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EDC COMPANY PRESENTATION – Energy Development Corp.

Energy Development Corp. · Jan 12, 2015 · 57 slides

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Slides

  1. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 1
    EDC COMPANY PRESENTATION JANUARY 2015
  2. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 2
  3. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 3
  4. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 4
    TABLE OF CONTENTS Power Industry Overview 8 Power Industry Restructuring, 9 Grid Profile Key Investment Highlights 12 Investment Summary, 13 Domaine Expertise, 14 Cornerstone investors, 15 Contract-based Cash Flows, 16 Track…
  5. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 5
  6. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 6
    POWER INDUSTRY OVERVIEW
  7. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 7
    INDUSTRY RESTRUCTURING USHERED IN COMPETITION, AS IT ALSO MOBILIZED PRIVATE SECTOR INVESTMENTS Pre-EPIRA Post-EPIRA NPC GENCO TRANSCO Suppliers Distributors DUs Customers Customers Prior to the EPIRA, the industry…
  8. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 8
    EDC IS STRATEGICALLY POSITIONED WITH 64% OF ITS CAPACITY SITUATED IN THE VISAYAS 2013 GROSS POWER GENERATION, BY GRID 2013 GROSS POWER GENERATION, BY PLANT TYPE New Re 279 Oil Based 0% Mindanao 4,491 Geothermal 9,347 6% 9,605…
  9. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 9
  10. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 10
    KEY INVESTMENT HIGHLIGHTS
  11. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 11
    TOP REASONS FOR BUYING INTO EDC -- A DIVERSIFIED RENEWABLE ENERGY POWER COMPANY, NOW GOING GLOBAL 1 of 11 light bulbs YTD 3Q14 Highlights 13 Concessions EDC accounts for 9% of countrys electricity production 92% acquired in…
  12. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 12
    Domaine Expertise LARGEST VERTICALLY INTEGRATED GEOTHERMAL COMPANY GLOBALLY TECHNOLOGY & GEOGRAPHICALLY DIVERSE TOP 5 GEOTHERMAL COMPANIES 1 CAPACITY (in MW) 1 150.0MW Burgos COMPANY STEAM PLANT 1 EDC 1,159 1,159 1 1 120.0MW…
  13. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 13
    Contract-based Cash Flows GENERATES CASHFLOWS AT BOTH PARENT AND SUBSIDIARY LEVELS Revenues (2) as of Sept. 2014 FGHPC 1,465 6% Lopez Group IFC GIC Public EDC Parent (3) E: 1.69 % V: 1.12 % E: 4.99 % V: 3.33 % E: 43.14 % V: 44.96…
  14. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 14
    Contract-based Cash Flows LIMITED EXPOSURE TO VOLATILE SPOT MARKET TERM STRUCTURE OF CONTRACTS(1) LONG-TERM CONTRACTUAL AGREEMENTS In PHP Millions CONCESSION Geothermal Renewable Energy Service Contract 2031 SPOT 8% 6…
  15. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 15
    Track Record of Growth SIGNIFICANT PORTFOLIO EXPANSION SINCE PRIVATIZATION 1976 - 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 STEAMFIELD OPERATOR STEAMFIELD AND POWER PLANT OPERATOR Limited to steam field operations (+) 125.0…
  16. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 16
    Favorable Industry Dynamics GEOTHERMAL ENERGY IS A STRATEGIC ENERGY RESOURCE FOR THE PHILIPPINES 2013 POWER STATISTICS OF THE PHILIPPINES RENEWABLE ENERGY ACT OF 2008 New Re 279 0% PRINCIPAL PRIMARY REVENUE OTHER TAX BENEFITS & COST…
  17. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 17
    Strong Credit & Investment Profile DELIVERING SUPERIOR FINANCIAL AND OPERATING RESULTS TO STAKEHOLDERS CONSOLIDATED REVENUES RECURRING NET INCOME 36,000 90% of 107% of FY 2013 12,000 FY 2013 28,369 9,895 30,000 25,656…
  18. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 18
    Strong Credit & Investment Profile MAINTAINING A ROBUST CREDIT PROFILE (1) NET DEBT TO MARKET CAPITALIZATION NET DEBT TO EQUITY Deteriorated with increase in price per share Allows for additional fund raising Dec-10 0.32x Dec-10…
  19. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 19
  20. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 20
    GROWTH PROJECTS
  21. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 21
    EDC SUCCESSFULLY DELIVERED ON ITS 2014 STRATEGIC OBJECTIVES Bacman Nasulo Burgos OUTPUT 968 GWH REVENUES Php4.8 B 130.0 MW Bacman geothermal plants have returned to service OUTPUT 382 GWH OUTPUT 326 GWH REVENUES…
  22. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 22
    EDCS GROWTH AGENDA 2014 STATUS 305 MW Palinpinon- 1 ACQUIRE 2 DEVELOP Tongonan acquired in 49.37 MW Nasulo 2009 commissioned in Sept. 130 MW Bacman Win key 2014 acquired in 2010 Install 261MW 6 MW NNGP Plant government Bid for…
  23. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 23
    LOCAL GEOTHERMAL PROJECTS WILL BE THE MAIN SOURCE OF GROWTH IN THE MEDIUM TERM 2 4 1 FRONTIER AREAS Beyond 2 (WIND) PROJECT CAPACITY 2014 2015 2016 2017 2018 1 Bayog I (Burgos I) 1 Nasulo* 49 MW X 2 Pagali (Burgos II) 2 Burgos Wind…
  24. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 24
    OVERSEAS EXPANSION - INDONESIA GRAHO NYABU GEOTHERMAL PROSPECT Results from EDCs completed survey activities for Graho Nyabu in Sumatra shall be used by Indonesian Ministry of Energy and Mineral Resources for its upcoming tender…
  25. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 25
    EDC SEIZED THE OPPORTUNITY AND NOW HOLDS STAKES IN UP TO 13 CONCESSIONS AND 39 APPLICATIONS Granted Sites Applications Company (Entry into LatAm) Peru Chile Peru Chile Alterra Power Corp 2 2 16 0 (2008) Hot Rock Ltd 5 1 3…
  26. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 26
    WE ARE NOW EXECUTING AN EXPLORATION DRILLING PROGRAM IN MARIPOSA, ONE OF THE MOST ADVANCED GEOTHERMAL PROJECTS IN CHILE GEOTHERMAL RESERVOIR AND MAP OF THE REGION CIVIL WORKS DRILLING TARGETS Santiago Drilling Materials…
  27. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 27
  28. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 28
    REVIEW OF YTD 9M 2014 FINANCIAL RESULTS
  29. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 29
    SIGNIFICANT EVENTS THAT AFFECTED YTD 9M 2014 FINANCIAL RESULTS Reported revenues generated by Units 1, 2 &3 (P2,146 million) Bacman NNGPs impairment recovery, net of 10% tax (P1,847 million) NNGP Reported revenues following…
  30. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 30
    CONSOLIDATED RECURRING NET INCOME ATTRIBUTABLE TO EDC UP BY PHP1.6 BILLION +25.0% RNI 6.4B 8.0B 2013 2014 In PHP Billions 8.30 8.54 8.64 7.89 0.24 0.10 (0.47) (0.20) 0.41 (0.17) 1.49 8.17 7.98 7.98 6.40 7.81 RNI, BGBU…
  31. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 31
    END OF PRESENTATION www.energy.com.ph
  32. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 32
    BACK-UP SLIDES
  33. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 33
  34. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 34
    TABLE OF CONTENTS (Back-up) Macroeconomics 36 Philippines Macro Section, 37 Asean Macro Section Philippine Power Industry 38 Government Issued Regulations, 39 DOE Energy Forecast (Mar-Jun 2015), 40 Luzon-Visayas Supply-Demand…
  35. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 35
    PHILIPPINES MACRO SECTION Capital Manila Population (2Q14) 99.7 Million GDP per capita (2013) USD 1,581 GDP Growth (2Q14) 6.4% Inflation Rate, Headline 4.3% (Oct. 2014) Unemployment Rate 6.7% (July 2014) Credit Ratings BBB -…
  36. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 36
    ASEAN MACRO SECTION Countries 2010 Population Ave Growth Rate Countries S&P Moodys (in 000s) 2000-2005 Singapore AAA AAA Singapore 5,086 1.7% Brunei No Rating No Rating Brunei 399 2.09% Malaysia A- A- Malaysia 28,401 2.17%…
  37. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 37
    SINCE NOVEMBER 2013, THE GOVERNMENT ISSUED NEW REGULATIONS THAT AFFECT EDC PROJECTS Secondary WESM SECONDARY OFFER PRICE CAP OF PHP 6.245/KWH WHEN THE 72-HOUR Price Cap AVERAGE WESM PRICE EXCEEDS PHP8.186/KWH LIMITS BUY-SELL…
  38. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 38
    DEPARTMENT OF ENERGY FORECASTS ELECTRICITY SHORTAGE BY SUMMER OF 2015 DOE PROPOSED SEVERAL PLANS TO DOE SUPPLY-DEMAND FORECAST MAR-JUN 2015 ADDRESS SHORTAGE MW 10,500 INTERRUPTIBLE LOAD PROGRAM (ILP) 10,000 Mandatory operation of…
  39. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 39
    COMMITTED CAPACITIES WILL NOT BE SUFFICIENT TO MEET THE REQUIRED RESERVE MARGIN FOR THE COMBINED LUZON-VISAYAS GRID Luzon-Visayas Supply-Demand Forecast (2013-2020)1 MW 414MW San Gabriel 194MW Avion 40MW Bacman 414MW San Gabriel 80…
  40. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 40
    WITH UNRELIABLE HYDRO CAPACITY, THE MINDANAO GRID IS EXPECTED TO EXPERIENCE TIGHT SUPPLY UNTIL THE COAL CAPACITIES COME IN MW Mindanao Supply-Demand Forecast (2013-2020)1 3,400 3,100 225MW Lanao Hydro 30MW Puyo Peak Demand growth:…
  41. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 41
    Domaine Expertise LARGEST VERTICALLY INTEGRATED GEOTHERMAL COMPANY GLOBALLY STEAM PLANT COMPANY COUNTRY CAPACITY CAPACITY (in MW) (in MW) 1 EDC Philippines 1,159 1,159 2 Comision Federal de Electricidad Mexico 958 958 3 Enel…
  42. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 42
    Contract-based Cash Flows POSSESSES STABLE AND PREDICTABLE CASH FLOWS Percentage of Consolidated USD Revenues (1) Linkage Cashflow National 44% Electricity 73% Power Electricity Corporation Power Purchase Agreements Power…
  43. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 43
    Track Record of Growth MAINTAINS A TRACK RECORD OF OPERATIONAL EXCELLENCE YTD 9M 2013 YTD 9M 2014 98% 96% 99% 99% 99% 99% 96% 93% 99% Availability Factor (1) 100% 100% 85% 83% 83% 82% 80% 80% 60% 60% (%) 43% 47% 35% 40%…
  44. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 44
    Favorable Industry Dynamics LED BY AN EXPERIENCED BOARD OF DIRECTORS AND MANAGEMENT TEAM THAT IS COMMITTED TO BEST IN CLASS CORPORATE GOVERNANCE PRACTICES TECHNICAL EXPERTISE (1) BOARD OF DIRECTORS Key authorities in the power…
  45. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 45
    Favorable Industry Dynamics EDC HAS VARIOUS CORPORATE SOCIAL RESPONSIBILITY PARTNERSHIPS AND PROGRAMS OUR SOCIAL AND ENVIRONMENTAL COMMITMENTS We believe that education is the most dependable way out of poverty - 140 new trainees…
  46. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 46
    Strong Credit & Investment Profile DELIBERATELY MANAGING FINANCIAL RISKS DEBT MATURITY PROFILE1 LOANS BY STRUCTURE Sculpted to support EDCs growth trajectory Predominantly fixed debt matches nature of energy projects 350 300…
  47. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 47
    Strong Credit & Investment Profile DELIVERING SUPERIOR FINANCIAL AND OPERATING RESULTS TO STAKEHOLDERS CONSOLIDATED REVENUES EBITDA MARGIN 100% 18,000 17,330 16,532 17,248 36,000 15,641 28,369 15,000 13,748 13,238 80% 30,000…
  48. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 48
    Strong Credit & Investment Profile DIVIDEND POLICY IS TO DECLARE 30% OF PRIOR YEARS RNI Dividends on Common Shares PHP Million Payout Ratio 4,500 65% 70% 4,000 58% 58% 60% 3,500 45% 50% 3,000 36% 40% 2,500 33% 30% 31%…
  49. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 49
    RETROFITTING OF COOLING TOWERS TO BE IMPLEMENTED IN 3 PHASES ON PRIORITY 1 AND 2 COOLING TOWERS PHASE 1 PHASE 2 PHASE 3 TRIAGE THE SITUATION* PROCURE & INSTALL DESIGN & IMPLEMENT A HURRICANE GRADE CTs 300 KPH SOLUTION AVAILABLE IN THE…
  50. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 50
    ENGINEERING SOLUTIONS WILL PROGRESSIVELY BE IMPLEMENTED TO TYPHOON PROOF OUR COOLING TOWERS PHILIPPINE WIND PRIORITY Location of OEM Cell x Fan Stack of Units Dia. Cells 2 ZONE MAP 1 Malitbog 3 SPX Marley 8 x 28 24 Mahanagdong 3…
  51. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 51
    PHASE 2: Install Hurricane Grade CTs 68 HURRICANE TOWER SETS ON ORDER TO RETROFIT EXISTING FLEET OF COOLING TOWERS SPX Marley Reflex RTM Fan Cylinder Anchorage Ring Fan stack is the nozzle through which the fan blade draws air…
  52. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 52
    PHASE 3: Design & Implement 300 KPH Solution SPX MARLEY AND EDC ENGINEERING DESIGN GROUP ARE COLLABORATING ON OPTIONS THAT WILL RAISE CT TYPHOON SURVIVABILITY TO 300 KPH Concept 2 (Spider Support System) The structure will include an…
  53. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 53
    DOE ISSUES CERTIFICATE OF ENDORSEMENT (COE) FOR FIT EIGIBILITY TO THE BURGOS WIND PROJECT FiT Rules: FiT Eligibility = Achievement of Successful Commissioning Successful Commissioning = RE Plant is physically connected to the grid…
  54. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 54
    LATIN AMERICA WILL BE A DRIVER OF LONG-TERM GROWTH FOR EDC Large portfolio of early-stage assets Development team with significant experience in both geothermal and Latin America Long-term commitment to bring projects to…
  55. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 55
    REVENUES INCREASED BY PHP3.1 B DUE TO HIGHER CONTRIBUTIONS FROM THE COMMISSIONING OF BACMAN AND NASULO PLANTS +15.6% REVENUES YTD 9M 2013 REVENUES 19.8B 22.9B (P millions) 2013 2014 Bacman Pantabangan 19* -Masiway 1,826 In PHP…
  56. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 56
    PROJECT FINANCING WILL PRETERMINATE THE BRIDGE LOAN AND REPLENISH CASH RESOURCES ADVANCED FOR BURGOS WIND PROJECT -15.6% CASH BALANCE 16.0B 13.5B 2013 2014 In PHP Billions 34.9 ( 3.6) 28.3 6.6 (2.5) 31.3 28.8 12.3 (15.3)…
  57. EDC COMPANY PRESENTATION – Energy Development Corp. – slide 57
    DEBT-TO EQUITY IMPROVED WHILE BOTH CURRENT RATIO AND NET DEBT- TO-EBITDA WEAKENED Current Ratio Debt-to-Equity Net Debt-to-EBITDA* Sept. 2014 1.40 Sept. 2014 1.45 Sept. 2014 2.95 Sept. 2013 2.48 Sept. 2013 1.53 Sept. 2013…

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