wha corporation public company limited · the information contained in this presentation is for...

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WHA Corporation Public Company Limited

Opportunity Day

3Q2018 Result

“Your Ultimate Solution Partner”

15 Nov 2018 19 Nov 2018

Disclaimers WHA Group

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in WHA Corporation Public Company Limited (“WHA” and shares in WHA, “shares”) in any jurisdiction 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 future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view 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-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions.

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15 Nov 2018 19 Nov 2018

Agenda

II. Summary of Operating Performance - 3Q2018

IV. Financial Performance - 3Q2018

Appendix

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I. WHA Group Overview

III. Business and Financing Plan - 2018

15 Nov 2018 19 Nov 2018

WHA GROUP AT-A-GLANCE WHA Group Overview

/1 Including only 1st Phase of Vietnam Project amounting to c.3,110 rais (498 ha), net sellable area of c. 2,300 rais (371 ha). Total Vietnam Project amounts to c. 20,000 rais (3,200 ha) /1 Including the land area partnering with IRPC under WHA Industrial Estate Rayong

4

2.3/2 mm m2 under owned & managed

200+ well‐known tenants profile

30% 3PL

27% Japanese

Logistics

9 + 5/1 industrial estates

735 well‐known

customers profile

34% Auto

36% Japanese

13,000/1

rais available for sale

51,696/1

rais total IEs

Industrial Development

100 mm m3 in Y’17A

478 equity MW in Y’17A

109 mm m3 in Y’18E

521 equity MW in Y’18E

Utilities & Power

4 data centers

FTTx Services

Digital Platform

Utilities

Power

Remark: /1The 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.

357 equity racks

511 equity racks

5 Industrial Estates

WHA is a SET-100 listed company with a market capital of USD 1,774/2 mm and under MSCI small-cap index /2 Including pre-leased area /3 as of 12 Nov 2018

15 Nov 2018 19 Nov 2018

Group Structure – Operating Companies WHA Group Overview

Warehouse

Asia Alliance Registered and

Paid-up

Capital – THB 310

mm

WHA

Alliance Registered and

Paid-up

Capital – THB 260

mm

PT WHA

International

Indonesia/1

Registered and Paid-up

Capital – US 2.0

mm

99.9% 99.9% 99.9% 99.9%

5

Total Fund Raised c. THB 39,138 mm

WHA KPN Alliance Central WHA Alliance

WHART NAV per unit –THB 9.81/1

Paid-Up Capital–THB 18,038.3 mm/1

Total Asset–THB 28,084.3 mm

WHABT

NAV per unit –THB 10.21/1 Paid-Up Capital–THB 1,957.4 mm//1


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 6,000mm paid-up Cap – THB 3,882mm

98.54%

97.68%

Core Business

WHA Corporation PCL Registered – THB 1,567.8 mm

paid-up Cap – THB 1,433.4 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 9.90/1 Paid-Up Capital–THB 4,629.5 mm/1


22.95%

HREIT

NAV per unit – THB 8.79/1 Paid-Up Capital–THB 6,373.5 mm/1


15.00%

Collaborations with Partners

Gheco-One

Glow IPP

Houy Ho Power

GJP NLL

Gulf Solar

WHA Gunkul

BPWHA1

JV Collaborations – Utilities & Power

65.00% 50.00% 51.00% 35.00%

5.00%

12.75%

25.01%

25.01%

75.00%

25.01%

Chonburi Clean Energy

33.33% WHA Industrial Zone

Nghe An/2

99.00%

Remarks: /1 Held by WHA Industrial Development PCL. • Info as of Nov 2018 • NAV info as of Sep 2018

Genesis Data Center

33.33%

Gulf VTP Gulf TS1-4 Gulf WHA MT

25.01% 25.01% 51.00%

Eastern Seaboard Industrial Estate/2

60.00% WHA Industrial Estate

Rayong/2

60.00%

Supernap (Thailand)

15.00%

/2 Held by WHA Industrial Development PCL.

15 Nov 2018 19 Nov 2018 6

Location Map WHA Group Overview

15 Nov 2018 19 Nov 2018 7

2018 Outlook Summary of Operating Performance - 3Q2018

POWER CAPACITY INCREASE TO

EQUITY MW 521 START PROVIDING

MANAGED SERVICES

COMPLETE FTTx

OPERATION IN

INDUSTRIAL ESTATES 9

YEAR-END OCCUPANCY RATE FOR DATA CENTERS

80%

1,400 RAIS OF LAND SALE

TARGET PRE-LEASED AREA

M2 250,000

ASSET MONETIZED TO WHART AND HREIT

WITH M2

LAUNCH NEW I.E.

WITH 2,200 DEVELOPED RAIS

WHA ESIE 3

K E Y T A R G E T

L O G I S T I C S I N D U S T R I A L D E V E L O P M E N T U T I L I T I E S & P O W E R D I G I T A L P L A T F O R M

OF PRE-LEASED FROM HIGH-VALUE AND OVERSEAS PROPERTIES

2 0 1 8

RAIS OF LAND TRANSFER 1,000

228,000*

50%

Remark: *Including assets sold to HREIT of 55,000 sq.m. on Jan 4, 2018

Initiative of

RO technology to improve GPM

EXPECTED M3

UTILITIES SOLD & MANAGED VOLUME

109

15 Nov 2018 19 Nov 2018

1,494 7,238 5,744

Normalized Total revenue Revenue Impact From FX

Normalized Share of profit Write-Off Tax Payment

(60)

8

Total Revenue Inclusive of Share of Profit

Financial Highlights During 9M’18 and 3Q’18 Financial Performance

• During the first 9 months of 2018, total revenue including share of profit increased 4% Y-o-Y. However,

excluding the FX impact and one-off item, the normalized total revenue inclusive of share of profit increased by 12% Y-o-Y mainly attributable to the asset monetization to HREIT during Q1’18 despite fewer land transfer

2016

2017

3Q2017

9M2017

9M2018

% Representing Normalized Revenue Growth

(39%)

3Q2018

+ 12%

(16%)

Unit: THB mm

1,494

5,744

7,238

60

(71)

7,227

1,055

5,408

6,463

6,922

459

443

1,586

2,030

2,150

120

1,246

10,446 11,692

12,410718

958

18,319 19,277

19,32548

513

1,190

1,703

1,757125

(71)

One-off Item

15 Nov 2018 19 Nov 2018

15%22%

20% 19%

19% 20%

9

Net Profit

Financial Highlights During 9M’18 and 3Q’18 Financial Performance

• The reported net profit during 9M’18 dropped by 7% Y-o-Y due to significant decrease in FX gain between 9M’17 and 9M’18. However, excluding FX impact and one-off item, the normalized net profit grew by 17% Y-o-Y

Remark: (1) Impact from FX attributed to parent

Realize profit (loss) of FX impact for the period 9M’18 and 3Q’18: THB 18 mm and THB (2) mm

(4%) + 17%

(23%)

% Representing Normalized Net Profit Growth Unit: THB mm

2016

2017

3Q2017

3Q2018

9M2017

9M2018

326 376

Normalized Net Income Net Income Impact From FX Write-Off Tax Payment

(50)

(1)

84 87 422 276

Net Income Normalized Net Income Impact From FX

15% 22%

Normalized Net Income Margin

1,454 1,504

42

1,446

(50)

1,238 1,238

321

1,599

2,864 2,864

34

2,898

2,764 2,764

50

3,266

422 422

84506

326 376

(50)

87363

One-off Item

15 Nov 2018 19 Nov 2018

Revenue from Sales of Industrial Estate (Industrial Development Business)

THB 1,391 mm 36% • Mainly from fewer land transfer in 9M'18 compared to 9M'17.

Revenue from Sale of Investment Properties (Logistics Properties Business)

THB 1,449 mm 609%

• Mainly from asset monetization to HREIT in 1Q'18.

Rental, Service Revenue and Other Incomes (Logistics Properties Business)

THB 752 mm 11% • Due to large asset monetization to WHART and HREIT in 4Q’17 and 1Q'18, respectively.

Revenue from Sales and Service (Utilities Business)

THB 1,582 mm 2% • If excluding the one-time excessive charge, utilities income in 9M’18 grew c. 8% due mainly to completion of COD of 5 SPPs since 2Q'17.

Share of Profit from JVs and Investment in Associates THB 1,483 mm 2% • If excluding FX impact in 9M’18 amounting to THB 60 mm and one-off item related to Gheco-One amounting to THB 71 mm , Share of Profit increased c.42% mainly from Power business as a result of higher AP from Gheco-One and additional 5 SPPs between 9M’18 and 9M’17 as well as the better performance from logistic properties of JV projects.

Share of Profit from JVs and Investment in Associates (Normalized Basis)

THB 1,495 mm

42%

Interest Expenses THB 944 mm 26% • Substantial decrease in interest expense from lower weighted average cost of fund mainly from issuance of latest bond and

utilization of short-term instruments.

Net Profit Attributable to Owners of the Parents THB 1,446 mm 7% • Performance in 9M’2018 slightly decreased mainly due to decrease in gain from FX and write-off tax payment related to BOI from Gheco-One during the first 9 months compared to same period of last year.

• Increasing in normalized performance during the first 9 months was mainly due to the followings :

1. Strong performance of power business. 2. Asset monetization to HREIT. 3. Lower SG&A and interest expense.

Net Profit Attributable to Owners of the Parents (Normalized Basis)

THB 1,454 mm 17%

Total Normalized Revenue and Share of Profit : THB 7,238 mm 12% Y-o-Y | Normalized Net Profit : THB 1,454 mm 17% Y-o-Y

Financial Highlights During 9M'18 Financial Performance

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Total Revenue and Share of Profit : THB 7,227 mm 4% Y-o-Y | Net Profit : THB 1,446 mm 7% Y-o-Y

15 Nov 2018 19 Nov 2018

Year Market (rai) WHA ID (rai) % Market

1Q’18 167 110 65%

2017 1,700 974 57%

2016 1,442 835 58%

2015 2,121 1,043 49%

2014 1,576 665 42%

2013 4,746 2,200 46%

2012 10,872 2,317 21%

2011 5,457 1,670 31%

2010 3,622 930 26%

2009 901 144 16%

2008 4,170 1,621 39%

Total 36,774 12,510 34%

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Industrial Estate Business – 3Q2018 Operating Performance No. 1 by Land Sale with 34% market share from 2008 – 1Q’18. However, in the period 2015 – 1Q’18, the company

achieved more than 50% market share on the average

Source: CBRE and WHA Industrial Development

Our Land Sales Record

Unit: rai

Industrial Market Share

34% Market Share c. 12,000 rai of Total Land

Sales from year 2008 until 2017

Achieved land sale of 57 rais, with remaining backlog of 145 rais as of Sep 18 The 4 new contracts for land sale are in industry such as steel and other, from 3 different regions such as Thailand, China and other,

resulting to 735 customers with 1,121 contracts as of Q3’2018

All of our industrial estates in EEC area have been designated as “Targeted Industries Promotion Zone”, totaling 34,434 rais

10th Industrial estate of WHA Group, named “WHA ESIE3” in Chonburi province, totaling 2,197 rais, expected to commence by Q4’2018

2,317 2,200

665

1,043

835

974

230

0

500

1,000

1,500

2,000

2,500

2012 2013 2014 2015 2016 2017 9M2018

Summary of Operating Performance - 3Q2018

15 Nov 2018 19 Nov 2018

12

Industrial Estate Business – Customer Profile

Customer by Industry

Customer by Nationality

Our Customers and Contracts

2012

735 Customers

Q3’18

832 Contracts

2012

1,121 Contracts

Q3’18

555 Customers

9 Operating

Industrial Estates

5

New Industrial Estates


Remark: Figures as of Sep 30,2018

15 Nov 2018 19 Nov 2018

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3Q2018

Logistics & Industrial Properties Business – 3Q2018 Operating Performance

• Built-to-Suit distribution center and warehouse in prime location to help customers optimize long-term logistics cost

• Built-to-Suit factory with cross referral of customers from HEMRAJ esp. those in high value sectors e.g. automotive

• Sophisticated Built-to-Suit product e.g. cold storage, multi-temp DC, and E-Commerce DC

• Ready-Built factory and warehouse in IEs and logistic parks

• Geographical expansion e.g. Indonesia and Vietnam

Group-Owned assets and preleased Asset Under Management

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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

701,677

235,115

466,562

1,005,931

579,467

1,585,399

Location • Bangna-Trad

km 18-23 • Ladkrabang • Rama II • Laem Chabang • Lum Luk Ka • Wangnoi

Location • Chonburi • Rayong • Saraburi • Prachin Buri

Area: 2,144 rais Area: 979 rais

88,913 141,619 141,619 169,433

891,286

298,139 192,341

505,051

1,108,740

Total 2,287,076

2,115,293

Unit : sq.m.

CAGR 33.59% (2006A – 2017A)

CAGR 33.28% (2012A – 2017A)


32%

23% 19%

17%

8%

1% Thai

Japan

Europe

Asia(Exclu.Japan, Thai)

USA

Other

31%

38%

18%

3% 10% 3PL

FMCG&Healthcare

Manufacturer

E-Commerce

Other

34%

29%

8%

9%

14%

4% 2% Japan

Europe

Asia(Exclu.Japan, China)USA

Australia

China

Other

34%

26% 10%

12%

5% 13%

Auto&Parts

Logistic

Electronic

Consumer

Industrial Service

Other

Industrial Properties Business Logistics Properties Business

Customer by Nationality Customer by Industry

Industrial Properties Business Logistics Properties Business

2,150,410

1,975,361

Remark: Figures as of Sep 30,2018

15 Nov 2018 19 Nov 2018

179,582

203,028

105,986 109,565

171,559

-

-

35,595

52,023

45,526

-

50,000

100,000

150,000

200,000

250,000

2014 2015 2016 2017 9M'2018

RBF/RBW BTS/Warehouse farm

Logistics & Industrial Properties Business - Performance

14

Unit: Sq.m.

Pre-Leased / New Contracts

Remark: Pre-leased/New contracts performance based on gross basis

WHA has secured pre-leased area/new contracts for Built-to-Suit, warehouse farm and RBF/RBW totals 217,085 sq.m. during 9M’2018

- 171,559 sq.m. for Built-to-Suit and warehouse farm

- 45,526 sq.m. for RBF and RBW

Under negotiation with 2-3 major customers with leasable area of c.100,000 sq.m. to be finalized by late 2018 and early 2019.


141,581

161,588

217,085

15 Nov 2018 19 Nov 2018

34 39 42 43 46 49 36 40

23 22 21 19 17 17 12 13

28 29 31 32 33 34

26 27

85 90 94 94 96 100

74 79

-10

10

30

50

70

90

110

130

150

2012 2013 2014 2015 2016 2017 9m'17 9m'18

Industrial Water Raw Water Wastewater

Volume increased 7% yoy during 9M’18 due to new SPPs which mostly use processed water, having higher selling price and margin.

Maintain high GP margin of 44% during 9M’18, thanks to higher portion of processed water.

Utilities Business – 3Q2018 Operating Performance

15

Utilities Portfolio Growth – Volume and Selling Price

Million m3/ year

14.5 16.6

16.0

Average Selling Price

Baht/ m3 Baht/ m3 Baht/ m3

Selling Price Growth

• CAGR2012-2017 2.7%

Volume Growth

• CAGR2012-2017 3.3%

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.

Potential Demand from New Power Plants

Water Consumption 2017 2018 2019E 2020E 2021E

SPP COD 3,500 – 4,000 m3/day

GVTP (16 May 17)

Gulf TS1 (8 Jul 17)

Gulf TS2 (Sep 17)

Gulf TS3 (Nov 17)

Gulf TS4 (Jan 18) GNLL2 (Jan 19) TBA

Block 1 Block 2

On Schedule

CCE Waste to Energy 1,000 m3 / day

IPP COD 40,000 m3 / day


Petrochemical +13,000 +3,000

15 Nov 2018

Po

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Maturity < 20 Years, 20%

Maturity ≥ 20 Years, 80%

IPP 53%

SPP 47%

By Type of Power Plant By Type of Sourcing

Coal 43%

Gas 53%

Hydro 4%

By Type of Power Plant By Type of Sourcing

VSPP 100% Solar 82%

WTE 18%

Conventional Power: 537.0 Equity MW Secured

Alternative Power: 12.8 Equity MW Secured EGAT/ PEA/ MEA, 92%

Industrial

Users, 8%

Highly reliable off-taker (EGAT)

Client Profile

Maturity ≥ 20

Years,

100%

Long-maturity Portfolio

Additional Incoming

Project in 2018-2019 2017

Po

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P

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sis

Project Name Type JV Partner Location Contracted Capacities

(MW) WHAUP Portion Equity MW COD

Operating Phase

Gheco-I IPP Coal Glow Map Ta Phut IE 660.0 35.00% 231.0 Q3’12

Glow IPP IPP Gas Combined Cycle Glow WHA CIE 1 713.0 5.00% 35.7 Jan-03

Houay Ho Power IPP Hydro Glow Lao PDR 152.0 12.75% 19.4 Sep-99

GJP NLL SPP Gas Co-gen Gulf JP WHA RIL 122.5 25.01% 30.6 May-13

Gulf Solar VSPP Solar Gulf WHA LP 1, WHA CIE 1,

WHA ESIE 1, ESIE 0.6 25.01% 0.2 Jun-14 – Jan-15

WHA Gunkul VSPP Solar Gunkul Bangna and Ayudthaya 3.3 74.99% 2.5 Apr – Jul-14

BGWHA-1 SPP Gas Co-gen B Grimm WHA CIE 1 121.0 25.01% 30.3 Nov-16

GVTP SPP Gas Co-gen Gulf MP ESIE 130.0 25.01% 32.5 May-17

GTS1 SPP Gas Co-gen Gulf MP ESIE 130.0 25.01% 32.5 Jul-17

GTS2 SPP Gas Co-gen Gulf MP ESIE 130.0 25.01% 32.5 Sep-17

GTS3 SPP Gas Co-gen Gulf MP WHA ESIE 1 125.0 25.01% 31.3 Nov-17

GTS4 SPP Gas Co-gen Gulf MP WHA ESIE 1 125.0 25.01% 31.3 Jan-18

Solar Rooftop Projects Private PPA Solar 100% owned IEs / Logistics Center 1.4 100.0% 1.4 May-Aug 18

Total 2,413.8 511.0

Construction Phase

Solar Rooftop Projects Private PPA Solar 100% owned IEs / Logistics Center 6.5 100.0% 6.5 Q4’18- Q1’19

GNLL2 SPP Gas Co-gen Gulf MP WHA RIL 120.0 25.01% 30.0 Jan-19

CCE VSPP Waste-to-energy Glow& Suez WHA CIE 1 6.9 33.33% 2.3 2019

Total 133.4 38.8

Power Business – Well-Balanced Portfolio with Strategic Location Summary of Operating Performance - 3Q2018

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Digital Platform Business

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4 Data Center & 2 Cloud Solutions

Establish 4 Data Centers and 2 Cloud Computing as a managed service (IaaS, PaaS, SaaS)

# Data Centers 3 1

# Cloud Solutions 2 -

Location Zone Vibhavadi Bangna-Trad Eastern Seaboard

Bangna-Trad

Shareholding 100% by WHA Join Ventures

Start operation May 2017

Local Loop in 6 Industrial Estates (FTTx)

Implementing Local Loop as a managed service in 6 IEs

# Local Loop 3 New IEs 3 Existing IEs

Rental/Leasing Equipment

Procuring, implementing, maintaining all IT equipment and facilities, i.e. hardware, software, accessories, linkage etc., and Rent/Lease the equipment out to our clients

System Integrators and Data Mining (Big Data)

Designing, training, implementing, bringing together IT component subsystem in providing a comprehensive IT solution for our clients

IT Outsourcing/Business Process Outsourcing (BPO)

A service provider to deliver IT-enabled business process, IT human resources, applications and infrastructure solutions to enhance our clients’ business outcomes.

Comprehensive IT solution provider leveraging on WHA Group Customers Base

Invested 15% stake in Supernap Thailand which is Thailand’s

first certified Tier IV, modular, high density, co-location data

center.

Widen coverage to EEC area for supporting rapid growth of data

usage followed by investment expansion.

459 equity racks with 4 data centers as of Sep 2018

3 data centers with 450 racks

3 FTTx Services

new Digital Platform

Business Collaboration with Reputable Partners


15 Nov 2018 19 Nov 2018

Logistics Business

18

Business and Financing Plan - 2018

200,000 – 250,000 sq.m. Pre-Leased and New Contract Area

Approx. 228,000 sq.m. Leasable Area Monetized to REITs, divided into Approx. 157,000 sq.m. to be sold to WHART Approx. 71,000 sq.m. to be sold to HREIT. 55,000

sq.m. of which was transfer to HREIT on Jan 4, 2018 Expected 50% of the new Pre-Leased/Contract will be from High-Value and Overseas Properties

Diversify the Rental Properties to E-Commerce and Automated Warehouse/Distribution Center Leverage on premium brand and track record of BTS concept

for high-value properties Strengthen our footprint in serving global E-Commerce

giants

Capitalize on Government Policy on High-Value Industry Clusters Reap the benefit of U-Tapao’s multi-purpose usage Expect more automation warehouse/distribution center

supported by tax benefit

Expand to ASEAN Countries including Indonesia, Vietnam and Myanmar Start 2nd phase Indonesia project More proactive in CLMV countries

Assets Monetization to REITs Monetize rental properties to WHART and HREIT as part of

prudent capital management

Initiatives Key Deliverables

15 Nov 2018 19 Nov 2018

Logistics Business - Market Outlook

19


Thailand E-Commerce Growing Market with Favorable Environment Digital outlook in 2017

Total Population

Internet Users Active Social Media Users

Mobile Subscription

Active Mobile Social Users

644.1 339.2 305.9 854.0 272.6

vs. Population 53% 47% 133% 42%

Since Jan 2016 +31% +31% +8% +36%

68.2 46.0 46.0 90.9 42.0

vs. Population 67% 67% 133% 62%

Since Jan 2016 +21% +21% +10% +24%

126.2 117.8 64.0 185.3 64.0

vs. Population 93% 51% 147% 51%

Since Jan 2016 +2.4% +20.8% +6.9% +20.8%

50.6 45.5 41.9 58.2 41.9

vs. Population 90% 83% 115% 83%

Since Jan 2016 +0.4% +9.2% +2.0% +9.2%

(Unit: million)

YOY

YOY

YOY

YOY

Southeast Asia

• Thailand e-commerce market is expected to grow exponentially in the next 7 years, in line with the regional e-commerce market growth, which has a CAGR of 32%.

• Continuous growth of mobile device users combined with

increased number of internet users will support the growth of e-commerce market as well as act as the leading indicator for the e-commerce market overall.

15 Nov 2018 19 Nov 2018

Logistics Business - Market Outlook

20


Air Cargo

MRO

EEC Initiative on MRO & Air Cargo implementation in U-Tapao airport

• The government will prioritize the development of U-Tapao airport as the cornerstone of the EEC. • Thai airways international has announced its intention to build the region’s finest aircraft maintenance, repair and overhaul facility at U-Tapao. • To improve connectivity by air with the opening of the U-Tapao airport’s second passenger terminal and runway, the U-Tapao airport’s passenger

capacity will increase from its current 800,000 people to 3 million, as well as to cope with the increase in air cargo transportation. • WHA is in collaboration with the government on the development of the MRO facility as well as air cargo located in the free trade zone,

combining the strength in order to create world-class facilities.

15 Nov 2018 19 Nov 2018

Industrial Estate Business

21


Land Sale Target : 1,400* rais Land Transfer Target : 1,000* rais Target Launch of WHA ESIE 3 with 2,200 Developed rais in 4Q’18 Improved GPM due to Higher Selling Price

Extend our Leadership as Thailand’s No.1 Industrial Estate Developer More than 10,000 rais (1,600 Ha) available for sale Capitalize on EEC government initiatives and infrastructure

upgrade e.q. U-Tapao airport, ports, railways and motorway linkage

New industrial estate i.e. WHA ESIE 3 to be developed in 2018 to consummate 10 operating industrial estates

Continue International Expansion with Focus on Vietnam Commencement of Nghe An Project 1st phase milestone 1 of

approx. 906 rais (145 Ha) starting from 2018 Leverage on growing Vietnam capability to expand to new

potential location Expand towards High-Value Industrial Project, specifically Specialized Estates Capture opportunities from EEC to develop specialized

industrial estate Further apply with EEC committee to develop the special

investment promotion zone for high-value industrial project e.g. Aerospace, Future Automotive, Robotic

Develop Strategic Partnership with Land Owners or Local Developers for Business Expansion and Land Acquisition Develop relationship with identified partners with potential

synergy for both domestic and international business expansion


Remark: *Land sale and land transfer target for both domestic and international estates

15 Nov 2018 19 Nov 2018 22

Industrial Estate Business - Market Outlook Business and Financing Plan - 2018

Source: IMA Asia, Bank of Thailand, Thailand Board of Investment, World Economic Forum, World Bank 1/ Aggregate growth rates calculated using constant 2010 U.S. dollar GDP weight

0.9%

2.9% 3.2%

3.8% 3.9%

4.1%

0.5%

1.5%

2.5%

3.5%

4.5%

2014 2015 2016 2017 2018F

Real GDP YoY Growth (%)

In Favorable Position To Attract Investments

2.8% 2.8% 2.4%

3.0% 3.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

2014 2015 2016 2017 2018F

Global Growth To Improve External Demand

Real GDP1 Growth (%)

World’s Real GDP1 Growth Forecast

Thailand’s Real GDP Growth Forecast

GLOBAL COMPETITIVENESS

EASE OF DOING BUSINESS

Thailand Vs. CLMV + Indonesia

34th

41st

60th

26th

68th

72nd

Thailand Economic Government Programs To Increase Investments

Strong economic growth, solid export expansion, better purchasing power, confidence in EEC

Thailand and Vietnam lead in Global Investment Attractiveness

Solid Stepping Stone for Thailand Competitiveness

Bank of Thailand

Financial Institutions

First time in 10 years, Economic experts’ consensus on Global Economic Growth

15 Nov 2018 19 Nov 2018

High Speed Train (BKK-Rayong)

Investment: USD 4,471 mm Chachoengsao

Bangkok

Chonburi

Rayong

Double Track Railway

(Map Ta Phut Port)

Investment: USD 1,822

mm

U-Tapao International Airport

Capacity: 3 Million Passenger /

Year

Motorway (Map Ta Phut)

Investment: USD 580 mm

Map Ta Phut Industrial

Port Expansion

Investment: USD 290 mm

Laem Chabang Sea Port Expansion

Investment: USD 1,000 mm

23

Industrial Estate Business - Market Outlook Business and Financing Plan - 2018

“EEC, the First Area-based Development, to Transform the Country into an Innovation-driven Economy, a New Economic Model of Thailand 4.0”

Source: Thailand’s Eastern Seaboard by BOI, Opportunity Thailand Innovation-Driven Economy by BOI, Logistic2day

STRATEGIC LOCATION INFRASTRUCTURE LINKAGE EXCELLENT ATMOSPHERE

Infrastructure Development 10 Targeted Industries Development 1 2 Moving Toward New Technology with Industry Inclusive

U-Tapao International Airport

Laem Chabang Deep Sea Port

Map Ta Phut Phase 3 Port

Double-Track Railway

BKK-Rayong High-Speed Rail Link

1

2

Pattaya-Map Ta Phut Motorway 3

4

5

Sattahip Commercial Port

6

7

EECi Innovation Hub 8

EECd Digital Hub 9

City Development 3 CHACHOENGSAO

CHON BURI

SRI RACHA-LAEM CHABANG

New Bangkok Urban

Educational and Human Resource Development center

Incentive Enhancement 4 Investment Facilitation 5

PATTAYA-SATTAHIP

U-TAPAO

RAYONG

Center of Work-Life Harmony

World-famous Tourist Destination

Home of Future ASEAN’s Aviation & Marine Service Center

Home of Petrochemicals and Energy Industries

• Exemption from corporate income tax for up to 15 Years

• 17% personal income tax rate for management, investor, experts

• Exemption of import duties on machinery/raw materials

• Matching Grants for Investment/ R&D/ Innovation for Targeted Industries

• Permission to own land for BOI promoted projects

• Rights to state’s land lease for 50 + 49 years

• Five-year work visa issuance to attract investors, experts and scientists from around the world

• One-stop service centre to facilitate foreign investors and issue permits for trading, export and import all in one location

• EEC Fast-track designed to speed up launch of investment projects, will shorten the time frame to 8-10 months from the current average of 40 months

15 Nov 2018 19 Nov 2018

More Than 1,000 Corporate Customers Based

51,696 Rai of Industrial Land with 13,000 Rai of Sellable Land

155 Million M3 Water Utility Production and Treatment Capacity

478 Equity MW Under Operation and Grow

3 Data Centers with 461 racks

8 IEs with FTTx (to be completed)

2 IEs with NGD Pipeline

2.1 Million sqm of Rooftop for Solar Rooftop Opportunity

Business Alliances and Partners in All 4 Hubs

More than 2.1 Million sqm of Logistic Facilities

Ready to Serve Our Customer

24

Industrial Estate Business - WHA’s Readiness for EEC Business and Financing Plan - 2018

“WHA Uniquely Equipped to Capture EEC Opportunities”

15 Nov 2018 19 Nov 2018

Industrial Estate Business – More Favorable Tax Incentive for EEC Area

25 Source: European Chamber Luncheon BOI Policy Update, March 2017

B O I – A c t i v i t y / S e c t o r B a s e d S8 = Technology based activities, giving incentive to

development of Biotechnology, Nanotechnology, Advanced Material Technology and Digital Technology

A1 = Knowledge-based activities, focusing on R&D and design to enhance the country’s competitiveness

A2 = Activities in infrastructure for the country’s development, activities using advanced technology to create value added, with none or very few existing investments in Thailand

A3 = High technology activities which are important to the country’s development, with a few investments already existing in Thailand

A4 = Activities with lower technology than A1-A3 but add value to domestic resources and strengthen supply chain

B1-B2 = Supporting industries that do not use high technology but are important to value chain

The EEC will receive a super incentive promotion package which goes far beyond the current regulations of the BOI-Act as followings: The exemption for corporate income

taxation (CIT) will be granted up to 15 years instead of the current maximal tax holidays of eight years.

A maximum personal income tax rate of 17% for management, investor, experts.

A five-year business visa, A land lease for 50+49 years, Trade using foreign currencies directly

without having to exchange it into Thai baht,

B O I – A r e a B a s e d

• R&D

• Support academic/research institutes, or technology and human resource development funds

• IP licensing fee

• Advanced Technology Training

• Development of local suppliers

• Product and packaging design

Merit on Competitiveness

Enhancement

Merit on Decentralization

Merit on

Industrial Area

Development

B O I – M e r i t B a s e d

• SEZ (10 Provinces)

• Southern Border (4 Provinces, 4 Districts)

• 20 Provinces with the Lowest per Capita Income

• Industrial Estates/Zones

• Science and Technology Parks

B O I - E E C P a c k a g e

Promote investments in the targeted industries located in EEC provinces

Special Investment Promotion Zone • Additional Corporate Income Tax holiday for 2 years

(maximum tax holiday up to 10 years) • Additional 50% reduction on Corporate Income Tax for 5

years

Industrial Promotion Zone to support targeted industry • Additional 50% reduction on Corporate Income Tax for 5

years

Industrial Estates or Industrial Parks located in 3 EEC provinces • Additional 50% reduction on Corporate Income Tax for 3

years

(As of 22nd November 2017)

E E C A c t

(Expected to become effective in Q12018) Area-based Promote investment that is 3 provinces – Rayong, Chonburi, and Chachoengsao

• Exemption from corporate income tax for up to 15 years (subject to further announcement on required qualifications)

• Exemption of import duties on machinery/raw or essential materials imported for use in production for export/ goods for R&D

• Matching Grants for Investment/ R&D/ Innovation/ Human Resources Development for Targeted Industries

• Permission to own land for BOI promoted projects

• Rights to state’s land lease for 50 years, renewable upon approval for a further 49 years

• 17% personal income tax rate for foreign executives working for regional headquarters or international trading companies, treasury centres, along with regional R&D centres

• One-stop service centre to facilitate foreign investors, provide useful information, and issue permits for trading, export and import all in one location

• Five-year work visa issuance to attract investors, experts and scientists from around the world

Exemption of CIT Exemption of Import Duty on

Machinery

Exemption of Import

Duty on Raw Material

Non-Tax

S8 10 Years (No Cap) + Merit

A1 8 Years (No Cap) + Merit

A2 8 Years + Merit

A3 5 Years + Merit

A4 3 Years + Merit

B1 0 Years + Merit (for some activities)

B2 - -

S8

Business and Financing Plan - 2018 St

and

ard

BO

I In

vest

me

nt

Pri

vile

ge

Spe

cial

Ince

nti

ve fo

r EE

C A

rea

Special Investment Promotion Zone (EECa, EECd, EECi)

• Additional Corporate Income Tax holiday for 2 years (maximum tax holiday up to 10 years)

• Additional 50% reduction on Corporate Income Tax for 5 years

• Applicants are required to provide training in science and technology for at least 10% of employees or a minimum 50 people a year

Industrial Promotion Zone for the targeted industries (IEs which has been promoted/qualified as industrial promotion zone e.g. WHA ESIE 4)



Industrial Estates or Industrial Park located in EEC provinces (General IPs not qualified as industrial promotion zone)



State Owned

Enterprises

Private Companies

Private Companies

Corporate

Personal

Others

• Maximum personal income tax of 17% for management, Investors and experts

• Five-year work permit

• Land lease up to 99 years (For State-owned Enterprise Land)

• Freehold land (For industrial estate developed in private operator) • Fast-track EIA

15 Nov 2018 19 Nov 2018

Utilities Business

26


Target Sale Volume of Utilities : 109 mm m3 per year Improving GPM by change in product mix and initiative of RO technology to supplant the processed water

Extend our Leadership in Industrial Estate Utilities Business To continuously build up reputation and trust by

improving service quality and enhancing R&D

Continue Expanding Markets To grow with new Industrial Estates

- WHA ESIE 3 to be launched in 2018 - Nghe An Vietnam Phase 1 to commence in2018 - Exploring opportunities in Vietnam

To serve on-premise demand (in WHA Industrial Development and outside) - Under negotiation process with customers

To tap non-industrial market (Municipal, commercial buildings) - Capturing the opportunities from specialized estates

To enter into other CLMV - Feasibility Study on the water supply projects in

Myanmar and Vietnam

Continue Adding More Products/Services To expand products mix to cover recycled water,

demineralized water, desalination, RO water, etc.


15 Nov 2018 19 Nov 2018

Power Business

27


From 478 Equity MW to achieve 511 Equity MW since Jan 2018 (completed) Additional solar rooftop is targeted to be another 10 MW

Leverage WHA Group’s Resources and Customer Base To capture huge opportunity from IE roof and over 2

million sq.m. logistics properties’ roof areas - Offering service to customers - Exploring solar rooftop opportunity outside WHA

Industrial Development IEs Exploring municipal waste to energy Exploring energy management services for IE customers

Leverage on our Extensive Strategic Partnership Continue to enlarge our alliance network To co-develop new projects

- Natural gas distribution projects in WHA ESIE 2 and WHA ESIE 4

Utilize Synergy within WHA Group to Expand Footprint to CLMV To expand power business internationally following WHA

Group’s expansion footprints in CLMV and through co-investment with leading power companies


15 Nov 2018 19 Nov 2018

Digital Platform Business

28


80% year-end Occupancy Rate of Data Center 9 FTTx in all WHA Industrial Development IEs 50% of Revenue in Managed Services which is Complementary to Data Center Rental Business

Completion of Data Center Roll-out in 3 Strategic Location Leveraging on WHA Group Customer Base • Establish 3 tier-3 data center with 617 racks by year-end

2018 • Commence operation of all FTTx in all WHA Industrial

Development IEs Gradually move up the Value Chain to Platform as a Service (PAAS) from Existing Infrastructure as a Service (IAAS)


Big-Data + Data Analytics

Cloud computing + Wholesaler-Retailer Model

Co-location (DR+DC)/ FTTx/Networking/CCTV/Conference call

Platform as a Service

Infrastructure as a Service

Solution as a Service

15 Nov 2018 19 Nov 2018

Digital Platform Business - Market Outlook

29

Asia-Pacific Data Center Revenue forecast

Note: Forecasted for 2017-2022 Source: Frost & Sullivan analysis

The key theme driving more than 2 digits growth across Asia-Pacific is the strong digital needs of emerging economies with huge populations such as China, India, and Indonesia

Furthermore rising complexities within the IT infrastructure brought about by virtualization and consolidation, coupled with various cost constraints, are encouraging enterprises to look into adopting third-party data center services

Total Data Center Workload by Region This shown Asia Pacific has highest compounding growth comparing with other region because the governments of many Asia-Pacific countries have been able to commit to massive investments to develop the data center industry

Source: Cisco Global Index, 2015-2020

Global Demand for Data Center – Asia’s data center markets are in various stage of growth

Thailand Data Center Market

232 277 330

391 459

535

0

100

200

300

400

500

600

2015 2016 2017F 2018F 2019F 2020F

Valu

e (

US

D m

illio

n) CAGR= 18.19%

Source: International Data Corporation

IDC Thailand estimates that the data center services market — which includes hosting infrastructure services, application management, and network and endpoint outsourcing services is growing at a fast pace at a compound annual growth rate (CAGR) of over 18% from 2015 to 2020

Growth Analysis For Thailand, government’s greater emphasis on technology and IT infrastructure will spark greater demand for data centers in the country. Some of this revolves around the establishing of a digital innovation park with the relevant infrastructure and facilities to cater to a new generation of digital businesses. It is consistent with the graph show that during 2015-2022 Thailand is in the high Growth Stage for this industry

Source: Frost & Sullivan analysis

Thailand Demand for Data Center is in high growth stage


15 Nov 2018 19 Nov 2018

Key Significant Events

Progress on WHART Monetization

Filing Effective: 1 Nov 2018

Subscription Period (RO and PO): 15 – 27 Nov 18

Asset Transfer: early Dec 2018

Targeted Asset Value: THB 4,464.5 mm

CG Score

Received 5-star rating from Thai Institute of Directors (IOD) on Oct 2018

30

Progress on HREIT

Monetization

Most Recent Bond Issuance

CG Score Upgrading

Progress on WHART

Monetization

1

2

3

4


Progress on HREIT Monetization

Obtained “BBB+” rating from TRIS on Oct 2018

c.15,900 sqm leaseable area planned for asset monetization to HREIT within this year-end by HREIT’s additional loan and internal cash

Most Recent Bond Issuance

THB 3.5 bn issued by WHA on 19 Oct 2018 with the average coupon rate of 3.81% from 2, 3.5, 5 and 7-year tranche with the effective duration of 5.9 years

5 Vietnam Project

Received land handover by Vietnamese government and started construction on infrastructure work on July 2018

Progress on Vietnam Project

15 Nov 2018 19 Nov 2018

240 421

299

549 539

970

2 0 1 6A 2 0 1 7A

74 109

273 132

347 242

3 Q2 0 17A 3 Q2 0 18A

188 283

461 320

649 603

9 M 2 017A 9 M 2 018

204 190

2,163 1,391

1,259

2,367 2,840

48% 46%

9 M 2 0 1 7 A 9 M 2 0 1 8 A

5,458

2,947

2,425

3,343

6,279

14,163

6,290 32%

47%

2 0 1 6 A 2 0 1 7 A

72 -

373

158 -

445

158

48%

79%

3 Q 2 0 1 7 A 3 Q 2 0 1 8 A

Profitability by Business Financial Performance

31

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 SALE OF PROPERTIES BUSINESS

Remark: Other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, and other income Unit: THB mm

OTHER REVENUES

The decrease in other revenues in 9H’18 was mainly due to right of way charged which occurred in Q3’2017, while, dividend income and management fee from REITs and profit from JV in logistics business increased as well as higher dividend income from Glow IPP.

During 9M’18, the GPM dropped from 48% to 46% due to PPA impact particularly from sale of Investment Properties to HREIT.

For the 3Q’18 GPM jumped to 79% was mainly due to low cost of plot of land sold.

The decrease in GPM from 58% to 51% during 9M’18 and from 60% to 52% during 3Q’18, resulting from change in product mix between BTS and RBF/RBW.

Real GPM before PPA of 9M’18 and 3Q’18 : 52% and 53% Real GPM before PPA of 9M’18 and 3Q'18: 57% and 82%

157 127

140 143

297 270

60%52%

3 Q 2 0 1 7 A 3 Q 2 0 1 8 A

815 638

839

510

1,654

1,148

67%

57%

2 0 1 6 A 2 0 1 7 A

471 381

375 371

846 752

58% 51%

9 M 2 0 1 7 A 9 M 2 0 1 8 A

15 Nov 2018 19 Nov 2018

1,441 1,558

108 24

45% 44%

498 525

1 19

40%43%

1,788 1,939

216 136

40%

44%

2016

2017

3Q2017A

3Q2018A

9M2017

9M2018A

Profitability by Business (Con’t) 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

Financial Performance

Remark: Power & Utility Businesses were full year performance comparing to WHAUP, which was partial consolidation 32

UTILITIES BUSINESS POWER BUSINESS Unit: THB mm

The increase in sales and service income from utilities business came from the increase in sale of all type of water including industrial water raw water and wastewater treatment from the same period of last year.

The GPM of Utilities sale has also improved from 40% to 43% during 3M Y-o-Y and 40% to 43% during 9M Y-o-Y (excluding excessive charge) due mainly to the higher proportion from industrial water sale as well as the initiative of RO technology.

In 9M’18, the power business performance was slight lower compared to that in 9M'17 due to less favorable FX impact of THB currency. There was FX impact of THB 60 mm in 9M’18 compared to THB 459 mm in 9M’17 .

However, if excluding FX impact of power business and one-off item related to Gheco-One, share of profit in 9M’18 significantly increased by 42% compared with the same period of last year.

Unit: THB mm Real GPM before PPA of 9M’18 and 3Q’18 : 47% and 46%

2,004

2,075

499

544

1,549

1,582

1 19 20498 525 57840% 46%

Utility Excessive Charge Margin

2016

2017

3Q2017A

3Q2018A

9M2017A

9M2018A

917 1,209

48

718 965

1,926

432 490

120 125 552

543

(71)

1,031 1,461

459

60

1,490 1,450

(71)

(71)459 60 1,031 1,461 1,284

Nomalized Share of Profit Impact From FX Write-Off Tax Payment

15 Nov 2018 19 Nov 2018

Rental property233 6%

Sale of Industrial Estates

943 22%

Sale of IP's356 8%

Utilities702 16%

Power1,450 34%

Others603 14%

Rental property752 11%

Sale of Industrial Estates1,391 19%

Sale of IP's1,449 20%

Utilities1,582 22%

Power1,450 20%Others

603 8%

Revenue and Gross Profit Breakdown

33

9M'18 GROSS PROFIT BREAKDOWN

9M'18 REVENUE BREAKDOWN

Unit: THB mm Unit: THB mm

TOTAL

THB 7,227 mm TOTAL

THB 4,288 mm

Remark: Share of profit from JV’s and Associates included Remark: 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 = 61:39 Recurring vs Non-Recurring = 70:30


Remark: Power & Utility Businesses were full-year performance, comparing to WHAUP, which was partial consolidation

15 Nov 2018 19 Nov 2018

Financial Position

34

Unit: THB mm

CAPITAL STRUCTURE ASSETS

Unit: THB mm

RETURN ON INVESTMENT

Total assets has increased to THB 74,783 mm due mainly to higher investment in associates.

The investment properties dropped from THB 9,422 mm to THB 8,806 mm due to reclassification to non-current assets held for sale particularly for assets to be monetized into WHART of THB 715 mm.


Remark: ROE = Trailing 12 months net Income attributable to parent / Average total equity attributable to owners of the parent

ROA = Trailing 12 months net income / Average total asset ROIC = Trailing 12 months NOPAT / Average Invested Capital (IBD and Equity)

Others

Intangible Assets & Goodwill

Investment Properties

Investment in Associates

Non-Current Assets Held for Sale

Cost of Real Estate Development

Cash & ST Investments

4,744 1,920 1,968

14,648 13,740 13,413

-835 715

9,928 12,339 14,001

11,026 9,422 8,806

21,694 21,694 21,694

12,744 13,669 14,186

74,784 73,619 74,783

0%

20%

40%

60%

80%

100%

120%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2 0 1 6 2 0 1 7 3 Q 2 0 1 8 A

Cash & ST investments Cost of real estate developments

Non-current assets held for sale Investment in associates

Investment properties Intangible assets & goodwill

Others

41,995 34,398 35,463

52,821 45,086 45,618

21,962 28,533 29,164

1.91

1.21 1.22

2.41

1.58 1.56 1.70

1.12 1.15

(2 )

(1 )

-

1

2

0

10 ,0 00

20 ,0 00

30 ,0 00

40 ,0 00

50 ,0 00

60 ,0 00

2 0 1 6 2 0 1 7 3 Q 2 0 1 8 A

IBD Liabilities Equity IBD/E D/E Net IBD/E

14.46% 14.00%

12.40%

4.12%5.17% 5.40%

8.41% 8.59% 8.29%

0%

2%

4%

6%

8%

10%

12%

14%

16%

2 0 1 6 2 0 1 7 3 Q 2 0 1 8 A

ROE ROA ROIC

15 Nov 2018 19 Nov 2018

B/E & P/N

1,790 5%

Bond28,333 83%

Term Loan3,999

12%

B/E & P/N1,410

8%

Term Loan

-…

Bond16,995

92%

Term Loan-

0%

Debt Profile

As of December 2017

Unit: THB mm

As of September 2018

Unit: THB mm


35

Weighted Average Interest Rate

4.34%

WHA WHA ID


3.75%

WHAUP WHA WHA ID WHAUP

Bond4,000 50%

Term Loan3,999 50%


3.76%

B/E & P/N400 4%

Bond10,138

96%


5.40%

B/E & P/N1,390

9%

0.00%Term Loan

-

Bond14,195

91%

5.53%Term Loan

-


3.88%

Bond9,000 100%


3.17%

B/E & P/N1,800

19%

Bond7,638 81%


4.86%

B/E & P/N2,020 12%

Term Loan

-…

Bond14,725 88%

Term Loan-

0%

B/E & P/N

3,820 11%

Bond31,363 89%


3.44%

15 Nov 2018 19 Nov 2018

Debt Maturity Profile & Finance Cost

DEBT SERVICE FOR EACH PERIOD

Unit: THB mm

FINANCE COST


Unit: THB mm As of October 18

36

2,284 2,432

1,617

- 500

1,000 1,500 2,000 2,500 3,000

2 0 1 5 2 0 1 6 2 0 1 7

2015 2016 2017

1,278 944

- 200 400 600 800

1,000 1,200 1,400

9 M 2 0 1 7 9 M 2 0 1 8

Consolidated

290

3,855 5,538 4,000

454 1,428

280

2,380

1,290

638 2,000

1,000

2,500 1,500

1,800

4,000 2,390

1,290

1,320

290

7,583 8,390

1,454

2,718 2,780

5,200

2018 2019 2020 2021 2022 2023 2024 2025

WHA : Bond WHA: B/E & P/N WHA ID : Bond WHA ID : B/E & P/N WHAUP: Bond

9,538

(2)

Remark : (1) THB 2,500 mm bond which will mature in 2024 has embedded call option from the year 2019

Remark : (2) THB 1,000 mm bond and THB 1,500 mm bond which will mature in 2022 and 2025 respectively, have embedded call option from the year 2020Remark

:

(2)

(1)

15 Nov 2018 19 Nov 2018

Appendix

37

15 Nov 2018 19 Nov 2018

5-Year Aspirations

38

2020 Goals

Recurring Income c. 50%

NPAT Growth 10%-15% p.a.

ROE 18%-20%

Gearing Ratio <1.0x

Growth Driver

• Consolidate and Synergize 4 Business Hubs together with Utilizing Our Established Platform

• Maximize Asset Value and Productivity

Expand through Strategic Investment and Acquisition

Expand to Strategic Countries, especially CLMVI countries

Measurement

• Recurring Income c. 50% • Improvement of Margin

• Increase revenue and net profit from overseas

Appendix

15 Nov 2018 19 Nov 2018 39

Investment in Vietnam – Nghe An Project Overview

Tentative Project Timeline

Received IRC (Investment Registration Certificate) from the Vietnamese government

Area granted: 498 hectares (c. 3,100 rais)

Received IRC (Investment Registration Certificate) from the Vietnamese government

Area granted: 498 hectares (c. 3,100 rais)

Submitted construction drawing/detail design

Q2’17 Q4’18

Granted EIA approval for the 1st phase of 498 ha.

Successful relocation by Vietnam government

Started construction mobilization

1H’18 Q3’18

Granted Investment Registration Certificate for 1st phase of “WHA Industrial Zone – Nghe An” of 498 hectares (c. 3,100 rais) in Nghe An province

Appendix

2017

o Continue developing infrastructure and facilities

o Land available for early customer at the end of quarter

Land grading and road work including dyke and drainage work

15 Nov 2018 19 Nov 2018

Business Overview – I. Industrial Estates Vietnam

Key Facts

Source: Nghe An Center for Investment Promotion and Development Consultancy

Nghe An Project Overview

Highly Populated (3.2 mm people)

Largest Province By land area (16,000 km2) #1

#4

Labor Force 1.9mm

10.5% Provincial GDP Growth (higher than nation’s average)

WHA Hemaraj IZ 1 and 2 in Dong Nam

Economic Zone

288 km South of Hanoi

8 40

15 Nov 2018 19 Nov 2018

Total Land Area of 498 ha in Phase 1


9

PHASE 1

160 Ha

Industrial

2019

Corporate Overview

41

15 Nov 2018 19 Nov 2018

WHA Industrial Zone 2 – Nghe An Tho Loc

Vinh City

35 km

10 km

3 km

8 km

WHA Industrial Zone 1 – Nghe An Nam Cam

WHA Industrial Zone – Nghe An’s trade connectivity

Source: Nghe An Center for Investment Promotion and Development Consultancy, Google Map

Dong Hoi Seaport (2020)

Cua Lo Seaport

Cua Lo International Deep Seaport

Airways

Vinh Airport • Capacity: 3 million passenger per

year

Seaports

Cua Lo Seaport • Distance:15km from Vinh City • Capacity: 20,000 DWT*

Cua Lo International Deep Seaport • Capacity: 70,000 DWT*

*Remark: DWT stands for Deadweight Tonnage 10


Roadways

• Highway 1A • National Road 15 • Ho Chi Minh Highway • National Road 46 • National Road 48 • National Road 7

Future Route

• Highway 8 • North-South railway connecting

Hanoi to Ho Chi Minh City • Vinh Grade 1 railway station: 3rd

largest passenger and cargo transit in Vietnam

Railways

42

15 Nov 2018 19 Nov 2018

Shareholding Information / Board of Directors

Shareholding Information/1

Top 10 Shareholder/1

Shareholder No. of Share/3 %

1) WHA Holding Co., Ltd. 3,629,083,491 25.3% 2) Ms. Jareeporn Jarukornsakul 1,471,761,769 10.3% 3) Mr. Somyos Anantaprayoon 1,032,666,723 7.2% 4) CREDIT SUISSE AG, SINGAPORE BRANCH 321,473,360 2.2% 5) STATE STREET BANK EUROPE LIMITED 1,563,032,885 10.9% 6) Thai NVDR Co., Ltd. 691,110,069 4.8% 7) SCB Securities - 101S 317,042,900 2.2% 8) N.C.B.TRUST LIMITED-NORGES BANK 11 186,861,000 1.3% 9) Mr. Sanchai Suksomchewin 156,710,000 1.1% 10) Mr. Wut Jarukornsakul 132,000,000 0.9%

• Major shareholder 47.3%

• Other pre-IPO shareholder /1 3.2%

• Post-IPO Investors 49.5%

Major Shareholder /2

Paid-up Capital

(THB 1,432.2 mm)

43

Board of Directors and Management

Appendix

Remarks: /1 Shareholder information as of Apr 30, 2018 /2 Major shareholder holds 45% of the total outstanding shares while parts of major shareholders shares are hold via Credit Suisse AG, Singapore Branch.

Mr. Jakrit Chaisanit Director

Chief Operating Officer-Logistics business

Dr. Kritsana Sukboonyasatit

Independent Director

Member of the Audit Committee

Dr. Somsak Pratomsrimek



Ms. Jareeporn Jarukornsakul Chairman of Board of Directors

Group Chief Executive Officer

Mr. David Richard Nardone Vice Chairman of Board of Directors

Chief Executive Officer- Industrial Business

Mr. Vivat Jiratikarnsakul Director

Chief Operating Officer-Industrial business

Mr. Arttavit Chalermsaphayakorn

Director

Chief Financial Officer

Mr. Narong Kritchanchai Director

Chief Legal Officer

Mr. Krailuck Asawachatroj Director

Chief Strategic Officer

Mr. Somsak Boonchoyreungchai

Director

Vice President of Accounting

Dr. Pichit Akrathit


Chairman of the Audit Committee

Independent Directors

Dr. Apichai Boontherawara



Board of Directors and Management

15 Nov 2018 44

Selected Logistics Customers Appendix

CONSUMER GOODS

DANGEROUS GOODS

FOOD CHAIN AND PET FOOD

HEALTHCARE

AUTOMOTIVE

THIRD PARTY LOGISTICS (3PL)

AIRCRAFT MANUFACTURING

E-COMMERCE

15 Nov 2018 19 Nov 2018 45

Selected Industrial Customers Appendix

wha corporation public company limited · the information contained in this presentation is for...

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