Thai Solar Energy Public Company Ltd · SET:TSE

Thai Solar Energy Public — FY2019 Earnings Presentation

45 slides from Thai Solar Energy Public's earnings presentation, Feb 28, 2020

  1. Slide 1: TSE Presentation FY 2019

    TSE PRESENTATION FY 2019 February 28, 2020 Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved

  2. 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

  3. Slide 3: Agenda

    AGENDA 01 Company Overview 02 Highlights of the Year 2019 03 Financial Highlights FY 2019 04 Outlook 2020 “Renewable for the Future” Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 3

  4. Slide 4: Company Overview

    COMPANY OVERVIEW Thailand Japan Listed in Category Secondary Category No. Capacity (MW) COD No. Capacity (MW) COD Thai Solar Energy Public PV Farm Market: Company Limited PV Farm 15 101 2013 6 Plants 6 8.24 2015 (“TSE”) was established PV Rooftop 14 14 2014 Hanamizuki 1 13.5 2019 in 2008 with a miss

  5. Slide 5: Milestones

    MILESTONES 2008 Established TSE 2011 - Majority owned by Cathleen Maleenont, Ed.D. - COD Solar Thermal (4.5 MW) 2013 - COD Solar PV TH 5 projects* (40 MW) / Partnership with GPSC (40%) 2014 Listed in MAI - COD Solar PV TH 5 projects* (40 MW) / Partnership with GPSC (40%) 2015 - COD Solar Rooftop 5 p

  6. Slide 6: Timeline

    TIMELINE Acquired Capacity 314 and Selling Capacity 300 2020 (MW PPA) 2019 + Acquired 3 Solar PV Farms 298 (totaling 18 MW) – Thailand - Impairment Loss of Thermal 4.5 MW 2018 + Investment in Ang Thong 2 MW – Thailand 143 2017 + Investment in Onikoube (154.73 MW) – Japan 107 2016 + Investment in Bio

  7. Slide 7: Core Business: Total Capacity of 313.67 MW

    CORE BUSINESS TSE operates 3 types of renewable energy generation and distribution: Solar PV Farms Solar PV Rooftops Biomass Solar PV Farm Solar Rooftop Biomass Solar PV TH 101.0 MW Solar PV RT 14.0 MW BSW 4.6 MW Solar PV JP 176.47 MW OSW 1 8.8 MW OSW 2 8.8 MW Under Development of 154.73 MW Total Op

  8. Slide 8: Portfolio Summary

    PORTFOLIO SUMMARY Capacity Project Operated by Status Ownership Power Purchase Rate Tenor Tax Rate Gross Selling Base Tariff + FT 5 years with Solar PV Farms TSR Fully operated 60% 104.80 80.00 + Adder 6.5 THB/kWh 0% (year 0 – 8) automatic renewal (10 years from COD) 10% (year 9 - 13) 20% (year 14 -

  9. Slide 9: Key Highlights FY2019

    KEY HIGHLIGHTS FY2019 SSP 8 MW Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 9

  10. Slide 10: Key Highlights FY2019

    KEY HIGHLIGHTS FY2019 Total Capacity 313.67 MW PPA As ended of December 31, 2019 Acquisition BSE (5.0 MW) Location: Udornthani FiT: 4.12 Baht COD: 12 DEC 2018 AUG OCT NOV FY2019 Right Offering: TSR (TSE-T1) Acquisition SSP (8.0 MW) Capital Increase to 2,117.7 MB. Location: Ang Thong - TSR 212 millio

  11. Slide 11: Key Highlights FY2019: Project Hanamizuki

    KEY HIGHLIGHTS FY2019 Project Hanamizuki Location: Ishikawa Operated by: TSI Ownership: 100% Selling Capacity: 13.5 MW Tenor: 20 years Power Purchase Rate: JP¥ 36 COD: 2 JAN 2019 Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 11

  12. Slide 12: Key Highlights FY2019: Project BSS

    KEY HIGHLIGHTS FY2019 Project BSS Location: Ayutthaya Operated by: SV Ownership: 100% Selling Capacity: 5.0 MW Tenor: 25 years Power Purchase Rate: FiT 5.66 Baht COD: 26 DEC 2016 Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 12

  13. Slide 13: Key Highlights FY2019: Project BSE

    KEY HIGHLIGHTS FY2019 Project BSE Location: Udornthani Operated by: SV Ownership: 100% Selling Capacity: 5.0 MW Tenor: 25 years Power Purchase Rate: FiT 4.12 Baht COD: 12 DEC 2018 Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 13

  14. Slide 14: Key Highlights FY2019: Project SSP

    KEY HIGHLIGHTS FY2019 Project SSP Location: Ang Thong Operated by: SV Ownership: 100% Selling Capacity: 8.0 MW Tenor: 5 years with automatic renewal Base Tariff + FT + Adder 8 THB/kWh Power Purchase Rate: (10 years from COD) COD: 29 MAR 2013 Copyright © 2020 Thai Solar Energy Public Company Limited.

  15. Slide 15: Capacity Growth (as of December 2019)

    CAPACITY GROWTH (as of December 2019) ACQUIRE CAPACITY (MW PPA) POWER OUTPUT PRODUCTION Thermal PV Farms PV Rooftops PV Japan Biomass Total Actual Output 402 Total , 314 Total , 298 Total , 300 251 22 22 22 173 177 181 Total , 143 177 177 177 133 Total , 99 Total , 107 22 8 22 14 14 14 14 14 14 80 8

  16. Slide 16: Financial Highlights FY2019

    FINANCIAL HIGHLIGHTS FY2019 BSW 4.6 MW Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 16

  17. Slide 17: Financial Highlight FY2019

    FINANCIAL HIGHLIGHT FY2019 Revenue (unit: MB) Revenue, EBITDA, and Net Profit Total Revenues of the year 2019 significantly increased +58% YoY 2,500 to 2,101 MB or 58% (YoY) as compared to last year. This was primarily due to fully revenue recognition of 2,101 Biomass 3 plants (22.2 MW), a solar far

  18. Slide 18: Income Statement FY2019

    Statement of Comprehensive Income Consolidated (Unit: million Baht) FY2019 FY2018 % Change Revenue Electricity Sales 1,304 519 151% Management Fee 45 43 5% Total Revenue 1,349 561 140% COGs (911) (435) 109% Gross Profit 438 126 247% Other Income 93 156 -41% INCOME STATEMENT FY2019 SG&A (233) (207) 1

  19. Slide 19: EBITDA and Net Profit FY2019

    EBITDA and NET PROFIT FY2019 (unit: MB) EBITDA FY2017 - FY2019 (unit: MB) Net Profit FY2017 - FY2019 1,400 +53% w/o Extra item 900 or +42% w/o Extra items 800 1,200 +136% or 700 +345% 1,000 600 800 Impairment 500 Loss of Solar 296 1,292 400 Extraordinary 600 Thermal 775 items 372 Totaling 300 Totali

  20. Slide 20: Net Profit Margin and ROE FY2019

    NET PROFIT MARGIN and ROE FY2019 Net Profit Margin ROE 60.0% 60.0% 16.0% +28% w/o Extra items +31% w/o Extra items or or 14.0% +302% 50.0% 50.0% 48.6% +181% 12.0% 40.0% 40.0% 36.9% 10.0% 30.0% 30.0% 8.0% Extraordinary 28.0% items 7.9% 14.9% Totaling 6.0% 11.6% 20.0% 20.0% 4.0% 9.1% 13.1% 10.0% 10.0%

  21. Slide 21: EPS and D/E FY2019

    EPS and D/E FY2019 (unit: THB) EPS (unit: time) D/E Ratio (X) 0.45 2.50 +38% w/o Extra items 0.40 or +344% 2.00 0.35 0.30 1.50 0.25 Extraordinary 0.20 0.20 0.40 items 1.00 2.05 0.15 Totaling 1.82 1.61 0.29 THB 0.10 0.22 0.50 0.05 0.09 0.00 0.00 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 EPS (THB) Ext

  22. Slide 22: Debt Structure FY2019

    DEBT STRUCTURE FY2019 Corporate Loan Most of interest-bearing debt were from Corporate Loan Corporate Loan for 53% (Corporate Loan for 24% 24% and Debenture for 29%) Project Finance Loan 47% Finance Loans All projects under Project Finance Loans have been COD. Debenture 29% Project Finance Loan The

  23. Slide 23: Financial Position (as of 31 Dec 2019)

    FINANCIAL POSITION (as of 31 DEC 2019) (unit: MB) Financial Position FY 2018 and FY 2019 Assets 18,000 15,870 15,870 14,689 14,689 As of 31 December 2019, the Assets were slightly 16,000 4 Non-controlling Non-controlling interests increased to 15,870 MB or 8% as compared to the 14,000 144 interests

  24. Slide 24: Outlook

    OUTLOOK Hanamizuki 13.5 MW Copyright © 2019 Thai Solar Energy Public Company Limited. All Rights Reserved 24

  25. Slide 25: Outlook

    OUTLOOK Thailand • Acquiring new projects approx. 50 MW PPA within 1 – 2 years • Planning to bid for Power Plant Community approx. 50 MW PPA Overseas Investing in new renewable energy projects overseas approx. 100 – 200 MW PPA within 3 years Copyright © 2020 Thai Solar Energy Public Company Limited.

  26. Slide 26: Investments

    INVESTMENTS Grand Total 40 projects Total Capacity of 313.67 MW PPA Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 26

  27. Slide 27: Investments by Country

    INVESTMENTS By Country Investments (MW) Thailand: - Solar PV Farms: totaling 15 projects (101 MW) 21 Solar PV Farms - TH - Solar PV Rooftops: totaling 14 projects (14 MW) 80 Solar PV Farms - JP - Biomass: totaling 3 projects (22.2 MW) Total: 32 projects (137.2 MW) Solar PV Rooftops Japan: 22.2 Bioma

  28. Slide 28: Solar PV Farms in Thailand (101 MW PPA)

    Solar PV Farms in Thailand (101 MW PPA) Suphanburi Prachuap Kirikhan Ayutthaya SSE1-PV02 Location: Don Chedi SLC BSS (Acquisition in MAR 2019) Selling Capacity: 8.0 MW Location: Bang Saphan Location: Ayutthaya COD: 17 JUL 2013 Selling Capacity: 1.0 MW Selling Capacity: 5.0 MW COD: 29 DEC 2016 COD: 2

  29. Slide 29: Solar PV Farms in Thailand (101 MW PPA)

    Solar PV Farms in Thailand (101 MW PPA) SSE1-PV01 (8MW) SSE1-PV02 (8MW) SSE1-PV03 (8MW) SSE1-PV04 (8MW) SSE1-PV05 (8MW) COD SEP 2013 COD JUL 2013 COD OCT 2013 COD NOV 2013 COD NOV 2013 SSE1-PV06 (8MW) SSE1-PV07 (8MW) SSE1-PV08 (8MW) SSE1-PV09 (8MW) SSE1-PV10 (8MW) COD JUN 2014 COD MAR 2014 COD JUN 2

  30. Slide 30: Solar PV Rooftops in Thailand (14 MW PPA)

    Solar PV Rooftops in Thailand (14 MW PPA) North Metropolitan North Bangkok TSER-RT03 TSER-RT02 TSER-RT10 Location: Nakorn Sawan Location: Phrae Location: Ekamai – Ramindra Selling Capacity: 1.0 MW Selling Capacity: 1.0 MW Selling Capacity: 1.0 MW COD: JUN 2015 COD: FEB 2015 COD: FEB 2015 TSER-RT01 T

  31. Slide 31: Solar PV Rooftops in Thailand (14 MW PPA)

    Solar PV Rooftops in Thailand (14 MW PPA) 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 COD JUL 2015 C

  32. Slide 32: Biomass in Thailand (22.2 MW PPA)

    Biomass in Thailand (22.2 MW PPA) BSW (4.6 MW) OSW 1 (8.8 MW) OSW 2 (8.8 MW) Details / Projects BSW OSW 1 & OSW 2 Installed Capacity: 6.0 MW 19.8 MW PPA Capacity: 4.6 MW 17.6 MW Purchase Rate: FiT 4.24 Baht + Premium 0.30 Baht (8 yrs.) FiT 4.24 Baht + Premium 0.30 Baht (8 yrs.) Tenor: 20 years from

  33. Slide 33: Solar PV Farms in Japan (176.47 MW)

    Solar PV Farms in Japan (176.47 MW) Toyama Ibaraki Miyagi Shima Jyoso Onikoube Selling Capacity: 1.25 MW Selling Capacity: 1.25 MW Selling Capacity: 154.73 MW COD: 2 MAR 2016 COD: 2 MAY 2018 SCOD: Q4 2022 FiT: JP¥ 32 FiT: JP¥ 36 FiT: JP¥ 36 Operated by: TSI Operated by: TSI Operated by: OSP Status:

  34. Slide 34: Solar PV Farms in Japan (176.47 MW)

    Solar PV Farms in Japan (176.47 MW) Kuno (0.5 MW) Shima (1.25 MW) Hikeme (1.50 MW) Hanamizuki (13.5 MW) COD AUG 2015 COD MAR 2016 COD APR 2016 COD JAN 2019 Ryugazaki (1.75 MW) Sakura (1.99 MW) Jyoso (1.25 MW) Onikoube (154.73 MW)* COD SEP 2016 COD NOV 2017 COD MAY 2018 SCOD 4Q2022 (*under developmen

  35. Slide 35: Solar PV Farms in Japan (176.47 MW)

    Solar PV Farms in Japan (176.47 MW) Installed Capacity Selling Capacity Project Site Location Company Feed-in- Tariff COD (MW) (MW) Kuno Ibaraki TSI 0.65 0.50 36 Yen 31/8/2015 Shima Toyama TSI 1.43 1.25 32 Yen 2/3/2016 Hikeme Fukui TSI 1.86 1.50 32 Yen 1/4/2016 Ryugasaki Ibaraki TSI 2.36 1.75 36 Yen

  36. Slide 36: Solar PV Farms in Japan (176.47 MW)

    Solar PV Farms in Japan (176.47 MW) TOYAMA PV Farm Shima (1.25 MW) Sakura (1.99 MW) MIYAGI PV Farm ISHIKAWA Onikoube (154.73 MW)* (*under development) PV Farm Hanamizuki (13.50 MW) IBARAKI FUKUI PV Farm PV Farm Jyoso (1.25 MW) Hikeme (1.50 MW) Ryugasaki (1.75 MW) Kuno (0.50 MW) Copyright © 2020 Thai

  37. Slide 37: Onikoube Project

    ONIKOUBE PROJECT Onikoube Project Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 37

  38. Slide 38: Summary of Onikoube Project

    ONIKOUBE PROJECT Summary of Onikoube Project Operated by: OSP PPA Capacity: 154.73 MW* Purchase Rate: Fit JP¥ 36 Expected NTP: 2Q2020 Off-taker: Tohoku Utility Location: Miyagi, Japan SCOD: 4Q2022 Project Component: - PV module by Trina Solar - Inverter by Huawei (*under development) Copyright © 202

  39. Slide 39: Onikoube Project Area

    ONIKOUBE PROJECT Project Area Onikoube Selling Capacity: 154.73 MW SCOD: Q4 2022 FiT: JP¥ 36 Operated by: OSP Status: Under development Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 39

  40. Slide 40: Work Back Timeline of Onikoube Project

    Work Back Timeline of Onikoube Project October 2019 4Q2022 Construction planning SCOD ONIKOUBE PROJECT August-September 2019 Successfully submitted new business plan and GCCA according to METI new rule 2019 2020 1Q2020 • Obtained 2022 Construction Permit • Financing 2017 2018 2Q2020 • Start project

  41. Slide 41: Appendix

    APPENDIX Hanamizuki 13.5 MW Copyright © 2019 Thai Solar Energy Public Company Limited. All Rights Reserved 41

  42. Slide 42: Organization Structure

    ORGANIZATION STRUCTURE Board of Directors Nomination and Remuneration Executive Committee Audit Committee Committee Company Secretary Chief Executive Officer Cathleen Maleenont, Ed.D. Chief Operating Officer Mr. Somphop Prompanapitak Chief Technical Officer Chief Financial Officer Mr. Kitiphong Thun

  43. Slide 43: Board of Directors and Audit Committee

    BOARD OF DIRECTORS and Audit Committee Board of Directors Chairman of Board of Directors: Cathleen Maleenont Ed., D. Vice Chairman + Independent Director: Mr. Prommin Lertsuridej Independent Director: Mr. Pala Sookawesh Independent Director + Chairman of Audit Committee: Mrs. Siripen Sitasuwan Indep

  44. Slide 44: Investment Structure

    INVESTMENT STRUCTURE Thai Solar Energy PCL. (TSE) World Solar Co., Ltd. Solar Farm Thailand Solar Rooftop Solar Farm Japan Biomass (WS) 100% Roof Energy Co., Ltd. TSE Overseas Group Co., Ltd. Oscar Save the World Co., Ltd. Solar Visible Co., Ltd. Thai Solar Renewable Co., Ltd. (RE) 100% 100% (OSW) (

  45. Slide 45: Thank You

    THANK YOU W W W . T H A I S O L A R E N E R G Y. C O M TEL. +66 2258 4530-34 Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 45

Thai Solar Energy Public Company — FY2019 Earnings Presentation on 6ix