RATCH Overview

Agenda

01 RATCH Overview

02 Group Performance

03 Financial Performance

04 Appendix

RATCH Overview

4

Overview of RATCH:

Power Plant Projects in Thailand • IPPS • SPPs • Renewable Energy Overseas Projects • IPPS • Renewable Energy

Power Generation Business Infrastructure Business Related and Other Businesses

• Operation and Maintenance • Gas Turbine Equipment Maintenance • Investment in Listed Securities • Renewable Energy • Personnel Providing Services for Power

Plants

Transportation • Mass Transit • Roads Water supply Telecommunications • Smart City • Smart Grid • Broadband Connectivity

5

Strategic Direction:

Large-Scale Power (conventional &

renewable energy)

Value Complement (through

optimization)

New S-Curve Business

Investments (digitalization &

urbanization)

6

2020 Journey:

Signed “MOU” “District 9 Project: Digital industrial

zones and intelligent

communities”.

MAY APR MAR JUL AUG OCT NOV JAN

Signed Share Purchase Agreement to purchase 49% of

shares of NER Singapore Pte. Ltd. to develop Nexif Energy Rayong

SPP power project. (Nexif Energy Rayong Co., Ltd.*).

(* Name changed to Nexif Ratch

Energy Rayong Co., Ltd.)

Entered into a Shareholder Agreement with NNCL and PEA

ENCOM to jointly develop a power project in Nakhon Ratchasima.

Jointly Established “R E N Korat

Energy Co., Ltd.” with NNCL and PEA ENCOM.

HKP signed Engineering,

Procurement and Construction (“EPC

Contract”) and Long-Term Service

Agreement (“LTSA”).

Invested in Ecowin wind power plant in Vietnam.

Partnered with Geleximco Group

Joint Stock Company to invest in An Binh Energy and Infrastructure Fund’s (“ABEIF”) in

Vietnam.

RATCH Cogeneration received EGAT’s consent for its

expansion of power generating capacity 30 MW and steam

generating capacity 5.46 tons per hour.

ABEIF made its first investment to acquire 45% of

Thang Long Power Plant in Vietnam.

Issued and offered the first Green

Debentures in the total amount of

Baht 8,000 million.

Started COD of Nava Nakorn SPP Power

Plant Expansion.

Signed “MOU”with Sacksith Consulting

& Trading Sole Co., Ltd. and

the Government of Lao PDR to conduct a feasibility study of a wood pellet in Lao

PDR.

RATCH-Lao jointly established

“SIPHANDONE-RATCH LAO CO., LTD.” in Lao PDR with BURIRAM GREEN ENERGY and

SIPHANDONE BOLAVEN COMPANY LIMITED to develop a

wood pellet production and sale

project.

Entered into a Joint Development

Agreement of Quang Tri 1 Power Plant

Project in Vietnam with EGATi and EGCO.

SEP

Signed PPA for Collector Wind Farm in Australia

7

Highlight: Signing of Joint Development Agreement of Nexif Ben Tre Wind Power Project on 4th December 2020

Nexif Ben Tre Wind Power Project:

• Near-shore wind power generation plant

Located in Thanh Hai Commune, Thanh

Phu District, Ben Tre Province in Vietnam

• Total capacity: 80 MW

• Attributable capacity (50%): 40 MW

Project update:

• Signed Joint Development Agreement

(JDA)

• Under green-field development and

under negotiation process.

• Expected COD: 2022

Long-term PPA

50%

Vietnam

Electricity

(EVN)

50%

Nexif Ben Tre

Wind Power

Project

Nexif Energy

Pte. Ltd.

8

Highlight: Acquisition of Bangkok Aviation Fuel Services Public Company Limited (BAFS) on 19th January 2021

• On 19 December 2020, RATCH acquired 15.53%

shares of BAFS at Baht 27.40 per share or at

Baht 2,712,137,625 in a total amount.

• Key considerations:

Aviation Fuel Infrastructure at the Airports

(hydrant pipeline networks, depots)

Fuel Pipeline Infrastructure

(CO2 emission reduction, carbon credit

program)

Potential Renewable Project Development

(through BAFS Clean Energy Corporation,

currently 36.4 MW)

99 million shares 15.53%

9

Overview of RATCH Projects:

5,224.38

1,122.42

1,250.29

236.00 193.05 151.87

Thailand 63.9% Laos PDR 13.7% Australia 15.3%

China 2.9% Indonesia 2.4% Vietnam 1.8%

Total Installed capacity

8,178.01

MW by Locations

Unit: MW

MW by Fuels

151.87 MW

10

Overview of RATCH Projects:

Projects in Operation Attributable Capacity (MW)

Thailand Overseas

Total 4,419.31 2,180.58

Projects in Pipeline Expected

COD

Attributable Capacity (MW)

Thailand Overseas

Collector Wind-Turbine Power Plant 2021 226.80

Yandin Wind-Turbine Power Plant 2021 149.94

Riau Power Plant 2021 145.15

Ecowin Wind-Turbine Power Plant 2021 15.16

Fangchenggang II Nuclear Power Plant 2022 236.00

Nexif RATCH Energy Rayong Power Plant 2022 45.08

RATCH Cogeneration Expansion 2022 29.99

R E N Korat (Independent Power Supply: IPS) 2023 16.00

Hin Kong Power Plant Unit 1&2 2024& 2025

714.00

Total 805.07 773.06

Grand Total 5,224.38 (64%) 2,953.63 (36%)

Total 8,178.01

11

Project Progress:

Type Location COD

New South Wales, Australia 1Q/2021

Total capacity

(MW)

Attributable

Capacity (MW)

: 100%

PPA

226.80 226.80

1) Infigen Energy (60%:

136.08 MW),10 years

2) ALDI Foods Pty Ltd

(19.40%: 44.00 MW),

10 years

3) Merchant Market

(20.60%: 46.72 MW)

Project Update

• Overall project progress as of January 2021= 96.1%

Collector Wind-Turbine Power Plant

12

Project Progress:

Type Location COD

Approx.175km north of Perth,

Western Australia, Australia 1Q/2021

Total capacity

(MW)

Attributable Capacity

(MW) : 70%

PPA

214.2 (51 of 4.2 turbines)

149.94 Alinta

15-Year

Project Update

• Overall project progress as of January 2021= 96.5%

Yandin Wind-Turbine Power Plant

13

Project Progress: Riau Power Plant

Type Location COD

Republic of Indonesia 3Q/2021

Total capacity

(MW)


(MW) : 49%

PPA

296.23 145.15 PT PLN

20-Year

Project Update

• Overall project progress as of January 2021 = 95.30%

14

Project Progress:

Type Location COD

Ben Tre Province, approx. 160 km

from the south of Ho Chi Minh

City, Vietnam 4Q/2021

Total capacity

(MW)


(MW) : 51.04%

PPA

29.70 15.16 EVN

20-Year

Project Update

• EPC contract signed on 5 November 2020

• NTP on 16 December 2020

• Construction started in January 2021

Ecowin Wind-Turbine Power Plant

15

Project Progress:

Type Location COD

SPP Industrial Park, Bankhai

District, Rayong Province 2Q/2022

Total capacity

(MW)


(MW) : 49%

PPA

92 45.08 EGAT

25-Year

Project Update

• Overall project progress as of January 2021 = 25.10%

Nexif RATCH Energy Rayong Power Plant

16

Project Progress:

Type Location COD

Nava Nakorn Industrial

Promotion Zone,

Pathum Thani Province 3Q/2022

Total capacity

(MW)


(MW) : 99.97%

PPA

30 29.99 Contracts

with IUs

Project Update

• EIA approval approved in January 2021

• NTP expected in 1Q21

RATCH Cogeneration Expansion

17

Project Progress:

Type Location COD

Nava Nakorn Industrial

Promotion Zone, Nakhon

Ratchasima province

3Q/2023

Total capacity

(MW)


(MW) :40%

PPA

40 16 MW Contract

with IUs

Project Update

• EPC will be selected in January 2021

• EIA approval expected in 4Q2021

R E N Korat (Independent Power Supply: IPS)

18

Project Progress:

Type Location COD

Ratchaburi Province Unit 1: 2024

Unit 2: 2025

Total capacity

(MW)


(MW) : 51%

PPA

1,400 714 EGAT

25-Year

Project Update

• 25-Year PPA signed with EGAT on 12 July 2019.

• Gas pipeline and power plant EIA approved on 30 June 2020 and 29

July 2020.

• EPC contract and Long-Term Service Agreement (“LTSA) signed on 29

September 2020

• Gas liberalization policy expected to be completed in 1Q/2021

• Factory licenses submitted, approval expected in 2Q/2021

Hin Kong Power Plant Unit 1&2

19

Project Progress: TRANSPORTATION

MRT

Pink Line Project (34.5 KM)

Technology: Monorail

Route: Khae Rai-Min Buri

Investment Type: PPP Net Cost with Subsidy

Contract Term: 30 Years

Expected COD: 2022

RATCH’s stake

10%

Yellow Line Project (30.4KM)

Technology: Monorail

Route: Lad Prao-Sam Rong

Investment Type: PPP Net Cost with Subsidy

Contract Term: 30 Years

Expected COD: 2022

RATCH’s stake

10%

Progress: 70% Progress: 73%

Progress: 64%

Civil works Civil works

Railway systems Railway systems Progress: 67%

As of December 2020 As of December 2020

Progress: 68% Overall Progress: 71% Overall

20

Project Progress:

Intercity Motorway Bang Pa-In –

Nakhon Ratchasima

M6

Bang Yai-

Kanchanaburi

M81

Project Update

• PPP Contract signing expected in 1H/2021

Scope of work:

Phase 1: Design & Construction (3 Years)

• Toll Collection System

• Traffic Management and Control System

• Other Infrastructure

Phase 2: O&M (30 Years)

Investment Type Expected COD

PPP Gross Cost 2023

TRANSPORTATION TELECOMMUNICATION

Things on Net Company Limited

Type of Business: The development of nationwide

telecommunication networks and Ecosystem for IoT market.

Project Update

• Completed 350 based stations

installation covering every province in

Thailand (at least 1 station per each

province) within 2020

• Installed 5,000 out of 8,500 Street Light

Sensors (co-ordinating with Platt Nera

and Department of Rural Roads),

expected to completed in 2021

Goal

• To set up base station for Sigfox

network to cover 70% of the area and

85% of the population of Thailand

• To complete additional 350 based

stations installation within 2021

RATCH’s stake

35%

Group Performance

Page 22

89 89 89 98 95

62

92

77

94 89

TP # 1 TP # 2 CCGT # 1 CCGT # 2 CCGT # 3

4Q20 4Q19

Operation Performance : RATCHGEN

%Dispatch Factor (DF) %Equivalent Availability Factor (EAF)

100 100 98 95

80

67

39

98

42

98


3Q20 3Q19

100 100 98 95

80

89

79

97

80

90


9M20 9M19

86 88

57

89 87 87


3Q20 3Q19

84 88

52

90 85 88


9M20 9M19

83 77

65

80 82

63


4Q20 4Q19

97 97 95 96 84 82 82

92 83

90


2020 2019

84 85

55

88 84 81


2020 2019

Page 23

Operation Performance : Hongsa

% Commercial Equivalent Availability Factor

(3 Units) % Dispatch Factor (3 Units)

71 63

91 88 86 81

75

85

3Q20 2Q20 1Q20 3Q19 2Q19 1Q19 9M20 9M19

103 102 102 102 102 102 103 102

3Q20 2Q20 1Q20 3Q19 2Q19 1Q19 9M20 9M19

97

71 63

91

68

88 86 81 81 81

4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 2020 2019

101 103 102 102 102 102 102 102 102 102

4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 1Q19 2020 2019

Page 24

92.8 98.6 96.5 97.6

7,880 7,834 7,857 7,814

5,000

5,500

6,000

6,500

7,000

7,500

8,000

0

20

40

60

80

100

120

4Q20 4Q19 2020 2019

Heat Rate (Actual) Contracted Heat Rate

99.0 97.4 97.9 89.9

7,885 7,865 7,891 7,885

5,000

5,500

6,000

6,500

7,000

7,500

8,000

-

20

40

60

80

100

120

4Q20 4Q19 2020 2019


97.4 96.5 97.7 97.3

7,841 7,806 7,850 7,807

5,000

5,500

6,000

6,500

7,000

7,500

8,000

0

20

40

60

80

100

120

3Q20 3Q19 9M20 9M19


99.5 99.6 97.5 87.3

7,894 7,827 7,893 7,892

5,000

5,500

6,000

6,500

7,000

7,500

8,000

-

20

40

60

80

100

120

3Q20 3Q19 9M20 9M19


Operation Performance : SPP Projects in Thailand

RW Cogen Block 1-2 NNEG

Contracted Heat Rate 7,950 BTU/kWh Contracted Heat Rate 7,950 BTU/kWh EAF EAF

• Heat Rate: Maintained below the Contracted Heat Rate

Page 25

97.7 91.9 98.3 98.4 96.6

7,929 7,891 7,894 7,918 7,908

5,000

5,500

6,000

6,500

7,000

7,500

8,000

0

20

40

60

80

100

120

4Q20 3Q20 2Q20 1Q20 2020

Heat Rate (Actual)

Contracted Heat Rate 8,000 BTU/kWh

Operation Performance : SPP Projects in Thailand

RATCH Cogeneration

• Total purchase value of THB 1,998.40 million.

• Power generating capacity of 119.15 megawatts and steam

generating capacity of 10 tons per hour.

• PPA: 25 years

• COD: 31 October 2013

• RATCH’s acquisition: 1 October 2019

90 MW (EGAT)

13 MW (IUs) Minor Inspection: ทกุ 3 ปี (รอพ่ีพงษเ์ช็คให)้ Major Inspection: ทกุ 6 ปี (Gas 5 วนั, Steam 15 วนั)

Contracted heat rate = 8,000 (BTU/kWh)

Expansion phase:

Intend to sell additional

power to industrial users Expected COD: July 2022

20 MW (Existing Ius)

RATCH’s

Acquisition on 1 Oct’ 2019

90 MW (EGAT)

13 MW (Existing IUs)

90 MW (EGAT)

90 MW (EGAT)

Increasing industrial

customer bases:

Expanding to Navanakorn

Industrial Promotion Zone and

Chum Num Subb Industrial

Zone

• Contracts for 20 MW signed

8,097 (Avg. Jan – Sep’19)

Heat rate (BTU/kWh)

8,029

(Avg. Oct’19 – Dec’19)

30 MW

(Expansion)

EAF

Contracted Heat Rate

Page 26

4.9

5.6

4.3

4.2

4.6

4.5 4.5

5.4

3.8

6.0

4.6

5.1

4.2

4.4

5.5

6.5

6.7

5.7

Jan Feb Mar Apr May Jun Jul Aug Sep

Wind Speed (m/s)

2020 2019

Avg 5.41

Avg. 4.65

Operation Performance : Renewable Energy in Thailand

%Avg. Commercial Availability

%Capacity Factor

1Wubd farmQ20Wi Huay Bong 2-3

4.85

5.61

4.32

4.24

4.63

4.55

6.0

4.6

5.1

4.2

4.4

5.5

Jan Feb Mar Apr May Jun

Wind Speed (m/s)

2020 2019

Avg. 4.98

Avg. 4.70

97 87

98 90

3Q20 3Q19 9M20 9M19

15

31

16

22

3Q20 3Q19 9M20 9M19

4.9

5.6

4.3 4.2

4.6

4.5 4.5

5.4

3.8

4.9

6.4 6.7

6.0

4.6

5.1

4.2

4.4

5.5

6.5 6.7

5.7

4.8

6.1 6.5

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

Wind Speed (m/s)

2020 2019

AVG. 2019 = 5.51

AVG. 2020 = 4.98

99 99 98 92

4Q20 4Q19 2020 2019

31 28

20

23

4Q20 4Q19 2020 2019

Page 27

Operation Performance : Renewable Energy in Thailand

%Avg. Availability

%Capacity Factor

Solar Farms

21.27 20.22

22.21 21.64

3Q20 3Q19 9M20 9M19

KR 3,4,7

99.99 99.96 99.99 99.96

3Q20 3Q19 9M20 9M19

KR 3,4,7

20.83

18.18

22.28 20.07

3Q20 3Q19 9M20 9M19

Solarta

99.55 98.91 99.80 99.05

3Q20 3Q19 9M20 9M19

Solarta 99 100 100 99

4Q20 4Q19 2020 2019

Solarta

20 23

22 21

4Q20 4Q19 2020 2019

Solarta

19

23 21 22

4Q20 4Q19 2020 2019

KR 3,4,7

100 100 100 100

4Q20 4Q19 2020 2019

KR 3,4,7

Page 28

Operation Performance : IPP projects in Australia

90 MW (EGAT)

%Equivalent Availability Factor (EAF)

100.00 95.70

99.98 98.42

3Q20 3Q19 9M20 9M19

Townsville

99.86 100.00 99.84 99.99

3Q20 3Q19 9M20 9M19

Kemerton

98 100 99 99

4Q20 4Q19 2020 2019

Townsville

100 100 100 100

4Q20 4Q19 2020 2019

Kemerton

Page 29

18

21 20 22 22

23

28 25

Mount Emerald Windy Hill

Operation Performance : Renewable Energy in Australia

%Avg. Availability

%Capacity Factor

Wind farms

4Q20 4Q19 2020 2019 4Q20 4Q19 2020 2019

64.0

96.5

71.4

91.9

82.4

93.6

84.5 90.8


3Q20 3Q19 9M20 9M19 3Q20 3Q19 9M20 9M19

17.3

30.7 29.9

25.3 23.4 23.9

31.6

26.3


3Q20 3Q19 9M20 9M19 3Q20 3Q19 9M20 9M19

85

95

72

92

83

94

82

91


4Q20 4Q19 2020 2019 4Q20 4Q19 2020 2019

Page 30

31

29 27

31 31

28 30 29

Starfish Hill Toora

92 94 91 91 95 94

96

90

Starfish Hill Toora


%Avg. Availability

%Capacity Factor

Wind farms

4Q20 4Q19 2020 2019 4Q20 4Q19 2020 2019

4Q20 4Q19 2020 2019 4Q20 4Q19 2020 2019

Page 31

7.04 7.61

7.20

8.10

7.26

6.40

6.42

9.10

8.10

8.40

7.30

7.70

6.21

7.54

7.50

6.90

8.30

6.60

10.40 10.00

8.80

7.60

9.40

7.40

-

3.00

6.00

9.00

12.00


Toora

2020 2019

8.10

7.90

8.40

7.10

8.30

7.30 6.40

7.80

9.30

8.20

7.80

8.80

7.50

8.30

7.20

7.40

8.20

8.10

8.40

7.80

7.10 8.00

7.80

8.20

-

3.00

6.00

9.00

12.00


Starfish Hill

2020 2019

5.80

4.80

6.20 6.60 6.70

7.90

7.81

6.40

8.90

7.30

7.30

5.30

6.79

5.24

6.40

8.10 7.76

8.30

6.50

9.50

7.60

7.40

6.60

6.00

-

3.00

6.00

9.00

12.00


Windy Hill

2020 2019

5.90

4.70

6.70

7.00

7.80

8.80 8.40

7.10

9.20

7.40

7.20

5.30

6.90

5.60

6.40

8.70 8.20 8.30

7.60

8.00

8.00

7.50

6.90 6.20

-

3.00

6.00

9.00

12.00


Mount Emerald

2020 2019

7.04 7.61

7.20

8.10

7.26 6.40

6.42

9.10

8.10

6.21

7.54

7.50

6.90

8.30

6.60

10.40 10.00

8.80

3.00

6.00

9.00

12.00


Toora

2020 2019

8.10

7.90

8.40

7.10

8.30

7.30

6.40

7.80

9.30

7.50

8.30

7.20

7.40

8.20

8.10 8.40 7.80

7.10

3.00

6.00

9.00

12.00


Starfish Hill

2020 2019

5.80

4.80

6.20 6.60 6.70

7.90

7.81

6.40

8.90

6.79

5.24

6.40

8.10 7.76

8.30

6.50

9.50

7.60

3.00

6.00

9.00

12.00


Windy hill

2020 2019

5.90 4.70

6.70

7.00

7.80

8.80 8.40

7.10

9.20

6.90

5.60

6.40

8.70 8.20

8.30

7.60

8.00

8.00

3.00

6.00

9.00

12.00


Mount Emerald

2020 2019


Wind farm

Wind Speed (m/s)

AVG. 2019 = 7.18

AVG. 2020 = 6.75

AVG. 2019 = 7.83

AVG. 2020 = 7.95

AVG. 2019 = 7.36

AVG. 2020 = 7.13

AVG. 2019 = 8.05

AVG. 2020 = 7.55

Page 32


%Avg. Availability

%Capacity Factor

Collinsville*

Remark: * COD in March 2019

99.79 99.60 99.43 99.31

3Q20 3Q19 9M20 9M19

22.42 21.75

22.44

20.43

3Q20 3Q19 9M20 9M19

100 98 99 99

4Q20 4Q19 2020 2019

25 26

23 22

4Q20 4Q19 2020 2019

Financial Performance

Page 34

5,983 6,096

304

(132)

Profit before exchange rate - Subsidiaries FX of Subsidiaries

2020 2019

4,101

5,407

56

(349)


1,585 1,528

137

(163)


Profit for the period: Equity holders of the Company

2,129 Million Baht

905 Million Baht

1,880

688

249

217


4Q20 4Q19

6,287 Million Baht

5,964 Million Baht

Page 35

Income Statement : 4Q20 & 4Q19 Unit : in Million Baht 4Q20 4Q19

Revenues 7,791.15 9,157.98

Cost & Expenses (6,558.25) (7,830.48)

EBITDA before Share of Profit and FX 1,232.90 1,327.50

Share of profit of jointly-controlled entities and associates

including gain (loss) on FX

1,327.72 451.09

EBITDA 2,560.62 1,778.59

Depreciation & Amortization – Cost* (352.35) (422.39)

Depreciation & Amortization – Admin (38.93) (59.31)

EBIT 2,169.34 1,296.89

Finance costs (396.21) (359.95)

Gain (loss) on fair value adjustment of derivatives (93.85) (116.96)

Income tax expense 201.24 (131.76)

Profit for the period 1,880.52 688.22

Non-controlling interests - -

Profit for the period:

Equity holders of the Company - before FX of subsidiaries 1,880.52 688.22

Gain (Loss) on FX of subsidiaries 248.95 216.65

Profit for the Company 2,129.47 904.87

*Included the revaluation of heavy oil and diesel oil prices in the total amount of THB +78.11 MB in 4Q20

Page 36

Income Statement : 2020 & 2019 Unit : in Million Baht 2020 2019

Revenues 34,921.65 39,251.69

Cost & Expenses (29,857.19) (33,223.83)

EBITDA before Share of Profit and FX 5,064.46 6,027.86


including gain (loss) on FX

4,600.34 3,968.38

EBITDA 9,664.80 9,996.24

Depreciation & Amortization – Cost* (1,840.44) (1,487.09)

Depreciation & Amortization – Admin (132.15) (113.10)

EBIT 7,692.21 8,396.05

Finance costs (1,551.35) (1,430.57)

Gain (loss) on fair value adjustment of derivatives (130.24) 0.35

Income tax expense (28.36) (870.07)

Profit for the period 5,982.26 6,095.76

Non-controlling interests (0.03) -


Equity holders of the Company - before FX of subsidiaries 5,982.23 6,095.76

Gain (Loss) on FX of subsidiaries 304.45 (132.48)

Profit for the Company 6,286.68 5,963.28

*Included the revaluation of heavy oil and diesel oil prices in the total amount of THB -65.88 MB in 2020

Page 37

RG/TE 3,248

RAC 1,733

HPC 2,454

RW Cogen 95

RIAU 67

PNPC -219

9M19

Revenue & EBITDA

Revenue

EBITDA

Unit: million Baht

Unit: million Baht

27,131 30,094

9M20 9M19

7,104

8,218

9M20 9M19

23,111

2,065

1,583 372 9M20

RG/TE RAC RCO Others

27,292

2,366 436 9M19

RG/TE RAC Others

RG/TE 2,381

RAC 1,423

RCO 425

HPC 2,025

RW Cogen 173

RIAU 152

PNPC -26

9M20

867

310 429

193

78

85

34,922 39,252

2020 2019

29,607

2,740

2,071 504 2020


34,932

3,020

496 804 2019


9,665 9,996

2020 2019

RG/TE 3,093

RAC 1,916

RCO 550

HPC 3,036

EBM/NBM* 230

FRD (Asahan) 213

RPCL 152

ABEIF (Thang Long)

125

PNPC -71 2020

813

267

438

412

230

*EBM: Eastern Bangkok Monorail Co., Ltd. NBM: Northern Bangkok Monorail Co., Ltd.

55

69

125

202

RG/TE 3,906

RAC 2,183

RCO 112

HPC 2,624

FRD (Asahan) 158

RPCL 83

PNPC -272 2019

27.7% 25.5%

EBITDA Margin

Page 38

Statements of Financial Position

As of 31 December 2020

Total Assets Million Baht Total Liabilities & Equity Million Baht

Assets Liabilities

Cash and cash equivalents 4,856.59 Loans from Financial Institutions &

Debentures 41,652.73

Current financial investments 3,757.43 Derivative liabilities 1,277.53

Other Current Assets 7,295.07 Other liabilities 8,680.42

Investment in Jointly-controlled entities/Associates/Others 41,035.10 Total Liabilities 51,610.68

Financial assets 1,828.79 Equity

Derivative assets 5.82 Issued and paid-up share capital 16,031.78

Financial lease receivables 13,137.48 Retained earnings 55,035.65

Property, plant & equipments 29,859.75 Other components of equity (10,546.54)

Other assets 10,356.22 Non-controlling interests 0.68

Total equity 60,521.57

Total Assets 112,132.25 Total Liabilities & Equity 112,132.25

Page 39

Debenture Repayment Profile

As of 31 December 2020

9,267

4,300

1,000 1,500 1,500

4,000

2,000

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

RG

EMTN

JPY Green

Bond 15Yr

Green Bond 10Yr

Green Bond 5Yr Green

Bond 3Yr

Unit: Million Baht

Jan-Dec 2021 4%

Jan-Dec 2022 9%

Jan-Dec 2023 6%

Jan-Dec 2024 4%

Jan-Dec 2025 7%

After Dec 2025

70%

Debt Repayment

Page 40

Financial Ratios*

Note: *Not included the effect of FX of the Company and subsidiaries

3Q20 3Q19

1.26

2.84

Current ratio (times)

3Q20 3Q19

8.08

10.21 ROE (%)

3Q20 3Q19

0.59

0.29

Net Debt to Equity (times)

3Q20 3Q19

41.37

40.40

Book Value per share (Baht)

2.69 2.70

4Q20 4Q19

Current ratios (times)

2020 2019

9.98 10.21

4Q20 4Q19

ROE (%)

0.57

0.38

4Q20 4Q19

Net Debt/Equity (times) 41.74 40.97

4Q20 4Q19

Book Value per share (Baht)

2020 2019 2020 2019 2020 2019

59,010 59,936 59,414 60,522

34,785 41,316 40,816

51,611

2017 2018 2019 2020

Total Capitalization

Equity Liabilities

Unit :Million Baht

93,795 101,252 100,230

112,133

Appendix

Page 42

RATCHGEN Operating Performance

Fuel Consumption 4Q20 4Q19 2020 2019

By Type of Power Plant

Fuel Consumption (TH#1-2)

- Gas Million MMBTU - - - -

- Heavy Oil Million Liters - - - -

Fuel Consumption (CCGT#1-3)

- Gas Million MMBTU 22.52 20.69 90.48 93.40

- Diesel Million Liters 1.76 0.10 2.02 0.40

Gas Price (Average) Baht/MMBTU 219.96 276.87 250.21 277.99

Heavy Oil Price (Average) Baht/Liter n.a. n.a. n.a. n.a.

Diesel Oil Price (Average) Baht/Liter 23.87 23.89 23.89 23.89

Page 43

RATCHGEN Operating Performance

Net Generation (GWh) 4Q20 4Q19 2020 2019

By Type of Power Plant

Net Generation (TP#1-2) (GWh) - - - -

- By Gas (GWh) - - - -

- By Heavy Oil (GWh) - - - -

Net Generation (CCGT#1-3) (GWh) 3,154.56 2,898.29 12,673.82 13,178.94

- By Gas (GWh) 3,154.56 2,898.29 12,673.82 13,178.94

- By Diesel (GWh) - - - -

Total Net Generation (GWh) 3,154.56 2,898.29 12,673.82 13,178.94

Page 44

Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

RG CCST-10

CCGT-11

CCGT-12

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30

CCGT-31

CCGT-32

RG Thermal-1

RG Thermal-2

RG CCST-10 - CCTE

CCGT-11 - CCTE

CCGT-12 - CCTE

RPCL CCST-10

CCGT-11

CCGT-12

RPCL CCST-20

CCGT-21

CCGT-22

Planned Outage at Ratchaburi Power Plant in 2020

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days

Gas Turbine

Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul

Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)

26 Days 32 Days 15 Days 30 Days 52 Days

Steam Turbine

Warranty Inspection (WI) Minor Inspection Major Overhaul

Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)

26 Days 30 Days 26 Days 49 Days

20 6 CI (15d)

20 6 CI (15d)

6 23 CI (15d)

28 7 MO (52d)

28 7 MO (52d)

27 18 CI (10d)

21 19 MO (34d)

21 19 MO (34d)

27 18 CI (10d)

21 19 MO (34d)

Actual Outage

6 23 CI (15d)

Page 45

Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

RG CCST-10

CCGT-11

CCGT-12

RG CCST-20

CCGT-21

CCGT-22

RG CCST-30

CCGT-31

CCGT-32

RG Thermal-1

RG Thermal-2

RG CCST-10 - CCTE

CCGT-11 - CCTE

CCGT-12 - CCTE

RPCL CCST-10

CCGT-11

CCGT-12

RPCL CCST-20

CCGT-21

CCGT-22

Planned Outage at Ratchaburi Power Plant in 2019 Actual Outage

Thermal Plant Minor Inspection (MI) 40 Days Major Overhaul (MO) 57 Days

Gas Turbine

Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul

Normal (WI) Gen.Rotor Removed (WI*) (CI) (MI) (MO)

26 Days 32 Days 15 Days 30 Days 52 Days

Steam Turbine

Warranty Inspection (WI) Minor Inspection Major Overhaul

Normal (WI**) Gen.Rotor Removed (WI*) (MI) (MO)

26 Days 30 Days 26 Days 49 Days

MO (57D) 1 27

MO (57D)

2

4

1

9

MI (26D)

CI

(15D) 5 1

9 CI

(15D) 5 1

9

2 27 MI (26D)

13 27 CI (15D)

13 27

21 30 CI (10D)

5 14 CI (10D)

MO (38D)

20 27 MO (40D)

20 27

3 15

CI

(13D) 3 15

CI (15D)

CI

(13D)

30 25

MI (26D)

MO (54D)

MO (52D)

1 26

28

26

6

6

20 29

MO (38D)

Page 46

Income Statement : 4Q20 & 4Q19 Unit : in Million Baht 4Q20 3Q20 2Q20 1Q20 4Q19

Revenues 7,791.15 8,496.09 8,923.30 9,711.11 9,157.98

Cost & Expenses (6,558.25) (7,327.86) (7,649.41) (8,321.67) (7,830.48)

EBITDA before Share of Profit and FX 1,232.90 1,168.23 1,273.89 1,389.44 1,327.50


including gain (loss) on foreign exchange

1,327.72 1,139.24 652.74 1,480.64 451.09

EBITDA 2,560.62 2,307.47 1,926.63 2,870.08 1,778.59

Depreciation & Amortization – Cost* (352.35) (432.54) (361.14) (694.41) (422.39)

Depreciation & Amortization – Admin (38.93) (31.59) (31.38) (30.25) (59.31)

EBIT 2,169.34 1,843.34 1,534.11 2,145.42 1,296.89

Finance costs (396.21) (365.49) (429.21) (360.44) (359.95)

Gain (loss) on fair value adjustment of derivatives (93.85) (3.10) (383.14) 349.85 (116.96)

Income tax expense 201.24 110.68 (189.31) (150.97) (131.76)

Profit for the period 1,880.52 1,585.43 532.45 1,983.86 688.22

Non-controlling interests - (0.01) (0.01) (0.01) -


Equity holders of the Company - before FX 1,880.52 1,585.42 532.44

1,983.85 688.22

Gain (Loss) on foreign exchange of subsidiaries 248.95 136.81 541.72 (623.03) 216.65

Profit for the Company 2,129.47 1,722.23 1,074.16 1,360.82 904.87

*Included the revaluation of heavy oil and diesel oil prices in the total amount of THB +78.11 MB in 4Q20

Page 47

Revenues: 4Q20 & 4Q19

Unit : in Million Baht 4Q20 4Q19 Diff %

Sales 6,995.19 8,042.95 (1,047.76) (13.03)

AP - RG/TECO 764.41 873.04 (108.63) (12.44)

EP (Fuel) - RG/TECO 5,072.07 6,024.09 (952.02) (15.80)

RATCH Cogen (RCO) 488.44 495.38 (6.94) (1.40)

RAC 670.27 650.44 19.83 3.05

Revenue from financial leases - RG/TECO 558.12 712.61 (154.49) (21.68)

Revenue from Rendering of services 16.05 14.16 1.89 13.35

Management service income 79.14 60.77 18.37 30.23

Interest Income 49.41 41.98 7.43 17.70

Gain on Bargain Purchase - RATCH

Cogeneration - 269.92 (269.92) (100.00)

Other Incomes 93.24 15.59 77.65 n.a.

Total Revenues 7,791.15 9,157.98 (1,366.83) (14.93)

Page 48

Revenues: 2020 & 2019 Unit : in Million Baht 2020 2019 Diff %

Sales 31,590.51 35,387.40 (3,796.89) (10.73)

AP - RG/TECO 3,349.12 4,153.12 (804.00) (19.36)

EP (Fuel) - RG/TECO 23,490.68 27,748.64 (4,257.96) (15.34)

RATCH Cogen (RCO) 2,065.88 495.38 1,570.50 n.a.

RAC 2,684.83 2,990.26 (305.43) (10.21)

Revenue from financial leases - RG/TECO 2,553.21 2,923.23 (370.02) (12.66)

Revenue from Rendering of services 62.03 53.71 (8.32) 15.49

Management service income 276.31 244.24 32.07 13.13

Dividend Income 61.18 100.88 (39.70) (39.35)

Interest Income 159.41 205.52 (46.11) (22.44)

Gain on Bargain Purchase - RATCH Cogeneration - 269.92 (269.92) (100.00)

Other Incomes 219.00 66.79 152.21 n.a.

Total Revenues 34,921.65 39,251.69 (4,330.04) (11.03)

Page 49

Share of profit from jointly-controlled entities : 4Q20 & 4Q19 Included FX Unit : in Million Baht 4Q20 4Q19 Diff %

HPC 1,010.74 170.01 840.73 n.a.

EBM (Yellow) 118.96 - 118.96 -

ABEIF (TLP) 115.50 - 115.50 -

NBM (Pink) 111.02 - 111.02 -

PHU FAI 58.40 42.51 15.89 37.38

FRD 56.19 (28.23) 84.42 n.a.

RPCL 34.56 (58.44) 93.00 n.a.

SOLARTA 33.21 54.32 (21.11) n.a.

NNEG 31.34 31.22 0.12 0.38

RW COGEN 29.44 113.32 (83.88) (74.02)

Berk Prai 28.22 25.54 2.68 10.49

KORAT 3,4,7 21.40 27.81 (6.41) (23.05)

Songkhla Biomass 10.19 11.13 (0.94) (8.45)

FKW 10.16 8.30 1.86 22.41

KR2 8.34 7.87 0.47 5.97

RIAU 7.35 95.79 (88.44) (92.33)

CRESCO 4.62 (2.43) 7.05 n.a.

AWCO 0.79 0.38 0.41 n.a.

NRES 0.17 - 0.17 -

HKH (1.77) - (1.77) -

REN (2.35) - (2.35) -

TON (3.98) (2.26) (1.72) (76.11)

SIC (12.91) (0.10) (12.81) n.a.

Yandin (17.16) (34.21) 17.05 49.84

PNPC (44.70) (53.25) 8.55 16.06

SEAN (76.82) 33.29 (110.11) n.a.

KWINANA (203.19) 8.52 (211.71) n.a.

Total Share of profit from jointly-controlled entities 1,327.72 451.09 876.63 n.a.

Page 50

Share of profit from jointly-controlled entities : 2020 & 2019 Included FX Unit : in Million Baht 2020 2019 Diff %

HPC 3,035.99 2,623.52 412.47 15.72

FRD 213.25 158.45 54.80 34.59

SOLARTA 203.98 197.83 6.15 3.11

RW COGEN 202.30 208.78 (6.48) (3.10)

PHU FAI 187.72 285.77 (98.05) (34.31)

RIAU 159.73 163.00 (3.27) (2.01)

RPCL 152.30 82.82 69.48 83.89

NNEG 125.40 67.21 58.19 86.58

ABEIF (TLP) 125.19 - 125.19 -

EBM (Yellow) 118.96 - 118.96 -

Berk Prai 113.88 62.66 51.22 81.74

NBM (Pink) 111.02 - 111.02 -

KORAT 3,4,7 96.55 99.66 (3.11) (3.12)

Songkhla Biomass 40.49 39.09 1.40 3.58

Yandin 28.29 (34.21) 62.50 n.a.

CRESCO 20.41 18.94 1.47 7.76

FKW 19.44 29.44 (10.00) (33.97)

KR2 14.39 24.20 (9.81) (40.54)

AWCO 3.17 0.38 2.79 n.a.

Songkhla Biofuel (0.01) (0.01) - -

REN (2.63) - (2.63) -

HKH (7.80) - (7.80) -

TON (11.97) (2.26) (9.71) n.a.

NRES (12.69) - (12.69) -

SIC (16.14) (0.10) (16.04) n.a.

PNPC (70.77) (272.30) 201.53 74.01

SEAN (73.46) 180.60 (254.06) n.a.

KWINANA (176.65) 34.91 (211.56) n.a.

Total Share of profit from jointly-controlled entities 4,600.34 3,968.38 631.96 15.92

Page 51

Share of profit from jointly-controlled entities : 4Q20 & 4Q19 Excluded FX Unit : in Million Baht 4Q20 4Q19 Diff %

HPC 1,125.38 205.59 919.79 n.a.

EBM (Yellow) 118.96 - 118.96 -

ABEIF (TLP) 115.50 - 115.50 -

NBM (Pink) 111.02 - 111.02 -

PHU FAI 56.23 38.85 17.38 44.74

FRD 56.19 (28.23) 84.42 n.a.

PNPC 47.38 (6.83) 54.21 n.a.

RPCL 34.25 (58.79) 93.04 n.a.

SOLARTA 33.21 54.32 (21.11) (38.86)

NNEG 32.60 33.75 (1.15) (3.41)

RW COGEN 29.20 113.25 (84.05) (74.22)

Berk Prai 28.27 27.64 0.63 2.28

KORAT 3,4,7 21.40 27.81 (6.41) (23.05)

RIAU 12.44 90.60 (78.16) (86.27)

Songkhla Biomass 10.19 11.13 (0.94) (8.45)

FKW 10.16 8.30 1.86 22.41

KR2 8.34 7.87 0.47 5.97

CRESCO 4.57 (4.04) 8.61 n.a.

AWCO 0.79 0.38 0.41 n.a.

NRES 0.17 - 0.17 -

HKH (1.77) - (1.77) -

REN (2.35) - (2.35) -

TON (3.98) (2.26) (1.72) (76.11)

SIC (12.91) (0.10) (12.81) n.a.

Yandin (17.16) (34.21) 17.05 49.84

SEAN (75.26) 33.96 (109.22) n.a.

KWINANA (203.19) 8.52 (211.71) n.a.

Total Share of profit from jointly-controlled entities 1,539.63 527.51 1,012.12 n.a.

Page 52

Share of profit from jointly-controlled entities : 2020 & 2019 Excluded FX Unit : in Million Baht 2020 2019 Diff %

HPC 3,022.93 2,664.76 358.17 13.44

FRD 213.25 158.45 54.80 34.59

SOLARTA 204.00 197.81 6.19 3.13

RW COGEN 202.19 208.75 (6.56) (3.14)

PHU FAI 189.34 273.78 (84.44) (30.84)

RIAU 169.26 158.01 11.25 7.12

RPCL 150.86 70.68 80.18 n.a.

ABEIF (TLP) 125.19 - 125.19 -

NNEG 121.47 78.08 43.39 55.57

EBM (Yellow) 118.96 - 118.96 -

NBM (Pink) 111.02 - 111.02 -

Berk Prai 110.63 65.66 44.97 68.49

KORAT 3,4,7 96.55 99.66 (3.11) (3.12)

PNPC 69.86 (82.91) 152.77 n.a.

Songkhla Biomass 40.49 39.09 1.40 3.58

Yandin 28.29 (34.21) 62.50 n.a.

FKW 19.44 29.44 (10.00) (33.97)

CRESCO 17.43 12.73 4.70 36.92

KR2 14.39 24.20 (9.81) (40.54)

AWCO 3.17 0.38 2.79 n.a.

Songkhla Biofuel (0.01) (0.01) - -

REN (2.63) - (2.63) -

HKH (7.80) - (7.80) -

TON (11.97) (2.26) (9.71) n.a.

NRES (12.69) - (12.69) -

SIC (16.14) (0.10) (16.04) n.a.

SEAN (77.96) 180.58 (258.54) n.a.

KWINANA (176.65) 34.91 (211.56) n.a.

Total Share of profit from jointly-controlled entities 4,722.87 4,177.48 545.39 13.06

Page 53

Cost and Expenses : 4Q20 & 4Q19

Unit : in Million Baht 4Q20 4Q19 Diff %

Cost of Sale and Rendering of Services 6,259.21 7,453.74 (1,194.53) (16.03)

- Fuel Cost : RG/ TECO 5,052.86 6,011.99 (959.13) (15.95)

- SPP Fuel Cost : RATCH Cogen (RCO) 295.89 335.47 (39.58) (11.80)

- Operation & Maintenance 25.53 434.23 (408.70) (94.12)

- Repairing Expense (CSA) 212.93 316.61 (103.68) (32.75)

- Spare parts 78.84 137.23 (58.39) (42.55)

- Others 593.16 218.21 374.95 n.a.

Selling and Admin- Expenses 299.04 376.74 (77.70) (20.62)

Total Cost and Expenses* 6,558.25 7,830.48 (1,272.23) (16.25)

* excluding depreciation & amortization

Page 54

Cost and Expenses : 2020 & 2019

Unit : in Million Baht 2020 2019 Diff %

Cost of Sale and Rendering of Services 28,388.25 31,740.94 (3,352.69) (10.56)

- Fuel Cost : RG/ TECO 23,366.07 27,551.13 (4,185.06) (15.19)

- SPP Fuel Cost : RATCH Cogen (RCO) 1,335.89 335.47 1,000.42 n.a.

- Operation & Maintenance 1,227.62 1,565.86 (338.24) (21.60)

- Repairing Expense (CSA) 961.81 1,051.49 (89.68) (8.53)

- Spare parts 291.44 416.86 (125.42) (30.09)

- Others 1,205.42 820.13 385.29 46.98

Selling and Admin- Expenses 1,468.94 1,482.89 (13.95) (0.94)

Total Cost and Expenses* 29,857.19 33,223.83 (3,366.64) (10.13)

* excluding depreciation & amortization

Page 55

Gain (Loss) From Foreign Exchange

Unit : in Million Baht 4Q20 4Q19 2020 2019

Gain (Loss) from Foreign Exchange Rate 37.04 140.23 181.92 (341.58)

The Company and Subsidiaries 248.95 216.65 304.45 (132.48)

- RH (91.88) (21.91) (5.72) (98.49)

- RH Inter 273.81 220.64 289.58 (130.10)

- RG / RE / RL / RCO 67.02 17.92 20.59 96.11

Jointly-controlled entities and Associates (211.91) (76.42) (122.53) (209.10)

- SEAN (33.33%) (1.56) (0.67) 4.50 0.02

- RPCL (25%) 0.31 0.35 1.44 12.14

- HPC (40%) (114.64) (35.58) 13.06 (41.24)

- PNPC (25%) (92.08) (46.42) (140.63) (189.39)

- Others (CRESCO, PFMC, RW Cogen, FKW,

NNEG) (3.94) 5.90 (0.90) 9.37

IR Contact

Ms. Ananda Muthitacharoen

Tel : +66 (0) 2794 9841

Fax : +66 (0) 2794 9888 Ext. 9841

Email : [email protected]

Disclaimer

The information contained in our presentation is intended solely for your personal reference only. In addition, such

information contains projections and forward-looking statements that reflect the Company's current views with respect to

future events and financial performance. These views are based on assumptions subject to various risks. No assurance is

given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual

results may differ materially from those projected. Investors are, however, required to use their own discretion regarding

the use of information contained in this presentation for any purpose.

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