bgrim: investor presentation for q1’2019 · bgrim overview q3’2018 update q3’2018 operating...

BGRIM: Investor Presentation for Q1’2019May 2019

Q1’2019BGRIM INVESTOR PRESENTATION

Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE 1

Agenda

1

4

HIGHLIGHTS

BGRIM UPDATE

Q1’2019 OPERATING RESULTS


Q3’2018 OPERATING RESULTBGRIM OVERVIEW Q3’2018 UPDATE

2

กรอบระยะเวลาด าเนินการของ SPP Replacement Scheme

Application

submission

24 ม.ค. 2 พ.ค. 16-17 พ.ค.

กฟผ. จะมีหนังสือตอบรบัซ้ือไฟฟ้าและแจ้งผลการพิจารณาต่อกกพ. และผูย้ืน่ขอผลิตไฟฟ้าเอกชน

รายเลก็*

ภายใน ส.ค.

2562

กพช. อนุมติัการต่ออายสุญัญาโรงไฟฟ้า

ผูผ้ลิตไฟฟ้าเอกชนรายเลก็ (SPP) และการก่อสร้างโรงไฟฟ้าใหม่ทดแทนโรงไฟฟ้าเดิม

กกพ. ประกาศเชิญชวนการรบัซ้ือไฟฟ้าจากผูผ้ลิต

ไฟฟ้าเอกชนรายเลก็ประเภท Firm ระบบ

Cogeneration ท่ีจะส้ินสดุอายสุญัญาในปี 2562-2568

(ก่อสร้างโรงไฟฟ้าใหม่)*

บ.ีกริม เพาเวอร ์ ยื่นค าเสนอขอ

ขายไฟฟ้าต่อ กฟผ. จ านวนทัง้ส้ิน 5 โรง

*อ้างอิงจาก: ประกาศคณะกรรมการก ากบักิจการพลงังาน (ลงวนัท่ี 2 พ.ค. 2562)

BGRIM INVESTOR PRESENTATION Q1’2019

3

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



4

BGRIM OVERVIEWQ3’2018 UPDATE

Vietnam solar projects are on track with SCOD in June 2019

Dau Tieng Tay Ninh Energy Solar

Plant Project (Xuan Cau)

Progress: Finished transmission line

and commissioning.

Phu Yen TTP Solar Plant Project

(Phu Yen)

Type of Fuel: Solar PV

Capacity: Installed - up to 257 MW dcContract - up to 214 MW ac

EconomicOwnership: 80%

EVN PPA : 214 MW / 20 years

Progress: Finished transmission

line and on process of

commissioning process.

2019 Timeline

June 5May 6

Target COD

DT1 (180 MWdc)

Type of Fuel: Solar PV

Capacity: Installed - up to 420 MW dcContract - up to 350 MW ac

Economic Ownership: 55%

EVN PPA : 350 MW / 20 years

June 15-20

Target COD

DT2 (240 MWdc) Commissioning

DT1Commissioning

DT2

May 12

Commissioning

Phuyen TTP

May 15

Target COD

Phuyen TTP (257 MWdc)



5


DT1&2 and Phuyen TTP Vietnam Solar Projects

DT1&2

Phuyen TTP



6


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



7


BGRIM 2019 activities

Q1

✓ Ft increased

from Jan 2019

✓ Synchronized

additional 3 IU

MW to ABPR5

in Feb

✓ Successful Glow

SPP1 acquisition

124 MW

✓ MOU signing

with Siemens

and TPSC

✓ MOU signing

with LG Chem

✓ Synchronized

additional

10 IU MW to

ABPR4 in April

✓ Additional

refinancing

opportunity of

~ THB 2.2 Bn

✓ COD Nam Che

(15 MW)

✓ COD DT1&2 (420

MW) and Phuyen

TTP (257 MW)

✓ No scheduled

maintenance

period

Q2 Q3 Q4

✓ COD

Interchem

(5 MW)

✓ No scheduled

maintenance

period

✓ Expect to

synchronize

5 IU MW to

ABPR5

✓ First quarter to

fully recognize

revenue from

692 MW COD

in Q2’2019

*Based on our projections

✓ Rising MW contribution from

renewable power to 30% from 8%,

leading to potentially higher EBITDA

margin



Agenda

8

4

HIGHLIGHTS

BGRIM UPDATE



9

Awards and RecognitionAwards 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*

*Global Energy Interconnection Development and Cooperation Organization


10

Awards and Recognition

“Very Good”

“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)


29.9%

28.7%

10.6%

10.1%

8.7%

5.8%6.2%

84.3%

13.6%

0.5% 1.6%

11

Total 975 MWIn Operation

165 MW*

Solar Group

822 MW

(677 MW Under Development)

Hydro Group

133 MW

(113 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% 20 MW 95 MW 4.2% 14 MW

Solar 822 MW 25.3% 145 MW 557 MW 24.7% 135 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% 2,200 MW* 2,260 MW 100% 1,355 MW*

Well-Diversified Portfolio with Expert in Green-Field Developer

SPP – INDUSTRIAL ESTATE 69.5%

TRANSMISSION & DISTRIBUTION 0.4%

Waste to Energy (IWTE)

5 MW (Under Development)

RENEWABLE GROUP 30.1%

Poi Pet PPSEZ 14 MW**

**Transmission & distribution and solar rooftop only which not included in power plant installed capacity of 3,245 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 April 2019


12

Long-Life PPA and Benefit from Well-Establishment of PPA

2018 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE

EGAT

67%

IU-TH

25%

IU-VN

3%

Steam-TH

2%Others

3%

THB 10,257 mmQ1’2019

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

24.622.6

19.0

9.1

EDL PEA / MEA EGAT Industrial users -electricity(Thailand)

Track Record of

Extensions

YearsYears

Years

Years

Years

Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 31 December 2018

to expiry weighted by the aggregate contracted capacity under the relevant agreement

15.0

Years


13

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


▪ 2 power plants

▪ 240 MW


▪ 1 power plant

▪ 13 MW

▪ 5 power plants

▪ 647 MW


▪ 5 power plants

▪ 732 MW


▪ 2 power plants

▪ 159 MW


WHA

Chonburi 1

Bangkadi

BGPR1&2

Amata City

Rayong

Amata City Bien Hoa

XXHP

Gas-fired cogeneration power plants Transmission and Distribution

▪ 1 power plant

▪ 20 MW


Hydro power plants

Delivery of Reliability in Form of Electricity and Steam

▪ 2 power plants

▪ 124 MW


WHA Eastern (Map Ta Phut)

Amata City

Chonburi

Laem

Chabung


14

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


Tadsakoi (30 MW)

2022

Plants

ABP1

Replacement(140 MW)*

BPLC1

Replacement(140 MW)*

ABP2

Replacement (140 MW)*

Nam Khao 3 (15 MW)



Plants

BGPR1, BGPR2 (2 plants -240 MW)

202150Plants

2021

SPP1 Extension(2 plants -124 MW)

46

2019

Plants


DTE

(1 plants - 420 MW)

Interchem(5 MW)

(166 MW)


Phu Yen TTP(1 plants - 257 MW)

ABP1 Extension

Nam Che (15 MW)

SPP1(2 plants - 124 MW)

53


2023

Plants


Nam Khao 5 (8 MW)



Bo Thong 1 & 2 (2 plants - 16 MW)

48Plants



Nam Khao 4 (15 MW)

SPP1 Replacement

(2 plants -140 MW)**


Nam Khao 2 (15 MW)


Nam Khao 1 (15 MW)


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


15

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

677 MW PPA signing for solar

farm in Vietnam Under construction with target COD in June

2019

100 MW solar rooftop opportunities

1.8 MW COD achievement and 11.3 MW

under construction with 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.

BGRIM INVESTOR PRESENTATION

16

Upcoming COD - Projects under construction are on track

% Progress

Type of Fuel: Waste to energy

Capacity: 4.8 MW

EconomicOwnership: 48%

PEA PPA : 4 MW / FIT THB 6.08 (+THB 0.70- 8 years)

Progress: - Finished concept and detail design

- On process of construction site

preparation

6.8%

% Progress

Q2’2019

Interchem

% Progress

Dec’2019

Nam Che 1 Hydro Power Plant

Type of Fuel: Hydro (Run of the river)

Installed Capacity: 15 MW

EconomicOwnership: 72.0%

EDL PPA: 15 MW / 25 years

Progress: - Finishing main area facilities, i.e. powerhouse and switchyard,generating unit, penstock

- On process of transmission line andcommunication system 98.9%


17

BGRIM FINANCIAL PERFORMANCE

Lower Funding Cost through Various Sources of Financing

In May 2018, BIP1 and BIP2 issued 15-year

amortizing debentures in amount of THB 6,700 mm

with rating A- and coupon rate of 3.95% per annual.

4.9%

4.7%4.6%

4.4%

0.04

0.04

0.05

0.05

0.05

0.05

0.05

0.05

0.05

2016 2017 2018 Q1'2019

Financing cost has gradually

improved to 4.4%

Q1’2019 Capital Structure

‘A’ CREDIT

RATING BOND

Debenture issuance

for refinancing and

new investment

In October 2018, BGRIM issued 2-10-year debentures in

amount of THB 9,700 mm with rating A- and effective

coupon rate of 4.18% per annual.29%

71%

TOTAL DEBTTHB 60.7 bn

Project level

Corporate

level

In December 2018, BGRIM issued 5-7-year green bonds in amount of THB 5,000 mm with fixed coupon rate.

Debt refinance of around THB 2.2 billion is expected in 2Q19,

with potential of interest saving.



Agenda

18

4

HIGHLIGHTS

BGRIM UPDATE



19PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

2,218 2,2022,413

27.2%22.2% 23.5%

19.0%

21.0%

23.0%

25.0%

27.0%

29.0%

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

Q1/18 Q4/18 Q1/19

Q1/2018 to Q1/2019 (YoY):• Sales and service income increased 25.8% YoY primarily due to an

increase in revenue from the commercial operations of ABPR3, ABPR4 andABPR5 (which are located in Amata City Rayong Industrial Estate) on February1, June 1 and October 1, 2018 respectively.

Q4/2018 to Q1/2019 (QoQ):• Sales and service income increased 3.3% QoQ primarily due to an increase of

volume and selling price of electricity and steam.

Q1/2018 to Q1/2019 (YoY):• EBITDA increased 8.8% YoY due to the operation of new power plants

operated in 2018.• EBITDA margin was 23.5% in Q1/2019 declining from 27.2% in Q1/2018

because of 1) an 18.7% increasing gas cost which could not be fully offset bya slight increasing average selling price and 2) the scheduled maintenancewas peak in Q1/2019 for this year which is also relatively higher thanQ1/2018.

Q4/2018 to Q1/2019 (QoQ):

• EBITDA increased 9.6% QoQ due to lower scheduled maintenance duringQ1/2019 relative to Q4/2018 and lower expense from seasonally peak ofSG&A in Q4.

• EBITDA margin was 23.5% in Q1/2019 rebounding from 22.2% in Q4/2018thanks to 1) more volume dispatched from industrial users, 2) less scheduledmaintenances 3) continual improvement in production efficiency and 4) lessseasonal impacts.

95% 97%97%

2%1%

2%3%

2%1%8,156 9,933

10,257

Q1/18 Q4/18 Q1/19

Electricity

OthersSteam

(Unit: THB mm) (Unit: THB mm)EBITDA

Margin

EBITDA

+324 / 3.3% QoQ

+2,101 / 25.8% YoY

+211/ 9.6% QoQ

+195 / 8.8% YoY

EBITDA AND

EBITDA MARGINTOTAL SALE AND

SERVICE INCOME

Top Line and EBITDA Grew Strongly



393 395

85 106 175 172 58 57 37 38

Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19 Q1/18 Q1/19

6*

Amata City Amata City Laem Chabang WHA Chonburi 1 Bangkadi WHA Eastern

Chonburi Rayong (Map Ta Phut)

2.883.25 3.27 3.30

Q1/18 Q1/19 Q1/18 Q1/19

EGAT Industrial Users (TH)

(Unit:THB/KWh)

1,750

749

2,127

775

Q1/18 Q1/19 Q1/18 Q1/19


(Unit: GWh) (Unit: GWh)

KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 3 MONTHS YoY

ELECTRICITY SALES

VOLUME YoY

ELECTRICITY SELLING

PRICE YoY

SALES VOLUME FOR EACH INDUSTRIAL USER

FOR 3 MONTHS (TH) YoY

(Unit:THB/mmBTU)

Electricity Sales Volume Increased YoY for Both EGAT and IU (Q1/2018 vs Q1/2019)

237.21

Q1/18 Q1/19

EFFECTIVE GAS

COST

281.52

EGAT• EGAT sales volume increased 21.6% YoY primarily due to the inclusion

of ABPR3, ABPR4 and ABPR5 which commenced commercial operation in

February, June and October 2018 respectively.

• Electricity price sales to EGAT increased by 12.8% from Baht 2.88/kWh

in Q1/2018 to Baht 3.25/kWh in Q1/2019 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 3.5% YoY primarily due to 1) the

inclusion of new industrial users in Amata City Rayong Industrial Estate

especially from new operation plants in 2018, 2) the inclusion of SPP1’s

industrial users in WHA Eastern (Map Ta Phut) and 3) an increase in

demand load from existing customers in 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.* Since the consolidation in March 2019



EGAT• EGAT sales volume increased 3.6% QoQ primarily due to seasonal impact

(as the dispatch volume is usually soft in Q4) and additional contributions from

SPP1 acquisition in March.

• Electricity price sales to EGAT increased by 0.3% from Baht 3.24/KWh in

Q4/2018 to Baht 3.25/KWh in Q1/2019 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 1.7% QoQ primarily due to 1) theinclusion of new industrial users in Amata City Rayong Industrial Estateespecially from new operation plants in 2018, 2) the inclusion of SPP1’sindustrial users in WHA Eastern (Map Ta Phut) and 3) an increase in demandload from existing customers in Bangkadi Industrial Park.

• Electricity price sales to industry users Thailand remain unchanged whileFt charge slight increasing because of a decrease of capacity charge (MW) ofABP1 and ABP2.

2,053

763

2,127

775

Q4/18 Q1/19 Q4/18 Q1/19


(Unit: GWh) (Unit: GWh)



3.24 3.25 3.30 3.30

Q4/18 Q1/19 Q4/18 Q1/19


(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 (Q4/2018 vs Q1/2019)

Q4/18 Q1/19

EFFECTIVE GAS

COST

278.60281.52

395 395

98 106 172 172 63 57 35 38

Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19

6*

Amata City Amata City Laem Chabang WHA Chonburi 1 Bangkadi WHA Eastern

Chonburi Rayong (Map Ta Phut)

0.0%

* Since the consolidation in March 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

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


High Correlation between Gas Price and Ft – Benefit to IU Sales

Change in Ft vs Gas Price in 2005-2018

Introduction of

renewable energy

Adjusted FT Index

Gas Price Index


8,3

89

7,5

99

7,5

51

8,4

30

7,6

16

7,5

42

1st Round SPP 2nd Round SPP 3rd Round SPP

2018 Q1'2019


High Standard Technology Leads to High Efficiency & Availability

95.2 96.498.6

95.0 94.0

99.3

70

75

80

85

90

95

100

1st Round SPP 2nd Round SPP 3rd Round SPP

2018 Q1'2019

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)



687 244

443

180

31

UnrealizedFx Gain

Non-recurringexpense

NNP NNP to NCI NNP toOwner

835

512

220

443

318

161

244

830

381

687

0

100

200

300

400

500

600

700

800

900

1000

Q1/18 Q4/18 Q1/19

10.2%3.8% 6.7%

NNP Margin

NNP to owner

NNP to Non-Controlling Interest (NCI)

Q1/2018 to Q1/2019:

• NNP declined 17.2% / NNP to Owner declined 13.5% YoY primarily due to an 18.7%increase in gas cost per unit but a 0.9% increase selling price per unit to IUs(from slower adjustment of Ft charge relatives to gas cost) however, this was thetemporary situation as gas price starting to lower in Q2/2019. Furthermore,there was a relatively more scheduled maintenance in Q1/2019 comparing tothe same period of last year; however, the scheduled maintenance is expectedto be lower in the rest of this year.

• NNP margin declined to 6.7% in Q1/2019 as described previously.

Q4/2018 to Q1/2019:• NNP increased 80.3% / NNP to Owner increased 101.4% QoQ primarily due to 1) less

seasonal impact than Q4 when there are normally drop in volume during holidayseasons and high SG&A, 2) an improvement on financing cost mainly attributableto debt refinancing, 3) lower interest expense from ABPIF and 4) relatively lowerscheduled maintenance.

+306 / 80.3% QoQ

-143 / -17.2% YoY

Reconciliation Items:• Unrealized Fx gain is due to an appreciation of the Baht against the U.S. dollar

at the ending of each financial statement period.

• Non-recurring expense is primarily due to a remuneration program’s expensein the amount of Baht 14 million and a provision of obsolete inventoryin the amount of Baht 17 million.

NORMALIZED NET PROFIT (NNP)(Unit: THB mm)

RECONCILE NORMALIZED NET PROFIT (NNP) OF Q1/2019(Unit: THB mm)

Net Profit

1,203

Q1/2018 Q1/2019

Start the year with strong Q1’2019 NNP



Strong Financial Position Thanks to the Well-Managed Capital Structure

72%

74%

28%

26%

31 Dec 18 31 Mar 19

15% 14%

9% 9%

76%

77%

31 Dec 18 31 Mar 19

100,636

110,161

Cash, cash Equivalents and ST investments

OtherCurrent Assets

(Unit: THB mm)

Assets

Total

Liabilities

Total

Equity

110,161

100,636

Liabilities and Equity

Non- Current Assets

Financial Position as at 31 Mar 2019

Total assets

• Total assets increased by 9.5%, primarily due to an

increase in property, plant and equipment, and intangible

assets.

Total liabilities

• Total liabilities increased by 12.0%, 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 2.9%, primarily due to the

increase in retained earnings during the period.

STATEMENT OF FINANCIAL POSITION

AS OF 31 MAR 2019



BGRIM optimizes Capital Structure through Well Managed Debt Profile

THB 60,721 MM(as of 31 March 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 31 March 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 15,517 MM

THB 9,361 MM

Project Level

Debenture

THB 3,037 MM

Corporate Level

Loan

THB 14,610 MM

Corporate Level

Debenture

24%

THB 18,176 MM

Project Level

(In Operation)

Loan (USD)

5%

30%

26%

15%

0%Project Level

(Under Construction)

Loan (USD)

THB 19 MM

4.9%

4.7%

4.6%

4.4%

0.04

0.04

0.04

0.04

0.05

0.05

0.05

0.05

0.05

0.05

2016 2017 2018 Q1/2019

• Financing costs decreased to 4.4% in Q1/2019 due to:

• Refinancing of project bond of 1) BIP1 and BIP2amount of 6.7 billion in May 2018 to reducefinancing cost at project level.

• Issuing of corporate bond in the amount of THB 9.7billion in October 2018 and green bond in theamount of THB 5.0 billion in December 2018

• Note that we aim to have more refinancing activitiesto reduce the financial cost further in 2019.

(THB mm)

FINANCING COSTS



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.

55%

45%

NNP to Owner2018

NET INTEREST-BEARING DEBT

TO EQUITY RATIO

• Minimum 40% of normalized net profit of consolidated financial

statements

45% of net profit are paid as dividend with the

total amount of 834 THB mm

▪ Dividend payment 0.32 THB per share for

2018 was approved in AGM on 25 April 2019.

The payment will be made by 10 May 2019.

(Including interim dividend for 1H’2018 at the

rate of 0.15 THB per share and remaining

dividend for 2H’2018 at the rate of 0.17 THB

per share)

1,842

0.7x0.9x

1.5x 1.6x

(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 Mar-19

Company only Consolidated

Gearing Ratios

• Consolidated net interest-bearing debt to equity ratio increased to1.6x, and for the Company only increased to 0.9x as a resultof additional investments in new projects to support the company’searnings growths in both short term and long term.

(Unit: THB mm)

DIVIDEND PAYMENT

DIVIDEND POLICYCAPITAL STRUCTURE


Q2’2018 OPERATING RESULTQ3’2018 UPDATE BGRIM OVERVIEW

Q1’2019

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTSBGRIM OVERVIEW

28

Appendix

28


29BGRIM OVERVIEWQ3’2018 UPDATE

Summary of PDP2018

Security

EcologyEconomy

◼ Increase balancing of total power

generation capacity by region

◼ Include capacity from IPS (Independent

Power Supply) to national power system

◼ Consider reliable capacity to balance

demand-supply instead of target 15%

reserve margin

◼ Increase portion of natural gas to 53%

(from 37% in PDP2015)

◼ Support low-cost power generation

◼ Distributed Generation policy to

stimulate economic throughout the

country especially industrial sector

◼ Support renewable following COP21 frame

◼ Encourage solar rooftops to household

sector

◼ Develop smart grid system to support the

change to prosumer concept


30BGRIM OVERVIEWQ3’2018 UPDATE

Summary of PDP2018 - Total Power Generation Capacity (MW)

20,766

500 2,112

13,156 1,740 5,857 8,300 4,000

Renewable Hydro Cogeneration Combined Cycle (EGAT/IPP)

Coal-fired (EGAT/IPP) Import IPP Bidding (EGAT/IPP) Energy Efficiency Plan (EEP)

46,090 25,310

56,431 77,211

Total capacity

as of Dec 2017 during 2018-2037

Total additional capacity

during 2018-2037Total retired capacity

at the end of 2037Grand total capacity


31

New 8,300 MW IPP Opportunity (Target COD)

2023

2024

2030

2032

2033

2034

2035

2036

700 MW - (Replacing TECO)

700 MW - (Replacing RG TH#1-2)

700 MW - EGAT / IPP Bidding


1,400 MW - EGAT / IPP Bidding (Replacing GPG)

1,000 MW - EGAT / IPP Bidding (Replacing BLCP)

North Eastern

North Eastern

Upper Central

West

West

East

East1,000 MW - EGAT / IPP Bidding (Replacing BLCP)


(Replacing Chana CC#1 and Krabi TH#1)South

South700 MW - EGAT / IPP Bidding

Source: EPPO


32

• 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"

140th Year Anniversary of B.Grimm

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 2,200 MW

installed capacity

1941 April 2019


Q2’2018 OPERATING RESULTQ3’2018 UPDATE BGRIM OVERVIEW

Q1’2019

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTSBGRIM OVERVIEW

3333

B.Grimm Power’s Team

Mr. Harald Link

Chairman

(23 years with B.Grimm Power)

Major Shareholder

Ms. Preeyanart Soontornwata

President


Chairperson of The Association of

Private Power Producers, Thailand

Dr. Surachai Saibua

Management Committee Member


Previously held positions with

EGAT and Petroasia International

Mr. Surasak Towanich

Senior Executive Vice President

Sales and Marketing


Previously held positions

with EGAT and ABB

Mr. Nopadej Karnasuta


CFO and International Business

Development



KBANK and EGCO

Mr. Peradach Patanachan


Legal Counsel



Clifford Chance and KPMG

Mr. Chote Chusuwan


Chief Operation Officer



EGAT and Cogeneration PCL

BGRIM Corporate Structure – Long Commitment from Management

Mr. Arunphun PootongExecutive Vice President

Business & Project Developments

(Conventional) and Commercial &

Procurement

Previously held positions

with EGAT and JERA

Power


34

Core subsidiaries and associates only

Corporate Structure

60.0%


35

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 30 April 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%

2,606.9 MM SHARES

Directors and

Management

PUBLIC SHAREHOLDERS


36

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


37

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

Total 145.0 120.6

Note: As of 31 December 2018

(a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant.


38

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 Wind Hydro

EGATIndustrial Users

PEA (FiT) PEA (Adder) EDLElectricity Steam

Term (years) 21 – 25 years 5 – 15 years(a) 5 – 15 years(a) 25 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 MW 8 MW 6.7 – 15 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

0.065 US$/kWh

Applicable power plants ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPR1-2, SPP1

BGYSP (8 projects),

Solarwa (5 projects),

TPS, BGPSK

Bo Thong

(2 projects)

XXHP (2 projects),

Nam Che, Nam Khao

1-5 (5 projects)

Contractual Overview: Commercial Features


39

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


40

Projects

Installed

Capacity

(MW)

Steam

Capacity

(ton/hr)

Type of maintenanceDuration

(days)

2018

Q1 Q2 Q3 Q4


ABP1 166.4 30.0 Major Overhaul 24

ABP2 171.2 30.0Major Overhaul 22

Major Overhaul 12


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







WHA Chonburi 1

BPWHA 130.0 30.0 Major Inspection 12


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





ABPR1 Amata B.Grimm Power (Rayong) 1





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

DTE Dau Tieng Tay Ninh Energy Solar Plant Project (Xuan Cau)

Phu Yen TTP Phu Yen TTP Solar Plant Project (Phu Yen)

41


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

42


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


Gunnlapat Wichutarat


Thunruethai Makaraphan


Contact Us:

Dr. Gerhard Link Building,

5 Krungthepkreetha Road, Huamark,

Bangkapi, Bangkok 10240, Thailand

Tel: +66 (0) 2710 3400

Fax: +66 (0) 2379 4245

43

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