Analyst Meeting 3Q2019 Results - listed...
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Analyst Meeting 3Q2019 Results 11 Nov 2019 Ticker: BCPG (SET)
Transcript of Analyst Meeting 3Q2019 Results - listed...
Analyst Meeting3Q2019 Results11 Nov 2019Ticker: BCPG (SET)
Agenda
2
3Q19 Key highlights
Portfolio & Projects in pipelines
Performance
Business Outlook
Agenda
3
3Q19 Key highlights
Portfolio & Projects in pipelines
Performance
Business Outlook
3Q19 Key Highlights
4
“Our first step in hydropower plant and in CLMV.”
“75 MW in pipelineswith JPY 36 per kWh”
“4 projects to test energy innovation in regulatory Sandbox”
New Acquisition in Nam San 3A ERC Sandbox
Secure high tariff in Japan
5
Hydro and Hybrid Potential
High Growth of Electricity Demand
Abundance of hydro resources, potential for up to 26 GW of
hydro power plant with current up-and-run approximately 5 GW
Complimentary of wind solar and hydro resources in South East
Asia region, an opportunity for hybrid power plant
Energy demand expect to increase with CAGR c. 8% until 2030
Location advantage allowing Lao to export power to neighbor
Approximately 15 GW of exporting capacity signed
Thailand 9,000 MW
Malaysia 300 MW
Cambodia 200 MW
Vietnam 5,000 MW
Myanmar 300 – 400 MW
Current MOU to export power to neighbor
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3
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5
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9
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0
50
100
150
200
250
300
350
400
Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec
Hydro (Rainfall)
Solar (Irradiation)
Wind (Wind Speed)
Complimentary of each resource in SEA regionLaos PDR At-A-Glance
Lao PDR as the battery of Asia
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El Nino means "the little boy.“
Dry conditions follow the warm water to the central and northern Australia and southeast Asia.
While the wetter conditions impact Pacific coastal South America.
La Nina means "the little girl.“
La Nina is characterized by the opposite process.
Dry conditions in Pacific coastal South America, and much wetter conditions in northern Australia and southeast Asia
Source: International Research Institute for climate and Society, UNESCAP
What are El Nino and La Nina?
La Nina effectEl Nino effect
El Nino (the warm phase) and La Nina (the cold phase), typically last for 9-12 months each, but in rare cases can last over multiple years
El nino and La nina Effect
40%45%50%55%60%65%
5.0
5.1
5.2
5.3
2016 2017 2018 2019 CAPA
CITY
FAC
TOR
(%)
IRR
(HRS
/ DAY
)Irradiation Forecasting by Global Signal
7Source&Remarks: National Oceanic and Atmospheric Administration, U.S.A. / * Base on actual data
Strong
El Nino
La Nina
Strong
(Dry condition in SE Asia)
(Wetter condition in SE Asia)
+3 oC
-3 oC
0 oC
> +0.5 oC = Possibility of El Nino0 oC = Neutral< -0.5 oC = Possibility of La Nina
The trend move to neutral or weak La Nina.
Right mix of renewable technology will build resilience into our portfolio
Historical Performance * Solar TH
Hydro LA
Chance of El nino and La nina
8
Hybridizing impacts to the power plants
*Estimated El Nino and La Nina
in SE Asia for September – December 2019
30% El Nino
60% ENSO-Neutral*
10% La Nina
Power Plants El Nino La Nina
Solar Power Plants Benefit Not benefit
Wind Power Plants Not benefit Benefit
Hydro Power Plants Not benefit Benefit
Solar Power plants are mostly benefit from El Nino according to intensified radiation caused by the drought weather.
Hydro Power Plant and Wind Power Plants are benefit from La Nina according to Low air pressure, which is likely to cause Monsoon, Depression and Typhoon.
Source: International Research Institute for climate and Society, UNESCAP*ENSO-Neutral = Above-average sea surface 0 oC temperature across the equatorial.
Nam San 3A: Project Fact Sheet
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First expansion to Lao PDR with strong growth potential
Technology and revenue risk diversification
Stable cashflow
Acquired the asset from the extensively experienced
hydropower plant developer, Phongsubthavy group, which is
operating several hydropowerplants inLaos.
(Nam San 3A)
The in-bound river to Mekong with fewer seasonality effect 69 MWNam San 3A
In-bound to Mekong River
Mekong River
Location Nam San River, Xiengkhouang Province
Type Run-of-river
Installed Capacity 69 MW
Concession• Concession agreement with Government of Laos for
27 years period after COD• Build-Operate-Transfer (BOT) basis
Purchase Price• 4,424 MTHB - Paid• 891 MTHB – upon completion of negotiation to
increase tariff
COD date 29 January 2016
Off-taker
• Power Purchase Agreement with Electricite du Laos for 27 years period after COD
• Take-or-pay basis• Tariff rate at 6 – 7 US cents per kWh
Project Summary
Chiba 1 project has finished EPC selection process and ready for construction.
Projects update in Japan
10
25 MW under construction, while 50 MW are prompt to construct
KomaganeCOD 1H20
25MW
20MW
Constructing
YabukiCOD 2H21
Chiba 1
Got exemption from Grid connection work application and requesting FDP permission.Secured FiT at 36 JPY/kWh.
Yabuki
Secured36 JPY/kWh
Granted grid connection work application and secured FiT at 36 JPY/ kWh.In the process of EPC selection.Deadline of COD without PPA period cut is 30 Sep 2020.
Construction Progress >60%
ChibaCOD 1H21*
30MW**Ready to Build
Komagane
Chiba 2
Remark: *Chiba 1 exp.COD by 1H21 & Chiba 2 exp.COD by 2H22 **Chiba 1: 20 MW / Chiba 2: 10MW
Chiba 2 project has finished Land acquiring .
Land Prompt
ERC Sandbox projectsLeading to test energy innovations in Regulatory Sandbox campaign
Management Project Energy Town 77 (Peer to Peer with blockchain technology)
Smart City Prototype Development Project at CMU(The Smart City)
Sun Share Smart Green Energy Community Project
(Smart Grid Network System)
Lom Ligor Project (Energy Storage Systems)
Source: Energy Regulatory Committee 11
Agenda
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3Q19 Key highlights
Portfolio & Projects in pipelines
Performance
Business Outlook
Operating 404 MW
Developing158 MW
Total562 MW
Business footprint in 5 countries in Asia
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Unit: contracted capacity or equity MW
Thailand 4 SPPs and 9 VSPPs
(147.8 MW.)
Rooftop 12 MW.Under construction
Indonesia3 SPPs
(157.5 MW.)
Developing 24 MW
Philippines1 SPPs
(14.4 MW.)
Developing 5.6 MW
Laos1 SPPs (69MW.)
Remark: *Including wind power plant project of 9.0 MW
Location Scheme Contracted MW.
Thailand
AdderTHB 8.00THB 3.50
118 MW9.0 MW*
FiTTHB 5.66THB 4.12
12.0 MW8.9 MW
JapanFiT
JPY 40JPY 32
10 MW4 MW
LaosFiT
USD 0.06-0.07 69 MW.
Philippines Fit
USD 0.13 14.4 MW
IndonesiaFit
USD 0.96USD 0.05-0.07
45.4 MW112.1 MW
Japan5 VSPPs
(17.4 MW.)
Developing 116.5 MW
14
29 MW (5.6 MW under development)
181.5 MW (24.0 MW under development)
282.1 MW (128.5 MW under
development)69.0 MW
64.4%3.1%
15.1%
17.5%
Q1 Q2 Q3 Q4
3 hrs 4.1 hrs 4.3 hrs
8.7 hrs
14 hrs
22.5 hrs
Estimated Yearly Power Generation by technology *
Contracted MW by TechnologyY2018 Seasonality by Technology
(Capacity factor %)
561.6 MW
Geothermal (ID)
Hydro (LA)
Wind (PH)
Solar (TH)Solar (JP)
Wind (TH)
Average capacity factor in hours by TechnologyUnit: GWh
Unit: MW
Remarks : * Calculate base on capacity factor (%) in 2018
> 2,000 GWh / year
Well-diversified portfolioin 4 major types of technology
148
335 326
2016 2017 2018 2019 2024
Portfolio growth from existing pipeline
15
…......
Remarks : Not including wait for grid projects in Japan of 41.5 contracted equity MW / **Solar equivalent are calculate to be compared with Solar power plant in Thailand
Unit: MW
Current portfolio and pipelines
Current pipeline guarantees a growth of 30% in the next 5 years
520 MW
Solar Equivalent **
404 MW*
12.0 MW TH 202025.0 MW JP 202040.0 MW JP 202110.0 MW JP 20225.6 MW PH 202224.0 MW ID 2024
Current pipeline1,300 MW1,500 MW
Solar Equivalent **
Agenda
16
3Q19 Key highlights
Portfolio & Projects in pipelines
Performance
Business Outlook
Financial highlights for 3Q19
17
By numbers
EBITDA Presenting resiliency
583.5Unit: THB mn
Net profitStable earnings
401.2
MWLeading renewable player in Asia Pacific
561.6
ND/E On ground financial leverage
1.12x
Div. YieldCommitment to shareholders
3.51%
Key takeaway
New acquisition “Nam San 3A”, the first step in Hydro and CLMV while begin a key driver for next year growth
1
Recurring profit and EBITDA maintain YoY from new projects offset absence of Nagi&Nikaho which will impact the last quarter
2
Geothermal come back as shutdown drops top up with favorable seasonality for wind power plant in the Philippines
3
4 Continue to deliver stable dividend payment
702 770 775
419
50.7%56.4% 58.4%
45%
2016 * 2017 2018 9M19Revenue Capacity factor (%)
672 729 732389
95.8% 94.7% 94.5% 92.7%
2016 * 2017 2018 9M19EBITDA EBITDA margin (%)
Nam San 3A Historical Performance
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5,3363,852 3,598
9.7%15.0% 16.3%
2016 2017 2018Total Assets ROA (%)
Steady CF secured by concession agreement
517 578 586283
73.6% 75.1% 75.6%67.4%
2016 * 2017 2018 9M19 Net profit Net Profit Margin (%)
Unit: THB million
Current ROA of hydro power plant is more than double from BCPG’scurrent level.
Unit: THB million
Operating Revenue
EBITDA
Past performance and EBITDA margin stable at high level.
Remarks: * 11 months of operation due to COD at 29 Jan 2016
Assets
Net profit
Nam San 3A Acquisition (Management Estimate) as of 20 September 2019
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Total Purchase Price 5,357 MB
Payment Method
A. Loan to 3A to repay seller debt 2,399 MB
B. 3A Share Purchase 2,958 MB
Contingent Considerations (Part of Total Purchase Price) 897 MBProvision (1) – Current Liab 186 MBProvision (2) – Non-Current Liab 711 MB
Fair value of net assets acquired is recognized at value based on management estimates. The result will be finalized within one year.
Working capital & Fixed assets
26.2 M฿
Intangible assets
4,356.0 M฿(Value is based on the terms of Power Purchase Agreement with
EDL)
Deferred tax liabilities103 M฿
Revalued net
assets
1,868 M฿
Purchase consideration
2,958 M฿
Other Liabilities 12 M฿
Inter co Loan from
BCPG group 2,400 M฿
Goodwill
1,090 M฿
Goodwill is subject to annual impairment test and
represents as followed- Potential benefits from new PPA- Business relationships with seller in future- Enhancement in BCPG’sexpertise
3
2
1
Intangible asset of 4356 MB will be amortized over
23.3 years
2
3
Share Purchase Price is the net payment after
loan to repay seller debt
1Purchase Price Allocation
675 782 714
3Q18 2Q19 3Q19Solar (TH) Wind (TH) Other (TH)
2,102 2,253
9M18 9M19
+7.2% YoY+5.8% YoY
64 73 66
15.6%17.7%
15.8%
3Q18 2Q19 3Q19
Generation Capacity factor (%)
138.9 MW + 12 MW
TH performance
+2.3% YoYUnit: GWh
Rainy season (TH) is the main pressure on generation
197 211
16.6%17.1%
9M18 9M19
Unit: GWh+7.1% YoY
Power generation & Capacity factor (%)
Rainy season cut generation QoQ in 3Q19. While YTD still rise from the overall favorable weather.
Full quarter of operation and strong wind season help generation from Lomligor rise by 68.8% QoQ.
9.0 MW
20
-10.3% QoQ +68.8% QoQ
34
13.1%
19.4%
3Q18 2Q19 3Q19
Generation Capacity factor (%)
Revenue (TH)
-8.7% QOQ
Unit: THB million
7
16.5%
9M18 9M19
Revenue growth YTD remain strongsfrom favorable solar performance and newly COD of Lomligor.
149
403
176
9M18 9M19
59
154
65 60
3Q18 2Q19 3Q19Solar (JP) exc. Nagi&NikahoNagi&NikahoOther (TH)
-8.5% QoQ
14 5 5
14.3% 14.3%13.1%
3Q18 2Q19 3Q19
Generation Capacity factor (%)
3814
12.8%12.8%
9M18 9M19
JP performanceMonetization still the main pressure
Power generation & Capacity factor (%)
-63.9% YoY -61.8% YoYUnit: GWh
14.7 MW + 116.5 MW
Absence of Nagi and Nikaho still the main pressure on generation in 3Q19(YoY) and 9M19 (YoY). But will come to an end in this quarter. 21
-7.0% QoQ
Revenue (JP)
Unit: THB million
-61.3% YoY -56.2% YoY
Revenue from existing assets after last year monetization remain stable QoQ and growing at 17% YTD.
830 848 790
69.3% 73.6% 71.4%
3Q18 2Q19 3Q19Thailand JapanLaos Gross Profit Margin
2,505 2,445
70.4% 73.1%
9M18 9M19
16.0% 15.6% 18.5%
3Q18 2Q19 3Q19
1,839 1,845
73.4%75.4%
9M18 9M19
Remark: EBITDA from operation, excluding other revenue and share of profit from associates and one-time items
Revenue & EBITDA
-10.4% QoQ
Selling and administrative expense%SG&A/Sales increased QoQ in 3Q19partially from expenses arising due to hydropower plant acquisition.
EBITDA%SG&A/Sales
COD of new projects fully offset the impact from JP monetization
16.5% 17.3%
9M18 9M19
22
+0.3% YoY+1.3% YoYRevenue
-4.8% YoY -2.4% YoY
-6.8% QoQ
RevenueRainy season in Thailand and absence of Japan’s projects (Nagi and Nikaho) led to QoQ and YoY drop in operating revenue respectively.
Unit: THB million
EBITDADespite Japan assets monetization, EBITDA in 3Q19 still slightly growth YoY from the full period recognition of two “WVO” projects, “Lomligor” and partially from “Nam San 3A” as well as 9M19 YoY.
Unit: THB million
576 652 584
69.4% 76.9% 73.9%
3Q18 2Q19 3Q19EBITDA EBITDA margin
14 7 13
43.2%
22.6%
40.4%
3Q18 2Q19 3Q19Sellable output Capacity factor (%)
36 39
32.0%37.9%
9M18 9M19
23
Amortization (8.5) (8.1) (7.9) (24.9) (24.2)
One-time items - - - - -
Net share of profit 20.6 (12.1) 16.3 28.8 33.4
Unit: THB million
Stronger wind speed from seasonality QoQ (Generation +80.9%) and lower interest expense from successful negotiation support robust growth QoQ over 520% in 3Q19.
Share of profit from associatesWind power plant in the Philippines
Favorable seasonality boost generation
Sellable output and Capacity factor (%)
Share of profit
Unit: M kWh
Remark: Sellable output based on holding percentage
+8.3% YoY
53.7 57.6
9M18 9M19
29.1
-3.9
24.2
3Q18 2Q19 3Q19
+7.3% YoY-16.9% YoY
-8.5% YoY
+80.9% QoQ
+520.5% QoQ
While lower wind speed compared to last year.
Operating: 14.4 MW
Developing: 5.6 MW
192.6 169.8 199.5
3Q18 2Q19 3Q19
24
Operation get back to close to full capacity
Sellable output and Capacity factor (%)
306 298 317
91.9% 90.8% 95.3%
3Q18 2Q19 3Q19Sellable output Capacity factor (%)
923 921
93.5% 93.3%
9M18 9M19
-0.2% YoY
Unit: GWh
Unit: THB million
-5.0% YoY
Amortization (99.6) (95.4) (92.7) (291.3) (283.5)
One-time items - - - (122.7) -
Net share of profit 93.0 74.4 106.8 172.8 273.8
586.8 557.3
9M18 9M19
Strong operational performance in 3Q19without major maintenance shutdown drives share of profit growth both YoY and QoQ.
Share of profit
Share of profit from associatesGeothermal power plants in Indonesia
+17.5% QoQ
+3.6% YoY
+6.4% QoQ
+3.5% YoY
Operating: 157.5 MW
Developing: 24.0 MW
Remark: Sellable output based on holding percentage
25
221.7 165.9 223.7
3Q18 2Q19 3Q19Indonesia The Philippines
Amortization (108.1) (103.6) (100.6) (316.2) (307.8)
One-time items: - - - (122.7) -
Refinancing related expenses - - - (122.7) -
Net share of profit* 113.6 62.3 123.1 201.6 307.1
Unit: THB millionBoost in share of profit (before amortization) on QoQ (+34.8%) supported by both geothermal power plant, Indonesia, from strong operational performance and favorable seasonality wind speed to wind power plant, the Philippines. While YTD drop is a result of shutdown of geothermal power plant in 2Q19.
Share of profit from associates
Refinancing related expense in 2Q18 is a factor to drive YoY of 9M19 (+52.3%).
QoQ growth led by strong wind and resilient geothermal power plant
Remark: *Net share of profit = Share of profit (after amortization) – one-time items
Share of profit from operation (before amortization)
640.5 614.9
9M18 9M19
-4.0% YoY+0.9% YoY
+34.8% QoQ
136 132 129 130 136
3.3% 3.2% 3.3% 3.4% 3.1%*
3Q18 4Q18 1Q19 2Q19 3Q19Interest expense Effective Kd
Finance cost
2626
Unit: THB million
IBD breakdown by maturity IBD breakdown by currency
9.8% 19.4%
90.2% 80.6%
2018 3Q19< 1 year Due after 1 year
51.1% 58.0%
43.0% 31.9%5.9% 10.1%
2018 3Q19THB JPY USD
IBD breakdown by Fixed-Floating rate
3Q19 Financial expenses increase 4.7% QoQ due to draw down of loan to acquire “Nam San 3A”. For 9M/2019, an increase in finance expenses was due to a rising policy interest rate from early 2018.
9.8% 22.9%
90.2% 77.1%
2018 3Q19Fixed rate Floating rate
Kd (%) still maintained in range despite new investmentFinance cost and Kd (%)
+4.7% QoQ
+1.7% YoY-0.2% YoY
389 395
3.2% 3.3%
9M18 9M19
Remark: The average finance costs calculated by a simple average method. If calculated by using weighted average method , the average finance cost in Q3/2019 will be around 3.46%.
Core profitFull period recognition and new projects help maintained despite JP monetization
27
412 405 454 433 410
49.6% 49.7%56.2%
51.0% 51.83%
3Q18 4Q18 1Q19 2Q19 3Q19
Core profit Core profit margin
Core profit:Q3/2019 core profit is relatively stable though there was an assets disposal in Q3/2018. Thanks to positive factors supported from (1) Full-quartered operation of “Lomligor” (2) Acquisition of hydro power plant “Nam San 3A” on late of September 2019 (3) An increased in share of profit from associates from the geothermal power plants in Indonesia (4) Favorable weather for Thai solar. While QoQ drop are mainly from rainy season in Thailand.
Overall, 9 months of 2019, core profit still slightly increase YoY from strong performance of TH solar, newly COD and full period recognition of two “WVO” solar projects.
Unit: THB million
Core profit & Core profit margin (%)
Remark: Core profit equals to net profit minus FX gain/loss and one-time items
1,283 1,296
51.2% 53.0%
9M18 9M19
+1.0% YoY-0.6% YoY-5.3% QoQ
Net profitStabilize earnings if one-time gain from JP monetization are excluded
28
1,139
310 492 464 401
137.3%
38.0%60.9% 54.7% 50.78%
3Q18 4Q18 1Q19 2Q19 3Q19
Net profit Net profit margin
Net profit:Unlike 3Q18, there is no one-time gain in 3Q19.Especially the gain from asset monetization in 3Q18, Nagi and Nikaho of THB 794.7 mn. Hence, this resulted in a decline of net profit in YoY, though Core profits still consider stable for QoQ and growth at 1% YTD.
Unit: THB million
Net profit & Net profit margin (%)
1,9091,357
76.2%55.5%
9M18 9M19
Remark: Core profit equals to net profit minus FX gain/loss and one-time items
-13.5% QoQ
-64.8% YoY -29.0% YoY
Financial position
48.0% 40.3%
49.3%52.0%
31,55838,376
2018 3Q19
Equity Other Liabilities Interest-bearing debt
1.26 1.08 1.48
2017 2018 3Q19
D/E Ratio
D/E Ratio Covenant
Covenant = 3.0x
29
Total assets
0.30 0.32 0.32
0.31 0.32
0.61 0.64 0.32
68.5% 57.7% 66.7%
2017 2018 1H19Second half performanceFirst half performance
Total dividend (THB/Share)
DPR
Dividend Payment
Dividend policy = not less than 40% of the Company’s net profit based on separated Financial Statement
Utilizing room of leverage for the continuous growth
12.84 15.1610.49
2017 2018 3Q19
ROE (%)
ROE
Agenda
30
3Q19 Key highlights
Portfolio & Projects in pipelines
Performance
Business Outlook
31Source : Mckinsey, Energy Insights Global Energy Perspective (Jan 2019)
Renewables expected to be 50% of global power supply by 2035
Global power generation
Over the next 20 years, the push will be on to electrify everything -transportation, industrial equipment, heating and air-conditioning -and to power these with renewables plus storage
+10 GW of RE by 2030 Recently announced 5.5 GW offshoreTop ranked wind speed at Taiwan strait
TW
Business opportunity in the region
500 MW of solar bidding set to start on 8 Aug 2019Target RE to meet 20% by 2025 Target 100 MW COD 2020
MY
Thailand: PDP 2018 - Solar rooftop, floating solar, wind, digital energy, biomassJapan: Biomass Development with FiT of JPY 24 per kWhThe Philippines: Expansion of existing pipeline, Off-grid Solutions, merchant market Indonesia: Expansions and new exploration awaits
Opportunity at Current Footprints
Potential Expansion
Battery of AsiaGood resource for hydro and wind power plantCenter of regional elec. transmission system by 2025
LA
10% p.a. Elec. Demand Growth+27 GW of Renewable by 2030 (12 GW Solar)Visibility on 2019 Projects
VN
+50 GW of Renewable by 2030Gov’t strong support on ESSTarget RE share from currently 8% to 30 - 35% by 2040
KRRetirement of Coal Plants+38 GW of Renewable by 2036Liberalized Retail Market
AU
32
33
35th ASEAN Summit and Related Summits
Financial Statement
34Remark: *Restated **Excluding gain/(loss) on FX and one-time items
Overall business performance
Unit: THB million 3Q18 3Q19Change
(%)2Q19
Change (%)
9M18 9M19Change
(%)
Revenue from sale and redering of service 829.7 790.0 -4.8% 847.6 -6.8% 2,505.0 2,445.4 -2.4%Cost of sale and rendering of services (254.3) (226.2) -11.0% (223.6) 1.2% (741.3) (656.8) -11.4%Gross profit 575.4 563.8 -2.0% 624.0 -9.6% 1,763.7 1,788.7 1.4%Administrative expenses (181.7) (145.8) -19.7% (132.4) 10.1% (462.1) (422.5) -8.6%
Administrative expenses (132.7) (145.8) 9.9% (132.4) 10.1% (413.1) (422.5) 2.3%Tax income/expense related to IFF (49.0) - NA - NA (49.0) - NA
EBITDA 576.2 583.5 1.3% 651.5 -10.4% 1,839.1 1,844.5 0.3%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%Operating profit 393.7 418.0 6.2% 491.6 -15.0% 1,301.6 1,366.2 5.0%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%Share of profit of investment in associates 113.6 123.1 8.3% 62.3 97.5% 201.6 307.1 52.3%Other income/(expense) 802.3 2.8 -99.7% 6.3 -55.9% 907.0 11.7 -98.7%Gain/(loss) on foreign exchange 69.1 (8.3) -112.0% 31.2 -126.7% (10.5) 60.5 676.2%EBIT 1,265.0 412.5 -67.4% 529.1 -22.0% 2,198.1 1,438.4 -34.6%Finance costs (136.4) (136.2) -0.2% (130.1) 4.7% (388.7) (395.2) 1.7%EBT 1,242.2 399.3 -67.9% 461.3 -13.4% 2,011.0 1,350.3 -32.9%Income tax expense (benefit) (102.9) 1.9 -101.8% 2.5 -26.8% (101.6) 6.3 -106.2%
Income tax expense (benefit) (15.6) 1.9 -111.9% 2.5 -26.8% (14.3) 6.3 -144.2%Tax expense related to IFF (87.3) - NA - NA (87.3) - NA
Net profit 1,139.3 401.2 -64.8% 463.8 -13.5% 1,909.4 1,356.6 -29.0%Recurring profit * 411.9 409.5 -0.6% 432.6 -5.3% 1,283.3 1,296.1 1.0%Basic Earnings per Share (THB) 0.57 0.20 -64.9% 0.23 -13.0% 0.96 0.68 -29.2%
Financial Statement
35
Unit: THB million 2018% of total
assets3Q19
% of total assets
Change (%)
Cash and cash equivalents 2,425.3 7.7% 2,640.0 6.9% 8.9%Trade accounts receivable 523.8 1.7% 594.7 1.5% 13.5%Other current assets 226.1 0.7% 343.2 0.9% 51.8%Total current assets 3,175.2 10.1% 3,577.9 9.3% 12.7%Investments in associate & subsidiaries 13,500.7 42.8% 13,671.7 35.6% 1.3%Property, plant and equipment 12,945.3 41.0% 13,726.7 35.8% 6.0%Goodwill and Intangible assets 1,765.6 5.6% 7,105.6 18.5% 302.5%Other non-current assets 171.0 0.5% 294.1 0.8% 72.0%Total non-current assets 28,382.6 89.9% 34,797.9 90.7% 22.6%Total Assets 31,557.9 100.0% 38,375.9 100.0% 21.6%Short-term borrowings & current portions 1,520.6 4.8% 3,862.3 10.1% 154.0%Long-term borrowings 14,046.6 44.5% 16,089.9 41.9% 14.5%Other liabilities 848.5 2.7% 2,966.3 7.7% 249.6%Total liabilities 16,415.6 52.0% 22,918.4 59.7% 39.6%Equity attributable to owners of the Company 15,142.1 48.0% 15,457.3 40.3% 2.1%Non-controlling interests 0.1 0.0% 0.1 0.0% 0.0%Total liabilities and Equity 31,557.9 100.0% 38,375.9 100.0% 21.6%
Consolidated Statement of Financial Position
Financial Statement
36
Unit: THB million 9M18 9M19 YoY ChangeNet cash from (used in) operating activities 1,881.8 1,412.2 (469.6)
Net cash from (used in) investing activities 1,640.9 (4,565.1) (6,206.0)
Net cash from (repay to) financing activities (2,572.3) 3,397.4 5,969.7
Net increase in cash and cash equivalents 950.4 244.5 (705.9)
Cash and cash equivalents at 1 January 2,004.0 2,425.3 421.3Effect of exchange rate changes on balances held in foreign currencies
(42.3) (29.9) 12.4
Cash and cash equivalents at end period 2,912.2 2,640.0 (272.2)
CAPEX (1,408.0) (4,487.9) (3,079.9)
Consolidated Statement of Cash Flows
Conventional solar & wind projects in Thailand
37
No. ProjectLocation
Operating Entity
% of Shareholding
Installed Capacity
(MW)
Contracted Capacity
(MW)Tariff Power Structure Off Taker CODDistrict Province
1 BCPG 1Bang Pa-in Ayutthaya BCPG N.A.
9.8 8
Adder THB 8/kWh
PEA 5/08/11BCPG 2 35.6 30 EGAT 16/07/12
2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.2 16
PEA
6/03/133 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.2 16 5/04/134 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 12.5 8 19/03/145 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 12.5 8 11/04/146 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 12.6 8 24/04/147 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.6 8 10/04/148 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 25.0 16 21/04/14
9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI N.A. 5.0 5.0
FiT: THB 5.66/unit PEA(25 years)
23/12/16
10 Co-op: BPI Bang Pa-in Ayutthaya BSE-PRI N.A. 5.0 5.0 14/03/17
11 Co-op: AYA Phra Nakhon Si Ayutthaya
Ayutthaya BSE - PRI N.A. 2.0 2.0 23/12/16
12 Co-op (WVO)Saraburi Phra Phutthabat Saraburi BCPG N.A. 5.0 5.0
FiT: THB 4.12/unit PEA(25 years)
20/7/18
13 Co-op (WVO)Kanchanaburi Tha Muang Kanchanaburi BCPG N.A. 3.94 3.94 23/7/18
14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 99.9 10.0 8.965 Adder THB 3.5/kWh PEA
(25 years) 11/4/19
Contracted capacity of 147.9 MW
Other solar projects in Thailand
38
Total contracted capacity in pipeline of 34.6 MW as of 2Q19. COD target by 2019.
No. Type Segment Relation-ship
Project Location Contracted Capacity
Terms (year)
Tariff power structure
Status/ COD
1 Rooftop Industrial Subsidiary Kingboard Uthai, Ayutthaya 0.752 MW 20 Private PPA COD 1/12/2018
2Rooftop Commercial Partner
Habito, T77, Sansiri
Wattana, Bangkok 0.053 MW 25 Private PPA COD 12/1/2019
3Rooftop
Commercial/Residential
Partner T77, Sansiri Wattana, Bangkok 0.376 MW 25 Private PPA COD 1/5/2019
4 Rooftop Commercial Partner Sansiri Several cities 0.379 MW 25 Private PPA Under construction
5 Rooftop School Partner Satitpattana
Bangkok 0.528 MW 25 Private PPA Under construction
6 Rooftop Gas station Partner Lots Several cities 0.523 MW 15 – 20 Private PPA Under construction
7 Rooftop Commercial Partner CMU Mueang, Chiangmai
12.0 MW 26 Private PPA Under construction
8 Rooftop Mixed Partner Lots Several cities 20.01 MW 15-25 Private PPA In progress
9 Floating Industrial Partner BangchakBiofuel
Bang pa-in, Ayutthaya
0.2 MW 25 Private PPA In progress
Conventional solar projects in Japan
39
Contracted capacity of 14.7 MW
39
No. Project % ofInvestment Location Irradiation
(kWh/m2/year)Installed Capacity
(MW)
Contracted Capacity
(MW)
Feed-in Tariff (FiT)
(JPY/kWh)PPA Period
(Year) Off Taker Status
Operation1 S1
(Natkatsugawa) 100.0 Kagoshima, Japan 1,405 0.9 0.7 40 20
Kyushu Electric Power Company
COD 15/08/14
2 S11 (Takamori ) 100.0 Kumamoto, Japan 1,376 1.3 1.0 40 20 COD 16/02/15
3 S19 (Nojiri) 100.0 Miyazaki, Japan 1,433 1.1 0.9 40 20 COD 24/02/15
4 Tarumizu 100.0 Kagoshima, Japan 1,369 9.7 8.1 40 20 COD 31/08/15
5 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18
Developing
6 Komagane 100.0 Nagano, Japan 1,472 32.0 25.0 36 20 Chubu Electric Power Company Expect to COD within 1H20
7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2H21
8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 1H21
9 Chiba 2 100.0 Chiba, Japan 1,362 13.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H22
Under development10 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20
Wait for Grid11 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20
12 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20
13 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20
Sold to IFFNikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16
Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17
Group’s Business Structure
40
Public
BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG TDED
Thailand
Singapore
99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9%
BSEH
100.0%
BCPGI SEGHPL
33.3%
GreenergyHoldings
GreenergyPower BCPG Wind
100.0% 100.0% 100.0%The Netherlands
JapanPetrowind
Energy
The Philippines 40.0%
HMJ BCPGJ
EPC(1) AM(2) Investment(3) Project Under Development
Operating Projects
Operating Projects
Operating Projects
100.0% 100.0%
100.0% 51.0% 100.0% 100.0% 100.0% 100.0%
100.0%
(1) EPC = Groups of companies doing such business as (1) a turnkey EPC contractor and (2) an operation and maintenance contractor for solar power plants in Japan(2) AM = an Asset Management company rendering operation and maintenance service for the Tiramizu project and its remaining shares of 49.0% are held by a juristic person (3) Investment = companies investing in solar farms in Japan as TK investor
Laos
BCPGIndochina
99.9%
Nam San 3A
100.0%
