Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q3 2020 Earnings Presentation
42 slides from Thai Solar Energy Public's earnings presentation, Nov 18, 2020
Slide 1: Presentation 3Q2020
Public Company Limited
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 Summarize TSE’s business UPDATE 2020 Recap what happen in the year 2020 and update new projects FINANCIAL HIGHLIGHTS 3Q2020 Represent TSE’s Financial Statement 3Q2020 APPENDIX TSE’s Structure and current projects Copyright © 2020 Thai Solar Energy Public Company Limited. All
Slide 4: Vision and Mission
VISION and MISSION VISION: To become a world-class regional leader in providing renewable energy through reliable technologies to serve both commercial and social societies. MISSION: To establish a solid footprint in Thailand in the solar power industry and expand into other renewable energies as we
Slide 5: Company Overview
COMPANY OVERVIEW • Milestones • Core Business • Portfolio Summary • Capacity Growth Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 5
Slide 6: TSE company facts and major shareholders
TSE's Major Shareholders (as of 3 JUL 2020) TSE’s 4 Core Businesses: 1) Solar PV Farms 2) Solar PV Rooftop P.M. Energy Co., Ltd. 3) Biomass 4) Floating Solar Farm SINO-THAI Engineering & Construction PCL. Listed in: 32% Ms. Cathleen Maleenont 37% TSE was established in 2008, and firstly listed in MA
Slide 7: Milestones 2008-2020
2008 - 2016 2017 - 2019 2020 2008: > Established TSE 2017: > Large Investment in Japan 2020: > Start project “Onikoube” Construction “Onikoube project” (147 MWp) and receive project loan from BBL 2011: > Majority owned by > Invested in a Floating Solar PV farm Dr. Cathleen Maleenont 2018: > COD Biom
Slide 8: Portfolio by business type
SOLAR PV FARMS SOLAR PV ROOFTOPS BIOMASS FLOATING SOLAR 23 projects (TH+JP) 14 projects 3 projects 1 project 255.74 MWac 14 MWac 22.2 MWac 8 MWac (223.74 MWe) (as of October, 2020) Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 8
Slide 9: Total Equity Capacity
Total Equity Capacity Operated Ownership No. of COD Installed Contract Equity Project Types Capacity Capacity Capacity By (%) Sites Year (MWDC) (MWAC) (MWe) Solar PV Farms 158.94 MWac Thailand: (126.94 MWe) TSR 60 10 2013 - 2014 104.8 80 48 2013, 2015, 2016, In Operation SV 100 5 2018 22.7 21 21 Jap
Slide 10: Capacity and power output production
ACQUIRE CAPACITY POWER OUTPUT PRODUCTION (MW PPA) (MIL KWH) Thermal PV Farms PV Rooftops PV Japan Biomass Total Actual Forecast 422 Total , 292 Total , 300 Total , 276 Total , 278 402 22 22 22 22 331 Total , 143 155 155 252 155 155 Total , 99 Total , 107 22 173 177 181 8 22 14 14 133 14 14 14 14 14
Slide 11: Update 2020
UPDATE 2020 • Executive Summary • Update New Projects • Onikoube Project (147 MWp) • Floating Solar Farm (8 MWp) • Solar Farm Krabi (5 MWp) Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 11
Slide 12: Executive summary 2020
JAN: COD Hanamizuki (13.5 MW) THAILAND MAR: Acquisition BSS (5.0 MW) JUL: Additional Investment in • Acquiring new projects approx. 50 MW PPA within OSW of 25% (100%) 1 – 2 years AUG: Acquisition BSE (5.0 MW) • Planning to bid for Power Plant Community approx. 50 OCT: Right Offering: TSR (TSE-T1) MW
Slide 13: Update on new projects
• Start Project Construction in • Invested in June, 2020 • Completed acquisition in July 2020 April, 2020 • SCOD 31 MAR 2021 • COD 29 DEC 2018 • Project Financing by BBL THB 8.6 bn. • PPA Period 25 years • PPA Period 25 years • SCOD 4Q2022 (as of October, 2020) Copyright © 2020 Thai Solar Energy Pub
Slide 14: Onikoube project area and summary
Project Area Summary of Project Installed Capacity (MWp): 147 Selling Capacity (MW): 133 Purchase Rate (FiT JP¥): 36 Location: Miyagi, Japan Off-taker: Tohoku Utility SCOD: 4Q2022 Status: Under Construction Operated By: OSP Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserv
Slide 15: Onikoube project components
Project Components EPC by: TOSHIBA PV Module by: Trina Solar Inverter by: Huawei Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 15
Slide 16: Onikoube project timeline
*METI’s one-year OCTOBER 1Q2020 rule requires 2017 2020 resubmission of a • TSE acquired a license of “Onikoube” project • Obtained Construction Permit business plan in • Preparation on land usage • Obtained FiT 36 JP¥* order to secure • Appointed Toshiba as EPC for the project’s FiT price construct
Slide 17: Onikoube construction progress
Construction had been started since 1Q2020. EPC mainly focuses on civil work so solar module installation can be speedily installed in later stage. Solar modules are planned to be placed on its original landscape conditions. The overall progress is expected to be up to 25% by the end of this year. E
Slide 18: Onikoube piling work progress
Construction progress on pilling work to be completed by 4Q2020 for the North side golf course and 12% PV modules installation progress on the left hand side picture. The pilling work is on going per plan on the South side golf course area as shown in the right hand side picture. Copyright © 2020 Th
Slide 19: Floating solar farm summary
Summary of Project Installed Capacity (MWp): 8 Selling Capacity (MWac): 8 PPA Type: Private PPA PPA Period: 25 years Kabinburi Industrial Estate Location: Prachinburi, Thailand Off-Taker: HITACHI SCOD: 1Q2021 (31 MAR 2021) Operated By: SV (TSE’s subsidiary) Copyright © 2020 Thai Solar Energy Public
Slide 20: Floating solar EPC components
EPC Components Modules by: Trina Solar Floating material and Mounting SCG Thailand structure: Inverter by: String type - Huawei Electrical apparatus: Switchgear - Siemen, Transformer - Ekarat Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 20
Slide 21: Floating solar timeline
JUNE 2020 • Invested in “Floating Solar Farm” Project 8 MWp in Prachinburi Province 2020 - 3Q2020 – 1Q2021 2021 • Construction has started in 3Q2020. 2021 1Q2021 • SCOD 1Q2021 (31 MAR 2021) • Operated by: SV (TSE’s subsidiary) Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Res
Slide 22: Solar farm Krabi summary
Summary of Project Installed Capacity (MWp): 5 Selling Capacity (MW): 5 Purchase Rate (FiT THB): 4.12 Location: Krabi, Thailand Off-Taker: PEA COD: 29 DEC 2018 Operated By: SV Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 22
Slide 23: Financial Highlights 3Q2020
FINANCIAL HIGHLIGHTS 3Q2020 • Income Statement (3M) (9M) • Total Revenue / EBITDA / Net Profit / Net Profit Margin • ROE / D/E Ratio / EPS • Financial Position as of 30 SEP 2020 • Debt Structure 3Q2020 Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 23
Slide 24: Statement of Comprehensive Income
(3M) (9M) Statement of Comprehensive Income 3Q2020 3Q2019 % Change 3Q2020 3Q2019 % Change Revenue Electricity Sales 396,605 347,441 14% 1,163,934 995,447 17% Management Fee 11,934 13,375 -11% 35,044 37,395 -6% Total Revenue 408,539 360,816 13% 1,198,978 1,032,842 16% COGs (258,764) (226,147) 14% (75
Slide 25: Total Revenue and EBITDA
TOTAL REVENUE EBITDA Total Revenue (unit: MB) EBITDA (unit: MB) 1,200 1,800 1,708 1,535 1,000 1,600 499 973 1,400 475 800 867 1,200 1,000 600 800 591 508 572 600 1,209 400 1,059 438 170 160 400 142 321 200 271 200 367 421 412 0 0 3Q2019 2Q2020 3Q2020 9M 2019 9M 2020 3Q2019 2Q2020 3Q2020 9M 2019 9M 2
Slide 26: Net Profit
NET PROFIT (unit: MB) Net Profit Net Profit 600 565 500 479 Net Profit in 3Q2020 (3M) decreased 65% (YoY) which was mainly due to FX loss of 88 MB and Finance Costs. However, FX 400 loss was considered as an accounting transaction and it does 300 242 not have impact on the Company’s cash flow and pe
Slide 27: ROE, D/E Ratio, EPS
ROE D/E RATIO EPS (unit: %) ROE* (unit: THB) EPS 12.0% 11.4% 0.35 0.29 10.0% 0.30 0.25 8.0% 0.20 6.0% 5.5% 0.15 4.1% 4.2% 0.15 0.11 0.11 4.0% 0.10 2.0% 1.2% 0.05 0.03 0.0% 0.00 3Q2019 2Q2020 3Q2020 9M 2019 9M 2020 3Q2019 2Q2020 3Q2020 9M 2019 9M 2020 3M 9M 3M 9M (unit: Time) D/E ROE ROE of 3Q2020 (3
Slide 28: Financial Position
(unit: MB) Financial Position Due to the business expansion continually, total 25,000 assets, total liabilities, and equity attributable to owners of the parent as of 30 September 2020 19,254 19,254 20,000 increased respectively. Therefore, it helped 5 Non-Controlling interest 14,689 14,689 generate
Slide 29: Debt Structure 3Q2020
Debt Structure 3Q2020 Debt Structure 3Q2020 Project Finance Loan 53% Corporate Loan 22% 25% Debenture 25% 53% Most of interest bearing debt from Project Finance 53% Loan for 53%, increased from Onikoube project finance loan drawdown. 22% 47% The remaining interest bearing debt from Corporate Project
Slide 30: Appendix
APPENDIX • Organization Structure • Board of Directors and Audit Committee • Investment Structure • TSE’s Projects Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 30
Slide 31: 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 Mr. Kitiphong Thunnom Cath
Slide 32: 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 ❖ Independent Director + AUDIT COMM
Slide 33: Investment structure
Thai Solar Energy Public Company Limited 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)
Slide 34: TSE's Portfolio (41 projects)
TSE's Portfolio (as of OCT 2020) 8 21 22.2 14 154.74 48 MWe MWac 80 belongs 145.2 to TSE MWac (113.2 MWe) 154.74 41 Projects (Total 299.94 MWac) Solar PV Farms - TH Solar PV Farms - TH (JV 60%) Solar PV Farms - JP Biomass Solar PV Rooftops Biomass Power Plants Floating Solar Farm* Solar PV Farms (To
Slide 35: Solar PV farms Thailand
SSE1-PV 02 (8 MW) SSE1-PV 03 (8 MW) SSE1-PV 04 (8 MW) Selling Equity Power Purchase SSE1-PV 05 (8 MW) Project Capacity Capacity COD Tenor Rate SSE1-PV 09 (8 MW) (MWac) (MWe) SSE1-PV 10 (8 MW) SSE1 PV01 – PV10 80 48 2013 – 2014 Base Tariff + FT + 5 years with *Partnership with Adder 6.5 THB/kWh autom
Slide 36: Solar PV farm projects Thailand
15 SSE1-PV01 (8MW) SSE1-PV02 (8MW) SSE1-PV03 (8MW) SSE1-PV04 (8MW) SSE1-PV05 (8MW) Projects COD SEP 2013 COD JUL 2013 COD OCT 2013 COD NOV 2013 COD NOV 2013 101 SSE1-PV06 (8MW) SSE1-PV07 (8MW) SSE1-PV08 (8MW) SSE1-PV09 (8MW) SSE1-PV10 (8MW) MW COD JUN 2014 COD MAR 2014 COD JUN 2014 COD APR 2014 COD
Slide 37: Solar rooftop projects
RT 02 (1 MW) Selling Power Purchase RT 03 (1 MW) Project Capacity COD Tenor Rate (MWac) TSER 01 - 14 14 2014 – 2015 FiT 6.16 B. 25 years RT 01 (1 MW) *Partnership with The Mall and RT 09 (1 MW) HomePro RT 08 (1 MW) Total 14 RT 10 (1 MW) RT 11 (1 MW) RT 12 (1 MW) RT 04 (1 MW) RT 13 (1 MW) RT 14 (1 MW
Slide 38: Solar rooftop project sites
RT-03 Nakorn Sawan RT-05 Surat Thani 14 RT-01 Lopburi RT-02 Phrae RT-04 Chumporn COD SEP 2014 COD FEB 2015 COD JUN 2015 COD SEP 2014 COD DEC 2014 Projects 14 RT-06 Nakhon Si Thammarat RT-07 Hat Yai RT-08 Ubon Ratchathanee RT-09 Khao Yai RT-10 Ekamai-Ramindra COD JUL 2015 COD OCT 2015 COD MAR 2015 CO
Slide 39: Biomass power plants
Selling Power Purchase Project Capacity COD Tenor Rate (MWac) BSW 4.6 2018 20 years FiT 4.24 Baht + OSW 1 8.8 2018 Premium 0.30 THB OSW 2 8.8 2018 (8 years) 15Y4M Total 22.2 BSW (4.6 MW) OSW 1 (8.8 MW) OSW 2 (8.8 MW) OSW 1 OSW 2 BSW (4.6 MW) (8.8 MW) (8.8 MW) Copyright © 2020 Thai Solar Energy Publi
Slide 40: Solar farm projects in Japan
TOYAMA Installed Selling Feed-in- Project Location Capacity Capacity COD Tariff “Shima” (1.25 MW) (MW) (MWac) (JP¥) “Sakura” (1.99 MW) Kuno Ibaraki 0.65 0.50 31/8/2015 36 MIYAGI ISHIKAWA Shima Toyama 1.43 1.25 2/3/2016 32 “Onikoube” “Hanamizuki” (13.5 MW) (133 MW*) Hikeme Fukui 1.86 1.50 1/4/2016 32
Slide 41: Japan project details
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 (133 MW)* COD SEP 2016 COD NOV 2017 COD MAY 2018 SCOD 4Q2022 (*under construction) Copyright © 2020 Thai Solar Energy
Slide 42: Thank You
THANK YOU www.thaisolarenergy.com Tel. +66 2258 4530-34
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