T - Transparency, Ethics & Integrity - ซื ่ อสัตย์ โปร่งใส ใส่ใจจริยธรรม R - Respect & Trust - เคารพกันและกัน เชื ่ อมั ่ นไว ้ใจ C - Commitment - มุ่งมั ่ นสู่คุณภาพ ปลอดภัยทุกเวลา รักษาสิ ่ งแวดล้อม รับผิดชอบต่อสังคม Opportunity Day TRC Corporate Presentation The 2 nd Qtr 2017 Operating Performance 15 September 2017
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T - Transparency, Ethics & Integrity - ซอสตย โปรงใส ใสใจจรยธรรม
R - Respect & Trust - เคารพกนและกน เชอมนไวใจ
C - Commitment - มงมนสคณภาพ ปลอดภยทกเวลา รกษาสงแวดลอม รบผดชอบตอสงคม
Information disclosed on this presentation includes forward looking information of TRC
determined by TRC based on information available at the time, as well as information about
risks and factors of uncertainty related to economic trends, intensified competition in the
industry, market demand, exchange rates, applicable laws and regulations. Operating
results and other information published in the future may vary due to these factors. TRC is
in no way responsible for any damage incurred due to the use of information disclosed on
this presentation. Further, no obligation to revise and/or publish forward-looking information
on this presentation based on new information and/or future events.
The information disclosed on 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 securities in TRC 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.
Key Financial Highlights 29
Future Developments 23
Ongoing Projects 13
Company Overview 4
Content
3
To develop an investment in
energy and petrochemical businesses
To deriver the works with
quality with recognition of
safety within defined timeframe
for customers’ highest
satisfaction
To run the business under the
corporate governance principle
focusing on safety,
environment, society and
community for stable and
sustainable growth
To operate the construction
business as an EPC contractor (Engineering, Procurement
and Construction) for natural
gas and crude oil pipeline
projects, petrochemical plants
and basic infrastructure
Mission To become an excellent
contractor in design,
construction of a total solution in energy and infrastructure
industries with sustainable
growth
Vision
To acquire the National
Total Quality Class (TQC)
Award
To continually develop the
investment project at least
4 projects
To meet the target of yearly
operating result of 20%
increase with a total
services income of Baht
10,000 million
2019 Target
Vision & Mission & Target*
4
* Approved by the 6/2014 BOD Meeting in November 2014
5
We are TRC
TRC Group Structure
TRC Construction Public Company Limited (Thailand)
Paid-up Capital 734 MB
30%
70%
Sinopec-TRC Joint Venture (Thailand)
PPT’s Provincial Gas Transmission Pipeline
Saraburi to Nakorn Ratchasima Project
Sinopec International Petroleum Service
Corporation (China)
Sahakarn Wisavakorn Co., Ltd. (Thailand)
Paid-up Capital 500 MB
99.99%
Hydrotek-Sahakarn Joint Venture
(Thailand) Construction, Improvement and
Expansion of Waterworks, Koh Samui Branch Project
49%
Hydrotek Public Company Limited
(Thailand)
51%
6
TRC Utility Co., Ltd. (Thailand)
Paid-up Capital 1 MB Tap Water Concession of
SAO Tasit Project
100%
2.67%
100%
100%
25.12%
22.45% TRC Investment Limited (Mauritius)
TRC International Limited (Hong Kong)
ASEAN Potash Chaiyaphum Public Company Limited
(Thailand) Paid-up Capital 2,806 MB
Project completed
New subsidiary
2014 • Bangchak Biodiesel Plant - Phase II • New Incinerator, TTM 2015 • 1st Transmission Pipeline Life
Extension (28” Recoating Section)
• Srinakarin to Romklao Road • Koh Samui Water Works
Expansion
2016 • LOA for Surface & Processing
Plant & Facilities from APOT • 1st LNTP for Early Works from
APOT (Engineering & Site Preparation)
2017 • 2nd LNTP for Early Works
from APOT (Long Lead Equipment)
• Investment in TRC Utility Co., Ltd., new subsidiary for SAO Tasit – Water Supply System Project 7
2005 • Wang Noi-Kaeng Khoi Cross Country Gas Pipeline (JV with China Petroleum Pipeline
(“CPP”) from China) • Listed on the MAI
2006 • Songkla Transmission Pipeline 2007 • Acquisition Sahakarn Wisavakorn Co., Ltd. as subsidiary by share swap • Investment in Ratchaploen Co., Ltd.
2008 • Bangchak Biodiesel Plant -Phase I 2009 • EPC for Flow Line in Sultanate of Oman • Consortium with Siemens for Revamp Onshore Compressor Station No.1 Project
* In the 1st Qtr, TRC Group recorded loss of 40.44 MB mainly due to 33 MB loss from foreign exchange loss ** A high gross profit margin in the 2nd Qtr 2017 at 39% due to effective project cost management
30 30
(MB)
Financial Position
1,378
2,421 2,684 2,695 50
185 276 75
1,203
1,966
2,043 1,920
-
1,000
2,000
3,000
4,000
5,000
31 Dec 14 31 Dec 15 31 Dec 16 30 Jun 17
Liabilities & Equity
Current
Non-current liabilities
Equity
4,572
5,0034,690
2,631
(MB)
Investment in APOT*
:50*
:455*
Shareholding in APOT 4.48% 12.25% 26.22% 25.13%
Debentures*
:100*
:200* :100*
:300*
(including debentures)
(Including current portion of debentures in 2016 and 2017)
2,551
2,108 1,796
849 782
7
1,535
1,158
428 237
507
236
742
261 369
30
1
3
32
75
40
11 6
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2014 2015 2016 6-M 2016 6-M 2017
(MB)
3,127
3,955 3,736
1,552 1,388
31
Total Revenue & Profit
Pipeline 81.6% 53.3% 48.1% 54.7% 56.1%
Process plant 0.2% 38.8% 31.0% 27.6% 17.0%
Civil Work 16.2% 6.0% 19.9% 16.8% 26.5%
Other services 1.0% 0.0% 0.0% 0.2% 0.0%
Other incomes 1.0% 1.9% 1.1% 0.7% 0.4%
Total Revenue Gross profit & Net Profit
557638
751
277 264215
306 291
87 31
18
16
2 3 .0
1 .0
6
8
0.0
5.0
10.0
15.0
20.0
25.0
0
100
200
300
400
500
600
700
800
2014 2015 2016 6-M 2016 6-M 2017
Gross Profit Net Profit Gross Profit Margin Net Profit Margin
(MB) (%)
• Most of construction service income in the 1H 2017 derived from long term projects carried forwarded from pervious year
such as the 1st Transmission Pipeline Life extension Project-Recoating Section, Dry Ice Expanded Tobacco Process,
Construction, Improvement and Expansion of Waterworks at Koh Samui, Srinakarin to Romklao Road, Phase I.
TRC Group Industry Group
0.91 0.89 0.860.95
0.74
2.53 2.462.34 2.38 2.35
0.003 0.060.16 0.20 0.18
0.00
0.50
1.00
1.50
2.00
2.50
3.00
31-Dec-14 31-Dec-15 31-Dec-16 30-Jun-16 30-Jun-17
16.9115.99
11.2812.31
8.98
13.1112.26
7.09
9.05
4.88
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
2014 2015 2016 2Q 2016 2Q 2017
(%)
ROE & D/E
Time(s)
Return on Equity Debt to Equity Ratio&
Interest Bearing Debt to Equity
32
Industry Group’s D/E
Industry Group’s ROE
Covenant to Debenture’s Holders: Interest Bearing Debt to Equity <=2.00 times