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1
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Agenda
2
Company Overview
On going and Future Developments
Key Financial Highlights
Q&A Session
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Company Overview
3
Vision
To become the leading contractor of Thailand delivering projects in respect of standardand safety for both natural gas pipeline, petrochemical industry and energy fieldsalong with its sustainable growth.
Mission
1. To enhance the companys consistent growth with the good conduct of the corporate governancepractice for highly benefit of the company and its shareholders.
2. To recognize human dignity by treating all employees on fairly basis with disregard of race , class, complexionor religion.
3. To emphasize human development through rendering knowledge gain, skill and expertise trainings as well asrequired knowledge in concerned areas for the companys sustainable growth.
4. To strive toward teamwork performance , passing on skill and knowledge including experience from onegeneration through another.
5. To emphasize design engineering works, encourage learning participation and utilize new technology incooperation with both domestic and international alliances to develop Thai engineers capability to be identicalwith the international ones.
6. To reward society and community.
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Leading Turnkey Solution Provider Company
4
2005 - 2008
EPC Turnkey Pipeline / Small &Medium Process Plant /
Modular Fabrication
Civil work /infrastructure
Project ManagementConsulting (PMC)
Construction
2009 - 2012
Greenfield / BrownfieldProject Development
Capability
Conceptual Design Basic Engineering Feasibility Study Advisory Services
Project Development
Engineering Capability
Commissioning / Testing
2012+
Operating &Maintenance Services
Investment through our investment arms
- TRC International Ltd.
- TRC Investment Ltd.
Commercial Operation Date
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Key Corporate Milestone
5
Established withexperience group
of engineers
undertaking small
pipeline projects
1998 2005
Listed in MAIwith Baht 1.70
IPO price
Successfully JVwith CPP (China)
for 2,100 MB
pipeline project
2007
EPC capabilityfor Biodiesel
Processing Plant
2008 ProjectDevelopment &
Investment
Division
established
2009
Successfullylanded in Oman
UndertakingPTT Gas
Separation Plant
Project
2010
Awarded by Gulf JP a EPC Pipeline
Package of THB
2,016 MB + 21.09
Mil USD
2011
Awarded for EPCC of Ethanol
Project
Songkhla
Transmission
Pipeline Project
(562 MB)
Lump SumTurnkey Bangchak
Bio Diesel Plant
Project (757 MB)
Nigeria Project
Wang Noi-Kaeng Khoi
Cross Country
Gas Pipeline
TRC is equippedcapability of EPCand undertake
Large Scale
Project
EPC for FlowlineProject in Oman
Consortium withSiemens for OCS#1
Oman Project
Revamp OCS#1
Ubon Boi-Ethanol
Project of 2,134 MB Group backlogreached 4,452 MB
AcquiredSahakarn
Wisavakorn
Co., Ltd. as
subsidiary
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Our Core Business
6 EPC Services in Overseas
Mechanical Installation and Process PlantConstruction for Energy and Petrochemical Industry
Pipeline Construction for Energyand Petrochemical Industry
Project Development and Investment
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Key Success Factors
7
Competent andexperiencedprofessional
management team& operationpersonnel
Provide service excellence and maintain the highest level of customer satisfaction
Strong riskmanagement
and solidliquidity
managementto enablesfinancialflexibility
Continuouslygrowingsustainablerevenue andprofit stream
while creatingloyal andengaged
customers Establishing strongstrategic alliancesand focus on high
margin projects withhigh barriers to entry
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Our Quality, Health, Safety and EnvironmentalPromises
8
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9
New HSE Achievement3 years LTI Free of Oman Project
http://www.trc-con.com/admin/spaw2/uploads/images/QHSE/hse_achievement/2%20year%20LTI%20free.gifhttp://www.trc-con.com/admin/spaw2/uploads/images/QHSE/hse_achievement/1%20year%20LTI%20free.gif7/29/2019 20121123_trc
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Our Reputable Clients
10
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Agenda
11
Company Overview
On going and Future Developments
Key Financial Highlights
Q&A Session
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TRC Revenues Growth
12
Core Businesses On-going Gulf SPP and IPP Package Ubon Bio Ethanol Project PTTAR-IRPC Multiproduct Pipeline Green ABS VI Project GUT Pipeline Project
Expansion in Oman Petrogas Rima (extension contract) PTTEP Oman
EPCC and O&M in oil & gas sector and petrochemical industry Investment Scheme
Energy projects in neighboring countries Natural resources project
EPC
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13
On-going Core Business: Gulf JP Pipeline Project
Gulf SPP and IPP Pipeline Package
Owner: Gulf JP Co., Ltd Group
TRCs Work Value: IPP : THB 1,185 million +
USD 16.345 million7SPP : THB 831 million +
USD 4.745 million
Scope of Work:Gas Pipeline EPC Package for NaturalGas Transmission Pipeline ConstructionWork and Metering and Regulation Stationfor 7 SPP Projects and 1 IPP Projectin Saraburi, Chachoengsao, Rayongand Prathumthani Province
Work Period:IPP : Oct 11 - Jun 137SPP : Oct 11 - Sep 13
% of Completion as at 30 Sep 12: IPP : 52%
7SPP : 65% - 99%
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14
On-going Core Business: Ethanol Processing Plant
Ubon Bio Ethanol Project
Owner : Ubon Bio Ethanol Co., Ltd.
SKWs Work Value: THB 2,134 million
Scope of Work: Plant Out Side Battery Limit (OSBL)EPCC Package for Ethanol ProcessingPlant with a capacity of 400,000 liter per day utilizing dry and fresh cassava asraw material
Work Period : Mar 11 Dec 12
% of Completion as at 30 Sep 12: 91%
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15
On-going Core Business: Ethanol Processing Plant(Cont.)
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16
On-going Core Business : PTTAR-IRPC Multiproduct
PTTAR-IRPC Multiproduct Project
Owner: IRPC Public Company Limited
TRCs Work Value: THB 723 million
Scope of Work:Multiproduct pipeline installationbetween IRPC Tank to PTTAR Refinery
Work Period: Jul 11 - Jan 13
% of Completion as at 30 Sep 12: 65%
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17
On-going Core Business: Green ABS VI Project
Green ABS VI Project
Owner : Thai ABS Company Limited
SKWs Work Value: THB 280 million
Scope of Work: Construction of Concrete Steel Buildings,Steel Structure and InfrastructureProject location at inside IRPC plant,Rayong Province
Work Period: Jan 12 - Dec 12
% of Completion as at 30 Sep 12: 70%
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18
GUT Gas Pipeline Project
Owner: Gulf JP UT Company Limited
TRCs Work Value: THB 1,547 million
Scope of Work: EPC of 28 inches diameter Natural GasPipeline length approximately 21 km.and two block valve stations and onemetering station for GUT Power Plant(IPP)Project located in Rojana IndustrialPark 3, Ayutthaya Province
Work Period: Aug 12 Jul 14
% of Completion as at 30 Sep 12 :Still during Engineering Stage
On-going Core Business: GUT Gas Pipeline Project
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19
Expansion in Oman: Petrogas Rima (Extension Contract)
Pipeline Project
Owner: Petrogas Rima LLC(1-year extension contract
+ 1-year potential extension)
TRCAs Work Value: THB 146 million
Scope of Work:Engineering, Procurement andConstruction of production flow lines andwater injection flow lines connecting thedrilling wells together.Up to date, TRC has achieved its servicesfor connecting about 80 drilled wells which
increasing the oil production of Rima SmallFields from about 2,200 bopd in 2009 tonearly 14,000 bopd today.
Work Period: May 12 Apr 13
Type of Contract: EPC Contract
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20
Expansion in Oman: PTTEP Oman
Pipeline Project
Owner : PTTEP Oman Company Limited
TRCEs Work Value: ApproximatelyTHB 184 million
Scope of Work:Project location: Block 44 concessionarea of PTTEP in the northwest of Oman;Shams-16 flowline and its relatedequipment & facilities;Munhamir-1 and Munhamir-2 flowline andits related equipment & facilities;
Munhamir crude export pipeline
Type of Contract: EPC Contract
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21
Expansion in Oman: EPCC and O&M in Oil & Gas andPetrochemical Sectors
EPCC and O&M in Oil & Gas and Petrochemical Sector
New opportunity in Oman to be exploredand committed by TRC and its strategicpartner
Scope of Work:Engineering, Procurement, ConstructionCommissioning and Operating &Maintenance focusing on oil & gassector and petrochemical industry
Target: To be awarded the project value THB150 million within 2012 for the above scope of
work
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22
Investment Scheme: Focusing on Energy and NaturalResources in ASEAN Countries
Energy Projects in Neighboring Countries Natural Resources Development Project
Objectives :To explore and capture business
opportunity focusing on energy sector and natural resources in ASEANneighboring countries such asMyanmar, Cambodia and Lao;To retain some fixed income portion of TRC group; andTo be ready for ASEAN EconomicCommunity (AEC) in 2015
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23
List of Potential Projects
Project Name
ApproximateProject Value
(MB)
Estimate
Project Period
A. Natural Gas Pipeline
A.1 Provincial Gas Transmission Pipeline 4,000 5,000 2013 - 2015
A.2 SPPs 500 2013 - 2014
A.3 Distribution Pipelines 500 2012 onwards
A.4 Construction Call Off Services n/a 2013 onwards
B. Processing Plant
B.1 Waste Heat Recovery 1,300 2013 - 2014
B.2 Waste to Energy 2,000 2013 - 2014
B.3 Ethanol Plant 1,700
2013 - 2014
B.4 CBG for NGV 70 2012
C. Oman Two Projects 700 2013 - 2016
Total Approximate11,770
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24
Agenda
Company Overview
On going and Future Developments
Key Financial Highlights
Q&A Session
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9-Month Actual Performance of TRC and its Subsidiaries
TRC SKW TRCA TRCE TRCITRC
InvestmentTRC Group
Consol(Oman) (Oman) (Hong Kong) (Mauritius)
Construction Services Income 1,658.48 1,375.51 128.53 161.38 6.03 - 3,323.90 Interest Income 3.07 2.52 - - 0.14 - 5.26 Other Income 8.44 8.06 1.21 - - 0.31 17.41 Total Revenues 1,669.99 1,386.09 129.74 161.38 6.18 0.31 3,346.57 Cost of Services 1,409.42 - 1,270.07 - 104.01- 138.57 - - - 2,915.38 - Gross Profit 260.57 116.02 25.73 22.82 6.18 - 431.19
Administrative Expenses and Finance Cost 94.46- 18.78- 20.27- 24.87- 1.10- 0.44- 159.44-Earning before Tax 166.11 97.25 5.46 2.05- 5.08 0.13- 271.75 Tax 38.17- 10.73- 0.36- - - - 49.26-Net Profit before Minority Interest 127.94 86.52 5.10 2.05 - 5.08 0.13 - 222.49 Less: Minority Interest (40% for TRCA, 30% for TRCE) 1.42-Net Profit for the Parent Company 221.07
Gross Profit Margin 15.02% 7.67% 19.07% 14.14% 100.00% 12.29%
Net Profit Margin 7.66% 6.24% 3.93% -1.27% 82.18% 6.61%
(Unit: Million Baht)
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1,8141,724
1,567
2,262
254
1,014
4,000 - 4,500
532
1,068
640
1,264
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2008 2009 2010 2011 9-M 2011 9-M 2012 2012 (F)
1st Qtr 2nd Qtr 3rd Qtr
1,426
3,346
Total Revenue
26
(MB)
135%Growth
In 2012, the 3 rd quarter 2012 performance of TRC, its revenue is the 2 nd highestwhile its profit is the 3 rd highest among MAI 79 listed companies.
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Services Income Break-Down
27 Pipeline Process & Plan t Civil Other Services
9-M 2012
(3,324 MB)
Pipeline 58.5%
Process & Plant40.5%
Civil 0.5% Others 0.5%
Year 2011
(2,228MB) Year 2009
(1,695 MB)
Year 2010
(1,452 MB)
Others1.0%
Civil2.8%
Pipeline58.6%
Process&Plant
34.0%
Civil 7.4%
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127
-166
183
149
12
76
18
59
43
86
-200
-100
0
100
200
300
2008 2009 2010 2011 9-M 2011 9-M 2012
1st Qtr 2nd Qtr 3rd Qtr
Net Profit
28
73
221
(MB)
204%Growth The 3 rd highest
among MAI79 Listed
Companies
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19.6%
16.4%
25.9%
14.6% 13.4%12.3%
7.0%
-9.6%
12.0%
6.6% 5.1% 6.6%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2008 2009 2010 2011 9-M 2011 9-M 2012
Gross Margin Net Profit Margin
Gross Profit & Net Profit Margin
29
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0.38
-0.50
0.55 0.450.22
0.65
2.17
1.53
2.05
2.392.14
2.91
-1.00
-0.50
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2008 2009 2010 2011 9-M 2011 9-M 2012
Weighted Average EPS & Book Value per Share
EPS BVPS
EPS & Book Value
(Baht/Share)
30
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0.80 0.830.60
1.982.09
1.82
0.00
0.50
1.00
1.50
2.00
2.50
2008 2009 2010 2011 30 Sep 2011 30 Sep 2012
Debt to Equity Ratio
(Time(s))
31
Calculated from (Total Liabilities Advances from Customers Unearned Construction Revenue)/ Total Equity
0.84
0.61
1.11
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32
Dividend Payout Summary
0.031
0.285
0.15
0.06
0.15
0.12
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
2007 2008 2009 2010 2011
0.318
(Baht/Share)
Dividend/ Net Profitafter Legal Reserve 92.56% 34.43% N/A 50.66% 83.73%
Stock Dividend
Cash Dividend
Dividend policy: 40% of net profit after legal reserve(Only TRCs Performance)
Net Loss 46 MB
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33
Paid-up Capital
150
329.99 330.67 333.56 336.59
(MB)
1.11
471.50
133.80
Registered Capital
General Mandate
ExpiredESOP Warrants
336.59
Total exercised ESOP sharesSep 2010-Jun 2012 = 6.59 MB
Paid-up Capital
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TRC Group Backlog
34
Note: 1. Oman subsidiaries consist of TRC & Al Ghalbi LLC and TRC Engineering LLC which TRC International Ltd.invested 60% and 70%, respectively.
2. Backlog is shown the outstanding work value of total projects.
1,3571,186
607
1,092
2,835 2,970
284315
32
1,352
310
627359
265
135
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2007 2008 2009 2010 2011 30 Sep 2012
Oman Subsidiaries
SKWTRC
1,641 1,501
1,266 1,451
4,452
3,415
(MB)
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Project NameType
of
Works
Project Owner/Client
Work Value(MB)
UncompletedWork Value
(MB)Project Period
1. GUT Gas Pipeline Project E, P, C Gulf JP UT Company Limited 1,547.43 1,547.43 Aug 12 Jul 14
2. Gas Pipeline Construction Work for Gulf JPs IPP Project (The Project value 1,185 MB and USD 16.345million)
E, P, C Gulf JP Company Limited 1,689.62 804.46 Oct 11 Jun 13
3. PTTAR-IRPC Multiproduct Pipeline E, P, C IRPC Public Company Limited 722.50 253.16 Jul 11 Jan 13
4. Schedule of Rate Period Contract for Mains andServices at Various Location
E, P, C PTT Natural Gas DistributionCompany Limited 144.00 117.22 Nov 11 Oct 13
5. - 10. Gas Pipeline Construction Work for Gulf JPs 7 Small Power Plant (SPP) Projects(Total 6 contracts, the project value 831 MB and USD4.745 million)
E, P, C Gulf JP Company Limited 974.60 80.60 Oct 11 Sep 13
11. Mechanical and Piping W ork Packing of C5 E, P, C BST Specialty Company Limited 72.00 71.21 Aug 12 Feb 13
12. Improvement Off-take Station (OTS) and Installa tion of new Natural Gas Pipeline for Gas Pressure ReducingStation (PRS) Project
E, P, C AMATA Natural Gas DistributionCompany Limited
76.00 64.60 Jun 12 Dec 12
13. Schedule of Rate Period Contract for Mains andServices at Various Location
E, P, C AMATA Natural Gas DistributionCompany Limited
58.00 27.33 Nov 11 Oct 13
14. N/G Gas Pipeline to Siam Fibre Company Limited E, P, C PTT Public Company Limited 2.62 2.62 Oct 12 Dec 12
15. Dismantle and Construction Structure Steel and Pipingon Piperack from BST
E, P, C Bangkok Synthetics PCL. 65.27 1.33 Jul 12 Oct 12
35
TRCs Backlog as at 30 September 2012
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Project NameType
ofWorks
Project Owner/Client
Work Value(MB)
UncompletedWork Value
(MB)Project Period
16. TPP Piperack Extension (State#1) E, P, C - Bangkok Industrial Gas CompanyLimited
- Thai Industrial Gases PublicCompany Limited
- Vinythai Public Company Limited
15.71 0.38 Sep 11 Dec 12
Total 16 Projects 5,367.75 2,970.35
36
TRCs Backlog as at 30 September 2012
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SKWs Backlog as at 30 September 2012
Project Name
Typeof
Works
Project Owner/
Client
Work Value(MB)
UncompletedWork Value
(MB)Project Period
1. 400,000 Liter per Day Bio-Ethanol Plant Project E, P, C Ubon Bio Ethanol Company Limited 2,134.10 191.00 Mar 11 Dec12
2. Civil Works for Green ABS VI Project E, P, C Thai ABS Company Limited 280.00 84.78 Jan 12 Dec 12
3. Water Treatment Plant E, P, C Electricity Authority of Thailand 20.36 20.36 Sep 11 Oct 13
4.-5. Civil Work Projects (Bridge & Road Construction) E, P, C Department of Rural Roads 13.99 13.99 Completed in
Sep-Oct 2012
Total 5 Projects 2,448.45 310.14
37
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TRC & Al- Ghalbis Backlog as at 30 September 2012
Project Name
Type
ofWorks
Project Owner/Client
Work Value(MB)
Uncompleted
Work Value(MB) Project Period
Construction of Flow Lines Rima Satellites Small Fields
one-year Extension (The project value approximately
OMR 1.80 million)
E,P,C Petrogas Rima LLC
Sultanate of Oman
145.94 96.79 May 12 Apr 13
Total 1 Project 145.94 96.79
38
Project Name
Typeof
Works
Project Owner/Client
Work Value(MB)
UncompletedWork Value
(MB)Project Period
Shams-16 Munhamir-1&2 flow Line and Munhamir Crude
Export Pipe Line Project (The project value
approximately OMR 2.27 million)
E,P,C PTTEP Oman Company Limited
(Sultanate of Oman)
183.55 38.08 Aug 11 Dec 12
Total 1 Project 183.55 38.08
TRC Engineerings Backlog as at 30 September 2012
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TRC Group
No. ofthe
Projects
RemainingWork Value
(MB)
TRC Construction Plc. 16 2,970.35
Sahakarn Wisavakorn Co., Ltd. 5 310.14
TRC & Al-Ghalbi LLC (Oman) 1 96.79
TRC Engineering (Oman) 1 38.08
Total Backlog as at 30 September 2012 23 3,415.36
Backlog Conclusion as at 30 September 2012
39
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0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
D e c - 0
5
M a r - 0 6
J u n - 0
6
A u g - 0
6
N o v - 0
6
J a n - 0
7
M a r - 0 7
M a y - 0
7
J u l - 0 7
O c t - 0 7
D e c - 0
7
F e b - 0
8
A p r - 0 8
J u n - 0
8
S e p - 0
8
N o v - 0
8
J a n - 0
9
M a r - 0 9
J u n - 0
9
A u g - 0
9
O c t - 0 9
D e c - 0
9
F e b - 1
0
A p r - 1 0
J u l - 1 0
S e p - 1
0
N o v - 1
0
J a n - 1
1
A p r - 1 1
J u n - 1
1
A u g - 1
1
O c t - 1 1
D e c - 1
1
M a r - 1 2
M a y - 1
2
J u l - 1 2
S e p - 1
20
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Volume
Price
Source : SET Smart as of 22 Nov 2012
Highest Price:Bt. 7.45, Mar 08
LowestBt. 1.4, Feb 06
40
22 Nov 12 ClosingPrice: Bt. 6.15
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Agenda
41
Company Overview
On going and Future Developments
Key Financial Highlights
Q&A Session