TRC Corporate Presentation The 2014 Operating Performancetrc.listedcompany.com/misc/presentation/20150323-trc-4q2014.pdf · TRC Group Structure 6 TRC Construction Public Company Limited

TRC Corporate Presentation

The 2014 Operating Performance

Opportunity Day

23 March 2015

1

Company Overview

Ongoing Projects

Future Developments

Capital Increase & Bond Issuance

Key Financial Highlights

Q&A Session

Agenda

2

Vision

3

An excellent contractor in design, construction of a total solution in energy and infrastructure industries with sustainable growth

To become

Vision

วสยทศนมงสความเปนเลศดานการออกแบบ และกอสรางทครบวงจร (Total Solution in Energy and

Infrastructure) ในอตสาหกรรมพลงงานและโครงสรางสาธารณปโภค ทมการเตบโตอยางย งยน

4

To operate

The construction business as an EPC contractor (Engineering, Procurement and Construction) for natural gas and crude oil pipeline projects, petrochemical plants and basic infrastructure

To run

The business under the corporate governance principle focusing on safety, environment, society and community for stable and sustainable growth

To deliver

The works with quality with recognition of safety within defined timeframe for customers’ highest satisfaction

To develop

An investment in energy and petrochemical businesses

Mission

พนธกจ1. ด าเนนธรกจรบเหมากอสราง ทใหบรการครบวงจรในลกษณะ EPC (Engineering, Procurement and Construction)

ในงานกอสรางทอกาซธรรมชาต ทอสงน ามน และอตสาหกรรมปโตรเคม ตลอดจนดานสาธารณปโภคขนพนฐาน2. ด าเนนงานภายใตหลกธรรมภบาล มงเนนมาตรฐานความปลอดภย ใสใจสงแวดลอม สงคมและชมชน เพอการ

เจรญเตบโตอยางย งยน และมนคง3. สงมอบงานทมคณภาพโดยค านงถงความปลอดภย ภายในระยะเวลาทก าหนด เพอสรางความพงพอใจสงสดแกลกคา4. พฒนาการลงทนในธรกจพลงงานและ ปโตรเคม

5

To meet the target of yearly operating

result of 20% increase with a total

services income of Baht 10,000 million

within 2019 (consolidated financial

statements)

To continually develop the

investment project at least 4

projects within 2019

To acquire the National

Total Quality Control

Award within 2019

5 - Year Target

เปาหมาย1. ตงเปายอดขายเตบโต 20% ทกๆ ป มยอดขายรวม 10,000

ลานบาท ภายในป 2562 (งบการเงนรวม)2. พฒนาโครงการลงทนในธรกจตอเนองไมต ากวา 4

โครงการ ภายในป 25623. ไดรบรางวลมาตรฐาน TQC แหงชาต (Total Quality

Control) ภายในป 2562

TRC Group Structure

6

TRC Construction Public Company Limited

(Thailand)

Paid-up Capital 413 MB

Sinopec-TRC Joint Venture

(Thailand)

Sinopec International Petroleum Service

Corporation

(China)

Sahakarn Wisavakorn Co., Ltd.

(Thailand)


CR3 and Sahakarn

Joint Venture Co., Ltd.

(Thailand)


China Railway No.3 Engineering Group Co., Ltd.

(China)

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

Mr. Kamal Macki

(Sultanate of Oman)

ASEAN Potash Mining Public Company Limited

(Thailand)

Paid-up Capital 1,685 MB

TRC Engineering LLC

(Sultanate of Oman)

Paid-up Capital

OMR 250,000

Mr. Kamal Macki

(Sultanate of Oman)

100%

100%99.99%30%

70%

70%

30%

70%

30%

4.45%49%

51%

Key Corporate Milestone

• Bidding with many competitors and lower margin

2005Contractor

2006EPC Contractor• Providing Engineering, Procurement

& Construction services with fewer competitors and higher margin

2010Project Developer • Utilizing EPC experiences and

become the “ONE STOP SERVICE” for our clients

2013 onwardsInvestor • For sustainable

growth

• Bangchak Biodiesel Plant-Phase I Project

• Undertaking International & Large Scale Project Development

Nigeria Project

RR Project

• Wang Noi-Kaeng Khoi Cross Country Gas Pipeline• Listed on the MAI

• EPC for Flowline in Sultanate of Oman• Consortium with Siemens for OCS#1

Oman Project

Revamp OCS#1

• Moving to the SET in 2013• Navanakorn-Rangsit Project• Provincial Gas Transmission Pipeline to Nakhorn Ratchasrima Project (JV with Sinopec)

• TRC is equipped capability of EPC and undertake Large Scale Projects• Ubon-Bio Ethanol Project• Gulf’s 7SPP and IPP Gas Pipeline Project

Gulf JP Pipeline

7

• BangchakBiodiesel Plant –Phase II Project• TTM Project• CBG Project• Investment with China Railway in 2015

Ubon Bio-Ethanol

Our Core Business

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 8

9

Strategic Partners

*

* REG: China Railway No.3 Engineering Group Co., Ltd., China

** TWC: Tiong Woon Crane Pte Ltd, Singapore*** CCC: Consolidated Contractors Company, Greece

**

***

Our Quality, Health, Safety and

Environmental Promises

10

HSE Achievement of TRC Middle East LLC

HSE Achievement of Sahakarn Wisavakorn Co., Ltd.

HSE Achievement of TRC Construction Plc.

http://www.trc-con.com/admin/spaw2/uploads/images/QHSE/hse_achievement/1 year LTI free.gif




11

Our Quality, Health, Safety and

Environmental Promises

2014 -Jan 2015 HSE Achievement

Our Reputable Clients

12

13

“Very Good” 2014 CG Scoring

Company Overview

Ongoing Projects

Future Developments



Q&A Session

Agenda

14

15

Pipeline

• PTT’s Navanakorn-Rangsit Interconnecting Pipeline

• PTT’s Provincial Gas Transmission Pipeline Saraburi to Nakorn Ratchasima

• PTT’s Construction Phase for Remaining Gas Recovery

• PTTGC’s Pipeline Distribution System from CUP-1 to PPLC#2

• PTT’s Natural Gas Pressure Reduction Station Pipeline

• PTT’s 1st Transmission Pipeline Life Extension Project (PLLEP)

TRC Group Revenue Growth

Petrochemical Plant

• TTM Incinerator Plant Project

• 450 TPD Biodiesel Plant Project

Long-Term Investment

• Ongoing Core Business

• Investment in CBG

Civil Work

• PTT’s the Energy Laboratory of Applied Building • PTT’s Construction of Region VIII Pipeline Operation Center

• DWR’s Water Resource Conservation and Rehabilitation of Nong Sanoon

Navanakorn-Rangsit Interconnecting

Gas Pipeline

Owner: PTT Public Company Limited

TRC’s Work value: THB 834 million +

USD 7.55 million

(Approximately of THB 1,083.84 million)

Scope of Work: EPC package of diameter 28inches for natural gas (6.2 km.) transmissionbranch from KP.20 of the PTP-NS pipeline toNVRS gas pipeline network including onemetering and regulation station launcher/ receiverstation

Work Location: Alongside Highway No.9,Chiengrak Noi, Bang Pa-in, Ayutthaya Province

Work Period: Jul 13 - Apr 15

% of Completion as at 31 December 2014: 87%

Pipeline Project: PTT’s Navanakorn-Rangsit Interconnecting Gas Pipeline

16


Contractor: Sinopec-TRC Joint Venture

Contract Value: Baht 4,433.65 million + USD 103.45 million

TRC’s Work Portion: Approximately of THB 1,587.23 million

Scope of Work:

EPC of 28 inch diameter main transmission pipeline for approximately of 112 km. from Saraburi to

Nakhon Ratchasima

EPC of 6 Block Valve Stations, Launcher &

Receiving Station

Work Location: Along Highway No.2 (Mittraphab Road)

Work Period: Nov 13 - Apr 16


Pipeline Business: PTT’s Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima

17

Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima

18

1st Transmission Pipeline Life Extension Project (PLLEP) : 28” Recoat Section (RC-400)


TRC’s Work Value : THB 3,725 million

Scope of Work: Recoating the existing 28-inch diameter pipeline (Route Code 400), separate into 2 sections as following:

- Section 1 : from KP.12+100 to AMATA City Block Valve

Station (approximately 35,400 M long)

- Section 2 : from BV#3 to BV#6 (approximately 57,216 M long)

Total length : 92,616 M long

Project Location : From Amphur Mabkha, Rayong Province

to Bangpakong Powerplant, Chonburi Province

Work Period: Feb 15 - Oct 18

Pipeline Project: PTT’s 1st Transmission Pipeline Life Extension Project

19

Civil Work Project:

PTT’s Construction of Region VIII Pipeline

Landscape and infrastructure of Region VIII Pipeline Operations Center


SKW’s Work Value: THB 14.90 million

Scope of Work: Construction of building and other relevant system including land fill, infrastructure, building structure, architecture, furniture, electrical and communication system, air condition and ventilation system, mechanical and sanitary system

Work Location: Saengchuto Road (323 old way), Kilometer 111, Tumbon Wangkhanai, Tamuang District, Karnjanaburi Province

Work Period: Sep 14 - Apr 15


Petrochemical Project: PTT’s The Energy Laboratory of Applied Building

20


SKW’s Work Value: THB 275 million

Scope of Work: Construction the Energy

Laboratory of Applied Building

PTT Research and Technology

institute (PTT RTI)

Work Location: Wang Noi District,

Pranakorn Sri AyutthayaProvince

Work Period: Dec 13 - Apr 15


The Energy Laboratory of Applied Building

Petrochemical Plant Project: TTM Project

New Incinerator Project

Owner: Trans Thai-Malaysia (Thailand)

Limited.

TRC’s Work Value: THB 519 million +

USD 11.33 million

(Approximately of THB 894.17 million)

Scope of Work: Install the 2 of new incinerator

package for 2 separation trains of existing gas

separation plant. And bypass system to the

existing incinerator in case of the new

incinerator trip.

Work Location: Chana District, Songkhla

Province

Work Period: Nov 14 - Jul 16

21

22

Petrochemical Plant Project : BBF’s 450 TPD Biodiesel Plant

Project Owner : Bangchak Biofuel Company Limited

TRC’s Work Value : THB 1,199.58 million

Scope of Works : EPC package of new Biodiesel Plant

with capacity of 450 tons/day and together with conversion

unit of High Fatty Acid Oil to Biodiesel or feed stock unit at

least capacity 55 tons/day using Crude Palm oil (CPO),

Palm stearin (RPS) and Palm Fatty Acid Distillation (PFAD)

as main raw material

Project Location : Bangpa-in District,

Phra Nakhon Si Ayutthaya Province

Work Period: Dec 14 - May 16

450 TPD Biodiesel Plant

Company Overview

Ongoing Projects

Future Developments



Q&A Session

Agenda

23

Five-year Investment Plan of PTT (Year 2015-2019)

Business 2015 2016 2017 2018 2019 Total %

Natural Gas 34,885 19,398 33,876 40,008 36,751 164,918 50

Oil and International Trading 9,629 5,767 9,217 12,891 11,283 48,787 15

Head Office and Others

5,472 3,970 1,882 959 1,219 13,502 4

Infrastructure 5,519 22 19 16 7 5,583 2

Investment in Joint

Venture and its

wholly owned investment

29,975 8,928 19,654 17,057 18,147 93,761 29

Total 85,480 38,085 64,648 70,931 67,407 326,551 100

(Unit : Million Baht)

Source : PTT’s news reported to the Stock Exchange of Thailand on 26 December 2014

24

25

Name of Company: CR3 and Sahakarn Joint Venture Company Limited

Registered capital: 1,000,000 Baht

Portion of investment: 51% by Sahakarn Wisavakorn Company Limited and

49% by China Railway No.3 Engineering Group Co., Ltd.

Nature of business: To bid construction works of infrastructure

JV with China Railway No. 3 Engineering Group Co., Ltd.

Phase 2

1 Hua Hin – Prachuap Khiri Khan (90 km)

During the preparation state of revising the Engineering Design

2 Paknampo – Den Chai (285 km)

3 Thanon Chira Junction – Ubon Ratchathani (309 km)

4 Khon Kaen – Nong Khai (174 km)

5 Chum Phon – Surat Thani (167 km)

6 Surat Thani – Songkhla (339 km)

7 Hat Yai – Padangbezar (45 km)

8 Den Chai – Chiang Mai (217 km)26

Double Track Railway

1 Metre Wide Track

Phase 1 (903 km.)

No. Line Progress

1 Chachoengsao – Klong 19 – Kaeng Khoi (106 km)

Engineering Design was completed. During EIA approval process

2 Thanon Chira Junction – Khon Kaen (185 km)

3 Prachuap Khiri Khan – Chum Phon (167 km)

4 Lop Buri – Paknampho (148 km)

5 Map Kabao – Thanon Chira Junction (132 km)

6 Nakhon Pathom – Hua Hin (165 km)

27

1.435 Metres Wide Track (Standard Gauge)

No. Line Progress

1 Bangkok – Kaeng Khoi (133 km) During the preparation state of revising the

Engineering Detailed Design, Land expropriationand Technology within October 20152 Kaeng Khoi – Map Ta Phut (246.5 km)

3 Kaeng Khoi – Nakhon Ratchasima (138.5 km) During the preparation state of revising the

Engineering Detailed Design, Land expropriationand Technology within December 20154 Nakhon Ratchasima – Nong Khai (355 km)

Double Track Railway

Under Cooperation with Chaina Government

28

SKW’s Potential Project

Construction Srinakarin Romkao Road Project Phase 1

Owners:

Bangkok Metropolitan Administration

Metropolitan Waterworks

Metropolitan Electricity Authority

TOT Public Company Limited

CAT Telecom Public Company Limited

SKW’s Work Value: THB 1,192 million

Scope of Work:

Construction the interchange of SrinakarinRoad and Krungthepkreetha

Construction Srinakarin Road to Hua Mark Klong

Project Status: Waiting for bidding result

Construction Period:

Within 720 days

List of Potential Bidding Projects

Project Name

Approximate

Project Value

(Million Baht)

Estimated

Project Period

A. Natural Gas Pipeline

Gas Transmission Pipeline 8,000 2015 - 2018

B. Processing Plant

B.1 Processing Plant-APMC Project 30,000 2015 - 2018

B.2 Waste to Energy 2,000 2015 - 2016

B.3 CBG for NGV Project/ Alternative Fuel 70 - 90 2015 - 2016

B.4 Other Projects 5,000 2015 onwards

C. Infrastructure Government Project - Railway Track 12,000 - 15,000 2015 - 2016

TotalApproximate

57,070 – 60,090

29

Compressed Bio-Methane Gas for NGV Project/Alternative Fuel

Type of Project: Investment

Total Investment: THB 70 - 90 million

Scope of Work:

Invest in CBG plant to supply PTT NGV Station approximately 9 tons/day (approximately 3,000 tons/year) or industrial alternative fuel

Project location in Surathani Province

Project Status: To establish new subsidiary Company, wholly own by TRC

Project Schedule:

Construction: 2015

COD: within the 4th Qtr 2015

Operating Period: 15 years

TRC’s Long Term Investment:

CBG for NGV/ Alternative Fuel

30

31

TRC has invested in The ASEAN Potash Mining Project, one of the

cooperation projects between ASEAN members.

In January 2015, TRC International Limited, a Hong Kong subsidiary of

TRC, has increased its investment in APMC by acquiring additional

250,000 shares from existing APMC’s investor due to the outstanding

potential in future construction and benefits from investment. Currently,

total TRC’s shareholding in APMC is 750,000 shares or 4.4% of paid-up

capital.

During the 25-year-Mining Concession, APMC shall produce at least 20

million ton of MOP or equivalent to at least USD 8,000 million.

Investment in APMC

32

APMC’s Patent Permit

Company Overview

Ongoing Projects

Future Developments



Q&A Session

Agenda

33

Capital Increase & Debenture Issuance

to be proposed to the 2015 AGM

1. Par Split from Baht 0.50 to Baht 0.125

2. Debenture Issuance 500 MB

3. Debenture Issuance 2,000 MB

4. Warrant Issuance 675 million units

(TRC-W1)

5. Registered Capital Decrease

6. Private Placement 330.46 million shares

(General Mandate)

7. Registered Capital Increase 232.40 MB*

(1,859.21 Million Shares*)

- Shares for TRC-W1 675.00

- PP by General Mandate 330.46

- Stock Dividend 832.16*

- ESOP-W2’s Right Adjustment 21.59*

* The figures of capital increase will be changed due to the 4th exercise of ESOP-W2 on

30 March 2015. The exact figures will be reported to the SET on 1 April 2015.

34

Par Split

Par Baht 0.50/Share Par Baht 0.125/Share

1 share

Baht 0.50 Baht 0.125

Before After

4 shares

Registered Capital:

851,029,737 shares 3,404,118,948 shares

Esimated Paid-up Capital:

At Present 826,152,670 shares

New shares from

ESOP-W2 6,006,508 shares*

Total 832,159,178 shares 3,328,631,712 shares

* Assumption: Total accumulated unsubscribed ESOP-W2 for the 1st - 4th exercise are fully exercised on

30 March 2015 (6,006,508 shares).35

Capital Decrease

No. of Shares

BahtBaht

0.50/Share

Baht

0.125/Share

Registered Capital

at Present

851,029,737 3,404,118,948 425,514,868.50

Paid-up Capital

at Present

(826,152,670) (3,304,610,680) (413,076,335)

Remaining Unsubscribed

ESOP-W2

(21,591,908) (86,367,632) (10,795,954)

Registered Capital

Decrease

3,285,159 13,140,636 1,642,579.50

Registered Capital after

Capital Decrease

847,744,587 3,390,978,312 423,872,289

…1)

…2)

…1)-2)

36

Registered Capital Increase: 232.40 MB

(From 423.87 MB to 656.27 MB)

Stock Dividend

4:1

ESOP-W2’s

Right

Adjustment

Business Expansion

Cash

(Bt./Share)

Stock

(Bt./Share)

21.591

Million Shares

• Debentures 500 MB

Dividend

W/H tax

Net Dividend

0.003472

(0.000347)

0.003125

0.0125

(0.003125)

0.028125

• Debentures 2,000 MB +

Warrants 675 Million

Shares

• Private Placement by

General Mandate

330.46 Million Shares

832.159 Million Shares

(Total Dividend = 115.58 MB

or 45.7% of NI after legal reserve)

Total Shares Reserved for Capital Increase: 1,859.21 Million Shares

37

Estimated Proceeds from Capital Increase(PP & TRC-W1)

38

Estimated Proceeds from Capital Increase (PP & TRC-W1)

No. of issued and paid-up shares at present (23 March 2015) 826,152,670 Shares

Estimated mkt. price at present 10.00 Baht/Share

TRC's Mkt. Captialization for calculation of future mkt price after capital increase 8,261,526,700 Baht

New shares from the 4th exercise of ESOP-W2 6,006,508 Shares

Estimated no. of shares after the 4th exercise of ESOP-W2 832,159,178 Shares

Par Split from Baht 0.50 to Baht 0.125: * 4

No. of shares after par split 3,328,636,712 Shares

Estimated mkt. price after par split 2.48 Baht/Share

Stock dividend (4:1) 832,159,178 Shares

No. of shares after stock dividend 4,160,795,890 Shares

Estimated mkt price after stock dividend 1.99 Baht/Share

Estmated offering price: 90% of mkt. price 1.79 Baht/Share

Mill Shares

Estimated Proceeds

from Capital Increase

(Million Baht)

PP under General Mandate 330,461,068 591

Shares from the exercise of TRC-W1 675,000,000 1,206

Total 1,005,461,068 1,797

Dilution Effects

Case I

- No ESOP-W2

- No Stock

Dividend

Case II

- No ESOP-W2

- Stock

Dividend

Case III

- ESOP-W2

- No Stock

Dividend

Case IV

- ESOP-W2

- Stock

Dividend

Existing shares

at 17 Mar 15

826,152,670 826,152,670 826,152,670 826,152,670

Add: New shares from the

4th exercise of ESOP-W2

on 30 Mar 15

- - 6,006,508 6,006,508

Estimated no. of shares

before par split

826,152,670 826,152,670 832,159,178 832,159,178


after par split

3,304,610,680 3,304,610,680 3,328,636,712 3,328,636,712

Stock dividend - 4 : 1 - 4 : 1

No. of shares for stock

dividend

- 826,152,670 - 832,159,178


before fund raising

3,304,610,680 4,130,763,350 3,328,636,712 4,160,795,890

39

Case I

- No ESOP-W2

- No Stock

Dividend

Case II

- No ESOP-W2

- Stock

Dividend

Case III

- ESOP-W2

- No Stock

Dividend

Case IV

- ESOP-W2

- Stock

Dividend


before fund raising

3,304,610,680 4,130,763,350 3,328,636,712 4,160,795,890

New PP shares under

General Mandate

330,461,068 330,461,068 330,461,068 330,461,068

No. of shares 3,635,071,748 4,461,224,418 3,659,097,780 4,491,256,958

New shares from the

exercise of TRC-W1

675,000,000 675,000,000 675,000,000 675,000,000

No. of shares 4 ,310,071,748 5,136,224,418 4,334,097,780 5,166,256,958

Dilution Effects

40

Dilution Effects

Case I

- No ESOP-W2

- No Stock

Dividend

Case II

- No ESOP-W2

- Stock

Dividend

Case III

- ESOP-W2

- No Stock

Dividend

Case IV

- ESOP-W2

- Stock

Dividend

1. Price Dilution- PP under GM only

- Debentures + TRC-W1 only

- Both PP and TRC-W1

0.91%

1.70%

2.33%

0.74%

1.40%

1.96%

0.90%

1.69%

2.32%

0.74%

1.40%

1.95%

2. Control Dilution

- PP under GM only



9.09%

16.96%

23.33%

7.41%

14.05%

19.58%

9.03%

16.86%

23.20%

7.36%

13.96%

19.46%

3. Earnings Dilution

- PP under GM only



9.09%

16.96%

23.33%

7.41%

14.05%

19.58%

9.03%

16.86%

23.20%

7.36%

13.96%

19.46%

41

Debenture Issuance

Objective: To raise fund for utilizing for waking capital, investing and

expanding future business and repayment of debt

• 500 Million

• Baht 2,000 Million

- Issue and offer by way of Private Placement

- Issued together with TRC-W1 675,000 units

- Exercise ratio: 1 warrant: 1 new share

- Exercise price: not less than 90% of weight average market price

- Tenor of Debentures + Term of Warrants = 5 Years

42

43

Tentative Timeline

• BOD’s Meeting 17 Mar 2015

• XM Date 30, 31 Mar and 1 Apr 2015

• RO for 2015 AGM Attendance 1 Apr 2015

• 2015 AGM 29 Apr 2015

• Par Registration 6 May 2015

• Registered Capital Decrease + Increase Registration 7-8 May 2015

• XD Date 12, 13 and 14 May 2015

• PP Offering and Debenture + TRC W1 Issuance Within 1 year after 2015 AGM

Company Overview

Ongoing Projects

Future Developments



Q&A Session

Agenda

44

45

The 2014 Performance

Financial Ratio 2013 2014Sector CONS**

2013 2014

Total Revenue (MB) 2,515.98 3,127.73

Net Profit (MB) 126.36 214.92

Gross Profit Margin 15.11% 18.00%

Net Profit Margin 4.29% 6.87% 10.15% 4.91%

ROA 7.27% 12.41% 9.79% 6.28%

ROE 11.88% 16.91% 16.81% 13.11%

D/E (Time(s)) 0.71 0.91 1.39 2.53

EPS (Baht/Share) 0.15 0.26

No. of Shares (Million Shares) 816.59 822.61

* From SET’s website** From SET Smart

Services Income Break-Down

46

Pipeline58.3%

Process &Plant40.5%

Civil 0.6%

OtherServices

0.6%

Pipeline64.2%

Process & Plant28.3%

Civil7.4%

Other Services

0.1%

2011

2013

2012

Pipeline82.4%

Process & Plant 0.2%

Civil 16.4%

Other Services

1.0%

2014

Pipeline79.2%

Process & Plant

9.8%

Civil9.0%

OtherServices

2.0%

2,262

4,344

2,516

3,128

149228

126215

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2011 2012 2013 2014 2019 (F)

Total Revenue Net Profit

Total Revenue & Net Profit

47

(MB)

TARGET: Services Income

≥ 10,000

2014

Total Revenue Growth 25%

Net Profit Growth 70%

-0.14

0.31

0.15

0.22

0.10

0.31

0.06

0.150.12

0.05 0.050.01389

0.080.125

-0.20

-0.10

0.00

0.10

0.20

0.30

0.40

2009 2010 2011 2012* 2013* 2014*/**

EPS (only TRC) Cash Dividend Stock Dividend

Dividend Payout

Dividend Policy: 40% of Net Profit of “TRC” after Legal Reserve

N/A 51% 84% 53% 53% 46%Dividend/ Net Profitafter Legal Reserve

(Baht/Share)

48

Note :

* The 2012, 2013 and 2014 EPS and DPS were based on par value Baht 0.50.

** The 2014 dividend will be proposed to the 2015 AGM held on 30 April 2015 for approval.

If the par is changed to Baht 0.125, the 2014 stock dividend and cash dividend will be at Baht 0.03125/share and 0.003472/share, respectively.

Gross Profit & Net Profit Margin

49

14.64%

10.78%

15.11%

18.00%

6.59%5.26%

4.29%

6.87%

0.00%

10.00%

20.00%

2011 2012 2013 2014

Gross Pro fit Margin Net Profit Margin

50

0.6

1.53

0.710.91

1.98

2.53

1.21-1.49

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2010 2011 2012 2013 2014

TRC and its subsidiaries Industry Group2012-2013: PROPCON, CONMAT, PROP2014: CONS

(Time(s))

Debt to Equity Ratio

51

120150

256.67

329.99 330.67 333.56 336.59

408.29

IPO30.00

ShareSwapWithSKW

106.67

StockDividend

73.33

ESOP-W10.68

ESOP-W13.56

ESOP-W16.59

StockDividend

56.07

3.0215.63

0

50

100

150

200

250

300

350

400

450

2005 2007 2008 2010 2011 2012 2013 2014

(MB)

150.00

256.67

329.99 330.67 333.56

408.29

Paid-up Capital

336.59

RO

411.31ESOP-W2

(1st – 2nd Exercise)

1,186

607 1,092

2,835 2,970 3,347 3,487

315

32

1,352

310

599 124

627

359

265

135

53

3,725

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2008 2009 2010 2011 2012 2013 2014

TRC SKW Oman Subsidiaries New Awarded Projects

New Awarded Project in Feb 15

1,5011,266

1,451

4,452

3,415

3,998

7,336

TRC Group Backlog

(MB)

52

3,611

+ New Awarded Projects

53

31 December 2014 Backlog

Backlog by Scope of Work

Scope of Work No. of ProjectsRemaining Value

(MB)

Pipeline 7 2,287*

Petrochemical Plant 1 1,200

Civil 4 124

Total 12 3,611*

Civil

3.4%

Pipeline

63.3%

Petro

33.2%

Backlog by Company

No. of

Projects

Remaining Value

(MB)

TRC 8 3,487*

SKW 4 124

Total 12 3,611*

TRC

96.6%

SKW

3.4%

*If 1st Transmission Pipeline Life Extension Project: 28” Recoating Section

is included, the backlog will be Baht 7,336 million.

Project Name

Type

of

Works

Project Owner/

Client

Work Value

(MB)

Uncompleted

Work Value

(MB)

Project Period

1. Provincial Gas Transmission Pipeline to

Nakhon Ratchasima

(Contractor: Sinopec – TRC Joint Venture)

(Project value 4,433.65 MB and USD 103.45 Million)

E, P, C PTT Public Company Limited 1,587.23

(Only TRC’s

Portion)

1,160.84 Nov 13 Apr 16

2. The new Incinerator Project

(Project value 519.00 MB and USD 11.33 Million)E, P, C Trans Thai – Malaysia (Thailand)

Limited894.17 894.17 Nov 14 Jul-16

3. Navanakorn-Rangsit Interconnecting Gas Pipeline

Project

(Project value 834.01 MB and USD 7.55 Million)

E, P, C PTT Public Company Limited 1,083.84 137.70 Jul 13 Apr 15

4. Natural Gas Pressure Reduction Station Pipeline

Project

E, P, C PTT Public Company Limited 153.83 65.26 Apr 14 Mar 15

5. Design, Construction, Installation and Test Works for

the Pipeline Distribution System from CUP-1 to PPCL # 2

E, P, C Global Power Synergy Company

Limited152.38 22.99 Mar 14 Nov 14

6. Construction Phase for Remaining GAS E, P, C PTT Public Company Limited 53.00 5.30 Jan 14 Mar 15

7. Design for UACJ & Delong E Amata Natural Gas Distribution

Company Limited1.10 1.10 Nov 14 Mar 15

Total 7 Projects 3,925.55 2,287.36

TRC’s Backlog as at 31 December 2014

54

Pipeline

TRC’s Backlog as at 31 December 2014

Project Name

Type

of

Works

Project Owner/

Client

Work Value

(MB)

Uncompleted

Work Value

(MB)

Project Period

450 TPD Biodiesel Project (Expansion Phase) E, P, C Bangchak Biofuel Company

Limited

1,199.58 1,199.58 Dec 14 May 16

Total 1 Project 1,199.58 1,199.58

Petrochemical Plant

SKW’s Backlog as at 31 December 2014

Project Name

Type

of

Works

Project Owner/

Client

Work Value

(MB)

Uncompleted

Work Value

(MB)Project Period

1. Construction the Energy Laboratory of Applied

Building, Amphur Wangnoi, Ayutthaya Province

E, P, C PTT Public Company Limited 275.00 96.25 Dec 13 Apr 15

2. Water Resource Conservation and Rehabilitation for

Nong Sanoon, Nakhonsawan Province

E, P, C Department Of Water Resourcces 20.19 16.21 Dec 14 Jul 15

3. Landscape and infrastructure of Region VIII Pipeline

Operations Center, AmphurThamong, Karnjanaburi

Province

E, P, C PTT Public Company Limited 14.90 8.56 Sep 14 Apr 15

4. Water Treatment Plant for Wangnoi Power Plant,

Ayutthaya Province

E, P, C Electricity Authority of Thailand 20.36 2.57 Sep 11 Dec 14

Total 4 Projects 330.45 123.59

56

New Awarded Projects of TRC In February 2015

Project Name

Type

of

Works

Project Owner/

Client

Work Value

(MB)

Uncompleted

Work Value

(MB)

Project Period

1st Transmission Pipeline Life Extension Project: 28”

Recoating SectionE, P, C PTT Public Company Limited 3,725.00 3,725.00 Feb 15 Oct 18

Total 1 Project 3,725.00 3,725.00

Backlog Conclusion

TRC GroupNo. of

ProjectsRemaining

Work Value (MB)

TRC Construction Public Company Limited 8 3,487

Sahakarn Wisavakorn Company Limited 4 124

Total Backlog as at 31 December 2014 12 3,611

58

PTT’s 1st Transmission Pipeline Life Extension Project: 28” Recoating Section

1 3,725

Total Backlog 13 7,336

New Awarded Projects during January – February 2015

Company Overview

Ongoing Projects

Future Developments



Q&A Session

Agenda

59

60

Documents

TRC Corporate Presentation The 2014 Operating Performancetrc.listedcompany.com/misc/presentation/20150323-trc-4q2014.pdf · TRC Group Structure 6 TRC Construction Public Company Limited