Oppo portun unity Day 11 Decemb ember er 2013 13 1 Agenda - - PowerPoint PPT Presentation
TRC Corpo porat ate Present ntat ation ion The 3 rd Qtr 2013 Operati ting ng Performan ormance ce Oppo portun unity Day 11 Decemb ember er 2013 13 1 Agenda Company Overview Ongoing Projects Future Developments Key
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3 New To become the leading contractor of Thailand and Asian region delivering the EPC construction services for both natural gas pipeline projects and petrochemical industry plants as well as stepping up to become an investment developer in energy business with good governance practice emphasizing on safety standard, environmental, societal and community cares for sustainable and constant growth. Previous To become the leading contractor of Thailand delivering projects in respect of standard and safety for both natural gas pipeline, petrochemical industry and energy fields along with its sustainable growth.
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To adhere to working with quality and in accordance with acceptable standard and customers’ satisfaction with the mission of treating the followings stakeholders in various groups under the good governance : Employees : to enhance a dignity concept of working with the organization, place importance on human right respect and labor treatment on fairly and safety basis as well as human resource development, and promote skills training in specific fields in parallel with team working management, knowledge and experience sharing from one generation to another. Shareholders : to operate and manage business under the good governance for maturity yield on fairly and equally basis for all shareholders. Customers : to aim at developing the service to deliver works with quality and safety to be in line with customers’ satisfaction and required standard with on-time delivery and fair price. Partners and Competitors: to mutually manage the business under the competition rule on fairly basis together with enhancing a good relationship with partners and business networks on mutual benefit basis for long-term relationship. Community/Society/Nation : to emphasize on the impact management towards environment, community and society with a continuous policy of annual budget provision for CSR activities both internally and externally. The
development as well as returning benefits to society and community so as to address a sustainable development.
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corporate governance practice for highly benefit of the company and its shareholders.
disregard of race , class, complexion or religion.
and expertise trainings as well as required knowledge in concerned areas for the company’s sustainable growth.
including experience from one generation through another.
and utilize new technology in cooperation with both domestic and international alliances to develop Thai engineers’ capability to be identical with the international ones.
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TRC Construction Public Company Limited (Thailand) Paid-up Capital 408.3 MB Sahakarn Wisavakorn Co., Ltd. (Thailand) Paid-up Capital 200 MB TRC Investment Limited (Mauritius) Paid-up Capital USD 1 TRC International Limited (Hong Kong) Paid-up Capital HKD 10 TRC Middle East LLC (Sultanate of Oman) Paid-up Capital OMR 150,000 TRC Engineering LLC (Sultanate of Oman) Paid-up Capital OMR 250,000
99.99% 100% 100% 60% 70% 89.97%
SKK Joint Venture Co., Ltd. (Thailand) Paid-up Capital 1 MB
and lower margin
& Construction services with fewer competitors and higher margin
become the “ONE STOP SERVICE” for our clients
growth
Turnkey Bangchak BioDiesel Plant Project
International & Large Scale Project Development
Nigeria Project RR Project
Khoi Cross Country Gas Pipeline
Siemens for OCS#1
Oman Project Revamp OCS#1
Project of 2,134 MB
reached 4,452 MB
capability of EPC and undertake Large Scale Project
Gulf JP Pipeline
SET & target for Investment projects
Investment Project
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Outstanding CEO Awards Top Corporate Governance Report Awards Outstanding Company Performance Awards
EPC Services in Overseas Mechanical Installation and Process Plant Construction for Energy and Petrochemical Industry Pipeline Construction for Energy and Petrochemical Industry Project Development and Investment 9
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GUT Gas Pipeline Project
inches natural gas pipeline installation work (21 km.), two block valve and one metering station for Power Plant (IPP) project
Ayutthaya Province
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Navanakorn-Rangsit Interconnecting Gas Pipeline Project
USD 7.55 million (Approximately of THB 1,072 million)
inches for natural gas (6.2 km.) transmission branch from KP.20 of the PTP-NS pipeline to NVRS gas pipeline network including one metering and regulation station launcher/ receiver station
Location: Alongside Highway No.9, Chiengrak Noi, Bang Pa-in, Ayutthaya Province
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Civil Work for Bridge, Main road and Drainage, TPARK Wang Noi 2
drainage
Ayutthaya Province
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Architectural Construction and Sanitary Works for New Warehouse, Building 9 Project (Sriracha) – Phase II
works
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Construction of Region VIII Pipeline Operations Center
relevant system including land fill, infrastructure, building structure, architecture, furniture, electrical and communication system, air condition and ventilation system, mechanical and sanitary system
Road (323 old way), Kilometer 111, Tumbon Wangkhanai, Tamuang District, Karnjanaburi Province
USD 103.45 million
(Approximately of THB 2,309 million)
for approximately of 112 km. from Saraburi to Nakhon Ratchasima
Receiving Station
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Pipeline Project
(Total contract period is 3 years + 1 year + 1 year)
Approximately of THB 382 million (2-Year Extension Contract)
flow lines connecting the drilling wells together
24% 22
Ubon Bio Ethanol Project
Plant Out Side Battery Limit (“OSBL”) EPCC Package for Ethanol Processing Plant with a capacity of 400,000 liter per day utilizing dry and fresh cassava as raw material
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GNS Gas Pipeline Project
USD 16.345 million (Approximately of THB 1,678 million)
inches for natural gas transmission branch pipeline installation work (19 km.) and metering regulation station for Power Plant (IPP) Project
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PTTAR-IRPC Multiproduct Project
inches for multiproduct pipeline installation work (30 km.) and launcher/receiving station between IRPC Tank to PTTAR Refinery
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Project Name Approximate Project Value (Million Baht) Estimated Project Period
A.1 Gas Transmission Pipeline 8,000 2014 – 2018 A.2 SPPs 3,000 2014 – 2018 A.3 Construction Call Off Services n/a 2014 onwards A.4 Compressor Station 6,000*- 7,000* 2014 onwards
B.1 Waste to Energy 2,000 2014 B.2 Alternative Fuel (Bio Diesel / Ethanol Plant) 1,000 2014 B.3 CBG for NGV 70 2014
1,000* 2014 – 2016
700 2014 – 2016 Total Approximate 22,770 27
*Including Strategic Partners’ work portion
Business 2013 2014 2015 2016 2017 Total %
Natural Gas 25,449 29,522 30,417 18,583 7,245 111,216 30 Oil and International Trading 7,158 8,245 16,952 12,573 6,456 51,384 14 Investment in Joint Venture and its wholly owned investment 62,164 33,808 34,631 25,333 36,011 191,947 53 Head Office and Others 4,074 4,059 1,862 1,128 804 11,927 3 Total 98,845 75,634 83,862 57,617 50,516 366,474 100 Total (Revised) 52,618 320,247
28 The reduction is mainly for the uncommitted foreign investment projects.
Natural Gas Pipeline Project: SPPs
works for natural gas transmission pipeline projects for both IPP and SPP
approved by the Energy Regulatory Commission of Thailand (ERC) for power supply during 2015 - 2021 according to PDP 2012 29
Company Quantity of Electricity Power Offering for Sales (MW) 1 Mabyangporn Clean Energy Co., Ltd. 90 2 SSUT Co., Ltd. (Bangpoo Cogeneration Power Plant Block 2 Project) 90 3 SSUT Co., Ltd. (Bangpoo Cogeneration Power Plant Block 1 Project) 90 4 Thai Energy Generator Co., Ltd. 90 5 Ratchaburi World cogeneration Co., Ltd. (Project 1) 90 6 Ratchaburi World cogeneration Co., Ltd. (Project 2) 90 7 Rayong Electric Generating Co., Ltd. 90 8 Bangkadee Clean Energy Co., Ltd. 90 9 Kabin Cogen Co., Ltd. 90 10 Promburi Power Co., Ltd. 90 11 Thai Oil PLC. (Project 1) 90 12 Bowin Clean Energy Co., Ltd. 90 13 Panthong Clean Power Co., Ltd. 90 14 Panthong Clean Energy Co., Ltd. 90 15 Navanakorn Electric Co., Ltd. 90 16 PPPTT Co., Ltd. 90 17 Eastern Seaboard Power Co., Ltd. 90 18 Advance Agro Asia Co., Ltd. 90 19 Thai Oil PLC. (Project 2) 90 20 Siam Pure Rice Co., Ltd. 90 21 Electric & Steam Co., Ltd. 90 22 The Electricity Generating PLC. 90 Total 1,980
Natural Gas Pipeline Projects: IPPs
Thailand (ERC) announced that Gulf Energy Development Co., Ltd. won the third round of IPP bidding to build the natural gas-fired power plant at 5,000 MW to be commissioning in 2021 - 2026, there will be the natural gas distribution pipeline to be constructed before the schedule of commissioning
Co., Ltd., a subsidiary of Gulf JP
There are 2 locations; Rojana Industrial Park in Rayong Province and Hemaraj Chonburi Industrial Estate in Chonburi Province 30
Compressed Bio-Methane Gas for NGV Project
approximately 9 tons/day (approximately 3,000 tons/year)
Noi District, Prachuap Khiri Khan Province
wholly own by TRC, within the 1st Qtr 2014
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33 Transportation Type Required Budget As per Baht 2.2 Trillion Loan Act Amount % Amount % Rail 3,201,111.75 75.32 1,621,237.50 86.22 Road 808,245.13 19.01 216,737.22 11.53 Waterway 145,155.51 3.42 30,277.37 1.61 Air 83,247.92 1.96
12,195.26 0.29 12,195.26 0.64 Total 4,249,955.57 100.00 1,880,447.35 100.00
(Unit: Million Baht)
Source: Ministry of Transportation
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Railway Track Rehabilitation (Government Infrastructure Project)
strategic partners to bid projects approximately of Baht 4,000 - 5,000 million
rehabilitation
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Q1 13 Q2 13 Q3 13 Q3 12 QoQ (%) YoY(%) Services income & sales 640.33 582.85 717.43 1,262.19 23.09%
Interest income & other income 2.06 6.92 1.57 1.94
Total revenues 642.40 589.77 719.00 1,264.13 21.91%
Cost of services & cost of sales
15.77%
Gross margin 68.71 58.37 110.24 174.09 88.85%
Administrative expenses
51.07% 16.10% EBIT 16.30 19.89 43.23 116.96 117.33%
Finance cost
Income tax expenses
177.77%
Profit for the period 6.04 13.37 26.77 90.94 100.25%
Adjust: Minority interest of the subsidiaries 3.90 3.21 4.70
46.36% n/a Profit attribute to equity holders of the Company 9.94 16.58 31.47 85.89 89.81%
Earnings per Share (Baht) 0.01 0.02 0.04 0.11 Gross Profit Margin 10.73% 10.02% 15.37% 13.79% Net Profit Margin 1.55% 2.81% 4.38% 6.79%
* Q3 13 including ESOP-W2 Exp 4.1 MB and allowance for doubtful debts 16.6 MB *
9-M 13 9-M 12 YoY(%) 1,940.61 3,323.90
10.56 22.67
1,951.17 3,346.57
237.32 408.52
8.37% 79.42 275.75
46.18 210.43
11.81
n/a 57.99 209.00
0.07 0.26 12.23% 12.29% 2.97% 6.25%
Unit: Million Baht
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Actual 9-Month 2013 Performance of TRC and its Subsidiaries
(Unit: Million Baht) TRC SKW TRCM TRCE TRCI TRC Investment SKK TRC Consol (Oman) (Oman) (Hong Kong) (Mauritius) Construction Service Income & Sales 1,488.91 266.78 170.15 14.77 0.00 0.00 0.00 1,940.61 Other Revenue 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Interest Income 3.87 0.57 0.55 0.00 0.93 0.00 0.00 1.28 Other Income 8.79 0.70 0.00 0.00 0.03 0.00 0.00 9.27 Total Revenue 1,501.58 268.05 170.70 14.77 0.96 0.00 0.00 1,951.17 Cost of Services & Sales
0.00 0.00 0.00
Gross Profit 219.58 18.15 44.40
0.00 0.00 0.00 237.32 SG&A and Finance Cost
Earning before Tax 122.17
31.38
0.20
76.32 Tax
0.00 0.00 0.00 0.00
Net Profit before Minority Interest 95.87
27.82
0.20
46.18 Less: Minority Interest (40% for TRCM & 30% for TRCE) 11.81 Net Profit for the Parent Company 57.99 Gross Profit 14.75% 6.80% 26.10%
12.23% Net Profit Margin 6.38%
16.30%
2.97% 9-Month 2013 Performance
(MB)
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3,347 1,951
Growth 49% Growth 92% Highest Level Since the Company Establishment
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(MB)
209 58
Growth 62%
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575 417 404 1,581 1,513 1,782 985 717 505 678 797 990 981 1,085 0.80 0.83 0.60 1.98 1.53 1.82 0.91
0.00 1.00 2.00 3.00 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
2008 2009 2010 2011 2012 9-M 2012 9-M 2013
Liabilities Equity D/E Ratio
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* Calculated from (Total Liabilities-Advances from Customers-Unearned Construction Revenue)/Total Equity
D/E Ratio Time(s)
0.84 0.90 1.11 0.71
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Par
(Baht/Share)
Registered Capital (Baht) Registered Capital as at 26 April 13 673,171,178 0.50 336,585,589.00 Capital Increase: Price
(Baht/Share)
112,200,000
33,658,559 2.50 16,829,279.50
Exercising Period 30 June 14 - 30 June 16) 32,000,000 4.70 16,000,000.00 Registered Capital as at 29 April 13 851,029,737 425,514,868.50
Par
(Baht/Share)
Paid-up Capital (Baht) Paid-up Capital as at 2 May 13 673,171,178 0.50 336,585,589.00 Stock Dividend (6:1, 23 May 13) 112,146,533 0.50 56,073,266.50 Right Offering (20:1, 17 - 21 June 13) 31,269,062 0.50 15,634,531.00 Paid-up Capital as at 27 June 13 816,586,773 0.50 408,293,386.50
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(MB)
2,309
Sinopec – TRC Joint Venture (Only TRC’s Work Portion
1,641 1,501 1,266 1,451 4,452 3,415
+ new awarded project in Oct 13
2,629 4,938 TRC SKW Oman Subsidiaries
Project Name Type
Works Project Owner/ Client Work Value (MB) Uncompleted Work Value (MB) Project Period
(Project value 834.01 MB and USD 7.55 Million) E, P, C PTT Public Company Limited 1,071.93 1,039.76 Jul 13 Mar 15
E, P, C Gulf UT Co., Ltd. 1,547.43 928.46 Aug 12 Jul 14
Services at Various Location E, P, C PTT Natural Gas Distribution Co., Ltd. 144.00 65.15 Nov 11 Oct 13
E, P, C PTT Public Company Limited 55.20 55.20 Oct 13 Jun 14
Gas Pipeline Distribution Project E, P, C AMATA Natural Gas Distribution Co., Ltd. 96.90 10.99 Nov 11 Oct 13
E, P, C IRPC Public Company Limited 728.81 7.29 Jul 11 Oct 13
System E, P, C PTT Global Chemical Public Company Limited 32.00 6.98 Jan 13 Aug 13
Project (Project value 1,185 MB and USD 16.345 Million) E, P, C Gulf JP NS Co., Ltd. 1,677.85 3.23 Oct 11 Aug 13
E, P, C AMATA Natural Gas Distribution Co., Ltd. 80.14 0.80 Jun 12 Jul 13
P, C IRPC Public Company Limited 1.53 0.77 Jun 13 Dec 13
Total 10 Projects 5,435.79 2,118.63
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Project Name Type
Works Project Owner/ Client Work Value (MB) Uncompleted Work Value (MB) Project Period Provincial Gas Transmission Pipeline to Nakon Ratchasrima E, P, C PTT Public Company Limited 2,308.77* 2,308.77 Nov 13 Mar 16
Total 1 Project 2,308.77 2,308.77
*Only TRC’s Portion approximately of 30%
Project Name
Type
Works
Project Owner/ Client
Work Value (MB)
Uncompleted Work Value
(MB)
Project Period
E, C PTT Public Company Limited 206.70 206.70 Oct 13 Oct 14
New Warehouse, Building 9 Project (Sriracha) - Phase II E, C Alucon Public Company Limited 93.48 89.15 Aug 13 Mar 14
Wang Noi 2 C TICON Logistics Park Co., Ltd. 163.16 86.92 Jan 13 Dec 13
E, P, C Electricity Authority of Thailand 20.36 7.54 Sep 11 Oct 13
Noen Khilek, Lat Yao, Nakornsawan Province C Department of Rural Roads 5.59 5.59 Sep 13 Jan 14
C Department of Rural Roads 4.98 4.98 May 13 Dec 13
C Department of Rural Roads 4.43 2.90 Aug 13 Nov 13
Bansanangsong, Nakornsawan Province C Department of Rural Roads 4.66 1.22 Jun 13 Oct 13
E, P, C Thai ABS Co., Ltd. 280.00 0.01 Jan 12 Sep 13
C PTT Public Company Limited 12.00 12.00 N/A N/A 11 Main Feeder form Saraburi Power Plant C PTT Public Company Limited 0.44 0.44 N/A N/A
Total 11 Projects
795.80 417.45
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Project Name
Type
Works
Project Owner/ Client
Work Value (MB)
Uncompleted Work Value
(MB)
Project Period
Construction of Flow Lines Rima Satellites Small Fields (The extension contract another 2 years, work value approximately of OMR 4.8 Million) E,P,C Petrogas Rima LLC Sultanate of Oman 381.93 92.63 May 12 Apr 14
Total 1 Project 381.93 92.63
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TRC Group
Projects Remaining Work Value (MB) TRC Construction Public Company Limited 10 2,119 Sahakarn Wisavakorn Co., Ltd. 11 417 TRC Middle East LLC 1 93
Total Backlog as at 30 September 2013 22 2,629
New Awarded Project: Provincial Gas Transmission Pipeline Project to Nakhon Ratchasima (Awarded by Sinopec - TRC Joint Venture)
1 2,309
(Only TRC’s portion 30%)
Total Backlog
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Commencing from 2 Jan 2014 onwards, TRC will move from “Property & Construction” to “Construction Services” Sector.
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*Note: The 9-M 2013 EPS of TRC is adjusted to be based on Par of Baht 1.00 per share for comparison with others.
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