Gulf Energy Development Public Company Limited. POST-EARNINGS RELEASE PRESENTATION Q2/2018 ended, June 30, 2018

Transcription

1 Gulf Energy Development Public Company Limited POST-EARNINGS RELEASE PRESENTATION Q2/2018 ended, June 30, 2018

2 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. 2

3 Business overview Conventional Business Renewables Business Other Business 11,126 MW 484 MW 40% Ownership 70% Ownership 2 IPPs and 7 SPPs 4,237 MW COD: SPPs 1,563 MW COD: % Ownership 100% Ownership 4 Rooftop-solar VSPPs 0.6 MW COD: biomass project 25 MW COD: % Ownership Natural Gas Distribution 2 NGD projects 4,000,000 mmbtu/year COD in Investment WHA MT 8.38% in SPCG 0.46% in EDL-Gen 70% Ownership (75% dividend) 2 IPPs 5,300 MW COD: % Gulf Vietnam Ownership 3 solar and 1 wind projects 459 MW COD:

4 Capacity growth Gross Installed Capacity (MW): 14,000 12,000 10,000 8,000 6,000 4,000 2, ,485 4,237 4,237 4,772 5,028 5, Mar 1, ,949 6,004 7,329 8,654 11,584 10, F 2019F 2020F 2021F 2022F 2023F 2024F 75% 21% 4% GJP GMP IPD GCG Gulf Solar Gulf Vietnam IPP SPP Renewables Equity Installed Capacity (MW): 7,000 6,000 5,000 4,000 3,000 2,000 1, ,683 1,683 1,964 2,120 2, Mar 1, ,667 2,707 3,634 4,562 5,626 6, F 2019F 2020F 2021F 2022F 2023F 2024F 77% 19% 4% GJP GMP IPD GCG Gulf Solar Gulf Vietnam IPP SPP Renewables Note: Gulf's equity stake in GJP was 10% until August 15, 2016 when the stake was increased to 40%; equity installed capacities for are based on the proforma 40% stake for comparison purposes 4

5 GJP 2 IPPs and 7 SPPs 4,237MW 40% share 5

6 GJP: 2IPPs & 7SPPs (4,237 MW), 40% owned by GULF GUT maintained high availability, while GNS was under planned maintenance Contracted power generation capacity: 1,600 MW each, a total of 3,200 MW GNS COD: Jun and Dec 2014 (2 units) GUT COD: Jun and Dec 2015 (2 units) 97% Availability 1 (%) 89% - 100% 97% 99% 89% 92% 100% GNS 2Q'17 1Q'18 2Q'18 GUT Note: 1/ GNS Block2 was under maintenance type B (18 days) in 2Q18 6

7 GJP: 2IPPs & 7SPPs (4,237 MW), 40% owned by GULF 7 SPPs availability remained high around 90%-100% Installed power generation capacity: MW each, a total of 831 MW GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2 COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013 COD: May 2013 COD: Jul 2013 COD: Oct 2013 Availability (%) 90% - 100% Average Heat rate (BTU/kWh) 0.2% YoY / 0.2% QoQ 100% 98% 97% 90% 96% 90% 100% 100% 99% 100% 100% 100% 100% 98% 100% 99% 98% 99% 99% 97% 80% 7,690 7,691 7,676 GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2 2Q'17 1Q'18 2Q'18 2Q'17 1Q'18 2Q'18 7

8 GMP 12 SPPs 1,563MW 70% share 8

9 GMP: 12 SPPs (1,563 MW), 70% owned by GULF 6 SPPs in operation outperformed in 2Q18, higher availability and better heat rate Installed power generation capacity: MW each, a total of 791 MW GVTP GTS1 GTS2 GTS3 GTS4 GNC COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017 COD: Jan 2018 COD: Mar % 100% 95% 99% 93% Availability 1 (%) 96% - 100% 100% 100% 100% 100% 100% 99% 97% 96% Average Heat rate (BTU/kWh) 3% YoY / 1% QoQ 7,605 7,447 7, GVTP GTS1 GTS2 GTS3 GTS4 GNC 2Q'17 1Q'18 2Q'18 2Q'17 1Q'18 2Q'18 Note : 1/ GTS1, GTS2, GTS3, GTS4 and GNC began commercial operations during Jul 2017 Mar

10 GMP: Additional 6 SPPs SCOD in 2H Installed power generation capacity: MW each, a total of 772 MW SARABURI NAKORN RATCHASIMA GBL 99.6% completed SCOD: Sep 2018 GBP 98.8% completed SCOD: Nov 2018 AYUTTHAYA PRACHINBURI RAYONG GNLL2 94.5% completed SCOD: Jan 2019 GNPM 87.3% completed SCOD: Mar 2019 In operation Under construction/ development GNRV1 82.1% completed SCOD: May 2019 GNRV2 77.0% completed SCOD: Jul

11 IPD 2 IPPs 5,300MW 70% share 75% dividend 11

12 IPD: Gigantic and promising growth in Location: Hemaraj Eastern Seaboard Industrial Estate, Chonburi Location: Rojana (Pluak Daeng) Industrial Park, Rayong CHONBURI Contracted capacity: 2,500.0 MW Contracted capacity: 2,500.0 MW In operation RAYONG Under construction/ development Fuel type PPA GSA EPC LTSA Gas-fired Signed with EGAT Signed with PTT Signed with Mitsubishi, MHPS and STEC Signed with MHPS Fuel type PPA GSA EPC LTSA Gas-fired Signed with EGAT Signed with PTT Signed with Mitsubishi, MHPS and STEC Signed with MHPS SCOD: Unit 1-2: 2021 Unit 3-4: 2022 SCOD: Unit 1-2: 2023 Unit 3-4: 2024 Overall status: Under due diligence process with lenders and legal advisors Expect to sign loan agreements by early Q Overall status: Under development Financing close is expected in 2020 Loan drawdown by Q

13 Renewables Gulf Chana Green 25 MW, 100% share Wind + Solar VN 460 MW, 49% share 13

14 Biomass to begin commercial operation in 2020 Gulf Chana Green (GCG) Location: Installed capacity: Songkhla, Thailand 25.0 MW Contracted capacity: 20.6 MW SONGKHLA Fuel type Tariff Biomass EP + Ft + Bt 1.3 adder for 7 years after COD PPA EPC Signed with EGAT, 25 years Signed with STEC SCOD: Mar 2020 Overall status: Under construction 4% completed 14

15 First two solar projects in Vietnam to kick off in 2019 Under construction/ development TTCIZ-01 TTCIZ-02 Location Tay Ninh, Vietnam Location Tay Ninh, Vietnam Installed capacity Approx MW Installed capacity Approx MW Contracted capacity Approx MW Contracted capacity Approx MW Fuel type Solar Fuel type Solar Tariff Approx. US$9.35c./kWh Tariff Approx. US$9.35c./kWh PPA EPC Owner's Engineer 20 years (to sign in Q4 2018) Signed with JGC Vietnam Signed with ARTELIA Vietnam PPA EPC Owner's Engineer 20 years (to sign in Q4 2018) Signed with JGC Vietnam Signed with ARTELIA Vietnam SCOD Mar 2019 SCOD May 2019 Overall status Began construction in May % completed Overall status Began construction in Aug

16 New renewable investment in Vietnam 49.0% 51.0% Leading conglomerate operating various businesses in Vietnam, including energy and industrial estates with an asset size of approx. US$1.9 billion Investment portfolio Project Province Fuel type Gross capacity Equity capacity Approx. Project cost (US$m) SCOD TTCIZ-01 Tay Ninh Solar Mar 2019 TTCIZ-02 Tay Ninh Solar May 2019 Solar VN 3 Ben Tre Solar Jun 2019 Wind VN Ben Tre Offshore wind Phase I: 58 Phase II: 560 Total Phase I: 2020 Phase II: 2023 Gross installed capacity (MW) Equity installed capacity (MW) Under construction/ development TTCIZ-01 TTCIZ-02 Solar VN 3 Wind VN Ph.I Wind VN Ph.II F 2020F 2021F 2022F 2023F F 2020F 2021F 2022F 2023F 16

17 Another two projects in Vietnam coming in Solar project Wind project Solar radiation map Wind speed map Solar VN 3 Wind VN Location Ben Tre, Vietnam Location Ben Tre, Vietnam Installed capacity 30 MW Installed capacity 1 st Phase: 30 MW 2 nd Phase: 280 MW Total: 310 MW Fuel type Solar Fuel type Offshore wind Tariff Approx. US$9.35c./kWh Tariff Approx. US$7.8c./kWh (To appeal for tariff at US$8.5c./kWh or higher) SCOD Jun 2019 Overall status Waiting for approval from Ministry of Industry and Trade of Vietnam SCOD 1 st Phase: nd Phase: 2023 Overall status Approved by Ministry of Industry and Trade of Vietnam 17

18 Others 2 NGD (Gulf WHA MT) 4,000,000 MMBTU/ Year 35% share 18

19 NGD projects SCOD in Location: Hemaraj Eastern Seaboard Industrial Estate 2 Location: Hemaraj Eastern Seaboard Industrial Estate 4 Capacity: 2,000,000 mmbtu/year Capacity: 2,000,000 mmbtu/year Customers: 500,000 mmbtu/year Customers: 500,000 mmbtu/year GSA EIA approval Land Signed with PTT Obtained Purchased GSA EIA approval Land Signed with PTT Obtained Purchased SCOD: Dec 2018 SCOD: Apr 2019 Overall status: Under construction 79% completed Overall status: Under construction 37% completed 19

20 Financial Highlights 20

21 GULF s Financial Highlights SPPs starting operations in boosted up the revenues and profit Revenues Unit: Million Baht +166% YoY / -15% QoQ ,531 1, , ,466 3, ,262 4, , ,361 4,080 3, Revenues in 2Q 18 increased 166% YoY due to 6 SPPs under GMP commencing commercial operations in Q2 Q (May, Jul, Sep and Nov) and Q (Jan and Mar) But decreased 15% QoQ mainly from FX loss at GJP in 2Q 18 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18-59 Sales revenue Share of profit Management fee Other incomes 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 21

22 GULF s Financial Highlights (cont d) Core profit and EBITDA continued to increase QoQ Breakdown of net profit Unit: Million Baht +105% YoY / +5% QoQ EBITDA (excl. share of profit) Unit: Million Baht 1,708 +6% QoQ % 25% 28% % 1, Q'17 3Q'17 4Q'17 1Q'18 2Q'18 EBITDA margin EBITDA Core profit GMP Gain on FX GJP Gain on FX Total 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Note: 1/ EBITDA includes gross profit, dividend income, other income, administrative expense and adjustment for non-cash items 2/ EBITDA margin is EBITDA divided by sales revenue and management fee 22

23 GULF s Financial Highlights (cont d) Breakdown of core profit shows continuous growth Unit: Million Baht 1,800 1,708 1,500 1, (300) 2Q17 3Q17 4Q17 1Q18 2Q18 (600) (438) (900) GJP Core Profit GMP Core Profit GJP - FX Gain/ (Loss) GMP - FX Gain/ (Loss) Net Profit 23

24 Balance sheet D/E ratio as of June 30, 2018 was fairly stable at 1.6x Balance sheet Unit: Million Baht Total assets 31-Dec Jun-18 +6% D/E 1.6x 1.6x 100,652 20,222 20,439 1, ,829 17,742 19,841 2,741 Total liabilities +6% 61,304 65,047 Total equity +6% 50,547 58,287 7,626 8, Dec Jun-18 56,930 57,880 4,374 7, Dec Jun-18 39,348 41,783 1,935 2,255 37,413 39, Dec Jun-18 Cash, cash equivalents and short-term investment Investments in an associate and a joint venture Advance payments for land and construction Property, plant and equipment Other assets Interest-bearing debts Other liabilities Unappropriated retained earnings Other equity Total assets increased 6% from Total liabilities increased 3.9% Total equity increased 7.7% from an increase in construction value from drawdown of long-term an increase in retained earnings of power projects under GMP loans for construction of the and non controlling interests SPPs under GMP 24

25 Debts outstanding As of June 30, 2018 Bt 6,000m, due 1-5 years 40% 70% 75% 100% Bt 43,118 m Bt 37,749 m Bt 23 m Bt 527 m US$ 1,070 m (Bt 35,646 m 1 ) Total Bt 78,764 m US$ 407 m (Bt 13,576 m 1 ) Total Bt 51,325 m Note: 1/ THB/USD 25

26 Key Highlights 26

27 Key Highlights Committed Growth for existing Projects Projects in operation performed well from sales growth and improved efficiency (Heat Rate) Projects under construction performed better than planned progress Continuous Growth internationally Additional 340 MW renewable acquired in Vietnam in Aug MW gas fired power plant in Oman to be finalized in Aug

28 Appendixes 28

29 Corporate Shareholding Structure 40.00% 60.00% 70.00% 30.00% 70.00% 30.00% 74.99% 25.01% GJP GMP IPD Gulf Solar Gulf HK GNS COD: 2014 GUT COD: % GKP1 GNC 74.99% GKP2 GNRV % GTLC GNRV % GNNK GNPM 74.99% 74.99% GCRN GNLL % GNK 2 GBL % 75.00% GNLL 1 GBP 3 COD: 2013 COD: GVTP 2 GTS1 2 GTS2 2 GTS3 2 GTS4 2 GSRC COD: GPD COD: Gulf Solar BV Gulf Solar KKS Gulf Solar TS1 Gulf Solar TS2 COD: Operating Projects Investment 9.09% 0.46% SPCG EDL-Gen Under Construction Other Businesses GCG (Biomass) Gulf Pattani Green 4 SBY Biomass 4 Thepha Clean Energy 4 COD: 2020 Under Development Dormant Entities 35.00% Gulf SG Kolpos Gulf WHA MT 5 Gulf Energy International 49.00% TTCIZ-01 WHA NGD2 WHA NGD4 COD: % 99.99% Gulf VN GJP: 4,237 MW / 1,682 MW GMP: 1,563 MW / 911 MW IPD: 5,300 MW / 3,710 MW IPP SPP VSPP/RE Blue text : Gross installed capacity Green text : Equity installed capacity Notes: Information as of August 15, / WHA Energy, a subsidiary of WHAUP, holds a 25.01% equity interest in GNLL 2/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interests in GVTP, GTS1, GTS2, GTS3, GTS4 and GNLL2 3/ Thai Industrial Estate Corp., Ltd. holds 25.00% equity interests in GBL and GBP 4/ Gulf Pattani Green, SBY Biomass, Thepha Clean Energy and Kolpos are dormant companies 5/ WHAUP and MITG hold 35.00% and 30.00% respectively in Gulf WHA MT % TTCIZ % Wind VN 49.00% Solar VN 3 COD:

30 Power Projects in Operations Project Category Location Type Power (MW) Installed Capacity Steam (TPH) Chilled Water (RT) Equity Stake Equity Installed Capacity Power (MW) Steam (TPH) Chilled Water (RT) GKP1 SPP Saraburi Gas-fired (CG) % Jan 5, GKP2 SPP Saraburi Gas-fired (CG) % Feb 1, GTLC SPP Saraburi Gas-fired (CG) % Mar 1, GNNK SPP Chachoengsao Gas-fired (CG) , % ,280.0 Apr 1, GNLL SPP Rayong Gas-fired (CG) , % ,379.8 May 1, GCRN SPP Pathumthani Gas-fired (CG) % July 1, GNK2 SPP Saraburi Gas-fired (CG) % Oct 1, GVTP SPP Rayong Gas-fired (CG) % May 16, GTS1 SPP Rayong Gas-fired (CG) % Jul 8, GTS2 SPP Rayong Gas-fired (CG) % Sep 1, GTS3 SPP Rayong Gas-fired (CG) % Nov 1, GTS4 SPP Rayong Gas-fired (CG) % Jan GNC SPP Prachinburi Gas-fired (CG) % Mar Subtotal 1, , ,659.8 GNS IPP Saraburi GUT IPP Ayutthaya Gas-fired (CCGT) Gas-fired (CCGT) 1, % , % Subtotal 3, ,362.3 COD Unit 1: Jun 1, 2014 Unit 2: Dec 1, 2014 Unit 1: Jun 1, 2015 Unit 2: Dec 1, 2015 Gulf Solar BV VSPP Chonburi Solar Rooftop % Jun 23, Gulf Solar TS1 VSPP Rayong Solar Rooftop % Aug 27, Gulf Solar KKS VSPP Chonburi Solar Rooftop % Dec 26, Gulf Solar TS2 VSPP Rayong Solar Rooftop % Jan 8, Subtotal PPA Awarded Year Total 5, , , ,659.8 Note: As of 15 Aug

31 Power Projects Projects under Construction and Development Project Category Location Type Power (MW) Installed Capacity Steam (TPH) Chilled Water (RT) Equity Stake Equity Installed Capacity Power (MW) Steam (TPH) Chilled Water (RT) SCOD PPA Awarded Year GBL SPP Ayutthaya Gas-fired (CG) % Sep GBP SPP Ayutthaya Gas-fired (CG) % Nov GNLL2 SPP Rayong Gas-fired (CG) % Jan GNPM SPP Saraburi Gas-fired (CG) % Mar GNRV1 SPP Nakorn Ratchasima Gas-fired (CG) % May GNRV2 SPP Nakorn Ratchasima Gas-fired (CG) % Jul TTCIZ-01 RE Vietnam Solar % Mar 2019 N.A. TTCIZ-02 RE Vietnam Solar % May 2019 N.A. Wind VN RE Vietnam Offshore wind % Phase I: 2020 Phase II: 2022 Solar VN 3 RE Vietnam Solar % Jun 2019 N.A. GCG SPP Songkhla Biomass GSRC IPP Chonburi GPD IPP Rayong Gas-fired (CCGT) Gas-fired (CCGT) 2, % 1, , % 1, Total 6, , NGD Projects Units 1 and 2: 2021 / Units 3 and 4: 2022 Units 1 and 2: 2023 / Units 3 and 4: 2024 N.A Project Location Installed Capacity (mmbtu per year) Equity Stake Equity Installed Capacity (mmbtu per year) SCOD WHA NGD2 Rayong 2,000, % 700,000 Sep 2018 WHA NGD4 Rayong 2,000, % 700,000 Apr 2019 Total 4,000,000 1,400,000 Note: As of 15 Aug

32 GJP: 7 gas-fired SPPs All projects have been in operation since 2013 SARABURI SARABURI Nong Khae Industrial Estate GKP1 and GKP2 Talingchan GTLC Hemaraj Saraburi Industrial Land GNK2 PATHUMTHANI CHACHOENGSAO PATHUMTHANI Chiangrak noi GCRN CHACHOENGSAO RAYONG Wang Takien GNNK RAYONG In operation Hemaraj Rayong Industrial Land GNLL Under construction/ development 32

33 GJP: 7 SPPs availability and heat rate in 6M 18 7 SPPs availability remained high around 94%-100% Installed power generation capacity: MW each, a total of 831 MW GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2 COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013 COD: May 2013 COD: Jul 2013 COD: Oct 2013 Availability (%) Average Heat rate (BTU/kWh) 94% - 100% 98% 94% 100% 100% 100% 97% 100% 94% 98% 99% 100% 99% 99% 98% 0.2% YoY 7,704 7,685 GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2 6M'17 6M'18 6M'17 6M'18 33

34 GJP: 2 gas-fired IPPs in 6M 18 GUT maintained high availability, while GNS was under planned maintenance Contracted power generation capacity: 1,600 MW each, a total of 3,200 MW GNS COD: Jun and Dec 2014 (2 units) GUT COD: Jun and Dec 2015 (2 units) Availability 1 (%) 93% - 100% 97% 95% 93% 100% GNS 6M'17 6M'18 GUT Note: 1/ GNS Block2 was under maintenance type B (18 days) in 2Q18 34

35 GJP s sales revenue (non-tfric 4) Total revenues (excl. FX) Unit: Million Baht -14% YoY / -8% QoQ EBITDA Unit: Million Baht -11% YoY / +4% QoQ Net profit before FX Unit: Million Baht -19% YoY / +7% QoQ 11,598 10,860 9,964 2,730 3, ,525 11,343 10,786 9,849 2Q'17 1Q'18 2Q'18 Sales revenue Others 4,505 3,877 4,018 2Q'17 1Q'18 2Q'18 2,223 1,682 1,803 (1,930) (127) 2Q'17 1Q'18 2Q'18 Profit before FX FX gain/loss Total revenues in 2Q 18 declined 14% YoY and 8% QoQ due primarily to lower dispatch of the 2 IPPs, especially GUT EBITDA in 2Q 18 decreased 11% YoY, but increased 4% QoQ as the 7 SPPs could generate higher sales revenue, while improving heat rate efficiency Profit before FX in 2Q 18 decreased 19% YoY, but increased 7% QoQ caused mainly by improved performance of the 7 SPPs GJP: Breakdown of sales revenue by project GJP: Breakdown of sales revenue by project 2Q'17 31% 36% 29% 1Q'18 38% 27% 2Q'18 44% 2Q'17 93% 1Q'18 92% 2Q'17 91% 33% 33% 29% 7% 8% 9% Bt 11,343m Bt 10,786m Bt 9,849m Bt 11,343m Bt 10,786m Bt 9,849m IPP - GNS IPP - GUT 7 SPPs Electricity - EGAT Electricity, steam and chilled water - IUs 35

36 GJP s share of profit to GULF (TFRIC 4) Share of profit before FX increased slightly despite planned maintenance at GNS Share of profit before FX from GJP Unit: Million Baht -15% YoY / +2% QoQ Included proceeds from GNLL s insurance claims 1, GNS under maintenance type B (18 days) , GNS under maintenance type B (18 days) Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Share of profit before FX FX gain/loss Share of profit 36

37 GMP: Portfolio of 12 gas-fired SPPs 6 of the 12 SPPs are in operation, the other 6 SPPs to kick off in 2H2018 and 2019 NAKORN RATCHASIMA Suranaree Industrial Zone GNRV1 and GNRV2 SARABURI NAKORN RATCHASIMA SARABURI Hemaraj Saraburi Industrial Land GNPM AYUTTHAYA PRACHINBURI PRACHINBURI Sahapat Kabinburi Industrial Park GNC AYUTTHAYA RAYONG Hi-Tech Industrial Estate GBL and GBP RAYONG In operation Under construction/ development Eastern Seaboard Industrial Estate GVTP, GTS1 and GTS2 Hemaraj Eastern Seaboard Industrial Estate GTS3 and GTS4 Hemaraj Rayong Industrial Land GNLL2 37

38 GMP: 6 SPPs availability and heat rate in 6M 18 Higher plant availability and better heat rate YoY Installed power generation capacity: MW each, a total of 791 MW GVTP GTS1 GTS2 GTS3 GTS4 GNC COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017 COD: Jan 2018 COD: Mar 2018 Availability 1 (%) 96% - 100% Average Heat rate (BTU/kWh) -3% YoY 93% 96% 99% 100% 100% 99% 96% 7,605 7, GVTP GTS1 GTS2 GTS3 GTS4 GNC 6M'17 6M'18 6M'17 6M'18 Note : 1/ GTS1, GTS2, GTS3, GTS4 and GNC began commercial operations during Jul 2017 Mar

39 GMP s sales volume and breakdown in 2Q 18 Electricity sales volume (GwH) Steam (Ton) Total 1,247 GwH Total 143,909 tons 20% 80% GVTP GTS1 GTS2 GTS3 GTS4 GNC 37,932 37,361 26,465 28,176 4,277 9,699 GVTP GTS1 GTS2 GTS3 GTS4 GNC EGAT IUs Breakdown of sales revenue by customer Electricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs Total Bt 3,943m GVTP GTS1 GTS2 GTS3 GTS4 GNC 25% 1% 24% 5% 22% 5% 20% 4% 23% 4% 9% 2% 74% 71% 73% 76% 74% 89% Bt 661.7m Bt 709.0m Bt 690.8m Bt 663.4m Bt 687.7m Bt 530.7m 39

40 GMP s sales volume and breakdown in 6M 18 Electricity sales volume (GwH) Steam (Ton) Total 2,347 GwH Total 246,659 tons 21% 79% GVTP GTS1 GTS2 GTS3 GTS4 GNC 75,438 74,417 33,058 42,435 8,345 12,966 GVTP GTS1 GTS2 GTS3 GTS4 GNC EGAT IUs Breakdown of sales revenue by customer Electricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs Total Bt 7,303m GVTP GTS1 GTS2 GTS3 GTS4 GNC 25% 1% 25% 5% 23% 5% 19% 2% 23% 3% 9% 2% 74% 70% 72% 78% 74% 89% Bt 1,268.6m Bt 1,384.6m Bt 1,355.9m Bt 1,259.1m Bt 1,324.6m Bt 710.1m 40

41 GJP s sales volume and breakdown in 2Q 18 2 IPPs: Sales volume 7 SPPs: Sales volume Electricity (GwH) Sold to EGAT 100% Electricity (GwH) Steam (Ton) Sold to IUs 100% 40% 20% 18% 19% 60% 80% 82% 81% 65, ,65 4 2Q'17 2Q'18 2, , ,368 1, ,120 1,141 Chilled water ( 000 RT) Sold to IUs 100% 6,360 7,793 2Q'17 2Q'18 2Q'17 2Q'18 2Q'17 2Q'18 GNS GUT Total EGAT IUs Total 41

42 GJP s sales volume and breakdown in 6M 18 2 IPPs: Sales volume 7 SPPs: Sales volume Electricity (GwH) Sold to EGAT 100% Electricity (GwH) Steam (Ton) Sold to IUs 100% 46% 30% 18% 19% 5,355 54% 70% 82% 81% 136,9 72 6M'17 134,5 48 6M'18 2,487 Chilled water ( 000 RT) Sold to IUs 100% 2, ,707 2, ,868 1,990 2,227 2,258 14,454 15,460 6M'17 6M'18 6M'17 6M'18 6M'17 6M'18 GNS GUT Total EGAT IUs Total 42

43 GMP s sales revenue Sales revenue has consistently built up from achievement of the first 6 SPPs Sales revenue Unit: Million Baht +1,031m YoY / +17% QoQ Breakdown of sales revenue by customer Unit: Million Baht GTS1 (Jul) GTS2 (Sep) GTS3 (Nov) GTS4 (Jan) GNC (Mar) 22% 3% 76% Sales revenue 2Q 18 Bt 3,945m GVTP (May) 346 1,464 2,261 3,359 3,943 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Electricity sales to EGAT Electricity sales to IUs Steam sales to IUs Sales revenue in 2Q 18 increased 1,031% YoY / 17% QoQ from achievement of the first 6 SPPs (out of 12 SPPs) under GMP, starting from GVTP in May, GTS1 in Jul, GTS2 in Sep Contribution from electricity sales to EGAT made up around 76% of the total sales revenue for the second quarter, ended June 30, and GTS3 in Nov, 2017, and GTS4 in Jan and GNC in Mar,

44 Debt profile Most of the debts outstanding is project financing, due over 5 years Debt profile as of June 30, Due date GULF THB m IPD THB m GMP THB m Gulf Solar THB m GCG THB m Total THB m GMP USD m In 1 year - - 1, , years 6, , ,445.6 Over 5 years , ,617.9 Total 6, , , Holding company level 10% 47% Projects under construction Project level 90% 53% Projects in operation 2 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 Note: 1/ Based on undiscounted contractual payments as of June 30, / 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 78,764.4m (including US$1,069.6m, converted at THB/USD: ) 44

45 1 days 3 days 10 days 18 days 18 days 35 / 22 days 22 days Maintenance Types A B C Year COD Type A Type B Type C Machine SIEMENS (7SPPs and 9 out of 12 SPPs) MHPS (GNS and GUT) GE (3 out of 12 SPPs GNC, GRV1 and GRV2) Equivalent operating hours Equivalent operating hours Equivalent operating hours 10,000 (A) 30,000 (B) 60,000 (C) 12,500 (CI) 25,000 (TI) 50,000 (MI) 8,000 (CI) 25,000 (HGPI) 50,000 (MO) 45

46 Maintenance Schedule Group Project Type COD Quarter 1 Quarter Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 GKP1 SPP A A GKP2 SPP A A GTLC SPP A A GNNK SPP 2013 A A GJP GNLL SPP A A GCRN SPP A A GNK2 SPP A GNS IPP 2014 B B GUT IPP 2015 A GVTP SPP A GMP GTS1 GTS2 SPP SPP 2017 A A GTS3 SPP A A B C SIEMENS A (3 days) B (18 days) C (22 days) MHPS CI (10 days) TI (18 days) MI (35 days) GE CI (1 days) HGPI (18 days) MO (22 days) Note: As of 16 May

47 Summary of GULF s consolidated income statement Consolidated incom e statem ent 2Q'17 1Q'18 2Q'18 6M'17 6M'18 Unit: Million baht Revenue from sales , , ,305.1 Revenue from management fee Cost of sales (290.0) (2,484.3) (2,929.2) (291.3) (5,413.6) Cost of management fee (48.2) (45.7) (53.1) (100.8) (98.8) Gross profit , ,942.7 Other income Interest income Dividend income Share of profit (loss) from an associate and a joint venture 1, ,300.0 (58.9) 2, ,241.0 Administrative expenses (332.9) (230.2) (397.9) (470.9) (628.1) Finance costs (325.7) (470.3) (441.9) (608.2) (912.3) Corporate income tax benefits Gain (loss) on exchange rate, net (819.0) (210.5) Profit (loss) for the period ,165.5 (554.1) 1, ,611.4 Profit (loss) attributable to ow ners of the parent ,707.7 (438.0) 1, ,

48 Summary of GJP s consolidated financial statements (non-tfric 4) Consolidated incom e statem ent 2Q'17 1Q'18 2Q'18 6M'17 6M'18 Unit: Million baht Sales revenue 11, , , , ,634.3 Other incomes Cost of sales (6,911.0) (6,809.4) (5,739.8) (14,415.8) (12,549.2) Gross profit 4, , , , ,188.3 Operating and administrative expenses (131.6) (135.8) (158.2) (256.6) (294.0) EBITDA 4, , , , ,894.3 Depreciation and amortisation (1,260.8) (1,253.7) (1,259.2) (2,506.8) (2,513.0) Interest income Finance costs (1,078.8) (983.4) (999.6) (2,180.4) (1,982.9) Corporate income tax benefits (expenses) (3.6) Gain (loss) on exchange rate, net ,525.1 (1,930.0) 2,026.6 (404.9) Profit (loss) for the period 2, ,207.2 (126.7) 5, ,

49 Glossary COD EDL-Gen EGAT EIA EPC GBL GBP GCG GCRN GJP GKP1 GKP2 GMP GNK 2 GNLL GNLL2 GNNK GNPM GNRV1 GNRV2 GNS Commercial Operation Date EDL-Generation Public Company The Electricity Generating Authority of Thailand Environmental Impact Assessment Engineering, Procurement and Construction Gulf BL Co., Ltd. Gulf BP Co., Ltd. Gulf Chana Green Co., Ltd. Gulf JP CRN Co., Ltd. Gulf JP Company Limited Gulf JP KP1 Co., Ltd. Gulf JP KP2 Co., Ltd. Gulf MP Company Limited Gulf JP NK2 Co., Ltd. Gulf JP NLL Co., Ltd. Gulf NLL2 Co., Ltd. Gulf JP NNK Co., Ltd. Gulf NPM Co., Ltd. Gulf NRV1 Co., Ltd. Gulf NRV2 Co., Ltd. Gulf JP NS Co., Ltd. 49

50 Glossary (cont d) GSA GTLC GTS1 GTS2 GTS3 Gulf WHA MT GUT GVTP IPD IPP LTSA NGD PPA PTT SCOD SPCG SPP TFRIC 4 VSPP WHA NGD 2 WHA NGD 4 Gas Sales Agreement Gulf JP TLC Co., Ltd. Gulf TS1 Co., Ltd. Gulf TS2 Co., Ltd. Gulf TS3 Co., Ltd. Gulf WHA MT Natural Gas Distribution Co., Ltd. Gulf JP UT Co., Ltd. Gulf VTP Co., Ltd. Independent Power Development Company Limited Independent Power Producer Long Term Service Agreement Natural Gas Distribution Power Purchase Agreement PTT Public Company Limited Scheduled Commercial Operation Date SPCG Public Company Limited Small Power Producer Thai Financial Reporting Interpretation Committee 4; Determining Whether An Arrangement Contains a Lease Very Small Power Producer WHA Eastern Seaboard NGD2 WHA Eastern Seaboard NGD4 50