Gulf Energy Development Public Company...

Gulf Energy Development Public Company Limited

SET Opportunity Day Q2 2019

September 2019

2

Business Updates

3

1H 2019 Key Highlights: Project COD

Increase of 637 MW gross installed capacity in 2019from 5,282 MW to 5,919 MW

GNLL2 (127 MW)

COD: 1 Jan 2019

GNRV1 (128 MW)

COD: 1 May 2019GNRV2 (128 MW)

COD: 1 Jul 2019

GNPM (135 MW)

COD: 1 Mar 2019

TTCIZ-01

TTCIZ-02

NGD4

1 2 3

12 SPPs in Operation

• 4 SPPs (519 MW) COD in 1H 2019

• All 12 SPPs under GMP (1,563 MW)

COD

• Projects developed on schedule and

under budget

2 Solar Farms COD

• TTCIZ-01 (68.8 MW) COD on 6 Mar

2019

• TTCIZ-02 (50.0 MW) COD on 19

Apr 2019 (ahead of schedule)

• Average capacity factor of 18.1%

(better than expected)

2 NGD Projects in Operation

• NGD4 (2,000,000 mmbtu/year)

COD on 11 Jun 2019

• All 2 NGD Projects (4,000,000

mmbtu/year) commenced

commercial operation

Note: 1/ as of July 2019

1

1

4

1H 2019 Key Highlights: Project Updates

Duqm Project (DIPWP)

326 MWInstalled capacity: location: Duqm Special Economic Zone

(Oman)

45% Gulf ownership construction progress

38%

PPA: Signed with Duqm Refinery for 25 years

Gas-fired Power Projects

Gulf PD (GPD)

2,650 MWInstalled capacity: location: Rojana Rayong 2 Industrial Park

(Rayong, Thailand)

70% Gulf ownership

SCOD: 2023 - 2024

status: expect to sign financing

agreement in Q4 2019

Gulf SRC (GSRC)

2,650 MWInstalled capacity: location: WHA Eastern Seaboard Industrial Estate 1

(Chonburi, Thailand)

70% Gulf ownership

SCOD: 2021 - 2022

construction progress

30%

PPA: Signed with EGAT for 25 years


SCOD: 2020 - 2022

5

1H 2019 Key Highlights: Project Updates

Acquisition of stakes in Vietnam projects

Renewable Power Projects

Mekong Wind Power Project

310 MWInstalled capacity: location: Ben Tre, Vietnam

SCOD: 2021

status:

• substation work and 110kV

transmission line work

started in Jul 2019

• under EPC selection process

(EPC financing) and expect

to issue NTP by Q4 2019

Gulf Chana Green (GCG) - biomass

25 MWInstalled capacity: location: Songkhla, Thailand

100% Gulf ownership

SCOD: March 2020

construction progress

69%

95% Gulf ownership

• Phase 1: 30 MW (PPA signed with EVN for 20 years)

• Phases 2-6:49 MW each

• Phase 7: 35 MW

* share transfer is expected to be completed in Q4 2019

TTCIZ-01 49% 90%*1 2 TTCIZ-02 49% 90% 3Mekong

Project49% 95%


6

Power capacity growth – over 20% in 5 years

Gross Installed Capacity (MW):

Equity Installed Capacity (MW):

831

2,485

4,237 4,237 4,772 5,282

5,919 5,919 6,083

7,707

9,200

10,585

11,910

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2013 2014 2015 2016 2017 2018 Aug-19 2019 2020 2021 2022 2023 2024

GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

Note: 1/ Gulf's equity stake in GJP was 10% until August 15, 2016 when the stake was increased to 40%; equity installed capacities for 2013-2016 are based on the pro-

forma 40% stake for comparison purposes2/ Include the gas-fired power project in Oman

76%

20%

4%

320 982

1,683 1,683 1,964 2,253 2,673 2,701 2,804

4,075

5,051

5,978

6,906

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013 2014 2015 2016 2017 2018 Aug-19 2019 2020 2021 2022 2023 2024

GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

76%

18%

7%

IPP2

SPP

Renewables

IPP2

SPP

Renewables

1

1

1 1

1

1

1 1

7

Potential New Projects

8

Map Ta Phut Industrial Port Development Phase 3(Under negotiation)

Map Ta Phut

Port Phase 3

Investment Type: PPP Private sector runs its own

business

Authority: Industrial Estate

Authority of Thailand

(IEAT)

Industrial Estate Authority of

Thailand (IEAT)

Scope: Land reclamation

(1,000 rai)

Right to use land:

Plot B (200 rai)

• LNG terminal (phase 1):

5 MTPA

• LNG terminal (phase 2):

5 MTPA

Ownership: Build – Transfer Build – Operate – Transfer

Construction

Period:

3 years

(2020 – 2023)

4 years

(2023 – 2027)

Operation Period: Operated by IEAT 30 years

Investment Cost: 12,900 MB [35,000] MB

Return on

Investment:

Annual fixed payment

made by IEAT to

private sector for 30

years

Tolling service fees by

off-takers

Consortium

70% 30%

Infrastructure

(2020 – 2023)

Superstructure

(2023 – 2027)

9

Laem Chabang Port Development Phase 3(Under negotiation)

Deep-Sea-Port: F1 and F2 Terminals (690 rai)

Investment Type: PPP Net Cost

Authority: Port Authority of Thailand (PAT)

Contract Period: 35 years

Scope: Design, Build, Operation, and

Maintenance

Capacity: At least 4 million TEU/year

Berth Length: • F1 = 1,000 m.

• F2 = 1,000 m.

Deepest Berth Depth: -18.5 m.

Investment Cost: 30,000 MB

Concession Fees: • Fixed concession fee

• Royalty fee (variable fee)

SCOD: • F1 = 2023

• F2 = 2027*

Consortium

30%30%40%

Gulf Energy

Development PCL

PTT Tank Terminal

Co., Ltd.

China Harbour

Engineering

Company Ltd.

* Subject to further discussions with PAT

Infrastructure work done by Port Authority of Thailand (PAT)

Superstructure (Container Port)

10

Intercity Motorway (M6 & M81)(Under evaluation)

Consortium

10%40%40% 10%

M6

Nakhon Ratchasima

Bang Pa-In

196 km

96 km

Bang Yai

Kanchanaburi

M81

Investment Type: PPP Gross Cost PPP Gross Cost

Authority: Department of Highways

(DOH)

Department of Highways

(DOH)

Distance: 196 km 96 km

Scope: Phase 1: Design and Construction (3 years)

• Toll Collection System

• Traffic Management and Control System

• Other Infrastructures

Phase 2: Operation and Maintenance (30 years)

Budget Approved

by the Cabinet:

33.2 billion Baht 27.8 billion Baht

Price Proposed

by Consortium:

21.3 billion Baht

(36% discount)

17.8 billion Baht

(36% discount)

Expected COD: [2023] [2023]

Bang Pa-In –

Nakhon RatchasimaM6

Bang Yai –

KanchanaburiM81

11

Financial Highlights

12

Q2’19 2019 Financial Highlights: P&L

Total Revenues

3,945

6,477 7,067 75

77 77

895

1,062

120

47

125

4,080

7,496

8,332

100

2,100

4,100

6,100

8,100

Q2'18 Q1'19 Q2'19Sales revenue Management fee Share of profit

Other incomes Total revenues

Net Profit / Core Profit

795 857 985

-468

196 222

-765

240 396

-438

1,293

1,603

-1,500

-1,000

-500

-

500

1,000

1,500

2,000

Q2'18 Q1'19 Q2'19

Core profit GMP Gain on FX

GJP Gain on FX Net profit

+104% YoY+24% YoY

Total revenues in Q2’19 was 8,332 MB

• QoQ: +11% from the COD of GNRV1 and TTCIZ-02 in Q2’19,

which added 135 equity MW to the portfolio, and the increase in

electricity and steam sold under GMP

• YoY: +104% mainly from equity capacity expansion of 463 MW

(additional 5 SPPs under GMP and 2 solar projects in Vietnam

during Q3’18 – Q2’19)

Core profit in Q2’19 was 985 MB

• QoQ: +15% from new capacity expansion and lower natural gas cost

(282.02 → 274.55 baht/mmbtu) while Ft remained flat

• YoY: +24% due mainly to capacity expansion from both domestic and

overseas (11 SPPs and 2 Vietnam projects compared to only 6 SPPs in

Q2’18)

Net profit in Q2’19 was 1,603 MB

• +24% QoQ and recovered from a loss in Q2’18

from the movement in unrealized FX gain

• Q2’18: Bt 33.33/USD, Q1’19: Bt 31.98/USD, Q2’19: Bt 30.92/USD

+15% QoQ+11% QoQ

13

31,556 31,556 31,556

1,935 3,924 4,2131,074 1,057 1,000 4,783 8,251 9,935

39,348

44,788 46,703

31-Dec-17 31-Dec-18 30-Jun-19

Total equity

Balance sheet

Balance sheet

Unit: Million Baht

4,374 9,349 6,341

56,930 69,532

76,142

61,304

78,880 82,483

31-Dec-17 31-Dec-18 30-Jun-19

Total liabilities

9,267 15,552 17,333

50,547

67,664 74,309

20,439

21,659 21,908

20,399

18,794 15,635

100,652

123,669 129,186

31-Dec-17 31-Dec-18 30-Jun-19

Total assets

D/E ratio as of Jun 30, 2019 was at 1.77x

Total assets was 129,186 MB,

+4% from the development and

construction of SPPs under GMP

and GSRC, TTCIZ-02, Mekong

Project and GCG

Total liabilities was 82,483 MB,

+5% mostly from long-term loan

drawdowns for the construction of

GSRC

Total equity was 46,703 MB,

+4% from the increase in R/E

and non-controlling interests

31-Dec-17 31-Dec-18 30-Jun-19

D/E 1.56x 1.76x 1.77x

ID/E 1.45x 1.55x 1.63x

ND/E 1.04x 1.34x 1.43x

Cash, cash equivalents and deposits

used as collateral

Investments in an associate and joint

ventures

Property, plant and equipment

Other assets

Interest-bearing debts

Other liabilities

Non-controlling interests

Other components of equity attributable

to owners of the parent

Paid-up capital and share premium

Unappropriated retained earnings

4%

5%

4%

14

Appendix

15

Business overview

Gas-fired Business Renewable Business Other Business

▪ 2 IPPs and 7 SPPs

▪ 4,237 MW

▪ COD: 2013-2015

40%Ownership

▪ 12 SPPs

▪ 1,563 MW

▪ COD: 2017-2019

70%Ownership

70%Ownership

(75% dividend)

75%Ownership

100%Ownership

▪ 4 Rooftop-solar VSPPs

▪ 0.6 MW

▪ COD: 2014-2015

▪ 1 Biomass project

▪ 25 MW

▪ COD: 2020

▪ 2 IPPs

▪ 5,300 MW

▪ COD: 2021-2024

Solar power projects90-95%Ownership

▪ 3 Solar projects

▪ 149 MW

▪ COD: [2019-2020]

▪ Natural Gas Distribution

• 2 NGD projects

• 4,000,000 mmbtu/year

• COD in 2018-2019

▪ Investment

• 8.38% in SPCG

• 0.46% in EDL-Gen

11,426 MW

35%Ownership

WHA MT

Thailand

Overseas

484 MW

▪ 1 Independent power

and water project

▪ 326 MW

▪ COD: 2020-2022

45%Ownership

Duqm Power

Company (“DPC”)

Wind power project95%Ownership

▪ 1 Wind project

▪ 310 MW

▪ COD: 2021-2023

16

Power business

Preparing for or

under construction/

development

33 Power projects

in 3 countries

With over 20 years of continued experience in Thailand’s Power industry, Gulf has become one of the

largest power companies in the country, operating in all

types of power producers – IPP, SPP and VSPP – using

environmental-friendly fuels, mainly natural gas plus

growing contribution from renewables.

In operation

Vietnam(4 projects)

Oman(1 project)

Thailand(28 projects)

Installed capacity Gross Equity

In operation 5,919 MW 2,673 MW

Preparing for or under construction/ development 5,991 MW 4,205 MW

Total 11,910 MW 6,878 MW

1994

Thailand’s 1st IPP

2007 20132010 2016 2018

Thailand’s 1st SPP

Thailand’s 2nd IPP

Thailand’s 2nd SPP

Thailand’s 3rd SPP

Thailand’s 3rd IPP

17

GVTP

COD 16 May 2017

GNC

COD 1 Mar 2018

GBL

COD 1 Sep 2018

GBP

COD 1 Nov 2018

GNLL2

COD 1 Jan 2019

GTS4

COD 1 Jan 2018

GNPM

COD 1 Mar 2019

GNRV1

COD 1 May 2019

GNRV2

COD 1 Jul 2019

GTS1

COD 8 Jul 2017

GTS2

COD 1 Sep 2017

GTS3

COD 1 Nov 2017

Installed

capacity

Electricity: 1,563.4 MW

Steam: 225.0 TPH

Contracted

capacity

Electricity: 1,489.7 MW

Steam: 210.5 TPH

PPA: Signed with EGAT,

for 25 years

GSA: Signed with PTT

EPC:Signed with Toyo

Engineering

LTSA: Signed with SIEMENS

and GE

COD: 2017 – 2019

Project cost: 6,000 - 6,200 MB / SPP

Overall status: • All projects in operation

✓ ✓ ✓ ✓

✓ ✓

COD

2017

COD

2018

COD

2019

Construction progress on track

✓

✓

✓

✓

GMP – 12 SPPs (1,563 MW)

✓

✓

✓ ✓ ✓

As of July 2019

✓

18

IPD – 2 IPPs (5,300 MW)

In operation

Under construction/

development

CHONBURI

RAYONG

Location: WHA Eastern Seaboard

Industrial Estate 1, Chonburi

Installed

capacity

2,650.0 MW

Contracted

capacity:

2,500.0 MW

Fuel type: Gas-fired

PPA Signed with EGAT

for 25 years

GSA Signed with PTT

EPC Signed with Mitsubishi,

MHPS and STEC

LTSA Signed with MHPS

SCOD: Unit 1-2: Mar and Oct 2021

Unit 3-4: Mar and Oct 2022

Project

cost:

50,000 MB

• Debt: 38,000 MB (D/E 3:1)

• Equity back-ended structure

Overall

status:

Under construction

30% completed

Location: Rojana Rayong 2

Industrial Park, Rayong

Installed

capacity

2,650.0 MW

Contracted

capacity:

2,500.0 MW

Fuel type: Gas-fired


for 25 years

GSA Signed with PTT

EPC Signed with Mitsubishi,

MHPS and STEC

LTSA Signed with MHPS

SCOD: Unit 1-2: 2023

Unit 3-4: 2024

Project cost: Approx. 50,000 MB

• Debt: 38,000 MB (D/E 3:1)

• Equity back-ended structure

Overall

status:

• Under development

• Expect to sign financing

agreement by Q4 2019

✓

✓

✓

✓

✓

✓

✓

✓

As of June 2019

19

GSRC’s project developments

Civil works progress as planned

20

Gulf Chana Green (25 MW)

(GCG)

SONGKHLA

Location: Songkhla, Thailand

Installed

capacity:

25.0 MW

Contracted

capacity:

20.6 MW

Fuel type Parawood

Tariff EP + Ft + Bt 1.3 adder for 7 years

after COD


EPC Signed with STEC

SCOD: Mar 2020

Project cost: Approx. 2,300 MB

Overall

status:Under construction

69% completed

✓

✓

As of June 2019

21

NGD projects (4,000,000 mmbtu/year)


Industrial Estate 2

Capacity: 2,000,000 mmbtu/year

Customers: 500,000 mmbtu/year

(Around 60% was secured under

10-year, long-term contracts)

GSA Signed with PTT (10 years)

COD: 1 Dec 2018

Project cost: Approx. 198 MB


Industrial Estate 4

Capacity: 2,000,000 mmbtu/year

Customers: 500,000 mmbtu/year

(Around 20% was secured under

10-year, long-term contracts)

GSA Signed with PTT (10 years)

COD: 11 Jun 2019

Project cost: Approx. 234 MB

✓

✓

✓

As of July 2019

22

New renewable investment in Vietnam

Project ProvinceFuel

type

Equity

interest

Gross

installed

capacity

(MW)

Equity

installed

capacity

(MW)

Approx.

project

cost

(US$m)

COD/SCOD

TTCIZ-01 Tay Ninh Solar 90%* 69 34 65 6 Mar 2019

TTCIZ-02 Tay Ninh Solar 90% 50 45 50 19 Apr 2019

Mekong

Solar Farm

Ben Tre Solar 95% 30 28 33 [2019-2020]

Mekong

Wind Farm

Ben Tre Offshore

wind

95% 310 295 618 2021

Total 460 402 766

Investment portfolio

One of the leading conglomerates in Vietnam,

operating various businesses, including energy and

industrial estates with an asset size of approx.

US$1.9 billion

Under construction/

development

In operation

Note: *On July 30, 2019, GIH signed the Share Purchase Agreement and Shareholders Agreement to

increase its equity interest in TTCIZ-01 from 49% to 90% and the share transfer is expected to be

completed in Q4 2019.

23

TTCIZ-01 and TTCIZ-02 (119 MW) reached COD

Location Tay Ninh, Vietnam

Installed

capacity

Approx. 69 MW

Shareholding - GULF (90%)*

- TTC Group (10%)

Fuel type Solar

EPC Signed with JGC Vietnam

Offtaker Vietnam Electricity (EVN)

Tariff US9.35c./kWh

PPA Signed with EVN for 20 years

COD 6 Mar 2019

Project cost Approx. US$ 65 million

TTCIZ-01 TTCIZ-02

Location Tay Ninh, Vietnam

Installed

capacity

Approx. 50 MW

Shareholding - GULF (90%)

- TTC Group (10%)

Fuel type Solar

EPC Signed with JGC Vietnam


Tariff US9.35c./kWh

PPA Signed with EVN for 20 years

COD 19 Apr 2019


As of July 2019

In operation

Note: *On July 30, 2019, GIH signed the Share Purchase Agreement and Shareholders Agreement to increase its

equity interest in TTCIZ-01 from 49% to 90% and the share transfer is expected to be completed in Q4 2019.

24

Mekong Project in Vietnam (340 MW)

Location Ben Tre, Vietnam

Installed

capacity

Approx. 30 MW


- TTC Group (5%)

Fuel type Solar


Tariff US[9.35c.]/kWh

SCOD [2019-2020]


Overall status Waiting for approval from

Ministry of Industry and

Trade of Vietnam

Mekong Solar Mekong Wind

Location Ben Tre, Vietnam

Installed

capacity

Phase 1: 30 MW

Phase 2-6: 245 MW (49 MW each)

Phase 7: 35 MW

Total: 310 MW


- TTC Group (5%)

Fuel type Offshore Wind


Tariff Increase from approx.

US7.8c./kWh to approx.

US9.8c./kWh

PPA 20 years

SCOD 2021


Overall

status

• 30 MW PPA signed on 17

July 2019

• Substation work and 110 kV

transmission line work has

started in July 2019

• Under EPC selection process

(EPC financing) and expect

to issue NTP by Q4 2019

As of August 2019

Under construction/

development

In operation

25

Gas-fired project in Oman (326 MW)

DUQM

POWER

PROJECT Desalinated

water

Electricity

55%45% 50%50%

Duqm Independent Power

& Water Project (DIPWP)

Location Duqm Special Economic Zone, Oman

Installed

capacity

Power: approx. 326 MW

Water: approx. 1,667 m3/hour

Contracted

capacity

Power: approx. 208 MW

Water: approx. 1,250 m3/hour


- Oman Oil (55%)

Fuel type Gas/Diesel

Gas turbine SIEMENS SGT800

EPC Signed with consortium of

4 companies:

1) Alghanim International General

Trading & Contracting Co. W.L.L.

2) Cobra Instalaciones y Servicios

S.A.

3) Sojitz Corporation

4) Tecnicas De Desalinizacion De

Aguas

Offtaker Duqm Refinery

PPA Signed with Duqm refinery for

25 years (+5 years renewal)

SCOD 2020-2022


Overall status Under construction

38% completed

Oman Oil Kuwait Petroleum

Capacity: 230,000 bbl/day

Project cost: US$7,000m

(Designed to have

extra 2 units to

standby in case of

emergency (n-2).

Availability

payment has been

considered on

installed capacity.)

Under construction/

development

As of June 2019

In operation

26

Projects in operation

40%Ownership

70%Ownership

4,237 MW 1,563 MW

GKP1

GKP2

GTLC

GNNK

GNLL

GCRN

GNK2

GNS

GUT

100%

100%

100%

100%

100%

75%

100%

114 MW

114 MW

114 MW

114 MW

123 MW

119 MW

133 MW

100%

100%

1,653 MW

GVTP

GTS1

GTS2

GTS3

75%

75%

75%

75%

137 MW

134 MW

134 MW

130 MW

7 SPPs 2 IPPs 12 SPPs

COD: 2013

COD: 2014-15

COD: 2017

1,752 MW

GTS4

GNC

GBL

GBP

75%

100%

75%

75%

130 MW

126 MW

127 MW

127 MW

COD: 2018

GNLL275%

127 MW

COD: 2019

GNPM100%

135 MW

GNRV1

128 MW

100%

GNRV2

128 MW

100%

27

GJP – 2 IPPs (3,406 MW)

6,989 7,061

6,872

Average

Average heat rate (BTU/kWh)

2017 2018 6M'19

2 IPPs Key customer

94.697.296.2 97.398.8 99.4

GNS GUT

Availability (%)

2017 2018 6M'19

COD: Unit 1 Jun 2014

Unit 2 Dec 2014

GNS GUT

COD: Unit 1 Jun 2015

Unit 2 Dec 2015

100% of contracted capacity

28

GJP – 7 SPPs (831 MW)

98 9799 99 99 99 99

97 97 98 97 98 97 99100 100 100 99 99 100 98

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

Availability (%)

2017 2018 6M'19

7,700 7,685 7,682


2017 2018 6M'19

COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013

COD: May 2013 COD: Jul 2013

GKP1 GKP2 GTLC GNNK

GNLL

COD: Oct 2013

7 SPPs Key customers

GCRN GNK2

90 MW of each project is dispatched to

The rest is supplied to industrial users

29

GMP – 11 out of 12 SPPs (1,435 MW)

COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017

COD: Jan 2018

GVTP GTS1 GTS2 GTS3

COD: Mar 2018

11 out of 12 SPPs Key customers

GTS4 GNC

90 MW of each project is dispatched to

The rest is supplied to industrial users

COD: Sep 2018GBL

96

98 100 9898 97 98 97 98 98100 100

96100 100

97100

96100

99100 100 100

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP GNLL2 GNPM GNRV1

Availability (%)

2017 2018 6M'19

7,479

7,415 7,409


2017 2018 6M'19

COD: Nov 2018GBP

COD: Jan 2019GNLL2

COD: Mar 2019GNPM

COD: May 2019GNRV1

30

A B

C

A (3 days)

CI (10 days)

CI (1 days)

SIEMENS

MHPS

GE

B (18 days)

TI (18 days)

HGPI (18 days)

C (22 days)

MI (35 days)

MO (22 days)

Maintenance Schedule

Group Project Type COD

2018 2019 2020

Quarter

3

Quarter

4

Quarter

1

Quarter

2

Quarter

3

Quarter

4

Quarter

1

Quarter

2

GJP

GKP1 SPP

2013

GKP2 SPP

GTLC SPP

GNNK SPP

GNLL SPP

GCRN SPP

GNK2 SPP

GNS IPP 2014

GUT IPP 2015

GMP

GVTP SPP

2017GTS1 SPP

GTS2 SPP

GTS3 SPP

GTS4 SPP

2018GNC SPP

GBL SPP

GBP SPP

GNLL2 SPP

2019GNPM SPP

GNRV1 SPP

GNRV2 SPP

A

A

A

A

A

A

A

A

C

C

C

C

A C

CA

A

A

A

A

A B

A

A

As of August 2019

C

A

B

A

A

A B C

A (3 days)

CI (10 days)

CI (1 days)

SIEMENS

MHPS

GE

B (18 days)

TI (18 days)

HGPI (18 days)

C (22 days)

MI (35 days)

MO (22 days)

A

A

A

A

A

A

A

B

31

SPP heat rate improvement, to be fully completed in 2019

• Heat rate will improve around 150 BTU/kWh/plant

• Gross profit will improve around 50 MB/year/SPP

• Gross profit of the total 14 plants will improve approx.

700 MB/year (Gulf’s portion 350 MB/year)

TIE-LINE CONCEPT

Plant A Plant B

Plant A Plant B

67% 67%67% 67%

100% 100%100%

Turbine Turbine Turbine Turbine

Turbine Turbine Turbine Turbine

Off Peak

GJP: 7 SPPs

Stand-alone 3 SPPs 7,750 BTU/kWh

Tie-line concept 4 SPPs 7,600 BTU/kWh

GMP: 12 SPPs

Stand-alone 2 SPPs 7,450 BTU/kWh

Tie-line concept 10 SPPs 7,300 BTU/kWh

32

Tie-line 14 SPPs (7 pairs) from the total 19 SPPs

2013 2014 2015 2016 2017 2018 2019

GKP1 & GKP2Nong Kae Industrial Estate

Saraburi

GTS1 & GTS2Eastern Seaboard

Industrial Estate

Rayong

GTS3 & GTS4WHA Eastern Seaboard

Industrial Estate

Rayong

GBL & GBPHi-Tech

Industrial Estate

Ayutthaya

GNLL & GNLL2WHA Rayong

Industrial Land

Rayong

GNK2 & GNPMWHA Rayong

Industrial Land

Saraburi

GNRV1 & GNRV2Suranari Industrial

Estate

Nakhon

Ratchasima

33

Debts outstanding

As of June 30, 2019

40% 70% 100%

7,500 MB in

debentures

70%

57%

43%

74%

26%994 MUSD

40,224MB

443 MUSD

38,507 MB

86%

14%

63 MUSD

12,437 MB

100%1,274 MB

Total

70,955 MBTotal

52,211 MB

Total

14,385 MB

• All of the power projects in Thailand have long term loans of 20 - 23 years (vs. PPA term of 25 years).

• To mitigate interest rate fluctuation, the company entered into interest rate swaps to swap interest rate from floating

rate into fixed rate for 18-20 years.

34

Bond issuance in January 2019

Indicative terms

Issuer Gulf Energy Development Public Company Limited

Objective • To repurchase the existing debenture valued 6,000 million baht• To fund new investments

Type of security Thai Baht unsecured and unsubordinated debentures

Issue size 7,500 million baht

Placement methodology

Private Placement to institutional and high net worth investors

Credit rating Company rating “A” and issue rating “A-” by TRIS Rating Company Limited

Issue date January 25, 2019

Joint Lead Arrangers

• Bangkok Bank Public Company Limited

• Kasikornbank Public Company Limited

• The Siam Commercial Bank Public Company Limited

Co-Manager • Standard Chartered Bank (Thai) Public Company

Details of the allotment

Debenture Term Interest rate Amount

Debenture tranche 1 3 years 2.73% 2,000 million baht




Total 5.7 years 3.30% 7,500 million baht

35

Dividend payment

Shareholders approved dividend payment of Bt 1.2 per share

Note: The Company has 2,133.3 million shares outstanding.

Unit: Million baht 2017 2018

Dividend (Baht per share) 0.40 1.20

Dividend payment 853 2,560

Separate net profit for the year 1,730 3,245

Dividend payout 49.3% 78.9%

Dividend payout• Gulf has a dividend payment policy to

pay out at least 30.0% of the Company’s

separate net profit (after taxes), subject to

meeting the relevant legal reserve

requirement and contractual obligations.

• On April 24, 2019, the Company’s

shareholders approved dividend payment of

1.20 baht per share, totaling 2,560 million

baht, representing 78.9% of the separate

net profit (after tax).

Key dates

Ex-dividend date : May 2, 2019

Dividend payment date : May 21, 2019

Thank You

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