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Corporate Presentation dbTISCO Access Thailand Energy & Petrochem Corporate Day

24 January 2014

1

This presentation was made from the analysis of reliable information in order to assist

investment community to better understand the company's financial status and operation. It also

supports the "Good Corporate Governance Project" of the Securities and Exchange Commission

(SEC).

However, the information within this presentation has been derived from the existing factors in

the present time. Therefore, the forward-looking information on this presentation may not occur

in the future if the aforementioned factors or situations are changed. Investors are, however,

required to use their own discretion regarding the use of information contained in this

presentation for any purpose. For further information, please contact Investor Relations Section

of the Electricity Generating Public Company Limited (EGCO) at Tel: (662) 998-5145-8 or Email:

[email protected]

2

► Thailand Electricity’s Overview

► EGCO Group’s Overview

► Financial Performances

3

Thailand Electricity’s Overview EGCO Group’s Overview Financial Performances

4


Source: EPPO, ERC and EGAT

EGAT: Electricity Generating Authority of Thailand IPP: Independent Power Producer

MEA: Metropolitan Electricity Authority SPP: Small Power Producer

PEA: Provincial Electricity Authority VSPP: Very Small Power Producer

ERC: Energy Regulatory Commission IMPORT: Purchasing from Laos & Malaysia

EGAT Generators Transparent transfer pricing

IPPs

END User

Transmission System Owner (TSOw)

MEA

Industrial

User

PEA

IMPORT SPPs

Re

gula

tors

(ER

C)

Single Buyer Transmission

Network System

Operator (NSO)

VSPPs

Classified by Producer Classified by Fuel type

As of December 2013, Thailand’s Power Installed Capacity was 33,681.02 MW.

5


EGAT : 15,010 MW SPP : 3,525 MW

IPP : 12,742 MW Import : 2,404 MW

Natural Gas : 22,642 MW Coal : 4,556 MW

Hydro : 5,541 MW Others* : 942 MW

*OTHERS = Fuel Oil, Diesel, Renewable

67.2%

16.5%

13.5%

2.8%

NATURAL GAS HYDRO COAL OTHERS*

44.6%

37.8%

10.5%

7.1%

EGAT IPP SPP IMPORT

15,000

20,000

25,000

30,000

January Februaary March April May June July August September October November December

2008 2009 2010 2011 2012 2013

23,900.21 MW (May 24, 2011)

6

26,121.10 MW (April 26, 2012)

+ 1.8%


26,598.14 MW (May 16, 2013)

MW

7

2013

(36,491 MW)

Additional Capacity PDP 2010 R. 3

(55,130 MW)

*Note: The figure has been deducted by retried plants

along the way.

(70,686 MW)*

2030


41%

18%

13%

16%

12%

EGAT IPP SPP&VSPP Renewables Import

44%

21%

10%

13%

12%

42%

35%

10%

8% 6%

Source: EPPO, EGAT


8

Year

Project MW Project MW Project MW Project MW Project MW

2012 Gheco-One 660.0 Cogeneration 262.0 Renewable 728.1 Theun-Hin Boun Exp 220.0

2013 Cogeneration 1,186.0 Renewable 1,039.5

2014 Wang Noi CC # 4 768.7 GULF JP NS#1-2 1,600.0 Cogeneration 286.0 Renewable 666.0

Chana # 2 782.5

2015 North Bkk # 2 900.0 GULF JP UT#1-2 1,600.0 Cogeneration 557.0 Renewable 751.3 Hong Sa #1-2 982.0

2016 National Power #1-2 270.0 Cogeneration 470.8 Renewable 989.0 Hong Sa #3 491.0

New KEGCO (June) 900.0

2017 Lam Takhong #3-4 500.0 National Power #3-4 270.0 Cogeneration 900.0 Renewable 534.6

2018 Mae Moh #4-7 Cogeneration 720.9 Renewable 389.8 Nam Ngiep 1 390.0

(Replace 600MW) Sepien 269.0

2019 Coal Plant # 1_EGAT 800.0 Cogeneration 724.8 Renewable 496.4 Xayaburi 1,220.0

2020 Cogeneration 90.0 Renewable 442.2

2021 Bang Pakong #1 900.0 GULF JP Gas-fired 900.0 Cogeneration 180.9 Renewable 441.5 Neighboring 300.0


Coal Plant # 2_EGAT 800.0

2023 South BKK #1-2 1,800.0 GULF JP Gas-fired 900.0 Cogeneration 180.0 Renewable 280.4 Neighboring 300.0

2024 South BKK #3 900.0 GULF JP Gas-fired 900.0 Cogeneration 180.9 Renewable 275.4 Neighboring 300.0

Bang Pakong #3 900.0

2025 Coal Plant # 3_EGAT 800.0 GULF JP Gas-fired 900.0 Cogeneration 184.8 Renewable 259.4 Neighboring 300.0

Bang Pakong #4 900.0


Nuclear # 1 1,000.0

2027 Wang Noi # 1 900.0 Cogeneration 180.9 Renewable 315.2 Neighboring 300.0

Bangpakong #6 900.0

Nuclear # 2 1,000.0

2028 Wang Noi # 2-3 1,800.0 Cogeneration 4.8 Renewable 269.5 Neighboring 300.0

Coal Plant # 4_EGAT 800.0

Gas Turbine #1 250.0

2029 South BKK #4 900.0 Renewable 266.1 Neighboring 300.0

Gas Plant # 1_EGAT 900.0


2030 Gas Plant # 2_EGAT 900.0 Cogeneration 0.9 Renewable 294.0 Neighboring 300.0


22,401 10,700 6,476 8,981 6,572

EGAT IPP / Private Players SPP&VSPP Renewable Import

9

PDP would be reviewed to support the government’s infrastructure

investments such as high-speed rail.

MOE plans to call for raising the country’s power reserves from 15% to

20% in a bid to booster energy security.

MOE has the policy to reduce the portion of gas-fired power plants as well

as to increase the portion of coal-fired power plants.


10






TEPCO 50%

Mitsubishi 50%

EGAT

25.41%

TEPDIA

23.94%

Thai Investors

17.94%

Foreign Investors

20.88%

NVDR 10.43% NVDR

11.83%

As of September 10, 2013

* Nuclear Damage Liability Facilitation Fund

NDF* 50.11%

Others 49.89%

11

12


BOD

President

1 seat

EGAT

4 seats

TEPDIA

4 seats

Independent

Directors

6 seats

Power Business

To develop and acquire power plants with multiple fuel types.

Service Business

To provide operation, maintenance, engineering and

construction services to power plants and other industries.

Other Business

To invest in water businesses that supply raw and tap water and

the integrated energy business.

13


EGCO Group’s business lines can be categorized into 3 business groups:

//upload.wikimedia.org/wikipedia/commons/b/b4/Belarus-Minsk-Power_Plant-4-50.jpg

14

Rayong, KEGCO,

GEC-GPG (KK2)

EGCO Cogen,

GEC-GCC, GEC-NKCC

GEC-SCC, KN4,

TJ Cogen, TP Cogen,

SK Cogen

GEC-GYG,

Roi-Et Green,

NED, SPP2

SPP3, SPP4, SPP5,

GPS (#1-4), TWF, YEH,

GIDEC, BRWF, CWF

BLCP, Quezon

NTPC (NT2), XPCL


65%

22%

8% 5%

Natural Gas Coal Hydro Renewable

Power Plant Province/Country Fuel Type Plant Type EGCO Contracted Capacity

(MW)

Attrib. Capacity

(MWe)

Contract COD Expired

Shares Years

IPPs

Rayong Rayong Natural Gas Combined Cycle 100.00% 1,174.99 1,174.99 20 07 Dec 94 Dec 14

KEGCO Nakhon Sri Thammarat Natural Gas Thermal

100.00% 748.20 748.20 20 19 Jun 96 Jun 16

Combined Cycle 20 19 Jun 96 Jun 16

GPG (Khaeng Khoi 2) Saraburi Natural Gas Combined Cycle 50.00% 1,468.00 734.00 25 5 May 07 / 1 Mar 08 May 31 / Mar 32

BLCP Rayong Coal Thermal 50.00% 1,346.50 673.25 25 1 Oct 06 / 1 Feb 07 Oct 31 / Feb 32

Total IPPs 3,330.44

SPPs

EGCO COGEN Rayong Natural Gas Cogeneration 80.00% 111.88 89.50 21 28 Jan 03 Jan 24

ROI-ET GREEN Roi-Et Rice Husk Thermal 70.30% 8.80 6.19 21 29 May 03 May 24

GEC-GCC Saraburi Natural Gas Cogeneration 50.00% 108.63 54.32 21 03 Sep 98 Sep 19

GEC-NKCC Saraburi Natural Gas Cogeneration 50.00% 121.30 60.65 21 12 Oct 00 Oct 21

GEC-SCC Samutprakarn Natural Gas Cogeneration 50.00% 114.45 57.23 21 23 Sep 99 Sep 20

GEC-GYG Yala Parawood Thermal 50.00% 20.20 10.10 25 28 Nov 06 Nov 31

Total SPPs 277.98

Renewable

NED Lopburi Solar PV Solar PP 33.33% 63.00 21.00 10 22 Dec 11 Dec 21

SPP2 Saraburi Solar PV Solar PP 100.00% 8.00 8.00 10 02 May 12 May 22

SPP3 Srisaket Solar PV Solar PP 100.00% 8.00 8.00 10 21 Feb 12 Feb 22

SPP4 Srisaket/ Ubon-Ratchatani Solar PV Solar PP 100.00% 6.00 6.00 10 24 Jan 12 Jan 22

SPP5 Roi-Et Solar PV Solar PP 100.00% 8.00 8.00 10 22 Jun 12 Jun 22

GPS (Phase 1-4) Nakhon Sawan/Chai Nat Solar PV Solar PP 60.00% 26.00 15.60 10 1,2,5 Mar 12 / 1 Feb 13 Mar 22 / Feb 23

TWF Chaiyaphum Wind Wind Turbine 90.00% 6.90 6.21 10 18 Jul 13 Jul 23

Solarco Nakornpathom Solar PV Solar PP 49.00% 57.00 27.93 10 18 Nov 13 / 16 Dec 13 Dec 23

Total Renewable 100.74

Overseas

Quezon Philippines Coal Thermal 98.00% 460.00 450.80 25 30 May 00 Jun 25

NTPC (Nam Theun 2) Laos Hydro Hydro PP 35.00% 1,023.00 358.05 25 30 Apr 10 Apr 35

Total Overseas 808.85

Total Operating Projects 4,518.01 15

Currently, EGCO Group’s portfolio comprises of 20 operating power plants, totaling contracted capacity 4,518.01 MWe.


16

Currently, EGCO Group’s portfolio consists of 5 under construction projects, 3 under development projects and

1 potential project, totaling contracted capacity 1,838.65 MWe.


Power Plant Province/Country Fuel Type Plant Type EGCO Contracted Capacity

(MW)

Attrib. Capacity

(MWe)

Contract COD Expired

Shares Years

Under Construction

GIDEC Songkhla Waste Thermal 50.00% 6.50 3.25 10 Jan 14 Jan 24

BRWF Australia Wind Wind Turbine 100.00% 113.00 113.00 15 Feb 15 Feb 30

KN4 Nakorn Sri Thammarat Natural Gas Combined Cycle 100.00% 930.00 930.00 25 Jun 16 Jun 41

CWF Chaiyaphum Wind Wind Turbine 90.00% 90.00 81.00 25 Dec 16 Dec 41

XPCL Laos PDR Hydro Hydro PP 12.50% 1,280.00 160.00 29 Oct 19 Oct 48

Total Under Construction 1,287.25

Under Development

TP Cogen Ratchaburi Natural Gas Cogeneration 100.00% 113.00 113.00 25 Jun 16 Jun 41

SK Cogen Ratchaburi Natural Gas Cogeneration 100.00% 107.00 107.00 25 Jun 16 Jun 41

TJ Cogen Pathumthani Natural Gas Cogeneration 100.00% 106.00 106.00 25 Jun 17 Jun 42

Total Under Development 326.00

Potential Project

Quezon Expansion Project Philippines Coal Thermal 49.00% 460.00 225.40 N/A Q1/2018 N/A

Total Potential Project 225.40

Total Under Construction, Under Development and Potential Projects 1,838.65

17

EGCO Group’s other business portfolio comprises of 4 companies:

Company Business Type

EGCO Engineering and Service Co., Ltd. (ESCO)

Eastern Water Resources Development and Management Plc. (EASTW)

Egcom Tara Co., Ltd. (Egcom Tara)

Manambang Muara Enim Co., Ltd. (MME)

O&M

Water

Water

Coal Mining


XPCL

(Hydro)

KN4

(Gas)

TJ Cogen

(Gas)

BRWF

(Wind)

GIDEC

(Waste)

Potential Projects

Under Development Projects

Under Construction Projects

18

2014 2015 2016 2017 2018 2019 2020

Under Construction Projects

Under Development Projects and Potential Projects

Quezon

Expansion

(Coal)

SK Cogen

(Gas)

TP Cogen

(Gas)

CWF

(Wind)

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Rayong KEGCO GCC SCC Conal-WMPC Conal-SPPC AEP

NMPC NKCC APB EGCO Cogen Roi-Et Green BLCP GYG

KK2 Quezon NTPC NED SPP 4 SPP 3 SPP 2

SPP 5 GPS TWF YEH GIDEC BRWF CWF

KN4 TJ Cogen TP Cogen SK Cogen XPCL Rayong Retired KEGCO #1 Retried

KEGCO #2&3 Retired Conal-WMPC Divestment Conal-SPPC Divestment AEP Divestment APB Divestment NMPC Retired GCC Retired


19

1994: 1,232 MW

Rayong

KEGCO

BLCP

Quezon Khanom

KK2

NTPC

(1,232)

(749)

(55) (10) (7) (42) (75) NMPC#1

Retired

NMPC#2

Retired AEP (25), AEB (17)

Divestment

KEGCO Barge

#1 Retired

Rayong

Retired

KEGCO (749)

Retired

GCC Retired

(29)

CONAL: WMPC (19),

SPPC (10) Divestment

• SPP Development

• Expand Renewable Energy Portfolio

• Import Power Projects

• Neighboring Country Projects

Domestic Prospects

• Quezon Expansion Project

• Renewable Energy Projects

• Acquisitions/New Greenfield Plant Bids

International Prospects

20


21





6,264

5,301

6,060

2,090 2,041 2,272

4,182

-

2,000

4,000

6,000

8,000

10,000

12,000

2010 2011 2012 Q1/2013 Q2/2013 Q3/2013

8,996

8,109

14,472

4,790 4,877 4,986

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2010 2011 2012 Q1/2013 Q2/2013 Q3/2013

22

Net Profit before FX

Bt Million Bt Million

Total Revenue

Gain on Combination Net Profit before FX Total Revenue

10,242


23

Bt Million

Q3 2012 VS Q3 2013

Power Generation Others Gain on Combination

Bt Million

9M 2012 VS 9M 2013


0

500

1,000

1,500

2,000

2,500

Q3 12 Q3 13

2,272

+ 605

or

36.29%

2,217

55

1,608

59

1,667

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

9M 12 9M 13

6,403

+ 1,220

or

23.54%

9,493

6,232

4,990

171

193

4,310

Result from Deferred tax

EGCO 360

KEGCO 13

SPP3 (3)

Conal (7)

GEC (13)

Rayong (97)

BLCP (102)

QPL (164)

9M 2013 9M 2012

Bt Million

24

Increase in AP

KEGCO 322

Rayong 46

BLCP (97)

GPG (167)

Result from Acquisition

QPL 450

GPS 58

NED 23

SPP2 46

SPP5 46

SPP3 25

SPP4 18

TWF (2)

GIDEC (7) MME (7) APPC (24)

EGCO (350)

5,287 6,140

6,416

5,183

6,403 6,403

104 853 276

(13)


GEC-SPP 390 SPP5 (2)

BLCP 305 ESCO (3)

QPL 268 SPP2 (6)

EGCO Cogen 233 GPG (14)

Rayong 73 Conal (19)

NED 38 KEGCO (20)

GPS 21 Roi ET

EGCOM Tara 11 green (32)

SPP3 5 NTPC (150)

SPP4 (1) EGCO (244)

Operating Performances

25

Classified by Companies*

BLCP 1,941 MB

Quezon 1,632 MB

(QPL,QMS,PEPOI) GPG (KK2)

1,317 MB

SPP 555 MB

(GEC, EGCO

COGEN,

ROI-ET

Green)

NTPC

743 MB

SOLAR 499 MB

(GPS, SPP2-5, NED)

Rayong 288 MB

KEGCO 309 MB

ESCO 102 MB, 1%

Conal 33 MB, 0%

ET 101 MB, 1%

7%

7%

Note: Excluding EGCO, MME , APPC , GIDEC, TWF

Classified by Business Groups*

Power Business

7,317 MB, 98%

Other Business

101 MB, 1%

Service Business

102 MB, 1%


26%

22%

18%

10%

4%

4%

USD 750 M

THB 16,402 M

JPY 314 M

Total Outstanding

(Baht Equivalent) THB 40,460 M

Total Outstanding

As of 30 Sep 2013

USD 814 M

THB 17,890 M

JPY 262 M

THB 44,491 M

Total Outstanding

As of 30 Jun 2013

26

AUD 44 M AUD 54 M



Debt 24,718

Equity 54,526

Debt Equity

Debt 54,066

Equity 68,730

Debt Equity0.41

0.28 0.28

0.23 0.21

0.25

0.70

0.66

0.73

0.79

0.15 0.11

0.18 0.18 0.17

0.23

0.41 0.39

0.43

0.45

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

EGCO+Subsidiaries EGCO only

EGCO + Subsidiaries

Unit: MB

Times (X)

EGCO only

Unit: MB

27

28


Q3/2013

Beginning Balance of Cash and Deposits at financial institutions 1,217

Net Cash Received from Operating Activities 542

Dividend received from subsidiaries JVs & Other 3,690

Net Cash Payments in Investing Activities (2,813)

Investment in subsidiaries & JVs (1,375)

Shareholder Loan (net) (1,058)

Others (380)

Net Cash Payments in Financing Activities (2,256)

Receive loans from financial institutions 11,706

Repay loans to financial institutions (10,400)

Interest Payment (403)

Dividend Payment (3,157)

Ending Balance of Cash and Cash Deposits at financial institutions 380

2013 Dividend Interim

Paid 2.75 Baht

On Sep 20, 2013

Average Dividend

Payout Ratio

42% (1996 – 2013)

1.00 1.25 1.25

1.50 1.50 1.75

2.25 2.50 2.50 2.50 2.50

2.75 2.75

1.25

1.25 1.50

1.50 1.75

2.25

2.50

2.50 2.75 2.75 2.75

3.25

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Final Interim 29

Baht/Share

6.00

2.25 2.50

2.75 3.00

3.25

4.00

4.75 5.00

5.25 5.25 5.25

Dividend Policy

40% of the

consolidated net

profit after tax


32

QPL

Quezon

Boco Rock

New South Wales

AUSTRALIA

I N D O N E S I A

PHILIPINES

MME

Muara Enim

Asia Pacific Region

THAILAND

33

Saraburi GCC; Gas

NKCC; Gas GPG (KK2); Gas

SPP2; Solar

Yala GYG; Parawood

Nakhon Sri Thammarat KEGCO; Gas

Samutprakarn SCC; Gas

Rayong Rayong Power Plant; Gas

BLCP; Coal

EGCO COGEN; Gas

Roi-Et RG; Rice Husk SPP5; Solar

Srisaket SPP3; Solar SPP4; Solar

Ratchaburi TP Cogen; Gas SK Cogen; Gas

Pathumthani TJ Cogen; Gas

Chaiyaphum TWF; Wind Farm

Nakhon Pathom/Suphanburi Yanhee; Solar

Nakhon Sawan GPS (Ta Keet); Solar GPS (Ta sang); Solar

Lopburi NED; Solar

Phetchabun GPS (Bueng Sam Phan); Gas

Songkhla GIDEC; Waste

Chai Nat GPS (Dong Korn); Solar

● IPP

● SPP

● Renewable

Xayaburi, Lao PDR XPCL; Hydro

Khammouane, Lao PDR NTPC; Hydro

34

Quezon QPL; Coal

New South Wale BRWF; Wind Farm

35

Muara Enim MME; Coal Mining Project

Ratchaburi

Egcom Tara; Pipe Water Generating and Supply Business

EASTW; Pipe Water Generating

Rayong ESCO; O&M and Engineering Services

APPC; Bio Diesel Plant

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