TRC Corporate Presentation

The 2014 Operating Performance

Opportunity Day
23 March 2015
1

Agenda

Company Overview
Ongoing Projects
Future Developments
Capital Increase & Bond Issuance
Key Financial Highlights
Q&A Session

Vision

Vision

To become
An excellent contractor in design, construction of a total solution
in energy and infrastructure industries with sustainable growth

(Total Solution in Energy and

Infrastructure)
3

Mission
To operate
The construction
business as an EPC
contractor (Engineering,
Procurement and
Construction) for natural
gas and crude oil
pipeline projects,
petrochemical plants
and basic infrastructure

To run
The business under the
corporate governance
principle focusing on
safety, environment,
society and community
for stable and
sustainable growth

To deliver
The works with quality
with recognition of
safety within defined
timeframe for
customers highest
satisfaction

To develop
An investment in energy
and petrochemical
businesses

1. EPC (Engineering, Procurement and Construction)

2.

3.
4.
4

5 - Year Target

To continually develop the

investment project at least 4
projects within 2019

To acquire the National

Total Quality Control
Award within 2019

To meet the target of yearly operating

result of 20% increase with a total
services income of Baht 10,000 million
within 2019 (consolidated financial
statements)

1. 20% 10,000
2562 ()
2. 4
2562
3. TQC (Total Quality
Control) 2562
5

TRC Group Structure

TRC Construction Public Company Limited
(Thailand)
Paid-up Capital 413 MB

30%
Sinopec-TRC Joint Venture
(Thailand)
70%
Sinopec International
Petroleum Service
Corporation
(China)

99.99%
Sahakarn Wisavakorn Co., Ltd.

100%
TRC Investment Limited

(Thailand)

(Mauritius)

Paid-up Capital 200 MB

Paid-up Capital USD 1

51%
CR3 and Sahakarn

100%
TRC International Limited

Joint Venture Co., Ltd.

(Hong Kong)

(Thailand)

Paid-up Capital HKD 10

Paid-up Capital 1 MB
49%

70%

70%

4.45%

China Railway No.3

Engineering Group Co., Ltd.

TRC Middle East LLC

TRC Engineering LLC

(Sultanate of Oman)

(Sultanate of Oman)

ASEAN Potash Mining

Public Company Limited

(China)

Paid-up Capital

Paid-up Capital

(Thailand)

OMR 150,000

OMR 250,000

Paid-up Capital 1,685 MB

30%

30%

Mr. Kamal Macki

Mr. Kamal Macki

(Sultanate of Oman)

(Sultanate of Oman)

Key Corporate Milestone

Ubon Bio-Ethanol

Revamp OCS#1
Nigeria Project
Gulf JP Pipeline
Oman Project
RR Project

Bangchak
Wang Noi-Kaeng Biodiesel PlantKhoi Cross Country Phase I Project
Gas Pipeline
Listed on the MAI

2005
Contractor

Undertaking
International &
Large Scale
Project Development

2006
EPC Contractor

EPC for Flowline

in Sultanate of
Oman
Consortium with
Siemens for OCS#1

Bidding with many competitors Providing Engineering, Procurement

& Construction services with fewer
and lower margin
competitors and higher margin

Bangchak
Biodiesel Plant
Moving to the SET Phase II Project
TRC is equipped in 2013
TTM Project
capability of EPC and Navanakorn CBG Project
undertake Large
Rangsit Project
Investment with
Scale Projects
Provincial Gas
China Railway in
Ubon-Bio Ethanol Transmission
2015
Project
Pipeline to Nakhorn
Gulfs 7SPP and Ratchasrima Project
IPP Gas Pipeline
(JV with Sinopec)
Project

2010
Project Developer

2013 onwards
Investor

Utilizing EPC experiences and

become the ONE STOP
SERVICE for our clients

For sustainable
growth
7

Our Core Business

Pipeline Construction for Energy

and Petrochemical Industry

Project Development and Investment

Mechanical Installation and Process Plant

Construction for Energy and Petrochemical Industry

EPC Services in Overseas

Strategic Partners

**

***

* REG: China Railway No.3 Engineering Group Co., Ltd., China

** TWC: Tiong Woon Crane Pte Ltd, Singapore
*** CCC: Consolidated Contractors Company, Greece

Our Quality, Health, Safety and

Environmental Promises
HSE Achievement of TRC Construction Plc.

HSE Achievement of Sahakarn Wisavakorn Co., Ltd.

HSE Achievement of TRC Middle East LLC

10

Our Quality, Health, Safety and

Environmental Promises
2014 - Jan 2015 HSE Achievement

11

Our Reputable Clients

12

Very Good 2014 CG Scoring

13

Agenda
Company Overview
Ongoing Projects
Future Developments
Capital Increase & Bond Issuance
Key Financial Highlights
Q&A Session

14

TRC Group Revenue Growth

Ongoing Core Business
Pipeline
PTTs Navanakorn-Rangsit Interconnecting Pipeline
PTTs Provincial Gas Transmission Pipeline Saraburi to Nakorn Ratchasima
PTTs Construction Phase for Remaining Gas Recovery
PTTGCs Pipeline Distribution System from CUP-1 to PPLC#2
PTTs Natural Gas Pressure Reduction Station Pipeline
PTTs 1st Transmission Pipeline Life Extension Project (PLLEP)
Civil Work
PTTs the Energy Laboratory of Applied Building
PTTs Construction of Region VIII Pipeline Operation Center
DWRs Water Resource Conservation and Rehabilitation of Nong Sanoon
Petrochemical Plant
TTM Incinerator Plant Project
450 TPD Biodiesel Plant Project

Investment in CBG

Long-Term Investment
15

Pipeline Project:
PTTs Navanakorn-Rangsit Interconnecting Gas Pipeline
Navanakorn-Rangsit Interconnecting
Gas Pipeline

Owner: PTT Public Company Limited

TRCs Work value: THB 834 million +

USD 7.55 million
(Approximately of THB 1,083.84 million)

Scope of Work: EPC package of diameter 28

inches for natural gas (6.2 km.) transmission
branch from KP.20 of the PTP-NS pipeline to
NVRS gas pipeline network including one
metering and regulation station launcher/ receiver
station

Work Location: Alongside Highway No.9,

Chiengrak Noi, Bang Pa-in, Ayutthaya Province

Work Period: Jul 13 - Apr 15

% of Completion as at 31 December 2014: 87%

16

Pipeline Business: PTTs Provincial Gas Transmission

Pipeline Saraburi to Nakhon Ratchasima

Provincial Gas Transmission Pipeline

Saraburi to Nakhon Ratchasima

Owner: PTT Public Company Limited

Contractor: Sinopec-TRC Joint Venture

Contract Value: Baht 4,433.65 million + USD 103.45 million

TRCs Work Portion: Approximately of THB 1,587.23

million

Scope of Work:
EPC of 28 inch diameter main transmission pipeline
for approximately of 112 km. from Saraburi to
Nakhon Ratchasima
EPC of 6 Block Valve Stations, Launcher &
Receiving Station

Work Location: Along Highway No.2 (Mittraphab Road)

Work Period: Nov 13 - Apr 16

% of Completion as at 31 December 2014: 13%

17

Pipeline Project:
PTTs 1st Transmission Pipeline Life Extension Project

1st Transmission Pipeline Life Extension Project

(PLLEP) : 28 Recoat Section (RC-400)

Owner: PTT Public Company Limited

TRCs Work Value : THB 3,725 million

Scope of Work: Recoating the existing 28-inch diameter

pipeline (Route Code 400), separate into 2 sections as following:
- Section 1 : from KP.12+100 to AMATA City Block Valve
Station (approximately 35,400 M long)
- Section 2 : from BV#3 to BV#6 (approximately 57,216 M long)
Total length : 92,616 M long

Project Location : From Amphur Mabkha, Rayong Province

to Bangpakong Powerplant, Chonburi Province

Work Period: Feb 15 - Oct 18

18

Civil Work Project:

PTTs Construction of Region VIII Pipeline
Landscape and infrastructure of Region VIII
Pipeline Operations Center

Owner: PTT Public Company Limited

SKWs Work Value: THB 14.90 million

Scope of Work: Construction of building and other

relevant system including land fill, infrastructure, building
structure,
architecture,
furniture,
electrical
and
communication system, air condition and ventilation
system, mechanical and sanitary system

Work Location: Saengchuto Road (323 old way),

Kilometer 111, Tumbon Wangkhanai, Tamuang District,
Karnjanaburi Province

Work Period: Sep 14 - Apr 15

% of Completion as at 31 December 2014: 43%

19

Petrochemical Project:
PTTs The Energy Laboratory of Applied Building
The Energy Laboratory of Applied Building

Owner: PTT Public Company Limited

SKWs Work Value: THB 275 million

Scope of Work: Construction the Energy

Laboratory of Applied Building
PTT Research and Technology
institute (PTT RTI)

Work Location: Wang Noi District,

Pranakorn Sri Ayutthaya
Province

Work Period: Dec 13 - Apr 15

% of Completion as at 31 December 2014: 65%

20

Petrochemical Plant Project: TTM Project

New Incinerator Project

Owner: Trans Thai-Malaysia (Thailand)

Limited.
TRCs Work Value: THB 519 million +
USD 11.33 million
(Approximately of THB 894.17 million)

Scope of Work: Install the 2 of

package for 2 separation trains
separation plant. And bypass
existing incinerator in case
incinerator trip.

Work Location: Chana District, Songkhla

Province

Work Period: Nov 14 - Jul 16

new incinerator
of existing gas
system to the
of the new

21

Petrochemical Plant Project : BBFs 450 TPD Biodiesel Plant

450 TPD Biodiesel Plant

Project Owner : Bangchak Biofuel Company Limited

TRCs Work Value : THB 1,199.58 million
Scope of Works : EPC package of new Biodiesel Plant
with capacity of 450 tons/day and together with conversion
unit of High Fatty Acid Oil to Biodiesel or feed stock unit at
least capacity 55 tons/day using Crude Palm oil (CPO),
Palm stearin (RPS) and Palm Fatty Acid Distillation (PFAD)
as main raw material
Project Location : Bangpa-in District,
Phra Nakhon Si Ayutthaya Province

Work Period: Dec 14 - May 16

22

Agenda

Company Overview
Ongoing Projects
Future Developments
Capital Increase & Bond Issuance
Key Financial Highlights

Q&A Session
23

Five-year Investment Plan of PTT (Year 2015-2019)

(Unit : Million Baht)
Business

2015

2016

2017

2018

2019

Total

Natural Gas

34,885

19,398

33,876

40,008

36,751

164,918

50

Oil and International

Trading

9,629

5,767

9,217

12,891

11,283

48,787

15

Head Office and

Others

5,472

3,970

1,882

959

1,219

13,502

Infrastructure

5,519

22

19

16

5,583

Investment in Joint
Venture and its
wholly owned
investment

29,975

8,928

19,654

17,057

18,147

93,761

29

85,480

38,085

64,648

70,931

67,407

326,551

100

Total

Source : PTTs news reported to the Stock Exchange of Thailand on 26 December 2014
24

JV with China Railway No. 3 Engineering Group Co., Ltd.

Name of Company:

CR3 and Sahakarn Joint Venture Company Limited

Registered capital:

1,000,000 Baht

Portion of investment:

51% by Sahakarn Wisavakorn Company Limited and

49% by China Railway No.3 Engineering Group Co., Ltd.

Nature of business:

To bid construction works of infrastructure

25

Double Track Railway

1 Metre Wide Track
Phase 1 (903 km.)
No.

Line

Chachoengsao Klong 19 Kaeng Khoi (106 km)

Thanon Chira Junction Khon Kaen (185 km)

Prachuap Khiri Khan Chum Phon (167 km)

Lop Buri Paknampho (148 km)

Map Kabao Thanon Chira Junction (132 km)

Nakhon Pathom Hua Hin (165 km)

Progress

Engineering Design was completed.

During EIA approval process

Phase 2
1

Hua Hin Prachuap Khiri Khan (90 km)

Paknampo Den Chai (285 km)

Thanon Chira Junction Ubon Ratchathani (309 km)

Khon Kaen Nong Khai (174 km)

Chum Phon Surat Thani (167 km)

Surat Thani Songkhla (339 km)

Hat Yai Padangbezar (45 km)

Den Chai Chiang Mai (217 km)

During the preparation state of revising

the Engineering Design

26

Double Track Railway

Under Cooperation with Chaina Government
1.435 Metres Wide Track (Standard Gauge)
No.

Line

Bangkok Kaeng Khoi (133 km)

Kaeng Khoi Map Ta Phut (246.5 km)

Kaeng Khoi Nakhon Ratchasima (138.5 km)

Nakhon Ratchasima Nong Khai (355 km)

Progress
During the preparation state of revising the
Engineering Detailed Design, Land expropriation
and Technology within October 2015
During the preparation state of revising the
Engineering Detailed Design, Land expropriation
and Technology within December 2015

27

SKWs Potential Project

Construction Srinakarin Romkao Road
Project Phase 1

Owners:
Bangkok Metropolitan Administration
Metropolitan Waterworks
Metropolitan Electricity Authority

TOT Public Company Limited

CAT Telecom Public Company Limited

SKWs Work Value: THB 1,192 million

Scope of Work:
Construction the interchange of Srinakarin
Road and Krungthepkreetha
Construction Srinakarin Road to Hua Mark
Klong
Project Status: Waiting for bidding result

Construction Period:

Within 720 days

28

List of Potential Bidding Projects

Approximate
Project Value
(Million Baht)

Estimated
Project Period

8,000

2015 - 2018

B.1 Processing Plant-APMC Project

30,000

2015 - 2018

B.2 Waste to Energy

2,000

2015 - 2016

70 - 90

2015 - 2016

5,000

2015 onwards

12,000 - 15,000

2015 - 2016

Project Name
A. Natural Gas Pipeline
Gas Transmission Pipeline

B. Processing Plant

B.3 CBG for NGV Project/ Alternative Fuel

B.4 Other Projects

C. Infrastructure Government Project - Railway Track

Total

Approximate
57,070 60,090

29

TRCs Long Term Investment:

CBG for NGV/ Alternative Fuel
Compressed Bio-Methane Gas for NGV
Project/Alternative Fuel

Type of Project: Investment

Total Investment: THB 70 - 90 million

Scope of Work:

Invest in CBG plant to supply PTT NGV Station

approximately 9 tons/day (approximately 3,000
tons/year) or industrial alternative fuel
Project location in Surathani Province

Project Status: To establish new subsidiary Company,

wholly own by TRC

Project Schedule:

Construction: 2015
COD: within the 4th Qtr 2015
Operating Period: 15 years

30

Investment in APMC

TRC has invested in The ASEAN Potash Mining Project, one of the
cooperation projects between ASEAN members.

In January 2015, TRC International Limited, a Hong Kong subsidiary of

TRC, has increased its investment in APMC by acquiring additional
250,000 shares from existing APMCs investor due to the outstanding
potential in future construction and benefits from investment. Currently,
total TRCs shareholding in APMC is 750,000 shares or 4.4% of paid-up
capital.
During the 25-year-Mining Concession, APMC shall produce at least 20
million ton of MOP or equivalent to at least USD 8,000 million.

31

APMCs Patent Permit

32

Agenda

Company Overview
Ongoing Projects
Future Developments
Capital Increase & Bond Issuance
Key Financial Highlights

Q&A Session
33

Capital Increase & Debenture Issuance

to be proposed to the 2015 AGM

1. Par Split from Baht 0.50 to Baht 0.125

6. Private Placement 330.46 million shares

(General Mandate)

2. Debenture Issuance 500 MB

7. Registered Capital Increase 232.40 MB*

(1,859.21 Million Shares*)

3. Debenture Issuance 2,000 MB

4. Warrant Issuance 675 million units

(TRC-W1)
5. Registered Capital Decrease

Shares for TRC-W1

675.00
PP by General Mandate
330.46
Stock Dividend
832.16*
ESOP-W2s Right Adjustment 21.59*

* The figures of capital increase will be changed due to the 4th exercise of ESOP-W2 on
30 March 2015. The exact figures will be reported to the SET on 1 April 2015.

34

Par Split
Before

Par Baht 0.50/Share

1 share
Baht 0.50

After

Par Baht 0.125/Share

4 shares
Baht 0.125

Registered Capital:
851,029,737 shares

3,404,118,948 shares

Esimated Paid-up Capital:

At Present

826,152,670 shares

New shares from

ESOP-W2

Total

6,006,508 shares*

832,159,178 shares

3,328,631,712 shares

* Assumption: Total accumulated unsubscribed ESOP-W2 for the 1st - 4th exercise are fully exercised on
30 March 2015 (6,006,508 shares).
35

Capital Decrease
No. of Shares

Baht
0.50/Share
Registered Capital
at Present
Paid-up Capital
at Present
Remaining Unsubscribed
ESOP-W2

Registered Capital
Decrease
Registered Capital after
Capital Decrease

Baht
0.125/Share

Baht
425,514,868.50 1)

851,029,737

3,404,118,948

(826,152,670)

(3,304,610,680)

(413,076,335)

(21,591,908)

(86,367,632)

(10,795,954)

3,285,159

13,140,636

847,744,587

3,390,978,312

1,642,579.50 2)
423,872,289 1)-2)

36

Registered Capital Increase: 232.40 MB

(From 423.87 MB to 656.27 MB)
ESOP-W2s
Right
Adjustment

Stock Dividend
4:1

Dividend
W/H tax
Net Dividend

Cash
(Bt./Share)

Stock
(Bt./Share)

0.003472
(0.000347)
0.003125

0.0125
(0.003125)
0.028125

832.159 Million Shares

(Total Dividend = 115.58 MB
or 45.7% of NI after legal reserve)

21.591
Million Shares

Business Expansion
Debentures 500 MB
Debentures 2,000 MB +
Warrants 675 Million
Shares
Private Placement by
General Mandate
330.46 Million Shares

Total Shares Reserved for Capital Increase: 1,859.21 Million Shares

37

Estimated Proceeds from Capital Increase

(PP & TRC-W1)
Estimated Proceeds from Capital Increase (PP & TRC-W1)
No. of issued and paid-up shares at present (23 March 2015)
Estimated mkt. price at present
TRC's Mkt. Captialization for calculation of future mkt price after capital increase
New shares from the 4th exercise of ESOP-W2
Estimated no. of shares after the 4th exercise of ESOP-W2

826,152,670 Shares
10.00 Baht/Share
8,261,526,700 Baht
6,006,508 Shares
832,159,178 Shares

Par Split from Baht 0.50 to Baht 0.125:

No. of shares after par split
Estimated mkt. price after par split
Stock dividend (4:1)
No. of shares after stock dividend
Estimated mkt price after stock dividend
Estmated offering price: 90% of mkt. price

*4
3,328,636,712 Shares
2.48 Baht/Share
832,159,178 Shares
4,160,795,890 Shares
1.99 Baht/Share
1.79 Baht/Share

330,461,068
675,000,000

Estimated Proceeds
from Capital Increase
(Million Baht)
591
1,206

1,005,461,068

1,797

Mill Shares
PP under General Mandate
Shares from the exercise of TRC-W1
Total

38

Dilution Effects
Case I
- No ESOP-W2
- No Stock
Dividend
Existing shares
at 17 Mar 15

Case II
- No ESOP-W2
- Stock
Dividend

Case III
- ESOP-W2
- No Stock
Dividend

Case IV
- ESOP-W2
- Stock
Dividend

826,152,670

826,152,670

826,152,670

826,152,670

Add: New shares from the

4th exercise of ESOP-W2
on 30 Mar 15

6,006,508

6,006,508

Estimated no. of shares

before par split

826,152,670

826,152,670

832,159,178

832,159,178

Estimated no. of shares

after par split

3,304,610,680

3,304,610,680

3,328,636,712

3,328,636,712

Stock dividend

4:1

4:1

No. of shares for stock

dividend

826,152,670

832,159,178

3,304,610,680

4,130,763,350

3,328,636,712

4,160,795,890

Estimated no. of shares

before fund raising

39

Dilution Effects

Case I
- No ESOP-W2
- No Stock
Dividend
Estimated no. of shares
before fund raising
New PP shares under
General Mandate
No. of shares
New shares from the
exercise of TRC-W1
No. of shares

Case II
- No ESOP-W2
- Stock
Dividend

Case III
- ESOP-W2
- No Stock
Dividend

Case IV
- ESOP-W2
- Stock
Dividend

3,304,610,680

4,130,763,350

3,328,636,712

4,160,795,890

330,461,068

330,461,068

330,461,068

330,461,068

3,635,071,748

4,461,224,418

3,659,097,780

4,491,256,958

675,000,000

675,000,000

675,000,000

675,000,000

4 ,310,071,748

5,136,224,418

4,334,097,780

5,166,256,958

40

Dilution Effects
Case I
- No ESOP-W2
- No Stock
Dividend

Case II
- No ESOP-W2
- Stock
Dividend

Case III
- ESOP-W2
- No Stock
Dividend

Case IV
- ESOP-W2
- Stock
Dividend

0.91%
1.70%
2.33%

0.74%
1.40%
1.96%

0.90%
1.69%
2.32%

0.74%
1.40%
1.95%

9.09%
16.96%
23.33%

7.41%
14.05%
19.58%

9.03%
16.86%
23.20%

7.36%
13.96%
19.46%

9.09%
16.96%
23.33%

7.41%
14.05%
19.58%

9.03%
16.86%
23.20%

7.36%
13.96%
19.46%

1. Price Dilution
- PP under GM only
- Debentures + TRC-W1 only
- Both PP and TRC-W1

2. Control Dilution
- PP under GM only
- Debentures + TRC-W1 only
- Both PP and TRC-W1

3. Earnings Dilution
- PP under GM only
- Debentures + TRC-W1 only
- Both PP and TRC-W1

41

Debenture Issuance

Objective: To raise fund for utilizing for waking capital, investing and
expanding future business and repayment of debt

500 Million
Baht 2,000 Million
- Issue and offer by way of Private Placement
- Issued together with TRC-W1 675,000 units
- Exercise ratio: 1 warrant: 1 new share
- Exercise price: not less than 90% of weight average market price
- Tenor of Debentures + Term of Warrants = 5 Years

42

Tentative Timeline

BODs Meeting
XM Date
RO for 2015 AGM Attendance

17 Mar 2015
30, 31 Mar and 1 Apr 2015
1 Apr 2015

2015 AGM

29 Apr 2015

Par Registration

6 May 2015

Registered Capital Decrease + Increase Registration

XD Date
PP Offering and Debenture + TRC W1 Issuance

7-8 May 2015

12, 13 and 14 May 2015
Within 1 year after 2015 AGM

43

Agenda

Company Overview
Ongoing Projects
Future Developments
Capital Increase & Bond Issuance
Key Financial Highlights

Q&A Session
44

The 2014 Performance

Financial Ratio

Sector CONS**

2013

2014

2,515.98

3,127.73

Net Profit (MB)

126.36

214.92

Gross Profit Margin

15.11%

18.00%

Net Profit Margin

4.29%

6.87%

10.15%

4.91%

ROA

7.27%

12.41%

9.79%

6.28%

ROE

11.88%

16.91%

16.81%

13.11%

D/E (Time(s))

0.71

0.91

1.39

2.53

EPS (Baht/Share)

0.15

0.26

816.59

822.61

Total Revenue (MB)

No. of Shares (Million Shares)

2013

2014

* From SETs website

** From SET Smart
45

Services Income Break-Down

Civil Other
Process & 7.4% Services
0.1%
Plant

Civil Other
Process & 0.6% Services
0.6%
Plant
40.5%

28.3%

Pipeline
58.3%

2012

2011

Process
& Plant
9.8%

Pipeline
64.2%

Civil
Other
9.0% Services
2.0%

Process &
Plant 0.2%

Civil
16.4%

Other
Services
1.0%

Pipeline
79.2%

2013

Pipeline
82.4%

2014
46

Total Revenue & Net Profit

TARGET: Services Income
10,000
(MB)

4,500

4,344
2014
Total Revenue Growth 25%
Net Profit Growth 70%

4,000
3,500

3,128

3,000
2,516

2,500

2,262

2,000
1,500
1,000
500
149

228

126

215

0
2011

2012

2013
Total Revenue

2014
Net Profit

2019 (F)

47

Dividend Payout
Dividend Policy: 40% of Net Profit of TRC after Legal Reserve

(Baht/Share)

0.40
0.31

0.31

0.30
0.22
0.20

0.15

0.10

0.15

0.12

0.08
0.05

0.06

0.125

0.10
0.05

0.01389

0.00
2009

2010

2011

2012*

2013*

2014*/**

-0.10
-0.20

-0.14
EPS (only TRC)

Dividend/ Net Profit

after Legal Reserve

N/A

51%

Cash Dividend
84%

Stock Dividend
53%

53%

46%

Note :
* The 2012, 2013 and 2014 EPS and DPS were based on par value Baht 0.50.
** The 2014 dividend will be proposed to the 2015 AGM held on 30 April 2015 for approval.
If the par is changed to Baht 0.125, the 2014 stock dividend and cash dividend will be at Baht
0.03125/share and 0.003472/share, respectively.

48

Gross Profit & Net Profit Margin

18.00%

20.00%

15.11%

14.64%
10.78%
10.00%

6.59%

6.87%
5.26%

4.29%

0.00%

2011

2012
Gross Pro fit Margin

2013
Net Profit Margin

2014

49

Debt to Equity Ratio

(Time(s))

3.00

2.53

2.50
1.98

2.00

1.53

1.50
1.00
0.50

1.21-1.49
0.71

0.6

0.91

0.00
2010

2011

TRC and its subsidiaries

2012

2013

2014

Industry Group
2012-2013: PROPCON, CONMAT, PROP
2014: CONS

50

Paid-up Capital
(MB)

450
408.29

400

350

329.99

300
256.67

Stock
Dividend
73.33

330.67

ESOP-W1
0.68

333.56
ESOP-W1
3.56

336.59
ESOP-W1
6.59

RO 15.63
Stock
Dividend
56.07

411.31
3.02

ESOP-W2
(1st 2nd Exercise)

250
Share
Swap
With
SKW
106.67

200
150

150.00
IPO
30.00

408.29
329.99

330.67

333.56

336.59

2010

2011

2012

2013

256.67

100
150

50

120

0
2005

2007

2008

2014

51

TRC Group Backlog

(MB)
8,000

7,336
7,000

6,000
3,725
5,000

New Awarded
Project
in Feb 15

4,452
265

3,998

4,000
1,352

3,415

2,835

2,970

2011

2012

3,000

53
599

124

3,347

3,487

2013

2014

135
310

2,000

1,501
315
1,000

1,266

1,451
359

1,186

627
32
607

1,092

2008

2009

2010

3,611

TRC

SKW

Oman Subsidiaries

New Awarded Projects

+ New Awarded Projects

52

31 December 2014 Backlog

Backlog by Scope of Work
Scope of Work

No. of Projects

Remaining Value
(MB)

Pipeline

2,287*

Petrochemical Plant

1,200

Civil

124

Total

12

3,611*

Petro
33.2%

Pipeline
63.3%

Civil
3.4%

SKW
3.4%

Backlog by Company
No. of
Projects

Remaining Value
(MB)

TRC

3,487*

SKW

124

Total

12

3,611*

*If 1st Transmission Pipeline Life Extension Project: 28 Recoating Section

is included, the backlog will be Baht 7,336 million.

TRC
96.6%

53

TRCs Backlog as at 31 December 2014

Pipeline
Type
of
Works

Project Name

Project Owner/
Client

Work Value
(MB)

Uncompleted
Work Value
(MB)

1,587.23

1,160.84

Nov 13

Apr 16

894.17

894.17

Nov 14

Jul-16

Project Period

1. Provincial Gas Transmission Pipeline to

Nakhon Ratchasima
(Contractor: Sinopec TRC Joint Venture)
(Project value 4,433.65 MB and USD 103.45 Million)

E, P, C

2. The new Incinerator Project

(Project value 519.00 MB and USD 11.33 Million)

E, P, C

Trans Thai Malaysia (Thailand)

Limited

3. Navanakorn-Rangsit Interconnecting Gas Pipeline

Project
(Project value 834.01 MB and USD 7.55 Million)

E, P, C

PTT Public Company Limited

1,083.84

137.70

Jul 13

Apr 15

4. Natural Gas Pressure Reduction Station Pipeline

Project

E, P, C

PTT Public Company Limited

153.83

65.26

Apr 14

Mar 15

5. Design, Construction, Installation and Test Works for

the Pipeline Distribution System from CUP-1 to PPCL # 2

E, P, C

Global Power Synergy Company

Limited

152.38

22.99

Mar 14

Nov 14

6. Construction Phase for Remaining GAS

E, P, C

PTT Public Company Limited

53.00

5.30

Jan 14

Mar 15

Amata Natural Gas Distribution

Company Limited

1.10

1.10

Nov 14

Mar 15

3,925.55

2,287.36

(Only TRCs
Portion)

7. Design for UACJ & Delong

Total 7 Projects

PTT Public Company Limited

54

TRCs Backlog as at 31 December 2014

Petrochemical Plant
Type
of
Works

Project Name

450 TPD Biodiesel Project (Expansion Phase)

Total 1 Project

E, P, C

Project Owner/
Client

Bangchak Biofuel Company

Limited

Work Value
(MB)

Uncompleted
Work Value
(MB)

1,199.58

1,199.58

1,199.58

1,199.58

Project Period

Dec 14

May 16

SKWs Backlog as at 31 December 2014

Type
of
Works

Project Name
1. Construction the Energy Laboratory of Applied

Project Owner/
Client

Work Value
(MB)

Uncompleted
Work Value

(MB)

Project Period

E, P, C

PTT Public Company Limited

275.00

96.25

Dec 13

Apr 15

E, P, C

Department Of Water Resourcces

20.19

16.21

Dec 14

Jul 15

E, P, C

PTT Public Company Limited

14.90

8.56

Sep 14

Apr 15

E, P, C

Electricity Authority of Thailand

20.36

2.57

Sep 11

Dec 14

330.45

123.59

Building, Amphur Wangnoi, Ayutthaya Province

2. Water Resource Conservation and Rehabilitation for

Nong Sanoon, Nakhonsawan Province
3. Landscape and infrastructure of Region VIII Pipeline
Operations Center, AmphurThamong, Karnjanaburi

Province
4. Water Treatment Plant for Wangnoi Power Plant,
Ayutthaya Province

Total 4 Projects

56

New Awarded Projects of TRC In February 2015

Type
of
Works

Project Name
1st Transmission Pipeline Life Extension Project: 28
Recoating Section

Total 1 Project

E, P, C

Project Owner/
Client

PTT Public Company Limited

Work Value
(MB)

Uncompleted
Work Value
(MB)

3,725.00

3,725.00

3,725.00

3,725.00

Project Period

Feb 15

Oct 18

Backlog Conclusion

No. of
Projects

Remaining
Work Value (MB)

TRC Construction Public Company Limited

3,487

Sahakarn Wisavakorn Company Limited

124

12

3,611

TRC Group

Total Backlog as at 31 December 2014

New Awarded Projects during January February 2015

PTTs 1st Transmission Pipeline Life Extension
Project: 28 Recoating Section

Total Backlog

3,725

13

7,336

58

Agenda

Company Overview
Ongoing Projects
Future Developments
Capital Increase & Bond Issuance
Key Financial Highlights

Q&A Session
59

60