Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE 1
Agenda
4
BGRIM UPDATE
Q2’2019 OPERATING RESULTS
HIGHLIGHTS
Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE
2
BGRIM: Q2’2019 highlights
◼ Revenue Growth
• Synchronized additional 10 MW
from Industrial users (IUs) in
Rayong
• Awarded The Green Financing
of the Year from The Asset
Triple A Asia Infrastructure Awards
2019
◼ Awards◼ Profit Margin Enhancement▪ Completed THB 2.2 billion debt
refinancing of Solar projects to save
interest of 2.0% p.a. or THB 119
million throughout the project life
▪ Significant efficiency improvement at
ABP3, thanks to LTSA with Siemens
◼ MW Growth
• 3 COD projects during June 1-13,
adding installed capacity of 692 MW
and contributing revenue of THB
191 million in Q2’19
Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE
3
Achieved COD 3 projects on schedule and within budget
Nam Che 1 DT1&2 Phu Yen TTP
June 1DT1 - June 3
DT2 - June 13
June 10COD
2019
Capacity: Installed - 420 MW dc
Contract - 350 MW ac
Tariff: 9.35 Cent USD per kWh
EVN PPA: 420 MW / 20 Years
BGRIM Holding: 55.0%
Capacity: Installed - 257 MW dc
Contract - 214 MW ac
Tariff: 9.35 Cent USD per kWh
EVN PPA: 257 MW / 20 Years
BGRIM Holding: 80.0%
Capacity: Installed - 15 MW
Tariff: 6.50 Cent USD per kWh
EDL PPA: 15 MW / 25 Years
BGRIM Holding: 72.0%
June 10
Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE 4
Updated Vietnam Solar Projects Operation
2019 COD June July
DT1&2 (420 MW)
DT1 (180 MW) -
June 3, 2019
DT2 (240 MW) -
June 13, 2019
114,767,474 153,463,450
Phu Yen TTP
(257 MW)June 10, 2019 68,659,479 87,768,327
Sales to EVN (THB)
DT1&2 (Tay Ninh)
Phu Yen TTP (Phu Yen)
Tuy Hoa Substation Quang Ngai city, Nha Trang city
(The tourist destination of Vietnam)
Tay Ninh Substation Ho Chi Minh city (The biggest demand of electricity in Vietnam)
Binh Long Substation Binh Long Province
Tay Ninh Province
(220 kV EVN transmission line)
(220 kV EVN transmission line)
(220 kV EVN transmission line)
Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE
5
BGRIM: 2H’2019 outlook
◼ MW Growth ◼ Revenue Growth
▪ Fully recognize revenue from all
new projects with total capacity
of 816 MW added in 1H’19
▪ Synchronize up to 11 MW from
new IU customers in Rayong
• Received the ESG 100
certificate for two consecutive
years for excellent performance
in sustainable development
◼ Awards◼ Profit Margin Enhancement
▪ Apply LTSA with Siemens to
upgrade one gas turbine of
ABP5, to improve heat rate,
shorten maintenance periods
and add more MW
▪ Scheduled COD of Interchem
with 5 MW capacity at the end
of December
Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE 6
Agenda
4
BGRIM UPDATE
Q2’2019 OPERATING RESULTS
HIGHLIGHTS
BGRIM INVESTOR PRESENTATION Q2’2019
7
Well-Diversified Portfolio with Expert in Green-Field Developer
29.9%
28.7%
10.6%
10.1%
8.7%
5.8%6.2%
84.3%
13.6%
0.5% 1.6%
Total 975 MWIn Operation
842 MW*
Solar Group
822 MW
Hydro Group
133 MW
(98 MW Under Development)
Wind Group
16 MW
(Under Development)
Bien Hoa 13 MW
Diesel
Gas Fired
Total 2,257 MWIn Operation 2,022 MW*
Amata City (Chonburi)
675 MW
(Including ABP1&2
Replacement 140 MW each)
Amata City (Rayong)
647 MW
Bangkadi
229 MW
Laem Chabang
196 MW(Including BPLC1
Replacement 140 MW)
WHA Chonburi 1
130 MW
BGPR1&2
240 MW
(Under Development)Type of Energy
Installed MW Equity MW
Total Capacity
% In operation
Total Capacity
% In operation
Gas fired
2,257 MW 69.5% 2,022 MW 1,587 MW 70.2% 1,202 MW
Hydro 133 MW 4.1% 35 MW 95 MW 4.2% 25 MW
Solar 822 MW 25.3% 822 MW 557 MW 24.7% 557 MW
Wind 16 MW 0.5% 15 MW 0.7%
IWTE 5 MW 0.1% 2 MW 0.1%
Diesel 13 MW 0.4% 13 MW 4 MW 0.2% 4 MW
Total 3,245 MW 100% 2,892 MW* 2,260 MW 100% 1,788 MW*
TRANSMISSION & DISTRIBUTION 0.4%
Waste to Energy (IWTE)
5 MW (Under Development)
RENEWABLE GROUP 30.1%
Poi Pet PPSEZ 14 MW**
SOLAR ROOFTOP
WHA (Map Ta Put)
140 MW
(Including SPP1 Replacement)
Solar rooftop for industrial
users and commercial
buildings with up to 100 MW
opportunity**
*Up to 280 MW
*As of July 2019
SPP – INDUSTRIAL ESTATE 69.5%
**Transmission & distribution and solar rooftop are not included in total installed capacity
BGRIM INVESTOR PRESENTATION Q2’2019
8
Long-Life PPA and Benefit from Well-Establishment of PPA
2019 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE
EGAT
66%
IU-TH
24%
IU-VN
3%
Steam-TH
2%
EVN
1% Others
3.4%
THB 21,123 mm6M’2019
Sales and Service Income LONG-TERM PPA STRUCTURE
• EGAT : 21 to 25 years tenor with take-or-pay structure
• PEA : 25 years tenor (VSPP of solar, wind, waste to energy)
• 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
24.622.4
19.918.6
8.9
EDL PEA / MEA EVN EGAT Industrial users- electricity(Thailand)
Track Record of
Extensions
YearsYears
YearsYears
Years
Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 30 June 2019
to expiry weighted by the aggregate contracted capacity under the relevant agreement
15.0
Years
BGRIM INVESTOR PRESENTATION Q2’2019
9
FOOTHOLD IN TOP INDUSTRIAL ESTATES WITH
MULTIPLE OF GENERATING UNITS IN EACH LOCATIONSELECTED TOP IU FOR ELECTRICITY AND STEAM
THAILAND
CAMBODIA
LAOS
VIETNAM
▪ 1 power plant
▪ 130 MW
▪ 3 generating units
▪ 2 power plants
▪ 229 MW
▪ 6 generating units
▪ 2 power plants
▪ 240 MW
▪ 6 generating units ▪ 1 power plant
▪ 13 MW
▪ 5 power plants
▪ 647 MW
▪ 15 generating units
▪ 5 power plants
▪ 732 MW
▪ 17 generating units
▪ 2 power plants
▪ 159 MW
▪ 5 generating units
WHA
Chonburi 1
Bangkadi
BGPR1&2
Amata City
Rayong
Amata City Bien Hoa
Gas-fired cogeneration power plants Transmission and Distribution
Delivery of Reliability in Form of Electricity and Steam
▪ 2 power plants
▪ 124 MW
▪ 4 generating units
WHA Eastern (Map Ta Phut)
Amata City
Chonburi
Laem
Chabung
Poi Pet
PP SEZ
10
Expanding Renewable Power Rapidly in the Region
THAILAND
CAMBODIA
LAOS
VIETNAM
▪ 8 power plants
▪ 60 MW
▪ 1 power plant
▪ 8 MW
▪ 1 power plant
▪ 8 MW
BGYSP
Solar WVO-Coop
Nam Khao
▪ 5 power plants
▪ 67.5 MW
Hydro power plants
BGPSK
TPS Com.
Solar power plants
DT
▪ 1 power plant
▪ 420 MW
Phu Yen TTP
▪ 1 power plant
▪ 257 MW
Nam Che 1
▪ 1 power plant
▪ 15 MW
▪ 7 power plants
▪ 31 MW
Solarwa
▪ 5 power plants
▪ 39 MW
▪ 1 power plant
▪ 5 MW
Interchem
XXHP
▪ 1 power plant
▪ 20 MW
Tadsakoi
▪ 1 power plant
▪ 30 MW
▪ 2 power plants
▪ 16 MW
Bo Thong
BGRIM INVESTOR PRESENTATION Q2’2019
11
Robust Growth Pipeline with Promising on Execution
ACHIEVED COD IN TIME AND WITHIN BUDGET
Gas
Solar
IWTE
Hydro
Wind
2020
Plants
Solar WVO-Coop
(7 plants - 31 MW)
40Plants
2,076 MWInstalled Capacity
1,217 MWEquity Capacity
ABPR3, ABPR4
& ABPR 5 (3 plants - 399 MW)
52
3,193 MWInstalled Capacity
Tadsakoi (30 MW)
2022
Plants
ABP1
Replacement(140 MW)*
BPLC1
Replacement(140 MW)*
ABP2
Replacement (140 MW)*
Nam Khao 3 (15 MW)
3,152 MWInstalled Capacity
2,105 MWEquity Capacity
Plants
BGPR1, BGPR2 (2 plants -240 MW)
202150Plants
2021
SPP1 Extension(2 plants -124 MW)
46
2019
Plants
1,850 MWEquity Capacity
DTE
(1 plants - 420 MW)
Interchem(5 MW)
(166 MW)
2,896 MWInstalled Capacity
Phu Yen TTP(1 plants - 257 MW)
ABP1 Extension
Nam Che (15 MW)
SPP1(2 plants - 124 MW)
53
2,222 MWEquity Capacity
2023
Plants
3,200 MWInstalled Capacity
Nam Khao 5 (8 MW)
2,912 MWInstalled Capacity
1,865 MWEquity Capacity
Bo Thong 1 & 2 (2 plants - 16 MW)
48Plants
2,227 MWEquity Capacity
3,215 MWInstalled Capacity
Nam Khao 4 (15 MW)
SPP1 Replacement
(2 plants -140 MW)**
3,245 MWInstalled Capacity
Nam Khao 2 (15 MW)
2,238 MWEquity Capacity
Nam Khao 1 (15 MW)
2,260 MWEquity Capacity
2024
54Plants
56
2025
Plants
2018
*Up to 150 MW, **Up to 280 MW
***Based on our projections and may subject to change depending on project suitability
BGRIM INVESTOR PRESENTATION Q2’2019
12
Diligently Invest in Suitable Opportunities via Strong Networks
May
Mutual Cooperation Meeting with KEPCO
Strengthening the cooperation and implementation of energy storage system and smart grid technology
100 MW solar rooftop opportunities
1.8 MW COD achievement and 12 MW under
construction which target COD in 2019.
JuneDetermine target KPI
THAILAND
LAOS
MALAYSIA
Gas
Solar
Hybrid
Hydro
Transmission and
Distribution System (T&D)
Wind
VIETNAM
CAMBODIA
KOREA
PHILIPPINES
MOU signing with LG Chem
Cooperation with LG Chem, world leader in fields of energy storage system (ESS), automotive batteries and mobile batteries, for the development in energy storage system.
Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE
13
Energy Policy in Disruption Era with 4D 1E
Digitalization Decarbonization
Decentralization De-Regulation
Electrification
MOU with LG Chem
Smart Microgrid
Private PPA with IUs
Wind Projects
Solar Projects
Entering to
develop sandboxIPS
Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE14
Agenda
4
BGRIM UPDATE
Q2’2019 OPERATING RESULTS
Q2’2019 HIGHLIGHTS
BGRIM INVESTOR PRESENTATION Q2’2019
2,369 2,4132,808
4,5875,221
26.9%23.5% 25.8%
27.0%24.7%
23.0%
24.0%
25.0%
26.0%
27.0%
28.0%
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
Q2'18 Q1'19 Q2'19 6M'18 6M'19
97% 97% 96%
96%
97%
1%2% 2%
2%
2%
2%1% 2%
2%
1%
8,805 10,257 10,866
16,961
21,123
Q2'18 Q1'19 Q2'19 6M'18 6M'19
15PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
Top Line and EBITDA Grew Strongly
Revenue grew strongly:
• The y-on-y growths of total revenues were 23.4% for Q2’2019 and 24.5% for 6M’2019 and primarily due to
• The COD of 12 projects with total capacity of 989 MW during Q2’2018-Q2’2019, consisting of ABPR 4-5, 7 solar projects in Thailand, one hydropower plant in Laos and 2 solar projects in Vietnam.
• Two acquisitions: 51% additional holding of BGYSP in July 2018 and SPP1 acquisition with 124 MW in March 2019, and
• rising tariff of electricity and steam.
EBITDA increased continually:
• The y-on-y EBITDA growths were 18.5% for Q2’2019 and 13.8% for6M’2019 mainly from portfolio expansion through COD and acquisitionsas mentioned.
EBITDA margin improved q-on-q in Q2’19:
• EBITDA margin increased q-on-q to 25.8% in Q2’2019 from 1) a 2.4%q-on-q declining gas cost while Ft-charge was stable, 2) no scheduledmaintenance and 3) contributions from Solar projects in Vietnam whichgive relatively higher EBITDA margin.
• .. although it softened y-o-y to 24.7% in 6M’2019 and 25.8% in Q2’2019from an 13.8% increase in gas cost while there was a lag time in Ftcharge adjustment.
Electricity
OthersSteam
(Unit: THB mn)
(Unit: THB mn)
EBITDA Margin
EBITDA AND
EBITDA MARGINTOTAL REVENUES
+2,061 / 23.4% YoY
+609 / 5.9% QoQ
+4,162/ 24.5% YoY
+634 / +13.8% YoY
EBITDA
+395 / 16.4% QoQ
+439 / 18.5% YoY
BGRIM INVESTOR PRESENTATION Q2’2019
16PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
796 792
175229
349 338
189 199
6M/18 6M/19 6M/18 6M/19 6M/18 6M/19 6M/18 6M/19
2.883.24 3.27 3.30
6M/18 6M/19 6M/18 6M/19
EGAT Industrial Users (TH)
(Unit:THB/KWh)
3,644
1,506
4,326
1,558
6M/18 6M/19 6M/18 6M/19
EGAT Industrial Users (TH)
(Unit: GWh) (Unit: GWh)
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 6 MONTHS YoY
ELECTRICITY SALES
VOLUME YoY
ELECTRICITY SELLING
PRICE YoY
SALES VOLUME FOR EACH INDUSTRIAL USER (TH)
FOR 6 MONTHS YoY
(Unit:THB/mmBTU)
Electricity Sales Volume Increased YoY for Both EGAT and IU (6M/2018 vs 6M/2019)
244.28
6M/18 6M/19
EFFECTIVE GAS
COST
277.98
EGAT
• EGAT sales volume increased 18.7% YoY primarily due to the inclusion ofABPR4 and ABPR5 which commenced commercial operation in June and October2018 respectively, and additional contributions from SPP1 acquisition in March2019.
• Electricity price sales to EGAT increased 10.2% YoY because the energypayment is generally adjusted to reflect changes in natural gas price which roseduring these periods.
IU Thailand• IU Thailand sales volume increased 3.5% YoY primarily due to
• The inclusion of new industrial users in Amata City Rayong IndustrialEstate especially from new operation plants in 2018.
• The inclusion of SPP1’s industrial users in WHA Eastern (Map Ta Phut).
• An increase in demand load from existing customers in WHA ChonburiIndustrial Estate and Bangkadi Industrial Park.
• Electricity price sales to industry users in Thailand increased 0.9% YoY
which is in line with the changes in Ft charge announced by the ERC.
Top Line and EBITDA Grew Strongly
Amata City Amata City Laem Chabang Others (Bangkadi,
Chonburi Rayong WHA Chonburi, Map Ta Phut)
BGRIM INVESTOR PRESENTATION Q2’2019
EGAT• EGAT sales volume increased 3.6% QoQ primarily due to fully contributions
from SPP1 acquisition in March 2019.
• Electricity price sales to EGAT increased by 0.3% because the energy
payment is generally adjusted to reflect changes in natural gas price which
rose in Q1’2019.
IU Thailand
• IU Thailand sales volume increased 1.0% QoQ primarily due to
• The inclusion of new industrial users in Amata City Rayong IndustrialEstate especially from new operation plants in 2018.
• An increase in demand load from existing customers in BangkadiIndustrial Park.
• Electricity price sales to industry users Thailand remain unchanged which
is in line with the changes in Ft charge announced by the ERC.
2,127
775
2,199
783
Q1/19 Q2/19 Q1/19 Q2/19
EGAT Industrial Users (TH)
(Unit: GWh) (Unit: GWh)
17PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
Top Line and EBITDA Grew Strongly
3.25 3.24 3.30 3.30
Q1/19 Q2/19 Q1/19 Q2/19
EGAT Industrial Users (TH)
(Unit:THB/KWh)ELECTRICITY SELLING
PRICE QoQ (Unit:THB/mmBTU)
0.0%
SALES VOLUME FOR EACH INDUSTRIAL USER (TH)
QoQELECTRICITY SALES
VOLUME QoQ
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE QoQ
Electricity Sales Volume Increased QoQ for Both EGAT and IU (Q1/2019 vs Q2/2019)
Q1/19 Q2/19
EFFECTIVE GAS
COST
281.42 274.66
395 397
106123
172 166101 98
Q1/19 Q2/19 Q1/19 Q2/19 Q1/19 Q2/19 Q1/19 Q2/19Amata City Amata City Laem Chabang Others (Bangkadi,
Chonburi Rayong WHA Chonburi, Map Ta Phut)
BGRIM INVESTOR PRESENTATION Q2’2019
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
18PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
High Correlation between Gas Price and Ft – Benefit to IU Sales
Change in Ft vs Gas Price in 2005-2019
Introduction of
renewable energy
Adjusted FT Index
Gas Price Index
0%
50%
100%
150%
200%
250%
300%
Jan
-05
Jul-
05
Jan
-06
Jul-
06
Jan
-07
Jul-
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
Jan
-15
Jul-
15
Jan
-16
Jul-
16
Jan
-17
Jul-
17
Jan
-18
Jul-
18
Jan
-19
Jul-
19
Adjusted FT Index Gas price Index
BGRIM INVESTOR PRESENTATION Q2’2019
8,3
89
7,5
99
7,5
51
8,4
37
7,5
88
7,5
50
1st Round SPP 2nd Round SPP 3rd Round SPP
2018 6M'2019
19PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
High Standard Technology Leads to High Efficiency & Availability
95.2 96.498.696.4 95.9
99.6
70
75
80
85
90
95
100
1st Round SPP 2nd Round SPP 3rd Round SPP
2018 6M'2019
Our SPP power plants realized lower heat rates
Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD
HIGH AVAILABILTY (AVAILABILTY FACTOR)
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
(%)
HIGH EFFICIENCY (HEAT RATE)
Contracted Heat Rate 8,600 BTU/kWh
Contracted Heat Rate 8,000 BTU/kWhContracted Heat Rate 7,950 BTU/kWh
(BTU/kWh)
BGRIM INVESTOR PRESENTATION Q2’2019
1,075 1,040
0
700
6M'18 6M'19
563443
557
0
100
200
300
400
500
600
700
Q2'18 Q1'19 Q2'19
20PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
NP for Q2’2019 increased 228.8%
9381,158
581
7161,519
1,874
0
500
1000
1500
2000
2500
6M'18 6M'19
9.0% 8.9%
215
532 626101
303412
316
835
1,038
0
200
400
600
800
1000
1200
Q2'18 Q1'19 Q2'19
PROJECT UPDATE
3.6%8.1%
9.6%NP Margin
NP to owner
NP to Non-Controlling Interest (NCI)
NP / NP to owner grew 228.5% y-o-y to Baht 1,038 million in
Q2’2019 / 23.4% to Baht 1,874 million in 6M’2019
• The improvements were from
• new COD of 2 solar projects in Vietnam and Nam Che1,
• new client synchronizing in Rayong,
• full contribution from SPP1,• Improving heat rate at ABP3 (thanks to LTSA with Siemens) and
• 2.4% decline in gas cost while Ft charge was stable.
+722 / 228.5% YoY
NET PROFIT (NP)(Unit: THB mn) (Unit: THB mn)
+203 / 24.3% QoQ
(Unit: THB mn)
1,038 886
557
245 92 329
UnrealizedFx Gain
Non-recurringexpense
NNP NNP to NCI NNP to OwnerQ2’19
Net Profit
RECONCILE NORMALIZED NET PROFIT (NNP) OF Q2’2019
+355 / 23.4% YoY
Portfolio expansion and cost saving could more than offset gas price increasing y-on-y
• If one-time items were excluded (which were 1. THB 125 million
realized FX gain from BIP refinance in Q2’2018 and 2. THB 40 million
temporary impact from EGAT’s transmission line modification which
would be compensated in 2H’2019), NNP could grow 6% y-on-y in
Q2’2019 which was because of portfolio expansion and cost saving.
This was more than offset by the THB 105 million earnings
contribution project COD, MD&A and cost saving.
(1)(2)
668
597
1,200
(1)
(2)1,040
(1) Realized Fx Gain
from BIP refinance
(2) EGAT transmission
line modification
12540
125
40
BGRIM INVESTOR PRESENTATION Q2’2019
21PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
Strong Financial Position Thanks to the Well-Managed Capital Structure
72%
75%
28%
25%
31 Dec 18 30 Jun 19
15% 14%
9% 8%
76%
78%
31 Dec 18 30 Jun 19
100,636
113,801
Cash, cash Equivalents and ST investments
OtherCurrent Assets
(Unit: THB mn)
Assets
Total
Liabilities
Total
Equity
113,801
100,636
Liabilities and Equity
Non- Current Assets
Financial Position as at 30 Jun 2019
Total assets
• Total assets increased by 13.1%, primarily due to the
continual expansion of project portfolio both local and
overseas.
Total liabilities
• Total liabilities increased by 16.9%, primarily due to an
increase in short-term borrowing for project acquisition,
construction payable for project under construction and
additional loan drawdown for the projects under development
and construction.
Total Equities
• Total equities increased by 3.0%, primarily due to the
increase in retained earnings during the period.
STATEMENT OF FINANCIAL POSITION
AS OF 30 JUN 2019
BGRIM INVESTOR PRESENTATION Q2’2019
22PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
BGRIM optimizes Capital Structure through Well Managed Debt Profile
THB 60,053 mn(as of 30 June 2019)
Project Level (In Operation)
Loan (THB)
• Only 29% loan represents loan at the corporate level. The remaining 71%contributes to debts at power plant level with limited recourse to sponsor
• Interest obligations of almost all power plant level debts are swapped tofixed rate
• Only 15% of total loan as at 30 June 2019 is denominated in USD which ismatched with a proportion of EGAT tariff indexation to USD at project level,so called “Natural Hedge” strategy
THB 15,507 mn
THB 9,018 mnProject Level
Debenture
THB 3,037 mn
Corporate Level
Loan
THB 14,614 mn
Corporate Level
Debenture
24%
THB 17,877 mn
Project Level
(In Operation)
Loan (USD)
5%
30%
26%
15%
DEBT PROFILE
4.9%
4.7%
4.6%
4.5%
0.04
0.04
0.04
0.05
0.05
0.05
0.05
0.05
0.05
2016 2017 2018 Q2/2019
• Financing costs decreased to 4.5% in Q2/2019 due to:
• Project bond refinance of BIP1 and BIP2 THB 6.7 billion in May 2018
• Corporate bond issuance of THB 9.7 billion in October 2018 andgreen bond of THB 5.0 billion in December 2018
• Solar projects refinance of BGSENA THB 2.2 billion in May 2019with tenors of 14 years and interest saving rate around 2.0% p.a. or THB 119 mn throughout the project life
FINANCING COSTS
BGRIM INVESTOR PRESENTATION Q2’2019
Gearing Ratios
• Consolidated net interest-bearing debt to equity ratioincreased to 1.6x, and for the Company only decreased to0.9x as a result of additional investments in new projects tosupport the company’s earnings growths in both short termand long term.
23PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE
Capital Structure and Dividend Policy
• Manage debt and equity funding to optimize capital structure
• Seek to obtain financing at project level
• 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 becauseBGRIM holds majority in most of the projects
Note: Net Interest-bearing debt is Interest-bearing debt less cash, cash equivalents and short-term investments.
60%
40%
NNP to Owner1H'2019
NET INTEREST-BEARING DEBT
TO EQUITY RATIO
• Minimum 40% of normalized net profit of consolidated financial
statements
▪ Interim dividend of 0.15 THB per share
was approved by BOD on 13 August
2019 with the scheduled payment on
10 September 2019
▪ 40% of NNP in 1H’19 will be paid as
dividend with the total amount of
THB 391 mn
1,842
(Unit: THB mm)
DIVIDEND PAYMENT
DIVIDEND POLICYCAPITAL STRUCTURE
0.7x 0.9x1.5x 1.6x
(1.50) (1.40) (1.30) (1.20) (1.10) (1.00) (0.90) (0.80) (0.70) (0.60) (0.50) (0.40) (0.30) (0.20) (0.10)
- 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40 2.50
Dec-18 Jun-19
Company only Consolidated
BGRIM INVESTOR PRESENTATION
Q2’2018 OPERATING RESULTQ3’2018 UPDATE BGRIM OVERVIEW
Q1’2019
Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTSBGRIM OVERVIEW
24
Appendix
24
BGRIM INVESTOR PRESENTATION Q2’2019
25
140th Year Anniversary of B.Grimm
• 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
Values: Positivity, Pioneering Spirit, Professionalism, and Partnership
"Doing Business with Compassion for the Development of Civilization in Harmony with Nature"
Opened Siam
Dispensary
1890 1931 1996 2010
Built Rangsit canal
together with
Snidvongse family
Installed the first
telephone line
between Germany
and Thailand
Supplied turnkey
systems and services
with Siemens for
BTS sky train
Awarded first Small Power Producer (SPP) contract
for Amata B.Grimm Power 1
Consortium
leader for Airport
Rail Link
1878
B.Grimm Power
reached 2,892 MW
installed capacity
1994 June 2019
BGRIM INVESTOR PRESENTATION
Q2’2018 OPERATING RESULTQ3’2018 UPDATE BGRIM OVERVIEW
Q1’2019
Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTSBGRIM OVERVIEW
2626
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
Mr. Surasak Towanich
Senior Executive Vice President
Sales, Marketing and Electricity
Transmission and Distribution
(23 years with B.Grimm Power)
Previously held positions with
EGAT and ABB
Mr. Nopadej Karnasuta
Senior Executive Vice President
CFO
(6 years with B.Grimm Power)
Previously held positions with
KBANK and EGCO
Mr. Peradach Patanachan
Senior Executive Vice President
Legal Counsellor / Business &
Project Development I (Renewable &
Hybrid Projects)
(12 years with B.Grimm Power)
Previously held positions with
Clifford Chance and KPMG
Mr. Chote Chusuwan
Senior Executive Vice President
Chief Operation Officer
(23 years with B.Grimm Power)
Previously held positions with
EGAT and Cogeneration PCL
Mr. Arunphun PootongExecutive Vice President
Business & Project Developments
(Conventional) and Commercial &
Procurement
Previously held positions
with EGAT and JERA Power
BGRIM INVESTOR PRESENTATION Q2’2019
27
Awards and Recognition
✓ SET50
✓ SET100
✓ SETCLMV
FTSE SET Mid Cap
EIA Monitoring
Awards 2016
Certificate of the Carbon
Footprint for
Organization (CFO)
Best Energy
Solutions Provider
ASIA Project of
the Year 2015:
Best Distributed
Generation Project
The Most Innovative
Bond Deal
The First Non- financial
Corporate Green Bond
from Thailand
Certificate
of membership
of GEIDCO*
Green Financing
of The Year
*Global Energy Interconnection Development and Cooperation Organization
BGRIM INVESTOR PRESENTATION Q2’2019
28
“Excellent”
“ESG 100”(by Thaipat Institute)
“Thai CAC”(by Thai Institute of
Directors Association (IOD))
“Thailand Sustainability Investment (THSI) List”
(by Stock Exchange of Thailand)
“AGM Level”(by Thai Investors Association)
“CGR Score”(by Thai Institute of
Directors Association (IOD))
“Sustainability Report Awards”
(by Stock Exchange of Thailand)
Awards and Recognition
BGRIM INVESTOR PRESENTATION Q2’2019
29
Q3’2018 UPDATEQ3’2018 UPDATE
*For PPAs expired in 2019 - 2021
Key consideration
EGAT PPA period (years)
EGAT contract capacity (MW)
EGAT Tariff
IU Tariff
Contracted heat rate
(mmBTU/KWh)
BGRIM’s power plants applied
with this scheme
Replacement
25
Up to 30
Capacity Payment +
Energy Payment
Benchmark with PEA
7,409
ABP1, ABP2, BPLC1,
SPP1 (2 plants)
Extension*
1-3
Up to 60
Energy Payment
Benchmark with PEA
8,282
ABP1, SPP1 (2 plants)
Existing
21-25
Up to 90
Capacity Payment +
Energy Payment
Benchmark with PEA
8,600
ABP1, ABP2, BPLC1,
SPP1 (2 plants)
SPP Extension and Replacement Scheme
ABP1
2019 2020 2021 2022 2023 2024
ABP2
BPLC1
SPP1 #1
SPP1 #2
166 MW, (15.3% holding) 166 MW, (51.2% holding) 140-150 MW, (51.2% holding), 25 years
140-150 MW, (51.2% holding), 25 years
140-150 MW, (100.0% holding), 25 years
171 MW, (15.3% holding)
103 MW, (100.0% holding)
62 MW, (100.0% holding)
62 MW, (100.0% holding)
62 MW, (100.0%)
62 MW, (100.0%)
70-140 MW, (100.0% holding), 25 years
70-140 MW, (100.0% holding), 25 years
Q2’2019BGRIM INVESTOR PRESENTATION
Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE
30
BGRIM OVERVIEWQ3’2018 UPDATE
MOU signing with LG Chem
(May 14, 2019)
Cooperation with LG Chem, world leader
in fields of energy storage system (ESS),
automotive batteries and mobile batteries,
for the development in energy storage system.
MOU signing with Siemens and TPSC
(Mar 23, 2019)
Service Collaborations to improve 9 power plants
performance for increasing the availability and
efficiency as well as introducing digitalization to
their operation and maintenance.
MOU Signing with Strong Partners
BGRIM INVESTOR PRESENTATION
32
BGRIM’s Shareholders
34.0%
24.4%
9.0%
1.1%
0.4%
31.1%
B.Grimm Power
(Singapore) PTE. LTD.
Mr. Harald Link
B.Grimm Joint
Venture HoldingMs. Caroline Link
Public
Shareholders
Top Public Shareholders (as of 28 Jun 19) %
1. ASIAN DEVELOPMENT BANK 4.7%
2. BBL Long-Term Equity Fund 1.7%
3. Thai Life Insurance Co., Ltd 1.1%
4. Muang Thai Life Assurance Co., Ltd 1.0%
5. SOUTH EAST ASIA UK (Type C) NOMINEES LIMITED
0.8%
6. Others 21.8%
Total 31.1%
PUBLIC SHAREHOLDERS2,606.9 MM SHARES
Directors and
Management
BGRIM INVESTOR PRESENTATION
33
Operational Power Plants: Conventional
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.
(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
Company Abbreviation Fuel Type COD
Economic
Ownership
%(a)Installed Equity Offtaker /
PPA Expiry
Contracted
Capacity
(MW)
Electricity
Contracted
Capacity (MW)
Steam
Contracted
Capacity
(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
Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep-01 15.3%(b) 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
BGRIM INVESTOR PRESENTATION
34
Operational Power Plants: Solar
Company / Project Abbreviation Location CODEconomic
Ownership %(a)
Capacity Main PPA(s)
Installed
(MW)
Equity
(MW)
Offtaker /
ProgramPPA Expiry
B.Grimm Yanhee Solar Power BGYSP 100.0% 59.7 59.7
Sai Luang 2
Pathumthani province, Thailand Dec-15
8.0 8.0
PEA (FiT) Dec-40
8.0 8.0Sai Luang 3
Sai Luang 9 7.2 7.2
Sai Luang 10 7.5 7.5
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
Nakhon Pathom province,
Thailand
Dec-15
8.0 3.8
PEA (FiT) Dec-40
Sai Chalouw 1 8.0 3.8
Sai Sab 8.0 3.8
BGTTRE2Saraburi province, Thailand
8.0 3.8
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
PEA (FiT)
Dec-43
BGPCCS Phetchabun province, Thailand 3.6 3.6
BSPCB Surat Thani province, Thailand 5.0 5.0
BGSP1WN Bangkok province, Thailand 5.0 5.0
MEABGPLKB Bangkok province, Thailand 5.0 5.0
BGPBBO Samut Prakan province, Thailand 5.0 5.0
BGPSAI Nonthaburi province, Thailand 5.0 5.0
Dau Tieng (Xuan Cau) DT Tay Ninh province, Vietnam Jun-19 55.0% 420.0 231.0 EVN Jun-39
Phu Yen TTP (Phu Yen) Phu Yen TTP Phu Yen province, Vietnam Jun-19 80.0% 257.0 205.6 EVN Jun-39
Total 822.0 557.2
Note: As of 30 June 2019
(a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant.
BGRIM INVESTOR PRESENTATION
35
Source: 56-1, EGAT, PEA
(a) Some contract terms are year-on-year basis
(b) According to concession agreements
SPP Gas-fired Cogeneration Solar PV Solar (Vietnam) Wind Hydro
EGATIndustrial Users
PEA (FiT) EVN PEA (Adder) EDLElectricity Steam
Term (years) 21 – 25 years 5 – 15 years(a) 5 – 15 years(a) 25 years 20 years 5 years 25 years
Extension option ✓ ✓ ✓ –– 5 years
auto extensionUp to 10 years
Contracted capacity90 MW
(except for BPLC1
which is 60MW)
Depends on each contract 5 – 8 MW677 MW dc
564 MW ac8 MW 6.7 – 15 MW(b)
Secured fuel supply ✓ ✓ ✓ N/A N/A N/A N/A
Natural gas cost pass-through✓
(at contracted heat
rate)
Partially through
Ft
Depends on
contractN/A N/A N/A N/A
FX pass-through ✓Partially through
Ft– – – – –
Inflation indexation – – ✓ – – – –
Tariff See next page 5.66 THB/kWh 9.35 Cents/kWh
PEA wholesale +
10-year adder at
3.50 THB/kWh
0.065 US$/kWh
Applicable power plantsABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPR1-2,
SPP1
BGYSP (8
projects), Solarwa
(5 projects), TPS,
BGPSK
DT1&2,
Phu Yen TTP
Bo Thong
(2 projects)
XXHP (2
projects), Nam
Che, Nam Khao
1-5 (5 projects)
Contractual Overview: Commercial Features
BGRIM INVESTOR PRESENTATION
36
Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving
Payment + VAT
Capacity Payment Rate (THB/kW/month) = 𝐶𝑃0 × 𝑥 ×𝐹𝑋𝑡
𝐹𝑋0+(1− 𝑥)
Energy Payment Rate (THB/kWh) = 𝐸𝑃0 +𝑃𝑡−𝑃0
106× contracted Heat rate
Fuel Saving Payment Rate (THB/KWh) = 𝐹𝑆0 ×𝑃𝐸𝑆𝑡
10%
𝐹𝑋𝑡 = THB/ US$ Exchange Rate
𝑃𝑡 = Price for natural gas PTT sells to SPPs in a month (THB/mmBTU)
𝑃𝐸𝑆𝑡 = primary energy saving (“PES”) statistic measuring the efficiency rate of
our gas-fired cogeneration power plant in consuming natural gas in the
generation of electricity and thermal energy
Source: Company filing and data, EGAT
SPP Regulation 1992, 1998
& 20052007 2010
Applicable power plantsABP1-2, SPP1
BPLC1
ABP3,
ABPR1-2,
BIP1
ABP4-5,
ABPR3-5,
BIP2, BOWIN,
BGPR1-2
Base Capacity Payment Rate
(𝐶𝑃0) (THB/kW)302.00 383.66 420.00
Base Exchange Rate (𝐹𝑋0)
(THB/US$)27 37 34
US$THB FX indexation (𝑥) 0.8 0.5 0.5
Base Energy Payment Rate
(𝐸𝑃0) (THB/kWh)0.85 1.70 1.85
Base Price for Natural Gas
PTT sells to SPPs (𝑃0)
(THB/mmBTU)
77.0812 209.4531 232.6116
Contracted Heat Rate
(BTU/kWh)8,600 8,000 7,950
Fuel Saving Payment - ✓ ✓
Base Fuel Saving Payment
(𝐹𝑆0) (THB/kWh)- 0.36 0.36
Contractual Overview: EGAT PPA under SPP Program
TARIFF STRUCTURE
BGRIM INVESTOR PRESENTATION
37
Projects
Installed
Capacity
(MW)
Steam
Capacity
(ton/hr)
Type of maintenanceDuration
(days)
2018
Q1 Q2 Q3 Q4
Amata City (Chonburi)
ABP1 166.4 30.0 Major Overhaul 24
ABP2 171.2 30.0Major Overhaul 22
Major Overhaul 12
ABP3 132.5 30.0 Major Overhaul 20
ABP4 131.1 30.0 Major Inspection 15
Laem Chabang
BPLC1 103.0 50.0Major Overhaul 14
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
Major Maintenance Schedule in 2018 & 2019
Projects
Installed
Capacity
(MW)
Steam
Capacity
(ton/hr)
Type of maintenanceDuration
(days)2019
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
Abbreviation & Our Projects
ABBREVIATIONADB Asian Development Bank
COD Commercial Operation Date
EBITDA Earnings before Interest, Taxes, Depreciation and Amortization
EDL Electricite Du Laos
EGAT Electricity Generating Authority of Thailand
ERC Energy Regulatory Commission
EPC Engineering, Procurement and Construction
EVN Electricity of Vietnam
FiT Feed-in Tariff
FX Foreign exchange
IPO Initial public offering
IU Industrial user
IWTE Industrial Waste to Energy
JV Joint venture
KWh / GWh Kilo / Gigawatt-hour
MEA Metropolitan Electricity Authority
mmBtu Million Btu (unit of gas consumption)
NNP Normalized net profit
O&M Operations and maintenance
P.A. Per annum
PEA Provincial Electricity Authority (Thailand)
PPA Power purchase agreement
PTT PTT public Company Limited
ROA Return on assets
ROE Return on equity
SG&A Selling, general & administrative expense
YE Year End
YoY Year-on-Year
OUR PROJECTSABPIF Amata B.Grimm Power Plant Infrastructure Fund
ABP1 Amata B.Grimm Power 1
ABP2 Amata B.Grimm Power 2
ABP3 Amata B.Grimm Power 3
ABP4 Amata B.Grimm Power 4
ABP5 Amata B.Grimm Power 5
ABPR1 Amata B.Grimm Power (Rayong) 1
ABPR2 Amata B.Grimm Power (Rayong) 2
ABPR3 Amata B.Grimm Power (Rayong) 3
ABPR4 Amata B.Grimm Power (Rayong) 4
ABPR5 Amata B.Grimm Power (Rayong) 5
BGPSK B.Grimm Solar Power (Sakaeo) 1
BGSENA B.Grimm Sena Solar Power Limited
BGYSP B.Grimm Yanhee Solar Power
BIP1 B.Grimm BIP Power 1
BIP2 B.Grimm BIP Power 2
BPLC1 B.Grimm Power (Laem Chabang) 1
BPLC2 B.Grimm Power (Laem Chabang) 2
BPWHA1 B.Grimm Power (WHA) 1
Nam Che Nam Che 1 Hydro Power Project
XXHP Xenamnoy 2 and Xekatam 1 Hydro Power Project
Interchem Progress Interchem
Solar WVO Solar WVO-Cooperatives Projects
DT Dau Tieng Tay Ninh Energy Solar Plant Project (Xuan Cau)
Phu Yen TTP Phu Yen TTP Solar Plant Project (Phu Yen)
38
BGRIM INVESTOR PRESENTATION
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
39
BGRIM INVESTOR PRESENTATION
INVESTOR RELATIONS
IR Contact
Disclaimer
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 otherwisemade 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 consequentialloss 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 noreliance, 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 shouldbe 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 shouldconduct its own independent analysis of the Company, including the consulting of independent legal, business, tax and financial advisers. The information in these materials isprovided as at the date of this document and is subject to change without notice.
.
Email: [email protected]
Tel: +66 (0) 2710 3528
Solaya Na Songkhla
Email: [email protected]
Gunnlapat Wichutarat
Email: [email protected]
Thunruethai Makaraphan
Email: [email protected]
Contact Us:
Dr. Gerhard Link Building,
5 Krungthepkreetha Road, Huamark,
Bangkapi, Bangkok 10240, Thailand
Tel: +66 (0) 2710 3400
Fax: +66 (0) 2379 4245
40