Presentation to Investors & Analysts First Quarter 2019 1 - - PowerPoint PPT Presentation

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Presentation to Investors & Analysts

First Quarter 2019

Disclaimer

• From time to time, Transnational Corporation of Nigeria Plc (“Transcorp”) and its subsidiaries (“the Group”) make written and/or oral forward-

looking statements, including in this presentation and in other communications. In addition, representatives of the Group may make forward- looking statements orally to analysts, investors, the media and others. All such statements are intended to be forward looking statements. Forward looking statements include, but are not limited to, statements regarding the Group’s objectives and priorities for 2019, and beyond and strategies to achieve them, and the Group’s anticipated financial performance. Forward looking statements are typically identified by words such as “will”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “may” and “could”.

• By their very nature, these statements require the Group to make assumptions and are subject to inherent risks and uncertainties, general and
• specific. Especially in light of the uncertainty related to the financial, economic and regulatory environments, such risks and uncertainties –

many of which are beyond the Group’s control and the effects of which are difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause such differences include: exchange rate, market exchange, and interest rate, operational, reputational, insurance, strategic, regulatory, legal, environmental, and other risks. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward looking statements, when making decisions with respect to the Group and we caution readers not to place undue reliance on the Group’s forward looking statements.

• Any forward looking statements contained in this presentation represent the views of management only as of the date hereof and are

presented for the purpose of assisting the Group’s investors and analysts in understanding the Group’s financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for

• ther purposes. The Group does not undertake to update any forward-looking statements, whether written or oral, that may be made from

time to time by or on its behalf, except as required under applicable securities legislation.

• The information used in this presentation is obtained from several sources the Group believes are reliable. Whilst Transcorp has taken all

reasonable care to ensure the accuracy of the information herein, neither Transcorp nor its subsidiaries/affiliates makes representation or warranty, express or implied, as to the accuracy and correctness of the information. Thus, users are hereby advised to exercise caution in attempting to rely on these information and carry out further research before reaching conclusions regarding their investment decisions.

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www.transcorpnigeria.com

OVERVIEW OPERATING ENVIRONMENT GROUP FINANCIAL OVERVIEW SEGMENT REVIEW OUTLOOK QUESTIONS

4 9 12 16 37 40

OVERVIEW

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Our Proposition

Sound Corporate Governance Strong Service Delivery Growth Capacity Capital Appreciation

Through ownership of choice assets and Provision

• f extra-ordinary service, THP is redefining

hospitality standards in the continent while remaining truly and authentically African.

OPL281

We are on a mission to ramp up domestic upstream capacity With sight set on Powering Nigeria Today, Tomorrow and in the Future, TPL remains a leader in Nigerian Power Sector

www.transcorpnigeria.com

Long-term Shareholder Returns Socio-economic Impact STRATEGIC BUSINESSES OUR ADVANTAGE

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With an Aggressive

Growth Agenda

290,000

Shareholders with commanding presence in the Power, Energy & Hospitality sectors. Listed Company with approximately

Improving Lives, Transforming Nigeria

With a Purpose

• f

Deeply rooted values are the 3Es of

Execution, Enterprise and Excellence

Diversified conglomerate

www.transcorpnigeria.com

About Transcorp

7

83% Ownership 50% Ownership 100% Ownership

• c.972MW installed capacity gas fired

power plant

• Present available capacity of 596MW

to increase rapidly

• Medium term capacity target of

2500MW

• Nigeria’s foremost hotel and the

leading business hotel in Africa- 670 rooms, 5 hotel

• Transcorp

Hotels Calabar – 132 room, 3 hotel

• Owner/operator of OPL 281 oil block
• Estimated Oil Reserve – 189.73mn
• Gas – 377.48Bn Std Cubic Feet
• Exploration commences in 2019/2020

www.transcorpnigeria.com

Transcorp is committed to creating value and making socio- economic impact

The Group at a Glance …

OPL281

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PHASE THREE 2019 - 2024 PHASE TWO 2012 - 2018 PHASE ONE 2004 - 2011

▪ Transcorp was incorporated in 2004 ▪ Acquisition of Transcorp Hilton Abuja in 2005 ▪ Listed on the Nigerian Stock Exchange in 2006 ▪ Acquisition of Transcorp Hotels Calabar in 2010 ▪ Heirs Holdings becomes core investor in 2011 ▪ Transcorp Ughelli Power emerges preferred bidder for Ughelli Power Plc (UPP) in 2012. ▪ Successful takeover of UPP in 2013 ▪ Execution of management agreement with Hilton for Transcorp Hilton Ikoyi in 2013 ▪ Execution of Production Sharing Contract on OPL 281 in 2014 ▪ Management Agreement for Hilton Port Harcourt executed in 2014 ▪ Transcorp Hotels IPO in 2014 ▪ Awarded the Most Compliant Firm in Nigeria by the NSE in 2014 ▪ Transcorp Hotels N20bn bond issuance in 2015 ▪ Merger of TUPL and UPP as Transcorp Power Ltd in 2015 ▪ Commenced full Upgrade Project for Transcorp Hilton Abuja in 2016 ▪ Transcorp Power commissioned GT 15 a 115MW Gas Turbine in 2017 ▪ Decision to divest from Teragro Fruit juice concentrate plant in 2017 ▪ Closed the year 2018 with highest profits in two Group companies ▪ Conclusion of additional land acquisition for Transcorp Hilton Ikoyi ▪ Surpassed BPE-set minimum performance target for power generation. TPL: ▪ To expand customer base with Africa as part of the target. ▪ To deepen

• ur

play in existing businesses ▪ To expand Available Capacity to 2500MW THP: ▪ Leveraging on technology to deepen

• ur

presence in existing areas. ▪ Addition

• f
• ther

service lines, e.g. spa ▪ Secure final approval & complete construction

• f

Transcorp Hilton Ikoyi OPL 281: ▪ To commence production of

• il and gas

2 1 3

Our Journey

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OPERATING ENVIRONMENT

Nigeria has regained its position as the largest economy in Africa

_ _ _ _ _ __

201 million population 53% Working Population (15-64 years) $1859.7 Low GDP Per Capita Income 3780 MW Average electricity generated $355 billion 2018 GDP N278 billion 2018 Total Revenue from International travelers 16.9% Unemployment rate

Source: Oxford Economics

Large and growing market & workforce

85% (2018) Mobile penetration rate

201m*

Population

7th

Largest country in the world by population

53%

Working population

Investment gateway to West Africa

c.60%

Of the West African market

No.1

GDP in Africa

50%

Of ECOWAS manufacturing capacity GDP (2018 US$ billions)

35 59 76 79 102 349 355 Cameroon Ghana Ethiopia Kenya Angola South Africa Nigeria

Nigeria concluded its election in Q1 2019

1.8mn bpd Average Oil production in 2018

Source: 1NBS/UN; 2OPEC; 3BudgIT; 4NPC; 5World Bank; 6BMI; Ernst & Young

Key Indicators

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Inflation rate has been decreasing; 11.25% by the end of Q1 2019

• Further devaluation of

the naira will increase the burden of debt servicing for companies.

• Decline in inflation

rate may cause interest rates to drop which in turn reduces the cost of capital within the local market.

• Increase in foreign

reserves and favorable balance of payment position will strengthen the Naira and boost investor confidence in Nigeria

Implication

Key Macroeconomic Indicators

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GROUP FINANCIAL REVIEW

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Group Result Snapshot

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Income Statement

N’Million Q1 ’19 Q1 ’18 Change Revenue 18,306 26,302 (31.0%) Gross Profit 8,142 11,979 (32.0%) Administrative Expenses (3,079) (3,573) 14.0% Profit Before Taxation 2,553 5,935 (57.0%) Profit After Taxation 2,092 5,410 (61.0%)

Statement of Financial Position

N’Million Q1 ’19 FY ’18 Change Total Assets 304,441 297,140 2.0% Total Liabilities 196,996 191,787 3.0% Shareholders’ Fund 107,445 105,353 2.0% Cash and Cash Equivalent 4,664 3,628 29.0% Retained Earnings 40,327 39,683 2.0%

COMMENTARY:

➢ The group’s revenue declined by 31% on the back of the challenges faced by Transcorp Power Limited which reduced revenue from power generation by 37%. ➢ With sight-set on operational efficiency, the group was able to keep its Admin Expenses low as we sought out cost-effective ways to run our operations. ➢ Total Assets ramped up by 2% YTD, and this was largely driven by increase in PPE. ➢ As a Group committed to giving superior returns to shareholders, our Shareholders’ Fund increased by 2% YTD.

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Group Revenue Breakdown

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• The group through its Hospitality segment continues to post impressive figures as revenue from Rooms and Foods & Beverages

increased by 4% and 18% year-on-year respectively.

• Revenue from Capacity Charge and Energy sent out attributable to the Power segment of the group both slipped by 37% year-on-

year as there was severe shortage of gas supply.

• Revenue from other sources increased by 17% year-on-year.

Mar ‘19 Mar ‘18

Revenue By Types

Energy sent Out Capacity Charge Rooms Food and Beverages Others

Revenue By Types

Energy sent Out Capacity Charge Rooms Food and Beverages Others

9.12Bn 4.96Bn 2.57Bn 0.42Bn 14.52Bn 2.46Bn 7.92Bn 0.36Bn

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Balance Sheet Analysis

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Mar '19 Dec '18

42% 36% 51% 58% 6% 6%

Liability Mix

Trade and other payables Borrowings (Short and Long term) Other Liabilities

COMMENTARY:

➢ Property, Plants and Equipment increased marginally by 0.28% due to the capitalized work-in-progress from the various construction projects ongoing as at the balance sheet date. ➢ Trade receivables increased proportionally to total asset in Q1 2019 as a result of the receivables from NBET for power sale. ➢ Short and Long term borrowings by the group reduced proportionally in Q1 2019 following the repayment of some tranches of the debt.

Mar '19 Dec '18 51% 52% 29% 28% 2% 1% 18% 19%

Asset Mix

Property, Plant and Equipment Trade and other receivables Cash and cash equivalents Others Assets

155.0Bn 154.6Bn 83.6Bn 89.2Bn 55.3Bn 55.6Bn 3.6Bn 4.7Bn 68.7Bn 83.6Bn 111.6Bn 12.0Bn 101.4Bn 11.5Bn

SEGMENT REVIEW: HOSPITALITY

Hospitality - One of the fastest growing sector globally

Recreation Food & Beverage Lodging Travel & Tourism

• The hospitality sector is one of the fastest-growing sectors in the world. The sector has

continued to thrive largely due to travel and tourism activities, which keep hospitality afloat, despite the tough economic times that have threatened other sectors.

• While the global hospitality industry has largely been dominated by a few key cities or

destinations considered most desirable for global travel (e.g., New York, Paris and London), global travelers have started to head to new destinations. This has led investors to identify numerous opportunities in secondary markets, reflecting a broader search for higher-yield investments.

$86bn

Global revenue

$7.6tr

Global revenue

$570bn

Global revenue

$70bn

Global revenue

Global hospitality Industry Figures $570bn*

Hotel Industry Market size

2018

1.32bn 10.4%

Travel & Tourism GDP Contribution International tourist arrivals

Source: Statista, UNWTO,WTTC * Data is at 2017

Segment Review-Hospitality

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Rising middle class population and demographic changes, among key factors

Rising middle class

According to the WTTC, there will be 2+ billion new middle- class consumers within the next 20 years... translating into more travelers visiting more hotels around the world.

1

Millennials

Millennials are poised to take the hospitality industry by storm as self-assured,

• ptimistic, globally

connected and curious travelers

2

Aging population

Baby Boomers are spending more disposable income, time and focus on travel activity and experiences

3

Global connectivity

Digital technology is bringing places and experiences closer to people than before

Social media influence

The prolific use of social media apps and the rise of social influencers have engendered new behaviours amongst millennials

5 4

Buying power Demographics Technology

Segment Review-Hospitality

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The Nigerian hospitality sector 57%

Average occupancy rate

$137.6

Average daily rate

1.8 million

Number of international visitors

4.8%

Hospitality & Tourism Contribution to GDP 21.5% 2.3%

$78.42

Revenue per available room

58

Chain of branded hotels

Segment Review-Hospitality

*Source: Jumia Travel - Hospitality Report Nigeria 2018

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Factors affecting our hospitality business

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Growth Prospect in the Hospitality Segment

▪ Hospitality and Tourism continues to contribute positively to the GDP as the sector is expected to contribute 4.3% to GDP year-on-year between 2018-2028. ▪ The Availability of more rooms for use continues to improve our top line. ▪ Additional revenue increase from the repricing of upgraded rooms. ▪ Strategic positioning of the hotel as a “STAYCATION” destination and not just a business outlet.

Technology and Digital Trend

▪ We are leveraging on technology to better deliver a unique customer experience. We are championing with our “ICE app”- Guests get to interact and access needed information, thereby helping them personalize their experience and expand customer base.

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Segment Review-Hospitality

www.transcorpnigeria.com

N’Million Mar ’19 Mar ’18 Change Revenue 4,187 3,816 10% Gross Profit 3,102 2,793 11%

• Admin. Expenses (2,072) (1,968) 5%

Profit Before Taxation 458 874 (52%) PBT Margin 11% 23% (120Bps) Gross Profit Margin 74% 73% 100Bps

COMMENTARY:

▪ Revenue from the hospitality business increased by 10% YoY as a result of the availability of more rooms. ▪ Transcorp Hotels Plc adopted several cost-saving strategies in Q1 2019 resulting in an increase in gross profit by 11% YoY. ▪ The Gross Profit Margin inched up from 73% to 74% in Q1 2019 thus showing that the company was able to efficiently keep cost down whilst increasing the top line. ▪ The PBT margin for the period fell to 11% from 23% due to the expensing of borrowing cost, which has previously been capitalized.

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Segment Review- Hospitality

www.transcorpnigeria.com

23% 11%

Mar '18 Mar '19

PBT Margin

73% 74% Mar '18 Mar '19

Gross Profit Margin

COMMENTARY

❖ Revenue also ramped up by c.10% as a result of the availability of more rooms for use. ❖ The Gross Profit Margin inched up from 73% to 74% in Q1 2019 thus showing that the company was able to efficiently keep cost down whilst increasing the top line. ❖ Our hospitality business started expensing its borrowing cost during the quarter under review, accounting thus for a lower Profit Before Tax compared to Q1 2018. 3,816 4,187

Mar '18 Mar '19

Revenue (N' Million) 10%

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Segment Review – Hospitality

www.transcorpnigeria.com

62% 69% 62% 51% 48% 52% Jan '19 Feb '19 Mar '19

Average Occupancy Rate

Transcorp Hotel Industry 39,400 42,821 43,622 31,066 28,685 32,946 Jan '19 Feb '19 Mar '19

Average RevPar (NGN)

Transcorp Hotel Industry 72,928 67,819 75,649 60,438 60,294 62,766 Jan '19 Feb '19 Mar '19

Average Daily Rate (NGN)*

Transcorp Hotel Industry

*Source: STR Global (For Industry Figures)

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SEGMENT REVIEW: POWER

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Power - The sector is facing significant challenges globally

➢ Revenues have been under pressure from the rise in renewables; in 2016, clean energy accounted for almost two-thirds of net new power capacity around the world.

Increasing costs due to:

• Replacing, maintaining and upgrading energy and

water infrastructure

• Rising environmental compliance costs
• Investment in innovative products and services
• Rising cybersecurity and data privacy costs

Change in consumption pattern and industry dynamics due to:

• Maturing of renewable energy technologies,
• Proliferation of distributed energy
• Falling cost of battery storage
• More empowered consumer behavior are shifting how we

produce, use, value and trade electricity.

Revenues Costs

Segment Review – Power

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The Nigerian power sector is in a very poor state

55.6%

Population that has access to electricity

1.4/7.0

WEF’s scoring in terms of quality of electricity supply

Ranked 136th

• ut of 137

countries in terms of Quality of electricity supply

0.14kWh Per

Capita 84.8million Nigerians do not have access to electric power A far cry from other African oil producing States’ scores. Egypt has a score of 5.0 while Algeria has a score of 4.2

► Its sub-Saharan Africa counterpart, South Africa

was ranked 97th

► India, its peer in the Emerging Market category,

was ranked 80th

… lags peers’ as South Africa has 4.14kWh per capita, Indonesia has 0.82kWh per capita and Kenya has 0.17kWh per capita

Source: WEF – World Economic Forum: The Global Competitive Report; Ernst & Young

Segment Review – Power

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Presently, 14,134MW of Nigeria’s power requirement is met through self generation

Source:1BMI, part of the Fitch Group; 2NIPC

Electricity consumption per capita (Nigeria vs. peer countries) On-grid power … Other sources …

• c. 20,000MW

Estimated power demand in Nigeria Sources of power

➢With an electrification rate of 45%1, Nigeria is largely reliant

• n self generation. An estimated 41% of Nigerian businesses

generate their own power to augment the limited grid supply.

➢At N78/kwh Nigerians overpay significantly for each unit of

• ff-grid power consumption, which is 2X higher than the Grid

at 32/kwh and +3X higher than the next most expensive African country, Zambia

➢Investments in energy is a key pillar in driving growth under

Nigeria's ERGP and development projects recommended will increase demand on Nigeria’s energy supply.

*Installed capacity of 28 operating power plants

Loss Supplied capacity Total installed capacity

• 2,000.0

4,000.0

• 100,000

200,000 300,000 South Africa Egypt Ghana Kenya Nigeria KwH ‘000 Population Consumption per capita

Segment Review – Power

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Factors affecting our power business

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There has been inadequate supply of gas to TPL since late last year;

• The NGC closed the gas shutoff valve to TPL as a result of

persisting low gas line pressure.

• Gas offtake to TPL was restricted as a result of insufficient gas from

NGC.

• The current gas supply volume has reduced more than 50%.

GAS SUPPLY

• There were several instructions from NCC requesting TPL to reduce

generation due to load rejection by the Discos.

• In March 2019, TCN lost the 330KV line G3B due to vandalism,

which greatly limited TPL’s ability to evacuate power generated

• A total of 6 grid collapses were recorded from Jan 2019 to date.

This further reduced power transmission to the grid.

TRANSMISSION

• The Payment Assurance Plan (PAP) window continues.
• TPL was paid up to 80% of its invoice as guaranteed under the

scheme in Q1 2019.

NBET N701 BN PAP

▪ We expect the situation with the gas supply to improve going forward based on the activation

• f the reviewed Gas Supply & Aggregation

Agreement and

• ptimization
• f

the

• pportunities

therein. Also, we would be exploring additional affordable gas supply sources. ▪ We are looking to explore

• pportunities

created by the Eligible Customer regime initiated by the Federal Government, this would allow us to sell power directly to certain end users who meet the criteria set out in the governing regulation. By so doing, we can put to good use, the stranded capacities. ▪ With regards to our outstanding receivables from NBET, our focus is to fast track payment going forward. Also, there is an

• ngoing

discussion on modalities for the repayment of legacy debt.

Way Forward

• Improved

access to Forex as means for debt service and rehabilitation of turbines.

• Gains from Forex for financing activities increased by 198% year-
• n-year due to the relative stability in the exchange rate.

STABLE FOREX

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Segment Review-Power

www.transcorpnigeria.com

N’Million Mar ’19 Mar ’18 Change Revenue 14,120 22,486 (37%) Gross Profit 5,040 9,187 (45%)

• Admin. Expenses 748 1,140 (36%)

Profit Before Taxation 2,867 6,113 (53%)

COMMENTARY: ▪ Revenue from Transcorp Power Limited fell 37% YoY as a result of the reduction in gas supply as earlier identified.

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Segment Review – Power

www.transcorpnigeria.com

27% 20% Mar '18 Mar '19

PBT Margin

41% 36% Mar '18 Mar '19

Gross Profit Margin

22,486 14,120 Mar '18 Mar '19

Revenue (N' Million)

COMMENTARY ❖ As addressed earlier, issues around reduction in gas supply affected power generation thereby causing reduction in Revenue.

37%

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Segment Review – Power

www.transcorpnigeria.com

650 652 644 579 587 514 531 469 433 304 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19

Available Capacity (Mwh) Vs Generated Capacity (Mwh)

Available Capacity (Mwh) Generated Capacity (Mwh) *Rebased

Reduction in capacity Utilization, mirroring the reduction in Gas availability 78% 80% 80% 81% 82% 81% 79% 78% 62% 69% 80% 75% 52% 49% 54%

0% 50% 100% 0.5 1 1.5 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19

Monthly Capacity Utilization Vs Gas Consumed

Gas Consumed, mmScF* Monthly Capacity Utilization

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Segment Review – Power

POSITION AS NIGERIA’S TOP GENCO (MWh)

444 371 350 322 291 290 251 229 137 105

100 200 300 400 500

January

382 341 321 303 281 263 248 217 177 161 50 100 150 200 250 300 350 400 450

February

459 385 328 307 292 288 269 254 204 195 100 200 300 400 500

March

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SEGMENT REVIEW: OIL & GAS

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Key Energy indicators in Nigeria

XXX

XXX

$68.6

Average brent crude

• il price for the

month of April 2019.

10.7%

Industry Contribution to Nigeria GDP

>$26bn

Total industry Revenue

$30bn

Estimated total lost income from gas flaring between 2006

• 2015

40-50

Marginal undeveloped fields are available for bid after the election

686mn

1.8mn bpd

Average production for the year 2018.

5,500bcm

Proved Crude Oil reserve in Nigeria m

Key insights 1 2 3 4 5

Global crude oil prices is increasing due to ongoing OPEC supply cuts and US Sanctions on Iran and Venezuela Nigeria’s average daily crude oil production is lower than the 2.3m bpd OPEC benchmark. Price ceilings imposed by the federal government for the downstream sector has hampered economics of trade The renewable energy industry is expected to grow 13% till 2021. Global LNG export capacity is rising. The current top seven exporters of LNG in the world are Qatar, Australia, Malaysia, Nigeria, Indonesia, Algeria and Russia. Total barrels of Crude Oil Exported in the year 2018

Segment Review – Oil & Gas

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The oil and gas industry in Nigeria continues to face a number of challenges. . .

The occasional agitations by indigenes in the Niger Delta due to environmental and political reasons has remained a challenge for the oil and gas industry. However, recent times have seen a relatively peaceful atmosphere. The continued uncertainty surrounding the Petroleum Industry Bill (PIB) has also slowed the exploration and production scene in Nigeria. The long-promised sector reform has been repeatedly delayed, creating uncertainty among investors with respect to the future legal and fiscal environment.

Key industry challenges

Fluctuation in global oil prices in 2016 had its toll

• n

the external reserve

• f

the country and also dampen investors interest in the upstream sub sector The price ceiling placed by the government in the downstream sub sector has hampered the economics of trade as prices are not determined by market forces. Lack

• f

infrastructure in form

• f

transportation and distribution network for natural gas remains a huge challenge to the development of the domestic gas value chain.

Segment Review – Oil & Gas

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Reservoir OIL GAS MMSTB BSCF Proven 174.64 346.74 Prospects 15.09 30.74 Total 189.73 377.48

• Million Stock Tank Barrels (MMSTB),

* Billion Standard Cubic Feet (BSCF)

OPL 281 – Hydrocarbons in Place

*National Petroleum Investment Management Services

• Exploration

is expected to commence in 2019/2020.

• We see a strategic fit between the

gas-rich OPL 281 Asset and our Power Asset.

Segment Review – Oil & Gas

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OUTLOOK

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Q2 2019 Outlook

Hospitality Power Business

ADR (N) 72,023 85,084 Occupancy(%) 64 75 Rev Par (N) 46,388 63,818 Average (MW) Available Capacity 587 590 Average (MW) Generated Capacity 304 350 Q1 2019 Actual Q2 2019 Target

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Key facts about Afam Genco

www.transcorpnigeria.com

Facility Gas turbine model Current Available Capacity (MW) Available Capacity after Recovery/ completion (MW) Status AFAM IV GT 13 BBC Type 13D 75 Not in Service GT 14 BBC Type 13D 75 Not in Service GT 15 BBC Type 13D 75 Not in Service GT 16 BBC Type 13D 75 Not in Service GT 17 BBC Type 13D 45 75 In Service GT 18 BBC Type 13D 65 75 In Service AFAM V GT 19 Siemens V 94.2 138 Not in Service GT 20 Siemens V 94.2 138 Not in Service AFAM III Fast Power 8 X 30MW GE TM-2500 gas turbines 240 (Ready but not yet hooked up) 240 Ready but not yet hooked up Total 350 966

QUESTIONS

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Contact:

Mutiu Bakare mutiu.bakare@transcorpnigeria.com Adekunle Elumaro adekunle.elumaro@transcorphotelsplc.com Ejike Alumona ejike.alumona@transcorppower.com

Thank You