Opportunity Day 2018 Results 1 March 2019 Your Ultimate Solution - - PowerPoint PPT Presentation

Your Ultimate Solution Partner in Utilities & Power with Environmental Care

Opportunity Day 2018 Results

1 March 2019

2

Disclaimer

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 Utilities & Power Public Company Limited (“WHAUP” and shares WHAUP, “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.

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VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

4

VISION

“To be Asia's leader in Utilities and Power providing total solutions to partners with good corporate governance as well as environmentally and socially friendly operations”

MISSION

• To develop world class utilities and power solutions fitting customer's needs
• To vertically integrate solutions in utilities and power businesses and expand

market segment in Thailand and CLMV (Asia)

• To continuously develop Human Resources competencies
• To nurture an innovative culture in the organization
• To add value to communities and the environment with good corporate

governance and sustainable development strategies

Vision & Mission

• I. Company Profile

5

• #1 Logistics developers
• Built-to-Suit (BTSW):

World-class standard warehouses and factories

• Built-to-Suit (BTSF):

Premium quality factories for tenants with specific requirements

• Warehouse Farm:

Combination of Built-to- Suit and Ready-Built Projects at the same site

• Built-to-Own

(BTO):Warehouse or factory customized to client’s special needs then transfer the asset to the client

• Built-to-Suit Office:

Offices that are customized to customers’ specific requirements i.e. Multi-purpose offices

• I. Company Profile

WHAUP is the Flagship Company in Utilities and Power Business of WHA Group

• #1 Industrial Estate

Developer

• Existing 9 operating and 3

developing IEs in strategic cluster to serve key sectors in Thailand - total of 48,624 rais

• Net sellable area approx.

11,235 rais consisting of 7,475 rais of operating IE and 3,759 rais developing IE

• Ready-Built factory and

warehouse in IEs and logistic park

• Potential geographical

expansion in cross-border provinces and overseas investment

• Exclusive utilities provider

in the industrial estates with high margin products and steady growth

• Active power investor with

strategic partnership with reputable partners.

• 552 Operational Equity

MW* and growing to 570 Equity MW by 2019 from under construction and in pipeline.

• To be one-stop service

for Data Center developer and provider by way of business collaboration with reputable partners

• Be part of the

Government Initiative to promote digital economy

Remark * As of February 2019

6

Business Overview

• I. Company Profile

Utilities Business Power Business

Sole provider of utilities to manufacturers/ factories in leading industrial estates with a concrete plan to capture increasing demand from heavy users and expand outside i.e. other IEs, non-IE area and international Active power investor with strategic partnership with leading Thai and international power companies

HE SIE 3

Raw Water Industrial Water

• Process water
• Clarified water

Wastewater Treatment

100

Million M3

2017

105

Million M3

2018

Conventional Renewable Natural Gas

2017

2018

521

Installed Equity MW

486

Installed Equity MW

Reclaimed Water

7

VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

8

Utilities Business Overview

Supplier Water Production

IE’s Reservoir

WHAUP

Industrial Users

WHAUP

WHAUP secures 80% of raw water from EASTW for its industrial water production via IEs

2 3

 One of the largest industrial utilities providers in Thailand  Excellent track record in providing comprehensive utilities service  Exclusive right for all existing and future WHA ID’s Estates in Thailand and CLMV  Strong base of industrial users in various sectors and opportunity to capture non-industrial users

Raw Water Industrial Water

1

700 International and Thai Corporate Customers Currently supply via IEs of WHA ID

Royal Irrigation Department (“RID”)

2 1

Wastewater Management

3 Product/ Service Provided

• Supply and distributes raw water to

factories in the industrial estates.

• Main customers: Power Industry
• Produces and distributes process

and clarified water to supply industrial users in the industrial estates

• Main customers : Petrochemical

Industry

• Collect and provide wastewater

treatment services to factories in the industrial estates

• Main customers : Petrochemical,

Automotive, and Power Industry

• II. Utilities Business

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Assets Location

• II. Utilities Business

WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA ID’s Industrial Estates. Currently, WHAUP provides utilities services to 9 operating IEs plus 3 developing IEs in the future.

1 WHA Chonburi Industrial Estate 1 (WHA CIE 1) 2 WHA Chonburi Industrial Estate 2 (WHA CIE 2) 3 WHA Eastern Seaboard Industrial Estate 1 (WHA ESIE 1) 4 Easter Seaboard Industrial Estate (ESIE) 5 WHA Eastern Industrial Estate (Map Ta Phut) (WHA EIE) 6 WHA Saraburi Industrial Land (WHA SIL) 7 WHA Rayong Industrial Land (WHA RIL) 8 WHA Eastern Seaboard Industrial Estate 2 (WHA ESIE2) 9 WHA Eastern Seaboard Industrial Estate 4 (WHA ESIE4)

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Industry Overview – Water Demand

• II. Utilities Business

2,877 5,506 1,937 2,797 2,009 7,250 5,000 10,000 15,000 20,000 2017 2036F Industrial Service Municipal

million m3/year Ecosystem 5% Municipal 2% Industrial 2%

2017 2036F

Forecasted Demand for Water

131,440 million m3 144,062 million m3

Proportion of Water Demand

8%

North

9%

West

28%

South

19%

Central

11%

East

25%

Northeastern

• In 2014, Eastern part of Thailand total water

usage ranked 4th with water demand of nearly 10,000 million m3

• However, when comparing water demand to

total area, eastern part ranked 2nd after Southern part of Thailand

• Emphasizing on EEC area, proportion of water

demand from Industrial sector ranked 1st comparing to other part of Thailand

93%

Agricultural

5%

Industrial

2%

Household

6%

EEC

Municipal CAGR 7.0% Service CAGR 2.0% Industrial CAGR 4.0%

Service 1%

• Demand for water in Thailand for the next 20 years increases at the rate of

0.5% CAGR

• Agriculture sector reduce its proportion from 90% to 85% while municipal and

industrial proportion strongly grow to reach 5% and 4% respectively

Industrial Water Consumption

3 4 4 5 5 6 7 8 8 12 Wood Paper Outdoor Metal Textile Accessory Other Chemical Unmetal Food

• Food industry demand for water the most at 12 m3 per rai per day
• Industry that demand less water is wood industry with 3 m3 per rai per day

m3/Rai/Day

Agricultural 90% Ecosystem 4% Municipal 5% Industrial 4% Service 2% Agricultural 85%

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Opportunities in EEC

• II. Utilities Business

Forecasted Demand and Supply for Industrial Water 21 Promotional Zones Out Of 31 Industrial Estates In EEC Including 9 from WHA Group

8 Zones 1 Zones

8

Zones

• WHA ESIE1,4
• WHA EIE
• ESIE
• WHA CIE 1-2
• WHA ESIE 2-3
• Yamato
• Amata 1-2
• Pinthong 1-5
• TFD2
• WHA RY36
• Smart Park
• Amata City
• CP

12 Zones

Declared as EEC Industrial Promotional Zone for Targeted Industries

Area Declared 86,755 Rai Area to Accommodate New Investment 28,666 Rai Estimated investment THB 1.31 trillion

21

zones

EEC Industrial Promotional Zone Basic Package EEC Package Target Industries* 10 yrs 5 – 8 yrs 12 yrs Basic + 50% 5 yrs Other Industries 10 yrs 5 – 8 yrs 12 yrs Basic + 50% 3 yrs Other Estates in EEC 10 yrs 5 – 8 yrs 11 yrs Basic + 50% 3 yrs

315 476 561 427 529 604 704 781 100 200 300 400 500 600 700 800 900 1000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Water Volume (million m3)

Forecast Demand Forecast Supply

Source: Irrigation Water Management (Prachachat news 15/02/2018)

1 Raising the efficiency of 7 old reservoirs in EEC which will increase water storage level from 770 million m3 to 872 million m3 2 Establish the diversion channel from Klong Panthong to Bang Pra Reservoir diverted water for 75 million m3 3 Develop 4 new reservoirs around Klong Wang Ta Nod accounted for 100 million m3 4 Search for new reserve water which raise will add 77 million m3 to water supply

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Business Strategies

• II. Utilities Business

Industrial Estate Products (Raw Water, Industrial Water and Central Wastewater Treatment)

Current Positioning 5Y Aspiration

Developing Integrated Solutions to Industrial Users Municipal Water Supply CLMV Markets Domestic: Integrated solutions to industrial market, expansion to other market segments with world-class

• peration and services

International: Expand to strategic regional countries by leveraging on WHA Group brand, expertise and customer base Thailand’s leader in industrial water businesses provides 105 million m3 Industrial Estate products to customers in WHA Group in 2018.

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VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

14

Growing Portfolio

• III. Power Business

Continuing Growth from Projects Under Construction and Projects in Pipeline

Over 200 MW of solar opportunities

from over 2 million sqm logistics roof areas under WHA/WHA Management

570 MW 486 MW 521 MW 352 MW 2016 2017 2018 2019B

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Maturity < 20 Years, 27% Maturity ≥ 20 Years, 73%

Well-balanced and High Stability Portfolio

Portfolio Analysis

• III. Power Business

IPP 52% SPP 48%

By Type of Power Plant By Type of Sourcing

Coal 43% Gas 53% Hydro 4% By Type of Power Plant By Type of Sourcing VSPP 100% Solar 87% WTE 13%

Conventional Power: 547 Equity MW Secured Renewable Power: 22 Equity MW Secured

EGAT/ PEA/ MEA, 92% Industrial Users, 8%

Highly reliable off-taker (EGAT)

Client Profile

Maturity ≥ 20 Years, 100%

Long-maturity Portfolio

Additional Incoming Project in 2019 2018

Portfolio Summary Portfolio Analysis

Project Name Type JV Partner Location Installed Capacities (MW) WHAUP Portion Equity MW COD Operating Phase Gheco-I IPP Coal Glow Map Ta Phut IE 660 35.00% 231 Q3’12 Glow IPP IPP Gas Combined Cycle Glow WHA CIE 1 713 5.00% 36 Jan-03 Houay Ho Power IPP Hydro Glow Lao PDR 152 12.75% 19 Sep-99 GJP NLL SPP Gas Co-gen Gulf JP WHA RIL 123 25.01% 31 May-13 Gulf Solar VSPP Solar Gulf WHA LP 1, WHA CIE 1, WHA ESIE 1, ESIE 0.6 25.01% 0.2 Jun-14 – Jan-15 WHA Gunkul VSPP Solar Gunkul Bangna and Ayudthaya 3.3 74.99% 2.5 Apr – Jul-14 BGWHA-1 SPP Gas Co-gen B Grimm WHA CIE 1 130 25.01% 33 Nov-16 GVTP SPP Gas Co-gen Gulf MP ESIE 137 25.01% 34 May-17 GTS1 SPP Gas Co-gen Gulf MP ESIE 134 25.01% 34 Jul-17 GTS2 SPP Gas Co-gen Gulf MP ESIE 134 25.01% 34 Sep-17 GTS3 SPP Gas Co-gen Gulf MP WHA ESIE 1 130 25.01% 32 Nov-17 GTS4 SPP Gas Co-gen Gulf MP WHA ESIE 1 130 25.01% 32 Jan-18 GNLL2 SPP Gas Co-gen Gulf MP WHA RIL 127 25.01% 32 Jan-19 Solar Rooftop Projects Private PPA Solar 100% Owned IEs/ Logistic Center 1.8 100.0% 1.8 May’18-Feb’19 Total 2,576 552 Construction Phase Solar Rooftop Projects Private PPA Solar 100% Owned IEs/ Logistic Center 14.6 100.0% 14.6 Q1-Q3’19 CCE VSPP Waste-to-energy Glow& Suez WHA CIE 1 8.6 33.33% 2.9 Q4’19 Total 23 17

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Industry Overview

• III. Power Business
• The main fuel source of the power generation in Thailand is

natural gas which accounted for more than 60% however, the portion of power generation using natural gas are decreased in the past 3 years

• The decrease of power generation using natural gas has been

replaced by the use of renewable and import

• Thailand depends heavily on natural gas could lead to various

problems:

• The reserves and production of natural gas are depleting
• The state-owned oil & gas company imports gas from

Myanmar and plans to open a second terminal near Rayong to add 7.5m tons/year, totaling of 18m tons/year by 2022

• Power generating by renewable is increasing with CAGR of 20%

from 2007 to 2017 because of EPC cost of renewable plants are cheaper and government’s promotional measures on renewable fuel sources

147 148 148 165 164 179 181 186 192 200 201 101 50 100 150 200 250 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H18

Oil & Diesel Hydro Imported Renewable Coal Natural Gas

TWh

Key Challenges of Power Industry:

• Natural gas has become the dominant fuel for electricity

generation for decades because of low capital intensive and higher efficiency of gas-based power plant technology

• The overuse of natural gas has led to a declining supply which

causes Thailand to import LNG for power generation

• Policy uncertainty and discontinuity toward Solar PV
• Constraints related to the grid infrastructure is a hindrance for

renewable power producers to sell power back to grid

• Electricity shortage in Southern part of Thailand

Increasing Power Generation with CAGR of 3.2% during 2007-2017 with Natural Gas as the main fuel source Power Generation by Fuel Sources

1.5% 2.1% 19.9% 18.5%

• 5.2%
• 19.8%

CAGR

• Total country power generation in the first half of 2018 is

101,482 GWh with natural gas accounted for 57% and coal fired of 18% of total power generation.

Natural Gas 56.8% Coal 18.4% Renewable 8.8% Imported 12.1% Hydro 3.7% Oil & Diesel 0.1%

Proportion of Fuel Sources in 1H2018 ~101 TWh

Source: PDP 2015, DBS (Thailand power Outlook), Energy Transition in Thailand

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Business Strategies

• III. Power Business
• New projects in IEs : WHA ESIE 2 COD in Dec’18 and WHA ESIE4 SCOD

in Q2’2019

“Developer” in Power and Energy Businesses

• IPP : Glow IPP, Gheco-One , Houay Ho Hydropower in Lao PDR
• SPP : 8 SPPs in operation
• Solar Rooftop : 2.6 MW sale to grid & 1.8 MW private-sale.

Further opportunities from over 6 million sqm IE roof areas and 2 million sqm logistics roof areas

• WTE : 8.6 MW CCE Project SCOD in Q4’2019. Exploring municipal-waste-to-

energy opportunities

Natural Gas Distribution Energy Services

• Exploring opportunity in Energy Management Services such as Cogen

plant, Boiler, Chiller, Energy Storage for IE customers

Conventional Power Renewable Power

Other Targets

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VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

19

Utilities – Operating Performance

• IV. Operating Performance

Utilities Portfolio Growth – Sale & Management Volume Potential Demand from New Power Plants

Water Consumption 2017 2018 2019E 2020E 2021E

SPP COD 3,500 – 4,000 m3/day

GVTP (16 May 17) Gulf TS1 (8 Jul 17) Gulf TS2 (Sep 17) Gulf TS3 (Nov 17) Gulf TS4 (Jan 18) GNLL2 (Jan 19) TBA Block 1 Block 2 On Schedule CCE (Q4’19)

Waste to Energy 1,000 m3 / day IPP COD 40,000 m3 / day

31 32 34 43 49 53 13 17 17

34 35

31 32 34 82 100 105

20 40 60 80 100 120 2013 2014 2015 2016 2017 2018 Industrial Water Raw Water Wastewater

Million m3/ year

WWT +2% YoY RW +2% YoY IW +7% YoY

Petrochemical

+13,000 +3,000

20

5,021 396 34 5,503 417 38 Gheco-One HHPC Glow IPP

Power Business - IPP Group

• IV. Operating Performance

GWh

Energy Dispatch 86.4% 100.0% 95.6% 99.2% Gheco-One Glow IPP

% AF

Availability

2017 (A) 2018 (A) 2017 (A) 2018 (A)

21

Power Business - SPP Group

• IV. Operating Performance

830 498 412 280 127 856 828 864 863 850 810 874 890

GNLL GVTP GTS1 GTS2 GTS3 GTS4 BPWHA-1

Energy Dispatch

% AF

Availability

98.9% 95.6% 98.4% 99.6% 98.2% 95.2% 98.4% 97.9% 97.5% 97.8% 97.4% 98.0% 98.0% GNLL GVTP GTS1 GTS2 GTS3 GTS4 BPWHA-1 2017 (A) 2018 (A) 2017 (A) 2018 (A) GWh

22

Power Business - Solar Performance

• IV. Operating Performance

GWh

Energy Dispatch

2017 (A) 2018 (A)

0.89 1.19 1.19 1.35 0.85 1.14 1.14 1.28

WHA GunKul 1 WHA GunKul 3 WHA GunKul 6 WHA GunKul 17 Total Energy Dispatch for 2017 = 4.62 GWh 2018 = 4.41 GWh

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VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

24

• V. Performance Highlight

Financial Highlight 2018

Revenue from Sales and Services

1,708.3 4.6%

1) Higher Sales Volume mainly from full year

• peration after COD of 5 SPPs, existing

and new IEs customers 2) Gheco-One higher energy dispatch versus planed maintenance in 2017 3) Dividend income from Glow IPP of Baht 75.0 million in 2018 versus Baht 59.3 miliion in 2017 4) Lower Finance Cost from loan repayment in April’17 and issued debentures to refinance existing bank loan in Aug’17 and Jun’18 5) Lower administrative Expenses from accounting adjusted of doubtful debt in 1Q’18 Share of Profit and Dividend Income

2,122.4 6.4%

EBITDA

2,854.8 8.2%

Net Profit Attribute to Owners of the Parents

2,251.9 13.7%

Normalized Net Profit Attribute to Owners of the Parents

2,267.8 61.2%

Foreign Exchange Gain and One-Time Loss items totaling of Baht 15.9 million in 2018 VS Foreign Exchange Gain Baht 574.3 million in 2017

YoY 2018 Remark

25

VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

26

1,633.8 1,708.3 1,995.4 2,122.4

2017 2018 Revenue from Sales and Services Share of Profit and Dividend Income

Consolidated Financial Statement

• VI. Financial Information

Unit : THB mm

Revenue and Share of Profit and Dividend Income was recorded at Baht 3,830.7 million

3,629.1

+4.6%

3,830.7

+6.4%

27

1,155.2 1,252.6 262.9 268.9 152.1 158.3 63.5 28.6 2017 2018 Industrial Water Raw Water Wastewater Other Revenue

Utilities Performance

• VI. Financial Information

Revenue from Sales and Services from Utilities Business was recorded at Baht 1,708.3 million.

Units: THB mm

Remark /1 : Other Revenue is consist of excessive charge, management fee and revenue from WHA KM.3 Solar

/1

Revenue from Sales and Services

1,633.8

Gross Profit Margin 27.4% 29.5% 35.3% 33.1% 34.4% 25.8% 26.9% 27.9% 30.4% 33.3%

2014 2015 2016 2017 2018 Gross Profit Margin (%) Gross Profit Margin (%) (Exclude Other Utilities)

1,708.3

28 1,421.0 2,138.3 574.3

• 15.9

1,995.4 2,122.4

2017 2018 Normalized Share of Profit & Dividend Income Fx and One-Time Items Gain (Loss)

Power Performance

• VI. Financial Information

Share of Profit and Dividend Income total at Baht 2,122.4 million

Units: THB mm

29

1,406.6 2,267.8 574.3

• 15.9

1,980.9 2,251.9

53.5% 57.5% 44.9% 57.6%

• 100.0%
• 80.0%
• 60.0%
• 40.0%
• 20.0%

0.0% 20.0% 40.0% 60.0%

• 500.0

0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 2017 2018 2,064.9 2,870.7 574.3

• 15.9

2,639.2 2,854.8

71.2% 72.9% 66.0% 73.0%

• 200.0%
• 150.0%
• 100.0%
• 50.0%

0.0% 50.0% 100.0%

• 500.0

0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 4000.0 4500.0 2017 2018

Remark:

/1Consolidated EBITDA from Utilities Business and Power Business and Other Income. /2Net Profit Attribute to Owners of the Parent /3 Net Profit Margin is calculated by dividing the Net Profit Attribute to Owners of the Parent by revenue from Sale and Services and Share of Profit from Investments in Associates and Joint Ventures and Other Income

Consolidated Performance

• VI. Financial Information

Consolidated EBITDA/1 and EBITDA Margin

Unit : THB mm

Consolidated Net Profit/2 and Net Profit Margin/3

Unit : THB mm

Normalized EBITDA (THB mm) EBITDA Margin (%) FX and One-Time Item Gain (Loss) (THB mm) Normalized EBITDA Margin (%) Normalized Net Profit (THB mm) Net Profit Margin (%) Normalized Net Profit Margin (%) FX and One-Time Item Gain (Loss) (THB mm)

30

21,378 23,773 7,930 8,988 871 736 12,577 14,049 1 2 3 4 5 6 Total Assets Interest Bearing Debt Other Liabilities Total Equity

Capital Structure and leverage ratio

• VI. Financial Information

Note : * Weighted average equity or assets

9.9% 10.0% 2017 2018

Statement of Financial Position Debt Maturity Profile

2017 2018 0.70x 0.69x 2017 2018 D/E Ratio 0.58x 0.58x 2017 2018 Net IBD/E Ratio 19.8% 16.9% 2017 2018 ROE* ROA*

Financial Ratio

Unit : THB mm Unit : THB mm Note : * Weighted average equity or asset

23,773

4,000 2,390 1,290 1,320

2018 2019 2020 2021 2022 2023 2024 2025

Bond

21,378

31

VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

32

2019 Plan: Utilities Business

• VII. Outlook 2019B

Partner with Industrial Estate Developers to provide Utility Solution

Market Expansion

New WHA IEs Non-WHA IEs

2019B

Target Sales & Managed Volume

Product Innovation

Wastewater Reclamation, RO Water, Demineralized Water, Smart Water Solution, Wastewater Pretreatment

Capture Vietnam Opportunity

Raw Water, Industrial Water, Municipal Water, Wastewater

2018A

Leverage IE customer base to offer innovative products Sourcing potential M&A

• pportunities in CLMV,

especially Vietnam

105

Million M3

120

Million M3

Key Deliverables

Non-IE Products

10

million m3

RECLAMATION

3,650,000 m3/yr

Capacity

Located in WHA EIE

DEMINERALIZED WATER

2,190,000 m3/yr

Capacity

To serve for a Well-know Power Plant

+3

Growing water sales volume with new up- coming WHA IEs

Smart Water Solution Integrating IoT on water meter (First phase in WHA EIE) Target STRATEGIC LOCATIONS with growing populations, industrial users and abundant water resources

33

2019 Plan: Power Business

• VII. Outlook 2019B

2019B

Power Portfolio Growth

Renewable Energy in Focus

570

Installed Equity MW

Innovative Energy Solution

Smart Grid, Energy Storage System, Captive Gas Power Plant, Floating Solar

2018A

521

Installed Equity MW

Energy Storage Smart grid Controller Utility Grid Industrial Users Conventional Generation Renewable Generation

+49

Equity Megawatt

Leverage on WHA customers’ roofs to create track record and project references for business expansion to non-WHA Roofs Study and prepare for future of electricity trend (EV, ESS) to make

• ptimal investment

Key Deliverables

Waste-to-Energy Project COD in Q4’2019 32 Equity MW from GNLL2 COD in Jan 2019

Capture Vietnam Opportunity

Solar

Explore potential Solar power projects in Vietnam

34

2019 Plan: Power Business

• VII. Outlook 2019B

Natural Gas Distribution Projects

Enhance Products Offering to Provide Total Solution Energy Services

Leverage on Industrial Estates’ Customers Base Focus on Industrial Sales Strong Partnership with Leading International Energy Players

WHANGD 2 Status : Operating WHANGD 4 Under Construction (Expected COD Q2’19) WHANGD 3

• Upcoming -

1 2 3

PARTNERSHIP & COLLABORATIONS

35

VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

36

Shareholders and Management Structure

Appendix

Shareholding Structure Board of Directors

• Mr. David Richard Nardone

Director

• Ms. Jareeporn Jarukornsakul

Chairman of Board of Directors

• Mr. Vivat Jiratikarnsakul

Director

• Mr. Wisate Chungwatana

Director and Chief Executive Officer

• Mr. Surathian Chakthranont

Director

• Mr. Weidt Nuchjalearn

Independent Director and Chairman of Audit Committee

• Mr. Ekajai Tivutanond

Independent Director and Audit Committee

• Mrs. Punnee Worawuthichongsathit

Independent Director and Audit Committee

Remark /1 WHA Group covers WHA Industrial Development Plc, WHA Ventures Holding, WHA Industrial Development International (SG) Pte. Ltd., Mr. Somyos Anantaprayoon , Miss Jareeporn Jarukornsakul Note: Shareholding Structure and Top 10 Shareholders are reference from WHAUP’s registered list

• f shareholders on latest closing date of 31 December 2018

Top 10 Shareholders

• No. of shares

% WHA Industrial Development Plc 2,633,999,970 68.9% Bangkok Life Assurance PCL 72,581,665 1.9% WHA Ventures Holding Co., Ltd. 71,235,900 1.9% Thai NVDR Co.,Ltd 63,174,998 1.5%

• Mr. Somyos Anantaprayoon

50,240,625 1.3% WHA Industrial Development International (SG) Pte. Ltd 46,999,800 1.1% Miss Jareeporn Jarukornsakul 43,500,010 0.9% K Value 16,749,500 0.6% Muang Thai Life Assurance PCL 16,117,900 0.4% SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 15,499,200 0.4% Others 794,900,432 21.0% Total 3,825,000,000 100%

WHA Group, 74% Domestic Institutions, 10% Foreign Institutions, 1% Retail, 15%