STRICTLY CONFIDENTIAL
Opportunity Day : Q2 - 2021
STRICTLY CONFIDENTIAL
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
15 SP 3 Waste-to-energy 9.5 8.00 90.0 7.2 / / /
16 SP 4 Waste-to-energy 9.5 9.00 100.0 8.0 / / /
17 SP 5 Waste-to-energy 9.5 8.00 100.0 4.2 / / /
18 SP 6 Waste-to-energy 9.9 9.00 100.0 7.2 / / /
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
STRICTLY CONFIDENTIAL
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
STRICTLY CONFIDENTIAL
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
STRICTLY CONFIDENTIAL
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%
STRICTLY CONFIDENTIAL
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
STRICTLY CONFIDENTIAL
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
STRICTLY CONFIDENTIAL
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
STRICTLY CONFIDENTIAL
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
STRICTLY CONFIDENTIAL
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
STRICTLY CONFIDENTIAL
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 (%)
STRICTLY CONFIDENTIAL
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
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