Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q1 FY2015 Earnings Presentation
27 slides from Tenaga Nasional Bhd's earnings presentation, Jan 22, 2015
Slide 1: Presentation to Analysts
PRESENTATION TO ANALYSTS Unaudited Consolidated Results for the 1st Quarter FY2015 ended 30th November 2014 22nd January 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: 1st Quarter FY2015
1st QUARTER FY2015 3-Month Ended 30th Nov 2014 • Profit After Tax of RM2.35 billion (1QFY2014: RM1.73 billion). • 73.2% increase in Capital Expenditure; total amount of RM2.51 billion (1QFY2014: RM1.45 billion). • 3.3% unit electricity demand growth in Peninsular Malaysia. • 3.6% increase in Operati
Slide 4: Unaudited Income Statement (Group)
UNAUDITED INCOME STATEMENT (GROUP) Year-on-Year Analysis 15.2% Increase in Revenue against 3.6% Increase in Operating Expenses INDIVIDUAL QUARTER Current Year Preceding Year Quarter Corresponding Variance RM'mn Quarter (restated) % 30.11.14 30.11.13 Revenue 11,027.1 9,572.4 15.2 Operating expenses (
Slide 5: Group Profit Analysis
GROUP PROFIT ANALYSIS Higher Normalised Profit due to Growth and Tariff Review 1Q FY '14 (RM mn) 1Q FY '15 (Re sta te d) Profit After Tax 1,732.4 2,351.0 Less: Forex Translation Gain 252.7 45.9 Profit Before Forex & After Tax 1,479.7 2,305.1 Adjustments for Non-Comparative Items: Change in Corporate
Slide 6: Quarterly Analysis: Generation Mix (Peninsula)
QUARTERLY ANALYSIS: GENERATION MIX (PENINSULA) Fuel Mix Shifting Back to Coal Table 1: UNIT GENERATED % 2.8 5.2 4.7 2.9 3.4 1.2 1.5 1.1 3.0 1.7 35.1 38.2 39.8 45.6 46.3 Table 2: Average Gas Volume (mmscfd) 1QFY’14 1,321 58.7 55.9 53.8 49.9 49.2 2QFY’14 1,383 3QFY’14 1,405 4QFY’14 1,217 1QFY’15 1,218
Slide 7: Electricity Growth in Peninsula
ELECTRICITY GROWTH IN PENINSULA FY 2014 FY 2015 UNITS SALES 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Se pt Oc t No v Gwh 10,644 10,802 10,584 10,998 3,704 3,582 3,687 Industrial Gr owt h (%) 1.0 2.5 1.8 0.1 9.0 0.9 (0.2) ercial Gwh 8,718 8,596 8,865 9,175 2,867 3,006 3,145 m o m Gr owt h (%) 3.6 1.4 4.0 2.4
Slide 8: System Weekly Maximum Demand (Peninsula)
SYSTEM WEEKLY MAXIMUM DEMAND (PENINSULA) For FY2011 to FY2015 New PD: MW 1st Qtr 2nd Qtr 3rd Qtr 16,901MW 4th Qtr (11/06/14) 17,500 17,000 16,500 16,000 15,500 15,000 14,500 14,000 13,500 13,000 12,500 12,000 Peak Demand YoY Growth (%) FY 2011 15,476 MW 9/5/2011 2.7 11,500 FY 2012 15,826 MW 20/6/201
Slide 9: Headline Key Performance Indicators
HEADLINE KEY PERFORMANCE INDICATORS FY’14 1QFY’15 • Return on Assets (ROA) (%) 6.2 8.3 • Company CPU (sen/kwh) 35.0 32.5 • Revenue from Non-Regulated 2.5 0.6 Business (RM bn) • Equivalent Plant Availability 85.6 93.0 Factor (EAF) (%) 0.1 0.2 • Transmission System Minutes (mins) • Distribution SAIDI
Slide 10: Capital Expenditure
CAPITAL EXPENDITURE Major Projects Represent 63.5% of Total CAPEX RM’mn 693.2 1,152.0 1,578.7 1,451.3 2,513.3 2,600.0 Capex by Category 2,400.0 4.5% 3.9% 11.0% 2,200.0 20.7% 29.8% 18.8% 2,000.0 52.5% 1,800.0 31.8% 1,596.6 1,600.0 63.5% 66.3% 1,400.0 43.0% 539.0 1,200.0 559.9 357.4 1,000.0 O 136.8 1Q
Slide 11: Status of Major Projects
STATUS OF MAJOR PROJECTS All Major Projects are on Track as Scheduled Hulu Terengganu Janamanjung Unit 4 Ulu Jelai Hydro Hydro 99% COD 31st Mar 2015 1,000MW 90% COD Sept 2015 (U1) 265MW 77% COD Dec 2015 (U1) 372MW Dec 2015 (U2) Mar 2016 (U2) Janamanjung Unit 5 Prai Connaught Bridge 31% COD 1st Oct 2
Slide 12: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 12
Slide 13: Quarterly & Yearly Analysis
QUARTERLY & YEARLY ANALYSIS Higher OPEX Mainly due to Higher LNG Cost, Mitigated by Lower Coal Price Table 1: 1QFY'14 RM mn 1QFY'15 (Restated) Total Units Sold (GWh) 27,431.2 26,717.4 Revenue 11,027.1 9,572.4 Operating Expenses (before 7,161.8 6,966.4 depreciation) Operating Income 136.9 69.4 EBITDA
Slide 14: Operating Expenses
OPERATING EXPENSES 3.6% Increase in OPEX 1QFY'14 Variance Variance RM mn 1QFY'15 (Restated) RM mn % Capacity Payment 1,021.5 906.1 (115.4) (12.7) Energy Payment 2,093.5 2,085.4 (8.1) (0.4) Total IPPs Purchases/Costs 3,115.0 2,991.5 (123.5) (4.1) 5,351.3 5,177.4 (173.9) Fuel Costs 2,236.3 2,185.9 (50
Slide 15: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 15
Slide 16: Details of Revenue
DETAILS OF REVENUE 18.5% Increase in Group Sales of Electricity 1QFY'14 1QFY'15 Growth (Restated) UNITS SOLD GWh GWh % - TNB 26,024.7 25,205.3 3.3 - EGAT (Export) 3.2 6.2 (48.4) - SESB 1,194.4 1,166.7 2.4 - LPL 208.9 339.2 (38.4) Total Units Sold (GWh) 27,431.2 26,717.4 2.7 REVENUE RM mn Sen/KWh RM
Slide 17: Electricity Growth by Sectors (Group)
ELECTRICITY GROWTH BY SECTORS (GROUP) Analysis 1QFY’15 = 18.5% 1QFY’15 = 2.7% (1QFY’14 = 3.2%) (1QFY’14 = 2.5%) Industrial Commercial Domestic Others 1QFY’14 +0.9% +3.7% +3.8% +2.0% RM mn +3.0% +20.6% +19.4% +3.2% +3.3% +15.4% -2.7% -12.4% Notes: * Includes Specific Agriculture, Mining, Public Light
Slide 18: Details of Revenue: Sectoral Analysis
DETAILS OF REVENUE: SECTORAL ANALYSIS Industrial Sector* (Peninsula) Recorded Y-o-Y Growth of 3.1% GWh ELECTRONICS GWh PETROCHEMICAL 550 180 500 160 450 140 400 Y-o-Y (0.4%) Y-o-Y (4.9%) 350 120 May Jun Dec Mar Apr Jul Jan Feb Aug Mar Jul May Jun Aug Apr Dec Jan Feb Sep Oct Nov Sep Oct Nov IRON & ST
Slide 19: Details of Revenue: Sectoral Analysis
DETAILS OF REVENUE: SECTORAL ANALYSIS Commercial Sector (Peninsula) Recorded Y-o-Y Growth of 3.4% LOW VOLTAGE Shop Lots & Retail Business GWh 2100 1800 Y-o-Y 2.9% 1500 Oct Jul Jun Nov Sept Apr Aug Feb Mar Jan Dec May MEDIUM VOLTAGE MEDIUM VOLTAGE (PEAK/OFF-PEAK) Mega Shopping Malls, 4-5 Star Hotels,
Slide 20: Industry Generation in Peninsula (TNB & IPPs)
INDUSTRY GENERATION IN PENINSULA (TNB & IPPs) Higher Fuel Costs Mainly Attributed to Increase in Gas and LNG Costs Fuel Costs Units Generated Dist. TNB, 0.1 Coal IPP Dist. IPP, 0.3 Coal IPP Dist. TNB, 0.7 22.5 Coal TNB Oil TNB, 0.7 15.6 16.6 Dist. IPP, 1.6 Hydro Oil IPP, 0.0 Oil TNB, 2.4 Coal IPP 3.
Slide 21: Coal Requirement
COAL REQUIREMENT Average Coal Price for 1QFY’15 was at USD70.2/MT FY’05 FY’06 FY’07 FY’08 FY’09 FY’10 FY’11 FY’12 FY’13 FY’14 1QFY’15 Average Coal Price (CIF) 49.8 52.8 45.3 76.4 90.2 88.2 106.9 103.6 83.6 75.4 70.2 (USD/metric tonne) Tonne (mn) 30.0 25.3 25.0 Country Mix 20.8 19.3 20.8 9% 18.9 33%
Slide 22: Debt Exposure & Forex
DEBT EXPOSURE & FOREX 0.1% RM0.03bn RM0.05bn 0.2% Statistics 30th Nov'14 31st Aug'14 10.6% 10.3% Total Debt (RM bn) 25.3 25.5 RM2.68bn RM2.64bn Net Debt (RM bn) 20.4 17.3 12.0% 12.9% RM3.04bn RM3.28bn Gearing (%) 35.6 36.9 77.3% 76.6% Net Gearing (%) 28.7 25.2 Fixed : Floating (%) 99.6 : 0.4 99.3 :
Slide 23: Shareholding
SHAREHOLDING Foreign Shareholding’s Trend Remained Stable Variance Foreign shareholding MAIN SHAREHOLDING Aug'11 Aug'12 Aug'13 Aug'14 Nov'14 (Nov'14 & remained stable at around 25% Aug'14) Name % % % % % % Khazanah Nasional Berhad 35.55 35.36 32.42 32.42 31.41 (3.12) 25.54% Employees Provident Fund
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 Unaudited Consolidated Results for the 1st Quarter FY2015 ended 30th November 2014
Tenaga Nasional Berhad — Q1 FY2015 Earnings Presentation on 6ix