Analyst Meeting -...

Analyst MeetingQ3/2018 Financial Results

13 November 2018Ticker: BCPG (SET)

2

The information contained in this presentation is provided by BCPG Public Company Limited (the "Company") to you solely for your information. Neither this

presentation nor any part hereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise

reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere,

without the prior written consent of the Company and its respective affiliates. By attending this presentation, participants agree not to remove this document, or any

materials provided in connection herewith, from the conference room where such documents are provided without express consent from the Company and its

respective affiliates.

Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, no

representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information

presented or contained in this presentation. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified

and it may not contain all material information concerning the Company and its subsidiaries. None of the Company nor any of its respective affiliates nor any of its

or their respective members, directors, officers, employees or affiliates assumes any responsibility or liability for, the accuracy or completeness of, or any errors or

omissions in, any information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss

arising from or in connection with any use of this presentation or its contents.

This presentation is for information purposes only and does not constitute or form part of any offer or invitation by or on behalf of the Company for sale or

subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form

the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto (“Securities”) in Thailand, the United States or any

other jurisdiction. This presentation should not be construed as legal, tax, investment or other advice. The information contained herein does not take into

consideration the investment objectives, financial situation or particular needs of any particular investor, and should not be treated as giving investment advice.

In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and

objectives of the Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views

with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business,

economic and competitive uncertainties and contingencies as well as various risks which are in many cases beyond the control of the Company, and which may

change over time and may cause actual events and the Company's future results to be materially different than expected or indicated by such statements. No

assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward‐looking

statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may

differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned not to place undue reliance on these forward

looking statements.

In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to update the information

contained in this presentation or to correct any inaccuracies herein which may become apparent.

Disclaimer

3

Agenda

Recent Development

Financial Highlights

Business Outlooks

4

Recent Development


Business Outlooks

Agenda

Completed asset monetization, Nagi and Nikaho, into IFF on 28 Sep 2018. Booked gain from transaction of THB 794.5 mn

Full quarter COD of Gotemba supported growth

Strengthening THB against JPY limited sales growth contribution from Japan

Japan

COD of 2 Co-op (WVO) solar projects with total contracted capacity of 8.94 MW

EBITDA grew by 4.1% YoY from lower administrative expense

Lower irradiation from heavier-than-normal rainfall is the main factor pressured electricity output

Thailand

Booked record high performance thanks to favorable wind speed from tropical depressions and typhoons

3Q18 Capacity factor of 43.5%

The Philippines

Key highlights

Stable operation

Recorded share of profit (from operation) of THB 192.6 mn, in line with expectation

Restated of 3Q17 according to PPA finalization. Incurred amortization expense while gain on purchase has been taken out

Indonesia

5

6

Nikaho (Akita)

Nagi (Okayama)

Accomplished assets divestment to infrastructure fund in Japan

Brownfield assets immediately generating cashflow

Developing assets with structured payment to minimize risk

28 Sep 2018 Sold to Japanese

infrastructure fund with a net proceeds of JPY 10,388

mn (THB 3,046 mn). Gain of

THB 794.5 mn.

Tax-Efficient StructureImprove cost of financingNegotiation of acquisition price

Passing on assets to more risk-averse investor with lower required returnCash to be reinvested in developing project

InvestDevelop/construct Enhance Capital

recycling

Install Capacity : 8.8 MWPPA (13.2 MWDC)

Capacity factor : 10.3% (2017)

Feed in Tariff : 40 JPY/kWh

PPA period : 20 years

COD : 15 July 2016

Install Capacity : 10.5 MWPPA (14.4 MWDC)

Capacity factor : 12.1% (2017)

Feed in Tariff : 36 JPY/kWh

PPA period : 20 years

COD : 2 March 2017

7

31%

95% 100%

29%

May-

18

Jun-

18

Jul-1

8

Aug-

18

Sep-

18

Oct-1

8

Nov-

18

Dec-

18

Jan-

19

Feb-

19

Mar-

19

Apr-

19

May-

19

Jun-

19

Construction timeline

Target Actual

Target COD : 1H19 Foundation

Pillar & Turbine

1

2

3 System integration

One-third of the construction progress has been completed.

Overall progress has been on track.

The next part of construction will be set anchor bolt and then a pillar set up.

Lomligor wind farmConstruction progress is on track

Remark: Lomligor wind power plant acquisition has been completed since 18 June 2018

Lomligor wind farmConstruction Progress (As of 29 October 2018)

WTG 1 WTG 2 WTG 3

WTG 4

WTG 1 WTG 2 WTG 3 WTG 4

Pillars and turbines are on yard

Foundation construction progress

8

9

Thailand

Operating: 192 MWDCDeveloping: 10 MWTotal: 202 MWDC

Japan

Operating: 17.4 MWDCDeveloping: 151.3 MWDCTotal: 168.7 MWDCMonetized: 27.6 MWDC

The Philippines

Operating: 14 MWDeveloping: 6 MWTotal: 20 MW

Indonesia

Operating: 157.5 MWDeveloping: 24 MWTotal: 181.5 MW

Solar Wind Geothermal

Remark: For the Philippines and Indonesia, only equity MW is presented

30 MW

182 MW

361 MW

Technology

Operating 381 MW

Developing191 MW

Status

Our business footprintOperating 380.9 MWDC and continued growing

10

94169 169 202

393

2013 2014 2015 2016 2017

Installed & Equity MW in Portfolio

Solar TH Solar JP Wind PH Geothermal ID

130231 263 274

847

2013 2014 2015 2016 2017

Power Generation

Solar TH Solar JP Wind PH Geothermal ID

Unit: GWh

Unit: MW

Business portfolio

Power Generation

78%

3%3%

16%

ID42%

7%4%

47%

9M 2017: 475 GWh* 9M 2018: 1,201 GWh (+152.8% YoY)

TH

JPPHTH

JP

Pro-forma Revenue

45%

3%8%

44% ID68%13%

18% 1%

9M 2017: THB 3,138 million* 9M 2018: THB 4,819 million (+53.6% YoY)

TH

PHJP

JP TH

Unit: GWh

Unit: THB mn

ID

PH

PHID

Remark: * In 9M17, the company has effective stake in subsidiaries for 4.5 months for wind power plants in the Philippines and 2 months for geothermal power plants in Indonesia.

11

0.69 *

0.61

0.15 0.15 0.15 0.16 0.16 0.16

5.2% 3.3% 4.5% 4.3% 3.7% 2.9% 2.6% 3.3%

63% 60% 65% 65%58% 55%

89%76%

2016 2017 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018

BCPG’s Dividend History

DPS Dividend yield DPR

X-Date: 3 September 2018Record date: 4 September 2018Payment date: 13 September 2018

Dividend paymentRobust dividend payout

Not less than 40% of the Company’s Net Profit(after deduction of all reserves required by law and regulations)

Remark *The Company paid dividend of THB 0.09 for 2015 performance during 6M16 period. Effectively, 2016 dividend was paid at THB 0.60 per share

Unit: THB per share

12

Agenda

Recent Development


Going Forward

13

Operational highlights: Thailand3Q18: Unfavorable weather conditions limited revenue growth

92.8% 92.9% 93.2% 92.6% 88.8%

65,384 65,717 66,035 66,695 64,243

3Q17 4Q17 1Q18 2Q18 3Q18Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh

Sellable Output (MWh) breakdown

96.2% 96.4% 96.4% 96.5% 94.6%

704 702 714 712 675

3Q17 4Q17 1Q18 2Q18 3Q18

Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh

Revenue breakdown Capacity factor (%)*

15.6% 15.7% 16.1% 16.1% 15.3%

3Q17 4Q17 1Q18 2Q18 3Q18

Revenue declined 4% YoY mainly due to unfavorable weather conditions which mostly impacted to on adder scheme sites. However, the decline was limited by a COD of solar cooperative phase II (WVO). On QoQ basis, revenue lowered in tandem with rainy season.

Unit: THB million

Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24

+3.2% YoY-1.7% YoY

+3.2% YoY-4.7% QoQ+3.2% YoY-5.1% QoQ

+3.2% YoY-4.0% YoY

+3.2% YoY-3.7% QoQ

+3.2% YoY-1.7% YoY

14

Operational highlights: Thailand9M18: Prolonged rainy season slightly pressured plants performance



16.0% 16.1% 15.9%

2017 9M17 9M18

Revenue slightly declined YoY mainly due to lower output caused by prolonged rainy season. Solar cooperative phase II (WVO) has started its commercial operation in 3Q18.

Unit: THB million


96.6% 96.6% 95.9%

2,8412,139 2,102

2017 9M17 9M18Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh

93.4%93.6% 91.6%

265,166199,450 196,973

2017 9M17 9M18Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh

+3.2% YoY-1.2% YoY+3.2% YoY-1.7% YoY

+3.2% YoY-1.2% YoY

15

Operational highlights: Japan3Q18: COD of Gotemba project is a supporter to revenue growth YoY


14.3%9.4% 10.5%

15.5% 14.3%

3Q17 4Q17 1Q18 2Q18 3Q18

Revenue grew YoY mainly thanks to increased output from a COD of Gotemba project.Revenue contribution from Japan in THB terms has been limited by strengthening THB during the period (+2.8% in THB terms while +5.0% in JPY terms) On QoQ basis, revenue mainly declined from the partial unplug of damaged solar panel at Nagi project for repairing. However, the repairing cost will be compensated by insurance receipt in 2Q18.

Unit: THB million


64.5% 63.3% 55.7% 58.5% 61.2%

15079 87

162 154

3Q17 4Q17 1Q18 2Q18 3Q18

FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh


61.9% 61.4% 44.7% 54.6% 57.7%

12,8517,232 9,155

14,887 13,873

3Q17 4Q17 1Q18 2Q18 3Q18


+2.8% YoY

+3.2% YoY-6.8% QoQ

+7.9% YoY

+3.2% YoY-7.5% QoQ

+3.2% YoY-0.1% YoY+3.2% YoY-5.0% QoQ

16

Operational highlights: Japan9M18: Operation remained stable



12.6%13.5% 13.4%

2017 9M17 9M18

Revenue remained stable.Gotemba project has started its commercial operation in 2Q18.

Unit: THB million


65.4% 65.6% 58.9%

483403 404

2017 9M17 9M18


63.1% 63.5% 53.3%

41,238 34,006 37,915

2017 9M17 9M18


+11.5% YoY

+3.2% YoY-0.8% YoY+0.5% YoY

17

Revenue & Gross profitChallenged by unfavorable weather conditions

80.8% 82.4% 89.9% 89.1% 81.4%

854 781 802 874 830

3Q17 4Q17 1Q18 2Q18 3Q18Thailand Japan

Unit: THB million

Revenue: 3Q18 total revenue declined YoY and QoQmainly led by lower revenue contribution from Thailand resulted from unfavorable weather conditions. 9M18 total revenue slightly decreased by 1.3% YoY due to the aforementioned factors.

-5.1% QoQ

+3.2% YoY-2.8% YoY

-5.5% YoYGross profit: 3Q18 gross profit declined YoY and QoQ mainly due to (1) first-time record of revenue sharing between solar co-op phase II and WVO as well as (2) maintenance cost due as planned. 9M18 gross profit dropped by 3.5% YoY mainly to the aforementioned factors.

Revenue:

Gross profit:

609 526 562 626 575

71.3%67.4%

70.1% 71.7% 69.3%

3Q17 4Q17 1Q18 2Q18 3Q18

Gross profit GPM

84.2% 83.8%

2,541 2,508

9M17 9M18

+3.2% YoY-1.3% YoY

1,828 1,764

71.9% 70.4%

9M17 9M18

-8.1% QoQ

+3.2% YoY-3.5% YoY

1,868 1,89773.5% 75.7%

9M17 9M18

18

609 529 592 670 634

71.3% 67.8% 73.9% 76.7% 76.4%

3Q17 4Q17 1Q18 2Q18 3Q18

EBITDA margin

Unit: THB million

EBITDAIncreased YoY due to lower SG&A expenses

Remark: EBITDA from operation, excluding other revenue

EBITDA3Q18 EBITDA increased YoY mainly due to adecrease in acquisition related expenses frominvestment made during 3Q17. EBITDA marginremained robust.9M18 EBITDA slightly grew by YoY mainlyhelped by lower SG&A expense.SG&A to sales ratios have been in a downwardtrend mainly thanks to stringent cost controland lower one-time expenses.

+4.1% YoY +1.5% YoY

21.0% 22.6%18.2% 15.4% 16.0%

3Q17 4Q17 1Q18 2Q18 3Q18

EBITDA:

19.0% 16.5%

9M2017 9M2018

%SG&A/Sales:

-5.4% QoQ

19

Unit: THB million

41.7

347.1

69.0 19.0113.6

3Q17* 4Q17** 1Q18 2Q18*** 3Q18

3Q18 Petrowind (PH)Wind power plant

Star Energy (IN)Geothermal power plant

Total

Share of profit (operation) 29.1 192.6 221.7

Amortization -8.5 -99.6 -108.1

Total 20.6 93.0 113.6

3Q18 total share of profit from investments increased significantly YoY and QoQ mainly thanks to (1) robust operation of Geothermal power plant (2) quarterly record high performance of wind power plant since acquisition in 2Q17 resulted from favorable wind speed during the period and (3) low base in 3Q17 from restatement according to PPA finalization.

9M18 total share of profit from investments increased materially YoY due to full-period booked of both investments and robust operation.

Remark: *restated geothermal operation prior to acquisition of THB 238.2 million and included amortization expense, **including gain on purchases of wind and geothermal of THB 366.3 million, ***including one-time non-cash expense resulted from financing activity of approx. THB 122 million

84.8201.6

9M17 9M18

+497.9% QoQ

+172.4% YoYShare of profit: +137.7% YoY

Share of profit from associatesResilient operations

20.4%32.7% 39.4%

24.6%

43.5%

3Q17 4Q17 1Q18 2Q18 3Q18

Nabas

36 MW + 14 MW

20

PHILIPPINES

Share of profit from associatesWind power plant in the Philippines

• Capacity factor in 3Q18 was at record high since our acquisition thanks to favourable wind speed resulted from several monsoon during the period.

• 3Q18 Share of profit from operation was at THB 29.1 million. However, net contribution (after amortization) was at THB 20.6 million.

• 9M18 share of profit turned profitable from loss.

-14.4

53.7

9M17 9M18

Unit: THB million

-4.5

15.522.2

2.4

29.1

3Q17 4Q17 1Q18 2Q18 3Q18

Share of profit from operation (before amortization)

Capacity factor (%)

29.8% 35.8%

9M17 9M18

94.3% 91.3% 94.8% 94.8% 93.8%

3Q17 4Q17 1Q18 2Q18 3Q18

21

Share of profit from associatesGeothermal power plant in Indonesia

INDONESIA

Darajat 47 MW(271 MW)

Salak 65 MW (377 MW)

Wayang Windu 45 MW + 24 MW(227 MW + 120 MW)

Java

• Robust operation at geothermal power plant. • 9M18 share of profit from operation jumped significantly

from prior year due to a full-period recognition (acquisition completed in early 3Q17).

• Constant capacity factor of above 90% during the period.

126207 181 213 193

3Q17* 4Q17 1Q18 2Q18** 3Q18

Share of profit from operation before amortization

Remark * Acquisition completed since 26 July 2017, restated according to PPA finalization ** Excl. one-time accounting related expense of THB 122.0 mn

Unit: THB million

126

587

9M17 9M18**

Capacity factor (%)

95.0% 94.5%

9M17 9M18

22

Nikaho & NagiBooked gain of THB 794.5 mn from IFF

Remark: THB/JPY was at 0.29323* Gain from IFF mentioned above is before CIT reduction

Market values are based on required return of IFF at 5.5%, a great value enhancement compared to project IRR of 10 – 12%.

Availability of net cash will be used to facilitate developing projects.

BCPG Engineering will provide O&M service (5-year contract) for the operating assets along with rental fees from freehold of land.

D/E ratio decreased from 1.3x in 2Q18 to 1.1x in 3Q18. Raising additional debt capacity to THB 28.8 bn.

18.115.7

1.3x1.1x

5

10

15

20

0.75

1.25

2Q18 3Q18

THB

bn

Times

(x)

Current IBD D/E Ratio

45%

37%

6%6%6%

Corporateloan (THB)

Corporateloan (JPY)

Corporateloan (USD)

ProjectFinance (THB)

ProjectFinance (JPY)As of 3Q18 23

Finance costIncreased finance cost along with investments made

131 135 123 129 136

3Q17 4Q17 1Q18 2Q18 3Q18

+4.3% YoY

Unit: THB million Finance cost: A rise in finance cost for 9M18 was mainly due to (1) full-period record of interest incurred from debts secured for geothermal power plant investment and (2) increased loan drawn down to facilitate the construction in Thailand & Japan. Effective cost of debt in 9M18 was 3.17% vs. 2.87% in 9M17.

IBD breakdown by maturity IBD breakdown by currency

8.3% 8.0%32.4% 30.3%

59.3% 61.7%

2017 3Q18< 1 year Due in 1-5 years Due > 5 years

43.7% 51.5%

53.1% 42.7%

3.2% 5.8%

2017 3Q18THB JPY USD

+5.4% QoQ

IBD breakdown by loan type

301389

9M17 9M18

+29.2% YoYFinance cost:

24

Net profitBolstered by gain from solar assets monetization

196 586 351 419

1,139 23.0%

75.1%43.8% 47.9%

137.3%

3Q17** 4Q17 1Q18 2Q18 3Q18*

NPM

Net profit: 3Q18 Net profit bolstered YoY and QoQ mainly due to (1) net gain from assets divestment to infrastructure fund in Japan of THB 658.3 mn(2) an absence of FX loss forward contract as booked in 3Q17. 9M18 Net profit rose materially YoY mainly thanks to aforementioned factors.

Unit: THB million

+171.9% QoQ

Net profit:

+481.2% YoY

Remark: *Including gain from assets monetized to infrastructure fund amounting to THB 658.3 million

** Restated gain on purchase and amortization expense of geothermal power plant according to PPA finalization

+71.6% YoY

1,113

1,90943.8%

76.2%

9M17** 9M18

25

Core profitYoY growth driven by share of profit from associates

Unit: THB million

+13.7% YoYCore profit: Stripping out FX gain/loss and one-time items, 3Q18 core profit grew by 13.7% YoY largely due to full-quarter share profit recognition from Indonesia and lower administrative expenses. 9M18 core profit grew by 12.4% mainly due to (1) full-period share of profit recognition from associates in Indonesia and the Philippines and (2) lower SG&A expenses.

+12.4% YoY

Remark: Core profit excludes FX gain/loss and one-time items

* Excluding gain from assets monetized to infrastructure fund amounting to THB 658.3 million and FX gain of THB 69.1 mn

** Restated gain on purchase and amortization expense of geothermal power plant according to PPA finalization

Core profit:

-18.7% QoQ

362 187 364 507 412

42.4%23.9%

45.4% 58.0% 49.6%

3Q17** 4Q17 1Q18 2Q18 3Q18*

Core profit margin

1,141 1,283

44.9% 51.2%

9M17** 9M18

26

Financial positionAssets divestment strengthened financial position for future investment

As at 3Q18, total assets slightly decreased by 1.1% to THB 31,746 million mainly due to decreased long-term borrowing resulted from loan repayment Total Liability/Equity and Net IBD/Equity decreased to 1.10x and 1.03x as at 3Q18

Covenant : D/E ratio ≤ 3x: DSCR ≥ 1.15x

Marginal liability : THB 28,828 millionOutstanding Debt : THB 15,663 million

Financial Position

1.23 1.10

2017 3Q18

Liability/Equity (x)Unit: THB million

2,675 2,570

13,890 12,767

13,288 13,497

2,004 2,912

14,127 15,144

702 940

17,028 15,663

A L + E A L + E

Other Assets PPE Investment in associatesCash and Cash Equivalent Equity Other LiabilitiesLong-Term Loan

2017 3Q18

27

Agenda

Recent Development


Business Outlooks

28

2018 Recap

Guidance Estimates (vs. 2017)

EBITDA (incl. share of profit from associates*)

Expect to grow 5%-10%

CAPEX for 2018 – 2019 (excl. M&A) Expect to be THB 5 bn

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)

Strategic Country Selection

Favourable government policy in renewable

High electricity consumption growth

Friendly investment environments

Asia-Pacific focus

Growth Engines

Mixed portfolio with more focus on green fields

On-ground team to initiate development

Actively optimize value & source opportunities

Financially Optimized

Robust return benchmark

Capital recycling at right timing

29

Retirement of Coal Plants

+38 GW of Renewable by

2036

Liberalized Retail Market

AU10% p.a. Elec. Demand

Growth in next 5 year

+27 GW of Renewable by

2030 (12 GW Solar)

VN

Battery of Asia

Good resource for hydro

and wind power plant

LAO+10 GW of Renewable by

2030

Recently announced 5.5

GW offshore wind farm

TW+50 GW of Renewable by

2030

Gov’t strong support on

ESS

KR

M&A Opportunity

Investment criterion:

31

“BCPG strives to deliver high value while creating wealth for shareholders and sustainable future for all.”

Q&A

Appendices

Financial Statement

Projects detail

34

Financial Statement

3Q18 % to sales 3Q17 % to sales 2Q18 % to sales 3Q18 YoY 3Q18 QoQRevenues from sales and services 829,675 100% 853,938 100% 873,833 100% -2.8% -5.1%Cost of sales and services (254,304) -30.7% (245,029) -28.7% (247,461) -28.3% 3.8% 2.8%Gross Profit 575,370 69.3% 608,909 71.3% 626,372 71.7% -5.5% -8.1%Administrative expense (132,650) -16.0% (179,441) -21.0% (134,408) -15.4% -26.1% -1.3%Operating profit 442,720 53.4% 429,469 50.3% 491,964 56.3% 3.1% -10.0%FX gain (loss) 69,062 8.3% (165,648) -19.4% (66,732) -7.6% -141.7% -203.5%Other income 802,259 96.7% 19,535 2.3% 102,513 11.7% 4006.8% 682.6%EBIT 1,314,041 158.4% 283,355 33.2% 527,746 60.4% 363.7% 149.0%Financial cost (136,442) -16.4% (130,766) -15.3% (129,474) -14.8% 4.3% 5.4%Share of profit from associates & subsidiaries 113,615 13.7% 41,659 4.9% 19,051 2.2% 172.7% 496.4%EBT 1,291,214 155.6% 194,248 22.7% 417,324 47.8% 564.7% 209.4%Corporate Income Tax (151,940) -18.3% 1,760 0.2% 1,663 0.2% -8733.1% -9236.6%Net profit 1,139,274 137.3% 196,008 23.0% 418,987 47.9% 481.2% 171.9%

Consolidated Profit and Loss StatementUnit: THB '000(otherwise stated)

Financial Statement

35

9M18 % to sales 9M17 % to sales 9M18 YoYRevenues from sales and services 2,505,007 100% 2,541,510 100% -1.4%Cost of sales and services (741,320) -29.6% (713,894) -28.1% 3.8%Gross Profit 1,763,687 70.4% 1,827,617 71.9% -3.5%Administrative expense (413,123) -16.5% (482,413) -19.0% -14.4%Operating profit 1,350,564 53.9% 1,345,204 52.9% 0.4%FX gain (loss) (10,504) -0.4% (282,914) -11.1% -96.3%Other income 907,016 36.2% 261,243 10.3% 247.2%EBIT 2,247,076 89.7% 1,323,533 52.1% 69.8%Financial cost (388,682) -15.5% (300,850) -11.8% 29.2%Share of profit from associates & subsidiaries 201,641 8.0% 84,814 3.3% NAEBT 2,060,035 82.2% 1,107,497 43.6% 86.0%Corporate Income Tax (150,624) -6.0% 4,967 0.2% -3132.2%Net profit 1,909,411 76.2% 1,112,465 43.8% 71.6%

Consolidated Profit and Loss StatementUnit: THB '000 (otherwise stated)

36

Financial Statement

Unit: THB '000 3Q18% of total

assets2017

% of total assets

Change

Cash and cash equivalents 2,912,156 9.2% 2,003,984 6% 45.3%Current investments 0 0.0% 0 0.0% 0.0%Trade accounts receivable 537,036 1.7% 507,243 1.6% 5.9%Other current assets 202,455 0.6% 185,692 0.6% 9.0%Total current assets 3,651,646 11.5% 2,696,918 8.4% 35.4%Investments in associate & subsidiaries 13,496,888 42.5% 13,529,717 42.1% NAProperty, plant and equipment 12,766,711 40.2% 13,890,324 43.3% -8.1%Goodwill and Intangible assets 1,650,329 5.2% 1,892,267 5.9% -12.8%Other non-current assets 180,568 0.6% 90,002 0.3% 100.6%Total non-current assets 28,094,496 88.5% 29,402,310 91.6% -4.4%Total Assets 31,746,142 100.0% 32,099,228 100.0% -1.1%Short-term borrowings & current portions 1,908,814 6.0% 1,415,239 4.4% 34.9%Long-term borrowings 14,284,565 45.0% 15,613,152 48.6% -8.5%Other current liabilities 409,165 1.3% 701,903 2.2% -41.7%Total liabilities 16,602,543 52.3% 17,730,295 55.2% -6.4%Equity attributable to owners of the Company 15,143,451 47.7% 14,368,786 44.8% 5.4%Non-controlling interests 147 0.0% 147 0.0% 0.0%Total liabilities and Equity 31,746,142 100.0% 32,099,228 100.0% -1.1%

Consolidated Statement of Financial Position

37

Financial Statement

Unit: THB '000 9M18 9M17 9M18 YoYNet cash from (used in) operating activities 1,881,830 1,690,695 191,134

Net cash from (used in) investing activities 1,640,886 (12,786,431) 14,427,317

Net cash from (repaid to) financing activities (2,572,282) 6,416,063 (8,988,346)

Net increase in cash and cash equivalents 950,433 (4,679,672) 5,630,106

Cash and cash equivalents at 1 January 2,003,984 7,361,160 (5,357,176)Effect of exchange rate changes on balances held in foreign currencies

(42,261) (30,110) (12,152)

Cash and cash equivalents at end period 2,912,156 2,651,378 260,778

Consolidated Statement of Cash Flows

Appendices

Financial Statement

Projects detail

39

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 25.0 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 12.5 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 12.6 16 21/04/14

9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI 100% 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 100% 5.0 5.0 14/03/17

11 Co-op: AYA Phra Nakhon Si Ayutthaya

Ayutthaya BSE - PRI 100% 2.0 2.0 23/12/16

12 Co-op (WVO)Saraburi Phra Phutthabat Saraburi BCPG NA 5.0 5.0

FiT: THB 4.12/unit PEA(25 years)

20/7/18

13 Co-op (WVO)Kanchanaburi Tha Muang Kanchanaburi BCPG NA 3.94 3.94 23/7/18

14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 100% 10.0 8.965 Adder THB 3.5/kWh PEA

Expect to COD within

1H 2019

192 Installed MW (139 MWPPA) of operating assets portfolio in Thailand

Project pipeline in Thailand

40

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 32.2 25.0 36 20 Chubu Electric Power Company Expect to COD within 1H20

7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2H20

8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 2H19

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 development10 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

Operating 17.4 Installed MW (14.7 MWPPA) and future projects portfolio in Japan

Project pipeline in Japan

41

Divestment Background

Nikaho 13 MW Nikaho 13.2 MW

Nagi 14.4 MW

Operating assets Solar power plants (Nagi and Nikaho)

Location Okayama (Nagi) and Akita (Nakaho)

New Owners MUL, BOTL, Zuzuva

Status Deal completed on 28 Sep 2018

Capacity 27.6 MWDC

Tariff Nikaho FiT @ JPY 40 per kWhNagi FiT @ JPY 38 per kWh

42

Ft on adder scheme

PEA report peak/off-peak days for calculating time of use rate (TOU) that represent the actual electricity rate blend between on peak and off peak. It will later become Ft rate.

A month with high portion of peak days will result in above average Ft.

Source: https://www.pea.co.th/ขา่วสารประกาศ/ขา่วประชาสมัพนัธ์/ArtMID/542/ArticleID/45090/แจง้วนั-Off-Peak-ของอตัรา-TOU-ประจ าปี-2561

43

Ft on adder scheme

70% 67% 70% 67%30% 33% 30% 33%

3.193.13

3.20

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

2.3

2.5

2.7

2.9

3.1

3.3

3.5

1Q18 2Q18 3Q18 4Q18

Aver

age

Ft (T

HB p

er k

Wh)

Monthly Ft & %Peak/Off-Peak days

Peak 2018 Off-peak 2018 Ft 2016 Ft 2017 Ft 2018

Normally the average of peak day’s portion will be around 61 – 62% in 2016 and 2017. In 2018, the portion is averaging at 69%.

Average of Ft in YTD 2018 has increase by 3.4% YoY result in effective tariff of adder scheme.

Remark: Ft on the graph are calculate from average effective tariff from all adder scheme and deduct by THB 8 per kWh.

44

Maintenance schedule

Monthly maintenance for panel cleaning. An activities to maintain a full efficiency of sun light exposure.

Quarterly and yearly maintenance consist of 1) preventive maintenance of solar panel, transformer, inverter and switch gear 2) calibration of electricity meters.

Wind farm maintenance scheduleSolar farm maintenance schedule

Forced and maintenance outages total between 4 – 5 days a year. The main reason is due to a high wind speed.

Contact us at:BCPG Public Company LimitedInvestor Relations teamE-mail: [email protected]: +66 2 335 8945, +66 2 335 8946Website: www.bcpggroup.com

mailto:[email protected]

http://www.bcpggroup.com/

Analyst Meeting -...

Documents

Transcript of Analyst Meeting -...