1Q19 results Opportunity Day 23 rd May 2019 DISCLAIMER The - - PowerPoint PPT Presentation

1q19 results
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1Q19 results Opportunity Day 23 rd May 2019 DISCLAIMER The - - PowerPoint PPT Presentation

1Q19 results Opportunity Day 23 rd May 2019 DISCLAIMER The information contained in this presentation is intended solely for your reference. This presentation contains forward - looking statements that relate to future events, which are, by


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1Q19 results

Opportunity Day

23rd May 2019

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DISCLAIMER

The information contained in this presentation is intended solely for your reference. This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical fact contained in this presentation including, without limitation, those regarding Banpu Power’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where Banpu Power participates or is seeking to participate and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which Banpu Power will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. Banpu Power does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. The information set

  • ut herein 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. Banpu Power makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward- looking statements represent, in each case, only one if many possible scenarios and should not be viewed as the most likely or standard scenario. No assurance given that future events will occur or our assumptions are correct. Actual results may materially differ from those provided in the forward-looking statements and indications of past performance are not indications of future performance. In no event shall Banpu Power be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this material. Banpu Power makes no representation whatsoever about the opinion or statements of any analyst or

  • ther third party. Banpu Power does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the

content or use of any such opinion or statement. Banpu Power’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements

  • f such act or such laws.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell Banpu Power’s securities in any jurisdiction.

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Operational performance Appendix 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables Review of 1Q19 Key Takeaways Financial performance 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables 1.5 BPP consolidated

4 3 2 5 Project progress update 1

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OUR WAY IN ENERGY

Project Soc Trang Wind 80 MW: completed feasibility study

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Source: *GIZ

DEVELOPMENT MILESTONE

PHASE 1 CONSTRUCTION

2019-2020

PHASE 3 (20 MW) COD PHASE 2 (30 MW) COD PHASE 1 (30 MW) COD INVESTMENT REGISTRATION CERTIFICATE “IRC” MOU 200 MW

2016 2018

PHASE 1 (30MW) COMPLETED FEASIBILITY STUDY AND EIA

1Q19 4Q20 2Q21 4Q21 Phase 3 Phase 2 Phase 1

Average wind speed at 100 m height (m/s) 4-5 5-6 >6

VIETNAM

Soc Trang 80 MW

HANOI HO CHI MINH CITY

PROJECT INFORMATION

  • Project area: 1,600 ha
  • Estimated investment cost: US$160 M
  • Offtaker: Electricity of Vietnam (EVN)
  • Average wind speed: 6.5-7 m/s*
  • Ownership: 100%

SOC TRANG BAC LIU

BPP’S WIND PROJECT

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OUR WAY IN ENERGY Area proposed for Sub-station Northern Side of Sub-station

Project Soc Trang Wind 80 MW: site photos

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OVERALL PROJECT LAYOUT Turbine Micrositting for Phase 1

SOC TRANG BAC LIU

Sub-station

110 KV T/L (6km)

Met Mast Hub Height 100 meter

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OUR WAY IN ENERGY

Project Soc Trang Wind 80 MW: public hearing

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PUBLIC HEARING AT VINH PHOUC WARD PUBLIC HEARING AT VINH CHAU WARD

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OUR WAY IN ENERGY

Project Kurokawa Solar 18.9 MW: system installation

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54%

1Q19 COD 4Q19

Pond work Electrical work Panel foundation Solar panel installation

Start construction 3Q18

Next step:

  • Continue to complete

drainage system and pond

  • Installation of piling an

racking system

  • Installation of PV panel

electrical work

  • Grid Connection and system
  • COD is expected by

December 2019

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OUR WAY IN ENERGY

Project Yamagata Solar 20 MW: achieved 75% completion

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75%

1Q19

Next step:

  • Construction progress at

slower pace to be in line with Grid construction completion

  • Resume construction

racking system in 2H19

  • To install PV panel 1H2020
  • Grid connection date and

substantial completion within 2H2020

PV panel installation PV panel installation Completion of racking installation Mockup for (snow) load test

Start construction 3Q18 COD 3Q20

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OUR WAY IN ENERGY

Project Yabuki Solar 7 MW: progress on site preparation

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10%

1Q19 COD 3Q20

Underground drainage* Soil erosion protection Land deforestation work Project layout

Start construction 3Q18

Next step:

  • To complete site

preparation within 3Q19

  • Continue with drainage

system and pond

  • Installation of piling an

racking system and Installation of PV panel within 1H20

  • Grid connection date and

substantial completion within 2H20

Note: *Pipe Installation

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OUR WAY IN ENERGY

Project SLG 1,320 MW*: achieved 51% completion

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Note: *Based on 100% basis

51%

1Q19 COD under review Start construction 2016

Boilers:

  • Unit 1: Working on constructing of turbine platform
  • Unit 2: Turbine unit and various pipelines are under

installation; induced fan installation 80% completed

OVERALL PROJECT LAYOUT

Unit 1 Unit 2

Indirect cooling tower: concrete structure completed; Internal circulating pipeline under installation

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OUR WAY IN ENERGY

Project SLG 1,320 MW*: achieved 51% completion

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Chemical building Boiler 2 unit primary fan, induced fan installation Boiler 1 water wall progress Unit 2 generator stator completed

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Project Luannan phase III 52 MWe: progress on track

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76%

April 2019 COD 2019

  • Completed installation of turbine body,

generator and excitation transformer

  • Boiler and turbine body insulation are under
  • installation. Boiler auxiliaries are under

commissioning

  • Completed commissioning of separate

equipment of flue gas emission deep cut system

Boiler Environmental protection facilities Turbine and generators

Start construction 2Q18

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Operational performance Appendix 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables

Review of 1Q19

Key Takeaways Financial performance 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables 1.5 BPP consolidated

4 3 2 5

Project progress update

1

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OUR WAY IN ENERGY

Banpu Power 1Q19: conventional power

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Note: *EMJ = Extended Major Overhual, ** Equivalent Availability Factor (EAF) is a percentage and measures of the potential amount of energy that could be produced by the unit after all planned and unplanned losses are removed

BLCP

Resume normal operation with strong and consistent reliability

Hongsa

Completed its yearly maintenance of unit 1 for 18 days while excellent operation of unit 2 helps sustain the overall performance

  • Resume normal operation with strong

reliability reflected in EAF**of 1Q19 at 100%

  • EBITDA of THB 1.3 Bn, +129% QoQ and
  • 32% YoY
  • Profit contribution of THB 0.4 Bn
  • EAF reported at 81%
  • EBITDA of THB 3.1 Bn, improve by 5%, mainly

from saving on overhead cost

  • Profit contribution of THB 0.7 Bn

CHINA LAOS THAILAND

China CHP

Continue high demand during winter resulted in better performance QoQ, mainly driven by strong residential demand

  • Revenue of THB 1.8 Bn, slightly increase by 3%

QoQ from strong demand SLG

  • Construction progress continued, reaching at

51%

  • Expected COD adjustment to match with

transmission line construction completion

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OUR WAY IN ENERGY

Banpu Power 1Q19: renewable power

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China Solar

Better weather condition result in higher irradiation, reflect in higher power sold

  • Average capacity factor reported at 13%,

+0.8% QoQ

  • Power sold up by 10% QoQ
  • Reported revenue of RMB 34 M, up 10% QoQ

Japan Solar

Slightly increase in capacity factor from better weather conditions, reflect in higher electricity generation

  • Higher power sold from additional contribution

from Nari Aizu which COD last year

  • Reported an average capacity factor of 9.9%,

up by 0.7% QoQ

VIETNAM JAPAN CHINA

Vietnam Wind

Completed Feasibility study of phase 1 of 30 MW

  • ut of total 80 MW
  • Completed the public hearing with community

within project area and transmission line area

  • In process for technology selection and EPC

selection

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Operational performance

Appendix 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables Review of 1Q19 Key Takeaways Financial performance 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables 1.5 BPP consolidated

4 3 2 5

Project progress update

1

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BLCP operational performance

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EQUIVALENT AVAILABILITY FACTOR (EAF) (%) NET GENERATION (GWh) COAL CONSUMPTION (‘000 t) CONTRACT AVAILABLE HOUR (hr)

2,864 1,983 2,879 1Q18 4Q18 1Q19

QoQ: +45% YoY: +0.5% QoQ: +31% YoY: +0% 1,035 752 1,073 1Q18 4Q18 1Q19 QoQ: +43% YoY: +4% QoQ: +88% YoY: +0% 100% 69% 100% 1Q18 4Q18 1Q19 4,316 2,291 4,314 1Q18 4Q18 1Q19 Resume normal operation with high efficiency

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Hongsa operational performance

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COAL CONSUMPTION (‘000 t) EQUIVALENT AVAILABILITY FACTOR (EAF) (%) NET GENERATION (GWh) CONTRACT AVAILABLE HOUR (hr) 92% 89% 81% 1Q18 4Q18 1Q19 3,289 3,307 2,926 1Q18 4Q18 1Q19 4,018

4,021 3,422 1Q18 4Q18 1Q19 5,985 6,046 5,354 1Q18 4Q18 1Q19

QoQ: -12% YoY: -11% QoQ: -8% YoY: -11% QoQ: -15% YoY: -15% QoQ: -11% YoY: -11% Planned maintenance of unit 1 while excellent operation of unit 2 helps sustain the overall performance

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China CHP operational performance

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ELECTRICITY SOLD (GWh) STEAM SOLD (‘000 t) 769 647 507 599 522 669 710 582 764 2,078 1,751 1,939 1Q18 4Q18 1Q19 QoQ: +11% YoY: -7% 127 120 100 207 177 211 125 115 124 459 412 436 1Q18 4Q18 1Q19

Zouping Zhengding Luannan

QoQ: +6% YoY: -5% Strong demand during winter reflect in higher power sold Major growth come from higher steam and hot water demand from residential users

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OUR WAY IN ENERGY

China solar: total equity capacity 152.1 MWdc

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POWER SOLD (GWh) 1Q18 4Q18 1Q19 Operating capacity* (MW) 152.1 152.1 152.1

Operational solar 152.1 MW BPP’s effective ownership is 100% Deyuan 51.64 MWDC Xingyu 10.29 MWDC Huien 19.80 MWDC Haoyuan 20.00 MWDC Jinshan 28.95 MWDC Huineng 21.51 MWDC

Zhejiang Shandong Shaanxi Hubei Henan Anhui Jiangsu Shanxi Liaoning Hebei

* installed capacity at the reporting period

OPERATING CAPACITY AVERAGE CAPACITY FACTOR (%) QoQ: + 0.8% YoY: - 0.6% QoQ: +10% YoY: +3% Power sold remained strong from high average capacity factor 42 39 43 1Q18 4Q18 1Q19 13.6% 12.2% 13.0% 1Q18 4Q18 1Q19

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OUR WAY IN ENERGY

Japan solar: total equity capacity of 233.3 MWac

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1Q18 4Q18 1Q19 Operating capacity (Total MW) 21.5 58.4 58.4 Operating capacity (Equity MW) 12.6 37.1 37.1

Capacity presented on a 100% basis and equity capacity in parentheses Figure not drawn to scale Mukawa 17 MWAC (9.5) Yabuki 7 MWAC (5.3) Olympia 10 MWAC (4) Hino 3.5 MWAC (2.6) Nari Aizu 20 MWAC (15) Onami 16 MWAC (12) Yamagata 20 MWAC Kurokawa 18.9 MWAC Shirakawa 10 MWAC Kessenuma 20 MWAC Yamagata iide 200 MWAC (102) Awaji 8 MWAC (6)

Equity MW

Note: * Power sold based on 100% basis

Hiroshima 8 MWAC (8)

OPERATING CAPACITY AVERAGE CAPACITY FACTOR (%) POWER SOLD (GWh)

Operational solar Developing solar 37.1 MW Construction 44.2 MW 152.0 MW

(As of 31 March 2019)

QoQ: + 0.7% YoY: - 3% QoQ: +45% YoY: +100% Higher power sold from additional contribution from Nari Aizu which COD last year 8 11 16 1Q18 4Q18 1Q19 13.3% 9.2% 9.9% 1Q18 4Q18 1Q19 Cloudy and snowy days in winter and consolidating large snow area projects; Mukawa and Nari Aizu

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Operational performance Appendix 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables Review of 1Q19 Key Takeaways

Financial performance

1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables 1.5 BPP consolidated

4 3 2 5

Project progress update

1

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OUR WAY IN ENERGY

Note: 100% basis for availability payment (AP), energy payment (EP)

(206) 3 79 (59) (29) 729 10 336

QoQ: n.a. YoY: -26%

THB million 1,952 1,104 1,352 2,665 2,102 2,738 168 199 225 4,785 3,405 4,315 1Q18 4Q18 1Q19

QoQ: +27% YoY: -10%

1,882 558 1,279 1Q18 4Q18 1Q19

QoQ: +129% YoY: -32%

AP* EP* 1Q18 4Q18 1Q19 523 387 (46)

FX Gain/loss Based on Banpu Power’s 50% interest Deferred tax

Others TOTAL REVENUE EBITDA PROFIT CONTRIBUTION TO BPP Strong reliability and availability

BLCP financial performance

23

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Note: *100% basis for availability payment (AP), energy payment (EP)

(348) 20 (138) 957 668 871

QoQ: +7% YoY: +21%

THB million

QoQ: - 8% YoY: -12%

3,655 2,914 3,070 1Q18 4Q18 1Q19

QoQ: +5% YoY: -16% FX Gain/loss

609 734

Based on Banpu Power’s 40% interest

1Q19 4Q18 1Q19 688 3,383 3,061 2,972 2,314 2,371 2,054 5,697

5,433 5,025

1Q18 4Q18 1Q19 AP* EP* TOTAL REVENUE EBITDA PROFIT CONTRIBUTION TO BPP Though lower revenue QoQ, but lower overhead cost help improve EBITDA

Hongsa financial performance

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Based on Banpu Power’s 100% interest for Luannan and Zhengding, and 70% for Zouping Luannan Zhengding Zouping RMB/kWh RMB/t

1Q18 4Q18 1Q19

Luannan Zhengding Zouping QoQ: +32% YoY: +2% RMB million QoQ: -4% YoY: -10% QoQ: -1% YoY: -19%

1Q18 4Q18 1Q19

Luannan Zhengding Zouping

Average 1Q19 coal price of 618.5 RMB/t

RMB million RMB million 0.34 0.32 0.32 518 527 519

TARIFF* TOTAL REVENUE PROFIT CONTRIBUTION TO BPP COAL PRICE EBITDA

0.39 0.33 0.33 0.40 0.42 0.42 650 624 651 779 750 704 Luannan Zhengding Zouping

128 116 91 127 105 127 125 110 125

380 330 343

1Q18 4Q18 1Q19

20 17 14 30 19 27 46 42 37

96 79 78

1Q18 4Q18 1Q19

61 47 63

1Q18 4Q18 1Q19

China CHP financial performance

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OUR WAY IN ENERGY

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Note: RMB 1.0/kWh of FiT and subsidies for Jinshan, Haoyuan and Huineng phase 1, RMB0.83/kWh for Huineng phase 2 , and RMB0.98/kwh for Hui’en and Deyuan

CHINA SOLAR JAPAN SOLAR

QoQ: +10% YoY: 3% QoQ: +30% YoY: +4%

REVENUE EBITDA

QoQ: +100% YoY: -11%

NET PROFIT CASH DISTRIBUTION (FROM

TK INVESTMENT)

QoQ: n.a. YoY: n.a.

Based on Banpu Power’s 40-75% interest

JPY million RMB million 33 31 34 1Q18 4Q18 1Q19 9 4 8 1Q18 4Q18 1Q19 25 20 26 1Q18 4Q18 1Q19 89 1Q18 4Q18 1Q19

No schedule for cash dividend in 1Q18 No schedule for cash dividend in 1Q19

Solar business financial performance

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OUR WAY IN ENERGY

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THB million

Note: * Other i.e., hot water, subsidy for heats

864 687 706 793 691 676 231 188 222 163 146 159 2,051 1,712 1,764 1Q18 4Q18 1Q19 $55 M $52 M $65 M +3% QoQ

  • 14% YoY

China CHP Steam sales

  • 2% QoQ
  • 15% YoY

China solar +9% QoQ

  • 2% YoY

China CHP Power sales +3% QoQ

  • 18% YoY

Others* +18% QoQ

  • 4% YoY

China solar Others* China CHP Steam sales China CHP Power sales

Banpu Power: consolidated revenue

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OUR WAY IN ENERGY

Banpu Power: consolidated EBITDA

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Note: * Others i.e., hot water, subsidy for heats

523 (46) 387 609 688 734 391 176 362 119 98 137 1,634 925 1,616 1Q18 4Q18 1Q19 +75% QoQ

  • 1% YoY

China CHP +106% QoQ

  • 7% YoY

Japan solar

  • 130% QoQ

n.a% YoY SLG equity income n.a.% YoY China solar +40% QoQ +15% YoY US$28M US$50 M US$51M BLCP equity income +74% YoY Hongsa equity income +7% QoQ +21% YoY (1) (3) 10 (7) (1) (1)

SLG Japan solar China solar China CHP Hongsa BLCP

THB million

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OUR WAY IN ENERGY

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THB million

EBITDA AS REPORTED INTEREST & TAX NPAT NON- RECURRING ITEMS D&A MINORITY NP FROM OPERATION

1Q18 NET PROFIT AFTER TAX 1Q19 NET PROFIT AFTER TAX 4Q18 NET PROFIT AFTER TAX

THB million

EBITDA AS REPORTED INTEREST & TAX NPAT NON- RECURRING ITEMS D&A MINORITY NP FROM OPERATION EBITDA AS REPORTED INTEREST & TAX NPAT NON- RECURRING ITEMS D&A MINORITY NP FROM OPERATION

BLCP Hongsa China CHP China solar Japan solar SLG 523 1,342 470 609 (123) (40) (15) (872) 391 (114) 119 US$15 M

1,634

Non-recurring items:

  • FX gain THB 36.0 M
  • Hongsa court case payment (THB 901 M)
  • Other non recurring (THB 7.3 M)

Interest - Tax -

THB million

BLCP Hongsa China CHP China solar Japan solar SLG (46) 508 517 688 (155) (71) (8) 9 176 (184) 98 10 US$16 M

925

Non-recurring items:

  • FX gain THB 23.2 M
  • Other non recurring (THB 14.1M)

Interest - Tax -

BLCP Hongsa China CHP China solar SLG Japan solar

387 1,301 1,254 734 (143) (71)

(3)

(47) 362 (97) 137

US$39 M

1,616

Non-recurring items:

  • FX loss (THB 38.8 M)
  • Other non recurring (THB 8.1M)

Interest - Tax -

(1) (3)

(1) (7) (1)

Banpu Power: consolidated NPAT

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OUR WAY IN ENERGY 49,063 41,874 2,539 2,134 7,594

TOTAL ASSETS TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

0.03 0.10 0.13 2016 2017 2018

Note: * Net debt to book value of shareholders' equity

Total assets increase by THB 1,898 M to THB 51,602 M in 1Q19 from THB 51,566 M in 4Q18 from the increase in investment in China and Japan

THB million

31 Mar 2019

ASSETS TOTAL SHAREHOLDERS’ EQUITY TOTAL BORROWINGS OTHER LIABILITIES CASH EQUIVALENT

30

1Q19 CONSOLIDATED FINANCIAL POSITION GEARING RATIOS

Banpu Power: consolidated financial position

Net debt (Net cash)/ Equity* (x)

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Operational performance Appendix 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables Review of 1Q19

Key Takeaways

Financial performance 1.1 BLCP 1.2 Hongsa 1.3 China CHP 1.4 Renewables 1.5 BPP consolidated

4 3 2 5

Project progress update

1

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OUR WAY IN ENERGY

Key takeaways Q1 2019

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SUSTAINABLE BUSINESS PLATFORM

  • Ability to generate strong and sustainable cash flow

from all operations

  • Established local presence across various geographies

including Japan, China and Vietnam office ACCELERATE GROWTH CONTINUED MOVING TOWARDS GREENER FUEL AND TECHNOLOGY 2018 2025 2023

OPERATING EQUITY CAPACITY AT YEAR-END Unit: GWe

2.15

GWe

2.87

GWe

4.30

GWe

NEW PROJECT PIPELINE OPERATING CAPACITY

  • Active portfolio management, business

development and optimize capital allocation

  • Low D/E indicate room for investment
  • Solar PV: total 19 projects in Japan and China
  • Wind farm: 80MW under feasibility (MOU 200 MW)
  • HELE technology: improve efficiency by 40-45%
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Review of 1Q19 1 Operational performance Appendix 3.1 BLCP 3.2 Hongsa 3.3 China CHP 3.4 Renewables Looking ahead Financial performance 4.1 BLCP 4.2 Hongsa 4.3 China CHP 4.4 Renewables 4.5 BPP consolidated 3 2 4

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OUR WAY IN ENERGY

Coal-fired power maintenance schedule 2019

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1Q19 2Q19 3Q19 4Q19

  • Unit 1 and unit 2 on minor inspection for

22 days each in Q4

  • Minor inspection for unit 1 and unit 2 for

17.5 days

  • Unit 3 on major inspection for 35 days in

4Q

  • Unit 1 on major inspection for 45 days
  • Unit 3 on major inspection for 30 days
  • Minor inspection for all units, 10-30 days
  • Unit 1 on major inspection for 35 days
  • Minor inspection for all units, 6-10 days

each

  • Major inspection for unit 2 for 25 days

and unit 5 for 15 days

  • Minor inspection for all units, 7-15 days

each

22 days

Major maintenance

U2 U1

CHP LUANNAN BLCP HONGSA CHP ZHENDING CHP ZOUPING

Minor maintenance

22 days U2 17.5 days U1 15 days 7 days U2 25 days 7 days 7 days 15 days U5 7 days U1 7 days U1 35 days 7 days 6 days 8 days 10 days U1 45 days U1 10 days U2 20 days U2 20 days U3 30 days 10 days U4 15 days U4 15 days U1 U4 U2, U3 U1 U3, U4 U5 U3 U3, U4 U1, U2 U3, U4 17.5 days U3 15 days

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OUR WAY IN ENERGY

35

Zhengding Luannan Zouping

(Hr) (‘000 t) (‘000 t) (GWh)

China CHP operational performance

Higher steam sold (YoY) comes from increased in both industrial and residential demand Higher power sold (QoQ) is

  • wing to more steam sold in

heating season Higher steam sold (YoY) comes from increased residential demand QoQ higher utilization/ electricity sold is because of heating season Lower steam demand from Xiwang Group is the main cause of lower steam sold and electricity sold

UTILIZATION COAL CONSUMPTION ELECTRICITY SOLD STEAM SOLD 108 98 129 1Q18 4Q18 1Q19 1,306 1,231 1,030 1Q18 4Q18 1Q19 2,074 1,906 2,100 1Q18 4Q18 1Q19 1,912 1,671 1,958 1Q18 4Q18 1Q19 117 106 85 1Q18 4Q18 1Q19 120 107 129 1Q18 4Q18 1Q19 125 115 124 1Q18 4Q18 1Q19 127 120 100 1Q18 4Q18 1Q19 207 177 211 1Q18 4Q18 1Q19 710 582 764 1Q18 4Q18 1Q19 769 647 507 1Q18 4Q18 1Q19 599 522 669 1Q18 4Q18 1Q19

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OUR WAY IN ENERGY

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HPC Functional currency: THB

NET LIABILITY NET ASSET

BLCP Functional currency: USD

USD$238M (THB 5,212M) (THB 378M) (THB 261M) THB 31.81/USD THB 31.81/USD THB 32.45/USD 100% basis Based on BPP’s interest

40% equity in HPC 50% equity in BLCP

USD$594M (THB 945M) (THB 10,424M) (THB 521M) THB 30.22/USD

Assuming 5% depreciation of USD against THB

CURRENCY EXPOSURE BPP’S NPAT IMPACT 1Q19 APPROXIMATE FX EXPOSURE BPP’S NPAT 5% SENSITIVITY 2Q19

BPP’s portion (THB 138M) (THB 345M) 100% basis THB 79M THB 158M

FX impact analysis guidance on P&L

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OUR WAY IN ENERGY

Banpu Power : Income statement

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THB million

1Q19 4Q18 1Q18 QoQ% YoY% Sales revenue 1,763.8 1,711.4 2,050.3 3%

  • 14%

Cost of sales (1,339.9) (1,365.8) (1,517.5) Gross Profit 423.8 345.6 532.8 23%

  • 20%

GPM 24% 20% 26% Administrative expense (257.5) (361.4) (243.3)

  • 29%

6% Equity income 1,116.2 651.9 1,123.9 71%

  • 1%

Dividend income

  • 16.8
  • Other income

199.9 127.3 106.8 57% 87% Amortization on fair value (9.4) (9.6) (8.9)

  • 2%

5% EBIT 1,473.1 770.5 1,511.2 91%

  • 3%

Interest expenses (69.4) (68.6) (38.5) Financial expenses (1.9) (2.3) (1.8) Income tax (core business) (110.3) (81.5) (110.5) NCI/Minorities (3.1) (8.0) (14.5) Net profit – Core business 1,288.4 610.1 1,345.9 111%

  • 4%

Non-recurring items (8.0) (14.1) (908.4) Income tax (non-core business) (0.5) (6.3) (2.7) Deferred tax income (expenses) 13.3 (96.2) (0.5) FX translation (38.8) 23.2 35.5 Net Profit 1,254.5 516.7 469.9 143% 167%

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SLIDE 38