the share valuation report...march 2018 (update fs y2017) superblock public company limited ......

PRESENTATION

MARCH 2018 (Update FS Y2017)

Superblock Public Company Limited

Private & Confidential

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


Company Overview


Super Energy Group Co.,Ltd(“SE”)

Registered Capital 1,000 MB

Super Solar Energy Co.,Ltd(“SSE”)


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”)


WASTE ENERGY


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


Total 3,282

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


SUPER Acquisition

group ADDER

SUPER Acquisition PPA Develop & Construction own group Freed in Tariff

1 Project, 5 MW Nov

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


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

Power Purchase Agreement - PPA

8


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

Location Power Plant in THAILAND

9


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

On going Project

Solar Energy

10


Sanam Chai Khet Project

COD : within Q2/2018

1.50 MW

Solar Coop2 Projects

COD : within Q3/2018

28 MW

Waste Energy 9MW COD in April 2018

11



12



13



14


Financial Highlights


Financial Highlights

16


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

Financial Performance

Revenue (Unit : MB)

17


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


Cost (Million Baht)

18


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


EBITDA /Profit (loss) for the period (Million Baht)

19


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

Financial Position

Balance Sheet (Million Baht) as of Y2017

20


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

Financial Position

Total Asset as of Y2017 (MB)

21


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%

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


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

Financial Position

Capital Structure Debt to Equity Ratio

23


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

Infrastructure Fund : IFF

24


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

Potential Projects


Potential Projects in THAILAND

26


• SPP Hybrid

• Installed capacity =33MW / PPA = 16 MW

• Private PPA

• Solar Power Plant (subject to Government’s policy)

• Waste Power Plant

• Solar Roof Top

SUPER forecast Y2018

27


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

Wind Power Projects in VIETNAM

28


SUPERBLOCK Plc

SUPER ENERGY GROUP Co.,Ltd

SUPER WIND ENERGY Co.,Ltd

SUPER WIND ENERGY CONGLY 1 JOINT STOCK

COMPANY

CONG LY CONSTRUCTION COMMERCE


29



30


**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

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

31


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the share valuation report...march 2018 (update fs y2017) superblock public company limited ......

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