energy absolute public company limited...esn 2014 2015 2016 25 contract capacity (mw) 90 mw...
TRANSCRIPT
-
Energy Absolute
Public Company Limited
March 2017
-
2
1
2
3
4
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 and SET since 6 Jan 2017
Market Capitalization
As of Feb 2017Approximately THB 93.25 billion (3,730 million shares),
Liquidity Free Float 34.56%
3
Closed price : THB/share ‘000 shares
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
-
4
Our Business & Group Structure
Energy Solution Management Service
99% held by EAEngineering, Design, Construction management and Operation and
Maintenance of Power Plants,
35.20% held by EA
-
Shareholder Structure
Number of Total Shareholders = 7,651Free Float = 34.56%
Education• MBA from University of Pittsburgh, USA• Bachelor of Engineering from Chulalongkorn University, ThailandPrevious Work • Analyst and Researcher in USA.• Managing Director of a Securities Brokerage company in
Thailand• Managing Director of a Renewable Energy company in
Thailand
5
Mr.Somphote AhunaiChief Executive Officer
Education• Master of Science from Chulalongkorn University, Thailand• Bachelor of Business Administration
(Finance and Banking) from Thammasat University, ThailandPrevious Work• Investment Banker and Financial Advisor,• Director in a Renewable Energy company
Mr.Amorn SapthaweekulDeputy to CEO and Chief Finance Officer
* Ahunai Family including USB AG Singapore Branch
*
-
Opportunity Base on AEDP 2015-2036
6
Alternative Energy Development Plan : AEDP 2015-2036
Target of Alternative Energy = 30% in 2036
Solar6,000 MW
Wind3,002 MW
Mini Hydro376 MW
Hydro2,906.4 MW
Bioenergy
Biomass5,570 MW
Biogass600 MW
Waste500 MW
Energy Corp680 MW
Industrial Waste50 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 Liters per day
• Refined Glycerin 80 Tons per day
Certificate Certificate Number
TNI-SC-F-1201
53866/A/0001/UK/En
Expire date 6 Jun 2017
ISO 9001 : 2008Expiry date 12 Sep. 2018
Biodiesel Production
7
-
Strong Customer Base Sales Volume
Biodiesel Sales
8
(In Million liters) %Gross margin
-
9
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
CPO_MOC B100
20 Jan 15-
15 Apr 153.5%
16 Apr 15-24 Jul 167%
25 Jul 16-
24 Aug 16
5%
25 Aug 16-
24 Nov 16
3%
Baht/Kg.
25 Nov 16-
now5%
B100 and CPO Price (1 Jan 15 – 31 Dec 16)
-
10
1
2
3
4
Our Business
Our Project Pipeline
Our Power Plant
Financial Results
664
MW
-
Development of Renewable Power Plants
as of Q3_2016
11
COD6,380 MW
(6,992 Projects)
Signed PPA + to be Signed2,843 MW
Total CommittedCapacity
9,223 MW
Target of AEDPin 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
-
12
Electricity Price Structure
Base Tariff
Adder10 years from
COD
FtFuel
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
-0.4285 Bt./kWh As of Dec 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
Lopburi Nakorn-sawan
Lampang Phitsanu-lok
Wind
Had Kanghan
(Songkhla and
Nakornsritammarat)
+ 126 MWTo be COD
Hanuman(Chaiyaphum)
+ 260
MW
F2018
Solar
42%Wind
58%
13
8
98 98188
278
404
664MW
-
Project Management Capability
2014:90 MW Lampang
2016:90 MW PhitsanulokEA Solar Phitsanulok (“ESP”)
2013:90 MW Nakornsawan
2012: 8 MW LopburiEnergy 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
1
2
14
-
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 : 1,800 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
12
3 4
15Note : 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
2386 MW
Hadkanghan (East Coast Southern)
THB 10.4 bil.
Contracted Cap: 126 MW
Adder : 3.50 baht/kwh
Status : To be COD
1
16
-
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
17
Had Kanghan Wind Farm 126 MW
Sub-Project Capacity (MW)
HKH 1 36
HKH 2 45
HKH 3 45
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
P90
P50
Capacity factor : 20-25%
-
HKH site location
18
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
19
-
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
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 10 80 JUN 2018
-
Wind Turbine for Hanuman Project
21
• Vestas (Denmark) wind turbine
87 sets at 2.96 MW each
• Hub height 157 m.
• Blade length 67 m.
• Cut in wind speed = 3 m/sec
-
22
1
2
3
4
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
2016 power output (Million unit) 13.9
2015 Average daily output (unit) 39,893
2016 Average daily output (unit) 37,867
23
Lopburi Solar Farm 8 MW
Unit : kWh/day
0
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) 189.6
2016 power output (Million unit) 189.1
2015 Average daily output (unit) 520,763
2016 Average daily output (unit) 516,755
24
Nakornsawan Solar Farm 90 MW
Unit : kWh/day
0
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
ESN
2014
2015
2016
-
25
Contract Capacity (MW) 90 MW
Commercial Operation Date (COD) 17 February 2015
2015 power output (Million unit) 191.3
2016 power output (Million unit) 197.9
2015 Average daily output (unit) 601,474
2016 Average daily output (unit) 540,737
Unit : kWh/day
Lampang Solar Farm 90 MW
0
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
ESL
2015
2016
-
26
Contract Capacity (MW) 90 MW
Commercial Operation Date (COD) 1 April 2016
APR-DEC 2016 power output (Million unit) 165.6
APR-DEC 2016 Average daily output (unit) 602,221
Unit : kWh/day
Phitsanulok Solar Farm 90 MW
0
100000
200000
300000
400000
500000
600000
700000
800000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
ESP
2016
-
400,000
450,000
500,000
550,000
600,000
650,000
700,000
1 2
Daily Average : kWh
Output from sun tracking system is 17.23% higher
27
Tracker
Fixed
513,695
602,221
NakornsawanAPR - DEC 2016
PhitsanulokAPR - DEC 2016
-
Total Power Production
28
Total power output of 2016 = 566,512,325 units (43.28% higher than last year) resulted from COD of Phitsanulok power plant.
Lampang started COD17 Feb 2015
Phitsanulok started COD1 Apr 2016
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2015
2016
-
29
1
2
3
4
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 2016
1,017 1,142 4,3635,897 8,510
11,3897081,403
7,103
13,429
24,547
30,118
Total Liabilities
Shareholder's Equity
Capital Structure
30
2011 2012 2013 2014 2015 to 2016
Biodiesel business only
Oct - COD of ESLO, 9 mw solar power plant
Dec - COD of ESN, 90 mw solar power plant
Construction of 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
2.64 times2.88 times2.28 times1.63 times1.23 times0.70 timesTHB mil.
-
Offer to Institution and High Net Worth Investors
Subscription date : 21 Jul 2016 , Issue date : 22 Jul 2016
Type : Senior Debt , Secured by Siam Commercial Bank
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.
31
IssueAnd 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 Janand
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 2020Callable 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 2021Callable after 3 years
2.37%
-
32
Revenue and Net Profit
THB Mil.
Revenue
Net Profit
0
2000
4000
6000
8000
10000
12000
2011 2012 2013 2014 2015 2016
5,4314,479 3,999
7,601
9,212 10,439
0
1000
2000
3000
4000
2011 2012 2013 2014 2015 2016
63 107 268
1,608
2,6883,252
THB mil.
THB mil.
-
0
1000
2000
3000
4000
5000
6000
2011 2012 2013 2014 2015 2016
3,114 3,1333,343
4,991 5,0053,935
79 18145 231 220 16935
203
2,187
3,956
4,024
2698
142 17416 58
1,150
808
104
1,056
366
Biodiesel Glycerin Power Others High Speed Diesel LPG
Revenue structure
33
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
34
47%
53%
Revenue breakdown for Y2016
Biodiesel business
Solar power business
5%
95%
Net Profit breakdown for Y2015
Biodiesel business
Solar power business
1%
99%
Net Profit breakdown for Y2016
Biodiesel business
Solar power business
-
35
Effects on FY2016 Net Profit
Solar Gross Profit Increase
2,688
4,339
416
46
-442 -102
-995
-6
3,252
Net ProfitY2015
Solar GrossProfit
BiodieselGross Profit
OtherRevenue
SG&A FX Loss Financial Cost Tax Net ProfitY2016
THB Mil.
Special items in Y2016 - Starting COD of Phitsanulok power plant in Apr.1, 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 99.79 mil. from execution as per condition stated in finance agreement
-
36
Amita Overview
Leading Lithium-Ion polymer battery manufacturer Founded in 2000 by Dr. Jim Cherng (CEO) Listed in Taiwan Emerging Stock Market HQ and Factory Located in Taoyuan, Taiwan Maximum Capacity: 230 Mwh/year Total Employees : 160 (Office 100 + Operator 60)
Source : http://www.amitatech.com/index.php
-
37
Shareholder Structure
Before After
EA invests in newly issued shares for the total of NT$ 619 mil. (approx. THB 690 mil.)
-
38
Core Businesses & Clients
Main Businesses High Power Battery for EV, E-Scooter, Power Plant OEM (Original Equipment Manufacturer) – Litarion PDCA- Post Dry Cell BatteryTurnkeys
Bejing Phase 1 – already completed Bejing Phase 2 – during construction
Main Clients : UPS Units, Power Bank, Power Tools, Battery- powered Vehicles, and Energy Storage Europe: EV (Electric Vehicle)Taiwan: E-ScooterJapanese: ESS (Energy Storage Systems)China: Turnkey
-
Energy Storage Applications
StationaryMobile
On/Off grid StorageElectric 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 LowHigh
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.com40
http://www.batteryuniversity.com/
-
41
Our Growth and Group Structure
-
42
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.