WHA Cor por ation Public Company L imite d Oppo rtunity Day (27 May 2019) 1Q2019 Re sult “Your Ultima te Solution Pa r tne r ”
WHA Group Disclaimers The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in WHA Corporation Public Company Limited (“WHA” and shares in WHA, “shares”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. In addition, this presentation contains projections and forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions. 2
Agenda I. WHA Group Overview II. Summary of 2018 Performance III. 2019 Business and Financing Plan IV. 1Q2019 Financial Performance Appendix 3
WHA Group Overview WHA GROUP AT-A-GLANCE Industrial Development Logistics 11 /1 + 3 68,500 /1 2.3 /2 mm m 2 under owned & managed industrial estates rais total IEs 750 well-known 25,300 /1 200+ well-known tenants profile customers profile rais undeveloped area 39 % 23 % 34 % 36 % Auto Japanese Japanese 3PL Utilities & Power Digital Platform 105 4 459 Utilities data centers mm m 3 equity racks 552 5 Power FTTx Services equity MW Industrial Estates WHA is a SET-50 listed company with a market capital of USD 1,905 /3 mm and under MSCI small-cap index /1 Including Vietnam Project amounting to total area of c.20,000 rais with undeveloped area of c. 16,900 rais. /2 Including pre-leased area 4 /1 Including the land area partnering with IRPC under WHA Industrial Estate Rayong /3 as of 16 May 2019
WHA Group Overview Group Structure – Operating Companies Property Funds and REITs Core Business 15.00% 15.00% 98.54% WHA Corporation PCL WHA Industrial Development PCL. WHART WHABT Registered – THB 1,567.8 mm NAV per unit –THB 9.97 /1 NAV per unit –THB 10.39 /1 Registered – THB 6,000 mm Paid-up Cap – THB 1,439.1 mm Paid-Up Capital–THB 1,942.9 mm Paid-up Cap – THB 3,882 mm Paid-Up Capital–THB 20,584.8 mm Total Asset–THB 33,132.6 mm Total Asset–THB 2,623.6 mm 15.00% 22.95% 70.00 % /2 97.67 % HREIT HPF WHAUP /2 WHA Infonite NAV per unit – THB 8.85 /1 NAV per unit –THB 9.91 /1 Registered – THB 3,825 mm Registered – THB 400 mm Paid-Up Capital–THB 6,223.4 mm Paid-Up Capital–THB 4,629.5 mm Paid-up Cap – THB 3,825 mm Paid-up – THB 400 mm Total Asset–THB 9,730.8 mm Total Asset–THB 4,728.1 mm JV Collaborations – Utilities & Power /2 JV Collaborations 25.01% 35.00% 12.75% 25.01% 33.33% 64.97% 49.99% Central WHA Alliance Genesis Data Center Gheco-One Houy Ho Power Gulf Solar WHA KPN Alliance BPWHA1 15.00% 5.00% 25.01% 75.00% 33.33% 51.00% 50.99% Eastern Seaboard WHA Daiwa Logistics Glow IPP GNLL 2 WHA Gunkul SUPERNAP Thailand WHA -JD Alliance Clean Energy Property 25.01% 35.00% 25.01% 60.00% 99.00% Eastern Seaboard WHA Industrial Zone Nghe An Gulf TS1-4 Gulf WHA MT Gulf VTP Industrial Estate Joint Stock Company /2 Remarks: /1 NAV per unit as of Mar 31, 2019 5 /2 Held by WHA Industrial Development PCL.
WHA Group Overview Location Map WHA 50+ Strategic Locations WHA is a key player in the development pf the Eastern Economic Corridor (EEC) 6
Summary of 2018 Performance Key Deliverables Achieved m 3 105 mm Approx. 260,000 m 2 pre- No.1 market share in utilities sale and leased/new contract terms of industrial land FTTx Service in 5 industrial management, representing area mainly thanks to sale 5% volume growth y-o-y estates in operation the new emergence of Obtained EEC privileges E-Commerce era Captured both tier III and for all industrial estates IV Data Center with 459 in Chonburi and Rayong Completed equity MW of Successful Asset equity racks Power plant of 521 MW Official launch of first Monetizations for both with additional 43 MW To international industrial WHART and HREIT be CODed within 2019 estate in Vietnam 7
Summary of 2018 Performance Key Achievements 2018 K E Y A C H I E V E M E N T S 2.3 MILLION sq.m. 5 105 MILLION M 3 OF LAND SALE FTTx in Industrial Estate 976 /1 RAIS UNDER OWNERSHIP & UTILITIES AND SALES COMMENCED OPERATION MANAGEMENT MANAGEMENT VOLUME INITIATIVE OF DATA CENTERS SECURED PRE-LEASED / NEW 4 ALL I.E.S IN CHONBURI AND CONTRACT AREA COMMENCED VALUE ADDED RAYONG ARE UNDER OPERATION WITH 259,853 PRODUCTS EEC PRIVILEGE sq.m. 459 Equity RACKS e.g. RO Technology and Demineralized Water SUCCESSFUL OFFICIAL LAUNCH OF THE FIRST ASSET MONETIZATIONS INTERNATIONAL I.E. IN POWER ACHIEVED COD WHART VIETNAM 521 Equity MW INTO BOTH HREIT WITH 3,110 DEVELOPED RAIS I N D U S T R I A L L O G I S T I C S U T I L I T I E S & P O W E R D I G I TA L P L AT F O R M D E V E L O P M E N T Remarks: /1 Including Vietnam Project of 43 rais but excludling Letter of Intent (LOI) in Thailand of 256 rais. 8
Summary of 2018 Performance Key Significant Events From Capital Market Activities 4 5-Star Corporate 3 Governance Obtaining 2 Massive Interest Cost Saving Successful Asset 1 Monetization to Received 5-star rating HREIT from Thai Institute of Successful Asset Directors (IOD) in Oct 2018 bond issuance up to Monetization to 2018 WHART THB 11.8 bn translating into Interest Cost Saving more than THB 430 mm WHAID monetized assets with total area of 71,047 m 2 to HREIT WHA monetized assets with with the total asset value of THB total area of 156,534 m 2 to 2,067 mm WHART with the total asset HREIT assigned “BBB+” rating value of THB 4,465 mm from TRIS in Oct 2018 WHART assigned “A” rating from TRIS in Jan 2018 9
Summary of 1Q2019 Performance 1Q2019 Financial Highlights Total Revenue Inclusive of Share of Profit Unit: THB mm Total Revenue Inclusive Share of Profit (Financial Statement) Total Revenue Inclusive Share of Profit (Normalized) (2%)* + 19% * (1) 12,410 (2) 11,836 (2) 11,638 (1) 11,622 (2) (1) 574 3,801 3,803 55 1,964 94 (2) 1,390 (1) 3,447 3,196 (3) (3) 323 321 2,558 2,542 251 672 421 10,446 10,446 3,480 3,480 9,080 9,080 2,775 2,775 (5) (4) (71) (92) 1Q2019 2017 2018 1Q2018 Total Revenue Share of Profit Share of Profit (Normalized) Impact from FX One-Off Item • In Q1’19, total revenue including share of profit increased by 10% Y-o-Y while, excluding impact from FX and one-off item which was impact from TFRS 15 accounting standard adoption, total revenue including share of profit (normalized basis) increased by 19% Y-o-Y, mainly attributable to the revenue recognition from deferred revenue from asset monetization to WHABT in 2015 as well as increasing in rental income and utilities income in Q1’19 Y-o-Y despite of the lower share of profit from power business due to planned major maintenance for Gheco-One operated only 51 days in Q1’19. Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement) (3) Include Share of Profit from JV’s Asset Monetization to WHART in 4Q’2018 : 10 Remark: (2) Representing Total Revenue Inclusive Share of Profit (Normalized) (4) Write-off tax payment related to BOI from Gheco-One : (5) Impact from TFRS 15 accounting standard
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