Tpi Polene Power Public Co., Ltd. · SET:TPIPP
Tpi Polene Power Public — Q3 2019 Earnings Presentation
39 slides from Tpi Polene Power Public's earnings presentation, 2019
Slide 1: TPI Polene Power Public Company Limited Investor Presentation
TPI Polene Power Public Company Limited Investor Presentation
Slide 2: Table of Content
Table of Content Section 1. Company & Business Overview 2. Financial Highlights 3. Key Operation Highlights Strictly Private & Confidential 1
Slide 3: Company & Business Overview
Company & Business Overview
Slide 4: TPIPP's Vision & Mission
TPIPP’s Vision & Mission Vision The Company is determined to be a high quality and high standard leader in the business of power generation using renewable energy sources, focusing on continuous development of technology and staff to create highest benefits for shareholders and staff. The Company in
Slide 5: TPIPP as TPIPL's Flagship for Power Business
TPIPP as TPIPL’s Flagship for Power Business Unit: THBmm TPIPP (Q3 2019) TPIPP (9M 2019) Main Business Electricity generation from waste heat and refused derived fuel (RDF) power plants and operation in petrol and gas stations. Total Revenue 2,733 7,945 Operating EBITDA * 1,378 3,977 Net Profit 1,09
Slide 6: TPIPP at a Glance
TPIPP at a Glance TPIPP is the largest operator of waste-to-energy (“WTE”) power plants in Thailand in terms of installed power generation capacity Key Business Segments % of Q3 2019 Total Sales Revenue Operates refuse derived fuel (“RDF”) fired & waste-heat recovery power plants with off-take arr
Slide 7: Summary of TPIPP's Power Plant Operations
Summary of TPIPP’s Power Plant Operations TPIPP’s Power Plants (Operational & Under Construction) TPIPP’s Installed Capacity Breakdown by Fuel MW Waste Heat RDF Coal/RDF Coal Total capacity in operation 440 MW 440 Installed Power Plant COD Capacity Off taker 180 290 In operation WHPP-40MW Jun 2009 4
Slide 8: Summary of TPIPP's Petrol & Gas Station Operations
Summary of TPIPP’s Petrol & Gas Station Operations TPIPP primarily sells petrol and gas to retail customers under the “TPIPL” brand The Company was granted the license to use the trademark of TPIPL in accordance with a 10-year trademark licensing agreement dated March 7, 2016 between the Company
Slide 9: Mutually Beneficial Support Framework with TPIPL
Mutually Beneficial Support Framework with TPIPL Complementary Sale & Purchase Relationship with TPIPL Supports Continuing Development of Both Companies Backing and Continuing Support from Recognized Shareholder, TPIPL One of the leading cement manufacturers in the country TPIPL General Public fou
Slide 10: Financial Highlights
Financial Highlights
Slide 11: Revenue
Revenue Diversified Revenue Streams Led by Growing Revenues from Energy & Utilities Division Total Revenue from Sales of Goods (THBmm) Revenue from Energy & Utilities (THBmm) 7,692.8 7,145.5 547.3 30.5 1,666.6 4,804.7 34.6 577.3 2,389.2 2,508.0 5,448.3 1,923.6 13.5 7.2 5,336.3 4,192.8 8.2 518.7 609.
Slide 12: Cost of Sales & Gross Profit
Cost of Sales & Gross Profit Q3 Y2019 Cost of Sales Breakdown (THBmm) Gross Profit (THBmm) and Gross Profit Margin(1) (%) Energy & Utilities: 53.2% 51.7% Raw 50.3% materials & 47.7% Fuel 50% 46.5% 3,672.1 Labor 9% 65.6 Others Maintenance 14% 5% Depreciation 2,836.3 14% Electricity 7% 64.1 Waste Heat
Slide 13: Cost & Expenses vs. EBITDA & NPAT
Cost & Expenses vs. EBITDA & NPAT Cost & Expenses Items (THBmm) Operating EBITDA(1) (THBmm) and Operating EBITDA margin(2) (%) 56.4% 55.3% 51.7% 53.3% 51.3% 5,000.0 4,538.2 4,500.0 142.6 319.0 3,977.4 4,000.0 55.9 3,010.6 1,122.7 1,424.2 1,378.4 3,500.0 2,726.2 9M 2018 9M 2019 Q3 2018 Q2 2019 Q3 201
Slide 14: Comparing Profit and Loss Statement – YoY and QoQ
Comparing Profit and Loss Statement – YoY and QoQ Unit :THBmm 2018 2019 2018 2019 2019 Compare (%) 9M 9M Q3 Q2 Q3 YoY (9M) YoY (Q) QoQ Income Revenue from base tariff 2,420.7 4,100.1 985.7 1,346.9 1,462.7 69.4% 48.4% 8.6% Revenue from power adder 2,349.4 3,014.9 929.7 1,028.8 1,038.1 28.3% 11.7% 0.9
Slide 15: Operating Statistic
Operating Statistic 800.0 Generated Amount of Electricity (M.KWh) and Capacity (MW) 500 440 440 440 2018 2019 Diff %Change 700.0 Q3 354.42 510.93 + 156.51 + 44.16% 400 9M 914.94 1,481.87 + 566.93 + 61.96% 600.0 Q2 2019 Q3 2019 Diff %Change 290 290 300 3M 492.01 510.93 + 18.92 +3.85% 500.0 220 200 15
Slide 16: Projected VS Actual EBITDA
Operating Statistic Projected VS Actual EBITDA (excluded F/X) 2,500 2,005 2,005 2,005 2,005 1,999 1,999 1,999 2,000 1,716 1,716 1,716 1,716 1,465 1,380 1,500 Million Baht 1,234 1,175 1,123 1,138 1,000 730 759 770 650 659 500 - Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q
Slide 17: Debt Profile and Leverage Ratios
Debt Profile and Leverage Ratios Interest Bearing Liabilities (THBmm) Cash / Cash Equivalents and Current Investment (THBmm) Increase in long-term loans from financial institution and related parties 8,000.0 5,164.0 7,054.2 4,230.7 4,410.8 4,000.0 1,635.0 113.7 285.9 2015 2016 2017 2018 9M 2019 2015
Slide 18: Key Operation Highlights
Key Operation Highlights
Slide 19: Summary of Key Operation Highlights
Summary of Key Operation Highlights 1 TPIPP’ S WTE Power Plant Situation 2 TPIPP’ S Plant Improvement 3 MSW and RDF Raw materials management 4 Government Policies for Power Generation in Thailand 5 WTE Future Project Strictly Private & Confidential 18
Slide 20: TPIPP's WTE Power Plant Situation
1 TPIPP’ S WTE Power Plant Situation Capacity 2009 2016 & 2017 2018 2019 60 MW 70 MW 110 MW 260 MW Note (1) Power Plants TG1 TG1 20 MW 20 MW TG1 20 MW TG1 20 MW with Electricity TG2 20 MW TG2 20 MW TG2 20 MW TG2 20 MW Sales to TPIPL TG3 20 MW TG4 30 MW TG7 (3) 70 MW(2) TG7 (3) 70 MW(2) TG8 (4) 150 M
Slide 21: COD and ADDER Schedule for each plant
1 TPIPP’ S WTE Power Plant Situation COD and ADDER Schedule for each plant Expiration of SPP PPA TG COD ADDER ADDER 1 18 MW TG3 16 JAN 2015 7Y JAN 2022 2 55 MW TG5 6 Aug 2015 7Y AUG 2022 3 90 MW TG4+TG6 18 APR 2018 7Y APR 2025 Strictly Private & Confidential 20
Slide 22: COD and BOI Schedule for each plant in 2018
1 TPIPP’ S WTE Power Plant Situation COD and BOI Schedule for each plant in 2018 TAX TG Type Off taker COD INCENTIVE TG 1-2 WH TPIPL Jun 2009 8Y TG 3 RDF EGAT Jan 2015 8Y TG 4 WH TPIPL/EGAT Jan 2016/Apr 2018 8Y TG 5 RDF EGAT Aug 2015 8/5 Y TG 6 RDF EGAT Apr 2018 8Y TG 7 Coal/RDF TPIPL Aug 2018 - TG
Slide 23: Trend of FT Adjustment Sell for TPIPL
Trend of FT Adjustment Sell for TPIPL 0 Jan-17 May Sep Jan-18 May Sep Jan-19 May Sep Jan-20 -0.05 -0.1160 -0.1 -0.1590 -0.15 -0.2 -0.25 -0.2477 -0.3 -0.35 -0.3729 -0.4 Strictly Private & Confidential 22
Slide 24: Trend of FT Adjustment Sell for SPP
Trend of FT Adjustment Sell for SPP 0 -0.05 -0.1 -0.15 -0.1951 -0.2 -0.25 -0.2632 -0.2802 -0.3016 -0.3 -0.3195 -0.3058 -0.35 -0.3477 -0.4 -0.45 -0.4715 -0.5 Strictly Private & Confidential 23
Slide 25: Improvement of Power Plants Utility (with PPA with EGAT)
1 TPIPP’ S WTE Power Plant Situation Improvement of Power Plants Utility (with PPA with EGAT) WHB AQC ,SP 1 WHB AQC ,SP 2 G1,G2 SPP3 -18MW -2015 WHB AQC ,SP 3 RDF B1 G3 RDF WHRP 20 MW RDF B9 RDF B10 WHB AQC, SP 4 G4 WHRP Power Plant 30 MW SPP2 - 90MW –Q2 2018 INCINERATOR B12 RDF B4 RDF B5 G6 RDF Pow
Slide 26: Improvement of Power Plants (with PPA with TPIPL)
1 TPIPP’ S WTE Power Plant Situation Improvement of of Power Plants (with PPA with TPIPL) WHB AQC ,SP 1 WHB AQC ,SP 2 WHB AQC ,SP 3 G1 WHRP Power Plant 20 MW INCINERATOR B15 G2 WHRP Power Plant 20 MW G6 RDF Power Plant 70 MW INCINERATOR B14 INCINERATOR B13 G5 RDF Power Plant 60 MW Coal B6 G7 Power P
Slide 27: Plant Operation Improvement
2 TPIPP’ S Plant Improvement Plant Operation Improvement • Improved Plant utility of SPP Plant Target >95 % • Improved Plant utility of TPIPL Plant Increased utilization Peak period • Reduced Fuel Cost Increased MSW Reduced Buying RDF • Optimization of Steam source for SPP Plant Optimum Operation Co
Slide 28: MSW and RDF Raw materials Management
3 MSW and RDF Raw materials Management A solid waste management center MSW MSW MSW MSW Landfill MSW Landfill Pre-sorting Plant Transfer station RDF Plant (Saraburi) RDF Plant (Out-Side) Wet Waste Nakornratchasrima Plant Chonburi Plant RDF Samutsakorn Plant ATAD MBT Ayutthaya Plant RDF-L CFB Cement G
Slide 29: MSW and RDF Raw materials Management
3 MSW and RDF Raw materials Management Strictly Private & Confidential 28
Slide 30: Government Policies for Power Generation in Thailand
4 Government Policies for Power Generation in Thailand Strictly Private & Confidential 29
Slide 31: Government Policies for Power Generation in Thailand
4 Government Policies for Power Generation in Thailand Strictly Private & Confidential 30
Slide 32: Government Policies for Power Generation in Thailand
4 Government Policies for Power Generation in Thailand Strictly Private & Confidential 31
Slide 33: Government Policies for Power Generation in Thailand
4 Government Policies for Power Generation in Thailand Strictly Private & Confidential 32
Slide 34: Government Policies for Power Generation in Thailand
4 Government Policies for Power Generation in Thailand Strictly Private & Confidential 33
Slide 35: Government Policies for Power Generation in Thailand
4 Government Policies for Power Generation in Thailand Strictly Private & Confidential 34
Slide 36: Energy Complex power plant construction – Chana, Songkhla
โครงการเมืองต้ นแบบอุตสาหกรรมก้ าวหน้ าแห่ งอนาคต อาเภอจะนะ จังหวัดสงขลา - สรุปมติ ครม.เมื่อวันที่ 7 พ.ค.ทีผ่ ่านมา โดยให้ มกี ารขยายผลโครงการเมืองต้ นแบบ วัตถุประสงค์ : เพื่อยกระดับการพัฒนา 4 อาเภอของจังหวัดสงขลา (อาเภอจะ “สามเหลีย่ มมัน่ คง มัง่ คัง่ ยัง่ ยืน” ไปสู่ เมืองต้ นแบบที่ 4 “อาเภอจะนะ” จ
Slide 37: WTE Future Project
5 WTE Future Project LNG GAS POWER PLANT SOLAR FARM POWER PLANT WIND TURBINE POWER PLANT BIOMASS - HYBRID POWER PLANT โรงไฟฟ้าชุมชน Strictly Private & Confidential 36
Slide 38: Community power plant models (news clipping)
5 WTE Future Project กบง. รับทราบ 3 รู ปแบบโรงไฟฟ้ าชุ มชน ดัน Quick win ขายไฟภายใน ธค.นี้ 21/10/2019 ENEGYNEWSCENTER.COM Strictly Private & Confidential 37
Slide 39: Q & A
Q&A Strictly Private & Confidential 38
TPI Polene Power Public Company — Q3 2019 Earnings Presentation on 6ix