Ticker: BCPG (SET) 5Yrs BCPGbcpg.listedcompany.com/misc/presentation/20200827-bcpg...2020/08/27 ·...

1

Analyst Meeting2Q20 Results27 August 2020Ticker: BCPG (SET)

BCPG5Yrs

Thank you for believingand helping change the world

with the clean energy

2

Strategic directions

Recent developments

Performance & Guidelines

Agenda

3


Recent developments


Agenda

4

…achieved MW target 1,000MWe Solar by 2020

…generation output grows by 8X during 2016-19 and

counting

…green energy to hedge against growing concern of

carbon emission

10%

71%

2016 2019

BCPG Co2 reduction as % of BCP emission

0.8Mt CO2e

4Generation Output (GWh)

254

1,651

2016 2019

8x

130 470

1,366 368

643

2016 2020 2020 MW solar eqMW

Operating MWCommitted MW in pipeline

2,009MWe Solar

838MW

5-Year reflection (2016-2020)

…a cashflow generating vehicle thru disciplined payout

1,373

1,215 1,279 1,270

2016 2017 2018 2019

Dividend paid to Shareholders (m THB)

…our TSR outperforms renewable peers since IPO

Total Shareholder Return (Times)

3.721.86

0.89

BCPG Pre-IPO BCPG Post-IPO Peer

5-Year reflection (2016-2020)

…a growth platformas well as portfolio stabilizer

2,263

3,361

2016 2019

14% p.a.

EBITDA (m THB) 5Note: EBITDA (incl. shared profit before amortization)

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 pipeline6

2016 - 2020 2026 - 20302021 - 2025

Remarks : For demonstration purposes only

Next 5 years for filling EBITDA gap with consecutive growth

Adder gap to be filled plus 2nd wave of growth

Main components to fill adder gap still confirmedAdder gap still be filled under COVID-19 from committed pipelines

Remarks : * Equity MW of 270 MW (SWAN) / For demonstration purposes only

Gap to be filled

TH Solar Rooftop

TH Solar

PH Wind

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 65 - 100 MW (or Solar 160 – 250 MW)

Income contribution from existing pipeline

Share Profit from investment in Star Energy from WW unit 3

7

Current status with COVID-19 impact

“Within 2023”

Secured

“Within 2024”

Secured

All COD within 2022

“Within 2023”

Secured

“Within 2021”

“Within 2021”

✓

✓

✓

✓

✓

✓Expansion of Nabas wind farm (5.6 equity MW)

New acquisition of 20 MW of Solar farm in Thailand

Gradually COD of developing solar rooftop in pipelines 15.2 MW

✓

✓

✓

8

Human capital

Financial

Business

Focusing utility-scale in domestic and neighboring countries as top priority

Operating – Quick win to generate immediate cashflowGreenfield - Medium to long term

Geog

raph

ies

Remaining on renewable energy while focusing on Solar, Wind and Hydropower energy

Tech

nolo

gies

Inve

stmen

t sta

ge

Accelerating growth thru organic and inorganic actions

“Onboarding utility-scale assets thru organic and inorganic actions”

9

Accelerating growth by focusing on utility-scale projects

10

Beyond planned investment

2020* 2021 2022 2023 2024 2025

THB

mn

CAPEX plan 2020 – 2025 of THB 40,000 mn

Pipeline (Exc. SWAN) SWAN New projects

Majority investment are from pipeline’s top up and timed as capital raising have designed

Remarks : For demonstration purposes only / * 2020 CAPEX including debt repayment of RPV and Nam San 3A & 3B

Yearly distribution Proportionate

Capital raising THB10,235 mn

Source Amount (THB mn)

Right offering 2,875

Private placement 4,502

Warrants* 2,858

Total proceeds 10,235

* Warrants exercised period are designed to meet timing of fund usage.

13

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

14

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

The cross-border PPA has been negotiated to mitigate those risk which are not accepted by international lenders

Cross-border hydropower PPA

Nam San 3A 69 MWOperating

Nam San 3B 45 MWOperating

Transmission LineDeveloping

15

Thailand

Cambodia

Vietnam

32 1

5

Swan Project600 MWDeveloping

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

BCPG’s Regional Plan

Nam San 3A & 3B HPP milestones

Prime Minister’s Approval

PPA signed with EVN

- Acceptance of Grid Study- Tariff Negotiation Range- Project Timeline

- Inclusion of Energy Import into VN’s PDP - Construction of transmission line in VN- COD by 2022- Tariff Ceiling Price

- Signing of Definitive PPA and other ancillary agreements

3 steps of PPA issuance process completed, transmission line is well under wayCross-border PPA milestones: Hydropower

23

6-months process

Transmission line constructionJan-2020

16

Tariff MOU: Hydropower✓

✓

✓

1

Switc

h of

f-tak

er to

EV

N wi

thin

2022

17

Lao-VN 600MW Wind Farm milestones

PPA to be signed with EVN

Expecting PPA to be signed within 2020Cross-border milestones: Wind farm

1

2

Project and transmission line construction

Aug-2020

17

34

Financial close

- EPC Awarded - Financing in place

To b

e CO

D wi

thin

2023

Prime Minister’s Approval

- Acceptance of Grid Study- Tariff Negotiation Range- Project Timeline

- Inclusion of Energy Import into VN’s PDP - Construction of transmission line in VN- COD by 2022- Tariff Ceiling Price

Tariff MOU: Wind Farm✓

✓

18


Recent developments


Agenda

19

Recent developments

79 km Transmission Line Border 45 km

Nam San 3A

Nam San 3B 1

2 3

“JV with prominent partner from Singapore”District cooling development in CHULA Smart city

“Synergy from scaling plant operation’

New 20 MW Solar TH acquisition

“On track despite COVID-19”Transmission line cross-border construction

“PPA and EPC negotiation”

Nabas-2 development on progress

“3 sites to COD in 2021, 1 in 2022”

Target COD still confirm

20

861.9 MWppa

142.5 + 20 MW 15.2 MW

THAILAND

Operating Developing

157.5 MW 24.0 MW

INDONESIA


14.4 MW 5.6 MW

THE PHILIPPINES


14.7 MW 75.0 MW

JAPAN


114.0 MW

LAOS

Unit: Contracted capacity or equity MWppa

9.0 MW

452.1 20.0 390.1

Operating New acquisition Developing

270.0 MWDevelopingOperating

Business footprints in 5 countries in Asia

21

299.0 MW, 34.7% (275.6 MW under

development)

181.5 MW, 21.1% (24.0 MW under

developing)

267.4 MW, 31.0% (105.2 MW developing, 20.0 MW acquisition)

114.0 MW, 13.2%

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 %)

861.9 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 202522

…......

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 *

Portfolio growth from existing pipelines

23

New acquisition: 20 MW of Solar TH3 Adders 1 FIT. Acquisition opportunity widely open

Proje

ct de

tails

No. Projects LocationTariff Power

StructureContracted

Capacity (MW)COD

1 RPV Energy KanchanaburiAdder THB

8/kWh

5.015/10/12

2 JKR Energy Kanchanaburi 5.0

3 Lopburi Solar Lopburi 5.0 4/2/14

4 Prachinburi Solar Prachinburi FiT: THB 5.66/kWh 5.0 30/12/16

1-23

4

Enhancing existing cash flowSharing cost with BCPG’s sites in each area. Opportunity from declined of financial market also support assets refinance.

347

170

300

148

2019 1H20

Revenue EBITDA

Income statement *

* Data for guidelines as per management opinion

Unit: THB million

24

PMCU District Cooling PlantNew innovative smart energy project in the center of the city

Largest district cooling systems developer from Singapore

DCS

plan

t

JV partners (BCPG hold 60%)

Leading engineer and environmental integrated consulting firms in Thailand

CHULA smart city district cooling

Target COD: 2022 (1st phase) / 2027 (fully complete)

Cooling capacity: 18 kRT*

Project life: 20 yrs

Remarks : * kRT stand for thousand Refrigeration tons

25

Target COD still confirm

25 MW

20 MWYabukiCOD 2H21

Chiba 1COD 3Q21

Chiba 2COD 2H22

20 MW

10 MW

S1

S19

S11

TarumizuGotemba

Total operating capacity 14.7 MWppa

KomaganeCOD 3Q21

Total developing capacity 75.0 MWppaDespite majority of portfolio in Japan free from curtail, 2H20 also have limited impact on the curtailed plants since 1H20 curtail days almost reach maximum.

*Including developing projects

Curtailment impact

No curtailment impact

Projects update in Japan

ENIPAS* Act (2018) passed allowing RE to operate in Protected Areas

Securing environmental licenses

Negotiation process with off-taker for PPA

Negotiation with EPC contractor

26

Nabas-2 project update

*ENIPAS - Expanded National Integrated Protected Areas System

Nabas-2 (Expansion) recap

Capacity: 14.4 MW (Equity MW of 5.6)

Target COD: 2023

Project financing: Debt 70% : Equity 30%

Project life: 25 yrs

Expansion is on the way


✓

27

220 kV transmission line construction in progress

Transmission line in the North: LA-VNMilestones tracking

1

79 km Transmission Line Border 45 km

Nam San 3A

Nam San 3B

Steel binding and Formwork installation

Foundation Excavation

Substation construction2

Switching station at border3

1

2 3

Despite COVID-19 impact, transmission line construction is started as planned.

28


Recent developments


Agenda

29

By numbers

EBITDA Despite low season hydro, EBITDA prevails

860.0 (+20.5% YoY)

Unit: THB mn

Net profitPeak is yet to come and a bit of FX loss

354.8 (-23.5% YoY)

MWppaNam San 3A and Nam San 3B

452.1 (+34.7% YoY)

D/E Rise but headroom (3.00x) still available

1.87x (vs 1.78x Dec 2019)

Key takeaway

EBITDA drive by 3A and 3B and more from lower shutdown days of geothermal power plants in Indonesia.

1

Generally peak of hydro in 2nd half is yet to come with unrealized FX loss in 2Q20 has negative impact to the bottom line.

2

Ordinary rise of leverage, after acquisition, still left headroom under covenant.

3

Operating Revenue New projects drive YoY

969.6 (+14.4% YoY)

Financial highlights for 2Q20

30

By numbers

EBITDA Despite low season hydro, EBITDA prevails

1,684.5 (+16.6% YoY)

Unit: THB mn

Net profitPeak of hydro is yet to come

928.5 (-2.8% YoY)

MWppaNam San 3A and Nam San 3B

452.1 (+34.7% YoY)

D/E Rise but headroom (3.00x) still available

1.87x (vs 1.78x Dec 2019)

Key takeaway

EBITDA drive by 3A and 3B and more from lower shutdown days of geothermal power plants in Indonesia.

1

FX gain absorb low season performance from hydropower which the peak in 2nd half is yet to come.

2

Ordinary rise of leverage, after acquisition.3

Operating Revenue New projects drive YoY

1,856.0 (+12.1% YoY)

Financial highlights for 1H20

782.3 771.4 752.4

1,538.7 1,523.8

2Q19 1Q20 2Q20 1H19 1H20TH (Solar) TH (Wind) TH (Other)

-3.8% YoY

-1.0% YoY-2.5% QoQ

73.3 71.3 71.9145.2 143.3

17.8% 17.1% 17.2% 17.8% 17.2%

2Q19 1Q20 2Q20 1H19 1H20Generation Capacity factor (%)

+0.8% QoQ

-1.9% YoY

-1.3% YoY

TH performanceSlightly declined from unfavorable weather for both Solar and Wind

142.5 MW + 15.2 MW + 20.0 MW

31

Unit: GWh Unit: GWh

Power generation & Capacity factor (%)

Slightly less favorable weather in Thailand YoY are the main cause of decline in power generation.

Wind speed in Lomligor decrease both QoQ and YoY. While 1H20 growth come from full first half operation compare to 1H19 that COD since April 2020.

9.0 MW

Revenue (TH)

Unit: THB million

Unfavorable weather for both solar and wind power plant cause operating revenue in Thailand to drop.

2.53.9

1.7 2.5

5.6

13.1%

17.7%

7.9%

13.1% 12.8%


-32.4% YoY

-55.5% QoQ +119.5% YoY

65.3

42.5 60.5

116.7 102.9

2Q19 1Q20 2Q20 1H19 1H20JP (Solar) JP (Other)

-7.4% YoY

-11.8% YoY+42.3% QoQ

JP performance

32

Back to high season, limited impact from curtailment in 2nd halfPower generation & Capacity factor (%) Revenue (JP)

Unit: THB million

5.43.1

4.8

9.57.9

14.3%

8.6%12.6% 12.7% 10.6%


+53.1% QoQ

-11.0% YoY

-16.4% YoY

For Quarterly, Entering high season of solar in Japan again led to QoQ jump while curtailment still drag YoY. Anywise, expected a limited impact from curtailment in 2H20 as current average curtail days almost reach maximum.

Unit: GWh

14.7 MW + 75.0 MW

72.5

156.7

229.3

2Q19 1Q20 2Q20 1H19 1H20

LA (Hydro)

+116.2% QoQ

34.3

73.0

107.418.2%

29.3%26.5%


+112.6% QoQ

LA Performance

33

Full quarter recognize from 3B, high season from hydropower coming soon

Revenue (LA) Power generation & Capacity factor (%)

Unit: GWh

114.0 MW

First full quarter recognition of Nam San 3B and partial gain from high season in late 2Q20 drive revenue QoQ. 2H20 will be the first time that fully lifted by high season of hydropower which generally have a major portion of power generated from whole year.

Unit: THB million

169.8228.4 214.0

357.8442.4

2Q19 1Q20 2Q20 1H19 1H20

+23.6% YoY

+26.0% YoY

-6.3% QoQPower generation & Capacity factor (%)

297.8 318.2 316.9

603.7 635.1

92.2% 96.7% 96.3% 93.0% 96.5%

2Q19 1Q20 2Q20 1H19 1H20Generation * Capacity factor (%)

+6.4% YoY

-0.4% QoQ +5.2% YoY

ID PerformanceGeothermal power plants in Indonesia

34

Unit: THB million

Quarterly, Lower shutdown days rise in share of profits from geothermal power plant YoY. On QoQ, one-time item help net share of profit to jump despite slightly decline of tariff.

Share of profit

Remark: *Generation based on holding percentage

Amortization (95.4) (94.5) (96.5) (190.9) (190.9)

One-time items - (66.7)* - - (66.7)*

Net share of profit 74.4 67.2 117.6 166.9 184.8*Including Tax provision THB 23.9 mn and Allowance for account receivable THB 42.8 mn.

Lower shutdown days in the 1st half led to rise

Unit: GWh

157.5 MW + 24.0 MW

-3.9

32.3

-6.9

33.425.4

2Q19 1Q20 2Q20 1H19 1H20

-24.0% YoY-121.3% QoQ

-75.4% YoY

PH PerformanceWind power plant in the Philippines

35

Low season once again

Remark: *Generation based on holding percentage

7.114.4

5.8

23.720.2

22.6%

45.8%

18.5%

37.9% 32.1%

2Q19 1Q20 2Q20 1H19 1H20Generation * Capacity factor (%)

+53.1% QoQ

-11.0% YoY

-16.4% YoY

Power generation & Capacity factor (%)

Unit: GWh

14.4 MW + 5.6 MW

Amortization (8.2) (8.1) (8.2) (16.3) (16.3)

One-time items - - - - -

Net share of profit (12.1) 24.2 (15.1) 17.1 9.1

In 2Q20, off-monsoon season cause wind speed to sharply decline QoQ. For the half year drop, there are impact from lower wind speed and transmission line maintenance in 1Q20.

Unit: THB million

Share of profit

713.8 824.5 860.0

1,445.01,684.5

2Q19 1Q20 2Q20 1H19 1H20

+20.5% YoY

+16.6% YoY+4.3% QoQ

Remark: EBITDA from operation including share of profit from associates (after amortization and before one-time items)

Low season in hydropower but still a persistent growth in EBITDA

36

EBITDA (Incl. shares of profit)

Persist growth in EBITDA despite low season of wind power plants in the Philippines. Mainly thanks to 1) hydropower plants, fully recognize and partial high season2) lower shutdown days of geothermal in Indonesia

Financial Performance: Revenue & EBITDA

847.6 886.4 969.6

1,655.4 1,856.0

2Q19 1Q20 2Q20 1H19 1H20Thailand Japan Lao PDR

+12.1% YoY+9.4% QoQ

+14.4% YoY

YoY growth of operating revenue mainly cause by recognition of Nam San 3A and fully for Nam San 3B.

Unit: THB millionUnit: THB million

Revenue

130.1187.5 220.3 259.0

407.9

3.37% 3.29% 3.36% 3.36% 3.33%

2Q19 1Q20 2Q20 1H19 1H20Interest expense Effective Kd (%)

+57.5% YoY+17.5% QoQ

+69.3% YoY

3737

Unit: THB million

IBD breakdown by maturity IBD breakdown by currency

9.8% 19.4% 20.1%

90.2% 80.6% 79.9%

2018 2019 2Q20< 1 year Due after 1 year

51.1% 58.8% 48.1%

43.0% 30.6% 24.3%

5.9% 10.6%27.6%

2018 2019 2Q20THB JPY USD

IBD breakdown by Fixed-Floating rate

Rise in interest expense after major acquisitions. Effective cost of debt still maintain. From continuously decline in current market interest rate, led to an enjoyment of floating rate part (almost 90%) in the 2nd half.

9.8% 10.6% 10.9%

90.2% 89.4% 89.1%

2018 2019 2Q20Fixed rate Floating rate

Finance cost and Kd (%)

Remark: The average finance costs calculated by a simple average method.

Cost of debt will soon show declined

Finance cost

38

High season of hydropower is yet to come Core profit & Core profit margin (%)

Remark: Core profit equals to net profit minus FX gain/loss and one-time items

Unit: THB million

Net profit & Net profit margin (%)

Core profit & Net profit

Unit: THB million

432.6 403.7 377.1

886.6 780.8

51.0% 45.5% 38.9%53.6%

42.1%

2Q19 1Q20 2Q20 1H19 1H20Core profit Core profit margin (%)

-12.8% YoY

-6.6% QoQ -11.9% YoY

463.8 573.7354.8

955.4 928.5

54.7%64.7%

36.6%

57.7% 50.0%

2Q19 1Q20 2Q20 1H19 1H20Net profit Net profit margin (%)

-32.4% YoY

-38.2% QoQ -2.8% YoY

Low season performance of hydropower plants is the major cause. But the next half way of this year will generate more than half of hydropower compare to a whole year..

Apart from core operation, 2Q20 also pressured by FX loss compare to the gain from both QoQ and YoY. While half year offset by a huge gain in 1Q20.

39

48.0% 41.9% 34.9%

49.3% 53.5% 62.6%31,558

37,13742,688

2018 2019 2Q20

Equity Other Liabilities Interest-bearing debt

1.08 1.391.87

2018 2019 2Q20

D/E Ratio

D/E Ratio Covenant

Covenant = 3.0x

Total assets

0.30 0.32 0.320.31 0.32 0.32

0.61 0.640.64

68.5% 57.7% 71.1%

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

Headroom of Leverage is still available

15.1611.74 11.72

2018 2019 Trailing 12mths

ROE (%)

ROE

* Subjected to AGM approval

Financial position

40

Capital raising: Offering Structure

Share

Right Offering

(“RO”)

2,875.0 MB

250.0 M.Shares

11.50 Baht/Share

Offering Structure

ESOP Warrant #2

317.9 MB

20.0 M.Shares

13.70 Baht/Share (+ 10% p.a.)

Share

Private Placement

(“PP”)

4,502.3 MB

391.5 M.Shares

11.50 Baht/Share

Warrant

for RO and PP

Subscribers

2,857.6 MB

357.2 M.Shares

8.00 Baht/Share

W_RO 178.6 M.Shares (W1&W2)

W_PP 178.6 M.Shares (W3)

Share

Private Placement

for New Project

283.0 M.Shares

Offer at Market Price

41

Capital raising: Numbers recapExpected Equity Funding (Excluding ESOP#2)

Conversion Ratio

Existing shares : RO share 8.000000 : 1

RO shares : W_RO#1 (BCPG-W1) 2.800000 : 1

RO shares : W_RO#2 (BCPG-W2) 2.800000 : 1

PP shares : W_PP1 (BCPG-W3) 2.192400 : 1

Exercise Period 2563 2564 2565 2566

RO & PP1 ✓

W_RO#1 (BCPG-W1) ✓ ✓

W_RO#2 (BCPG-W2) ✓

W_PP1 (BCPG-W3) ✓

PP2 (New Project) [✓]*

PP2 (New Project)

PP1

*Subject to approval of New project

42

Equity Raising – Holding proportion

Remark: PP1 are private placement @ THB 11.50 per share (391.5 m. shares + warrants) / PP2 are private placement @ market price (283 m. shares)

Existing shareShares after Equity Raising

Without PP2 With PP2

Total shares outstanding (mn shares)

2,000 3,019 3,302

Hold

ing

prop

ortio

n (%

) 1. BCP 70% 56% 51%

2. Others 30% 24% 22%

3. PP1* - 19% 17%

4. ESOP - 1% 1%

5. PP2** - - 9%

Total 100% 100% 100%

43

Timeline

Subscriptionperiod for RO

New SharesListed on SET

7 Oct 20 Early Nov 20 * Within Nov 20

BCP & BCPGBoD

Meeting

20 Aug 20

PP Investors’ Subscription Day

(Record Date for RO @ 15 Oct 20)

RO&PP timeline recapEGM

XR

* Subscription period of RO and PP will be announced after EGM approval

3 months before completion of process

14 Oct 20

44

Guidance Plan

2020 2021EBITDA (incl. share of profit from associates*)

Expect to grow 20% -

CAPEX THB 8,000 mn THB 18,000 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)

Guideline 2020

45

Q&A

47

Financial StatementOverall business performance

Unit: THB million 2Q19 2Q20 ∆ (%) 1Q20 ∆ (%) 1H19 1H20 ∆ (%)

Revenue from sale and redering of service 847.6 969.6 14.4% 886.4 9.4% 1,655.4 1,856.0 12.1%Cost of sale and rendering of services (223.6) (358.1) 60.2% (308.9) 15.9% (430.5) (667.0) 54.9%Gross profit 624.0 611.5 -2.0% 577.5 5.9% 1,224.9 1,189.0 -2.9%Administrative expenses (132.4) (114.2) -13.7% (147.5) -22.6% (276.7) (261.7) -5.4%Operating profit 491.6 497.3 1.2% 430.0 15.7% 948.2 927.3 -2.2%

Share of profit of investment in associates (exlcuding one-time item)

62.3 102.4 64.4% 158.2 -35.2% 184.0 260.6 41.6%

EBITDA 713.8 860.0 20.5% 824.5 4.3% 1,445.0 1,684.5 16.6%Other income/(expense) 6.3 3.3 -47.1% 7.7 -56.8% 8.9 11.0 23.8%One-time item from investment in associates 0.0 0.0 NA (66.7) NA 0.0 (66.7) NAFX gain/(loss) 31.2 (98.4) -415.2% 325.1 -130.3% 68.8 226.8 229.4%EBIT 529.1 402.3 -24.0% 696.1 -42.2% 1,025.9 1,098.4 7.1%Finance costs (130.1) (220.3) 69.3% (187.5) 17.5% (259.0) (407.9) 57.5%EBT 461.3 284.4 -38.4% 666.8 -57.4% 950.9 951.1 0.0%Income tax expense (benefit) 2.5 70.4 NA (93.0) -175.6% 4.5 (22.7) -607.9%

Income tax expense (benefit) 2.5 (6.7) NA (6.9) NA 4.5 (13.6) -405.9%Tax related to FX gain/(loss) 0.0 77.1 NA (86.1) NA 0.0 (9.0) NA

Minority interest 0.0 0.0 NA (0.0) -177.7% 0.0 (0.0) NANet profit 463.8 354.8 -23.5% 573.7 -38.2% 955.4 928.5 -2.8%Recurring profitิ * 432.6 377.1 -12.8% 403.7 -6.6% 886.6 780.8 -11.9%Basic Earnings per Share (THB) 0.23 0.18 -21.7% 0.29 -37.9% 0.48 0.46 -4.2%Remark:*Excluding gain/(loss) on FX and one-time items

48

Financial Statement

Unit: THB million 2019% of total

assets2Q20

% of total assets

∆ (%)

Cash and cash equivalents 1,445.2 3.9% 3,755.5 8.8% 159.9%Trade accounts receivable 640.4 1.7% 791.3 1.9% 23.6%Other current assets 367.2 1.0% 104.1 0.2% -71.6%Total current assets 2,452.9 6.6% 4,650.9 10.9% 89.6%Investments in associate & subsidiaries 13,623.8 36.7% 12,749.0 29.9% -6.4%Property, plant and equipment 13,675.6 36.8% 13,900.1 32.6% 1.6%Goodwill and Intangible assets 7,002.1 18.9% 10,546.7 24.7% 50.6%Other non-current assets 382.3 1.0% 840.8 2.0% 120.0%Total non-current assets 34,683.7 93.4% 38,036.6 89.1% 9.7%Total Assets 37,136.6 100.0% 42,687.5 100.0% 14.9%Short-term borrowings & current portions 3,855.0 10.4% 5,367.4 12.6% 39.2%Long-term borrowings 16,026.1 43.2% 21,333.7 50.0% 33.1%Other liabilities 1,700.3 4.6% 1,098.8 2.6% -35.4%Total liabilities 21,581.4 58.1% 27,799.9 65.1% 28.8%Equity attributable to owners of the Company 15,505.7 41.8% 14,838.1 34.8% -4.3%Non-controlling interests 49.4 0.1% 49.4 0.1% 0.0%Total liabilities and Equity 37,136.6 100.0% 42,687.5 100.0% 14.9%

Consolidated Statement of Financial Position

Unit: THB million 1H19 1H20 YoY ChangeNet cash from (used in) operating activities 825.5 1,599.5 774.0

Net cash from (used in) investing activities (1,161.1) (4,718.2) (3,557.1)

Net cash from (repay to) financing activities (710.1) 5,624.5 6,334.6

Net increase in cash and cash equivalents (1,045.7) 2,505.8 3,551.5

Cash and cash equivalents at 1 January 2,425.3 1,445.2 (980.1)Effect of exchange rate changes on balances held in foreign currencies

(38.8) (195.6) (156.8)

Cash and cash equivalents at end period 1,340.8 3,755.5 2,414.6

CAPEX (1,162.7) (4,716.6) (3,553.8)

Consolidated Statement of Cash Flows

49

Financial Statement

50

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.

9.5 8

Adder THB 8/kWh

PEA 5/08/11BCPG 2 35.5 30 EGAT 16/07/12

2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.0 16

PEA

6/03/133 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.0 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 12.5 8 24/04/147 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.5 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

Conventional solar & wind projects in Thailand

51

No. ProjectLocation Operating

Entity% of

Shareholding

Installed Capacity

(MW)

Contracted Capacity

(MW)Tariff Power Structure Off Taker COD

Province

16 RPV Energy Kanchanaburi BSEPH 99.9 6.3 5.0

Adder THB 8/kWhPEA

(25 years)

15/10/12

17 JKR Energy Kanchanaburi BSEPH 99.9 6.3 5.0 15/10/12

18 Lopburi Solar Lopburi BSEPH 99.9 6.3 5.0 4/02/14

19 Prachinburi Solar

Prachinburi BSEPH 99.9 5.0 5.0 FiT: THB 5.66/unit 30/12/16

Conventional contracted capacity totaling of 20.0 MW

Conventional solar & wind projects in Thailand(cont’)

52

Total contracted capacity in pipeline of 15.2 MW as of 2Q20. COD target by 2021. 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/Residential

Partner Escape, Sansiri

Lam Luk Ka, Phathum Thani

0.277 MW25 Private PPA COD 1/2/2020

5 Rooftop Industrial Partner PCF, Sansiri Pak Chong, Nakhon Ratchasima

0.063 MW25 Private PPA COD 1/2/2020

6 Rooftop Commercial Partner Sansiri Several cities

3.2 MW

25 Private PPA Under construction

7 Rooftop School Partner Satit pattana Bangkok 25 Private PPA Under construction

8 Rooftop Gas station Partner Lots Several cities 15 – 20 Private PPA Under construction

9 Rooftop Commercial Partner CMU Mueang, Chiangmai 12.0 MW 26 Private PPA Under construction

10 Rooftop Mixed Partner Lots Several cities 17.6 MW 15-25 Private PPA In progress

Other solar rooftop projects in Thailand

53

Contracted capacity of 14.7 MW

53

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 3Q21

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 3Q21

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

Conventional solar projects in Japan

54

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 [To be provided] [To be provided] 2023 onwards Mar-19

Hydropower and wind projects in CLMV

55

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%

Group’s Business Structure

RPV

99.9%

JKRAQU

LS PS

99.9%99.9%

99.9% 99.9%

New acquisition

BSEPH

99.9%

New holding

56Survey link

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