Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q3 2022 Earnings Presentation
39 slides from Thai Solar Energy Public's earnings presentation, Nov 2, 2022
Slide 1: TSE Presentation 3Q2022
TSE PRESENTATION 3Q2022 (a s o f Se p t e m b e r, 2022)
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is provided by Thai Solar Energy Public Company Limited (“TSE”) solely for information purposes. This presentation does not constitute or form part of any offer or invitation by or on behalf of TSE for sale or subscription of or solicitation
Slide 3: Agenda
AGENDA COMPANY OVERVIEW FINANCIAL HIGHLIGHTS OF 3Q2022 OUTLOOK TSE’s OPERATING ASSETS Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 3
Slide 4: Vision and Mission
VISION AND MISSION VISION MISSION To become a world-class To establish a solid footprint in regional leader in providing Thailand in the solar power renewable energy through industry and expand into other reliable technologies to serve renewable energies as well as both commercial and social develop
Slide 5: Company Overview: Summary of Corporate Information
COMPANY OVERVIEW Summary of Corporate Information Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 5
Slide 6: Company Overview
COMPANY OVERVIEW Thai Solar Energy Public Company Limited (“TSE”) was established in 2008 with a mission to establish a solid footprint in Thailand in the solar power industry and expand into other renewable energies as well as developing an international solar power business focusing in Asia and Oc
Slide 7: Company Overview: Stock Information and Major Shareholders
COMPANY OVERVIEW Stock Information Major Shareholders (RD of March 10, 2022) Company: Thai Solar Energy PCL. P.M. Energy Co., Ltd. SET Symbol: TSE SINO-THAI Engineering & Construction PCL. MAI on October 30, 2014 Listed in: UBS AG SINGAPORE BRANCH Moved to SET since May 14, 2019 37% 37% Paid up Capi
Slide 8: Core Business
CORE BUSINESS TSE and its subsidiaries (“the Group”) The Group’s core businesses are generation and SOLAR PV BIOMASS distribution of electricity from solar power and biomass 264 MWac 22.2 MWac to government and private company in Thailand and Japan. PV Farms PV Rooftops 242 MWac 14 MWac 133 MWac Flo
Slide 9: Milestones
MILESTONES Exploring Investment Solar Farms + Solar Farms (JP) + Merger & Acquisition Private PPA Opportunity overseas Rooftops (TH) Biomass (TH) + Expanding Private PPA 2008 – 2014 2015 – 2017 2018 – 2019 2020 – 2021 2022 – onward 2008: > Established TSE 2015: > Expanded TSE’s business 2018: > COD
Slide 10: Board of Directors
BOARD OF DIRECTORS Dr. Prommin Lertsuridej Mr. Prasert Patradhilok Mr. Pala Sookawesh Dr. Praphan Subsang Vice Chairman, Chairman Independent Director and Independent Director, Independent Director, of Nomination and Chairman of Audit Audit Committee Audit Committee Remuneration Committee, Committee
Slide 11: Company Structure
COMPANY STRUCTURE Solar Farm Thailand Solar Farm Japan Solar Rooftop Biomass 100% 60% 100% 100% 100% 100% World Solar Co., Ltd. Thai Solar Renewable Co., Ltd. Solar Visible Co., Ltd. TSE Overseas Group Co., Ltd. TSE Rooftop Co., Ltd. Thai Community Energy Co., Ltd. (WS) (TSR) (SV) (TSEO) (TSER) (TCE
Slide 12: Organization Structure
ORGANIZATION STRUCTURE Board of Directors Nomination and Executive Committee Audit Committee Remuneration Committee Chief Executive Officer Company Secretary Internal Audit Cathleen Maleenont, Ed.D. Chief Operating Officer Mr. Somphop Prompanapitak Chief Technical Officer Chief Financial Officer (Ac
Slide 13: Financial Highlights of 3Q2022
FINANCIAL HIGHLIGHTS OF 3Q2022 Summary of TSE’s Financial Performance Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 13
Slide 14: Highlight of 3Q2022 Project: Soilcrete
HIGHLIGHT OF 3Q2022 PROJECT: “SOILCRETE” CAPACITY: 8 MWPPA LOCATION: NAKHONSAWAN PROVINCE TYPE OF PPA: FiT – 5.66 THB/kWh Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 14
Slide 15: Project Soilcrete 8 MW
PROJECT “SOILCRETE” 8 MW Summary of “Soilcrete” Project Installed Capacity (MWp): 8.0 Selling Capacity (MWac): 8.0 Location: Nakhonsawan Province Ground Mounted Solar Type of Solar Plant: Power Plant (Tracking) Contract parties: Provincial Electricity Authority (PEA) Contract period: 25 years BOI Pr
Slide 16: Income Statement 3Q2022
INCOME STATEMENT 3Q2022 Consolidated (Unit: Thousand Baht) Statement of Comprehensive Income (3M) (9M) 3Q2022 3Q2021 % Change 3Q2022 3Q2021 % Change Revenue Electricity Sales 318,209 401,470 -20.74% 956,477 1,167,904 -18.10% Management Fee 14,642 12,530 16.86% 40,616 36,796 10.38% Total Revenue 332,
Slide 17: Total Revenue 3Q2022
TOTAL REVENUE 3Q2022 3-month period (3M) 9-month period (9M) Total Revenue (Unit: MB) QoQ: -3% YoY: -13% 2,000 Total YoY: -15% 1,800 1,725 Total 3-month period : 1,600 1,498 Total Revenue including share of profit from JV 513 in 3Q2022 (3M) decreased to 484 MB or -15% 1,400 (YoY) as compared to 3Q20
Slide 18: EBITDA 3Q2022
EBITDA 3Q2022 (Unit: MB) 3-month period (3M) 9-month period (9M) EBITDA QoQ: -11% YoY: -5% 1,400 YoY: -31% 1,200 1,176 1,119 3-month period : EBITDA in 3Q2022 (3M) decreased to 287 MB or 1,000 -31% (YoY) as compared to 3Q2021 (3M) of 416 MB. 800 9-month period : EBITDA in 3Q2022 (9M) decreased to 1,
Slide 19: Net Profit 3Q2022
NET PROFIT 3Q2022 (Unit: MB) 3-month period (3M) 9-month period (9M) Net Profit 700 QoQ: -29% YoY: +6% 631 YoY: -42% 593 600 3-month period : Net Profit in 3Q2022 (3M) decreased to 121 MB or -42% (YoY) as compared to 3Q2021 (3M) of 500 208 MB. 400 9-month period : Net Profit in 3Q2022 (9M) increased
Slide 20: EPS 3Q2022
EPS 3Q2022 3-month period (3M) 9-month period (9M) (Unit: THB) EPS QoQ: -25% YoY: +7% 0.35 YoY: -40% 0.30 0.30 3-month period : 0.28 EPS in 3Q2022 (3M) decreased to 0.06 Baht / share or -40% as compared to 3Q2021 (3M) of 0.10 Baht / share. 0.25 This was primarily due to the reversion of other losses
Slide 21: D/E Ratio and ROE 3Q2022
D/ E RATIO a n d ROE* 3Q2022 D/E RATIO (Unit: Times) 2.17 D/E: +3% ROE*: -25% 2.18 2.16 D/E RATIO: 2.14 2.12 D/E ratio as of 30 September, 2022 increased to 2.10 2.17 times or +3%. This was mainly due to an 2.10 increase in liabilities, such as borrowing from 2.08 financial institutions for the proj
Slide 22: Financial Position 30 September 2022
FINANCIAL POSITION 30 SEPTEMBER 2022 Financial Position 31 DEC 2021 and 30 SEP 2022 Financial Position 30 September 2022 (Unit: MB) 25,000 To ta l Asse ts: In cre a se d to 20,301 MB o r +3% Total Total Total Total 19,707 19,707 20,301 20,301 To ta l Lia b ilitie s: In cre a se d to 13,906 MB o r +4
Slide 23: Debt Structure 3Q2022
DEBT STRUCTURE 3Q2022 24% Most of interest bearing debt from Project Finance Loan for 57%, increased from Onikoube Project Finance Loan drawdown. 15% of Project Finance Loan from COD projects decreased accordingly from schedule repayment. 57% 19% The remaining interest bearing debt from Corporate Lo
Slide 24: Construction Update: Solar PV Farm Onikoube
CONSTRUCTION UPDATE Solar PV Farm “Onikoube” Purchase Rate - FiT 36 JP¥ Summary of “Onikoube” Project Installed Capacity (MWp): 147 Selling Capacity (MWac): 133 Purchase Rate (FiT JP¥): 36 Location: Miyagi Province, Japan Off-taker: Tohoku Utility SCOD: 4Q2022 Status: Under construction Operated by:
Slide 25: Construction Update
CONSTRUCTION UPDATE The construction progress achieved 91% as of the end of September 2022. The module piling and installation work are being accelerated to accomplish the COD schedule while major electrical equipment work has good progress in accordance with the construction plan, especially the 27
Slide 26: Outlook: Business Outlook and Investment Plan
OUTLOOK Summary of TSE’s Business Outlook And Investment Plan Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 26
Slide 27: Outlook
OUTLOOK THAILAND • Acquiring New Projects • Penetrating Private PPA in Solar PV Farms • Expanding into Waste to Energy Totaling approx. 50 MW PPA OVERSEAS • Exploring new opportunities in renewable energy projects (i.e. Wind and Solar Farms) overseas Totaling approx. 50 – 100 MW PPA Total approx. 10
Slide 28: Appendix: Summary of TSE's Projects
APPENDIX Summary of TSE’s Projects Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 28
Slide 29: TSE's Projects
TSE’s PROJECTS Solar PV Farm 133 MWac – 1 Farm (under construction) TOTAL 286.20 MWac Solar PV Farms 35 Projects 109 MWac – 16 Farms 8 MWac – 1 Floating 153.20 MWac THAILAND 34 Projects Solar PV Rooftops 133 MWac 14 MWac – 14 Rooftops JAPAN 1 Project (As of 30 September, 2022) Biomass Note: *101 MW
Slide 30: Capacity Growth
CAPACITY GROWTH ACQUIRE CAPACITY (MW PPA) POWER OUTPUT PRODUCTION Thermal Solar Farms Solar Rooftops Japan Solar Farms Biomass Total (MIL KWH) Actual Forecast 405 Total Total Total Total Total Total 300 292 286 292 421 428 276 278 402 22 311 Total 252 143 133 Total Total 99 107 173 177 181 14 133 11
Slide 31: Solar PV Farms (Thailand): Projects with GPSC
SOLAR PV FARMS (THAILAND) : 10 Pro je ct s (80 MWa c) wit h GPSC Adder 6.5 THB/ kWh Suphanburi Province Project Selling Capacity (MW) COD Province SSE1-PV 02 (8 MW) SSE1-PV01 8 4-Sep-13 Kanchanaburi SSE1-PV 03 (8 MW) SSE1-PV 04 (8 MW) SSE1-PV02 8 17-Jul-13 Suphanburi SSE1-PV 05 (8 MW) SSE1-PV 09 (8
Slide 32: Solar PV Farms (Thailand): Projects (37 MWac)
SOLAR PV FARMS (THAILAND) : 7 Pro je ct s (37 MWa c) Selling Capacity Project COD Province Power Purchase Rate (MW) SLC 1 Dec-16 Prachuap Kirikhan FiT 5.66 THB/ kWh INS 2 Dec-15 Ang Thong FiT 5.66 THB/ kWh Nakhonsawan Province BSS 5 Dec-16 Ayutthaya FiT 4.12 THB/ kWh SCT (8 MW) EES 5 Dec-18 Krabi Fi
Slide 33: Floating Solar PV Farm (Thailand)
FLOATING SOLAR PV FARM (THAILAND) : 8 MWa c Private PPA 25 Years Summary of “Siam Tara Floating” 8 MWp Project Installed Capacity (MWp): 8 Selling Capacity (MWac): 8 PPA Type: Private PPA Prachinburi Province PPA Period: 25 years STF (8MW) Kabinburi Industrial Zone (KIZ), in Prachinburi Location: Pr
Slide 34: Solar PV Farm (Thailand) - Soilcrete Project
SOLAR PV FARM (THAILAND) - “SOILCRETE” PROJECT : 8 MWa c FiT 5.66 THB/ kWh Summary of “Soilcrete” 8 MWp Project Installed Capacity (MWp): 8 Selling Capacity (MWac): 8 Type of Solar Plant: Ground Mounted Solar Power Plant (Tracking) PPA Period: 25 years BOI Privilege 0% 8 years Location: Nakhonsawan
Slide 35: Solar PV Farms (Japan): Project (133 MWac)
SOLAR PV FARMS (JAPAN) : 1 Pro je ct (133 MWa c) Selling Capacity Power Purchase Project COD Province (MW) Rate ONIKOUBE 133 4Q2022 Miyagi FiT 36 JP¥/ kWh MIYAGI “Onikoube” (133 MW*) *under construction Onikoube (133 MW)* As of June, 2022 SCOD 4Q2022 *under construction Copyright © 2022 Thai Solar E
Slide 36: Solar PV Rooftops (Thailand): 14 Projects
SOLAR PV ROOFTOPS (THAILAND): 14 Pro je ct s (14 MWa c) FiT 6.16 THB/ kWh Project Selling Capacity (MW) COD Province RT 02 (1 MW) TSER-RT01 1 Sep-14 Lopburi TSER-RT02 1 Feb-15 Phrae RT 03 (1 MW) TSER-RT03 1 Jun-15 Nakhonsawan TSER-RT04 1 Sep-14 Chumporn TSER-RT05 1 Dec-14 Surat Thani RT 01 (1 MW) TS
Slide 37: Solar PV Rooftops (Thailand): 14 Projects
SOLAR PV ROOFTOPS (THAILAND): 14 Pro je ct s (14 MWa c) RT-01 Lopburi RT-02 Phrae RT-03 Nakorn Sawan RT-04 Chumporn RT-05 Surat Thani COD SEP 2014 COD FEB 2015 COD JUN 2015 COD SEP 2014 COD DEC 2014 RT-06 Nakhon Si Thammarat RT-07 Hat Yai RT-08 Ubon Ratchathanee RT-09 Khao Yai RT-10 Ekamai-Ramindra
Slide 38: Biomass (Thailand): Projects (22.2 MWac)
BIOMASS (THAILAND): 3 Pro je ct s (22.2 MWa c) FiT 4.24 Baht + Premium 0.30 THB (8 years) Project Selling Capacity (MW) COD Province BSW 4.6 Mar-18 Surat Thani OSW 1 8.8 Aug-18 Nakhon Si Thammarat OSW 2 8.8 Oct-18 Nakhon Si Thammarat BSW (4.6 MW) OSW1 (8.8 MW) OSW2 (8.8 MW) Surat Thani Province Nakh
Slide 39: Thank You
THANK YOU Renewable for the Future THAI SOLAR ENERGY PUBLIC COMPANY LIMITED IR Contact Tel. +66(0) 2258 4530-34 (IR #2504) E-mail: info@thaisolarenergy.com Website: www.thaisolarenergy.com
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