Opportunity Day Q1/2018 Financial Results 28 May 2018 Ticker: BCPG (SET)
Disclaimer 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 thereto (“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. 2
Agenda Recent Development Financial Highlights Business Outlooks 3
Agenda Recent Development Financial Highlights Business Outlooks 4
Key Highlights Full ll-quarte uarter recognit ognition ion of Solar r coopera operatives tives 5 MW MW (COD since ce 14 March 2017) Thailand all lower Heavier vier and longe ger than usu sual al rainfal wer irradia iation ion hours urs Signed ned MOU with IEAT, AT, PEA EA and BCP Full ll quar arte ter record ord of Nagi proje oject ct 10.5 MW (COD since ce 2 2 March 2017 2017) ) Japan Officia cially ly COD of Gotemb temba proje ject ct 4.0 MW MW since ce 16 16 April il 2018 2018 Share e of prof ofit it (befo fore re amortiz ortizat ation) ion) was pos ositive itive of THB B 22.2 million, lion, des espite ite The Philippines lower wer wind spe peed d and one turbin rbine e down n for 10 days ys Stable ble ope pera ratio tion. n. Share e of profi fit t (before efore amortiz rtizatio ation) was in line Indonesia with expe pectatio ctation of THB B 181.0 millio ion 5
Key Highlights (Cont’d) % to sales ales 100 100% Sales es 82.5% Adjus usted ted YoY +0.5% EBITD ITDA* A* 45.4% 43.8% QoQ +2.6% YoY +6.3% Core profit fit Net profit it YoY -8.0% QoQ +29.7% QoQ +115.8% YoY -22.7% QoQ -40.1% THB B 801.5mn mn THB B 661.4 mn mn THB B 364.0 mn mn THB B 351.2 mn mn 6 Remark: Adjusted EBITDA incorporates share of profit from investment in associates of THB 69.0 mn
Portfolio Summary Operating 398.9 installed MW and continued growing Contr trac acted ted MW Thailand Japan The Philppines Indonesia 336.4 .4 332.4 .4 158 158 145 14.4 14.4 34 30 20 Japan 125 130 130 Operating : 45 MW DC Developing: 147.3 MW DC 2016 2017 1Q18 Total: 192 MW Thailand Philippines Operating Operating : 182 MW DC 182 MW Operating: 14 MW 399 MW Developing : 8.9 MW DC Developing: 6 MW 20 MW Total: 190.9 MW Total: 20 MW Status Technology Indonesia Operating: 157.5 MW Solar Developing: 24 MW Wind Developing Total: 181.5 MW 383 MW 186 MW Geothermal 7 Remark: For the Philippines and Indonesia, only equity MW is presented
Dividend payment Robust dividend payout Not t less ss than 40% of the Company’s Net t Prof ofit it (after deduction of all reserves required by law and regulations) Dividen idend Yield eld 3.2% Unit: THB per share (@ 19.7 THB per share) 0.8 0.7 0.09 0.6 0.16 0.5 0.4 0.15 0.3 0.61 0.60 0.15 0.2 0.1 0.16 0.15 0.0 FY16* Q117 Q217 Q317 Q417 FY17 1Q18 Dividend payout ratio 91.0% 62.7% 65.2% 65.2% 57.7% 55.2% 60.4% (Consolidated) 8 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
Agenda Key Highlights Financial Highlights Going Forward 9
Key business drivers Growing output in Japan helped by full-quarter recognition of Nagi Irradia adiatio tion n (hou ours rs per day) ay) -3.6% YoY +10.9% YoY 5.68 +6.3% QoQ +29.7% QoQ 5.17 5.14 4.94 4.95 4.38 4.66 3.19 2.88 2.46 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q17 1Q1 Q18 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 Sella lable ble Out utput put (kWh) +0.1% YoY +39.0% YoY +0.5% QoQ +8.9% QoQ 68,073 65,993 65,384 65,716 66,035 14,409 12,776 9,155 8,405 6,585 1Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 10
Revenue Stable revenue YoY; growing QoQ Unit: THB million +3.2% YoY +0.5% YoY +2.6% QoQ Revenue: venue: 890 854 802 798 Revenue was stable YoY at THB 802 million 781 19.2% 17.6% On QoQ basis, revenue grew slightly 2.6% 10.2% 10.9% 10.1% thanks to improving weather condition in 89.8% 80.8% 89.1% 82.4% 89.9% Japan despite prolonged snowfall 1Q1 Q17 2Q1 Q17 3Q17 4Q1 Q17 1Q1 Q18 Thailand Japan Effective fective tariff ff* * -0.37% YoY -1.2% YoY Unit: THB per kWh Unit: JPY per kWh -0.1% QoQ +1.12% QoQ 39.03 38.60 38.60 38.60 38.56 10.85 10.81 10.76 10.69 10.56 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 1Q17 2Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 11 Remark: *Effective tariff includes FiT to Agricultural Cooperatives Solar (Thailand) of THB 5.66 per unit and Gotemba project (Japan)
EBITDA Robust operations in Japan supported EBITDA growth QoQ Unit: THB million -4.8% YoY +11.9% QoQ EBITDA DA 637 622 609 592 529 1Q18 EBITDA declined by 4.8% YoY mainly due to higher SG&A expenses 1Q18 EBITDA grew by 11.9% QoQ mainly helped by robust operations in Japan and lower SG&A expenses 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 1Q18 SG&A to sales was at 18.2%, rose from 78.0% 71.3% 67.8% 73.9% 71.5% 14.8% in 1Q17, mainly due to personnel expenses to support business expansion 12 Remark: EBITDA from operation, excluding other revenue
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