Corporate Presentation Nine - Month Period Financial Results Ended 30 September 2007
Disclaimer Statement This presentation was made from the analysis of reliable information in order to assist investment community to better understand the company's financial status and operation. It also supports the "Good Corporate Governance Project" of the Securities and Exchange Commission (SEC). However, the information within this presentation has been derived from the existing factors in the present time. Therefore, the forward-looking information on this presentation may not occur in the future if the aforementioned factors or situations are changed. Investors are, however, required to use their own discretion regarding the use of information contained in this presentation for any purpose. For further information, please contact Investor Relations Section of the Electricity Generating Public Company Limited (EGCO) at Tel: (662) 998-5145-7 or Email: ir@egco.com. 2
Table of Contents • EGCO Group’s Overview • EGCO Group’s Investment • Financial Results • Appendices 3
EGCO Group ’ s Overview
EGCO Group’s Overview EGCO Vision Statement To be the leading Thai integrated electric power Company with comprehensive energy services in Thailand and in the ASEAN region, with full commitment to environment protection and social development support 5
EGCO Group’s Overview EGCO Group’s Strategic Direction • Focus on IPP bidding • Develop or acquire IPP projects including increase stakes in existing IPP projects • Seek ASEAN region opportunities especially in neighboring countries with cross-border electricity sale to EGAT • Negotiate on REGCO & KEGCO PPA Extension • Develop renewable energy projects (SPP) 6
7 Corporate Overview EGCO Group Investment
EGCO Group ’ s Investment • Projects under Construction • Future Projects
Projects under Construction GPG (Kaeng Khoi 2) Location : Saraburi, Thailand Technology : Combined Cycle Power Plant Installed Capacity : 1,468 MW (Unit #2 - 734 MW) Type of Fuel : Natural Gas PPA : 25-year with EGAT COD : 1 March 2008 (unit #2) ( Unit #1 - 5 May 2007) Mitpower EGCO Estimated Project Cost : USD 930 Million (Thailand) 50% 1% Financing : D/E Ratio is approx. 3:1 (Equity injection is back loaded). . Debt composition is 50% in USD and 50% in Baht. J. Power Tariff Structure : Revenues will be paid 50% in USD and 49% 50% in Baht. J. Power EGCO Mitpower ( Thailand) 9
Projects under Construction Nam Theun 2 Location : Khammouane, Laos Technology : Hydroelectric Power Plant Installed Capacity : 1,070 MW Contracted capacity to EGAT : 920-995 MW Type of Fuel : Hydro PPA : 25-year with EGAT COD : December 2009 EGCO LHSE* 25% Project Progress : Construction phase 25% Estimated Project Cost : USD 1.2-1.3 Billion Financing : D/E Ratio is approx. 3:1 (Equity injection is back loaded). I TD 15% EDFI Debt composition is 50% in USD and 50% in Baht. 35% Tariff Structure : Revenues will be paid 50% in USD and 50% EDFI EGCO LHSE* I TD 10 in Baht.
• Projects under Construction EGCO Group ’ s Investment • Future Projects
Future Projects Nam Theun 1 Project Location : Bolikhamxay, Laos Technology : Hydroelectric Power Plant Installed Capacity : 523 MW Type of Fuel : Hydro COD : 2013 Laos 20 % EGCO 40 % Project Progress EGCO signed Tariff MoU with EGAT Gamuda 40 % 12
Future Projects Wind – Power Project Location : The Southern coast of Thailand Capacity : 30-35 MW Feasibility Study : 18 Months Cost of Project : 1,800 MM Baht Eurus 20 % EGCO 30 % Project Progress EGCO signed MoU with PTT, WEGCO and EURUS conduct a feasibility study WEGCO 20 % PTT 30 % 13
Future Projects Waste – Powered Electricity Plant Project Location : Phuket, Thailand Capacity : 20 MW Cost of Project : 1,600 MM Baht SEPCO A sia 15% Project Progress EGCO 50% EGCO signed MoU with PTT and SEPCO- PTT Asia Group conduct a feasibility study 35% Note: Tentative por tion for investment 14
Future Projects LNG Receiving Terminal Project Location : Rayong, Thailand Capacity : Phase 1 - 5 MTA Phase 2 - 10 MTA COD : 2011 EGCO 20 % Project Progress PTT 50% EGCO signed MoU with EGAT and PTT conduct a feasibility study LNG Receiving EGAT Terminal 30% Note: Tentative por tion for investment 15
Financial Results
Financial Results Operating Results - Net Profit and EBITDA Ended September 30, 2007 and 2006 MM baht 9M07 9M06 9,974 7,810 7,390 5,054 609 99 -456 -614 -835 -949 -1,581 -1,613 EBITDA Interest Tax Depre & Amort Fx Gain (Loss) Net Profit after Fx, Tax 17
MM baht 18 Financial Results Segmental Operating Results Ended September 30, 2007
MM baht 19 Financial Results Segmental Operating Results Ended September 30, 2006
MM baht 20 Ended September 30, 2007 and 2006 Financial Results Cashflow
Financial Results Summary of Debt Structure Total Outstanding Balances Total Facilities 30 September 2007 USD 192 M. USD 48 M. JPY 1,260 M. JPY 873 M. Baht 20,287 M. Baht 11,775 M. • Total facilities and total outstanding balances of EGCO Group (Not in EGCO’s portion) • Total outstanding balances in Baht and Baht equivalent as of 30 September 2007 was Baht 13,636.16 M. 21 (EGCO’s portion was Baht 13,276.78 M.)
22 Financial Results Financial Ratio Highlights
Financial Results Capital Expenditure from 2007- 2009 MM baht Total 2007 (Jan - Sep) 2007 2008 2009 GPG (KK 2) 1,485 2,331 - - BLCP 7,903 7,903 - - NTPC (NT II) - - 903 1,510 NT I 67 248 391 - 23
Financial Results Dividend Policy Baht/Share 4.50 4.00 4.00 3.25 3.50 3.00 3.00 2.75 2.00 2.50 2.25 2.50 1.75 1.50 2.00 1.50 1.25 1.25 1.50 2.25 1.00 2.00 1.50 1.50 1.25 1.25 0.50 1.00 Year 0.00 2001 2002 2003 2004 2005 2006 2007 Interim Final Final “In the absence of unforeseen circumstances, the company has a policy to dividend approximately 40% of the consolidated net profit after tax, or to increase the dividend amount in a steady manner, to the shareholders. This dividend policy may change in the light of investment opportunities that may become available to the company or as a result of other economic or financial factors or when a dividend payment may have a significant impact on the normal operation of the company. The dividend 24 payment shall not exceed the retained earnings of the separate financial statements.
Appendices • Thailand’s Electricity Industry Overview • Corporate Overview • Operating Performance (REGCO & KEGCO)
Thailand’s Electricity Industry Overview Current Electricity Supply Industry National Energy Policy Council is the MOE’s primary committee in setting the NEPC country’s energy policies to be proposed to Cabinet for approval. Ministry of Energy MOE • Energy Policy and Planning Office is responsible for studying and analyzing energy policies, management and development plans of the EPPO country to be presented to the NEPC. • EPPO acts as the secretariat to the NEPC and is now a department under MOE. IPP : Independent Power Producer INT. (1.20%)* IPP (35.48%)* SPP (7.37%)* EGAT* EGCO’s IPPs have 10% market share. (55.95%) SPP : Small Power Producer EGAT Transmission EGCO’s SPPs have 1% market share. INT. : International = Purchases from Laos & Malaysia 2 Customers MEA PEA Direct MEA : Metropolitan Electricity Authority End Users PEA : Provincial Electricity Authority * The percentages refer to market share of total installed capacity as of 31 Oct 2007 which was 28,230.25 MW. 26 • EGCO Group’s equity installed capacity was 3,509.1 MW which accounted for 11% of total installed capacity. Source: EPPO and EGAT
Thailand’s Electricity Industry Overview 22,586.10 MW or Historical Demand Growth 7.23% increase (as at 24 April 2007) MW 23,000 21,064 MW or 2.57% increase 22,000 21,000 2007 20,000 2006 19,000 2005 18,000 2004 17,000 2003 16,000 2002 15,000 14,000 27 January February March April May June July August September October November December Source: EGAT
Appendices • Thailand’s Electricity Industry Overview • Corporate Overview • Operating Performance (REGCO & KEGCO)
Corporate Overview EGCO Shareholding Structure as of 10 September 2007 EGAT OneEnergy Thailand Ltd. (owned by One Energy which is jointly owned 50% 25.41% 22.42% each by CLP Holding and Mitsubishi Corporation) • Foreign investors including those investing in foreign board (22.39%) and Non-Voting Depository Receipts Thai Investors “NVDR” (12.47%) Foreign Investors 17.31% 34.86% 1 EGAT 133,773,662 25.41% 2 OneEnergy Thailand Ltd. 118,023,606 22.42% 3 Thai NVDR Company Limited 65,649,282 12.47% 4 State Street Bank and Trust Company, for London 22,378,978 4.25% 5 Littledown Nominees Limited 21,395,613 4.06% 6 Chase Nominees Limited 1 10,250,140 1.95% Thailand Securities Depository Company Limited 7 for depositors 8,573,274 1.63% 8 Bangkok Life Assurance Company Limited 6,665,700 1.27% 9 NORBAX Inc., 13 6,136,300 1.17% 10 Social Security Office 4,887,100 0.93% Total Number of Shares 526,465,000 29 Source: Thailand Securities Depository Co., Ltd.
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