1Q21 resultsOpportunity Day21st May 2021

2

DISCLAIMER

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statements, other than statements of historical fact contained in this presentation including, without limitation, those regarding = Power’s future financial position and

results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where Banpu Power participates or is seeking to participate and

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“should” or similar words or expressions, are forward-looking statements.

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control, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or

achievements expressed or implied by the forward-looking statements.

These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which Banpu

Power will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made.

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concerning the Company.

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looking statements represent, in each case, only one if many possible scenarios and should not be viewed as the most likely or standard scenario. No assurance given

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This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell Banpu Power’s securities in any jurisdiction.

3

1Q21

Highlights

Operational

performance

Financial

performance

Project

progress update

1Q21 highlights

4

Investment in Japan IGCCwith 73 MW, another milestone

towards Greener, Smarter strategy

Maintaining strong

performance at CHP

Contribution from higher steam

sold from recovery of industrial

customer demand

Additional Solar

generation capacity

Resulting in higher power sold

QoQ and YoY at China and

Japan Solar operations

Vietnam Wind

progress on trackwith Vinh Chau Phase 1 at

57% progress

Japan solar

developmentprogressing as planned

with Kesennuma and

Shirakawa reaching 60%

and 57% progress

Consistent contribution

from HPC and BLCP

Although experiencing planned

maintenance at HPC and

unplanned maintenance at BLCP

Maintaining strong

financial position

Maintaining low net debt-to-

equity ratio to support

investment in new projects

c

Banpu Power: asset portfolio led by sustainable growth

5

2025

TH

ER

MA

LR

E

2.75 GW

2020

2.82 GW

1Q21

TOTAL OPERATING CAPACITY AT YEAR-END:

Note: Capacity based on Banpu Power’s 50% shareholding in Banpu NEXT

1.98 GW

2016

127 MW

1,857

MW2,007

MW

347 MW

469 MW

5.3 GW

2,493 MW

800 MW+ 64 MW China Solar

+ 31 MW Japan Solar

+ 125 MW Sunseap Solar

+ 150 MW CHP expansion

2,007

MW

347 MW

396 MW + 396 MW SLG

+ 13 MW Japan Solar

+ 52 MWSunseap Solar

+ 19 MW Vietnam Wind

+ 73 MW Nakoso IGCC

Alignment with BPP’s strategy to

maximize value in a sustainable wayin seeking low-risk brownfield investments in

HELE power assets in high-demand markets with potential for early cash flow generation.

Promoting transition towards

Greener energy generationNakoso IGCC utilizes HELE technology which allows

greater plant efficiencies to be achieved at drastically

lower GHG emissions

2,007

MW

HE

LE

& G

FP

Nakoso IGCC: another step towards Greener, Smarter

P R O J E C T H I G H L I G H T S

Wor ld ’s la rgest I n tegra ted Gas i f i ca t ion Combine Cyc le ( IGCC) and the f i rs t l a rge -sca le commerc ia l a i r -b lown IGCC in Japan

Low-risk, stable cash flow investmentAligning with BPP’s strategy in advanced technology investments in

high-demand markets with early cash flow generation. This project

has secured long-term PPA and fuel supply agreement

25% lower CO2 emissions than average industry CFPsAs combined technologies of CCGT and gasification enable IGCCs

to generate more power per ton of coal with lower emissions

One of the best thermal technologies available Achieving higher generation efficiency at 48% net efficiency due

to improvement in combustion temperature

19801970 20301990 20102000 2020

Net Efficiency (LHV) (%)

35

40

45

50

55

Nakoso

IGCC

PULVARIZED

COAL FIRING

IGCC

IGCC

(1400°C CCGT)

IGCC

(1200°C CCGT)Super

critical

Ultra-super

critical

38%

42% 42%

Nakaso

IGCC

6

Nakoso IGCC Power GK

Hirono IGCC Power GK

I w a k i

Hirono

NarahaOno

Furudono

Project term: 25-year PPA

Capacity: 543 MW

Equity capacity: 73 MW

COD: April 2021

Acquisition price: US$80 M

Safety measures and contingency plans for natural disasters

factored in during plant design.

E q u i va l en t t o a n e f f e c t i v e o w n e r sh i p o f 1 3 . 4 %

Nakoso IGCC: over 30 years of technology development in Japan

7

CODConstructionEnvironmental

Impact Assessment

Process

development unit

I G C C Te c h n o l o g y D e v e l o p m e n t

Pilot plant

(25 MW)

Demo plant

(250 MW)

5 4 3 M W

2 0 2 1 : O P E R AT I O N S O F N A K O S O I G C C

2 0 1 4 - 2 0 1 6 2 0 2 1

N A K O S O I G C C

1 9 9 1 - 1 9 9 6

100x

8x

2x

2 0 1 6 - 2 0 1 9

2 0 0 7 - 2 0 1 3

1 9 8 3 - 2 0 1 3

> 3 0 y e a r s o f d e v e l o p m e n t o f a i r - b l o w n

I G C C t e c h n o l o g y i n J a p a n t o m i n i m i z e G H G

r e d u c t i o n a n d i m p r o v e p l a n t e f f i c i e n c y

c a p a c i t y

c a p a c i t y

c a p a c i t y

1 9 8 3 - 1 9 9 5

Integrated Gasification Combined Cycle (IGCC): HELE technology

8

Gasifier discharges ash as melting

slag, allowing it to utilize coal types

that are generally not preferable for

power generation

Enhanced system efficiency due to power generated from both gas turbine and

steam turbine from recovered steam via HRSG

Lower SOx, NOx, and dust emissions per gigawatt-hour of electric power generated compared

to conventional ultra-supercritical coal plants

ILLUSTRATIVE

I G C C P R O C E S S D I A G R A M

GASIFIERCoal is gasified in the gasifier

to produce synthetic gas which

is fed into the gas turbine for

combustion.

COAL

Long-term coal

supply

agreement

3.4 kt/d Syngas

POWER GENERATION

POWER GENERATION

E x h a u s t g a s

WATER

EXHAUST GAS

EXITING HRSG

STEAM TURBINEH R S G

11 12 GAS TURBINE (GT)After power is generated in the

gas turbine, high temperature

exhaust gas from the gas turbine

flows into the Heat Recovery

Steam Generator (HRSG)

13 HRSGWaste heat from

the GT is used to

heat up water in

the HRSG into

steam, which is

used to drive a

steam turbine,

generating

additional power

National grid

National grid

Banpu Power: High efficiency assets with strict emissions control

9

BPP THERMAL POWER ASSETS INDUSTRY STANDARDS

Efficiency* (%)

NOx (mg/Nm3)

SOx (mg/Nm3)

TSP (mg/Nm3)

6348 47 39

30

CHP IGCC SLG BLCP HPC World average

30-40

25 50

369208

1

15 35

408

1331

2 1022

80.3

510659

50-100

850 838

35

50

120

10

ChinaWorld Bank*** Thailand

Subcritical SubcriticalUltra-

SupercriticalSubcriticalTechnology

Nakoso’s IGCC is one of the most efficient HELE technologies with the ability to generate more power per ton

of coal with lower emissions (including 25% lower CO2 emissions than average industry CFPs)

Notes:

(1) Efficiency: % of total energy content of fuel converting into electricity; NOx: Nitrogen Oxides, SOx: Sulfur Oxides, TSP: total suspended particulate matter;

(2) CHP emission data calculated by simple average of 3 CHP plants;

(3) *World Bank: Emission guidelines for boiler plant >600 MWth

Merchant

CHP**

IGCC

IPP

10

Highlights

1Q21

Project progress

update

Operational

performance

Financial

performance

Thermal Power: business near term growth, SLG power plant

11

POWER PLANTS

PROJECT PROGRESS

HEATING PIPES TO

CHANGZHI CITY100%

TRANSMISSION LINE

& SUBSTATIONS100%

Completed back energization with 1000KV High

voltage transmission line

Unit 1

Completed construction and connected with the

grid on 31 March 2021. Completed 168 hours full

load trial operation on 27 April 2021.

Unit 2

Completed construction and debugging, plan for the

AGC/AVC 48 hours assessment test in May 2021

and carry out 168 hours trial operation test later

1,320 MW (396 MW equity)

Ultra-supercritical technology

Heating pipe completed, ready for heat supply.

Unit 2 supplied heat to Changzhi City in

February 2021.

zเฟท

12

Japan Solar: construction progress update

K E S E N N U M A P R O J E C T

20 MW

COMPLETION

60%

JAPAN

▪ Piling started on the substation area, PV

module to start arriving on the site during April

2021

▪ Mockup test for PV installation conducted on

22nd April 2021.

▪ Interconnection schedule in September 2021.

zเฟท

13

Japan Solar: construction progress update

S H I R A K AW A P R O J E C T

JAPAN

▪ All PV modules delivered to the site since April

2021

▪ Forest development inspection is in process

▪ Directing Trina/Ortiz (EPC) for the optic fiber

communication infrastructure instead of Wi-Fi10 MW

COMPLETION

57%

zเฟท

14

Vietnam Wind: construction progress update

V I N H C H A U P R O J E C T

30 MWPhase 1

57%

VIETNAM

Phase 1 (30 MW)

▪ Completion on wind turbine generation foundation

and concrete pouring

▪ Structure completion of substation control building

▪ Transmission line construction progress at 50%

Phase 2 & 3 (50 MW)

▪ Pre-feasibility study result submitted

COMPLETION

15

Project progress

update

Operational

performance

Financial

performance

Highlights

1Q21

600 568469

767 854 1035

759 612

812

2,1272,033

2,316

1Q20 4Q20 1Q21

11799 95

207212

201

127113 130

451

424 427

1Q20 4Q20 1Q21

China CHP: operational performance

16

QoQ: +14%YoY: +9%

Zouping

Zhengding

Luannan

QoQ: +1%YoY: -5%

ELECTRICITY SOLD (GWh) STEAM SOLD (‘000 t) Zhengding and Luannan plants reported higher steam

sold from higher demand required by industrial users and

heat supply to residential users during extended heating

season. However, Zouping reported less steam sold due

to less demand from Xiwang group (an Offtaker)

29 11 9

47

43 39

41

43 47

117

97 95

1Q20 4Q20 1Q21

108 96 95

135 150 161

121 106 131

363 352 387

1Q20 4Q20 1Q21

1Q20 4Q20 1Q21

Luannan

Zhengding

Zouping

Based on Banpu Power’s

100% interest for Luannan and Zhengding,

and 70% for Zouping

RMB/kWh

RMB/t

Luannan

Zhengding

Zouping

QoQ: +2%

YoY: -29%

RMB millionQoQ: +10%YoY: +7%

QoQ: -2%YoY: -18%

Average 1Q21 coal price of 722 RMB/t

RMB million

Luannan

Zhengding

Zouping

China CHP: financial performance

17

TARIFF TOTAL REVENUE PROFIT CONTRIBUTION TO BPP

COAL PRICE EBITDA

Luannan

Zhengding

Zouping

0.330.34

0.33

0.34 0.34 0.34

0.430.41

0.43

518 506 549

604 596761

664 693897

82

57 58

1Q20 4Q20 1Q21

1Q20 4Q20 1Q21

Zhengding and Luannan reported

higher coal price due to tight supply

as Hebei Province was blocked in Jan

& Feb impacted by Covid-19 while

Zouping located in Shandong, which

is further from the coal supply area

Stable QoQ performance

from higher steam sold but

lower YoY mainly from

rising coal cost

HPC: operational performance

18

91.4%98.2%

82.7%

1Q20 4Q20 1Q21

3,222 3,395

2,839

1Q20 4Q20 1Q21

3,963 4,207

3,452

1Q20 4Q20 1Q21

6,0496,541

5,431

1Q20 4Q20 1Q21

QoQ: -16%YoY: -12%

QoQ: -16%YoY: -9%

QoQ: -18%YoY: -13%

QoQ: -17%YoY: -10%

EQUIVALENT AVAILABILITY FACTOR (EAF) (%) NET GENERATION (GWh)

CONTRACTED AVAILABLE HOUR (hrs.) COAL CONSUMPTION (‘000 t)

Unit 2 completed yearly

planned maintenance

during 18 Jan - 15 Feb

151

(111)

127

9711,180

692

HPC: financial performance

19Note: *100% basis for availability payment (AP), energy payment (EP)

QoQ: -23%YoY: -27%

THB million

QoQ: -13%YoY: -14 %

3,627

3,339

2,722

1Q20 4Q20 1Q21

QoQ: -18%

YoY: -25% FX Gain/loss

1,122

Based on Banpu Power’s 40% interest

1Q20 4Q20 1Q21

1,069

3,309 3,1632,814

2,3922,469

2,100

5,701 5,633

4,913

1Q20 4Q20 1Q21

AP*

EP*

TOTAL REVENUE EBITDA PROFIT CONTRIBUTION TO BPP

819

BLCP: operational performance

20

2,9342,458 2,430

1Q20 4Q20 1Q21

1,072917 901

1Q20 4Q20 1Q21

99.9%

70.5%84.9%

1Q20 4Q20 1Q21

4,362

2,665

3,636

1Q20 4Q20 1Q21

EQUIVALENT AVAILABILITY FACTOR (EAF) (%) NET GENERATION (GWh)

CONTRACTED AVAILABLE HOUR (hrs.) COAL CONSUMPTION (‘000 t)

BLCP experienced

unplanned maintenance to

repair tube leak incident

QoQ: -1%YoY: -17%

QoQ: +14%YoY: -15%

QoQ: -2%YoY: -16%

QoQ: +36%YoY: -17%

(26)

121

(81)

(243)

(6)

(119)

200

(50)

247

BLCP: financial performance

21

THB million

QoQ: +8%YoY: -17%

992

301

826

1Q20 4Q20 1Q21

QoQ: +174% YoY: -17%

AP*

EP*

1Q20 4Q20 1Q21

(70)

Based on Banpu Power’s 50% interest

Note: 100% basis for availability payment (AP), energy payment (EP)

*Financial performance provided are based on IFRS accounting standard

960572

847

2,688

2,246

2,185

221

162

188

3,869

2,980

3,220

1Q20 4Q20 1Q21

Others

65

QoQ: -27%YoY: n.a.

TOTAL REVENUE EBITDA PROFIT CONTRIBUTION TO BPP

FX Gain/loss

Deferred tax

47

12.2% 11.6%14.1%

1Q20 4Q20 1Q21

47 46

54

1Q20 4Q20 1Q21

China Solar: total equity capacity 177 MWdc

22

POWER SOLD (GWh)

* installed capacity at the reporting period

AVERAGE CAPACITY FACTOR (%)

QoQ: +3%YoY: +2%

QoQ: +18%YoY: +14%

177.4 MW

Banpu NEXT’s effective ownership is 100%

Operational solar

OPERATING CAPACITY

Zhejiang

Shandong

Shaanxi

Hubei

Henan

Anhui

Jiangsu

Shanxi

Liaoning

Hebei

Xingyu

10.3 MW

Huien

19.8 MW

Haoyuan

20 MW

Jinshan

29 MW

Huineng

21.5 MW

Deyuan

51.6 MW

Jixin

25 MW

8

14

17

1Q20 4Q20 1Q21

20

3337

1Q20 4Q20 1Q21

33

4245

1Q20 4Q20 1Q21

China Solar financial performance

23

REVENUE

QoQ: +7%

YoY: +36%

QoQ: +12%

YoY: +85%

RMB millionEBITDA

RMB million RMB million

QoQ: +21%

YoY: +113%

NET PROFIT

RMB million

Note: RMB 1.0/kWh of FiT and subsidies for Jinshan, Haoyuan and Huineng phase 1, RMB 0.83/kWh for Huineng phase 2 and RMB 0.98/kwh for Hui’en and Deyuan

Higher performance YoY and QoQ from higher power

generation supported by favorable weather condition

and lower interest expenses from less loan principal

11.1%

8.9% 9.2%

1Q20 4Q20 1Q21

188

593

1Q20 4Q20 1Q21

Japan Solar: total equity capacity of 220 MWac

24Note: Power sold based on 100% basis

POWER SOLD (GWh)

AVERAGE CAPACITY FACTOR (%) CASH DISTRIBUTION*

Based on Banpu Power’s

40-75% interestQoQ: +215%.

YoY: n.a.

*From TK investment

JPY million

QoQ: +0.3%YoY: -1.9%

QoQ: +22%YoY: +8%

2724

29

1Q20 4Q20 1Q21

Capacity presented on a 100% basis and Banpu NEXT’s equity capacity in

parentheses

Figure not drawn to scale

OPERATING CAPACITY

3Q20 4Q20 1Q21

Operating capacity

(Total MW) 84.2 111.2 111.2

Operating capacity

(Equity MW) 62.7 87.9 87.9

Yabuki

7 MWAC (5.3)

Kessenuma

20 MWAC

Mukawa

17 MWAC (9.5)

Olympia

10 MWAC (4)Hino

3.5 MWAC (2.6)

Yamagata

20 MWAC

Kurokawa

18.9 MWAC

Yamagata iide

200 MWAC (102)

Awaji

8 MWAC (6)

Muroran 1-2

3.4 MWAC

Tenzan

2.0 MWAC

Takeo II

1.0 MWAC

Shirakawa

10 MWACNari Aizu

20 MWAC (15.4)

Project under construction

88 MW

30 MW

102 MW

(As of 31 March 2021)

Equity MW

Developing solar

Operational solar

No schedule

for cash

dividend in

1Q20

Additional generation capacity

added from Yabuki and

Yamagata solar farm,

achieved COD in 4Q20

Energy Technology: growth targets 2025

1Q215

projects

47.7% in DurapowerIncluding 48.6% in Sunseap

249MW

220GWh

30.7% in UMT;

21.5% in FOMM

25

MW

1.0 GWh

100% ownership 100% ownership

committed capacity (0.5 GWh on equity basis)

Li-ion battery

production capacity

Includes energy

management, smart

infrastructure, etc.

Electricity sales

SMART CITIESENERGY STORAGE

SYSTEMS

SOLAR: ROOFTOP

& FLOATING

ENERGY

TRADING

E-MOBILITY

3,729 passengers/dayride hailing via Muvmi

215 electric vehiclesunder fleet management

1 E-ferry sold

Energy Technology: 1Q21 updates

26

ENERGY

TRADING

ENERGY

STORAGE

SYSTEMS

SOLAR:

ROOFTOP &

FLOATING

ACHIEVED FLEET EXPANSION

Increased e-tuk tuk fleet to 100

units after achieving new high of

111k users in March (up 40%

from December)

SMART CITIESE-MOBILITY

FLEET EXPANSION

FIRST HYBRID FAST LAUNCH VESSEL

Durapower partnered with Danfoss Editron, Sea Forrest Power Solutions,

Penguin International and Bureau Veritas to launch Singapore’s first

hybrid-electric fast launch vessel

EXPANSION TARGET BY 2021

UMT targets to expand its service

area coverage to 2,000 points in

Bangkok by the end of 2021

HYBRID-ELECTRIC BOAT

Energy Technology: 1Q21 updates (cont’d)

27

ENERGY

TRADING

ENERGY

STORAGE

SYSTEMS

SOLAR:

ROOFTOP &

FLOATING

ELECTRICITY SALES

SECURED NEW SUPPLY

CONTRACT

To deliver 10 GWh of

electricity to Inter-University

Research Organization in

Tokyo for a period of 1 year

from February 2021 –

January 2022

SMART CITIESE-MOBILITY

ROOFTOP SOLUTIONS

COMPLETION OF

ROOFTOP SOLUTIONS

Banpu NEXT completed

phase 1 and 2 of solar

rooftop installation for the

Summer Lassalle project

with a capacity of 359 kWp

and 190 kWp, pioneering the

sustainable office concept

NEW ROOFTOP PROJECTS COMMISSIONED

Four new solar rooftop projects commissioned in 1Q21,

including Rugby School’s main sport hall building (579 kW),

UOB (28 kW), Syntec Construction (88 kW) and Betagen

Sampran (1,166 kW).

28

Project progress

update

Operational

performance

Financial

performance

Highlights

1Q21

723 700 712

682 739821

439

190

279

1,843

1,629

1,812

1Q20 4Q20 1Q21

Banpu Power consolidated revenue – 1Q21

29

+11% QoQ

-2% YoY

China CHP

Steam sales

+11% QoQ

+20% YoY

China CHP

Power sales

+2% QoQ

-2% YoY

Others**

+47% QoQ

-36% YoY

THB million

Others*

China CHP

Steam sales

China CHP

Power sales

Note: *Others i.e., hot water, cooling water, China and Japan Solar

(70)65 47

1,1221,069

819

658

424

484

65

(72)(123)

1,775

1,486

1,228

Axis Title

Banpu Power consolidated EBITDA – 1Q21

30

THB million-17% QoQ

-31% YoY

China CHP

+14% QoQ

-26% YoY

BLCP

equity income

-27% QoQ

n.a. YoY

HPC

equity income

-23% QoQ

-27% YoY

Others*

Others*

China CHP

HPC

BLCP

*Others i.e, Corporate, Equity income from SLG, and Banpu NEXT

1Q20 4Q20 1Q21

Banpu Power consolidated NPAT – 1Q21

31

THB million

1Q20 NET PROFIT AFTER TAX 4Q20 NET PROFIT AFTER TAX

1Q21 NET PROFIT AFTER TAX

(70)

1,388

975

(165)

(62) (25)

(412)

(135)

64

EBITDA

AS

REPORTED

INTEREST

& TAX

NPATNON-

RECURRING

ITEMS

D&A MINORITY NP

FROM

OPERATION

THB million Non-recurring items:

• FX gain THB 169.0 M

• Other non-recurring (THB 581.2 M)*

Interest -Tax -

1,122

658

1,774

BLCP

HPC

China CHP

Others

THB million

BLCP

HPC

China CHP

Others65

1069

(67)

(48) (9) (67)424(93)

(72)

Non-recurring items:

• FX loss (THB 16.7 M)

• Other non-recurring (THB 50.6 M)

Interest -Tax -

1,486

EBITDA

AS

REPORTED

INTEREST

& TAX

NPATNON-

RECURRING

ITEMS

D&A MINORITY NP

FROM

OPERATION

1,269 1,201

BLCP

HPC

China CHP

Others

47

819

(110)

(33) (6) 48484(94)

(123)

Non-recurring items:

• FX gain THB 60.3 M

• Other non-recurring (THB 11.8 M)

Interest -Tax -

1,228

EBITDA

AS

REPORTED

INTEREST

& TAX

NPATNON-

RECURRING

ITEMS

D&A MINORITY NP

FROM

OPERATION

9861,034

0.01

0.07 0.06

2019 2020 1Q21

Banpu Power consolidated financial position – 1Q21

32

THB million

Note: * Net debt to book value of shareholders' equityIn 1Q21, total assets were THB 54,074 M, an increase of

THB 4,511 M from 4Q20 mainly from additional investment in

new power plant project in Japan and recognition of profit

sharing from joint ventures.

Net debt (Net cash)/ Equity* (x)

51,387 44,365

2,687

3,976

5,733

TOTAL ASSETS TOTAL LIABILITIES ANDSHAREHOLDERS' EQUITY

ASSETS

TOTAL

SHAREHOLDERS’

EQUITY

TOTAL BORROWINGS

OTHER LIABILITIES

CASH EQUIVALENT

31 Mar 2021

1Q21 CONSOLIDATED FINANCIAL POSITION GEARING RATIOS

APPENDIX

33

Thermal Power: 1Q21 updates

34Note: : *Equivalent Availability Factor (EAF) is a percentage of a given operating period in which a generating unit is available without any planned- and unplanned shutdown or deratings

BLCP

Continued high reliability, although

unplanned maintenance was conducted

to repair tube leak incident

HPC

Completed yearly maintenance of unit 2

for 28 days as planned, to improve

efficiency and plant reliability

▪ Continued high reliability with EAF*

reported at 85%

▪ Total revenue reported at THB 3.2 bn,

EBITDA at THB 0.8 bn

▪ Share of profit at THB 47 M.

▪ Reported EAF of 83% despite planned

maintenance of unit 2

▪ Total revenue reported at THB 4.9 bn,

EBITDA at THB 2.7 bn

▪ Reported share of profit at THB 0.8 bn

China CHP

Continued to serve high demand for power

and steam driven by economic recovery

but impacted by high coal cost

▪ Reported revenue of RMB 387 M.

SLG

▪ Under trial operation, with expected

commercial dispatch by latter half of 2021

Renewable Power: 1Q21 updates

35Note: Banpu Power has 50% shareholding in Banpu NEXT

China Solar

Higher power sold supported by

favorable weather conditions which

resulted in higher capacity factor

▪ Average capacity factor 1Q21

reported at 14.1%

▪ Power sold was 54 GWh, +18% QoQ

▪ Reported revenue of RMB 45 M with

profit contribution of RMB 17 M

Japan Solar

Higher power sold from COD of

Yamagata and Yabuki projects despite

lower average capacity factor due to

unfavorable weather conditions

▪ Average capacity factor 1Q21 reported

at 9.2%

▪ Power sold was 29 GWh, +22% QoQ

▪ Reported TK distribution of JPY 593 M

Vietnam Wind

Construction progress of Vinh Chau

reaching at 57% while El Wind Mui

Dinh ownership transfer is in process

▪ Phase 1 of Vinh Chau project in Soc

Trang province achieved construction

progress of 57%

▪ Complete wind turbine foundation and

reached 50% of transmission line

progress

Maintenance schedule for 2021

36

1Q21 2Q21 3Q21 4Q21Major maintenance Minor maintenance

▪ Unit 2 Yearly Maintenance (YM) during 18 Jan – 15 Feb

21, 28 days in total

▪ Unit 3 Yearly Maintenance (YM) during 4 – 31 Jul 21, 28

days in total

▪ Unit 1 Major Overhaul (MO) during 8 Aug – 26 Sep 21,

50 days in total

HPC

▪ Unit 2 on minor inspection for 22 days

▪ Unit 1 on major overhaul for 41 days

BLCP

7 days

8 days7 days 10 days

U3

20 days

45 days8 days

3 days

7 days

7 days 5 days

▪ Unit 3 & 5 on minor maintenance for 7Ds in Q1

▪ Unit 2 & 4 on minor maintenance for 7Ds in Q2

▪ Unit 1 on minor maintenance for 10Ds in Q2

▪ Unit 3 on maintenance for 3Ds and Unit 4 for 5Ds in 2H

CHP ZOUPING

▪ Unit 1 & 2 on minor inspection for 7Ds in 1H

▪ Unit 3 on major maintenance for 45Ds in 2Q

▪ Unit 4 on minor inspection for 8Ds in 2Q

▪ Unit 1 & 2 on minor inspection for 8Ds in Q3

▪ Unit 3 & 4 on minor inspection for 10Ds in Q4

CHP ZHENDING

▪ Unit 3 C-Class maintenance 20Ds in Q2

▪ Unit 2 C-Class maintenance 30Ds in Q2

▪ Unit 1 & 4 C-Class maintenance 20Ds in Q3

CHP LUANNAN

U2,U4 U3U3,U5 U4

U1, U2U1 U3, U4U3U4U2

U2

30 days

U1,U4

20 days

10 days

U1

28 days

U3

50 days

U1

28 days

U2

22 days

U1U2

41 days

Banpu Power: income statement

37

THB million 1Q21 4Q20 1Q20 QoQ% YoY%

Sales revenue 1,811.6 1,628.9 1,843.3 +11% -2%

Cost of sales (1,462.3) (1,258.4) (1,319.2)

Gross Profit 349.3 370.5 524.1 -6% -33%

GPM 19% 23% 28%

Administrative expense (195.4) (243.0) (232.1)

Equity income 738.9 1,017.9 1,104.2

Dividend income - - -

Other income 222.8 264.8 222.1

Amortization on fair value 2.4 8.3 (8.8)

EBIT 1,118.0 1,418.6 1,609.5 -21% -31%

Interest expenses (32.3) (47.1) (59.0)

Financial expenses (0.9) (1.2) (2.8)

Income tax (core business) (86.8) (67.3) (134.8)

NCI/Minorities (5.6) (8.9) (24.8)

Net profit – Core business 992.4 1,294.1 1,388.1 -23% -29%

Non-recurring items (11.8) (49.6) (581.2)

Income tax (non-core business) (1.8) (1.7) (0.1)

Deferred tax income (expenses) (4.9) (23.8) (0.4)

Gain (Loss) on Derivatives transactions - (1.0) -

FX translation 60.3 (16.7) 169.0

Net Profit 1,034.2 1,201.3 975.3 -14% +6%