Analyst Meeting Q2/2018 Financial Results 15 August 2018 Ticker: BCPG (SET)
Disclaimer The information contained in this presentation is provided by BCPG Public Company Limited (the "Company") to you solely for your information. Neither this presentation nor any part hereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company and its respective affiliates. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the Company and its respective affiliates. Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, no representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company and its subsidiaries. None of the Company nor any of its respective affiliates nor any of its or their respective members, directors, officers, employees or affiliates assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss arising from or in connection with any use of this presentation or its contents. This presentation is for information purposes only and does not constitute or form part of any offer or invitation by or on behalf of the Company for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto (“Securities”) in Thailand, the United States or any other jurisdiction. This presentation should not be construed as legal, tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular investor, and should not be treated as giving investment advice. In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward ‐ looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned not to place undue reliance on these forward looking statements. In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to update the information contained in this presentation or to correct any inaccuracies herein which may become apparent. 2
Agenda Recent Development Financial Highlights Business Outlooks 3
Agenda Recent Development Financial Highlights Business Outlooks 4
Key Highlights Bett tter er weather ther conditio ndition QoQ des espit ite e heavie vier rainfal all l YoY Acqu quis isitio ition of Lomli mligor gor wind farm: inst stall lled d 10 MW, entit itled led to adde der of THB B 3.5 for 10 years rs (est st. . revenue venue of nearly ly THB 7 per unit) t) Thailand Two sol olar ar gove vernmen nment t proje oject cts s in a colla labo bora ratio tion n between etween WVO are the e first st proje jects cts in the e prog ogram ram to sta tart rt comme mercia cial l ope perat ations ions in Thailand iland Bett tter er weather ther conditio ndition QoQ but t not t for YoY Japan Revenue venue increa reased sed from m Gotemba temba proje oject ct 4.0 MW (COD since ce 16 April il 2018) The Low ow seas asons ons but t perf rfor orme med d bett etter er with capacity city facto tor r resul sulte ted d to share re of profi fit Philippines (befo efore re amortiz ortizat ation) ion) of THB B 2.4 million ion Stable ble ope pera ratio tion. n. Share e of profi fit t (from om core re ope pera ratio tion) n) of THB B 212.0 0 million, lion, which was slight ightly y bett etter than expe pectat ctation ion Indonesia Comple plete ted d refinan inancin cing g activ ivit ity y for Wayang Windu du plant t to free ee up cash flow and loosen osen deb ebt repaymen ayment t term rm 5
Investment summary: Lomligor Project ject Lomligor Locat atio ion Nakhon Sri Thammarat Owners ershi hip 100% Status Under Construction COD Expected 1H 2019 Capacit acity 8.965 MWppa Tarif iff Wholesale Tariff + Adder 3.50 THB/kWh (10 Yr) (Average 6.60 THB/kWh) Lomligor Land Freehold 133 rais Turbi bine ne Supplier lier Goldwind GW121/2500 (2.5 MW x 4 turbines) EPC Contra tractor ctor ITALTHAI Engineering & Consortium ESS System 1.5 MWh, in research collaboration with NSTDA Capaci acity ty factor or 21.4% (5.1 hours) Est. Project ject Cost THB 825 million Page 6 Finan ancing cing Target D/E 75:25 6
2 Solar projects with government agencies have started commercial operation (WVO) Tha Muang, g, Kancha chanaburi naburi province ince Praphu phutthaba thabat, , Sarab aburi ri province ince Installed capacity: 3.94 MW Installed capacity: 5 MW Investment cost: THB 162 mn Investment cost: THB 205 mn Tariff: FiT at THB 4.12 per kWh for 25 years Tariff: FiT at THB 4.12 per kWh for 25 years COD date: 23 July 2018 COD date: 20 July 2018 7
Portfolio Summary Operating 398.9 MW (installed) 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 2Q18 Total: 192 MW Thailand Philippines Operating Operating : 182 MW DC 182 MW Operating: 14 MW 399 MW Developing : 18.9 MW DC 30 MW Developing: 6 MW Total: 200.9 MW Total: 20 MW Status Technology Indonesia Operating: 157.5 MW Solar Developing: 24 MW Wind Developing Total: 181.5 MW 383 MW 196 MW Geothermal 8 Remark: For the Philippines and Indonesia, only equity MW is presented
Portfolio Summary Power Generation and income after acquisitions Pro-fo forma ma Reve venue nue (THB B million lion) JP JP 15% TH TH 45% TH TH 45% ID ID Power wer Generatio eration n (GWh) 85% 8% 3% TH TH PH PH JP JP JP JP 16% JP JP 6M 2017: THB 1,687 million 6M 2018: THB 3,192 million 3% 14% PH PH 6% TH TH ID ID 75% 86% Pro-fo forma ma EBI BITD TDA (THB B millio ion) 6M 2018: 794 GWh 6M 2017: 155 GWh JP JP 9% 43% TH TH TH TH ID ID 50% 91% 3% 4% JP JP PH PH 6M 2017: THB 1,259 million 6M 2018: THB 2,673 million 9
Dividend payment Robust dividend payout Not t less ss than 40% of the Company’s Net Profit (after deduction of all reserves required by law and regulations) Dividen idend 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) 10 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 11
Key business drivers Solar power plants - seasonally peak in second quarter Irradia adiatio tion n (hou ours rs per day) ay) -6.6% YoY -1.2% YoY +13.3% QoQ +44.6% QoQ 5.68 5.61 4.94 4.61 5.17 4.38 4.95 3.19 4.66 2.46 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q18 2Q1 Q18 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18 Sella lable ble Out utput put (kWh) -2.0% YoY +3.3% YoY +1.0% QoQ +62.6% QoQ 68,073 66,695 65,384 65,716 66,035 14,887 14,409 12,776 9,155 8,405 2Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18 12
Recommend
More recommend
