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B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
B.GRIMM INVESTOR PRESENTATION Q3’2017
STRONG OPERATING PERFORMANCE
Growth top line; Profitability enhance
• 15% Sales growth YoY;THB 23.7 billion for 9M’2017
• 17% EBITDA growth YoY
• 24% NNP to Owner growth YoY
• 28% EBITDA Margin
BGRIM Q3/2017 Key Highlights
STRENGTHEN CAPITAL STRUCTURE
• Net D/E ratio 1.5x as at 30 Sep 17
reduced from 4.1x in 31 Dec 16
(Net Interest-bearing debt)
• USD 20 million ADB facility and
USD 235 million facility expects to
be signed by Q4/2017
• Pursuant of rating-corporate bond
to be rollover in Oct 2018
RECOGNITION OF REVENUE FROM XXHP IN LAOS
• Recognized revenue from EDL for
THB 59 million generated from
BGRIM first hydro power project –
XXHP – which COD in Aug’17 with
installed capacity of 20 MW
• ABPR 3, 4 and 5 progressed as
planned, an additional of 399 MW in
2018
• Selected as sponsors of the solar
farm projects for a total of 7 projects
with a total capacity of 31 MW
• Significant progress on SPP
replacement
ROBUST PIPELINE OF GROWTH
Strong
Performance
with
Growing
RobustPipeline
1B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
B.GRIMM INVESTOR PRESENTATION Q3’2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 2
B.Grimm Overview
B.Grimm Growth Strategy
Q3/2017 Operating Result
Project Update
Agenda
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
B.GRIMM INVESTOR PRESENTATION Q3’2017
3
• The scheme for SPP operators whose contract will expire between 2019-2025 to
extend with the new 25-year PPA• Contract capacity is 10-30 MW; <=30% of net generating capacity
• SPP has an ability to produce power in firm contract during peak period
• Total quota of 300 MW; Capacity per project is 10-50MW
• Submit application in mid Oct 2017• Announced winner in early Dec 2017
• Improve current gearing from 4.1x to 1.5x
• Rollover corporate bond with rating bond and larger tenor• Manage capital structure to lower finance cost
• VSPP must use biofuels as feedstock to produce power in semi-firm contract
during peak period for 6 months a year
• Total quota of 268 MW; Capacity per project is up to 10 MW
• Submit application tentative in early 2018 (subject to SPP Hybrid timeline)
1. Improving
Gearing Ratio
under
Well-managed
Capital
Structure
5. Micro Grid
3. SPP
Hybrid
Scheme
4. VSPP
Semi-Firm
Scheme
2. SPP
Replacement
Scheme
B.Grimm Updates and Outlooks
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
B.GRIMM INVESTOR PRESENTATION Q3’2017
22%
64% Loan
THB 34.3 bn
Debenture
THB 11.5 bn
Debt room to
enhance financing
cost by refinancing
with Project
Debenture / Loan
Key consideration
1. Refinancing
yield
2. Operating years
3. Refinancing cost
Existing Project Debt
4.1x
1.5x
D/E onDec 2016
Use ofIPO
proceed
D/E onQ3'2017
4.6
1.4Repay shareholder loan (THB bn)
Corporate loan(THB bn)
4
Lower Finance Cost from Improving Gearing Ratio
Lower gearing ratio of 1.5x
net interest debt to equity after IPO
Improving
Gearing Ratio
under Well-
managed
Capital
Structure
GEARING RATIO AFTER IPO
42%
22%
22%
4%
Project LevelLoan (THB)
THB 22,295 MM
Project LevelLoan (USD)
THB 12,039 MM
Project LevelDebentureTHB 11,482 MM
Corporate LevelLoan
THB 1,949 MM
Corporate LevelDebenture
THB 5,493 MM
10%
Debt Profile AFTER IPO
1. Corporate debenture
issaunce
2. Strategy to enhance
financing costs
Largest part of Debt Profile comes from Project Debt
10%
4% Loan
THB 1.9 bn
Debenture
THB 5.5 bn
Corporate
Debenture will
be rolled-over by
a rating bond
within Q4 2018
Existing Corporate Debt
Repayment of Corporate Loan as Planned Ongoing Consideration
Potential to
gearing with low
funding cost
facility, i.e. ADB
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
B.GRIMM INVESTOR PRESENTATION Q3’2017
Criteria and conditions for SPP replacement
Condition - Constructed within the existing area or nearby
- Sold to the industrial users within the industrial area - Connected with the existing electricity systems.
Contracted capacity
- 10 – 30 MW
- <= 30% of net generating capacity (Electricity and steam)
Operator - Firm SPP operator with Cogeneration systems
Contract expiration
- Within year 2019 – 2025
SCOD - Expiry date of existing PPA or- 31 Dec 2021 in case existing PPA is expired by 2020
PPA period - 25 years
Type of fuel - Natural gas only
Key tentative timeline
- 7 May 2018: EGAT to notify ERC for qualified SPP plant for
SPP replacement scheme
5
SPP
Replacement
Scheme
1. 3 SPP plants, ABP1, ABP2 and BPLC,
are qualified for SPP replacement (150
MW each)
2. ABP1, ABP2 will have
more equity capacity (51% ownership)
after Existing PPA capacity under
ABPIF scheme (15% ownership)
3. EPC efficiency support
the replacement and also benefit
BGRP1 & BGRP2 which PPA was
awarded under 3rd SPP scheme (2010)
4. Increase in operating margin due to the
increase in portion of electricity
sold to industrial users
5. SPP replacement scheme is expected
to apply to all SPPs
Conditions Implications to BGRIM
Key terms and
conditions
Tariff structure
Contracted Heat Rate 7,409 BTU/KWh
CP0 (at 34 Baht/USD
exchange rate with 50% indexation)
497.94
baht/KW/month
EP0 2.0086 Baht/KWh
SPP Replacement Scheme – Renewal of 25-year PPA
*Note: CP: Capacity payment, EP: Energy payment
Power plants Existing capacity New capacity
Installed capacity
Equity capacity
Installed capacity
Equity capacity
ABP1 166.4 25.5 150.0 76.8
ABP2.0* 111.6 17.1 150.0 76.8
BPLC1 103.0 103.0 150.0 150.0
ABP2.1* 59.6 9.1 59.6 30.5
BPLC2* 56.1 56.1 56.1 56.1
Total 496.7 210.8 565.7 390.2
Additional 69.0 179.4
Remark: *Assuming existing ABP2 (59.6 MW) and BPLC (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP replacement plants achieve COD
Tariff Structure
B.GRIMM INVESTOR PRESENTATION Q3’2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 6
• 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
Opened Siam
Dispensary
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
B.Grimm Power
reached 1,646 MW
installed capacity
Built Rangsit canal
together with
Snidvongse family
20171878 1931 1994 1996 20101890s
Values: Positivity, Pioneering Spirit, Professionalism, and Partnership
"Doing Business with Compassion for the development of civilization
in harmony with nature"
B.Grimm is the Longest Established Infrastructure Developer in Thailand
B.GRIMM INVESTOR PRESENTATION Q3’2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
49%45%
6%
Total 294 MWIn Operation
134 MW
Solar Group
145 MWHydro Group
133 MW
(15 MW under construction, 98 MW under development)
Wind Group
16 MW
(under development)
Bien Hoa
13 MW
Diesel
34%
29%
11%
11%
9%
6%
Gas Fired
Total 2,206 MWIn Operation 1,499 MW
Amata Nakorn*
754 MW
Amata City
647 MW
(399 MW under construction)
Bangkadi
229 MW
Laem Chabang*
206 MW
Hemaraj
130 MW
V.R.M.
240 MW
(under development)
7
Type of Energy
Installed MW Equity MW
Capacity %Under
DevelopCapacity %
Gas fired
2,206 MW 87.8% 707 MW 1,498 MW 88.1%
Hydro Power
133 MW 5.3% 113 MW 95 MW 5.6%
Solar 145 MW 5.8% 31 MW 90 MW 5.3%
Wind 16 MW 0.6% 16 MW 15 MW 0.9%
Diesel 13 MW 0.5% 4 MW 0.2%
Total 2,513 MW 100% 867 MW 1,701 MW 100%
Diversified Portfolio of 2,513 MW with 867 MW Under Development
Remark: *Assuming there are replacements in Amata Nakorn (ABP1 150.0 MW in 2019, ABP2 150.0 MW in 2022) and in Laem Chabang
(BPLC1 150.0 MW in 2022) while existing ABP2 (59.6 MW) and BPLC2 (56.1 MW) still run 1 gas turbine and steam turbine configuration
after SPP replacement plants achieve COD
SPP – INDUSTRIAL ESTATE 88% RENEWABLE GROUP 11.5%
TRANSMISSION & DISTRIBUTION 0.5%
B.GRIMM INVESTOR PRESENTATION Q3’2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
9M/17 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE
EGAT
62%
IU-TH
29%
IU-VN
4%
Steam-TH
2%Others
3%
THB 23,720 mm9M/2017 Sales and
service IncomeLONG-TERM PPA STRUCTURE
• EGAT : 21 to 25 years tenor with take-or-pay structure
• PEA (Solar) : 25 years tenor
• 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
25.023.8
20.0
9.88.0
EDL PEASolar
EGAT Industrial users- electricity(Thailand)
Industrial users- steam
(Thailand)
Track Record of
Extensions
Years Years
Years
YearsYears
8
Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 30 September 2017
to expiry weighted by the aggregate contracted capacity under the relevant agreement
Trustworthy Customers with Long Remaining PPAs Secure Cash Flow
B.GRIMM INVESTOR PRESENTATION Q3’2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
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
▪ 754 MW
▪ 17 generating units
▪ 2 power plants
▪ 206 MW
▪ 5 generating units
Hemaraj
Bangkadi
V.R.M.
Amata City
Amata City Bien Hoa
Laem Chabang
Amata Nakorn
XXHP
Gas-fired cogeneration power plants Transmission and Distribution
9
▪ 1 power plant
▪ 20 MW
▪ 3 generating units
Hydro power plants
B.GRIMM INVESTOR PRESENTATION Q3’2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 10
Micro Grid Helps Enhancing Reliability of Electricity
Benefit of Micro Grid
Enhances the reliability of the
power supply
Enhances efficiency of power
plants and minimize reserve
margin of each plant
Reduces the overall costs of
operating power plants
Provide flexibility on
maintenance schedule
Industrial EstateRemote Terminal Unit
By centralizing the power supply from all power plants in remote terminal unit, BGRIM can not only supply reliability to IU 24/7, but also optimize efficiency of
each plant through Automated Metering Reading
171Install
166Install
133Install131Install
131Install
ABP3ABP4
ABP1
ABP5
Intertransmiss electricity amongpower plants
(Total capability of 732 MW)
• The excess installed capacity of one power plant is used to supply the unmet demand for industrial estate of other power plants.
• The exchange of electricity and unmet demand in power plants reflects the advantage of focusing on revenue by location rather than by plants.
ABP2
2GT + 1ST
2GT + 1ST
2GT + 1ST
3GT + 2ST
2GT + 1ST
Estimated demand of 800-
1,000 MW
MW
MW
MW
MW
MW
*Note: GT= Gas turbine, ST= Stream turbine
B.GRIMM INVESTOR PRESENTATION Q3’2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 11
B.Grimm Overview
B.Grimm Growth Strategy
Q3/2017 Operating Result
Project Update
Agenda
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
Robust Growth Pipeline with Promising on Execution
ACHIEVED COD IN TIME AND WITHIN BUDGET FOR 25 CONSECUTIVE PROJECTS DURING PAST 6 YEARS
XXHP(20MW)
2017
30Plants
1,646 MWInstalled Capacity
934 MWEquity Capacity
ABP1 Replace(150MW)
Nam Khao(5 plants)
(68MW)
46
2019
Plants
2,142 MWInstalled Capacity
1,297 MWEquity Capacity
BGPR1, BGPR2(240MW)
Tadsakoi(30MW)
2,428 MWInstalled Capacity
1,573 MWEquity Capacity
Bo Thong 1 & 2 (16MW)
2020
48Plants
2,158 MWInstalled Capacity
1,312 MWEquity Capacity
ABPR3, ABPR4, ABPR5(399MW)
Solar 2017(31MW)
Nam Che 1(15MW)
41
2018
Plants
2,091 MWInstalled Capacity
1,197 MWEquity Capacity
ABP2 Replace(150MW)
BPLC Replace(150MW)
2022
51Plants
2,513 MW*Installed Capacity
1,701 MWEquity Capacity
+133 MW
Installed Capacity
Increase (2017-
2022)
+1,136 MW
12
202151
Plants
2021
Remark: *Assuming existing ABP2 (59.6 MW) and BPLC (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP
replacement plants achieve COD
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
BGRIM’s Strategy for Sustainable Growth
MEDIUM-TERM LONG-TERMSHORT-TERM
✓Leverage Strengths and Expertise for
Business Growth and Expansion
✓Highly Efficient Operating
Power Plants
✓Attractive M&A Opportunities
✓Strong Network with local partners
for Oversea Expansion
✓ Investment in Suitable Renewable
Energy projects in different countries
70/30*
Conventional/RenewableDomestic/International
THAILAND
CLMV
BGRIM’s Experienced Engineering
and Business Development Teams
BGRIM’s World Class
Technology with High Standard
BGRIM’s Strong Financial and
Well Managed Capital Structures
13
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 14
MYANMAR
LAOS
VIETNAM
CAMBODIA
MALAYSIA
THAILAND
Gas
Solar
Hybrid
Hydro
Transmission and
Distribution System (T&D)
Dec
2016
Nov
2017
Oct
2017
Nov-Dec
2017
Hybrid Solar Opportunity
Signed MoU with China Energy
Engineering Corporation (“CEEC”) to
co-invest and develop solar PV
power projects
Poipet Special Economic Zone
Start construction in Oct’17 and
operate in Mar’18
Co-investor in 7 Solar
Projects
Selected as a co-investor in solar projects with total capacity of 31MW
and COD by 2018
Participate on SPP Hybrid
Firm and VSPP Semi-Firm
ERC announced target to award
300-MW SPP Hybrid Firm and 268-
MW VSPP Semi-Hybrid Firm
Diligently Invest in Suitable Opportunities via Strong Networks
B.GRIMM INVESTOR PRESENTATION Q3’2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 15
B.Grimm Overview
B.Grimm Growth Strategy
Q3/2017 Operating Result
Project Update
Agenda
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
+947 / 16.7% YoY
1,967 2,223 2,270
5,679
6,626
27.8% 27.9% 28.0%
27.4%
27.9%
23.0%
24.0%
25.0%
26.0%
27.0%
28.0%
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
Q3/16 Q2/17 Q3/17 9M/16 9M/17
Top Line is Growing Strong with EBITDA Margin Improving
9M 2016 to 9M 2017 (YoY):• Sales and service income increased by 14.6% YoY primarily due to
an increase in revenue from APB5 and BPWHA1 that were fully
developed and are in operation in Jun and Nov 2016, respectively
Q2 2017 to Q3 2017 (QoQ):• Sales and service income increased 1.8% QoQ primarily due to an
increase in both electricity sales volume and selling price per unit to
industrial users
9M 2016 to 9M 2017 (YoY):• EBITDA increased by 16.7% YoY which is in line with the increase in
revenue and improvement on EBITDA margin
• EBITDA margin also improved to 27.9% from 27.4% in 2016, due to
high efficiency of the new power plants, operational cost saving and
increase in Ft in May 2017
Q2 2017 to Q3 2017 (QoQ):• EBITDA increased 2.1% QoQ being in line with the increase in revenue
and improvement on EBITDA margin
16
EBITDA AND
EBITDA MARGIN
TOTAL SALE AND
SERVICE INCOME
96% 95% 95%
97%95%
2%2% 2%
2%
2%
2%3% 3%
1%
3%
7,083 7,964 8,105
20,691
23,720
Q3/16 Q2/17 Q3/17 9M/16 9M/17
Electricity
OthersSteam
(Unit: THB mm) (Unit: THB mm)
EBITDA
Margin
EBITDA
+1,022 / 14.4% YoY
+141 / 1.8% QoQ
+3,029 / 14.6% YoY
+47 / 2.1% QoQ
+303 / 15.4% YoY
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
2.96 2.90
3.25 3.16
9M/16 9M/17 9M/16 9M/17
EGAT Industrial Users (TH)
(Unit:THB/KWh) EGAT
• EGAT Sales volume for 9 months increased by 18.7% YoY due to
COD of ABP5 and BPWHA1 in Jun and Nov 2016, respectively• Electricity price sales for 9 months to EGAT decreased by 2.0%
YoY due to the fall of energy payment affected from the decrease in
natural gas price
IU Thailand
• IU Thailand sales volume for 9 months increased by 12.2% YoY
due to COD of the new power plants (BIP2, ABP5 and BPWHA1)
and increase in demand at Amata Nakorn, Amata City and Laem
Chabang Industrial Estates
• Electricity price sales to Industry Users Thailand for 9 months
decreased by 2.8% YoY primarily due to a change in natural gas
price
4,256
1,978
5,052
2,219
9M/16 9M/17 9M/16 9M/17EGAT Industrial Users (TH)
(Unit: GWh) (Unit: GWh)
Electricity Sales Volume Increased for BOTH EGAT and IU YoY
17
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 9 MONTHS YoY
ELECTRICITY SALES
VOLUME YoY
ELECTRICITY SELLING
PRICE YoY
1,150 1,168
245 259
501 516
16583 111
9M/16 9M/17 9M/16 9M/17 9M/16 9M/17 9M/16 9M/17 9M/16 9M/17
Amata Nakorn Amata City Laem Chabang Hemraj Bangkadi
SALES VOLUME FOR EACH INDUSTRIAL USER
FOR 9 MONTHS (TH) YoY
246
237
9M/16 9M/17
EFFECTIVE GAS
COST (Unit:THB/mmBTU)
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 18
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
Gas-Turbine
TechnologySiemens V64.3 GE Frame 6B GE Frame 6B GE Frame 6B
Siemens
SGT800 B
Siemens
SGT800 B
Siemens
SGT800 BGE LM 6000PD
Siemens
SGT800 BGE LM 6000PD
Siemens
SGT800 B
Siemens
SGT800 B
8,2
28
8,4
31
8,2
78
8,2
25
7,6
21
7,5
21
7,5
50
7,7
53
7,5
90
7,6
83
7,5
69
8,1
25 8
,529
8,3
58
8,3
61
7,5
20
7,4
67
7,5
22
7,7
40
7,5
45
7,6
42
7,5
31
7,5
65
ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1
9M 2016 9M 2017
(a) (a) (b) (a)
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
(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)
89.2
98.5 97.099.8 99.2 99.2 98.2
81.5
99.599.0 99.7
91.54
98.1695.71
97.77 97.2099.48
95.8
96.6996.29
97.32 98.10 98.29
70
75
80
85
90
95
100
ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1
9M 2016 9M 2017
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
(%)
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
346 453 519
1,121 1,393298
348 349
845
953
644
801 868
1,966
2,346
0
500
1000
1500
2000
2500
3000
Q3/16 Q2/17 Q3/17 9M/16 9M/17
9.1%
10.1%
10.7%
9.5%
9.9%NNP Margin
NNP to owner
NNP to Non-Controlling Interest
9M 2016 to 9M 2017:
• NNP increased 19.3% YoY primarily due to improvement of our
operating profit margin and reduction of financing cost
• NNP attributable to Owner of the Parent is growing strong with
24.26% growth rate with a 59% share of NNP
Q2 2017 to Q3 2017:
• NNP increased 8.4% QoQ primarily due to reduction of financing
cost caused by repayment of corporate loan in Q3’2017
Normalized Net Profit (NNP) = Net profit – Unrealized Fx gain (loss) – Non-recurring income (expense)
+67 / 8.4% QoQ
+225 / 35% YoY
Reconciliation Items:
• Net unrealized Fx Gain 826 mm is due to the appreciation of the
Baht against the U.S. dollar at the ending of each financial
statement period
• Non-recurring expense 350 mm is due to the cost of bond
issuance of ABP3, ABPR1 and ABPR 2 as well as a provision of
inventory and an expense related to the remuneration scheme and
expenses related to IPO
+380 / 19.3% YoY
NNP for 9 Months Increased 19% YoY
19
NORMALIZED
NET PROFIT (NNP)(Unit: THB mm)
2,823
2,346
1,393
826
235 115
953
Net Profit UnrealizedFx Gain
Deferredfee and
Prepayment
Non-recurringexpense
NNP NNP to NCI NNP toOwner
RECONCILE NORMALIZED NET PROFIT (NNP) 9M OF 2017(Unit: THB mm)
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
85% 71%
15%
29%
31 Dec 16 30 Sep 17
11%16%
11%
23%
78%
61%
31 Dec 16 30 Sep 17
76,047
87,834
(x)
Cash and cash
equivalents
OtherCurrent Assets
(Unit: THB mm)
Assets
Total
Liabilities
Total
Equity
76,047
87,834
Liabilities and Equity
Strong Financial Position Thanks to the Well-Managed Capital Structure
Non- Current Assets
Financial Position as at 30 Sep 2017
Total assets
• Total assets increased by 15.5% primarily due to the
increases in cash and cash equivalents together with
the increase in fixed assets from the additional power
plants following the growth in the pipeline and intangible
assets
Total liabilities• Total liabilities decreased 3.2% primarily due to
repayment of corporate loan of B.Grimm Power in the
amount of 5,960 mm during Q3’2017
Total Equities• Total equities increased 120.3% primarily due to the
increase in paid up equity arising from net proceed from
IPO and retained earnings during the period
20
STATEMENT OF FINANCIAL POSITION
AS OF 30 SEP 2017
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
28%
14%22%
6%
4%
TOTAL PROJECT LEVEL:
THB 45,816 MM
Project Level (In Operation)
Loan (THB)
21
• After repayment of corporate loan, only
14% of loan represents loan at the
corporate level. The remaining 86%
contributes to loan and debenture at
power plant level
• Interest obligations of almost all power
plant level debt are swapped to fixed
rate
• Only 22% of total loan as at 30 Sep
2017 is denominated in USD which is
matched with a proportion of EGAT tariff
indexation to USD at project level, so
called “Natural Hedge” strategy
DEBT PROFILE
BGRIM optimizes Capital Structure through Well Managed Debt Profile
THB 14,942 MM
Project Level
(Under Construction)
Loan (THB)
THB 7,354 MM
Project Level
Debenture
THB 11,482 MM
Corporate Level
Loan
THB 1,949 MM
Corporate Level
Debenture
THB 5,493 MM
10%
5.1%
5.4%
4.9%
4.8%
0.04
0.05
0.05
0.05
0.05
0.05
0.06
12M/14 12M/15 12M/16 9M/17
• Financing costs decreased to 4.8% due
to:
• Refinancing of project bond of ABP3,
ABPR1, and ABPR2 amounting of
THB 11.5 billion in Apr 2017 to
reduce financing cost at project level
• Repayment of corporate loan in the
amount of THB 5.9 billion during
Q3’2017 in which its cost is relatively
high
(THB mm)
(%)
Financing Costs
Project Level
(Under Construction)
Loan (USD)
THB 3,224 MM
Project Level (In Operation)
Loan (USD)
THB 8,815 MM
16%
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 22
(Times)
4.1x 3.7x
1.5x -
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
Dec-16 Jun-17 Sep-17
Gearing Ratios
• Consolidated Net Interest-Bearing Debt to Equity Ratio decreased
to 1.5x, and for the Company only fell to -0.4x as a result of the
additional of net cash proceed from IPO added into our capital
structure
CAPITALSTRUCTURE
Manage debt and equity funding to optimize capital
structure
– Seek to obtain financing at project level
• Limited-recourse project loan with back-end equity
• Target 3.0x debt to equity project financing at outset,
delevering over project life
Consolidated debt is included loans at power plant because
BGRIM holds majority in most of the projects
Minimum 40% of net profit of consolidated financial
statements not including unrealized gain/loss on
exchange rate and non-recurring expenses
(subject to retained earnings of standalone financial
statements)
DIVIDENDPOLICY
CONSOLIDATED NET INTEREST-BEARING
DEBT TO EQUITY RATIO
COMPANY ONLY NET INTEREST-BEARING
DEBT TO EQUITY RATIO
1.0x1.3x
-0.4x
(0.60)
(0.40)
(0.20)
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Dec-16 Jun-17 Sep-17
Net Interest-bearing Debt to Equity Ratio significantly decreased after IPO
(Times)
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 23
B.Grimm Overview
B.Grimm Growth Strategy
Q3/2017 Operating Result
Project Update
Agenda
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW
AMATA B.GRIMM POWER (RAYONG) 3
Type of Fuel Combined Cycle Cogeneration
Installed Capacity Electricity 133 MW / Steam 30 t/h
Economic Ownership 55.5%
SCOD 1 Feb 2018
EGAT PPA 90 MW / 25 years
% Progress (as of 31 Oct 2017)
24
Progress on track
AMATA B.GRIMM POWER (RAYONG) 4
Type of Fuel Combined Cycle Cogeneration
Installed Capacity Electricity 133 MW / Steam 30 t/h
Economic Ownership 55.5%
SCOD 1 Jun 2018
EGAT PPA 90 MW / 25 years
% Progress (as of 31 Oct 2017)
AMATA B.GRIMM POWER (RAYONG) 5
Type of Fuel Combined Cycle Cogeneration
Installed Capacity Electricity 133 MW / Steam 30 t/h
Economic Ownership 55.5%
SCOD 1 Oct 2018
EGAT PPA 90 MW / 25 years
% Progress (as of 31 Oct 2017)
Progress on track
Progress on track
SPP – All projects are on Track and SCOD 2018 with 399 MW
97.5%
88.4%
73.5%
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 25
NAM CHE 1 HYDRO POWER PROJECT
Type of Fuel Hydro (Run of the river)
Installed Capacity 15 MW
Economic Ownership 72.0%
SCOD Q4/2018
EDL PPA 15.0 MW / 25 years
% Progress (as of 31 Oct 2017)
Progress on track
Hydro Project in Laos - Nam Che (15 MW) SCOD in 2018
36.8%
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX
Renewable Group
Amata CityIndustrial Estate
27
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
Note: As of 31 March 2017
*Preferred Shares
Hemaraj Industrial Estate
Bangkadi Industrial Park
V.R.M. Industrial EstateLaem Chabang
Industrial EstateAmata Nakorn Industrial Estate
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%
49.0%
100.0%
70.0%
BIP1
(115MW)
BGPR1
(120MW)
BIP2
(115MW)
74.0%
74.0%
100.0%26.0%
B.Grimm Sena
Solar Power
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
BGPSP
100.0%
Corporate Structure
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 28
BGRIM’s Shareholders
34.0%
28.3%
9.1%
1.1%0.1%
27.4%
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 16 Nov 17) %
1. EUROCLEAR NOMINEES LIMITED 4.7%
2. Muang Thai Life Assurance Co., Ltd 1.3%
3. N.C.B. TRUST LIMITED-NORGES BANK 11 1.2%
4. Bualuang Long-Term Equity Fund 1.1%
5. Thai Life Insurance Co., Ltd 1.1%
6. GIC PRIVATE LIMITED 0.8%
7. Others 17.2%
Total 27.4%
PUBLIC SHAREHOLDERSPOST IPO
UP TO 2,606.9 MM SHARES(a)
Directors and
Management
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 29
•
Note: (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant
(b) Amata B.Grimm Power owned 30.0% of ABPIF’s units and consequently, our economic ownership of Amata B.Grimm Power 1 Limited and Amata B.Grimm Power 2 Limited was 15.3%
(c) PPA extension is under negotiation with EGAT. NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and BPLC1) for 25 years with
up to 30 MW contracted capacity. This would require construction of new power plants and decommissioning of existing power plants
(d) Acquired from Sime Darby Energy on 30 June 2014
(e) We instead purchase power directly from a subsidiary of EVN which we then on-sell to industrial users in Amata City Bien Hoa Estate
Company Abbreviation Fuel Type COD
Economic
Ownership
%(a)
Capacity Main PPA Industrial User
Installed
(MW)
Equity
(MW)
Offtaker /
ProgramPPA Expiry
Contracted
Capacity
(MW)
Electricity
Contracted Capacity
(MW)
Steam Contracted
Capacity
(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) 90.0 103.3 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 732.3 277.7 450.0 297.5 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
Subtotal 247.7 152.9 180.0 41.0 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 48.1 46.2
B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.0% 56.1 56.1 – – – 61.3 18.5
Subtotal 159.1 159.1 60.0 109.4 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% 130.0 97.5 EGAT (SPP) Nov-41 90.0 31.0 –
Gas-Fired Cogen Total 1,498.3 856.8 960.0 511.4 140.7
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 1,511.3 860.8 960.0 821.9 140.7
Operational Power Plants: Conventional
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 30
Note: As of 31 March 2017
(a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant.
Company / Project Abbreviation Location CODEconomic
Ownership %(a)
Capacity Main PPA(s)
Installed
(MW)
Equity
(MW)
Offtaker /
ProgramPPA Expiry
B.Grimm Yanhee Solar Power BGYSP 49.0% 59.7 29.3
Sai Luang 2
Pathumthani province,
ThailandDec-15
8.0 3.9
PEA (FiT) Dec-40
Sai Luang 3 8.0 3.9
Sai Luang 9 7.2 3.5
Sai Luang 10 7.5 3.7
Sai Yai Nha 8.0 3.9
Sai Manow 8.0 3.9
Sai Putsa 8.0 3.9
Sai Sena 2 Ayutthaya province, Thailand 5.0 2.4
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 59.2
Operational Power Plants: Solar
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX
391 419 466 341 358
2,042 2,436
2,634 1,978 2,219
3,098
3,744
5,805
4,256
5,052
5,531
6,599
8,912
6,580
7,656
2014 2015 2016 9M 2016 9M 2017
Electricity Sales to EGAT by SPPs
Electricity Sales to Industrial Users - Thailand
Electricity Sales to Industrial Users - Vietnam (APB)
Electricity Sales to PEA
31
Source: Company filing and data
Power Plant
Company
Net Electricity Generation (GWh)
2014 2015 2016 9M 2016 9M 2017
ABP1 962 863 967 693 732
ABP2 1208 1188 1227 957 883
ABP3 933 891 860 648 711
ABP4 0 100 793 615 573
ABP5 0 0 470 271 595
ABPR1 722 797 807 611 580
ABPR2 784 798 776 624 638
BPLC1 374 733 760 570 578
BPLC2 164 319 330 248 249
BIP1 0 443 608 432 529
BIP2 0 0 728 555 557
BPWHA 0 0 109 0 659
Total 5,147 6,131 8,441 6,224 7,284
Power Plant
Company
Steam Dispatched (Tons)
2014 2015 2016 9M 2016 9M 2017
ABP1 5,072 3,833 1,699 1,385 1,135
ABP2 49,002 42,938 39,484 29,358 32,114
ABP3 58,696 95,387 83,561 63,675 65,707
ABPR1 44,958 67,252 77,859 58,421 42,056
ABPR2 116,084 98,297 76,890 63,055 80,648
BPLC1 107,203 188,273 191,008 144,124 135,069
BPLC2 19,119 41,522 38,628 30,308 26,685
Total 400,133 537,503 509,130 390,326 383,415
56.0%
56.7%
65.1%
29.6%36.9%
36.9% 30.1% 29.0%
6.3%7.1% 5.2%
(GWh)
Our electricity dispatch increased since 2014 primarily as a result of 7
gas-fired cogeneration power plants coming into operation
64.7%
5.2% 4.7%
66.0%
Operational Highlights: Net Electricity Generation and Steam Dispatched
NET ELECTRICITY GENERATION
BY GAS-FIRED COGENERATION POWER PLANTS
TOTAL ELECTRICITY SOLD
BY CUSTOMERS
STEAM DISPATCHED
BY GAS-FIRED COGENERATION POWER PLANTS
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 32
Source: Company filing and data
19.018.8 18.8 19.0 19.0 18.9 19.1 18.8 18.5 18.7 18.9
17.1 17.6 18.0
16.0
18.9 18.7 18.718.9 18.6
18.6 18.3 18.818.1 18.2
18.7
17.3 17.6 17.5 16.8
0.0
5.0
10.0
15.0
20.0
25.0
Sai Luang2
Sai Luang3
Sai Luang9
Sai Luang10
Sai Yai Nha Sai Manow Sai Putsa Sai Sena 2 Sai Lui RimNum
SaiChalouw 1
Sai Sab BGTTRE2 BGTTRE3 BGTTRE1 BGPSK
9M2016 9M2017
16.0%
capacity
factor
(FiT tariff cap)
8.0 MW 8.0 MW 7.2 MW 7.5 MW 8.0 MW 8.0 MW 8.0 MW 5.0 MW 8.0 MW 8.0 MW 8.0 MW 8.0 MW 6.5 MW 8.0 MW 8.0 MW
BGYSP Solarwa TPS BGPSK
Our solar power plants are located in regions with strong irradiation, resulting in high energy yields of above 16.0% capacity factor
Operational Highlights: Solar PV Power Plants
CAPACITY FACTOR (%)
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 32
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
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 34
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
Weighted average remaining life
(years)20.4 years 10.1 years 8.4 years 23.9 years Not yet COD 25.0 years
Extension option ✓* ✓ ✓ –5 years
auto 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$/kWh
Applicable power plants ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPR1-2
BGYSP (8 projects),
Solarwa (5 projects),
TPS, BGPSK
Bo Thong
(2 projects)
XXHP (2 projects),
Nam Che, Nam Khao
1-5 (5 projects)
*NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and
BPLC1) for 25 years with up to 30 MW contracted capacity
On 17 May 2017, ERC passed a resolution instructing EGAT to deliver the draft SPP power purchase agreements for which the existing power purchase
agreements with EGAT will expire between 2019 and 2025, to the Office of the Attorney General for consideration
Contractual Overview: Commercial Features
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 35
Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving
Payment + VAT
Capacity Payment Rate (THB/kW/month) = 𝐶𝑃0 × 𝑥 ×𝐹𝑋𝑡
𝐹𝑋0+(1− 𝑥)
Energy Payment Rate (THB/kWh) = 𝐸𝑃0 +𝑃𝑡−𝑃0
106× contracted Heat rate
Fuel Saving Payment Rate (THB/KWh) = 𝐹𝑆0 ×𝑃𝐸𝑆𝑡
10%
𝐹𝑋𝑡 = THB/ US$ 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 plants
ABP1-2,
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$)37 34 34
US$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
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 36
Power Plant Company COD / SCODFull income tax exemption 8 years from
COD
50% partial income tax exemption for
5 years following full exemption expiry
ABP3 October 2012 ✓ –
ABP4 November 2015 ✓ –
ABP5 June 2016 ✓ –
ABPR1 November 2013 ✓ ✓
ABPR2 June 2013 ✓ ✓
ABPR3 February 2018 ✓ ✓
ABPR4 June 2018 ✓ ✓
ABPR5 October 2018 ✓ ✓
Solarwa December 2015 ✓ –
BGYSP December 2015 ✓ –
BGPSK April 2016 ✓ ✓
TPS December 2015 ✓ –
BIP1 April 2015 ✓ –
BIP2 January 2016 ✓ –
BOWIN November 2016 ✓ –
BPLC2 February 2009✓
(end of exemption period)✓
Source: Company filing
Tax Privileges
Under Construction
In Operation
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX
Criteria and conditions for SPP hybrid
Tariff Structure
SPP
Hybrid
Scheme
37
1. Expand business towards
renewable energy
2. Leverage partnership with
China Energy Engineering
Cooperation to secure a
competitive package of
high quality EPC with
technology suit to hybrid
scheme
3. Leverage experience as
renewable developer and
conventional power plant
operator to run hybrid
scheme
4. Extend relationship with
biomass supplier to seek
new opportunity to co-
develop power plants in the
future
Conditions Implications to BGRIM
SPP Hybrid Scheme 2017
Installed Capacity (MW) FiT (THB/kWh) Period (years)
FiTF FiTV,2560* FiT
Installed Capacity > 10-50 MW
1.81 1.85 3.66 20 years
Decision criteria - Feedstock procurement plan, Land, Technology, Finance
Type of fuel - Only new power plants with all types of fuel type can participate- Greater or equal to 1 type of renewable source
Contracted capacity
- 10 – 50 MW
Installed capacity - <= 2 times of contracted capacity except solar and wind; and
- <= 50MW
Period - Peak: Mon-Fri 9.00-22.00
- Off-peak: Mon-Fri 22.00-9.00; Sat-Sun 0.00-24.00
Cap/Firm capacity - Peak: Firm 98%; Cap 102%
- Off-peak: No firm; Cap 65%
SCOD - During 2020-2021
PPA signing date - 2 years after ERC awards
PPA period - 20 years
Bidding price - Discount on FiTF
Penalty - 20% of FiTF * KWh of (98% of contracted capacity – actual
dispatch)
Remark: *FiTV is adjusted by core inflation
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX
Criteria and conditions for VSPP semi-firm
VSPP
Semi-Firm
Scheme
38
1. Expand business towards
renewable energy
2. Leverage partnership with
China Energy Engineering
Cooperation to secure a
competitive package of
high quality EPC with
technology suit to hybrid
scheme
3. Extend relationship with
biomass supplier to seek
new opportunity to co-
develop power plants in
the future
4. Diversify portfolio
Conditions Implications to BGRIM
VSPP Semi-firm Scheme (EPPO Guideline only)
Installed
Capacity (MW)
FiT (THB/kWh)
Period (years)
FiT Premium (THB/kWh) on firm month
FiTF FiTV,2560
FiT < 6 months firm period
1. Biomass
<= 3 MW 2.61 2.21 4.82 20 years 0.40 0.50
> 3 MW 2.39 1.85 4.24 20 years 0.30 0.50
2. Biogas 3.76 - 3.76 20 years 0.50 0.50
3. Energy crops 2.79 2.55 5.34 20 years 0.50 0.50
Decision criteria Feedstock procurement plan, Land, Technology, Finance
Condition Only new power plants with biomass, biogas and energy crops type
Contracted capacity < 10 MW
Firm period Firm for 6 months (including Mar-Jun); Other 6 months are non-firm
Firm capacity Peak 100% and off-peak 65%* (*in accordance to ERC’s definition)
SCOD Within 2019-2020
Bidding price Discount on FiTF
Southern border province project
Tariff Structure
B.GRIMM INVESTOR PRESENTATION Q3’ 2017
APPENDIX 39
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
FX Foreign exchange
IPO Initial public offering
IU Industrial user
JV Joint venture
KWh Kilowatt-hour
MWh Megawatt-hour
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
OUR PROJECTSABPIF Amata B.Grimm Power Plant Infrastructure Fund
ABP1 Amata B.Grimm Power 1
ABP2 Amata B.Grimm Power 2
ABP3 Amata B.Grimm Power 3
ABP4 Amata B.Grimm Power 4
ABP5 Amata B.Grimm Power 5
ABPR1 Amata B.Grimm Power (Rayong) 1
ABPR2 Amata B.Grimm Power (Rayong) 2
ABPR3 Amata B.Grimm Power (Rayong) 3
ABPR4 Amata B.Grimm Power (Rayong) 4
ABPR5 Amata B.Grimm Power (Rayong) 5
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
INVESTOR RELATIONS
Chairath Sivapornpan
Email: Chairath.S@BGrimmPower.com
Tel: +66 (0) 2710 3528
40
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: Gunnlapat.W@BGrimmPower.com
Tel: +66 (0) 2710 3570
Contact Us:
Dr. Gerhard Link Building,
5 Krungthepkreetha Road, Huamark,
Bangkapi, Bangkok 10240, Thailand
Tel. +66 (0) 2710 3400
Fax. +66 (0) 2379 4245
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