Analyst MeetingQ3/2018 Financial Results
13 November 2018Ticker: BCPG (SET)
2
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contained in this presentation or to correct any inaccuracies herein which may become apparent.
Disclaimer
3
Agenda
Recent Development
Financial Highlights
Business Outlooks
4
Recent Development
Financial Highlights
Business Outlooks
Agenda
Completed asset monetization, Nagi and Nikaho, into IFF on 28 Sep 2018. Booked gain from transaction of THB 794.5 mn
Full quarter COD of Gotemba supported growth
Strengthening THB against JPY limited sales growth contribution from Japan
Japan
COD of 2 Co-op (WVO) solar projects with total contracted capacity of 8.94 MW
EBITDA grew by 4.1% YoY from lower administrative expense
Lower irradiation from heavier-than-normal rainfall is the main factor pressured electricity output
Thailand
Booked record high performance thanks to favorable wind speed from tropical depressions and typhoons
3Q18 Capacity factor of 43.5%
The Philippines
Key highlights
Stable operation
Recorded share of profit (from operation) of THB 192.6 mn, in line with expectation
Restated of 3Q17 according to PPA finalization. Incurred amortization expense while gain on purchase has been taken out
Indonesia
5
6
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 StructureImprove cost of financingNegotiation of acquisition price
Passing on assets to more risk-averse investor with lower required returnCash to be reinvested in developing project
InvestDevelop/construct Enhance Capital
recycling
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
7
31%
95% 100%
29%
May-
18
Jun-
18
Jul-1
8
Aug-
18
Sep-
18
Oct-1
8
Nov-
18
Dec-
18
Jan-
19
Feb-
19
Mar-
19
Apr-
19
May-
19
Jun-
19
Construction timeline
Target Actual
Target COD : 1H19 Foundation
Pillar & Turbine
1
2
3 System integration
One-third of 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 farmConstruction progress is on track
Remark: Lomligor wind power plant acquisition has been completed since 18 June 2018
Lomligor wind farmConstruction Progress (As of 29 October 2018)
WTG 1 WTG 2 WTG 3
WTG 4
WTG 1 WTG 2 WTG 3 WTG 4
Pillars and turbines are on yard
Foundation construction progress
8
9
Thailand
Operating: 192 MWDCDeveloping: 10 MWTotal: 202 MWDC
Japan
Operating: 17.4 MWDCDeveloping: 151.3 MWDCTotal: 168.7 MWDCMonetized: 27.6 MWDC
The Philippines
Operating: 14 MWDeveloping: 6 MWTotal: 20 MW
Indonesia
Operating: 157.5 MWDeveloping: 24 MWTotal: 181.5 MW
Solar Wind Geothermal
Remark: For the Philippines and Indonesia, only equity MW is presented
30 MW
182 MW
361 MW
Technology
Operating 381 MW
Developing191 MW
Status
Our business footprintOperating 380.9 MWDC and continued growing
10
94169 169 202
393
2013 2014 2015 2016 2017
Installed & Equity MW in Portfolio
Solar TH Solar JP Wind PH Geothermal ID
130231 263 274
847
2013 2014 2015 2016 2017
Power Generation
Solar TH Solar JP Wind PH Geothermal ID
Unit: GWh
Unit: MW
Business portfolio
Power Generation
78%
3%3%
16%
ID42%
7%4%
47%
9M 2017: 475 GWh* 9M 2018: 1,201 GWh (+152.8% YoY)
TH
JPPHTH
JP
Pro-forma Revenue
45%
3%8%
44% ID68%13%
18% 1%
9M 2017: THB 3,138 million* 9M 2018: THB 4,819 million (+53.6% YoY)
TH
PHJP
JP TH
Unit: GWh
Unit: THB mn
ID
PH
PHID
Remark: * In 9M17, the company has effective stake in subsidiaries for 4.5 months for wind power plants in the Philippines and 2 months for geothermal power plants in Indonesia.
11
0.69 *
0.61
0.15 0.15 0.15 0.16 0.16 0.16
5.2% 3.3% 4.5% 4.3% 3.7% 2.9% 2.6% 3.3%
63% 60% 65% 65%58% 55%
89%76%
2016 2017 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018
BCPG’s Dividend History
DPS Dividend yield DPR
X-Date: 3 September 2018Record date: 4 September 2018Payment date: 13 September 2018
Dividend paymentRobust dividend payout
Not less 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
Unit: THB per share
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Agenda
Recent Development
Financial Highlights
Going Forward
13
Operational highlights: Thailand3Q18: 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 3Q18Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh
Sellable Output (MWh) breakdown
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 breakdown Capacity factor (%)*
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
14
Operational highlights: Thailand9M18: Prolonged rainy season slightly pressured plants performance
Sellable Output (MWh) breakdown
Revenue breakdown Capacity factor (%)*
16.0% 16.1% 15.9%
2017 9M17 9M18
Revenue slightly declined YoY mainly due to lower output 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%
2,8412,139 2,102
2017 9M17 9M18Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh
93.4%93.6% 91.6%
265,166199,450 196,973
2017 9M17 9M18Adders 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
15
Operational highlights: Japan3Q18: COD of Gotemba project is a supporter to revenue growth YoY
Revenue breakdown Capacity factor (%)*
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%
15079 87
162 154
3Q17 4Q17 1Q18 2Q18 3Q18
FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh
Sellable Output (MWh) breakdown
61.9% 61.4% 44.7% 54.6% 57.7%
12,8517,232 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
16
Operational highlights: Japan9M18: Operation remained stable
Sellable Output (MWh) breakdown
Revenue breakdown Capacity factor (%)*
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%
483403 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
17
Revenue & Gross profitChallenged by unfavorable weather conditions
80.8% 82.4% 89.9% 89.1% 81.4%
854 781 802 874 830
3Q17 4Q17 1Q18 2Q18 3Q18Thailand Japan
Unit: THB million
Revenue: 3Q18 total revenue declined YoY and QoQmainly 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% YoYGross profit: 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:
Gross profit:
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 1,89773.5% 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
EBITDAIncreased YoY due to lower SG&A expenses
Remark: EBITDA from operation, excluding other revenue
EBITDA3Q18 EBITDA increased YoY mainly due to adecrease in acquisition related expenses frominvestment made during 3Q17. EBITDA marginremained robust.9M18 EBITDA slightly grew by YoY mainlyhelped by lower SG&A expense.SG&A to sales ratios have been in a downwardtrend mainly thanks to stringent cost controland 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:
19.0% 16.5%
9M2017 9M2018
%SG&A/Sales:
-5.4% QoQ
19
Unit: THB million
41.7
347.1
69.0 19.0113.6
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.
Remark: *restated geothermal operation prior to acquisition of THB 238.2 million and included amortization expense, **including gain on purchases of wind and geothermal of THB 366.3 million, ***including one-time non-cash expense resulted from financing activity of approx. THB 122 million
84.8201.6
9M17 9M18
+497.9% QoQ
+172.4% YoYShare of profit: +137.7% YoY
Share of profit from associatesResilient operations
20.4%32.7% 39.4%
24.6%
43.5%
3Q17 4Q17 1Q18 2Q18 3Q18
Nabas
36 MW + 14 MW
20
PHILIPPINES
Share of profit from associatesWind 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
15.522.2
2.4
29.1
3Q17 4Q17 1Q18 2Q18 3Q18
Share of profit from operation (before amortization)
Capacity factor (%)
29.8% 35.8%
9M17 9M18
94.3% 91.3% 94.8% 94.8% 93.8%
3Q17 4Q17 1Q18 2Q18 3Q18
21
Share of profit from associatesGeothermal power plant in Indonesia
INDONESIA
Darajat 47 MW(271 MW)
Salak 65 MW (377 MW)
Wayang Windu 45 MW + 24 MW(227 MW + 120 MW)
Java
• 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.
126207 181 213 193
3Q17* 4Q17 1Q18 2Q18** 3Q18
Share of profit from operation before amortization
Remark * Acquisition completed since 26 July 2017, restated according to PPA finalization ** Excl. one-time accounting related expense of THB 122.0 mn
Unit: THB million
126
587
9M17 9M18**
Capacity factor (%)
95.0% 94.5%
9M17 9M18
22
Nikaho & NagiBooked gain of THB 794.5 mn from IFF
Remark: THB/JPY was at 0.29323* Gain from IFF mentioned above is before CIT reduction
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.
18.115.7
1.3x1.1x
5
10
15
20
0.75
1.25
2Q18 3Q18
THB
bn
Times
(x)
Current IBD D/E Ratio
45%
37%
6%6%6%
Corporateloan (THB)
Corporateloan (JPY)
Corporateloan (USD)
ProjectFinance (THB)
ProjectFinance (JPY)As of 3Q18 23
Finance costIncreased 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 breakdown by maturity IBD breakdown by currency
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 3Q18THB JPY USD
+5.4% QoQ
IBD breakdown by loan type
301389
9M17 9M18
+29.2% YoYFinance cost:
24
Net profitBolstered 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 profit: 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 profit:
+481.2% YoY
Remark: *Including gain from assets monetized to infrastructure fund amounting to THB 658.3 million
** Restated gain on purchase and amortization expense of geothermal power plant according to PPA finalization
+71.6% YoY
1,113
1,90943.8%
76.2%
9M17** 9M18
25
Core profitYoY growth driven by share of profit from associates
Unit: THB million
+13.7% YoYCore profit: 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 (1) full-period share of profit recognition from associates in Indonesia and the Philippines and (2) lower SG&A expenses.
+12.4% YoY
Remark: Core profit excludes FX gain/loss and one-time items
* Excluding gain from assets monetized to infrastructure fund amounting to THB 658.3 million and FX gain of THB 69.1 mn
** Restated gain on purchase and amortization expense of geothermal power plant according to PPA finalization
Core profit:
-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 positionAssets 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 millionOutstanding Debt : THB 15,663 million
Financial Position
1.23 1.10
2017 3Q18
Liability/Equity (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
A L + E A L + E
Other Assets PPE Investment in associatesCash and Cash Equivalent Equity Other LiabilitiesLong-Term Loan
2017 3Q18
27
Agenda
Recent Development
Financial Highlights
Business Outlooks
28
2018 Recap
Guidance Estimates (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 ≤ 3xDSCR ≥ 1.15x
Remark *Share of profit from associates (before amortization and one-time items)
Strategic Country Selection
Favourable government policy in renewable
High electricity consumption growth
Friendly investment environments
Asia-Pacific focus
Growth Engines
Mixed portfolio with more focus on green fields
On-ground team to initiate development
Actively optimize value & source opportunities
Financially Optimized
Robust return benchmark
Capital recycling at right timing
29
Retirement of Coal Plants
+38 GW of Renewable by
2036
Liberalized Retail Market
AU10% p.a. Elec. Demand
Growth in next 5 year
+27 GW of Renewable by
2030 (12 GW Solar)
VN
Battery of Asia
Good resource for hydro
and wind power plant
LAO+10 GW of Renewable by
2030
Recently announced 5.5
GW offshore wind farm
TW+50 GW of Renewable by
2030
Gov’t strong support on
ESS
KR
M&A Opportunity
Investment criterion:
30
31
“BCPG strives to deliver high value while creating wealth for shareholders and sustainable future for all.”
Q&A
Appendices
Financial Statement
Projects detail
34
Financial Statement
3Q18 % to sales 3Q17 % to sales 2Q18 % to sales 3Q18 YoY 3Q18 QoQRevenues from sales and services 829,675 100% 853,938 100% 873,833 100% -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 575,370 69.3% 608,909 71.3% 626,372 71.7% -5.5% -8.1%Administrative expense (132,650) -16.0% (179,441) -21.0% (134,408) -15.4% -26.1% -1.3%Operating profit 442,720 53.4% 429,469 50.3% 491,964 56.3% 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 1,314,041 158.4% 283,355 33.2% 527,746 60.4% 363.7% 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% 417,324 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 1,139,274 137.3% 196,008 23.0% 418,987 47.9% 481.2% 171.9%
Consolidated Profit and Loss StatementUnit: THB '000(otherwise stated)
Financial Statement
35
9M18 % to sales 9M17 % to sales 9M18 YoYRevenues from sales and services 2,505,007 100% 2,541,510 100% -1.4%Cost of sales and services (741,320) -29.6% (713,894) -28.1% 3.8%Gross Profit 1,763,687 70.4% 1,827,617 71.9% -3.5%Administrative expense (413,123) -16.5% (482,413) -19.0% -14.4%Operating profit 1,350,564 53.9% 1,345,204 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% 1,323,533 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% NAEBT 2,060,035 82.2% 1,107,497 43.6% 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 43.8% 71.6%
Consolidated Profit and Loss StatementUnit: THB '000 (otherwise stated)
36
Financial Statement
Unit: THB '000 3Q18% of total
assets2017
% of total assets
Change
Cash and cash equivalents 2,912,156 9.2% 2,003,984 6% 45.3%Current investments 0 0.0% 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 current assets 3,651,646 11.5% 2,696,918 8.4% 35.4%Investments in associate & subsidiaries 13,496,888 42.5% 13,529,717 42.1% NAProperty, 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 non-current assets 28,094,496 88.5% 29,402,310 91.6% -4.4%Total Assets 31,746,142 100.0% 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 Equity 31,746,142 100.0% 32,099,228 100.0% -1.1%
Consolidated Statement of Financial Position
37
Financial Statement
Unit: THB '000 9M18 9M17 9M18 YoYNet 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 increase in cash and cash equivalents 950,433 (4,679,672) 5,630,106
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 and cash equivalents at end period 2,912,156 2,651,378 260,778
Consolidated Statement of Cash Flows
Appendices
Financial Statement
Projects detail
39
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 25.0 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 12.5 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 12.6 16 21/04/14
9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI 100% 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 100% 5.0 5.0 14/03/17
11 Co-op: AYA Phra Nakhon Si Ayutthaya
Ayutthaya BSE - PRI 100% 2.0 2.0 23/12/16
12 Co-op (WVO)Saraburi Phra Phutthabat Saraburi BCPG NA 5.0 5.0
FiT: THB 4.12/unit PEA(25 years)
20/7/18
13 Co-op (WVO)Kanchanaburi Tha Muang Kanchanaburi BCPG NA 3.94 3.94 23/7/18
14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 100% 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 % 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 32.2 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 development10 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
Operating 17.4 Installed MW (14.7 MWPPA) and future projects portfolio in Japan
Project pipeline in Japan
41
Divestment Background
Nikaho 13 MW Nikaho 13.2 MW
Nagi 14.4 MW
Operating assets Solar power plants (Nagi and Nikaho)
Location Okayama (Nagi) and Akita (Nakaho)
New Owners MUL, BOTL, Zuzuva
Status Deal completed on 28 Sep 2018
Capacity 27.6 MWDC
Tariff Nikaho FiT @ JPY 40 per kWhNagi FiT @ JPY 38 per kWh
42
Ft on adder scheme
PEA report peak/off-peak days for calculating time of 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.
Source: https://www.pea.co.th/ขา่วสารประกาศ/ขา่วประชาสมัพนัธ์/ArtMID/542/ArticleID/45090/แจง้วนั-Off-Peak-ของอตัรา-TOU-ประจ าปี-2561
43
Ft on adder scheme
70% 67% 70% 67%30% 33% 30% 33%
3.193.13
3.20
0
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
Aver
age
Ft (T
HB p
er k
Wh)
Monthly Ft & %Peak/Off-Peak days
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.
Remark: Ft on the graph are calculate from average effective tariff from all adder scheme and deduct by THB 8 per kWh.
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 scheduleSolar 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 LimitedInvestor Relations teamE-mail: [email protected]: +66 2 335 8945, +66 2 335 8946Website: www.bcpggroup.com