Commodity Corporate DAY. March 17 th, Tower, Bangkok, Thailand

Transcription

1 db TISCO Thailand Commodity Corporate DAY March 17 th, Tower, Bangkok, Thailand

2 Executive Summary NAME BUSINESS TYPE INDUSTRY GROUP REGISTERED CAPITAL Padaeng Industry Public Company Limited ( PDI ) Energy, Materials and Eco Resources 2,260,000,000 THB LISTED DATE 21 st July 1987 AUDITOR Price Waterhouse and Coopers ( PwC ) SHARE PRICE (1yr) Low: THB High: 24.7 THB NUMBER OF SHARES 226,000,000 MARKET CAPITALIZATION 4.5 Billion THB (@20.10THB/ share) 2

3 Shareholding Structure As of March 14 th, 2017 Others: 43.5% Country Group Holding: 25.0 % Thai NVDR: 5.7% Mr. Nattapong Panjaworayan: 0.9 % Ministry of Finance: 13.8 % Mrs. Nunta Rungnoppakunsri: Bangkok Bank: 0.9 % 3.2 % Mr. Nurak Mahatana - arnont: 0.9 % Mr. Kiat Srichomkhan: 1.2 % Mr. Suphachai Veerabornpong: 2.1 % DBS Bank Ltd: 2.7 % 3

4 Company History Establish PDI Listed on SET 1981 Produce and market special high-grade zinc ingots and 1987 Registered capital of Baht 2,260 million alloys 4 sites: Mae Sod Mine and Refinery in Tak, Roaster in Rayong and Head Office in Bangkok Reorganize into 3 sustainable Close Mae Sod Mine due to 2014 growth businesses; PDI Energy 2016 depletion and start to cease conventional zinc business by PDI Materials the end of 2017 PDI Eco Transform into sustainable green business and realize the first investment in solar energy 4

5 Vision To be a leader in developing, driving and growing sustainable businesses in Energy, Materials and Eco in Southeast Asia Driven by innovation and balanced concerns, we maximize added value for our clients, with respect to our people, our ecosystems and the environment. We support the communities in which we operate and give the best possible return to our shareholders. 5

6 New Corporate Structure Energy Materials Eco Provide energy from renewable sources Provide added value materials from recycled metals Provide waste management solutions for complex industrial waste 6

7 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 LME Stocks (T) USD/THB Zinc Facts As of March 15 th, 2017 ; Cash settlement zinc price = 2,752 USD/Ton Zinc stocks in LME warehouse = 379,275 Tons Ending stocks Avg. cash settlement 1,400,000 3,000 1,200,000 2,500 1,000,000 2, ,000 1, ,000 1, , ,

8 Highlights has been a very successful year, operational results exceeded 2015 : Posted a consolidated 478 MB net profit, +216% compared to 151 MB in 2015 Main favorable contributions from: o Improved sales revenue +6% mainly from increased LME price and local sales premium o THB depreciation against USD o Improved operational efficiency and reduced OPEX by 11% Marked substantial success with the investment in the first Solar farm in Japan and the acquisition of Mae Ramat Solar Farm in Tak, Thailand Decided to leave Mae Sod Clean Energy, not profitable business Proposed gross annual dividend of 1.00THB/per Share 8

9 Financial Highlights Revenue, EBITDA, Net Profit Million THB Revenue Million THB EBITDA Net Profit 8, ,000 7,602 1, , ,000 4,000 3,000 5,466 5, , , ,000 1,

10 OPEX 2016 OPEX is 11% lower than previous year mainly from reduced energy costs and savings of operating expenses. MB 4, , ,962 3, , ,118 3,129 3,447 3,066 2, , , ,

11 Financial Position Assets (MB) Liabilities (MB) Current Assets 2016 % 2015 % Current Liabilities 2016 % 2015 % Cash & Short term Deposits 1, , Financial short term debt AR AP Inventory 1, , Other Other TOTAL 4, , TOTAL 1, Non Current Assets 2016 % 2015 % Non Current Liabilities 2016 % 2015 % Long term investment Provisions Loan MCE Other PPE TOTAL Other Equity 2016 % 2015 % TOTAL 1, , Shareholder equity 4, , TOTAL 5, , TOTAL 5, ,

12 Current Ratio & Debt to Equity Current Ratio in 2016 decreased according to payment schedule of closure cost 2016 D/E ratio reached its lowest level in 5 years Current Ratio Debt to Equity 12

13 Dividend to shareholders For 2016, PDI s Board of Directors proposes a dividend of 1.00 THB/share THB

14 Share Price At the closing of 2016, share price reached THB. Actual share price reaches THB ( As of March 15 th,2017), against a book value of THB at 2016 closing. THB

15 2017 Outlook 2017 Results are likely to exceed 2016: Production & sales from inventory (approx. 30,000 Tons) Trading of metals (approx. 30,000 Tons) Transfer of assets to PDI-CRT Income from new business mainly solar 15

16 150 MW Solar Energy 2017 PDI s energy projects will mainly focus on solar: Projects in Japan 35 MW Acquisition of a 6 MW solar farm in Mae Ramat is finalized Strategic partnering for government supported co-operative projects up to 20 MW Investment in solar farm on PDI residue ponds up to 80 MW Total investment so far 2,300 MB (600 MB equity) 16

17 Japan Solar Nanao Ryohashiya Capacity (MW) Installed 2.27 Capacity (MW) Installed 2.20 PPA FIT scheme at 32JPY/kWh, 20 years PPA FIT scheme at 32JPY/kWh, 20 years Ryohashiya Nanao COD Operational 10% above target COD Q Nogata Kazano Nogata Capacity (MW) Installed Capacity (MW) Installed Kazano PPA FIT scheme at 36JPY/kWh, 20 years COD Q PPA FIT scheme at 36JPY/kWh, 20 years COD Q

18 Tak Solar Mae Ramat Solar Farm Acquired Mae Ramat Solar Farm since December 26 th, 2016 Located at Tambol Kanaecheu, Amphur Mae Ramat, Tak province Installed capacity of 6.3 MW for a total investment value of 477 MB PPA: 25 years, selling electricity to the PEA since December 26 th, 6.5 Baht adder Additional plant improvement ongoing to increase production and sales 18

19 Materials PDI holds a Joint Venture PDI-CRT (60/40) with Carbon Reduction Technology AS ( CRT ) to recycle metals containing complex industrial waste: Exclusive rights to highly innovative ultra high temperature technology, non existing in Asia Strategic partner with ScanArc Plasma Technologies AB from Sweden. Strong support from Department of Industrial Works ( DIW ) and Industrial Estate Authority of Thailand ( IEAT ) Basic Engineering ongoing with the final report expected in May, 2017 Expected investment 1,600 MB (600 MB equity) 19

20 PDI - CRT Submerged Plasma Technology Clean Off-gas Recyclables Vitrified glass Zinc Oxide 20

21 Eco PDI holds a Joint Venture PDI-DOWA (51/49) with DOWA Eco-System ( DOWA ) from Japan to invest in an industrial waste treatment facility in Tak, Thailand: Sorting, landfilling and energy generation from waste collected in North and Central Thailand Kor 1 (Public Scoping) of EHIA process recently finished, Kor 2 (focus group) under preparation Strong support from Department of Industrial Works ( DIW ) through MOU Expected investment 600 MB (240 MB equity) to be finalized in

22 Disclaimer This presentation may contain forward-looking information that involves risks and uncertainties, including statements about PDI s plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of PDI. Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, neither PDI nor any other person assumes any responsibility for the accuracy of these forward-looking statements. 22