Thai Solar Energy Public Company Ltd · SET:TSE

Thai Solar Energy Public — H1 2020 Earnings Presentation

52 slides from Thai Solar Energy Public's earnings presentation, Aug 31, 2020

  1. Slide 1: Thai Solar Energy PCL. Presentation 1H2020

    Thai Solar Energy PCL. Presentation 1H2020

  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 01 Company Overview 02 Update New Projects 2020 03 Financial Highlights 1H2020 04 TSE’s Projects 05 Appendix Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 3

  4. Slide 4: Company Overview

    COMPANY OVERVIEW • Company Overview • Milestones • Portfolio Summary • Capacity Growth • Key Highlights FY2019 • Key Highlights FY2020 Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 4

  5. Slide 5: Company Overview: Vision and Mission

    COMPANY OVERVIEW 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 en ergies as wel

  6. Slide 6: Company Overview: Core Businesses

    COMPANY OVERVIEW Core Businesses Established: in 2008 Floating Listed in Secondary Market: MAI on 30 OCT 2014 Solar PV Solar PV Biomass Solar Farms Rooftops SET on 14 MAY 2019 Farm Core Business: Operates in the business TSE's Major Shareholders (as of 3 JUL 2020) of and generation and distribution

  7. Slide 7: Milestones

    MILESTONES 2008 - 2011 2013 - 2015 2016 - 2018 2019 2020 - 2022 Moved to SET 2008 2013 2016 2019 14 MAY 2019 2020 • Established TSE • COD Solar PV TH 5 • COD Solar PV Co-Op 1 • COD Solar PV JP: Hanamizuki • Start project “Onikoube” projects* (40 MW) / project (1 MW) (13.5 MW) Construction and receiv

  8. Slide 8: Portfolio Summary

    PORTFOLIO SUMMARY Installed Capacity Selling Capacity Equity Capacity Year Projects Ownership No. of Sites (MWDC) (MWAC) (MWe) 2009 - 2011 Solar PV Farms - Thailand 60% 10 104.8 80 48 2014 Solar PV Rooftop 100% 14 14 14 14 2015 Solar PV Farms – Japan 100% 6 10.44 8.24 8.24 • Biomass 100% 3 25.8 22.2

  9. Slide 9: Capacity Growth

    CAPACITY GROWTH ACQUIRE CAPACITY POWER OUTPUT PRODUCTION (MW PPA) (MIL KWH) Thermal PV Farms PV Rooftops PV Japan Biomass Total Actual Forecast Total , 305 Total , 292 422 Total , 276 Total , 278 22 22 22 22 Total , 143 155 402 155 155 155 Total , 99 Total , 107 22 14 252 8 22 14 215 14 14 14 14 14

  10. Slide 10: Key Highlights FY2019

    KEY HIGHLIGHTS FY2019 Hanamizuki BSS BSE SSP JAN COD Hanamizuki (13.5 MW) JUL Additional Investment in OSW of 25% (100%) OCT Right Offering: TSR (TSE-T1) Location: Ishikawa, Japan Location: Nakorn Si Thammarat Capital Increase to 2,117.7 MB. FiT: JP¥ 36 FiT: 4.24 Baht + Premium 0.30 Baht (8 yrs.) -

  11. Slide 11: Key Highlights FY2020

    KEY HIGHLIGHTS FY2020 Onikoube Project Floating Solar Farm Solar Farm in Krabi 147 MWp 8 MWp 5 MWp • Start Project • Invested in June, 2020 • Completed acquisition Construction in April, • SCOD 31 MAR 2021 in July 2020 2020 • PPA Period 25 years • COD 29 DEC 2018 • Project Financing by • PPA Period

  12. Slide 12: Update New Projects 2020

    UPDATE NEW PROJECTS 2020 • Onikoube Project (147 MWp) • Floating Solar Farm (8 MWp) • Solar Farm Krabi (5 MWp) Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 12

  13. Slide 13: Onikoube Project

    “ONIKOUBE” PROJECT • Project Update • Project Summary • Project Area • Project Components • Work Back Timeline Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 13

  14. Slide 14: Project Update

    PROJECT UPDATE ONIKOUBE PROJECT 147 MWp MARCH 2020 Appointed Toshiba as its EPC for Onikoube Project 147 MWp APRIL 2020 Start project construction Project financing by BBL approx. 8,600 million Baht Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 14

  15. Slide 15: Project Summary

    PROJECT SUMMARY Project Summary Installed Capacity Selling Capacity (MWp) (MW) 147 133 Purchase Rate ( FiT JP¥) 36 Location Off-taker Miyagi, Japan Tohoku Utility SCOD Operated by 4Q2022 OSP Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 15

  16. Slide 16: Project Area

    PROJECT AREA Project Area Onikoube Selling Capacity: 133 MW SCOD: Q4 2022 FiT: JP¥ 36 Operated by: OSP Status: Under Construction Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 16

  17. Slide 17: Project Components

    PROJECT COMPONENTS Project Components Financing by: BBL EPC by: TOSHIBA PV Module by: Trina Solar Inverter by: Huawei Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 17

  18. Slide 18: Work Back Timeline

    WORK BACK TIMELINE 2022 2020 2019 4Q2022 • SCOD ONIKOUBE 2018 1Q2020 PROJECT • Obtained Construction 2017 August-September 2019 Permit • Successfully submitted 2Q2020 December 2018 new business plan and • METI released new • Project Finance Loan from GCCA according to October 2017 FiT BBL METI new r

  19. Slide 19: Floating Solar 8 MWp in Prachinburi

    FLOATING SOLAR 8 MWp in Prachinburi • Project Summary Reference photo of Floating Solar Farm Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 19

  20. Slide 20: Project Summary

    PROJECT SUMMARY Project Summary Installed Capacity Selling Capacity (MWp) (MWac) 8 8 PPA Type PPA Period Private PPA 25 years Location Off-taker Kabinburi Industrial Estate Prachinburi, Thailand Hitachi SCOD Operated by 2Q2021 SV Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights

  21. Slide 21: EES Project 5 MWp in Krabi

    EES PROJECT 5 MWp in Krabi • Project Summary Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 21

  22. Slide 22: Project Summary

    PROJECT SUMMARY Project Summary Installed Capacity Selling Capacity (MWp) (MWac) 5 4.3 Purchase Rate ( FiT THB) 4.12 Location Off-taker Krabi, Thailand PEA COD Operated by 29 DEC 2018 SV Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 22

  23. Slide 23: Outlook

    OUTLOOK Thailand Thailand Overseas Investing in new Acquiring new Planning to bid renewable projects approx. for Power Plant energy projects 50 MW PPA Community overseas approx. within 1 – 2 approx. 50 MW 100 – 200 MW years PPA PPA within 3 years 100 MW 100 – 200 MW Copyright © 2020 Thai Solar Energ

  24. Slide 24: Financial Highlights 1H2020

    FINANCIAL HIGHLIGHTS 1H2020 • Income Statement 1Q2020 and 2Q2020 • Financial Position • Revenue and EBITDA • Net Profit and ROE • EPS and D/E • Debt Structure Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 24

  25. Slide 25: Income Statement 1Q2020 (3M)

    INCOME STATEMENT 1Q2020 (3M) (3M) Statement of Comprehensive Income Consolidated (Unit: Thousand Baht) 1Q2020 1Q2019 % Change Revenue Electricity Sales 359,694 289,018 24% Management Fee 11,365 10,824 5% Total Revenue 371,059 299,842 24% COGs (241,462) (198,426) 22% Gross Profit 129,597 101,416 28%

  26. Slide 26: Income Statement 2Q2020 (3M and 6M)

    INCOME STATEMENT 2Q2020 (3M and 6M) (3M) (6M) Statement of Comprehensive Income Consolidated (Unit: Thousand Baht) 2Q2020 2Q2019 % Change 2Q2020 2Q2019 % Change Revenue Electricity Sales 407,635 358,988 14% 767,329 648,006 18% Management Fee 11,745 13,196 -11% 23,110 24,020 -4% Total Revenue 419,380

  27. Slide 27: Financial Position as of 30 June 2020

    FINANCIAL POSITION AS OF 30 JUNE 2020 (Unit: MB) Financial Position Due to the business expansion continually, total 20,000 17,558 17,558 assets and total liabilities increased 15,870 18,000 15,870 5 respectively. Therefore, it helped generate 16,000 4 5,769 Equity* more revenue and increase in net

  28. Slide 28: 2Q2020: Total Revenue (3M) and (6M)

    2Q2020 : TOTAL REVENUE (3M) and (6M) 3M 6M (unit: MB) Total Revenue (3M) (unit: MB) Total Revenue (6M) +6% YoY 700 1,150 600 +9% QoQ 591 559 1,100 500 544 400 467 1,050 300 1,136 200 1,000 1,026 100 0 950 1Q2019 2Q2019 1Q2020 2Q2020 2Q2019 2Q2020 2Q2020 : Total Revenue (3M) and (6M) • 3-month period

  29. Slide 29: 2Q2020: EBITDA (3M) and (6M)

    2Q2020 : EBITDA (3M) and (6M) 3M 6M (unit: MB) EBITDA (3M) (unit: MB) EBITDA (6M) 500 +18% YoY 660 450 653 400 438 640 350 372 300 620 250 281 200 600 150 596 158 100 580 50 0 560 1Q2019 2Q2019 1Q2020 2Q2020 2Q2019 2Q2020 2Q2020 : EBITDA (3M) and (6M) • 3-month period of 2Q2020: EBITDA increased to

  30. Slide 30: 2Q2020: Net Profit and Net Profit Margin

    2Q2020 : NET PROFIT and Net Profit Margin (3M) and (6M) 3M 6M (unit: MB) Net Profit and Net Profit Margin (3M)* (unit: MB) Net Profit and Net Profit Margin (6M)* 300 41.0% 45.0% 400 40.0% 37.3% 34.6% 40.0% 350 35.0% 250 31.4% 35.0% 300 30.0% 242 21.9% 200 208 30.0% 250 25.0% 25.0% 150 200 20.0% 147

  31. Slide 31: 2Q2020: ROE (3M) and (6M)

    2Q2020 : ROE (3M) and (6M) 3M 6M ROE (%) (3M) -3% YoY ROE (%) (6M) 5.0% 8.0% 7.4% 4.3% 4.2% 7.0% 4.0% 6.0% 3.1% 3.0% 5.0% 4.4% 4.0% 2.0% 3.0% 2.0% 1.0% 1.0% 0.1% 0.0% 0.0% 1Q2019 2Q2019 1Q2020 2Q2020 2Q2019 2Q2020 Note: *Average equity 2Q2020 : ROE (3M) and (6M) • 3-month period of 2Q2020: ROE sligh

  32. Slide 32: 2Q2020: D/E Ratio (3M) and (6M)

    2Q2020 : D/E RATIO (3M) and (6M) 3M 6M (unit: Time) D/E* (3M) (unit: Time) D/E* (6M) 2.20 2.07 2.06 2.15 2.14 -1% YoY 2.06 2.10 2.06 2.06 2.04 2.05 2.05 2.00 2.05 2.04 1.95 1.92 2.04 1.90 1.85 2.04 1.80 2.03 1Q2019 2Q2019 1Q2020 2Q2020 2Q2019 2Q2020 Note: *Equity attributable to owners of the parent

  33. Slide 33: 2Q2020: EPS (3M) and (6M)

    2Q2020 : EPS (3M) and (6M) 3M 6M (unit: THB) EPS (3M) (unit: THB) EPS (6M) 0.12 0.20 0.19 0.11 0.11 0.18 0.10 0.16 0.08 0.14 0.08 0.12 0.12 0.06 0.10 0.08 0.04 0.06 0.04 0.02 0.003 0.02 0.00 0.00 1Q2019 2Q2019 1Q2020 2Q2020 2Q2019 2Q2020 2Q2020 : EPS (3M) and (6M) • 3-month period of 2Q2020: EPS was

  34. Slide 34: Debt Structure 2Q2020

    DEBT STRUCTURE 2Q2020 Most of interest bearing debt from Corporate Loan for 53% Corporate (Corporate Loan for 24% and Debenture for 29%). Loan Project 24% Finance Loan 47% The remaining Project Finance Loan for 47%. Unchanged due to loan drawdown in Onikoube project and repayment by schedule of curr

  35. Slide 35: TSE's Projects

    TSE’s PROJECTS • Solar Farms - Thailand • Solar Rooftop – Thailand • Biomass – Thailand • Solar Farm – Japan • Floating Solar Farm - Thailand Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 35

  36. Slide 36: TSE's Projects: Core Businesses

    TSE’s Projects CORE BUSINESSES Total 304.24 MWac (272.24 MWe)* Solar PV Farms Solar Rooftops Biomass Floating Solar (Total 24 projects) (Total 14 projects) (Total 3 projects) (Total 1 project) 260.04 MWac (228.04 MWe)* 14 MWac 22.2 MWac 8 MWac Thailand (Total 16 projects) 105.30 MWac (73.30 MWe)* No

  37. Slide 37: Solar PV Farms - Thailand

    Solar PV Farms - Thailand Selling Equity Operated Power Project Capacity Capacity COD Tenor Ownership Tax Rate by (MWac) (MWe) Purchase Rate 1O plants: (SSE01 - SSE10) 8 MW / plant 8 MW / plant 2013 – 2014 TSR Base Tariff + 5 years with 60% 0% (year 0 – 8) Partnership with (totaling (totaling FT + A

  38. Slide 38: Solar PV Farms – Thailand

    Solar PV Farms – Thailand Suphanburi Prachuap Kirikhan Ayutthaya SSE1-PV02 Location: Don Chedi SLC BSS (Acquisition in MAR 2019) Selling Capacity: 8.0 MW Location: Bang Saphan Location: Ayutthaya COD: 17 JUL 2013 Selling Capacity: 1.0 MW Selling Capacity: 5.0 MW COD: 29 DEC 2016 COD: 26 DEC 2016 SSE

  39. Slide 39: Solar PV Farms – Thailand

    Solar PV Farms – Thailand SSE1-PV01 (8MW) SSE1-PV02 (8MW) SSE1-PV03 (8MW) SSE1-PV04 (8MW) SSE1-PV05 (8MW) SSE1-PV06 (8MW) COD SEP 2013 COD JUL 2013 COD OCT 2013 COD NOV 2013 COD NOV 2013 COD JUN 2014 SSE1-PV07 (8MW) SSE1-PV08 (8MW) SSE1-PV09 (8MW) SSE1-PV10 (8MW) SLC (1MW) INS (2MW) COD MAR 2014 COD

  40. Slide 40: Solar PV Rooftop - Thailand

    Solar PV Rooftop - Thailand Project Selling Capacity COD Operated Power Tenor Ownership Tax Rate (MWac) by Purchase Rate 14 plants 1 MW / plant 2014 – 2015 TSER FiT 6.16 Baht 25 years 100% 0% (year 0 – 8) (TSER01 - TSER14) (totaling 10% (year 9 - 13) Partnership with 14 MWac) 20% (year 14 - 25) Home

  41. Slide 41: Solar PV Rooftop - Thailand

    Solar PV Rooftop - Thailand North Metropolitan North Bangkok TSER-RT03 TSER-RT02 TSER-RT10 Location: Nakorn Sawan Location: Phrae Location: Ekamai – Ramindra Selling Capacity: 1.0 MW Selling Capacity: 1.0 MW Selling Capacity: 1.0 MW COD: JUN 2015 COD: FEB 2015 COD: FEB 2015 TSER-RT01 TSER-RT11 Locat

  42. Slide 42: Solar PV Rooftop - Thailand

    Solar PV Rooftop - Thailand RT-01 Lopburi RT-02 Phrae RT-03 Nakorn Sawan RT-04 Chumporn RT-05 Surat Thani COD SEP 2014 COD FEB 2015 COD JUN 2015 COD SEP 2014 COD DEC 2014 RT-06 Nakhon Si Thammarat RT-07 Hat Yai RT-08 Ubon Ratchathanee RT-09 Khao Yai RT-10 Ekamai-Ramindra COD JUL 2015 COD OCT 2015 CO

  43. Slide 43: Biomass - Thailand

    Biomass - Thailand Project Summary Biomass Project: BSW OSW1 & OSW2 Selling Capacity: 4.6 MW 8.8 MW / plant OSW1 – AUG 2018 COD: MAR 2018 OSW2 – OCT 2018 Operated by: TCE Power Purchase Rate: FiT 4.24 Baht + Premium 0.30 THB (8 years) Tenor: 20 years 15Y4M Customer: PEA* Ownership: 100% 0% (year 0 –

  44. Slide 44: Solar PV Farms - Japan

    Solar PV Farms - Japan Project Summary • Projects: 8 Plants • Selling Capacity: totaling 154.74 MW Solar PV Farms - Japan • Operated by: TSEO • Power Purchase Rate: FiT JP¥ 32 – 36 • Tenor: 20 years • Customers: 1. TOPCO* - Onikoube 2. TEPCO** - Ibaraki 2 plants 3. HEPCO*** - Hokuriku • Ownership: 1

  45. Slide 45: Solar PV Farms - Japan

    Solar PV Farms - Japan Solar PV Farms - Japan Installed Selling Feed-in- Project Site Location Company Capacity Capacity COD Tariff (MW) (MW) Kuno Ibaraki TSI 0.65 0.50 36 Yen 31/8/2015 Shima Toyama TSI 1.43 1.25 32 Yen 2/3/2016 Hikeme Fukui TSI 1.86 1.50 32 Yen 1/4/2016 Ryugasaki Ibaraki TSI 2.36 1

  46. Slide 46: Solar PV Farms - Japan

    Solar PV Farms - Japan Toyama Ibaraki Miyagi Shima Jyoso Onikoube Selling Capacity: 1.25 MW Selling Capacity: 1.25 MW Selling Capacity: 133 MW COD: 2 MAR 2016 COD: 2 MAY 2018 SCOD: Q4 2022 FiT: JP¥ 32 FiT: JP¥ 36 FiT: JP¥ 36 Operated by: TSI Operated by: TSI Operated by: OSP Status: Under Constructi

  47. Slide 47: Solar PV Farms - Japan

    Solar PV Farms - Japan Kuno (0.5 MW) Shima (1.25 MW) Hikeme (1.50 MW) Hanamizuki (13.5 MW) COD AUG 2015 COD MAR 2016 COD APR 2016 COD JAN 2019 Ryugazaki (1.75 MW) Sakura (1.99 MW) Jyoso (1.25 MW) Onikoube (133 MW)* COD SEP 2016 COD NOV 2017 COD MAY 2018 SCOD 4Q2022 (*under construction) Copyright ©

  48. Slide 48: Appendix

    APPENDIX • Organization Structure • Board of Directors and Audit Committee • Investment Structure Copyright © 2020 Thai Solar Energy Public Company Limited. All Rights Reserved 48

  49. Slide 49: Organization Structure

    ORGANIZATION STRUCTURE Board of Directors Nomination and Audit Committee Executive Committee Remuneration Committee Company Secretary Chief Executive Officer Internal Audit Cathleen Maleenont, Ed.D. Chief Operating Officer Mr. Somphop Prompanapitak Chief Technical Officer Chief Financial Officer Mr.

  50. Slide 50: Board of Directors and Audit Committee

    BOARD OF DIRECTORS and AUDIT COMMITTEE BOARD OF DIRECTORS: ❖ Chairman of Board of Directors: Cathleen Maleenont Ed., D. ❖ Vice Chairman + Independent Director: Mr. Prommin Lertsuridej ❖ Independent Director: Mr. Pala Sookawesh ❖ Independent Director + Chairman of Audit Committee: Mrs. Siripen Sitasu

  51. Slide 51: Investment Structure

    Thai Solar Energy Public Company Limited 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)

  52. Slide 52: Thank You

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

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