an_super_2020_en

requesting for loan to support such projects, the decreased by 47.32 million Baht, compared to the year
Company’s expensed relating to consulting expenses are 2018 or 35.02%. In the meantime, in 2019, the Company
still recorded in the financial statements. These are one- additionally recognized revenue under various service
time costs and not ongoing costs. The Company predicts contracts to Super Energy Power Plant Infrastructure Fund
that, after the normal course of business, the Company will in the amount of 31.58 million Baht and a small amount of
recognize the net profit of approximately 25% to 28% other revenues from services, such as waste disposal
compared to the Company's total revenues in the future. services, which decreased by 9.11 million Baht compared
to the year 2018.
In 2020, the Company recognized losses on
disposal of investments in its associated companies and Profits in 2019 was the general operating profits
subsidiaries in the amount of 29.40 million Baht. in the amount of 1,382.80 million Baht, increased by 108.61
Regarding the wind energy investment projects in Vietnam million Baht from the year 2018. This was because the
which have not been developed by the Company, they enhancement of solar power plant efficiency and the
were sold back to the seller in order to reduce the risk that investment in solar power plant projects in Vietnam.
the project development will not be completed within the However, in 2019, the Company transferred the rights to
specified period. net income recognition in order to establish Super Energy
Summary of Operating Results in 2019 Power Plant Infrastructure Fund in the total amount of 7,928
million Baht, causing the Company to recognize the extra
The continuity from the expansion of investment and profits from asset disposal to the infrastructure fund in the
development of projects in the renewable energy power amount of 1,289.92 million Baht. After deducting
plant business of the Company caused the Company to accounting and tax effects, the extra profit from such asset
have the certain and stable revenue recognition. In 2019, disposal was 991.60 million Baht. In summary, the
the Company recognized the operating income in the Company had profits for the year 2019 in the amount of
amount of 6,245.58 million Baht, increased by 516.17 2,374.41 million Baht, increased by of 1,100.21 million Baht
million Baht from the year 2018 or accounting for 9.01%. from the year 2018 or accounting for 86.35%. In the
Such increasing revenues derived from the revenue from meantime, the Company’s gross margin was at the normal
COD of solar power plant projects for government level of 52.82% and 49.66% for the year 2019 and 2018,
agencies and agricultural cooperatives in Phase 2 in the respectively.
amount of 174.46 million Baht, the revenue from solar
power plant projects in Vietnam in the amount of 398.59 Renewable power plant business, especially the
million Baht, including the revenue from the industrial solar power plant, which is the main income of the
waste-based power plant project in Sa Kaeo Province, company, generates the stable income, while most of the
which increased from the year 2018 due to an incomplete costs mainly consist of depreciation from investment in
COD in 2018 in the amount of 187.53 million Baht. In machinery and equipment. The operation and maintenance
addition, the investment in the water business also caused is not very complicated. As a result, regarding the overall
the revenue recognition in the amount of 44.35 million Baht, operations of the Company, EBITDA margins were
while the revenue from information and communication recognized in a high amount, accounting for 82.25%.
technology services accounted for 73.44% of revenues Compared to the operating income of the company in the
from services. It decreased due to the severe competition year 2019, it was in the amount of 5,137 million baht in
and procedures for work presentation with agencies in the 2019, increased by 397 million Baht from year 2018.
public and private sectors. The revenues from services in
the information and communication technology business Regarding the investment in renewable power
plant projects, the Company also received investment

privileges from the Board of Investment. The significant from more than 100 domestic solar power plant projects
details were as follows: with a total capacity of 563.60 megawatts.
Figure 2 Proportion of Revenue in 2020 and 2019
1) Exemption of import duties and taxes for
machinery approved by the Board of Investment In 2020, it was found that the total revenues
from domestic solar power plants were 4,602.85 million
2) Exemption of corporate income tax on the net Baht, representing 70.65% of the total revenues throughput
profit derived from the promoted activity for a period of 8 the year, decreased by 672.87 million Baht, compared to
years from the date that income is first derived from such the year 2019, or accounting for 12.75%. This was because
activity in 2019 the Company transferred the rights to net income
to establish the SUPEREIF Fund with a total capacity of 118
3 ) In the case where a loss has been incurred megawatts. According to the operations in 2020, it was
during the period of receiving exemption of corporate found that some projects of the Company were affected by
income tax, such annual loss incurred during that period the climate with continuous rainfall, especially in the area of
can be deducted from the net profits accrued after the Sa Kaeo Province, causing 6 projects of the Company
expiration of the period of exemption of corporate income under S2P Energy Company Limited to be affected by
tax for a period of not more than 5 years from the expiry high-tide flooding. Therefore, the system must be stopped
date of such period. for a period of time, which caused the Company to lose
66.55% of revenue from these 6 projects (compared to the
4) Dividends derived from a promoted activity lost revenue in the 4th quarter 4 of the year 2020 from the
granted an exemption of corporate income tax under Item same period of the year 2019). However, although the
(B) shall be exempted from the calculation of taxable investment in SUPEREIF will result in a decrease in the total
income throughout the period the promoted person
receives the exemption of corporate income tax.

5) A 50% reduction of the rate of corporate income
tax on the net profit derived from the promoted activity for a
period of 5 years commencing from the expiry date of
privileges under Item (B).

6 ) Permission to the double deduction from such
expenses of transportation, electricity and water supply
costs for a period of 10 years from the date that income is
first derived from such activity.

7) Permission to deduct an amount of not
exceeding 25% of the investment in installation or
construction of facilities, in addition to normal depreciation.

14.3 Analysis of Operating Results
Analysis based on Consolidated Financial Statement as at
December 31, 2020, Compared to December 31, 2019

In 2020, the main revenue still derived from the
renewable energy power plant business, both solar energy
and thermal energy from waste, representing 91.4% of the
total main revenues from the total operations in 2020
amounting to 6,514.61 million Baht. It consists of revenues

revenues in the domestic solar power plant segment, the Regarding the waste-based thermal power plant
Company has sufficient cash flow to further expand other project, the construction period is approximately 18
investments, which generates more revenues, such as months. In the past, the Company had invested in and
solar power plant projects in Vietnam. The Company developed the industrial waste-based thermal power
currently has 9 commercially operated projects with a total project in Sa Kaeo Province since 2017 and its commercial
capacity of 836.72 megawatts. Some projects have not operation date was in 2018. Subsequently, the
recognized full-year revenue in the past year because the development of the municipal solid waste-based thermal
commercial operation date is at the end of the year. As a power plant project began in 2019 and its commercial
result, in 2021, revenues from solar power plants in operation date started in April, 2020. However, general
Vietnam will have a higher proportion of revenues than in revenues of waste projects include revenues from waste
2020 from existing projects. If the installed capacity of disposal fees (depending on the type of waste fuel) and
domestic and overseas solar power plants are considered revenues from electricity distribution. Regarding the 2
and compared, it is found that the overseas capacity of projects mentioned above, the Company has not yet
836.72 megawatts is higher than domestic capacity of earned any revenues from waste disposal fees because
536.60 megawatts. However, when considering the the first project is an industrial waste project. Normally,
revenues, it is found that the revenues from domestic industrial waste is considered the fuel with suitable heating
project are higher than those from overseas projects due to value for the industry. Therefore, the Company still needs
the differences of power purchase prices. Over 95% of to invest in fuel. In the meantime, the project in Phichit
domestic projects are in the form of Feed in Tariff at the Province is the project that specifies the conditions for
rate of 5.66 Baht per unit, which are the existing project 100% RDF municipal solid waste disposal. As a result,
being developed in the past 5-6 years. Regarding the there are still some costs in fuel as well. It is necessary to
overseas projects, they have just been developed in the study and learn about the utilization proportion of each
past few years, so they are in the form of Base Rate at rate type of fuel from industrial waste and RDF processed
of 7.09-9.35 US cents, depending on the project. waste in order to manage fuel costs after commercial
Compared to Thai Baht, the average amount is operations and to be suitable for the disposal technology
approximately not more than 3 Baht per unit, which is and process invested and installed by the Company as
consistent with the trend of technology costs that decrease much as possible.
continuously at the time of construction. However,
revenues from the solar power plant business in Vietnam However, the operating income in 2 waste-
was recognized in the amount of 1,013.33 million Baht, based thermal power plant projects with COD was
increased by 614.74 million Baht, or accounting for recognized in the amount of 560.75 million Baht,
154.23%, from the year 2019, which the revenues were representing 8.61% of the total revenue throughout the
recognized only in the second half of the year for 4 power year, increased by 153.99 million Baht from 406.76 million
plants with a capacity of 186.72 megawatts. In 2020, the Baht in 2019, accounting for 37.86%. However, it was still
revenues from 5 additional projects were recognized as lower than the amount of approximately 45-50 million Baht
follows: Thinh Long Project was recognized at the per megawatt per year as predicted by the Company due
beginning of the year, Sinenergy Project was recognized at to the reasons mentioned above. In addition, the Company
the mid-year, and Loc Ninh Project was recognized at the is currently developing an investment project for a
end of the year, totaling 9 projects with a total capacity of municipal solid waste-based thermal power plant in Nong
836.72 megawatts. Khai Province. Its commercial operation date is expected
to be in early 2022. As a result, the growth rate of revenues

from waste-based thermal power plant will increase every growth. In contrast, it is an extremely competitive business.
year in the next few years. There are always new players entering the market
constantly. However, with the quality of the trained
The business of production and distribution of personnel and true IT personnel, both public and private
water for consumption is another business in which the employers are confident to use our services and most of
Company sees the opportunity to invest due to the nature them renew the contracts. As a result, in 2020, the
of business similar to the concession business. It has a revenues from the information and communication
clear contract for production and distribution for the technology business amounted to 83.88 million Baht.
Provincial Waterworks Authority, the private sector, and the Although the amount is not remarkably high, it is the fairly
household sector. Currently, this business is still a small consistent income. Compared to the year 2019 amounting
business compared to the Company's main business, such to 86.33 million Baht, decreased by 2.45 million Baht or
as renewable energy power plant. However, it is another accounting for 2.84%.
business that the executives realize that it will grow in the
near future because "water" is considered a basic public Figure 3 Table of Other Revenues in 2020 and 2019
utility for life. At present, the Company participates in the
bid for projects in Phuket and Chonburi, which has a large Y2019 Y2020
water consumption rate. In addition, it was found that such
provinces are still short of adequate water sources. In Revenues from Main Business 5,275.72 4,602.85
2020, the Company bid for 3 projects and completed the Solar TH 398.59 1,013.33
construction and also invested in lands with pond, which Solar VN 406.76
would be used as a source of water for production and Waste 44.35 560.75
distribution to the Company in the long term. In 2020, the Water 86.33 166.48
Company recognized revenues from the business of IT 33.83 83.88
production and distribution of water for consumption in the Others 87.32
amount of 166.48 million Baht, representing 2.56% of the Revenues from Investment and Others
total revenues throughout the year, increased from the year Share of profit from investment in 91.73 76.72
2019, where revenues of water distribution projects in the associate
Chaimongkol Sub-District Administrative Organization area Gain (Loss)Exchange (88.87) 225.79
were mainly recognized, including only some parts of 4 Other income 52.75 77.36
water production and distribution projects in Phuket Income of financing 77.60 176.37
Province in the 4th quarter, amounting to 44.35 million Baht
or increased by 122.13 million Baht, accounting for Total 6,378.79 7,070.84
275.41%.
The total revenues in 2020, in addition to the
The information and communication technology abovementioned businesses, the Company also
business also generates consistent revenues since recognized revenue from the share of profits from
SUPER’s acquisition of shares. The nature of this business investments in associated companies and investments in
emphasizes on providing personnel services to support IT Super Energy Power Plant Infrastructure Fund with the
works. Most of them are one-year contract or long-term shareholding proportion of 20%, amounting to an
contract of not exceeding 3 years, depending on whether investment value of 1,130 million Baht, which the Company
the agency is private sector or public sector. The transferred the rights to net income on August 14, 2019,
advantage of this business is the tendency of continuous amounting to 76.72 million Baht, decreased by 15.01
million Baht or accounting for 16.36%, compared to the
year 2019 of 91.73 million Baht. This was because, in 2019,

the Company recognized the share of profits in a company Source: Website, Investing.com
in the proportion of 33% of the registered capital. The Regarding the overseas investment, the
Company disposed of such investment on January 6, 2020,
so it was the main reason of the decrease in revenues in important factor that is often discussed and has a
this segment. In addition, other revenues in addition to significant impact on business operations is the exchange
main operating income were also recognized, such as rate. It must be admitted that, to invest in Vietnam, the
financial income, which was the interest income from loans Company considers the impacts of exchange rates by
provided to an unrelated company in order to keep the monitoring the movement of exchange rates in each
amount of RDF processed waste to be the fuel for the country to the international currencies, such as US Dollar.
Group's waste-based thermal power plants, and the In 2020, the movement of Thai Baht to US Dollar was very
interest income from loans in projects under construction volatile. Although it is not much different when compared
and development, and some other revenues. As a result, the beginning of the year to the end of the year, the change
the Company’s total revenues from operations and is more than 1% during the year, which is considered fairly
investments were 7,070.84 million Baht, compared to the volatile. In addition, it is likely to cause currency
year 2019 amounting to 6,378.79 million Baht, increased by appreciation compared to the beginning of the year 2020.
692.06 million Baht or accounting for 10.85%. According to Meanwhile, the Vietnamese Dong to US Dollar showed a
all of the above reasons, they are in accordance with the significant movement and change in the first quarter of the
revenue goal set by the Company. The Company aims to year 2020 during the COVID-19 outbreak. Afterwards, it
generate revenues continuously at least 25%-30% annually was found that the movement of the exchange rate was
in the next few years. relatively stable due to the balanced volume of investment
Impact of Foreign Exchange Rates on the Company inflows and outflows in Vietnam that were stable and had a
Figure 4 Movements of Key Exchange Rate steady growth trend. However, the impacts of exchange
rates on the Company were mainly caused by investments
Average Selling Rate Average Buying Rate-Transfer in the form of loans, loans from financial institutions, and
payments under project construction contracts in foreign
Source: Bank of Thailand currency. These were the main items that generated gains
and losses on foreign exchange. According to the
Exchange Rate VND/USD accounting standards, the Company is required to use the
mark-to-market for any items affected by foreign exchange
23,700 23,080 comparable to the previous period. Currently, the
23,600 Company has not considered using any financial
23,500 23,172 instruments to manage such risk. The reason is because
23,400 the investment item of the Company is mainly the capital
23,300 used for the investment in Vietnam by the Company. There
23,200 is no need to rush the repayment process in a short period.
23,100 Regarding the payment item under the project construction
23,000 contract, the Company has signed a contract in US Dollar.
22,900 Contractors receive supplier credit term for all investment
22,800 projects in Vietnam, which has a condition to make the
22,700 payment after COD. The period is sufficient for the

Company to receive funding sources from financial solar acquisition is cost-free. As a result, the costs of these
institutions to pay such construction. Therefore, it is types of business mainly include depreciation costs and
obvious that the Company manages the exchange rate that amortization costs on rights. Although such depreciation is
may have an impact on the Company's operations, which non-cash expense, such costs still affect the accounting
include relevant contract format and investment, instead of profits. Meanwhile, costs in other businesses, such as the
using financial instruments that may relate to costs and waste-based thermal power plant business, are the waste
limitations on future projections. Meanwhile, regarding used as fuel which will fluctuate based on the revenue
loans from financial institutions, the Company thinks that generated. Similar to the water business, it is currently in
the repayment of principal and interest in USD the process of investment in many projects. It is found that
corresponds to the revenues in USD received by the the cost of raw water, which was raw materials being
Company as well. It is like the Natural Hedge, so there is treated by the reverse osmosis system treatment, will be
no need to use any financial instruments to mitigate such the cost in addition to the non-cash expense, such as
risk. However, if the Company has additional items that depreciation. As a result, if the management is not good
may be affected by the exchange rate in the future, the enough, the Company will have the higher cost and the
Company is ready to use financial instruments to end or lower profits. Therefore, the Company pays attention to and
minimize such impact immediately. The Company used to carefully considers the depreciation period to reflect the
use some financial instruments, such as FX forward most realistic utilization of assets. Since the business has a
contracts, etc. However, in 2021, the Company will large number of fixed assets, the depreciation plays an
continue monitoring the exchange rate movements and important role and significantly affects the Company's
consider the quantity of relevant items and the forecast of profits.
Thai Baht and Vietnamese Dong exchange rate to major Figure 5 Proportion of Gross Profit in 2020 and 2019
currencies, such as US Dollar.
Gross Profit Margin Y2020
In 2020, the Company had the profit from foreign
exchange in the amount of 225.79 million Baht, compared Waste IT Others
to the year 2019 with the loss of 88.87 million Baht. 5% 0% 0%
Regarding the gains on foreign exchange in 2020, the
Company had the losses on foreign exchange that were Solar VN
realized in cash in the amount of 42 million Baht and the 14%
profits from mark-to-market accounting that were
unrealized gains in the amount of 267 million Baht. Solar TH
Therefore, the Company recognized gains on foreign 81%
exchange of 225.79 million Baht.
Gross Profit Gross Profit Margin Y2019
Waste IT
The Company's main revenues still rely on
revenues from solar power plant for more than 86.21% of Solar VN 3% 1%
the total revenue. Such nature of business is a concession 5%
business where terms and conditions are clearly specified
in the contract and it is a business with high investment. Solar TH
However, it is found that the monetary operating costs are 91%
low. It means that the cost of raw materials is zero because
Therefore, in 2020, the Company’s gross
operating profit was 3,310.56 million Baht or representing
50.82% of the total main revenue from operations.
Compared to the gross profit of 3,298.62 million Baht in
2019, in 2020, the gross profit increased by 11.94 million
Baht or accounting for 0.36%, due to the increasing

revenues from the COD of 9 MW waste-based thermal expenses. Therefore, the Company's average cost is 40%-
power plants in Phichit Province and revenues from solar 50% of the total revenue. It means that the Company's
power plant in Vietnam. However, the proportion of gross gross profit is 60%-50% of the total revenue, which is at a
profit of each business is shown in Figure 5. good level compared to other companies in the same
industry. The gross margin increases based on the
The Company's total cost in 2020 amounted to increasing revenues. That is the good signs of gross
3,204.06 million Baht. Compared to 2,946.96 million Baht in margin. On the other hand, the Company predicts that the
2019, it was found that the total cost increased by 257.10 proportion of total costs will be likely to decline when the
million Baht, which was in line with the increase in revenue Company increasingly expands its investment. It must be
adjustments. Such cost could be divided into the cost of admitted that some costs are mutually utilized to generate
sales of 3,054.90 million Baht, representing 46.89% of the income. In practical way, the cost per unit will be lower or
total revenue, and the cost of service of 149.16 million in accounting way, the economies of scale, which clearly
Baht, representing to 2.29% of the total revenue. The cost indicates the efficiency of the operation.
of sales derived from the power plant and water
businesses, while most cost of service derived from the IT Selling and Administrative Expenses
business. The important variable significantly affecting net
Figure 6 Proportion of Cost in 2020 and 2019
profits, including cash flow, is selling and administrative
COST OF SALE AND SERVICE Y2020 expenses. The lower figure is better. The selling and
administrative expenses can be categorized into 2 main
Solar VN, types, namely, regular expenses and variable expenses
551.46 , 17% according to income or investment. In 2020, the
Company’s total selling and administrative expenses
Waste, IT, 70.51 , 2% amounted to 668.18 million Baht, increased from the year
413.63 , 13% amounting to 569.40 million Baht by 98.78 million Baht or
accounting for 17.35%.
Others, 73.86 Figure 7 Selling and Administrative Expenses in 2020,
, 2% 2019 and 2018

Solar TH, Other, SG&A
1,921.63 , 317.34 , 10%

60% Water,
172.96 , 6%

COST OF SALE AND SERVICE Y2019

Solar VN, 214.57 , IT, 64.76 , 2%
7%
Others, 26.00 ,
Waste, 312.31 , 1%
11%
Y2020 663.62
Other, 132.96 ,
4%

Solar TH,
2,287.12 , 78%

Water, 42.21 , 1% Y2019 567.32

If the costs in 2020 are classified into details, it is Y2018 505.22
found that such amount is the cost in the form of - 200.00 400.00 sale 600A.d0m0 in 800.00
depreciation and amortization, totaling 2,233.34 million
Baht or accounting for 73.11% of the total cost, the cost of Key figures are the result of the expansion of
operation and maintenance of the O&M power plant overseas investment so relevant expenses increased from
amounting 264.76 million Baht or accounting for 8.67%, the year 2019. The administrative expenses for the year
and the cost relating to project management, such as 2020 included employee expenses of 34.79%, followed by
insurance fee, public utility fee, rental fee, and employee tax expenses, professional fees and other fees, and
consulting fees of 14.78%, 10.94% and 10.47%,

respectively. Some tax expense was the impact of Compared to the expenses in 2019, there was
accounting adjustments in the preparation of financial not much difference in some items. Administrative
statements amounting to 57.66 million Baht. The remainder expenses of 567.32 million Baht consisted of employee
was operating tax expenses, including penalty from tax expenses of 32.98%, followed by consulting fees of
liabilities incurred. The main professional fees and other 17.80%, professional fees and other fees of 13.37%, rental
fees included audit fees, internal audit fees, BOI fees, SET fees of 7.98%, and tax expenses of 6.21%. The remainder
fees, and bank fees. Regarding consulting service fees, was regular expenses according to the Company's normal
these expenses were recorded in the early stages of course of business.
investment and development of projects, including loans
from financial institutions, which required legal expenses Another important expense includes finance cost
and technical expenses, etc. In addition, there were the expenses. In 2020, the Company had a total finance cost
depreciation and amortization of 7.9%, including of 1,656.71 million Baht, increased from the year 2019
impairment expenses of 7.35%, which were the impairment amounting to 1,495.31 million Baht by 161.39 million baht
item from the flood situations of a subsidiary's project at the or representing 10.79%. This was because the Company
end of the year in Sa Kaeo Province. The remainder would received loans from financial institutions, including the
be other expenses, which were regular expenses issuance and offering of additional debentures, such as
according to the Company's normal course of business. short-term loans in 5 Solar Project of 185.32 million US
Figure 8 Proportion of Administrative Expenses in 2020 Dollar, short-term loans of 24 million US Dollar for payment
and 2019 of investment in Loc Ninh Project, loans for investment in
Thinh Long Project of 38.37 million US Dollar, short-term
663.62 promissory note of 500 million Baht used as a working
MB capital of businesses, issuance and offering of 3 series of
debentures amounting to 3,679 million Baht with the
interest payment of 5.20% to 5.50%, including other credit
line issuance fees, such as Letter of Credit, Letter of
Guarantee and/or bank fees, etc.
Figure 9 Finance Cost for the Past 3 Years

567.32
MB

Figure 10 Table of Long-Term Debentures at the End of the
Year 2020

Debentures Offering Maturity Interest Number of

Date Date Rate % Outstanding amount of investment. In addition, the Company also
manages several sources of funds to reduce the risk of
Debentures excessive reliance on any source and also manages cash
flows and finance costs appropriately for future
SUPER215A 17/5/2562 17/5/2564 5.5 456,800 investments. According to Figure 11, it showed that the
proportion of investments from financial institutions
SUPER21NA 20/11/2562 20/11/2564 5.5 600,000 decreased due to the Company's annual repayment of
loans. On the other hand, the Company invested in and
SUPER222A 21/2/2563 21/2/2565 5.2 1,000,000 expanded lots of projects and also issued and offered
debentures to invest in new projects and repay existing
SUPER226A 30/6/2563 30/6/2565 5.5 1,500,000 debentures. Short-term loans from Figure 11 showed the
significant increase from the previous year due to short-
SUPER23NA 18/11/2563 18/11/2566 5.5 1,179,000 term loans supported by the banks to pay the construction
cost for 5 power plant projects in Vietnam amounting to
Total Debentures 4,735,800 185.31 US Dollar. Such short-term liabilities will be paid by
using long-term loans after the bank's approval. Therefore,
Less Cost of Debenture Issuance -54,499 it will be found that while the Company still has an
investment expansion policy, the investments in terms of
Total 4,681,301 liabilities will be recognized continuously according to the
success of the new investment projects. However, the
Currently, the interest rates tend to go down and Company is not inactive and attempts to reduce its finance
costs as much as possible in order to increase profit
is at a low level, so it is good for the Company. Currently, margins for the Company by maintaining credit and
implementing according to the action plans. At the end of
most costs of project debt from financial institutions are at the year 2020, it was the cycle for reviewing the Company's
credit rating which indicated the good sign of confidence
3.1% - 4%, excluding short-term loans and issuance of in the Company. As a result, the Company's credit rating
moved up to BBB with a stable outlook. The Company will
debentures which have the average cost of 5% to 5.5%. maintain operational stability to build investor confidence. It
is expected that the Company's credit rating will improve in
Regarding the overseas projects with the reference to the the following years.
Figure 12 Net Profit and Cash Flow
6-month LIBOR interest rate, it was also at the low level.

When adding an additional gain of 3% to 4%, it is

considered to have the similar cost level to domestic loans

or overseas loans.

Regarding the debentures with maturity date, the

Company will consider using its remaining cash flows

and/or the issuance and offering of new series of

debentures to repay debentures with maturity date.

However, it depends on the Company's cash flow and

demand in the upcoming debenture market.

Figure 1 1 Liabilities from Source of Loans for the Past 3

Years

Breakdown Source of Funds

45,000.00 28,733.24 40,063.84
40,000.00
35,000.00 27,813.49 30,047.12
30,000.00 27,969.37 30,860.66
25,000.00
20,000.00 1,765.334,681.306,994.28
15,000.00
10,000.00 1,084.05 6351.1616.92 418.88 Profit Margin and EBITDA (MB)

5,000.00
-

Long Term Bond s Short Term Short Term Total
f ro m
f ro m f ro m 6,000.00 5,137.00 5,291.22
F inanc ial 5,000.00
Ins titu tio n Financial others 4,000.00 4,740.00
3,000.00
Y2018Ins tituYti2o0n19 parYty2020 2,000.00
1,000.00
The Company establishes the structure of 3,101.75 3,298.62 3,310.56
investments of equity to debt ratio at 25:75, as the - 1,274.20 2,374.41 1,527.79
renewable energy power plant project requires a large

Y2018 Gross PrYo2f0it19 Net profitY202E0BITDA

According to the abovementioned operating Company's continuous investment which significantly
results, the Company recognized net profit for the period of increases in the amount of 14,694.85 million Baht. In 2020,
the year 2020 in the amount of 1,527.79 million Baht, it was 18,797.20 million Baht, compared to 4,102.35 million
increased by 443.30 million Baht from the year 2019, after Baht in 2019. This was because the increase of expenses
deducting the profit effect from the disposal of assets to for investment in fixed asset in the amount of 9,775.95
the Infrastructure Fund in the amount of 1,289.92 million million Baht, including assets in solar power plant projects
Baht (profit before tax effect), or increased by 40.88%. The in Vietnam, other projects under investment and
net profit still derived from the same main business every development, and domestic waste power plant projects in
year, which was the renewable power plant business in Phichit Province invested and developed by the Company,
each type of energy. In the meantime, other supporting cash paid to purchase investments in additional
businesses are still in the process of investment and subsidiaries of 3,630.12 million Baht, and loans provided to
development which the revenues are not fully recognized subsidiaries for project development of 2,913.20 million
or have not been recognized. As a result, these businesses Baht. Therefore, it can be seen that the use of investments
still have some losses. However, the Company believes is primarily to invest in fixed assets, which are the asset
that all businesses where projects are invested in and that will generate future revenues for the Company.
developed will be able to generate good profits in the
future. When there is continuous investment, financing
is an important factor for generating returns to the
As solar power plant business is the main Company. However, financing must be appropriate so that
business that generates revenues for the Company Group the finance cost will not become too much burden for the
and is the business without the cost of raw materials, the Company. In 2020, the Company had two main fundraising
business recognizes the operating cash flow of more than sources, which were financial institutions, such as short-
75% of all types of total revenues. This is because most term loans and long-term loans, and the capital markets,
costs are depreciation and amortization costs which such as issuance and offering of debentures, etc. The cash
correspond to the majority of the Company's assets that received from financing activities in the past year was
are mainly in the form of fixed assets. 8,513.55 million Baht, consisting of short-term loans of
6,818.78 million Baht, long-term loans of 2,296.83 million
In 2020, the Company’s net cash flow decreased Baht, and the issuance and offering of debentures
by 462.34 million Baht, compared to the beginning of the amounting to 3,679 million Baht. However, after deducting
period. It was because the Company's total cash flows repayment during the year, the net cash flow from
from operating activities amounted to 9,821.32 million Baht, financing activities increased by 7,953.83 million Baht from
increased by 6,068.90 million Baht from the year 2019 the year 2019 amounting to 559.72 million Baht to 8,513.55
amounting to 3,752.42 million Baht. This was a result of the million Baht in 2020.
year 2020 where the Company recognized an increase in Analysis of Financial Position and Key Financial Ratio
cash received from operating activities of 5,978.74 million Figure 13 Company’s Assets for the Past 3 Years
Baht due to the recognition of additional revenues from
investments in solar power plant projects in Vietnam. Balance Sheet (MB)

Cash flows from investing activities include 80,000.00 73,160.31
acquisition or disposal of assets The figure reflects the 70,000.00
60,000.00 49,649.96 55,706.49 52,537.23
50,000.00
40,000.00 32,094.91 36,848.33 20,623.08
30,000.00 17,555.05 18,858.16
20,000.00
10,000.00

-

Y2018 EquityY201L9iabilities Y202A0ssets

At the end At the end

of the year of the year Changes

As at December 31, 2020, the Company’s total Item 2020 2019 Increase
assets amounted to 73,160.31 million Baht. increased from (Million
55,669.43 million Baht in 2019 by 17,490.88 million Baht, (Million (Million Baht) %
accounting for 31.42%. Mostly the types of assets were not Baht) Baht)
different from the previous year. Such increase was as a
result of the investment in solar power plant projects in Bank deposits used as 1,872.05 1,134.07 737.98 65.07
Vietnam over the past 1-2 years. The main assets are fixed collateral
assets, such as property, plant, and equipment amounting
to 51,976.75 million Baht or representing 71.05% of the Property, plant and 51,976.75 38,557.85 13,418.90 34.80
total assets, including operating rights, such as right to equipment
electricity production and distribution, right to water
production and distribution, amounting to 7,895.51 million Right to produce and 6,155.40 3,348.48 2,806.92 83.83
Baht or representing 10.79%. Since the Company's distribute electricity
business clearly stipulates conditions under the relevant
contract to generate long-term revenues, which, based on Right to distribute raw 140.69 25.61 115.08 449.31
the accounting principles, the right value is estimated from water and tap water
the investment and the amortization is recognized over the
contract term, the investment in these assets is a long-term Right-of-use assets 1,599.42 - 1,599.42 N.A.
investment and has high value from all projects that are
commercially operated, including some projects pending Other non-current 4,442.82 3,775.64 667.18 17.67
for commercial operation date and or being in the process assets
of construction. The Company has the policy of
depreciation of these assets in accordance with the actual Figure 14 shows an increase in key assets
utilization and revenue generation.
compared to the year 2019, which is consistent with the
In 2020, the Company increased the investment
in assets, including increasing operating expenses. The increasing investment in the business. In addition to the
achievement of the investment in such assets caused the
operating profit margins to decrease to 47.47 times in assets with significant increase and changes, there are
2020, decreased from 65.02 times in 2019. The Company
considered that such decreasing ratio was only the other key assets, including assets with high liquidity, such
temporary reduction during the investment expansion of
the Company. as cash and cash equivalents, trade receivables of
Figure 14 Assets with Significant Changes in 2020 and
2019 2,932.47million Baht or accounting for 4.01% of the total

asset value, which is good for the Company. If the

Company has assets with high liquidity, the Company will

be able to pay for investment sufficiently. Regarding trade

receivables, it must be admitted that the main receivables

are electricity authorities, which are state-enterprise

agencies with high stability, so it is assured that the

Company will be able to receive payments from these

receivables without problems. At the end of the year 2020,

the Company had trade receivables that had been

collected in the amount of 599.16 million Baht and other

current receivables in the amount of 823.96 million Baht.

Other current receivables pending for accrued revenues

amounted to 512.64 million Baht. Normally, the average

payment period is 30-45 days. Compared to the year 2019,

there was no significant difference due to the business

nature of concessions with a clear contract. In the past, the

Company has not encountered any problem of delayed

payment or inability to make payment.

Figure 15 Composition of Total Assets Another important asset that reflects future
operations is advance payment for investment, which is
ASSET Y2020 recorded in other non-current assets. The latent advance
payment for investment amounted to 1,981.36 million Baht
Figure 16 Trade Receivables and Other Receivables which the Company partially made the payment to lock the
project. It might be in the process of negotiating and
Trade Receivables and Other Receivables agreeing any terms and conditions, including complying
(Unit: Thousand Baht) with the relevant conditions for domestic and international
Trade Receivables projects. In addition, there are advance payment for
Less Allowance for losses purchase of assets amounting to 1,259.94 million Baht,
such as the purchase of assets and the purchase of land,
Trade Receivables -Net etc., including items pending for VAT credit of 956.74
Other Current Receivables million Baht. Details are shown in Figure 17.
Less Allowance for losses Figure 17 Non-current Assets in 2020 and 2019

Other current receivables - Net 2020 2019 Other non-current Assets (Unit: Thousand Baht) 2020 2019
Total Trade Receivables and Other 599,162 593,548 Advance payment for investment 1,981,356 2,436,782
Current Receivables (28,842) (28,893) Deposits and advance payments for
purchase of assets 1,259,937 458,489
570,320 564,655 VAT
Performance bond 956,735 651,415
823,963 726,421 Withholding tax 99,096 51,063
(48,364) (48,364) Accrued interest - Other businesses 59,913 37,913
Others 1,894
775,599 678,057 98 167,632
Less Allowance for impairment of assets 103,870 3,805,188
1,345,919 1,242,712 Total 4,461,005 (7,906)
(18,187)
Average Collection Period (Unit: Thousand Baht) 2020 2019 3,797,282
Related trade receivables 4,442,818
Undue 8,738 6,359
8,738 6,359 This corresponds to the Company's current ratio
Total or liquidity ratio which decreased from 0.55 times in 2019
Other businesses 522,501 518,468 to 0.17 times in 2020. This was because the short-term
Undue liabilities in the past year were affected by short-term loans
Overdue 7,026 36,831 to make the payment for construction projects in Vietnam
Less than or equal to 3 months 599 931 and the trade payables from investments increased which
More than 3 months to 6 months 593 may pose a risk that such liquid assets would be
More than 6 months to 12 months 1,505 insufficient for debt repayment. Due to the increase in
More than 12 months 29,705 29,454 short-term loans from financial institutions amounting to
590,424 587,189 6,159.53 million Baht which were bridging loans to
Total 599,162 593,548 subsidiaries in Vietnam and the increase in payables from
Total trade receivables (28,842) (28,893) the purchase of assets amounting to 4,012.23 million Baht,
Less Allowance for losses 570,320 564,655 it seems like the Company’s liquidity has decreased. In
fact, such short-term loans will be converted into long-term
Total trade receivables

loans that will have the principal repayment period of at addition, there was also the increase in short-term loans
least 10 years within June, 2021.
from financial institutions in the amount of 6,882.37 million
In the meantime, the Company’s net profit
margin was 23.45% and 38.02% in 2020 and 2019, Baht, which was the short-term loans supported by
respectively. The net profit margin decreased because, in
2019, the Company mainly recognized gains from the financial institutions to pay trade payables for construction
disposal of assets to Infrastructure Fund.
Figure 18 Composition of Total Liabilities and Shareholders’ costs of 5 solar power plant projects in Vietnam. It is in the
Equity in 2020
process of approving loans for long-term projects from

financial institutions. After the loan has been approved and

disbursed, such short-term loans will be paid and further

switched to the long-term loan. Therefore, it was obvious

LIABILITIES Y2020 that, in 2020, the long-term liabilities had changed slightly

, 5,737.72 , , due to the annual repayment of loans. In the first phase of
11 25,507.97 , 49
project investment and development, the Company chose
,
3,630.00 , 7 short-term sources of fund, either short-term loans or

proceeds from issuance and offering of debentures,

, together with the Company's remaining cash flows from
6,994.28 , 13

, debt repayments to make the payment for the deposits.
10,667.26 , 20

The remainder were credited by the contractor to perform

the operations in advance.

EQUITY Y2020 Figure 19 Key Changes in Liabilities in 2020 and 2019

, 3,841.87 , End of the End of the Increase
19 Year 2020 Year 2019
Unit: Million Baht Million
, 16,781.20 , (Million (Million Baht
81 Baht) Baht) %

Overdrafts and short- 6,994.28 111.92 6,882.37 6149.64
term loans from financial
institutions

Trade payables and 10,667.26 5,598.01 5,069.25 90.55
other current payables

Long-term debentures 4,681.30 1,765.33 2,915.97 165.18

The Company's total liabilities in 2020 amounted The Company's debt service coverage ratios in
to 52,537.23 million Baht, significantly increased from the 2020 and 2019 were 0.48 and 0.3 8 times, respectively.
year 2019 by 15,725.97 million Baht or representing Such increasing ration derived from the increasing
42.72%. Such increasing liabilities derived from current operating cash flow. The interest coverage ratios in 2020
liabilities of 12,795.96 million Baht. The key items included and 2019 were 3.30 and 4.23, respectively, decreased
trade payables who are the creditor for costs of slightly. Regarding the overview of operating results in
construction projects invested by the Company in Vietnam. 2020, although the revenue recognition increased in 2020,
The nature of trade payables is the liabilities arising from there was the impact from special items of the disposal of
the credit provided by the contractor, which is a condition assets to Infrastructure Fund, so the overall ratios
under the EPC contract and the Company must pay this decreased. The Company received supply credits after
amount later after the project has been commercially COD, so the Company had revenues from projects which
operated in the amount of 5,069.25 million Baht or an were cash flow gained by the Company during the initial
increase of 90.55% to 10,667.26 million Baht in 2020. In

phase in which construction costs had not been paid. Regarding contingent liabilities and obligations
Therefore, the Company's cash flow is sufficient to pay
interests when the Company requests for a long-term loan of the Company from the investments in renewable energy
from a financial institution.
business, the receipt of financial support from financial
The Company's debt-to-equity ratios in 2020 and
2019 were 2.55 and1.95 times, respectively. The debt-to- institutions, and the receipt of credits from sellers, such
equity ratio increased due to investments in domestic and
international power plant construction projects. If the obligations are a result of municipal waste-based thermal
interest-bearing debt is only taken into account, it is found
that the debt-to-equity ratio increases from 1.60 times in power plant investment and development projects under
2019 to 1.96 times in 2020, which the Company has set the
level at 2 times. However, the Company received the operation of Super Earth Energy 6 (Public) Company
covenants from financial institutions at 3 times. In the past,
the Company complied with the terms of the loan Limited and the solar power plant and wind power plant
agreement and has never had any default.
investment and development projects in Vietnam, etc.

Figure 21 Average Cost of Loan Debts for the Past 3 Years

Y2018 Y2019 Y2020

Long Term from Financial 28,733.24 27,813.49 27,969.37
Institution

Bonds 1,084.05 1,765.33 4,681.30

Short Term from Financial 635.66 111.92 6,994.28
Institution

Figure 20 Existing and Contingent Obligations on Liabilities Short Term from others party 407.70 356.39 418.88

Consolidated Financial Statements 2020 2019 Total 30,860.66 30,047.12 40,063.84
(Unit: Thousand Baht)
Financial Cost 1,456.72 1,495.31 1,656.71
Obligations on capital expenditure
Average Cost of Fund 4.72% 4.98% 4.14%

Unrealized contract In the past, the Company would have been

Building, machinery, and Thousand Baht 784,302 1,136,450 considered to obtain good borrowing conditions. However,
5,010
other equipment Thousand US Dollar 321,466 due to the large amount of debts from the investment
879,930
Thousand Yen 970,294 1,659 expansion, it caused the impact on higher finance costs. If
375
Thousand Franc - 20,950 the finance costs are taken into account to compare with
-
Thousand Euro -

Thousand Dong 2,267,061,994 the outstanding debts, it is found that the average finance

System program Thousand Baht 3,206 cost is 4.14%, which is higher than the cost of project

Obligations under operating leases and services finance received by the Company, as analyzed in the

Within 1 year Thousand Baht 108,452 447,063 section of finance costs, resulting from the decrease in the
10,124,013
Thousand Dong 52,468,006 proportion of liabilities from financial institutions.
127,286
Over 1 year but not Thousand Baht 11,074
4,485,361
exceeding 5 years 280,093 Meanwhile, liabilities from the issuance and offering of

Thousand Dong 30,744,336 4,601,703 debentures increased, including a significant increase in
2,144,944
Over 5 years Thousand Baht 35,564 bank fees recorded in 2020, compared to the year 2019 as
601,875
Thousand Dong - shown in Table 22.

Obligations from Thousand Baht 1,600,866 Figure 22 Finance Cost in 2020 and 2019

purchase of raw materials

Other obligations

Letter of guarantee from Thousand Baht 615,007 Finance Costs (Unit: Thousand Baht) 2020 2019

banks Interest Expenses 1,531,306 1,462,060

Thousand US Dollar 143,580 93,666 Bank Fee 125,399 33,251

Total 1,656,705 1,495,311

Shareholders' equity in 2020 amounted to

20,623.08 million Baht, increased by 1,764.92 million Baht

or accounting for 9.36%, from 18,858.16 million Baht in for 0.70% of the total revenue. It is considered as
2019. It consisted of equity of 2,734.95 million Baht and additional revenue for this business in 2019. With respect
premium of existing shares and resulting from a change in to the business of information and communication
shareholding proportion in subsidiaries of 9,236.22 million technology, most revenues were from services which
Baht, including the recognition of increasing normal slightly decreased due to competition. Overall, although
operating profit for the period of the year 2020 of 1,527.79 the business of production and distribution of water for
million Baht. However, the Company has unappropriated consumption, including the business of information and
retained earnings of 4,946.86 million Baht, which will be communication technology, are the business that can
used as an investment to develop future projects of the consistently generate revenues for the Company, they are
Company. still small-sized business when comparing the proportion of
the total revenue, accounting for 2.05% of the total
The Company had a return on assets of 2.37%, revenue.
decreased from 4.51% in 2019. The reason of such
decreasing return rate was because the recognition of The revenue from sales of the business of
income from investment projects in which assets were production and distribution of electricity from renewable
recorded in the financial statements did not fully reflect the energy consists of 93 of revenues from solar power plant
benefits expected to be received. and 7% of revenues from waste-based power plants.
Regarding the wind power, it is still in the process of
Analysis based on Consolidated Financial Statement as at investment and development of projects. It is estimated to
December 31, 2019 Compared to December 31, 2018 be recognized revenues by the end of the year 2021
Revenues from Sales and Services onwards. However, the Company pays attention to the
monitoring and good management. Power plants in each
The Company invests in 3 main businesses that project are assessed so that all devices can be operated at
can be classified into: (1) the production and distribution of full efficiency. Since the main income of the Company
electricity from renewable energy, (2 ) the production and derives from renewable power plant business, the
distribution of water for consumption, and (3 ) the Company realizes and selects quality and recognized
information and communications technology. The business equipment with warranty which can effectively generate
of production and distribution of electricity from renewable electricity throughout the term of the contract.
energy, especially domestic and international solar power
plants, has always been the Company's main and major In addition, the Company has recognized the
revenue, including revenues from industrial waste power share of profits from investments in associate companies in
plants that have generated revenues for the Company the amount of 91.73 million Baht, which is the investment in
since 2018. In 2019, the revenues from the waste power companies operating the business of production and
plant had increased due to the full-year revenue distribution of electricity from solar power plants with the
recognition. As a result, in 2019, the Company recognized capacity of 87 megawatts. The Company holds 33.33 of
the revenues from the production and distribution of shares. The Company also recognized other incomes in
electricity from renewable energy, accounting for 97.95% the amount of 1 3 0 .3 5 million Baht, consisting of interest
of the total revenue, increased by 506.03 million Baht from income of more than 77 .6 0 million Baht or accounting for
the year 2018 or equivalent to 8.61%. In the meantime, 5 9 .5 3 and 3 0 .4 9 of revenues from dividends from
regarding the business of production and distribution of associate companies in which the Company holds 33.33
water for consumption, the revenues from sales were of shares in the amount of 39.74 million Baht.
recognized in the amount of 44.49 million Baht, accounting

In 2 0 1 8 , the Company and its subsidiaries had plants with the capacity of 87 megawatts in which the
the total income of 5,729.40 million Baht. Compared to the Company holds 33.33 of shares, revenues from foreign
total revenue of 5,510.18 million Baht in 2017, it was found exchange gains of 12.21 million Baht, and other revenues
that the total income increased slightly by 219.22 million of 47.16 million Baht, which mainly were interest income,
Baht, accounting for 3.98%. It consisted of the main etc.
operating revenue as follow:
Cost of sales and services
Revenues from the business of electricity Since the main revenue derives from the solar
production and distribution of solar power plants amounted
to 5,376.25 million Baht, accounting for 91.52% of the total power plant business, the major cost of the
revenues. This resulted from 124 solar power projects of abovementioned business is the depreciation on the
the Company Group that were commercially operated and machinery and equipment. This business requires rather
recognized revenues with the total capacity of 740.60 high investment and the raw material derives from the
megawatts. However, the revenues from electricity nature, which means there is no cost of raw material. As a
distribution of solar power plants in 2018 decreased by 15 result, cost of sales from renewable energy business
million Baht from the year 2017, or accounting for 0.28%, mainly consists of depreciation. The Company carefully
resulting from heavy rainfall. calculates the depreciation by taking into account the
useful life and general industrial principles in order to
Revenues from the business of electricity reflect the actual value of the asset in each period as much
production and distribution of industrial waste-based as possible. The secondary cost is the power plant
thermal power plants, which started the commercial operation and maintenance (O&M) fee. The remaining
operation on June 14, 2018, with the capacity of 9 costs are other miscellaneous costs, such as public utility
megawatts, were recognized in the amount of 219.23 fees, share of revenue from electricity distribution,
million Baht, accounting for 3.73% of the total revenues. It insurance premiums, etc. When considering the aspect of
is expected that the revenue from the waste-based thermal waste-based power plant business, the costs of raw
power plant will help the growth of the Company's revenue materials will be included significantly. This is because the
and the proportion of such revenue will increase in the waste-based thermal power plant project requires the fuel
following year. to incinerate for heat production. Therefore, the fuel cost
may change depending on the demand at that time.
Revenues from services in the information However, the Company closely pays attention to the control
technology business amounted to 135.34 million Baht, of costs incurred and establishes guidelines for
accounting for 2.30% of the total revenues. Most revenues management. In 2019, the Company’s cost of sales
derived from the provision of personnel in the field of amounted to 2,857.51 million Baht, which was the
information and communications technology to customers depreciation of 2,152.66 million Baht or accounting for
in the private sector and state enterprises, including 75.33%, compared to the year 2018 with the cost of sales
various government agencies, such as the Department of of 2,533.12 million Baht consisting of the depreciation of
Foreign Trade, Department of Lands, Department of Land 1,968.80 million Baht. In conclusion, the cost of sales in
Transport etc. 2019 was higher than that of the year 2018 in the amount of
324.39 million Baht. This was a result of an increase in
Other revenues amounted to 143.47 million Baht, investment in 4 solar power plants in Vietnam in the amount
including revenues from investments in associate of 215 million Baht and the additional projects with COD
companies of 84.10 million Baht that was the revenue from
investments in companies operating the business of
production and distribution of electricity from solar power

from the year 2018, such as solar power plant projects for most significant costs are depreciation of assets and
government agencies and agricultural cooperatives, Phase amortization of rights, costs of power plant operation and
2, industrial waste-based power plant project. It was the maintenance, etc.; 2) the cost of sales in the waste energy
normal increase based on the increasing revenues. business amounting to 190.54 million Baht, consisting of 2
main costs, depreciation costs and raw material costs. As
The cost of services in the amount of 89.45 a result, the Company pays attention to control the costs
million Baht was mainly the cost of personnel for providing incurred by negotiating for the long-term fuel supply,
information and communications technology services. providing stock of raw materials, and investing in
Such cost includes salaries, employee benefits, etc., which machinery for fuel supply. Such costs will likely decrease
decreased due to the decreasing operations. The main when the Company can expand the waste-based thermal
reason was as a result of the high competition in this power plant business; 3) the cost of information technology
business. business amounting to 93.13 million Baht, which is the cost
of providing personnel in the field of information and
Total cost in 2019 can be classified by business communications technology. The information technology
or service. Costs in all types of businesses had increased business has the structure of 96% of revenue from
compared to the year 2018. The solar energy business services, while only 4% was the revenue from sales of IT
recognized costs of solar power plant projects in Vietnam products. Therefore, the costs incurred are mainly the cost
in the amount of 215 million Baht, resulting in the cost of service from personnel services. However, the Company
increased by 158 million Baht, compared to the year 2018. and its subsidiaries have the cost of service in 2018 in the
The cost of waste energy increased by more than 64% due amount of 94.54 million Baht. Compared to the year 2017
to two main causes, which were raw materials and full-year amounting to 62.93 million Baht it was found that the cost
cost recognition in 2019, compared to the incomplete cost of service increased by 31.61 million Baht. The cost of
recognition in 2018 due to COD project on June 14, 2018. service fluctuates with the increasing revenue due to the
In the meantime, the cost of information and increase of personnel services in the field of information
communications technology business dropped 29% in line and communication technology.
with the decreasing revenues.
Selling and Administrative Expenses
Therefore, in 2019, the Company recognized Regarding the Company’s continuous
gross profits from operations in the amount of 3,298.62
million Baht or accounting for 52.82% of the operating investment expansion, in 2019, significant investments
income. Compared to the year 2018 with the gross profit of included investment in solar power plant and wind power
3,101.75 million Baht, it was found that the gross profit plant projects in Vietnam, resulting in the higher
increased by 196.87 million Baht or accounting for 6.35%. administrative expenses of the Company. Such
This was the result of increasing revenue recognition in the administrative expenses were expenses for preparing and
renewable energy business. The direction of the change of supporting the upcoming projects. In particular, the
gross profit will be in the same direction as the change of investment in international projects requires expenses on
revenues. personnel and employees, consulting fees, fees as well as
travel expenses in the initial phase of project development
In 2018, the Company and its subsidiaries had that are higher than normal investment. Some were
the total cost of 2,627.66 million Baht, consisting of 1) the expenses paid on one-time basis. As a result, in 2019, the
cost of sales in the solar energy business amounting to administrative expenses of the Company accounted for
2,343.99 million Baht, increased by 23.88 million Baht from
the year 2017, due to the cost of solar power plant projects
for government agencies and cooperatives. 85-90% of

9.08% of its operating income, which increased by 62.10 investment and development of domestic and international
million Baht from the year 2018. The major expenses were solar power plant and wind power plant projects in Vietnam
as follows; 1) 32.98% of expenses on employees due to the during this 1-2 year; 8.47% of tax expenses which are
personnel working in the country in which the Company operating tax expenses, such as signboard tax, property
invested; 2) 17.80% of expenses on consulting service for tax, etc.; 8.34% of other expenses for fees, etc. In the
the investment and development of solar power plants and future, if the Company expands its investment, the
wind power plants in Thailand and Vietnam which has Company will be able to save costs from using shared
already operated and been under construction in the next resources. In 2018, the Company had the return on total
1-2 years; 3) 14.03% of fee expenses, such as professional assets and operating profit margin of 2.64% and 46.31%,
fees, other fees, bank fees etc.; 4) Expenses on rental fee respectively, which reflected the effective management of
increased by 16.75 million Baht or 7.98% of the all assets of the Company. However, investment expansion
administrative expenses. From the figure, it can be seen in the energy business, including acquisitions and
that the expenses are still close to the level of the year investment in the preparation for future projects, may
2018. Expenses that have increased significantly are cause the Company to have initial expenses that are higher
expenses on employees and expenses on rental fee, than normal operating expenses, such as consulting fees
resulting from the investment expansion in Vietnam. from entering into transactions for acquiring any projects,
expenses on investment in land and necessary machinery,
In 2 0 1 9 , the Company has the return on total operating expenses for acquiring any licenses etc. These
assets and operating profit margins of 4.51% and 65.02%, expenses are the expenses that occur only during the
respectively, which reflected the effective management of period.
all assets of the Company and the generation of returns to Finance Costs
the Company in the long run.
In 20 19 , the Company had the finance costs of
In 2 0 1 9 , the selling expenses in the amount of 1,495.31 million Baht, increased by 38.59 million Baht from
2.08 million Baht were the expenses for selling products in the year 2018, while the liabilities from financial institutions
the information and communications technology business, and/or debentures also increased. However, in 2019, in
including expenses in the renewable energy business in addition to the payment of the principal in the project with
the waste energy sector. However, selling expenses in COD, the Company had the drawdown loans for municipal
2019 compared to the year 2018 decreased by 2.17 million solid waste-based power plant construction project in
Baht as a result of the decrease in expenses on salesman Phichit Province in the amount of more than 744.96 million
in the information and communications technology Baht and the drawdown loans for the investment in solar
business and the reduction in transportation costs of the power plant and wind power plant projects in Vietnam in
renewable energy business in the waste energy sector. the amount of 3,000 million Baht, which continued from the
drawdown loan of 4,000 million Baht at the end of the year
In 2018, the selling and administrative expenses 2018. Therefore, the Company needs to be aware of
of the Company amounted to 8 .8 9 % of the total revenue. interest rates, which are significant finance costs. If the
The administrative expenses increased by 8 8 .6 6 million Company can save finance costs, it means that the
Baht from the year 2 0 1 7 . The major expenses were as Company will be able to generate increasing profit
follows; 27%of expenses on employees due to expenses recognition. However, the decreasing interest rate received
for industrial waste-based thermal power plant by the Company in 2018 as well as the economic
management project requiring 24-hour operation, resulting slowdown caused the overview of the market interest rate
in the increasing expenses on employees; 22.49% of
expenses on consulting services for the preparation for the

to decrease, which was good for the Company. Although the Company will use the source of funds in terms of
the Company had additional received additional drawdown capital and loans from financial institutions with a ratio of
loan from the previous year, on the other hand, it was found 75:25, which is in accordance with the accepted criteria of
that the finance costs slightly increased. The Company financial institutions. In 2018, the Company forecasted that
estimated that the decreasing interest rate would benefit the future interest rate tended to increase, so the Company
the Company during this 1-2 year. It means that the negotiated with financial institutions to reduce finance
Company can manage finance costs effectively. The costs and control it at an appropriate rate. Fortunately, the
proportion of finance costs when compared to revenues Company reduced the interest rate from the step-up
will likely decrease in the future if revenues are interest rate to MLR less the fixed rate throughout the loan
successfully recognized in various projects. The Company agreement. As a result, the Company was able to manage
realizes and focuses on finance cost management in order cash flow more appropriately and efficiently. In 2018,
to reduce interest rates and/or adjust the capital structure, although the Company had increasing loan obligations
including the selection of financial tools for management, from financial institutions, it recognized the finance costs in
so that the Company can reduce finance costs and this part similar to the year 2017.
increase profits in the condition where interest rates tend to
increase. In this regard, the Company plans the funding Therefore, regarding the operating results in
source management, including the proper use of funds for 2019, the Company had the net profit of 2,374.41 million
the highest benefits, so that the Company will always have Baht or accounting for 38.02% of the total revenue. It was
sufficient cash flow for debt repayment. The Company the result of the growth in the business operations of solar
considers the risk factors and impacts from investment and power plant and industrial waste-based thermal power
focuses on establishing financial disciplines and maintains plants. While the business is growing, there will be the cost
a strong financial structure. savings that can be commonly used, including expenses
that occur only in the initial stages of development
In 2018, the Company and its subsidiaries had investment. As a result, the expenses in this section will
finance costs in the amount of 1,456.72 million Baht which likely decrease and cause the net profit margin in each
was similar to the finance costs in 2017, while the long-term year to increase. When considering the cash flow, it was
borrowings from financial institutions increased. During the found that the proportion was 80% to 90%, causing the
year, besides the payment of the principal in the project Company to have sufficient liquidity for future operations
with COD, the subsidiary also received loans from financial and investments.
institutions for the solar power plant project for government
agencies and cooperatives, Phase 2, in the amount of Statement of Cash Flow
949.4 million Baht, and loans from financial institutions for Since the Company and its subsidiaries had
industrial waste-based thermal power plants in the amount
of 1,130 million Baht. In addition, the Company has entered invested in the renewable energy business and been able
into a long-term loan agreement with the limit of 7,000 to create the increasing revenue recognition in 2 0 1 8 , the
million Baht. The first drawdown loans amounted to 4,000 Company had sufficient current cash flow to support
million Baht in 2018 and the remaining amounted to 3,000 business operations and debt repayment. There is still
million Baht for mainly using in investment projects in cash flow left for future project investment. However, the
Vietnam. operating cash flow in 2019, which increased from the
beginning of the year 2018 to 282.29 million Baht, derived
Since the operations in the renewable energy from the increase of profit every year, resulting from the
business require high investment, all projects operated by electricity distribution in the renewable power plant project

of the Company. Importantly, in 2019, cash received was for the credit return within 1 year. It was the benefit from the
recognized from the transfer and sale of the net income investment in projects by the Company in the amount of
rights to the infrastructure fund. The net operating cash more than 571.02 million Baht.
flow amounted to 3,891.56 million Baht.
- Cash and cash equivalents increased by
Regarding the investing cash flow, it was found 282.29 million Baht compared to year 2018 in the form of
that it was used for investment continuously, such as fixed deposits for not more than 3 months. It derived from
investments in solid waste-based thermal power plants in operating cash flows and loans that had been withdrawn to
Phichit Province, investments in solar power plants and support the investment and development of new projects,
wind power plants in Vietnam, including advance including the cash flow received from the transfer of the net
payments for domestic and international investments, etc. income rights to the infrastructure fund.
At the end of the year 2019, the investing cash flow
amounted to 4,168.99 million Baht. However, the Company controls the risk from
liquidity shortage by maintaining sufficient cash and cash
In the meantime, the financing cash flow equivalents for the operations of the Company Group
amounted to 559.72 million Baht. In 2019, the Company without affecting the Company's cash flows. In 2 0 1 9 , the
received loans from financial institutions in the amount of liquidity ratio stood at 0.60 times, similar to that of 2018 at
5,662.83 million Baht. On the other hand, repayments were 0.67 times.
also made in the amount of 2,376.22 million Baht, including
finance costs of 1,735.94 million Baht and withdrawal and As at December 31, 2018, the current assets of
repayment transactions for other parties and related the Company amounted to 3 ,2 5 3 .9 3 million Baht. When
businesses. However, the aforementioned financing was compared to the year 2 0 1 7 in the amount of 1 ,4 0 1 .8 6
the provision from short-term and long-term loans through million Baht, it was found that current assets increased by
financial institutions and/or other parties, including the 1 ,8 5 2 .0 7 million Baht. There were significant items as
issuance and offering of debentures, which were in line follows:
with the Company's investment plans in order to invest and
develop various projects. - Cash and cash equivalents increased by
1,501.13 million Baht, compared to the year 2017, due to
Asset Management Capability and Capital Sufficiency the operating cash flows and the loans that had been
As at December 31, 2019, the current assets of withdrawn at the end of the year to support the investment
and development of new projects, including the waste-
the Company amounted to 5,428.10 million Baht. based power plant project and the solar power plant
Compared to the year 2018 in the amount of 3,253.93 project in Vietnam.
million Baht, it was found that current assets increased by
2,174.18 million Baht. There were significant items as - Trade receivables and other current
follows: receivables increased by 3 0 6 . 7 6 million Baht, which
adjusted in the same direction as the expansion of the
- Short-term loans to other parties increased by Company's investment project. In 2018, the Company had
1,449.94 million Baht due to loans provided to SWE Group additional commercial operations in industrial waste-based
for investment in wind power plants in Vietnam. power plants and solar power plants with the total capacity
of 3 7 megawatts, which were trade receivables arising
- Other current assets increased by 444.20 from the transfer of the right to receive cash from the
million Baht, compared to the year 2018, which were VAT production and distribution of electricity, import expenses
transactions resulting from the purchase of assets pending pending for collection, advance payment, accrued income,
and other increasing items.

Regarding trade receivables, the Company has plant projects under construction. However, the interest
a policy to set aside the full amount of allowance for rate was at 0.50% - 1.50% per annum without collateral.
doubtful accounts if the receivables’ payment is overdue
more than 1 2 months. In addition, the Company also Regarding other non-current assets, there were
considered to set aside the allowance for doubtful significant items from the year 2018 as follows; 1) Long-
accounts by estimating the amount of debt and the past term loans to other parties, increased from the previous
debt collection. The Company will also assess the financial year by 1,553.96 million Baht, representing 100%, which
status of each debtor for setting aside the allowance for was the loan provided to Bangkok Thanakom Company
doubtful accounts. The Company therefore expects that Limited in the amount of 1,553.96 million Baht and currently
there will be no damage from debt collection from those was still being used under the credit line of 2,025.90 million
debtors in excess of the provision. The Company will Baht; 2) The increase of other non-current assets of
provide credit to the trade receivable for about 30-60 days. 1,008.71 million Baht, accounting for 41.93% from the
The Company has the policy on debt collection in previous year, which was the increase of advance payment
accordance with the specified period by using the for investment in the amount of 1,024.64 million Baht and
Company’s employees who have experiences and know the increase of memorandum of understanding signed for
detailed information of customers. In the past, the investing in any domestic and international companies. The
Company had set up the allowance for doubtful accounts Company made a partial payment for the implementation
of 28.89 million Baht, which were the trade receivables under the signed MOU and was currently in the process of
from the former business of the Company prior to the year complying with the MOU; 3) The increase of investments in
2013. However, the Company had the turnover rate of associated companies which was an additional investment
trade receivables in 2019 at 10.25, compared to the year in the Super Energy Power Plant Infrastructure Fund in the
2018 at 10.60 times, which was at the normal level of the amount of 1,030.00 million Baht (based on the cost
Company. method), representing the ownership proportion of 20% of
the registered capital, and the increase of investment in
Analysis of Financial Position and Key Financial Ratio Infinite Alternative Company Limited in the amount of
Company’s Assets 774.25 million Baht, representing 33.33% of the registered
capital; 4) The increase of the right to operate the
In 2019, the total assets of the Company production and distribution of electricity from the previous
increased by 6,056.53 million Baht, representing 12.20 , year in the amount of 425.09 million Baht, representing
which was the increase of current assets of 2,174.18 million 14.54%, which is the increase from the recognition of
Baht or accounting for 66.82 , compared to the previous investments in 4 solar power plants in Vietnam with the
year, including the increase of non-current assets of capacity of 186.72 megawatts. The licensing fee greatly
3,882.36 million Baht or accounting for 8.37 , compared increased by 802.45 million Baht. In the same year, the
to the previous year. This was the result of the change of Company introduced 19 solar power plant projects with the
short-term loans to other parties which increased from the capacity of 118 megawatts to the Super Energy Power
previous year by 1,449.94 million Baht or accounting for Plant Infrastructure Fund in the amount of 204.33 million
100%. This is the loan transaction to companies in the Baht and amortization for the year amounted to 176.44
Group and companies in Vietnam for investing in 4 solar million Baht.
power plant projects that have commercially been
operated and supporting the investment in wind power As at December 3 1 , 2 0 1 8 , the Company had
current assets of 3,253.93 million Baht, representing 6.55%
of the total assets. The significant current assets as at

December 31, 2018 were assets with high quality and high 550.43 million Baht, representing 2.02 compared to the
liquidity, consisting of cash and cash equivalents of year 2018. The significant items were as follows:
1,839.10 million Baht, representing 56.52% of the current
assets, and trade receivables and other current Trade payables and other current payables
receivables, which were mainly receivables from the increased by 4 ,5 3 1 . 7 3 million Baht or accounting for
transfer of rights to receive cash from production and 424.36 compared to the year 2018. It was the increase
distribution of electricity, regarded as a low-risk receivable, of creditors from the purchase of assets of 4,431.41 million
amounting to 1,241.41 million Baht or accounting for Baht, accounting for 727.08%, compared to the previous
38.15% of the current assets. The proportion of current year. These included creditors from the construction of
assets was likely to increase from the year 2017 due to solar power plant projects in Vietnam in the amount of
investments in the business of production and distribution 4,615.36 million Baht, creditors from the construction and
of electricity from renewable energy. Initially, it would be purchase of assets used for waste-based power plant
the investment in land and equipment of the power plant project In Phichit Province in the amount of 78.91 million
which had high values. Therefore, after the power plant Baht, and creditors from the construction and purchase of
construction is completed and can be commercially assets used for water production plant and holding tanks in
operated continuously, it will cause the proportion of the amount of 155.96 million Baht. Regarding the
current assets to be higher compared to the total assets. adjustment of other current payables - other activities, it
However, some increasing current assets in the form of increased by 52.21 million Baht or accounting for 22.33%,
cash for the year 2018 derived from cash received from compared to the previous year. It included other payables,
loans for investment in renewable power plant projects in increased by 60.33 million Baht, and the adjustment of
Vietnam. revenue received in advance, increased by 69.24 million
Baht, compared to the previous year. The advance water
However, in 2018, the Company did not conduct bill received from the contractual party amounted to 37.62
million Baht and the increase of advance rental fee
additional investments. Most operations were the received of Super Energy Power Plant Infrastructure Fund
construction of waste-based thermal power plants amounted to 25.22 million Baht,

(Industrial waste) and the preparation for the upcoming Current portion of long-term debentures

power plant projects. Therefore, the total assets of the increased by 352.68 million Baht or accounting for 96.08%,
Company increased slightly due to the increase of current
which were debentures with the due on April 5, 2020 in the
assets. In the meantime, non-current assets had not greatly
changed from the year 2 0 1 7 , such as property, plant, amount of 340.10 million Baht and debentures with the due

equipment, which was the main assets of the solar power on August 9, 2020 in the amount of 383.20 million Baht.

plant business, the right to operate the production and Long-term debentures had the interest rate of 5.50% per
distribution of electricity, and other current assets.
annum. Since the Company issued and offered debentures
Company’s Liabilities
In 2019, total liabilities increased by 4,753.42 during the year 2019, long-term debentures increased by

million Baht or accounting for 14.81 , compared to the 328.59 million Baht or accounting for 46.57%. Additional
year 2018. It was the increase of current liabilities of
4,203.00 million Baht, representing 87.09 compared to debentures were issued in 2019 in the amount of 1,056.80
the year 2018 and the increase of non-current liabilities of
million Baht at the interest rate of 5.50% per annum. There

were restrictions that the Company must comply with and

maintain the financial ratios specified in the terms and

conditions of the rights and duties of the debenture issuer,

such as interest-bearing debt to equity ratio of not power plant business. As a result, the proportion of current
liabilities decreased. Particularly, the current liabilities
exceeding 3:1 on any calculation date. Such ratio of the which were current portion of long-term loans from financial
Company as at December 31, 2019 was 1.95, slightly institutions significantly decreased.

increased from at 1.83. However, the change of such ratio Current liabilities in 2 0 1 8 decreased from the
year 2 0 1 7 because the trade payables decreased by
was due to the increase of long-term debt from financial 1,625.16 million Baht from the year 2017, decreased by
institutions combined with investment expansion. As a 557.26 million Baht compared to the amount of 1,067.90
million Baht in 2018. In addition, the current portion of loans
result, liabilities in this regard increased although the decreased from the previous year amounting to 3,346.47
principal was repaid from the projects that were million Baht to 2,238.30 million Baht in 2018, decreased by
1,108.17 million Baht. The causes were the reduction of the
commercially operated. The Company still maintained the repayment rate in accordance with the direction of the
Company's expansion, which still requires investment,
debt to equity ratio of 2:1 so that the Company did not including the decreasing short-term borrowings from other
encounter with debt risks too much and was able to parties due to repayments, etc.

demonstrate the establishment of the appropriate capital Shareholders' Equity of Company
structure policy. However, when considering only the debt
As at December 31, 2019, the total shareholders'
that is the loan with interest expenses less trade payables equity of the Company and its subsidiaries were 18,858.16
million Baht (Shareholders' equity of the Company was
from normal operations, it was found that the debt-to-equity 1 5 ,4 7 4 .6 6 million Baht and the non-controlling interests
ratio of the Company at the end of the year 2019 was at were 3 ,3 8 3 .5 0 million Baht). Shareholders' equity of the
Company and its subsidiaries has continuously increased.
1.66 times, which is a slight decrease from 1.77 times in Such increase derived from the constant profitability of the
2018. renewable power plant projects, which have been
commercially operated successfully, so the Company's
As at December 31, 2 0 1 8 , the total liabilities of retained earnings increased. In addition, the equity was
the Company and its subsidiaries amounted to 32,094.91 also included in other components of shareholders' equity
million Baht. Most of total liabilities of the Company were in the amount of -149.47 million Baht. However, the
long-term liabilities from financial institutions which the shareholders' equity increased compared to as at
company received approximately 70% to 75% of funding in December 31, 2018, which the total shareholders' equity of
each project because such renewable power plant project the Company and its subsidiaries were 17,555.05 million
requires high investment. However, the proportion of Baht (Shareholders' equity of the Company was 13,753.13
liabilities from the operation of renewable power plants still million Baht and the non-controlling interests were 3,801.92
has a higher rate in accordance with the expansion of such million Baht). Shareholders' equity of the Company and its
business. The increasing liabilities in 2018 consisted of subsidiaries has continuously increased. Such increase
liabilities from loans for SEE6 Project, liabilities from loans derived from the constant profitability of the renewable
for COOP2 Project, and liabilities from long-term loans for
investment in Vietnam. Therefore, the Company pays
attention to management, monitoring and control to prevent
the debt to equity over 2 times. In addition, the Company
has negotiated to change the terms and conditions of
interest rate in the long-term loan agreement with financial
institutions, which are the creditors of the Company, in
order to reduce finance costs and provide sufficient cash
flow that is suitable for continuous expansion of renewable

power plant projects, which have been commercially fluctuations in exchange rates. Regarding the domestic
factors, it depended on the political stability, policy
operated successfully, so the Company's retained earnings direction for moving forward to Thailand 4.0 Era, labor
increased. In addition, the equity was also included in shortage in some important industries, problem of
increasing costs due to the adjustment of the nationwide
other components of shareholders' equity in the amount of minimum wage, and the adjustment of energy costs,
including oil, electricity, transportation, etc. These factors
-14.62 million Baht, which was the transaction of exchange may directly and indirectly affect the Company in the
rate differences from currency conversion and valuation of future. For example, the Company's customers may reduce
budgets or delay the development of information
investments in available-for-sale securities of associated technology in order to save expenses. Such impact causes
companies. the Company to change its method of accepting works
from such customers, such as reducing service rates but
14.4 Major Factors and Influences Possibly Affecting requesting a long-term contract to prevent future risks, etc.
Future Operations

Major factors and influences that may affect
financial position and operating results in the future in

addition to those discussed in Part 1 , Article 3 , Risk
Factors, are as follows:

1. Changes of Government Policies
Electricity generation from alternative energy,

especially renewable energy, such as solar energy, is
considered the highest potential and stability in the
renewable energy sector. It also has the high rate of
expansion due to the short period of construction, low
risks, and uncomplicated operation and maintenance. As a
result, the private sector pays attention to and realizes the
business benefits from solar energy consumption more
than other types of energy. However, alternative energy is
not only limited to solar energy. There is wind energy,
waste energy, biomass energy, etc., as well. The relevant
departments will determine different measures and action
plans for considering and supporting each type of energy
based as appropriate costs, which may cause changes of
the policy according to the changing economic situations.

2. Impacts from domestic and international
economic situations
Factors that will affect Thai economy in 2 0 2 0

were due to the instability of the world economy, problems
of global political stability, COVID-19 outbreak, and

Data Authentication

The Company has carefully reviewed information in this annual registration statement and
hereby certifies that the above information is accurate, complete, and true and it is not misleading or lack of
information that should be disclosed in all material aspects. In addition, the company certifies that;

(1) Accurate and complete information regarding the financial position, operating results, and cash
flow of the Company and its subsidiaries is completely presented in the financial statements and financial
information summarized in the annual registration statement.

( 2 ) The Company provides the good data disclosure system to ensure that the Company has
disclosed the significant information of the Company and its subsidiaries correctly and completely, including
supervised the compliance with such system.

(3) The Company establishes the good internal control system and supervises the compliance with
such system. The Company has informed the internal control system assessment on February 25, 2021 to the
Company's auditors and the Audit Committee, which includes defects and significant changes of the internal
control system, including any illicit actions that may affect the preparation of financial statements of the
Company and its subsidiaries.

In this regard, to be evidence that all documents are the same set of documents that I have certified, I
have assigned Mr. Jormsup Lochaya to sign every page of this document. If any document does not contain
the signature of Mr. Jormsup Lochaya, I shall consider that it is not the information that I have performed the
data authentication as mentioned above.

Name Position Signed
Mr. Jormsup Lochaya Chairman of the Board -Signature-
...................................................

Company Seal Affixed

Attorney Position Signed
Name Managing Director (Acting) -Signature-
..................................................
Mr. Jormsup Lochaya



Appendix No.1
Information about Company Directors, Executives and Secretary

Information about Company Directors, Executives and Secretary

1. Board of Directors

Mr. Kamthorn Udomrittiruj
Chairman of the Board / Chairman of the Audit Committee
Age 89 Years

Director Appointed on

• 29 September 2004 ( Chairman of the Audit

Committee, Independent Director, appointed on 26 Work Experience: Limited Companies/Other Organizations
• 2005-Present Director Superblock South Co., Ltd.
July 2006) • 2006-2008 Chairman of the Public Account

Education Committee
National Legislative Assembly
• Bachelor of Public Administration, University of • 2001-2002 Chairman of the Election Advisory
Commission
California, Berkley, USA. Office of the Election Commission
of Thailand
Training Courses

• Director Accreditation Program (DAP)

• Thai Institute of Directors (IOD).

Share of Company (%)

• None

Family Relationships with Executives

• None

Work Experience: Limited Public Companies

• 2021 Chairman of Board

Super Energy Corporation Public Co.,

Ltd.

• 2004-Present Vice Chairman of the Board

Super Energy Corporation Co., Ltd.

• 2006-Present Chairman of the Audit Committee

Super Energy Corporation Co., Ltd.

• 2007-Present Vice Chairman of the Board of

Directors, Chairman of the Audit Committee

Ever Land PCL.

Mr. Piya Sorntrakul
Chairman of Risk Management Committee / Director
Age 65 Years

Director Appointed on Work Experience: Limited Public Companies/ Other
• 9 May 2018
Organizations
Education • 2015-2016 Assistant Commissioner
• Bachelor of Public Administration (B.P.A)1978 • 2013-2015 Commander of the Logistics Office
• 2007-2013 Deputy Commander of Provincial
(NorTorRor..31)
• Master of Science in Development Administration Police 1
• 2003-2007 Commander of the Provincial Police 1
(Public Administration) NID • 2001-2003 Deputy Commander of the Provincial

Share of Company (%) Police1
• None • 1996-2001 Deputy Commander, Regional

Family Relationship with Executive Science Division 1
• None • 1991-2001 Inspector of Division 3 Investigation

Work Experience: Limited Public Companies Division Provincial Police Headquarters 1
• 2018-Present Chairman of Risk Management • 1995-1996 Superintendent of Public Works
Committee/Director
Division 1
Super Energy Corporation Public Co., Superintendent 2, Provincial Police
Ltd. Directorate 5

• 1991-1995 Deputy Director of Education
Administration Police Development Institute

• 1989-1991 Inspector General Chakkrawat Police
Station

• 1986-1989 Inspector of Personnel Division
Director of Thonburi Metropolitan Police Division

Mr. Jormsup Lochaya
Vice Chairman of Board Director / Risk Management Committee / Chief Executive Officer
Age 51 Years

Director Appointed on Work Experience: Limited Public Companies / Other

• 26 July 2006 Organizations
• 2020-Present Director 15 companies in electricity
Education
and related businesses
• Juris Doctor, Loyola Law School, Los Angeles, o Solar NT Holding Co.,LTD
California, USA. o Super Energy (East)1 Co.,LTD
o Loc Ninh 3 Energy JSC
• Bachelor of Economics, University of California, Los o Loc Ninh 2 Energy JSC
Angeles, California, USA. o Loc Ninh Energy JSC
o SSE BP 3 Joint Stock Co.,Ltd
Training Courses o SSE LN2 Joint Stock Co.,Ltd
o SSE Vietnam 1 Joint Stock Co.,Ltd
• Director Accreditation Program (DAP) o HBRE Gia Lai JSC
• Thai Institute of Director (IOD) o HBRE Phu Yen JSC
o THINH LONG PHU YEN SOLAR POWER JOINT
Share of Company (%)
STOCK COMPANY
• 20.89 % o Super Wind Energy Cong ly Soc Trang Joint

Family Relationships with Executives Stock Company
o Super Wind Energy Cong ly Bac Lieu Joint
• None
Work Experience: Limited Public Companies Stock Company
o Nam Viet Phan Lam Co.,Ltd
• 2021 Chief Executive Officer o Nam Binh Energy Investment Joint Stock
Super Energy Corporation PCL.
CompanCO., LTD
• 2006-Present Chairman of the Board
Super Energy Corporation PCL. o Vietnam Wind Holding Pte.LTD
• 2019-Present Director 11 companies in electricity
• 2011-Present Acting Managing Director
Super Energy Corporation PCL. and related businesses
o Nam Viet Phan Lam Co.,Ltd
• 2013-Present Chairman of the Board o Sinergy Ninh Thuan Power CO.,LTD
o Nam Thuan Energy Investment JSC
Open Technology PCL. o Nam Binh Energy Investment JSC
o Everich Binh Thuan Energy LLC
• 2004-2006 Director, Managing Director o Van Giao Solar Energy Plant JSC
Super Energy Corporation PCL. o Van Giao Solar Power Plant JSC
o Super Wind Energy Cong ly Soc Trang JSC
o Super Wind Energy Cong ly Bac Lieu JSC
o Thai Panichnawa Construction and

Langnumthai Joint Venture Co., Ltd.
o Super Water PPS Co., Ltd.

• 2018-Present Director 11 companies in electricity o WXA 7 Co., Ltd.
and related businesses o Solkit Solar Co., Ltd.
o Muang Thai Na Yu Co.,Ltd. o S2P Energy Co., Ltd.
o PKT Green Co., Ltd.
o IQ Good Co., Ltd. o Northeast Future Energy Co., Ltd.
o Thai Green Co., Ltd.
o Super Solar Energy (Hongkong) 3 o En Serve Technology Co., Ltd.
o Super Solar Energy (Hongkong) 4 o SPP 6 Co., Ltd.
o Super Solar Co., Ltd. (Thailand)
o Super Earth Energy 8 Co., Ltd. o Sri Nakha Power Limited

o Super Earth Energy 9 Co., Ltd. o Energy Serve Co., Ltd.

o Nong Kai Na Yu Co., Ltd. o Amanuf Co., Lt
o Muang Thai Na Yu Co., Ltd. o Power Technology International Co., Ltd.
• 2017-Present Director 4 companies in electricity and
related businesses o Infinite Alternative Co., Ltd.
o Super Wind Energy Congly1 JSC
o Super Water Co., Ltd. o Rang Ngern Solution Co., Ltd.
o Super Win Energy Co., Ltd. o Tang Sae Yiang Green Power One Co., Ltd.
o Super Earth Energy 6 Co., Ltd.
• 2016-Present Director 17 companies in electricity o Apollo Solar Co., Ltd.
and related businesses o Power Technology International Land Co.,Ltd.
• Equator Solar Co., Ltd. o STFE Solar Co., Ltd.
o Millennium Act Co., Ltd.
• WRP Energy Co., Ltd.
o North Solar Power Co., Ltd.
• Energy Serve 1 Co., Ltd. o Electrica Asia Co., Ltd.

• Energy Serve 2 Co., Ltd. o Media Mark Co., Ltd.

o Energy Serve 3 Co., Ltd. o Health Planet Management Co., Ltd.
o IQ Solar Co., Ltd o 17 Anyawee Holding Co., Ltd.
o AIQ Energy Co., Ltd. o Energy Serve Land Co., Ltd.
o IQ Energy Co., Ltd.
o Generous Land Co., Ltd.
o IQ Green Co., Ltd. o NPS Star Land Co., Ltd.
o Asta Power Co., Ltd.
o World Exchange Asia Land Co., Ltd.
o Green Power Energy Co., Ltd.
o Super Sky Energy Co., Ltd.
o Super Energy (East) Pte Ltd. o Super Earth Energy Co., Ltd.
o Super Energy Group (Hongkong)
o Super Energy-Ga Japan 1 Gk o Super Earth Energy 1 Co., Ltd.
o Super Energy-Japan 2 Gk o Super Earth Energy 2 Co., Ltd.
o Super Solar Energy (Hongkong)1
o Super Solar Energy (Hongkong)2 o Super Earth Energy 3 Co., Ltd.
• 2015-Present Director 36 companies in electricity
and related businesses o Super Earth Energy 4 Co., Ltd.
o WXA 4 Co., Ltd. o Super Earth Energy 5 Co., Ltd.
o WXA 5 Co., Ltd.
o WXA 6 Co., Ltd. • 2014-Present Director 4 companies in electricity and
related businesses
o Green Bi-O Maha Sarakham Co., Ltd.
o PT Drive (Thailand) Co., Ltd.
o Pro Solar One Co., Ltd.
o Lemon Gold Farm Co., Ltd.

• 2013-Present Director 3 companies in electricity and
related businesses

o Super Solar Energy Co., Ltd. • 2002-Present Director
o Root Sun Co., Ltd. • Meechai Thailand Legal Consultant Office Co.,
o Super Energy Group Co., Ltd Ltd.
• 2005-Present Director Contract construction and
consultation.
• Superblock South Co., Ltd.
• Super Speed Construction Co., Ltd.
• 2004-Present Director
• Advance Asset Management Service Co. , Ltd./

Holding Company
o Lochaya Legal Consultant Office Co., Ltd.

Miss Trithip Sivakriskul
Vice Chairman of the Audit Committee / Company Director
Age 56 Years

Director Appointed on IRPC Co., Ltd.
• 25 April 2018 • 2006-2007 Director

Education Open Technology Co., Ltd.
• Master Degree of Business Administer Sasin Vice Chief Financial Officer
IRPC Co., Ltd.
Graduate Institute of Chulalongkorn University • 2008-2008 Cost Management Consultant
• Student Exchange Program Kellogg Graduate of The Stock Exchange of Thailand
• 2005-2007 Advisor to Managing Director
Management, Northwestern University, USA Muang Thai Life Assurance Public Co.,
• Bachelor Degree Financial and Banking, Ltd.
• 2003-2006 Financial Management Team of the
Chulalongkorn University Plan Administrator
• Thai Petrochemical Industry PCL.
Training Course • 2003-2003 Advisor
• Director Accreditation Program (DAP) Financial Institution Development Fund
• Thai Institute of Directors (IOD) • 2001-2003 Director of Asset Management 2 Thai
Asset Management Corporation
Share of Company (%) • 1997-2001 Partner
• None Deloitte Touche Tohmatsu Corporate
Structuring /
Family Relationships with Executives / Accounting and Auditing
• None • 1994-1997 Director of Investment Banking
Department
Work Experience : Limited Companies/Other Organizations Peregrine Nithi Finance & Securities Co.,
• 2018-Present Director / Vice Chairman of the Audit Ltd.

Committee
Super Energy Corporation Public Co., Ltd.

Independence director and Chairman of
the Audit Committee

o Triton Holding Public Co., Ltd.
o Singapore International School
o King Telecom Co., Ltd.

Work Experience : Limited Companies/Other Organizations
• 2016-2017 Chief Financial Officer

Ek-Chai Distribution System Co., Ltd.
• 2011-2016 Chief Financial officer

Minor International Co., Ltd.
• 2011-2011 Vice Chief Financial Officer

RATCH Group Public Co., Ltd.
• 2007-2011 Executive Vice President Planning and

Business Development

Miss Sunsiri Chaijareonpat
Vice President of Risk Management Committee / Company Director
Age 51 Years

Director Appointed on Work Experience: Limited Companies/Other Organizations
• 9 May 2018
• 2005-Present Vice President
Education
• Master of Public Health Epidemiology, University of Xinxere Edutainment Company Limited

California , Los Angeles, USA • 2003-2006 Business Development Coordinator
Training Courses
• Director Accreditation Program (DAP) California Finess Centers
• Thai Institute of Directors (IOD)
Share of Company (%) • 2000-2003 Director and Project Manager
• None
Family Relationship with Executive Advance Web Studio
• None
Work Experience: Limited Public Companies • 2000 Research Executive
• 2018-Present Director, Vice President of Risk
Research International
Management Committee
Super Energy Corporation Co., Ltd.

• 2011-Present Director, Chairman of the Audit
Committee
Ever Land Co., Ltd.

• 2008-2011 Director, Vice Chairman of the Audit
Committee
Open Technology PLC.

Miss Vanida Majjimanonda
Chairman of the Audit Committee/Company Director
Age 74 Years

Director Appointed on Work Experience: Limited Companies/Other Organizations
• 14 November 2012 (Chairman of the Audit • 2016-Present Director

Committee, Independent Director, appoint on 14 Green Power Energy Co., Ltd.
November 2012) • 2015-Present Director

Education • Khorat Medical Group Co., Ltd.
• Hotel Management จาก Cornell University, USA • Super Sky Energy Co., Ltd.
• Administration& Technique Hotelieres, Institute • North Solar Power Co., Ltd
• Super Earth Energy Co., Ltd.
International de Glion,Switzerland • 2014- Present Director
• Languages(French & German) Institute Le Manoir, • Chiang Mai Rat Hospital Co., Ltd.
• Unicon Services Co., Ltd.
Ecole Benedict, Switzerland • Dental Is Fun Co., Ltd.
• My Hospital Co., Ltd.
Training Courses • Green Bi-O Mahasarakham Co., Ltd.
• Director Accreditation Program (DAP) • PT Drive (Thailand) Co., Ltd.
• Thai Institute of Director (IOD) • 2013-Present Director

Share of Company (%) Super Energy Group Co., Ltd.
• None • 1997-1998 Director of State Relations

Family Relationship with Executive The Oriental Bangkok
• None • 1996-1997 General Manager

Work Experience: Limited Public Companies The Twin Lotus Hotel
• 2012-Present Chairman of the Audit Committee, • 1985-1996 Director of Marketing

Director. The Oriental Bangkok
Super Energy Corporation Co., Ltd. • 1982-1985 Manager of Sale

• 2013-Present Chairman of the Audit Committee, The Bangkok Peninsula
Vice Chairman of Board • 1969-1982 Manager of Sale
Open Technology PCL.
Hotel Siam Inter-Continental
• 2007-Present Vice Chairman of the Audit • 1966-1967 Secretary and Auditor
Committee, Director.
Ever Land PCL. Arosa Kulm Hotel, Switzerland

Miss Warinthip Chaisungka
Company Director
Age 53 Years

Director Appointed on Work Experience: Limited Companies/Other Organizations
• 14 November 2013
• 2015-Present Director
Education
• Bachelor of Business Administration (Accounting) , o Super Sky Energy Co., Ltd.

Ramkhamhaeng University o North Solar Power Co., Ltd.

Training Courses o Super Earth Energy Co., Ltd.
• Director Accreditation Program (DAP)
• Thai Institute of Directors (IOD) • 2014-Present Director

Share of Company (%) o Lemon Gold Farm Co., Ltd.
• None
o Green Bi-O Mahasarakham Co.,
Family Relationship with Executive
• None Ltd.

Work Experience: Limited Public Companies o PT Drive (Thailand) Co., Ltd.
• 2018-Present Director
• 2013-Present Director
Super Earth Energy 8 Co., Ltd.
• 2013-Present Director Super Energy Group Co., Ltd.

Super Energy Corporation Co., Ltd. • 2006 Assistant Manager of Finance
• 2007-Present Director, Director of Accounting and
ABN AMRO NL Bank
Finance
Open Technology PCL • 2004-2006 Assistant Managing Director

Bangkok Microbus Co., Ltd.

• 2001-2004 Managing of Accounting and

Finance

Meechai Thailand Legal Consultant

Office Co., Ltd.

• 1994-2001 Assistant Auditor

PMG Audit (Thailand)/Accounting office

2. Executive

Mr. Jormsup Lochaya
Chairman of Board
Age 51 Years

Appointed on Share of Company (%)
• 6 May 2013 • 20.89%

Education Family Relationships with Executives
• Juris Doctor Loyola Law School, Los Angeles, • None

California USA Work Experience
• Bachelor of Economics, University of California, Los • Details according to the director profile page

Angeles, California, USA

Training Courses
• Director Accreditation Program (DAP)
• Thai Institute of Directors (IOD)

Miss Rungnapa Chandenduang
Assistance Managing Director of Accounting and Finance Division in Thailand
Age 51 Years

Appointed on • None
• 1 January 2018 Family Relationships with Executives
• None
Education
• Bachelor of Business Administration (Accounting) Work Experience
• 2018-Present Assistance Managing Director
Burapha University
• Bachelor of Accountancy, Rajamagala University Of Super Energy Corporation Co., Ltd.
• 2004-2017 Freelance Accounting Vocational
Technology Krungthep
Group Company in Stock Market (Super
Training Courses Block Co., Ltd.)
• MINI MBA, University of the Thai Chamber of • 1991-2003 Audit Manager
KPMG Audit (Thailand) Co., Ltd.
Commerce

Share of Company (%)

Mr. Kowit Akkharaatimart
Assist Managing Director of Accounting and International Money Fund
Age 50 Years

Appoint on • 2013-2019 VP Accounting and Finance
• 15 March 2019 ▪ (CFO)
▪ Berli Jucker PLC /
Education Manufacture, Arrange
• Bachelor Degree in Accounting (Cost Accounting), Production, Sale and
Services.
Chulalongkorn University
• 2008-2013 Accounting and Finance
Training Courses ▪ Manager
• IFRS, Deloitte ▪ Ecco (Thailand) Co.,Ltd.
• Update Tax, EY
• 2002-2007 Assistant Accounting Manager
Share of Company (%) Thai Union Frozen Product PLC.
• None

Family Relationships with Executives
• None

Work Experience
• 2019-Present Assist Managing Director

Super Energy Corporation Co., Ltd.

Mr. Pongsakorn Saenghongsa (Acting)
Operations and Maintenance Director

Age 45 Years

Appoint on Work Experience
• 1 October 2019 • 2015-2019 Project Manager
Super Energy Corporation Co., Ltd.
Education • 2019-Present Operation and Maintenance
• Electrical Engineering (Electrical Power), Director
Super Solar Energy Co., Ltd.
Sripatum University • 2012-2015 Assistant Manager Renewable Energy
II Department
Training Courses Demco Public company Limited
• Certificate of Kaset Mini Business Management • 2011 – 2012 Assistant Manager of Construction
Department
Share of Company (%) Future Electrical Control Co., Ltd.
• None

Family Relationships with Executives
• None

Miss Wiriya Sasakul Family Relationships with Executives
Director of Legal Affairs • None
Age 56 Years
Working Experience
Appoint on • 2020- Present Vice President – Legal
• 20 May 2020
Super Energy Corporation PCL.
Education • 2018-2020 Legal Manager, Bangkok Flight
• Master ‘s in The International Law,
MACQUARIE UNIVERSITY, SYDNEY, Service LTD.
ASUTRALIA • 2017-2017 Legal Practitioner and Project Co-
• Master of International Law, Chulalongkorn
University coordinator, TICON PLC.
• Bachelor of Laws, Chulalongkorn University • 2013-2016 Legal Manager, SAMART I-MOBILE

Training Course PLC.
• Business and Litigation in the Administrative
Court, Faculty of Law, Chulalongkorn University
• Company Lawyer, Faculty of Law,
Chulalongkorn University

Share of Company (%)
• None

Mr. Wanlop Charoensub (Acting)

Quality System Manager
Age 55 Years

Appoint on Family Relationships with Executives
• 1 November 2017 • None

Education Work Experience
• Bachelor of Engineering (Electrical Engineering), • 2017-Present Quality System Manager

Kasetsart University Super Earth Energy Co., Ltd.
• 1994-2560 Site Solution Project and Resources
Training Courses
• Mini Master of Management (NIDA) Manager
Nokia Co.,Ltd.
Share of Company (%)
• None

Mr. Apicha Sripinit
Human Resource Manager
Age 40 Years

Appoint on Share of Company (%)
• 2 April 2019 • None

Education Family Relationships with Executives
• MBA in Human Capital and Organizational • None

Management, College of Management Mahidol Work Experience
University • 2016-Present Human Resource Manager
• Bachelor of Business Administration (Human
Resource Management), Southeast Asia University Super Energy Corporation Co., Ltd.
• 2016--2018 Assist Manager Human Resource
Training Courses
• HR Law Sports Revolution Co.,Ltd
• Strategic Succession Plan and Talent Management • 2013-2016 HR & Admin Supervisor

CKD Thai Corporation.,Ltd.

Mr. Chanan Thiranan
Operation Manager
Age 31 Years

Appoint on • Less than 0.01%
• 1 July 2019
Family Relationships with Executives
Education
• Master of Engineering (Electrical Engineering), • None

Chulalongkorn University Work Experience
• Bachelor of Engineering (Electrical Engineering) ,
• 2019-Present Operation Manager
Chulalongkorn University
Super Energy Corporation Co., Ltd.
Training Course
• Solar Power Generation System, IEEE Thailand • 2015-2019 Operation and Maintenance Manager

Section Solar EPCF Co., Ltd.
• Risk Asset Manament, IEEE Thailand Section
• 2015 Electrical Engineer
Share of Company (%)
SunEdisio

Miss Supinthara Kamsuvan
Technical Property Manager
Age 31 Years

Appoint on Share Company (%)
• 2 July 2019 • None

Education Family Relationships with Executives
• Master of Engineering Management, Brunel • None

University London Work Experience
• Master of Philosophy, Electrical and Computer • 2019-Present Technical Property Manager

Engineering Brunel University London Super Energy Corporation Co., Ltd.
• Master of Electrical Engineering (Electric Power), • 2017 – 2019 Electrical Engineering

Kasetsart University Matilay Solar Co., Ltd.

Training Courses
• Risk Asset Manament, IEEE Thailand Section
• ISO 9001:2015 Internal Quality Audit
• Surge Protection for Electrical and Electronic

Equipment
• Grounding System Design

Solar Power Generation System, IEEE Thailand
Section

Mr. Akhom Manakaew (Acting)
Purchasing Manager
Age 63 Years

Director Appoint on • 1994-2013 Company Director, Executive Director
• 16 June 2014 Vice Company Director
Demco PCL / Engineering design,
Education procurement, construction and
• Master of Engineering Science (Electrical Power), installation and electricity production
and distribution.
Kasetsart University
• Bachelor of Engineering Science (Electrical Power), • 1990-1993 Manager of Engineering
Nakhon Thai Steel Group PCL
Prince of Songkhla University
• Mini MBA, Kasetsart University • 1981-1990 Chief of Electrical System Control
Center 1
Training Courses Electricity Control Department
• Director Accreditation Program (DAP) Electricity Generating Authority of
• Thai Institute of Directors (IOD) Thailand

Share of Company (%)
• None

Family Relationships with Executives
• None

Work Experience: Limited Companies/Other Organizations
• 2018-Present Director (Electricity and 2 related

businesses)
Super Solar Co., Ltd. (Thailand)
Super Earth Energy 9 Co., Ltd.

• 2017-Present Director
Super Win Energy Co., Ltd.

• 2016-Present Managing Director
Super Solar Energy Co., Ltd.

• 2015-Present Director
Amanuf Co., Ltd

• 2015-Present Director
Super Sky Energy Co., Ltd.

• 2014-2016 Managing Director
Super Energy Group Co., Ltd.

Miss Warangkana Kaewsawang
Accounting Manager – International
Age 44 Years

Appoint on
• 10 October 2020
Education
• Master of Business Administration (MBA) , Dhurakij
Pundit University
• Bachelor of Accountancy , Dhurakij Pundit University
Training Course
• SPACE Development Program by Chulalongkorn
Business School
Share of Company (%)
• None
Family Relationships with Executives
• None
Working Experience
• 2020- Present Accounting Manager – International
Super Energy Corporation PCL.
• 2003-2020 Accounting Manager, Berli Jucker
PLC.
• 1999-2003 Financial Accounting officer, Bangkok
Crystal LTD.
• 1998-1999 Financial Accounting officer, Sun Moon
Tours LTD

3. Company’s Secretary

Miss Duangdao Prasertsri
Legal and contract Manager
Age 43 Years

Education
• Bachelor of Law, Chulalongkorn University
Training Courses
• Company Secretary Program Certificate (CSP)
• Thai Institute of Directors (IOD)
Share of Company (%)
• Less than 0.01%
Family Relationships with Executives
• None
Work Experience: Limited Companies/Other Organizations
• 2001-Present Legal and Contract Manager

Meechai Thailand Legal
Consultant Office Co., Ltd

4. Board of Director and Executives of Subsidiaries

Mr. Jormsup Lochaya
Director
Age 51 Years

Education Share of Company (%)
• Juris Doctor Loyola Law School, Los Angeles, California • 20.89%

USA Family Relationships with Executives
• Bachelor of Economics, University of California, Los • None

Angeles, California, USA Work Experience
• Details according to the director profile page
Training Courses
• Director Accreditation Program (DAP)
• Thai Institute of Directors (IOD)

Miss Vanida Majjimanonda
Director
Age 74 Years

Education Share of Company (%)
• Hotel Management จาก Cornell University, USA • None
• Administration& Technique Hotelieres, Institute
Family Relationships with Executives
International de Glion,Switzerland • None
• Languages(French & German) Institute Le Manoir,
Work Experience
Ecole Benedict, Switzerland • Details according to the director profile page

Training Coursed
• Director Accreditation Program (DAP)
• Thai Institute of Directors (IOD)

Miss Warinthip Chaisungka
Director
Age 53 Years

Education Share of Company (%)
• Bachelor of Business Administration (Accounting) • None

Ramkhamhaeng University Family Relationships with Executives
• None
Training Courses
• Director Accreditation Program (DAP) Work Experience
• Thai Institute of Directors (IOD) • Details according to the director profile page

Mr. Arkom Manakaew
Director
Age 63 Years

Education Share of Company (%)
• Master of Engineering Science (Electrical Power), • None

Kasetsart University Family Relationships with Executives
• Bachelor of Engineering Science (Electrical Power), • None

Prince of Songkhla University Work Experience
• Mini MBA, Kasetsart University • Details according to the director profile page

Training Courses
• Director Accreditation Program (DAP)
• Thai Institute of Directors (IOD)

Mr. Chaphamon Chantarapongphan
Director
Age 44 Years

Education • Green Power Energy Co., Ltd.
• Bachelor of Banking Finance Business Administration, • Equator Solar Co., Ltd.
• WRP Energy Co., Ltd.
Rangsit University • 2015-Present Director 13 Companies in

Training Courses electricity and related business
• Director Accreditation Program (DAP) • Apollo Solar Co., Ltd.
• Thai Institute of Directors (IOD) • Power Technology International
Co., Ltd.
Share of Company (%) • Sri Nakha Power Co., Ltd.
• Less than 0.01% • Energy Serve Co., Ltd.

Family Relationships with Executives • Amanuf Co., Ltd.
• None
• SPP 6 Co., Ltd.
Working Experience
• 2018-Present Director 3 Companies in electricity and • Solkit Solar Co., Ltd.

related businesses. • S2P Energy Co., Ltd.
• Super Solar (Thailand) Co., Ltd.
• Super Earth Energy 9 Co., Ltd. • Northeast Future Energy Co., Ltd.
• Super Earth Energy 8 Co., Ltd.
• WXA 4 Co., Ltd.
• 2017-Present Director
Super Win Energy Co., Ltd. • WXA 5 Co., Ltd.
• WXA 6 Co., Ltd.
• 2016-Present Assistant Managing Director
Super Solar Energy Co., Ltd. • WXA 7 Co., Ltd.
• WXA 7 Co., Ltd.

• 2014-2016 Assistant Managing Director
Super Energy Group PCL.

Mr. Pitipong Cheeranont Work Experience
Director • 2016-Present Managing Director
Age 62 Years
Super Water Company Limited
Appointed on • 2008-2015 Deputy Managing Director
• 1 February 2016
Education Universal Utilities PCL
• Master of Engineering, Lamar University , Texas, U.S.A. • 2007-2009 Deputy Managing Director of Operations
• Bachelor of Engineering, Chulalongkorn University
Training Courses Universal Utilities PCL
• Psychological Operations Course , Class 2 • 2001-2007 Service Manager
• 2010 , Institute of Security Psychology National Defence
Universal Utilities PCL
Studies Institute • 1998-2001 Deputy Managing Director and
• Management Development Program 2008, Sasin School
Managing Director
of Management Steel Ways Co., Ltd.
• Public Economic Course, Class 4, 2006 ,King • 1991-1998 Managing Director
ThaiTai Pitsanu (1991) Company Limited
Prajadhipok’s Institute • 1987-1991 Project Manager
• Director of Psychiatric Practice Program Class 95, 2005 , Premwanit Company Limited
• 1983-1987 Project Engineering Manager
Institute of Security Psychology National Defence Studies Expressway Authority of Thailand
Institute
• MBA Mini Agriculture Program Class 29, 2002, Kasetsart
University
• Bridge Engineering Program, 1983, Tokyo, Japan
Share Company (%)
• None
Family relationships with Executives
• None

Mr. Techaphon Rojnatham 1993- 2004 Vice President
Director P.M.C. Real Estate Co., Ltd.
Age 62 Years
1990 - 1992 Managing Director and Joint Venture
• Infast Oversea Co., Ltd.

Appointed on • 1990 - 1992 Managing Director and Joint Venture
• January 2020 • Infast Oversea Co., Ltd.
Education •
• Secondary School, Wat Makutkasattriyaram School 1988 - 1990 Managing Director, Legal Affairs Office
Training Course • and Investment Advisor
• None •
Share Company (%) P.S. International Co., Ltd.
• None 1978 - 1987 Manager

Family relationships with Executives Unigi Co., Ltd.
• None 1976 - 1977 Head of Marketing

Working Experience Super Home Co., Ltd.
• 2021-Present Managing Director
Super Water Co., Ltd.
• 2017-Present Project Engineer

Expressway Authority of Thailand
Managing Director

• Solar EPCF Co., Ltd.

• Martilay Solar Co., Ltd.

• 2013-2018 Advisor to the President
Asian Development Engineering
Corporation Co., Ltd.

• 2013 - 2017 Advisor to the President
Asian Import-Export Corporation Co., Ltd.

• 2004 - 2012 Investment and Financial Advisor
(Independence)
Financial services, Buying both domestic
and international bonds.

• 2005 - 2010 Foreign Division Manager
General Intertech Co., Ltd.

• 1997 - 2010 Legal and Financial Advisor

(Independence) Legal Assistant

Miss Somsook Tangsatittham
Director
Age 62 Years

Appointed on
• 18 March 2009
Education
• Bachelor of Business Administration (Marketing)

Assumption University
Share Company (%)
• None
Family relationships with Executives
• None
Work Experience : Limited Public Companies
• 2007-Present Director, Senior President Client Services &

Outsourcing Division
Open Technology PCL.

• 1983-2007 Senior President, Sale Division

Data Match PCL