the share valuation report...march 2018 (update fs y2017) superblock public company limited ......
TRANSCRIPT
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PRESENTATION
MARCH 2018 (Update FS Y2017)
Superblock Public Company Limited
Private & Confidential
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AGENDA
• Company Overview
• On Going Projects
• Waste Power Plant Project
• Financial Highlights
• Infrastructure Fund
• Potential Projects in THAILAND
• SUPER forecast Y2018
• Wind Power Projects in VIETNAM
2
Private & Confidential
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Company Overview
Private & Confidential
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Super Energy Group Co.,Ltd(“SE”)
Registered Capital 1,000 MB
Super Solar Energy Co.,Ltd(“SSE”)
Registered Capital 1,000 MB
Open Technology Public Co.,Ltd(“OPEN”)
Registered Capital 40 MB
Pro Solar One Co., Ltd(“PRO ONE”)
Registered Capital 263.25 MB
www.superblockthailand.com
Corporate Structure in Thailand
100%
76.25%100%
100%
4
SOLAR ENERGY
Lemon Gold Farm Co., Ltd(“LEMON”)
Registered Capital 1 MB
76%
Super Wind Energy Co., Ltd(“SUPER WIND”)
Registered Capital 0.1 MB
100%
WIND ENERGY
100%
Super Earth Energy Co., Ltd(“SUPER EARTH”)
Registered Capital 1,000 MB
WASTE ENERGY
Private & Confidential
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Company Information
5
150 330 629
975
2,015
2,735 2,735 704
616
402 547
-
500
1,000
1,500
2,000
2,500
3,000
3,500
1994 2004 2012 2013 2014 2015 2017
Registered Capital
Paid-up Remaining
Unit: MB
Year 28-Feb 31-May 31-Aug 30-Nov
2017 No.1
2018 No.2 No.3 No.4 No.5
2019 No.6 No.7 No.8 No.9
2020 No.10 No.11 No.12
}
SUPER-W4Warrants : 5,469,893,121 UnitAmount of : 546,989,312.10 BahtExercise Price : 2.50 BahtExercise Ratio : 1 warrants : 1 sharesTrading date : 22 September 2017 (SET)Exercise Period :
Investing & Develop of Renewable Energy Power Plant Project in
Thailand and Overseas
Production and Distribution as grade 4 and grade 6 autoclaved
aerated concrete
Private & Confidential
Total 3,282
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Growth Commercial Operation Date - COD
6
2014
2015
20162017
2 Project, 16 MW
1 Project, 8 MW
AUG
NOV3 Project, 3 MW
1 Project, 4 MW
1 Project, 5 MW
1 Project, 0.95 MW
JAN
MAY
OCT
NOV
1 Project, 5 MW Mar
124 Project, 740.60 MW
1 Project, 8 MW
3 Project, 17.85 MW
74 Project, 435.65 MW
5 Project, 25.95 MW
JAN
FEB
APR
JUN
13 Project, 54.70 MW DEC
17 Project, 151.5 MW DEC
2014
•6 Project
•12.95 MW
2015
•20 Project
•175.50 MW
2016
•96 Project
•542.15 MW
2017
•2 Project
•10 MW
Private & Confidential
SUPER Acquisition
group ADDER
SUPER Acquisition PPA Develop & Construction own group Freed in Tariff
1 Project, 5 MW Nov
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Renewables Asset Portfolio in THAILAND
Solar Energy in Thailand Waste Energy in Thailand
COD by yearNo. Of Sites
COD(MW)
COD within April 2018 1 9.00
COD within 2019 1 8.00
COD within 2020 1 9.00
Total 2 26.00
Total 832 MW
7
Private & Confidential
COD by yearNo. Of Sites
COD(MW)
Accum, COD
2011 3 6.0 6.00
2012 1 1.0 7.00
2013 1 0.95 7.95
2014 1 5.0 12.95
2015 20 175.5 188.45
2016 96 542.15 730.60
2017 2 10.0 740.60
Q2-2018 1 1.5 742.10
Q3-2018 6 28.0 770.10
In processing of PPA
4 35.9
Total 135 806.0
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Power Purchase Agreement - PPA
8
Private & Confidential
Remark: Excluding Solar 19.9 MW which their PPA have been processing.Excluding Hybrid 16.0 MW which their PPA have been processing.
Type Energy Rate Period MW Accum, MW
COD(MW)
ADDER SOLAR 8.00 10 7.00 7.00 7.00
ADDER SOLAR 6.50 10 5.95 12.95 12.95
FIT SOLAR 5.66 25 729.15 742.10 740.60
FIT SOLAR 4.12 25 28.00 770.10
ADDER WASTE 3.50 7 26.00 796.10
THAILAND
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Location Power Plant in THAILAND
9
Private & Confidential
Thailand Site MW %
SOLAR
Central 58 358.75 46.58
Eastern 59 319.60 41.50
Southern 10 63.75 8.28
Northern 4 28.00 3.64
131 770.10 100.00
WASTE
Central 2 17.00 65.38
Eastern 1 9.00 34.62
3 26.00 100.00
Remarks: excluding SPP Hybrid 16 MWexcluding Solar 19.9 MW
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On going Project
Solar Energy
10
Private & Confidential
Sanam Chai Khet Project
COD : within Q2/2018
1.50 MW
Solar Coop2 Projects
COD : within Q3/2018
28 MW
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Waste Energy 9MW COD in April 2018
11
Private & Confidential
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Waste Energy 9MW COD in April 2018
12
Private & Confidential
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Waste Energy 9MW COD in April 2018
13
Private & Confidential
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Waste Energy 9MW COD in April 2018
14
Private & Confidential
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Financial Highlights
Private & Confidential
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Financial Highlights
16
Private & Confidential
Statements of profit and lossFor Y2017
Power Technology Other Consolidate
Y2017 Y2016 Y2017 Y2016 Y2017 Y2016 Y2017 Y2016
MB % MB %
Revenue from sales 5,233 3,356 6 9 - - 5,239 95.08 3,365 93.16
Revenue from government granted –adder 158 163 - - - - 158 2.87 119 2.79
Revenue from services 5 6 81 54 - - 113 2.05 86 2.02
Total Revenue 5,399 3,526 111 86 - - 5,510 100.00 3,612 100.00
Cost of the sales of goods (2,320) (1,494) (2) (6) - - (2,322) (42.14) (1,500) (41.53)
Cost of the rendering of services (2) (3) (61) (53) - - (63) (1.14) (56) (1.55)
Gross profit 3,077 2,029 48 27 - - 3,125 56.72 2,056 56.92
Gain(Loss) on foreign exchange rate 146 90 - - - - 146 2.65 90 2.49
Other income 69 14 - - 5 1 74 1.34 15 0.42
Selling expenses - - (7) (6) (3) (3) (10) (0.18) (9) (0.25)
Administrative expenses (340) (475) (17) (16) (53) (39) (410) (7.44) (530) (14.67)
Finance cost (1,382) (1,184) - - (72) (17) (1,454) (26.39) (1,201) (33.25)
Profit from investments 64 86 - - - - 64 1.16 86 2.38
Profit (loss) before income tax ex. 1,634 560 24 5 (123) (58) 1,535 27.86 507 14.04
Income tax expense (18) 17 (5) (1) - - (23) (0.42) 16 0.44
Profit (loss) for the period 1,616 577 19 4 (123) (58) 1,512 27.44 523 14.48
Comprehensive income (loss) 1,616 577 17 4 (123) (58) 1,510 27.40 523 14.48
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Financial Performance
Revenue (Unit : MB)
17
Private & Confidential
Quator1335% QOQ
Quator272% QOQ
Significant changes in the proportion of revenue on each quarter and Y2017 compare of revenue for Y2016 because increase by SOLAR FARM
Quator315% QOQ
Q1/2016 Q1/2017 Q2/2016 Q2/2017 Q3/2016 Q3/2017 Q4/2016 Q4/2017 Y2016 Y2017
Sales 292.79 1,449.34 794.31 1,401.39 1,195.16 1,326.17 1,245.63 1,220.35 3,527.90 5,397.24
Services & Others 52.53 51.13 49.03 53.24 46.52 97.14 36.30 49.61 184.38 251.12
292.79
1,449.34 794.31
1,401.39 1,195.16 1,326.17 1,245.63 1,220.35
3,527.90
5,397.24
-
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
SALES93%
GRANTED3%
SERVICES2%
OTHERS
1%
SHARE INVESTMENT
1%
Quator4-2.03% QOQ
52.99% YOY
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Financial Performance
Cost (Million Baht)
18
Private & Confidential
Gross Profit (Million Baht)
Compare of Revenue
Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017
Gross Profit 52.67% 53.82% 59.88% 57.08% 60.38% 58.42% 55.82% 56.72%
105.01 463.10 313.70
470.53 424.17 475.90 525.62 479.85
1,368.50
1,889.38
42.94
122.19 62.09
124.22 63.45
122.91 19.33 126.21
187.81
495.53
-
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
Q1/2016Q1/2017Q2/2016Q2/2017Q3/2016Q3/2017Q4/2016Q4/2017 Y2016 Y2017
Depreciation (non cash) Cost of sales & services (cash)
2,055.29
3,125.28
-
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
3,500.00
Gross Profit
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Financial Performance
EBITDA /Profit (loss) for the period (Million Baht)
19
Private & Confidential
Compare of Revenue
Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017
Net Profit 8.94% 2.76% 25.58% 12.67% 38.14% 30.43% 27.02% 11.76%
EBITDA 44.12% 95.47% 85.66% 79.09% 89.47% 87.04% 86.02% 82.15%
Net Profit Margin from SOLAR FARM has been stable around 30% to 35%
27.94
563.41
22.50
435.33 310.95 366.22
160.83 146.68
522.21
1,511.63
137.93
1,321.85
776.83
1,244.98 1,041.22
1,165.97 1,004.33 1,024.43
2,960.31
4,757.23
-
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
3,500.00
4,000.00
4,500.00
5,000.00
Q1/2016 Q1/2017 Q2/2016 Q2/2017 Q3/2016 Q3/2017 Q4/2016 Q4/2017 Y2016 Y2017
NET PROFIT
EBITDA
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Financial Position
Balance Sheet (Million Baht) as of Y2017
20
Private & Confidential
1,401.86
45,468.79
6,803.26
23,844.86
16,222.53
1,488.30
46,536.51
9,259.57
24,069.35
14,695.90
-
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
30,000.00
35,000.00
40,000.00
45,000.00
50,000.00
Y2016 Y2017 Y2016 Y2017 Y2016 Y2017 Y2016 Y2017 Y2016 Y2017
CURRENT ASSETS NON-CURRENTASSETS
CURRENT LIABILITIES NON-CURRENTLIABILITIES
SHAREHOLDERS’ EQUITY
Assets Liabilities Equity
Y2017
Y2016
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Financial Position
Total Asset as of Y2017 (MB)
21
Private & Confidential
Asset type as of Y2017 (MB)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
2012 2013 2014 2015 2016 2017
747
5,115
39,440 39,179
48,025 46,871
Property, Plant, Equipment 39,027.71
Property, plant and equipment
Right to produce and sellelectricity
Other non-current assets
Deposits at financialinstitutions used as collateral
Trade and other currentreceivables
Investments in associates
Others
83.27%
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Financial Position
Total Liabilities as of Y2017
Total Equity as of Y2017
65.39% of total asset
34.61% of total asset
Million Baht
Million Baht
22
Private & Confidential
23,453.63
3,346.47 1,625.16 1,049.37 603.58 569.91 -
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
Long-termborrowings
from financialinstitutions
Currentportion oflong-term
borrowings
Trade andother current
payables
Short-termborrowingsfrom other
parties
Bankoverdrafts and
short-termborrowings
Others
Y2017
3,281.94 2,734.95
9,002.57
979.38 223.70 -
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
7,000.00
8,000.00
9,000.00
10,000.00
Registercapital
Paid-upshare capital
SHAREPREMIUM
Retainedearnings(deficit)
Others
Y2017
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Financial Position
Capital Structure Debt to Equity Ratio
23
Private & Confidential
Remark: 2/ Excluding trade and other payables
71% 70% 69% 69% 68% 67% 66% 65% 65%
29% 30% 31% 31% 32% 33% 34% 35% 35%
Liabilities Equity
1.52
1.96 1.95 1.93 1.91 1.86 1.83 1.79 1.79
-
0.50
1.00
1.50
2.00
2.50
3.00D/E Ratio 1 D/E Ratio 2
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Infrastructure Fund : IFF
24
Private & Confidential
List Detail
Time: Waiting for regulation adjusted by SEC
Fund Asset: Solar Energy Power Plant 118 MW
Company Holding Ratio In Consideration(Approx. 20%)
Total Value of Fund Approx. 9,000-10,000 Million Baht
Objective of Fund Objective of Fund are as follows:
1.Loan Repayment to Financial Institution
2.Future Investment in Other Projects
3.Reinvestment to IFF ≤20%
Financial Consultant Bangkok Bank (Public) Company Limited
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Potential Projects
Private & Confidential
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Potential Projects in THAILAND
26
Private & Confidential
• SPP Hybrid
• Installed capacity =33MW / PPA = 16 MW
• Private PPA
• Solar Power Plant (subject to Government’s policy)
• Waste Power Plant
• Solar Roof Top
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SUPER forecast Y2018
27
Private & Confidential
Year 2018
Q1 Q2 Q3 Q4 Total
MW COD
Adder(8.00THB) 7.00 7.00 7.00 7.00 7.00
Adder(6.50THB) 5.95 5.95 5.95 5.95 5.95
FIT(5.66THB) 727.65 727.65 727.65 727.65 727.65
FIT(5.66THB) 1.50
FIT(4.12THB) 28.00 28.00
Waste-GPE 9.00 9.00 9.00 9.00
Private PPA 60.00 60.00
740.60 751.10 749.60 837.60 837.60
FIT(not consolidated) RNS (87) (87) (87) (87) (87)
653.60 664.10 662.60 750.60 750.60
Revenue from existing COD projects
Adder(8.00THB) 40.27 40.27 40.27 40.27 161.08
Adder(6.50THB) 18.95 18.95 18.95 18.95 75.78
FIT(5.66THB) 1,340.14 1,340.14 1,340.14 1,040.49 5,060.92
FIT(exceed CF) 170.29 170.29
1,399.36 1,399.36 1,399.36 1,269.99 5,468.07
Additional revenues from New project
Solar-FiT 1.5MW 3.50 3.50 3.50 10.50
Waste-GPE 9MW 105.75 117.50 117.50 340.75
Solar-Coop2 28MW 139.28 139.28
Private PPA 60MW 62.00 62.00
- 109.25 121.00 322.28 552.53
Revenue from energy 1,399.36 1,508.61 1,520.36 1,592.27 6,020.60
Revenue from IT and others 60.00 60.00 60.00 60.00 240.00
Total revenue 1,459.36 1,568.61 1,580.36 1,652.27 6,260.60
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SUPERBLOCK Plc
SUPER ENERGY GROUP Co.,Ltd
SUPER WIND ENERGY Co.,Ltd
SUPER WIND ENERGY CONGLY 1 JOINT STOCK
COMPANY
CONG LY CONSTRUCTION COMMERCE
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Wind Power Projects in VIETNAM
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**Power output of Cong Ly Phase IV are estimating number based on Conly Phase III's information**
FIT (20 years) = USD 9.8cents/Kwh
No limited of buying
Total Investment approx. 50,000 MB within 4-5 years
Investment in Year 2018 approx. 20,000MB
SUPER’s equity portion = 51%(approx. 10,000MB)
Turn Key with financial support from main constructor
Project name Location MW Terbine
(2.5MW
/terbine
Estimated
power
output(kWh)
Tentative
COD
Cong Ly phase III Bac lieu province 142 57 398,054,400 Year 2020
Soc Trang WIND Soc Trang province 98 40 257,544,000 Year 2020
Khai Long WIND Ca Mao Province 300 120 280,320,000 Year 2021
Cong Ly phase IV Bac lieu province 158 64 442,905,600 Year 2022
698
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Disclaimer
This presentation herein should be used for investor information only. It should not be used as an offer or invitation to purchase or sell SUPER shares. Additionally, this presentation contains forward-looking statements and assumptions that are subject to risks and uncertainties. Investors or readers using this material need to be prudent
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THANK YOU
Private & Confidential