Opportunity DayQ1/2018 Financial Results28 May 2018Ticker: BCPG (SET)

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Disclaimer

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Agenda

Recent Development

Financial Highlights

Business Outlooks

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Agenda

Recent Development

Financial Highlights

Business Outlooks

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Full quarter record of Nagi project 10.5 MW (COD since 2 March 2017)

Officially COD of Gotemba project 4.0 MW since 16 April 2018Japan

Full-quarter recognition of Solar cooperatives 5 MW (COD since 14 March 2017)

Heavier and longer than usual rainfall lower irradiation hoursSigned MOU with IEAT, PEA and BCP

Thailand

Share of profit (before amortization) was positive of THB 22.2 million, despite

lower wind speed and one turbine down for 10 days

The Philippines

Key Highlights

Stable operation. Share of profit (before amortization) was in line with expectation of THB 181.0 million

Indonesia

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Sales

Adjusted EBITDA*

Core profit

Net profit

THB 801.5mn THB 661.4 mn THB 364.0 mn THB 351.2 mn

YoY +0.5%

QoQ +2.6% YoY +6.3%

QoQ +29.7%

QoQ +115.8%

YoY -8.0%

100%

82.5%

45.4%

43.8%

% to sales

Key Highlights (Cont’d)

Remark: Adjusted EBITDA incorporates share of profit from investment in associates of THB 69.0 mn

YoY -22.7%

QoQ -40.1%

ThailandOperating : 182 MWDCDeveloping : 8.9 MWDCTotal: 190.9 MW

JapanOperating : 45 MWDCDeveloping: 147.3 MWDCTotal: 192 MW

PhilippinesOperating: 14 MWDeveloping: 6 MWTotal: 20 MW

IndonesiaOperating: 157.5 MWDeveloping: 24 MWTotal: 181.5 MW

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Portfolio SummaryOperating 398.9 installed MW and continued growing

Operating399 MW

Developing186 MW

Status

20 MW182 MW

383 MW

Technology

Solar

Wind

Geothermal

Remark: For the Philippines and Indonesia, only equity MW is presented

125 130 13020 30 3414.4 14.4

158 158145

332.4 336.4

2016 2017 1Q18

Contracted MW

Thailand Japan The Philppines Indonesia

0.60

0.15

0.61

0.16

0.15

0.15

0.09

0.16

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

FY16* Q117 Q217 Q317 Q417 FY17 1Q18

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Not less than 40% of the Company’s Net Profit

Dividend Yield

(@ 19.7 THB per share)

3.2%

(after deduction of all reserves required by law and regulations)

Unit: THB per share

Dividend payout ratio (Consolidated)

62.7% 65.2% 65.2% 57.7% 55.2% 60.4%

Dividend paymentRobust dividend payout

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

91.0%

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Agenda

Key Highlights

Financial Highlights

Going Forward

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Key business driversGrowing output in Japan helped by full-quarter recognition of Nagi

Irradiation (hours per day)

5.14

5.68

5.17

4.66 4.95

1Q17 2Q17 3Q17 4Q17 1Q18

-3.6% YoY

2.88

4.94 4.38

2.46 3.19

1Q17 2Q17 3Q17 4Q17 1Q18

+6.3% QoQ

+10.9% YoY

+29.7% QoQ

Sellable Output (kWh)

65,993 68,073 65,384 65,716 66,035

1Q17 2Q17 3Q17 4Q17 1Q18

+0.1% YoY

+0.5% QoQ

6,585 14,409 12,776 8,405 9,155

1Q17 2Q17 3Q17 4Q17 1Q18

+39.0% YoY

+8.9% QoQ

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RevenueStable revenue YoY; growing QoQ

89.8% 80.8% 82.4% 89.9% 89.1%

10.2% 19.2% 17.6% 10.1% 10.9%798 890 854 781 802

1Q17 2Q17 3Q17 4Q17 1Q18Thailand Japan

Unit: THB million+3.2% YoY

Revenue: Revenue was stable YoY at THB 802 millionOn QoQ basis, revenue grew slightly 2.6% thanks to improving weather condition in Japan despite prolonged snowfall

10.85 10.56

10.76 10.69 10.81

1Q17 2Q17 3Q17 4Q17 1Q18

-0.37% YoY

39.03 38.60 38.60 38.60 38.56

1Q17 2Q17 3Q17 4Q17 1Q18

-1.2% YoY

-0.1% QoQ

Effective tariff*

Unit: THB per kWh Unit: JPY per kWh

Remark: *Effective tariff includes FiT to Agricultural Cooperatives Solar (Thailand) of THB 5.66 per unit and Gotemba project (Japan)

+2.6% QoQ

+0.5% YoY

+1.12% QoQ

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622 637 609 529 592

1Q17 2Q17 3Q17 4Q17 1Q18

Unit: THB million

+11.9% QoQ

-4.8% YoY

EBITDARobust operations in Japan supported EBITDA growth QoQ

EBITDA1Q18 EBITDA declined by 4.8% YoY mainly dueto higher SG&A expenses1Q18 EBITDA grew by 11.9% QoQ mainlyhelped by robust operations in Japan andlower SG&A expenses1Q18 SG&A to sales was at 18.2%, rose from14.8% in 1Q17, mainly due to personnelexpenses to support business expansion

78.0% 71.5% 71.3% 67.8% 73.9%

Remark: EBITDA from operation, excluding other revenue

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Share of profit from associates

Unit: THB million

43

359 347

69

1Q17 2Q17* 3Q17** 4Q17*** 1Q18

-80.1% QoQ

1Q18 Wind power plant Geothermal power plant Total

Share of profit 22.2 181.0 203.2

Amortization -8.1 -126.1 -134.2

Total 14.1 54.9 69.0

Share of profit from investments: In 1Q18, total share of profit from investments were at THB 69 millionA sharp drop in share of profit was a result of an absence of gain on purchase (booked in 3Q17 and 4Q17 amounted to THB 366.3 million) Amortization of geothermal power plant should be finalized by third party within July 2018

Remark: *Including wind operation prior to acquisition of THB 53.1 million, **including geothermal operation prior to acquisition of THB 238.2 million, ***including gain on purchases of wind and geothermal of THB 366.3 million

Nabas

36 MW + 14 MW

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PHILIPPINES

Share of profit from associatesWind power plant in the Philippines

• Wind speed in 1Q18 was lower than 1Q17• One turbine ceased operation for 10 days• First quarter of the year is typically the peak season for wind speed• Share of profit from operation was at THB 22.2 million. However, net

contribution (after amortization) was at THB 14.1 million

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Share of profit from associatesGeothermal power plant in Indonesia

INDONESIA

Darajat 47 MW(271 MW)

Salak 65 MW (377 MW)

Wayang Windu 45 MW + 24 MW(227 MW + 120 MW)

Java

• Robust operation at geothermal power plant• Full-quarter recognition of share of profit from investment versus none in 1Q17• Share of profit from operation was at THB 181.0 million. However, net contribution

(after amortization) was at THB 54.5 million• Stable capacity factor of approx. 90% during the period

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Finance costPrudent financial management

86 84131 135 123

1Q17 2Q17 3Q17 4Q17 1Q18

+42.3% YoY

Unit: THB million

Finance cost: A rise in finance cost YoY was mainly due to debt secured for investments in associatesEffective cost of debt for 1Q18 was 2.88% vs. 3.21% in 2017. The lower cost of debt was helped by good mix of financing sources and prudent financial management

Interest-bearing debt breakdown by maturity Interest-bearing debt breakdown by currency

8.3% 8.2%32.4% 33.0%

59.3% 58.8%

2017 1Q18< 1 year Due in 1-5 years Due > 5 years

43.7% 45%

53.1% 53%

3.2% 2%

2017 1Q18THB JPY USD

-9.2% QoQ

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Net profitAttractive margin profile

454 462 514 586351

1Q17 2Q17 3Q17 4Q17 1Q18

Net profit: 1Q18 Net profit decreased YoY mainly due to 1) an absence in one-time revenue (booked in 1Q17 from assets disposal) 2) increased financial cost and 3) increased administrative expense1Q18 Net profit decreased significantly QoQparticularly owing to 1) an absence of gain on purchase from investments in associates (booked in 3Q17 and 4Q17) and 2) an absence of FX gain (4Q17 FX gain was THB 51.2 million) versus FX loss in 1Q18 of THB 12.8 million)

56.9% 52.0% 60.1% 75.1% 43.8% Net profitmargin

-22.7% YoY

-40.1% QoQ

Unit: THB million

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Core profitStrong QoQ improvement in core profit

396 437

680

169364

1Q17 2Q17 3Q17 4Q17 1Q18

49.6% 49.1% 79.6% 21.6% 45.4%Recurring profitMargin*

-8.0% YoY

Core profit: Stripping out FX gain/loss and one-time items, 1Q18 core profit drop 8% YoY due mainly to rising cost and SG&A in tandem with business expansion periodOn QoQ basis, core profit rose significantly by 115.8% mainly due to a low base in 4Q17

+115.8% QoQ

Remark: *Core profit excludes FX gain/loss and one-time items.

One-time items in 1Q17 were FX loss of THB 3.09 million and gain on disposal of THB 61.58 million,

in 2Q17 were FX loss of THB 64.90 million, loss on assets disposal of THB 0.06 million, loss from forward contract of THB 49.27 million and reversal of provision from

contingent consideration from business acquisition of THB 139.94 million,

in 3Q17 were FX gain of THB 89.27 million, loss on assets disposal of THB 0.53 million and loss from forward contract THB 254.92 million,

in 4Q17 were FX gain of THB 51.17 million, assets write off of THB 18.27 million and gain on purchase of THB 366.3 million, in 1Q18 were FX loss of THB 12.83 million

Unit: THB million

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Financial positionImproving gearing ratio

As at 1Q18, total assets slightly increased by 1.1% to THB 32,452 million mainly supported by improving liquidity Total Liability/Equity and Net IBD/Equity declined to 1.21x and 1.16x as at 1Q18

Covenant : D/E ratio ≤ 3x: DSCR ≥ 1.15x

Additional liability Capacity : THB 26,364 millionOutstanding Debt : THB 17,032 million

Financial Position

1.231.21

2017 1Q18

Liability/Equity (x)

2,675 2,688

13,890 13,823

13,530 13,565

2,004 2,376

14,369 14,704

790 716

16,940 17,032

A L + E A L + E

Other Assets PPEInvestment in associates Cash and Cash EquivalentEquity Other Liabilities

Unit: THB million

2017 1Q18

32,099 32,452

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Agenda

Recent Development

Financial Highlights

Business Outlooks

Q2: Full-quarter recognition of Gotemba project (4.0 MWppa)

Q3: COD of solar power plant project with WVO (8.94 MWppa)

August: Peer-to-Peer trading platform @ T77 Community

implementation

M&A: Realising M&A pipelines.

Few discussions are in advanced stages

What’s next in 2018?Growing organically and inorganically

T77: Peer-to-Peer Energy Trading Project using Blockchain TechnologyHabito Mall: 55 kWBangkok Prep International school: 230 kWPark Court Condominium: 180 kW

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

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

Appendices

Financial Statement

Projects detail

Awards and recognitions

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Financial Statement

1Q18 % to sales 1Q17 % to sales 4Q17 % to sales 1Q18 YoY 1Q18 QoQRevenues from sales and services 801,498,966 100% 797,982,390 100% 780,970,824 100% 0.4% 2.6%Cost of sales and services (239,554,614) -29.9% (221,317,168) -27.7% (254,578,487) -32.6% 8.2% -5.9%Gross Profit 561,944,352 70.1% 576,665,222 72.3% 526,392,337 67.4% -2.6% 6.8%Administrative expense (146,064,393) -18.2% (118,398,324) -14.8% (176,469,707) -22.6% 23.4% -17.2%Operating profit 415,879,959 51.9% 458,266,898 57.4% 349,922,630 44.8% -9.2% 18.8%FX gain (loss) (12,833,882) -1.6% (3,094,128) -0.4% 51,166,670 6.6% 314.8% -125.1%Other income 2,243,732 0.3% 83,707,371 10.5% (16,245,555) -2.1% -97.3% -113.8%EBIT 405,289,809 50.6% 538,880,141 67.5% 384,843,745 49.3% -24.8% 5.3%Financial cost (122,766,352) -15.3% (86,263,402) -10.8% (135,202,546) -17.3% 42.3% -9.2%Share of profit from associates & subsidiaries 68,975,769 8.6% - 0.0% 347,056,965 44.4% NA -80.1%EBT 351,499,226 43.9% 452,616,739 56.7% 596,698,164 76.4% -22.3% -41.1%Corporate Income Tax (346,500) 0.0% 1,372,917 0.2% (10,576,892) -1.4% -125.2% -96.7%Net profit 351,152,726 43.8% 453,989,656 56.9% 586,121,272 75.1% -22.7% -40.1%

Basic Earnings per Share 0.18 0 .23 0 .29 -21.7% -37.9%Diluted Earnings per Share 0.18 0 .23 0 .29 -21.7% -37.9%

Consolidated Profit and Loss StatementUnit: THB (otherwise stated)

Financial Statement

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Unit: THB 1Q18% of total

assets2017

% of total assets

Change

Cash and cash equivalents 2,376,165,358 7.3% 2,003,983,515 6% 18.6%Current investments - 0.0% - 0.0% 0.0%Trade accounts receivable 544,248,157 1.7% 507,242,620 1.6% 7.3%Other current assets 148,608,745 0.5% 185,691,715 0.6% -20.0%Total current assets 3,069,022,260 9.5% 2,696,917,850 8.4% 13.8%Investments in associate & subsidiaries 13,564,920,230 41.8% 13,529,716,547 42.1% NAProperty, plant and equipment 13,823,460,032 42.6% 13,890,324,481 43.3% -0.5%Goodwill and Intangible assets 1,909,456,192 5.9% 1,892,266,769 5.9% 0.9%Other non-current assets 85,463,511 0.3% 90,002,232 0.3% -5.0%Total non-current assets 29,383,299,965 90.5% 29,402,310,029 91.6% -0.1%Total Assets 32,452,322,225 100.0% 32,099,227,879 100.0% 1.1%Short-term borrowings & current portions 1,422,061,314 4.4% 1,415,238,715 4.4% 0.5%Long-term borrowings 15,609,849,219 48.1% 15,613,152,350 48.6% 0.0%Other current liabilities 716,267,125 2.2% 701,903,473 2.2% 2.0%Total liabilities 17,748,177,658 54.7% 17,730,294,538 55.2% 0.1%Equity attributable to owners of the Company 14,703,997,613 45.3% 14,368,786,387 44.8% 2.3%Non-controlling interests 146,954 0.0% 146,954 0.0% 0.0%Total liabilit ies and Equity 32,452,322,225 100.0% 32,099,227,879 100.0% 1.1%

Consolidated Statement of Financial Position

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Financial Statement

Unit: THB 1Q18 1Q17 1Q18 YoYNet cash from (used in) operating activities 550,923,404 558,921,748 (7,998,344)

Net cash from (used in) investing activities (47,841,383) 168,383,479 (216,224,862)

Net cash from (repaid to) financing activities (143,278,568) (401,890,663) 258,612,095

Net increase in cash and cash equivalents 359,803,453 325,414,564 34,388,889

Cash and cash equivalents at 1 January 2,003,983,515 7,361,159,641 (5,357,176,126)

Effect of exchange rate changes on balances held in foreign currencies

12,378,390 (1,713,754) 14,092,144

Cash and cash equivalents at end period 2,376,165,358 7,684,860,451 (5 ,308,695,093)

Consolidated Statement of Cash Flows

Appendices

Financial Statement

Projects detail

Awards and recognitions

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No. ProjectLocation

Operating Entity% of

ShareholdingContracted

Capacity (MW)Tariff Power

StructureOff Taker COD

District Province1 BCPG 1

Bang Pa-in Ayutthaya BCPG N.A.8

Adder THB 8/kWh

PEA 5/08/11

BCPG 2 30 EGAT 16/07/12

2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 16

PEA

6/03/13

3 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 16 5/04/13

4 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 8 19/03/14

5 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 8 11/04/14

6 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 8 24/04/14

7 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 8 10/04/14

8 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 16 21/04/14

9 Wiset Chai Chan Agricultural Cooperative Wiset Chai Chan Angthong BSE-PRI 100% 5.0

FiT: THB 5.66/unit PEA(25 years)

23/12/16

10 Bang Pa-in Agricultural Cooperative Bang Pa-in Ayutthaya BSE-PRI 100% 5.0

14/03/17

11 Phra Nakhon Si Ayutthaya Agricultural Cooperative

Phra Nakhon Si Ayutthaya Ayutthaya BSE - PRI 100% 2.0 23/12/16

12JV: the WVO of Thailand under Royal Patronage of His majesty the King

Phra Phutthabat Saraburi BCPG NA 5

FiT: THB 4.12/unit PEA(25 years) Mid-2018

13JV: the WVO of Thailand under Royal Patronage of His majesty the King

Tha Muang Kanchanaburi BCPG NA 3.94

182 Installed MW (130 MWPPA) of operating assets portfolio in Thailand

Project pipeline in Thailand

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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 Nikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16

6 Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17

Developing

7 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18

8 Komagane 100.0 Nagano, Japan 1,472 32.2 25.0 36 20 Chubu Electric Power Company Under construction

9 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 1H19

10 Chiba 1 100.0 Chiba, Japan 1,362 24.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 2H19

11 Chiba 2 100.0 Chiba, Japan 1,362 12.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H19

Under development12 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20

Wait for Grid13 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20

14 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20

15 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20

Operating (33.4 MWPPA) and future projects portfolio in Japan

Project pipeline in Japan

Appendices

Financial statement

Projects detail

Awards and recognitions

34

Jan: "Best Acquisition Financing" Award The Asset Triple Country Awards 2017, Hong Kong

Awards & Recognitions

Apr: “Best Corporate Governance" World Finance Awards 2018, UK

Mar: “2018 Thailand Energy Sector Visionary Innovation Leadership Award"

Frost & Sullivan Thailand Excellence Awards, Thailand

May: “Best Clean Energy Community Solutions Southeast Asia 2018" Cfi.co awards, Thailand

Contact us at:BCPG Public Company LimitedInvestor Relations teamE-mail: ir@bcpggroup.comCall: +66 2 335 8945Website: www.bcpggroup.com