Top Banner

of 41

20121123_trc

Apr 04, 2018

Download

Documents

witwittaya
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
  • 7/29/2019 20121123_trc

    1/41

    1

  • 7/29/2019 20121123_trc

    2/41

    Agenda

    2

    Company Overview

    On going and Future Developments

    Key Financial Highlights

    Q&A Session

  • 7/29/2019 20121123_trc

    3/41

    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.

  • 7/29/2019 20121123_trc

    4/41

    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

  • 7/29/2019 20121123_trc

    5/41

    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

  • 7/29/2019 20121123_trc

    6/41

    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

  • 7/29/2019 20121123_trc

    7/41

    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

  • 7/29/2019 20121123_trc

    8/41

    Our Quality, Health, Safety and EnvironmentalPromises

    8

  • 7/29/2019 20121123_trc

    9/41

    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.gif
  • 7/29/2019 20121123_trc

    10/41

    Our Reputable Clients

    10

  • 7/29/2019 20121123_trc

    11/41

    Agenda

    11

    Company Overview

    On going and Future Developments

    Key Financial Highlights

    Q&A Session

  • 7/29/2019 20121123_trc

    12/41

    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

  • 7/29/2019 20121123_trc

    13/41

    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%

  • 7/29/2019 20121123_trc

    14/41

    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%

  • 7/29/2019 20121123_trc

    15/41

    15

    On-going Core Business: Ethanol Processing Plant(Cont.)

  • 7/29/2019 20121123_trc

    16/41

    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%

  • 7/29/2019 20121123_trc

    17/41

    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%

  • 7/29/2019 20121123_trc

    18/41

    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

  • 7/29/2019 20121123_trc

    19/41

    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

  • 7/29/2019 20121123_trc

    20/41

    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

  • 7/29/2019 20121123_trc

    21/41

    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

  • 7/29/2019 20121123_trc

    22/41

    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

  • 7/29/2019 20121123_trc

    23/41

    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

  • 7/29/2019 20121123_trc

    24/41

    24

    Agenda

    Company Overview

    On going and Future Developments

    Key Financial Highlights

    Q&A Session

  • 7/29/2019 20121123_trc

    25/41

    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)

  • 7/29/2019 20121123_trc

    26/41

    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.

  • 7/29/2019 20121123_trc

    27/41

    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%

  • 7/29/2019 20121123_trc

    28/41

    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

  • 7/29/2019 20121123_trc

    29/41

    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

  • 7/29/2019 20121123_trc

    30/41

    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

  • 7/29/2019 20121123_trc

    31/41

    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

  • 7/29/2019 20121123_trc

    32/41

    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

  • 7/29/2019 20121123_trc

    33/41

    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

  • 7/29/2019 20121123_trc

    34/41

    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)

  • 7/29/2019 20121123_trc

    35/41

    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

  • 7/29/2019 20121123_trc

    36/41

    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

  • 7/29/2019 20121123_trc

    37/41

    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

  • 7/29/2019 20121123_trc

    38/41

    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

  • 7/29/2019 20121123_trc

    39/41

    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

  • 7/29/2019 20121123_trc

    40/41

    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

  • 7/29/2019 20121123_trc

    41/41

    Agenda

    41

    Company Overview

    On going and Future Developments

    Key Financial Highlights

    Q&A Session