Thai Solar Energy Public Company Ltd · SET:TSE

Thai Solar Energy Public — FY2021 Earnings Presentation

37 slides from Thai Solar Energy Public's earnings presentation, March 2022

  1. Slide 1: TSE Presentation FY2021

    TSE PRESENTATION FY2021 March, 2022

  2. 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

  3. Slide 3: Vision and Mission

    VISION and MISSION VISION To become a world-class regional MISSION leader in providing renewable energy through reliable To establish a solid footprint in technologies to serve both Thailand in the solar power commercial and social societies. industry and expand into other renewable energies as well

  4. Slide 4: Agenda

    AGENDA COMPANY OVERVIEW 01 Summary of Corporate Information HIGHLIGHTS of FY2021 02 Summary of TSE’s Financial Performance FY2021 and Projects’ Update OUTLOOK 03 Summary of TSE’s Business Outlook and Investment Plan APPENDIX 04 Summary of TSE’s Projects Copyright © 2022 Thai Solar Energy Public Comp

  5. Slide 5: Company Overview

    COMPANY STRUCTURE 01 COMPANY OVERVIEW Summary of Corporate Information Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 5

  6. 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

  7. Slide 7: Company Overview: Major Shareholders and Listing

    COMPANY OVERVIEW TSE's Major Shareholders Listed in: MAI on October 30, 2014 (as of 11 MAR 2021) Moved to SET since May 14, 2019 P.M. Energy Co., Ltd. SINO-THAI Engineering & Construction PCL. Paid up Capital: THB 2,117 million 32% 37% Ms. Cathleen Maleenont Sector: Energy & Utilities WAVE Entertain

  8. Slide 8: Milestones

    MILESTONES 2008 – 2014 2015 – 2017 2018 – 2019 2020 – 2021 2022 – onward Exploring Investment Solar Farms + Solar Farms (JP) + Merger & Acquisition Opportunity overseas Private PPA (i.e. Vietnam) + Expanding Rooftops (TH) Biomass (TH) Private PPA 2008: > Established TSE 2015: > Expanded TSE’s busine

  9. Slide 9: 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

  10. Slide 10: Company Structure

    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

  11. Slide 11: 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

  12. Slide 12: Core Business

    CORE BUSINESS 291.70 TSE and its subsidiaries (“the Group”) Solar PV Farms Solar PV Rooftop Biomass The Group’s core businesses MWac are generation and distribution of electricity from solar power and biomass to government and private company in Thailand and Japan. In Operation 158.70 MWac* Under Co

  13. Slide 13: Highlights of FY2021

    COMPANY STRUCTURE 02 HIGHLIGHTS of FY2021 Summary of TSE’s Financial Performance FY2021 and Projects’ Update Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 13

  14. Slide 14: Highlights of the Year 2021

    HIGHLIGHTS OF THE YEAR 2021 COD Floating Solar Dividend Payment @ Disposal of Project 8 MWp 0.04 Baht/ share 6 Solar Farms in Japan Siam Tara Floating (8 MWp) Dividend Payment @ 0.04 Baht/ share Disposal of 6 Solar Farms in Japan PPA Type: Private PPA Cash dividend payment for 1H2021 Disposal of 100

  15. Slide 15: 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

  16. Slide 16: Floating Solar Project "STF"

    Floating Solar Project “STF” Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 16

  17. Slide 17: Disposal of Solar Farms in Japan

    Disposal of 6 Solar Farms in Japan Disposal of 100% investment interests in 6 solar farms (a total contract capacity of 8.24 MW). TSE earned a total enterprise value of JP¥ 3,363 million or approximately THB 1,027 million and recorded the profit in 3Q2021. TOYAMA “Shima” (1.25 MW) “Sakura” (1.99 MW)

  18. Slide 18: Income Statement FY2021

    INCOME STATEMENT FY2021 Statement of Comprehensive Income Consolidated (Unit: Thousand Baht) FY2021 FY2020 % Change Revenue Electricity Sales 1,474,750.9 1,483,356.8 -1% Management Fee 49,327.1 47,092.2 5% Total Revenue 1,524,077.9 1,530,449.0 0% Cost of Sales and Services (1,075,242.8) (1,023,345.2

  19. Slide 19: Financial Highlights FY2021

    FINANCIAL HIGHLIGHTS FY2021 (unit: MB) Total Revenue FY2019 - FY2021 (unit: MB) Net Profit FY2019 - FY2021 2,500 1,000 2,101 2,186 2,177 2,000 800 660 643 643 1,500 600 1,000 400 775 500 200 421 493 1,442 1,543 1,534 0 0 FY2019 FY2020 FY2021 FY2019 FY2020 FY2021 Total Revenue Share of Profit from In

  20. Slide 20: EBITDA and D/E FY2021

    EBITDA and D/E FY2021 (unit: MB) EBITDA FY2019 - FY2021 (unit: Time) D/E* Ratio (X) 1,400 2.50 2.00 1.50 1,200 1.00 2.24 2.10 1,292 1,271 1.82 1,183 0.50 1,000 0.00 FY2019 FY2020 FY2021 FY2019 FY2020 FY2021 EBITDA D/E* FY 2021 Details EBITDA in the year 2021 was increased due to improved operation p

  21. Slide 21: ROE and EPS FY2021

    ROE and EPS FY2021 (unit: %) ROE* (unit: THB) EPS 16.00% 0.50 0.40 12.00% 0.30 8.00% 14.90% 0.20 0.40 4.00% 7.30% 8.03% 0.10 0.23 0.20 0.00% 0.00 FY2019 FY2020 FY2021 FY2019 FY2020 FY2021 ROE (%) EPS (THB) FY 2021 Details ROE* in the year 2021 was increased due to improved operation performance in o

  22. Slide 22: Financial Position FY2021

    FINANCIAL POSITION FY2021 Summary (Unit: THB million) Financial Position FY 2020 and FY 2021 25,000 19,177 19,177 19,707 19,707 ▪ Total Assets: 20,000 0 2 5,917 6,349 Increasing from 19,177 MB to 19,707 MB, or +3%. 15,000 ▪ Total Liabilities: 17,522 17,957 10,000 9,951 10,207 Increasing from 13,257

  23. Slide 23: Debt Structure

    DEBT STRUCTURE Summary Corporate Loan - Most of interest bearing debt from Project Finance Loan for 18% 57%, increased from Onikoube Project Finance Loan drawdown. Project Finance Loan - 26% of Project Finance Loan from COD projects decreased 57% Debenture 25% accordingly from schedule repayment. -

  24. Slide 24: Project Update: Onikoube

    PROJECT UPDATE 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: OSP Start Project Constructio

  25. Slide 25: Construction Update

    CONSTRUCTION UPDATE Solar PV Farm “Onikoube” The project construction progress has achieved 58% at the end of 2021. Module installation work, an erection of communication tower and grid tower construction work by the Utility was a major progress. Copyright © 2022 Thai Solar Energy Public Company Lim

  26. Slide 26: Outlook

    COMPANY STRUCTURE 03 OUTLOOK Summary of TSE’s Business Outlook and Investment Plan Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 26

  27. Slide 27: Outlook

    OUTLOOK Total approx. 100 – 200 MW* within the next 5 years Note: *The plan is subject to change depending on various factors. THAILAND OVERSEAS • Acquiring New Projects • Exploring new opportunities in renewable energy • Penetrating Private PPA in Solar PV Farms projects (i.e. Wind and Solar Farms)

  28. Slide 28: Appendix

    COMPANY STRUCTURE 04 APPENDIX Summary of TSE’s Projects Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 28

  29. Slide 29: TSE's Projects

    TSE’s PROJECTS JAPAN 146.50 MWac THAILAND 2 Projects* 145.20 MWac 33 Projects* (As of 31 December 2021) Note: *101 MW (69 MWe) > Partnership with GPSC (TSE 60%) ** 291.70 MW > 158.70 MWac are in operation. > 133 MWac are under construction. Solar PV Farms Solar PV Rooftops Biomass Solar PV Farms 101

  30. Slide 30: Capacity Growth

    CAPACITY GROWTH ACQUIRE CAPACITY (MW PPA) POWER OUTPUT PRODUCTION Thermal Solar Farms Solar Rooftops (MIL KWH) Japan Solar Farms Biomass Total Total Total Total Total Total 300 292 292 421 428 276 278 402 22 Total 252 Total 143 147 Total 177 181 107 173 99 14 133 109 2014 2015 2016 2017 2018 2019 20

  31. Slide 31: Solar PV Farms (Thailand): 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)

  32. Slide 32: Solar PV Farms (Thailand): 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

  33. 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

  34. Slide 34: Solar PV Rooftops (Thailand)

    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

  35. Slide 35: Biomass (Thailand)

    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 © 2022 Thai Solar Energy Public

  36. Slide 36: Solar PV Farms (Japan)

    SOLAR PV FARMS (JAPAN) : 2 Projects (146.50 MWac) MIYAGI FiT ISHIKAWA “Onikoube” (133 MW*) 36 JP¥/ kWh “Hanamizuki” (13.5 MW) *under construction Hanamizuki (13.5 MW) Onikoube (133 MW)* COD JAN 2019 SCOD 4Q2022 As of December 31, 2021 Copyright © 2022 Thai Solar Energy Public Company Limited. All Ri

  37. Slide 37: Thank You

    Thai Solar Energy Public Company Limited HANK YOU March, 2022

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