1
Investor Presentation
www.tnb.com.my
2
CO
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EN
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INTRODUCTION TO TENAGA
INCENTIVE BASED REGULATION (IBR)
BUSINESS STRATEGY & DIRECTION
CAPITAL MANAGEMENT
FINANCIAL & TECHNICAL HIGHLIGHTS
2
3
INTRODUCTION TO TENAGA
3
Sabah Electricity Sdn Bhd (SESB)
(83% owned by TNB)Dependable Capacity:
1,290MW
Sarawak Energy Bhd (SEB)
MALAYSIA
Tenaga Nasional Bhd (TNB)
Reg
ula
tory
& S
har
eho
ldin
g St
ruct
ure
PRIME MINISTER / CABINET
MINISTRY of ENERGY, TECHNOLOGY,
SCIENCE, CLIMATE CHANGE AND
ENVIRONMENT (MESTECC)
ENERGY COMMISSION (Regulator)
- Promote competition
- Protect interests of consumers
- Issue licenses
- Tariff regulation
Tenaga Nasional Berhad
Ministry of Finance/
Khazanah Nasional Berhad
i. EPF
ii. PNB
iii. Other Govt.
Agencies
Other Corp. &
Public
Holds
‘Golden’
Share
IPPs
Consumers
Foreign
Shareholders
Policy Maker
Implementor
Market participant
4
Generation Grid/TransmissionDistribution Network &
Customer Service
Non-Regulated Business Regulated Business
Subsidiaries
Non-Regulated Business
INTRODUCTION TO TENAGA
4
Co
re B
usi
ne
ssN
on
-Co
re B
usi
ne
ss
Installed Capacity:
24,304MW(TNB: 13,158MW, IPP: 11,145MW)
Generation Mix:
Generation Market Share:
54.3%
57.5%
38.5%
3.9%
0.1%
Coal
Gas & LNG
Hydro
Oil & Distillate
Transmission Network Length:
22,840KM
Transmission Substations:
439
Distribution Network Length:
632,929KM
Distribution Substations:
78,981
Equivalent Availability Factor (EAF):
89.9%
Transmission System Minutes:
0.35 mins
SAIDI:
48.19 mins
Customer Satisfaction Index (CSI):
8.1
Operation &Maintenance (O&M)
• TNB Repair & Maintenance Sdn. Bhd. (REMACO)
Manufacturing
• Tenaga Switchgear Sdn. Bhd.• Malaysia Transformer Manufacturing Sdn Bhd.• Tenaga Cables Industries Sdn. Bhd.
Renewables & Energy Efficiency Services
• TNB Renewables Sdn. Bhd.• GSPARX Sdn. Bhd.• TNB Energy Services Sdn. Bhd.• TNB Engineering Corporation Sdn. Bhd.
Education & Research
• TNB Integrated Learning Solution Sdn. Bhd. (ILSAS)
• TNB Research• University Tenaga Nasional
(UNITEN)
Note: Data / Info as at 4QFY18 (December 2018)
5
Expanding Global Footprint To Achieve Aspiration – TNB is currently present in
more than 5 countries
BUSINESS STRATEGY & DIRECTION
5
TNB’S FOCUS ON
INTERNATIONAL EXPANSION
AND INVESTMENT IN THERMAL &
RENEWABLE ENERGY
Turkey
Pakistan
IndiaSaudi Arabia
Indonesia
UnitedKingdom
Kuwait
United
Kingdom
• 50% equity ownership in Vortex Solar
Investments S.à.r.l
• 80% equity ownership in Operational Onshore
Wind Portfolio in UK
• 30% equity ownership in GAMA Enerji A.Ș.Turkey
• 20% equity ownership in a Malaysian Shoaiba
Consortium Sdn Bhd
• REMACO O&M Services for Shuaibah IWPP
Saudi
Arabia
• REMACO O&M for 225MW Sabiya Power
Generation & Water Distillation Plant
• REMACO O&M for Shuaiba North Co-Gen
780MW Power; 204,000 m3/day water
• REMACO O&M for 210MW Doha West Power
Generation & Water Distillation Plant
Kuwait
• Liberty Power Ltd 235MW
• REMACO O&M Services - Bong Hydro Plant
• REMACO O&M Services - Balloki Power Plant
Pakistan
• 30% equity ownership in GMR Energy Ltd
• 30% convertible debenture in Bajoli HoliIndia
• Development of the Sumatra - Peninsular
Malaysia HVDC Interconnection, coal-fired
power & coal mine mouth projects
Indonesia
6
TNB Sectoral Sales Analysis*
0.3%
38.5% 40.9%
17.2%
41.2% 34.6%81.6%
18.8% 22.5%
0.8% 1.5% 2.0%
N O O F C U S T O M E R S A L E S ( R M ) S A L E S ( G W H )
Industrial Commercial Domestic Others
INTRODUCTION TO TENAGA
Note: Data / Info as at 4QFY18 (December 2018)* TNB exclude SESB
6
Total Unit Sold 119,989 GWH
Total Assets RM153.7 bn
Total Customers
TNB: 9.0 mnSESB: 0.6 mn
Total Employees
35,574
7
Steady Y-o-Y Sales Growth
INTRODUCTION TO TENAGA
7
3.1
4.3
3.82.5 2.2 2.5 2.5
2.6
5.35.5
4.7
6.0
5.04.2
5.9
4.7
FY '11 FY '12 FY '13 FY '14 FY '15 FY '16 FY '17 FY '18
Demand Growth GDP%
Average demand growth for FY2016 & FY2017. This is
to eliminate the one-off El-Nino phenomenon during
3QFY’16
1
1
Comparison between Jan’18-Dec’18 and Jan’17-
Dec’17
2
2
GDP & Demand Growth by Financial Year
8
Positive Growth for All Sector
INTRODUCTION TO TENAGA
8
529
539
578
554
543
559
565
575
Jan - Mar Apr - Jun Jul - Sep Oct - DecApr-
Jun’17
2Q
FY’18
Jan-
Mar’17
1Q
FY’18
Jul-
Sep’173Q
FY’18
Others
2.6% 3.7% (2.1%)
Domestic
5,9
15
6,2
49
6,5
08
6,1
56
6,0
36
6,6
32
6,6
02
6,2
53
2Q
FY’18
2.0% 6.1% 1.4%
Jul-
Sep’17
3Q
FY’181Q
FY’18
Jan-
Mar’17Apr-
Jun’17
10,6
49
11,2
58
11,1
57
11,3
91
11,1
18
11,7
36
11,7
86
11,8
00
Jan - Mar Apr - Jun Jul - Sep Oct - DecJul-
Sep’17
3Q
FY’18
2Q
FY’18
Jan-
Mar’17
1Q
FY’18
4.4% 5.6%
Apr-
Jun’17
Industrial
9,3
70
10,0
87
9,8
87
9,7
43
9,3
73
10,0
78
9,9
63
9,8
51
Jan - Mar Apr - Jun Jul - Sep Oct - DecApr-
Jun’17
2Q
FY’18
Oct-
Dec’17
4Q
FY’18
Jul-
Sep’173Q
FY’18Jan-
Mar’17
1Q
FY’18
Commercial
0.0% (0.1%) 0.8%
Growth in 2018 (Calendar Year)/ Unit Sales in 2017 / 2018
Gwh Gwh
Gwh Gwh
4.2% 3.6% 1.1%
3.8%1.6%
4Q
FY’18
Oct-
Dec’17
4Q
FY’18
Oct-
Dec’174Q
FY’18
Oct-
Dec’17
9
Reducing Trend of Foreign Shareholding
INTRODUCTION TO TENAGA
9
22.8 28.3 24.4 24.1 24.1 22.3 22.2 20.8
Aug'15 Aug'16 Aug'17 Dec'17 Mar'18 Jun'18 Sept'18 Dec'18
Asia, 39.6%
North America,
38.1%
Europe, 22.0%
Pacific, 0.2%
Africa, 0.1%
28.8
17.0
12.7
6.5
14.2
20.8
Khazanah NasionalBerhad
PermodalanNasional Berhad
EmployeesProvident FundBoardOther GovernmentAgencies
Other Local Corp.& Malaysian Public
Shareholding as at Dec’18
(%)
Foreign Shareholdings (%)
Top 10 KLCI Stocks by
Market Capitalization as at Dec’18
35.7
38.0
41.7
41.8
47.3
54.6
74.3
77.3
96.1
104.8
Axiata
Petronas Gas
Hong Leong Bank
Maxis
IHH Healthcare
CIMB
Petronas Chemicals
TNB
Public Bank
Maybank
Sept’18 : RM87.8bn
(12.0%)
(RM bn)
Note: TNB Latest Market Cap: RM76.8bn (3rd), as at 22nd Feb 2019Institutional: 20.78%
Individual: 0.02%
10
Composition of BOD
CHAIRMANTAN SRI LEO MOGGIE
Years of directorship: 14 years
EXECUTIVE DIRECTOR / CEODATUK SERI IR. AZMAN BIN MOHD
Years of directorship: 8 years
Independent Non-Executive Directors (Total = 5) Non-Independent Non-Executive Directors (Total =2)
AMRAN HAFIZ BIN AFFIFUDIN (Khazanah(< 1 Year)
NORAINI BINTI CHE DAN(2 Years)
Expertise: Audit & Finance
JUNIWATI BINTI RAHMAT HUSSIN(< 1 Year)
Expertise: Project Management, Corporate Planning and Human Resource
GEE SIEW YOONG
(2 Years)Expertise: Audit & Finance
GOPALA KRISHNAN A/L K.SUNDARAM
(< 1 Year)Expertise: Law
ONG AI LIN(< 1 Year)
Expertise: Audit & Finance
INTRODUCTION TO TENAGA
10
DATUK AHMAD BADRI BIN MOHD ZAHIR
(MoF)(< 1 Year)
11
CO
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INTRODUCTION TO TENAGA
INCENTIVE BASED REGULATION (IBR)
BUSINESS STRATEGY & DIRECTION
CAPITAL MANAGEMENT
FINANCIAL & TECHNICAL HIGHLIGHTS
11
12
A Mechanisms For Tariff Setting With Incentives To Improve Efficiency &
Greater Transparency
Regulatory Environment:Non – Regulated
(competitive bidding environment)
Regulated
INCENTIVE BASED REGULATION (IBR)
Source: Energy Commission (EC) 12
1. Clear and Transparent Regulatory Framework
2. Consistent and Clear Returns
3. Shield against Uncontrollable Swings
4. Incentives for Operational Efficiencies
Clear and transparent regulatory framework governed by the
Energy Commission provides investors with confidence in TNB’s cash flow visibility
Regulatory WACC of 7.3% provides consistent and clear
return to debt and equity holders
Imbalance Cost Pass-Through mechanism shields Tenaga
against uncontrollable swings in input costs, with a review every 6 months
Incentive / Penalty mechanism provides clear incentives for
TNB to achieve operational efficiencies
13
Imbalance Cost Pass-Through (ICPT) Mechanisms Ensures TNB Remain Neutral
Source: Energy Commission (EC)
INCENTIVE BASED REGULATION (IBR)
39.45
Base Tariff under IBR framework comprises of:a) Opex, Depreciation of Regulated Assets
& Tax Expenses of Business Entities- transmission, grid system operation,
Single Buyer operation, distributionnetwork and customer services
b) Power purchase cost charged by generators to the Single Buyer (based on fuel forecast base price)
c) Return on regulated assets (rate base)of Business Entities Reviewed every 3 years
Imbalance Cost Pass-Through (ICPT):a) ICPT is 6-monthly pass-through of
variations in uncontrollable fuel costs and other generation specific costs(imbalance cost) incurred by utility for the preceding 6-month period Reviewed every 6 months
13
Principle for ICPT CalculationCost components comprise of
• The ICPT is calculated based on an estimated actual fuel cost and generation specific costs for a particular six (6)months period against the corresponding baseline costs in the Base Tariff.
Base Tariff:RP1 - 38.53 sen/kWhRP2 – 39.45 sen/kWh
14
Imbalance Cost Pass-Through (ICPT) Comprises Two Components
INCENTIVE BASED REGULATION (IBR)
Imbalance CostPass-through (ICPT)
Fuel Cost Pass Through (FCPT)
Generation Specific CostAdjustment (GSCPT)
Changes in Gas/LNG and Coal Costs
PPAs Power Purchase AgreementsSLAs Service Level AgreementsCSTA Coal Supply and Transportation AgreementCPC Coal Purchase ContractGFA Gas Framework AgreementGSA Gas Supply Agreement
Changes in:
• Other fuel costs such as distillate and fuel oil• All costs incurred by SB under the power procurement
agreements (PPAs, SLAs and etc.) and fuel procurement agreements (CSTA, CPC,
• Renewable energy FiT displaced cost
RP2
ICPT Announcement Surcharge Period
Jan – Jun’18 RM698.19mn 1.35sen/kWh Jul – Dec’18
Jul – Dec’18 RM948.00mn 2.15sen/kWh Jan – Jun’19
Source: Energy Commission, company presentations, company fillings 14
15
New Features in Electricity Tariff Review for RP2 (2018-2020)
*Has yet to be approved and finalized by regulator
*
INCENTIVE BASED REGULATION (IBR)
15
16
IBR Entities
In RP1, these 2 entity are grouped as
Price –Cap entity
1
1
INCENTIVE BASED REGULATION (IBR)
16
17
New Base Tariff Under IBR Mechanism RP2
INCENTIVE BASED REGULATION (IBR)
EntitiesRP1
(sen/kWh)Variance
(sen/kWh)
SingleBuyer
Generation 26.76 +0.29
Operation 0.19 -
Grid SystemOperator
0.05 +0.02
Transmission 3.66 +0.37
Distribution 7.87 +0.24
Base Tariff 38.53 +0.92
31.66
36.15
38.53
47.92
32.95
36.85
39.45
46.93
Domestic
Industrial
Base Tariff
Commercial
RP2 RP1
Average Tariff by Sectors (sen/kwh)
Average Tariff by Entities (sen/kwh)
17
18
RP2 Parameters
INCENTIVE BASED REGULATION (IBR)
Coal USD75/MT(RM14.47/mmbtu @ RM4.212/USD)RP1: USD87.5/MT @ RM3.100/USD
LNGRM35/mmbtuRP1: RM41.68/mmbtu
Regulated Gas
@1,000mmscfd
RM24.20/mmbtu (Jan’18 - Jun’18)RM25.70/mmbtu (Jul’18 - Dec’18)RM27.20/mmbtu (Jan’19 - Dec’20)RP1: RM15.20/mmbtu – RM22.70/mmbtu
RP2 Forecasted Gas Utilization: 840 mmscfd
Fuel ParametersWACC
7.3%RP1: 7.5%
Avg. Regulated Asset Based (RAB)
RM54.8bn(Avg. RAB in 2020)
RP1: RM43.6bn (Closing RAB)
CAPEX OPEX
RM18.8bn*(Approved CAPEX)
RP1: RM15.7bn (Closing CAPEX)
RM18.2bn(Approved OPEX)RP1: RM16.9bn (Closing OPEX)
1.5 million smart meters in
homes* Special
Projects
approved367,000
LED streetlights
Fibre Optic network development
for energy security &
reliability
TARIFF
39.45 sen/kwhRP1: 38.53 sen/kwh
18
19
Generation and Customer Mix
Made possible by improved coal plants performance and additional commissioning of coal plants.
Changes in Customer Mix (%) in RP1 (2015-2017)
61%33%
4%1% 1%
0.1%
Coal
Gas
Hydro
RE
LTM
LSS
RP2
RP2 Forecasted Demand Growth: 1.8 – 2.0%
INCENTIVE BASED REGULATION (IBR)
Generation Mix RP1 vs RP2
RP1 ActualRP1 Base
20.6% 22.3%
34.1% 35.1%
43.6% 40.8%
Base IBR RP1 Average Actual IBR RP1
Domestic Commercial Industrial
Coal44%
Coal49%
Note:LTM – Laos, Thailand & Malaysia Interconnection; LSS – Large Scale Solar 19
20
The Government has reactivated MyPower to drive MESI Reform 2.0
INCENTIVE BASED REGULATION (IBR)
Security
World class reliability and
security
Tariffs
Customers empowered to
lower bills ~10%
Efficient, Market driven, automated
tariffs
Customer Experience
~30% of accounts are prosumers via
EV & smart homes. Multiple energy services options
Sustainability
~20% of generation from renewables in
medium term
Enabling platform for green economy
Objectives of MESI Reform 2.0
To increase industry efficiency through:
• Greater utilisation of market-based competition
• Reduce government intervention & increase
transparency
• Cost reflective & time based tariff with targeted
subsidies
• Increase cross-border trade
To future-proof industry, structure, regulations and
key processes
to ensure the introduction of market-based
competition, adoption of new technologies,
promotion of RE and EE initiatives will add value to
consumers & improve energy security.
To empower consumers
by facilitating the growth of prosumers, at the same
time incentivising consumers to change their
consumption patterns as and when required.
Aspirations from the public for greater
participation in MESI - MyPower
Source: YB Yeo Opening Speech at CEPSI 2018 & MyPower Presentation by Dato’ Razak 20
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CO
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INTRODUCTION TO TENAGA
INCENTIVE BASED REGULATION (IBR)
BUSINESS STRATEGY & DIRECTION
CAPITAL MANAGEMENT
FINANCIAL & TECHNICAL HIGHLIGHTS
21
22
3 STRATEGIC PILLARS
Shaping Sustainable Future
BUSINESS STRATEGY & DIRECTION
22
23
International Acquisition - Four International Acquisitions to Support Aspiration
Equity interest of GAMA Enerji A.S.
30%
Assets include a 840MW natural gas-
fired plant and 117.5MW wind plants
Equity interest of GMR Energy Limited.
30%
Assets include 2,298MW coal, gas and
solar plants.
Equity interest of Vortex Solar
Investments S.a.r.l.
50%
Assets include 24 operational solar PV
Farm across England and Wales with net
installed capacity of about 365MW
Vortex Solar UK
Equity interest of GVO Wind Limited &
Blumerang Capital Limited
80%
Assets include 53 operational onshore
medium wind turbines with a total
combined capacity of 26.1MW
Tenaga Wind Ventures
BUSINESS STRATEGY & DIRECTION
23
24
11th Malaysia Plan (2016-2020)
Evolution on National Energy Policies
2014 : 26.8%
8th Malaysia Plan
(2001-2005)
• RE as the fifth fuel
• Target: 5% RE in energy
mix
9th Malaysia Plan
(2006-2010)
• RE Grid-connectivity
• Target:
o Peninsula 300 MW
o Sabah 50 MW
10th Malaysia Plan
(2011-2015)
• RE installed capacity
• Target: 985 MW of RE
by 2015
Reduction up to 45% in GHGs emission intensity of GDP compared to 2005 level
Formulation of a comprehensive demand side management (DSM) master plan
Renewable energy installed capacity of 8,885MW by 2020
2017: 7,260MW*
NEW RE TARGET SET BY MESTEC
20% of Total Installed Capacity
by 2025
MESTEC = Minister of Energy, Science, Technology, Environment and Climate Change
1979 1980 1981 2001 2009
National Energy Policy
2011
National Depletion Policy
National Fuel Policy
National Fuel Policy
National Green Technology Policy
RE Act and SEDA Act
Government Green Development Plan
• Minimise negative impacts
on the environment
• Promote efficient utilisation
of energy
• Green Technology as the
driver to accelerate the
national economy
• Promote Sustainable
Development
2017: Completed DSM Preliminary Study
* The increase in the total installed capacity of RE is based on the adoption of theASEAN definition of RE by Malaysia in 2016 which takes into account all types of hydroenergy in the calculation without limiting their capacities.
BUSINESS STRATEGY & DIRECTION
Renewable Generation - Government Green Policy & Initiatives
24
25
BUSINESS STRATEGY & DIRECTION
• Clean coal plant – Ultra-Supercritical technology
• District Cooling System -Significant cost savings in air-conditioning expenses and environmentally-friendly technology (i.e. KLIA2, IJN, UiTM Seremban 3, BMC Abu Dhabi)
• Demand Side Management -Promote efficiency, increase system reliability and reduce peak electricity demand
Green Projects
• Preserving animal habitat such as Kelah sanctuary and Lampan Sungai fish breeding
• TNB Youth Environmental Education & Awareness Programme focusing on National Elephant Conservation Center at Sungai Deka, Hulu Terengganu.
Biodiversity Management
TNB Green Energy Policy
TNB Environmental Policy
International (284MW)
Domestic (62MW)
• TNB Sepang Solar – 50MW• Biomass (10 MW) JV with Felda
@ Felda Jengka, Pahang• Biogas (3.2 MW) JV with Sime
Darby Plantations, @ Layang-layang, Johor and Bagan Datuk, Perak
• Floating solar in Sg Labu WTP in Sepang - 108kWp
• TNB Vortex Solar, UK - Solar (182.5MW)
• TNB Wind Ventures, UK - Wind (20.9MW)
• GAMA, Turkey - Wind (33.8MW), Hydro (39.4MW)
• GMR, India – Solar (7.8MW)
Renewable Generation
• Strategic partner with Department of Environment (DOE) to promote Guided Self Regulation (GSR) for environmental management within Malaysia.
• GSR is an initiative to transform regulation enforcement and build a culture of better environmental awareness and management.
Environment Management
Commissioned In the pipeline
Domestic
• Bukit Selambau – 30MW• GSPARX Rooftop Solar –
Target 500MW by 2020
Renewable Generation
• GMR Bajoli Holi, India – Hydro (Gross 180MW)
International
25
26
TNB Sepang Solar
50 MWCOD: 19th Nov 2018(Completed)
TNB RE Targets by 2025
1,700MW
TNB Bukit Selambau
30 MWCOD: 31st Dec 2020
As at to date:
International - 280MW
Domestic - 80MW *
Building Renewable Energy Portfolio for Greener Future
BUSINESS STRATEGY & DIRECTION
Note: PPA Tenure 21 years
Large Scale Solar (LSS)
2726
*exclude RE below 30MW*
Physical Progress: 22%(Planned: 19%)
27
Conventional Generation Projects
BUSINESS STRATEGY & DIRECTION
Jimah East Power
2,000 MWCOD:
U1: 15th June 2019, U2: 15th Dec 2019Physical Progress: 98%
(Planned: 99%)
Coal
Southern Power Generation
1,440 MWCOD:
1st July 2020Physical Progress: 74%
(Planned: 71%)G
as
2827
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INTRODUCTION TO TENAGA
INCENTIVE BASED REGULATION (IBR)
BUSINESS STRATEGY & DIRECTION
CAPITAL MANAGEMENT
FINANCIAL & TECHNICAL HIGHLIGHTS
2928
29
Highest Dividend Payout at 56% of Adjusted PATAMI
Dividend Policy
Distribution of dividend is based on 30% to 60% dividend payout ratio, based on the reported Consolidated
Net Profit Attributable to Shareholders After Minority Interest, excluding Extraordinary, Non-Recurring items
CAPITAL MANAGEMENT
29
10.0 10.0 17.030.3
19.0 22.0
44.0 23.0
FY2015 FY2016 FY2017 FY2018
Interim Dividend Final Dividend
61.0 53.3
Dividend
Payout
(PATAMI)27% 25%
50% 56%
Dividend
Yield
2.6% 2.2%
4.3% 3.9%
FY2018
Group PATAMI
(RM bn)3.72
Net Adjustments*
(RM bn)1.70
Adjusted Group PATAMI
(RM bn)5.42
Distributable Group
PATAMI for Dividend
(RM bn)
3.03
Dividend Payout Ratio 56%
Dividend per
share (sen)
Total 53.27
Interim 30.27
Final 23.00
Dividend
Per Share
(sen)
32.029.0
* Breakdown of adjustments:a) Impairments – RM1.1bnb) FOREX Translation loss – RM0.4bnc) SESB Tariff & Fuel Subsidy – RM0.3bnd) Net Salary Adjustment – (RM0.1bn)
30
Gearing Level Registered at 44.8%
CAPITAL MANAGEMENT
30
Total Debt (RM' Bil) 47.8
Net Debt (RM' Bil) 29.6
Gearing (%) 44.8
Net Gear ing (%) 27.7
Fixed : Floating 95:5
Weighted Average Cost of Borrowing 4.98
Final Exposure 4.99
Statis tics 31st
Dec '18
Closing FOREX 31st Dec’18
USD/RM 4.14
100YEN/RM 3.75
GBP/RM 5.27
USD/YEN 110.28
* Net Debt excludes deposits, bank and cash balances & investment in UTF
Note:
Debt consists of Principal + Accrued Interest + Accounting Treatment (FRS139)
** Inclusive of interest rate swap
**
*
RM bn
32.9
6.0
2.5 0.0 0.1
35.4
9.2
2.5 0.6 0.1
RM USD JPY GBP OTHERS
Dec-17
Dec-18
74.1%
19.3%
5.3%1.3% 0.1%
31
CO
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INTRODUCTION TO TENAGA
INCENTIVE BASED REGULATION (IBR)
BUSINESS STRATEGY & DIRECTION
CAPITAL MANAGEMENT
FINANCIAL & TECHNICAL HIGHLIGHTS
31
32
Financial Performance Overview for FY’18
FINANCIAL & TECHNICAL HIGHLIGHTS
32
15.47
13.37
14.66
FY'17 ReportedFY'18
NormalisedFY'18
RMbn
47.42
50.39
FY'17 FY'18
6.16
3.755.44
0.75
FY'17 ReportedFY'18
NormalisedFY'18
REVENUE EBITDA PAT
• Higher revenue due to net
increase in sales of
electricity after other
regulatory adjustments and
ICPT
• Lower EBITDA mainly due
impairment for :
i) GAMA of RM0.50bn
ii) GMR of RM0.30bn
iii) Financial guarantee for GAMA
of RM0.27bn
• PAT further reduced due tosubstantial forex translationlosses of RM0.39bn
• Normalised PAT of RM5.44bnAfter One-Off Adjustments
Other Regulatory Adjustment
allowed to keep (post-tax)
6.91
26.5%32.6%
EBITDA Margin
29.1%
33
Consistent Technical Performances
FINANCIAL & TECHNICAL HIGHLIGHTS
33
Distribution
SAIDI
48.19 minsFY’17 : 50.20 mins
0.35 minsFY’17 : 0.23 mins
Transmission
System Minutes
Equivalent
Plant Availability
Factor (EAF)
89.92%*FY’17 87.30%*
Note :
*The figure is for all TNB plants
Previously, the EAF figure disclosed only include SLA plants and JMJG : 89.94% as at FY’18 / 89.5% as at FY’17
34
DISCLAIMER
All information contained herein is meant strictly for the use of this presentation only
and should not be used or relied on by any party for any other purpose and without the
prior written approval of TNB. The information contained herein is the property of
TNB and it is privileged and confidential in nature. TNB has the sole copyright to such
information and you are prohibited from disseminating, distributing, copying,
re-producing, using and/or disclosing this information.
35
CoE Investor Relations
Group Finance Division
Tenaga Nasional Berhad
4th Floor, TNB Headquarters
No.129, Jalan Bangsar,
59200 Kuala Lumpur, MALAYSIA
+603 2296 6748
+603 2284 0095
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1) Ms. Anis Ramli
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2) Mr. Ahmad Nizham Khan
+603 2296 6951
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+603 2296 3618
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