Q3/2018 Financial Results 29 November 2018 Ticker: BCPG (SET) - - PowerPoint PPT Presentation

Opportunity Day Q3/2018 Financial Results

29 November 2018

Ticker: BCPG (SET)

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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

• 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

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Agenda Recent Development Financial Highlights Business Outlooks

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Recent Development Financial Highlights Business Outlooks Agenda

Comple plete ted ass sset et monetiza etizatio tion, Nagi and Nikah aho, into to IFF FF on 28 Sep p 2018. Booke

• ked

d gain from m transa nsact ction ion of THB B 794.5 5 mn mn Full ll quar arte ter COD of Gotemba temba sup upporte

• rted

d growth

• wth

Strengt engthen hening ng THB B agains nst t JPY limite ited d sales les growth

• wth contrib

ntribution ion from m Japan

Japan

COD of 2 Co-op

• p (WVO) sola

lar proje jects cts with tot

• tal

l contra tract cted d capacit city of 8.94 MW EBITDA ITDA grew ew by 4.1% % YoY from m lower er admin inist istrat ative ve exp xpens ense e Lower wer irradiatio diation from m heavier vier-tha than-normal normal rainfall all is the e main facto tor pres essured red elect ectricity icity out utput ut

Thailand

Booke

• ked

d record

• rd high perf

rfor

• rman

mance ce thanks nks to favor

• rable

able wind spe peed ed from trop

• pica

ical dep epres ression sions s and typhoon phoons 3Q18 8 Capacit city facto tor r of 43.5% %

The Philippines

Key highlights

Stable ble opera eratio tion Recorde corded d share re of profi fit (from

• m ope

pera ratio tion) n) of THB B 192.6 mn mn, in line e with expe pectatio ctation Res estat tated ed of 3Q17 accordi

• rding

ng to PPA A finaliz izatio ation. . Incurred urred amortiz rtizatio ation expe pense nse while e gain n on purc rcha hase se has been een take ken n out ut

Indonesia

5

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Nikaho (Akita) Nagi (Okayama)

Accomplished assets divestment to infrastructure fund in Japan

Brownfield assets immediately generating cashflow Developing assets with structured payment to minimize risk

28 Sep 2018

Sold to Japanese infrastructure fund with a net proceeds of JPY 10,388 mn (THB 3,046 mn). Gain of THB 794.5 mn. Tax-Efficient Structure Improve cost of financing Negotiation of acquisition price Passing on assets to more risk-averse investor with lower required return Cash to be reinvested in developing project Inves est

Develop/ elop/ constr truct uct

Enhanc nce Capita ital recyc ecyclin ing Install Capacity : 8.8 MWPPA (13.2 MWDC) Capacity factor : 10.3% (2017) Feed in Tariff : 40 JPY/kWh PPA period : 20 years COD : 15 July 2016 Install Capacity : 10.5 MWPPA (14.4 MWDC) Capacity factor : 12.1% (2017) Feed in Tariff : 36 JPY/kWh PPA period : 20 years COD : 2 March 2017

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31% 95% 100%

29%

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

Constr structio tion timeli eline

Target Actual

Target COD : 1H19

Foundation Pillar & Turbine

1 2 3

System integration One-third

• f

the construction progress has been completed. Overall progress has been on track. The next part of construction will be set anchor bolt and then a pillar set up.

Lomligor wind farm

Construction progress is on track

Lomligor wind farm

Construction Progress (As of 29 October 2018)

WTG 1 WTG 2 WTG 3 WTG 4

WTG G 1 WTG G 2 WTG G 3 WTG G 4

Pillars and turbines are on yard Foundation construction progress

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Thailand

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

Japan

Operating: 17.4 MWDC Developing: 151.3 MWDC Total: 168.7 MWDC Monetized: 27.6 MWDC

The Philippines

Operating: 14 MW Developing: 6 MW Total: 20 MW

Indonesia

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

Solar Wind Geothermal

30 MW 182 MW 361 MW

Technology

Operating 381 MW Developing 191 MW

Status

Our business footprint

Operating 380.9 MWDC and continued growing

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94 169 169 202 393 2013 2014 2015 2016 2017 Instal alled led & Equity ity MW in Portfo tfolio lio

Solar TH Solar JP Wind PH Geothermal ID

130 231 263 274 847 2013 2014 2015 2016 2017 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% 16%

ID ID

42% 7%

4% 47%

9M 2017: 475 GWh* 9M 2018: 1,201 GWh (+152.8% YoY) TH TH JP JP PH PH TH TH JP JP Pro-fo forma ma Revenue e

45% 3% 8% 44%

ID ID

68% 13% 18% 1%

9M 2017: THB 3,138 million* 9M 2018: THB 4,819 million (+53.6% YoY) TH TH PH PH JP JP JP JP TH TH

Unit: GWh Unit: THB mn

ID ID PH PH PH PH ID ID

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0.69* 0.61 0.15 0.15 0.15 0.16 0.16 0.16 0.16 5.2% 3.3% 4.5% 4.3% 3.7% 2.9% 2.6% 3.3% 3.3% 63% 60% 65% 65% 58% 55% 89% 76% 66%** 2016 2017 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

BCPG’s Dividend History

DPS Dividend yield DPR

X-Date: 7 December 2018 Record date: 11 December 2018 Payment date: 20 December 2018

Dividend payment

Robust dividend payout

Not t 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 **Dividend was paid of THB 319.6 mn, NP used for calculation excluded one-time gain from IFF of THB 658.3 mn. Unit: THB per share

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Agenda

Recent Development Financial Highlights Going Forward

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Operational highlights: Thailand

3Q18: Unfavorable weather conditions limited revenue growth

92.8% 92.9% 93.2% 92.6% 88.8%

65,384 65,717 66,035 66,695 64,243

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

Sella lable ble Out utput put (MWh) breakd eakdown

• wn

96.2% 96.4% 96.4% 96.5% 94.6%

704 702 714 712 675

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

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

15.6% 15.7% 16.1% 16.1% 15.3%

3Q17 4Q17 1Q18 2Q18 3Q18

Revenue declined 4% YoY mainly due to unfavorable weather conditions which mostly impacted to on adder scheme sites. However, the decline was limited by a COD of solar cooperative phase II (WVO). On QoQ basis, revenue lowered in tandem with rainy season.

Unit: THB million

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

+3.2% YoY

• 1.7% YoY

+3.2% YoY

• 4.7% QoQ

+3.2% YoY

• 5.1% QoQ

+3.2% YoY

• 4.0% YoY

+3.2% YoY

• 3.7% QoQ

+3.2% YoY

• 1.7% YoY

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Operational highlights: Thailand

9M18: Prolonged rainy season slightly pressured plants performance

Sella lable ble Out utput put (MWh) breakd eakdown

• wn

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

16.0% 16.1% 15.9%

2017 9M17 9M18

Revenue slightly declined YoY mainly due to lower

• utput caused by prolonged rainy season.

Solar cooperative phase II (WVO) has started its commercial operation in 3Q18.

Unit: THB million

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

96.6% 96.6% 95.9%

2,841 2,139 2,102

2017 9M17 9M18 Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh 93.4% 93.6% 91.6%

265,166 199,450 196,973

2017 9M17 9M18 Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh +3.2% YoY

• 1.2% YoY

+3.2% YoY

• 1.7% YoY

+3.2% YoY

• 1.2% YoY

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Operational highlights: Japan

3Q18: COD of Gotemba project is a supporter to revenue growth YoY

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

14.3% 9.4% 10.5% 15.5% 14.3%

3Q17 4Q17 1Q18 2Q18 3Q18

Revenue grew YoY mainly thanks to increased output from a COD of Gotemba project. Revenue contribution from Japan in THB terms has been limited by strengthening THB during the period (+2.8% in THB terms while +5.0% in JPY terms) On QoQ basis, revenue mainly declined from the partial unplug of damaged solar panel at Nagi project for

• repairing. However, the repairing cost will be

compensated by insurance receipt in 2Q18.

Unit: THB million

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

64.5% 63.3% 55.7% 58.5% 61.2%

150 79 87 162 154

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

Sella lable ble Out utput put (MWh) breakd eakdown

• wn

61.9% 61.4% 44.7% 54.6% 57.7%

12,851 7,232 9,155 14,887 13,873

3Q17 4Q17 1Q18 2Q18 3Q18 FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh +2.8% YoY +3.2% YoY

• 6.8% QoQ

+7.9% YoY +3.2% YoY

• 7.5% QoQ

+3.2% YoY

• 0.1% YoY

+3.2% YoY

• 5.0% QoQ

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Operational highlights: Japan

9M18: Operation remained stable

Sella lable ble Out utput put (MWh) breakd eakdown

• wn

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

12.6% 13.5% 13.4%

2017 9M17 9M18

Revenue remained stable. Gotemba project has started its commercial operation in 2Q18.

Unit: THB million

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

65.4% 65.6% 58.9%

483 403 404

2017 9M17 9M18 FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh 63.1% 63.5% 53.3%

41,238 34,006 37,915

2017 9M17 9M18 FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh +11.5% YoY +3.2% YoY

• 0.8% YoY

+0.5% YoY

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Revenue & Gross profit

Challenged by unfavorable weather conditions

80.8% 82.4% 89.9% 89.1% 81.4%

854 781 802 874 830

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

Revenue: venue: 3Q18 total revenue declined YoY and QoQ mainly led by lower revenue contribution from Thailand resulted from unfavorable weather conditions. 9M18 total revenue slightly decreased by 1.3% YoY due to the aforementioned factors.

• 5.1% QoQ

+3.2% YoY

• 2.8% YoY
• 5.5% YoY

Gross ss profi fit: t: 3Q18 gross profit declined YoY and QoQ mainly due to (1) first-time record of revenue sharing between solar co-op phase II and WVO as well as (2) maintenance cost due as planned. 9M18 gross profit dropped by 3.5% YoY mainly to the aforementioned factors. Revenue venue: Gross ss profi fit: t:

609 526 562 626 575 71.3% 67.4% 70.1% 71.7% 69.3%

3Q17 4Q17 1Q18 2Q18 3Q18 Gross profit GPM 84.2% 83.8%

2,541 2,508

9M17 9M18 +3.2% YoY

• 1.3% YoY

1,828 1,764 71.9 % 70.4%

9M17 9M18

• 8.1% QoQ

+3.2% YoY

• 3.5% YoY

1,868 1,897 73.5% 75.7 %

9M17 9M18

18

609 529 592 670 634 71.3% 67.8% 73.9% 76.7% 76.4%

3Q17 4Q17 1Q18 2Q18 3Q18

EBITDA margin

Unit: THB million

EBITDA

Increased YoY due to lower SG&A expenses

EBITDA DA 3Q18 EBITDA increased YoY mainly due to a decrease in acquisition related expenses from investment made during 3Q17. EBITDA margin remained robust. 9M18 EBITDA slightly grew by YoY mainly helped by lower SG&A expense. SG&A to sales ratios have been in a downward trend mainly thanks to stringent cost control and lower one-time expenses.

+4.1% YoY +1.5% YoY

21.0% 22.6% 18.2% 15.4% 16.0%

3Q17 4Q17 1Q18 2Q18 3Q18

EBITDA: ITDA:

19.0% 16.5%

9M2017 9M2018

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

• 5.4% QoQ

19

Unit: THB million

41.7 347.1 69.0 19.0 113.6

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

3Q18 Petrowind (PH) Wind power plant Star Energy (IN) Geothermal power plant Total Share of profit (operation) 29.1 192.6 221.7 Amortization

• 8.5
• 99.6
• 108.1

Total 20.6 93.0 113.6

3Q18 total share of profit from investments increased significantly YoY and QoQ mainly thanks to (1) robust operation of Geothermal power plant (2) quarterly record high performance of wind power plant since acquisition in 2Q17 resulted from favorable wind speed during the period and (3) low base in 3Q17 from restatement according to PPA finalization. 9M18 total share of profit from investments increased materially YoY due to full-period booked of both investments and robust operation.

84.8 201.6

9M17 9M18 +497.9% QoQ +172.4% YoY

Share e of profi fit: t:

+137.7% YoY

Share of profit from associates

Resilient operations

20.4% 32.7% 39.4% 24.6% 43.5%

3Q17 4Q17 1Q18 2Q18 3Q18

Nabas 36 MW + 14 MW

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PHILI ILIPPI PPINES NES

Share of profit from associates

Wind power plant in the Philippines

• Capacity factor in 3Q18 was at record high since our acquisition thanks to favourable wind speed

resulted from several monsoon during the period.

• 3Q18 Share of profit from operation was at THB 29.1 million. However, net contribution (after

amortization) was at THB 20.6 million.

• 9M18 share of profit turned profitable from loss.
• 14.4

53.7

9M17 9M18 Unit: THB million

• 4.5

15.5 22.2 2.4 29.1

3Q17 4Q17 1Q18 2Q18 3Q18

Share e of profi fit t from m ope pera ratio tion n (befo fore re amortiz

• rtizat

ation) ion) Capacity city facto tor r (%)

29.8% 35.8%

9M17 9M18

94.3% 91.3% 94.8% 94.8% 93.8%

3Q17 4Q17 1Q18 2Q18 3Q18

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Share of profit from associates

Geothermal power plant in Indonesia

INDONE ONESIA SIA

Darajat 47 MW

Salak 65 MW

• Robust operation at geothermal power plant.
• 9M18 share of profit from operation jumped significantly

from prior year due to a full-period recognition (acquisition completed in early 3Q17).

• Constant capacity factor of above 90% during the period.

126 207 181 213 193

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

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

Unit: THB million

126 587

9M17 9M18**

Capacity city facto tor r (%)

95.0% 94.5%

9M17 9M18

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Nikaho & Nagi

Booked gain of THB 794.5 mn from IFF

Market values are based on required return of IFF at 5.5%, a great value enhancement compared to project IRR of 10 – 12%. Availability of net cash will be used to facilitate developing projects. BCPG Engineering will provide O&M service (5-year contract) for the operating assets along with rental fees from freehold of land. D/E ratio decreased from 1.3x in 2Q18 to 1.1x in

• 3Q18. Raising additional debt capacity to THB

28.8 bn.

18.1 15.7 1.3x 1.1x 5 10 15 20 0.75 1.25 2Q18 3Q18 THB bn Times (x)

Current IBD D/E Ratio

45% 37% 6% 6%6%

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

As of 3Q18

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Finance cost

Increased finance cost along with investments made

131 135 123 129 136

3Q17 4Q17 1Q18 2Q18 3Q18 +4.3% YoY Unit: THB million

Finance cost: A rise in finance cost for 9M18 was mainly due to (1) full-period record of interest incurred from debts secured for geothermal power plant investment and (2) increased loan drawn down to facilitate the construction in Thailand & Japan. Effective cost of debt in 9M18 was 3.17% vs. 2.87% in 9M17. IBD D break akdown

• wn by matu

turit ity IBD D break akdown down by curren rency

8.3% 8.0% 32.4% 30.3% 59.3% 61.7%

2017 3Q18 < 1 year Due in 1-5 years Due > 5 years

43.7% 51.5% 53.1% 42.7% 3.2% 5.8%

2017 3Q18 THB JPY USD +5.4% QoQ

IBD D break akdown down by loan n type pe

301 389

9M17 9M18 +29.2% YoY

Finance ance cos

• st:

t:

24

Net profit

Bolstered by gain from solar assets monetization

196 586 351 419 1,139 23.0% 75.1% 43.8% 47.9% 137.3%

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

Net t profi fit: t: 3Q18 Net profit bolstered YoY and QoQ mainly due to (1) net gain from assets divestment to infrastructure fund in Japan of THB 658.3 mn (2) an absence of FX loss forward contract as booked in 3Q17. 9M18 Net profit rose materially YoY mainly thanks to aforementioned factors.

Unit: THB million +171.9% QoQ

Net t profi fit: t:

+481.2% YoY

+71.6% YoY

1,113 1,909 43.8% 76.2%

9M17** 9M18

25

Core profit

YoY growth driven by share of profit from associates

Unit: THB million +13.7% YoY

Core e profi fit: t: Stripping out FX gain/loss and one-time items, 3Q18 core profit grew by 13.7% YoY largely due to full-quarter share profit recognition from Indonesia and lower administrative expenses. 9M18 core profit grew by 12.4% mainly due to full-period share of profit recognition from associates in Indonesia and the Philippines and (2) lower SG&A expenses.

+12.4% YoY

Core e profi fit: t:

• 18.7% QoQ

362 187 364 507 412 42.4% 23.9% 45.4% 58.0% 49.6%

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

1,141 1,283 44.9% 51.2%

9M17** 9M18

26

Financial position

Assets divestment strengthened financial position for future investment

As at 3Q18, total assets slightly decreased by 1.1% to THB 31,746 million mainly due to decreased long-term borrowing resulted from loan repayment Total Liability/Equity and Net IBD/Equity decreased to 1.10x and 1.03x as at 3Q18

Covenant : D/E ratio ≤ 3x : DSCR ≥ 1.15x Marginal liability : THB 28,828 million Outstanding Debt : THB 15,663 million

Financia ancial l Pos

• sitio

ition

1.23 1.10 2017 3Q18

Liability/Eq bility/Equity uity (x)

Unit: THB million

2,675 2,570 13,890 12,767 13,288 13,497 2,004 2,912 14,127 15,144 702 940 17,028 15,663

Other Assets PPE Investment in associates Cash and Cash Equivalent Equity Other Liabilities Long-Term Loan

2017 3Q18

27

Agenda

Recent Development Financial Highlights Business Outlooks

28

2018 Recap

Guidan dance ce Est stima imate tes (vs. . 2017) EBITDA (incl. share of profit from associates*) Expect to grow 5%-10% CAPEX for 2018 – 2019 (excl. M&A) Expect to be THB 5 bn Dividend policy Not less than 40% of the Company’s net profit Financial covenant Liability/Equity ≤ 3x DSCR ≥ 1.15x

Strategic Country Selection

Growth Engines

Financially Optimized

29

AU

VN

LAO

TW

KR

M&A Opportunity

Inve vestme ment nt crite terio ion:

30

31

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

Q&A

Appendices

Financia ancial l Statement tement Projects detail

34

Financial Statement

3Q1 3Q18 % to sales 3Q1 3Q17 % to sales 2Q1 Q18 % to sales 3Q1 3Q18 YoY 3Q1 3Q18 Qo QoQ Revenue nues from m sales and nd services 829,675 100% 100% 853, 3,938 38 100% 100% 873, 3,833 33 100% 100%

• 2.8%
• 5.1%

Cost of sales and services (254,304)

• 30.7%

(245,029)

• 28.7%

(247,461)

• 28.3%

3.8% 2.8% Gross Profit 575,37 370 69.3% 3% 608,909 71.3% 3% 626,37 372 71.7%

• 5.5%
• 8.1%

Administrative expense (132,650)

• 16.0%

(179,441)

• 21.0%

(134,408)

• 15.4%
• 26.1%
• 1.3%

Op Operating ng profit 442,720 53. 3.4% 429,469 50.3% 3% 491,964 56.3% 3% 3. 3.1%

• 10.0%

FX gain (loss) 69,062 8.3% (165,648)

• 19.4%

(66,732)

• 7.6%
• 141.7%
• 203.5%

Other income 802,259 96.7% 19,535 2.3% 102,513 11.7% 4006.8% 682.6% EBIT 1,31 314,041 158.4% 283, 3,35 355 33 33.2% 527,746 60.4% 36 363. 3.7% 149.0% Financial cost (136,442)

• 16.4%

(130,766)

• 15.3%

(129,474)

• 14.8%

4.3% 5.4% Share of profit from associates & subsidiaries 113,615 13.7% 41,659 4.9% 19,051 2.2% 172.7% 496.4% EBT 1,291,214 155.6% 194,248 22.7% 417,32 324 47.8% 564.7% 209.4% Corporate Income Tax (151,940)

• 18.3%

1,760 0.2% 1,663 0.2% -8733.1%

• 9236.6%

Net profit 1,139 39,274 137 37.3% 3% 196,008 23. 3.0% 418,987 47.9% 481.2% 171.9% Cons nsolidated Profit and nd Loss Stateme ment nt Uni nit: THB '000 (othe herwise stated)

Financial Statement

35

9M18 % to sales 9M17 % to sales 9M18 YoY Revenue nues from m sales and nd services 2,505,007 100% 100% 2,541,510 100% 100%

• 1.4%

Cost of sales and services (741,320)

• 29.6%

(713,894)

• 28.1%

3.8% Gross Profit 1,763, 3,687 70.4% 1,827,617 71.9%

• 3.

3.5% Administrative expense (413,123)

• 16.5%

(482,413)

• 19.0%
• 14.4%

Op Operating ng profit 1,35 350,564 53. 3.9% 1,34 345,204 52.9% 0.4% FX gain (loss) (10,504)

• 0.4%

(282,914)

• 11.1%
• 96.3%

Other income 907,016 36.2% 261,243 10.3% 247.2% EBIT 2,247,076 89.7% 1,32 323, 3,533 33 52.1% 69.8% Financial cost (388,682)

• 15.5%

(300,850)

• 11.8%

29.2% Share of profit from associates & subsidiaries 201,641 8.0% 84,814 3.3% NA EBT 2,060,035 35 82.2% 1,107,497 43. 3.6% 86.0% Corporate Income Tax (150,624)

• 6.0%

4,967 0.2%

• 3132.2%

Net profit 1,909,411 76.2% 1,112,465 43. 3.8% 71.6% Cons nsolidated Profit and nd Loss Stateme ment nt Uni nit: THB '000 (othe herwise stated)

36

Financial Statement

Uni nit: THB '000 3Q1 3Q18 % of total assets 2017 2017 % of total assets Cha hang nge Cash and cash equivalents 2,912,156 9.2% 2,003,984 6% 45.3% Current investments 0.0% 0.0% 0.0% Trade accounts receivable 537,036 1.7% 507,243 1.6% 5.9% Other current assets 202,455 0.6% 185,692 0.6% 9.0% Total cur urrent nt assets 3, 3,651,646 11.5% 2,696,918 8.4% 35 35.4% Investments in associate & subsidiaries 13,496,888 42.5% 13,529,717 42.1% NA Property, plant and equipment 12,766,711 40.2% 13,890,324 43.3%

• 8.1%

Goodwill and Intangible assets 1,650,329 5.2% 1,892,267 5.9%

• 12.8%

Other non-current assets 180,568 0.6% 90,002 0.3% 100.6% Total no non- n-cur urrent nt assets 28,094,496 88.5% 29,402,31 310 91.6%

• 4.4%

Total Assets 31 31,746,142 100.0% 32 32,099,228 100.0%

• 1.1%

Short-term borrowings & current portions 1,908,814 6.0% 1,415,239 4.4% 34.9% Long-term borrowings 14,284,565 45.0% 15,613,152 48.6%

• 8.5%

Other current liabilities 409,165 1.3% 701,903 2.2%

• 41.7%

Total liabilities 16,602,543 52.3% 17,730,295 55.2%

• 6.4%

Equity attributable to owners of the Company 15,143,451 47.7% 14,368,786 44.8% 5.4% Non-controlling interests 147 0.0% 147 0.0% 0.0% Total liabilities and nd Equi uity 31 31,746,142 100.0% 32 32,099,228 100.0%

• 1.1%

Cons nsolidated Stateme ment nt of Fina nanc ncial Position

37

Financial Statement

Uni nit: THB '000 9M18 9M17 9M18 YoY Net cash from (used in) operating activities 1,881,830 1,690,695 191,134 Net cash from (used in) investing activities 1,640,886 (12,786,431) 14,427,317 Net cash from (repaid to) financing activities (2,572,282) 6,416,063 (8,988,346) Net inc ncrease in n cash h and nd cash h equi uivalent nts 950,433 33 (4,679,672) 5,630 30,106 Cash and cash equivalents at 1 January 2,003,984 7,361,160 (5,357,176) Effect of exchange rate changes on balances held in foreign currencies (42,261) (30,110) (12,152) Cash h and nd cash h equi uivalent nts at end nd period 2,912,156 2,651,37 378 260,778 Cons nsolidated Stateme ment nt of Cash h Flows

Appendices

Financial Statement Projects jects det etail il

39 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 Expect to COD within 1H 2019

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

Project pipeline in Thailand

40 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 32.2 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

41

Divestment

Background

Nikaho 13 MW Nika kaho ho 13.2 .2 MW Nagi gi 14.4 .4 MW Operatin ting g assets ets Solar power plants (Nagi and Nikaho) Loca cation tion Okayama (Nagi) and Akita (Nakaho) New w Owners ers MUL, BOTL, Zuzuva Status tus Deal completed on 28 Sep 2018 Capacity ity 27.6 MWDC Tariff iff Nikaho FiT @ JPY 40 per kWh Nagi FiT @ JPY 38 per kWh

42

Ft on adder scheme

PEA report peak/off-peak days for calculating time

• f use rate (TOU) that represent the actual

electricity rate blend between on peak and off

• peak. It will later become Ft rate.

A month with high portion of peak days will result in above average Ft.

อัตรา-TOU-ประจ าปี -2561

43

Ft on adder scheme

70% 67% 70% 67% 30% 33% 30% 33% 3.19 3.13 3.20 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 2.3 2.5 2.7 2.9 3.1 3.3 3.5 1Q18 2Q18 3Q18 4Q18 Average Ft (THB per kWh)

Monthly thly Ft & %Peak/ k/Off Off-Peak eak days ys

Peak 2018 Off-peak 2018 Ft 2016 Ft 2017 Ft 2018

Normally the average of peak day’s portion will be around 61 – 62% in 2016 and 2017. In 2018, the portion is averaging at 69%. Average of Ft in YTD 2018 has increase by 3.4% YoY result in effective tariff of adder scheme.

44

Maintenance schedule

Monthly maintenance for panel cleaning. An activities to maintain a full efficiency of sun light exposure. Quarterly and yearly maintenance consist of 1) preventive maintenance of solar panel, transformer, inverter and switch gear 2) calibration of electricity meters.

Wind farm maintenance schedule Solar farm maintenance schedule

Forced and maintenance outages total between 4 – 5 days a year. The main reason is due to a high wind speed.

Contact us at: BCPG Public Company Limited Investor Relations team E-mail: ir@bcpggroup.com Call: +66 2 335 8945, +66 2 335 8946 Website: www.bcpggroup.com