Analyst Meeting Q1/2018 Financial Results 25 May 2018 Ticker: BCPG - - PowerPoint PPT Presentation

Analyst Meeting Q1/2018 Financial Results

25 May 2018 Ticker: BCPG (SET)

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Disclaimer

Agenda Recent Development Financial Highlights Business Outlooks

Agenda Recent Development Financial Highlights Business Outlooks

Full ll quar arte ter record

• rd of Nagi proje
• ject

ct 10.5 MW (COD since ce 2 March 2017) Officia cially ly COD of Gotemba temba proje ject ct 4.0 MW since ce 16 April il 2018

Japan

Full ll-quarte arter recognit itio ion n of Solar r cooperativ eratives es 5 5 MW (COD since ce 14 14 March 2017 2017) Heavier vier and longe ger than usu sual al rainfal all  lower wer irradia iation ion hours urs Signed ned MOU with IEAT, AT, PEA EA and BCP

Thailand

Share e of prof

• fit

it (befo fore re amortiz

• rtizat

ation) ion) was pos

• sitive

itive of THB B 22.2 million, lion, des espite ite lower wer wind spe peed d and one turbin rbine e down n for 10 days ys

The Philippines

Key Highlights

Stable ble ope pera ratio tion.

• n. Share

e of profi fit t (before efore amortiz rtizatio ation) was in line with expe pectatio ctation of THB B 181.0 millio ion

Indonesia

Sales es Adjus usted ted EBITD ITDA* A* Core profit fit Net et prof

• fit

it

THB 801.5mn mn THB B 661.4 mn mn THB B 364.0 mn mn THB 351.2 mn mn

YoY +0.5% QoQ +2.6% YoY +6.3% QoQ +29.7% QoQ +115.8% YoY -8.0%

100% 100% 82.5% 45.4% 43.8%

% to sales ales

Key Highlights (Cont’d)

Remark: Adjusted EBITDA incorporates share of profit from investment in associates of THB 69.0 mn

YoY -22.7% QoQ -40.1%

Thailand

Operating : 182 MWDC Developing : 8.9 MWDC Total: 190.9 MW

Japan

Operating : 45 MWDC Developing: 147.3 MWDC Total: 192 MW

Philippines

Operating: 14 MW Developing: 6 MW Total: 20 MW

Indonesia

Operating: 157.5 MW Developing: 24 MW Total: 181.5 MW

Portfolio Summary

Operating 398.9 installed MW and continued growing

Operating 399 MW Developing 186 MW

Status

20 MW 182 MW 383 MW Technology

Solar Wind Geothermal

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

125 130 130 20 30 34

14.4 14.4

158 158 145 332.4 .4 336.4 .4

2016 2017 1Q18

Contr trac acted ted MW

Thailand Japan The Philppines Indonesia

0.60 0.15 0.61 0.16 0.15 0.15 0.09 0.16 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 FY16* Q117 Q217 Q317 Q417 FY17 1Q18

Not t less ss than 40% of the Company’s Net t Profit it Divide idend nd Yield eld (@ 19.7 THB per share) 3.2%

(after deduction of all reserves required by law and regulations)

Unit: THB per share

Dividend payout ratio (Consolidated) 62.7% 65.2% 65.2% 57.7% 55.2% 60.4%

Dividend payment

Robust dividend payout

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

91.0%

Agenda

Key Highlights Financial Highlights Going Forward

Key business drivers

Growing output in Japan helped by full-quarter recognition of Nagi

Irradia adiatio tion n (hou

• urs

rs per day) ay)

5.14 5.68 5.17 4.66 4.95 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18

• 3.6% YoY

2.88 4.94 4.38 2.46 3.19 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 +6.3% QoQ +10.9% YoY +29.7% QoQ

Sella lable ble Out utput put (kWh)

65,993 68,073 65,384 65,716 66,035 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 +0.1% YoY +0.5% QoQ 6,585 14,409 12,776 8,405 9,155 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 4Q17 1Q1 Q18 +39.0% YoY +8.9% QoQ

Revenue

Stable revenue YoY; growing QoQ

89.8% 80.8% 82.4% 89.9% 89.1% 10.2% 19.2% 17.6% 10.1% 10.9%

798 890 854 781 802

1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18

Thailand Japan

Unit: THB million +3.2% YoY

Revenue: venue: Revenue was stable YoY at THB 802 million On QoQ basis, revenue grew slightly 2.6% thanks to improving weather condition in Japan despite prolonged snowfall

10.85 10.56 10.76 10.69 10.81 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18

• 0.37% YoY

39.03 38.60 38.60 38.60 38.56 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18

• 1.2% YoY
• 0.1% QoQ

Effective fective tariff ff* *

Unit: THB per kWh Unit: JPY per kWh

Remark: *Effective tariff includes FiT to Agricultural Cooperatives Solar (Thailand) of THB 5.66 per unit and Gotemba project (Japan)

+2.6% QoQ +0.5% YoY +1.12% QoQ

622 637 609 529 592

1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 Unit: THB million +11.9% QoQ

• 4.8% YoY

EBITDA

Robust operations in Japan supported EBITDA growth QoQ

EBITDA TDA 1Q18 EBITDA declined by 4.8% YoY mainly due to higher SG&A expenses 1Q18 EBITDA grew by 11.9% QoQ mainly helped by robust operations in Japan and lower SG&A expenses 1Q18 SG&A to sales was at 18.2%, rose from 14.8% in 1Q17, mainly due to personnel expenses to support business expansion

78.0% 71.5% 71.3% 67.8% 73.9%

Remark: EBITDA from operation, excluding other revenue

Share of profit from associates

Unit: THB million

43 359 347 69

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

• 80.1% QoQ

1Q18 Wind power er plant Geotherm ermal al power r plant Total

Share of profit 22.2 181.0 203.2 Amortization

• 8.1
• 126.1
• 134.2

Tot

• tal

al 14.1 54.9 69.0 Share of profit from investments: In 1Q18, total share of profit from investments were at THB 69 million A sharp drop in share of profit was a result of an absence of gain on purchase (booked in 3Q17 and 4Q17 amounted to THB 366.3 million) Amortization of geothermal power plant should be finalized by third party within July 2018

Remark: *Including wind operation prior to acquisition of THB 53.1 million, **including geothermal operation prior to acquisition of THB 238.2 million, ***including gain on purchases of wind and geothermal of THB 366.3 million

Nabas 36 MW + 14 MW

PHILI ILIPPI PPINES NES

Share of profit from associates

Wind power plant in the Philippines

• Wind speed in 1Q18 was lower than 1Q17
• One turbine ceased operation for 10 days
• First quarter of the year is typically the peak season for wind speed
• Share of profit from operation was at THB 22.2 million. However, net

contribution (after amortization) was at THB 14.1 million

Share of profit from associates

Geothermal power plant in Indonesia

INDONE ONESIA SIA

Darajat 47 MW

(271 MW)

Salak 65 MW

(377 MW)

Wayang Windu 45 MW + 24 MW

(227 MW + 120 MW) Java

• Robust operation at geothermal power plant
• Full-quarter recognition of share of profit from investment versus none in 1Q17
• Share of profit from operation was at THB 181.0 million. However, net contribution

(after amortization) was at THB 54.5 million

• Stable capacity factor of approx. 90% during the period

Finance cost

Prudent financial management

86 84 131 135 123

1Q17 2Q17 3Q17 4Q17 1Q18 +42.3% YoY Unit: THB million

Finance cost: A rise in finance cost YoY was mainly due to debt secured for investments in associates Effective cost of debt for 1Q18 was 2.88% vs. 3.21% in 2017. The lower cost of debt was helped by good mix of financing sources and prudent financial management Inte terest rest-bear earin ing g deb ebt t breakd eakdown n by maturity urity Inte terest rest-bear earing ing deb ebt t break eakdown

• wn by currency

ency

8.3% 8.2% 32.4% 33.0% 59.3% 58.8%

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

43.7% 45% 53.1% 53% 3.2% 2%

2017 1Q18 THB JPY USD

• 9.2% QoQ

Net profit

Attractive margin profile

454 462 514 586 351

1Q17 2Q17 3Q17 4Q17 1Q18

Net t profi fit: t: 1Q18 Net profit decreased YoY mainly due to 1) an absence in one-time revenue (booked in 1Q17 from assets disposal) 2) increased financial cost and 3) increased administrative expense 1Q18 Net profit decreased significantly QoQ particularly owing to 1) an absence of gain on purchase from investments in associates (booked in 3Q17 and 4Q17) and 2) an absence

• f FX gain (4Q17 FX gain was THB 51.2 million)

versus FX loss in 1Q18 of THB 12.8 million)

56.9% 52.0% 60.1% 75.1% 43.8% Net profit margin

• 22.7% YoY
• 40.1% QoQ

Unit: THB million

Core profit

Strong QoQ improvement in core profit

396 437 680 169 364

1Q17 2Q17 3Q17 4Q17 1Q18

49.6% 49.1% 79.6% 21.6% 45.4% Recurring profit Margin*

• 8.0% YoY

Core e profi fit: t: Stripping out FX gain/loss and one-time items, 1Q18 core profit drop 8% YoY due mainly to rising cost and SG&A in tandem with business expansion period On QoQ basis, core profit rose significantly by 115.8% mainly due to a low base in 4Q17

+115.8% QoQ

Remark: *Core profit excludes FX gain/loss and one-time items. One-time items in 1Q17 were FX loss of THB 3.09 million and gain on disposal of THB 61.58 million, in 2Q17 were FX loss of THB 64.90 million, loss on assets disposal of THB 0.06 million, loss from forward contract of THB 49.27 million and reversal of provision from contingent consideration from business acquisition of THB 139.94 million, in 3Q17 were FX gain of THB 89.27 million, loss on assets disposal of THB 0.53 million and loss from forward contract THB 254.92 million, in 4Q17 were FX gain of THB 51.17 million, assets write off of THB 18.27 million and gain on purchase of THB 366.3 million, in 1Q18 were FX loss of THB 12.83 million

Unit: THB million

Financial position

Improving gearing ratio

As at 1Q18, total assets slightly increased by 1.1% to THB 32,452 million mainly supported by improving liquidity Total Liability/Equity and Net IBD/Equity declined to 1.21x and 1.16x as at 1Q18

Covenant : D/E ratio ≤ 3x : DSCR ≥ 1.15x Additional liability Capacity : THB 26,364 million Outstanding Debt : THB 17,032 million

Financia ancial l Pos

• sitio

ition

1.23 1.21

2017 1Q18

Liability/Eq bility/Equity uity (x)

2,675 2,688 13,890 13,823 13,530 13,565 2,004 2,376 14,369 14,704 790 716 16,940 17,032

A L + E A L + E

Other Assets PPE Investment in associates Cash and Cash Equivalent Equity Other Liabilities Unit: THB million

2017 2017 1Q18 18 32,099 32,452

Agenda

Recent Development Financial Highlights Business Outlooks

Q2: Full-quarter recognition of Gotemba project (4.0 MWppa) Q3: COD of solar power plant project with WVO (8.94 MWppa) August: Peer-to-Peer trading platform @ T77 Community implementation M&A: Realising M&A pipelines. Few discussions are in advanced stages

What’s next in 2018?

Growing organically and inorganically

T77: Peer-to-Peer Energy Trading Project using Blockchain Technology

Habito Mall: 55 kW Bangkok Prep International school: 230 kW Park Court Condominium: 180 kW

Infrastructure Fund

Enter ered ed into assets ets dispositio position n of sola lar r power er pla lants in Ja Japan n e. e.g. . Nika ikaho ho and Nagi project ject into In Infrastr struct ucture ure Fun und in Ja Japan, n, totali ling ng capacity city of 27 27.6 6 MW Target et to to ut utili lize ze fut utur ure e cash h flo low to to fun und new ew investme estments ts Net transaction value should be ≥ JPY 11,000 million or THB 3,185 million

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

Appendices

Financia ancial l Statement tement Projects detail Awards and recognitions

Financial Statement

1Q18 % to sales 1Q17 % to sales 4Q17 % to sales 1Q18 YoY 1Q18 QoQ Revenues from sales and services 801,498,966 100% 797,982,390 100% 780,970,824 100% 0.4% 2.6% Cost of sales and services (239,554,614)

• 29.9%

(221,317,168)

• 27.7%

(254,578,487)

• 32.6%

8.2%

• 5.9%

Gross Profit 561,944,352 70.1% 576,665,222 72.3% 526,392,337 67.4%

• 2.6%

6.8% Administrative expense (146,064,393)

• 18.2%

(118,398,324)

• 14.8%

(176,469,707)

• 22.6%

23.4%

• 17.2%

Operating profit 415,879,959 51.9% 458,266,898 57.4% 349,922,630 44.8%

• 9.2%

18.8% FX gain (loss) (12,833,882)

• 1.6%

(3,094,128)

• 0.4%

51,166,670 6.6% 314.8%

• 125.1%

Other income 2,243,732 0.3% 83,707,371 10.5% (16,245,555)

• 2.1%
• 97.3%
• 113.8%

EBIT 405,289,809 50.6% 538,880,141 67.5% 384,843,745 49.3%

• 24.8%

5.3% Financial cost (122,766,352)

• 15.3%

(86,263,402)

• 10.8%

(135,202,546)

• 17.3%

42.3%

• 9.2%

Share of profit from associates & subsidiaries 68,975,769 8.6%

• 0.0%

347,056,965 44.4% NA

• 80.1%

EBT 351,499,226 43.9% 452,616,739 56.7% 596,698,164 76.4%

• 22.3%
• 41.1%

Corporate Income Tax (346,500) 0.0% 1,372,917 0.2% (10,576,892)

• 1.4%
• 125.2%
• 96.7%

Net profit 351,152,726 43.8% 453,989,656 56.9% 586,121,272 75.1%

• 22.7%
• 40.1%

Basic Earnings per Share 0.18 0.23 0.29

• 21.7%
• 37.9%

Diluted Earnings per Share 0.18 0.23 0.29

• 21.7%
• 37.9%

Consolidated Profit and Loss Statement Unit: THB (otherwise stated)

Financial Statement

Unit: THB 1Q18 % of total assets 2017 % of total assets Change Cash and cash equivalents 2,376,165,358 7.3% 2,003,983,515 6% 18.6% Current investments

• 0.0%
• 0.0%

0.0% Trade accounts receivable 544,248,157 1.7% 507,242,620 1.6% 7.3% Other current assets 148,608,745 0.5% 185,691,715 0.6%

• 20.0%

Total current assets 3,069,022,260 9.5% 2,696,917,850 8.4% 13.8% Investments in associate & subsidiaries 13,564,920,230 41.8% 13,529,716,547 42.1% NA Property, plant and equipment 13,823,460,032 42.6% 13,890,324,481 43.3%

• 0.5%

Goodwill and Intangible assets 1,909,456,192 5.9% 1,892,266,769 5.9% 0.9% Other non-current assets 85,463,511 0.3% 90,002,232 0.3%

• 5.0%

Total non-current assets 29,383,299,965 90.5% 29,402,310,029 91.6%

• 0.1%

Total Assets 32,452,322,225 100.0% 32,099,227,879 100.0% 1.1% Short-term borrowings & current portions 1,422,061,314 4.4% 1,415,238,715 4.4% 0.5% Long-term borrowings 15,609,849,219 48.1% 15,613,152,350 48.6% 0.0% Other current liabilities 716,267,125 2.2% 701,903,473 2.2% 2.0% Total liabilities 17,748,177,658 54.7% 17,730,294,538 55.2% 0.1% Equity attributable to owners of the Company 14,703,997,613 45.3% 14,368,786,387 44.8% 2.3% Non-controlling interests 146,954 0.0% 146,954 0.0% 0.0% Total liabilities and Equity 32,452,322,225 100.0% 32,099,227,879 100.0% 1.1% Consolidated Statement of Financial Position

Financial Statement

Unit: THB 1Q18 1Q17 1Q18 YoY Net cash from (used in) operating activities 550,923,404 558,921,748 (7,998,344) Net cash from (used in) investing activities (47,841,383) 168,383,479 (216,224,862) Net cash from (repaid to) financing activities (143,278,568) (401,890,663) 258,612,095 Net increase in cash and cash equivalents 359,803,453 325,414,564 34,388,889 Cash and cash equivalents at 1 January 2,003,983,515 7,361,159,641 (5,357,176,126) Effect of exchange rate changes on balances held in foreign currencies 12,378,390 (1,713,754) 14,092,144 Cash and cash equivalents at end period 2,376,165,358 7,684,860,451 (5,308,695,093) Consolidated Statement of Cash Flows

Appendices

Financial Statement Projects jects det etail il Awards and recognitions

No. Project ect Locati cation Operati rating g Entity ty % of Shareho rehold lding Contrac tracte ted d Capac pacity ty (MW) Tariff Power Structu cture re Off Taker COD District rict Provi vince ce 1 BCPG 1 Bang Pa-in Ayutthaya BCPG N.A. 8 Adder THB 8/kWh PEA 5/08/11 BCPG 2 30 EGAT 16/07/12 2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 16 PEA 6/03/13 3 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 16 5/04/13 4 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 8 19/03/14 5 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 8 11/04/14 6 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 8 24/04/14 7 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 8 10/04/14 8 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 16 21/04/14 9 Wiset Chai Chan Agricultural Cooperative Wiset Chai Chan Angthong BSE-PRI 100% 5.0 FiT: THB 5.66/unit PEA (25 years) 23/12/16 10 Bang Pa-in Agricultural Cooperative Bang Pa-in Ayutthaya BSE-PRI 100% 5.0 14/03/17 11 Phra Nakhon Si Ayutthaya Agricultural Cooperative Phra Nakhon Si Ayutthaya Ayutthaya BSE - PRI 100% 2.0 23/12/16 12 JV: the WVO of Thailand under Royal Patronage of His majesty the King Phra Phutthabat Saraburi BCPG NA 5 FiT: THB 4.12/unit PEA (25 years) Mid-2018 13 JV: the WVO of Thailand under Royal Patronage of His majesty the King Tha Muang Kanchanaburi BCPG NA 3.94

182 Installed MW (130 MWPPA) of operating assets portfolio in Thailand

Project pipeline in Thailand

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 (Yea ear) r) Off Taker Statu 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 Nikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16 6 Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17

Develop velopin ing

7 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18 8 Komagane 100.0 Nagano, Japan 1,472 32.2 25.0 36 20 Chubu Electric Power Company Under construction 9 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 1H19 10 Chiba 1 100.0 Chiba, Japan 1,362 24.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 2H19 11 Chiba 2 100.0 Chiba, Japan 1,362 12.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H19

Under der devel elop

• pmen

ment

12 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20 Wait for Grid 13 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20 14 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20 15 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20

Operating (33.4 MWPPA) and future projects portfolio in Japan

Project pipeline in Japan

Appendices

Financial statement Projects detail Aw Awards rds and rec ecogni

• gnitions

tions

Jan: n: "Best Acquis isiti ition Financin ncing" Award The Asset Triple Country Awards 2017, Hong Kong

Awards & Recognitions

Apr: “Best Corporate Governance" World Finance Awards 2018, UK Mar: r: “2018 2018 Thaila iland d Energ rgy Sector

• r Visionar
• nary Innov
• vatio

tion n Leader dership hip Award rd" Frost & Sullivan Thailand Excellence Awards, Thailand May: “Best t Clean an Energ rgy Comm mmunity nity Solutio tions South theas east t Asia 2018 2018" " Cfi.co awards, Thailand

Contact us at: BCPG Public Company Limited Investor Relations team E-mail: ir@bcpggroup.com Call: +66 2 335 8945 Website: www.bcpggroup.com