“Your Ultimate Solution Partner”€¦ · “Your Ultimate Solution Partner” WHA Corporation...

“Your Ultimate Solution Partner”

WHA Corporation Public Company LimitedOpportunity Day Q3/202030th November 2020

DisclaimersWHA Group

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitationof an offer or invitation to purchase or subscribe for share in WHA Corporation Public Company Limited (“WHA” and shares in WHA, “shares”) in anyjurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever.

In addition, this presentation contains projections and forward-looking statements that reflect the Company's current views with respect to futureevents and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economicand competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control ofthe Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the currentview of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved,or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-lookingstatements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use ofwords such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees offuture performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factorsand assumptions.

2

Agenda

II. 3Q20 Operating Performance

IV. Appendix

I. WHA Group Overview

III. 3Q20 Financial Performance

3

2012 2017 20192015 2018

Key MilestonesWHA Group Overview

WHA’s First & Biggest Built-to-Suit Distribution Centers in Southeast Asia

2006 2010

• Warehouse Asia Allianceis set up in June 2006, inpartnership with GLOMAC from Malaysia. It launches the first Built-to-Suit Customer goods distribution center, considered then as Southeast Asia’s biggest facility underone roof, with a total of 53,000 sq.m. along the BangnaTrad Highway, Km 19

IPO and Listed Company• On November 8, 2012,

WHA Corporation becomes a listed company traded on the Stock Exchange ofThailand (SET), raising its invested capital toBaht 1,709 million(USD 56.97 million)

Establishment of Publicly Listed Fund (WHAPF)

• December: WHAPF (WHA Premium Factory and Warehouse Fund) isestablished, comprising twowarehouse buildings and one factory, with a combinedspace of nearly 40,000 sq.m.

Significant Acquisition• April: Acquisition of a

92.88% shareholding equity of Hemaraj Land And Development Plc., Thailand’s leadingdeveloper of Industrial Estates, Utilities & Power, and Property Solutions

Branching Out To The Greater Growths

• WHA Utilities and Power Plc. received the approval of WHAUP as a SET-listed company

• WHA Group to develop first industrial zone in Nghe An Province, Vietnam with an investment of USD 100 million. Phase 1 of WHA HemarajIndustrial Zone - NgheAn covers the area of 498 hectares. This is part of a long term plan

Remarkable Year• Double anniversary

celebration for WHA Group’s 15th and 30thof success in industrial estate development

• WHAUP expands overseas water business in Vietnam with exclusivity rights to invest and operate water business in WHA Industrial Zone 1 - NgheAn

A Big Leap Forward• WHAUP (SG) 2DR PTE. LTD,

a subsidiary of WHAUP signed share purchase agreement to acquired 34.00% of total issued shares in Duong River Surface Water Plant Joint Stocks Company in Vietnam

• Chonburi Clean Energy Company Limited (CCE), associated company of WHAUP group with 33.33% stake, started commercial operation of its 8.6 MW waste-to-energy power plant

4

#1 LogisticsProperties Developer

#1 Industrial Estate Developer

Leading Industrial Utilities and Power

Provider

Strengthened Digital Platform

85 mm m3 Utilities Sales & Management Volume in Thailand

and Vietnam

2,485,848 sq.m.Owned & Managed

5774 Data Centers

3 Tier-III facilities and the only Tier IV Gold Certified data center in Asia Pacific

(Excl. Australia)

FTTx covering 7 Estates

Installed Equity MW Power

9M20 Performance Highlights

115,382sq.m.Net rent for Built-to-Suit,

warehouse farm and RBF/RBW

124 Rai Land SalePlus LOI /MOU of 125 Rai in Thailand

WHA GROUP AT-A-GLANCEWHA Group Overview

5

39 Rai Land SalePlus LOI/MOU of 182 Rai in Vietnam

WHA 50+ STRATEGIC LOCATIONS IN THAILAND AND VIETNAM

WHA is a Key Player in the Development of Eastern Economic Corridor (EEC).

6

WHA Strategic LocationsWHA Group Overview

Agenda


IV. Appendix



7

Financial Highlights (3M Y-o-Y and 9M Y-o-Y)3Q2020 Financial Performance

Note : % of growth represent Y-o-Y growth basis8

Normalized Revenue and Share of Profit

Normalized Net Profit

28%

4%

26%

26%

Rental Properties Business Normalized Revenue

32% 32% • Continued solid and robust growth in 2020• Positive impact from Covid-19 especially for E-commerce sector

Land Business and Sale of Properties Normalized Revenue and Share of Profit

52% 52% • Lower mainly from Industrial land transfer shifting due to Covid-19 traveling restriction which was temporary effect

• Revenue from right of way compensation

Utilities Business Normalized Revenue and Share of Profit

22% 18% • Lower Excessive Charge• Domestic sale volume was flat • The recognition from Share of Loss from SDWTP resulting from slower

growth of sale volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam and accounting impact from PPA adjustment

Power Business Normalized Share of Profit

36% 33% • Lower share of profit from Gheco-one due to lower Availability Payment Rate (seasonal effect), strong THB, lower coal price, and tax rate

• Solid contribution from SPP business with major scheduled maintenance from 4 SPPs in 9M2020

• Contribution from CCE and ramping up of new solar rooftop COD

Normalized Finance Cost Excluded accounting impact from callable bond

4% 2% • Due to increasing in IBD as business expansion

Y-o-Y3M

Y-o-Y9M Key Drivers

Logistics Business3Q20 Operating Performance

Logistics Business

9

Logistics Business

#1 First Class Premium Logistics Infrastructure Developer

2,360,000 SQM

3Q20 Operating Performance

#1 Built-to Suit (BTS) Warehouse and Factories

200+ well‐known

tenants profile

World Class standard warehouse and factories built to

specific client’s requirements

2019 3Q20

2.48 millionsq.m.

2.36 millionsq.m.

10

40 StrategicLocations

Assets under Owned and Managed

Logistics Business – 3Q20 Operating Performance

Group-Owned assets and preleased

Asset Under Management

Area owned by WHA Industrial Development and its subsidiaries

Area sold to HPF and HREIT

Industrial Properties

Area owned by WHA and its subsidiaries

Area sold to WHART and WHABT

Logistics Properties

726,944

244,322

482,622

1,317,703

441,200

1,758,904

88,913 141,619 141,619 169,433

891,286

298,139192,341

505,051

1,108,740

Total2,485,848

Unit : sq.m.

CAGR 28.7% (2006A – 2019A)

CAGR 24.6% (2012A – 2019A)

24%

19%

18%

19%

10%10%

Thai

Japan

Europe

Asia(Exclu.Japan, Thai)

USA

China

39%

29%

17%

14%

1% 3PL

FMCG&Healthcare

Manufacturer

E-Commerce

Other

26%

23%15%

6%6%

21%3%

Japan

Europe

Asia(Exclu.Japan, China)USA

Australia

China

Other

26%

21%16%

22%

4%11%

Auto&Parts

Logistic

Electronic

Consumer

Industrial Service

Other

Industrial Properties BusinessLogistics Properties Business

Customer by Nationality Customer by Industry

Industrial Properties BusinessLogistics Properties Business

2,150,410

Remark: Figures as of Sep 30,2020

2,115,2931,975,361

2,321,721


2,360,556

11

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2Q20203Q2020

109,565

213,657

74,017

2,901 40,137 32,102

100,030

293

45,243

135,777

29,289

-17,679

60,346

15,352

-50,000

-

50,000

100,000

150,000

200,000

250,000

300,000

2017 2018 2019 3Q19 3Q20 9M19 9M20

RBF/RBW BTS/Warehouse farm

Unit: Sq.m.

New Projects / Net Rent

109,858

209,794

3Q20 Operating PerformanceLogistics Business – 3Q20 Operating Performance

258,900

115,38292,448

12

Logistics Business Continued to Outperform from the Growing Demand of E-Commerce Segment

32,19022,458

30 January 2020

100,000 sq.m. Built-to-Suit Projects Signed


Strengthening the Core

E-Commerce Center Phase II 30,000 sq.m. E-Commerce Center Phase III 30,000 sq.m.

Project Details

• Space : 40,137 sq.m.

• Tenant : Construction Material

• Location : Ayuthaya (Wangnoi 63)

• Building Type : Built-to-Suit (Ambient)

Additional Project in Q3

13

Projects in Pipeline~190,000 sq.m.

Packaging~17,000 sq.m.

Power Solutions~16,000 sq.m.

Semi Conductor~66,000 sq.m.

3PL ~25,000 sq.m.

WHA Logistics Center Bangna-Trad Km. 23 Project 3

Targeted Customers:

E-Commerce

Food Processor

Consumer Products~70,000 sq.m.

Third Party Logistics


14

UPCOMING High Value Projects

New Strategic Location

New Strategic Location

Building Area : ~100,000 sq.m

Land Area : ~100 Rai

Location : ~13 Km. from Suvarnabhumi Airport

~32 Km. from Klongtoey Seaport

~37 Km. from CBD Bangkok

UPCOMING Assets Monetization to WHART

Project WHA Mega Logistics Center Laemchabang 1

Project WHA Mega Logistics Center Laemchabang 2

Project WHA-KPN Mega Logistics Center Bangna-Trad Km 23



Expected Process to Complete and Recognized Revenue in 4Q2020Approx. 130,000 sq.m. of Built-to-Suit Warehouse/ Factory

15


>3,200*TOTAL ASSET VALUE

THB mm

*Remark: Approx. THB 2,200 mm under JV entities and THB 1,000 mm under WHA own portfolio

UPCOMING Assets Monetization to HREIT

Expected Process to Complete and Recognized Revenue in 4Q2020Approx. 50,000 sq.m. of Ready-Built Warehouse/ Factory

16


>1,300TOTAL ASSET VALUE

THB mm

52,000 sq.m.of flexible office space, and common open spaces

25-storey Towerarchitectural design will be the new landmark in Bangna

Close to BangkokSuvarnabhumi airport, busy commercial centers and international schools

8.6 meterHigh Ceilings with Elegant Main Lobby Design

2.9 meterOpen View of 2.9 m. Floor to Ceiling, 360 Panorama View

Energy-savingEnergy-saving design with Solar Roof and backup power generator

Digital SecurityFace Recognition Gate Access Control, Cloud Service or Colocation

“Premium Office in Bangna-Trad, Gateway to the EEC”

“The Unique Architecture Design”

“Environmental Friendly & Digital Innovation”

Innovative Workplace for Business Growth

Ready in Q1’2021

WHA Tower : Work Life Solutions3Q20 Operating Performance

17

Industrial Estate Business3Q20 Operating Performance

Industrial Estate Business

18

30 January 2020

Industrial Estates/1

68,900

Remark: /1 including new Industrial Estate WHA RY36/2 including 44,400 Rai operating and under development in Thailand and Vietnam/3 Backlog as of 9M2020 - Thailand 276 Rai, Vietnam 22 Rai

11Industrial Estates

1Industrial

Estate


Industrial Estates Overview

9M19 9M20

124 Rai

564 Rai

19

Industrial Land Sale

Thailand

Outstanding LOI/MOU

9M19 9M20

39 Rai

_

Vietnam

9M19 9M20

125 Rai

9M19 9M20

182 Rai

72 Rai

169 Rai

Rai/2

Land Sale and Transfer Limited due to Travelling Restriction from COVID-19

Unit: rai Breakdown by Country

Overall Portfolio From 2019-YTD

Japan 33% 8%Thailand 18% 9%Europe 11% 1%USA 8% 2%China 10% 58%Taiwan 4% 10%Korea 3% 2%Other Asia 13% 10%

Total 100% 100%

Customer Breakdown*

Breakdown by Industry

Overall Portfolio From 2019-YTD

Auto 33% 29%Consumer 15% 29%Petrochemical 8% 4%Steel/Metal 9% 6%Electronics 8% 17%Logistics 5% 0%Others 22% 15%

Total 100% 100%

Our Domestic Land Sales Record

Remark: * By number of contracts

No.1 Domestic Industrial Market Share

2009 … 2017 2018 2019

WHAID

Industrial Estate Business 3Q20 Operating Performance

16%57% 42%

45%

665

1,043

835

974 933816

306

42

564

124

0

200

400

600

800

1,000

1,200

2014 2015 2016 2017 2018 2019 3Q19 3Q20 9M19 9M20

20

30 January 2020

Upcoming Estates and Expansion

11Industrial Estates in

Thailand

In 20201

WHA IER, Rayong

WHA SIL2 , Saraburi

New IE Planning

Upcoming New Projects by 2023

+4

IncludingNew Estate

WHA RY 36 construction to start by end of 2020

In process of obtaining permits/licenses

In process of obtaining permits/licenses

• Rayong Province• Gross area 1,280 Rai• Sellable area 960 Rai

WHA ESIE 4 (Expansion Phase)In process of obtaining permits/licenses


21

SMART Eco Industrial Estates

Vehicle Management System (VMS)

Smart CCTV DroneElectrical Transmission

and Distribution Inspection

Project Highlights• Located in strategic area reachable to main locations

• Comprehensive and reliable infrastructure - power, utilities and telecommunication

• Promoted S-curve Industries

• Laem Chabang Deep Sea Port

• Map Ta Phut Deep Sea Port

• U-tapao Airport

• Suvarnabhumi Airport

30 January 2020

From Thailand Leader to ASEAN Champion

Leverage On 30-year Experience in Thailand to Expand Regionally

20,000 RaiTotal Project In Nghe An, Vietnam

WHA Industrial Zone 1 – Nghe An , The Initial Footprint of WHA Group in Vietnam

Remark: the remaining of phase 1


22

In Process of Obtaining Permits forMilestone 2 and 3 / Approvals For 2,100 Rai*

WHA Industrial Zone 1-Nghe An Welcomes Goertek Precision Industry

Goertek Precision Industry Vietnam, which specializes in micro-electromechanical systems (MEMS), purchased an area of 40.48 ha (253 rai) to develop their factory complex for the manufacturing of mobile phones’ electronic components, such as air pods.

(Construction expected to start in 2021)

1,000 RaiSubstantially

completed and available to potential

customers

3,100 RaiTotal phase 1 development

is on going

30 January 2020

New High-value Joint Venture Projects in 2020


23

TusParkWHA Incubation Center

- The higher value property and the first step toward Science Park development -

BIG WHA Industrial Gas

• The gas-generation plant with a pipeline to supply customers with nitrogen

• The collaboration with industry expert for new product and services

BLOCK 28 – Building B (1st and 3rd floor)

CREATIVE & STARTUP VILLAGE

Located at…

Thailand’s First TusPark, an Innovation and Incubation Center in downtown

Bangkok run by Chinese’s top ecosystem builder and Thailand’s leading industrial estate developer

Innovation Carrier

Innovator

Innovation Element

Startups


TusPark WHA - Ecosystem

24

Utilities and Power Business3Q20 Operating Performance

Utilities and Power Business

25

Utilities and Power Business3Q20 Operating Performance

Q1

UTILITIES BUSINESSSlightly increase in domestic sale revenue compared with previous quarter while the core performance of SDWTP in Vietnam has improved despite continued booking net loss in this quarter

Domestic utilities performance in 3Q20 was on par in term of sale volume but slightly increased by 3% in term of revenue when compared with 2Q20. However, comparing with 3Q19, sale volume and sale revenue decreased by 17% and 11% respectively

A recovery in some sectors such as auto parts, petrochemical with an increase of sale volume vs 2Q20 by 12% and 2% respectively

The draught situation in EEC has been diminished. The water reserve back to normal level

Still recorded net loss from SDWTP partly due to a starting of amortization of intangible assets resulted from the Purchase Price Allocation (PPA) of SDWTP

If not taking into account the PPA amortization, SDWTP still contributed net loss in 3Q20 but had improved from 1Q20 and 2Q20 due to a ramp up of sale volume after impacted by COVID -19

POWER BUSINESSContinued to be impacted by lower share of profit from Gheco-One. However, SPP still show solid performance together with additional contribution from CCE and solar rooftop

26

Gheco-One provided substantially lower share of profit, mainly as a result of lower contractual APR and sharp decline in coal price.

SPP continue to contribute robust results. The share of profit increased by 9% vs 3Q19 and 17% vs 2Q20

Contribution from CCE (started COD in Nov 2019) Continuously COD of WHAUP solar rooftop (incl. Gulf and

Gunkul) (9 MW at end 2019; 27 MW at end 3Q20; and expected around 42 MW at end 2020)

GIPP dividend payment of 36.5 MB in Aug 2020

Sole Provider of Utilities to Manufacturers/Factories in Leading Industrial Estates with a Concrete Plan to Capture Increasing Demand from Heavy Users and Expand Outside i.e. Other IEs, Non-IE Area and International

Water Sales & Managed Volume in Thailand and Vietnam

Utilities Business - Overview3Q20 Operating Performance

3Q20

28million m3

28million m3

3Q19Municipal Water

Industrial Water

Wastewater Treatment

Reclaimed & Demineralized Water

Water Product/Services & Capacity

27

9M20

85million m3

Utilities Business – Operating Performance3Q20 Operating Performance

Million m3/ year

Remark: The Utilities & Power business’s operating matrix under WHA level may differ from one shown in WHAUP level as a result of Pre-IPO restructuring, resulting in partial recognition in FY2016 under WHAUP.

Utilities Portfolio Growth – Sale & Management Volume

43 46 49 53 55

19 17 17 17 1732 33 34 35 35

394 96 100 105 110

-101030507090

110130150

2015 2016 2017 2018 2019Industrial Water Raw Water Wastewater SDWTP & Cua Lo Demineralized Water

Water Consumption 2017 2018 2019 2020E 2021E 2022E

SPP COD 3,500 – 4,000 m3/day

Potential Demand from New Key Projects and Key Customers

4SPPs 1SPP 1SPP (Jan 19)

Block 1 Block 2

CCE (Q4’19)Waste to Energy 1,000 m3 / day

IPP COD 40,000 m3 / day

Petrochemical +13,000 +3,000

On Schedule

Tyre +3,000

28

Million m3 9M19 9M20 YoY (%)

Raw Water 12.7 11.6 (8.7%)Industrial Water 41.6 35.3 (15.1%)Wastewater Treatment 26.8 23.0 (14.2%)Demineralized Water 0.0 1.3 n.a.Premium Clarified Water 0.0 0.4 n.a.

Total Thailand 81.1 71.7 (11.6%)

SDWTP & Cua Lo 0.3 13.3 4,333.3%

Total 81.4 85.0 4.4%

COD in 4Q2020Demineralized Water Plant (Phase 2)

Wastewater Treatment Plant

EECi

COD in 1Q2021

Industrial/Municipal Wastewater Reclamation Desalination Water

Utilities Business3Q20 Operating Performance

Expanding Value-added Utilities Solutions For Various Types of Customers

Reclamation Water

2019 9M20 2020F

Demineralized Water

W a t e r P r o d u c t i o n C a p a c i t y G r o w t h

3.70 m3 /yearCapacity






Up to 400,000 m3/yr (full capacity)Central Wastewater Treatment Plant

30Y BOO contract with PTT

Demineralized & Reclamation

Water Plant Projects

29

Power Business3Q20 Operating Performance

559Installed

Equity MW

577Installed

Equity MW

Conventional Power Plant

Renewable Energy

Natural Gas2019 3Q20

Continuing Growth from Projects Under Construction and Committed Projects in Pipeline

547 Equity MW of Existing Conventional Power

Operating Projects – WHANGD 2 and WHANGD 4Under Development – EIA Approved for WHANGD 3

Solar Rooftops

Equity MW COD27

Industrial Waste to Energy

Equity MW COD3

30

Power Business - IPP Group

GWh

3M Y-o-Y

Energy Dispatch

98.0% 100.0%88.2% 100.0%

Gheco-One Glow IPP

% AF Availability

1,436

101 0

1,290

85 0

Gheco-One HHPC Glow IPP

3Q193Q20

3Q193Q20

GWh

9M Y-o-Y

Energy Dispatch % AF Availability9M199M20

9M199M20


31

83.6%100.0%93.9% 100.0%

Gheco-One Glow IPP

3,651

4020

4,099

316 0

Gheco-One HHPC Glow IPP

Power Business – SPP Group3Q20 Operating Performance

GWh SPP Group Energy Dispatch % AF SPP Group Average Availability

EGATIU % AF SPP Group Average AvailabilitySPP Group Energy Dispatch

95.7% 97.4%

6M'2019 6M'20203Q19 3Q20

GWh

EGATIU

9M Y-o-Y

3M Y-o-Y

97.8% 96.5%

9M'2019 9M'20209M19 9M20

3,750 3,750

1,216 1,126

9M'2019 9M'20209M19 9M20

4,966 4,877

1,312 1,313

419 407

9M'2019 9M'20203Q19 3Q20

1,732 1,720

32

30 January 2020

33 MW 47 MW 52 MW

MG Solar Carpark Project“Thailand’s Largest Solar Carpark Project”

JJR Chicken Farm Nakhon NayokCapacity 1.0 MW

Nikkei Siam AluminiumPathum ThaniCapacity 1.0 MW

Danieli Far EastESIE, RayongCapacity 1.6 MW

WisewoodsPetchaburiCapacity 5.0 MW

4Q20F2019

Y OguraESIE, RayongCapacity 0.5 MW

Asno HorieESIE, RayongCapacity 1.5 MW

Cumulative Target Signed PPA

3Q20 Operating PerformanceSolar Projects

3Q20

Specializing in Solar for Industrial Users

3633

Cumulative Target COD

9 MW 27 MW 42 MW

4Q20F2019 3Q20

WHA ESIE2Capacity 4.9 MW

Remark: Cumulative signed PPA and COD capacity include megawatts from both private PPA and JV entities

30 January 2020

Power Business3Q20 Operating Performance

Innovative Smart Energy Solutions

34

Platform POCto ensure platform’s functionality and reliability

Leverage a result from the Simulation to develop future algorithm

Data Security and Stability is the key to build trust

Data is collected for future planning, analysisand development

Network connection Robust network of FTTxand 5G in the future

WHA signed a Memorandum of Understanding with PEA

ERC Subcommittee’s Approval

Technical testing and system interface

ERC SandboxA 2-Year Project

Digital Business3Q20 Operating Performance

Digital Business

35

30 January 2020

1 Industrial Estate having 100% FTTx coverage

10 Industrial Estates covered FTTx by 2020

6 Industrial Estates having partial FTTxcoverage (100% coverage by 2021)

3 Industrial Estates to start FTTx service by 2020

• Leverage WHA Group’s customers base to capture captive demand

• Recurring income

• Becoming provider of FTTx infrastructure of WHA Group

1.3

Average Core Usage

Cores Per Factory

Tendency to increase

in the future!

FTTx: Enhancing Digital Connectivity

Data Center: Moving the Value Chain

DATA CENTERS

4102TIER IV

GOLD

Equity Racks Capacity

Equity Racks Capacity356TIER III

• Attract customers through cross selling with existing services

• Leverage from WHA Group’s customers base

• Moving up from IAAS to PAAS and SAAS

WHA Cloud: A Turnkey Platform

• Domestic cloud

• WHA cloud services own and managed by one who own datacenters to host the cloud itself

• Host in network-neutral data center with owned FTTx linkage from WHA Industrial estate

• Speed and Security and High Availability


36

Strengthening Digital Platform

30 January 2020

Enabling

5G Telecom TowerConstruct the tower and

lease slots out to telecom operators

EmpowermentDeploymentCollaborates with 5G operators to create new business model and provide more solution for Customer in IEs

Add Elements & Smart Features to Enhance ManagementReal-time control and decision making

5G Availability in all Industrial Estates5G & FTTx Management Plan

Smart Mobility

Smart Manufacturing

Smart Warehouse

Fiber OpticProviding FTTx for

offload traffics from telecom towers

Autonomous Truck Remote Control Forklift

Field Maintenance Smart Assistance

360˚ Camera for Security Surveillance

Smart Energy

Smart Utilities Smart Light


37

5G Next Move

Agenda


IV. Appendix



38

1,6111,967

Total Revenue and Share of Profit (3 Months) 3Q2020 Financial Performance

Total Revenue and Share of Profit

• The Statutory Revenue and Share of Profit in 3Q2020 stood at THB 1,611 mm which decreased by 28% Y-o-Y and 18% Q-o-Q mainly due to lower contribution from Revenue from Land Business and Sale of Properties, Utilities Business and Power business despite increasing in revenue from Rental Business.

• Total Normalized Revenue and Share of Profit in 3Q2020 was THB 1,609 mm decreasing by 28% Y-o-Y and 15% Q-o-Q .

Unit: THB mm

Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement) Remar (2) Representing Total Revenue Inclusive Share of Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items.

Impact from FX Total Revenue Share of Profit

Statutory (3 Months) Normalized Basis (3 Months)

39

3Q2019 2Q2020 3Q2020 3Q2019 2Q2020 3Q2020


Normalized Basis(2)

1,967(1)

2,244

0

5,000

2,244(1)

(28%) Y-o-Y

1,611(1)

1,840

3959

2,235(2)

1,658

22782

1,8851,410

1992

1,609(2)

(18%) Q-o-Q

(2)

(28%) Y-o-Y

X XX

X(15%) Q-o-Q

5,500

1,144

2,101

2655160

4,254

639

Total Revenue and Share of Profit (9 Months) 3Q2020 Financial Performance


• For the 9M performance, the Statutory Revenue and Share of Profit stood at THB 4,856 mm which decreased by 47% Y-o-Y mainly due to lower contribution from Revenue from Land Business and Sale of Properties, Utilities Business and Power business despite increasing in revenue from Rental Business.

• Total Normalized Revenue and Share of Profit of 9M2020 decreased by 26% Y-o-Y.

Unit: THB mm

Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement) Remar (2) Representing Total Revenue Inclusive Share of Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items.

Rental Revenue from asset in WHABT before one time recognition in deferred revenue from monetization to WHARTImpact from FX

Total Revenue Share of Profit One-Off ItemRealized revenue from asset sold to WHABT


40


Normalized Basis(2)

9,121

4,856

9,121(1)

4,856(1)

(47%)

9M2019 9M2020

6,644(1)

4,893(1)

(26%)

9M2019 9M2020(37)

429542 457

106 7

Net Profit (3 Months) 3Q2020 Financial Performance

Net Profit Unit: THB mm


• In 3Q2020, the Reported Net Profit dropped by 25% Y-o-Y and 21% Q-o-Q, according to decrease in Revenue from Land Sale, Utilities Business and Power business

• However, the Normalized Net Profit of 3Q2020 decreased by 4% Y-o-Y and 15% Q-o-Q.

Net Profit Impact from FX(3) One-Off Item Net Profit MarginTFRS 9 &16 Impact Adjustment

Remark: (1) Representing Net Profit (Financial Statement) Remark:(2) Representing Net Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items.

(3) Impact from FX attributed to parent

457(2)

Normalized Basis(2)

3Q2019 2Q2020 3Q2020 3Q2019 2Q2020

518

76

(52)

518(2)

570

Impact from Callable bond

441

(8)(4)

441(2)

3Q2020

(15%)

41

25%28%

27%

X

(25%) Y-o-Y

(21%) Q-o-Q

20%27% 27%

(4%) Y-o-Y

(15%) Q-o-Q

XX

1,155

(44)(41)

1,553

129186 106 15

2,028

Net Profit (9 Months) 3Q2020 Financial Performance

Net Profit Unit: THB mm

Rental Profit from asset in WHABT before one time recognition in deferred revenue from monetization to WHART


42

Normalized Basis(2)

2,028(1)

1,070(1)

(47%)

9M2019 9M2020

1,553(1)

(26%)

9M2019 9M2020

1,070

Remark: (1) Representing Net Profit (Financial Statement) Remark:(2) Representing Net Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items.

(3) Impact from FX attributed to parent

Net Profit

Impact from FX(3)

Net Profit MarginTFRS 9 &16 Impact AdjustmentImpact from Callable bond

1,155

• The Reported Net Profit of 9M2020 dropped by 47% Y-o-Y according to decrease in from Revenue from Land Business and Sale of Properties, Utilities Business and Power business, while, The Normalized Net Profit of 3Q2020 decreased by 26% Y-o-Y.

One-Off Item

39

24% 24%22% 22%

Financial Highlights (3M Y-o-Y)3Q2020 Financial Performance

Note : % of growth represent Y-o-Y growth basis 43

Reported Revenue and Share of Profit : THB 1,611 mm 28% | Reported Net Profit : THB 429 mm 25%


THB 302 mm 32% • Due to increase in occupancy rate of Built-to-Suit project and RBF/RBW from both Logistics and Industrial Estate Development business


THB 420 mm 52% • Mainly from Industrial land transfer shifting due to Covid-19 traveling restriction which was temporary effect. However, there was the revenue recognition of right of way compensation amounting of THB 308 mm during 3Q2020


THB 434 mm 22% • Lower Excessive Charge • Decrease in Domestic sale volume by 17% Y-o-Y• The recognition from Share of Loss of THB 59 mm from SDWTP resulting

from slower growth of sale volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam and accounting impact from PPA adjustment in 3Q2020


THB 241 mm 37% • Lower share of profit from Gheco-one due to lower Availability Payment Rate, strong THB, lower coal price and higher tax rate

Finance Cost THB 263 mm 78% • Mainly due to accounting impact from callable bond in 3Q2019


THB 263 mm 4% • Due to increasing in IBD as business expansion

: THB 1,609 mm 28% | : THB 441 mm 4%Normalized Revenue and Share of Profit Normalized Net Profit

3M Y-o-Y Y-o-Y

Financial Highlights (3M Q-o-Q)3Q2020 Financial Performance

Note : % of growth represent Q-o-Q growth basis 44

Reported Revenue and Share of Profit : THB 1,611 mm 18% | Reported Net Profit : THB 429 mm 21%


THB 302 mm 0.5% • Due to slightly decrease in occupancy rate of RBF/RBW from Industrial Estate Development business


THB 420 mm 23% • Lower Land transfer during 3Q2020 comparing to 2Q202• However, there was the revenue recognition of right of way

compensation/services income amounting of THB 308 mm during 3Q2020


THB 434 mm 2% • The recognition from Share of Loss of THB 59 mm from SDWTP resulting from slower growth of sale volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam and accounting impact from PPA adjustment in 3Q2020.

• Domestic sale volume was flat Q-o-Q


THB 241 mm 4% • Lower share of profit from Gheco-one due to lower Availability Payment Rate (seasonal effect) and focus outage

• Solid contribution from SPP business with scheduled maintenance from 1 SPPs during 3Q2020

Finance Cost THB 263 mm 14% • Mainly due to loan repayment during 3Q2020


THB 263 mm 14% • Mainly due to loan repayment during 3Q2020

: THB 1,609 mm 15% | : THB 441 mm 15%Normalized Revenue and Share of Profit Normalized Net Profit

3MQ-o-Q Q-o-Q

Financial Highlights (9M Y-o-Y)3Q2020 Financial Performance

Note : % of growth represent Y-o-Y growth basis 45

Reported Revenue and Share of Profit : THB 4,856mm 47% | Reported Net Profit : THB 1,070 mm 47%


THB 891 mm 32% • Due to increase in occupancy rate of Built-to-Suit project and RBF/RBW from both Logistics and Industrial Estate Development business

Land Business and Sale of Properties Normalized Revenue and Share of Profit(excluded Realized revenue from asset sold to WHABT in 1Q2019)

THB 1,194 mm 52% • Mainly from Industrial land transfer shifting due to Covid-19 traveling restriction which was temporary effect.


THB 1,384 mm 18% • Lower Excessive Charge• Decrease in Domestic sale volume by 9% Y-o-Y as a result of drought

situation• The recognition from Share of Loss of THB 125 mm from SDWTP resulting

from lower sales volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam and accounting impact from PPA adjustment in 3Q2020


THB 737 mm 33% • Lower share of profit from Gheco-one due to lower Availability Payment Rate, strong THB, lower coal price and higher tax rate

• 4 major scheduled maintenance from 4 SPPs during 9M2020 vs 1 major scheduled maintenance during 9M2019

Finance Cost THB 823 mm 17% • Due to accounting impact from callable bond in 3Q2019


THB 823 mm 2% • Due to increasing in IBD as business expansion

: THB 4,893 mm 26% | : THB 1,155 mm 26%Normalized Revenue and Share of Profit Normalized Net Profit

9MY-o-Y Y-o-Y

420

420

87%

3Q2020

527

2529

52%

2Q2020

841

39 880

44%

3Q2019

186

117

303

69%

2 Q2 0 2 0

188

114

302

69%

3 Q2 0 2 0

Industrial Revenue

Real GPM before PPA of 3Q2020 : 47%

Performance by Business (3 Months)3Q2020 Financial Performance

Note : Gross profit margin on consolidated financial statement is different from that on operation financial statement (genuine performance) due to the effect of PPA adjustment after acquisition

RENTAL PROPERTY BUSINESS (NORMALIZED) LAND BUSINESS AND SALE OF PROPERTIES (NORMALIZED)

The GPM from Revenue from Land Business and Sale of Properties (excluded Other Land Business and Sale of Properties Incomes(1)) in 3Q2020 increase to 49%, according to lower cost of plot of transferred lands.

The GPM in 3Q2020 increased to 69% due mainly from increase in occupancy rate of Built-to-Suit and RBF/RBW.

Unit: THB mmUnit: THB mm

Logistics Revenue Normalized Margin

46

3M

Real GPM before PPA of 3Q2020 : 69%

Industrial RevenueLogistics Revenue

Normalized Margin included Other Land Business and Sale of Properties Incomes

Normalized Margin

(1)

43%

Remark :(1) Other Land Business and Sale of Properties Incomes included Realized revenue from asset sold to WHABT and Right of Way Compensation / Services Income

155

74

229

3 Q2 0 1 9

64%

3M

44%

41%

49%

51%

86%

452 557

220 334

673

891

59%69%

9 M 2 0 1 9 9 M 2 0 2 0

2,473 1,192

2,101

39

2

4,612

1,194

32%

64%

9 M 2 0 1 9 9 M 2 0 2 0

Industrial Revenue

Real GPM before PPA of 9M2020 : 46%



RENTAL PROPERTY BUSINESS (NORMALIZED) LAND BUSINESS AND SALE OF PROPERTIES (NORMALIZED)

The GPM from Revenue from Land Business and Sale of Properties (excluded Other Land Business and Sale of Properties Incomes(1)) in 3Q2020 decrease to 46%, according to higher cost of plot of transferred lands.

The GPM increased to 66% in 9M2020 due mainly to increase in occupancy rate of Built-to-Suit and RBF/RBW.

Realized revenue from asset sold to WHABT

Normalized Margin

Share of Profit from JV's Asset Monetization Logistics Revenue

Industrial Revenue

Unit: THB mmUnit: THB mm

46%

Logistics Revenue Normalized Margin

47

9M 9M

(1)

Real GPM before PPA of 9M2020 : 69%

Remark :(1) Other Land Business and Sale of Properties Incomes included Realized revenue from asset sold to WHABT and Right of Way Compensation / Services Income

53%

Normalized Margin included Other Land Business and Sale of Properties Incomes(1)

241

(91)

150

52

305

357

2 Q2 0 2 0

493

434

(59)3Q2020

552

1 553

3Q2019

Nomalized Share of Profit Impact From FX Write-Off Tax PaymentUtilities Revenue Share of Profit


UTILITIES BUSINESS (NORMALIZED) POWER BUSINESSUnit: THB mm

The GPM of Utilities sale in 3Q2020 stood at 37% which decreased from 39% in 3Q2019 due to lower excessive charge and additional cost raw water from East Water

Unit: THB mmReal GPM before PPA of 3Q2020 : 41%

(558)

Normalized Share of Profit

Normalized other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, revenue from digital business and others, excluding FX impact in other incomes.

Unit: THB mm

Normalized Margin


Excessive Charge


48

3Q2019 2Q2020One-ff Item

Industrial Revenue

The normalized performance in 3Q2020 decreased 37% Y-o-Y and 4% Q-o-Q, due to lower contribution from Gheco-One (lower contractual APR, strong THB, lower coal price and higher tax rate) and scheduled major maintenance for 1 SPPs during 3Q2020

3M

3Q2020(1)

Remark :(1) Normalized margin excluded Share of Profit

82

110

192

3 Q2 0 1 9

381

9 390

481

0.4 444

(37)2Q2020

39% 34% 37%

88

123

211

3 Q2 0 2 0

251

258

510

3M

3M

REVENUE FROM MANAGEMENT, INVESTMENTS AND OTHERS (NORMALIZED)

1,609 1,493

82 15 1,690 1,384

(125)

43%

36%

9M2019 9M2020

1,100 737

60265

(193)

1,425

544

Nomalized Share of Profit Impact From FX Write-Off Tax PaymentUtilities Revenue Share of Profit


UTILITIES BUSINESS (NORMALIZED) POWER BUSINESSUnit: THB mm

The GPM of Utilities sale in 9M2020 decreased to 36% mainly from lower of excessive charge as well as decrease in natural water volume, which is the source of raw water, resulting in the higher cost for the clarified water process

Unit: THB mmReal GPM before PPA of 9M2020: 39%

(558)

Normalized Share of Profit

Normalized other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, revenue from digital business and others, excluding FX impact in other incomes.

Unit: THB mm

Normalized Margin


Excessive Charge


49

9M2019 9M2020One-Off Item

Industrial Revenue

The normalized performance in 9M2020 decreased 34% Y-o-Y, due to lower contribution fom Gheco-One (lower contractual APR, strong THB, lower coal price and higher tax rate) and scheduled major maintenance for 4 SPPs during 9M2020

9M 9M

9M

(1)

Remark :(1) Normalized margin excluded Share of Profit

REVENUE FROM MANAGEMENT, INVESTMENTS AND OTHERS (NORMALIZED)

233 185

401 503

634 688

9 M 2 0 1 9 9 M 2 0 2 0

Rental property613 19%

Sale of Industrial Estates762 23%

Sale of IP's0.1

Utilities545 17%

Power54417%

Div & Mgt 34710%

Other44914%

Rental property

891 18%

Sale of Industrial

Estates1,192 25%

Sale of IP's2

Utilities1,384 29%

Power54411%

Div & Mgt 3477%

Other49610%

Rental property539 8%

Sale of Industrial Estates

1,852 27%

Sale of IP's964 14%

Utilities941 13%

Power1,779 25%Div & Mgt

541 8%

Other369 5%

Revenue and Gross Profit BreakdownGROSS PROFIT BREAKDOWNREVENUE AND SHARE OF PROFIT BREAKDOWN

Unit: THB mm Unit: THB mm

9M2020TOTAL

THB 4,856 mm

Remark: Share of profit from JV’s and Associates includedRemark: Share of profit from JV’s and Associates included

Gross profits are based on consolidated financial statements and thus affected by PPA adjustment

Recurring vs Non-Recurring = 75:25 Recurring vs Non-Recurring = 77:23

3Q2020 Financial Performance

Y2019TOTAL

THB 13,386 mm

Y2019TOTAL

THB 6,985 mm

Recurring vs Non-Recurring

44:56

Recurring vs Non-Recurring

59:41

Note: Statutory Basis

9M2020TOTAL

THB 3,260 mm

50

Rental property

951 7%

Sale of Industrial

Estates3,580 27%

Sale of IP's3,891 29%

Utilities2,245 17%

Power1,779 13%

Div & Mgt 541 4%

Other399 3%

Bond Issuance &Redemption

REIT Asset Monetization

Key Financial ActivitiesFinancing Performance

Feb 2020 : Bond Issuance of THB 3,000 mm at 2.77% average cost of fund and 6 years and 5 months average tenor

Mar 2020 : Early Bond Redemption of THB 2,500 mm at 4.9% cost of fund which could lower cost of fund to 2.1%

Apr 2020 : Early Bond Repayment of THB 407 mm at 3.3% cost of fund which could lower cost of fund to 2.3%

Apr 2020 : Bond Repayment of THB 5,100 mm

Jul 2020 : Successful bond issuance of THB 4,000 at 3.58% average cost of fund and 3 years and 7 months average tenor

Sep 2020 : Bond Issuance of THB 100 mm at 2.80% cost of fund with 3 years tenor

Approx. 130,000 sq.m. of BTS warehouse/factory to WHART

Approx. 50,000 sq.m. of RBF and RBW to HREIT

Upcoming Asset Monetization

51

Financial PositionFinancial Performance

RETURN ON INVESTMENT

52

11.08% 11.39%

7.79%7.76% 7.13%

5.16%5.10% 4.93%

3.24%

2018 2019 9M2020

ROE ROIC ROA

CAPITAL STRUCTURE

Total asset increased by THB 891 mm from 2019 due mainly to increase in investment property from new project development, increase in PPE from additional investment in solar rooftop and reclaimed water, decrease in investment in JV from adoption of new accounting standard (TFRS 9), as well as decrease in market price of investment trust unit.

Total liability increased by THB 2,405 mm due mainly to increase in short-term and long-term loans from financial institutions to increase liquidity and to invest in new projects.

The total shareholders’ equity decreased by THB 1,514 mm in 2019 due mainly to decrease in market price of investment trust unit and investment in associates as well as the adoption of new accounting standard (TFRS 9).

78,345 82,264 83,155

31,014 33,101 31,587

47,331 49,163 51,568

1.53 1.49 1.63

1.04 1.19

1.35

(2.00)

(1.50)

(1.00)

(0.50)

-

0.50

1.00

1.50

2.00

0%

2018 2019 9M2020Asset Equity Liability D/E IBD/E

Debt ProfileFinancial Performance

53

As of September 2020Unit: THB mm

Weighted Average Interest Rate

3.05%

WHA+WHAID WHAUP


3.14%


2.83%

As of December 2019Unit: THB mm


3.41%

WHAUP


3.00%

IBD/E Ratio : 1.19 time IBD/E Ratio : 1.35 time


3.59%

WHA+WHAID

Credit Rating*

A-

Bond9,000 mm

76%

Term Loan2,565 mm

22%

Short Term Note200 mm

2%

Bond24,280 mm

90%

Term Loan500 mm

2%

Short Term Note2,150 mm

8%

Bond33,280 mm

86%

Term Loan3,065 mm

8%


6%

Bond8,000 mm

62%

Term Loan4,875 mm

38%

Remark: *TRIS Rating affirms the rating at “A-” on 5th October 2020.

Bond28,680 mm

67%

Term Loan10,375 mm

24%


9%

Bond20,680 mm

69%

Term Loan5,500 mm

19%


12%

Bond and Term Loan Maturity Profile

Bond and Term Loan Maturity as of 1st November 2020Unit: THB mm

Remark :THB 1,000 mm bond and THB 1,500 mm bond which would be matured in 2022 and 2025 respectively, had been early redeemed in March 2020.

Financial Performance

54

6,000 mm4,754 mm

3,578 mm 2,730 mm 2,880 mm

400 mm

1,120 mm 3,980 mm

1,000 mm

2,390 mm

1,500 mm

1,290 mm

1,320 mm

1,500 mm

250 mm

2,250 mm

2,250 mm

125 mm

9,760 mm

12,484 mm

8,118 mm

2,855 mm

4,200 mm

400 mm1,500 mm

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

WHA: Bond WHA: Term Loan WHAUP: Bond WHAUP: Term Loan

Agenda


IV. Appendix



55

30 January 2020

Environment DimensionWHA Sustainability Development HighlightAppendix

56

Climate Change and Energy Management

Thailand’s Largest Solar CarparkCover a total roof area of 31,000 sq.m. providing for approximately 2,000 vehicles and generate a total electricity of 4.88 MW for the plant’s consumption

Promoting Clean Energy to Our Customers

4

Reduction 5,832 etric Tons CO2

Energy Efficiency at WHA Data Center Utilize the hot-aisle containment over cold-aisle containment method for its cooling system 15% reduction in annualized power usage effectiveness (PUE)

Offers an all-in solar rooftop service package for customers in Thailand including permitting, design and engineering, construction and installation, as well as operation and maintenance throughout the contract period

power and has signed solar power purchase agreement of 100 MW corresponding to 48,264 tons CO2e GHG Emission Reduction by 2022

Commit to a long-term target to provide solar

30 January 2020

Environment DimensionWHA Sustainability Development HighlightAppendix

57

Waste Management

Chonburi Clean Energy (CCE)

Advanced waste-to-energy power plant located at WHA Chonburi Industrial Estate 1

Maximum output of 8.63 MW of electricity per year

Converting waste to energy source at 100,000 tons/year

The most advanced technologies in terms of reliability, sustainability, stability and environmental protection

The first industrial waste to energy facility in Southeast Asia to meet European emission standards

Using safe and environmentally sustainable waste incineration technology and high standard air emission control systems

Plastic Waste ReductionReduce 20,487 bottles

of plastic waste by stop serving plastic bottled

drinking water to its guests and visitors

Sort N’ Save ProjectThe Internal Project increase environmental awareness amongst WHA Group’s employees and to explore innovative business platforms under the circular economy concept

30 January 2020

Social DimensionWHA Sustainability Development HighlightAppendix

58

Caring for the Environment Constructed Wetland Water Treatment Facility

Demonstrate the application of Simple Wastewater Treatment to Communities in a sustainable method

Treat waste water with the capacity of 146,000 cubic meters per year

WHA Constructed Wetland Systems, considered a natural technology that is eco-friendly, cost effective and easy to maintain delivered to Pluak Daeng Sub-District Office in Rayong Province.

Benefit to 4,000 individuals, 220 apartments, 125 houses, and 30 local markets in the Pluak DaengcommunityMitigate risk from complaints related to water pollution to the Company

Reduce the organic compound by 80%

CSR Excellence Recognition Award

2019 “Platinum Status” (10 consecutive years)

30 January 2020

WHA Sustainability Development HighlightAppendix

59

Customer Relationship ManagementCommitment to be “Your Ultimate Solution Partners”

Governance and Economic Dimension

20198.7 /10 Customer Satisfaction Scoreincreased from 7.5 in 2018

Code of Business Conduct100% of employees have been communicated on the Code of Conduct

Data Security0 Number of identified leaks, thefts, or losses of customer data

Smart Business Solutions

Innovation management

Group Structure – Operating CompaniesAppendix

WHA KPN Alliance Central WHA Alliance

WHART

NAV per unit –THB 10.82/1

Paid-Up Capital–THB 22,138.8 mm

Total Asset–THB 38,998.1 mm

WHABT




15.00% 15.00%

WHA Daiwa Logistics

Property

WHA Infonite

Registered – THB 400 mm

Paid-up – THB 400 mm

WHA Industrial Development PCL.

Registered – THB 6,000 mm

Paid-up Cap – THB 3,882 mm

98.54%

97.67%

Core Business

WHA Corporation PCL

Registered – THB 1,567.8 mm

Paid-up Cap – THB 1,494.7 mm

WHAUP/2

Registered – THB 3,825 mm

Paid-up Cap – THB 3,825 mm

70.00%/2

Property Funds and REITs

HPF




22.95%/2

HREIT

NAV per unit – THB 9.07/1



15.00%/2

JV Collaborations

Gheco-One

Glow IPP

Houy Ho Power

GNLL 2

Gulf Solar

WHA Gunkul

BPWHA1

JV Collaborations – Utilities & Power/2

64.97% 49.99%

50.99%

35.00%

5.00%

12.75%

25.01%

25.01%

75.00%

25.01%

Eastern Seaboard

Clean Energy

33.33%

Remarks:

/1 NAV per unit as of Mar 31, 2020

/2 Held by WHA Industrial Development PCL.

Genesis Data Center

33.33%

Gulf VTP Gulf TS1-4 Gulf WHA MT

25.01% 25.01% 35.00%

15.00%

WHA Industrial Zone Nghe An

Joint Stock Company/2

WHA -JD Alliance

51.00%

Eastern Seaboard

Industrial Estate

99.00%/2

SUPERNAP Thailand

60.00%/2

WHA Industrial Estate

Rayong

60.00%/2

60

Shareholding Information / Board of DirectorsShareholding Information/1

Top 10 Shareholder/1

Shareholder No. of Share %

1) Ms. Jareeporn Jarukornsakul/2 3,234,438,569 21.6%

2) STATE STREET BANK EUROPE LIMITED 1,376,202,878 9.2%

3) Ms. Chatchamon Anantaprayoon/21,238,976,105 8.3%

3) Ms. Supitchaya Phupisut/2 627,472,254 4.2%

3) Mr. Chaiwat Phupisut/2 626,872,254 4.2%

6) UBS AG SINGAPORE BRANCH/2580,851,722 3,9%

7) Thai NVDR Co., Ltd. 525,916,762 3.5%

8) WHA Holding Co., Ltd./2 493,500,000 3.3%

9) Mr. Niti Osathanugrah 375,238,190 2.5%

10) BBLAM – B-LTF 210,825,200 1.4%

Board of Directors and Management

Appendix

Remarks: /1 Shareholder information as of May 11, 2020/2 Major shareholder holds 45.5% of the total outstanding shares while parts of major shareholders shares are hold via UBS AG, Singapore Branch.

Board of Directors and Management

Mr. Jakrit ChaisanitDirectorChief Operating Officer-Logistics business

Dr. Kritsana SukboonyasatitIndependent DirectorMember of the Audit Committee

Dr. Somsak PratomsrimekIndependent DirectorMember of the Audit Committee

Ms. Jareeporn JarukornsakulChairman of Board of DirectorsGroup Chief Executive Officer

Mr. David Richard NardoneVice Chairman of Board of DirectorsChief Executive Officer- Industrial Business

Mr. Vivat JiratikarnsakulDirectorChief Operating Officer-Industrial business

Mr. Narong KritchanchaiDirectorChief Legal Officer

Mr. Somsak BoonchoyreungchaiDirector

Chief Accounting Officer

Mrs. Anchalee ChavanichIndependent DirectorChairman of the Audit Committee

Independent Directors

Dr. Apichai BoontherawaraIndependent DirectorMember of the Audit Committee

Mr. Krailuck AsawachatrojDirectorChief Strategic Officer and Chief Financial Officer

61

Lt. Gen. Prachaya Chalermwat Ph.D.Independent Director

AppendixSelected Logistics Customers

CONSUMER GOODS

DANGEROUS GOODS

FOOD CHAINAND PET FOOD

HEALTHCARE

AUTOMOTIVE

THIRD PARTY LOGISTICS (3PL)

AIRCRAFT MANUFACTURING

E-COMMERCE

62

Selected Industrial CustomersAppendix

63

THANK YOU

64

IR ContactPhone: +66 2 753 3750

E-mail: [email protected]

Website: www.wha-group.com

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