Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q2 2021 Earnings Presentation
35 slides from Thai Solar Energy Public's earnings presentation, September 2021
Slide 1: Presentation 2Q2021
PRESENTATION 2Q2021 SEPTEMBER, 2021
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 01 COMPANY OVERVIEW Summary of Corporate Information 02 HIGHLIGHTS of 2Q2021 Summary of TSE’s Financial Performance 2Q2021 and Projects’ Update 03 OUTLOOK Summary of TSE’s Business Outlook and Investment Plan 04 APPENDIX Summary of Company Structure and its Investment Copyright © 2021 Thai So
Slide 4: Vision & Mission
VISION & MISSION We Create VISION Professional Presentation 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 int
Slide 5: Company Overview
COMPANY OVERVIEW Thai Solar Energy Public Company Limited (“TSE”) was established in 2008 with a mission to establish a solid footprint in Thailand in the solar power industry and expand into other renewable energies as well as developing an international solar power business focusing in Asia and Oc
Slide 6: Company Overview
COMPANY OVERVIEW MAI (30 OCT 2014) Listed in: Moved to SET (since 14 MAY 2019) Paid-up Capital: THB 2,117 million Sector: Energy & Utilities Industry: Resources CG Rating: Credit Rating: BBB- stable TSE's Major Shareholders (as of 11 MAR 2021) P.M. Energy Co., Ltd. SINO-THAI Engineering & Constructi
Slide 7: Milestones
MILESTONES 2020: > Start project “Onikoube” Construction and receive project loan from BBL > Invested in a Floating Solar PV farm project in Prachinburi province > Large Investment in Japan (8.0 MW) in JUN 2020 2017: “Onikoube” project (147 MWp) > Acquired: “EES” in Krabi province 2013: > COD Solar
Slide 8: Board of Directors
BOARD OF DIRECTORS Dr. Prommin Lertsuridej Mr. Pala Sookawesh Mr. Prasert Patradhilok Mr. Aran Apichari Vice Chairman, Chairman of Independent Director Independent Director and Independent Director Nomination and Remuneration Chairman of Audit Committee Committee, and Independent Director Mr. Sompho
Slide 9: Organization Structure
ORGANIZATION STRUCTURE Board of Directors Nomination and Executive Committee Audit Committee Remuneration Committee Chief Executive Officer Company Secretary Cathleen Maleenont, Ed.D. Internal Audit Chief Operating Officer Mr. Somphop Prompanapitak Chief Technical Officer Chief Financial Officer (Ac
Slide 10: Company Structure
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) (SV) (TSEO) (TSER) (TCE) Siam Solar Energ
Slide 11: Core Business
CORE BUSINESS TSE and its subsidiaries (“the Group”) The Group’s core businesses are generation and 154.74 MWac distribution of electricity from solar power and biomass to government and private company in Thailand and Japan. 8 Projects* 145 MWac 33 Projects* Solar PV Solar PV Farms Biomass Rooftops
Slide 12: Financial Highlights
FINANCIAL HIGHLIGHTS Summary of TSE’s Financial Performance 2Q2021
Slide 13: Income Statement 2Q2021
INCOME STATEMENT 2Q2021 (3M) (6M) Statement of Comprehensive Income Consolidated (Unit: Thousand Baht) 2Q2021 2Q2020 % Change 2Q2021 2Q2020 % Change Revenue Electricity Sales 406,964 407,635 -0.16% 766,434 767,329 -0.12% Management Fee 12,332 11,745 5.00% 24,266 23,110 5.00% Total Revenue 419,296 41
Slide 14: Financial Highlights 2Q2021
FINANCIAL HIGHLIGHTS 2Q2021 Summary (3-months period) 3-months period (unit: MB) ▪ Total Revenue: +0.48% (YoY) +13.43% QoQ: the total revenue growth in 2Q2021 was because there was 450 421 424 snow in Japan and an annual shutdown of a biomass power 400 plant “BSW” project in 1Q2021. In addition, it
Slide 15: Total Revenue 2Q2021
TOTOL REVENUE 2Q2021 (unit: MB) Total Revenue (3-months period) (unit: MB) Total Revenue (6-months period) 700 1,400 591 595 1,136 1,156 561 600 544 1,200 500 170 171 1,000 339 359 169 187 400 800 300 600 200 376 421 373 424 400 797 797 100 200 0 0 1Q2020 2Q2020 1Q2021 2Q2021 2Q2020 2Q2021 Total Rev
Slide 16: EBITDA 2Q2021
EBITDA 2Q2021 (unit: MB) EBITDA (3-months period) (unit: MB) EBITDA (6-months period) 500 800 760 438 450 700 392 400 368 596 600 350 500 300 250 400 200 158 300 150 200 100 100 50 0 0 1Q2020 2Q2020 1Q2021 2Q2021 2Q2020 2Q2021 Summary (3-months) Summary (6-months) ▪ EBITDA: ▪ EBITDA: -6% QoQ: due to
Slide 17: EPS 2Q2021
EPS 2Q2021 (unit: THB) EPS (THB) (3-months period) (unit: THB) EPS (THB) (6-months period) 0.120 0.11 0.20 0.18 0.10 0.18 0.100 0.16 0.08 0.14 0.080 0.12 0.12 0.060 0.10 0.08 0.040 0.06 0.020 0.04 0.003 0.02 0.000 0.00 1Q2020 2Q2020 1Q2021 2Q2021 2Q2020 2Q2021 Summary (3-months) Summary (6-months) ▪
Slide 18: D/E Ratio and ROE 2Q2021
D/E RATIO and ROE 2Q2021 (unit: times) D/E* (unit: %) ROE (%)** 2.30 14.00% 12.56% 2.25 2.24 12.00% 10.00% 9.23% 2.20 8.00% 2.15 6.00% 2.10 2.08 4.00% 2.05 2.00% 2.00 0.00% 2Q2020 2Q2021 2Q2020 2Q2021 Summary Summary ▪ D/E* Ratio: ▪ ROE: -7.22%YoY: due to a decrease in liabilities from loan -26.48%Y
Slide 19: Financial Position 2Q2021
FINANCIAL POSITION 2Q2021 (Unit: THB million) Financial Position FY 2020 and 2Q2021 Summary 25,000 19,177 19,177 19,399 19,399 ▪ Total Assets: 20,000 0 2 Increasing from 19,177 MB to 19,399 MB, or +1.16%. 5,917 6,301 15,000 10,000 17,522 17,760 ▪ Total Liabilities: 10,207 10,297 5,000 Decreasing fro
Slide 20: Debt Structure 2Q2021
DEBT STRUCTURE 2Q2021 Project Finance Loan Most of interest bearing debt from Debenture Project Finance Loan for 55%, 26% changed from Onikoube Project Finance Loan drawdown. Corporate Loan and Debenture Project Finance Loan 55% The remaining interest bearing debt Corporate Loan from Corporate Loan
Slide 21: Projects Update
PROJECTS UPDATE Floating Solar Project “STF” and Solar PV Farm “Onikoube”
Slide 22: Floating Solar Project “STF”
Floating Solar Project “STF” Summary of “Siam Tara Floating” 8 MWp Project Private PPA 25 Years Installed Capacity (MWp): 8 Project Components Selling Capacity (MWac): 8 PV Module by: Trina Solar PPA Type: Private PPA Floating material and SCG Thailand Mounting structure: PPA Period: 25 years Invert
Slide 23: “Siam Tara Floating” 8 MWp
“Siam Tara Floating” 8 MWp Copyright © 2021 Thai Solar Energy Public Company Limited. All Rights Reserved 23
Slide 24: Solar PV Farm Project “Onikoube”
Solar PV Farm Project “Onikoube” Summary of “Onikoube” 147 MWp Project Purchase Rate - FiT 36 JP¥ Installed Capacity (MWp): 147 Project Components Selling Capacity (MWac): 133 Purchase Rate (FiT JP¥): 36 EPC by: TOSHIBA Location: Miyagi Province, Japan PV Module by: Trina Solar Off-taker: Tohoku Uti
Slide 25: “Onikoube” 147 MWp Construction Update
“Onikoube” 147 MWp Construction Update 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 construction progress target of
Slide 26: Outlook
OUTLOOK Summary of TSE’s Business Outlook and Investment Plan
Slide 27: Outlook
OUTLOOK THAILAND • Acquiring New Projects • Penetrating Private PPA in Solar PV Farms • Expanding into Waste to Energy Totaling approx. 50 MW PPA OVERSEAS • Exploring new opportunities in renewable energy projects (i.e. Wind and Solar Farms) overseas Totaling approx. 50 – 100 MW PPA Total approx. 10
Slide 28: Capacity Growth
CAPACITY GROWTH ACQUIRE CAPACITY (MW PPA) POWER OUTPUT PRODUCTION (MIL KWH) Thermal Solar Farms Solar Rooftops Japan Solar Farms Biomass Actual Forecast 433 Total Total Total Total Total 300 300 292 276 278 22 22 22 22 22 421 Total 402 143 155 155 155 Total Total 155 155 99 107 22 252 8 22 14 14 14
Slide 29: TSE’s Projects
TSE’s PROJECTS JAPAN THAILAND (As of 31 May 2021) Note: *101 MW (69 MWe) > Partnership with GPSC (TSE 60%) ** 299.94 MW > 166.94 MWac are in operation. > 133 MWac are under construction. Solar PV Farms Solar PV Rooftops Biomass Solar PV Farms 101 MWac – 15 Farms 14 MWac – 14 Rooftops 22.2 MWac – 3 P
Slide 30: Solar PV Farms (Thailand): 10 Projects with GPSC
SOLAR PV FARMS (THAILAND) : 10 Projects (80 MWac) with GPSC Suphanburi Province Adder 6.5 THB/ kWh SSE1-PV 02 (8 MW) (SSE1: PV01 – PV10) SSE1-PV 03 (8 MW) SSE1-PV 04 (8 MW) SSE1-PV01 (8MW) SSE1-PV 05 (8 MW) COD SEP 2013 SSE1-PV 09 (8 MW) SSE1-PV 10 (8 MW) Kanchanaburi SSE1-PV02 (8MW) SSE1-PV03 (8MW)
Slide 31: Solar PV Farms (Thailand): 6 Projects
SOLAR PV FARMS (THAILAND) : 6 Projects (29 MWac) FiT FiT Adder 5.66 4.12 8 THB/ kWh THB/ kWh THB/ kWh Ayutthaya Ang Thong Province Province BSS (5 MW) INS (2 MW) SSP (8 MW) SSP (8MW) Prachuapkhirikhan COD MAR 2013 Province SLC (1MW) BSS (5MW) SLC (1 MW) COD DEC 2016 COD DEC 2016 Prachinburi Private
Slide 32: Solar PV Rooftops (Thailand): 14 Projects
SOLAR PV ROOFTOPS (THAILAND): 14 Projects (14 MWac) RT 02 (1 MW) FiT 6.16 THB/ RT 03 (1 MW) kWh RT-01 Lopburi RT-02 Phrae RT-03 Nakorn Sawan RT-04 Chumporn COD SEP 2014 COD FEB 2015 COD JUN 2015 COD SEP 2014 RT 01 (1 MW) RT 09 (1 MW) RT 08 (1 MW) RT 10 (1 MW) RT-05 Surat Thani RT-06 Nakhon Si RT-07
Slide 33: Biomass (Thailand): 3 Projects
BIOMASS (THAILAND): 3 Projects (22.2 MWac) FiT 4.24 Baht + Premium 0.30 THB (8 years) BSW (4.6 MW) COD MAR 2018 Surat Thani Nakhon Si Province Thammarat BSW (4.6 MW) Province OSW 1 (8.8 MW) OSW1 (8.8 MW) OSW2 (8.8 MW) OSW 2 (8.8 MW) COD AUG 2018 COD OCT 2018 Copyright © 2021 Thai Solar Energy Public
Slide 34: Solar PV Farms (Japan): 8 Projects
SOLAR PV FARMS (JAPAN) : 8 Projects (154.74 MWac) FiT TOYAMA 36 JP¥/ “Shima” (1.25 MW) kWh “Sakura” (1.99 MW) Ryugazaki (1.75 MW) Kuno (0.5 MW) COD SEP 2016 COD AUG 2015 MIYAGI ISHIKAWA “Onikoube” (133 MW*) “Hanamizuki” (13.5 MW) *under construction Jyoso (1.25 MW) Hanamizuki (13.5 MW) Onikoube (133
Slide 35: Thank You
THANK YOU www.thaisolarenergy.com Tel. +66 2258 4530-34
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