j Ag Agen enda da BCPG strategic directions Portfolio & - - PowerPoint PPT Presentation

j

Opportunity

• rtunity Day

2Q2019 2019 Fin inanc ancial ial Results sults

21 Aug 2019 019

Ticke cker: BCPG (SET) T)

Ag Agen enda da

2

BCPG strategic directions Portfolio & Projects in pipelines Performance

Ag Agen enda da

3

BCPG strategic directions Portfolio & Projects in pipelines Performance

BCPG Vision / Mission

4

World’s Greenergy Icon

Evolving the world through the greener ways

Vision

Create ate sus ustain inable able futur ture e for all, enabled bled by renew ewable able ener ergy gy and innov

• vat

ative ive tech chnolog nology

Mission

Innov

• vative

ative Inte tegr grit ity Inte ternat ationa ional

Spirit

By 2025, we will be a p promin minent ent renewa ewable ble energy ergy player yer in Asia ia Pacifi fic c with h sus ustain inable able growth

• wth by

Goals

Expandi panding ng Enhancing ncing Exte tendi nding ng Evaluatin luating

Strategies

➢ Growing through smart investments, leveraging the strengths of the Group and long term relationships with the preferred partners. ➢ Providing energy as a service, connecting consumers and communities through innovative business platforms. ➢ Creating values for the shareholders as a leading integrated greenergy company with operational excellence and social and environmental responsibilities.

4

Our Core Strategies - 4Es Strategy

To Deli live ver

To scale up the business through both organic and inorganic actions, which enable BCPG to fill up adder gap and grow at faster pace ▪ Financial growth ▪ Cumulative pipeline ▪ Portfolio resilience

1

Ex Expanding nding

1

To deli liver er

(Wholesale-focused)

To rotate from structured assets to those with superior return ▪ Capital gain from investment ▪ Financial flexibilities ▪ Portfolio rebalancing

To ensu sure

Ev Evaluating uating

4

To achi hieve eve

(Asset by asset)

Towards promising adjacent sectors including Digital energy and Energy storage ▪ New revenue stream ▪ Innovative-leading position ▪ Diversification purpose

Ex Exten endi ding ng

2

To focus upon assets mgt., cost-efficiency activities, as well as operational improvement to optimize assets performance ▪ Business efficiency ▪ Profitability ▪ Asset optimization

En Enhanc ancing ing

3

To capt ptur ure To ensu sure

(New emerging business) (Operation / Asset Mgt.)

5

+10 GW of RE by 2030 Recently announced 5.5 GW offshore Top ranked wind speed at Taiwan strait

TW

Business opportunity in the region

500 MW of solar bidding set to start

• n 8 Aug 2019

Target RE to meet 20% by 2025 Target 100 MW COD 2020

MY Thailand: PDP 2018 - Solar

rooftop, floating solar, wind, digital energy, biomass

Japan: Biomass Development

with FiT of JPY 24 per kWh

The Philippines: Expansion of

existing pipeline, Off-grid Solutions, merchant market

Indonesia: Expansions and new

exploration awaits

Opportunity at Current Footprints

Poten ential l Exp xpansion

Battery of Asia Good resource for hydro and wind power plant Center of regional

• elec. transmission

system by 2025

LA

10% p.a. Elec. Demand Growth +27 GW

• f

Renewable by 2030 (12 GW Solar) Visibility on 2019 Projects

VN

+50 GW of Renewable by 2030 Gov’t strong support on ESS Target RE share from currently 8% to 30 - 35% by 2040

KR

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

AU

6

PDP 2018 reflections by Energy Minister have revealed BCPG opportunities

7 46,0 ,090MW New w additi ition

• n

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

• 25,3

,310MW MW

Source: Energy News Center and BCPG analysis

▪ Renew ewab able le 20,766MW MW

▪ Pump Hydro 500MW ▪ Cogen 2,112MW ▪ Combined Cycle 13,156MW ▪ Coal 1,740MW ▪ Import 5,857MW ▪ New Power Plant 8,300MW

▪ Energy rgy Effici ciency y - 4,000MW MW

Reflec lection tion from Energy gy Minist ister (Jul uly 2019)

1. Support clean energy by raising contribution from renewable energy to combat global warming. 2. “Energy for All” – promote establishment of community power plants to widen energy access for communities. Renewable energy will be a key resource in P2P energy trading. 3. Deploy Energy Conservation Fund to support start-ups. 4. Promote Thailand as ASEAN’s power hub by upgrading relevant infrastructure to sell electricity across the region. 5. Support technology and innovation esp. energy storage.

Digital Energy Products and Services

8

Ene nergy gy IoT

• T

Smar art t meters ters IoT gateway way Data logger er Data conce centr ntrat ator

• r

IoT data API e-cir ircu cuit it breaker akers

AI/ML ML Energy gy Efficienc ciency y Optimizat timization

• n

Deman and d and power r qualit lity monito itoring ring Cooling ling system optimi mizat atio ion Buildi ding ng effici icien ency cy manag nagem emen ent Electr ctric ic chill ller er optim imiz izat atio ion Heating ting system optim imiz izat atio ion Motor

• r,

, Pump optim imiz izat atio ion Gas turb rbine ine optim imiz izat atio ion

Energy gy Resourc sources es Manage nagement nt

Energ rgy Tradi ding Solar ar effici iciency ncy manag agement ement Carb rbon

• n services

ices Asset and O&M manag agement ement Battery ery manag agement ement

Electric ectric Mob

• bili

ility ty Man anage agement ent

EV EV-charg charge e point t monito itori ring ng Infra rastructure tructure O&M mana nagem gemen ent Roamin ing agreemen eement Mobile le apps Real time e informa rmatio tion Billing ing and CRMer er Digital tal En Ener ergy gy

75% 75%

Thai Digital Energy Development

25% 25%

Thai Digital Energy Development

Renewable Power Generation Business Energy Efficiency Program Business Digital Energy Business

Digital Energy Tech. Support

Customer Insight & Data Business

Data Marketing Support

Thai Digital Energy Development (TDED)

41% 49% 10% Rooftop solar Energy Efficiency Digital Platform

5-yea year r targe rget: t:

MW:

Rooftop solar: 350 MW Energy efficiency: 419 MW

Portfo tfolio lio mix:

9

Ag Agen enda da

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BCPG strategic directions Portfolio & Projects in pipelines Performance

Business footprint

11

In oper eration: ation: 147.9 MW* Under construction: 12.0 MW In ope peratio ation: 14.7 MW Under construction: 116.5 MW Assets monetization: 19.3 MW In oper peratio ation: 14.4 MW Under construction: 5.6 MW In ope peratio ation: 157.5 MW Under construction: 24.0 MW

Wel ell-diversified diversified ren enewabl ewable e en ener ergy gy portfolio lio in As Asia a Pacif ific ic

Unit: contracted capacity or equity MW

492. 92.6 6 MW W To Total

29 MW 182 MW 282 MW

Technology

Operating 335 MW Developing 158 MW

Status Update as of 30 April 2019

TH JP PH ID

Remark: *Including wind power plant project of 9.0 MW

Business portfolio

12

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

Power er Genera ratio tion

77% 3% 1% 19%

ID ID 1H19: 785 GWh (-2.4% YoY) TH TH JP JP PH PH Pro Form rma a Revenue e

45% 3% 4% 48%

ID ID 1H19: THB 3,191 million (0.0% YoY) TH TH PH PH JP JP

Unit: GWh Unit: THB mn

Geothermal power plants support business portfolio’s prominent generation growth

Project update in Japan

13

Ri Risk k has bee een minimize nimized after er get et FDP DP approva

• val

l

Proje ject ct Targe get COD Komagane 1H20 Chiba 1 1H21 Yabuki 2H21 Chiba 2 2H22

Const struct ruction ion pla lan up update: e:

40 40 MW MWDC

DC

Democratization of Energy

14

Establishing lishing strong ng foun undations tions for new ew way of en ener ergy gy consu sump mption ion covering ering 3 s 3 seg egmen ents s e. e.g. . res eside ident ntial ial, , commer ercial cial and industri ustrial. al. 2-yea ear r jour urney ney and way forward ard

Engaged Power Ledger as Digital Energy Partner

4Q17

T77 Launch with Sansiri Sign MOU with CMU 12 MW (Smart University) Sun Share Project with SC Asset Jointly established Thai Digital Energy Development (TDED) with PEA ENCOM Develop

• pment

ment with key part rtne ners:

1Q19 3Q18

2018: Energy ergy for ever eryo yone ne 2019: Demo mocra ratiza tizatio tion of Energy rgy

4Q18

Started to record revenue from rooftop solar biz Apply for ERC Sandbox P2P trading area

1H19

Roofto top pipelin eline

23.4 MW

Total l roof

• fto

top p portf tfol

• lio

io (and incre creas asing) ing)

Ag Agen enda da

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BCPG strategic directions Portfolio & Projects in pipelines Performance

Key highlights for 2Q19

16

By By num umbers ers EBI BITDA DA

Presenting resiliency

65 651. 1.5

Unit: THB mn

Net et profit it

FX gain is a plus

46 463. 3.8 MW MW

Leading renewable player in Asia Pacific

49 492. 2.6 ND/ D/E

On ground financial leverage 0.

0.87x 87x Di Div. . Yield eld

Commitment to shareholders 3.

3.23 23% Key ey takea eaway way

Res esilie lient nt opera eratio tion des espit pite e ass sset ets monet netiz ization ation due to favor weather and newly COD project. FX gain is a plus. 1 Temp mporary ary caus uses from m associ sociat ates es both seasonality and planned maintenance shutdown 2 On ground financial leverage reflecting our financial resilience 3 Solid LT strategies among opportunity’s growing market introducing 4 Es as our core compass 4

0% 20% 40% 60% Q1 Q2 Q3 Q4

2016 2017 2018 2019

Seasonality summary

12% 15% 17% 20% Q1 Q2 Q3 Q4

2016 2017 2018 2019

0% 95% Q1 Q2 Q3 Q4

2018 2019

Solar (TH): Q1: Cloudy weather Q2: Partial effect from rain Q3: Rainy season Q4: Winter & partly cloudy

Solar Wind

Solar (JP): Q1: Winter with cloudy weather Q2: Clear weather (Spring) Q3: Summer with rainy season Q4: Winter season Wind (PH): Q1: Monsoon season Q2: Dry season with lowest wind speed Q3: Picking up windspeed due to monsoon Q4: Partially supported by monsoon Geothermal (ID): Limited seasonal fluctuation Well-planned maintenance shutdown among power plants Wind (TH): Q1: North wind → cold climate Q2: Absence of monsoon Q3: Rainy season from central region Q4: Rainy season in the South

Geothermal

0% 12% 24% Q1 Q2 Q3 Q4

Estimate & Actual

5% 9% 13% 17% Q1 Q2 Q3 Q4

2017 2018 2019

Wel ell-diversified diversified tec echnol

• logy
• gy in

portfolio lio hel elps s smoot

• then

en per erformance rmance th throug ughou hout t the e yea ear r

17

67 64 73 72 73 17.1% 15.6% 17.8% 17.7% 17.7% 2Q18 3Q18 4Q18 1Q19 2Q19 Generation Capacity factor (%)

138.9 MW + 12 MW

Plants performance (TH&JP)

+9.9% YoY Unit: GWh

Re Resil ilient ient growth wth in Thailan land d from favorab rable le wea eathe her r and new ewly ly COD D hel elps s offset et Ja Japan

133 145 17.2% 17.8% 1H18 1H19 Unit: GWh +9.4% YoY 2.5 13.1% 2Q18 3Q18 4Q18 1Q19 2Q19 Generation Capacity factor (%) 2.5 13.1% 1H18 1H19

Power er generat eration ion & Capacit acity factor

• r (%)

Favorable weather with full period

• peration of two “WVO” projects

drive growth.

+2.0% QoQ

ance wind w and Q3 Fist quarter of COD “Lomligor” in a low season that has lower wind speed. 9 MW

15 14 4 4 5 15.5% 14.3% 10.1% 11.1% 14.3% 2Q18 3Q18 4Q18 1Q19 2Q19 Generation Capacity factor (%) +31.5% QoQ

• 63.9% YoY

24 9 12.3% 12.7% 1H18 1H19

• 60.6% YoY

Unit: GWh

14.7 MW + 1165 MW Assets monetization of Nagi and Nikaho since 3Q18 cut more than half of generation on YoY. While entering summer seasons push generation again QoQ.

18

874 830 815 808 848 71.7% 69.3% 72.1% 74.4% 73.6%

2Q18 3Q18 4Q18 1Q19 2Q19 Thailand Japan Gross margin

1,675 1,655 70.9% 74.0%

1H18 1H19

Favorable weather both Thai and Japan and newly COD of “Lomligor” support QoQ revenue growth in 2Q19 while assets monetization cut YoY. In summary, first half still maintained.

Revenue & plants performance

Revenue e & Gross profi fit marg rgin in

Unit: THB million

De Despit ite e assets ets monet etiz izat ation, ion, favorabl rable e wea eathe her r and new ewly ly COD D mainta ntained ined top li line

+4.9% QoQ

• 3.0% YoY
• 1.2% YoY

19

671 576 614 610 652 76.7% 69.4% 75.3% 75.5% 76.9%

2Q18 3Q18 4Q18 1Q19 2Q19

EBITDA EBITDA margin

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

15.4% 16.0% 16.6% 17.9% 15.6%

2Q18 3Q18 4Q18 1Q19 2Q19

EBITDA Despite Japan assets monetization, EBITDA in 2Q19 continue to grow from the full period recognition of two “WVO” projects and a commenced operation of “Lomligor”. While in 1H19, the factors offset completely.

EBITDA

• 2.8% YoY

+6.9% QoQ

Selling and administrative expense %SG&A/Sales decreased QoQ in 2Q19 due to seasonality in quarter 1 of every year. However, half year ratio still remain unchanged. EBITDA A & EBITDA A marg rgin in %SG&A/S /Sales ales

New ew capac acit ity y offset et impac act from la last yea ear r monet etiz izat ation ion

1,263 1,261 75.4% 76.2%

1H18 1H19

16.7% 16.7%

1H18 1H19

• 0.2% YoY

20

8 14 12 17 7 24.6% 43.2% 37.8% 53.4% 22.6% 2Q18 3Q18 4Q18 1Q19 2Q19 Sellable output Capacity factor (%) 21 24 32.0% 37.9% 1H18 1H19 21

Amortization (8.3) (8.5) (8.4) (8.5) (8.1) (16.4) (16.3) One-time items

• Net share

e of prof

• fit

it (5.9) 20.6 10.5 29.2 (12.1) 8.1 17.1

Unit: THB million

Seasonality effect in Q2 and PHP policy rate causing Q2 net result to be negative. While already negotiated interest rate for 2H19. Despite 18.6% stronger wind YOY (generation +14.6%), 1H19 share profit growth by 36.1%.

Share of profit from associates

Wind power plant in the Philippines

(Nabas) 14.4 MW + 5.6 MW

De Despit ite e Q2 2 bei eing ng lo low sea easo son, n, First st half lf show w >18% 18% stronger nger wind nd than 20 2018 18

Sellab lable le output t and Capaci acity ty factor

• r (%)

Share re of prof

• fit

t from

• m opera

ratio ion n (befor

• re

e amor

• rtiz

tizat atio ion)

Unit: M kWh Remark: Sellable output based on holding percentage +14.6% YoY

24.6 33.4

1H18 1H19

2.4 29.1 18.9 37.4

• 3.9

2Q18 3Q18 4Q18 1Q19 2Q19 +36.1% YoY n.a.% YoY n.a.% QoQ

• 11.0% YoY
• 57.2% QoQ

614 604 94.2% 92.2% 1H18 1H19 301 305 318 306 298 91.3% 91.9% 95.3% 93.7% 90.8% 2Q18 3Q18 4Q18 1Q19 2Q19 Sellable output Capacity factor (%) 22

213.2 192.6 174.5 188.0 169.8

2Q18 3Q18 4Q18 1Q19 2Q19

Amortization (96.4) (99.6) (99.1) (95.5) (95.4) (191.6) (190.9) One-time items (122.7)

• (83.8)
• (122.7)
• Net share

e of prof

• fit

it (5.9) 93.0 (8.4) 92.5 74.4 79.9 166.9

Unit: THB million

(Salak)

65 65 MW MW

(Darajat)

47 47 MW MW

(Wayang Windu)

45 45 MW MW + 24 24 MW MW

157.5 MW + 24.0 MW Share of profit (before amortization) decreased both YoY and QoQ mainly due to maintenance shutdown in a few units of geothermal power plant as a scheduled in annual plan.

Yea earl rly y pla lanned ned maintenan ntenance ce shut utdown

• wn pres

essured sured share e profits its

Share of profit from associates

Geothermal power plants in Indonesia

Share re of profi fit t from opera ratio ion n (before e amorti rtizatio tion) Sellab lable le output t and Capaci acity ty factor

• r (%)

Unit: GWh

• 1.0% YoY
• 2.7% QoQ

Remark: Sellable output calculated based on holding percentage

• 20.4% YoY
• 9.7% QoQ

394 358

1H18 1H19

• 9.2% YoY
• 1.7% YoY

Pro Forma revenue (USD mn) 23.9 23.9 24.2 22.9 22.4 47.5 45.3

23

215.6 221.7 193.4 225.4 165.9

2Q18 (restated) 3Q18 4Q18 1Q19 2Q19 Indonesia The Philippines

Amortization (104.7) (108.1) (107.5) (103.7) (103.6) (208.1) (207.2) One-time items: (122.7)

• (83.8)
• (122.7)
• Refinancing related expenses

(122.7)

• (122.7)
• Tax provision
• (83.8)
• Net share

e of prof

• fit*

it* (11.8) 113.6 2.1 121.7 62.3 88.0 184.0

Unit: THB million

Short-term factors such as an increase in interest expense in the (already negotiated) and maintenance shutdown

• f geothermal in Indonesia are the

cause of 2Q19 drops in both QoQ and

• YoY. While partially supported by robust

performance in beginning of the period for lower drops in 1H19.

Share of profit from associates

Refinancing related expense in 2Q18 is a factor to drive YoY growth in 2Q19 and 1H19 (+109%).

Half lf yea ear growth h still ll prev evai ails ls after er conside sidering ring one-time time item em

Remark: *Net share of profit = Share of profit (after amortization) – one-time items

Share re of prof

• fit

t from

• m opera

ratio ion n (befor

• re

e amor

• rtiz

tizat atio ion) 418.8 391.3

1H18 1H19

• 26.4% QoQ
• 23.1% YoY
• 6.6% YoY

129 136 132 129 130 2.9% 3.3% 3.2% 3.3% 3.4%

2Q18 3Q18 4Q18 1Q19 2Q19 Interest expense Effective Kd

Finance cost

24 24 Unit: THB million

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

9.8% 10.1% 90.2% 91.3%

2018 2Q19 < 1 year Due after 1 year

51.1% 52.10% 43.0% 40.30% 5.9% 7.60%

2018 2Q19 THB JPY USD

IBD D break akdown down by Fixe ixed-Flo Floatin ating g rate 2Q19 Financial costs unchange from both QoQ and YoY. While in H1/2019, an increase was due to a rising policy interest rate during 2018 and repayment of loan in JPY that has low-interest rate.

9.8% 14.8% 90.2% 85.2%

2018 2Q19 Fixed rate Floating rate +0.5% YoY

Stable ble financi ncial l cost with h bel elow w indus ustry ry aver erag age e Kd Kd

Finan ance ce cost and Kd(%)

+1.0% YoY +2.7% YoY

252 259 2.9% 3.3%

1H18 1H19

Core profit

Half lf yea ear prev evails ails des espit pite e lo lower er share e profit it and asset et monet etiz ization tion

25

477 412 405 454 433 54.5% 49.6% 49.7% 56.2% 51.0%

2Q18 (restated) 3Q18 4Q18 1Q19 2Q19 Core profit Core profit margin

Core profit: For 2Q19, YoY drop in core profit due to (1) Japan asset monetization (2) lower shares of profit as slightly lower wind speed and interest expense raised in the Philippines and maintenance shutdown

• f a geothermal power plant. On QoQ basis, despite

newly COD of “Lomligor”, lower share of profits from Indonesia and the Philippines cause a drops. Overall, first-half of 2019 core profit still prevails YoY from newly COD and full period recognition of two “WVO” solar projects along with favorable weather.

Unit: THB million

Core re profi fit t & Core re profi fit t marg rgin n (%)

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

871 887 52.0% 53.6%

1H18 1H19 +1.7% YoY

• 9.2% YoY
• 4.7% QoQ

Net profit

FX X and one-tim ime e item em boost growth h from core e per erfor

• rmance

mance

26

388 1,139 310 492 464 44.4% 137.3% 38.0% 60.9% 54.7%

2Q18 (restated) 3Q18 4Q18 1Q19 2Q19 Net profit Net profit margin

Net profit: FX gain in 2Q19 and one-time item in 2Q18 is another boost that drive YoY growth in net result from recurring profit. On QoQ basis, still slightly declined from the lower FX gain. All in all, FX and one-time item in 1H18 has widen the gap from YoY difference in net profit of 1H19.

+19.5% YoY Unit: THB million

Net profi fit & Net profi fit t margi gin n (%) 770 955 46.0% 57.7%

1H18 1H19 +24.0% YoY Remark: Core profit equals to net profit minus FX gain/loss and one-time items

• 5.6% QoQ

Financial position

48.0% 48.8% 49.3% 49.3% 31,558 31,490 2018 2Q19

Equity Other Liabilities Interest-bearing debt

1.26 1.08 1.05 2017 2018 2Q19

D/E E Ratio io

D/E Ratio Covenant

Covenant = 3.0x

27

Tot

• tal

al asset sets

0.30 0.32 0.16 0.31 0.32 0.61 0.64 0.16 68.5% 57.7% 64.0% 2017 2018 1Q19

Second half performance First half performance

Total dividend

(THB/Share)

DPR

Dividend idend Payme ment nt

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

Hea ealt lthy hy financi ncial l positio ition n as wel ell l as providing viding satisfact sfactory ry dividend idend payme ment

12.84 15.16 12.16 2017 2018 2Q19

ROE (%)

ROE

We use Technology to create Sustainability

2019 Social Business Day By Yunus Foundation

Evolving the world through the greener ways.

31

Appendices

Financial Statement

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

Overall busi siness ss performance

Unit: THB million 2Q1 Q18* 2Q1 Q19

Change ge (%)

1Q1 Q19

Change ge (%)

1H18 1H19

Change ge (%)

Revenue from sale and redering of service 873.8 847.6

• 3.0%

807.8 4.9% 1,675.3 1,655.4

• 1.2%

Cost of sale and rendering of services (247.5) (223.6)

• 9.6%

(206.9) 8.0% (487.0) (430.5)

• 11.6%

Gross profit 626.4 624.0

• 0.4%

600.8 3.9% 1,188.3 1,224.9 3.1% Administrative expenses (134.4) (132.4)

• 1.5%

(144.3)

• 8.3%

(280.5) (276.7)

• 1.3%

EBITDA 670.6 651.5

• 2.8%

609.5 6.9% 1,262.9 1,261.0

• 0.2%

0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0% Operating profit 492.0 491.6

• 0.1%

456.5 7.7% 907.8 948.2 4.4% 0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0% Share of profit of investment in associates (11.8) 62.3 629.5% 121.7

• 48.8%

88.0 184.0 109.1% Other income/(expense) 102.5 6.3

• 93.9%

2.6 140.9% 104.8 8.9

• 91.5%

Gain/(loss) on foreign exchange (66.7) 31.2 146.8% 37.6

• 17.1%

(79.6) 68.8 186.5% EBIT 527.7 529.1 0.3% 496.8 6.5% 933.0 1,025.9 10.0% Finance costs (129.5) (130.1) 0.5% (128.9) 1.0% (252.2) (259.0) 2.7% EBT 386.5 461.3 19.4% 489.6

• 5.8%

768.8 950.9 23.7% Income tax expense (benefit) 1.7 2.5 52.9% 1.9 32.7% 1.3 4.5 238.8% Net profit 388.2 463.8 19.5% 491.6

• 5.6%

770.1 955.4 24.1% Recurring profit ** 476.6 432.6

• 9.2%

453.9

• 4.7%

871.4 886.6 1.7% Basic Earnings per Share (THB) 0.20 0.23 15.0% 0.25

• 8.0%

0.39 0.48 23.1%

Financial Statement

33

Uni nit: THB mi million 2018 2018 % of total assets 2Q1 Q19 % of total assets Cha hang nge (%) Cash and cash equivalents 2,425.3 7.7% 1,340.8 4.3%

• 44.7%

Trade accounts receivable 523.8 1.7% 563.2 1.8% 7.5% Other current assets 226.1 0.7% 425.3 1.4% 88.1% Total cur urrent nt assets 3, 3,175.2 10.1% 2,32 329.4 7.4%

• 26.6%

Investments in associate & subsidiaries 13,500.7 42.8% 13,572.2 43.1% 0.5% Property, plant and equipment 12,945.3 41.0% 13,805.3 43.8% 6.6% Goodwill and Intangible assets 1,765.6 5.6% 1,712.0 5.4%

• 3.0%

Other non-current assets 171.0 0.5% 70.7 0.2%

• 58.6%

Total non-current assets 28,382.6 89.9% 29,160.2 92.6% 2.7% Total Assets 31 31,557.9 100.0% 31 31,489.6 100.0%

• 0.2%

Short-term borrowings & current portions 1,520.6 4.8% 1,545.2 4.9% 1.6% Long-term borrowings 14,046.6 44.5% 13,989.7 44.4%

• 0.4%

Other liabilities 848.5 2.7% 575.2 1.8%

• 32.2%

Total liabilities 16,415.6 52.0% 16,110.1 51.2%

• 1.9%

Equity attributable to owners of the Company 15,142.1 48.0% 15,379.3 48.8% 1.6% Non-controlling interests 0.1 0.0% 0.1 0.0% 0.0% Total liabilities and nd Equi uity 31 31,557.9 100.0% 31 31,489.6 100.0%

• 0.2%

Cons nsolidated Stateme ment nt of Fina nanc ncial Position

Financial Statement

34

Uni nit: THB mi million 1H18 1H19 YoY Cha hang nge Net cash from (used in) operating activities 1,284.1 825.5 (458.6) Net cash from (used in) investing activities (1,092.1) (1,161.1) (69.0) Net cash from (repay to) financing activities (80.7) (710.1) (629.4) Net inc ncrease in n cash h and nd cash h equi uivalent nts 111.3 (1,045.7) (1,157.0) Cash and cash equivalents at 1 January 2,004.0 2,425.3 421.3 Effect of exchange rate changes on balances held in foreign currencies 93.5 (38.8) (132.3) Cash h and nd cash h equi uivalent nts at end nd period 2,208.8 1,34 340.8 (868.0) CAPEX (1,094.9) (1,162.7) (67.8) Cons nsolidated Stateme ment nt of Cash h Flows

Conventional solar & wind projects in Thailand

35

No. Project ect Loca cati tion Operati rating g Enti tity ty % of Shareho rehold lding Insta tall lled ed Capa pacity ty (MW) Contrac tracte ted d Capac pacity ty (MW) Tariff Power Struc uctur ure Off Taker COD District rict 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

Contr trac acte ted capac acity ity of 147.9 9 MW

Remark: * BCPG 1 encounter flood from Oct 2011 to Mar 2012 result in delaying adder expiration timeline to Feb 2023

Other solar projects in Thailand

36

Tot

• tal

al contracte ntracted d capac acit ity y in pipe pelin line e of 23 23.4 MW as of 2Q19. COD targe rget by 2019.

No. Type Segment ent Relatio tion- ship Project ject Locatio ion Contr tract acted ed Capaci acity ty Term rms (year) r) Tarif iff f power er structure cture 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 0.379 MW 25 Private PPA

Under construction

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

Under construction

6 Rooftop Mixed Partner Lots Several cities 9.62 MW 15-25 Private PPA In progress 7 Floating Industrial Partner Bangchak Biofuel Bang pa-in, Ayutthaya 0.2 MW 25 Private PPA In progress

Conventional solar projects in Japan

37

Contr trac acte ted capac acity ity of 14.7 MW

37

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 1H20 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 1H21 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

Group’s Business Structure

38

Public blic

BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG BBP 1 BPP 2

Thail iland nd Singa gapo pore

99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% BSEH 100.0% BSEH SEGHPL 33.3% 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