Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...

 
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
Opportunity Day
                                                                        2018 Results

                                                                        1 March 2019

Your Ultimate Solution Partner in Utilities & Power with Environmental Care
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
Disclaimer
The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or
invitation to purchase or subscribe for share in WHA Utilities & Power Public Company Limited (“WHAUP” and shares WHAUP, “shares”) in any jurisdiction nor
should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever.

In addition, this presentation 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 a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties
and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company and its directors. You are
cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future
events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. The Company
does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or
events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning.
Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking
statements as a result of various factors and assumptions.

                                                                                                                                                                      2
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
Agenda

   I.         Company Profile

        II.    Utilities Business

              III. Power Business

                IV.    Operating Performance

                      V.    Performance Highlight

                           VI. Financial Information

                             VII. Outlook 2019B

                                VIII   Appendix

                                                       3
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
I. Company Profile
Vision & Mission

                     VISION

                            “To be Asia's leader in Utilities and Power providing total solutions to
                            partners with good corporate governance as well as environmentally
                            and socially friendly operations”

                     MISSION
                     • To develop world class utilities and power solutions fitting customer's needs

                     • To vertically integrate solutions in utilities and power businesses and expand
                       market segment in Thailand and CLMV (Asia)

                     • To continuously develop Human Resources competencies

                     • To nurture an innovative culture in the organization

                     • To add value to communities and the environment with good corporate
                       governance and sustainable development strategies

                                                                                                       4
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
I. Company Profile
WHAUP is the Flagship Company in Utilities and Power Business of WHA Group

   #1 Logistics developers       #1 Industrial Estate          Exclusive utilities provider    To be one-stop service
                                   Developer                      in the industrial estates        for Data Center developer
   Built-to-Suit (BTSW):                                                                          and provider by way of
    World-class standard          Existing 9 operating and 3     with high margin products
    warehouses and factories       developing IEs in              and steady growth                business collaboration
                                                                                                   with reputable partners
   Built-to-Suit (BTSF):
                                   strategic cluster to serve    Active power investor with
    Premium quality factories
                                   key sectors in Thailand -      strategic partnership with      Be part of the
                                   total of 48,624 rais           reputable partners.              Government Initiative to
    for tenants with specific
                                  Net sellable area approx.                                       promote digital economy
    requirements                                                 552 Operational Equity
                                   11,235 rais consisting of      MW* and growing to 570
   Warehouse Farm:                7,475 rais of operating IE
    Combination of Built-to-                                      Equity MW by 2019 from
                                   and 3,759 rais developing      under construction and in
    Suit and Ready-Built           IE
    Projects at the same site                                     pipeline.
                                  Ready-Built factory and
   Built-to-Own                   warehouse in IEs and
    (BTO):Warehouse or             logistic park
    factory customized to
    client’s special needs        Potential geographical
    then transfer the asset to     expansion in cross-border
    the client                     provinces and overseas
                                   investment
   Built-to-Suit Office:
    Offices that are
    customized to customers’
    specific requirements i.e.
    Multi-purpose offices
                                                                Remark * As of February 2019

                                                                                                                           5
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
I. Company Profile
Business Overview
                         Utilities Business                                                Power Business

Sole provider of utilities to manufacturers/ factories in leading   Active power investor with strategic partnership with leading Thai
industrial estates with a concrete plan to capture increasing       and international power companies
demand from heavy users and expand outside i.e. other IEs, non-IE
area and international

                                                                                                                           521
                                                                                                                        Installed
                                                                                                                      Equity MW
                   HE
 Raw Water           Industrial Water
                   SIE                                                Conventional

                                                  105
                   3
                     - Process water
                     - Clarified water                                                               486
                                                  Million M3                                       Installed
                                                                                                 Equity MW

                                                    2018
 Wastewater                                                           Renewable
 Treatment

                                    100
                                    Million M3

 Reclaimed Water                         2017                         Natural Gas                    2017                 2018

                                                                                                                                         6
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
Agenda

   I.         Company Profile

        II.    Utilities Business

              III. Power Business

                IV.    Operating Performance

                      V.    Performance Highlight

                           VI. Financial Information

                             VII. Outlook 2019B

                                VIII   Appendix

                                                       7
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
II. Utilities Business
Utilities Business Overview
     One of the largest industrial utilities providers in Thailand
     Excellent track record in providing comprehensive utilities service
     Exclusive right for all existing and future WHA ID’s Estates in Thailand and CLMV
     Strong base of industrial users in various sectors and opportunity to capture non-industrial users

         Supplier                                                Water Production                     Product/ Service Provided

                                                                                                       1    Raw Water
                           WHAUP secures 80% of raw water                                               Supply and distributes raw water to
                           from EASTW for its industrial water                                           factories in the industrial estates.
                           production via IEs                                                           Main customers: Power Industry

                                                           1         Industrial                        2    Industrial Water
                                        WHAUP                          Users
                                                                                    3      WHAUP
                                                           2                                            Produces and distributes process
                                                                                                         and clarified water to supply
                                                                                                         industrial users in the industrial
      Royal Irrigation
                                               700 International and Thai Corporate Customers            estates
                                                                                                        Main customers : Petrochemical
     Department (“RID”)                                                                                  Industry

                                                                                                       3     Wastewater Management

                                                                                                        Collect and provide wastewater
                                                                                                         treatment services to factories in the
                                                                                                         industrial estates
       IE’s Reservoir
                                                                                                        Main customers : Petrochemical,
                                                                                                         Automotive, and Power Industry

  Currently supply via
    IEs of WHA ID

                                                                                                                                              8
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
II. Utilities Business
Assets Location
    WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA ID’s Industrial Estates.
           Currently, WHAUP provides utilities services to 9 operating IEs plus 3 developing IEs in the future.

                                                                 1   WHA Chonburi Industrial Estate 1
                                                                     (WHA CIE 1)
                                                                 2   WHA Chonburi Industrial Estate 2
                                                                     (WHA CIE 2)

                                                                 3   WHA Eastern Seaboard Industrial Estate 1
                                                                     (WHA ESIE 1)

                                                                 4   Easter Seaboard Industrial Estate (ESIE)

                                                                 5   WHA Eastern Industrial Estate (Map Ta
                                                                     Phut) (WHA EIE)
                                                                 6   WHA Saraburi Industrial Land (WHA SIL)

                                                                 7   WHA Rayong Industrial Land (WHA RIL)

                                                                 8   WHA Eastern Seaboard Industrial Estate 2
                                                                     (WHA ESIE2)
                                                                 9   WHA Eastern Seaboard Industrial Estate 4
                                                                     (WHA ESIE4)

                                                                                                                             9
Opportunity Day 2018 Results - 1 March 2019 Your Ultimate Solution Partner in Utilities & Power with Environmental Care - The Stock Exchange of ...
II. Utilities Business
Industry Overview – Water Demand
                                         Forecasted Demand for Water                                                                         Proportion of Water Demand
                   • Demand for water in Thailand for the next 20 years increases at the rate of
                     0.5% CAGR                                                                                                                                                                  93%
                   • Agriculture sector reduce its proportion from 90% to 85% while municipal and             8%                                                                                Agricultural
                     industrial proportion strongly grow to reach 5% and 4% respectively                      North                                             25%                                                    5%
                                                                                                                                                          Northeastern                          6%                     Industrial
                                     2017                                    2036F
                                                                                                                                                                                                EEC                    2%
                            131,440 million m3                       144,062 million m3                                                                                                                                Household
                                                                                                                      9%
                                                                                                                      West
                                                                                                                                                  11% • In 2014, Easternth part of Thailand total water
                                   Agricultural                               Agricultural                                                                            usage ranked 4 with water demand of nearly
                                                                                                                                     19%          East
                                      90%                                        85%                                                                                  10,000 million m3
                                                                                                                                     Central                •         However, when comparing water demand to
                                                                                                                                                                      total area, eastern part ranked 2nd after
                                                                                                                28%                                                   Southern part of Thailand
                                                                                                                South                                       •         Emphasizing on EEC area, proportion of water
                   Ecosystem                                   Ecosystem                                                                                              demand from Industrial sector ranked 1st
                                             Industrial                                      Industrial
                      5%                                          4%                                                                                                  comparing to other part of Thailand
                                                2%                                              4%
                            Municipal     Service                     Municipal       Service
                              2%            1%                          5%              2%                                                Industrial Water Consumption
                   20,000
                                                                                                          •   Food industry demand for water the most at 12 m3 per rai per day
 million m3/year

                                                                                                          •   Industry that demand less water is wood industry with 3 m3 per rai per day
                   15,000
                                                                              7,250                       m3/Rai/Day
                   10,000                                                                                                                                                                                                 12
                                                                              2,797
                    5,000                     2,009                                                                                                                                                8           8
                                              1,937                                                                                                                                     7
                                                                              5,506                                                                                         6
                                              2,877                                                                                               5             5
                                                                                                                             4          4
                        0                                                                                      3
                                              2017                           2036F
                                              Industrial   Service   Municipal
                                                                                                                             Paper

                                                                                                                                                                                                             Unmetal
                                                                                                               Wood

                                                                                                                                                                                        Other
                                                                                                                                                                Textile
                                                                                                                                                  Metal
                                                                                                                                        Outdoor

                                                                                                                                                                                                  Chemical

                                                                                                                                                                                                                           Food
                                                                                                                                                                            Accessory
                                Municipal                   Service                    Industrial
                               CAGR 7.0%                   CAGR 2.0%                  CAGR 4.0%

                                                                                                                                                                                                                                    10
II. Utilities Business
Opportunities in EEC
                                                                                      Forecasted Demand and Supply for Industrial Water
                                       1      Raising the efficiency of 7 old reservoirs in EEC which will increase water storage level from 770 million m 3 to 872 million m3
                                                    2    Establish the diversion channel from Klong Panthong to Bang Pra Reservoir diverted water for 75 million m3
                                1000                                 3     Develop 4 new reservoirs around Klong Wang Ta Nod accounted for 100 million m3
                                 900                                               4   Search for new reserve water which raise will add 77 million m 3 to water supply
                                 800
                                                                                                 781
                                 700
  Water Volume (million m 3)

                                                                                         704
                                 600                                                                                                                                                                      561
                                                                         604
                                                                                                                            476
                                 500                 529
                                 400    427
                                       315
                                 300
                                 200
                                 100
                                   0
                                       2017     2018     2019     2020         2021   2022     2023     2024     2025       2026   2027   2028   2029    2030    2031   2032     2033     2034     2035   2036

            Source: Irrigation Water Management (Prachachat news 15/02/2018)                             Forecast Demand              Forecast Supply

                                                       21 Promotional Zones Out Of 31 Industrial Estates In EEC Including 9 from WHA Group
                                                               TFD2                                           Declared as EEC Industrial Promotional Zone for Targeted Industries
                                                                                          21 8                                            Area Declared 86,755 Rai
                                                                                          Zones
                                                                                        zones
                                                                                                                              Area to Accommodate New Investment 28,666 Rai
                              WHA CIE 1-2
                                                                                                                                    Estimated investment THB 1.31 trillion
                                                                1 Zones
                              WHA ESIE 2-3
                                                                                                       EEC Industrial Promotional Zone           Basic Package                  EEC Package
                              Yamato
                              Amata 1-2            12 Zones                      WHA ESIE1,4         Target Industries*                            10 yrs                          12 yrs
                              Pinthong 1-5                                       WHA EIE                                                          5 – 8 yrs                  Basic + 50% 5 yrs
                                                                                  ESIE                Other Industries                              10 yrs                          12 yrs
                                                                                  WHA RY36                                                         5 – 8 yrs                  Basic + 50% 3 yrs
                                                           8 Zones                Smart Park
                                                                                  Amata City          Other Estates in EEC                          10 yrs                          11 yrs
                                                                                  CP                                                               5 – 8 yrs                  Basic + 50% 3 yrs

                                                                                                                                                                                                                 11
II. Utilities Business
Business Strategies

     Current Positioning                                      5Y Aspiration

         Industrial Estate
      Products (Raw Water,          Developing
      Industrial Water and     Integrated Solutions            Municipal Water          CLMV Markets
       Central Wastewater       to Industrial Users                Supply
           Treatment)

     Thailand’s leader in    Domestic: Integrated solutions to industrial market,
     industrial water
     businesses provides     expansion to other market segments with world-class
     105 million m3          operation and services
     Industrial Estate
     products to customers   International: Expand to strategic regional countries by
     in WHA Group in 2018.
                             leveraging on WHA Group brand, expertise and
                             customer base

                                                                                                       12
Agenda

   I.         Company Profile

        II.    Utilities Business

              III. Power Business

                IV.    Operating Performance

                      V.    Performance Highlight

                           VI. Financial Information

                             VII. Outlook 2019B

                                VIII   Appendix

                                                       13
III. Power Business
Growing Portfolio

           Continuing Growth from Projects Under Construction and Projects in Pipeline

                                                              Over   200 MW of solar opportunities
                                                                from over 2 million sqm logistics roof areas
                                                                under WHA/WHA Management

                                                                               570 MW
                                                     521 MW
                                 486 MW
                 352 MW

                  2016             2017               2018                       2019B

                                                                                                               14
III. Power Business
Well-balanced and High Stability Portfolio
                             Conventional Power: 547 Equity MW Secured                                            Highly reliable off-taker (EGAT)                   Long-maturity Portfolio
                           By Type of Power Plant                  By Type of Sourcing
                                                                                                                    Industrial
                                                    52%                                                             Users, 8%
            Analysis

                                  IPP                                Coal                      43%
  PortfolioAnalysis

                                  SPP               48%              Gas                       53%                                                               Maturity < 20
                                                                                                                                                                  Years, 27%
                                                                     Hydro                     4%
                                                                                                                                                                                                 Maturity ≥ 20
  Portfolio

                               Renewable Power: 22 Equity MW Secured                                                                                                                             Years, 100%
                                                                                                                                   EGAT/ PEA/              Maturity ≥ 20
                                                                                                                                    MEA, 92%                Years, 73%
                             By Type of Power Plant                 By Type of Sourcing

                                 VSPP               100%             Solar                     87%
                                                                                                                                 Client Profile                 2018                      Additional Incoming
                                                                     WTE                       13%                                                                                          Project in 2019

                                                                                                                                                      Installed            WHAUP
                              Project Name                          Type                             JV Partner                    Location                                          Equity MW             COD
                                                                                                                                                   Capacities (MW)         Portion
                        Operating Phase
                           Gheco-I                        IPP                Coal                       Glow                 Map Ta Phut IE             660                35.00%       231                Q3’12
                           Glow IPP                       IPP       Gas Combined Cycle                  Glow                      WHA CIE 1             713                5.00%        36                Jan-03
                           Houay Ho Power                 IPP                Hydro                      Glow                       Lao PDR              152                12.75%       19                Sep-99
                           GJP NLL                      SPP            Gas Co-gen                      Gulf JP                     WHA RIL              123                25.01%       31                May-13
                                                                                                                          WHA LP 1, WHA CIE 1,
    Portfolio Summary

                           Gulf Solar                  VSPP                  Solar                      Gulf                                             0.6               25.01%       0.2           Jun-14 – Jan-15
                                                                                                                           WHA ESIE 1, ESIE
                           WHA Gunkul                  VSPP                  Solar                     Gunkul             Bangna and Ayudthaya           3.3               74.99%       2.5             Apr – Jul-14
                           BGWHA-1                      SPP            Gas Co-gen                     B Grimm                     WHA CIE 1             130                25.01%       33                Nov-16
                           GVTP                         SPP            Gas Co-gen                     Gulf MP                       ESIE                137                25.01%       34                May-17
                           GTS1                         SPP            Gas Co-gen                     Gulf MP                       ESIE                134                25.01%       34                Jul-17
                           GTS2                         SPP            Gas Co-gen                     Gulf MP                       ESIE                134                25.01%       34                Sep-17
                           GTS3                         SPP            Gas Co-gen                     Gulf MP                    WHA ESIE 1             130                25.01%       32                Nov-17
                           GTS4                         SPP            Gas Co-gen                     Gulf MP                    WHA ESIE 1             130                25.01%       32                Jan-18
                           GNLL2                        SPP            Gas Co-gen                     Gulf MP                      WHA RIL              127                25.01%       32                Jan-19
                           Solar Rooftop Projects    Private PPA             Solar                   100% Owned             IEs/ Logistic Center         1.8               100.0%       1.8           May’18-Feb’19
                                                                                     Total                                                              2,576                           552
                        Construction Phase
                           Solar Rooftop Projects    Private PPA             Solar                   100% Owned             IEs/ Logistic Center        14.6               100.0%      14.6              Q1-Q3’19
                           CCE                         VSPP           Waste-to-energy                Glow& Suez                   WHA CIE 1              8.6               33.33%       2.9                Q4’19
                                                                                       Total                                                             23                             17

                                                                                                                                                                                                                       15
III. Power Business
Industry Overview
             Increasing Power Generation with CAGR of 3.2% during 2007-2017 with Natural Gas as the main fuel source
                         Power Generation by Fuel Sources                                                                             Proportion of Fuel Sources in 1H2018
    TWh                                                                                                                                                  Hydro Oil & Diesel
      250                                                                                                  CAGR                                          3.7%      0.1%
                                                                                                                                             Imported
                                                                       192 200 201                 Oil & Diesel   -19.8%                      12.1%
      200                                         179 181 186
                                    165 164
              147 148 148                                                                          Hydro           -5.2%
      150                                                                                                                            Renewable
                                                                                            101    Imported       18.5%                8.8%
      100                                                                                                                                               ~101 TWh
                                                                                                   Renewable      19.9%
                                                                                                                                                                              Natural Gas
       50                                                                                                                                                                       56.8%
                                                                                                   Coal            1.5%                  Coal
         0                                                                                         Natural Gas                          18.4%
                                                                                            1H18                   2.1%
               2007
                      2008
                             2009
                                    2010
                                           2011
                                                  2012
                                                         2013
                                                                2014
                                                                       2015
                                                                              2016
                                                                                     2017

                                                                                                                           • Total country power generation in the first half of 2018 is
      The main fuel source of the power generation in Thailand is                                                           101,482 GWh with natural gas accounted for 57% and coal
       natural gas which accounted for more than 60% however, the                                                            fired of 18% of total power generation.
       portion of power generation using natural gas are decreased in the
       past 3 years
      The decrease of power generation using natural gas has been                                                         Key Challenges of Power Industry:
       replaced by the use of renewable and import                                                                         •   Natural gas has become the dominant fuel for electricity
      Thailand depends heavily on natural gas could lead to various                                                           generation for decades because of low capital intensive and
       problems:                                                                                                               higher efficiency of gas-based power plant technology
             o The reserves and production of natural gas are depleting
             o The state-owned oil & gas company imports gas from                                                              o The overuse of natural gas has led to a declining supply which
               Myanmar and plans to open a second terminal near                                                                  causes Thailand to import LNG for power generation
               Rayong to add 7.5m tons/year, totaling of 18m tons/year by                                                  •   Policy uncertainty and discontinuity toward Solar PV
               2022
      Power generating by renewable is increasing with CAGR of 20%                                                        •   Constraints related to the grid infrastructure is a hindrance for
       from 2007 to 2017 because of EPC cost of renewable plants are                                                           renewable power producers to sell power back to grid
       cheaper and government’s promotional measures on renewable                                                          •   Electricity shortage in Southern part of Thailand
       fuel sources
Source: PDP 2015, DBS (Thailand power Outlook), Energy Transition in Thailand
                                                                                                                                                                                                   16
III. Power Business
Business Strategies

                                     “Developer” in Power and Energy Businesses

                      Conventional             - IPP : Glow IPP, Gheco-One , Houay Ho Hydropower in Lao PDR
                      Power                    - SPP : 8 SPPs in operation

                                               - Solar Rooftop : 2.6 MW sale to grid & 1.8 MW private-sale.
                                                 Further opportunities from over 6 million sqm IE roof areas and 2 million sqm
                      Renewable                  logistics roof areas
                      Power                    - WTE : 8.6 MW CCE Project SCOD in Q4’2019. Exploring municipal-waste-to-
                                                  energy opportunities

                      Natural Gas              - New projects in IEs : WHA ESIE 2 COD in Dec’18 and WHA ESIE4 SCOD
                      Distribution               in Q2’2019

Other Targets

                                               - Exploring opportunity in Energy Management Services such as Cogen
                       Energy
                       Services                plant, Boiler, Chiller, Energy Storage for IE customers

                                                                                                                             17
Agenda

   I.         Company Profile

        II.    Utilities Business

              III. Power Business

                IV.    Operating Performance

                      V.    Performance Highlight

                           VI. Financial Information

                             VII. Outlook 2019B

                                VIII Appendix

                                                       18
IV. Operating Performance
Utilities – Operating Performance
                                                Utilities Portfolio Growth – Sale & Management Volume

Million m3/ year
                                                                                                                                      WWT       +2% YoY
  120                                                                                                 100             105
                                                                                                                                      RW        +2% YoY
  100                                                                             82
                                                                                                                       35             IW        +7% YoY
   80                                                                                                     34
   60                                                                                                     17           17
                   31              32                     34                       13
   40
                                                                                   43                     49           53
   20               31             32                     34
     0
                   2013           2014                   2015                    2016                2017             2018

                                  Industrial Water                 Raw Water                 Wastewater

                                                        Potential Demand from New Power Plants                                    On Schedule

                            Water Consumption               2017                    2018                   2019E        2020E                    2021E

         SPP COD           3,500 – 4,000 m3/day      GVTP (16 May 17)          Gulf TS4 (Jan 18)     GNLL2 (Jan 19)         TBA

                                                     Gulf TS1 (8 Jul 17)

                                                     Gulf TS2 (Sep 17)

                                                     Gulf TS3 (Nov 17)

         IPP COD             40,000 m3 / day                                                                           Block 1                   Block 2

                                                                                                      CCE (Q4’19)
         Waste to Energy     1,000 m3 / day

                                                                                                                        +13,000                  +3,000
         Petrochemical

                                                                                                                                                           19
IV. Operating Performance

Power Business - IPP Group

                                              2017 (A)                                                      2017 (A)
                       Energy Dispatch        2018 (A)
                                                                                Availability                2018 (A)

 GWh                                                     % AF

                                                                                               100.0% 99.2%
               5,503                                                    95.6%
       5,021                                                    86.4%

                          396 417

                                          34 38
    Gheco-One              HHPC          Glow IPP                Gheco-One                       Glow IPP

                                                                                                                  20
IV. Operating Performance

Power Business - SPP Group

                                                               2017 (A)                                                    2017 (A)
                               Energy Dispatch                 2018 (A)                           Availability             2018 (A)

 GWh
                                                                           % AF

                                                                     890
                 864     863                             874   856             98.4% 97.9% 97.5%    97.8%  97.4% 98.0%           98.0%
 830 828                             850
                                                 810                       98.9%                 99.6% 98.2%
                                                                                   95.6% 98.4%                           95.2%

           498
                       412

                               280

                                           127

  GNLL     GVTP        GTS1    GTS2        GTS3        GTS4    BPWHA-1      GNLL   GVTP   GTS1   GTS2    GTS3    GTS4     BPWHA-1

                                                                                                                                   21
IV. Operating Performance

Power Business - Solar Performance
                                                                                                          2017 (A)
                                                                                                          2018 (A)
                                                             Energy Dispatch

 GWh

                                                                                          1.35    1.28
                                          1.19        1.14                 1.19    1.14
         0.89      0.85

         WHA GunKul 1                    WHA GunKul 3                      WHA GunKul 6   WHA GunKul 17

        Total Energy Dispatch for   2017 = 4.62 GWh
                                    2018 = 4.41 GWh

                                                                                                                     22
Agenda

   I.         Company Profile

        II.    Utilities Business

              III. Power Business

                IV.    Operating Performance

                      V.    Performance Highlight

                           VI. Financial Information

                             VII. Outlook 2019B

                                VIII Appendix

                                                       23
V. Performance Highlight
Financial Highlight 2018
                                                  2018     YoY                       Remark

 Revenue from Sales and Services                 1,708.3   4.6%
                                                                   1) Higher Sales Volume mainly from full year
                                                                      operation after COD of 5 SPPs, existing
 Share of Profit and Dividend Income             2,122.4   6.4%       and new IEs customers
                                                                   2) Gheco-One higher energy dispatch versus
                                                                      planed maintenance in 2017
                                                                   3) Dividend income from Glow IPP of Baht
                                                                      75.0 million in 2018 versus Baht 59.3
                                                                      miliion in 2017
                                                                   4) Lower Finance Cost from loan repayment
 EBITDA                                          2,854.8   8.2%       in April’17 and issued debentures to
                                                                      refinance existing bank loan in Aug’17 and
                                                                      Jun’18
                                                                   5) Lower administrative Expenses from
                                                                      accounting adjusted of doubtful debt in
                                                                      1Q’18
 Net Profit Attribute to Owners of the Parents   2,251.9   13.7%

                                                                   Foreign Exchange Gain and One-Time Loss
 Normalized Net Profit Attribute to Owners of                      items totaling of Baht 15.9 million in 2018 VS
 the Parents
                                                 2,267.8   61.2%   Foreign Exchange Gain Baht 574.3 million in
                                                                   2017

                                                                                                               24
Agenda

   I.         Company Profile

        II.    Utilities Business

              III. Power Business

                IV.    Operating Performance

                      V.    Performance Highlight

                           VI. Financial Information

                             VII. Outlook 2019B

                               VIII   Appendix

                                                       25
VI. Financial Information
Consolidated Financial Statement
                 Revenue and Share of Profit and Dividend Income was recorded at Baht 3,830.7 million
Unit : THB mm

                                                                                     3,830.7
                       3,629.1

                                                                                      2,122.4
                                                                                                    +6.4%
                        1,995.4

                       1,633.8                                                        1,708.3       +4.6%

                            2017                                                        2018

                            Revenue from Sales and Services   Share of Profit and Dividend Income

                                                                                                            26
VI. Financial Information
Utilities Performance
                          Revenue from Sales and Services from Utilities Business was recorded at Baht 1,708.3 million.

                      Revenue from Sales and Services                                                                         Gross Profit Margin
  Units: THB mm

                                                                    1,708.3
                   1,633.8
                                                                       28.6
                                                                                                                                    35.3%                        34.4%
                        63.5                                          158.3                                                                          33.1%
                       152.1                                                                                         29.5%
                                                                      268.9
                       262.9                                                                               27.4%
                                                                                                                                                                  33.3%
                                                                                                                                                      30.4%
                                                                                                           25.8%         26.9%          27.9%

                                                                     1,252.6
                     1,155.2

                       2017                                           2018                                 2014        2015          2016          2017          2018
                                                                                              /1
         Industrial Water         Raw Water          Wastewater          Other Revenue
                                                                                                                   Gross Profit Margin (%)
                                                                                                                   Gross Profit Margin (%) (Exclude Other Utilities)
Remark /1 : Other Revenue is consist of excessive charge, management fee and revenue from WHA KM.3 Solar

                                                                                                                                                                        27
VI. Financial Information
Power Performance
                             Share of Profit and Dividend Income total at Baht 2,122.4 million

Units: THB mm

                                                                                     2,122.4
                            1,995.4

                                574.3

                                                                                      2,138.3

                              1,421.0

                                                                                                  -15.9
                               2017                                                    2018

                  Normalized Share of Profit & Dividend Income           Fx and One-Time Items Gain (Loss)

                                                                                                             28
VI. Financial Information
Consolidated Performance
                     Consolidated EBITDA/1 and EBITDA Margin                                                                            Consolidated Net Profit/2 and Net Profit Margin/3
 Unit : THB mm                                                                                                             Unit : THB mm

4500.0                                                                                                100.0%
                            71.2%                                           72.9%                                          3500.0                       53.5%                                            57.5%               60.0%
4000.0                                                                                                                                                                                                   57.6%
                                                                            73.0%
                          66.0%                                                                       50.0%
3500.0                                                                                                                     3000.0                                                                                            40.0%
                                                                                                                                                         44.9%
                                                                      2,854.8
                                                                                                                                                                                                  2,251.9
3000.0                     2,639.2                                                                                         2500.0                                                                                            20.0%
                                                                                                      0.0%                                              1,980.9
2500.0                                                                                                                     2000.0                                                                                            0.0%
                            574.3
                                                                                                                                                        574.3
2000.0                                                                                                -50.0%
                                                                                                                           1500.0                                                                                            -20.0%
1500.0                                                                 2,870.7                                                                                                                     2,267.8
                                                                                                      -100.0%              1000.0                                                                                            -40.0%
1000.0                     2,064.9
                                                                                                                                                        1,406.6
                                                                                                                             500.0                                                                                           -60.0%
 500.0
                                                                                                      -150.0%
   0.0                                                                                                                          0.0                                                                                          -80.0%
                             2017                                        2018           -15.9                                                             2017                                       2018           -15.9
-500.0                                                                                                -200.0%              -500.0                                                                                            -100.0%

                        Normalized EBITDA                              EBITDA Margin (%)                                                    Normalized Net Profit                           Net Profit Margin (%)
                        (THB mm)                                                                                                            (THB mm)

                                                                       Normalized EBITDA                                                    FX and One-Time Item                           Normalized Net Profit
                        FX and One-Time Item
                                                                          Margin (%)                                                        Gain (Loss) (THB mm)                               Margin (%)
                        Gain (Loss) (THB mm)

  Remark:
  /1Consolidated EBITDA from Utilities Business and Power Business and Other Income.
  /2Net Profit Attribute to Owners of the Parent
  /3 Net Profit Margin is calculated by dividing the Net Profit Attribute to Owners of the Parent by revenue from Sale and Services and Share of Profit from Investments in Associates and Joint Ventures and Other Income

                                                                                                                                                                                                                             29
VI. Financial Information
Capital Structure and leverage ratio
                     Statement of Financial Position                                                             Debt Maturity Profile

Unit : THB mm                                                                      Unit : THB mm

                                                  23,773        23,773
    21,378        21,378

                                                                14,049
                   12,577
                                                                                                             4,000
                    871                                          736
                                                                                                                        2,390
                   7,930                                        8,988                                                                        1,290            1,320
                                                                                                                                       0              0
       1    2017 2                  3     4            5 2018     6                    2018        2019      2020       2021          2022   2023    2024     2025
                                                                                                                                  Bond
                 Total Assets           Interest Bearing Debt
                 Other Liabilities      Total Equity

                                                                         Financial Ratio

                D/E Ratio                          Net IBD/E Ratio                                    ROE*                                           ROA*

       0.70x                0.69x                                                           19.8%
                                                                                                                16.9%                                       10.0%
                                                                                                                                             9.9%
                                                 0.58x            0.58x

       2017                 2018                  2017             2018                       2017               2018                        2017           2018

                                                                                         Note : * Weighted average equity or asset
                                                                                                                             assets
                                                                                                                                                                      30
Agenda

   I.         Company Profile

        II.    Utilities Business

              III. Power Business

                IV.    Operating Performance

                      V.    Performance Highlight

                           VI. Financial Information

                             VII. Outlook 2019B

                                VIII Appendix

                                                       31
VII. Outlook 2019B
2019 Plan: Utilities Business

  Market                                Product                                   Capture                             Key Deliverables
  Expansion                             Innovation                                Vietnam
  New WHA IEs                           Wastewater Reclamation,                   Opportunity
  Non-WHA IEs                           RO Water,
                                        Demineralized Water,                      Raw Water, Industrial
                                                                                                                            Target Sales &
                                        Smart Water Solution,                     Water, Municipal
                                                                                  Water, Wastewater
                                                                                                                          Managed Volume
                                        Wastewater Pretreatment
                  Partner with                        Leverage IE customer
                  Industrial Estate
                                                      base to offer innovative
                  Developers to
                                                      products

                                                                                                                                    120
                  provide Utility
                  Solution
                                        3,650,000 m3/yr                Capacity
                                        RECLAMATION                                                                                 Million M3
                                        Located in WHA EIE                                                                                 Non-IE
                                                                                   Sourcing potential M&A                                Products
                                                                                   opportunities in CLMV,
                                                                                   especially Vietnam                                       10
                                                                                                                                           million m3
                                                                                      Target STRATEGIC
         Growing water                 2,190,000 m3/yr                 Capacity       LOCATIONS with growing
                                                                                      populations, industrial users
                                                                                                                           105
         sales volume
                                      DEMINERALIZED WATER                             and abundant water               Million M3      2019B
         with       new up-
           +3       coming
                    WHA IEs
                                       To serve for a Well-know Power Plant           resources

                                               Smart Water Solution                                                      2018A
                                      Integrating IoT on water meter
                                           (First phase in WHA EIE)

                                                                                                                                                        32
VII. Outlook 2019B
2019 Plan: Power Business

  Power                          Innovative Energy                                 Capture                     Key Deliverables
  Portfolio                      Solution                                          Vietnam
  Growth                         Smart Grid, Energy Storage                        Opportunity
                                 System, Captive Gas Power
  Renewable                                                                        Solar
                                 Plant, Floating Solar
  Energy in Focus                                                                                                             570
                                                                                                                                Installed
                                                                                           Explore potential
                                                                                               Solar power                    Equity MW
                                                                                                 projects in
                                            Conventional             Renewable                     Vietnam
   +49                                                               Generation
   Equity
                                            Generation
                                                                                                                  521
   Megawatt                                                                   Energy                              Installed
                                                                              Storage                           Equity MW
                                     Utility Grid

                                                      Smart grid
                                                      Controller    Industrial
                 32 Equity MW                                       Users
                 from GNLL2 COD
                 in Jan 2019
       Waste-to-Energy Project
                                                             Study and prepare for
       COD in Q4’2019
                                                             future of electricity trend
                                                             (EV, ESS) to make
                                                             optimal investment
                  Leverage on WHA customers’
                  roofs to create track record and
                  project references for business                                                                                 2019B
                  expansion to non-WHA Roofs
                                                                                                                   2018A

                                                                                                                                            33
VII. Outlook 2019B
2019 Plan: Power Business
Enhance Products Offering to Provide Total Solution Energy
Services
Leverage on Industrial Estates’ Customers Base
Focus on Industrial Sales
Strong Partnership with Leading International Energy Players

Natural Gas Distribution Projects

                                               3

                                            WHANGD 3
                                            - Upcoming -

  1   WHANGD 2                                                 PARTNERSHIP & COLLABORATIONS
      Status : Operating        2 WHANGD 4
                                   Under Construction
                                   (Expected COD Q2’19)

                                                                                              34
Agenda

   I.         Company Profile

        II.    Utilities Business

              III. Power Business

                IV.    Operating Performance

                      V.    Performance Highlight

                           VI. Financial Information

                             VII. Outlook 2019B

                                VIII   Appendix

                                                       35
Appendix
Shareholders and Management Structure
                               Shareholding Structure                                                                       Board of Directors

                 Foreign               Retail,                                                                                                   Mr. David Richard Nardone
                                        15%                                                             Ms. Jareeporn Jarukornsakul
               Institutions,
                    1%                                                                                  Chairman of Board of Directors           Director
           Domestic
          Institutions,
              10%

                                                 WHA Group,                                             Mr. Vivat Jiratikarnsakul                Mr. Wisate Chungwatana
                                                   74%                                                  Director
                                                                                                                                                 Director and Chief Executive
                                                                                                                                                 Officer

 Remark   /1    WHA Group covers WHA Industrial Development Plc, WHA Ventures Holding, WHA
               Industrial Development International (SG) Pte. Ltd., Mr. Somyos Anantaprayoon ,
               Miss Jareeporn Jarukornsakul
                                                                                                        Mr. Surathian Chakthranont               Mr. Weidt Nuchjalearn
                      Top 10 Shareholders                         No. of shares            %
                                                                                                        Director                                 Independent Director
WHA Industrial Development Plc                                      2,633,999,970              68.9%                                             and Chairman of Audit
Bangkok Life Assurance PCL                                             72,581,665                1.9%                                            Committee
WHA Ventures Holding Co., Ltd.                                         71,235,900                1.9%
Thai NVDR Co.,Ltd                                                      63,174,998                1.5%
Mr. Somyos Anantaprayoon                                               50,240,625                1.3%
WHA Industrial Development International (SG) Pte. Ltd                 46,999,800                1.1%   Mr. Ekajai Tivutanond                    Mrs. Punnee Worawuthichongsathit
Miss Jareeporn Jarukornsakul                                           43,500,010                0.9%   Independent Director                     Independent Director
K Value                                                                16,749,500                0.6%   and Audit Committee                      and Audit Committee
Muang Thai Life Assurance PCL                                          16,117,900                0.4%
SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED                           15,499,200                0.4%
Others                                                                794,900,432              21.0%
Total                                                               3,825,000,000               100%

Note:   Shareholding Structure and Top 10 Shareholders are reference from WHAUP’s registered list
        of shareholders on latest closing date of 31 December 2018                                                                                                              36
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