TRC Corporate Presentation
The 2nd Qtr 2014 Operating Performance
Opportunity Day
4 September 2014
1
Agenda
Company Overview
Ongoing Projects
Future Developments
Key Financial Highlights
Q&A Session
2
Vision
3
To become the leading contractor of Thailand and Asian Region
delivering the EPC construction services for both natural gas pipeline
projects and petrochemical industry plants as well as stepping up to
become an investment developer in energy business with good
governance practice emphasizing on safety standard, environmental,
societal and community cares for sustainable and constant
growth.
4
Mission
To adhere to working with quality and in accordance with acceptable standard and customers’ satisfaction
with the mission of treating the followings stakeholders in various groups under the good governance:
•Employees: to enhance a dignity concept of working with the organization, place importance on human
right respect and labor treatment on fairly and safety basis as well as human resource development, and
promote skills training in specific fields in parallel with team working management, knowledge and
experience sharing from one generation to another.
•Shareholders: to operate and manage business under the good governance for maturity yield on fairly
and equally basis for all shareholders.
•Customers: to aim at developing the service to deliver works with quality and safety to be in line with
customers’ satisfaction and required standard with on-time delivery and fair price.
•Partners and Competitors: to mutually manage the business under the competition rule on fairly basis
together with enhancing a good relationship with partners and business networks on mutual benefit basis
for long-term relationship.
•Community/Society/Nation: to emphasize on the impact management towards environment, community
and society with a continuous policy of annual budget provision for CSR activities both internally and
externally. The objective is to encourage responsibilities for community and environmental development
as well as returning benefits to society and community so as to address a sustainable development.
5
TRC Group Structure
TRC Construction Public Company Limited
(Thailand)
Paid-up Capital 408.3 MB
Sinopec-TRC Joint Venture
(Thailand)
Sinopec International Petroleum Service Corporation
(China)
Sahakarn Wisavakorn Co., Ltd.
(Thailand)
Paid-up Capital 200 MB
SKK Joint Venture Co., Ltd.
(Thailand)
Paid-up Capital 1 MB
Kuedo Kongyung Co., Ltd.
(Korea)
TRC Investment Limited
TRC International Limited
TRC Middle East LLC
(Sultanate of Oman)
Paid-up Capital OMR 150,000
Mr. Ahmed Mahruqi
(Sultanate of Oman)
TRC Engineering LLC
(Sultanate of Oman)
Paid-up Capital
OMR 250,000
Rock Engineering Services LLC
(Sultanate of Oman)
100%
100%99.99%30%
70% 90%
10%70%
30%
70%
30%
Key Corporate Milestone
• Bidding with many competitors and lower margin
2005Contractor
2006EPC Contractor• Providing Engineering, Procurement
& Construction services with fewer competitors and higher margin
2010Project Developer • Utilizing EPC experiences and
become the “ONE STOP SERVICE” for our clients
2013 onwardsInvestor • For sustainable
growth
• Lump Sum Turnkey Bangchak BioDiesel Plant Project
• Undertaking International & Large Scale Project Development
Nigeria Project
RR Project
• Wang Noi-Kaeng Khoi Cross Country Gas Pipeline• Listed on the MAI
• EPC for Flowline in Sultanate of Oman• Consortium with Siemens for OCS#1
Oman Project
Revamp OCS#1
• Moving to the SET in 2013• Navanakorn-Rangsit Project• Provincial Gas Transmission Project (JV with Sinopec)
• TRC is equipped capability of EPC and undertake Large Scale Projects• Ubon-Bio Ethanol• Gulf’s 7SPP and IPP Gas Pipeline Project
Gulf JP Pipeline
6
• CBG Investment Project in 2014
Ubon Bio-Ethanol
Our Core Business
EPC Services in Overseas
Mechanical Installation and Process Plant
Construction for Energy and Petrochemical Industry
Pipeline Construction for Energy
and Petrochemical Industry
Project Development and Investment 7
8
Shareholder Structure as at 25 June 2014
Free Float Shares: 61.81%
KPK 1999 Co., Ltd &
Mrs. Paichit Rattananon
25.24%
SAMLEE CORPORATION
12.14%
Other
54.44%
Thai NVDR Company
Limited
3.37%
HSBC,
SINGAPORE BRANCH
0.87%
North CITIBANK NOMINEES
SINGAPORE PTE LTD-UBS
AG LONDON BRANCH-NRBS
IPB CLIENT SEG
3.41%
Brooker Corporate
Advisory Co., Ltd
0.53%
Remarks:
(1) 55% of KPK’s shares are held by Mrs. Paichit Rattananon, TRC’s Chairman.
(2) Samlee is a Mauritius Company.
(3) Brooker Corporate Advisory Co., Ltd., is a 99.99% subsidiary of Brooker Group Plc. which is a listed company in MAI, Thailand.
(1)
(2)
(3)
Key Success Factors
Competent and
experienced
professional
management team
& operation personnel
“Provide service excellence and maintain the highest level of customer satisfaction”
Strong risk
management
and solid
liquidity
management
to enables
financial flexibility
Continuously
growing
sustainable
revenue and
profit stream
while creating
loyal and
engaged customers
Establishing strong
strategic alliances
and focus on high
margin projects with high barriers to entry
9
10
Highlight Pipeline Projects
Wang Noi-Kaeng Khoi Gas Pipeline Project Project Value: THB 2,100 million (Construction Period: 2005-2006)
Prasae Water Transmittal Pipeline Project Project Value: THB 1,200 million(Construction Period: 2005-2007)
Songkhla Transmission Pipeline Project Contract Value: THB 337 million + USD 6.18 million
(Construction Period: 2006-2007)
Gulf JP’s IPP Pipeline Project Value: THB 1,185 million + USD 16.345 million
(Construction Period: 2011-2013)
11
Highlight Petrochemical Projects
Ubon Bio Ethanol Project Project Value: THB 2,134 million (Construction Period: 2011-2012)
WS Recovery Boiler Project Project Value: THB 515 million
(Construction Period: 2005-2006)
Revamp Onshore Compressor Station No. 1 Project (# OCS 1) Project Value: THB 1,070 million(Construction Period: 2011-2013)
12
Koh Kong - Sre Amble (Route #48) Road Improvement Project, Cambodia
Contract Value: USD 23 million(Construction Period: 2004-2007)
Construction of Flow Lines Rima Satellites Small Fields, Sultanate of Oman
Contract Value: Approximately of THB 1,229 million(Construction Period: 2009-2014)
Highlight Projects in Overseas
13
Strategic Partners
*
* CSCEC: China State Construction Engineering Corporation, China
** TWC: Tiong Woon Crane Pte Ltd, Singapore*** CCC: Consolidated Contractors Company, Greece
**
***
: 23 April 2013
14
15
SET Awards 2013
Outstanding CEO Awards Top Corporate Governance Report Awards
Outstanding Company Performance Awards
Our Quality, Health, Safety and Environmental Promises
16
17
HSE Achievement of Sahakarn Wisavakorn
New HSE Achievement of TRC Middle East LLC“4 Years LTI Free of Oman Project on 17 June 2013”
18
Our Reputable Clients
19
20
TRC Office Relocation on 23 June 2014
New Address: No. 8 Soi Sukhapiban 5 soi 32, Tha Raeng, Bang Khen District, Bangkok 10220
Agenda
Company Overview
Ongoing Projects
Future Developments
Key Financial Highlights
Q&A Session
21
22
Pipeline
• Gulf JP UT’s Gas Pipeline
• PTT’s Navanakorn-Rangsit Interconnecting Pipeline
• PTT’s Construction of Region VIII Pipeline Operations Center
• PTT’s Provincial Gas Transmission Pipeline Saraburi to Nakorn Ratchasima
• PTT’s Construction Phase for Remaining Gas Recovery
• PTTGC’s Pipeline Distribution System from CUP-1 to PPLC#2
• PTT’s Natural Gas Pressure Reduction Station Pipeline
• REPCO’S 8” Offsite Polyol Pipeline
• Petrogas Rima’s Construction of Flow Lines Satellites Small Fields
Civil Work
• Alucon’s Warehouse & Building Construction• PTT’s Construction of Region VII Pipeline Operation Center
• PTT’s the Energy Laboratory of Applied Building
TRC Group Revenue Growth
Petrochemical Plant
• 450 TPD Biodiesel Plant Project
Long-Term Investment
• Ongoing Core Business
• Investment in CBG
GUT Gas Pipeline
Owner: Gulf JP UT Company Limited
TRC’s Work Value: THB 1,547 million
Scope of Work: EPC package of diameter 28
inches natural gas pipeline installation work
(21 km.), two block valve and one metering station
for Power Plant (IPP) Project
Work Location: Rojana Industrial Park 3,
Ayutthaya Province
Work Period: Aug 12 - Aug 14
% of Completion as at 30 June 2014: 90%
Pipeline Project: Gulf JP UT’s Gas Pipeline
23
Navanakorn-Rangsit Interconnecting
Gas Pipeline
Owner: PTT Public Company Limited
TRC’s Work value: THB 834 million +
USD 7.55 million
(Approximately of THB 1,077.90 million)
Scope of Work: EPC package of diameter 28inches for natural gas (6.2 km.) transmissionbranch from KP.20 of the PTP-NS pipeline toNVRS gas pipeline network including onemetering and regulation station launcher/receiver station
Work Location: Alongside Highway No.9,Chiengrak Noi, Bang Pa-in, AyutthayaProvince
Work Period: Jul 13 - Apr 15
% of Completion as at 30 June 2014: 42%
Pipeline Project: PTT’s Navanakorn-Rangsit Interconnecting Gas Pipeline
24
Owner: PTT Public Company Limited
Contractor: Sinopec-TRC Joint Venture
Work Value: Baht 4,433.65 million + USD 103.45 million
TRC’s Work Portion: Approximately of THB 1,639 million
Scope of Work:
EPC of 28 inch diameter main transmission pipeline for approximately of 112 km. from Saraburi to
Nakhon Ratchasima
EPC of 6 Block Valve Stations, Launcher &
Receiving Station
Work Location: Along Highway No.2 (Mittraphab Road)
Work Period: Nov 13 - Apr 16
Pipeline Business: PTT’s Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima
25
Provincial Gas Transmission Pipeline Saraburi to Nakhon Ratchasima
26
New Awarded Pipeline Project in 2014:
PTT’s Construction Phrase for Remaining Gas Recovery
Construction Phrase for Remaining Gas Recovery
Owner: PTT Public Company Limited
TRC’s Work Value: THB 53 million
Scope of Work: EPC package and test pipeline system
Work Location: PTT Rayong Gas Separation Plant, Rayong Province
Work Period: Jan 14 - Nov 14
% of Completion as at 30 June 2014: 18%
27
New Awarded Pipeline Project in 2014:PTTGC’s Pipeline Distribution System from CUP-1
Pipeline Distribution System from CUP-1
Owner: PTT Global Chemical Public Company Limited
Work Value: THB 149.39 million
Scope of Work: EPC package of Pipeline Distribution system test from CUP-1 to PPCL#2
Work Location: Hemaraj Rayong Industrial Land,
Rayong Province
Work Period: Mar 14 - Nov 14
% of Completion as at 30 June 2014: 12%
28
New Awarded Pipeline Project in 2014 :
PTT’s Natural Gas Pressure Reduction Station Pipeline
Natural Gas Pressure Reduction Station Pipeline
Owner: PTT Public Company Limited
Work Value: THB 153.83 million
Scope of Work: EPC package of Natural Gas Pressure Reduction Station Pipeline Project
Work Location: Rojana Industrial Park, Prajeenburi Province
Work Period: Apr 14 - Mar 15
% of Completion as at 30 June 2014: 12%
29
New Awarded Pipeline Project in 2014:REPCO’S 8” Offsite Polyol Pipeline
8” Offsite Polyol Pipeline
Owner: Rayong Engineering and Plant Service Company Limited “REPCO”
TRC’s Work Value: THB 41.90 million
Scope of Work: Construction- 8” pipeline from Asia Industrial Estate Office to
Map Ta Phut Industrial Estate
Work Location: Rayong Province
Work Period: Apr 14 - Nov 14
% of Completion as at 30 June 2014: 15%
30
Civil Work Project:
Alucon’s Architectural Construction and Sanitary Works
Architectural Construction and Sanitary Works for New Warehouse, Building 9
(Sriracha) – Phase II
Owner: Alucon Public Company Limited
SKW’s Work Value: THB 93.48 million
Scope of Work: Architectural construction and sanitary works
Work Location: Amphur Sriracha, Chonburi Province
Work Period: Aug 13 - Aug 14
% of Completion as at 31 June 2014: 76%
31
Civil Work Project:
PTT’s Construction of Region VIII Pipeline
Construction of Region VIII Pipeline Operations Center
Owner: PTT Public Company Limited
SKW’s Work Value: THB 206.70 million
Scope of Work: Construction of building and other relevant system including land fill, infrastructure, building structure, architecture, furniture, electrical and communication system, air condition and ventilation system, mechanical and sanitary system
Work Location: Saengchuto Road (323 old way), Kilometer 111, Tumbon Wangkhanai, Tamuang District, Karnjanaburi Province
Work Period: Oct 13 - Oct 14
% of Completion as at 30 June 2014: 56%
Civil Work Project: PTT’s The Energy Laboratory of Applied Building
32
Owner: PTT Public Company Limited
SKW’s Work Value: THB 275 million
Scope of Work: Construction the Energy
Laboratory of Applied Building
PTT Research and Technology
institute (PTT RTI)
Work Location: Wang Noi District,
Pranakorn Sri AyutthayaProvince
Work Period: Dec 13 - Apr 15
% of Completion as at 30 June 2014: 33%
The Energy Laboratory of Applied Building
33
New Awarded Petrochemical Project in 2014:
BBF’s 450 TPD Biodiesel Plant
LOI Signing Date : 6 August 2014
Project Owner : Bangchak Biofuel Company Limited
Scope of Works : EPC package of new Biodiesel Plant
with capacity of 450 tons/day and together with conversion
unit of High Fatty Acid Oil to Biodiesel or feed stock unit at
least capacity 55 tons/day using Crude Palm oil (CPO),
Palm stearin (RPS) and Palm Fatty Acid Distillation (PFAD)
as main raw material
Project Location : Bangpa-in District,
Phra Nakhon Si Ayutthaya Province
Work Value : THB 1,200 million – THB 1,700 million
Construction Period : 18 months
Tentative Contract Signing Date : Within September 2014
450 TPD Biodiesel Plant
Ongoing Project in Oman: Petrogas Rima’s Construction of Flow Lines Satellites Small Fields
Construction of Flow Lines Satellites Small Fields
Owner: Petrogas Rima LLC, Sultanate of Oman
TRC Middle East LLC’s Work Value:
Approximately of THB 407 million
(Extension Contract: 2 Years + 4 Months)
Scope of Work:
Engineering, Procurement and Construction of production flow lines and water injection flow lines connecting the drilling wells together
Work Period: May 12 – Aug 14
% of Completion as at 30 June 2014: 98%
34
Agenda
Company Overview
Ongoing Projects
Future Developments
Key Financial Highlights
Q&A Session
35
List of Potential Projects
Project Name
Approximate
Project Value
(Million Baht)
Estimated
Project Period
A. Natural Gas Pipeline
A.1 Gas Transmission Pipeline 8,000* 2014 – 2018
A.2 SPPs 3,000 2014 – 2018
A.3 Construction Call Off Services n/a 2014 onwards
B. Processing Plant
B.1 Waste to Energy 2,000 2015 – 2016
B.2 CBG for NGV 70 2014 – 2015
B.3 Other Projects 1,000 2014 onwards
C. Infrastructure Government Project - Railway Track 1,000* 2015 – 2016
D. Projects in Oman 700 2014 – 2016
TotalApproximate
15,770
36
* Including Strategic Partners’ Work Portion
Five-year Investment Plan of PTT (Year 2014-2018)
Business 2014 2015 2016 2017 2018 Total %
Natural Gas 29,903 22,826 17,177 30,103 37,839 137,847 42
Oil and International Trading
11,753 9,319 11,925 11,503 10,415 54,915 17
Investment in Joint
Venture and its
wholly owned
investment
38,404 17,563 29,043 18,733 18,709 122,453 38
Head Office and Others
6,888 3,206 765 457 44 11,360 3
Total 86,948 52,914 58,910 60,796 67,007 326,575 100
(Unit : Million Baht)
Source : PTT’s news reported to the Stock Exchange of Thailand on 20 December 2013
37
Natural Gas Pipeline Project: SPPs
Natural Gas Pipeline Project: SPPs
Focusing on expansion of the construction works for natural gas transmission pipeline projects for both IPP and SPP
Targeted Customers: 22 SPP Producers, approved by the Energy Regulatory Commission of Thailand (ERC) for power supply during 2015 - 2021 according to PDP 2012
38
Company
Quantity of Electricity
Power Offering for Sales (MW)
1 Mabyangporn Clean Energy Co., Ltd. 90
2 SSUT Co., Ltd. (Bangpoo Cogeneration Power Plant Block 2 Project) 90
3 SSUT Co., Ltd. (Bangpoo Cogeneration Power Plant Block 1 Project) 90
4 Thai Energy Generator Co., Ltd. 90
5 Ratchaburi World cogeneration Co., Ltd. (Project 1) 90
6 Ratchaburi World cogeneration Co., Ltd. (Project 2) 90
7 Rayong Electric Generating Co., Ltd. 90
8 Bangkadee Clean Energy Co., Ltd. 90
9 Kabin Cogen Co., Ltd. 90
10 Promburi Power Co., Ltd. 90
11 Thai Oil PLC. (Project 1) 90
12 Bowin Clean Energy Co., Ltd. 90
13 Panthong Clean Power Co., Ltd. 90
14 Panthong Clean Energy Co., Ltd. 90
15 Navanakorn Electric Co., Ltd. 90
16 PPPTT Co., Ltd. 90
17 Eastern Seaboard Power Co., Ltd. 90
18 Advance Agro Asia Co., Ltd. 90
19 Thai Oil PLC. (Project 2) 90
20 Siam Pure Rice Co., Ltd. 90
21 Electric & Steam Co., Ltd. 90
22 The Electricity Generating PLC. 90
Total 1,980
Natural Gas Pipeline Project: IPPs
Natural Gas Pipeline Projects: IPPs
According to Energy Regulatory Commission of Thailand (ERC) announced that Gulf Energy Development Co., Ltd. won the third round of IPP bidding to build the natural gas-fired power plant at 5,000 MW to be commissioning in 2021 - 2026, there will be the natural gas distribution pipeline to be constructed before the schedule of commissioning
Targeted Customer: Gulf Energy Development Co., Ltd., a subsidiary of Gulf JP
Project Location: There are 2 locations; Rojana Industrial Park in Rayong Province and Hemaraj Chonburi Industrial Estate in Chonburi Province
39
Compressed Bio-Methane Gas for NGV Project/Alternative Fuel
Type of Project: Investment
Total Investment: THB 74 million
Scope of Work:
Invest in CBG plant to supply PTT NGV Station approximately 9 tons/day (approximately 3,000 tons/year) or industrial alternative fuel
Project location in Surathani Province
Project Status: To establish new subsidiary Company, wholly own by TRC, within the 4th Qtr 2014
Project Schedule:
Construction: 2015
COD: within the 4th Qtr 2015
Operating Period: 15 years
TRC’s Long Term Investment : CBG for NGV/Alternative Fuel
40
41
Potential Project: Railway Track Rehabilitation
Railway Track Rehabilitation
(Government Infrastructure Project)
Owner: State Railway of Thailand
Bidding Project Value: SKW is going to co-operate with strategic partners to bid projects approximately of THB
4,000 - 5,000 million
Scope of Work: Civil works for track strengthening and track rehabilitation
42
43
EPCC of the TTM (T) New Incinerator Project
Owner: Trans Thai-Malaysia (Thailand) Ltd.
Scope of Work: OWNER intends to replace both the existing incinerators by developing the TTM (T) NEW INCINERATOR PROJECT to meet domestic permissible waste gas emission rates whilst sustaining a steady supply of gas that meets the sales specification Project location at Prachuap Khiri Khan Province or Surathani Province
Location: Amphur Chana, Songkhla Province
Potential Project: EPCC of the TTM (T) New Incinerator Project
Agenda
Company Overview
Ongoing Projects
Future Developments
Key Financial Highlights
Q&A Session
44
45
The 2nd Qtr 2014 Performance
(Unit : Million Baht)
The 1st Qtr The 2nd Qtr The 2nd Qtr
2014 2014 2013 Amount Percentage
Construction service income 726.46 686.13 534.14 151.99 28.45
Interest and other income 1.79 10.35 10.21 0.14 1.39
Total revenues 728.25 696.48 544.35 152.13 27.95
Cost of construction service -607.91 -542.48 -479.06 63.42 13.24
Gross profit 118.55 143.65 55.08 88.57 160.79
Administrative expenses -73.74 -83.75 -45.40 38.35 84.47
Profit before share of loss from investment in joint venture, finance cost and income tax expenses
46.61 70.25 19.89 50.36 253.16
Share of loss from investment in joint venture -1.77 -0.53 0.00 0.53 N/A
Finance cost -1.43 -1.01 -0.91 0.10 10.83
Income tax expenses -10.01 -16.70 -5.61 11.09 197.72
Profit for the period 33.40 52.01 13.37 38.64 289.06
Non-controlling interests of the subsidiaries 1.56 1.72 3.21 -1.50 -46.58
Profit attribute to equity holders of the Company 34.95 53.73 16.58 37.15 224.03
Earnings per Share (Baht) 0.04 0.07 0.02
Gross Profit Margin 16.32% 20.94% 10.31%
Net Profit Margin 4.80% 7.71% 3.05%
Debt to Equity (Time(s)) 0.73 0.80 1.36
Change
(2nd Qtr 2014-2nd Qtr 2013)
46
(Unit : Million Baht)
The 6-Month The 6-Month
2014 2013 Amount Percentage
Construction services income 1,412.59 1,174.47 238.12 20.27
Interest and other income 12.14 12.27 -0.13 -1.08
Total revenues 1,424.73 1,186.74 237.98 20.05
Cost of construction services -1,150.39 -1,050.68 99.71 9.49
Gross profit 262.20 123.79 138.41 111.81
Administrative expenses -157.48 -99.88 57.61 57.68
Profit before share of loss from investment in joint venture, finance cost and income tax expenses
116.86 36.19 80.67 222.90
Share of loss from investments in joint venture -2.30 0.00 2.30 N/A
Finance cost -2.44 -2.22 0.22 10.09
Income tax expenses -26.71 -14.56 12.15 83.48
Profit for the period 85.41 19.41 65.99 339.94
Non-controlling interests of the subsidiaries 3.27 7.11 -3.84 -53.96
Profit attribute to equity holders of the Company 88.68 26.52 62.16 234.36
Earnings per Share (Baht) 0.11 0.03
Gross Profit Margin 18.56% 10.54%
Net Profit Margin 6.22% 2.23%
Change
The 6-Month 2014 Performance
47
The 6-Month 2014 Performance
(Unit: Million Baht)
TRC SKW TRCM TRCECommon
Size
(Oman) (Oman)
Construction services income 990.56 284.59 108.07 29.37 1,412.59 99.15%
Other revenue
Interest income 1.42 0.75 0.86 - 0.85 0.06%
Other income 9.57 1.33 0.07 0.45 11.29 0.79%
Total revenue 1,001.54 286.67 109.00 29.81 1,424.73 100.00%
Cost of services -778.91 -257.24 -108.61 -5.75 -1,150.39 -80.74%
Gross profit 211.65 27.35 -0.53 23.62 262.20 18.40%
SG&A, share of loss from investment in JV and finance cost -114.38 -18.91 -15.13 -15.32 -162.23 -11.39%
Earning before tax 108.25 10.52 -14.74 8.75 112.11 7.87%
Tax -24.25 -2.46 - - -26.71 -1.87%
Net profit before minority interest 84.00 8.06 -14.74 8.75 85.41 5.99%
Less: Minority interest 3.27 0.23%
Net profit for the parent company 88.68 6.22%
Gross Profit 21.37% 9.61% -0.49% 80.42% 18.56%
Net Profit Margin 8.39% 2.81% -13.52% 29.33% 6.22%
* The performance of another three subsidiaries consisting of TRC International Ltd.(Hong Kong), TRC Investment Ltd.(Mauritius) and SKK
Joint Venture Co., Ltd. (Thailand) was not presented due to their insignificant operating result.
TRC
Consol
48
1,519
2,262
4,344
2,558
1,186
1,424
4,000 - 5,000
-
1,000
2,000
3,000
4,000
5,000
2010 2011 2012 2013 6-M 2013 6-M 2014 2014(F)
(MB)
Total Revenue
Services Income Break-Down
Pipeline58.3%
Process &Plant40.5%
Civil 0.6%
OtherServices
0.6%
Pipeline64.2%
Process & Plant28.3%
Civil7.4%
Other Services
0.1%
2011
2013
2012
49
Pipeline79.2%
Process & Plant9.8%
Civil9.0%
Other Services2.1%
Pipeline79.3%
Process & Plant 0.5%
Civil 20.1%
Other Services
0.1%
6-M 2014
50
Net Profit
183
149
228
126
27
89
-
50
100
150
200
250
6-M 2013 6-M 2014
(MB)
Gross Profit & Net Profit Margin
51
25.92%
14.64%
10.78%
14.96%
10.54%
18.56%
12.00%
6.59%5.26% 4.94%
2.23%
6.22%
0.00%
10.00%
20.00%
30.00%
2010 2011 2012 2013 6-M 2013 6-M 2014
Gross Profit Margin Net Profit Margin
A high gross margin in 2010 was from the reversal of provision for penalties for Bio Diesel Project of 43 MB
because the final penalties was less than provision which set up in 2009. Such reversal was recorded as a deduction from cost of services. If such reversal was excluded, the gross margin will be 22.6%.
A high net profit margin in 2010 was from gain from sale of investment in Ratcha Ploen’s shares and reversal of impairment in Ratcha Ploen total of 59 MB. If this extraordinary item was excluded, the net profit margin will be 8.8%.
52
1.50 1.50
2.76 (CONS)
0.60
1.98
1.53
0.71 0.80
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2010 2011 2012 2013 30-Jun-14
Industry Group TRC and its subsidiaries
(PROPCON, CONMAT, PROP)
(times)
Debt to Equity Ratio
53
Paid-up Capital
120.00150.00
256.67
329.99 330.67 333.56 336.59
IPO 30.00
ShareSwapWithSKW
106.67
StockDividend
73.33
ESOP-W10.67
ESOP-W13.56
ESOP-W16.59
0
50
100
150
200
250
300
350
400
450
2005 2007 2008 2010 2011 2012 June 2013
150.00
256.67
329.99 330.67 333.56 336.59
Stock
Dividend
56.07
RO 15.63
408.29
(MB)
2013
409.52
3 July 2014
1.23 ESOP-W2
408.29
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2/1/2013 2/3/2013 2/5/2013 2/7/2013 2/9/2013 2/11/2013 2/1/2014 2/3/2014 2/5/2014 2/7/2014 54
Share Price
(THB/share)
TRC Share Price
Moving to the SET:
THB 14.30, 23 Apr 13
Highest Price:
THB 15.00, 30 Apr 13
Par Split to
0.50 Bt./Share:
THB 7.50, 2 May 13
Stock Dividend (6:1) 112.15
million shares: THB 5.30,
29 May 13
RO (20:1) 31.27 million shares: THB 3.12, 2 Jul 13
THB 4.32,
3 Sep14
TRC’s Mkt. Cap. (2 Sep 2014)
= THB 3,391 million
1,186
607
1,092
2,835 2,970 3,347
2,808 315
32
1,352
310
599
319
627
359
265
135
53
15
1,703
-
1,000
2,000
3,000
4,000
5,000
2008 2009 2010 2011 2012 2013 6-M 2014
TRC SKW Oman Subsidiaries
New Awarded Projects in Jul - Aug 14
1,5011,266
1,451
4,452
3,415
3,998
4,345 - 4,845
TRC Group Backlog
(MB)
1,203-1,703
55
New Awarded Projects
3,142
30 Jun 14 + New Awarded Projects
56
30 June 2014 Backlog
Backlog by Scope of Work
Scope of WorkNo. of
Projects
Remaining Value
(MB)
Pipeline 9 2,823
Civil 5 319
Total 14 3,142 Pipeline
89.85%
Civil
10.15%
Backlog by Company
Scope of WorkNo. of
Projects
Remaining Value
(MB)
TRC 8 2,808
SKW 5 319
Oman
Subsidiaries1 15
Total 14 3,142
Oman
0.48%
TRC
89.37%
SKW
10.15%
Project Name
Type
of
Works
Project Owner/
Client
Work Value
(MB)
Uncompleted
Work Value
(MB)
Project Period
1. Provincial Gas Transmission Pipeline to
Nakhon Ratchasima
(The Project value 4,433.65 MB and USD 103.45 Million)
E, P, C PTT Public Company Limited 1,639.26 1,639.26 Nov 13 Apr 16
2. Navanakorn-Rangsit Interconnecting Gas Pipeline
Project
(The Project value 834.01 MB and USD 7.55 Million)
E, P, C PTT Public Company Limited 1,077.90 626.18 Jul 13 Apr 15
3. GUT Gas Pipeline Project E, P, C Gulf JP UT Co., Ltd. 1,589.75 197.06 Aug 12 Aug 14
4. Natural Gas Pressure Reduction Station Pipeline
Project
E, P, C PTT Public Company Limited 153.83 135.34 Apr 14 Mar 15
5. Design, Construction, Installation and Test Works for
the Pipeline Distribution System from CUP-1 to PPCL # 2
E, P, C PTT Global Chemical Public
Company Limited149.39 131.46 Mar 14 Nov 14
6. Construction Phase for Remaining GAS E, P, C PTT Public Company Limited 53.00 43.30 Jan 14 Nov 14
7. 8” Offsite Polyol Pipeline Project C Rayong Engineering and Plant
Service Co., Ltd.41.90 35.62 Apr 14 Nov 14
8. Co2 Membrance GSP#6 E, P, C PTT Public Company Limited 65.63 0.21 Oct 13 Jun 14
Total 8 Projects 4,770.66 2,808.43
TRC’s Backlog as at 30 June 2014
57
SKW’s Backlog as at 30 June 2014
Project Name
Type
of
Works
Project Owner/
Client
Work Value
(MB)
Uncompleted
Work Value
(MB)Project Period
1. Construction the Energy Laboratory of Applied
Building, Amphur Wangnoi, Pra Nakorn Sri Ayutthaya
Province
E, P, C PTT Public Company Limited 275.00 185.02 Dec 13 Apr 15
2. Construction of Region VIII Pipeline Operations Center,
AmphurThamong, Karnjanaburi Province
E, P, C PTT Public Company Limited 221.60 106.82 Oct 13 Oct 14
3. Architectural Construction and Sanitary Works for New
Warehouse, Building 9 Project (Sriracha) - Phase II,
Tambol Bo Win, Amphur Sriracha, Chonburi Province
E, P, C Alucon Public Company Limited 93.48 22.44 Aug 13 Aug 14
4. Water Treatment Plant for Wangnoi Power Plant,
Ayudhaya Province
E, P, C Electricity Authority of Thailand 20.36 3.91 Sep 11 Apr 14
5. Electrical System Works from Saraburi Main Line to PTT
Fire Safety and Rescue Training Building
E, P, C PTT Public Company Limited 0.44 0.44 Feb 14 Apr 14
Total 5 Projects 610.88 318.63
58
New Awarded Projects of TRC in Aug 2014
59
Project Name
Type
of
Works
Project Owner/
Client
Work Value
(MB)
Uncompleted
Work Value
(MB)
Project Period
1. Repair Mechanical Seal and Run Instrument P, C IRPC Public Company Limited 2.65 2.65 Jun 14 Dec 14
2. 450 TPD Biodiesel Plant E, P, C Bangchak Biofuel Company
Limited
1,700 1,700 Sep 14
Total 2 Projects 1,702.65 1,702.65
Backlog Conclusion
TRC GroupNo. of
ProjectsRemaining
Work Value (MB)
TRC Construction Public Company Limited 8 2,808
Sahakarn Wisavakorn Co., Ltd. 5 319
TRC Middle East LLC, Sultanate of Oman 1 15
Total Backlog as at 30 June 2014 14 3,142
60
BBF’s Biodiesel Plant 1 1,200 – 1,700
IRPC’s Repair Mechanical Seal and Run Instrument
1 3
Total Backlog 16 4,345 – 4,845
New Awarded Projects in Jul – Aug 2014:
Agenda
Company Overview
Ongoing Projects
Future Developments
Key Financial Highlights
Q&A Session
61
62