Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q1 FY2016 Earnings Presentation
26 slides from Tenaga Nasional Bhd's earnings presentation, Jan 28, 2016
Slide 1: Presentation to Analysts: Unaudited Consolidated Results 1st Quarter FY2016
PRESENTATION TO ANALYSTS Unaudited Consolidated Results for the 1st Quarter FY2016 ended 30th November 2015 28th January 2016 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 FY2016
1st QUARTER FY2016 3-Month Ended 30th Nov 2015 1QFY2016 1QFY2015 YoY Profit After Tax RM1.96 bn RM2.35 bn (16.5%) Forex Translation Gain/(Loss) (RM58.5 mn) RM45.9 mn >(100.0%) Revenue RM10.68 bn RM11.03 bn (3.2%) • 3.2% unit electricity demand growth in Peninsular Malaysia 3
Slide 4: Unaudited Income Statement (Group)
UNAUDITED INCOME STATEMENT (GROUP) Current Year Quarter vs. Preceding Year Corresponding Quarter Analysis 16.5% Reduction in Net Profit Mainly due to Non-Recognition of ICPT and Forex Translation Gain in 1QFY’15 INDIVIDUAL QUARTER Current Year Preceding Year Quarter Corresponding Variance RM'mn Quar
Slide 5: Generation Mix (Peninsula)
GENERATION MIX (PENINSULA) Year-on-Year Analysis 6.4% Reduction in Fuel Costs Mainly due to Lower LNG Price & LNG Consumption Table 1: Fuel Costs (RM mn) Units Generated (Gwh) Variance Variance Fuel Type 1QFY'16 1QFY'15 Fuel Type 1QFY'16 1QFY'15 RM mn % Gwh % Gas 1,881.1 1,861.6 19.5 1.0 Gas & LNG 1
Slide 6: Generation Mix (Peninsula) con't
GENERATION MIX (PENINSULA) con’t Quarterly Analysis GENERATION MIX % 3.4 3.6 4.3 4.1 1.1 7.0 0.1 0.1 0.6 0.1 46.3 45.2 44.1 47.0 49.3 49.2 51.1 51.0 45.9 46.5 1QFY'15 2QFY'15 3QFY'15 * 4QFY'15 * 1QFY'16 * Gas Coal Oil & Distillate Hydro * Includes Manjung 4 (COD on 14th Apr 2015) 6
Slide 7: Electricity Growth in Peninsula
ELECTRICITY GROWTH IN PENINSULA 3.2% Growth in Electricity Demand FY 2015 FY 2016 UNITS SALES 1Q 2Q 3Q 4Q Sept Oct Nov 1Q Domestic CommercialIndustrial Gwh 10,973 10,976 10,761 11,009 3,764 3,572 3,765 11,101 Growth (%) 3.1 1.6 1.7 0.1 1.6 (0.3) 2.1 1.2 Gwh 9,018 8,860 8,990 9,361 3,142 3,054 3,173
Slide 8: System Weekly Maximum Demand (Peninsula)
SYSTEM WEEKLY MAXIMUM DEMAND (PENINSULA) For FY2011 to FY2016 MW 1st Qtr 2nd Qtr 3rd Qtr Peak Demand: 4th Qtr 16,822 MW 17,500 (21/04/15) 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 1QFY’16 FY’15 • Return on Assets (ROA) (%) 7.6 6.6 • Company CPU (sen/kwh) 32.7 35.1 • Revenue from Non-Regulated 0.6 2.6 Business (RM bn) • Equivalent Plant Availability 90.4 88.8 Factor (EAF) (%) • Transmission System Minutes (mins) 0.05 0.77 • Distr
Slide 10: Capital Expenditure
CAPITAL EXPENDITURE Major Projects Represent 59.4% of Total CAPEX RM mn 1,152.0 1,578.7 1,451.3 2,513.3 2,268.6 2,600.0 2,400.0 2,200.0 2,000.0 1,800.0 1,596.6 1,600.0 1,348.6 59.4% 1,400.0 539.0 1,200.0 559.9 357.4 1,000.0 O 136.8 O 92.8 O 101.7 158.2 800.0 O O 105.7 600.0 D 578.3 D 479.3 D 516.9 4
Slide 11: Status of Major Projects
STATUS OF MAJOR PROJECTS Hulu Terengganu Connaught Bridge Hydro COMPLETED 265MW 385MW COD Dec 2015 (U1 & U2) COD Feb 2016 Janamanjung Unit 5 COD Mar 2016 (U3) Apr 2016 (U4) 1,000MW COD 1st Oct 2017 Ulu Jelai Hydro Prai 372MW 1,071MW COD Jun 2016 (U1) COD Feb 2016 Sep 2016 (U2) 11
Slide 12: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 12
Slide 13: Quarterly & Yearly Analysis
QUARTERLY & YEARLY ANALYSIS Stable EBITDA Margin from ICPT Implementation RM mn 1QFY'16 1QFY'15 Total Units Sold (GWh) 28,571.1 27,450.3 Revenue 10,676.8 11,027.1 Operating Expenses (before 7,078.0 7,161.8 depreciation) Operating Income 139.3 136.9 EBITDA 3,738.1 4,002.2 EBITDA Margin (%) 35.0% 36.3
Slide 14: Operating Expenses
OPERATING EXPENSES Stable Operating Expenses Variance Variance RM mn 1QFY'16 1QFY'15 RM mn % Capacity Payment 975.9 1,021.5 45.6 4.5 Energy Payment 2,015.5 2,115.3 99.8 4.7 Total IPPs Purchases/Costs 2,991.4 3,136.8 145.4 4.6 5,203.3 5,373.1 169.8 Fuel Costs 2,211.9 2,236.3 24.4 1.1 Repair & Mainten
Slide 15: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 15
Slide 16: Details of Revenue
DETAILS OF REVENUE 3.9% Increase in Sales of Electricity 1QFY'16 1QFY'15 Grow th UNITS SOLD GWh GWh % - TNB 26,846.2 26,024.7 3.2 - EGAT (Export) 1.1 3.2 (65.6) - SESB 1,307.2 1,213.5 7.7 - LPL 416.6 208.9 99.4 Total Units Sold (GWh) 28,571.1 27,450.3 4.1 REVENUE RM mn Sen/KWh RM mn Sen/KWh Sales of
Slide 17: Details of Revenue: Sectoral Analysis
DETAILS OF REVENUE: SECTORAL ANALYSIS Industrial Sector (Peninsula) Recorded Y-o-Y Growth of 1.2% GWh ELECTRONICS GWh PETROCHEMICAL 550 180 500 160 450 140 400 Y-o-Y (0.1%) Y-o-Y (4.2%) 350 120 Mar May Jun Oct Apr Nov Aug Sept Jul Dec Jan Feb Dec Jan Feb Mar May Jun Oct Apr Nov Aug Sept Jul IRON & S
Slide 18: Details of Revenue: Sectoral Analysis con't
DETAILS OF REVENUE: SECTORAL ANALYSIS con’t Commercial Sector (Peninsula) Recorded Y-o-Y Growth of 3.9% LOW VOLTAGE Shop Lots & Retail Business GWh 2100 1800 Y-o-Y 2.9% 1500 Aug Jan Jun Oct Dec Sept Feb Jul Apr Mar Nov May MEDIUM VOLTAGE MEDIUM VOLTAGE (PEAK/OFF-PEAK) Shopping Malls, Office Building
Slide 19: Fuel Costs (TNB & IPPs - Peninsula)
FUEL COSTS (TNB & IPPs - PENINSULA) 6.4% Reduction in Fuel Costs Mainly due to Lower LNG Price & LNG Consumption Fuel Costs Units Generated Coal IPP Dist. TNB, 0.0 Coal TNB 21.3 Dist. IPP, 0.0 24.9 Coal IPP Dist. TNB, 0.0 17.1 Hydro Oil TNB, 0.1 Dist. IPP, 0.1 Coal IPP Coal TNB Coal IPP 4.1 Oil IPP,
Slide 20: Coal Requirement
COAL REQUIREMENT Average Coal Price for 1QFY’16 was at USD59.0/MT Average Coal Price FY’10 FY’11 FY’12 FY’13 FY’14 FY’15 1QFY’16 (CIF) (USD/metric tonne) 88.2 106.9 103.6 83.6 75.4 66.0 59.0 (RM/metric tonne) 293.8 325.9 321.9 259.5 244.6 236.0 254.1 Tonne (mn) With commissioning 30.0 of Tg Bin 4 28
Slide 21: Debt Exposure & Gearing
DEBT EXPOSURE & GEARING 30th Nov’15 (RM bn) 31st Aug’15 11.2% (RM bn) 14.5% 2.67 Total Debt: 3.59 23.9 7.3% 1.75 Total Debt: 24.7 7.1% Net Debt: Net Debt: 1.76 15.7 15.8 0.1% 0.3% 78.3% 0.02 81.2% 0.06 19.33 19.42 RM YEN USD Others Statistics 30th Nov'15 31st Aug'15 Gearing (%) 32.6 34.2 Closing 30t
Slide 22: Shareholding
SHAREHOLDING Improvement in Foreign Shareholding Main Shareholding as at Nov’15 Foreign Shareholding Khazanah Nasional 11.1 26.90% Berhad 13.3 5.8 Employees Provident 10.4 Fund Board 15.3 5.4 Permodalan Nasional Bhd 16.7 16.4 (%) 22.8 23.4 Other Corporations & Govt. Agencies Aug’15 23.37% Malaysian
Slide 23: Agenda
AGENDA RESULTS SNAPSHOTS RESULTS HIGHLIGHTS RESULTS DETAILS QUESTION & ANSWER 23
Slide 24: 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 25: 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 26: Thank You
THANK YOU Unaudited Consolidated Results for the 1st Quarter FY2016 ended 30th November 2015
Tenaga Nasional Berhad — Q1 FY2016 Earnings Presentation on 6ix