Analyst Meeting 2019 Results - listed...
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Analyst Meeting 2019 Results 5 Mar 2020 Ticker: BCPG (SET)
Transcript of Analyst Meeting 2019 Results - listed...
Analyst Meeting2019 Results5 Mar 2020Ticker: BCPG (SET)
Agenda
2
Strategic direction update
Portfolio & Projects in pipelines
Performance & Guidelines
Agenda
3
Strategic direction update
Portfolio & Projects in pipelines
Performance & Guidelines
Remark: * EBITDA from operation including share of profit from associates (after amortization but before one-time items) / ** Solar rooftop and Floating solar
5 Years (2016–2020) Achievements
42016
Laos PDR
Hydro 69 MWHydro 45 MW
Wind (TH) 9 MW
Wind 14.4 MW
Geothermal 157.5 MW
NabasSolar (TH) 125.0 MWSolar (JP) 19.5 MW
Thailand & Japan
IEAD: Developing renewable energy Asia
Solar
IndonesiaGeothermal
Philippines
LomligorThailand
Nam San 3ALaos PDR
Nam San 3B
2017 2018 2019 2020
Solar (TH) 8.9 MWSolar (JP) 4.0 MW
Assets Monetization (JP) 19.3 MW
Solar (TH) 5 MWSolar (JP) 10.5 MW
Solar (TH) 3.3 MW **
5 Years (2016–2020) Achievements
5
2016 2017 2018 20202019
First trading daySET: Outstanding DealAAA: Best IPO Award FTSE Russell
SET100 indexRenewable Energy Deal of the Year – Structured Finance for THB 10,000 mn
Japan’ Asset Monetization to IFFFrost & Sullivan: Thailand Energy Sector Visionary Innovation Leadership Award
ESG100 2018Best Acquisition Financing –Geothermal USD 300 mn
Most Innovative Renewable Energy Company – South East Asia
Sufficiency Economy Philosophy FoundationCollaborative network creation
ESG100 2019 Project Financing:ADB & CTF & KBANK -“Lomligor”
Structured Project Financing: ICBC & EXIM (Thailand) –“Nam San 3A & 3B”
International Cross Border PPA (Laos-Vietnam)
Fina
nce
Corp
orat
e & In
nova
tion
19.3 MW
Quick win – CLMV game plan
6
To Deliver
To scale up the businessthrough both organic andinorganic actions, whichenable BCPG to fill up addergap and grow at faster pace
▪ Financial growth▪ Cumulative pipeline▪ Portfolio resilience
Expanding(Wholesale-focused)
To deliver
Where #3:Investment stage
Whe
re to
pla
y
Solar Wind BiomassHydro
Where #2:Technologies
Where #1:Geographies
▪ Expand product spectrum to achieve portfolio resilient ▪ Hydro and Wind in neighboring countries help smoothen earning and
become less seasonal given a natural hedge▪ Become RE leader in Thailand having the most owning technologies
▪ Selective growth in neighboring countries: set up light platform and selectively target by leveraging local partners and company’s networking➢ Laos: Hydro resource champion, policies supported and proximity to
Thailand➢ Vietnam: Power-hungry in this region, demand expected to grow
double-digit, first project as door opener, more will come ▪ Balancing portfolio by onboarding assets from other APAC countries
Game Plan APAC Region
7
Abundance of resources▪ 26 GW potential for hydro power plant▪ 3 GW potential for wind power plant
Government support▪ Positioned as “Battery of Asia”▪ Promoting foreign investment
Lao PDR MOU to export power to its neighbors
9,000 MW
<400 MW5,000 MW
200 MW
Lao PDR
VietnamHigh economic growth▪ 6-7% GDP growth p.a.▪ Increasing FDI inflows
Increasing electricity demand▪ Electricity demand tripled in 15 years▪ Low reserve margin
Lao PDR the “Battery of Asia”Lao PDR as the key energy supplier to the region
Nam San 3A 69 MWOperating
Nam San 3B 45 MWOperating
Transmission LineDeveloping
8
Thailand
Cambodia
Vietnam
32 1
5
Swan Project600 MWDeveloping
BCPG’s Regional Plan
Laos
4
HydroPotential Projects
SolarPotential Projects
HydroPotential Projects
SolarPotential Projects
Southern Region
220kV Transmission line>500 MW capacity
500 kV Transmission line>1,000 MW capacity
Transmission LineDeveloping
1
2
3
4
5
Northern Region Southern Region
9
Laos - Vietnam Vietnam - Vietnam
Cross-Border PPA Local PPA1
Terms ✓ 25 years 20 years
Take-or-pay ✓ 90%No take-or-pay
(Full Curtailment Risk)
Payment Currency ✓ USD VND
Dispute Resolution ✓ SIAC2 Vietnamese Court
Governing Law ✓ English law Vietnamese law
Tariff (UScents / kWh) ✓ 6.95 5.003
“Bankable with better return from tariff and cost of fund.”
1Standard Power Purchase Agreement for Wind Power Plant in Vietnam2Singapore International Arbitration Centre3Small hydropower plant tariff
Cross-border hydropower PPA
The cross-border PPA has been negotiated to mitigate those risk which are not accepted by international lenders
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Solar TH Other current porfolio Nam San 3A + 3B Committed pipeline Potential pipeline10
Adder gap to be filled plus 2nd wave of growth
2016 - 2020 2026 - 20302021 - 2025
Next 5 years for filling EBITDA gap with consecutive growth
Remarks : For demonstration purposes only
Main components to fill adder gapMost of the gap will be filled by committed projects
Remarks : * Equity MW of 270 MW (SWAN) / For demonstration purposes only
Gap to be filled
JP Solar
LA Hydro
ID WW unit 3
ID Geo
LA Wind
New Income Contribution
Net income gap Gap from adder expired
Swan 600 MW* Hold 45% COD 2023
Share Profit from investment in Star Energy from price escalation and interest expenses reduction.
Full Year Operation of Hydro Nam San 3A and 3B of 114 MW (recently acquired)
Turning all JP pipeline (75 MW) into operation. Target COD from Y2021 to Y2022
Equivalent to Hydro 61 MW
Income contribution from existing pipeline
Share Profit from investment in Star Energy from WW unit 3
11
Extending into new markets
12
To Deliver
Towards promising adjacent sectors including Gas to Power, Energy Storage, Digital energy
▪ New revenue stream▪ Innovative-leading position▪ Diversification purpose
1 Extending(New business)
To capture
B2CConsumer
digital services
B2BPrivate PPA
Digital services
B2GWholesale Generation
Decarbonization Decentralization DigitalizationDisruptive
Forces
13
Electricity
Water
Communications
Fundamental Needs of Buildings
BCPG SynergyIconic green energy developerLeading “digital energy” innovator
TOT Synergy Trusted telecom service providerLeading provider of digital infrastructures including 5GExtensive reaches to thousands of businesses and millions of households
Go-to-Market with innovative digital energy solutions over the Internet e.g. 5G
14
BCPG and TOT Partnership – “Internet of Energy”
Agenda
15
Strategic direction update
Portfolio & Projects in pipelines
Performance & Guidelines
Recent Key Developments
16
“The expansion of Nam San 3A, the 1stHydropower Plant”
“Our First private PPA solar farm with floating solar”
“ CMU smart city,clean energy & energy efficiency using Blockchain technology”
Nam San 3BHydro Power Plant
CMUSmart City
“Bang Pa–In“ Floating Solar
“Large scale wind project development”
SwanWind Project
17
Nam San 3A Nam San 3B
Type Run-of-the-river
Capacity 69 MW 45 MW
COD1 Date 29 Jan 2016 25 Sep 2015
PPA(Laos)
- Terms: 27 years from COD (2015 – 2042)- Tariff: 6.72 Uscent/kWh (2020)- Take-or-pay: 95%- Currency: 90% USD/10% KIP
PPA(Vietnam)
- Terms: 25 years from COD ([2022] – 2047)- Tariff: 6.95 Uscent/kWh- Take-or-pay: 90%- Currency: 100% USD
Thathom District
3A Powerhouse
3A Dam site
3B Powerhouse
Xiengkhouang, Laos PDR
1Commercial Operation Date
Nam San 3B siteNam San 3A site
3B Dam Site
Nam San 3A & 3BStepping stone in hydro power plant with large potential collaborations
Toung Duong Substation
79 km Transmission Line Border 45 km
The transmission line runs 79 km from Nam Sam 3A & 3B location to Laos-Vietnam border. Co-investment between BCPG and PSG for establishing new opportunities to sell electricity to EVN. This transmission line can accommodate up to 500MW in the future.
505 MW Group ofHydro Power plants
Nam San 3A
Nam San 3B
Project Name
Capacity Status
Nam San 3A 69 MWEVN PPASigned
Nam San 3B 45 MW
Other Developing
Projects391 MW
Secured Government
ApprovalTotal 505 MW
Transmission Line to VietnamBackbone to the power projects in Northern Lao region
19Remarks: * 11 months of operation due to COD at 29 Jan 2016 / ** Profit and loss of Nam San 3A have been recalculate using same FX rate with Nam San 3B (as of 17 Jan 20) for comparison purpose only
405 396467
394
384 353425
356277 240
325243
2016 2017 2018 2019
RevenueEBITDA Net profit
Nam San 3BNam San 3A
Profit/Loss (THB million) **
Net Capacity Factor (%)
Nam San 3A&3B Historical Performance
Net Capacity Factor (%)
Profit/Loss (THB million)
45%
65%
44%
64% Wet Year
Dry Year
550
672 701
550
527630 649
492405
505 530
338
2016 * 2017 2018 2019
50.3% 51.1% 59.4%49.4%
2016 2017 2018 2019
Capacity factor (%)
50.7% 56.4% 58.4%44.6%
2016 * 2017 2018 2019
20
Technology Wind farm
Area Exploration area of over 425,000 rais
Status• Advanced Development• Met mast installed >3 years• PPA expected in 2020
Size 600 MW (Equity MW of 270 MW)
Capacity Factor Est. 33%
Off-taker Vietnam Electricity (“EVN”)
Tariff [6.95] UScents/kWh
Est. Project Cost USD [840] million
Thailand
Cambodia
Vietnam
Project Area
Swan Project
Laos
Large scale development, with cross-border PPA
“Bang Pa-In "Floating Solar development
21
Floating Solar area
The first Private PPA Solar farm with floating solar pilot
Bang Pa-In Floating Solar
Type Floating Solar + Ground Mount
Capacity 2.1 MW1
COD November 2019
PPA Private PPA with Bangchak Biofuel Company
Location Bang pa-in (Ayutthaya) site
Ayutthaya
Remark: 1Floating Solar of 0.2 MW
CMU Smart CityChiang Mai University – A Smart City Community and Campus
• Virtual Power Plant
• IOT Energy management system
• Blockchain P2P Energy Trading
• Solar PV 12 MW
• 20-year Private PPA
• Energy storage system
• EV charging stations
Total Solar Power
12 MW*
Remark: *Expected to COD 2020 at 8.8 MW
Smart City Prototype Development Project at CMU(ERC Sandbox)
22
Secured FiT at 36 JPY/kWhEPC contract awarded
Projects update in Japan
23
65 MW under construction, while 10 MW development well advanced
KomaganeCOD 1Q21
25 MW
20 MWYabukiCOD 2H21
Secured FiT at 36 JPY/kWh.Construction in progress
Secured FiT at 36 JPY/ kWhEPC SelectedPPA period starts 30 Sep 2020
Chiba 1COD 1H21
Finalizing land acquisition
Chiba 2COD 2H22
20 MW
10 MW
Japan project developments
Yabuki
Komagane Chiba1
Japan projects will commence to COD from 2021 onwards 1 2
4
Yabuki Project
Chiba23
24
Chiba2 Project
Chiba1 Project
25
841.9 MWppa
142.2 MW 15.5 MW
THAILAND
Operating Developing
157.5 MW 24.0 MW
INDONESIA
Operating Developing
14.4 MW 5.6 MW
THE PHILIPPINES
Operating Developing
14.7 MW 75.0 MW
JAPAN
Operating Developing
114.0 MW
LAOS
Unit: Contracted capacity or equity MWppa
9.0 MW
Business footprints in 5 countries in Asia
451.8 390.1Operating Developing
270.0 MWDevelopingOperating
26
299.0 MW, 35.5% (275.6 MW under
development)
181.5 MW, 32.0% (24.0 MW under development)
247.4 MW, 29.4% (105.2 MW under
development)
114.0 MW, 15.5%
57.7%
2.7%
13.7%
25.9% **
Q1 Q2 Q3 Q4
3 hrs 4.1 hrs 4.3 hrs
8.7 hrs
14 hrs
22.5 hrs
Estimated Yearly Power Generation by technology *
Contracted MW by TechnologyY2019 Seasonality by Technology
(Capacity factor %)
841.9 MW
Geothermal (ID)
Hydro (LA)
Wind (PH)
Solar (TH)Solar (JP)
Wind (TH)
Average capacity factor in hours by TechnologyUnit: GWh
Unit: MW
Remarks : * Calculate base on capacity factor (%) in 2019 / ** Including Nam San 3B
> 2,000 GWh / year
Well-diversified portfolio
254
835
1,608 1,651
~2,100
~3,200
2016 2017 2018 2019 2020 2025
Portfolio growth from existing pipeline
27
…......
Remarks : *Solar equivalent are calculate to be compared with solar power plant in Thailand
Unit: GWh
Current portfolio and pipelines
Current pipeline guarantees a growth of 50% in the next 5 years
Solar Equivalent *
15.5 MW TH75.0 MW JP 5.6 MW PH (Expansion)24.0 MW ID (Expansion)270.0 MW LA
Current pipeline1,450 MW
2,200 MWSolar
Equivalent *
Agenda
28
Strategic direction update
Portfolio & Projects in pipelines
Performance & Guidelines
Financial highlights for 4Q19
29
By numbers
EBITDA * New projects drive
803.8Unit: THB mn
Net profitStable earnings
444.8
MWLeading renewable player in Asia Pacific
841.9
ND/E On ground financial leverage
1.19x
Key takeaway
“Nam San 3A” contributed its first full-quartered revenue. Promising as a key driver to the company’s growth this year
1
EBITDA / Core profit up 14.9% and 6.2% YoY respectively, drivenby new projects from Laos PDR and Thailand.
3
The private floating solar “Bang Pa-In”, the company’s first floating solar project with contracted capacity of 2.1 MW.
2
4 Net profit growth 43.6% YoY, FX gain is a plus.
Core profitContinue to growth
430.2
Remark: * EBITDA from operation including share of profit from associates (after amortization and one-time items)
Financial highlights for YE2019
30
By numbers
EBITDA * Presenting resiliency
2,955.4Unit: THB mn
Net profitDrop due to one-time gain last year
1,801.4
MWLeading renewable player in Asia Pacific
841.9
ND/E Financial room for expansion still available
1.19x
Key takeaway
80 MW is added in the year 2019, promising the company’s long-term growth prospect.
1
Despite absence of Nagi and Nikaho for 9 months, core profit growth 2.2% from new projects mix in types of power.
2
Financial room still open for future opportunity after first step in new business footprint.
4
Core profitRecurring remain despite projects sold last year
1,726.3
Remark: * EBITDA from operation including share of profit from associates (after amortization and one-time items)
Bottom line 2019 drop after one-time gain of THB 662.4 million in 2018. Despite that, net profit can grow by 10.9% YoY.
3
Favorable weather and new projects drive 2019 growth
2,841 2,869 3,060
2017 2018 2019
Thailand (Operation) Wind Thailand (Other)
768 714 807
4Q18 3Q19 4Q19
10
15.8%
2017 2018 2019Generation Capacity factor (%)
4 3
19.4%
14.4%
4Q18 3Q19 4Q19
265 270 287
17.1% 16.9% 17.4%
2017 2018 2019
Generation Capacity factor (%)
73 66 76
17.8%
15.8%
18.2%
4Q18 3Q19 4Q19
142.2 MW + 15.5 MW
TH performance
Unit: GWh Unit: GWh
Power generation & Capacity factor (%)
Favorable weather and full year recognition of 2 WVO projects help drive generation growth in 2019.
“Lomligor” wind power plant has been operated for 9 months since April 2019.
9.0 MW
31
Revenue (TH)
Unit: THB million
In total, operating revenue in Thailand drive by favorable weather in electricity generation from solar along with new projects.
+6.6% YoY+3.6% YoY
+15.0%QoQ
+6.1% YoY +5.1% YoY
+12.9%QoQ-25.6% YoY
41 42
18
12.4% 12.6%11.8%
2017 2018 2019
Generation Capacity factor (%)
48 60 42
4Q18 3Q19 4Q19
4 5 4
10.1%
13.1%
8.9%
4Q18 3Q19 4Q19
482 451
219172 197 219
2017 2018 2019Nagi & NikahoOther (JP)Solar (JP) exc. Nagi & Nikaho
JP performanceMonetization still the main pressure
Power generation & Capacity factor (%)
-57.0% YoY
Unit: GWh 14.7 MW + 75.0 MW
Absence of Nagi and Nikaho still the main pressure on generation in 2019 by 57% YoY.
32
Revenue (JP)
Unit: THB million
-51.5% YoY
Operating revenue from existing assets -after asset monetization in 2018 – still continue to grow in 2019, supplied by O&M service revenue from Nagi & Nikaho.
-10.1% YoY
-29.6% QoQ
-11.3% YoY
-29.2% QoQ
16
132
4Q18 3Q19 4Q19
72
43.9%
2017 2018 2019 *
Generation Capacity factor (%)
8
64
66.4%42.2%
4Q18 3Q19 4Q19
LA Performance
33
First full quarter recognition of 69 MW hydropower plant
After acquisition of Nam San 3A in late September 2019, BCPG started to recognize first full quarter of performance in Q4/2019.
69.0 MW + 45.0 MW
148
2017 2018 2019 *
Laos (Operation)
Revenue (LA) Power generation & Capacity factor (%)
Unit: THB millionUnit: GWh
+736%QoQ +727%QoQ
Remark: 2 months recognition in 2019 due to acquisition since late September 2019
319 317 300
95.3% 93.7% 90.0%
4Q18 3Q19 4Q19
510
1,242 1,220
94.6% 93.9% 92.4%
2017 ** 2018 2019Sellable output Capacity factor (%)
34
Planned shutdown cause a drop in share profit
Sellable output and Capacity factor (%)
-1.8% YoYUnit: GWh
Unit: THB million-5.0% YoY
333
761 723
2017 2018 2019
Planned shutdown for maintenance is the main cause of decline in share of profit but after one-time items from tax provision and refinancing related expense, share profit has risen double in 2019.
Share of profit
ID PerformanceGeothermal power plants in Indonesia
Operating: 157.5 MW
Developing: 24.0 MW
Remark: Sellable output based on holding percentage / ** 5 months recognition in 2017 due to inception since July 2017
Amortization (99.1) (92.7) (91.4) (166.4) (390.4) (375.0)
One-time items (83.8)* - (20.0)* - (206.5) (20.0)
Net share of profit (8.4) 106.8 54.3 166.2 164.4 328.0
* Non-cash tax provision
175 200166
4Q18 3Q19 4Q19
-6.1% YoY
-5.4% QoQ
-5.0% YoY
-16.9% QoQ
18.9 24.21.1
4Q18 3Q19 4Q19
1.1
72.658.7
2017 * 2018 2019
12 138
37.8% 40.4%
25.7%
4Q18 3Q19 4Q19
19
47 45
30.6%37.1% 35.5%
2017 * 2018 2019
Sellable output Capacity factor (%)
Unit: GWh
35
Amortization (21.6) (33.3) (32.0) (21.6) (33.3) (32.0)
One-time items - - - 361.8 - -
Net share of profit 10.5 16.3 (6.7) 341.3 39.3 26.6
Unit: THB million
Overall decline in share profit from the Philippines were due to1) Lower wind speed in 2019 from last year and the shutdown of the transmission line caused by typhoon in late December 2019 led to a decline of average capacity factor from 37.1% to 35.5%. 2) Increase in interest expense from a higher of the policy rate in the Philippines. However, the associates have already negotiated to a lower level since July 2019.
PH PerformanceWind power plant in the Philippines
Wind speed drop and interest expense rise pressure share of profit
Sellable output and Capacity factor (%)
Share of profit
Remark: Sellable output based on holding percentage / * 7 months recognition in 2017 due to inception since July 2017
-19.1% YoY
-4.3% YoY
Operating: 14.4 MW
Developing: 5.6 MW
-31.9% YoY
-36.5% QoQ
-94.2% YoY
-95.5% QoQ
3,322 3,320 3,427
70.9% 70.8% 71.9%
2017 2018 2019
Thailand JapanLaos Gross profit margin
815 790 981
72.1% 71.4% 69.0%
4Q18 3Q19 4Q19
Remark: EBITDA from operation including share of profit from associates (after amortization and before one-time items)
Financial Performance: Revenue & EBITDA
Top line and core EBITDA continue to grow
36
Revenue
RevenueBetter weather and full period earned from new projects in Thailand along with new hydropower plant in Laos PDR help overcome Japan plants absence and led to 3.2% YoY growth in 2019.
Unit: THB million+3.2% YoY
2,543 2,863 2,955
76.5%86.2% 86.2%
2017 2018 2019
EBITDA EBITDA margin
EBITDA (Incl. shares of profit)
+3.2% YoY
EBITDA (Incl. shares of profit)EBITDA still growing in the same way as operating revenue and net share of profit. The higher EBITDA margin supported by favorable weather in Thailand and new projects.
Unit: THB million
+20.3% YoY
+24.2%QoQ
700 707 804
85.8% 89.4%81.9%
4Q18 3Q19 4Q19
+14.9% YoY
+13.8%QoQ
436521 568
3.21% 3.19% 3.20%
2017 2018 2019
Finance cost
3737
Unit: THB million
IBD breakdown by maturity IBD breakdown by currency
8.3% 9.8% 19.4%
91.7% 90.2% 80.6%
2017 2018 2019< 1 year Due after 1 year
43.7% 51.1% 58.8%
53.1% 43.0% 30.6%
3.2% 5.9% 10.6%
2017 2018 2019THB JPY USD
IBD breakdown by Fixed-Floating rate
Acquisition of hydropower plant “Nam San 3A” is the major event that drives interest expense in 2019. However, the effective cost of debt still maintained in range despite new investment.
21.5% 9.8% 10.6%
78.5% 90.2% 89.4%
2017 2018 2019Fixed rate Floating rate
Finance cost and Kd (%)
Remark: The average finance costs calculated by a simple average method.
Kd (%) still maintained in range despite new investment
132 136 173
3.38% 3.07% 3.47%
4Q18 3Q19 4Q19Interest expense Effective Kd
+30.9% YoY
+26.7%QoQ
+9.1% YoY
405 410 430
49.7% 51.8%43.9%
4Q18 3Q19 4Q19
1,461 1,690 1,726
44.0%50.9% 50.4%
2017 2018 2019
Core profit Core profit margin
Core profit & Net profitDomestic operation and new project support core earnings growth despite assets sold
38
Core profit:Bottom line from core operation in 2019 increase by 2.2% despite absence of Nagi and Nikaho (sold to IFF fund in 3Q19) thanks to favorable weather improve domestic operation, 2 new projects “Lomlogor” & “Nam San 3A” and full year recognition of 2 WVO projects.
Unit: THB millionCore profit & Core profit margin (%)
Remark: Core profit equals to net profit minus FX gain/loss and one-time items
+2.2% YoY+6.2% YoY
+5.1%QoQ
Unit: THB million
Net profit & Net profit margin (%)
1,774 2,219 1,801
53.4%
66.8%
52.6%
2017 2018 2019Net profit Net profit margin
-18.8% YoY
310 401 445
38.0%50.8%
45.3%
4Q18 3Q19 4Q19
+42.6% YoY
+10.9%QoQ
Net profit:High base of net profit in 2018 caused by one-time gain from asset monetization (3Q18) resulted in a short-term decline of net profit in 2019 by 18.8% YoY.
Financial position
44.3% 48.0% 41.9%
53.5% 49.3%53.5%
31,857 31,55837,137
2017 2018 2019
Equity Other Liabilities Interest-bearing debt
1.26 1.08 1.39
2017 2018 2019
D/E Ratio
D/E Ratio Covenant
Covenant = 3.0x
39
Total assets
0.30 0.32 0.320.31 0.32 0.16
0.16*
0.61 0.64 0.48
68.5% 57.7% 70.6%
2017 2018 20191H 2H DPR
Total paid dividend (THB/Share)
Dividend Payment
Dividend policy = not less than 40% of the Company’s net profit based on separated Financial Statement
Leverage room is still available
12.84 15.1611.74
2017 2018 2019
ROE (%)
ROE
* Subjected to AGM approval
Guideline 2020
40
Guidance PlanEBITDA (incl. share of profit from associates*)
Expect to grow 20%
CAPEX Expect to be THB 20,000 mn(Committed pipeline: THB 6,500 mn)
Dividend policy Not less than 40% of the Company’s net profit
Financial covenant Liability/Equity ≤ 3xDSCR ≥ 1.15x
Remark: *Share of profit from associates (before amortization and one-time items)
41
Q&A
The
Survey link
Financial Statement
42Remark: *Restated **Excluding gain/(loss) on FX and one-time items
Overall business performance
Unit: THB million 4Q18 4Q19 ∆ (%) 3Q19 ∆ (%) 2018 2019 ∆ (%)
Revenue from sale and redering of service 815.3 981.2 20.3% 790.0 24.2% 3,320.3 3,426.6 3.2%Cost of sale and rendering of services (227.8) (304.7) 33.8% (226.2) 34.7% (969.1) (961.4) -0.8%Gross profit 587.6 676.5 15.1% 563.8 20.0% 2,351.2 2,465.2 4.8%Administrative expenses (129.3) (152.2) 17.7% (145.8) 4.4% (591.4) (574.7) -2.8%
Administrative expenses (135.1) (152.2) 12.7% (145.8) 4.4% (548.2) (574.7) 4.8%Tax income/expense related to IFF 5.8 - NA - NA (43.2) - NA
EBITDA 613.7 736.3 20.0% 583.5 26.2% 2,452.8 2,580.8 5.2%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%Operating profit 458.2 524.3 14.4% 418.0 25.4% 1,759.8 1,890.5 7.4%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%Share of profit of investment in associates 2.1 47.5 2215.5% 123.1 -61.4% 203.7 354.7 74.1%Other income/(expense) 2.5 8.0 224.7% 2.8 190.0% 909.5 19.7 -97.8%Gain/(loss) on foreign exchange (17.1) 34.9 NA (8.3) NA (27.6) 95.4 NAรายได้อ่ืน 2.5 8.0 224.7% 2.8 190.0% 909.5 19.7 -97.8%รายจ่ายอ่ืน ๆ(Business & Inhabitant tax from IFF) 5.8 0.0 -100.0% 0.0 NA (43.2) 0.0 NA
EBIT 443.6 567.3 27.9% 412.5 37.5% 2,641.7 2,005.6 -24.1%Finance costs (131.9) (172.6) 30.9% (136.2) 26.7% (520.6) (567.9) 9.1%EBT 313.8 442.2 40.9% 399.3 10.7% 2,324.8 1,792.4 -22.9%Income tax expense (benefit) (3.9) 2.0 NA 1.9 7.2% (105.6) 8.3 NA
Income tax expense (benefit) (3.9) 2.0 NA 1.9 7.2% (18.3) 8.3 NATax expense related to IFF - - NA - NA (87.3) - NA
Minority interest - 0.7 NA - NA - 0.7 NANet profit 309.8 444.8 43.6% 401.2 10.9% 2,219.2 1,801.4 -18.8%Recurring profit * 405.0 430.2 6.2% 409.5 5.1% 1,690.0 1,726.3 2.2%Basic Earnings per Share (THB) 0.15 0.22 46.7% 0.20 10.0% 1.11 0.90 -18.9%
Financial Statement
43
Unit: THB million 2018% of total
assets2019
% of total assets
∆ (%)
Cash and cash equivalents 2,425.3 7.7% 1,445.2 3.9% -40.4%Trade accounts receivable 523.8 1.7% 640.4 1.7% 22.3%Other current assets 226.1 0.7% 367.2 1.0% 62.4%Total current assets 3,175.2 10.1% 2,452.9 6.6% -22.7%Investments in associate & subsidiaries 13,500.7 42.8% 13,623.8 36.7% 0.9%Property, plant and equipment 12,945.3 41.0% 13,675.6 36.8% 5.6%Goodwill and Intangible assets 1,765.6 5.6% 7,002.1 18.9% 296.6%Other non-current assets 171.0 0.5% 382.3 1.0% 123.5%Total non-current assets 28,382.6 89.9% 34,683.7 93.4% 22.2%Total Assets 31,557.9 100.0% 37,136.6 100.0% 17.7%Short-term borrowings & current portions 1,520.6 4.8% 3,855.0 10.4% 153.5%Long-term borrowings 14,046.6 44.5% 16,026.1 43.2% 14.1%Other liabilities 848.5 2.7% 1,700.3 4.6% 100.4%Total liabilities 16,415.6 52.0% 21,581.4 58.1% 31.5%Equity attributable to owners of the Company 15,142.1 48.0% 15,505.7 41.8% 2.4%Non-controlling interests 0.1 0.0% 49.4 0.1% 33535.0%Total liabilities and Equity 31,557.9 100.0% 37,136.6 100.0% 17.7%
Consolidated Statement of Financial Position
Financial Statement
44
Unit: THB million 9M18 9M19 YoY ChangeNet cash from (used in) operating activities 1,881.8 1,412.2 (469.6)
Net cash from (used in) investing activities 1,640.9 (4,565.1) (6,206.0)
Net cash from (repay to) financing activities (2,572.3) 3,397.4 5,969.7
Net increase in cash and cash equivalents 950.4 244.5 (705.9)
Cash and cash equivalents at 1 January 2,004.0 2,425.3 421.3Effect of exchange rate changes on balances held in foreign currencies
(42.3) (29.9) 12.4
Cash and cash equivalents at end period 2,912.2 2,640.0 (272.2)
CAPEX (1,408.0) (4,487.9) (3,079.9)
Consolidated Statement of Cash Flows
Conventional solar & wind projects in Thailand
45
No. ProjectLocation
Operating Entity
% of Shareholding
Installed Capacity
(MW)
Contracted Capacity
(MW)Tariff Power Structure Off Taker CODDistrict Province
1 BCPG 1Bang Pa-in Ayutthaya BCPG N.A.
9.8 8
Adder THB 8/kWh
PEA 5/08/11BCPG 2 35.6 30 EGAT 16/07/12
2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.2 16
PEA
6/03/133 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.2 16 5/04/134 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 12.5 8 19/03/145 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 12.5 8 11/04/146 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 12.6 8 24/04/147 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.6 8 10/04/148 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 25.0 16 21/04/14
9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI N.A. 5.0 5.0
FiT: THB 5.66/unit PEA(25 years)
23/12/16
10 Co-op: BPI Bang Pa-in Ayutthaya BSE-PRI N.A. 5.0 5.0 14/03/17
11 Co-op: AYA Phra Nakhon Si Ayutthaya
Ayutthaya BSE - PRI N.A. 2.0 2.0 23/12/16
12 Co-op (WVO)Saraburi Phra Phutthabat Saraburi BCPG N.A. 5.0 5.0
FiT: THB 4.12/unit PEA(25 years)
20/7/18
13 Co-op (WVO)Kanchanaburi Tha Muang Kanchanaburi BCPG N.A. 3.94 3.94 23/7/18
14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 99.9 10.0 8.965 Adder THB 3.5/kWh PEA
(25 years) 11/4/19
15 Private floating solar Bang Pa-in Ayutthaya BCPG N.A. 2.1 2.1 Private PPA BBF Nov-19
Conventional contracted capacity totaling of 150.0 MW
Other solar rooftop projects in Thailand
46
Total contracted capacity in pipeline of 15.5 MW as of 4Q19. COD target by 2020. Potential to be signed is another 17.6 MW
Type Segment Relation-ship
Project Location Contracted Capacity
Terms (year)
Tariff power structure
Status/ COD
1 Rooftop Industrial Subsidiary Kingboard Uthai, Ayutthaya 0.752 MW 20 Private PPA COD 1/12/2018
2Rooftop Commercial Partner
Habito, T77, Sansiri
Wattana, Bangkok 0.053 MW 25 Private PPA COD 12/1/2019
3Rooftop
Commercial/Residential
Partner T77, Sansiri Wattana, Bangkok 0.376 MW 25 Private PPA COD 1/5/2019
4 Rooftop Commercial Partner Sansiri Several cities
3.5 MW
25 Private PPA Under construction
5 Rooftop School Partner Satitpattana
Bangkok 25 Private PPA Under construction
6 Rooftop Gas station Partner Lots Several cities 15 – 20 Private PPA Under construction
7 Rooftop Commercial Partner CMU Mueang, Chiangmai
12.0 MW 26 Private PPA Under construction
8 Rooftop Mixed Partner Lots Several cities 17.6 MW 15-25 Private PPA In progress
Conventional solar projects in Japan
47
Contracted capacity of 14.7 MW
47
No. Project % ofInvestment Location Irradiation
(kWh/m2/year)Installed Capacity
(MW)
Contracted Capacity
(MW)
Feed-in Tariff (FiT)
(JPY/kWh)PPA Period
(Year) Off Taker Status
Operation1 S1
(Natkatsugawa) 100.0 Kagoshima, Japan 1,405 0.9 0.7 40 20
Kyushu Electric Power Company
COD 15/08/14
2 S11 (Takamori ) 100.0 Kumamoto, Japan 1,376 1.3 1.0 40 20 COD 16/02/15
3 S19 (Nojiri) 100.0 Miyazaki, Japan 1,433 1.1 0.9 40 20 COD 24/02/15
4 Tarumizu 100.0 Kagoshima, Japan 1,369 9.7 8.1 40 20 COD 31/08/15
5 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18
Developing
6 Komagane 100.0 Nagano, Japan 1,472 32.0 25.0 36 20 Chubu Electric Power Company Expect to COD within 1Q21
7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2H21
8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 1H21
9 Chiba 2 100.0 Chiba, Japan 1,362 13.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H22
Under development (Exclude from pipeline)10 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20
Wait for Grid11 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20
12 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20
13 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20
Sold to IFFNikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16
Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17
Hydropower and wind projects in CLMV
48
Conventional contracted capacity totaling of 114.0 MW (Developing 270.0 MW)
No. ProjectLocation
Operating Entity
% of Shareholding
Installed Capacity
(MW)
Contracted Capacity
(MW)Tariff Off Taker COD
Acquisition date (Initiate
subsidiaries)Province Country
1 Nam San 3A Xiangkhouang Laos PDR BCPGI 99.9 69.0 69.0UScents 6.72/kWh (2020)(EVN: Uscents 6.95/kWh)
EDL(Change to EVN
within 2022)
29/1/16 Sep-19
2 Nam San 3B Xiangkhouang Laos PDR BCPGI 99.9 45.0 45.0 25/8/15 Feb-20
3 SWAN Sekong & Attapeu Laos PDR IEAD 45.0 270.0 270.0 [6.95] UScents/kWh EVN 2023 onwards Mar-19
Group’s Business Structure
49
Public
BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG TDED
Thailand
Singapore
99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 75.0%
BSEH
100.0%
BCPGI SEGHPL
GreenergyHoldings
GreenergyPower
BCPG Wind
100.0% 100.0% 100.0%The Netherlands
JapanPetrowind
Energy
The Philippines 40.0%HMJ BCPGJ
EPC(1) AM(2) Investment(3) Project Under Development
Operating Projects
Operating Projects
Operating Projects
100.0% 100.0%
100.0% 51.0% 100.0% 100.0% 100.0% 100.0%
100.0%
(1) EPC = Groups of companies doing such business as (1) a turnkey EPC contractor and (2) an operation and maintenance contractor for solar power plants in Japan(2) AM = an Asset Management company rendering operation and maintenance service for the Tiramizu project and its remaining shares of 49.0% are held by a juristic person (3) Investment = companies investing in solar farms in Japan as TK investor
Laos
BCPGIndochina
99.9%
Nam San 3A
100.0%
IEAD
45.0%100.0% 33.33% Hong Kong
Nam San 3B
100.0%
SWAN
100.0%
