SLIDE 1
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
1
BGRIM: Investor Presentation for Q22019 August 2019 Agenda 4 - - PowerPoint PPT Presentation
BGRIM: Investor Presentation for Q22019 August 2019 Agenda 4 - - PowerPoint PPT Presentation
BGRIM: Investor Presentation for Q22019 August 2019 Agenda 4 HIGHLIGHTS BGRIM UPDATE Q22019 OPERATING RESULTS Q 22019 BGRIM INVESTOR PRESENTATION Q32018 UPDATE Q32018 OPERATING RESULT BGRIM OVERVIEW 1 BGRIM: Q22019
SLIDE 2
SLIDE 3
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
2
BGRIM: Q2’2019 highlights
◼ Revenue Growth
- Synchronized additional 10 MW
from Industrial users (IUs) in Rayong
- Awarded The Green Financing
- f the Year from The Asset
Triple A Asia Infrastructure Awards 2019
◼ Awards ◼ Profit Margin Enhancement
▪ Completed THB 2.2
billion debt refinancing of Solar projects to save interest of 2.0% p.a. or THB 119 million throughout the project life
▪ Significant efficiency improvement at
ABP3, thanks to LTSA with Siemens
◼ MW Growth
- 3 COD projects during June 1-13,
adding installed capacity of 692 MW and contributing revenue of THB 191 million in Q2’19
SLIDE 4
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
3
Achieved COD 3 projects on schedule and within budget
Nam Che 1 DT1&2 Phu Yen TTP
June 1 DT1 - June 3 DT2 - June 13 June 10
COD 2019
Capacity: Installed - 420 MW dc Contract - 350 MW ac Tariff: 9.35 Cent USD per kWh EVN PPA: 420 MW / 20 Years BGRIM Holding: 55.0% Capacity: Installed - 257 MW dc Contract - 214 MW ac Tariff: 9.35 Cent USD per kWh EVN PPA: 257 MW / 20 Years BGRIM Holding: 80.0% Capacity: Installed - 15 MW Tariff: 6.50 Cent USD per kWh EDL PPA: 15 MW / 25 Years BGRIM Holding: 72.0%
June 10
SLIDE 5
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
4
Updated Vietnam Solar Projects Operation
2019 COD June July DT1&2 (420 MW) DT1 (180 MW) - June 3, 2019 DT2 (240 MW) - June 13, 2019 114,767,474 153,463,450 Phu Yen TTP (257 MW) June 10, 2019 68,659,479 87,768,327
Sales to EVN (THB) DT1&2 (Tay Ninh) Phu Yen TTP (Phu Yen)
Tuy Hoa Substation Quang Ngai city, Nha Trang city (The tourist destination of Vietnam) Tay Ninh Substation Ho Chi Minh city (The biggest demand of electricity in Vietnam) Binh Long Substation Binh Long Province Tay Ninh Province
(220 kV EVN transmission line) (220 kV EVN transmission line) (220 kV EVN transmission line)
SLIDE 6
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
5
BGRIM: 2H’2019 outlook
◼ MW Growth ◼ Revenue Growth
▪
Fully recognize revenue from all new projects with total capacity
- f 816 MW added in 1H’19
▪
Synchronize up to 11 MW from new IU customers in Rayong
- Received the ESG 100
certificate for two consecutive years for excellent performance in sustainable development
◼ Awards ◼ Profit Margin Enhancement
▪
Apply LTSA with Siemens to upgrade
- ne
gas turbine
- f
ABP5, to improve heat rate, shorten maintenance periods and add more MW
▪
Scheduled COD of Interchem with 5 MW capacity at the end
- f December
SLIDE 7
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
6
Agenda
4
BGRIM UPDATE Q2’2019 OPERATING RESULTS HIGHLIGHTS
SLIDE 8
BGRIM INVESTOR PRESENTATION Q2’2019 7
Well-Diversified Portfolio with Expert in Green-Field Developer
29.9% 28.7% 10.6% 10.1% 8.7% 5.8%6.2%
84.3% 13.6% 0.5% 1.6%
Total 975 MW
In Operation 842 MW*
Solar Group 822 MW Hydro Group 133 MW (98 MW Under Development) Wind Group 16 MW (Under Development) Bien Hoa 13 MW Diesel Gas Fired
Total 2,257 MW
In Operation 2,022 MW*
Amata City (Chonburi) 675 MW (Including ABP1&2 Replacement 140 MW each) Amata City (Rayong) 647 MW Bangkadi 229 MW Laem Chabang 196 MW
(Including BPLC1 Replacement 140 MW)
WHA Chonburi 1 130 MW BGPR1&2 240 MW (Under Development)
Type of Energy Installed MW Equity MW Total Capacity % In
- peration
Total Capacity % In
- peration
Gas fired 2,257 MW 69.5% 2,022 MW 1,587 MW 70.2% 1,202 MW Hydro 133 MW 4.1% 35 MW 95 MW 4.2% 25 MW Solar 822 MW 25.3% 822 MW 557 MW 24.7% 557 MW Wind 16 MW 0.5% 15 MW 0.7% IWTE 5 MW 0.1% 2 MW 0.1% Diesel 13 MW 0.4% 13 MW 4 MW 0.2% 4 MW Total 3,245 MW 100% 2,892 MW* 2,260 MW 100% 1,788 MW*
TRANSMISSION & DISTRIBUTION 0.4%
Waste to Energy (IWTE) 5 MW (Under Development)
RENEWABLE GROUP 30.1%
Poi Pet PPSEZ 14 MW**
SOLAR ROOFTOP
WHA (Map Ta Put) 140 MW (Including SPP1 Replacement) Solar rooftop for industrial users and commercial buildings with up to 100 MW
- pportunity**
*Up to 280 MW
*As of July 2019
SPP – INDUSTRIAL ESTATE 69.5%
**Transmission & distribution and solar rooftop are not included in total installed capacity
SLIDE 9
BGRIM INVESTOR PRESENTATION Q2’2019 8
Long-Life PPA and Benefit from Well-Establishment of PPA
2019 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE
EGAT
66%
IU-TH
24%
IU-VN
3%
Steam-TH
2%
EVN
1%
Others
3.4%
THB 21,123 mm
6M’2019 Sales and Service Income LONG-TERM PPA STRUCTURE
- EGAT : 21 to 25 years tenor with take-or-pay structure
- PEA : 25 years tenor (VSPP of solar, wind, waste to energy)
- Industrial Users : up to 15-year tenor with track record of
extensions Secured Gas Supply with PTT covering respective PPA tenors Gas price pass-through at contracted heat rate under EGAT PPA
24.6 22.4 19.9 18.6 8.9
EDL PEA / MEA EVN EGAT Industrial users
- electricity
(Thailand)
Track Record of Extensions
Years Years Years Years Years Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 30 June 2019 to expiry weighted by the aggregate contracted capacity under the relevant agreement 15.0 Years
SLIDE 10
BGRIM INVESTOR PRESENTATION Q2’2019
9
FOOTHOLD IN TOP INDUSTRIAL ESTATES WITH MULTIPLE OF GENERATING UNITS IN EACH LOCATION SELECTED TOP IU FOR ELECTRICITY AND STEAM
THAILAND CAMBODIA LAOS VIETNAM ▪ 1 power plant ▪ 130 MW ▪ 3 generating units ▪ 2 power plants ▪ 229 MW ▪ 6 generating units ▪ 2 power plants ▪ 240 MW ▪ 6 generating units ▪ 1 power plant ▪ 13 MW ▪ 5 power plants ▪ 647 MW ▪ 15 generating units ▪ 5 power plants ▪ 732 MW ▪ 17 generating units ▪ 2 power plants ▪ 159 MW ▪ 5 generating units
WHA Chonburi 1 Bangkadi BGPR1&2 Amata City Rayong
Amata City Bien Hoa Gas-fired cogeneration power plants Transmission and Distribution
Delivery of Reliability in Form of Electricity and Steam
▪ 2 power plants ▪ 124 MW ▪ 4 generating units
WHA Eastern (Map Ta Phut) Amata City Chonburi Laem Chabung Poi Pet PP SEZ
SLIDE 11
10
Expanding Renewable Power Rapidly in the Region
THAILAND CAMBODIA LAOS VIETNAM
▪ 8 power plants ▪ 60 MW ▪ 1 power plant ▪ 8 MW
▪ 1 power plant ▪ 8 MW
BGYSP Solar WVO-Coop Nam Khao
▪ 5 power plants ▪ 67.5 MW
Hydro power plants BGPSK TPS Com. Solar power plants DT
▪ 1 power plant ▪ 420 MW
Phu Yen TTP
▪ 1 power plant ▪ 257 MW
Nam Che 1
▪ 1 power plant ▪ 15 MW
▪ 7 power plants ▪ 31 MW
Solarwa
▪ 5 power plants ▪ 39 MW ▪ 1 power plant ▪ 5 MW
Interchem XXHP
▪ 1 power plant ▪ 20 MW
Tadsakoi
▪ 1 power plant ▪ 30 MW ▪ 2 power plants ▪ 16 MW
Bo Thong
SLIDE 12
BGRIM INVESTOR PRESENTATION Q2’2019 11
Robust Growth Pipeline with Promising on Execution
ACHIEVED COD IN TIME AND WITHIN BUDGET
Gas Solar IWTE Hydro Wind
2020
Plants
Solar WVO-Coop
(7 plants - 31 MW)
40
Plants
2,076 MW
Installed Capacity
1,217 MW
Equity Capacity
ABPR3, ABPR4 & ABPR 5
(3 plants - 399 MW)
52
3,193 MW
Installed Capacity
Tadsakoi
(30 MW)
2022 Plants
ABP1 Replacement
(140 MW)*
BPLC1 Replacement
(140 MW)*
ABP2 Replacement
(140 MW)*
Nam Khao 3
(15 MW)
3,152 MW
Installed Capacity
2,105 MW
Equity Capacity
Plants
BGPR1, BGPR2
(2 plants -240 MW)
2021
50
Plants 2021
SPP1 Extension
(2 plants -124 MW)
46
2019
Plants
1,850 MW
Equity Capacity DTE (1 plants - 420 MW) Interchem (5 MW) (166 MW)
2,896 MW
Installed Capacity Phu Yen TTP (1 plants - 257 MW) ABP1 Extension Nam Che (15 MW) SPP1 (2 plants - 124 MW)
53
2,222 MW
Equity Capacity
2023 Plants
3,200 MW
Installed Capacity
Nam Khao 5
(8 MW)
2,912 MW
Installed Capacity
1,865 MW
Equity Capacity
Bo Thong 1 & 2
(2 plants - 16 MW)
48
Plants
2,227 MW
Equity Capacity
3,215 MW
Installed Capacity
Nam Khao 4
(15 MW)
SPP1 Replacement
(2 plants -140 MW)**
3,245 MW
Installed Capacity
Nam Khao 2
(15 MW)
2,238 MW
Equity Capacity
Nam Khao 1
(15 MW)
2,260 MW
Equity Capacity
2024
54
Plants
56
2025 Plants 2018
*Up to 150 MW, **Up to 280 MW
***Based on our projections and may subject to change depending on project suitability
SLIDE 13
BGRIM INVESTOR PRESENTATION Q2’2019 12
Diligently Invest in Suitable Opportunities via Strong Networks
May
Mutual Cooperation Meeting with KEPCO Strengthening the cooperation and implementation of energy storage system and smart grid technology 100 MW solar rooftop opportunities
1.8 MW COD achievement and 12 MW under construction which target COD in 2019.
June
Determine target KPI
THAILAND LAOS MALAYSIA
Gas Solar Hybrid Hydro Transmission and Distribution System (T&D) Wind
VIETNAM CAMBODIA KOREA PHILIPPINES
MOU signing with LG Chem Cooperation with LG Chem, world leader in fields of energy storage system (ESS), automotive batteries and mobile batteries, for the development in energy storage system.
SLIDE 14
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
13
Energy Policy in Disruption Era with 4D 1E Digitalization Decarbonization Decentralization De-Regulation Electrification
MOU with LG Chem Smart Microgrid Private PPA with IUs Wind Projects Solar Projects Entering to develop sandbox IPS
SLIDE 15
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
14
Agenda
4
BGRIM UPDATE Q2’2019 OPERATING RESULTS Q2’2019 HIGHLIGHTS
SLIDE 16
BGRIM INVESTOR PRESENTATION Q2’2019
2,369 2,413 2,808 4,587 5,221 26.9% 23.5% 25.8% 27.0% 24.7%
23.0% 24.0% 25.0% 26.0% 27.0% 28.0%
1000 2000 3000 4000 5000 6000 7000 8000 9000 10000
Q2'18 Q1'19 Q2'19 6M'18 6M'19 97% 97% 96% 96% 97%
1% 2% 2% 2% 2% 2% 1% 2% 2% 1%
8,805 10,257 10,866 16,961 21,123 Q2'18 Q1'19 Q2'19 6M'18 6M'19
15
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
Top Line and EBITDA Grew Strongly
Revenue grew strongly:
- The y-on-y growths of total revenues were 23.4% for Q2’2019 and
24.5% for 6M’2019 and primarily due to
- The COD of 12 projects with total capacity of 989 MW during
Q2’2018-Q2’2019, consisting of ABPR 4-5, 7 solar projects in Thailand, one hydropower plant in Laos and 2 solar projects in Vietnam.
- Two acquisitions: 51% additional holding of BGYSP in July
2018 and SPP1 acquisition with 124 MW in March 2019, and
- rising tariff of electricity and steam.
EBITDA increased continually:
- The y-on-y EBITDA growths were 18.5% for Q2’2019 and 13.8% for
6M’2019 mainly from portfolio expansion through COD and acquisitions as mentioned.
EBITDA margin improved q-on-q in Q2’19:
- EBITDA margin increased q-on-q to 25.8% in Q2’2019 from 1) a 2.4%
q-on-q declining gas cost while Ft-charge was stable, 2) no scheduled maintenance and 3) contributions from Solar projects in Vietnam which give relatively higher EBITDA margin.
- .. although it softened y-o-y to 24.7% in 6M’2019 and 25.8% in Q2’2019
from an 13.8% increase in gas cost while there was a lag time in Ft charge adjustment.
Electricity Others Steam
(Unit: THB mn) (Unit: THB mn)
EBITDA Margin
EBITDA AND EBITDA MARGIN TOTAL REVENUES
+2,061 / 23.4% YoY +609 / 5.9% QoQ +4,162/ 24.5% YoY +634 / +13.8% YoY EBITDA +395 / 16.4% QoQ +439 / 18.5% YoY
SLIDE 17
BGRIM INVESTOR PRESENTATION Q2’2019 16
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
796 792 175 229 349 338 189 199 6M/18 6M/19 6M/18 6M/19 6M/18 6M/19 6M/18 6M/19
2.88 3.24 3.27 3.30
6M/18 6M/19 6M/18 6M/19 EGAT Industrial Users (TH)
(Unit:THB/KWh)
3,644 1,506 4,326 1,558 6M/18 6M/19 6M/18 6M/19 EGAT Industrial Users (TH)
(Unit: GWh) (Unit: GWh)
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 6 MONTHS YoY
ELECTRICITY SALES VOLUME YoY ELECTRICITY SELLING PRICE YoY SALES VOLUME FOR EACH INDUSTRIAL USER (TH) FOR 6 MONTHS YoY
(Unit:THB/mmBTU)
Electricity Sales Volume Increased YoY for Both EGAT and IU (6M/2018 vs 6M/2019)
244.28
6M/18 6M/19
EFFECTIVE GAS COST
277.98
EGAT
- EGAT sales volume increased 18.7% YoY primarily due to the inclusion of
ABPR4 and ABPR5 which commenced commercial operation in June and October 2018 respectively, and additional contributions from SPP1 acquisition in March 2019.
- Electricity price sales to EGAT increased 10.2% YoY because the energy
payment is generally adjusted to reflect changes in natural gas price which rose during these periods.
IU Thailand
- IU Thailand sales volume increased 3.5% YoY primarily due to
- The inclusion of new industrial users in Amata City Rayong Industrial
Estate especially from new operation plants in 2018.
- The inclusion of SPP1’s industrial users in WHA Eastern (Map Ta Phut).
- An increase in demand load from existing customers in WHA Chonburi
Industrial Estate and Bangkadi Industrial Park.
- Electricity price sales to industry users in Thailand increased 0.9% YoY
which is in line with the changes in Ft charge announced by the ERC.
Top Line and EBITDA Grew Strongly
Amata City Amata City Laem Chabang Others (Bangkadi, Chonburi Rayong WHA Chonburi, Map Ta Phut)
SLIDE 18
BGRIM INVESTOR PRESENTATION Q2’2019
EGAT
- EGAT sales volume increased 3.6% QoQ primarily due to fully contributions
from SPP1 acquisition in March 2019.
- Electricity price sales to EGAT increased by 0.3% because the energy
payment is generally adjusted to reflect changes in natural gas price which rose in Q1’2019.
IU Thailand
- IU Thailand sales volume increased 1.0% QoQ primarily due to
- The inclusion of new industrial users in Amata City Rayong Industrial
Estate especially from new operation plants in 2018.
- An increase in demand load from existing customers in Bangkadi
Industrial Park.
- Electricity price sales to industry users Thailand remain unchanged which
is in line with the changes in Ft charge announced by the ERC. 2,127 775 2,199 783 Q1/19 Q2/19 Q1/19 Q2/19 EGAT Industrial Users (TH)
(Unit: GWh) (Unit: GWh)
17
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
Top Line and EBITDA Grew Strongly
3.25 3.24 3.30 3.30
Q1/19 Q2/19 Q1/19 Q2/19 EGAT Industrial Users (TH)
(Unit:THB/KWh)
ELECTRICITY SELLING PRICE QoQ
(Unit:THB/mmBTU)
0.0%
SALES VOLUME FOR EACH INDUSTRIAL USER (TH) QoQ ELECTRICITY SALES VOLUME QoQ
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE QoQ
Electricity Sales Volume Increased QoQ for Both EGAT and IU (Q1/2019 vs Q2/2019)
Q1/19 Q2/19
EFFECTIVE GAS COST
281.42 274.66
395 397 106 123 172 166 101 98 Q1/19 Q2/19 Q1/19 Q2/19 Q1/19 Q2/19 Q1/19 Q2/19 Amata City Amata City Laem Chabang Others (Bangkadi, Chonburi Rayong WHA Chonburi, Map Ta Phut)
SLIDE 19
BGRIM INVESTOR PRESENTATION Q2’2019
Ft (Fuel Adjustment Charge) is a component of electricity tariff announced by Energy Regulatory Commission (ERC) every 4 months to reflect overall
cost of fuel that EGAT uses to generate electricity which includes a portion that EGAT purchases from private sector and import from neighboring countries ➢ In general, natural gas is contributed for 70% of total fuel used to produce electricity in Thailand. Thus, change in gas price has high correlation with change in Ft over the past 10 years. ➢ In addition, the gap between these two indexes is widen since 2011 – the year that renewable business was start commencement in Thailand BGRIM’s Electricity price sold to IU is normally benchmark with Ft which would, in the long run, be moved in the same direction with change in gas price
18
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
High Correlation between Gas Price and Ft – Benefit to IU Sales
Change in Ft vs Gas Price in 2005-2019
Introduction of renewable energy
Adjusted FT Index Gas Price Index 0% 50% 100% 150% 200% 250% 300% Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Adjusted FT Index Gas price Index
SLIDE 20
BGRIM INVESTOR PRESENTATION Q2’2019
8,389 7,599 7,551 8,437 7,588 7,550
1st Round SPP 2nd Round SPP 3rd Round SPP
2018 6M'2019
19
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
High Standard Technology Leads to High Efficiency & Availability
95.2 96.4 98.6 96.4 95.9 99.6
70 75 80 85 90 95 100
1st Round SPP 2nd Round SPP 3rd Round SPP
2018 6M'2019
Our SPP power plants realized lower heat rates Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD
HIGH AVAILABILTY (AVAILABILTY FACTOR)
Note: (a) Electricity equivalent generations of steam dispatched are calculated according to efficiency calculation of EGAT PPA (SPP generation 1) 1st Round SPP consist of ABP1, ABP2, BPLC1 BPLC2 and SPP1 2nd Round SPP consist of ABP3, ABP4, ABPR1, ABPR2 BIP1 and BIP2 3rd Round SPP consist of ABP5, ABPR3, ABPR4 ABPR5 and BPWHA
(%)
HIGH EFFICIENCY (HEAT RATE)
Contracted Heat Rate 8,600 BTU/kWh Contracted Heat Rate 8,000 BTU/kWh Contracted Heat Rate 7,950 BTU/kWh
(BTU/kWh)
SLIDE 21
BGRIM INVESTOR PRESENTATION Q2’2019
1,075 1,040
700
6M'18 6M'19
563 443 557
100 200 300 400 500 600 700
Q2'18 Q1'19 Q2'19
20
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
NP for Q2’2019 increased 228.8%
938 1,158 581 716
1,519 1,874
500 1000 1500 2000 2500
6M'18 6M'19 9.0% 8.9%
215 532 626 101 303 412
316 835 1,038
200 400 600 800 1000 1200
Q2'18 Q1'19 Q2'19
PROJECT UPDATE
3.6% 8.1% 9.6% NP Margin NP to owner NP to Non-Controlling Interest (NCI)
NP / NP to owner grew 228.5% y-o-y to Baht 1,038 million in Q2’2019 / 23.4% to Baht 1,874 million in 6M’2019
- The improvements were from
- new COD of 2 solar projects in Vietnam and Nam Che1,
- new client synchronizing in Rayong,
- full contribution from SPP1,
- Improving heat rate at ABP3 (thanks to LTSA with Siemens) and
- 2.4% decline in gas cost while Ft charge was stable.
+722 / 228.5% YoY
NET PROFIT (NP)
(Unit: THB mn) (Unit: THB mn)
+203 / 24.3% QoQ
(Unit: THB mn)
1,038 886 557 245 92 329
Unrealized Fx Gain Non-recurring expense NNP NNP to NCI NNP to Owner Q2’19 Net Profit
RECONCILE NORMALIZED NET PROFIT (NNP) OF Q2’2019
+355 / 23.4% YoY
Portfolio expansion and cost saving could more than offset gas price increasing y-on-y
- If one-time items were excluded (which were 1. THB 125 million
realized FX gain from BIP refinance in Q2’2018 and 2. THB 40 million temporary impact from EGAT’s transmission line modification which would be compensated in 2H’2019), NNP could grow 6% y-on-y in Q2’2019 which was because of portfolio expansion and cost saving. This was more than
- ffset
by the THB 105 million earnings contribution project COD, MD&A and cost saving.
(1) (2)
668 597 1,200
(1) (2)
1,040
(1) Realized Fx Gain from BIP refinance (2) EGAT transmission line modification 125
40
125
40
SLIDE 22
BGRIM INVESTOR PRESENTATION Q2’2019 21
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
Strong Financial Position Thanks to the Well-Managed Capital Structure
72% 75% 28% 25% 31 Dec 18 30 Jun 19 15% 14% 9% 8% 76% 78% 31 Dec 18 30 Jun 19
100,636 113,801
Cash, cash Equivalents and ST investments Other Current Assets
(Unit: THB mn)
Assets
Total Liabilities Total Equity
113,801 100,636
Liabilities and Equity
Non- Current Assets
Financial Position as at 30 Jun 2019 Total assets
- Total assets increased by 13.1%, primarily due to the
continual expansion
- f
project portfolio both local and
- verseas.
Total liabilities
- Total liabilities increased by 16.9%, primarily due to an
increase in short-term borrowing for project acquisition, construction payable for project under construction and additional loan drawdown for the projects under development and construction.
Total Equities
- Total equities increased by 3.0%, primarily due to the
increase in retained earnings during the period.
STATEMENT OF FINANCIAL POSITION AS OF 30 JUN 2019
SLIDE 23
BGRIM INVESTOR PRESENTATION Q2’2019 22
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
BGRIM optimizes Capital Structure through Well Managed Debt Profile
THB 60,053 mn
(as of 30 June 2019) Project Level (In Operation) Loan (THB)
- Only 29% loan represents loan at the corporate level. The remaining 71%
contributes to debts at power plant level with limited recourse to sponsor
- Interest obligations of almost all power plant level debts are swapped to
fixed rate
- Only 15% of total loan as at 30 June 2019 is denominated in USD which is
matched with a proportion of EGAT tariff indexation to USD at project level, so called “Natural Hedge” strategy
THB 15,507 mn THB 9,018 mn Project Level Debenture THB 3,037 mn Corporate Level Loan THB 14,614 mn Corporate Level Debenture
24%
THB 17,877 mn Project Level (In Operation) Loan (USD)
5% 30% 26% 15% DEBT PROFILE
4.9% 4.7% 4.6% 4.5%
0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.052016 2017 2018 Q2/2019
- Financing costs decreased to 4.5% in Q2/2019 due to:
- Project bond refinance of BIP1 and BIP2 THB 6.7 billion in May 2018
- Corporate bond issuance of THB 9.7 billion in October 2018 and
green bond of THB 5.0 billion in December 2018
- Solar projects refinance of BGSENA THB 2.2 billion in May 2019
with tenors of 14 years and interest saving rate around 2.0% p.a.
- r THB 119 mn throughout the project life
FINANCING COSTS
SLIDE 24
BGRIM INVESTOR PRESENTATION Q2’2019
Gearing Ratios
- Consolidated
net interest-bearing debt to equity ratio increased to 1.6x, and for the Company only decreased to 0.9x as a result of additional investments in new projects to support the company’s earnings growths in both short term and long term.
23
PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
Capital Structure and Dividend Policy
- Manage debt and equity funding to optimize capital structure
- Seek to obtain financing at project level
- Limited-recourse project loan with back-end equity
- Target 3.0x debt to equity project financing at outset,
delivering over project life
- Consolidated debt included loans at power plant because
BGRIM holds majority in most of the projects
Note: Net Interest-bearing debt is Interest-bearing debt less cash, cash equivalents and short-term investments.
60%
40% NNP to Owner 1H'2019
NET INTEREST-BEARING DEBT TO EQUITY RATIO
- Minimum 40% of normalized net profit of consolidated financial
statements
▪
Interim dividend of 0.15 THB per share was approved by BOD on 13 August 2019 with the scheduled payment on 10 September 2019
▪
40% of NNP in 1H’19 will be paid as dividend with the total amount of THB 391 mn
1,842
(Unit: THB mm)
DIVIDEND PAYMENT
DIVIDEND POLICY CAPITAL STRUCTURE
0.7x 0.9x 1.5x 1.6x
(1.50) (1.40) (1.30) (1.20) (1.10) (1.00) (0.90) (0.80) (0.70) (0.60) (0.50) (0.40) (0.30) (0.20) (0.10)- 0.10
Dec-18 Jun-19
Company only Consolidated
SLIDE 25
BGRIM INVESTOR PRESENTATION
Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW
Q1’2019
Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTS BGRIM OVERVIEW
24
Appendix
24
SLIDE 26
BGRIM INVESTOR PRESENTATION Q2’2019 25
140th Year Anniversary of B.Grimm
- Longest established infrastructure, industrial, and healthcare group in Thailand since 1878
- Concessionaire and contractor of the largest infrastructure system in Thailand and South East Asia of the 1890s:
Rangsit irrigation canals
- Introducing leading engineering technologies into Thailand since the 1880s until today with Krupp, Siemens, Carl Zeiss,
Merck, Voith and United Technologies
Values: Positivity, Pioneering Spirit, Professionalism, and Partnership
"Doing Business with Compassion for the Development
- f Civilization in Harmony with Nature"
Opened Siam Dispensary
1890 1931 1996 2010
Built Rangsit canal together with Snidvongse family Installed the first telephone line between Germany and Thailand Supplied turnkey systems and services with Siemens for BTS sky train Awarded first Small Power Producer (SPP) contract for Amata B.Grimm Power 1 Consortium leader for Airport Rail Link
1878
B.Grimm Power reached 2,892 MW installed capacity
1994 June 2019
SLIDE 27
BGRIM INVESTOR PRESENTATION
Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW
Q1’2019
Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTS BGRIM OVERVIEW
26 26
BGRIM Corporate Structure – Long Commitment from Management
B.Grimm Power’s Team
- Mr. Harald Link
Chairman (23 years with B.Grimm Power) Major Shareholder
- Ms. Preeyanart Soontornwata
President (23 years with B.Grimm Power) Chairperson of The Association of Private Power Producers, Thailand
- Mr. Surasak Towanich
Senior Executive Vice President Sales, Marketing and Electricity Transmission and Distribution (23 years with B.Grimm Power) Previously held positions with EGAT and ABB
- Mr. Nopadej Karnasuta
Senior Executive Vice President CFO (6 years with B.Grimm Power) Previously held positions with KBANK and EGCO
- Mr. Peradach Patanachan
Senior Executive Vice President Legal Counsellor / Business &
Project Development I (Renewable & Hybrid Projects)
(12 years with B.Grimm Power) Previously held positions with Clifford Chance and KPMG
- Mr. Chote Chusuwan
Senior Executive Vice President Chief Operation Officer (23 years with B.Grimm Power) Previously held positions with EGAT and Cogeneration PCL
- Mr. Arunphun Pootong
Executive Vice President Business & Project Developments (Conventional) and Commercial & Procurement
Previously held positions with EGAT and JERA Power
SLIDE 28
BGRIM INVESTOR PRESENTATION Q2’2019 27
Awards and Recognition
✓
SET50
✓
SET100
✓
SETCLMV
FTSE SET Mid Cap
EIA Monitoring Awards 2016 Certificate of the Carbon Footprint for Organization (CFO) Best Energy Solutions Provider ASIA Project of the Year 2015: Best Distributed Generation Project The Most Innovative Bond Deal The First Non- financial Corporate Green Bond from Thailand Certificate
- f membership
- f GEIDCO*
Green Financing
- f The Year
*Global Energy Interconnection Development and Cooperation Organization
SLIDE 29
BGRIM INVESTOR PRESENTATION Q2’2019 28
“Excellent”
“ESG 100”
(by Thaipat Institute)
“Thai CAC”
(by Thai Institute of Directors Association (IOD))
“Thailand Sustainability Investment (THSI) List”
(by Stock Exchange of Thailand)
“AGM Level”
(by Thai Investors Association)
“CGR Score”
(by Thai Institute of Directors Association (IOD))
“Sustainability Report Awards”
(by Stock Exchange of Thailand)
Awards and Recognition
SLIDE 30
BGRIM INVESTOR PRESENTATION Q2’2019 29
Q3’2018 UPDATE Q3’2018 UPDATE
*For PPAs expired in 2019 - 2021
Key consideration
EGAT PPA period (years) EGAT contract capacity (MW) EGAT Tariff IU Tariff Contracted heat rate (mmBTU/KWh) BGRIM’s power plants applied with this scheme
Replacement
25 Up to 30 Capacity Payment + Energy Payment Benchmark with PEA 7,409 ABP1, ABP2, BPLC1, SPP1 (2 plants)
Extension*
1-3 Up to 60 Energy Payment Benchmark with PEA 8,282 ABP1, SPP1 (2 plants)
Existing
21-25 Up to 90 Capacity Payment + Energy Payment Benchmark with PEA 8,600 ABP1, ABP2, BPLC1, SPP1 (2 plants)
SPP Extension and Replacement Scheme
ABP1 2019 2020 2021 2022 2023 2024 ABP2 BPLC1 SPP1 #1 SPP1 #2
166 MW, (15.3% holding) 166 MW, (51.2% holding) 140-150 MW, (51.2% holding), 25 years 140-150 MW, (51.2% holding), 25 years 140-150 MW, (100.0% holding), 25 years 171 MW, (15.3% holding) 103 MW, (100.0% holding) 62 MW, (100.0% holding) 62 MW, (100.0% holding) 62 MW, (100.0%) 62 MW, (100.0%) 70-140 MW, (100.0% holding), 25 years 70-140 MW, (100.0% holding), 25 years
SLIDE 31
Q2’2019 BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE
30
BGRIM OVERVIEW Q3’2018 UPDATE
MOU signing with LG Chem (May 14, 2019)
Cooperation with LG Chem, world leader in fields of energy storage system (ESS), automotive batteries and mobile batteries, for the development in energy storage system.
MOU signing with Siemens and TPSC (Mar 23, 2019)
Service Collaborations to improve 9 power plants performance for increasing the availability and efficiency as well as introducing digitalization to their operation and maintenance.
MOU Signing with Strong Partners
SLIDE 32
BGRIM INVESTOR PRESENTATION 31
Core subsidiaries and associates only
Corporate Structure
60.0%
SLIDE 33
BGRIM INVESTOR PRESENTATION 32
BGRIM’s Shareholders
34.0% 24.4% 9.0% 1.1% 0.4% 31.1% B.Grimm Power (Singapore) PTE. LTD.
- Mr. Harald Link
B.Grimm Joint Venture Holding
- Ms. Caroline Link
Public Shareholders
Top Public Shareholders (as of 28 Jun 19) %
- 1. ASIAN DEVELOPMENT BANK
4.7%
- 2. BBL Long-Term Equity Fund
1.7%
- 3. Thai Life Insurance Co., Ltd
1.1%
- 4. Muang Thai Life Assurance Co., Ltd
1.0%
- 5. SOUTH EAST ASIA UK (Type C) NOMINEES
LIMITED 0.8%
- 6. Others
21.8% Total 31.1%
PUBLIC SHAREHOLDERS 2,606.9 MM SHARES
Directors and Management
SLIDE 34
BGRIM INVESTOR PRESENTATION 33
Operational Power Plants: Conventional
Note: (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant (b) Amata B.Grimm Power owned 30.0% of ABPIF’s units and consequently, our economic ownership of Amata B.Grimm Power 1 Limited and Amata B.Grimm Power 2 Limited was 15.3% (c) NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and BPLC1) for 10 years with up to the existing contracted capacity. (d) Acquired from Sime Darby Energy on 30 June 2014 (e) We instead purchase power directly from a subsidiary of EVN which we then on-sell to industrial users in Amata City Bien Hoa Estate
Company Abbreviation Fuel Type COD Economic Ownership %(a) Installed Equity Offtaker / PPA Expiry Contracted Capacity (MW) Electricity Contracted Capacity (MW) Steam Contracted Capacity (MW) (MW) Program (t/h) Amata Nakorn Industrial Estate, Thailand Amata B.Grimm Power 1 ABP1 Gas-Fired Cogen Sep-98 15.3%(b) 166.4 25.5 EGAT (SPP) Sep-19(c) 90 106.2 6 Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep-01 15.3%(b) 171.2 26.2 EGAT (SPP) Sep-22(c) 90 82.2 16 Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.70% 132.5 80.4 EGAT (SPP) Oct-37 90 46.1 13 Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov-15 55.50% 131.1 72.8 EGAT (SPP) Nov-40 90 32.5 – Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun-16 55.50% 131.1 72.8 EGAT (SPP) Jun-41 90 33.4 13 Subtotal 732.3 277.7 450 300.4 48 Amata City Industrial Estate, Thailand Amata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov-13 61.70% 123.3 76.1 EGAT (SPP) Nov-38 90 17 14 Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun-13 61.70% 124.4 76.8 EGAT (SPP) Jun-38 90 24 14 Amata B.Grimm Power (Rayong) 3 ABPR3 Gas-Fired Cogen Feb-18 55.50% 133 73.8 EGAT (SPP) Feb-43 90 18
- Amata B.Grimm Power (Rayong) 4
ABPR4 Gas-Fired Cogen Jun-18 55.50% 133 73.8 EGAT (SPP) Jun-43 90 16
- Amata B.Grimm Power (Rayong) 5
ABPR5 Gas-Fired Cogen Oct-18 55.50% 133 73.8 EGAT (SPP) Oct-43 90 14
- Subtotal
646.7 374.3 450 89 28 Laem Chabang Industrial Estate, Thailand B.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01(d) 100.00% 103 103 EGAT (SPP) Jul-22(c) 60 50.1 46.2 B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.00% 56.1 56.1 – – – 60.8 18.5 Subtotal 159.1 159.1 60 110.9 64.7 Bangkadi Industrial Park, Thailand B.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr-15 74.00% 114.6 84.8 EGAT (SPP) Apr-40 90 14 – B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan-16 74.00% 114.6 84.8 EGAT (SPP) Jan-41 90 18.5 – Subtotal 229.2 169.6 180 32.5 – WHA Chonburi1 Industrial Estate, Thailand B.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov-16 75.00% 130.2 97.5 EGAT (SPP) Nov-41 90 31 – WHA Eastern (Map Ta Phut) Industrial Estate, Thailand SPP1 SPP1 Gas-Fired Cogen Feb & Dec-98 100.00% 124.00 124.00 EGAT (SPP) Feb & Dec--21 110 110 48 Gas-Fired Cogen Total 2,021.50 1,202.20 1,250.00 642.80 188.70 Amata City (Bien Hoa) Industrial Estate, Vietnam Amata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.70% 13 4 – – – 310.5 – Conventional Total 2,034.50 1,206.20 1,250.00 953.30 188.70
SLIDE 35
BGRIM INVESTOR PRESENTATION 34
Operational Power Plants: Solar
Company / Project Abbreviation Location COD Economic Ownership %(a) Capacity Main PPA(s) Installed (MW) Equity (MW) Offtaker / Program PPA Expiry B.Grimm Yanhee Solar Power BGYSP 100.0% 59.7 59.7 Sai Luang 2 Pathumthani province, Thailand Dec-15 8.0 8.0 PEA (FiT) Dec-40 8.0 8.0 Sai Luang 3 Sai Luang 9 7.2 7.2 Sai Luang 10 7.5 7.5 Sai Yai Nha 8.0 8.0 Sai Manow 8.0 8.0 Sai Putsa 8.0 8.0 Sai Sena 2 Ayutthaya province, Thailand 5.0 5.0 Solarwa Solarwa 47.5% 38.5 18.3 Sai Lui Rim Num Nakhon Pathom province, Thailand Dec-15 8.0 3.8 PEA (FiT) Dec-40 Sai Chalouw 1 8.0 3.8 Sai Sab 8.0 3.8 BGTTRE2 Saraburi province, Thailand 8.0 3.8 BGTTRE3 6.5 3.1 TPS Commercial TPS Saraburi province, Thailand Dec-15 47.5% 8.0 3.8 PEA (FiT) Dec-40 B.Grimm Solar Power (Sakaeo) 1 BGPSK Sakaeo province, Thailand Apr-16 100.0% 8.0 8.0 PEA (FiT) Apr-41 Solar WVO-Cooperatives Solar WVO-Coop Dec-18 100.0% 30.8 30.8 BSPCD Sakaeo province, Thailand 2.3 2.3 PEA (FiT) Dec-43 BGPCCS Phetchabun province, Thailand 3.6 3.6 BSPCB Surat Thani province, Thailand 5.0 5.0 BGSP1WN Bangkok province, Thailand 5.0 5.0 MEA BGPLKB Bangkok province, Thailand 5.0 5.0 BGPBBO Samut Prakan province, Thailand 5.0 5.0 BGPSAI Nonthaburi province, Thailand 5.0 5.0 Dau Tieng (Xuan Cau) DT Tay Ninh province, Vietnam Jun-19 55.0% 420.0 231.0 EVN Jun-39 Phu Yen TTP (Phu Yen) Phu Yen TTP Phu Yen province, Vietnam Jun-19 80.0% 257.0 205.6 EVN Jun-39 Total 822.0 557.2
Note: As of 30 June 2019 (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant.
SLIDE 36
BGRIM INVESTOR PRESENTATION 35
Source: 56-1, EGAT, PEA (a) Some contract terms are year-on-year basis (b) According to concession agreements
SPP Gas-fired Cogeneration Solar PV Solar (Vietnam) Wind Hydro EGAT Industrial Users PEA (FiT) EVN PEA (Adder) EDL Electricity Steam Term (years)
21 – 25 years 5 – 15 years(a) 5 – 15 years(a) 25 years 20 years 5 years 25 years
Extension option
✓
✓ ✓
– – 5 years auto extension Up to 10 years
Contracted capacity
90 MW
(except for BPLC1 which is 60MW)
Depends on each contract 5 – 8 MW 677 MW dc 564 MW ac 8 MW 6.7 – 15 MW(b)
Secured fuel supply
✓ ✓ ✓
N/A N/A N/A N/A
Natural gas cost pass-through
✓
(at contracted heat rate)
Partially through Ft Depends on contract N/A N/A N/A N/A
FX pass-through
✓
Partially through Ft – – – – –
Inflation indexation
– –
✓
– – – –
Tariff
See next page 5.66 THB/kWh 9.35 Cents/kWh PEA wholesale + 10-year adder at 3.50 THB/kWh 0.065 US$/kWh
Applicable power plants
ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPR1-2, SPP1 BGYSP (8 projects), Solarwa (5 projects), TPS, BGPSK DT1&2, Phu Yen TTP Bo Thong (2 projects) XXHP (2 projects), Nam Che, Nam Khao 1-5 (5 projects)
Contractual Overview: Commercial Features
SLIDE 37
BGRIM INVESTOR PRESENTATION 36
Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving Payment + VAT
Capacity Payment Rate (THB/kW/month) = 𝐷𝑄0 × 𝑦 ×
𝐺𝑌𝑢 𝐺𝑌0 +(1− 𝑦)
Energy Payment Rate (THB/kWh) = 𝐹𝑄0 +
𝑄𝑢−𝑄0 106
× contracted Heat rate Fuel Saving Payment Rate (THB/KWh) = 𝐺𝑇0 ×
𝑄𝐹𝑇𝑢 10%
𝐺𝑌𝑢 = THB/ US$ Exchange Rate 𝑄𝑢 = Price for natural gas PTT sells to SPPs in a month (THB/mmBTU) 𝑄𝐹𝑇𝑢 = primary energy saving (“PES”) statistic measuring the efficiency rate of
- ur gas-fired cogeneration power plant in consuming natural gas in the
generation of electricity and thermal energy
Source: Company filing and data, EGAT
SPP Regulation 1992, 1998 & 2005 2007 2010 Applicable power plants ABP1-2, SPP1 BPLC1 ABP3, ABPR1-2, BIP1 ABP4-5, ABPR3-5, BIP2, BOWIN, BGPR1-2 Base Capacity Payment Rate (𝐷𝑄
0) (THB/kW)
302.00 383.66 420.00 Base Exchange Rate (𝐺𝑌0) (THB/US$) 27 37 34 US$THB FX indexation (𝑦) 0.8 0.5 0.5 Base Energy Payment Rate (𝐹𝑄
0) (THB/kWh)
0.85 1.70 1.85 Base Price for Natural Gas PTT sells to SPPs (𝑄
0)
(THB/mmBTU) 77.0812 209.4531 232.6116 Contracted Heat Rate (BTU/kWh) 8,600 8,000 7,950 Fuel Saving Payment
- ✓
✓ Base Fuel Saving Payment (𝐺𝑇0) (THB/kWh)
- 0.36
0.36
Contractual Overview: EGAT PPA under SPP Program
TARIFF STRUCTURE
SLIDE 38
BGRIM INVESTOR PRESENTATION 37
Projects Installed Capacity (MW) Steam Capacity (ton/hr) Type of maintenance Duration (days) 2018 Q1 Q2 Q3 Q4
Amata City (Chonburi)
ABP1 166.4 30.0 Major Overhaul 24 ABP2 171.2 30.0 Major Overhaul 22 Major Overhaul 12 ABP3 132.5 30.0 Major Overhaul 20 ABP4 131.1 30.0 Major Inspection 15
Laem Chabang
BPLC1 103.0 50.0 Major Overhaul 14 Major Overhaul 15 BPLC2 56.1 20.0 Major Inspection 7
Bangkadi
BIP1 114.6 20.0 Major Inspection 12 BIP2 114.6 20.0 Major Inspection 11
Major Maintenance Schedule in 2018 & 2019
Projects Installed Capacity (MW) Steam Capacity (ton/hr) Type of maintenance Duration (days) 2019 Q1 Q2 Q3 Q4
Amata City (Chonburi)
ABP1 166.4 30.0 Major Overhaul 22 ABP2 171.2 30.0 Major Overhaul 25 ABP3 132.5 30.0 Major Overhaul 20 ABP4 131.1 30.0 Major Inspection 12 ABP5 131.1 30.0 Major Inspection 24
WHA Chonburi 1
BPWHA 130.0 30.0 Major Inspection 12
SLIDE 39
BGRIM INVESTOR PRESENTATION
Abbreviation & Our Projects
ABBREVIATION
ADB Asian Development Bank COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL Electricite Du Laos EGAT Electricity Generating Authority of Thailand ERC Energy Regulatory Commission EPC Engineering, Procurement and Construction EVN Electricity of Vietnam FiT Feed-in Tariff FX Foreign exchange IPO Initial public offering IU Industrial user IWTE Industrial Waste to Energy JV Joint venture KWh / GWh Kilo / Gigawatt-hour MEA Metropolitan Electricity Authority mmBtu Million Btu (unit of gas consumption) NNP Normalized net profit O&M Operations and maintenance P.A. Per annum PEA Provincial Electricity Authority (Thailand) PPA Power purchase agreement PTT PTT public Company Limited ROA Return on assets ROE Return on equity SG&A Selling, general & administrative expense YE Year End YoY Year-on-Year
OUR PROJECTS
ABPIF Amata B.Grimm Power Plant Infrastructure Fund ABP1 Amata B.Grimm Power 1 ABP2 Amata B.Grimm Power 2 ABP3 Amata B.Grimm Power 3 ABP4 Amata B.Grimm Power 4 ABP5 Amata B.Grimm Power 5 ABPR1 Amata B.Grimm Power (Rayong) 1 ABPR2 Amata B.Grimm Power (Rayong) 2 ABPR3 Amata B.Grimm Power (Rayong) 3 ABPR4 Amata B.Grimm Power (Rayong) 4 ABPR5 Amata B.Grimm Power (Rayong) 5 BGPSK B.Grimm Solar Power (Sakaeo) 1 BGSENA B.Grimm Sena Solar Power Limited BGYSP B.Grimm Yanhee Solar Power BIP1 B.Grimm BIP Power 1 BIP2 B.Grimm BIP Power 2 BPLC1 B.Grimm Power (Laem Chabang) 1 BPLC2 B.Grimm Power (Laem Chabang) 2 BPWHA1 B.Grimm Power (WHA) 1 Nam Che Nam Che 1 Hydro Power Project XXHP Xenamnoy 2 and Xekatam 1 Hydro Power Project Interchem Progress Interchem Solar WVO Solar WVO-Cooperatives Projects DT Dau Tieng Tay Ninh Energy Solar Plant Project (Xuan Cau) Phu Yen TTP Phu Yen TTP Solar Plant Project (Phu Yen)
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SLIDE 40
BGRIM INVESTOR PRESENTATION
Abbreviation & Our Projects
OUR PROJECTS
BSPCD The Chon Daen agricultural cooperatives project BGPCCS The WVO project, namely the Veteran Support Office of Chonburi BSPCB The Ban Na Doem agricultural cooperatives project BGSP1WN The WVO project, namely Office of Agriculture, Industry and Services Affairs BGPLKB The WVO project, namely the Veterans General Hospital BGPBBO The WVO project, namely the WVO Office of Terminal Production Workshop BGPSAI The WVO project, namely the WVO Office of Security Services
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SLIDE 41
BGRIM INVESTOR PRESENTATION
INVESTOR RELATIONS IR Contact
Disclaimer None of the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document or otherwise made available nor as to the reasonableness of any assumption contained herein or therein, and any liability therein (including in respect of any direct, indirect or consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction and any recipient hereof should conduct its own independent analysis of the Company, including the consulting of independent legal, business, tax and financial advisers. The information in these materials is provided as at the date of this document and is subject to change without notice. .
Email: IR@BGrimmPower.com Tel: +66 (0) 2710 3528 Solaya Na Songkhla
Email: Solaya.N@BGrimmPower.com
Gunnlapat Wichutarat
Email: Gunnlapat.W@BGrimmPower.com
Thunruethai Makaraphan
Email: Thunruethai.M@BGrimmPower.com
Contact Us:
- Dr. Gerhard Link Building,
5 Krungthepkreetha Road, Huamark, Bangkapi, Bangkok 10240, Thailand Tel: +66 (0) 2710 3400 Fax: +66 (0) 2379 4245
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