Company Presentation Analyst Meeting 1/2020 TTW Public...

Company Presentation

TTW Public Company Limited

Analyst Meeting 1/2020

27 February 2020

Krathumban Water Treatment Plant

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 the 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

Highlights

3

Operating and Financial Performance

Company Overview


Highlights

4

TTW’s proposed issue of up to Bt1 billion in senior unsecured

debentures. The proceeds from the new debenture issuance are

intended for refinancing existing debts, support for investments,

and /or reserve for working capital.

Symbol PlacementAmount

(MB.)

Coupon

(%)

Tenor

(Yrs.)

Issue

Date

Maturity

Date

TTW272A PP (II) 1,000 2.41%7 years

2 Months20 Dec 2019 20 Feb 2027


Com

pany Company/Issue

Rating

CGR

2019

ESG100

2019

AGM

Checklist

THSI

2019

SET THSI

Index

SET50

Index

SET100

Index

SETHD

Index

Sustainability

Disclosure Award

By

AA- / Stable100

scored

Reserved

list(Excellent)

TTW’s Achievement 2019

Highlights

5To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

HRH Princess Maha Chakri Sirindhorn

Thailand Corporate Excellence Awards 2019

The “Corporate Management Excellence” is given to an

organization with less than 10 billion baht in annual

revenue for its overall performance excellence, organized

by the Thailand Management Association (TMA) and

Sasin Graduate Institute of Business Administration of

Chulalongkorn University.

Corporate Management Excellence

Agenda

Highlights

6


Company Overview


Company Overview – Key Milestone

7

Sep’00 :

Company established & Entered into WPSA with PWA

Jan’04 :

First Day of Sale (Design Cap. = 320K / Day)

Feb’06 :

Acquired Water Flow Co., Ltd.

Jul’04 :

Official COD

Jul’06 :

Converted to Plc.

Feb’07 :

Acquired 98% PTW Shares)

As at Dec 30, 2019

-

500

1,000

1,500

2,000

2,500

3,000

3,500

(IPO)

May’08 : Listed in SET

Aug’ 09 : Acquired BIE Rights

Dec’08 : Second WPSA with PWA

Unit: Baht Unit: MB

Sep’10 : First Expansion Completed

(Design Cap. = 320K / Day 440K / Day)

Sep’11 : Acquired 30% CKP Shares

Mar’14 : Changed the

Company’s Name to “TTW”

May’15 : Increased CKP Shares &

oversubscribed to 25.31% CKP Shares

Jun’17 : The Construction of 2nd

Water

Treatment Plant has been Completed

(Design Cap. = 440K / Day 540K / Day)

Sep’19 : Increased

CKP Shares to 24.98%

Net Profit

IPO vs 2019 Price = + 228.6%To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

-0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

TTW’s Net Profit vs Price

Price

3,000

Company Overview – Our Business

8

Produces and

Distributes

Tap water

Operates

Waste water

Tap water and Investment in

Other business


Company Overview – Shareholder Structure

Pathum Thani Water Company Limited

Produces and distributes tap water

1,200 MB. Registered Capital

* 2% is owned by PWA

CK Power Public Company Limited

Power Holding company


8,129 MB. Paid-up capital

Thai Water Operations Company Limited

Operates tap water and waste water

treatment systems 60 MB.

Registered Capital

MITSUI, 25.98% BEM, 18.47%CK, 19.40% Free Floated, 36.15%

PTW

98%*

TWO

68%32%

9

As of Dec 30, 2019

CKP

24.98%


Produces and distributes tap water



Company Overview – Current Project

10

Company TTW PTW TTW

Business Service Tap water Supply Tap water Supply Tap Water & Waste Water Management

Contract Type BOO BOT Rights (Operating Lease)

Contract Period 2004 – 2034 (30 yrs.) 1998 – 2023 (25 yrs.) 2009 – 2039 (30 yrs.)

Contract Customer Whole sale to PWA Whole sale to PWA BIE

Investment Scheme Production, Transmission and Distribution Production and Transmission N/A

Distribution Area West Bangkok (Nakhon Pathom – Samut Sakhon) North Bangkok (Pathum Thani – Rangsit) BIE (Bang Pa-In Industial Estate, Ayutthaya)

Design Capacity *540,000 m3/day 488,000 m

3/day TW: 48,000 m

3/day, WW: 18,000 m

3/day

Pathum Thani Water Treatment Plant Bangpa-in Industrial EstateBanglen Water Treatment Plant

TTW

PTW

BIE

1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040

*Design Cap. 440,000 m3/Day



Nakhon Pathom

(TTW)

Samut Sakhon

(Krathumban)

Bangkok

Company Overview - Location

11

Pathum Thani

(PTW)

Pathum Thani Water

Treatment Plant

(PTW, Pathum Thani)

Bangpa-in

Industrial Estate

(BIE, Ayutthaya)

Banglen Water Treatment

Plant (TTW, Nakhon Pathom)

Krathumban

Water Treatment Plant

(TTW, Samut Sakhon)

Amata City Industrial Estate

(Chonburi, Rayong)

3 Companies

5 Locations in Water Business

1 Company in Energy Business

Phra Nakhon

Sri Ayutthaya

(BIE)


43

16

41

Samut Sakhon – Nakhon Pathom (%)

(West BKK)

Industrial Commercial Household

Company Overview – Portion of Water Users

12

21

62

17

Pathum Thani - Rangsit (%)

(North BKK)

Industrial Household Commercial

Serving over

500,000 Water Users

or

Millions of Lives

• Thai Union Group

• Pataya Food Industries

• Pakfood

• Unicord

• Better Foods

• etc.

• Mahidol University (Salaya)

• Nadee Municipality (Waterworks)

• etc.

• Klongluang Utilities

• Thainamthip Manufacturing

• Greensport

• Elec & Eltek (Thailand)

• Pathumthani Brewery

• etc.

• Thammasat University (Rangsit)

• Future Park Rangsit

• Asian Institute of Technology

• Rangsit University

• Zeer Rangsit

• NSTDA

• etc.

• Pinehurst golf club & Hotel

• Pruksa Real Estate

• Summit Starhome

etc.

*As of Dec 2019


440,000

100,000

488,000

400,310

43,200 30,000 28,000 30,000 28,000

0

100,000

200,000

300,000

400,000

500,000

600,000

TTWTTW 2nd PlantPTW UU BW CW ET IWR REQ

Capacity of Private Tap Water Companies

Company Overview – The Leading Position of Water Business in Thailand

Unit: m3/day

1,076,000 m3/day UU Universal Utilities Group (Subsidiary of East Water Group)

BW Bangpakong Water Supply

CW Chachoengsao Water Supply

ET EGCOM TARA

NW Nakornsawan Water Supply

IWR Industrial Water Resource Management

REQ R.E.Q Water Service

Source : PWA, Q3’19 Company Presentation of East Water, www.uu.co.th

400,000

13

IWR REQ

+100,000

+100,000

+100,000

Starting at 100,000 m3/Day

BIE

48,000

Plant

The Krathumban Water Treatment Plant (TTW 2nd)

can be expanded the design capacity up to

400,000 m3/day

Hybrid Technology: Conventional +

Ultrafiltration (Membrane Technology)

Cleaner: Because the membrane pore size is

only 0.01 micron so it can effectively

contaminants viruses and bacteria

Safer: Less chemical usage


TTW TTW 2nd

BW

CW

ET

NW

Others

East Water & UU

Group

400,310

PTW

30,000 28,000

At present In the future Peers


Company Overview - Water Production Procedures

14

Tha Chin River

(Nakhon Pathom Province)

Chao Phraya River

(Pathum Thani Province)

End Users

Household + Industrial + Commercial

Raw Water Intake

Rapid Mixing

Tank

Clarifier

TankFilter

Sludge Dewatering

Treated WaterWater Distribution

Land fill

Chemical Dosing

Whole Sale

Provincial Waterworks

Authority (PWA)

Banglen

Pathum Thani

Rai Khing

The water from sludge dewatering will be

re-claim into the processed again.

“Zero Discharge”


100%

30%

30%

61.3%

75%

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

Company Overview - Investment in Other Business

15

• Southeast Asia Energy Co., Ltd. (SEAN)

• Bangkhenchai Co., Ltd. (BKC)

• Chiangrai Solar Co., Ltd. (CRS)

• Nakhon Ratchasima Solar Co., Ltd. (NRS)

24.98%

1,900 MW 238 MW 29 MW

• Nam Ngum 2 Power Company (NN2)

• Xayaburi Power Co., Ltd. (XPCL)

37.5%

615 MW

1,285 MW

• Bang Pa-In Co-Generation Co., Ltd. (65%)

- Phase 1 (BIC 1)

- Phase 2 (BIC 2)

118 MW

120 MW

8 MW

15 MW

6 MW

Source : www.ckpower.co.th

As of Dec 2019To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Company Overview - Investment in Other Business

16

*Xayaburi Dam has already COD on 29th

October 2019

• Contract period with EGAT for 29 years (2019 - 2048)

• Design Capacity: 1,285 MW

- Supply Electricity to EGAT at 1,220 MW

- Supply Electricity to Électricité du Laos at 60 MW


Profit sharing from investment in CK Power

238 MW

151.6

280.3

0

50

100

150

200

250

300

2018 2019

Unit : MB

+84.9%

(YoY)

2018 2019Change

Amount %

151.6 280.3 +128.7 +84.9

215.3

56.2

Q4’19Q4’18

Source: www.ckpower.co.th

Agenda

Highlights

17


Company Overview


Operating & Financial Performance – Portion of Revenue

18

60

30

5

5

TTW Group (%)

TTW

PTW

BIE

Others


Operating & Financial Performance

TTW Sales Volume

44.8 44.6

50.953.6

55.0

0

10

20

30

40

50

60

Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019

mil.m3

Year

Q4’2019 vs Q4’2018

+2.5%

Year

136.1 138.5 137.7 138.4145.9

158.3166.1

0

40

80

120

160

200

2013 2014 2015 2016 2017 2018 2019

mil.m3

2019 vs 2018

+4.9%

Q4’ Daily Average (Thousand m3)

Year 2015 2016 2017 2018 2019

Daily Avg. 367 363 414 440 451

Full Year Daily Average (Thousand m3)

Year 2013 2014 2015 2016 2017 2018 2019

Daily Avg. 373 379 377 377 395 434 455

Location TTW %

ChangePeriod 2019 2018

Utilization (%) 84 80 +4%

19To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Year

137.2133.6 133.0 131.4

135.8

145.9 148.9

0

40

80

120

160

2013 2014 2015 2016 2017 2018 2019

mil.m3


PTW Sales Volume

Location PTW %



20

Year

44.8 42.946.5

48.9 49.8

0

20

40

60

Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019

mil.m32019 vs 2018

+2.1%


Year 2013 2014 2015 2016 2017 2018 2019

Daily Avg. 375 366 366 358 369 400 408


Year 2015 2016 2017 2018 2019

Daily Avg. 360 349 378 401 409

Q4’2019 vs Q4’2018

+2%



BIE Sales Volume

21

Year

6.90

7.73 7.73 7.67

8.278.51

8.84

0

1

2

3

4

5

6

7

8

9

10

2013 2014 2015 2016 2017 2018 2019

mil.m3

Year

2.69 2.742.91 2.91

3.00

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019

mil.m3

Location BIE %




Year 2013 2014 2015 2016 2017 2018 2019

Daily Avg. 18.9 21.2 21.8 20.9 22.7 23.3 24.2


Year 2015 2016 2017 2018 2019

Daily Avg. 22.0 22.4 23.9 23.9 24.6

2019 vs 2018

+3.9% Q4’2019 vs Q4’2018

+3%



How much room to grow?

22

2019 Daily Average

TTW = 455K / Day

PTW = 408K / Day

BIE = 24K / Day

887K / Day

Total Design Capacity

1,076K / Day

(At Present)

Unit: m3

189K / Day

300K / DayIn the Future, The Krathumban Water

Treatment Plant (TTW 2nd

) can be expanded

the design capacity by 300K / Day



Financial Performance

23

2019 vs 2018 Q4’2019 vs Same period last year

The increase in sales volume of TTW and PTW, adjustment of selling price by CPI of TTW and PTW

Profit-sharing from investment in associated company increased

The decrease in finance cost by the redemption of debentures of 1,500 MB, loan repayment 435 MB and issue debentures of 1,000 MB

5,574.5 5,499.1 5,747.4

5,948.5 6,165.6

2,680.5 2,475.6 2,663.2

2,841.9 3,128.0

4,514.7 4,429.4 4,699.9

4,901.5

5,269.8

2015 2016 2017 2018 2019

Total Revenue Net Profit EBITDA

Unit : MB

+3.6%

+10.1%

+7.5%

1,421.0

1,303.9

1,483.5 1,500.5 1,548.9

620.5 568.4

677.1 674.2

934.4

1,126.5

1,034.8

1,194.5 1,199.5

1,446.8

Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019

Total Revenue Net Profit EBITDAUnit : MB

+38.6%

+3.2%

+20.6%



Historical Dividend Payment & Payout Ratio

24

(Bt./share)

0.62

0.60

0.680.67

0.72

0.60 0.60 0.60 0.60 0.60

2015 2016 2017 2018 2019

EPS DPS

Dividend Yield 4.88%

(@12.30 baht per share / as of Sep 14,

2018)

Dividend policy: Dividend payment is not less than 50%

of its net profit after deduction of corporate income tax,

statutory reserve, and other reserves required by terms of

relevant agreements.

Year

Particular 2019 2018 2017 2016

Net profit

- Amount (MB) 2,855 2,667 2,699 2,391

- EPS (Bt./share) 0.72 0.67 0.68 0.60

DPS (Bt./share)

- Dividend #1 (Interim) 0.30 0.30 0.30 0.30

- Dividend #2 *0.30 0.30 0.30 0.30

Total DPS 0.60 0.60 0.60 0.60

Dividend amount (MB) 2,394 2,394 2,394 2,394

Dividend / Net profit 83.9% 89.8% 88.7% 100.0%


*Dividend #2 must be approved by AGM 2020 (9th

April 2020)


Financial Ratios

25

As at 30 Dec 2019

26.7

23.621.6

22.6 23.1 23.4

12.110.1 9.7

11.5 12.313.6

2014 2015 2016 2017 2018 2019

ROE ROA

1.16

1.331.23

0.960.89

0.76

0.51

0.670.77

0.67

0.530.47

2014 2015 2016 2017 2018 2019

D/E Net D/E



26

(Unit : MB)

12,364.9 13,124.8

10,965.5 10,033.3

23,330.4 23,158.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

31 Dec 2018 31 Dec 2019

Consolidated Financial Position

Total shareholders’ equity Total liabilities Total assets

-0.7%

-8.5%

+6.2%

Consolidated Financial Position


The depreciation and amortization recording and the

redemption of debenture in February 2019 by cash and

current investment.

The debentures redemption of 1,500 MB, loan repayment of

435 MB and issue debentures of 1,000 MB.

The net profit 2019 of 3,128.0 MB and dividend payment of

2,393.7 MB.

Credit : Arek Socha, from Pixabay

Q & A

Keep in touch with TTW.

Website : www.ttwplc.com

Facebook : TTW Plc

Instagram : TTW Plc

LinkedIn : TTW Public Company Limited

32

บริษัท ทีทีดับบลิว จ ำกัด (มหำชน)


30/130 Moo 12, Buddha Monthon 5 Rd,

Rai Khing, Sam Pran, Nakhon Pathom,

Thailand 73210

Tel : +66 2019 9490 – 3 Ext. 1100, 1108

Fax : +66 2420 6064

Web Site : www.ttwplc.com

E-mail : [email protected]

Website : www.ttwplc.com

Facebook : TTW Plc

Instagram : TTW Plc

Linkedin : TTW Public Company Limited

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