Analyst Meeting - listed...
41
Analyst Meeting 2 Q2019 Results 14 Aug 2019 Ticker: BCPG (SET)
Transcript of Analyst Meeting - listed...
Analyst Meeting2Q2019 Results14 Aug 2019Ticker: BCPG (SET)
Agenda
2
BCPG strategic directions
Portfolio & Projects in pipelines
Performance
Agenda
3
BCPG strategic directions
Portfolio & Projects in pipelines
Performance
BCPG Vision / Mission
4
World’s Greenergy IconEvolving the world through the greener ways Vision
Create sustainable future for all, enabled by renewable energy and innovative technologyMission
Innovative Integrity InternationalSpiritBy 2025, we will be a prominent renewable energy player in Asia Pacific with
sustainable growth byGoals
Expanding Enhancing Extending EvaluatingStrategies
➢ Growing through smart investments, leveraging the strengths of the Group and long term relationships with the preferred partners.
➢ Providing energy as a service, connecting consumers and communities through innovative business platforms.
➢ Creating values for the shareholders as a leading integrated greenergycompany with operational excellence and social and environmental responsibilities.
4
Our Core Strategies - 4Es Strategy
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
1Expanding
1
To deliver
(Wholesale-focused)
To rotate from structuredassets to those with superiorreturn
▪ Capital gain from investment▪ Financial flexibilities▪ Portfolio rebalancing
To ensure
Evaluating 4
To achieve
(Asset by asset)
Towards promising adjacentsectors including Digitalenergy and Energy storage
▪ New revenue stream▪ Innovative-leading position▪ Diversification purpose
Extending 2
To focus upon assets mgt., cost-efficiency activities, as well as operational improvement to optimize assets performance
▪ Business efficiency▪ Profitability▪ Asset optimization
Enhancing 3
To capture To ensure
(New emerging business) (Operation / Asset Mgt.)
5
+10 GW of RE by 2030 Recently announced 5.5 GW offshoreTop ranked wind speed at Taiwan strait
TW
Business opportunity in the region
500 MW of solar bidding set to start on 8 Aug 2019Target RE to meet 20% by 2025 Target 100 MW COD 2020
MY
Thailand: PDP 2018 - Solar rooftop, floating solar, wind, digital energy, biomassJapan: Biomass Development with FiT of JPY 24 per kWhThe Philippines: Expansion of existing pipeline, Off-grid Solutions, merchant market Indonesia: Expansions and new exploration awaits
Opportunity at Current Footprints
Potential Expansion
Battery of AsiaGood resource for hydro and wind power plantCenter of regional elec. transmission system by 2025
LA
10% p.a. Elec. Demand Growth+27 GW of Renewable by 2030 (12 GW Solar)Visibility on 2019 Projects
VN
+50 GW of Renewable by 2030Gov’t strong support on ESSTarget RE share from currently 8% to 30 - 35% by 2040
KRRetirement of Coal Plants+38 GW of Renewable by 2036Liberalized Retail Market
AU
6
PDP 2018 reflections by Energy Minister have revealed BCPG opportunities
7
46,090MW
New addition2018-2037
2017
52,431MW
Retirement2018-2037
73,211MW
2037
-25,310MW
Source: Energy News Center and BCPG analysis
▪ Renewable 20,766MW▪ Pump Hydro 500MW▪ Cogen 2,112MW▪ Combined Cycle 13,156MW ▪ Coal 1,740MW▪ Import 5,857MW▪ New Power Plant 8,300MW▪ Energy Efficiency - 4,000MW
Reflection from Energy Minister (July 2019)1. Support clean energy by raising contribution from
renewable energy to combat global warming.2. “Energy for All” – promote establishment of
community power plants to widen energy accessfor communities. Renewable energy will be a keyresource in P2P energy trading.
3. Deploy Energy Conservation Fund to supportstart-ups.
4. Promote Thailand as ASEAN’s power hub byupgrading relevant infrastructure to sellelectricity across the region.
5. Support technology and innovation esp. energystorage.
Digital Energy Products and Services
8
Energy IoTSmart metersIoT gatewayData loggerData concentratorIoT data APIe-circuit breakers
AI/ML Energy Efficiency OptimizationDemand and power quality monitoring
Cooling system optimizationBuilding efficiency management
Electric chiller optimizationHeating system optimization
Motor, Pump optimizationGas turbine optimization
Energy Resources ManagementEnergy TradingSolar efficiency managementCarbon servicesAsset and O&M managementBattery management
Electric Mobility ManagementEV-charge point monitoring
Infrastructure O&M managementRoaming agreement
Mobile appsReal time information
Billing and CRMer
Digital Energy
Energy Audit / Health CheckInternational School with Three Buildings
MDB 3
MDB 2
MDB 13G/4G IoT GW
Energy Audit Platform3G/4G IoT GW
3G/4G IoT GW
Building A
Building B
Building C
9
By applying digital energy, through energy IoT, we can verify abnormal electricity usage detected compare to other buildings. It’s then create a linkage with energy efficiency.
Internet
Mobile Network
Dairy chiller
Drink chiller
AirconIoT GW Smart Meter
Energy Audit Platform
Main MDB
IoT LoRa GW Temp. sensor
Temp. sensor
Dairy chiller
Drink chillerIoT GW Smart Meter
Smart Meter
3G/4G/WiFi
IoT GW Smart Meter
Energy monitoring
Temperature monitoring
Energy Audit / Health CheckA Convenience Store
10
Temperature < 12CDrink chiller
By acquired a restocking frequency of cold products (such as Beverage & Dairy), integrate with maximum temperature as a constraint, room for optimization as a result.
Temperature < 6CDairy chillerInternet
Mobile Network
75%
Thai Digital Energy Development
25%
Thai Digital Energy Development
Renewable Power
Generation Business
Energy Efficiency Program Business
Digital Energy
Business
Digital Energy Tech. Support
Customer Insight &
Data Business
Data Marketing Support
Thai Digital Energy Development (TDED)
41%
49%
10% Rooftop solar
Energy Efficiency
Digital Platform
5-year target:
MW:Rooftop solar: 350 MWEnergy efficiency: 419 MW
Portfolio mix:
11
Agenda
12
BCPG strategic directions
Portfolio & Projects in pipelines
Performance
Business footprint
13
In operation: 147.9 MW*Under construction: 12.0 MW
In operation: 14.7 MWUnder construction: 116.5 MWAssets monetization: 19.3 MW
In operation: 14.4 MWUnder construction: 5.6 MW
In operation: 157.5 MWUnder construction: 24.0 MW
Well-diversified renewable energy portfolio in Asia Pacific Unit: contracted capacity or equity MW
492.6 MW Total29 MW
182 MW
282 MW
Technology
Operating 335 MW
Developing158 MW
Status
Update as of 30 April 2019
TH
JP
PH
ID
Remark: *Including wind power plant project of 9.0 MW
Business portfolio
14
94169 169 202
394 381
2013 2014 2015 2016 2017 2018
Installed & Equity MW in Portfolio
Solar TH Solar JP Wind PH Geothermal ID
130 231 263 274
847
1,607
2013 2014 2015 2016 2017 2018
Power Generation
Solar TH Solar JP Wind PH Geothermal ID
Unit: GWh
Unit: MW
Power Generation
77%3%1%
19%
ID
1H19: 785 GWh (-2.4% YoY)
TH
JPPH
Pro Forma Revenue
45%
3%4%
48% ID
1H19: THB 3,191 million (0.0% YoY)
TH
PHJP
Unit: GWh
Unit: THB mn
Geothermal power plants support business portfolio’s prominent generation growth
Project update in Japan
15
Risk has been minimized after get FDP approval
Project Target COD
Komagane 1H20
Chiba 1 1H21
Yabuki 2H21
Chiba 2 2H22
Construction plan update:
40 MWDC
Democratization of Energy
16
Establishing strong foundations for new way of energy consumption covering 3 segments e.g. residential, commercial and industrial. 2-year journey and way forward
Engaged Power Ledger as Digital Energy Partner
4Q17
T77 Launch with Sansiri
Sign MOU with CMU 12 MW
(Smart University)
Sun Share Project with SC AssetJointly established Thai
Digital Energy Development (TDED) with PEA ENCOM
Development with key partners:
1Q19
3Q18
2018: Energy for everyone 2019: Democratization of Energy
4Q18
Started to record revenue from
rooftop solar biz
Apply for ERC Sandbox P2P trading area
1H19
Rooftop pipeline
23.4 MW
Total rooftop portfolio (and increasing)
Agenda
17
BCPG strategic directions
Portfolio & Projects in pipelines
Performance
Key highlights for 2Q19
18
By numbers
EBITDA Presenting resiliency
651.5Unit: THB mn
Net profitFX gain is a plus
463.8
MWLeading renewable player in Asia Pacific
492.6
ND/E On ground financial leverage
0.87x
Div. YieldCommitment to shareholders
3.23%
Key takeaway
Resilient operation despite assets monetization due to favor weather and newly COD project.FX gain is a plus.
1
Temporary causes from associates both seasonality and planned maintenance shutdown
2
On ground financial leverage reflecting our financial resilience
3
Solid LT strategies among opportunity’s growing market introducing 4 Es as our core compass
4
0%20%40%60%
Q1 Q2 Q3 Q4
2016 2017 2018 2019
Seasonality summary
12%15%17%20%
Q1 Q2 Q3 Q4
2016 2017 2018 2019
0%
95%
Q1 Q2 Q3 Q4
2018 2019
Solar (TH):Q1: Cloudy weatherQ2: Partial effect from rainQ3: Rainy seasonQ4: Winter & partly cloudy
Solar Wind
Solar (JP):Q1: Winter with cloudy weatherQ2: Clear weather (Spring)Q3: Summer with rainy seasonQ4: Winter season
Wind (PH):Q1: Monsoon seasonQ2: Dry season with lowest wind speedQ3: Picking up windspeed due to monsoonQ4: Partially supported by monsoon
Geothermal (ID):Limited seasonal fluctuation Well-planned maintenance shutdown among power plants
Wind (TH):Q1: North wind → cold climateQ2: Absence of monsoonQ3: Rainy season from central regionQ4: Rainy season in the South
Geothermal
0%
12%
24%
Q1 Q2 Q3 Q4
Estimate & Actual
5%
9%
13%
17%
Q1 Q2 Q3 Q4
2017 2018 2019
Well-diversified technology in portfolio helps smoothen performance throughout
the year
19
67 64 73 72 73
17.1%15.6%
17.8% 17.7% 17.7%
2Q18 3Q18 4Q18 1Q19 2Q19
Generation Capacity factor (%)
138.9 MW + 12 MW
Plants performance (TH&JP)
+9.9% YoYUnit: GWh
Resilient growth in Thailand from favorable weather and newly COD helps offset Japan
133 145
17.2%17.8%
1H18 1H19
Unit: GWh+9.4% YoY
2.5
13.1%
2Q18 3Q18 4Q18 1Q19 2Q19
Generation Capacity factor (%)
2.5
13.1%
1H18 1H19
Power generation & Capacity factor (%)
Favorable weather with full period operation of two “WVO” projects drive growth.
+2.0% QoQ
First quarter performance run by low wind
is a low season in general and
Q3
Fist quarter of COD “Lomligor” in a low season that has lower wind speed.
9 MW
15 144 4 5
15.5% 14.3%
10.1% 11.1%14.3%
2Q18 3Q18 4Q18 1Q19 2Q19
Generation Capacity factor (%)
+31.5% QoQ
-63.9% YoY
24 9
12.3%12.7%
1H18 1H19
-60.6% YoYUnit: GWh
14.7 MW + 1165 MW
Assets monetization of Nagi and Nikahosince 3Q18 cut more than half of generation on YoY.While entering summer seasons push generation again QoQ.
20
874 830 815 808 848
71.7% 69.3% 72.1% 74.4% 73.6%
2Q18 3Q18 4Q18 1Q19 2Q19
Thailand Japan Gross margin
1,675 1,655
70.9% 74.0%
1H18 1H19
Favorable weather both Thai and Japan and newly COD of “Lomligor” support QoQrevenue growth in 2Q19 while assets monetization cut YoY. In summary, first half still maintained.
Revenue & plants performance
Revenue & Gross profit margin
Unit: THB million
Despite assets monetization, favorable weather and newly COD maintained top line
+4.9% QoQ
-3.0% YoY -1.2% YoY
21
671 576 614 610 652
76.7%69.4% 75.3% 75.5% 76.9%
2Q18 3Q18 4Q18 1Q19 2Q19
EBITDA EBITDA margin
Unit: THB million
Remark: EBITDA from operation, excluding other revenue and share of profit from associates and one-time items
15.4% 16.0% 16.6% 17.9% 15.6%
2Q18 3Q18 4Q18 1Q19 2Q19
EBITDADespite Japan assets monetization, EBITDA in 2Q19continue to grow from the full period recognition of two “WVO” projects and a commenced operation of “Lomligor”.While in 1H19, the factors offset completely.
EBITDA
-2.8% YoY
+6.9% QoQ
Selling and administrative expense%SG&A/Sales decreased QoQ in 2Q19 due to seasonality in quarter 1 of every year.However, half year ratio still remain unchanged.
EBITDA & EBITDA margin %SG&A/Sales
New capacity offset impact from last year monetization
1,263 1,261
75.4% 76.2%
1H18 1H19
16.7% 16.7%
1H18 1H19
-0.2% YoY
22
814 12 17
7
24.6%
43.2%37.8%
53.4%
22.6%
2Q18 3Q18 4Q18 1Q19 2Q19Sellable output Capacity factor (%)
21 24
32.0%37.9%
1H18 1H19
23
Amortization (8.3) (8.5) (8.4) (8.5) (8.1) (16.4) (16.3)
One-time items - - - - - - -
Net share of profit (5.9) 20.6 10.5 29.2 (12.1) 8.1 17.1
Unit: THB million
Seasonality effect in Q2 and PHP policy rate causing Q2 net result to be negative. While already negotiated interest rate for 2H19. Despite 18.6% stronger wind YOY (generation +14.6%), 1H19 share profit growth by 36.1%.
Share of profit from associatesWind power plant in the Philippines
(Nabas)
14.4 MW + 5.6 MW
Despite Q2 being low season, First half show >18% stronger wind than 2018
Sellable output and Capacity factor (%)
Share of profit from operation (before amortization)
Unit: M kWh
Remark: Sellable output based on holding percentage
+14.6% YoY
24.633.4
1H18 1H19
2.4
29.118.9
37.4
-3.9
2Q18 3Q18 4Q18 1Q19 2Q19
+36.1% YoYn.a.% YoY
n.a.% QoQ
-11.0% YoY
-57.2% QoQ
614 604
94.2% 92.2%
1H18 1H19
301 305 318 306 298
91.3% 91.9% 95.3% 93.7% 90.8%
2Q18 3Q18 4Q18 1Q19 2Q19Sellable output Capacity factor (%) 24
213.2 192.6 174.5 188.0 169.8
2Q18 3Q18 4Q18 1Q19 2Q19
Amortization (96.4) (99.6) (99.1) (95.5) (95.4) (191.6) (190.9)
One-time items (122.7) - (83.8) - - (122.7) -
Net share of profit (5.9) 93.0 (8.4) 92.5 74.4 79.9 166.9
Unit: THB million
(Salak)65 MW
(Darajat)47 MW
(Wayang Windu)45 MW + 24 MW
157.5 MW + 24.0 MW
Share of profit (before amortization) decreased both YoY and QoQ mainly due to maintenance shutdown in a few units of geothermal power plant as a scheduled in annual plan.
Yearly planned maintenance shutdown pressured share profits
Share of profit from associatesGeothermal power plants in Indonesia
Share of profit from operation (before amortization)
Sellable output and Capacity factor (%)
Unit: GWh -1.0% YoY-2.7% QoQ
Remark: Sellable output calculated based on holding percentage
-20.4% YoY-9.7% QoQ
394 358
1H18 1H19
-9.2% YoY
-1.7% YoY
Pro Forma revenue(USD mn) 23.9 23.9 24.2 22.9 22.4 47.5 45.3
25
215.6 221.7 193.4 225.4165.9
2Q18(restated)
3Q18 4Q18 1Q19 2Q19Indonesia The Philippines
Amortization (104.7) (108.1) (107.5) (103.7) (103.6) (208.1) (207.2)
One-time items: (122.7) - (83.8) - - (122.7) -
Refinancing related expenses (122.7) - - - - (122.7) -
Tax provision - - (83.8) - - - -
Net share of profit* (11.8) 113.6 2.1 121.7 62.3 88.0 184.0
Unit: THB millionShort-term factors such as an increase in interest expense in the (already negotiated) and maintenance shutdown of geothermal in Indonesia are the cause of 2Q19 drops in both QoQ and YoY. While partially supported by robust performance in beginning of the period for lower drops in 1H19.
Share of profit from associates
Refinancing related expense in 2Q18 is a factor to drive YoY growth in 2Q19and 1H19 (+109%).
Half year growth still prevails after considering one-time item
Remark: *Net share of profit = Share of profit (after amortization) – one-time items
Share of profit from operation (before amortization)
418.8 391.3
1H18 1H19
-26.4% QoQ
-23.1% YoY -6.6% YoY
129 136 132 129 130
2.9% 3.3% 3.2% 3.3% 3.4%
2Q18 3Q18 4Q18 1Q19 2Q19Interest expense Effective Kd
Finance cost
2626
Unit: THB million
IBD breakdown by maturity IBD breakdown by currency
9.8% 10.1%
90.2% 91.3%
2018 2Q19< 1 year Due after 1 year
51.1% 52.10%
43.0% 40.30%
5.9% 7.60%
2018 2Q19THB JPY USD
IBD breakdown by Fixed-Floating rate
2Q19 Financial costs unchange from both QoQ and YoY.While in H1/2019, an increase was due to a rising policy interest rate during 2018 and repayment of loan in JPY that has low-interest rate.
9.8% 14.8%
90.2% 85.2%
2018 2Q19Fixed rate Floating rate
+0.5% YoY
Stable financial cost with below industry average KdFinance cost and Kd (%)
+1.0% YoY
+2.7% YoY
252 259
2.9% 3.3%
1H18 1H19
Core profitHalf year prevails despite lower share profit and asset monetization
27
477 412 405 454 433
54.5%49.6% 49.7%
56.2%51.0%
2Q18(restated)
3Q18 4Q18 1Q19 2Q19
Core profit Core profit margin
Core profit:For 2Q19, YoY drop in core profit due to (1) Japan asset monetization (2) lower shares of profit as slightly lower wind speed and interest expense raised in the Philippines and maintenance shutdown of a geothermal power plant. On QoQ basis, despite newly COD of “Lomligor”, lower share of profits from Indonesia and the Philippines cause a drops.Overall, first-half of 2019 core profit still prevails YoY from newly COD and full period recognition of two “WVO” solar projects along with favorable weather.
Unit: THB million
Core profit & Core profit margin (%)
Remark: Core profit equals to net profit minus FX gain/loss and one-time items
871 887
52.0% 53.6%
1H18 1H19
+1.7% YoY-9.2% YoY-4.7% QoQ
Net profitFX and one-time item boost growth from core performance
28
388
1,139
310492 464
44.4%
137.3%
38.0%60.9% 54.7%
2Q18(restated)
3Q18 4Q18 1Q19 2Q19
Net profit Net profit margin
Net profit:FX gain in 2Q19 and one-time item in 2Q18 is another boost that drive YoY growth in net result from recurring profit. On QoQ basis, still slightly declined from the lower FX gain.All in all, FX and one-time item in 1H18 has widen the gap from YoY difference in net profit of 1H19.
+19.5% YoY
Unit: THB million
Net profit & Net profit margin (%)
770955
46.0% 57.7%
1H18 1H19
+24.0% YoY
Remark: Core profit equals to net profit minus FX gain/loss and one-time items
-5.6% QoQ
Financial position
48.0% 48.8%
49.3% 49.3%
31,558 31,490
2018 2Q19
Equity Other Liabilities Interest-bearing debt
1.26 1.08 1.05
2017 2018 2Q19
D/E Ratio
D/E Ratio Covenant
Covenant = 3.0x
29
Total assets
0.30 0.32 0.16
0.31 0.32
0.61 0.64 0.16
68.5% 57.7% 64.0%
2017 2018 1Q19Second half performanceFirst half performance
Total dividend (THB/Share)
DPR
Dividend Payment
Dividend policy = not less than 40% of the Company’s net profit based on separated Financial Statement
Healthy financial position as well as providing satisfactory dividend payment
12.84 15.1612.16
2017 2018 2Q19
ROE (%)
ROE
We use Technology to create Sustainability
2019 Social Business Day By Yunus Foundation
Evolving the world through the greener ways.
33
Appendices
Financial Statement
34Remark: *Restated **Excluding gain/(loss) on FX and one-time items
Overall business performance
Unit: THB million 2Q18* 2Q19Change
(%)1Q19
Change (%)
1H18 1H19Change
(%)
Revenue from sale and redering of service 873.8 847.6 -3.0% 807.8 4.9% 1,675.3 1,655.4 -1.2%Cost of sale and rendering of services (247.5) (223.6) -9.6% (206.9) 8.0% (487.0) (430.5) -11.6%Gross profit 626.4 624.0 -0.4% 600.8 3.9% 1,188.3 1,224.9 3.1%Administrative expenses (134.4) (132.4) -1.5% (144.3) -8.3% (280.5) (276.7) -1.3%EBITDA 670.6 651.5 -2.8% 609.5 6.9% 1,262.9 1,261.0 -0.2%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%Operating profit 492.0 491.6 -0.1% 456.5 7.7% 907.8 948.2 4.4%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%Share of profit of investment in associates (11.8) 62.3 629.5% 121.7 -48.8% 88.0 184.0 109.1%Other income/(expense) 102.5 6.3 -93.9% 2.6 140.9% 104.8 8.9 -91.5%Gain/(loss) on foreign exchange (66.7) 31.2 146.8% 37.6 -17.1% (79.6) 68.8 186.5%EBIT 527.7 529.1 0.3% 496.8 6.5% 933.0 1,025.9 10.0%Finance costs (129.5) (130.1) 0.5% (128.9) 1.0% (252.2) (259.0) 2.7%EBT 386.5 461.3 19.4% 489.6 -5.8% 768.8 950.9 23.7%Income tax expense (benefit) 1.7 2.5 52.9% 1.9 32.7% 1.3 4.5 238.8%Net profit 388.2 463.8 19.5% 491.6 -5.6% 770.1 955.4 24.1%Recurring profit ** 476.6 432.6 -9.2% 453.9 -4.7% 871.4 886.6 1.7%Basic Earnings per Share (THB) 0.20 0.23 15.0% 0.25 -8.0% 0.39 0.48 23.1%
Financial Statement
35
Unit: THB million 2018% of total
assets2Q19
% of total assets
Change (%)
Cash and cash equivalents 2,425.3 7.7% 1,340.8 4.3% -44.7%Trade accounts receivable 523.8 1.7% 563.2 1.8% 7.5%Other current assets 226.1 0.7% 425.3 1.4% 88.1%Total current assets 3,175.2 10.1% 2,329.4 7.4% -26.6%Investments in associate & subsidiaries 13,500.7 42.8% 13,572.2 43.1% 0.5%Property, plant and equipment 12,945.3 41.0% 13,805.3 43.8% 6.6%Goodwill and Intangible assets 1,765.6 5.6% 1,712.0 5.4% -3.0%Other non-current assets 171.0 0.5% 70.7 0.2% -58.6%Total non-current assets 28,382.6 89.9% 29,160.2 92.6% 2.7%Total Assets 31,557.9 100.0% 31,489.6 100.0% -0.2%Short-term borrowings & current portions 1,520.6 4.8% 1,545.2 4.9% 1.6%Long-term borrowings 14,046.6 44.5% 13,989.7 44.4% -0.4%Other liabilities 848.5 2.7% 575.2 1.8% -32.2%Total liabilities 16,415.6 52.0% 16,110.1 51.2% -1.9%Equity attributable to owners of the Company 15,142.1 48.0% 15,379.3 48.8% 1.6%Non-controlling interests 0.1 0.0% 0.1 0.0% 0.0%Total liabilities and Equity 31,557.9 100.0% 31,489.6 100.0% -0.2%
Consolidated Statement of Financial Position
Financial Statement
36
Unit: THB million 1H18 1H19 YoY ChangeNet cash from (used in) operating activities 1,284.1 825.5 (458.6)
Net cash from (used in) investing activities (1,092.1) (1,161.1) (69.0)
Net cash from (repay to) financing activities (80.7) (710.1) (629.4)
Net increase in cash and cash equivalents 111.3 (1,045.7) (1,157.0)
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
93.5 (38.8) (132.3)
Cash and cash equivalents at end period 2,208.8 1,340.8 (868.0)
CAPEX (1,094.9) (1,162.7) (67.8)
Consolidated Statement of Cash Flows
Conventional solar & wind projects in Thailand
37
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 5/08/11 *BCPG 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
Contracted capacity of 147.9 MW
Remark: * BCPG 1 encounter flood from Oct 2011 to Mar 2012 result in delaying adder expiration timeline to Feb 2023
Other solar projects in Thailand
38
Total contracted capacity in pipeline of 23.4 MW as of 2Q19. COD target by 2019.
No. 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 0.379 MW 25 Private PPA Under construction
5 Rooftop Commercial Partner CMU Mueang, Chiangmai
12.0 MW 26 Private PPA Under construction
6 Rooftop Mixed Partner Lots Several cities 9.62 MW 15-25 Private PPA In progress
7 Floating Industrial Partner BangchakBiofuel
Bang pa-in, Ayutthaya
0.2 MW 25 Private PPA In progress
Conventional solar projects in Japan
39
Contracted capacity of 14.7 MW
39
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 1H20
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 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
Group’s Business Structure
40
Public
BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG BBP 1 BPP 2
Thailand
Singapore
99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9%
BSEH
100.0%
BSEH SEGHPL
33.3%
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
