BGRIM: Investor Presentation

Transcription

1 BGRIM: Investor Presentation November 2017

2 BGRIM Q3/2017 Key Highlights STRONG OPERATING PERFORMANCE STRENGTHEN CAPITAL STRUCTURE Strong Performance with Growing Robust Pipeline Growth top line; Profitability enhance 15% Sales growth YoY;THB 23.7 billion for 9M % EBITDA growth YoY 24% NNP to Owner growth YoY 28% EBITDA Margin ROBUST PIPELINE OF GROWTH ABPR 3, 4 and 5 progressed as planned, an additional of 399 MW in 2018 Selected as sponsors of the solar farm projects for a total of 7 projects with a total capacity of 31 MW Significant progress on SPP replacement Net D/E ratio 1.5x as at 30 Sep 17 reduced from 4.1x in 31 Dec 16 (Net Interest-bearing debt) USD 20 million ADB facility and USD 235 million facility expects to be signed by Q4/2017 Pursuant of rating-corporate bond to be rollover in Oct 2018 RECOGNITION OF REVENUE FROM XXHP IN LAOS Recognized revenue from EDL for THB 59 million generated from BGRIM first hydro power project XXHP which COD in Aug 17 with installed capacity of 20 MW B.GRIMM INVESTOR PRESENTATION Q B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 1

3 Agenda B.Grimm Overview B.Grimm Growth Strategy Q3/2017 Operating Result Project Update B.GRIMM INVESTOR PRESENTATION Q B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 2

4 B.Grimm Updates and Outlooks 1. Improving Gearing Ratio under Well-managed Capital Structure Improve current gearing from 4.1x to 1.5x Rollover corporate bond with rating bond and larger tenor Manage capital structure to lower finance cost 2. SPP 5. Micro Replacement Grid Scheme The scheme for SPP operators whose contract will expire between to extend with the new 25-year PPA Contract capacity is MW; <=30% of net generating capacity 3. SPP Hybrid Scheme SPP has an ability to produce power in firm contract during peak period Total quota of 300 MW; Capacity per project is 10-50MW Submit application in mid Oct 2017 Announced winner in early Dec VSPP Semi-Firm Scheme VSPP must use biofuels as feedstock to produce power in semi-firm contract during peak period for 6 months a year Total quota of 268 MW; Capacity per project is up to 10 MW Submit application tentative in early 2018 (subject to SPP Hybrid timeline) B.GRIMM INVESTOR PRESENTATION Q B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 3

5 Lower Finance Cost from Improving Gearing Ratio Repayment of Corporate Loan as Planned Ongoing Consideration Improving Gearing Ratio under Wellmanaged Capital Structure GEARING RATIO AFTER IPO 4.1x D/E on Dec Use of IPO proceed Repay shareholder loan (THB bn) Corporate loan (THB bn) 1.5x D/E on Q3'2017 Lower gearing ratio of 1.5x net interest debt to equity after IPO Debt Profile AFTER IPO 4% Corporate Level Loan THB 1,949 MM 22% Project Level Debenture THB 11,482 MM 22% Project Level Loan (USD) THB 12,039 MM 10% Corporate Level Debenture THB 5,493 MM Largest part of Debt Profile comes from Project Debt 42% Project Level Loan (THB) THB 22,295 MM 1. Corporate debenture issaunce 4% Loan THB 1.9 bn 10% Existing Corporate Debt 64% Loan THB 34.3 bn 22% Debenture THB 5.5 bn 2. Strategy to enhance financing costs Debenture THB 11.5 bn Existing Project Debt Potential to gearing with low funding cost facility, i.e. ADB Corporate Debenture will be rolled-over by a rating bond within Q Debt room to enhance financing cost by refinancing with Project Debenture / Loan Key consideration 1. Refinancing yield 2. Operating years 3. Refinancing cost B.GRIMM INVESTOR PRESENTATION Q B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 4

6 SPP Replacement Scheme Renewal of 25-year PPA SPP Replacement Scheme Criteria and conditions for SPP replacement Condition - Constructed within the existing area or nearby - Sold to the industrial users within the industrial area - Connected with the existing electricity systems. Contracted capacity MW - <= 30% of net generating capacity (Electricity and steam) Operator - Firm SPP operator with Cogeneration systems Contract expiration - Within year SCOD - Expiry date of existing PPA or - 31 Dec 2021 in case existing PPA is expired by 2020 PPA period - 25 years Type of fuel - Natural gas only Key tentative timeline Conditions - 7 May 2018: EGAT to notify ERC for qualified SPP plant for SPP replacement scheme Power plants Existing capacity New capacity Installed capacity Equity capacity Installed capacity Equity capacity ABP ABP2.0* BPLC ABP2.1* BPLC2* Total Additional Implications to BGRIM 1. 3 SPP plants, ABP1, ABP2 and BPLC, are qualified for SPP replacement (150 MW each) 2. ABP1, ABP2 will have more equity capacity (51% ownership) after Existing PPA capacity under ABPIF scheme (15% ownership) 3. EPC efficiency support the replacement and also benefit BGRP1 & BGRP2 which PPA was awarded under 3 rd SPP scheme (2010) 4. Increase in operating margin due to the increase in portion of electricity sold to industrial users 5. SPP replacement scheme is expected to apply to all SPPs Key terms and conditions Contracted Heat Rate CP 0 (at 34 Baht/USD exchange rate with 50% indexation) EP 0 Tariff Structure Tariff structure 7,409 BTU/KWh baht/kw/month Baht/KWh Remark: *Assuming existing ABP2 (59.6 MW) and BPLC (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP replacement plants achieve COD B.GRIMM INVESTOR PRESENTATION Q *Note: CP: Capacity payment, EP: Energy payment B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 5

7 B.Grimm is the Longest Established Infrastructure Developer in Thailand "Doing Business with Compassion for the development of civilization in harmony with nature" Values: Positivity, Pioneering Spirit, Professionalism, and Partnership 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 s Opened Siam Dispensary Built Rangsit canal together with Snidvongse family Installed the first telephone line between Germany and Thailand Supplied turnkey systems Awarded first Small and services with Power Producer ( SPP ) Siemens for BTS sky train contract for Amata B.Grimm Power 1 Consortium leader for Airport Rail Link B.Grimm Power reached 1,646 MW installed capacity B.GRIMM INVESTOR PRESENTATION Q B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 6

8 Diversified Portfolio of 2,513 MW with 867 MW Under Development SPP INDUSTRIAL ESTATE 88% Gas Fired RENEWABLE GROUP 11.5% Bangkadi 229 MW V.R.M. 240 MW (under development) Laem Chabang* 206 MW 9% 11% 11% Hemaraj 130 MW 6% Total 2,206 MW In Operation 1,499 MW 29% Amata City 647 MW (399 MW under construction) TRANSMISSION & DISTRIBUTION 0.5% Bien Hoa 13 MW 34% Amata Nakorn* 754 MW Diesel Wind Group 16 MW (under development) 6% Hydro Group 45% 133 MW (15 MW under construction, 98 MW under development) Type of Energy Gas fired Hydro Power Total 294 MW In Operation 134 MW Installed MW Capacity % Under Develop 49% Solar Group 145 MW Equity MW Capacity % 2,206 MW 87.8% 707 MW 1,498 MW 88.1% 133 MW 5.3% 113 MW 95 MW 5.6% Solar 145 MW 5.8% 31 MW 90 MW 5.3% Wind 16 MW 0.6% 16 MW 15 MW 0.9% Diesel 13 MW 0.5% 4 MW 0.2% Total 2,513 MW 100% 867 MW 1,701 MW 100% B.GRIMM INVESTOR PRESENTATION Q Remark: *Assuming there are replacements in Amata Nakorn (ABP MW in 2019, ABP MW in 2022) and in Laem Chabang (BPLC MW in 2022) while existing ABP2 (59.6 MW) and BPLC2 (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP replacement plants achieve COD B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 7

9 Trustworthy Customers with Long Remaining PPAs Secure Cash Flow 9M/17 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE Track Record of Extensions IU-TH 29% IU-VN 4% Steam-TH 2% Others 3% THB 23,720 mm 9M/2017 Sales and service Income EGAT 62% 25.0 Years EDL 23.8 Years PEA Solar LONG-TERM PPA STRUCTURE EGAT : 21 to 25 years tenor with take-or-pay structure PEA (Solar) : 25 years tenor 20.0 Years EGAT 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 9.8 Years Industrial users - electricity (Thailand) 8.0 Years Industrial users - steam (Thailand) B.GRIMM INVESTOR PRESENTATION Q Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 30 September 2017 to expiry weighted by the aggregate contracted capacity under the relevant agreement B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 8

10 Delivery of Reliability in form of Electricity and Steam FOOTHOLD IN TOP INDUSTRIAL ESTATES WITH MULTIPLE OF GENERATING UNITS IN EACH LOCATION SELECTED TOP IU FOR ELECTRICITY AND STEAM Hemaraj 1 power plant 130 MW 3 generating units LAOS VIETNAM Laem Chabang 2 power plants 206 MW 5 generating units Bangkadi 2 power plants 229 MW 6 generating units THAILAND Amata Nakorn 5 power plants 754 MW 17 generating units V.R.M. 2 power plants 240 MW 6 generating units CAMBODIA Amata City Bien Hoa 1 power plant 13 MW Amata City 5 power plants 647 MW 15 generating units XXHP 1 power plant 20 MW 3 generating units Gas-fired cogeneration power plants Transmission and Distribution Hydro power plants B.GRIMM INVESTOR PRESENTATION Q B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 9

11 Micro Grid Helps Enhancing Reliability of Electricity Remote Terminal Unit Industrial Estate By centralizing the power supply from all power plants in remote terminal unit, BGRIM can not only supply reliability to IU 24/7, but also optimize efficiency of each plant through Automated Metering Reading Estimated demand of 800-1,000 MW Benefit of Micro Grid Intertransmiss electricity among power plants (Total capability of 732 MW) Enhances the reliability of the power supply Install ABP GT + 1ST MW Install ABP1 2GT + 1ST 166 MW Install ABP2 3GT + 2ST 171MW Enhances efficiency of power plants and minimize reserve margin of each plant ABP4 ABP3 Reduces the overall costs of operating power plants Install 2GT + 1ST 131 MW Install 2GT + 1ST 133 MW The excess installed capacity of one power plant is used to supply the unmet demand for industrial estate of other power plants. The exchange of electricity and unmet demand in power plants reflects the advantage of focusing on revenue by location rather than by plants. Provide flexibility on maintenance schedule B.GRIMM INVESTOR PRESENTATION Q *Note: GT= Gas turbine, ST= Stream turbine B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 10

12 Agenda B.Grimm Overview B.Grimm Growth Strategy Q3/2017 Operating Result Project Update B.GRIMM INVESTOR PRESENTATION Q B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 11

13 Robust Growth Pipeline with Promising on Execution ACHIEVED COD IN TIME AND WITHIN BUDGET FOR 25 CONSECUTIVE PROJECTS DURING PAST 6 YEARS Installed Capacity Increase ( ) +1,136 MW +133 MW Plants 1,646 MW Installed Capacity XXHP (20MW) 934 MW Equity Capacity Plants 2,091 MW Installed Capacity ABPR3, ABPR4, ABPR5 (399MW) Solar 2017 (31MW) Nam Che 1 (15MW) 1,197 MW Equity Capacity Plants 2,142 MW Installed Capacity ABP1 Replace (150MW) Nam Khao (5 plants) (68MW) 1,297 MW Equity Capacity Plants 2,158 MW Installed Capacity Bo Thong 1 & 2 (16MW) 1,312 MW Equity Capacity Plants 2,428 MW Installed Capacity BGPR1, BGPR2 (240MW) Tadsakoi (30MW) 1,573 MW Equity Capacity Plants 2,513 MW* Installed Capacity ABP2 Replace (150MW) BPLC Replace (150MW) 1,701 MW Equity Capacity Remark: *Assuming existing ABP2 (59.6 MW) and BPLC (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP replacement plants achieve COD B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 12

14 BGRIM s Strategy for Sustainable Growth SHORT-TERM MEDIUM-TERM LONG-TERM Highly Efficient Operating Power Plants Attractive M&A Opportunities Investment in Suitable Renewable Energy projects in different countries 70/30 * Conventional/Renewable Domestic/International THAILAND Strong Network with local partners for Oversea Expansion Leverage Strengths and Expertise for Business Growth and Expansion CLMV BGRIM s Experienced Engineering and Business Development Teams BGRIM s World Class Technology with High Standard BGRIM s Strong Financial and Well Managed Capital Structures B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 13

15 Diligently Invest in Suitable Opportunities via Strong Networks Hybrid Solar Opportunity MYANMAR Signed MoU with China Energy Engineering Corporation ( CEEC ) to co-invest and develop solar PV power projects Dec 2016 LAOS Poipet Special Economic Zone Start construction in Oct 17 and operate in Mar 18 Oct 2017 VIETNAM THAILAND CAMBODIA Co-investor in 7 Solar Projects Selected as a co-investor in solar projects with total capacity of 31MW and COD by 2018 Nov 2017 Gas Solar Hybrid Hydro Transmission and Distribution System (T&D) MALAYSIA Participate on SPP Hybrid Firm and VSPP Semi-Firm ERC announced target to award 300-MW SPP Hybrid Firm and 268- MW VSPP Semi-Hybrid Firm Nov-Dec 2017 B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 14

16 Agenda B.Grimm Overview B.Grimm Growth Strategy Q3/2017 Operating Result Project Update B.GRIMM INVESTOR PRESENTATION Q B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 15

17 Top Line is Growing Strong with EBITDA Margin Improving TOTAL SALE AND SERVICE INCOME (Unit: THB mm) EBITDA AND EBITDA MARGIN (Unit: THB mm) +1,022 / 14.4% YoY +141 / 1.8% QoQ +3,029 / 14.6% YoY 20,691 1% 2% 23,720 3% 2% Others Steam % 27.9% 28.0% +303 / 15.4% YoY +47 / 2.1% QoQ 27.9% 27.4% +947 / 16.7% YoY 6,626 5,679 EBITDA 28.0% Margin 27.0% 26.0% 7,964 8,105 7,083 2% 3% 3% 2% 2% 2% 96% 95% 95% 97% 95% Electricity ,967 2,223 2, % EBITDA 24.0% Q3/16 Q2/17 Q3/17 9M/16 9M/17 0 Q3/16 Q2/17 Q3/17 9M/16 9M/ % 9M 2016 to 9M 2017 (YoY): Sales and service income increased by 14.6% YoY primarily due to an increase in revenue from APB5 and BPWHA1 that were fully developed and are in operation in Jun and Nov 2016, respectively Q to Q (QoQ): Sales and service income increased 1.8% QoQ primarily due to an increase in both electricity sales volume and selling price per unit to industrial users 9M 2016 to 9M 2017 (YoY): EBITDA increased by 16.7% YoY which is in line with the increase in revenue and improvement on EBITDA margin EBITDA margin also improved to 27.9% from 27.4% in 2016, due to high efficiency of the new power plants, operational cost saving and increase in Ft in May 2017 Q to Q (QoQ): EBITDA increased 2.1% QoQ being in line with the increase in revenue and improvement on EBITDA margin B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 16

18 Electricity Sales Volume Increased for BOTH EGAT and IU YoY KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 9 MONTHS YoY ELECTRICITY SALES VOLUME YoY (Unit: GWh) SALES VOLUME FOR EACH INDUSTRIAL USER FOR 9 MONTHS (TH) YoY (Unit: GWh) 1,150 1,168 4,256 5,052 1,978 2, M/16 9M/17 9M/16 9M/17 EGAT Industrial Users (TH) 9M/16 9M/17 9M/16 9M/17 9M/16 9M/17 9M/16 9M/17 9M/16 9M/17 Amata Nakorn Amata City Laem Chabang Hemraj Bangkadi ELECTRICITY SELLING PRICE YoY (Unit:THB/KWh) 9M/16 9M/17 9M/16 9M/17 EGAT Industrial Users (TH) EFFECTIVE GAS COST (Unit:THB/mmBTU) M/16 9M/17 EGAT EGAT Sales volume for 9 months increased by 18.7% YoY due to COD of ABP5 and BPWHA1 in Jun and Nov 2016, respectively Electricity price sales for 9 months to EGAT decreased by 2.0% YoY due to the fall of energy payment affected from the decrease in natural gas price IU Thailand IU Thailand sales volume for 9 months increased by 12.2% YoY due to COD of the new power plants (BIP2, ABP5 and BPWHA1) and increase in demand at Amata Nakorn, Amata City and Laem Chabang Industrial Estates Electricity price sales to Industry Users Thailand for 9 months decreased by 2.8% YoY primarily due to a change in natural gas price B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 17

19 7,621 7,520 7,521 7,467 7,550 7,522 7,753 7,740 7,590 7,545 7,683 7,642 7,569 7,531 7,565 8,228 8,125 8,431 8,278 8,225 8,529 8,358 8,361 High Standard Technology Leads to High Efficiency & Availability HIGH EFFICIENCY (HEAT RATE) Gas-Turbine Technology Siemens V64.3 GE Frame 6B GE Frame 6B GE Frame 6B Siemens SGT800 B Siemens SGT800 B Siemens SGT800 B GE LM 6000PD Siemens SGT800 B GE LM 6000PD Siemens SGT800 B Siemens SGT800 B Contracted Heat Rate 8,600 BTU/kWh Contracted Heat Rate 8,000 BTU/kWh Contracted Heat Rate 7,950 BTU/kWh (BTU/kWh) (a)(b)(c) COD ABP1 (a) (a) (b) (a) BPLC1 ABP2 Sep-98 Jul-01 Sep-01 BPLC2 Feb-09 ABP3 Oct-12 ABPR2 Jun-13 ABPR1 Nov-13 BIP1 Apr-15 ABP4 Nov-15 BIP2 Jan-16 ABP5 Jun-16 BPWHA1 Nov-16 9M M 2017 Our SPP power plants realized lower heat rates HIGH AVAILABILTY (AVAILABILTY FACTOR) (%) ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 9M M 2017 Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD Note: (a) Electricity equivalent generations of steam dispatched are calculated according to efficiency calculation of EGAT PPA (SPP generation 1) (b) Acquired on 30 June (c) no EGAT PPA B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 18

20 NNP for 9 Months Increased 19% YoY NORMALIZED NET PROFIT (NNP) (Unit: THB mm) % 10.1% +225 / 35% YoY 10.7% 9.5% +380 / 19.3% YoY 2, % NNP Margin RECONCILE NORMALIZED NET PROFIT (NNP) 9M OF 2017 (Unit: THB mm) 2, , / 8.4% QoQ 1, NNP to Non- Controlling Interest 1, ,121 1, Q3/16 Q2/17 Q3/17 9M/16 9M/17 NNP to owner Net Profit Unrealized Fx Gain Deferred fee and Prepayment Nonrecurring expense NNP NNP to NCI NNP to Owner 9M 2016 to 9M 2017: NNP increased 19.3% YoY primarily due to improvement of our operating profit margin and reduction of financing cost NNP attributable to Owner of the Parent is growing strong with 24.26% growth rate with a 59% share of NNP Q to Q3 2017: NNP increased 8.4% QoQ primarily due to reduction of financing cost caused by repayment of corporate loan in Q Reconciliation Items: Net unrealized Fx Gain 826 mm is due to the appreciation of the Baht against the U.S. dollar at the ending of each financial statement period Non-recurring expense 350 mm is due to the cost of bond issuance of ABP3, ABPR1 and ABPR 2 as well as a provision of inventory and an expense related to the remuneration scheme and expenses related to IPO Normalized Net Profit (NNP) = Net profit Unrealized Fx gain (loss) Non-recurring income (expense) B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 19

21 Strong Financial Position Thanks to the Well-Managed Capital Structure STATEMENT OF FINANCIAL POSITION AS OF 30 SEP 2017 (Unit: THB mm) Assets Liabilities and Equity 87,834 87,834 Financial Position as at 30 Sep 2017 Total assets Total assets increased by 15.5% primarily due to the increases in cash and cash equivalents together with the increase in fixed assets from the additional power plants following the growth in the pipeline and intangible assets (x) 76,047 61% 76,047 15% 29% Total Equity Total liabilities Total liabilities decreased 3.2% primarily due to repayment of corporate loan of B.Grimm Power in the amount of 5,960 mm during Q Non- Current Assets 78% 23% 85% 71% Total Liabilities Total Equities Total equities increased 120.3% primarily due to the increase in paid up equity arising from net proceed from IPO and retained earnings during the period Other Current Assets Cash and cash equivalents 11% 16% 11% 31 Dec Sep Dec Sep 17 B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 20

22 BGRIM optimizes Capital Structure through Well Managed Debt Profile DEBT PROFILE (THB mm) 4% Corporate Level Loan THB 1,949 MM 22% Project Level Debenture THB 11,482 MM 6% Financing Costs (%) Project Level (Under Construction) Loan (USD) THB 3,224 MM 5.1% TOTAL PROJECT LEVEL: THB 45,816 MM 5.4% 10% Corporate Level Debenture THB 5,493 MM 4.9% 28% Project Level (In Operation) Loan (THB) THB 14,942 MM 14% Project Level (Under Construction) Loan (THB) THB 7,354 MM 16% Project Level (In Operation) Loan (USD) THB 8,815 MM 4.8% 12M/14 12M/15 12M/16 9M/17 After repayment of corporate loan, only 14% of loan represents loan at the corporate level. The remaining 86% contributes to loan and debenture at power plant level Interest obligations of almost all power plant level debt are swapped to fixed rate Only 22% of total loan as at 30 Sep 2017 is denominated in USD which is matched with a proportion of EGAT tariff indexation to USD at project level, so called Natural Hedge strategy Financing costs decreased to 4.8% due to: Refinancing of project bond of ABP3, ABPR1, and ABPR2 amounting of THB 11.5 billion in Apr 2017 to reduce financing cost at project level Repayment of corporate loan in the amount of THB 5.9 billion during Q in which its cost is relatively high B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 21

23 Net Interest-bearing Debt to Equity Ratio significantly decreased after IPO COMPANY ONLY NET INTEREST-BEARING DEBT TO EQUITY RATIO (0.20) (0.40) (0.60) (Times) CONSOLIDATED NET INTEREST-BEARING DEBT TO EQUITY RATIO (Times) 1.0x 1.3x -0.4x Dec-16 Jun-17 Sep-17 CAPITAL STRUCTURE 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, delevering over project life Consolidated debt is included loans at power plant because BGRIM holds majority in most of the projects x 3.7x 1.5x Dec-16 Jun-17 Sep-17 Gearing Ratios Consolidated Net Interest-Bearing Debt to Equity Ratio decreased to 1.5x, and for the Company only fell to -0.4x as a result of the additional of net cash proceed from IPO added into our capital structure DIVIDEND POLICY Minimum 40% of net profit of consolidated financial statements not including unrealized gain/loss on exchange rate and non-recurring expenses (subject to retained earnings of standalone financial statements) B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 22

24 Agenda B.Grimm Overview B.Grimm Growth Strategy Q3/2017 Operating Result Project Update B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 23

25 SPP All projects are on Track and SCOD 2018 with 399 MW Progress on track AMATA B.GRIMM POWER (RAYONG) 3 Type of Fuel Combined Cycle Cogeneration Installed Capacity Electricity 133 MW / Steam 30 t/h Economic Ownership 55.5% SCOD 1 Feb 2018 EGAT PPA 90 MW / 25 years % Progress (as of 31 Oct 2017) 97.5% Progress on track Progress on track AMATA B.GRIMM POWER (RAYONG) 4 Type of Fuel Combined Cycle Cogeneration Installed Capacity Electricity 133 MW / Steam 30 t/h Economic Ownership 55.5% SCOD 1 Jun 2018 EGAT PPA 90 MW / 25 years % Progress (as of 31 Oct 2017) AMATA B.GRIMM POWER (RAYONG) 5 Type of Fuel Combined Cycle Cogeneration Installed Capacity Electricity 133 MW / Steam 30 t/h Economic Ownership 55.5% SCOD 1 Oct 2018 EGAT PPA 90 MW / 25 years % Progress (as of 31 Oct 2017) 73.5% 88.4% B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 24

26 Hydro Project in Laos - Nam Che (15 MW) SCOD in 2018 Progress on track NAM CHE 1 HYDRO POWER PROJECT Type of Fuel Hydro (Run of the river) Installed Capacity 15 MW Economic Ownership 72.0% SCOD Q4/2018 EDL PPA 15.0 MW / 25 years % Progress (as of 31 Oct 2017) 36.8% B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 25

27 Appendix APPENDIX 26

28 Corporate Structure Core subsidiaries and associates only Holding Company Power Plant Project Company Infrastructure Fund 51.2% 100.0% 49.0% 100.0% ABPIF 30.0% Amata B. Grimm Power 60.0% Amata Power (Bien Hoa) (13MW) B. Grimm Power Holding (Laem Chabang) 75.0% BPWHA1 (130MW) B.Grimm Sena Solar Power B. Grimm Power Lao 69.3% 70.0% 60.0% 30.0% 50.0% 29.9% 50.0% 29.9% ABP1 (166MW) ABP2 (171MW) ABP3 (133MW) ABP4 (131MW) ABP5 (131MW) *27.4% *47.4% 29.7% 30.0% Amata B.Grimm Power Holding Amata Nakorn Industrial Estate 25.3% 62.0% 30.0% 62.0% 30.0% 50.0% 29.9% 50.0% 29.9% 50.0% 29.9% ABPR1 (123MW) ABPR2 (123MW) ABPR3 (133MW) ABPR4 (133MW) ABPR5 (133MW) Amata City Industrial Estate 100.0% 100.0% BPLC1 (103MW) BPLC2 (56MW) Laem Chabang Industrial Estate Hemaraj Industrial Estate 74.0% 74.0% BIP1 (115MW) BIP2 (115MW) Bangkadi Industrial Park 100.0% 100.0% BGPR1 (120MW) BGPR2 (120MW) V.R.M. Industrial Estate 49.0%* (a) 49.0% 100.0% 70.0% Solarwa (39MW) 49.0%* (a) 72.0% Nam Che TPS (15MW) (8MW) 74.0% BGYSP (60MW) BGPSK (8MW) Thai Wind Power (Mukdhahan) 26.0% Bo Thong (16MW) 70.0% 72.0% Renewable Group XXHP (20MW) Nam Khao (68MW) BGPSP 100.0% *Preferred Shares (a) B.Grimm Power s 49.0% associate, B.Grimm Sena Solar Power, has an economic interest of 97.0% in these projects through preferred shares based on its right to receive 97.0% of the dividends from these projects and have 97.0% of the total voting rights at shareholders meetings. Also, in case of liquidation (after all debts are repaid), B.Grimm Sena Solar Power Limited has the right to receive the following before other ordinary shareholders (i) 97.0% of dividends from unallocated profits, (ii) 97.0% of all reserves required by law and (iii) any capital surplus Note: As of 31 March 2017 APPENDIX 27

29 BGRIM s Shareholders POST IPO UP TO 2,606.9 MM SHARES (a) B.Grimm Joint Venture Holding Ms. Caroline Link 1.1% 0.1% Directors and Management PUBLIC SHAREHOLDERS Mr. Harald Link 28.3% 34.0% B.Grimm Power (Singapore) PTE. LTD. 9.1% 27.4% Public Shareholders Top Public Shareholders (as of 16 Nov 17) % 1. EUROCLEAR NOMINEES LIMITED 4.7% 2. Muang Thai Life Assurance Co., Ltd 1.3% 3. N.C.B. TRUST LIMITED-NORGES BANK % 4. Bualuang Long-Term Equity Fund 1.1% 5. Thai Life Insurance Co., Ltd 1.1% 6. GIC PRIVATE LIMITED 0.8% 7. Others 17.2% Total 27.4% (a) B.Grimm Power (Singapore) PTE. LTD., B.Grimm Joint Venture Holding, Mr. Harald Link and Ms. Caroline Link are subject to regulatory shares lock up of 55% of post-ipo shares APPENDIX 28

30 Operational Power Plants: Conventional Company Abbreviation Fuel Type COD Amata Nakorn Industrial Estate, Thailand Economic Ownership % (a) Installed (MW) Capacity Main PPA Industrial User Equity (MW) Offtaker / Program PPA Expiry Contracted Capacity (MW) Electricity Contracted Capacity (MW) Steam Contracted Capacity (t/h) Amata B.Grimm Power 1 ABP1 Gas-Fired Cogen Sep % (b) EGAT (SPP) Sep-19 (c) Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep % (b) EGAT (SPP) Sep-22 (c) Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct % EGAT (SPP) Oct Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov % EGAT (SPP) Nov Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun % EGAT (SPP) Jun Subtotal Amata City Industrial Estate, Thailand Amata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov % EGAT (SPP) Nov Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun % EGAT (SPP) Jun Subtotal Laem Chabang Industrial Estate, Thailand B.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01 (d) 100.0% EGAT (SPP) Jul-22 (c) B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09 (d) 100.0% Subtotal Bangkadi Industrial Park, Thailand B.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr % EGAT (SPP) Apr B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan % EGAT (SPP) Jan Subtotal Hemaraj Industrial Estate, Thailand B.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov % EGAT (SPP) Nov Gas-Fired Cogen Total 1, Amata City (Bien Hoa) Industrial Estate, Vietnam Amata Power (Bien Hoa) (e) APB Diesel Generator Apr % Conventional Total 1, 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) PPA extension is under negotiation with EGAT. NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between (include ABP1, ABP2 and BPLC1) for 25 years with up to 30 MW contracted capacity. This would require construction of new power plants and decommissioning of existing power plants (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 APPENDIX 29

31 Operational Power Plants: Solar Company / Project Abbreviation Location COD Economic Ownership % (a) Installed (MW) Capacity Equity (MW) Offtaker / Program Main PPA(s) PPA Expiry B.Grimm Yanhee Solar Power BGYSP 49.0% Sai Luang Sai Luang Sai Luang Sai Luang 10 Pathumthani province, Thailand Dec Sai Yai Nha Sai Manow Sai Putsa Sai Sena 2 Ayutthaya province, Thailand Solarwa Solarwa 47.5% Sai Lui Rim Num Sai Chalouw 1 Nakhon Pathom province, Thailand Sai Sab Dec BGTTRE Saraburi province, Thailand BGTTRE PEA (FiT) PEA (FiT) Dec-40 Dec-40 TPS Commercial TPS Saraburi province, Thailand Dec % PEA (FiT) Dec-40 B.Grimm Solar Power (Sakaeo) 1 BGPSK Sakaeo province, Thailand Apr % PEA (FiT) Apr-41 Total Note: As of 31 March 2017 (a) Based on B.Grimm Power s direct and/or indirect interest in the project company owning the power plant. APPENDIX 30

32 Operational Highlights: Net Electricity Generation and Steam Dispatched TOTAL ELECTRICITY SOLD BY CUSTOMERS NET ELECTRICITY GENERATION BY GAS-FIRED COGENERATION POWER PLANTS (GWh) 5,531 3, % 6,599 3, % 8,912 5, % 6,580 4, % 7,656 5, % Power Plant Company Net Electricity Generation (GWh) M M 2017 ABP ABP ABP ABP ABP ABPR ABPR BPLC BPLC BIP BIP BPWHA Total 5,147 6,131 8,441 6,224 7,284 2,042 2, % 36.9% 1, % 2, % 2, % % % % % % M M 2017 Source: Electricity Sales to EGAT by SPPs Electricity Sales to Industrial Users - Thailand Electricity Sales to Industrial Users - Vietnam (APB) Electricity Sales to PEA Our electricity dispatch increased since 2014 primarily as a result of 7 gas-fired cogeneration power plants coming into operation Company filing and data STEAM DISPATCHED BY GAS-FIRED COGENERATION POWER PLANTS Power Plant Company Steam Dispatched (Tons) M M 2017 ABP1 5,072 3,833 1,699 1,385 1,135 ABP2 49,002 42,938 39,484 29,358 32,114 ABP3 58,696 95,387 83,561 63,675 65,707 ABPR1 44,958 67,252 77,859 58,421 42,056 ABPR2 116,084 98,297 76,890 63,055 80,648 BPLC1 107, , , , ,069 BPLC2 19,119 41,522 38,628 30,308 26,685 Total 400, , , , ,415 APPENDIX 31

33 Operational Highlights: Solar PV Power Plants CAPACITY FACTOR (%) % capacity factor10.0 (FiT tariff cap) Sai Luang 2 Sai Luang 3 Sai Luang 9 Sai Luang 10 Sai Yai Nha Sai Manow Sai Putsa Sai Sena 2 Sai Lui Rim Num Sai Chalouw 1 Sai Sab BGTTRE2 BGTTRE3 BGTTRE1 BGPSK 8.0 MW 8.0 MW 7.2 MW 7.5 MW 8.0 MW 8.0 MW 8.0 MW 5.0 MW 8.0 MW 8.0 MW 8.0 MW 8.0 MW 6.5 MW 8.0 MW 8.0 MW BGYSP Solarwa TPS BGPSK 9M2016 9M2017 Our solar power plants are located in regions with strong irradiation, resulting in high energy yields of above 16.0% capacity factor Source: Company filing and data APPENDIX 32

34 Maintenance Schedule in 2018 Projects Installed Capacity (MW) Steam Capacity (ton/hr) Type of maintenance Duration (days) 2018 Q1 Q2 Q3 Q4 Amata Nakorn ABP Major Overhaul 22 ABP Major Overhaul 22 Major Overhaul 11 ABP Major Inspection 17 ABP Major Inspection 13 Laem Chabang BPLC Major Overhaul 14 Major Overhaul 8 Bangkadi BIP Major Inspection 10 BIP Major Inspection 10 APPENDIX 32

35 Contractual Overview: Commercial Features SPP Gas-fired Cogeneration Solar PV Wind Hydro EGAT Electricity Industrial Users Steam PEA (FiT) PEA (Adder) EDL Term (years) years 5 15 years (a) 5 15 years (a) 25 years 5 years 25 years Weighted average remaining life (years) 20.4 years 10.1 years 8.4 years 23.9 years Not yet COD 25.0 years Extension option * 5 years auto extension Up to 10 years Contracted capacity 90 MW (except for BPLC1 which is 60MW) Depends on each contract 5 8 MW 8 MW MW (b) Secured fuel supply N/A N/A N/A Natural gas cost pass-through (at contracted heat rate) Partially through Ft Depends on contract N/A N/A N/A FX pass-through Partially through Ft Inflation indexation Tariff See next page 5.66 THB/kWh PEA wholesale + 10-year adder at 3.50 THB/kWh US$/kWh Applicable power plants ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPR1-2 BGYSP (8 projects), Solarwa (5 projects), TPS, BGPSK Bo Thong (2 projects) XXHP (2 projects), Nam Che, Nam Khao 1-5 (5 projects) *NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between (include ABP1, ABP2 and BPLC1) for 25 years with up to 30 MW contracted capacity On 17 May 2017, ERC passed a resolution instructing EGAT to deliver the draft SPP power purchase agreements for which the existing power purchase agreements with EGAT will expire between 2019 and 2025, to the Office of the Attorney General for consideration Source: Company filing and data as of 31 March 2017, EGAT, PEA (a) Some contract terms are year-on-year basis (b) According to concession agreements APPENDIX 34

36 Contractual Overview: EGAT PPA under SPP Program TARIFF STRUCTURE Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving Payment + VAT SPP Regulation 1992, Applicable power plants ABP1-2, BPLC1 ABP3, ABPR1-2, BIP1 ABP4-5, ABPR3-5, BIP2, BOWIN, BGPR1-2 Capacity Payment Rate (THB/kW/month) = CP 0 x FX t FX 0 +(1 x) Energy Payment Rate (THB/kWh) = EP 0 + P t P contracted Heat rate Base Capacity Payment Rate (CP 0 ) (THB/kW) Base Exchange Rate (FX 0 ) (THB/US$) Fuel Saving Payment Rate (THB/KWh) = FS 0 PES t 10% FX t = THB/ US$ Exchange Rate P t = Price for natural gas PTT sells to SPPs in a month (THB/mmBTU) PES t = 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 US$THB FX indexation (x) Base Energy Payment Rate (EP 0 ) (THB/kWh) Base Price for Natural Gas PTT sells to SPPs (P 0 ) (THB/mmBTU) Contracted Heat Rate (BTU/kWh) ,600 8,000 7,950 Fuel Saving Payment - Base Fuel Saving Payment (FS 0 ) (THB/kWh) Source: Company filing and data, EGAT APPENDIX 35

37 Tax Privileges Power Plant Company COD / SCOD Full income tax exemption 8 years from COD 50% partial income tax exemption for 5 years following full exemption expiry ABP3 October 2012 ABP4 November 2015 ABP5 June 2016 ABPR1 November 2013 ABPR2 June 2013 ABPR3 February 2018 ABPR4 June 2018 ABPR5 October 2018 Solarwa December 2015 BGYSP December 2015 BGPSK April 2016 TPS December 2015 BIP1 April 2015 BIP2 January 2016 BOWIN November 2016 BPLC2 February 2009 (end of exemption period) In Operation Under Construction Source: Company filing APPENDIX 36

38 SPP Hybrid Scheme 2017 SPP Hybrid Scheme Conditions Criteria and conditions for SPP hybrid Decision criteria - Feedstock procurement plan, Land, Technology, Finance Type of fuel - Only new power plants with all types of fuel type can participate - Greater or equal to 1 type of renewable source Contracted capacity Tariff Structure Installed Capacity (MW) FiT (THB/kWh) Period (years) FiT F FiT V,2560* FiT Installed Capacity > MW MW Installed capacity - <= 2 times of contracted capacity except solar and wind; and - <= 50MW Period - Peak: Mon-Fri Off-peak: Mon-Fri ; Sat-Sun Cap/Firm capacity - Peak: Firm 98%; Cap 102% - Off-peak: No firm; Cap 65% SCOD - During PPA signing date - 2 years after ERC awards PPA period - 20 years Bidding price - Discount on FiT F Penalty - 20% of FiT F * KWh of (98% of contracted capacity actual dispatch) Remark: *FiTV is adjusted by core inflation years Implications to BGRIM 1. Expand business towards renewable energy 2. Leverage partnership with China Energy Engineering Cooperation to secure a competitive package of high quality EPC with technology suit to hybrid scheme 3. Leverage experience as renewable developer and conventional power plant operator to run hybrid scheme 4. Extend relationship with biomass supplier to seek new opportunity to codevelop power plants in the future APPENDIX 37

39 VSPP Semi-firm Scheme (EPPO Guideline only) VSPP Semi-Firm Scheme Conditions Criteria and conditions for VSPP semi-firm Decision criteria Feedstock procurement plan, Land, Technology, Finance Condition Only new power plants with biomass, biogas and energy crops type Contracted capacity < 10 MW Firm period Firm for 6 months (including Mar-Jun); Other 6 months are non-firm Firm capacity Peak 100% and off-peak 65%* (*in accordance to ERC s definition) SCOD Within Implications to BGRIM 1. Expand business towards renewable energy 2. Leverage partnership with China Energy Engineering Cooperation to secure a competitive package of high quality EPC with technology suit to hybrid scheme Bidding price Installed Capacity (MW) 1. Biomass FiTF Discount on FiTF FiT (THB/kWh) FiTV, 2560 Tariff Structure FiT Period (years) FiT Premium (THB/kWh) on firm month < 6 months firm period Southern border province project 3. Extend relationship with biomass supplier to seek new opportunity to codevelop power plants in the future 4. Diversify portfolio <= 3 MW years > 3 MW years Biogas years Energy crops years APPENDIX 38

40 Abbreviation & Our Projects ABBREVIATION ADB 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 FX Foreign exchange IPO Initial public offering IU Industrial user JV Joint venture KWh MWh mmbtu NNP O&M P.A. PEA PPA PTT ROA ROE SG&A Kilowatt-hour Megawatt-hour Million Btu (unit of gas consumption) Normalized net profit Operations and maintenance Per annum Provincial Electricity Authority (Thailand) Power purchase agreement PTT public Company Limited Return on assets Return on equity Selling, general & administrative expense OUR PROJECTS ABPIF 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 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 ABPR5 Amata B.Grimm Power (Rayong) 5 APPENDIX 39

41 IR Contact INVESTOR RELATIONS Chairath Sivapornpan Tel: +66 (0) Gunnlapat Wichutarat Tel: +66 (0) Contact Us: Dr. Gerhard Link Building, 5 Krungthepkreetha Road, Huamark, Bangkapi, Bangkok 10240, Thailand Tel. +66 (0) Fax. +66 (0) 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 otherwise made 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 consequential loss 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 no reliance, 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 should be 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 should conduct its own independent analysis of the Company, including the consulting of independent legal, business, tax and financial advisers. The information in these materials is provided as at the date of this document and is subject to change without notice.. 40