Ratchaburi Electricity Generating Holding PCL. Ratchaburi - - PowerPoint PPT Presentation

Ratchaburi Electricity Generating Holding PCL. Ratchaburi Electricity Generating Holding PCL. Ratchaburi Electricity Generating Holding PCL. Ratchaburi Electricity Generating Holding PCL. “Analyst Meeting Analyst Meeting” “Analyst Meeting Analyst Meeting”

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14 14th

th May

May 2007 2007

The information contained in our presentation is intended solely The information contained in our presentation is intended solely The information contained in our presentation is intended solely The information contained in our presentation is intended solely for your personal reference only. In addition, such information for your personal reference only. In addition, such information contains projections and forward contains projections and forward-looking statements that reflect looking statements that reflect contains projections and forward contains projections and forward-looking statements that reflect looking statements that reflect the Company's current views with respect to future events and the Company's current views with respect to future events and financial performance. These views are based on assumptions financial performance. These views are based on assumptions subject to various risks. No assurance is given that future events subject to various risks. No assurance is given that future events subject to various risks. No assurance is given that future events subject to various risks. No assurance is given that future events will occur, that projections will be achieved, or that the will occur, that projections will be achieved, or that the Company Company’s assumptions are correct. Actual results may differ s assumptions are correct. Actual results may differ Company Company’s assumptions are correct. Actual results may differ s assumptions are correct. Actual results may differ materially from those projected. Investors are, however, required materially from those projected. Investors are, however, required to use their own discretion regarding, the use of information to use their own discretion regarding, the use of information to use their own discretion regarding, the use of information to use their own discretion regarding, the use of information contained in this presentation for any purpose. contained in this presentation for any purpose.

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Monthly Peak & Energy Generation Monthly Peak & Energy Generation Monthly Peak & Energy Generation Monthly Peak & Energy Generation Company Structure Company Structure Company Structure Company Structure Operating Performance Operating Performance Operating Performance Operating Performance Generation Information Generation Information Development Projects Development Projects

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Monthly Peak & Energy Generation Monthly Peak & Energy Generation Monthly Peak & Energy Generation Monthly Peak & Energy Generation

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Monthly Peak Generation Monthly Peak Generation

• In 2006, the highest peak generation was 21,064.00 MW

Year Peak Generation MW. Increase MW. MW. 2007 22,586 1,522 7.23%

• n May, 2.6% increase yoy.

In 2007, the highest peak generation was 22,586.00 MW

2007 22,586 1,522 7.23% 2006 21,064 527 2.57% 2005 20,537 1,212 6.27% 2004 19,325 1,204 6.64%

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• n April 7.2% decrease yoy.

Source: EGAT

2003 18,121 1,440 8.63% 2002 16,681 554 3.44%

Monthly Energy Generation Monthly Energy Generation

• In 2006, average monthly energy generation

Year Energy Generation GWh. Increase GWh. % 2007 70,416 3,243 4.80%

growth was 4.7% In 2007, average monthly energy generation

2007 70,416 3,243 4.80% 2006 141,947 7,120 5.28% 2005 134,827 7,370 5.78% 2004 127,457 9,079 7.67%

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growth was 4.9%

Source: EGAT

2003 118,378 7,078 6.36% 2002 111,300 7,431 7.15%

Total Installed Capacity : Total Installed Capacity :

Classified by Producers Classified by Producers Classified by Producers Classified by Producers

• Total Installed 28,625.70 MW.
• Total Installed 28,625.70 MW.
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Source: EGAT, March 2007

Company Structure Company Structure Company Structure Company Structure

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Company Structure Company Structure

Ratchaburi Electricity Generating Holding PCL. Ratchaburi Electricity Generating Holding PCL. 99.99 % 49.99 % 99.99 % 25 % 99.99 % 99.99 % Chubu Ratchaburi Electric 50 % 99.99 % Ratchaburi Energy Company Limited 15 % Services Company Limited SouthEast Asia Energy Limited Ratchaburi Electricity Generating Company Limited 100 % Siam Ethanol Exports 15 % Tri Energy Company Limited Ratchaburi Alliances Company Limited Nam Ngum 2 Power Company Limited 25 % Siam Ethanol Exports Company Limited Company Limited 9 Ratchaburi Power Company Limited

Shareholders Structure Shareholders Structure

Top 10 major shareholders as at April 2,2007 Top 10 major shareholders

1. EGAT 45.00% 2. BANPU Group 14.99% 3. Social Securities Office 4.91%

EGAT

General Public

4. LITTLEDOWN NOMINEES LIMITED 2.75% 5. Government Savings Bank 2.63% 6. Investors Bank and Trust Company 1.98%

BANPU Group

7. American International Assurance Company Limited Group 1.41% 8. STATE STREET BANK AND TRUST COMPANY 1.17% 9. EGAT Employee's Provident Fund 0.73% 9. EGAT Employee's Provident Fund 0.73% 10. Vayupak Fund 0.68% Total 76.25% General Public 23.75% EGAT General Public BANPU Group Social Securities Office Total Shareholders 100.00% LITTLEDOWN NOMINEES LIMITED Government Saving Bank INVESTOR BANK AND TRUST COMPANY AMERICAN INTERNATIONAL ASSURANCE COMPANY STATE STREES BANK AND TRUST COMPANY EGAT Employee's Provident Fund 10 VAYUPAK FUND

Foreign Shareholders Structure Foreign Shareholders Structure

• As of the last closing date of share registration book each year

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Operating Performance Operating Performance Operating Performance Operating Performance

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Income Statement: Q1/2007 & Q1/2006 Income Statement: Q1/2007 & Q1/2006

Unit : in Million Baht Unit : in Million Baht

Q1/2007 Q1/2006 Diff %

Revenues Expenses 11,870.83 9,426.23 12,817.16 10,540.05 (946.33) (1,113.82) (7.38) (10.57) Expenses EBIT 9,426.23 2,444.60 10,540.05 2,277.11 (1,113.82) 167.49 (10.57) 7.36 EBIT Interest Expense 2,444.60 358.38 2,277.11 327.66 167.49 30.72 7.36 9.38 Income Tax Net Income 37.48 2,048.74 15.66 1,933.79 21.82 114.95 139.34 5.94 Net Income EPS (Baht) 2,048.74 1.41 1,933.79 1.33 114.95 0.08 5.94 6.02

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Revenue: Q1/2007 & Q1/2006 Revenue: Q1/2007 & Q1/2006

Unit : in Million Baht Unit : in Million Baht

Q1/2007 Q1/2006 Diff %

Net Sales 11,405.03 12,388.59 (983.56) (7.94) Net Sales 11,405.03 12,388.59 (983.56) (7.94) AP EP - Fuel

• VOM

3,313.73 8,052.45 38.85 3,089.57 9,253.74 45.28 224.16 (1,201.29) (6.43) 7.26 (12.98) (14.20)

• VOM

38.85 45.28 (6.43) (14.20) Management service income 10.84 110.63 (99.79) (90.20) Share of profit from joint ventures (net) 255.49 190.93 64.56 33.81 Share of profit from joint ventures (net) 255.49 190.93 64.56 33.81 TECO RPCL SEEC 265.69 (7.17) (0.30) 223.82 (30.60) (0.22) 41.87 23.43 (0.08) 18.71 76.57 (36.36) SEEC CRESCO SEAN (0.30) 0.84 (3.57) (0.22) 0.70 (2.77) (0.08) 0.14 (0.80) (36.36) 20.00 28.88 Interest Income 168.32 109.41 58.91 53.84 Interest Income Other Incomes 168.32 31.15 109.41 17.60 58.91 13.55 53.84 76.99 Total Revenues 11,870.83 12,817.16 (946.33) (7.38)

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Revenue Break-down : Q1/2007 Revenue Break-down : Q1/2007

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Cost and Expenses: Q1/2007 & Q1/2006 Cost and Expenses: Q1/2007 & Q1/2006

Unit : in Million Baht Unit : in Million Baht

Q1/2007 Q1/2006 Diff %

Cost of Sale 9,264.77 10,404.04 (1,139.27) (10.95) Fuel Cost 8,030.32 9,221.12 (1,190.80) (12.91) Other Cost 1,234.45 1,182.92 51.53 4.36 Selling and Admin. Expenses 154.59 128.32 26.27 20.47 Directors’ Remuneration 6.87 7.69 (0.82) (10.66) Total Cost and Expenses 9,426.23 10,540.05 (1,113.82) (10.57) Total Cost and Expenses 9,426.23 10,540.05 (1,113.82) (10.57) Interest Expenses Income Tax 358.38 37.48 327.66 15.66 30.72 21.82 9.38 139.34 Income Tax 37.48 15.66 21.82 139.34 Total 9,822.09 10,883.37 (1,061.28) (9.75)

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Cost of Sales: Q1/2007 & Q1/2006 Cost of Sales: Q1/2007 & Q1/2006

Unit : in Million Baht Unit : in Million Baht

Q1/2007 Q1/2006 Diff %

Fuel Cost VOM Cost 8,030.32 35.52 9,221.12 33.24 (1,190.80) 2.28 (12.91) 6.86 Operation & Maintenance Repairing Expense (CSA) 164.36 164.24 159.80 173.74 4.56 (9.50) 2.85 (5.47) Spare parts Maintenance service expense Spare parts Maintenance service expense Insurance Premium Insurance Premium 120.74 60.42 71.25 58.58 49.49 1.84 69.46 3.14 Depreciation Depreciation Allowance for obsolescence Allowance for obsolescence 664.13 23.64 640.41 14.03 23.72 9.61 3.70 68.50 Others Others 1.40 31.87 (30.47) (95.61) Total Cost of Sales 9,264.77 10,404.04 (1,139.27) (10.95)

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Cost of Sales Break-down : Q1/2007 Cost of Sales Break-down : Q1/2007

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Balance Sheet

Unit : in Million Baht

Balance Sheet

Unit : in Million Baht

As at March 31,2007

Assets M Baht % Liabilities M Baht % Assets Current Assets Property, plant & equip. M Baht 22,767 44,572 % 31.28 61.24 Liabilities Current Liabilities Long-term Liabilities M Baht 10,519 25,519 % 14.45 35.06 Property, plant & equip. Others Assets 44,572 5,443 61.24 7.48 Long-term Liabilities 25,519 35.06 Total Liabilities 36,038 49.51 Total Liabilities 36,038 49.51 Shareholders’ Equity Shareholders’ Equity 36,744 50.49 Shareholders’ Equity 36,744 50.49 Total Assets 72,782 100% Total Liabilities & Shareholders’ Equity 72,782 100% Equity As at Dec 31, 2006 72,105 As at Dec 31, 2006 72,105

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Financial Ratio Highlights Financial Ratio Highlights

Q1/2007 Q1/2006 Q1/2007 Q1/2006

Current Ratio (times) 2.16 2.64 Net Profit Margin (%) ROE (%) 17.26 5.74 15.09 5.96 ROA (%) EBITDA (Million Baht) 2.83 3,152.57 2.78 2,955.81 EBITDA/Avg. Assets (%) Debt/Equity (times) 4.35 0.98 4.24 1.08 Net Debt/Equity (times) DSCR (times) Book Value (Baht per share) 0.64 2.91 0.74 2.65 Book Value (Baht per share) EPS (Baht per share) 25.34 1.41 23.05 1.33

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Financial Ratio Highlights: 2002-Q1/2007 Financial Ratio Highlights: 2002-Q1/2007

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Financial Ratio Highlights: 2002-Q1/2007 Financial Ratio Highlights: 2002-Q1/2007

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Capital Structure Capital Structure

Capital Structure as of March 31,2007

• Total Shareholders’ Equity 36,744 Million Baht
• Total Debt

29,031 Million Baht Total Capital 65,775 Million Baht

• Total Capital

65,775 Million Baht

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Dividend Policy Dividend Policy

Baht per Share (% of Net Profit)

1.75 (49.24%) 2.00 (47.06%) 2.00 (50.32%) 2.10 (51.14%) 1.50 (48.42%) 1.75 (49.24%)

Year

Dividend policy at minimum 40% of net profit after legal reserve. Interim dividend for 2006 operating performance had been made for Baht 1.00 per share on September 18, 2006. The 2nd dividend payment of Baht 1.10 per share will be on May 16, 2007.

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September 18, 2006. The 2nd dividend payment of Baht 1.10 per share will be on May 16, 2007.

Generating Information Generating Information Generating Information Generating Information

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Generating Information Generating Information Generating Information Generating Information

Q1/2007 Q1/2006 Q1/2007 Q1/2006

Dispatch EAF Dispatch EAF Dispatch Factor (%) EAF (%) Dispatch Factor (%) EAF (%)

TP #1 TP #2 56.86 58.12 98.87 99.32 88.53 85.38 83.47 99.59 TP #2 CCGT #1 58.12 78.78 99.32 90.47 85.38 88.07 99.59 97.87 CCGT #1 CCGT #2 78.78 82.22 90.47 93.35 88.07 85.76 97.87 94.83 CCGT #3 79.81 75.04 62.24 78.74

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Generating Information Generating Information Generating Information Generating Information

Q1/2007 Q1/2006

Total Net Generation GWh 4,888.72 6,034.76

Net Generation (TP#1-2) GWh 1,646.35 2,483.94 Net Generation (TP#1-2) GWh

• By Gas GWh

1,646.35 1,557.96 2,483.94 2,365.16

• By Oil GWh

88.39 118.78 Net Generation (CCGT#1-3) GWh 3,242.37 3,550.87 Net Generation (CCGT#1-3) GWh

• By Gas GWh

3,242.37 3,242.37 3,550.87 3,550.87

• By Oil GWh
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Generating Information Generating Information Generating Information Generating Information

Q1/2007 Q1/2006 Q1/2007 Q1/2006

Fuel Consumption (TH#1-2)

• Gas Million MMBTU
• Heavy Oil Million Litres

15.27

• 22.40

29.45

• Heavy Oil Million Litres
• Diesel Million Litres
• 29.45

0.11 Fuel Consumption (CCGT#1-3)

• Gas Million MMBTU

23.44 25.12

• Gas Million MMBTU
• Diesel Million Litres

23.44 0.27 25.12 0.13 Gas Price (Average) Baht/MMBTU 200.53 185.69 Heavy Oil Price (Average) Baht/Litre 12.04 13.43 Heavy Oil Price (Average) Baht/Litre 12.04 13.43

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Planned Outage at Ratchaburi Power Plant in 2006

Planned Outage Actual Outage Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

RG CCST-10 CCGT-11

MO 12 11

CCGT-11 CCGT-12 RG CCST-20

13 2 12 5 MO CI 13 3 12 11

CCGT-21 CCGT-22 RG CCST-30

CI 8 29 11 2 CI

RG CCST-30 CCGT-31 CCGT-32 Thermal-1

14 CI Forced Outage 28 26 18 CI 21 30

Thermal-1 Thermal-2 TECO CCST-10 CCGT-11

10 MI 10 MI 28 28 10

CCGT-11 CCGT-12

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days

10 MI CI 10 27 28

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days Gas Turbine Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO) 26 Days 32 Days 15 Days 30 Days 52 Days

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Steam Turbine Warranty Inspection (WI) Minor Inspection Major Overhaul Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO) 26 Days 30 Days 26 Days 49 Days

Planned Outage at Ratchaburi Power Plant in 2007

Planned Outage Actual Outage Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

RG CCST-10 CCGT-11

MI 26 20 20 6 CI

CCGT-11 CCGT-12 RG CCST-20

MI 20 6 20 6 CI 19 13 MO

CCGT-21 CCGT-22 RG CCST-30

14 3 MO 13 23 MO 17 14 MI CI 13 17

RG CCST-30 CCGT-31 CCGT-32 Thermal-1

12 7 17 14 14 28 CI CI 14 28 MO 13 28 13 28

Thermal-1 Thermal-2 TECO CCST-10 CCGT-11

12 29 MO 3 7 CI 10 19

CCGT-11 CCGT-12

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days

18 9 CI 26 4 10 19

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days Gas Turbine Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO) 26 Days 32 Days 15 Days 30 Days 52 Days

30 30

Steam Turbine Warranty Inspection (WI) Minor Inspection Major Overhaul Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO) 26 Days 30 Days 26 Days 49 Days

Development Projects Development Projects Development Projects Development Projects

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RATCH Group’s Projects RATCH Group’s Projects RATCH Group’s Projects RATCH Group’s Projects

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Ratchaburi Power Co.,Ltd. (RPCL) Ratchaburi Power Co.,Ltd. (RPCL) Ratchaburi Power Co.,Ltd. (RPCL) Ratchaburi Power Co.,Ltd. (RPCL)

Location: Ratchaburi Province Project Progress Technology: Combine Cycle Power Plant Project Progress

• EPC contracts signed with the consortium

comprised of Mitsubishi Heavy Industries Limited, Mitsubishi Corporation and Sino-Thai Engineering & Construction Public Company Limited. Capacity: 1,400 MW. (2x700 MW.) Fuel: Natural Gas Construction Public Company Limited.

• Construction completed of 83.70% as at April 2007.

Fuel: Natural Gas PPA: 25 Years

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COD: Unit 1 March 2008 & Unit 2 June 2008 Project Cost: THB 33,237 Million

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Project Cost: THB 33,237 Million Debt to Equity: 3:1 times

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Lenders: USD Loan; JBIC, Calyon, HSBC & SMBS Thai Loan; BBL & KTB Investment amount (for RATCH): THB 1,920 Million

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Num Num Ngum Ngum 2 Num Num Ngum Ngum 2

Location: Nam Ngum River in Lao PDR Location: Nam Ngum River in Lao PDR Project Progress Location: Nam Ngum River in Lao PDR Location: Nam Ngum River in Lao PDR Technology: Hydro Power Plant Technology: Hydro Power Plant Project Progress

• EPC contract signed with C.H Karnchang on May 26,

2006

• Construction completed of 28% as at March 2007.

Capacity: 615 MW. (3x205 MW.) Capacity: 615 MW. (3x205 MW.) PPA: 27 Years PPA: 27 Years PPA: 27 Years PPA: 27 Years IOD: July 2010 IOD: July 2010

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P.T. Construction & Irrigation 4.0% Shlapak Development Company 4.0%

COD: January 2013 COD: January 2013 Project Cost: THB 30,000 Million (USD 750 Million) Project Cost: THB 30,000 Million (USD 750 Million)

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Team Consulting Engineering and Management 1.0%

Project Cost: THB 30,000 Million (USD 750 Million) Project Cost: THB 30,000 Million (USD 750 Million) Debt to Equity: 2.5:1 times Debt to Equity: 2.5:1 times Lenders: KTB, TMB & SCIB Lenders: KTB, TMB & SCIB Investment amount (for RATCH): THB 2,202.25 Million Investment amount (for RATCH): THB 2,202.25 Million (USD 55.06 Million) (USD 55.06 Million)

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Pratutao Pratutao-A A

Associated Gas Power Plant Project Associated Gas Power Plant Project

Location: SukhoThai Province Location: SukhoThai Province

Associated Gas Power Plant Project Associated Gas Power Plant Project

Project Progress Location: SukhoThai Province Location: SukhoThai Province Technology: Gas Engine Technology: Gas Engine Project Progress

• Signed EPC Contract with the Metro Machinery on

September 25, 2006.

• Construction completed of 65% as at February 2007.

Capacity: 1,750 kW. (2x875 kW.) Capacity: 1,750 kW. (2x875 kW.) Fuel: Associated Gas Fuel: Associated Gas Fuel: Associated Gas Fuel: Associated Gas PPA: 8 Years PPA: 8 Years COD: In 2005 COD: In 2005 Project Cost: THB 62 Million (USD 1.58 Million) Project Cost: THB 62 Million (USD 1.58 Million) Project Cost: THB 62 Million (USD 1.58 Million) Project Cost: THB 62 Million (USD 1.58 Million) Investment amount : THB 62 Million Investment amount : THB 62 Million Shareholder Structure: Ratchaburi Energy holds 100% Shareholder Structure: Ratchaburi Energy holds 100% BOI Privilege: Exemption on duty for imported BOI Privilege: Exemption on duty for imported BOI Privilege: Exemption on duty for imported machines & 8 years corporate taxes BOI Privilege: Exemption on duty for imported machines & 8 years corporate taxes

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Siam Ethanol Exports Siam Ethanol Exports Co.,Ltd Co.,Ltd (SEEC) (SEEC) Siam Ethanol Exports Siam Ethanol Exports Co.,Ltd Co.,Ltd (SEEC) (SEEC)

Location: Rayong Province Location: Rayong Province Project Progress Location: Rayong Province Location: Rayong Province Technology: Fermentation, Distillation and Dehydration Technology: Fermentation, Distillation and Dehydration Project Progress

• Signed EPC with contractors and as at February 2007

constriction completed for 47%. Capacity: 100,000 Liters/Day (30 Million Liters/Year) Capacity: 100,000 Liters/Day (30 Million Liters/Year) Product: Alcohol 99.5% Product: Alcohol 99.5% Product: Alcohol 99.5% Product: Alcohol 99.5% Raw Material: Cassava Raw Material: Cassava

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• COD: July 2007

COD: July 2007 Export Target: Taiwan and Japan Export Target: Taiwan and Japan

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• Export Target: Taiwan and Japan

Export Target: Taiwan and Japan Project Cost: THB 480 Million Project Cost: THB 480 Million

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• Debt to Equity: 0.6:1 times

Debt to Equity: 0.6:1 times Lenders: Thai Loan; BankThai Lenders: Thai Loan; BankThai Lenders: Thai Loan; BankThai Lenders: Thai Loan; BankThai

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Chubu Ratchaburi Electric Services Chubu Ratchaburi Electric Services

Company Limited (CRESCO) Company Limited (CRESCO) Company Limited (CRESCO) Company Limited (CRESCO)

• To Provide the 14 years O&M for RPCL Power plant

Objective

• THB 40 Million

Registered Capital

• THB 20 Million

Paid up Capital

• October 18, 2005

Registered Date

• October 18, 2005

Registered Date

• Internal cash of the Company

Source of Fund

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O&M Contract

• CRESCO entered into an O&M Agreement with RPCL for a period of 14 years with an

approximate contract price of Baht 400.50 Million per year.

• In addition CRESCO entered into an O&M Subcontract with EGAT for a period of 25

Project Progress

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• In addition CRESCO entered into an O&M Subcontract with EGAT for a period of 25

years with an approximate contract price of Baht 228.72 Million per year. Project Progress

• In process for machinery mobilization

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