BGRIM: Investor Presentation for Q2’2018 · Bo Thong 1 & 2 (2 plants - 16 MW) Tadsakoi (30 MW) Phu Yen (1 plants - 257 MW) (a) Subjected to NEPC consideration BPLC1 Extension(a)

BGRIM: Investor Presentation for Q2’2018August 2018

Q2’2018BGRIM INVESTOR PRESENTATION

Q2’2018 OPERATING RESULTQ2’2018 UPDATE BGRIM OVERVIEW

BGRIM Q2’2018 Key Highlights

1

“BGRIM increases total capacity by delivering projects in pipeline and beyond”

Upcoming COD in 2018 Exploring new projects in

Suitable Opportunities

ABPR3 & ABPR4 completed COD in

Feb 2018 and June 2018, respectively

ABPR5 to be COD in Oct 2018

Nam Che hydro project and Solar

Farms project to be COD in Dec 2018

SPA signing for 420 MW capacity of Xuan

Cau solar power plant on July 16, 2018

and 257 MW capacity of Phu Yen

solar power plant on August 16, 2018

Totaling 677 MW capacity investment for

solar power plant in Vietnam with tariff of

9.35 US dollar cents and target COD on

30 June 2019

“BGRIM constantly strives to improve performance both operationally and financially”

BIP1 & BIP2 bond were issued in May 2018

Planning to issue debenture for refinancing

and new investment amounting of

THB 10,000 -14,000 mm of debenture

by Q4/2018

Increased investment percentage in

BGYSP from 49% to 100% Planned to consolidate BGYSP's FS in

Q3‘2018 which consolidate the second half‘s FS

BGYSP showed revenue of THB 509 mm

and net profit of THB 115 mm in 2017

Upside from aquisition is toward refinancing

with bond at lower financial cost

Acquisition of 51% Shares

of BGYSP ProjectsReducing Financing Cost

BGRIM INVESTOR PRESENTATION


Q2’2018

BGRIM Overview

Q2’2018 Update

Q2’2018 Operating Result

Agenda

2


Q2’2018 OPERATING RESULTQ2’2018 UPDATE BGRIM OVERVIEW3

Upcoming COD in 2018 - SPP 399 MW COD on schedule

“ABPR3 (133 MW) – COD on 1 Feb 2018”

ABPR5

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: Scheduled commissioning plan

with relevant parties, i.e.

EPC, EGAT, PEA in Aug 2018 and

target ready to take over in Sep 2018

% Progress

“ABPR4 (133 MW)

achieved COD

on 1 Jun 2018

as scheduled in

T time & in budget”

99.0%

Commercial Operation

of “ABPR4”



Upcoming COD - Projects under construction are on track

% Progress

Nam Che 1 Hydro Power Project

Type of Fuel: Hydro

(Run of the river)

Installed Capacity: 15 MW

Economic

Ownership: 72.0%

EDL PPA: 15 MW / 25 years

Progress: Finishing main

area facilities, i.e.

powerhouse,

generating unit,

penstock and

switchyard

% Progress89.3%

Dec 2018

% Progress

Dec 2018 30 June 2019

SCOD

30 June 2019

Solar WVO-Cooperatives Projects

Type of Fuel: Solar PV


(combined 7 plants)

Economic

Ownership: 100.0%

PEA / MEA PPA: 31 MW / 25 years

Progress: Finished site leveling

and clearing and on

process of piling

and equipment

transportation

52.4%

Xuan Cau Solar Project



Economic

Ownership: 55.0%

EVN PPA: 350 MW / 20 years

Progress: Finished site leveling

and clearing and on

process of piling

Phu Yen Solar Project



Economic

Ownership: 80.0%

EVN PPA: Up to 214 MW / 20 years

Progress: Processing of site

clearing

0.0%% Progress

7.2%



13%

87%

TOTAL DEBTTHB 53.5 bn

Project level

Corporate

level

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%

0.04

0.04

0.05

0.05

0.05

0.05

0.05

0.05

0.05

2016 2017 Q2/18

Financing cost has gradually

improved to 4.6%

Q2/2018 Capital Structure

Lower Funding Cost through Various Sources of Financing

‘A’ CREDIT

RATING BOND

Planning to issue

debenture for refinancing

and new investment

Potential to gearing with low funding cost facility by issuance

debenture amount of THB 10,000 - 14,000 mm.

THB 10,000 - 14,000 mm

ProceedsObjective

THB 5,000-7,000 mm Refinancing existing loan & debentures

THB 4,000-5,000 mm Refinancing project finance (BLPC1&2, BGPSK & BGYSP)

THB 1,000-2,000 mm New Investment

Issuer B.Grimm Power Public Company Limited

Instrument THB Senior Unsecure and Unguaranteed Debenture

Rating

(By TRIS Rating)A (Company Rating)

Indicative Tenors Up to 3 yrs. / 5 yrs. / 7 yrs. / 10 yrs.

Tentative Issue Date Early October 2018



Progress

PartnerTruong Thanh Viet Nam

Group Joint Stock Company

Project type Solar PV

CapacityInstalled : up to 257 MW dc

Contract : up to 214 MW ac

Tariff structure 9.35 Cent USD per kWh

PPA period 20 Years

BGRIM shareholding 80.0%

SCOD 30 June 2019

Project Profile

The project obtained MOIT (Ministry of Industry and Trade) approval and in process of obtaining PPA

Local partner secured majority of land certificate

Energy China was engaged as EPC Contractor

Investment Vietnam solar

project

Land Profile

LOCATION:

Phu Yen

(South Central Coast Vietnam)

LAND AREA:

Approx. 256 ha.

(1,597 rais)

Investing in the Large Scale Solar Project in Vietnam

6



Q2’2018

BGRIM Overview

Q2’2018 Update


Agenda

7



Q2’2018

34%

30%

11%

11%

8%

6%

84%

14%

0.5% 2%

Total 975 MWIn Operation

134 MW

Solar Group

822 MW

(708 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 2,137 MWIn Operation 1,764 MW

Amata City (Chonburi)

732 MW

Amata City (Rayong)

647 MW

(133 MW under construction)

Bangkadi

229 MW

Laem Chabang

159 MW

Hemaraj

130 MW

BGPR1&2

240 MW

(Under development)

8

Type of Energy

Installed MW Equity MW

Total Capacity

% In operation

Total Capacity

% In operation

Gas fired

2,137 MW 68.4% 1,764 MW 1,439 MW 68.1% 1,004 MW

Hydro 133 MW 4.2% 20 MW 95 MW 4.5% 14 MW

Solar 822 MW 26.3% 114 MW 557 MW 26.4% 90 MW

Wind 16 MW 0.5% 15 MW 0.7%

IWTE 5 MW 0.2% 2 MW 0.1%

Diesel 13 MW 0.4% 13 MW 4 MW 0.2% 4 MW

Total 3,126 MW 100% 1,912 MW 2,112 MW 100% 1,112 MW

Well-Diversified Portfolio with Expert in Green-Field Developer

SPP – INDUSTRIAL ESTATE 68.4%

TRANSMISSION & DISTRIBUTION 0.4%

Waste to Energy (IWTE)

5 MW (under development)

RENEWABLE GROUP 31.2%



Q2’2018

6M’2018 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE

EGAT

63%

IU-TH

29%

IU-VN

3%

Steam-TH

2%Others

3%

THB 16,961 mm6M’2018 Sales and

Service IncomeLONG-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

24.823.1

19.5

9.47.2

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

Industrial users- steam

(Thailand)

Track Record of

Extensions

Years Years

Years

YearsYears

9

Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 30 June 2018

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

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



Q2’2018

Delivery of Reliability in Form of Electricity and Steam

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

6 generating units

2 power plants

240 MW

6 generating units

1 power plant

13 MW

5 power plants

647 MW

15 generating units

5 power plants

732 MW

17 generating units

2 power plants

159 MW

5 generating units

Hemaraj

Bangkadi

BGPR1&2

Amata City

(Rayong)

Amata City Bien Hoa

Laem Chabang

Amata City(Chonburi)

XXHP

Gas-fired cogeneration power plants Transmission and Distribution

10

1 power plant

20 MW

3 generating units

Hydro power plants



Q2’2018

Robust Growth Pipeline with Promising on Execution

ACHIEVED COD IN TIME AND WITHIN BUDGET FOR 27 CONSECUTIVE PROJECTS DURING PAST 7 YEARS

ABPR3, ABPR4

(2 plants - 266 MW)

Current

(as of Q2’2018)

32Plants

1,912 MWInstalled Capacity

1,112 MWEquity Capacity

45

2019

Plants




2020

49Plants



ABPR5(133 MW)

Solar 2017(7 plants - 31 MW)

Nam Che 1(15 MW)

41

2018

Plants



2022

55Plants



11

202155

Plants

2021

Gas

Solar

IWTE

Hydro

Xuan Cau

(2 plants - 420 MW)

Interchem(5 MW)

BGPR1, BGPR2 (240 MW)

Nam Khao Phase 1(2 plants - 28 MW)

ABP1 Extension(a)

(166 MW)

ABP2 Extension(a)

(171 MW)


Wind

Nam Khao Phase 2(3 plants - 40 MW)

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

Tadsakoi (30 MW)

Phu Yen (1 plants - 257 MW)

(a) Subjected to NEPC consideration

BPLC1 Extension(a)

(103 MW)



Q2’2018

BGRIM Overview

Q2’2018 Update


Agenda

12



Q2’2018

2,223 2,218 2,369

4,356 4,587

27.9% 27.2% 26.9%27.9%

27.0%

23.0%

24.0%

25.0%

26.0%

27.0%

28.0%

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

Q2/17 Q1/18 Q2/18 6M/17 6M/18

+231 / 5.3% YoY

Top Line and EBITDA is Growing Strong

6M/2017 to 6M/2018 (YoY):• Sales and service income increased by 8.6% YoY primarily due to

an increase in electrical sales volume resulting from COD of new power

plants - ABPR3 (February 2018), ABPR4 (June 2018) and existing

customers and also an increase in selling price per unit.

Q1/2018 to Q2/2018 (QoQ):• Sales and service income increased 8.0% QoQ primarily due to an

increase in demand from ABPR3 that fully operated in Q2, ABPR4 that

started COD in June and an increase in both electricity sales volume and

selling price per unit to EGAT.

6M/2017 to 6M/2018 (YoY):• EBITDA increased by 5.3% YoY which is in line with an increase in

revenue.

• EBITDA margin was lower to 27.0% in 6M/2018 because EGAT tariff

increase with less proportion than an increase in gas cost resulting from

lower capacity payment due to Baht appreciation during 6M/2018

relative to 6M/2017 .

Q1/2018 to Q2/2018 (QoQ):• EBITDA increased by 6.8% QoQ being in line with an increase in

revenue.

• EBITDA margin was slightly lower to 26.9% in Q2/2018 because

selling price per unit to IUs remain unchanged, while gas cost is higher.

EBITDA AND

EBITDA MARGIN

TOTAL SALE AND

SERVICE INCOME

95% 95% 96%

95% 96%2% 2%2%

2%2%

3% 3% 2%

3%2%

7,964 8,156 8,805

15,615 16,961

Q2/17 Q1/18 Q2/18 6M/17 6M/18

Electricity

Others

Steam

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

EBITDA

Margin

EBITDA

+841 / 10.6% YoY

+649 / 8.0% QoQ

+1,346 / 8.6% YoY

+151 / 6.8% QoQ

+146 / 6.6% YoY

13



Q2’2018

2.89 2.943.14 3.27

6M/17 6M/18 6M/17 6M/18

EGAT Industrial Users (TH)

(Unit:THB/KWh) EGAT• EGAT sales volume increased by 8.3% YoY due to COD of ABPR3

and ABPR4 in February and June 2018, respectively.

• Electricity price sales to EGAT slightly increased by 1.7% from Baht

2.89/KWh in 6M/2017 to Baht 2.94/KWh 6M/2018 due to an increase in

energy payment which is indexed to the price of natural gas.

IU Thailand• IU Thailand sales volume increased by 3.7% YoY due to an increase in

demand from new customer entrance in Amata City (Rayong) and existing

customers in Amata City (Chonburi), Amata City (Rayong), Laem Chabang

and Hemraj Industrial Estate.

• Electricity price sales to industry users Thailand increased by 4.1%

YoY which is in line with the change in Ft – the tariff announced by ERC

3,365

1,452

3,643

1,506

6M/17 6M/18 6M/17 6M/18


(Unit: GWh) (Unit: GWh)

Electricity Sales Volume Increased for Both EGAT and IU YoY (6M’2017 vs 6M’2018)

14

KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 6 MONTHS YoY

ELECTRICITY SALES

VOLUME YoY

ELECTRICITY SELLING

PRICE YoY

763 796

169 175

337 349

108 112 74 74

6M/17 6M/18 6M/17 6M/18 6M/17 6M/18 6M/17 6M/18 6M/17 6M/18

Amata City (Chonburi) Amata City (Rayong) Laem Chabang Hemraj Bangkadi

SALES VOLUME FOR EACH INDUSTRIAL USER

FOR 6 MONTHS (TH) YoY

235.5

244.3

6M/17 6M/18

EFFECTIVE GAS

COST (Unit:THB/mmBTU)

0.0%



Q2’2018

2.88 3.013.27 3.27

Q1/18 Q2/18 Q1/18 Q2/18


(Unit:THB/KWh) EGAT• EGAT Sales volume increased by 8.3% QoQ due to fully operation of

ABPR3 and COD of ABPR4 in June 2018.

• Electricity price sales to EGAT increased by 4.5% from Baht 2.88/KWh

in Q1/2018 to Baht 3.01/KWh Q2/2018 due to an increase in energy

payment which is indexed to the price of natural gas.

IU Thailand• IU Thailand sales volume increased by 1.0% QoQ due to an increase in

demand from new customer entrance in Amata City (Rayong) and existing

customers in Amata City (Chonburi) and Amata City (Rayong).

• Electricity price sales to Industry Users Thailand remained

unchanged QoQ which is in line with the unchanged in Ft – the tariff

announced by ERC

1,749

749

1,894

757

Q1/18 Q2/18 Q1/18 Q2/18


(Unit: GWh) (Unit: GWh)

15

KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE QoQ

ELECTRICITY SALES

VOLUME QoQ

ELECTRICITY SELLING

PRICE QoQ

393 403

85 90175 173

58 54 37 37

Q1/18 Q2/18 Q1/18 Q2/18 Q1/18 Q2/18 Q1/18 Q2/18 Q1/18 Q2/18

0.0%

SALES VOLUME FOR EACH INDUSTRIAL USER (TH)

QoQ

237.2

251.0

Q1/18 Q2/18

EFFECTIVE GAS

COST (Unit:THB/mmBTU)

Electricity Sales Volume Increased for Both EGAT and IU QoQ (Q1’2018 vs Q2’2018)

0.0%

Amata City (Chonburi) Amata City (Rayong) Laem Chabang Hemraj Bangkadi

* Due to planed maintenance of customer



Q2’2018

92.5

96.9 96.7 96.7 97.299.7

97.9

94.895.8 96.2 96.7

99.1

90.7

96.693.9

100.0 99.096.1 97.5 97.5 96.6

99.1 99.9 99.4 99.2 98.2

70

75

80

85

90

95

100

ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 ABPR3 ABPR4

2017 6M/2018

Gas-Turbine

Technology Siemens V64.3 GE Frame 6B GE Frame 6B GE Frame 6BSiemens

SGT800 B

Siemens

SGT800 B

Siemens

SGT800 BGE LM 6000PD

Siemens

SGT800 BGE LM 6000PD

Siemens

SGT800 B

Siemens

SGT800 B

Siemens

SGT800 B

Siemens

SGT800 B

8,1

15

8,5

67

8,3

70

8,3

85

7,5

21

7,4

74

7,5

15

7,7

40

7,5

46

7,6

57

7,5

35

7,5

70

8,1

08

8,5

99

8,4

76

8,3

07

7,4

98

7,5

63

7,5

33

7,7

26

7,5

87

7,6

78

7,5

55

7,5

70

7,5

25

7,6

30

ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 ABPR3 ABPR4

2017 6M/2018

(a) (a)

16

High Standard Technology Leads to High Efficiency & Availability

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 EFFICIENCY (HEAT RATE)

HIGH AVAILABILTY (AVAILABILTY FACTOR)

COD Sep-98 Jul-01 Sep-01 Feb-09 Oct-12 Jun-13 Nov-13 Apr-15 Nov-15 Jan-16 Jun-16 Nov-16 Feb-18 Jun-18

(a)(b)(c)

Contracted Heat Rate 8,600 BTU/kWh

Contracted Heat Rate 8,000 BTU/kWhContracted Heat Rate 7,950 BTU/kWh

(BTU/kWh)

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 2014.

(c) no EGAT PPA

(%)

(a)(b)



Q2’2018

938

1,901

1,200 581

217166 701

Net Profit UnrealizedFx Loss

Non-recurringexpense

NNP NNP to NCI NNP toOwner

1,519

453 512688

348 318

383801 830

1,071

0

200

400

600

800

1000

1200

1400

Q2/17 Q1/18 Q2/18

10.1%10.2%

12.2%

NNP Margin

NNP to owner

NNP to Non-Controlling Interest (NCI)

6M/2017 to 6M/2018:

• NNP increased 28.5% / NNP to Owner increased 37.3% YoY primarily

due to an increase in revenue, an improvement on financing cost mainly

attributable to a refinancing of project bond in April 2017 and a repayment

of corporate loan in September 2017 and realized gain from a refinancing

of BIP project bond.

• NNP margin improved to 11.2% in 6M/2018, primarily due to the

reduction of financing cost.

Q1/2018 to Q2/2018:

• NNP increased 29.0% / NNP to Owner increased 34.4% QoQ due to an

increase in revenue and a realized gain from a refinancing of BIP project

bond.

• NNP margin improved to 12.2% in Q2/2018, primarily due to the

reduction of financing cost.

Normalized Net Profit (NNP) = Net profit – Unrealized Fx gain (loss) – Non-recurring income (expense)

+241 / 29.0% QoQ

+270 / 33.6% YoY

Reconciliation Items:

• Unrealized Fx loss is due to a depreciation of the Baht against the U.S.

dollar at the ending of each financial statement period.

• Non-recurring expense is due to a bond issuance of BIP1 & BIP2 to

refinance its project financing, remuneration program’s expense and

inventory provision.

NNP for 6 Months Increased by 28.5% YoY and 29.0% QoQ

17

NORMALIZED

NET PROFIT (NNP)(Unit: THB mm)

RECONCILE NORMALIZED NET PROFIT (NNP) OF 6M/2018

(Unit: THB mm)

Net Profit to NCI

Net Profit to owner

8741,200

605

7011,479

1,901

0

500

1000

1500

2000

2500

6M/17 6M/18

+422 / 28.5% YoY

9.5%

11.2%

215

1,071

688

101

616139 383

Net Profit UnrealizedFx Loss

Non-recurringexpense

NNP NNP to NCI NNP toOwner

Net Profit to NCI

Net Profit to owner

RECONCILE NORMALIZED NET PROFIT (NNP) OF Q2/2018(Unit: THB mm)

316



Q2’2018

71% 71%

29% 29%

31 Dec 17 30 Jun 18

20% 18%

9%9%

71% 73%

31 Dec 17 30 Jun 18

89,241 89,613

Cash and cash equivalents

OtherCurrent Assets

(Unit: THB mm)

Assets

Total

Liabilities

Total

Equity

89,61389,241

Liabilities and Equity

Strong Financial Position Thanks to the Well-Managed Capital Structure

Non- Current Assets

Financial Position as at 30 Jun 2018

Total assets

• Total assets increased by 0.4%, primarily due to a

progress of projects under construction.

Total liabilities

• Total liabilities slightly increased by 0.3%, primarily

due to additional loan drawdown partly offset with

repayment of project loan of operating projects

Total Equities

• Total equities increased by 0.6%, primarily due to the

increase in retained earnings during the period.

18

STATEMENT OF FINANCIAL POSITION

AS OF 30 JUN 2018



Q2’2018

19

28%

5%34%

2%

4%

THB 53,539 MM(as of 30 June 2018)

Project Level (In Operation)

Loan (THB)

• Only 14% of loan represents loan at the corporate

level. The remaining 86% contributes to debts at

power plant level with limited recourse to sponsor

• Interest obligations of almost all power plant level

debts are swapped to fixed rate

• Only 19% of total loan as at 30 June 2018 is

denominated in USD which is matched with a

proportion of EGAT tariff indexation to USD at project

level, so called “Natural Hedge” strategy

DEBT PROFILE

BGRIM optimizes Capital Structure through Well Managed Debt Profile

THB 15,108 MM

Project Level

(Under Construction)

Loan (THB)

THB 2,826 MM

Project Level

Debenture

THB 18,175 MM

Corporate Level

Loan

THB 1,849 MM

Corporate Level

Debenture

THB 5,496 MM

10%

4.9%

4.7%

4.6%

0.04

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

2016 2017 6M/18

• Financing costs decreased to 4.6% in 6M’2018

due to:

• Refinancing of project bond of 1) ABP3,

ABPR1, and ABPR2 amounting of THB 11.5

billion in Apr 2017 and 2) BIP1 and BIP2

amount of THB 6.7 billion in May 2018 to

reduce financing cost at project level.

• Repayment of corporate loan in the amount of

THB 5.9 billion during Q3’2017

(THB mm)

FINANCING COSTS

Project Level

(Under Construction)

Loan (USD)

THB 1,130 MM

Project Level (In Operation)

Loan (USD)

THB 8,954 MM

17%



Q2’2018

67%

33%

NNP to Owner1H'2018

NET INTEREST-BEARING DEBT

TO EQUITY RATIO

20

• Minimum 40% of normalized net profit of consolidated financial

statements

Capital Structure and Dividend Policy

DIVIDEND PAYMENT

DIVIDEND POLICY

33% of net profit are paid as interim

dividend with the total amount of 391

THB mm

Dividend payment 0.15 THB per

share was approved by BOD on

10 August 2018 and will be paid

by 7 September 2018

1,200

(Unit: THB mm)

-0.1x0.2x

1.4x 1.5x

(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-17 Jun-18

Company only Consolidated

(Times)

Gearing Ratios

• Consolidated net interest-bearing debt to equity ratio increased to1.5x, and for the Company only increased to 0.2x as a result ofa decrease of cash which used to project under construction.

• 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

CAPITAL STRUCTURE



Q2’2018

Appendix

21



Q2’2018

22

60.0%

Acquisition of 51% Shares of BGYSP Projects

Seller Yanhee Solar Power

% ShareholdingPre-transaction: BGRIM 49%

Post-transaction: BGRIM 100%

Capacity 59.7 MW of solar PV

Tariff structure 5.66 baht/KWh for 25 years

COD / PPA end Dec 2015 / Dec 2040

Transaction

proceedTHB 600 mm

Closing Date 5 July 2018

Project Profile

LOCATION:

Nakornpathom

and Ayutthaya,

Thailand

FS for FY 2017:

Revenue THB 509 mm

EBITDA THB 420 mm

Net income THB 115 mm

Location

Investment Solar farm

project



Q2’2018

Solar (Vietnam)Other renewable

(Thailand)

Hydro (Laos)

Amata City

(Rayong)

Amata Bien Hoa

60.0%

Solar (Thailand)

23

Core subsidiaries and associates only

(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

(b) B.Grimm Power’s 49.0% subsidiary, BGYSP, has an economic interest of 99.0% in these projects through preferred shares based on its right to receive 99.0% of the dividends from these projects and have 99.0% of the total voting

rights at shareholders’ meetings. Also, in case of liquidation (after all debts are repaid), BGYSP has the right to receive the following before other ordinary shareholders (i) 99.0% of dividends from unallocated profits, (ii) 99.0% of all

reserves required by law and (iii) any capital surplus

Note: As of 30 June 2018

*Preferred Shares

Hemaraj

Bangkadi

Laem ChabangAmata City (Chonburi)

51.2%

ABP1

(166MW)

ABP2

(171MW)

ABP3

(133MW)

ABP4

(131MW)

ABP5

(131MW)

69.3%

70.0%

60.0%

50.0%

50.0%

30.0%

29.9%

29.9%

Amata B.Grimm

Power Holding

25.3%*27.4%

*47.4%

ABPR1

(123MW)

ABPR2

(123MW)

ABPR3

(133MW)

ABPR4(133MW)

ABPR5(133MW)

50.0%

29.9%

50.0%

29.9%

29.9%

62.0%

30.0%

62.0%

30.0%

B. Grimm Power

Holding

(Laem Chabang)

BPLC1

(103MW)

BPLC2(56MW)

100.0%

100.0%

100.0%

Amata Power

(Bien Hoa)

(13MW)

60.0% BGYSP

(60MW)

BGPSK

(8MW)

Thai Wind

Power

(Mukdhahan)

Bo Thong

(16MW)

49.0%*(b)

100.0%

70.0%

BIP1

(115MW)

BGPR1

(120MW)

BIP2

(115MW)

74.0%

74.0%

100.0%

26.0%

B.Grimm

Sena

Solarwa

(39MW)

TPS

(8MW)

49.0%*(a)

ABPIF

30.0%

BPWHA1

(130MW)75.0%

BGPR2

(120MW)100.0%

B. Grimm

Power Lao

XXHP

(20MW)

70.0%

100.0%

Holding Company

Power Plant Project Company

Infrastructure Fund

50.0%

74.0%

29.7%

30.0%

49.0%*(a)

Nam Che

(15MW)

Nam Khao

(68MW)

72.0%

72.0%

Amata B. Grimm

Power

BGPSP100.0%

Corporate Structure

48.0%

Interchem

(5MW)

Solar WVO

7 Projects

(31MW)

100.0%

100.0%

DTE

(420MW)

55.0%

BGRP 2

PHU YEN

(257MW)

80.0%

100.0%

100.0%

60.0% 60.0%60.0% 60.0%

49.0%

60.0% 60.0%

VTS

BGRP 1

100.0%



Q2’2018

24

BGRIM’s Shareholders

34.0%

24.4%

9.1%

1.1%

0.4%

31.1%

B.Grimm Power

(Singapore) PTE. LTD.

Mr. Harald Link

B.Grimm

Joint Venture Holding

Ms. Caroline Link

Public

Shareholders

(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

Top Public Shareholders (as of 29 Jun 18) %

1. EUROCLEAR NOMINEES LIMITED 4.7%

2. Bualuang Long-Term Equity Fund 1.8%

3. Muang Thai Life Assurance Co., Ltd 1.2%

4. Thai Life Insurance Co., Ltd 1.1%

5. Bualuang Long-Term Equity Fund 75/25 0.8%

6. Others 21.5%

Total 31.1%

PUBLIC SHAREHOLDERSWITH 2,606.9 MM SHARES(a)

Directors and

Management



Q2’2018

25

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

Operational Power Plants: Conventional

Company Abbreviation Fuel Type COD

Economic

Ownership

%(a)

Capacity Main PPA Industrial User

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) 90.0 106.2 6.0

Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep-01 15.3%(b) 171.2 26.2 EGAT (SPP) Sep-22(c) 90.0 82.2 16.0

Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.7% 132.5 80.4 EGAT (SPP) Oct-37 90.0 46.1 13.0

Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov-15 55.5% 131.1 72.8 EGAT (SPP) Nov-40 90.0 32.5 –

Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun-16 55.5% 131.1 72.8 EGAT (SPP) Jun-41 90.0 33.4 13.0

Subtotal 732.3 277.6 450.0 300.4 48.0

Amata City Industrial Estate, Thailand

Amata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov-13 61.7% 123.3 76.1 EGAT (SPP) Nov-38 90.0 17.0 14.0

Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun-13 61.7% 124.4 76.8 EGAT (SPP) Jun-38 90.0 24.0 14.0

Amata B.Grimm Power (Rayong) 3 ABPR3 Gas-Fired Cogen Feb-18 55.5% 133.0 73.8 EGAT (SPP) Feb-43 90.0 18.0 -

Amata B.Grimm Power (Rayong) 4 ABPR4 Gas-Fired Cogen Jun-18 55.5% 133.0 73.8 EGAT (SPP) Jun-43 90.0 16.0 -

Subtotal 513.7 300.5 360.0 75.0 28.0

Laem Chabang Industrial Estate, Thailand

B.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01(d) 100.0% 103.0 103.0 EGAT (SPP) Jul-22(c) 60.0 50.1 46.2

B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.0% 56.1 56.1 – – – 60.8 18.5

Subtotal 159.1 159.1 60.0 110.9 64.7

Bangkadi Industrial Park, Thailand

B.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr-15 74.0% 114.6 84.8 EGAT (SPP) Apr-40 90.0 14.0 –

B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan-16 74.0% 114.6 84.8 EGAT (SPP) Jan-41 90.0 18.5 –

Subtotal 229.2 169.6 180.0 32.5 –

Hemaraj Industrial Estate, Thailand

B.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov-16 75.0% 130.2 97.5 EGAT (SPP) Nov-41 90.0 31.0 –

Gas-Fired Cogen Total 1,764.5 1,004.2 1,140.0 549.8 140.7

Amata City (Bien Hoa) Industrial Estate, Vietnam

Amata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.7% 13.0 4.0 – – – 310.5 –

Conventional Total 1,777.5 1,008.3 1,050.0 860.3 140.7



Q2’2018

26

Note: As of 30 June 2018

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

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,

ThailandDec-15

8.0 8.0

PEA (FiT) Dec-40

Sai Luang 3 8.0 8.0

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

Total 114.2 89.8

Operational Power Plants: Solar



Q2’2018

27

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

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

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

*NEPC is currently in the process of considering policies relating to the extension/replacement of SPP PPAs that will expire between 2019 – 2025 (include ABP1,

ABP2 and BPLC1)



Q2’2018

28

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, 2005 2007 2010

Applicable power plantsABP1-2,

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



Q2’2018

29

Projects

Installed

Capacity

(MW)

Steam

Capacity

(ton/hr)

Type of maintenanceDuration

(days)

2018

Q1 Q2 Q3 Q4

Amata Nakorn

ABP1 166.4 30.0 Major Overhaul 22

ABP2 171.2 30.0Major Overhaul 22

Major Overhaul 11

ABP3 132.5 30.0 Major Inspection 17

ABP4 131.1 30.0 Major Inspection 13

Laem Chabang

BPLC1 103.0 50.0Major Overhaul 14

Major Overhaul 8

Bangkadi

BIP1 114.6 20.0 Major Inspection 10

BIP2 114.6 20.0 Major Inspection 10

Maintenance Schedule in 2018



Q2’2018

30

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 Ninh Energy



Q2’2018

INVESTOR RELATIONS

31

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.

.

Gunnlapat Wichutarat

Email: [email protected]

Tel: +66 (0) 2710 3570

Thunruethai Makaraphan

Email: [email protected]

Tel: +66 (0) 2710 3087

Contact Us:

Dr. Gerhard Link Building,

5 Krungthepkreetha Road, Huamark,

Bangkapi, Bangkok 10240, Thailand

Tel: +66 (0) 2710 3400

Fax: +66 (0) 2379 4245

BGRIM: Investor Presentation for Q2’2018 · Bo Thong 1 & 2 (2 plants - 16 MW) Tadsakoi (30 MW) Phu Yen (1 plants - 257 MW) (a) Subjected to NEPC consideration BPLC1 Extension(a)

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