highlights in 1 half 2021
TRANSCRIPT
1
2
Highlights in 1stHalf 2021
Revealing key points one at a time enhances comprehension.
4
Projects on hand
—RACHEL GILLETT, FAST COMPANY
6
TOTAL EQUITY
MWp
June 30,2021 100
projects
563.6
MWp
9
projects
836.72
MWp
109
projects
1,400.32
MWp
1,273.84
MWp*
SUPEREIF(2) 19
projects
118
MWp
- - 19
projects
118
MWp
23.6
MWp
TOTAL(1+2) 119
projects
681.6
MWp
9
projects
836.72
MWp
128
projects
1,518.3
MWp
1,327.56
MWp*
SOLAR PROJECTS
—RACHEL GILLETT, FAST COMPANY
7
WASTE TO ENERGY PROJECTS
Projects LocationInstalled MW /
PPA MWAdder(THB) Technology COD Date
GPE
(Industrial Waste)
Sa Keao
province9.9 / 9.0
3.50
for 7 year
Circulating
Fluidized-Bed 14 June 2018
SEE6
(Municipal Waste_RDF100%)
Phichit
province9.9 / 9.0
3.50
for 7 year
Step Gate/
Stoker30 April 2020
—RACHEL GILLETT, FAST COMPANY
8
Operating Power Project PortfolioTariff(THB/kWh) Capacity(MW)
Solar-Thailand
Adder 6.50 5.95 0.9%
Adder 8.00 7.00 1.0%
FiT 5.66 609.70 89.5%
FiT 5.38 30.95 4.5%
FiT 4.12 28.00 4.1%
(1) Subtotal - Solar Thailand 681.60 100%
Solar-Vietnam
FiT USD 9.35cent (~ 2.9THB) 286.72 34%
FiT USD 7.09cent (~ 2.3THB) 550.00 66%
(2) Subtotal - Solar Vietnam 836.72 100%
TOTAL – Solar(1)+(2) 1,518.32
Waste Tariff(THB/kWh)
Adder 3.50 18.00
TOTAL - Waste 18.00
Grand total 1,536.32
Equity Capacity 1,345.60
Financial Highlight
9
6
REVENUE
4,421 MBYear
2018
2019
2020
2021(Q1)
Revenue
5,729 MB
6,246 MB
6,515 MB
2,231 MBNET PROFIT
1,913 MB
89% 88% 86% 87%
54% 53% 51% 52%
22%38%
23%
44%
0%
20%
40%
60%
80%
100%
2018 2019 2020 2021(Q1Q2)
EBITDA Gross Profit Net Profit
87%SUPER has a strong cashflow
from operation with high
average EBITDA Margin
INCOME PERCENTAGE
Performance of 1st Half 2021
2021(Q1Q2) 4,421 MB
Revenue Gross Profit SG&A Net Profit
Q1-2020 1,684 929 150 789
Q1-2021 2,231 1,160 112 1,094
1,684
929
150
789
2,231
1,160
112
1,094
-
500
1,000
1,500
2,000
2,500
FINANCIAL PERFORMANCE
Revenue Gross Profit SG&A Net Profit
Q2-2020 1,592 827 127 205
Q2-2021 2,190 1,119 119 819
1,592
827
127 205
2,190
1,119
119
819
-
500
1,000
1,500
2,000
2,500
Million Baht
+138% +399%
Q1Q2-2020 Q1Q2-2021
Revenue 3,276 4,421
Gross Profit 1,756 2,279
SG&A 277 231
Net Profit 994 1,913
3,276
4,421
1,756
2,279
277 231
994
1,913
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
FINANCIAL PERFORMANCEMillion Baht
13
5,729
6,246 6,515
3,276
4,421
2018 2019 2020 2020(Q1Q2) 2021(Q1Q2)
5,089 5,469 5,614
2,689
3,828
2018 2019 2020 2020(Q1Q2) 2021(Q1Q2)
1,274
2,374
1,528
994
1,913
2018 2019 2020 2020(Q1Q2) 2021(Q1Q2)
Revenues from sale and services(MB) EBITDA(MB) Net Profit (MB)
+35% YoY +42% YoY +192% YoY
46% 47% 49% 45% 48%
% COGS on revenues
89% 88% 86% 82% 87%
% EBITDA on revenue
22% 38% 23% 30% 44%
% Net profit margin
* Year 2019 : Profit from SUPEREIF =991MB
Note: (1) EBITDA as net income before (i) interest expense, (ii) income tax benefit (expense) and (iii) depreciation and amortization
(2) EBITDA margin as a percentage of revenue for a given period
(3) Net profit margin as a percentage of revenue for a given periods
14
Q1 Q2 Q3 Q4 Year End
2019 1,617 1,580 1,492 1,557 6,246
2020 1,683 1,614 1,651 1,566 6,514
2021 2,231 2,190
1,617 1,580 1,492 1,557
6,246
1,683 1,614 1,651 1,566
6,514
2,231 2,190
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Millio
n B
ah
t
REVENUE YEAR 2019 YEAR 20202020
(Q1Q2)2021
(Q1Q2)YoY
Solar TH 5,276 4,603 2,432 2,423 -9
Existing projects 4,653 4,603 2,432 2,423
SUPEREIF* 623
Solar VN 399 1,013 463 1,455 +992
WTE 407 561 225 369 +144
Water 44 166 90 85 -5
IT 86 84 45 41 -4
OTHER 34 88 42 48 +6
Total 6,246 6,514 3,297 4,421 +1,124
Million Baht
15
REVENUE STRUCTURE
Solar TH
84%
Solar VN
6% WTE
7%
Other
3%
Solar TH
71%
Solar VN
15%
WTE
9%
Other
5%
Solar TH
63%
Solar VN
25%
WTE
8%
Other
4%
Year 2019 = 6,246 MB Year 2020 = 6,514 MB Year 2021(Q1Q2) = 4,421MB
Growth of Vietnam revenue will be increasing and the combination between Thai and Vietnam will approximately be to 50 : 50 from year 2022
16
Gross Core Profit Margin
57%
46%
23%
58%
46%
26%
62%
47%
26%
61%
48%
28%
0%
10%
20%
30%
40%
50%
60%
70%
Solar TH Solar VN WTE
Year 2019 Year 2020 Year 2021(Q1) Year 2021(1H)
Gross profit(MB)
2019 2020 2021(Q1)
2021(Q1Q2)
Solar TH 2,989 2,682 784 1,477
Solar VN 184 461 33 691
WTE 94 147 47 103
Others 32 20 - 8
Gross Profit 3,299 3,310 1,160 2,279
GP margin 53% 51% 52% 52%
▪ Depreciation and Amortization are major item of COGS
17
Balance SheetMillion Baht
4,973
42,510
55,669
9,028
27,925
1,765
36,811
18,858
3,634
64,380
73,160
11,440
32,379
4,681
52,537
20,623
5,618
67,828
76,164
4,024
44,170
4,681
54,872
21,292
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Current assets Operating assets Total assets Current liabilities Financial
Institution loan
Debenture Total liabilities Shareholders'
equityYear 2019 Year 2020 Year 2021(1H)
Assets 2019 2020 2021(1H) +/-
Current assets 4,973 3,634 5,618 +1,984
Operating assets 42,510 60,402 67,828 +7,426
Total assets 55,669 73,160 76,164 +3,004
Liabilities 2019 2020 2021(1H) +/-
Current liabilities 9,028 11,440 4,042 -7,398
Financial loan 27,925 32,379 44,170 +11,791
Debentures 1,765 4,681 4,681 -
Total liabilities 36,811 52,537 54,872 +2,335
Equities 2019 2020 2021(1H) +/-
Capital 11,737 11,737 11,737 -
Retain earning 3,863 5,145 6,548 +1,403
Equities 18,858 20,623 21,292 +669
18
Key Financial Ratio
Year
2019
Year
2020
2021
1st half
Debt to equity ratio 1.9 2.5 2.5
Debt service coverage ratio 1.7 1.3 1.2
Interest coverage ratio 4.2 3.3 4.3
Interest-bearing debt to equity ratio 1.6 1.9 2.3
Financial institutional loan to equity ratio 1.5 1.7 2.1
Gross profit margin 53% 51% 52%
EBITDA margin (excluding FX) 82% 81% 87%
Net profit margin 38% 23% 43%
SUPER Forecast
19
20
OPERATING PROJECTS-MW COD2021(Q1Q2) 2021 2022 2023
SOLAR
Solar - THAILAND 681.60 681.60 681.60 681.60
Solar- VIETNAM 836.72 836.72 836.72 836.72
SPP Hybrid - - 16.00 16.00
TOTAL SOLAR 1,518.32 1,518.32 1,534.32 1,534.32
WTE
Existing projects 18.00 18.00 18.00 18.00
Nongkai - - 6.00 6.00
Nontaburee - - - 16.00
TOTAL WTE 18.00 18.00 24.00 40.00
WIND
SocTrang - 30.00 30.00 30.00
GaiLai - 50.00 50.00 50.00
BacLieu - - 141.00 141.00
PhuYen - - - 200.00TOTAL WIND - 80.00 221.00 421.00TOTAL SUPER 1,536.32 1,616.32 1,779.32 1,995.32TOTAL ECONOMIC MW 1,345.60 1,425.60 1,586.62 1,802.62
21
SUPER REVENUES2021(Q1Q2) 2021 2022 2023
SOLAR
Solar – THAILAND 2,423 4,877 4,829 4,872
Solar- VIETNAM 1,455 3,069 3,055 3,041
SPP Hybrid - - 70 280
SUPEREIF(O&M) 48 80 80 80
TOTAL SOLAR 3,926 7,946 7,954 8,103
WTEExisting projects 369 827 827 827
Nongkai 270 270
Nontaburee 175
TOTAL WTE 369 827 1,097 1,272WIND
SocTrang - 50 300 300
GaiLai - 95 380 380
BacLieu - - 1,125 1,500
PhuYen - - - 1,700
TOTAL WIND - 240 1,805 3,880
OTHER(Water+IT+Dividend) 170 270 350 349
TOTAL SUPER 4,464 9,188 11,206 13,604
Million Baht
22
REVENUE STRUCTURE% of total revenue
71%
53%
43%
37%
15%
33%
27%
22%
0%2%
16%
29%
8%9% 10%
9%
6%
3%
3%3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Year 2020 Year 2021 Year 2022 Year 2023
Solar TH
Solar VN
Wind VN
WTE
Others
Investment &
Development Projects
23
24
DEVELOPMENT PROJECTS-WINDWind Projects - VIETNAM
Projects MWp Invest
ment
(MB)
Status Tentative
COD
Expected
Revenue
(MB/YR)
Soc Trang 30 2,200* Under
construction
Q4-2021 300
Gia Lai 50 2,400* Under
construction
Q4-2021 380
Bac Lieu 141 9,500* Under
construction
2022 1,500
Phu Yen 200 9,600 Under
construction
TBD 1,700
TOTAL WIND 421 23,700 3,500
Remarks : BacLieu, Soc Trang and Gia Lai have already signed EPC contracts and got EPC
financing from the contractors.
PhuYen 200 MWp
Phu Yen province
Gia Lai 50 MWp
Gia Lai province
Soc Trang 30 MWp
Soc Trang province
Bac Lieu 141 MWp
Bac Lieu province
25
Progress of offshore WIND project : GiaLai
26
Progress of offshore WIND project : GiaLai
27
Progress of offshore WIND project : GiaLai
28
Progress of offshore WIND project : GiaLai
29
Progress of offshore WIND project : GiaLAi
30
Progress of offshore WIND project : SocTrang
31
Progress of offshore WIND project : SocTrang
32
Progress of onshore WIND project-SocTrang
Cable link Bridge construction
33
Progress of onshore WIND project-SocTrang
34
Progress of onshore WIND project-BacLieu
Substation construction
35
Progress of onshore WIND project-BacLieu
36
DEVELOPMENT PROJECTS-WTEWaste-to-Energy Power Plant-THAILAND
Projects MWp Investment
(MB)
Status Tentative
COD
Expected
Revenue(MB/YR)
Nhongkhainayu 6 1,700 Under construction Q2-2022 220
SEE-Nonthaburi 16 5,000 TBD TBD 700
GPE-Nakorn Si Thammarat 16 TBD TBD TBD 500
SEE-Petchaburi 8 TBD TBD TBD 440
TOTAL WTE 46 1,860
Solar -THAILAND
Projects MWp Investment
(MB)
Status Tentative COD Expected
Revenue(MB/YR)
SSE-SPP Hybrid 16Solar+ Biogas
2,200 Start construction in
Q1-2022COP-Approved
PPA-22/3/2021
October-2022 270
Private PPA 37.64(33.24+4.04)
1,200 TBD TBDAlready COD=1MWp
190
TOTAL SOLAR 87.64 460
37
Progress of WTE project-Nhongkhainayu
As at August 2021
Overall work progress 61%
38
Progress of WTE project-Nhongkhainayu
Air Cool Condenser
As at August 2021
Air Cool Condenser Turbine Building Steel Turbine Structure
Turbine RC work Workshop Water Treatment RoadFuel Storage
Q&A
39
Super Energy Corporation PLC
THANK YOU