trc construction public company limited opportunity day 7 ... · trc pipeline ptt’s the fifth...
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TRC Construct ion Publ ic Company L imited
Opportunity Day 7 December 2018
3 rd Quarter 2018
Operat ing Performance 1
Content
Financial Highlights
Bidding Projects
New Projects & Backlog
Mission, Vision, Core Value 3
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20
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TRC VISION
“เรามงม นทจะสรางสรรคนวตกรรมและตอบสนองความตองการทดท สดใหกบลกคาท งในประเทศและภมภาค
เอเซยตะวนออกเฉยงใต (CLMVT)”
“A Pioneer Organization who delivers innovative project solution in the region” (CLMVT)
Approved by the Board of Directors’ Meeting on 12 November 2018 3
TRC Mission ▀ To our shareholders and partners
We will deliver sustainable returns through good governance.
สรางผลตอบแทนทนาพงพอใจอยางย งยนและบรหารงานอยางโปรงใส
▀ To our customer
We will deliver excellent service with high punctuality , environmental and safety awareness to ensure our clients’ success. สงมอบบรการทมคณภาพ ตรงตามเวลามความปลอดภย และน ามาซงความส าเรจของธรกจลกคา
▀ To our society We will conduct business with good corporate responsibility. เราจะบรหารจดการธรกจ ดวยความรบผดชอบตอสงคม ชมชน และสงแวดลอม
▀ To our employees
We will create best working environment and become the best Operational – excellence organization. เราจะสรางเสรมบรรยากาศการท างานใหดท สดและเปนองคกรทมการปฏบตการทมง สความเปนเลศ
:TRC Vision, Mission, Core Value and Strategy 01
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01 :TRC Vision, Core Value and Strategy
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TRC Core Value
Open-Minded
Innovative
Systematic Working
Enthusiasm
Passion
Standardization
Positive Thinking
Corporative
Teamwork
Acceptance
Ownership
Engagement
Communication
Risk Awareness
Volunteer
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Next 7
5. Engage customer with new technology and co-creation project 6. Develop customer value management program 7. International standard recognition
Professional with “ BE TRC ”
Center of Service and Solution Excellence
Customer Engagement
Sustainable Revenue and Profitable Growth
8. Develop center of service solution excellence
9. Develop human capital and talent management 10. Enhance employee engagement
Strategy : Key for Long Term Success Top 10 in total revenue in
construction service industry
Top 5 in % net income in construction service
industry (% of revenue)
Dividends from investment > 100 MB with threshold > 15%
Vision : “A Pioneer Organization who delivers innovative project solution in the region”
(CLMVT)
1. Focus on energy, petrochemical and infrastructure business with emphasizing on high value project and expanding to the region (CLMVT)
2. Accelerate new business development (JV or Investment)
3. JV & Corporate with strategic partner 4. Operation excellent
(Efficiency & Effectiveness)
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Strategic Objectives (SO) BALANCED SCORECARD
■ Sustainable revenue and profitable
growth ■ Customer Engagement
มงสรางความผกพนของลกคาดวยการใหการบรการโดยมงเนนคณภาพอยางสม าเสมอและตอเนองเพอใหลกคาไดรบประโยชนตามความคาดหวงเกดความพงพอใจ,ผกพนและมความสมพนธทดตอเนอง
■ Operational & Service Excellence
มงเนนการใหบรการ EPC ครบวงจรตรงตามความตองการและความคาดหวงของลกคาดวยคณภาพทเปนเลศเปนทยอมรบโดยค านงถงมาตรฐานในระดบสากลมความปลอดภย อาชวอนามยและค านงถงสงแวดลอมเปนส าคญ
■ Employee with Professional Development
and Governance
เปนบรษททมสมรรถนะสงมงมนพฒนาบคลากรใหมความเปนมออาชพ มทกษะประสบการณความช านาญดวยวสยทศนในการด าเนนธรกจ อกทงตระหนกถงความส าคญของการเปนบรรษทภบาลดแลสงคมและสงแวดลอมในการอยรวมกนอยางยงยน
:TRC Vision, Value and Strategy 01
มการเจรญเตบโตของธรกจอยางยงยนจากการรบเหมากอสรางอยางครบวงจร พรอมทงมการลงทนในธรกจทมศกยภาพและโอกาสทางธรกจประเภทบรการโซลชนทม นวตกรรมทงในและตางประเทศ
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Financial Highlights
Bidding Projects
New Projects & Backlog
Mission, Vision, Core Value
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20
25
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Content
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The construction of overpass bridge,
Na Ranong Intersection
Improvement of Samwa Road
Project Owner Bangkok Metropolitan Administration Metropolitan Electricity Authority Bangkok Metropolitan Administration
Scope of Works Construction of overpass bridge,
Na Ranong Intersection
Construction of Manhole and Underground Duct Bank on
Rama 3 Road
Expansion of the existing road and utility system
Project Location Na Ranong Intersection, Klong Toey,
Bangkok
Rama 3 Road Samwa Road, Minburi, Bangkok
Contract Value Baht 1,257 million Baht 267 million Baht 172 million Construction Period 900 days 792-day
360 days
Contract Signed Date 25 September 2018 7 December 2018 28 September 2018
SKW obtained 2 Infrastructure Projects during Sep-Dec 2018 The significant projects consisting of
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Project Owner: PTT Oil and Retail Business
Public Company Limited (PTTOR)
Project Value: Baht 600 million
Scope of Works: EPC of Lubricants Distribution Center,
Installation Automated Storage and
Retrieval System (AS&RS)
Project Location: Amphur Bang Pakong,
Chachoengsao Province
Project Period: 450 days
Contract Signed Date : 29 October 2018
Oct 2018: SKW obtained AS/RS Project from PTTOR
Automated Storage and Retrieval System (AS/RS)Technology Project
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TRC Group Backlog
3,487 3,786
2,480
4,635
1,707
124
2,616
1,200
2,077
3,274
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2014 2015 2016 2017 30-Sep-18 TRC SKW
+ new projects in 4th Qtr
900
3,611
6,402
(MB)
3,680
5,881
6,712 30,476
AS/RS Warehouse 600 MB
+
Na Ranong Intersection (MEA
Part)
267 MB
+ 2 small project
30 Sep 18 = 4,981
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New Projects in 4th Qtr
Backlog as at 30 September 2018
Backlog by Scope of Works
Scope of Works No. of Projects Remaining Value (MB)
Pipeline System 7 1,174
Civil Work 10 3,494
Processing Plant 1 313
Total 18 4,981
Backlog by Company
Company No. of Projects Remaining Value (MB)
TRC 8 1,707
SKW 10 3,274
Total 18 4,981
TRC
.
SKW
.
Processing
Plant 6.3%
Pipeline
System 23.6%
Civil Work
70.1%
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Projects on Hand Period
15
Contract
Value (MB)
Remaining
Value (MB)
TRC Projects:
1st Transmission Pipeline Life Extension 3,237.76 367.81
LNTP for Turnkey Delivery of APOT Project Surface Processing and Facilities 711.36 226.07
Revamp LPG Transfer Pump to Domestic BRP 208.50 1.71
BV4.19 PIG Launcher and Receiver Installation 229.28 37.81
RDCC Catalyst Cooler 492.00 313.06
The 5th Transmission Pipeline, Phase 1 (Subcontractor from Sinopec) 755.23 689.22
BCM Naphtha and Pygas Pipeline (Option 1 RTC Area) 80.00 11.38
BCM Naphtha and Pygas Pipeline (Option 2 Interconnecting Pipeline) 74.50 59.60
New Project in the 3rd Qtr 2018:
Distribution Gas Pipeline Project to PTT NGV Station P.N. Petroleum 14.85 14.85
Total TRC Projects 5,803.47 1,721.51
SKW Projects:
Construction, Improvement and Expansion of Waterworks, Koh Samui 855.23 6.84
The Kanlapaphruek Road Extenstion 849.72 719.19
Improvement of Pracharuamjai Road – Mitmaitri Road 990.84 785.17
Other 4 projects (@ < 100 MB) 196.37 29.62
Highway Route No. 4 A. Takua Pa, Phang Nga Province 347.38 304.97
New Projects in the 3rd Qtr 2018 - early of Dec 2018:
Construction of overpass bridge, Na Ranong Intersection- BMA 1,257.08 1,257.08
Construction of overpass bridge, Na Ranong Intersection - MEA's Part 267.29 267.29
Expansion of existing road and utility system, Samya Road, Minburi, Bangkok 171.54 171.54
Elevated highway, Lamkaen Tablamu, Phang Nga Province 17.76 17.76
Lubricants Distribution Center Project 600.00 600.00
Total SKW Projects 5,553.22 4,159.48
Total TRC Group Projects 11,356.69 5,880.99
Q4 2018
20212015 2016 2017 2018 2019 2020
Completed 99.2%
Remaining 0.8%
Significant Ongoing Projects
PTT’s 1st Transmission Pipeline Life Extension (3,238 MB) by TRC
Provincial Waterworks Authority’s Construction, Improvement and Expansion of Waterworks, Koh Samui
(855 MB) by Hydrotek Sahakarn JV
Pipeline
Completed 88.6%
Remaining 11.4%
Project period: Feb 15 - Sep 19
Project period: Aug15 - Dec 18 PTT’s BV4.19 PIG Launcher and Receiver Installation Project (229 MB) by TRC
Completed 83.5%
Remaining 16.5%
Project period: Sep 17 – Nov 18 16
Significant Ongoing Projects
Processing Plant
Completion 36.4%
Remaining 63.6%
Project period: Sep 17 - Jun 19
RDCC Catalyst Cooler Project Part 2 Back Pressure Steam Turbine and Utilities System (492 MB) by
TRC
Pipeline PTT’s the Fifth Transmission Pipeline Project, Phase 1, Subcontractor for The 14 block valve & facility stations from Sinopec (755 MB) by TRC
Completion 8.7%
Remaining 91.3%
Project period: Feb 18 - Oct 20
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Civil Work
Significant Ongoing Projects
Department of Highway’s Extension Kalapapruek Road (850 MB) by SKW C ompleted
15.4%
Remaining
84.6%
Project period: Mar 17 - Aug 19
Improvement of Pracharuamjai Road – Mitmaitri Road (991 MB) by SKW
Project period: Sep 17 - Sep 19
C ompletion
12.2%
Remaining
87.8%
Project period: Feb 18 - Oct 19
Highway Route No. 4 A. Takua Pa – A. Thai Mueang between Km.803+000.00 to Km.813+300.00 (347 MB) by SKW
C ompleted
20.8%
Remaining
79.2%
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Financial Highlights
Bidding Projects
New Projects & Backlog
Mission, Vision, Core Value
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20
25
3
Content
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Bidding Projects in the 3rd & 4th Qtr 2018: More than 10,000 MB
By SKW: Thailand Smart Metro by MEA- 3 routes 5,000 - 5,300 MB Construction of Pharmaceutical Factory-GPO 5,000 MB Construction of Hospital Building 800-900 MB Clarified Water Project Phase II (Gulf Power Plant)-East Water 600-700 MB AS/RS Warehouse, Amazon Coffee-PTTOR 600-700 MB Road Construction, Donsinon, Chachoengsao 560 MB
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By TRC: Refined Glycerin Plant Project- Bangchak Bio Fuel 350-400 MB Field Storage Tanks Fabrication and Installation Works*- PTT’s LNG Nong Feb Receiving Terminal Project 200 MB (submitted bid as subcontractor)
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Refined Glycerin Plant
Bangchak Biofuel Company Limited
• The new Refined Glycerin Plant which be able feed crude glycerin from existing
biodiesel is 100 Tons/day of feedstock to convert crude glycerin from BBF
Biodiesel plant 1 & 2(FEED OPTION B) to refined glycerin at Bang-pa-in district
Pra nakorn sri Ayutthaya province.
• The plant shall be designed with automation control system to operate 24 hours a
day, 330 minimum working days per year and shall be operate as continuous process.
Thailand Smart Metro by Metropolitan Electric Authority (MEA)
• Completed: 41.9 km.
• During Processing: 40 km.
• Plan: 127.3 km.
• Period: To be completed within 2021
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In the 4th quarter 2018, SKW submitted bid for 3 routes of “Smart Metro” consisting of
• Ratchada-Asok, mid-price 3,374.84 MB
• Rama IV, mid-price 587.58 MB • Ratchada-Rama 9, mid-price 2,679.17 MB
Potential Bidding Projects
Clean Fuel Project (CFP)
Thai Oil Group Floating Storage and Regasification Unit (FSRU)
EGAT
โครงการทอสงกาซธรรมชาตจากสถาน เกบรกษาและแปรสภาพกาซธรรมชาตจากของเหลวเปนกาซแบบลอยน า (FSRU)
ไปยงโรงไฟฟาพระนครใต ระยะทาง 58 กม.
TOP’s EGM held on 27 August 2018 resolved to approve the
investment in the Clean Fuel Project with the project value of
approximately USD 4,825 or approximately Baht 160,279 million. The period of the project will be 2019 - 2023.
FSRU’s 3 Pilot Projects, 2-year cooperation between EGAT and PTT
• FSRU in northern part of the gulf of Thailand
• FSRU in southern region to substitute for JDA’s supply
• FSRU in Myanmar for further development with EGAT’s power plant
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Financial Highlights
Bidding Projects
New Projects & Backlog
Mission, Vision, Core Value 3
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20
25
Content
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Operating Performance : 9-M 2018
465 479646
1,840
1,590
Q1/2018 Q2/2018 Q3/2018 9-M 2017 9-M 2018
2% QoQ
14% YoY
Unit : MB Services Income & Sales
9-M 2017 9-M 2018
55
-12
96
192
139
Q1/2018 Q2/2018 Q3/2018 9-M 2017 9-M 2018
9
-45
4353
7
Q1/2018 Q2/2018 Q3/2018 9-M 2017 9-M 2018
28% YoY
122% QoQ
EBITDA
600% QoQ 87% YoY
16.4
20.321.5
18.8 18.7
7.7 7.8
3.82.8
0.4
-5.0
5.0
15.0
25.0
9-M 2017 9-M 2018
Gross Profit Margin Net Profit (Loss) Margin
Gross Profit Margin & Net Profit Margin
%
Profit (loss) for the period
1,840 1,586
35% QoQ
900% QoQ 196% QoQ
Gross Profit
Q1 2018 116.85 MB 25.14% -0.04 MB -16.90%
Q2 2018 45.41 MB 9.51% -0.09 MB -5.00%
Q3 2018 134.67 MB 20.91% -0.34 MB -19.56%
9-M 2018 296.93 MB 18.72% -0.47 MB -12.23%
construction services sales
Net Profit
Q1 2018 9.04 MB 1.92%
Q2 2018 -45.54 MB -9.44%
Q3 2018 43.13 MB 6.43%
9-M 2018 6.63 MB 0.41%
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Services Income
Construction Services Income
2014 2015 2016 2017 2018
Q1 726 774 1,104 952 465
Q2 687 927 434 436 479
Q3 802 871 1,170 452 646
Q4 880 1,308 989 530
Year End 3,095 3,880 3,697 2,370
726 774
1,104
952
465687
927
434 436 479
802871
1,170
452
646880
1,308
989
530
3,095
3,880
3,697
2,370
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2018 (F) 2,400-2,600
(MB)
9-M 2018 1,590
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2014 2015 2016 2017 9-Month 2017 9-Month 2018
% Operating Profit 8.19 7.87 10.84 7.11 3.85 3.08
% Net Profit 6.87 7.74 7.78 3.81 2.79 0.41
0.00
5.00
10.00
Operating Profit & Net Profit
2014 2015 2016 2017 9-M 2017
6-M 2018
3rd Qtr 2018
9-M 2018
Operating Profit (Loss) 254.15 305.39 393.82 168.63 70.78 -4.80 53.80 49.00
Share of loss from investment in APOT
Investment in APOT recorded as other
long term investment
-32.96 -34.99 -26.97 -24.97 -11.67 -36.64
Loss on change in shareholders' equity of APOT
-34.34
Net Profit 214.92 305.96 290.76 92.79 52.89 -36.50 43.13 6.63
%
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Unit: MB
Operating profit compared to services income & sales
Net profit margin: Net profit compared to total revenue
Debenture Issuance and Expiration
Issuance Date Maturity Date Issuance Amount
(MB)
Outstanding Amount
(MB)
Debenture Holders
Interest Rate (Per Year)
8 Jul 2015 8 Jul 2017 (2 years)
100 - (Expired)
10 persons 4.68%
10 Mar 2016 10 Mar 2018 (2 Years)
200 - (Expired)
10 persons 4.40%
12 Jul 2017 12 Jul 2018 (1 year)
100 - (Expired)
10 persons 4.50%
15 Mar 2018 17 Mar 2020 (2 years&2 days)
180 180 9 persons 4.80%
Outstanding Debentures 180
I) Debentures Baht 500 million
II) Debentures Baht 2,000 million Still not issue 28
TRC Group Industry Group (Construction Services)
0.89 0.860.67 0.74 0.68
2.462.34
2.47 . 2.52
0.00
0.50
1.00
1.50
2.00
2.50
3.00
30 Sep 17 30 Sep 18
15.99
11.28
3.38
7.00
1.69
12.26
7.09
2.566.94
3.82
0.00
5.00
10.00
15.00
20.00
30 Sep 17 30 Sep 18
(%)
Financial Ratio & Covenants to Debenture Holders
Time(s)
Return on Equity Debt to Equity Ratio
0.06
0.160.15
0.17
0.00
0.05
0.10
0.15
0.20
31 Dec 15 31 Dec 16 31 Dec 17 30 Sep 18
Time(s)
104.12
26.8816.28 12.62
0.00
20.00
40.00
60.00
80.00
100.00
120.00
30 Sep 2018
EBITDA to Interest
Time(s)
TRC TRC
Interest Bearing Debt to Equity
Covenant: > = 4 times Covenant: < = 2 times
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3Q’17 3Q’18
3Q’18
TRC
If you have any question please feel fee to contact Investor Relations Department
Email: [email protected] or [email protected]
Tel. +66 2022 7777-87 Ext. 3201/ 3213
Fax +66 2022 7778
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