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Opportunity Day ECF East Coast Furnitech Public Company Limited June 2020
Presentation Agenda Company Overview Financial Performance Business Strategy Q&A 3
Company Overview ECF Stock and Performance Overview Listed Market For Alternative Investment (mai) Registered Capital Baht 312.46 million or USD 9.85 million Baht 239.87 million or USD 7.56 million with a Paid Up Capital par value of Baht 0.25 1 st Trading Day 26 March 2013 CGR 2019 Market Cap. (as of 1 June 2020) Baht 1,074.63 million (Baht 1.12 per share) or USD 33.86 million (1 USD : 31.734 THB) 4
Company Overview (cont.) Main Customers: Oversea 63% verview Domestic 37% The main business of ECF are furniture manufacturer, wholesaler and also distributor both domestic and international in all kinds of furniture and related materials. Furniture Products: Particle Board • Rubber Wood • Other Business Showroom & Dealer • • Energy Business Foil Paper • - Solar Power Plant Sawn Timber • - Biomass Power Plant Biomass Solar Farm Page 5
Company Overview (cont.) ECF Milestone 2017 - Established ECF Power Co.,Ltd. as 2020 1992 the Start taking the Established subsidiary fully-year profit and started the first from solar power energy company of plant business in business East Coast 1998 2013 Myanmar from Group for - Established Started ECF has been the 1 st phase 50 furniture Planet Board sale to the Listed MW from totaling Co.,Ltd. business domestic Company 220 MW 2015 1999 1996 Established ECF Established Started Holdings Co.,Ltd. ECF and exporting as the subsidiary started rubber-wood for product particle furniture distributor board furniture 6
Business Structure • VV- Décor : VV Décor Co.,Ltd. The distributor of foil paper • ECFH : ECF Holdings Co.,Ltd. Investor for other businesses 99.99% 75.00% 99.95% • ECF-P: ECF Power Co.,Ltd. 57.00% ECFH Investor for renewable energy business • PNB: Planet Board Co.,Ltd. Trading Company Seeking for the new business to invest New Business Foil Paper Trading Company • SAFE: Safe Energy Holdings Co.,Ltd. Investor for biomass power plant business 33.37% 99.99% * PWGE: Prize of Wood Green Energy Co.,Ltd. PWGE Biomass power plant 7.50 MW , Narathiwas • SAFE-B : Safe Biomass Co.,Ltd. 99.99% Wood chip business, Narathiwas SAFE-B • SAFE-P: Safe Energy (Phrae) Co.,Ltd. 49.00% Biomass power plant, 1MW, Phrae 20.00% • GEP: Green Earth Power (Thailand) Co.,Ltd. SAFE-P Solar Power Plant, 220 MW, Myanmar, 99.99% has started COD 50 MW for 1 st phase since GEP Myanmar 27 September 2019. Consol olida dated ed Unit t : MB Q1.2 .2018 Q1.2 .2019 Unit t : MB Q1.2 .2018 Q1.2 .2019 Unit t : MB Q1.2 .2018 Q1.2 .2019 Unit t : MB Q1.2018 Q1.2019 Total Asset 690.32 744.97 Unit t : MB Q1.2 .2018 Q1.2 .2019 Total Asset 6.32 4. 83 Total Asset 119.21 20.69 Total Asset 5.32 16.39 Total Liabilities 124.34 16.35 Total Asset 3, 348.31 3 , 325.98 Total Liabilities 5.70 4. 95 Total Liabilities 2.94 1.00 Total Liabilities 41. 32 57.67 Shareholders 565.98 728.61 Total Liabilities 2,106.63 2,017.59 Shareholders (0.62) (0. 12 ) Shareholders ( 35.99 ) ( 41.28 ) Shareholders 116.27 19.68 'Equity 'Equity 'Equity 'Equity Shareholders‘ 1,241.68 1,254.39 Total Revenues 1.77 0.69 Equity Total Revenues 2.58 2 . 57 Total Revenues 0.06 16.66 Total Revenues 1.21 1 . 13 Total Expenses 1.94 5.23 Total Revenues 359.44 296.39 Total Expenses 2.36 2.69 Total Expenses 1.59 19.48 Total Expenses 0.11 18.21 Share profit from JV 1.62 16.89 Total Expenses 315.33 290.14 EBIT (0.22) (0. 11 ) EBIT ( 1.53 ) ( 2.82 ) EBIT 1.09 (17.08) and of associate EBIT 6.25 44.11 Net Profit (0.22) (0. 11 ) Net Profit ( 1.53 ) ( 2.82 ) Net Profit 0.94 ( 17.23 ) EBIT 1.45 12.34 Net Profit:OoP 17.12 16.93 Net Profit 1.45 13.25
Company Overview (cont.) Minbu Project Solar Power Plant Project : Solar Power Plant 220 MW • Company : Green Earth Power (Thailand) Co.,Ltd. • Location : Magway Region, Myanmar • Invested by : ECF Power (as ECF’s subsidiary) at 20% of total shares • 27 September 2019 (First 50MW), totaling 220 MW COD : • Page 8
Company Overview (cont.) • Project Overview Project Name 220MW DC Minbu Solar Power Project (170 MW AC ) Location Minbu District, Magway Region, Myanmar 220 MW DC (Phase I – III: 50 MW DC each, Phase IV: 70 MW DC ) Capacity Construction 48 months with target completion date of November 2021, for 4 Time phases The 1.3-mile in/out transmission line already connected to the 230kV Grid Connection National Grid 836 Acres, Leasehold from Government and a Myanmar private Land entity Project Electric Power Generation Enterprise (“EPGE”) , under Ministry of Electricity Off-Taker Site and Energy, the Government of the Republic of the Union of Myanmar. Tariff USD 0.1275/kWh, 30 years period Average Revenue Average Revenue for 4 phases = USD 44m/Year Energy Approx. 350 million kWh/year (4 Phases) Production Project’s Timeline Investment Value Milestones Date PPA Signing 20 th March 2016 • Total Project Cost USD 248 million (4 Phases) EPC Contractor Signing 4 th August 2016 • Debt USD 176 million (4 Phases) MIC (BOI) Approval 12 th April 2017 • Equity USD 72 million (4 Phases) Start Construction of 1 st Phase April 2018 27 th September 2019 COD of Phase 1 COD of Phase 2 May 2021* COD of Phase 3 + 4 November 2021*
Company Overview (cont.) 220 MW DC Minbu Solar Power Plant Phase 1 (50MW DC )
Company Overview (cont.) 230kV Substation of Minbu Solar Power Plant
Company Overview (cont.) 230kV Substation of Minbu Solar Power Plant
Company Overview (cont.) Existing Shareholders : Minbu Project Mr. Supasit (Sean) Mr. Aung 50% 50% Sponsors 10 0% Planet Energy (SG) 10 0% 6.72% East Coast Furnitech Scan Inter META Corporate ECF Power Shareholder Level Noble Planet (SG) Scan Inter PCL Noble Planet (SG) META (TH) QTC Global Power (TH) 28 .00 % 20 .00 % 40.0 0 % 12 .00 % Holding Company GEP (Thailand) 1 00 .00 % Project Company GEP (Myanmar)
Company Overview (cont.) Plant Performance Plant Performance Schedule 3 Net Estimated Estimated Expected % of Expected Date Revenue Month Production Revenue (Before Revenue Production Energy Export Received (MWh) CT) USD (Net of CT) USD (MWh) Accumulated Export September 747 792 94% 95,283 90,746 20-Feb-20 2019 Accumulated Export October 6,973 6,470 108% 889,035 846,700 20-Feb-20 2019 Accumulated Export November 6,556 6,961 94% 835,828 796,026 4-Apr-20 2019 Accumulated Export December 7,136 7,342 97% 909,811 866,487 4-Apr-20 2019 Accumulated Export January 6,769 7,908 86% 863,068 821,969 4-Apr-20 2020 Accumulated Export February 7,115 7,671 93% 907,132 863,936 13-May-20 2020 Accumulated Export March 7,535 8,153 92% 960,710 914,962 13-May-20 2020 Accumulated Export April 2020 6,603 7,632 87% 841,895 801,804 Accumulated Export May 2020 7,314 6,134 119% 932,650 * 886,017* Accumulated Since COD 54,527 57,222 95% 7,235,412* 6,888,647* Causes for lower energy produced than expected in April; 1. Cloudy in Minbu area (although it’s summer) 2. Fault in grid system of the EGPE 230kv transmission line due to the storm *Estimated, not yet agreed with MOEE
Company Overview (cont.) Construction Timeline July 2020 June 2020 NTP Phase NTP Phase 2 3&4 November 27 th May 2021 2021 September COD Phase 2 COD Phase 2019 3&4 COD Phase 1 • Construction of Phase 2 is expected to start in June 2020 and expected to COD by April 2021 • Construction of Phase 3&4 will be done together starting from July 2020 and COD by November 2021 Page 15
Company Overview (cont.) GEP is going to be the listed company on the Market for Alternative Investment (mai) Page 16
Presentation Agenda Company Overview Financial Performance Business Strategy Q&A 17
Financial Highlight 3M.2020 Total Revenue -17.89% YoY 1,290.90 Unit : MB Baht 296.39 million Total Revenue 3M.2020 Total Revenue Baht 296.39 million Sales Portion Export 63% Domestic 37% 359.44 339.79 296.39 321.26 Domestic Sales -20.73%, Baht 108.16 million 257.59 Export Sales -16.11%, Baht 181.56 million Japan Market -33.26%, Sales Baht 136.55 million Thailand’s Wooden Furniture Export Sales 3M2020 : 10.31%, Q1 Q2 Q3 Q4 12M Thailand’s Furniture and Parts Sales to Japan Market for 3M.2020 : -14.66% -8.38% 300.00 0.00% -10.97% -16% 250.00 10% 2% -10.00% By Product Category By Distribution Channel 0% 250.00 -29.25% -20.00% 181.56 228.87 200.00 -10% -30.00% 200.00 -20% -40.00% 150.00 -58.19% 150.00 -50.00% -30% -60.00% 77.98 100.00 -40% 100.00 -56% -70.00% -64% -50% -89.28% -80.00% 50.00 30.62 50.00 14.20 18.19 11.71 -60% 3.93 0.33 -90.00% - -70% 0.00 -100.00% Export Modern Trade Showroom Dealer Particle Board Rubber wood Showroom+Dealer Foil paper Sawn timber
Financial Highlight (cont.) Cost and Expenses Comparing to % of total revenue 247.19 Unit : MB 216.73 44.49 35.41 30.29 22.93 24.93 23.65 18.80 16.89 15.07 1.62 0.00 0.00 Cost of good sold Cost of sales Administrative Other expenses Financial cost Profit from selling Share of Profit expenses Costa brand from Investment in Associates Q1.2019 Q1.2020 19
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