Thai Solar Energy Public Company Ltd · SET:TSE

Thai Solar Energy Public — Q1 2021 Earnings Presentation

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

  1. Slide 1: Presentation 1Q2021

    hai Solar Energy Public Company Limited Presentation 1Q2021 }

  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 Summarize TSE’s businesses Financial Performance 1Q2021 Summarize TSE’s Financial Performance 1Q2021 Appendix Summarize Corporate information and photos of current projects Your Copyright © 2021 Thai Solar Energy Public Company Logo Limited. All or Name Rights Here Reserved 3

  4. Slide 4: Company Overview

    COMPANY OVERVIEW Summarize TSE’s businesses 4

  5. Slide 5: Vision and Mission

    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

  6. Slide 6: 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 COMPANY OVERVIEW expand into other renewable energies as well as developing an international solar power business focusing in Asia and Oc

  7. Slide 7: 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) Native Power Ene

  8. Slide 8: Milestones

    MILESTONES 2020: > Start project “Onikoube” Construction and receive project loan from BBL SCOD “Onikoube” > Invested in a Floating Solar PV farm project (147 MWp) project in Prachinburi province 2017: > Large Investment in Japan “Onikoube” (8.0 MW) in JUN 2020 2022 project (147 MWp) > Acquired: “EE

  9. Slide 9: Core Businesses

    CORE BUSINESSES TSE and its subsidiaries (“the Group”) The Group’s core businesses are generation and distribution 154.74 MWac 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 Roofto

  10. Slide 10: Capacity Growth

    CAPACITY GROWTH ACQUIRED CAPACITY (MW PPA) POWER OUTPUT PRODUCTION Thermal PV Farms PV Rooftops PV Japan Biomass Total (MIL KWH) 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 14 14 14

  11. Slide 11: Outlook

    OUTLOOK Thailand • Acquiring new projects • Planning to bid for Power Plant Community Totaling approx. 50 MW PPA Overseas • Investing in new renewable energy projects overseas approx. Totaling approx. 50 - 100 MW PPA Total approx. 100 – 200 MW* within 3 – 5 years Note: *The plan is subject to change

  12. Slide 12: Financial Performance

    FINANCIAL PERFORMANCE Summarize TSE’s Financial Performance 1Q2021 12

  13. Slide 13: Income Statement 1Q2021

    INCOME STATEMENT 1Q2021 Consolidated (Unit: million Baht) Statement of Comprehensive Income 1Q2021 1Q2020 % Change Summary Revenue Electricity Sales 359.47 359.69 0%  Total Revenue: Management Fee 11.93 11.37 5% Total Revenue 371.40 371.06 0% Increasing from 371.06 MB to 371.40 MB, or +0.09% COGs (

  14. Slide 14: Financial Highlights 1Q2021

    FINANCIAL HIGHLIGHTS 1Q2021 Summary Comparison of 1Q2019 – 1Q2021 (3-months period) (unit: MB) +24%  Total Revenue: 400 371 371 Total Revenue from operations of 1Q2021 increased to 371 350 MB or +24% as compared to 1Q2019 of 300 MB. This was due to the growth of business continually as planned. 300

  15. Slide 15: D/E Ratio, ROE, and EPS 1Q2021

    D/E RATIO, ROE, and EPS 1Q2021 D/E* Ratio (Times) ROE** (%) EPS (THB) (unit: Times) D/E* (unit: %) ROE** (%) (unit: MB) EPS (THB) 2.26 4% 0.120 3233% 2880% 2.24 0.100 2.22 3% 0.080 2.20 2% 0.060 2.18 2.24 -4% 3% 0.100 0.040 2.16 1% 2.14 2.16 0.020 0.11% 0.003 2.12 0% 0.000 1Q2020 1Q2021 1Q2020 1Q202

  16. Slide 16: Financial Position as at 31 March 2021

    FINANCIAL POSITION AS AT 31 MARCH 2021 Summary (unit: MB) Financial Position FY 2020 and 1Q2021 25,000 19,177 19,177 18,930 18.930  Total Assets: 20,000 2 2 Decreasing from 19,177 MB to 18,930 MB, or -1%. 15,000 5,917 5,989 10,000 17,522 17,380 10,207  Total Liabilities: 10,162 5,000 Decreasing fr

  17. Slide 17: Debt Structure 1Q2021

    DEBT STRUCTURE 1Q2021 Project Finance Loan Corporate Loan Most of interest bearing debt 20% from Project Finance Loan for Corporate Loan and Debenture 54%, maintained from Onikoube Project Finance Loan drawdown. Project Finance Loan 54% Debenture The remaining interest bearing 34% of Project Finance

  18. Slide 18: Construction Update

    CONSTRUCTION UPDATE “Onikoube” 147 MWp • Start Project Construction in April, 2020 • Project Financing by BBL THB 8.6 bn. • SCOD 4Q2022 Floating Solar PV Farm 8 MWp • Invested in June, 2020 • SCOD 2Q2021 • Private PPA Period 25 years Your Logo or Name Here 18 Copyright © 2021 Thai Solar Energy Publi

  19. Slide 19: Floating Solar PV Farm (8 MWp)

    Floating Solar PV Farm (8 MWp) Private PPA 25 Summary of Project Years Installed Capacity (MWp): 8 Selling Capacity (MWac): 8 PPA Type: Private PPA PPA Period: 25 years Location: Kabinburi Industrial Zone (KIZ) Off-Taker: Hitachi Consumer Products (Thailand) Ltd. SCOD: 2Q2021 Operated By: SV (TSE’s

  20. Slide 20: Floating Solar PV Farm (8 MWp)

    Floating Solar PV Farm (8 MWp) WORK BACK TIMELINE Construction has started in 3Q2020 3Q20 June20 – 2Q21 1Q21 Invested in Floating Solar PV Farm SCOD 2Q2021 Project 8 MWp in Prachinburi Province Your Copyright © 2021 Thai Solar Energy Public Company Logo Limited. All or Name Rights Here Reserved 20

  21. Slide 21: Floating Solar PV Farm (8 MWp)

    Floating Solar PV Farm (8 MWp) Overall is completed 99% and ready to COD within 2Q2021. Your Copyright © 2021 Thai Solar Energy Public Company Logo Limited. All or Name Rights Here Reserved 21

  22. Slide 22: Onikoube 147 MWp

    “ONIKOUBE” 147 MWp Purchase Rate (FiT JP¥) Summary of Project 36 Installed Capacity (MWp): 147 Selling Capacity (MWac): 133 Purchase Rate (FiT JP¥): 36 Location: Miyagi, Japan Off-taker: Tohoku Utility SCOD: 4Q2022 Status: Under construction Operated By: OSP Project Components EPC by: TOSHIBA PV Mod

  23. Slide 23: Onikoube 147 MWp

    “ONIKOUBE” 147 MWp WORK BACK TIMELINE • METI released new FiT SCOD 4Q2022 • Price policy (One-Year Rule)* OCT DEC 4Q AUG – OCT 1Q – 2Q 2017 2018 2022 2019 2020 • TSE acquired a license of • Successfully submitted new • Obtained Construction Permit “Onikoube” project business plan and GCCA • Obtained

  24. Slide 24: Onikoube (147 MWp)

    ONIKOUBE (147 MWp) 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 68% is planned to be

  25. Slide 25: Onikoube (147 MWp)

    ONIKOUBE (147 MWp) (as of 1 April 2021) Your Copyright © 2021 Thai Solar Energy Public Company Logo Limited. All or Name Rights Here Reserved 25

  26. Slide 26: Appendix

    APPENDIX Summarize Corporate information and photos of current projects 26

  27. Slide 27: 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 Mr.

  28. Slide 28: 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

  29. Slide 29: TSE's Projects

    TSE’s PROJECTS JAPAN THAILAND Note: *101 MW (69 MWe) > Partnership with GPSC (TSE 60%) ** 299.94 MW > 158.94 MW are in operation. > 141 MW 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 Plants 154.74 MWac – 8 Fa

  30. Slide 30: Portfolio Summary

    PORTFOLIO SUMMARY Installed Contract Equity Operated Project Types Ownership (%) No. of Sites COD Year Capacity Capacity Capacity By (MWDC) (MWAC) (MWe) Solar PV Farms: > Thailand: TSR 60 10 2013 - 2014 104.8 80 48 SV 100 5 2013, 2015, 2016, 2018 22.7 21 21 > Floating Solar PV Farm SV 100 1 SCOD 2Q2

  31. Slide 31: Solar PV Farms (Thailand): 16 Projects (109 MWac)

    SOLAR PV FARMS (THAILAND) : 16 Projects (109 MWac) Selling Equity Power Purchase Project Capacity Capacity COD Tenor Rate (MWac) (MWe) SSE1-PV 02 (8 MW) SSE1-PV 03 (8 MW) SSE1 PV01 – PV10 80 48 2013 – Base Tariff + FT + 5 years with SSE1-PV 04 (8 MW) *Partnership with 2014 Adder 6.5 automatic SSE1-P

  32. Slide 32: Solar PV Farms (Thailand): 16 Projects (109 MWac)

    SOLAR PV FARMS (THAILAND) : 16 Projects (109 MWac) FiT FiT Adder Adder 6.5 THB/ kWh 8 THB/ kWh 5.66 4.12 (SSE1: PV01 – PV10) SSE1-PV01 (8MW) THB/ kWh THB/ kWh COD SEP 2013 SSP (8MW) SSE1-PV02 (8MW) SSE1-PV03 (8MW) SSE1-PV04 (8MW) COD JUL 2013 COD OCT 2013 COD NOV 2013 COD MAR 2013 SLC (1MW) BSS (5MW

  33. Slide 33: Solar PV Rooftops (Thailand): 14 Projects (14 MWac)

    SOLAR PV ROOFTOPS (THAILAND): 14 Projects (14 MWac) RT 02 (1 MW) Selling Power Purchase Project Capacity COD Tenor RT 03 (1 MW) Rate (MWac) TSER 01 - 14 14 2014 – 2015 FiT 6.16 B. 25 years RT 01 (1 MW) *Partnership with The Mall and RT 09 (1 MW) HomePro RT 08 (1 MW) Total 14 RT 10 (1 MW) RT 11 (1 MW

  34. Slide 34: Solar PV Rooftops (Thailand): 14 Projects (14 MWac)

    SOLAR PV ROOFTOPS (THAILAND): 14 Projects (14 MWac) FiT 6.16 THB/ 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-05 Surat Thani RT-06 Nakhon Si Thammarat RT-07 Hat Yai RT-08 Ubon Ratchathanee RT-09 Khao Yai COD DEC 2014 COD JUL

  35. Slide 35: Biomass (Thailand): 3 Projects (22.2 MWac)

    BIOMASS (THAILAND): 3 Projects (22.2 MWac) Selling Power Purchase Project Capacity COD Tenor Rate (MWac) BSW 4.6 2018 20 years FiT 4.24 Baht + OSW 1 8.8 2018 Premium 0.30 THB OSW 2 8.8 2018 (8 years) 15Y4M Total 22.2 BSW (4.6 MW) OSW 1 OSW 2 OSW 1 (8.8 MW) BSW (4.6 MW) (8.8 MW) (8.8 MW) OSW 2 (8.8 M

  36. Slide 36: Biomass (Thailand): 3 Projects (22.2 MWac)

    BIOMASS (THAILAND): 3 Projects (22.2 MWac) Details / Projects BSW OSW1 and OSW2 Installed Capacity: 6.0 MW Installed Capacity: 19.8 MW FiT PPA Capacity: 4.6 MW PPA Capacity: 17.6 MW Purchase Rate: FiT 4.24 Baht + Premium 0.30 Baht (8 yrs.) Purchase Rate: FiT 4.24 Baht + Premium 0.30 Baht (8 yrs.) 4.

  37. Slide 37: Solar PV Farms (Japan): 8 Projects (154.74 MWac)

    SOLAR PV FARMS (JAPAN) : 8 Projects (154.74 MWac) TOYAMA Installed Selling Feed-in- Project Location Capacity Capacity COD Tariff “Shima” (1.25 MW) (MW) (MWac) (JP¥) “Sakura” (1.99 MW) Kuno Ibaraki 0.65 0.50 31/8/2015 36 MIYAGI ISHIKAWA Shima Toyama 1.43 1.25 2/3/2016 32 “Onikoube” (133 MW*) “Hanami

  38. Slide 38: Solar PV Farms (Japan): 8 Projects (154.74 MWac)

    SOLAR PV FARMS (JAPAN) : 8 Projects (154.74 MWac) FiT FiT 36 JP¥/ 32 JP¥/ kWh kWh Kuno (0.5 MW) Ryugazaki (1.75 MW) Shima (1.25 MW) COD AUG 2015 COD SEP 2016 COD MAR 2016 Jyoso (1.25 MW) Hanamizuki (13.5 MW) Onikoube (133 MW)* Hikeme (1.50 MW) Sakura (1.99 MW) COD MAY 2018 COD JAN 2019 SCOD 4Q2022 C

  39. Slide 39: Thank You

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

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