Anantaprayoon/2 974,467,458 6.6%5) Thai NVDR Co., Ltd. 949,789,810 6.5%6) UBS AG SINGAPORE BRANCH/2 241,247,710 1,6%7) BBLAM – BTP 238,677,600 1.6%8) BBLAM – B-LTF 237,596,300 1.6%9) SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 186,404,185 1.3%

10) Ms. Chatchamon Anantaprayoon/2 138,087,915 0.9%

Board of Directors and Management

Appendix

Remarks: /1 Shareholder information as of Nov 22, 2019/2 Major shareholder holds 45% of the total outstanding shares while parts of major shareholders shares are hold via UBS AG, Singapore Branch.

Mr. Jakrit ChaisanitDirector

Chief Operating Officer-Logistics business

Dr. Kritsana Sukboonyasatit

Independent Director

Member of the Audit Committee

Dr. Somsak Pratomsrimek



Ms. Jareeporn JarukornsakulChairman of Board of Directors

Group Chief Executive Officer

Mr. David Richard NardoneVice Chairman of Board of Directors

Chief Executive Officer- Industrial Business

Mr. Vivat JiratikarnsakulDirector

Chief Operating Officer-Industrial business

Mr. Narong KritchanchaiDirector

Chief Legal Officer

Mr. Somsak Boonchoyreungchai

Director

Chief Accounting Officer

Dr. Pichit Akrathit


Chairman of the Audit Committee

Independent Directors

Dr. Apichai Boontherawara



Board of Directors and Management

69

Mr. Krailuck AsawachatrojDirector

Chief Strategic Officer

Chief Financial Officer

Appendix

Selected Logistics Customers

CONSUMER GOODS

DANGEROUS GOODS

FOOD CHAINAND PET FOOD

HEALTHCARE

AUTOMOTIVE

THIRD PARTY LOGISTICS (3PL)

AIRCRAFT MANUFACTURING

E-COMMERCE

70

Selected Industrial CustomersAppendix

71

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