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TRANSCRIPT
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, however,
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) 998-5145-8 or Email:
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► Thailand Electricity’s Overview
► EGCO Group’s Overview
► Financial Performances
3
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
4
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
Source: EPPO, ERC and EGAT
EGAT: Electricity Generating Authority of Thailand IPP: Independent Power Producer
MEA: Metropolitan Electricity Authority SPP: Small Power Producer
PEA: Provincial Electricity Authority VSPP: Very Small Power Producer
ERC: Energy Regulatory Commission IMPORT: Purchasing from Laos & Malaysia
EGAT Generators Transparent transfer pricing
IPPs
END User
Transmission System Owner (TSOw)
MEA
Industrial
User
PEA
IMPORT SPPs
Re
gula
tors
(ER
C)
Single Buyer Transmission
Network System
Operator (NSO)
VSPPs
Classified by Producer Classified by Fuel type
As of December 2013, Thailand’s Power Installed Capacity was 33,681.02 MW.
5
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
EGAT : 15,010 MW SPP : 3,525 MW
IPP : 12,742 MW Import : 2,404 MW
Natural Gas : 22,642 MW Coal : 4,556 MW
Hydro : 5,541 MW Others* : 942 MW
*OTHERS = Fuel Oil, Diesel, Renewable
67.2%
16.5%
13.5%
2.8%
NATURAL GAS HYDRO COAL OTHERS*
44.6%
37.8%
10.5%
7.1%
EGAT IPP SPP IMPORT
15,000
20,000
25,000
30,000
January Februaary March April May June July August September October November December
2008 2009 2010 2011 2012 2013
23,900.21 MW (May 24, 2011)
6
26,121.10 MW (April 26, 2012)
+ 1.8%
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
26,598.14 MW (May 16, 2013)
MW
7
2013
(36,491 MW)
Additional Capacity PDP 2010 R. 3
(55,130 MW)
*Note: The figure has been deducted by retried plants
along the way.
(70,686 MW)*
2030
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
41%
18%
13%
16%
12%
EGAT IPP SPP&VSPP Renewables Import
44%
21%
10%
13%
12%
42%
35%
10%
8% 6%
Source: EPPO, EGAT
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
8
Year
Project MW Project MW Project MW Project MW Project MW
2012 Gheco-One 660.0 Cogeneration 262.0 Renewable 728.1 Theun-Hin Boun Exp 220.0
2013 Cogeneration 1,186.0 Renewable 1,039.5
2014 Wang Noi CC # 4 768.7 GULF JP NS#1-2 1,600.0 Cogeneration 286.0 Renewable 666.0
Chana # 2 782.5
2015 North Bkk # 2 900.0 GULF JP UT#1-2 1,600.0 Cogeneration 557.0 Renewable 751.3 Hong Sa #1-2 982.0
2016 National Power #1-2 270.0 Cogeneration 470.8 Renewable 989.0 Hong Sa #3 491.0
New KEGCO (June) 900.0
2017 Lam Takhong #3-4 500.0 National Power #3-4 270.0 Cogeneration 900.0 Renewable 534.6
2018 Mae Moh #4-7 Cogeneration 720.9 Renewable 389.8 Nam Ngiep 1 390.0
(Replace 600MW) Sepien 269.0
2019 Coal Plant # 1_EGAT 800.0 Cogeneration 724.8 Renewable 496.4 Xayaburi 1,220.0
2020 Cogeneration 90.0 Renewable 442.2
2021 Bang Pakong #1 900.0 GULF JP Gas-fired 900.0 Cogeneration 180.9 Renewable 441.5 Neighboring 300.0
2022 Bang Pakong #2 900.0 GULF JP Gas-fired 900.0 Cogeneration 184.8 Renewable 288.5 Neighboring 300.0
Coal Plant # 2_EGAT 800.0
2023 South BKK #1-2 1,800.0 GULF JP Gas-fired 900.0 Cogeneration 180.0 Renewable 280.4 Neighboring 300.0
2024 South BKK #3 900.0 GULF JP Gas-fired 900.0 Cogeneration 180.9 Renewable 275.4 Neighboring 300.0
Bang Pakong #3 900.0
2025 Coal Plant # 3_EGAT 800.0 GULF JP Gas-fired 900.0 Cogeneration 184.8 Renewable 259.4 Neighboring 300.0
Bang Pakong #4 900.0
2026 Bang Pakong #5 900.0 GULF JP Gas-fired 900.0 Cogeneration 180.0 Renewable 254.4 Neighboring 300.0
Nuclear # 1 1,000.0
2027 Wang Noi # 1 900.0 Cogeneration 180.9 Renewable 315.2 Neighboring 300.0
Bangpakong #6 900.0
Nuclear # 2 1,000.0
2028 Wang Noi # 2-3 1,800.0 Cogeneration 4.8 Renewable 269.5 Neighboring 300.0
Coal Plant # 4_EGAT 800.0
Gas Turbine #1 250.0
2029 South BKK #4 900.0 Renewable 266.1 Neighboring 300.0
Gas Plant # 1_EGAT 900.0
Gas Turbine #2 250.0
2030 Gas Plant # 2_EGAT 900.0 Cogeneration 0.9 Renewable 294.0 Neighboring 300.0
Gas Turbine #3 250.0
22,401 10,700 6,476 8,981 6,572
EGAT IPP / Private Players SPP&VSPP Renewable Import
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PDP would be reviewed to support the government’s infrastructure
investments such as high-speed rail.
MOE plans to call for raising the country’s power reserves from 15% to
20% in a bid to booster energy security.
MOE has the policy to reduce the portion of gas-fired power plants as well
as to increase the portion of coal-fired power plants.
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
10
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
► Thailand Electricity’s Overview
► EGCO Group’s Overview
► Financial Performances
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
TEPCO 50%
Mitsubishi 50%
EGAT
25.41%
TEPDIA
23.94%
Thai Investors
17.94%
Foreign Investors
20.88%
NVDR 10.43% NVDR
11.83%
As of September 10, 2013
* Nuclear Damage Liability Facilitation Fund
NDF* 50.11%
Others 49.89%
11
12
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
BOD
President
1 seat
EGAT
4 seats
TEPDIA
4 seats
Independent
Directors
6 seats
Power Business
To develop and acquire power plants with multiple fuel types.
Service Business
To provide operation, maintenance, engineering and
construction services to power plants and other industries.
Other Business
To invest in water businesses that supply raw and tap water and
the integrated energy business.
13
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
EGCO Group’s business lines can be categorized into 3 business groups:
14
Rayong, KEGCO,
GEC-GPG (KK2)
EGCO Cogen,
GEC-GCC, GEC-NKCC
GEC-SCC, KN4,
TJ Cogen, TP Cogen,
SK Cogen
GEC-GYG,
Roi-Et Green,
NED, SPP2
SPP3, SPP4, SPP5,
GPS (#1-4), TWF, YEH,
GIDEC, BRWF, CWF
BLCP, Quezon
NTPC (NT2), XPCL
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
65%
22%
8% 5%
Natural Gas Coal Hydro Renewable
Power Plant Province/Country Fuel Type Plant Type EGCO Contracted Capacity
(MW)
Attrib. Capacity
(MWe)
Contract COD Expired
Shares Years
IPPs
Rayong Rayong Natural Gas Combined Cycle 100.00% 1,174.99 1,174.99 20 07 Dec 94 Dec 14
KEGCO Nakhon Sri Thammarat Natural Gas Thermal
100.00% 748.20 748.20 20 19 Jun 96 Jun 16
Combined Cycle 20 19 Jun 96 Jun 16
GPG (Khaeng Khoi 2) Saraburi Natural Gas Combined Cycle 50.00% 1,468.00 734.00 25 5 May 07 / 1 Mar 08 May 31 / Mar 32
BLCP Rayong Coal Thermal 50.00% 1,346.50 673.25 25 1 Oct 06 / 1 Feb 07 Oct 31 / Feb 32
Total IPPs 3,330.44
SPPs
EGCO COGEN Rayong Natural Gas Cogeneration 80.00% 111.88 89.50 21 28 Jan 03 Jan 24
ROI-ET GREEN Roi-Et Rice Husk Thermal 70.30% 8.80 6.19 21 29 May 03 May 24
GEC-GCC Saraburi Natural Gas Cogeneration 50.00% 108.63 54.32 21 03 Sep 98 Sep 19
GEC-NKCC Saraburi Natural Gas Cogeneration 50.00% 121.30 60.65 21 12 Oct 00 Oct 21
GEC-SCC Samutprakarn Natural Gas Cogeneration 50.00% 114.45 57.23 21 23 Sep 99 Sep 20
GEC-GYG Yala Parawood Thermal 50.00% 20.20 10.10 25 28 Nov 06 Nov 31
Total SPPs 277.98
Renewable
NED Lopburi Solar PV Solar PP 33.33% 63.00 21.00 10 22 Dec 11 Dec 21
SPP2 Saraburi Solar PV Solar PP 100.00% 8.00 8.00 10 02 May 12 May 22
SPP3 Srisaket Solar PV Solar PP 100.00% 8.00 8.00 10 21 Feb 12 Feb 22
SPP4 Srisaket/ Ubon-Ratchatani Solar PV Solar PP 100.00% 6.00 6.00 10 24 Jan 12 Jan 22
SPP5 Roi-Et Solar PV Solar PP 100.00% 8.00 8.00 10 22 Jun 12 Jun 22
GPS (Phase 1-4) Nakhon Sawan/Chai Nat Solar PV Solar PP 60.00% 26.00 15.60 10 1,2,5 Mar 12 / 1 Feb 13 Mar 22 / Feb 23
TWF Chaiyaphum Wind Wind Turbine 90.00% 6.90 6.21 10 18 Jul 13 Jul 23
Solarco Nakornpathom Solar PV Solar PP 49.00% 57.00 27.93 10 18 Nov 13 / 16 Dec 13 Dec 23
Total Renewable 100.74
Overseas
Quezon Philippines Coal Thermal 98.00% 460.00 450.80 25 30 May 00 Jun 25
NTPC (Nam Theun 2) Laos Hydro Hydro PP 35.00% 1,023.00 358.05 25 30 Apr 10 Apr 35
Total Overseas 808.85
Total Operating Projects 4,518.01 15
Currently, EGCO Group’s portfolio comprises of 20 operating power plants, totaling contracted capacity 4,518.01 MWe.
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
16
Currently, EGCO Group’s portfolio consists of 5 under construction projects, 3 under development projects and
1 potential project, totaling contracted capacity 1,838.65 MWe.
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
Power Plant Province/Country Fuel Type Plant Type EGCO Contracted Capacity
(MW)
Attrib. Capacity
(MWe)
Contract COD Expired
Shares Years
Under Construction
GIDEC Songkhla Waste Thermal 50.00% 6.50 3.25 10 Jan 14 Jan 24
BRWF Australia Wind Wind Turbine 100.00% 113.00 113.00 15 Feb 15 Feb 30
KN4 Nakorn Sri Thammarat Natural Gas Combined Cycle 100.00% 930.00 930.00 25 Jun 16 Jun 41
CWF Chaiyaphum Wind Wind Turbine 90.00% 90.00 81.00 25 Dec 16 Dec 41
XPCL Laos PDR Hydro Hydro PP 12.50% 1,280.00 160.00 29 Oct 19 Oct 48
Total Under Construction 1,287.25
Under Development
TP Cogen Ratchaburi Natural Gas Cogeneration 100.00% 113.00 113.00 25 Jun 16 Jun 41
SK Cogen Ratchaburi Natural Gas Cogeneration 100.00% 107.00 107.00 25 Jun 16 Jun 41
TJ Cogen Pathumthani Natural Gas Cogeneration 100.00% 106.00 106.00 25 Jun 17 Jun 42
Total Under Development 326.00
Potential Project
Quezon Expansion Project Philippines Coal Thermal 49.00% 460.00 225.40 N/A Q1/2018 N/A
Total Potential Project 225.40
Total Under Construction, Under Development and Potential Projects 1,838.65
17
EGCO Group’s other business portfolio comprises of 4 companies:
Company Business Type
EGCO Engineering and Service Co., Ltd. (ESCO)
Eastern Water Resources Development and Management Plc. (EASTW)
Egcom Tara Co., Ltd. (Egcom Tara)
Manambang Muara Enim Co., Ltd. (MME)
O&M
Water
Water
Coal Mining
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
XPCL
(Hydro)
KN4
(Gas)
TJ Cogen
(Gas)
BRWF
(Wind)
GIDEC
(Waste)
Potential Projects
Under Development Projects
Under Construction Projects
18
2014 2015 2016 2017 2018 2019 2020
Under Construction Projects
Under Development Projects and Potential Projects
Quezon
Expansion
(Coal)
SK Cogen
(Gas)
TP Cogen
(Gas)
CWF
(Wind)
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Rayong KEGCO GCC SCC Conal-WMPC Conal-SPPC AEP
NMPC NKCC APB EGCO Cogen Roi-Et Green BLCP GYG
KK2 Quezon NTPC NED SPP 4 SPP 3 SPP 2
SPP 5 GPS TWF YEH GIDEC BRWF CWF
KN4 TJ Cogen TP Cogen SK Cogen XPCL Rayong Retired KEGCO #1 Retried
KEGCO #2&3 Retired Conal-WMPC Divestment Conal-SPPC Divestment AEP Divestment APB Divestment NMPC Retired GCC Retired
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
19
1994: 1,232 MW
Rayong
KEGCO
BLCP
Quezon Khanom
KK2
NTPC
(1,232)
(749)
(55) (10) (7) (42) (75) NMPC#1
Retired
NMPC#2
Retired AEP (25), AEB (17)
Divestment
KEGCO Barge
#1 Retired
Rayong
Retired
KEGCO (749)
Retired
GCC Retired
(29)
CONAL: WMPC (19),
SPPC (10) Divestment
• SPP Development
• Expand Renewable Energy Portfolio
• Import Power Projects
• Neighboring Country Projects
Domestic Prospects
• Quezon Expansion Project
• Renewable Energy Projects
• Acquisitions/New Greenfield Plant Bids
International Prospects
20
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
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Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
► Thailand Electricity’s Overview
► EGCO Group’s Overview
► Financial Performances
6,264
5,301
6,060
2,090 2,041 2,272
4,182
-
2,000
4,000
6,000
8,000
10,000
12,000
2010 2011 2012 Q1/2013 Q2/2013 Q3/2013
8,996
8,109
14,472
4,790 4,877 4,986
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2010 2011 2012 Q1/2013 Q2/2013 Q3/2013
22
Net Profit before FX
Bt Million Bt Million
Total Revenue
Gain on Combination Net Profit before FX Total Revenue
10,242
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
23
Bt Million
Q3 2012 VS Q3 2013
Power Generation Others Gain on Combination
Bt Million
9M 2012 VS 9M 2013
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
0
500
1,000
1,500
2,000
2,500
Q3 12 Q3 13
2,272
+ 605
or
36.29%
2,217
55
1,608
59
1,667
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
9M 12 9M 13
6,403
+ 1,220
or
23.54%
9,493
6,232
4,990
171
193
4,310
Result from Deferred tax
EGCO 360
KEGCO 13
SPP3 (3)
Conal (7)
GEC (13)
Rayong (97)
BLCP (102)
QPL (164)
9M 2013 9M 2012
Bt Million
24
Increase in AP
KEGCO 322
Rayong 46
BLCP (97)
GPG (167)
Result from Acquisition
QPL 450
GPS 58
NED 23
SPP2 46
SPP5 46
SPP3 25
SPP4 18
TWF (2)
GIDEC (7) MME (7) APPC (24)
EGCO (350)
5,287 6,140
6,416
5,183
6,403 6,403
104 853 276
(13)
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
GEC-SPP 390 SPP5 (2)
BLCP 305 ESCO (3)
QPL 268 SPP2 (6)
EGCO Cogen 233 GPG (14)
Rayong 73 Conal (19)
NED 38 KEGCO (20)
GPS 21 Roi ET
EGCOM Tara 11 green (32)
SPP3 5 NTPC (150)
SPP4 (1) EGCO (244)
Operating Performances
25
Classified by Companies*
BLCP 1,941 MB
Quezon 1,632 MB
(QPL,QMS,PEPOI) GPG (KK2)
1,317 MB
SPP 555 MB
(GEC, EGCO
COGEN,
ROI-ET
Green)
NTPC
743 MB
SOLAR 499 MB
(GPS, SPP2-5, NED)
Rayong 288 MB
KEGCO 309 MB
ESCO 102 MB, 1%
Conal 33 MB, 0%
ET 101 MB, 1%
7%
7%
Note: Excluding EGCO, MME , APPC , GIDEC, TWF
Classified by Business Groups*
Power Business
7,317 MB, 98%
Other Business
101 MB, 1%
Service Business
102 MB, 1%
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
26%
22%
18%
10%
4%
4%
USD 750 M
THB 16,402 M
JPY 314 M
Total Outstanding
(Baht Equivalent) THB 40,460 M
Total Outstanding
As of 30 Sep 2013
USD 814 M
THB 17,890 M
JPY 262 M
THB 44,491 M
Total Outstanding
As of 30 Jun 2013
26
AUD 44 M AUD 54 M
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
Debt 24,718
Equity 54,526
Debt Equity
Debt 54,066
Equity 68,730
Debt Equity0.41
0.28 0.28
0.23 0.21
0.25
0.70
0.66
0.73
0.79
0.15 0.11
0.18 0.18 0.17
0.23
0.41 0.39
0.43
0.45
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
EGCO+Subsidiaries EGCO only
EGCO + Subsidiaries
Unit: MB
Times (X)
EGCO only
Unit: MB
27
28
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
Q3/2013
Beginning Balance of Cash and Deposits at financial institutions 1,217
Net Cash Received from Operating Activities 542
Dividend received from subsidiaries JVs & Other 3,690
Net Cash Payments in Investing Activities (2,813)
Investment in subsidiaries & JVs (1,375)
Shareholder Loan (net) (1,058)
Others (380)
Net Cash Payments in Financing Activities (2,256)
Receive loans from financial institutions 11,706
Repay loans to financial institutions (10,400)
Interest Payment (403)
Dividend Payment (3,157)
Ending Balance of Cash and Cash Deposits at financial institutions 380
2013 Dividend Interim
Paid 2.75 Baht
On Sep 20, 2013
Average Dividend
Payout Ratio
42% (1996 – 2013)
1.00 1.25 1.25
1.50 1.50 1.75
2.25 2.50 2.50 2.50 2.50
2.75 2.75
1.25
1.25 1.50
1.50 1.75
2.25
2.50
2.50 2.75 2.75 2.75
3.25
-
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
Final Interim 29
Baht/Share
6.00
2.25 2.50
2.75 3.00
3.25
4.00
4.75 5.00
5.25 5.25 5.25
Dividend Policy
40% of the
consolidated net
profit after tax
Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances
32
QPL
Quezon
Boco Rock
New South Wales
AUSTRALIA
I N D O N E S I A
PHILIPINES
MME
Muara Enim
Asia Pacific Region
THAILAND
33
Saraburi GCC; Gas
NKCC; Gas GPG (KK2); Gas
SPP2; Solar
Yala GYG; Parawood
Nakhon Sri Thammarat KEGCO; Gas
Samutprakarn SCC; Gas
Rayong Rayong Power Plant; Gas
BLCP; Coal
EGCO COGEN; Gas
Roi-Et RG; Rice Husk SPP5; Solar
Srisaket SPP3; Solar SPP4; Solar
Ratchaburi TP Cogen; Gas SK Cogen; Gas
Pathumthani TJ Cogen; Gas
Chaiyaphum TWF; Wind Farm
Nakhon Pathom/Suphanburi Yanhee; Solar
Nakhon Sawan GPS (Ta Keet); Solar GPS (Ta sang); Solar
Lopburi NED; Solar
Phetchabun GPS (Bueng Sam Phan); Gas
Songkhla GIDEC; Waste
Chai Nat GPS (Dong Korn); Solar
● IPP
● SPP
● Renewable
Xayaburi, Lao PDR XPCL; Hydro
Khammouane, Lao PDR NTPC; Hydro