Tpi Polene Power Public Co., Ltd. · SET:TPIPP
Tpi Polene Power Public — FY2021 Earnings Presentation
48 slides from Tpi Polene Power Public's earnings presentation, 2022
Slide 1: TPI Polene Power Public Company Limited
Slide 2: Table of Content
@ Table of Content AGE Company & Business Overview | Financial Highlights co — yLlin, Key Operation = Highlights usUn fills Iwau twas drfia (un wu) ; -_ ; eg Contitentiot TPI POLENE POWER PUBLIC CO.,LTD.
Slide 3: Company & Business Overview
ore Company & Business Overview usUn fills Iwau twas drfia (un wu) , ae ; peepee = conridentiot TPI POLENE POWER PUBLIC CO.,LTD.
Slide 4: TPIPP's Vision and Mission
) TPIPP ‘S Vision and Mission usUn fills Iwau twas drfia (un wu) ye 7 - 5 , ee © Corektentiot TP! POLENE POWER PUBLIC CO.,LTD.
Slide 5: Environmental Social and Governance (ESG)
amUulneweuu [dus:1Gudayaduavudaaau avaU wa=sssuTAUIAa (Environmental Social and Governance: ESG) DINMWsoUWaMsaitGuUVIUMU ESG U 2563 Tastécia3a WFE ESG Metrics d1udu 30 dé3a vavaUIWuSsaalaHaNNnswélan (World Federation of Exchanges) asunztuula lagtuniwsou WanisUs:10UMU ESG Uav TPIPP U 2563 agius:du us
Slide 6: usUn fiWla Iwau twias d1Fa (URIwU)
usUn fiWla Iwau twias d1Fa (URIwU) TPI POLENE POWER PUBLIC CO.,LTD. Strictly Private & Confidential
Slide 7: Thailand Stance on COP
Thailand Stance on COP Total CO, Emission in 2030 = 555m tons Paris Agreement 2015 NDC by 2030 = 115m tons (20.8% of total emission) -Industry = 43m tons -Transport = 41m tons -Energy = 24m tons -Others = 7m tons COP26 (Glasgow) NDC by 2030 = 46m tons (40% of 115m tons) NDC by 2050 = 115m tons (tota
Slide 8: TPIPP Greenhouse Gas Reduction
@ TPIPP Greenhouse Gas Reduction Green Power Plant & 220 / 440 . 7 e 150 / 464 3 & 0/612 Coal Power Plant Capacity Per Total Power Plant Capacity usUn fills Iwau twas drfia (un wu) : ae : peepee = conridentiot TPI POLENE POWER PUBLIC CO.,LTD.
Slide 9: CO2 Reduction from Waste Processing
17,000 Ton / Day 5.2 mil Ton / Year 12.0 mil Ton-CO, 29,000 Ton / Day 8.6 mil Ton / Year 20.0 mil Ton-CO, usUn fiWla Iwau twibas dria (un wu) TPI POLENE POWER PUBLIC CO.,LTD. Strictly Private & Confidential
Slide 10: EU Carbon Permits
EU Carbon Permits Eee CARBON CREDITS EU Carbon 1D ~~ @ Se Permits EU Carbon Permits (EUR) $1.75 -0.95 (-1.80%) Voluntary Carbon Market: Voluntary Carbon Markets enable carbon emitters to offset their unavoidable emissions by acquiring carbon credits generated by initiatives aimed at removing or decr
Slide 11: TPIPP Certification and Awards 2021
TPP TPIPP Certification and Awards 2021 Cr3un GC (= i TGO (SPR <& R E FEDy Af iso =( goo ) =(14001)- 98004)! fae FE WZ its UPAR; RVI RV. G ae Environmental « Social» Governance CSR-—DIW Green Industry AWARD 3 “mews THAILAND ENERGY AWARDS Ml CREATIVE ENERGY CATEGORY usUn fills Iwau twas drfia (un wu)
Slide 12: TPIPP as TPIPL's Flagship for Power Business
ro) TPIPP as TPIPL’S Flagship for Power Business Unit : THBmm Electricity generation from waste 5 5 heat and refused derived fuel (RDF) Main Business my power plants and operation in petrol and gas stations. — Total Revenue 2,709 11,358 mwsu Operating EBITDA * 1,256 5,397 ©) posene * { Net Profit 99
Slide 13: TPIPP's Installed Capacity Breakdown by Fuel
TPIPP’s Installed Capacity Breakdown by Fuel MW = WH = CoaV/RDF mCoal m RDF © Solid waste disposal project QO Operates the Alternatives fuels and Electricity Energy * Alternative Fuels RDF Plant * Renewable Energy Power Producer SPP VSPP * Power plant IPS (Independent Power Supply ) OQ Operates petr
Slide 14: Financial Highlights
| Financial Highlights ERT artes & Confidential usUn AWla Iwau twias d1fia (UK wu) NAN A laa TP! POLENE POWER PUBLIC CO.,LTD.
Slide 15: Revenue
Revenue Diversified Revenue Streams Led by Growing Revenues from Energy & Ut Total Revenue from Sales of Goods (THBmm) Revenue from Energy & Utilities (THBmm) -0.3% ; <a ' YoY =-65%, QoQ =-9.9% 10,5868 10,557.4 396 1443 ~~ 1119.4 19828 8,564.4 ‘ao , aida = 5 2,483.0 dong rere 65.2 YoY = -5.7%, QoQ =
Slide 16: Cost of Sales & Gross Profit
Cost of Sales & Gross Profit Q4 Y2021 Cost of Sales Breakdown (THBmm) Gross Profit (THBmm) and Gross Profit Margin™ (%) Energy & Utilities: 458% | 48.0% 44.1% joi Tals Maintenance i ' = 40.6% materials & * H 38.5% , ; 5% 5,0917 H ——l Fuel 35% Pans ct 58.1 : ' 54.4 H Others 12% ' Waste Heat ' 0% H To
Slide 17: Cost & Expenses vs. EBITDA & NPAT
GS cost & Expenses vs. EBITDA & NPAT Cost & Expenses Items (THBmm) Operating EBITDA” (THBmm) and Operating EBITDA margin® (%) 50.8% 48.7% 52.3% 479% a. 2 43.0% —___5 —s.——— 2020 2021 Q4 2020 Q3 2021 Q4 2021 lm Operating EBITDA —=—Operating EBITDA Margin Operating NPAT (THBmm) and NPAT margin®) (%) 4
Slide 18: Comparing Profit and Loss Statement — YoY and QoQ
@ Comparing Profit and Loss Statement — YoY and QoQ Unit :‘THBmm Compare (%) Q4 YoY (12M) Income | Revenue from base tariff 5,761.0 5,443.3! 14219 1,453.9 1,178.5 5.5% 171% — -18.9% Revenue from power adder 4,786.1 4,969.11 1,2254 1,257.9 1,239.3 3.8% 11% -15% Other Sales Revenue 572.2 661.41 131.9
Slide 19: e223 oF & 2222
18148 7835 e223 7 oF & 2 2222 228 8 8 er oe ee ee ee ee uSUn Awl Iwau twiwas d1ria (un wu) TPI POLENE POWER PUBLIC CO.,LTD.
Slide 20: Debt Profile and Leverage Ratios
ro) Debt Profile and Leverage Ratios Cash / Cash Equivalents & Other current financial assets (THBmm) 16,174.0 12,899.7 49099 42307 44108 33403 3,286.8 70542 8,000.0 2 a te) 2859 2016 2017 2018 2020 2021 2017 2018 Net Debt" to Equity (x) Interest Coverage Ratio”) (x) 227.33x O.81x 0.49x 0.38x 027x 6
Slide 21: COD and ADDER Schedule for each plant
TPP COD and ADDER Schedule for each plant COD and ADDER Schedule for each plant Expiration of ADDER ADDER 18 MW 16 JAN 2015 JAN 2022 Pa 55 MW TGS 6 Aug 2015 way, AUG 2022 3 90 MW TG4+TG6 18APR 2018 TAN APR 2025 ee usUn fills Iwau twas drfia (un wu) : , J a Sea geece = Conticierstiot TPI POLENE POWER
Slide 22: Electricity Sale Unit
Electricity Sale Unit 3,000 2,498 2.174 1,978 Million Kwh 2019 2020 2021 Estimate 2022 Utilization Rate Electricity Sale Revenue 11,351 11,748 aelhke 10,414 m™SPP @TPIPL @ Electricity Sale @Oil& Gas , RDF and others revenue 2019 2020 2021 Estimate 2022 usUn fills Iwau twas drfia (un wu) : , J _ peep
Slide 23: Additional EBITDA to Counter balance expiration of adders
Additional EBITDA to Counter balance expiration of adders (TG3+TGS5) in year 2022 792.87 abet eGNSr 142.19 a i. oe FT SPP FT TPIPL RDF TPIPL RDF for Coal Replacement (675.86) (1,144.19) Tn rina & Confidential usUn AWla Iwau twias d1fia (UK wu) i NAN A laa TPI POLENE POWER PUBLIC CO.,LTD.
Slide 24: Key Operation Highlights
Key Operation Highlights a inte & GConridantial usUn AWla Iwau twias d1fia (UK wu) 7 NAN A laa TPI POLENE POWER PUBLIC CO.,LTD.
Slide 25: TPIPP's WTE Power Plant Situation
TPIPP’ S WTE Power Plant Situation IPS 20 MW 20 MW Power Plants with Electricity Sales TG7 70 MW to TPIPL SPP Power Plants with Electricity Sales to EGAT 180 MW Total Power Capacity 440 MW WH MS RDF/WH Coal RDF supplement Se Cs foritiol usUn AWla Iwau twas dia (un WwU) = oo ee TPI POLENE POWER PUBLI
Slide 26: Boilers' Type
@) Boers’ TYPE KIO) QE @) Sa} 4E@ om Se WHB AOQC, SP1 @ wus agc, sp2 @ wus agc, sp3 @ wus aoc, spa Tn rina & Confidential usUn fills Iwau twas drfia (un wu) i NAN A laa TP! POLENE POWER PUBLIC CO.,LTD.
Slide 27: TPIPP's WTE Power Plant Situation
@ TPIPP’S WTE Power Plant Situiation Grate Boiler B13, B14, B15 | : ; ’ ; usUn fiWls Iwau twibas d1fia (UH WwU) Strictly Private & Confidential 27 TPI POLENE POWER PUBLIC CO.,LTD.
Slide 28: Plant Operation Improvement 2021-2023
@ PLANT OPERATION IMPROVEMENT 2021-2023 ) Improvement Plant ) Availability Improvement of Power Plant Efficiency Tn rina & Confidential usUn AWla Iwau twias d1fia (un wu) 7 NAN A laa TPI POLENE POWER PUBLIC CO.,LTD.
Slide 29: RDF Cost Reduction
TPP 1.RDF Cost Reduction RDF 1,003.88 860.44 800 756.80 756.80 600 400 200 o T T : T 1 Year2020 Q1_2021 Q2_2021 Q3_2021 Q4_2021 ERT artes & Confidential usUn AWla Iwau twias d1fia (UK wu) 7 peu eriv' eR fd TPI POLENE POWER PUBLIC CO.,LTD. Baht/ton
Slide 30: Improvement Plant Availability
2.Improvement Plant Availability SPP 700.00 . 600.00 3595 = 500.00 356.0 = ars 100.00% 3541 a og al 100.00% 100.00% 2 400.00 — S 300.00 200.00 100.00 Year2020 Q1_2021 Q2_2021 Q3_2021 Q4_2021 usUn fiWls Iwau twias J1ria (UH wU) : , J _ peepee = conridentiot TPI POLENE POWER PUBLIC CO.,LTD.
Slide 31: Trend of FT Adjustment Sell for SPP
Trend of FT Adjustment Sell for SPP 2 o e e > o ° Ss ” eo & FT-Q1/22 +0.1953 B/kwh 0.1383 \ ‘ = a inte & GConridantial usUn AWla Iwau twias d1fia (UK wu) r NAN A laa TPI POLENE POWER PUBLIC CO.,LTD.
Slide 32: FT-Q1/22 +0.1671 B/kwh
FT-Q1/22 +0.1671 B/kwh 0.0139 Jan-20 May Sep Jan-21 May Sep n-22 May Sep -0.1160 pte -0.1243 -0.1400 0.1532 -0.1800 Tn rina & Confidential usUn fills Iwau twas drfia (un wu) _ age ae TPI POLENE POWER PUBLIC CO.,LTD.
Slide 33: Coal Replacement
ro) 3. Coal Replacement Coal replacement by High Heating Value RDF la = 5 Lines production with 4500 ton per day Capacity = Investment 1,000 Mil Baht = Jan -Oct 2023 Ne (a = Phase 1B6 Modification = Phase 2New RDF Boiler = Phase 1 Jan- AUG 2022 = Phase 2 APR 2022 - May 2023 = Investment 800 mil Baht
Slide 34: RDF Production Plan
12,000 10,000 RDF PRODUCTION PLAN 11,700 2011 2014 2016 2021 2023F @ RDF LINE 14,15,16,17,18 @ RDF LINE 10,11,12,13 @ RDF LINE7,89 @ RDF LINE5,6 @ RDF LINE 12,3,4 Strictly Private & Confidential usUn fills Iwau twas drfia (un wu) TPI POLENE POWER PUBLIC CO.,LTD.
Slide 35: Prospect Power Plant Capacity
Prospect Power Plant Capacity Capacity ( MW.) 6 504 Renewable 464 440 i a ‘ — - a 2021 2023 2024 2025+ . usUn fills Iwau twas drfia (un wu) - TOES T Eade TPI POLENE POWER PUBLIC CO.,LTD.
Slide 36: Activities
lL Activities | RDF Supply for Cement Kiln Plants | | Covid -19 Waste | Carbon Credit Verification uSUn Awl Iwau twiwas d1ria (un wu) ; iW * TPI POLENE POWER PUBLIC CO.,LTD. il
Slide 37: RDF Supply for Cement Kiln Plants
RDF Supply for Cement Kiln Plants * RDF requirement for coal replacement in 4 Kiln Plants is 2,200 ton per day * Production and Selling RDF to TPIPL is approx. 500,000 Ton per year * Investment of RDF plant 1,200 Mil Baht, BOI Tax Incentive 8/5 year « Estimate RDF revenue 350-450 Mil baht per year *
Slide 38: Special Activity - Covid-19 waste
@ Special Activity- Covid-19 waste Strictly Private & Confidential TPI POLENE POWER PUBLIC CO.
Slide 39: Special Activity - Covid-19 waste
@ Special Activity- Covid-19 waste Usunruus: COVID-19 [asuna 4/2021 2,000 Total 3,891.91 ton 1,500 Avg. 52 tonper day Revenue 29.8 MB 1,000 wm iSure (au) 500 0 A.A.64 W.8.64 £.A.64 : ; i ; usUn fills Iwau twas drfia (un wu) Strictly Private & Confidential 39 TPI POLENE POWER PUBLIC CO.,LTD.
Slide 40: Carbon Credit Verification
Carbon Credit Verification Carbon Credit T-VERs Registered by TGO RDF Production From MSW 1. July 2015 - May 2016 13,483 tCO,eq 2. May2016 —Apr 2017 68,573 tCO,eq 82,056 tCO,eq 3. Sold out to Zukunft des Konlentoffmarktes - 39,197 tCO,eq 4. Remain 42,859 tCO,eq 5. Under Verification May 2018-Dec2021
Slide 41: RE100
RE ECE RE100 is the global corporate renewable energy initiative bringing together hundreds of large and ambitious businesses committed to 100% renewable electricity. usUn fills Iwau twas drfia (un wu) i ] ie i 41 Sear a ape a coniriceanitic TPI POLENE POWER PUBLIC CO.,LTD.
Slide 42: Renewable Energy Certificate (REC)
f F G C lususeuATAAMsHAAWAINIMnYUIIsY \ yd (Renewable Energy Certificate : REC) Renewable Energy Certificate (REC) via ususasniawamwaser mquery unalnidoe lignanuacd tlhaianisna wanansnanuacnis i lnyaaN WAN IUUNWIEY AINITILTAVINULIEN UN LATANAUUNIEVINA ANNAN AeA ULA~ vy WihamanaalWrainwaswuyquddun wn
Slide 43: Prospect Projects
PROSPECT PROJECTS New Power Plant MSW Incinerator PDP2018 Solar Farm Power Plant EV Charging Central Station Reet Pri Agee usUn fills Iwau twas drfia (un wu) - aa Private coiientic TPI POLENE POWER PUBLIC CO.,LTD.
Slide 44: Prospect Projects: New Power Plant MSW Incinerator
PROSPECT PROECTS New Power Plant MSW Incinerator PDP2018 —_ ) * Q1 - The Energy Regulator Commission (ERC) will announcing 200 MW. MSW Power plant in approved list. (23 Projects) * Q3 - The Energy Regulator Commission (ERC) will announcing the other 200 MW. ¢ Industrial waste Power Plant will be 200
Slide 45: Us:ansSmwnis
Strictly Private & Confidential Us:ansSmwnis usKassanisue: ergoveavvauysel fuwun EEC 6,524 quaasu vurswwsu 4,274 axdow waolwinarnou:lélu Wut EEC Ido 130 snsadéstue anudu a ae aowuftonauou:!d gnrhsanua 317 too vu:aau gnriwannsu @ 2,250 audosu aofhwiouns:onlds1> Tsppiunrdauysiia:isolWwWiue: 6 IIKD Hla
Slide 46: Prospect Projects: Solar Farm Power Plant
PROSPECT PROECTS Solar Farm Power Plant y * The Energy Regulator Commission (ERC) will announcing Solar and Wind Power plant in Q11,000 MW. ( Plan PDP2018 rev1. 2,000-3,000 MW.) * Independent Power Supply (IPS) to TPIPL Cement Plant * Future Demand for EV Truck charging Station ( 25 - 50 MW.) * RE10
Slide 47: Prospect Projects: EV Charging Central Station
PROSPECT PROECTS EV Charging Central Station y ¢ The TRUCK EV Charging Station in Mittraphap Road Saraburi ¢ The traffic volume for trucks more than 60,000 pass per day ¢ — Main road for Northeast — Bangkok route ¢ The center distance of charging location 120 km for Bangkok ¢ Land available for > 40
Slide 48: Strictly Private & Confidential
Strictly Private & Confidential
TPI Polene Power Public Company — FY2021 Earnings Presentation on 6ix