2019-08-30 super present q2-2019 oppday draft4 - set · super energy group 10,000 mb super solar...

SUPEROpportunity Day

Private & Confidential

Presentation:August 30, 2019 (As of FSQ2/2018)

SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED

Company Profile and Projects history

On Going Projects

Financial Highlights

Potential Projects & Others

1

2

3

4

Agenda

1

Company Milestone (1st half 2019)

13‐8‐2019

>> Establishment of "Super

Water PPS Co.,Ltd"

Jan 2019

Jun 2019

Performance 1st Half Y2019

27‐2‐2019

>> Sign the share purchase

agreement of wind power

plant project in Vietnam of

250 MW

14‐8‐2019

>>SUPEREIF Investment Day

21‐8‐2019

>>SUPEREIF 1st Trading Day

26‐6‐2019

>> acquisition of shares in

SUPERW and JVTPN

>> COD for Solar In VN of

186.72 MW

2

Company Profile

Waste EnergyProduction and Distribution of Electricity by

COMMUNITY & INDUSTRIAL

WASTE

Solar EnergyProduction and Distribution of Electricity by

SUNLIGHT

Operation and Maintenance

Services (O&M)

Wind EnergyProduction and Distribution of Electricity by

WIND POWER

Water GroupProduction and Distribution of

WATER INDUSTRIAL & CONSUMPTION

IT

Information & Communications

Technology Services by PERSONNEL

OUTSOURCING

Business Outlook

3

Company Structure

SUPER2,734.95 MB

Super Energy Group

10,000 MB

Super SolarEnergy

10,000 MB

Pro Solar One263.25 MB

Super Earth Energy

1,000 MB

Lemon Gold Farm

1 MB

Super Wind Energy

0.1 MB

Super Water100 MB

Thai PanichnawaConstruction and Langnumthai Join

Venture100 MB

Super Speed Construction

100 MB

Corporate Structure in Thailand

Subsidiary Companies 768.60 MW In Thailand

In Vietnam In Thailand In Vietnam

100% 76%100%

100%

100%

76.25%

100%

100%

100%100%

Subsidiary MW ProvinceGPE 9.0 SakaeoSEE6 9.0 PhichitNKNY 6.0 NongkaiSEE8 16.0 NonthaburiSEG 8.0 PhetchaburiGPE 16.0 NakhornsitammaratTotal 64.0

Projects MW ProvincePhan Lam1 36.7 Binh ThuanBinh An 50.0 Binh ThuanVan Giao1 50.0 An GiangVan Giao2 50.0 An GiangSinenergy 50.0 Ninh Thuan

Total 236.72

Projects MW ProvinceSoctrang1 30.0SoctrangBaclieu 142.0Baclieu

Soctrang2 68.0SoctrangCamau1‐3 300.0CamauHBRE 50.0Gia LaiHBRE 200.0Phu YeniTotal 790.0 4

Amata Nakorn IndustrialYear Quantity (m3) Average/ Month (m3)

2018 (Dec) 70,000 ‐

2019 (Jan‐Jul) 3,231,172 461,596

Chai Mongkhon, Samut SakhonYear Quantity (m3) Average/ Month (m3)

2018 1,543,459 128,6292019 (Jan‐Jul) 2,006,380 286,626

Open Technology40 MB

Company Structure (cont)

Corporate Structure in Foreign

Super Solar Energy

SUPER ENERGY GROUP (HONG KONG)

SUPER SOLAR ENERGY (HONG KONG) 1

Nam VeitPhan Lam

36.72 MW

Everich Binh ThuanEnergy

50 MW

SUPER SOLAR ENERGY (HONG KONG) 2

Van Giao1 Solar Power Plant

50 MW

Van Giao2 Energy Plant

50 MW

Super Energy (East)

Super Wind Energy

Super Wind Energy Congly1Joint Stock

Phase 1, 272 MW

HBRE GIA LAI

50+50 MW

HBRE PHU YEN

200 MW

5

Sinenergy NinhThuan

50 MW

Customer Portfolios

Diversify Customer Portfolios

Energy Business Water Business IT Business

Private Company

15%

Government85%

EGAT4%

MEA1%

PEA77%

EVN18%

Industrail57.3%

Government

29.1%

Household13.6%

Note : Base on MW Note : Base on EmployerNote : Base on Quantity of water distribution

6

On Going Projects

TH 9 MWVN 186.72 MWTH 37 MW

TH 10 MWTH 542.15 MW

TH 175.5 MWTH 12.95 MW

In Y20192018

20162017

20152014

COD Date(Year) No. Of Sites

COD(MW)

2018 1 9.00COD within Dec 2019 (Phichit) 1 9.00COD within 2021 (Nongkhai) 1 6.00COD within 2022 (Phetchaburi) 1 8.00In processing PPA (Nonthaburi) 1 16.00In processing PPA (Nakhonsithammarat) 1 16.00

Total 6 64.00

COD Date(Year) No. Of Sites

COD(MW)

Accum, COD

2011 3 6.00 6.002012 1 1.00 7.002013 1 0.95 7.952014 1 5.00 12.952015 20 175.50 188.452016 96 542.15 730.602017 2 10.00 740.602018 6 28.00 768.602019 - - 768.60

In processing of PPA 4 35.90

Total 134 806.50

Solar Energy Waste Energy

COD Date(Year) Type Energy

COD(MW)

2019 SOLAR 186.72COD With in Oct 2019 SOLAR 50.00COD within 2021 (HBRE) WIND 300.00COD within 2021 (Congly) WIND 272.00COD within 2021 (Congly) WIND 200.00COD within 2021 (Soctrang1-2) WIND 68.00

Total 1,076.72

Solar & Wind Energy in Vietnam

137 Project,

Total 1,023.32 MW

In processing of PPA as SOLAR 19.9 MW & HYBRID 16 MW

Performance Growth Highlight

7

Energy No. Of Sites MW

ThailandSolar 130 768.60Waste 1 9

Total Thailand 131 777.60Vietnam

Solar 4 186.72Total Vietnam 4 186.72

Total SUPER 135 964.32

Total Projects COD already

On Going Projects

Central 64 site / 402.75 MW / 48.14%

Eastern 60 site / 350.10 MW / 41.85%

Northern 3 site / 20 MW / 2.39%

Southern 10 site / 63.75 MW / 7.62%

Central 1 site / 50 MW / 21.12%

Southern 4 site / 186.72 MW / 78.88%

Locations

Waste Power Plant

8

Solar Farm in Vietnam : Phanlam1, 36.72 MW

9

Solar Farm in Vietnam : Binh An, 50 MW

10

Solar Farm in Vietnam : Van Giao1, 50 MW

11

Solar Farm in Vietnam : Van Giao2, 50 MW

12

Solar Farm in Vietnam : Sinenergy, 50 MW

13

Waste to Energy Project GPE

14

Waste Energy 9.9 MWCOD at 14 Jun 2018

Year Capacity (kWh)

Average/ Month (kWh)

Revenue (MB) / year

2018 (Jun‐Dec) 32,455,680 4,636,525.71 218.83

2019 (Jan‐Jun) 31,240,560 5,206,760.00 211.02

Projects Installed MW / PPA MW

Adder or Fit / unit Technology

Expect Revenue

(MB) / year1/

GPE(Industrail Waste) 9.9 / 9.0 3.50 for 7

year

Circulating Fluidized‐Bed

(CFB)450

Performance after COD

1/ assumption base on received adder 3.50 baht / unit for 7 yearsThis’s after 7 year on expected revenue about 320 MB

Waste to Energy Project SEE6

Waste Energy 9.9 MW

15

Projects Installed MW / PPA MW

Adder or Fit / unit Technology Fuel

Expect Revenue (MB)

/ year1/

SEE6(Community

Waste)9.9 / 9.0 3.50 for 7

yearStep Grate / Stoker

RDF 100% 420

1/ assumption base on received adder 3.50 baht / unit for 7 yearsThis’s after 7 year on expected revenue about 250 MB

Target COD at Dec 2019


Statement of Profit & Loss Q2‐2019

16

6 Month / Million BahtConsolidate

Q2‐Y2019 Q2‐Y2018

Revenue 3,198 2,919

Gross profit 1,789 55.9% 1,694 58.0%

EBITDA 2,474 77.4% 2,522 86.4%

Gain(Loss) on foreign exchange rate (11) (0.3%) 26 0.9%

Administrative expenses (235) (7.3%) (176) (6.0%)

Financial cost (765) (23.9%) (718) (24.6%)

Profit from investments 29 0.9% 53 1.8%

Net Profit(loss) for the period 813 25.4% 898 30.8%

Financial Highlights as of Q2‐2019

Revenue (MB)

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

Solar TH Solar VN Waste Wind IT

96.99%

0.00% 0.75% 0.00% 2.26%

Compare Q2 on Q2 Q2‐2018 Q2‐2019 Increase / (Decrease) %

Solar TH 2,832.00 2,950.66 118.66 4.19Solar VN - 7.26 7.26 100.00Waste 22.00 197.83 175.83 799.21Wind - ‐ ‐ ‐

IT 66.00 41.73 (24.27) (36.77)Total 2,920.00 3,197.48 277.48 9.50

Compare Q1 & Q2 in 2019 Q1‐2019 Q2‐2019 Increase /

(Decrease) %

Solar TH 1,503.35 1,447.31 (56.05) (3.73)Solar VN ‐ 7.26 7.26 100.00Waste 94.33 103.49 9.16 9.71Wind ‐ ‐ ‐ ‐IT 19.62 22.12 2.50 12.74

Total 1,617.30 1,580.17 (37.13) (2.30)

Q2‐2019(6 month)

Q2‐2018(6 month)

17

In 1st half year 2019 , SUPER’s revenue more than 90% from SOLAR ENERGY and the growth from WASTE ENERGY & SOLAR VN with its high season all business.

The proportion dropped of solar cells from 96.99% to 92.28% is sharing by increase of waste energy and solar energy in Vietnam.

0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%

100.00%

Solar TH Solar VN Waste Wind IT

92.28%

0.23% 6.19%0.00% 1.31%

Overall Q on Q

increased 9.50%

Note : Revenue of electricity sale only


Cost & Gross Profit (MB)

-

500

1,000

1,500

2,000

2,500

3,000

Y2015 Y2016 Y2017 Y2018 Q2-2019

137

1,372 1,903 1,987.39

1,036 86

184

482 640

374

Depreciation (non cash) Cost of sales & services (cash)

Gross Profit (Unit : MB)

Cost (Million Baht)

18

173

2,055

3,125 3,102

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Y 2 0 1 5 Y 2 0 1 6 Y 2 0 1 7 Y 2 0 1 8

1600

1650

1700

1750

1800

Q2 2018 Q2 2019

Gross Profit Q on Q

1,693.62

1,788.66


Net Profit & EBITDA (MB)

Expenses (Unit : MB) Net Profit & EBITDA (Unit : MB)

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Y2015 Y2016 Y2017 Y2018 Q2-2019

818 522

1,512 1,274

813.10 955

2,960

4,757 4,751

2,473.68

NET PROFIT EBITDA

‐

200.00

400.00

600.00

800.00

1,000.00

1,200.00

1,400.00

1,600.00

Y2015 Y2016 Y2017 Y2018 Q2‐2019

590.30 530.22 410.38

505.22

234.83236.08

1,201.09

1,454.33 1,456.72

765.391

Finance costs Administrative expenses Selling expenses

Net Profit Margin has been stable

around 30% to 35%

19

EBITDA Margin has been higher stable around

80% to 85% from higher energy revenue & lower

of financial cost

Admin Expens

% of Revenue

Q1‐2019 Q2‐2019 Q2‐2019 (6 month)

6.01% 8.70% 7.34%

In 1st half year 2019 , SUPER’s Administrative Expenses about of 7.34% that’s included of expenses is ONE TIME and REGULAR EXPENSES. its Admin Expenses about to 80% as follow as Expenses of employee, Advisory Fee, Tax expenses, Rent and Fees and others


Balance Sheet (MB)

- 10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00

49,649.96 57,899.50 ASSET

- 10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 32,094.91

40,240.05

LIABILITIES 70%

-

5,000.00

10,000.00

15,000.00

20,000.00 17,555.05

17,659.45 Equity 30%

Capital Structure2.27 2.27

1.89 1.83

2.28

1.35

1.93 1.79 1.77 1.92

-

0.50

1.00

1.50

2.00

2.50

Y2015 Y2016 Y2017 Y2018 Q2-2019D/E Ratio 1 D/E Ratio 2

Long‐term borrowings 27,194.06 MB or 67.58%

Trade & other payables6,268.44 MB or 15.58%

Property, plant and equipment 38,443.10 MB or 66.40%

Right to electricity 3,772.67 MB or 6.52%

Other non‐current assets2,808.23 MB or 4.85%

Remark: 2/ Excluding trade and other payables

20


Potential Growth

21

MW COD 2018 2019 2020Jan‐Dec Jan‐June July‐Dec Total

SOLAR Solar‐Thailand

Adder 12.95 12.95 12.95 12.95 12.95FIT 668.65 668.65 552.15 552.15 552.15FIT(Associated) 87.00 87.00 87.00 87.00 87.00SUPEREIF 118.00 118.00 118.00

768.60 768.60 770.10 770.10 770.10Solar‐Vietnam 236.72 236.72 236.72Solar‐ Vietnam **NEW** 275.00Solar‐ Malaysia 75.00

TOTAL SOLAR 768.60 768.60 1,006.82 1,006.82 1,356.82Economic MW 453.23 453.23 690.69 690.69 1,040.69WTE

GPE 9.00 9.00 9.00 9.00 9.00SEE6 9.00 9.00 9.00Nongkai 6.00Banlad Nontaburee Nakornsrithammarat

TOTAL WTE 9.00 9.00 18.00 18.00 24.00Economic MW 9.00 9.00 18.00 18.00 22.02WIND

Wind 1 30.00GiaLai 100.00

TOTAL WIND 130.00Economic MW 130.00

TOTAL SUPER 777.60 777.60 1,024.82 1,024.82 1,510.82TOTAL ECONOMIC MW 462.23 462.23 708.69 708.69 1,192.71


22

2018 2019 2020 Jan‐Dec Jan‐June July‐Dec Total REVENUE SOLAR Solar‐Thailand Adder 215 112 101 213 211 FIT 4,196 2,326 2,043 4,369 4,339 FIT(SUPEREIF) 963 514 128 642 Solar‐Oversea Solar‐Vietnam 7 683 690 1,008 Solar‐Vietnam**NEW** 258 Solar‐ Malaysia 62WTE GPE 214 197 212 409 414 SEE6 420WIND Wind 1 833 GiaLai 96 TOTAL REVENUE 5,588 3,156 3,846 6,324 7,641 Profit sharing RNS 50.00 50.00 SUPEREIF 76.74 70.00 TOTAL INCOME 5,588 6,450 7,761

Potential Revenue

Private & Confidential

Project Pipeline and Potential

23

Pipeline + Potential Project

24

Private PPA Hybrid Solar Vietnam Solar Malaysia

Projects East Water SSE Sinenergy New New

PPA (MW) 33.24 16.0In process 50.0 275.0

In process75.0

In process

Installed (MW) 33.24 32.0 50.0 275.0 75.0

Adder or Fit Rate Discount from market rate In process 9.35 Uscents / kWh In process In process

Location Rayong & Chonburi Province

Expected SakaeoProvince

Ninh ThuanProvince In process Kam Phur, Perak,

Malaysia

Project type Floating, On ground, Roof PV Module + Bio Gas PV Module PV Module PV Module

Tentative COD (Year) 2019 In process Oct 2019 In process In process

Expected Revenue (MB) / Year 166.2 In process 220 258 62

SOLAR ENERGY


25

Wind Project Name Khai Long Soc Trang Bac Lieu HBRE‐Phu Yen HBRE‐Gia Lai

Project Company Super Wind CongLyJSC

Super Wind CongLySocTrang JSC

Super Wind CongLyBacLieu JSC

HBRE Phu Yen Joint Stock Company

HBRE Gia Lai Joint Stock Company

Capacity 100 MWp 98 MWp 142 MWp 200 MWp 50+50 MWp

Location Ca Mau Province Soc Trang Province Bac Lieu Province

Off Taker EVN EVN EVN EVN EVN

PPA October 31, 2017 In Process In Process In Process In Process

Power Purchase Tariff 9.8 UScents/kWh 9.8 UScents/kWh 9.8 UScents/kWh 8.5 UScents/kWh 8.5 UScents/kWh

Duration of PPA 20 years from COD 20 years from COD 20 years from COD 20 years from COD 20 years from COD

WIND ENERGY


26

Nongkhai(Quick Win)

Nonthaburi(Quick Win)

Phetchaburi Nakhonsithammarat

PPA 6 MWFiT‐PEA‐001/2562

16 MWIn process

8 MWVSPP‐PEA‐001/2560

16 MWIn process

Installed 8.0 MW 20.0 MW 9.9 MW 20.0 MW

Adder Rate Fit 5.08 /Unit for 20 years Fit 3.66 /Unit for 20 years Adder 3.50 THB/Unit for 7 years

Fit 3.66 THB/Unit for 20 years

Location Tumbol Phonsawang, AmphoeMueangnongkhai, Nongkhai

Tumbol Khlongkhwang, Amphoe Sainoi, Nonthaburi

Tumbol Thasen, AmphoeBanlat, Phetchaburi

Nakhonsithammarat

Land 95‐0‐56 Rai 57‐0‐0 Rai 22‐1‐25 Rai In process

Project type Waste Power Plant Waste Power Plant Waste Power Plant Waste Power Plant

Fuel MSW MSW MSW and RDF MSW

11,400 – 12,000 Ton/Month 30,000 – 36,000 Ton/Month 9,300 – 10,500 Ton/Month 10,500 Ton/Month

Technology Stoker incineration by Hitachi Zosen

Pyrolysis and Gasificationby Nippon Steel

Stoker incineration Stoker incineration

Tentative COD December 2021 Y2022 Y2022 Y2022

Expected Revenue (MB) / Year

270 700 440 500

WASTE ENERGY


WATER

27

โครงการสมุทรสาคร

โครงการอมตะนคร (ชลบุรี)

โครงการ กปภ.ภเูกต็

On Going ProjectsSuper Water

28

Super Water Business

Provincial Waterworks Authority , Phuket

Minimum(m3/Day)

Start Term of Contract (Years)

Expected Revenue (MB)

/year

Chalong Sub‐district #1 3,000 Nov, 2019 5 (rate 11.35 Baht/M3)

13.55

Chalong Sub‐district #2 2,400 Nov, 2019 5 (rate 12 Baht/M3)

12.29

Kathu Sub‐district (West)

2,400 Oct, 2019 5(rate 13 Baht/M3)

13.30

Kathu Sub‐district (East)

2,400 Dec, 2019 5(rate 11.5 Baht/M3)

11.77

Total 10,200

1. Raw water distribution project for Amata Nakorn Industrial (Chon Buri)Minimum 5 Million cubic meter / yearContract 25 Years (Rate 7.2 / Unit M3)Expected Revenue 36 MB / year (base on minimum 5 million M3)

2. Tap Water distribution project for Provincial Waterworks Authority , Phuket with signed contracts already

Business Outlook

Performance Quantity (m3) Average/ Month (m3)

Revenue (MB)

2018 (Dec) 70,000 ‐ 0.502019 (Jan‐Jul) 3,033,344 430,722 21.84

Super Water Business

Thai Panichnawa Construction and Langnumthai Join Venture

29

Business Outlook1. Water distribution for industrial samut sakhon area (Rate 10‐20. 75 / Unit M3)

2. Tap Water distribution for household

around of Chai Mongkhon, Samut Sakhonarea as per contract 25 years (Rate 5.5‐16.00/ Unit M3)Expected Total Revenue 84 MB / year

3. Construction water supply system for EARTWATER (U‐TAPAO) Capacity 10,000 m3/ year

Performance Quantity (m3)

Average/ Month (m3)

Revenue (MB)

2018 1,543,459 128,629 27.73

2019 (Jan‐Jul) 2,006,380 286,626 35.64


Key Financial Highlight of Q3‐2019>> SUPEREIF

Rights of investment

Allocation

No. of Investor MB %

1 Fund Size

SUPER 1 1,030 20%

Retail 10,346 2,270 44%

Institutional 13 1,850 36%

Total 10,360 5,150 100%

2 Loan 3,000

Total of Investment 8,150

30

Disclaimer

This presentation herein should be used for investor information only. It should not be used as an offer or invitation to purchase or sell SUPER shares.

Additionally, this presentation contains forward‐looking statements and assumptions that are subject to risks and uncertainties. Investors or readers using this material need to be prudent

31

SUPER

Q & AThank you

32


17AYH HPM Total % of FS

No. Projects (sites) 14 5 19

Revenue in Y2018 (MB) 637.45 325.33 962.78 17.23%

Revenue in Q2‐2019 (MB) 339.71 174.01 513.72 16.28%

SUPER ENERGY POWER PLANT INFRASTRUCTURE FUND

33

17AYH HPM Total

SUPEREIF 8,150.00

Fund set‐up Cost 222.00

Net of NRTA (Rights of Revenue) 5,240.15 2,687.85 7,928.00

Asset ‐ plant and equipment 3,786.59 1,845.50 5,632.09

Asset ‐ Rights to electricity 110.09 96.45 206.54

Asset total to SUPEREIF 3,896.68 1,941.95 5,838.63

Net Balance 1,343.47 745.90 2,089.37

Unit : MB Total

Net of NRTA(Rights of Revenue (MB)) 7,928.00

Less Loan Repayment (MB) (4,179.22)

Less Reinvestment SUPEREIF (MB) (1,030.00)

Cash’s Remaining 2,717.19

Cash’s from SUPEREIFBalance Sheet

2019-08-30 super present q2-2019 oppday draft4 - set · super energy group 10,000 mb super solar...

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