Banpu Power Reveals Q1/2021 Operating Results with Strong Profit Focusing on Balanced Portfolio Expansion for Sustainable Growth

Mr. Kirana Limpaphayom, Chief Executive Officer of Banpu Power Public Company Limited, said "The overall performance of BPP for the first quarter of 2021 was in line with expectations. We reinforced our Greener & Smarter strategy and investment direction aimed at expanding a balanced and sustainable energy portfolio. The Company was able to stabilize the power generation and distribution of all power plants while implementing cost-cutting measures in all areas of operations to mitigate the effects of the economic slowdown caused by the COVID-19 pandemic. In China, our three combined heat and power plants also gained benefits from the country's economic recovery. This caused the steam demand of industrial and residential customers to increase. Even though coal costs have been raised, the Company has taken measures to manage costs through a centralized coal procurement system allowing us to have the ability to negotiate prices and have efficient management of coal inventory. In terms of expanding quality megawatts, the addition of the Nakoso power plant in Japan to our portfolio also fulfilled our plan for investment in large-scale power plants in the countries with great potential, operating with efficient and eco-friendly HELE technologies. The Company is also preparing to achieve COD for the phase 1 of Vinh Chau wind power plant project in Vietnam with a capacity of 30 MW in Q3/2021. The construction progress is currently 57%. The Kesennuma and Shirakawa solar farm projects in Japan, with a total capacity of 30 MW, currently have construction progress of about 60% and are expected to achieve COD in Q4/2021. China's Shanxi Lu Guang (SLG) power plant, with an equity-based generation capacity of 396 MW, is undergoing a readiness test to prepare the power supply to the grid. The transmission line of Ultra High Voltage technology has already been connected to high-demand areas in China including Hubei, Shanxi, Hebei, Beijing, Tianjin and Shandong provinces.

In Q1/2021, Banpu Power Public Company Limited reported its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of THB 1,228 million with a revenue of THB 1,812 million from three combined heat and power plants in China and recognized a share of profit from the joint venture of THB 867 million from the HPC and BLCP power plants. The Company has Net Debt to Equity (Net D/E) at 0.06 as of 31 March 2021.

"Net debt to equity ratio of 0.06 is considerably low. It clearly states BPP's ability to grow as we are ready for investment in new projects in the future. From the current total capacity of 2,929 MWe, we are ready to expand to achieve our 5,300-MWe target by 2025. Despite the current COVID-19 situation, the Company and employees in all countries can adapt to the New Normal, and are ready to uplift and improve our power generation and distribution efficiency to meet the demands that vary in different countries. We are committed to creating growth by adhering to the environmental, social and governance (ESG) principles to deliver sustainable returns to stakeholders." added Mr. Kirana.

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