Analyst Meeting Q2/2018 Financial Results. 15 August 2018 Ticker: BCPG (SET)

Transcription

1 Analyst Meeting Q2/2018 Financial Results 15 August 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 Better weather condition QoQ despite heavier rainfall YoY Acquisition of Lomligor wind farm: installed 10 MW, entitled to adder of THB 3.5 for 10 years (est. revenue of nearly THB 7 per unit) Two solar government projects in a collaboration between WVO are the first projects in the program to start commercial operations in Thailand Japan Better weather condition QoQ but not for YoY Revenue increased from Gotemba project 4.0 MW (COD since 16 April 2018) The Philippines Low seasons but performed better with capacity factor resulted to share of profit (before amortization) of THB 2.4 million Indonesia Stable operation. Share of profit (from core operation) of THB million, which was slightly better than expectation Completed refinancing activity for Wayang Windu plant to free up cash flow and loosen debt repayment term 5

6 Investment summary: Lomligor Lomligor Project Location Lomligor Ownership 100% Status Capacity Tariff Land Turbine Supplier EPC Contractor ESS System Capacity factor Est. Project Cost Nakhon Sri Thammarat Under Construction COD Expected 1H MWppa Wholesale Tariff + Adder 3.50 THB/kWh (10 Yr) (Average 6.60 THB/kWh) Freehold 133 rais Goldwind GW121/2500 (2.5 MW x 4 turbines) ITALTHAI Engineering & Consortium 1.5 MWh, in research collaboration with NSTDA 21.4% (5.1 hours) THB 825 million Financing Target D/E 75:25 Page 6 6

7 2 Solar projects with government agencies have started commercial operation (WVO) Tha Muang, Kanchanaburi province Praphutthabat, Saraburi province Installed capacity: 3.94 MW Installed capacity: 5 MW Investment cost: THB 162 mn Investment cost: THB 205 mn Tariff: FiT at THB 4.12 per kwh for 25 years Tariff: FiT at THB 4.12 per kwh for 25 years COD date: 23 July 2018 COD date: 20 July

8 Portfolio Summary Operating MW (installed) and continued growing Contracted MW Thailand Japan The Philppines Indonesia Japan Operating : 45 MW DC Developing: MW DC Total: 192 MW Q18 Solar Wind Geothermal Thailand Operating : 182 MW DC Developing : 18.9 MW DC Total: MW Indonesia Operating: MW Developing: 24 MW Total: MW Remark: For the Philippines and Indonesia, only equity MW is presented Philippines Operating: 14 MW Developing: 6 MW Total: 20 MW Operating 399 MW Status Developing 196 MW 30 MW 182 MW Technology 383 MW 8

9 Portfolio Summary Power Generation and income after acquisitions Pro-forma Revenue (THB million) Power Generation (GWh) JP 14% TH 86% JP PH TH 6% 3%16% 75% ID JP 15 % TH 85% 6M 2017: THB 1,687 million Pro-forma EBITDA (THB million) TH 45% 45% ID 8% 3% JP PH 6M 2018: THB 3,192 million 6M 2017: 155 GWh 6M 2018: 794 GWh JP 9% TH 91% TH 43% 50% ID 6M 2017: THB 1,259 million 4%3% JP PH 6M 2018: THB 2,673 million 9

10 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) Unit: THB per share 0.8 Dividend Yield 3.2% (@ 19.7 THB per share) Dividend payout ratio (Consolidated) FY16* Q117 Q217 Q317 Q417 FY17 1Q % 65.2% 65.2% 57.7% 55.2% 60.4% 91.0% 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 10

11 Agenda Key Highlights Financial Highlights Going Forward 11

12 Key business drivers Solar power plants - seasonally peak in second quarter Irradiation (hours per day) -1.2% YoY -6.6% YoY % QoQ +44.6% QoQ Q17 3Q17 4Q17 1Q18 2Q18 2Q17 3Q17 4Q17 1Q18 2Q18 Sellable Output (kwh) -2.0% YoY +1.0% QoQ +3.3% YoY +62.6% QoQ 68,073 65,384 65,716 66,035 66,695 2Q17 3Q17 4Q17 1Q18 2Q18 14,409 12,776 8,405 9,155 14,887 2Q17 3Q17 4Q17 1Q18 2Q18 12

13 Revenue 2Q18 revenue rose QoQ mainly thanks to seasonality Unit: THB million +3.2% YoY -1.7% YoY Effective tariff* % 17.6% 10.1% 10.9% 18.6% 80.8% 82.4% 89.9% 89.1% 81.4% 2Q17 3Q17 4Q17 1Q18 2Q18 Unit: THB per kwh Thailand +9.1% QoQ +1.1% YoY Japan -1.2% QoQ Revenue: Revenue declined YoY mainly due to lower output (in TH) and weakening JPY resulted to lower revenue in THB terms (in JP) On QoQ basis, revenue rose significantly by 9.1% thanks to seasonality Unit: JPY per kwh % YoY -0.1% QoQ Q17 3Q17 4Q17 1Q18 2Q18 2Q17 3Q17 4Q17 1Q18 2Q18 Remark: *Effective tariff includes FiT to Agricultural Cooperatives Solar (Thailand) of THB 5.66 per unit and Gotemba project (Japan) 13

14 EBITDA EBITDA growth bolstered by lower administrative expense Unit: THB million +5.2% YoY +13.1% QoQ Q17 3Q17 4Q17 1Q18 2Q % 71.3% 67.8% 73.9% 76.7% EBITDA 2Q18 EBITDA increased by 5.2% YoY mainly due to lower SG&A expenses 2Q18 EBITDA grew by 13.1% QoQ mainly helped by improving revenue and lower SG&A expenses 2Q18 SG&A to sales was at 15.4%, decline from 20.7% in 2Q17 mainly due to an absence in acquisition related cost (the Company acquired wind power plant in 2Q17) and ESOP related expenses (the program started in 2Q17) Remark: EBITDA from operation, excluding other revenue 14

15 Share of profit from associates -55.8% YoY Unit: THB million -72.3% QoQ Q17* 3Q17** 4Q17*** 1Q18 2Q18**** Share of profit from investments: In 2Q18, total share of profit from investments were at THB 19 million dropped YoY and QoQ; however: Geothermal power plant operation was robust besides share of profit contribution was hit by onetime item Operation from wind power business was resilient thanks to a quarterly record high performance during 2Q18 2Q18 Wind power plant Geothermal power plant Total Share of profit (operation) Refinancing Wayang Windu Amortization Adjust Amortization for Q Total Remark: *Including wind operation prior to acquisition of THB 53.1 million, **including geothermal operation prior to acquisition of THB million, ***including gain on purchases of wind and geothermal of THB million ****including one-time accounting item resulted from financing activity of approx. THB 122 million 15

16 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 3Q17 4Q17 1Q18 2Q18 Capacity factor in 2Q18 was at record high, compared to the past 3 years Due to better capacity, 2Q18 output soared by 57.2% Share of profit from operation was at THB 2.4 million. However, net contribution (after amortization) was at loss of THB 5.9 million 16

17 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** Robust operation at geothermal power plant Full-quarter recognition of share of profit from investment versus none in 2Q17 Contribution affected by one-time expenses of full amortization of deferred issuance cost related to refinancing activity. Excluding this item, operating performance has been very stable Share of profit from operation (after one-time expense) was at THB 90.5 million. However, net contribution (after amortization) was at THB 24.9 million Constant capacity factor of approx. 90% during the period Remark *Acquired since 26 July 2017 **Excl. one-time accounting related expense of THB mn 17

18 Share of profit from associates breakdown Unit: THB million 2017 Q1/18 Q2/18 Wind power plant in the Philippines Gain on purchase Share of profit from operation Amortisation Total Q1/61 Q2/61 Geothermal power plant in Indonesia Gain on purchase Share of profit from operation Amortisation Adjustment Total Total share of profit from investment in associates Final FV has been reflected in 2Q2018 Financial Statement (completed within a year after acquisition date). The changes in the FV determined by third party has reflected lower amortization expenses of approx. THB 170 million per annum whilst gain on purchase of approx. THB 242 million will be restated in Financial Statement of FY

19 Power generation Geothermal is the largest GWh contribution to our portfolio (GWh) 350 Power generation ( GWh ) 100% Capacity Factor (%) * % 80% % % 50% 40% % 20% 10% - Q Q Q Q % Q Q Q Q Solar Thai Solar Japan Wind PH Geothermal ID Solar TH Solar JP Wind PH Geothermal ID Remark *Capacity factor = Yield/number of days/24; Yield = kwh/kwp 19

20 Finance cost Good mix of debt helped lower effective interest cost Unit: THB million +54.5% YoY +5.5% QoQ Q17 3Q17 4Q17 1Q18 2Q18 Finance cost: A rise in finance cost YoY was mainly due to debt secured for investments in associates Effective cost of debt in 2Q18 was 2.94% vs. 3.21% in The lower cost of debt was helped by good mix of foreign-denominated debts as well as prudent financial management Interest-bearing debt breakdown by maturity Interest-bearing debt breakdown by currency 3.2% 4.9% 59.3% 55.4% 53.1% 49.8% 32.4% 30.3% 8.3% 7.2% Q18 < 1 year Due in 1-5 years Due > 5 years 43.7% 45.3% Q18 THB JPY USD 20

21 Net profit Growing QoQ Unit: THB million -9.4% YoY +19.3% QoQ Q17 3Q17 4Q17 1Q18 2Q % 60.1% 75.1% 43.8% 47.9% Net profit margin Net profit: 2Q18 Net profit decreased YoY mainly due to 1) an absence in one-time revenue (booked in 2Q17 from reversal of provision from contingent consideration from business acquisition 2) an absence of one-time gain on purchase in wind power business 3) increased finance cost 2Q18 Net profit increased significantly QoQ particularly owing to 1) rising revenue from electricity sales 2) a record of insurance claim from Japan 3) decreased administrative expense and 4) lower amortization from investment in geothermal power plants 21

22 Second quarter net profit comparison -9.4% MTHB 700 2Q % 2Q Net profit FX Sale of Asset Settlement - SunED PPA - Wind PH Core profit Core profit Refinancing Insurance Claim FX Net profit 22

23 First half net profit comparison -16.0% MTHB M % 6M Net profit FX Sale of Asset Settlement - SunED PPA - Wind PH Core profit Core profit Refinancing Insurance Claim FX Net profit 23

24 Core profit Share of profit from Indonesia and lower admin. cost helped uplift core profit Unit: THB million +32.1% YoY +39.2% QoQ Q17 3Q17 4Q17 1Q18 2Q % 79.6% 21.6% 45.4% 58.0% Core profit Margin* Core profit: Stripping out FX gain/loss and one-time items, 2Q18 core profit grew by 32.1% YoY largely due to share profit recognition from Indonesia and lower administrative expenses On QoQ basis, core profit rose significantly by 39.2% mainly due to improving operation, lower administrative expenses and lower amortization expenses from investment in Indonesia Remark: *Core profit excludes FX gain/loss and one-time items. in 2Q17 were FX loss of THB million, loss on assets disposal of THB 0.06 million, loss from forward contract of THB million, reversal of provision from contingent consideration from business acquisition of THB million and gain on purchase of THB 53.1 million in 3Q17 were FX gain of THB million, loss on assets disposal of THB 0.53 million and loss from forward contract THB million, in 4Q17 were FX gain of THB million, assets write off of THB million and gain on purchase of THB million, in 1Q18 were FX loss of THB million In 2Q18 were FX loss of THB million, gain from insurance claim of THB million and one-time expense related to refinancing activity at geothermal power plant of THB 122 million 24

25 Financial position Increasing debts tied to investment As at 2Q18, total assets slightly increased by 4.0% to THB 33,388 million mainly due to increasing long-term borrowing to fund investments Total Liability/Equity and Net IBD/Equity increased to 1.33x and 1.12x as at 2Q18 Financial Position Unit: THB million 2,004 2,209 13,288 17,028 13,416 18, ,890 14,127 14,762 14,338 2,675 3,001 A L + E A L + E Q18 Other Assets PPE Investment in JV Cash and Cash Equivalent Equity Other Liabilities Long-Term Loan Liability/Equity (x) Q18 Covenant : D/E ratio 3x : DSCR 1.15x Marginal liability : THB 24,807 million Outstanding Debt : THB 18,206 million 25

26 Agenda Recent Development Financial Highlights Business Outlooks 26

27 What s next in 2018? Growing organically and inorganically Q3: COD of solar power plant project with WVO (8.94 MWppa) August: Peer-to-Peer trading T77 Community implementation M&A: Realising M&A pipelines. Few discussions are in advanced stages

28 T77 : Peer-to-Peer Energy Trading Project using Blockchain Technology 580 kw - Habito Mall - Bangkok Prep International school - Park Court Condominium - Dental Hospital

29 Infrastructure Fund Entered into assets disposition of solar power plants in Japan e.g. Nikaho and Nagi project into Infrastructure Fund in Japan, totaling capacity of 27.6 MW Target to utilize future cash flow to fund new investments Net transaction value should be JPY 11,000 million or THB 3,185 million

30 BCPG strives to deliver high value while creating wealth for shareholders and sustainable future for all. 30

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32 Appendices Financial Statement Projects detail

33 Financial Statement Unit: Thousand THB Consolidated Profit and Loss Statement (otherwise stated) 2Q18 % to sales 2Q17 % to sales 1Q18 % to sales 2Q18 YoY 2Q18 QoQ Revenues from sales and services 873, % 889, % 801, % -1.8% 9.0% Cost of sales and services (247,461) -28.3% (247,547) -27.8% (239,555) -29.9% 0.0% 3.3% Gross Profit 626, % 642, % 561, % -2.4% 11.5% Administrative expense (134,409) -15.4% (184,574) -20.7% (146,064) -18.2% -27.2% -8.0% Operating profit 491, % 457, % 415, % 7.5% 18.3% FX gain (loss) (66,732) -7.6% (114,171) -12.8% (12,834) -1.6% -41.6% 420.0% Other income 102, % 158, % 2, % -35.1% % EBIT 527, % 501, % 405, % 5.3% 30.2% Financial cost (129,474) -14.8% (83,820) -9.4% (122,766) -15.3% 54.5% 5.5% Share of profit from associates & subsidiaries 19, % 43, % 68, % NA -72.4% EBT 417, % 460, % 351, % -9.4% 18.7% Corporate Income Tax 1, % 1, % (347) 0.0% -9.3% % Net profit 418, % 462, % 351, % -9.4% 19.3% 33

34 Financial Statement Unit: Thousand THB Consolidated Profit and Loss Statement (otherwise stated) 1H18 % to sales 1H17 % to sales 1H18 YoY Revenues from sales and services 1,675, % 1,687, % -0.7% Cost of sales and services (487,015) -29.1% (468,864) -27.8% 3.9% Gross Profit 1,188, % 1,218, % -2.5% Administrative expense (280,473) -16.7% (302,972) -18.0% -7.4% Operating profit 907, % 915, % -0.9% FX gain (loss) (79,566) -4.7% (117,265) -6.9% -32.1% Other income 104, % 241, % -56.7% EBIT 933, % 1,040, % -10.3% Financial cost (252,240) -15.1% (170,084) -10.1% 48.3% Share of profit from associates & subsidiaries 88, % 43, % NA EBT 768, % 913, % -15.8% Corporate Income Tax 1, % 3, % -59.0% Net profit 770, % 916, % -16.0% 34

35 Financial Statement Consolidated Statement of Financial Position Unit: Thousand THB 1H18 % of total % of total 2017 assets assets 1H18 YoY Cash and cash equivalents 2,208, % 2,003,984 6% 10.2% Current investments 0 0.0% 0 0.0% 0.0% Trade accounts receivable 553, % 507, % 9.1% Other current assets 305, % 185, % 64.5% Total current assets 3,067, % 2,696, % 13.7% Investments in associate & subsidiaries 13,415, % 13,529, % NA Property, plant and equipment 14,762, % 13,890, % 6.3% Goodwill and Intangible assets 1,942, % 1,892, % 2.6% Other non-current assets 199, % 90, % 122.0% Total non-current assets 30,320, % 29,402, % 3.1% Total Assets 33,387, % 32,099, % 4.0% Short-term borrowings & current portions 1,437, % 1,415, % 1.6% Long-term borrowings 16,768, % 15,613, % 7.4% Other current liabilities 843, % 701, % 20.2% Total liabilities 19,049, % 17,730, % 7.4% Equity attributable to owners of the Company 14,337, % 14,368, % -0.2% Non-controlling interests % % 0.0% Total liabilities and Equity 33,387, % 32,099, % 4.0% 35

36 Financial Statement Consolidated Statement of Cash Flows Unit: thousand THB 1H18 1H17 1H18 YoY Net cash from (used in) operating activities 1,284,119 1,289,066 (4,947) Net cash from (used in) investing activities (1,092,126) (714,464) (377,662) Net cash from (repaid to) financing activities (80,683) (1,520,690) 1,440,007 Net increase in cash and cash equivalents 111,309 (946,088) 1,057,397 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 93,541 (753) 94,294 Cash and cash equivalents at end period 2,208,834 6,414,319 (4,205,485) 36

37 Accounting Impact For each acquisition, company is required to engage third party to perform a Purchase Price Allocation analysis to determine Fair Value of the acquired company. For Geothermal power plant, FV assessment has been completed in 2Q Management est. : Fair Value > Purchase Price Final PPA assessed by third party : Fair Value < Purchase Price Difference is booked as Gain on Purchase in 2017 Fair Value (Scenario 1) THB 12,252 Million Amortization over life THB 550 Million/year Intangible Asset PPE Write-up Purchase Price THB 11,956 Million Fair Value (Scenario 2) THB 7,583 Million Goodwill Intangible Asset PPE Write-up Difference is booked as Goodwill and is subjected to Impairment Test on annual basis Amortization over life THB 380 Million/year Target s Net Asset Target s Net Asset Illustrative Only - Not to scale 37

38 Appendices Financial Statement Projects detail

39 Project pipeline in Thailand 182 Installed MW (130 MW PPA ) of operating assets portfolio in Thailand Location % of Contracted Tariff Power No. Project Operating Entity Off Taker COD District Province Shareholding Capacity (MW) Structure 1 BCPG 1 8 PEA 5/08/11 Bang Pa-in Ayutthaya BCPG N.A. BCPG 2 30 EGAT 16/07/12 2 BSE-BNN Bumnetnarong Chaiyaphum BSE 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/ Wiset Chai Chan Agricultural Cooperative Bang Pa-in Agricultural Cooperative Phra Nakhon Si Ayutthaya Agricultural Cooperative JV: the WVO of Thailand under Royal Patronage of His majesty the King JV: the WVO of Thailand under Royal Patronage of His majesty the King Wiset Chai Chan Angthong BSE-PRI 100% 5.0 Bang Pa-in Ayutthaya BSE-PRI 100% 5.0 Phra Nakhon Si Ayutthaya 14 Lomligor Pak Panang Ayutthaya FiT: THB 5.66/unit PEA (25 years) 6/03/13 23/12/16 14/03/17 BSE - PRI 100% /12/16 Phra Phutthabat Saraburi BCPG NA 5 20/7/18 FiT: THB 4.12/unit PEA (25 years) Tha Muang Kanchanaburi BCPG NA /7/18 Nakhon Sri Thammarat LLG 100% Adder THB 3.5/kWh PEA 1H

40 Project pipeline in Japan Operating (33.4 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 Nikaho Akita, Japan 1, Tohoku Electric Power Company COD 15/07/16 6 Nagi Okayama, Japan 1, Chugoku Electric Power Company COD 02/03/17 7 Gotemba Shizuoka, Japan 1, Tokyo Electric Power Company COD 16/04/18 Developing Off Taker 8 Komagane Nagano, Japan 1, Chubu Electric Power Company 9 Yabuki Fukushima, Japan 1, Tohoku Electric Power Company 10 Chiba Chiba, Japan 1, Tokyo Electric Power Company 11 Chiba Chiba, Japan 1, Tokyo Electric Power Company Under development 12 Nagota Kagoshima, Japan 1, Isakida Kagoshima, Japan 1, Shimoyunohira Oita, Japan 1, S Kagoshima, Japan 1, Wait for Grid 40 Status Under construction Expect to COD within 1H19 Expect to COD within 2H19 Expect to COD within 2H19

41 Contact us at: BCPG Public Company Limited Investor Relations team Call: Website: