Energy Absolute Public Company Limited

Transcription

1 Energy Absolute Public Company Limited

2 Over View Our Power Business Our Biodiesel Business Our Financial Results 5 Our Growth 2

3 at a Glance Established Core Business In 2006 to produce palm oil Renewable Energy Secondary Market The Stock Exchange of Thailand since 30 Jan 2013 Market Capitalization As of 25 July 2017 Approximately THB billion (US$ 4.6 billion) Included in the SET50 index from 1 July 2017 onwards Liquidity Free Float 39.86% Closed price : THB/share shares 450, , , , , , , ,000 50,000 0 Total Volume Closed Price 3

4 As of 14 March % 5% * Somphote Ahunai (CEO) Amorn Sapthaweekul (CFO) BBL AM Others 40% 3% Number of Total Shareholders = 8,223 Shareholder Structure Mr.Somphote Ahunai Chief Executive Officer Education MBA from University of Pittsburgh, USA Bachelor of Engineering from Chulalongkorn University, Thailand Previous Work Analyst and Researcher in USA. Managing Director of a Securities Brokerage company in Thailand Managing Director of a Renewable Energy company in Thailand Mr.Amorn Sapthaweekul Deputy to CEO and Chief Finance Officer Education Master of Science from Chulalongkorn University, Thailand Bachelor of Business Administration (Finance and Banking) from Thammasat University, Thailand Previous Work Investment Banker and Financial Advisor, Director in a Renewable Energy company 4

5 Opportunity Base on AEDP Alternative Energy Development Plan : AEDP source : The Energy Regulatory Commission (ERC) 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 Energy Corp 680 MW Industrial Waste 50 MW Biofuel Biomass 5,570 MW Biogas 600 MW Waste 500 MW - Ethanol 11.3 ML/d - Biodiesel 14 ML/d - CBG 4,800 Ton/d - Pyrolysis Oil 0.53 ML/d In order to support investment in alternative energy according to AEDP, BOI has granted tax privilege. Tax exemptions for the first 8 years and half of tax rate for year 9 th to 13 th 0% 50% of normal rate normal rate

6 Our Growth and New Business 6

7 Strong Contribution of Power Business Revenue Q/2017 THB mil. % THB mil. % THB mil. % THB mil. % THB mil. % Biodiesel Business 3,733 93% 5,396 71% 5,242 57% 4,890 47% 2,253 40% Power Business 203 5% 2,187 29% 3,956 43% 5,491 53% 3,326 59% Other income 63 2% 18 0% 15 0% 58 1% 34 1% Total Revenue 3,999 7,601 9,212 10,439 53% 5, Q/2017 Revenue 1% 43% 47% 57% 53% 59% 40% Net Profit 9% 1% 0% 91% 99% 100% EA is a operational holding company, thus net profit of biodiesel business is including administrative expenses of the group. Biodiesel Business Power Business 7

8 664 MW Over View Our Power Business Our Biodiesel Business Our Financial Results 5 Our Growth 8

9 Project Pipeline F2018 MW 664 Wind 58% Solar 42% 278 MW MW Solar + 8 MW + 90 MW + 90 MW + 90 MW Lopburi Lampang Nakornsawan Phitsanulok Wind Had Kanghan (Songkhla and Nakornsritammarat) 126 MW Hanuman (Chaiyaphum) MW 9

10 Electricity Price Structure Base Tariff Adder 10 years from COD Ft Fuel Adjustment Charge Baht/ kwh Solar Solar Wind Peak Time: Weekdays Bt./kWh Off-Peak Time: Weekdays Weekend + Holidays 2.36 Bt./kWh 8 Bt. Lopburi 8 mw Until Oct Bt. Nakornsawan 90 mw Until Dec 2023 Lampang 90 mw Until Feb 2025 Phitsanulok 90 mw Until Apr Bt. HKH 1 = 36 mw Until Mar 2027 HKH 2&3 =90 mw Until Jun 2027 Hanuman Projects 260 mw Bt./kWh for May Aug 2017 * From Sep 2017 will be Bt./kWh 10

11 Lampang (THB 8.07 bil) 3 4 Solar Power 278 MW Phitsanulok (THB 9.5 bil) Contracted Cap: 90 MW Installed Cap : MW Technology: Tracking system COD : 17 Feb 2015 Land area : 2,354 Rais (930 acres) Adder : 6.50 baht/kwh Contracted Cap: 90 MW Installed Cap : MW Technology: Tracking system COD : 1 Apr 2016 Land area : 1,800 Rais (732 acres) Adder : 6.50 baht/kwh Nakornsawan (THB 6.7 bil) 2 1 Lopburi (THB 812 mil) Contracted Cap: 90 MW Installed Cap : MW Technology: Fixed system COD : 23 Dec 2013 Land area: 1,858 Rais (735 acres) Adder : 6.50 baht/kwh Note : 1 acre = rais 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 11

12 Wind Power Hanuman : HNM (Chaiyaphum) THB 20 bil MW Contracted Cap: 260 MW SCOD : Q2-3/2018 Adder : 3.50 baht/kwh Status: During Construction 1 Hadkanghan : HKH (East Coast Southern) THB 10.4 bil. Seasonal of wind in Thailand Contracted Cap: 126 MW COD : HKH 1 = 36 MW COD 3 Mar 17 HKH 2 = 45 MW COD 10 Jun 17 HKH 3 = 45 MW COD 23 Jun 17 Adder : 3.50 baht/kwh Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec P90 (Base case) P50 (Best case) 12

13 Lopburi Solar Farm 8 MW ESLO : COD 17 Oct Q_2016 2Q_2017 Total Power Output (kwh) 14.6 mil mil mil mil. Average Daily Output (kwh) 39,893 37,867 39,077 38,232 Unit : kwh/day 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Daily AVG 2014 Daily AVG 2015 Daily AVG 2016 Daily AVG

14 Nakornsawan Solar Farm 90 MW ESN : COD 23 Dec Q_2016 2Q_2017 Total Power Output (kwh) mil mil mil mil. Average Daily Output (kwh) 520, , , ,730 Unit : kwh/day 700, , , , , ,000 Daily AVG 2014 Daily AVG 2015 Daily AVG 2016 Daily AVG ,000 - JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 14

15 Lampang Solar Farm 90 MW ESL : COD 17 Feb Q_2016 2Q_2017 Total Power Output (kwh) mil mil mil mil. Average Daily Output (kwh) 601, , , ,978 Unit : kwh/day Daily AVG 2015 Daily AVG 2016 Daily AVG JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 15

16 Phitsanulok Solar Farm 90 MW ESP : COD 1 Apr Q_2016 2Q_2017 Total Power Output (kwh) mil mil Average Daily Output (kwh) 602, , ,060 Unit : kwh/day Daily AVG 2016 Daily AVG JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 16

17 Higher Output from Sun Tracking System Tracker Fixed Daily Average : kwh , , ,730 APR-DEC 2016 JAN-JUN ,060 Nakornsawan Phitsanulok (Tracking) 17

18 Hadkanghan Wind Farm 126 MW 600,000 Unit : kwh/day Unit : Meter/Second HKH1 : 36 MWh 3 Mar-31 Jul 500, , , Total Power Output (kwh) mil. Average Daily Output (kwh) 143, , , Average Wind Speed (M/Sec) 4.77 Average Power Efficiency 16.64% 800, , , , , , , , HKH2 : 45 MWh 10 Jun-31 Jul Total Power Output (kwh) mil. Average Daily Output (kwh) 324,292 Average Wind Speed (M/Sec) 6.00 Average Power Efficiency 30.0% 1,000, , , , , HKH3 : 45 MWh 23 Jun-31 Jul Total Power Output (kwh) mil. Average Daily Output (kwh) 390,292 Average Wind Speed (M/Sec) 6.30 Average Power Efficiency 36.10% 18

19 Quarterly Power Output Unit : Mil. kwh Total Contract Capacity Solar 278 MW Q1 Q2 Q3 Q4 Wind 126 MW High production from Solar Power Plant is in Q2 and low in Q3 EA s highest output in Q2/2017 resulted from high season of solar power and COD of 126 MW Wind Power Plant with strong power efficiency. Actual power production 2Q ,542,103, 7% Solar Wind 330,245,165, 93% 19

20 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 JUN 2018 Located in Chaiyaphum province Current Status : ALRC issued a letter to confirm that there is no cause to revoke ALR rental contract with EA to build wind farm projects and the project could continue Started construction : Earth work and Facilities Fund sourcing Adder 3.50 Baht/kWh for 10 years Project Cost : THB 20 billion Project Specification 87 sets of Wind Turbine Generator at 2.96 MW each Hub height not less than 157 m. Blade length not less than 67 m. Cut in wind speed = 3 m/sec Chaiyaphum 20

21 Over View Our Power Business Our Biodiesel Business Our Financial Results 5 Our Growth 21

22 Biodiesel Production Location Plant Capacity Kabinburi Industrial Estate, Prachinburi under BOI promotion & privileges Biodiesel 800,000 Liters per day Refined Glycerin 80 Tons per day by product) Certificate Certificate Number TNI-SC-F-1201 ISO 9001 : /A/0001/UK/En (Head Office) 53866/A/0002/UK/En (Factory) ISO : /A/0001/UK/En OHSAS : 2007 (Occupational Health and Safety Management System) 79935/B/0001/UK/En 22

23 Biodiesel (B100) Strong Customer Base Sales Volume of B100 (In Million liters) %Gross margin % 3.96% 5.05% 5.26% 8.15% 7.09% 1.89% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% % Sales Volume GPM (%) Blending of B100 to high speed diesel in 2017 o 1 Jan to 7 May = 5% o 8 May onwards = 7% Gross profit margin of glycerin = 57.78% 23

24 Over View Our Power Business Our Biodiesel Business Our Financial Results 5 Our Growth 24

25 Capital Structure Debt to Equity 50,000 40,000 THB mil times 1.23 times 1.63 times 2.28 times 2.88 times 33, times 2.36 times 41,507 42,941 30,000 20,000 10,000-1,725 2,545 11,466 19,326 24,547 30,118 30,171 13,429 7, ,403 1,017 1,142 4,363 5,897 8,510 11,389 12, Q2/ Oct : COD of ESLO, 8 MW solar power plant Dec : COD of ESN, 90 MW solar power plant Construction of ESL, 90 MW solar power plant which started COD in Feb 2015 Total Liabilities Shareholder's Equity Construction of ESP, 90 MW solar power plant which started COD in Apr Construction of HKH, 126 MW wind power plant which started COD in Mar and Jun Jul : Issued THB 8 bil. bond to refinance project loan of ESLO + ESN and investing in new project with interest rate at 2.22% to 2.37% Q2/ Jun : COD of HKH2 (45 MW) and HKH3 (45 MW) - Construction of HNM, 260 MW wind power plant - Preparing to issue THB 20 bil. bond to refinance project loan of ESL+ ESP + HKH and new investment 25

26 Revenue and Net Profit THB Mil THB Mil Revenue 9,212 10,439 7,601 5,431 5,613 4,479 3, Q/2017 Net Profit 2,688 3,252 1,946 1, Q/2017 B100 : For 6M 2017, the revenues decreased by THB mil. (or 24%) due to The sales volumes reduced by 16.23% resulted from the government policy to reduce B100 proportion in high-speed diesel to 5% although at the beginning of the 2nd quarter of 2017, it was adjusted to 7%. (6M 2016 the proportion of blending was at 7%.) The lower of selling price due to lower of raw material price. The gross profit margin for 6M 2017 was 1.9% Pure glycerin : For 6M 2017, the revenues increased by THB 3.46 mil (or 3.35%) due to the higher of selling price. The gross profit margin for 6M 2017 was 57.8% Power : For 6M 2017, the revenues increased by THB mil (or 26.51%) due to Phisanulok 90 MW solar power plant started COD on 1 April 2016 Hadkanghan 1, 2 and 3 wind power plant for total of 126 MW started COD on 3 March, 10 June and 23 June 2017 respectively Average selling price of electricity unit from solar was THB 9.60 and wind was THB 6.21 The gross margin for 6M 2017 was 77.9% and EBITDA margin was 95.3% 26

27 Revenue structure THB mil ,956 5, , , ,114 3,133 3,343 2, ,721 4,991 5,005 3, , Q/2017 Biodiesel Glycerin Power Others High Speed Diesel LPG - 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, revenue from power business contributed from 4 Solar Power Plants = 278 MW and 3 Wind Power Plants = 126 MW 27

28 Effects on 2Q/2017 Net Profit THB Mil. 2,591 1,704 1,946 Solar Gross Profit Increase Net Profit 2Q/Y2016 Power Gross Profit 98 Biodiesel Gross Profit 41-7 Other Revenue Share of Loss in investment SG&A FX Gain (Loss) Financial Cost Tax Net Profit 2Q/ Administrative expenses, for 6M 2017 was THB mil, increase THB mil (or 31.16%) due to the increase of personnel expenses and other expenses to support the expansion of business. - Financial costs for 6M 2017 was THB mil, increase THB mil (or 21.97%) due to a 90-MW solar power plant in Phisanulok province and 126-MW wind power plants were completed construction and started operation. Hence, the financial cost incurred thereafter shall be recorded as expense. 28

29 1 2 3 Over View Our Power Business Our Biodiesel Business 4 Our Financial Results 5 Our Growth

30 Our Growth and New Business 30

31 About Amita Technologies Inc. Amita Technologies Inc. was established in March 2000 by Dr. Jim Cherng on lithium-ion power battery with strong material science research and long test data accumulation. Main Businesses o High Power Battery for EV, E-Scooter, Power Plant o OEM (Original Equipment Manufacturer) o o PDCA- Post Dry Cell Battery Turnkeys of High Technology Battery Factory for EV Bejing Phase 1 already completed Bejing Phase 2 during construction Current production capacity and capability : 44Ah power battery cell or over 500MWh per year Shareholders structure : Currently, EA holds 35.2% Main Clients : UPS Units, Power Bank, Power Tools, Battery- powered Vehicles, and Energy Storage Europe: EV (Electric Vehicle) Taiwan: E-Scooter Japanese: ESS (Energy Storage Systems) China: Turnkey : 31

32 Core Competence High energy density material High energy active materials High safety Additive material Fully automatic production line Patented international award-winning STOBA (R&D 100 Awards in 2009) safety technologies from ITRI Accumulated 17 years of battery cell automatic production line (R&D) design and infrastructure Ability to design products using our own stacking procedures Battery cell design High energy power cell design techniques Main Clients : UPS Units, Power Bank, Power Tools, Battery- powered Vehicles, and Energy Storage Europe: EV (Electric Vehicle) Taiwan: E-Scooter Japanese: ESS (Energy Storage Systems) China: Turnkey 32

33 Summary of Lithium-based Batteries Chemistry Lithium Cobalt Oxide (LCO) Lithium Manganese Oxide (LMO) Lithium Nickel Cobalt Aluminum Oxide (NCA) Lithium Iron Phosphate (LFP) Lithium Nickel Manganese (NMC) Lithium Titanate (LTO) Cycle life (ideal) ,000 2,000 1,000 2,000 3,000 10,000 History 1991 (Sony) Applications Mobile phones, tablets, laptops, cameras Power tools, medical devices, powertrains Medical, industrial, EV (Tesla) Stationary with high currents and endurance E-bikes, medical devices, EVs, industrial 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. Highest capacity with moderate power. Similar to Li-cobalt. Flat discharge voltage, high power low capacity, very safe; elevated self-discharge. High capacity and high power. Market share is increasing. Also NCM, CMN, MNC, MCN Long life, fast charge, wide temperature range and safe. Low capacity, expensive. Source : 33

34 Technology of Li-ion Battery Lithium Nickel Manganese Cobalt Oxide (NMC) Lithium Iron Phosphate Lithium Titanium Oxide Source : 34

35 50 GWh Energy Storage Factory 2017 Phase I : Start construction of 1 GWh worth THB 2 bil Q1/2019 Phase I : Start commercial operation 2021 Phase II : Start commercial operation of 49 GWh worth THB 98 bil The production in Phase I at 1 GWh will be served to power plant to stabilize production and distribution both domestically and internationally. The production in Phase II to reach to total of 50 GWh will cover to other industries including EV. 35

36 0:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 0:00 Example Of Solar System + Battery at 50 MWh Install Solar System at 200 MW (20% efficiency) Install battery for the total of 750 MW To serve 50 MWh for 24 hours MWh Discharge Charge Discharge 50 MWh 1 MWh Solar Direct From Storage This model is suitable for remote area i.e. island, mountain, rural, desert to serve independently. Thus it can help reduce the huge investment cost in electrical transmission line from main power plant. 36

37 Dominated by Australian hard-rock production (Greenbushes) South American brine deposits in Argentina and Chile Lithium Supply The market is currently dominated by a small number of companies which control around 50% of supply Albemarle (ALB US), which owns Rockwood Lithium SQM (SQM US) FMC (FMC US) Chengdu Tianqi New supply ramp-up has also experienced challenges and delays, such as at Orocobre s operations in Argentina. 37

38 EA s 50 GWh energy storage factory is strongly supported by the government. MOU signing between the Federal of Thai Industries (FTI) and Industrial Estate Authority of Thailand (IEAT) to support EA s Energy Storage Factory as the Quickwin Project under Thailand 4.0 model. The factory is targeted to be located in the EEC MOU signing ceremony on 11 Apr 2017 MOU signing between the Industrial Technology Research Institute (ITRI), EA and Amita, Taiwan to co-develop new technology of battery with high safety for EA s new battery factory, the 50 GWh factory MOU signing ceremony on 30 May 2017 ITRI, a nonprofit R&D organization of Taiwan, has played a vital role in Taiwan's economic growth, strengthen capabilities of multidisciplinary innovation and cooperation with international partners all over the world. 38

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40 EV Charging station business Our charging station network will cover the whole country for more than 1000 stations within two years. Fully operated via mobile application and online system High standard charging station and available for any EV car 40

41 EA Anywhere Electric for Any Cars Now available at Siam Paragon, and many more is coming Three phase AC charging pile series products, mainly provide fast charging service to those EVs equipped with 3 phase onboard charger, besides single phase AC charging. Compare to DC charging station, which has the advantages of less investment, smaller land occupation, charging fast and good quality. Be compatible to the communication protocol of latest version of EU standard. 41

42 Energy Absolute PCL Our Vision 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. THANK YOU