company presentation ttw public company limited

Company Presentation TTW Public Company Limited

Q2’2021

Opportunity Day

30 August 2021

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Disclaimer

This presentation includes some forward-looking statements relevant to future events such as

plans, business strategies, expectations, etc. Thus, actual situations may differ from what is

projected in this presentation due to the unexpected environment which might be better or

worse than anticipated. Investors or material users should be meticulous on any herein

information.

This presentation, which is prepared by the company, is only used for investment information.

Also, the information included in this forward-looking statement may be changed by TTW

Public Company Limited without notice and then the company does not take any duty to

update any relevant information.

2

3

Pathumthani Water Treatment Plant

Agenda

Highlight

COVID-19 Situation

Water Situation

Company Overview

Operating & Financial

Performance

Outlook

4

Highlight

Reduce financial cost:

- Refinancing of a long-term loan

of 2,760 MB (May 2020) with

a lower interest rate.

- Repayment of long-term loans.

Description 30 Jun 2021 30 Jun 2020Changes

+ / (-) %

Loans 2,480 3,144 (664) (21.1)

Debentures 5,400 5,400 - -

Financial Cost 62.6 69.2 (6.6) (9.5)

Unit: MB

The financial cost has decreased

by 6.6 MB (9.5%) YoY. Net D/E 0.36 0.45

D/E 0.63 0.71

Q2’2021 Q2’2020

Ratio

Unit: (x)

Profit-sharing from investment in the associate company

(CK Power) increased by

Q2’2021 : 200.3 MB. (845.1%) YoY

1H’2021 : 313.7 MB. (289.1%) YoY

- Growth in Revenue from Electricity Sales of NN2 from higher

water flow and higher water storage level.

- XPCL: Higher average water flow and lower financial cost.

Q2’2020 Q2’2021Change

Amount %

(23.7) 176.6 200.3 845.1

1H’2020 1H’2021Change

Amount %

(108.5) 205.2 313.7 289.1

-23.7

176.6

-108.5

205.2

-100

0

100

200

300

Q2'2020 Q2'2021 1H'2020 1H'2021

Unit: MB

Admin. expenses decreased by 11.5 MB (18.5%) YoY.

Q2’2021 vs Q2’2020 1H’2021 vs 1H’2020

Admin.

Expenses

Q2’2021 Q2’2020Changes

+ / (-) %

50.7 62.2 (11.5) (18.5)

COGS decreased by 11.8 MB (2.5%) YoY.

COGS

Q2’2021 Q2’2020

Changes

+ / (-) %

450.9 462.7 (11.8) (2.5)

NN2 = Nam Ngum 2 Power Co., Ltd.

XPCL = Xayaburi Power Co., Ltd.

+845.1%+289.1%

0.68 0.670.72

0.71

0.36

2017 2018 2019 2020 1H'2021

5

Dividend Yield 4.88%

(@12.30 baht per share / as of Sep 14,

2018)

Dividend policy: Dividend payment is not less than 50% of

its net profit after deduction of corporate income tax,

statutory reserve, and other reserves required by terms of

relevant agreements.

Year

Particular 1H’2021 2020 2019 2018 2017

Net profit

- Amount (MB)(*)

1,433 2,850 2,855 2,667 2,699

- EPS (Bt./share) 0.36 0.71 0.72 0.67 0.68

DPS (Bt./share)

- Dividend #1 (Interim) 0.30 0.30 0.30 0.30 0.30

- Dividend #2 (Year End) N/A 0.30 0.30 0.30 0.30

Total DPS 0.30 0.60 0.60 0.60 0.60

Dividend amount (MB) 1,197 2,394 2,394 2,394 2,394

Dividend/Net profit 83.5% 84.0% 83.9% 89.8% 88.7%


Unit: (Bt./share)

0.60 0.60 0.60 0.60

Excluding Dividend (XD) : Sep 8, 2021

Record Date (RD) : Sep 9, 2021

Payment Date : Sep 23, 2021

Dividend Payment

(Interim)

Highlight

0.30

0.30

Historical Dividend Payment & Payout Ratio

EPS DPS

(*) = Separate Financial Statements

6

Dividend Yield 4.88%

(@12.30 baht per share / as of Sep 14,

2018)

Highlight

Basic of Contract : Turn-key fixed price, lump-sum contract

Contractor : CH. Karnchang Public Company Limited (CK)

Contract Price : 330.87 MB. (Excluded VAT)

Time of Completion : 540 Days (18 months after contract signing)

Source of Capital : Cash Flow from Operating Activities (CFO)

Key Terms and Conditions in EPC Contract

To ensure equipment and machinery functions at full efficiency to increase

stability and reliability of the water supply and distribution system.

To increase safety for the operation work of the water supply and distribution

system and the machinery and equipment maintenance work.

Increasing confidence for PWA and end-users in term of the sufficiency and

service continuity of tap water supply by TTW

Why do we improve?

Improvement for Water Supply and Distribution Systems

at Banglen Water Treatment Plant Project

7

Agenda

Highlight

COVID-19 Situation

Water Situation

Company Overview


Performance

Outlook

COVID-19 Situation

8

Unit: m3

The first human cases of

the COVID-19 to the end of Q2’2021

9

TTW regards the importance of the good quality of tap water and

services that we provide to PWA and tap water consumers. Apart from

close control on the quality of water at all steps of production

At the same time, TTW also provided advice to the water users who

requested us to examine the quality of downstream water free of charge.

This is because we believe that “Quality Water for a Better Life”

TTW also provided cooperation to PWA in the examination of water

samples, collected from water users in each service areas in TLAA

laboratories to ensure that the quality of tap water, distributed to

downstream users are consistent with that of the water produced by TTW.

COVID-19 Situation

10

COVID-19 Situation

Keeping our employees safe during COVID-19 pandemic

Pathum Thani Water Treatment Plant

Krathumbaen Water Treatment Plant

Banglen Water Treatment Plant & Head Office

- Bubble & Seal

- Factory Isolation

- Antigen Test Kit (ATK)

11

COVID-19 Situation

TTW supports for COVID-19 impacted areas

12

Banglen Water Treatment Plant

Agenda

Highlight

COVID-19 Situation

Water Situation

Company Overview


Performance

Outlook

Water Situation

13To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

The rainy season begins on 15th

May 2021 and will end around the end of October 2021, with more rainfall within the first half of the

rainy season. (TMD)

Focus on storing water in the area as much as possible, for consumption enough, and the protection of ecosystems . (RID)

Four main dams of the Chao Phraya river basin have 33% of total capacity

and 9% of usable water capacity. (RID)

*Remark: As of Aug 20, 2021

TMD = Thai Meteorological Department

RID = Royal Irrigation Department

Bhumibol Sirikit

Kwai Noi Bamrung Dan Pa Sak Jolasid

35 3311 9

0

20

40

60

80

100

20-Aug-20 20-Aug-21 20-Aug-20 20-Aug-21

The situation of four main dams

of the Chao Phraya river basin

Water Contents

(8,624 mil.m3)

%

%

(1,928 mil.m3)

%

The Chao Phraya River and Tha Chin River still have

sufficient raw water for our production process.

%

(8,280 mil.m3)

(1,584 mil.m3)

Total Capacity Usable Water Capacity

15th

May’2021 Jun’2021 Jul’2021

Rainy Season

Aug’2021 Sep’2021 Oct’2021

14

Agenda

Highlight

COVID-19 Situation

Water Situation

Company Overview


Performance

Outlook

-

500

1,000

1,500

2,000

2,500

3,000

3,500

-0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

TTW’s Net Profit vs Price

Price

Company Overview – Key Milestone

15

Sep’00 :

Company established & Entered into WPSA(*)

with PWA

Jan’04 :

First Day of Sale (Design Cap. = 320K / Day)

Feb’06 :

Acquired Water Flow Co., Ltd.

Jul’04 :

Official COD

Jul’06 :

Converted to Plc.

Feb’07 :

Acquired 98% PTW Shares)

As of Jun 30, 2021

(IPO)

Unit: MB

Net Profit


Year 2008 (IPO) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H’2021

Net Profit (MB) - 1,593.6 2,062.9 2,113.0 2,421.6 2,544.8 2,973.9 2,697.0 2,492.0 2,663.2 2,841.9 3,127.9 2,951.5 1,558.3

Price (Baht) 4.20 4.46 6.35 5.05 9.20 10.00 11.60 10.60 10.70 12.60 12.40 13.80 12.40 11.70

May’08 : Listed in SET

Unit: Baht

Aug’09 : Acquired BIE Rights

Dec’08 : Second WPSA with PWA

Sep’10 : First Expansion Completed

(Design Cap. = 320K / Day 440K / Day)

Sep’11 : Acquired 30% CKP Shares

Mar’14 : Changed the

Company’s Name to “TTW”

May’15 : Increased CKP Shares &

oversubscribed to 25.31% CKP Shares

Jun’17 : The Construction of 2nd

Water

Treatment Plant has been Completed

(Design Cap. = 440K / Day 540K / Day)

Sep’19 : Percentage

in CKP Shares 24.98%

Mar’20 : COVID-19

Outbreak (Pandemic)

* WPSA = Water Purchase and Sale Agreement

(First Half)

Operates

Waste water

Tap water and

Investment in

Other business

Produces and

Distributes

Tap water


Company Overview – Our Business

16

Company Overview – Shareholder Structure

Pathum Thani Water Company Limited

Produces and distributes tap water

1,200 MB. Registered Capital

* 2% is owned by PWA

CK Power Public Company Limited

Power Holding company


8,129 MB. Paid-up capital

Thai Water Operations Company Limited

Operates tap water and waste water

treatment systems 60 MB. Registered Capital

MITSUI, 25.98% BEM, 18.47%CK, 19.40% Free Floated, 36.15%

PTW

98%*TWO

68%32%

17As of Jun 30, 2021

CKP

24.98%

TTW Public Company Limited

Produces and distributes tap water


18

Company TTW PTW TTW

Business Service Tap water Supply Tap water Supply Tap Water & Wastewater Management

Contract Type BOO BOOT Rights (Operating Lease)

Contract Period 2004 – 2034 (30 yrs.) 1998 – 2023 (25 yrs.) 2009 – 2039 (30 yrs.)

Contract Customer Whole sale to PWA Whole sale to PWA BIE

Investment Scheme Production, Transmission and Distribution Production and Transmission N/A

Distribution Area West Bangkok (Nakhon Pathom – Samut Sakhon) North Bangkok (Pathum Thani – Rangsit) BIE (Bang Pa-In Industial Estate, Ayutthaya)

Design Capacity *540,000 m3/day 488,000 m

3/day TW: 48,000 m

3/day, WW: 18,000 m

3/day

Pathum Thani Water Treatment Plant Bangpa-in Industrial EstateBanglen Water Treatment Plant

TTW

PTW

BIE

1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040

*Design Cap. 440,000 m3/Day

Krathumban Water Treatment Plant


*Starting at 100,000 m3/Day (Backup Plant)

* TW = Tap Water Treatment

** WW = Wastewater Treatment

(*) (**)

Company Overview – Current Project

Company Overview - Location

19

Pathum Thani Water

Treatment Plant

(PTW, Pathum Thani)

Bangpa-in

Industrial Estate

(BIE, Ayutthaya)

Banglen Water Treatment Plant

(TTW, Nakhon Pathom)

Krathumban

Water Treatment Plant

(TTW, Samut Sakhon)

Amata City Industrial Estate

(Chonburi, Rayong)

3 Companies

5 Locations in Water Business

1 Company in Energy Business


Bangkok

Phra Nakhon

Sri Ayutthaya

(BIE)

Pathum Thani

(PTW)

Nakhon Pathom

(TTW-Banglen)

Samut Sakhon

(TTW-Krathumban)

O&M Contracts with Amata Water Co.,Ltd.

Chonburi Tap Water Treatment : 32,400 m3/day

Wastewater Treatment : 4,500 m3/day

Rayong Tap Water Treatment : 22,800 m3/day

Company Overview – Portion of Water Users

20

Serving over

570,000 users

or millions of lives

As of Jun 30, 2021To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

• Klongluang Utilities

• Thai Aquafresh

• Thainamthip Manufacturing

• Mitr Pathum Part., Ltd.

• Greensport

• etc.

• Thammasat University (Rangsit)

• Rangsit University

• Asian Institute of Technology

• Future Park Rangsit

• Summit Pinehurst golf club & Hotel

• etc.

• Summit Starhome

• Lumpini Township (L .P.N.)

• Pruksa Real Estate

• Pinehurst Willz

etc.

63 64 65

20 20 19

17 16 16

0%

20%

40%

60%

80%

100%

Q4'2020 Q1'2021 Q2'2021

Household Industry Commercial

Pathum Thani - Rangsit (%)

(North BKK)

• Thai Union Group

• Pataya Food Industries

• Samut Sakhon Industrial Estate

• Unicord

• Sinsakhon Waterworks

• etc.

• Nadee Municipality (Waterworks)

• Mahidol University (Salaya)

• RMUTR

• Khaerai SAO

• Samutsakhon Hospital

• etc.

45 46 47

40 39 39

15 15 14

0%

20%

40%

60%

80%

100%

Q4'2020 Q1'2021 Q2'2021

Household Industry Commercial

Samut Sakhon – Nakhon Pathom (%)

(West BKK)

Top

End-users

440,000

100,000

488,000

400,310

43,200

0

100,000

200,000

300,000

400,000

500,000

600,000

TTWTTW 2nd PlantPTW UU BW CW

Design Capacity of TTW Group

Company Overview – The Leading Position of Water Business in Thailand

Unit: m3/day

1,076,000 m3/day

400,000

21

BIE

48,000

Plant

The Krathumban Water Treatment Plant (TTW 2nd

)

can be expanded the design capacity up to

400,000 m3/day

Hybrid Technology: Conventional +

Ultrafiltration (Membrane Technology)

Cleaner: Because the membrane pore size is

only 0.01 micron so it can effectively

contaminants viruses and bacteria

Safer: Less chemical usage

TTW TTW 2nd PTW

At present In the future


+100,000

+100,000

+100,000

Starting at 100,000 m3/Day

Krathumban Water Treatment Plant, Samutsakhon Province

Krathumban Water Treatment Plant (TTW 2nd)

Company Overview – Tap Water Production Process

22

Tha Chin River

(Nakhon Pathom Province)

Chao Phraya River

(Pathum Thani Province)

End Users

(Household + Industry + Commercial)

Raw Water Intake Rapid Mixing

Tank

Clarifier

TankFilter

Sludge Dewatering

Treated WaterWater Distribution

Land fill

Chemical Dosing

Whole Sale

Provincial Waterworks

Authority (PWA)

Banglen

Pathum Thani

Rai Khing

The water from sludge dewatering will be

re-claim into the processed again.

“Zero Discharge”


Some of the sludge was

developed for many purposes.

e.g., as part of the school

building material.

“TTW Building” at Wat Rat Thammaram School,

Samutsakhon Province

A protection system for aquatic animals

to entering the raw water pumping process.

R & D

100%

100%

30%

61.3%

75%

Company Overview - Investment in Other Business

23

• Southeast Asia Energy Co., Ltd. (SEAN)

• Bangkhenchai Co., Ltd. (BKC)

• BKC Solar Rooftop and Solar Farm Projects

• Chiangrai Solar Co., Ltd. (CRS)

• Nakhon Ratchasima Solar Co., Ltd. (NRS)

24.98%

1,900 MW 238 MW 29 MW

• Nam Ngum 2 Power Co., Ltd. (NN2)

• Xayaburi Power Co., Ltd. (XPCL)

37.5%

615 MW

1,285 MW

• Bang Pa-In Co-Generation Co., Ltd. (65%)

- Phase 1 (BIC 1)

- Phase 2 (BIC 2)

118 MW

120 MW

7 MW

8 MW

Source : www.ckpower.co.th

As of Jun 2021To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

30%

8 MW

6 MW

24

Agenda

Highlight

COVID-19 Situation

Water Situation

Company Overview


Performance

Outlook

Operating & Financial Performance – Portion of Revenue

25

60

30

5

5

TTW Group (%)

TTW

PTW

BIE

Others


*Approximately

Operating & Financial Performance

TTW Sales Volume

Q2’ Daily Average (Thousand m3)

Year 2017 2018 2019 2020 2021

Daily Avg. 396 435 463 455 437

Full Year Daily Average (Thousand m3)

Year 2016 2017 2018 2019 2020

Daily Avg. 377 395 434 455 453

Location TTW

Period Q2’2021 Q2’2020

U-Rate (%) 81 84


138.4145.9

158.3166.1 165.9

0

40

80

120

160

200

2016 2017 2018 2019 2020

2020 vs 2019

-0.2%

36.0

39.642.1 41.4 39.7

0

10

20

30

40

50

Q2'2017 Q2'2018 Q2'2019 Q2'2020 Q2'2021

Q2’2021 vs Q2’2020

-4.0%

82.8 79.7

0

10

20

30

40

50

60

70

80

90

1H'2020 1H'2021

1H’ Daily Average (Thousand m3)

Year 2020 2021

Daily Avg. 457 440

1H’2021 vs 1H’2020

-3.8%

Unit: mil.m3

131.4135.8

145.9 148.9153.1

0

40

80

120

160

200

2016 2017 2018 2019 2020

2020 vs 2019

+2.8%

34.136.3 37.1

38.5

34.8

0

10

20

30

40

50

Q2'2017 Q2'2018 Q2'2019 Q2'2020 Q2'2021


PTW Sales Volume

27


Year 2016 2017 2018 2019 2020

Daily Avg. 358 369 400 408 418


Year 2017 2018 2019 2020 2021

Daily Avg. 375 399 407 423 383


Q2’2021 vs Q2’2020

-9.5%

Location PTW

Period Q2’2021 Q2’2020

U-Rate (%) 78 87

76.370.6

0

10

20

30

40

50

60

70

80

90

1H'2020 1H'2021


Year 2020 2021

Daily Avg. 421 390

1H’2021 vs 1H’2020

-7.4%

Unit: mil.m3

7.67

8.278.51

8.84

8.15

0

2

4

6

8

10

2016 2017 2018 2019 2020

2020 vs 2019

-7.8%


BIE Sales Volume

28


Year 2016 2017 2018 2019 2020

Daily Avg. 20.9 22.7 23.3 24.2 22.3


Year 2017 2018 2019 2020 2021

Daily Avg. 23.0 23.8 24.8 23.4 23.5


2.09 2.172.25

2.13 2.14

0.0

0.5

1.0

1.5

2.0

2.5

Q2'2017 Q2'2018 Q2'2019 Q2'2020 Q2'2021

Q2’2021 vs Q2’2020

+0.5%

Location BIE

Period Q2’2021 Q2’2020

U-Rate (%) 48 49

Unit: mil.m3

4.24.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

1H'2020 1H'2021


Year 2020 2021

Daily Avg. 23.0 21.9

1H’2021 vs 1H’2020

-4.6%

Unit: 1,000 m3

Q2'2017 Q2'2018 Q2'2019 Q2'2020 Q2'2021

BIE 23.0 23.8 24.8 23.4 23.5

PTW 375.1 399.0 407.2 422.9 382.9

TTW 396.1 435.4 462.9 455.1 436.7

396.1435.4 462.9 455.1 436.7

375.1

399.0407.2 422.9

382.9

23.0

23.824.8 23.4

23.5

0

100

200

300

400

500

600

700

800

900

1,000

794.2Total 858.3 894.8 901.5

794.2

858.3894.8 901.5

843.1



-6.5%

843.1

How much room to grow?

Q2’2021

Daily Average

TTW: 436.7K /Day

PTW: 382.9K /Day

BIE: 23.5K /Day

Unit: m3

Total Design Capacity

1,076K /Day

(At Present)

232.9K /Day

300K /Day In the future, the Krathumban Water

Treatment Plant (TTW 2nd) can be expanded

the design capacity by 300K /Day

843.1K

/Day

Daily Average by quarterly


30

2020 vs 2019 Q2’2021 vs Same period last year

The increase in sales volume of TTW and PTW, adjustment of selling price by CPI of TTW and PTW

Profit-sharing from investment in associated company increased

The decrease in finance cost by the redemption of debentures of 1,500 MB, loan repayment 435 MB and issue debentures of

1,000 MB

5,499.1 5,747.4

5,948.5 6,151.4 6,192.9

2,475.6 2,663.2

2,841.9 3,128.0

2,951.5

4,429.4 4,699.9

4,901.5

5,269.8 4,997.1

2016 2017 2018 2019 2020

Total Revenue Net Profit EBITDA

+0.7%

-5.6%

-5.2%


1,426.4 1,483.2

1,541.0 1,549.1 1,476.9

658.1 692.5 729.8 694.3

856.5

1,159.4 1,195.8

1,267.0 1,214.3

1,350.3

Q2'2017 Q2'2018 Q2'2019 Q2'2020 Q2'2021

Total Revenue Net Profit EBITDA

+23.4%

3,090.8 2,949.1

1,332.2

1,558.3

2,410.2 2,380.9

1H'2020 1H'2021

1H’2020 vs 1H’2020

-4.6%

+17.0%

-1.2%

As of Jun 30, 2021

+11.2%

-4.6%

Net profit increasesd mainly due to profit-sharing from investment in the associate company:

Q2’2021 : 200.3 MB. (845.1%) YoY

1H’2021 : 313.7 MB. (289.1%) YoY

Consolidated - Financial PerformanceUnit : MB

Total sales of treated water

Q2’2021 Q2’2020Changes

+ / (-) %

1,443.7 1,516.7 (73) (4.8)

1H’2021 1H’2020Changes

+ / (-) %

2,882.7 3,021.3 (138.6) (4.6)


31

As of Jun 30, 2021

23.6

21.622.6 23.1 23.4

22.2

10.1 9.7

11.512.3

13.6 12.9

2015 2016 2017 2018 2019 2020

ROE ROA

1.23

0.960.89

0.760.67 0.63

0.770.67

0.530.47 0.42

0.36

2016 2017 2018 2019 2020 Q2'2021

D/E Net D/E


Unit: % Unit: (x)

Financial Ratios



Unit: MB

Consolidated cash flow

For half year

ended 30 June

Change

2021 2020 Amount %

Net cash flow from the operating activities 1,897.3 1,552.1 345.2 22.2

Net cash flow from the investing activities (325.8) 891.4 (1,217.2) (136.5)

Net cash flow used in the financing activities (1,594.2) (1,931.1) 336.9 17.4

Net increase (decrease) of cash and cash equivalent (22.7) 512.4 (535.1) (104.4)

Cash and cash equivalent – beginning of the period 92.0 76.6 15.4 20.1

Cash and cash equivalent – ending of the period 69.3 589.0 (519.7) (88.2)

Consolidated Cash Flow

Total assets decreased by 194.1 MB or 0.8%,

mainly due to depreciation and amortization.

Total liabilities decreased by 430.5 MB or 4.7%,

mainly due to the long-term loan decreases by

the repayment schedules.

Total shareholders’ equity increases by 236.4 MB or

1.7% due to the net profit from operations and

dividend payment.


33

Consolidated Financial Position


(Unit : MB)

13,699.6 13,936.0

9,142.8 8,712.3

22,842.4 22,648.3

0

10,000

20,000

30,000

40,000

50,000

31-Dec-20 30-Jun-21

Total shareholders' equity Total liabilities Total assets

-0.8%

-4.7%

+1.7%

34

Agenda

Highlight

COVID-19 Situation

Water Situation

Company Overview


Performance

Outlook

Outlook


We’re looking for a Water Business that suits us best.

Tap Water Business

Wastewater Treatment Business

Comprehensive Water Management

Domestic & Overseas

Right Size

Low Risk

Sufficient water resources.

- FX Rates

- Political Volatility

- Natural Disaster

- How to Collect Money from Clients

Appendices

Appendix 1 : Message from the Chairman of the Board of Directors

Appendix 2-4 : Water Dispatch

Appendix 5 : Credit Rating

Appendix 6 : Annual Report & Sustainable Development Report

Appendix 1 – Message from the Chairman of the Board of Directors

38

Appendix 2 – Water Dicpatch: TTW (Jul 2019 – Jun 2021)


Appendix 3 – Water Dicpatch: PTW (Jul 2019 – Jun 2021)


Appendix 4 – Water Dicpatch: BIE (Jul 2019 – Jun 2021)


AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable

AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable AA-/Stable

Appendix 5 – Credit Rating


Year : 2020

Date : 30 Nov

Type of Credit : Company Rating / Issue Rating

Rating Agency : Tris Rating

Credit Rating : AA-

Rating Outlook : Stable

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Company Rating

Issue Rating

For more Infomation

Appendix 7 – Annual Report & Sustainable Development Report


Thai Ver. Eng Ver. Thai Ver. Eng Ver.

Sustainable Development ReportAnnual Report

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TTW Public Company Limited

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