Oppo pportu rtunity nity Da Day 1Q2019 Financial Results 23 May 2019 Ticker: BCPG (SET)
Ag Agen enda da Highlights Performances Outlooks 2
“BCPG believes in De Demo mocratizati ratization on of Ener ergy gy – we work to put the power to manage the energy economy into the hands of consumers. Through collaboration with partners, we aim to democratize energy by using innovation to create a sustainable way of new energy utilization” Mr. Bundit Sapianchai, President and CEO
Democratization of Energy Establishing lishing strong ng foun undations tions for new ew way of en ener ergy gy consu sump mption ion covering ering 3 s 3 seg egmen ents s e. e.g. . res eside ident ntial ial, , commer ercial cial and industri ustrial. al. 2-yea ear r jour urney ney and way forward ard Develop opment ment with key part rtne ners: 2019: Demo mocra ratiza tizatio tion of Energy rgy 2018: Energy ergy for ever eryo yone ne Started to record Next step: Engaged Power Ledger as revenue from Plan to apply for ERC Sandbox Digital Energy Partner rooftop solar biz P2P trading area 3Q18 1H19 By 1H19 4Q17 4Q18 T77 Launch with Sansiri Jointly established Thai Sun Share Project Smart University Digital Energy Development with SC Asset with CMU 4 (TDED) with PEA ENCOM
Partnering with PEA Encom Another An er significa nificant t step ep to pen enet etrat rate e into ret etail il markets ets 5-year ear targe get: t: 3 busines sinesses unde der JV: MW: Rooftop solar: 350 MW Energy efficiency: 419 MW 1 2 3 Energy Investment in Portf tfolio lio mix: Digital Energy renewable Efficiency & Rooftop solar Platform 10% Management generators 41% Energy Efficiency 49% Digital Platform 5
Project update in Japan Const struct ruction ion timelin eline e has bee een pus ushed ed by reg egula ulato tory ry challenges llenges Const struct ruction ion pla lan up update: e: Proje ject ct Targe get COD Komagane 1H20 Chiba 1 1H20 Yabuki 2H20 Chiba 2 2H22 6
Commenced first Thai wind power plant in portfolio Oper erat ation ion started ed ahea ead d of schedule edule with h strin inge gent t CAP APEX X spen ending ding Revenue venue targe get: THB 109 mn p.a. until 2028 Based on capacity factor 19%-20% Adder THB 3.5/kWh granted Tot otal al investme estment: nt: THB 835 mn Share purchase: THB 219 mn Construction cost: THB 616 mn Seasonalit asonality: Estimate seasonally peak in 4Q 30.0% 20.0% 10.0% 0.0% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Est. capacity factor (%) 7
Performance “Aligning business and finance strategy to grow the company while ensuring compliance with financial regulations, protecting company’s vital assets, and applying critical thinking to the long-term goal of BCPG ” Ms. Phatpuree Chinkulkitnivat, CFO 8
Business footprint Unit: contracted capacity or equity MW Wel ell-diversified diversified ren enewabl ewable e en ener ergy gy portfolio lio in As Asia a Pacif ific ic Total To 492. 92.6 6 MW W Developing 182 MW 158 MW 29 MW Technology Status In ope peratio ation: 147.9 MW* Under construction: 12.0 MW Operating 335 MW 282 MW TH In ope peratio ation: 14.7 MW Under construction: 116.5 MW Assets monetization: 19.3 MW JP In oper peratio ation: 14.4 MW Under construction: 5.6 MW PH In ope peratio ation: 157.5 MW Under construction: 24.0 MW ID 9 Remark: *Including wind power plant project of 9.0 MW Update as of 30 April 2019
Business portfolio Geothermal power plants support business portfolio’s prominent generation growth Power er Genera ratio tion Power r Generat atio ion 1,607 Unit: GWh Unit: GWh TH TH 18% JP JP 1% 847 PH PH 4% ID ID 77% 274 263 231 130 2013 2014 2015 2016 2017 2018 1Q19: 401 GWh (+1.0% YoY) Solar TH Solar JP Wind PH Geothermal ID Pro Form rma a Revenue e Installed lled & Equity ity MW in Portf tfolio lio Unit: MW Unit: THB mn 381 394 202 169 169 TH TH 48% ID ID 45% 94 5% 3% JP JP PH PH 2013 2014 2015 2016 2017 2018 1Q19: THB 1,591 million (-0.4% YoY) 10 Solar TH Solar JP Wind PH Geothermal ID
Seasonality summary Solar Wind Geothermal 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019 20% 60% 95% 17% 40% 20% 15% 0% 0% 12% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Solar (TH): Wind (PH): Geothermal (ID): Q1: Monsoon season Q1: Cloudy weather Limited seasonal fluctuation Q2: Dry season with lowest wind speed Q2: Partial effect from rain Well-planned maintenance shutdown Q3: Rainy season Q3: Picking up windspeed due to monsoon among power plants Q4: Winter & partly cloudy Q4: Partially supported by monsoon Estimate 2017 2018 2019 23% 17% Wel ell-diversified diversified tec echnol ology ogy in 20% 13% 18% 9% portfolio lio hel elps s smoot othen en 15% 5% per erformance rmance th throug ughou hout t Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Wind (TH): Solar (JP): the e yea ear r Q1: Winter with cloudy weather Q1: North wind → cold climate Q2: Clear weather (Spring) Q2: Absence of monsoon Q3: Summer with rainy season Q3: Rainy season from central region 11 Q4: Winter season Q4: Rainy season in the South
Key highlights for 1Q19 By By num umbers ers Key ey takea eaway way Unit: THB mn A goo ood d sta tart rt for 2019 thanks to robust performance and 60 609. 9.5 EBI BITDA DA 1 higher contribution from investment in associates Presenting resiliency Robust all-around performance 49 Net et profit it 491. 1.6 Healt lthy y financial cial pos ositio ition supported by low gearing ND/E 2 and financing cost… MW MW 492. 49 2.6 …Free up room for future investment through organic and 3 Leading renewable player in Asia Pacific acquisition activities 0.87x 0. 87x ND/ D/E COD of wind power plant “ Lomligor omligor ” in 2Q19 should enhance 4 Well below industry average and covenant bot otto tom m line e YoY growth owth Commitment to shareholders 3.9% 9% Div. Di . Yield eld 12
Revenue & plants performance Resil Re ilient ient oper erations tions Revenue e & Gross profi fit marg rgin in Power er generat eratio ion n & Capaci acity ty factor or (%) +0.8% YoY Unit: GWh +8.8% YoY Unit: THB million -0.9% QoQ Favorable weather conditions -1.6% QoQ 874 830 815 808 801 17.8% as well as full-quarter book 17.7% 17.2% 17.1% 15.6% 74.4% of newly COD of WVO 72.1% 71.7% 70.1% 69.3% supported YoY growth 73 72 66 67 64 QoQ output was relatively stable 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19 Generation Capacity factor (%) Thailand Japan Gross Profit Margin Power er generat eration ion & Capacit acity factor or (%) Revenue & Gross Profit Margin: Unit: GWh -55.3% YoY Overall 1Q19 revenue is relatively stable YoY Output lowered significantly thanks to robust operations in Thailand & +4.5% QoQ YoY due to Assets 15.5% 14.3% 11.1% monetization since 3Q18 full-quarter recognition of three new projects 10.5% 10.1% On QoQ basis, improving offset the absence of 2 projects sold into IFF 15 14 9 4 4 1Q19 Gross profit margin reached peak level weather conditions helped from the past ten quarters at 74.4% thanks increase capacity factor 1Q18 2Q18 3Q18 4Q18 1Q19 mainly to lower COGS especially at Gotemba plant Generation Capacity factor (%) 13
EBITDA Gr Growin wing g YoY driven ven by increased reased GP GP EBITDA A & EBITDA A marg rgin in %SG&A/S /Sales ales Unit: THB million +2.9% YoY -0.7% QoQ 76.7% 75.5% 75.3% 73.9% 69.4% 18.2% 17.9% 16.6% 16.0% 15.4% 670 614 610 592 576 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19 EBITDA EBITDA margin EBITDA Selling and administrative expense %SG&A/Sales slightly decreased YoY. 1Q19 EBITDA grew by 2.9% YoY mainly However, on QoQ basis, %SG&A/Sales thanks to rising GPM increased due to higher personal expense 14 Remark: EBITDA from operation, excluding other revenue and share of profit from associates and one-time items
Share of profit from associates Wind power plant in the Philippines Typica ically lly high h sea easo son n sup uppo port rted ed highe her share e of profit it contributi ribution on Share re of prof ofit t from om opera ratio ion n (befor ore e amor ortiz tizat atio ion) Unit: THB million 14.4 MW + 5.6 MW +68.5% YoY +97.7% QoQ 37.4 29.1 22.2 18.9 (Nabas) 2.4 1Q18 2Q18 3Q18 4Q18 1Q19 (restated) Amortization (8.1) (8.3) (8.5) (8.4) (8.5) Sellab lable le output t and Capaci acity ty factor or (%) +30.6% YoY One-time items - - - - - +38.3% QoQ Unit: GWh Net share e of prof ofit it 14.1 (5.9) 20.6 10.5 29.2 53.4% 43.2% 39.4% 37.8% Booked 1Q19 record high share of profit (before 24.6% 17 amortization) since acquisition, driven by continued 14 13 12 8 favorable wind speed during the period Capacity factor was also at peak level of 53.4% since 1Q18 2Q18 3Q18 4Q18 1Q19 acquisition Sellable output Capacity factor (%) 15 Remark: Sellable output based on holding percentage
Recommend
More recommend
