TPI Polene Power Public Co., Ltd. · SET:TPIPP
TPI Polene Power Public — Q3 2017 Earnings Presentation
26 slides from TPI Polene Power Public's earnings presentation, Nov 30, 2017
Slide 1: TPI Polene Power Public Company Limited Q3 2017 Opportunity Day
TPI Polene Power Public Company Limited Q3 2017 Opportunity Day 30 November 2017 Strictly Private & Confidential
Slide 2: Table of Content
Table of Content Section 1. Company & Business Overview 2. Financial Highlights 3. Progress Update 4. Environmental & HSE Programme Strictly Private & Confidential 1
Slide 3: Company & Business Overview
Company & Business Overview Strictly Private & Confidential 2
Slide 4: TPIPP as TPIPL's Flagship for Power Business
TPIPP as TPIPL’s Flagship for Power Business Unit: THBmm TPIPP (9M 2017) Main Business Electricity generation from waste heat and refused derived fuel (RDF) power plants and operation in petrol and gas stations. Total Asset 27,298 Total Liabilities 3,171 Registered and Paid-up Capital 8,400 Total Eq
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 Q3 2017 Total Sales Revenue Operates refuse derived fuel (“RDF”) fired & waste-heat recovery power plants with off-take arr
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 Waste Heat RDF(3) Coal/RDF Coal Total capacity in operation 150 MW 440 Total capacity under construction 290 MW 180 Grand total capacity 440 MW Installed
Slide 7: Thailand's Largest WTE Power Plant Operator
Thailand’s Largest WTE Power Plant Operator TPIPP’s Annual Installed Capacity 2009 2015 2016 2017F 60 MW 40 MW 70 MW 260 MW Power Plants TG1 20 MW TG1 20 MW TG1 20 MW TG1 20 MW with Note (1) Electricity TG2 20 MW TG2 20 MW TG2 20 MW TG2 20 MW Sales to TPIPL TG3 20 MW TG4 30 MW TG7 70 MW(2) TG8 150 M
Slide 8: 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
Slide 9: Key Milestones
Key Milestones 2016 Entered into 2014 - 2015 WHPP-30MW PPA with TPIPL Entered in to 2009 - 2013 and COD of RDFPP-20MW WHPP-30MW COD of WHPP- PPA with EGAT Started 2007 40 MW Received expansion of Expanded the acceptance Expanded into RDF production installed letter from 1996 petrol sta
Slide 10: Financial Highlights
Financial Highlights Strictly Private & Confidential 9
Slide 11: 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) 3,005.8 34.3 3,550.9 2,549.1 341.0 8.3 15.3 402.6 3,153.3 529.7 12.2 1,059.8 2,630.5 10.7 960.8 11.2 592.1 2,138.1 703.5 129.
Slide 12: Cost of Sales & Gross Profit
Cost of Sales & Gross Profit High Gross Profit Margins in 9M 2017 Underpinned by Power Sales to EGAT 9M 2017 Cost of Sales Breakdown (THBmm) Gross Profit (THBmm) and Gross Profit Margin(1) (%) Energy & Utilities: 56.5% 57.0% 53.2% Raw Labor 21% 2,006.5 materials & Maintenance 49.3% 4.6 64.6 Fuel 27%
Slide 13: Cost & Expenses vs. EBITDA & NPAT
Cost & Expenses vs. EBITDA & NPAT Cost & Expenses Items (THBmm) EBITDA(1) (THBmm) and EBITDA margin(2) (%) 2,000.0 1,857.3 57.0% 64.7% 62.9% 60.7% 1,759.3 1,800.0 108.1 2,297.1 45.9% 40.1 100.1 126.8 1,796.2 157.2 1,600.0 50.3 48.0 90.1 1,400.0 2,139.9 780.9 693.4 1,706.1 21.6 1,200.0 412.4 43.0 18.
Slide 14: Comparing Profit and Loss Statement – YoY and QoQ
Comparing Profit and Loss Statement – YoY and QoQ Unit :THBmm 2016 2017 2016 2017 2017 Compare (%) 9M 9M Q3 Q2 Q3 YoY (9M) YoY (Q) QoQ Income Revenue from base tariff 1,345.4 1,474.3 363.7 523.5 474.2 9.6% 30.4% -9.4% Revenue from power adder 1,195.3 1,497.2 339.6 525.6 475.5 25.3% 40.0% -9.5% Other
Slide 15: Operating Statistic
Operating Statistic Generated Amount of Electricity (M.KWh) 2016 2017 Diff %Change Q3 134.45 184.83 +50.39 +37.48% 9M 494.10 591.65 +97.55 +19.74% Q2 2017 Q3 2017 Diff %Change 3M 209.72 184.83 -24.88 -11.87% 209.72 197.10 181.39 178.26 180.43 184.83 134.45 101.73 89.45 70.20 65.22 Q1-2015 Q2-2015 Q3
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 7,054.2 5,030.5 1,635.0 113.7 285.9 2015 2016 9M 2017 2015 2016 9M 2017 Net Debt(1) to Equity (x) In
Slide 17: Capital Expenditure
Capital Expenditure To Fund Growth Opportunities Historical Capital Expenditure (THBmm) 5,382.2 2,980.8 1,642.9 1,289.5 1,269.0 2015 2016 Q1 2017 Q2 2017 Q3 2017 CAPEX from 2015 to 2016 principally related to power plant construction TPIPP expects to meet CAPEX requirements through cash in hand,
Slide 18: Progress Update
Progress Update Strictly Private & Confidential 17
Slide 19: Historical and Planned EIA/EHIA Report Submission Process
Historical and Planned EIA/EHIA Report Submission Process Historical EIA Report Submission Process TG Type 1st Submit 1st Meeting 2nd Submit 2nd Meeting Approved Date TG 1-2 EIA 28-Jan-09 26-Mar-09 - - 26-Mar-09 TG 3 EIA 7-Jul-10 26-Aug-10 15-Nov-10 9 Dec 10 9-Dec-10 TG 4 EIA 16-Nov-12 4-Feb-13 11-M
Slide 20: Power Plant's Update Expansion Construction Progress
Power Plant’s Update Expansion Construction Progress Type Update Construction Progress Boiler • COD additional boiler, produced more steam to turbine & generator TG 1-2 Turbine & Generator • Scheduled maintenance shutdown TG 4 AQC#4 Modification • Completed steam pipe replacement, expected to increa
Slide 21: Conclusion
Conclusion Strictly Private & Confidential 20
Slide 22: Conclusion
Conclusion Key Attributes of TPIPP 1 Thailand’s Largest Waste-to-Energy (“WTE”) Power Plant Operator 2 Expertise in Waste Management & WTE Renewable Technologies 3 Strong Relationships with Key Players in the Upstream & Downstream Industry Value Chain Supportive Government Policies for Renewable Ene
Slide 23: Environmental & HSE Programme
Environmental & HSE Programme Strictly Private & Confidential 22
Slide 24: Socially Responsible & Environmentally Friendly Enterprise
Socially Responsible & Environmentally Friendly Enterprise Plant Emissions Consistently & Materially Below Both Thai and International Guidelines, complemented by comprehensive & award winning environmental & HSE programme Awards & Accolades High Quality CDM Projects ASEAN Energy Awards 2014 ASEAN E
Slide 25: Socially Responsible & Environmentally Friendly Enterprise
Socially Responsible & Environmentally Friendly Enterprise Awards & Accolades Thailand Voluntary Emission Reduction Program : T-VER 2016-2017 TPI Polene Power Plc. received the certificate for reduced carbon dioxide gas from the processing of Refused-derived Fuel (RDF) plant from municipal solid was
Slide 26: Socially Responsible & Environmentally Friendly Enterprise
Socially Responsible & Environmentally Friendly Enterprise Plant Emissions Consistently & Materially Below Both Thai and International Guidelines, complemented by comprehensive & award winning environmental & HSE programme TPIPP’s Regulated Emissions are below Stipulated Maximum Levels Comprehensive
TPI Polene Power Public Company — Q3 2017 Earnings Presentation on 6ix