Oppo pportu rtunity nity Da Day 1Q2019 Financial Results 23 May - - PowerPoint PPT Presentation

Oppo pportu rtunity nity Da Day 1Q2019 Financial Results

23 May 2019

Ticker: BCPG (SET)

Ag Agen enda da

2

Highlights Performances Outlooks

• Mr. Bundit Sapianchai, President and CEO

“BCPG believes in De Demo mocratizati ratization

• n of Ener

ergy gy – we work to put the power to manage the energy economy into the hands of consumers. Through collaboration with partners, we aim to democratize energy by using innovation to create a sustainable way of new energy utilization”

Democratization of Energy

4

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 Smart University with CMU Sun Share Project with SC Asset Jointly established Thai Digital Energy Development (TDED) with PEA ENCOM Develop

• pment

ment with key part rtne ners:

1H19 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

By 1H19

Plan to apply for ERC Sandbox P2P trading area Next step:

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

Partnering with PEA Encom

5

An Another er significa nificant t step ep to pen enet etrat rate e into ret etail il markets ets

3 busines sinesses unde der JV: 3 Digital Energy Platform 2 Energy Efficiency & Management 1 Investment in renewable generators 5-year ear targe get: t:

MW: Rooftop solar: 350 MW Energy efficiency: 419 MW Portf tfolio lio mix:

Project update in Japan

6

Const struct ruction ion timelin eline e has bee een pus ushed ed by reg egula ulato tory ry challenges llenges

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

Const struct ruction ion pla lan up update: e:

Commenced first Thai wind power plant in portfolio

7

Oper erat ation ion started ed ahea ead d of schedule edule with h strin inge gent t CAP APEX X spen ending ding

0.0% 10.0% 20.0% 30.0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

• Est. capacity factor (%)

Seasonalit asonality: Estimate seasonally peak in 4Q Tot

• tal

al investme estment: nt: THB 835 mn Share purchase: THB 219 mn Construction cost: THB 616 mn Revenue venue targe get: THB 109 mn p.a. until 2028 Based on capacity factor 19%-20% Adder THB 3.5/kWh granted

8

• Ms. Phatpuree Chinkulkitnivat, CFO

“Aligning business and finance strategy to grow the company while ensuring compliance with financial regulations, protecting company’s vital assets, and applying critical thinking to the long-term goal of BCPG”

Performance

Business footprint

9

In ope peratio 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

10

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% 4% 1% 18%

ID ID 1Q19: 401 GWh (+1.0% YoY) TH TH JP JP PH PH Pro Form rma a Revenue e

45% 5% 3% 48%

ID ID 1Q19: THB 1,591 million (-0.4% YoY) TH TH PH PH JP JP

Unit: GWh Unit: THB mn

Geothermal power plants support business portfolio’s prominent generation growth

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

2016 2017 2018 2019

Seasonality summary

11 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

15% 18% 20% 23% Q1 Q2 Q3 Q4

Estimate

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

Key highlights for 1Q19

12

By By num umbers ers EBI BITDA DA

Presenting resiliency

60 609. 9.5

Unit: THB mn

Net et profit it

Robust all-around performance49

491. 1.6 MW MW

Leading renewable player in Asia Pacific

49 492. 2.6 ND/ D/E

Well below industry average and covenant

0. 0.87x 87x Di Div. . Yield eld

Commitment to shareholders 3.9%

9% Key ey takea eaway way

A goo

• od

d sta tart rt for 2019 thanks to robust performance and higher contribution from investment in associates 1 Healt lthy y financial cial pos

• sitio

ition supported by low gearing ND/E and financing cost… 2 …Free up room for future investment through organic and acquisition activities 3 COD of wind power plant “Lomligor

• mligor” in 2Q19 should enhance

bot

• tto

tom m line e YoY growth

• wth

4

9 15 14 4 4 10.5% 15.5% 14.3% 10.1% 11.1% 1Q18 2Q18 3Q18 4Q18 1Q19 Generation Capacity factor (%) 66 67 64 73 72 17.2% 17.1% 15.6% 17.8% 17.7% 1Q18 2Q18 3Q18 4Q18 1Q19 Generation Capacity factor (%) 801 874 830 815 808 70.1% 71.7% 69.3% 72.1% 74.4% 1Q18 2Q18 3Q18 4Q18 1Q19 Thailand Japan Gross Profit Margin 13

Revenue & Gross Profit Margin: Overall 1Q19 revenue is relatively stable YoY thanks to robust operations in Thailand & full-quarter recognition of three new projects

• ffset the absence of 2 projects sold into IFF

1Q19 Gross profit margin reached peak level from the past ten quarters at 74.4% thanks mainly to lower COGS Favorable weather conditions as well as full-quarter book

• f newly COD of WVO

supported YoY growth QoQ output was relatively stable

Revenue & plants performance

Output lowered significantly YoY due to Assets monetization since 3Q18 On QoQ basis, improving weather conditions helped increase capacity factor especially at Gotemba plant Revenue e & Gross profi fit marg rgin in

• 0.9% QoQ

+0.8% YoY

Power er generat eratio ion n & Capaci acity ty factor

• r (%)

Power er generat eration ion & Capacit acity factor

• r (%)
• 1.6% QoQ

+8.8% YoY +4.5% QoQ Unit: THB million Unit: GWh Unit: GWh

• 55.3% YoY

Re Resil ilient ient oper erations tions

592 670 576 614 610 73.9% 76.7% 69.4% 75.3% 75.5%

1Q18 2Q18 3Q18 4Q18 1Q19

EBITDA EBITDA margin

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

18.2% 15.4% 16.0% 16.6% 17.9%

1Q18 2Q18 3Q18 4Q18 1Q19

EBITDA 1Q19 EBITDA grew by 2.9% YoY mainly thanks to rising GPM

EBITDA

• 0.7% QoQ

+2.9% YoY

Selling and administrative expense %SG&A/Sales slightly decreased YoY. However, on QoQ basis, %SG&A/Sales increased due to higher personal expense EBITDA A & EBITDA A marg rgin in %SG&A/S /Sales ales

Gr Growin wing g YoY driven ven by increased reased GP GP

15

22.2 2.4 29.1 18.9 37.4

1Q18 (restated) 2Q18 3Q18 4Q18 1Q19

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

• Net share

e of prof

• fit

it 14.1 (5.9) 20.6 10.5 29.2

Unit: THB million

Booked 1Q19 record high share of profit (before amortization) since acquisition, driven by continued favorable wind speed during the period Capacity factor was also at peak level of 53.4% since acquisition

+97.7% QoQ

Share of profit from associates

Wind power plant in the Philippines

+68.5% YoY

(Nabas) 14.4 MW + 5.6 MW

Typica ically lly high h sea easo son n sup uppo port rted ed highe her share e of profit it contributi ribution

• n

13 8 14 12 17 39.4% 24.6% 43.2% 37.8% 53.4%

1Q18 2Q18 3Q18 4Q18 1Q19 Sellable output Capacity factor (%)

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: GWh +38.3% QoQ +30.6% YoY Remark: Sellable output based on holding percentage

313 301 305 318 307 97.2% 91.3% 91.9% 95.3% 93.6%

1Q18 2Q18 3Q18 4Q18 1Q19 Sellable output Capacity factor (%) 16

181.0 213.2 192.6 174.5 188.0

1Q18 (restated) 2Q18 3Q18 4Q18 1Q19

Amortization (95.2) (96.4) (99.6) (99.1) (95.5) One-time items

• (122.7)
• (83.8)
• Net share

e of prof

• fit

it 85.8 (5.9) 93.0 (8.4) 92.5 Pro Forma revenue

(USD mn)

23.6 23.9 23.9 24.2 22.9

Unit: THB million +7.7% QoQ

(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

+3.9% YoY

Share of profit (before amortization) contribution increased both YoY and QoQ mainly supported by higher net profit from associates Capacity factor was relatively stable

Stable ble oper eratio ation n and increasing reasing net et profit it contributi ribution

• n sup

upport

• rted

ed growth th

Share of profit from associates

Geothermal power plants in Indonesia

Share re of prof

• fit

t from

• m opera

ratio ion n (befor

• re

e amor

• rtiz

tizat atio ion) Sellab lable le output t and Capaci acity ty factor

• r (%)

Unit: GWh

• 2.0% YoY
• 3.5% QoQ

Remark: Sellable output calculated based on holding percentage

+10.9% YoY +16.5% QoQ 17

203.2 215.6 221.7 193.4 225.4

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

Amortization (103.3) (104.7) (108.1) (107.5) (103.7) One-time items:

• (122.7)
• (83.8)
• Refinancing related expenses
• (122.7)
• Tax provision
• (83.8)
• Net share

e of prof

• fit*

it* 99.8 (11.8) 113.6 2.1 121.7

Unit: THB million

YoY growth driven by record performance at wind power plant given favorable wind speed as well as robust performance at Geothermal power plants

Share of profit from associates

Thanks to resilient operation at Geothermal as well as no one-time item reported during the period, net share of profit increased significantly both QoQ and YoY.

Ro Robus ust t per erforman rmance ce sup upport rted ed share re of profit it contrib ribut utio ion n growth wth

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)

Finance cost

18

123 129 136 132 129 2.9% 2.9% 3.3% 3.2% 3.3%

1Q18 2Q18 3Q18 4Q18 1Q19 Interest expense Effective Kd 18 Unit: THB million

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

9.8% 9.8% 90.2% 90.2%

2018 1Q19 < 1 year Due after 1 year

51.1% 51.4% 43.0% 42.7% 5.9% 5.9%

2018 1Q19 THB JPY USD

IBD D break akdown down by Fixe ixed-Flo Floatin ating g rate 1Q19 Financial costs increased by 5.0% YoY in tandem with rising interest rate given higher proportion of floating rate loan On QoQ basis, finance cost decreased marginally by 2.3% while average cost of debt (Kd) was stable

9.8% 15.3% 90.2% 84.7%

2018 1Q19 Fixed rate Floating rate

• 2.3% QoQ

+5.0% YoY

De Despit ite e incre reasing asing finan ance ce cost, , the e ef effec ective ive Kd is still ll wel ell l bel elow w indus ustr try y aver erage age

Finan ance ce cost and Kd(%)

Core profit

Ro Robus ust t oper erat ation ion and increase reased d share e profit it sup uppor

• rt

t growth th

19

395 507 412 405 454 49.3% 58.1% 49.6% 49.7% 56.2%

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

Core profit: Growing core profit due to (1) robust performance of solar power plants in Thailand and Japan from favorable weather (2) full-quarter recognition of 3 new projects (COD during 2018) (3) the increased share of profit from investment in associates

+15.0% YoY +12.1% QoQ 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

Net profit

Ro Robus ust t oper erat ation, ion, incre reased ased share re profit it and FX X gain n sup upport

• rt growth

wth

20

382 419 1,139 310 492 47.7% 47.9% 137.3% 38.0% 60.9%

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

Net profit: Prominent growth mainly due to (1) the robust performance of solar power plants in Thailand and Japan (2) an increased share of profit from investment in associates (3) FX gain of THB 37.8 million

+28.7% YoY +58.7% QoQ Unit: THB million

Net profi fit & Net profi fit t margi gin n (%)

Financial position

48.0% 49.1% 49.3% 48.3% 31,557.9 31,698.8 2018 1Q19

Equity Other Liabilities Interest-bearing debt

1.26 1.08 1.04 2017 2018 1Q19

D/E E Ratio io

D/E Ratio Covenant

Covenant = 3.0x

21

Tot

• tal

al asset sets

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

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 12.80 2017 2018 1Q19

ROE (%)

ROE

• Mr. Charnvit Trangadisaikul, EVP of Business Development

“At At BC BCPG, we strive for a balance between delivering continuous business expansion and ensuring investments are prudent. Investors can rest assured that all of our investments are sustainable ones”

Outlooks

+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

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

23

24

Appendices

Financial Statement

25

Overall business performance

Unit: THB million 1Q18* 1Q19

Change (%)

4Q18

Change (%)

Revenue from sale and redering of service 801.5 807.8 0.8% 815.3

• 0.9%

Cost of sale and rendering of services (239.6) (206.9)

• 13.6%

(227.8)

• 9.1%

Gross profit 561.9 600.8 6.9% 587.6 2.3% Administrative expenses (146.1) (144.3)

• 1.2%

(129.3) 11.6% Administrative expenses (146.1) (144.3)

• 1.2%

(135.1) 6.8% Tax income/expense related to IFF

• NA

5.8 NA 0.0 0.0 0.0% 0.0 0.0% Operating profit 415.9 456.5 9.8% 458.2

• 0.4%

0.0 0.0 0.0% 0.0 0.0% EBITDA (excl. expenses related to IFF) 592.3 609.5 2.9% 607.9 0.3% Share of profit of investment in associates 99.8 121.7 22.0% 2.1 5,831% Other income/(expense) 2.2 2.6 16.3% 2.5 5.4% Gain/(loss) on foreign exchange (12.8) 37.6

• 393.2%

(17.1)

• 319.9%

EBIT 405.3 496.8 22.6% 443.6 12.0% Finance costs (122.8) (128.9) 5.0% (131.9)

• 2.3%

EBT 382.3 489.6 28.1% 313.8 56.1% Income tax expense (benefit) (0.3) 1.9

• 653.1%

(3.9)

• 148.6%

Net profit 382.0 491.6 28.7% 309.8 58.7% Recurring profit ** 394.8 453.9 15.0% 405.0 12.1% Basic Earnings per Share (THB) 0.19 0.25 31.6% 0.20 25.0% Remark: *Restated **Excluding gain/(loss) on FX and one-time items

Financial Statement

26

Unit: THB million 2018 % of total assets 1Q19 % of total assets Change (%) Cash and cash equivalents 2,425.3 7.7% 1,789.9 5.6%

• 26.2%

Trade accounts receivable 523.8 1.7% 546.6 1.7% 4.3% Other current assets 226.1 0.7% 278.4 0.9% 23.1% Total current assets 3,175.2 10.1% 2,614.9 8.2%

• 17.6%

Investments in associate & subsidiaries 13,500.7 42.8% 13,556.9 42.8% 0.4% Property, plant and equipment 12,945.3 41.0% 13,732.8 43.3% 6.1% Goodwill and Intangible assets 1,765.6 5.6% 1,722.8 5.4%

• 2.4%

Other non-current assets 171.0 0.5% 71.5 0.2%

• 58.2%

Total non-current assets 28,382.6 89.9% 29,083.9 91.8% 2.5% Total Assets 31,557.9 100.0% 31,698.8 100.0% 0.4% Short-term borrowings & current portions 1,520.6 4.8% 1,511.2 4.8%

• 0.6%

Long-term borrowings 14,046.6 44.5% 13,814.2 43.6%

• 1.7%

Other liabilities 848.5 2.7% 799.2 2.5%

• 5.8%

Total liabilities 16,415.6 52.0% 16,124.6 50.9%

• 1.8%

Equity attributable to owners of the Company 15,142.1 48.0% 15,574.1 49.1% 2.9% Non-controlling interests 0.1 0.0% 0.1 0.0% 0.0% Total liabilities and Equity 31,557.9 100.0% 31,698.8 100.0% 0.4% Consolidated Statement of Financial Position

Financial Statement

27

Unit: THB million 1Q18 1Q19 YoY Change Net cash from (used in) operating activities 550.9 365.3 (185.6) Net cash from (used in) investing activities (47.8) (845.8) (797.9) Net cash from (repay to) financing activities (143.3) (120.2) 23.1 Net increase in cash and cash equivalents 359.8 (600.7) (960.5) 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 12.4 (34.7) (47.1) Cash and cash equivalents at end period 2,376.2 1,789.9 (586.2) CAPEX (48.2) (845.8) (797.5) Consolidated Statement of Cash Flows

Conventional solar & wind projects in Thailand

28

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

Other solar projects in Thailand

29

Tot

• tal

al contracte ntracted d capac acit ity y in pipe pelin line e of 18.4 MW. COD targe get t 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

Under construction

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 20 Private PPA

Under construction

6 Rooftop Mixed Partner Several Several cities 4.61 MW 18-25 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

30

Contr trac acte ted capac acity ity of 14.7 MW

30

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 2H20 8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 1H20 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

31

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

Disclaimer

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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 or their respective members, directors, officers, employees or affiliates assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions 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 there to (“Securities”) in Thailand, the United States or any other 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 objectives 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.