Analyst Meeting1Q20 Results20 May 2020Ticker: BCPG (SET)
Hydropower recap
3
Strategic direction update
Recent developments
Portfolio, Performance & Guidelines
Agenda
Hydropower recap
4
Strategic direction update
Recent developments
Portfolio, Performance & Guidelines
Agenda
COVID-19: Implications for BCPG
Type Thailand Japan Lao PDR Indonesia The Philippines
Operating assets
(No major impact)
Curtailment accelerated on some projects due to lower
demand.(THB 5.8 mn)
(No impact)
Planned shutdown in 2020 partly postponed to 2021.
Effective days* in 2020 drop from 12 to 7 days.
(No impact)
Developing assets
A few months delayed in construction for rooftop
projects(12.0 MW)
Slightly delay due to limitation of working hours.
Limited access to transmission line site survey on but overall
construction timeline still on track
(No impact) (No impact)
Potential projects
Travel restriction and several Covid-19 control put in place resulting in limitation of BD activities
Short term COVID-19 impact visible in 3 out of 5 countries with limited magnitude
Remarks : Effective days is weighted average shutdown days by % MW5
2019 2020 2021 2022 2023 2024Committed fill Adder For Growth
6
2019 2020 2021 2022 2023 2024Committed fill Adder Growth
Potential Shift from 2020 to 2021 Potential Shift to spread across
2021-2023
5-year CAPEX Plan remain unchanged but timing will probably be shifted from COVID-19
CAPEX Plan for Y2019-2024 (Before COVID-19)
CAPEX Plan for Y2019-2024 (After COVID-19)
CAPEX THB 45,000 mn CAPEX THB 45,000 mn
6
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Solar TH Other current porfolio Nam San 3A + 3B Committed pipeline Potential pipeline7
2016 - 2020 2026 - 20302021 - 2025
Next 5 years for filling EBITDA gap with consecutive growth
Remarks : For demonstration purposes only
BCPG ambition to fill adder gap and growth still unchanged
Main components to fill adder gap still confirmedAdder gap still be filled under COVID-19 from committed pipelines
Remarks : * Equity MW of 270 MW (SWAN) / For demonstration purposes only
Gap to be filled
JP Solar
LA Hydro
ID WW unit 3
ID Geo
LA Wind
New Income Contribution
Net income gap Gap from adder expired
Swan 600 MW* Hold 45% COD 2023
Share Profit from investment in Star Energy from price escalation and interest expenses reduction.
Full Year Operation of Hydro Nam San 3A and 3B of 114 MW (recently acquired)
Turning all JP pipeline (75 MW) into operation. Target COD from Y2021 to Y2022
Equivalent to Hydro 61 MW
Income contribution from existing pipeline
Share Profit from investment in Star Energy from WW unit 3
8
Current status with COVID-19 impact
“Within 2023”
Secured
“Within 2024”
Secured
All COD within 2022
“Within 2021”
✓
✓
✓
✓
✓
✓
9
Covid-19 reinforces an importance of energy transition
46%
52%
Category 1
45%
60.50%
Category 1
New Delhi Venice
Befo
re lo
ckdo
wnDu
ring
lock
dow
n
“People learn air quality during lockdown provides an end-state scenario of transitioning fossil to clean energy”
“…this is a stress test for national grid and more confident to absorb renewable going forward”
Renewable share of overall electricity generation before and during lockdownUnit: %
24%
27%
Category 1
Before lockdown During lockdown
Source: bnef and media
10
Renewables remain resilient and promising outlook in long term
“Renewables have remained very resilient during the pandemic because of low operating costs, preferential access as well as LCOE at grid parity”
IEA Global Energy Review 2020, 28 Apr’20
“IEA estimates total global use of renewable energy in 2020 will grow by about 1% YoY”
It’s important that governments and investors treat COVID-19 not as a signal to slow down but catalyst
Source: World Resources InstituteSource: IEA
Clean energy yields an economic return 3 to 8 times higher than the initial investment, can be included in stimulus package
The instability of fossil fuel prices presents a global opportunity to accelerate the shift to clean energy
The continuously falling costs of clean energy
10
Hydropower recap
11
Strategic direction update
Recent developments
Portfolio, Performance & Guidelines
Agenda
12
“Project finance LLG has been finalized with enhanced return”
“Limited curtailment due to its high demand location“
Lomligor Project finance enhance IRR
Construction timelines slightly shifted due to COVID-19.. But still well protected against curtailment.
“Shutdown in 2020 cut by half from 2019”
Lower planned shutdown in Y2020
Recent developments
ช่วย
LLG : Project Finance with ADB, CTF and KBANK
13
Project finance enhance return
Sandbox: initiative in Thailand to integrate utility-scale wind power generation with a battery energy storage system.Enhance return of the project with longer tenor and lower interest rate.
Projects update in Japan
14
Upcoming projects have limited risk of curtailment on high demand region
25 MW
20 MWYabukiCOD 2H21
Chiba 1COD 3Q21
Chiba 2COD 2H22
20 MW
10 MW
S1
S19
S11
TarumizuGotemba
Total operating capacity 14.7 MWppa
KomaganeCOD 3Q21
Total developing capacity 75.0 MWppaRegard to curtail measurement from power purchaser, almost 90% of BCPG portfolio in Japan* got no impact.
*Including developing projects
Curtailment impact
No curtailment impact
Japan project developments
YabukiKomagane Chiba1
Japan projects will commence to COD 1 2 4 Chiba23
15
Chiba2 Project
Chiba1 Project
Scheduled Maintenance Shutdown Geothermal power plants in Indonesia
16
Actual and forecast planned shutdown in 2019 and 2020
MW (Install)
Tariff (US cent/kWh)
Shutdown cycle (Year)
2020F 1H20F 2H20F
WW 1 110 4 •WW 2 117 4 •
SL 1 (S) 60 3 • •SL 2 (S) 60 3 • •SL 3 (S) 60 3 • • •
SL 4 65.6 4 •SL 5 65.6 4 •SL 6 65.6 4 •
DJ 1 (S) 55 5.12 3 • •DJ 2 95 3 • •DJ 3 121 4 • • •
16 9 14 20 7 1 61.9% 2.5% 2.3%
Effective days*
2020F
% estimated impact on CF 3.9% 2.2% 0.4% 5.4%
Wayang Windu (WW)
9.72
Salak (SL)
6.44
7.47
Darajat (DJ)
7.03
Plant 2016 2017 2018 2019
Plan shutdown and estimated effect on capacity factor (Yearly)
(Revised) (Revised) (Revised)
Hydropower recap
17
Strategic direction update
Recent developments
Portfolio, Performance & Guidelines
Agenda
0%
10%
20%
30%
40%
50%
60%
70%
2016 2017 2018 2019 2020F
EL Nino impact expected to remain neutral until Oct’20
El Nino
La Nina
▪ 2017 3A CF 56%▪ 2018 3A CF 58%
▪ 2016 3A CF 50%
▪ 2019 3A CF 45%
Capacity factor Unit: %
El Nino trends to less impact and remains neutral for 10 months until Oct’ 20
Transitioning to La Nina
La Nina Transitioning to El Nino
NS3A
EL Nino impact expected to remain neutral until Oct’20
18
EL Nino impact expected to remain neutral until Oct’20
2020
EL Nino impact expected to remain neutral until Oct’20
Sea surface temperature forecast shows that the climate of tend to be “Neutral” and “La Nina”. This may result in better rainfall in 2020.Nonetheless, the transition effect from “El Nino” in 2019, which result in lower water reserved, may cause negative impact in 2020.
0%
20%
40%
60%
80%
100%
120%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016 2017 2018 2019 2020
2017 (56%)2018 (58%)La Nina Year
2019 (45%)El Nino Year
El NinoNeutral
La Nina
2016 likely neutral (50%)
Source: World Bank
1Q19: gain momentum of La Nina in 2018 cause capacity factor (%) to step up.
However, due to El Nino from middle to end of 2019, rainfall drop below usual level and continue to impact on early of 2020.
3A Capacity factor (%) likely to be more or less at 2019
1
22
1
1 2
21Remarks: * 11 months of operation due to COD at 29 Jan 2016 / ** Profit and loss of Nam San 3A have been recalculate using same FX rate with Nam San 3B (as of 17 Jan 20) for comparison purpose only
405 396467
394
384 353425
356277 240
325243
2016 2017 2018 2019
RevenueEBITDA Net profit
Nam San 3BNam San 3A
Profit/Loss (THB million) **
Net Capacity Factor (%)
Nam San 3A&3B Historical Performance
Net Capacity Factor (%)
Profit/Loss (THB million)
45%
65%
44%
64% Wet Year
Dry Year
550
672 701
550
527630 649
492405
505 530
338
2016 * 2017 2018 2019
50.3% 51.1% 59.4%49.4%
2016 2017 2018 2019
Capacity factor (%)
50.7% 56.4% 58.4%44.6%
2016 * 2017 2018 2019
22
PPA Nam San 3A (Acquisition @ 20 Sep 2019)
PPA Nam San 3B (Acquisition @ 25 Feb 2020) 3B : Impact on additionallamortization from FV Uplift
2020 24.09 M THB 0.75 M USD2021 27.66 M THB 0.86 M USD…. 2043 22.13 M THB 0.69 M USD
3A : Impact on additional amortization from FV Uplift
2020 73.40 M THB 2.42 M USD2021 70.00 M THB 2.31 M USD…. 2043 57.11 M THB 1.88 M USD
PPA amortization of 3A and 3B
Hydropower recap
23
Strategic direction update
Recent developments
Portfolio, Performance & Guidelines
Agenda
24
841.9 MWppa
142.2 MW 15.5 MW
THAILAND
Operating Developing
157.5 MW 24.0 MW
INDONESIA
Operating Developing
14.4 MW 5.6 MW
THE PHILIPPINES
Operating Developing
14.7 MW 75.0 MW
JAPAN
Operating Developing
114.0 MW
LAOS
Unit: Contracted capacity or equity MWppa
9.0 MW
451.8 390.1Operating Developing
270.0 MWDevelopingOperating
Business footprints in 5 countries in Asia
25
299.0 MW, 35.5% (275.6 MW under
development)
181.5 MW, 32.0% (24.0 MW under development)
247.4 MW, 29.4% (105.2 MW under
development)
114.0 MW, 15.5%
57.7%
2.7%
13.7%
25.9% **
Q1 Q2 Q3 Q4
3 hrs 4.1 hrs 4.3 hrs
8.7 hrs
14 hrs
22.5 hrs
Estimated Yearly Power Generation by technology *
Contracted MW by TechnologyY2019 Seasonality by Technology
(Capacity factor %)
841.9 MW
Geothermal (ID)
Hydro (LA)
Wind (PH)
Solar (TH)Solar (JP)
Wind (TH)
Average capacity factor in hours by TechnologyUnit: GWh
Unit: MW
Remarks : * Calculate base on capacity factor (%) in 2019 / ** Including Nam San 3B
> 2,000 GWh / year
Well-diversified portfolio
254
835
1,608 1,651
~2,100
~3,200
2016 2017 2018 2019 2020 202526
…......
Remarks : *Solar equivalent are calculate to be compared with solar power plant in Thailand
Unit: GWh
Current portfolio and pipelines
Current pipeline guarantees a growth of 50% in the next 5 years
Solar Equivalent *
15.5 MW TH75.0 MW JP 5.6 MW PH (Expansion)24.0 MW ID (Expansion)270.0 MW LA
Current pipeline1,450 MW
2,200 MWSolar
Equivalent *
Portfolio growth from existing pipelines
27
By numbers
EBITDA Still prevail from associates
824.5 (+12.8% YoY)
Unit: THB mn
Net profitFX gain is main driver
573.7 (+16.7% YoY)
MWppaIncrease from new acquisitions
451.8 (+125.5 MW YoY)
D/E Almost 40% below covenant
1.78x (vs 1.39x Dec 2019)
Key takeaway
New projects (COD and acquisitions) drive revenue grew YoY1
EBITDA from operation still prevail due to better wind speed from “Lomligor” and increased in share of profit
2
Net profit jump almost 17% YoY from FX gain while recurring impact from unusual drought season in Lao PDR
3
4 Lower average finance cost both QoQ and YoY benefited from lower market interest rate
Operating Revenue New projects drive YoY
886.4 (+9.7% YoY)
Financial highlights for 1Q20
FX
TH performance
756 807 771
1Q19 4Q19 1Q20
TH Solar TH Wind TH Other
Operating performance in Thailand mainly effect by solar irradiation
3 4
14.4%17.7%
1Q19 4Q19 1Q20
Generation Capacity factor (%)
72 76 71
17.7% 18.2% 17.1%
1Q19 4Q19 1Q20
Generation Capacity factor (%)
142.2 MW + 15.5 MW
28
Unit: GWh Unit: GWh
Power generation & Capacity factor (%)
Unfavorable weather in Thailand cause solar irradiation to slightly drops.
Wind speed in Lomligor increase QoQis the main drive of operating revenue in Thailand.
9.0 MW
Revenue (TH)
Unit: THB million
YoY drops mainly from decline in solar irradiation and while wind speed help QoQ.
+1.9% YoY-0.8% YoY
-5.7% QoQ +21.0% YoY-4.5% QoQ
JP performance
5142 43
1Q19 4Q19 1Q20
JP Solar JP Other
44 3
11.1%8.9% 8.6%
1Q19 4Q19 1Q20
Generation Capacity factor (%)
29
Low season of electricity demand resulted in CurtailmentPower generation & Capacity factor (%)
Unit: GWh 14.7 MW + 75.0 MW
Electricity demand drop in operating region due to low season cause curtailment which resulted in drop of sellable output.
Revenue (JP)
Unit: THB million
YoY drop of operating income followed sellable output direction which mainly impacted by curtailment.
-23.6% YoY
-11.2% QoQ
-17.0% YoY
+0.8% QoQ
LA Performance
132
73
1Q19 4Q19 1Q20LA Hydro
64
34
42.2%18.2%
1Q19 4Q19 1Q20Generation Capacity factor (%)
30
Unusually strong drought in Lao PDR cause dramatically drop in generation
Unusually strong drought season in Lao PDR (every 1st quarter) cause a dramatically decline in electricity generation from hydropower.
114.0 MW
Revenue (LA) Power generation & Capacity factor (%)
Unit: THB millionUnit: GWh
Remark: 2 months recognition in 2019 due to acquisition since late September 2019
-46.6% QoQ -45.2% QoQ
ID PerformanceGeothermal power plants in Indonesia
306 300 318
93.7% 90.0% 96.7%
1Q19 4Q19 1Q20Sellable output Capacity factor (%)
31
Sellable output and Capacity factor (%)
Unit: GWh
Unit: THB million
Lower shutdown days rise in share of profits from geothermal power plant.One-time items from tax provision and allowance for account receivable are based on conservative approach.
Share of profitOperating: 157.5 MW
Developing: 24.0 MW
Remark: Sellable output based on holding percentage / ** 5 months recognition in 2017 due to inception since July 2017
Amortization (92.5) (91.4) (94.5)
One-time items - (20.0) (66.7)*
Net share of profit 92.5 54.3 67.2*Including Tax provision THB 23.9 mn and Allowance for account receivable THB 42.8 mn.
188 166 228
1Q19 4Q19 1Q20
+6.1% QoQ
+4.0% YoY
+37.9% QoQ
+21.5% YoY
Drop in shutdown resulted in significant rise both QoQ and YoY
17
8
14
53.4%
25.7%
45.5%
1Q19 4Q19 1Q20Sellable output Capacity factor (%)
PH PerformanceWind power plant in the Philippines
37.4
1.132.3
1Q19 4Q19 1Q20
Unit: GWh
32
Amortization (8.2) (7.8) (8.1)
One-time items - - -
Net share of profit 29.2 (6.7) 24.2
Unit: THB million
On YoY basis, drop in 1Q20 mainly impact by typhoon that cause plant down time since 4Q19.While monsoon season help drive generation to rise significantly QoQ.
Monsoon season once again with partial plant down time from last quarter
Sellable output and Capacity factor (%)
Share of profit
Remark: Sellable output based on holding percentage / * 7 months recognition in 2017 due to inception since July 2017
Operating: 14.4 MW
Developing: 5.6 MW
-13.3% YoY
-13.5% YoY
+76.2% QoQ
+2,909.4% QoQ
808981
886
74.4% 69.0% 65.2%
1Q19 4Q19 1Q20
Thailand Japan Laos
Remark: EBITDA from operation including share of profit from associates (after amortization and before one-time items)
EBITDA previals
33
Revenue
RevenueYoY growth of operating revenue mainly cause by recognition of Nam San 3A and Nam San 3B while unusually drought in Lao PDR cause a declined QoQ.
Unit: THB millionEBITDA (Incl. shares of profit)
EBITDA (Incl. shares of profit)EBITDA still prevail. Thanks to share of profit especially from geothermal power plant that rise after lower shutdown days. Two hydropower plants also add up to YoY growth.
Unit: THB million
+9.7% YoY
731 804 824
90.5%81.9%
93.0%
1Q19 4Q19 1Q20
+12.8% YoY
+2.6%QoQ
Financial Performance: Revenue & EBITDA
-9.7% QoQ
3434
Unit: THB million
IBD breakdown by maturity IBD breakdown by currency
9.8% 19.4% 20.7%
90.2% 80.6% 79.3%
2018 2019 1Q20< 1 year Due after 1 year
51.1% 58.8% 50.5%
43.0% 30.6% 27.9%
5.9% 10.6% 21.6%
2018 2019 1Q20THB JPY USD
IBD breakdown by Fixed-Floating rate
Due to over 90% of IBD are floating rate type, after interest rate in market drop, resulted in decline of average finance cost despite increase in absolute amount from acquisition related loan.
9.8% 10.6% 8.3%
90.2% 89.4% 91.7%
2018 2019 1Q20Fixed rate Floating rate
Finance cost and Kd (%)
Remark: The average finance costs calculated by a simple average method.
Kd (%) benefit from low interest rate environment despite increase in absolute
129 173 188
3.34% 3.47% 3.29%
1Q19 4Q19 1Q20Interest expense Effective Kd
+45.5% YoY
+8.6%QoQ
Finance cost
35
FX gain drive net profit despite unusual strong drought in Lao PDR
Core profit:Unusually strong drought is the main reason cause core profit to drop.
Unit: THB millionCore profit & Core profit margin (%)
Remark: Core profit equals to net profit minus FX gain/loss and one-time items
Unit: THB million
Net profit & Net profit margin (%)
492 445 574
60.9%
45.3%
64.7%
1Q19 4Q19 1Q20
Net profit Net profit margin
+16.7% YoY
+29.0%QoQ
Net profit:FX gain from liability exposure help net profit to rise both QoQ and YoY.
Core profit & Net profit
454 430 404
56.2%43.9% 45.5%
1Q19 4Q19 1Q20
Core profit Net profit margin
-11.1% YoY
-6.2% QoQ
Total Asset(USD)
TotalLiabilities
(USD)
Total Asset(THB)
TotalLiabilities
(THB)
FX gain/loss from USD/THB in 1Q20
Reduce net THB liabilities exposure by
1. Drawdown USD loan and repay THB loan2. Increase share capital and repay THB loan
THB depreciate –> Liabilities in USD
FX Loss
THB depreciate –> Liabilities in USD
FX Gain
Net USD liabilities
Net THB liabilities
Balance sheet FX exposure
<
Current FX exposure to be minimized soon
Remarks: *BIC stand for BCPG Indochina Co., Ltd / Graph figure is for demonstration purpose only
Net liabilities to foreign exposure after consolidation estimate to be around THB 5 bn.
BCPG (exclude BIC*) BIC*
37
44.3% 48.0% 41.9%
53.5% 49.3% 53.5%31,558
37,13742,491
2018 2019 1Q20
Equity Other Liabilities Interest-bearing debt
1.08 1.39 1.78
2018 2019 1Q20
D/E Ratio
D/E Ratio Covenant
Covenant = 3.0x
Total assets
0.30 0.32 0.320.31 0.32 0.32
0.61 0.640.64
68.5% 57.7% 71.1%
2017 2018 20191H 2H DPR
Total paid dividend (THB/Share)
Dividend Payment
Dividend policy = not less than 40% of the Company’s net profit based on separated Financial Statement
Leverage room is still available
15.1611.74
14.89
2018 2019 1Q20
ROE (%)
ROE
* Subjected to AGM approval
Financial position
38
Guidance PlanEBITDA (incl. share of profit from associates*)
Expect to grow 20%
CAPEX Expect to be THB 8,000 – 15,000 mn(Committed pipeline: THB 8,000 mn)
Dividend policy Not less than 40% of the Company’s net profit
Financial covenant Liability/Equity ≤ 3xDSCR ≥ 1.15x
Remark: *Share of profit from associates (before amortization and one-time items)
Guideline 2020
39Survey link
40
Financial StatementOverall business performance
Unit: THB million 1Q19 1Q20 Change (%) 4Q19 Change (%)
Revenue from sale and redering of service 807.8 886.4 9.7% 981.2 -9.7%Cost of sale and rendering of services (206.9) (308.9) 49.3% (304.7) 1.4%Gross profit 600.8 577.5 -3.9% 676.5 -14.6%Administrative expenses (144.3) (147.5) 2.2% (152.5) -3.3%Operating profit 456.5 430.0 -5.8% 524.0 -17.9%0.0 0.0 0.0% 0.0 0.0%Share of profit of investment in associates (exlcuding one-time item)
121.7 158.2 29.9% 67.5 134.3%0.0 0.0 0.0% 0.0 0.0%
EBITDA 731.2 824.5 12.8% 803.8 2.6%0.0 0.0 0.0% 0.0 0.0%Other income/(expense) 2.6 7.7 194.7% 8.4 -8.3%One-time item from investment in associates 0.0 (66.7) NA (20.0) NAFX gain/(loss) 37.6 325.1 763.9% 34.9 831.4%EBIT 496.8 696.1 40.1% 547.3 27.2%Finance costs (128.9) (187.5) 45.5% (172.6) 8.6%EBT 489.6 666.8 36.2% 442.2 50.8%Income tax expense (benefit) 1.9 (93.0) NA 2.0 NA
Income tax expense (benefit) 1.9 (6.9) NA 2.0 NATax related to FX gain/(loss) 0.0 (86.1) NA 0.0 NA
Minority interest 0.0 (0.0) NA 0.7 NANet profit 491.6 573.7 16.7% 444.8 29.0%Recurring profitิ * 453.9 403.7 -11.1% 430.2 -6.2%Basic Earnings per Share (THB) 0.25 0.29 16.0% 0.22 31.8%Remark:*Excluding gain/(loss) on FX and one-time items
41
Financial Statement
Unit: THB million 2019% of total
assets1Q20
% of total assets
∆ (%)
Cash and cash equivalents 1,445.2 3.9% 1,927.5 4.5% 33.4%Trade accounts receivable 640.4 1.7% 668.8 1.6% 4.4%Other current assets 367.2 1.0% 312.3 0.7% -15.0%Total current assets 2,452.9 6.6% 2,908.7 6.8% 18.6%Investments in associate & subsidiaries 13,623.8 36.7% 13,364.6 31.5% -1.9%Property, plant and equipment 13,675.6 36.8% 14,112.2 33.2% 3.2%Goodwill and Intangible assets 7,002.1 18.9% 11,237.9 26.4% 60.5%Other non-current assets 382.3 1.0% 867.2 2.0% 126.9%Total non-current assets 34,683.7 93.4% 39,582.0 93.2% 14.1%Total Assets 37,136.6 100.0% 42,490.7 100.0% 14.4%Short-term borrowings & current portions 3,855.0 10.4% 5,319.3 12.5% 38.0%Long-term borrowings 16,026.1 43.2% 20,385.9 48.0% 27.2%Other liabilities 1,700.3 4.6% 1,528.1 3.6% -10.1%Total liabilities 21,581.4 58.1% 27,233.4 64.1% 26.2%Equity attributable to owners of the Company 15,505.7 41.8% 15,207.8 35.8% -1.9%Non-controlling interests 49.4 0.1% 49.5 0.1% 0.1%Total liabilities and Equity 37,136.6 100.0% 42,490.7 100.0% 14.4%
Consolidated Statement of Financial Position
Unit: THB million 1Q19 1Q20 YoY ChangeNet cash from (used in) operating activities 365.3 768.8 403.5
Net cash from (used in) investing activities (845.8) (4,687.9) (3,842.1)
Net cash from (repay to) financing activities (120.2) 4,445.4 4,565.6
Net increase in cash and cash equivalents (600.7) 526.3 1,127.0
Cash and cash equivalents at 1 January 2,425.3 1,445.2 (980.1)Effect of exchange rate changes on balances held in foreign currencies
(34.7) (44.0) (9.3)
Cash and cash equivalents at end period 1,789.9 1,927.5 137.6
CAPEX (845.8) (4,700.6) (3,854.8)
Consolidated Statement of Cash Flows
42
Financial Statement
43
No. ProjectLocation
Operating Entity
% of Shareholding
Installed Capacity
(MW)
Contracted Capacity
(MW)Tariff Power Structure Off Taker CODDistrict Province
1 BCPG 1Bang Pa-in Ayutthaya BCPG N.A.
9.8 8
Adder THB 8/kWh
PEA 5/08/11BCPG 2 35.6 30 EGAT 16/07/12
2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.2 16
PEA
6/03/133 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.2 16 5/04/134 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 12.5 8 19/03/145 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 12.5 8 11/04/146 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 12.6 8 24/04/147 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.6 8 10/04/148 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
15 Private floating solar Bang Pa-in Ayutthaya BCPG N.A. 2.1 2.1 Private PPA BBF Nov-19
Conventional contracted capacity totaling of 150.0 MW
Conventional solar & wind projects in Thailand
44
Total contracted capacity in pipeline of 15.5 MW as of 4Q19. COD target by 2020. Potential to be signed is another 17.6 MW
Type Segment Relation-ship
Project Location Contracted Capacity
Terms (year)
Tariff power structure
Status/ COD
1 Rooftop Industrial Subsidiary Kingboard Uthai, Ayutthaya 0.752 MW 20 Private PPA COD 1/12/2018
2Rooftop Commercial Partner
Habito, T77, Sansiri
Wattana, Bangkok 0.053 MW 25 Private PPA COD 12/1/2019
3Rooftop
Commercial/Residential
Partner T77, Sansiri Wattana, Bangkok 0.376 MW 25 Private PPA COD 1/5/2019
4 Rooftop Commercial Partner Sansiri Several cities
3.5 MW
25 Private PPA Under construction
5 Rooftop School Partner Satitpattana
Bangkok 25 Private PPA Under construction
6 Rooftop Gas station Partner Lots Several cities 15 – 20 Private PPA Under construction
7 Rooftop Commercial Partner CMU Mueang, Chiangmai
12.0 MW 26 Private PPA Under construction
8 Rooftop Mixed Partner Lots Several cities 17.6 MW 15-25 Private PPA In progress
Other solar rooftop projects in Thailand
45
Contracted capacity of 14.7 MW
45
No. Project % ofInvestment Location Irradiation
(kWh/m2/year)Installed Capacity
(MW)
Contracted Capacity
(MW)
Feed-in Tariff (FiT)
(JPY/kWh)PPA Period
(Year) Off Taker Status
Operation1 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
Developing
6 Komagane 100.0 Nagano, Japan 1,472 32.0 25.0 36 20 Chubu Electric Power Company Expect to COD within 3Q21
7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2H21
8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 3Q21
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 development (Exclude from pipeline)10 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20
Wait for Grid11 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 to IFFNikaho 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
Conventional solar projects in Japan
46
Conventional contracted capacity totaling of 114.0 MW (Developing 270.0 MW)
No. ProjectLocation
Operating Entity
% of Shareholding
Installed Capacity
(MW)
Contracted Capacity
(MW)Tariff Off Taker COD
Acquisition date (Initiate
subsidiaries)Province Country
1 Nam San 3A Xiangkhouang Laos PDR BCPGI 99.9 69.0 69.0UScents 6.72/kWh (2020)(EVN: Uscents 6.95/kWh)
EDL(Change to EVN
within 2022)
29/1/16 Sep-19
2 Nam San 3B Xiangkhouang Laos PDR BCPGI 99.9 45.0 45.0 25/8/15 Feb-20
3 SWAN Sekong & Attapeu Laos PDR IEAD 45.0 270.0 270.0 [To be provided] [To be provided] 2023 onwards Mar-19
Hydropower and wind projects in CLMV
47
Public
BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG TDED
Thailand
Singapore
99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 75.0%
BSEH
100.0%
BCPGI SEGHPL
GreenergyHoldings
GreenergyPower
BCPG Wind
100.0% 100.0% 100.0%The Netherlands
JapanPetrowind
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
Laos
BCPGIndochina
99.9%
Nam San 3A
100.0%
IEAD
45.0%100.0% 33.33% Hong Kong
Nam San 3B
100.0%
SWAN
100.0%
Group’s Business Structure