Analyst Meeting Q3/2018 Financial Results. 13 November 2018 Ticker: BCPG (SET)

Transcription

1 Analyst Meeting Q3/2018 Financial Results 13 November 2018 Ticker: BCPG (SET)

2 Disclaimer The information contained in this presentation is provided by BCPG Public Company Limited (the "Company") to you solely for your information. Neither this presentation nor any part hereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company and its respective affiliates. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the Company and its respective affiliates. Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, no representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company and its subsidiaries. None of the Company nor any of its respective affiliates nor any of its or their respective members, directors, officers, employees or affiliates assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss arising from or in connection with any use of this presentation or its contents. This presentation is for information purposes only and does not constitute or form part of any offer or invitation by or on behalf of the Company for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto ( Securities ) in Thailand, the United States or any other jurisdiction. This presentation should not be construed as legal, tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular investor, and should not be treated as giving investment advice. In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned not to place undue reliance on these forward looking statements. In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to update the information contained in this presentation or to correct any inaccuracies herein which may become apparent. 2

3 Agenda Recent Development Financial Highlights Business Outlooks 3

4 Agenda Recent Development Financial Highlights Business Outlooks 4

5 Key highlights Thailand Japan The Philippines Indonesia 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 Completed asset monetization, Nagi and Nikaho, into IFF on 28 Sep Booked gain from transaction of THB mn Full quarter COD of Gotemba supported growth Strengthening THB against JPY limited sales growth contribution from Japan Booked record high performance thanks to favorable wind speed from tropical depressions and typhoons 3Q18 Capacity factor of 43.5% Stable operation Recorded share of profit (from operation) of THB mn, in line with expectation Restated of 3Q17 according to PPA finalization. Incurred amortization expense while gain on purchase has been taken out 5

6 Accomplished assets divestment to infrastructure fund in Japan Invest Brownfield assets immediately generating cashflow Develop/ construct Developing assets with structured payment to minimize risk Enhance Tax-Efficient Structure Improve cost of financing Negotiation of acquisition price Capital recycling Passing on assets to more risk-averse investor with lower required return Cash to be reinvested in developing project 28 Sep 2018 Sold to Japanese infrastructure fund with a net proceeds of JPY 10,388 mn (THB 3,046 mn). Gain of THB mn. Nikaho (Akita) Install Capacity : 8.8 MW PPA (13.2 MW DC ) Capacity factor : 10.3% (2017) Feed in Tariff PPA period : 40 JPY/kWh : 20 years COD : 15 July 2016 Nagi (Okayama) Install Capacity : 10.5 MW PPA (14.4 MW DC ) Capacity factor : 12.1% (2017) Feed in Tariff : 36 JPY/kWh PPA period : 20 years COD : 2 March

7 Lomligor wind farm Construction progress is on track May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Construction timeline 3 System integration 2 Pillar & Turbine 95% 100% One-third of the construction progress has been completed. 1 Foundation 31% 29% Target COD : 1H19 Overall progress has been on track. The next part of construction will be set anchor bolt and then a pillar set up. Target Actual Remark: Lomligor wind power plant acquisition has been completed since 18 June

8 Lomligor wind farm Construction Progress (As of 29 October 2018) Pillars and turbines are on yard WTG 4 WTG 1 WTG 2 WTG 3 Foundation construction progress WTG 1 WTG 2 WTG 3 WTG 4 8

9 Our business footprint Operating MW DC and continued growing 30 MW 182 MW Developing 191 MW Thailand Technology Status Operating: 192 MW DC Developing: 10 MW Total: 202 MW DC 361 MW Japan Operating 381 MW Operating: 17.4 MW DC Developing: MW DC Total: MW DC Monetized: 27.6 MW DC Indonesia Operating: MW Developing: 24 MW Total: MW The Philippines Operating: 14 MW Developing: 6 MW Total: 20 MW Solar Wind Geothermal Remark: For the Philippines and Indonesia, only equity MW is presented 9

10 Business portfolio Unit: GWh Power Generation Unit: GWh 47% ID 4% PH Power Generation 42% TH 7% JP JP PH TH 16% 3% 3% 78% ID Solar TH Solar JP Wind PH Geothermal ID 9M 2017: 475 GWh* 9M 2018: 1,201 GWh (+152.8% YoY) Installed & Equity MW in Portfolio Unit: MW Solar TH Solar JP Wind PH Geothermal ID Pro-forma Revenue Unit: THB mn ID 18% 1% PH JP TH 13% 68% TH 44% 45% ID 9M 2017: THB 3,138 million* 8% 3% JP PH 9M 2018: THB 4,819 million (+53.6% YoY) 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. 10

11 Dividend payment Robust dividend payout Not less than 40% of the Company s Net Profit (after deduction of all reserves required by law and regulations) X-Date: 3 September 2018 Record date: 4 September 2018 Payment date: 13 September 2018 BCPG s Dividend History DPS Dividend yield DPR Unit: THB per share 0.69 * 63% 60% % 65% 58% 55% 89% 76% % 3.3% 4.5% 4.3% 3.7% 2.9% 2.6% 3.3% Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 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 11

12 Agenda Recent Development Financial Highlights Going Forward 12

13 Operational highlights: Thailand 3Q18: Unfavorable weather conditions limited revenue growth Unit: THB million Revenue breakdown Capacity factor (%)* -4.0% +3.2% YoY +3.2% YoY -5.1% QoQ % 96.4% 96.4% 96.5% 94.6% +3.2% YoY -1.7% YoY +3.2% YoY -4.7% QoQ 15.6% 15.7% 16.1% 16.1% 15.3% 3Q17 4Q17 1Q18 2Q18 3Q18 Adders scheme THB 5.66/kWh THB 4.12/kWh 3Q17 4Q17 1Q18 2Q18 3Q18 Sellable Output (MWh) breakdown -1.7% +3.2% YoY -3.7% +3.2% QoQ YoY 65,384 65,717 66,035 66,695 64, % 92.9% 93.2% 92.6% 88.8% 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. 3Q17 4Q17 1Q18 2Q18 3Q18 Adders scheme THB 5.66/kWh THB 4.12/kWh Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24 13

14 Operational highlights: Thailand 9M18: Prolonged rainy season slightly pressured plants performance Unit: THB million Revenue breakdown Capacity factor (%)* -1.7% +3.2% YoY +3.2% YoY -1.2% YoY 2,841 2,139 2, % 16.1% 15.9% 96.6% 96.6% 95.9% M17 9M18 Adders scheme THB 5.66/kWh THB 4.12/kWh M17 9M18 Sellable Output (MWh) breakdown 265, % YoY -1.2% YoY 199, ,973 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 3Q % 93.6% 91.6% M17 9M18 Adders scheme THB 5.66/kWh THB 4.12/kWh Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24 14

15 Operational highlights: Japan 3Q18: COD of Gotemba project is a supporter to revenue growth YoY Unit: THB million Revenue breakdown Capacity factor (%)* % 63.3% 55.7% 58.5% 61.2% 3Q17 4Q17 1Q18 2Q18 3Q18 JPY 40/kWh JPY 36/kWh JPY 32/kWh Sellable Output (MWh) breakdown +2.8% YoY -5.0% +3.2% QoQ YoY +7.9% YoY -6.8% +3.2% QoQ YoY 12,851 14,887 13,873 9,155 7, % 61.4% 44.7% 54.6% 57.7% 3Q17 4Q17 1Q18 2Q18 3Q18 JPY 40/kWh JPY 36/kWh JPY 32/kWh Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/ % 9.4% 10.5% +3.2% YoY -0.1% YoY +3.2% YoY -7.5% QoQ 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. 15

16 Operational highlights: Japan 9M18: Operation remained stable Unit: THB million Revenue breakdown Capacity factor (%)* +0.5% YoY +3.2% YoY -0.8% YoY % 65.6% 58.9% M17 9M % 13.5% 13.4% M17 9M18 JPY 40/kWh JPY 36/kWh JPY 32/kWh Sellable Output (MWh) breakdown +11.5% YoY 41,238 34,006 37,915 Revenue remained stable. Gotemba project has started its commercial operation in 2Q % 63.5% 53.3% M17 9M18 JPY 40/kWh JPY 36/kWh JPY 32/kWh Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24 16

17 Revenue & Gross profit Challenged by unfavorable weather conditions Unit: THB million Revenue: % YoY -2.8% YoY -5.1% QoQ % 82.4% 89.9% 89.1% 81.4% 3Q17 4Q17 1Q18 2Q18 3Q18 Thailand Japan 2,541 2, % 83.8% 9M % YoY -1.3% YoY 9M18 Revenue: 3Q18 total revenue declined YoY and QoQ mainly 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. Gross profit: 71.3% 67.4% -5.5% YoY 70.1% 71.7% 69.3% Q17 4Q17 1Q18 2Q18 3Q18 Gross profit -8.1% QoQ GPM 71.9% 70.4% 1,828 9M % YoY -3.5% YoY 1,764 9M18 Gross 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. 17

18 EBITDA Increased YoY due to lower SG&A expenses Unit: THB million EBITDA: +4.1% YoY +1.5% YoY -5.4% QoQ 71.3% 67.8% 73.9% 76.7% 76.4% 73.5% 75.7% 1,868 1, Q17 4Q17 1Q18 2Q18 3Q18 9M17 9M18 %SG&A/Sales: EBITDA margin EBITDA 3Q18 EBITDA increased YoY mainly due to a decrease in acquisition related expenses from investment made during 3Q17. EBITDA margin remained robust. 9M18 EBITDA slightly grew by YoY mainly helped by lower SG&A expense. SG&A to sales ratios have been in a downward trend mainly thanks to stringent cost control and lower one-time expenses. 21.0% 22.6% 18.2% 15.4% 16.0% 19.0% 16.5% 3Q17 4Q17 1Q18 2Q18 3Q18 9M2017 9M2018 Remark: EBITDA from operation, excluding other revenue 18

19 Share of profit from associates Resilient operations Unit: THB million Share of profit: % YoY % QoQ Q17* 4Q17** 1Q18 2Q18*** 3Q M % YoY M18 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. 3Q18 Petrowind (PH) Wind power plant Star Energy (IN) Geothermal power plant Share of profit (operation) Total Amortization Total Remark: *restated geothermal operation prior to acquisition of THB million and included amortization expense, **including gain on purchases of wind and geothermal of THB million, ***including one-time non-cash expense resulted from financing activity of approx. THB 122 million 19

20 Share of profit from associates Wind power plant in the Philippines PHILIPPINES Nabas 36 MW + 14 MW Share of profit from operation (before amortization) Unit: THB million Q17 4Q17 1Q18 2Q18 3Q M17 9M18 Capacity factor (%) 20.4% 32.7% 39.4% 24.6% 43.5% 29.8% 35.8% 3Q17 4Q17 1Q18 2Q18 3Q18 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. 9M17 9M18 20

21 Share of profit from associates Geothermal power plant in Indonesia INDONESIA Share of profit from operation before amortization Unit: THB million Salak 65 MW (377 MW) Wayang Windu 45 MW + 24 MW (227 MW MW) Darajat 47 MW (271 MW) Java 3Q17* 4Q17 1Q18 2Q18** 3Q18 Capacity factor (%) 9M17 9M18** 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. 94.3% 91.3% 94.8% 94.8% 93.8% 3Q17 4Q17 1Q18 2Q18 3Q % 94.5% 9M17 9M18 Remark * Acquisition completed since 26 July 2017, restated according to PPA finalization ** Excl. one-time accounting related expense of THB mn 21

22 Nikaho & Nagi Booked gain of THB mn from IFF Times (x) THB bn 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 x 2Q18 Current IBD x 3Q18 D/E Ratio 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. Remark: THB/JPY was at * Gain from IFF mentioned above is before CIT reduction 22

23 Finance cost Increased finance cost along with investments made Unit: THB million Finance cost: +4.3% YoY +5.4% QoQ Q17 4Q17 1Q18 2Q18 3Q M % YoY 389 9M18 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 59.3% 61.7% 32.4% 30.3% 8.3% 8.0% Q18 < 1 year Due in 1-5 years Due > 5 years IBD breakdown by currency 3.2% 5.8% 53.1% 42.7% 43.7% 51.5% Q18 THB JPY USD IBD breakdown by loan type 6% 6%6% 37% 45% Corporate loan (THB) Corporate loan (JPY) Corporate loan (USD) Project Finance (THB) Project As of 3Q18 Finance (JPY) 23

24 Net profit Bolstered by gain from solar assets monetization Unit: THB million Net profit: % YoY +71.6% YoY % QoQ 137.3% 76.2% 43.8% 1, % 1, % 47.9% 1, % Q17** 4Q17 1Q18 2Q18 3Q18* NPM 9M17** 9M18 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 mn (2) an absence of FX loss forward contract as booked in 3Q17. 9M18 Net profit rose materially YoY mainly thanks to aforementioned factors. Remark: *Including gain from assets monetized to infrastructure fund amounting to THB million ** Restated gain on purchase and amortization expense of geothermal power plant according to PPA finalization 24

25 Core profit YoY growth driven by share of profit from associates Unit: THB million Core profit: +13.7% YoY -18.7% QoQ 42.4% 45.4% 58.0% 49.6% 23.9% Q17** 4Q17 1Q18 2Q18 3Q18* Core profit margin 44.9% +12.4% YoY 1,141 1,283 9M17** 51.2% 9M18 Core 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. Remark: Core profit excludes FX gain/loss and one-time items * Excluding gain from assets monetized to infrastructure fund amounting to THB million and FX gain of THB 69.1 mn ** Restated gain on purchase and amortization expense of geothermal power plant according to PPA finalization 25

26 Financial position Assets 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 Unit: THB million Financial Position 2,004 2,912 Liability/Equity (x) ,288 17,028 15,663 13, Q18 13,890 12,767 14,127 15,144 2,675 2,570 A L + E A L + E Q18 Other Assets PPE Investment in associates Cash and Cash Equivalent Equity Other Liabilities Long-Term Loan Covenant : D/E ratio 3x : DSCR 1.15x Marginal liability : THB 28,828 million Outstanding Debt : THB 15,663 million 26

27 Agenda Recent Development Financial Highlights Business Outlooks 27

28 2018 Recap Guidance Estimates (vs. 2017) EBITDA (incl. share of profit from associates*) CAPEX for (excl. M&A) Dividend policy Financial covenant Expect to grow 5%-10% Expect to be THB 5 bn Not less than 40% of the Company s net profit Liability/Equity 3x DSCR 1.15x Remark *Share of profit from associates (before amortization and one-time items) 28

29 M&A Opportunity Investment criterion: 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 AU VN LAO TW KR Retirement of Coal Plants +38 GW of Renewable by 2036 Liberalized Retail Market 10% p.a. Elec. Demand Growth in next 5 year +27 GW of Renewable by 2030 (12 GW Solar) Battery of Asia Good resource for hydro and wind power plant +10 GW of Renewable by 2030 Recently announced 5.5 GW offshore wind farm +50 GW of Renewable by 2030 Gov t strong support on ESS 29

30 30

31 BCPG strives to deliver high value while creating wealth for shareholders and sustainable future for all. Q&A 31

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33 Appendices Financial Statement Projects detail

34 Financial Statement Unit: THB '000 Consolidated Profit and Loss Statement (otherwise stated) 3Q18 % to sales 3Q17 % to sales 2Q18 % to sales 3Q18 YoY 3Q18 QoQ Revenues from sales and services 829, % 853, % 873, % -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, % 608, % 626, % -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, % 429, % 491, % 3.1% -10.0% FX gain (loss) 69, % (165,648) -19.4% (66,732) -7.6% % % Other income 802, % 19, % 102, % % 682.6% EBIT 1,314, % 283, % 527, % 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, % 41, % 19, % 172.7% 496.4% EBT 1,291, % 194, % 417, % 564.7% 209.4% Corporate Income Tax (151,940) -18.3% 1, % 1, % % % Net profit 1,139, % 196, % 418, % 481.2% 171.9% 34

35 Financial Statement Unit: THB '000 Consolidated Profit and Loss Statement (otherwise stated) 9M18 % to sales 9M17 % to sales 9M18 YoY Revenues from sales and services 2,505, % 2,541, % -1.4% Cost of sales and services (741,320) -29.6% (713,894) -28.1% 3.8% Gross Profit 1,763, % 1,827, % -3.5% Administrative expense (413,123) -16.5% (482,413) -19.0% -14.4% Operating profit 1,350, % 1,345, % 0.4% FX gain (loss) (10,504) -0.4% (282,914) -11.1% -96.3% Other income 907, % 261, % 247.2% EBIT 2,247, % 1,323, % 69.8% Financial cost (388,682) -15.5% (300,850) -11.8% 29.2% Share of profit from associates & subsidiarie 201, % 84, % NA EBT 2,060, % 1,107, % 86.0% Corporate Income Tax (150,624) -6.0% 4, % % Net profit 1,909, % 1,112, % 71.6% 35

36 Financial Statement Unit: THB '000 3Q18 Consolidated Statement of Financial Position % of total assets 2017 % of total assets Change Cash and cash equivalents 2,912, % 2,003,984 6% 45.3% Current investments 0 0.0% 0 0.0% 0.0% Trade accounts receivable 537, % 507, % 5.9% Other current assets 202, % 185, % 9.0% Total current assets 3,651, % 2,696, % 35.4% Investments in associate & subsidiaries 13,496, % 13,529, % NA Property, plant and equipment 12,766, % 13,890, % -8.1% Goodwill and Intangible assets 1,650, % 1,892, % -12.8% Other non-current assets 180, % 90, % 100.6% Total non-current assets 28,094, % 29,402, % -4.4% Total Assets 31,746, % 32,099, % -1.1% Short-term borrowings & current portions 1,908, % 1,415, % 34.9% Long-term borrowings 14,284, % 15,613, % -8.5% Other current liabilities 409, % 701, % -41.7% Total liabilities 16,602, % 17,730, % -6.4% Equity attributable to owners of the Company 15,143, % 14,368, % 5.4% Non-controlling interests % % 0.0% Total liabilities and Equity 31,746, % 32,099, % -1.1% 36

37 Financial Statement Consolidated Statement of Cash Flows Unit: THB '000 9M18 9M17 9M18 YoY Net cash from (used in) operating activities 1,881,830 1,690, ,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, ,778 37

38 Appendices Financial Statement Projects detail

39 Project pipeline in Thailand 192 Installed MW (139 MW PPA ) of operating assets portfolio in Thailand No. Project District Location Province Operating Entity % of Shareholding Installed Capacity (MW) Contracted Capacity (MW) Tariff Power Structure Off Taker COD 1 BCPG PEA 5/08/11 Bang Pa-in Ayutthaya BCPG N.A. BCPG EGAT 16/07/12 2 BSE-BNN Bumnetnarong Chaiyaphum BSE /03/13 3 BSE-BPH Bang Pahan Ayutthaya BSE /04/13 4 BSE-BRM Prakonechai Buriram BSE-BRM Adder THB 8/kWh 19/03/14 5 BSE-BRM1 Nongkee Buriram BSE-BRM PEA 11/04/14 6 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM /04/14 7 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA /04/14 8 BSE-PRI Kabinburi Prachinburi BSE-PRI /04/14 9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI 100% Co-op: BPI Bang Pa-in Ayutthaya BSE-PRI 100% FiT: THB 5.66/unit PEA (25 years) 14/03/17 11 Co-op: AYA Phra Nakhon Si Ayutthaya Ayutthaya BSE - PRI 100% /12/16 12 Co-op (WVO) Saraburi Phra Phutthabat Saraburi BCPG NA /7/18 FiT: THB 4.12/unit PEA (25 years) 13 Co-op (WVO) Kanchanaburi Tha Muang Kanchanaburi BCPG NA /7/18 14 Lomligor Pak Panang Nakhon Sri Expect to Thammarat LLG 100% Adder THB 3.5/kWh PEA COD within 1H /12/16

40 Project pipeline in Japan Operating 17.4 Installed MW (14.7 MW PPA ) and future projects portfolio in Japan No. Project % of Investment Location Irradiation (kwh/m 2 /year) Installed Capacity (MW) Contracted Capacity (MW) Operation Feed-in Tariff (FiT) (JPY/kWh) PPA Period (Year) 1 S1 (Natkatsugawa) Kagoshima, Japan 1, COD 15/08/14 2 S11 (Takamori ) Kumamoto, Japan 1, Kyushu Electric Power Company COD 16/02/15 3 S19 (Nojiri) Miyazaki, Japan 1, COD 24/02/15 4 Tarumizu Kagoshima, Japan 1, COD 31/08/15 5 Gotemba Shizuoka, Japan 1, Tokyo Electric Power Company COD 16/04/18 Developing Nikaho Akita, Japan 1, Tohoku Electric Power Company COD 40 15/07/16 Nagi Okayama, Japan 1, Chugoku Electric Power Company COD 02/03/17 Off Taker 6 Komagane Nagano, Japan 1, Chubu Electric Power Company 7 Yabuki Fukushima, Japan 1, Tohoku Electric Power Company 8 Chiba Chiba, Japan 1, Tokyo Electric Power Company 9 Chiba Chiba, Japan 1, Tokyo Electric Power Company Under development 10 Nagota Kagoshima, Japan 1, Isakida Kagoshima, Japan 1, Shimoyunohira Oita, Japan 1, S Kagoshima, Japan 1, Sold to IFF Wait for Grid Status Expect to COD within 1H20 Expect to COD within 2H20 Expect to COD within 2H19 Expect to COD within 2H22

41 Divestment Background Nikaho 13 MW Nikaho 13.2 MW Operating assets Location New Owners Solar power plants (Nagi and Nikaho) Okayama (Nagi) and Akita (Nakaho) MUL, BOTL, Zuzuva Nagi 14.4 MW Status Deal completed on 28 Sep 2018 Capacity 27.6 MW DC Tariff Nikaho JPY 40 per kwh Nagi JPY 38 per kwh 41

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: าวสารประกาศ/ข าวประชาส มพ นธ /ArtMID/542/ArticleID/45090/แจ งว น-Off-Peak-ของอ ตรา-TOU-ประจาป

43 Average Ft (THB per kwh) Ft on adder scheme Monthly Ft & %Peak/Off-Peak days % 30% 67% 33% 70% 30% 67% 33% 1Q18 2Q18 3Q18 4Q Normally the average of peak day s portion will be around 61 62% in 2016 and 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. Peak 2018 Off-peak 2018 Ft 2016 Ft 2017 Ft 2018 Remark: Ft on the graph are calculate from average effective tariff from all adder scheme and deduct by THB 8 per kwh. 43

44 Maintenance schedule Solar farm maintenance schedule Wind farm maintenance schedule Monthly maintenance for panel cleaning. An activities to maintain a full efficiency of sun light exposure. Forced and maintenance outages total between 4 5 days a year. The main reason is due to a high wind speed. Quarterly and yearly maintenance consist of 1) preventive maintenance of solar panel, transformer, inverter and switch gear 2) calibration of electricity meters. 44

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