Company Presentationttw.listedcompany.com/misc/PRESN/20181128-ttw-investor... · 2018-11-28 ·...

Company PresentationTTW Public Company LimitedInvestor Meeting / Q3’2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Disclaimer

This presentation includes some forward-looking statements relevant to future events such as plans, business strategies, expectations etc.. Thus, actual situations may differ from what is projected in this presentation due to unexpected environment which might be better or worse than anticipated. Investors or material users should be meticulous on any herein information.

This presentation, which is prepared by the company, is only used for investment information. Also, the information included in this forward-looking statement may be changed by TTW Public Company Limited without notice and then the company does not take any duty to update any relevant information.

2

Agenda

Company Overview

Growth and Strategy Direction

Operating and Financial Performance

3To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Company Overview – Our Business


Produces and Distributes Tap water

Operates Waste water Tap water and Investment in

Other business

Company Overview – Shareholder Structure

Pathum Thani Water Company LimitedProduces and distributes tap water

1,200 mil.Bt. Registered Capital* 2% is owned by PWA

CK Power Public Company LimitedPower Holding company

9,240 mil.Bt.Registered Capital

Thai Water Operations Company LimitedOperates tap water and waste water

treatment systems 60 mil.BtRegistered Capital

MITSUI 26% BEM 19.3%CK 19.4% Free Floated 35.3%

PTW 98%*

TWO68%

CKP 25.31%

32%


As of June 28, 2018

Company Overview – Current Project

Project : Tap water SupplyService Area : West of BangkokDeveloper : TTWCapacity : 540,000 m3/dayContact Type : BOOPeriod : 2004 – 2034 (30 yrs)

Project : Tap water SupplyService Area : North of BangkokDeveloper : PTWCapacity : 488,000 m3/dayContact Type : BOOTPeriod : 1998 – 2023 (25 yrs)

Project : Tap Water & Waste Water Management

Service Area : Industrial ZoneDeveloper : TTWCapacity : TW - 48,000 m3/day

: WW - 18,000 m3/dayContact Type : Operating LeasePeriod : 2009 – 2039 (30 yrs)


Nakhon Pathom (TTW)

Samut Sakhon(Krathumban)

Bangkok

Company Overview - Location


Pathum Thani

(PTW)

Ayutthaya

(BIE)Pathum Thani WaterTreatment Plant

(PTW)

Bangpa-in Industrial Estate

(BIE)

TTW Water Treatment Plant (Banglen)

KrathumbanWater Treatment Plant

(Krathumban)

Amata City Industrial Estate(Chonburi, Rayong)

Company Overview – Service Area


Service Area in Samut Sakhon – Nakhon Pathom Service Area in Pathum Thani - Rangsit

13 km

14 km

7 km

11 km

7 km

8 km

7 km

Banglen Water Treatment PlantMax. Capacity : 440,000 m3/dayReservoir : 30,000 m3

Krathumban Water Treatment PlantMax. Capacity : 100,000 m3/day(Can expand the capacity to 400,000 m3/day)Reservoir : 45,000 m3

Nakhon Chai Sri District

Samphran District

Buddha Monthon District

Buddha MonthonDistrict

Krathumban District

Muang Samut Sakhon District

Sam Khok District

MuangDistrict

khlong Luang District

Thanyaburi District

Lam Luk Ka District

Phra Nakhon Sri Ayutthaya(Some Area)

Lad Loom Kaew District

Mahachai Distribution StationReservoir : 30,000 m3

Avr. Daily Volume : 156,000 m3/day

Pipe Line

Distribution Station

Booster Pumping Station

Water Treatment Plant

Khlong Yong Booster Pumping Station

Reservoir : 36,000 m3

17 km

Pathum ThaniDistribution Station


Max. Distribution : 80,000 m3/day

Muang akeDistribution StationReservoir : 10,000 m3


Thammasat Distribution StationReservoir : 30,000 m3


Pathum Thani Water Treatment PlantMax. Capacity : 488,000 m3/dayReservoir : 7,000 m3

Buddha MonthonDistribution Station


Avr. Daily Volume : 244,000 m3/day

Rangsit Distribution StationReservoir : 30,000 m3


Booster Pumping Station

45

39

16

Samut Sakhon – Nakhon Pathom (%)

Industry Household Commercial

Company Overview – Portion of Water Users


22

59

19

Pathum Thani - Rangsit (%)

Industry Household Commercial

Top Users : As of Oct 2018 / Portion of Water Users : As of Dec 2017

Total

174,577 Users

Total

321,048 Users

• Thai Union Group• Pataya Food Industries• Pakfood• Unicord• Better Foods

etc.

• Nadee Municipality (Waterworks)• Mahidol University

etc.

• Klongluang Utilities• Greensport• Thainamthip Manufacturing• Elec & Eltek (Thailand)• Hoya Lens Thailand

etc.

• Future Park Rangsit• Rangsit University• Asian Institute of Technology• Bangkok University

etc.

• Lumpini Township Condominium Rangsit-Klong 1

• Plum Condo Paholyothin 89etc.

440,000

100,000

488,000

86,40043,200 37,200 36,000 30,000 28,000

0

100,000

200,000

300,000

400,000

500,000

600,000

TTW TTW 2nd Plant

PTW UU BW CW ET IWR REQ

Capacity of Private Tap Water Companies

Company Overview – The Leading Position of Water Business in Thailand

m3/day 1,028,000 m3/dayUU Universal Utilities Company Limited (Subsidiary of East

Water Group)BW Bangpakong Water SupplyCW Chachoengsao Water SupplyET EGCOM TARAIWR Industrial Water Resource ManagementREQ R.E.Q Water Service

Source : PWA 2018

400,000


Krathumban Water Treatment Plant can expand the capacity to 400,000 m3/day

2nd

Company Overview - Water Production Procedures


Tha Chin River(Nakhon Pathom Province)

Chao Phraya River(Pathum Thani Province)

End Users

Household + Industry + Commercial

Raw Water Intake

Rapid Mixing Tank

Clarifier Tank Filter

Sludge Dewatering

Treated WaterWater Distribution

Land fill

Chemical Dosing

Bulk Sale

Provincial Waterworks Authority (PWA)

Banglen

Pathum Thani

Rai Khing

100%30%30%

56%75%

--

--

-

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Company Overview - Investment in Other Business


• Southeast Asia Energy Co., Ltd. (SEAN) • Bang Pa-In Co-Generation Co., Ltd. (65%)- Phase 1 (BIC 1)- Phase 2 (BIC 2)

• Bangkhenchai Co., Ltd. (BKC)• Chiangrai Solar Co., Ltd. (CRS) • Nakhon Ratchasima Solar Co., Ltd. (NRS)

25.31%

1,900 MW 238 MW 22 MW

• Nam Ngum 2 Power Company (NN2)• Xayaburi Power Co., Ltd. (XPCL)

37.5%

Source : www.ckpower.co.th

CK Power

Company Overview - Investment in Other Business


Profit sharing from investment in CK Power

Q3’18 Q3’17Change

Amount %100.9 41.5 59.4 143.1

• NN2 (Nam Ngum 2 Power Company Limited)• BIC (Bangpa-in Cogeneration Company Limited)

238 MW

100.9

41.5

0

20

40

60

80

100

120

Q3'18 Q3'17

Unit : Mil.B.

+143.1%

Company Overview



Agenda


Operating & Financial Performance – Portion of Revenue


60

30

55

TTW Group (%)

TTWPTWBIEOthers

Operating & Financial PerformanceTTW Sale Volume

Location TTW

Period 9M’2018 9M’2017

Utilization (%) 81 77

TTW Sale Volume on 2017 vs 2016 increased by 5.4%

TTW Sale Volume on 9M’2018 vs 9M’2017 increased by 9.3%

Year


136 139 138 138 146

118

0

40

80

120

160TTWmil.cu.m.

108

% Change

+5.29.3%+

Operating & Financial PerformancePTW Sale Volume

Year

Location PTW % ChangePeriod 9M’2018 9M’2017

Utilization (%) 83 77 +7.8

PTW Sale Volume on 2017 vs 2016 increased by 3.3%

PTW Sale Volume on 9M’2018 vs 9M’2017 increased by 8.4%


8.4%+137 134 133 131 136

109

0

40

80

120

160

PTWmil.cu.m.

101

Operating & Financial PerformanceBIE Sale Volume

Location BIE % ChangePeriod 9M’2018 9M’2017

Utilization (%) 49 51 -3.9

BIE Sale Volume 2017 vs 2016 increased by 7.9%

BIE Sale Volume on 9M’2018 vs 9M’2017 increased by 3.2%


3.2%+6.907.73 7.73 7.67 8.27

6.32

-

2

4

6

8

10

BIEmil.cu.m.

6.13

Operating & Financial PerformanceFinancial Performance

19

5,790 5,622 5,574 5,499 5,747

2,574 2,974 2,697 2,492 2,681

2013 2014 2015 2016 2017

Total Revenue Net ProfitUnit : Mil.Bt


1,521 1,483

4,448 4,264

807 735

2,168 1,986

Q3'2018 Q3'2017 9M'2018 9M'2017

Total Revenue Net Profit

Total Revenue Q3’2018 vs Q3’2017 increased by 2.6%

Net Profit Q3’2018 vs Q3’2017 increased by 9.8%

Q3’2018 9M’2018

Total Revenue 2017 vs 2016 increased by 4.3% Net Profit 2017 vs 2016 increased by 7.6%

2017 vs 2016 Total Revenue 9M’2018 vs 9M’2017 increased by 4.3%

Net Profit 9M’2018 vs 9M’2017 increased by 9.1%

Operating & Financial PerformanceHistorical Dividend Payment & Payout Ratio

20

(Bt./share)

0.650.69

0.62 0.600.67

0.540.60 0.65

0.60 0.60 0.60

0.30

2013 2014 2015 2016 2017 M9'2018

EPS DPS


Dividend Yield 4.88%(@12.30 baht per share / as of Sep 14, 2018)• Dividend policy : dividend payment

not less than 50% of net profit. (after deduction of all reserves required by law and regulations)

• Total dividend payment for 2017 : 0.60 Bt. per share

• Interim dividend payment for 2018: 0.30 Bt. per share

Operating & Financial Performance

Financial Ratios


24%27%

24%22% 23%

25%

10.5% 12.1% 10.5% 9.5%

11.5% 12.6%

2013 2014 2015 2016 2017 9M'2018

ROE ROA

1.231.16

1.331.23

0.960.94

2013 2014 2015 2016 2017 9M'2018

Debt to Equity

NPM48.74%

CFO2,755.2 Mil.B.

EPS (B./Share)

0.54P/E (Times)

17.56P/BV (Times)

4.04As of 30 Sep 2018

EBITDA3,695.2 Mil.B.

22,663

10,967

11,696

Assets

Liabilities

Equities

Agenda

Company Overview




TTW’s Achievement

Receiving “AA-” in credit

rating on the company & senior unsecured debentures conducted by TRIS Rating Co., Ltd

Receiving “100” scores for organizing Annual Ordinary General Meeting of Shareholders conducted by

TIA

The Company was selected to

be include in Thailand Sustainability Investment

THSI of the year 2018

Receiving “Very Good”grade for Corporate Governance Report of Thai Listed Companies

conducted by IOD

ESG 100 Company of the year 2018 conducted by THAIPAT

Receiving the “Thailand Top Company Awards

2018”


The Company was selected to

be include in SET THSIIndex of the year 2018 by The Stock of Thailand

Appendix

Appendix – Income Statement : TTW (Q3’18 vs Q3’17)


(Unit : mil.Bt.)

ParticularTTW Change

Q3’18 Q3’17 Amount %Sale volume (mil. m3) 40.2 38.0 2.2 5.8

Sales and services 1,016.9 979.8 37.1 3.8Cost of goods sold and services 267.1 247.7 19.4 7.8Gross profit 749.8 732.1 17.7 2.4Other income 476.7 466.3 10.4 2.2Administrative expenses 47.1 47.9 (0.8) (1.7)Amortization of investments in subsidiaries 55.8 55.8 - 0.0Earnings before finance cost and income tax 1,123.6 1,094.7 28.9 2.6Finance cost 92.5 112.3 (19.8) (17.6)Earnings before income tax 1,031.2 982.4 48.8 5.0Income tax 116.4 117.0 (0.6) (0.5)Net profit for the period 914.7 865.4 49.3 5.7

Appendix – Income Statement : Consolidated (Q3’18 vs Q3’17)


(Unit : mil.Bt.)

ParticularConsolidation Change

Q3’18 Q3’17 Amount %Sale volume (mil. m3) 77.4 72.5 4.9 6.8Sales and services 1,502.9 1,433.1 69.8 4.9Cost of goods sold and services 452.6 414.8 37.8 9.1Gross profit 1,050.3 1,018.3 32.0 3.1Other income 18.3 50.4 (32.1) (63.7)Administrative expenses 57.5 60.8 (3.3) (5.4)Amortization from business acquisition 49.1 47.7 1.4 2.9Earnings before profit sharing of investment 962.0 960.2 1.8 0.2Profit sharing from investment in associated company 100.9 41.5 59.4 143.1Earnings before finance cost and income tax 1,062.9 1,001.7 61.2 6.1Finance cost 92.5 112.3 (19.8) (17.6)Earnings before income tax 970.4 889.4 81.0 9.1Income tax 158.5 150.1 8.4 5.6Minorities interest 4.8 4.5 0.3 6.7Net profit for the period 807.1 734.8 72.3 9.8

Appendix – Income Statement : TTW (9M’18 vs 9M’17)


ParticularTTW Change

9M’18 9M’17 Amount %Sale volume (mil. m3) 117.8 107.8 10.0 9.3

Sales and services 2,996.2 2,836.5 159.7 5.6Cost of goods sold and services 796.8 719.5 77.3 10.7Gross profit 2,199.4 2,117.0 82.4 3.9Other income 981.3 1,102.4 (121.1) (11.0)Administrative expenses 142.2 143.0 (0.8) (0.6)Amortization of investments in subsidiaries 165.7 165.7 - -Earnings before finance cost and income tax 2,872.8 2,910.7 (37.9) (1.3)Finance cost 279.7 297.1 (17.4) (5.9)Earnings before income tax 2,593.1 2,613.6 (20.5) (0.8)Income tax 328.4 356.4 (28.0) (7.9)Net profit for the period 2,264.7 2,257.2 7.5 0.3

(Unit : mil.Bt.)

Appendix – Income Statement : Consolidated (9M’18 vs 9M’17)


(Unit : mil.Bt.)

ParticularConsolidation Change

9M’18 9M’17 Amount %Sale volume (mil. m3) 226.9 208.4 18.5 8.9Sales and services 4,424.1 4,157.0 267.1 6.4Cost of goods sold and services 1,328.2 1,192.8 135.4 11.4Gross profit 3,095.9 2,964.2 131.7 4.4Other income 23.9 107.0 (83.1) (77.7)Administrative expenses 180.5 180.8 (0.3) (0.2)Amortization from business acquisition 146.3 146.3 - -Earnings before profit sharing of investment 2,793.0 2,744.1 48.9 1.8Profit sharing from investment in associated company 120.9 32.6 88.3 270.9Earnings before finance cost and income tax 2,913.9 2,776.7 137.2 4.9Finance cost 279.7 297.1 (17.4) (5.9)Earnings before income tax 2,634.2 2,479.6 154.6 6.2Income tax 452.4 480.4 (28.0) (5.8)Minorities interest 14.1 13.0 1.1 8.5Net profit for the period 2,167.7 1,986.2 181.5 9.1

Appendix – TTW Key Statisics, Price and Benchmark


ItemsP/E

(Times)

P/BV(Times)

Div. Yield(%)

Market Cap.(mil.Bt)

SET Index 17.33 2.00 2.87 17,779,863.57Energy Index 13.93 1.85 3.45 4,116,087.17TTW 17.56 4.04 4.92 48,678.00

*As of 30 Sep 2018

TTW Key Statistics TTW Price and Benchmark

PeriodsTTW – Price (Bt./sh.) Benchmark (Point)

Max. Min. Close SET SET 50 Energy Index

Q3'2018 12.90 11.60 12.20 1,756.41 1,158.75 27,262.90

Q2'2018 12.60 11.50 11.70 1,595.58 1,051.63 24,126.49

Q3'2017 11.20 10.50 10.80 1,673.16 1,068.92 22,343.03

% change QoQ 2.38% 0.87% 4.27% 10.08% 10.19% 13.00%

% change YoY 15.18% 10.48% 12.96% 4.98% 8.40% 22.02%

Appendix - Corporate Governance Update


TTW receives ESG100 Award : TTW is the one of 16 companies in resources industry

No. Listed Company Symbol1 Bangkok Aviation Fuel Services Plc. BAFS2 Bangchak Corporation Plc. BCP3 BCPG Plc. BCPG4 B.Grimm Power Plc. BGRIM5 Electricity Generating Plc. EGCO6 GLOW Energy Plc. GLOW7 GLOBAL Power Synergy Plc. GPSC8 Gulf Energy Development Plc. GULF

No. Listed Company Symbol9 IRPC Plc. IRPC10 PTT Plc. PTT11 PTT Exploration and Production Plc. PTTEP12 Star Petroleum Refining Plc. SPRC13 Thai Oil Plc. TOP14 TPC Power Holding Plc. TPCH15 TPI Polene Power Plc. TPIPP16 TTW Plc. TTW



TTW receives 100 Points AGM Assessment : The assessment result for TTW was 100 points. There were 139 from 657 or 21.15 percent of listed company

AssessmentYear

2018 2017 2016 2015 2014

Listed Company 657 618 601 575 535

Receive 100 point 139 114 159 162 121

Average point 92.42 91.97 91.62 92.68 91.35

TTW 100 100 100 100 100



16/8/2018 32

TTW has been selected by SET to be 1 of 45 Companies in “SET THSI Index”

Food & Beverage (6)

Banking (6)Petrochemicals& Chemicals (4)

Property Development (6)

Transportation & Logistics (5)

Information & Communication Tech. (5)

Energy & Utilities (13)

Address : 30/130 Moo 12, Buddha Monthon 5 Rd, Rai Khing, Sam Pran, Nakhon Pathom, Thailand 73210

Tel : +66 2019 9490 – 3 , +662019 9484 – 9 Ext : 1106, 1110 Fax : +66 2420 6064Web Site : www.ttwplc.com

E-mail : [email protected]

บริษัท ทีทีดับบลิว จ ำกัด (มหำชน)TTW Public Company Limited


20

Company Presentationttw.listedcompany.com/misc/PRESN/20181128-ttw-investor... · 2018-11-28 ·...

Documents

Transcript of Company Presentationttw.listedcompany.com/misc/PRESN/20181128-ttw-investor... · 2018-11-28 ·...