TRC C Cor orporate orate Pr Presen sentatio tation nd Qtr 2013 - - PowerPoint PPT Presentation
TRC C Cor orporate orate Pr Presen sentatio tation nd Qtr 2013 Operat e 2 nd The rating ing Perfor ormance mance Oppo portun rtunity ity Day 11 Septem ptember ber 2013 1 Agenda Company Overview Ongoing Projects Future
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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.
practice for highly benefit of the company and its shareholders.
required knowledge in concerned areas for the company’s sustainable growth.
performance , passing on skill and knowledge including experience from one generation through another.
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%
Set up in Mar 2013
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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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 7
Competent and experienced professional management team & operation personnel
“Provide service excellence and maintain the highest level of customer satisfaction”
Strong risk management and solid liquidity management to enables financial flexibility Continuously growing sustainable revenue and profit stream while creating loyal and engaged customers Establishing strong strategic alliances and focus on high margin projects with high barriers to entry
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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 and regulation station for 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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GUT Gas Pipeline Project
inches natural gas pipeline installation work (21 km.), two block valve and one metering station for GUT Power Plant (IPP)
Ayutthaya Province
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Civil Work for Bridge, Main road and Drainage, TPARK Wang Noi 2
drainage
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Architectural Construction and Sanitary Works for New Warehouse, Building 9 Project (Sriracha) – Phase II
works
Navanakorn-Rangsit Interconnecting Gas Pipeline Project
USD 7.55 million (Approximately of THB 1,067 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
Within Sep 13
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Pipeline Project
(Total contract period is 3 years + 1 year + 1 year)
Approximately of THB 377 million (2-Year Extension Contract)
flow lines connecting the drilling wells together
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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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Project Name Approximate Project Value (Million Baht) Estimated Project Period
A.1 Provincial Gas Transmission Pipeline 9,000* 2013 - 2016 A.2 SPPs 1,500 2013 - 2016 A.4 Construction Call Off Services n/a 2013 onwards A.5 Compressor Station 6,000*- 7,000* 2013 onwards
B.1 Waste to Energy 2,000 2013 - 2014 B.2 Alternative Fuel (Bio Diesel / Ethanol Plant) 1,000 2013 - 2014 B.3 CBG for NGV 70 2013
1,000* 2014 - 2016
700 2013 - 2016 Total Approximate 22,270 26
*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
27 The reduction is mainly for the uncommitted foreign investment projects.
Provincial Gas Transmission Pipeline Project to Nakhon Ratchasima
from Saraburi to Nakhon Ratchasima
Station
Sinopec Sinopec International Petroleum
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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
to Energy Regulatory Commission of 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
Customer: Gulf Energy Development Co., Ltd. subsidiary of Gulf JP
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 4th Qtr 2013
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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 total of Baht 4,000 - 5,000 million
rehabilitation
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Q1 13 Q2 13 Q2 12 QoQ (%) YoY(%) 6-M 13 6-M 12 YoY(%) Services income & sales 640.33 582.85 1,059.51
1,223.19 2,061.71
Interest income & other income 2.06 6.92 8.18 235.13%
8.98 20.74
Total revenues 642.40 589.77 1,067.69
1,232.17 2,082.45
Cost of services & cost of sales
Gross margin 68.71 58.37 109.27
127.08 234.43
Administrative expenses
3.63% EBIT 16.30 19.89 67.88 22.05%
36.19 158.79
Finance cost
46.53% Income tax expenses
Profit for the period 6.04 13.37 48.11 121.14%
19.41 119.49
Adjust: Minority interest of the subsidiaries 3.90 3.21 5.06
7.11 3.62 96.22% Profit attribute to equity holders of the Company 9.94 16.58 53.16 66.77%
26.52 123.11
Earnings per Share (Baht) 0.01 0.02 0.07 0.03 0.15 Gross Profit Margin 10.73% 10.02% 10.31% 10.39% 11.37% Net Profit Margin 1.55% 2.81% 4.98% 2.15% 5.91% (Unit : Million Baht)
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6-M 2012
TRC SKW TRCM TRCE TRCI TRC Investment TRC Consol
Common Size
TRC Consol
Common Size
(Oman) (Oman) (Hong Kong) (Mauritius) Services Income
955.57 403.13 100.95 14.50 0.00 0.00 1,223.19 99.27% 2,061.71 99.00%
Other Revenues Interest Income
2.33 0.57 0.28 0.00 0.61 0.00 1.18 0.10% 4.64 0.22%
Other Income
7.42 0.52 0.00 0.00 0.03 0.00 7.80 0.63% 16.10 0.77%
Total Revenues
965.32 404.22 101.24 14.50 0.64 0.00 1,232.17 100.00% 2,082.45 100.00%
Cost of Services
0.00 0.00 -1,096.11
Gross Profit
126.77 7.26 28.14
0.00 0.00 127.08 10.31% 234.43 11.26%
SG&A and Finance Cost
4.30%
Earning before Tax
66.06
23.15
0.11
33.97 2.76% 157.28 7.55%
Tax
0.05
0.00 0.00 0.00
Net Profit before Minority Interest
53.96
20.65
0.11
19.41 1.58% 119.49 5.74%
Less: Minority Interest (40% for TRCM, 30% for TRCE)
7.11 0.58% 3.62 0.17% 96.22%
Net Profit for the Parent Company
26.52 2.15% 123.11 5.91%
Gross Profit Margin 13.27% 1.80% 27.87%
n/a 10.39% 11.37% มีขาดทุนขั้นต ้ นต่อเนื่องตั้งแต่ไตรมาส ปี
Difference
6-M 2013 (Unit: Million Baht)
(MB)
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2,082
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(MB)
53 70 17 10
19.6% 16.4% 25.9% 14.6% 10.8% 11.4% 10.4% 7.0%
12.0% 6.6% 5.5% 5.9% 2.2% 21.2% 19.4% 26.5% 17.9% 14.2% 13.3% 15.3% 10.8%
9.0% 4.6% 7.4% 5.6% 7.8%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2008 2009 2010 2011 2012 6-M 2012 6-M 2013
Gross Profit Margin Net Profit Margin Gross Profit Margin Only TRC Net Profit Margin Only TRC
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* Calculated from (Total Liabilities-Advances from Customers-Unearned Construction Revenue)/Total Equity
1,292 922 1,082 2,378 2,503 2,523 2,446 0.84 0.90 0.99 0.94
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120.00 150.00 256.67 329.99 330.67 333.56 336.59 IPO 30.00 Share Swap With SKW 106.67 Stock Dividend 73.33 ESOP 0.67 ESOP 3.56 ESOP 6.59
Stock Dividend 56.07
RO 15.63 50 100 150 200 250 300 350 400 450
2005 2007 2008 2010 2011 2012 June 2013
150.00 256.67 329.99 330.67 333.56 336.59 408.29
Registered Capital
336.59
Stock Dividend 56.10
RO 16.83 ESOP 16.00 425.52
(MB)
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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 (After Par Split) 673,171,178 0.50 336,585,589.00 Stock Dividend on 23 May 13 112,146,533 0.50 56,073,266.50 Right Offering during 17 - 21 June 13 31,269,062 0.50 15,634,531 Paid-up Capital as at 27 June 13 816,586,773 0.50 408,293,386.50
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(MB)
321
New Awarded Project of SKW
3,231 1,641 1,501 1,266 1,451 4,452 3,415
+ new projects acquisition during Jul - Sep 2013
New Awarded Projects of TRC
1,073
Project Name
Type
Works
Project Owner/ Client
Work Value (MB)
Uncompleted Work Value
(MB)
Project Period
E, P, C Gulf UT Co., Ltd. 1,547.43 1,315.31 Aug 12 Jul 14
Services at Various Location E, P, C PTT Natural Gas Distribution Co., Ltd. 144.00 80.08 Nov 11 Oct 13
Project (Project value 1,185 MB and USD 16.345 Million) E, P, C Gulf JP NS Co., Ltd. 1,678.26 51.04 Oct 11 Jun 13
System E, P, C PTT Global Chemical Public Company Limited 32.00 17.65 Jan 13 Aug 13
E, P, C IRPC Public Company Limited 728.81 14.58 Jul 11 Apr 13
E, P, C AMATA Natural Gas Distribution Co., Ltd. 80.14 6.65 Jun 12 Jul 13
E, P, C Bangkok Synthetics Co., Ltd. 38.40 3.84 Nov 12 Jul 13
Gas Pipeline Distribution Project E, P, C AMATA Natural Gas Distribution Co., Ltd. 96.90 3.11 Nov 11 Oct 13
E, P, C PTT Natural Gas Distribution Co., Ltd. 5.64 2.87 Mar 13 Jul 13
E, P, C PTT Public Company Limited 5.77 2.60 Mar 13 Aug 13
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Project Name
Type
Works
Project Owner/ Client
Work Value (MB)
Uncompleted Work Value
(MB)
Project Period
P, C IRPC Public Company Limited 1.53 1.53 Jun 13 Dec 13
E, P, C
Company Limited
15.71 0.38 Sep 11 Jul 13
Total 12 Projects 4,374.59 1,499.64
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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 1,067.25 1,067.25 Jul 13 Mar 15
E, P, C PTT Public Company Limited 3.96 3.96 Jul 13 Oct 13
E, P, C PTT Public Company Limited 1.42 1.42 Jul 13 Aug 13
Total 3 Projects 1,072.63 1,072.63 Total Backlog: 15 Projects (Including New Awarded Projects) 5,447.22 2,572.27
Project Name
Type
Works
Project Owner/ Client
Work Value (MB)
Uncompleted Work Value
(MB)
Project Period
Wang Noi 2 C TICON Logistic Park Co., Ltd. 163.16 154.30 May 13 Oct 13
E, P, C Electricity Authority of Thailand 20.36 11.99 Sep 11 Oct 13
E, P, C Thai ABS Co., Ltd. 280.00 5.18 Jan 12 Oct 12 (Extended to Sep 13)
C Department of Rural Roads 4.98 4.98 May 13 Dec 13
Bansanangsong, Nakornsawan Province C Department of Rural Roads 4.66 4.66 Jun 13 Oct 13
Total 5 Projects
473.16 181.11
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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 Aug 13 Aug 14
New Warehouse, Building 9 Project (Sriracha) - Phase II E, C Alucon Public Company Limited 93.48 93.48 Aug 13 N/A
C Department of Rural Roads 4.43 4.43 Aug 13 Nov 13
C Department of Rural Roads 3.50 3.50 Aug 13 Nov 13
C PTT Public Company Limited 12.00 12.00 N/A N/A
C PTT Public Company Limited 0.44 0.44 N/A N/A
Total Backlog: 11 Projects (Including New Awarded Projects)
793.71 501.66 Total 6 Projects 320.55 320.55
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 376.84 156.73 May 12 Apr 14
Total 1 Project 376.84 156.73
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TRC Group
Projects Remaining Work Value (MB) TRC Construction Public Company Limited 12 1,500 Sahakarn Wisavakorn Co., Ltd. 5 181 TRC Middle East LLC 1 157 TRC Engineering LLC
18 1,837
New Awarded Projects of TRC
3 1,073
New Awarded Projects of Sahakarn
6 321 Total Backlog (Including New Awarded Projects during Jul-Sep)
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*Note: The 6-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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