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Company PresentationTTW Public Company LimitedInvestor Meeting / Q4’2018 & 2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Disclaimer

This presentation includes some forward-looking statements relevant to future events such as plans, business strategies, expectations etc.. Thus, actual situations may differ from what is projected in this presentation due to unexpected environment which might be better or worse than anticipated. Investors or material users should be meticulous on any herein information.

This presentation, which is prepared by the company, is only used for investment information. Also, the information included in this forward-looking statement may be changed by TTW Public Company Limited without notice and then the company does not take any duty to update any relevant information.

2

Agenda

Company Overview

Growth and Strategy Direction

Operating and Financial Performance

3To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Company Overview – Our Business


Produces and Distributes Tap water

Operates Waste water Tap water and Investment in

Other business

Company Overview – Shareholder Structure

Pathum Thani Water Company LimitedProduces and distributes tap water

1,200 mil.Bt. Registered Capital* 2% is owned by PWA

CK Power Public Company LimitedPower Holding company

9,240 mil.Bt.Registered Capital

Thai Water Operations Company LimitedOperates tap water and waste water

treatment systems 60 mil.BtRegistered Capital

MITSUI 26% BEM 19.3%CK 19.4% Free Floated 35.3%

PTW 98%*

TWO68%

CKP 25.31%

32%


As of Dec 28, 2018

Company Overview – Current Project


Developer TTW PTW TTWProject Tap water Supply Tap water Supply Tap Water & Waste Water Management

Contract Type BOO BOT Rights (Operating Lease)Contract Period 2004 – 2034 (30 yrs.) 1998 – 2023 (25 yrs.) 2009 – 2039 (30 yrs.)Business Model Whole sale to PWA Whole sale to PWA Retailers

Investment Scheme Production, Transmission and Distribution Production and Transmission N/ADistribution Area West Bangkok North Bangkok BIE

Max. Capacity *540,000 m3/day 488,000 m3/day TW: 48,000 m3/day, WW: 18,000 m3/day

Pathum Thani Water Treatment Plant Bangpa-in Industrial EstateBanglen Water Treatment Plant

*Max. Cap. 440,000 m3/Day

Krathumban Water Treatment Plant

*Max. Cap. 100,000 m3/Day

Nakhon Pathom (TTW)

Samut Sakhon(Krathumban)

Bangkok

Company Overview - Location


Pathum Thani

(PTW)

Ayutthaya

(BIE)Pathum Thani WaterTreatment Plant

(PTW)

Bangpa-in Industrial Estate

(BIE)

TTW Water Treatment Plant (Banglen)

KrathumbanWater Treatment Plant

(Krathumban)

Amata City Industrial Estate(Chonburi, Rayong)

3 Companies 5 Locations in Water Business

1 Company in Energy Business

TTW Plc. PTW Co.,Ltd. TWO Co.,Ltd.

CK Power Plc. (Holding Company)

Company Overview – Service Area


Service Area in Samut Sakhon – Nakhon Pathom Service Area in Pathum Thani - Rangsit

13 km

14 km

7 km

11 km

7 km

8 km

7 km

Banglen Water Treatment PlantMax. Capacity : 440,000 m3/dayReservoir : 30,000 m3

Krathumban Water Treatment PlantMax. Capacity : 100,000 m3/day(Can expand the capacity to 400,000 m3/day)Reservoir : 45,000 m3

Nakhon Chai Sri District

Samphran District

Buddha Monthon District

Buddha MonthonDistrict

Krathumban District

Muang Samut Sakhon District

Sam Khok District

MuangDistrict

khlong Luang District

Thanyaburi District

Lam Luk Ka District

Phra Nakhon Sri Ayutthaya(Some Area)

Lad Loom Kaew District

Mahachai Distribution StationReservoir : 30,000 m3

Avr. Daily Volume : 156,000 m3/day

Pipe Line

Distribution Station

Booster Pumping Station

Water Treatment Plant

Khlong Yong Booster Pumping Station

Reservoir : 36,000 m3

17 km

Pathum ThaniDistribution Station


Max. Distribution : 80,000 m3/day

Muang akeDistribution StationReservoir : 10,000 m3


Thammasat Distribution StationReservoir : 30,000 m3


Pathum Thani Water Treatment PlantMax. Capacity : 488,000 m3/dayReservoir : 7,000 m3

Buddha MonthonDistribution Station


Avr. Daily Volume : 244,000 m3/day

Rangsit Distribution StationReservoir : 30,000 m3


Booster Pumping Station

45

39

16

Samut Sakhon – Nakhon Pathom (%)

Industry Household Commercial

Company Overview – Portion of Water Users


22

61

18

Pathum Thani - Rangsit (%)

Industry Household Commercial

Top Users / Portion of Water Users : As of Dec 2018

Serving over500,000 Water Users

or Millions of Lives

• Thai Union Group• Pataya Food Industries• Pakfood• Unicord• Better Foods

etc.

• Nadee Municipality (Waterworks)• Mahidol University• Samut Sakhon Hospital• etc.

• Klongluang Utilities• Greensport• Thainamthip Manufacturing• Elec & Eltek (Thailand)• NEO Factory • etc.

• Future Park Rangsit• Rangsit University• Asian Institute of Technology• NSTDA• Bangkok University

etc.

• Lumpini Township Condominium Rangsit-Klong 1

• Plum Condo Paholyothin 89etc.

440,000

100,000

488,000

86,40043,200 37,200 36,000 30,000 28,000

0

100,000

200,000

300,000

400,000

500,000

600,000

TTW TTW 2nd Plant

PTW UU BW CW ET IWR REQ

Capacity of Private Tap Water Companies

Company Overview – The Leading Position of Water Business in Thailand

m3/day 1,028,000 m3/dayUU Universal Utilities Company Limited (Subsidiary of East

Water Group)BW Bangpakong Water SupplyCW Chachoengsao Water SupplyET EGCOM TARAIWR Industrial Water Resource ManagementREQ R.E.Q Water Service

Source : PWA 2018

400,000


Krathumban Water Treatment Plant can expand the capacity to 400,000 m3/day

2nd

Company Overview - Water Production Procedures


Tha Chin River(Nakhon Pathom Province)

Chao Phraya River(Pathum Thani Province)

End Users

Household + Industry + Commercial

Raw Water Intake

Rapid Mixing Tank

Clarifier Tank Filter

Sludge Dewatering

Treated WaterWater Distribution

Land fill

Chemical Dosing

Whole Sale

Provincial Waterworks Authority (PWA)

Banglen

Pathum Thani

Rai Khing

100%30%30%

56%75%

--

--

-

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Company Overview - Investment in Other Business


• Southeast Asia Energy Co., Ltd. (SEAN) • Bang Pa-In Co-Generation Co., Ltd. (65%)- Phase 1 (BIC 1)- Phase 2 (BIC 2)

• Bangkhenchai Co., Ltd. (BKC)• Chiangrai Solar Co., Ltd. (CRS) • Nakhon Ratchasima Solar Co., Ltd. (NRS)

25.31%

1,900 MW 238 MW 22 MW

• Nam Ngum 2 Power Company (NN2)• Xayaburi Power Co., Ltd. (XPCL)

37.5%

Source : www.ckpower.co.th

CK Power

Company Overview - Investment in Other Business


Profit sharing from investment in CK Power

238 MW

151.6

40.2

0

50

100

150

200

2018 2017

Unit : Mil.B.

+277.1%

2018 2017Change

Amount %

151.6 40.2 111.4 277.1

*Xayaburi Dam will be COD on October 2019As of Dec 31, 2018

Agenda

Company Overview




Highlights

Operating & Financial Performance – Portion of Revenue


60

30

55

TTW Group (%)

TTWPTWBIEOthers

Operating & Financial Performance

TTW Sale Volume Location TTW

Period 2018 2017

Utilization (%) 80 74

TTW Sale Volume on 2018 vs 2017 increased by 8.5% TTW Sale Volume on Q4’2018 vs Q4’2017 increased by 6.3%


Year

136 139 138 138 146158

0

40

80

120

160

2013 2014 2015 2016 2017 2018

mil.cu.m.

8.5%+

Year

34 34 33 3338

0

40mil.cu.m.

6.3%+20

40

Operating & Financial PerformancePTW Sale Volume Location PTW %

ChangePeriod 2018 2017

Utilization (%) 82 76 +7.9

PTW Sale Volume on 2018 vs 2017 increased by 7.5% PTW Sale Volume on Q4’2018 vs Q4’2017 increased by 6.3%


+

Year

137 134 133 131 136146

0

40

80

120

160

2013 2014 2015 2016 2017 2018

mil.cu.m.

7.5%

Year

35 33 33 32 35 37

0

40mil.cu.m.

6.3%+20


BIE Sale Volume Location BIE % ChangePeriod 2018 2017

Utilization (%) 49 48 +2

BIE Sale Volume 2018 vs 2017 increased by 2.9% BIE Sale Volume on Q4’2018 vs Q4’2017 increased by 2%


2.9%+

Year

6.907.73 7.73 7.67

8.27 8.51

0

2

4

6

8

10

2013 2014 2015 2016 2017 2018

mil.cu.m.

Year

0

0.5

1

1.5

2mil.cu.m.

2%+1.94 1.97 2.00 1.99 2.14 2.19

Operating & Financial PerformanceFinancial Performance

19

5,622 5,574 5,499 5,747 5,949

2,974 2,697 2,492 2,6632,842

2014 2015 2016 2017 2018

Total Revenue Net ProfitUnit : Mil.Bt


1,501 1,484

674 678

Q4'2018 Q4'2017

Total Revenue Q4’2018 vs Q4’2017 increased by 1.1%

Net Profit Q4’2018 vs Q4’2017 decreased by 0.6%

Q4’2018

Total Revenue 2018 vs 2017 increased by 3.5% Net Profit 2018 vs 2017 increased by 6.7% The Net Profit for the year increased by 178.7 MB mainly due to increase in sale volumes,

profit sharing from investment in associated company, and decrease in the finance cost.

2018 vs 2017

Operating & Financial PerformanceHistorical Dividend Payment & Payout Ratio

20

(Bt./share)

0.65

0.69

0.62

0.60

0.680.67

0.60

0.65

0.60 0.60 0.60 0.60

2013 2014 2015 2016 2017 2018

EPS DPS


Dividend Yield 4.88%(@12.30 baht per share / as of Sep 14, 2018)

Dividend policy : dividend payment not less than 50% of net profit. (after deduction of all reserves required by law and regulations)

Year

Particular 2016 2017 2018Net profit

- Amount (MB.) 2,391 2,699 2,667

- EPS (Bt./share) 0.60 0.68 0.67DPS (Bt./share)

- Dividend#1 (Interim) 0.30 0.30 0.30

- Dividend#2 0.30 0.30 0.30Total DPS 0.60 0.60 0.60Dividend amount (MB.) 2,394 2,394 2,394Dividend / Net profit 100.0% 88.7% 89.8%


Financial Ratios


23.8%26.6%

23.6%21.6 22.6% 23.1%

10.5% 12.1% 10.5% 9.5%

11.5% 12.3%

2013 2014 2015 2016 2017 2018

ROE ROA

1.23 1.161.33

1.23 0.96

0.89

2013 2014 2015 2016 2017 2018

Debt to Equity

NPM47.8%

CFO3,844.1 Mil.B.

EPS (B./Share)

0.67P/E (Times)

17.39P/BV (Times)

4.24As of 31 Dec 2018

EBITDA4,894.7 Mil.B.

23,330

10,966

12,365

Assets

Liabilities*

Equities

*The total liabilities decreased by 433.6 MB mainly due to loan repayment.

Agenda

Company Overview




Highlights

TTW’s Achievement

Receiving “AA-” in credit

rating on the company & senior unsecured debentures conducted by TRIS Rating Co., Ltd

Receiving “100” scores for

organizing Annual Ordinary General Meeting of Shareholders

conducted by TIA

The Company was selected to

be include in Thailand Sustainability Investment

THSI of the year 2018

Receiving “Very Good”grade for Corporate Governance Report of Thai Listed Companies

conducted by IOD

ESG 100 Company of the year 2018 conducted by THAIPAT

Receiving the “Thailand Top Company Awards

2018”


The Company was selected to

be include in SET THSIIndex of the year 2018 by The Stock of Thailand

TTW has been selected by THAIPAT to be include in 1 of 58 Companies of “THAIPAT ESG Index”

Appendix

Appendix – Financial Statement TTW Profit and loss statement of Q4’2018 and year 2018 compare with the same period of last year


TTW profit and loss statementQuarter 4 Change Twelve-month periods Change

2018 2017 Amount % 2018 2017 Amount %Total revenue 1,026.9 1,034.0 (7.1) (0.7) 5,004.4 4,972.9 31.5 0.6 - sales and services 1,020.6 977.8 42.8 4.4 4,016.7 3,814.3 202.4 5.3 - dividend income - - 0.0 0.0 929.0 962.1 (33.1) (3.4)- other income 6.3 56.2 (49.9) (88.8) 58.7 196.5 (137.8) (70.1)Less Cost of goods sold and services 267.8 256.2 11.6 4.5 1,064.6 975.8 88.8 9.1 Less Administrative expenses 106.6 112.2 (5.6) (5.0) 414.5 420.8 (6.3) (1.5)Less Written-off development expenses

of water project in Myanmar36.7 - 36.7 100.0 36.7 - 36.7 100.0

EBIT 615.8 665.6 (49.8) (7.5) 3,488.6 3,576.3 (87.7) (2.5)EBITDA 802.2 847.2 (45.0) (5.3) 4,223.1 4,279.1 (56.0) (1.3)Less Finance cost 92.0 109.9 (17.9) (16.3) 371.7 407.0 (35.3) (8.7)Less Income tax expenses 121.9 113.4 8.5 7.5 450.3 469.8 (19.5) (4.2)Net profit for the period 401.9 442.3 (40.4) (9.1) 2,666.6 2,699.5 (32.9) (1.2)

(Unit : MB.)

Appendix – Financial Statement Consolidated profit and loss statement of Q4’2018 and year 2018 compare with the same period of last year


Consol. profit and loss statementQuarter 4 Change Twelve-month periods Change

2018 2017 Amount % 2018 2017 Amount %Total revenue 1,500.5 1,483.5 17.0 1.1 5,948.5 5,747.4 201.1 3.5 - sales and services 1,501.6 1,438.2 63.4 4.4 5,925.7 5,595.2 330.5 5.9 - other income (1.1) 45.3 (46.4) (102.4) 22.8 152.2 (129.4) (85.0)Less Cost of goods sold and services 447.6 421.2 26.4 6.3 1,775.7 1,615.0 160.7 10.0 Less Administrative expenses 112.3 126.8 (14.5) (11.4) 439.0 452.7 (13.7) (3.0)Less Written-off development expenses of water project in

Myanmar36.7 - 36.7 100.0 36.7 - 36.7 100.0

Plus Profit sharing from investment in associated company 30.8 9.0 21.8 242.2 151.6 40.2 111.4 277.1 EBIT 934.7 944.5 (9.8) (1.0) 3,848.7 3,719.9 128.8 3.5 EBITDA 1,199.5 1,194.5 5.0 0.4 4,894.7 4,682.5 212.2 4.5 Less Finance cost 92.0 109.9 (17.9) (16.3) 371.7 407.0 (35.3) (8.7)Less Income tax expenses 163.7 152.0 11.7 7.7 616.1 632.2 (16.1) (2.5)Less Minorities interest 4.8 4.5 0.3 5.7 19.0 17.5 1.5 8.6 Net profit for the period 674.2 678.1 (3.9) (0.6) 2,841.9 2,663.2 178.7 6.7

(Unit : MB.)


Appendix – TTW Price vs SET Index

1,826.86 1,830.13 1,776.92 1,780.11

1,726.97

1,595.58

1,701.79 1,721.58

1,756.41

1,669.09 1,641.80

1,563.88

1,641.73

13.20 13.30

12.10

12.40 12.40

11.70

12.50 12.40

12.20

12.3012.20

12.40

12.70

10.50

11.00

11.50

12.00

12.50

13.00

13.50

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

1,400.00

1,450.00

1,500.00

1,550.00

1,600.00

1,650.00

1,700.00

1,750.00

1,800.00

1,850.00

1,900.00

The Price Movement of TTW vs SET Index from Jan 2018 – Jan 2019

SET Index TTW Price

Unit : B./ShareUnit : Point

*As at 31 Jan 2019


Appendix – Definition of TTW Stock by Investor, SET, THAIPAT

SET100 SETHD THSI SET THSI Index

ESG100

DividendStock

DefensiveStock

Domestic Play

Bunker Stock

*As of 31 Dec 2018

Appendix – TTW Key Statisics, Price and Benchmark


*As of 31 Dec 2018

TTW Key Statistics TTW Price and Benchmark

ItemsP/E P/BV Dividend Yield Market Cap.

(Times) (Times) (%) (mil.Baht)

SET Index 14.75 1.78 3.22 15,978,251.87

Energy Index 10.89 1.57 4.09 3,475,317.04

TTW 17.39 4.24 4.84 49,476.00

PeriodsTTW - Price

(Bt./sh.)Benchmark (Point)

Daily Trading Volume (mil.bt)

Max. Min. Close SET SET 100 Energy Index Avg.

Q4'2018 12.60 11.70 12.40 1,563.88 2,293.11 23,018.75 40.14

Q3'2018 12.90 11.60 12.20 1,756.41 2,578.35 27,262.90 37.61

Q4'2017 12.80 10.60 12.60 1,753.71 2,543.08 24,555.41 92.33% change

QoQ-2.33% 0.86% 1.64% -10.96% -11.06% -15.57% 6.73%

% change YoY

-1.56% 10.38% -1.59% -10.82% -9.83% -6.26% -56.53%

Appendix – Tap Water Business & Opportunities


Source : Conclusion of Management of PWA - Corporate Strategic Plan (No.3) 2019 - 2022

Portion of Tap Water Users in Thailand

58%

16%

9%

17%

Department of Local Administration (DLA) Provincial Waterworks Authority (PWA) Metropolitan Waterworks Authority (MWA) Non-Tap Water

Appendix – Major Shareholders


Rank List of Shareholders No. of Shares Shareholding (%)1. Mitsui Water Holdings (Thailand) Company Limited 1,036,500,000 25.98%2. CH. Karnchang Public Company Limited 774,077,400 19.40%3. Bangkok Expressway and Metro Public Company Limited 769,777,100 19.29%4. Thai NVDR 204,740,666 5.13%5. Bangkok Life Assurance 141,136,600 3.54%6. Mr. Min Tienworn 72,100,000 1.81%7. AIA Company Limited - EQ3P 65,742,100 1.65%8. South East Asia UK (Type C) Nominees Limited 41,771,575 1.05%9. Thanachart Dividend Stock Fund 40,494,700 1.02%10. State Street Europe Limited 31,778,190 0.80%11. Mr.Paisan Chartpithuk 30,000,000 0.75%12. The Bank of New York (Nominees) Limited 26,098,000 0.65%13. Others 755,783,669 18.94%*As of 28 December, 2018

Appendix - Corporate Governance Update


TTW receives ESG100 Award : TTW is the one of 16 companies in resources industry

No. Listed Company Symbol1 Bangkok Aviation Fuel Services Plc. BAFS2 Bangchak Corporation Plc. BCP3 BCPG Plc. BCPG4 B.Grimm Power Plc. BGRIM5 Electricity Generating Plc. EGCO6 GLOW Energy Plc. GLOW7 GLOBAL Power Synergy Plc. GPSC8 Gulf Energy Development Plc. GULF

No. Listed Company Symbol9 IRPC Plc. IRPC10 PTT Plc. PTT11 PTT Exploration and Production Plc. PTTEP12 Star Petroleum Refining Plc. SPRC13 Thai Oil Plc. TOP14 TPC Power Holding Plc. TPCH15 TPI Polene Power Plc. TPIPP16 TTW Plc. TTW



TTW receives 100 Points AGM Assessment : The assessment result for TTW was 100 points. There were 139 from 657 or 21.15 percent of listed company

AssessmentYear

2018 2017 2016 2015 2014

Listed Company 657 618 601 575 535

Receive 100 point 139 114 159 162 121

Average point 92.42 91.97 91.62 92.68 91.35

TTW 100 100 100 100 100



Listed 2014 2015 2016 2017 2018

TTW 80% 80% 84% 88% 87%

Good Corporate Governance :TTW has been assessed on good corporate governance at 87% or “very good” for 5 consecutive years.



16/8/2018 35

TTW has been selected by SET to be 1 of 45 Companies in “SET THSI Index”

Food & Beverage (6)

Banking (6)Petrochemicals& Chemicals (4)

Property Development (6)

Transportation & Logistics (5)

Information & Communication Tech. (5)

Energy & Utilities (13)

Address : 30/130 Moo 12, Buddha Monthon 5 Rd, Rai Khing, Sam Pran, Nakhon Pathom, Thailand 73210

Tel : +66 2019 9490 – 3 , +662019 9484 – 9 Ext : 1108, 1110 Fax : +66 2420 6064Web Site : www.ttwplc.com

E-mail : [email protected]

บริษัท ทีทีดับบลิว จ ำกัด (มหำชน)TTW Public Company Limited


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