an_super_2018_en

14.3 Analysis of Performance based on Consolidated Financial Statements as of 31 December 2018

Total Revenue
In 2018, the Company and subsidiaries generated total revenue of 5,729.40 million baht. When
compared to the 5,510.18 million baht of total revenue in 2017, it is found that total revenue increased
slightly by 219.22 million baht, or 3.98 percent. Primary revenue is composed of the following activities:

· Revenue from electricity production and distribution from solar power plants accounting for 5,376.25
million baht or 91.52 percent of the total revenue is a result of the Company group’s 124 solar power
plant projects with a combined capacity of 740.60 megawatts that have achieved commercial
operations and have perceived revenue. Furthermore, the Company is also able to achieve commercial
operations for six solar power plant projects for government agencies and cooperatives with a
combined capacity of 28 megawatts. The Company started to perceive revenue for these projects in
2019. In addition, revenue from the distribution of electricity from solar power plants in 2018 shows a
15 million baht or 0.28 percent decrease from 2017 as a result of an unusual amount of rain.
Moreover, the Company has given importance to monitoring and good governance and has assessed
each power plant project to ensure that every equipment is able to function to the maximum efficiency.
Due to the Company’s primary revenue coming from renewable energy power plant businesses, the

Company recognizes and selects quality and accepted equipment with guarantees and equipment that
can produce electricity effectively.

· Revenue from electricity production and distribution from industrial waste power plants with a
capacity of nine megawatts that commenced commercial operations on 14 June 2018, resulting in the
Company perceiving 219.23 million baht or 3.73 percent of the total revenue. The Company will be
able to fully perceive the maximum efficiency for the production capacity in 2019 and expects revenue
from industrial waste power plants to assist in the growth of the Company’s revenue and for the
aforementioned revenue to show an increase in the following year.

· Revenue from IT businesses accounting for 135.35 million baht or 2.30 percent of the total revenue.
The majority of this revenue is from providing information technology and communication services to
customers in the private sector and state enterprises as well as government agencies such as the
Department of Foreign Trade, the Land Department, the Department of Land Transport, etc., which
has a potential to increase yearly.

· Other revenue accounting for 143.47 million baht or 2.44 percent of the total revenue includes 84.10
million baht of revenue from investment in joint companies that operate electricity production and
distribution businesses from solar power plants with a production capacity of 87 megawatts, in which
the Company holds 33.33 percent of shares; 12.21 million baht of revenue from exchange rates; and
47.16 million baht from other income, the majority of which is from interest received, etc.

Image Showing Changes in Reveue for Years Ending in 2018, 2017 and 2016 Categorized by Business

Similar to 2017, the Company perceived
revenue from solar power plants and is the first year in

2018 2017 2016

which the Company perceived revenue from electricity production and distribution from projects in which
the Company invested and commenced construction during 2015 – 2016 after making investments in four
companies that operate power production and distribution businesses with a combined production capacity of
12.95 MW, resulting in the Company perceiving revenue from the aforementioned businesses. The Company
perceived 5,390.76 million baht or 93.03 percent of the total revenue from electricity production and
distribution compared to 3,526.50 million baht or 92.75 percent of the total revenue in 2016 from electricity
production and distribution. Thus, it can be seen that the Compnay’s energy businesses have a 52.86 percent
growth rate from 2016 due to the majority of the power plant projects commencing commercial operations in
2016.

Furthermore, the Company has a policy to continuously invest in renewable energy power plant
projects. Therefore, the Company starts to perceive additional revenue from thermal (industrial waste) power
plants in 2016. Hence, it can be seen that the Company’s revenue continues to grow and has a consistently
increasing growth rate every year. In addition, the Company’s revenue is stable and can be collected on
schedule. This is a result of electricity distribution to stable agencies such as the Electricity Generating
Authority of Thailand, the Metropolitan Electricity Authority and the Provincial Electricity Authority. As of
the end of 2018, the Company distributes as much as 92.51 percent of electricity to the Provincial Electricity
Authority since the majority of the Company’s power plants operate as very small power producers (VSPP)
and most of the Company’s projects are small and spreadout in each region.

Sales and Service Costs

In 2018, the Company and its subsidiaries had a total cost of 2,627.66 million baht separated into: 1)
2,343.99 million baht of cost of goods sold in solar energy businesses, an increase of 23.88 million baht from
2017. This is a result of costs for solar power plant projects for government agencies and cooperatives.
Eighty-five to ninety percent of the cost is for asset depreciation and amortization of power plant operation
and maintenance costs, etc. The Company exercises caution in calculating the depreciation by considering
useful life and general industrial principles to reflect asset value as close as possible to reality for each time
period; 2) 190.54 million baht of the cost of goods sold in waste energy businesses, comprising of two
primary costs: depreciation and raw material costs. Since waste power plant projects require combustion fuel
to create heat, the cost of fuel can always change depending on the need at the time. Nonetheless, the
Company gives importance to cost control by negotiating for the long-term procurement of fuel, stocking
materials and investing in machines to procure fuel. Moreover, this portion of the cost has a potential to
decrease once the Company is able to expand the waste power plant projects; 3) 93.13 million baht of costs
for information technology businesses which comes from the provision of IT and communication personnel.
The IT businesses generate 96 percent of their revenue from providing this service. Meanwhile, only four
percent of the revenue comes from sales of IT products. Hence, the cost is primarily from personnel
provision costs which includes employee salary and befits, etc. In 2018, the Company and its subsidiaries
had 94.54 million baht of service costs which is an increase of 31.61 million baht compared to 62.93 million
baht in 2017. The service cost fluctuates with increases in revenue from IT and communication personnel
provision services.

Nevertheless, the majority of costs Total Cost Structure : Million Baht
from renewable energy businesses is in the
form of depreciation since there is 2018 2017 2016
investment in equipment installed in power
plants is high, as shown in the image Depreciation Actual Cost
demonstrating the structure of the total
cost. The image shows that in each year 80
– 90 percent of the total cost is not from
financial costs such as depreciation and amortization.

Chart Showing the Total Cost as of the End of 2018, 2017 and 2016 Categorized by Business

Total Cost : Million Baht

Solar Energy Business Cost Waste Energy Business Cost IT Business Cost

In 2017, the total cost for the Company and its subsidiaries was 2,321.98 million baht. Of this amount,
2,320.11 million baht, or 99.92 percent, is from the cost of goods sold from energy businesses or 43.03
percent of revenue from power sales. This is due to the high investment cost in solar power plants. The
primary costs in this type of business is from depreciation in machine appraisals, operation and maintenance
costs and amortization in power production and distribution, etc. However, the Company has a policty to
calculate depreciation in a straight line throughout the operation period of projects or the useful life of each
asset type. Once the cost is stable, the Company will be able to efficiently perform cost assessment and
management. The remaining 0.08 percent is from the cost of goods sold in IT businesses from IT equipment
sales. Therefore, it can be seen that in general management fees and operation and maintenance fees for solar
power plants are not very complex and the majority of the cost in each round is from depreciation, which is
not considered a real financial cost.

In 2017, the Company and its subsidiaries had 62.93 million baht of service cost, comprising primarily
of 61.17 million baht or 97.60 percent from IT services. This cost is related to personnel, focusing on
complete maintenance and personnel recruitment services. Compared to 55.77 million baht of service cost in
2016, there is an increase of 7.16 million baht or 12.83 percent from increased revenue and partially from
increased service cost due to economic problems and rising competitiveness in IT businesses, for example,
employee costs, etc.

Furthermore, in 2018, the Company perceived 3,101.75 million baht of gross profit from operations or
54.14 of revenue from operation. When compared to 3,125.28 million baht of gross profit in 2017, the gross

profit is found to have a decrease of 23.53 million baht or 0.75 percent. This is a result of a slight decrease in
perceived revenue from renewable energy businesses while the Company seems to have a higher cost from
depreciation every year. Meanwhile, revenue in the third quarter is significantly reduced due to weather
conditions. In addition, in 2018, the Company recorded additional costs from industrial waste power plant
projects that have commenced commercial operations. Nonetheless, the decrease in revenue is caused by
external factors that are beyond the Company’s control. However, the trend of gross profit is in the same
direction as the changes in revenue.

Sales and Administrative Expenses

In 2018, the Company’s sales and management expenses accounted for 8.89 percent of the total

revenue. The management revenue shows an increase of 88.66 million baht from 2017. A major expense

accounting for 27 percent of expenses is employee expenses due to the management of industrial waste

power plants requiring 24-hour operation, which causes employee expenses to increase. Consultation service

expenses account for 22.49 percent. These

Sale and Administrative Expenses : Million Baht expenses are for the preparation of projects for

the investment and development of solar power

plants and wind power plants, both domestic and

in Vietnam, that will be created in the next one

to two years. Tax expenses account for 8.47

percent for signage taxes, property taxes, etc.

2018 2017 2016 Other fees account for 8.34 of expenses.

Sale Expenses Administrative Expenses Moreover, if the Company expands the scope of

investment further in the future, the Company will save even more on common-pool resources. In 2018, the

Company received a return rate of 2.64 percent from total assets and a profit margin of 46.31 percent from

operations. This efficiently reflects the management of all of the Company’s assets. However, expanding the

scope of investment in energy businesses, purchasing businesses and investing in the preparation of future

projects may cause the Company to have a higher initial expenses than the usual operation expenses, for

example, consultation expenses from various project aquisition, expenses from operations to acquire permits,

etc. These expenses have the characteristics of time-specific expenses.

In 2017, the Company and its subsidiaries had 10.43 million baht of selling expenses and 410.38
million baht of management expenses. When this is compared to 8.50 million baht of selling expenses and
530.22 million baht of management expenses in 2016, the selling expenses shows an increase of 1.93 million
baht or 22.82 percent. These selling expenses are from selling IT equipment as part of the IT businesses
including employee expenses and sales promotion expenses, etc. The management expenses shows a
decrease of 119.84 million baht or 22.60 percent. Since the majority of expenses in 2017 is from the
operation of solar power plants such as employee expenses, property taxes and signage taxes, professional
accounting fees, etc. in addition to expenses for the preparation of future projects, when normal operating
expenses are considered, the management expenses are found to have decreased from the same period in
2016. The majority of expenses are from demurrage storage fees, project consultation fees for future
projects, bank fees and registration fees. However, the Company practices good governance and efficient
common-pool resource management, resulting in the Company saving on fixed costs in businesses and
reflecting the Company’s ability to control expenses efficiently.

Financial Costs

In 2018, the Company and its subsidiaries had 1,456.72 million baht of financial costs which is similar
to financial costs in 2017. Meanwhile, long-term financial institute loans have increased. During the year,
other than paying the capital for projects that have commenced commercial operations, the Company also
received loans in the amount of 949.4 million baht for solar power plant projects for government agencies
and cooperatives in the second phase and 1,130 million baht for municipal waste power plant projects from
financial institutes. Furthermore, the Company has also signed a long-term loan agreement for the amount of
7,000 million baht, having received the first loan installment in the amount of 4,000 million baht in 2018 and
with 3,000 million baht remaining to be received, mainly for use in investment projects in Vietnam.

Million Baht Since investment in the operations of

2018 2017 renewable energy businesses is high, for every

Long-term Financial Institute Financial Costs project operated by the Company uses capital
Loans
and financial institute loans as financial

resources in the ratio of 75 to 25 which is in the

acceptable criteria of financial institutes. Thus,

the Company must consider interest rates which

2016

are major financial costs. This is because if the

Company is able to save on financial costs, it means that it can increase its perceived profit. In 2018, the
Company projected that future interest rates will have an increasing trend. Hence, the Company negotiated
with financial institutes to reduce financial costs and manage them to be at a suitable rate. In addition, the
Company has received a reduction of interest rates, switching from the original interest rate staircase to a
minimum loan rate (MLR) with a fixed rate deduction throughout the loan agreement. This enabled the
Company to properly and more efficiently manage cash flow as can be seen in 2018. Although the
Company’s financial institute loans increased, the Company’s perceived financial costs in this portion is
similar to 2017. This means that the Company is able to manage financial costs well and the financial costs,
compared to the revenue, will have a decreasing trend in the future if the projects are able to perceive
revenue.

In 2017, the Company and its subsidiaries had 1,454.33 million baht of financial costs. When this is compared to
1,201.09 million baht in 2016, the financial cost is found to have an increase of 253.24 million baht or 21.08
percent. The major financial costs are the result of the Company receiving credit support from financial
institutes with an outstanding principal amount of 23,453.63 million baht as of the end of 2017. The
aforementioned financial support was used to develop the Company’s power plant projects in the form of a
long-term credit with the capital in the form of interest at an average rate of five to six percent. The
Company has registered to mortgage land with structures and machines, pledged to invest in ordinary shares
belonging to subsidiaries, transferred rights to receive funds from electricity production and sales, deposited
funds into bank accounts to reserve it for debt repayment and guaranteed personal loans from directors. In
addition, the Company has fully guaranteed its subsidiaries’ financial institute loans in the Company’s name for use as
collateral against financial institute credit limits. Furthermore, financial costs from bills of exchange and
promissory notes was used as circulating funds in businesses and investment expansions in the form of short-term
investment funds. Six to seven percent of the Company’s capital is from this. The Company has pledged its
ordinary shares held by directors and/or a shareholder in the ratio of 1.5 of the face value to be used as collateral.

The Company recognizes and gives importance to financial cost management to reduce interest rates
and/or adjust capital structure. Furthermore, the Company chooses to use financial management tools to
reduce financial costs and increase profit in situations where the interest rate has the potential to increase.
Moreover, the Company has made plans for the management of financial resources and for the proper and
most beneficial use of capital so that the Company will always have enough cash flow for debt repayment.
This is done with consideration to the risks, factors and impacts from investment and determination to build
financial discipline and maintain a strong financial structure as follows:

For every renewable energy power plant project, the Company uses loans through project finance
credit with every company and financial institutes such as commercial banks associated with the Company
such as Bangkok Bank Public Company Limted, Bank of Ayudhya Public Company Limited, Export-Import
Bank of Thailand, ICBC (Thailand) Public Company Limited, etc. with varying terms and conditions in the
agreement.

For new investment projects, the Company uses corporate finance credit or short-term capital from
financial institutes and other parties as well as the issuance of debentures for projects in the investment and
development phase.

Moreover, in each type of financial agreement, there are good coverage and clearly stipulated terms,
conditions and securities as well as rights. The Company believes that it will gradually perceive revenue
from investments in new operating projects and expects its revenue to have an average growth rate of 15 – 20
percent per year.

Table Showing Long-term Financial Institute Loans

Consolidated Financial Statements 2018 2017
(Million Baht)

Long-term Financial Institute Loans 28,733.24 26,800.10

Less Portions Due for Payment in (2,238.30) (3,346.47)
One Year

Long-term Financial Institute Loans 26,494.95 23,453.63

Table Showing Long-term Loans from Other Parties

Consolidated Financial Statements 2018 2017
(Million Baht)

Bills of Exchange - 605.12

Promissory Notes 407.70 444.25

Total Short-term Loans from Other 407.70 1,049.37
Parties

Therefore, the Company’s performance results in 2018 generated a net profit of 1,274.20 million baht
or 22.24 percent of the total revenue as a result of the growth of solar power plant and industrial waste power
plant business operations. As businesses grow the Company saves on expenses for common-pool resources
and expenses form the initial phase of project investment and development. Hence, this portion of expenses
has a potential to decrease while the net profit rate of each year has the potential to increase. In addition,
after consideration, it is found that there is an 80 to 90 percent cash flow rate, resulting in the Company
having sufficient liquidity for operations and future investments.

Cash Flow from Operations : Million Baht

2018 2017 2016
Initial Profit
Net Profit EBITDA Cash Flow

The Company’s performance results in 2018 generated a net profit of 1,511.63 million baht. When this
is compared to 522.21 million baht of net profit in 2016, the net profit from operations is found to have an
increase of 989.42 million baht or 189.47 percent, resulting in an increase in the Company’s net profit rate
from 14.46 in 2016 to 27.43 in 2017. This is a result of the growth of solar power plant business operations
and the Company’s ability to efficiently control management expenses which reflects the Company’s
management ability to generate profit from capital. This is a positive sign for solar power plant business
operations. Since there is a stable income from making power purchase agreements with government
agencies, whether it is with the Electricity Generating Authority of Thailand, the Metropolitan Electricity
Authority or the Provincial Electricity Authority, the Company will perceive stable revenue in the long run
as stipulated in the power purchase agreements.

14.4 Analysis of Financial Position

Cash Flow Statement
Because the Company and subsidiaries invested in alternative energy businesses and successfully
generated increased revenue from 2018, the Company has sufficient circulating cash flow in businesses for
activities and debt repayment. Furthermore, the Company has remaining cash flow for future project
investments. However, net cash flow in 2018 increased to 1,501 million baht from the beginning of 2017.
This is a product of profit growth which increases every year as a result of the Company’s distribution of
electricity from renewable energy power plant projects. The Company has a net cash flow of 3,246.01
million baht from operations.

It is found that cash flow is used continuously in investments such as investment funds in land in
Nonthaburi for future municipal waste power plant projects, investment funds in land in Phichit for
municipal waste power plant projects and investment funds from investment purchases in subsidiaries, both
domestic and international, etc. As of the end of 2018, the Company has generated 2,202.79 million baht of
cash flow from investments.

Meanwhile, the cash flow from financing activities is 5,087.27 million baht. Since the Company is still
financing business expansions (there was repayment of short-term and long-term loans during the year), as of
the end of 2018 the Company generated 457.91 million baht of cash flow. Nonetheless, the aforementioned
financing is from short-term and long-term loans from financial institutes and/or other parties and the
issuance and sale of debentures. This is consistent with the Company’s plans for the investment and
development of various projects.

The net cash flow during the operating year increased by 1,501.13 million baht from 337.98 million
baht in early 2018 up to 1,839.10 million baht by the end of 2018. In addition, major necessary expenses
from investment in assets related to renewable energy power plant businesses are as follows:

Significant Cash Flow Statements 2018 2017
Million Baht

Profit (Loss) before Income Tax Expense 1,280.45 1,534.35
Depreciation and Amortization 1,987.39 1,902.63
Financial Capital 1,456.72 1,454.33
Net Cash Flow Received (Spent) in Working
Activities 3,246.01 5,440.22

Cash Disbursement for Purchase of Land, Structures - -
and Equipment 2,078.91 4,567.96

Cash Disbursement from Investments in Subsidiaries - -
252.04 62.80

Net Cash Flow Received (Spent) in Investment - -
Activities 2,202.79 4,547.03

Funds Received from Long-term Financial Institute 5,087.27
Loans 3,736.85

Repayment of Long-term Financial Institute Loans - -
3,142.72 3,542.17
Cash Disbursement for Financial Costs
- -
Net Cash Flow Received (Spent) in Financing 1,482.86 1,444.12
Activities
457.91 -
701.68

Asset Management Capabilities and Financial Sufficiency

As of 31 December 2018, the Company has circulating assets equivalent to 3,253.93 million baht,
which is an increase of 1,852.07 million baht compared to 1,401.86 million baht of circulating assets in
2017. Significant statements are as follows:

- Cash and cash equivalent increased by 1,501.13 million baht compared to 2017 due to cash flow
from operations and loans received at the end of the year to accommodate the investment and development
of new waste power plant projects and solar power plant projects in Vietnam.

- Trade receivables and other circulating receivables increased by 306.76 million baht which is an
adjustment in the same direction as the Company’s investment projects. In 2018, the Company achieved
additional commercial operations in the part of industrial waste power plants and solar power plants with a
combined production capacity of 37 megawatts. These are trade receivables from transfer of rights to receive
funds from electricity production and sales, import expenses pending collection, advance payments, accrued
revenues and other items with increases.

However, the Company controls risks from lack of fluidity by maintaining sufficient cash and cash
equivalent levels for operations by the Company’s group without affecting the Company’s circulating cash
flow. In 2018, the Company had a liquidity ratio of 0.67.

Table Showing Significant Changes in Circulating Assets for 2017 - 2018

Consolidated Financial Statement Changes
(Unit: Million Baht)
2018 2017

Increase (Decrease)

1. Cash and Cash Equivalent 1,839.10 337.98 1,501.12

2. Trade Receivables – Other 137.36
Businesses
609.08 471.73

Less Reserves for Doubtful 0.10
Debts
(29.03) (29.13)

Total Trade Receivables 580.05 442.60 137.45

Consolidated Financial Statement 2018 2017 Changes
(Unit: Million Baht) Increase (Decrease)

3. Other Circulating Receivables 434.69 384.26 50.43
Accrued Revenues (79.37)
131.09 210.46
Other Receivables–Other 117.95 50.98 66.97
Businesses -
- 15.08
Other Advance Payments 26.00 40.03 (14.03)
8.92
Expenses for Imports Pending 709.73 700.81
Collection 160.39
(48.36) (208.75)
Others 661.37 492.06 169.31
1,241.42 934.66 306.75
Total Other Circulating
Receivables

Less Reserves for Doubtful
Debts

Total Other Receivables

Total

The Company has policy to set reserves for doubtful debts in full for receivables that are overdue by
more than 12 months. In addition, the Company bases reserves for doubtful debts on previous debts and debt
collection from debtors. The Company evaluates the financial status of each debtor to accompany
considerations for reserves for doubtful debts. Thus, the Company expects no damage from demanding debt
repayment from debtors in excess of financial reserves. On average, the Company grants about 30–60 days
of credit to trade receivables. The Company has policy to collect debt based on set schedules and relies on
experienced Company employees with knowledge about customer information. In the past, the Company
established reserves for doubtful debts at 29.03 million baht for trade receivables from the Company’s old

businesses from before 2013. Nevertheless, the cycle rate for trade receivables in 2018 equaled 10.60 times,
an improvement from 11.87 times in 2017.

Furthermore, most of the Company’s trade receivables pending collection have an age of less than or
equal to three months. This is because the majority of the Company’s trade receivables are government
agencies, namely, the Provincial Electricity Authority, Metropolitan Electricity Authority and Electricity
Generating Authority of Thailand, which have rather clear operating schedules in this aspect. Hence, the
Company is able to manage receivables effectively. Receivables based on outstanding age are as follows:

Consolidated Financial Statement 2018 2017 Changes
(Unit: Million Baht)

Increase /
(Decrease)

Trade Receivables - Other
Businesses

Not Due for Payment 553.51 431.74 121.77

Overdue for Payment

- Less than or Equal to Three 11.03
Months
19.81 8.78

- Greater than Three Months or up 3.35
to Six Months
5.23 1.88

- Greater than Six Months or up to 1.06
12 Months
1.25 0.19

- 12 Months and Greater 29.28 29.13 0.15

Total 55.57 39.99 15.58

Total Trade Receivables Before 137.36
Reserves
609.08 471.73

Consolidated Financial Statement 2018 2017 Changes
(Unit: Million Baht)
Increase /
Less Reserves for Doubtful Debts (Decrease)
Total Trade Receivables
(29.03) (29.13) (0.10)
580.05
442.60 137.45

Assets

As of 31 December 2018, the

Company’s circulating assets are Million Baht
equivalent to 3,253.93 million baht or

6.55 of total assets. Significant

circulating assets as of 31 December

2018 are quality and high liquidity Non-circulating Assets
assets such as 1,839.10 million baht of Circulating Assets
cash and cash equivalent or 56.52
percent of total circulating assets and 2018 2017 2016

1,241.41 million baht of trade Circulating Assets Non-circulating Assets

receivables and other circulating

assets or 38.15 percent of circulating assets primarily from transfer of rights to receive funds from electricity

production and sales. These are considered low-risk receivables. Circulating asset ratios have a rising trend

from 2017 due to the Company’s investment in the expansion of renewable energy electricity production and

distribution businesses. The initial stages fo investment is in land and power plant equipment which is costly.

Therefore, after the construction of power plants is complete and the power plants have commenced

comsistent commercial operations, the circulating asset ratio will increase compared to total assets. However,

in 2018, the increased circulating assets in cash form is partially from cash received from loans for

investment in renewable energy power plant projects in Vietnam.

However, since 2018, the Company has not had many investment activities. The majority of the
Company’s activities is in the construction of thermal (industrial waste) power plants and preparation for
future power plant projects. Hence, the Company’s total assets increased slightly primarily due to increases
in circulating assets. Meanwhile, non-circulating assets have not changed much from 2017, for example,

land, structures and equipment, which are the main assets in the solar power plant businesses; electricity
production and distribution rights; and other circulating assets. Details for significant changes in non-
circulating assets are as follows:

Item 2018 2017 Change

Cash and Cash Equivalent (Million (Million Increase/ %
Baht) Baht) (Decrease) 444.14
(Million
1,839.10 337.98
Baht)
1,501.12

Land, Structures and Equipment 38,680.08 39,027.71 (347.63) (0.89)

Rights to Generate and Distribute 2,923.39 2,868.23 55.16 1.92
Electricity

Other Non-Circulating Assets 2,405.66 1,133.37 1,272.29 112.26

As of 31 December 2018, the Company and its subsidiaries have 46,870.65 million baht of total assets.
When this is compared to 48,024.82 million baht in 2016, it is found that the total assets decreased by
1,154.17 million baht. The growth of operations in renewable energy businesses in the past few years have
resulted in an increase in the Company’s total assets, both in capital increase and receiving financial support
for the investment and development of the Company’s group’s solar power plant projects.

Liabilities
As of 31 December 2018, the Company and its subsidiaries have 32,094.91 million baht of liabilities.
The majority of the Company’s total liabilities is composed of long-term financial institute loans. The

Company received abount 70 to 75
percent of supporting funds for each
project due to the aforementioned
renewable energy power plant projects
having a high investment cost. However,
liability ratios from renewable energy

power plant business operations are still increasing due to expansion in the aforementioned businesses. In
2018, increased liabilities include liabilities from loans in SEE6 projects, liabilities from loans in COOP2
projects and liabilities from long-term loans for investmetns in Vietnam. Thus, the Company gives
importance to the management, monitoring and control of liabilities so as to prevent liabilities from
exceeding shareholders’ equity by two times. Furthermore, the Company has negotiated to change terms,
conditions and interest rates in long-term loans from financial institutes, who are the Company’s creditors,
for the purpose of reducing financial costs and to maintain sufficient cash flow suitable for continuous
expansion of renewable energy power plant businesses, resulting in significantly reduced circulating liability
ratios, especially circulating liabilities from long-term financial institute loans due for payment in one year.

Moreover, the Company has long-term senior bonds with no collateral at 1,000 baht par value for a
period of two years at an interest rate of 5.95 percent per year. There are restrictions that the Company must
follow and the Company has to maintain financial ratios as stipulated in the terms concerning rights and
duties of issuer of bonds, for example, liability ratios with interest per shareholders’ equity must not exceed
the rate of three to one as of the date of calculation. The Company’s aforementioned rate as of 31 December
2018 is equal to 1.83.

The circulating liabilities decreased by 557.26 million baht from 1,625.16 million baht in 2017 to
1,067.90 million baht in 2018 due to a decrease in trade payables. In addition, loans due for payment in one
year decreased by 1,108.17 million baht from 3,346.47 million baht in 2017 to 2,238.30 million baht in 2018
due to a reduction in repayment rates to reflect the direction of the Company’s expansions that still require
investment funds. In addition, short-term loans from other parties have been reduced due to repayment.

As of 31 December 2017, the Company and its subsidiaries have 30,648.12 million baht in total
liabilities. When this is compared to 33,328.92 million baht in 2016, the total liablities are found to have
decreased by 2,680.80 million baht. The majority of the liabilities are from long-term financial institute loans
for investment and development of the Company’s solar power plants in the past have decreased by 595.46
million baht as a result of the Company’s ability to repay debts using revenues from its solar power plants
that have achieved commercial operations. The debt repayment ratio from this is more than the additional
debts the Company has created from thermal (industrial waste) power plant projects operated by the
Company’s subsidiaries. Furthermore, the Company has repayed traded payables created by the purchase of
assets and construction, reducing them by 3,404.44 million baht from 2016.

The Company’s debt per shareholders’ equity ratio in 2018 was equal to 1.83, a reduction from 1.89 in
2017. The change in the aforementioned ratio is caused by an increase in long-term financial institute loans
as well as investment expansions even though there are capital repayments from projects that have achieved

commercial operations. Meanwhile, as the Company has been able to continuously generate profit from past
operations, its debt per shareholders’ equity ratio is consistenly decreasing. The Company continues to retain
a debt per capital ratio of two to one in order to prevent the Company from having excessively high debt
risks as well as to demonstrate appropriate capital structure policies. However, if only the loan debt is
considered, including loan interests, without trade payables from normal operations, it is found that the
Company’s debt per capital ratio as of the end of 2018 is equal to 1.77, which is a slight decrease from 1.79
as of 2017.

Existing and Future Debt Obligations
The Company’s debts and obligations that might be created in the future from investment in renewable
energy businesses, financial institutes loans and various credits from sellers are as follows:

No. Item Value of Value of Obligation

Obligation (Million (Other Currencies)

Baht)

1 Equipment and Machinery 2,348.93
Purchase Contracts
USD 4,889,000

JPN1,957,700,000

CHF4,780,000

EUR1,275,000

VND25,535,227,000

2 Operating Lease and Service 391.24 -
Contracts

3 Letters of Guarantee 1,188.78 -

The aforementioned obligations include municipal waste power plant investment and development
projects operated by Super Earth Energy 6 Public Company Limited, municipal waste power plant
investment and development projects operated by Nong Khai Na Yu Company Limited and wind power
plant investment and development projects in Vietnam operated by Super Wind Energy Company Limited,
etc.

Shareholders’ Equity

As of 31 December 2018, the Company and its subsidiaries’ shareholders equity is equal to 17,555.05
million baht (with 13,753.13 million baht belonging to the Company and 3,801.92 million baht in non-
controlling interests). The Company and its subsidiaries’ shareholders’ equity is consistenly increasing. The
increase in shareholders’ equity is from the Company’s ability to continuously generate profit from
renewable energy power plant projects that have achieved commercial operations, which results in an
increase in the Company’s accumulated income. Concerning capital, other components of shareholders’
equity shows a negative balance of 14.62 million baht which are joint companies’ exchange differences in
interpreting financial statements and remeasured investments held as available for sale.

Million Baht

Shareholder’s Equity
Shareholders’ Equity (Parent Company)

2018 2017 2016

Shareholders’ Equity (Parent Shareholder’s Equity
Company)

Furthermore, as of 31 December 2017, the Company and its subsidiaries’ shareholders’ equity is equal
to 16,222.53 million baht (with 12,724.64 million baht belonging to the Company and 3,497.89 million baht
in non-controlling interests). When this is compared to 14,695.90 million baht in 2016, the shareholders’
equity is found to have increased by 1,526.64 million baht as a result of performance in 2017 where the
Company was able to generate 1,511.63 million baht of perceived net profit. After consideration, the rate of
return from shareholders’ equity reflects efficient management resulting in an increase in the Company’s
accumulated income which will generate higher returns for shareholders in the future.

14.5 Key Factors and Influences Potentially Affecting Future Performance

The key factors and influences that might impact future financial position and performance besides
those already mentioned in Part 1, Clause 3, on risk factors are as follows:

Alternative Energy Power Plant Businesses

1) Government Policy Changes

Production of electricity from alternative energy, especially renewable energy such as solar energy,
which is considered to be most capable and stable of the alternative energy sources with a high rate of
growth due to low construction time, low risk and uncomplicated maintenance, has caused the private sector
to give significance and perceive greater commercial benefits from solar energy than other forms of energy.
However, alternative energy is not limited to solar energy, because there are also wind energy, waste energy,
biomass energy and others. Because agencies that are involved have different measures and work plans in
place for considering support for each type of energy depending on acceptable cost, policy changes might
occur in line with changes in the economy.

Information and Communications Technology Businesses

1) Domestic and International Economic Impacts

The factors influencing the economy of Thailand in 2018 stem from economic certainty on the global
level, global political instability, fluctuations in foreign currency exchange rates and natural disasters.
Meanwhile, domestic factors include political instability, entrance into Thailand 4.0, shortages in certain
industries. A significant problem is increased cost due to nationwide increase in minimum wage.
Furthermore, increases in the cost of energy can be problem, whether for fuels, electricity or transportation
fees. All of these can directly and indirectly affect the Company in the future. For example, the Company’s
customers might decrease their budgets or delay developments in information technology to save expenses.
These impacts can cause the Company to make changes in its methods for accepting work from the
aforementioned customers such as by decreasing service fees but asking for long-term contracts to prevent
future risks.

Certification of Data Accuracy

The Company has cautiously audited the information shown in this annual report. Thus, the
Company hereby certifies that the aforementioned information is correct, is not false, does not cause errors to
other significant parties and does not lack information that should be reported in essential content.
Furthermore, the Company certifies the following:

(1) The financial statements and financial information summarized in the forms showing annual
information presents information correctly and fully in essential content about the financial position,
performance and cash flow of the Company and subsidiaries.

(2) The Company has in place a good system for disclosure of information in order to ensure that
essential information of the Company and subsidiaries are disclosed correctly and fully with a control system
in place to ensure compliance to the aforementioned system.

(3) The Company has established a good internal control system and provides supervision to ensure
adherence to the aforementioned system. In addition, the Company has reported information about the
internal control system as of 27 February 2019 to the Company’s auditor and audit directors covering
significant faults and changes in the internal control system, in addition to unlawful actions that might impact
the creation of the financial reports of the Company and subsidiaries.

Thus, in order to provide evidence that all documents are the same to those that I have certified, I
have appointed Mr. Chomsap Lochaya as the signatory to sign on every page of this document. If any page
does not contain the signature of Mr. Chomsap Lochaya, I will not deem information therein to be that which
I have certified above.

Name Position Signed

Mr. Chomsap Chairman of the Board ...................................................
Lochaya

Authorized Person

Name Position Signed

Mr. Chomsap Managing Director (Acting) ..................................................
Lochaya

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

Information about Company Board of Directors, Executives and Secretary

1.1Board of Directors and Executives of the Company

Directors and Executives Position

1. Mr. Chomsap Lochaya Chairman of the Board of Directors and Managing
Director (Acting)

2. Mr. Kamthorn Udomrittiruj Vice Chairman of the Board of Directors, Chairman
of the Audit Committee and Independent Director

3. Mrs. Traithip Siwakritsakun Vice Chairman of the Audit Committee and Director

4. Miss Wanida Machimanon Director of the Audit Committee, Director and
Independent Director

5. MissWarinthip Chaisankha Director

6. Miss Sansiri Chaicharoenphat Director

7. Pol. Lt. Gen. Piya Sontrakun Director

8. Miss Rungnapha Chandenduang Assistant Managing Director

1. First-Last Names: Mr. Chomsap Lochaya

Age: 49 Years

Company Position: Chairman of the Board, appointed on 26 July 2006; acting as the director with
signatory authority to bind the Company as stipulated in the certificate.

Education: Juris Doctor, Loyola Law School, Los Angeles, California, USA.
Bachelor of Economics, University of California, Los Angeles, California,
USA.

Training Courses: Director Accreditation Program (DAP),
Thai Institute of Directors (IOD).

Share of Company (%): 17.50%

Family Relationships with Executives:-None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Public Companies

2006- Chairman of the Super Energy Corporation Public Co., Ltd../Electricity
Present
Board and related businesses.

2011- Managing Director Super Energy Corporation Public Co., Ltd. ./Electricity
Present (Acting) and related businesses.

2013- Chairman of the Open Technology PCL./IT business.
Present Board

2004-2006 Director, Managing Super Energy Corporation Public Co., Ltd../Electricity
Director and related businesses.

Limited Companies/Other Organizations

2018- Director (10 companies in electricity and related businesses)
Present PKT Green Co., Ltd.

IQ Good Co., Ltd.

Thai Green Co., Ltd.

SUPER SOLAR ENERGY (HONGKONG) 3

SUPER SOLAR ENERGY (HONGKONG) 4

Time Position Company/Business Type
Period
(Years) Super Solar (Thailand) Co., Ltd.
Super Earth Energy 8 Co., Ltd.
2017- Director Super Earth Energy 9 Co., Ltd.
Present Nong Khai Na Yu Co., Ltd.
Mueang Thai Na Yu Co., Ltd.
2016- Director
Present (3 companies in electricity and related businesses)
Super Water Co., Ltd.
Super Wind Energy Co., Ltd.
Super Earth Energy 6 Co., Ltd.
Super Wind Energy Congly1 Joint Stock Company

(20 companies in electricity and related businesses)

Equator Solar Co., Ltd.
WRP Energy Co., Ltd.
Energy Serve 1 Co., Ltd.
Energy Serve 2 Co., Ltd.
Energy Serve 3 Co., Ltd.
IQ Solar Co., Ltd.
AIQ Energy Co., Ltd.
IQ Energy Co., Ltd.
IQ Green Co., Ltd.
Asta Power Co., Ltd.
Green Power Energy Co., Ltd.
SUPER ENERGY(EAST) PTE LTD.

Time Position Company/Business Type
Period
(Years) SUPER ENERGY GROUP (HONGKONG) CO.,LTD

2015- Director SUPER ENERGY-GA JAPAN 1 GK
Present
SUPER ENERGY-JAPAN 2 GK

SUPER SOLAR ENERGY (HONGKONG) 1

SUPER SOLAR ENERGY (HONGKONG) 2

(36 companies in electricity and related businesses)
WXA 4 Co., Ltd.
WXA 5 Co., Ltd.
WXA 6 Co., Ltd.
WXA 7 Co., Ltd.
Solkit Solar Co., Ltd.
S2P Energy Co., Ltd.
Northeast Future Energy Co., Ltd.
En Serve Technology Co., Ltd.
SPP 6 Co., Ltd.
Sri Nakha Power Limited
Energy Serve Co., Ltd.
Amanuf Co., Ltd.
Power Technology International Co., Ltd.
Infinite Alternative Co., Ltd.
Rang Ngern Solution Co., Ltd.
Tang Sae Yiang Green Power One Co., Ltd.
Apollo Solar Co., Ltd.
STFE Solar Co., Ltd.
Millennium Act Co., Ltd.
North Solar Power Co., Ltd.
Electrica Asia Co., Ltd.

Time Position Company/Business Type
Period
(Years) Media Mark Co., Ltd.
Health Planet Management Co., Ltd.
2014- Director 17 Anyawee Holding Co., Ltd.
Present Energy Serve Land Co., Ltd.
Generous Land Co., Ltd.
2013- Director NPS Star Land Co., Ltd.
Present World Exchange Asia Land Co., Ltd.
Power Technology International Land Co., Ltd.
2005- Director Super Sky Energy Co., Ltd.
Present Super Earth Energy Co., Ltd.
Super Earth Energy 1 Co., Ltd.
Super Earth Energy 2 Co., Ltd.
Super Earth Energy 3 Co., Ltd.
Super Earth Energy 4 Co., Ltd.
Super Earth Energy 5 Co., Ltd.
Green Bi-O Maha Sarakham Co., Ltd./Electricity and
related businesses.
PT Drive (Thailand) Co., Ltd./Electricity and related
businesses.
Pro Solar One Co., Ltd./Electricity and related busineses.
Lemon Gold Farm Co., Ltd./Electricity and related
businesses.

Super Solar Energy Co., Ltd./Electricity and related
businesses.
Super Energy Group Co., Ltd./Electricity and related
businesses.
Root Sun Co., Ltd./Electricity and related businesses.
Superblock South Co., Ltd./Contract construction and
consultation.

Time Position Company/Business Type
Period
(Years) Super Speed Construction/Contract construction and
consultation.
2004- Director Advance Asset Management Service Co., Ltd./Holding
Present Director company.
2002- Director Meechai Thailand Legal Consultant Office Co.,
Present Ltd./Legal consultant.
2002- Lochaya Legal Consultant Office Co., Ltd./Legal
Present consultant.

2. First-Last Names: Mr. Kamthorn Udomrittiruj

Age: 87 Years

Company Position: Vice Chairman of the Board, appointed on 29 September 2004;

Chairman of the Audit Committee and Independent Director

appointed on 26 July 2006.

Education: Bachelor of Public Administration, University of California,

Berkley, USA.

Training Courses: Director Accreditation Program (DAP),

Thai Institute of Directors (IOD).

Share of Company (%): -None-

Family Relationships with Executives:-None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Public Companies

2004- Vice Chairman of the Super Energy Corporation Public Co., Ltd. ./Electricity

Time Position Company/Business Type
Period Board and related businesses.
(Years)
Present

2006- Chairman of the Super Energy Corporation Public Co., Ltd. ./Electricity
Present
Audit Committee and related businesses.

2007- Vice Chairman of the Ever Land PCL./Real estate business.

Present Board of Directors,

Chairman of the

Audit Committee

Limited Companies/Other Organizations

2005- Director Superblock South/Contract construction and consultation.

Present

2006-2008 Chairman of the National Legislative Assembly/Legal Drafts and

Public Account Consideration

Committee

2001-2002 Chairman of the Office of the Election Commission of Thailand/Election

Election Advisory Regulation and Implementation.

Commission

3. First-Last Names: Miss Traithip Siwakritsakun

Age: 53 Years
Company Position:
Vice Chairman of the Audit Committee, Director, Independent Director,
Education: appointed on 25 April 2018.

Master of Business Administration, Sasin Graduate Institute of Business
Administration, Chulalongkorn University

Student Exchange Program, Kellogg Graduate of Management,
Northwestern University, USA

Bachelor of Finance and Banking, Chulalongkorn University

Training Courses: Director Accreditation Program (DAP),
Thai Institute of Directors (IOD).

Share of Company (%): -None-

Family Relationships with Executives: -None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Public Companies

2018- Director Super Energy Corporation Public Co., Ltd./Electricity and
Present related businesses.

Independent Director Triton Holding Public Co., Ltd./Print media.
and Audit Director Singapore International School/Educational institution.

King Telecom Public Co., Ltd./Telecommunications
engineering

2016-2017 Chief Financial Ek-Chai Distribution Systern Co., Ltd./Consumer goods.
Officer

2011-2016 Chief Financial Minor International Public Co., Ltd./Food and beverages.
Officer

2011-2011 Deputy Managing Ratchaburi Electricity Generating Holding Public Co.,
Director (Finance) Ltd./Energy and public utility.

Time Position Company/Business Type
Period IRPC Public Co., Ltd./Complete petrochemical industry.
(Years) Assistant Managing
2007-2011 Director (Business
Planning and
Development)

2006-2007 Director Open Technology Public Co., Ltd./IT businesses.

Assistant Managing IRPC Public Co., Ltd./Complete petrochemical industry.
Director (Accounting
and Finance)

2008-2008 Cost Management The Stock Exchange of Thailand
Advisor

2005-2007 Advisor to Managing Muang Thai Life Assurance Public Co., Ltd./Life

Director insurance.

2003-2006 Finance Committee Thai Petrochemical Industry Public Co.,
of the Planning Ltd./Petrochemical and petroleum product industry.
Committee

2003-2003 Advisor Financial Institution Development Fund/Finance
management.

2001-2003 Asset Management Thai Asset Management Corporation/Asset management
Administrator 2

1997-2001 Partner Deloitte Touche Tohmatsu Corporate Structuring Co.,
Ltd./Accounting and auditing.

1994-1997 Investment Banking Peregrine Nithi Finance & Securities Co., Ltd.
Administrator

4. First-Last Names: Miss Wanida Machimanon

Age: 73 Years

Company Position: Director, appointed on 14 November 2012;
Audit Director, Independent Director, appointed on 14 November
2012.

Education: Hotel Management from Cornell University, USA;

Administration & Tenique Hotelieres, Institute International de

Glion, Switzerland;

Languages (French & German), Institute Le Manoir, Ecole

Benedict, Switzerland.

Training Courses: Director Accreditation Program (DAP),

Thai Institute of Directors (IOD).

Share of Company (%): -None-

Family Relationships with Executives:-None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Public Companies

2012- Vice Chairman of the Super Energy Corporation Public Co., Ltd../Electricity

Present Audit Committee, and related businesses.

Director

2013- Chairman of the Open Technology PCL./IT business.

Present Audit Committee,

Vice Chairman of the

Board

2007- Vice Chairman of the Ever Land PCL./Real estate business.

Present Audit Committee,

Director

Time Position Company/Business Type

Period

(Years)

Limited Companies/Other Organizations

2016- Director Green Power Energy Co., Ltd./Electricity and related
Present Director businesses.
2015- Khorat Medical Group Co., Ltd./Hospital business.
Present Super Sky Energy Co., Ltd./Electricity and related
businesses.
North Solar Power Co., Ltd./Electricity and related
businesses.
Super Earth Energy Co., Ltd./Electricity and related
businesses.

2014- Director Chiang Mai Rat Hospital Co., Ltd./Hospital business.
Present
Unicon Services Co., Ltd./Hospital business.
2013-
Present Dental Is Fun Co., Ltd./Hospital business.
1997-1998
1996-1997 My Hospital Co., Ltd./Hospital business.
1985-1996
1982-1985 Green Bi-O Mahasarakham Co., Ltd./Electricity and
1969-1982
1966-1977 related businesses.

PT Drive (Thailand) Co., Ltd./Electricity and related

businesses.

Director Super Energy Group Co., Ltd./Electricity and related

businesses.

Director of State The Oriental Bangkok/Hotel business.

Relations

General Manager The Twin Lotus Hotel/Hotel business.

Director of The Oriental Bangkok/Hotel business.

Marketing

Manager of Sales The Bangkok Peninsula/Hotel business.

Manager of Sales Hotel Siam Inter-Continental/Hotel business.

Secretary and Arosa Kulm Hotel, Switzerland/Hotel business.

Time Position Company/Business Type
Period Auditor
(Years)

5. First-Last Names: Miss Warinthip Chaisankha

Age: 51 Years

Company Position: Director, appointed on 14 May 2013.

Education: Bachelor of Business Administration (Accounting)
Ramkhamhaeng University

Training Courses: Director Accreditation Program (DAP),

Thai Institute of Directors (IOD).

Share of Company (%): -None-

Family Relationships with Executives:-None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Public Companies

2018- Director Super Earth Energy 8 Co., Ltd./Electricity and related
Present businesses../Electricity and related businesses.

2013- Director Super Energy Corporation Public Co., Ltd. ./Electricity and
Present related businesses.

2007- Director, Open Technology PCL./IT business.
Present
Director of
Accounting and

Time Position Company/Business Type
Period Finance
(Years)

Limited Companies/Other Organizations

2015- Director Super Sky Energy Co., Ltd./Electricity and related
Present businesses.
North Solar Power Co., Ltd./Electricity and related
businesses.
Super Earth Energy Co., Ltd./Electricity and related
businesses.

2014- Director Lemon Gold Farm Co., Ltd./Electricity and related
Present businesses.
Green Bi-O Mahasarakham Co., Ltd./Electricity and related
businesses.
PT Drive (Thailand) Co., Ltd./Electricity and related
businesses.

2013- Director Super Energy Group Co., Ltd./Electricity and related
Present businesses.

2006 Assistant Manager ABN AMRO NL Bank/Finance business.
of Finance

2004-2006 Assistant Managing Bangkok Microbus Co., Ltd./Service business.
2001-2004
Director
1994-2001
Managing of Meechai Thailand Legal Consultant Office Co., Ltd./Legal

Accounting and consultant.

Finance

Assistant Auditor KPMG Audit (Thailand)/Accounting office.

6. First-Last Names: Miss Sansiri Chaicharoenphat

Age: 49 Years

Company Position: Director, appointed on 9 May 2018

Education: Master of Public Health Epidemiology, University of California ,
Los Angeles, USA

Training Courses: Director Accreditation Program (DAP),

Thai Institute of Directors (IOD).

Share of Company (%): -None-

Family Relationships with Executives:-None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Public Companies

2018 - Director Super Energy Corporation Public Co., Ltd.
Present ./Electricity and related businesses.

2011 - Director, Audit Director Ever Land PCL./Real estate business.
Present

Time Position Company/Business Type
Period
(Years)

Limited Public Companies

2005- Vice President Xinxere Edutainment Company Limited./IT
Present service business.

2008-2011 Director and Vice Chairman Open Technology PCL./IT business.

Time Position Company/Business Type
Period of the Audit Committee
(Years) California Finess Centers/Healthcare business.
Advance Web Studio./IT service business.
2003-2006 Business Development Research International/Research
Coordinator

2000-2003 Director and Project
Manager

2000 Research Executive

7. First-Last Names: Mr. Piya Sontrakun

Age: 63 Years

Company Position: Director, appointed on 9 May 2018

Education: Master of Public Administration (MPA) 1978 (RPCA)

National Institute of Development Administration (Public
Administration) (NIDA).

Training Courses: -

Share of Company (%): -None-

Family Relationships with Executives: -None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Public Companies

2018 - Director Super Energy Corporation Public Co., Ltd.

Time Position Company/Business Type
Period ./Electricity and related businesses.
(Years)
Present

Limited Companies/Other Organizations

2015-2016 Assistant Commissioner Royal Thai Police/Police officer.
General

2013-2015 Commissioner, Office of Royal Thai Police/Police officer.
Logistics

2007-2013 Deputy Commissioner, Royal Thai Police/Police officer.
Provincial Police Region 1

2003-2007 Commander of General Staff Royal Thai Police/Police officer.
Division, Provincial Police
Region 1

2001-2003 Deputy Commander of Royal Thai Police/Police officer.
General Staff Division,
Provincial Police Region 1

1996-2001 Deputy Commander, Royal Thai Police/Police officer.
Regional Forensic Science
Division 1

1995-1996 Superintendent, Civil Royal Thai Police/Police officer.
Engineering Division 1

1995-1996 Superintendent 2, General Royal Thai Police/Police officer.
Staff Division of Provincial
Police Region 5

Time Position Company/Business Type
Period Royal Thai Police/Police officer.
(Years) Inspector of Investigation
1991-2001 Bureau 3, Provincial Police
Region 1

1991-1995 Deputy Superintendent of Royal Thai Police/Police officer.
Educational Administration
Sub-division, Institute Of
Police Administration
Development

1989-1991 Inspector (Administration Royal Thai Police/Police officer.
and Prevention),
Chakkrawat Police Station

1986-1989 Inspector of Personnel Royal Thai Police/Police officer.
Division, General Staff
Division of Thonburi
Metropolitan Police Bureau

1986-1989 Inspector of Personnel Royal Thai Police/Police officer.
Division, General Staff
Division of Thonburi
Metropolitan Police Bureau

8. First-Last Names: Miss Rungnapha Chandenduang
49 Years
Age: Assistant Managing Director, appointed on 1 January 2018
Company Position: Bachelor of Managerial Accounting, Graduate School of Commerce,
Education: Burapha University

Share of Company (%): -None-

Family Relationships with Executives:-None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Public Companies

2018 - Assistant Managing Super Energy Corporation Public Co., Ltd.
Present Director

Limited Companies/Other Organizations

1991-2003 Audit Manager KPMG Audit (Thailand) Co., Ltd./Accounting and
auditing.

2004-2017 Accounting Companies in the Stock Exchange (Superblock Public
Freelancer Co., Ltd.)

Information of the Company’s Secretary

Company Name: Meechai Thailand Legal Consultant Office Company Limited.
Business Type: Legal consultant.
Date of 27 December 2000.
Registration: 16,000,000 baht
Registered Capital: 160,000 shares at 100 baht par value
Divided into 16,000,000 baht.
Ordinary Shares:
Paid-up Capital:

Main Office 223/96, 21st Floor, Country Tower, Building A, Ordinance Road,
Address: South Bang Na, Bang Na, Bangkok 10260.

Authorized Mr. Chomsap Lochaya
Director:
0105543117336
Company
Registration No.: (662) 720-7797

Telephone No.: (662) 720-7808

Fax: 1. Mr. Chomsap Lochaya 93.75%

Share Structure:

2. Lochaya Legal Consultant Office Co., Ltd. 6.25%

3. Five other shareholders < 0.01%

The Company passed a resolution appointing Meechai Thailand Legal Consultant Office Company Limited
as the Company’s secretary, effective as of 13 August 2008 and onward. At present, Miss Duangdao
Prasertsri, Legal and Contract Manager, was tasks with working as the Company’s secretary.

First-Last Names: Miss Duangdao Prasertsri.

Age: 41 Years.

Company Position: Legal and Contract Manager.

Registered Capital: 16,000,000 baht

Education: Bachelor of Law, Chulalongkorn University.

Training Courses: Company Secretary Program (CSP) Certificate,

Thai Institute of Directors

Share of Company (%): -None-

Family Relationships with Executives: -None-

Work Experience:

2001-Present Legal and Contract Manager Meechai Thailand Legal

Consultant Office Co., Ltd.

The Company’s secretary is required to perform duties responsibly, cautiously and with honesty and

integrity as stipulated by Section 89/15 and Section 89/16 of the Securities and Exchange Act (No. 4), B.E.

2551 (2008 A.D.), which became effective on 31 August 2008, in addition to complying with the law,

Company objectives and regulations and resolutions passed by the Board of Directors and meetings of

shareholders. The duties and responsibilities prescribed by the law for the Company’s secretary are as

follows:

Duties and Responsibilities of the Company’s Secretary

1. Create and store the following documents:

1.1. Registration of directors.
1.2. Board of Directors’ meeting invitation letters, Board of Directors’ meeting reports
and Company’s annual reports.
1.3. Invitation letters to shareholder meetings and reports of shareholder meetings.
1.4. Related important document of the Company.

2. Store reports of interests reported by directors and executives.
3. Perform other tasks as assigned by the Capital Market Supervisory Board.

1.2Board of Directors and Executives of Subsidiaries

Significant Subsidiaries in Renewable Energy Power Plant Business Operations

Subsidiary Director Name Significant Subsidiary Name

Super Solar Super Earth Super Wind

Energy Co., Ltd. Energy Co., Ltd. Energy Co., Ltd.

1. Mr. Chomsap Lochaya ü ü ü

2. Mr. Akhom Manakaew ü - ü

3. Mr. Chappamon ü-ü
Chantharapongpan

4. Miss Wanida -ü-
Machimanon

5. Miss Warinthip -ü-
Chaisankha

Remarks: ü means Company Director.

1. First-Last Names: Mr. Akhom Manakaew

Age: 61 Years

Company Position: Managing Director

Education: Master of Engineering Science (Electrical Power), Kasetsart

University; Bachelor of Engineering Science (Electrical Power),

Prince of Songkhla University; Mini MBA, Kasetsart University.

Training Courses: Director Accreditation Program (DAP),

Thai Institute of Directors (IOD)

Share of Company (%): Less than 0.01%

Family Relationships with Executives:-None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Companies/Other Organizations

2018 - Director (2 companies in electricity and related businesses)

Time Position Company/Business Type
Period
(Years) Super Solar (Thailand) Co., Ltd.
Present

Super Earth Energy 9 Co,. Ltd.

2017 - Director Super Wind Energy Co., Ltd.
Present

2016- Managing Director Super Solar Energy Co., Ltd./Electricity and related
Present Director businesses.
2015- Amanuf Co., Ltd./Electricity and related businesses.
Present
2015- Director Super Sky Energy Co., Ltd./Electricity and related
Present
2014-2016 businesses.

1994-2013 Managing Director Super Energy Group Co., Ltd./Electricity and related

1990-1993 businesses.

1981-1990 Company Director, Demco PCL./Engineering design, procurement,

Executive Director, construction and installation and electricity production

Deputy Managing and distribution.

Director

Manager of Nakhon Thai Steel Group PCL./Steel business.

Engineering

Chief of Electrical Electricity Generating Authority of Thailand/Electricity

System Control production business.

Center 1, Electricity

Control Department

2. First-Last Names: Mr. Chappamon Chantharapongpan

Age: 43 Years
Company Position: Assistant Managing Director
Education: Bachelor of Banking Finance Business Administration, Rangsit
University.

Training Courses: Director Accreditation Program (DAP),

Thai Institute of Directors (IOD)

Share of Company (%): -None-

Family Relationships with Executives:-None-

Work Experience:

Time Position Company/Business Type

Period

(Years)

Limited Companies/Other Organizations

2018 - Director (3 companies in electricity and related businesses)
Present Super Solar (Thailand) Co., Ltd.

Super Earth Energy 9 Co., Ltd.

Super Earth Energy 8 Co., Ltd.

2017 - Director Super Wind Energy Co., Ltd.
Present

2016- Assistant Managing Super Solar Energy Co., Ltd./Electricity and related
Present
2016- Director businesses.
Present
Director Green Power Energy Co., Ltd./Electricity and related
2015-
Present businesses.

Equator Solar Co., Ltd./Electricity and related businesses.

WRP Energy Co., Ltd./Electricity and related businesses.

Director (13 companies in electricity and related businesses)

Apollo Solar Co., Ltd.

Power Technology International Co., Ltd.

Sri Nakha Power Co., Ltd.

Energy Serve Co., Ltd.

Amanuf Co., Ltd.

SPP 6 Co., Ltd.

Solkit Solar Co., Ltd.

Time Position Company/Business Type
Period
(Years) S2P Energy Co., Ltd.

2014-2016 Northeast Future Energy Co., Ltd.

WXA 4 Co., Ltd.

WXA 5 Co., Ltd.

WXA 6 Co., Ltd.

WXA 7 Co., Ltd.

Assistant Managing Super Energy Group Co., Ltd./Electricity and related

Director businesses.

Open Technology Public Company Limited

Name Position

1.Mr. Chomsap Lochaya Chairman of the Board of Directors

2.Miss Wanida Machimanon Vice Chairman of the Board of Directors and Vice
Chairman of the Audit Committee

3. Mrs. Theerawadee Seniset Director and Vice Chairman of the Audit Committee

4. Miss Warinthip Chaisankha Director

5. Miss Somsuk Director
Tangsathittham

1. First-Last Names: Mr. Chomsap Lochaya
49 Years
Age:

Company Position: Chairman of the Board; the Board of Directors’ of Super Energy

Corporation Public Co., Ltd. passed a resolution authorizing him as

a director/executive on 6 May 2013 to become a director with

signatory authority to bind the Company as stated in the Company’s

certificate.

Education: Juris Doctor, Loyola Law School, Los Angeles, California, USA.

Bachelor of Economics, University of California, Los Angeles,

California, USA.

Training Courses: Director Accreditation Program (DAP),

Thai Institute of Directors (IOD).

Share of Company (%): -None-

Family Relationships with Executives:-None-

Work Experience:

Year Position Company/Business Type

Limited Public Companies

2006- Chairman of the Super Energy Corporation Public Co., Ltd. ./Electricity
Present
Board and related businesses.

2011- Acting Managing Super Energy Corporation Public Co., Ltd. ./Electricity
Present
Director and related businesses.

2013- Chairman of the Open Technology PCL./IT business.
Present
2004-2006 Board

Director, Managing Super Energy Corporation Public Co., Ltd. ./Electricity

Director and related businesses.

Limited Companies/Other Organizations

2018- Director (10 companies in electricity and related businesses)
Present PKT Green Co., Ltd.

IQ Good Co., Ltd.

Thai Green Co., Ltd.

Year Position Company/Business Type
SUPER SOLAR ENERGY (HONGKONG) 3
2017- Director
Present SUPER SOLAR ENERGY (HONGKONG) 4

2016- Director Super Solar (Thailand) Co., Ltd.
Present
Super Earth Energy 8 Co., Ltd.

Super Earth Energy 9 Co., Ltd.

Nong Khai Na Yu Co., Ltd.

Mueang Thai Na Yu Co., Ltd.

(5 companies in electricity and related businesses)

Super Water Co., Ltd.

Super Wind Energy Co., Ltd.

Super Earth Energy 6 Co., Ltd.

Super Wind Energy Congly1 Joint Stock Company

(20 companies in electricity and related businesses)

Equator Solar Co., Ltd.
WRP Energy Co., Ltd.
Energy Serve 1 Co., Ltd.
Energy Serve 2 Co., Ltd.
Energy Serve 3 Co., Ltd.
IQ Solar Co., Ltd.
AIQ Energy Co., Ltd.
IQ Energy Co., Ltd.
IQ Green Co., Ltd.
Asta Power Co., Ltd.
Green Power Energy Co., Ltd.