GLOBAL POWER SYNERGY PUBLIC Corporate COMPANY LIMITED Presentation Q2/2019 with ANALYST MEETING Phatra Securities PLC and The Siam Commercial Bank PLC August 19 th , 2019 THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP 1
Q2 2019 KEY HIGHLIGHTS ‘GROWING PROFIT WITH SUSTAINABILITY AND CONTROL’ SIGNIFICANT PROFIT SUSTAINABILITY CONTROL GROWTH 154% increase in Interim Dividend Nam Lik 1 was COD since GPSC completed the July 2019 acquisition of GLOW 69.11% THB 0.50 per share EBITDA QoQ due to the on March 14, 2019 , and Xayaburi and CUP4 first full quarter dividends for 1H/2019 that will completed Mandatory which are under contribution of GLOW be paid on September 12, 2019 Tender Offer from Glow construction with over 30% of gross profit which ended on the 22 nd May Awards from 95% completion is margin in Q2/2019 due 2019 of 26.14% adding up to expected to COD within • CFO of the year from ‘The Asset to the first full quarter a total of 95.25% 2019 Magazine’ recognition of GLOW’s Integration with GLOW will NNEG expansion phase power plant with better • Asia Responsible Enterprise consist of 3 phases, the expected to COD in 2020 margins Award 2019 from ‘Enterprise Asia’ current phase focuses on Value added from • Asia Best CFO (IR) and Best WTE is expected to COD launching all quick wins and Investor Relation Company from in 2021 synergy preparing to launch all Corporate Governance Asia ERU which jointly operate remaining synergy initiatives Magazine THB 1.6 bn ramp up with full with Thaioil is expected to Coordination with PTT EBITDA contribution by 2024 • GPSC was classified as COD in 2023 Group on Gas to Power Securities in ESG100 for the product to diversify portfolio year 2019 from ‘ Thaipat Institute’
GPSC Growth and Strategic Direction Update of projects Equity Offering Financial Performance 3 3
GPSC Electricity Growth Pipeline Selective Growth 5,026 MW Equity Capacity FUTURE GROWTH 4,776 MW COD of projects 4,766 MW Equity Capacity Growth along with 4,748 MW Equity Capacity PTT Group COD of projects Equity Capacity ERU +250MW COD of projects GLOW SPP Replacement Inorganic Growth Rayong WTE +2,771MW +10MW Conventional Energy +39.5MW Expansion+18MW ( Thailand and International) Note: Base on 100% in GLOW COD of projects Renewable Energy (Solar and Wind) XPCL + 321MW NL1PC +26MW CUP 4 +45MW CUP 3 Expansion +15MW Target 2019 2020 2021 2023 within 2025 4
Strategic Direction and Growth Strategy 3 Pillars S-CURVE SELECTIVE GROWTH SYNERGY & INTEGRATION Battery Business Energy Storage Growth along with System Integrator PTT Group Synergy Capture Energy Management Domestic and Solution Provider Operation Excellence International & Asset Optimization Renewable Corporate & Business Infrastructure 5
Strategic Direction and Growth Strategy Synergy & Integration Synergy Identification Initiatives Launch Full Implementation (Phase 1) May – July 2019 Aug – Oct 2019 Nov 2019 Onwards SYNERGY & INTEGRATION Baselining Launching all Quick- Launching all initiatives performance wins Enhancing and Preparing to launch all Driving full integration prioritizing synergy remaining synergy plan implementation initiatives initiatives Synergy Capture Monitoring, controlling Developing business and reporting progress Operation Excellence cases and action plans on financial and other & Asset Optimization metrics Launching selected Corporate & Business Quick-win initiatives Infrastructure Ongoing synergy identification for additional uplift in Phase 2 6
Strategic Direction and Growth Strategy Selective Growth SHORT-TERM GROWTH LONG-TERM GROWTH 2021-2025 2019-2020 GROWTH ALONG WITH RENEWABLE IN PTT GROUP SELECTIVE GREENFIELD AND Domestic and international GROWTH DEVELOPER SCHEME such as Gas to power INVESTMENT investment also the investment in Maptaphut and EEC area PDP 2018 USE CO-GENERATION Opportunity capture such as SPP replacement as ERC EXPERTISE TO announced the electricity Growth along EXPAND IN purchase from SPP with FOCUS COUNTRIES with PTT Group contact ending during 2019- 2025, Solar floating (EPC) and Solar PPPA Domestic and International SELECT & DEVELOP STRATEGIC PARTNER for focus countries Renewable 7
Strategic Direction GPSC has strengthen its knowledge and capabilities in providing ESS services and Growth Strategy S-curve GPSC AS A SYSTEM EXPLORE NEW S-CURVE INTEGRATOR BUSINESS FROM ESS SEEKING NEW MARKET AND 2019 Onwards CUSTOMERS THROUGH PILOT PROJECTS S-CURVE 2019 System Integrator/ Manufacturer in Market and Developer in Battery Technology Micro-grid/ESS Intelligence in Digital Energy Peak Shift & Gas Turbine Efficiency Renewable Integration for Peak GC GCL Improvement (Dec 2019) Shift & Back-up (Mar 2019) ▪ Become a pioneer battery ✓ Increase efficiency of Gas ✓ Increasing effectiveness producer and energy Turbine of power consumption Battery Business storage system integrator ✓ Improve power stability of GC that benefit environment operation in Rayong province ▪ Support ESS by offering ✓ Provide future power Energy Storage Energy Management optimization for major System Integrator industries supporting GC Solution Group ▪ Invest in potential project GPSC Energy Storage System Projects Information and Status: Energy within electricity value Type Customer Capacity Status chain Management Residential Chiang Mai U 10kW/17kWh Solution Provider Industrial GCL 625kW/625kWh with 2MWp solar Industrial GC 250kW/1.5MWh Smart City VISTEC 1MW/1MWh Complete Contructing 8
Growth Platform Strengthened by Synergies ‘Larger and Stronger Power House’ 1 2 3 Leadership Position in SPP Solid Growth Platform Stronger HR capabilities SPP market share by Installed Equity MW Secured by PTT Growth Pipeline ▪ Thailand largest SPP GPSC + GLOW Player with strong 15% PTT group’s International best resources and Facilitated by EEC Industrial EGCO local power practice previously Growth network reliability BGRIM and utilities capped by Other expertise investment policy GULF Consistent SPP Replacement constraints RATCH ‘Continuous Synergy Realization’ A B C Procurement and Corporate Process and Business Operations and Maintenance Functions Initiation Optimize New tools New business Optimize Network CAPEX Cash & Debt to improve ideas and Procurement Integration Avoidance Management efficiency innovation 9
Leadership Position in SPP SPP Replacement Project: Stage 1 and 2 Projects SPP Market Share by Installed Equity MW/ 1 (Tentative only) GPSC + GLOW Max. Notice Power Steam Plant EGAT to SCOD Thailand’s largest 15% (MW) (TPH) EGCO PPA proceed SPP player BGRIM with strong resources Stage 1 and network reliability GULF GEN 192 300 30 x 2 2020 2022 RATCH Phase 2 Others Stage 2 GPSC’s Committed Portfolio/ 2 GSPP2 192 300 30 x 2 2022 2024 VSPP & ERU Renewables Committed Equity 2% 5% GSPP3 5,026 MW 120 168 30 x 2 2022 2024, 25 (Coal) with SPP SPP 44% 49% IPP GSPP11#1 80 - 30 x 1 2023 2025 2,192 MW Total 584 768 Note: 1. Data source from companies’ website and ERC as of July 2019 Source: Glow Analyst Meeting Q1/2019 2. Based on 100% in GLOW 10
Solid growth platform and Expansion in EEC Capture solid growth in EEC “ Utility demand in EEC 3.42% CAGR expected to grow 3.42% CAGR ” ( TWh) THAILAND 31 27 18% Chachoengsao 18% GRP 38% Rayong TSR 38% (SSE1) Glow Energy Solar PV Rooftop Chonburi 44% 44% RPCL CHPP (Solar) EEC Source: PEA, MEA, Ministry of energy 2018 2022F CHPP Supportive Industrial Customers Landscape Customer needs >5 Industrial estates Reliability Sriracha ERU >5 Industries Petrochemical Cost competitiveness • Glow IPP Chemical • CCE Refinery • Backup support Steel Rayong • Glow Energy Solar PV Industrial gas • Rooftop ~75 companies Flexibility Rayong WTE Glow SPP Gheco- IRPC-CP 11 Phase ~120 plants & facilities one Phase1-2 1-3 CUP1-4 Glow Glow Energy Energy Glow Glow Solar Phase Energy SPP Plant 1,2,4,5 CFB 3 2,3 11
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