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TPIPL Oppday Q1/2025: โอกาสเติบโตท่ามกลางความท้าทาย

TPIPL Oppday Q1/2025: โอกาสเติบโตท่ามกลางความท้าทาย

สวัสดีค่ะ ขอต้อนรับสู่การบรรยายสรุปข้อมูลของบริษัท TPI โพลีน จำกัด มหาชน สำหรับผลประกอบการงวดไตรมาส 1 ปี 2568

ผู้บรรยายในวันนี้ประกอบด้วย คุณ มาเรีย แบรนด้า ซานเชส ลาพิส ในตำแหน่ง Vice President Corporate Relations และดิฉัน ดุราลักษ์ กัน ใช่ค่ะ Vice President ด้าน Finance จะร่วมตอบคำถามที่ผู้สนใจถามเข้ามา

Good morning everyone and thank you for coming in to our opportunity day presentation to discuss what happened in the first quarter of this year 2025. But before I start, I would like to highlight the fact that in 2024 setting rating, TPI Polene maintain its rating at double A and in corporate governance, we still get the five-star rating. So maintain our rating in the ESG as all and also in the corporate governance.

As usual, we split the topic into two this time around, group background, updates on what's going on with our projects and assets, and the review on the first quarter performance with four parts, initiatives that underpin the performance, the operating performance itself, and a few highlights are relevant to the segments and also our sustainability strides.

On the assets, these are the key assets of TPI Polene, featuring ESG ventures for sustainability. So, in the construction materials, we just update with you that our sheet of internal incinerator, we are installing capability to replace coal with MSW and we are pushing green cement and green building products.

We also have a bit of update in here the pyrolysis which uses MSW. We are increasing the capacity to 30,000 tons per year from 14,000 tons per year. If we hit the 30,000, we can produce something like 10 million liters of pyrolysis oil per year.

In the specialty polymer, we have a new EVA product, HBA, EVA derivative that can be used for architectural glass applications. Not much of a change in other parts of the specialty polymer and chemical division.

In the energy, we have the conversion of coal to MSW power plant 150 megawatt and we have completed close to 70%. So we are on schedule to complete this project as per planned and the boiler boiler that runs on MSW has begun to produce in the first quarter of this year.

And then we have green energy investments. Solar farm, we are targeting for 89 megawatt AC basis. We have already installed and operate operational 69 and PPA has been signed with the mother company. Energy and utilities, by the way, is operated by subsidiary TPI Polene Power.

And then we also converted solar roof the roofing of our facilities and distribution centers and we have 5 megawatt of that. As you know, we are rolling out the conversion of our automotives into EV. We have completed the trucks and we are moving to logistics distribution trucks and vans. And we are to support that, we have installed four EV chargers in our petrol stations. So this is an ongoing activity.

The initiatives for the year is still the move towards green cement and green building products, innovative specialty polymers and push for the bioorganics products for food safety and food security and adding to that is the green energy and power capacity and continuing cost efficiency via plant retrofitting.

So here are our products just the main ones. The green cement, green building products now accounts for over 70% of the segment sales. We also have a fiber board which we highlighted as having a patent from the US in the middle of 2023 and this one is a very good substitute to the wood products that are used currently in many of the housing and residential projects. And particularly interesting and hope and positive for us is that you remember the in the first quarter there was this massive fire in California, Santa Monica and around Hollywood area. And so we have begun conversations of selling this fiber board into the US market.

where the countries that can benefit from this substitution product includes Japan and also Australia. So, we hope that we will succeed in bringing these products to these countries. Also third quarter of last year, we launched another innovative specialty polymer and this one is a thermos setting interlayer film that can be used can be sandwiched between two glass panels and this will be used for windows uh roofs and our walls and strictly architectural in applications. What does it do? What it does better than the current material the current material is PVB that is polyvinyl butyral uh it does better in terms of controlling the radiation and also controlling uh keeping the room cooler and it is it is 3D in characteristic so it can be put into this LED that you can just switch on and off and can make the walls darker. So very good for office settings meeting rooms and even in hospitals operating rooms uh so we are hopeful that uh we will gain traction on this particular um new product for specialty polymer. And we continue to push for our um products bioorganics for regenerative agriculture. This one growth for this one is about 30% year on year basis and for the specialty polymer it posted a 177 growth Q on Q. But bear in mind that is this is new product so it comes from a very low base.

And this is our power farm, solar farm in Saraburi 700 rai 69 megawatt AC basis. TPI Polene, mother company is the offtaker and the roof roofs of our production facility, or seasons and fiber cement board already converted to solar. So what happens is that the offtake from the national grid will reduce uh given the solar availability at the daytime. uh same thing with uh our cement. The the electricity uh offtake from the grid for the cementation process will also uh reduce significantly. What does this do to us? uh This will enhance our claim that our cement products and building products are green because as we reduce our offtake from the national grid, we also automatically reduce the the uh what do you call pass on uh GHG emissions because the national grid is not totally green. It still uses lignite and coal in many power plants. We have done in our DC also so it reduces uh again consumption from the national grid and save us some uh electricity costs. Now this is MSW for alternative fuel. And we feature this because uh I mentioned earlier we are converting part of our internal incinerator from coal dependency to MSW. And the MSW is supplied by TPI Polene power. So it will be additional revenues for TPI Polene power and cost savings for mother company. These are our EV chargers and we have already converted our heavy machineries into EV.

So operating performance, what drove the operating performance uh in first quarter of 2025, most of our skills came back online. Uh we had a maintenance shutdown in most part of 2024. The RDF to coal ratio increased because when we run the clinker, part of that is going to be RDF. So clinker exports resume in late February and volume is normalizing. So what is normal volume for us? It's uh between 2.5 to 3 million tons per year. TGA conversion as mentioned earlier is 60% complete uh but right this moment is uh higher than this. Uh 69 megawatt AC solar farm contributed. The 5 megawatt AC solar roof also contributed to the performance and the four petrol stations. So how did we do? Uh in terms of revenue, we grew 6% year on year and the sales growth were underpinned by better domestic volume in the construction materials, cement particularly and the resumption of the clinker and cement exports. Power volume also were quite good through foot was quite higher and we had contribution from the solar farm and solar roof. Specialty chemical revenue also improved but very marginally.

So what happens? uh sales growth of 6% uh you can see gross profit grew by 22% year on year and on a margin basis, it lifted the margin from 22 last year to 26% this year. uh summary, cement gross margin benefited from cost savings. This is a continuing uh benefit that we can see. Uh higher plant efficiency after the maintenance shutdown of 2024 then gross margin in power also benefited from cost efficiency and savings, still ongoing. Gross margin in specialty polymer were lower compared to last year, but actually improved in the uh compared to the fourth quarter of last year and this is because we can switch the product uh to polymer that has better spread. Uh the gross margin in nitrate, you can see uh improved um but that is because there was other income. We changed catalyst in the first quarter and uh catalyst the old catalyst were sold as scrap. If we exclude that the gross margin is a bit lower because of the lower price. So remember specialty polymer and nitrate they are in one division. All factors combined, yes, improve our margin and our EBIDA margin uh increased to 27% compared to the first quarter of last year 23%. Just just a note uh our sales account for 24% of the full year guidance and 26% of the EBIDA guidance which we mentioned when we had a full year meeting last time.

Now, on the participation, construction materials remained the largest in terms of revenue generation. But uh it accounts for more very close to 60% but in terms of EBIDA, its contribution is a bit less. Uh however, in the first quarter of 2025, the EBIDA contribution rose to 35%. The specialty chemicals contribution sales in 2022, for example, was 35% and in EBIDA it was 48% but in the first quarter of this year, the sales contribution dropped to 23% and the EBIDA is dropping to 13%. If you look at these trends, we can say that uh in terms of EBIDA generation, um the specialty uh and chemical division is already back to the historic norm. So what does that mean? It means that on a year on year basis, the the comparison will be will no longer be affected uh because you can tell from last year, we are still coming down into the in the strat cycle. So uh specialty will no longer be a big factor in the conversation. Power and utilities remain the stable of the group uh generating 21% in first quarter but uh 52% in EBIDA. So, in the first quarter, we have three divisions, right? Three big divisions and in the first quarter, two divisions supported the performance of the group in terms of EBIDA margin uh development. Now asset because uh as you know, uh we are incurring debt uh to uh finance our CAPEX. So, for those of you tracking us in terms of return on assets, uh take note that in the first quarter, the asset of the construction this is total asset by the way. uh the total asset of construction material was down 9%. The reason for this is uh we held a lot of cash um last year uh in the cement particularly in the cement and we used that to repay our short-term financial obligations. Uh in terms of uh specialty polymer, you see an increase. it's a very small uh fraction of our asset base and you see an increase. The reason for this is we reclassified uh the assets of nitrate into this division. As for the energy and utilities, you can see the growth at 1% from the end of last year. A total CAPEX deployed in the first quarter was 2.2 billion uh around 1 billion of that is uh TPI Polene power. So I uh construction materials uh sales uh mother company is 1.1 billion. If you recall, we gave you a guidance of our CAPEX and we are uh our expenditure for our TPI Polene uh plan is much higher and uh it's because we accelerate the projects uh because we are quite concerned about the global macroeconomic conditions. So you can see that if we annualize our first quarter EBIDA, we will reach something like 10 billion and our EBIDA on assets uh will be 6%. So you can use this as a proxy in your calculation. Now, how is our leverage manageable remaining manageable? We are have been repaying our interest bearing debt. We ended up 77 uh in 2023 seems to be our peak and then our net uh interest bearing debt 72 uh slightly lower from the end of last year and then our equity base is uh flatish. The interest uh gross interest bearing debt down by 3 billion um uh but the net IBD yeah has a little just a little 1 billion. This is because we use the cash to repay our short-term obligations. So, how do we look in terms of leverage uh ratios? EBIDA net debt to IBD is seven times in the first quarter uh but our net debt to equity is about 1.1. Um it is uh possible that we can bring down this uh net debt to IBD uh net IBD to uh EBIDA to a lower ratio this year. Our average cost of funds in 2024 was close to 4% but our refinancing slightly lower so we could probably get some savings uh from that. Trist rating review is A minus. Uh they downgraded our outlook to negative and we hope to you know recover back to the old uh rating. So how is this group evolving over the longer term? We we go back to 2010 in terms of revenue generation. From 2010 to the last peak of 2022, our sales grew by 105%. So it has been growing over the years as you can see and if we annualize the first quarter, we will still be on the higher side in terms of long-term range, right? And unlike competitors, we do not acquire assets and we do not acquire both on uh acquisitions. We only invest in efficiency, product quality and also waste to power capacity expansion. So this is pretty good showing of ability to grow over 100% in the span of a decade. It's quite um admirable actually. In terms of cash flow when we go back to 2010 and up to our last peak, we managed to grow our EBIDA generating capability by 253%. That is quite a significant bold um jump in the EBIDA generating capability. And this is because of the heavy investment on plant efficiency, cost savings and innovations to go to bring us closer to our sustainability goals and within the bio BCG economy precept. Okay last in the recent quarters especially last year and of 2023 our EBIDA margin including the effects was quite volatile and the reason for this is mostly because of effects. We had uh quite a high position on the cash assets in dollars so that's why we get affected uh by the effects volatility. But that uh assets is not big anymore so it shouldn't be a factor growing uh going forward. But if these are this is quarterly right? If you zoom out and look at the performance of margins uh EBIDA margins over the longer term you can see that on the average it's 18.3% and in the low cycle between 2012 to 2017, it was only 11% but in the high cycle we are hitting uh 25.4% on average and I I showed earlier on that uh the first quarter was 26%. Now, does anyone remember what happened during the low cycle period? This was the period of political instability and it affected our margin generating capability uh because we are construction material conglomerate. Uh in the current years we don't we don't not have as much as uh uh volatility in terms of political conditions. So, you can see we broke out on the long in terms of um EBIDA margin, we are already operating above the long-term mean going back to 2010. So, drivers to our margin as once more, cost efficiency, cost savings, process and product innovation and contribution from power. Our ESG program still maintains the carbon neutrality target of 2043 for TPI Polene and 2037 for TPI Polene Power. Segment highlights, we don't have much. Now, what drove uh to the improvement in the building materials. You can see here, this is the CAPEX spending of the government. Last year was really a very difficult year for most uh periods and it started to improve uh around the end of the uh fiscal year which coincides to the fourth quarter of the fiscal financial year of the corporate. So this year, you can see the spending is multiple uh to the spending of last year. So this is the reason why our uh sales grew and the cement sales grew and because of the improved um demand conditions, the discount on the prices was also less. uh so effectively raising our uh actual selling price of the cement. The March 28 earthquake did not cause much damage just for some repair and some renovations. However, it slowed uh project implementations uh because of increased uh number of inspections. In the first quarter of 2025, residential construction was still quite soft but commercial construction improved slightly. Now, back to the budget. The CAPEX of the government in the previous fiscal year was the uh 07 billion in this year it is increased to 932. It's not a big increase I think. Uh however, because the disbursement was disrupted by slow formation of the government and slow everything, the budget utilization rate was very low on the CAPEX only 55%. So the construction material is inside the CAPEX, right? But in here I show you a few of the government agencies that have a significant amount of construction activities. So their budgets as you can see uh the utilization was very poor even for the transport and communications only 70% agriculture which is OARD accelerated rural development 70% and the local governments only 67 and the provinces 31% disbursement on the CAPEX. So this year these are the numbers that we are seeing and if we assume that everything will be normal and these government agencies will spend 100% we could see a 46% increase in the spending from uh agriculture and communications transport and then on the local um like the local administrative and the provinces 200%. So we hope that the momentum in the first quarter will continue going forward and then our um the discount that we give uh will reduce um going forward also. So that would be the improvement on our performance for the construction materials. Power is still very steady. Uh higher plant efficiency and higher throughput automatically lowers the per unit fixed cost. And then production cost also declining because of the investments in cost savings and plant efficiency and then TGA conversion is almost over and uh already starting parts of it uh is already starting production. Now on the petrochemical, okay? Uh a lot of debate on this one but this it's a very simple picture that you need to look at. This is the producers manufacturing index. The tipping point between contraction and expansion is 50. So you can see as as of now, only China is above the tipping point uh but even that the trend is very very um feeble weak. US which started um which actually crossed the tipping point early this year is now back to below the line. But the good thing is that the the slope is still positive. However, the euro zone which was positive in terms of slope went down to negative trend. So from here, you cannot expect a dynamic price in polymers because plastic is the biggest underpinning material for the manufacturing. Now what you also would know that um the trade intra ASEAN trade has also been a driver for the exports. So when the global economy is weak, we can expect uh intra ASEAN trade to pick up some of the slack, right? However, because of the tariff, the in uh GDP forecast by IMF has seen drastic revision. Average for ASEAN 6 uh GDP growth will has been changed by 15% and among the ASEAN 6 Thailand saw the biggest downgrade in terms of GDP growth. This is relevant because we are in Thailand. The region is relevant because intra ASEAN trade is the region that takes up the slack uh when it comes to slowdown in manufacturing. So my personal conclusion is that that new capacity that we talked at the beginning of the year which is something like 15% increase is probably not going to happen this year if the macroeconomic conditions remain weak. So what what do we do? This is what we did. Uh as of last year, you can see previously we said that we are reducing LDPE uh proportion to our sales, right? But that hasn't been the case since the fourth quarter of last year particularly, LDPE accounted for 31% of our sales. And in the first quarter of this year, LDPE was 10 23%. The good part for our uh first quarter is that the EVA plus plus, this is the high end HBA increase in contribution from 53% in the fourth quarter of last year to 61%, right? So this picture of first quarter is our is the evidence of what we are doing. We continuously track the market and produce the polymer that has better spread. We can do this because we are not a big producer. We can be nimble. So you can see here, okay? These are the different uh the the spreads uh comparison. So HDPE and LDPE here, not so good but you can see a little bit positive and this is mostly LLDPE. And then this is LDPE and this is the high HVA and this is the general EVA. So we just move around this spreads and this is our forecast. And these are the these are just on the additional cover um our as of now, the EVA spread is um coming down again. But it's better than before in last year. you can see last year the worst is around this and we are still higher, huh? And here is the the story that ties to the macro picture. In the beginning of this year, we actually saw operating rates for solar as well as the footwear industry in China growing. And we thought like, wow, okay. But then now with hindsight, it was just really inventory stocking ahead of the tariff. Now India, you can see here this this orange line is the unorganized footwear. This is the one that you have to track if you want to know what's going on overall because this is long-term contract. Uh but this is the arbitrage. Like if their demand is so good, these uh producers will be activated to meet the extra demand. So India also doesn't look good. China is slowing down and India's unorganized footwear industry which is the proxy of the manufacturing industry also doesn't look good. So we will continue to move around our product depending on where the margin is in order to maximize revenue and maximize profits. The good news is that coal prices is coming down and also in the very recent um period, the price of gas uh is rising. So maybe our FD can be uh positive but we don't put any hope in that. Okay, back to the guidance. We mentioned uh the CAPEX, right? So this is our CAPEX profile for this year and next year our CAPEX based on the projects that we have in the pipeline, will drop significantly and then we can start delivering by end of next year we hope to achieve net debt to EBIDA of uh 5.7 and EBIDA interest cover of 3.5. Um, this by the way includes assumption of some price improvement in the cement but much less than what is actually uh happening now. So once again, These are our um sustainability strides. I know some of the analysts now, they have to do some sustainability report um on the back of their um uh company reports. So, this is what we have done. I will not read all of it is pretty descriptive. I just would like to point out to you this uh development, okay? Last year our uh greenhouse uh gas intensity per ton of cement was uh below one times 9.96 and if it if you work on the numbers of 2024, you can find it in our report. It will come out to about 1.01. The reason for this is because of the uh shutdown of our uh skills and because when we when you have shutdowns, you want to be you want the temperature of some of the internal incinerator running to be consistent. So we do not take chance by putting in RDF into that uh internal incinerator. Anyways, for the first quarter, this is what we have done. Our GHG emission dropped by close to 10% year on year. Uh consumption is also down by around 12% for because of partly because of solar and then 45% of water consumption is from the recycling and 99% of industrial waste generated inside is also recycled as alternative fuel. Internal target by the way is uh 95% so we are doing better than our internal target. And we sit uh on 2 million credits uh of uh CO2 equivalent in TPI Polene power and that is all Tiver certified. So if any company would like to buy our carbon credit, yeah we would like to sell but a reasonable price and we also have 2.9 or 3 million units of renewable energy certificates. And these two numbers will continue to grow um because as you know, we are converting our coal into MSW and we are also expanding our green power capacity. That ends my presentation and we can move to the Q&A. uh Kulalat will handle this part. ค่ะ ขอบคุณ ค่ะ เอ่อ ดึง กล่าว คำ ถาม Q&A นะ คะ เอ่อ ถาม ว่า ปริมาณ ขาย คุณ ปริมาณ ขาย ปูนซิเมนต์ในไตรมาส 1 นะคะเป็นยังไงบ้าง ก็ที่ผ่านมาในส่วนของไตรมาส 1 แล้วก็ขายได้เฉลี่ยกว่า 800,000 ตันต่อเดือนนะคะ ราคาขายเฉลี่ยในไตรมาส 1 ที่ผ่านมาก็จะสูงกว่า เอ่อช่วงปีก่อนก็ประมาณ 400 บาทต่อตันเพราะว่าราคาปูนซิเมนต์ได้ปรับตัวสูงขึ้นในเดือนมีนาคมนะคะประมาณ 400 บาทต่อตัน เอ่อการปรับราคาปูนซิเมนต์ 400 บาทต่อตันในช่วงเดือนมีนาคมนะคะเอ่อถามว่ามันมีคำสั่งระยะที่ถูกล็อคไหม ก็ล็อคถูกล็อคไว้ประมาณ 10% ต่อต่อยอดขายของเดือนนั้นนะคะซึ่งก็คาดว่าล็อคประมาณถึง 4-5 เดือนก็จะหมดแล้วค่ะซึ่งตอนนี้ก็ยังยังต่อเนื่องไปนะคะในราคา เอ่อในการประเมินภาพปริมาณขายในไตรมาส 2 ปี 2568 เนี่ยเราคาดว่าปริมาณขายก็จะใกล้ เอ่อก็น่าจะดีขึ้นไม่ๆไม่ต่ำกว่าช่วงที่ผ่านมานะคะแล้วราคายังไงก็เราก็ได้แน่นอนแล้ว 1400 บาทต่อตันนะคะ แรงขับเคลื่อนจากการซื้อนี่ก็มาจาก เอ่อโครงการและก็โครงการทั่วๆไปนะคะมีการซ่อมแซมจากEarthquakeแล้วก็มีพวกน้ำท่วมอ่ะ นะคะ อ่ะการใช้กำลังการผลิตเตาเผาปูนซีเมนต์เนี่ยเอ่ออยู่ที่ประมาณ 90% ค่ะ แต่อีการซ่อมบำรุงเตาเผาของปีนี้ก็จะน้อยกว่าปีที่ผ่านมาเพราะว่าเรามี Shutdown ของปีที่ผ่านมาซึ่งจบกันแล้ว ในส่วนของสต๊อกถ่านหินนะก็มีไม่ถึง 300,000 ตันนะคะก็ต้นทุนอยู่ประมาณ 2,300 บาทต่อตันตอนนี้ถามว่าราคาอย่างที่คุณมาเรียบอกว่าราคาโค้งได้ลดต่ำลงอย่างต่อเนื่องเพราะนั้นเอ่อต้นทุนขายใน Q2 ปี 2568 นะคะก็จะลดต่ำลงต่อเนื่องนะคะซึ่งทางเราก็เชื่อว่า ต้นทุน ของปูนซีเมนต์ก็จะลดลงตามที่คงได้ปรับลดลงต่อเนื่องนะคะ อ่ามีคำถามต่อไปว่าคุณสมบัติทางกายภาพของปูนซีเมนต์ Type 1 หรือว่า OPC แล้วก็ปูนกรีนซีเมนต์เนี่ยแตกต่างกันหรือไม่ ไม่แตกต่างค่ะตามที่ถามวิศวกรนะคะก็คือได้รับมาตรฐาน มอก. เพราะนั้นทุกๆๆ Type ของปูนซีเมนต์เนี่ยได้ผ่านมาตรฐานอุตสาหกรรมมาตลอดนะคะเพราะนั้นอุบัติเหตุต่างๆก็จะไม่เกี่ยวกับอ่าคุณสมบัติ ของปูนซีเมนต์ที่เราใช้นะคะ งั้นโอกาสการเติบโตของ Low Carbon Cement ก็ยังเป็นไปตามเทรนด์ของโลกนะก็เน้นเรื่อง Last Last โลกนะคะ เพราะนั้นLow Carbon Cement ก็มีความสูงขึ้นเพราะได้มาตรฐานการคุ้มครองจากเอ่อ มอก.นะคะ เอิ่มมุมมองของข้อต่อไปนะคะ มุมมองของผลประกอบการธุรกิจSpecialty Chemicals นะคะในไตรมาส 2 เนี่ยเป็นยังไงนะคะก็เป็นบวกมากขึ้นนะคะเพราะว่าเรามีSpreadที่ดีขึ้น ราคา สูงขึ้นในขณะที่ต้นทุนการผลิตนะคะอ่าต้น ต้นๆต้นทุนวัตถุดิบลดลงค่ะ มีคำถามว่าเกี่ยวกับมาตรการภาษีของสหรัฐที่มองว่าอาเซียนเป็นฐานการผลิตของจีนเพื่อหลีกเลี่ยงภาษีโดยเฉพาะชิ้นส่วนในการผลิตแผงSolarจะส่งผลกระทบต่อ ธุรกิจ EVA อย่างไรบ้าง ก็มีบ้างแต่ก็ไม่มากเพราะว่าเอ่อผู้ผู้ซื้อก็คงชะลอOrderแต่เราอ่ะมีDiversifyของตลาดนะคะเพราะนั้นเราสามารถที่จะDiversifyไปเข้าตลาดที่ Volumeสูง เพราะนั้นตรงนี้ก็ไม่จะไม่ไม่ได้ส่งผลกระทบต่อ เอ่อต่อธุรกิจของเรานะคะ and already mentioned นะคะ อ่ะเนี่ยค่ะ ก็มันเดอะ CAPEXPlanแผนการการผลิตแพลนยังไงนะเหมือนเดิมค่ะ ก็ตอนนี้มันมีการปรับUpdateมากขึ้นนะคะUpdateมากขึ้นตอนนี้เอ่อ สะ-รวมทั้ง TPIPoleneนะ TPIPoleneก็อยู่ในช่วงประมาณ1,000 ล้านค่ะ ในปี 2025 นะคะส่วน Power ก็ประมาณ 3,200 นะ รวมกันก็ประมาณ 4,200 ของ 2 บริษัทนะคะปีหน้าถัดไปก็ 2 บริษัทรวมกันประมาณ 900 อันนี้เป็นตัวเลขอัพเดทนะคะตัวเลขที่คุณมาเรียผึ้งเนี่ยบรรยามเอ่อมีการปรับเล็กน้อยค่ะค่ะ ค่ะ ต่อไปค่ะมีคำถามสุดท้ายนะคะถามว่า บริษัทมีความเอ่อกังวลเรื่อง 1-3 ปีในการดำเนินธุรกิจ เอ่อยังไงบ้างมีแผนการดำเนินธุรกิจยังไงคะ เอ่อบริษัทได้มีการเตรียมพร้อมในการเอ่อรับมือกับการเติบโตอย่าง Sustainableนะคะ เพราะนั้นเอ่อแผนการดำเนินธุรกิจของเราก็จะ โฟ-โฟกัสในการลงทุนของ ESG investment เพื่อ ลดเอ่อ Cost Savingและเพิ่มอีบิดาแล้วก็เพิ่มความยืดหยุ่นในการดำเนินธุรกิจนะคะลดต้นทุนการผลิตแล้วก็เน้น Green Product เพราะนั้นก็จะเห็นได้ว่าบริษัท TPIPoleneนะคะมีโครงการ เอ่อต่างๆประมาณร่วม 8,000 ล้านลงทุนมาก่อนหน้าตั้งแต่ปี 2021 นะคะเพื่อ Cost Savingโดยตลอดซึ่งก็จะประกอบไปด้วยการปรับปรุงเครื่องจักรโรงปูนซีเมนต์เพื่อลด การใช้โค นะคะมาใช้เชื้อเพลิง MSWแทนนะคะ เชื้อเพลิงขยะแทน มีการนำหินปูนมาใช้ใหม่ เพื่อทำให้เกิด Zero Wasteนะคะและลดต้นทุนการผลิตแล้วก็เปลี่ยนระบบการขนส่งในโรงงานนะคะจากการใช้เชื้อเพลิงฟอสซิลนะคะมาใช้สายพานระบบลำเลียงซึ่งทำให้ประหยัดต้นทุนได้มากนะคะแล้วก็ มีการนำหินฝุ่นมาใช้ในการผลิต Clinker ซึ่งทำให้ลด เอ่อ Clinker Factor ทำให้เราสามารถผลิต เอ่อซีเมนต์ขึ้นลดโลกร้อนเป็น Low Carbon Cement นะคะ แล้วก็ในโรงงานเนี่ยเราก็มีการ เอ่อปรับปรุงการใช้ลดพลังงานไฟฟ้าทดแทนกันใช้เชื้อเพลิง ฟอสซิล นะคะสิ่งเหล่านี้ได้ เอ่อได้ลงทุนตั้งแต่ 2-3 ปีที่ผ่านมาได้ก่อให้เกิด Cost Savingโดยเฉพาะ 2025 เนี่ยเราก็ ทำให้เอ่อ ก่อให้เกิดเอ่อผลประโยชน์ที่ที่เป็นรูปธรรมมากขึ้นนะคะ แล้วก็ตอนนี้ก็จะต่อเนื่องไปปี 2026 ซึ่งสิ่งเหล่านี้นอกจากจะลด Cost Savingของบริษัทแล้วเนี่ยยังลด Carbon Reductionได้ถึงปีละ 1.5 ล้านตันต่อปีนะในส่วนของธุรกิจปูนซีเมนต์นะ เพราะนั้นสิ่งเหล่านี้ จะทำให้เกิดความยืดหยุ่นในการดำเนินธุรกิจและสร้างความสามารถในการเพิ่มความสามารถในการแข่งขันนะคะแล้วก็ทำ