An Analyst lyst Mee eeting ting 1Q20 20 Re Results sults 20 - - PowerPoint PPT Presentation

An Analyst lyst Mee eeting ting 1Q20 20 Re Results sults

20 May y 2020 020

Ticke cker: BCPG (SET) T)

Hydropower recap

3

Strategic direction update Recent developments Portfolio, Performance & Guidelines

Ag Agenda nda

Hydropower recap

4

Strategic direction update Recent developments Portfolio, Performance & Guidelines

Ag Agenda nda

COVID-19: Implications for BCPG

Type Thailand iland Japan an Lao

• PDR

Indo done nesia sia The e Philippi ippines nes Operating erating asset sets s

(No major impact) Curtailment accelerated on some projects due to lower demand. (THB 5.8 mn) (No impact) Planned shutdown in 2020 partly postponed to 2021. Effective days* in 2020 drop from 12 to 7 days. (No impact)

Developin veloping g asset sets

A few months delayed in construction for rooftop projects (12.0 MW) Slightly delay due to limitation of working hours. Limited access to transmission line site survey on but overall construction timeline still on track (No impact) (No impact)

Pot

• tential

ential proje

• jects

cts

Travel restriction and several Covid-19 control put in place resulting in limitation of BD activities

Shor

• rt

t term m COVID-19 19 impact ct visibl ble e in 3 o 3 out t of f 5 c 5 countr untries es wi with limited ited magnit agnitude ude

Remarks : Effective days is weighted average shutdown days by % MW

5

2019 2020 2021 2022 2023 2024 Committed fill Adder For Growth

6

2019 2020 2021 2022 2023 2024 Committed fill Adder Growth

Potential Shift from 2020 to 2021 Potential Shift to spread across 2021-2023

5-year CAPEX Plan remain unchanged but timing will probably be shifted from COVID-19

CAPEX EX Plan for Y2019-20 2024 24 (Befo fore re COVID-19) 19) CAPEX EX Plan for Y2019-20 2024 24 (Afte ter COVID-19) 19) CAPEX THB 45,000 mn CAPEX THB 45,000 mn

6

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 pipeline

7

2016 - 2020 2026 - 2030 2021 - 2025

Next t 5 y 5 years rs fo for fi filling ling EBIT ITDA DA gap wi with consecut nsecutive ive grow

• wth

th

Remarks : For demonstration purposes only

BCPG ambition to fill adder gap and growth still unchanged

Main components to fill adder gap still confirmed

Adder er gap still ll be fi filled led under er COVID-19 19 fr from

• m commi

mmitted tted pipeli elines nes

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

Ga Gap to be fi to be fill lled ed JP Solar JP Solar LA LA Hydro ID ID WW uni WW unit t 3 ID ID Geo Geo LA LA Wind nd New Inco New Income Co e Contribu ntributio ion Net Net inco income g e gap ap

Gap from adder expired Swan 600 MW* Hold 45% COD 2023 Share Profit from investment in Star Energy from price escalation and interest expenses reduction. Full Year Operation of Hydro Nam San 3A and 3B of 114 MW (recently acquired) Turning all JP pipeline (75 MW) into operation. Target COD from Y2021 to Y2022 Equivalent to Hydro 61 MW Income contribution from existing pipeline Share Profit from investment in Star Energy from WW unit 3

8

Curr rrent nt status with COVID ID-19 19 impact act “Within 2023” Secured “Within 2024” Secured All COD within 2022 “Within 2021”

✓ ✓ ✓ ✓ ✓ ✓

9

Covid-19 reinforces an importance of energy transition

46% 52%

45% 60.50%

New w Delhi Venice

Before e lockd kdown wn During ing lockdo kdown

“People learn air quality during lockdown provides an end- state scenario of transitioning fossil to clean energy” “…this is a stress test for national grid and more confident to absorb renewable going forward”

Renewabl wable share re of overall all electr ctrici icity ty genera eratio tion n befor

• re

e and during ing lockdo kdown wn Unit: t: %

24% 27%

Before re lockd kdown wn During ing lockdo kdown

Source ce: bnef and media

10

Renewables remain resilient and promising outlook in long term

“Renewables have remained very resilient during the pandemic because of low operating costs, preferential access as well as LCOE at grid parity” IEA Global Energy Review 2020, 28 Apr’20 “IEA estimates total global use of renewable energy in 2020 will grow by about 1% YoY” It’s important that governments and investors treat COVID-19 19 no not as a sign gnal al to slow

• w down

wn but t cataly talyst st

Sourc rce: : World Resources Institute Sourc rce: : IEA

Clean energy yields an economic return 3 to 8 times higher than the initial investment, can be included in stimulus package The instability of fossil fuel prices presents a global

• pportunity

to accelerate the shift to clean energy The continuously falling costs of clean energy

10

Hydropower recap

11

Strategic direction update Recent developments Portfolio, Performance & Guidelines

Ag Agenda nda

12

“Project finance LLG has been finalized with enhanced return” “Limited curtailment due to its high demand location“

Lomligor Project finance enhance IRR Construction timelines slightly shifted due to COVID-19.. But still well protected against curtailment.

“Shutd tdow

• wn in 2020

2020 cut by half f from 2019 2019”

Lower planned shutdown in Y2020

Recent developments

ช่วย

LLG : Project Finance with ADB, CTF and KBANK

13

Proje

• ject

t financ nance e enhance ance return urn

Sandbox: initiative in Thailand to integrate utility-scale wind power generation with a battery energy storage system. Enhance return of the project with longer tenor and lower interest rate.

Projects update in Japan

14

Upcoming coming projec jects ts have e limited mited risk k of curtailm rtailment ent on high gh demand mand region ion

25 25 MW

MW

20 20 MW

MW

Yabuki uki COD 2H21 Chiba a 1 COD 3Q21 21 Chiba a 2 COD 2H22

20 20 MW

MW

10 10 MW

MW

S1 S19 S11 Tarumizu umizu Gotemba temba Total operating capacity 14.7 MW MWppa

ppa

Komagan magane COD 3Q21 Total developing capacity 75.0 MW MWppa

ppa

Regard to curtail measurement from power purchaser, almost 90%

• f BCPG portfolio in Japan* got no

impact.

*Including developing projects

Curtailment impact No curta rtailment lment impact

Japan project developments

Yabuki uki

Komaga gane

Chiba1

Japan pan proje

• jects

cts will commence mmence to COD

1 2 4

Chiba2 a2

3

15

Chiba iba2 Proje ject Chiba iba1 Proje ject

Scheduled Maintenance Shutdown

Geothermal power plants in Indonesia

16

Ac Actua ual l and forec ecast ast pla lanned ed shut utdown

• wn in 20

2019 19 and 20 2020 20

(Revised) (Revised) (Revised)

Hydropower recap

17

Strategic direction update Recent developments Portfolio, Performance & Guidelines

Ag Agenda nda

0% 10% 20% 30% 40% 50% 60% 70% 2016 2017 2018 2019 20 2020 20F

EL Nino impact expected to remain neutral until Oct’20

El Nino La Nina

▪ 2017 3A CF 56% ▪ 2018 3A CF 58% ▪ 2016 3A CF 50% ▪ 2019 3A CF 45%

Capaci city ty factor Unit: t: %

El Nino trends to less impact and remains neutral for 10 months until Oct’ 20

Transitioning to La Nina La Nina Transitioning to El Nino

NS NS3A

EL Nino impact expected to remain neutral until Oct’20

18

EL Nino impact expected to remain neutral until Oct’20

2020 2020

EL Nino impact expected to remain neutral until Oct’20

Sea surface temperature forecast shows that the climate of tend to be “Neutral” and “La Nina”. This may result in better rainfall in 2020. Nonetheless, the transition effect from “El Nino” in 2019, which result in lower water reserved, may cause negative impact in 2020.

0% 20% 40% 60% 80% 100% 120% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017 2018 2019 2020

2017 (56 56%) %) 2018 (58 58%) %) La Nina na Year 2019 (45%) %) El Nino no Year

El Nino no Neutra ral La Nina ina

2016 like kely y neutr tral (50%) %)

Sourc rce: e: World Bank

1Q19 19: : gain momentum of La Nina in 2018 cause capacity factor (%) to step up. However, due to El Nino from middle to end of 2019, rainfall drop below usual level and continue to impact on early of 2020.

3A Capacity factor (%) likely to be more

• r less at 2019

1 2 2 1 1 2

21

Remarks: * 11 months of operation due to COD at 29 Jan 2016 / ** Profit and loss of Nam San 3A have been recalculate using same FX rate with Nam San 3B (as of 17 Jan 20) for comparison purpose only

405 396 467 394 384 384 353 353 425 425 356 356 277 240 325 243 2016 2017 2018 2019 Revenue EBITDA Net profit

Nam San 3B Nam San 3A

Profit/L fit/Loss

• ss (THB

B million ion) ) ** Net t Capacity city Facto tor (%)

Nam San 3A&3B Historical Performance

Net t Capacity city Facto tor (%) Profit/ fit/Loss

• ss (THB

B milli lion)

• n)

45% 65% 44% 64% Wet Year Dry Year 550 672 701 550 527 527 630 630 649 649 492 492 405 505 530 338 2016 * 2017 2018 2019 50.3 .3% 51.1% .1% 59.4% .4% 49.4% .4% 2016 2017 2018 2019 Capacity factor (%) 50.7 .7% 56.4% .4% 58.4% .4% 44.6% .6% 2016 * 2017 2018 2019

22

PPA Nam San 3A (Acquisition @ 20 Sep 2019) PPA Nam San 3B (Acquisition @ 25 Feb 2020)

3B : I Impact pact on additio ditional all amortiz rtizatio ation from m FV Upli lift ft 2020 24.09 M THB 0.75 M USD 2021 27.66 M THB 0.86 M USD …. 2043 22.13 M THB 0.69 M USD 3A : I Imp mpact ct on additional itional amortiz rtizatio ation from m FV Upli lift ft 2020 73.40 M THB 2.42 M USD 2021 70.00 M THB 2.31 M USD …. 2043 57.11 M THB 1.88 M USD

PPA amortization of 3A and 3B

Hydropower recap

23

Strategic direction update Recent developments Portfolio, Performance & Guidelines

Ag Agenda nda

24

84 841.9 1.9 MW MWppa

ppa

142.2 2.2 MW

MW

15.5 .5 MW

MW

THAIL

ILAN AND

Operating Developing

157.5 7.5 MW

MW

24.0 .0 MW

MW

INDONESIA

IA

Operating Developing

14.4 .4 MW

MW

5.6 5.6 MW

MW

THE

HE PHILIPP ILIPPINE INES

Operating Developing

14.7 .7 MW

MW

75.0 .0 MW

MW

JAPAN

Operating Developing

114.0 4.0 MW

MW

LAOS

Unit: Contracted capacity or equity MWppa

9.0 9.0 MW

MW

451.8 390.1 Operating Developing

270.0 0.0 MW

MW

Developing Operating

Business footprints in 5 countries in Asia

25

299.0 MW, 35.5% (275.6 MW under development) 181.5 MW, 21.6% (24.0 MW under development) 247.4 MW, 29.4% (105.2 MW under development) 114.0 MW, 13.5% 57.7% 2.7% 13.7% 25.9% **

Q1 Q2 Q3 Q4 3 hrs 4.1 hrs 4.3 hrs 8.7 hrs 14 hrs 22.5 hrs

Estimate imated Yearly rly Power er Generat eratio ion n by technolo hnology * Cont ntract acted ed MW by Techno hnolo logy Y201 019 9 Seaso sonality nality by Technolo hnology (Capacit acity factor

• r %)

841.9 MW Geothe herm rmal al (ID) Hydro (LA) Wind (PH) Solar (TH) Solar (JP)

Wind (TH) Averag rage e capacit ity factor

• r in hours

rs by Technolo nology

Unit: t: GWh Unit: t: MW

Remarks : * Calculate base on capacity factor (%) in 2019 / ** Including Nam San 3B

> 2,000 GWh / year

Well-diversified portfolio

254 835 1,608 1,651 ~2,100

~3,200

2016 2017 2018 2019 2020 2025

26

…......

Remarks : *Solar equivalent are calculate to be compared with solar power plant in Thailand

Unit: : GWh

Cur urrent rent portfolio lio and pipelines elines Cur urrent rent pipeline eline gua uarant antee ees s a growth wth of 50 50% % in the e nex ext 5 5 yea ears

Solar Equivalent *

15.5 MW TH 75.0 MW JP 5.6 MW PH (Expansion) 24.0 MW ID (Expansion) 270.0 MW LA Current ent pipeline eline

1, 1,45 450 0 MW MW 2,200 MW

Solar Equivalent *

Portfolio growth from existing pipelines

27

By By num umbers ers EBI BITDA DA

Still prevail from associates

82 824. 4.5 (+12.8% YoY)

Unit: THB mn

Net et profit it

FX gain is main driver

57 573. 3.7 (+16.7% YoY) MW MWppa

pa Increase from new acquisitions

45 451. 1.8 (+125.5 MW YoY) D/ D/E

Almost 40% below covenant

1.78x 8x (vs 1.39x Dec 2019) Key ey takea eaway way

New proje jects cts (COD and acquisit uisitions) ions) drive ve revenue enue grew ew YoY 1 EBITDA from operation still prevail due to better wind speed from “Lomligor” and increased in share of profit 2 Net t profi fit t jump mp almost

• st 17

17% YoY from FX gain n while recurring impact from unusual drought season in Lao PDR 3 4 Lower wer avera rage ge financ nce e cost st bot

• th

h QoQ

• Q and YoY benefited from

lower market interest rate

Oper erat ating ing Re Reven enue ue

New projects drive YoY

88 886. 6.4 (+9.7% YoY)

Financial highlights for 1Q20

TH performance

756 807 771 1Q19 4Q19 1Q20 TH Solar TH Wind TH Other

Oper erat ating ing per erforman rmance ce in Thail iland and mainly nly ef effec ect by sola lar r irradiation adiation

3 4 14.4% 17.7% 1Q19 4Q19 1Q20 Generation Capacity factor (%) 72 76 71 17.7% 18.2% 17.1% 1Q19 4Q19 1Q20 Generation Capacity factor (%)

142.2 MW + 15.5 MW

28

Unit: GWh Unit: GWh

Power er generat eratio ion n & Capaci acity ty factor

• r (%)

Unfavorable weather in Thailand cause solar irradiation to slightly drops. Wind speed in Lomligor increase QoQ is the main drive of operating revenue in Thailand. 9.0 MW Revenue e (TH)

Unit: THB million

YoY drops mainly from decline in solar irradiation and while wind speed help QoQ.

+1.9% YoY

• 0.8% YoY
• 5.7% QoQ

+21.0% YoY

• 4.5% QoQ

JP performance

51 42 43 1Q19 4Q19 1Q20 JP Solar JP Other 4 4 3 11.1% 8.9% 8.6% 1Q19 4Q19 1Q20 Generation Capacity factor (%)

29

Lo Low sea eason son of el elec ectricit ricity y dem emand d res esult ulted ed in Cur urtailment ailment

Power er generat eratio ion n & Capaci acity ty factor

• r (%)

Unit: GWh

14.7 MW + + 75.0 MW MW Electricity demand drop in

• perating region due to low

season cause curtailment which resulted in drop of sellable output. Revenue e (JP)

Unit: THB million

YoY drop of operating income followed sellable output direction which mainly impacted by curtailment.

• 23.6% YoY
• 11.2% QoQ
• 17.0% YoY

+0.8% QoQ

LA Performance

132 73 1Q19 4Q19 1Q20 LA Hydro 64 34 42.2% 18.2% 1Q19 4Q19 1Q20 Generation Capacity factor (%)

30

Un Unus usua ually lly strong g droug ught ht in La Lao PDR DR caus use e dramatical atically ly drop in gen ener erat ation ion

Unusually strong drought season in Lao PDR (every 1st quarter) cause a dramatically decline in electricity generation from hydropower. 114.0 MW MW Revenue e (LA) Power er generat eratio ion n & Capaci acity ty factor

• r (%)

Unit: THB million Unit: GWh Remark: 2 months recognition in 2019 due to acquisition since late September 2019

• 46.6% QoQ
• 45.2% QoQ

ID Performance

Geothermal power plants in Indonesia

306 300 318 93.7% 90.0% 96.7% 1Q19 4Q19 1Q20 Sellable output Capacity factor (%)

31

Sellab lable le output ut and Capac acit ity factor

• r (%)

Unit: GWh Unit: THB million

Lower shutdown days rise in share of profits from geothermal power plant. One-time items from tax provision and allowance for account receivable are based on conservative approach. Share re of profit it

Opera rati ting: ng: 157.5 MW Develop

• pin

ing: g: 24.0 MW

Remark: Sellable output based on holding percentage / ** 5 months recognition in 2017 due to inception since July 2017

Amortization (92.5) (91.4) (94.5) One-time items

• (20.0)

(66.7)* Net share e of profit it 92.5 54.3 67.2

*Including Tax provision THB 23.9 mn and Allowance for account receivable THB 42.8 mn.

188 166 228

1Q19 4Q19 1Q20 +6.1% QoQ +4.0% YoY +37.9% QoQ +21.5% YoY

Dr Drop in shut utdown

• wn res

esult ulted ed in significa nificant rise e both QoQ and YoY

17 8 14 53.4% 25.7% 45.5% 1Q19 4Q19 1Q20 Sellable output Capacity factor (%)

PH Performance

Wind power plant in the Philippines

37.4 1.1 32.3

1Q19 4Q19 1Q20 Unit: GWh

32

Amortization (8.2) (7.8) (8.1) One-time items

• Net share

e of prof

• fit

it 29.2 (6.7) 24.2

Unit: THB million

On YoY basis, drop in 1Q20 mainly impact by typhoon that cause plant down time since 4Q19. While monsoon season help drive generation to rise significantly QoQ.

Monsoo soon n sea eason son once e again n with h partial ial pla lant down time e from la last qua uarter er

Sellab lable le output t and Capaci acity ty factor

• r (%)

Share re of profi fit

Remark: Sellable output based on holding percentage / * 7 months recognition in 2017 due to inception since July 2017

Opera rati ting: ng: 14.4 MW Develop

• pin

ing: g: 5.6 MW

• 13.3% YoY
• 13.5% YoY

+76.2% QoQ

+2,909.4% QoQ

808 981 886 74.4% 69.0% 65.2% 1Q19 4Q19 1Q20 Thailand Japan Laos Remark: EBITDA from operation including share of profit from associates (after amortization and before one-time items)

EBI BITDA DA previa vials ls

33

Revenue e Revenue YoY growth of operating revenue mainly cause by recognition of Nam San 3A and Nam San 3B while unusually drought in Lao PDR cause a declined QoQ.

Unit: THB million

EBITDA A (Incl.

• l. shares

es of profi fit) EBITDA (Incl. shares of profit) EBITDA still prevail. Thanks to share of profit especially from geothermal power plant that rise after lower shutdown days. Two hydropower plants also add up to YoY growth.

Unit: THB million +9.7% YoY

731 804 824 90.5% 81.9% 93.0%

1Q19 4Q19 1Q20 +12.8% YoY +2.6%QoQ

Financial Performance: Revenue & EBITDA

• 9.7% QoQ

34

34 Unit: THB million

IBD D break akdown down by matu turit ity IBD D break akdown down by curren rency

9.8% 19.4% 20.7% 90.2% 80.6% 79.3%

2018 2019 1Q20 < 1 year Due after 1 year

51.1% 58.8% 50.5% 43.0% 30.6% 27.9% 5.9% 10.6% 21.6%

2018 2019 1Q20 THB JPY USD

IBD D break akdown down by Fixe ixed-Flo Floatin ating g rate Due to over 90% of IBD are floating rate type, after interest rate in market drop, resulted in decline of average finance cost despite increase in absolute amount from acquisition related loan.

9.8% 10.6% 8.3% 90.2% 89.4% 91.7%

2018 2019 1Q20 Fixed rate Floating rate

Finan ance ce cost and Kd(%)

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

Kd Kd (%) ) ben enefit efit from lo low inter erest est rate e en enviro ironment nment des espit pite e incre rease ase in absolute lute

129 173 188 3.34% 3.47% 3.29%

1Q19 4Q19 1Q20 Interest expense Effective Kd +45.5% YoY +8.6%QoQ

Finance cost

35

FX X gain n drive ve net et profit it des espite ite un unus usua ual l strong ng droug ught ht in La Lao PDR DR

Core profit: Unusually strong drought is the main reason cause core profit to drop.

Unit: THB million

Core re profit fit & Core re profit fit marg rgin (%)

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

Unit: THB million

Net profi fit & Net profi fit t margi gin n (%) 492 445 574 60.9% 45.3% 64.7%

1Q19 4Q19 1Q20

Net profit Net profit margin

+16.7% YoY +29.0%QoQ

Net profit: FX gain from liability exposure help net profit to rise both QoQ and YoY.

Core profit & Net profit

454 430 404 56.2% 43.9% 45.5%

1Q19 4Q19 1Q20

Core profit Net profit margin

• 11.1% YoY
• 6.2% QoQ

Total Asset (USD) Total Liabilities (USD) Total Asset (THB) Total Liabilities (THB)

FX gain/loss from USD/THB in 1Q20

Reduc duce e net t THB liabilitie bilities s exp xposure ure by

• 1. Drawdown USD loan and

repay THB loan

• 2. Increase share capital and

repay THB loan

THB depreciate reciate –> Liabilitie bilities in USD FX Los

• ss

THB B deprecia preciate te –> Liabilitie bilities in USD FX Gain Net USD liabilities Net THB liabilities Balance sheet FX exposure

<

Cur urrent rent FX X ex exposure ure to be e minimiz imized ed soon

Remarks: *BIC stand for BCPG Indochina Co., Ltd / Graph figure is for demonstration purpose only

Net liabilities to foreign exposure after consolidation estimate to be around THB 5 bn. BCPG (exclude BIC*) BIC*

37

44.3% 48.0% 41.9% 53.5% 49.3% 53.5% 31,558 37,137 42,491 2018 2019 1Q20

Equity Other Liabilities Interest-bearing debt

1.08 1.39 1.78 2018 2019 1Q20

D/E E Ratio io

D/E Ratio Covenant

Covenant = 3.0x

Total tal assets

0.30 0.32 0.32 0.31 0.32 0.32 0.61 0.64 0.64 68.5% 57.7% 71.1% 2017 2018 2019

1H 2H DPR

Total paid dividend

(THB/Share)

Dividend idend Payme ment nt

Dividend policy = not less than 40% of the Company’s net profit based on separated Financial Statement

Le Lever erage age room is still ll availab ilable le

15.16 11.74 14.89 2018 2019 1Q20

ROE E (%)

ROE

* Subjected to AGM approval

Financial position

38

Guidance Plan

EBITDA (incl. share of profit from associates*) Expect to grow 20% CAPEX Expect to be THB 8,000 – 15,000 mn (Committed pipeline: THB 8,000 mn) Dividend policy Not less than 40% of the Company’s net profit Financial covenant Liability/Equity ≤ 3x DSCR ≥ 1.15x

Remark: *Share of profit from associates (before amortization and one-time items)

Guideline 2020

39

Survey link

40

Financial Statement

Overall busi siness ss performance

Unit: THB million 1Q1 Q19 1Q2 Q20

Change ge (%)

4Q1 Q19

Change ge (%)

Revenue from sale and redering of service 807.8 886.4 9.7% 981.2

• 9.7%

Cost of sale and rendering of services (206.9) (308.9) 49.3% (304.7) 1.4% Gross profit 600.8 577.5

• 3.9%

676.5

• 14.6%

Administrative expenses (144.3) (147.5) 2.2% (152.5)

• 3.3%

Operating profit 456.5 430.0

• 5.8%

524.0

• 17.9%

0.0 0.0 0.0% 0.0 0.0% Share of profit of investment in associates (exlcuding

• ne-time item)

121.7 158.2 29.9% 67.5 134.3% 0.0 0.0 0.0% 0.0 0.0% EBITDA 731.2 824.5 12.8% 803.8 2.6% 0.0 0.0 0.0% 0.0 0.0% Other income/(expense) 2.6 7.7 194.7% 8.4

• 8.3%

One-time item from investment in associates 0.0 (66.7) NA (20.0) NA FX gain/(loss) 37.6 325.1 763.9% 34.9 831.4% EBIT 496.8 696.1 40.1% 547.3 27.2% Finance costs (128.9) (187.5) 45.5% (172.6) 8.6% EBT 489.6 666.8 36.2% 442.2 50.8% Income tax expense (benefit) 1.9 (93.0) NA 2.0 NA Income tax expense (benefit) 1.9 (6.9) NA 2.0 NA Tax related to FX gain/(loss) 0.0 (86.1) NA 0.0 NA Minority interest 0.0 (0.0) NA 0.7 NA Net profit 491.6 573.7 16.7% 444.8 29.0% Recurring profitิ * 453.9 403.7

• 11.1%

430.2

• 6.2%

Basic Earnings per Share (THB) 0.25 0.29 16.0% 0.22 31.8%

Remark: *Excluding gain/(loss) on FX and one-time items

41

Financial Statement

Uni nit: THB mi million 2019 2019 % of total assets 1Q2 Q20 % of total assets ∆ (%) Cash and cash equivalents 1,445.2 3.9% 1,927.5 4.5% 33.4% Trade accounts receivable 640.4 1.7% 668.8 1.6% 4.4% Other current assets 367.2 1.0% 312.3 0.7%

• 15.0%

Total cur urrent nt assets 2,452.9 6.6% 2,908.7 6.8% 18.6% Investments in associate & subsidiaries 13,623.8 36.7% 13,364.6 31.5%

• 1.9%

Property, plant and equipment 13,675.6 36.8% 14,112.2 33.2% 3.2% Goodwill and Intangible assets 7,002.1 18.9% 11,237.9 26.4% 60.5% Other non-current assets 382.3 1.0% 867.2 2.0% 126.9% Total non-current assets 34,683.7 93.4% 39,582.0 93.2% 14.1% Total Assets 37 37,136 36.6 100.0% 42,490.7 100.0% 14.4% Short-term borrowings & current portions 3,855.0 10.4% 5,319.3 12.5% 38.0% Long-term borrowings 16,026.1 43.2% 20,385.9 48.0% 27.2% Other liabilities 1,700.3 4.6% 1,528.1 3.6%

• 10.1%

Total liabilities 21,581.4 58.1% 27,233 33.4 64.1% 26.2% Equity attributable to owners of the Company 15,505.7 41.8% 15,207.8 35.8%

• 1.9%

Non-controlling interests 49.4 0.1% 49.5 0.1% 0.1% Total liabilities and nd Equi uity 37 37,136 36.6 100.0% 42,490.7 100.0% 14.4% Cons nsolidated Stateme ment nt of Fina nanc ncial Position

Uni nit: THB mi million 1Q1 Q19 1Q2 Q20 YoY Cha hang nge Net cash from (used in) operating activities 365.3 768.8 403.5 Net cash from (used in) investing activities (845.8) (4,687.9) (3,842.1) Net cash from (repay to) financing activities (120.2) 4,445.4 4,565.6 Net inc ncrease in n cash h and nd cash h equi uivalent nts (600.7) 526.3 1,127.0 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 (34.7) (44.0) (9.3) Cash h and nd cash h equi uivalent nts at end nd period 1,789.9 1,927.5 137 37.6 CAPEX (845.8) (4,700.6) (3, 3,854.8) Cons nsolidated Stateme ment nt of Cash h Flows

42

Financial Statement

43 No. Project ect Loca cati tion Operati rating g Enti tity ty % of Shareho rehold lding Insta tall lled ed Capac pacity ty (MW) Contrac tracte ted d Capac pacity ty (MW) Tariff Powe wer Struc ucture ure Off Taker COD Distri rict ct Provi vince ce 1 BCPG 1 Bang 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 6/03/13 3 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.2 16 5/04/13 4 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 12.5 8 19/03/14 5 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 12.5 8 11/04/14 6 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 12.6 8 24/04/14 7 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.6 8 10/04/14 8 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

Conventio ventional nal contra tracte cted d capac acit ity tot

• tal

aling ng of 150.0 0 MW

Conventional solar & wind projects in Thailand

44

Tot

• tal

al contracte ntracted d capac acit ity y in pipe pelin line e of 15.5 MW as of 4Q19.

• 9. COD target

rget by 2020. Pot

• tent

ential al to be signed igned is another ther 17.6 MW

Type Segment ment Relatio tion- ship Project ject Locat atio ion Contr tract acted ed Capacit acity Term rms (year) r) Tarif iff f power er structu cture re Status/ / COD

1 Rooftop Industrial Subsidiary Kingboard Uthai, Ayutthaya 0.752 MW 20 Private PPA COD 1/12/2018 2 Rooftop Commercial Partner Habito, T77, Sansiri Wattana, Bangkok 0.053 MW 25 Private PPA COD 12/1/2019 3 Rooftop Commercial/ Residential Partner T77, Sansiri Wattana, Bangkok 0.376 MW 25 Private PPA

COD 1/5/2019

4 Rooftop Commercial Partner Sansiri Several cities 3.5 MW 25 Private PPA

Under construction

5 Rooftop School Partner Satit pattana Bangkok 25 Private PPA

Under construction

6 Rooftop Gas station Partner Lots Several cities 15 – 20 Private PPA

Under construction

7 Rooftop Commercial Partner CMU Mueang, Chiangmai 12.0 MW 26 Private PPA

Under construction

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

Other solar rooftop projects in Thailand

45

Contr trac acte ted capac acity ity of 14.7 MW

45

No. Project ect % of Inve vestment tment Loca cati tion Irrad adiat ation (kWh/m2/year) year) Insta tall lled ed Capac pacity ty (MW) Contrac tracte ted d Capac pacity ty (MW) Feed-in Tariff (FiT) (JPY/kW kWh) PPA A Period d (Year) ear) Off Taker Status tus

Operation tion

1 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

Develop velopin ing

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 der devel elop

• pmen

ment t (Exclu clude de from pipel pelin ine) e)

10 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20

Wait for Grid

11 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 d to IFF

Nikaho 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

46

Conventio ventional nal contra tracte cted capac acit ity tot

• tal

aling ng of 114.0 0 MW (D (Deve evelop lopin ing g 270.0 0 MW)

No. Project ect Loca cati tion Operati ratin g Entity ty % of Shareho rehold lding Insta tall lled ed Capac pacity ty (MW) Contrac tracte ted d Capac pacity ty (MW) Tariff Off Taker COD Acqu quisiti tion date te (Initi tiate ate subsidi diari aries es) Provi vince ce Country try 1 Nam San 3A Xiangkhouang Laos PDR BCPGI 99.9 69.0 69.0 UScents 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

47

Public blic

BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG TDED

Thail iland nd Singa gapo pore

99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 75.0% BSEH 100.0% BCPGI SEGHPL Greenergy Holdings Greenergy Power BCPG Wind 100.0% 100.0% 100.0% The Netherlands

Japa pan

Petrowind 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

• s

BCPG Indochina 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