“Your Ultimate Solution Partner”
WHA Corporation Public Company LimitedOpportunity Day Q3/202030th November 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. 3Q20 Operating Performance
IV. Appendix
I. WHA Group Overview
III. 3Q20 Financial Performance
3
2012 2017 20192015 2018
Key MilestonesWHA Group Overview
WHA’s First & Biggest Built-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 LogisticsProperties Developer
#1 Industrial Estate Developer
Leading Industrial Utilities and Power
Provider
Strengthened Digital Platform
85 mm m3 Utilities Sales & Management Volume in Thailand
and Vietnam
2,485,848 sq.m.Owned & Managed
5774 Data Centers
3 Tier-III facilities and the only Tier IV Gold Certified data center in Asia Pacific
(Excl. Australia)
FTTx covering 7 Estates
Installed Equity MW Power
9M20 Performance Highlights
115,382sq.m.Net rent for Built-to-Suit,
warehouse farm and RBF/RBW
124 Rai Land SalePlus LOI /MOU of 125 Rai in Thailand
WHA GROUP AT-A-GLANCEWHA Group Overview
5
39 Rai Land SalePlus LOI/MOU of 182 Rai in Vietnam
WHA 50+ STRATEGIC LOCATIONS IN THAILAND AND VIETNAM
WHA is a Key Player in the Development of Eastern Economic Corridor (EEC).
6
WHA Strategic LocationsWHA Group Overview
Agenda
II. 3Q20 Operating Performance
IV. Appendix
I. WHA Group Overview
III. 3Q20 Financial Performance
7
Financial Highlights (3M Y-o-Y and 9M Y-o-Y)3Q2020 Financial Performance
Note : % of growth represent Y-o-Y growth basis8
Normalized Revenue and Share of Profit
Normalized Net Profit
28%
4%
26%
26%
Rental Properties Business Normalized Revenue
32% 32% • Continued solid and robust growth in 2020• Positive impact from Covid-19 especially for E-commerce sector
Land Business and Sale of Properties Normalized Revenue and Share of Profit
52% 52% • Lower mainly from Industrial land transfer shifting due to Covid-19 traveling restriction which was temporary effect
• Revenue from right of way compensation
Utilities Business Normalized Revenue and Share of Profit
22% 18% • Lower Excessive Charge• Domestic sale volume was flat • The recognition from Share of Loss from SDWTP resulting from slower
growth of sale volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam and accounting impact from PPA adjustment
Power Business Normalized Share of Profit
36% 33% • Lower share of profit from Gheco-one due to lower Availability Payment Rate (seasonal effect), strong THB, lower coal price, and tax rate
• Solid contribution from SPP business with major scheduled maintenance from 4 SPPs in 9M2020
• Contribution from CCE and ramping up of new solar rooftop COD
Normalized Finance Cost Excluded accounting impact from callable bond
4% 2% • Due to increasing in IBD as business expansion
Y-o-Y3M
Y-o-Y9M Key Drivers
Logistics Business3Q20 Operating Performance
Logistics Business
9
Logistics Business
#1 First Class Premium Logistics Infrastructure Developer
2,360,000 SQM
3Q20 Operating Performance
#1 Built-to Suit (BTS) Warehouse and Factories
200+ well‐known
tenants profile
World Class standard warehouse and factories built to
specific client’s requirements
2019 3Q20
2.48 millionsq.m.
2.36 millionsq.m.
10
40 StrategicLocations
Assets under Owned and Managed
Logistics Business – 3Q20 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
726,944
244,322
482,622
1,317,703
441,200
1,758,904
88,913 141,619 141,619 169,433
891,286
298,139192,341
505,051
1,108,740
Total2,485,848
Unit : sq.m.
CAGR 28.7% (2006A – 2019A)
CAGR 24.6% (2012A – 2019A)
24%
19%
18%
19%
10%10%
Thai
Japan
Europe
Asia(Exclu.Japan, Thai)
USA
China
39%
29%
17%
14%
1% 3PL
FMCG&Healthcare
Manufacturer
E-Commerce
Other
26%
23%15%
6%6%
21%3%
Japan
Europe
Asia(Exclu.Japan, China)USA
Australia
China
Other
26%
21%16%
22%
4%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 Sep 30,2020
2,115,2931,975,361
2,321,721
3Q20 Operating Performance
2,360,556
11
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2Q20203Q2020
109,565
213,657
74,017
2,901 40,137 32,102
100,030
293
45,243
135,777
29,289
-17,679
60,346
15,352
-50,000
-
50,000
100,000
150,000
200,000
250,000
300,000
2017 2018 2019 3Q19 3Q20 9M19 9M20
RBF/RBW BTS/Warehouse farm
Unit: Sq.m.
New Projects / Net Rent
109,858
209,794
3Q20 Operating PerformanceLogistics Business – 3Q20 Operating Performance
258,900
115,38292,448
12
Logistics Business Continued to Outperform from the Growing Demand of E-Commerce Segment
32,19022,458
30 January 2020
100,000 sq.m. Built-to-Suit Projects Signed
Logistics Business3Q20 Operating Performance
Strengthening the Core
E-Commerce Center Phase II 30,000 sq.m. E-Commerce Center Phase III 30,000 sq.m.
Project Details
• Space : 40,137 sq.m.
• Tenant : Construction Material
• Location : Ayuthaya (Wangnoi 63)
• Building Type : Built-to-Suit (Ambient)
Additional Project in Q3
13
Projects in Pipeline~190,000 sq.m.
Packaging~17,000 sq.m.
Power Solutions~16,000 sq.m.
Semi Conductor~66,000 sq.m.
3PL ~25,000 sq.m.
WHA Logistics Center Bangna-Trad Km. 23 Project 3
Targeted Customers:
E-Commerce
Food Processor
Consumer Products~70,000 sq.m.
Third Party Logistics
Logistics Business3Q20 Operating Performance
14
UPCOMING High Value Projects
New Strategic Location
New Strategic Location
Building Area : ~100,000 sq.m
Land Area : ~100 Rai
Location : ~13 Km. from Suvarnabhumi Airport
~32 Km. from Klongtoey Seaport
~37 Km. from CBD Bangkok
UPCOMING Assets Monetization to WHART
Project WHA Mega Logistics Center Laemchabang 1
Project WHA Mega Logistics Center Laemchabang 2
Project WHA-KPN Mega Logistics Center Bangna-Trad Km 23
Project WHA-KPN Mega Logistics Center Bangna-Trad Km 23
Project WHA-KPN Mega Logistics Center Bangna-Trad Km 23
Expected Process to Complete and Recognized Revenue in 4Q2020Approx. 130,000 sq.m. of Built-to-Suit Warehouse/ Factory
15
Logistics Business3Q20 Operating Performance
>3,200*TOTAL ASSET VALUE
THB mm
*Remark: Approx. THB 2,200 mm under JV entities and THB 1,000 mm under WHA own portfolio
UPCOMING Assets Monetization to HREIT
Expected Process to Complete and Recognized Revenue in 4Q2020Approx. 50,000 sq.m. of Ready-Built Warehouse/ Factory
16
Logistics Business3Q20 Operating Performance
>1,300TOTAL ASSET VALUE
THB mm
52,000 sq.m.of flexible office space, and common open spaces
25-storey Towerarchitectural design will be the new landmark in Bangna
Close to BangkokSuvarnabhumi airport, busy commercial centers and international schools
8.6 meterHigh Ceilings with Elegant Main Lobby Design
2.9 meterOpen View of 2.9 m. Floor to Ceiling, 360 Panorama View
Energy-savingEnergy-saving design with Solar Roof and backup power generator
Digital SecurityFace Recognition Gate Access Control, Cloud Service or Colocation
“Premium Office in Bangna-Trad, Gateway to the EEC”
“The Unique Architecture Design”
“Environmental Friendly & Digital Innovation”
Innovative Workplace for Business Growth
Ready in Q1’2021
WHA Tower : Work Life Solutions3Q20 Operating Performance
17
Industrial Estate Business3Q20 Operating Performance
Industrial Estate Business
18
30 January 2020
Industrial Estates/1
68,900
Remark: /1 including new Industrial Estate WHA RY36/2 including 44,400 Rai operating and under development in Thailand and Vietnam/3 Backlog as of 9M2020 - Thailand 276 Rai, Vietnam 22 Rai
11Industrial Estates
1Industrial
Estate
Industrial Estate Business3Q20 Operating Performance
Industrial Estates Overview
9M19 9M20
124 Rai
564 Rai
19
Industrial Land Sale
Thailand
Outstanding LOI/MOU
9M19 9M20
39 Rai
_
Vietnam
9M19 9M20
125 Rai
9M19 9M20
182 Rai
72 Rai
169 Rai
Rai/2
Land Sale and Transfer Limited due to Travelling Restriction from COVID-19
Unit: rai Breakdown by Country
Overall Portfolio From 2019-YTD
Japan 33% 8%Thailand 18% 9%Europe 11% 1%USA 8% 2%China 10% 58%Taiwan 4% 10%Korea 3% 2%Other Asia 13% 10%
Total 100% 100%
Customer Breakdown*
Breakdown by Industry
Overall Portfolio From 2019-YTD
Auto 33% 29%Consumer 15% 29%Petrochemical 8% 4%Steel/Metal 9% 6%Electronics 8% 17%Logistics 5% 0%Others 22% 15%
Total 100% 100%
Our Domestic Land Sales Record
Remark: * By number of contracts
No.1 Domestic Industrial Market Share
2009 … 2017 2018 2019
WHAID
Industrial Estate Business 3Q20 Operating Performance
16%57% 42%
45%
665
1,043
835
974 933816
306
42
564
124
0
200
400
600
800
1,000
1,200
2014 2015 2016 2017 2018 2019 3Q19 3Q20 9M19 9M20
20
30 January 2020
Upcoming Estates and Expansion
11Industrial Estates in
Thailand
In 20201
WHA IER, Rayong
WHA SIL2 , Saraburi
New IE Planning
Upcoming New Projects by 2023
+4
IncludingNew Estate
WHA RY 36 construction to start by end of 2020
In process of obtaining permits/licenses
In process of obtaining permits/licenses
• Rayong Province• Gross area 1,280 Rai• Sellable area 960 Rai
WHA ESIE 4 (Expansion Phase)In process of obtaining permits/licenses
Industrial Estate Business3Q20 Operating Performance
21
SMART Eco Industrial Estates
Vehicle Management System (VMS)
Smart CCTV DroneElectrical Transmission
and Distribution Inspection
Project Highlights• Located in strategic area reachable to main locations
• Comprehensive and reliable infrastructure - power, utilities and telecommunication
• Promoted S-curve Industries
• Laem Chabang Deep Sea Port
• Map Ta Phut Deep Sea Port
• U-tapao Airport
• Suvarnabhumi Airport
30 January 2020
From Thailand Leader to ASEAN Champion
Leverage On 30-year Experience in Thailand to Expand Regionally
20,000 RaiTotal Project In Nghe An, Vietnam
WHA Industrial Zone 1 – Nghe An , The Initial Footprint of WHA Group in Vietnam
Remark: the remaining of phase 1
Industrial Estate Business3Q20 Operating Performance
22
In Process of Obtaining Permits forMilestone 2 and 3 / Approvals For 2,100 Rai*
WHA Industrial Zone 1-Nghe An Welcomes Goertek Precision Industry
Goertek Precision Industry Vietnam, which specializes in micro-electromechanical systems (MEMS), purchased an area of 40.48 ha (253 rai) to develop their factory complex for the manufacturing of mobile phones’ electronic components, such as air pods.
(Construction expected to start in 2021)
1,000 RaiSubstantially
completed and available to potential
customers
3,100 RaiTotal phase 1 development
is on going
30 January 2020
New High-value Joint Venture Projects in 2020
Industrial Estate Business3Q20 Operating Performance
23
TusParkWHA Incubation Center
- The higher value property and the first step toward Science Park development -
BIG WHA Industrial Gas
• The gas-generation plant with a pipeline to supply customers with nitrogen
• The collaboration with industry expert for new product and services
BLOCK 28 – Building B (1st and 3rd floor)
CREATIVE & STARTUP VILLAGE
Located at…
Thailand’s First TusPark, an Innovation and Incubation Center in downtown
Bangkok run by Chinese’s top ecosystem builder and Thailand’s leading industrial estate developer
Innovation Carrier
Innovator
Innovation Element
Startups
Industrial Estate Business3Q20 Operating Performance
TusPark WHA - Ecosystem
24
Utilities and Power Business3Q20 Operating Performance
Utilities and Power Business
25
Utilities and Power Business3Q20 Operating Performance
Q1
UTILITIES BUSINESSSlightly increase in domestic sale revenue compared with previous quarter while the core performance of SDWTP in Vietnam has improved despite continued booking net loss in this quarter
Domestic utilities performance in 3Q20 was on par in term of sale volume but slightly increased by 3% in term of revenue when compared with 2Q20. However, comparing with 3Q19, sale volume and sale revenue decreased by 17% and 11% respectively
A recovery in some sectors such as auto parts, petrochemical with an increase of sale volume vs 2Q20 by 12% and 2% respectively
The draught situation in EEC has been diminished. The water reserve back to normal level
Still recorded net loss from SDWTP partly due to a starting of amortization of intangible assets resulted from the Purchase Price Allocation (PPA) of SDWTP
If not taking into account the PPA amortization, SDWTP still contributed net loss in 3Q20 but had improved from 1Q20 and 2Q20 due to a ramp up of sale volume after impacted by COVID -19
POWER BUSINESSContinued to be impacted by lower share of profit from Gheco-One. However, SPP still show solid performance together with additional contribution from CCE and solar rooftop
26
Gheco-One provided substantially lower share of profit, mainly as a result of lower contractual APR and sharp decline in coal price.
SPP continue to contribute robust results. The share of profit increased by 9% vs 3Q19 and 17% vs 2Q20
Contribution from CCE (started COD in Nov 2019) Continuously COD of WHAUP solar rooftop (incl. Gulf and
Gunkul) (9 MW at end 2019; 27 MW at end 3Q20; and expected around 42 MW at end 2020)
GIPP dividend payment of 36.5 MB in Aug 2020
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 in Thailand and Vietnam
Utilities Business - Overview3Q20 Operating Performance
3Q20
28million m3
28million m3
3Q19Municipal Water
Industrial Water
Wastewater Treatment
Reclaimed & Demineralized Water
Water Product/Services & Capacity
27
9M20
85million m3
Utilities Business – Operating Performance3Q20 Operating Performance
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.
Utilities Portfolio Growth – Sale & Management Volume
43 46 49 53 55
19 17 17 17 1732 33 34 35 35
394 96 100 105 110
-101030507090
110130150
2015 2016 2017 2018 2019Industrial Water Raw Water Wastewater SDWTP & Cua Lo Demineralized Water
Water Consumption 2017 2018 2019 2020E 2021E 2022E
SPP COD 3,500 – 4,000 m3/day
Potential Demand from New Key Projects and Key Customers
4SPPs 1SPP 1SPP (Jan 19)
Block 1 Block 2
CCE (Q4’19)Waste to Energy 1,000 m3 / day
IPP COD 40,000 m3 / day
Petrochemical +13,000 +3,000
On Schedule
Tyre +3,000
28
Million m3 9M19 9M20 YoY (%)
Raw Water 12.7 11.6 (8.7%)Industrial Water 41.6 35.3 (15.1%)Wastewater Treatment 26.8 23.0 (14.2%)Demineralized Water 0.0 1.3 n.a.Premium Clarified Water 0.0 0.4 n.a.
Total Thailand 81.1 71.7 (11.6%)
SDWTP & Cua Lo 0.3 13.3 4,333.3%
Total 81.4 85.0 4.4%
COD in 4Q2020Demineralized Water Plant (Phase 2)
Wastewater Treatment Plant
EECi
COD in 1Q2021
Industrial/Municipal Wastewater Reclamation Desalination Water
Utilities Business3Q20 Operating Performance
Expanding Value-added Utilities Solutions For Various Types of Customers
Reclamation Water
2019 9M20 2020F
Demineralized Water
W a t e r P r o d u c t i o n C a p a c i t y G r o w t h
3.70 m3 /yearCapacity
11.0 m3 /yearCapacity
4.80 m3 /yearCapacity
2.40 m3 /yearCapacity
2.40 m3 /yearCapacity
7.40 m3 /yearCapacity
Up to 400,000 m3/yr (full capacity)Central Wastewater Treatment Plant
30Y BOO contract with PTT
Demineralized & Reclamation
Water Plant Projects
29
Power Business3Q20 Operating Performance
559Installed
Equity MW
577Installed
Equity MW
Conventional Power Plant
Renewable Energy
Natural Gas2019 3Q20
Continuing Growth from Projects Under Construction and Committed Projects in Pipeline
547 Equity MW of Existing Conventional Power
Operating Projects – WHANGD 2 and WHANGD 4Under Development – EIA Approved for WHANGD 3
Solar Rooftops
Equity MW COD27
Industrial Waste to Energy
Equity MW COD3
30
Power Business - IPP Group
GWh
3M Y-o-Y
Energy Dispatch
98.0% 100.0%88.2% 100.0%
Gheco-One Glow IPP
% AF Availability
1,436
101 0
1,290
85 0
Gheco-One HHPC Glow IPP
3Q193Q20
3Q193Q20
GWh
9M Y-o-Y
Energy Dispatch % AF Availability9M199M20
9M199M20
3Q20 Operating Performance
31
83.6%100.0%93.9% 100.0%
Gheco-One Glow IPP
3,651
4020
4,099
316 0
Gheco-One HHPC Glow IPP
Power Business – SPP Group3Q20 Operating Performance
GWh SPP Group Energy Dispatch % AF SPP Group Average Availability
EGATIU % AF SPP Group Average AvailabilitySPP Group Energy Dispatch
95.7% 97.4%
6M'2019 6M'20203Q19 3Q20
GWh
EGATIU
9M Y-o-Y
3M Y-o-Y
97.8% 96.5%
9M'2019 9M'20209M19 9M20
3,750 3,750
1,216 1,126
9M'2019 9M'20209M19 9M20
4,966 4,877
1,312 1,313
419 407
9M'2019 9M'20203Q19 3Q20
1,732 1,720
32
30 January 2020
33 MW 47 MW 52 MW
MG Solar Carpark Project“Thailand’s Largest Solar Carpark Project”
JJR Chicken Farm Nakhon NayokCapacity 1.0 MW
Nikkei Siam AluminiumPathum ThaniCapacity 1.0 MW
Danieli Far EastESIE, RayongCapacity 1.6 MW
WisewoodsPetchaburiCapacity 5.0 MW
4Q20F2019
Y OguraESIE, RayongCapacity 0.5 MW
Asno HorieESIE, RayongCapacity 1.5 MW
Cumulative Target Signed PPA
3Q20 Operating PerformanceSolar Projects
3Q20
Specializing in Solar for Industrial Users
3633
Cumulative Target COD
9 MW 27 MW 42 MW
4Q20F2019 3Q20
WHA ESIE2Capacity 4.9 MW
Remark: Cumulative signed PPA and COD capacity include megawatts from both private PPA and JV entities
30 January 2020
Power Business3Q20 Operating Performance
Innovative Smart Energy Solutions
34
Platform POCto ensure platform’s functionality and reliability
Leverage a result from the Simulation to develop future algorithm
Data Security and Stability is the key to build trust
Data is collected for future planning, analysisand development
Network connection Robust network of FTTxand 5G in the future
WHA signed a Memorandum of Understanding with PEA
ERC Subcommittee’s Approval
Technical testing and system interface
ERC SandboxA 2-Year Project
Digital Business3Q20 Operating Performance
Digital Business
35
30 January 2020
1 Industrial Estate having 100% FTTx coverage
10 Industrial Estates covered FTTx by 2020
6 Industrial Estates having partial FTTxcoverage (100% coverage by 2021)
3 Industrial Estates to start FTTx service by 2020
• Leverage WHA Group’s customers base to capture captive demand
• Recurring income
• Becoming provider of FTTx infrastructure of WHA Group
1.3
Average Core Usage
Cores Per Factory
Tendency to increase
in the future!
FTTx: Enhancing Digital Connectivity
Data Center: Moving the Value Chain
DATA CENTERS
4102TIER IV
GOLD
Equity Racks Capacity
Equity Racks Capacity356TIER III
• Attract customers through cross selling with existing services
• Leverage from WHA Group’s customers base
• Moving up from IAAS to PAAS and SAAS
WHA Cloud: A Turnkey Platform
• Domestic cloud
• WHA cloud services own and managed by one who own datacenters to host the cloud itself
• Host in network-neutral data center with owned FTTx linkage from WHA Industrial estate
• Speed and Security and High Availability
Digital Business3Q20 Operating Performance
36
Strengthening Digital Platform
30 January 2020
Enabling
5G Telecom TowerConstruct the tower and
lease slots out to telecom operators
EmpowermentDeploymentCollaborates with 5G operators to create new business model and provide more solution for Customer in IEs
Add Elements & Smart Features to Enhance ManagementReal-time control and decision making
5G Availability in all Industrial Estates5G & FTTx Management Plan
Smart Mobility
Smart Manufacturing
Smart Warehouse
Fiber OpticProviding FTTx for
offload traffics from telecom towers
Autonomous Truck Remote Control Forklift
Field Maintenance Smart Assistance
360˚ Camera for Security Surveillance
Smart Energy
Smart Utilities Smart Light
Digital Business3Q20 Operating Performance
37
5G Next Move
Agenda
II. 3Q20 Operating Performance
IV. Appendix
I. WHA Group Overview
III. 3Q20 Financial Performance
38
1,6111,967
Total Revenue and Share of Profit (3 Months) 3Q2020 Financial Performance
Total Revenue and Share of Profit
• The Statutory Revenue and Share of Profit in 3Q2020 stood at THB 1,611 mm which decreased by 28% Y-o-Y and 18% Q-o-Q mainly due to lower contribution from Revenue from Land Business and Sale of Properties, Utilities Business and Power business despite increasing in revenue from Rental Business.
• Total Normalized Revenue and Share of Profit in 3Q2020 was THB 1,609 mm decreasing by 28% Y-o-Y and 15% Q-o-Q .
Unit: THB mm
Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement) Remar (2) Representing Total Revenue Inclusive Share of Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items.
Impact from FX Total Revenue Share of Profit
Statutory (3 Months) Normalized Basis (3 Months)
39
3Q2019 2Q2020 3Q2020 3Q2019 2Q2020 3Q2020
Total Revenue and Share of Profit
Normalized Basis(2)
1,967(1)
2,244
0
5,000
2,244(1)
(28%) Y-o-Y
1,611(1)
1,840
3959
2,235(2)
1,658
22782
1,8851,410
1992
1,609(2)
(18%) Q-o-Q
(2)
(28%) Y-o-Y
X XX
X(15%) Q-o-Q
5,500
1,144
2,101
2655160
4,254
639
Total Revenue and Share of Profit (9 Months) 3Q2020 Financial Performance
Total Revenue and Share of Profit
• For the 9M performance, the Statutory Revenue and Share of Profit stood at THB 4,856 mm which decreased by 47% Y-o-Y mainly due to lower contribution from Revenue from Land Business and Sale of Properties, Utilities Business and Power business despite increasing in revenue from Rental Business.
• Total Normalized Revenue and Share of Profit of 9M2020 decreased by 26% Y-o-Y.
Unit: THB mm
Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement) Remar (2) Representing Total Revenue Inclusive Share of Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items.
Rental Revenue from asset in WHABT before one time recognition in deferred revenue from monetization to WHARTImpact from FX
Total Revenue Share of Profit One-Off ItemRealized revenue from asset sold to WHABT
Statutory (9 Months) Normalized Basis (9 Months)
40
Total Revenue and Share of Profit
Normalized Basis(2)
9,121
4,856
9,121(1)
4,856(1)
(47%)
9M2019 9M2020
6,644(1)
4,893(1)
(26%)
9M2019 9M2020(37)
429542 457
106 7
Net Profit (3 Months) 3Q2020 Financial Performance
Net Profit Unit: THB mm
Statutory (3 Months) Normalized Basis (3 Months)
• In 3Q2020, the Reported Net Profit dropped by 25% Y-o-Y and 21% Q-o-Q, according to decrease in Revenue from Land Sale, Utilities Business and Power business
• However, the Normalized Net Profit of 3Q2020 decreased by 4% Y-o-Y and 15% Q-o-Q.
Net Profit Impact from FX(3) One-Off Item Net Profit MarginTFRS 9 &16 Impact Adjustment
Remark: (1) Representing Net Profit (Financial Statement) Remark:(2) Representing Net Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items.
(3) Impact from FX attributed to parent
457(2)
Normalized Basis(2)
3Q2019 2Q2020 3Q2020 3Q2019 2Q2020
518
76
(52)
518(2)
570
Impact from Callable bond
441
(8)(4)
441(2)
3Q2020
(15%)
41
25%28%
27%
X
(25%) Y-o-Y
(21%) Q-o-Q
20%27% 27%
(4%) Y-o-Y
(15%) Q-o-Q
XX
1,155
(44)(41)
1,553
129186 106 15
2,028
Net Profit (9 Months) 3Q2020 Financial Performance
Net Profit Unit: THB mm
Rental Profit from asset in WHABT before one time recognition in deferred revenue from monetization to WHART
Statutory (9 Months) Normalized Basis (9 Months)
42
Normalized Basis(2)
2,028(1)
1,070(1)
(47%)
9M2019 9M2020
1,553(1)
(26%)
9M2019 9M2020
1,070
Remark: (1) Representing Net Profit (Financial Statement) Remark:(2) Representing Net Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items.
(3) Impact from FX attributed to parent
Net Profit
Impact from FX(3)
Net Profit MarginTFRS 9 &16 Impact AdjustmentImpact from Callable bond
1,155
• The Reported Net Profit of 9M2020 dropped by 47% Y-o-Y according to decrease in from Revenue from Land Business and Sale of Properties, Utilities Business and Power business, while, The Normalized Net Profit of 3Q2020 decreased by 26% Y-o-Y.
One-Off Item
39
24% 24%22% 22%
Financial Highlights (3M Y-o-Y)3Q2020 Financial Performance
Note : % of growth represent Y-o-Y growth basis 43
Reported Revenue and Share of Profit : THB 1,611 mm 28% | Reported Net Profit : THB 429 mm 25%
Rental Properties Business Normalized Revenue
THB 302 mm 32% • Due to increase in occupancy rate of Built-to-Suit project and RBF/RBW from both Logistics and Industrial Estate Development business
Land Business and Sale of Properties Normalized Revenue and Share of Profit
THB 420 mm 52% • Mainly from Industrial land transfer shifting due to Covid-19 traveling restriction which was temporary effect. However, there was the revenue recognition of right of way compensation amounting of THB 308 mm during 3Q2020
Utilities Business Normalized Revenue and Share of Profit
THB 434 mm 22% • Lower Excessive Charge • Decrease in Domestic sale volume by 17% Y-o-Y• The recognition from Share of Loss of THB 59 mm from SDWTP resulting
from slower growth of sale volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam and accounting impact from PPA adjustment in 3Q2020
Power Business Normalized Share of Profit
THB 241 mm 37% • Lower share of profit from Gheco-one due to lower Availability Payment Rate, strong THB, lower coal price and higher tax rate
Finance Cost THB 263 mm 78% • Mainly due to accounting impact from callable bond in 3Q2019
Normalized Finance Cost Excluded accounting impact from callable bond
THB 263 mm 4% • Due to increasing in IBD as business expansion
: THB 1,609 mm 28% | : THB 441 mm 4%Normalized Revenue and Share of Profit Normalized Net Profit
3M Y-o-Y Y-o-Y
Financial Highlights (3M Q-o-Q)3Q2020 Financial Performance
Note : % of growth represent Q-o-Q growth basis 44
Reported Revenue and Share of Profit : THB 1,611 mm 18% | Reported Net Profit : THB 429 mm 21%
Rental Properties Business Normalized Revenue
THB 302 mm 0.5% • Due to slightly decrease in occupancy rate of RBF/RBW from Industrial Estate Development business
Land Business and Sale of Properties Normalized Revenue and Share of Profit
THB 420 mm 23% • Lower Land transfer during 3Q2020 comparing to 2Q202• However, there was the revenue recognition of right of way
compensation/services income amounting of THB 308 mm during 3Q2020
Utilities Business Normalized Revenue and Share of Profit
THB 434 mm 2% • The recognition from Share of Loss of THB 59 mm from SDWTP resulting from slower growth of sale volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam and accounting impact from PPA adjustment in 3Q2020.
• Domestic sale volume was flat Q-o-Q
Power Business Normalized Share of Profit
THB 241 mm 4% • Lower share of profit from Gheco-one due to lower Availability Payment Rate (seasonal effect) and focus outage
• Solid contribution from SPP business with scheduled maintenance from 1 SPPs during 3Q2020
Finance Cost THB 263 mm 14% • Mainly due to loan repayment during 3Q2020
Normalized Finance Cost Excluded accounting impact from callable bond
THB 263 mm 14% • Mainly due to loan repayment during 3Q2020
: THB 1,609 mm 15% | : THB 441 mm 15%Normalized Revenue and Share of Profit Normalized Net Profit
3MQ-o-Q Q-o-Q
Financial Highlights (9M Y-o-Y)3Q2020 Financial Performance
Note : % of growth represent Y-o-Y growth basis 45
Reported Revenue and Share of Profit : THB 4,856mm 47% | Reported Net Profit : THB 1,070 mm 47%
Rental Properties Business Normalized Revenue
THB 891 mm 32% • Due to increase in occupancy rate of Built-to-Suit project and RBF/RBW from both Logistics and Industrial Estate Development business
Land Business and Sale of Properties Normalized Revenue and Share of Profit(excluded Realized revenue from asset sold to WHABT in 1Q2019)
THB 1,194 mm 52% • Mainly from Industrial land transfer shifting due to Covid-19 traveling restriction which was temporary effect.
Utilities Business Normalized Revenue and Share of Profit
THB 1,384 mm 18% • Lower Excessive Charge• Decrease in Domestic sale volume by 9% Y-o-Y as a result of drought
situation• The recognition from Share of Loss of THB 125 mm from SDWTP resulting
from lower sales volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam and accounting impact from PPA adjustment in 3Q2020
Power Business Normalized Share of Profit
THB 737 mm 33% • Lower share of profit from Gheco-one due to lower Availability Payment Rate, strong THB, lower coal price and higher tax rate
• 4 major scheduled maintenance from 4 SPPs during 9M2020 vs 1 major scheduled maintenance during 9M2019
Finance Cost THB 823 mm 17% • Due to accounting impact from callable bond in 3Q2019
Normalized Finance Cost Excluded accounting impact from callable bond
THB 823 mm 2% • Due to increasing in IBD as business expansion
: THB 4,893 mm 26% | : THB 1,155 mm 26%Normalized Revenue and Share of Profit Normalized Net Profit
9MY-o-Y Y-o-Y
420
420
87%
3Q2020
527
2529
52%
2Q2020
841
39 880
44%
3Q2019
186
117
303
69%
2 Q2 0 2 0
188
114
302
69%
3 Q2 0 2 0
Industrial Revenue
Real GPM before PPA of 3Q2020 : 47%
Performance by Business (3 Months)3Q2020 Financial Performance
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) LAND BUSINESS AND SALE OF PROPERTIES (NORMALIZED)
The GPM from Revenue from Land Business and Sale of Properties (excluded Other Land Business and Sale of Properties Incomes(1)) in 3Q2020 increase to 49%, according to lower cost of plot of transferred lands.
The GPM in 3Q2020 increased to 69% due mainly from increase in occupancy rate of Built-to-Suit and RBF/RBW.
Unit: THB mmUnit: THB mm
Logistics Revenue Normalized Margin
46
3M
Real GPM before PPA of 3Q2020 : 69%
Industrial RevenueLogistics Revenue
Normalized Margin included Other Land Business and Sale of Properties Incomes
Normalized Margin
(1)
43%
Remark :(1) Other Land Business and Sale of Properties Incomes included Realized revenue from asset sold to WHABT and Right of Way Compensation / Services Income
155
74
229
3 Q2 0 1 9
64%
3M
44%
41%
49%
51%
86%
452 557
220 334
673
891
59%69%
9 M 2 0 1 9 9 M 2 0 2 0
2,473 1,192
2,101
39
2
4,612
1,194
32%
64%
9 M 2 0 1 9 9 M 2 0 2 0
Industrial Revenue
Real GPM before PPA of 9M2020 : 46%
Performance by Business (9 Months)3Q2020 Financial Performance
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) LAND BUSINESS AND SALE OF PROPERTIES (NORMALIZED)
The GPM from Revenue from Land Business and Sale of Properties (excluded Other Land Business and Sale of Properties Incomes(1)) in 3Q2020 decrease to 46%, according to higher cost of plot of transferred lands.
The GPM increased to 66% in 9M2020 due mainly to increase in occupancy rate of Built-to-Suit and RBF/RBW.
Realized revenue from asset sold to WHABT
Normalized Margin
Share of Profit from JV's Asset Monetization Logistics Revenue
Industrial Revenue
Unit: THB mmUnit: THB mm
46%
Logistics Revenue Normalized Margin
47
9M 9M
(1)
Real GPM before PPA of 9M2020 : 69%
Remark :(1) Other Land Business and Sale of Properties Incomes included Realized revenue from asset sold to WHABT and Right of Way Compensation / Services Income
53%
Normalized Margin included Other Land Business and Sale of Properties Incomes(1)
241
(91)
150
52
305
357
2 Q2 0 2 0
493
434
(59)3Q2020
552
1 553
3Q2019
Nomalized Share of Profit Impact From FX Write-Off Tax PaymentUtilities Revenue Share of Profit
Performance by Business (3 Months)3Q2020 Financial Performance
UTILITIES BUSINESS (NORMALIZED) POWER BUSINESSUnit: THB mm
The GPM of Utilities sale in 3Q2020 stood at 37% which decreased from 39% in 3Q2019 due to lower excessive charge and additional cost raw water from East Water
Unit: THB mmReal GPM before PPA of 3Q2020 : 41%
(558)
Normalized Share of Profit
Normalized other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, revenue from digital business and others, excluding FX impact in other incomes.
Unit: THB mm
Normalized Margin
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
Excessive Charge
Industrial RevenueLogistics Revenue
48
3Q2019 2Q2020One-ff Item
Industrial Revenue
The normalized performance in 3Q2020 decreased 37% Y-o-Y and 4% Q-o-Q, due to lower contribution from Gheco-One (lower contractual APR, strong THB, lower coal price and higher tax rate) and scheduled major maintenance for 1 SPPs during 3Q2020
3M
3Q2020(1)
Remark :(1) Normalized margin excluded Share of Profit
82
110
192
3 Q2 0 1 9
381
9 390
481
0.4 444
(37)2Q2020
39% 34% 37%
88
123
211
3 Q2 0 2 0
251
258
510
3M
3M
REVENUE FROM MANAGEMENT, INVESTMENTS AND OTHERS (NORMALIZED)
1,609 1,493
82 15 1,690 1,384
(125)
43%
36%
9M2019 9M2020
1,100 737
60265
(193)
1,425
544
Nomalized Share of Profit Impact From FX Write-Off Tax PaymentUtilities Revenue Share of Profit
Performance by Business (9 Months)3Q2020 Financial Performance
UTILITIES BUSINESS (NORMALIZED) POWER BUSINESSUnit: THB mm
The GPM of Utilities sale in 9M2020 decreased to 36% mainly from lower of excessive charge as well as decrease in natural water volume, which is the source of raw water, resulting in the higher cost for the clarified water process
Unit: THB mmReal GPM before PPA of 9M2020: 39%
(558)
Normalized Share of Profit
Normalized other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, revenue from digital business and others, excluding FX impact in other incomes.
Unit: THB mm
Normalized Margin
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
Excessive Charge
Industrial RevenueLogistics Revenue
49
9M2019 9M2020One-Off Item
Industrial Revenue
The normalized performance in 9M2020 decreased 34% Y-o-Y, due to lower contribution fom Gheco-One (lower contractual APR, strong THB, lower coal price and higher tax rate) and scheduled major maintenance for 4 SPPs during 9M2020
9M 9M
9M
(1)
Remark :(1) Normalized margin excluded Share of Profit
REVENUE FROM MANAGEMENT, INVESTMENTS AND OTHERS (NORMALIZED)
233 185
401 503
634 688
9 M 2 0 1 9 9 M 2 0 2 0
Rental property613 19%
Sale of Industrial Estates762 23%
Sale of IP's0.1
Utilities545 17%
Power54417%
Div & Mgt 34710%
Other44914%
Rental property
891 18%
Sale of Industrial
Estates1,192 25%
Sale of IP's2
Utilities1,384 29%
Power54411%
Div & Mgt 3477%
Other49610%
Rental property539 8%
Sale of Industrial Estates
1,852 27%
Sale of IP's964 14%
Utilities941 13%
Power1,779 25%Div & Mgt
541 8%
Other369 5%
Revenue and Gross Profit BreakdownGROSS PROFIT BREAKDOWNREVENUE AND SHARE OF PROFIT BREAKDOWN
Unit: THB mm Unit: THB mm
9M2020TOTAL
THB 4,856 mm
Remark: Share of profit from JV’s and Associates includedRemark: 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 = 75:25 Recurring vs Non-Recurring = 77:23
3Q2020 Financial Performance
Y2019TOTAL
THB 13,386 mm
Y2019TOTAL
THB 6,985 mm
Recurring vs Non-Recurring
44:56
Recurring vs Non-Recurring
59:41
Note: Statutory Basis
9M2020TOTAL
THB 3,260 mm
50
Rental property
951 7%
Sale of Industrial
Estates3,580 27%
Sale of IP's3,891 29%
Utilities2,245 17%
Power1,779 13%
Div & Mgt 541 4%
Other399 3%
Bond Issuance &Redemption
REIT Asset Monetization
Key Financial ActivitiesFinancing Performance
Feb 2020 : Bond Issuance of THB 3,000 mm at 2.77% average cost of fund and 6 years and 5 months average tenor
Mar 2020 : Early Bond Redemption of THB 2,500 mm at 4.9% cost of fund which could lower cost of fund to 2.1%
Apr 2020 : Early Bond Repayment of THB 407 mm at 3.3% cost of fund which could lower cost of fund to 2.3%
Apr 2020 : Bond Repayment of THB 5,100 mm
Jul 2020 : Successful bond issuance of THB 4,000 at 3.58% average cost of fund and 3 years and 7 months average tenor
Sep 2020 : Bond Issuance of THB 100 mm at 2.80% cost of fund with 3 years tenor
Approx. 130,000 sq.m. of BTS warehouse/factory to WHART
Approx. 50,000 sq.m. of RBF and RBW to HREIT
Upcoming Asset Monetization
51
Financial PositionFinancial Performance
RETURN ON INVESTMENT
52
11.08% 11.39%
7.79%7.76% 7.13%
5.16%5.10% 4.93%
3.24%
2018 2019 9M2020
ROE ROIC ROA
CAPITAL STRUCTURE
Total asset increased by THB 891 mm from 2019 due mainly to increase in investment property from new project development, increase in PPE from additional investment in solar rooftop and reclaimed water, decrease in investment in JV from adoption of new accounting standard (TFRS 9), as well as decrease in market price of investment trust unit.
Total liability increased by THB 2,405 mm due mainly to increase in short-term and long-term loans from financial institutions to increase liquidity and to invest in new projects.
The total shareholders’ equity decreased by THB 1,514 mm in 2019 due mainly to decrease in market price of investment trust unit and investment in associates as well as the adoption of new accounting standard (TFRS 9).
78,345 82,264 83,155
31,014 33,101 31,587
47,331 49,163 51,568
1.53 1.49 1.63
1.04 1.19
1.35
(2.00)
(1.50)
(1.00)
(0.50)
-
0.50
1.00
1.50
2.00
0%
2018 2019 9M2020Asset Equity Liability D/E IBD/E
Debt ProfileFinancial Performance
53
As of September 2020Unit: THB mm
Weighted Average Interest Rate
3.05%
WHA+WHAID WHAUP
Weighted Average Interest Rate
3.14%
Weighted Average Interest Rate
2.83%
As of December 2019Unit: THB mm
Weighted Average Interest Rate
3.41%
WHAUP
Weighted Average Interest Rate
3.00%
IBD/E Ratio : 1.19 time IBD/E Ratio : 1.35 time
Weighted Average Interest Rate
3.59%
WHA+WHAID
Credit Rating*
A-
Bond9,000 mm
76%
Term Loan2,565 mm
22%
Short Term Note200 mm
2%
Bond24,280 mm
90%
Term Loan500 mm
2%
Short Term Note2,150 mm
8%
Bond33,280 mm
86%
Term Loan3,065 mm
8%
Short Term Note2,350 mm
6%
Bond8,000 mm
62%
Term Loan4,875 mm
38%
Remark: *TRIS Rating affirms the rating at “A-” on 5th October 2020.
Bond28,680 mm
67%
Term Loan10,375 mm
24%
Short Term Note3,650 mm
9%
Bond20,680 mm
69%
Term Loan5,500 mm
19%
Short Term Note3,650 mm
12%
Bond and Term Loan Maturity Profile
Bond and Term Loan Maturity as of 1st November 2020Unit: THB mm
Remark :THB 1,000 mm bond and THB 1,500 mm bond which would be matured in 2022 and 2025 respectively, had been early redeemed in March 2020.
Financial Performance
54
6,000 mm4,754 mm
3,578 mm 2,730 mm 2,880 mm
400 mm
1,120 mm 3,980 mm
1,000 mm
2,390 mm
1,500 mm
1,290 mm
1,320 mm
1,500 mm
250 mm
2,250 mm
2,250 mm
125 mm
9,760 mm
12,484 mm
8,118 mm
2,855 mm
4,200 mm
400 mm1,500 mm
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
WHA: Bond WHA: Term Loan WHAUP: Bond WHAUP: Term Loan
Agenda
II. 3Q20 Operating Performance
IV. Appendix
I. WHA Group Overview
III. 3Q20 Financial Performance
55
30 January 2020
Environment DimensionWHA Sustainability Development HighlightAppendix
56
Climate Change and Energy Management
Thailand’s Largest Solar CarparkCover a total roof area of 31,000 sq.m. providing for approximately 2,000 vehicles and generate a total electricity of 4.88 MW for the plant’s consumption
Promoting Clean Energy to Our Customers
4
Reduction 5,832 etric Tons CO2
Energy Efficiency at WHA Data Center Utilize the hot-aisle containment over cold-aisle containment method for its cooling system 15% reduction in annualized power usage effectiveness (PUE)
Offers an all-in solar rooftop service package for customers in Thailand including permitting, design and engineering, construction and installation, as well as operation and maintenance throughout the contract period
power and has signed solar power purchase agreement of 100 MW corresponding to 48,264 tons CO2e GHG Emission Reduction by 2022
Commit to a long-term target to provide solar
30 January 2020
Environment DimensionWHA Sustainability Development HighlightAppendix
57
Waste Management
Chonburi Clean Energy (CCE)
Advanced waste-to-energy power plant located at WHA Chonburi Industrial Estate 1
Maximum output of 8.63 MW of electricity per year
Converting waste to energy source at 100,000 tons/year
The most advanced technologies in terms of reliability, sustainability, stability and environmental protection
The first industrial waste to energy facility in Southeast Asia to meet European emission standards
Using safe and environmentally sustainable waste incineration technology and high standard air emission control systems
Plastic Waste ReductionReduce 20,487 bottles
of plastic waste by stop serving plastic bottled
drinking water to its guests and visitors
Sort N’ Save ProjectThe Internal Project increase environmental awareness amongst WHA Group’s employees and to explore innovative business platforms under the circular economy concept
30 January 2020
Social DimensionWHA Sustainability Development HighlightAppendix
58
Caring for the Environment Constructed Wetland Water Treatment Facility
Demonstrate the application of Simple Wastewater Treatment to Communities in a sustainable method
Treat waste water with the capacity of 146,000 cubic meters per year
WHA Constructed Wetland Systems, considered a natural technology that is eco-friendly, cost effective and easy to maintain delivered to Pluak Daeng Sub-District Office in Rayong Province.
Benefit to 4,000 individuals, 220 apartments, 125 houses, and 30 local markets in the Pluak DaengcommunityMitigate risk from complaints related to water pollution to the Company
Reduce the organic compound by 80%
CSR Excellence Recognition Award
2019 “Platinum Status” (10 consecutive years)
30 January 2020
WHA Sustainability Development HighlightAppendix
59
Customer Relationship ManagementCommitment to be “Your Ultimate Solution Partners”
Governance and Economic Dimension
20198.7 /10 Customer Satisfaction Scoreincreased from 7.5 in 2018
Code of Business Conduct100% of employees have been communicated on the Code of Conduct
Data Security0 Number of identified leaks, thefts, or losses of customer data
Smart Business Solutions
Innovation management
Group Structure – Operating CompaniesAppendix
WHA KPN Alliance Central WHA Alliance
WHART
NAV per unit –THB 10.82/1
Paid-Up Capital–THB 22,138.8 mm
Total Asset–THB 38,998.1 mm
WHABT
NAV per unit –THB 10.66/1
Paid-Up Capital–THB 1,930.9 mm
Total Asset–THB 2,707.7 mm
15.00% 15.00%
WHA Daiwa Logistics
Property
WHA Infonite
Registered – THB 400 mm
Paid-up – THB 400 mm
WHA Industrial Development PCL.
Registered – THB 6,000 mm
Paid-up Cap – THB 3,882 mm
98.54%
97.67%
Core Business
WHA Corporation PCL
Registered – THB 1,567.8 mm
Paid-up Cap – THB 1,494.7 mm
WHAUP/2
Registered – THB 3,825 mm
Paid-up Cap – THB 3,825 mm
70.00%/2
Property Funds and REITs
HPF
NAV per unit –THB 9.21/1
Paid-Up Capital–THB 4,572.2 mm
Total Asset–THB 4,466.8 mm
22.95%/2
HREIT
NAV per unit – THB 9.07/1
Paid-Up Capital–THB 6,223.4 mm
Total Asset–THB 9,915.9 mm
15.00%/2
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 Mar 31, 2020
/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%/2
SUPERNAP Thailand
60.00%/2
WHA Industrial Estate
Rayong
60.00%/2
60
Shareholding Information / Board of DirectorsShareholding Information/1
Top 10 Shareholder/1
Shareholder No. of Share %
1) Ms. Jareeporn Jarukornsakul/2 3,234,438,569 21.6%
2) STATE STREET BANK EUROPE LIMITED 1,376,202,878 9.2%
3) Ms. Chatchamon Anantaprayoon/21,238,976,105 8.3%
3) Ms. Supitchaya Phupisut/2 627,472,254 4.2%
3) Mr. Chaiwat Phupisut/2 626,872,254 4.2%
6) UBS AG SINGAPORE BRANCH/2580,851,722 3,9%
7) Thai NVDR Co., Ltd. 525,916,762 3.5%
8) WHA Holding Co., Ltd./2 493,500,000 3.3%
9) Mr. Niti Osathanugrah 375,238,190 2.5%
10) BBLAM – B-LTF 210,825,200 1.4%
Board of Directors and Management
Appendix
Remarks: /1 Shareholder information as of May 11, 2020/2 Major shareholder holds 45.5% of the total outstanding shares while parts of major shareholders shares are hold via UBS AG, Singapore Branch.
Board of Directors and Management
Mr. Jakrit ChaisanitDirectorChief Operating Officer-Logistics business
Dr. Kritsana SukboonyasatitIndependent DirectorMember of the Audit Committee
Dr. Somsak PratomsrimekIndependent DirectorMember of the Audit Committee
Ms. Jareeporn JarukornsakulChairman of Board of DirectorsGroup Chief Executive Officer
Mr. David Richard NardoneVice Chairman of Board of DirectorsChief Executive Officer- Industrial Business
Mr. Vivat JiratikarnsakulDirectorChief Operating Officer-Industrial business
Mr. Narong KritchanchaiDirectorChief Legal Officer
Mr. Somsak BoonchoyreungchaiDirector
Chief Accounting Officer
Mrs. Anchalee ChavanichIndependent DirectorChairman of the Audit Committee
Independent Directors
Dr. Apichai BoontherawaraIndependent DirectorMember of the Audit Committee
Mr. Krailuck AsawachatrojDirectorChief Strategic Officer and Chief Financial Officer
61
Lt. Gen. Prachaya Chalermwat Ph.D.Independent Director
AppendixSelected Logistics Customers
CONSUMER GOODS
DANGEROUS GOODS
FOOD CHAINAND PET FOOD
HEALTHCARE
AUTOMOTIVE
THIRD PARTY LOGISTICS (3PL)
AIRCRAFT MANUFACTURING
E-COMMERCE
62
Selected Industrial CustomersAppendix
63