2019-08-30 SUPER Present Q2-2019 Oppday Draft4 - SET · Super Energy Group 10,000 MB Super Solar...
Transcript of 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
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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
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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
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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
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Solar Farm in Vietnam : Phanlam1, 36.72 MW
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Solar Farm in Vietnam : Binh An, 50 MW
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Solar Farm in Vietnam : Van Giao1, 50 MW
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Solar Farm in Vietnam : Van Giao2, 50 MW
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Solar Farm in Vietnam : Sinenergy, 50 MW
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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
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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
Financial Highlights
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)
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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
Financial Highlights as of Q2‐2019
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
Financial Highlights as of Q2‐2019
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%
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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
Financial Highlights as of Q2‐2019
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
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Potential Projects & Others
Potential Growth
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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
Potential Projects & Others
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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
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Pipeline + Potential Project
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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
Pipeline + Potential Project
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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
Pipeline + Potential Project
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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
Pipeline + Potential Project
WATER
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โครงการสมุทรสาคร
โครงการอมตะนคร (ชลบุรี)
โครงการ กปภ.ภเูกต็
On Going ProjectsSuper Water
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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
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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
Financial Highlights
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
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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
Financial Highlights
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