CK Power Public Company Limited Company Presentation November 2018 - PowerPoint PPT Presentation

CK Power Public Company Limited Company Presentation November 2018

Disclaimer The information contained in this presentation is intended solely for your personal reference only. This presentation is not intended to provide the basis for any investment decision, nor to substitute your own analysis and investigation, and should not be considered as a recommendation to any recipient of this presentation. Some statements made in this presentation are projections and forward- looking statements, with respect to CKP’s corporate plans, strategies and beliefs and other statements that are not historica l facts and are subject to various risks and uncertainties. These statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of CKP’s management in light of the information currently available to CKP. These assumptions inv olve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or should be relied on as a promise or representation of CKP as to the future. 2

Agenda 1. Business Overview 2. Financial Highlights 3. Looking Forward 3

Corporate Structure CKP focuses on investing in power generation and distribution assets for CK Group, which currently holds 72% of CKP. 29.98% (1) 19.40% (1) Bangkok Expressway 19.29% (1) CH. Karnchang Public TTW Public Company and Metro Public Public Company Limited (CK) Limited (TTW) Company Limited (BEM) 19.34% (1) 25.31% (1) CK Power Public 27.41% (1) 27.94% (1) Company Limited (CKP) (2) Hydro – 1,900 MW Cogeneration – 238 MW Solar – 22 MW 56% 37.5% 65% Bangkhenchai 100% Company Limited Bangpa-in SouthEast Asia Xayaburi Power (BKC) Cogeneration EnergyCompany Company Limited 8 MW Company Limited (BIC) Limited(SEAN) (XPCL) Bangpa-in Bangpa-in Chiangrai Solar 75% 1,285 MW 30% Cogeneration Cogeneration Company Limited Phase 1 (BIC1) Phase 2 (BIC2) Nam Ngum 2 (CRS) Power Company 118 MW 120 MW 8 MW Limited (NN2) 238 MW 30% Nakorn Ratchasima 615 MW Solar Company Limited (NRS) 6 MW (1) Shareholdingpercentageasof 29 June 2018; (2) Total paid-up shares = 7,370,000,000 shares 4

CK Power Milestones Since 2006, before the establishment of CKP in 2011, CK Group has already started developing multiple projects. These projects, along with platform of knowhow and expertise, were subsequently consolidated under CKP. Under CK Group’s Supervision Under CK Power’s Umbrella CKP established CKP’s BOD approved XPCL started acquisition of construction NN2 started construction 7.5% in XPCL Group restructuring, transferring NN2 IOD NN2, BIC, BKC, NRS, CRS under CKP NN2 COD CKP listed CKP acquired on SET 30% in XPCL 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 BIC1 COD CRS COD BIC2 COD BKC COD NRS COD BIC2 started BIC1 started construction XPCL SCOD construction NN2’s Construction Period XPCL’s Construction Period BIC1 BIC2 BKC 5

Portfolio Overview CKP has diverse portfolio of 6 operating and 1 under-construction power plants with the majority of installed capacity concentrated in hydroelectric type of power generation. Hydro – 1,900 MW Cogeneration – 238 MW Solar – 22 MW Xayaburi NN2HPP BIC 1 BIC 2 BKC CRS NRS HPP Operation Construction Operation Operation Operation Operation Operation COD / SCOD Jan 2013 Oct 2019 Jun 2013 Jun 2017 Aug 2012 Jan 2013 Mar 2012 CKP’s shares 42% (1) 37.5% 65% 65% 100% 30% 30% Capacity MW 615 1,285 118 120 8 8 6 Equity MW 258 482 76 78 8 2 2 Total Installed MW Capacity = 2,160 MW Total Equity MW Capacity = 907 MW (1) CKP owns 56% in SEAN, which holds 75% in NN2HPP 6

Projects’ Information NAM NGUM 2 HYDROELECTRIC POWER PROJECT (NN2HPP) XAYABURI HYDROELECTRIC POWER PROJECT (XAYABURI HPP) Type : Hydroelectric Power Project (Storage Dam) Type : Hydroelectric Power Project (Run-of-River) IOD (1) : March 2011 SCOD (6) : October 2019 COD (2) : January 2013 Concession Period : 31 years from COD 25 years from COD with the GOL (3) Concession Period : Annual Energy : 7,589 GWh Production Installed Capacity : 615 MW Installed Capacity : 1,285 MW • 615 MW with EGAT Power Purchase : • Turbines 7x175 MW = 1,225 MW with • 25 years from COD with EGAT Power Purchase : Agreement Agreement EGAT • Take or Pay • Turbine 1x60 MW = 60 MW with EdL • Installed Capacity 615 MW (3x205 MW) Power Generation : • Annual Supply Target 2,310 GWh plus Average Monthly : 3,890 cubic meters per second Inflow Excess Energy o PE 2,218 GWh per year Maximum : +275 m.asl. o SE 92 GWh per year Operating Level • SEAN Shareholders : 75.0% • CK Power Shareholders : 37.5% • EdL-Gen (4) 25.0% • Natee Synergy 25.0% • EdL • CK Power 20.0% Shareholders of : 56.0% • EGCO (7) • RATCH (5) 12.5% SEAN 33.0% • PT (Sole) • Others 5.0% 11.0% (1) Initial Operation Date; (2) Commercial Operation Date; (3) Government of Lao PDR; (4) EdL Generation (6) Schedule Commercial Operation Date; (7) Electricity Generating Public Company Limited Public Company Limited; (5) Ratchaburi Electricity Generating Holding Public Company Limited 7

Projects’ Information BANGPA-IN COGENERATION POWER PROJECT PHASE 1 (BIC1) BANGPA-IN COGENERATION POWER PROJECT PHASE 2 (BIC2) Type : Gas-fired Cogeneration Type : Gas-fired Cogeneration COD : June 2013 COD : June 2017 BOI (1) Privilege : Tax Privilege BOI Privilege : Tax Privilege • 90 MW with EGAT (minimum Take or Pay Power Purchase : • 90 MW with EGAT (minimum Take or Pay Power Purchase : Agreement with gas price pass-through mechanism) Agreement with gas price pass-through mechanism) • 25 years from COD with EGAT • 25 years from COD with EGAT • Selling the rest of electricity and steam to • Selling the rest of electricity to industrial industrial estate users estate users • 118 MW of electricity Installed Capacity : • 120 (3) MW of electricity Installed Capacity : • 20 tons per hour of steam • CK Power • CK Power Shareholders : 65.0% Shareholders : 65.0% • GPSC • GPSC (2) 25.0% 25.0% • Others • Others 10.0% 10.0% (1) The Board of Investment of Thailand; (2) Global Power Synergy Public Company Limited (3) Excluding approximately 4 MW of additional electricity capacity converted from steam production capacity 8

Projects’ Information BANGKHENCHAI SOLAR (BKC) NAKORN RATCHASIMA SOLAR (NRS) Type : Thin Film Solar Power Plant Type : Thin Film Solar Power Plant COD : March 2012 COD : August 2012 • Provincial Electricity Authority (PEA) Power Purchase : BOI (1) Privilege • 5 years from COD with automatic renewal Agreement : Tax Privilege (8 years from January 2012) • Adder: 8 Baht/kWh for 10 years from COD • Provincial Electricity Authority (PEA) Power Purchase : Installed Capacity : 6 MW • 5 years from COD with automatic renewal Agreement • CK Power • Adder: 8 Baht/kWh for 10 years from COD Shareholders : 30.0% • Sonnedix Thailand One 70.0% Installed Capacity : 8 MW CHIANG RAI SOLAR (CRS) Shareholders : CK Power 100.0% (1) The Board of Investment of Thailand Type : Multi-crystalline Solar Power Plant COD : February 2013 • Provincial Electricity Authority (PEA) Power Purchase : • 5 years from COD with automatic renewal Agreement • Adder: 8 Baht/kWh for 10 years from COD Installed Capacity : 8 MW • CK Power Shareholders : 30.0% • Sonnedix Thailand Two 70.0% 9

Asset Locations The majority of CKP’s current installed capacity is located in Lao PDR with the rest located in Thailand. 1. Nam Ngum 2 Hydroelectric Power Project (NN2HPP) Vientiane, Lao PDR CK Power’s 6 2. Xayaburi Hydroelectric Power Total MW Capacity 2 Project (Xayaburi HPP) 2,160 MW (1) 1 Xayaburi, Lao PDR Thailand 3. Bangpa-in Cogeneration Power Project (BIC1, BIC2) 12% Ayutthaya, Thailand 4 5 4. Bangkhenchai Solar Power 3 Plant 88% Nakhon Ratchasima, Thailand Lao PDR 5. Nakhon Ratchasima Solar Power Plant Nakhon Ratchasima, Thailand 6. Chiang Rai Solar Power Plant Chiang Rai, Thailand (1) Include under construction project 10

Agenda 1. Business Overview 2. Financial Highlights 3. Looking Forward 11

CKP’s 9M18 Consolidated Performance Consolidated Financial Performance Unit: Bt mn Key Highlights +9.0% YoY +34.8% YoY REVENUE • Revenue and EBITDA improvements in 9M18 was mainly driven by an increase of electricity sales from NN2 and BIC2. • 9M18 NPAT improved primarily from higher 7,027 6,930 6,809 6,786 6,359 5,631 5,033 contribution from NN2 and BIC2, and improvement in financial cost. EBITDA (1) -1.0% YoY +30.5% YoY 66% EBITDA 56% 56% 55% 53% 51% 51% Revenue Breakdown Unit: Bt mn Margin 3,960 3,762 3,694 3,586 3,551 3,492 Project Project 2,676 Management, 2% Management, 1% Others, 1% Others, 0% Solar, 2% Solar, 2% Hydro, 44% NPAT (1) -25.7% YoY +262.1% YoY 7% 7% 6% 9M17 9M18 4% 3% NPAT 3% 2% 5,033 6,786 Margin 472 478 412 219 214 Cogen, 44% Hydro, 51% 159 Cogen, 53% 132 2013 2014 2015 2016 2017 9M17 9M18 (1) 2016 EBITDA and NPAT excluded Bt 378 mn one-time write-off of Nam Bak Hydroelectric Power Project’s development cost. 12