["Compliance risk may arise from various factors, for \ninstance, legal complexities, frequent legal changes, \nmisinterpretations of practices, and the foreign \nlanguage in which a law is written. These can lead \nto wrong practices and affect the Company\u2019s finance \nand operations, resulting in such penalties as fines \nand suspension or expulsion of permits. On top of \nthat, the Company\u2019s reputation and image can be \ndamaged. Banpu thus prioritizes the management \nof compliance risk and has entrusted the Corporate \nCompliance Department with duties to supervise the \nlegal compliance of all units in Banpu Group to ensure \nstrict compliance with applicable laws. Furthermore, \nthe Company manages the risk of policy and regulatory \nchanges in each country by setting up a legal division \nand\/or designating legal consultants in each country \nto handle legal matters. The Company has also \ndeveloped the Laws In-Hand application to track and \nreport regulatory changes as well as to alert and \ncommunicate with internal departments about newly \nissued or amended laws to make them aware of potential \neffects and know what they are supposed to do. \nEmphasizing the pre-caution against the corruption \nrisk, Banpu has joined the Thai private sector\u2019s \nCollective Action Against Corruption (CAC), conducted \na risk assessment, and established corruption risk \nmanagement guidelines. Furthermore, the Company \nhas set up the Personal Data Protection Act (PDPA) \nWorking Group to design a system and procedures to \ncomply with the Personal Data Protection Act (2019) \nin order to ensure efficient collection, use, and disclosure \nof personal data. The Company also communicated \nand educated its employees about these issues. \nAdditionally, the Company has announced the Non- \nDiscrimination and Anti-Harassment Policy to foster \na work environment of mutual respect, where diversity \nreigns, without any form of discrimination and harassment. \n4. Regulatory Change and Compliance Risk \n\u2022 \n Announcing the Information and Cybersecurity \nPolicy as practice guidelines for employees and \neducating employees on cyber threats as well as \npractices and prevention against cyber threats \n\u2022 \n Setting up the Security Operation Center to increase \nthe timeliness of threat detection and alerting \n\u2022 \n Appointing a Global Information Security Officer \n(GISO) to oversee the management of personal \ndata protection and information system, with \nsupport from the IT unit that is set up at each \nbusiness unit in all countries \n\u2022 \n Activating the Two-Factor Authentication (2FA) \nfor accessing the Company\u2019s e-mail and internal \nwork systems \n\u2022 \n Rehearsing cyber-incident response and \ninformation technology disaster recovery plans \nannually to enable timely response and mitigate \npotential impact or damage to the Company\u2019s \noperations \n\u2022 \n Raising employees\u2019 awareness of various \ncybersecurity threats, such as practices and \npreventive measures related to employees; \nconducting phishing tests to build employees\u2019 \nphishing awareness when using information \nsystems \n\u2022 \n Obtaining an ISO 27001 certification, which is \nthe international standard for information security \nmanagement systems (ISMS) \n\u2022 \n Establishing a PDPA policy that explicitly specifies \nthe purpose of collection and disclosure of \npersonal data and guidelines for data protection \nto ensure customers, trading partners, and \nemployees who share personal data with the \nCompany that their privacy is protected and \nsecure \nRisk Management for \nESG Development \nin the aspects of: \nSocial \nGovernance \n149 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","\u2022 \n Closely monitoring political and economic \nsituations and regulatory changes in each country \nand identifying key risk indicators \n\u2022 \n Requiring each business unit to develop Trigger \nAction Response Plans (TARP) to proactively \naddress the volatility in the prices of coal, oil, \nand natural gas in the global market.These \nfluctuations have a direct impact on the Company's \nrevenue and costs. This strategic initiative aims \nto prepare for and manage the risks arising \nfrom such market conditions. In the fiscal year \n2566, the Company implemented cost-cutting \nmeasures, engaged in energy hedging contracts, \nand diversified its supplier and buyer base to \nmitigate potential disruptions in the supply chain. \nA comprehensive operational performance report \nwill be prepared for the quarterly meeting to provide \ninsights into the outcomes of these strategic \nactions. \n\u2022 \n Analyzing and studying the clean energy industry \nand new technologies related to the Company\u2019s \nportfolio, such as the Carbon Capture, Utilization \nand Sequestration (CCUS) project and the feasibility \nof hydrogen technology. The Company reviews \nits business strategic plan annually to evaluate the \nbusiness environment, including new business \nopportunities, to cope with changes. It also considers \nand assesses potential risks for selecting domestic \ninvestment projects, setting goals, and developing \nappropriate exit strategies. \n\u2022 \n Implementing an investment strategy to create \nbusiness partnerships and expand the portfolio to \ncover businesses from upstream to downstream \nto enhance the Company\u2019s potential and \nstrengthen the business ecosystem while \nimproving competitive advantage. For example, \nthe Company partnered with Durapower to \nestablish a lithium-ion assembly battery plant in \nThailand and partnered with SVOLT Thailand to \nrun a battery manufacturing plant in Sri Racha \nDistrict, Chonburi Province. \nChallenges from international conflicts and geopolitical issues including tensions between the world\u2019s top two \neconomic superpowers adopting protectionist policies in various forms such as changing international order, \nwhich is ongoing and intensifying, along with stricter environmental measures enforced globally and potential \nregulatory changes following general elections in various countries may directly or indirectly impact the Company\u2019s \noperations as these changes could lead to fluctuations in coal, oil, and natural gas prices and supply chain \ndisruptions. The Company has devised strategies to manage these risks as follows: \n5. \nEmerging Risks \n5.1 Geopolitical Risk and Geoeconomic Confrontations \nRisk Management for \nESG Development \nin the aspects of: \nGovernance \n150 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","5.2 Insu \n\" \ncient Ready Identi\ufb01ed Talents for Business Operations and Growth \n\u2022 \n Focusing on building a corporate culture \nand positive brand reputation according to \nthe Company\u2019s vision and mission, including \nimplementing the flexible working-hour policy \nto attract high-potential staff in the labor market \n\u2022 \n Developing the \u201cpeople strategy\u201d plan and \naction plans aligning with the business direction \nby coordinating with the Human Resources \nDepartment in each country to gain insights on \nappropriate compensation and benefits from \ninside and outside of the organization \nBanpu has expanded its investment portfolio across various businesses, both domestically and internationally, \nencompassing the entire value chain from upstream to downstream. It has also ventured into new businesses \nto drive the transition to greener energy by integrating cutting-edge technologies and innovations to add \nbusiness value. To achieve its goal, Banpu requires personnel who possess comprehensive skills, knowledge, \nexperience, and expertise. However, attracting and recruiting top talent poses a challenge since the Company \nhas to compete with other companies in the same industry sharing the same goal of transitioning to cleaner \nenergy businesses. In addition, the project location may be a factor influencing decision-making of prospective \nemployees, which could lead to employment crises in certain countries. The Company mitigates this risk with \nthe following approaches. \n\u2022 \n Recruiting employees with knowledge, \ncompetencies, experience, and expertise that \nthe Company currently lacks and cannot develop \nto work for the Company to facilitate rapid and \nefficient business expansion \n\u2022 \n Establishing Banpu Academy Department \nas a key driver of Banpu toward a learning \norganization that helps employees realize their \npotential, upgrading new skills and ideas required \nfor sustainable business growth. Its mission \nincludes content improvement of employee \ntraining programs to align with strategies and \nbe responsive to future business trends. \nRisk management for \nESG development \nin the aspects of: \nSocial \n151 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","DRIVING BUSINESS FOR SUSTAINABILITY \nSustainability Goals and Policy \nBelieving in its business credo, \u201cAn industry will be strong only when it is developed in tandem with social and \nenvironmental responsibility,\u201d the Company adheres to corporate governance and aims to strike a sustainable balance \nbetween economy, society, and environment. The Company adopted international practices in developing its sustainability \nstrategy to enhance business competitiveness and create value for all stakeholders. \nTo create sustainable values for stakeholders, the Company set up the Environment, Social, and Governance Committee \n(ESG Committee), of which all members are independent directors. The Committee supports the Board of Directors \non the supervision of ESG topics and convenes on a quarterly basis. The Company also set up the Sustainability \nCommittee, which comprises senior management and heads of business units in all countries where it operates. The \nChairperson of the Committee is the CEO, who is also a Board member. \nRoles and Responsibilities \nPerformance Indicators \nBoard of \nDirectors \n\u2022 \n Oversee compliance with relevant laws \nand regulations \n\u2022 \n Establish the KPIs for CEO and evaluate the \nCEO\u2019s performance \n\u2022 \n Review and monitor management of significant \nESG risks \n\u2022 \n Review and monitor stakeholder engagement \nand materiality assessment \n\u2022 \n Meeting attendance \n\u2022 \n Performance score of \nthe Board of Directors \nESG Committee \n\u2022 \n Oversee the Company\u2019s ESG policy, \nmanagement, and performance \n\u2022 \n Review and monitor stakeholder engagement \nand materiality assessment to ensure that all \nstakeholder expectations are identified and \nincluded in the materiality assessment and are \nmanaged properly \n\u2022 \n Review and monitor the management of \nsignificant ESG risks to ensure effective \n ESG management \n\u2022 \n Oversee the Company\u2019s ESG disclosures \n\u2022 \n Meeting attendance \n\u2022 \n Performance score of \nthe ESG Committee \n\u2022 \n Comprehensiveness \nof material ESG topics \nconsidered \n152 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Led by its vision to become \u201cThe Asian energy company at the heart of innovation, technology, and sustainability,\u201d \nBanpu strives to create sustainable value and stakeholder confidence with its responsibility for society and the world. \nThe Company adopted sustainability principles as well as the environmental, social, and governance (ESG) practices \nat national and international levels in developing its Sustainability Policy by: \n\u2022 \n Integrating the UN Sustainable Development \nGoals (SDGs) and the UN Global Compact \nPrinciples in determining focal areas for \nsustainable development \n\u2022 \n Taking the UN Guiding Principles on Business \n& Human Rights and Universal Declaration on \nHuman Rights as inputs for developing the \nHuman Resource Management Policy and the \nHuman Rights Policy \n\u2022 \n Using the Environmental, Social, and Governance \nperformance results assessed by external rating \nagencies, such as MSCI ESG Ratings Assessment \nand S&P Global Corporate Sustainability \nAssessment, as part of the Company\u2019s performance \nreview \nRoles and Responsibilities \nPerformance Indicators \nChief \nExecutive \nO ! \ncer \n(CEO) \n\u2022 \n Ensure the implementation of the Sustainability \nPolicy and integration of ESG strategy into business \noperations \n\u2022 \n Establish KPIs for senior executives and evaluate \ntheir performance \n\u2022 \n The number of material ESG \ntopics included in the Company\u2019s \nESG goals \n\u2022 \n The number of ESG goals set \nas KPIs for senior executives \n\u2022 \n ESG performance of \nthe Company \nSustainability \nCommittee \n\u2022 \n Review ESG topics which are global concern \n\u2022 \n Review stakeholder analysis and material topics \n\u2022 \n Monitor and evaluate ESG or sustainability \nperformance for the past year \n\u2022 \n Formulate and review policy or management \nstandards, and set goals to enhance \ncompetitiveness and ensure that the Company \ngrows in tandem with social and environmental \nresponsibility \n\u2022 \n Meeting attendance \n\u2022 \n ESG performance of the \nCompany \nSenior \nExecutives \nand Heads of \nBusiness Units \n\u2022 \n Review related policies and strategies \n\u2022 \n Monitor the ESG performance of the business units \n\u2022 \n Ensure the achievement of ESG goals \n\u2022 \n ESG performance of each \nbusiness unit \n153 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","In driving sustainability, the Company integrated significant ESG topics as part of annual KPIs for the CEO \nand senior executives of every business unit. The Board of Directors is in charge of establishing the CEO\u2019s \nKPIs, covering both financial and ESG aspects, of which ESG KPIs are accountable for 30% of the total \nKPIs. ESG KPIs include, for example, employee engagement level, the number of significant complaints on \ncorporate governance topics, the number of cybersecurity incidents, the amount of GHG emissions reduced, \nand the number of occupational fatalities. Senior executives\u2019 KPIs are developed to align with the CEO\u2019s KPIs. \nThe performance of the CEO is evaluated by the Board of Directors while that of senior executives is evaluated \nby the CEO. Meanwhile, the sustainability performance indicators are also used as part of business unit heads\u2019 \nperformance evaluation. \nTo ensure smooth sustainability management, the Sustainability Committee convenes biannually to review \nand evaluate the ESG performance of each business unit against the goals as well as to review the stakeholder \nanalysis and materiality assessment. The results will then be reanalyzed along with the Board\u2019s advice on \npolicies or approaches to formulate additional policies, management standards, or practices in order to enhance \nsustainability and maximize stakeholder value in the following year. \nThe Company has disclosed its sustainability strategies and performance, covering significant ESG topics, \nto stakeholders through a sustainability report since 2011. The previous sustainability reports are available \nboth in hard copy and online versions, of which the latter can be accessed via the Company\u2019s website. \nThe Company prepares its sustainability report based on the GRI Standards and has the report and sustainability \nperformance information verified by a third party agency to ensure that the reporting is in accordance with \nthe GRI Standards and the performance information meets all the mandated requirements. \nWith a long-term commitment to ESG in its business operations, Banpu has been recognized by leading \nsustainability rating organizations both nationally and globally as follows: \nCommittee \nCommittee \nMateriality \nAssessment \nPerformance \nMonitoring \nStrategy \nDevelopment \nGoal & Target \nSetting \nGuidance & \nDirection \nRisk & Materiality \nReview \nDay-to-Day \nIntegration \nStakeholder \nEngagement \nBenefit & \nImpact Analysis \nPublic \nDisclosure \nPerformance \nReview \nBusiness \n154 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Global Recognition \nThe Company has been recognized as a member of the Dow \nJones Sustainability Indices (DJSI) since 2014. \nThe Company received a rating of A (on a scale of AAA-CCC) \nin the MSCI ESG Ratings Assessment since 2019 \nNational Recognition \nThe Company received a rating of AAA in the SET ESG Ratings \nfrom the Stock Exchange of Thailand. \nThe Company received Sustainability Awards of Honor in \nSustainability Excellence from the Stock Exchange of Thailand \nsince 2017. \nThe Company remains one of the top listed companies with \nexcellent corporate governance scoring according to the \nCorporate Governance Report of Thai Listed Companies since \n2017 \nThe Company received a 5-coin rating in the Annual General \nMeeting (AGM) Checklist from the Thai Investors Association \n(TIA). \n155 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Business Value Chain \nBanpu operates businesses in Asia-Pacific region, harnessing the ecosystem in which 3 core business groups, \nnamely energy resources, energy generation, and energy technology. \n\u2022 \nEnergy Resources Group \n consists of open-pit \nand underground coal mines based in Indonesia, \nAustralia, and China to respond to customers in \nthe industrial sectors and the power plants in Asia \nand Europe, and shale gas business based in \nthe U.S. The produced gas will be collected and \ntransmitted through pipelines for distribution to \npower plants and households in the U.S. \n\u2022 \nEnergy Generation Group \n consists of thermal \npower generation business deploying High \nEfficiency, Low Emissions (HELE) technologies to \nstrengthen energy security of industrial sectors \nand households. The production bases are \nin China, Thailand, Japan, the U.S., and Lao \nPDR. The Company also operates renewable \npower generation from solar and wind energy \nto meet the demand for clean energy. Currently, \nthe production bases are in China, Japan, \nAustralia, and Vietnam. \n\u2022 \nEnergy Technology Group \n comprises rooftop \nand floating solar power generation businesses \nwhich are in Thailand, China, Vietnam and \nIndonesia; energy storage system business \nwith manufacturing plants based in China and \nThailand and a lithium-Ion battery assembly plant \nin Thailand in response to industrial sector\u2019s \nenergy demand; energy trading business through \na digital platform to effectively respond to future \nelectricity consumption; e-Mobility business for \ntransportation systems according to the Mobility- \nas-a-Service (MaaS) concept; smart city & energy \nmanagement business connecting clean energy \nutilization and energy optimization. \nBanpu is well-positioned as \u201can International Versatile Energy Provider.\u201d \nEnergy \nResources \nGroup \n\u2022 \nMining \n\u2022 \nGas \nEnergy \nGeneration \nGroup \n\u2022 \nThermal (High Efficiency, \nLow Emissions: HELE) \n\u2022 \nRenewable \nEnergy \nTechnology \nGroup \n\u2022 \nSolar Rooftop and Floating \n\u2022 \nEnergy Storage System \n\u2022 \nEnergy Trading \n\u2022 \nE-Mobility \n\u2022 \nSmart City & \nEnergy Management \nMANAGEMENT OF STAKEHOLDER IMPACTS \nIN BUSINESS VALUE CHAIN \n156 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Stakeholder Analysis in Business Value Chain \nThe Company implemented Stakeholder Analysis in accordance with AA1000 Stakeholder Engagement Standard \n(AA1000SES) with three key principles of stakeholder inclusivity, materiality, and responsiveness. Each business unit \nis responsible for stakeholder analysis in relevant areas to its operation. The results will be gathered and reanalyzed \nat the organizational level under the supervision of the Sustainability Committee. \nStakeholder \nEngagement Channel \nStakeholder\u2019s Issue \nEmployee \n\u2022 \nInternal communication between Human \nResources Department and employee \n\u2022 \nOpportunities for employee involvement \nin committee establishment \n\u2022 \nWhistleblower channel \n\u2022 \nSurvey on the level of alignment between \nemployee behavior and the corporate culture \n\u2022 \nEmployee engagement survey \n\u2022 \nTownhall meeting \n\u2022 \nInternal communications through Corporate \nCommunications Department \n\u2022 \nThe Company\u2019s business direction \n\u2022 \nBusiness ethics and responsibility \nto employees \n\u2022 \nHappiness in the workplace \n\u2022 \nFair compensation, welfare, \nand benefits \n\u2022 \nOpportunity for career growth \nand security \n\u2022 \nCapability development \n\u2022 \nSafety in the workplace \nCommunity \n\u2022 \nCommunity Consultative Committee (CCC) \n\u2022 \nCommunity satisfaction survey \n\u2022 \nWhistleblower channel \n\u2022 \nCommunication through community \ndevelopment officers \n\u2022 \nPublishing information on the website \n\u2022 \nSocial and environmental impact \nfrom the Company\u2019s activities \n\u2022 \nSafety in life and residence \n\u2022 \nRespect for community rights \n\u2022 \nImprovement of quality of life and \nincome generation for the community \nCustomer \n\u2022 \nCustomer satisfaction survey \n\u2022 \nWhistleblower channel \n\u2022 \nVisit on various occasions \n\u2022 \nResponse to requests for data disclosure \n\u2022 \nReport on the annual maintenance plan \nand emergency drill \n\u2022 \nQuality and price of products \n\u2022 \nOn-time product delivery \n\u2022 \nSocial and environmental impact \nfrom the use of products \n\u2022 \nAvailability of products and services \n\u2022 \nPersonal data breaches \n\u2022 \nCollection and use of customer data \nGovernment & \nRegulator \n\u2022 \nVisit on various occasions \n\u2022 \nParticipation and promotion of activities \norganized by the government sector \n\u2022 \nResponse to requests for data disclosure \n\u2022 \nPublication of annual report and \nsustainability report \n\u2022 \nPublishing information on the website \n\u2022 \nValue creation for economy \nand society \n\u2022 \nBusiness ethics \n\u2022 \nData transparency and disclosure \n\u2022 \nLegal and regulatory compliance \n\u2022 \nNatural resources optimization \n\u2022 \nSupply chain management \n\u2022 \nPotential social and environmental \nimpact from the Company\u2019s activities \n\u2022 \nDriving SDGs into practices \n157 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Stakeholder \nEngagement Channel \nStakeholder\u2019s Issue \nSupplier \n\u2022 \nRegular meeting with suppliers \n\u2022 \nTransparent procurement process and \nfair compensation \n\u2022 \nFuture opportunity to work with \nthe Company \n\u2022 \nPersonal data breaches \nContractor \n\u2022 \nRegular meeting with contractors \n\u2022 \nAnnual contractor meeting \n\u2022 \nTransparent procurement process and \nfair compensation \n\u2022 \nSafety in the workplace \n\u2022 \nEnergy reduction in the production \nprocess \n\u2022 \nFuture opportunity to work with \nthe Company \nFinancial \nInstitution \n\u2022 \nAnalyst meeting \n\u2022 \nPublication of annual report and \nsustainability report \n\u2022 \nBusiness transparency \n\u2022 \nOperating results and business growth \nBusiness \nPartner \n\u2022 \nBoard meeting at subsidiaries and \nassociated companies \n\u2022 \nPublication of annual report and \nsustainability report \n\u2022 \nReport on annual maintenance plan \nand emergency drill \n\u2022 \nBusiness transparency \n\u2022 \nOperating results and business growth \n\u2022 \nBusiness continuity \nShareholder \n\u2022 \nAnnual general meeting of shareholders \n\u2022 \nPublication of annual report and \nsustainability report \n\u2022 \nWhistleblower channel \n\u2022 \nPublishing information on the website \n\u2022 \nQualifications of Board of Directors and \nthe management \n\u2022 \nBusiness transparency \n\u2022 \nRisk and opportunity and management \n\u2022 \nResearch & development to enhance \ncompetitiveness \n\u2022 \nOperating results and business growth \nInvestor \n\u2022 \nInvestor roadshow \n\u2022 \nPresentation on Opportunity Day organized by \nthe Stock Exchange of Thailand \n\u2022 \nPublication of one report and sustainability report \n\u2022 \nPublishing information on the website \n\u2022 \nQualifications of Board of Directors and \nthe management \n\u2022 \nBusiness transparency \n\u2022 \nValue creation for economy, society, \nand environment \n\u2022 \nRisk and opportunity and management \n\u2022 \nOperating results and business growth \nMedia and \nNGOs \n\u2022 \nResponse to requests for data disclosure \n\u2022 \nFact sheet summary \n\u2022 \nPublishing information on the website \n\u2022 \nCommunications through related media relations \nactivities such as press conference, interview, \npress release, etc. \n\u2022 \nEconomic and social value creation \n\u2022 \nBusiness ethics \n\u2022 \nTransparency and information disclosure \n\u2022 \nLegal and regulatory compliance \n\u2022 \nPotential social and environmental impact \nfrom the Company\u2019s activities \n158 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","The assessment and prioritization of material topics are carried out according to the management standard \ndeveloped consistent with the Global Reporting Initiative (GRI) Standards and AA1000 AccountAbility Principles \nStandard (AA1000APS), while taking into consideration the impacts on the Company, environment, human \nresources and society, covering the aspects of ESG (Environmental, Social and Governance) or interests of \nthe Company\u2019s stakeholder. The material topics are annually reviewed and approved by the Environment, Social \nand Governance (ESG) Committee. \n1 \n5 \n8 \n12 \n15 \n18 \n17 \n3 \n4 \n13 \n19 \n25 \n22 \n23 \n24 \n20 \n21 \n10 \n6 \n7 \nImpact on Organization \nHigh \nImpact on Naturral, Social and Human Capitals \n1. \n2. \nBusiness Ethics \n3. \n4. \nSupplier Management \n5. \nCustomer Management \n6. \nEconomic Distribution \n7. \nReliability of Power Plant \n8. \n9. \nCompliance \n10. \n11. \nData Privacy & Cybersecurity \nGHG Emissions \nEnergy \nAir Emissions \nWaste \nBiodiversity \nWater \nMine Subsidence \nEmployee Engagement \nHuman Capital Development \nOccupational Health & Safety \nHuman Rights \nCommunity Engagement \nMine Closure \nCommunity Development \nGovernance \nEnvironment \nSocial \n19. \n20. \n21. \n22. \n23. \n24. \n25. \n12. \n13. \n14. \n15. \n16. \n17. \n18. \nBusiness Continuity \nRisk Management \nDigital Transformation \nSustainability Governance \nMaterial Topics \nMost Material Topics \nGovernance \nLow \nHigh \n2 \n11 \n14 \n16 \n9 \nEnvironment \nSocial \nMateriality Matrix 2023-2024 \n159 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","The Company has established the Environmental \nPolicy and other related policies, the Greener & \nSmarter strategy, as well as short and long-term \nsustainable development goals to drive the Company \ntoward the UN Sustainable Development Goals (SDGs). \nThe environmental aspects that the Company focuses \non covering Goal 6: Clean water and sanitation, \nGoal 12: Responsible consumption and production, \nGoal 13: Climate action, and Goal 15: Life on land. \nThis is to ensure that the Company can sustainably \ngenerate added value for stakeholders. In the past year, \nthe Company conducted an assessment of climate \nchange and water risks at all business units. It also has \na plan to continuously expand the assessment to cover \nother environmental aspects. \nClimate change risk is one of the risks the Company has \nreviewed and prioritized; therefore, climate change \nmanagement is set as one of the KPIs of the Chief \nExecutive Officer and senior management in all involved \nbusiness units. The Company set up a Climate Change \nCommittee to implement climate change management, \nemphasizing four measures, namely, reduction of GHG \nemissions, adaptation, being part of a low-carbon \nsociety, and joining efforts with other organizations \nto combat climate change. In 2021, the Company \nannounced the target to reduce greenhouse gas (GHG) \nemissions of each business group and integrated \nthe energy management plan into its GHG management \nplan. In addition, the Company declared its support for \nthe Task Force on Climate-related Financial Disclosure \n(TCFD) in 2020. It also set up the TCFD Working Group \nto assess climate-related risks and financial impacts of \nthe Company. The Company has disclosed ts first \u201cReport \ni \non Climate Change\u201d in 2023. Moreover, the Company \nhas established appropriate medium-term and long-term \ntargets which aligned with the Paris Agreement. \nIn addition, the Company places importance on limiting \nand controlling the emissions of other air emissions \nsuch as particulate matter, sulfur dioxide (SO ), and \n2 \nnitrogen oxides (NO ) from its business, realizing they \nx \ncan impact the environment and the health of local \npeople in the surrounding communities. For its power \nbusiness, the Company controls air emissions at their \nsources using engineering control, such as circulating \nfluidized beds, improving the air quality control system \nat its power plants, and deploying state-of-the-art and \nefficient technologies such as technology for trapping \nsulfur dioxide and nitrogen oxides at stacks and \nelectrostatic precipitators for dust trapping. Continuous \nemission monitoring systems were installed at stacks and \nSUSTAINABILITY MANAGEMENT - \nENVIRONMENTAL ASPECT \nEnvironmental Policy and Practices \nBanpu is committed to business sustainability and has integrated the Environmental, Social, and Governance (ESG) \nprinciples into its business operations. The environment (E) aspect is one of the Company\u2019s top priorities as it is fully \naware of potential environmental impacts caused by its business. Hence, the Company strives to manage the environment \nwith an aim to maximize benefits for all involved parties, for instance, strict environmental legal compliance, \ncontinuous commitment to mitigation of environmental impacts, regular assessment and monitoring of \nenvironmental risks, environmental impact management, environmental conservation and natural resources \noptimization, improvement of environmental performance, and environmental reporting to stakeholders. \nFor complete information on \n\u201cEnvironment policy and practices\u201d, \nPlease scan the QR Code or click on \u2018CLICK HERE\u2019 \nClick Here \n160 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","in surrounding communities to ensure that the ambient \nair quality always meets legal standards. In its mining \nbusiness, the Company prevents and reduces emissions \nby regularly maintaining power generators to prevent \nincomplete combustion. It also emphasizes pollution \ncontrol at the source by various methods, such as using \nconveyors instead of trucks to transport coal, \nspraying roads and coal stockpile areas with water, \nregular maintenance of motor vehicles, and limiting \nthe speed of vehicles in mining areas. Technology is \ndeployed to manage traffic flow and water spraying \nto improve the efficiency of dust control. Apart \nfrom that, the Company regularly monitors the ambient \nair quality in the mining areas and surrounding \ncommunities. \nBanpu conserves and manages its limited water \nresources, a major raw material for the Company\u2019s \noperations. Therefore, the Company has developed \na water management plan covering diverting water \nfrom water sources, water utilization in operation \nprocess, and discharging water into the environment. \nIn order to achieve its long-term target of reducing \nproduct water footprint, the Company has expanded \nthe scope of water management to include river \nbasins, starting from analyzing water balance, \nupdating the standard practices for water management, \nconducting a product water footprint assessment of \neach business unit. The Company has continuously \nassessed the locations of its business unit whether they \nare in areas of water stress, according to the World \nResources Institute\u2019s (WRI) Aqueduct Water Risk \nAtlas. In addition, The Company also has measures \nto assess the quality of water conducted by Banpu \nitself and external agencies before discharging it into \nnatural water bodies to ensure that the discharged \nwater meets legal requirements. \nMeanwhile, the Company focuses on waste reduction by \nmeans of prevention and minimization, reuse, recycling, \nand other recovery, aiming to reduce waste disposed \ninto landfills or by incineration. The Company has set \nstandard practice manual of waste management to \ncomply with international practices and laws and \nregulations of each country where the Company operates. \nIt also prepared process flow diagrams covering \nthe entire value chain to illustrate waste generated \nand waste management as well as be a reference \nfor gathering waste information and monitoring \nwaste management. For certain wastes in particular \nbusinesses, such as overburden and tailings from \nmining, the Company has set control measures \nthrough the preliminary risk assessment carried out \nprior to the beginning of operations. In addition, \nthe Company prepared a standard practice manual of \nmineral waste management to cover the stage prior \nto mining operations until mine closure. \nRealizing the impact on the ecosystem and biodiversity \ncaused by open-pit mining, the Company established \na management system consisting of four approaches, \nnamely avoidance, reduction, restoration, and offsets, \nwhich is in line with the concept of the International \nUnion for Conservation of Nature (IUCN). The Company \nalso conducted a preliminary biodiversity risk assessment \nin all business units before introducing any production \nactivities. The assessment considered whether the areas \nwere protected areas or had high biodiversity. \nThe Company also surveyed the species in these \nareas to help preserve the native species as well as \nthe species on the IUCN Red List. In case a business unit \nexperiences high biodiversity risk, the Company will \nevaluate the biodiversity value using standards \ncompliant to the Convention on Biological Diversity \nand develop a biodiversity management plan to achieve \nits target, which states that from 2025 every mine with \nhigh biodiversity risk must achieve a net positive \nimpact upon mine closure. \nAdditionally, the Company integrated mine subsidence \ninto underground mine planning in the areas prone to \nmine subsidence from mining. The Company submitted \nthe mining plan, including mine subsidence management, \nto the government agencies for approval before \nstarting operations and regularly monitors mine \nsubsidence and its impacts. \n161 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Environmental Performance \nIn 2023, the Company formulated operational \nstrategies to achieve its environmental targets in each \narea. It disclosed environmental performance data, \nwhose accuracy and reliability were verified by \nthird-party auditors from Lloyd\u2019s Register International \n(Thailand) Co., Ltd. The Company adopted a verification \nand reporting approach based on the GRI Standards \nat the core, with additional indicators: G4 Mining \nand Metals Sector Disclosures and G4 Electric \nUtilities Sector Disclosures. They consist of \nthe Company\u2019s and subsidiaries\u2019 GHG emissions \n(Scope 1-3), energy consumption, air emission, \nwater management, and waste management. \nThe Company disclosed all the above environmental \nperformance data in the Sustainability Report 2023 \nClimate Change \nBanpu implemented climate change management \ncorporate-wide and included it as one of the key \nperformance indicators for the CEO and senior \nexecutives of all related business units. It also \nestablished the Climate Change Committee to \nimplement GHG management strategies. In addition, \nthe Company has set up ESG Committee, \nconsisting of three independent directors, who \nwill be accountable to the Board of Directors \nfor the oversight of ESG aspects and driving ESG \nperformance to achieve its goals with the highest \nefficiency. By 2025, the Company has set a target \nto reduce GHG emissions intensity by 7% from business \nas usual for mining and by 20% for thermal and \nrenewable power. In addition, Banpu is gathering \ninformation to set medium-term and long-term \ntargets of GHGs emission. \nEnergy Consumption \nThe Company has integrated the energy management \nplan with the GHG management plan to optimize energy \nconsumption. In 2023, it maintained the proportion of \nalternative energy consumption (B30 biodiesel) \nat Indonesian mines and installed equipment \nto increase the energy efficiency of its combined \nheatand power plants in China. \nAir Emissions \nThe Company has reported air emissions data from \ntwo sources: point sources and non-point sources. \nAs for point sources, the Company has constantly \nimplemented measures to control air emissions at the \nsource. In 2023, the Company replaced the De-NOx \nCatalyst in the air emission control system at the combined \nheat and power plants in China, resulting in a consistent \nefficiency of the system. The Company has also set \nexplicit water spaying plans at mine sites in Indonesia \nto improve dust control efficiency, and reduce \npotential complaints from adjacent communities. \nMoreover, ambient air quality at mining sites and \nin communities is regularly monitored by a third party \nto ensure that the air quality meets legal standards \nWater Management \nThe Company has developed a database for water \nconsumption and water balance in each business \nunit. It also updated the Standard Practice Manual: \nWater Management, which applied a water management \nhierarchy encompassing elimination, reduction, \nand reuse and recycling to reduce environmental \nimpacts from the use of water fromnatural sources. \nThe Company has conducted a product footprint \nassessment in each business unit to be used as \na database for more efficient internal water management. \nIn addition, the Company cooperated with external \nagencies involved with basin management and \ncontinuously assessed the locations of its business \nunits, whether they are in areas of water stress, according \nto the World Resources Institute\u2019s (WRI) Aqueduct \nWater Risk Atlas, to assist water management planning \nin the production process. The assessment in 2023 \nrevealed that 37% of its businessunits are located in \n162 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","water-stressed areas. At the same time, the Company \nalso engaged stakeholders in reducing the potential \nimpacts of water shortage and sufficiently preserving \nthe water resource for the consumption in all sectors, \nfor example, by encouraging key suppliers to assess \nwater-related risks and formulate annual prevention and \nmitigation measures. \nWaste Management \nThe Company strictly complies with the waste \nmanagement laws of each country where it operates. \nIt also applies the waste management hierarchy, \nwhich encompasses prevention and minimization, \nreuse, recycling, and other recovery, to mitigate \nthe environmental impact of waste disposal. In 2023, \nthe Company implemented waste management in \nthe production process according to the Waste \nManagement Policy and Manual to minimize waste \ngenerated in the production process and promoted \nthe reuse and recycling of waste through various \nprojects. For example, the Company introduced a project \nto utilize coal spillage by blending it with coal in the most \noptimal and appropriate proportion in order to sell to \ncustomers without any impact on the quality of coal. \nThis operation helps reduce the coal spillage volume to \nlandfill and conserve the natural coal. In addition, \nthe Company has developed the process flow diagrams \ncovering the entire value chain of the renewable power \nbusiness in Vietnam to assist in waste management \nplanning and monitoring as well as data collection. \nCLICK HERE \nFor more information on \u201cEnvironment Performance\u201d, \nplease read the Sustainability Report 2023 from Company\u2019s website \nby scanning the QR Code or clicking on \u2018CLICK HERE\u2019 \nEnvironmental Incidents \nIn 2023, no significant environmental incident occurred \nin the Company. This is the result of the establishment of \npolicies and operational strategies aimed at achieving \ngoals and continuously reduce environmental impacts, \ntogether with regular evaluation and monitoring of \nenvironmental-related risks, and management of \nenvironmental impacts that have occurred or may occur \nin the future. \nIn addition, the Company also places importance on \nland management. It has set targets and monitored \noperations on related issues, including post-mining \nmanagement, biodiversity, and mine subsidence. \n163 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Social Policy and Practices \nCommunity Policy and Practices \nThe Company adheres to the business credo that \u201can industry will be strong only when it is developed in tandem \nwith society and environmental responsibility.\u201d Accordingly, the Company promotes \u201ccommunity participation \nthrough engagement activities\u201d among relevant stakeholders, including communities, government authorities, \nand involved organizations. This implementation is in line with the Company\u2019s Community Development Policy, \nwhose primary aim is to improve the quality of life and well-being of local communities, empower the communities \nto become self-reliant in the long run and gain community acceptance. \nTo align all community engagement activities in \nthe same direction, the Company established the \nCommunity Development Policy and standard \npractices. It also devised strategies and set targets \nfor the community engagement activities based on \nthe local government\u2019s regulations and international \nstandards, such as the UN\u2019s Sustainable Development \nGoals (SDGs). Under the collaboration of communities, \nthe community engagement activities are carried out \nin six major areas: economy, education, sanitation \nand primary health care, environmental conservation, \nsocial and cultural promotion, and infrastructure \ndevelopment. Moreover, the Company has employed \nthe Social Return on Investment (SROI) framework \nin evaluating the social impacts of community \ndevelopment activities to maximize the efficiency \nof its operation in line with its Sustainability Policy. \n\u2022 Community Engagement Implementation \nThe Company has formulated the Community \nEngagement Standard Practice Manual, which \nincludes the guidelines on the development of \nlocal communities\u2019 quality of life and the mitigation \nof social and community impacts. The manual \nprovides community engagement officers with clear \noperational guidelines of the same standards for all \nareas of operations. In addition, the guidelines are \nregularly reviewed and updated to properly respond \nto changing situations. \n\u2022 Community Baseline Data Collection \nThe Company has determined to collect baseline \ncommunity data during the early stages of business \noperations and to update it on a regular basis in order \nto study and better understand the environment, way of \nlife, and well-being of the community. Then, the matter \nwill be brought up for community consultation through \nthe Community Consultative Committee (CCC) in order \nto develop a specific community engagement plan as \nthe community needs are identified and mutual benefit \nobjectives are established. \nFor complete information on \n\u201cCommunity Development Policy\u201d \nPlease scan the QR Code \nor clicking on \u2018CLICK HERE\u2019 \nSUSTAINABILITY MANAGEMENT - SOCIETY ASPECT \nCLICK HERE \n164 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","\u2022 Application of Social Impact Assessment \nThe Company gives great importance to the impact \nthat will occur on the community and, therefore, has \nestablished a social impact assessment in all business \nunits prior to the commencement of the project. \nThe information obtained from the assessment will be \nused to design activities that respond to community \nneeds by mainly reducing or avoiding impact on the \ncommunity, including comparing the relief from the \nimpact before leaving the operating area at the end of \nthe concession. Furthermore, if the project specifies \nchanges during the process, the Company will \nschedule a new social impact assessment to align with \nthe modified production activities. \n\u2022 Promotion of Community Engagement \nThe Company places importance on community \nengagement at every stage of development, pre- \ndevelopment, development, and post-development, \nemphasizing the engagement of community members \nfor community activity design, implementation, \nmonitoring, and review, including evaluation, e.g. \ndrawing up the community engagement plan that \nmeets community needs and is consistent with \nthe government\u2019s development plan. The Company \nand the community jointly established a Community \nConsultative Committee (CCC), which consists of \nrepresentatives from the local communities, local \ngovernment, and the Company. The committee \ncollaboratively works on project planning, monitoring \nprogress, and solving problems for the greatest benefit \nto society. \n\u2022 Building Collaboration in the Community \nThe Company has cooperated with contractors on \ncommunity development work as many of them \nhave been carrying out community development \nimplementations. The Company has worked with \nthem to conduct the development project from \nthe planning process, budget allocation, staff \nallocation, and knowledge, expertise, and information \nexchange. The cooperation enhances efficiency and \nwidely benefits local communities while reducing \nredundancies of its social development management. \n\u2022 Community Complaint Management \nThe Company has devised the Community Complaint \nManagement System to enable systematic management \nof community complaints in every business. This \napproach covers indigenous peoples management \nand local community restoration under resettlement \nmanagement. Also, the Company has specified that \nthe outcomes of community complaint management \nbe reported on a regular basis to the sustainability \ncommittee and the Company\u2019s ESG committee. \n\u2022 Community Perception and Satisfaction Surveys \nThe Company has held the community perception \nsurvey as a common practice in all areas of operations \nto measure the community\u2019s levels of awareness and \nacceptance, community concerns, and suggestions \nfrom communities. The survey results will be used \nto improve the operations for the benefit and overall \nsatisfaction of the community. In Indonesia, a community \nsatisfaction survey on community development program \nis performed annually for Banpu subsidiaries; the results \nenable the Company to understand their satisfaction \nlevels and how to efficiently enhance community \nengagement initiatives. \n\u2022 Quality Assurance Review \nThe Company employs quality assurance review for its \ncommunity development programs. Employees not \ndirectly involved in community development work \nconduct the quality assurance review to ensure \nthe highest transparency and efficiency. The annual review \nhelps the Company identify areas for improvement \nso that it can improve the efficiency of the community \nengagement implementation. \nCommunity Performance \nIn 2023, the Company convened 27 Community \nConsultative Committee meetings with all villages \nin its operational areas in Indonesia and 21 mining \ngroup-level subcommittee meetings in Australia. \nThe result from the meetings showed that most \ncommunities in Indonesia concerned about economic \nimprovement and operational impact such as river \ndiversion in Jorong mine, while communities in \n165 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Australia concerned about the potential impact on \nlicensed ground water users, ongoing employment, \nand energy security. Consequently, the Company \nbrought these findings to prioritize the community \ndevelopment implementations. \nIn addition, the Company has applied the Community \nComplaint Management Standard across all business \nunits to ensure systematic management of community \ncomplaints, encompassing both indigenous peoples \nand individuals affected by resettlement activities. \nIn 2023, however, the Company did not receive any \nsignificant community complaint issues from any \nbusiness unit. Focusing on the resolution of the pending \n2022 community complaints, the Company has \nresolved all the 2 pending issues. \n1) In response to the ventilator noise complaint \nissue at Mandalong mine in Australia, the Company \nperformed engineering works, and the action \nwas completed in October 2023. At present, \nthe Company does not received any complaint \nreports on this issue. \n2) For Vietnam, the complaint about oil leakage \nfrom wind turbines into shrimp farms has been \nresolved. The Company completed its engineering \nwork and improved its maintenance process. \nFurthermore, with the Company coordinating \nwith the insurance company, compensation for \nthe loss of benefits from the incident has been \nsuccessfully completed. At present, there is no \npending issue in our management system. \nThe Company commits to dealing with community \ncomplaints to achieve transparency and fairness. \nThe outcomes of community complaint management \nwill be reported on a regular basis to the sustainability \ncommittee and the Company\u2019s ESG committee. \nApart from that, the Company conducted community \nsatisfaction surveys covering 13 community \ndevelopment programs of five Indonesian mines. \nThe average satisfaction rating was 82.92% or at the \n\u201cSatisfactory\u201d level. For other mines, the Company \nwill proceed according to the plan for the next year to \nbetter understand the level of community acceptance. \nThe Company also conducted community perception \nsurveys in Indonesia and Australia to measure \ncommunity acceptance. In Indonesia, a community \nperception survey was conducted at the communities \nsurrounding Embalut mine, which is entering the closure \nperiod. The result presented the community \nperception at \u201cLow\u201d level as they worried about their \neconomic condition and quality of life, especially \nduring the post-closure period. The Company \ntherefore integrates this result into its Embalut \ncommunity engagement strategy, which is focused \non community participation and aims to achieve \nsustainability objectives. In Australia, the survey \nhas been conducted at mining group-level subcommittee \nmeetings, and in 2023, the improvement strategies \nwere reviewed and applied to the implementation \nin order to maintain the local perception standard \nat the \u201cSatisfactory\u201d level. \nMoreover, the Company has employed the Social \nReturn on Investment (SROI) framework to measure \nthe social impacts of community engagement \nactivities and improve the performance of each \nbusiness unit\u2019s community engagement projects. \nIn 2023, the SROI evaluation was conducted on \n6 community development programs at 5 mine sites \nin Indonesia. In addition to that, the Company applies \na sustainability tool called, \u201cMaturity Measurement\u201d \nto evaluate the sustainability of community engagement \nprograms. The tool focuses on 6 aspects \u2013 change, \ninclusion, organization, cooperation, influence, and \nsustainability. In 2023, the Company chose community \nengagement projects and conducted sustainability \nmeasures in Indonesia that reached 100% of the area. \nFor more information on \n\u201cCommunity Performance\u201d, please read the \nSustainability Report 2023 from Company\u2019s website \nPlease scan the QR Code or clicking on \u2018CLICK HERE\u2019 \nCLICK HERE \n166 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Human Rights Policy and Practices \nBanpu strives to conduct business with adherence to international practices such as the Universal Declaration on \nHuman Rights, the UN Guiding Principle on Business and Human Rights, the ILO Declaration on Fundamental \nPrinciples and Rights at Work, the United Nations Global Compact (UNGC), including applicable labor laws of \nall countries where it operates. The Company observes the principles of liberty, equality, and human dignity \nwithout discrimination on gender, ethnicity, religion, or skin color to avoid and prevent human rights violations \non employees, suppliers, customers, contractors, communities, and vulnerable groups such as children, women, \ndisabled persons, indigenous peoples, immigrant workers, and elderly persons. The Company has also developed \nthe \u201cHuman Rights Due Diligence Manual\u201d to be used as a management approach for human rights issues, \ncovering key risks throughout Banpu\u2019s value chain. \nHuman Rights Due Diligence \nThe complaint mechanisms vary depending on issues or related stakeholders. For instance, there are specific \nwhistleblowing channels and compliance investigation procedures for governance issues. To handle community \ncomplaints, each business unit has its own complaint channels and management measures. \nIntegrate risk management into \nbusiness operations to prevent \nand mitigate potential impacts. \n!\"##\"$%\"&'( \n!\"#)*+&,&%\"& \nIdentify complaint \nchannels, complaint handling, \nand remediation. \nRisk and \nImpact Identi\ufb01cation \nIntegrating Management \ninto Business Operations \nCommitment \nDisclose management \napproach and results \nto stakeholders. \nPerformance \nReporting \nIdentify potential and \nactual risks \nas well as assess impacts. \nAnnounce the Company\u2019s \npolicy and relevant \nprinciples relating \nto human rights. \nGrievance Mechanism \nand Remediation \nPerformance \nMonitoring \nMonitor and evaluate \nthe efficiency of \nimplementations. \nCLICK HERE \nFor complete information on \n\u201cHuman Rights Management Approach\u201d \nPlease scan the QR Code \nor clicking on \u2018CLICK HERE\u2019 \n167 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Human Rights Performance \nIn 2023, the Company conducted a human rights impact assessment as part of a human rights due diligence \nfor a renewable power business in Vietnam and a joint-ventured for thermal power business in Thailand. \nThe Company collected data from interviews with rights holders, comprising employees, contractors, \nsubcontractors, security guards, and local communities, as well as vulnerable groups, such as women and \npregnant women. Based on the impact assessment results and consideration of risk control measures, most \nhuman rights issues posed low to medium risks. However, there were six high-impact risks, which included \nworking conditions and equal remuneration, labor recruitment, forced labor, occupational health and safety in \nworkplace, violence, or harassment, and internal grievance mechanisms. \nHuman \nRights \nHuman Rights Issue \nRights Holder \nMitigation Plan \nLabor Rights \n\u2022 \n Working conditions and \nequal remuneration \n\u2022 \n Labor recruitment \n\u2022 \n Forced labor \n\u2022 \n Occupational health \nand safety \nContractors and Communicate to contractors about \nsubcontractors \n\u2022 \nthe Supplier Code of Conduct. \n\u2022 \n Organize training and publicize \nthe Corporate Governance & Business \nCode of Conduct Handbook and \nrelated policies, such as the Human \nRights Policy, Non-Discrimination \nand Anti-Harassment Policy, and \nCompensation Policy. \n\u2022 \n Incorporate ESG criteria into \nsupplier selection. \nEmployee \nDiscrimination \n\u2022 \n Violence or harassment \nEmployees \n\u2022 \n Communicate to employees \nabout Non-Discrimination and \nAnti-Harassment Policy. \n\u2022 \n Communicate complaint channels to \nemployees. \n\u2022 \n Organize training on human rights \nfor employees. \nGrievance \nMechanism \n& Access to \nRemedy \n\u2022 \n Internal grievance mechanisms \nEmployees \n\u2022 \n Communicate complaint channels \nto employees. \n\u2022 \n Organize training on human rights \nfor employees. \n168 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Occupational Health and Safety Policy and Practices \nBanpu is committed to taking good care of employees and all related people who work for the Company \nby creating safe and healthy working environment. The Company announced Occupational Health and Safety \nPolicy and the 3-Zero targets as follows: \n\u2022 \n Zero Incident \n\u2022 \n Zero Repeat of incidents \n\u2022 \n Zero Compromise to safety standards \nand legal requirements \nBanpu has implemented hazard identification and risk \nassessment processes that cover both routine and \nnon-routine tasks using various hazard identification \ntools, such as Job Safety Environment Analysis (JSEA), \nGreen Card\/Yellow Card, Safety Health Environment \nAccountability Program (SHEAP), and Hazard \nIdentification, Risk Assessment and Determining \nControl (HIRADC) have been implemented at the mining \nbusiness in Indonesia, while SLAMs (Stop, Look, \nAssess and Manage) is used in Australia. Thermal power \nplants in China deploy Safety Walk Down Program \nand Safety Double Control. At the Bangkok office, \nthe SOS application is used to report and record both \nunsafe actions and unsafe working environments. \nFollowing risk assessment, the Company has developed \nan occupational health and safety work plan to reduce \nMoreover, the occupational health and safety performance is one of the key performance indicators of the Chief \nExecutive Officer and senior management of all business groups and subsidiary companies. The Company \nestablished the Occupational Health and Safety Division to ensure that its safety operations comply with Banpu \nGroup\u2019s regulations and standards as well as applicable local laws. In addition, the ISO 45001 standard has been \nintroduced as guidelines for the occupational health and safety management system. The safety culture \nframework has been adopted focusing on the safety system, safety knowledge, and safety behaviors in \nBanpu group and its subsidiaries. \nTo achieve the 3-Zero targets and continual improvements, the Company has evaluated the effectiveness of \noccupational health and safety management at all operational country\u2019s offices on monthly, quarterly, and \nannual basis. There are safety culture evaluation, ESG Committee meeting of independent directors, meetings \nof Sustainability Committee, chaired by the Chief Executive Officer to review and monitor occupational health \nand safety policy implementation, targets, strategies, incident records, and legal compliance. \nand control risks to acceptable levels. This includes \nmonitoring work plans, reviewing hazard identification, \nrisk assessments, and identifying opportunities for \nimprovements at least once a year or upon a material \nchange in safety. The Company has identified \na hierarchy of controls for safety, including developing \ncommunication and risk monitoring plans by \nmanagers who have the knowledge and capability \nto assess risks and communicate as appropriate to \noperators before the start of work. Should hazard \nor safety risks be detected, workers have the right \nto refuse work or cease operation until the problem \nhas been investigated and addressed.This will \nnot be considered a disciplinary offence, and it is \nencouraged for workers to report observations of \nunsafe situations and practices. \n\u2022 Hazard Identi\ufb01cation, Risk Assessment, and Incident Reporting and Investigation \nCLICK HERE \nFor complete information on \n\u201cOccupational Health and Safety Policy\u201d \nPlease scan the QR Code \nor clicking on \u2018CLICK HERE\u2019 \n169 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","In case of accidents during operation, employees or \nwitnesses must report to their supervisors to assess \nthe situation\u2019s severity and report it to concerned \nparties. For severe situations, the Company will \nconvene a working team of experts to investigate and \nuncover the root cause of the situation. This will lead \nto the identification of preventive measures, including \nindication of future risks. Incident investigation \nreports, including corrective action approaches, will \nbe routinely reported to the monthly management \nmeetings. \n\u2022 \n Occupational Health Services \nThe Company monitors working environments \nthrough regular measurements according to the risk \nfactors of each operational area, such as air quality, \nnoise level at work, the concentration of hazardous \nchemicals, and light intensity, to ensure that they \nare fully compliant with the applicable law. External \nassessment agencies with acceptable standard carry \nout those measurements to ensure that all employees \nand contractors have a proper working environment \nwithout health-threatening hazards. \nAt any work locations with potential impacts to \nthe health and safety of employees and contractors, \nthe Company will conduct health and risk assessments \nand schedule health medical checks based on relevant \nrisk factors for employees and contractors who are \nexposed to those risks. Employees\u2019 health information \nis kept confidential. The Company also complies with \nPersonal Data Protection Act (PDPA) and has the \npolicy to protect employees\u2019 personal information to \nprevent disclosure without their consent. \nThe company provides first aid kits and basic emergency \nmedical supplies, as well as a list of corporate hospitals \nfor convenient access, and employees have accessible \nand quick access to telemedicine services. In the remote \nworking area, the company has established \na medical service center with doctors and specialists \nto provide treatments and advice on occupational \nhealth problems to workers at all hours. They also \noffer services to contractors and individuals entering \nthe areas and prepare mobile medical units to \nprovide assistance in the event of an emergency \nduring working hours, including transporting emergency \npatients via the International SOS service. The Company \nhas selected the contractors that meet its standards \nand ensures that the contractors' occupational health \nservices are good and meet specified standards \nby systematically managing and controlling. \n\u2022 \n Employee Engagement, Consultation, and \nCommunication \nThe Company engages employees at all levels in safety \noperations from the development phase, providing \nsuggestions in all areas, including the safety system, \nsafety knowledge and capability, and safety \nbehaviors. Employees in all countries can voice their \nconcerns and suggestions through different channels, \nsuch as the Hazard Identification and Risk Assessment, \nSafety Perception Survey through Safety Committee, \non quarterly forums on safety issues. The Sustainability \nFamily meeting.This meeting brings together \nrepresentatives from sustainability-related departments \nin countries where Banpu operates to present \noperational results from the previous year and discuss \nplans for the upcoming year. The ESG Summit is \nalso an international knowledge-sharing event where \nall information is constantly reviewed and formulated \ninto short and long-term improvement plans. \n170 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","In 2023, a contractor had a fatal accident. After investigation, the accident happened because a contractor rode his \nprivate vehicle on hauling road, which is a dangerous area. To prevent incidents reoccurrence, the Company established \nadditional prevention and mitigation measures as follows: \n\u2022 \n Improving hauling road by improving waiting lines at intersections, cleaning spoils, and installing \n \"No Overtaking Signs\" \n\u2022 \n Providing transportation vehicles for working in Mining Area \n\u2022 \n Communicating Safety Rules and Regulations for vehicle in Mining Area, by prohibiting the use of \n mobilized vehicles without permission and supervision \nThe Lost Time Injury Frequency Rate (LTIFR) for employees was 1.56 that below the target and for contractors was \n0.22 that over the target. The Total Recordable Injury Frequency Rate (TRIFR) for employees was 15.65 and \nfor contractors was 0.65 that over the target. \nIn this regard, the Company analyzed types of injuries that occurred among employees and found that the \nmajority were muscle and ligament injuries, injuries from impact, and open wound as for contractors were the \ninjuries from impact, graze or open wound, and muscle and ligament injuries. There was also an analysis of \nthe causes of injuries. Most of the causes of injuries are tripping, slipping, falling, being pinched, or pulled by \nobjects, and overexertion. \nBased on the Company\u2019s safety risk assessment, there are three high-risk activities, for which the Company \nprepared appropriate preventive measures to mitigate the risks as follows: \n2023 \nTarget 2023 \nTarget 2025 \nNumber of occupational fatalities - Employees \n0 \n0 \n0 \nNumber of occupational fatalities - Contractors \n1 \n0 \n0 \nLost time injury frequency rate - Employees \n1.56 \n\u22642.35 \n\u22641.99 \nLost time injury frequency rate - Contractors \n0.22 \n\u22640.16 \n\u22640.14 \nTotal recordable injury frequency rate - Employees \n15.65 \n\u226412.92 \n\u226410.93 \nTotal recordable injury frequency rate - Contractors \n0.65 \n\u22640.62 \n\u22640.53 \nOccupational Health and Safety Performance \n171 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Since 2018, the Company has continuously assessed \nSafety Culture Maturity by issuing survey based on the \nUnited Kingdom Health and Safety Executive (UK HSE) \nSafety Culture Maturity Model. The model sets out a \nseries of 5 iterative levels of safety culture development. \n\u2022 \n Level 1: Emerging \u2013 Safety focus is on technical, \nand compliance with regulations \n\u2022 \n Level 2: Managing \u2013 Management is committed \nand dedicated to accident prevention \n\u2022 \n Level 3: Involving \u2013 Employee involvement \nis essential for safety improvement \n\u2022 \n Level 4: Co-operating \u2013 Engage all staff to develop \nco-operation and commitment to improving safety \n\u2022 \n Level 5: Continually Improving \u2013 Develop consistency \nand fight complacency \nThe action plans will be developed after the results \nof those surveys, whether it is active management \nengagement,development of new procedures, \nprovision of appropriate personal protective equipment, \nor training to improve safety culture. \nThis year, one solar power plant based in China and \ntwo business unit of Banpu NEXT based in Thailand \nperformed the first safety culture assessment and two \ncombined heat and power plants in China performed \nsafety culture re-assessment. \nThe evaluation results from both business groups \nconclude in \u2018Involving level\u2019 for the solar power plant \nbased in China and the business units of Banpu NEXT \nbased in Thailand, while the two CHP plants in China are \nin\u2018Co-operating level\u2019. Because of continuous safety \nimprovement operations, the mentioned developments \nraise the number of operations assessed for level of \nexcellence to 24 business units in 4 countries, inclusive \nof China, Australia, Indonesia, and Thailand. Further \nplans to expand assessment coverage are in line with \nsafety culture enhancement, an initiative to prevent \nany incidents and accidents occurrence in the future. \nHigh-Risk Activities \nPrevention Measures \nWorking in \nDangerous Area \n\u2022 \n Improving hauling road by improving waiting lines at intersections, cleaning spoils, \nand installing \"No Overtaking Signs\" \n\u2022 \n Providing transportation vehicles for working in Mining Area \n\u2022 \n Communicating Safety Rules and Regulations for vehicle in Mining Area, \nby prohibiting the use of mobilized vehicles without permission and supervision \nHit by Heavy Object \n\u2022 \n Providing sufficient tools\/equipment \n\u2022 \n Providing safety training and communicating risk to operators \n\u2022 \n Conducting daily inspection by supervisor \nOperating Moving \nMachinery \n\u2022 \n Improving the machine by installing safety guards and an alarm \n\u2022 \n Developing a fatigue management program to monitor and control \n\u2022 \n Providing basic safety training to operators \n\u2022 \n Reviewing high-risk jobs and communicating risk to operators \n172 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","CORPORATE SOCIAL RESPONSIBILITY (CSR) \nEducational Development \nBanpu Education for Sustainability \nBanpu has continued the \u201cBanpu Education for Sustainability\u201d project for the past 20 years with an aim to develop \neducation \u2013 the country\u2019s cornerstone of sustainable development. The Company has supported integrated \nlearning for six schools in Lamphun, Lampang, and Phayao \u2013 the provinces where Banpu formerly operated. \nThe Company focuses on the development of schools in three dimensions: turning the schools into sustainable \ncommunity learning centers, enhancing teacher capacity, and fostering students learning. \nIn 2023, Banpu continued financial support to provide Native English teachers for the improvement of English \ncommunication skills among teachers and students at Banpu-sponsored schools. The Company also sponsored \nthe hiring of Thai teachers to address the shortage of teachers in English, Chinese, Science and Technology, \nMathematics, Home Economics, Music, and Arts classes. Over the past 20 years, Banpu has provided support \nunder the Banpu Education for Sustainability program for a total of THB 50.7 million. \nCSR Activities in 2023 \nThailand \nBanpu has consistently undertaken Corporate Social Responsibility (CSR) \nactivities that align with environmental and social issues. In 2023, the Company pursued its e orts to \n\" \ndevelop corporate social responsibility activities, aiming to create positive changes and sustainable \ndevelopment to respond to the rapidly changing business landscape and social conditions. \nThe activities cover Educational Development, Youth Capacity Development, Community Development, \nand Environmental Development. Signi\ufb01cant activities carried out in 2023 are as follows: \n173 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Partnership School \nThe Partnership School Project is an initiative aimed \nat fostering educational collaboration between \nthe Ministry of Education and various sectors, including \ncompanies, foundations, and academic institutions. \nIts goal is to enhance school administrations so that it \ncan elevate academic achievement and better prepare \nstudents for the future. The Company has supported \nthrees schools, namely Non Sa-at Phitthaya School \nin Khon Kaen Province, Chumchon Phon Ngam \nPhon Sawang School in Maha Sarakham Province \nand Rong Kham Hong Thong Witthaya School in Roi \nEt Province. Throughout 2023, these schools have \ncontinued to enhance their educational standards, \nserving as exemplary models for others while meeting \nparental expectations and fostering community pride. \nAdditionally, a school continuity plan has been devised \nto ensure the long-term maintenance of these high \nstandards. The significant progress made in 2023 \nis summarized as follows: \n1. Elevating Academic Quality and Innovation \nThe project has continued its support for the \u201c1 Classroom \n1 Innovation\u201d initiative and has seen the effectiveness of \nthe Active Learning approach, as evidenced by the prizes \nwon in student arts and crafts competitions. \n2. \nImproving Technology and Information \nTechnology \nThe Company has encouraged the integration of \ninformation technology into educational processes and \nschool data management, such as the adoption of \ndigital platforms and applications to facilitate online and \nonsite teaching as well as introducing robotics classes \nfor students. \n3. \nEnhancing English Language Skills \nThe Company has sponsored the hiring of English \nteachers and provided English lessons starting at the \nkindergarten level. It also extended English learning hours \nfor elementary school students and encouraged schools \nto organize activities to enhance students\u2019 English skills. \n4. Developing Vocational and Life Skills \nThe Company supported 11 vocational training activities, \nincluding barbering, food and merchandise sales, \nartificial flower making, ornamental plant propagation, \nhydroponic farming, soil mixture preparation, mushroom \nfarming, floral arrangement for events, souvenir making, \ncooperative shop management, and sports and folk \nmusic skills development. \n5. \nCreating a Learning Community \nThe Company has become a role model for other schools \nby sharing teaching techniques and experiences with \nteachers from neighboring schools. In 2023, 40 teachers \nfrom 15 schools participated in training sessions on \nthe Active Learning approach. Furthermore, in collaboration \nwith government agencies, the Company provided training \non artificial flower making to help generate additional income \nfor the community. \n6. Developing School Continuity Plans \nAll three partnership schools have developed continuity \nplans focusing on school management, teaching quality, \ncareer and life skills, school revenue generation, and \nnetwork creation. \n174 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","The 12 Banpu Champions for Change \u2013 Incubation Program \nth \nThe incubation program is the main activity of the project. \nThe program is open to youths aged 20-35 years \nnationwide to apply as a team of up to four members. \nEach team will propose a social enterprise project plan \nbased on their competencies and interests to address \nsocial, community, or environmental issues, aiming \nto seek funding from the project. Selected teams in \neach phase receive incubation and mentoring support. \nAdditionally, participants will take part in workshops led \nby experts and mentors from diverse fields, such as \nmanagement, finance, and social and environmental \nimpact measurement, to enhance their capabilities. \nEach selected team will also receive an initial funding \nof THB 80,000 to kickstart business development and \ntest operations in the real market for three months. \nThe three finalists will further receive a grant of THB \n250,000 to expand their businesses. In 2023, the three \nfinalists are Khiri Farm, Termnaam, and Sex-O-Phone: \na safe sexual health hotline for youth. \nYouth Capacity Development \nBanpu Champions for Change \nThe \u201cBanpu Champions for Change\u201d (BC4C) project \nis a collaboration between Banpu and ChangeFusion \nInstitute, a non-profit organization under the \nRural Restoration Foundation of Thailand under \nthe Royal Patronage. The project has been operational \nsince 2011, with a mandate to support young social entrepreneurs who demonstrate creativity and potential \nfor driving social change. These social entrepreneurs are encouraged to develop business ideas that not only \ngenerate income but also have a positive impact on society, communities, and the environment. The project \naims to promote learning and understanding of social enterprise (SE), morales and ethics, and sustainability \nprinciples (ESG) in business. It builds an environment conducive to the growth of social enterprise while expanding \nSE networks and SE ecosystem in Thailand which in turn will create a quality society and lay a strong and \nsustainable foundation for the country\u2019s economy. \nCareer and Community Development \nKhiri Farm: \nan enterprise that utilizes leftover \u201crice straw\u201d after the harvest \nseason to grow mushrooms. It has developed a learning \nplatform for producing mushrooms in substrate bags, which \ncreates opportunities and improves the quality of life for \npeople in the community, including building networks among \nmembers of agricultural groups in Kalasin Province. \nSoMuch: \na \u201cmushroom farm\u201d platform for Thai farmers \u2013 a comprehensive \nplatform that provides consultation on mushroom cultivation \nand harvesting techniques. It enables farmers to increase \ntheir yields and facilitates connections to markets for farmers \nwithin the network. \nHealth \nOYU Natural: \nan enterprise engaged in manufacturing and selling of OYU \nThai Genmaicha, a nutritious brown rice tea. It focuses \non developing a community tourist destination and \nimproving the quality of life of the elderly in the Sri Prachan \nOld Market Community, Suphan Buri Province. \nSex-O-Phone: a safe sexual health hotline for youth: \nA safe space that allows teenagers to ask questions or seek \nadvice from medical personnel about their sexual health, \naiming to prevent unplanned pregnancies among students. \nThe following social enterprises were selected to participate \nin the Incubation Program activities in 2023: \n175 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Environment \nTermnaam: \nan enterprise that develops and distributes \u201ccleaning \npowder\u201d that is environmentally friendly, user-friendly, \nchemical-free, and convenient for portability. \nSocial \nKensent: a \u201cBai Sri\u201d \ncomprehensive sourcing platform \na platform that will source all components for Thai \nblessing ceremonies aiming to preserve local wisdom. \nBanpu Champions for Change: Acceleration Program #2 \nBanpu supports the Acceleration Program for social \nenterprises that have been operational for some \ntime and aim to expand further, through intensive \nactivities designed to advance their enterprises. \nThe program offers consultation and business data \nanalysis by a team of experts, advice on developing \na business profile, and technical assistance tailored \nto the unique needs of each social enterprise. It also \norganizes activities to bridge social entrepreneurs \nwith businesspeople, connecting them with investor \nnetworks, business partners, and government \nagencies to create opportunities for SEs to access \nknowledge and funding sources. \nCircular Economy \nLoopers \u2013 a marketplace for secondhand clothes: \na comprehensive second-hand clothing sales platform that \noffers services in communication, marketing planning, and \npromotion in an effort to reduce waste generated by fast \nfashion trends. \nOrgafeed: \nan enterprise specializing in upcycling organic waste by \nrepurposing leftover fruits and vegetables from department \nstores into dog treats. It utilizes black soldier flies (BFS) \nto decompose organic waste into high-protein, nutritious \ndog feed, which adds value to organic waste and reduces \ngreenhouse gas emissions. \nBetterFly: \na business that produces agricultural products from \norganic waste, particularly animal feed protein, using black \nsoldier flies. This approach helps reduce costs for farmers. \nSocial Inclusion \nGO MAMMA, a taxi service for the elderly: \na taxi pick-up and drop-off service application to provide \nassistance for the elderly. It encourages the creation of \na senior-friendly ecosystem. \nSTEPS, a platform to promote employment \nopportunities for people with disabilities: \nan enterprise that addresses social issues through the \nempowerment of people with disabilities to help them \ngenerate income and improve the quality of life for \nthemselves and their families. \nSandbox Air: an enterprise that creates job \nopportunities for people with hearing impairments. \nIt helps them in becoming air conditioning cleaning \ntechnicians and providers of appliance cleaning services \nfor residential homes, companies, or factories. \nIn 2023, the following six social enterprises participated in the Acceleration Program: \nM2Care: \nan enterprise that transforms fabric scraps into handicrafts, \naiming to reduce waste from the textile industry while providing \nincome for unemployed skilled workers within the community. \n176 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Finance \nCareer \nDevelopment \nSocial Work \nHealth \nEducation \nEnvironment \nAgriculture \nBene\ufb01ted \n2,575,000 \nBene\ufb01ciaries \nReached Over \nin testing their \nbusiness \nideas based on \ntheir interests \n7 \nSupported \n126 \nSocial \nEnterprises \nCategories of \nBC4C\u2019s \nSocial Issues \n187 \nCommunities \nOrganizations \nBC4C\u2019s Social Impact since Project Inception \nIn February 2023, Banpu Champions for Change hosted the \u201cSE Skill Share\u201d, an online event to facilitate \nthe exchange of knowledge and experiences, with the topic \u201cOpening the World of Financial Resources for \nSociety.\u201d The event featured four speakers: Ms. Nattaya Boonpakdee from the Thai Health Promotion Foundation, \nMs. Athicha Choosut from the National Innovation Agency (NIA), Mr. Thanawut Supangkaratana from the Office of \nSocial Enterprise Promotion (OSEP), and Ms. Phailin Santichaivekin from the Disrupt Impact Fund. \nFurthermore, in November 2023, the project organized \nan event, \u201cImpact Day 2023: Where Tourism Meets \nSocial Good.\u201d This occasion aimed to provide over 20 \nsocial enterprises associated with the tourism industry \nan opportunity to expand their market reach by setting \nup a business introduction booth and offering products \nor services for sale to the general public at the heart of \nSiam Square. In addition, there was a panel discussion titled \u201cThe Future of Social enterprise and SE Ecosystem \nin Thailand\u201d aimed at exploring the future trends in promoting Thai social enterprises to an international level. \nThe panelists included representatives from Banpu, ChangeFusion, the Department of Industrial Promotion (DIP), \nthe Ministry of Industry, and Local Alike Company Limited. \nIn 2023, the Company continued the development of the SE.school website, Thailand\u2019s first social enterprise \nonline learning platform. The website regularly shares information, updates, and achievements of BC4C activities. \nAdditionally, educational materials have been developed to enhance understanding of the operations of social \nenterprises. The SE.school website reflects the project\u2019s commitment to establishing a knowledge repository and \necosystem that support the expansion of social enterprises. \n177 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu Table Tennis Club \nEstablished in early 2008, Banpu Table Tennis Club \n(BTTC) started from Banpu\u2019s subsidiary in China, \nwhich supported a national table tennis training \ncenter in Zhengding County. From there, Banpu has \ncapitalized on the existing network to help transfer \nChina\u2019s table tennis skills and techniques to Thai youth \nplayers. Over the past 15 years, BTTC has been \ncommitted to developing Thai table tennis players by \nproviding daily training support, sponsoring participation \nin national and international tournaments, and organizing \nvarious activities to cultivate morality, ethics, discipline, \nharmony, and volunteer spirit of the club\u2019s members. \nIn 2023, in addition to sending athletes to compete \nin nine competitions and events nationwide, the Club \norganized the \u201cTable Tennis Youth Camp: Building \nDreams and Breaking Free from Drugs\u201d camp \nin Uttaradit Province. Seven BTTC members, \nincluding coaches with international experience and \nBTTC\u2019s volunteer athletes, provided coaching to 30 \ncoaches and 65 young participants from Uttaradit \nand neighboring provinces. Since 2014, BTTC has \norganized 11 camps with a firm belief that this activity \n3 \nnational athletes \ncompeting in \nthe SEA Games \n1 \nnational athlete \ncompeting in \nthe Asian Games \n2 \nprofessional athletes \nin the Republic of Poland \nConsistently winning \nin national and \ninternational tournaments \n9 \nnational \nyouth athletes \n8 \nnational junior \nyouth athletes \nAchievements of Banpu Table Tennis Club\u2019s \nathletes in 2023 \n9 training centers in 7 provinces: \nBangkok, Nonthaburi, Chiang Mai, \nUbon Ratchathani, Yasothon, Khon Kaen, \nand Phuket, with members throughout Thailand \n68 \nathletes \n11 \ncoaches \n13 \ngeneral \nmembers \nBanpu Table Tennis Club in 2023 \n92 \nmembers consist of \nwill inspire and equip young players with standard \nskills for both rookies players and provincial youth \nand junior athletes. \nIn addition, the Club hosted the \u201cBTTC Communication \nDay\u201d, which serves as a gathering for members to \nfoster relationships and communicate the club\u2019s \npolicies. The Club regularly communicates its \nmovements through the \u201cFacebook fan page: Banpu \nTable Tennis Club\u201d, allowing both members and \ngeneral public to participate with the club\u2019s activities \nSupport for a Young Tennis Athlete \nSince 2015, Banpu has supported Mr. Songrit David Chanbubpha, a high-potential tennis player, in pursuing \nhis dream of becoming the world\u2019s top-ranked player by sponsoring sports equipment, physical fitness training \ncourses, and daily training. In addition, the Company has supported his participation in competitions both in \nThailand and abroad, providing him with valuable tournament experience and helping him enhance his life skills \nwhile improving his professional athletic discipline. \nIn 2023, Mr. Chanbubpha was ranked 33rd by the Lawn Tennis Association of Thailand Under His Majesty\u2019s \nPatronage (LTAT). \nBanpu Table Tennis Club in 2023 \n178 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Over the past 18 years, more than 1,100 students have participated in \n\u201cPower Green Camp.\u201d \nwere trained to be \n\u201cEnvironmental Youth Leaders\u201d \n to serve as facilitators at the camps \nand help expand the environmental network. \n232 \nParticipants \nEnvironmental Development \nPower Green Camp: An Environmental Science Camp for Youths \nSince 2006, Banpu has collaborated with the Faculty of Environment and Resource Studies, Mahidol University, \nto host the \u201cPower Green Camp\u201d under the concept of \u201cEnvi-Science Learning Through Actions.\u201d This initiative \naims to enhance knowledge and understanding of environmental science and natural resources, as well as to \nraise environmental awareness among young people. The camp encourages participants to systematically apply \nscientific knowledge to solve environmental problems. Additionally, it establishes an environmental network of \nyouth who play a significant role in driving protection, restoration, and participation in addressing environmental \nissues at local, national, and international levels. \nThe 18 Power Green Camp was organized between \nth \n15-21 October 2023, under the theme of \u201cWaste \nWarriors, a Mission to Protect the World with Green \nCloud \u2013 Green Tech \u2013 Green Influencer\u201d. This year, \n335 high-school students in all fields of study from 181 \nschools in 63 provinces across the country applied \nto join the \u201cPower Green Camp,\u201d Among them, \n50 students from 48 schools in 30 provinces were \nselected to participate. The camp activities included \nboth theoretical and practical knowledge acquisition \non managing diverse waste problems from source \nto their final disposal, as well as instruction on how to \nutilize Green Cloud Computing and Green Technology \nto aid in the sustainable management of waste \nproblems. Moreover, it enhanced communication skills \nand transformed young participants into Green Influencers \ncapable of compellingly presenting environmental \nconcerns across diverse communication platforms. \nThe 18 Power Green Camp focused on designing learning \nth \nactivities that tailored to the needs of the participants \nand aligned with educational trends and environmental \nissues. This included promoting the use of digital \ntechnology as a crucial tool in solving environmental \nchallenges. Additionally, the camp provided participants \nwith opportunities to explore environmental issues and \nsolutions in diverse contexts through hands-on activities. \nThe activities included \n1) learning the life cycle of products for waste \nmanagement \n2) practicing using Geographic Information Systems \n(GIS) to study data for waste management in \nThailand, with a focus on evaluating spatial data \nfor efficient waste management \n3) practicing using \u201cGoogle Collaboratory,\u201d a Green \nCloud Computing technology, as a data analytics \ntool for effective waste management \n4) developing communication skills and learning \nhow to prepare materials to present environmental \ncontent as a Green Influencer \n179 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Marine Debris Management Project in \ncollaboration with the Government sectors and \nrelevant Local administrative organizations for \nthe River Basin Area \nBanpu has participated in the Marine Debris Management \nProject initiated by the Ministry of Natural Resources and \nEnvironment, which is aimed at reducing ocean debris \nand mitigating environmental impacts. The Company\u2019s \nresponsible area is the lower Bang Pakong River Basin, \ncovering Mueang District, Ban Pho District, and \nBang Pakong District in Chachoengsao Province. \nThe collaborative project spans a period of four years, \nfrom 2023 to 2026. \n5) joining a boat trip to collect and separate waste \nin the Khlong Lat Phrao community area, \n6) studying the technology and production process \nof high-quality food-grade recycled plastic resin \nin Rayong Province \n7) learning about organic waste management using \nblack soldier flies with \u201cBetterfly,\u201d a social enterprise \nfrom the 10 Banpu Champions for Change \nth \n(BC4C) project, on Ko Si Chang, Chonburi Province \n8) participating in beach cleanup activities to understand \nplastic waste contamination on Koh Si Chang, \nChonburi Province. These learning activities not only \nprovided the young participants with tangible \ninsights into environmental issues but also facilitated \nexchanges of perspectives and ideas in addressing \nthe problems with local residents. \nFurthermore, towards the end of the camp, young \nparticipants utilized the knowledge gained from the camp \nactivities to develop an environmental science group \nproject to present to the camp committee and the public \nthrough an online channel. The project awarded first \nplace was the \u201cGREENDER & BANKUNG\u201d project, \nwhich aimed to develop an application to assist users \nin proper waste management within the community. \nThe second-place project was \u201cCellulose Biodegradable \nSeedling Tray from Banana Peels,\u201d proposing the creation \nof seedling trays from food waste (banana peels) to reduce \norganic waste and the use of plastic in the agricultural \nindustry. Finally, the third-place prize was awarded to \nthe \u201cBioBoneBlend Bioplastic from Bones\u201d project, which \naimed to convert food bones into biodegradable \nplastics \nIn 2023, Banpu also received strong collaboration from various stakeholders, including the Department of \nMarine and Coastal Resources, the Ministry of Natural Resources and Environment, the Chachoengsao \nProvincial Government, and municipalities and communities within its operational area. Activities undertaken \nincluded discussions with municipalities to enhance waste management practices, a study trip to Rayong Municipality \nfor municipal administrators and community waste bank to learn about waste management, surveys of \nBang Pakong District to identify potential locations for waste trap installations, and waste clean-ups where Banpu \nemployees and community members volunteered to collect waste in a canal and along the Bang Pakong \nriverbanks. Additionally, a total of 2,513 kilograms of waste were trapped and collected through waste traps installed \nat two locations along the canal. Without effective management,this waste would have been carried into the Bang Pakong \nRiver and, subsequently, into the Gulf of Thailand. \n180 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Disaster Relief \nMitr Phol - Banpu Solidarity to Aid Thailand on COVID-19 Confrontation Endowment \nBanpu established the \u201cMitr Phol - Banpu Solidarity to Aid Thailand on COVID-19 Confrontation Endowment\u201d with \nan initial budget of THB 500 million in March 2020, and an additional THB 500 million was allocated in 2021, \nbringing the total to THB 1,000 million. This initiative represents a collaboration between Banpu Public Company \nLimited and the Mitr Phol Group, both private organizations committed to upholding corporate governance \nprinciples and social responsibility in their business operations. Since 2021, the Endowment has designated \nseven categories of aid to address the major challenges faced by Thai society during the COVID-19 crisis, namely \nBanpu\u2019s Winter Relief Program \nIn response to the severe cold that affected the northern \nregion in January 2023, Banpu partnered with local \ngovernment agencies and the \u201cHelp Keeper Group \u2013 \nVolunteer People\u201d to delivered 2,000 sweaters worth a total \nof THB 500,000 to people in Tha Song Yang District in \nTak Province, and Fang District, and Mae Chaem District \nin Chiang Mai Province. \n1) Aid for people affected by the pandemic in terms \nof burden of economy and livelihood \n2) Support on medical equipment for hospitals and \npublic health agencies \n3) Support on proactive health service \n4) Support on prevention work and funeral activities \nfor COVID-19 patients \n5) Support to medical personnel and related people \n6) Aid in terms of mental health problems \n7) Support on other related purposes \nThe Endowment\u2019s support for the COVID-19 epidemic \ncontrol mission, including the relief for Thai people \nsuffering the impacts, is considered a significant \ncontribution to helping the Thai people overcome \nthe crisis and resume normalcy \nAfter the Ministry of Public Health removed COVID-19 from the list of hazardous communicable diseases in 2022 \nand the pandemic situation improved in 2023, aid to alleviate the impact of COVID-19 was no longer provided. \nHowever, the Company continued to provide aid and assistance to mitigate the impact of catastrophic events \naffecting the wider society. \n181 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Community Learning Center (CLC) \nNon-Formal Education \nEducational Development \nEducation plays a pivotal role in enhancing the overall well-being of community members. ITM has carried out \nvarious educational programs, aiming to support underprivileged students to pursue higher education in order \nto help them improve their quality of life in the future. ITM\u2019s support for educational development includes: \nRepublic of Indonesia \nPT. Indo Tambangraya Megah Tbk (ITM), a subsidiary of Banpu in the Republic of Indonesia, \nplaces a strong emphasis on its Corporate Social Responsibility (CSR) and community development activities. \nBased on Banpu\u2019s policy and implementation guidelines, ITM conducts CSR activities with \nthe aim of promoting education, community development, environmental preservation as well \nas improving the well-being of communities surrounding ITM\u2019s \ufb01ve mine sites on Kalimantan Island, namely \nIndominco Mandiri (IMM), Trubaindo Coal Mining (TCM), Bharinto Ekatama (BEK), Kitadin (KTD), and Jorong Barutama \nGreston (JBG). Signi\ufb01cant activities carried out in 2023 are as follows: \nScholarships \nITM also provides continuous support to the education \nsector by granting scholarships to students from \nelementary to university levels in the communities \nsurrounding ITM\u2019s mines. In 2023, ITM granted \nscholarships to 687 students from the surrounding \ncommunities of its mines on Kalimantan Island: Indominco \n(IMM), Trubaindo Coal Mining (TCM), Bharinto Ekatama \n(BEK), and Jorong Barutama Greston (JBG), with \na total value of IDR 1.8 billion. \nSupport for Learning Activities of Higher \nEducation Students \nITM has supported university students\u2019 learning \nactivities by offering internship opportunities, providing \ninformation for research, and serving as guest lecturers \nin the fields of mining, technology, environment, \nsocial responsibility, and sustainable development. \nIn 2023, ITM supported learning activities for students \nat 17 universities. Furthermore, ITM is dedicated \nto assisting students with disabilities in enhancing \ntheir life skills. As part of this commitment, two hard \n-of-hearing students were offered internships in \ndifferent departments. Additionally, the Company \nhas organized sign language training for its staff to \nfacilitate effective communication with these interns. \nThe CLC development was initiated to improve literacy \nand reduce high dropout rates, which can lead to \nsocial problems. ITM has implemented the Community \nLearning Center program (Pusat Kegiatan Belajar \nMasyarakat: PKBM) through IMM, its subsidiary, for \nthree communities: namely PKBM Malahing, PKBM \nDamai Mandiri, and PKBM Salaka. Since 2011, these \nthree PKBMs have provided teaching curriculums \nequivalent to formal schooling along with 93 life skills \ntraining courses, resulting in increased literacy rates \nwithin the communities. Furthermore, Trubaindo Coal \nMining (TCM), a subsidiary of ITM, has supported \nthe development of computer courses for the CITRA \nMandiri community. Altogether, these PKBMs have \nbenefited 1,909 people since their inception. \n182 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Community Development \nEconomic Development \nIn 2023, ITM continued to foster community economic development through the operations of its subsidiaries \nas listed below: \n\u2022 \n PT. Jorong Barutama Greston (JBG), a subsidiary \nof ITM, has been supporting the Sasirangan \nSmall Business Group since 2018 to promote \nbusinesses related to the traditional South \nKalimantan fabric known as Sasirangan. JBG has \nempowered unemployed and underprivileged \npeople in Karang Rejo and Jorong Villages \nto produce and design various Sasirangan \nhandcrafted products, including Sasirangan batik, \nclothing, masks, and bags. Currently, more than \n6,000 craft products have been created, generating \nan income of IDR 370 million. In 2023, JBG and \nthe Calap Baimbai Handicraft Community Enterprise \nGroup signed a memorandum of understanding \n(MoU) to protect \u201cEucalyptus,\u201d the indigenous \nplant species, and designate it as a symbol of Jorong. \nThe MoU also allows local communities to use \neucalyptus as a natural fabric dye. \n\u2022 \n Since 2021, PT. Bharinto Ekatama (BEK), a subsidiary \nof ITM, has been supporting the Bina Usaha farmer \ngroup in Teweh Timur in organizing the Hybrid \nCorn Cultivation Program. In 2023, BEK advised \nthe farmer groups to start layer chicken farming \nto generate additional income. The company \nprovided farmers with 1,000 layer chickens, \nwith 89% egg yield. BEK also plans to expand \nthe project by adding more cages and breeding \nfacilities to cater to local markets in East Teweh. \n\u2022 \n Providing financial aid to improve the quality \nof life for different groups of people on various \noccasions, for instance, donating money to support \naffected people of the 2022 earthquake in \nCianjur, West Java Province, during the holy \nmonth of Ramadan; offering financial support \nto underprivileged individuals residing beneath \nbridges in Jakarta during Easter; and providing \nfinancial aid to an orphanage in Bekasi, West Java \nProvince, during Christmas \nEnhancement of Public Health \nITM has been promoting health and sanitation \ndevelopment for the communities, focusing on maternal, \nchild, and elderly health promotion as part of its \nstrategy to enhance the quality of life for local residents \nas follows: \n\u2022 \n Maintaining the 6-kWh solar power generation \nsystem installed on the roof of the Benangin Health \nService Center in East Teweh District, Central \nKalimantan Province, which is a community health \ncenter (Puskesmas) providing 24-hour health \nservices to residents in the Bharinto mining site \n\u2022 \n Supporting free healthcare services and physical \nexaminations at the Community Health Center \n(Posyandu) for babies and toddlers and offering \nprenatal health examinations to expectant mothers. \nIn 2023, this initiative provided physical examination \nservices and promoted proper nutrition to prevent \nmalnutrition among young children in 34 villages, \nbenefiting 3,002 service recipients. \n\u2022 \n Supplying clean water to 3,574 households in \n19 villages surrounding ITM\u2019s four mining sites \non Kalimantan Island, namely Indominco (IMM), \nTrubaindo Coal Mining (TCM), Bharinto Ekatama \n(BEK), and Jorong Barutama Greston (JBG) \n183 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Environmental Conservation \nIn 2023, ITM has supported the following environmental \npreservation initiatives: \n\u2022 \n To celebrate World Environment Day, ITM, \nin connection with the local government, \nand the local community co-hosted activities to \nraise environmental awareness. These activities \nincluded restoring and conserving nature through \nforest cultivation with the community, as well as \norganizing beach cleaning competitions. \n\u2022 \n The Company has participated as a partner in the \nKutai National Park (TNK) Conservation Project for \nthe third consecutive year. ITM has contributed \nto the TNK conservation initiative through a wide \nrange of activities, including the conservation of \npark facilities such as shelter pavilions, signposts, \nand national park gateways. The Company also \nraises awareness of the importance of the park \nand improves the well-being of the surrounding \ncommunities. \n\u2022 \n ITM has collaborated with the government in \nIndonesia\u2019s Climate Village Program (PROKLIM) \nto enhance community resilience, problem- \nsolving, and adaptation capabilities in the face \nof climate change by facilitating the organization \nof community-based activities and promoting \nknowledge integration for sustainable community \ndevelopment. \n\u2022 \n ITM has collaborated with the National Research \nand Innovation Agency (BRIN) to conduct a study \non fruit tree species in an urban community as \npart of a cultivation development project for \nthe NPR mining initiative in Central Kalimantan \nProvince. \n\u2022 \n IMM, a subsidiary of ITM, implemented a waste \nmanagement project in collaboration with the \nCommunity Learning Center (CLC) in Damai \nMandiri and Suka Damai. In 2023, six waste \nbanks were established near the Indominco \n(IMM) mine for community members to collect \nand sort household waste, which would then be \nsold to the project. \n\u2022 \n ITM aimed to promote the status of women and \nadvance gender equality. As a result, it launched \nthe Female Green Camp initiative. This initiative \nprovided five young women with the opportunity \nto engage in environmental activities and receive \ntraining, including mangrove forest and beach \npreservation, as well as community waste \nmanagement. Additionally, participants conducted \nenvironmental research on various topics, such \nas microplastic waste management, coastal \nresource studies, and the role of women in coastal \nconservation. By 2023, about 200 participants \nacross three cities on Java Island have benefited \nfrom the project. The Female Green Camp initiative \nis considered one of ITM\u2019s achievements, inspiring \nyounger generations, especially women, to create \nmore opportunities for women to play influential \nroles in environmental protection, restoration, and \nsustainable problem-solving. \nPublic Infrastructure Development \nIn 2023, ITM completed the following infrastructure \ndevelopment activities: \n\u2022 \n Installation of water supply pipes to provide clean \nwater to the Danau Redan community in East \nKalimantan Province \n\u2022 \n Road maintenance in the villages of Santan \nTengah, Batalang, Empakuq, Muara Bunyut, \nand Besiq in East Kalimantan Province and \nthe construction of a 3,000-meter water tunnel \nconnecting the villages of Lotaq and Begai \n\u2022 \n Maintenance of irrigation and drainage systems \nin two villages, Santan Ilir and Santan Tengah, \nto prevent flooding \n184 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Sport Development \nShijiazhuang Chengfeng Cogen Co., Ltd., a subsidiary of BIC, has been supporting the Hebei-Banpu Fitness \nClub (formerly Banpu Table Tennis Club) for 20 consecutive years. This year, the power plant provided a fund \nof CNY 150,000 to sponsor the training and competition of the club\u2019s athletes. \nEducational Development \nTangshan Banpu Heat & Power Co., Ltd., a subsidiary of BIC, has provided financial assistance to students \nwith physical disabilities at Luannan-Banpu Special Education School for the sixteenth consecutive year. \nIn 2023, the Company provided two sets of portable brain and art training equipment for children with autism \nand 90 sets of school uniforms with a total value of CNY 60,000 to facilitate teaching and learning and improve \nthe quality of life for students. \nFurthermore, in an effort to facilitate the innovation and modernization of teaching and learning, Shanxi Gaohe \nEnergy Co., Ltd., a subsidiary of BIC, donated 40 sets of electronic displays worth CNY 200,000 in total to \nChangzhi No.15 Middle School in Shanxi Province. \nBanpu Investment (China) Ltd., or BIC, a subsidiary of Banpu in the People\u2019s Republic of China, \nsupports and promotes social activities, community development, and environmental conservation. \nThis includes e orts to continuously encourage investment in the provinces where the Company operates in \n\" \naccordance with Chinese government policy. These e orts have created a positive relationship and aligned BIC\u2019s \n\" \nbusiness operations with the Banpu Group\u2019s social responsibility policy. BIC is also committed to being a good \ncorporate citizen in all locations where the Company operates. Signi\ufb01cant activities carried out in 2023 are as follows: \nPeople\u2019s Republic of China \n185 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu Japan K.K. or BJP, a subsidiary of Banpu Group managed by \nBanpu NEXT Co., Ltd., operates renewable power generation and energy technology \nbusinesses in Japan. BJP is committed to being a good corporate citizen in all locations \nwhere it operates and also values social and environmental responsibility. \n Signi\ufb01cant activities carried out in 2023 are as follows: \nCommunity Development \n\u2022 \n BJP paid hometown tax to Aizuwakamatsu City \nand Tono City, where Banpu Group\u2019s businesses \nare located, in the total amount of JPY 2 million, \naiming to strengthen the Company\u2019s relationship \nwith local communities, support public services, \nand bridge the gap between urban and rural areas \nthrough direct donations to the local regions. \nEducational Development \n\u2022 \n BJP held an exhibition at the Fukushima Future \nExpo to educate attendees about the Sustainable \nDevelopment Goals (SDGs) and disaster prevention. \nCommunity Development \nEconomic Development \nJixin Solar Power Plant has contributed a total of CNY 400,000 to enhance the economic development and living \nstandards of Zhengwei Village residents. This support includes providing employment opportunities and vocational \ntraining, including tasks like cleaning solar panels and weeding. \nElderly Support Initiative \nIn January 2023, Xingyu Solar Power Plant provided essential supplies, including flour and cooking oil, with \na total value of CNY 10,000, to support 80 elderly people living alone in remote areas of Huangtuling and \nNiujiazhuang Villages. This donation demonstrates the Company\u2019s commitment to caring for the elderly in the local \ncommunity and reinforces positive company-community relations. \n\u2022 \n BJP contributed JPY 100,000 to support the Yabuki \nFrontier Festival held by the Yabuki Frontier \nFestival Executive Committee, aiming to preserve \nYabuki City\u2019s historical celebration activities. \nFurthermore, in August, Jinhu Solar Power Plant donated \nCNY 5,000 to the Jinhu County Charity Federation. \nThis contribution aimed to aid elderly people living \nalone, orphans, disadvantaged students, and people \nfacing severe illnesses or accidents in Huai\u2019an City, \nJiangsu Province. \nJapan \n186 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Since the start of its operations in Vietnam, Banpu has consistently supported \nsocial engagement and community development initiatives, striving to create a balance \nbetween business growth and community and environmental development. \nSigni\ufb01cant activities carried out in 2023 are as follows: \nHunnu Coal Limited (Hunnu), a subsidiary of Banpu in Mongolia, consistently pursues community engagement through \nstrategic initiatives that prioritize sustainability and the preservation of a unique cultural legacy in accordance with \nthe Mongolian government\u2019s plans and strategies. Signi\ufb01cant activities carried out in 2023 are as follows: \nBKV Corporation (BKV), a subsidiary of Banpu in the United States of America, \nis committed to being a force for good in society and fostering positive and sincere relationships with stakeholders. \nIn the areas where it operates, BKV promotes community development and actively engages with local stakeholders, \nallowing BKV to better understand the interests and concerns of community members. \nThe highlighted activity in 2023 is as follow. \nChildren and Youth Development \nEmployees of Banpu Vietnam LLC (BPVT) hosted \nperformances and recreational activities to entertain \nchildren at Hung Dong Center for Disabled Children \nin Binh Thuan Province. \nEducational Support \nScholarship Program \nHunnu has awarded scholarships to three government \nofficers from the Governor\u2019s Office in Bayan-Ovoo \nsub-district, Bayankhongor Province, who possess \nprofessional knowledge and skills to attend public \nadministration and accounting training programs. \nAdditionally, Hunnu has granted four university \nstudents from Ulziit Sub Province full scholarships. \nUpon completing their studies, they will work on \na five-year contract for Hunnu\u2019s administrative agency. \nCommunity Engagement \nIn 2023, BKV launched the first BKV First Responder Grant Program to assist Local First Responders in Texas \nand Northeastern Pennsylvania. The Company organized various activities to build positive relationships with \nlocal agencies by sharing information about security operations. Additionally, the Company awarded eight grants \nto first responders, totaling over USD 30,000. \nCommunity Development \nThe El Wind Mui Dinh wind power plant donated VND \n10 million to the Vietnam Fatherland Front\u2019s poverty \nrelief fund in Thuan Nam District, Ninh Thuan Province. \nVietnam \nMongolia \nUnited States of America \n187 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","MANAGEMENT\u2019S DISCUSSION AND ANALYSIS 2023 \n1. Energy Commodity Price Index \nThe market thermal coal and natural gas price since January 2021 as per below graphs that illustrate the coal \nand gas price indexes in the past periods. \n50 \n0 \n100 \n150 \n200 \n250 \n300 \n350 \n400 \n450 \n500 \n132.8 \n373.7 \n249.5 \n87.4 \n$122.8\/Ton \nAs of 16 February 2024 \nJan-21 \nApr-21 \nJul-21 \nOct-21 \nJan-22 \nApr-22 \nJul-22 \nOct-22 \nJan-23 \nApr-23 \nJul-23 \nOct-23 \nJan-24 \nCoal Price Index: The Newcastle Export Index (NEX) for January 2021 \u2013 February 2024 \nAverage Henry Hub Natural Gas Price for January 2021 \u2013 February 2024 \n0.0 \n1.0 \n2.0 \n3.0 \n4.0 \n5.0 \n6.0 \n7.0 \n8.0 \n9.0 \n10.0 \n4.38 \n2.71 \n3.18 \n3.27 \nJan-21 \nApr-21 \nJul-21 \nOct-21 \nJan-22 \nApr-22 \nJul-22 \nOct-22 \nJan-23 \nApr-23 \nJul-23 \nOct-23 \nJan-24 \n$1.59\/MMBtu \nAs of 16 February 2024 \nUSD\/Ton \nUnit: US$\/MMBtu \n188 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","2. Management Discussion \n and Analysis \nThroughout the year 2023, global energy market \nexperienced volatility, driven by various factors \naffecting demand and supply, resulting in adjustments \nto achieve normalization, and a slowdown in energy \nconsumption, leading to a decrease in both coal \nand natural gas prices. Banpu therefore, conducted \nits business with a focus on enhancing operational \nefficiency and prudent cost management. These \nmeasures supported the company in maintaining \nstability and achieving FY 2023 net profit of USD \n160 million. Banpu is committed to consistently \nimplementing these strategies, with a particular focus \non cost reduction while maintaining efficiency in \nresponse to the evolving energy market, seamlessly \nand sustainably. \n The group\u2019s EBITDA was reported at USD 1,562 \nmillion, a decrease of 60% compared to the previous \nyear. This performance was driven by Coal business \nreported an EBITDA of USD 914 million, down by \n66%YoY; Gas business reported an EBITDA of USD \n162 million, down by 85%YoY; Power business \nreported an EBITDA of USD 482 million, significantly \nincrease by 108%YoY; and Energy Technology \nbusiness reported an EBITDA of USD 4 million. \n In the \nEnergy Resources business \n, Banpu emphasizes \nthe importance of operational flexibility optimizing \nefficiency throughout processes, allowing to \nproactively response to evolving market trends. \nThis involves maintaining a competitive edge \neffectively over the long term. \n The Coal businesses \n maintained a strong average \nselling price (ASP) of USD 110.70\/ton, declined by \n34% compared to previous year. Despite a slight 3% \ndecrease YoY in total coal sales volume to 29.90 \nmillion tons, the average gross profit margin from \ncoal business remains strong at 34%. \nIndonesia coal business reported ASP of 113.92 USD\/ \nton, down by 41% compared to previous year. \nThe sales volume of 20.95 million tons, increase of 11% \ncompared to previous year, primarily supported by \nfavorable dry weather conditions with lower rainfalls. \nThe efforts from efficiency improvement and cost \nmanagement in response to market conditions help \nus reduced average production cost down to USD \n61.97 USD\/ton or a 5% decrease compared to \nprevious year, result in healthy gross profit margin of \n46% \nAustralia coal business reported ASP of AUD 173.56\/ \nton, 19% decline compared to previous year. \nThe export price remained strong at AUD 296.38\/ton, \nwhile domestic price was significantly improved to \nAUD 123.39\/ton, increased of 43% compared to AUD \n86.41\/ton in previous year. The sales volume was \n6.98 million tons, down by 18% compared to previous, \nprimarily due to difficult geology, coupled with rising \ninflation impact to increase in labor cost, consequently \nthe cost of sales increases to AUD 172.47\/ton. \nHowever, various policies and measures are \nimplemented to focus on productivity, aiming to \nimprove production to a satisfactory level in the \ncoming years. \nChina coal business continue to report strong share \nof profit of USD 154.35 million, supported by strong \nChinese domestic coal price driven by consistent \ndemand for both industrial and residential sectors. \nThe Gas business \nin the US reported a sale volume \nof 313.73 billion Cubic Feet (Bcf), marking a 12% \nincrease from previous year. However, the average \nlocal price was 2.41 USD\/Mcf, decreased by 58% \ncompared to previous year. The decline in gas prices \nresulted from lower-than-expected domestic utilization \nand an extended shut down for maintenance of \nthe Freeport LNG export terminal located in Texas, \nleading to high natural gas reserves in the country. \n Banpu therefore, has recalibrated its operational plan \nwith a focus on production plan flexibility and tightly \nmanaging costs to ensure continuous cash flow from \noperations. \n189 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu\u2019s \nEnergy Generation business \n upheld \nstability and efficiency across its power plant assets, \nprioritizing operational optimization to drive value \nand mitigate risks. The Temple I& Temple II US \ngas-fired power plant reported recorded outstanding \nperformance from the continuing high demand and \nalso ability to capture the peak electricity price \nduring heatwave in Texas, so it reported operating \nprofit of USD 73 million. HPC power plant generates \nshare of profit of USD 87.53 million, with consistently \nstrong annual EAF of 85%, BLCP reported significant \nimprovement in its operational performance with share \nof profit increased to USD 30.20 million, from its \nconsistent operation with reported annual EAF of 88%. \nAdditionally, BLCP also benefited from additional 861 \nhours of operations outside of contracted availability \nhours (CAH) after fulfilled electricity dispatch ahead \nof schedule. The performance of CHPs (Combined \nHeat and Power) plants in China generated operating \nprofit of RMB 45 million, largely due to effective cost \ncontrol measures. Furthermore, government initiatives \naimed at regulating coal prices for power plant fuel \nplayed a crucial role in driving down domestic coal \ncosts to an average of RMB 1,035 per ton, marking \na 13% decrease from the previous year. Shanxi Lu \nGuang (SLG) power plant in China also experienced \npositive outcomes from these policies, achieving \na profit sharing of USD 3.5 million. However, Nakoso \npower plant in Japan reported loss sharing of USD \n3.11 million, primarily stemming from planned yearly \nmaintenance activities aimed at ensuring long-term \nefficiency and stability. \nFor the renewable business, Solar farms in China \nreported net profit of RMB 49 million, Solar farms \nin Japan reported TK dividend distribution of JPY 1,825 \nmillion. However, solar farm and wind farm in Vietnam, \nreported net loss of USD 0.1 million and the solar \nfarms in Australia reported net loss of AUD 4.1 million \nEnergy Technology business \n has been focused on \nexpanding its customer base and growing its energy \nstorage business by increasing strategic investment \nto strengthen business value chain. For instance, \nBanpu NEXT acquired a 40% stake in SVOLT Energy \nTechnology (Thailand) Co., Ltd, a manufacturer and \ndistributor of lithium-ion batteries for electric vehicles \nlocated in Chonburi province, with a production \ncapacity of approximately 2 GWh, expected for \ndeliveries in the 1st quarter of 2024. The increased \nshareholding in Dura Power Holdings Limited to 65.1% \nand a joint investment for a battery assembly facility in \nChonburi province with capacity of 1 GWh, expected \nto commence commercial operations in the latter half \nof 2024. Moreover, there have been investments in \nseveral leading companies operating in the energy \nstorage value chain. For example, a 4.51% stake in \nGreen Li-ion, a Singapore-based company providing \ntechnology services for recycled lithium-ion batteries, \nand a 15.91% stake in Oyika, a Singapore-based \nstartup offering battery swap solutions for electric \nmotorcycles. Additionally, there are developments \nof new innovative projects, such as the Iwate Tono \nbattery farm project in Japan, with a total electricity \nstorage capacity of 58 MW, which is currently under \nconstruction and expected to commence commercial \noperations in 2025. Furthermore, for smart energy \nmanagement solutions, BNSP Smart Tech Co., Ltd, \na joint venture company between Banpu NEXT and \nSP Group, a leading Singaporean utilities company \nin Asia Pacific was awarded to design, develop, and \nmanage a District Cooling System for the Government \nComplex Center Zone C, with commercial operations \nexpected to begin in August 2024. \nAdditionally, Banpu established a Corporate Venture \nCapital (CVC) unit to oversee investments in New \nS-Curve businesses, accelerating growth in line with \nthe Greener & Smarter strategy, and strengthening \nthe existing businesses and ecosystem of the Banpu \nGroup. This initiative emphasizes synergistic value \ncreation with existing businesses, prioritizing advanced \ntechnology ventures, long-term competitive advantage, \nand sustainable returns. These developments across \nall business units reflect Banpu\u2019s commitment to \ndriving continuous transformation and achieving \nthe goal of becoming a sustainable energy provider. \n190 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Consolidated financial performance \n(Unit: Million USD) \n2023 \n2022 \nChange \nAmount \n% \nSales and service income \nCost of sales and sevices \n5,159 \n(3,666) \n7,693 \n(3,616) \n(2,534) \n(50) \n-33% \n-1% \nGross profit \n1,493 \n4,077 \n(2,584) \n-63% \nSelling expenses \nAdministrative expenses \nRoyalty fee \nShare of profit from joint ventures \nand associates \nImpairment loss on assets \nOther income (expenses) \nFinance cost \n(168) \n(388) \n(379) \n268 \n- \n49 \n(384) \n(229) \n(445) \n(592) \n 339 \n (375) \n (366) \n (265) \n61 \n57 \n213 \n(71) \n375 \n415 \n(119) \n27% \n13% \n36% \n-21% \n-100% \n113% \n-45% \nProfit before income taxes \n491 \n2,144 \n(1,653) \n-77% \nIncome taxes \n(119) \n(521) \n402 \n77% \nProfit for the year \n372 \n1,623 \n(1,251) \n-77% \nOwners of the parent \nNon-controlling interests \n160 \n212 \n1,162 \n461 \n(1,002) \n(249) \n-86% \n-54% \nEarnings (losses) per share (Unit: USD) \n0.018 \n 0.162 \n(0.144) \n-89% \nDiluted earnings (losses) per share \n(Unit: USD) \n0.018 \n 0.148 \n (0.130) \n-88% \n3. Group Performance Analysis \nThe analysis and explanation of Banpu Group performance for the year ended 31 December 2023 and 2022 \nas follows: \nConsolidated Statement of Income for the year ended 31 December 2023 and 2022 \nBanpu group performance for 2023 reported net \nprofit at $160 million, decreased by $1,002 million or \n86% compared to 2022. This was primary due to a \ndecrease in natural gas and coal price compared to \nthe previous year, resulting in a decrease in royalty \nfees and a decrease in loss on financial derivatives \nas well. In addition, the group invested in Temple \nII gas-fired power plant in USA that has already \nachieved commercial operation date and immediately \ngenerated income and cashflows. The group has \nstrategically managed its cost and expense, allowing \nthe group to navigate the uncertainties of the energy \nmarket and maintain a consistent cash flow stream. \n191 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","The Group performanace for 2023 were describe as details follows: \nSales \nSales reported at $5,159 million (equivalent to THB 179,619 million), decreased \nby $2,534 million compared to 2023, that derived from a decrease from coal \nbusinesses $1,880 million, natural gas business $923 million, while an increase \nin power and steam business $186 million and other businesses $83 million. \nDetails were described as follows: \n1. Sales from coal business of $3,310 million or 64% of total revenue separated \nby source of coal as below: \n\u2022 \n Indonesia coal mines of $2,386 million \n\u2022 \n Australia coal mines of $805 million \n\u2022 \n Coal trading business of $119 million \n2. Sales from natural gas business in USA of $735 million or 14% of total revenue. \n3. Sales from power and steam of $932 million or 18% of total revenue derived \nfrom Combined Heat and Power (CHP) plants and solar power plants in China, \nsolar power plants in Australia, wind power plant and solar power plant in Vietnam \nand gas-fired power plants in USA. \n4. Others of $182 million or 4% was mainly from energy trading business in Japan \nand battery business in Singapore. \nSales and Cost of Sales \n1. Coal Business \nCoal sales of $3,310 million, decreased by $1,880 million or 36%, was a result of a decrease in average selling \nprice by $56.96 per tonne or 34%, a decrease in sales volume by 1.05 million tonnes or 3% and an increase \nin average cost of sales $1.03 per tonne or 3% compared to 2022 as following details: \nUnit: Million USD \nRevenue \nCost of Sales \n2023 \n2022 \nInc.(Dec.) \n2023 \n2022 \nInc.(Dec.) \nCoal Business \nNatural Gas Business \nPower & Steam Business \nOthers \n 3,310 \n 735 \n 932 \n 182 \n 5,190 \n 1,658 \n 746 \n 99 \n-36% \n-56% \n25% \n84% \n 2,196 \n 715 \n 581 \n 174 \n 2,242 \n 639 \n 659 \n 76 \n-2% \n12% \n-12% \n129% \nTotal \n5,159 \n7,693 \n-33% \n 3,666 \n 3,616 \n1% \nCoal Business \n2023 \n2022 \nInc.(Dec.) \nSales Volume \nAverage selling price \nAverage Cost of sales \nMillion Tonnes \n$\/Tonne \n$\/Tonne \n29.90 \n110.70 \n73.45 \n30.95 \n167.66 \n72.42 \n-3% \n-34% \n1% \n192 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Coal Business \nin Indonesi a \n\u2022 \n Sales volume \nCoal sales volume was 20.95 million tonnes, increased by 2.02 million tonnes \nor 11% compared to 2022. \n\u2022 \n Average selling price \nAverage selling price per tonne was $113.92, decreased by $78.77 or 41%, \nresulting from coal price decreased compared to the prior year. \n\u2022 \n Average cost of sales \nAverage cost of sales per tonne was $61.97, decreased by $2.93 or 5% \ncompared to 2022, primarily from an increase in coal production volume \nnet with overburden expenditure. The group has been focusing on cost \nmanagement to cope with volatility in global coal market price, while still \nmaintaining coal quality, including quality development to meet customer \ndemand and retain in the long run. Moreover, the group emphasized more \nefficiency in fuel used for production. This included a favor outcome from \nthe cost reduction program that was implemented across the group. \nIndonesia Mines \n2023 \n2022 \nInc.(Dec.) \nSales Volume \nAverage selling price \nAverage Cost of sales \nMillion Tonnes \n$\/Tonne \n$\/Tonne \n 20.95 \n 113.92 \n 61.97 \n 18.93 \n 192.69 \n 64.90 \n11% \n-41% \n-5% \nAustralia Mines \n2023 \n2022 \nInc.(Dec.) \nSales Volume \nAverage selling price \nAverage Cost of sales \nMillion Tonnes \nA$\/Tonne \nA$\/Tonne \n6.98 \n173.56 \n172.47 \n8.55 \n213.06 \n131.56 \n-18% \n-19% \n31% \nCoal Business \nin Australia \n\u2022 \nSales volume \nCoal sales volume was 6.98 million tonnes, decreased by 1.57 million tonnes \nor 18% compared to 2022, derived from a decrease in both domestic and \nexport sales due to a decrease in production volume from Mandalong mine, \nresulting from longwall relocation, and from Clarence mine that encountering \nwith geological challenge. \n\u2022 \n Average selling price \nAverage selling price per tonne was A$173.56, decreased by A$39.50 or 19% \ncompared to 2022 as the following details: \n193 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Australia Mines \nSales Volume \n(Unit: Million Tonnes) \nAvg. Price\/Tonne \n(A$\/Tonne) \n2023 \n2022 \nInc. \n(Dec.) \n2023 \n2022 \nInc. \n(Dec.) \nDomestic \n4.95 \n5.53 \n-10% \n123.39 \n86.41 \n43% \nExport \n2.03 \n3.02 \n-33% \n 296.38 \n444.96 \n-33% \nTotal \n6.98 \n8.55 \n-18% \nNatural Gas \nBusiness in USA \n\u2022 \n Average selling price of domestic and export sales \nAverage domestic selling price per tonne was A$123.39, increased by \nA$ 36.98 or 43%. This was due to higher domestic selling prices according \nto sales contracts. The average export selling price per ton was A$296.38, \ndecreased by A$148.58 per tonne, or 33% driven by coal price decreased \ncompared to 2022 despite of a depreciation of AUD currency against \nUSD currency that impacted to higher export sales from currency conversion. \nThe average AUD\/USD in 2023 was 0.6645 (2022: 0.6941). \n\u2022 \n Average cost of sales \nAverage cost of sales per tonne was A$172.47, increased by A$40.91 or 31%. \nThis was a result from a decrease in coal production as mentioned above, \nalso from encountering geological challenge over the past. \nSales from natural gas business in 2023 reported at $735 million, decreased \nby $923 million or 56% compared to 2022. Details were as follows: \n\u2022 \n Sales Volume \nNatural gas sale volume was 313.73 billion cubic feet, increased by 33.82 billion \ncubic feet compared to 2022. This was due to a full year revenue recognition \nfrom XTO Barnett that the group invested during 3Q2022. \n2. Natural Gas Business \n* Avg Cost excluded Cost of Gathering, processing & transportation \n** Bcf - Billion Cubic Feet \nNatural Gas Business \n2023 \n2022 \nInc.(Dec.) \nSales Volume \nAverage Local Price \nAverage Cost of Gathering, \nprocessing & tran \nAverage Cost* \nBcef ** \n$\/Mcf \n$\/Mcf \n$\/Mcf \n313.73 \n2.41 \n0.95 \n1.48 \n279.91 \n5.72 \n1.00 \n1.54 \n12% \n-58% \n-5% \n-4% \n194 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","\u2022 \n Average Local Price \nRefer to lower Henry Hub index price compared to 2022, the average local \nprice per Mcf. in this quarter was $2.41, decreased by $3.31 per Mcf or 58% \nfrom 2022. This was a result from Henry Hub natural gas price and West Texas \nIntermediate (WTI) price that remained high last year due to consequential \naffects from banning imports and sale of oil and natural gas from Russia. \nAs a result, there is an increased demand for liquefied natural gas (LNG) \nfrom other alternative sources, such as the United States. This incremental \ndemand has influenced natural gas prices in the United States, causing them \nto adjust accordingly. \n\u2022 \n Average cost of Gathering, processing & transportation \nAverage cost of Gathering, processing & transportation per Mcf was $0.95, \ndecreased by $0.05 or 5% compared to 2022, resulting from a decrease \nin gathering, processing and transportation cost from XTO Barnett that reduced \noutsourcing of midstream system from third party. \n\u2022 \n Average Cost of Sale \nAverage cost of sales (excluding gathering, processing & transportation \ncost) per Mcf was $1.48, decreased by $0.06 or 4% compared to 2022 \nfrom decrease in production tax per unit that was in line with the average \nHenry Hub price during the year. \n3. Power Business \nSales from Power and Steam of $932 million or 18% of total revenue was from sales from CHP plants $186 million, \nsolar power plants in China of $26 million, solar power plants in Australia of $13 million, wind power plant and \nsolar power plant in Vietnam of $13 million and gas-fired power plants in USA of $694 million. \nDetails of sales from CHP plants, solar power plants in China and gas -fired power plants in USA were described \nas follows: \nPower Business \nCombined Heat & \nPower Plants (CHP) \nSolar Power Plants \nGas-fired Power Plant \n2023 \n2022 \nInc.(Dec.) \n2023 \n2022 \nInc.(Dec.) \n2023 \n2022 \nInc.(Dec.) \nPower sold \nVolume \nGWh \n989.95 1,089.42 \n-9% \n 229.54 227.35 \n1% \n5,415.74 3,810.30 \n42% \nSteam Volume Million \nTonnes \n6.43 \n6.08 \n6% \n- \n- \n- \n- \n- \n- \nAverage \nPowerTariff \nUnit\/kwh \n0.40 \n0.42 \n-5% \n0.81 \n0.81 \n0% \n 69.65 \n 74.71 \n-7% \nAverage \nSteam Price \nRMB\/ \nTonne \n140.72 132.27 \n6% \n- \n- \n- \n- \n- \n- \n195 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Solar Power Plants \nin China \nGas- Fired Power \nPlants \n(Temple I & II) \nin USA \nSales from solar power plants in China reported at $26 million, decreased by \n$1.24 million or 4% compared to 2022. Details of sales volume, average power \ntariff and cos of sales were as follows: \n\u2022 \n Sales Volume \nSales volume of 229.54 GWh, increased by 2.19 GWh or 1% compared to \n2022 due to an increase in production volume resulting from favorable weather \nconditions compared to 2022. \n\u2022 \n Average Power Tariff \nAverage power tariff was RMB 0.81, same as previous year. \n\u2022 \n Cost of Sale \nCost of sale was $9.13 million, decreased by $1.20 million or 12% compared \nto 2022. \nSales from gas -fired power plants reported at $694 million, increased by $195 \nmillion or 39% compared to 2022. This was mainly from the acquisition of Tempel \nII gas-fired power plant during the year. \n\u2022 \n Sales Volume \nSales volume was 5,415.74 GWh, increased by 1,605.44 GWh or 42%, resulting \nfrom the acquisition of Temple II gas-fired power plant during the year. \nCombined Heat and \nPower (CHP) Plants \nin China \nSales from power and steam from 3 CHP plants in China of $186 million, decreased \nby $14 million or 7% compared to 2022, was mainly from a decrease in sales \nvolume of power as details below: \n\u2022 \n Sales Volume \nSales volume of 989.95 GWh, decreased by 99.47 GWh or 9% compared \nto 2022 was result from a decrease in power demand from key customers. \nSteam sales volume of 6.43 million tonnes, increased by 0.35 million tonnes \nor 6%, mainly was from Luannan power plant due to an increase in demand \nfrom industrial customers. \n\u2022 \n Average Selling Price \nAverage power tariff was RMB 0.40 per kWh, decreased by RMB 0.02 per \nkWh compared to 2022. \nAverage steam price per tonne was RMB 140.72, increased by 8.45 or 6% \nfrom 2022. This was because a part of steam price was adjusted under the \nnew agreement. \n\u2022 \n Cost of Sale \nCost of sale was $175 million, decreased by $34 million or 16% due to \na decrease of average coal price per ton. The average coal cost per ton was \n1,035 RMB (2022: 1,184 RMB), decreased by 149 RMB or 13% decreased \ncompared to 2022. \n196 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Share of Pro\ufb01t \nfrom Joint Ventures \nand Associates \nAdministrative \nExpense \nRoyalty Fees \nProfit sharing from joint ventures and associates reported at $268 million, decreased \nby $71 million or 21% compared to 2022 mainly due to details described as below: \n1. Recognition of profit sharing from BLCP of $30 million increased by \n$14 million. This was mainly due to an increase in operating profit of $9 million, \na decrease in deferred tax expense recognition and loss on exchange rate \ntranslation total of $5 million. \n\u2022 \n Average Power Tariff \nAverage power tariff was $69.65 per kWh, decreased by $5.06 or 7% from \nunusually high temperature weather and a decrease in natural gas price \ncompared to previous year. \n\u2022 \n Cost of Sale \nCost of sale was $381.72 million, decreased by $41.62 or 10% was mainly \nfrom a decrease in natural gas price compared to 2022. \nAdministrative expenses reported at $388 million decreased by $57 million or 13%. \nThis was a result from effective cost reduction program that the group carefully \nmanaged expenses i.e., consulting fee and administration expense. Whereas an \nincrease in expense related to business expansion in USA and from business \nacquisition in the past. \nRoyalty fees reported at $379 million, decreased by $213 million or 36%. \nThe fee comprised of royalty fees from Indonesia mines $332 million, decreased by \n$182 million, and royalty fees from Australia mines that was $47 million, decreased \nby $31 million. This was a result from a decrease in coal quantity and selling price \ncompared to 2022. \nProfit Sharing \n(Unit: Million USD) \n2023 \n2022 \nInc.(Dec.) \nAmount \n% \nBLCP \n 30 \n 16 \n 14 \n88% \nHongsa & Phufai Mining \n 88 \n 105 \n (17) \n-17% \nShanxi Luguang \n 4 \n (9) \n 13 \n-144% \nCoal business in China \n 155 \n 229 \n (74) \n-32% \nHolding companies in renewable and energy \ntechnology businesses \n (9) \n (2) \n (7) \n-350% \nTotal \n 268 \n 339 \n (71) \n-21% \n197 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Other Income \nOther income of $49 million comprised of: \n1. Net gain on foreign exchange rate of $2 million was mainly from unrealized \ngain on foreign exchange rate translation of asset in IDR currency due to \nan appreciation of IDR currency against USD currency compared to 2023. \nAverage exchange rate of USD\/IDR as of 31 Dec 2023 was IDR 15,416 (2022: \nIDR 15,731). Netting with unrealized gain on foreign exchange rate translation \nof loan in THB currency from an appreciation of THB against USD. Average \nexchange rate of USD\/THB as of 31 Dec 2023 was THB 34.2233 (2022: \nTHB 34.5624). \n2. Net loss from financial derivatives of $164 million comprised of: \n\u2022 \n Realized loss from financial derivatives of $107 million derived from natural \ngas swap contracts of $35 million, electricity swaption of $94 million, \nforeign exchange rate forward contract $18 million. Whereas gain on cross \ncurrency swap and interest rate swap of $6 million, coal swap contract of \n$11 million, fuel swap contract of $7 million and interest rate swap contract \nof $16 million. \n\u2022 \n Unrealized loss on fair value remeasurement of financial derivatives at \nthe end of year of $57 million comprised of electricity swaption of $11 million, \nelectricity call option $44 million and foreign exchange rate forward contract \n$2 million. \n\u2022 \n Loss from fair value remeasurement of investment in equity instruments \nand debt instruments measured fair value through profit and loss of \n$0.46 million. \n3. Management fee income and others of $211 million was from: \n\u2022 \n Interest income of $48 million. \n\u2022 \n Management fee income charged to related parties and joint ventures \nof $2 million. \n2. Recognition of profit sharing from Hongsa power plant and PhuFai mining \nin Laos of $88 million, decreased by $17 million from the plan and unplan \nmaintenance shutdown and gain on foreign exchange rate translation \nof $1 million. \n3. Recognition of profit sharing from SLG power plant of $4 million, increased by \n$13 million from better performance resulting from higher sales volume and \nfrom entering a long-term coal supply contract with favorable price compared \nto 2022. \n4. Recognition of shares of profit from coal business in China of $155 million, \ndecreased by $74 million. This was from a decrease in coal price compared \nto 2022. \n198 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)"]
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