Dear Shareholders,

In 2017 the Company changed its shareholding structure as well as financial structure by fundraising through initial public offering of newly-issued ordinary shares and became a listed company on the Stock Exchange of Thailand. The Company parallel expanded its power business by constructing three additional power plants with installed capacity of 290MW, resulting in total capacity of 440MW. With the cooperation of all management and staff in performing their duties well, the Company’s performance grew continuously and the Company passed the stringent official rules and regulations to be listed on the Stock Exchange of Thailand on April 5, 2017.

The Company is the leading expert operator of power plants in Thailand, with the largest waste-to-energy power plant operations in the country. The Company is ready to expand continuously in renewable power plants. The company has an experienced staff and is prepared for fast-paced technology to implement investment projects with high returns at manageable risk. The Company strongly believes that the operation of Power Plants using waste heat and RDF will benefit from the Government’s policy to support and promote Electrical Power Generating Plants using renewable energy. In addition, the Company’s business will benefit and grow with sustainability due to domestic economic growth and higher energy demand.

Bright Performance

In 2017 total revenue from sales of power and goods and revenue from adder were Baht 4,865 million, compared with Baht 4,368 million in 2016, an increase of 11.27%, due to the increase of units of power sales in 2017. Total income in 2017 was Baht 5,188 million compared with Baht 4,433 million in 2016, an increase of 17.03%. In 2017, the Company registered a profit for the year of Baht 2,592 compared with Baht 1,824 million in 2016, an increase of 42.06%.

Investment Projects

Currently, the Company has 4 commercially-run power plants with combined capacity of 150 MW, comprising two waste-heat recovery power plants with total capacity of 70 MW (30MW+40MW) and two RDF-fired power plants with total capacity of 80 MW (60MW +20MW).

In addition, the Company has one Coal-RDF-fired power plant of 70MW capacitiy. The construction and test-run of this power plant has been completed. It is expected to sell electricity to TPI Polene Public Company Limited by Q1 2018. Furthermore, the Company completed the construction of a RDF-fired power plant of 70 MW capacity and received related licenses while in the process of applying for a permit to combine the capacity of a RDF-fired power plant of 70MW and the waste heat recovery power plant of 30 MW to become a RDF power plant of total capacity of 100 MW to sell electricity to the Electricity Generating Authority of Thailand (EGAT) under the power purchase agreement of 90 MW. It is expected to start commercial operations by Q1 2018.

In addition, the Company is constructing a coal-fired power plant of 150 MW capacity which is expected to be completed by Q1 2018.

In conclusion, when all power plants are operating commercially, the company will have a total electricity capacity of 440 MW, of which 163 MW will be sold to EGAT (with an installed capacity of 180 MW) and the remaining will be sold to TPI Polene Public Company Limited with an installed capacity of 260 MW.

Awards that make us proud

In 2017, the Company received several prestigious awards domestically and abroad including: Thailand Energy Awards 2017 from the Ministry of Energy; CSR-DIW Awards 2017 from the Ministry of Industry; ASEAN Energy Awards 2017, which was held in Manila, the Philippines; and Thailand Voluntary Emission Reduction Program: T-VER, from Thailand Greenhouse Gas Management Organization.

All of the prestigious awards the company received domestically and abroad showed the clear role of corporate social responsibility for the company while balancing excellent business operations achievement, good corporate governance, and care for society both in the industrial and agricultural sectors, the community, and national environment. The Company aims to increase its core competency by maximizing the efficiency of its electricity power plants, learning technology development, and new production processes continuously to achieve the highest efficiency in business operations. The Company trusts in its technology knowledge and expertise as a significant strong point to gain competitive advantage and maintain it. Thus, the Company focuses on technology improvement and innovation continuously

The Company’s current success is our proudest achievement as a Thai corporation to be able to develop a technology that processes Thai-style multi-character high-moisture waste to become efficient RDF with high heat content for generating electricity, which is a challenging task requiring expertise and experience.

On the behalf of the Company, the company’s Board of Directors would like to take this opportunity to thank all related parties for their ongoing support and trust in the Company to create continuous progress for the organization and to motivate the management team and all levels of the Company’s staff to overcome obstacles to achieve the goal of building stability of the organization, enhancing the economic strength of the country, supporting public wellbeing and consistently protecting the surrounding environment to further enhance the sustainable growth of the country.