im corporate tenaga

8/8/2019 IM Corporate Tenaga

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INVEST MALAYSIA

2010

Shangri-La30th 31st March 2010

(200866-W)


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2

AGENDA

q Highlights Of 1QFY10 Results

q Demand

q Fuel Costs

q Managing Debt

q 2nd

Phase: Geographical Expansion

q Others


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3

HIGHLIGHTS OF 1QFY10 RESULTSFinancial Results

RM'mn 1Q 1Q Variance

FY'09 FY'10 %

Revenue 7,414.6 7,338.3 (1.0)

Operating expenses (6,580.2) (6,179.9) (6.1)

Operating income 56.4 82.8 46.8

Operating profit 890.8 1,241.2 39.3

Forex

- Transaction Gain 2.0 0.9 55.0

- Translation Loss (1,439.7) (45.4) 96.8

7.8 (4.5) (157.7)

Profit/(Loss) before finance cost (539.1) 1,192.2 321.1

Finance income 51.6 40.9 (20.7)

Finance cost (285.2) (260.0) 8.8

Profit/(Loss) before taxation (772.7) 973.1 225.9

Taxation and Zakat

- Company and subsidiaries (106.1) (251.2) (136.8)

- Deferred taxation (61.9) (24.4) 60.6

Profit/(Loss) for the period (940.7) 697.5 174.1

Attributable to:

- Equity holders of the Company (944.1) 706.3 174.8

- Minority interests 3.4 (8.8) (358.8)

(940.7) 697.5 174.1

Share o f results of assoc iates & jointly co ntrolled entities

(net of tax)

39.3% Increase in Operating Profit Resulting from Lower Generation Costs

Net Profit Attributable to Equity Holders of RM706.3mn


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HIGHLIGHTS OF 1QFY10 RESULTSYear-On-Year Analysis

Improvement in EBITDA Resulted From the

11.3% Reduction in Generation Costs

RM mn FY2009 FY2010

1Q 1Q

Total Units So ld (GWh) 22,587.0 23,117.5

Revenue 7,414.6 7,338.3

Operating Expenses (without depreciation) 5,822.8 5,259.3

Operating Income 56.4 82.8

EBITDA 1,648.2 2,161.8

EBITDA Margin (%) 22.2% 29.5%

Deprec iation and A mortisation 757.4 920.6

EBIT 890.8 1,241.2

EBIT Margin (%) 12.0% 16.9%

Finance Cost 285.2 260.0

Profit Before Tax & Forex Translation 667.0 1,018.5

Net Profit Before Forex Translation 495.6 751.7

Translation Gain / (Loss) (1,439.7) (45.4)

Net Profit attributable to :

Equity Holders (944.1) 706.3

Minority Interest 3.4 (8.8)

8.6% Decline In Cost Per Unit Sold

Significant Improvement in Margin from

1.8 sen/kwh to 3.2 sen/kwh in FY2010

GROUP

Average selling price : 31.0 sen/kwh

13.413.6

4.1

1.01.0

3.13.0

1.21.0

3.4 4.0

1.3 1.1

7.0

1 Qtr FY 2009 1 Qtr FY 2010

30.4 27.8

67.1% 63.7%

YTD FY09

32.2 31.0

30.4 27.8

1.8 3.2MARGIN

YTD FY10

CPU

ASP

4

IPP

Fuel

R&M

Staff Cost

Depreciation

General Exp & Other Subsidiary Cost

Finance Cost


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5

5.7%

7.0%

3.9%

5.8%

17.4%

18.7%

11.1%

15.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

FY'07 FY'08 FY'09 FY'10

-3.0%

2.0%

7.0%

12.0%

17.0%

22.0%ROA ROE

%

Annualised

HIGHLIGHTS OF 1QFY10 RESULTSFinancial & Technical Performance (Q-o-Q)

Technical Performance

Financial Ratios

4.1

7.1

5.8

8.3

0

1

2

3

4

5

6

7

8

9

FY'07 FY'08 FY'09 FY'10

Interest Coverage%

1Q

29.8

34.9

(21.8)

16.3

-30

-20

-10

0

10

20

30

40

FY'07 FY'08 FY'09 FY'10

Basic EPSsen

1Q

43.1%

174.8%

54.3

47.049.3

45.9

0

10

20

30

40

50

60

70

80

FY'07 FY'08 FY'09 FY'10

Gearing%

1Q

(6.9%)

1.7 1.8

2.8

1.4

0

1

1

2

2

3

3

FY'07 FY'08 FY'09 FY'10

Unplanned Outage Rate%

1Q

22.5

17.7

22.9

14.2

0

5

10

15

20

25

FY'07 FY'08 FY'09 FY'10

SAIDImins

1Q

11.2

9.4 9.610.0

0

2

4

6

8

10

12

14

FY'07 FY'08 FY'09 FY'10

T&D Losses (based on moving

average)

%

1Q

1.7

2.5

0.40.2

0

1

1

2

2

3

3

4

FY'07 FY'08 FY'09 FY'10

System Minutesmins

1Q


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6

HEADLINE KPIS : FY2005 FY2010

FY2010 FY2005 FY2006 FY2007 FY2008 FY2009

Target Set

in 2005Actual Actual Actual Actual Actual Target

Actual

1QFY'10

Return on Assets

(ROA)6.5% 2.2% 3.3% 6.3% 4.6% 4.0% 4.5% 5.8%

Gearing < 60.0% 64.9% 58.1% 49.9% 46.9% 46.5% 44 - 46% 45.9%

Unplanned

Outage Rate

UOR

No targets

et for 1st

Phase

6.1% 4.7% 2.2% 3.3% 2.9% 3.6 - 4.0% 1.4%

T&D LossesNo targets

et for 1st

Phase

10.5% 11.0% 10.0% 9.5% 9.7% 9 - 9.5% 10.0%

Sys. Minutes

(mins)9.0 14.0 7.3 9.3 6.6 1.0 5 - 7 0.2

SAIDI (mins) < 100.0 148.0 101.6 83.0 78.0 68.6 68 - 72 14.2

FY2010

Most Targets That Were Set in 2005 Were Met Ahead of TargetDate

Achieved

Achieved

Achieved

Note: 1 based on adjusted annualised net profit

2 based on 12-month moving average (as total system)

* Key drivers are:- Demand growth at 2.3% (adopted forecast)- Coal price at USD85/mt- Gas price at RM10.70/mmbtu

** Excluding KEV

1

2

*

*

**


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BUSINESS AS USUAL TO SUSTAIN EFFICIENCY: FY2005 FY2010

7

RM mn

Item Actual Actual Actual Actual Actual TargetActual

1QFY'10

Average Collection Bill (with PLMaH)

(days)49.0 43.0 28.0 28.0 28.0 23.0 24.0

Debt Mix (RM vs Others) (%) N/A 52 : 48 55 : 45 53 : 47 51 : 49 N/A 52 : 48

Current Ratio (%) N/A 1.4 1.5 1.68 1.65 N/A 1.69

Land Sales * N/A 51.5 359.2 105.4 10.0 N/A N/A

Improved Procurement

Strategy/PlanningN/A N/A N/A 118.1 197.4 N/A 18.6

Savings from Medical Expenses (26.2) (17.6) (20.7) (49.7) (49.7) N/A 4.6

Savings from Overtime (15.3) 19.6 (5.7) (3.0) (3.6) N/A (8.8)

Notes:

* Based on S&P signing

FY2010FY2009FY2005 FY2006 FY2007 FY2008


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8

FY2010 FY2010

3 Mths 6 Mths 9 Mths 12 Mths 3 Mths 3 Mths 6 Mths 9 Mths 12 Mths 3 Mths

Cashflow From Operations 778.1 2,486.9 4,711.5 7,409.9 1,550.0 301.8 1,831.2 3,524.8 5,930.4 1,022.1

(-) Capex (683.4) (1,800.5) (2,795.8) (4,128.4) (635.8) (601.8) (1,638.3) (2,467.1) (3,575.1) (557.2)

(-) Interest Servicing (258.2) (617.3) (857.5) (1,188.8) (234.9) (180.2) (438.7) (596.0) (829.8) (169.7)

(+) Dividend from Subs/ 0.0 54.0 54.0 54.0 0.0 54.0 54.0 54.1 16.4

Assocs.

FREE CASH FLOW (163.5) 123.1 1,112.2 2,146.7 679.3 (480.2) (191.8) 515.7 1,579.6 311.6

(+) New Debt 330.7 628.0 652.1 592.2 109.1 40.2 65.0 249.2 289.0 53.4

(-) Repayment (438.7) (1,404.8) (1,615.8) (1,796.7) (393.7) (120.4) (754.0) (1,139.9) (1,178.2) (237.6)

(+) Proceeds from 0.8 0.8 1.6 15.2 17.6 0.8 0.8 1.6 15.2 17.6

Is suance of Shares

Cash Flow After

Debt Servic e (270.7) (652.9) 150.1 957.4 412.3 (559.6) (880.0) (373.4) 705.6 145.0

Others 53.4 (208.3) (438.8) (174.5) 85.8 45.3 (207.2) 315.9 271.2 42.9

Net Cash (217.3) (861.2) (288.7) 782.9 498.1 (514.3) (1,087.2) (689.3) 976.8 187.9

Currency tr anslation

differences 2.0 2.6 (1.9) (2.9) (5.2) 0.0 0.0 0.0 0.0 0.0

Cash Balance 5,168.6 4,525.3 5,093.3 6,163.9 6,656.8 3,698.6 3,125.8 3,523.7 5,189.8 5,377.7

Group Company

FY2009FY2009

HIGHLIGHTS OF 1QFY10 RESULTSCashflow

Cash Balance as at 30th Nov 2009 (RM mn)

TNB KEV SESB LPL MTM TNBJ TNEC UNITEN TSG TNB ES ILSAS OTHERS GROUP

5,377.7 518.5 147.8 24.4 50.3 418.3 19.4 8.4 30.3 9.7 36.8 15.2 6,656.8

Cash Balance Continues to Improve


9/27

9

AGENDA

q Highlights Of 1QFY10 Results Announcement

q Demand

q Fuel Costs

q Managing Debt

q2

nd


q Others


10/27

10

DEMANDAnalysis of Electricity Growth M-o-M in Peninsula

As at 2QFY10, Peninsula Reported 8.0% Growth Y-o-Y

FY 2009 FY 2010UNITS SALES

Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb

Industrial

Gwh

Gwh

3,501 3,238 3,086 3,007 2,847 2,500 2,609 2,911 2,956 3,081 3,178 3,346 3,330 3,092 3,429 3,276 3,353 3,402

Growth

Growth

(%)

(%)

0.4 (1.4) (4.3) (8.2) (15.1) (27.5) (16.1) (14.7) (13.1) (12.8) (7.0) (6.1) (4.9) (4.5) 11.1 9.0 17.8 36.1

Com

mercial

Gwh

Gwh

2,349 2,416 2,177 2,193 2,262 2,122 2,162 2,332 2,422 2,446 2,429 2,549 2,385 2,323 2,495 2,353 2,465 2,412

Grow

th

Grow

th

(%)

(%)

1.1 12.2 (2.1) 0.5 1.2 (1.4) 3.4 3.5 1.9 5.0 6.4 9.1 1.5 (3.9) 14.6 7.3 9.0 13.7

Domestic

Gwh

Gwh

1,318 1,465 1,309 1,312 1,351 1,305 1,371 1,358 1,533 1,491 1,456 1,524 1,541 1,373 1,452 1,370 1,488 1,409

Growth

Growth

(%)

(%)

(0.9) 13.3 (0.5) 4.2 6.5 (0.4) 6.8 5.4 7.1 10.5 9.0 13.5 16.9 (6.3) 10.9 4.4 10.1 8.0

Others

Gwh

Gwh

100 107 101 100 106 113 98 103 105 103 99 229 106 106 111 114 125 108

Gro

wth

Gro

wth

(%)

(%)

(1.0) 9.2 2.0 2.0 1.9 11.9 2.1 6.2 2.9 1.0 0.0 118.1 6.0 (0.9) 10.0 14.0 17.9 (4.4)

TOTAL

Gwh

Gwh

7,268 7,226 6,673 6,612 6,566 6,040 6,240 6,704 7,016 7,121 7,162 7,648 7,362 6,894 7,487 7,113 7,431 7,331

Growth

Growth

(%)

(%)

0.4 5.8 (2.8) (3.0) (5.7) (13.8) (5.2) (4.9) (4.1) (2.6) 0.4 4.1 1.3 (4.6) 12.2 7.6 13.2 21.4

1st Qtr FY091.1%

2nd Qtr FY09(7.6)%

3rd Qtr FY09(4.7)%

4th Qtr FY090.6%

2Q YTD FY 2009 YTD FY 2010

Growth (%) (3.2) 8.0

1st Qtr FY102.7%

2nd Qtr FY1013.8%


11/27

8,700

9,200

9,700

10,200

10,700

11,200

11,700

12,200

12,700

13,200

13,700

14,200

14,700

15,200

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

MD

DEMANDSystem Weekly Peak Demand (Peninsula)

11

Oct

1st Qtr 2ndQtr 3rdQtr 4th Qtr

Sep

t

Nov Dec Jan Feb Mar Apr May Jun Jul Aug

WEEK NO.

14,890MW(25/03/10)

FY 2006 12,990 MW Week 52

FY 2007 13,620 MW 8/8/2007

FY 2008 14,007 MW 21/5/2008

FY 2009 14,245 MW 12/8/2009

FY 2010

Peak Demand

Electricity Demand Growth Signals a Better Outlook


12/27

Weekly Generation (GWh) - Week Ending 21/03/2010

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

2,100

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

GWh

2007 2008 2009 2010

Jan Mar Feb Apr May Jun Aug Sep Oct Nov DecJul

12

DEMANDWeekly Electricity Demand Growth (Peninsula)

Electricity Demand Growth Signals a Better Outlook

Weekly Generation (Gwh) Week Ending 21st March 2010


13/27

13

DEMANDAnalysis Of Electricity Growth By Sectors (Group)

* Includes Specific Agriculture, Mining,Public Lighting, LPL & EGAT

(-) Indicates Negative Growth

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

Industrial Commercial Domestic *Others

1 Qtr FY'09 1 Qtr FY'10

Gwh

0

400

800

1,200

1,600

2,000

2,400

2,800

3,200

Industrial Commercial Domestic *Others

1 Qtr FY'09 1 Qtr FY'10

RM mn

+4.0%

+6.9%

-12.1%

+5.0%

+2.2%

-27.6%

1st

Qtr FY10 = -1.4%(1st Qtr FY09 = 23.4%) 1

st

Qtr FY10 = 2.3%(1st Qtr FY09 = -0.6%)

1st Qtr FY09 -1.4%

Industrial

3.9% 3.9% -34.6%

Com. Domestic Others-5.1% +0.4%

Sen/ Sen/ Growth

KWh KWh %

UNITS SOLD GWh GWh

- TNB 21,167.4 21,743.2 2.7

- EGAT (Export) 79.8 3.9 (95.1)

- SESB 924.5 992.1 7.3

- LPL 415.3 378.3 (8.9)

Total units sold (Gwh) 22,587.0 23,117.5 2.3

REVENUE RM mn RM mn

Sales of Electricity

- TNB 6,854.2 32.4 6,814.3 31.3 (0.6)

- EGAT (Export) 17.3 21.7 2.3 59.0 (86.7)

- SESB 235.0 25.4 247.5 24.9 5.3

- LPL 170.0 40.9 107.4 28.4 (36.8)

Total Sales of Electricity 7,276.5 32.2 7,171.5 31.0 (1.4)

Goods & Services 51.0 76.5 50.0

Deferred Income 87.1 90.3 3.7TOTAL REVENUE 7,414.6 7,338.3 (1.0)

1QFY'09 1QFY'10

Both Peninsula and SESB Reported Positive Demand Growth


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14

AGENDA


q Demand

q Fuel Costs

q Managing Debt

q2

nd


q Others


15/27

15

FUEL COSTSIndustry Generation in Peninsula (TNB & IPPs)

Fuel

Type YTD FY'09 YTD FY'10 RM mn %

Gas 1,704.9 1,296.5 (408.4) (24.0)

Coal* 1,230.8 1,174.5 (56.3) (4.6)

Dist. 12.3 34.3 22.0 178.9

Oil 0.7 42.7 42.0 > 200.0

Hydro 0.0 0.0 - -

Total 2,948.7 2,548.0 (400.7) (13.6)

Fuel Cost (RM mn)

Variance1st Qtr

* Includes fuel adj:

YTD FY2009 = RM375.3mnYTD FY2010 = (RM237.0mn)

DISTILLATE

RM34.3mn

1.3%

TOTAL : RM 2,548.0mn

COAL

RM1,174.5mn

46.1%

GAS

RM1,296.5mn50.9%

IPP

7,858.6

32.0%

TNB

5,636.9

23.0%

IPP

5,469.2

22.3% TNB

3,980.6

16.2%

Oil

117.4

0.5%

Distil.TNB

48.9

0.2%

Distil.IPP

0.0

0.0%

Hydro

1,418.7

5.8%

COAL

9,449.8Gwh

38.5%

GAS

13,495.5Gwh55.0%

IPP

17.4

0.7%

TNB

16.9

0.6%

Oil

42.7

1.7%

TNB

351.0

13.8%

IPP

823.532.3%

TNB

504.2

19.8%

IPP

792.3

31.1%

TOTAL : 24,530.3GwhFuel Cost/Gwh : 10.39sen

Total Coal Consumption = 4.3mn MT

Fuel

Type YTD FY'09 YTD FY'10 Gwh %

Gas 14,617.0 13,495.5 (1,121.5) (7.7)

Coal 7,239.5 9,449.8 2,210.3 30.5

Dist. 0.1 48.9 48.8 > 200.0

Oil 0.6 117.4 116.8 > 200.0

Hydro 1,575.0 1,418.7 (156.3) (9.9)

Total 23,432.2 24,530.3 1,098.1 4.7

Units Generated (Gwh)

Variance1st Qtr

30.5% Increase in Coal Generation Resulting from Reduction in Gas Allocation & Higher Demand


16/27

16

FUEL COSTSCoal Requirement

Coal Procurement Estimate for FY2010 at 17.6 mn MT

12.5

8.67.97.6

11.612.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

FY'04 FY'05 FY'06 FY'07 FY'08 FY'09 FY'10

Tonne(mn)

A B C D E F G H I J K L

Total Consumption Estimated

17.6

17%

38%

45% Fixed Price(secured)

Index Linked(45% secured)

Ongoing negotiations


17/27

0.0

20.0

40.0

60.0

80.0

100.0

120.0

TNB Average Delivered Price vs TNB Tariff

TNB Average Delivered Price TNB Tariff

17

FUEL COSTSCoal

USD45/MTimplemented

Jun06

USD75/MTimplemented

July08

USD85/MT

implementedMar09

* Price based on 5,500CV


18/27

18

AGENDA


q Demand

q Fuel Costs

q Debt Management

q2

nd


q Others


19/27

19

DEBT MANAGEMENT

27.728.3

29.2

30.9

32.5

30.0

27.1

24.0

22.7 22.6

20

22

24

26

28

30

32

34

FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009

RM (bn)


20/27

Yen

RM5.58bn

USD

RM5.13bnRM

RM11.69bn

20

DEBT MANAGEMENTAnalysis of Debt Exposure & Forex

31st Aug09

* Total Debt RM22.6 bn

Net Debt RM16.5 bn

Gearing (%) 46.5

Net Gearing (%) 33.8

Fixed:Floating 92.9% : 7.1%[ Based on final exposure, Fixed:Floating 98.7% : 1.3% ]

Weighted Average Cost of Debt 5.16%[ Based on final exposure, 5.32% ]

USD/RM : 3.53

100YEN/RM : 3.75

USD/YEN : 94.13

28th Feb10

* Total Debt RM22.4 bn

Net Debt RM15.3 bn

Gearing (%) 45.0

Net Gearing (%) 30.7

Fixed:Floating 93.9% : 6.1%[ Based on final exposure, Fixed:Floating 98.8% : 1.2% ]

Weighted Average Cost of Debt 5.06%[ Based on final exposure, 5.26% ]

USD/RM : 3.41

100YEN/RM : 3.82

USD/YEN : 89.27

Others

RM0.02bn

Yen

RM5.47bn

USD

RM5.49bn

RM

RM11.62bn

51.3%

0.09%

24.3%

24.2%51.8%

24.9%

22.9%


21/27

21

AGENDA


q Demand

q Fuel Costs

q Managing Debt

q2

nd


q Others


22/27

22

2ND PHASE: GEOGRAPHICAL EXPANSION20-Year Strategic Plan

GEOGRAPHICALEXPANSION

(SERVICES) 2015

GEOGRAPHICALEXPANSION

(SERVICES) 2015

OVERSEAS

INVESTMENT 2020

OVERSEAS

INVESTMENT 2020

GLOBALLEADERSHIP 2025

GLOBALLEADERSHIP 2025

SERVICEEXCELLENCE 2010

SERVICEEXCELLENCE 2010

Positionfor Growth

T 7

Improve Core Operationsunder T7 Strategy

Place TNB as the bestperforming company inMalaysia by 2007 and as the

Regional best by 2010

Expand works and

services related to theenergy sector

Creation of new revenuestream leveraging onTNBs knowledge andcompetencies in theenergy business

Improve financialposition and humanresource readiness ofTNB

Venture into

power/energy relatedinvestments in theinternational arena

Excel in:- All business areas- Reputation as a

strong businesspartner- Ability to continue

to createshareholder value

TNB acknowledged asamongst the mostadmired companiesglobally


23/27

23

2ND PHASE: GEOGRAPHICAL EXPANSIONOverseas Business Opportunities

.

Current Overseas Ventures

Generation1. Shuaibah - 900MW/880,000 m3/day Power & Water Desalination Plant

- PCOD: 14th

Jan 20102. Shuaibah - 150,000 m3/day Water Desalination Plant

- PCOD: 17th

Nov 20093. Liberty Power Ltd- 235MW IPP to supply power to WAPDA

REMACO(O&M)1. Shuaibah - 900MW/880,000 m3/day Power & Water Desalination Plant

- Contract Value: USD1mn/year, 25 years2. Liberty Power Ltd- 235MW IPP to supply power to WAPDA

- Contract Value: USD1.5mn/year, 25 years3. Hubco, Pakistan

- Contract Value: USD5mn/year, 5 years

TNEC1. District Cooling BMC, 30,000RT

- Project Cost: RM144.2mn2. District Cooling Al-Reef, 8,000RT

- Project Cost: RM58.6mn

Investment made by TNB USD79.7mn

Total Principal Loan Amount for 11 facilities USD227.5mn

Total Principal Paid (A) USD94.1mn

Balance

Unpaid Principal (B) USD133.4mn

Total Interest Receivable as at 31/8/2009 USD107.1mn

Total Interest Paid (C) USD38.4mn

Balance Unpaid Interest (D) USD68.8mn

TOTAL AMOUNT PAID BY LPL (A+C) USD132.5mn

TOTAL UNPAID BALANCES (B+D) USD202.1mn


24/27

24

AGENDA


q Demand

q Fuel Costs

q Managing Debt

q2

nd


q Others


25/27

RESERVE MARGINReserve Margin Reducing & Capacity Remains Stagnant

25

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2010 2011 2012 2013 2014 2015

Capacity(MW)

-20%

-10%

0%

10%

20%

30%

40%

50%

ReserveMargin(%)

Installed Capacity

Available Capacity

Reserve Margin for Installed Capacity

Reserve Margin for Available Capacity

Demand Forecast

Source: Planning


26/27

26

DISCLAIMER

All information contained herein is meant strictly for the use of this

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