S trictly Private & Confidential TD Power Systems Ltd Company Presentation Sept 2012
Table of Contents Company Overview Business Segments Strengths and Strategy Management Team Financial Overview 2 Strictly Private & Confidential
COMPANY OVERVIEW 3 Strictly Private & Confidential
TD Power Systems Ltd � Incorporated in 1999, TD Power Systems is one of the leading manufacturers of AC Generators for a diverse range of prime movers with output capacity in the range of 1 MW to 52 MW and as of Sept 30,2012 has supplied 1,871 generators with an aggregate output capacity of over 15,659 MW and has signed a license agreement for manufacturing generators upto 200 MW. � Also undertakes execution of Power Projects and has till date, executed 105 projects aggregating 2,607 MW � Turbine Generator (‘TG’) island projects for steam turbine power plants upto 52 MW, and; � Boiler-Turbine Generator (“BTG”) island projects and the balance of plant (“BOP”) portion for steam turbine power plants with output capacity from 52 MW up to 150 MW through its subsidiary, DF Power Systems Pvt Ltd � Has in-house technology for manufacturing generators up to 40 MW � Supplemented by Technology tie-ups with international power equipment manufacturers such as Siemens AG and Sicme Motori SrL for diverse applications and higher capacities � Granted license to GE, USA to manufacture generators for the Brazilian market, and on co-manufacturing basis for other countries in Central & South America � As on Sept 30, 2012, the total outstanding order book stood at ~Rs. 3,905 million � Promoted by Mr. Nikhil Kumar, Mr. Hitoshi Matsuo and Mr. Mohib N. Khericha, Mr. Nikhil and Mr. Hitoshi have extensive experience in the manufacturing and project businesses in the power sector in India and overseas Summary financials (Rs Mn) Business segments (FY13 H1) 12,000 10,316 8,637 10,000 7,382 Revenues 43% 32% 25% 8,000 4,961 6,000 3,151 EBITDA -7% 69% 38% 4,000 2,000 671 567 370 435 221 Manufacturing EPC Projects - FY09 FY10 FY11 FY12 FY13 H1 Segmental revenues without inter-segment elimination Revenues PAT EBITDA – Earnings Before Interest, Taxes, Depreciation, Amortization, including Other Income 1. Restated Financials - FY07-08 is Standalone, FY09 onwards is Consolidated after intersegment & intercompany eliminations. 4 Strictly Private & Confidential 2. Adj. PAT – Restated PAT after minority interest
Milestones License and Supply Framework Agreement with Siemens AG for 2 Pole Generators in the range of 74 Product Development Cooperation and Manufacturing MVA to 250 MVA. Agreement with Voith Hydro Holding GmbH for jointly developing electrical generators 2012 Purchase Framework Agreement and License Agreement with Siemens AG Sept Successfully 2011 DFPS received multiple orders under BTG tested 25MW business for USD 100 mn Vertical Hydro 2010 Generator As part of the Projects Business, IPO of TDPS successfully commissioned our biggest project for 32MW 2009 Manufacturing Agreement with Toshiba Mitsubishi-Electrical Supplied the first 8MW AC Industrial Systems Corporation 2008 Generator to Siemens Limited, Baroda Executed the first overseas project in Uganda by commissioning a 16.5 MW Technical Assistance, 2007 steam turbine plant License and Transfer Agreement with Toyo License of technology to General Electric 2002 Denki Company under a Technology License and Technical Assistance Agreement Production Technology Transfer Agreement 2001 with Sicme Motori SrL Dispatched the first 34MW AC Generator to Thailand 5 Strictly Private & Confidential
BUSINESS SEGMENTS 6 Strictly Private & Confidential
Business Structure � For prime movers such as steam turbines, gas turbines, hydro turbines, wind turbines and AC Generator diesel and gas engines Manufacturing * manufacturing up to 200 MW � Technology tie ups with TD Power Systems Ltd international power equipment (TDPS) manufacturers � Turbine-Generator (‘TG’) TGisland projects up to Projects – using Japanese turbine 52 MW with TDPS Generators (Projects) Wholly owned subsidiary Power Projects � EPC of Boiler-Turbine-Generator (‘BTG’) island and related BTG Power plant DF Power Systems Pvt balance of plant projects projects (52 MW – 150 Ltd MW) (excluding civil works) (DFPS) (EPC) * - Excludes sale of generators manufactured in India and sold to branch office in Japan which are included as a part of the Power Projects business 7 Strictly Private & Confidential
Business Segments – Manufacturing Business highlights AC Generators for various applications � One of the leading manufacturers of AC Generators in the Turbines range of 1 MW up to 200 MW for prime movers such as Steam Gas Hydro Wind Up to 200 MW Customised Horizontal -Up to 15 MW 1 MW steam & gas, and upto 52 MW for hydro, wind turbines, Vertical – Up to 25 MW diesel and gas engines Engines � 1,871 generators supplied as of Sept 30, 2012 with an Diesel Gas aggregate output capacity of over 15,659 MW in 41 Up to 15 MW Up to 12MW Countries Special Applications Other Generators � Two manufacturing facilities in Bangalore equipped with For Motor /transformer testing Geo Thermal / Solar application Customised the latest technology � In the past our generators have been approved by leading High Tension Motors engineering consultants Up to 10 MW Order book (Rs 2,301 Mn) Key Segment Financials (Rs Mn) As on Sept 30,2012 Manufacturing 20% 5,000 Rs Mn 19% 17% 18% 4,115 15% 4,000 3,480 2,763 3,000 2,253 911 40% 189 units 60 units 2,000 1,491 1,390 734 674 1,000 565 392 60% 220 - FY09 FY10 FY11 FY12 FY13 H1 EBITD Revenue EBITD (LHS) (RHS) Export Domestic Segmental revenues without inter-segment & inter-company elimination Restated Financials - FY07-08 Standalone, FY09 onwards Consolidated 8 Exports order book includes orders for motors amounting to Rs 11.00 Mn EBITDA – Earnings Before Interest, Taxes, Depreciation, Amortization Strictly Private & Confidential
Business Segments – Manufacturing Product-wise sales (%) Key end user industries (%) 0.0% 0.6% 0.0% 1.1% 2.5% 5.4% 6.9% 8.1% 9.7% 6.21% 0.8% 0.0% 0.0% 3.2% 2.39% 10.2% 9.7% 8.1% 21.4% Others Others 19.9% 19.70% 35.1% 41.5% 46.5% Diesel Metal 60.8% 20.0% Wind Hydro 19.32% 13.2% 19.9% 10.8% 83.7% Hydro 81.1% 81.3% Sugar 10.7% 70.4% 10.8% 69.25% 19.70% S team 18.7% 19.4% Cement 18.3% 29.8% 19.73% 8.1% 0.6% 19.9% 16.2% 11.2% 6.12% 2.1% FY08 FY09 FY10 FY11 FY12 FY08 FY09 FY10 FY11 FY12 *Other units include generators for transformer motor testing applications not reflected in charts * Others include Chemical, Food, Paper, Textile, Process, Wind, Distillery, Fertilizer etc above Geographical Distribution of Sales FY13 H1 (%) Customer Profile FY 12 (%) Domestic Exports New Customers Repeat Customers Revenue of Top 10 5% Customers (%) * 76.60% 69.05% 68.20% 658 44% 43.00% 833 56% 95% FY09 FY10 FY11 FY12 All % based on value of sales FY 13 H1 * Of Restated Consolidated Net Sales Product portfolio spread across diverse and loyal customer base 9 Strictly Private & Confidential
Business Segments – Power Projects Business highlights � TG Projects for steam turbine power plants with output capacity of up to 52 MW done under TD Power Systems Ltd � DF Power Systems Pvt Ltd , a wholly owned subsidiary, executes EPC projects which include BTG island project and BOP portion (excluding civil works) for steam turbine power plants with output capacity from 52 MW up to 150 MW � Executed 105 projects aggregating 2,607 MW in India and abroad (97 TG island projects and 8 BTG island projects) � Experienced teams with established track record and reputation for efficient project management � Power Projects order book as on Sept 30 th , 2012 stands at Rs 1,604 Mn (73% in TDPS, 27% in DFPS) TG Projects - Key Segment Financials (Rs Mn) EPC Projects – Key segment Financials (Rs Mn) 13.9% 4.9% 5.1% 6.3% 5,000 7.4% 5.4% 5.9% 3,000 3.1% -11.0% 4,166 2,621 2,534 3,758 -1.9% 4,000 2,500 3,046 2,000 1,783 3,000 1,643 1,500 2,000 1,097 1,000 1,000 413 500 273 261 191 187 150 155 88 56 54 - - FY09 FY10 FY11 FY12 FY13 H1 FY09 FY10 FY11 FY12 FY13 H1 EBITD Margins -30 -21 Revenue EBITD Revenue EBITD (1,000) EBITD Margins Segmental revenues without inter-segment elimination EBITDA – Earnings Before Interest, Taxes, Depreciation, Amortization Established track record of executing power projects 10 Strictly Private & Confidential
STRENGTHS & STRATEGY 11 Strictly Private & Confidential
Key Strengths Leading manufacturer of AC Generators with a diversified product portfolio Technology ownership, Skilled senior management and relationships and in-house technical team design expertise State of the art Project Execution Capabilities manufacturing facilities and for Power Project Business cost efficient production Customer centric approach with the ability to customize 12 Strictly Private & Confidential
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