energy absolute public company limited - irplus.in.th · biodiesel business only oct - cod of eslo,...

Energy Absolute

Public Company Limited

May 2017

2

1

2

3

4

Over View

Our Power Business

Our Biodiesel Business

Our Financial Results

5 Our Growth

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 18 May 2017

Approximately THB 107.24 billion (US$ 3.064 billion)

27th largest among the SET50 companies

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

40%

3%

57%

As of 14 March 2017

Somphote Ahunai (CEO)

Amorn Sapthaweekul (CFO)

Others

Shareholder Structure

Number of Total Shareholders = 8,223

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

4

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

*

Opportunity Base on AEDP 2015-2036

5

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)

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Our Growth and New Business

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

7

8

Strong Contribution of Power Business

95%

5%

71%

29%

57%

43% 47%

53%

40%

60%

Total Biodiesel Business Total Renewable Power Business

Revenue2013

2014

2015 2016

Q1/2017

THB mil. % THB mil. % THB mil. % THB mil. % THB mil. %

Biodiesel Business 3,733 93% 5,396 71% 5,242 57% 4,890 47% 1,056 39%

Power Business 203 5% 2,187 29% 3,956 43% 5,491 53% 1,590 59%

Other income 63 2% 18 0% 15 0% 58 1% 70 3%

Total Revenue 3,999 7,601 9,212 10,439 53% 2,716

2013 2014 2015 2016 Q1/2017

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Strong Contribution of Power Business

Net Profit2013

2014

2015 2016

Q1/2017

THB mil. % THB mil. % THB mil. % THB mil. % THB mil. %

Biodiesel Business 203 100% 187 12% 240 9% 25 1% 89- -9%

Power Business - 0% 1,422 88% 2,448 91% 3,228 99% 1,069 109%

Total Net Profit 203 100% 1,609 100% 2,688 100% 3,252 100% 980 100%

Item2013 2014 2015 2016 Q1/2017

Biodiesel Business Power Business

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Over View

Our Power Business



664

MW

5 Our Growth

Project Pipeline

Solar+ 8 MW + 90 MW + 90 MW + 90 MW

Lopburi Nakorn-sawan

Lampang Phitsanu-lok

Wind

Had Kanghan

(Songkhla and

Nakornsritammarat)

COD 36MW

+To be COD90 MW

Hanuman(Chaiyaphum)

+ 260 MW

F2018

Solar

42%Wind

58%

11

8

98 98188

278

404

664MW

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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.

HKH 1 = 36 mw

Until Mar 2027

HKH 2 and 3

90 mw

Hanuman Projects

260 mw

-0.2477 Bt./kWh for May – Aug 2017

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

Solar Solar Wind

BOI Benefit

Tax exemptions for the first 8 years

Half of tax rate for year 9th to 13th

8 13

0% 50% of normal rate normal rate

In order to support investment in alternative energy according to AEDP, BOI has granted tax privilege.

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)



Technology: Fixed System

COD : 17 Oct 2012

Land area: 315 Rais (124.5 acres)

Adder : 8 baht/kwh

Phitsanulok (THB 9.5 bil)



Technology: Tracking system

COD : 1 Apr 2016

Land area : 1,800 Rais (732 acres)


Lampang (THB 8.07 bil)



Technology: Tracking system

COD : 17 Feb 2015

Land area : 2,354 Rais (930 acres)


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3 4

14Note : 1 acre = 2.529 rais

Hanuman : HNM

(Chaiyaphum)

THB 20 bil.


SCOD : Q2/2018


Status: PPA signed /

Preparation for

construction and

Fund Sourcing

Wind Power

2

386 MW

Hadkanghan : HKH

(East Coast Southern)

THB 10.4 bil.



Status :

HKH 1 = 36 MW COD 3 Mar 17

HKH 2 and 3 = 90 MW to be COD

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Lopburi Solar Farm 8 MW

Unit : kWh/day

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JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

ESLO 2014

ESLO 2015

ESLO 2016

ESLO 2017

ESLO : COD 17 Oct 2012 2015 2016 Q1_2016 Q1_2017Total Power Output (kWh) 14.6 mil. 13.9 mil. 3.5 mil. 3.5 mil.

Average Daily Output (kWh) 39,893 37,867 39,532 39,183

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Nakornsawan Solar Farm 90 MW

Unit : kWh/day

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200,000

300,000

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600,000

700,000


ESN 2014

ESN 2015

ESN 2016

ESN 2017

ESN : COD 23 Dec 2013 2015 2016 Q1_2016 Q1_2017Total Power Output (kWh) 189.6 mil. 189.1 mil. 47.8 mil. 47.6 mil.


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Unit : kWh/day

Lampang Solar Farm 90 MW

ESL : COD 17 Feb 2015 2015 2016 Q1_2016 Q1_2017Total Power Output (kWh) 191.3 mil. 197.9 mil. 53.9 mil. 53.1 mil.


-

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800,000


ESL 2015

ESL 2016

ESL 2017

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Unit : kWh/day

Phitsanulok Solar Farm 90 MW

ESL : COD 1 Apr 2016 2016 Q1_2017Total Power Output (kWh) 165.6 mil. 58.0 mil.

Average Daily Output (kWh) 602,221 644,449

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ESP 2016

ESP 2017

Higher Output from Sun Tracking System

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Tracker

Fixed

Daily Average : kWh

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

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Had Kanghan Wind Farm (HKH) 126 MW

Sub-Project Capacity Status

HKH 1 36 MW COD : 3 Mar 17

HKH 2 45 MW To be COD

HKH 3 45 MW To be COD

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

P90

P50

Capacity factor : 20-25%

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Unit : kWh/day

Hadkanghan Wind FarmHKH 1 = 36 MW

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Power Production (MWh) AVG Wind Speed (m/s)

HKH1 : COD 3 Mar 2017 Q1_2017Total Power Output (kWh) since 3 Mar 2017 3.3 mil.

Average Daily Output (kWh) 114,637

Average Wind Speed (M/Sec) 4.75

Unit : Meter/Second

Located in Chaiyaphum province

Current Status :

5 PPAs – signed

Pre construction process

Fund sourcing

Adder 3.50 Baht/kWh for 10 years

THB 20 billion Project Cost

Project Specification

87 sets of Wind Turbine Generator at 2.96 MW each

Hub height 157 m.

Blade length 67 m.

Cut in wind speed = 3 m/sec23

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

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1

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4

Over View

Our Power Business



5 Our Growth

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

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Strong Customer Base Sales Volume

Biodiesel Sales

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(In Million liters) %Gross margin

4.35% 3.96%5.05% 5.26%

8.15%

7.09%

3.80%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

0

20

40

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100

120

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160

180

200

Sales Volume GPM (%)

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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-

7 May 175%

B100 and CPO Price (1 Jan 15 – 31 Mar 17)

28

1

2

3

4

Over View

Our Power Business



5 Our Growth

-

10,000

20,000

30,000

40,000

50,000

2011 2012 2013 2014 2015 2016 Q1/2017

1,017 1,142 4,363 5,897 8,510 11,389 12,378708 1,403

7,103

13,429

24,547

30,118 30,566

Total Liabilities

Shareholder's Equity

Capital Structure

29

2011 2012 2013 2014 2015 to Q1/2017

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. 2.47 times

30

Revenue and Net Profit

THB Mil.

Revenue

Net Profit

0

2000

4000

6000

8000

10000

12000

2011 2012 2013 2014 2015 2016 Q1/2017

5,4314,479 3,999

7,601

9,212 10,439

2,683

0

1000

2000

3000

4000

2011 2012 2013 2014 2015 2016 Q1/2017

63 107 268

1,608

2,6883,252

980

THB mil.

THB mil.

0

2000

4000

6000

8000

10000

12000

2011 2012 2013 2014 2015 2016 Q1/2017

3,114 3,133 3,343

4,991 5,0054,721

1,008

79 18145

231 220 169

48

35203

2,187

3,956 5,491

1,590

1,150 808

104

1,056

366

Biodiesel Glycerin Power Others High Speed Diesel LPG

Revenue structure

31

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 and 1 Wind Power Plant = 36 MW

32

Effects on Q1/2017 Net Profit

Solar Gross Profit Increase

711

1,030

38 48-11

-143

33

-249

1

980

Net Profit

Q1/Y2016

Solar Gross

Profit

Biodiesel

Gross Profit

Other

Revenue

Share of Loss

ininvestment

SG&A FX Gain

(Loss)

Financial

Cost

Tax Net Profit

Q1/2017

THB Mil.

Special items in Q1/2017 - Starting COD of Hadkanghan wind power plant in Mar.2, 2017- Result of operation from Biodiesel unit was lower than Q1/2016 because of blending portion in Q1/2017 was

5% comparing to Q1/2016 which was 7%

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1

2

3

Over View

Our Power Business


5 Our Growth

4 Our Financial Results

34

Our Growth and New Business

About Amita Technologies Inc.

35

Amita Technologies Inc. was established in March 2000 by Dr. Jim Cherng on lithium-ion power battery Pouch type (polymer)

Material science research with long test data accumulation

In-house expertise of turn-key production facility

Current production capacity and capability 44Ah power battery cell

Over 500MWh

Shareholders Energy Absolute PCL

Delta Electronics etc.

36

Core Businesses & Clients

Main Businesses High Power Battery for EV, E-Scooter, Power Plant OEM (Original Equipment Manufacturer) PDCA- Post Dry Cell BatteryTurnkeys of High Technology Battery Factory for EV

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

37

Shareholder Structure

Before After

EA invests in newly issued shares for the total of NT$ 619 mil. (approx. THB 690 mil.)

38

Patents & Certificates

TUV Battery Product

Safety Award

23 Cases/Taiwan28 Cases

CN/US/UK/KR

UL safety certified since 2004

IEC safety certified since 2012

QC-T 743 (China) certified

in 2011

EV battery cell safety

Core Competence

High safetyAdditive material

High energydensity material

Fully automatic

production line

Battery cell

design

Patented international award-winning STOBA (R&D 100

Awards in 2009) safety technologies from ITRI

Accumulated 17 years of battery cell automatic production line (R&D)

design and infrastructure

Ability to design products using our own stacking procedures

High energy active materials

High energy power cell design techniques

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 1,000–2,000 1,000–2,000 500 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

A 50 GWh energy storage factory is planning to start operation in Thailand by 2021 with the total investment worth THB 100 billion.

The production in the first phase will serve to stabilize power production and distribution both domestically and internationally.

In December 2016, EA started investing in Amita Technologies Inc., the first class Lithium-Ion Battery producer in Taiwan, aiming to co-develop Energy storage business.

Our Plan for New Business

42

Energy Absolute PCL

THANK YOU

Our VisionA 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.

energy absolute public company limited - irplus.in.th · biodiesel business only oct - cod of eslo,...

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