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Agenda
01 RATCH Overview
02 Group Performance
03 Financial Performance
04 Appendix
RATCH Overview
4
Overview of RATCH:
Power Plant Projects in Thailand • IPPS • SPPs • Renewable Energy Overseas Projects • IPPS • Renewable Energy
Power Generation Business Infrastructure Business Related and Other Businesses
• Operation and Maintenance • Gas Turbine Equipment Maintenance • Investment in Listed Securities • Renewable Energy • Personnel Providing Services for Power
Plants
Transportation • Mass Transit • Roads Water supply Telecommunications • Smart City • Smart Grid • Broadband Connectivity
5
Strategic Direction:
Large-Scale Power (conventional &
renewable energy)
Value Complement (through
optimization)
New S-Curve Business
Investments (digitalization &
urbanization)
6
2020 Journey:
Signed “MOU” “District 9 Project: Digital industrial
zones and intelligent
communities”.
MAY APR MAR JUL AUG OCT NOV JAN
Signed Share Purchase Agreement to purchase 49% of
shares of NER Singapore Pte. Ltd. to develop Nexif Energy Rayong
SPP power project. (Nexif Energy Rayong Co., Ltd.*).
(* Name changed to Nexif Ratch
Energy Rayong Co., Ltd.)
Entered into a Shareholder Agreement with NNCL and PEA
ENCOM to jointly develop a power project in Nakhon Ratchasima.
Jointly Established “R E N Korat
Energy Co., Ltd.” with NNCL and PEA ENCOM.
HKP signed Engineering,
Procurement and Construction (“EPC
Contract”) and Long-Term Service
Agreement (“LTSA”).
Invested in Ecowin wind power plant in Vietnam.
Partnered with Geleximco Group
Joint Stock Company to invest in An Binh Energy and Infrastructure Fund’s (“ABEIF”) in
Vietnam.
RATCH Cogeneration received EGAT’s consent for its
expansion of power generating capacity 30 MW and steam
generating capacity 5.46 tons per hour.
ABEIF made its first investment to acquire 45% of
Thang Long Power Plant in Vietnam.
Issued and offered the first Green
Debentures in the total amount of
Baht 8,000 million.
Started COD of Nava Nakorn SPP Power
Plant Expansion.
Signed “MOU”with Sacksith Consulting
& Trading Sole Co., Ltd. and
the Government of Lao PDR to conduct a feasibility study of a wood pellet in Lao
PDR.
RATCH-Lao jointly established
“SIPHANDONE-RATCH LAO CO., LTD.” in Lao PDR with BURIRAM GREEN ENERGY and
SIPHANDONE BOLAVEN COMPANY LIMITED to develop a
wood pellet production and sale
project.
Entered into a Joint Development
Agreement of Quang Tri 1 Power Plant
Project in Vietnam with EGATi and EGCO.
SEP
Signed PPA for Collector Wind Farm in Australia
7
Highlight: Signing of Joint Development Agreement of Nexif Ben Tre Wind Power Project on 4th December 2020
Nexif Ben Tre Wind Power Project:
• Near-shore wind power generation plant
Located in Thanh Hai Commune, Thanh
Phu District, Ben Tre Province in Vietnam
• Total capacity: 80 MW
• Attributable capacity (50%): 40 MW
Project update:
• Signed Joint Development Agreement
(JDA)
• Under green-field development and
under negotiation process.
• Expected COD: 2022
Long-term PPA
50%
Vietnam
Electricity
(EVN)
50%
Nexif Ben Tre
Wind Power
Project
Nexif Energy
Pte. Ltd.
8
Highlight: Acquisition of Bangkok Aviation Fuel Services Public Company Limited (BAFS) on 19th January 2021
• On 19 December 2020, RATCH acquired 15.53%
shares of BAFS at Baht 27.40 per share or at
Baht 2,712,137,625 in a total amount.
• Key considerations:
Aviation Fuel Infrastructure at the Airports
(hydrant pipeline networks, depots)
Fuel Pipeline Infrastructure
(CO2 emission reduction, carbon credit
program)
Potential Renewable Project Development
(through BAFS Clean Energy Corporation,
currently 36.4 MW)
99 million shares 15.53%
9
Overview of RATCH Projects:
5,224.38
1,122.42
1,250.29
236.00 193.05 151.87
Thailand 63.9% Laos PDR 13.7% Australia 15.3%
China 2.9% Indonesia 2.4% Vietnam 1.8%
Total Installed capacity
8,178.01
MW by Locations
Unit: MW
MW by Fuels
151.87 MW
10
Overview of RATCH Projects:
Projects in Operation Attributable Capacity (MW)
Thailand Overseas
Total 4,419.31 2,180.58
Projects in Pipeline Expected
COD
Attributable Capacity (MW)
Thailand Overseas
Collector Wind-Turbine Power Plant 2021 226.80
Yandin Wind-Turbine Power Plant 2021 149.94
Riau Power Plant 2021 145.15
Ecowin Wind-Turbine Power Plant 2021 15.16
Fangchenggang II Nuclear Power Plant 2022 236.00
Nexif RATCH Energy Rayong Power Plant 2022 45.08
RATCH Cogeneration Expansion 2022 29.99
R E N Korat (Independent Power Supply: IPS) 2023 16.00
Hin Kong Power Plant Unit 1&2 2024& 2025
714.00
Total 805.07 773.06
Grand Total 5,224.38 (64%) 2,953.63 (36%)
Total 8,178.01
11
Project Progress:
Type Location COD
New South Wales, Australia 1Q/2021
Total capacity
(MW)
Attributable
Capacity (MW)
: 100%
PPA
226.80 226.80
1) Infigen Energy (60%:
136.08 MW),10 years
2) ALDI Foods Pty Ltd
(19.40%: 44.00 MW),
10 years
3) Merchant Market
(20.60%: 46.72 MW)
Project Update
• Overall project progress as of January 2021= 96.1%
Collector Wind-Turbine Power Plant
12
Project Progress:
Type Location COD
Approx.175km north of Perth,
Western Australia, Australia 1Q/2021
Total capacity
(MW)
Attributable Capacity
(MW) : 70%
PPA
214.2 (51 of 4.2 turbines)
149.94 Alinta
15-Year
Project Update
• Overall project progress as of January 2021= 96.5%
Yandin Wind-Turbine Power Plant
13
Project Progress: Riau Power Plant
Type Location COD
Republic of Indonesia 3Q/2021
Total capacity
(MW)
Attributable Capacity
(MW) : 49%
PPA
296.23 145.15 PT PLN
20-Year
Project Update
• Overall project progress as of January 2021 = 95.30%
14
Project Progress:
Type Location COD
Ben Tre Province, approx. 160 km
from the south of Ho Chi Minh
City, Vietnam 4Q/2021
Total capacity
(MW)
Attributable Capacity
(MW) : 51.04%
PPA
29.70 15.16 EVN
20-Year
Project Update
• EPC contract signed on 5 November 2020
• NTP on 16 December 2020
• Construction started in January 2021
Ecowin Wind-Turbine Power Plant
15
Project Progress:
Type Location COD
SPP Industrial Park, Bankhai
District, Rayong Province 2Q/2022
Total capacity
(MW)
Attributable Capacity
(MW) : 49%
PPA
92 45.08 EGAT
25-Year
Project Update
• Overall project progress as of January 2021 = 25.10%
Nexif RATCH Energy Rayong Power Plant
16
Project Progress:
Type Location COD
Nava Nakorn Industrial
Promotion Zone,
Pathum Thani Province 3Q/2022
Total capacity
(MW)
Attributable Capacity
(MW) : 99.97%
PPA
30 29.99 Contracts
with IUs
Project Update
• EIA approval approved in January 2021
• NTP expected in 1Q21
RATCH Cogeneration Expansion
17
Project Progress:
Type Location COD
Nava Nakorn Industrial
Promotion Zone, Nakhon
Ratchasima province
3Q/2023
Total capacity
(MW)
Attributable Capacity
(MW) :40%
PPA
40 16 MW Contract
with IUs
Project Update
• EPC will be selected in January 2021
• EIA approval expected in 4Q2021
R E N Korat (Independent Power Supply: IPS)
18
Project Progress:
Type Location COD
Ratchaburi Province Unit 1: 2024
Unit 2: 2025
Total capacity
(MW)
Attributable Capacity
(MW) : 51%
PPA
1,400 714 EGAT
25-Year
Project Update
• 25-Year PPA signed with EGAT on 12 July 2019.
• Gas pipeline and power plant EIA approved on 30 June 2020 and 29
July 2020.
• EPC contract and Long-Term Service Agreement (“LTSA) signed on 29
September 2020
• Gas liberalization policy expected to be completed in 1Q/2021
• Factory licenses submitted, approval expected in 2Q/2021
Hin Kong Power Plant Unit 1&2
19
Project Progress: TRANSPORTATION
MRT
Pink Line Project (34.5 KM)
Technology: Monorail
Route: Khae Rai-Min Buri
Investment Type: PPP Net Cost with Subsidy
Contract Term: 30 Years
Expected COD: 2022
RATCH’s stake
10%
Yellow Line Project (30.4KM)
Technology: Monorail
Route: Lad Prao-Sam Rong
Investment Type: PPP Net Cost with Subsidy
Contract Term: 30 Years
Expected COD: 2022
RATCH’s stake
10%
Progress: 70% Progress: 73%
Progress: 64%
Civil works Civil works
Railway systems Railway systems Progress: 67%
As of December 2020 As of December 2020
Progress: 68% Overall Progress: 71% Overall
20
Project Progress:
Intercity Motorway Bang Pa-In –
Nakhon Ratchasima
M6
Bang Yai-
Kanchanaburi
M81
Project Update
• PPP Contract signing expected in 1H/2021
Scope of work:
Phase 1: Design & Construction (3 Years)
• Toll Collection System
• Traffic Management and Control System
• Other Infrastructure
Phase 2: O&M (30 Years)
Investment Type Expected COD
PPP Gross Cost 2023
TRANSPORTATION TELECOMMUNICATION
Things on Net Company Limited
Type of Business: The development of nationwide
telecommunication networks and Ecosystem for IoT market.
Project Update
• Completed 350 based stations
installation covering every province in
Thailand (at least 1 station per each
province) within 2020
• Installed 5,000 out of 8,500 Street Light
Sensors (co-ordinating with Platt Nera
and Department of Rural Roads),
expected to completed in 2021
Goal
• To set up base station for Sigfox
network to cover 70% of the area and
85% of the population of Thailand
• To complete additional 350 based
stations installation within 2021
RATCH’s stake
35%
Group Performance
Page 22
89 89 89 98 95
62
92
77
94 89
TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3
4Q20 4Q19
Operation Performance : RATCHGEN
%Dispatch Factor (DF) %Equivalent Availability Factor (EAF)
100 100 98 95
80
67
39
98
42
98
TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3
3Q20 3Q19
100 100 98 95
80
89
79
97
80
90
TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3
9M20 9M19
86 88
57
89 87 87
TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3
3Q20 3Q19
84 88
52
90 85 88
TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3
9M20 9M19
83 77
65
80 82
63
TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3
4Q20 4Q19
97 97 95 96 84 82 82
92 83
90
TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3
2020 2019
84 85
55
88 84 81
TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3
2020 2019
Page 23
Operation Performance : Hongsa
% Commercial Equivalent Availability Factor
(3 Units) % Dispatch Factor (3 Units)
71 63
91 88 86 81
75
85
3Q20 2Q20 1Q20 3Q19 2Q19 1Q19 9M20 9M19
103 102 102 102 102 102 103 102
3Q20 2Q20 1Q20 3Q19 2Q19 1Q19 9M20 9M19
97
71 63
91
68
88 86 81 81 81
4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 2020 2019
101 103 102 102 102 102 102 102 102 102
4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 2020 2019
Page 24
92.8 98.6 96.5 97.6
7,880 7,834 7,857 7,814
5,000
5,500
6,000
6,500
7,000
7,500
8,000
0
20
40
60
80
100
120
4Q20 4Q19 2020 2019
Heat Rate (Actual) Contracted Heat Rate
99.0 97.4 97.9 89.9
7,885 7,865 7,891 7,885
5,000
5,500
6,000
6,500
7,000
7,500
8,000
-
20
40
60
80
100
120
4Q20 4Q19 2020 2019
Heat Rate (Actual) Contracted Heat Rate
97.4 96.5 97.7 97.3
7,841 7,806 7,850 7,807
5,000
5,500
6,000
6,500
7,000
7,500
8,000
0
20
40
60
80
100
120
3Q20 3Q19 9M20 9M19
Heat Rate (Actual) Contracted Heat Rate
99.5 99.6 97.5 87.3
7,894 7,827 7,893 7,892
5,000
5,500
6,000
6,500
7,000
7,500
8,000
-
20
40
60
80
100
120
3Q20 3Q19 9M20 9M19
Heat Rate (Actual) Contracted Heat Rate
Operation Performance : SPP Projects in Thailand
RW Cogen Block 1-2 NNEG
Contracted Heat Rate 7,950 BTU/kWh Contracted Heat Rate 7,950 BTU/kWh EAF EAF
• Heat Rate: Maintained below the Contracted Heat Rate
Page 25
97.7 91.9 98.3 98.4 96.6
7,929 7,891 7,894 7,918 7,908
5,000
5,500
6,000
6,500
7,000
7,500
8,000
0
20
40
60
80
100
120
4Q20 3Q20 2Q20 1Q20 2020
Heat Rate (Actual)
Contracted Heat Rate 8,000 BTU/kWh
Operation Performance : SPP Projects in Thailand
RATCH Cogeneration
• Total purchase value of THB 1,998.40 million.
• Power generating capacity of 119.15 megawatts and steam
generating capacity of 10 tons per hour.
• PPA: 25 years
• COD: 31 October 2013
• RATCH’s acquisition: 1 October 2019
90 MW (EGAT)
13 MW (IUs) Minor Inspection: ทกุ 3 ปี (รอพ่ีพงษเ์ช็คให)้ Major Inspection: ทกุ 6 ปี (Gas 5 วนั, Steam 15 วนั)
Contracted heat rate = 8,000 (BTU/kWh)
Expansion phase:
Intend to sell additional
power to industrial users Expected COD: July 2022
20 MW (Existing Ius)
RATCH’s
Acquisition on 1 Oct’ 2019
90 MW (EGAT)
13 MW (Existing IUs)
90 MW (EGAT)
90 MW (EGAT)
Increasing industrial
customer bases:
Expanding to Navanakorn
Industrial Promotion Zone and
Chum Num Subb Industrial
Zone
• Contracts for 20 MW signed
8,097 (Avg. Jan – Sep’19)
Heat rate (BTU/kWh)
8,029
(Avg. Oct’19 – Dec’19)
30 MW
(Expansion)
EAF
Contracted Heat Rate
Page 26
4.9
5.6
4.3
4.2
4.6
4.5 4.5
5.4
3.8
6.0
4.6
5.1
4.2
4.4
5.5
6.5
6.7
5.7
Jan Feb Mar Apr May Jun Jul Aug Sep
Wind Speed (m/s)
2020 2019
Avg 5.41
Avg. 4.65
Operation Performance : Renewable Energy in Thailand
%Avg. Commercial Availability
%Capacity Factor
1Wubd farmQ20Wi Huay Bong 2-3
4.85
5.61
4.32
4.24
4.63
4.55
6.0
4.6
5.1
4.2
4.4
5.5
Jan Feb Mar Apr May Jun
Wind Speed (m/s)
2020 2019
Avg. 4.98
Avg. 4.70
97 87
98 90
3Q20 3Q19 9M20 9M19
15
31
16
22
3Q20 3Q19 9M20 9M19
4.9
5.6
4.3 4.2
4.6
4.5 4.5
5.4
3.8
4.9
6.4 6.7
6.0
4.6
5.1
4.2
4.4
5.5
6.5 6.7
5.7
4.8
6.1 6.5
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Wind Speed (m/s)
2020 2019
AVG. 2019 = 5.51
AVG. 2020 = 4.98
99 99 98 92
4Q20 4Q19 2020 2019
31 28
20
23
4Q20 4Q19 2020 2019
Page 27
Operation Performance : Renewable Energy in Thailand
%Avg. Availability
%Capacity Factor
Solar Farms
21.27 20.22
22.21 21.64
3Q20 3Q19 9M20 9M19
KR 3,4,7
99.99 99.96 99.99 99.96
3Q20 3Q19 9M20 9M19
KR 3,4,7
20.83
18.18
22.28 20.07
3Q20 3Q19 9M20 9M19
Solarta
99.55 98.91 99.80 99.05
3Q20 3Q19 9M20 9M19
Solarta 99 100 100 99
4Q20 4Q19 2020 2019
Solarta
20 23
22 21
4Q20 4Q19 2020 2019
Solarta
19
23 21 22
4Q20 4Q19 2020 2019
KR 3,4,7
100 100 100 100
4Q20 4Q19 2020 2019
KR 3,4,7
Page 28
Operation Performance : IPP projects in Australia
90 MW (EGAT)
%Equivalent Availability Factor (EAF)
100.00 95.70
99.98 98.42
3Q20 3Q19 9M20 9M19
Townsville
99.86 100.00 99.84 99.99
3Q20 3Q19 9M20 9M19
Kemerton
98 100 99 99
4Q20 4Q19 2020 2019
Townsville
100 100 100 100
4Q20 4Q19 2020 2019
Kemerton
Page 29
18
21 20 22 22
23
28 25
Mount Emerald Windy Hill
Operation Performance : Renewable Energy in Australia
%Avg. Availability
%Capacity Factor
Wind farms
4Q20 4Q19 2020 2019 4Q20 4Q19 2020 2019
64.0
96.5
71.4
91.9
82.4
93.6
84.5 90.8
Mount Emerald Windy Hill
3Q20 3Q19 9M20 9M19 3Q20 3Q19 9M20 9M19
17.3
30.7 29.9
25.3 23.4 23.9
31.6
26.3
Mount Emerald Windy Hill
3Q20 3Q19 9M20 9M19 3Q20 3Q19 9M20 9M19
85
95
72
92
83
94
82
91
Mount Emerald Windy Hill
4Q20 4Q19 2020 2019 4Q20 4Q19 2020 2019
Page 30
31
29 27
31 31
28 30 29
Starfish Hill Toora
92 94 91 91 95 94
96
90
Starfish Hill Toora
Operation Performance : Renewable Energy in Australia
%Avg. Availability
%Capacity Factor
Wind farms
4Q20 4Q19 2020 2019 4Q20 4Q19 2020 2019
4Q20 4Q19 2020 2019 4Q20 4Q19 2020 2019
Page 31
7.04 7.61
7.20
8.10
7.26
6.40
6.42
9.10
8.10
8.40
7.30
7.70
6.21
7.54
7.50
6.90
8.30
6.60
10.40 10.00
8.80
7.60
9.40
7.40
-
3.00
6.00
9.00
12.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Toora
2020 2019
8.10
7.90
8.40
7.10
8.30
7.30 6.40
7.80
9.30
8.20
7.80
8.80
7.50
8.30
7.20
7.40
8.20
8.10
8.40
7.80
7.10 8.00
7.80
8.20
-
3.00
6.00
9.00
12.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Starfish Hill
2020 2019
5.80
4.80
6.20 6.60 6.70
7.90
7.81
6.40
8.90
7.30
7.30
5.30
6.79
5.24
6.40
8.10 7.76
8.30
6.50
9.50
7.60
7.40
6.60
6.00
-
3.00
6.00
9.00
12.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Windy Hill
2020 2019
5.90
4.70
6.70
7.00
7.80
8.80 8.40
7.10
9.20
7.40
7.20
5.30
6.90
5.60
6.40
8.70 8.20 8.30
7.60
8.00
8.00
7.50
6.90 6.20
-
3.00
6.00
9.00
12.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Mount Emerald
2020 2019
7.04 7.61
7.20
8.10
7.26 6.40
6.42
9.10
8.10
6.21
7.54
7.50
6.90
8.30
6.60
10.40 10.00
8.80
3.00
6.00
9.00
12.00
Jan Feb Mar Apr May Jun Jul Aug Sep
Toora
2020 2019
8.10
7.90
8.40
7.10
8.30
7.30
6.40
7.80
9.30
7.50
8.30
7.20
7.40
8.20
8.10 8.40 7.80
7.10
3.00
6.00
9.00
12.00
Jan Feb Mar Apr May Jun Jul Aug Sep
Starfish Hill
2020 2019
5.80
4.80
6.20 6.60 6.70
7.90
7.81
6.40
8.90
6.79
5.24
6.40
8.10 7.76
8.30
6.50
9.50
7.60
3.00
6.00
9.00
12.00
Jan Feb Mar Apr May Jun Jul Aug Sep
Windy hill
2020 2019
5.90 4.70
6.70
7.00
7.80
8.80 8.40
7.10
9.20
6.90
5.60
6.40
8.70 8.20
8.30
7.60
8.00
8.00
3.00
6.00
9.00
12.00
Jan Feb Mar Apr May Jun Jul Aug Sep
Mount Emerald
2020 2019
Operation Performance : Renewable Energy in Australia
Wind farm
Wind Speed (m/s)
AVG. 2019 = 7.18
AVG. 2020 = 6.75
AVG. 2019 = 7.83
AVG. 2020 = 7.95
AVG. 2019 = 7.36
AVG. 2020 = 7.13
AVG. 2019 = 8.05
AVG. 2020 = 7.55
Page 32
Operation Performance : Renewable Energy in Australia
%Avg. Availability
%Capacity Factor
Collinsville*
Remark: * COD in March 2019
99.79 99.60 99.43 99.31
3Q20 3Q19 9M20 9M19
22.42 21.75
22.44
20.43
3Q20 3Q19 9M20 9M19
100 98 99 99
4Q20 4Q19 2020 2019
25 26
23 22
4Q20 4Q19 2020 2019
Financial Performance
Page 34
5,983 6,096
304
(132)
Profit before exchange rate - Subsidiaries FX of Subsidiaries
2020 2019
4,101
5,407
56
(349)
Profit before exchange rate - Subsidiaries FX of Subsidiaries
1,585 1,528
137
(163)
Profit before exchange rate - Subsidiaries FX of Subsidiaries
Profit for the period: Equity holders of the Company
2,129 Million Baht
905 Million Baht
1,880
688
249
217
Profit before exchange rate - Subsidiaries FX of Subsidiaries
4Q20 4Q19
6,287 Million Baht
5,964 Million Baht
Page 35
Income Statement : 4Q20 & 4Q19 Unit : in Million Baht 4Q20 4Q19
Revenues 7,791.15 9,157.98
Cost & Expenses (6,558.25) (7,830.48)
EBITDA before Share of Profit and FX 1,232.90 1,327.50
Share of profit of jointly-controlled entities and associates
including gain (loss) on FX
1,327.72 451.09
EBITDA 2,560.62 1,778.59
Depreciation & Amortization – Cost* (352.35) (422.39)
Depreciation & Amortization – Admin (38.93) (59.31)
EBIT 2,169.34 1,296.89
Finance costs (396.21) (359.95)
Gain (loss) on fair value adjustment of derivatives (93.85) (116.96)
Income tax expense 201.24 (131.76)
Profit for the period 1,880.52 688.22
Non-controlling interests - -
Profit for the period:
Equity holders of the Company - before FX of subsidiaries 1,880.52 688.22
Gain (Loss) on FX of subsidiaries 248.95 216.65
Profit for the Company 2,129.47 904.87
*Included the revaluation of heavy oil and diesel oil prices in the total amount of THB +78.11 MB in 4Q20
Page 36
Income Statement : 2020 & 2019 Unit : in Million Baht 2020 2019
Revenues 34,921.65 39,251.69
Cost & Expenses (29,857.19) (33,223.83)
EBITDA before Share of Profit and FX 5,064.46 6,027.86
Share of profit of jointly-controlled entities and associates
including gain (loss) on FX
4,600.34 3,968.38
EBITDA 9,664.80 9,996.24
Depreciation & Amortization – Cost* (1,840.44) (1,487.09)
Depreciation & Amortization – Admin (132.15) (113.10)
EBIT 7,692.21 8,396.05
Finance costs (1,551.35) (1,430.57)
Gain (loss) on fair value adjustment of derivatives (130.24) 0.35
Income tax expense (28.36) (870.07)
Profit for the period 5,982.26 6,095.76
Non-controlling interests (0.03) -
Profit for the period:
Equity holders of the Company - before FX of subsidiaries 5,982.23 6,095.76
Gain (Loss) on FX of subsidiaries 304.45 (132.48)
Profit for the Company 6,286.68 5,963.28
*Included the revaluation of heavy oil and diesel oil prices in the total amount of THB -65.88 MB in 2020
Page 37
RG/TE 3,248
RAC 1,733
HPC 2,454
RW Cogen 95
RIAU 67
PNPC -219
9M19
Revenue & EBITDA
Revenue
EBITDA
Unit: million Baht
Unit: million Baht
27,131 30,094
9M20 9M19
7,104
8,218
9M20 9M19
23,111
2,065
1,583 372 9M20
RG/TE RAC RCO Others
27,292
2,366 436 9M19
RG/TE RAC Others
RG/TE 2,381
RAC 1,423
RCO 425
HPC 2,025
RW Cogen 173
RIAU 152
PNPC -26
9M20
867
310 429
193
78
85
34,922 39,252
2020 2019
29,607
2,740
2,071 504 2020
RG/TE RAC RCO Others
34,932
3,020
496 804 2019
RG/TE RAC RCO Others
9,665 9,996
2020 2019
RG/TE 3,093
RAC 1,916
RCO 550
HPC 3,036
EBM/NBM* 230
FRD (Asahan) 213
RPCL 152
ABEIF (Thang Long)
125
PNPC -71 2020
813
267
438
412
230
*EBM: Eastern Bangkok Monorail Co., Ltd. NBM: Northern Bangkok Monorail Co., Ltd.
55
69
125
202
RG/TE 3,906
RAC 2,183
RCO 112
HPC 2,624
FRD (Asahan) 158
RPCL 83
PNPC -272 2019
27.7% 25.5%
EBITDA Margin
Page 38
Statements of Financial Position
As of 31 December 2020
Total Assets Million Baht Total Liabilities & Equity Million Baht
Assets Liabilities
Cash and cash equivalents 4,856.59 Loans from Financial Institutions &
Debentures 41,652.73
Current financial investments 3,757.43 Derivative liabilities 1,277.53
Other Current Assets 7,295.07 Other liabilities 8,680.42
Investment in Jointly-controlled entities/Associates/Others 41,035.10 Total Liabilities 51,610.68
Financial assets 1,828.79 Equity
Derivative assets 5.82 Issued and paid-up share capital 16,031.78
Financial lease receivables 13,137.48 Retained earnings 55,035.65
Property, plant & equipments 29,859.75 Other components of equity (10,546.54)
Other assets 10,356.22 Non-controlling interests 0.68
Total equity 60,521.57
Total Assets 112,132.25 Total Liabilities & Equity 112,132.25
Page 39
Debenture Repayment Profile
As of 31 December 2020
9,267
4,300
1,000 1,500 1,500
4,000
2,000
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
RG
EMTN
JPY Green
Bond 15Yr
Green Bond 10Yr
Green Bond 5Yr Green
Bond 3Yr
Unit: Million Baht
Jan-Dec 2021 4%
Jan-Dec 2022 9%
Jan-Dec 2023 6%
Jan-Dec 2024 4%
Jan-Dec 2025 7%
After Dec 2025
70%
Debt Repayment
Page 40
Financial Ratios*
Note: *Not included the effect of FX of the Company and subsidiaries
3Q20 3Q19
1.26
2.84
Current ratio (times)
3Q20 3Q19
8.08
10.21 ROE (%)
3Q20 3Q19
0.59
0.29
Net Debt to Equity (times)
3Q20 3Q19
41.37
40.40
Book Value per share (Baht)
2.69 2.70
4Q20 4Q19
Current ratios (times)
2020 2019
9.98 10.21
4Q20 4Q19
ROE (%)
0.57
0.38
4Q20 4Q19
Net Debt/Equity (times) 41.74 40.97
4Q20 4Q19
Book Value per share (Baht)
2020 2019 2020 2019 2020 2019
59,010 59,936 59,414 60,522
34,785 41,316 40,816
51,611
2017 2018 2019 2020
Total Capitalization
Equity Liabilities
Unit :Million Baht
93,795 101,252 100,230
112,133
Appendix
Page 42
RATCHGEN Operating Performance
Fuel Consumption 4Q20 4Q19 2020 2019
By Type of Power Plant
Fuel Consumption (TH#1-2)
- Gas Million MMBTU - - - -
- Heavy Oil Million Liters - - - -
Fuel Consumption (CCGT#1-3)
- Gas Million MMBTU 22.52 20.69 90.48 93.40
- Diesel Million Liters 1.76 0.10 2.02 0.40
Gas Price (Average) Baht/MMBTU 219.96 276.87 250.21 277.99
Heavy Oil Price (Average) Baht/Liter n.a. n.a. n.a. n.a.
Diesel Oil Price (Average) Baht/Liter 23.87 23.89 23.89 23.89
Page 43
RATCHGEN Operating Performance
Net Generation (GWh) 4Q20 4Q19 2020 2019
By Type of Power Plant
Net Generation (TP#1-2) (GWh) - - - -
- By Gas (GWh) - - - -
- By Heavy Oil (GWh) - - - -
Net Generation (CCGT#1-3) (GWh) 3,154.56 2,898.29 12,673.82 13,178.94
- By Gas (GWh) 3,154.56 2,898.29 12,673.82 13,178.94
- By Diesel (GWh) - - - -
Total Net Generation (GWh) 3,154.56 2,898.29 12,673.82 13,178.94
Page 44
Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec
RG CCST-10
CCGT-11
CCGT-12
RG CCST-20
CCGT-21
CCGT-22
RG CCST-30
CCGT-31
CCGT-32
RG Thermal-1
RG Thermal-2
RG CCST-10 - CCTE
CCGT-11 - CCTE
CCGT-12 - CCTE
RPCL CCST-10
CCGT-11
CCGT-12
RPCL CCST-20
CCGT-21
CCGT-22
Planned Outage at Ratchaburi Power Plant in 2020
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
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
20 6 CI (15d)
20 6 CI (15d)
6 23 CI (15d)
28 7 MO (52d)
28 7 MO (52d)
27 18 CI (10d)
21 19 MO (34d)
21 19 MO (34d)
27 18 CI (10d)
21 19 MO (34d)
Actual Outage
6 23 CI (15d)
Page 45
Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec
RG CCST-10
CCGT-11
CCGT-12
RG CCST-20
CCGT-21
CCGT-22
RG CCST-30
CCGT-31
CCGT-32
RG Thermal-1
RG Thermal-2
RG CCST-10 - CCTE
CCGT-11 - CCTE
CCGT-12 - CCTE
RPCL CCST-10
CCGT-11
CCGT-12
RPCL CCST-20
CCGT-21
CCGT-22
Planned Outage at Ratchaburi Power Plant in 2019 Actual Outage
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
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
MO (57D) 1 27
MO (57D)
2
4
1
9
MI (26D)
CI
(15D) 5 1
9 CI
(15D) 5 1
9
2 27 MI (26D)
13 27 CI (15D)
13 27
21 30 CI (10D)
5 14 CI (10D)
MO (38D)
20 27 MO (40D)
20 27
3 15
CI
(13D) 3 15
CI (15D)
CI
(13D)
30 25
MI (26D)
MO (54D)
MO (52D)
1 26
28
26
6
6
20 29
MO (38D)
Page 46
Income Statement : 4Q20 & 4Q19 Unit : in Million Baht 4Q20 3Q20 2Q20 1Q20 4Q19
Revenues 7,791.15 8,496.09 8,923.30 9,711.11 9,157.98
Cost & Expenses (6,558.25) (7,327.86) (7,649.41) (8,321.67) (7,830.48)
EBITDA before Share of Profit and FX 1,232.90 1,168.23 1,273.89 1,389.44 1,327.50
Share of profit of jointly-controlled entities and associates
including gain (loss) on foreign exchange
1,327.72 1,139.24 652.74 1,480.64 451.09
EBITDA 2,560.62 2,307.47 1,926.63 2,870.08 1,778.59
Depreciation & Amortization – Cost* (352.35) (432.54) (361.14) (694.41) (422.39)
Depreciation & Amortization – Admin (38.93) (31.59) (31.38) (30.25) (59.31)
EBIT 2,169.34 1,843.34 1,534.11 2,145.42 1,296.89
Finance costs (396.21) (365.49) (429.21) (360.44) (359.95)
Gain (loss) on fair value adjustment of derivatives (93.85) (3.10) (383.14) 349.85 (116.96)
Income tax expense 201.24 110.68 (189.31) (150.97) (131.76)
Profit for the period 1,880.52 1,585.43 532.45 1,983.86 688.22
Non-controlling interests - (0.01) (0.01) (0.01) -
Profit for the period:
Equity holders of the Company - before FX 1,880.52 1,585.42 532.44
1,983.85 688.22
Gain (Loss) on foreign exchange of subsidiaries 248.95 136.81 541.72 (623.03) 216.65
Profit for the Company 2,129.47 1,722.23 1,074.16 1,360.82 904.87
*Included the revaluation of heavy oil and diesel oil prices in the total amount of THB +78.11 MB in 4Q20
Page 47
Revenues: 4Q20 & 4Q19
Unit : in Million Baht 4Q20 4Q19 Diff %
Sales 6,995.19 8,042.95 (1,047.76) (13.03)
AP - RG/TECO 764.41 873.04 (108.63) (12.44)
EP (Fuel) - RG/TECO 5,072.07 6,024.09 (952.02) (15.80)
RATCH Cogen (RCO) 488.44 495.38 (6.94) (1.40)
RAC 670.27 650.44 19.83 3.05
Revenue from financial leases - RG/TECO 558.12 712.61 (154.49) (21.68)
Revenue from Rendering of services 16.05 14.16 1.89 13.35
Management service income 79.14 60.77 18.37 30.23
Interest Income 49.41 41.98 7.43 17.70
Gain on Bargain Purchase - RATCH
Cogeneration - 269.92 (269.92) (100.00)
Other Incomes 93.24 15.59 77.65 n.a.
Total Revenues 7,791.15 9,157.98 (1,366.83) (14.93)
Page 48
Revenues: 2020 & 2019 Unit : in Million Baht 2020 2019 Diff %
Sales 31,590.51 35,387.40 (3,796.89) (10.73)
AP - RG/TECO 3,349.12 4,153.12 (804.00) (19.36)
EP (Fuel) - RG/TECO 23,490.68 27,748.64 (4,257.96) (15.34)
RATCH Cogen (RCO) 2,065.88 495.38 1,570.50 n.a.
RAC 2,684.83 2,990.26 (305.43) (10.21)
Revenue from financial leases - RG/TECO 2,553.21 2,923.23 (370.02) (12.66)
Revenue from Rendering of services 62.03 53.71 (8.32) 15.49
Management service income 276.31 244.24 32.07 13.13
Dividend Income 61.18 100.88 (39.70) (39.35)
Interest Income 159.41 205.52 (46.11) (22.44)
Gain on Bargain Purchase - RATCH Cogeneration - 269.92 (269.92) (100.00)
Other Incomes 219.00 66.79 152.21 n.a.
Total Revenues 34,921.65 39,251.69 (4,330.04) (11.03)
Page 49
Share of profit from jointly-controlled entities : 4Q20 & 4Q19 Included FX Unit : in Million Baht 4Q20 4Q19 Diff %
HPC 1,010.74 170.01 840.73 n.a.
EBM (Yellow) 118.96 - 118.96 -
ABEIF (TLP) 115.50 - 115.50 -
NBM (Pink) 111.02 - 111.02 -
PHU FAI 58.40 42.51 15.89 37.38
FRD 56.19 (28.23) 84.42 n.a.
RPCL 34.56 (58.44) 93.00 n.a.
SOLARTA 33.21 54.32 (21.11) n.a.
NNEG 31.34 31.22 0.12 0.38
RW COGEN 29.44 113.32 (83.88) (74.02)
Berk Prai 28.22 25.54 2.68 10.49
KORAT 3,4,7 21.40 27.81 (6.41) (23.05)
Songkhla Biomass 10.19 11.13 (0.94) (8.45)
FKW 10.16 8.30 1.86 22.41
KR2 8.34 7.87 0.47 5.97
RIAU 7.35 95.79 (88.44) (92.33)
CRESCO 4.62 (2.43) 7.05 n.a.
AWCO 0.79 0.38 0.41 n.a.
NRES 0.17 - 0.17 -
HKH (1.77) - (1.77) -
REN (2.35) - (2.35) -
TON (3.98) (2.26) (1.72) (76.11)
SIC (12.91) (0.10) (12.81) n.a.
Yandin (17.16) (34.21) 17.05 49.84
PNPC (44.70) (53.25) 8.55 16.06
SEAN (76.82) 33.29 (110.11) n.a.
KWINANA (203.19) 8.52 (211.71) n.a.
Total Share of profit from jointly-controlled entities 1,327.72 451.09 876.63 n.a.
Page 50
Share of profit from jointly-controlled entities : 2020 & 2019 Included FX Unit : in Million Baht 2020 2019 Diff %
HPC 3,035.99 2,623.52 412.47 15.72
FRD 213.25 158.45 54.80 34.59
SOLARTA 203.98 197.83 6.15 3.11
RW COGEN 202.30 208.78 (6.48) (3.10)
PHU FAI 187.72 285.77 (98.05) (34.31)
RIAU 159.73 163.00 (3.27) (2.01)
RPCL 152.30 82.82 69.48 83.89
NNEG 125.40 67.21 58.19 86.58
ABEIF (TLP) 125.19 - 125.19 -
EBM (Yellow) 118.96 - 118.96 -
Berk Prai 113.88 62.66 51.22 81.74
NBM (Pink) 111.02 - 111.02 -
KORAT 3,4,7 96.55 99.66 (3.11) (3.12)
Songkhla Biomass 40.49 39.09 1.40 3.58
Yandin 28.29 (34.21) 62.50 n.a.
CRESCO 20.41 18.94 1.47 7.76
FKW 19.44 29.44 (10.00) (33.97)
KR2 14.39 24.20 (9.81) (40.54)
AWCO 3.17 0.38 2.79 n.a.
Songkhla Biofuel (0.01) (0.01) - -
REN (2.63) - (2.63) -
HKH (7.80) - (7.80) -
TON (11.97) (2.26) (9.71) n.a.
NRES (12.69) - (12.69) -
SIC (16.14) (0.10) (16.04) n.a.
PNPC (70.77) (272.30) 201.53 74.01
SEAN (73.46) 180.60 (254.06) n.a.
KWINANA (176.65) 34.91 (211.56) n.a.
Total Share of profit from jointly-controlled entities 4,600.34 3,968.38 631.96 15.92
Page 51
Share of profit from jointly-controlled entities : 4Q20 & 4Q19 Excluded FX Unit : in Million Baht 4Q20 4Q19 Diff %
HPC 1,125.38 205.59 919.79 n.a.
EBM (Yellow) 118.96 - 118.96 -
ABEIF (TLP) 115.50 - 115.50 -
NBM (Pink) 111.02 - 111.02 -
PHU FAI 56.23 38.85 17.38 44.74
FRD 56.19 (28.23) 84.42 n.a.
PNPC 47.38 (6.83) 54.21 n.a.
RPCL 34.25 (58.79) 93.04 n.a.
SOLARTA 33.21 54.32 (21.11) (38.86)
NNEG 32.60 33.75 (1.15) (3.41)
RW COGEN 29.20 113.25 (84.05) (74.22)
Berk Prai 28.27 27.64 0.63 2.28
KORAT 3,4,7 21.40 27.81 (6.41) (23.05)
RIAU 12.44 90.60 (78.16) (86.27)
Songkhla Biomass 10.19 11.13 (0.94) (8.45)
FKW 10.16 8.30 1.86 22.41
KR2 8.34 7.87 0.47 5.97
CRESCO 4.57 (4.04) 8.61 n.a.
AWCO 0.79 0.38 0.41 n.a.
NRES 0.17 - 0.17 -
HKH (1.77) - (1.77) -
REN (2.35) - (2.35) -
TON (3.98) (2.26) (1.72) (76.11)
SIC (12.91) (0.10) (12.81) n.a.
Yandin (17.16) (34.21) 17.05 49.84
SEAN (75.26) 33.96 (109.22) n.a.
KWINANA (203.19) 8.52 (211.71) n.a.
Total Share of profit from jointly-controlled entities 1,539.63 527.51 1,012.12 n.a.
Page 52
Share of profit from jointly-controlled entities : 2020 & 2019 Excluded FX Unit : in Million Baht 2020 2019 Diff %
HPC 3,022.93 2,664.76 358.17 13.44
FRD 213.25 158.45 54.80 34.59
SOLARTA 204.00 197.81 6.19 3.13
RW COGEN 202.19 208.75 (6.56) (3.14)
PHU FAI 189.34 273.78 (84.44) (30.84)
RIAU 169.26 158.01 11.25 7.12
RPCL 150.86 70.68 80.18 n.a.
ABEIF (TLP) 125.19 - 125.19 -
NNEG 121.47 78.08 43.39 55.57
EBM (Yellow) 118.96 - 118.96 -
NBM (Pink) 111.02 - 111.02 -
Berk Prai 110.63 65.66 44.97 68.49
KORAT 3,4,7 96.55 99.66 (3.11) (3.12)
PNPC 69.86 (82.91) 152.77 n.a.
Songkhla Biomass 40.49 39.09 1.40 3.58
Yandin 28.29 (34.21) 62.50 n.a.
FKW 19.44 29.44 (10.00) (33.97)
CRESCO 17.43 12.73 4.70 36.92
KR2 14.39 24.20 (9.81) (40.54)
AWCO 3.17 0.38 2.79 n.a.
Songkhla Biofuel (0.01) (0.01) - -
REN (2.63) - (2.63) -
HKH (7.80) - (7.80) -
TON (11.97) (2.26) (9.71) n.a.
NRES (12.69) - (12.69) -
SIC (16.14) (0.10) (16.04) n.a.
SEAN (77.96) 180.58 (258.54) n.a.
KWINANA (176.65) 34.91 (211.56) n.a.
Total Share of profit from jointly-controlled entities 4,722.87 4,177.48 545.39 13.06
Page 53
Cost and Expenses : 4Q20 & 4Q19
Unit : in Million Baht 4Q20 4Q19 Diff %
Cost of Sale and Rendering of Services 6,259.21 7,453.74 (1,194.53) (16.03)
- Fuel Cost : RG/ TECO 5,052.86 6,011.99 (959.13) (15.95)
- SPP Fuel Cost : RATCH Cogen (RCO) 295.89 335.47 (39.58) (11.80)
- Operation & Maintenance 25.53 434.23 (408.70) (94.12)
- Repairing Expense (CSA) 212.93 316.61 (103.68) (32.75)
- Spare parts 78.84 137.23 (58.39) (42.55)
- Others 593.16 218.21 374.95 n.a.
Selling and Admin- Expenses 299.04 376.74 (77.70) (20.62)
Total Cost and Expenses* 6,558.25 7,830.48 (1,272.23) (16.25)
* excluding depreciation & amortization
Page 54
Cost and Expenses : 2020 & 2019
Unit : in Million Baht 2020 2019 Diff %
Cost of Sale and Rendering of Services 28,388.25 31,740.94 (3,352.69) (10.56)
- Fuel Cost : RG/ TECO 23,366.07 27,551.13 (4,185.06) (15.19)
- SPP Fuel Cost : RATCH Cogen (RCO) 1,335.89 335.47 1,000.42 n.a.
- Operation & Maintenance 1,227.62 1,565.86 (338.24) (21.60)
- Repairing Expense (CSA) 961.81 1,051.49 (89.68) (8.53)
- Spare parts 291.44 416.86 (125.42) (30.09)
- Others 1,205.42 820.13 385.29 46.98
Selling and Admin- Expenses 1,468.94 1,482.89 (13.95) (0.94)
Total Cost and Expenses* 29,857.19 33,223.83 (3,366.64) (10.13)
* excluding depreciation & amortization
Page 55
Gain (Loss) From Foreign Exchange
Unit : in Million Baht 4Q20 4Q19 2020 2019
Gain (Loss) from Foreign Exchange Rate 37.04 140.23 181.92 (341.58)
The Company and Subsidiaries 248.95 216.65 304.45 (132.48)
- RH (91.88) (21.91) (5.72) (98.49)
- RH Inter 273.81 220.64 289.58 (130.10)
- RG / RE / RL / RCO 67.02 17.92 20.59 96.11
Jointly-controlled entities and Associates (211.91) (76.42) (122.53) (209.10)
- SEAN (33.33%) (1.56) (0.67) 4.50 0.02
- RPCL (25%) 0.31 0.35 1.44 12.14
- HPC (40%) (114.64) (35.58) 13.06 (41.24)
- PNPC (25%) (92.08) (46.42) (140.63) (189.39)
- Others (CRESCO, PFMC, RW Cogen, FKW,
NNEG) (3.94) 5.90 (0.90) 9.37
IR Contact
Ms. Ananda Muthitacharoen
Tel : +66 (0) 2794 9841
Fax : +66 (0) 2794 9888 Ext. 9841
Email : [email protected]
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.