Presentation Title The Tata Power Company Ltd.
The Tata PowerCompanyLtd.PresentationTitle ( Arial,Font size 28)Date, Venue, etc.( Arial, FontOctobersize 18 ) Message Box ( Arial, Font size 18 Bold)2016
DisclaimerThis document does not constitute or form part of and should not be construed as a prospectus, offering circular or offering memorandum or an offer to sell or issue or the solicitationof an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of thisdocument, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This documentis not financial, legal, tax or other product advice.This presentation should not be considered as a recommendation to any investor to subscribe for, or purchase, any securities of the Company and should not be used as a basis forany investment decision. This document has been prepared by the Company based on information available to them for use at a presentation by the Company for selectedrecipients for information purposes only and does not constitute a recommendation regarding any securities of the Company. The information contained herein has not beenindependently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness orcorrectness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (innegligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. Furthermore, no personis authorized to give any information or make any representation, which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent informationor representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. Thisdocument is highly confidential and is given solely for your information and for your use and may not be retained by you nor may this document, or any portion thereof, be shared,copied, reproduced or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any personin possession of this presentation should inform themselves about and observe any such restrictions. By accessing this presentation you acknowledge that you will be solelyresponsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming yourown view of the potential future performance of the business of the Company.The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement,amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements arebased. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to anyadditional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent.This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This presentation is meant to be received onlyby the named recipient only to whom it has been addressed. This document and its contents should not be forwarded, delivered or transmitted in any manner to any person otherthan its intended recipient and should not be reproduced in any manner whatsoever.This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration, or an exemption fromregistration, under the U.S. Securities Act of 1933, as amended. Any public offering in the United States may be made only by means of an offering circular that may be obtainedfrom the Company and that will contain detailed information about the Company and management, as well as financial statements.This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faithand, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financialcondition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed orimplied by such forward-looking statements. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes ordevelopments in the Company’s business, its competitive environment, information, technology and political, economic, legal and social conditions in India. Given these risks,uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. In addition to statements which areforward looking by reason of context, the words ‘anticipates’, ‘believes’, ‘estimates’, ‘may’, ‘expects’, ‘plans’, ‘intends’, ‘predicts’, or ‘continue’ and similar expressions identify forwardlooking statements. Message Box( Arial, Font size 18 Bold)1
Tata GroupPromoterShareholding (%)173.4 Tata Sons is the principalshareholder of the Tata GroupListed CompaniesTata Consultancy Services75.67 66% of Tata Sons owned byCharitable TrustsTata Motors23.8833.0Tata Steel5.5131.4 Approx. 6,40,000 employeesTitan5.3653.1Tata Power3.0933.0Tata Communications2.1475.0Tata Chemicals2.1131.0Tata Global Beverages1.3235.7Indian 750.1 Group Revenue US 103 billionand Market capitalization ofaround US 123 billion Presence across 150 countriesMkt Cap ( bn)2Notes:1 As of June 30, 2016: Source NSE2 Conversion rate of 1US INR 67 Message Box( Arial, Font size 18 Bold)2
Tata Power Company – Truly Diversified Investments TTML(1)TTSL(1)PanatoneTata on Powerlinks MumbaiDelhi: TPDDLJamshedpur : Tata Power Jamshedpur Distribution Tata Power Trading Indonesian Coal Mines – KPC, Arutmin(2)Indonesian Coal Mine – BSSRTrust EnergyDivisionOther SPVsSEDTata Projects48%InvestmentCGPL (Mundra UMPP)MaithonIELDagachhuGeorgia joberaHaldia Distribution Fuel & Logistics% stakes100%74%74%26%40%Wind %30%26%100%Notes:(1) TTML: Tata Teleservices (Maharashtra) Ltd, TTSL: Tata Teleservices, Tata Comm: Tata Communications Ltd(2) On January 30, 2014, Tata Power signed an agreement for the sale of its 30% interest in Arutmin and associated companiessubject to certain closing adjustments, certain conditions and restructuring Message Box( Arial, Font size 18 Bold)3
Well Calibrated Growth Strategy (In MW)Notes: (1) Figures have been rounded off Message Box( Arial, Font size 18 Bold)4
Pan-Indian portfolio with global presence .India & neighboring countriesInternational presenceOperational:PunjabThermal7810 MWHydro573 MWWind1032 MWSolar942 MW TransmissionDugar Hydro229 MW Wind PowerProjects (Operational) 50:50 JV with ExxaroResourcesDistributionDelhiTPDDLRithala (TPDDL)SOUTH AFRICAPowerlinksGEORGIADevelopment of three hydroprojects in 2 phases of 185MW and 115 MWDHPC Bhutan 126MWRajasthanBiharMundraGujaratMundraMadhya PradeshMumbaiMaithonMaithonJojoberaIELTiruldih 1980 MW (UD) HaldiaBeguniaMaharashtraKalinganagarUnder Execution/Development:Hydro400 MWUnder a Pradesh8712 MWWind377 MWHydro449 MWTamil Nadu Notes:(1) Mumbai includes the power plants in Trombay, Bhira, Bhivpuri, Khopoli and certain Wind projects(2) Projects under execution / development: UE – under execution; UD – under development(3) Some projects under execution/development are overseasINDONESIAZAMBIA120 MW Itezhi Tezhi HydroPower Project (Operational)50:50 JV with ZESCO 30% stake in coal mines –KPC 26% stake in PT BaramultiSukses Sarana TbkTotal Gross capacity of 10,477 MW Message Box( Arial, Font size 18 Bold)5
High Quality Risk Management in a tough MarketCapacity Break-upBreak-up of Tariff ModelsWhr/FG3%Solar9%Merchant2%Wind10%Competitvely Bid42%Hydro7%Regulated / Feed-in/ Negotiated PPAs56%Thermal71%Non-Fossil fuel capacity nearly 30%.Almost entire capacity on Long-term PPAs withmajority on Regulated / Pass-through PPAsDiversified across fuel and tariff models Message Box( Arial, Font size 18 Bold)6
TRANSMISSION with presence across the Value ChainTransmission – MumbaiPowerlinks Transmissions Limited Tata Power is amongst the 3 transmission licenseesthat bring power into Mumbai1,100 CKm of 220KV / 110KV lines and 20 receivingstationsNetwork upgrade and capacity expansion projects arebeing carried out to meet the load growth in Mumbai DISTRIBUTION JV between Tata Power (51%) and Power Grid Corporation ofIndia Ltd. (49%)India’s first private sector inter-state transmission project, on aBuild Operate Own and Transfer (BOOT) basisFormed to distribute power from the Tala Hydro project in Bhutanand north eastern and eastern states to New Delhi and adjoiningareasConsists of 1,166 Kms of 400 KV double circuit EMV transmissionlineDistribution – MumbaiTata Power Delhi Distribution Limited Customer base of over 5 lakh retail customersTata Power Jamshedpur Distribution Limited Subsidiary of Tata Power (51%) with the remaining 49% held byGovernment of DelhiLicense to distribute power to north and north-west DelhiAmongst the 3 private licensees in DelhiOver 13 lakh customersDistribution franchisee of JSEB in Jamshedpur Message Box( Arial, Font size 18 Bold)7
Other Key BusinessesTata Power TradingShippingSubsidiaries 100% subsidiary, holds a trading license for a period of 25 years starting from 2004Holds a Category I trading license, which permits it to trade any amount of power Trust Energy Resources Pte Ltd incorporated in Singapore for owning bulk carriers to meet shippingrequirements and trading in fuel, Energy Eastern Pte Ltd incorporated for chartering of shipsTo be met through a combination of long term charters and out right purchases of cape size vessels –3 long term charters signed and 2 cape size ships purchased Solar Cell Manufacturing Facility at Bengaluru, Karnataka Has four main business lines: manufacturing and sale of solar photovoltaic cells and modules providing engineering, procurement and construction/commissioning services as well as operations and management services to solar project developers, developingand selling solar photovoltaic products in rural markets developing and selling solar thermal (water heating) products in urban markets Originated as an internal R&D unit for power electronics; designs and develops electronic devices SED was awarded the order to modernize airfield infrastructure for the Indian Air Force Does not manufacture ammunition or explosives of any kind, including cluster bombs andanti personnel minesTata Power SolarSystems Ltd.Strategic EngineeringDivision (SED) Message Box( Arial, Font size 18 Bold)8
Existing Portfolio –Stabilized Operations Message Box ( Arial, Font size 18 Bold)
Mumbai and Delhi regulated 055REGULATED EQUITY (RS CR)Mumbai business Steady capex towards distributioninfrastructurestrengtheningandnetwork expansion resulting in robustregulated equity growth.FY16 Regulatory assets at Delhi andMumbai on declining trend in FY16. Message Box( Arial, Font size 18 Bold)10
CGPL – Efficient Operations & Lower Fuel Costsleading to improved performanceParticularsFY14FY15FY16 Declining coal costs and improvingoperational performance have helpedPLF (%)68.3%75.9%73.1%improve Mundra’s profitability. APTEL, in its judgment on April 7th,Revenue (Rs Cr)5,6505,8945,8192016 had accepted change inIndonesian law as a Force MajeureEBITDA (Rs Cr)7978861,164event CERC is in the process of quantifuingPAT (Rs Cr)the relief as per PPA terms,(1,492)(898)(306) Supreme Court to hear the matter onceFuel cost underrecovery(/kWhr)-0.58-0.43-0.30CERC comes out with its order Message Box( Arial, Font size 18 Bold)11
Maithon Power – Stabilized PerformanceParticularsPLF (%)FY1469%FY1573%FY1678% Entire capacity fully tied-up throughLong Term PPAsRevenue (Rs Cr)2,2932,2832,312 Steady improvement in Plant LoadFactor (PLF) Plant operating with healthy operatingEBITDA (Rs Cr)755841793PAT (Rs Cr)103211189margin of over 35% Message Box( Arial, Font size 18 Bold)12
Coal business – Efficiency improvements mitigatemargin pressuresFY14FY15FY16Coal mined (mnte)83.082.881.0Coal sold (mnte)85.082.280.8Net revenue after royalty (US /te)52.644.939.3COGS (US /te)38.833.329.6Net margin (US /te)13.911.69.7Coal soldNet 0480.8797820FY14FY15FY16(US /te)8516 Weakness in global coal prices affectedbusiness’s net margins Efficiency improvements reduce costs Recent revival in coal prices to improvemargins Company has entered into an agreementto sell its 30% stake in Arutmin coal mines The deal closure is pending for satisfactionof Condition precedent The deal is expected to be consummatedthis quarter. Message Box( Arial, Font size 18 Bold)13
Timely completion of Overseas ProjectsSouth-AfricaZambiaGeorgia(under construction)Capacity (MW)229 [Wind]120 [Hydro]185 [Hydro]JV Partner(s)Exxaro (50%) – A SA basedmining groupZESCO (50%)Clean Energy (40%); IFC 20%Tata Power’s stake50%50%40%Project Cost ZAR6,800 mn for entire 229MWUS 200 mnUS 404 mnPower offtakePPA with Eskom for 20 yearsPPA with ZESCO for 25years.Primarily to Turkey onMerchant basisFinancial ClosureDone for the projectDone for the projectDone for the ProjectCommissioningAugust 2016March 2016FY2017SA and Zambian Projects to start contributing to cash flows from this fiscal Message Box( Arial, Font size 18 Bold)14
Growth Opportunities andStrategies Message Box ( Arial, Font size 18 Bold)
Indian Power Sector - Growth driversGDP growth to drivedemand for powerGovernment focusedon providingElectricity to AllSuccessfulimplementation ofUDAY to drivedemandStrong push forGreen Energy GDP of India projected to grow at nearly 8%Strong correlation between GDP growth and demand for power India has one of the lowest per capita consumption of power (1/3 rd of world average)Government initiatives targeting 100% electrificationSignificant growth potential supported by latent demand in Rural areas UDAY focusing on improving fundamental of State owned distribution companies Measures to improve operational and financial efficiencies Successful implementation can lead to increased demand from Discoms for existing as well as newcapacities Target to achieve 175 GW of Renewable Power Capacity by 2022 from the present 43 GW Introduction of Renewable Generation Obligation (RGO) Draft Renewable Energy Act under discussion National Renewable Energy Policy and Plan to be formulated Message Box( Arial, Font size 18 Bold)16
Tata Power – Strategic FocusSustainable Profitable Growth Message Box( Arial, Font size 18 Bold)17
Strategies for GrowthGenerationDistributionTransmissionValue AddedServices Greenfield projects in India and Overseas [Selectively]Expansion of existing sitesAcquisition of Operating / Nearly Operating Power Projects in conventional and renewablespace PPP model successful in the pastSome states pursuing Franchise ModelsAmendment of Electricity Act to segregate Wires and Supply to open up opportunities in Distribution Open Access, Inter-Regional Power Transfers and increased Renewable Power Capacity to drivecapacity growth Potential for expanding transmission network in Mumbai and Delhi License Areas Leveraging experience to provide O&M Services for power plants Grow Solar EPC business to tap capacity growth in Solar Power Expand Power Trading business to tap into growing volumes in traded power Message Box( Arial, Font size 18 Bold)18
Renewable Energy - Key growth areaAttractive SectorStrategy for growthTPREL wellpositioned tocapitalize onopportunitiesUnique strengths ofthe portfolio High growth potential – Strong push by Government ie 100GW Solar and 60GW WindEase of project executionNo dependence on fuel sourcesLong Term PPAs with fixed tariffsFalling TariffImprove operational performance of existing assetsComplete projects under construction in time and at optimal costs to improve returnsContinue to participate in green field growth opportunitiesAcquire operating assets with potential for value enhancement TPREL has become the largest renewable player in the countryHas nearly 2,000 MW of operating capacity*More than 400 MW of projects under construction Diversified Pan-India presence across 11 states Diversified OEM supplier base and tier-1 module suppliers Long Terms PPAs at attractive tariff Innovative and superior O&M capabilities* Including 500 MW of renewable assets being carved out from Tata Power Message Box( Arial, Font size 18 Bold)19
Tata / ICICI PlatformResurgent Power ObjectivePotentialBenefits forStakeholders Creation of ‘Platform’entity by Tata Power subisdiary along with ICICI Ventures as co-sponsorsCommitments from other key investors such as CDPQ and SGRFCommitment of up to US 850 million as capital by sponsors and investorsTata Power International Pte Ltd to have 26% stakeFacilitate investments in power projects in India which are in advanced stages of / near operational oroperatingAssets to be acquired over the next 2-3 years More than 25,000 MW of capacities in various stages of completion / operationMany of these capacities are in difficult stages and developers are looking to exit and lenders arelooking for strong sponsors TPIPL to provide technical expertise for identifying assets Platform to benefit from Operational & Maintenance management expertise of Tata Power Message Box( Arial, Font size 18 Bold)20
.Key Strategic PrioritiesOpportunity in stranded Thermal AssetsBig Push for RenewablesSelect Overseas InvestmentsReduction of Non-Core InvestmentsMaintaining Balance Sheet at target levels .Careful evaluation of Investment decisions through risk filters Message Box( Arial, Font size 18 Bold)21
Financials Message Box ( Arial, Font size 18 Bold)
Snapshot Consolidated Financials(in Rs. Cr)(in US mn)FY16FY15FY14FY16FY15FY14Revenue fromOperations (Net)36,46134,36735,6495,4425,1295,321Operating ing (84)EBITDA8,0707,3577,1451,2041,0981,066Less: 0355325407EBIT5,6945,1824,415850773659Less: Finance Costs3,4773,6993,440519552513Profit Before Tax2,2171,483975331221146Less: Tax Expenses,Exceptional Items1,1501,0751,008201160150Net Profit/(Loss) after Taxbefore minority interest1,067408(33)15961(5)Add: Other IncomeNotes: 1. Figures in USD are at an exchange rate of INR67/USD2. Other income also includes gain/(loss) from forex Message Box( Arial, Font size 18 Bold)23
Leverage ratio (Consolidated)Net Debt / Equity (x)32.562.28 2.32 2.29 2.322.5 2.232.32.2
Tata Consultancy Services Tata Motors Tata Steel Titan Tata Power Tata Communications Tata Chemicals Tata Global Beverages Indian Hotels Voltas Trent Rallis Notes: 1 As of June 30, 2016: Source NSE 2 Conversion rate of 1US INR 67 Promoter Shareholding (%)1 73.4 33.0 31.4 53.1 33.0 75.0 31.0 35.7 3
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TABE 11 & 12 READING PRACTICE TEST LEVEL M. Read the passage. Then answer questions 1 through 7. Whale Watching. Across the blue, rolling waves, a dark hump rises from the sea. It slides out of sight as an enormous tail lifts and falls. As it does, another hump rises beside it and begins the same dance. Several people cheer from the pontoon boat. Some raise their cameras, while others lift .
