Gulf Energy Development Public Company Limited...2020/02/24 · Gulf Energy Development Public Company Limited FY 2019 Analyst Meeting 24 February 2020 2 Agenda 2019 Key Highlights

Gulf Energy Development Public Company Limited

FY 2019 Analyst Meeting

24 February 2020

2

Agenda

2019 Key Highlights

Business Overview

FY 2019 Financial Performance

1

2

3

✓

✓

✓

3

2019 New Project Bidding

Nakhon

Ratchasima

Bang Pa-In

Map Ta Phut Ph. 3

Bang Yai

Kanchanaburi

196 km 96 km

1 2 3 4Laem Chabang Ph. 3 M6 Intercity Motorway M81 Intercity Motorway 5 One Bangkok

Consortium: 70% Gulf

30% PTT Tank Terminal

40% Gulf

30% PTT Tank Terminal

30% China Harbour

Engineering

40% Gulf

40% BTS Group

10% STECON

10% RATCH Group

40% Gulf

40% BTS Group

10% STECON

10% RATCH Group

33% Gulf

33% Mitsui & Co.

33% Tokyo Gas Engineering

Solution

Investment Type: PPP PPP Net Cost PPP Gross Cost PPP Gross Cost Private

Authority: Industrial Estate Authority of

Thailand (IEAT)

Port Authority of Thailand

(PAT)

Department of Highways

(DOH)

Department of Highways

(DOH)

-

Scope: • Ph.1 Land reclamation

• Ph.2 LNG terminal

(up to 10.8 MTPA)

• Design, build, O&M F1 and

F2 Terminals

• 4 MTEU/year

• Ph.1 Design & construction

➢ Toll collection system, traffic management & control system

• Ph.2 O&M

• Electricity Distribution

• District Chilled Water

Distribution

Construction

Period:

Ph. 1 3 years (2020 – 2023)

Ph. 2 4 years (2023 – 2027)

F1 3 years (2022 – 2024)

F2 3 years (2026 – 2028)

3 years (2020 – 2023) 3 years (2020 – 2023) 2020 – 2024

Operation Period: 30 years 35 years 30 years 30 years 30 years

Investment Cost: THB [42.9] billion THB 30.0 billion [to be disclosed] [to be disclosed] THB 3.6 billion

Status: • PPP Contract signed

• Construction starts (Q3’20)

• PPP Contract under

negotiation

• PPP Contract signing

expected in Apr 2020

• PPP Contract signing

expected in Apr 2020

• Construction expected to

start in Apr 2020

4

2019 Projects COD

Vie

tna

mT

hail

an

dT

hail

an

d

GVTP

COD

16 May 2017

GTS1

COD

8 Jul 2017

GTS2

COD

1 Sep 2017

GTS3

COD

1 Nov 2017

GNC

COD

1 Mar 2018

GBL

COD

1 Sep 2018

GBP

COD

1 Nov 2018

GTS4

COD

1 Jan 2018

GNLL2

COD

1 Jan 2019

GNPM

COD

1 Mar 2019

GNRV1

COD

1 May 2019

GNRV2

COD

1 Jul 2019

✓ ✓ ✓ ✓

COD in 2017 (535 MW) COD in 2018 (510 MW) COD in 2019 (518 MW)

Gulf WHA MTCOD in 2018 (2,000,000 MMBTU/year)

WHA Eastern Seaboard Natural Gas Distribution 2 (NGD2)

COD 1 Dec 2018

WHA Eastern Seaboard Natural Gas Distribution 4 (NGD4)

COD 11 Jun 2019

COD in 2019 (2,000,000 MMBTU/year)

✓

Solar farms in Vietnam

COD in 2019 (69 MW) COD in 2019 (50 MW)

TTCIZ-01

COD 6 Mar 2019

TTCIZ-02

COD 19 Apr 2019 ✓✓

70% interest

35% interest

90% interest

Completed all projects on time and on budget

• Capacity Factor

17 – 18%

5

2019 Financial Achievements

• Bond size: THB 7,500 million

• Tenor: 3-10 years

• Average rate: 3.3%

• Approx. 4 times oversubscription

GULF’s Bond Issuance1

• Secured loan facility:

- THB 36,000 million

- Term: 23 years

- Lenders: ADB, JBIC and

Commercial Banks (16 banks)

GPD’s Financial Close2

• Secured loan facility:

- USD 37.8 million

- Term: 17 years

- Lenders: ADB, SCB, BBL, SCBT &

Leading Asia’s Private Infrastructure

Fund (LEAP)

TTCIZ-02’s Financial Close3

Secured financial arrangements with the most favourable terms

(2,650 MW) (50 MW)

6

CHACHOENGSAO

New Acquisitions

Hin Kong Power1

Consortium: 49% Gulf

51% RATCH Group

35% Gulf

65% NPS

Fuel Type: Gas-fired Gas-fired

PPA: • Signed with EGAT for 25 years • Signed with EGAT for 25 years

GSA: • Expected to sign in April 2020 • Signed with PTT for 25 years

SCOD: Unit 1: Mar 2024 (700 MW)

Unit 2: Jan 2025 (700 MW)

Nov 2027

Status: • Expect to get EIA approval within 2020

• Start construction by 2021

• Expect to get EIA approval within 2021

• Start construction by 2025

Burapa Power2

RATCHABURI

Contracted Capacity:

1,400 MW(49% interest)

Contracted Capacity:

540 MW(35% interest)

Acquisition of two projects will increase equity capacity by 875 MW

7

Agenda

2019 Key Highlights

Business Overview


1

2

3

✓

✓

✓

8

• Natural Gas

Distribution

(4,000,000

mmbtu/year)

• LNG terminal

(up to 10.8 MTPA)

Gas

Business

Business Overview

Ex

isti

ng

Pro

jec

ts

Hydropower

484 MW

• Gulf Solar (0.6 MW)

• GCG (25 MW)

• Solar (149 MW)

• Wind (310 MW)

Renewable Energy

• Oman replacement

(2,000 MW)

• GJP (4,237 MW)

• GMP (1,563 MW)

• IPD (5,300 MW)

• HKP (1,400 MW)

• BPG (540 MW)

• DIPWP (326 MW)

13,366 MW

Power Generation

(Conventional)

• LNG-to-power

(up to 6,000 MW)

Pro

sp

ec

ts • Hydropower

(2,366 MW)

▪ Electricity (240 MW)

▪ District Chilled Water

(40,000 RT)

• MTP3

• [LCP3]

• M6 Intercity

Motorway (196 Km)

• M81 Intercity

Motorway (96 Km)

• One BKK

Infrastructure &

Utilities

• Other infrastructure

projects

9

320 982

1,683 1,683 1,964 2,253 2,701 2,701 2,755

4,050

5,051

5,978

7,249 7,592 7,592 7,781

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2013 2014 2015 2016 2017 2018 2019 Feb-20 2020 2021 2022 2023 2024 2025 2026 2027

GJP GMP IPD GCG Gulf Solar Vietnam Oman HKP BPG Total

Power Capacity Growth (Committed PPAs)

Gross Installed Capacity (MW):

Equity Installed Capacity (MW):

831

2,485

4,237 4,237 4,772

5,282 5,919 5,919 5,974

7,772

9,260

10,585

12,610 13,310 13,310

13,850

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2013 2014 2015 2016 2017 2018 2019 Feb-20 2020 2021 2022 2023 2024 2025 2026 2027

GJP GMP IPD GCG Gulf Solar Vietnam Oman HKP BPG 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

79%

17%

3%

78%

16%

6%

IPP2

SPP

Renewables

IPP2

SPP

Renewables

1

1

1 1

1

1

1 1

Year 2027

Year 2027

Feb 2020

58%

40%

2%Renewables

SPP

IPP

5,919MW

13,850MW

7,781MW

50%

46%

4%Renewables

SPP

IPP

Feb 2020

2,701MW

10

89%

11%

95%

5%

Percentage of Power sold to EGAT and Industrial Users

Industrial Users

✓ 15 Years Long Term Agreement

✓Minimum Take

✓18.4 – 38.5 MW potential Industrial Users expansion in 2020

Industrial Users

2019 2027E

Diversified across sectors including:

Automotive, Construction and Building Materials,

Food and Beverage, Electronics, Packaging, Paper

and Printing Materials and Petrochemicals, etc.

11

Agenda

2019 Key Highlights

Business Overview


1

2

3

✓

✓

✓

12

4,078

16,881

29,721

272

300

319

3,982

2,615

3,205

197

298

304

8,529

20,094

33,549

2017 2018 2019

Sales revenue Management fee Share of profit

Other income Total revenues

+67% YoY

Total revenues

SPPs commencing their operations boosted up the revenues

Total Revenues

Unit: THB million

Total revenues in 2019 was THB 33,549 million, up 67% YoY

mainly from:

1) revenue recognition of all 12 SPPs under GMP Group in 2019

vs. 8 SPPs in 2018

• In 2019, full-year operation was recorded for the 8 SPPs

(GVTP, GTS1, GTS2, GTS3, GTS4, GNC, GBL and GBP)

which have been in operation since 2017-2018 and 4

additional SPPs (GNLL2, GNPM, GNRV1 and GNRV2)

which commenced commercial operation in 2019

2) 2 solar power projects in Vietnam (TTCIZ-01 and TTCIZ-02)

which commenced commercial operation in 2019

3) an increase in share of profit from GJP Group due to

unrealized FX gain

Note:

1/ Consolidated sales revenue include electricity and steam sales from SPPs under GMP, electricity sales from VSPPs under Gulf Solar, electricity sales from TTCIZ-01 (from November 2019 when the stake was

increased to 90%) and TTCIZ-02

2/ Share of profit include profit (loss) from GJP, TTCIZ-01 (from March – November 2019 before increasing the stake to 90%), DIPWP, Gulf WHA MT and BSE

3/ Consolidated other income include dividend income, interest income and other income

13

2,640 2,509 2,357

1,344

120 840

3,985

2,629

3,197

2017 2018 2019

Share of profit (excluding FX) FX gain/loss

Share of profit from GJP (40%)

Share of profit from GJP

Unit: THB million

Share of profit from GJP (excl. FX) in 2019 was THB 2,357 million,

down 6% YoY primarily from:

1) 2 IPPs: lower availability payment rate (APR) of GNS and GUT

compared to 2018, although both IPPs were able to dispatch more

electricity to EGAT and heat rate also improved

2) 7 SPPs: major overhaul (C-inspection) of 6 SPPs in 2019

Share of profit from GJP in 2019 was THB 3,197 million, up 22%

YoY, mainly from the significant increase in unrealized FX gain

Share of profit from GJP +22% YoY

Total share of profit

-6% YoY

+22% YoY

14

1,559

2,826 3,509 548

82

537

1,344 120

840

3,451 3,028

4,887

2017 2018 2019

Core profit GMP Gain on FX

GJP Gain on FX Net profit

Net profit / Core profit

Net profit / Core profit

Core profit continued to increase aligned with increasing number of power projects

Unit: THB million

+61% YoY

+24% YoY

Core profit in 2019 was THB 3,509 million, up 24% YoY from

THB 2,826 million in 2018, due mainly to:

1) equity capacity expansion of 341 MW under GMP Group,

which was able to cover lower share of profit from GJP Group

Net profit in 2019 was THB 4,887 million, up 61% YoY from

THB 3,028 million in 2018 from the movement in unrealized FX

gain (THB 202 million in 2018 to THB 1,377 million in 2019)

• 2017: 32.8472 THB/USD

• 2018: 32.6148 THB/USD

• 2019: 30.3313 THB/USD

15

31,556 31,556 31,556

1,935 3,924 6,084

1,074 1,057 787 4,783 8,251 10,613

39,348 44,788

49,040

31-Dec-17 31-Dec-18 31-Dec-19

Total equity

Balance sheet

Balance sheet

Unit: THB million

9,267 15,552 17,260

50,547

67,664 80,961

20,439

21,659

21,247

20,399

18,794

14,810

100,652

123,669 134,278

31-Dec-17 31-Dec-18 31-Dec-19

Total assets

D/E ratio as of Dec 31, 2019 was at 1.74x

Total assets was THB 134,278 million,

+9% from the increase in value of SPPs

under GMP, TTCIZ-01 and TTCIZ-02, and

development and construction of GSRC and

GCG

Total equity was THB 49,040 million,

9% from the increase in R/E and non-controlling

interests

31-Dec-17 31-Dec-18 31-Dec-19

D/E 1.56x 1.76x 1.74x

ID/E 1.45x 1.55x 1.57x

Cash, cash equivalents and deposits used as collateral

Investments in an associate and joint ventures

Property, plant and equipment

Other assets

Non-controlling interests

Other components of equity attributable to owners of the parent

Paid-up capital and share premium

Unappropriated retained earnings

9%

4,374 9,349 8,077

56,930

69,532 77,161

61,304

78,880 85,238

31-Dec-17 31-Dec-18 31-Dec-19

Total liabilities

Interest-bearing debts

Other liabilities

8%9%

Total liabilities was THB 85,238 million,

+8% mostly from long-term loan

drawdowns for the construction of GSRC

16

Debts Outstanding

As of December 31, 2019

40% 70% 100%

THB 7,500 mn

in debentures

75%*

57%

43%

74%

26%USD 958 mn

THB 38,823 mn

USD 428 mn

THB 36,840 mn

89%

11%USD 63 mn

THB 15,266 mn

100%THB 1,756 mn

THB 67,876 mn THB 49,834 mn THB 17,178 mn

• 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.

Note: * Based on % profit sharing received from GSRC

** FX rate: 30.3313 THB/USD; 0.0013 THB/VND

90%

TTCIZ-01

100%

VND 945,954 mn

THB 1,232 mnTotal loan

outstanding in

THB equivalent:

THB 1,756 mn

17

Dividend Payment

BOD approved dividend payment of THB 1.30 per share from the 2019 operating results

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

Unit: Million baht 2017 2018 2019

Dividend (Baht per share) 0.40 1.20 1.30

Dividend payment 853 2,560 2,773

Separate net profit for the year 1,730 3,245 3,100

Dividend payout 49.3% 78.9% 89.5%

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 February 21, 2020, the Company’s Board of

Directors approved the dividend payment of

THB 1.30 per share, totaling THB 2,773.3

million, representing 89.5% of the separate net

profit (after tax).

• The declared dividend is subject to the

Company’s shareholder approval in the AGM

to be held on April 8, 2020.

Key dates

Ex-dividend date : March 5, 2020

Dividend payment date : April 28, 2020

18

GULF’s Par Split

The Company’s Board of Directors approved the change in Company’s par value from 5 THB/share to 1 THB/share

- The stock split is in order to enhance the liquidity and distribution of the Company’s shares to investors

- The declared stock split is subject to the Company’s shareholder approval in the AGM to be held on April 8, 2020

DescriptionPrior to the Change in

the Par Value

After the Change in

the Par Value

Registered Capital (THB) 10,666,500,000 10,666,500,000

Paid-up Capital (THB) 10,666,500,000 10,666,500,000

Par Value (THB per Share) 5.00 1.00

Number of Shares 2,133,300,000 10,666,500,000

Par Value change details

19

Appendices

20

Operating Projects - Gulf JP – 2 IPPs & 7 SPPs (4,237 MW)

Renewable

Energy

Gas

BusinessInfrastructure &

Utilities

Power

GenerationHydro Power

Electricity: 831 MW

Steam: 92 TPH

Electricity: 838 MW

Steam: 68 TPH

Signed with EGAT,

for 25 years

Signed with PTT

Signed with Toyo Engineering &

MIT-Power

Signed with SIEMENS

2013

✓

✓

✓

✓

Installed

capacity

Electricity: 3,406 MW

Contracted

capacity

Electricity: 3,200 MW

PPA: Signed with EGAT,

for 25 years

GSA: Signed with PTT

EPC:Signed with MHPS &

STECON

LTSA: Signed with MHPS

COD: 2014 – 2015

✓

✓

✓

✓

2 IPPs 7 SPPsGulf JP Company Limited

40% 60%

2 IPPs: 7 SPPs:

GKP1 GKP2

GTLC GNNK

GNLL GCRN

GNK2

21

Operating Projects - Gulf MP – 12 SPPs (1,563 MW)

Renewable

Energy

Gas


Utilities

Power


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✓ ✓ ✓

✓ ✓

COD

2017

COD

2018

COD

2019

All projects in operation

✓

✓ ✓ ✓

Installed capacityElectricity: 1,563.4 MW

Steam: 225.0 TPH

Contracted capacityElectricity: 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

✓

✓

✓

✓

✓

✓

✓

Gulf MP Company Limited

70% 30%

22

Projects Update - IPD – 2 IPPs (5,300 MW)

Independent Power Development Company Limited

70% 30%

In operation

Under construction/

development

CHONBURI

RAYONG

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: THB 50,000 million

• Debt: THB 38,000 million

(D/E 3:1)

• Equity back-ended structure

Overall

status:

Under construction

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. THB 50,000 million

• Debt: THB 36,000 million

(D/E 3:1)

• Equity back-ended structure

Overall

status:

• Financing agreement signed

on 18 Nov 2019

• Construction will start in

mid-2020

✓

✓

✓

✓

✓

✓

✓

✓

(75% dividend)

Renewable

Energy

Gas


Utilities

Power


construction progress

54%

as of January 2020

23

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

Shareholding - GULF (45%)

- 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 2021-2022

Project cost Approx. USD 483 million

(Designed to have extra 2

units to standby in case of

emergency (n-2).

Availability payment has

been considered on

installed capacity.)

Projects Update - Gas-fired project in Oman (326 MW)

DUQM

POWER

PROJECT Desalinated

water

Electricity

55%45% 50%50%

Oman Oil Kuwait Petroleum

Capacity: 230,000 bbl/day

Project cost: US$7,000m

In operation

Under construction/

development

DUQM SEZ


55%

Renewable

Energy

Gas


Utilities

Power


as of January 2020

24

Projects Update - Gulf Chana Green Biomass Project (25 MW)

Renewable

Energy

Gas


Utilities

Power


Location: Songkhla, Thailand

Installed

capacity:

25.0 MW

Contracted

capacity:

20.6 MW

Fuel type Parawood

Tariff EP + Ft + Bt 1.3/kWh adder for 7

years after COD


EPC Signed with STEC

SCOD: Mar 2020

Project cost: Approx. THB 2,300 million

In operation

Under construction/

development


96%

(GCG)

SONGKHLA

✓

✓

Gulf Chana Green Co., Ltd.

100%

25

Projects Update - TTCIZ-01 and TTCIZ-02 (119 MW) Solar Projects

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 USD 60.0 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

Project cost USD 46.7 million

In operation

Renewable

Energy

Gas


Utilities

Power


26

Projects Update - Mekong Project in Vietnam (340 MW)

In operation

Under construction/

development

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

Phases 2-3: 98 MW

Phases 4-8: 182 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

EPC Signed with PowerChina

LTP Signed with Siemens Gamesa

SCOD Phase 1 (30MW): end 2020

Phases 2-3 (98 MW): mid 2021

Phases 4-8 (182 MW): end 2021


Overall status • 30 MW PPA signed on 17 July 2019

• Phase 1: Under construction

• Other phases: waiting for approval

from Ministry of Industry and Trade of

Vietnam

Renewable

Energy

Gas


Utilities

Power


27

Project Updates - Map Ta Phut Industrial Port Development Phase 3

Location: Map Ta Phut Industrial Estate,

Rayong Province

Map Ta Phut Industrial Estate,

Rayong Province

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: up to 10.8 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: THB 12,900 million THB [30,000] million

Return on Investment: Annual fixed payment made by IEAT to

private sector for 30 years

Tolling service fees by off-takers

Infrastructure (2020 – 2023) Superstructure (2023 – 2027)

Status: • PPP Contract signed on October 1, 2019

• EPC selection by Q1 2020

• Financial close by Q3 2020

• Infrastructure construction starts in Q3 2020, superstructure construction starts in Q3 2023

* Construction commencement will be subject to the LNG demand

Map Ta Phut

Port Phase 3

Gulf MTP LNG Terminal Company Limited

70% 30%

Renewable

Energy

Gas


Utilities

Power


28

Location: Thung Sukhla Subdistrict, Sriracha District, Chonburi Province

Investment Type: PPP Net Cost

Authority: Port Authority of Thailand (PAT)

Scope: F1 and F2 Terminals (690 rai)

• Design, Build, Operation and Maintenance

Capacity: At least 4 million TEU/year

Berth Length: • F1 = 1,000 m.

• F2 = 1,000 m.

Deepest Berth Length: -18.5 m.

Operation Period: 35 years

Investment Cost: THB 30,000 million

Concession Fees (Paid to PAT): • Fixed concession fee

• Royalty fee (variable fee)

SCOD: • F1 = [2024]

• F2 = [2028]

Superstructure (Container Port)

Infrastructure work (land reclamation) is done by the Port Authority of Thailand (PAT)

Status: • PPP Contract under negotiation

Project Updates - Laem Chabang Port Development Phase 3

Consortium

30%30%40%

Gulf Energy

Development PCL

PTT Tank Terminal

Co., Ltd.

China Harbour

Engineering

Company Ltd.

Renewable

Energy

Gas


Utilities

Power


29

M81M6

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)

Price Proposed

by Consortium:

THB 21.3 billion THB 17.8 billion

Expected COD: [2023] [2023]

Bang Pa-In – Nakhon Ratchasima Bang Yai – Kanchanaburi

96 km

Bang Yai

Kanchanaburi

M81

Status: • PPP Contract signing expected in April 2020

BGSR JV

10%40%40% 10%

M6

Nakhon Ratchasima

Bang Pa-In

196 km

Project Updates - Intercity Motorway (M6 & M81)

Renewable

Energy

Gas


Utilities

Power


30

Projects Update - One Bangkok Project

A GLOBAL LANDMARK DEVELOPMENT

IN THE HEART OF BANGKOK

❖ 5 Super luxury / Luxury Hotels

❖ 3 Super luxury / Luxury Residences

❖ 5 Office Buildings

❖ 3 Cultural Hub & Retail Buildings

❖ Central Utilities Plant (CUP)

sBangkok Smart Energy

(BSE)

33.33% 33.33%33.33%

Bangkok Smart Power

(BSP)Bangkok Smart DCS

(BSD)

One DCS Services

OBC’s Subsidiary

One Power Services

OBC’s Subsidiary

60% 49% 51%40%

Scope of Work:Electricity Distribution System

(Power)

District Chilled Water Distribution System

(DCS)

Installed Capacity: 240 MW 40,000 RT

Connected Capacity: 123 MW 36,000 RT

Off-Taker: 100% by Customers in One Bangkok Project

Term: 30 years from Power and DCS SCOD (May 2022)

SCOD:Phase 1 – 2022 (Power & DCS)

Phase 2 – 2024 (DCS)

Project Cost: THB 3,570 million

Overall status: Construction expected to start in Apr 2020

Renewable

Energy

Gas


Utilities

Power


31

Location: Ca Na, Ninh Thuan Province, Vietnam

Scope: Develop and operate gas-fired power plants LNG terminal

Capacity: • Gas-fired power plant: up to 6,000 MW

• LNG terminal: up to 6 MTPA

Investment Cost: [7,800] million USD

SCOD: • [2025 – 2030]

Under study

Projects Under Study - LNG-to-Power (Up to 6,000 MW)

• Signed Cooperation Agreement

(“CA”) with Ninh Thuan PPC

on 2 Nov 2019

• Scope of CA:

➢ To cooperate and support the

development of LNG-to-Power

Renewable

Energy

Gas


Utilities

Power


Up to 6,000 MW LNG-to-Power

32

Pak Beng

(912 MW)

Pak Lay

(770 MW)

Sanakham

(684 MW)

1

2

3

Total of 2,366 MW

Projects Under Study - Hydropower Projects in Laos

Project Capacity Partner

Pak Beng HPP 912 MW

Pak Lay HPP 770 MW

Sanakham HPP 684 MW

1

2

3

Renewable

Energy

Gas


Utilities

Power


33

19.0

36.4

2018 2019

80.9 76.9

2018 2019

81.5 81.3

2018 2019

96.7 98.0

2018 2019

98.4 98.3

2018 2019

97.694.1

2018 2019

Plant Performance

7,415 7,422

2018 2019

7,685 7,680

2018 2019

6,979 6,867

2018 2019

Average Heat Rate

(BTU/kWh)

Plant Availability

(%)

Dispatch Factor

(%)

GJP – 2 IPPs (3,406 MW) GJP – 7 SPPs (831 MW) GMP – 12 SPPs (1,435 MW)

34

Group Project Type COD2019 2020

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4

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

Maintenance Schedule

C

C

C

C

A C

CA

A

A

B

A

A

As of January 2020

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

A

A

A

B

B

B

A

A

A

A

A

35

SPP heat rate improvement 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

36

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 Saraburi

Industrial Land

Saraburi

GNRV1 & GNRV2Suranari Industrial

Estate

Nakhon

Ratchasima

37

IR Contact

This document is for information and reference only and does not constitute or form part of and should not be construed as, an offer to sell or issue or subscription of, or the solicitation of an offer to buy or

acquire any securities of Gulf Energy Development Public Company Limited (the “Company”) in any jurisdiction or an inducement to enter into investment activity.

The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the

fairness, reliability, accuracy, completeness or correctness of the information or the opinions contained herein. This document should not be regarded by recipients as a substitute for the exercise of their

own judgment. The information contained in this document should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments

which may occur after the date of the document. None of the Company or any of its affiliates, directors, officers, employees, agents, advisors or representatives shall have any liability whatsoever (in

negligence or otherwise) for any damages or loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document.

This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that

include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known

and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual results, performance or achievements of the Company to be materially different

from future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to rely on such forward-looking statements. Neither the Company nor any

of its respective affiliates, agents, employees, advisors or representatives intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in

this document.

This document contains data sourced from and the views of independent third parties. In such data being replicated in this document, the Company does not make any representation, whether express or

implied, as to the accuracy of such data. The replication of any views in this document should be not treated as an indication that the Company agrees with or concurs with such views.

Disclaimer

Gulf Energy Development Public Company Limited

Investor Relations Department

87 M.Thai Tower 11th Floor, All Seasons Place, Wireless Road,

Lumpini, Pathumwan, Bangkok 10330, Thailand

Tel: +66(0) 2080 4488

Fax: +66(0) 2080 4455

Email: [email protected]

Website: www.gulf.co.th

Gulf Energy Development Public Company Limited...2020/02/24 · Gulf Energy Development Public Company Limited FY 2019 Analyst Meeting 24 February 2020 2 Agenda 2019 Key Highlights

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