re pref offer presentation to press 22 feb04
TRANSCRIPT
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Reliance Energy Ltd. Creating Growth Momentum
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Background
Reliance Energy is India’s leading
private sector utility company
Serving over 25 million consumers in substantial
areas of Mumbai, Delhi, Goa and Orissa
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Background
Reliance Energy is India’s leading
private sector utility company
Powering 2 out of 3 homes in
Mumbai, and 1 out of 2 in Delhi
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Background
Reliance Energy is India’s leading
private sector utility company
7,500 Schools
3,000 Hospitals
250 Theatres
5 Airports
130 Railway Stations
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Background
Reliance Energy is India’s leading
private sector utility company
Industrial, commercial and
residential urban consumers
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Background
Distributing over 5,000 MW of
power – the largest in India
Reliance Energy is India’s leading
private sector utility company
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Background
Reliance Energy is India’s leading
private sector utility company
Power generation capacity of
nearly 950 MW in Maharashtra,
Goa,
Andhra Pradesh, Kerala
and Karnataka
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Background
India’s most valuable power
company, with market
capitalisation of over Rs. 10,000
crore Reliance Energy currently ranks among India’s
top 25 listed private sector companies on all major
financial parameters
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Background
Annual revenues over Rs 6,400
crore
Reliance Energy currently ranks among India’s
top 25 listed private sector companies on all major
financial parameters
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Background
Annual cash profits over Rs 600
crore
Reliance Energy currently ranks among India’s
top 25 listed private sector companies on all major
financial parameters
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Background
Annual net profits over Rs 350
crore
Reliance Energy currently ranks among India’s
top 25 listed private sector companies on all major
financial parameters
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Background
Debt free at the net level
Reliance Energy currently ranks among India’s
top 25 listed private sector companies on all major
financial parameters
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Background
Top end credit ratings - rated
‘AAA’ by CRISIL/ ICRA/ FITCH
Reliance Energy currently ranks among India’s
top 25 listed private sector companies on all major
financial parameters
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Report Card 2003-04
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Report Card 2003-04
Tariff Revision petition filed after 7 years –
to achieve stipulated Return on Equity
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Report Card 2003-04
Approval to import power into Mumbai,
through open access on existing
transmission lines –
lower tariffs expected
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Report Card 2003-04
Resolution of 5 years old standby charges
dispute in Mumbai expected shortly from
MERC –
end to uncertainties
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Report Card 2003-04
Encroachment of customer base in Mumbai
stopped by MERC
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Report Card 2003-04
Wage Agreements signed covering 4,500
employees and 1,200 officers –
pending since April 2002
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Report Card 2003-04
Cumulative financial provisions of over
Rs. 350 crores made to strengthen Balance
Sheet
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Report Card 2003-04
100% equity in Andhra and Goa projects
acquired, and operations merged with RE
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Report Card 2003-04
Andhra 220 MW power plant’s PLF raised to
85%, through increased gas allocation
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Report Card 2003-04
Kerala power plant restarted after a 1 year
shutdown - project’s financial viability
restored
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Report Card 2003-04
Completed first phase of VRS in Delhi
distribution companies – reducing workforce
by nearly
4,500 persons in 7 days
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Report Card 2003-04
Exited from non-core activities of Coal
Washery, coal-based Maithon power
generation project, broadband telecom
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Report Card 2003-04
Transformed into India’s most valuable power
company
Market capitalisation increased more than 200%
in a year to over Rs. 10,000 crore
Best performing utility stock in the year 2004,
outperforming Sensex by 29%
Among the top 10 performers in Sensex stocks in
2003, outperforming Sensex by 57%
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Creating Growth Momentum
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Power Environment
Dominated by state owned
undertakings
Poor existing infrastructure
Unreliable quality of power
Unsustainable levels of technical and
commercial losses
High tariffs
Low standards of customer care
Huge opportunity for
private sector to create
world class power
infrastructure in India
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Synergies for Reliance
Leveraging Reliance group’s core
competencies:
- World scale and world class plants
- Infrastructure development
- Project management and execution
- Financial engineering
Feedstock integration with Reliance’s
upstream gas business
Leveraging of customer base for
Reliance’s other businesses
A natural fit in Reliance’s overall business portfolio
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Vision statement
• To be among the most admired and most trusted integrated
utility companies in the world
• To establish leadership in the power sector in the country,
across generation, transmission, trading and distribution
• To deliver reliable and quality power to millions of customers at
competitive costs
• To set international standards of customer care – creating
superior value for all stakeholders
• To set new benchmarks in standards of corporate performance
and governance, through the pursuit of operational and financial
excellence, responsible citizenship and profitable growth
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Generation Strategy
• “From Well Head to Wall Socket”
• Environment friendly fuels – gas the preferred feedstock
• Adequate capacity to meet captive requirements of
5,000 MW, covering:
- Base Load
- Trading
• Offtake primarily by own customer base
• Location in proximity to customers
• Economies of scale, capital productivity,
lowest operating costs
Generation of power at the most competitive
unit costs globally
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World’s Largest Gas based Power Project
• Setting up the world’s largest gas based mega power project with initial capacity of over 3,500 MW capacity – scale benefits
• Initial investment outlay of over Rs 10,000 crore (US$ 2.2 billion) – single largest investment across any sector in Uttar Pradesh
To benefit millions of consumers in the power deficit regions of Delhi,
UP and other parts of Northern India
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World’s Largest Gas based Power Project
• End-to-end integration in the energy value chain - gas sourced from Reliance’s Dhirubhai gas fields in KG basin – integration benefits
• Commissioning in phases from mid – 2006 through mid 2007
• Project will be a strategic national asset and will help realise Hon’ble Prime Minister’s vision of “Power for all by 2012”
Project to supply clean-green power based on
environment friendly natural gas at competitive costs
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Dadri
• 40 kms from Delhi
• HBJ gas pipeline is
15 kms away
• Main Ganga Canal
is just 2-3 kms away
• Power Grid’s Dadri
substation to help in
evacuation of power
Location Map
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Distribution Strategy
• Expansion of the customer base,
with a national footprint
• Acquisition of existing networks
in major cities and towns,
through the privatisation process
• Open access on distribution
systems, as individual States
deregulate
Providing a world class experience
to millions of customers
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Distribution Strategy
• Setting up new networks where
economically feasible
• World class systems,
automation, quality and
reliability of power, competitive
pricing, highest standards of
customer care
Providing a world class experience
to millions of customers
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Existing Areas
Increased automation and
strengthening of distribution
systems in Mumbai to bring
down losses to around 10%
Significant potential for enhancing returns
in Mumbai, Delhi and Orissa
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Existing Areas
Comprehensive revamp of Delhi
infrastructure, to reduce losses
from the existing levels of 55%
Significant potential for enhancing returns
in Mumbai, Delhi and Orissa
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Existing Areas
Recapitalise the Orissa
distribution companies, and turn
around their operations, subject
to suitable restructuring by
Govt. of Orissa Significant potential for enhancing returns
in Mumbai, Delhi and Orissa
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New Areas Applications filed for building new
networks in various cities:
- Bhandup, Vashi, Pune, Nasik,
Nagpur, Aurangabad
- BEST area in Mumbai
NDMC area in New Delhi
- 12 areas under franchise in
Gujarat
- Other cities and states in the
future
Participation in privatisation
of distribution
assets of SEBs
as opportunities arise
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Growth Opportunities - Trading
Trading in Power
Trading in power – Physical
(merchant/ own generated)
Creating exchanges for
trading in power – financial
and derivative productsEnhancement of
returns from generation and transmission
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Mega Investment Plans
Capital Investments
Amount (Rs Crore)
Generation 10,000Transmission 4,000Distribution 6,000
Total : 20,000
UP power project implemented by a new
company , Reliance EGen P. Ltd. Investment of uptoRs. 20,000 crores
in the next 5 years
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Financial Engineering
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Shareholding Pattern
Present
Reliance Group 49.5%
FIs / Banks / MFs 21.0%
FIIs / GDRs 21.3%
Others 8.2%
Total: 100.0%Reliance’s stake reduced
from 58.2% to 49.5%
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Preferential Offer
Equity shares and/or equity
related securities
Offer price of Rs. 640 per share,
determined in accordance with
SEBI Preferential Allotment
guidelines
Priced nearly 3 times Reliance’s open offer price
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Preferential Offer
Offer price at 38% premium to
26 week average price
2% discount to last traded market
pricePostal ballot for all
shareholders on
preferential offer and
various other resolutions
though not required in law
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Strong Vote of Confidence
Reliance to subscribe to over 2 crore
equity shares, aggregating nearly
Rs. 1,400 crores
Institutional shareholders, like LIC
and GIC, agree in principle to
subscribe to nearly 1 crore shares,
aggregating over Rs. 600 crores
Endorsement of growth prospects
and positive signal to markets
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Financial Flexibility
Enabling approvals to offer additional
amount of Rs. 1,000 crores through:
- equity shares; and/or
- equity shares with differential
voting
rights; and/or
- international convertible bond
offering
Reliance has confirmed its willingness to
subscribe additional Rs. 1000 crores
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Proposed Reliance Stake
Present Proposed
Reliance Group 49.5% 56.5%
FIs / Banks / MFs 21.0% 21.0%
FIIs / GDRs 21.3% 16.5%
Others 8.2% 6.0% Reliance stake still 2% below peak levels of
over 58%
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Reduction in Free Float
Present Proposed
Reliance Group 49.5% 56.5%
FIs / Banks / MFs 21.0% 21.0%
FIIs / GDRs 21.3% 16.5%
Others 8.2% 6.0%Reduction in free float from over 50% to 43%
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Value creation for Reliance Energy shareholders
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Impact on Net Worth
Reliance Energy to rank among
India’s top 3 private sector
companies
Net Worth to rise by Rs. 3,000
crores, from Rs. 3,500 crores to Rs.
6,500 crores
Third only to Reliance Industries
andICICI Bank
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Impact on Book Value
A 43% increase in Book Value per
share from Rs. 217 to Rs. 312
Price to book ratio will decline to 2
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Impact on Leveraging ability
Increased ability to leverage
Balance Sheet, while maintaining
top end AAA ratings
Increase in borrowing ability by Rs. 3,000 crores
to Rs. 6,500 crores
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Impact on Profitability
Increase in capital base by Rs.
3000 crores - potential accretion
to earnings
Increase in EPS leading to
substantial enhancement of
overall shareholder value
To rank among
India’s top 10
private sector companies
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Value creation for Reliance Industries shareholders
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Mark to Market gains
Reliance’s investments in Reliance
Energy now valued at over Rs 5,200
crores
Average cost of Reliance’s shareholding
in RE will still be only Rs. 350 per share,
against market price of Rs. 650 per share
Capital gains of nearly
Rs 3,500 crores
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Participation in power sector growth
Enhancement of leadership position
in the power sector for Reliance
Group
Benefits of sustained long term
growth in the entire sector
Positive impact onRIL’s financial ratios
through consolidation
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Gas Off-take
Assured feedstock off-take for
about 25% of production from
RIL’s KG - D6 Dhirubhai gas field
Long term contracts at
competitive prices
Share of gas in power generationto increase from 10 % to global
average of 30 %
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Deployment of Cash flows
Proposed investments only 8 % of
Reliance group’s cash flows of over
Rs. 30,000 crores in the next 3
years….
….and less than 5 % of value of RIL’s
future gas sales contracts of over Rs.
50,000 crores to the UP gas based
power project
Opportunity for Reliance to deploy its strong
cash flowsfor attractive returns
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Win Win Win…
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Win for Customers
Quality , Reliable power
Competitive prices
World class customer care
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Win for the Power sector
Mega investments
Technology upgradation
Accelerated loss reduction
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Win for the Country
World class power infrastructure
Enhanced competitiveness
Fiscal deficit reduction
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Win for Reliance Group
Leadership in power sector
Exponential growth
Enhanced profitability
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