FY2018 Financial Results 25 February 2019 Ticker: BCPG (SET) - - PowerPoint PPT Presentation

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Analyst Meeting FY2018 Financial Results

25 February 2019

Ticker: BCPG (SET)

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2

The information contained in this presentation is provided by BCPG Public Company Limited (the "Company") to you solely for your information. Neither this presentation nor any part hereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company and its respective affiliates. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the Company and its respective affiliates. Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, no representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. The information 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 and its subsidiaries. None of the Company nor any of its respective affiliates nor any of its

• r their respective members, directors, officers, employees or affiliates assumes any responsibility or liability for, the accuracy or completeness of, or any errors or
• missions in, any information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss

arising from or in connection with any use of this presentation or its contents. This presentation is for information purposes only and does not constitute or form part of any offer or invitation by or on behalf of the Company for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto (“Securities”) in Thailand, the United States or any

• ther jurisdiction. This presentation should not be construed as legal, tax, investment or other advice. The information contained herein does not take into

consideration the investment objectives, financial situation or particular needs of any particular investor, and should not be treated as giving investment advice. In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and

• bjectives of the Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views

with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned not to place undue reliance on these forward looking statements. In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to update the information contained in this presentation or to correct any inaccuracies herein which may become apparent.

Disclaimer

SLIDE 3

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Recent Development Financial Highlights Business Outlooks Agenda

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Recent Development Financial Highlights Business Outlooks Agenda

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Key developments in 2018

Accomplished business growth strategy as planned

Sol

• lar

ar Assets sets Mon

• net

etiz ization ation

Completed two solar assets monetization Recorded gain of THB 793 mn

New w Capa pacity ity Adde ded

Gotemba project (4.0 MWac) WVO project (8.94 MW) Rooftop solar with P2P trading platform (0.6 MW)

Inv nves estm tment nt in as n asso sociate iates s star arted ted to bear r fruit it

The first full-year recognition

• f share of profit from

investments in Indonesia and the Philippines

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6

Yabuki Komagane

Regulatory challenges

Sep 30, 2019 Sep 30, 2020

Deadlin adline to get acceptance

• f Grid Connection Work

application from Utility co.

• therwise

FiT reduce to 21 JPY/kWh Deadlin adline to COD after granted acceptance

• therwise

PPA period reduction (month-by-month basis)

✓ Got Exception (Construction over 66%)

(27.9 MW 36 JPY/kWh) (32.0 MW 36 JPY/kWh)

1 year after acceptance

New w measu sures res (1-year year rule)

Public hearing since Dec 5, 2018. The new rule might affect 2 projects in pipeline.

Remark: The new measure (1-year rule) is expected to be enforced within 1H19.

SLIDE 7

7

Rooftop portfolio

Capturing market at the foundation

Esta tabli blish shing ing block

• ckchai

chain-based P2P electricity trading platform under “Smart City” concept: 1

Pilot project at Town Sukhumvit 77 in collaboration with Sansiri PCL

2

Chiangmai University, the first university in Thailand to develop solar rooftop (12 MW) with energy trading platform in partnership with BCPG and Power Ledger

Other r roofto top p solar lar projects cts:

Partnership with Sansiri PCL Gas station Factories

SLIDE 8

8

Floating solar development

Floati

• ating

g solar: lar:

Pilot project of 0.2 MW at Bang pa-in (Ayutthaya) sites Plan to sell electricity to Bangchak Biofuel Company after integrating with solar panels ground installation (2.1 MW)

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Over two-third of the construction progress has been completed which is slightly above plan. Two turbines have been assembled and will be installed within February 2019. Battery (1.5 MWh) helps stabilize system, improve efficiency and reduce degradation in the longer term.

Lomligor wind farm

Expect to COD within April 2019

Remark: Lomligor wind power plant acquisition has been completed since 18 June 2018

Project details

Capacity ity 10 MWdc/ 8.965 MWppa Capex ex THB 825 mn (Shares purchase of THB 219 mn and estimated construction cost of THB 616 mn) PPA PPA Wholesale Tariff + Adder 3.50 THB/kWh (10 Yr) (Average 6.60 THB/kWh) No. . turbin bine 4 turbines Capacity ity facto tor ~21.4% (5.1 hours)

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Thailand

Operating: 192 MWDC Developing: 10 MW Total: 202 MWDC

Japan

Operating: 17.4 MWDC Developing: 151.1 MWDC Total: 168.5 MWDC Monetized: 27.6 MWDC

The Philippines

Operating: 14.4 MW Developing: 5.6 MW Total: 20 MW

Indonesia

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

Solar Wind Geothermal

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

30 MW 182 MW 361 MW

Technology

Operating 381 MW Developing 191 MW

Status

Our business footprint

Operating 381.1 MWDC and continued growing

SLIDE 11

11

94 169 169 202 394 381 2013 2014 2015 2016 2017 2018 Installed lled & Equity ity MW in Portf tfolio lio

Solar TH Solar JP Wind PH Geothermal ID

130 231 263 274 847 1,607 2013 2014 2015 2016 2017 2018 Power r Generat atio ion

Solar TH Solar JP Wind PH Geothermal ID Unit: GWh Unit: MW

Business portfolio

Power er Genera ratio tion

78% 3% 3% 17%

ID ID

31% 5%

2% 62%

2017: 847 GWh* 2018: 1,607 GWh (+89.7% YoY)

TH TH JP JP PH PH TH TH JP JP Pro-fo forma ma Revenue e

47% 3% 7% 43%

ID ID

68% 11% 19% 2%

2017 THB 4,201 million* 2018: THB 6,616 million (+57.5% YoY)

TH TH PH PH JP JP JP JP TH TH

Unit: GWh Unit: THB mn

ID ID PH PH PH PH ID ID

Remark: * In 2017, the company has effective stake in subsidiaries for 7.5 months for wind power plants in the Philippines and 5 months for geothermal power plants in Indonesia.

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Recent Development Financial Highlights Going Forward

Agenda

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Operational highlights: Thailand

Record quarterly revenue in 4Q18

92.9% 93.2% 92.6% 88.8% 88.4%

65,717 66,035 66,695 64,243 73,028

4Q17 1Q18 2Q18 3Q18 4Q18 Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh

Sella lable ble Out utput put (MWh) breakd eakdown

• wn

96.4% 96.4% 96.5% 94.6% 95.1%

702 714 712 675 756

4Q17 1Q18 2Q18 3Q18 4Q18 Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh

Revenue venue break akdown down Capacity city facto tor r (%)*

16.8% 17.2% 17.1% 15.6% 17.8%

4Q17 1Q18 2Q18 3Q18 4Q18

4Q18 revenue reached record high at THB 756 mn, presented strong growth YoY and QoQ thanks mainly to rising electricity output given to (1) favorable weather conditions and (2) COD of WVO solar power plants of 8.94 MW. 2018 revenue remained stable at THB 2,858 mn.

Unit: THB million

Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24

+7.6% YoY +11.9% QoQ +6.0% YoY +13.7% QoQ +11.0% YoY +13.7% QoQ +0.6% YoY +3.2% YoY

• 1.0% YoY

+1.8% YoY 96.6% 95.6%

2,841 2,858

2017 2018 93.4% 90.7%

265,167 270,001

2017 2018

17.1% 16.9%

2017 2018

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14

Operational highlights: Japan

Lower revenue contribution from Japan post assets monetization

Revenue venue break akdown down Capacity city facto tor r (%)*

9.4% 10.5% 15.5%14.3% 10.1%

4Q17 1Q18 2Q18 3Q18 4Q18 Unit: THB million

Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24

63.3% 55.7% 58.5% 61.2% 76.8%

79 87 162 154 41

4Q17 1Q18 2Q18 3Q18 4Q18 FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh

Sella lable ble Out utput put (MWh) breakd eakdown

• wn

61.4% 44.7% 54.6% 57.7% 73.0%

7,232 9,155 14,887 13,873 3,917

4Q17 1Q18 2Q18 3Q18 4Q18 FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh +3.2% YoY

• 29.6% QoQ

+3.2% YoY

• 73.3% QoQ

+3.2% YoY

• 47.7% YoY

+6.9% YoY +3.2% YoY

• 71.8% QoQ

+3.2% YoY

• 45.8% YoY

+1.4% YoY

4Q18 revenue declined YoY and QoQ mainly due to decreased output post assets monetization in 3Q18. 2018 revenue also decreased YoY mainly attributable to aforementioned factor. 2018 capacity factor remained stable.

+0.1% YoY 63.3% 55.7%

481 445

2017 2018 +3.2% YoY

• 7.7% YoY

61.4% 44. 7%

41,238 41,832

2017 2018

12.6% 12.7%

2017 2018

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15

Revenue & Gross profit

Record GPM at 72.1% for the past 7 quarter

89.9% 89.1% 81.4% 81.4% 94.2%

781 802 874 830 815

4Q17 1Q18 2Q18 3Q18 4Q18 Thailand Japan Unit: THB million

Revenue: venue: 4Q18 total revenue increased YoY mainly led by (1) growing electricity output given favorable weather condition during the period as well as (2) COD of WVO solar power plants of 8.94 MW. On QoQ basis, total revenue declined slightly due mainly to lower revenue contribution from Japan after assets monetization program in 3Q18. 2018 total revenue remained constant.

• 1.7% QoQ

Gross ss profi fit: t: 4Q18 gross profit rose YoY and QoQ mainly due to lower COGS record post assets monetization program 2018 gross profit and GPM stayed constant YoY. Revenue venue: Gross ss profi fit: t:

526 562 626 575 588 67.4% 70.1% 71.7% 69.3% 72.1%

4Q17 1Q18 2Q18 3Q18 4Q18 Gross profit GPM 85.5% 86.4%

3,322 3,320

2017 2018 +3.2% YoY

• 0.1% YoY

2,354 2,351 70.9% 70.8%

2017 2018 +3.2% YoY

• 0.1% YoY

+4.4% YoY +11.6% YoY +2.1% QoQ

SLIDE 16

2,397 2,496 72.2% 75.2%

2017 2018

16

608 529 592 670 625 67.8% 73.9% 76.7% 75.4% 74.6%

4Q17 1Q18 2Q18 3Q18 4Q18

EBITDA margin

Unit: THB million

EBITDA

Grew YoY thanks to lower admin. cost

Remark: EBITDA from operation, excluding other revenue and share of profit from associates and one-time items

EBITDA DA 4Q18 EBITDA significantly increased YoY mainly due to a decrease in acquisition related expenses from investment made during prior

• period. EBITDA margin remained robust at

74.6%. 2018 EBITDA rose YoY mainly helped by lower SG&A expense. SG&A to sales ratios have been in a downward trend mainly thanks to lower acquisition related expenses.

+14.9% YoY +4.1% YoY

22.6% 18.2% 15.4% 16.0% 16.6%

4Q17 1Q18 2Q18 3Q18 4Q18

EBITDA: ITDA:

19.8% 16.5%

2017 2018

%SG&A/ A/Sal ales: es:

• 2.8% QoQ

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17

Nabas 36 MW + 14 MW

PHI HILI LIPPIN PPINES ES

39.4% 24.6% 43.2% 37.8% 1Q 2Q 3Q 4Q 2016 2017 2018

33.0% 30.5% 37.1% 2016 2017 2018

Capacity city factor

• r (%)

Remark * Acquisition since 15 May 2017

1.1 72.6

2017 * 2018

15.5 22.2 2.4 29.1 18.9

4Q17 1Q18 2Q18 3Q18 4Q18

Share re of profit it from opera rati tion

• n (befor

fore amortizat tization ion)

Unit: THB million

104 98 114 2016 2017 2018

Generation neration (GWh) h)** **

Share of profit from associates

Wind power plant in the Philippines

Remark: *Before one-time gain on purchase of THB 361.8 million **Based on holding percentage

• 4Q18 share of profit from wind power plant

grew by 21.9% mainly thanks to an increase in electricity generation by 10% YoY.

• Capacity factor increased to 37.8% from

favorable wind speed from Northeast Monsoon (Amihan) and Tropical Depression Samuel in Nov and Dec 18.

• Thanks to robust performance of wind power

plants in the Philippines (historically peak in electricity

• utput)

and first full-year recognition of share of profit from operation, share of profit jumped to THB 72.6 million.

+16.9% YoY

SLIDE 18

25 24 24 24 24

4Q17 1Q18 2Q18 3Q18 4Q18

2,862 6,884

94.6% 96.6% Jul - Dec 17 2018

18

Share of profit from associates

Geothermal power plant in Indonesia: resilient operations

INDONE ONESIA SIA

Darajat 47 MW

(271 MW)

Salak 65 MW

(377 MW) Wayang Windu 45 MW + 24 MW (227 MW + 120 MW) Java

207 181 213 193 175

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

Share e of profi fit t from m ope pera ratio tion n before fore amortiz rtizatio ation &

• ne-time

time items ems (THB HB mn mn)

Remark *Excl. one-time accounting related expense from refinancing activity at Wayang Windu Plant of THB 122.7 mn **Excluding tax provision of THB 83.8 million ***Capacity factor (%) is calculated based on weighted average by MW of three geothermal power plants

333 761

Jul - Dec 17 2018

• 2018 share of profit from operation presented

substantial growth YoY (+128.9%) mainly attributable to full-year recognition (compared to 5-month recognition in 2017) and robust operation.

• Stable operation with capacity factor of above 90%.

Gener erat ation ion (GWh) & capacit acity y facto tor (%)*** **

1,713 1,744 1,672 1,696 1,772

91.3% 94.8% 94.8% 93.8% 95.6% 4Q17 1Q18 2Q18 3Q18 4Q18

Revenue venue of Star Energy rgy Group up Holdings dings Pte.

• e. Ltd

td (USD mn mn) )

Based on holding percentage

40 96

Jul - Dec 17 2018

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Share of profit from associates

First full-year recognitions

223 203 216 222 193

4Q17 1Q18 2Q18 3Q18 4Q18

Tot

• tal

al share re of profi fit from m ope peratio ation:

Unit: THB million

Tot

• tal

al share re of profi fit from m oper peratio ation (after ter amortizat

• rtization):

ion):

334 834

2017 2018

114 100 111 114 86

4Q17 1Q18 2Q18 3Q18 4Q18

146 410

2017 2018

One-time ime items: ems:

309

• (123)
• (84)

362 (207)

Net t share re of profi fit t (as repo porte rted): d):

423 423 100 100

(12)

114 114 2 508 508 204 204

4Q18 total share of profit from operation was at THB 193 mn mainly thanks to resilient operations at geothermal power plants in Indonesia. 2018 total share of profit from operation stood at THB 834 mn, significantly increased from THB 334 mn thanks to first-full year record of investments. 4Q18 total share of profit (as reported) was at THB 2 mn. The abnormal low contribution was mainly due to tax provision item that was accrued based on conservative accounting policy during the period. 2018 total share of profit (as reported) was at THB 204 mn. The lower contribution was mainly due to the absence of one-time gain on purchase booked in 2017 (amounted to THB 361.8 mn). Tot

• tal

al share re of profi fit from m ope peratio ation: Net t share re of profi fit t (as repo porte rted): d):

SLIDE 20

135 123 129 136 132

4Q17 1Q18 2Q18 3Q18 4Q18 45% 37% 6% 6%6%

Corporate loan (THB) Corporate loan (JPY) Corporate loan (USD) Project Finance (THB) Project Finance (JPY)

As of 4Q18

20

Finance cost

Lower average Kd despite increasing finance cost

Unit: THB million

IBD D break akdown

• wn by matu

turit ity IBD D break akdown down by curren rency

8.3% 9.8% 91.7% 90.2%

2017 2018 < 1 year Due after 1 year

43.7% 51.1% 53.1% 43.0% 3.2% 5.9%

2017 2018 THB JPY USD

IBD D break akdown down by loan n type pe

436 521

2017 2018 +19.4% YoY

Finance ance cos

• st:

t:

• 3.3% QoQ
• 2.5% YoY

Interest-bearing debt decreased to long-term loan repayment of THB 2,028 mn after assets monetization 2018 Financial costs increased by 19.4%YoY mainly due to full-year recognition of finance costs funded for investments in subsidiaries. However, average cost of debt (kd) in 2018 slightly decreased to 3.19%, compare to 3.21% in 2017.

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Core profit

Robust growth YoY

Unit: THB million +26.5% YoY

Core e profi fit: t: Stripping out FX gain/loss and one-time items, 4Q18 core profit increased by 26.5% YoY largely due to robust performance of solar power plants in Thailand. 2018 core profit grew by 15.6% mainly due to (1) full-period share of profit recognition from associates in Indonesia and the Philippines and (2) lower SG&A expenses.

+15.6% YoY

Remark: Core profit excludes FX gain/loss and one-time items *Restated gain on purchase from investment in geothermal power plants in Indonesia

Core e profi fit: t:

• 1.7% QoQ

320 364 507 412 405 41.0% 45.4% 58.0% 49.6% 49.7%

4Q17* 1Q18 2Q18 3Q18** 4Q18 Core profit margin

1,461 1,690 44.0% 50.9%

2017* 2018

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Net profit

Supported by gain from solar assets monetization

Net t profi fit: t: 4Q18 Net profit decreased YoY and QoQ mainly due to (1) an absence of gain from assets monetization to infrastructure fund in Japan of THB 793 mn (2) an absence of one-time gain from wind power plant in the Philippines of THB 308.7 mn in 4Q17 (3) an absence of FX gain as booked in 4Q17 of THB 51.2 mn. 2018 Net profit rose significantly YoY mainly thanks to gain from assets monetization and growing EBITDA.

Unit: THB million

Net t profi fit: t:

Remark: *Including net gain from assets monetization to infrastructure fund amounting to THB 658.3 million

+25.1% YoY

1,774 2,219 53.4% 66.8%

2017 2018

• 72.8% QoQ
• 53.2% YoY

662 351 419 1,139 310 84.7% 43.8% 47.9% 137.3% 38.0%

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

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X-Date: 5 March 2019 Record date: 6 March 2019 Payment date: 22 April 2019

Dividend payment

Robust dividend payout

Not less ss than 40% of the Company’s Net Profit

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

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 Unit: THB per share

5.2% 3.3% 3.0%

2016 2017 2018

Dividend yield

0.69 * 0.61 0.64 63% 60% 58%

2016 2017 2018

BCPG’s Di Divide idend nd Hist story

• ry

DPS DPR

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Financial position

Assets monetization strengthened financial position for future investment

As at 2018, total assets remained at THB 31,558 million after the offsets between increase investment in associates and decrease in PP&E (post assets monetization). Total Liability/Equity decreased to 1.08x as at year end 2018.

Covenant : D/E ratio ≤ 3x : DSCR ≥ 1.15x Marginal liability : THB 29,011 million Outstanding Debt : THB 15,567 million

Financia ancial l Pos

• sitio

ition

1.23 1.08 2017 2018

Liabil ility/ ity/Equity ity (x)

Unit: THB million

2,675 2,687 13,890 12,945 13,288 13,501 2,004 2,425 2017 2018 Cash and Cash Equivalent Investment in associates PPE Other Assets

Ass sset

14,127 15,142 702 848 17,028 15,567 2017 2018 Interest-bearing debt Other Liabilities Equity

Liabil abilit ities ies + E Equ quity ity

31,857 31,558

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Recent Development Financial Highlights Business Outlooks

Agenda

SLIDE 26

▪ Renewab ewable le 20,766MW

▪ Pump Hydro 500MW ▪ Cogen 2,112MW ▪ Combined Cycle 13,156MW ▪ Coal 1,740MW ▪ Import 5,857MW ▪ New Power Plant 8,300MW ▪ Energy Efficiency - 4,000MW 46,0 ,090MW New w additi ition

• n

2018-2037 2037 2017 52,4 ,431MW Retirement tirement 2018-2037 2037 73,2 ,211MW 2037

RE Types MW MW Potential al Opportun rtuniti ties

• 1. Solar

10,000 ▪ Solar rooftop 100MW for 10 years ▪ The rest of 9,000 MW implies large scale solar opportunity ▪ Market adoption in rooftop solar driving the demand for ISP and P2P

• 3. Wind

nd 1,485 ▪ Leverage Lomligor expertise to capture coming opportunities

• 2. Floati
• ating

ng sola

• lar + Hydro

2,725 ▪ Participate in floating solar development under EGAT scheme

• 25,3

,310MW MW

Source: Energy News Center and BCPG analysis

PDP 2018 has revealed BCPG opportunities

26

SLIDE 27

27

Retirement of Coal Plants +38 GW of Renewable by 2036 Liberalized Retail Market

AU

10% p.a. Elec. Demand Growth in +27 GW of Renewable by 2030 (12 GW Solar) Visibility on 2019 Projects

VN

Battery of Asia Good resource for hydro and wind power plant

LAO

+10 GW of Renewable by 2030 Recently announced 5.5 GW offshore wind farm

TW

+50 GW of Renewable by 2030 Gov’t strong support

• n ESS

KR Expansions and new exploration awaits

Indonesia

Biomass Developments <100 MW

Japan

Expansion of existing pipeline / Off-grid Solutions

The Philippines

PDP 2018: Solar rooftop, farm, floating / wind

Thailand

2019 CAPEX of THB 10 bn 5-year CAPEX of THB 50 bn

500 MW of solar bidding set to close on 8 Aug 2019 Target 100 MW COD 2020

MS

Business opportunity in a region

27

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28

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

Q&A

SLIDE 29

Appendices

Financia ancial l Statement tement Projects detail

SLIDE 30

30

Financial Statement

Overall business performance

Unit: THB million 4Q17 4Q18

Change (%)

3Q18

Change (%)

2017 Restated 2018

Change (%)

Revenue from sale and redering of service 781.0 815.3 4.4% 829.7

• 1.7%

3,322.5 3,320.3

• 0.1%

Cost of sale and rendering of services (254.6) (227.8)

• 10.5%

(254.3)

• 10.4%

(968.5) (969.1) 0.1% Gross profit 526.4 587.6 11.6% 575.4 2.1% 2,354.0 2,351.2

• 0.1%

Administrative expenses (176.5) (129.3)

• 26.7%

(181.7)

• 28.8%

(658.9) (591.4)

• 10.2%

Administrative expenses (176.5) (135.1)

• 23.5%

(132.7) 1.8% (658.9) (548.2)

• 16.8%

Tax income/expense related to IFF

• 5.8

NA (49.0) NA

• (43.2)

NA 0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0% Operating profit 349.9 458.2 31.0% 393.7 16.4% 1,695.1 1,759.8 3.8% 0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0% EBITDA (excl. expenses related to IFF) 529.1 607.9 14.9% 625.2

• 2.8%

2,397.3 2,496.0 4.1% Share of profit of investment in associates 422.7 2.1

• 99.5%

113.6

• 98.2%

507.5 203.7

• 59.9%

Other income/(expense) (16.2) 2.5

• 115.2%

802.3

• 99.7%

245.0 909.5 271.2% (Loss) from foreign currency forward contracts

• NA
• NA

(304.2)

• NA

Gain/(loss) on foreign exchange 51.2 (17.1)

• 133.4%

69.1

• 124.8%

72.4 (27.6)

• 138.1%

EBIT 384.8 443.6 15.3% 1,265.0

• 64.9%

1,708.4 2,641.7 54.6% Finance costs (135.2) (131.9)

• 2.5%

(136.4)

• 3.3%

(436.1) (520.6) 19.4% EBT 672.3 313.8

• 53.3%

1,242.2

• 74.7%

1,779.8 2,324.8 30.6% Income tax expense (benefit) (10.6) (3.9)

• 62.7%

(102.9)

• 96.2%

(5.6) (105.6) 1782.0% Income tax expense (benefit) (10.6) (3.9)

• 62.7%

(15.6)

• 74.7%

(5.6) (18.3) 225.5% Tax expense related to IFF

• NA

(87.3) NA

• (87.3)

NA Net profit 661.8 309.8

• 53.2%

1,139.3

• 72.8%

1,774.2 2,219.2 25.1% Recurring profitิ * 320.2 405.0 26.5% 411.9

• 1.7%

1,461.5 1,690.0 15.6% Basic Earnings per Share (THB) 0.33 0.20

• 39.4%

0.52

• 61.5%

0.89 1.11 24.7%

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

SLIDE 31

31

Financial Statement

Uni nit: THB mi million 2017 2017 % of total assets 2018 2018 % of total assets Cha hang nge (%) Cash and cash equivalents 2,004.0 6.3% 2,425.3 7.7% 21.0% Trade accounts receivable 507.2 1.6% 523.8 1.7% 3.3% Other current assets 185.7 0.6% 226.1 0.7% 21.8% Total cur urrent nt assets 2,696.9 8.5% 3, 3,175.2 10.1% 17.7% Investments in associate & subsidiaries 13,287.8 41.7% 13,500.7 42.8% 1.6% Property, plant and equipment 13,890.3 43.6% 12,945.3 41.0%

• 6.8%

Goodwill and Intangible assets 1,892.3 5.9% 1,765.6 5.6%

• 6.7%

Other non-current assets 90.0 0.3% 171.0 0.5% 90.0% Total non-current assets 29,160.4 91.5% 28,382.6 89.9%

• 2.7%

Total Assets 31 31,857.3 100.0% 31 31,557.9 100.0%

• 0.9%

Short-term borrowings & current portions 1,415.2 4.4% 1,520.6 4.8% 7.4% Long-term borrowings 15,613.2 49.0% 14,046.6 44.5%

• 10.0%

Other liabilities 701.9 2.2% 848.5 2.7% 20.9% Total liabilities 17,730 30.3 55.7% 16,415.6 52.0%

• 7.4%

Equity attributable to owners of the Company 14,126.9 44.3% 15,142.1 48.0% 7.2% Non-controlling interests 0.1 0.0% 0.1 0.0% 0.0% Total liabilities and nd Equi uity 31 31,857.3 100.0% 31 31,557.9 100.0%

• 0.9%

Cons nsolidated Stateme ment nt of Fina nanc ncial Position

SLIDE 32

32

Financial Statement

Unit: THB million 2017 2018 YoY Change Net cash from (used in) operating activities 2,351.4 2,473.8 122.4 Net cash from (used in) investing activities (13,026.4) 1,341.9 14,368.3 Net cash from (repaid to) financing activities 5,362.2 (3,400.0) (8,762.2) Net increase in cash and cash equivalents (5,312.7) 415.7 5,728.4 Cash and cash equivalents at 1 January 7,361.2 2,004.0 (5,357.2) Effect of exchange rate changes on balances held in foreign currencies (44.5) 5.6 50.1 Cash and cash equivalents at end period 2,004.0 2,425.3 421.3 CAPEX (13,558.6) (1,702.8) 11,855.8 Consolidated Statement of Cash Flows

SLIDE 33

Appendices

Financial Statement Projects jects det etail il

SLIDE 34

34 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) Expect to COD within 1H 2019

192 Installed MW (139 MWPPA) of operating assets portfolio in Thailand

Project pipeline in Thailand

SLIDE 35

35 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 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 1H20 7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2H20 8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 2H19 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

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

Operating 17.4 Installed MW (14.7 MWPPA) and future projects portfolio in Japan

Project pipeline in Japan

SLIDE 36