analyst meeting 2011 website · events (cont.) issuance of debentures of the subsidiary company: on...

2011 Power Consumption

• Peak generation was 23,900 MW in May, decreased 0.46% yoy

• Total energy generation has decreased 0.77% yoy (as of December 2011)

EventsInvestment in SPP Cogeneration Projects

: Awarded three new SPP projects with total capacity of 346 MW in January 2011One project of the Nava Nakhon Electricity Generating (122 MW)Two projects of the Ratchaburi World Cogeneration (112 MW each)

Shares Purchase of EDL Gen : Acquired 9 345% stake in EDL Gen via RATCH-Lao Service and RH InternationalShares Purchase of EDL Gen : Acquired 9.345% stake in EDL Gen via RATCH-Lao Service and RH International (Singapore) in January 2011Purchased additional shares of EDL Gen during March to May in total of 5.75 million shares, making the Company’s stake in EDL Gen to 10% in May 2011

Entering the renewable energy: : Invested 549 Million Baht in solar power generation through the purchase of 49 % in Solartag gy p g g pon January 13, 2011 (51% owned by Yanhee Solar Power)

IOD of Nam Ngum 2 Hydroelectric Power Plant Project

: Nam Ngum 2 Hydroelectric Power Plant Project started the Initial Operation on 26 March 2011

Credit Ratings : Assigned “BBB+” Rating with stable outlook by S&P’s and “Baa1” by Moody’s Upgraded to “AA” from “AA-” with stable outlook by TRIS

RATCHGEN’s Debentures : Issued debentures and bills of exchange to refinance the whole amount of its loan in March 2011 (Interest Savings = 276 Million Baht)

2011 (Interest Savings = 276 Million Baht)

Events (Cont.)Shares Purchase of TSI in Australia. : On 2 May 2011, entered into a Scheme Implementation Agreement with TSE to acquire the

56 16% of TSI Fund that TSE does not own for a price of AUS 0 85 per security under56.16% of TSI Fund that TSE does not own for a price of AUS 0.85 per security under Schemes of Arrangement .The execution of the Acquisition Scheme completed on 5 July 2011.TSIF's security delisted from the Australian Securities Exchange and changed its name to be RATCH-Australia Corporation Limited (RAC).Increased RATCH’s stake via RHIS in RAC from 56.16% to 68.08% on 5 January 2012

Investment in Huay Bong 3 Wind-Turbine Power Project. (20% ownership)

: On 26 July 2011, entered into agreements with Aeolus Power Co., Ltd and Chubu Electric Power Korat, BV to invest and develop wind-turbine power project. (Total Installed Capacity 103.5 MW)

Investment in Huay Bong 2 Wind-Turbine Power Project. (20% ownership)

: On 30 November 2011, entered into the Shareholders Agreement with Aeolus Power Co., Ltd. and Chubu Electric Power Korat, BV to invest and develop wind-turbine power project (Total Installed Capacity 103.5 MW)

Investment in Solar Power Generation Projects. (40% ownership)

: On 4 August 2011, entered into agreements with Solar Power Company to invest and develop three solar power projects. (Total Installed Capacity 18 MW; 6 MW each)

Solar Power (Korat 3) Co.,LtdSolar Power (Korat 4) Co LtdSolar Power (Korat 4) Co.,LtdSolar Power (Korat 7) Co.,Ltd

Events (Cont.)

Issuance of Debentures of the Subsidiary Company

: On 24 August 2011, RH International (Singapore) Corporation Pte. Limited has issued unsecured and unsubordinated debentures to foreign investors for the total amount of JPYCompany unsecured and unsubordinated debentures to foreign investors for the total amount of JPY 15 billion to fund the acquisition of RAC

Investment in Songkhla Biomass Power Plant Project (40% ownership)

: On 8 September 2011, signed Share Purchase Agreement and the Shareholders Agreement with Precise Power Producer Company Limited. (Total Installed Capacity 9.9 MW)

On 9 November 2011 Assiddeek Saving Cooperative Ltd has jointly invested in theOn 9 November 2011, Assiddeek Saving Cooperative Ltd. has jointly invested in the Project through 20% shares purchase of Songkhla Biomass Company Limited from Precise Power Producer Co., Ltd.

Dawei Power Plant Project : On 14 November 2011, signed MOU with ITALIAN-THAI Development Co., Ltd. to develop j g p pthe Dawei Power Plant Project in the Republic of the Union of Myanmar.

Increase of Investment in Phetchabun Wind Farm Project (Khao Kor Wind Farm)

: Increased RATCH’s stake via RE in Khao Kor Wind Farm from 51% to 55.18% on 18 January 2012

COD of Sao Thian-A Project : Sao Thian-A Project started Commercial Operation on 26 January 2012 to supply electricity to the Provincial Electricity Authority of Thailand

5,489.18 6,684.05

4,0006,0008,000

Total CapacityIn Thailand 196.17

I L 998 70

Total Projects by the end of 2012Operation

Company Effective Shareholding

RATCH’s Capacity Stake (MW)

1,194.87

MW

02,0004,000

End of 2012 In Pipeline End of 2018

In Laos 998.70 RATCHGEN 100.00% 3,645

TECO 50.00% 350

RPCL 25.00% 350

Pratu Tao-A 100 00% 1 75

7,000

Pratu Tao A 100.00% 1.75

Pratu Tao-A (Expansion) 100.00% 0.90

NN2 25.00% 153.75

EDL-Generation 10 00% 38 70

MW • RAC • Solarta• Sao Thian-A• Solar Power (Korat 3, 4 ,7)

• Hongsa• RW Cogen#2

• Nam Bak• NN3

Ongoing Projects

6,000

EDL-Generation 10.00% 38.70

RATCH-Australia Corporation 68.08% 766.58

Solarta 49.00% 1.50

Sao Thian-A 99 99% 3 60

( , , )• Huay Bong 3 Wind Farm

• NNEG

• Xe Pian

5,000

Sao Thian A 99.99% 3.60

Total 5,311.78

Under construction

Solar Power 40.00% 7.2• Songkhla Biomass• RW Cogen #1

4,000

010

011

012

013

014

015

016

017

018

Year

Solarta 49.00% 15.28

Huay Bong 3 20.00% 20.7

Acquisition Plan

RATCH-Australia 11 92% 134 22

• Khao Kor Wind Farm• Huay Bong 2 Wind Farm

As of February 2012

20 20 20 20 20 20 20 20 20 Corporation 11.92% 134.22

Total 5,489.18

Dispatch Factor & Equivalent Availability Factor

2010 & 2011

Dispatch Factor Equivalent Availability Factor

97.7273.6379.23 78.42

69.0765 74

94.18

91.33

86 65

94.39

86 67

88.86

93.74 93.08

40.0034 74

63.17 65.74

86.6586.67

83.4332.04

21.34

34.74

TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3

2010 2011

TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3

2010 2011

Unit : in Million Baht 2011 2010 Diff %

Revenues 45 726 07 44 187 68 1 538 39 3 48Revenues 45,726.07 44,187.68 1,538.39 3.48

Cost & Expenses 37,243.38 36,985.46 257.92 0.70

EBIT 8 482 69 7 202 22 1 280 47 17 78EBIT 8,482.69 7,202.22 1,280.47 17.78

Finance costs 1,936.92 714.52 1,222.40 171.08

I t 1 822 22 1 266 54 555 68 43 87Income tax expense 1,822.22 1,266.54 555.68 43.87

Profit for the period 4,723.55 5,221.16 (497.61) (9.53)

Profit (loss) attributable to :

Equity holders of the Company

4,840.64 5,225.91 (385.27) (7.37)

Non-controlling interests (117.09) (4.75) (112.34) n.a.

Profit for the period 4,723.55 5,221.16 (497.61) (9.53)

EPS (Baht) 3.34 3.60 (0.27)

Unit : in Million Baht 2011 2010 Diff %Assets

C t A t 19 131 67 19 273 62 (141 95) (0 74)Current Assets 19,131.67 19,273.62 (141.95) (0.74)

Investment in Jointly-controlled entities/Associate 13,643.50 10,997.71 2,645.79 24.06

Property, plant & equipments 50,861.43 35,470.09 15,391.34 43.39

Others Assets 12 262 47 3 840 40 8 422 07 219 30Others Assets 12,262.47 3,840.40 8,422.07 219.30

Total Assets 95,899.07 69,581.82 26,317.25 37.82

Liabilities

Loans from Financial Institutions & Debentures 34 457 72 16 855 00 17 602 72 104 44Loans from Financial Institutions & Debentures 34,457.72 16,855.00 17,602.72 104.44

Other Liabilities 12,830.21 6,050.51 6,779.70 112.05

Total Liabilities 47,287.93 22,905.51 24,382.42 106.45

EquityEquity

Issued and paid-up share capital 16,031.78 16,031.78 - -

Other components of equity (226.02) 18.89 (244.91) n.a

Retained earnings 32 111 59 30 579 41 1 532 18 5 01Retained earnings 32,111.59 30,579.41 1,532.18 5.01

Total equity attributable to owners of the Company 47,917.35 46,630.08 1,287.27 2.76

Non-controlling interests 693.79 46.23 647.56 n.a

Total Equity 48 611 14 46 676 31 1 934 83 4 15

Total Equity 48,611.14 46,676.31 1,934.83 4.15

Total Liabilities & Equity 95,899.07 69,581.82 26,317.25 37.82

2011 2010

Current Ratio (times) 1.50 1.99

ROE (%) 10.24 11.47

ROA (%) 5.71 7.52

EBITDA (Million Baht) 11,818 9,916EBITDA (Million Baht) 11,818 9,916

Debt/Equity (times) 0.97 0.49

N D b /E i ( i ) 0 42 0 06Net Debt/Equity (times) 0.42 0.06

Book Value (Baht per share) 33.05 32.16

EPS (Baht per share) 3.34 3.60

Disclaimer

The information contained in our presentation is intended solely for your personal reference only. In addition, such information 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 assumptions subject to various risks. No assurance is given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ materially from those projected. Investors are, however, required to use their own discretion regarding, the use of information contained in this presentation for any purpose.

100 % 100 % 100 % 33.33 % 40% 25% 100 % 40 % 40 % 100 % 49 % 49.99 % 100 % 10 % 37.5 %40 %

As of January 2012

Phu Fai Mining

Company Limited

100 % 100 %

Ratchaburi Electricity

Generating

Ratchaburi Gas Company

Limited

Ratch Udom Power Company

LimitedSouthEast

Asia Energy Li it d

Hongsa Power

Company i i d

Nam Ngum 3 Power

Company Li it d

RH International Corporation

Limited

Ratchaburi World

Cogeneration

Ratchaburi Energy

Company Limited

Solarta Company Limited

Chubu Ratchaburi

Electric Services

RATCH-LAO Services

Company

EGAT Diamond Service

100 % 33.33 % 40% 25% 100 % 40 % 40 % 100 % 49 % 49.99 % 100 % 10 %

Nava Nakorn Electricity

Generation

40 %

SongkhlaBiomass

Company

3,645 MW 751.2 MW 110 MW 89.6 MW 48.8 MW 16.78 MW 3.96MW

Company Limited

Limited Limited Limited Company Limited

Limited Company Limited

Company Limited

ServiceCompany Limited

50 % 100 % 75 % 100 % 55.18 %20 %

Company Limited

Limited

20 %

3,645 MW.

350 MW 153.75 MW

1,878 MW. 440 MW.224 MW. 122 MW.

34.25 MW.

20.7 MW

9.9 MW.

33.11 MW

Ratchaburi Alliances

Company Limited

Tri Energy Company Limited

Nam Ngum 2 Power

Company Limited

RH International (Mauritius)

Corporation Limited

Sustainable Energy Corporation

Company Limited

25 %100 % 100 %

20 %

700 MW.615 MW.

20.7 MW103.50 MW.

Ratchaburi Power Company Limited

RH International (Singapore)

Corporation Pte. Limited

Khao Kor Wind Power

Company Limited

40 %40 % 40 %

350 MW

60 MW.

Solar Power

(Korat 3) Company Limited

Solar Power


Solar Power


Limited

68.08 %3.54 %

6.46 %

40 %40 % 40 %1,400 MW.

767MW

2.4MW 2.4MW 2.4MW

Power Generation Renewable Energy Related Business

RATCH-LAO Services Company

Limited

EDL-Generation Public Company

RATCH – Australia Corporation

Limited1,126 MW.

6 MW. 6 MW. 6 MW.

RATCH is the Biggest generator after EGAT and the Largest IPP in Thailand

Thailand’s Total Installed Capacity: 31,629 MW.

SPPs2,182

Other 8 IPPs7,901

Foreign Purchase2,049

CO

RG3,645

TECO350

RPCL350

RATCH4,499

Oth 8 IPP i t d f

EGAT14,998

NN2154

Other 8 IPPs consisted of1. Electricity Generating PCL.2. Independent Power (Thailand) Co., Ltd3. Tri Energy Co., Ltd4. Glow IPP Co., Ltd5. Eastern Power and Electric Co., Ltd

B CP P i i d

6. BLCP Power Limited7. Gulf Power Generation Co., Ltd.8. Ratchaburi Power Co., Ltd

As of January 2012

2011 2010

By Type of Power Plant

2011 2010

Total Net Generation (GWh) 13,580.80 16,673.28

Net Generation (TP#1-2) (GWh) 3,113.52 4,350.93

B G (GWh) 2 627 54 3 987 67- By Gas (GWh) 2,627.54 3,987.67

- By Heavy Oil (GWh) 485.98 363.26

Net Generation (CCGT#1-3) (GWh) 10,467.28 12,322.35

- By Gas (GWh) 10,467.28 12,300.09

B Di l (GWh) 22 26

- By Diesel (GWh) - 22.26

2011 2010

Fuel

2011 2010

Fuel Consumption (TH#1-2)

Gas Million MMBTU 26 47 40 34- Gas Million MMBTU 26.47 40.34

- Heavy Oil Million Liters 120.35 87.35

Fuel Consumption (CCGT#1-3)

- Gas Million MMBTU 75.63 88.66

- Diesel Million Liters 0.31 5.40

Gas Price (Average) Baht/MMBTU 258 09 228 69Gas Price (Average) Baht/MMBTU 258.09 228.69

Heavy Oil Price (Average) Baht/Liter 21.79 16.18

Diesel Oil Price (Average) Baht/Liter 20.40 18.61

Unit : in Million Baht

2011 2010

Gain (Loss) from Foreign Exchange Rate (67 31) 401 13Gain (Loss) from Foreign Exchange Rate (67.31) 401.13

- RH (106.03) 46.28

- RH Inter 84.88 (0.01)- RH Inter 84.88 (0.01)

- RE / RG / RUP / RL (14.20) 2.95

- TECO (50%) (4.45) 75.41- TECO (50%) (4.45) 75.41

- CRESCO (50%) 4.89 4.92

HPC (40%) 151 97 (27 23)- HPC (40%) 151.97 (27.23)

- SEAN (33.33%) (69.96) -

(11 1) 298 81- RPCL (25%) (114.41) 298.81

Foreign Exchange Rate

as at December 31 2011 = 31 8319 Baht/USD

as at December 31, 2011 31.8319 Baht/USD as at December 31, 2010 = 30.2963 Baht/USD as at December 31, 2009 = 33.5168 Baht/USD

Unit : in Million Baht 2011 2010 Diff %Net Sales 43,341.86 42,138.86 1,203.00 3.48

AP - RG 11,856.06 10,844.45 1,011.61 9.33

- RAC 1,666.68 - 1,666.68 n.a.

EP (Fuel) RG 29 072 78 31 114 79 (2 042 01) (6 56)EP (Fuel) - RG 29,072.78 31,114.79 (2,042.01) (6.56)

- RAC 422.13 - 422.13 n.a.

- Flare Gas 48.40 35.35 13.05 36.92

- VOM 275.81 144.27 131.54 91.18

Revenue from Rendering of services 115.00 42.26 72.74 n.a.

Sh f fit f j i tl t ll d titi 1 333 09 1 443 13 (110 04) (7 63)Share of profit from jointly-controlled entities 1,333.09 1,443.13 (110.04) (7.63)

Interest Income 577.70 232.38 345.32 148.60

Management service income 188.55 258.66 (70.11) (27.11)

Dividend Income 60.06 - 60.06 n.a.

Other Incomes 109.81 72.39 37.42 51.69

Total Revenues 45,726.07 44,187.68 1,538.39 3.48

Unit : in Million Baht 2011 2010 Diff %Share of profit from jointly-controlled entities

TECO 389.63 616.54 (226.91) (36.80)

RPCL 615.07 957.45 (342.38) (35.76)

SEAN 314.49 (22.02) 336.51 n.a.

HPC (38 48) (136 48) 98 00HPC (38.48) (136.48) 98.00 n.a.

CRESCO 16.00 29.59 (13.59) (45.93)

SEC - (1.87) 1.87 n.a.

PFMC (0 08) (0 08) 0.00 n.a.PFMC (0.08) (0.08) 0.00 n.a.

NAVA (1.35) - (1.35) n.a.

SOLARTA 5.79 - 5.79 n.a.

RW COGEN (5.51) - (5.51) n.a.

NN3 (0.08) - (0.08) n.a.

KWINNA 50.37 - 50.37 n.a.

KORAT 3,4,7 (11.16) - (11.16) n.a.

FKW (0.41) - (0.41) n.a.

BIOMASS (1.10) - (1.10) n.a.

KR2 (0.09) - (0.09) n.a.

Total Share of profit from jointly-controlled entities 1,333.09 1,443.13 (110.04) (7.63)

Unit : in Million Baht 2011 2010 Diff %Cost of Sale and rendering of services 35,814.58 36,183.10 (368.52) (1.02)

−Fuel Cost : RG 28 970 85 31,004.24 (2,033.39) (6.56)Fuel Cost : RG 28,970.85 31,004.24 (2,033.39) (6.56)

−Fuel Cost : RAC 191.17 - 191.17 n.a.

−Fuel Cost : Flare Gas 4.01 5.59 (1.58) (28.26)

134 36 124 31 92 52−VOM Cost 258.67 134.36 124.31 92.52

−Operation & Maintenance 1,462.18 976.05 486.13 49.81

−Repairing Expense (CSA) 759.55 750.69 8.86 1.18

−Spare parts 381.83 202.73 179.10 88.34

−Insurance Premium 217.12 208.76 8.36 4.00

−Depreciation 3,196.09 2,646.42 549.67 20.77ep ec at o 3, 96 09 ,6 6

−Cost of Sale: Flare Gas 17.27 16.08 1.19 7.40

−Operation Service: RATCH-Lao Services 71.00 28.95 42.05 n.a.

Oth 284 84 209 23 75 61 36 14−Others 284.84 209.23 75.61 36.14

Selling and Admin- Expenses 1,393.45 851.58 541.87 63.63

Loss from Foreign Exchange Rate 35.35 (49.22) 84.57 n.a.

Total Cost and Expenses 37,243.38 36,985.46 257.92 0.70

Stable dividends payment - RATCH has a dividend policy of no less than 40%

2.00 (47.06%)

2.00 (50.32%)

2.10 (51.14%)

2.10 (52.24%)

2.20(49.13%)

2.25(48.41%)

2.25(62.51%)

2.25(67.40%)

1 10 1.00 1.10 1.101.10 1.15 1.15 1.151.50

(48.42%)

1.75 (49.24%)

1.00

1.10

1.50

0.90 1.00 1.00 1.00 1.10 1.10 1.10 1.10

0.75

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Planned Outage at Ratchaburi Power Plant in 2012Planned Outage

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

RG CCST-10

CCGT-11

CCGT-12

MO1 21

MO1 21

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30

14 28CI

14 28CI

CCGT-31

CCGT-32

Thermal-1

Thermal-2

1 15CI

1 15CI

TECO CCST-10

CCGT-11

CCGT-12

RPCL CCST-10

CCGT-11

CCGT-12

RPCL CCST-20

CCGT-21

CI19 28

CI19 28

MI3MI3

26

26

CCGT-22

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)

MI3 26

( ) ( ) ( ) ( ) ( )

26 Days 32 Days 15 Days 30 Days 52 Days

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 2011Planned OutageActual Outage


RG CCST-10

CCGT-11

CCGT-12

CI23 6

CI23 6

12 6MI

MI

3 28MI

14 28CI

14 28CI

13RG CCST-20

CCGT-21

CCGT-22

RG CCST-30

13 7MI

CI24 7CI24 7MI

20 8MI20 4

13 8

30 8

30 8

CCGT-31

CCGT-32

Thermal-1

Thermal-211

MI

20

6 15

MI

MI20 2120 23

10 2310 21

11 27

6 15

TECO CCST-10

CCGT-11

CCGT-12

RPCL CCST-10 MI8 31

23 1CI 22 4

Force Outage

22Force Outage

6

13

13MI

MI6

CCGT-11

CCGT-12

RPCL CCST-20

CCGT-21

MI8 31

MI8 31

CI1 12

CI3

3

13

13

7MI

11MI

CCGT-22


Gas Turbine



CI1 123


Steam Turbine




Planned Outage at Ratchaburi Power Plant in 2010Actual Outage


RG CCST-10

CCGT-11

CCGT-12

CI11 3

CI11 2

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30 CI

MI25 1

MI15 1

CCGT-31

CCGT-32

Thermal-1

Thermal-2

423

423

1 Jan – 17 Mar, 24-30 Mar (Reserve Shutdown)24-30 Mar(Reserve Shutdown)

CI

TECO CCST-10

CCGT-11

CCGT-12

RPCL CCST-10

CI530

2921CI

CICCGT-11

CCGT-12

RPCL CCST-20

CCGT-21

MI2 28

Start 8CI

18

MI2 28

MICCGT-22


Gas Turbine



MI2 28

Page 28


Steam Turbine




analyst meeting 2011 website · events (cont.) issuance of debentures of the subsidiary company: on...

Documents