TRC Corporate Presentation The 2014 Operating...
Transcript of TRC Corporate Presentation The 2014 Operating...
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
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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)
Paid-up Capital 200 MB
CR3 and Sahakarn
Joint Venture Co., Ltd.
(Thailand)
Paid-up Capital 1 MB
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
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• 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
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HSE Achievement of TRC Middle East LLC
HSE Achievement of Sahakarn Wisavakorn Co., Ltd.
HSE Achievement of TRC Construction Plc.
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Our Quality, Health, Safety and
Environmental Promises
2014 -Jan 2015 HSE Achievement
Our Reputable Clients
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13
“Very Good” 2014 CG Scoring
Company Overview
Ongoing Projects
Future Developments
Capital Increase & Bond Issuance
Key Financial Highlights
Q&A Session
Agenda
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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
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Owner: PTT Public Company Limited
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
% of Completion as at 31 December 2014: 13%
Pipeline Business: PTT’s Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima
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Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima
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1st Transmission Pipeline Life Extension Project (PLLEP) : 28” Recoat Section (RC-400)
Owner: PTT Public Company Limited
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
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Civil Work Project:
PTT’s Construction of Region VIII Pipeline
Landscape and infrastructure of Region VIII Pipeline Operations Center
Owner: PTT Public Company Limited
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
% of Completion as at 31 December 2014: 43%
Petrochemical Project: PTT’s The Energy Laboratory of Applied Building
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Owner: PTT Public Company Limited
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
% of Completion as at 31 December 2014: 65%
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
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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
Capital Increase & Bond Issuance
Key Financial Highlights
Q&A Session
Agenda
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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
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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)
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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
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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
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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
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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
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APMC’s Patent Permit
Company Overview
Ongoing Projects
Future Developments
Capital Increase & Bond Issuance
Key Financial Highlights
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.
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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
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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
Estimated no. of shares
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
Estimated no. of shares
before fund raising
3,304,610,680 4,130,763,350 3,328,636,712 4,160,795,890
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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
Estimated no. of shares
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
- Debentures + TRC-W1 only
- Both PP and TRC-W1
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
- Debentures + TRC-W1 only
- Both PP and TRC-W1
9.09%
16.96%
23.33%
7.41%
14.05%
19.58%
9.03%
16.86%
23.20%
7.36%
13.96%
19.46%
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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
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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
Capital Increase & Bond Issuance
Key Financial Highlights
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
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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
Capital Increase & Bond Issuance
Key Financial Highlights
Q&A Session
Agenda
59
60