Tpi Polene Power Public Co., Ltd. · SET:TPIPP

Tpi Polene Power Public — Q1 2020 Earnings Presentation

35 slides from Tpi Polene Power Public's earnings presentation, 2020

  1. Slide 1: TPI Polene Power Public Company Limited Investor Presentation

    TPI Polene Power Public Company Limited Investor Presentation

  2. Slide 2: Table of Content

    Table of Content Section 1. Company & Business Overview 2. Financial Highlights 3. Key Operation Highlights Strictly Private & Confidential 1

  3. Slide 3: Company & Business Overview

    Company & Business Overview Strictly Private & Confidential 2

  4. Slide 4: TPIPP as TPIPL's Flagship for Power Business

    TPIPP as TPIPL’s Flagship for Power Business Unit: THBmm TPIPP (Q1 2020) Main Business Electricity generation from waste heat and refused derived fuel (RDF) power plants and operation in petrol and gas stations. Total Revenue 2,596 Operating EBITDA * 1,277 Net Profit 967 Total Assets 38,708 Cement B

  5. Slide 5: 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 Q1 2020 Total Sales Revenue  Operates refuse derived fuel (“RDF”) fired & waste-heat recovery power plants with off-take arr

  6. Slide 6: 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 Total capacity in operation 440 MW Waste Heat RDF Coal/RDF Coal 440 Installed Power Plant COD Off taker Capacity 180 In operation 290 WHPP-40MW Jun 2009 4

  7. Slide 7: 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

  8. Slide 8: 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

  9. Slide 9: Financial Highlights

    Financial Highlights Strictly Private & Confidential 8

  10. Slide 10: 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) 10,571.2 9,851.5 44.2 719.7 2,131.2 6,912.2 46.2 832.1 7,619.8 7,676.0 2,706.0 2,248.3 2,374.5 6,033.9 9.8 13.7 12.5 707.6 46

  11. Slide 11: Cost of Sales & Gross Profit

    Cost of Sales & Gross Profit Q1 Y2020 Cost of Sales Breakdown (THBmm) Gross Profit (THBmm) and Gross Profit Margin(1) (%) Energy & Utilities: 52.1% 47.7% 47.6% Raw Labor 45.0% 44.4% materials & 11% 5,041.5 Maintenance Fuel 36% 6% 85.2 Electricity Others 17% 14% 3,968.4 Depreciation 80.0 16% Waste He

  12. Slide 12: Cost & Expenses vs. EBITDA & NPAT

    Cost & Expenses vs. EBITDA & NPAT Cost & Expenses Items (THBmm) Operating EBITDA(1) (THBmm) and Operating EBITDA margin(2) (%) 7,500.0 54.4% 51.7% 51.6% 50.4% 48.4% 6,500.0 6,197.0 159.5 432.2 5,461.8 4,148.2 5,500.0 75.7 1,174.9 1,484.3 1,276.6 4,500.0 2018 2019 Q1 2019 Q4 2019 Q1 2020 4,055.719.0

  13. Slide 13: Comparing Profit and Loss Statement – YoY and QoQ

    Comparing Profit and Loss Statement – YoY and QoQ Unit :THBmm 2018 2019 2019 2019 2020 Compare (%) 12M 12M Q1 Q4 Q1 YoY (12M) YoY (Q) QoQ Income Revenue from base tariff 3,481.6 5,574.1 1,290.5 1,474.0 1,275.2 60.1% -1.2% -13.5% Revenue from power adder 3,384.4 4,233.2 948.0 1,218.3 1,086.8 25.1% 14

  14. Slide 14: Operating Statistic

    Operating Statistic Generated Amount of Electricity (M.KWh) and Capacity (MW) 800.0 500 440 440 440 440 440 2019 2020 Diff %Change 700.0 400 Q1 478.93 474.00 -4.93 -1.03% 600.0 Q4 2019 Q1 2020 Diff %Change 290 290 300 3M 531.29 474.00 -57.29 -10.78% 500.0 220 200 150 150 150 150 150 150 150 150 150

  15. Slide 15: Projected VS Actual EBITDA (excluded F/X)

    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 1,999 1,999 2,000 1,716 1,716 1,716 1,716 Million Baht 1,465 1,484 1,500 1,380 1,234 1,175 1,277 1,123 1,138 1,000 759 770 730 650 659 500 Projected EBITDA Actual EBITDA (excluded F/X) Stric

  16. Slide 16: 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 8,780.7 4,230.7 4,410.8 8,000.0 7,054.2 3,340.3 4,000.0 1,186.9 285.9 2016 2017 2018 2019 Q1 2020 20

  17. Slide 17: Key Operation Highlights

    Key Operation Highlights Strictly Private & Confidential 16

  18. Slide 18: 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

  19. Slide 19: 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 18

  20. Slide 20: COD and BOI Schedule for each plant

    1 TPIPP’ S WTE Power Plant Situation COD and BOI Schedule for each plant 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 8 Coal T

  21. Slide 21: Trend of FT Adjustment Sell for TPIPL

    Trend of FT Adjustment Sell for TPIPL Strictly Private & Confidential 20

  22. Slide 22: Trend of FT Adjustment Sell for SPP

    Trend of FT Adjustment Sell for SPP Strictly Private & Confidential 21

  23. Slide 23: Power Plant Breakdown from PEA

    POWER PLANT BREAKDOWN FROM PEA Strictly Private & Confidential 22

  24. Slide 24: Power Plant Breakdown from PEA

    POWER PLANT BREAKDOWN FROM PEA Strictly Private & Confidential 23

  25. Slide 25: Power Plant Breakdown from PEA

    POWER PLANT BREAKDOWN FROM PEA Strictly Private & Confidential 24

  26. Slide 26: 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

  27. Slide 27: 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

  28. Slide 28: A solid waste management center

    2 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

  29. Slide 29: MSW and RDF Raw materials Management

    2 MSW and RDF Raw materials Management Strictly Private & Confidential 28

  30. Slide 30: RDF Plant Saraburi

    2 MSW and RDF Raw materials Management RDF PLANT SARABURI 1. LINE 1 2 5 6 BMH 4 x 20 T/H 2. LINE 3 4 SID 2 x 25 T/H 3. LINE 7 8 SID 2 x 25 T/H 4. LINE 9 10 SID 2 x 25 T/H ( AUG 2020 ) 5. LINE 11-13 SID 3 x 25 T/H ( NOV 2020 ) Strictly Private & Confidential 29

  31. Slide 31: RDF Plant Outside

    2 MSW and RDF Raw materials Management RDF PLANT OUTSIDE 5 x 200 T/D 1. Nakorn Ratchasima 2. BANG SAI Ayuttaya 3. NADEE Samutsakorn 4. RAYONG 5. BAN BUENG Chonburi Strictly Private & Confidential 30

  32. Slide 32: RDF Plant Pre-Sorting Outside

    2 MSW and RDF Raw materials Management RDF PLANT PRE-SORTING OUTSIDE 10 x 200 T/D 1. Nakorn Ratchasima 2. BANG SAI Ayuttaya 3. NADEE Samutsakorn 4. RAYONG Rayong 5. PRATUMTHANI 6. IFEC BO WIN Rayong ( NOV 2020 ) 7. LOPBURI 8. CHATABURI 9. Ayuttaya 2 10. NADEE 2 Strictly Private & Confidential 31

  33. Slide 33: WTE Plant Expansion Project: RDF Supply for Cement Kiln Plants

    3 WTE Plant Expansion Project  RDF Supply for Cement Kiln Plants • RDF requirement for coal replacement in 3 Kiln Plants is 1,200 -1,500 ton per day • Production and Selling RDF to TPIPL is 360,000-450,000 Ton per year • Estimate Revenue for RDF selling 350-450 Mil baht per year • Investment of RDF

  34. Slide 34: WTE Future Project

    4 WTE Future Project Capacity 2020 2021 2023 2025 260 MW 190 MW 190 MW 190 MW. TG1 20 MW TG1 20 MW TG1 20 MW Power Plants TG1 20 MW with TG2 20 MW TG2 20 MW TG2 20 MW TG2 20 MW Electricity Sales to TPIPL TG7 (3) 70 MW(2) TG8 (4) 150 MW TG8 (4) 150 MW TG8 (4) 150 MW TG8 (4) 150 MW 180 MW (PPA 163 MW)

  35. Slide 35: Q&A

    Q&A Strictly Private & Confidential 34

TPI Polene Power Public Company — Q1 2020 Earnings Presentation on 6ix