Non Non-Deal Roadshow Deal Roadshow Singapore / Hong Kong - - PowerPoint PPT Presentation
Non Non-Deal Roadshow Deal Roadshow Singapore / Hong Kong February 11-13, 2004 February 11-13, 2004 Ratchaburi Electricity Generating Holding Public Company Limited Ratchaburi Electricity Generating Holding Public Company Limited
Non Non-Deal Roadshow Deal Roadshow
Singapore / Hong Kong February 11-13, 2004 February 11-13, 2004
Ratchaburi Electricity Generating Holding Public Company Limited Ratchaburi Electricity Generating Holding Public Company Limited
www.ratch.co.th www.ratch.co.th www.ratch.co.th www.ratch.co.th
Disclaimer Disclaimer
The information contained in our presentation is intended solely for your personal The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward- looking statements that reflect the Company's current views with respect to future looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance is given that future events will occur, that projections various risks. No assurance is given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ materially from those projected. differ materially from those projected.
Agenda Agenda
EGAT’s Acquisition of RATCH Shares
Agenda Agenda
RATCH’s Vision & Mission
RATCH’s Corporate Strategies
RATCH’s Corporate Strategies
Power Industry
Operating Performance
Dividend Policy
Dividend Policy
Credit News
Future Projects
Appendix
Appendix
EGAT’s Acquisition of RATCH Shares EGAT’s Acquisition of RATCH Shares
Transaction Transaction
5
Transaction Transaction
Buyer : The Electricity Generating Buyer : The Electricity Generating Authority of Thailand (“EGAT”) Authority of Thailand (“EGAT”) Seller : Banpu Public Company Limited (“BANPU”) Number of Shares : 217,400,000 shares (14.99% of Number of Shares : 217,400,000 shares (14.99% of RATCH’s total shares) RATCH’s total shares) Price : Baht 43.8589 per share Transaction Date : February 23,2004
EGAT’s Acquisition of RATCH Shares EGAT’s Acquisition of RATCH Shares
Transaction Detail Transaction Details
6
Transaction Detail Transaction Details
shareholding will cross the trigger point of 50% (from 45% to shareholding will cross the trigger point of 50% (from 45% to 59.99%) 59.99%)
escrow account with voting-right of these shares are not permitted to be exercised. Consequently, SEC has granted a waiver to EGAT for not having to make a tender offer. waiver to EGAT for not having to make a tender offer.
EGAT’s Acquisition of RATCH Shares EGAT’s Acquisition of RATCH Shares
Specified Conditions Associated with Waiver to EGAT Specified Conditions Associated with Waiver to EGAT
7
conform to the rules and regulations applying for the state enterprise prior to
Specified Conditions Associated with Waiver to EGAT Specified Conditions Associated with Waiver to EGAT
conform to the rules and regulations applying for the state enterprise prior to EGAT’s acquisition is being completed.
not aggregate up to half of the total Company’s voting-shares. Furthermore, EGAT must submit all the contracts involving the segregation of shares and EGAT must submit all the contracts involving the segregation of shares and the confirmation for not exercising these voting shares to SEC.
Directors.
Non-Voting Depository Receipt (NVDR), EGAT must conform with the rules and regulation of Thai NVDR Company Limited. and regulation of Thai NVDR Company Limited.
6, 2004 onwards, otherwise the waiver period will be terminated. 6, 2004 onwards, otherwise the waiver period will be terminated.
9
10
12
With the established vision and mission, RATCH With the established vision and mission, RATCH focusing on enhancing shareholder value by crafting the focusing on enhancing shareholder value by crafting the focusing on enhancing shareholder value by crafting the focusing on enhancing shareholder value by crafting the company’s strategies with following details; company’s strategies with following details;
Focusing on engaging in any green field power plant projects.
Collaborating with strategic partners on possible power generating Collaborating with strategic partners on possible power generating investment projects.
Managing to acquire existing IPP and/ or SPP projects which obtained Managing to acquire existing IPP and/ or SPP projects which obtained PPA from EGAT.
Seeking to invest in related power generating business.
Power Industry Power Industry
Thai Electricity Market Structure Thai Electricity Market Structure – Enhanced Single Buyer (ESB) Enhanced Single Buyer (ESB) 14 Thai Electricity Market Structure Thai Electricity Market Structure – Enhanced Single Buyer (ESB) Enhanced Single Buyer (ESB)
Foreign Purchase
Private Power Producer
Generation Foreign Purchase
Private Power Producer
IPP SPP
SO
EGAT
Regu
Transmission PEA MEA
gulator
Distribution PEA MEA Direct Purchase
Distribution
Source: Ministry of Energy, Royal Thai Government EGAT : Electricity Generating Authority of Thailand
USER
ct ase
Source: Ministry of Energy, Royal Thai Government EGAT : Electricity Generating Authority of Thailand PEA : Provincial Electricity Authority MEA : Metropolitan Electricity Authority IPP : Independent Power Producer IPP : Independent Power Producer SPP : Small Power Producer SO : System Operator
Power Industry Power Industry
Thai Electricity Market Structure Thai Electricity Market Structure - Comparisons between the Current
Comparisons between the Current
15
Thai Electricity Market Structure Thai Electricity Market Structure -
and the new structure and the new structure
Current New structure
Tariff adjustment Based on cost plus and self- financing ratio. Adjustment is Tariff will be determined based
Current New structure
financing ratio. Adjustment is reviewed by a defined governmental committee.
Adjustment mechanism will be institutionalised. New capacity decisions Depend on Egat’s decisions. A new regulator will assure system reliability and manage new capacity approval,based new capacity approval,based
process. process. Institutional framework Regulation and policy functions are embedded within various government A new autonomous regulatory commission will be established under the Ministry of Energy. various government departments and Egat. under the Ministry of Energy.
Power Industry: Power Industry:
Forecast of Peak Generation in Thailand Forecast of Peak Generation in Thailand
16
Forecast of Peak Generation in Thailand Forecast of Peak Generation in Thailand
Source: Thailand Load Forecasting Sub-committee, Energy Planning and Policy Office (EPPO)
*CAGR : Compounded Annual Growth Rate
Energy Planning and Policy Office (EPPO)
Power Development Plan (PDP Power Development Plan (PDP 2003 2003)
17
Power Development Plan (PDP Power Development Plan (PDP 2003 2003)
W. . . .
.
.
.
.
.
.
.
W. .
.
. .
., ., .
!"" !"" #!"" !"" #$% !"" !"" # !"" &!"" ' % !""*+ !"" !"" #!"" ity 4x700 MW. ty 3x700 MW. 1x700 MW.
3x700 MW. 3x700 MW. 2x700 MW.
Laos 920 MW. 5 1x700 MW. 1x700 MW.
.
n#2 1x700 MW.
..
kok 1x700 MW
.
n #1 2x700 MW
. .
673.25 MW.
. .
673.25 MW.
. . . an Krabu 122 MW., , Eastern 350 MW., k 3 2x700 MW. #
"' (%&"' !
# #
# # # 1234%5" () 6% '(7897% (7897% # New Capacity New Capacity New Capacity
ew Capacity 3 ew Capacity 3 ew Capacity 2
La g Pakong # 5 ew Capacity 1
Union# South Bangko Gulf #1,Union #
BLCP# 2 x 6 BLCP# 1 x 6
win 713 MW., Lan #1-2 2x250 MW., E k ,South Bangkok
)**+(&" ,&"'-" (%
Ne New Ne
New New New
Bang P New
Gu
PPs 107 MW., Bowi Lam Takhong #1 North Bangkok
SPP
Reserve Margin 15%
%&'()*+),-.
Source: EGAT
Average Demand Growth 1,580 MW. / Year
Peak Demand (Avg.6.25% Growth)
Current Power Industry: Current Power Industry:
Monthly Peak Generation & Energy Generation Monthly Peak Generation & Energy Generation
18
Monthly Peak Generation & Energy Generation Monthly Peak Generation & Energy Generation
Peak Generation Peak Generation
17,500 18,000 18,500 19,000 MW 17,500 18,000 18,500 19,000 MW 15,000 15,500 16,000 16,500 17,000 17,500 15,000 15,500 16,000 16,500 17,000 17,500 13,000 13,500 14,000 14,500 15,000 13,000 13,500 14,000 14,500 15,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Month 2004 2003 2002
8.63% increase from 2002 highest demand 8.63% increase from 2002 highest demand
Source :EGAT
Current Power Industry: Current Power Industry:
Monthly Peak Generation & Energy Generation Monthly Peak Generation & Energy Generation
19
Monthly Peak Generation & Energy Generation Monthly Peak Generation & Energy Generation
Energy Generation Energy Generation
10,500 11,000 GWh 10,500 11,000 GWh
9,500 10,000 9,000 9,500 10,000
8,000 8,500 9,000 7,500 8,000 8,500 9,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Month 7,500 2004 2003 2002
Average monthly energy generation growth in 2003 year* was 7.86 %
Source :EGAT
* Thailand Government Fiscal year beginning from October to September
Operating Performance Operating Performance 2001 2001 - 2003 2003
21
Operating Performance Operating Performance 2001 2001 - 2003 2003
/011023)4567
897):3;2<9
+ /011023)4567
897):3;2<9
+ +
*
=+ +
*
+ +
+
>95?
*
Operating Performance Operating Performance 2001 2001 - 2003 2003
22
Operating Performance Operating Performance 2001 2001 - 2003 2003
2002 2001
Revenues 35,816 28,155 17,914 Expenses EBIT 28,634 7,182 21,256 6,899 13,180 4,734 EBIT Interest Expense 7,182 (1,703) 6,899 (1,967) 4,734 (1,386) Income Tax (43) (203) (288) Net Income EPS (Baht) 5,436 3.75 4,729 3.26 3,060 2.11 EPS (Baht) 3.75 3.26 2.11
Operating Performance Operating Performance 2001 2001 - 2003 2003
23
Operating Performance Operating Performance 2001 2001 - 2003 2003
2002 2001 Asset Current Asset Properties & Plants 12,060 51,068 11,945 53,279 10,584 28,051 Properties & Plants Others Assets 51,068 4,604 53,279 2,560 28,051 1,215 Total Asset 67,732 67,784 39,850 Total Asset 67,732 67,784 39,850 Liabilities & Shareholders’ Equities Current Liabilities Lt.Liabilities 7,220 35,764 6,556 38,654 3,056 17,499 Shareholders’ Equities 24,748 22,574 19,295
Total Liabilities & Shareholders’ Equities
67,732 67,784 39,850
Total Liabilities & Shareholders’ Equities
67,732 67,784 39,850
25
4567B@65?9)C)2D)897)E?2D07F
*
*
minimum 40% of Net
*
*= * *
(46.01%)
minimum 40% of Net Profit
*
* *=
(47.39%)
*
(42.37%)
interim dividend on September 2003 =
>95?
*
27
Corporate Rating :
BANPU A RATCH A + RATCHGEN AA PTTEP KEGCO AA + A +
Rationale (Rating by TRIS)
RATCHGEN AA KEGCO A +
Source: Thai Rating Information Service Co.,Ltd.
demand and supply
company’s fuel risk.
risk as price risk and part availability risk are mitigated
Completed Project Completed Project
Information on TECO
29
Information on TECO
Tri Energy Co., Ltd. Tri Energy Co., Ltd.
Location : Ratchaburi Province Capacity : 700 MW COD: PPA: 1 July 2000 20 years PPA: Paid Up Capital: 20 years THB 3,424 Million
Current Shareholders
Outstanding Debt: THB 11,026 Million (as of December 2002)
Current Shareholders
37.5 % 37.5 %
Net Income Year 2003: (as of December 2002) THB 1,762 Million
37.5 % 25.0 %
Acquisition Date: November 2003
Future Projects Future Projects
Projects in Progress Projects in Progress
31
Projects in Progress Projects in Progress
IPP Acquisitions Status IPP Acquisitions Status
Ratchaburi Power Under discussion. Limited 1,400 MW. (25% acquisition target) Under discussion.
Pasak Jolasid Chao Phraya Naresuan
Mini Hydropower Status
(25% acquisition target)
TECO UPDC BLCP Pasak Jolasid Chao Phraya Khlong Tha Dan
Mini Hydropower Status
Pasak Jolasid 6.7 MW. EPC selection completed.
TECO BLCP
Chao Phraya 12 MW. EPC bidding process. Khlong Tha Dan 10 MW. Naresuan 8 MW. Under detailed design process. Naresuan 8 MW.
Future Projects Future Projects
Information on Ratchaburi Power Limited
32
Information on Ratchaburi Power Limited
Ratchaburi Power Limited Ratchaburi Power Limited
Location : Capacity : Ratchaburi Province Capacity : Technology : 1,400 MW (Natural Gas) Combined Cycle Power Expected COD : Plant Unit 1: March 2008 Expected COD : Unit 1: March 2008 Unit 2: June 2008 25 years
Shareholders (Tentative after SSPA Signed)
Thai Shareholder Foreign shareholder
PPA: Expected Paid Up 25 years THB 9,460 Million
Thai Shareholder
25% 15% Foreign shareholder
10% 15%
Capital: Expected Debt: (USD 220 Million) THB 28,380 Million
15% 10%
15% 25%
Expected Debt: THB 28,380 Million (USD 660 Million)
Future Projects Future Projects
Information on Pasak Jolasid
33
Information on Pasak Jolasid
Pasak Jolasid Pasak Jolasid
Location : Lopburi Province Capacity : Annual Generation: 6.7 MW 33.11 GWh Annual Generation: Technology : 33.11 GWh Hydropower Expected COD : PPA: Hydropower October 2005
Current Shareholders
PPA: Non-Firm Contract 25 years (expected)
Current Shareholders
RATCH 100 %
Project Cost (est.): 25 years (expected) THB 280 Million
Future Projects Future Projects
Information on Chao Phaya
34
Information on Chao Phaya
Chao Phaya Chao Phaya
Location : Chainat Province Capacity : 12 MW Annual Generation : Technology : 60.52 GWh Hydropower Technology : Expected COD : Hydropower February 2006
Current Shareholders
Expected COD : PPA: February 2006 Non-Firm Contract
Current Shareholders
RATCH 100 %
PPA: Non-Firm Contract 25 years (expected)
Project Cost (est.):
THB 624 Million
Future Projects Future Projects
Information on Khlong Tha Dan
35
Information on Khlong Tha Dan
Khlong Tha Dan Khlong Tha Dan
Location : Nakorn Nayok Province Capacity : 10 MW Annual Generation : Technology : 28 GWh Hydropower Technology : Expected COD : Hydropower September 2006
Current Shareholders
Expected COD : PPA: September 2006 Non-Firm Contract
RATCH 100 %
Project Cost (est.):
25 years (expected) THB 264 Million
Project Cost (est.):
THB 264 Million
Future Projects Future Projects
Information on Naresuan
36
Information on Naresuan
Naresuan Naresuan
Location : Phitsanulok Province Capacity : 8 MW Annual Generation : Technology : 42.42 GWh Hydropower Technology : Expected COD : Hydropower April 2006
Current Shareholders
Expected COD : PPA: April 2006 Non-Firm Contract
Current Shareholders
RATCH 100 %
Project Cost (est.):
25 years (expected)
RATCH 100 %
Project Cost (est.):
THB 450 Million
RATCH Overview: RATCH Overview:
The Company: The Company: Ownership Structure Ownership Structure
39
The Company: The Company: Ownership Structure Ownership Structure
EGAT 45% Public 34.42% EGAT EGAT Provident Fund Government Savings Bank 45% Public 34.42% Banpu Group 14.99% Fund Savings Bank 2.97% 2.62% RATCH 99.99% RATCHGEN RE 99.99% 99.99% Ratchaburi Gas Ratch Udom 99.99% TECO 37.50% Ratch Alliance 99.99% Ratch Power 25%
RATCH Overview: RATCH Overview:
The Company: The Company:Top Ten Largest Shareholders Top Ten Largest Shareholders
40
The Company: The Company:Top Ten Largest Shareholders Top Ten Largest Shareholders
The Company’s top ten largest shareholders as of October 24,2003.
Number Name % Number Name % 1 Electricity Generating Authority of Thailand 45.00 2 Banpu PCL. Group of Companies 14.99 2 Banpu PCL. Group of Companies 14.99 3 EGAT Employee’s Provident Fund 2.97 4 Government Savings Bank 2.62 4 Government Savings Bank 2.62 5 Chase Nominees Limited 1.24 6 HSBC Group 1.23 6 HSBC Group 1.23 7 State Street Bank and Trust Company 1.05 8 The Government Pension Fund 0.78 9 Thai NVDR Company Limited 0.37 10 SCB Securities Co., Ltd. 0.35 70.60 70.60
Related Information
7.35%
7.19% Total Foreign Shareholders 14.54%
Source : Thailand Securities Deposition Company Limited
RATCH’s RATCH’s POWER PLANT
POWER PLANT
41
RATCH’s RATCH’s POWER PLANT
POWER PLANT
Installed capacity comparison of RATCH and other power producers Installed capacity comparison of RATCH and other power producers Total installed capacity 25,407 MW
GHIJK @EE L769?):EE@ MNHI) *=+)/O
Total installed capacity 25,407 MW
GHIJK * @EE
* +/O =+)/O *+)/O
RATCHGEN’s installed RATCHGEN’s installed capacity capacity 3,645 645 MW. MW.
1,470 MW.
2,175 MW..
2,175 MW.. TECO installed TECO installed capacity capacity 700 700 MW. MW.
262.5 MW. Total Total 3,907 907.5 5 MW. MW.
Source: EGAT ‘s Executive Report, June 2003
Total Total 3,907 907.5 5 MW. MW.
Current Power Industry: Current Power Industry:
Share of power Generation by Type & Source of Fuel Supply Share of power Generation by Type & Source of Fuel Supply
42
Share of power Generation by Type & Source of Fuel Supply Share of power Generation by Type & Source of Fuel Supply
Share of power Generation by Type Source of Fuel Supply
"#
&'
) !
"# * +%, &'
(' ) '
*
/-
11' . ' /- 2#!
*
/-
&)%- ! 2#! Total Installed Capacity 25,407 MW.
Source: PDP 2003 Source: PDP 2003
RATCH Overview: RATCH Overview:
Power Purchase Agreement Power Purchase Agreement
43
Power Purchase Agreement Power Purchase Agreement
have separate *year PPAs.
PPA Tariff Structure
have separate *year PPAs.
and financing costs and yield an equity
Fixed O&M Costs FX/ Inflation Adjustments
and financing costs and yield an equity IRR of 1
(“AP”) and Energy Payments (“EP”).
Availability Payment Costs Debt Services Interest Indexation
(“AP”) and Energy Payments (“EP”).
Availability Factor Return on Equity
servicing, and return on equity.
electricity is dispatched or not as long as
EGAT
Variable
RATCHGEN
electricity is dispatched or not as long as plants are available as agreed capacity
Energy Payment Inflation Adjustments Efficiency Variable O&M Cost
variable operation and maintenance costs with inflation indexation and pass through mechanism.
Efficiency Factor Fuel Cost
mechanism.
Source : RATCHGEN
RATCH Overview: RATCH Overview:
Debt Structure Debt Structure
44
Debt Structure Debt Structure
Size : 42.5 Billion Size : Tenor : 42.5 Billion 14 Years Tenor : Interest Rate : 14 Years Minimum Lending Rate “MLR” Interest Rate : Foreign Currency Risk : Minimum Lending Rate “MLR” Mitigated as all debt financing in Baht. Foreign Currency Risk : Interest Rate Risk : Mitigated as all debt financing in Baht. Mitigated as it is passed through the tariff. Interest Rate Risk : Mitigated as it is passed through the tariff.
RATCH Overview: RATCH Overview:
Benefits of Interest Reduction Benefits of Interest Reduction from the first and second amendment of Credit Agreement
from the first and second amendment of Credit Agreement
45
Benefits of Interest Reduction Benefits of Interest Reduction from the first and second amendment of Credit Agreement
from the first and second amendment of Credit Agreement
Interest Saving
Million Baht
800 1,000 1,200
600 800
2002 2003 2004 2005 2006 2007 2008
Year Year
The total interest saving is around Baht 3,484 million.
* Average MLR of KTB, SCB, BBL and BAY
RATCH’s liquidity improved by Baht 1,169 million.
RATCH Overview: RATCH Overview:
Operation and Maintenance Operation and Maintenance
46
Operation and Maintenance Operation and Maintenance
Maintenance Schedule
RATCHGEN under the Operation and Maintenance (OMA).
Maintenance Schedule
Thermal Generating Units
Warranty Inspection - normal 40
2009, one year from the completion of the first major maintenance of the last Combined
Minor Inspection 40 2 years Major Overhaul 57 6 years Combined Cycle Generating Units
maintenance of the last Combined Cycle Block transferred.
between RATCHGEN and EGAT.
Combined Cycle Generating Units
Gas Turbines GT Warranty Inspection - normal 26
15 8,000 hours
between RATCHGEN and EGAT.
GT Combustion Inspection 15 8,000 hours GT Minor Inspection 30 24,000 hours GT Major Overhaul 52 48,000 hours
provision of major maintenance services and additional repair services.
Steam Turbines ST Warranty Inspection - normal 26
26 2 years
services.
commissioning and operating Combined Cycle and Thermal
Source : RATCHGEN
ST Minor Inspection 26 2 years ST Major Overhaul 49 6 years
Combined Cycle and Thermal Power Plants.
Source : RATCHGEN
" !
47
$ $ $
#$ $ %$ $ &$ $
'(
'( '(( '( '
'( ' '
'( ' *+'(
*+'
#$%&'()*)(+# ,(-. ,(-. '(/0&01%&$(2)3'04 '"+0&"+.*%5#"0+3'"4
,(-. ,(-. '(/0&01%&$(2)3'04 6(.#2&7"+% '"+0&"+.*%5#"0+3'"4 !(&&(+#-"+.*%5#"0+3!"4 +0&'()3!"4 6%+ &0#0&&%'01%,3!"84 50'72.#"0+"+.*%5#"0+ 35"4 '"+0&"+.*%5#"0+ '(/0&01%&$(2) 3'"4 3'04 6(.#2&7"+% +0&'()3!"4 6%+ &0#0&&%'01%,3!"84 ,(-. ,(-. 35"4 ,(-. 3'"4 ,(-. 3'04 ,(-. !(&&(+#-"+.*%5#"0+3!"4 '"+0&"+.*%5#"0+ '(/0&01%&$(2) .#%('#2&7"+% !(&&(+#-"+.*%5#"0+3!"4 +0&'()3!"884 6%+ &0#0&&%'01%,3!"84 ,(-. ,(-. '"+0&"+.*%5#"0+ 3'"4 ,(-. '(/0&01%&$(2) 3'04 ,(-.
,
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48
$ $ $
#$ $ %$ $ &$ $
'(
'((
'(
'
'( '
'
'( '
*+'
'( '( '(( '(
,(-. ,(-. 3'04 ,(-. 50'72.#"0+"+.*%5#"0+ 35"4 ,(-. '"+0&"+.*%5#"0+ 3'"4 ,(-. '"+0&"+.*%5#"0+3'"4 '(/0&01%&$(2)3'04 '(/0&01%&$(2) 6(.#2&7"+% +0&'()3!"4 ,(-. 6%+ &0#0&&%'01%,3!"84 ,(-. !(&&(+#-"+.*%5#"0+3!"4 ,(-. ,(-. ,(-. ,(-. ,(-. '(/0&01%&$(2) 3'04 ,(-. !(&&(+#-"+.*%5#"0+3!"4 +0&'()3!"884 ,(-. 6%+ &0#0&&%'01%,3!"84 ,(-. .#%('#2&7"+% '"+0&"+.*%5#"0+ 3'"4 ,(-.
RATCH Overview: RATCH Overview:
The Power Plant : The Power Plant :Facilities Description Facilities Description
49
The Power Plant : The Power Plant :Facilities Description Facilities Description
Ratchaburi Province, KM from Ratchaburi Province, KM from Bangkok, 'KM from Ampur Muang Ratchaburi, and *KM from Mae Ratchaburi, and *KM from Mae Klong river.
CCCT Blocks
UPDC
capacity is ,!(*MW. With combined capacity of 1,470 MWfor two thermal capacity of 1,470 MWfor two thermal units and three Combined Cycle Units
Thailand's largest and most advance technology private power producer in
Future Expansion
Thailand
Thermal Unit
support future expansion upto
RATCH Overview: RATCH Overview:
Transmission System Transmission System
50
Transmission System Transmission System
Ratchaburi Power Plant
RATCH Overview: RATCH Overview:
Power Plant & Facilities: Power Plant & Facilities: Thermal & Combined Cycle Power Plant
Thermal & Combined Cycle Power Plant
51
Power Plant & Facilities: Power Plant & Facilities: Thermal & Combined Cycle Power Plant
Thermal & Combined Cycle Power Plant
Thermal Power Plant Thermal Power Plant
Generator Transmission Line
Thermal Power Plant Thermal Power Plant
Heat Exchanger Steam Turbine Transformer Stack
FGD
Fan Cooling Tower Condenser Dearator Flue Gas Desulferization Fan Boiler Economizer Reservoir Water Treatment Plant Transmission Line Steam Generator Heat Recovery Steam Generator (HRSG) Natural Gas Inlet Value
Combined Cycle Power Plant
Transmission Line Generator Gas Turbine Condenser Dearator Natural Gas Inlet Value Generator Transformer Stack Transmission Line Condenser Water Pump Transformer Generator Cooling Tower Stack Natural Gas Inlet Value
Gas Turbine
Transmission Line Stack Water Pump Water Treatment Plant Transformer Generator Reservoir Heat Recovery Steam Generator (HRSG)
RATCH Overview: RATCH Overview:
Gas Sales Agreement (“GSA”) Gas Sales Agreement (“GSA”)
52
Gas Sales Agreement (“GSA”) Gas Sales Agreement (“GSA”)
Gas Pipeline System
sourced from gas fields in Myanmar.
TALUANG KANGKOI NAMPONG BAAN-E-TONG
cubic feet exceeds gas consumption
YADANA
BANGPAKONG TALUANG KANGKOI WANGNOI RAYONG SBK RATCHABURI RATCHABURI
84P M@4
TANTAWAN 1st 2nd THAP SAKAE RAYONG 3rd
minimum take-or-pay obligation with PTT under Master Gas Sales Agreement (“MGSA”).
PLATONG BENJAMAS TANTAWAN BONGKOT ARTHIT ECP ERP2 KHANOM ERP PAILIN
Agreement (“MGSA”).
EXISTING PIPELINE PIPELINE MASTER PLAN 3 JDA BONGKOT SONGKHLA
Payments to RATCHGEN regardless
NATURAL GAS FIELDS POWER PLANT TTM PIPELINE
Why RATCH ? Why RATCH ?
54
Why RATCH ? Why RATCH ?
Low Risk Dominant Player – Minimal earning swings from change in foreign exchange rate as total financing is in Thai Baht.
forefront position and financial strength will serve as a solid platform for further business expansions.
Thai Baht. – No Minimum-Take-Or-Pay risk on natural gas purchases from PTT.
– Average EBITDA of approximately 8-9 billion Baht per annum during the next 10 years. – Excess cash after dividend at RATCH (payout ratio of
purchases from PTT. – Availability Payments will be received irrespective of whether electricity is dispatched
– Excess cash after dividend at RATCH (payout ratio of 40% and net of debt reserve accounts) retention will be served for business expansion – Common facilities create competitive advantage for
– Protected from impact of change in law and Grid Code via the ability to pass through cost
– future expansion potential with minimal investment cost estimated at around US$ 500,000/ MW.
Solid Industry Growth Strong Earnings Growth Grid Code via the ability to pass through cost increases above certain thresholds. – DSCR over the life of debt (1.7x) is higher than
still grow at a solid pace; country need new capacity in the near future
from the 25 years well structured PPAs.
the minimum DSCR required by the banks (1.2x)
in the near future
56
Award Title : Best Corporate Governance Report Awards Award details : Disclosure of Form 56-1, Award details : Disclosure of Form 56-1, Annual Report, Invitation Letter and Minutes of the Letter and Minutes of the Shareholder Annual Meeting (Particular on Corporate Governance Corporate Governance Principle) Organizer : The Stock Exchange of Thailand Thailand Date : 21st July 2003
57
Award Title : Disclosure Report Award Award Title : Disclosure Report Award 2003 Award details : Disclosure of Form 56-1 Award details : Disclosure of Form 56-1 and Annual Report from all listed companies on the listed companies on the Stock Exchange of Thailand for completed, Thailand for completed, sufficient and beneficial to all shareholders and all shareholders and investors. Organizer : Securities and Exchange Organizer : Securities and Exchange Commission (SEC) Date : 19th November 2003
58
Award Title : ISO 14001 Award details : Conformed to the Environmental Management System Standard : ISO 14001:1996 Organizer : DET NORSKE VERITAS Organizer : DET NORSKE VERITAS Date : 22nd September 2003
59
Award Title : Disclosure Award Award Title : Disclosure Award Award details : Disclosure of Form 56-1 (Particular on Risk Factors and Risk Factors and Nature of Business) Nature of Business) Organizer : The Office of the Securities and Exchange Commission Exchange Commission Date : 5th November 2002
60
Award Title : Excellent quality Award on Nationwide basis Award details : Excellent maintenance of Navaratchaburirom Park (a recreational center located in
Asiamoney corporate governance poll for Park (a recreational center located in front of the power plant built and maintained by Ratchburi Generating Co.) Organizer : Ministry of Public Health Date 31st October 2002
Source : Asiamoney October Source : Asiamoney October 2002 2002
governance poll for utilities sector in Asia 2002 (Social and environmental budget for 2003-2006 is 215 MM Baht)