1
Analyst Meeting2Q20 Results27 August 2020Ticker: BCPG (SET)
BCPG5Yrs
Thank you for believingand helping change the world
with the clean energy
2
Strategic directions
Recent developments
Performance & Guidelines
Agenda
3
Strategic directions
Recent developments
Performance & Guidelines
Agenda
4
…achieved MW target 1,000MWe Solar by 2020
…generation output grows by 8X during 2016-19 and
counting
…green energy to hedge against growing concern of
carbon emission
10%
71%
2016 2019
BCPG Co2 reduction as % of BCP emission
0.8Mt CO2e
4Generation Output (GWh)
254
1,651
2016 2019
8x
130 470
1,366 368
643
2016 2020 2020 MW solar eqMW
Operating MWCommitted MW in pipeline
2,009MWe Solar
838MW
5-Year reflection (2016-2020)
…a cashflow generating vehicle thru disciplined payout
1,373
1,215 1,279 1,270
2016 2017 2018 2019
Dividend paid to Shareholders (m THB)
…our TSR outperforms renewable peers since IPO
Total Shareholder Return (Times)
3.721.86
0.89
BCPG Pre-IPO BCPG Post-IPO Peer
5-Year reflection (2016-2020)
…a growth platformas well as portfolio stabilizer
2,263
3,361
2016 2019
14% p.a.
EBITDA (m THB) 5Note: EBITDA (incl. shared profit before amortization)
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 pipeline6
2016 - 2020 2026 - 20302021 - 2025
Remarks : For demonstration purposes only
Next 5 years for filling EBITDA gap with consecutive growth
Adder gap to be filled plus 2nd wave of growth
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
TH Solar Rooftop
TH Solar
PH Wind
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 65 - 100 MW (or Solar 160 – 250 MW)
Income contribution from existing pipeline
Share Profit from investment in Star Energy from WW unit 3
7
Current status with COVID-19 impact
“Within 2023”
Secured
“Within 2024”
Secured
All COD within 2022
“Within 2023”
Secured
“Within 2021”
“Within 2021”
✓
✓
✓
✓
✓
✓Expansion of Nabas wind farm (5.6 equity MW)
New acquisition of 20 MW of Solar farm in Thailand
Gradually COD of developing solar rooftop in pipelines 15.2 MW
✓
✓
✓
8
Human capital
Financial
Business
Focusing utility-scale in domestic and neighboring countries as top priority
Operating – Quick win to generate immediate cashflowGreenfield - Medium to long term
Geog
raph
ies
Remaining on renewable energy while focusing on Solar, Wind and Hydropower energy
Tech
nolo
gies
Inve
stmen
t sta
ge
Accelerating growth thru organic and inorganic actions
“Onboarding utility-scale assets thru organic and inorganic actions”
9
Accelerating growth by focusing on utility-scale projects
10
Beyond planned investment
2020* 2021 2022 2023 2024 2025
THB
mn
CAPEX plan 2020 – 2025 of THB 40,000 mn
Pipeline (Exc. SWAN) SWAN New projects
Majority investment are from pipeline’s top up and timed as capital raising have designed
Remarks : For demonstration purposes only / * 2020 CAPEX including debt repayment of RPV and Nam San 3A & 3B
Yearly distribution Proportionate
Capital raising THB10,235 mn
Source Amount (THB mn)
Right offering 2,875
Private placement 4,502
Warrants* 2,858
Total proceeds 10,235
* Warrants exercised period are designed to meet timing of fund usage.
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Abundance of resources▪ 26 GW potential for hydro power plant▪ 3 GW potential for wind power plant
Government support▪ Positioned as “Battery of Asia”▪ Promoting foreign investment
Lao PDR MOU to export power to its neighbors
9,000 MW
<400 MW5,000 MW
200 MW
Lao PDR
VietnamHigh economic growth▪ 6-7% GDP growth p.a.▪ Increasing FDI inflows
Increasing electricity demand▪ Electricity demand tripled in 15 years▪ Low reserve margin
Lao PDR the “Battery of Asia”Lao PDR as the key energy supplier to the region
14
Laos - Vietnam Vietnam - Vietnam
Cross-Border PPA Local PPA1
Terms ✓ 25 years 20 years
Take-or-pay ✓ 90%No take-or-pay
(Full Curtailment Risk)
Payment Currency ✓ USD VND
Dispute Resolution ✓ SIAC2 Vietnamese Court
Governing Law ✓ English law Vietnamese law
Tariff (UScents / kWh) ✓ 6.95 5.003
“Bankable with better return from tariff and cost of fund.”
1Standard Power Purchase Agreement for Wind Power Plant in Vietnam2Singapore International Arbitration Centre3Small hydropower plant tariff
The cross-border PPA has been negotiated to mitigate those risk which are not accepted by international lenders
Cross-border hydropower PPA
Nam San 3A 69 MWOperating
Nam San 3B 45 MWOperating
Transmission LineDeveloping
15
Thailand
Cambodia
Vietnam
32 1
5
Swan Project600 MWDeveloping
Laos
4
HydroPotential Projects
SolarPotential Projects
HydroPotential Projects
SolarPotential Projects
Southern Region
220kV Transmission line>500 MW capacity
500 kV Transmission line>1,000 MW capacity
Transmission LineDeveloping
1
2
3
4
5
Northern Region Southern Region
BCPG’s Regional Plan
Nam San 3A & 3B HPP milestones
Prime Minister’s Approval
PPA signed with EVN
- Acceptance of Grid Study- Tariff Negotiation Range- Project Timeline
- Inclusion of Energy Import into VN’s PDP - Construction of transmission line in VN- COD by 2022- Tariff Ceiling Price
- Signing of Definitive PPA and other ancillary agreements
3 steps of PPA issuance process completed, transmission line is well under wayCross-border PPA milestones: Hydropower
23
6-months process
Transmission line constructionJan-2020
16
Tariff MOU: Hydropower✓
✓
✓
1
Switc
h of
f-tak
er to
EV
N wi
thin
2022
17
Lao-VN 600MW Wind Farm milestones
PPA to be signed with EVN
Expecting PPA to be signed within 2020Cross-border milestones: Wind farm
1
2
Project and transmission line construction
Aug-2020
17
34
Financial close
- EPC Awarded - Financing in place
To b
e CO
D wi
thin
2023
Prime Minister’s Approval
- Acceptance of Grid Study- Tariff Negotiation Range- Project Timeline
- Inclusion of Energy Import into VN’s PDP - Construction of transmission line in VN- COD by 2022- Tariff Ceiling Price
Tariff MOU: Wind Farm✓
✓
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Strategic directions
Recent developments
Performance & Guidelines
Agenda
19
Recent developments
79 km Transmission Line Border 45 km
Nam San 3A
Nam San 3B 1
2 3
“JV with prominent partner from Singapore”District cooling development in CHULA Smart city
“Synergy from scaling plant operation’
New 20 MW Solar TH acquisition
“On track despite COVID-19”Transmission line cross-border construction
“PPA and EPC negotiation”
Nabas-2 development on progress
“3 sites to COD in 2021, 1 in 2022”
Target COD still confirm
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861.9 MWppa
142.5 + 20 MW 15.2 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
452.1 20.0 390.1
Operating New acquisition Developing
270.0 MWDevelopingOperating
Business footprints in 5 countries in Asia
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299.0 MW, 34.7% (275.6 MW under
development)
181.5 MW, 21.1% (24.0 MW under
developing)
267.4 MW, 31.0% (105.2 MW developing, 20.0 MW acquisition)
114.0 MW, 13.2%
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 %)
861.9 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 202522
…......
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
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New acquisition: 20 MW of Solar TH3 Adders 1 FIT. Acquisition opportunity widely open
Proje
ct de
tails
No. Projects LocationTariff Power
StructureContracted
Capacity (MW)COD
1 RPV Energy KanchanaburiAdder THB
8/kWh
5.015/10/12
2 JKR Energy Kanchanaburi 5.0
3 Lopburi Solar Lopburi 5.0 4/2/14
4 Prachinburi Solar Prachinburi FiT: THB 5.66/kWh 5.0 30/12/16
1-23
4
Enhancing existing cash flowSharing cost with BCPG’s sites in each area. Opportunity from declined of financial market also support assets refinance.
347
170
300
148
2019 1H20
Revenue EBITDA
Income statement *
* Data for guidelines as per management opinion
Unit: THB million
24
PMCU District Cooling PlantNew innovative smart energy project in the center of the city
Largest district cooling systems developer from Singapore
DCS
plan
t
JV partners (BCPG hold 60%)
Leading engineer and environmental integrated consulting firms in Thailand
CHULA smart city district cooling
Target COD: 2022 (1st phase) / 2027 (fully complete)
Cooling capacity: 18 kRT*
Project life: 20 yrs
Remarks : * kRT stand for thousand Refrigeration tons
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Target COD still confirm
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 MWppaDespite majority of portfolio in Japan free from curtail, 2H20 also have limited impact on the curtailed plants since 1H20 curtail days almost reach maximum.
*Including developing projects
Curtailment impact
No curtailment impact
Projects update in Japan
ENIPAS* Act (2018) passed allowing RE to operate in Protected Areas
Securing environmental licenses
Negotiation process with off-taker for PPA
Negotiation with EPC contractor
26
Nabas-2 project update
*ENIPAS - Expanded National Integrated Protected Areas System
Nabas-2 (Expansion) recap
Capacity: 14.4 MW (Equity MW of 5.6)
Target COD: 2023
Project financing: Debt 70% : Equity 30%
Project life: 25 yrs
Expansion is on the way
Operating Developing
✓
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220 kV transmission line construction in progress
Transmission line in the North: LA-VNMilestones tracking
1
79 km Transmission Line Border 45 km
Nam San 3A
Nam San 3B
Steel binding and Formwork installation
Foundation Excavation
Substation construction2
Switching station at border3
1
2 3
Despite COVID-19 impact, transmission line construction is started as planned.
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Strategic directions
Recent developments
Performance & Guidelines
Agenda
29
By numbers
EBITDA Despite low season hydro, EBITDA prevails
860.0 (+20.5% YoY)
Unit: THB mn
Net profitPeak is yet to come and a bit of FX loss
354.8 (-23.5% YoY)
MWppaNam San 3A and Nam San 3B
452.1 (+34.7% YoY)
D/E Rise but headroom (3.00x) still available
1.87x (vs 1.78x Dec 2019)
Key takeaway
EBITDA drive by 3A and 3B and more from lower shutdown days of geothermal power plants in Indonesia.
1
Generally peak of hydro in 2nd half is yet to come with unrealized FX loss in 2Q20 has negative impact to the bottom line.
2
Ordinary rise of leverage, after acquisition, still left headroom under covenant.
3
Operating Revenue New projects drive YoY
969.6 (+14.4% YoY)
Financial highlights for 2Q20
30
By numbers
EBITDA Despite low season hydro, EBITDA prevails
1,684.5 (+16.6% YoY)
Unit: THB mn
Net profitPeak of hydro is yet to come
928.5 (-2.8% YoY)
MWppaNam San 3A and Nam San 3B
452.1 (+34.7% YoY)
D/E Rise but headroom (3.00x) still available
1.87x (vs 1.78x Dec 2019)
Key takeaway
EBITDA drive by 3A and 3B and more from lower shutdown days of geothermal power plants in Indonesia.
1
FX gain absorb low season performance from hydropower which the peak in 2nd half is yet to come.
2
Ordinary rise of leverage, after acquisition.3
Operating Revenue New projects drive YoY
1,856.0 (+12.1% YoY)
Financial highlights for 1H20
782.3 771.4 752.4
1,538.7 1,523.8
2Q19 1Q20 2Q20 1H19 1H20TH (Solar) TH (Wind) TH (Other)
-3.8% YoY
-1.0% YoY-2.5% QoQ
73.3 71.3 71.9145.2 143.3
17.8% 17.1% 17.2% 17.8% 17.2%
2Q19 1Q20 2Q20 1H19 1H20Generation Capacity factor (%)
+0.8% QoQ
-1.9% YoY
-1.3% YoY
TH performanceSlightly declined from unfavorable weather for both Solar and Wind
142.5 MW + 15.2 MW + 20.0 MW
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Unit: GWh Unit: GWh
Power generation & Capacity factor (%)
Slightly less favorable weather in Thailand YoY are the main cause of decline in power generation.
Wind speed in Lomligor decrease both QoQ and YoY. While 1H20 growth come from full first half operation compare to 1H19 that COD since April 2020.
9.0 MW
Revenue (TH)
Unit: THB million
Unfavorable weather for both solar and wind power plant cause operating revenue in Thailand to drop.
2.53.9
1.7 2.5
5.6
13.1%
17.7%
7.9%
13.1% 12.8%
2Q19 1Q20 2Q20 1H19 1H20Generation Capacity factor (%)
-32.4% YoY
-55.5% QoQ +119.5% YoY
65.3
42.5 60.5
116.7 102.9
2Q19 1Q20 2Q20 1H19 1H20JP (Solar) JP (Other)
-7.4% YoY
-11.8% YoY+42.3% QoQ
JP performance
32
Back to high season, limited impact from curtailment in 2nd halfPower generation & Capacity factor (%) Revenue (JP)
Unit: THB million
5.43.1
4.8
9.57.9
14.3%
8.6%12.6% 12.7% 10.6%
2Q19 1Q20 2Q20 1H19 1H20Generation Capacity factor (%)
+53.1% QoQ
-11.0% YoY
-16.4% YoY
For Quarterly, Entering high season of solar in Japan again led to QoQ jump while curtailment still drag YoY. Anywise, expected a limited impact from curtailment in 2H20 as current average curtail days almost reach maximum.
Unit: GWh
14.7 MW + 75.0 MW
72.5
156.7
229.3
2Q19 1Q20 2Q20 1H19 1H20
LA (Hydro)
+116.2% QoQ
34.3
73.0
107.418.2%
29.3%26.5%
2Q19 1Q20 2Q20 1H19 1H20Generation Capacity factor (%)
+112.6% QoQ
LA Performance
33
Full quarter recognize from 3B, high season from hydropower coming soon
Revenue (LA) Power generation & Capacity factor (%)
Unit: GWh
114.0 MW
First full quarter recognition of Nam San 3B and partial gain from high season in late 2Q20 drive revenue QoQ. 2H20 will be the first time that fully lifted by high season of hydropower which generally have a major portion of power generated from whole year.
Unit: THB million
169.8228.4 214.0
357.8442.4
2Q19 1Q20 2Q20 1H19 1H20
+23.6% YoY
+26.0% YoY
-6.3% QoQPower generation & Capacity factor (%)
297.8 318.2 316.9
603.7 635.1
92.2% 96.7% 96.3% 93.0% 96.5%
2Q19 1Q20 2Q20 1H19 1H20Generation * Capacity factor (%)
+6.4% YoY
-0.4% QoQ +5.2% YoY
ID PerformanceGeothermal power plants in Indonesia
34
Unit: THB million
Quarterly, Lower shutdown days rise in share of profits from geothermal power plant YoY. On QoQ, one-time item help net share of profit to jump despite slightly decline of tariff.
Share of profit
Remark: *Generation based on holding percentage
Amortization (95.4) (94.5) (96.5) (190.9) (190.9)
One-time items - (66.7)* - - (66.7)*
Net share of profit 74.4 67.2 117.6 166.9 184.8*Including Tax provision THB 23.9 mn and Allowance for account receivable THB 42.8 mn.
Lower shutdown days in the 1st half led to rise
Unit: GWh
157.5 MW + 24.0 MW
-3.9
32.3
-6.9
33.425.4
2Q19 1Q20 2Q20 1H19 1H20
-24.0% YoY-121.3% QoQ
-75.4% YoY
PH PerformanceWind power plant in the Philippines
35
Low season once again
Remark: *Generation based on holding percentage
7.114.4
5.8
23.720.2
22.6%
45.8%
18.5%
37.9% 32.1%
2Q19 1Q20 2Q20 1H19 1H20Generation * Capacity factor (%)
+53.1% QoQ
-11.0% YoY
-16.4% YoY
Power generation & Capacity factor (%)
Unit: GWh
14.4 MW + 5.6 MW
Amortization (8.2) (8.1) (8.2) (16.3) (16.3)
One-time items - - - - -
Net share of profit (12.1) 24.2 (15.1) 17.1 9.1
In 2Q20, off-monsoon season cause wind speed to sharply decline QoQ. For the half year drop, there are impact from lower wind speed and transmission line maintenance in 1Q20.
Unit: THB million
Share of profit
713.8 824.5 860.0
1,445.01,684.5
2Q19 1Q20 2Q20 1H19 1H20
+20.5% YoY
+16.6% YoY+4.3% QoQ
Remark: EBITDA from operation including share of profit from associates (after amortization and before one-time items)
Low season in hydropower but still a persistent growth in EBITDA
36
EBITDA (Incl. shares of profit)
Persist growth in EBITDA despite low season of wind power plants in the Philippines. Mainly thanks to 1) hydropower plants, fully recognize and partial high season2) lower shutdown days of geothermal in Indonesia
Financial Performance: Revenue & EBITDA
847.6 886.4 969.6
1,655.4 1,856.0
2Q19 1Q20 2Q20 1H19 1H20Thailand Japan Lao PDR
+12.1% YoY+9.4% QoQ
+14.4% YoY
YoY growth of operating revenue mainly cause by recognition of Nam San 3A and fully for Nam San 3B.
Unit: THB millionUnit: THB million
Revenue
130.1187.5 220.3 259.0
407.9
3.37% 3.29% 3.36% 3.36% 3.33%
2Q19 1Q20 2Q20 1H19 1H20Interest expense Effective Kd (%)
+57.5% YoY+17.5% QoQ
+69.3% YoY
3737
Unit: THB million
IBD breakdown by maturity IBD breakdown by currency
9.8% 19.4% 20.1%
90.2% 80.6% 79.9%
2018 2019 2Q20< 1 year Due after 1 year
51.1% 58.8% 48.1%
43.0% 30.6% 24.3%
5.9% 10.6%27.6%
2018 2019 2Q20THB JPY USD
IBD breakdown by Fixed-Floating rate
Rise in interest expense after major acquisitions. Effective cost of debt still maintain. From continuously decline in current market interest rate, led to an enjoyment of floating rate part (almost 90%) in the 2nd half.
9.8% 10.6% 10.9%
90.2% 89.4% 89.1%
2018 2019 2Q20Fixed rate Floating rate
Finance cost and Kd (%)
Remark: The average finance costs calculated by a simple average method.
Cost of debt will soon show declined
Finance cost
38
High season of hydropower is yet to come Core 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 (%)
Core profit & Net profit
Unit: THB million
432.6 403.7 377.1
886.6 780.8
51.0% 45.5% 38.9%53.6%
42.1%
2Q19 1Q20 2Q20 1H19 1H20Core profit Core profit margin (%)
-12.8% YoY
-6.6% QoQ -11.9% YoY
463.8 573.7354.8
955.4 928.5
54.7%64.7%
36.6%
57.7% 50.0%
2Q19 1Q20 2Q20 1H19 1H20Net profit Net profit margin (%)
-32.4% YoY
-38.2% QoQ -2.8% YoY
Low season performance of hydropower plants is the major cause. But the next half way of this year will generate more than half of hydropower compare to a whole year..
Apart from core operation, 2Q20 also pressured by FX loss compare to the gain from both QoQ and YoY. While half year offset by a huge gain in 1Q20.
39
48.0% 41.9% 34.9%
49.3% 53.5% 62.6%31,558
37,13742,688
2018 2019 2Q20
Equity Other Liabilities Interest-bearing debt
1.08 1.391.87
2018 2019 2Q20
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
Headroom of Leverage is still available
15.1611.74 11.72
2018 2019 Trailing 12mths
ROE (%)
ROE
* Subjected to AGM approval
Financial position
40
Capital raising: Offering Structure
Share
Right Offering
(“RO”)
2,875.0 MB
250.0 M.Shares
11.50 Baht/Share
Offering Structure
ESOP Warrant #2
317.9 MB
20.0 M.Shares
13.70 Baht/Share (+ 10% p.a.)
Share
Private Placement
(“PP”)
4,502.3 MB
391.5 M.Shares
11.50 Baht/Share
Warrant
for RO and PP
Subscribers
2,857.6 MB
357.2 M.Shares
8.00 Baht/Share
W_RO 178.6 M.Shares (W1&W2)
W_PP 178.6 M.Shares (W3)
Share
Private Placement
for New Project
283.0 M.Shares
Offer at Market Price
41
Capital raising: Numbers recapExpected Equity Funding (Excluding ESOP#2)
Conversion Ratio
Existing shares : RO share 8.000000 : 1
RO shares : W_RO#1 (BCPG-W1) 2.800000 : 1
RO shares : W_RO#2 (BCPG-W2) 2.800000 : 1
PP shares : W_PP1 (BCPG-W3) 2.192400 : 1
Exercise Period 2563 2564 2565 2566
RO & PP1 ✓
W_RO#1 (BCPG-W1) ✓ ✓
W_RO#2 (BCPG-W2) ✓
W_PP1 (BCPG-W3) ✓
PP2 (New Project) [✓]*
PP2 (New Project)
PP1
*Subject to approval of New project
42
Equity Raising – Holding proportion
Remark: PP1 are private placement @ THB 11.50 per share (391.5 m. shares + warrants) / PP2 are private placement @ market price (283 m. shares)
Existing shareShares after Equity Raising
Without PP2 With PP2
Total shares outstanding (mn shares)
2,000 3,019 3,302
Hold
ing
prop
ortio
n (%
) 1. BCP 70% 56% 51%
2. Others 30% 24% 22%
3. PP1* - 19% 17%
4. ESOP - 1% 1%
5. PP2** - - 9%
Total 100% 100% 100%
43
Timeline
Subscriptionperiod for RO
New SharesListed on SET
7 Oct 20 Early Nov 20 * Within Nov 20
BCP & BCPGBoD
Meeting
20 Aug 20
PP Investors’ Subscription Day
(Record Date for RO @ 15 Oct 20)
RO&PP timeline recapEGM
XR
* Subscription period of RO and PP will be announced after EGM approval
3 months before completion of process
14 Oct 20
44
Guidance Plan
2020 2021EBITDA (incl. share of profit from associates*)
Expect to grow 20% -
CAPEX THB 8,000 mn THB 18,000 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
45
Q&A
47
Financial StatementOverall business performance
Unit: THB million 2Q19 2Q20 ∆ (%) 1Q20 ∆ (%) 1H19 1H20 ∆ (%)
Revenue from sale and redering of service 847.6 969.6 14.4% 886.4 9.4% 1,655.4 1,856.0 12.1%Cost of sale and rendering of services (223.6) (358.1) 60.2% (308.9) 15.9% (430.5) (667.0) 54.9%Gross profit 624.0 611.5 -2.0% 577.5 5.9% 1,224.9 1,189.0 -2.9%Administrative expenses (132.4) (114.2) -13.7% (147.5) -22.6% (276.7) (261.7) -5.4%Operating profit 491.6 497.3 1.2% 430.0 15.7% 948.2 927.3 -2.2%
Share of profit of investment in associates (exlcuding one-time item)
62.3 102.4 64.4% 158.2 -35.2% 184.0 260.6 41.6%
EBITDA 713.8 860.0 20.5% 824.5 4.3% 1,445.0 1,684.5 16.6%Other income/(expense) 6.3 3.3 -47.1% 7.7 -56.8% 8.9 11.0 23.8%One-time item from investment in associates 0.0 0.0 NA (66.7) NA 0.0 (66.7) NAFX gain/(loss) 31.2 (98.4) -415.2% 325.1 -130.3% 68.8 226.8 229.4%EBIT 529.1 402.3 -24.0% 696.1 -42.2% 1,025.9 1,098.4 7.1%Finance costs (130.1) (220.3) 69.3% (187.5) 17.5% (259.0) (407.9) 57.5%EBT 461.3 284.4 -38.4% 666.8 -57.4% 950.9 951.1 0.0%Income tax expense (benefit) 2.5 70.4 NA (93.0) -175.6% 4.5 (22.7) -607.9%
Income tax expense (benefit) 2.5 (6.7) NA (6.9) NA 4.5 (13.6) -405.9%Tax related to FX gain/(loss) 0.0 77.1 NA (86.1) NA 0.0 (9.0) NA
Minority interest 0.0 0.0 NA (0.0) -177.7% 0.0 (0.0) NANet profit 463.8 354.8 -23.5% 573.7 -38.2% 955.4 928.5 -2.8%Recurring profitิ * 432.6 377.1 -12.8% 403.7 -6.6% 886.6 780.8 -11.9%Basic Earnings per Share (THB) 0.23 0.18 -21.7% 0.29 -37.9% 0.48 0.46 -4.2%Remark:*Excluding gain/(loss) on FX and one-time items
48
Financial Statement
Unit: THB million 2019% of total
assets2Q20
% of total assets
∆ (%)
Cash and cash equivalents 1,445.2 3.9% 3,755.5 8.8% 159.9%Trade accounts receivable 640.4 1.7% 791.3 1.9% 23.6%Other current assets 367.2 1.0% 104.1 0.2% -71.6%Total current assets 2,452.9 6.6% 4,650.9 10.9% 89.6%Investments in associate & subsidiaries 13,623.8 36.7% 12,749.0 29.9% -6.4%Property, plant and equipment 13,675.6 36.8% 13,900.1 32.6% 1.6%Goodwill and Intangible assets 7,002.1 18.9% 10,546.7 24.7% 50.6%Other non-current assets 382.3 1.0% 840.8 2.0% 120.0%Total non-current assets 34,683.7 93.4% 38,036.6 89.1% 9.7%Total Assets 37,136.6 100.0% 42,687.5 100.0% 14.9%Short-term borrowings & current portions 3,855.0 10.4% 5,367.4 12.6% 39.2%Long-term borrowings 16,026.1 43.2% 21,333.7 50.0% 33.1%Other liabilities 1,700.3 4.6% 1,098.8 2.6% -35.4%Total liabilities 21,581.4 58.1% 27,799.9 65.1% 28.8%Equity attributable to owners of the Company 15,505.7 41.8% 14,838.1 34.8% -4.3%Non-controlling interests 49.4 0.1% 49.4 0.1% 0.0%Total liabilities and Equity 37,136.6 100.0% 42,687.5 100.0% 14.9%
Consolidated Statement of Financial Position
Unit: THB million 1H19 1H20 YoY ChangeNet cash from (used in) operating activities 825.5 1,599.5 774.0
Net cash from (used in) investing activities (1,161.1) (4,718.2) (3,557.1)
Net cash from (repay to) financing activities (710.1) 5,624.5 6,334.6
Net increase in cash and cash equivalents (1,045.7) 2,505.8 3,551.5
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
(38.8) (195.6) (156.8)
Cash and cash equivalents at end period 1,340.8 3,755.5 2,414.6
CAPEX (1,162.7) (4,716.6) (3,553.8)
Consolidated Statement of Cash Flows
49
Financial Statement
50
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.
9.5 8
Adder THB 8/kWh
PEA 5/08/11BCPG 2 35.5 30 EGAT 16/07/12
2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.0 16
PEA
6/03/133 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.0 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 12.5 8 24/04/147 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.5 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
51
No. ProjectLocation Operating
Entity% of
Shareholding
Installed Capacity
(MW)
Contracted Capacity
(MW)Tariff Power Structure Off Taker COD
Province
16 RPV Energy Kanchanaburi BSEPH 99.9 6.3 5.0
Adder THB 8/kWhPEA
(25 years)
15/10/12
17 JKR Energy Kanchanaburi BSEPH 99.9 6.3 5.0 15/10/12
18 Lopburi Solar Lopburi BSEPH 99.9 6.3 5.0 4/02/14
19 Prachinburi Solar
Prachinburi BSEPH 99.9 5.0 5.0 FiT: THB 5.66/unit 30/12/16
Conventional contracted capacity totaling of 20.0 MW
Conventional solar & wind projects in Thailand(cont’)
52
Total contracted capacity in pipeline of 15.2 MW as of 2Q20. COD target by 2021. 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/Residential
Partner Escape, Sansiri
Lam Luk Ka, Phathum Thani
0.277 MW25 Private PPA COD 1/2/2020
5 Rooftop Industrial Partner PCF, Sansiri Pak Chong, Nakhon Ratchasima
0.063 MW25 Private PPA COD 1/2/2020
6 Rooftop Commercial Partner Sansiri Several cities
3.2 MW
25 Private PPA Under construction
7 Rooftop School Partner Satit pattana Bangkok 25 Private PPA Under construction
8 Rooftop Gas station Partner Lots Several cities 15 – 20 Private PPA Under construction
9 Rooftop Commercial Partner CMU Mueang, Chiangmai 12.0 MW 26 Private PPA Under construction
10 Rooftop Mixed Partner Lots Several cities 17.6 MW 15-25 Private PPA In progress
Other solar rooftop projects in Thailand
53
Contracted capacity of 14.7 MW
53
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
54
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
55
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
RPV
99.9%
JKRAQU
LS PS
99.9%99.9%
99.9% 99.9%
New acquisition
BSEPH
99.9%
New holding
56Survey link