Thai Solar Energy Public Company Ltd · SET:TSE

Thai Solar Energy Public — Q1 2022 Earnings Presentation

34 slides from Thai Solar Energy Public's earnings presentation, November 2022

  1. Slide 1: TSE Presentation 1Q2022

    TSE PRESENTATION 1Q2022 (AS OF MAY 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: Agenda

    AGENDA 1. COMPANY OVERVIEW 2. FINANCIAL HIGHLIGHTS OF 1Q2022 3. OUTLOOK WANT BIG IMPACT? 4. APPENDIX USE BIG IMAGE. Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 3

  4. Slide 4: Vision and Mission

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

  5. Slide 5: Company Overview

    1. 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 and Core Businesses

    COMPANY OVERVIEW 2 CORE BUSINESSES Listed in: Solar PV Biomass MAI on October 30, 2014 Moved to SET since May 14, 2019 Paid up Capital: THB 2,117 million Sector: TSE Major Shareholders RD 10 MARCH 2022 Energy & Utilities P.M. Energy Co., Ltd. Industry: SINO-THAI Engineering & Construction PCL. Resou

  8. Slide 8: 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) Biomass (TH) + Expanding Private PPA 2008: > Established TSE 2015: > Expanded TSE’s business 2018: > COD

  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 TSE and its subsidiaries Capacity (MW PPA) (“the Group”) 22.2 8 The Group’s core 14 133 MWac Solar PV Farms 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

  13. Slide 13: Financial Highlights of 1Q2022

    2. FINANCIAL HIGHLIGHTS OF 1Q2022 Summary of TSE’s Financial Performance Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 13

  14. Slide 14: Highlights of 1Q2022

    HIGHLIGHTS OF 1Q2022 100% divestment of ISHIKAWA “Hanamizuki” with a total “Hanamizuki” (13.5 MW) contract capacity of 13.5 MW (a total installed capacity of 18.1 MW) in Japan. The total enterprise value was JP¥ 2,101 million or Hanamizuki approximately THB 603 WANT BIG IMPACT? COD: JAN 2019 USE BIG

  15. Slide 15: Income Statement 1Q2022

    INCOME STATEMENT 1Q2022 Consolidated (Unit: million Baht) Statement of Comprehensive Income 1Q2022 1Q2021 % Change Revenue Electricity Sales 322.71 359.47 -10.23% Management Fee 12.53 11.93 5% Total Revenue 335.24 371.40 -9.74% COGs (231.52) (269.81) -14% Gross Profit 103.73 101.60 2% Other Income 1

  16. Slide 16: Total Revenue 1Q2022

    TOTAL REVENUE 1Q2022 TOTAL REVENUE TOTAL REVENUE (3M) 1Q2022 (unit: MB)  Total Revenue in 1Q2022 decreased to 337.11 MB or -9.71% as compared 400.00 373.38 to 1Q2021 of 373.38 MB. This was mainly due to disposal of investment in 337.11 350.00 7 Solar PV Farm projects (totaling 21.74 MW) in Japan si

  17. Slide 17: EBITDA and Net Profit 1Q2022

    EBITDA and NET PROFIT 1Q2022 EBITDA (unit: MB) EBITDA (3M) 1Q2022 600.00 510.26  EBITDA in 1Q2022 increased to 510.26 MB or +30.10% as compared to 392.21 400.00 1Q2021 of 392.21 MB. This was due to an increase in the other gains of divestment in 13.5 MW Solar PV Farm project (“Hanamizuki”) in Japan

  18. Slide 18: D/E Ratio, EPS, and ROE 1Q2022

    D/E RATIO, EPS, and ROE 1Q2022 (unit: Time) D/E* (unit: THB) EPS (THB) (unit: %) ROE** (%) 2.20 0.20 6% 5% 2.10 0.16 5% 2.10 0.15 4% 3% 0.10 2.00 0.10 3% 1.92 2% 1.90 0.05 1% 1.80 0.00 0% 1Q2021 1Q2022 1Q2021 1Q2022 1Q2021 1Q2022 D/E* RATIO EPS ROE**  D/E* Ratio in 1Q2022 decreased to 1.92 times 

  19. Slide 19: Financial Position 1Q2022

    FINANCIAL POSITION 1Q2022 (Unit: MB) Financial Position FY 2021 and 1Q2022 FINANCIAL POSITION 25,000 19,707 19.707 18,637  Total Assets: 20,000 18,637 6,349 Decreasing from 19,707 MB to 18,637 MB, or -5%. 15,000 6,383  Total Liabilities: 10,000 17,957 16,611 9,951 8,970 Decreasing from 13,358 MB t

  20. Slide 20: Debt Structure 1Q2022

    DEBT STRUCTURE 1Q2022 SUMMARY Corporate Loan Most of interest bearing debt from Project 18% Finance Loan for 54%, increased from Onikoube Project Finance Loan drawdown. Project Finance Loan Debenture 54% 28% 28% of Project Finance Loan from COD projects decreased accordingly from schedule repayment.

  21. Slide 21: Project Update

    PROJECT 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: OSP

  22. Slide 22: Construction Update

    CONSTRUCTION UPDATE Overall module installation completed more than 50%. Microwave tower and grid tower erection has been completed, but equipment installation to be proceeded in later stage. In the snow season, construction work has been suspended. EPC could only do minor cable wiring work hence th

  23. Slide 23: Outlook

    3. OUTLOOK Summary of TSE’s Business Outlook And Investment Plan Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 23

  24. Slide 24: 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. WA

  25. Slide 25: Appendix

    4. APPENDIX Summary of TSE’s Projects Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 25

  26. Slide 26: TSE's Projects

    TSE’s PROJECTS TOTAL 278.20 MWac JAPAN 34 Projects 133 MWac THAILAND 1 Project (under construction) 145.20 MWac (As of 31 March, 2022) 33 Projects Note: *101 MW (69 MWe) > 10 projects - Partnership with GPSC (TSE 60%) ** 278.20 MW > 33 projects (145.20 MWac) are in operation. > 1 project (133 MWac)

  27. Slide 27: Capacity Growth

    CAPACITY GROWTH ACQUIRE CAPACITY (MW PPA) P OWER O UTPUT P RODUCTION ( MIL KWH) Thermal Solar Farms Solar Rooftops Actual Forecast Japan Solar Farms Biomass Total Total Total Total Total Total Total 300 292 278 278 292 276 421 428 402 398 22 Total 143 133 252 Total Total 99 107 173 177 181 14 133 10

  28. Slide 28: Solar PV Farms (Thailand): 10 Projects with GPSC

    SOLAR PV FARMS (THAILAND) : 10 Projects (80 MWac) with GPSC SSE1-PV01 (8MW) COD SEP 2013 Suphanburi Province SSE1-PV 02 (8 MW) Adder 6.5 THB/ kWh SSE1-PV 03 (8 MW) (SSE1: PV01 – PV10) SSE1-PV 04 (8 MW) SSE1-PV 05 (8 MW) SSE1-PV 09 (8 MW) SSE1-PV 10 (8 MW) SSE1-PV02 (8MW) SSE1-PV03 (8MW) SSE1-PV04 (8

  29. Slide 29: Solar PV Farms (Thailand): 6 Projects

    SOLAR PV FARMS (THAILAND) : 6 Projects (29 MWac) FiT FiT Adder 5.66 4.12 8 THB/ kWh THB/ kWh THB/ kWh Ayutthaya Province Ang Thong Province BSS (5 MW) INS (2 MW) SSP (8 MW) SSP (8MW) COD MAR 2013 Prachuapkhirikhan Province SLC (1MW) BSS (5MW) SLC (1 MW) COD DEC 2016 COD DEC 2016 Private PPA Prachinb

  30. Slide 30: Solar PV Farms (Japan): 1 Project

    SOLAR PV FARMS (JAPAN) : 1 Project (133 MWac) FiT 36 JP¥/ kWh MIYAGI “Onikoube” (133 MW*) *under construction Onikoube (133 MW)* SCOD 4Q2022 As of March 31, 2022 Copyright © 2022 Thai Solar Energy Public Company Limited. All Rights Reserved 30

  31. Slide 31: Floating Solar PV Farm (Thailand): 8 MWac

    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

  32. Slide 32: Solar PV Rooftops (Thailand): 14 Projects

    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

  33. Slide 33: Biomass (Thailand): 3 Projects

    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 Province Nakhon Si Thammarat BSW (4.6 MW) Province OSW 1 (8.8 MW) OSW 2 (8.8 MW) OSW1 (8.8 MW) OSW2 (8.8 MW) COD AUG 2018 COD OCT 2018 Copyright © 2022 Thai Solar Energy Public

  34. Slide 34: Thank You

    T|S|E Thai Solar Energy Public Company Limited THANK YOU MAY, 2022

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