“Your Ultimate Solution Partner” · 2020-05-26 · Thailand (SET), raising its invested capital...

“Your Ultimate Solution Partner”

WHA Corporation Public Company Limited

Opportunity Day – 26th May 2020

DisclaimersWHA Group

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitationof an offer or invitation to purchase or subscribe for share in WHA Corporation Public Company Limited (“WHA” and shares in WHA, “shares”) in anyjurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever.

In addition, this presentation contains projections and forward-looking statements that reflect the Company's current views with respect to futureevents and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economicand competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control ofthe Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the currentview of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved,or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-lookingstatements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use ofwords such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees offuture performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factorsand assumptions.

2

Agenda

II. 1Q20 Operating Performance

IV. Appendix

I. WHA Group Overview

III. 1Q20 Financial Performance

3

2012 2017 20192015 2018

Key MilestonesWHA Group Overview

WHA’s First & Biggest Buit-to-Suit Distribution

Centers in Southeast Asia

2006 2010

• Warehouse Asia Allianceis set up in June 2006, inpartnership with GLOMAC from Malaysia. It launches the first Built-to-Suit Customer goods distribution center, considered then as Southeast Asia’s biggest facility underone roof, with a total of 53,000 sq.m. along the BangnaTrad Highway, Km 19

IPO and Listed Company• On November 8, 2012,

WHA Corporation becomes a listed company traded on the Stock Exchange ofThailand (SET), raising its invested capital toBaht 1,709 million(USD 56.97 million)

Establishment of Publicly Listed Fund (WHAPF)

• December: WHAPF (WHA Premium Factory and Warehouse Fund) isestablished, comprising twowarehouse buildings and one factory, with a combinedspace of nearly 40,000 sq.m.

Significant Acquisition

• April: Acquisition of a 92.88% shareholding equity of Hemaraj Land And Development Plc., Thailand’s leadingdeveloper of Industrial Estates, Utilities & Power, and Property Solutions

Branching Out To The Greater Growths

• WHA Utilities and Power Plc. received the approval of WHAUP as a SET-listed company

• WHA Group to develop first industrial zone in Nghe An Province, Vietnam with an investment of USD 100 million. Phase 1 of WHA HemarajIndustrial Zone - NgheAn covers the area of 498 hectares. This is part of a long term plan

Remarkable Year

• Double anniversary celebration for WHA Group’s 15th and 30thof success in industrial estate development

• WHAUP expands overseas water business in Vietnam with exclusivity rights to invest and operate water business in WHA Industrial Zone 1 - NgheAn

A Big Leap Forward

• WHAUP (SG) 2DR PTE. LTD, a subsidiary of WHAUP signed share purchase agreement to acquired 34.00% of total issued shares in Duong River Surface Water Plant Joint Stocks Company in Vietnam

• Chonburi Clean Energy Company Limited (CCE), associated company of WHAUP group with 33.33% stake, started commercial operation of its 8.6 MW waste-to-energy power plant

4

#1 Logistics

Properties Developer#1 Industrial

Estate Developer

Leading Industrial

Utilities and Power

Provider

Strengthened Digital

Platform

30 mm m3 Utilities Sales &

Management Volume in Thailand

and Vietnam

2,390,000 sq.m.

Owned & Managed

5694 Data Centers

3 Tier-III facilities and the only Tier IV Gold

Certified data center in Asia Pacific

(Excl. Australia)

FTTx covering 7 Estates11 Industrial Estates

Installed Equity

MW Power

1Q20 Performance Highlights

32,426 sq.m.

Net rent for Built-to-Suit,

warehouse farm and RBF/RBW

51 Rai Land Sale

Excluding LOI of 242 Rai

in Thailand and Vietnam

WHA GROUP AT-A-GLANCEWHA Group Overview

5

1Q20 Financial Highlights

Reported Revenue and Share of Profit : THB 1,278 mm 66% | Reported Net Profit : THB 99 mm 76%

Rental Properties Business Normalized Revenue

THB 286 mm 27% • Due to increase in occupancy rate of RBF/RBW and increase in the rental revenue from Built-to-Suit project.

Sale of Properties Business Normalized Revenue and Share of Profitw/o the non-cash revenue recognition of deferred revenue from asset monetization to WHABT

THB 245 mm 42% • Mainly from the revenue recognition of deferred revenue from asset monetization to WHABT in 2015, which is non-cash item, amounting of THB 2,101 mm in 1Q2019.

Utilities Business Normalized Revenue and Share of Profit

THB 505 mm 10% • The recognition from Share of Loss of THB 29 mm from SDWTP resulting from lower sales volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam.

• Decrease in sale volume by 5% Y-o-Y.• Lower Excessive Charge.

Power Business Normalized Share of Profit

THB 245 mm 56% • Due to higher contribution from GHECO-One driven by no major scheduled maintenance and favorable Availability Payment Rate due to Thai Baht depreciation.

• Start to have contribution from waste-to-energy project (CCE).

Normalized Finance Cost THB 255 mm 8% • Mainly due to decrease in interest expense from lower weighted average cost of fund from issuance of latest bond and the early bond redemption, including mark to market on Interest Rate Swap, according to the new accounting standard TFRS9.

Note : % of growth represent Y-o-Y growth basis

: THB 1,400 mm 7% | : THB 197 mm 26 %

Normalized Revenue and Share of Profit w/o the non-cash revenue recognition of deferred revenue from asset monetization to WHABT

Normalized Net Profit w/o the non-cash revenue recognition of deferred revenue from asset monetization to WHABT

WHA Group Overview

6

WHA Strategic LocationsWHA Group Overview

WHA 50+ Prime Locations

Mainly in EEC

Key Developing

Location in Vietnam

7

Agenda


IV. Appendix



8

Logistics Business1Q20 Operating Performance

Logistics Business

9

Logistics Business

#1 First Class Premium Logistics Infrastructure Developer

2,360,000

SQM

1Q20 Operating Performance

#1 Built-to Suit (BTS)

Warehouse and

Factories

200+

well‐known

tenants profile

World Class standard

warehouse and factories built to

specific client’s requirements

Assets under Owned and Managed

2019 1Q20

2.39 millionsq.m.

2.36 million

sq.m.

10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q2020

Logistics Business – 1Q20 Operating Performance

Group-Owned assets and preleased

Asset Under Management

Area owned by WHA Industrial Development and its subsidiaries

Area sold to HPF and HREIT

Industrial Properties

Area owned by WHA and its subsidiaries

Area sold to WHART and WHABT

Logistics Properties

701,677

219,199

482,478

1,317,703

371,023

1,688,727

88,913 141,619 141,619 169,433

891,286

298,139192,341

505,051

1,108,740

Total2,390,404

Unit : sq.m.

CAGR 28.7% (2006A – 2019A)

CAGR 24.6% (2012A – 2019A)

26%

16%

18%

19%

10%

11%

Thai

Japan

Europe

Asia(Exclu.Japan, Thai)

USA

China

38%

29%

18%

14%

1% 3PL

FMCG&Healthcare

Manufacturer

E-Commerce

Other

25%

24%15%6%

7%

21%

2%Japan

Europe

Asia(Exclu.Japan, China)USA

Australia

China

Other

27%

21%14%

21%

4% 13%

Auto&Parts

Logistic

Electronic

Consumer

Industrial Service

Other

Industrial Properties BusinessLogistics Properties Business

Customer by Nationality Customer by Industry

Industrial Properties BusinessLogistics Properties Business

2,150,410

Remark: Figures as of Mar 31,2020

2,115,293

1,975,361

2,321,721


2,360,556

11

108,382

150,225

49,530 26,648

6,912

293

45,243

135,777

27,365

25,514

-

50,000

100,000

150,000

200,000

250,000

2017 2018 2019 1Q19 1Q20RBF/RBW BTS/Warehouse farm

Unit: Sq.m.

New Projects / Net Rent

• During 1Q2020, WHA group has secured newprojects/net rent for Built-to-Suit, warehouse farmand RBF/RBW total of 32,426 sq.m.

o The net area of 6,912 sq.m. for Built-to-suitassets came from;

o Gross area of 27,936 sq.m, mainly from E-commerce tenant.

o Non-renewal area of 21,024 sq.m.

o The net area of 25,514 sq.m. for RBF and RBWcame from;

o Gross area of 50,152 sq.m, mainly fromauto, consumer and electronic tenants.

o Non-renewal area of 24,638 sq.m.

108,675

185,307


Logistics Business – 1Q20 Operating Performance

195,468

32,426

54,013

12

30 January 2020


UPCOMING High Value Projects

40,000 sq.m

Construction Material

Food Process

10,000 sq.m.

25,000 sq.m.

E-Commerce Center Phase III

30,000 sq.m.

10,000 sq.m.

Multi-Temperature

30,000 sq.m.

E-Commerce Center Phase II

Consumer Product

E-Commerce Park Phase II

70,000 sq.m.

13


UPCOMING Assets Monetization to WHART

Project WHA Mega Logistics Center Laemchabang 1

Project WHA Mega Logistics Center Laemchabang 2

Project WHA-KPN Mega Logistics Center Bangna-Trad Km 23



Expected Process to Complete and Recognized Revenue in 4Q2020

Approx. 130,000 sq.m. of Built-to-Suit Warehouse/ Factory

14


UPCOMING Assets Monetization to HREIT

Expected Process to Complete and Recognized Revenue in 4Q2020

Approx. 50,000 sq.m. of Ready-Built Warehouse/ Factory

15

30 January 2020Note: *Estimated from the expected growth of 20% from last year

Source: ETDA

Thailand’s E-commerce Value in THB trillion

E-Commerce value (B2B, B2C and B2G value) in Thailand continues

to grow at a rapid pace supporting by country policies on infrastructure

development and DIGITAL ECONOMY concept.

2014

THB 2.0 tn

2015

THB 2.3 tn

2016

THB 2.6 tn

2017

THB 2.8 tn

2018

THB 3.2 tn

2019E*

THB 3.7 tn

E-commerce value to

country’s GDP

= 19% in 2018

BETTER

productivity, connectivity & flexibility

To gain CUSTOMER

SATISFACTION

Smart

Warehouse

AUTOMATION

Robot & virtually software

Reduce human error,

more reliability, faster

Maximize storage

utilization

Reduce operating cost

FLEXIBILITY

Customize &

alternate process

flow

Serve dynamic

change of the

business

REAL-TIME CONNECTION

Exchange resources real-time

Improve operation

SellerSeller

BuyerBuyer

E-PaymentE-Payment

PlatformPlatform

Seller

Buyer

E-Payment

Platform

“Logistic Business plays an

important role in this

tremendous growth supply

chain.”

Logistics

CAGR Growth 2014 – 201812%

+20% Estimated growth in

2019

“Growth of Entire Value Chain”


Logistics Industry Outlook

16

30 January 2020

Emphasis on Strategic Partnerships and High-Growth Industries

Aviation and

Aerospace

E-Commerce

Seaport & Transportation

Infrastructure

Automotive

Food Processing

Establish long-term partnership with GLOBAL & REGIONAL players

Extend EXISTING relationship

Logistics Business


Focus on high-potential industry clusters Establish & Extend Strategic Partnerships

Develop Win-Win Partnerships

17

Industrial Estate Business1Q20 Operating Performance

Industrial Estate Business

18

30 January 2020

Remark: /1 including new Industrial Estate WHA RY36

/2 including 44,400 Rai operating and under development in Thailand and Vietnam

/3 market share based on adjusted accumulated land transfer since 2014 to 2019 (reference total market number from CBRE)

/4 New customers include customers from land sales and rental building in Thailand

11Industrial

Estates

1Industrial

Estate

Successfully Captured

China Investments As

Most Ready Developer

for 15 Years

48% Market Share/3

No.1

18 New Customers/4


Industrial Estates Overview

1Q19 1Q20

51 Rai Land Sales

Industrial Land Sale

97 Rai Land Sales

19

1Q20 Land Sale and Transfer limited due to travelling restriction from Covid 19

Unit: rai Breakdown by Country

Overall Portfolio From 2019-1Q20

Japan 33% 7%

Thailand 18% 11%

Europe 11% 1%

USA 8% 3%

China 9% 58%

Taiwan 4% 12%

Korea 3% 3%

Other Asia 14% 5%

Total 100% 100%

Customer Breakdown*

Breakdown by Industry

Overall Portfolio From 2019 -1Q20

Auto 33% 26%

Consumer 15% 30%

Petrochemical 8% 3%

Steel/Metal 9% 7%

Electronics 8% 18%

Logistics 5% 0%

Others 22% 16%

Total 100% 100%

Our Domestic Land Sales Record

Remark: * By number of contracts

No.1 Domestic Industrial Market Share

2009 … 2017 2018 2019

42

58

WHAIDWHAID

Industrial Estate Business 1Q20 Operating Performance

16%57%

42%45%

1,043

835

974933

816

9751

0

200

400

600

800

1,000

1,200

2015 2016 2017 2018 2019 1Q19 1Q20

20

30 January 2020

Extending Our Domestic Leadership

11Industrial Estates in

Thailand

In 2020

1

WHA IER, Rayong

WHA SIL2 , Saraburi

New IE coming up

LAND STOCK IN THAILAND

Remark: /1 Net Sellable Land including Land under HLP and RBF/RBW

/2Land Stock is Gross Area Including Land Under Developing and Plan to Develop as well as Raw Land

Upcoming

New

Projects by

2023

+4

Including

New

Estate

WHA RY 36 construction

to start by end of 2020

In process of obtaining permits/licenses


10,000Rai/2

• Rayong Province

• Gross area 1,280 Rai

• Sellable area 980 Rai

• Promoted S-curve Industries

Sustain Efforts to Increase

Land Bank in Target Areas

WHA ESIE 4 (Expansion Phase)

The Most Ready Industrial Estate Developer to Capture Continuing Investment Relocation and

New S-Curve Opportunities



21

30 January 2020

Catering to Higher Value Industries

Target Promoted S-Curve Industries

Aviation &

Logistics

RoboticsBiofuel &

BiochemicalDigital

Intelligent

Electronics

Food

Processing

Next-

Generation

Automotive

Medical

Tourism

Advance

Biotechnology

Comprehensive

Healthcare

Collaborations With Industry Experts For New

Products and Services

New Waste

Management

SolutionsBeyond Industrial Waste

to Energy

5G / Telecommunication

SolutionsBeyond Fiber Optic and FTTx

Various Types

of Gas Supply /

DistributionBeyond Natural Gas

Distribution

Sources: EEC


22

30 January 2020

Drone

Centralized

Monitoring Room

Wastewater

Reclamation

Fire Pump

Monitoring

Solar Monitoring

System

Solar Rooftop and

Solar Carpark

Waste-to-Energy

Power Plant

Water and Wastewater

Metering Devices

Logistics and

Building Maintenance

Smart App

SMART ECO

INDUSTRIAL

ESTATES

SMART SECURITY

SMART MOBILITY

SMART POWER

SMART COMMUNICATION

SMART SERVICES

Data Center

FTTX

CRM Business

Intelligence

5G

Sandbox

Smart Grid

Online Monitoring

System

Demineralized and

Desalination Water

Ultrasonic Water

Depth Sensor

SMART WATER

Adaptive Traffic

Control

CCTV

Embracing New Technologies and Innovation

Cloud

Service

Continue Rolling out “Smart Eco IE Concept” in WHA Industrial Estates


23

30 January 2020

From Thailand Leader to ASEAN Champion

Exploring strategic PARTNERSHIPS with large

land owners in PRIORITIZED LOCATIONS

Leverage On 30-year Experience in Thailand to Expand Regionally

20,000

RaiTotal Project In

Nghe An, Vietnam

WHA Industrial Zone 1 – Nghe An

3,100 RaiTotal phase 1

development

is on going

1,000 RaiSubstantially

completed and

available to potential

customers

Equipped with HIGHEST QUALITY and

INTERNATIONAL STANDARD Infrastructure

, The Initial Footprint of WHA Group in Vietnam

Enabling OTHER BUSINESSES and

COLLABORATIONS with industry experts

4 lanes with

Reinforced

Concrete Pavement

Dike at 4.30 m. high

with drainage

pumping system

Fiber Optic For

High Speed Internet

Water

Business

Industrial

Properties

Gas Pipeline

Business

88 RaiSecured*

Remark: *2018-2019 Accumulated Area Secured by MOU/LOI

** The remaining of phase 1

In Process of Obtaining Permits / Approvals For 2,100 Rai**


24

Thailand and Vietnam Remain Competitive Investment Destination 1Q20 Operating Performance

Sources: World Bank, Fitch Rating, The Board of Investment of Thailand. Ministry of Planning & Investment (Vietnam)

Remark: /1 Newly Registered Capital and Additional Capital to The Existing Project

#21Ease of doing business

#40Country’s Competitiveness

#71Infrastructure Standard

USD 16.7 BnTotal Value of FDI/1 in 2019

#70Ease of doing business

#67Country’s Competitiveness

#77Infrastructure Standard

USD 22.6 Bn Total Value of FDI/1 in 2019

“Strategic Location as a Hub for

Regional Connectivity” “Economy Remains Robust with

Strong Growth of 7% in 2019”

Leading FDI DestinationLeading FDI Destination

25

Total BOI Application Growth 40% CAGR for the past 5 years

Incoming Wave of Investments1Q20 Operating Performance

Chinese investment

applications in Thailand

surpassed those made by

Japanese companies for the

first time in 2019, worth almost

4 times as much.

Recent surge in

CHINESE

INVESTMENTS

already observed in

WHA Group

Source: Bangkok Post, “BOI: Chinese in the lead” published 14 Jan 2020, The Board of Investment of Thailand

60%+WHA Industrial Land Sales

in 2019 (in Rai) come from

CHINESE Investors

Target Applications 2019 Actual Applications 2019Actual Applications 2019

in 12 Targeted Industries

THB 750 bn THB 756 bnTHB 257 bn (38%)

Actual Applications 2019 in

3 EEC Provinces

THB 445 bn(59% of total value)

Northeast

THB 27.2 bnNorth

THB 27.2 bn

Central

THB 92.5 bn

West

THB 6.6 bn

South

THB 132 bn

2019 BOI total investment

applications stood at THB

756 bn from 1,624 projects.

Total FDI applications

amounted to THB 506 bn,

or 66% of total BOI.

BOI applications value is

16.2% lower than 2018,

which were worth THB 902

bn.

In 2019, Chinese led the investment in Thailand.

Chinese BOI

applications worth

THB 262 bn

US - China Trade Tension creates global negative economic impact,

but results in opportunities for well-positioned WHA group

96301 289

543 506102

283 325

272250

2015 2016 2017 2018 2019

Total Value by Non-FDI Total Value by FDI

Unit : THB Bn

198

584 614

815 756

BOI Application Value and FDI Value

26

Utilities and Power Business1Q20 Operating Performance

Utilities and Power Business

27

Utilities and Power Business1Q20 Operating Performance

Q1

UTILITIES BUSINESSget affected by both drought situation (Thailand) and COVID-19 situation (both Thailand and Vietnam)

Domestic sale volume decreased by 5% as a result of drought situation.

Additional demand in WHA IE is delayed in ramping up and wait for relief of drought situation.

Effect to GP is around 25 MB from lower sale volume and 20 MB from lower excessive charge.

Expected recovery in sale volume in WHA IE toward 2nd

half. Ramping up of SDWTP demand is delayed from plan due

to COVID-19 situation. Continuing to recognize share of loss.

Expected to return to planned level after COVID-19 situation improved.

POWER BUSINESScontinued to show strong Normalized Share of Profit

Gheco-One and HHPC delivered solid performance. 2 out of 8 SPP plants had planned maintenance, and

EGAT had transmission line maintenance for this quarter.

IU volume increased by 5% with demand from new customers.

Expected weakening demand from IU (20%-25% of total SPP volume) in 2Q’20 driven by automotive sector, with expected recovery in 2nd half.

Expected recovery of EGAT volume from this quarter.

Solid core operating profit due to strong performance of power business for the first quarter 2020 amid negative factors on Utilities business

28

Sole provider of utilities to manufacturers/factories in leading industrial estates with a concrete plan to capture increasing demand from heavy users and expand outside i.e. other IEs, non-IE area and international

Water Sales & Managed Volume in Thailand and Vietnam

Utilities Business - Overview1Q20 Operating Performance

1Q20

30million m3

27million m3

1Q19

Municipal Water

Industrial Water

Wastewater Treatment

Reclaimed & Demineralized Water

Water Product/Services & Capacity

29

Utilities Business – 1Q20 Operating Performance1Q20 Operating Performance

Million m3/ year

Remark: The Utilities & Power business’s operating matrix under WHA level may differ from one shown in WHAUP level as a result of Pre-IPO restructuring, resulting in partial recognition in FY2016 under WHAUP.

Utilities Portfolio Growth – Sale & Management Volume

43 46 49 53 55

19 17 17 17 1732 33 34 35 35

394 96 100 105 110

-10

10

30

50

70

90

110

130

150

2015 2016 2017 2018 2019

Industrial Water Raw Water Wastewater SDWTP & Cua Lo Demineralized Water

14 13

4 4

9 8

27

30

1Q19 1Q20

41

Water Consumption 2017 2018 2019 2020E 2021E 2022E

SPP COD 3,500 – 4,000 m3/day

Potential Demand from New Key Projects and Key Customers

4SPPs 1SPP 1SPP (Jan 19)

Block 1 Block 2

CCE (Q4’19)Waste to Energy 1,000 m3 / day

IPP COD 40,000 m3 / day

Petrochemical+13,000 +3,000

On Schedule

Tyre +3,000

30

30 January 2020

2,000,000m3 /yearCapacity

Launch Innovative Product and Solutions

R E C L A M A T I O N D E M I N E R A L I Z E D W A T E R A N D P R E M I U M P R O D U C TS E A W A T E R D E S A L I N A T I O NM U N I C I P A L W A S T E W A T E R T R E A T M E N T W A S T E W A T E R

Partner with Industrial Estate

Developers to Provide Utility

Solutions, Focusing in Eastern Area

Up to 400,000 m3/yr (full capacity)

Central Wastewater Treatment Plant

30Y BOO contract with PTT(Expected to be complete in 4Q’20)

EECi

Demineralized

Water

Develop or Secure Alternative Raw Water

Supply for existing and future facilities, focusing in Eastern and Southern areas

Continuously Expand

Utilities Business in New

WHA IE (WHA RY36, WHA IER and WHA

SIL2)

2,000,000 m3/yr capacity

Demineralized Water Plant

(GPSC)

3,650,000 m3/yr capacity

Wastewater Reclamation Plant

(WHA EIE)

In 2020

Utilities Business1Q20 Operating Performance

>7,300,000m3 /yearCapacity

Reclamation

Water

In 2020

Growing Beyond the Core

3231

Utilities Business – Overseas Operations1Q20 Operating Performance

110.0Million m3 /year

330.0Million m3 /year

Hanoi

110.0 Million m3/year

Future Development 2019

First Move towards

Non-Industrial

Business

Nghe An Duong River Surface Water Plant

WHAUP

acquired

34% Stake

in Duong River

Water Plant in

2019

Partnership with

Aqua One Water

JSC

Cua Lo Water Supply Vietnam Operating Capacity

4.4 Million m3/yearWater Distribution Capacity (Completed)

3.5 Million m3/yearWastewater Treatment Capacity (Expected Completion in 1Q’20)

4.8 Million m3/yearWater Treatment and

Distribution

+3.7 Million m3/year potential expansion in 2020

>110Million m3 /year

Sales volume 2020F

COMPLETED

66Million m3 /year

Sales Volume 2019

220.0 Million m3/year

Accelerating our Expansion in Vietnam

32

Power Business1Q20 Operating Performance

559Installed

Equity MW

569Installed

Equity MW

Conventional Power Plant

Renewable Energy

Natural Gas

2019 1Q20

Continuing Growth from Projects Under Construction and Committed Projects in Pipeline

547 Equity MW of Existing

Conventional Power

Operating Projects – WHANGD 2 and WHANGD 4

Under Development – EIA Approved for WHANGD 3

Solar Rooftops

Equity MW COD19

Industrial Waste to Energy

Equity MW COD3

33

Power Business – 1Q20 Operating Performance1Q20 Operating Performance

GWh

IPP Group Energy Dispatch% AF

IPP Group Availability1Q191Q20

1Q19

1Q20

767

120

0

1,369

1010

Gheco-One HHPC Glow IPP

50.3%

100.0%95.9% 100.0%

Gheco-One Glow IPP

EGATIU

% AF

SPP Group Average Availability

99.6% 95.3%

1Q'2019 1Q'20201Q19 1Q201Q19 1Q20

34

SPP Group Energy Dispatch

1,3061,143

394415

1,5591,699

30 January 2020

+31Equity Megawatt

in 2020

1Q20 Operating PerformanceEnlarging Power Portfolio

Solar Monitoring System

Chonburi Clean Energy

PARTNERSHIP & COLLABORATIONSNatural Gas Distribution

Operating Projects – WHANGD 2 and WHANGD 4

Under Development – EIA Approved for WHANGD 3

Industrial Waste to

Energy 2.9 MWeq

COD Date: 7 Nov

19

All-in solar rooftop packages to

industrial customers

Solar Rooftops

547

PARTNERSHIP

Equity MW of Existing

Conventional Power

Conventional Power Plants

MW COD19

3635

30 January 2020

MG Solar Carpark Project

“Thailand’s Largest Solar Carpark Project”

JJR Chicken Farm Nakhon NayokCapacity 1.0 MW

Nikkei Siam AluminiumPathum ThaniCapacity 1.0 MW

Danieli Far EastESIE, RayongCapacity 1.6 MW

WisewoodsPetchaburiCapacity 5.0 MW

4Q20F2019

WHA ESIE2

Capacity 4.9 MW

Y OguraESIE, RayongCapacity 0.5 MW

Asno HorieESIE, RayongCapacity 1.5 MW

Cumulative Target Signed PPA


Solar Projects

1Q20

Specializing in Solar for Industrial Users

30 MW 37 MW 50 MW

3636

30 January 2020

P2P Energy Trading

WHAUP collaborates with PEA in studying P2P Energy Trading and Smart Microgrid in WHA Industrial Estates

Utility Grid

Co-generation

Power

Renewable

Power

Energy Storage

Industrial

Users/

Prosumers

Energy cost saving to industrial users

Increase opportunity to invest in

renewable energy

Enhance reliability, efficiency and cost saving

for industrial users

Increase opportunity to Invest in distributed

generation

Study on ESS technology

Prosumer

ConsumerConsumer

WHA signed a Memorandum of

Understanding with PEA for a joint feasibility

study on energy innovation projects under the Energy

Regulatory Commission Sandbox (ERC Sandbox) program

and joint implementation of other energy innovation projects

in WHA Group’s industrial estates.

Power Business1Q20 Operating Performance

Introducing Innovative Energy Solutions

Smart Microgrid

37

Digital Business


Digital Business

38

Digital Platform Business

Strengthening Competitiveness

Expand Customer CoverageLeverage from WHA Group’s customers base to capture captive demand

Attract customers through cross selling with existing services(network infrastructure, DC & Backup and System Integrators)

ENERGY STORAGEBIG DATA AIIOTSMART GRID

39

Business Collaboration with Reputable Partners

Well-Known Customers


FTTx

Covering

7 Industrial

Estates

4Data Centers

39

30 January 2020

Data Center: Gaining Traction

• Attract customers through cross selling with existing services(network infrastructure, DC & Backup and System Integrators)

• Leverage from WHA Group’s customers base

• Moving up the value chain (from IAAS to PAAS and SAAS)

EquityRacksCapacity1 Industrial Estate having

100% FTTx coverage

102TIER IVGOLD

EquityRacksCapacity

WHA SIL356TIER III

FTTx: Enhancing Digital Connectivity

• Leverage WHA Group’s customers base to capture captive demand

• Recurring income

• Becoming provider of FTTxinfrastructure of WHA Group

6Industrial Estates having partial FTTx coverage (100% coverage by 2021)

3Industrial Estates to start FTTx service by 2020

WHA CIE 2, ESIE, WHA ESIE 1, WHA ESIE 2, WHA ESIE 3, WHA ESIE 4

WHA CIE, WHA EIE, WHA RIL

1.6

Average Core Usage

Cores Per Factory

Tendency to increase in the future!

Digital Business


Strengthening Competitiveness

10Industrial Estates

covered FTTx by

2020

DATA

CENTERS

4

Colocation

Service

Cloud Computing

Service

PRODUCTS & SERVICES

40

30 January 2020

Digital Business


WHA to offer 5G network to our customers through cooperation between telecom operators and government authorities within WHA boundaries

5G Potential Use-Case

Autonomous Vehiclese.g. driverless car and truck

Smart Homes/Buildings/Citiese.g. smart light, smart meter

Critical Infrastructure Protection & Control e.g. Smart Grid

Process Automation e.g. aviation, robotics

New Form Factors e.g. wearables and sensors

Extreme Mobile Broadband e.g. UHD Virtual Reality

41

Agenda


IV. Appendix



42

1,187

213

(121)

3,803

1,278

Total Revenue and Share of Profit 1Q20 Financial Performance

Total Revenue and Share of Profit

• The Statutory Revenue and Share of Profit in 1Q2020 decreased by 66% Y-o-Y, according to FX impact from THB depreciation during 1Q2020. Also, in 1Q2019,

the Company recognized the normalized revenue of asset monetization to WHABT in 2015.

• Total Normalized Revenue and Share of Profit in 1Q2020, taking out impact from FX and the 1Q2019 normalized revenue from asset sold to WHABT transaction in 2015, decreased by 7% Y-o-Y, mainly according to lower contributable from Sale of Properties Business and Utilities business while the Normalized performance from Rental Properties Business and Power business were growth, comparing to the same period of last year.

Unit: THB mm

Normalized Basis

Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement)

Remar (2) Representing Total Revenue Inclusive Share of Profit (Normalized) excluding the normalized revenue from asset monetization to WHABT transaction in 2015 which was recognized in 1Q2019

(66%)

2020

Rental Revenue from asset in WHABT before one time recognition in deferred revenue from monetization to WHART

Impact from FX Total Revenue Share of Profit One-Off ItemRealized revenue from asset sold to WHABT

Statutory Normalized Basis

2019

3M 3M

3,803(1)

1,278(1)

1,328

169

2,101*

945160

20202019

1,497

(7%)

1,400(2)

43

(2)

Note : * The revenue from asset monetization to WHABT amounting of THB 2,101 mm was normalized revenue in 2015 which was recognized as revenue in 1Q2019 due to accounting standard.

1Q20 Financial Performance

• In 1Q2020, the Reported Net Profit dropped by 76% Y-o-Y, mainly according to decrease in revenue from Sale of Properties Business and Utilities Business as well as loss from FX impact.

• However, if taking out impact from FX and the 1Q2019 normalized revenue from asset sold to WHABT transaction in 2015, Total Normalized Net Profit in 1Q2020 increased by 26%.

• The Normalized Net Profit margin increased to 14%, mainly due to higher margin in Rental Properties Business and Sale of Properties Business with lower financial cost.

Remark: (1) Representing Net Profit (Financial Statement)

Remark:(2) Representing Net Profit (Normalized) excluding the normalized revenue from asset monetization to WHABT transaction in 2015 which was recognized in 1Q2019(3) Impact from FX attributed to parent

Net Profit Impact from FX(3) One-Off Item

Net Profit Margin

TFRS 9&16 Impact Adjustment Impact from Callable Bond

Rental Revenue from asset in WHABT before one time recognition in deferred revenue from monetization to WHART

Financial Highlights

5,458 2,947

1,317 2,252

464 247

2,425

3,343

2,296

3,520

6,279

-1,689

2,362

14,163

6,290 5,765

8,382

32% 47% 43%

2 0 1 6 A 2 0 1 7 A 2 0 1 8 A 2 0 1 8 BLogistics Share of Profit from JV's Asset Monetization

Industrial Development Asset Monetization to HREIT

Margin

Net Profit Unit: THB mm

20202019 20202019

(2)

407

99

(76%)

Realized Profit from asset sold to WHABT

197

(112)

14

156

129*

65

4015

156 197(2)

26%

11%8%

10%14%

44

Normalized Basis

Statutory Normalized Basis

3M 3M

(1)

407

(1)

99

Note : * The profit from asset monetization to WHABT amounting of THB 129 mm was normalized profit in 2015 which was recognized as profit in 1Q2019 due to accounting standard.

1Q20 Financial Highlights

Reported Revenue and Share of Profit : THB 1,278 mm 66% | Reported Net Profit : THB 99 mm 76%

Rental Properties Business Normalized Revenue

THB 286 mm 27% • Due to increase in occupancy rate of RBF/RBW and increase in the rental revenue from Built-to-Suit project.

Sale of Properties Business Normalized Revenue and Share of Profitw/o the non-cash revenue recognition of deferred revenue from asset monetization to WHABT

THB 245 mm 42% • Mainly from the revenue recognition of deferred revenue from asset monetization to WHABT in 2015, which is non-cash item, amounting of THB 2,101 mm in 1Q2019.

Utilities Business Normalized Revenue and Share of Profit

THB 505 mm 10% • The recognition from Share of Loss of THB 29 mm from SDWTP resulting from lower sales volume and the delay in the construction of pipeline expansion due to the lockdown measurement in Vietnam.

• Decrease in sale volume by 5% Y-o-Y.• Lower Excessive Charge.

Power Business Normalized Share of Profit

THB 245 mm 56% • Due to higher contribution from GHECO-One driven by no major scheduled maintenance and favorable Availability Payment Rate due to Thai Baht depreciation.

• Start to have contribution from waste-to-energy project (CCE).

Normalized Finance Cost THB 255 mm 8% • Mainly due to decrease in interest expense from lower weighted average cost of fund from issuance of latest bond and the early bond redemption, including mark to market on Interest Rate Swap, according to the new accounting standard TFRS9.

Note : % of growth represent Y-o-Y growth basis

: THB 1,400 mm 7% | : THB 197 mm 26 %

Normalized Revenue and Share of Profit w/o the non-cash revenue recognition of deferred revenue from asset monetization to WHABT

Normalized Net Profit w/o the non-cash revenue recognition of deferred revenue from asset monetization to WHABT

45


54%

69%

44%

53%

154 182

71

104225

286

2 0 1 9 2 0 2 0

Industrial Revenue

Real GPM before PPA of 1Q2020: 54%

Performance by Business1Q20 Financial Performance

Note : Gross profit margin on consolidated financial statement is different from that on operation financial statement (genuine performance) due to the effect of PPA adjustment after acquisition.

RENTAL PROPERTY BUSINESS (NORMALIZED) SALE OF PROPERTIES BUSINESS (NORMALIZED*)

In 1Q2020, the GPM of Normalized Revenue from Sale of Properties business increased Y-o-Y from 44% to 53%.

The GPM increased to 69% in 1Q2020 due mainly to significant increase in occupancy rate of RBF/RBW and increase in Built-to-Suit GPM.

Unit: THB mmUnit: THB mm

5,458 2,947

1,317 2,252

464 247

2,425

3,343

2,296

3,520

6,279

-1,689

2,362

14,163

6,290 5,765

8,382

32% 47% 43%



MarginLogistics Revenue Normalized Margin

3M 3M

Real GPM before PPA of 1Q2020: 70%

46

421 245

421245

2 0 1 9 2020

Industrial Revenue

5,458 2,947

1,317 2,252

464 247

2,425

3,343

2,296

3,520

6,279

-1,689

2,362

14,163

6,290 5,765

8,382

32% 47% 43%



MarginLogistics Revenue Normalized Margin

Remark: * Normalized Revenue from Sale of Properties Business is excluded the non-cash revenue recognition of deferred revenue in 1Q2019

from asset monetization to WHABT transaction in 2015.

72 34

64

73

137 107

2019 2020

533 519

26 15

559 505

45%

37%

2019 2020

(71)459 60 1,031 1,461 1,284

Nomalized Share of Profit Impact From FX Write-Off Tax Payment

(29)

Utilities Revenue Share of Profit

Performance by Business1Q20 Financial Performance

UTILITIES BUSINESS (NORMALIZED) POWER BUSINESSUnit: THB mm

The GPM of Utilities sale in 1Q2020 decreased to 37% mainly from decrease in natural water volume, which is the source of raw water, resulting in the higher cost for the clarified water process, as well as lower of excessive charge.

Unit: THB mmReal GPM before PPA of 2019 : 40%

(558)

Normalized Share of Profit

OTHER REVENUES (NORMALIZED)

Other revenue in 1Q2020 decreased mainly from decrease in share of profit from investment in HPF from accounting adjustment, decrease in

construction management fee and interest income resulting from shareholder loan repayment of Gheco-One.

Unit: THB mm

Normalized Margin

5,458 2,947

1,317 2,252

464 247

2,425

3,343

2,296

3,520

6,279

-1,689

2,362

14,163

6,290 5,765

8,382

32% 47% 43%



Margin

Note : Gross profit margin on consolidated financial statement is different from that on operation financial statement (genuine performance) due to the effect of PPA adjustment after acquisition.

Excessive Charge

Industrial RevenueLogistics Revenue

3M 3M

2019 2020One-Off Item

3M

The normalized performance in 1Q2020 increased Y-o-Y, mainly due to from the 39-day Planned Major Maintenance of Gheco-One in Q12019 and

favorable Availability Payment Rate due to Thai Baht depreciation.

Start to have a contribution from waste-to-energy project (CCE).

Remark : Other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, revenue from digital business and other income.

157 245

6094

(359)

311

(115)

47

Rental property

198 21%

Sale of Industrial

Estates131 14%

Utilities168 17%

Power(115)(12%)

Div & Mgt 81 8%

Other268 28%

Rental property539 8%

Sale of Industrial Estates

1,777 25%

Sale of IP's964 14%

Utilities941 14%

Power1,779 25%Div & Mgt

541 8%

Other444 6%

Rental property

28622%

Sale of Industrial

Estates245 19% Utilities

505 40%

Power(115)(9%)Div & Mgt

81 6%

Other27521%

Rental property

951 7%

Sale of Industrial Estates

3,505 26%

Sale of IP's3,891 29%

Utilities2,245 17%

Power1,779 13%

Div & Mgt 541 4%

Other474 4%

Revenue and Gross Profit Breakdown

GROSS PROFIT BREAKDOWNREVENUE AND SHARE OF PROFIT BREAKDOWN

Unit: THB mm Unit: THB mm

3M2020TOTAL

THB 1,278 mm

3M2020TOTAL

THB 731 mm

Remark: Share of profit from JV’s and Associates included Remark: Share of profit from JV’s and Associates included

Gross profits are based on consolidated financial statements and thus

affected by PPA adjustment

Recurring vs Non-Recurring = 81:19 Recurring vs Non-Recurring = 82:18


Y2019TOTAL

THB 13,386 mm

Y2019TOTAL

THB 6,985 mm

Recurring vs Non-Recurring

45:55

Recurring vs Non-Recurring

61:39

Note: Statutory Basis48

Bond Issuance &

Redemption

Financial Management

REIT Asset Monetization

Stand-by Credit Facilities totaling approx. 8,000 bn, available to drawdown for operating and investment (if needed)

Key Financial ActivitiesFinancing Performance

Feb 2020 : Bond Issuance of THB 3,000 mm at 2.77% average cost of fund and 6 years and 5 months average tenor

Mar 2020 : Early Bond Redemption of THB 2,500 mm at 4.9% cost of fund which could lower cost of fund to 2.1%

Apr 2020 : Early Bond Repayment of THB 407 mm at 3.3% cost of fund which could lower cost of fund to 2.3%

Apr 2020 : Bond Repayment of THB 5,100 mm

Approx. 130,000 sq.m. of BTS warehouse/factory to WHART

Approx. 50,000 sq.m. of RBF and RBW to HREIT

Upcoming Asset Monetization

49

Financial PositionFinancial Performance

Unit: THB mm

CAPITAL STRUCTURE RETURN ON INVESTMENT

Total asset decreased by THB 1,627 mm from 2019 due mainly to decrease in market price of investment trust unit and decrease in investment in associates.

Total liability increased by THB 603 mm due mainly to increase in short-term and long-term loans from financial institutions to increase liquidity and be prepared for matured bond repayment in April 2020.

The total shareholders’ equity decreased by THB 2,230 mm in 2019 due mainly to decrease in market price of investment trust unit and investment in associates.

14.00%

11.08%12.42%

8.59%7.76% 7.73%

5.17% 5.10% 5.34%

2017 2018 1H'19

ROE ROIC ROA

78,345 82,264 80,412

1.53 1.49 1.62

1.04 1.19

1.32

(2 .0 0)

(1 .5 0)

(1 .0 0)

(0 .5 0)

-

0.50

1.00

1.50

2.00

0%

2018 2019 1Q'20

Asset Liability Equity D/E Net IBD/E

78,345 82,264 80,637

31,014 33,101 30,871

47,331 49,163 49,766

1.53 1.49 1.61

1.04 1.19

1.31

(2 .0 0)

(1 .5 0)

(1 .0 0)

(0 .5 0)

-

0.50

1.00

1.50

2.00

0%

11.08% 11.39%10.11%

7.76%7.13%

6.44%

5.10% 4.93% 4.31%

2018 2019 1Q'20

ROE ROIC ROA

50

Debt ProfileFinancial Performance

As of March 2020Unit: THB mm

Weighted Average

Interest Rate

3.18%

WHA+WHAID WHAUP

Weighted Average

Interest Rate

3.23%

Weighted Average

Interest Rate

3.08%

As of December 2019

Unit: THB mm

Weighted Average

Interest Rate

3.41%

WHAUP

Weighted Average

Interest Rate

3.00%

IBD/E Ratio : 1.19 time IBD/E Ratio : 1.31 time

Weighted Average

Interest Rate

3.59%

WHA+WHAID

Credit Rating

A-

Bond9,000 mm

76%

Term Loan2,565 mm

22%

Short Term Note200 mm

2%

Bond24,280 mm

90%

Term Loan500 mm

2%

Short Term Note2,150 mm

8%

Bond33,280 mm

86%

Term Loan3,065 mm

8%

Short Term Note

2,350 mm6%

Bond33,780 mm

83%

Term Loan4,000 mm

10%

Short Term Note2,800 mm

7%

51

Bond Maturity Profile

Bond Maturity as of 11 May 2020

Unit: THB mm

Remark :THB 1,000 mm bond and THB 1,500 mm bond which would be matured in 2022 and 2025 respectively, had been early redeemed in March 2020.

Financial Performance

438 mm

6,000 mm

4,754 mm

1,428 mm 1,280 mm

2,380 mm

400 mm

3,593 mm

2,390 mm

1,500 mm

1,290 mm

1,320 mm

1,500 mm

4,031 mm

8,390 mm

6,254 mm

2,718 mm

1,280 mm

3,700 mm

400 mm

1,500 mm

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

WHA: Bond WHAUP: Bond

52

Agenda


IV. Appendix



53

30 January 2020

Committed to Create Shareholders ValueAppendix

Remark: /1Include other income and Share of Profits, /2 After Elimination of Purchase Price Allocation

Aim for a BALANCEDRevenue Contribution

43%

26%

30%

1%

Logistics Industrial Development Utilities and Power Digital

2020F

57% 43%RECURRINGSALES

40%

35%

23%

2%

2020F2019LV

Target GROWTH of Operating Revenue

and Share of Profits/1

Target HIGH Level of Earnings

54

30 January 2020

Investment Plan 2020 Appendix

Estimated 2020 CAPEXMainly from Internal Cash Flow from Operation

9,000 mm

Prioritize CAPEX focusing on quick revenue generating projects and agile to situation arisen

55

Group Structure – Operating CompaniesAppendix

WHA KPN Alliance Central WHA Alliance

WHARTNAV per unit –THB 10.82/1

Paid-Up Capital–THB 22,138.8 mmTotal Asset–THB 38,998.1 mm

WHABTNAV per unit –THB 10.66/1

Paid-Up Capital–THB 1,930.9 mmTotal Asset–THB 2,707.7 mm

15.00% 15.00%

WHA Daiwa Logistics Property

WHA Infonite

Registered – THB 400 mmPaid-up – THB 400 mm

WHA Industrial Development PCL.

Registered – THB 6,000 mmPaid-up Cap – THB 3,882 mm

98.54%

97.67%

Core Business

WHA Corporation PCL

Registered – THB 1,567.8 mmPaid-up Cap – THB 1,494.7 mm

WHAUP/2

Registered – THB 3,825 mmPaid-up Cap – THB 3,825 mm

70.00%/2

Property Funds and REITs

HPFNAV per unit –THB 9.21/1

Paid-Up Capital–THB 4,572.2 mm Total Asset–THB 4,466.8 mm

22.95%/2

HREITNAV per unit – THB 9.07/1

Paid-Up Capital–THB 6,223.4 mm Total Asset–THB 9,915.9 mm

15.00%/2

JV Collaborations

Gheco-One

Glow IPP

Houy Ho Power

GNLL 2

Gulf Solar

WHA Gunkul

BPWHA1

JV Collaborations – Utilities & Power/2

64.97% 49.99%

50.99%

35.00%

5.00%

12.75%

25.01%

25.01%

75.00%

25.01%

Eastern Seaboard Clean Energy

33.33%

Remarks: /1 NAV per unit as of Mar 31, 2020/2 Held by WHA Industrial Development PCL.

Genesis Data Center

33.33%

Gulf VTP Gulf TS1-4 Gulf WHA MT

25.01% 25.01% 35.00%

15.00%

WHA Industrial Zone Nghe An Joint Stock Company/2

WHA -JD Alliance

51.00%

Eastern Seaboard Industrial Estate

99.00%/2

SUPERNAP Thailand

60.00%/2

WHA Industrial Estate Rayong

60.00%/2

56

Shareholding Information / Board of Directors

Shareholding Information/1

Top 10 Shareholder/1

Shareholder No. of Share %

1) Ms. Jareeporn Jarukornsakul/2 3,234,438,569 21.6%2) STATE STREET BANK EUROPE LIMITED 1,376,202,878 9.2%3) Ms. Chatchamon Anantaprayoon/2 1,238,976,105 8.3%3) Ms. Supitchaya Phupisut/2 627,472,254 4.2%3) Mr. Chaiwat Phupisut/2 626,872,254 4.2%6) UBS AG SINGAPORE BRANCH/2 580,851,722 3,9%7) Thai NVDR Co., Ltd. 525,916,762 3.5%8) WHA Holding Co., Ltd./2 493,500,000 3.3%9) Mr. Niti Osathanugrah 375,238,190 2.5%10) BBLAM – B-LTF 210,825,200 1.4%

Board of Directors and Management

Appendix

Remarks: /1 Shareholder information as of May 11, 2020/2 Major shareholder holds 45.5% of the total outstanding shares while parts of major shareholders shares are hold via UBS AG, Singapore Branch.

Board of Directors and Management

Mr. Jakrit ChaisanitDirector

Chief Operating Officer-Logistics business

Dr. Kritsana Sukboonyasatit

Independent Director

Member of the Audit Committee

Dr. Somsak Pratomsrimek



Ms. Jareeporn JarukornsakulChairman of Board of Directors

Group Chief Executive Officer

Mr. David Richard NardoneVice Chairman of Board of Directors

Chief Executive Officer- Industrial Business

Mr. Vivat JiratikarnsakulDirector

Chief Operating Officer-Industrial business

Mr. Narong KritchanchaiDirector

Chief Legal Officer

Mr. Somsak Boonchoyreungchai

Director

Chief Accounting Officer

Dr. Pichit Akrathit


Chairman of the Audit Committee

Independent Directors

Dr. Apichai Boontherawara



Mr. Krailuck AsawachatrojDirector

Chief Strategic Officer

Chief Financial Officer

57

Appendix

Selected Logistics Customers

CONSUMER GOODS

DANGEROUS GOODS

FOOD CHAINAND PET FOOD

HEALTHCARE

AUTOMOTIVE

THIRD PARTY LOGISTICS (3PL)

AIRCRAFT MANUFACTURING

E-COMMERCE

58

Selected Industrial CustomersAppendix

59

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