Pitchbook A4US template - listed...

0

ANALYST MEETING Q2 2013

August 27, 2013

CK Power Public Company Limited

1 1

Disclaimer

The views expressed here may contain information derived from publicly available sources that have not been independently

verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward

looking information contained in this presentation has been prepared based on number of assumptions which may be

incorrect and/or not properly represent actual situation incurring in the future. The actual information contained in this

presentation is for the purpose of illustration and presentation only. Should there be any discrepancies with audited/reviewed

financial statements, annual report, and other official filings to SEC, the information presented in such documents should be

relied upon as official information.

This presentation should not be relied upon as a recommendation or forecast by CK Power Plc. This presentation shall not

be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

2 2

Year-To-Date Highlights

Q2 2013 Performance

CKP Outlooks

Agenda

3

Year-To-Date Highlights Q2 2013 Performance CKP Outlooks

Year – To – Date Highlights 2013

On Schedule CODs adding 125.5 Total MW to portfolio

Successful Listing in SET

Jump Start Revenue with all power plants in operation and expecting BIC 1 to boost up

the 2nd Half 2013

Project Development on target and more to come

Recognized Projects


3

4


Chiangrai Solar

Shareholder CKP 30 %

Sonnedix 70%

Technology Multi-crystalline

Installed Capacity 8 MW

Power Purchase Agreement Provincial Electricity Authority

(PEA)

Duration 5 years with automatic

renewal

Adder 8 Baht for 10 years

Location Mae Chan, Chiangrai,

Thailand

COD January 17, 2013

Chiangrai Solar (CRS) achieved its COD on January 17, 2013

Year-To-Date Highlights : COD Accomplishments

4

5

Bangpa-In Cogeneration 1

Shareholder

CKP 65%

PTT Plc. 25%

Other 10%

Technology Gas-fired Cogeneration

Installed Capacity 117.5 MW

Power Purchase Agreement

• Electricity Generating

Authority of Thailand

(EGAT)

• Industrial User

Duration 25 years from commercial

operation date

Location Bangpa-in, Ayuttaya, Thailand

COD June 28, 2013

Bangpa-In Cogeneration 1 (BIC 1) achieved its COD on June 28, 2013


5

Year-To-Date Highlights : COD Accomplishments

6

On July 18, 2013, CKP is a groundbreaking case as the Holdings Company with overseas core asset


6

Year-To-Date Highlights : Successful Listing in SET

7

Jump Start Revenue with all power plants in operation and expecting BIC 1 revenue to

boost up the 2nd Half 2013

484

997 1,032 1,004 1,018

-

200

400

600

800

1,000

1,200

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013

Contribution from BIC 1

will boost up the 2nd half

2013

Total Sales of Electricity 2012 = 2,513 MB 6M Sales of Electricity

2013 = 2,022 MB

Million Baht

Partially

consolidated

SEAN

Partially

consolidated

BKC


7

Year-To-Date Highlights : Jump Start Revenue in 2013

8

Nam Bak (NB) signed Project Development Agreement on August 8, 2013

• Expected PPA & Concession Agreement within 2013

• Expected Financial Close in 2014

• Expected Construction period 2014 - 2018

• Scheduled COD in 2018


8

Year-To-Date Highlights : Nam Bak’s PDA Signed

9

Support Green and Renewable Energy

Hydro :

Nam Ngum 2 (NN2) is one of the few Hydro Power Plant

completed on time and on budget.

NN2 is nominated for International Milestone Rockfill Dam

Projects (Concrete Face Rockfill Dam category) by

Chinese National Committee on Large Dams

(CHINCOLD)

Solar :

Chiangrai Solar and Nakhon Ratchasima Solar received

the Crown Standard for Thai CDM Projects from Thailand

Greenhouse Gas Management Organization (TGO)

The project which receives the Crown Standard will have a

greater chance of obtaining the Gold Standard in a shorter

period of time and probably less approval fee.


9

Year-To-Date Highlights : Recognized Projects

10 10


Q2 2013 Performance

CKP Outlooks

Agenda

11

Increased Net Profit Before FX

-100

-50

0

50

100

150

200

250

Q2 2012 Q2 2013

-14

(44)

27

+256 -72 SGA Increase

-45

Cost Increase

-29

Financial Cost

Increase

IA Amortization

Increase

-25

Profit Sharing

Decrease

0

5

10

15

20

25

30

Q1 2013 Q2 2013

27

+5.8

+6.4 -2.6

+0.7

+4.0

Cost Decrease Financial Cost

Decrease SGA Increase

Profit Sharing

Increase

12

YoY

QoQ Revenue Increase

“Significant improvement due to changes in investment structure and better operating performance”

“Double net profit from revenue increase and cost saving”

Year-To-Date Highlight Q2 2013 Performance CKP Outlooks

Revenue Increase

NN2 213

BKC 43

Million Baht

11

12


Stable Income From Secured Contracts and Transparent Tariff Structure

484

997 1,032 1,004 1,018

-

200

400

600

800

1,000

1,200

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

Sales of electricity (Million Baht)

Energy Revenue from sales

Change Quarter 2 Quarter 2

GWh Million Baht

2013 2012 2013 2012 +/- %

Hydro Power 570 277 975 484 491 101

Solar Power 4 0 43 0 43 N/A

Total 574 277 1,018 484 534 110

2

96%

4%

Sales mix

Hydro Power

Solar Power

1 1. CK Power held a 38% stake in SEAN in Q1 2012,

2. SEAN become CK Power’s subsidiary in May 2012

12

13


Expenses Quarter 2 Change

Million Baht 2013 2012 +/- %

Cost of sales 401 246 155 63

Royalty Fee 33 17 16 94

Service Agreement 7 4 3 75

O&M 84 46 38 83

Electricity 2 0 2 NA

Depreciation 275 179 96 54

Amortization of right 124 78 47 60

SG&A 89 45 44 96

Total 614 369 245 66

Non-cash expenses, including

depreciation and amortization,

represent almost 70% of total

operating expenses

(152)

153

29

192

(246) -

5

10

15

20

25

30

35

40

(300)

(250)

(200)

(150)

(100)

(50)

-

50

100

150

200

250

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

+1.0 -1.0 -0.2 -1.3 +1.8

Change in exchange rate (Baht/USD)

Gain on exchange

Loss on exchange

Exchange Rate (Baht/USD)

Low Cash Expenses

Gain (loss) on exchange

Most of gain (loss) on exchange is

unrealized gain (loss) from revaluation of

USD loan. The loan will be served by USD

revenue, creating natural hedge. Thus, the

unrealized gain (loss) is shown for

accounting purpose rather than cash flow

basis.

13

Million Baht

14


High Cash Profit Margin

Million Baht Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

EBIT (10) 563 411 579 175

Add: Depreciation 183 280 283 277 280

Amortization 78 121 124 124 124

EBITDA 250 964 818 980 580

Less: Profit Sharing (19) (3) (1) (1) (5)

Add: Unrealized loss (gain) 170 (152) (32) (206) 259

Cash profit 401 810 785 774 834

Cash profit margin 82% 80% 75% 76% 81%

Cash Profit increased by

117% YoY and 7% QoQ.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

(100)

100

300

500

700

900

1,100

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

Cash Profit

Cash Profit Margin

Cash Profit Margin is

stable 75%-80% of total

revenue before FX

Million Baht

14

15

Strong Balance Sheet with D/E Ratio of 1.17x


-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

DE Ratio - Consolidated DE Ratio - Standalone

1.17

0.27

-

5,000

10,000

15,000

20,000

25,000

Payables Short-termLoan

Other long-term

payables

Long-termLoan

Most liabilities are from

Subsidiaries’ project financing

- Self support

- Long-term

- Competitive interest rates

More Leverage Opportunity

to support the projects in pipeline

Consolidation of BIC

15

Million Baht times

16

Q2 2013 Performance : Nam Ngum 2 (NN2)

2013 2012

Month

Declaration Revenue from Declaration (Availability Payment)

Total Revenue

Reservoir Level

Declaration Revenue from Declaration (Availability Payment)

Total Revenue

Reservoir Level

(MWh) (M.THB) (M.US$) (M.THB) (m.asl) (MWh) (THB) (US$) (THB) (m.asl)

1 193,000 186.2 4.8 327.8 371.2 215,513 207.5 5.3 372.4 369.1

2 184,766 178.3 4.6 313.9 370.6 204,554 199.9 5.1 352.4 366.1

3 189,513 182.9 4.7 319.7 368.8 202,010 194.5 5.0 348.0 358.7

4 189,153 182.5 4.7 319.1 362.5 192,529 185.4 4.8 331.2 350.0

5 187,121 181.5 4.6 320.5 355.0 173,774 167.3 4.3 303.9 344.9

6 193,690 186.9 4.8 335.5 354.0 102,773 99.2 2.5 179.8 347.5

Total

1,137,243 1,098.3 28.3 1,936.5 Avg. 363.7

1,091,153 1,053.8 27.0 1,887.7 Avg. 356.1

Stronger Revenue in 6M 2013, All year expect revenue more than target

Peak Demand in April due to Myanmar gas pipeline planned shutdown

High Reservoir level leads to the more dispatching from EGAT.

All Dispatch Shortfall is expected to be used within Q3 2013


16

17

Q2/2013 Performance : Bangkhenchai Solar (BKC)

In-line Revenue and Performance in 6m 2013

Excellent Efficiency and Production


0

10

20

30

40

50

60

70

80

90

100

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13

Forecast Energy (MWh/month) Actual Energy (MWh/month) Irr (hrs/day) PR (%)

17

18 18


Q2 2013 Performance

CKP Outlooks

Agenda

19

Solid Project Pipeline

Domestic Outlook

Overseas Outlook


CKP’s Outlooks

19

20


CKP’s Outlooks : Solid Project Pipeline

0

500

1000

1500

2000

2500

3000

2012 2013 2017 2018 2019 2020 Other PotentialProjectsBIC1, CRS NN2, BKC, NRS BIC2

629 Total MW 755 875

268 Total Equity MW 347 425

NB

1,035

492

XPCL 1/

2,320

974

8SPPs

COD 2/

CKP plans to apply for at least eight SPPs; the

company has been prepared with land, gas pipeline,

transmission line and technology readiness. Eight

SPPs are with total MW size of 960MW.

3,280

1,598

CKP, under CK Group has undisclosed power

projects under development in Laos and other power

sectors with total MW size over 1,000MW

4,280

2,598

Other undisclosed renewable

projects under development

100

Note: 1/ Assume CKP acquire CK’s 30% and BECL’s 7.5% stake in XPCL, acquisition price to be determined. Assume NB proceeds as planned to COD in 2018

2/ Assume CKP holds minimum 65% in all eight SPPs projects to apply for PPA in the upcoming SPP application round

268 79 78 67

482 624

1,000

20

21

Bangpa-in Cogeneration 2 (BIC 2)

• Adjacent to BIC 1 at Bangpa-In Industrial Estate General Description

Capacity

Current Status

Off-Taker

• 120 MW of power

• 20ton/ hour of steam

Significant

Events

• Currently BIC2 is under pre-construction phase

• Construction phase to start in 2014 with

completion in 30 months

• September 13, 2011: PPA with the EGAT signed

with SCOD on June 1, 2017

• PPA with the EGAT of 90MW for 25 years

• Selling the rest of power and steam to industrial

estate users


CKP’s Outlooks : Developing Projects

21

22

Nam Bak

• Hydro Power Plants in Laos PDR

• Roller-Compacted-Concrete Dam

General

Description

Capacity

Current

Status

Off-taker

• 160 MW

• EDL

• NN2 is in the process of discussion and

negotiation on the PPA and Concession

with the EDL

Significant

Events

• On August 8, 2013, Project Development

Agreement was signed.



22

23

Xayaburi Power

• Located on Mekong River, Xayaburi Province

in Laos

• Run-of-River barrage

Current Status

Off-taker

• 1,285 MW

• 1,220 MW to the EGAT

• 60 MW to EDL

• More than 10% construction progress at the

end of Q2 2013

Significant

Events

• CK founded XPCL and currently CK holds

30% stakes.

• Concession with Laos PDR as BOOT for 29

years from COD

• Construction started on March 15, 2012

Other notes

• CK has policy to sell its equity stake in XPCL

to CKP.

General

Description

Capacity



23

24 24

Renew - Domestic 9,481

Neighboring Countries

6,572

Cogeneration 6,476

Combined Cycle 25,451

Thermal 7,150


Additional Capacity during 2012 – 2030

as per PDP 2010 Revision 3

Total Additional = 55,130 MW

3 ,2

70, 8

26,355

52,256

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2012

2013

201

201

201

2017

2018

2019

2020

2021

2022

2023

202

202

202

2027

2028

2029

2030

Planned installed capacity Forecasted demand

Thailand Electricity Outlook

Thailand’s energy demand will double by 2030

CKP’s Outlooks : Domestic Outlooks

25

Cogeneration

• Identified industrial users, gas pipeline and transmission connection

• Preparing 8 projects with total 960 MW capacity.

Solar

• Ready for a new tariff structure and new round of Solar Power solicitation

• Identified land and transmission connection

Other Renewable

• Wind and Other Renewable

Purchasing from Neighboring

Countries

• Leverage the competitive edge in The Lao PDR

• PDP 2013 will target more energy form Neighboring Countries

Thailand’s PDP 2013

Upcoming PDP 2013 is expected within this year

Continuously focus on Cross-Border, Renewable and Cogeneration

Currently, the proposals for developing new projects being prepared


25

CKP’s Outlooks : Domestic Outlooks

26

The Lao PDR Planned IPP Capacity

Source from www.poweringprogress.org, Mekong River Commission, EDL

CKP’s excellent track record in the Lao PDR provides the

company with competitive advantages in developing more

projects

(Unit: MW)

Nam Theun 2 1,075 Hongsa 1,878 Ban Koum 1,872

Nam Ngum 2 615 Xayabouri 1,285 Pak Lay 1,320

Theun-Hinboun 220 Nam Ou 2,5,6 540 Luangprabang 1,200

Nam Ngum 1 155 Xekaman 1 322 Pakbeng 921

Houay Ho 152 Theun-Hinboun (Exp.) 280 Sanakham 660

Nam Lik 1-2 100 Xekaman 3 250 Phou Ngoy 651

Se Xet 2 76 Nam Ngiep 180 Sekong 4 600

Nam Leuk 60 Nam Ngum 5 120 Nam Theun 1 523

Se Xet 1 45 Xenamnoy 1 22 Nam Ngum 3 460

Nam Mang 3 40 Nam Sim 8 Nam Et 1,2,3 420

Others 11 Others 8 Others 5,162

Total 2,549 Total 4,893 Total 13,789

In Operation Under Construction Open for Development

Total 21,230 MW

26


River basin Hydropower

Project

1. Nam Tha Nam Tha 1

2. Nam Ou Nam Ou 2,5,7

Nam Ou 1,3,4,7

3. Nam Ngum Nam Ngum 1

Nam Ngum 2

Nam Ngum 3,4

Nam Ngum 5

Nam Lik

Nam Mung 3

Nam Leuk

4. Nam Ngiep Nam Ngiep 1

Nam Ngiep 2

5. Nam Theun Nam Theun 1

Nam Theun 2

Theun Hinboun

Nam Hai

6. Xedon Xexet 1,2

7. Xekong Xekong 3

Xekong 4,5

Xepian-

Xenamnoy

Houay Ho

Xekaman 1,3

Xekaman 2,4

8. Mekong Xayaburi

Others (8)

CKP’s Outlooks : Oversea Outlook, The Lao PDR

27

Source from Myanmar Energy Sector Initial Assessment by ADB, October 2012

2,549 MW

In Operation

13,789 MW

Open for

Development

Myanmar Electricity Outlook Myanmar Hydropower Outlook

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2013 201 201 201 2017 2018 2019 2020 2021 2022

Annual Production (GWh) Maximum Demand (MW)

(MW) (GWh)

With expected high GDP growth and improved

electrification ratio, the annual demand of

electricity is estimated to triple by 2022

24.0 26.0

78.0 73.7

89.7 97.3 99.3 99.4 99.7 100.0

-

20.0

40.0

60.0

80.0

100.0

120.0

Electrification Ratio (%)

• The source of huge hydropower potential is

estimated to be more than 100,000 MW

• Myanmar has identified 92 potential large

hydropower projects

• Myanmar is the second largest gas exporter in the

region, second only to Indonesia

• 34 geological sedimentary basins have been

identified, only six of which have been thoroughly

explored

River Basin No of Promising

projects

Installed

Capacity (MW)

1 Ayeyarwaddy 34 21,821

2 Chindwin 8 3,015

3 Sittaung 11 1,128

4 Thanlwin 21 17,641

5 Mekong 4 720

6 Others 14 1,776

Total 92 46,101

Myanmar Gas Supply Outlook

27


CKP’s Outlooks : Oversea Outlook, Myanmar

28

CK Power is the flagship power development company of CK Group:

• Diversified portfolio

• Stable stream of income

• Experienced management with development and

operational excellence

• Solid project pipeline

• High growth company

28

Key Takeaways

29

Q&A

29

30

Appendix

30

31

CK Power Public Company Limited

Hydro Power Plant Solar Power Plant Cogeneration Power Plant

SouthEast Asia Energy Company Limited (SEAN)

Nam Ngum 2 Company Limited (NN2) (615 MW)

Bangkhenchai Company Limited (BKC) (8 MW)

Nakorn Ratchasima Solar Company Limited (NRS) (6 MW)

Chiangrai Solar Company Limited (CRS) (8 MW)

Bangpa-in Cogeneration Company Limited • Project 1 (BIC 1)

Power 117.5 MW, Steam 19.6 ton/hour

• Project 2 (BIC 2) Power 120 MW, Steam 20 ton/hour

56%

75%/2

100%

30%/3

30%/3

65%/4

1 2 3

Note: /1 Total MW calculated on power projects with signed PPAs, while Effective Equity MW is 424.9 (Hydro 258.3 MW, Cogeneration 154.4 MW and Solar 12.2 MW)

/2 25% held by EDL GEN

/3 70% held by Sonnedix

/4 25% held by PTT, 8% by IEAT and 2% held by others

Solar 22.0 MW

Hydro 615.0 MW

Cogeneration 237.5 MW

Total 874.5MW /1

CK Power’s Contracted MW

CK Power is a power developer with diversified portfolio, strong pipeline and high growth potential

Current Group Structure

31 31

32

38.0%

30.0%

30.0%

2.0%

31.8%

23.2%

25.0%

20.0%

Shareholding Structure

Pre-IPO Post-IPO

CK

BECL

TTW

BLDC

Public

Registered capital THB 5,500mm

Paid-up capital THB 4,600mm

No. of Outstanding Shares 920mm shares

Par Value THB 5.00 per share

Registered capital THB 5,500mm

Paid-up capital THB 5,500mm

No. of Outstanding Shares 1,100mm shares

Par Value THB 5.00 per share

IPO 220 million shares

(20%), which includes

180mm newly issued

shares and 40mm

existing shares

Shareholding Structure Pre and Post-IPO

32

Pitchbook A4US template - listed...

Documents

Transcript of Pitchbook A4US template - listed...