CK POWER PU B LIC COMPANY LIMITED JANUARY 2016
Agenda Our Group Our Portfolio • Business Overview Significant Events in 2015 • Financial Performance Financial Highlights Industry Outlook • CKP Outlooks CKP in the Next 5 Years Looking Forward • Xayaburi Acquisition CKP Snap Shot 1 Page 2
Our Group: Infrastructure Oriented 19.04% 27.47% Ch. Karnchang TTW Public Bangkok Expressway and Public Company Public Company Metro Public Company Limited (TTW) Limited (CK) Limited (BEM) Infrastructure Oriented 19.4023% 25.3140% - Transportation System CKP 30.2480% 25.0357% - Tap Water Supply Cogeneration – 238 MW Solar – 22 MW Hydro – 1,900 MW - Electricity Supply Ultimate Parent Company as the EPC contactor 56% 30% 65% Bangpa-in SouthEast Asia Xayaburi Power Cogeneration Company 100% Bangkhenchai Company Energy Company Limited (BIC) Company Limited (XPCL) Limited (SEAN) - BIC Phase 1 Limited(BKC) 75% - BIC Phase 2 30% Chiangrai Solar Nam Ngum 2 CompanyLimited Company (CRS) Limited 30% Nakorn Ratchasima (NN2) Solar Company Limited (NRS) Remark : Shareholding percentage as of June 25, 2015 Page 3
Our Portfolio: Diversified Portfolio Hydro – 1,900 MW Solar – 22 MW Cogeneration – 238 MW CKP BKC NRS BIC 1 BIC 2 CRS NN2 XPCL Operation Construction Operation Construction Operation COD/SCOD Jan 2013 Oct 2019 Jun 2013 Jun 2017 Aug 2012 Mar 2013 Mar 2012 42% 1/ CKP’s shares 30% 65% 65% 100% 30% 30% Capacity MW 615 1,285 118 120 8 8 6 Equity MW 258 385 76 78 8 2 2 BIC Phase 1 - BIC Phase 2 - Total Capacity MW = 2,160 MW Total Equity MW = 810 MW Remark : 1/ CKP owns 56% in SEAN which holds 75% in NN2. Page 4
NN2HPP: Storage Dam Project Summary Initial Operation Date March 2011 (IOD) Commercial Operation January 2013 Date (COD) NN2 25 years from COD Concession Period with the GOL - 615 MW with EGAT Transmission Power Purchase Line - Take or Pay Agreement - 25 years from COD - SEAN 75% Shareholders - EdL-Gen 25% - CKP 56% Thai-Lao Shareholders of SEAN - RATCH 33% Border - Other 11% Page 5
NN2HPP: Operating Highlights Electricity Sold and Revenue GWh MB 3,000 4,500 4,097 3,967 Power Generation 3,883 3,838 4,000 3,802 Installed Capacity 615 MW • 2,500 151 654 (3x205 MW) 101 95 3,500 88 92 16 • Annual Supply Target 2,310 GWh - 41 plus Excess Energy 154 2,000 3,000 - PE 2,218 GWh per year - SE 92 GWh per year 2,500 1,500 Tariff Structure 2,000 PE Tariff SE Tariff EE Tariff 2,314 2,218 2,218 Year USD / THB / THB / THB / 2,153 1,000 1,500 1,971 kwh kwh kwh kwh IOD period 0.02475 0.963 1.253 1.060 1,000 COD + 6 years after COD 0.02475 0.965 1.255 1.062 500 500 Thereafter 0.02668 1.041 1.353 1.062 IOD period = Mar 26, 2011 to Dec 31, 2012 COD = Jan 1, 2013 - 0 2011(Mar-Dec) 2012 2013 2014 2015(F) PE SE EE Revenue (Secondary Axis) Page 6
NN2HPP: Operating Highlights Monthly Electricity Production and Reservoir Level GWh MCM 300 1,800 1,600 250 1,400 200 1,200 1,000 150 800 100 600 400 50 200 - - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014-Production 2015-Production 2014-Inflow (Secondary Axis) 2015-Inflow (Secondary Axis) * Water level as at end of 2015 = +372.45 m.asl. Page 7
Xayaburi HPP: Run-of-River Project Summary Scheduled COD October 2019 Concession 29 years from COD Period - 1,220 MW with EGAT Power Purchase - 60 MW with EDL Agreement - Take or Pay - CKP 30.0% - Natee Synergy 25.0% (PTT Group) Shareholders of - EDL 20.0% XPCL - EGCO 12.5% - BEM 7.5% - PT Sole 5.0% - Installed Capacity 1,285 MW - EGAT: 7 x 175 MW via 500 kV - EDL: 1 x 60 MW via 115 kV - Annual Supply Target - EGAT: 5,709 GWh plus EE Power Generation ( Levelized tariff 2.159 THB/kWh with fx = 34 THB/USD) - EDL: 343 GWh ( Levelized tariff 2.173 THB/kWh with fx = 34 THB/USD) Page 8
Xayaburi HPP: On Schedule Work Progress as of December 2015 = 56% Transmission Line 6 5 Fish Migration 1 Navigation Lock 2 Spillway 4 3 Powerhouse Intermediate Block Phase 1 Phase 2 Source: www.xayaburi.com Page 9
BIC 1 & 2: Gas-fired Cogeneration Project Summary COD-BIC 1 - June 2013 SCOD-BIC 2 - June 2017 Concession Period 25 years from COD - 90 MW with EGAT (Min. Take or Pay with Bangpa-in Industrial Estate gas price pass-through Power Purchase mechanism) Agreement - Selling the rest of BIC 1 electricity and steam to industrial estate BIC 2 BIC 2 users - CKP 65% Shareholders of BIC - GPSC 25% - Other 10% BIC 1 - 118 MW of electricity - 20 tons per hour of steam Installed Capacity BIC 2 - 120 MW of electricity - 20 tons per hour of steam Page 10
BIC 1: Operating Highlights Electricity and Steam Production Monthly Electricity and Steam Production MB GWh Ton GWh 800 3,000 2,716 80 10,000 2,578 114 700 123 2,500 600 9,000 70 2,000 500 1,289 8,000 400 1,500 44 647 636 60 300 1,000 7,000 200 332 500 100 50 6,000 - 0 2013(Jun-Dec) 2014 2015(F) EGAT Ius Revenue (Secondary Axis) 40 5,000 Ton MB. 90 120,000 4,000 80 77 30 80 100,000 70 3,000 80,000 60 20 50 2,000 60,000 40 97,312 94,328 10 1,000 30 40,000 21 20 20,000 - - 10 24,442 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 - 2013(Jun-Dec) 2014 2015(F) 2014-Electricity 2015-Electricity 2014-Steam 2015-Steam Steam Revenue (Secondary Axis) Page 11
BIC 2: On Schedule Work Progress as of December 2015 = 19% Page 12
BKC: Ground-mounted Solar Farm Nakhon Ratchasima Project Summary Province BIC 1 COD August 2012 BKC 5 years from COD with Concession Period BIC 2 automatic renewal - Provincial Electricity Power Purchase Authority (PEA) Agreement - Adder: 8 Baht / kWh for 10 years from COD Shareholders of BIC CKP 100% Capacity 8 MW Page 13
BKC: Operating Highlights Monthly Electricity Production and Irradiation Electricity Production kWh/m 2 MWh MWh MB 180 16,000 1,600 7 163 160 158 160 14,000 1,400 6 140 12,000 1,200 5 120 10,000 1,000 4 100 800 8,000 80 14,001 14,077 13,979 3 65 600 6,000 60 2 400 4,000 40 5,665 1 200 2,000 20 - - - 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012(Aug-Dec) 2013 2014 2015(F) Avg. Tariff 11.4740 11.4278 11.6482 11.4537 2014-Electricity 2015-Electricity 2014-Irradiation 2015-Irradiation (THB/kWh) Page 14
CKP: Significant Events in 2015 AGM approvals on 9-Apr-2015 4. XPCL Acquisition Acquisition: 30% of XPCL’s registered capital 2. First Dividend Total shares: 805,830,000 shares Dividend payment: THB 0.10 per share Total value: approx. THB 4,344 Million Payment date: 27-Apr-2015 Transaction date: 10-Jun-2015 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1. Par Value change Old par value: THB 5 per share 3. Capital increase New par value: THB 1 per share Total new shares: 1,870 Million shares Transaction Date: 20-Apr-2015 Right Offering price: THB 3 per share Total capital increase: THB 5,610 Million Register date: 29-May-2015 Issuing CKP-W1 Total units: 1,870 Million units Register date: 29-May-2015 Page 15
CKP: Financial Highlights 9M 2015 – CKP Performance Diversified portfolio Revenue exc. Fx MB 6,000 Stable revenue stream with 5,043 4,845 5,000 long-term contracts 4,000 3,000 1,968 1,765 1,730 1,661 1,676 1,548 1,508 2,000 Healthy margin 1,000 - Rainfall delay in 2014-2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 9M 2014 2014 2014 2014 2015 2015 2015 2014 2015 Solar Electricity 3% Sales by EBITDA exc. Fx sector MB 2,767 9M 2015 3,000 2,639 2,500 2,000 1,198 1,500 1,018 Cogeneration 955 962 902 793 774 Hydro 1,000 41% 56% 500 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M 9M 2014 2014 2014 2014 2015 2015 2015 2014 2015 EBITDA 57.7% 51.2% 55.2% 60.8% 54.3% 57.4% 51.4% 54.9% 54.5% Margin Page 16
CKP: Financial Highlights 9M 2015 – Finance Costs Low gearing ratio at 0.72 times 9-Month finance costs reduced by 9% due to loan repayment and interest rate reduction Natural hedge on USD loan and USD revenue NN2 Refinance is in process December 31, 2014 (MB) September 30, 2015 (MB) 569 746 518 485 480 3,987 3,925 Including Including $ 152M $ 140M 17,514 16,268 CKP NN2 BIC1 BKC CKP NN2 BIC1 BIC2 BKC Cost of debt 5.07% Cost of debt 4.83% DE Ratio = 0.72x DE Ratio = 0.89x Page 17
CKP: Financial Highlights 2016 Highlights To enhance electricity sales through water level monitoring To optimize O&M activities for quality and cost control To finalize NN2’s refinance in Q1 2016 Construction progress of BIC2 and XPCL Page 18
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