Analyst Meeting Q1/2018 Financial Results 25 May 2018 Ticker: BCPG (SET)
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Agenda Recent Development Financial Highlights Business Outlooks
Agenda Recent Development Financial Highlights Business Outlooks
Key Highlights Full ll-quarte arter recognit itio ion n of Solar r cooperativ eratives es 5 5 MW (COD since ce 14 14 March 2017 2017) Thailand all lower Heavier vier and longe ger than usu sual al rainfal wer irradia iation ion hours urs Signed ned MOU with IEAT, AT, PEA EA and BCP Full ll quar arte ter record ord of Nagi proje oject ct 10.5 MW (COD since ce 2 March 2017) Japan Officia cially ly COD of Gotemba temba proje ject ct 4.0 MW since ce 16 April il 2018 Share e of prof ofit it (befo fore re amortiz ortizat ation) ion) was pos ositive itive of THB B 22.2 million, lion, des espite ite The Philippines lower wer wind spe peed d and one turbin rbine e down n for 10 days ys Stable ble ope pera ratio tion. n. Share e of profi fit t (before efore amortiz rtizatio ation) was in line Indonesia with expe pectatio ctation of THB B 181.0 millio ion
Key Highlights (Cont’d) % to sales ales 100% 100% Sales es 82.5% Adjus usted ted YoY +0.5% EBITD ITDA* A* 45.4% 43.8% QoQ +2.6% YoY +6.3% Core profit fit Net et prof ofit it YoY -8.0% QoQ +29.7% QoQ +115.8% YoY -22.7% QoQ -40.1% THB 801.5mn mn THB B 661.4 mn mn THB B 364.0 mn mn THB 351.2 mn mn Remark: Adjusted EBITDA incorporates share of profit from investment in associates of THB 69.0 mn
Portfolio Summary Operating 398.9 installed MW and continued growing Contr trac acted ted MW Thailand Japan The Philppines Indonesia 336.4 .4 332.4 .4 158 158 145 14.4 14.4 34 30 20 Japan 125 130 130 Operating : 45 MW DC Developing: 147.3 MW DC 2016 2017 1Q18 Total: 192 MW Thailand Philippines Operating Operating : 182 MW DC 182 MW Operating: 14 MW 399 MW Developing : 8.9 MW DC Developing: 6 MW 20 MW Total: 190.9 MW Total: 20 MW Status Technology Indonesia Operating: 157.5 MW Solar Developing: 24 MW Wind Developing Total: 181.5 MW 383 MW 186 MW Geothermal Remark: For the Philippines and Indonesia, only equity MW is presented
Dividend payment Robust dividend payout Not t less ss than 40% of the Company’s Net t Profit it (after deduction of all reserves required by law and regulations) Divide idend nd Yield eld 3.2% Unit: THB per share (@ 19.7 THB per share) 0.8 0.7 0.09 0.6 0.16 0.5 0.4 0.15 0.3 0.61 0.60 0.15 0.2 0.1 0.16 0.15 0.0 FY16* Q117 Q217 Q317 Q417 FY17 1Q18 Dividend payout ratio 91.0% 62.7% 65.2% 65.2% 57.7% 55.2% 60.4% (Consolidated) 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
Agenda Key Highlights Financial Highlights Going Forward
Key business drivers Growing output in Japan helped by full-quarter recognition of Nagi Irradia adiatio tion n (hou ours rs per day) ay) -3.6% YoY +10.9% YoY 5.68 +6.3% QoQ +29.7% QoQ 5.17 5.14 4.94 4.95 4.38 4.66 3.19 2.88 2.46 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 Sella lable ble Out utput put (kWh) +0.1% YoY +39.0% YoY +0.5% QoQ +8.9% QoQ 68,073 65,993 65,384 65,716 66,035 14,409 12,776 9,155 8,405 6,585 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 4Q17 1Q1 Q18
Revenue Stable revenue YoY; growing QoQ Unit: THB million +3.2% YoY +0.5% YoY +2.6% QoQ Revenue: venue: 890 854 802 798 Revenue was stable YoY at THB 802 million 781 19.2% 17.6% On QoQ basis, revenue grew slightly 2.6% 10.2% 10.9% 10.1% thanks to improving weather condition in 89.8% 80.8% 89.1% 82.4% 89.9% Japan despite prolonged snowfall 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 Thailand Japan Effective fective tariff ff* * -0.37% YoY -1.2% YoY Unit: THB per kWh Unit: JPY per kWh -0.1% QoQ +1.12% QoQ 39.03 38.60 38.60 38.60 38.56 10.85 10.81 10.76 10.69 10.56 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 Remark: *Effective tariff includes FiT to Agricultural Cooperatives Solar (Thailand) of THB 5.66 per unit and Gotemba project (Japan)
EBITDA Robust operations in Japan supported EBITDA growth QoQ Unit: THB million -4.8% YoY +11.9% QoQ EBITDA TDA 637 622 609 592 529 1Q18 EBITDA declined by 4.8% YoY mainly due to higher SG&A expenses 1Q18 EBITDA grew by 11.9% QoQ mainly helped by robust operations in Japan and lower SG&A expenses 1Q1 Q17 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 1Q18 SG&A to sales was at 18.2%, rose from 78.0% 71.3% 67.8% 73.9% 71.5% 14.8% in 1Q17, mainly due to personnel expenses to support business expansion Remark: EBITDA from operation, excluding other revenue
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