Q2 2020 Earnings Presentation 14 August 2020 Gulf Energy Development Public Company Limited
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Q2 2020 Earnings Presentation14 August 2020
Gulf Energy Development Public Company Limited
Q2’20 Business Updates
Q2’20 Financial Performance
Appendix
3
2020 Key Events
Feb
25 MW
Gulf Chana Green
biomass project COD
MarJan
1,400 MW Hin Kong
Power project acquisition
540 MW
Burapa Power
project acquisition
One BKK project
Shareholders' Agreements
and Utility Development
Agreements signing
Jun
Acquired additional 4%
stake (from 45% to 49%)
and changed
shareholding structure to
hold shares in Marafiq
100 MW Ia Pech
onshore wind power
projects acquisition
465 MW Borkum
offshore wind power
project acquisition
JulMay
LNG Shipper Licenses
obtained- Gulf: 0.3 MTPA
- HKH: 1.4 MTPA
Apr
GULF par split 5:1
Aug
Shareholders’ meeting
to approve 10:1 capital
increase by way of
rights offering
4
Rights Offering Capital Increase
No. of existing shares: 10,666,500,000 shares
No. of newly issued shares: 1,066,650,000 shares
No. of shares after capital increase: 11,733,150,000 shares
Ratio (old share : new share) 10 : 1
EPS dilution: 9.1%
Subscription price: THB 30 / share
Total proceeds: THB 31,999,500,000
Use of proceeds:
• Investment in existing projects such as Borkum, renewable projects in
Vietnam, hydropower projects in Laos, investment in future projects and
potential M&A deals
Benefits to the Company:
• Reduce IBD/E ratio to be lower than 2x
• Provide more headroom for additional debt of THB 70-80 billion to reach 3:1 ratio
Key Information Key Timeline
27 AugEGM Approval
14-18 SepRO Subscription
Period
30 Sep1st day trade of RO shares
6 AugXM & XR date
5
Power projects under construction/development in Thailand
Construction and development progress as planned for all projects
Gulf SRC Gulf PD Hin Kong Power Burapa Power
Installed
Capacity: 2,650 MW 2,650 MW 1,400 MW 540 MW
Shareholding: 70% GULF (75% dividends)
30% Mitsui & Co.
70% GULF (75% dividends)
30% Mitsui & Co.
49% GULF
51% RATCH Group
35% GULF
65% NPS
Location: WHA Eastern Seaboard Industrial Estate
1, Chonburi province, Thailand
Rojana Rayong 2 Industrial Park,
Rayong province, Thailand
Hin Kong subdistrict,
Mueang district,
Ratchaburi province, Thailand
Khao Hin Son subdistrict,
Phanom Sarakham district,
Chachoengsao province, Thailand
Fuel Type: Gas-fired Gas-fired Gas-fired Gas-fired
SCOD: Units 1 and 2: 2021 (1,325 MW)
Units 3 and 4: 2022 (1,325 MW)
Units 1 and 2: 2023 (1,325 MW)
Units 3 and 4: 2024 (1,325 MW)
Unit 1: Mar 2024 (700 MW)
Unit 2: Jan 2025 (700 MW)
Nov 2027
Investment Cost: THB 50.0 billion Approx. THB 50.0 billion
Status: Construction progress: 75.6% • Preparing for construction
• Construction expected to
commence in Q3'20
• Preparing for EPC contract signing
• Start construction by 2021
• Expect to get EIA approval within
2021
• Start construction by 2025
Note: Project Progress as of July 2020
6
Map Ta Phut Ph.3 Laem Chabang Ph.3 M6 & M81 Motorways 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% STEC
10% RATCH Group
33% GULF
33% Mitsui & Co.
33% TGES
Investment Type: PPP PPP Net Cost PPP Gross Cost Private
Authority: Industrial Estate Authority of Thailand
(IEAT)
Port Authority of Thailand (PAT) 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) 2020 – 2024
Operation Period: 30 years 35 years 30 years 30 years
Investment Cost: THB [42.9] billion THB 30.0 billion [to be disclosed] THB 3.6 billion
Status: • PPP contract signed
• EPC contract signed in July 2020
• Construction expected to start in
[Q1’21]
• Under negotiation with PAT
• PPP contract signing expected in
2020
• PPP contract signing expected in
Q3’20
• Under EPC contract bidding
• EPC contract signing expected in
Q3’20
Infrastructure and utilities projects in Thailand
New projects progressing in line with plan
Note: Project Progress as of July 2020
7
Wind projects in Vietnam
Wind projects in Vietnam progressing as planned
Mekong Wind Ia Pech 1 & 2
Installed
Capacity:up to 310 MW Total 100 MW
Shareholding: 95% GULF
5% TTC Group
100% GULF
Location: Ben Tre Province, Vietnam Gia Lai Province, Vietnam
Off-taker Vietnam Electricity (EVN) Vietnam Electricity (EVN)
Tariff US9.8c./kWh US [8.5] c./kWh
Fuel Type: Offshore wind Onshore wind
Status & SCOD: • Phase 1 (30 MW): SCOD Q1-Q2 2021
Under construction 9.9% completed
• Phases 2-3 (98 MW): SCOD Oct 2021
Included in PDP7, designing work on progress
• Phases 4-8 (182 MW):
Under MOIT consideration to be included in
PDP8 within [Q1’21]
• Construction expected in 2021
• SCOD 2022
Project cost Approx. USD 618 million Approx. USD 200 million
Note: Project Progress as of July 2020
8
✓ Project in operation, with revenue and profit to
be immediately recognizable to GULF
✓ Strategic partnership with the global market
leader in offshore wind (Ørsted) would increase
GULF’s credibility and competitiveness on a
global scale
✓ Long term contracted cash flows backed by
the German government
Borkum Riffgrund 2 Offshore Wind Project in Germany (464.8 MW)
Location German North Sea
≈ 59 km northwest of Norddeich harbor
≈ 34 km north from the island of Borkum
Installed capacity 464.8 MW
Export capacity 450.0 MW
Fuel type Offshore Wind
Tariff Year 1 – 9.5:
FiT backed by German government
Year 9.5 – 20:
merchant price with guaranteed floor
price
PPA Signed with Ørsted for 20 years
SWA (Services and
Warranty Agreement)
Signed with MHI Vestas Offshore Wind for
10 years + 5 years extendable
Investment Cost ≈ EUR 550 million (share acquisition cost)
COD Apr 2019
Borkum Riffgrund 2 will start to contribute revenue and profit to the Company in Q4’20
Germany
In operation
Under construction/
development
50.0%
GIH
50.0%
100.0%
BKR2 Holding Ørsted HoldCo.
100.0%
Borkum
Riffgrund 2
Ørsted Wind Power
A/S
100.0%
9
Location: Duqm Special Economic Zone, Oman
Installed
Capacity:
Power: ≈ 326 MW
Water: ≈ 1,667 m3/hour
Contracted
Capacity:
Power: ≈ 208 MW
Water: ≈ 1,250 m3/hour
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
PPA: Signed with Duqm refinery for 25 years (+5 years renewal)
Project cost: ≈ USD 483 million
SCOD: 2021-2022
Status: Under construction: 73.3% Completed
Projects in Oman
Potential to expand business in Duqm SEZ
Duqm Independent Power & Water Project (DIPWP)
Note: Project Progress as of July 2020
In operation
Under construction/
development
DUQM SEZ
• GULF is in the process of increasing its equity stake in
Oman projects and restructuring shareholding to directly
hold 49% shares in Marafiq
• Marafiq has exclusive rights to provide utility services in
Duqm SEZ for 25 years
• Opportunities to develop and operate future utilities
projects in Duqm SEZ with Marafiq
Potential Projects
as of June 2020
* Note: GIH’s shareholding of 49.0% is subject to the signing of the Share Purchase Agreement and completion
of share transfer.
OQ (previously Oman Oil)
100.0%
49.0%* 51.0%
Power
Business
Water
BusinessGas
Business
Future
Projects
Future ProjectsFuture
Projects
Kuwait Petroleum
Capacity: 230,000 bbl/day
Project cost: US$7,000mDesalinated
water
50.0% 50.0%
Electricity
DIPWP
10
Hydropower Projects in Lao PDR
Location Mekong River, Lao PDR
Installed capacity Pak Beng (Run-of-River)
Pak Lay (Run-of-River)
Sanakham (Run-of-River)
912 MW
770 MW
684 MW
Total: 2,366 MW
Shareholding GULF plans to hold 30% - 35% equity interest in each project
Fuel type Run-of-river hydro power plants
Off-taker EGAT
SCOD & Status • SCOD: 2027 – 2030
• Under tariff negotiation
1
2
3
3
1
2
Hydropower projects under study in Lao PDR
Q2’20 Financial Performance
Q2’20 Business Updates
Appendix
12
Total revenues
Total revenues in Q2’20 was THB 9,139 million
• QoQ: 7,639 MB → 9,139 MB (+19.6%) primarily from:
1) Dividend received from SPCG in the amount of THB 81 mil in Q2’20
2) GJP’s unrealized FX gain in Q2’20 compared to unrealized FX loss in Q1’20
3) Nonetheless, the increase was slightly offset by an insignificant decrease in
sales revenue from THB 7,782 mil to THB 7,683 mil (-1.3%) mainly from
GMP’s lower electricity and steam sales to IUs despite higher off-take from
EGAT to compensate for the 500kV transmission system modification in
Rayong zone in Q1’20, and from full quarter revenue recorded from GCG
Biomass project (COD Mar’20).
• YoY: 8,332 MB → 9,139 MB (+9.7%) from:
1) Increase in sales revenue from THB 7,067 mil to THB 7,683 mil (+8.7%)
mainly due to:
• Full quarter revenue recognition of 12 SPPs under GMP group in Q2’20
(vs. 11 SPPs in Q2’19) and higher electricity sales to EGAT in Q2’20
compared to lower off-take from EGAT in Q2’19 due to EGAT’s 500kV
transmission line maintenance in Rayong zone. The revenue growth in
Q2’20 already accounts for the impact from planned maintenance
shutdown of GTS1 for 18 days and lower sales to IUs
• Full quarter revenue recognition of GCG biomass project (COD Mar’20)
and GTN2 solar project (COD Apr’19)
2) Increase in management fee revenue from THB 77 mil to THB 90 mil
(+16.2%) from additional service fee received from Gulf Electric Company
3) Share of profit mainly due to higher unrealized FX gain from GJPNote:
1/ Consolidated sales revenue include electricity and steam sales from SPPs under GMP, electricity sales from VSPPs under Gulf Solar, electricity sales from GTN1 (from November 2019 following stake increase to 90%), GTN2 and GCG
2/ Share of profit include profit (loss) from GJP, GTN1 (from March – November 2019 before increasing the stake to 90%), DIPWP, Gulf WHA MT, BSE, HKH and BPH
3/ Consolidated other income include dividend income, interest income and other income
7,067 7,782 7,683
77 87
90 1,062
(267)
1,254 125
37
111 8,3327,639
9,139
Q2'19 Q1'20 Q2'20
Sales revenue Management fee Share of profit Other income
+9.7% YoY
+19.6% QoQ
Total revenue expanded from full quarter recognition of projects that COD in 2019 and FX gain from GJP
Unit: THB million
13
657 619 656
396
(872)
604
1,052
(253)
1,260
Q2'19 Q1'20 Q2'20
Share of profit (excluding FX) Gain (loss) on FX
Share of profit from GJP (40%)
Share of profit from GJP (excl. FX) in Q2’20 was THB 656 million
• QoQ: 619 MB → 656 MB (+5.9%) primarily from:
1) GUT received higher Availability Payment (AP) in Q2’20 compared to Q1’20 which
had B-inspection
2) Lower depreciation expense from extending the useful life of machinery and
capital spare parts of the 2 IPPs due to lower operating hours
3) Higher volume of electricity sold to EGAT by 7 SPPs in Q2’20 from:
• Compensation for EGAT’s 500kV transmission system modification in Rayong
zone which affected GNLL in Q1’20
• There was no major overhaul of power plants in Q2’20 compared to GCRN’s
C-inspection in Q1’20
• YoY: 657 MB → 656 MB (-0.2%) mainly from:
1) 7 SPPs’ sales to IUs, which softened in Apr-May’20 from the effect of COVID-19.
The impact was offset by:
• Higher electricity sales volume to EGAT by 7 SPPs
• Higher AP received by GNS according to the PPA
• Lower depreciation expense from extending the useful life of machinery and
capital spare parts of the 2 IPPs due to lower operating hours
Share of profit from GJP (incl. FX) in Q2’20 was THB 1,260 million
• An increase in share of profit mainly from the appreciation of THB against USD, resulting in an unrealized FX gain of THB 604 million
(Q2’19: 30.9125 THB/USD, Q1’20: 32.8298 THB/USD, Q2’20: 31.0658 THB/USD)
-0.2% YoY
+5.9%QoQ
Higher sales volume to EGAT was able to offset the impact from softened core profit YoY
Unit: THB million
14
985 925 989
618
(1,338)
892
1,603
(413)
1,881
Q2'19 Q1'20 Q2'20
Core profit Gain (loss) on FX
Core profit / Net profit
Core profit in Q2’20 was THB 989 million
• QoQ: 925→ 989 (+6.9%) primarily from:
1) Higher share of profit from GJP mainly from fewer number of power plant
maintenance and higher AP received from GUT from higher availability
2) Increased profit from two solar power plants in Vietnam and full quarter profit
recognition from GCG biomass project
3) Lower natural gas price (267.38 → 261.41 THB/mmbtu) while Ft remained flat
4) Dividend income from SPCG while there was no dividend received in Q1’20.
• YoY: 985 → 989 (+0.3%) from:
1) Profit recognition of all 12 SPPs in Q2’20 vs. 11 SPPs in Q2’19
2) Full quarter profit recognition from GCG
3) Decrease in natural gas price (274.55 → 261.41 THB/mmbtu) while Ft
remained flat at (0.1160) THB/kilowatt-hour
4) Dividend income from SPCG which increased by THB 23 mil
Net profit in Q2’20 was THB 1,881 million
• Q2’20 recorded unrealized FX gain of THB 892 mil, compared to unrealized FX
loss of THB 1,338 mil in Q1’20 and unrealized FX gain of THB 618 mil in Q2’19
+0.3% YoY
FX Rate at End of Period
(THB/USD)
Q1’19 31.9785
Q2’19 30.9125
Q4’19 30.3313
Q1’20 32.8298
Q2’20 31.0658
Core profit growth YoY mainly from full quarter profit recognition, lower natural gas price and dividend income
Natural Gas Price
(THB/mmbtu)
Ft
(THB)
Q2’19 274.55 (0.116)
Q1’20 267.38 (0.116)
Q2’20 261.41 (0.116)
+6.9%QoQ
Unit: THB million
15
Plant performance
Heat rate of SPPs were better than contracted heat rate
GJP – 2 IPPs (3,406 MW) GJP – 7 SPPs (831 MW) GMP – 12 SPPs (1,563 MW)
Average Heat Rate
(BTU/kWh)
Plant Availability
(%)
Dispatch Factor
(%)
6,832 6,829 6,955
Q2'19 Q1'20 Q52'20
98.5%94.8%
99.5%
Q2'19 Q1'20 Q2'20
59.0%
34.7%
14.5%
Q2'19 Q1'20 Q2'20
7,694 7,645 7,663
Q2'19 Q1'20 Q2'20
99.6%97.0% 98.2%
Q2'19 Q2'20 Q2'202
79.3% 76.8% 82.3%
Q2'19 Q1'20 Q2'20
7,408 7,447 7,453
Q2'19 Q1'20 Q2'20
98.0% 97.2% 97.8%
Q2'19 Q1'20 Q2'20
76.9% 76.1% 82.6%
Q2'19 Q1'20 Q2'20
Contracted Heat Rate
Contracted Heat Rate
16
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
A C
CA
A
A
B
A
As of July 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
B
A
B
A
A
A
A
A
A
A
A
C
17
Balance sheet
Total assets was THB 152,604 million
+13.6% mainly from:
• increase in PPE from increase in value of GCG and GSRC
• increase in advance payment for construction of GPD
• increase in long-term loan for DIPWP project (Oman)
• increase in deferred tax assets from IRS derivatives fair
value measurement required under TFRS9
Cash, cash equivalents & deposits used as collateral
Other current assets
Non-current assets
111,861 129,754
7,607
7,848 14,810
15,001134,278
152,604
31-Dec-19 30-Jun-20
+13.6%
Total assets
Total liabilities was THB 121,335 million
+42.3% mostly from:
• Current: GULF’s working capital borrowings
• Non-current: increase in financial derivative
liabilities (mostly IRS contracts) from TFRS9
adoption and long-term loan drawdowns for the
GSRC construction
75,429
100,850
9,809
20,486
85,238
121,335
31-Dec-19 30-Jun-20
Current liabilities
Non-current liabilities
+42.3%
Total liabilities
Total equity was THB 31,290 million
-36.2% mainly from: • dividend payment of THB 2,773 mn
• decrease in other components of equity and non-controlling interests mostly due to loss from fair
value measurement of IRS contracts requiredunderTFRS9
Total equity
10,613 6,506
1,174 1,174
(790) (13,121)
6,4885,176
31,55631,556
49,04031,290
31-Dec-19 30-Jun-20
-36.2%
Paid-up capital and share premium
Retained earnings
Other equity
Non-controlling interests
Other components of equity
Unit: THB million
18
D/E ratios
Leverage ratios still relatively low (1.86x) compared to bond covenant (3.50x)
1.74
3.50
3.88
1.27
2.16
2.62
1.251.52
1.86
31-Dec-19 31-Mar-20 30-Jun-20
D/E ratios
Note:
* Net interest-bearing debt to equity (for bonds issued in 2019)
= (Total interest-bearing debt incl. lease liabilities - cash and cash
equivalent - deposits at financial institutions used as collateral) /
(equity - other components of equity)
D/E
Net IBD/E
Net IBD/E (incl. lease liabilities) to equity ratio
(according to covenant of bonds issued in 2019)*
14,810
85,23877,161
49,040
(790)
15,001
121,335
97,723
31,268
(13,121)
31-Dec-19 30-Jun-20
Cash, cash equivalents
and deposits used as
collateral
Shareholders’
equity
Other components
of equity
Total liabilities Interest-bearing
debt
Unit: THB million
Q2’20 Financial Performance
Appendix
Q2’20 Business Updates
20
Power Generation
49%*Ownership
Duqm Power326 MW1 power & water projectCOD: 2021 – 2022
13,366 MW
40%Ownership
Gulf JP 4,237 MW2 IPPs and 7 SPPsCOD: 2013 – 2015
70%Ownership
Gulf MP 1,563 MW12 SPPsCOD: 2017 – 2019
70%Ownership
(75% dividend)
Independent Power Development 5,300 MW2 IPPsCOD: 2021 – 2024
49%Ownership
Hin Kong 1,400 MW1 IPPCOD: 2024 – 2025
35%Ownership
Burapa 540 MW1 IPPCOD: 2027
Infrastructure & Utilities
70%Ownership
Gulf MTPIndustrial port development(land reclamation)3 years constructionSCOD: [2023]
40%Ownership
Laem Chabang Ph3Deep sea container port> 4 million TEU/yearSCOD: [2024 – 2028]
40%Ownership
BGSR ConsortiumIntercity motorwayOperation & MaintenanceM6: 196 km M81: 96 kmSCOD: [2023]
33%Ownership
One BKKElectricity distribution(240 MW)
District chilled water(40,000 RT)SCOD: [2022 – 2024]
Gas
35%Ownership
Gulf WHA MTNatural gas distribution2 projects4,000,000 mmbtu/yearCOD: 2018 – 2019
70%Ownership
Gulf MTPLNG terminalUp to 10.8 MTPASCOD: [2027](subject to LNG demand)
LNG Shipper LicensesTotal 1.7 MTPA• Hin Kong Holding :
1.4 MTPA• Gulf : 0.3 MTPA
Data as of August 2020
Hydro Power
Note: * Subject to share transfer completion.
Renewable Energy
1,019 MW
75%Ownership
Gulf Solar 0.6 MW4 Solar rooftop VSPPsCOD: 2014 – 2015
100%Ownership
Gulf Chana Green 25 MW1 Biomass projectCOD: 2020
95%Ownership
Mekong Wind 310 MW1 Offshore wind farm (8 phases)SCOD: Ph 1-3 (128 MW): 2021Ph 4-8 (182 MW): under PDP8 consideration
90%Ownership
GTN1 & GTN2 119 MW2 Solar farmsCOD: 2019
100%*Ownership
Ia Pech 1 & 2100 MW2 Onshore wind farmsSCOD: 2022
50%*Ownership
Borkum Riffgrund 2
465 MW1 Offshore wind farmCOD: 2019
Business Overview
LNG-to-power
(up to 6,000 MW)Other infrastructure projects
Ex
isti
ng
Pro
jec
tsP
ros
pe
cts
Laos Hydropower
2,366 MW
3 Hydropower Projects
[30-35%]Ownership
21
Power Generation & Renewable Energy Businesses
Thailand VietnamGermany
Oman
Installed capacity(By end of 2020)
Gross Equity
In operation 6,409 MW 2,959 MW
Under development / construction 7,976 MW 5,139 MW
Total 14,385 MW 8,098 MW
Preparing for or under construction/ development
In operation
26 projects
in operation
4 projects
under development/
construction
2 projects
in operation
3 projects
under development/
construction
1 project
under construction
1 project
in operation
Total of 37 power projects in 4 countries
22
Power capacity growth (committed PPAs)
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
320 982
1,683 1,683 1,964 2,253 2,701 2,959 2,959
4,200
5,368
6,295
7,566 7,909 7,909 8,098
2013 2014 2015 2016 2017 2018 2019 Jul-20 2020 2021 2022 2023 2024 2025 2026 2027
GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total
831
2,485
4,237 4,237 4,772 5,282 5,919 6,409 6,409
8,084
9,795 11,120
13,145 13,845 13,845 14,385
2013 2014 2015 2016 2017 2018 2019 Jul-20 2020 2021 2022 2023 2024 2025 2026 2027
GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total
1
1
1 1
1
1
1 1
Gross Installed Capacity (MW):
Equity Installed Capacity (MW):
53%
37%
10%
July 2020
6,409MW
IPP SPP Renewables
76%
17%
8%
Year 2027
14,385MW
2
Gross Capacity by Plant Types
46%
42%
12%
July 2020
2,959MW
IPP SPP Renewables
75%
15%
9%
Year 2027
8,098MW
2
Equity Capacity by Plant Types
23
Percentage of Power sold to EGAT
EGAT:
✓ 25-year PPAs with EGAT✓ 80% Minimum Offtake (SPPs)
✓ Receive Availability Payment (IPPs) regardless of electricity dispatch
✓ Cost pass-through
Industrial Users (IUs):
✓ 15-year Long Term Agreements
✓ 50 – 70% Minimum Take
✓ Diversified across sectors including automotive, construction and
building materials, food & beverage, electronics, packaging, paper
and printing materials, petrochemicals, etc.
95%
5%Industrial Users
2027E
89%
11%
2019
Industrial Users
24
89%
11%
Industrial Users
Automotive,
44%
Construction
Material, 9%
Packaging,
10%
Electronics,
8%
Food &
Beverage,
6%
Petchem &
Chemicals, 6%
Textiles, 5%
Others, 12%
Most of Gulf’s power generation capacity are secured with
EGAT’s PPAs while industrial users are diverse in sectors
Power Sold to Industrial Customers
Industrial Users (IUs):
✓ 15-year Long Term Agreements
✓ 50 – 70% Minimum Take
✓ Diversified across sectors including automotive,
construction and building materials, food &
beverage, electronics, packaging, paper and
printing materials, petrochemicals, etc.
Well-diversified customers limit impact from economic downturn
25
GTN1 and GTN2 Solar Projects (119 MW)
Location Tay Ninh, Vietnam Tay Ninh, Vietnam
Installed capacity 69 MW 50 MW
Contracted capacity 48 MW 41 MW
Fuel type Solar Solar
Tariff US9.35c./kWh US9.35c./kWh
PPA Signed with EVN for 20 years Signed with EVN for 20 years
EPC Signed with JGC Vietnam Signed with JGC Vietnam
Capacity Factor 17-18% 17-18%
Project cost ≈ USD 65 million USD 52 million
COD Mar 2019 Apr 2019
GTN1 (Formerly known as TTCIZ-01) GTN2 (Formerly known as TTCIZ-02)
In operation
Gulf Tay Ninh 1 Joint Stock Company
Gulf Tay Ninh 2 Joint Stock Company
90% 10%
Capacity factor of approximately 17.7%
26
• 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.
40% 70% 100%
THB 7,500 mn
in debentures
75%*
57%
43%
73%
27%
USD 927 mn
THB 37,657 mn
USD 417 mn
THB 35,848 mn78%
22%
USD 162 mn
THB 18,250 mn
100%THB 1,806 mn
THB 66,449 mn THB 48,799 mn THB 23,292 mnTotal loan
outstanding: (THB equivalent)
THB 1,806 mn
100%THB 3,545 mn
THB 3,545 mn
75%*
THB 13,000 mn in
working capital borrowings&
Debt outstanding
As of Jun 30, 2020
Note:
* Based on % profit sharing received from GSRC & GPD
** FX rate: 31.0658 THB/USD
*** Debt outstanding exclude subsidiaries’ working capital borrowings
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
IR ContactGulf 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
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