Opportunity Day M a r c h 1 4 , 2 0 1 8
Executive Summary NAME Padaeng Industry Public Company Limited (“PDI”) BUSINESS TYPE Energy, Materials and Eco INDUSTRY GROUP Resources REGISTERED CAPITAL 2.26 Billion THB LISTED DATE July 21, 1987 AUDITOR Deloitte Touche Tohmatsu Jaiyos Co., Ltd. SHARE PRICE (1yr) Low: 17.80THB High: 31.00THB NUMBER OF SHARES 226,000,000 shares MARKET CAPITALIZATION 5.9 Billion THB (@26.50 THB/ share) 2 O p p o r t u n i t y D a y
Company History 1981 - Present Timeline Timeline 1981 2014 • Establish PDI. Energy Materials Eco • Produce and market special high-grade zinc • Reorganize into 3 sustainable growth ingots and alloys • 4 sites: Mae Sod Mine and Refinery in Tak, businesses. Roaster in Rayong and Head Office in Bangkok 1987 2016 • Transform to sustainable green business • Investments in solar energy in Thailand and Japan. • Listed on SET. • Cease conventional zinc business by the end of 2017 • Registered capital of 2,260 Million THB 3 O p p o r t u n i t y D a y
Shareholding Structure October 31, 2017 Others: 43.73% Nortrust Nominees: Country Group Holding: 0.85 % 25.00 % Mrs. Nunta Rungnoppakunsri: 0.89 % Ministry of Finance: Mr. Nurak 13.81 % Mahatanaarnont: 0.95 % Mr. Tawach Tantimate: 1.01 % Thai NVDR: 7.63 % Mr. Wiwat Kowitsophon : 1.31 % Mr. Suphachai Veerabornpong: Bangkok Bank: 1.61 % 3.23 % 4 O p p o r t u n i t y D a y
OUR VISION To be a leader in developing, driving and growing sustainable businesses in Southeast Asia. Driven by innovation and balanced concerns, we maximize added value for our clients, with respect to our people, our ecosystems and the environment. We support the communities in which we operate and give the best possible return to our shareholders. 5 O p p o r t u n i t y D a y
Corporate Structure Energy Materials Eco Provide energy from Provide added value Provide waste renewable sources materials from management recycled metals solutions for complex industrial waste 6 O p p o r t u n i t y D a y
Mae Sod Mine Rayong Roaster Tak Smelter (1982-2016) (1995-2016) (1984-2017) 51 rai (8 ha) Cease Zinc Business Number of employees reduced from 986 in 2012 to 72 in 2018 Own land 1,657 rai (265 ha) Forestry leased land 840 rai (134 ha) 7 O p p o r t u n i t y D a y
Highlights 2017 Consolidated net profit 905 MB, the highest in 10 years Main favorable contributions from: Total Revenues +19% • Strong sales performance with 6,357 Million THB surging LME zinc prices, up 40% Net Profit • +89% Sustained solid local market 905 Million THB premiums • Gain on sales of investment in MCE of 59 MB • Increasing contribution of PDI’s Dividend +50% Solar Farms Average LME 1.50 THB/Share +40% 2,894 USD/Ton 8 O p p o r t u n i t y D a y
Highlights 2017 ‘ Cont ’ 2017 has been a very successful year • Achieved strategic make-over plans to end its conventional zinc operations • Moved full-scale ahead into zinc trading under "PDI Metals" • Acquired 6 operating solar farms in Thailand with a total capacity of 30 MW from Symbior Solar • Finalized construction of 11 MW Nogata solar farm in Japan • Obtained certificate as a member of the Private Sector Collective Action Coalition Against Corruption (CAC) • Achieved higher CG scores and attained “Very Good” classification level 9 O p p o r t u n i t y D a y
Financial Highlights Revenue, OPEX, Net Profit 7,000 1,000 Million BHT Million BHT 6,357 905 900 6,000 5,340 800 5,000 700 2016 600 4,000 478 3,066 500 2017 3,000 400 300 2,000 ROE 20.00% 1,296 200 ROA 14.00% 1,000 100 0 0 Net Profit Revenue OPEX Revenue OPEX 10 O p p o r t u n i t y D a y
Financial Position Assets (MB) Liabilities (MB) Current Assets Dec 16 % Dec 17 % Current Liabilities Dec 16 % Dec 17 % Cash & Short Term Deposits 1,412 25 1,579 21 Financial Short Term Debt 205 4 141 2 Trade Receivables 315 6 484 7 Account Payables 242 4 480 6 Inventory 1,854 33 567 8 Other 823 15 275 4 Other 469 8 643 8 TOTAL 4,050 72 3,273 44 TOTAL 1,270 23 896 12 Non Current Assets Dec 16 % Dec 17 % Non Current Liabilities Dec 16 % Dec 17 % Investment in JV Net 44 1 56 1 Provisions 306 174 2 Long Term Investment & 565 10 533 7 Long Term Loan 0 1,049 14 Loan PPE 645 12 2,541 34 Other 0 205 3 Other 289 5 1,006 14 TOTAL 306 1,428 19 TOTAL 1,543 28 4,136 56 Equity Dec 16 % Dec 17 % Shareholder Equity 4,017 5,085 69 TOTAL 5,593 100 7,409 100 TOTAL 5,593 100 7,409 100 11 O p p o r t u n i t y D a y
Share Price Actual share price reaches 28.50 THB (As of March 13, 2018) 28.50 THB 30.00 25.00 21.30 20.10 20.00 16.20 15.00 12.40 9.35 10.00 5.00 0.00 2013 2014 2015 2016 2017 2018 Note : closing price at end of year 12 O p p o r t u n i t y D a y
Dividend to Shareholders THB 1.60 1.50 1.40 1.20 1.00 1.00 0.80 0.60 0.40 0.40 0.30 0.20 0.20 0.00 0.00 2012 2013 2014 2015 2016 2017 13 O p p o r t u n i t y D a y
Warrant Warrants to purchase ordinary shares of Padaeng Industry Public Company Limited Type of Securities No. 1 (PDI-W1) Number of Warrants 75,333,333 units 75,333,333 shares at the par value of 10 THB per share Number of Ordinary Shares Reserved to Accommodate for Exercise of Warrants (representing 33.33% of the total paid-up shares of company as of 7 March 2018) Allocate to the existing shareholders at the ratio of 3 existing ordinary shares for 1 unit Method of Allocation of Warrant (only for the shareholders as of May 3, 2018 (Record Date)) Date of Issue of Warrants May 5, 2018 Offering Price per Unit 0 THB (zero) Tenor 3 years from the date of issue of Warrants Exercise Ratio 1 warrant : 1 ordinary share Exercise Price 33.00 THB per share Listing Date Within May 2018 Exercise Period Last Business Day of every May and November of each calendar year The First Exercise Date November 15, 2018 The Last Exercise Date May 15, 2021 Expiry Date May 15, 2021 Agency for Warrant Exercise Country Group Security 14 O p p o r t u n i t y D a y
B u s i n e s s G r o w t h 15 O p p o r t u n i t y D a y
PDI Energy PDI Thai Solar: 37 MW in Thailand PDI Asia Solar: 13 MW in Japan 16 O p p o r t u n i t y D a y
PDI Energy PDI’s energy projects mainly focus on solar: • Target to reach 150 MW in 2018 with the total investment of 5,000 MB (1,500 MB equity) • Owns 50 MW operating solar farms (13 MW in Japan and 37 MW in Thailand) • Developing projects in Japan up to 30 MW • Potential investment on PDI residue ponds up to 80 MW • Strategic partnering with Canadian Solar for 200 MW projects in Asia Pacific Nogata 11 MW in Japan 17 O p p o r t u n i t y D a y
PDI Mae Ramat (Tak) PDI Thai Solar 6.3 MW PDI Khon Kaen 1MW Capacit Land Years Project COD Tariff Scheme y (rai) Left PDI Prachinburi 1 8+8 MW 183 23.5 Dec 2015 PDI Prachinburi 2 FiT Scheme PDI Prachinburi 3 3 MW 50 Apr 2016 24 PDI Samut Sakhon 1 PDI Prachinburi 1 5.66 THB 6 MW 8 MW PDI Samut Sakhon 1 PDI Samut Sakhon 2 PDI Prachinburi 2 6+4 MW 88 23.5 Dec 2015 4 MW 8 MW PDI Samut Sakhon 2 PDI Prachinburi 3 Adder Scheme 3 MW PDI Khon Kaen 1 MW 20 21 Jul 2013 8 THB Adder Scheme PDI Mae Ramat 6.3 MW 102 Dec 2013 21 (Tak) 6.5 THB Total 36.3 MW 341 18 O p p o r t u n i t y D a y
PDI Asia Solar Nanao Nogata Nanao 2.27 Capacity (MW) 2.27 10.73 MW Installed FIT scheme at 32JPY/kWh , FIT scheme at 36JPY/kWh , PPA 20 years 20 years Operational COD March 1, 2018 10% above target Nogata 10.73 MW 800 M¥ 4,500 M¥ Project Value 19 O p p o r t u n i t y D a y
PDI Materials PDI Metals • Trading business PDI CRT • Recycling materials 20 O p p o r t u n i t y D a y
PDI Metals Continue supplying high quality zinc metals and extensive services • Target to supply more than 50,000 MT of SHG Zinc and Zinc Alloys to Thai market • Continue supporting customers with extensive technical services • Enhance logistic service efficiency • Advanced communication using LINE, Facebook and PDI Metals / COE Websites • Customer engagement activities 21 O p p o r t u n i t y D a y
PDI-CRT Joint venture to recycle metals containing complex industrial waste : • Exclusive rights to highly innovative ultra high temperature technology, non existing in Asia • Strategic partner with ScanArc Plasma Technologies AB from Sweden • Strong support from Department of Industrial Works (“DIW”) and Industrial Estate Authority of Thailand (‘IEAT”) • Basic Engineering completed with promising results as for the technical feasibility • Commercial operations are expected to start in 2020 • Expected investment cost 1,700 MB (850 MB equity) 22 O p p o r t u n i t y D a y
Submerged Plasma Technology Process Raw Material Gas Cooling & Zinc Oxide Fuming Gas Cleaning Pretreatment Energy Recovery Recovery ArcFume Furnace Waste Heat Boiler Bag Filter Active Carbon Filter Recyclables Clean Off-gas 1000 ˚C ZnO Combustion Zone Reduction Zone Plasma Torch Plasma Torch 180 ˚C Electricity Air LNG/LPG Melt Zone Zinc Oxide M Sell crude, unwashed zinc oxide Vitrified as end product to smelter Slag & Alloy Buyer 23 O p p o r t u n i t y D a y
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