Energy Absolute Public Company Limited December 2016 1 Our - - PowerPoint PPT Presentation

Energy Absolute Public Company Limited

December 2016

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Our Business

Our Project Pipeline Our Power Plant Financial Results

E@ at a Glance

Established In 2006 to produce palm oil Core Business Renewable Energy Secondary Market MAI since 30 Jan 2013 (ticker “EA”) Market Capitalization

As of 22 Nov 2016

Approximately THB 106 billion (3,730 million shares), next to 23rd largest company in SET50. Liquidity Free Float 34.56%

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THB

‘000 shares

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00

Total Volume Closed Price

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Procedure for Moving to SET

11 Nov 16 BOD approved Nov 16 Submit application to SET Start trading in SET Mid of Jun 17 Jul 17 Start new SET50 SET announce the effective date SET announce new SET50 list

1 2 3 4 5 6 7 8 9 10

PTT SCC CPALL AOT SCB ADVANC KBANK BDMS PTTEP BBL

982,567 568,800 541,232 522,857 487,226 422,180 406,854 354,743 330,501 297,779 11 12 13 14 15 16 17 18 19 20

PTTGC CPN TRUE KTB CPF INTUCH IVL MINT TOP BH

278,421 245,718 241,919 237,593 220,674 160,321 156,464 154,363 146,372 137,350

21 22 23 24 25 26 27 28 29 30

HMPRO GLOW BEM EA LH TU EGCO BTS IRPC DELTA BANPU

132,827 113,372 113,109 106,305 103,132 102,117 101,345 99,060 96,859 94,489 91,007

Market capitalization of the first 30 company of SET50 as of 22 Nov 2016

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Our Business & Group Structure

Energy Solution Management Service

99% held by EA Engineering, Design, Construction management and Operation and Maintenance of Power Plants, 35.20% held by EA

Shareholder Structure

Number of Total Shareholders = 7,651 Free Float = 34.56% Education

• MBA from University of Pittsburgh, USA
• Bachelor of Engineering from

Chulalongkorn University, Thailand Work Experience

• Analyst and Researcher in USA.
• Managing Director of a Securities

Brokerage company in Thailand

• Managing Director of a Renewable

Energy company in Thailand Education

• Master of Science from Chulalongkorn

University, Thailand

• Bachelor of Business Administration

(Finance and Banking) from Thammasat University, Thailand Work Experience

• Investment Banker and Financial

Advisor,

• Director in a Renewable Energy company

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Mr.Somphote Ahunai Chief Executive Officer Mr.Amorn Sapthaweekul Deputy to CEO and Chief Finance Officer

Opportunity Base on AEDP 2015-2036

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Alternative Energy Development Plan : AEDP 2015-2036

Target of Alternative Energy = 30% in 2036

Solar 6,000 MW Wind 3,002 MW Mini Hydro 376 MW Hydro 2,906.4 MW Bioenergy Biomass 5,570 MW Biogass 600 MW Waste 500 MW Energy Corp 680 MW Industrial Waste 50 MW Biofuel

• Ethanol 11.3 ML/d
• Biodiesel 14 ML/d
• CBG 4,800 Ton/d
• Pyrolysis Oil 0.53 ML/d

source : The Energy Regulatory Commission (ERC)

Location

Kabinburi Industrial Estate, Prachinburi under BOI promotion & privileges

Plant Capacity

• Biodiesel 800,000 LPD
• Refined Glycerin 80 TPD

Certificate Certificate Number TNI-SC-F-1201 53866/A/0001/UK/En

Expire date 6 Jun 2017

ISO 9001 : 2008

Expiry date 12 Sep. 2018

Biodiesel Production

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Strong Customer Base Sales Volume

Biodiesel Sales

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(In Million liters) %Gross margin

93 103 134 175 188 126 4.35% 3.96% 5.05% 5.26% 8.15%

9.26%

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 20 40 60 80 100 120 140 160 180 200 2011 2012 2013 2014 2015 9m2016 Sales Volume %GPM

CPO Price and Change of Blending Portion

(Jul 2014 – Oct 2016)

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 MOC 20 Jan 15- 15 Apr 15 3.5% 16 Apr 15-24 Jul 16 7% 25 Jul 16- 24 Aug 16 5% 25 Aug 16-24 Nov 16 3%

Baht/liter

Ministry of Energy announced adjustment of blending portion since palm oil supplies appeared to be lower than earlier estimates, and if the mandates continue, soaring palm oil prices would negatively affect household cooking palm oil consumers.

Jul 14 – Jan 15 7%

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Our Business

Our Project Pipeline

Our Power Plant Financial Results 664 MW

Development of Renewable Power Plants as of July 2016

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COD 6,380 MW (6,992 Projects) Signed PPA + to be Signed 2,843 MW Total Committed Capacity 9,223 MW

Target of AEDP in 2036 16,778 MW

source : The Energy Regulatory Commission (ERC)

• 1,000

2,000 3,000 4,000 5,000 6,000 Waste Biomass Biogas hydro Wind Solar 370 3,638 417 46 1,616 3,039 550 5,570 1,280 376 3,002 6,000 COD+Signed PPA+to be Signed AEDP 2036

MW

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Electricity Price Structure

Base Tariff Adder

10 years from COD

Ft

Fuel Adjustment Charge

Baht/ kWh

8 Bt.

Lopburi 8 mw Until Oct 2022

6.5 Bt.

Nakornsawan 90 mw Until Dec 2023 Lampang 90 mw Until Feb 2025

Phitsanulok 90 mw Until Apr 2026

3.5 Bt.

Southern Wind Projects 126 mw North-Eastern Wind Projects 260 mw

• 0.4283 Bt./kWh

As of Sep 2016

Peak Time:

Weekdays 09.00 –22.00

4.22 Bt./kWh

Off-Peak Time:

Weekdays 22.00 – 09.00 + Weekend + Holidays

2.36 Bt./kWh

Project Pipeline

Solar

+ 8 MW + 90 MW + 90 MW + 90 MW

In Operation In Operation In Operation In Operation

Wind

Had Kanghan (Southern) + 126 MW To be COD Hanuman (North- Eastern) + 260 MW

F2018

MW

Solar 42% Wind 58%

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Ramp Up Till 2018

98 98 188 278 278

126 386

2012 2013 2014 2015 2016 2017 Wind Solar

8 98 98 188 404 664 2018

Project Management Capability

2014: 90 MW Lampang 2016: 90 MW Phitsanulok EA Solar Phitsanulok (“ESP”) 2013: 90 MW Nakornsawan 2012: 8 MW Lopburi

Energy Solution Management Service

E@

Independent Engineer

• Thin film &

Multi Crystalline

• Fixed system
• Multi Crystalline
• Fixed system
• Multi Crystalline
• Tracking system

Project Companies

EA Solar Nakornsawan (“ESN”) EA Solar (“EA Solar”) EA Solar Lampang (“ESL”)

Engineering, Design & Construction management Operation & Maintenance service Verify and advise

Engineering Service Company

E@ has in-house engineering knowhow and team for plant design optimization & construction management and operation & maintenance service.

EA Wind Hadkanghan (“HKH”) 2016: 126 MW Songkla, Nakhosrithammarat

• Multi Crystalline
• Tracking system
• 3 Sub-Wind Farms

EA Wind Hanuman (“HNM”) 2018: 260 MW Chaiyaphum

• 5 Sub-Wind Farms

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Solar Power

278 MW

Nakornsawan (THB 6.7 bil)

Contracted Cap: 90 MW Installed Cap : 126.126 MW Technology: Fixed system COD : 23 Dec 2013 Land area: 1,858 Rais (735 acres) Adder : 6.50 baht/kwh

Lopburi (THB 812 mil)

Contracted Cap: 8 MW Installed Cap : 9.33 MW Technology: Fixed System COD : 17 Oct 2012 Land area: 315 Rais (124.5 acres) Adder : 8 baht/kwh

Phitsanulok (THB 9.5 bil)

Contracted Cap: 90 MW Installed Cap : 133.92 MW Technology: Tracking system COD : 1 Apr 2016 Land area : 1,858 Rais (732 acres) Adder : 6.50 baht/kwh

Lampang (THB 8.07 bil)

Contracted Cap: 90 MW Installed Cap : 128.396 MW Technology: Tracking system COD : 17 Feb 2015 Land area : 2,354 Rais (930 acres) Adder : 6.50 baht/kwh

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Note : 1 acre = 2.529 rais

North-Eastern (Chaiyaphum) THB 20 bil.

Contracted Cap: 260 MW SCOD : Q2/2018 Adder : 3.50 baht/kwh Status: PPA signed / Preparation for construction and Fund Sourcing

Wind Power

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386 MW

Hadkanghan (East Coast Southern) THB 10.4 bil.

Contracted Cap: 126 MW SCOD : Q3/2016 Adder : 3.50 baht/kwh Status : To be COD

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• Located in Songkhla and Nakornsritammarat

province

• Adder 3.50 Baht/kWh for 10 years
• THB 10.4 billion Project Cost
• Wind turbine : Vestas (Denmark) V110-2.0 at 1.8 mw each
• Complete Installation and testing of 70 WTG

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Had Kanghan Wind Farm 126 MW

Sub-Project Capacity (MW) SCOD HKH 1 36 Q4/2016 HKH 2 45 Q4/2016 HKH 3 45 Q4/2016

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec P90 P50

Capacity factor : 20-25%

HKH site location

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Plant location & general plot plan Wind Turbine Generator (ETG) 70 sets will be located 57 km. along seaside by the following areas:

• HKH1 Project : Location at Ranote district,

Songkhla province.

• HKH2 Project : Location at Hua Sai district,

Nakhon Si Thammarat province.

• HKH3 Project: Location at Pak Phanang district,

Nakhon Si Thammarat province.

Substation : Built and transferred to EGAT

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• Located in Chaiyaphum province
• Current Status :
• 5 PPAs – signed
• Pre construction
• Fund sourcing
• Adder 3.50 Baht/kWh for 10 years
• THB 20 billion Project Cost

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Hanuman Wind Farm 260 MW

Sub-Project Capacity (MW) SCOD Hanuman 1 45 APR 2018 Hanuman 5 48 MAY 2018 Hanuman 8 45 APR 2018 Hanuman 9 42 MAY 2018 Hanuman 10 80 JUN 2018

Wind Turbine for Hanuman Project

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• Vestas (Denmark) wind turbine

87 sets at 3 MW each

• Hub height 157 m.
• Blade length 68 m.
• Cut in wind speed = 3 m/sec

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Our Business Our Project Pipeline

Our Power Plant

Financial Results

Contract Capacity (MW) 8 MW Commercial Operation Date (COD) 17 October 2012 2015 power output (Million unit) 14.6 9M 2016 power output (Million unit) 10.29 2015 Average daily output (unit) 39,893 9M 2016 Average daily output (unit) 37,223

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Lopburi Solar Farm 8 MW

Unit : kWh/day

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Lopburi

2014 2015 2016

Contract Capacity (MW) 90 MW Commercial Operation Date (COD) 23 December 2013 2015 power output (Million unit) 190.0 9M 2016 power output (Million unit) 142.75 2015 Average daily output (unit) 520,763 9M 2016 Average daily output (unit) 521,049

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Nakornsawan Solar Farm 90 MW

Unit : kWh/day

100,000 200,000 300,000 400,000 500,000 600,000 700,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Nakornsawan

2014 2015 2016

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Contract Capacity (MW) 90 MW Commercial Operation Date (COD) 17 February 2015 2015 power output (Million unit) 191.3 9M 2016 power output (Million unit) 149.02 2015 Average daily output (unit) 601,474 9M 2016 Average daily output (unit) 544,102

Unit : kWh/day

Lampang Solar Farm 90 MW

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Lampang

2015 2016

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Contract Capacity (MW) 90 MW Commercial Operation Date (COD) 1 April 2016 APR-SEP 2016 power output (Million unit) 112.04 APR-SEP 2016 Average daily output (unit) 612,097

Unit : kWh/day

Phitsanulok Solar Farm 90 MW

100000 200000 300000 400000 500000 600000 700000 800000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Phitsanulok

2016

Phitsanulok Solar Farm 90 MW

New Tracking System

• Stronger
• Easier to maintenance
• East-West Linkage Structure

Control Center Building EGAT Substation 28

String Inverter

• Equal efficiency to central inverter
• Easier to maintenance
• Risk Diversify

400,000 450,000 500,000 550,000 600,000 650,000 700,000

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Daily Average : kWh

Output from sun tracking system is 17.47% higher

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Tracker

Fixed

521,049 612,097

Nakornsawan APR - SEP 2016 Phitsanulok APR - SEP 2016

Total Power Production for 9 months

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Total power output for the first 9 months of 2016 = 414,097,433 units (41.39% higher than last year) resulted from COD of Phitsanulok power plant.

Lampang started COD 17 Feb 2015 Phitsanulok started COD 1 Apr 2016

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Our Business Our Project Pipeline Our Power Plant

Financial Results

• 10,000

20,000 30,000 40,000 50,000

2011 2012 2013 2014 2015 Q3/2016

1,017 1,142 4,363 5,897 8,510 10,553 708 1,403 7,103 13,429 24,547 30,048 Total Liabilities Shareholder's Equity

Capital Structure

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2011 2012 2013 2014 2015 to Q2/2016 Biodiesel business only Oct - COD of ESLO, 9 mw solar power plant Dec - COD of ESN, 90 mw solar power plant Construction

• f ESL, 90

mw solar power plant

• Feb 2015- COD of ESL, 90 mw solar

power plant

• Construction of ESP, 90 mw solar

power plant which started COD in Apr 2016

• Construction of HKH, 126 mw wind

power plant 2.85 times 2.88 times 2.28 times 1.63 times 1.23 times 0.70 times

THB mil.

• Offer to PP and HNW investors
• Subscription date : 21 Jul 2016 , Issue date : 22 Jul 2016
• Type : Senior Debt , Secured by SCB
• Condition to maintain Net Debt to Equity Ratio
• As of ending of 2016 , 2017 and 2018 : not more than 3.5 : 1
• As of ending of 2019 , 2020 and 2021 : not more than 3 : 1

EA Bond # 1/2559 : THB 8,000 mil.

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Issue And rating Value Secure by SCB Maturity Due date Interest payment Interest rate EA Secured bond # 1/2559 - Tranche 1 (rating A-) THB 1,000 mil.

THB 1,000 each

65% 3 years 22 Jul 2019 22 Jan and 22 Jul 2.36% EA Secured bond # 1/2559 - Tranche 2 (rating AA) THB 3,000 mil.

THB 1,000 each

100% 4 years 22 Jul 2020 Callable after 3 years 2.22% EA Secured bond # 1/2559 - Tranche 3 (rating AA) THB 4,000 mil.

THB 1,000 each

100% 5 years 22 Jul 2021 Callable after 3 years 2.37%

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Revenue and Net Profit

THB Mil.

Revenue Net Profit

2000 4000 6000 8000 10000 2011 2012 2013 2014 2015 3Q/2016

5,431 4,479 3,999 7,601 9,212 8,151

1000 2000 3000 2011 2012 2013 2014 2015 3Q/2016

63 107 268 1,608 2,688 2,421

THB mil. THB mil.

Revenue structure

35 THB mil.

• Ceased trading of LPG and High Speed Diesel since 2013 and 2014 respectively because of low margin
• Started operation of the first Solar Power Plant in October 2012 with contract capacity of 8 MW
• Currently, the total contract capacity of 4 Solar Power Plants = 278 MW

57% 43%

Revenue breakdown for Y2015

Biodiesel business Solar power business

Contribution of two business units

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50% 50% Revenue breakdown for 3Q 2016

Biodiesel business Solar power business

5% 95% Net Profit breakdown for Y2015

Biodiesel business Solar power business

4% 96% Net Profit breakdown for 3Q 2016

Biodiesel business Solar power business

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Effects on 9m/2016 Net Profit

Solar Gross Profit Increase

2,037 3,193 375 37

• 344
• 78
• 746
• 15

2,422

Net Profit 9m/2015 Solar Gross Profit Biodiesel Gross Profit Other Revenue SG&A FX Loss Financial Cost Tax Net Profit 9m/2016

THB Mil.

Special items in Q3/2016

• Special expense and maintenance to improve power plant THB 20.81 mil.
• Bank’s charge THB 24.65 mil. for cancellation of credit facilities after issuing of debentures
• FX Loss THB 49.92 mil. from execution as per condition stated in finance agreement

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Amita Overview

• Leading Lithium-Ion polymer battery manufacturer company
• Founded in 2000 by Dr. Jim Cherng (CEO)
• Listed in Taiwan Emerging Stock Market
• Paid-in Capital: NT$ 316,533,370
• Share Price: NT$ 32.00 as of Nov 2016
• Market Cap.: approx NT$ 980 NT mil.
• HQ and Factory Located in Taoyuan, Taiwan
• Maximum Capacity: 80 Mwh/year
• Total Employees : 160 (Office 100 + Operator 60)

Source : http://www.amitatech.com/index.php

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Shareholder Structure

Before After

EA invests in newly issued shares for the total of NT$ 619 mil. (approx. THB 690 mil.)

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Core Businesses & Clients

• Main Businesses – High Power Battery
• High Power Battery
• OEM (Original Equipment Manufacturer) – Litarion
• PDCA- Post Dry Cell Battery
• Turnkeys
• Bejing Phase 1 – already completed
• Bejing Phase 2 – targets signing contract end of 2016
• Main Clients Clients: UPS Units, Power Bank, Power Tools, Battery- powered Vehicles,

and Energy Storage (ESS)

• Europe: EV (Electric Vehicle)
• Taiwan: E-Scooter
• Japanese: ESS (Energy Storage Systems)
• China: Turnkey

Energy Storage Applications

Stationary Mobile On/Off grid Storage Electric Transport Electronic Devices

Storage for utilities Used to shift energy produced Useful for integrating intermittent energy source Provide grid stability and range of other benefits Batteries for plug-in electric vehicles Batteries for hybrid vehicles Batteries for other electric vehicles (buses, train etc) Mobile Phones, Smart phones Laptops Power tools Mobile games

Energy Requirements (kW or MW)

Technology & Market Maturity Low High Low High

Source : Silicon Valley Bank- Energy Storage Overview

Summary of Lithium-based Batteries

Chemistry Lithium Cobalt Oxide (LCO) Lithium Manganese Oxide (LMO) Lithium Nickel Manganese (NMC) Lithium Iron Phosphate (LFP) Lithium Nickel Cobalt Aluminum Oxide (NCA) Lithium Titanate (LTO) Cycle life (ideal) 500–1000 300–700 1000–2000 1000–2000 500 3,000–7,000 History 1991 (Sony) 1996 2008 1996 1999 2008

Applications

Mobile phones, tablets, laptops, cameras Power tools, medical devices, powertrains E-bikes, medical devices, EVs, industrial Stationary with high currents and endurance Medical, industrial, EV (Tesla) UPS, EV, solar street lighting Comments High energy, limited power. Market share has stabilized. High power, less capacity; safer than Li- cobalt; often mixed with NMC to improve performance. High capacity and high

• power. Market

share is increasing. Also NCM, CMN, MNC, MCN Flat discharge voltage, high power low capacity, very safe; elevated self- discharge. Highest capacity with moderate power. Similar to Li- cobalt. Long life, fast charge, wide temperature range and

• safe. Low

capacity, expensive. Source :www.batteryuniversity.com

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Our Growth and Group Structure

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Energy Absolute PCL THANK YOU

A leader in alternative energy business, by using the modern technology and environmentally friendly for the best benefit of consumers, shareholders, partners and fairness to employees.