Upload
doandiep
View
220
Download
0
Embed Size (px)
Citation preview
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)
6
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
9
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
10
1
2
3
4
Over View
Our Power Business
Our Biodiesel Business
Our Financial Results
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
12
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)
Contracted Cap: 8 MW
Installed Cap : 9.33 MW
Technology: Fixed System
COD : 17 Oct 2012
Land area: 315 Rais (124.5 acres)
Adder : 8 baht/kwh
Phitsanulok (THB 9.5 bil)
Contracted Cap: 90 MW
Installed Cap : 133.92 MW
Technology: Tracking system
COD : 1 Apr 2016
Land area : 1,800 Rais (732 acres)
Adder : 6.50 baht/kwh
Lampang (THB 8.07 bil)
Contracted Cap: 90 MW
Installed Cap : 128.396 MW
Technology: Tracking system
COD : 17 Feb 2015
Land area : 2,354 Rais (930 acres)
Adder : 6.50 baht/kwh
12
3 4
14Note : 1 acre = 2.529 rais
Hanuman : HNM
(Chaiyaphum)
THB 20 bil.
Contracted Cap: 260 MW
SCOD : Q2/2018
Adder : 3.50 baht/kwh
Status: PPA signed /
Preparation for
construction and
Fund Sourcing
Wind Power
2
386 MW
Hadkanghan : HKH
(East Coast Southern)
THB 10.4 bil.
Contracted Cap: 126 MW
Adder : 3.50 baht/kwh
Status :
HKH 1 = 36 MW COD 3 Mar 17
HKH 2 and 3 = 90 MW to be COD
1
15
16
Lopburi Solar Farm 8 MW
Unit : kWh/day
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
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
17
Nakornsawan Solar Farm 90 MW
Unit : kWh/day
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
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.
Average Daily Output (kWh) 520,763 516,755 531,817 528,738
18
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.
Average Daily Output (kWh) 601,474 540,737 599,353 590,441
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
ESL 2015
ESL 2016
ESL 2017
19
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
0
100000
200000
300000
400000
500000
600000
700000
800000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
ESP 2016
ESP 2017
Higher Output from Sun Tracking System
20
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
21
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%
22
Unit : kWh/day
Hadkanghan Wind FarmHKH 1 = 36 MW
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
3-M
ar-1
7
4-M
ar-1
7
5-M
ar-1
7
6-M
ar-1
7
7-M
ar-1
7
8-M
ar-1
7
9-M
ar-1
7
10
-Mar
-17
11
-Mar
-17
12
-Mar
-17
13
-Mar
-17
14
-Mar
-17
15
-Mar
-17
16
-Mar
-17
17
-Mar
-17
18
-Mar
-17
19
-Mar
-17
20
-Mar
-17
21
-Mar
-17
22
-Mar
-17
23
-Mar
-17
24
-Mar
-17
25
-Mar
-17
26
-Mar
-17
27
-Mar
-17
28
-Mar
-17
29
-Mar
-17
30
-Mar
-17
31
-Mar
-17
1-A
pr-
17
2-A
pr-
17
3-A
pr-
17
4-A
pr-
17
5-A
pr-
17
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
24
1
2
3
4
Over View
Our Power Business
Our Biodiesel Business
Our Financial Results
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
25
Strong Customer Base Sales Volume
Biodiesel Sales
26
(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
60
80
100
120
140
160
180
200
Sales Volume GPM (%)
27
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
Our Biodiesel Business
Our Financial Results
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%
33
1
2
3
Over View
Our Power Business
Our Biodiesel 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
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.