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FY17 & 4Q17 results
Investor and analyst update23rd February 2018
2
DISCLAIMER
The information contained in this presentation is intended solely for your reference.
This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical fact contained in this presentation including, without limitation, those regarding Banpu Power’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where Banpu Power participates or is seeking to participate and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements.
The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which Banpu Power will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. Banpu Power does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. The information set out herein is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company.
Banpu Power makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one if many possible scenarios and should not be viewed as the most likely or standard scenario. No assurance given that future events will occur or our assumptions are correct. Actual results may materially differ from those provided in the forward-looking statements and indications of past performance are not indications of future performance. In no event shall Banpu Power be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this material. Banpu Power makes no representation whatsoever about the opinion or statements of any analyst or other third party. Banpu Power does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or use of any such opinion or statement.
Banpu Power’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of such act or such laws.
This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell Banpu Power’s securities in any jurisdiction.
3
Operational performance
3
2
Appendix
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
Review of 2017 and Q4 1
Looking ahead4
Financial performance
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
1.5 BPP consolidated
4
2017 highlights
THB 5.4 bnConsolidated EBITDA
-3% YoY
Consolidated net profit
0% YoY
THB 4.2 bnNet debt/equity
low gearing: flexibility
for growth
0.1x฿
FINANCIAL
PERFORMANCE
BLCP’s EAF despite
Extended Major Overhaul
Note: *MWe = MW equivalent including steam on equity basis
Hongsa achieved
EAF >80%
81% 88%Total operating capacity
at end of 2017
2,068 MWe*
OPERATIONAL
PERFORMANCE
+134 MWe projects commissioned
+130 MW new Japan Solar
projects secured
+264 MWeCapacity growth pipeline to 2023
+396 MW SLG
+104 MWe China CHP
+221 MWAC Japan Solar
721 MWeTarget by 2025
4,300 MWe
GROWTH
+
5
Power business: 2017 review
Note: *Equity basis
JAPAN
Japan Solar
o Awaji 6 MWAC*
commenced operation
o Secured 130 MWAC*
additional projects
o Total committed capacity of
233.3 MWAC* of which
12.6 MWAC* in operation
CHINA
CHP
o Capacity expansion to
435 MWe*, +46 MWe*
from 2016
o Total revenue increased to
RMB 1,144 M, +12% YoY
from additional Solar
business and higher demand
Shanxi Lu Guang
o Expected COD 2019-2020
China Solar
o Capacity +81.6 MWDC*
to total 152.1 MWDC*,
all in operation
o RMB 97M EBITDA,
+593% YoY from projects
in operation
THAILAND
BLCP
o EAF for 2017 reported
at 88%, with 98%
dispatch factor
o Completed
10 weeks major
maintenance
in 4Q17
o THB 6.6 bn EBITDA,
-17% YoY
LAOS
Hongsa
o Significant operational
improvement
o THB 13.1 bn EBITDA,+43% YoY
Capacity based on 100% basis
2a1a
2b
NORTH ASIA
THAILAND1,434 MW (50%)
LAOS1,878 MW (40%)
JAPAN
233 MWAC
(40-100%) operating and
committed capacityCHINA
CHP: 435 MWe (70 -100% equity)
SLG: 1,320 MW (30%)
Solar: 152 MW (100%)
operating and committed capacity
Coal fired development
Coal-fired operational Solar operational
Solar development
6
4Q17 Banpu Power overview
Solar
Performance slightly impacted by winter season
Revenue in total of RMB 31 M, -14% QoQ
Total equity portfolio of 152.1 MWDC all in operation
BLCP
Performance mainly impacted by Unit 1 major overhaul
EAF* of 66% decreased from 88% in 3Q17 due to Extended Major Overhaul (EMJ) for 10 weeks
EBITDA of THB 0.7 Bn, -59% QoQ
Profit contribution of THB -0.2 Bn
Hongsa
Stable reliability YoY. Unit 3 on inspection
EAF* of 83% despite plant inspection
EBITDA of THB 2.8 Bn, -15% QoQ
Profit contribution of THB 0.4 Bn, -30% QoQ
CHP
Better performance due to winter season
EBITDA increased to RMB 126 M, +334% QoQ
SLG
Expected COD in 2019-2020
Note: * Equivalent Availability Factor (EAF) is a percentage and measures of the potential amount of energy that could be produced by the unit after all planned and unplanned losses are removed
THAILAND LAOS CHINA JAPAN
Solar
Performance slightly impacted by winter season
Capacity factor decreased to 10%, -5% QoQ
Total portfolio of 233.3 MWAC, in which 12.6 MWAC
in operation, 44.5 MWAC to COD in 2018 and 176.2 MWAC under development
7
Operational performance
3
2
Appendix
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
Review of 2017 and Q41
Looking ahead4
Financial performance
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
1.5 BPP consolidated
8
88%
66%
95%88%
3Q17 4Q17 2016 2017
QoQ: -34%YoY: -8%
BLCP operational performance
QoQ: -36%YoY: -5%
QoQ: -22%YoY: -7%
NET GENERATION (GWh)EQUIVALENT AVAILABILITY (%)
CONTRACT AVAILABLE HOUR (hr) COAL CONSUMPTION (‘000 t)
QoQ: -34%YoY: -9%
Lower power generation
resulted from Unit 1 major
overhaul for 10 weeks
20174Q173Q17 2016
2,6271,735
10,93210,092
3Q17 4Q17 2016 2017
3,9082,512
15,76214,931
3Q17 4Q17 2016 2017
970638
4,0533,686
3Q17 4Q17 2016 2017
20174Q173Q17 2016
20174Q173Q17 2016 20174Q173Q17 2016
9
82% 83%
62%
81%
3Q17 4Q17 2016 2017
5,550 5,581
17,297
22,070
3Q17 4Q17 2016 2017
2,918 2,992
9,062
11,391
3Q17 4Q17 2016 2017
Hongsa operational performance
QoQ: +1%YoY: +28%
QoQ: +1%YoY: +19%
QoQ: +3%YoY: +26%
NET GENERATION (GWh)EQUIVALENT AVAILABILITY (%)
CONTRACT AVAILABLE HOUR (hr) COAL CONSUMPTION (‘000 t)
Achieved EAF of 81%, +19% YoY,
reflecting significant improvement
in plant efficiency
QoQ: -1%
YoY: +29%Improvement in plant reliability
resulted in high available hours
20174Q173Q17 2016
20174Q173Q17 2016
20174Q173Q17 2016
3,737 3,708
11,228
14,431
3Q17 4Q17 2016 201720172016
10
773 854
2,9333,254
153
544
894
1,424
129
435
1,210
1,228
3Q17 4Q17 2016 2017
China CHP operational performance
1,056
STEAM SOLD (‘000 t)ELECTRICITY SOLD (GWh)
QoQ: +74%YoY: +17%
133 143
550 567
94 108
424 420
104155
504 510
3Q17 4Q17 2016 2017
Zouping
Zhengding
Luannan
QoQ: +22%YoY: +1%
405
1,834
+74% QoQ due to
winter season
331
1,478 1,496
5,037
5,906
20174Q173Q17 2016 20174Q173Q17 2016
11
China Solar: total equity capacity 152.1 MWDC
3Q17 4Q17 2016 2017
Operating capacity
(MW)152.09 152.09 70.46 152.09
SHANDONG
Operational solar 152.1 MW
Xingyu
10.30 MWDC
Deyuan
51.64 MWDC
Huien
19.70 MWDC
Haoyuan
20.00 MWDC
Jinshan
28.95 MWDC
Huineng
21.50 MWDC
BPP’s effective ownership is 100% QoQ: -3%YoY: +1%
AVERAGE CAPACITY FACTOR (%)OPERATING CAPACITY
POWER SOLD (GWh)
49 4027
174
3Q17 4Q17 2016 2017
QoQ: -18%YoY: +544%
15.81%12.70% 13.70% 14.86%
3Q17 4Q17 2016 2017
Higher power sold resulted from
COD of 6 solar farms of 82 MW
20174Q173Q17 2016
20174Q173Q17 2016
Lower capacity factor QoQ
due to winter season
12
Japan Solar: total equity capacity of 233.3 MWAC
3Q17 4Q17 2016 2017
Operating capacity
(MW)12.6 12.6 6.6 12.6
QoQ: -5%YoY: 0%
AVERAGE CAPACITY FACTOR (%)OPERATING CAPACITY
POWER SOLD (GWh)
96
19
29
3Q17 4Q17 2016 2017
QoQ: -33%YoY: +53%
15.56%
10.11%
13.94% 14.17%
3Q17 4Q17 2016 2017
Capacity presented on a 100% basis and equity capacity in parentheses
Figure not drawn to scale
Operational solar
Developing solar
12.6 MW
Construction 44.5 MW
176.2 MW
(As of 31 Dec 2017)Mukawa
17 MWAC (9.5)
Yabuki
7 MWAC (5.3)
Olympia
10 MWAC (4)Hino
3.5 MWAC (2.6)
Nari Aizu
20 MWAC (15)
Onami
16 MWAC (12)
Yamagata
20 MWAC
Kurokawa
18.9 MWAC
Shirakawa
10 MWAC
Kessenuma
20 MWACYamagata iide
200 MWAC (102)
20174Q173Q17 2016
20174Q173Q17 2016
Lower capacity factor QoQ
due to winter season
13
Operational performance
3
2
Appendix
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
Review of 2017 and Q41
Looking ahead4
Financial performance
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
1.5 BPP consolidated
14
(78) (100) (68)
(430)
469
(90)
2,132 1,917
3Q17 4Q17 2016 2017
BLCP financial performance
QoQ: n.a.YoY: -28%
THB million
1,951 1,197
8,195 7,7232,491
1,659
10,5089,597
3Q17 4Q17 2016 2017
QoQ: -35%YoY: -8%
1,729
706
8,037
6,635
3Q17 4Q17 2016 2017
QoQ: -59% YoY: -17% FX Gain/loss
Based on Banpu Power’s 50% interest
Note: *100% basis for availability payment (AP), energy payment (EP)
TOTAL REVENUE EBITDA PROFIT CONTRIBUTION TO BPP
AP*
EP*2,981
3Q17 4Q17 2016 2017
(190)
17,916
-8% YoY from lower
generation resulted
from Unit 1 major
overhaul 2,064
19,3811,487
4,598
391
3Q17 4Q17 2016 2017 3Q17 4Q17 2016 2017
Others
15
3,168 2,928
9,400
12,674
2,113 2,097
5,942
8,167
3Q17 4Q17 2016 2017
(284)(175)
135
(908)
879589
1,339
3,143
3Q17
Hongsa financial performanceTHB million
3,3422,829
9,160
13,099
3Q17 4Q17 2016 2017
TOTAL REVENUE EBITDA PROFIT CONTRIBUTION TO BPP
QoQ: -5%YoY: +35%
QoQ: -15%YoY: +43%
QoQ: -30%YoY: +52% FX Gain/loss
Based on Banpu Power’s 40% interest
Note: *100% basis for availability payment (AP), energy payment (EP)
AP*
EP*
5,041
414
15,447
+35% YoY due
to better plant
reliability
1,474
20,905
5,297
595
2,235
3Q17 4Q17 2016 20173Q17 4Q17 2016 2017 3Q17 4Q17 2016 2017
Others
16
609 619 376
596
125 145
445 530 48 101
293 309
54 101
285 305
3Q17 4Q17 2016 2017
494 515 345
491
693 746 487
712
24 37
118 103
(2)
58
169 134
7
31
132
82
China CHP financial performance
Based on Banpu Power’s 100%
interest for Luannan and Zhending,
and 70% for Zouping
Luannan
Zhengding
Zouping
RMB/kWh
RMB/t
Luannan
Zhengding
Zouping
QoQ: +767%YoY: -37%
RMB millionQoQ: +52%YoY: +12%
QoQ: +334%YoY: -24%
PROFIT CONTRIBUTION TO BPP
347
TARIFF TOTAL REVENUE
COAL PRICE EBITDA
3Q17 4Q17 2016 2017
Luannan
Zhengding
Zouping
Note: 100% basis for availability payment, energy payment, revenue and EBITDA, Profit contribution based on BPP’s 100% interest for Luannan & Zhending and 70% for Zouping
Average 4Q17 coal price of 642 RMB/t
1,023
29
Continued rising coal
price due to tight
domestic supplyRMB million
RMB million
9
78
294
186
3Q17 4Q17 2016 2017
3Q17 4Q17 2016 2017
126
419
319
3Q17 4Q17 2016 2017
228
1,144
3Q17 4Q17 2016 2017
3Q17 4Q17 2016 20173Q17 4Q17 2016 2017
Mainly
impacted by
rising coal cost
LN received environmental
added-up (ULE) tariff for
RMB 6.12M in Dec 2017
0.40 0.43
0.39 0.40
Luannan
Zhengding
Zouping
0.34 0.34
0.32
0.35
0.40 0.40 0.38
0.39
17
Solar business financial performance
Note: RMB 1.0/kWh of FiT and subsidies for Jinshan, Haoyuan and Huineng phase 1, RMB0.83/kWh for Huineng phase 2 , and RMB0.98/kwh for Hui’en and Deyuan
28 20 14
97
3Q17 4Q17 2016 2017
36 31 20
131
3Q17 4Q17 2016 2017
-14% QoQ driven by
weak solar irradiation
QoQ: -14%
YoY: +555%
QoQ: -29%
YoY: +593%
RMB million
REVENUE
EBITDA
9 3 0
30
3Q17 4Q17 2016 2017
QoQ: -67%
YoY: n.a. NET PROFIT
20174Q173Q17 2016
Significant increase
due to additional
capacity in 2017
CHINA SOLAR JAPAN SOLAR
53
41
16
129
3Q17 4Q17 2016 2017
JPY million
CASH DISTRIBUTION (FROM TK INVESTMENT)
Received cash
distribution from
Olympia and Awaji
QoQ: -23%
YoY: +706%
Based on Banpu
Power’s 40-75%
interest
20174Q173Q17 2016
18
631 801
2,853 2,871
499
765
2,2382,520
11
163
348
369
182
155
103
659
3Q17 4Q17 2016 2017
QoQ: +42%YoY: +16%
China CHP
Steam sales
+53% QoQ+13% YoY
China solar
-15% QoQ
+540% YoY
China CHP
Power sales
+27% QoQ+1% YoY
Others*
+1,382% QoQ
+6% YoY
Banpu Power: consolidated revenue
Note: * Other i.e., hot water, subsidy for heats
US$57 M
1,883
US$189 M
6,419
THB million
US$40 M
1,324
US$155 M
5,542
3Q17 4Q17 2016 2017
19
QoQ: -31%YoY: -3%
391
(190)
2,063
1,487 595
414
1,474 2,235
96
488
1,971 1,318
103 98
73
386
3 7
(6)
21
(10)(36)
Banpu Power: consolidated EBITDA
3Q17 4Q17 2016 2017
US$24 M
807
US$153 M
5,410
BLCP
equity income
-28% YoY
Hongsa
equity income
-30% QoQ+52% YoY
China CHP
+408% QoQ
-33% YoY
China solar
-5% QoQ
+429% YoY
Japan solar
+133% QoQ
SLG
US$35 M
1,177
US$155 M
5,575
(11)
THB million
20
414
(33) (33)434
(147)
(31)(130)98
(10)
488
391
595
(136)
TAX&
DEFERRED
TAX
D&A
838
MINORITY
(20)
NON-
RECURRING
ITEMS
FINANCIAL
CHARGES
(31) (18)
(133)
EBITDA AS
REPORTED
(11)
10396
NPAT
Banpu Power: consolidated NPAT
US$14 M
THB million
THB million
US$25 M
BLCP
Hongsa
China CHPChina solar
SLG
Japan solar
3Q17 NET PROFIT AFTER TAX
4Q17 NET PROFIT AFTER TAX
1,177
EBITDA AS
REPORTED
FINANCE
CHARGES
TAX&
DEFERRED
TAX
NPATNON-
RECURRING
ITEMS
D&A MINORITY
Non-recurring items:• Other non recurring (THB 96.3M)• FX loss USD:THB (THB 39.4M)
Non-recurring items:• Other non recurring (THB 11.7M)• FX loss USD:THB (THB 20.1M)
807
BLCP
Hongsa
China CHP
SLG
China solarJapan solar
1,487
2,235
1,318
(501)386
(88)
(36)
(106)
(200)(362) 4,155
US$125 M
THB million
THB million
2016 NET PROFIT AFTER TAX
2017 NET PROFIT AFTER TAX
EBITDA AS
REPORTED
FINANCE
CHARGES
TAX&
DEFERRED
TAX
NPATNON-
RECURRING
ITEMS
D&A MINORITY
Non-recurring items:• Other non recurring (THB 114.9M)
• FX loss USD:THB (THB 84.8M)
5,410
BLCP
Hongsa
China CHP
SLG
China solarJapan solar
4,138
2,063
1,474
1,971
NON-
RECURRING
ITMES
(57)
MINORITY
(135)
TAX&
DEFERRED
TAX
(395)
NPAT
(428)(422)
EBITDA AS
REPORTED
5,575
(6)
D&A
73
FINANCIAL
CHARGES
US$117 M
BLCP
Hongsa
China CHP
Japan Solar
China solar
Non-recurring items:• Other non recurring (THB 35.8M)• FX loss USD:THB (THB 21.3M)
(190)
217
3
21
1,129
2,692
5,221
TOTAL ASSETS TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
ASSETSTOTAL SHAREHOLDERS’
EQUITY
TOTAL BORROWINGS
OTHER LIABILITIES
1.15x
0.03x 0.10x
2015 2016 2017
2.87x
0.23x 0.30x
2015 2016 2017
Banpu Power: consolidated balance sheet
Net debt (Net cash)/ Equity* (x)
Net debt (Net cash)/ EBITDA (x)
Note: * Net debt to book value of shareholders' equity
Total assets increase by THB 4,735 M to THB 47,698 M in 2017 from THB 42,963 M in 2016
2017 CONSOLIDATED BALANCE SHEET GEARING RATIOS
THB million
31 Dec 2017
CASH EQUIVALENT
39,78546,569
2015 2016 2017
2015 2016 2017
22
Operational performance
3
2
Appendix
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
Review of 2017 and Q41
Looking ahead4
Financial performance
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
1.5 BPP consolidated
23
Nari Aizu (75%) 20.5 MWAC (15)
Mukawa (56%) 17 MWAC (9.5)
Yamagata (100%) 20 MWAC
Hiroshima (100%) 8 MWAC
Kessenuma (100%) 20 MWAC
Yabuki (75%) 7 MWAC (5.3)
Onami (75%)
16 MWAC (12)
Note: *Equity basis; MWe = MW equivalent including steam
2018 2020 2023
TOTAL OPERATING EQUITY CAPACITY AT YEAR-END (GWe)
Power projects: 721MWe* pipeline to 2023
2.16 2.48 2.69 2.79
JAPAN
2019
Shirakawa (100%) 10 MWAC
Kurokawa (100%) 18.9 MWAC
CHINA
44.5MWAC
SLG Unit 1&2 (30%)
1,320 MW (396 MW)
Luannan
expansion phase 2
(100%)
62.2MWAC
Luannan
expansion phase 3
(100%)
25 MW and 150 tph
(52 MWe*)
25 MW and 150 tph
(52 MWe*)
CONVENTIONAL
RENEWABLES
2017
Yamagata Iide (51%)
200 MWAC (102)
2.07
GROWTH MILESTONES
24
Banpu Power: strategic plan 2018 and beyond
4,300 MWE COMMITTED
CAPACITY BY 2025
Targets ≥ 20% renewables as % of equity MW portfolio by 2025
EXPANSION
OPPORTUNITIES
Actively evaluate new investment and acquisition opportunities in
conventional power and renewables throughout Asia-Pacific
OPERATIONAL IMPROVEMENT AND
PROJECT DEVELOPMENT
Hongsa EAF > 80%BLCP unit 2 EMJ in 4Q18
China and Japan Solar operational stabilityOn-time projects development
SUSTAINABLE DEVELOPMENT
AND CORPORATE GOVERNANCE
Continued successful CEO transitionBest practice IR and CG
Sustainability report initiation
25
Banpu Power: capital expenditure 2018
Total CAPEX $80 M
ILLUSTRATIVE & INDICATIVE ONLY
Note: capex figures exclude maintenance capex
DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect
assumptions, and have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed
here. This slide should not be relied upon as a recommendation or forecast by Banpu Power Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
$55M
(69%)
$25M
(31%)China CHP
Japan Solar
26
Operational performance
3
2
Appendix
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
Review of 2017 and Q41
Looking ahead4
Financial performance
1.1 BLCP
1.2 Hongsa
1.3 China CHP
1.4 Renewables
1.5 BPP consolidated
27
China CHP operational performance
ELECTRICITY SOLD STEAM SOLDUTILIZATION COAL CONSUMPTION
Luannan
Zhengding
Zouping
(Hr) (‘000 t) (‘000 t)
Phase 2 (25MW unit) in operation in Dec 2017;
Power and steam sold increased QoQ due to heating season
Power and steam sold kept stable YoY
Steam sold increased by 60% YoY due to higher residential steam demand
Steam sold increased by 11% due to higher demand
UTH increased by 6% due to higher power generation supported by heat steam supply
Steam sold, +74% QoQ, and +17% YoY
(GWh)
6489
311 313
3Q17 4Q17 2016 2017
1,706 1,837
6,883 7,261
3Q17 4Q17 2016 2017
1,512 1,767
6,872 6,808
3Q17 4Q17 2016 2017
1,2271,714
5,908 5,887
3Q17 4Q17 2016 2017
121 129
485 505
3Q17 4Q17 2016 2017
5893
288 294
3Q17 4Q17 2016 2017
94 108
424 420
3Q17 4Q17 2016 2017
133 143
550 567
3Q17 4Q17 2016 2017
104155
504 510
3Q17 4Q17 2016 2017
153
544
894
1,424
3Q17 4Q17 2016 2017
773 854
2,9333,254
3Q17 4Q17 2016 2017
129
434
1,210 1,228
3Q17 4Q17 2016 20172016 20172016 20172016 20172016 2017
2016 20172016 20172016 20172016 2017
2016 20172016 20172016 20172016 2017
28
2 weeks
Coal-fired power maintenance schedule 2018
1Q18 2Q18 3Q18 4Q18
BLCP
HONGSA
BIC LUANNAN
BIC ZHENGDING
BIC ZOUPING
BLCP reached year 10th of operation,
with plan for extended major overhaul
(EMJ) of Unit 2 in 4Q18
Unit 1 and Unit 3 on inspection for 2
weeks in 3Q18 and 4Q18
Unit 2 on inspection for 6 weeks in 3Q18
Unit 1 on minor inspection for 3 weeks
in 1Q-2Q18 and 3Q18
Unit 2 on major inspection for 6 weeks
in 2Q18, on minor inspection 10 days
in 4Q18
Unit 3 on minor inspection for 2 weeks
in 2Q18 and 4Q18
Minor inspection for all units,
1-1.5 week each
Unit 3 and Unit 4 on major inspection
for 3.5 weeks in 2Q18
Minor inspection for all units, 0.5-1
week each
10 weeks3 weeks
6 weeks
Maintenance
3 weeks
6 6 8 8 days 7 7 10 10 days
3.5 weeks
7 7 7 days
3 3 3 3 3 days
2 weeks 2 weeks
6 weeks 10 days
3 weeks
2 weeks
3.5 weeks
29
FX impact analysis guidance on P&L
CURRENCY EXPOSURE
BPP’S NPAT IMPACT 4Q17
APPROXIMATE FX EXPOSURE BPP’S NPAT 5% SENSITIVITY 1Q18
HPC
Functional currency:
THB
NET LIABILITYNET ASSET
BLCP
Functional currency:
USD
Assuming 5% depreciation of USD against THB
USD$244M
(THB 5,294M)
(THB 398M)
(THB 264M)
(THB 175M)
(THB 100M)
THB 31.05/USD$THB 32.68/USD$THB 32.68/USD$THB 33.37/USD$
100% basis
Based on BPP’s interest 40% equity in HPC
50 equity in BLCP
BPP’s portion
(THB 438M) USD$610M (THB 994M)
100% basis
(THB 10,588M) (THB 528M)(THB 200M)
30
THB million
Cost of sales
Gross profit
GPM
Equity income
Administrative Expense
EBIT
Sales revenue
Sales revenue
Dividend income
Interest expenses
Financial expenses
Income tax – Core Business
Net profit
NCI/Minorities
Other income
YoY%
-20%
-2%
5%
-5%
16%
30%
0%
2017
(4,879.3)
1,539.9
24%
3,682.3
(1,017.5)
6,419.3
4,909.4
20.6
(101.7)
(3.9)
(297.9)
(87.6)
4,154.6
720.8
2016
Non-recurring items (114.9)
Deferred tax income / expense (51.9)
FX translations (84.8)
-3%
Banpu Power : income statement
Amortization on fair value (36.7) 20%
Income tax – Non core Business (12.0)
(3,604.7)
1,937.0
35%
3,513.2
(1,032.3)
5,146.4
5,541.7
15.9
(419.9)
(2.1)
(468.2)
4,138.1
(134.7)
743.1
(35.8)
77.8
(21.3)
(30.5)
(4.1)
31
THB million
Cost of sales
Gross profit
GPM
Equity income
Administrative Expense
EBIT
Sales revenue
Sales revenue
Dividend income
Interest expenses
Financial expenses
Income tax – Core Business
Net profit
NCI/Minorities
Other income
YoY%
22%
-24%
-82%
-53%
12%
-60%
QoQ%
118%
23%
-78%
-35%
42%
-48%
4Q164Q17 3Q17
Non-recurring items
Deferred tax income / expense
FX translations
4% 201%
(1,372.1)
511.3
27%
213.4
(300.3)
1,883.4
677.0
6.7
(28.9)
(1.9)
(121.7)
(32.7)
433.7
255.0
(11.7)
(17.0)
(20.9)
Banpu Power : income statement
Amortization on fair value 3% -1%(9.1)
Income tax – Non core Business (8.6)
(1,264.1)
418.4
25%
1,168.3
(393.0)
1,430.2
1,682.5
0
(51.2)
(0.9)
(94.6)
1,094.1
(36.1)
245.3
(12.7)
(8.7)
(131.3)
(8.8)
(0.6)
(1,088.8)
234.7
18%
978.2
(243.8)
1,044.6
1,323.5
0
(31.0)
(1.8)
(22.1)
838.0
(20.3)
84.7
(96.3)
4.8
(39.4)
(9.2)
(0.6)
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