ENERGY ABSOLUTE PUBLIC COMPANY LIMITED Investor Roadshow Presentation 5 June 2020 “A leader in alternative energy business, by using the modern technology and environmentally friendly” 1
Agenda EA at a Glance 1 Financial Highlights 2 EA Business in Depth 3 4 Proposed Offering & Timeline 2
E@ at Glance At 20 March 2020 Established Others, In 2006 to produce palm oil 22.62% Somphote Core Business Ahunai (CEO), Energy (Renewable and Utilities) 43.61% Shareholder Secondary Market Structure Foreign Juristic, The Stock Exchange of Thailand since 30 Jan 2013 18.90% Market Capitalization (as of 19/05/20) Approximately THB 148.27 bil. (US$ 4.63 bil.) Amorn Sapthaweekul Domestic (CFO) , 3.53% Fund, 11.35% Total Board Members = 11 Credit Rating CG Rating Corporate rating : A Excellent Independent Executive Other ESG Rating Directors Directors Non - Executive = 6 (55%) = 2 (18%) = 3 (27%) 3
Highlight of Operating Performance Q1/2020 FY2019 Total Revenue THB 4,761 mil. THB 14,955 mil. increase 54 % YOY increase 20 % YOY Net Profit THB 1,452 mil. THB 6,082 mil. increase 20 % YOY increase 18 % YOY 4
“A leader in alternative energy business, by using the modern technology and environmentally friendly” Electric Charging Palm Oil Renewable Energy Vehicle Network Based Power Storage (1) COD (1) MPV car : Mine (1) Station (1) B100 & Glycerin (1) Amita Taiwan • Solar 278 MW (2) Equipment (2) Bio-PCM & 400 MWh (2) Ferry • Wind 386 MW (3) Bus & Truck (3) Online App Green Diesel (2) Amita Thailand (3) Other Related (2) New Projects (4) Other Related 1 GWh (by 2020) 5
Agenda EA at a Glance 1 Financial Highlights 2 EA Business in Depth 3 4 Proposed Offering & Timeline 6
Total Revenue of Q1/2020 Revenue for Q1/2020 period increased from Wind Power and Biodiesel unit Total Revenue increased 54% YoY Total Operating Revenue increased 53% YoY • Amount of revenue contributed from power business Mil.bt . is increasing YoY after completion of 260 MW wind 14,955 power, Hanuman Project. 16,000 Accounting gain • Stronger demand of B100 as required to use B10 - 235 Other revenue caused the increase in B100 selling price 122% YoY. 14,000 12,490 Other Businesses Power 12,000 360 Others BiodieselGlycerin Others Biodiesel 2% 10,000 2% Biodiesel 29% 10,974 39% 8,000 7,681 Q1/2020 Q1/2019 2,773 3,088 4,109 4,761 6,000 106 Power Power 4,000 55 69% 2,766 59% 80 130 3,047 2,000 2,120 3,678 3,511 1,839 1,860 885 982 787 - Q4/2018 Q1/2019 Q4/2019 Q1/2020 2018 2019 7
Gross Profit of 1Q2020 Mil.bt. 10,000 Power BU. Gross Profit Margin Q1/19 Q1/20 8,135 9,000 Biodiesel Business Biodiesel BU. 2% 5% 51 8,000 • Higher demand of CPO from the government measurement Others BU. announcing B10 to be used as regular diesel while there was 7,000 shrunk from drought in 2019. 5,884 • B100 specification change to Mono Glyceride content at 0.4% for 6,000 212 use as B10 caused price to increase. Power Business 5,000 Solar 8 2% 8 2% 8,442 4,000 Wind 64% 66% 2,377 2,093 • 3,000 Increasing of power production was due to higher solar radiation. 5,888 • Revenue was fully recognized from Hanuman wind power project 67 91 1,604 • 2,000 Increasing of power production from Hadkunghan wind power 13 plant due to strong wind compare to the last year. 2,436 2,075 1,000 1,629 Total GPM 52% 44% - (38) (126) (73) (216) (358) (1,000) Q1/19 Q4/19 Q1/20 2018 2019 Note: Total Revenue and Net Profit are excluded Accounting Gain, Other Income, Gain/Loss from exchange rate. 8
Total Expense & Net Profit of 1Q2020 YoY 160 Solar (81) (14) (865) 11 (Mil.Bt) Gross (1,386) Profit 8,135 Increase 6,082 5,884 5,148 Gross Profit 2018 Gross Profit 2019 Selling Expense Admin Expense Share of Loss in FX Gain (Loss) Financial Cost Tax Net Profit 2019 Net Profit 2018 investment YoY (14) (Mil.Bt) (20) (433) (269) 24 36 1 2,063 1,604 1,452 1,211 Gross Profit Gross Profit Selling Expense Admin Expense Gain on Share of loss FX Gain (Loss) Financial Cost Tax Net Profit Net Profit Q1/2019 Q1/2020 remeasurement from Q1/2020 Q1/2019 of financial investments instrument • Administrative expenses: for 1Q2020, were Baht 269 mil., increased by Baht 72 mil. From the personnel expense with new hiring of employee and executive were increased by Baht 41 mil. and also Office expenses were Baht 24 mil. following the new business. • Financial Cost: increased by Baht 170 million. This is mainly due to long term loan from financial institutions for payment of some part of supplier credits for Hanuman wind power plants project. • FX Gain: Due to buying Forward for payment of supplier credits for Battery plant project 9
Total Liability, Equity, D/E Ratio and Net D/E Ratio THB Mil. 80,000 3.50 2.88 3.00 2.64 26,422 60,000 2.28 2.25 24,866 2.50 2.14 2.02 2.03 19,518 1.82 1.82 1.80 2.00 1.57 40,000 1.41 11,389 1.50 14,744 1.21 1.16 8,510 47,619 1.00 45,353 20,000 39,690 5,897 30,118 29,786 24,547 0.50 13,429 - 0.00 2014 2015 2016 2017 2018 2019 Q1/2020 Liabilities Equity D/E Ratio Net D/E 10
Financial Cost and Payment Profile A Total Interest Bearing Debt Current portion of Debentures & ST-Debt Mil.Bt. Bond LT-Loan 13% 9,000 42,664 6,272 6,715 LT-Debt 54% Debentures Mil.Bt. 5,074 4,855 6,000 4,467 33% 4,000 2,272 3,506 5,215 2,660 2,074 1,467 3,355 3,000 1,386 4,000 4,000 3,506 3,000 3,000 2,660 - 1,500 1,500 1,386 - Interest Rate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Short Term Debt: 1.50 – 4.53% P/N: 1.41 – 3.50% On 16 th October 2019, EA issued THB 3 billion 7-year bond to ADB Long Term Debt: 3.00 – 3.80% with 2.744% interest and was certified by CBI to be green bond. Bond: 2.09 – 3.15% 11
Investment Plan in 2020-2021 Capital Investment in 2020-2021 Investment Plan Progress / Target B100 GD&PCM 562 800 Power Biodiesel Business B100 : To invest in palm oil and related business 3% 5% 260 GD&PCM : New plant will start commercial operation in Q3/2020 2% Battery Factory Charging Phase l to be completed in Q4/2020, then expand in 2021 430 Property Dev., (Thailand) 2% 5,130 , 30% Electric Ferry 2 units are to be operated in Q2/2020, THB EV Car&Bus (42 units) 40 units will be completed in Q1/2021 3,358 17,217 mil. 19% EV Car & Bus EV Car : Start delivering 5,000 cars from Q4/2020 to Q4/2021 R&D EV Bus : Start investing Q3/2020 91 E Ferry 1% 1,390 EV Charging Achieved 400 Stations from 52 provinces in June 2020 and 8% Battery Factory expanding to nationwide 5,196 30% Property Development To invest 19% stake in Land Prosperity Holding Sources of Fund Power Improve efficiency and maintenance Cash sh from om the he be beginn nning 2020 020 THB B 10,02 029 9 mil. Opera Operating g Cash sh in Flow ow in n 2020 020 (fore orecast) THB B 10,00 000 0 mil. Issu ssue e of Deben enture res s (App ppro rove ved from om AGM GM 2020 20) THB B 15,00 000 0 mil. 12
Agenda EA at a Glance 1 Financial Highlights 2 EA Business in Depth 3 4 Proposed Offering & Timeline 13
Biodiesel Production Mil.liters Baht/liter Sales Volume 36.15 35.07 40.00 Avg Price 30.99 300 28.60 25.00 30.00 24.18 20.17 200 17.69 16.27 20.00 100 193 188 10.00 175 174 158 152 134 50.2 49.8 0 0.00 2013 2014 2015 2016 2017 2018 2019 Q1/19 Q1/20 Location Kabinburi Industrial Estate, Prachinburi under BOI promotion & privileges • Biodiesel 800,000 Liters per day Plant • Pilot production of green diesel/PCM 1 Ton per day Capacity • Refined Glycerin 80 Tons per day (by product) • B100 volume in Q1/20 = 49.8 mil.liters decreased 0.8% as compared to last year but the average selling price increased 122.2% from the announcement B10 to be used instead of B7 • Glycerin volume in Q1/20 = 3.77 mil.kg. decreased 0.03% as compared to last year and the average selling price decreased 26% due to the high competition in domestic and export market. 14
Palm oil Market in Thailand B100 Food and others Domestic Consumption Stock Unit : Ton 100% 600,000 90% 500,000 80% 70% 400,000 60% 50% 300,000 40% 200,000 30% 20% 100,000 10% 0% - Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec19 Jan 20 Feb 20 Mar 20 Source: Department of Internal Trade, Thailand 15
Biodiesel Business with advance technology of GD & PCM BioPCM works as a thermal storage battery PCM good for energy saving Export Market Green Diesel & PCM Production (38 : 62) CPO Advance product of biodiesel Green Diesel Purification Enhancing diesel engine capacity Domestic Market Sell to major oil refinery companies B100 B100 & Glycerin Production Sell to pharmaceuticals , Glycerin Cosmetics, Personal products 16
New Plant for Green Diesel & PCM Production 17
Renewable Power Production EA Solar Lampang (90 MW) 664 MW EA Solar Phitsanulok (90 MW) EA Solar Nakornsawan (90 MW) EA Wind Hanuman EA Solar Lopburi (260 MW) (8 MW) (Chaiyaphum) COD • HNM 1 & 8 = 90 MW 25 Jun 19 EA Wind Hadkanghun • HNM 5 = 48 MW 22 Mar 19 (126 MW) • HNM 9 = 42 MW 30 Mar 19 (Songkla & Nakornsri tammarat) • HNM 10 = 80 MW 13 Apr 19 Adder 3.50 baht/kwh Technology from Siemens Gamesa, Spain
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