Analyst Meeting 3Q12.ppt...2012/11/14 · Nava Nakorn Electricity Generation Xe-Pian Xe-Namnoy...

Analyst Meeting 3Q201214 November 2012

Agenda

›Highlights›Highlights

›Project Highlights›Project Highlights

›Operating Performance›Operating Performance

›Financial Performance›Financial Performance

›Appendix›Appendix

Hi hli hHighlights

Highlights

Events :

18 Jan 1218 Jan 12

Increased of Investment in Khao KorWind Farm from 51% to 55.18%.Increased of Investment in Khao KorWind Farm from 51% to 55.18%. COD of Sao Thian-A ProjectCOD of Sao Thian-A Project

26 Jan 1226 Jan 12

Invested in KK Power Co., Ltd. Invested in KK Power Co., Ltd.

17 Feb 1217 Feb 12

Invested in Flared Gas Quality Improvement ProjectInvested in Flared Gas Quality Improvement Project

21 Feb 1221 Feb 12

COD of Korat 3 Solar FarmCOD of Korat 3 Solar Farm

Th E t bli h t fTh E t bli h t f Th E t bli h t f X PiTh E t bli h t f X Pi

28 Feb 1228 Feb 12 9 Mar 129 Mar 12 23 Mar 1223 Mar 12 14 May 1214 May 12

Invested in Songkhla Biofuel Co., Ltd. Invested in Songkhla Biofuel Co., Ltd. The Establishment of RATCH O&M Co., Ltd. The Establishment of RATCH O&M Co., Ltd.

The Establishment of Xe-PianXe-Namnoy Power Co., Ltd. The Establishment of Xe-PianXe-Namnoy Power Co., Ltd. COD of Korat 4 Solar FarmCOD of Korat 4 Solar Farm

HighlightsProject Highlights Operating Performance Financial Performance Appendix

Highlights

Events :

COD of Korat 7 Solar FarmCOD of Korat 7 Solar FarmIncreased of Investment In RAC from 56.16% to 80%Increased of Investment In RAC from 56.16% to 80%

Sold 14 %Stakes of Loy Yang ASold 14 %Stakes of Loy Yang AIncreased of registered capital of RATCH – Lao Services Co.,Ltdto purchase additional ordinary shares of EDL-Gen making Company’s stake to 10.108%

Increased of registered capital of RATCH – Lao Services Co.,Ltdto purchase additional ordinary shares of EDL-Gen making Company’s stake to 10.108%

Signed PPA of SongkhlaBiomass Power Plant ProjectSigned PPA of SongkhlaBiomass Power Plant Project

30 May 1230 May 12 29 June 1229 June 12 13 July 1213 July 12 18 July 1218 July 12

COD of Solarta Project (Sai PrapaProject, Sai Tatong Project)COD of Solarta Project (Sai PrapaProject, Sai Tatong Project)

Termination on CollinsvillePower Plant PPATermination on CollinsvillePower Plant PPA

COD of Solarta Project (Sai Thong Project, Sai Yai Project, Sai Saphan(1) Project, Sai Yoi Project)

COD of Solarta Project (Sai Thong Project, Sai Yai Project, Sai Saphan(1) Project, Sai Yoi Project)

Signed PPA of SPP Cogeneration Project of Nava Nakorn Electricity Generating Co., Ltd

Signed PPA of SPP Cogeneration Project of Nava Nakorn Electricity Generating Co., Ltd

July 2012July 2012 14 Aug 1214 Aug 12 August 2012August 201220 Aug 1220 Aug 12

19 Oct1219 Oct12

Signed CA of Xe-Pian Xe-NamnoyHydroelectric Power Plant ProjectSigned CA of Xe-Pian Xe-NamnoyHydroelectric Power Plant Project


19 Oct1219 Oct12

Highlights

59%+ 59%

+ 63%


P j Hi hli hProject Highlights

Overview of RATCH projects

In OperationCompany Effective RATCH’s Capacity

Under ConstructionCompany Effective RATCH’s CapacityCo pa y Effective

ShareholdingRATCH s Capacity Stake (MW)

Thailand

RATCHGEN 100.00% 3,645

TECO 50.00% 350

Co pa y Effective Shareholding

RATCH s Capacity Stake (MW)

Thailand

Huay Bong 2 20.00% 20.70

Laos

RPCL 25.00% 350

Pratu Tao-A + Expansion 100.00% 2.65

Sao Thian-A 100.00% 3.60

Solarta 49 00% 16 78

Hongsa 40.00% 751.20

771.90

U d D l tSolarta 49.00% 16.78

Solar Power 40.00% 7.20

Huay Bong 3 20.00% 20.70

Laos

Under DevelopmentCompany Effective

ShareholdingRATCH’s Capacity Stake (MW)

Thailand

NN2 25.00% 153.75

EDL-Generation 10.108% 89.05

Australia

RAC 80.00% 653.52

Khao Kor 55.18% 33.11

Songkhla Biomass 40.00% 3.96

RW Cogen #1 -2 40.00% 84.00

NNEG 40.00% 48.80

5,292.25 Laos

Xe Pian 25.00% 102.50

272.37Total Committed Capacity by 2018 : 6,336.52 MW

HighlightsProject Highlights

Operating Performance Financial Performance Appendix

O i P fOperating Performance

RATCHGEN Operation PerformanceDispatch Factor 3Q11 & 3Q12 Equivalent Availability Factor 3Q11 & 3Q12Unit: % Unit: %

45.2349.32

74.80 75.9480.12

72.53

79.67

76.45 75.63 99.2976.67

79.81 94.67100.00100.00 87.54 97.98 95.95

TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3

37.95

2.73TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3

Dispatch Factor 9M11 & 9M12 Equivalent Availability Factor 9M11 & 9M12

TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 33Q11 3Q12

3Q11 3Q12

Unit: % Unit: %

36.53

62.86

70.04 63.76

37.56

68.6273.45 74.03

91.79

99.76

91.79

92.68 77.9992.45

99.3994.40 96.92

93.42

TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3

26.4418.87

9M11 9M12

Highlights Project HighlightsOperating Performance

Financial Performance Appendix

9M11 9M12TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3

9M11 9M12

Fi i l P fFinancial Performance

Statements of Comprehensive IncomeUnit : in Million Baht 3Q12 2Q12 1Q12 4Q11 3Q11

Revenues 13,970.28 17,354.99 12,014.87 10,622.74 14,285.17

Cost & Expenses (10,587.87) (13,780.46) (9,117.64) (8,315.88) (11,220.77)

Gross Profit 3,382.41 3,574.53 2,897.23 2,306.86 3,064.40

Share of profit of jointly-controlled entities and associates included gain (loss) on exchange rate

372.04 255.82 106.01 63.95 459.00

EBITDA 3,754.45 3,830.35 3,003.24 2,370.81 3,523.40

Gain (Loss) on exchange rate of subsidiaries 30.73 (245.28) 446.18 121.65 (119.51)

EBITDA i l d d i (l ) f i t d 3 785 18 3 585 07 3 449 42 2 492 46 3 403 89EBITDA included gain (loss) from associated 3,785.18 3,585.07 3,449.42 2,492.46 3,403.89

Gain on disposal of long-term investment - 783.68 - - -

Gain on termination of power purchase agreement - 1,069.44 - - -

Depreciation & Amortisation (864.96) (1,028.49) (1,046.18) (945.98) (1,027.29)

EBIT 2,920.22 4,409.70 2,403.24 1,546.48 2,376.60

Finance costs (573.47) (619.19) (645.77) (898.07) (643.82)

Income tax expense (371.94) (134.25) (230.60) (178.76) (553.41)

Profit for the period 1,974.81 3,656.26 1,526.87 469.66 1,179.37

Non-controlling interests (27.88) 359.32 (48.52) (62.00) (50.47)

Highlights Project Highlights Operating PerformanceFinancial Performance

Appendix

Profit for the period: Equity holders of the Company 2,002.69 3,296.94 1,575.39 531.66 1,229.84

Statements of Comprehensive IncomeUnit : in Million Baht 3Q12 3Q11 Diff % 9M12 9M11 Diff %

Revenues 13,970.28 14,285.17 (314.89) (2.20) 43,340.14 33,770.23 9,569.91 28.34

Cost & Expenses (10,587.87) (11,220.77) 632.90 (5.64) (33,485.97) (25,566.70) (7,919.27) 30.97

Gross Profit 3,382.41 3,064.40 318.01 10.38 9,854.17 8,203.53 1,650.64 20.12

Share of profit of jointly-controlled entities and associates included gain (l ) h t

372.04 459.00 (86.96) (18.95) 733.87 1,269.15 (535.28) (42.18)

(loss) on exchange rate

EBITDA 3,754.45 3,523.40 231.05 6.56 10,588.04 9,472.68 1,115.36 11.77

Gain (Loss) on exchange rate of subsidiaries 30.73 (119.51) 150.24 (125.71) 231.63 (157.00) 388.63 (247.53)

EBITDA included gain (loss) from associated 3,785.18 3,403.89 381.29 11.20 10,819.67 9,315.68 1,503.99 16.14

Gain on disposal of long-term investment - - - - 783.68 - 783.68 n.a.

Gain on termination of power 1 069 44 1 069 44 n appurchase agreement - - - - 1,069.44 - 1,069.44 n.a.

Depreciation & Amortisation (864.96) (1,027.29) 162.33 (15.80) (2,939.63) (2,420.33) (519.30) 0.21

EBIT 2,920.22 2,376.60 543.62 22.87 9,733.16 6,895.35 2,837.81 0.41

Finance costs (573 47) (643 82) 70 35 (10 93) (1 838 43) (956 16) (882 27) 0 92Finance costs (573.47) (643.82) 70.35 (10.93) (1,838.43) (956.16) (882.27) 0.92

Income tax expense (371.94) (553.41) 181.47 (32.79) (736.79) (1,674.40) 937.61 (56.00)

Profit for the period 1,974.81 1,179.37 795.44 67.45 7,157.94 4,264.79 2,893.15 67.84

Non-controlling interests (27.88) (50.47) 22.59 (44.76) 282.92 (52.91) 335.83 (634.73)


Appendix

Profit for the period: Equity holders of the Company 2,002.69 1,229.84 772.85 62.84 6,875.02 4,317.70 2,557.32 59.23

Statements of Financial PositionUnit : in Million Baht 9M12 Dec 11 Diff %Assets

Current Assets 21,961.99 19,131.67 2,830.32 14.79

Investment in Jointly-controlled entities/Associates 13,883.63 13,387.53 496.10 3.71

Property, plant & equipments 47,122.85 50,148.22 (3,025.37) (6.03)

14 749 92 14 674 42 75 50 0 51Others Assets 14,749.92 14,674.42 75.50 0.51

Total Assets 97,718.39 97,341.84 376.55 0.39

Liabilities

L f Fi i l I tit ti & D b t 34 489 42 39 321 47 (4 832 05) (12 29)Loans from Financial Institutions & Debentures 34,489.42 39,321.47 (4,832.05) (12.29)

Other Liabilities 10,561.40 9,535.89 1,025.51 10.75

Total Liabilities 45,050.82 48,857.36 (3,806.54) (7.79)

E itEquity

Issued and paid-up share capital 16,031.78 16,031.78 - -

Other components of equity 59.07 (225.25) 284.32 126.22

R t i d i 35 732 82 32 120 30 3 612 52 11 25Retained earnings 35,732.82 32,120.30 3,612.52 11.25

Total equity attributable to owners of the Company 51,823.67 47,926.83 3,896.84 8.13

Non-controlling interests 843.90 557.65 286.25 51.33

Total Equity 52 667 57 48 484 48 4 183 09 8 63


Appendix

Total Equity 52,667.57 48,484.48 4,183.09 8.63

Total Liabilities & Equity 97,718.39 97,341.84 376.55 0.39

Financial Ratios

1.85

1 66 1.701.80

2.00

14.9116 00

20.00

1.49

1.34

1.66

1.40

1.60

10.24 10.2411.01

13.3114.91

8.00

12.00

16.00

1.00

1.20

3Q11 4Q11 1Q12 2Q12 3Q12

Current Ratio (times)

4.003Q11 4Q11 1Q12 2Q12 3Q12

ROE (%)

2.27

2 00

2.4035.36

35.7436.00

0.851.09

1.38

0.80

1.20

1.60

2.00

32 7833.05

33.2334.00

35.00

0.37

0.00

0.40

3Q11 4Q11 1Q12 2Q12 3Q12

EPS (Baht per share)

32.78

32.00

33.00

3Q11 4Q11 1Q12 2Q12 3Q12

Book Value (Baht per share)


Appendix

EPS (Baht per share) Book Value (Baht per share)

Financial Ratios

0.560.44 0.51

0.450 42

1.60

2.00

1.06 1.01 1.010.92 0.86

0.42

0 40

0.80

1.20

0.00

0.40

3Q11 4Q11 1Q12 2Q12 3Q12

Liabilities/Equity (times) Net Debt/Equity (times)

2 30

3.00 0.30

2.30

1.821.97

1.58 1.57

1 00

1.50

2.00

2.50

0.11

0.14 0.15 0.15 0.13

0 10

0.20

0.00

0.50

1.00

3Q11 4Q11 1Q12 2Q12 3Q12

N t D bt / EBITDA

0.00

0.10

3Q11 4Q11 1Q12 2Q12 3Q12


Appendix

Net Debt / EBITDA EBITDA/Asset (times)

A diAppendixRATCH Company StructureRATCH Company Structure

Power GenerationPower GenerationPower GenerationPower Generation

100 % 100 % 100 % 33 33 % 40% 100 % 40 % 40 % 25% 50%25 %100 % 100 %

Ratchaburi Electricity Generating Company

Ratchaburi Gas Company Limited

Ratch Udom Power Company Limited

SouthEast Asia Energy Limited

Hongsa Power Company Limited

RH International Corporation

Ratchaburi World Cogeneration

100 % 33.33 % 40% 100 % 40 % 40 %

Nava Nakorn Electricity Generation

Xe-Pian Xe-Namnoy Power Company

25%3,645 MW 751.2 MW 84 MW 48.8 MW 102.5 MW

50%

KK Power Company Limited

25 %

Nam Ngum 3Power Co LtdGenerating Company

LimitedCompany Limited Company Limited Energy Limited Company Limited Corporation

LimitedCogeneration

Company LimitedGeneration

Company Limited50% 100% 75%

100 %

Power Company Limited

350 MW 153.75 MW3,645 MW.

1,878 MW.210 MW. 410 MW.122 MW.

Company LimitedPower Co., Ltd

Ratchaburi Alliances Company Limited

Tri Energy Company Limited

Nam Ngum 2 Power Company Limited RH International

(Mauritius)Corporation Limited25%

100 %350 MW

700 MW. 615 MW.

Ratchaburi Power Company Limited

RH International (Singapore)

Corporation Pte. Limited

80 %

653.52 MW

1,400 MW.4.307%

5.801%

89.05 MW

Highlights Project Highlights Operating Performance Financial PerformanceAppendix

RATCH-LAO Services Company Limited

EDL-Generation Public Company

RATCH – Australia Corporation Limited

816.9 MW.881 MW.

Renewable EnergyRenewable Energygygy

100 % 49 % 40 % 40 % 40 % 20 % 20 % 40 %16.78 MW 2.4 MW 2.4 MW 2.4 MW 20.7 MW 20.7 MW 3.96MW

Ratchaburi Energy Company Limited

Solarta Company Limited

Solar Power (Korat 3) Company Limited



K.R. Two Co., Ltd First Korat Co., Ltd Songkhla Biomass Company Limited

55 18 %34.25 MW. 6 MW. 6 MW. 6 MW.

103.50 MW. 103.50 MW.9.9 MW.

Sustainable Energy Corporation Company Limited

Khao Kor Wind Power Company Limited

55.18 %

100 % 33.11MW

R l t d B iR l t d B i

60 MW.

Related BusinessRelated Business

50 % 100 % 10 % 37.5 % 40% 100%100 %

Phu Fai Mining Company Limited

Songkhla Biofuel RATCH O&M Chubu Ratchaburi Electric RATCH-LAO Services EGAT Diamond ServiceRatchaburi Energy Sukhothai Energy

51%


gCompany Limited Company LimitedServices Company Limited Company Limited Company Limited

gyCompany Limited

Sukhothai Energy Company Limited

Portfolio by core business and locations Power GenerationI Renewable EnergyII Related BusinessIII

End of 2012 I IIU it MW

LocationPower Generation Renewable Energy

Grand Total Gas Coal Hydro Capital

Investment Wind Solar

Thailand 4,351.25 - - 20.70 23.98 4,395.93

End of 2012 Unit : MW

653.52

Total Committed Capacity by 2018 = 6,336.52 MW

Unit : MW

, ,

Laos - - 153.75 89.05 - - 242.80

Australia 455.52 144.00 - - 54.00 - 653.52

Total 4,806.77 144.00 153.75 89.05 74.70 23.98 5,292.25 4,586.5073%

1,096.5017%

10%

LocationPower Generation Renewable Energy

Grand Total Gas Coal Hydro Wind Biomass

Project from 2013 to 2018I II

Unit : MW

73%

(SPP) Coal Hydro Wind Biomass

Thailand 132.80 - - 53.81 3.96 190.57

Laos - 751.20 102.50 - - 853.70

Total 132.80 751.20 102.50 53.81 3.96 1,044.27

Thailand Laos Australia

Related BusinessIII

• RATCH-LAO Services Co., Ltd• Chubu Ratchaburi Electric Services Co., Ltd

Sukhothai Energy Co., Ltd EGAT Diamond Service Co., Ltd • Phu Fai Mining Co., Ltd• Songkhla Biofuel Co., Ltd


• RATCH O&M Co., Ltd

Operations and maintenance Service of flared gas quality improvement Gas turbine maintenance Fuel Supply

Portfolio by Type of FuelTotal Committed Capacity by 2018 = 6,336.52 MW

895 20256.254 04%

Unit : MW

895.2014.13%

4.04%89.051.41%

128.51

23.980.38%

3 96156.45

4,939.5777.95%

128.512.03% 3.96

0.06%2.47%

Gas Coal Hydro Capital Investment Wind Solar Biomass


Gas Coal Hydro Capital Investment Wind Solar Biomass

A diAppendixOperating PerformanceOperating Performance

RATCHGEN Operating Performance

By Type of Power Plant 3Q12 3Q11 9M12 9M11

Total Net Generation (GWh) 3,856.13 4,217.79 11,529.55 10,394.53

Net Generation (TP#1-2) (GWh) 646.73 1,322.35 2,531.88 2,864.26

- By Gas (GWh) 637.73 1,009.41 1,833.26 2,394.96

- By Heavy Oil (GWh) 9.00 312.95 698.62 469.30

Net Generation (CCGT#1-3) (GWh) 3,209.40 2,895.44 8,997.67 7,530.27

- By Gas (GWh) 3,209.40 2,895.44 8,964.10 7,530.27y ( ) , , , ,

- By Diesel (GWh) - - 33.57 -


RATCHGEN Operating Performance

By Fuel 3Q12 3Q11 9M12 9M11

Fuel Consumption (TH#1-2)

- Gas Million MMBTU 6.68 10.02 18.90 23.98Gas Million MMBTU 6.68 10.02 18.90 23.98

- Heavy Oil Million Liters 174.11 77.05 174.11 115.83

Fuel Consumption (CCGT#1-3)

- Gas Million MMBTU 23.19 20.83 64.85 54.45

- Diesel Million Liters 0.10 0.19 8.73 0.21

Gas Price (Average) Baht/MMBTU 308.18 262.80 302.00 249.81Gas Price (Average) Baht/MMBTU 308.18 262.80 302.00 249.81

Heavy Oil Price (Average) Baht/Liter 21.51 21.47 23.50 21.51


Diesel Oil Price (Average) Baht/Liter 25.62 20.40 21.31 20.40

Planned Outage at Ratchaburi Power Plant in 2011Actual OutagePAGE 25

Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

RG CCST-10

CCGT-11

CCGT-12MI

3 28MI

14 28CI

14 28CI

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30

MI

CI7CI

MI20 4

13 8

30 8

30 8

CCGT-31

CCGT-32

RG Thermal-1

Thermal-2

MI

MI

MI20 23

10 23

11 27

6 15

TECO CCST-10

CCGT-11

CCGT-12

RPCL CCST-10

22 4Force Outage

22Force Outage

6

13MI

MI6

CCGT-11

CCGT-12

RPCL CCST-20

CCGT-21 CI123

13

13

7MI

11MI

CCGT-22

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days

Gas Turbine

Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul

Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)

CI123

26 Days 32 Days 15 Days 30 Days 52 Days

Steam Turbine

Warranty Inspection (WI) Minor Inspection Major Overhaul

Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)

26 Days 30 Days 26 Days 49 Days

Planned Outage at Ratchaburi Power Plant in 2012Planned Outage PAGE 26

Actual Outage


RG CCST-10

CCGT-11

CCGT-12

MO23 13

23 13

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30

14 9CI

14 9CI

CCGT-31

CCGT-32

RG Thermal-1

Thermal-2

1 15

1 15CI 1 10

1 10CI

1 24ID Fan

TECO CCST-10

CCGT-11

CCGT-12

RPCL CCST-10

1 30

1 30

1 30

231

231

231

CCGT-11

CCGT-12

RPCL CCST-20

CCGT-21

CI19 28

CI19 28

MI 3

3

26

26

3 26

3 26MI

CCGT-22


Gas Turbine



3 263 26MI

( ) ( ) ( ) ( ) ( )


Steam Turbine




Planned Outage at Ratchaburi Power Plant in 2013Planned Outage PAGE 27

Actual Outage


RG CCST-10

CCGT-11

CCGT-12

20 4CI (15D)

20 4CI (15D)

MI(26D)9 4

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30

11 5MI(26D)

MO (52D)15 5

MO (52D)15 5

2 27MI (26D)

CCGT-31

CCGT-32

RG Thermal-1

Thermal-27 1

MO (57D)

MO (57D)3

29

27

13 27CI (15D)

13 27CI (15D)

TECO CCST-10

CCGT-11

CCGT-12

RPCL CCST-10

CI (9D)15 23

CI (35D)12 15

4 10MO (37D)

CCGT-11

CCGT-12

RPCL CCST-20

CCGT-213 14

CI (12D)

3 14CI (12D)

4 10MO (37D)

4 10MO (37D)

CCGT-22


Gas Turbine



3 14CI (12D)


Steam Turbine




A diAppendixFinancial PerformanceFinancial Performance

Revenues

Unit : in Million Baht 3Q12 3Q11 Diff % 9M12 9M11 Diff %

Net Sales 13,549.84 13,987.93 (438.09) (3.13) 42,356.39 33,108.25 9,248.14 27.93et Sa es 3,5 9 8 3,98 93 ( 38 09) (3 3) ,356 39 33, 08 5 9, 8 93

AP - RG 3,449.51 3,027.67 421.84 13.93 9,645.93 9,628.83 17.10 0.18

- RAC 561.67 847.91 (286.24) (33.76) 2,250.53 847.91 1,402.62 165.42

EP (Fuel) - RG 9,268.51 9,799.74 (531.23) (5.42) 29,714.54 22,163.63 7,550.91 34.07

- RAC 157.11 214.75 (57.64) (26.84) 416.82 214.75 202.07 94.10

- Flared Gas 21.74 13.30 8.44 63.46 78.27 37.95 40.32 106.25

- VOM 91.30 84.56 6.74 7.97 250.30 215.18 35.12 16.32

Revenue from Rendering of services 44.61 28.75 15.86 55.17 103.84 86.25 17.59 20.39

Management service income 57.72 48.90 8.82 18.04 158.67 135.49 23.18 17.11

Share of profit from jointly-controlled entities 372.04 459.00 (86.96) (18.95) 733.88 1,269.15 (535.27) (42.18)

Interest Income 182.94 198.65 (15.71) (7.91) 413.90 350.22 63.68 18.18

Dividend Income 82.43 - 82.43 n.a. 188.31 - 188.31 n.a.

Other Incomes 52.74 20.94 31.80 151.86 119.03 90.01 29.02 32.24


Total Revenues 14,342.32 14,744.17 (401.85) (2.73) 44,074.02 35,039.37 9,034.65 25.78

Share of profit from jointly-controlled entities


TECO 140.54 50.25 90.29 179.68 (17.06) 301.44 (318.50) (105.66)( ) ( ) ( )

RPCL 350.34 238.01 112.33 47.20 754.55 587.44 167.11 28.45

SEAN 88.99 172.45 (83.46) (48.40) 171.16 401.01 (229.85) (57.32)

HPC (239.21) (32.21) (207.00) (642.66) (237.24) (69.88) (167.36) (239.50)

CRESCO 5.39 (4.37) 9.76 223.34 27.39 12.83 14.56 113.48

NAVA (4 71) - (4 71) n a (5 59) (0 02) (5 57) n aNAVA (4.71) - (4.71) n.a. (5.59) (0.02) (5.57) n.a.

SOLARTA 16.68 1.34 15.34 1,144.78 21.43 3.42 18.01 526.61

RW COGEN (1.44) (1.12) (0.32) (28.57) (5.36) (1.67) (3.69) (220.96)

KORAT 3,4,7 13.70 (6.58) 20.28 308.21 21.36 (6.58) 27.94 424.62

FKW (1.11) (0.20) (0.91) (455.00) (8.11) (0.20) (7.91) n.a.

SE (5.68) - (5.68) n.a. (5.68) - (5.68) n.a.

KWINANA 8.86 41.50 (32.64) (78.65) 20.98 41.50 (20.52) (49.45)

Others (0.31) (0.07) (0.24) n.a. (3.95) (0.14) (3.81) n.a.


Total Share of profit from jointly-controlled entities 372.04 459.00 (86.96) (18.95) 733.88 1,269.15 (535.27) (42.18)

Cost and Expenses


Cost of Sale and rendering of services 10,265.46 10,860.09 (594.63) (5.48) 32,497.37 24,572.46 7,924.91 32.25

− Fuel Cost : RG 9,253.81 9,764.29 (510.48) (5.23) 29,555.97 22,082.77 7,473.20 33.84

− Fuel Cost : RAC 20.59 76.93 (56.34) (73.24) 57.72 76.93 (19.21) (24.97)

− Fuel Cost : Flared Gas 2.78 1.93 0.85 44.04 10.44 2.49 7.95 319.28

− VOM Cost 70.16 82.35 (12.19) (14.80) 223.96 200.57 23.39 11.66

− Operation & Maintenance 429.91 471.37 (41.46) (8.80) 1,354.44 1,061.56 292.88 27.59

− Repairing Expense (CSA) 216.75 188.05 28.70 15.26 602.43 563.31 39.12 6.94

− Spare parts 135.62 127.67 7.95 6.23 281.20 247.61 33.59 13.57

− Insurance Premium 70.20 65.07 5.13 7.88 225.27 151.37 73.90 48.82

− Standby Charge 45.66 41.51 4.15 10.00 124.83 112.68 12.15 10.78

− Operating & Maintenance: Flare Gas 10.41 4.07 6.34 155.77 28.31 13.36 14.95 111.90p g

− Others 9.57 36.85 (27.28) (74.03) 32.80 59.81 (27.01) (45.16)

Selling and Admin- Expenses 346.09 379.95 (33.86) (8.91) 1,057.91 969.00 88.91 9.18


Total Cost and Expenses 10,611.55 11,240.04 (628.49) (5.59) 33,555.28 25,541.46 8,013.82 31.38

Gain (Loss) From Foreign Exchange Rate

Unit : in Million Baht 3Q12 3Q11 9M12 9M11

Th C d S b idi i 30 73 (119 51) 231 63 (157 00)The Company and Subsidiaries 30.73 (119.51) 231.63 (157.00)

- RH (4.38) (326.50) 21.58 (215.27)

- RE / RG 2.34 (5.29) (5.25) (3.36)( ) ( ) ( )

- RL (27.60) 28.48 3.03 28.79

- RH Inter 60.37 183.80 212.27 32.84

Jointly-controlled entities and Associates (75.90) (8.16) (5.12) (66.04)

- RPCL (25%) 69.41 (28.28) 65.25 (75.59)

- SEAN (33.33%) 51.08 (15.45) 47.69 (45.02)( ) ( ) ( )

- HPC (40%) (198.08) 33.77 (122.61) 55.03

- TECO (50%) 0.93 0.67 1.36 (4.21)

- CRESCO (50%) 0 76 1 13 3 19 3 75- CRESCO (50%) 0.76 1.13 3.19 3.75

Gain (Loss) from Foreign Exchange Rate (45.17) (127.67) 226.51 (223.04)

Foreign Exchange Rate


Foreign Exchange Rate

as at September 30, 2012 = 30.9664 Baht/USD as at September 30, 2011 = 31.3072 Baht/USD as at December 31, 2011 = 31.8319 Baht/USD

A diAppendixProspectProspect

Prospect

Myanmar – Dawei Power Plant Project Myanmar – Dawei Power Plant Project

RATCH signed MOU with ITALIAN-THAI Development Co., Ltd. (ITD) which was awarded

to develop the Dawei Power Plant Project in Myanmar. RATCH and ITD now have ongoing

feasibility studies in 4,000 MW power plant development to supply electricity in Dawei

industrial estate.

Cambodia – Koh Kong ProjectCambodia – Koh Kong Project

RATCH has purchased 50 percent stake of total shares issued of KK Power Co., Ltd.

which was granted by the government of Cambodia the right of developing and operating g y g g p g p g

the 1,800 MW coal-fired power plant in Cambodia.


A diAppendixRATCH ProjectsRATCH Projects

Power Generation

IPP in Thailand

Ratchaburi Power Plant (RATCHGEN)

Location Ratchaburi Province

Technology Thermal & Combined Cycle

T t l C it 3 645 MW (h ld 100%)

Tri Energy Power Plant (TECO)


Technology Combined Cycle

Total Capacit 700 MW (350 MW h ld 50 %)

Ratchaburi Power Power Plant (RPCL)


Technology Combined Cycle

Total Capacit 1 400 MW (350 MW h ld 50 %)Total Capacity 3,645 MW (holds 100%)

PPA 25-Year

COD • TH#1-2 : 31 Oct 2000

• CCGT #1-2 : 18 Apr 2002

• CCGT#3 : 1 Nov 2002

Total Capacity 700 MW (350 MW holds 50 %)

PPA 20-Year

COD In 2000

Partner Chevron Thailand Energy Company I holds 50 %

Total Capacity 1,400 MW (350 MW holds 50 %)

PPA 25-Year

COD In 2008

Partner • Ratchaburi Alliances Company Limited holds 25%• CCGT#3 : 1 Nov 2002

Partner RG holds 100%

p y % %• Power Assets holds 25%• Chubu Electric Power

Company International B.V. holds 15%

• PTT PCL holds 15%• Union Energy Company Limited

holds 10%holds 10%• Toyota Tsusho Corporation

holds 10%


Power Generation

IPP in Laos

Num Ngum 2 Hydroelectric Power Plant (NN2)

Location Lao PDRocat o

Technology Hydro Power Plant

Total Capacity 615 MW (153.76 MW holds 25%)

PPA 27-Year

IOD / COD In 2011 / In 2013

Remark: SEAN's shareholder consist of • RATCH holds 33.33% • Bangkok Expressway PCL holds 16.67%• CH Karnchang holds 38%IOD / COD In 2011 / In 2013

Partner • SEAN* holds 75%• GOL holds 25%

• CH. Karnchang holds 38%• P.T. Construction & Irrigation 5.33%• Shlapak Development Company holds 5.33%• Team Consulting Engineering and Management 1.34%

SPP in Thailand

Huay Bong 3 Wind-Turbine Power Project

Location Nakorn Ratchasima Province

Technology Wind-Turbine

Total Capacity 103.5 MW (20.7 MW holds 20%)

PPA SPP Non-Firm 5-Year

COD November 2012

Project Cost THB 6,500 Million

Debt to Equity 70 : 30

Partner • RATCH holds 20%


• Aeolus Power holds 60%• Chubu Electric Power Korat, BV holds 20%

Power Generation

VSPP in Thailand

Pratu Tao-A & Pratu Tao-A (Expansion) Sao Thian-A Project

Location Sukhothai Province

Technology Gas Engine

Total Capacity 2.65 MW (holds 100%)

PPA 5-Year (Automatic Renewal)

Location Sukhothai Province

Technology Gas Engine

Total Capacity 3.6 MW (holds 100%)


COD In 2007 / 2010

Partner RE holds 100%

COD In 2012

Partner RE holds 100%

Solar Power Project (Korat 3, Korat 4, Korat 7)

Location Nakorn Ratchasima Province

Technology Solar Power

Solarta Power Project

Location Ayutthaya Province

Technology Solar Power Generation



COD • Korat 3: 9 March 2012

• Korat 4: 14 May 2012

Total Capacity 34.25MW (16.78 MW holds 49%)


COD • Ayutthaya Province : 7 April 2011

• Suphan Buri Province : In 2012y

• Korat 7: 30 May 2012

Partner • RATCH holds 40%• Solar Power holds 60%

• Nakon Pathom Province : In 2012

Partner • RATCH holds 49%• Yanhee Power holds 51%


Power Generation

Power Plant in Australia : Gas

Townsville

Location North Queensland

Technology Combined Cycle Gas Turbine


Kemerton

Location Western Australia

Technology Open Cycle Gas / Diesel Turbine

Total Capacity 300 MW (240 MW holds 80%)

BP Kwinana

Location Western Australia

Technology Co-generation


All output sold under a 20 year PPA to AGL / Arrow, expiring in 2025

All capacity sold under a 25 Year PPA to Verve Energy, expiring in 2030

Energy and Services Agreement (ESA) with BP and a PPA (power only) with Verve Energy, both expiring in 2021

Power Plant in Australia : Coal

Collinsville

Location Queensland

Technology Black coal fired


All output sold under PPA to CS Energy, expiring in 2016


Power Generation

Power Plant in Australia : Wind

Starfish Hill

Location South Australia

Commissioned In 2003

Toora

Location Victoria


Windy Hill

Location Queensland



Contracting Party Merchant


Contracting Party Energy Australia, expiry datein 2012


Contracting Party Ergon Energy, expiry datein 2015


Projects under Construction

IPP in Laos SPP in Thailand

Huay Bong 2 Wind-Turbine Power Project

Location Nakorn Ratchasima ProvinceLocation Nakorn Ratchasima Province




E t d COD 1Q13

Hongsa Thermal Project

Location Lao PDR

Technology Lignite-Fired

Expected COD 1Q13



Partner • RATCH holds 20%• Aeolus Power holds 60%Technology Lignite-Fired

Total Capacity 1,878 MW (751.2 MW holds 40%)

PPA 25-Year

Expected COD In 2015

Aeolus Power holds 60%• Chubu Electric Power Korat, BV

holds 20%

Project Cost USD 3,710 Million


Partner(Power Plant )

• RATCH holds 40%• Banpu Power holds 40%• Lao PDR holds 20%

Partner(Phu Fai Mining)

• RATCH holds 37.5%• Banpu Power holds 37.5%• Lao PDR holds 25%


Projects under Development

SPP in Thailand

Khao Kor Wind Farm Project

Location Phetchabun Province

Ratchaburi World Cogeneration (RW Cogen)


Nava Nakhon Electricity Generating (NNEG)

Location Pathum Thani Province


Total Capacity 60 MW (33.11 MW holds 55.18%)



Technology Cogeneration


PPA 25-Year


Technology Cogeneration


PPA 25-Year

Expected COD In 2016pected CO 0 3



Partner • RE holds 55.18%• Wind Energy holds 34.16%

DEMCO hl d 10 66%

p



Partner • RATCH holds 40%• Majoe Sharholder Group of Thai

A i F d PCL h ld 60%

p



Partner • RATCH holds 40%• PTT holds 30%

N N k h ld 30%• DEMCO hlods 10.66% Agri Food PCL holds 60% • Nava Nakon holds 30%

VSPP in Thailand

Songkhla Biomass Power Project

IPP in Laos

Xe Pian - Xe Namnoy Project

Location Songkhla Province

Technology Thermal Power Plant


PPA 5 Year (Automatic Renewal)

Location Lao PDR

Technology Hydro Power Plant


PPA Negotiating PPA with EGATPPA 5-Year (Automatic Renewal)


Project Cost THB 820 Million


Partner RATCH holds 40%

PPA Negotiating PPA with EGAT


Project Cost USD 830 Million

Debt to Equity 70 :30

Partner RATCH holds 25%


Partner • RATCH holds 40%• Precise Power Producer holds 40%• Assiddeek Saving Cooperative holds

20%

Partner • RATCH holds 25%• SK Engineering holds 26%• Korea Western Power holds 25%• Lao PDR holds 24%

Q&AQ&A

Thank youThank you

Disclaimer

The information contained in our presentation is intended solely for your personal reference only. In addition, such information 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 assumptions

subject to various risks. No assurance is given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct.

Actual results may differ materially from those projected. Investors are, however, required to use their own discretion regarding the use of information containedy y p j , , q g g

in this presentation for any purpose.

Analyst Meeting 3Q12.ppt...2012/11/14 · Nava Nakorn Electricity Generation Xe-Pian Xe-Namnoy...

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