BGRIM: Investor Presentation for Q1'2019 - Investor Relations
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BGRIM: Investor Presentation for Q1’2019 May 2019
Agenda 4 HIGHLIGHTS BGRIM UPDATE Q1’2019 OPERATING RESULTS BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM OVERVIEW Q3’2018 UPDATE Q3’2018 OPERATING RESULT 1 1
กรอบระยะเวลาดาเนินการของ SPP Replacement Scheme 24 ม.ค. 2 พ.ค. 16-17 พ.ค. ภายใน ส.ค. 2562 กพช. อนุมตั ิ การต่อ กกพ. ประกาศเชิ ญชวน กฟผ. จะมีหนังสือ อายุสญ ั ญาโรงไฟฟ้ า การรับซื้อไฟฟ้ าจากผูผ้ ลิ ต บี.กริ ม เพาเวอร์ ตอบรับซื้อไฟฟ้ าและ ไฟฟ้ าเอกชนรายเล็ก Application ผูผ้ ลิ ตไฟฟ้ าเอกชนราย ยื่นคาเสนอขอ submission แจ้งผลการพิจารณา เล็ก (SPP) และการ ประเภท Firm ระบบ ขายไฟฟ้ าต่อ กฟผ. Cogeneration ที่จะสิ้ นสุด ต่อกกพ. และผูย้ นื่ ก่อสร้างโรงไฟฟ้ าใหม่ จานวนทัง้ สิ้ น 5 โรง อายุสญ ั ญาในปี 2562-2568 ขอผลิตไฟฟ้ าเอกชน ทดแทนโรงไฟฟ้ าเดิ ม รายเล็ก* (ก่อสร้างโรงไฟฟ้ าใหม่)* BGRIM INVESTOR PRESENTATION Q1’2019 *อ้างอิ งจาก: ประกาศคณะกรรมการกากับกิ จการพลังงาน (ลงวันที่ 2 พ.ค. 2562) BGRIM OVERVIEW Q3’2018 UPDATE Q3’2018 OPERATING RESULT 2
SPP Extension and Replacement Scheme 2019 2020 2021 2022 2023 2024 ABP1 166 MW, (15.3% holding) 166 MW, (51.2% holding) 140-150 MW, (51.2% holding), 25 years ABP2 171 MW, (15.3% holding) 140-150 MW, (51.2% holding), 25 years BPLC1 103 MW, (100.0% holding) 140-150 MW, (100.0% holding), 25 years SPP1 #1 62 MW, (100.0% holding) 62 MW, (100.0%) 70-140 MW, (100.0% holding), 25 years SPP1 #2 62 MW, (100.0% holding) 62 MW, (100.0%) 70-140 MW, (100.0% holding), 25 years Key consideration Existing Extension* Replacement EGAT PPA period (years) 21-25 1-3 25 EGAT contract capacity (MW) Up to 90 Up to 60 Up to 30 Capacity Payment + Energy Payment Capacity Payment + EGAT Tariff Energy Payment Energy Payment IU Tariff Benchmark with PEA Benchmark with PEA Benchmark with PEA Contracted heat rate 8,600 8,282 7,409 (mmBTU/KWh) BGRIM’s power plants applied ABP1, ABP2, BPLC1, ABP1, SPP1 (2 plants) ABP1, ABP2, BPLC1, with this scheme SPP1 (2 plants) SPP1 (2 plants) *For PPAs expired in 2019 - 2021 BGRIM INVESTOR PRESENTATION Q1’2019 Q3’2018 UPDATE 3
Vietnam solar projects are on track with SCOD in June 2019 Dau Tieng Tay Ninh Energy Solar Phu Yen TTP Solar Plant Project Plant Project (Xuan Cau) (Phu Yen) Type of Fuel: Solar PV Type of Fuel: Solar PV Capacity: Installed - up to 420 MW dc Contract - up to 350 MW ac Capacity: Installed - up to 257 MW dc Contract - up to 214 MW ac Economic Ownership: 55% Economic Ownership: 80% EVN PPA : 350 MW / 20 years EVN PPA : 214 MW / 20 years Progress: Finished transmission line Progress: Finished transmission and commissioning. line and on process of commissioning process. 2019 Timeline May 6 May 12 May 15 June 5 June 15-20 Commissioning Commissioning Commissioning Target COD Target COD DT1 Phuyen TTP DT2 DT1 (180 MWdc) DT2 (240 MWdc) Target COD Phuyen TTP (257 MWdc) BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM OVERVIEW BGRIM Q3’2018 OVERVIEW Q3’2018 UPDATE UPDATE Q3’2018 OPERATING RESULT 4
DT1&2 and Phuyen TTP Vietnam Solar Projects DT1&2 Phuyen TTP BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM OVERVIEW BGRIM Q3’2018 OVERVIEW Q3’2018 UPDATE UPDATE Q3’2018 OPERATING RESULT 5
MOU Signing with Strong Partners MOU signing with Siemens and TPSC MOU signing with LG Chem (Mar 23, 2019) (May 14, 2019) Service Collaborations to improve 9 power plants Cooperation with LG Chem, world leader performance for increasing the availability and in fields of energy storage system (ESS), efficiency as well as introducing digitalization to automotive batteries and mobile batteries, their operation and maintenance. for the development in energy storage system. BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM OVERVIEW BGRIM Q3’2018 OVERVIEW UPDATE Q3’2018 UPDATE Q3’2018 OPERATING RESULT 6
BGRIM 2019 activities Q1 Q2 Q3 Q4 ✓ Ft increased ✓ MOU signing ✓ Expect to ✓ COD from Jan 2019 with LG Chem synchronize Interchem 5 IU MW to (5 MW) ✓ Synchronized ✓ Synchronized ABPR5 additional 3 IU additional ✓ No scheduled MW to ABPR5 10 IU MW to ✓ First quarter to maintenance in Feb ABPR4 in April fully recognize period revenue from ✓ Successful Glow ✓ Additional 692 MW COD SPP1 acquisition refinancing in Q2’2019 124 MW opportunity of ~ THB 2.2 Bn ✓ MOU signing with Siemens ✓ COD Nam Che ✓ Rising MW contribution from and TPSC (15 MW) renewable power to 30% from 8%, leading to potentially higher EBITDA ✓ COD DT1&2 (420 margin MW) and Phuyen TTP (257 MW) ✓ No scheduled maintenance period BGRIM INVESTOR PRESENTATION Q1’2019 *Based on our projections BGRIM OVERVIEW BGRIM Q3’2018 OVERVIEW Q3’2018 UPDATE UPDATE Q3’2018 OPERATING RESULT 7
Agenda 4 HIGHLIGHTS BGRIM UPDATE Q1’2019 OPERATING RESULTS BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM OVERVIEW Q3’2018 UPDATE Q3’2018 OPERATING RESULT 8 8
Awards and Recognition ✓ SET50 ✓ SET100 ✓ SETCLMV The Most Innovative Best Energy Solutions ASIA Project of Bond Deal Provider the Year 2015: Best Distributed Generation Project FTSE SET Mid Cap Certificate The First Non- financial EIA Monitoring Certificate of the Carbon of membership Corporate Green Bond from Awards 2016 Footprint for of GEIDCO* Thailand Organization (CFO) BGRIM INVESTOR PRESENTATION Q1’2019 *Global Energy Interconnection Development and Cooperation Organization 9
Awards and Recognition “Thailand Sustainability Investment (THSI) List” (by Stock Exchange of Thailand) “ESG 100” (by Thaipat Institute) “Sustainability Report Awards” (by Stock Exchange of Thailand) “Thai CAC” “CGR Score” (by Thai Institute of (by Thai Institute of Directors Association (IOD)) Directors Association (IOD)) “Very Good” “AGM Level” (by Thai Investors Association) BGRIM INVESTOR PRESENTATION Q1’2019 10
Well-Diversified Portfolio with Expert in Green-Field Developer SPP – INDUSTRIAL ESTATE 69.5% Gas Fired RENEWABLE GROUP 30.1% WHA (Map Ta Put) Wind Group Waste to Energy (IWTE) 140 MW 16 MW 5 MW 0.5% 1.6% (Including SPP1 Replacement) (Under Development) (Under Development) Amata City (Chonburi) WHA Chonburi 1 675 MW 130 MW (Including ABP1&2 Hydro Group 13.6% Laem Chabang 6.2% 133 MW 196 MW 5.8% Replacement 140 MW each) (113 MW Under Development) (Including BPLC1 Replacement 140 MW) 8.7% 29.9% Total 975 MW In Operation 165 MW* Total 2,257 MW Bangkadi 10.1% Solar Group In Operation 2,022 MW* 229 MW 84.3% 822 MW (677 MW Under Development) 10.6% BGPR1&2 Installed MW Equity MW 240 MW Type of (Under Development) 28.7% Amata City (Rayong) Energy Total % In Total % In 647 MW Capacity operation Capacity operation Gas 2,257 MW 69.5% 2,022 MW 1,202 MW fired 1,587 MW 70.2% *Up to 280 MW Diesel Hydro 133 MW 4.1% 20 MW 95 MW 4.2% 14 MW TRANSMISSION & DISTRIBUTION 0.4% Solar 822 MW 25.3% 145 MW 557 MW 24.7% 135 MW Wind 16 MW 0.5% 15 MW 0.7% Bien Hoa 13 MW Poi Pet PPSEZ 14 MW** IWTE 5 MW 0.1% 2 MW 0.1% SOLAR ROOFTOP Solar rooftop for industrial Diesel 13 MW 0.4% 13 MW 4 MW 0.2% 4 MW users and commercial buildings with up to 100 MW Total 3,245 MW 100% 2,200 MW* 2,260 MW 100% 1,355 MW* opportunity** *As of April 2019 BGRIM INVESTOR PRESENTATION Q1’2019 **Transmission & distribution and solar rooftop only which not included in power plant installed capacity of 3,245 MW 11
Long-Life PPA and Benefit from Well-Establishment of PPA 2018 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE Track Record of Extensions Steam-TH Others 2% 3% 24.6 Years 22.6 IU-VN Years 19.0 3% Years 15.0 Years Years 9.1 IU-TH Years 25% EDL PEA / MEA EGAT Industrial users - electricity (Thailand) THB 10,257 mm Q1’2019 Sales and Service Income LONG-TERM PPA STRUCTURE • EGAT : 21 to 25 years tenor with take-or-pay structure EGAT • PEA : 25 years tenor (VSPP of solar, wind, waste to energy) 67% • Industrial Users : up to 15 year tenor with track record of extensions Secured Gas Supply with PTT covering respective PPA tenors Gas price pass-through at contracted heat rate under EGAT PPA Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 31 December 2018 to expiry weighted by the aggregate contracted capacity under the relevant agreement BGRIM INVESTOR PRESENTATION Q1’2019 12
Delivery of Reliability in Form of Electricity and Steam FOOTHOLD IN TOP INDUSTRIAL ESTATES WITH SELECTED TOP IU FOR ELECTRICITY AND STEAM MULTIPLE OF GENERATING UNITS IN EACH LOCATION VIETNAM XXHP WHA Chonburi 1 ▪ 1 power plant ▪ 20 MW ▪ 1 power plant ▪ 3 generating units ▪ 130 MW LAOS ▪ 3 generating units Laem Chabung ▪ 2 power plants ▪ 159 MW Bangkadi ▪ 5 generating units THAILAND ▪ 2 power plants ▪ 229 MW ▪ 6 generating units Amata City Chonburi CAMBODIA ▪ 5 power plants BGPR1&2 ▪ 732 MW ▪ 17 generating units ▪ 2 power plants ▪ 240 MW ▪ 6 generating units Amata City Bien Hoa Amata City WHA Eastern ▪ 1 power plant (Map Ta Phut) ▪ 13 MW Rayong ▪ 2 power plants ▪ 5 power plants ▪ 124 MW ▪ 647 MW ▪ 4 generating units ▪ 15 generating units Gas-fired cogeneration power plants Transmission and Distribution Hydro power plants BGRIM INVESTOR PRESENTATION Q1’2019 13
Robust Growth Pipeline with Promising on Execution ACHIEVED COD IN TIME AND WITHIN BUDGET Gas Solar 2024 2025 IWTE 2023 2022 54 56 Hydro 53 Plants Plants Wind 2021 52 Plants Plants 3,245 MW 3,200 MW 3,215 MW 2020 Installed Capacity 2019 50 2021 3,193 MW Installed Capacity Installed Capacity 48 Plants Installed Capacity 46 Plants Plants Plants 3,152 MW BPLC1 2,912 MW Installed Capacity Replacement 2018 2,896 MW Installed Capacity (140 MW)* Installed Capacity 40 ABP1 Plants SPP1 Replacement (140 MW)* Nam Khao 1 Plants (2 plants - 124 MW) (15 MW) 2,076 MW Nam Che ABP2 Installed Capacity (15 MW) Nam Khao 4 SPP1 Extension Replacement Nam Khao 5 (8 MW) (15 MW) (2 plants -124 MW) (140 MW)* Nam Khao 2 DTE (15 MW) (1 plants - 420 MW) Bo Thong 1 & 2 ABPR3, ABPR4 (2 plants - 16 MW) SPP1 & ABPR 5 BGPR1, BGPR2 Replacement Phu Yen TTP (2 plants -240 MW) (2 plants -140 MW)** (3 plants - 399 MW) (1 plants - 257 MW) Nam Khao 3 ABP1 Extension (15 MW) Solar (166 MW) WVO-Coop (7 plants - 31 MW) Interchem Tadsakoi (5 MW) (30 MW) 1,217 MW 1,850 MW 1,865 MW 2,105 MW 2,222 MW 2,227 MW 2,238 MW 2,260 MW Equity Capacity Equity Capacity Equity Capacity Equity Capacity Equity Capacity Equity Capacity Equity Capacity Equity Capacity *Up to 150 MW, **Up to 280 MW BGRIM INVESTOR PRESENTATION Q1’2019 ***Based on our projections and may subject to change depending on project suitability 14
Diligently Invest in Suitable Opportunities via Strong Networks KOREA 677 MW PPA signing for solar farm in Vietnam Under construction with target COD in June 2019 LAOS 100 MW solar rooftop opportunities PHILIPPINES 1.8 MW COD achievement and 11.3 MW under construction with target COD in 2019. THAILAND VIETNAM Mutual Cooperation Meeting with CAMBODIA KEPCO Strengthening the cooperation and implementation of energy storage system and smart grid technology Gas MOU signing with LG Chem Solar Cooperation with LG Chem, world leader in fields of energy storage system (ESS), MALAYSIA Wind automotive batteries and mobile batteries, Maystorage for the development in energy Hybrid system. June Hydro Determine target KPI Transmission and Distribution System (T&D) BGRIM INVESTOR PRESENTATION Q1’2019 15
Upcoming COD - Projects under construction are on track Nam Che 1 Hydro Power Plant Type of Fuel: Hydro (Run of the river) Installed Capacity: 15 MW Economic Ownership: 72.0% Q2’2019 EDL PPA: 15 MW / 25 years Progress: - Finishing main area facilities, i.e. powerhouse and switchyard, % Progress generating unit, penstock - On process of transmission line and 98.9% communication system Interchem Type of Fuel: Waste to energy Capacity: 4.8 MW Economic Ownership: 48% Dec’2019 PEA PPA : 4 MW / FIT THB 6.08 (+THB 0.70- 8 years) Progress: - Finished concept and detail design - On process of construction site % Progress % Progress preparation 6.8% BGRIM INVESTOR PRESENTATION 16
Lower Funding Cost through Various Sources of Financing Debenture issuance ‘A’ CREDIT for refinancing and new investmentRATING BOND In May 2018, BIP1 and BIP2 issued 15-year amortizing debentures in amount of THB 6,700 mm with rating A- and coupon rate of 3.95% per annual. Q1’2019 Capital Structure In October 2018, BGRIM issued 2-10-year debentures in Corporate amount of THB 9,700 mm with rating A- and effective coupon rate of 4.18% per annual. 29% level TOTAL DEBT THB 60.7 bn In December 2018, BGRIM issued 5-7-year green bonds in amount of THB 5,000 mm with fixed coupon rate. 71% Project level Financing cost has gradually improved to 4.4% 0.05 Debt refinance of around THB 2.2 billion is expected in 2Q19, 0.05 0.05 4.9% with potential of interest saving. 0.05 4.7% 4.6% 0.05 0.05 0.05 4.4% 0.04 0.04 2016 2017 2018 Q1'2019 BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM FINANCIAL PERFORMANCE 17
Agenda 4 HIGHLIGHTS BGRIM UPDATE Q1’2019 OPERATING RESULTS BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM OVERVIEW Q3’2018 UPDATE Q3’2018 OPERATING RESULT 18 18
Top Line and EBITDA Grew Strongly TOTAL SALE AND EBITDA AND SERVICE INCOME +2,101 / 25.8% YoY EBITDA MARGIN (Unit: THB mm) (Unit: THB mm) 10000 27.2% 22.2% 23.5% EBITDA +324 / 3.3% QoQ 29.0% Margin 9000 8000 +195 / 8.8% YoY 27.0% 10,257 7000 +211/ 9.6% QoQ 8,156 9,933 1% Others 2% 2% Steam 6000 3% 1% 2% 25.0% 5000 2,413 2,218 2,202 4000 23.0% 97% Electricity 3000 EBITDA 95% 97% 2000 21.0% 1000 0 19.0% Q1/18 Q4/18 Q1/19 Q1/18 Q4/18 Q1/19 Q1/2018 to Q1/2019 (YoY): Q1/2018 to Q1/2019 (YoY): • Sales and service income increased 25.8% YoY primarily due to an • EBITDA increased 8.8% YoY due to the operation of new power plants increase in revenue from the commercial operations of ABPR3, ABPR4 and operated in 2018. ABPR5 (which are located in Amata City Rayong Industrial Estate) on February • EBITDA margin was 23.5% in Q1/2019 declining from 27.2% in Q1/2018 1, June 1 and October 1, 2018 respectively. because of 1) an 18.7% increasing gas cost which could not be fully offset by a slight increasing average selling price and 2) the scheduled maintenance Q4/2018 to Q1/2019 (QoQ): was peak in Q1/2019 for this year which is also relatively higher than • Sales and service income increased 3.3% QoQ primarily due to an increase of Q1/2018. volume and selling price of electricity and steam. Q4/2018 to Q1/2019 (QoQ): • EBITDA increased 9.6% QoQ due to lower scheduled maintenance during Q1/2019 relative to Q4/2018 and lower expense from seasonally peak of SG&A in Q4. • EBITDA margin was 23.5% in Q1/2019 rebounding from 22.2% in Q4/2018 thanks to 1) more volume dispatched from industrial users, 2) less scheduled maintenances 3) continual improvement in production efficiency and 4) less seasonal impacts. BGRIM INVESTOR PRESENTATION Q1’2019 PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 19
Top Line and EBITDA Grew Strongly Electricity Sales Volume Increased YoY for Both EGAT and IU (Q1/2018 vs Q1/2019) KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 3 MONTHS YoY (Unit: GWh) ELECTRICITY SALES SALES VOLUME FOR EACH INDUSTRIAL USER (Unit: GWh) VOLUME YoY FOR 3 MONTHS (TH) YoY 2,127 1,750 393 395 749 775 85 106 175 172 58 57 37 38 6* Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 EGAT Industrial Users (TH) Amata City Amata City Laem Chabang WHA Chonburi 1 Bangkadi WHA Eastern Chonburi Rayong (Map Ta Phut) ELECTRICITY SELLING (Unit:THB/KWh) EFFECTIVE GAS EGAT • EGAT sales volume increased 21.6% YoY primarily due to the inclusion PRICE YoY COST (Unit:THB/mmBTU) of ABPR3, ABPR4 and ABPR5 which commenced commercial operation in February, June and October 2018 respectively. 281.52 • Electricity price sales to EGAT increased by 12.8% from Baht 2.88/kWh 3.25 3.27 3.30 in Q1/2018 to Baht 3.25/kWh in Q1/2019 because the energy payment is 2.88 generally adjusted to reflect changes in natural gas price which rose in Q1/2019. 237.21 IU Thailand • IU Thailand sales volume increased 3.5% YoY primarily due to 1) the inclusion of new industrial users in Amata City Rayong Industrial Estate especially from new operation plants in 2018, 2) the inclusion of SPP1’s industrial users in WHA Eastern (Map Ta Phut) and 3) an increase in Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 demand load from existing customers in Bangkadi Industrial Park. EGAT Industrial Users (TH) • Electricity price sales to industry users in Thailand increased 0.9% BGRIM INVESTOR PRESENTATION Q1’2019 * Since the consolidation in March 2019 YoY which is in line with the changes in Ft charge announced by the ERC. PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 20
Top Line and EBITDA Grew Strongly Electricity Sales Volume Increased QoQ for Both EGAT and IU (Q4/2018 vs Q1/2019) KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE QoQ (Unit: GWh) ELECTRICITY SALES SALES VOLUME FOR EACH INDUSTRIAL USER (TH) (Unit: GWh) VOLUME QoQ QoQ 0.0% 2,053 2,127 395 395 763 775 98 106 172 172 63 57 35 38 6* Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 EGAT Industrial Users (TH) Amata City Amata City Laem Chabang WHA Chonburi 1 Bangkadi WHA Eastern Chonburi Rayong (Map Ta Phut) ELECTRICITY SELLING (Unit:THB/KWh) EFFECTIVE GAS EGAT PRICE QoQ COST (Unit:THB/mmBTU) • EGAT sales volume increased 3.6% QoQ primarily due to seasonal impact (as the dispatch volume is usually soft in Q4) and additional contributions from SPP1 acquisition in March. 0.0% • Electricity price sales to EGAT increased by 0.3% from Baht 3.24/KWh in 3.30 3.30 281.52 Q4/2018 to Baht 3.25/KWh in Q1/2019 because the energy payment is 3.24 3.25 278.60 generally adjusted to reflect changes in natural gas price which rose in Q1’2019. • IU Thailand • IU Thailand sales volume increased 1.7% QoQ primarily due to 1) the inclusion of new industrial users in Amata City Rayong Industrial Estate especially from new operation plants in 2018, 2) the inclusion of SPP1’s industrial users in WHA Eastern (Map Ta Phut) and 3) an increase in demand Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 load from existing customers in Bangkadi Industrial Park. EGAT Industrial Users (TH) • Electricity price sales to industry users Thailand remain unchanged while Ft charge slight increasing because of a decrease of capacity charge (MW) of BGRIM INVESTOR PRESENTATION Q1’2019 * Since the consolidation in March 2019 ABP1 and ABP2. PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 21
High Correlation between Gas Price and Ft – Benefit to IU Sales Change in Ft vs Gas Price in 2005-2018 300% Introduction of renewable energy 250% Adjusted FT Index 200% 150% 100% Gas Price Index 50% 0% Jul-07 Jan-15 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Adjusted FT Index Gas price Index Ft (Fuel Adjustment Charge) is a component of electricity tariff announced by Energy Regulatory Commission (ERC) every 4 months to reflect overall cost of fuel that EGAT uses to generate electricity which includes a portion that EGAT purchases from private sector and import from neighboring countries ➢ In general, natural gas is contributed for 70% of total fuel used to produce electricity in Thailand. Thus, change in gas price has high correlation with change in Ft over the past 10 years. ➢ In addition, the gap between these two indexes is widen since 2011 – the year that renewable business was start commencement in Thailand BGRIM’s Electricity price sold to IU is normally benchmark with Ft which would, in the long run, be moved in the same direction with change in gas price BGRIM INVESTOR PRESENTATION Q1’2019 PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 22
High Standard Technology Leads to High Efficiency & Availability HIGH EFFICIENCY (HEAT RATE) Contracted Heat Rate 8,600 BTU/kWh Contracted Heat Rate 8,000 BTU/kWh 8,430 Contracted Heat Rate 7,950 BTU/kWh 8,389 (BTU/kWh) 7,616 7,599 7,542 7,551 1st Round SPP 2nd Round SPP 3rd Round SPP 2018 Q1'2019 Our SPP power plants realized lower heat rates HIGH AVAILABILTY (AVAILABILTY FACTOR) 98.6 99.3 100 95.0 96.4 95.2 94.0 95 90 (%) 85 80 75 70 1st Round SPP 2nd Round SPP 3rd Round SPP 2018 Q1'2019 Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD Note: (a) Electricity equivalent generations of steam dispatched are calculated according to efficiency calculation of EGAT PPA (SPP generation 1) 1st Round SPP consist of ABP1, ABP2, BPLC1 BPLC2 and SPP1 2nd Round SPP consist of ABP3, ABP4, ABPR1, ABPR2 BIP1 and BIP2 3rd Round SPP consist of ABP5, ABPR3, ABPR4 ABPR5 and BPWHA BGRIM INVESTOR PRESENTATION Q1’2019 PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 23
Start the year with strong Q1’2019 NNP NORMALIZED RECONCILE NORMALIZED NET PROFIT (NNP) 10.2% NET PROFIT (NNP) 3.8% 6.7% (Unit: THB mm) NNP Margin OF Q1/2019 (Unit: THB mm) -143 / -17.2% YoY 1000 +306 / 80.3% QoQ 1,203 900 830 800 835 180 687 244 700 31 687 318 NNP to 600 Non-Controlling 244 Interest (NCI) 500 443 400 381 300 161 512 443 NNP to owner 200 100 220 0 Q1/18 Q4/18 Q1/19 Q1/2018 Q1/2019 Unrealized Non- NNP NNP to NCI NNP to Net Profit Fx Gain recurring Owner expense Q1/2018 to Q1/2019: • NNP declined 17.2% / NNP to Owner declined 13.5% YoY primarily due to an 18.7% increase in gas cost per unit but a 0.9% increase selling price per unit to IUs (from slower adjustment of Ft charge relatives to gas cost) however, this was the Reconciliation Items: temporary situation as gas price starting to lower in Q2/2019. Furthermore, • Unrealized Fx gain is due to an appreciation of the Baht against the U.S. dollar there was a relatively more scheduled maintenance in Q1/2019 comparing to at the ending of each financial statement period. the same period of last year; however, the scheduled maintenance is expected to be lower in the rest of this year. • Non-recurring expense is primarily due to a remuneration program’s expense • NNP margin declined to 6.7% in Q1/2019 as described previously. in the amount of Baht 14 million and a provision of obsolete inventory Q4/2018 to Q1/2019: in the amount of Baht 17 million. • NNP increased 80.3% / NNP to Owner increased 101.4% QoQ primarily due to 1) less seasonal impact than Q4 when there are normally drop in volume during holiday seasons and high SG&A, 2) an improvement on financing cost mainly attributable to debt refinancing, 3) lower interest expense from ABPIF and 4) relatively lower scheduled maintenance. BGRIM INVESTOR PRESENTATION Q1’2019 PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 24
Strong Financial Position Thanks to the Well-Managed Capital Structure STATEMENT OF FINANCIAL POSITION Financial Position as at 31 Mar 2019 AS OF 31 MAR 2019 (Unit: THB mm) Total assets Assets Liabilities and Equity • Total assets increased by 9.5%, primarily due to an increase in property, plant and equipment, and intangible assets. 110,161 110,161 100,636 100,636 Total liabilities • Total liabilities increased by 12.0%, primarily due to an 26% increase in short-term borrowing for project acquisition, Total 28% Equity construction payable for project under construction and additional loan drawdown for the projects under development and construction. 77% Non- Current 76% Total Equities Assets • Total equities increased by 2.9%, primarily due to the increase in retained earnings during the period. 74% Total 72% Liabilities Other 9% Current Assets 9% Cash, cash Equivalents and 15% 14% ST investments 31 Dec 18 31 Mar 19 31 Dec 18 31 Mar 19 BGRIM INVESTOR PRESENTATION Q1’2019 PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 25
BGRIM optimizes Capital Structure through Well Managed Debt Profile • Only 29% loan represents loan at the corporate level. The remaining 71% 24% 26% contributes to debts at power plant level with limited recourse to sponsor Corporate Level Debenture Project Level (In Operation) Loan (THB) THB 14,610 MM • Interest obligations of almost all power plant level debts are swapped to THB 15,517 MM fixed rate 5% 15% Corporate Level Project Level (In Operation) • Only 15% of total loan as at 31 March 2019 is denominated in USD which is Loan Loan (USD) matched with a proportion of EGAT tariff indexation to USD at project level, THB 3,037 MM THB 9,361 MM so called “Natural Hedge” strategy 30% 0% Project Level Project Level (Under Construction) Debenture Loan (USD) THB 18,176 MM THB 19 MM THB 60,721 MM (as of 31 March 2019) FINANCING COSTS (THB mm) • Financing costs decreased to 4.4% in Q1/2019 due to: 0.05 4.9% • Refinancing of project bond of 1) BIP1 and BIP2 amount of 6.7 billion in May 2018 to reduce 0.05 0.05 0.05 4.7% financing cost at project level. 4.6% 0.05 • Issuing of corporate bond in the amount of THB 9.7 0.05 4.4% billion in October 2018 and green bond in the 0.04 amount of THB 5.0 billion in December 2018 0.04 0.04 • Note that we aim to have more refinancing activities 0.04 to reduce the financial cost further in 2019. 2016 2017 2018 Q1/2019 BGRIM INVESTOR PRESENTATION Q1’2019 PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 26
Capital Structure and Dividend Policy NET INTEREST-BEARING DEBT DIVIDEND PAYMENT TO EQUITY RATIO (Unit: THB mm) 2.50 2.40 2.30 2.20 Company only Consolidated 2.10 2.00 1.90 1,842 1.80 1.70 45% of net profit are paid as dividend with the 1.60 1.50 total amount of 834 THB mm 1.40 1.30 45% 1.20 1.10 1.00 ▪ Dividend payment 0.32 THB per share for 0.90 1.5x 1.6x 0.80 0.70 0.60 2018 was approved in AGM on 25 April 2019. 0.50 0.9x 55% The payment will be made by 10 May 2019. 0.7x 0.40 0.30 0.20 0.10 (Including interim dividend for 1H’2018 at the - (0.10) (0.20) rate of 0.15 THB per share and remaining NNP to Owner dividend for 2H’2018 at the rate of 0.17 THB Dec-18 Mar-19 2018 per share) Gearing Ratios • Consolidated net interest-bearing debt to equity ratio increased to 1.6x, and for the Company only increased to 0.9x as a result of additional investments in new projects to support the company’s earnings growths in both short term and long term. CAPITAL STRUCTURE DIVIDEND POLICY • Manage debt and equity funding to optimize capital structure • Minimum 40% of normalized net profit of consolidated financial • Seek to obtain financing at project level statements • Limited-recourse project loan with back-end equity • Target 3.0x debt to equity project financing at outset, delivering over project life • Consolidated debt included loans at power plant because BGRIM holds majority in most of the projects BGRIM INVESTOR PRESENTATION Q1’2019 Note: Net Interest-bearing debt is Interest-bearing debt less cash, cash equivalents and short-term investments. PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE 27
Appendix BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM OVERVIEW Q3’2018 UPDATE Q3’2018 BGRIM BGRIM UPDATE OVERVIEW OVERVIEW Q2’2018 Q3’2018OPERATING Q3’2018 OPERATINGRESULT OPERATING RESULTS RESULTS 28 28
Summary of PDP2018 ◼ Increase balancing of total power generation capacity by region ◼ Include capacity from IPS (Independent Power Supply) to national power system ◼ Consider reliable capacity to balance demand-supply instead of target 15% reserve margin Security ◼ Increase portion of natural gas to 53% (from 37% in PDP2015) Economy Ecology ◼ Support low-cost power generation ◼ Support renewable following COP21 frame ◼ Distributed Generation policy to ◼ Encourage solar rooftops to household stimulate economic throughout the sector country especially industrial sector ◼ Develop smart grid system to support the change to prosumer concept BGRIM INVESTOR PRESENTATION Q3’2018 BGRIM UPDATE OVERVIEW 29
Summary of PDP2018 - Total Power Generation Capacity (MW) Renewable Hydro Cogeneration Combined Cycle (EGAT/IPP) Coal-fired (EGAT/IPP) Import IPP Bidding (EGAT/IPP) Energy Efficiency Plan (EEP) 20,766 13,156 1,740 5,857 8,300 4,000 500 2,112 56,431 77,211 46,090 25,310 Total capacity BGRIM INVESTOR PRESENTATION Total retired capacity Total additional capacity Grand total capacity as of Dec 2017 during 2018-2037 BGRIM during 2018-2037 at the end of 2037 Q3’2018 UPDATE OVERVIEW 30
New 8,300 MW IPP Opportunity (Target COD) 2023 700 MW - (Replacing TECO) West 2024 700 MW - (Replacing RG TH#1-2) West 2030 700 MW - EGAT / IPP Bidding North Eastern 2032 700 MW - EGAT / IPP Bidding North Eastern 1,400 MW - EGAT / IPP Bidding (Replacing GPG) Upper Central 2033 1,000 MW - EGAT / IPP Bidding (Replacing BLCP) East 2034 1,000 MW - EGAT / IPP Bidding (Replacing BLCP) East 2035 700 MW - EGAT / IPP Bidding South (Replacing Chana CC#1 and Krabi TH#1) 2036 700 MW - EGAT / IPP Bidding South BGRIM INVESTOR PRESENTATION Source: EPPO 31
140th Year Anniversary of B.Grimm "Doing Business with Compassion for the development of civilization in harmony with nature" Values: Positivity, Pioneering Spirit, Professionalism, and Partnership • Longest established infrastructure, industrial, and healthcare group in Thailand since 1878 • Concessionaire and contractor of the largest infrastructure system in Thailand and South East Asia of the 1890s: Rangsit irrigation canals • Introducing leading engineering technologies into Thailand since the 1880s until today with Krupp, Siemens, Carl Zeiss, Merck, Voith and United Technologies Installed the first Supplied turnkey Awarded first Small Consortium B.Grimm Power Opened Siam Built Rangsit canal telephone line systems and services Power Producer leader for Airport reached 2,200 MW Dispensary together with (“SPP”) contract Snidvongse family between Germany with Siemens for Rail Link installed capacity for Amata B.Grimm and Thailand BTS sky train Power 1 1878 1890 1931 1941 1996 2010 April 2019 BGRIM INVESTOR PRESENTATION Q1’2019 32
BGRIM Corporate Structure – Long Commitment from Management B.Grimm Power’s Team Mr. Harald Link Chairman (23 years with B.Grimm Power) Major Shareholder Ms. Preeyanart Soontornwata President (23 years with B.Grimm Power) Chairperson of The Association of Private Power Producers, Thailand Dr. Surachai Saibua Management Committee Member (23 years with B.Grimm Power) Previously held positions with EGAT and Petroasia International Mr. Chote Chusuwan Mr. Arunphun Pootong Mr. Surasak Towanich Mr. Nopadej Karnasuta Mr. Peradach Patanachan Senior Executive Vice President Executive Vice President Senior Executive Vice President Senior Executive Vice President Senior Executive Vice President Chief Operation Officer Business & Project Developments Sales and Marketing CFO and International Business Legal Counsel (Conventional) and Commercial & (23 years with B.Grimm Power) (23 years with B.Grimm Power) Development (12 years with B.Grimm Power) Procurement Previously held positions with Previously held positions Previously held positions (6 years with B.Grimm Power) Previously held positions with EGAT and Cogeneration PCL with EGAT and JERA with EGAT and ABB Previously held positions with Clifford Chance and KPMG Power KBANK and EGCO BGRIM INVESTOR PRESENTATION Q1’2019 BGRIM OVERVIEW Q3’2018 UPDATE BGRIM BGRIM OVERVIEW OVERVIEW Q3’2018 UPDATE Q3’2018 Q2’2018 OPERATING Q3’2018OPERATING RESULTS OPERATINGRESULT RESULTS 33 33
Corporate Structure Core subsidiaries and associates only 60.0% BGRIM INVESTOR PRESENTATION 34
BGRIM’s Shareholders 2,606.9 MM SHARES PUBLIC SHAREHOLDERS B.Grimm Joint Ms. Caroline Link Venture Holding 1.1% Directors and Top Public Shareholders (as of 30 April 19) % 0.4% Management 9.0% 1. ASIAN DEVELOPMENT BANK 4.7% Mr. Harald Link 24.4% 2. BBL Long-Term Equity Fund 1.7% Public 3. Thai Life Insurance Co., Ltd 1.1% 31.1% Shareholders 4. Muang Thai Life Assurance Co., Ltd 1.0% 5. SOUTH EAST ASIA UK (Type C) NOMINEES 0.8% LIMITED 34.0% B.Grimm Power 6. Others 21.8% (Singapore) PTE. LTD. Total 31.1% BGRIM INVESTOR PRESENTATION 35
Operational Power Plants: Conventional Economic Steam Company Abbreviation Fuel Type COD Ownership Installed Contracted Electricity Equity Offtaker / Contracted %(a) PPA Expiry Capacity Contracted Capacity (MW) Capacity (MW) (MW) (MW) Program (t/h) Amata Nakorn Industrial Estate, Thailand Amata B.Grimm Power 1 ABP1 Gas-Fired Cogen Sep-98 15.3%(b) 166.4 25.5 EGAT (SPP) Sep-19(c) 90 106.2 6 (b) Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep-01 15.3% 171.2 26.2 EGAT (SPP) Sep-22(c) 90 82.2 16 Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.70% 132.5 80.4 EGAT (SPP) Oct-37 90 46.1 13 Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov-15 55.50% 131.1 72.8 EGAT (SPP) Nov-40 90 32.5 – Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun-16 55.50% 131.1 72.8 EGAT (SPP) Jun-41 90 33.4 13 Subtotal 732.3 277.7 450 300.4 48 Amata City Industrial Estate, Thailand Amata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov-13 61.70% 123.3 76.1 EGAT (SPP) Nov-38 90 17 14 Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun-13 61.70% 124.4 76.8 EGAT (SPP) Jun-38 90 24 14 Amata B.Grimm Power (Rayong) 3 ABPR3 Gas-Fired Cogen Feb-18 55.50% 133 73.8 EGAT (SPP) Feb-43 90 18 - Amata B.Grimm Power (Rayong) 4 ABPR4 Gas-Fired Cogen Jun-18 55.50% 133 73.8 EGAT (SPP) Jun-43 90 16 - Amata B.Grimm Power (Rayong) 5 ABPR5 Gas-Fired Cogen Oct-18 55.50% 133 73.8 EGAT (SPP) Oct-43 90 14 - Subtotal 646.7 374.3 450 89 28 Laem Chabang Industrial Estate, Thailand B.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01(d) 100.00% 103 103 EGAT (SPP) Jul-22(c) 60 50.1 46.2 B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.00% 56.1 56.1 – – – 60.8 18.5 Subtotal 159.1 159.1 60 110.9 64.7 Bangkadi Industrial Park, Thailand B.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr-15 74.00% 114.6 84.8 EGAT (SPP) Apr-40 90 14 – B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan-16 74.00% 114.6 84.8 EGAT (SPP) Jan-41 90 18.5 – Subtotal 229.2 169.6 180 32.5 – WHA Chonburi1 Industrial Estate, Thailand B.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov-16 75.00% 130.2 97.5 EGAT (SPP) Nov-41 90 31 – WHA Eastern (Map Ta Phut) Industrial Estate, Thailand SPP1 SPP1 Gas-Fired Cogen Feb & Dec-98 100.00% 124.00 124.00 EGAT (SPP) Feb & Dec--21 110 110 48 Gas-Fired Cogen Total 2,021.50 1,202.20 1,250.00 642.80 188.70 Amata City (Bien Hoa) Industrial Estate, Vietnam Amata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.70% 13 4 – – – 310.5 – Conventional Total 2,034.50 1,206.20 1,250.00 953.30 188.70 Note: (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant (b) Amata B.Grimm Power owned 30.0% of ABPIF’s units and consequently, our economic ownership of Amata B.Grimm Power 1 Limited and Amata B.Grimm Power 2 Limited was 15.3% (c) NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and BPLC1) for 10 years with up to the existing contracted capacity. BGRIM INVESTOR PRESENTATION (d) Acquired from Sime Darby Energy on 30 June 2014 (e) We instead purchase power directly from a subsidiary of EVN which we then on-sell to industrial users in Amata City Bien Hoa Estate 36
Operational Power Plants: Solar Capacity Main PPA(s) Economic Company / Project Abbreviation Location COD Installed Equity Offtaker / Ownership %(a) PPA Expiry (MW) (MW) Program B.Grimm Yanhee Solar Power BGYSP 100.0% 59.7 59.7 Sai Luang 2 8.0 8.0 Sai Luang 3 8.0 8.0 Sai Luang 9 7.2 7.2 Sai Luang 10 Pathumthani province, Thailand Dec-15 7.5 7.5 PEA (FiT) Dec-40 Sai Yai Nha 8.0 8.0 Sai Manow 8.0 8.0 Sai Putsa 8.0 8.0 Sai Sena 2 Ayutthaya province, Thailand 5.0 5.0 Solarwa Solarwa 47.5% 38.5 18.3 Sai Lui Rim Num 8.0 3.8 Nakhon Pathom province, Sai Chalouw 1 8.0 3.8 Thailand Sai Sab Dec-15 8.0 3.8 PEA (FiT) Dec-40 BGTTRE2 8.0 3.8 Saraburi province, Thailand BGTTRE3 6.5 3.1 TPS Commercial TPS Saraburi province, Thailand Dec-15 47.5% 8.0 3.8 PEA (FiT) Dec-40 B.Grimm Solar Power (Sakaeo) 1 BGPSK Sakaeo province, Thailand Apr-16 100.0% 8.0 8.0 PEA (FiT) Apr-41 Solar WVO-Cooperatives Solar WVO-Coop Dec-18 100.0% 30.8 30.8 BSPCD Sakaeo province, Thailand 2.3 2.3 BGPCCS Phetchabun province, Thailand 3.6 3.6 PEA (FiT) BSPCB Surat Thani province, Thailand 5.0 5.0 BGSP1WN Bangkok province, Thailand 5.0 5.0 Dec-43 BGPLKB Bangkok province, Thailand 5.0 5.0 MEA BGPBBO Samut Prakan province, Thailand 5.0 5.0 BGPSAI Nonthaburi province, Thailand 5.0 5.0 Total 145.0 120.6 Note: As of BGRIM 31 December INVESTOR 2018 PRESENTATION (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant. 37
Contractual Overview: Commercial Features SPP Gas-fired Cogeneration Solar PV Wind Hydro Industrial Users EGAT PEA (FiT) PEA (Adder) EDL Electricity Steam Term (years) 21 – 25 years 5 – 15 years(a) 5 – 15 years(a) 25 years 5 years 25 years 5 years Extension option ✓ ✓ ✓ – auto extension Up to 10 years 90 MW Contracted capacity (except for BPLC1 Depends on each contract 5 – 8 MW 8 MW 6.7 – 15 MW (b) which is 60MW) Secured fuel supply ✓ ✓ ✓ N/A N/A N/A Natural gas cost pass-through ✓ Partially through Ft Depends on contract N/A N/A N/A (at contracted heat rate) FX pass-through ✓ Partially through Ft – – – – Inflation indexation – – ✓ – – – PEA wholesale + Tariff See next page 5.66 THB/kWh 10-year adder at 0.065 US$/kWh 3.50 THB/kWh BGYSP (8 projects), XXHP (2 projects), Bo Thong Applicable power plants ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPR1-2, SPP1 Solarwa (5 projects), Nam Che, Nam Khao (2 projects) TPS, BGPSK 1-5 (5 projects) Source: 56-1, EGAT, PEA (a) Some contract terms are year-on-year basis (b) According to concession agreements BGRIM INVESTOR PRESENTATION 38
Contractual Overview: EGAT PPA under SPP Program TARIFF STRUCTURE SPP Regulation 1992, 1998 2007 2010 & 2005 Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving ABP4-5, ABP3, Payment + VAT Applicable power plants ABP1-2, SPP1 ABPR1-2, ABPR3-5, BPLC1 BIP2, BOWIN, BIP1 BGPR1-2 Base Capacity Payment Rate 302.00 383.66 420.00 ( 0 ) (THB/kW) Capacity Payment Rate (THB/kW/month) = 0 × × 0 +(1− ) Base Exchange Rate ( 0 ) 27 37 34 − 0 (THB/US$) Energy Payment Rate (THB/kWh) = 0 + × contracted Heat rate 106 US$THB FX indexation ( ) 0.8 0.5 0.5 Fuel Saving Payment Rate (THB/KWh) = 0 × 10% Base Energy Payment Rate 0.85 1.70 1.85 ( 0 ) (THB/kWh) Base Price for Natural Gas PTT sells to SPPs ( 0 ) 77.0812 209.4531 232.6116 = THB/ US$ Exchange Rate (THB/mmBTU) = Price for natural gas PTT sells to SPPs in a month (THB/mmBTU) Contracted Heat Rate 8,600 8,000 7,950 (BTU/kWh) = primary energy saving (“PES”) statistic measuring the efficiency rate of our gas-fired cogeneration power plant in consuming natural gas in the Fuel Saving Payment - ✓ ✓ generation of electricity and thermal energy Base Fuel Saving Payment - 0.36 0.36 ( 0 ) (THB/kWh) Source: Company filing and data, EGAT BGRIM INVESTOR PRESENTATION 39
Major Maintenance Schedule in 2018 & 2019 Installed Steam Duration 2018 Projects Capacity Capacity Type of maintenance (days) (MW) (ton/hr) Q1 Q2 Q3 Q4 Amata City (Chonburi) ABP1 166.4 30.0 Major Overhaul 24 Major Overhaul 22 ABP2 171.2 30.0 Major Overhaul 12 ABP3 132.5 30.0 Major Overhaul 20 ABP4 131.1 30.0 Major Inspection 15 Laem Chabang Major Overhaul 14 BPLC1 103.0 50.0 Major Overhaul 15 BPLC2 56.1 20.0 Major Inspection 7 Bangkadi BIP1 114.6 20.0 Major Inspection 12 BIP2 114.6 20.0 Major Inspection 11 Installed Steam Duration 2019 Projects Capacity Capacity Type of maintenance (days) (MW) (ton/hr) Q1 Q2 Q3 Q4 Amata City (Chonburi) ABP1 166.4 30.0 Major Overhaul 22 ABP2 171.2 30.0 Major Overhaul 25 ABP3 132.5 30.0 Major Overhaul 20 ABP4 131.1 30.0 Major Inspection 12 ABP5 131.1 30.0 Major Inspection 24 WHA Chonburi 1 BPWHA 130.0 30.0 Major Inspection 12 BGRIM INVESTOR PRESENTATION 40
Abbreviation & Our Projects ABBREVIATION ADB Asian Development Bank KWh / GWh Kilo / Gigawatt-hour COD Commercial Operation Date MEA Metropolitan Electricity Authority EBITDA Earnings before Interest, Taxes, Depreciation and Amortization mmBtu Million Btu (unit of gas consumption) EDL Electricite Du Laos NNP Normalized net profit EGAT Electricity Generating Authority of Thailand O&M Operations and maintenance ERC Energy Regulatory Commission P.A. Per annum EPC Engineering, Procurement and Construction PEA Provincial Electricity Authority (Thailand) EVN Electricity of Vietnam PPA Power purchase agreement FiT Feed-in Tariff PTT PTT public Company Limited FX Foreign exchange ROA Return on assets IPO Initial public offering ROE Return on equity IU Industrial user SG&A Selling, general & administrative expense IWTE Industrial Waste to Energy YE Year End JV Joint venture YoY Year-on-Year OUR PROJECTS ABPIF Amata B.Grimm Power Plant Infrastructure Fund BGYSP B.Grimm Yanhee Solar Power ABP1 Amata B.Grimm Power 1 BIP1 B.Grimm BIP Power 1 ABP2 Amata B.Grimm Power 2 BIP2 B.Grimm BIP Power 2 ABP3 Amata B.Grimm Power 3 BPLC1 B.Grimm Power (Laem Chabang) 1 ABP4 Amata B.Grimm Power 4 BPLC2 B.Grimm Power (Laem Chabang) 2 ABP5 Amata B.Grimm Power 5 BPWHA1 B.Grimm Power (WHA) 1 ABPR1 Amata B.Grimm Power (Rayong) 1 Nam Che Nam Che 1 Hydro Power Project ABPR2 Amata B.Grimm Power (Rayong) 2 XXHP Xenamnoy 2 and Xekatam 1 Hydro Power Project ABPR3 Amata B.Grimm Power (Rayong) 3 Interchem Progress Interchem ABPR4 Amata B.Grimm Power (Rayong) 4 Solar WVO Solar WVO-Cooperatives Projects ABPR5 Amata B.Grimm Power (Rayong) 5 DTE Dau Tieng Tay Ninh Energy Solar Plant Project (Xuan Cau) BGRIM INVESTOR PRESENTATION BGPSK B.Grimm Solar Power (Sakaeo) 1 Phu Yen TTP Phu Yen TTP Solar Plant Project (Phu Yen) BGSENA B.Grimm Sena Solar Power Limited 41
Abbreviation & Our Projects OUR PROJECTS BSPCD The Chon Daen agricultural cooperatives project BGPCCS The WVO project, namely the Veteran Support Office of Chonburi BSPCB The Ban Na Doem agricultural cooperatives project BGSP1WN The WVO project, namely Office of Agriculture, Industry and Services Affairs BGPLKB The WVO project, namely the Veterans General Hospital BGPBBO The WVO project, namely the WVO Office of Terminal Production Workshop BGPSAI The WVO project, namely the WVO Office of Security Services BGRIM INVESTOR PRESENTATION 42
IR Contact INVESTOR RELATIONS Email: IR@BGrimmPower.com Tel: +66 (0) 2710 3528 Solaya Na Songkhla Email: Solaya.N@BGrimmPower.com Gunnlapat Wichutarat Email: Gunnlapat.W@BGrimmPower.com Thunruethai Makaraphan Email: Thunruethai.M@BGrimmPower.com Contact Us: Dr. Gerhard Link Building, 5 Krungthepkreetha Road, Huamark, Bangkapi, Bangkok 10240, Thailand Tel: +66 (0) 2710 3400 Disclaimer Fax: +66 (0) 2379 4245 None of the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document or otherwise made available nor as to the reasonableness of any assumption contained herein or therein, and any liability therein (including in respect of any direct, indirect or consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction and any recipient hereof should conduct its own independent BGRIM INVESTOR PRESENTATION analysis of the Company, including the consulting of independent legal, business, tax and financial advisers. The information in these materials is provided as at the date of this document and is subject to change without notice. . 43
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