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ANALYST MEETING Q2 2013
August 27, 2013
CK Power Public Company Limited
1 1
Disclaimer
The views expressed here may contain information derived from publicly available sources that have not been independently
verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward
looking information contained in this presentation has been prepared based on number of assumptions which may be
incorrect and/or not properly represent actual situation incurring in the future. The actual information contained in this
presentation is for the purpose of illustration and presentation only. Should there be any discrepancies with audited/reviewed
financial statements, annual report, and other official filings to SEC, the information presented in such documents should be
relied upon as official information.
This presentation should not be relied upon as a recommendation or forecast by CK Power Plc. This presentation shall not
be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
2 2
Year-To-Date Highlights
Q2 2013 Performance
CKP Outlooks
Agenda
3
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
Year – To – Date Highlights 2013
On Schedule CODs adding 125.5 Total MW to portfolio
Successful Listing in SET
Jump Start Revenue with all power plants in operation and expecting BIC 1 to boost up
the 2nd Half 2013
Project Development on target and more to come
Recognized Projects
Year-To-Date Highlights
3
4
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
Chiangrai Solar
Shareholder CKP 30 %
Sonnedix 70%
Technology Multi-crystalline
Installed Capacity 8 MW
Power Purchase Agreement Provincial Electricity Authority
(PEA)
Duration 5 years with automatic
renewal
Adder 8 Baht for 10 years
Location Mae Chan, Chiangrai,
Thailand
COD January 17, 2013
Chiangrai Solar (CRS) achieved its COD on January 17, 2013
Year-To-Date Highlights : COD Accomplishments
4
5
Bangpa-In Cogeneration 1
Shareholder
CKP 65%
PTT Plc. 25%
Other 10%
Technology Gas-fired Cogeneration
Installed Capacity 117.5 MW
Power Purchase Agreement
• Electricity Generating
Authority of Thailand
(EGAT)
• Industrial User
Duration 25 years from commercial
operation date
Location Bangpa-in, Ayuttaya, Thailand
COD June 28, 2013
Bangpa-In Cogeneration 1 (BIC 1) achieved its COD on June 28, 2013
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
5
Year-To-Date Highlights : COD Accomplishments
6
On July 18, 2013, CKP is a groundbreaking case as the Holdings Company with overseas core asset
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
6
Year-To-Date Highlights : Successful Listing in SET
7
Jump Start Revenue with all power plants in operation and expecting BIC 1 revenue to
boost up the 2nd Half 2013
484
997 1,032 1,004 1,018
-
200
400
600
800
1,000
1,200
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Contribution from BIC 1
will boost up the 2nd half
2013
Total Sales of Electricity 2012 = 2,513 MB 6M Sales of Electricity
2013 = 2,022 MB
Million Baht
Partially
consolidated
SEAN
Partially
consolidated
BKC
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
7
Year-To-Date Highlights : Jump Start Revenue in 2013
8
Nam Bak (NB) signed Project Development Agreement on August 8, 2013
• Expected PPA & Concession Agreement within 2013
• Expected Financial Close in 2014
• Expected Construction period 2014 - 2018
• Scheduled COD in 2018
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
8
Year-To-Date Highlights : Nam Bak’s PDA Signed
9
Support Green and Renewable Energy
Hydro :
Nam Ngum 2 (NN2) is one of the few Hydro Power Plant
completed on time and on budget.
NN2 is nominated for International Milestone Rockfill Dam
Projects (Concrete Face Rockfill Dam category) by
Chinese National Committee on Large Dams
(CHINCOLD)
Solar :
Chiangrai Solar and Nakhon Ratchasima Solar received
the Crown Standard for Thai CDM Projects from Thailand
Greenhouse Gas Management Organization (TGO)
The project which receives the Crown Standard will have a
greater chance of obtaining the Gold Standard in a shorter
period of time and probably less approval fee.
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
9
Year-To-Date Highlights : Recognized Projects
10 10
Year-To-Date Highlights
Q2 2013 Performance
CKP Outlooks
Agenda
11
Increased Net Profit Before FX
-100
-50
0
50
100
150
200
250
Q2 2012 Q2 2013
-14
(44)
27
+256 -72 SGA Increase
-45
Cost Increase
-29
Financial Cost
Increase
IA Amortization
Increase
-25
Profit Sharing
Decrease
0
5
10
15
20
25
30
Q1 2013 Q2 2013
27
+5.8
+6.4 -2.6
+0.7
+4.0
Cost Decrease Financial Cost
Decrease SGA Increase
Profit Sharing
Increase
12
YoY
QoQ Revenue Increase
“Significant improvement due to changes in investment structure and better operating performance”
“Double net profit from revenue increase and cost saving”
Year-To-Date Highlight Q2 2013 Performance CKP Outlooks
Revenue Increase
NN2 213
BKC 43
Million Baht
11
12
Year-To-Date Highlight Q2 2013 Performance CKP Outlooks
Stable Income From Secured Contracts and Transparent Tariff Structure
484
997 1,032 1,004 1,018
-
200
400
600
800
1,000
1,200
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Sales of electricity (Million Baht)
Energy Revenue from sales
Change Quarter 2 Quarter 2
GWh Million Baht
2013 2012 2013 2012 +/- %
Hydro Power 570 277 975 484 491 101
Solar Power 4 0 43 0 43 N/A
Total 574 277 1,018 484 534 110
2
96%
4%
Sales mix
Hydro Power
Solar Power
1 1. CK Power held a 38% stake in SEAN in Q1 2012,
2. SEAN become CK Power’s subsidiary in May 2012
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13
Year-To-Date Highlight Q2 2013 Performance CKP Outlooks
Expenses Quarter 2 Change
Million Baht 2013 2012 +/- %
Cost of sales 401 246 155 63
Royalty Fee 33 17 16 94
Service Agreement 7 4 3 75
O&M 84 46 38 83
Electricity 2 0 2 NA
Depreciation 275 179 96 54
Amortization of right 124 78 47 60
SG&A 89 45 44 96
Total 614 369 245 66
Non-cash expenses, including
depreciation and amortization,
represent almost 70% of total
operating expenses
(152)
153
29
192
(246) -
5
10
15
20
25
30
35
40
(300)
(250)
(200)
(150)
(100)
(50)
-
50
100
150
200
250
Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
+1.0 -1.0 -0.2 -1.3 +1.8
Change in exchange rate (Baht/USD)
Gain on exchange
Loss on exchange
Exchange Rate (Baht/USD)
Low Cash Expenses
Gain (loss) on exchange
Most of gain (loss) on exchange is
unrealized gain (loss) from revaluation of
USD loan. The loan will be served by USD
revenue, creating natural hedge. Thus, the
unrealized gain (loss) is shown for
accounting purpose rather than cash flow
basis.
13
Million Baht
14
Year-To-Date Highlight Q2 2013 Performance CKP Outlooks
High Cash Profit Margin
Million Baht Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
EBIT (10) 563 411 579 175
Add: Depreciation 183 280 283 277 280
Amortization 78 121 124 124 124
EBITDA 250 964 818 980 580
Less: Profit Sharing (19) (3) (1) (1) (5)
Add: Unrealized loss (gain) 170 (152) (32) (206) 259
Cash profit 401 810 785 774 834
Cash profit margin 82% 80% 75% 76% 81%
Cash Profit increased by
117% YoY and 7% QoQ.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
(100)
100
300
500
700
900
1,100
Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Cash Profit
Cash Profit Margin
Cash Profit Margin is
stable 75%-80% of total
revenue before FX
Million Baht
14
15
Strong Balance Sheet with D/E Ratio of 1.17x
Year-To-Date Highlight Q2 2013 Performance CKP Outlooks
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
DE Ratio - Consolidated DE Ratio - Standalone
1.17
0.27
-
5,000
10,000
15,000
20,000
25,000
Payables Short-termLoan
Other long-term
payables
Long-termLoan
Most liabilities are from
Subsidiaries’ project financing
- Self support
- Long-term
- Competitive interest rates
More Leverage Opportunity
to support the projects in pipeline
Consolidation of BIC
15
Million Baht times
16
Q2 2013 Performance : Nam Ngum 2 (NN2)
2013 2012
Month
Declaration Revenue from Declaration (Availability Payment)
Total Revenue
Reservoir Level
Declaration Revenue from Declaration (Availability Payment)
Total Revenue
Reservoir Level
(MWh) (M.THB) (M.US$) (M.THB) (m.asl) (MWh) (THB) (US$) (THB) (m.asl)
1 193,000 186.2 4.8 327.8 371.2 215,513 207.5 5.3 372.4 369.1
2 184,766 178.3 4.6 313.9 370.6 204,554 199.9 5.1 352.4 366.1
3 189,513 182.9 4.7 319.7 368.8 202,010 194.5 5.0 348.0 358.7
4 189,153 182.5 4.7 319.1 362.5 192,529 185.4 4.8 331.2 350.0
5 187,121 181.5 4.6 320.5 355.0 173,774 167.3 4.3 303.9 344.9
6 193,690 186.9 4.8 335.5 354.0 102,773 99.2 2.5 179.8 347.5
Total
1,137,243 1,098.3 28.3 1,936.5 Avg. 363.7
1,091,153 1,053.8 27.0 1,887.7 Avg. 356.1
Stronger Revenue in 6M 2013, All year expect revenue more than target
Peak Demand in April due to Myanmar gas pipeline planned shutdown
High Reservoir level leads to the more dispatching from EGAT.
All Dispatch Shortfall is expected to be used within Q3 2013
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
16
17
Q2/2013 Performance : Bangkhenchai Solar (BKC)
In-line Revenue and Performance in 6m 2013
Excellent Efficiency and Production
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
0
10
20
30
40
50
60
70
80
90
100
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13
Forecast Energy (MWh/month) Actual Energy (MWh/month) Irr (hrs/day) PR (%)
17
18 18
Year-To-Date Highlights
Q2 2013 Performance
CKP Outlooks
Agenda
19
Solid Project Pipeline
Domestic Outlook
Overseas Outlook
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
CKP’s Outlooks
19
20
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
CKP’s Outlooks : Solid Project Pipeline
0
500
1000
1500
2000
2500
3000
2012 2013 2017 2018 2019 2020 Other PotentialProjectsBIC1, CRS NN2, BKC, NRS BIC2
629 Total MW 755 875
268 Total Equity MW 347 425
NB
1,035
492
XPCL 1/
2,320
974
8SPPs
COD 2/
CKP plans to apply for at least eight SPPs; the
company has been prepared with land, gas pipeline,
transmission line and technology readiness. Eight
SPPs are with total MW size of 960MW.
3,280
1,598
CKP, under CK Group has undisclosed power
projects under development in Laos and other power
sectors with total MW size over 1,000MW
4,280
2,598
Other undisclosed renewable
projects under development
100
Note: 1/ Assume CKP acquire CK’s 30% and BECL’s 7.5% stake in XPCL, acquisition price to be determined. Assume NB proceeds as planned to COD in 2018
2/ Assume CKP holds minimum 65% in all eight SPPs projects to apply for PPA in the upcoming SPP application round
268 79 78 67
482 624
1,000
20
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Bangpa-in Cogeneration 2 (BIC 2)
• Adjacent to BIC 1 at Bangpa-In Industrial Estate General Description
Capacity
Current Status
Off-Taker
• 120 MW of power
• 20ton/ hour of steam
Significant
Events
• Currently BIC2 is under pre-construction phase
• Construction phase to start in 2014 with
completion in 30 months
• September 13, 2011: PPA with the EGAT signed
with SCOD on June 1, 2017
• PPA with the EGAT of 90MW for 25 years
• Selling the rest of power and steam to industrial
estate users
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
CKP’s Outlooks : Developing Projects
21
22
Nam Bak
• Hydro Power Plants in Laos PDR
• Roller-Compacted-Concrete Dam
General
Description
Capacity
Current
Status
Off-taker
• 160 MW
• EDL
• NN2 is in the process of discussion and
negotiation on the PPA and Concession
with the EDL
Significant
Events
• On August 8, 2013, Project Development
Agreement was signed.
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
CKP’s Outlooks : Developing Projects
22
23
Xayaburi Power
• Located on Mekong River, Xayaburi Province
in Laos
• Run-of-River barrage
Current Status
Off-taker
• 1,285 MW
• 1,220 MW to the EGAT
• 60 MW to EDL
• More than 10% construction progress at the
end of Q2 2013
Significant
Events
• CK founded XPCL and currently CK holds
30% stakes.
• Concession with Laos PDR as BOOT for 29
years from COD
• Construction started on March 15, 2012
Other notes
• CK has policy to sell its equity stake in XPCL
to CKP.
General
Description
Capacity
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
CKP’s Outlooks : Developing Projects
23
24 24
Renew - Domestic 9,481
Neighboring Countries
6,572
Cogeneration 6,476
Combined Cycle 25,451
Thermal 7,150
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
Additional Capacity during 2012 – 2030
as per PDP 2010 Revision 3
Total Additional = 55,130 MW
3 ,2
70, 8
26,355
52,256
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2012
2013
201
201
201
2017
2018
2019
2020
2021
2022
2023
202
202
202
2027
2028
2029
2030
Planned installed capacity Forecasted demand
Thailand Electricity Outlook
Thailand’s energy demand will double by 2030
CKP’s Outlooks : Domestic Outlooks
25
Cogeneration
• Identified industrial users, gas pipeline and transmission connection
• Preparing 8 projects with total 960 MW capacity.
Solar
• Ready for a new tariff structure and new round of Solar Power solicitation
• Identified land and transmission connection
Other Renewable
• Wind and Other Renewable
Purchasing from Neighboring
Countries
• Leverage the competitive edge in The Lao PDR
• PDP 2013 will target more energy form Neighboring Countries
Thailand’s PDP 2013
Upcoming PDP 2013 is expected within this year
Continuously focus on Cross-Border, Renewable and Cogeneration
Currently, the proposals for developing new projects being prepared
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
25
CKP’s Outlooks : Domestic Outlooks
26
The Lao PDR Planned IPP Capacity
Source from www.poweringprogress.org, Mekong River Commission, EDL
CKP’s excellent track record in the Lao PDR provides the
company with competitive advantages in developing more
projects
(Unit: MW)
Nam Theun 2 1,075 Hongsa 1,878 Ban Koum 1,872
Nam Ngum 2 615 Xayabouri 1,285 Pak Lay 1,320
Theun-Hinboun 220 Nam Ou 2,5,6 540 Luangprabang 1,200
Nam Ngum 1 155 Xekaman 1 322 Pakbeng 921
Houay Ho 152 Theun-Hinboun (Exp.) 280 Sanakham 660
Nam Lik 1-2 100 Xekaman 3 250 Phou Ngoy 651
Se Xet 2 76 Nam Ngiep 180 Sekong 4 600
Nam Leuk 60 Nam Ngum 5 120 Nam Theun 1 523
Se Xet 1 45 Xenamnoy 1 22 Nam Ngum 3 460
Nam Mang 3 40 Nam Sim 8 Nam Et 1,2,3 420
Others 11 Others 8 Others 5,162
Total 2,549 Total 4,893 Total 13,789
In Operation Under Construction Open for Development
Total 21,230 MW
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Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
River basin Hydropower
Project
1. Nam Tha Nam Tha 1
2. Nam Ou Nam Ou 2,5,7
Nam Ou 1,3,4,7
3. Nam Ngum Nam Ngum 1
Nam Ngum 2
Nam Ngum 3,4
Nam Ngum 5
Nam Lik
Nam Mung 3
Nam Leuk
4. Nam Ngiep Nam Ngiep 1
Nam Ngiep 2
5. Nam Theun Nam Theun 1
Nam Theun 2
Theun Hinboun
Nam Hai
6. Xedon Xexet 1,2
7. Xekong Xekong 3
Xekong 4,5
Xepian-
Xenamnoy
Houay Ho
Xekaman 1,3
Xekaman 2,4
8. Mekong Xayaburi
Others (8)
CKP’s Outlooks : Oversea Outlook, The Lao PDR
27
Source from Myanmar Energy Sector Initial Assessment by ADB, October 2012
2,549 MW
In Operation
13,789 MW
Open for
Development
Myanmar Electricity Outlook Myanmar Hydropower Outlook
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2013 201 201 201 2017 2018 2019 2020 2021 2022
Annual Production (GWh) Maximum Demand (MW)
(MW) (GWh)
With expected high GDP growth and improved
electrification ratio, the annual demand of
electricity is estimated to triple by 2022
24.0 26.0
78.0 73.7
89.7 97.3 99.3 99.4 99.7 100.0
-
20.0
40.0
60.0
80.0
100.0
120.0
Electrification Ratio (%)
• The source of huge hydropower potential is
estimated to be more than 100,000 MW
• Myanmar has identified 92 potential large
hydropower projects
• Myanmar is the second largest gas exporter in the
region, second only to Indonesia
• 34 geological sedimentary basins have been
identified, only six of which have been thoroughly
explored
River Basin No of Promising
projects
Installed
Capacity (MW)
1 Ayeyarwaddy 34 21,821
2 Chindwin 8 3,015
3 Sittaung 11 1,128
4 Thanlwin 21 17,641
5 Mekong 4 720
6 Others 14 1,776
Total 92 46,101
Myanmar Gas Supply Outlook
27
Year-To-Date Highlights Q2 2013 Performance CKP Outlooks
CKP’s Outlooks : Oversea Outlook, Myanmar
28
CK Power is the flagship power development company of CK Group:
• Diversified portfolio
• Stable stream of income
• Experienced management with development and
operational excellence
• Solid project pipeline
• High growth company
28
Key Takeaways
29
Q&A
29
30
Appendix
30
31
CK Power Public Company Limited
Hydro Power Plant Solar Power Plant Cogeneration Power Plant
SouthEast Asia Energy Company Limited (SEAN)
Nam Ngum 2 Company Limited (NN2) (615 MW)
Bangkhenchai Company Limited (BKC) (8 MW)
Nakorn Ratchasima Solar Company Limited (NRS) (6 MW)
Chiangrai Solar Company Limited (CRS) (8 MW)
Bangpa-in Cogeneration Company Limited • Project 1 (BIC 1)
Power 117.5 MW, Steam 19.6 ton/hour
• Project 2 (BIC 2) Power 120 MW, Steam 20 ton/hour
56%
75%/2
100%
30%/3
30%/3
65%/4
1 2 3
Note: /1 Total MW calculated on power projects with signed PPAs, while Effective Equity MW is 424.9 (Hydro 258.3 MW, Cogeneration 154.4 MW and Solar 12.2 MW)
/2 25% held by EDL GEN
/3 70% held by Sonnedix
/4 25% held by PTT, 8% by IEAT and 2% held by others
Solar 22.0 MW
Hydro 615.0 MW
Cogeneration 237.5 MW
Total 874.5MW /1
CK Power’s Contracted MW
CK Power is a power developer with diversified portfolio, strong pipeline and high growth potential
Current Group Structure
31 31
32
38.0%
30.0%
30.0%
2.0%
31.8%
23.2%
25.0%
20.0%
Shareholding Structure
Pre-IPO Post-IPO
CK
BECL
TTW
BLDC
Public
Registered capital THB 5,500mm
Paid-up capital THB 4,600mm
No. of Outstanding Shares 920mm shares
Par Value THB 5.00 per share
Registered capital THB 5,500mm
Paid-up capital THB 5,500mm
No. of Outstanding Shares 1,100mm shares
Par Value THB 5.00 per share
IPO 220 million shares
(20%), which includes
180mm newly issued
shares and 40mm
existing shares
Shareholding Structure Pre and Post-IPO
32