Analyst Meeting 3Q201214 November 2012
Agenda
›Highlights›Highlights
›Project Highlights›Project Highlights
›Operating Performance›Operating Performance
›Financial Performance›Financial Performance
›Appendix›Appendix
Page 2
Hi hli hHighlights
Highlights
Events :
18 Jan 1218 Jan 12
Increased of Investment in Khao KorWind Farm from 51% to 55.18%.Increased of Investment in Khao KorWind Farm from 51% to 55.18%. COD of Sao Thian-A ProjectCOD of Sao Thian-A Project
26 Jan 1226 Jan 12
Invested in KK Power Co., Ltd. Invested in KK Power Co., Ltd.
17 Feb 1217 Feb 12
Invested in Flared Gas Quality Improvement ProjectInvested in Flared Gas Quality Improvement Project
21 Feb 1221 Feb 12
COD of Korat 3 Solar FarmCOD of Korat 3 Solar Farm
Th E t bli h t fTh E t bli h t f Th E t bli h t f X PiTh E t bli h t f X Pi
28 Feb 1228 Feb 12 9 Mar 129 Mar 12 23 Mar 1223 Mar 12 14 May 1214 May 12
Invested in Songkhla Biofuel Co., Ltd. Invested in Songkhla Biofuel Co., Ltd. The Establishment of RATCH O&M Co., Ltd. The Establishment of RATCH O&M Co., Ltd.
The Establishment of Xe-PianXe-Namnoy Power Co., Ltd. The Establishment of Xe-PianXe-Namnoy Power Co., Ltd. COD of Korat 4 Solar FarmCOD of Korat 4 Solar Farm
HighlightsProject Highlights Operating Performance Financial Performance Appendix Page 4
Highlights
Events :
COD of Korat 7 Solar FarmCOD of Korat 7 Solar FarmIncreased of Investment In RAC from 56.16% to 80%Increased of Investment In RAC from 56.16% to 80%
Sold 14 %Stakes of Loy Yang ASold 14 %Stakes of Loy Yang AIncreased of registered capital of RATCH – Lao Services Co.,Ltdto purchase additional ordinary shares of EDL-Gen making Company’s stake to 10.108%
Increased of registered capital of RATCH – Lao Services Co.,Ltdto purchase additional ordinary shares of EDL-Gen making Company’s stake to 10.108%
Signed PPA of SongkhlaBiomass Power Plant ProjectSigned PPA of SongkhlaBiomass Power Plant Project
30 May 1230 May 12 29 June 1229 June 12 13 July 1213 July 12 18 July 1218 July 12
COD of Solarta Project (Sai PrapaProject, Sai Tatong Project)COD of Solarta Project (Sai PrapaProject, Sai Tatong Project)
Termination on CollinsvillePower Plant PPATermination on CollinsvillePower Plant PPA
COD of Solarta Project (Sai Thong Project, Sai Yai Project, Sai Saphan(1) Project, Sai Yoi Project)
COD of Solarta Project (Sai Thong Project, Sai Yai Project, Sai Saphan(1) Project, Sai Yoi Project)
Signed PPA of SPP Cogeneration Project of Nava Nakorn Electricity Generating Co., Ltd
Signed PPA of SPP Cogeneration Project of Nava Nakorn Electricity Generating Co., Ltd
July 2012July 2012 14 Aug 1214 Aug 12 August 2012August 201220 Aug 1220 Aug 12
19 Oct1219 Oct12
Signed CA of Xe-Pian Xe-NamnoyHydroelectric Power Plant ProjectSigned CA of Xe-Pian Xe-NamnoyHydroelectric Power Plant Project
HighlightsProject Highlights Operating Performance Financial Performance Appendix Page 5
19 Oct1219 Oct12
Highlights
59%+ 59%
+ 63%
HighlightsProject Highlights Operating Performance Financial Performance Appendix Page 6
P j Hi hli hProject Highlights
Overview of RATCH projects
In OperationCompany Effective RATCH’s Capacity
Under ConstructionCompany Effective RATCH’s CapacityCo pa y Effective
ShareholdingRATCH s Capacity Stake (MW)
Thailand
RATCHGEN 100.00% 3,645
TECO 50.00% 350
Co pa y Effective Shareholding
RATCH s Capacity Stake (MW)
Thailand
Huay Bong 2 20.00% 20.70
Laos
RPCL 25.00% 350
Pratu Tao-A + Expansion 100.00% 2.65
Sao Thian-A 100.00% 3.60
Solarta 49 00% 16 78
Hongsa 40.00% 751.20
771.90
U d D l tSolarta 49.00% 16.78
Solar Power 40.00% 7.20
Huay Bong 3 20.00% 20.70
Laos
Under DevelopmentCompany Effective
ShareholdingRATCH’s Capacity Stake (MW)
Thailand
NN2 25.00% 153.75
EDL-Generation 10.108% 89.05
Australia
RAC 80.00% 653.52
Khao Kor 55.18% 33.11
Songkhla Biomass 40.00% 3.96
RW Cogen #1 -2 40.00% 84.00
NNEG 40.00% 48.80
5,292.25 Laos
Xe Pian 25.00% 102.50
272.37Total Committed Capacity by 2018 : 6,336.52 MW
HighlightsProject Highlights
Operating Performance Financial Performance Appendix Page 8
O i P fOperating Performance
RATCHGEN Operation PerformanceDispatch Factor 3Q11 & 3Q12 Equivalent Availability Factor 3Q11 & 3Q12Unit: % Unit: %
45.2349.32
74.80 75.9480.12
72.53
79.67
76.45 75.63 99.2976.67
79.81 94.67100.00100.00 87.54 97.98 95.95
TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3
37.95
2.73TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3
Dispatch Factor 9M11 & 9M12 Equivalent Availability Factor 9M11 & 9M12
TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 33Q11 3Q12
3Q11 3Q12
Unit: % Unit: %
36.53
62.86
70.04 63.76
37.56
68.6273.45 74.03
91.79
99.76
91.79
92.68 77.9992.45
99.3994.40 96.92
93.42
TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3
26.4418.87
9M11 9M12
Highlights Project HighlightsOperating Performance
Financial Performance Appendix Page 10
9M11 9M12TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# 3
9M11 9M12
Fi i l P fFinancial Performance
Statements of Comprehensive IncomeUnit : in Million Baht 3Q12 2Q12 1Q12 4Q11 3Q11
Revenues 13,970.28 17,354.99 12,014.87 10,622.74 14,285.17
Cost & Expenses (10,587.87) (13,780.46) (9,117.64) (8,315.88) (11,220.77)
Gross Profit 3,382.41 3,574.53 2,897.23 2,306.86 3,064.40
Share of profit of jointly-controlled entities and associates included gain (loss) on exchange rate
372.04 255.82 106.01 63.95 459.00
EBITDA 3,754.45 3,830.35 3,003.24 2,370.81 3,523.40
Gain (Loss) on exchange rate of subsidiaries 30.73 (245.28) 446.18 121.65 (119.51)
EBITDA i l d d i (l ) f i t d 3 785 18 3 585 07 3 449 42 2 492 46 3 403 89EBITDA included gain (loss) from associated 3,785.18 3,585.07 3,449.42 2,492.46 3,403.89
Gain on disposal of long-term investment - 783.68 - - -
Gain on termination of power purchase agreement - 1,069.44 - - -
Depreciation & Amortisation (864.96) (1,028.49) (1,046.18) (945.98) (1,027.29)
EBIT 2,920.22 4,409.70 2,403.24 1,546.48 2,376.60
Finance costs (573.47) (619.19) (645.77) (898.07) (643.82)
Income tax expense (371.94) (134.25) (230.60) (178.76) (553.41)
Profit for the period 1,974.81 3,656.26 1,526.87 469.66 1,179.37
Non-controlling interests (27.88) 359.32 (48.52) (62.00) (50.47)
Highlights Project Highlights Operating PerformanceFinancial Performance
Appendix Page 12
Profit for the period: Equity holders of the Company 2,002.69 3,296.94 1,575.39 531.66 1,229.84
Statements of Comprehensive IncomeUnit : in Million Baht 3Q12 3Q11 Diff % 9M12 9M11 Diff %
Revenues 13,970.28 14,285.17 (314.89) (2.20) 43,340.14 33,770.23 9,569.91 28.34
Cost & Expenses (10,587.87) (11,220.77) 632.90 (5.64) (33,485.97) (25,566.70) (7,919.27) 30.97
Gross Profit 3,382.41 3,064.40 318.01 10.38 9,854.17 8,203.53 1,650.64 20.12
Share of profit of jointly-controlled entities and associates included gain (l ) h t
372.04 459.00 (86.96) (18.95) 733.87 1,269.15 (535.28) (42.18)
(loss) on exchange rate
EBITDA 3,754.45 3,523.40 231.05 6.56 10,588.04 9,472.68 1,115.36 11.77
Gain (Loss) on exchange rate of subsidiaries 30.73 (119.51) 150.24 (125.71) 231.63 (157.00) 388.63 (247.53)
EBITDA included gain (loss) from associated 3,785.18 3,403.89 381.29 11.20 10,819.67 9,315.68 1,503.99 16.14
Gain on disposal of long-term investment - - - - 783.68 - 783.68 n.a.
Gain on termination of power 1 069 44 1 069 44 n appurchase agreement - - - - 1,069.44 - 1,069.44 n.a.
Depreciation & Amortisation (864.96) (1,027.29) 162.33 (15.80) (2,939.63) (2,420.33) (519.30) 0.21
EBIT 2,920.22 2,376.60 543.62 22.87 9,733.16 6,895.35 2,837.81 0.41
Finance costs (573 47) (643 82) 70 35 (10 93) (1 838 43) (956 16) (882 27) 0 92Finance costs (573.47) (643.82) 70.35 (10.93) (1,838.43) (956.16) (882.27) 0.92
Income tax expense (371.94) (553.41) 181.47 (32.79) (736.79) (1,674.40) 937.61 (56.00)
Profit for the period 1,974.81 1,179.37 795.44 67.45 7,157.94 4,264.79 2,893.15 67.84
Non-controlling interests (27.88) (50.47) 22.59 (44.76) 282.92 (52.91) 335.83 (634.73)
Highlights Project Highlights Operating PerformanceFinancial Performance
Appendix Page 13
Profit for the period: Equity holders of the Company 2,002.69 1,229.84 772.85 62.84 6,875.02 4,317.70 2,557.32 59.23
Statements of Financial PositionUnit : in Million Baht 9M12 Dec 11 Diff %Assets
Current Assets 21,961.99 19,131.67 2,830.32 14.79
Investment in Jointly-controlled entities/Associates 13,883.63 13,387.53 496.10 3.71
Property, plant & equipments 47,122.85 50,148.22 (3,025.37) (6.03)
14 749 92 14 674 42 75 50 0 51Others Assets 14,749.92 14,674.42 75.50 0.51
Total Assets 97,718.39 97,341.84 376.55 0.39
Liabilities
L f Fi i l I tit ti & D b t 34 489 42 39 321 47 (4 832 05) (12 29)Loans from Financial Institutions & Debentures 34,489.42 39,321.47 (4,832.05) (12.29)
Other Liabilities 10,561.40 9,535.89 1,025.51 10.75
Total Liabilities 45,050.82 48,857.36 (3,806.54) (7.79)
E itEquity
Issued and paid-up share capital 16,031.78 16,031.78 - -
Other components of equity 59.07 (225.25) 284.32 126.22
R t i d i 35 732 82 32 120 30 3 612 52 11 25Retained earnings 35,732.82 32,120.30 3,612.52 11.25
Total equity attributable to owners of the Company 51,823.67 47,926.83 3,896.84 8.13
Non-controlling interests 843.90 557.65 286.25 51.33
Total Equity 52 667 57 48 484 48 4 183 09 8 63
Highlights Project Highlights Operating PerformanceFinancial Performance
Appendix Page 14
Total Equity 52,667.57 48,484.48 4,183.09 8.63
Total Liabilities & Equity 97,718.39 97,341.84 376.55 0.39
Financial Ratios
1.85
1 66 1.701.80
2.00
14.9116 00
20.00
1.49
1.34
1.66
1.40
1.60
10.24 10.2411.01
13.3114.91
8.00
12.00
16.00
1.00
1.20
3Q11 4Q11 1Q12 2Q12 3Q12
Current Ratio (times)
4.003Q11 4Q11 1Q12 2Q12 3Q12
ROE (%)
2.27
2 00
2.4035.36
35.7436.00
0.851.09
1.38
0.80
1.20
1.60
2.00
32 7833.05
33.2334.00
35.00
0.37
0.00
0.40
3Q11 4Q11 1Q12 2Q12 3Q12
EPS (Baht per share)
32.78
32.00
33.00
3Q11 4Q11 1Q12 2Q12 3Q12
Book Value (Baht per share)
Highlights Project Highlights Operating PerformanceFinancial Performance
Appendix Page 15
EPS (Baht per share) Book Value (Baht per share)
Financial Ratios
0.560.44 0.51
0.450 42
1.60
2.00
1.06 1.01 1.010.92 0.86
0.42
0 40
0.80
1.20
0.00
0.40
3Q11 4Q11 1Q12 2Q12 3Q12
Liabilities/Equity (times) Net Debt/Equity (times)
2 30
3.00 0.30
2.30
1.821.97
1.58 1.57
1 00
1.50
2.00
2.50
0.11
0.14 0.15 0.15 0.13
0 10
0.20
0.00
0.50
1.00
3Q11 4Q11 1Q12 2Q12 3Q12
N t D bt / EBITDA
0.00
0.10
3Q11 4Q11 1Q12 2Q12 3Q12
Highlights Project Highlights Operating PerformanceFinancial Performance
Appendix Page 16
Net Debt / EBITDA EBITDA/Asset (times)
A diAppendixRATCH Company StructureRATCH Company Structure
Power GenerationPower GenerationPower GenerationPower Generation
100 % 100 % 100 % 33 33 % 40% 100 % 40 % 40 % 25% 50%25 %100 % 100 %
Ratchaburi Electricity Generating Company
Ratchaburi Gas Company Limited
Ratch Udom Power Company Limited
SouthEast Asia Energy Limited
Hongsa Power Company Limited
RH International Corporation
Ratchaburi World Cogeneration
100 % 33.33 % 40% 100 % 40 % 40 %
Nava Nakorn Electricity Generation
Xe-Pian Xe-Namnoy Power Company
25%3,645 MW 751.2 MW 84 MW 48.8 MW 102.5 MW
50%
KK Power Company Limited
25 %
Nam Ngum 3Power Co LtdGenerating Company
LimitedCompany Limited Company Limited Energy Limited Company Limited Corporation
LimitedCogeneration
Company LimitedGeneration
Company Limited50% 100% 75%
100 %
Power Company Limited
350 MW 153.75 MW3,645 MW.
1,878 MW.210 MW. 410 MW.122 MW.
Company LimitedPower Co., Ltd
Ratchaburi Alliances Company Limited
Tri Energy Company Limited
Nam Ngum 2 Power Company Limited RH International
(Mauritius)Corporation Limited25%
100 %350 MW
700 MW. 615 MW.
Ratchaburi Power Company Limited
RH International (Singapore)
Corporation Pte. Limited
80 %
653.52 MW
1,400 MW.4.307%
5.801%
89.05 MW
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 18
RATCH-LAO Services Company Limited
EDL-Generation Public Company
RATCH – Australia Corporation Limited
816.9 MW.881 MW.
Renewable EnergyRenewable Energygygy
100 % 49 % 40 % 40 % 40 % 20 % 20 % 40 %16.78 MW 2.4 MW 2.4 MW 2.4 MW 20.7 MW 20.7 MW 3.96MW
Ratchaburi Energy Company Limited
Solarta Company Limited
Solar Power (Korat 3) Company Limited
Solar Power (Korat 4) Company Limited
Solar Power (Korat 7) Company Limited
K.R. Two Co., Ltd First Korat Co., Ltd Songkhla Biomass Company Limited
55 18 %34.25 MW. 6 MW. 6 MW. 6 MW.
103.50 MW. 103.50 MW.9.9 MW.
Sustainable Energy Corporation Company Limited
Khao Kor Wind Power Company Limited
55.18 %
100 % 33.11MW
R l t d B iR l t d B i
60 MW.
Related BusinessRelated Business
50 % 100 % 10 % 37.5 % 40% 100%100 %
Phu Fai Mining Company Limited
Songkhla Biofuel RATCH O&M Chubu Ratchaburi Electric RATCH-LAO Services EGAT Diamond ServiceRatchaburi Energy Sukhothai Energy
51%
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 19
gCompany Limited Company LimitedServices Company Limited Company Limited Company Limited
gyCompany Limited
Sukhothai Energy Company Limited
Portfolio by core business and locations Power GenerationI Renewable EnergyII Related BusinessIII
End of 2012 I IIU it MW
LocationPower Generation Renewable Energy
Grand Total Gas Coal Hydro Capital
Investment Wind Solar
Thailand 4,351.25 - - 20.70 23.98 4,395.93
End of 2012 Unit : MW
653.52
Total Committed Capacity by 2018 = 6,336.52 MW
Unit : MW
, ,
Laos - - 153.75 89.05 - - 242.80
Australia 455.52 144.00 - - 54.00 - 653.52
Total 4,806.77 144.00 153.75 89.05 74.70 23.98 5,292.25 4,586.5073%
1,096.5017%
10%
LocationPower Generation Renewable Energy
Grand Total Gas Coal Hydro Wind Biomass
Project from 2013 to 2018I II
Unit : MW
73%
(SPP) Coal Hydro Wind Biomass
Thailand 132.80 - - 53.81 3.96 190.57
Laos - 751.20 102.50 - - 853.70
Total 132.80 751.20 102.50 53.81 3.96 1,044.27
Thailand Laos Australia
Related BusinessIII
• RATCH-LAO Services Co., Ltd• Chubu Ratchaburi Electric Services Co., Ltd
Sukhothai Energy Co., Ltd EGAT Diamond Service Co., Ltd • Phu Fai Mining Co., Ltd• Songkhla Biofuel Co., Ltd
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 20
• RATCH O&M Co., Ltd
Operations and maintenance Service of flared gas quality improvement Gas turbine maintenance Fuel Supply
Portfolio by Type of FuelTotal Committed Capacity by 2018 = 6,336.52 MW
895 20256.254 04%
Unit : MW
895.2014.13%
4.04%89.051.41%
128.51
23.980.38%
3 96156.45
4,939.5777.95%
128.512.03% 3.96
0.06%2.47%
Gas Coal Hydro Capital Investment Wind Solar Biomass
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 21
Gas Coal Hydro Capital Investment Wind Solar Biomass
A diAppendixOperating PerformanceOperating Performance
RATCHGEN Operating Performance
By Type of Power Plant 3Q12 3Q11 9M12 9M11
Total Net Generation (GWh) 3,856.13 4,217.79 11,529.55 10,394.53
Net Generation (TP#1-2) (GWh) 646.73 1,322.35 2,531.88 2,864.26
- By Gas (GWh) 637.73 1,009.41 1,833.26 2,394.96
- By Heavy Oil (GWh) 9.00 312.95 698.62 469.30
Net Generation (CCGT#1-3) (GWh) 3,209.40 2,895.44 8,997.67 7,530.27
- By Gas (GWh) 3,209.40 2,895.44 8,964.10 7,530.27y ( ) , , , ,
- By Diesel (GWh) - - 33.57 -
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 23
RATCHGEN Operating Performance
By Fuel 3Q12 3Q11 9M12 9M11
Fuel Consumption (TH#1-2)
- Gas Million MMBTU 6.68 10.02 18.90 23.98Gas Million MMBTU 6.68 10.02 18.90 23.98
- Heavy Oil Million Liters 174.11 77.05 174.11 115.83
Fuel Consumption (CCGT#1-3)
- Gas Million MMBTU 23.19 20.83 64.85 54.45
- Diesel Million Liters 0.10 0.19 8.73 0.21
Gas Price (Average) Baht/MMBTU 308.18 262.80 302.00 249.81Gas Price (Average) Baht/MMBTU 308.18 262.80 302.00 249.81
Heavy Oil Price (Average) Baht/Liter 21.51 21.47 23.50 21.51
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 24
Diesel Oil Price (Average) Baht/Liter 25.62 20.40 21.31 20.40
Planned Outage at Ratchaburi Power Plant in 2011Actual OutagePAGE 25
Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec
RG CCST-10
CCGT-11
CCGT-12MI
3 28MI
14 28CI
14 28CI
RG CCST-20
CCGT-21
CCGT-22
RG CCST-30
MI
CI7CI
MI20 4
13 8
30 8
30 8
CCGT-31
CCGT-32
RG Thermal-1
Thermal-2
MI
MI
MI20 23
10 23
11 27
6 15
TECO CCST-10
CCGT-11
CCGT-12
RPCL CCST-10
22 4Force Outage
22Force Outage
6
13MI
MI6
CCGT-11
CCGT-12
RPCL CCST-20
CCGT-21 CI123
13
13
7MI
11MI
CCGT-22
Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days
Gas Turbine
Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul
Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)
CI123
26 Days 32 Days 15 Days 30 Days 52 Days
Steam Turbine
Warranty Inspection (WI) Minor Inspection Major Overhaul
Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)
26 Days 30 Days 26 Days 49 Days
Planned Outage at Ratchaburi Power Plant in 2012Planned Outage PAGE 26
Actual Outage
Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec
RG CCST-10
CCGT-11
CCGT-12
MO23 13
23 13
RG CCST-20
CCGT-21
CCGT-22
RG CCST-30
14 9CI
14 9CI
CCGT-31
CCGT-32
RG Thermal-1
Thermal-2
1 15
1 15CI 1 10
1 10CI
1 24ID Fan
TECO CCST-10
CCGT-11
CCGT-12
RPCL CCST-10
1 30
1 30
1 30
231
231
231
CCGT-11
CCGT-12
RPCL CCST-20
CCGT-21
CI19 28
CI19 28
MI 3
3
26
26
3 26
3 26MI
CCGT-22
Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days
Gas Turbine
Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul
Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)
3 263 26MI
( ) ( ) ( ) ( ) ( )
26 Days 32 Days 15 Days 30 Days 52 Days
Steam Turbine
Warranty Inspection (WI) Minor Inspection Major Overhaul
Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)
26 Days 30 Days 26 Days 49 Days
Planned Outage at Ratchaburi Power Plant in 2013Planned Outage PAGE 27
Actual Outage
Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec
RG CCST-10
CCGT-11
CCGT-12
20 4CI (15D)
20 4CI (15D)
MI(26D)9 4
RG CCST-20
CCGT-21
CCGT-22
RG CCST-30
11 5MI(26D)
MO (52D)15 5
MO (52D)15 5
2 27MI (26D)
CCGT-31
CCGT-32
RG Thermal-1
Thermal-27 1
MO (57D)
MO (57D)3
29
27
13 27CI (15D)
13 27CI (15D)
TECO CCST-10
CCGT-11
CCGT-12
RPCL CCST-10
CI (9D)15 23
CI (35D)12 15
4 10MO (37D)
CCGT-11
CCGT-12
RPCL CCST-20
CCGT-213 14
CI (12D)
3 14CI (12D)
4 10MO (37D)
4 10MO (37D)
CCGT-22
Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days
Gas Turbine
Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul
Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)
3 14CI (12D)
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
A diAppendixFinancial PerformanceFinancial Performance
Revenues
Unit : in Million Baht 3Q12 3Q11 Diff % 9M12 9M11 Diff %
Net Sales 13,549.84 13,987.93 (438.09) (3.13) 42,356.39 33,108.25 9,248.14 27.93et Sa es 3,5 9 8 3,98 93 ( 38 09) (3 3) ,356 39 33, 08 5 9, 8 93
AP - RG 3,449.51 3,027.67 421.84 13.93 9,645.93 9,628.83 17.10 0.18
- RAC 561.67 847.91 (286.24) (33.76) 2,250.53 847.91 1,402.62 165.42
EP (Fuel) - RG 9,268.51 9,799.74 (531.23) (5.42) 29,714.54 22,163.63 7,550.91 34.07
- RAC 157.11 214.75 (57.64) (26.84) 416.82 214.75 202.07 94.10
- Flared Gas 21.74 13.30 8.44 63.46 78.27 37.95 40.32 106.25
- VOM 91.30 84.56 6.74 7.97 250.30 215.18 35.12 16.32
Revenue from Rendering of services 44.61 28.75 15.86 55.17 103.84 86.25 17.59 20.39
Management service income 57.72 48.90 8.82 18.04 158.67 135.49 23.18 17.11
Share of profit from jointly-controlled entities 372.04 459.00 (86.96) (18.95) 733.88 1,269.15 (535.27) (42.18)
Interest Income 182.94 198.65 (15.71) (7.91) 413.90 350.22 63.68 18.18
Dividend Income 82.43 - 82.43 n.a. 188.31 - 188.31 n.a.
Other Incomes 52.74 20.94 31.80 151.86 119.03 90.01 29.02 32.24
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 29
Total Revenues 14,342.32 14,744.17 (401.85) (2.73) 44,074.02 35,039.37 9,034.65 25.78
Share of profit from jointly-controlled entities
Unit : in Million Baht 3Q12 3Q11 Diff % 9M12 9M11 Diff %
TECO 140.54 50.25 90.29 179.68 (17.06) 301.44 (318.50) (105.66)( ) ( ) ( )
RPCL 350.34 238.01 112.33 47.20 754.55 587.44 167.11 28.45
SEAN 88.99 172.45 (83.46) (48.40) 171.16 401.01 (229.85) (57.32)
HPC (239.21) (32.21) (207.00) (642.66) (237.24) (69.88) (167.36) (239.50)
CRESCO 5.39 (4.37) 9.76 223.34 27.39 12.83 14.56 113.48
NAVA (4 71) - (4 71) n a (5 59) (0 02) (5 57) n aNAVA (4.71) - (4.71) n.a. (5.59) (0.02) (5.57) n.a.
SOLARTA 16.68 1.34 15.34 1,144.78 21.43 3.42 18.01 526.61
RW COGEN (1.44) (1.12) (0.32) (28.57) (5.36) (1.67) (3.69) (220.96)
KORAT 3,4,7 13.70 (6.58) 20.28 308.21 21.36 (6.58) 27.94 424.62
FKW (1.11) (0.20) (0.91) (455.00) (8.11) (0.20) (7.91) n.a.
SE (5.68) - (5.68) n.a. (5.68) - (5.68) n.a.
KWINANA 8.86 41.50 (32.64) (78.65) 20.98 41.50 (20.52) (49.45)
Others (0.31) (0.07) (0.24) n.a. (3.95) (0.14) (3.81) n.a.
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 30
Total Share of profit from jointly-controlled entities 372.04 459.00 (86.96) (18.95) 733.88 1,269.15 (535.27) (42.18)
Cost and Expenses
Unit : in Million Baht 3Q12 3Q11 Diff % 9M12 9M11 Diff %
Cost of Sale and rendering of services 10,265.46 10,860.09 (594.63) (5.48) 32,497.37 24,572.46 7,924.91 32.25
− Fuel Cost : RG 9,253.81 9,764.29 (510.48) (5.23) 29,555.97 22,082.77 7,473.20 33.84
− Fuel Cost : RAC 20.59 76.93 (56.34) (73.24) 57.72 76.93 (19.21) (24.97)
− Fuel Cost : Flared Gas 2.78 1.93 0.85 44.04 10.44 2.49 7.95 319.28
− VOM Cost 70.16 82.35 (12.19) (14.80) 223.96 200.57 23.39 11.66
− Operation & Maintenance 429.91 471.37 (41.46) (8.80) 1,354.44 1,061.56 292.88 27.59
− Repairing Expense (CSA) 216.75 188.05 28.70 15.26 602.43 563.31 39.12 6.94
− Spare parts 135.62 127.67 7.95 6.23 281.20 247.61 33.59 13.57
− Insurance Premium 70.20 65.07 5.13 7.88 225.27 151.37 73.90 48.82
− Standby Charge 45.66 41.51 4.15 10.00 124.83 112.68 12.15 10.78
− Operating & Maintenance: Flare Gas 10.41 4.07 6.34 155.77 28.31 13.36 14.95 111.90p g
− Others 9.57 36.85 (27.28) (74.03) 32.80 59.81 (27.01) (45.16)
Selling and Admin- Expenses 346.09 379.95 (33.86) (8.91) 1,057.91 969.00 88.91 9.18
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 31
Total Cost and Expenses 10,611.55 11,240.04 (628.49) (5.59) 33,555.28 25,541.46 8,013.82 31.38
Gain (Loss) From Foreign Exchange Rate
Unit : in Million Baht 3Q12 3Q11 9M12 9M11
Th C d S b idi i 30 73 (119 51) 231 63 (157 00)The Company and Subsidiaries 30.73 (119.51) 231.63 (157.00)
- RH (4.38) (326.50) 21.58 (215.27)
- RE / RG 2.34 (5.29) (5.25) (3.36)( ) ( ) ( )
- RL (27.60) 28.48 3.03 28.79
- RH Inter 60.37 183.80 212.27 32.84
Jointly-controlled entities and Associates (75.90) (8.16) (5.12) (66.04)
- RPCL (25%) 69.41 (28.28) 65.25 (75.59)
- SEAN (33.33%) 51.08 (15.45) 47.69 (45.02)( ) ( ) ( )
- HPC (40%) (198.08) 33.77 (122.61) 55.03
- TECO (50%) 0.93 0.67 1.36 (4.21)
- CRESCO (50%) 0 76 1 13 3 19 3 75- CRESCO (50%) 0.76 1.13 3.19 3.75
Gain (Loss) from Foreign Exchange Rate (45.17) (127.67) 226.51 (223.04)
Foreign Exchange Rate
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 32
Foreign Exchange Rate
as at September 30, 2012 = 30.9664 Baht/USD as at September 30, 2011 = 31.3072 Baht/USD as at December 31, 2011 = 31.8319 Baht/USD
A diAppendixProspectProspect
Prospect
Myanmar – Dawei Power Plant Project Myanmar – Dawei Power Plant Project
RATCH signed MOU with ITALIAN-THAI Development Co., Ltd. (ITD) which was awarded
to develop the Dawei Power Plant Project in Myanmar. RATCH and ITD now have ongoing
feasibility studies in 4,000 MW power plant development to supply electricity in Dawei
industrial estate.
Cambodia – Koh Kong ProjectCambodia – Koh Kong Project
RATCH has purchased 50 percent stake of total shares issued of KK Power Co., Ltd.
which was granted by the government of Cambodia the right of developing and operating g y g g p g p g
the 1,800 MW coal-fired power plant in Cambodia.
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 34
A diAppendixRATCH ProjectsRATCH Projects
Power Generation
IPP in Thailand
Ratchaburi Power Plant (RATCHGEN)
Location Ratchaburi Province
Technology Thermal & Combined Cycle
T t l C it 3 645 MW (h ld 100%)
Tri Energy Power Plant (TECO)
Location Ratchaburi Province
Technology Combined Cycle
Total Capacit 700 MW (350 MW h ld 50 %)
Ratchaburi Power Power Plant (RPCL)
Location Ratchaburi Province
Technology Combined Cycle
Total Capacit 1 400 MW (350 MW h ld 50 %)Total Capacity 3,645 MW (holds 100%)
PPA 25-Year
COD • TH#1-2 : 31 Oct 2000
• CCGT #1-2 : 18 Apr 2002
• CCGT#3 : 1 Nov 2002
Total Capacity 700 MW (350 MW holds 50 %)
PPA 20-Year
COD In 2000
Partner Chevron Thailand Energy Company I holds 50 %
Total Capacity 1,400 MW (350 MW holds 50 %)
PPA 25-Year
COD In 2008
Partner • Ratchaburi Alliances Company Limited holds 25%• CCGT#3 : 1 Nov 2002
Partner RG holds 100%
p y % %• Power Assets holds 25%• Chubu Electric Power
Company International B.V. holds 15%
• PTT PCL holds 15%• Union Energy Company Limited
holds 10%holds 10%• Toyota Tsusho Corporation
holds 10%
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 36
Power Generation
IPP in Laos
Num Ngum 2 Hydroelectric Power Plant (NN2)
Location Lao PDRocat o
Technology Hydro Power Plant
Total Capacity 615 MW (153.76 MW holds 25%)
PPA 27-Year
IOD / COD In 2011 / In 2013
Remark: SEAN's shareholder consist of • RATCH holds 33.33% • Bangkok Expressway PCL holds 16.67%• CH Karnchang holds 38%IOD / COD In 2011 / In 2013
Partner • SEAN* holds 75%• GOL holds 25%
• CH. Karnchang holds 38%• P.T. Construction & Irrigation 5.33%• Shlapak Development Company holds 5.33%• Team Consulting Engineering and Management 1.34%
SPP in Thailand
Huay Bong 3 Wind-Turbine Power Project
Location Nakorn Ratchasima Province
Technology Wind-Turbine
Total Capacity 103.5 MW (20.7 MW holds 20%)
PPA SPP Non-Firm 5-Year
COD November 2012
Project Cost THB 6,500 Million
Debt to Equity 70 : 30
Partner • RATCH holds 20%
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 37
• Aeolus Power holds 60%• Chubu Electric Power Korat, BV holds 20%
Power Generation
VSPP in Thailand
Pratu Tao-A & Pratu Tao-A (Expansion) Sao Thian-A Project
Location Sukhothai Province
Technology Gas Engine
Total Capacity 2.65 MW (holds 100%)
PPA 5-Year (Automatic Renewal)
Location Sukhothai Province
Technology Gas Engine
Total Capacity 3.6 MW (holds 100%)
PPA 5-Year (Automatic Renewal)
COD In 2007 / 2010
Partner RE holds 100%
COD In 2012
Partner RE holds 100%
Solar Power Project (Korat 3, Korat 4, Korat 7)
Location Nakorn Ratchasima Province
Technology Solar Power
Solarta Power Project
Location Ayutthaya Province
Technology Solar Power Generation
Total Capacity 18 MW (7.2 MW holds 40%)
PPA 5-Year (Automatic Renewal)
COD • Korat 3: 9 March 2012
• Korat 4: 14 May 2012
Total Capacity 34.25MW (16.78 MW holds 49%)
PPA 5-Year (Automatic Renewal)
COD • Ayutthaya Province : 7 April 2011
• Suphan Buri Province : In 2012y
• Korat 7: 30 May 2012
Partner • RATCH holds 40%• Solar Power holds 60%
• Nakon Pathom Province : In 2012
Partner • RATCH holds 49%• Yanhee Power holds 51%
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 38
Power Generation
Power Plant in Australia : Gas
Townsville
Location North Queensland
Technology Combined Cycle Gas Turbine
Total Capacity 234 MW (187.20 MW holds 80%)
Kemerton
Location Western Australia
Technology Open Cycle Gas / Diesel Turbine
Total Capacity 300 MW (240 MW holds 80%)
BP Kwinana
Location Western Australia
Technology Co-generation
Total Capacity 35 MW (28.32 MW holds 80%)
All output sold under a 20 year PPA to AGL / Arrow, expiring in 2025
All capacity sold under a 25 Year PPA to Verve Energy, expiring in 2030
Energy and Services Agreement (ESA) with BP and a PPA (power only) with Verve Energy, both expiring in 2021
Power Plant in Australia : Coal
Collinsville
Location Queensland
Technology Black coal fired
Total Capacity 180 MW (144 MW holds 80%)
All output sold under PPA to CS Energy, expiring in 2016
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 39
Power Generation
Power Plant in Australia : Wind
Starfish Hill
Location South Australia
Commissioned In 2003
Toora
Location Victoria
Commissioned In 2002
Windy Hill
Location Queensland
Commissioned In 2000
Total Capacity 34.5 MW (27.60 MW holds 80%)
Contracting Party Merchant
Total Capacity 21 MW (16.80 MW holds 80%)
Contracting Party Energy Australia, expiry datein 2012
Total Capacity 12 MW (9.60 MW holds 80%)
Contracting Party Ergon Energy, expiry datein 2015
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 40
Projects under Construction
IPP in Laos SPP in Thailand
Huay Bong 2 Wind-Turbine Power Project
Location Nakorn Ratchasima ProvinceLocation Nakorn Ratchasima Province
Technology Wind-Turbine
Total Capacity 103.5 MW (20.7 MW holds 20%)
PPA SPP Non-Firm 5-Year
E t d COD 1Q13
Hongsa Thermal Project
Location Lao PDR
Technology Lignite-Fired
Expected COD 1Q13
Project Cost THB 6,100 Million
Debt to Equity 70 : 30
Partner • RATCH holds 20%• Aeolus Power holds 60%Technology Lignite-Fired
Total Capacity 1,878 MW (751.2 MW holds 40%)
PPA 25-Year
Expected COD In 2015
Aeolus Power holds 60%• Chubu Electric Power Korat, BV
holds 20%
Project Cost USD 3,710 Million
Debt to Equity 75 : 25
Partner(Power Plant )
• RATCH holds 40%• Banpu Power holds 40%• Lao PDR holds 20%
Partner(Phu Fai Mining)
• RATCH holds 37.5%• Banpu Power holds 37.5%• Lao PDR holds 25%
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 41
Projects under Development
SPP in Thailand
Khao Kor Wind Farm Project
Location Phetchabun Province
Ratchaburi World Cogeneration (RW Cogen)
Location Ratchaburi Province
Nava Nakhon Electricity Generating (NNEG)
Location Pathum Thani Province
Technology Wind-Turbine
Total Capacity 60 MW (33.11 MW holds 55.18%)
PPA SPP Non-Firm 5-Year
Expected COD In 2013
Technology Cogeneration
Total Capacity 210 MW (84 MW holds 40%)
PPA 25-Year
Expected COD In 2014
Technology Cogeneration
Total Capacity 122 MW (48.80 MW holds 40%)
PPA 25-Year
Expected COD In 2016pected CO 0 3
Project Cost THB 4,100 Million
Debt to Equity 70 : 30
Partner • RE holds 55.18%• Wind Energy holds 34.16%
DEMCO hl d 10 66%
p
Project Cost THB 10,620 Million
Debt to Equity 75 : 25
Partner • RATCH holds 40%• Majoe Sharholder Group of Thai
A i F d PCL h ld 60%
p
Project Cost THB 6,000 Million
Debt to Equity 75 : 25
Partner • RATCH holds 40%• PTT holds 30%
N N k h ld 30%• DEMCO hlods 10.66% Agri Food PCL holds 60% • Nava Nakon holds 30%
VSPP in Thailand
Songkhla Biomass Power Project
IPP in Laos
Xe Pian - Xe Namnoy Project
Location Songkhla Province
Technology Thermal Power Plant
Total Capacity 9.9 MW (3.96 MW holds 40%)
PPA 5 Year (Automatic Renewal)
Location Lao PDR
Technology Hydro Power Plant
Total Capacity 410 MW (102.5 MW holds 25%)
PPA Negotiating PPA with EGATPPA 5-Year (Automatic Renewal)
Expected COD In 2014
Project Cost THB 820 Million
Debt to Equity 75 : 25
Partner RATCH holds 40%
PPA Negotiating PPA with EGAT
Expected COD In 2018
Project Cost USD 830 Million
Debt to Equity 70 :30
Partner RATCH holds 25%
Highlights Project Highlights Operating Performance Financial PerformanceAppendix
Page 42
Partner • RATCH holds 40%• Precise Power Producer holds 40%• Assiddeek Saving Cooperative holds
20%
Partner • RATCH holds 25%• SK Engineering holds 26%• Korea Western Power holds 25%• Lao PDR holds 24%
Q&AQ&A
Thank youThank you
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 containedy y p j , , q g g
in this presentation for any purpose.
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