Thai Solar Energy Public Company Ltd · SET:TSE

Thai Solar Energy Public — Q3 2021 Earnings Presentation

36 slides from Thai Solar Energy Public's earnings presentation, November 2021

  1. Slide 1: Presentation 3Q2021

    PRESENTATION 3Q2021 NOVEMBER 2021

  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: Agenda

    AGENDA COMPANY OVERVIEW OUTLOOK 01 03 Summary of Corporate Summary of TSE’s Business Information Outlook and Investment Plan HIGHLIGHTS of 3Q2021 APPENDIX 02 04 Summary of TSE’s Financial Summary of Company Structure Performance 3Q2021 and and its Investment Projects’ Update Copyright © 2021 Thai So

  4. Slide 4: Vision and Mission

    VISION 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 into other renewable energies as well as developing an i

  5. Slide 5: Company Overview

    COMPANY OVERVIEW 01 Summary of Corporate Information Copyright © 2021 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

    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 Paid up Capital: THB 2,117 million Sector: Energy & Utilities 32% 37% Industry: Resources CG Rating: 2% Credit Rating: BBB- stable 3% 4% 6% 9% 9% 3 Core Businesses P.M. En

  8. Slide 8: Milestones

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

  11. Slide 11: 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

  12. Slide 12: Core Business

    CORE BUSINESS Solar PV Farms 291.70 TSE and its subsidiaries (“the Group”) The Group’s core businesses 146.50 MWac MWac are generation and distribution of electricity 2 Projects* from solar power and biomass to government and Solar PV Rooftop 145.20 MWac private company in Thailand and Japan. 33 Pro

  13. Slide 13: Highlights of 3Q2021

    HIGHLIGHTS of 3Q2021 02 Summary of TSE’s Financial Performance 3Q2021 and Projects’ Update Copyright © 2021 Thai Solar Energy Public Company Limited. All Rights Reserved 13

  14. Slide 14: Highlights of 3Q2021

    HIGHLIGHTS OF 3Q2021 Disposal of 6 Solar Farms in Japan Dividend Payment @ 0.04 Baht/ share 01 Disposal of 100% investment interests in 6 solar farms 02 Cash dividend payment for 1H2021 @0.04 Baht / share. (a total contract capacity of 8.24 MW). TSE earned a Record date for the right to receive divi

  15. Slide 15: Income Statement 3Q2021

    INCOME STATEMENT 3Q2021 (3M) (9M) Statement of Comprehensive Income Consolidated (Unit: Thousand Baht) 3Q2021 3Q2020 % Change 3Q2021 3Q2020 % Change Revenue Electricity Sales 401,470 396,605 1.23% 1,167,904 1,163,934 0.34% Management Fee 12,530 11,934 4.99% 36,796 35,044 5.00% Total Revenue 414,000

  16. Slide 16: Financial Highlights 3Q2021

    FINANCIAL HIGHLIGHTS 3Q2021 (unit: MB) Financial Highlights 3Q2021 1,400 1,313 1,209 1,200 1,000 800 632 600 516 479 412 424 400 216 257 159 499 513 200 160 171 154 - 3Q2020 2Q2021 3Q2021 3Q2020 3Q2021 (3M) (9M) Total Revenue Share of Profit from JV Net Profit adjust FX 3Q2021 (3M) (9M) Details QoQ:

  17. Slide 17: EBITDA 3Q2021

    EBITDA 3Q2021 (unit: MB) EBITDA 1,400.00 3Q2021 (3M) (9M) +36% (YoY) 1,200.00 1,175.97 QoQ: +12.85% 1,000.00 EBITDA YoY: +53.56% YoY: +35.68% 866.71 800.00 600.00 +54% (YoY) - EBITDA in 3Q2021 was increased due to 415.53 400.00 368.21 improved operation performance in overall 270.61 and other income

  18. Slide 18: Net Profit 3Q2021

    NET PROFIT 3Q2021 (unit: MB) Net Profit 700.00 3Q2021 (3M) (9M) +85% (YoY) 593.05 600.00 NET QoQ: +14.42% 500.00 PROFIT YoY: +192.98% YoY: +85.31% 400.00 320.03 - Net Profit in 3Q2021 was increased due to 300.00 improved operation performance in overall, +193% (YoY) 208.37 a decrease in administrati

  19. Slide 19: EPS 3Q2021

    EPS 3Q2021 (unit: THB) EPS 0.30 3Q2021 (3M) (9M) 0.28 +87% (YoY) 0.25 QoQ: +25.00% EPS YoY: +233.33% YoY: +86.67% 0.20 0.15 0.15 - Net Profit in 3Q2021 was increased due to +233% (YoY) improved operation performance in overall, 0.10 0.10 a decrease in administration expenses, a 0.08 decrease in loss

  20. Slide 20: D/E Ratio and ROE 3Q2021

    D/E RATIO and ROE 3Q2021 D/E* (unit: Time) ROE** 2.15 2.16 10.8% 11.0% 10.8% 2.14 10.6% -4% (YoY) +13% (YoY) 10.4% 2.12 10.2% 2.10 10.0% 2.07 2.08 9.6% 9.8% 9.6% 2.06 9.4% 9.2% 2.04 9.0% 2.02 8.8% 30-Sep-20 30-Sep-21 30-Sep-20 30-Sep-21 As of 30 September 2021 Details - D/E* ratio in 3Q2021 was decr

  21. Slide 21: Financial Position 3Q2021

    FINANCIAL POSITION 3Q2021 (Unit: THB million) Financial Position FY 2020 and 3Q2021 Summary 25,000 20,607 20,607 19,177 19,177 0 20,000 2 ▪ Total Assets: 6,707 5,917 Increasing from 19,177 MB to 20,608 MB, or +7.46%. 15,000 10,000 17,522 18,468 ▪ Total Liabilities: 10,207 11,044 Increasing from 13,2

  22. Slide 22: Debt Structure 3Q2021

    DEBT STRUCTURE 3Q2021 Summary Corporate - Most of interest bearing debt from Project Finance Loan for Loan 18% 57%, increased from Onikoube Project Finance Loan drawdown. - 26% of Project Finance Loan from COD projects decreased accordingly from schedule repayment. Project Finance Debenture Loan 25%

  23. Slide 23: 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

  24. Slide 24: Construction Update

    CONSTRUCTION UPDATE Solar PV Farm “Onikoube” As of the end of September 2021, the project work progress was approximately 48.4% since it was started in 1Q2020. EPC is continually in the process of solar module installation which is planned to be completed by December 2021. The project is expected to

  25. Slide 25: Outlook

    OUTLOOK 03 Summary of TSE’s Business Outlook and Investment Plan Copyright © 2021 Thai Solar Energy Public Company Limited. All Rights Reserved 25

  26. Slide 26: 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

  27. Slide 27: Appendix

    APPENDIX 04 Summary of Company Structure and its Investment Copyright © 2021 Thai Solar Energy Public Company Limited. All Rights Reserved 27

  28. Slide 28: TSE's Projects

    TSE’s PROJECTS JAPAN 146.50 MWac THAILAND 2 Projects* 145.20 MWac 33 Projects* (As of 30 SEP 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 MWac

  29. Slide 29: Capacity Growth

    CAPACITY GROWTH ACQ UI RE CA PACI T Y POW E R O UT PUT PRO DUCT I O N (MW PPA ) (MI L KW H) Thermal Solar Farms Solar Rooftops Actual Forecast Japan Solar Farms Biomass Total 431 Total Total Total Total Total 300 292 292 276 278 402 421 22 332 Total 143 147 252 Total Total 99 107 173 177 181 14 133

  30. Slide 30: 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)

  31. Slide 31: 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

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: 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 © 2021 Thai Solar Energy Public

  35. Slide 35: 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 ณ วันที่ 30 กันยายน 2564 Copyright © 2021 Thai Solar Energy Public Company Limited. All R

  36. Slide 36: Thank You

    THANK YOU www.thaisolarenergy.com Tel. +66 2258 4530-34

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