Thai Solar Energy Public Company Ltd · SET:TSE
Thai Solar Energy Public — Q2 2022 Earnings Presentation
37 slides from Thai Solar Energy Public's earnings presentation, November 2022
Slide 1: TSE Presentation 2Q2022
TSE PRESENTATION 2Q2022 (as of June 30, 2022 )
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 ◉ FINANCIAL HIGHLIGHTS OF 2Q2022 ◉ OUTLOOK ◉ APPENDIX Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 3
Slide 4: Vision & Mission
VISION & MISSION VISION MISSION To become a world-class regional To establish a solid footprint in leader in providing renewable Thailand in the solar power energy through reliable industry and expand into other technologies to serve both renewable energies as well as commercial and social societies
Slide 5: Company Overview
1 COMPANY OVERVIEW Summary of Corporate Information Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 5
Slide 6: 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 7: Stock Information and Major Shareholders
COMPANY OVERVIEW Stock Information Major Shareholders (as of March 10, 2022) Company: Thai Solar Energy PCL. TSE Major Shareholders SET Symbol: TSE P.M. Energy Co., Ltd. MAI on October 30, 2014 Listed in: Moved to SET since May 14, 2019 SINO-THAI Engineering & Construction PCL. UBS AG SINGAPORE BRAN
Slide 8: Core Business
CORE BUSINESS TSE and its subsidiaries Capacity (MW PPA) (“the Group”) 22.2 8 The Group’s core 14 Solar PV Farms 133 MWac 145.20 MWac 1 Project businesses are generation 33 Projects and distribution of Solar PV Rooftops Under construction electricity from solar power and biomass to Floating Solar PV
Slide 9: Milestones
MILESTONES 2008 – 2014 2015 – 2017 2018 – 2019 2020 – 2021 2022 – onward Exploring Investment Solar Farms + Solar Farms (JP) + Merger & Acquisition Private PPA Opportunity overseas Rooftops (TH) THIS IS A SLIDE TITLE Biomass (TH) + Expanding Private PPA 2008: > Established TSE 2015: > Expanded TSE’s
Slide 10: Board of Directors
BOARD OF DIRECTORS Dr. Prommin Lertsuridej Mr. Prasert Patradhilok Mr. Pala Sookawesh Dr. Praphan Subsang Vice Chairman, Chairman of Independent Director and Independent Director, Independent Director, Nomination and Chairman of Audit Audit Committee Audit Committee Remuneration Committee, Committee
Slide 11: Company Structure
COMPANY STRUCTURE Solar Farm Thailand Solar Farm Japan A PICTURE Solar Rooftop IS Biomass 100% 100% World Solar Co., Ltd. (WS) Thai Solar Renewable Co., Ltd. (TSR) 60% Solar Visible Co., Ltd. (SV) 100% TSE Overseas Group Co., Ltd. (TSEO) WORTH A 100% TSE Rooftop Co., Ltd. (TSER) 100% Thai Community
Slide 12: Organization Structure
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 (Ac
Slide 13: Financial Highlights of 2Q2022
FINANCIAL HIGHLIGHTS 2 OF 2Q2022 Summary of TSE’s Financial Performance Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 13
Slide 14: Highlights of 2Q2022: Soilcrete (SCT) Project
HIGHLIGHTS OF 2Q2022 SOILCRETE (SCT) Project 8 MW COD: DEC 2015 100% investment in Solar FiT: 5.66 THB/ kWh Type: Solar Tracking Farm “Soilcrete” (SCT) – Solar Tracking system with a total contract capacity of 8.0 MW (a total installed capacity of 8.0 MW) in Nakhonsawan Province. PPA Period 25 years
Slide 15: Highlights of 2Q2022: Summary of Project
HIGHLIGHTS OF 2Q2022 Summary of Project Installed Capacity (MWp): 8 Selling Capacity (MW): 8 Purchase Rate (FiT THB): 5.66 THB/kWh Location: Nakhonsawan Province, Thailand SOILCRETE (SCT) Project 8 MW COD: DEC 2015 FiT: 5.66 THB/ kWh Type of Solar Plant Ground Mounted Solar Power Plant (Tracking) Ty
Slide 16: Income Statement 2Q2022
INCOME STATEMENT 2Q2022 Consolidated (Unit: Thousand Baht) (3M) (6M) 2Q2022 2Q2021 % Change 2Q2022 2Q2021 % Change Revenue Electricity Sales 315,559 406,964 -22.46% 638,268 766,434 -16.72% Management Fee 13,443 12,332 9.01% 25,974 24,266 7.04% Total Revenue 329,002 419,296 -21.53% 664,242 790,700 -1
Slide 17: Total Revenue 2Q2022
TOTAL REVENUE 2Q2022 (unit: MB) Total Revenue (3M) (unit: MB) Total Revenue (6M) 700.00 1,400.00 595.00 1,155.78 600.00 560.78 1,200.00 1,014.06 514.55 499.51 500.00 171.49 1,000.00 358.89 187.40 400.00 177.44 169.29 800.00 346.73 300.00 600.00 200.00 373.38 423.51 400.00 796.89 337.11 330.22 667.33
Slide 18: EBITDA 2Q2022
EBITDA 2Q2022 (unit: MB) EBITDA (3M) (unit: MB) EBITDA (6M) 600.00 840.00 832.69 510.26 500.00 820.00 392.22 400.00 368.21 800.00 322.43 300.00 780.00 760.44 200.00 760.00 100.00 740.00 0.00 720.00 1Q2021 2Q2021 1Q2022 2Q2022 2Q2021 2Q2022 EBITDA (3-month period) EBITDA (6-month period) -36.81% QoQ
Slide 19: EPS 2Q2022
EPS 2Q2022 (unit: THB/ Share) EPS (THB/ Share) (3M) (unit: THB/ Share ) EPS (THB/ Share) (6M) 0.18 0.16 0.30 0.16 0.24 0.25 0.14 0.12 0.20 0.18 0.10 0.10 0.08 0.08 0.15 0.08 0.06 0.10 0.04 0.05 0.02 0.00 0.00 1Q2021 2Q2021 1Q2022 2Q2022 2Q2021 2Q2022 EPS (3-month period) EPS (6-month period) -50.00%
Slide 20: D/E Ratio and ROE 2Q2022
D/E RATIO and ROE 2Q2022 (unit: times) D/E* (unit: %) ROE (%)** 2.12 2.10 10.00% 9.90% 2.10 2.08 9.80% 2.06 9.60% 2.04 2.02 9.40% 1.99 9.23% 2.00 1.98 9.20% 1.96 9.00% 1.94 1.92 8.80% 31-Dec-21 2Q2022 2Q2021 2Q2022 D/E* ROE** -5.24% YoY +7.26% YoY As of 30 June, 2022, D/E* slightly decreased to 1.99
Slide 21: Financial Position 30 June 2022
FINANCIAL POSITION 30 JUNE 2022 (Unit: MB) Financial Position 31 DEC 2021 and 30 June 2022 25,000 Summary 19,707 19,707 Total Assets: 20,000 18,447 18,447 6,349 Decreasing from 19,707 MB to 18,447 MB, or -6.39%. 15,000 6,170 Total Liabilities: 17,957 10,000 9,951 17,025 Decreasing from 13,358 MB
Slide 22: Debt Structure 2Q2022
DEBT STRUCTURE 2Q2022 Corporate Loan 18% Corporate Loan and Debenture Project Finance Loan 27% of Project Finance Loan from COD projects decreased accordingly from Most of interest bearing debt Project Finance Loan schedule repayment. from Project Finance Loan for 55% 55%, increased from Onikoube De
Slide 23: Construction Update: Onikoube
CONSTRUCTION UPDATE Solar PV Farm “Onikoube” Purchase Rate - FiT 36 JP¥ Summary of “Onikoube” Project Installed Capacity (MWp): 147 Selling Capacity (MWac): 133 Purchase Rate (FiT JP¥): 36 Location: Miyagi Province, Japan Off-taker: Tohoku Utility SCOD: 4Q2022 Status: Under construction Operated by:
Slide 24: Construction Update
CONSTRUCTION UPDATE As of June, 2022 The project construction progress has achieved 82.3% as of June 2022. The EPC still focuses on piling and module installation toward the COD. The delivery of major equipment is complete. The grid connection is expected to be achieved in early of October, which is
Slide 25: Outlook
3 OUTLOOK Summary of TSE’s Business Outlook And Investment Plan Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 25
Slide 26: Outlook
OUTLOOK Total approx. 100 – 200 MW* within the next 5 years THAILAND OVERSEAS • Acquiring New Projects • Exploring new opportunities in renewable • Penetrating Private PPA in energy projects Solar PV Farms (i.e. Wind and Solar Farms) • Expanding into Waste to Energy overseas Totaling approx. Totalin
Slide 27: Appendix
4 APPENDIX Summary of TSE’s Projects Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 27
Slide 28: TSE's Projects
TSE’s PROJECTS Solar PV Farms 101 MWac – 15 Farms TOTAL 8 MWac – 1 Floating 278.20 MWac Solar PV Rooftops 34 Projects 14 MWac – 14 Rooftops 145.20 MWac THAILAND 33 Projects Biomass 133 MWac JAPAN 1 Project 22.2 MWac – 3 Plants (As of 30 June, 2022) Solar PV Farm Note: *101 MW (69 MWe) > 10 projects
Slide 29: Capacity Growth
CAPACITY GROWTH A C Q UI RE C A P ACI T Y ( M W P P A ) P O WER O U T PUT P R O DU CTI ON ( M I L K WH) Thermal Solar Farms Solar Rooftops Japan Solar Farms Biomass Total Actual Forecast Total Total Total Total 398 Total Total 300 292 278 292 276 278 428 421 402 22 Total Total 143 133 252 Total 209
Slide 30: Solar PV Farms (Thailand): 10 Projects with GPSC
SOLAR PV FARMS (THAILAND) : 10 Projects (80 MWac) with GPSC Adder 6.5 THB/ kWh Suphanburi Province Project Selling Capacity (MW) COD Province SSE1-PV 02 (8 MW) SSE1-PV01 8 4-Sep-13 Kanchanaburi SSE1-PV 03 (8 MW) SSE1-PV 04 (8 MW) SSE1-PV02 8 17-Jul-13 Suphanburi SSE1-PV 05 (8 MW) SSE1-PV 09 (8 MW) S
Slide 31: Solar PV Farms (Thailand): 6 Projects
SOLAR PV FARMS (THAILAND) : 6 Projects (29 MWac) Selling Capacity Project COD Province Power Purchase Rate (MW) SLC 1 Dec-16 Prachuap Kirikhan FiT 5.66 THB/ kWh INS 2 Dec-15 Ang Thong FiT 5.66 THB/ kWh BSS 5 Dec-16 Ayutthaya FiT 4.12 THB/ kWh EES 5 Dec-18 Krabi FiT 4.12 THB/ kWh SSP 8 Mar-13 Ang Tho
Slide 32: Solar PV Farms (Japan): 1 Project
SOLAR PV FARMS (JAPAN) : 1 Project (133 MWac) Selling Capacity Power Purchase Project COD Province (MW) Rate ONIKOUBE 133 4Q2022 Miyagi FiT 36 JP¥/ kWh MIYAGI “Onikoube” (133 MW*) *under construction Onikoube (133 MW)* As of June, 2022 SCOD 4Q2022 *under construction Copyright © 2022 Thai Solar Ener
Slide 33: Floating Solar PV Farm (Thailand)
FLOATING SOLAR PV FARM (THAILAND) : 8 MWac Private PPA 25 Years Summary of “Siam Tara Floating” 8 MWp Project Installed Capacity (MWp): 8 Selling Capacity (MWac): 8 PPA Type: Private PPA Prachinburi Province PPA Period: 25 years STF (8MW) Kabinburi Industrial Zone (KIZ), in Prachinburi Location: Pro
Slide 34: Solar PV Rooftops (Thailand): 14 Projects
SOLAR PV ROOFTOPS (THAILAND): 14 Projects (14 MWac) FiT 6.16 THB/ kWh Project Selling Capacity (MW) COD Province RT 02 (1 MW) TSER-RT01 1 Sep-14 Lopburi TSER-RT02 1 Feb-15 Phrae RT 03 (1 MW) TSER-RT03 1 Jun-15 Nakhonsawan TSER-RT04 1 Sep-14 Chumporn TSER-RT05 1 Dec-14 Surat Thani TSER-RT06 1 Jul-15
Slide 35: Solar PV Rooftops (Thailand): 14 Projects
SOLAR PV ROOFTOPS (THAILAND): 14 Projects (14 MWac) RT-01 Lopburi RT-02 Phrae RT-03 Nakorn Sawan RT-04 Chumporn RT-05 Surat Thani COD SEP 2014 COD FEB 2015 COD JUN 2015 COD SEP 2014 COD DEC 2014 RT-06 Nakhon Si Thammarat RT-07 Hat Yai RT-08 Ubon Ratchathanee RT-09 Khao Yai RT-10 Ekamai-Ramindra COD
Slide 36: Biomass (Thailand): 3 Projects
BIOMASS (THAILAND): 3 Projects (22.2 MWac) FiT 4.24 Baht + Premium 0.30 THB (8 years) Project Selling Capacity (MW) COD Province BSW 4.6 Mar-18 Surat Thani OSW 1 8.8 Aug-18 Nakhon Si Thammarat OSW 2 8.8 Oct-18 Nakhon Si Thammarat BSW (4.6 MW) OSW1 (8.8 MW) OSW2 (8.8 MW) Surat Thani Province Nakhon S
Slide 37: Thank You
THANK YOU THAI SOLAR ENERGY PUBLIC COMPANY LIMITED IR Contact Tel. +66(0) 2258 4530-34 (IR #2504) E-mail: info@thaisolarenergy.com Website: www.thaisolarenergy.com Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 37
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