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Absolute Clean Energy Public Company Limited
Analyst Meeting Q4’20 and YE’20
Ticker: ACE
2 Strictly Private & Confidential
The information contained in this presentation is strictly confidential and is provided by Absolute Clean Energy Public Company Limited (the "Company") to you solely for your
information which is the same information as that contained in the recent filing and draft prospectus submitted to the Thai Securities and Exchange Commission. Neither this
presentation nor any part hereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form
or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the
Company and its respective affiliates or advisors. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith,
from the conference room where such documents are provided without the prior express consent from the Company and its respective affiliates or advisors.
Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, no representations or
warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this
presentation. The information is subject to any change without notice whether before or after such change is made, its accuracy is not guaranteed, has not been independently
verified and it may not contain all material information concerning the Company and its subsidiaries. None of the Company nor any of its respective affiliates or advisors nor any of
its or their respective members, directors, officers, employees or affiliates assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in,
any information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss arising from or in connection
with any use of this presentation or its contents.
This presentation is for information purposes only and does not constitute or form whole or part of any offer, invitation or solicitation by or on behalf of the Company for sale or
subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or
be relied on in connection with any contract, commitment or investment decision in relation thereto (“Securities”) in Thailand, the United States or any other jurisdictions. Any
recipient considering a purchase of Securities is hereby reminded that any such purchase should be made solely on the basis of the information contained in a final offering
document (which may be different from the information contained in this presentation ) and subject to the selling restrictions set out therein. No public offering of the Securities will
be made in the United States or in any other jurisdiction outside of Thailand where such an offering is restricted or prohibi ted. This presentation should not be construed as legal,
tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular
investor, and should not be treated as giving investment advice.
In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the
Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views with respect to future events and
financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and
contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the
Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be
achieved, or that the Company's assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial
condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned
not to place undue reliance on these forward looking statements.
In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to correct any inaccuracies herein which may
become apparent.
Disclaimer
3 Strictly Private & Confidential
Operating performance
Financial Highlights
Business UpdatesI
III
Table of Contents for Analyst Presentation
II
Business Updates
7 Strictly Private & Confidential
Projects COD and Open in Q4’20
Projects Under Construction & Project Progress
Q4’20 & YE’20 Key Highlights & Events after the reporting date
Waste landfill Project, Udon Thani Floating Solar 1.52 MW,
Nakhon Ratchasima
Q4’2020 Status
90%
Remark:/1 Waste landfill COD on 5 Jan 21
Q4’2020 Status
VSPP Klong Klung Project 9.9 MW,
Kampangphet
Q4’2020 Status
Expected COD within 2021
MSW Krabi Project, Krabi 6 MW Don Mon Project, Buriram 9.5 MW Muang Buriram Project,
Buriram 7.5 MW
COD on 28 Dec 2020 Commenced for electricity
generation on 27 Dec 2020
Commenced for electricity
generation on 15 Dec 2020
COD on 5 Jan 21: Currently in operation/1
100%61%
COD on 31 Mar 2021:Currently in Operation
8 Strictly Private & Confidential
Key Event highlights and Achievements in YE’20
Q4’20 & YE’20 Key Highlights & Events after the reporting date (Con’t)
• Jan 2020 : EXIM refinance ABA’s project loan at Prime rate -2.5%
• Feb 2020 : AAA’s loan contract revision 1) PN at MLR -2.5% till 2021 2) Loan at MLR -2.5% from 2022-2023 and MLR -1.5%
throughout loan term
• 15 Jun 2020: ACE paid interim dividend from the retained earnings at 0.03 Baht/share
• 15 Jun 2020: ACE included in SET 100, FTSE SET Mid Cap and FTSE SET Shariah indexes
• 10 Jul 2020: ACE signed SPA with UA Wittaya plc. to acquire 3 biomass power plant companies with total installed power generation
capacity of 26.9 MW
• 21 Aug 2020: ACE acquired and transferred 3 biomass power plant companies from UA Wittaya plc. to become ACE’s subsidiaries
with the consideration paid of Baht 464.6 million. As a result, the consideration paid is lower than fair value of net asset transferred. Therefore, ACE gain from this acquisition as Baht 2.2 million.
• 6 Oct 2020: VSPP – Biomass (ACP4) Kampangphet with total installed capacity 9.9 MW has been signed PPA with PEA .
• Dec 2020: COD MSW Krabi on 28 Dec and opened SBM and ABE (UAB) 15 Dec and 27 Dec for electricity generation respectively.
Project in pipeline update
• 5 Jan 2021 : COD Waste Landfill at Udonthani province.
• 6 Jan 2021 : SPP Hybrid (BPP3) Kampangphet with total installed capacity 20 MW has been signed PPA with EGAT.
Krabi MSW Power Plant
Strictly Private & Confidential10
85.2
209.5 210.5 212.2
245.91449.57 449.57 449.57
550
2016 2017 2018 2019 2020 2021 2022 2023 2024
257.57
“To be the world practical model of Clean energy powerplant, which is responsible for environment, society, and shareholders”
1979/1 (40 years
ago): Shaiyo Triple
A Group
Board of directors
have experienced to
lead rice, corns,
cassavas and
woodchips producer
and exporter, has
expertise in
agriculture industry
and R&D in the fast
growing tree and
intrigued in exploring
the energy sector.
2016:
First COD of VSPP
“ALCP” MSW Power
Plant
2015:
Established
Absolute Clean
Energy (ACE) as a
Holding Company
with initial paid-up
capital of THB 0.5
mm.
2017:
First COD of SPP
“AAA” Cogeneration
Power Plant
2017:
Won and secured 4
SPP Hybrid Bidding
of total 93 capacity
MW
2018:
First COD of VSPP
Solar Rooftop
2012:
First COD of VSPP
“ACP1” Biomass
Power Plant
2024:
Expected to secure
an installed capacity
of 1,000 PPA MW
and becomes
Thailand’s largest
biomass power
producer
2022:
Estimated to
COD all
projects/2(449.57
MW)/3
Unit: MW
ACE’s Key Development Milestones
Remark : /1 http://www.saaa.co.th/SAA_ENG/home.php
/2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s
construction period is approx. 2 years
/3 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
ACE’s Total Capacity MW/3 over time
2019:
Listed in Stock
Exchange of
Thailand
A ACE Business Portfolio in Thailand
Power Type
Biomass Co-generation MSW Solar Waste Landfill
ACE’s Holding
Stake in
Projects
100.0% 100.0% 100.0% 100.0% 100.0%
Existing
+ Pipeline
Projects
12+14+1/1 1+0 2+0 4+1 1+0
Capacity MW
(Total Capacity
MW)
PPA MW to
Government &
IU
(Total PPA
MW)
116
201.9114.35
5.08
0.24
12.0
Remark: /1 Including APP’s capacity MW of 9.9. Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
/2 Electricity Sale Agreement (ESA) with IU
Total: 317.9/1 Total: 114.35 Total: 12.0
Total: 5.32/2
94.5164.31 90 8.9
Total: 258.81/1Total: 90 Total: 8.9
Total: 5.32
Existing Under Development + Pending for Development
Overview of ACE’s Portfolio
/1
/1
COD: 247.43
Pipeline: 202.14
Total: 449.57
COD: 21
Pipeline: 16/1
Total: 37/1
COD: 198.48
Pipeline: 164.55
Total: 363.03
100.0%
Power Plant Others
5.08
0.24
Assets Overview
Surin:
• No. 3
Khonkaen:
• No. 2 and 9
Roi-et:
• No. 5
Nongkhai:
• No. 6
Lampang:
• No. 7
Ubonratchathani:
• No. 8
Chachoengsao:
• No. 10
Kanchanaburi:
• No. 11
Kampangphet:
• No. 22, 23
• SPP – Hybrid
Srisaket:
• No. 31
Supanburi:
• No. 24
Nakornpathom:
• No. 25
Amnatcharoen:
• No. 28
Lopburi:
• No. 29
Krabi:
• No. 19
Pracheenburi:
• No. 30
Ranong:
• SPP - Biomass
▪ Operating projects
▪ Under development projects and
Pending for development projects
Nakhon Si Thammarat:
• 2 SPP - Biomass
COD Biomass
SCOD Biomass
COD Cogeneration
COD MSW
SCOD MSW
SCOD 4 SPP-Hybrid
Solar
Well-Balanced Portfolio with Diversified Locations
Source: Company information as of Dec. 2020
Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE /2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years
Chonburi:
• No. 1, 12, 14, 27, 32
Samut Sakhon:
• No.15
Nakhon Ratchasima:
• No. 4, 13 ,18, 21 ,32,33
TypeInstalled /
Equity MWPPA MW Location COD / SCOD Date Status
1 VSPP - Biomass 9.9 8 Chonburi 4/24/2012
2 VSPP - Biomass 9.9 8 Khonkaen 5/2/2012
3 VSPP – Biomass 9.9 8 Surin 10/30/2012
4 VSPP – Biomass 9.9 8 Nakhon Ratchasima 1/16/2013
5 VSPP – Biomass 9.9 8 Roi-et 6/4/2013
6 VSPP – Biomass 9.9 8 Nongkhai 12/26/2013
7 VSPP – Biomass 9.9 8 Lampang 7/9/2014
8 VSPP – Biomass 9.9 8 Ubonratchathani 8/14/2015
9 VSPP – MSW 6 4.5 Khonkaen 11/29/2016
10 SPP - Cogen 114.35 90 Chachoengsao 2/10/2017
11 VSPP – Biomass 9.9 8 Kanchanaburi 8/16/2017
12 VSPP – Solar Rooftop 1 1 Chonburi 11/20/2018
13 VSPP – Solar Rooftop 0.73 0.73 Nakhon Ratchasima 2/22/2019
14 1 Solar Rooftop 1 1 Chonburi 9/27/2019
15 1 Solar Rooftop 0.83 0.83 Samut Sakhon 1/5/2020
16 VSPP-Biomass 7.5 6.5 Buriram (SBM) 24/1/2006
17 VSPP-Biomass 9.5 8 Buriram (ABE) 6/2/2008
18 VSPP-Biomass 9.9 8 Nakhon Ratchasima (AAE) 11/10/2011
19 VSPP – MSW 6 4.4 Krabi 28/12/2020
20 Waste Landfill N/A N/A Udonthani 5/1/2021
21 Floating Solar 1.515 1.515 Nakhon Ratchasima 31/3/21
3 SPP – Hybrids
1 SPP – Hybrid93 76.31 Within 2022
EIA process
PPA signed 3
22 VSPP – Biomass 9.9 8 Kampangphet Within 2021 Under Construction
23 VSPP – Biomass 9.9 8 Kampangphet Within 2022
24 VSPP – Biomass 9.9 8 Supanburi Within 2022
25 VSPP - Biomass 9.9 8 Nakornpathom Within 2022
26 VSPP - Biomass 9.9 8 Nakhon Ratchasima Within 2022
27 VSPP - Biomass 9.9 8 Chonburi Within 2022
28 VSPP - Biomass 9.9 8 Amnatcharoen Within 2022
29 VSPP - Biomass 9.9 8 Lopburi Within 2022
30 VSPP - Biomass 9.9 8 Pracheenburi Within 2022
31 VSPP – Biomass 9.9 8 Srisaket Within 2022Under consideration of
Administrative Court
32 VSPP – Biomass/1 9.9 8 Chonburi Within 2022
Under negotiation
SCOD/2
33 1 Solar Rooftop 0.24 0.24 Nakhon Ratchasima Q1 2021 Under Construction
Total
Projects/MW37 449.57 363.03
Under
Development
and pending
for
development
(16 projects)
Existing
Projects
(21 Projects)
Under negotiation
SCOD/2
COD
COD
2
1
Buriram:
• No. 16,17
Udonthani:
• No. 20
Strictly Private & Confidential13
Project Type Location Project Name Installed MW PPA MW Equity Stake Target SCOD Current Status Construction Progress
SPP Hybrid Nakhon Si Thammarat BPP2 25 21.5 100.00% Within 2022 EIA Approval Process N/A
SPP Hybrid Kampangphet BPP3 20 13.31 100.00% Within 2022 PPA signed on 6 Jan 21 N/A
SPP Hybrid Nakhon Si Thammarat ACE Solar 1 25 21.5 100.00% Within 2022 EIA Approval Process N/A
SPP Hybrid Ranong ACE Solar 2 23 20 100.00% Within 2022 EIA Approval Process N/A
VSPP – Biomass Kampangphet ACP4 9.9 8 100.00% Within 2021 Under construction
VSPP – Biomass Kampangphet ACP7 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP – Biomass Supanburi ACP5 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP - Biomass Nakornpathom ACP6 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP - Biomass Nakhon Ratchasima AAPP3 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP - Biomass Chonburi ALCP5 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP - Biomass Amnatcharoen AFT1 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP - Biomass Lopburi BPP1 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP - Biomass Pracheenburi PSPR1 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP – Biomass Srisaket ALCP4 9.9 8 100.00% Within 2022Under consideration of
Administrative CourtN/A
VSPP – Biomass/1 Chonburi APP1 9.9 8 100.00% Within 2022 Under negotiation SCOD N/A
VSPP-Solar Rooftop/2 Nakhon Ratchasima ACE Solar 5 0.24 0.24 100.00% Q1 2021 Under construction
Total 202.14 164.55
Q4’20 Key Highlights : Project Updates
Remark: /1 Including APP’s capacity MW of 9.9. Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
/2 Status as of 31 Jan 21 is 80%
73%
61%
Operating Performance
15
ACE’s Biomass power plants
ACP1 Ban Bueng
ACP2 Phonthong
ALCP1 Si Chiang Mai
ALCP2 Sirindhorn
AAPP2 Chokchai
AAP1 Nam Phong
16 Strictly Private & Confidential
ACP3 Bo Ploy ABA1 ThoenAAPP1 Tanee
AAE Muang Korat (UKB) ABE Don Mon (UAB)
ACE’s Biomass power plants
SBM Muang Buriram
17 Strictly Private & Confidential
913
1,079
233 294 273
35.1%
38.8%
35.3%
40.2% 38.7%
0
200
400
600
800
1000
1200
2019 2020 Q4'2019 Q3'2020 Q4'2020
Biomass GrossProfit Biomass %GPM
ACE’s Biomass Operating Performance (9 Projects)
Plant Performance (9 Projects) Gross Profit and Margin
Availability Factor*
Capacity Factor**
Unit : THB mln
Remark:
* Availability Factor = Total operating hours/(Days*24 hours)** Capacity Factor = Electricity Unit sold /(Total operating hours*Total selling
Capacity)
Key Observation
• Gross Profit and Gross Profit Margin
▪ QoQ : -7% in Gross Profit and -1.5% in Gross Profit Margin
▪ YoY : +17% in Gross Profit and +3.4% in Gross Profit Margin
93% 92%96% 99%
0%
20%
40%
60%
80%
100%
2018 2019 2020 Q4'2020
98% 98% 99% 99%
0%
20%
40%
60%
80%
100%
2018 2019 2020 Q4'2020
18 Strictly Private & Confidential
Availability Factor / Capacity Factor
ACE’s Biomass Operating Performance (3 acquisitioned projects)
AAE (UKB) Plant Performance
SBM Plant Performance
Availability Factor / Capacity Factor
ABE (UAB) Plant Performance
Availability Factor / Capacity Factor
50%
79%
97%98% 93% 97%
0%
20%
40%
60%
80%
100%
1 Jul - 20 Aug 21 Aug - 30 Sep 1 Oct - 31 Dec
Availability factor Capacity factor
19%
N/A
71%78%
N/A
81%
0%
20%
40%
60%
80%
100%
1 Jul - 20 Aug 21 Aug - 30 Sep 27 - 31 Dec
Availability factor Capacity factor
42%
N/A
72%
33%
N/A
93%
0%
20%
40%
60%
80%
100%
1 Jul - 20 Aug 21 Aug - 30 Sep 15 -31 Dec
Availability factor Capacity factor
Key Observation
• AAE, ABE and SBM had been transferred to ACE since 21 Aug 2020.
• AAE operated its performance from 21 Aug – 31 Dec 2020 and record
revenue full quartered in Q4/20
• SBM and ABE were shut down for machinery and performance improvement.
However, SBM has operated since 15 Dec 2020 and ABE has operated
since 27 Dec 2020 respectively.
19
ACE’s MSW Power Plants
MSW Khon Kaen
MSW Krabi
20 Strictly Private & Confidential
ACE’s MSW Operating Performance
Plant Performance (2 Projects) Gross Profit and Margin
Availability Factor
Capacity Factor
Unit : THB mln
92% 95% 94% 98%
0%
20%
40%
60%
80%
100%
2018 2019 2020 Q4'2020
94% 96% 97% 97%
0%
20%
40%
60%
80%
100%
2018 2019 2020 Q4'2020
136
144
43
26
37
50.0%52.4%
59.1%
40.6%
51.5%
0
40
80
120
160
2019 2020 Q4'2019 Q3'2020 Q4'2020
MSW GrossProfit MSW %GPM
Key Observation
• Quarterly Gross Profit and Gross Profit Margin
▪ QoQ : +44% in Gross Profit and +10.9% in Gross Profit Margin
▪ YoY : -14% in Gross Profit and -7.6% in Gross Profit Margin
21 Strictly Private & Confidential
ACE’s Co-generation Power Plant
AAA Chachoengsao
22 Strictly Private & Confidential
ACE’s Co-Gen Operating Performance
Plant Performance (1 Project) Gross Profit and Margin
Availability Factor
Capacity Factor
Unit : THB mln
Key Observation
• Quarterly Gross Profit and Gross Profit Margin
▪ QoQ : -17% in Gross Profit and -0.2% in Gross Profit Margin from
decrease of average gas price, resulting in lower cost per unit and
annual plant shut down
▪ YoY : -19% in Gross Profit but +1.9% in Gross Profit Margin
GP decrease from planned plant shut down. However, GPM increase
because of cost saving by using in-house O&M service.
98% 99%
0%
20%
40%
60%
80%
100%
2018 2019 2020 Q4'2020
100% 100%
80% 82%76%
70%
0%
20%
40%
60%
80%
100%
2018 2019 2020 Q4'2020
577
547
147 144 119
27.9%
30.2%29.1%
31.2% 31.0%
0
200
400
600
800
2019 2020 Q4'2019 Q3'2020 Q4'2020
Co-Gen GrossProfit Co-Gen %GPM
Financial Highlights
Strictly Private & Confidential24
425
463
454
34.2%36.0%
36.6%
0
200
400
600
800
Q4'2019 Q3'2020 Q4'2020
Gross Profit %GPM
1,243 1,286 1,243
6 3 2
200
400
600
800
1,000
1,200
1,400
Q4'2019 Q3'2020 Q4'2020
Sales revenue Other revenue
Q4’20 Financial Highlight P&L
Revenue/1 Gross Profit and Margin
Remark: 1/ Exclude construction revenue
2/ Exclude GP from 3 UWC Biomass Power Plants.
Unit : THB mlnUnit : THB mln
1,2891,249 1,245
+0% YoY
-3.3% QoQ
Total Revenue
Total Revenue in Q4’20 was THB 1,245 mln
• QoQ : - 3.4% and YoY : -0.3% result from significant decrease in
Co-gen power plant sales due to planned shut down.
Gross Profit Margin in Q4’20 was 36.6%
• QoQ : +0.6% and YoY : +2.8% from increase in %GP of MSW
power plant.
Sale Revenue in Q4’20 was THB 1,243 mln
• QoQ : -3.3% results from significantly decrease in Co-gen power plant
sales due to planned plant shut down and no revenue from external O&M
service. However, it was substituted by revenue from 3 acquisitioned
Biomass Power plants (AAE was the first full-quartered of revenue
recognition)
• YoY : +0% result from significantly decrease in Co-gen power plant sales
as above
Gross Profit in Q4’20 was THB 454 mln
• QoQ : -1.9% from GP of Biomass increased by THB 4.8 mln
GP of MSW increased by THB11.4 mln
GP of Co-Gen decreased by THB 24.6 mln
• YoY : +6.9% from GP of Biomass increased by THB 62.8 mln
GP of MSW decreased by THB 6.8 mln
GP of Co-Gen decreased by THB 27.8 mln
+6.9%YoY
-1.9% QoQ
36.2%/2 37.0%/2
% GPM (excl.
UWC Biomass)
25 Strictly Private & Confidential
1,626
1,791
425 463 454
32.8%
35.9%
34.2%36.0%
36.6%
0
500
1000
1500
2000
2019 2020 Q4'2019 Q3'2020 Q4'2020
Gross Profit %GPM
Financial Highlight – YE’20 & Q4’20 Gross Profit and Gross Profit Margin
Unit : THB mln
36.2%/1
Remark: 1/Exclude GP from 3 UWC Biomass Power Plants.
% GPM (excl. UWC Biomass)
37.0%/1
Strictly Private & Confidential26
479545 501
38.5%
42.4% 40.3%
0
200
400
600
800
Q4'2019 Q3'2020 Q4'2020
EBITDA %EBITDA Margin
248
375327
-3
35
-73
20.0%
29.1%26.3%
-100
0
100
200
300
400
Q4'2019 Q3'2020 Q4'2020
Profit from ordinary activities Extraordinary items
%Core Margin
Q4’20 Financial Highlight P&L
Core Profit/ Net Profit
Unit : THB mln
EBITDA and EBITDA Margin
Unit : THB mln
254
410
245
EBITDA
-8% QoQ
Core Profit in Q4’20 was THB 327 mln
• QoQ : -13% from significantly decrease in Co-gen power plant sales due to
planned plant shut down and revenue from external O&M service.
• YoY : +32% from increase in sales from;
1) Record of revenue from 3 acquisitioned Biomass power plants
2) Significantly decrease in finance cost
3) Efficiency of managing production process control
EBITDA in Q4’20 was THB 501 mln
• Core EBITDA QoQ : -8% but YoY : +5% from EBIT margin
improvement.
Net Profit in Q4’20 was THB 254 mln
• QoQ :-38% from decrease in sale of goods and service and loss from FX
• YoY : +4 % from refinancing loans by paid-off debentures and other institution
loans resulting lower in cost of fund since Q4/19 .
Core profit
+32% YoY
Core profit
-13% QoQ
EBITDA
+5% YoY
Remark: 1/ Exclude Core Margin from 3 UWC Biomass Power Plants .
2/ Exclude EBITDA from 3 UWC Biomass Power Plants.
43.1%/2
Net profit
+4% YoY
Net profit
-38% QoQ
Net Profit
41.6%/2
% EBITDA Margin (excl.
UWC Biomass)
28.0%/129.6%/1
% Core Margin (excl. UWC Biomass)
27 Strictly Private & Confidential
884
1,359
248 375
327
-69
149
-3
35
-73
17.9%
27.2%
20.0%
29.1% 26.3%
-100
100
300
500
700
900
1100
1300
1500
1700
2019 2020 Q4'2019 Q3'2020 Q4'2020
Profit from ordinary activities Extraordinary items %Core Margin
Financial Highlight – YE’20 & Q4’20 Net Profit / Core Profit / Core Profit Margin
Net Profit
815
Unit : THB mln
1,508
245
410254
Q4-2019 Q3-2020 Q4-2020
Ordinary
activities
Extraordinary
itemsTotal
Ordinary
activities
Extraordinary
itemsTotal
Ordinary
activities
Extraordinary
itemsTotal
Profit before tax (EBT) 255 (3) 252 375 44 419 338 (91) 247
Tax income(expense) (7) - (7) - (9) (9) (11) 18 7
Net profit 248 (3) 245 375 35 410 327 (73) 254
28.0%/1
Remark: 1/Exclude Core Margin from 3 UWC Biomass Power Plants.
29.6%/1
% Core Margin (excl. UWC Biomass)
28 Strictly Private & Confidential
Financial Highlight – YE’20 & Q4’20 EBITDA
Unit : THB mln
Remark: 1/Exclude EBITDA from 3 UWC Biomass Power Plants.
43.1%/1
1,865
2,233
479 543
501
37.7%
44.8%
38.5%42.4%
40.3%
0
500
1,000
1,500
2,000
2,500
2019 2020 Q4'2019 Q3'2020 Q4'2020
EBITDA Extraordinary items %EBITDA Margin
41.6%/1
% EBITDA Margin (excl.
UWC Biomass)
29 Strictly Private & Confidential
ACE Outstanding Debt and Leverage Ratio
ACE’s Leverage Ratio
Unit: THB mln December 31
2018 2019 2020
Current Interest-bearing debt 1,166 1,084 842
Non-Current Interest-bearing debt 6,632 1,911 3,106
Total interest-bearing debt 7,798 2,995 3,948
Cash equivalent and restricted cash 429 571 760
Net Interest-bearing debt 7,369 2,424 3,188
Equity (THB mln) 5,572 10,793 11,993
Unit : THB mln
5,572
10,793
11,993 1.40x
0.28x 0.33x
1.32x
0.22x 0.27x
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2018 2019 2020
Total Equity IBD/E Net IBD/E
30
2 Operational Expertise &
Economy of Scale
✓ Lower plant heat rate = decrease fuel
consumption by up to 30%
✓ Artificial Intelligence, IoTs and Big
data for cost control and operations
improvement
✓ Environmentally friendly
✓ Proven track record in building and
running 19 successful powerplants
projects
✓ Continuous operational improvements
✓ Economy of scale
✓ Strong feedstock purchasing team
✓ Last supply chain network and efficient
(over 40 years in the making)
1 Advance Technology
3 Relationship with Key
Stakeholder
✓ Major shareholders’ plantation
business can support long-term
feedstock development plan
✓ Strong & long-term relationship with
communities and farmers
✓ Strong relationship with lender
ACE’s 3 Core Value Represent Competitive Advantage to Secure New PPAs
R&D
Sustainability
✓ Fuel crops from major
shareholders’ plantation
business
✓ New Biomass Fuel Types
✓ Machineries and improved
design
✓ Feed stock security
✓ Financial security
✓ Community support
Knowhow
✓ Low O&M cost
✓ Strong & capable team of professionals
ready to handle new projects.
31 Strictly Private & Confidential
ACE’s Key Strengths and Opportunities
2
3
Efficient Operational Capabilities with Continuous Improvement
▪ Lower Feedstock and O&M cost which leads to higher margin
▪ Stronger creditworthiness which leads to lower financing cost
▪ Peer-to-Peer Electricity Trading which leads to additional electricity sales
Low Downside Risk
▪ Secured Demand & Cashflow (Long term Power Purchase Agreement with the Government)
▪ Proven Operational Excellence & Feedstock Management
▪ Our business model commits to the greater good and has a positive Total Societal Impact (TSI)
Continuous Growth from Projects in the Pipeline and Future
▪ Power Plant’s PPA with exceptional tariff rate
▪ Better technology which leads to higher efficiency and less feedstock / kWh
▪ Economy of Scale resulting in lower CAPEX, OPEX, and SG&A
▪ Appreciation of THB potentially leads to lower CAPEX
▪ 28% share in the latest biomass power plant bidding
5
World Megatrend
▪ “Electrification” Era
▪ Global & Thailand Commitment to Zero Carbon which implies the rise of renewable energy
▪ Biomass is one of the most reliable renewable energy that can replace the base load provided by conventional energy.
▪ ESG Business
1 Thailand’s Leading Integrated Power Producer with Highest Growth Potential
▪ Largest and fast-growing Biomass Power Producer supported by PPA with PEA in Thailand
▪ No. 1 Renewable Power Producer in Thailand in terms of Equity MW Growth
4
32
Total Societal Impact(TSI) and Environmental, Social and Governance (ESG)
Biomass Power plant
Municipal Solid Waste (MSW) Power plant
Contribute to the Paris Agreement Decreasing greenhouse gas emission.
Future Potential To provide base-load to grid in place of conventional energy
• Saves government’s spending on putting down forest fires and farm fires
• Saves government’s spending on PM 2.5 related health problems such as respiratory
complications, masks distributions and water spraying in cities, to from PM 2.5 particle.
• Prevents economic loss from the decrease in tourism due to PM 2.5 problems.
Solves PM 2.5 problem at the root
• Additional income to farmers
• Stabilize income for farmers under market uncertainty → reduce empty subsidies that
the government has to give out
• Distribution of revenue to grassroots : Shift from LNG imports to purchasing fuel from individual Thai
farmers
Positive Economic and Societal
Impact
GDP Contribution/1 1.8 Billion THB / year / 9.9 MW biomass power plant
Source: Thailand Energy Academy
Contribute to the Paris Agreement Decreasing greenhouse gas emission.
Future Potential To provide base-load to grid instead of conventional energy
Solves MSW mountain problems Save healthcare and environmental spending for the government from problems caused by MSW in
landfills