an_super_2018_en

2018AnราnยงuานaปlระจRำปe 2p56o1 rt

Content 9
39
Part 1 Business 64
Business Policy and Overview 68
Business Characteristics 71
Risk Factors 72
Assets Used in Business
Legal Disputes 73
General Information 77
87
Part 2 Corporate Management and Governance 104
Asset and Shareholder Information 108
Management Structure 110
Corporate Governance
Corporate Social Responsibilities 116
Internal Control and Risk Management 124
Connected Transactions 142

Part 3 Financial Position and Performance 143
Significant Financial Information
Management Analysis and Explanations 163
Data Accuracy Certification 171

Appendix No. 1 Information of Company Directors, Executives, 175
Authorized Persons and Secretary 176
177
Appendix No. 2 Information about Directors in Subsidiaries
Appendix No. 3 Information about Internal Audit Supervisors

and Company Compliance Supervisors
Appendix No. 4 Information about Asset Appraisals
Appendix No. 5 Other Documents
Appendix No. 6 Financial Statements and Licensed Auditor’s Report



Message from the Company Chairman
Mr. Chomsap Lochaya

In 2018, alternative energy is still of interest and plays an important role in investments. Although overall the
various forms of alternative energy power plant projects seemed quiet in 2018, 2019 shows signs of the
projects receiving more interest after the meeting of the Energy Policy and Planning Office on Thailand’s
Power Development Plan for 2018-2037 or PDP 2018. The meeting focused on environmentally-friendly
alternative energy to solve environment problems according to the Alternative Energy Development Plan
(AEDP). The year 2019 is expected to see even more investment and development of alternative energy
power plant projects and a bigger role played by the private sector and households.

From the Company’s operations in 2018, the Company has earned a total of 5,738.95 million baht in revenue
from renewable energy businesses, accounting for 97.67 percent of the Company’s total revenue which
includes 5,376.17 million baht of revenue from solar energy and 219.15 million baht from waste energy.
This resulted in the Company generating 1,274.20 million baht of net profit or 22.24 percent of the total
revenue. This is a product of the growth of solar power plant and industrial waste power plant business
operations. Furthermore, the Company has operated according to its plan to focus on the continuous
expansion of investment in domestic and international renewable energy power plants. As for domestic
investment, the Company has invested in and developed solar power plant projects in Phase 2 for
government agencies and agricultural cooperatives with a combined production capacity of 28 megawatts
which have achieved commercial operations as of December 2018. Moreover, the industrial waste power
plant projects commenced commercial operations on 14 June 2018. This is considered a success for the
Company in entering the waste power plant business. There are also municipal waste power plant projects in
Phichit which are scheduled to commence commercial operations in 2019. Meanwhile, for international
projects, the Company has invested in solar power plants and wind power plants in Vietnam which are in the
initial stages with about 586.72 megawatts of production capacity. This is a large market that is growing in
the aforementioned businesses.

In addition, the Company is firmly committed to its mission to become a leader in renewable energy and will
add on to its successes in 2018. Other than being the number-one leader in the solar power plant business in
the solar farm market, the Company still has a goal to become a leader in the waste power plant business by
focusing on investment and development in projects in addition to investment in waste energy, whether it is

in landfills or in equipment for producing RDF from municipal waste, etc. The Company expects the growth
of this business to generate a stable revenue for the Company in the future.

The Company is determined and adheres to operation principles of efficient management and the consistent
implementation of technology in business operations. The Company hopes to create the maximum benefits
for the Company, shareholders, customers, employees and all stakeholders, thereby leading the Company
toward sustainable growth in the future.

Vision
The company’s vision is to become a leader in electricity production
from renewable energies such as solar energy, waste energy and wind

energy in the country and also to become a regional player.

Mission
1. To meet government policies in the development of renewable

energy electricity production systems for energy sustainability.
2. To invest in and expand renewable energy electricity production with

efficient modern technology.
3. To create benefits and sustainable values for society and all

stakeholders with good governance.

Company Information Summary

Company Information บริษทั ซุปเปอร์ เอนเนอร์ยี คอร์เปอเรชนั จาํ กดั (มหาชน)
Thai Company Name:

English Company Name: SUPER ENERGY CORPORATION PUBLIC COMPANY

LIMITED

Abbreviated Stock Exchange Name: “SUPER”

Company Registration No.: 0107547000958

Registered Capital: 3,281,935,872.80 baht

Paid Registered Capital: 2,734,946,560.70 baht

Business Type: 1. SUPER provides solar power plant operation and maintenance services.

Furthermore, the Company provides consultation about the alternative

energy business, e.g., solar energy, waste energy and wind energy.

2. The Company operates business to produce and distribute electricity from

alternative energy power plants and related business.

3. The Company is engaged in the information and communications

technology businesses.

Main Office Address: 223/61, Floor 14, Country Complex, Building A, Ordnance Road, South

Bang Na, Bang Na, Bangkok, 10260.

Home Page www.supercorp.co.th

Telephone: (662) 361-5599

Facsimile: (662) 361-5036

Security Registrar:
The Securities Depository of Thailand Company Limited.
Main Office Address: 62 Ratchadaphisek Road, Floor 4 and Floor 7,
Klong Toei, Klong Toei, Bangkok, 10110
Telephone (662) 229-2800 Facsimile: (662) 832-4994-5

Company Auditor:
Mr. Chawala Thianprasertkit, Licensed Auditor No. 4301,
Deloitte Touche Tohmatsu Chaiyot Auditing Company Limited,
11/1 AIA Building, Sathorn Tower, Floors 22–27, St. Louis 3 (Sathorn 11),
South Sathorn Road, Yannawa, Sathorn, Bangkok 10120.
Telephone: (662)-034-0000, Facsimile: (662)-034-0100
www.deloitte.com

2018 Activities Summary

Revenue from Activities: Million Baht Net Profit and EBITDA : Million Baht

6,000 5,390 5,376 5,000 4,757 4,751
4,000 3,526
4,000 2,960
3,000

2,000 2,000 818955 522 1,512 1,274
1,000
297 99 85 8 112 211935
- -
Y2015 Y2016 Y2017 Y2018
Y2015 Y2016 Y2017 Y2018

SOLAR WASTE IT Other NET PROFIT EBITDA

Financial Position Statement: Million Baht

สAนิ sทsรeพัtsย์ 48,059.79 49,649.96 Lหiนabสี iนิ lities Shaสrว่ eนhขolอdงeผrs้ถู ’อื Eหqุ้นuity
46,870.65
50,000.00 39,178.75 27,192.1233,363.8930,648.1232,094.91 17,555.05
40,000.00 20,000.00 11,986.6214,695.9016,222.53
40,000.00 30,000.00 15,000.00
20,000.00 10,000.00
30,000.00 10,000.00 5,000.00

20,000.00 - -

10,000.00

-

Y2015 Y2016 Y2017 Y2018

Expense Details: Million Baht

1,201.09 1,454.33 1,456.72

590.30236.08 530.22 410.38 505.22

7.64 8.50 10.43 4.25

Y2015 Y2016 Y2017 Y2018

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Part 1 Business

1. Business Overview and Development

Company, Subsidiaries and Joint Companies’ Business Characteristics and Information

Super Energy Corporation Public Co., Ltd. (“The Company” or “SUPER”), originally Superblock Co.,
Ltd., was founded on 20 December 1994. On 9 May 2018, the Company changed its name to Super Energy
Corporation Public Co., Ltd. pursuant to the resolution of the meeting of shareholders No. 1/2561 on 25
April 2018 to reflect the change in business. At present, SUPER provides renewable energy power plant
operation and maintenance services (for solar energy, waste energy and wind energy) for various companies
in which the Company directly or indirectly holds shares. Emphasis is placed on the monitoring of power
plant operations and maintenance of machinery and equipment to ensure that they are ready to be used
efficiently and to ensure that the aforementioned power plants produce and distribute electricity at full
capacity. Furthermore, the Company offers consultation about the alternative energy business.

The Company has a policy to operate business in the operation and maintenance of power plants that
belong to the Company’s group and/or other outside companies in the future and has an objective to expand
business scope to cover the contract construction and operation, management and monitoring of alternative
energy power plants in the future. Furthermore, the Company’s subsidiaries operate business to produce and
distribute electricity from alternative energy power plants and related business, both domestic and
international, including information and communications, etc.

Vision, Mission and Business Goals

Vision
The company’s vision is to become a leader in electricity production from renewable energies such as
solar energy, waste energy and wind energy in the country and also to become a regional player.

Mission
1. To meet government policies in the development of renewable energy electricity production systems
for energy sustainability.
2. To invest in and expand renewable energy electricity production with efficient modern technology.
3. To create benefits and sustainable values for society and all stakeholders with good governance.

Business Goals
The Company has a policy to continuously expand the scope of investment in alternative energy
power plant businesses with an emphasis on performing every stage of activities properly and efficiently,
from procuring land that has potential, selecting quality equipment and requesting permits transparently and
correctly to produce and distribute electricity, to meet the requirements in providing the Company with
sustainable income in the long run with low business risks. Furthermore, the Company has a policy to
develop personnel skills while realizing the environmental impact and helping society to create confidence in
the Company so that the Company can grow sustainably in the future.

Main Business Policies Presently Being Implemented at SUPER and Becoming a Leader in
Renewable Energy and Related Businesses

1. O & M Services · The Company has a clear renewable energy power plant operation and
and Related maintenance policy, especially for solar power plants, for companies in the
Businesses SUPER company group and/or other companies in the future.

2. Solar Power Plant · The Company is a leader in the solar power plant electricity production and
Business distribution business with a combined installed production capacity of 681.60
megawatts. In addition, the Company has a policy to expand investment and
development of the aforementioned projects in the country and in other countries.

3. Waste Power Plant · The Company recognizes “waste management” problems and has made a policy
Business to become a leader in the production and distribution of electricity from waste
power plants, both industrial waste and municipal waste, with an installed
production capacity of 9.00 megawatts with the potential to grow every year.

4. Wind Power Plant · The Company is making investment and development in the production and
Business distribution of electricity from wind power plants, both domestic and
international. Presently, the Company is making investment in projects in
Vietnam with a combined production capacity of 350 megawatts.

5. Information · The Company provides information technology and communication services such
Technology and as communication development and system planning services, computer
Communication maintenance services, complete personnel recruitment services, etc., to help aid
Business business operations, both in the public sector and the private sector.

The Company has confidence in the readiness and success from experience in the solar power plant
business in the past and remains determined to expanding the business so it can grow sustainably along with
promoting energy and environmental conservation. The forms of renewable energy businesses that the
Company is interested in consistently investing in and developing are as follows:

1. Solar Energ Energy
2. Waste Energy
3. Wind Energy

Descriptions of Activities and Structure

1. Solar Power Plant Operation and Maintenance Services
These are operated by Super Energy Corporation Public Co.,
Ltd. (“SUPER”) and cover provision of operation and maintenance
services for solar power plants, provision of power station and
transmission line management services and others to projects
belonging to subsidiaries in which SUPER directly or indirectly holds
shares subsequent to the commencement of commercial operations in
the aforementioned power plant projects with the aim of providing maintenance to the machinery and
equipment in power plants in addition to management in order to ensure that the aforementioned power
plants operate in the most effective manner.
The renewable energy power plant operation and maintenance service business has expanded along
with the electricity production and distribution business from renewable energy power plants, whether it is
solar energy, waste energy or wind energy, and related businesses. The consistent growth rate is due to the
need to use more electricity every year in the country. Therefore, Super Energy Corporation Public Co., Ltd.

recognizes and seizes the opportunity to conduct power plant operation and maintenance business and has
participated in the investment and development of renewable energy power plants which is a low-risk
business with a high growth potential. Furthermore, the Company has clear policy to operate business in the
operation and maintenance of power plants that belong to the Company’s group and/or other outside
companies in the future and has an objective to expand business scope to cover the contract construction and
operation, management and monitoring of alternative energy power plants in the future.

2. Production and Distribution of Electricity Produced from Solar Power Plants (“Solar Energy”)

This is operated by the subsidiaties of Super
Solar Energy Co., Ltd. (“SSE”) for the purpose of
investment and development of businesses in the
production and distribution of electricity from solar
power plants and related businesses. The Company
group’s solar power plant projects use standard
equipment with warranties. The Company takes into
consideration the efficiency and value of investing to
ensure that the projects can operate throughout the 25-
year power purchase agreements with the Electricity Generating Authority of Thailand, the Metropolitan
Electricity Authority and the Provincial Electricity Authority. At present, domestic electricity production
projects number at a total of 130 projects with a capacity of 768.6 megawatts as follows:

1. Four projects in the Adder format at 8.00 baht with a total generating capacity of 7 megawatts.

2. Two projects in the Adder format at 6.50 baht with a total generating capacity of 5.95 megawatts.

3. One hundred and eighteen projects in the Fit format at 5.66 baht with a total generating capacity of
727.65 megawatts.

4. Six projects in the Fit format at 4.12 baht with a total generating capacity of 28 megawatts.

Details of Power Plant Projects under the Management of the Company Group

No. of Projects Equipment Type Commercial End of

No. Company/Project Name /Megawatt(s) (Solar Cell) / (Inverter) Commencement Contract

Date Date

1 Green Bi-O Maha Sarakham 1 project / Thin Film / 8 Feb 2013 7 Feb 2023
Central Inverter
Company Limited / 0.952

megawatt

Project 1

2 PT Drive (Thailand) Company 1 project / Poly Crystalline, Thin 10 Oct 2014 9 Oct 2024

Limited / Film / Central Inverter
5.0 megawatts

Project 1

3 Root Sun Co., Ltd./Project 1, 2 2 projects / Poly Crystalline / 1 Jul 2011 30 Jun
2021

2.0 megawatts String Inverter

Root Sun Co., Ltd./Project 3 1 project / Poly Crystalline / 3 May 2012 2 May
2022

1.0 megawatt String Inverter

4 Pro Solar One Co., Ltd/ Project 1 project / Poly Crystalline / 8 Feb 2013 30 Nov
2021
1
4.0 megawatts Central Inverter

5 17 Anyawee Holding Company 2 projects / Poly Crystalline, Thin 25 Dec 2015 30 Dec
Film / Central Inverter 2040
Limited / Hua Wa

12.0

1, Hua Wa 2 megawatts

17 Anyawee Holding Company 8 projects / Poly crystalline, Thin 29 Apr 2016 30 Dec
Film / Central Inverter 2040
Limited / Pho Gnam, Non Hom,
48.0

Bang Luang 1, Bang Luang 2,
megawatts

Nong Waeng, Kalong, Ban Lam

1, Ban Lam2

17 Anyawee Holding Company 1 project / Poly Crystalline / 26 Dec 2016 27 Jan 2041
String Inverter
Limited / Bang Phli

3.0 megawatts

No. of Projects Equipment Type Commercial End of

No. Company/Project Name /Megawatt(s) (Solar Cell) / (Inverter) Commencement Contract

Date Date

17 Anyawee Holding Company 1 project / Poly Crystalline / 23 Dec 2016 22 Dec
String Inverter 2041
Limited / Sam Khok

5.0 megawatts

17 Anyawee Holding Company 2 project / Poly Crystalline / 27 Dec 2016 26 Dec
Central Inverter 2041
Limited / Ban Phaew, Prasan
Kasikit 10.0
megawatts

6 Media Mark Company Limited 1 project / Poly Crystalline / 3 Dec 2015 2 Dec
2040
/ Wang Lum

5.9 megawatts Central Inverter

Media Mark Company Limited 1 project / Poly Crystalline / 21 Dec 2015 20 Dec.
Central Inverter 2040
/ Dong Phlub

5.9 megawatts

Media Mark Company Limited 1 project / Poly Crystalline / 30 Dec 2015 29 Dec
Central Inverter 2040
/ Nong Khaem

5.9 megawatts

Media Mark Company Limited 1 project / Poly Crystalline / 23 Apr 2016 30 Dec
Central Inverter 2040
/ Hansai

5.9 megawatts

7 Health Planet Management 1 project / Poly Crystalline / 31 Dec 2015 2 Dec
2040
(Thailand) Company Limited /

Khao Sai 8.0 megawatts Central Inverter

Health Planet Management 1 project / Poly Crystalline / 25 Aug 2015 24 Aug
(Thailand) Company Limited / 8.0 megawatts Central Inverter 2040
Nong Phayom (Wang Lum)

Health Planet Management 1 project / Poly Crystalline / 27 Apr 2016 30 Dec
(Thailand) Company Limited / 8.0 megawatts Central Inverter 2040
Ka Long

Health Planet Management 1 project / Poly Crystalline / 31 Aug 2015 30 Dec
2040
(Thailand) Company Limited /

No. of Projects Equipment Type Commercial End of

No. Company/Project Name /Megawatt(s) (Solar Cell) / (Inverter) Commencement Contract

Date Date

Huai Sakae 8.0 megawatts Central Inverter

Health Planet Management 1 project / Poly Crystalline, Thin 23 Apr 2016 30 Dec
(Thailand) Company Limited / 8.0 megawatts Film / Central Inverter 2040
Han Sai

8 Electrica Asia Power Company 1 project / Poly Crystalline / 27 Apr 2016 31 Dec
2040
Limited/ Kalong

8.0 megawatts Central Inverter

9 North Solar Power Company 2 projects / Poly Crystalline / 23 Apr 2016 30 Dec
2040
Limited /

8.0 megawatts Central Inverter

Han Sai 1, Han Sai 2

10 Tang Sae Yiang Green Power 1 project / Poly Crystalline / 30 Apr 2016 30 Dec
2040
One Company Limited / Phraek

Nam Daeng 4.0 megawatts String Inverter

11 STFE Solar Company Limited / 1 project / Poly Crystalline, Thin 29 Jan 2016 28 Dec
2040
Yang Nam Klad Tai Film / Central Inverter
8.0 megawatts

12 Power Technology International 8 projects / Poly Crystalline, Thin 28 Apr 2016 30 Dec
Film / 2040
Company Limited / Bo Nok,
Han Sai 1-7 49.65 Central Inverter
megawatts

Power Technology International 1 project / Poly Crystalline / 10 Jun 2016 30 Dec
Central Inverter 2040
Company Limited / Khlong Pun
5.95

megawatts

13 Energy Serve Company Limited 7 projects / Poly Crystalline / 26 Apr 2016 30 Dec
Central Inverter 2040
/
43.7

Nong Prong 1,3,4,5,7,8,10 megawatts

No. of Projects Equipment Type Commercial End of

No. Company/Project Name /Megawatt(s) (Solar Cell) / (Inverter) Commencement Contract

Date Date

Energy Serve Company Limited 3 projects / Poly Crystalline / 26 Feb 2016 30 Dec
Central Inverter 2040
/ Nong Prong 2,6,9

17.85

megawatts

14 Amanuf Company Limited / 5 projects / Poly crystalline / 28 Apr 2016 30 Dec
Central Inverter 2040
Khlong Hin Pun, Khok Sanan,
Suan Pa, Wang Mai 1, Wang 30.0
Mai 2 megawatts

15 Sri Nakha Power Limited / Han 6 projects / Poly Crystalline / 29 Apr 2016 30 Dec
Central Inverter 2040
Sai 1-6

36.0

megawatts

16 SPP 6 Company Limited / Khok 1 project / Poly crystalline / 30 Dec 2015 26 Jan
Central Inverter 2040
Samrong

41.0

megawatts

17 Solkit Solar Company Limited / 1 project / Poly crystalline / 29 Apr 2016 30 Dec
2040
Han Sai

6.0 megawatts Central Inverter

18 WRP Energy Company Limited 8 projects / Poly crystalline / 29 Apr 2016 30 Dec
Central Inverter 2040
/
48.0

Sala Lamduan 1-8 megawatts

19 S2P Energy Company Limited / 6 projects / Poly crystalline / 29 Apr 2016 30 Dec
Central Inverter 2040
Khok Pi Khong1-6

36.0

megawatts

20 Northeast Future Energy 1 project / Poly crystalline / 29 Apr 2016 30 Dec
Company Limited / 2040

Mueang Phai 6.0 megawatts Central Inverter

No. of Projects Equipment Type Commercial End of

No. Company/Project Name /Megawatt(s) (Solar Cell) / (Inverter) Commencement Contract

Date Date

21 WXA 4 Company Limited / Kui 1 project / Poly crystalline / 30 Apr 2016 30 Dec
Central Inverter 2040
Nuea 1

5.95

megawatts

22 WXA 5 Company Limited / Kui 1 project / Poly crystalline / 30 Apr 2016 30 Dec
Central Inverter 2040
Nuea 2

5.95

megawatts

23 WXA 6 Company Limited / Kui 1 project / Poly crystalline / 30 Apr 2016 30 Dec
Central Inverter 2040
Nuea 3

5.95

megawatts

24 WXA 7 Company Limited / Kui 1 project / Poly crystalline / 30 Apr 2016 30 Dec
Central Inverter 2040
Nuea 4

5.95

megawatts

25 Equator Solar Company 2 projects / Poly crystalline / 30 Apr 2016 30 Dec
Limited / Khao Yai 1-2 2040

Equator Solar Company 10.0 Central Inverter
Limited / Khao Yai 3-4 megawatts

Equator Solar Company 2 projects / Poly crystalline / 10 Jun 2016 30 Dec
Limited / Khao Yai 5 2040

Equator Solar Company 10.0 Central Inverter
Limited / Khao Yai 6-7 megawatts

1 project / Poly crystalline / 30 Apr 2016 30 Dec
2040

5.0 megawatts Central Inverter

2 projects / Poly crystalline / 10 Jun 2016 30 Dec
2040

10.0 Central Inverter
megawatts

No. of Projects Equipment Type Commercial End of

No. Company/Project Name /Megawatt(s) (Solar Cell) / (Inverter) Commencement Contract

Date Date

Equator Solar Company 8 projects / Poly crystalline / 30 Apr 2016 30 Dec
Limited / Khao Yai 8-15 Central Inverter 2040
40.0
megawatts

26 Apollo Solar Company Limited 1 project / Poly crystalline / 28 Apr 2016 30 Dec
2040
/ Wang Nam Yen

3.6 megawatts Central Inverter

Apollo Solar Company Limited 1 project / Poly Crystalline / 18 Dec 2015 17 Dec
String Inverter 2040
/ Wang Muang

1.8 megawatts

27 IQ Solar Company Limited / 1 project / Poly Crystalline / 24 Nov 2017 30 Dec
Krathum Baen 2041

5.0 megawatts Central Inverter

IQ Solar Company Limited / 1 project / Poly Crystalline / 26 Dec 2016 25 Dec
Rai Oi Photharam 2041

2.0 megawatts Central Inverter

28 AIQ Energy Company Limited / 1 project / Poly Crystalline / 27 Dec 2016 26 Dec
2041
Saraburi BAAC

1.0 megawatt Central Inverter

29 IQ Energy Company Limited/ 1 project / Poly Crystalline / 28 Dec 2016 27 Dec
2041
Bang Prahan

5.0 megawatts Central Inverter

IQ Energy Company Limited/ 1 project / Poly Crystalline / 27 Dec 2016 26 Dec
Nakhonchaisi 5.0 megawatts Central Inverter 2041

IQ Energy Company Limited/ 1 project / Poly Crystalline / 6 Mar 2017 30 Dec
Suphanimit Aranyaprathet 5.0 megawatts Central Inverter 2041

30 IQ Green Company Limited / 1 project / Poly Crystalline / 28 Dec 2016 27 Jan
2041
Bang Bo

5.0 megawatts String Inverter

No. of Projects Equipment Type Commercial End of

No. Company/Project Name /Megawatt(s) (Solar Cell) / (Inverter) Commencement Contract

Date Date

31 Asta Power Company Limited / 1 project / Poly Crystalline / 28 Dec 2016 27 Dec
2041
Ban Bueng

5.0 megawatts Central Inverter

Asta Power Company Limited / 1 project / Poly Crystalline / 30 Dec 2016 29 Dec
Central Inverter 2041
Aranyaprathet

5.0 megawatts

Asta Power Company Limited / 1 project / Poly Crystalline / 28 Dec 2016 27 Dec
Central Inverter 2041
Phanom Sarakham

4.5 megawatts

Asta Power Company Limited / 1 project / Poly Crystalline / 29 Dec 2016 28 Dec
Central Inverter 2041
Bang Len

4.2 megawatts

32 IQ Good Company Limited / 1 project / Poly Crystalline / 27 Dec 2018 26 Dec
2043
Phrae Beekeepers

5.0 megawatts Central Inverter

33 PKT Green Company Limited / 1 project / Poly Crystalline / 24 Dec 2018 23 Dec
2043
Chaiyaphum

4.0 megawatts Central Inverter

34 Thai Green Company Limited / 1 project / Poly Crystalline / 26 Dec 2018 23 Dec
2043
Nonsang

4.0 megawatts Central Inverter

Thai Green Company Limited / 1 project / Poly Crystalline / 24 Dec 2018 23 Dec
Central Inverter 2043
Suan Yang Ban Din Na

5.0 megawatts

35 Super Solar Energy Co. Ltd./ 1 project / Poly Crystalline / 24 Dec 2018 23 Dec
2043

Suratthani Rubber Producers 5.0 megawatts Central Inverter

36 Electrica Asia Power Company 1 project / Poly Crystalline / 27 Dec 2018 26 Dec

No. of Projects Equipment Type Commercial End of

No. Company/Project Name /Megawatt(s) (Solar Cell) / (Inverter) Commencement Contract

Date Date

Limited/ 5.0 megawatts String Inverter 2043

WVO

37 Green Power Energy Company 1 project / Poly Crystalline / 14 Jun 2018 13 Jun
2025
Limited /Sa Kaeo

9.0 megawatts Central Inverter

Total 120 project / 690.6 megawatts

Remarks: 1. Not counting 11 solar power plant projects, a combined total of 87 megawatts, belonging to Rang
Ngern Solution Co. Ltd. in a joint-venture with the Company. The Company group has a 33.33-percent share
in Infinite Alternative Co. Ltd. with Infinite Alternative Co. Ltd. having a 100 percent share in Rang Ngern
Solution Co., Ltd.

3. Production and Distribution of Electricity
Produced from Waste Power Plants
(“Waste Energy”)

This is operated by the subsidiaries of Super
Earth Energy Company Limited (“EARTH”) for the
purpose of investment and development of businesses
in the production and distribution of electricity from
thermal (waste) power plants and related businesses.
At present, there is a power plant project with the
production capacity of commercial operations at 9 megawatts in Sa Kaeo and two projects are under
construction as stipulated by power purchase agreements for a combined capacity of 15 megawatts in Phichit
and Nong Khai operated by Super Energy Group Co., Ltd. These are projects for the production and
distribution of electricity produced from thermal (waste) power plants and related businesses. At present, one
of these power plant projects is ongoing as stipulated by a power purchase agreement for a capacity of eight
megawatts.

The waste power plant projects will play a larger role in the energy industry due to the attempt to solve
waste problems by turning waste into fuel for electricity production. The Company understands and
recognizes the importance of pushing forward thermal waste power plant projects by investing in and

developing related businesses such as land investment (Landfill), waste-sorting projects for the production of
RDF, technologies for the production and counting of materials and the construction of thermal waste power
plant projects, etc. In the past, the Company has studied and prepared for the aforementioned investments.
The Company believes that waste power plant businesses are playing a larger role and will help to
consistently increase the Company’s income ratio in the future.

Details of Power Plant Projects under the Management of the Company Group

Company/Project No. of Commercial End of

No. Name Projects Equipment Type Commencement Contract Date

/Megawatt(s) Date

1 Green Power Energy / 1 project / Circulating 14 Jun 2018 The contract

Sa Kaeo Fluidized-Bed (CFB) is renewed
9.0 automatically
every five
system
megawatts

years.

4. Production and Distribution of Electricity Produced from
Wind Power Plants (“Wind Energy”)

This is operated by Lemon Gold Farm Company Limited
(“LEMON”) and Super Wind Energy Company Limited (“SUPER
WIND”) for the purpose of investment and development of businesses
in the production and distribution of electricity from wind power
plants and related businesses. At present, projects are being studied,
technologies are being selected, wind speeds are being tested and evaluated, and related work sections are
being prepared.

The Company’s wind power plant projects that are in the early investment and development process
are projects in Viet Nam with a combined capacity of 350 megawatts. Plans have been made for investments
in the near future.

5. Information and Communications Technology

This is operated by Open Technology Public Company
Limited (“OPEN”) and covers development and installation of
information systems, information system and computer equipment
maintenance services, procurement of personnel for comprehensive
services and business management and consultation.

The company operates business with emphasis on a
supportive model to ensure consistency with the needs of each customer group, from filtering products to
selecting work systems. The company is renowned for technological product distribution through distributors
or partners for the purpose of finding the perfect technological products for the operation and business
characteristics of various customer groups such as financial institutes, industries, the public sector and state
enterprises with the aim of maximizing benefits to the organization and customers’ businesses.The company
recognizes the importance of managing services and provides personnel recruitment services for stationing at
locations desired by customers (outsourcing services) where technical engineer specialists work with the
customers’ engineers as a team to create liquidity and maximum efficiency under service-level agreements.
Furthermore, the company provides on-demand services such as computer maintenance services in case of
equipment malfunction or problematic system.

Another of OPEN’s businesses is the management and supervision of common assets for residential
buildings and office buildings as the condominium juristic manager.

As for the consistency of operations and investment expansion since the company entered the
alternative energy business, the company is determined to develop its competitive potential and become a
leader in the aforementioned business with the production and distribution of electricity from alternative
energy power plants. The company’s operations in the past have given importance to the stability of
electricity production and distribution with modern and environmentally-friendly technologies for the
Electricity Generating Authority of Thailand, the Provincial Electricity Authority and the Metropolitan
Electricity Authority as stipulated in long-term power purchase agreements which guarantee the consistency
electricity distribution. The company’s operations also play an important part in pushing for the stability of
energies considered necessary for the development of the country’s economy. Moreover, the company has
policy for investing in companies with similar business objectives or in businesses that support the

company’s operations which will allow the company to have better performance and to better cover this
business.

Figure showing the Commercial operations of alternative energy power plant in the company group as of late
2018

จMํานeวgนawเมaกttะsว(ตัAตc(์cสuะmสuมla) ted) COA(SDdodlaiเtพri)oมิ nเaตlมิ CO(SDolar) CO(AWdDdasiเttพieo)มิ nเaตlิมCO(DWaste)
COPCrDOevDใioนiunปsีกY่อeนaหr น้า

80 0. 0 10.0 9.0
70 0. 0 542.2 28.0
60 0. 0
50 0. 0 175.5 Combined Production
40 0. 0 Capacity
30 0. 0 YY22505141 YY22505152 YY22505163 YY22505174 YY22505185 YY22505196 YY22506107 YY22506118
20 0. 0 777.60 MW
10 0. 0

-

Considering the operation status of power plants the Company has invested in that have commenced
commercial operations, there are 131 projects with a combined production capacity of 777.6 megawatts.
These are power plants that can create operation results for the Company immediately and consistently in the
long run. Furthermore, There are some power plant projects under construction that will support the growth
of the Company’s income in the future.

1. Solar Power Plant Projects

- There is one project with a production capacity of 1.50 megawatts at the commercial operation
stage. (AIQ Energy Co. Ltd.)

- There are three projects with a production capacity of 19.90 megawatts waiting to receive PPA.
(Energy Serve Co., Ltd.)

2. Waste Power Plant Projects

- There are two projects with a production capacity of 15.00 megawatts under construction. (Super
Earth Energy Co., Ltd., Nong Khai Na Yu Co., Ltd.)

- There is one project with a production capacity of 16 megawatts wating to receive PPA. (Super
Earth Energy Co., Ltd.)

In 2018, the Company showed success in the investment and development of alternative energy power
plants, especially solar power plant projects that have been the main projects to yield consistent and stable
operational results in the past year which is proof of success in the investment in the aforementioned
business. Nonetheless, the Company remains determined to growth every year in order to achieve the
objective of becoming a leader in the alternative energy power plant business.

As for the overall expansion of the investment and development of projects over the past year, the
Company has not invested and developed many new projects. Most of the investments are in domestic
projects where the Company already has permits. Internationally, the Company has given priority to the
investment and development of solar power plant and wind power plant projects in Vietnam. For the wind
power plant projects, studies have been conducted on the projects with changes in equipment technology.
The inspection of permits is a major factor that requires the Company to exercise caution in the investment to
ensure that the risks for the Company are not excessive. The Company has laid the foundation for investment
in alternative energy power plant projects abroad, especially in Vietnam, and in CLMV countries which is
considered an important and large market. The Company has plans to develop the aforementioned wind
power plant in Vietnam in 4-5 years with the construction commencing in 2019 and revenue realized in 2020
and onward. Since Vietnam has geography that efficiently receives wind currents, it can support the future
wind power plants. Nevertheless, investment in foreign countries must be done with caution in legal matters
and tax benefit rights. Moreover, the projects to be invested by the Company must create good results and
increase cash flow for the Company.

Furthermore, the Company has invested in solar power plant projects in Vietnam with a combined
production capacity of 236.72 megawatts at the end of 2018. The significant details are as follows:

Project Name Phan Lam 1 BinhAn SinenergyNinhThuan Van Giao1 Van Giao2
(Solar
Energy)

Company Nam Viet Phan EverichBinhThuan SinenergyNinhThuan Van Giao Solar Van Giao
Lam Co.,Ltd. Energy Limited Power Limited Liability Power Plant Joint Solar Energy
Stock Company Plant Joint
Liability Company Company
Stock
Company

Production 36.72 MWp 50 MWp 50 MWp 50 MWp 50 MWp
Capacity

Project BinhThuan BinhThuan NinhThuan An Giang An Giang
Location

Power Electricity of Electricity of Electricity of Electricity of Electricity of
Purchaser Vietnam(EVN) Vietnam Vietnam(EVN) Vietnam(EVN) Vietnam(EVN)

PPA 5 Jul 2018 8 Oct 2018 30 Nov 2018 21 Sep 2018 26 Sep 2018

Power 9.35 9.35 UScents/kWh 9.35 UScents/kWh 9.35 9.35
Purchase UScents/kWh UScents/kWh UScents/kWh
Rate

PPA Time 20 years after 20 years after 20 years after 20 years after 20 years after
Period COD. COD. COD. COD. COD.

COD Within Within Within Within Within
Schedule 30 Jun 2019 30 Jun 2019 30 Jun 2019 30 Jun 2019 30 Jun 2019

Other than conducting business, the Company also gives importance to the management of financial
costs to reduce risks from interests which have a rising trend. Banks have accepted interest rate and principal
payment rate terms and conditions that benefit the Company and the Company’s investment expansions,
effective as of October 2018.

The Company and subsidiaries have realized revenue from solar power plant operation and

maintenance services, solar power plant electricity production and distribution businesses, waste power

plant electricity production and distribution businesses and information technology and communication

businesses. Overall, the company’s total revenue has increased slightly due to 2018 having an abnormal

amount of rain, which is a major factor for solar power plant electricity production and distribution

businesses which makes up 90 percent of the total revenue as shown in 2018 Activities Summary. The

Company has a net profit of 1,274.20 million baht, 237.43 million baht less than the previous year. This is a

result of a decrease in realized profit from the

exchange rate from the previous year. Over the W ast e
past six months, the company has commenced Energy
commercial operations of the industrial waste Businesses
power plant project in Sa Kaeo with a capacity
of nine megawatts. The Company has 4%
commenced with the investment and
Solar Energy
Businesses
96%

development under Green Power Energy Co., Solar Energy Businesses Waste Energy Businesses
Ltd. (“GPE”), which is one of the Company’s

subsidiaries. Consequently, this income was realized in the second half of 2018. This is the first year the

Company realized income from a waste power plant project. The Company expects this income to grow and

expand every year. Furthermore, the Company has also commenced commercial operations for the second

stage of solar power plant projects in a joint venture with cooperatives with a total capacity of 28 megawatts

at the end of December. This will increase the company’s income in the next year.

This is a chart of revenue from alternative energy businesses (sorted by energy type). At present, there
is income from solar power plant projects and waste power plant projects as follows:

The growth of alternative energy businesses in the past year from the expansion of investment and
development of the Company group’s alternative energy power plant projects have contributed to the
Company having a total of 49,649.96 million baht in assets in 2018. Most of the assets are in the form of
land, structures and equipment, trade receiveables and other receiveables, electricity production and
distribution rights and other non-circulating assets. This is consistent with the Company’s growth direction.

The Company is also maintaining a debt per capital ratio of 2 to 1 to precent excessively high debt risk and
demonstrate the presence of suitable financial structure, benifiting the Company’s ability to compete in
business and in the request for support from financial institutes.

Summarized Activities in 2016-2018

Item Consolidated Financial Statements (Unit :
Million Baht)

Consolidated Financial Statements 2018 2018 2017 2016

Balance Sheet (Unit : Million Baht)

Total Assets 49,649.96 46,870.65 48,024.82

Total Payables 32,094.91 30,648.12 33,328.92

Shareholders’ Equity 17,555.05 16,222.53 14,695.90

Profit and Loss Statement (Unit: Million
Baht)

Revenue from Activities (Sales + 5,729.40 5,510.18 3,611.60
Services)

Profit (Loss) from Currency Exchange 12.21 146.04 89.76
Rates 84.10 64.40 85.87
Profit (Loss) from Investment in Joint 48.59 73.78 14.80
Companies
Other Revenue

Total Cost (2,627.65) (2,384.91) (1,556.31)

Sales and Administrative Expenses (509.47) (420.81) (538.72)

Financial Costs (1,456.72) (1,454.33) (1,201.09)

Tax Expenses (6.25) (22.72) 16.30

Net Profit (Loss) 1,274.20 1,511.63 522.21

Item Consolidated Financial Statements (Unit :
Million Baht)

Consolidated Financial Statements 2018 2018 2017 2016

No. of Ordinary Shares (Million Shares) 27,349.47 27,349.47 27,349.46

Profit (Loss) per Share (Baht) 0.0382 0.0470 0.0132

Remarks: Other Revenues consist of received interest, profit from subsidiary purchase negotiations,
etc.

In 2018, the Company perceived 339.06 million baht of revenue from the main solar power plant
operation and maintenance services provided to companies in which the Company directly and indirectly
holds shares, similar to the 339.73 million baht of revenue in 2017. Moreover, there is an additional 103.79
million baht of perceived revenue from accounting management services that has just started to be realized
this year due to the operation structure between subsidiaries where the same resources are used to increase
operation efficiency and other revenues from consultation projects. Thus, in 2018 there is a 143.12 million
baht or 42.13 percent increase in Company’s total revenue compared to 2017.

Regarding subsidiaries, as of 31 December 2018, the company perceived 5,738 million baht of
revenue from the Company’s renewable energy business operations, which is a major source of revenue for
the Company and accounts for 97.69 percent of the total revenue. This income will be stable and consistent
throughout the 25-year period of the power purchase agreements, starting from the commercial operation
commencement date. Revenue from the renewable energy business group is composed of 5,376.25 million
baht from solar energy and 219.23 million baht from waste energy. Revenue from energy has only been
perceived by the Company in 2018 after the start of commercial operations of industrial waste power plant
projects on 14 June 2018.

In 2018, the revenue from solar energy electricity distribution was 5,376.25 million baht, which is a
slight decrease of 14.51 million baht of revenue compared to the 5,390.76 million baht in 2017. This is due
to the increased amount of rain, uncertain weather conditions and transmission line maintenance for some
projects that caused a break in electricity distribution in the aforementioned time period. There is a 140.75
million baht decrease in other revenues resulting from a decrease in perceived revenue from the exchange
rate due to the Company’s gradual payments to debters for construction costs.

If the total revenue from all of the energy businesses is considered, there is an increase of 55.89
million baht or 0.98 percent due revenue from waste energy that is starting to have income in 2018. The
Company expects the revenue from waste energy to increase five to ten percent every year on average.
Meanwhile, although the revenue from communication businesses may not have a very high growth rate,
they are able to make consistent income with a total of 135.35 million baht of revenue in 2018. This is a
growth of 23.71 million baht or 21.24 percent of revenue from 2017. A significant portion of this revenue is
still generated from IT personnel recruitment services provided to government and private agencies.

Revenue Structure from Operations as of 31 December 2018

2018 2017 2016

Revenue Type Company Million % Million % Million %

Baht Baht Baht

Business-specific

Financial Statements

1 Company Revenue

- O&M SUPER 339.06 70.22 339.73 100.00 50.15 57.56

- Project Consultations SUPER 40.00 8.28 - - 36.97 42.44

- Accounting SUPER 103.79 21.50 -- --

Management

Consolidated Financial

Statements

2 Revenue from Renewable

Energy Businesses

- Solar Energy Subsidiaries 5,376.25 91.52 5,390.76 93.03 3,526.50 92.75

- Waste Energy Subsidiaries 219.23 3.73 8.08 0.14 --

- Wind Energy Subsidiaries - -- -- -
- Other Revenues1/ Subsidiaries 143.47 2.44 284.22 4.90 190.32 5.00

3 Revenue from Information Technology

Businesses

- Sales Subsidiaries 3.60 0.06 5.97 0.10 8.59 0.23

- Services Subsidiaries 130.31 2.22 105.37 1.82 76.52 2.01

- Others Subsidiaries 1.43 0.02 0.30 0.01 0.11 0.01

Remarks: 1/ Other revenues are composed of profits from investments in joint venture companies, exchange
rates and other incomes. For 2018, other revenues are composed of 84.10 million baht of profit from
investments in joint venture companies, 12.21 million baht of profit from exchange rates and 47.16 million
baht from other income.

Future Investments

In the future, we will see a clearer changing trend in the power industry, particularly in production
technologies, and changes in society that will make the environment the priority resulting in format changes
for procurement, production and distribution under Thailand’s Power Development Plan which will specify
what investments Thailand should make each year for the development of power plants as well as the
number, type, generation capacity and location of the power plants and what fuel should be used.
Furthermore, a plan for developing the country’s electricity transmission system will be established to enable
the system to support the country’s increasing electrical needs in the long run. Therefore, the Company has
studied and prepared for the investment and development of renewable energy power plant projects in the
future. This is also due to the increasing effort to use alternative energy instead coal energy. An interesting
fact about alternative energy is that, not only does it help to reduce environmental impact, the development
of technologies leading to inexpensive energy easily accessed by everyone will also help create sustainable
development in the future.

As for investments in foreign countries in 2019, the Company is focusing on materializing the solar
and wind power plant projects in Vietnam through investment and development. As for the type of
investment, the Company will buy shares in permitted companies and construct the projects and/or buy
completely constructed projects. The Company will conduct feasibility studies on projects, legal limitations
and time constraints for construction as well as rights to tax benefits, benefits to the Company and the value
of investment funds. For investments in foreign countries, the Company has to thoroughly consider risk
factors and the appropriate investment time for the projects to generate results for the company as soon and
as much as possible.

In 2019, the Company has invested in solar power plant projects for a total production capacity of
236.72 megawatts. The projects are scheduled for commercial operations on 30 June 2019. At present, the
projects are under construction and the applications for related permits have already filed. Furthermore, the
Company has invested and developed wind power plant projects in the first phase for a total of 350
megawatts as follows:

Solar Power Plant Projects

Project Name Phan Lam 1 BinhAn SinenergyNin Van Giao2
(Solar Energy) Van Giao1

hThuan

EverichBinhT SinenergyNin Van Giao Van Giao
Solar Power Solar Energy
Nam Viet huan Energy hThuan Power Plant Joint Plant Joint
Phan Lam
Company Co.,Ltd. Limited Limited Stock Stock
Company Company
Liability Liability

Company Company

Production 36.72 MWp 50 MWp 50 MWp 50 MWp 50 MWp
Capacity

Project Location BinhThuan BinhThuan NinhThuan An Giang An Giang

Power Purchaser Electricity of Electricity of Electricity of Electricity of Electricity of
Vietnam(EVN Vietnam Vietnam(EVN Vietnam(EVN Vietnam(EVN

) )))

PPA 5 Jul 2018 8 Oct 2018 30 Nov 2018 21 Sep 2018 26 Sep 2018

Power Purchsae 9.35 9.35 9.35 9.35 9.35
Rate UScents/kWh UScents/kWh UScents/kWh UScents/kWh UScents/kWh

PPA Time Period 20 years after 20 years after 20 years after 20 years after 20 years after

COD COD COD COD COD

Within Within Within Within Within

COD Schedule

30 Jun 2019 30 Jun 2019 30 Jun 2019 30 Jun 2019 30 Jun 2019

Wind Power Plant Projects

Project Name (Wind Khai Long HBRE-Phu Yen HBRE-Gia Lai
Energy)

Company Super Wind CongLy HBRE Phu Yen Joint HBRE Gia Lai Joint
JSC Stock Company Stock Company

Production Capacity 100 MWp 200 MWp 50 MWp

Project Location Ca Mau

Power Purchaser Electricity of Electricity of Vietnam Electricity of Vietnam
Vietnam(EVN)

PPA 31 Oct 2017 Ongoing Ongoing

Power Purchsae Rate 9.8 UScents/kWh 8.5 UScents/kWh 8.5 UScents/kWh

PPA Time Period 20 years after COD 20 years after COD 20 years after COD

For investments in new projects in the future, the Company needs to prepare personnel on
understanding new technology and changes in the trends of the capital to support the investments in the
aforementioned projects in order enable the aforementioned businesses to continuously raise funds and
expand on their own. This will help reduce the Company’s financial burdens and increase the potential and
liquidity of the Company’s investment expansions in other energy businesses and other related businesses as
follows:

1. The Company has a policy to study and prepare for the creation of an infrastructure fund (IFF)
under the name “SUPEREIF” by transferring rights to perceive revenues from 19 solar power plant projects
with a total production capacity of 118 megawatts under 17 Anyawee Holding Co., Ltd and Health Planet
Management (Thailand) Co., Ltd. At present, the Company has been approved by the Office of the Securities
and Exchange Commission (SEC) on 13 March 2019 to create an IFF for Super Energy’s power plants under
the condition that the Company has to complete operations concerning the permits for the Bang Phluang 1
and 2 projects, the property for which the Department of Highways has expropriated.

2. Ways to spin off solar power production and distribution businesses and register in the stock market
are being studied and the agencies involved are being prepared.

3. Studies are being conducted on offering domestic and international shares.

Investment and development of domestic projects is starting to become clear after the meeting about
the country’s new Power Development Plan (PDP) that will expand all technologies and increase renewable
energy portions for the purpose of finding effective and sufficient power for future electricity needs. Thus,
the Company recognizes a chance to play a part in the aforementioned as a private electricity producer. The
Company is interested in the investment and development of renewable energy power plants, particularly
solar, waste and wind energy, since the Company is prepared in ways of human resources, technology,
funding and experience from operating power plant projects in the past.

Nonetheless, the Company currently has projects in the investment and development process as well as
projects that are waiting to for investment and development which the Company is monitoring. Furthermore,
anytime there is opening for power sales proposal, the Company is always prepared to participate. Moreover,
the Company is prepared for land investments in Lopburi, Kanchanaburi, Petchaburi, Pathum Thani and
Ayutthaya to support future renewable energy power plant projects.

The Company has the following operating projects:

No. Project Megawatt(s) Electricity Price Rate Location COD Goal

1 Solar Power Plant 1.5 Fit 5.66 baht / unit Tha Kradan, Sayam Construction is

Project (Sayam Chaikhet, Chachoengsao complete and
Chaiket Cooperative) expecting COD
(25 years)

in June 2019.

2 Solar Power Plant 19.9 Fit 5.66 baht / unit Nong Prong, Khao Yoi, The project is
Project waiting to
Phetchaburi receive PPA

(25 years)

3 Thermal (Municipal 9 Adder 3.50 baht / Nong Lum, Within 2019.
Waste) Power Plant
Project unit (7 years) Wachirabarami, Phichit

4 Thermal (Municipal 6 Fit 5.08 baht / unit Non Sawang, Mueang The PPA was
Waste) Power Plant
Project Nong Khai, Nong Khai signed on 15
March 2019 and
(20 years)

the project is

under

construction.

5 Thermal (Municipal 16 Fit 5.08 baht / unit Khlong Khwang, Sai Noi, The project is
Waste) Power Plant
Project Nonthaburi waiting to
receive PPA
(20 years)

6 Thermal (Municipal 8 Adder 3.50 baht / Huai Khong, Ban Lad, In the planning
Waste) Power Plant
Project unit (7 years) Phetchaburi process.

7 SPP Hybrid Firm 16 Fit 3.66 baht / unit Sa Keao The project is
Project (20 years) waiting to
receive PPA

1.1 Significant Changes and Developments

Superblock Public Company Limited was founded on 20 December 1994 under the name Superblock
Company Limited with the support of the Board of Investment with a registered capital of 150 million baht.
Originally, its aim was to operate in the manufacturing and distribution of autoclaved aerated concrete. Later
on, the Company sold the assets utilized in the autoclaved aerated concrete business on 28 February 2013.
Later on 9 May 2018, the Company changed its name to Super Energy Corporation Public Co., Ltd.
pursuant to the resolutions of the meeting of the shareholers No. 1/2561 on 25 April 2018 to reflect business
changes. it shifted its attention to alternative energy power plants. The Company structure was modified to
suit the alternative energy power plant business. The main office of the Company is located at 223/61 Floor
14, Country Complex Building, Building A, Ordnance Road, South Bang Na, Bang Na, Bangkok 10260.

The significant changes and developments concerning share structures and capital increase/decrease
over the past four years are shown in detail as follows:

Significant Developments in 2015

January 1. The Company passed a resolution to establish Super Earth Energy Company
Limited (“SUPER EARTH”) and Super Sky Energy Company Limited (“SUPER
SKY”) to accommodate activities in waste energy production projects with the
Company holding shares by 100 percent and 70 percent of registered capital pursuant
to the resolution of the Board of Directors’ meeting No. 1/2558 and No. 2/2558,
respectively.

2. The Company exercised the right to convert SUPER-W1 No. 1. As a result, the
Company’s paid up capital increased from 2,014.93 million baht to 2,015.16 million
baht.

February 1. The Company passed a resolution to approve a change in the Company’s par
value from previously at 1.00 baht to 0.10 baht.

2. The Company passed a resolution to decrease its registered capital by the
deletion of 16,985 of its undistributed shares and passed a resolution to increase its
registered capital by 506.82 million baht by the issuance of 5,068.19 million ordinary

March shares at 0.10 par value from the previously existing registered capital of 2,630.59
April million baht to the new registered capital of 3,137.41 million baht in line with the
resolutions of the special meeting of shareholders No. 1/2558. The allocation
resolution is as follows:

1) Allocation to existing shareholders at a rate of 20 existing ordinary shares
per new ordinary shares for a total of 1,007.46 million shares at an offering price of
1.70 baht/share.

2) Allocation to persons in a limited circle and/or institute investors by 2,000
million shares at the offering price of 2.50 baht/share.

3) Allocation to original shareholders to accommodate the exercising of
rights in ordinary share purchase warrants No. 3 offered together with the allocation
of capital increase shares to existing shareholders at the rate of 20 existing ordinary
shares per new ordinary share per two warrants for a total of 2,014.93 million shares.

4) Allocation of no more than 20.82 million and 24.98 million ordinary
shares to accommodate the exercising of rights in ordinary share purchase warrants
No. 1 and No. 2, respectively.

The Company exercised the right to convert SUPER-W2 No. 1. As a result, the
Company’s paid up capital increased from 2,015.16 million baht to 2,021.58 million
baht.

1. The Company offered 1,007.46 capital increase shares to existing shareholders
at the rate of 20 existing ordinary shares per new ordinary share. As a result, the
Company’s registered paid up capital subsequent to capital increase became 2,122.32
million baht.

2. The Company passed a resolution to conduct a transaction to acquire assets by
the purchase of shares in Millennium Act Company Limited (“MIL”) for a total value
of 314.59 million baht. The share purchase caused SSE to indirectly hold shares in 17
Anyawee Holding Company Limited (“17AYH”), Health Planet Management
(Thailand) Company Limited (“HPM”), Electrica Asia Power (“ELT”) and Media
Mark Company Limited (“MM”), all of which are engaged in the production and
distribution of electricity derived from solar energy and had a combined production

capacity of 131.16 MW. The transaction occurred pursuant to the resolution of the
resolution of the annual general meeting of shareholders of 2015.

1. The Company passed a resolution for the establishment of Energy Serve Land
Company Limited (“ESERV LAND”) to accommodate the Company’s business
expansion and/or new businesses. The Company holds 100 percent of the
May aforementioned company’s registered capital.

2. The Company exercised the right to convert SUPER-W1 No. 2. Therefore, the
Company’s paid up capital increased from 2,122.32 million baht to 2,124.60 million
baht.

1. The Company passed a resolution for the establishment of Power Technology
International Land Company Limited (“PTIL”) and NPS Star Land Company Limited
(“NPSL”) to accommodate the Company’s business growth and/or support new
Company businesses with the Company holding 100 percent of the aforementioned
companies’ registered capital pursuant to Board of Directors’ meeting No. 6/2558.

2. The Company passed a resolution for the establishment of subsidiaries and the
performance transaction pursuant to Board of Directors’ meeting No. 7/2558 as
follows:

1) The Company established Super Earth Energy 1 Company Limited
(“EARTH 1”), Super Earth Energy 2 Company Limited (“EARTH 2”), Super Earth
June Energy 3 Company Limited (“EARTH 3”), Super Earth Energy 4 Company Limited
(“EARTH 4”), Super Earth Energy 5 Company Limited (“EARTH 5”) and Generous
Land Company Limited (“GNRL”) to accommodate the Company’s business growth
and/or new businesses. The Company holds 100 percent of the registered capital of
the aforementioned companies.

2) The Company conducted a transaction to acquire assets by the purchase of
shares in North Solar Power Company Limited (“NSL”), which operates in the
production and distribution of solar energy with 8-MW production capacity for a total
price of 44 million baht.

3) The Company exercised the right to transform SUPER-W2 No. 2. As a
result, the Company’s paid up capital increased from 2,124.60 million baht to

2,125.42 million baht.

August 1. The Company passed a resolution to conduct transactions to acquire assets
pursuant to Board of Directors’ meeting No. 9/2558 as follows:
September
October 1) The Company purchased shares in Tang Sae Yiang Green Power One
Company Limited (“TSG1”), which received the transfer of electricity distribution
application rights for the production and distribution of solar energy with 4 MW
production capacity, for a total price of 26 million baht.

2) The Company purchased shares in STFE Solar Company Limited
(“STFES”), which received the transfer of electricity distribution application rights
for the production and distribution of solar energy with production capacity of 8 MW
for a total price of 36 million baht.

3) The Company Purchased shares in Apollo Solar Company Limited
(“APL”), which produces and distributes solar energy with 5.4 MW of production
capacity, for a total price of 42.50 million baht.

2. The Company exercised the right to convert SUPER-W1 No. 3 (final). As a
result, the Company’s paid up capital increased from 2,125.42 million baht to
2,404.44 million baht.

1. The Company passed a resolution for the establishment of World Exchange
Asia Land Company Limited (“WXAL”) to accommodate the Company’s business
growth and new businesses with the Company holding 100 percent of the
aforementioned company’s registered capital pursuant to Board of Directors’ meeting
No. 11/2558.

2. The Company exercised the right to convert SUPER-W2 No. 3. As a result, the
Company’s paid up capital increased from 2,404.44 million baht to 2,416.02 million
baht.

The Company passed a resolution to conduct a transaction to acquire assets pursuant
to the special meeting of shareholders No. 2/2558 as follows:

November 1. The Company purchased shares in Power Technology International Company
December Limited (“PTI”), which operates in the production and distribution of solar energy
with 55.60 MW of production capacity, for a total price of 272.44 million baht.

2. The Company purchased shares in Energy Serve Company Limited
(“ESERVE”), which operates in the production and distribution of solar energy with
production capacity of 81.45 MW for a total price of 403.72 million baht.

3. The Company purchased shares in Infinite Alternative Energy Company
Limited (“IAE”), which is a shareholder under Rang Ngern Solution Company
Limited (“RNS”) that operates in the production and distribution of solar energy with
production capacity of 87 MW for a total price of 290 million baht.

4. The Company purchased shares in Amanuf Company Limited (“AMN”),
which operates in the production and distribution of solar energy with production
capacity of 30 MW for a total price of 72 million baht.

5. The Company purchased shares in Sri Nakha Company Limited (“SNP”),
which operates in the production and distribution of solar energy with production
capacity of 36 MW for a total price of 122.40 million baht.

The Company passed a resolution to conduct a transaction to acquire assets by the
purchase of shares belonging to SPP 6 Company Limited (“SPP6”), which operates in
the production and distribution of solar energy with production capacity of 41 MW
for a total price of 848 million baht pursuant to the meeting of the Board of Directors
No. 13/2558.

The Company exercised its right to convert SUPER-W4 No. 4 (final). As a result, the
Company’s paid up capital increased from 2,416.02 million baht to 2,734.95 million
baht.

Significant Developments in 2016

February The Company passed the following resolutions of Board of Directors’ meeting No.
1/2559:

March 1. The Company purchased shares in WXA4 Company Limited (“WXA4”), WXA5
May Company Limited (“WXA5”), WXA6 Company Limited (“WXA6”) and WXA7
August Company Limited (“WXA7”), which operate in the production and distribution of
solar energy with total production capacity of 23.80 MW for a total price of 121.38
million baht.

2. The Company purchased shares in Northeast Future Energy Company Limited
(“NEFE”) and S2P Energy Company Limited (“S2P”), which operate in the
production and distribution of solar energy with total production capacity of 42 MW
total for a price of 320.60 million baht.

3. The Company purchased shares in Solkit Solar Company Limited (“SKS”), which
operates in the production and distribution of solar energy with production capacity
of 6 MW for a total price of 16.41 million baht.

The Company passed the following resolutions of Board of Directors’ meeting No.
2/2559:

1. The Company passed a resolution to conduct a transaction to acquire assets
through the purchase of shares belonging to Equator Solar Company Limited
(“EQT”), which operates in the production and distribution of solar energy with 75
MW production capacity, for a total price of 332.50 million baht.

The Company passed the following resolutions at Board of Directors’ meeting No.
4/2559:

1. The Company passed a resolution to conduct a transaction to acquire assets
belonging to WRP Energy Company Limited (“WRP”), which operates in the
production and distribution of solar energy with production capacity of 48 MW for a
total price of 300 million baht.

2. The Company passed a resolution authorizing the establishment of a new
company subsidiary in Singapore to accommodate work expansion in international
electricity production under the name SUPER ENERGY (EAST) Pte., Ltd.

The Company passed the following resolutions of Board of Directors’ meeting No.
6/2559:

1. The Company passed a resolution to conduct transactions to acquire assets in
solar energy power plant “project supporter” companies for government agencies and
agricultural cooperatives as follows:

1) The Company purchased shares in IQ Energy Company Limited (“IQE”),
which operates in the production and distribution of electricity from solar energy with
production capacity of 15 MW for a price of 49.61 million baht.

2) The Company purchased shares in IQ Solar Company Limited (“IQS”),
which operates in the production and distribution of electricity from solar energy with
production capacity of 7 MW for a price of 47.72 million baht.

3) The Company purchased shares in AIQ Energy Company Limited
(“AIQ”), which operates in the production and distribution of electricity from solar
energy with production capacity of 2.5 MW for a price of 17.04 million baht.

4) The Company purchased shares in IQ Green Company Limited (“IQG”),
which operates in the production and distribution of electricity from solar energy with
production capacity of 5 MW for a price of 7.54 million baht.

5) The Company purchased shares in ASTA Power Company Limited
(“ASTA”), which operates in the production and distribution of electricity from solar
energy with production capacity of 18.7 MW for a price of 49.61 million baht.

2. The Company passed a resolution to increase registered capital in 17 Anyawee
Holding Company Limited (“17AYH”) to ensure consistency with increased
investment in land-based solar energy production projects for government agencies
and agricultural cooperatives with production capacity of 18 MW.

3. The Company passed a resolution for SSE to increase investment share in the
capital increase in APL from 25 percent to 49 percent of registered capital.

4. The Company passed a resolution to conduct a transaction to acquire assets
belonging to Green Power Energy Company Limited (“GPE”), which operates
thermal energy (industrial waste) power plant projects with production capacity of 9.0
MW pursuant to power purchase agreement, for the price of 46.98 million baht.

The Company passed the following resolutions of Board of Directors’ meeting No.
7/2559:

September 1. The Company passed a resolution authorizing the establishment of a new Company
October subsidiary in Japan to accommodate international electricity production project
expansion as follows:
November
December SUPER ENERGY GROUP (HONG KONG) Co., Ltd.

The Company passed the following resolutions of Board of Directors’ meeting No.
11/2559:

1. The Company passed a resolution authorizing the establishment of a new Company
subsidiary in Japan to accommodate international electricity production project
expansion as follows:

SUPER ENERGY-GA JAPAN 1 GK.

The Company passed the following resolutions of Board of Directors’ meeting No.
13/2559:

1. The Company passed a resolution authorizing the establishment of new Company
subsidiaries in Japan and Hong Kong to accommodate international electricity
production project expansion as follows:

In Japan 1) SUPER ENERGY JAPAN 2 GK

2) SUPER ENERGY JAPAN 3 GK

3) SUPER ENERGY JAPAN 4 GK

4) SUPER ENERGY JAPAN 5 GK

In Hong Kong 1) SUPER SOLAR ENERGY(HONG KONG) 1 Co.,Ltd

2) SUPER SOLAR ENERGY(HONG KONG) 2 Co.,Ltd

The Company passed the following resolutions of Board of Directors’ meeting No.

15/2559:

1. The Company passed a resolution to conduct a transaction to acquire assets
through the purchase of shares belonging to Tianjin Yingli PV Station Technology
Development Co., Ltd. (“Tianjin Yingli”), which operates in the production and
distribution of solar energy with 20 MW production capacity, for a price of
approximately 792.50 million baht.

Significant Developments in 2017

The Company passed the following resolutions of Board of Directors’ meeting No.
1/2560:

February 1. . The Company passed a resolution to transfer of share premiums to compensate
for the Company’s deficit.

2. . The Company passed a resolution authorizing the issue and sale offer of
debentures at an offering price not exceeding 1,500 million baht.

The Company passed the following resolutions of Board of Directors’ meeting No.
4/2560:

March 1. The Company passed a resolution authorizing the increase of registered capital to
405 million baht for Green Power Energy Co., Ltd.

The Company passed the following resolution of Board of Directors meeting No.
5/2560:

1. The Company passed a resolution to approve the establishment of Super Wind
Energy Co., Ltd. with a registered capital of 0.1 million baht to accommodate
international projects for the production of electricity from wind energy.

April The Company exercised its right to convert SUPER-W3 (final). As a result the
Company’s paid up capital increased to 2,734.95 million baht.

May The Company passed the following resolutions of Board of Directors’ meeting No.

June 6/2560:
August
September 1. The Company passed a resolution to increase its registered capital by
546,989,312.10 baht from the previously existing registered capital of
2,734,946,560.70 baht to the new registered capital of 3,281,935,872.80 baht by the
issuance of 5,469,893,121 ordinary shares to support exercising the rights to SUPER-
W4.

The Company passed the following resolutions of Board of Directors’ meeting No.
7/2560:

1. The Company passed a resolution authorizing the establishment of Super Earth
Energy 6 Co., Ltd. with a registered capital of 150 million baht to accommodate
projects for the production of electricity from waste energy.

The Company passed the following resolutions of Board of Directors’ meeting No.
8/2560:

1. The Company passed a resolution to purchase ordinary shares and/or preferred
shares from its subsidiaries as follows: S2P Energy Co., Ltd., from the previous 51
percent the Company will hold a 100 percent share after the purchase, and Media
Mark Co., Ltd., from the previous 70 percent the Company will hold a 86 percent
share after the purchase.

2. The Company passed a resolution authorizing the increase of registered capital to
182 million baht for Super Earth Energy 6 Co., Ltd.

3. The Company passed a resolution to sign the MOA to develop wind power plant
projects with a total production capacity of 698 megawatts in Vietnam inside the
Santi Maitree Buildings at the Government House with Gen. Prayut Chan-ocha,
Prime Minister of Thailand, and Mr. Nguyễn Xuân Phúc, Prime Minister of Vietnam,
as witnesses.

The Company passed the following resolutions of Board of Directors’ meeting No.
9/2560:

1. The Company passed a resolution authorizing the increase of registered capital to

116 million baht for Super Earth Energy 2 Co., Ltd.

2. The Company passed a resolution authorizing the increase of registered capital to
136 million baht for Super Earth Energy 3 Co., Ltd.

3. The Company passed a resolution authorizing the increase of registered capital to
128 million baht for Super Earth Energy 5 Co., Ltd.

The Company passed the following resolutions of Board of Directors’ meeting No.
10/2560:

October 1. The Company passed a resolution authorizing the increase of registered capital to
November 120 million baht for Super Earth Energy 4 Co., Ltd.

Sales for SUPER-W4 commenced on 22 September 2017.

The Company passed the following resolutions of Board of Directors’ meeting No.
12/2560:

The Company passed a resolution authorizing the establishment of six new
subsidiaries in Vietnam to accommodate investments in wind power plant projects
with Super Wind Energy Co., Ltd. holding 51 percent of the shares and the joint
venture company in Vietnam holding the remaining 49 percent of the shares.

The Company passed the following resolutions of Board of Directors’ meeting No.
13/2560:

1. The Company passed a resolution authorizing investment in companies that
support ground-mounted solar electricity production projects for government
agencies and agricultural cooperatives in 2018 for a total capacity of 23 megawatts.

2. Company passed a resolution to purchase ordinary shares and/or preferred shares
from its subsidiaries as follows: WRP Energy Company Limited, from the previous
51 percent the Company will hold a 100 percent share after the purchase, and
Northeast Future Energy Co., Ltd., from the previous 51 percent the Company will
hold a 100 percent share after the purchase.

December The Company passed the following resolutions of Board of Directors’ meeting No.
15/2560:

1. The Company passed a resolution authorizing the increase of registered capital to
1,000 million baht for Super Earth Energy Co., Ltd.

2. The Company passed a resolution authorizing the increase of registered capital to
1,000 million baht for Super Earth Energy 1 Co., Ltd.

3. The Company passed a resolution authorizing the increase of registered capital to
206 million baht for Electrica Asia Power Co., Ltd.

The Company passed the following resolution of Board of Directors’ meeting No.
16/2560:

1. The Company passed a resolution authorizing the distribution of the investment
funds of Superblock South Co., Ltd. which effectively makes it no longer a
subsidiary of the Company.

Significant Developments in 2018

The Company passed the following resolutions of Board of Directors’ meeting No.
1/2561:

February 1. The Company passed a resolution authorizing the change of the Company’s name
as well as the revision of the company seal and the Company’s name in the
Memorandum of Association to reflect the change in company name.

2. The Company passed a resolution authorizing the addition of Board of Directors
members and the appointment of the Company’s new directors.

3. The Company passed a resolution authorizing the issue and sale offer of
debentures.

May The Company passed the following resolutions of Board of Directors’ meeting No.

June 2/2561:
September
1. The Company passed a resolution authorizing Super Earth Energy Co., Ltd. to
October conduct a transaction to aquire assets by investing in Mueang Thai Na Yu Co., Ltd.
and making the Company an indirect shareholder of Nongkhai Na Yu Co., Ltd.

The Company passed the following resolutions of Board of Directors’ meeting No.
4/2561:

1. The Company passed a resolution authorizing the establishment of a new company
subsidiary under the name SUPER SOLAR (THAILAND).

The Company passed the following resolutions of Board of Directors’ meeting No.
7/2561:

1. The Company passed a resolution to conduct a transaction concering the
acquisition and disposition of assets among 17 Anyawee Holding Co., Ltd., Health
Planet Mangement Co., Ltd. and the infrastructure fund.

The Company passed the following resolutions of Board of Directors’ meeting No.
9/2561:

1. The Company passed a resolution authorizing the establishment of a new company
subsidiary in Hong Kong to accommodate work expansion in international solar
power production.

2. The Company passed a resolution authorizing the establishment of a new company
subsidiary in Hong Kong to accommodate work expansion in international wind
power production.

3. The Company passed a resolution authorizing the establishment of a new domestic
company subsidiary to accommodate waste power production under the name
SUPER-EARTH8.

November The Company passed the following resolutions of Board of Directors’ meeting No.
10/2561:

December 1. The Company passed a resolution authorizing SUPER SOLAR ENERGY GROUP
(HONGKONG) 1 Co., Ltd., a company subsidiary, to purchase direct and indirect
shares in Veit Phan Lam Co., Ltd. who is the owner of “Phan Lam1”, a solar power
plant project with a capacity of 36.72 megawatts in Vietnam.

2. The Company passed a resolution authorizing SUPER SOLAR ENERGY GROUP
(HONGKONG) 1 Co., Ltd., a company subsidiary, to purchase indirect shares in
Everich Binh Thuan Energy Limited Liability Company who is the owner of “Binh
An”, a solar power plant project with a capacity of 50 megawatts in Vietnam.

3. The Company passed a resolution authorizing Super Energy (East) Pte Ltd., a
company subsidiary, to purchase indirect shares in Sinenergy Ninh Thuan Power
Limited Liability Company who is the owner of “Sinenergy Ninh Thuan”, a solar
power plant project with a capacity of 50 megawatts in Vietnam.

Remarks: Later there was a consideration to change the invester to SUPER ENERGY
GROUP (HONGKONG) CO., LTD.

4. The Company passed a resolution authorizing Super Solar Energy Co., Ltd., a
company subsidiary, to conduct a transaction to acquire assets by purchasing shares
from the shareholders of PT Drive (Thailand) Co., Ltd.

5. The Company passed a resolution authorizing the establishment of a new company
subsidiary to accommodate domestic work expansion in waste power production
under the name SUPER-EARTH9.

The Company passed the following resolutions of Board of Directors’ meeting No.
11/2561:

1. The Company passed a resolution authorizing SUPER SOLAR ENERGY
(HONGKONG) 2 Co.,Ltd., a company subsidiary, to purchase shares in Van Giao
Solar Power Joint Stock Company who is the owner of “Van Giao1”, a solar power
plant project with a capacity of 50 megawatts in Vietnam.

2. The Company passed a resolution authorizing SUPER SOLAR ENERGY
(HONGKONG) 2 Co.,Ltd., a company subsidiary, to purchase shares in Van Giao

Solar Power Joint Stock Company who is the owner of “Van Giao2”, a solar power
plant project with a capacity of 50 megawatts in Vietnam.

3. The Company passed a resolution authorizing Super Earth Energy 5 Co., Ltd. to
provide financial aid to Krungthep Thanakom Co., Ltd. due to the Company
receiving funds from a domestic financial institute.

1.2 Share Structure of the Company’s Group

Superblock Public Company Limited (“Company” or “SUPER”) provides solar power plant operation
and maintenance services for various companies in which the Company directly or indirectly holds shares.
Emphasis is placed on the monitoring of power plant operations and maintenance of machinery and
equipment to ensure that the aforementioned power plants produce and distribute electricity at full capacity.
Furthermore, the Company offers consultation about the alternative energy business, e.g., solar energy, waste
energy and wind energy.

The Company has policy to operate business in the operation and maintenance of power plants that
belong to the Company’s group and/or other outside companies in the future and has an objective to expand
business scope to cover the contract construction and operation, management and monitoring of alternative
energy power plants in the future. Furthermore, the Company operates business to produce and distribute
electricity from alternative energy power plants and related business, including information and
communications technology businesses. The investment structure of the Company’s group is as follows:

Share Structure of the Company