opportunity day : q2 -2021

STRICTLY CONFIDENTIAL

Opportunity Day : Q2 - 2021


2012

2013

2015

2016 2018

2017

TPCH was incorporated as a company limited

CRB has begun its commercial operations

TPCH was listed on MAI8 January 2015

MWE has begun its commercial operations

MGP and TSG has begun their commercial operations

Won Bidding of Biomassfor 26 MW

SGP has begun its commercial operations

CRB won ASEAN Energy Award

MWE won Thailand Energy Award

PGP has begun its commercial operations

20212023

50 MWWaste Energy

200 MWBiomassBiogas

MGP won ASEAN Energy Award

TSG won Thailand Energy Award

2019

TPC POWER HOLDING PUBLIC COMPANY LIMITED

2020PTG has begun its

commercial operationsTPCH 5 has begun its

commercial operationsTPCH 1 has begun its

commercial operations

2021

TPCH 2 has begun its commercial operations

2

1/Jointly Controlled Entities

10 operating biomass projects

Nakhon Si Thammarat:• No. 1 and 4

Nonthaburi :• No. 11

Phatthalung:• No. 5

Nakhon Sawan:• No. 2

§ Operating projects§ Pipeline projects with PPA

Samut Sakhon:• No. 3

Satun:• No. 6

Yala:• No . 8, 9, and 12

Narathiwat:• No. 10

Pattani:• No. 7 and 13

3 projects under construction• 1 waste-to-energy• 2 biomass7 Project under development

Renewable portfolio Project summaryCategory No. Projects Fuel Ins. MW PPA MW % Holding Equity MW Tariff Location COD Status

OperatingProjects in 2021

1 CRB Biomass 9.9 9.20 73.1 6.7 FiT 4.58 Nakhon Si Thammarat 15/3/13

COD

2 MWE Biomass 9.0 8.00 85.0 6.8 FiT 4.58 Nakhon Sawan 12/10/15

3 MGP1/ Biomass 9.5 8.00 46.0 3.7 FiT 4.58 Samut Sakhon 4/4/16

4 TSG Biomass 9.5 9.20 65.0 6.0 FiT 4.58 Nakhon Si Thammarat 3/10/16

5 PGP Biomass 9.9 9.20 60.0 5.5 FiT 4.58 Phatthalung 7/7/17

6 SGP Biomass 9.9 9.20 51.0 4.7 FiT 4.58 Satun 9/2/18

7 PTG Biomass 23.0 21.00 69.1 14.5 Adder 4.00 Pattani 19/5/20

8 TPCH 1 Biomass 9.9 9.20 87.7 8.1 FiT 3.22 Yala 27/11/20

9 TPCH 2 Biomass 9.9 9.20 88.2 8.1 FiT 3.22 Yala 17/2/21

10 TPCH 5 Biomass 6.3 6.30 89.0 5.6 FiT 3.22 Narathiwat 17/11/20

Total 10 Projects in operation 106.8 98.50 69.7

PipelineProjects

11 SP1/ Waste-to-energy 9.5 8.00 50.0 4.0 FiT 5.83 Nonthaburi Q4/2021

Under-construction12 PBB Biomass 3.0 2.85 59.4 1.7 FiT 5.14 Yala Q1/2022

13 PBM Biomass 3.0 2.85 59.2 1.7 FiT 5.14 Pattani Q1/2022

Total 3 Projects under construction 15.5 13.70 7.4

Developing / Bidding

14 SP 2 Waste-to-energy 9.5 8.00 80.0 8.0 / / /

Under-development





19 Community PP Biomass 32.0 29.10 94.0 27.4 / / 2024Bidding

20 Community PP Biogas 6.0 5.05 51.0 2.6 / / 2024

Total 7 Projects under development 84.0 72.65 49.4

Total Projects 206.3 184.85 71.9

3


1734 44 53 53 53 53 53 53 53 53

37 46 46 46 46 46

17

3444

53 53

89

107

250

2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E

In operation Under fine-tune Developing Potential

Since IPO, TPCH has delivered solid track record and growth of capacity build-up – toward sustainable cash flows and diversified source of revenue

1/ PPA MW 4

Operating MW1/

Jan 2015 –

TPCH’s IPO

(17.2MW)

2016 – 2019:COD 4 Projects(35.6MW)

2020 – 2021:COD 4 Projects(45.7MW)

2015 – 2021E: CAGR of 35.5% p.a.2021E – 2025E: CAGR of 23.8% p.a.

CRB, MWE, MGP, TSG, PGP, SGP

TPCH 1 / 2 /5, PTG

SP 2/ 3/ 4/ 5/ 6

SP 1PBBPBM

Community PP

OthersCRBMWE

• COD MGPTSG

PGP SGP PTGTPCH 5TPCH 1

TPCH 2

Q2/2021

Biomass

100%

Pipeline

Waste-to

-energy

27%Total

99 MWTotal

185 MW

Biomass

72%

Target

Waste-to

-energyTotal

250 MW

Biomass

OthersBiogas

1% Biogas


Operating Statistics

1/ Capacity factor : the unitless ratio of an actual electrical energy output over a given period of time to the maximum possible electrical energy output over that period* Jointly Controlled Entities 5

• In Q2/21, electricity sales was 176 GWh, QoQ increased (+15.5% QoQ / +62.9% YoY) due to better operational level of projects under fine-turning

Electricity sales volume, unit in GWh

• Average capacity of 93% in 6 projects and 72% in 4 projects in Q2/21

• Final stage of fine-tuning in PTG TPCH1 TPCH2 TPCH5

Capacity factor1/, unit in %

+15.5%

98%

90%93%

84%

97% 98%

61%

80%78%

70%

CRB MWE MGP* TSG PGP SGP PTG TPCH 1 TPCH 2 TPCH 5

Q3/20 Q4/20 Q1/21 Q2/21

88

194

312

417

433

462

0

123 121

153

176

2015 2016 2017 2018 2019 2020 Q3/20 Q4/20 Q1/21 Q2/21

CRB MWE MGP* TSG PGP SGP PTG TPCH 1 TPCH 2 Total


Large scale development of 23.0 MW biomass

Pattani Green Biomass Power Plant

PTG’s key development and timeline – TPCH has been scheduled shut down for major part replacement to ensure operation excellence going onwards

Installed MW: 23.0 MW

Equity MW: 14.5 MW

Holding (%): 69.1%

Location: Nong Chick District, Pattani Province

COD: May 2020

Project cost: 1,925 MB

Tariff: Adder 4.0 thb/kWh

Target generation: 168 GWh p.a.

50%

73%

18%

8%

17%

–

47%

39%

36%

84%

93%

52%

38%

80%

75%

–

20%

40%

60%

80%

100%

Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21

Capacity factor, unit in %

Timeline of PTG

Capacity factor1/,unit in %

• May 20: COD during a pandemic

• Aug 20: PTG shut down for replacement of

step grate in a combustion

• Nov 20: Modifying of parts in a step grate

• May 21: Final check on a combustion

• Jun 21: Major outbreak of covid19

• Jul 21: Final stage of fine tuning• Sep 21 onward : running at full capacity

6

63%


OUTSOURCING SELF MANAGEMENT

• Fixed Profit Margin• Outsourced

• Operation• Maintenance• Fuel

• Cost Control• Managed By TPCH

• Operation• Maintenance• Fuel

HYBRID

• Outsourced• Operation• Maintenance

• Managed By TPCH• Fuel

Operation Model

7


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Woodchips Wood slap Alternat ive Now Target

Operating cost

8

Update on supply chain situation

Woodchip price movement throughout a year

Wood price comparison

Avg. price level,unit in %

Target saving: 10%-15%

Short-term view:• Industry-wide temporary sawmill shutdown due to a decrease in

furniture demand leads to lower wood cutting rate • Off-peak wood price signals a good trend • Improved fuel mixture after the completion of chopping machine

installation in Q4/21 to bring down the blended fuel costMedium-to-long-term view:• Expand coverage on TPCH’s point of purchase to eliminate cost of

intermediates• Cost-saving through fuel mixture optimization with alternative biomass

after reaching stable operational level• Large purchase order and consumption of biomass provides TPCH a

higher bargaining power on fuel price• Alternative fuel

Total operation cost breakdown

74%

17%

Operation andfuel cost

D&A

Maintenance

Electricity

Others

Q2/21• Fuel cost is made up around 70%-80% of total cost for biomass business

• TPCH’s target saving of 10-20% in fuel cost can be achieved through reducing cost of fuel, better stock management, and fuel mixture optimization.

Q1 Q2 Q3 Q4


Feasibility study has shown excessive supply of biomass in the three southern border provinces of Thailand

9

Composition of parawood fuel in 1 rai Supply and demand of Parawood Fuel

• Market share of TPCH: ~ 50%

Stumps and roots 5 Ton/Rai

Branch 12 Ton/Rai

Slap 12 Ton/Rai

Sawdust 3 Ton/Rai

Total 32 Ton/Rai

Province cultivated area (Rai)

2% of cutting rate per year (Rai)

Fuel amount per year (Tons)

Songkla 1,963,305 39,266 1,256,515Pattani 366,722 7,334 234,702Yala 1,239,861 24,797 793,511

Natathiwat 996,583 19,932 637,813Total 4,566,471 91,329 2,922,541

Available Parawood fuel per year

Province Supply of fuel per day (Tons)

Demand of Fuel per day (Tons)

Songkla 3,808 2,332Pattani 711 1,196Yala 2,405 2,248

Natathiwat 1,933 478Total 8,856 6,253

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Songkla Pattani Yala Natathiwat Total

Supply Demand


Investment update on projects under construction

10

Project SP PBB PBM

Fuel RDF3 Biomass Biomass

PPA MW 8.0 2.9 2.9

Holding (%) 50.0% 59.4% 59.2%

Equity MW 4.0 1.7 1.7

Target COD Q4/21 Q2/22 Q2/22

Target energy production, GWh p.a. 58.2 22.9 22.9

Tariff rate,THB/kWh FiT 5.83 FiT 5.14 FiT 5.14

Project cost, THB million 1,600 350 350

Progress 97.2% 52.1% 50.4%

Project Overview Project summary

Siam Power

Pracharat BiomassMaelan

Pracharat Biomass Bannangsata


53.7374.82 73.9 74.0 77.0 76.8 77.6 76.0 73.6 73.6

14.3

65.2 63.9 66.6 66.2 66.8 64.0 64.0

38.566.4 66.8 66.2 63.5 64.0 64.0

16.5

74.4 78.4 73.7 71.3 73.6 73.6

30.3

69.3 76.0 74.1 73.6 73.6

58.773.6

69.2 73.6 73.6

5.0

59.3 73.6

55.9

73.6

3.9

42.2

50.4

30.4

136.4

168.0

24.2

64.0

45.6

53.7 74.8 88.2

194.1

312.0

416.6 433.3460.0

740.4

897.6

2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E

CRB MWE MGP TSG PGP SGP TPCH 1 TPCH 2 TPCH 5 PTG Siam Power Pracharat

Guidance on export capacity projection

11

Box color represents tariff rate

FiT – Biomass, 4.58 THB

FiT – Bidding, 3.22 THB

Adder – Biomass, 4.00 THB

FiT – Waste, 5.83 THB

FiT – Pracharat, 5.14 THB


Financial (P&L)

12

Total revenue, unit in THB million Net profit and Net profit to TPCH, unit in THB million

SG&A and SG&A to total revenue , unit in THB million and %

As of Q2/2021

• Total revenue of 1,209.0 THB million

• SG&A of 69.7 THB million

• Net profit to TPCH of 109.2 THB million

472.0

566.2642.8

832.4

1,209.0

Q2/20 Q1/21 Q2/21 6M20 6M21

40.6

85.1 87.2

279.5

172.3

11.2

47.561.7

178.7

109.2

Q2/20 Q1/21 Q2/21 6M20 6M21

LHS, net profitRHS, net profit to TPCH

33.6 36.932.8

63.469.77.1%

6.5%

5.1%

7.6%

5.8%

0 .0%

1 .0%

2 .0%

3 .0%

4 .0%

5 .0%

6 .0%

7 .0%

8 .0%

–

1 0.0

2 0.0

3 0.0

4 0.0

5 0.0

6 0.0

7 0.0

8 0.0

Q2/20 Q1/21 Q2/21 6M20 6M21

SG&A SG&A (%)


Financial (B/S)

13

Issuance of debenture

• Issuing size: THB 1,500 million• Tenors: 2 years 9 months

• Interest: 4.5% p.a.

• Use of proceeds: Refinance and expansionAs of Q2/2021

• Average cost of debt : 3.5%-3.7%

Summary of financial position D/E ratios

Cash

Trade receivables

Property, Plant and Equipment

Others

Equity

Others

LT loans

ST loans and current portion of LT loans

Assets Liabilities and Equity

Total interest-bearing debt

Q2/21

Total IBD: 4,171

Shor-term loans and current portion of long-term loans:THB 1,042 million | 25%

Non-current portion of long-term loans:THB 3,130 million | 75%

Unit in THB million

1.0x

0.9x

1.0x 1.0x

1.0x

0.9x

1.0x 1.0x

Q3/20 Q4/20 Q1/21 Q2/21

Total D/E ratio Net D/E ratio

8,688 8,834

10% 11%

83% 82%

7% 7%1% 1%

FY20 Q2/216% 4%9% 12%

34% 36%

4% 2%

47% 46%

FY20 Q2/21

8,688 8,834

Trade payables

opportunity day : q2 -2021

Documents