gulf energy development public company limited...2020/02/24 · gulf energy development public...
TRANSCRIPT
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
FY 2019 Financial Performance
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
FY 2019 Financial Performance
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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
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. 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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
construction progress
55%
Renewable
Energy
Gas
BusinessInfrastructure &
Utilities
Power
GenerationHydro Power
as of January 2020
24
Projects Update - Gulf Chana Green Biomass Project (25 MW)
Renewable
Energy
Gas
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
PPA Signed with EGAT
EPC Signed with STEC
SCOD: Mar 2020
Project cost: Approx. THB 2,300 million
In operation
Under construction/
development
construction progress
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
Offtaker Vietnam Electricity (EVN)
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
BusinessInfrastructure &
Utilities
Power
GenerationHydro Power
26
Projects Update - Mekong Project in Vietnam (340 MW)
In operation
Under construction/
development
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. USD 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
Phases 2-3: 98 MW
Phases 4-8: 182 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
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
Project cost Approx. USD 618 million
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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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
BusinessInfrastructure &
Utilities
Power
GenerationHydro 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