2015 Results Presentation Analyst Meeting 15 th February 2016 1 1
Highlights 9.4% CAGR committed growth 2016-2019 rowth Bt 1.9 billion Net profit increase 21% YoY rofit 2015 Dividend 0.95 Bt 2015 dividend yield 4.28% ustainability IRPC-CP COD in Nov 2015 NNEG 93% completion, SCOD by Jun 16 onstruction 2
Company Overview Financial Performance Project Update Business Plan 2016 3
GPSC’s Business Portfolio Committed Capacity Combined Cycle / Cogeneration Renewable Energy Combined Heat and Power ELECTRICITY 100% Sriracha Power Plant 100% Thai Solar Renewable 40% Producing 1,917 MW • Electricity: 700 MW • Electricity: 5 MW • Electricity: 80 MW • Industrial water: 80 Cu.m./h • Chilled water*: 12,000 RT (operate 1,338 MW) Nava Nakorn Electricity 30% Ichinoseki Solar Power 99% Rayong Power Plant 100% Generation STEAM • Electricity : 125 MW CUP 1-3 1,582 T/H • Electricity: 20.8 MW • Electricity: 339 MW • Steam: 30 T/h • Steam: 1,340 T/H (operate 1,431.7 T/h) • Industrial water: 2,000 Cu.m./h Bangpa-in Cogeneration 25% CUP-4 Hydroelectric Phase 1 • Electricity: 45 MW INDUSTRIAL • Electricity: 117 MW • Steam: 70 T/h WATER • Steam: 20 T/h Xayaburi Power 25% IRPC Clean Power 51% Phase 2 Operate 2,080 Cu.m./h • Electricity: 117 MW • Electricity: 1,285 MW Total • Steam: 20 T/h • Electricity: 240 MW • Steam: 300 T/h CHILLED Phase 1 COD Ratchaburi Power 15% Nam Lik 1 Power 40% WATER Electricity: 45 MW Steam: 170 T/h Operate 12,000 RT • Electricity: 1,400 MW • Electricity: 65 MW Phase 2 under construction Project under construction Other Businesses Business Service 25% 24M Technologies 17% Alliance Company Overview 4 Remark: *CHPP currently operate only Electric Chiller (Chilled Water 12,000 RT)
Electricity: Operating capacity of 1,338 MW, with another 579 MW in pipeline 1,338 MW 579 MW Total Total GPSC’s Equity capacity GPSC’s Equity capacity Name Type capacity SCOD Name Type capacity share % (MW) share % (MW) (MW) (MW) CUP-4 SPP 100% 45 45 2018 Sriracha IPP 100% 700 700 ISP-1 Solar 99% 20.8 20.6 2017 CUP-1 SPP 100% 226 226 IRPC-CP SPP 51% 240 122 2017 CUP-2 SPP 100% 113 113 (Phase 2: 99 MW) Phase 2 CHPP VSPP 100% 5 5 NL1PC Hydro 40% 65 26 2017 IRPC-CP Phase 1 SPP 51% 240 122 (Phase 1: 23 MW) NNEG SPP 30% 125 38 2016 TSR Solar 40% 80 32 BIC-2 SPP 25% 117 29.25 2017 BIC-1 SPP 25% 117 29.25 XPCL Hydro 25% 1,285 321 2019 RPCL IPP 15% 1,400 210 Total 579 Total 1,338 Company Overview 5
Operate 1,432 T/h of Steam and 2,080 Cu.m./h of Industrial Water 1,431.7 T/h 2,080 Cu.m/H Operating capacity Operating capacity Under construction Name Name (Cu.m/h) (T/h) Capacity (T/h) Sriracha 80 CUP-1 890 CUP-1 720 CUP-2 170 CUP-2 510 CUP-3 280 BIC-1 5 CUP-3 770 IRPC-CP Phase 1 86.7 Total 2,080 CUP-4 70 IRPC-CP Phase 2 66.3 NNEG 9 BIC-2 5 Total 1,431.7 150.3 Company Overview 6
70% of GPSC’s revenue is from electricity, EGAT is GPSC’s largest power customer… 2015 Revenue by product 2015 Revenue by customer (THB million) (THB million) Total Total 22,444 22,444 Accounted for almost 50% of total revenue, EGAT is the Electricity and Steam are major source of GPSC’s • • largest customer of GPSC revenue, accounted for 95% of total revenue. Company Overview 7 Remark: *Other customer is government complex.
…while PTT Group is a major customer for steam and industrial water 2015 Electricity sales volume 2015 Steam sales volume (GWh) (‘000 tons) Total 4,893 Total 5,582 2015 Industrial water sales volume (‘000 Cu.m.) Total 4,042 EGAT is a major customer of Electricity, which • accounted for 70% of total electricity sales volume PTT Group is a major customer for steam (77%) and • industrial water (93%) Company Overview 8 Remark: *Chilled water has been sold entirely to government complex.
Company Overview Financial Performance Project Update Business Plan 2016 9
2015 Revenue of Bt 22.4 billion, decreased 5% YoY Click to edit Master title style Quarterly revenue Annual revenue (THB million) (THB million) -10% YoY -18% YoY -5% YoY +4% QoQ Industrial + Chilled water Industrial + Chilled water Steam Steam Electricity (SPP) Electricity (SPP) Electricity (IPP) Electricity (IPP) FY15: Revenue decreased by 5% YoY due to • Q4/15: Revenue increased by 4% QoQ mainly from • decrease in Rayong Plant revenue (SPP), additional income from IRPC-CP Phase 1 of 264 caused by CUP- 2’s minor inspection and THB million (SPP-COD in November 2015) several customers’ maintenance shutdown 17/02/59 Remark: *Revenue from Electricity (IPP) is included income from electricity and Financial Performance 10 finance lease.
IPP and SPP revenue breakdown Click to edit Master title style Quarterly revenue Annual revenue Q4/15: Revenue from IPP • decreased by 2% QoQ mainly (THB million) (THB million) due to a lower demand for electricity consumption at the IPP: Sriracha Power Plant end of the year. In addition -31% YoY -30% YoY revenue decreased by 31% YoY mainly due to a half block -2% QoQ +1% YoY dispatch from EGAT. FY15: Revenue from IPP • Finance lease Industrial water increased by 1% YoY thanks to an increase in revenue from Electricity Electricity AP. Quarterly revenue Annual revenue Q4/15: Revenue from SPP • (THB million) (THB million) decreased by 2% QoQ mainly due to lower average sales price of electricity and steam. In SPP: Rayong Power Plant -11% YoY -17% YoY addition revenue decreased by +8% YoY 17% YoY mainly from -2% QoQ customers’ maintenance and unplanned shutdown. Industrial water Industrial water Steam FY15: revenue from SPP • Steam decreased by 11% YoY as there was a CUP-2 minor inspection Electricity Electricity in Q1/15 and several customers had scheduled maintenance.. 17/02/59 Remark: *Revenue from Electricity (IPP) is included income from electricity and Financial Performance 11 finance lease.
Sriracha Power Plant (IPP): Power Click to edit Master title style Quarterly Availability & AP Annual Availability & AP Q4/15: Revenue from AP • increased by 49% QoQ thanks (%, THB million) (%, THB million) to a normal operation with Reserved Combustion inspection & 100% availability rate after a shutdown Reserved shutdown Availability plant shutdown in Q3/15 Availability AP FY15: Revenue from AP • increased by 52% YoY from higher total Availability of 95%: AP - No hot gas path inspection in 2015 - Baht depreciation against USD which is one of the factors for AP calculation Quarterly Dispatch & EP Annual Dispatch & EP Q4/15: Revenue from EP • decreased by 5% QoQ mainly (GWh, THB million) (GWh, THB million) due to lower electricity Reserved demand from seasonal shutdown Combustion inspection & consumption Reserved shutdown Dispatch Dispatch FY15: Revenue from EP slightly • decreased by 0.4% YoY while total dispatch increased mainly EP due to lower price of natural gas which is one of the factors EP for EP calculation 17/02/59 Remark: AP: Availability Payment Financial Performance 12 EP: Energy Payment
Rayong Power Plant (SPP): Power Click to edit Master title style Annual Power Sales Volume Quarterly Power Sales Volume (GWh) Q4/15: Sales volume remained (GWh) • stable, compared with Q3 due to customer maintenance shutdown Minor Inspection CUP-2 Customers maintenance FY15: Sales volume decreased • Shutdown by 7% YoY mainly due to - CUP-2 minor inspection in Q1/15 - Several customers’ scheduled maintenance Quarterly Average Sales Price Annual Average Sales Price & Average Ft price (THB/KWh) Q4/15: Average sales price (THB/KWh) • decreased by 3% QoQ due to drop in sale price per unit which was in line with a sale Sales price price to EGAT, referred to the Power Purchase Rate announcement for SPP FY15: Average sales price • decreased by 4% YoY which Ft was in line with a downtrend of Ft price 17/02/59 Financial Performance 13
Rayong Power Plant (SPP): Steam Click to edit Master title style Annual Steam Sales Quarterly Steam Sales Volume Volume (‘000 tons) Q4/15: Sales volume increased (‘000 tons) • by 7% QoQ as two customers that had scheduled maintenance in Q3 were back to buy steam product FY15: Sales volume decreased • by 4% YoY mainly due to - CUP-2 minor inspection in Q1/15 - Several customers’ scheduled maintenance Quarterly Average Sales Price Annual Average Sales Price Q4/15: Average sales price (THB/ton) (THB/ton) • decreased by 7% QoQ affected from lower price of natural gas FY15: Average sales price • decreased by 8% YoY which was in line with downtrend of natural gas price 17/02/59 Financial Performance 14
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