META Corporation Public Company Limited › Listed › META › calendar › ... · 2015 – 2017 Vintage Engineering Public Co., Ltd. Executive Director / Director 2014 – Present

META Corporation

Public Company Limited

Opportunity Day

12 Jun 2018

Page 2

Strictly Confidential Information

Cautionary Note Regarding Forward-looking Statements

The information contained in this document has not been independently verified and no representation or warrantyexpressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or

correctness of this information or opinions contained herein.

Certain statements contained in this document may be statements of future expectations and other forward-lookingstatements that are based on management‘s current view and assumptions and involve known and unknown risks anduncertainties that could cause actual results, performance or events to differ materially from those expressed or

implied in such statements.

None of META Corporation Public Company Limited or any of its affiliates, advisors or managements shall have anyliability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or itscontent or otherwise arising in connection with this document.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor anypart of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.”

Disclaimer

Page 3


Agenda

1 Overview

2 Project Portfolio

3 Financial Performance

Page 4


Overview

To emerge as one of leading players in the Asian

energy sector, with fully integrated energy

business and well diversified power plant portfolio located across ASEAN and Japan

Vision

Phase 1 : Expansion of Core Business

Master Development Plan

Phase 2 : Integration of Power Plant Development

Business

Phase 3 : Fully Integrated Power Business

To transition the mechanical and electrical

engineering services to EPC contractor for power plants and other infrastructures

To integrate the existing business with

power plant development business as a foundation for the long term business plan

To add related businesses such as O&M

service and feedstock trading businesses to complete the targeted business goal

Existing BU

M&E Engineering

Additional BU

EPC Contractor

Existing BU

1 M&E Engineering

2 EPC Contractor

Additional BU

Power Plant Development

Existing BU

1 M&E Engineering

2 EPC Contractor

3 Power Plant

Development

Additional BU

O&M ServicesFeedstock

Trading

5 years development

Page 5


Rapid decrease in

global coal price

Key Milestones

• Established as Vintage

Technology Limited company

• Conducted mechanical and electrical engineering

business

• Changed the name to Vintage Engineering

Company Limited

• Listed on Stock

Exchange of Thailand’s Market for Alternative

Investments (MAI)

• Initiation of Coal Mining

Business

• Impairment of the

investment in SMI (Coal Mine)

2016 : Turn-around!

• Initiation of EPC Contractor Business EPC contractor for 220 MW

Minbu Solar Power Project

in Myanmar EPC contractor for 25 MW

Biliran Solar Power Project

in Philippines

• Highest annual revenue and net income since

establishment

• Impairment of the investment

in BJCM (Coal Marketing Right)

• Initiation of Power Plant Development Business 12% investment in 220 MW

Minbu Solar Power Project

in Myanmar

100% TK investment in 1.17MW Kagoshima Solar

Power Project in Japan

• Start of

Construction of Phase I 50MW

Minbu Solar Power Plant

1992 -

20102011 2013 2014 20162015 2017 2018

• Changed the

name to META

Corporation

Public Company

Limited

Page 6


100%

Company Structure

META Corporation Public Company Limited

Engineering and Construction

Business

Vintage EPC Company Limited

VTE International Construction

Company Limited

Off-shore EPC : International Projects

On-shore EPC : International Projects

Power Plant Development Business

Vintage Holding Japan

Company Limited

Green Earth Power (Thailand)

Company Limited

Developer of Power Plants in Japan

Developer of Power Plant in Myanmar

Construction Period

Others

WorldMax Management

Company Limited

Feedstock trading business

PT Sunhub Mining International

Company Limited

Coal mining and trading business*

100%

100% 12%

100%

25%

Basic Energy Corporation (BSC)

Strategic Partnership to pursue the

development of Renewable Energy

Projects in the Philippines

9%

NOVA Asia

Company Limited

Financial Advisory

100%

Page 7


Education and Achievement

Bachelor degreeNihon University

45th Food Industry

Achievement Award

Kochi Mayer Commendation

Award

Management Profile

Honorary Chairman

Mr. Katsuyuki Takeuchi

Mr. Katsuyuki Takeuchi was appointed to be a Honorary Chairman of META, with a rich

experience in food industry in Japan from working in Asahi Shokuhin Co., Ltd. as a top management

level for more than 40 years. Not only experience in food industry, he also has knowledge in various

investment activities in energy sector as currently he is serving one of the power company inJapan, Shikoku Electric Power Co. Inc. as Audit & Supervisory Board Member.

Duration Company Position

Present META Corporation Public Co., Ltd. Honorary Chairman

Present Shikoku Electric Power Co., Inc. Audit & Supervisory Board Member

2016 - Present Asahi Shokuhin Director and Advisor

2012 Asahi Shokuhin (New Establishment) Chairman of the Board

2012 Asahi Shokuhin Holdings Chairman of the Board

2004 Asahi Shokuhin Chairman of Board

1995 Asahi Shokuhin President

1988 Asahi Shokuhin Vice President

1981 Asahi Shokuhin Managing Director

Page 8


Chairman of the Board


Bachelor of Engineering

Thonburi Institute of

Technology

Master of Marketing

Kasetsart University

Management Profile

Mr. Soraj Rojanabenjakul

Mr. Soraj Rojanabenjakul is one of the founders of Vintage Engineering Public Company Limited,

and had been Chief Executive Officer since 1992. He also serves as its Managing Director,

Chairman of the Board, Chief of Executive Board and Member of Executive Board. Mr. Soraj has

more than 25 years of experience in the field of engineering business. Under his guidance, VTEgrew and expand to assume its present leading position and is on its way to becoming one of the

leading utility and engineering firms in SEAsia. In addition, Mr. Soraj is well connected with wide

range of both domestic and international leading firms among various industries.


Present META Corporation Public Co., Ltd. Chairman of the Board and Director

1992 – 2017 Vintage Engineering Public Co., Ltd. Chairman and Chief Executive Officer

2012 – Present Inno Products Co., Ltd. Director

2012 – Present WorldMax Management Co., Ltd. Director

2012 – Present Capital Core Co., Ltd. Director and Management Director

Page 9


Mr. Supasit Pokinjaruras

Mr. Supasit Pokinjaruras started his career at HSBC (Thailand) developing relationships and

managing investment portfolios for high net worth individuals. His subsequent careers took him

anywhere from being a well-experienced entrepreneur, involved in brokerage businesses, to

participating in the entertainment industry. His first foray into the Renewable Energy Industrybrought him to develop one of the most innovative and advance Solar Power Plant project in Japan.

Soon after he became the head of Green Earth Power (Thailand) Co., Ltd., and co-developed a

220MW Solar Farm in Minbu, Myanmar. Mr. Supasit places strong emphasis on the financial aspect

of the operation, while also being well-versed in Solar Power technologies.


Present META Corporation Public Co., Ltd. Chief Executive Officer

2015 – 2017 Vintage Engineering Public Co., Ltd. Executive Director / Director

2014 – Present AVA Asia Ltd. Co-Founder and President

2013 – Present Good Deal Entertainment Co., Ltd. Co-Founder and Managing Director

2012 – Present Green Earth Power (Thailand) Co., Ltd. Managing Director

2011 – 2014 Green Earth Power Japan Co., Ltd. Executive Director

2013 – 2014 RSB OSK Securities (Thailand) PCL Senior Vice President

2012 – 2013 Trinity Securities Group Vice President

2011 – 2012 Finansia Syrus Securities PCL Senior Assistant Vice President

2007 – 2010 HSBC Assistant Vice President

Chief Executive Officer


Bachelor of Business

Administration (International

Program), Thammasat University

Master of Science in

Financial Analysis,

University of San Francisco

Management Profile

Page 10



B.A. Economics and

International Relations

Boston University

Master of Science Finance

and Economics,

London School of Economics

and Political Science

Master of Science Real

Estate Finance

New York University

Management Profile

Mr. Aung Thiha

Mr. Aung Thiha one of VTE’s Directors, is a seasoned investment professional with significant

professional experiences that include extensive sourcing, underwriting, structuring and restructuring

of investments that range from power plants to real estate in the United States, Brazil, Thailand and

Myanmar. His immersive career path lends him an ability to pinpoint opportunity and risk in themarket with clarity and assurance. After his successful ventures in Investment Banking and Private

Equity, together with Mr. Supasit, he went on to tackle the Renewable Energy Industry in Japan and

later on culminated in the founding of Green Earth Power (Thailand) Co., Ltd, and spearheaded the

development of a 220MW Solar Farm in Minbu, Myanmar, one of the largest power plants of its kind.


2015 – Present META Corporation Public Co., Ltd. Executive Director / Director

2014 – Present AVA Asia Ltd. Co-Founder and CEO

2012 – Present Green Earth Power (Thailand) Co., Ltd. Executive Director

2011 – 2014 Green Earth Power Japan Co., Ltd. Executive Director

2009 – 2012 Ava Capital Management Managing Director

2009 – 2011 Algon Group Restructuring Advisor

2008 – 2009 Brookfield Asset Management Associate

2007 – 2008 Nomura Credit and Capital, New York Office Assistant Vice President

2005 – 2007 CW Capital, Fortress Investment Group Securitization Associate

Executive Director

Page 11


Agenda

1 Overview

2 Project Portfolio


Page 12


Engineering and Construction Projects (EPC)

Biliran

Myanmar

Project 220.00MW Minbu Solar Power Plant

Status Under Construction

Role Turn-key EPC

Location Minbu District, Magway Region, Myanmar

Scope of Work Turn-key EPC Contractor

Construction Timeline Expected Start: April, 2018

Expected Completion: July, 2021

Expected Revenue USD 1.285 mm per MW

Operating Margin (%) ~ 7.00%

Philippines

Project 25.56MW Biliran Solar Power Plant (Under Contract Revision

by Owner)*

Status Under Construction

Role Off-shore EPC

Location Biliran Province, Eastern Visayas Region, Philippines

Scope of Work Off-shore Contractor

Construction Timeline Expected Start: August, 2016Expected Completion: Within 2019

Expected Revenue USD 1.29 mm per MW*

Operating Margin (%) ~ 8.00%

Active Projects

Minbu

Page 13


Power Plant Projects

Myanmar

Project 220.00MW Minbu Solar Power Plant

Status Under Construction (COD first 50MW in January, 2019)

Role Owner

Location Minbu District, Magway Region, Myanmar

Tariff / PPA Term USD 0.1275 per kWh/ 30 Years with extension option

Equity IRR 8% - 10%

Project cost ~ USD 293 mm

Active Projects

Minbu

Japan

Project 25.00MW Saga Biomass Power Plant

Status Deposit was placed in 2016, Pre-Construction, Permits

fully obtained, COD 2021

Role Owner

Location Karatsu City, Saga Prefecture, Japan

Tariff / PPA Term JPY 24 per kWh/ 20 Years

Equity IRR 9% - 11%


Saga

Japan

Project 25.00MW Wakayama Biomass Power Plant

Status Securing Developing Rights

Role Owner

Location Wakayama Prefecture, Japan


Equity IRR 9% - 11%

Project cost To be confirmed

Wakayama

Page 14


Power Plant Projects

Potential Pipeline Projects

Kitakyushu

Japan

Project 288.00MW Kitakyushu Wind Power Project

Status Development Stage

Role Owner

Location Kitakyushu City, Fukuoka Prefecture, Japan


Equity IRR 10% - 11%


Japan




Role Owner



Equity IRR 9% - 11%


Japan




Role Owner



Equity IRR 9% - 11%


Saga

Page 15


No ProjectPeriod

StatusAmount

(MB)Start End

1 Rama IX Museum 31/5/17 10/11/18 Ongoing 69.43

2 KU @ Kampangsean 16/1/16 3/7/18 Ongoing 284.11

3 Biliran Project 22/9/16 1/12/18 Ongoing 331.52*

4 Minbu Project by

VEPC

Nov 2016 Jan 2022 Ongoing 6,455.68*

5 Minbu Project by

VINTER

Nov 2016 Jan 2022 Ongoing 1,418.88*

Total 9,497.22

Backlog Project

*FX USD 1 = THB 32

Page 16


Minbu Project: Press Visit

Page 17Confidential

Minbu Project: Press Visit

Page 18Confidential

H.E. U Win Khaing

(Minister, Ministry

of Electricity &

Energy)

H.E. Dr Aung Moe

Nyo (Chief

Minister, Magway

Regional

Government)

Minbu Project: Commencement Date

Page 19Confidential

Mr. Aung Thiha, Chairman and MD of GEP

(Myanmar) and Green Earth Power (Thailand)


Page 20Confidential


Page 21Confidential


Page 22


Minbu Project

Page 23Confidential

The EPC Contractor completed leveling at HHV Substation area on 15 May 2018. The work started end of March 2018.

The EPC contractor started to build the drainage system on 1 May 2018 and expects to complete by end of June 2018.

Minbu Project

Page 24Confidential

Pictures from GEP Myanmar (“GEPM”) and Electric Power Generation Enterprise (“EGPE”) participated in Factory Acceptance Test (FAT) executed at Siemens Italy between 14 – 16 March 2018.

Minbu Project

Page 25


Agenda

1 Overview

2 Project Portfolio


Page 26


659.6

2

229.0

8

938.67

2017 3M17 3M18

Revenue

58.78

25.75

77.59

2017 3M17 3M18

Gross Profit

-269.74

-

47.81

24.53

2017 3M17 3M18

Net Profit

0.39

1.351.19 1.12

2015 2016 2017 3M2018

D/E Ratio

Current Asset,

2.22

Current Asset,

0.97

Non-Current

Asset, 3.16

Non-Current

Asset, 0.92

As of 31 Dec 2017 As of 31 Mar 2018

Total Equity,

1465.71

Total Equity,

1921.97

Current Liab.,

1.53Current Liab.,

2.14

Financial Performance

-

269.4

9

-16.9

80

2017 3M17 3M18

EBITDA

Page 27


Financial Performance

0

500

1000

1500

2000

2015 2016 2017 3M2017 3M2018

Revenue Structure

Advisory EPC Coal M&E and Construction

460.00

1,629.08

659.62

229.08

938.67

Million Baht

15.05% 14.26%8.91% 11%

8%

-15%

3%

-40.86%

3%

2%

-23.07%

3.06%

-40.89%

-21%

3%

-50.00%

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

2015 2016 2017 3M2017 3M2018

Statement of Comprehensive Income

GPM EBITDA Margin NPM

Page 28


Q&A

Page 29


Expenditure Amount (THB)

Financial Cost1 90,599,053

Loss on written-off exclusive marketing right2 44,329,242

Bad debts and doubtful accounts3 35,570,440

Loss on impairment investment in associates4 31,436,999

B/E Issuing Fee 30,426,974

Total 232,361,808

Extra Expenditure as of 31/12/17

Remark:

(1) Financial cost amount 90.60 MB was caused by B/E and Debenture issuing in 2016 and 2017, respectively.

(2) It’s the loss on written-off for PT Huashia Project, which is the exclusive marketing right for coal product, amounted 44.33 MB.

(3) It’s the Company’s doubtful account of construction business.

(4) FX loss.

Documents

META Corporation Public Company Limited › Listed › META › calendar › ... · 2015 – 2017 Vintage Engineering Public Co., Ltd. Executive Director / Director 2014 – Present