analyst meeting q2-2011....
TRANSCRIPT
ANALYST MEETING 2Q11ANALYST MEETING 2Q11August 11, 2011
AgendaAgendaAgenda Agenda
• Highlights• Highlights
• Operation Performancep
• Project Highlights
• Financial Performance
2
Highlights Highlights
3
Highlights
2Q11 Power Consumption
• Peak generation was 23,900 MW in May, decreased 0.46% yoyg , y, y y
• Total energy generation has decreased 1.29% yoy (as of July 2011)
EventsEventsShares Purchase of TSI in Australia. : On 2 May 2011, entered into a Scheme Implementation Agreement with TSE to
acquire the 56.16% of TSI Fund that TSE does not own for a price of AUS 0.85 per security under Schemes of Arrangement .
The execution of the Acquisition Scheme completed on 5 July 2011. The execution of the Acquisition Scheme completed on 5 July 2011. TSIF's security delisted from the Australian Securities Exchange and
changed its name to be RATCH-Australia Corporation Limited (RAC).
Investment in Huay Bong 3 Wind-T bi P P j t (20% hi )
: On 26 July 2011, entered into the agreements with Aeolus Power Co., Ltd and Ch b El t i P K t BV t i t d d l i d t biTurbine Power Project. (20% ownership) Chubu Electric Power Korat, BV to invest and develop wind-turbine power project. (Total Installed Capacity 103.5 MW)
Investment in Solar Power Generation Projects. (40% ownership)
: On 4 August 2011, entered into the agreements with Solar Power Company to invest and develop three solar power projects. (Total Installed Capacity 18 MW; 6 MW each)6 MW each) Solar Power (Korat 3) Co.,Ltd Solar Power (Korat 4) Co.,LtdSolar Power (Korat 7) Co.,Ltd
4
Highlights
Project Progress
: Signed Project’s Shareholder Agreement ith PTT and Na a NakornNava Nakhon Electricity Generating (SPP): Signed Project’s Shareholder Agreement with PTT and Nava Nakorn
(NNCL) on 30 May 2011
Sao Thian-A Project : Signed the Gas Sales Agreement with PTTEP and PTTEP Siam Limited (a subsidiary company of PTTEP) on June 29, 2011
Xe Pian-Xe Namnoy Hydroelectric Power Plant : Signed Shareholder Agreement on June 15, 2011
Financial HighlightsFinancial Highlights
Equity holders of the Company
2Q11 Net Profit = 1,891.72 Million Baht increased 23.83% YoYQ ,
1H11 Net Profit = 3,087.88 Million Baht increased 3.34% YoY
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Operation PerformanceOperation Performance
6
RATCHGEN Operation Performance: Dispatch Factor & Equivalent Availability Factor
2Q10 & 2Q11
100
Dispatch Factor (%)120
Equivalent Availability Factor (%)
84 83 8681 83
60
80100 100 97 100
93100 100 99 99
80
100
3645
27
41
30
20
40 41
20
40
60
0TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3
2Q10 2Q11
0TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3
2Q10 2Q11
7
RATCHGEN Operation Performance: Dispatch Factor & Equivalent Availability Factor
1H10 & 1H11
Dispatch Factor (%) Equivalent Availability Factor (%)
78 79 82
5867
5260
80
100
94 100 98 9991
100 100 99 99
6980
100
120
40
2619
30
52
20
40
20
40
60
0TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3
1H10 1H11
0TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3
1H10 1H11
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P j t Hi hli htP j t Hi hli htProject HighlightsProject Highlights
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Group Projects
5,154 MW 6,620 MW
4 0006,0008,000
Total ProjectsTotal Projects by the end of 2011
OperationCompany Effective RATCH’s
MW
02,0004,000
End of 2011 In Pipeline End of 2018
In Thailand 199 MW
In Laos 999 MW
1,466 MWIn Australia 268 MW
Company Effective Shareholding
RATCH s Capacity Stake
RATCHGEN 100.00% 3,645 MW
TECO 50 00% 350 MWTECO 50.00% 350 MW
RPCL 25.00% 350 MW
Pratu Tao-A 100.00% 1.75 MW 8,000
Nam Bak
40 MW
Xe Pian
2011 (New)
MW
Pratu Tao-A (Expansion) 100.00% 0.90 MW
NN2 25.00% 153.75 MW 6,000
7,000
,
751.2 MW 110 MW 97.5 MW
632.36 MW
268.44 MW
153.75MW
RATCH-Australia Corporation
56.16% 632.36 MW
Under construction4,000
5,000
44 MW
RW CogenUnit 2
44 MW
Nava Nakoen
Solara
16.78 MW Solar Power
RW CogenUnit 1
Solarta 49.00% 16.78 MW
Sao Thian-A 99.99% 3.6 MW
Total 5,154.14 MW 1,000
2,000
3,000 30.6 MW52 MW
Huay Bong 3
20.7 MW
Sao Thian-A
3.6 MW
(Korat Group)
7.2 MW
10
,
2011
2012
2013
2014
2015
2016
2017
2018
Year
Financial Performance Financial Performance
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Statements of Comprehensive Income: 2Q11 & 2Q10
Unit : in Million Baht 2Q11 2Q10 Diff %
Revenues 11 823 93 12 521 48 (697 55) (5 57)Revenues 11,823.93 12,521.48 (697.55) (5.57)
Cost & Expenses 9,142.84 10,384.50 (1,241.66) (11.96)
EBIT 2 681 09 2 136 98 544 11 25 46EBIT 2,681.09 2,136.98 544.11 25.46
Finance costs 141.55 174.15 (32.60) (18.72)
Income tax expense 648.97 435.15 213.82 49.14Income tax expense
Profit for the period 1,890.57 1,527.68 362.89 23.75
EPS (Baht) 1.30 1.05 0.25 23.81( )
Profit (loss) attributable to :
Equity holders of the Company 1,891.72 1,527.68 364.04 23.83q y p y
Non-controlling interests (1.15) - (1.15) n.a.
Profit for the period 1,890.57 1,527.68 362.89 23.75
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Statements of Comprehensive Income: 1H11 & 1H10
Unit : in Million Baht 1H11 1H10 Diff %
20 295 23 22 854 41 (2 559 18) (11 20)Revenues 20,295.23 22,854.41 (2,559.18) (11.20)
Cost & Expenses 15,616.03 18,892.41 (3,276.38) (17.34)
EBIT 4 679 20 3 962 00 717 20 18 10EBIT 4,679.20 3,962.00 717.20 18.10
Finance costs 472.77 353.15 119.62 33.87
Income tax expense 1 120 99 620 81 500 18 80 57Income tax expense 1,120.99 620.81 500.18 80.57
Profit for the period 3,085.44 2,988.04 97.40 3.26
EPS (Baht) 2 13 2 06 0 07 3 40EPS (Baht) 2.13 2.06 0.07 3.40
Profit (loss) attributable to :
Equity holders of the Company 3,087.88 2,988.04 99.84 3.34Equity holders of the Company 3,087.88 2,988.04 99.84 3.34
Non-controlling interests (2.44) - (2.44) n.a.
Profit for the period 3,085.44 2,988.04 97.40 3.26
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Statements of Financial Position
Unit : in Million Baht June 11 June 10 Diff %AssetAssetCurrent Asset 24,239.58 19,273.62 4,965.96 25.77Property, plant & equipments 34,256.82 35,470.09 (1,213.27) (3.42)Invest in Joint Ventures 12 054 46 10 997 71 1 056 75 9 61Invest in Joint Ventures 12,054.46 10,997.71 1,056.75 9.61
Others Assets 4,438.82 3,840.40 598.42 15.58Total Assets 74,989.68 69,581.82 5,407.86 7.77
LiabilitiesLiabilities Current Liabilities 5,041.33 6,047.25 (1,005.92) (16.63)
Long-term Liabilities 21,389.54 16,855.00 4,534.54 26.90
Non Current Liabilities 71 37 3 26 68 11 n aNon-Current Liabilities 71.37 3.26 68.11 n.a.
Total Liabilities 26,502.24 22,905.51 3,596.73 15.70
Shareholders’ EquityEquity holders of the Company 48 425 38 46 630 08 1 795 30 3 85Equity holders of the Company 48,425.38 46,630.08 1,795.30 3.85
Minority interests 62.06 46.23 15.58 34.24
Shareholders’ Equity 48,487.44 46,676.31 1,811.13 3.88
T t l Li biliti & Sh h ld ’ E it 74 989 68 69 581 82 5 407 86 7 77
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Total Liabilities & Shareholders’ Equity 74,989.68 69,581.82 5,407.86 7.77
Financial Ratios
2Q11 2010
Current Ratio (times) 1.62 2.00
ROE (%) 12.96* 11.46
ROA (%) 8.52* 7.52
EBITDA (Million Baht) 3,341 9,921
Debt/Equity (times) 0.55 0.49
Net Debt/Equity (times) 0.12 0.06
DSCR (times) 2.75 2.48
Book Value (Baht per share) 33.44 32.10
EPS (Baht per share) 1.30 3.60
* Annualized
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Outstanding Loan
As at June 2011
1H11 RATCH Portion Million Baht Million USD
RATCHGEN 100% 15,185.98 -C G 00% 5, 85 98
TECO 50% - 13.44
RPCL 25% 1,259.44 93.17
SEAN 25% 3,750.75 45.00
Maturity Year
SEAN 25% 3,750.75 45.00
RATCHGEN 2015
TECO 2013
RPCL 2020
16
SEAN 2022
Thank youThank you
Disclaimer The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains
projections and forward-looking statements that reflect the Company's current views with respect to future events and financial performance.
These views are based on assumptions subject to various risks. No assurance is given that future events will occur, that projections will be
17
p j g , p j
achieved, or that the Company’s assumptions are correct. Actual results may differ materially from those projected. Investors are, however,
required to use their own discretion regarding, the use of information contained in this presentation for any purpose.
A diA diAppendixAppendix
18
Company Structure
h b i l i i i ldiRatchaburi Electricity Generating Holding PCL.
100 % 49.99 %33.33 %100 %100 % 100% 10% 100%40%37.5%3 645 MW
100 %16.78 MW
25%110 MW
49% 25%97.5 MW
50 %
Ratchaburi Energy Co., Ltd
SouthEast Asia Energy
Limited
Ratchaburi ElectricityGenerating Co., Ltd
RATCH-LAO Services Co., Ltd EGAT
Diamond Service
RH International Corporation Limited
Thermal & Combined Cycle
3,645 MW
100 %
Solar Power34.25 MW.
16.78 MW
Nam Ngum 3 Power Co., LtdHydro
440 MW
110 MW
40%88 MW
97.5 MW
20%75 % Company Limited 100%Thermal & Combined Cycle
3,645 MW. 350 MW
153.75 MW
751.2 MW
100 %
Tri Energy Co., Ltd
Ratchaburi Alliances C Ltd
Combined Cycle700 MW Nam Ngum 2 Power Hongsa Power
RH International (Mauritius)
Corporation Limited
440 MW.
Nava NakornNava Nakorn
Cogen 220 MW.
88 MW
Cogen 130 MW.
40%52 MW Xe Pian – Xe NamnoyXe Pian – Xe Namnoy
Hydro 390 MW.
Huay Bong 3Huay Bong 3
20%20.7 MW
Wind103.50 MW.
Wind60 MW.
25 %
Co., Ltd700 MW.
350 MW
Nam Ngum 2 Power Co., Ltd
Hydro615 MW.
100%
Hongsa Power Co.,LtdLignite-Fired1,878 MW.
Corporation Limited
Phu Fai Mining Co.,Ltd
Phu Fai Mining Co.,Ltd
g
100%51 %30.6 MW
99.99%2.65 MW Korat 3Korat 3
40%2.4 MW
Ratchaburi Power Co., LtdCombined Cycle
1,400 MW.
RH International (Singapore)
Corporation Limited
56.16%
Pratu Tao-APratu Tao-A2.65 MW
632 MWSao Thian-ASao Thian-A3.6 MW99.99%
Korat 3Korat 3
Korat 4Korat 4
40%2.4 MW
40%2.4 MW
Solar Power6 MW.
Solar Power6 MW.
19As of Aug 2011
1,126 MW.Korat 7Korat 7
Solar Power6 MW.
Total Installed Capacity
Total Installed Capacity: 31,629 MW.
SPPs2,182
Foreign Purchase
Other 8 IPPs7,901
Foreign Purchase2,049
TECO
EGAT14 998
RG3,645
350RPCL350
NN2
RATCH4,499
14,998 NN2154
Other 8 IPPs consisted of1. Electricity Generating PCL.2. Independent Power (Thailand) Co., Ltd3. Tri Energy Co., Ltd4. Glow IPP Co., Ltd5. Eastern Power and Electric Co., Ltd
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6. BLCP Power Limited7. Gulf Power Generation Co., Ltd.8. Ratchaburi Power Co., Ltd
Source: EGAT, June 2011
Project under Construction
Sao Thian-A ProjectProjects Summary Project ProgressProjects Summary
Location : Sao Thian-A oil fieldSukhothai Province
Technology : Gas Engine
Project Progress• Signed the Gas Sales Agreement on June 29, 2011 with
PTTEP and PTTEP Siam Limited (a subsidiary company of PTTEP)
Shareholders’ Structuregy g
Total installed Capacity : 3.6 MW
Contributed capacity to RATCH: 3.6 MW (100%)RATCH
PPA : 5 Years (Automatic Renewal)
COD : 4Q2011
Project Cost : THB 187 Million
100%
RATCH
Project Cost : THB 187 Million
Debt to Equity : 50:50
Investment Amount (for RATCH) : THB 93.5 Million
Ratchaburi Energy
100%
Sao Thian-A
21
Projects under Development
Huay Bong 3 Wind-Turbine Power ProjectProject Progress
• On 26 July 2011, entered into the agreements with Aeolus Power Co., Ltd and Chubu Electric Power Korat, BV to invest and develop wind-turbine power project.
Project SummaryLocation : Nakorn Ratchasima
Province
T h l Wi d T bip p p j
Shareholders’ Structure
Technology : Wind-Turbine
Total Capacity : 103.5 MW
Contributed capacity to RATCH: 20.7 MW (20%)
PPA : Non-Firm PPA
COD : In 2013
RATCH
20%Project Cost : THB 6,500 Million
Debt to Equity : 70 : 30 times
Investment Amount (for RATCH) : THB 400 Million
20%
Aeolus Power Co., Ltd.
Chubu Electric Power
60%
10%Huay Bong 3
Investment Amount (for RATCH) : THB 400 Million Korat, BV
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Projects under Development
Solar Power Project
Project ProgressProject SummaryL ti
Solar Power (Korat 3) Solar Power (Korat 7)Solar Power (Korat 4)
• On 4 August 2011, entered into the agreements with Solar Power Company to invest and develop three solar power projects.
Shareholders’ Structure
Location : Nakorn RatchasimaProvince
Technology : Solar Power Generation
T l C iTotal Capacity : 18 MW (6 MW each)
Contributed capacity to RATCH: 7.2 MW (40%)
PPA : Non-Firm PPARATCH
COD : In 2013
Project Cost : THB 1,950 Million (THB 650 Million each)
40%
Solar Power Solar Power 60%(THB 650 Million each)
Debt to Equity : 70 : 30 times
Investment Amount (for RATCH) : THB 235 Million
Company LimitedSolar Power
Project
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Planned Outage at Ratchaburi Power Plant in 2011Planned OutageActual Outage
As at June 2011
Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec
RG CCST-10
CCGT-11
CCGT-12
CI23 6
CI23 6
12 6MI
RG CCST-20
CCGT-21
CCGT-22
RG CCST-30
13 7MI
CI24 7
CI24 7MI
20 8MI20 4
CCGT-31
CCGT-32
Thermal-1
Thermal-2
11MI
20
6 15MI
MI20 2120 23
10 2310 21
TECO CCST-10
CCGT-11
CCGT-12
RPCL CCST-10 MI8 31
23 1CI
3 7MI
CCGT-11
CCGT-12
RPCL CCST-20
CCGT-21
MI8 31
MI8 31
CI1 12
CI3
3
CCGT-22
Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days
Gas Turbine
Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul
Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)
CI1 123
26 Days 32 Days 15 Days 30 Days 52 Days
Steam Turbine
Warranty Inspection (WI) Minor Inspection Major Overhaul
Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)
26 Days 30 Days 26 Days 49 Days 24
Planned Outage at Ratchaburi Power Plant in 2010Actual Outage
Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec
RG CCST-10
CCGT-11
CCGT-12
CI11 3
CI11 2
RG CCST-20
CCGT-21
CCGT-22
RG CCST-30 CI
MI25 1
MI15 1
CCGT-31
CCGT-32
Thermal-1
Thermal-2
423
423
1 Jan – 17 Mar, 24-30 Mar (Reserve Shutdown)24-30 Mar(Reserve Shutdown)
CI
TECO CCST-10
CCGT-11
CCGT-12
RPCL CCST-10
CI530
2921CI
CICCGT-11
CCGT-12
RPCL CCST-20
CCGT-21
MI2 28
Start 8CI
18
MI2 28
MICCGT-22
Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days
Gas Turbine
Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul
Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)
MI2 28
26 Days 32 Days 15 Days 30 Days 52 Days
Steam Turbine
Warranty Inspection (WI) Minor Inspection Major Overhaul
Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)
26 Days 30 Days 26 Days 49 Days 25