Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q4 FY2015 Earnings Presentation
27 slides from Tenaga Nasional Bhd's earnings presentation, Oct 29, 2015
Slide 1: Presentation to Analysts
PRESENTATION TO ANALYSTS Audited Consolidated Results for the 4th Quarter FY2015 ended 31st August 2015 29th October 2015 Prepared by: [email protected] Investor Relations & Management Reporting Department GROUP FINANCE DIVISION
Slide 2: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 2
Slide 3: Cumulative FY2015
CUMULATIVE FY2015 Net Profit Impacted by Ringgit Depreciation FY2015 FY2014 YoY Profit After Tax RM6.1 bn RM6.4 bn 5.7% Forex Translation Gain/(Loss) (RM0.8 bn) RM0.4 bn >100.0% CAPEX RM10.8 bn RM10.0 bn 7.8% 3
Slide 4: Audited Income Statement (Group)
AUDITED INCOME STATEMENT (GROUP) Year-on-Year Analysis Though Operating Profit Increased by 20.1%, Forex Translation Loss Resulted in Lower Net Profit in Current Year Current Year Preceding Year To Date Corresponding Variance RM'mn Period % 31.08.15 31.08.14 Revenue 43,286.8 42,792.4 1.2 Operating e
Slide 5: Generation Mix (Peninsula)
GENERATION MIX (PENINSULA) Year-on-Year Analysis 9.6% Reduction in Fuel Costs due to Lower Consumption of Gas & LNG and Oil & Distillate Table 1: Fuel Costs (RM mn) Units Generated (Gwh) Variance Variance Fuel Type FY'15 FY'14 Fuel Type FY'15 FY'14 RM mn % Gwh % Gas 7,808.2 8,408.7 (600.5) (7.1) Gas
Slide 6: Generation Mix (Peninsula) con't
GENERATION MIX (PENINSULA) con’t Quarterly Analysis Generation Mix is in Line With IBR Forecast UNITS GENERATED % 5.2 4.7 2.9 2.8 3.4 7.0 3.6 4.3 5 1.2 1.5 0.1 0.6 3.0 1.7 1.1 0.1 35.1 38.2 45 39.8 45.6 46.3 45.2 44.1 47.0 58.7 55.9 50 53.8 51.1 51.0 49.9 49.2 45.9 1QFY'14 2QFY'14 3QFY'14 4QFY'14 1Q
Slide 7: Electricity Growth in Peninsula
ELECTRICITY GROWTH IN PENINSULA FY2014 FY2015 YTD UNITS SALES 1Q 2Q 3Q 4Q Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 12M Industrial Gwh 10,644 10,802 10,584 10,998 3,704 3,582 3,687 3,587 3,660 3,729 3,256 3,799 3,706 3,736 3,675 3,598 43,719 Growth (%) 1.0 2.5 1.8 0.1 9.0 0.9 (0.2) 0.7 0.7 3.
Slide 8: System Weekly Maximum Demand (Peninsula)
SYSTEM WEEKLY MAXIMUM DEMAND (PENINSULA) For FY2011 to FY2016 Peak Demand: MW 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 16,901MW 17,500 (11/06/14) 17,000 16,500 16,000 15,500 15,000 14,500 14,000 13,500 13,000 12,500 Peak Demand YoY Growth (%) 12,000 FY 2011 15,476 MW 9/5/2011 2.7 FY 2012 15,826 MW 20/6/2012
Slide 9: Headline Key Performance Indicators
HEADLINE KEY PERFORMANCE INDICATORS INITIATIVES FY’15 FY’14 6.6 6.2 • Return on Assets (ROA) (%) • Company CPU (sen/kwh) 35.1 36.3 • Revenue from Non-Regulated Business (RM bn) 2.6 2.5 • Equivalent Plant Availability 88.8 85.6 Factor (EAF) (%) • Transmission System Minutes (mins) 0.8 0.1 • Distribut
Slide 10: Capital Expenditure
CAPITAL EXPENDITURE Major Projects Represent 44.0% of Total CAPEX RM mn 5,589.8 7,342.6 8,456.6 9,997.9 10,774.4 11,000 10,500 10,000 9,500 9,000 8,500 4,738.0 8,000 44.0% 4,442.3 7,500 7,000 3,113.2 6,500 2,378.5 6,000 405.2 O 697.8 5,500 O 669.5 5,000 O 699.7 O 815.0 4,500 O 713.3 4,000 D 3,205.7
Slide 11: Status of Major Projects
STATUS OF MAJOR PROJECTS Hulu Terengganu Connaught Bridge Hydro 265MW 385MW Janamanjung Unit 5 COD Nov 2015 (U1) COD Dec 2015 Dec 2015 (U2) 1,000MW COD 1st Oct 2017 Ulu Jelai Hydro Prai 372MW 1,071MW COD Dec 2015 (U1) COD 1st Jan 2016 Mar 2016 (U2) 11
Slide 12: Proposed Final Dividend
PROPOSED FINAL DIVIDEND 29.0 sen Represents Approximately 49.2% of the Company’s Free Cashflow INTERIM DIVIDEND Interim Single-Tier Dividend of 10.0 sen per ordinary share PROPOSED Single-Tier Dividend FINAL of 19.0 sen per ordinary share TOTAL DIVIDEND FOR FY2015: 29.0 sen per ordinary share Tenaga
Slide 13: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 13
Slide 14: Quarterly & Yearly Analysis
QUARTERLY & YEARLY ANALYSIS Year-on-Year EBITDA Margin Improved Resulted from Full ICPT Implementation RM mn 1QFY'15 2QFY'15 3QFY'15 4QFY'15 FY'15 FY'14 Total Units Sold (GWh) 27,431.2 27,197.6 27,493.1 28,715.4 110,837.3 108,101.7 Revenue 11,027.1 10,610.0 9,905.7 11,744.0 43,286.8 42,792.4 Operati
Slide 15: Operating Expenses
OPERATING EXPENSES 2.2% Reduction in OPEX Mainly due to Lower Generation Costs Variance Variance RM mn FY'15 FY'14 RM mn % Capacity Payment 4,012.3 3,799.1 (213.2) (5.6) Energy Payment 8,893.1 9,453.4 560.3 5.9 Total IPPs Purchases/Costs 12,905.4 13,252.5 347.1 2.6 21,836.4 23,540.6 1,704.2 Fuel Cos
Slide 16: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 16
Slide 17: Details of Revenue
DETAILS OF REVENUE Total Revenue Includes Full Recognition of ICPT FY'15 FY'14 Grow th UNITS SOLD GWh GWh % - TNB 104,652.9 102,382.8 2.2 - EGAT (Export) 4.9 30.2 (83.8) - SESB 4,983.7 4,708.2 5.9 - LPL 1,195.8 980.5 22.0 Total Units Sold (GWh) 110,837.3 108,101.7 2.5 REVENUE RM mn Sen/KWh RM mn Sen
Slide 18: Details of Revenue: Sectoral Analysis
DETAILS OF REVENUE: SECTORAL ANALYSIS Industrial Sector (Peninsula) Recorded Y-o-Y Growth of 1.6% GWh ELECTRONICS GWh PETROCHEMICAL 550 180 500 160 450 140 400 350 Y-o-Y 3.8% 120 Y-o-Y (2.0%) Mar May Jun Jul Dec Apr Aug Jan Feb Mar May Jun Jul Dec Apr Feb Aug Jan Oct Nov Sep Oct Nov Sep IRON & STEEL
Slide 19: Details of Revenue: Sectoral Analysis con't
DETAILS OF REVENUE: SECTORAL ANALYSIS con’t Commercial Sector (Peninsula) Recorded Y-o-Y Growth of 2.5% LOW VOLTAGE Shop Lots & Retail Business GWh 2100 1800 Y-o-Y 1.7% 1500 Aug Apr Mar May Feb Dec Sept Oct Jan Nov Jun Jul MEDIUM VOLTAGE MEDIUM VOLTAGE (PEAK/OFF-PEAK) Shopping Malls, Office Building
Slide 20: Fuel Costs (TNB & IPPs - Peninsula)
FUEL COSTS (TNB & IPPs - PENINSULA) 9.6% Reduction in Fuel Costs Mainly due to Lower Generation from Gas & LNG and Oil & Distillate Fuel Costs Units Generated Coal IPP Dist. TNB, 0.0 Coal TNB 22.0 Dist. IPP, 0.2 17.9 Coal IPP 15.9 Dist. TNB, 0.6 Oil TNB, 0.3 Dist. IPP, 0.7 Hydro Coal IPP 4.5 Oil IPP
Slide 21: Coal Requirement
COAL REQUIREMENT Average Coal Price for FY’15 was at USD66.0/MT Average Coal Price (CIF) FY’10 FY’11 FY’12 FY’13 FY’14 FY’15 (USD/metric tonne) 88.2 106.9 103.6 83.6 75.4 66.0 (RM/metric tonne) 293.8 325.9 321.9 259.5 244.6 236.0 Tonne (mn) 30.0 With commissioning of Tg Bin 4 28.0 Country Mix 25.0 2
Slide 22: Debt Exposure & Gearing
DEBT EXPOSURE & GEARING Lower Debt due to Settlement of USD350mn Bond 31st Aug’15 (RM bn) 31st Aug’14 14.5% (RM bn) 3.59 12.9% 3.28 Total Debt: 24.7 7.1% 1.76 Total Debt: 25.5 10.3% 2.64 Net Debt: Net Debt: 15.8 13.7 0.2% 0.1% 76.6% 0.05 78.3% 0.02 19.49 19.33 RM YEN USD Others Statistics 31st Aug'1
Slide 23: Shareholding
SHAREHOLDING Foreign Shareholding 27.84% Main Shareholding as at Aug’15 26.90% Khazanah Nasional 10.4 Berhad 15.3 5.4 Employees Provident 26.17% 10.6 Fund Board 12.4 6.6 Permodalan Nasional Bhd 16.4 13.4 (%) 24.6 22.8 Other Corporations & Govt. Agencies Aug’14 22.81% Malaysian Public 32.4 Foreign Au
Slide 24: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 24
Slide 25: Disclaimer
DISCLAIMER All information contained herein is meant strictly for the use of this presentation only and should not be used or relied on by any party for any other purpose and without the prior written approval of TNB. The information contained herein is the property of TNB and it is privileged and c
Slide 26: Contact Details
CONTACT DETAILS For further enquiries, kindly contact us at: INVESTOR RELATIONS & MANAGEMENT REPORTING DEPARTMENT Tenaga Nasional Berhad 4th Floor, TNB Headquarters No.129, Jalan Bangsar, 59200 Kuala Lumpur, MALAYSIA Tel : +603 2296 5566 Fax : +603 2284 0095 Email : [email protected] Website : w
Slide 27: Thank You
THANK YOU Audited Consolidated Results for the 4th Quarter FY2015 ended 31st August 2015
Tenaga Nasional Berhad — Q4 FY2015 Earnings Presentation on 6ix