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Disclaimer
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.
3
Agenda
▪ Business Overview
▪ Project Updates
▪ Operating Performance
▪ Financial Highlights
▪ Summary
5
Business overview
Gas-fired Business Renewables 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 projects49-90%Ownership
▪ 3 solar projects
▪ 149 MW
▪ COD: 2019
▪ 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 project49%Ownership
▪ 1 wind project
▪ 310 MW
▪ COD: 2021-2023
6
Power business
In operation
Under development/
construction
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.
Vietnam(4 projects)
Oman(1 project)
Thailand(28 projects)
1994
Thailand’s
1st IPP
and 1st SPP
2007 2013
Thailand’s
2nd IPP
and 2nd SPP
2010 2016 2018
Thailand’s 3rd IPP
Thailand’s 3rd SPP
Installed capacity Gross Equity
In operation 5,544 MW 2,415 MW
Under development/construction 6,366 MW 4,306 MW
Total 11,910 MW 6,721 MW
7
Power capacity growth – nearly 20% in 6 years
Gross Installed Capacity (MW):
Equity Installed Capacity (MW):
831
2,485
4,237 4,237 4,772 5,282 5,544 5,919 6,083
7,596
9,145
10,585
11,910
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2013 2014 2015 2016 2017 2018 Mar-19 2019 2020 2021 2022 2023 2024
GJP GMP IPD GCG Gulf Solar Vietnam Oman Total
Note: 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 purposes
73%
23%
4%
320 982
1,683 1,683 1,964 2,253 2,415 2,673 2,762
3,777
4,810
5,794
6,721
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2013 2014 2015 2016 2017 2018 Mar-19 2019 2020 2021 2022 2023 2024
GJP GMP IPD GCG Gulf Solar Vietnam Oman Total
75%
21%
4%
IPP
SPP
Renewables
IPP
SPP
Renewables
9
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
SCOD May 2019
GNRV2
SCOD 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: 1,466.5 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: 6,200 MB → 6,000 MB (managed to be under budget)
Overall status: • 10 projects in operation
• 2 projects under
construction
✓ ✓ ✓ ✓
✓ ✓
COD
2017
COD
2018
COD
2019
Construction progress on track
99.0% 94.8%
✓
✓
✓
✓
GMP – 12 SPPs (1,563 MW)
✓
✓
✓
As of January 2019
✓
10
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:
51,000 MB → 50,000 MB (savings from FX hedging & IRS)
• Debt: 38,000 MB (D/E 3:1)
• Equity back-ended structure
Overall
status:
Under construction
22% 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. 51,000 MB
• Debt: 38,000 MB (D/E 3:1)
• Equity back-ended structure
Overall
status:
• Under development
• Financial close is
expected by end of 2019
✓
✓
✓
✓
✓
✓
✓
✓
As of January 2019
12
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
41% completed
✓
✓
As of January 2019
13
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)
SCOD: Apr 2019
Project cost: Approx. 234 MB
Overall
status:
Under construction
88% completed
✓
✓
✓
As of January 2019
14
New renewable investment in Vietnam
Project ProvinceFuel
type
Equity
interest
Gross
installed
capacity
(MW)
Equity
installed
capacity
(MW)
Approx.
project
cost
(US$m)
SCOD
TTCIZ-01 Tay Ninh Solar 49% 69 34 65 Mar 2019
TTCIZ-02 Tay Ninh Solar 90%* 50 45 50 May 2019
Solar VN Ben Tre Solar 49% 30 15 33 [2019-2020]
Wind VN Ben Tre Offshore
wind
49% 310 152 618 2021-2023
Total 460 245 766
Investment portfolio
One of the leading conglomerates in Vietnam,
operating various businesses, including energy and
industrial estates with an asset size of approx.
US$1.9 billion
Under construction/
development
Note: *Gulf successfully increased its equity interest in TTCIZ-02 from 49% to 90% in January 2019.
15
First two solar projects in Vietnam (119 MW)
Location Tay Ninh, Vietnam
Installed
capacity
Approx. 69 MW
Shareholding - GULF (49%)
- TTC Group (51%)
Fuel type Solar
EPC Signed with JGC Vietnam
Offtaker Vietnam Electricity (EVN)
Tariff US9.35c./kWh
PPA Signed with EVN for 20 years
SCOD Mar 2019
Project cost Approx. US$ 65 million
Overall status Under construction
88% completed
TTCIZ-01
Under construction/
development
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
SCOD May 2019
Project cost Approx. US$ 50 million
Overall status Under construction
65% completed
As of January 2019
16
Two new renewable projects in Vietnam (340 MW)
Location Ben Tre, Vietnam
Installed
capacity
Approx. 30 MW
Shareholding - GULF (49%)
- TTC Group (51%)
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
Solar Vietnam
Under construction/
development
Wind Vietnam
Location Ben Tre, Vietnam
Installed
capacity
1st Phase: 30 MW
2nd Phase: 49 MW
3rd Phase: 231 MW
Total: 310 MW
Shareholding - GULF (49%)
- TTC Group (51%)
Fuel type Offshore Wind
Offtaker Vietnam Electricity (EVN)
Tariff Increase from approx.
US7.8c./kWh to approx.
US9.8c./kWh
PPA 20 years
SCOD 1st Phase (30MW): 2021
2nd Phase (49 MW): 2021
3rd Phase (231 MW): 2022-2023
Project cost Approx. US$ 618 million
Overall
status
• Under EPC selection process
• Seeking for key licenses and
PPA
• Expect to sign EPC contract
by Jul 2019 and begin the
construction in Q3 2019
17
Newly awarded 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
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
14% 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 will be
paid based on
installed capacity.)
As of January 2019
19
Projects in operation
40%Ownership
70%Ownership
4,237 MW 1,307 out of 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 10 SPPs out of 12 SPPs
COD: 2013
COD: 2014-15
COD: 2017
1,752 MW
As of March 2019
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
20
GJP – 2 IPPs (3,406 MW)
6,991 6,989 7,061
Average
Average heat rate (BTU/kWh)
2016 2017 2018
2 IPPs Key customer
98 9795
9796 97
GNS GUT
Availability (%)
2016 2017 2018
COD: Unit 1 Jun 2014
Unit 2 Dec 2014
GNS GUT
COD: Unit 1 Jun 2015
Unit 2 Dec 2015
100% of contracted capacity
21
GJP – 7 SPPs (831 MW)
97 9994 93
83
94 9598 97
99 99 99 99 9997 97 98 97 98 97 99
GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2
Availability (%)
2016 2017 2018
7,745 7,700 7,685
Average
Average heat rate (BTU/kWh)
2016 2017 2018
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
22
GMP – 8 out of 12 SPPs (1,045 MW)
COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017
COD: Jan 2018
GVTP GTS1 GTS2 GTS3
COD: Mar 2018
8 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 2018
GBL
9698 100 9898 97 98 97 98 98 100 100
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP
Availability (%)
2017 2018
7,479 7,415
Average
Average heat rate (BTU/kWh)
2017 2018
COD: Nov 2018
GBP
23
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 2018 - 2019
Group Project Type COD
2018 2019
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 2018
A
A
A
A
A
A
A
B
A
A
A
A
C
C
C
C
A C
CA
A
A
A
A
A
C
B
A
A
As of January 2019
24
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
25
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
27
Total revenues
SPPs commencing their operations in 2017–2018 boosted up the revenues
Total Revenues
Unit: Million Baht
Note:
1/ Consolidated sales revenue include electricity and steam sales from SPPs under GMP and electricity sales from VSPPs under Gulf Solar
2/ Consolidated other incomes include dividend income, interest income and other income
4,078
16,881
236
272
300
1,437
3,982
2,615
149
197
298
1,827
8,529
20,095
2016 2017 2018
Sales revenue Management fee Share of profit
Other incomes Total revenues
136%
Total revenues in 2018 was 20,095 MB, up 136%YoY,
due mainly to the recognition of full-year operation of the
4 SPPs, which have been in operations since 2017 and
the sales of additional 4 SPPs which were operational
during 2018.
28
Share of profit from GJP (40%)
Share of profit from GJP
Unit: Million Baht
Share of profit from GJP (excl. FX) in 2018 was 2,509 MB, down 5% YoY, despite 7SPPs’ higher electricity sales to industrial users
The decrease was primarily due to:
1) GNS’s lower availability payment (AP) as set out in the PPA
2) Longer maintenance period of 7SPPs compared to 2017
Share of profit from GJP in 2018 was 2,629 MB, down 34% YoY, mainly from the sharp decline in FX gain of 91% YoY.
1,808
2,640 2,509
-372
1,344
120 1,437
3,985
2,629
2016 2017 2018
Share of profit (excluding FX) FX gain/loss
Share of profit from GJP (excl. FX) slightly dropped 5% YoY
Total share of profit
-5%
-34%
29
Net profit / Core profit
Net profit / Core profit
Core profit continued to increase aligned with increasing number of power projects
Unit: Million Baht
843
1,559
2,826
-54
548
82
-372
1,344
120
418
3,451
3,028
2016 2017 2018
Core profit GMP Gain on FX
GJP Gain on FX Net profit
81%
Net profit in 2018 was 3,028 MB, down 12% YoY
caused by a sharp decline in unrealized FX gain
from the appreciation of THB against USD.
(Baht 36.00/ USD, Baht 32.85/ USD and Baht 32.61/ USD in
year 2016, 2017 and 2018, respectively)
Core profit in 2018 was 2,826 MB, up 81% from
1,559 MB in 2017, due mainly to the full-year
operation of the 4SPPs which have been
operational since 2017 and additional 4 SPPs
which commenced operations during 2018.
-12%
30
Balance sheet
Balance sheet
Unit: Million Baht
2,647 4,374 9,349
53,386 56,930 69,532
56,033 61,304
78,880
31-Dec-16 31-Dec-17 31-Dec-18
Total liabilities
8,463 9,267 15,552
29,913
50,547
67,664 18,502
20,439
21,659
2,938
20,399
18,794
59,816
100,652
123,669
31-Dec-16 31-Dec-17 31-Dec-18
Total assets
D/E ratio as of Dec 31, 2018 was at 1.76x
Total assets was 123,669 MB,
up 23% from the development and
construction of SPPs under GMP
and GSRC
Total liabilities was 78,880 MB,
up 29% as a result of an increase in
long-term loan drawdowns for the
construction of SPPs under GMP
and GSRC
Total equity was 44,788 MB,
up 14% from the increase in R/E
and non-controlling interests
31-Dec-16 31-Dec-17 31-Dec-18
D/E 14.81x 1.56x 1.76x
ID/E 14.11x 1.45x 1.55x
ND/E 14.04x 1.04x 1.34x
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
2,795
31,556 31,556 (1,409)
1,935 3,924
935
1,074 1,057
1,461
4,783 8,251
3,782
39,348 44,788
31-Dec-16 31-Dec-17 31-Dec-18
Total equity
Non-controlling interests
Other components of equity attributable
to owners of the parent
Paid-up capital and share premium
Unappropriated retained earnings
31
Debts outstanding
As of December 31, 2018
40% 70% 75% 100%
6,000 MB,
due in 2019
39,245 MB41,625 MB 22 MB 850 MB
1,030 MUSD
(33,599 MB)
433 MUSD
(14,121 MB)
Total 75,224 MB Total 53,367 MB
Notes:
• The amount shown is total outstanding debt at the project level.
• 32.6148 THB/USD as of Dec 31, 2018
6,696 MB
70%
63 MUSD
(2,056 MB)
Total 8,752 MB
32
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
33
Dividend payment
GULF’s Board of Directors 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 February 25, 2019, the Company’s
Board of Directors approved dividend
payment of 1.20 baht per share, totaling
2,560 million baht, representing 78.9% 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 24, 2019
Key dates
Ex-dividend date : May 2, 2019
Dividend payment date : May 21, 2019
35
Key events and share performance in 2018
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
85.0
90.0
0.0
20,000.0
40,000.0
60,000.0
80,000.0
100,000.0
120,000.0
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Trading volume ('000 shares) - LHS Share price (Baht) - RHS
Jan – Dec 2018 Share price
(Baht)
Trading volume
(‘000 shares)
Trading value
(Million Baht)
Range 60.00 – 83.75 748 –77,833 48 – 5,255
Average 71.12 8,726 627
Added to MSCI
Added to FTSE since Jun 2018
Investment in a solar project in Vietnam (69 MW)
GTS4 began commercial operation
Partnered with WHAUP, Mitsui & Co.
and Tokyo Gas to develop natural gas distribution projects
GNC began commercial operation
GBL began commercial
operation
Investment in solar and
wind projects in Vietnam (340 MW)
Investment in a solar project in Vietnam (50 MW)
Awarded PWPA to operate a captive
power plant in Oman
(326 MW)
GBP began commercial
operation
Bt 81.50
(+25%)
Announced to be added to SET50 and SET100
GSRC financing close
36
Key activities in 2019
Four additional SPPs coming on stream (519 MW) 1
PROJECT
DEVELOPMENT
GNLL2 (127 MW)
COD 1 Jan 2019
GNPM (135 MW)
COD 1 Mar 2019
GNRV1 (128 MW)
SCOD May 2019
GNRV2 (128 MW)
SCOD Jul 2019✓
Solar projects in Vietnam in operation (120-150 MW) 2
TTCIZ-01 (69 MW)
SCOD Mar 2019
TTCIZ-02 (50 MW)
SCOD May 2019
Solar VN (30 MW)
SCOD [2019-2020]
ASSET MANAGEMENT
Tie-line program fully implemented3• Three additional pairs to adopt tie-line (GNLL & GNLL2, GNK2 & GNPM and GNRV1 & GNRV2)
• Expected to be fully completed by Q4 2019
7SPPs under GJP to perform major maintenance (C-inspection)4• Planned major maintenance in 2H 2019
FINANCIAL MANAGEMENT
Bt 7.5 billion bond issuance in January 2019 5• Use of proceeds: to refinance existing debts and to fund projects in pipeline
• Blended coupon rate: 3.30%, for an average tenor of 5.7 years
Gulf’s Board of Directors approved dividend payment of 1.20 baht per share6
✓
38
Notes: 1/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interest in GNLL2/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interests in GVTP, GTS1, GTS2,
GTS3, GTS4 and GNLL23/ Thai Industrial Estate Corp., Ltd. holds 25.00% equity interests in GBL and GBP4/ Gulf Pattani Green, SBY Biomass, Thepha Clean Energy and Kolpos are dormant companies5/ WHAUP and MITG hold 35.00% and 30.00% respectively in Gulf WHA MT.
SPCG
70.00%
8.38%
100.00%74.99%
GKP1
GKP2
GTLC
GNNK
GCRN
GNK 2
GNLL 1
GNS
GUT
GNC
GNRV1
GNRV2
GNPM
GNLL2 2
GVTP 2
GTS1 2
GTS2 2
GTS3 2
GSRC
GPD
Gulf Solar
BV
Gulf Solar
KKS
Gulf Solar
TS1
Gulf Solar
TS2
100.00%
EDL-Gen
GBL 3
GBP 3
GCG
(Biomass)
100.00%
75.00%
75.00%
GTS4 2
74.99%
Kolpos
Gulf Energy Inter-
national
Gulf WHA MT 5Gulf
Pattani Green 4
SBY Biomass 4
Thepha Clean
Energy 4
0.46%
Gulf HKGJP GMP IPD Gulf Solar
70.00%
74.99%
74.99%
74.99%
74.99%74.99%
74.99%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
35.00%
100.00%
100.00%
100.00%
100.00%
100.00%
WHANGD2
WHA NGD4
100.00%
100.00%
40.00% 30.00%60.00% 30.00% 25.01%
GJP:
4,237 MW / 1,682 MW
GMP:
1,563 MW / 911 MW
IPD:
5,300 MW / 3,710 MW
COD: 2015
COD: 2014
COD: 2013 COD: 2017-19
COD: 2014-15
COD: 2021-22
COD: 2023-24
TTCIZ-01
TTCIZ-02
49.00%
Solar VN 3
Wind VN
Gulf SG Gulf VN
COD: 2020
90.00%
49.00%
49.00%
Operating
Projects
Under
Construction
Investment
Under
Development
IPP SPP VSPP/RE
Blue text : Gross installed capacity
Green text : Equity installed capacity
Other
BusinessesDormant
Entities
COD: 2019-23
99.99% 99.99%
COD: 2018-19
DUQM45.00%
Corporate shareholding structure
Gulf Mauritius
49.00%
51.00%
39
Power projects in operation
Project Category Location Type
Installed Capacity
Equity
Stake
Equity Installed Capacity
COD
PPA
Awarded
Year
Power
(MW)
Steam
(TPH)
Chilled
Water (RT)
Power
(MW)
Steam
(TPH)
Chilled
Water (RT)
GKP1 SPP Saraburi Gas-fired (CG) 114.0 22.0 - 40.00% 45.6 8.8 - Jan 5, 2013 2007
GKP2 SPP Saraburi Gas-fired (CG) 114.0 22.0 - 40.00% 45.6 8.8 - Feb 1, 2013 2007
GTLC SPP Saraburi Gas-fired (CG) 114.0 15.0 - 40.00% 45.6 6.0 - Mar 1, 2013 2007
GNNK SPP Chachoengsao Gas-fired (CG) 114.0 - 3,200.0 40.00% 45.6 - 1,280.0 Apr 1, 2013 2007
GNLL SPP Rayong Gas-fired (CG) 123.0 8.0 4,600.0 30.00% 36.9 2.4 1,379.8 May 1, 2013 2007
GCRN SPP Pathumthani Gas-fired (CG) 119.0 15.0 - 40.00% 47.6 6.0 - July 1, 2013 2007
GNK2 SPP Saraburi Gas-fired (CG) 133.0 10.0 - 40.00% 53.2 4.0 - Oct 1, 2013 2007
GVTP SPP Rayong Gas-fired (CG) 137.0 20.0 - 52.49% 71.9 10.5 - May 16, 2017 2010
GTS1 SPP Rayong Gas-fired (CG) 134.0 30.0 - 52.49% 70.3 15.7 - Jul 8, 2017 2010
GTS2 SPP Rayong Gas-fired (CG) 134.0 30.0 - 52.49% 70.3 15.7 - Sep 1, 2017 2010
GTS3 SPP Rayong Gas-fired (CG) 129.9 25.0 - 52.49% 68.2 13.1 - Nov 1, 2017 2010
GTS4 SPP Rayong Gas-fired (CG) 129.9 25.0 - 52.49% 68.2 13.1 - Jan 2018 2010
GNC SPP Prachinburi Gas-fired (CG) 126.5 20.0 - 70.00% 88.5 14.0 - Mar 2018 2010
GBL SPP Ayutthaya Gas-fired (CG) 126.8 10.0 - 52.50% 66.6 5.3 - Sep 2018 2010
GBP SPP Ayutthaya Gas-fired (CG) 126.8 10.0 - 52.50% 66.6 5.3 - Nov 2018 2010
GNLL2 SPP Rayong Gas-fired (CG) 126.9 10.0 - 52.49% 66.6 5.2 - Jan 2019 2010
GNPM SPP Saraburi Gas-fired (CG) 135.2 25.0 - 70.00% 94.7 17.5 - Mar 2019 2010
Subtotal 2,138.0 297.0 7,800.0 1,052.0 151.5 2,659.8
GNS IPP SaraburiGas-fired
(CCGT)1,653.2 - - 40.00% 661.3 - -
Unit 1: Jun 1, 2014
Unit 2: Dec 1, 20142007
GUT IPP AyutthayaGas-fired
(CCGT)1,752.4 - - 40.00% 701.0 - -
Unit 1: Jun 1, 2015
Unit 2: Dec 1, 20152007
Subtotal 3,405.6 - - 1,362.3 - -
Gulf Solar BV VSPP Chonburi Solar Rooftop 0.13 - - 74.99% 0.10 - - Jun 23, 2014 -
Gulf Solar TS1 VSPP Rayong Solar Rooftop 0.13 - - 74.99% 0.09 - - Aug 27, 2014 -
Gulf Solar KKS VSPP Chonburi Solar Rooftop 0.25 - - 74.99% 0.19 - - Dec 26, 2014 -
Gulf Solar TS2 VSPP Rayong Solar Rooftop 0.09 - - 74.99% 0.07 - - Jan 8, 2015 -
Subtotal 0.6 - - 0.4 - -
Total 5,544.2 297.0 7,800.0 2,414.7 151.5 2,659.8
40
Project Category Location Type
Installed Capacity
Equity
Stake
Equity Installed Capacity
SCOD
PPA
Awarded
YearPower
(MW)
Steam
(TPH)
Chilled
Water (RT)
Power
(MW)
Steam
(TPH)
Chilled
Water (RT)
GNRV1 SPPNakorn
RatchasimaGas-fired (CG) 128.2 10.0 - 70.00% 89.8 7.0 - May 2019 2010
GNRV2 SPPNakorn
RatchasimaGas-fired (CG) 128.2 10.0 - 70.00% 89.8 7.0 - Jul 2019 2010
Subtotal 256.5 20.0 - 179.5 14.0 -
TTCIZ-01 RE Vietnam Solar 68.8 - - 49.00% 33.7 - - Mar 2019 N.A.
TTCIZ-02 RE Vietnam Solar 50.0 - - 90.00% 45.0 - - May 2019 N.A.
Solar VN RE Vietnam Solar 30.0 - - 49.00% 14.7 - - [2019-2020] N.A.
Wind VN RE Vietnam Offshore wind 310.0 - - 49.00% 151.9 - -
Phase I: 2021
Phase II: 2021
Phase III: 2022-2023
N.A.
GCG SPP Songkhla Biomass 25.0 - - 100.00% 25.0 - - 2020 2018
Subtotal 483.8 - - 270.3 - -
DUQM IPWP Oman Gas-fired 326.0 - - 45.00% 146.7 - - 2020-2022 N.A.
GSRC IPP ChonburiGas-fired
(CCGT)2,650.0 - - 70.00% 1,855.0 - -
Units 1 and 2: 2021 /
Units 3 and 4: 20222013
GPD IPP RayongGas-fired
(CCGT)2,650.0 - - 70.00% 1,855.0 - -
Units 1 and 2: 2023 /
Units 3 and 4: 20242013
Subtotal 5,626.0 - - 3,856.7 - -
Total 6,366.3 20.0 - 4,306.5 14.0 -
Power projects under construction and development
41
Project LocationInstalled Capacity
(mmbtu per year)Equity Stake
Equity Installed
Capacity
(mmbtu per year)
SCOD Status
NGD2 Rayong 2,000,000 35.00% 700,000 Dec 2018 In operation
NGD4 Rayong 2,000,000 35.00% 700,000 Apr 2019 Under construction
Total 4,000,000 1,400,000
Natural gas distribution projects
42
Maintenance Types
Year 1 2 3 4 5 6COD 1.5
A B C
Machine
Type A Type B Type C
Equivalent operating hours Equivalent operating hours Equivalent operating hours
SIEMENS(7SPPs and
9 out of 12 SPPs)
10,000 (A) 30,000 (B) 60,000 (C)
MHPS(GNS and GUT)
12,500 (CI) 25,000 (TI) 50,000 (MI)
GE(3 out of 12 SPPs
– GNC, GNRV1
and GNRV2)
8,000 (CI) 25,000 (HGPI) 50,000 (MO)
1 d
ays
10
da
ys
3 d
ays
18
da
ys
18
da
ys
22
da
ys
35
/ 2
2 d
ays
43
Maintenance Schedule 2017 - 2018
Group Project Type COD
2017 2018
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 2018
A A
A A
A A
A A
A A
AA
A
A
B B
A
A
A
A
A
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)
As of December 2018
44
GJP: 7 gas-fired SPPs
All projects have been in operation since 2013
SARABURI
CHACHOENGSAO
RAYONG
PATHUMTHANI
SARABURI
• Nong Khae Industrial Estate
GKP1 and GKP2
• Talingchan
GTLC
• Hemaraj Saraburi Industrial Land
GNK2
PATHUMTHANI
• Chiangrak noi
GCRN
CHACHOENGSAO
• Wang Takien
GNNK
RAYONG
• Hemaraj Rayong Industrial Land
GNLLIn operation
Under construction/
development
45
2 IPPs: Sales volume 7 SPPs: Sales volume
6,208
3,732
4,140
1,600
10,348
5,332
2017 2018
GNS GUT Total
Steam (Ton)
285,850 268,803
2017 2018
Electricity (GwH) Electricity (GwH)
29,039 29,013
2017 2018
Chilled water (’000 RT)
Sold to IUs 100%Sold to EGAT 100%
Sold to IUs 100%
GJP’s sales volume and breakdown in 2018
60%
40%
70%
30%
4,522 4,464
938 1,125
5,459 5,589
2017 2018
EGAT IUs Total
83%
17%
80%
20%
46
15,557 15,900 15,322
2016 2017 2018
45,933 47,043 41,184
46,304 47,572
41,609
2016 2017 2018
Sales revenue Others
Total revenues (excl. FX)
Total revenues in 2018 dropped 13% YoY as
a consequence of GNS’s lower availability
payment as specified in the PPA and reduced
energy payment, resulting from lower dispatch.
-13% YoY
GJP: Breakdown of sales revenue by project
31%
35% 34%
2016
Bt 45,933m
GJP: Breakdown of sales revenue by customer
93%
7%
2016
Electricity - EGAT Electricity, steam and chilled water - IUs
Unit: Million Baht
EBITDA
-4% YoY
Net profit before FX
Unit: Million BahtUnit: Million Baht
EBITDA in 2018 decreased slightly 4% YoY
due to lower revenues and longer period of
planned maintenance as there were more
projects under A-inspection during the year.
Profit before FX in 2018 decreased 5% YoY in
line with the EBITDA.
5,858 6,592 6,276
416
3,387
302
6,274
9,979
6,578
2016 2017 2018
Profit before FX FX gain/loss
35%
31% 35%
2017
Bt 47,043m
IPP - GUT 7 SPPsIPP - GNS
Bt 45,933m Bt 47,043m
93%
7%
2017
GJP’s sales revenue (non-TFRIC 4)
-5% YoY
31%
27%42%
2018
Bt 41,184m
91%
9%
2018
Bt 41,184m
47
GMP: Portfolio of 12 gas-fired SPPs
9 of the 12 SPPs are in operation, the other 3 SPPs to kick off in Mar – Jul 2019
NAKORN RATCHASIMA
• Suranaree Industrial Zone
GNRV1 and GNRV2
SARABURI
• Hemaraj Saraburi Industrial Land
GNPM
PRACHINBURI
• Sahapat Kabinburi Industrial Park
GNC
RAYONG
• Eastern Seaboard Industrial Estate
GVTP, GTS1 and GTS2
• Hemaraj Eastern Seaboard Industrial Estate
GTS3 and GTS4
• Hemaraj Rayong Industrial Land
GNLL2
AYUTTHAYA
• Hi-Tech Industrial Estate
GBL and GBP
In operation
Under construction/
development
NAKORN
RATCHASIMA
SARABURI
AYUTTHAYA
PRACHINBURI
RAYONG
48
Electricity sales volume (GwH) Steam (Ton)
Breakdown of sales revenue by customer
GMP’s sales volume and breakdown in 2018
649 648 650 649 652 522215 105
215 215 200 161 22249
6228
864 863 850 810 873571
277132
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP
EGAT IUs
11,200
152,179 148,623
92,466
110,035
34,923 13,020 651
GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP
Total 5,241 GwH
78%
22%
Total 563,096 tons
74%
25%
0.4%
GVTP
Bt 2,694.2m
Total Bt 16,859mElectricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs
71%
24%
5.2%
GTS1
73%
22%
5.1%
GTS2
77%
20%
3.3%
GTS3
72%
24%
3.7%
GTS4
89%
9%1.9%
GNC
76%
23%
1.2%
GBL
77%
23%
0.2%
GBP
Bt 2,809.8m Bt 2,762.0m Bt 2,602.8m Bt 2,774.4m Bt 1,846.9m Bt 920.1m Bt 448.5m
49
Due dateGULFTHB m
IPDTHB m
GMPTHB m
Gulf
SolarTHB m
GCGTHB m
TotalTHB m
In 1 year - - 1,770.0 2.6 - 7,772.6
1 – 5 years 6,000.0 569.2 7,691.6 11.4 300.2 8,572.4
Over 5 years - 6,127.1 29,783.8 8.0 549.9 36,468.8
Total 6,000.0 6,696.3 39,245.4 22.1 850.0 52, 813.8
91%
9%
• At project level, capital structure is mostly project financing, using debt to equity ratio of 3:1
• At holding company level, principal sources of liquidity are borrowings and equity contribution by shareholders
Project
level
Holding
company
level
Debt profile as of December 31, 20181
43%
57%
Projects under
construction
Projects in
operation2
Most of the debts outstanding is project financing, due over 5 years
Note: 1/ Based on undiscounted contractual payments as of December 31, 20182/ The Group has outstanding debts at GJP, which are not shown in the Group’s consolidated financial statements. GJP’s outstanding debts
(100% basis) was Bt 75,224.1m (including US$1,030.2m, converted at THB/USD: 32.6148)
GMPUSD m
19.8
87.6
388.6
496.0
Debt profile
50
Summary of GULF’s consolidated income statement
Consolidated income statement 2017 2018
Unit: Million baht
Revenue from sales 4,078.4 16,881.1
Revenue from management fee 272.0 300.0
Cost of sales (3,096.9) (12,515.8)
Cost of management fee (189.3) (165.0)
Gross profit 1,064.2 4,500.4
Other income 42.8 9.4
Interest income 44.7 181.2
Dividend income 109.4 107.2
Share of profit (loss) from an associate and joint ventures 3,981.7 2,615.5
Administrative expenses (957.4) (1,489.6)
Finance costs (1,427.7) (1,938.3)
Corporate income tax benefits (expenses) 54.3 20.6
Gain (loss) on exchange rate, net 994.9 134.8
Profit (loss) for the period 3,906.9 4,141.2
Profit (loss) attributable to owners of the parent 3,451.4 3,028.1
51
Summary of GJP’s consolidated financial statements(non-TFRIC 4)
Consolidated income statement 2017 2018
Unit: Million baht
Sales revenue 47,042.5 41,183.9
Other incomes 529.1 425.3
Cost of sales (31,075.5) (25,714.2)
Gross profit 16,496.2 15,894.9
Operating and administrative expenses (596.0) (573.3)
EBITDA 15,900.2 15,321.7
Depreciation and amortisation (5,054.1) (5,079.2)
Finance costs (4,288.3) (3,961.2)
Corporate income tax benefits (expenses) 34.0 (4.8)
Gain (loss) on exchange rate, net 3,387.1 301.7
Profit (loss) for the period 9,978.8 6,578.1
52
Glossary
COD Commercial Operation Date
EDL-Gen EDL-Generation Public Company
EGAT The Electricity Generating Authority of Thailand
EIA Environmental Impact Assessment
EPC Engineering, Procurement and Construction
GBL Gulf BL Co., Ltd.
GBP Gulf BP Co., Ltd.
GCG Gulf Chana Green Co., Ltd.
GCRN Gulf JP CRN Co., Ltd.
GJP Gulf JP Company Limited
GKP1 Gulf JP KP1 Co., Ltd.
GKP2 Gulf JP KP2 Co., Ltd.
GMP Gulf MP Company Limited
GNK2 Gulf JP NK2 Co., Ltd.
GNLL Gulf JP NLL Co., Ltd.
GNLL2 Gulf NLL2 Co., Ltd.
GNNK Gulf JP NNK Co., Ltd.
GNPM Gulf NPM Co., Ltd.
GNRV1 Gulf NRV1 Co., Ltd.
GNRV2 Gulf NRV2 Co., Ltd.
GNS Gulf JP NS Co., Ltd.
53
Glossary (cont’d)
GSA Gas Sales Agreement
GTLC Gulf JP TLC Co., Ltd.
GTS1 Gulf TS1 Co., Ltd.
GTS2 Gulf TS2 Co., Ltd.
GTS3 Gulf TS3 Co., Ltd.
Gulf WHA MT Gulf WHA MT Natural Gas Distribution Co., Ltd.
GUT Gulf JP UT Co., Ltd.
GVTP Gulf VTP Co., Ltd.
IPD Independent Power Development Company Limited
IPP Independent Power Producer
LTSA Long Term Service Agreement
NGD Natural Gas Distribution
PPA Power Purchase Agreement
PTT PTT Public Company Limited
SCOD Scheduled Commercial Operation Date
SPCG SPCG Public Company Limited
SPP Small Power Producer
TFRIC 4 Thai Financial Reporting Interpretation Committee 4; Determining Whether An Arrangement Contains a Lease
VSPP Very Small Power Producer
WHA NGD2 WHA Eastern Seaboard NGD2
WHA NGD4 WHA Eastern Seaboard NGD4
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