TRC Construct ion Publ ic Company L imited

Opportunity Day 7 December 2018

3 rd Quarter 2018

Operat ing Performance 1

Content

Financial Highlights

Bidding Projects

New Projects & Backlog

Mission, Vision, Core Value 3

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TRC VISION

“เรามงม นทจะสรางสรรคนวตกรรมและตอบสนองความตองการทดท สดใหกบลกคาท งในประเทศและภมภาค

เอเซยตะวนออกเฉยงใต (CLMVT)”

“A Pioneer Organization who delivers innovative project solution in the region” (CLMVT)

Approved by the Board of Directors’ Meeting on 12 November 2018 3

TRC Mission ▀ To our shareholders and partners

We will deliver sustainable returns through good governance.

สรางผลตอบแทนทนาพงพอใจอยางย งยนและบรหารงานอยางโปรงใส

▀ To our customer

We will deliver excellent service with high punctuality , environmental and safety awareness to ensure our clients’ success. สงมอบบรการทมคณภาพ ตรงตามเวลามความปลอดภย และน ามาซงความส าเรจของธรกจลกคา

▀ To our society We will conduct business with good corporate responsibility. เราจะบรหารจดการธรกจ ดวยความรบผดชอบตอสงคม ชมชน และสงแวดลอม

▀ To our employees

We will create best working environment and become the best Operational – excellence organization. เราจะสรางเสรมบรรยากาศการท างานใหดท สดและเปนองคกรทมการปฏบตการทมง สความเปนเลศ

:TRC Vision, Mission, Core Value and Strategy 01

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01 :TRC Vision, Core Value and Strategy

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TRC Core Value

Open-Minded

Innovative

Systematic Working

Enthusiasm

Passion

Standardization

Positive Thinking

Corporative

Teamwork

Acceptance

Ownership

Engagement

Communication

Risk Awareness

Volunteer

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Next 7

5. Engage customer with new technology and co-creation project 6. Develop customer value management program 7. International standard recognition

Professional with “ BE TRC ”

Center of Service and Solution Excellence

Customer Engagement

Sustainable Revenue and Profitable Growth

8. Develop center of service solution excellence

9. Develop human capital and talent management 10. Enhance employee engagement

Strategy : Key for Long Term Success Top 10 in total revenue in

construction service industry

Top 5 in % net income in construction service

industry (% of revenue)

Dividends from investment > 100 MB with threshold > 15%

Vision : “A Pioneer Organization who delivers innovative project solution in the region”

(CLMVT)

1. Focus on energy, petrochemical and infrastructure business with emphasizing on high value project and expanding to the region (CLMVT)

2. Accelerate new business development (JV or Investment)

3. JV & Corporate with strategic partner 4. Operation excellent

(Efficiency & Effectiveness)

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Strategic Objectives (SO) BALANCED SCORECARD

■ Sustainable revenue and profitable

growth ■ Customer Engagement

มงสรางความผกพนของลกคาดวยการใหการบรการโดยมงเนนคณภาพอยางสม าเสมอและตอเนองเพอใหลกคาไดรบประโยชนตามความคาดหวงเกดความพงพอใจ,ผกพนและมความสมพนธทดตอเนอง

■ Operational & Service Excellence

มงเนนการใหบรการ EPC ครบวงจรตรงตามความตองการและความคาดหวงของลกคาดวยคณภาพทเปนเลศเปนทยอมรบโดยค านงถงมาตรฐานในระดบสากลมความปลอดภย อาชวอนามยและค านงถงสงแวดลอมเปนส าคญ

■ Employee with Professional Development

and Governance

เปนบรษททมสมรรถนะสงมงมนพฒนาบคลากรใหมความเปนมออาชพ มทกษะประสบการณความช านาญดวยวสยทศนในการด าเนนธรกจ อกทงตระหนกถงความส าคญของการเปนบรรษทภบาลดแลสงคมและสงแวดลอมในการอยรวมกนอยางยงยน

:TRC Vision, Value and Strategy 01

มการเจรญเตบโตของธรกจอยางยงยนจากการรบเหมากอสรางอยางครบวงจร พรอมทงมการลงทนในธรกจทมศกยภาพและโอกาสทางธรกจประเภทบรการโซลชนทม นวตกรรมทงในและตางประเทศ

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Financial Highlights

Bidding Projects

New Projects & Backlog

Mission, Vision, Core Value

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Content

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The construction of overpass bridge,

Na Ranong Intersection

Improvement of Samwa Road

Project Owner Bangkok Metropolitan Administration Metropolitan Electricity Authority Bangkok Metropolitan Administration

Scope of Works Construction of overpass bridge,

Na Ranong Intersection

Construction of Manhole and Underground Duct Bank on

Rama 3 Road

Expansion of the existing road and utility system

Project Location Na Ranong Intersection, Klong Toey,

Bangkok

Rama 3 Road Samwa Road, Minburi, Bangkok

Contract Value Baht 1,257 million Baht 267 million Baht 172 million Construction Period 900 days 792-day

360 days

Contract Signed Date 25 September 2018 7 December 2018 28 September 2018

SKW obtained 2 Infrastructure Projects during Sep-Dec 2018 The significant projects consisting of

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Project Owner: PTT Oil and Retail Business

Public Company Limited (PTTOR)

Project Value: Baht 600 million

Scope of Works: EPC of Lubricants Distribution Center,

Installation Automated Storage and

Retrieval System (AS&RS)

Project Location: Amphur Bang Pakong,

Chachoengsao Province

Project Period: 450 days

Contract Signed Date : 29 October 2018

Oct 2018: SKW obtained AS/RS Project from PTTOR

Automated Storage and Retrieval System (AS/RS)Technology Project

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TRC Group Backlog

3,487 3,786

2,480

4,635

1,707

124

2,616

1,200

2,077

3,274

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2014 2015 2016 2017 30-Sep-18 TRC SKW

+ new projects in 4th Qtr

900

3,611

6,402

(MB)

3,680

5,881

6,712 30,476

AS/RS Warehouse 600 MB

+

Na Ranong Intersection (MEA

Part)

267 MB

+ 2 small project

30 Sep 18 = 4,981

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New Projects in 4th Qtr

Backlog as at 30 September 2018

Backlog by Scope of Works

Scope of Works No. of Projects Remaining Value (MB)

Pipeline System 7 1,174

Civil Work 10 3,494

Processing Plant 1 313

Total 18 4,981

Backlog by Company

Company No. of Projects Remaining Value (MB)

TRC 8 1,707

SKW 10 3,274

Total 18 4,981

TRC

.

SKW

.

Processing

Plant 6.3%

Pipeline

System 23.6%

Civil Work

70.1%

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Projects on Hand Period

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Contract

Value (MB)

Remaining

Value (MB)

TRC Projects:

1st Transmission Pipeline Life Extension 3,237.76 367.81

LNTP for Turnkey Delivery of APOT Project Surface Processing and Facilities 711.36 226.07

Revamp LPG Transfer Pump to Domestic BRP 208.50 1.71

BV4.19 PIG Launcher and Receiver Installation 229.28 37.81

RDCC Catalyst Cooler 492.00 313.06

The 5th Transmission Pipeline, Phase 1 (Subcontractor from Sinopec) 755.23 689.22

BCM Naphtha and Pygas Pipeline (Option 1 RTC Area) 80.00 11.38

BCM Naphtha and Pygas Pipeline (Option 2 Interconnecting Pipeline) 74.50 59.60

New Project in the 3rd Qtr 2018:

Distribution Gas Pipeline Project  to PTT NGV Station P.N. Petroleum 14.85 14.85

Total TRC Projects 5,803.47 1,721.51

SKW Projects:

Construction, Improvement and Expansion of Waterworks, Koh Samui 855.23 6.84

The Kanlapaphruek Road Extenstion 849.72 719.19

Improvement of Pracharuamjai Road – Mitmaitri Road 990.84 785.17

Other 4 projects (@ < 100 MB) 196.37 29.62

Highway Route No. 4 A. Takua Pa, Phang Nga Province 347.38 304.97

New Projects in the 3rd Qtr 2018 - early of Dec 2018:

Construction of overpass bridge, Na Ranong Intersection- BMA 1,257.08 1,257.08

Construction of overpass bridge, Na Ranong Intersection - MEA's Part 267.29 267.29

Expansion of existing road and utility system, Samya Road, Minburi, Bangkok 171.54 171.54

Elevated highway, Lamkaen Tablamu, Phang Nga Province 17.76 17.76

Lubricants Distribution Center Project 600.00 600.00

Total SKW Projects 5,553.22 4,159.48

Total TRC Group Projects 11,356.69 5,880.99

Q4 2018

20212015 2016 2017 2018 2019 2020

Completed 99.2%

Remaining 0.8%

Significant Ongoing Projects

PTT’s 1st Transmission Pipeline Life Extension (3,238 MB) by TRC

Provincial Waterworks Authority’s Construction, Improvement and Expansion of Waterworks, Koh Samui

(855 MB) by Hydrotek Sahakarn JV

Pipeline

Completed 88.6%

Remaining 11.4%

Project period: Feb 15 - Sep 19

Project period: Aug15 - Dec 18 PTT’s BV4.19 PIG Launcher and Receiver Installation Project (229 MB) by TRC

Completed 83.5%

Remaining 16.5%

Project period: Sep 17 – Nov 18 16

Significant Ongoing Projects

Processing Plant

Completion 36.4%

Remaining 63.6%

Project period: Sep 17 - Jun 19

RDCC Catalyst Cooler Project Part 2 Back Pressure Steam Turbine and Utilities System (492 MB) by

TRC

Pipeline PTT’s the Fifth Transmission Pipeline Project, Phase 1, Subcontractor for The 14 block valve & facility stations from Sinopec (755 MB) by TRC

Completion 8.7%

Remaining 91.3%

Project period: Feb 18 - Oct 20

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Civil Work

Significant Ongoing Projects

Department of Highway’s Extension Kalapapruek Road (850 MB) by SKW C ompleted

15.4%

Remaining

84.6%

Project period: Mar 17 - Aug 19

Improvement of Pracharuamjai Road – Mitmaitri Road (991 MB) by SKW

Project period: Sep 17 - Sep 19

C ompletion

12.2%

Remaining

87.8%

Project period: Feb 18 - Oct 19

Highway Route No. 4 A. Takua Pa – A. Thai Mueang between Km.803+000.00 to Km.813+300.00 (347 MB) by SKW

C ompleted

20.8%

Remaining

79.2%

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Financial Highlights

Bidding Projects

New Projects & Backlog

Mission, Vision, Core Value

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Content

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Bidding Projects in the 3rd & 4th Qtr 2018: More than 10,000 MB

By SKW: Thailand Smart Metro by MEA- 3 routes 5,000 - 5,300 MB Construction of Pharmaceutical Factory-GPO 5,000 MB Construction of Hospital Building 800-900 MB Clarified Water Project Phase II (Gulf Power Plant)-East Water 600-700 MB AS/RS Warehouse, Amazon Coffee-PTTOR 600-700 MB Road Construction, Donsinon, Chachoengsao 560 MB

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By TRC: Refined Glycerin Plant Project- Bangchak Bio Fuel 350-400 MB Field Storage Tanks Fabrication and Installation Works*- PTT’s LNG Nong Feb Receiving Terminal Project 200 MB (submitted bid as subcontractor)

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Refined Glycerin Plant

Bangchak Biofuel Company Limited

• The new Refined Glycerin Plant which be able feed crude glycerin from existing

biodiesel is 100 Tons/day of feedstock to convert crude glycerin from BBF

Biodiesel plant 1 & 2(FEED OPTION B) to refined glycerin at Bang-pa-in district

Pra nakorn sri Ayutthaya province.

• The plant shall be designed with automation control system to operate 24 hours a

day, 330 minimum working days per year and shall be operate as continuous process.

Thailand Smart Metro by Metropolitan Electric Authority (MEA)

• Completed: 41.9 km.

• During Processing: 40 km.

• Plan: 127.3 km.

• Period: To be completed within 2021

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In the 4th quarter 2018, SKW submitted bid for 3 routes of “Smart Metro” consisting of

• Ratchada-Asok, mid-price 3,374.84 MB

• Rama IV, mid-price 587.58 MB • Ratchada-Rama 9, mid-price 2,679.17 MB

Potential Bidding Projects

Clean Fuel Project (CFP)

Thai Oil Group Floating Storage and Regasification Unit (FSRU)

EGAT

โครงการทอสงกาซธรรมชาตจากสถาน เกบรกษาและแปรสภาพกาซธรรมชาตจากของเหลวเปนกาซแบบลอยน า (FSRU)

ไปยงโรงไฟฟาพระนครใต ระยะทาง 58 กม.

TOP’s EGM held on 27 August 2018 resolved to approve the

investment in the Clean Fuel Project with the project value of

approximately USD 4,825 or approximately Baht 160,279 million. The period of the project will be 2019 - 2023.

FSRU’s 3 Pilot Projects, 2-year cooperation between EGAT and PTT

• FSRU in northern part of the gulf of Thailand

• FSRU in southern region to substitute for JDA’s supply

• FSRU in Myanmar for further development with EGAT’s power plant

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Financial Highlights

Bidding Projects

New Projects & Backlog

Mission, Vision, Core Value 3

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Content

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Operating Performance : 9-M 2018

465 479646

1,840

1,590

Q1/2018 Q2/2018 Q3/2018 9-M 2017 9-M 2018

2% QoQ

14% YoY

Unit : MB Services Income & Sales

9-M 2017 9-M 2018

55

-12

96

192

139

Q1/2018 Q2/2018 Q3/2018 9-M 2017 9-M 2018

9

-45

4353

7

Q1/2018 Q2/2018 Q3/2018 9-M 2017 9-M 2018

28% YoY

122% QoQ

EBITDA

600% QoQ 87% YoY

16.4

20.321.5

18.8 18.7

7.7 7.8

3.82.8

0.4

-5.0

5.0

15.0

25.0

9-M 2017 9-M 2018

Gross Profit Margin Net Profit (Loss) Margin

Gross Profit Margin & Net Profit Margin

%

Profit (loss) for the period

1,840 1,586

35% QoQ

900% QoQ 196% QoQ

Gross Profit

Q1 2018 116.85 MB 25.14% -0.04 MB -16.90%

Q2 2018 45.41 MB 9.51% -0.09 MB -5.00%

Q3 2018 134.67 MB 20.91% -0.34 MB -19.56%

9-M 2018 296.93 MB 18.72% -0.47 MB -12.23%

construction services sales

Net Profit

Q1 2018 9.04 MB 1.92%

Q2 2018 -45.54 MB -9.44%

Q3 2018 43.13 MB 6.43%

9-M 2018 6.63 MB 0.41%

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Services Income

Construction Services Income

2014 2015 2016 2017 2018

Q1 726 774 1,104 952 465

Q2 687 927 434 436 479

Q3 802 871 1,170 452 646

Q4 880 1,308 989 530

Year End 3,095 3,880 3,697 2,370

726 774

1,104

952

465687

927

434 436 479

802871

1,170

452

646880

1,308

989

530

3,095

3,880

3,697

2,370

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2018 (F) 2,400-2,600

(MB)

9-M 2018 1,590

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2014 2015 2016 2017 9-Month 2017 9-Month 2018

% Operating Profit 8.19 7.87 10.84 7.11 3.85 3.08

% Net Profit 6.87 7.74 7.78 3.81 2.79 0.41

0.00

5.00

10.00

Operating Profit & Net Profit

2014 2015 2016 2017 9-M 2017

6-M 2018

3rd Qtr 2018

9-M 2018

Operating Profit (Loss) 254.15 305.39 393.82 168.63 70.78 -4.80 53.80 49.00

Share of loss from investment in APOT

Investment in APOT recorded as other

long term investment

-32.96 -34.99 -26.97 -24.97 -11.67 -36.64

Loss on change in shareholders' equity of APOT

-34.34

Net Profit 214.92 305.96 290.76 92.79 52.89 -36.50 43.13 6.63

%

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Unit: MB

Operating profit compared to services income & sales

Net profit margin: Net profit compared to total revenue

Debenture Issuance and Expiration

Issuance Date Maturity Date Issuance Amount

(MB)

Outstanding Amount

(MB)

Debenture Holders

Interest Rate (Per Year)

8 Jul 2015 8 Jul 2017 (2 years)

100 - (Expired)

10 persons 4.68%

10 Mar 2016 10 Mar 2018 (2 Years)

200 - (Expired)

10 persons 4.40%

12 Jul 2017 12 Jul 2018 (1 year)

100 - (Expired)

10 persons 4.50%

15 Mar 2018 17 Mar 2020 (2 years&2 days)

180 180 9 persons 4.80%

Outstanding Debentures 180

I) Debentures Baht 500 million

II) Debentures Baht 2,000 million Still not issue 28

TRC Group Industry Group (Construction Services)

0.89 0.860.67 0.74 0.68

2.462.34

2.47 . 2.52

0.00

0.50

1.00

1.50

2.00

2.50

3.00

30 Sep 17 30 Sep 18

15.99

11.28

3.38

7.00

1.69

12.26

7.09

2.566.94

3.82

0.00

5.00

10.00

15.00

20.00

30 Sep 17 30 Sep 18

(%)

Financial Ratio & Covenants to Debenture Holders

Time(s)

Return on Equity Debt to Equity Ratio

0.06

0.160.15

0.17

0.00

0.05

0.10

0.15

0.20

31 Dec 15 31 Dec 16 31 Dec 17 30 Sep 18

Time(s)

104.12

26.8816.28 12.62

0.00

20.00

40.00

60.00

80.00

100.00

120.00

30 Sep 2018

EBITDA to Interest

Time(s)

TRC TRC

Interest Bearing Debt to Equity

Covenant: > = 4 times Covenant: < = 2 times

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3Q’17 3Q’18

3Q’18

TRC

If you have any question please feel fee to contact Investor Relations Department

Email: ir_trc@trc-con.com or ounruen@trc-con.com

Tel. +66 2022 7777-87 Ext. 3201/ 3213

Fax +66 2022 7778

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