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
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%
PPA: Signed with EGAT for 25 years
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
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: 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
PPA Signed with EGAT
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)
Location: WHA Eastern Seaboard
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
Location: WHA Eastern Seaboard
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
Offtaker Vietnam Electricity (EVN)
Tariff US9.35c./kWh
PPA Signed with EVN for 20 years
COD 19 Apr 2019
Project cost Approx. US$ 50 million
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
Shareholding - GULF (95%)
- TTC Group (5%)
Fuel type Solar
Offtaker Vietnam Electricity (EVN)
Tariff US[9.35c.]/kWh
SCOD [2019-2020]
Project cost Approx. US$ 33 million
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
Shareholding - GULF (95%)
- TTC Group (5%)
Fuel type Offshore Wind
Offtaker Vietnam Electricity (EVN)
Tariff Increase from approx.
US7.8c./kWh to approx.
US9.8c./kWh
PPA 20 years
SCOD 2021
Project cost Approx. US$ 618 million
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
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 2020-2022
Project cost Approx. US$ 483 million
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
Average heat rate (BTU/kWh)
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
Average heat rate (BTU/kWh)
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
Debenture tranche 2 5 years 3.28% 2,500 million baht
Debenture tranche 3 7 years 3.61% 2,000 million baht
Debenture tranche 4 10 years 3.85% 1,000 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