Gulf Energy Development Public Company Limited POST-EARNINGS RELEASE - - PowerPoint PPT Presentation

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Gulf Energy Development Public Company Limited POST-EARNINGS RELEASE - - PowerPoint PPT Presentation

Gulf Energy Development Public Company Limited POST-EARNINGS RELEASE PRESENTATION For the Three Months Ended, March 31, 2018 Disclaimer This document is for information and reference only and does not constitute or form part of and should not be


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Gulf Energy Development Public Company Limited

POST-EARNINGS RELEASE PRESENTATION For the Three Months Ended, March 31, 2018

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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

  • therwise 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"

  • r 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.

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Section 1

Company Overview

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Investment Portfolio:

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Investment Portfolio: Conventional Business

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Investment Portfolio: Renewable Business

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Investment Portfolio: Other Investment

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* โครงการโรงไฟฟ้าจะเปิดดําเนินการเชิงพาณิชย์ครบทุกโรงภายในปี 2567 * * ข้ อมูล ณ เดือนมีนาคม 2561

Power Plants’ Location

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Power Generating Capacity with Secured PPAs

Gross Installed Capacity (MW): Equity Installed Capacity (MW):

831 2,485 4,238 4,238 4,773 5,029 5,283 5,801 5,826 7,151 8,476 9,801 11,126

  • 2,000

4,000 6,000 8,000 10,000 12,000 2013 2014 2015 2016 2017 Mar 1, 2018 2018F 2019F 2020F 2021F 2022F 2023F 2024F

GJP GMP IPD GCG VSPP

320 982 1,683 1,683 1,964 2,120 2,253 2,594 2,619 3,547 4,474 5,402 6,329

  • 1,000

2,000 3,000 4,000 5,000 6,000 7,000 2013 2014 2015 2016 2017 Mar 1, 2018 2018F 2019F 2020F 2021F 2022F 2023F 2024F

GJP GMP IPD GCG VSPP 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

IPP, 78%

SPP, 22%

IPP, 80%

SPP, 20%

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Section 1

Highlights in Q1/2018

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Key achievements in January – March 2018

2 gas-fired SPPs reached Commercial Operation Date

01

IPD issued a preferred share to yield GULF an additional 5%, or a total of 75%, of the dividends paid

02

Partnered with MITG in Gulf WHA MT, holding 35% of shares in two natural gas distribution projects

03

GCG entered into EPC contracts and long-term loan agreements, first drawdown in March 2018 Paid off 1,000MB loans and succeeded in negotiation to reduce financing cost to 3.25%

04 05

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Section 2

Operating performance Q1’ 2018

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GMP: 6 SPPs availability and heat rate

Installed power generation capacity: 126.5 – 137.0 MW each, a total of 791 MW

COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017 COD: Jan 2018 COD: Mar 2018

GVTP GTS1 GTS2 GTS3 GTS4 GNC

94.6 97.2 99.5 98.2

  • 94.7

99.3 100.0 99.6 99.4 97.5 GVTP GTS1 GTS2 GTS3 GTS4 GNC

Availability (%)

Q4-2017 Q1-2018

Note :

1/GTS4 : COD Jan 18 2/GNC : COD Mar 18

2 1

7,483 7,447

Q4-2017 Q1-2018

Average Heat Rate

(BTU/kWh)

  • 0.5% YoY

Better plant availability and better heat rate QoQ

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100.0 88.1 99.8 99.3 99.6 98.9 99.7 100.0 98.5 100.0 99.9 99.4 99.9 97.1 GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

Availability (%)

3M 2017 3M 2018

GJP: 7SPPs availability and heat rate

Installed power generation capacity: 114.0 – 133.0 MW each, a total of 831 MW

COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013 COD: May 2013 COD: Jul 2013

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

COD: Oct 2013 7,71 3 7,69 1

3M 2017 3M 2018

Average heat rate

(BTU/kWh)

  • 0.3% YoY

97.1% – 100.0%

Note:

1/ GKP2 was under maintenance type A (with add. Scope for steam turbine in 3M 2017 2/ GNK2 was under maintenance type A (3 days) in 3M 2018

2 1

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GJP: 2 gas-fired IPPs

Contracted power generation capacity: 1,600 MW each, a total of 3,200 MW

SARABURI AYUTTHAYA

COD: Jun and Dec 2014 (2 units)

GNS

GUT

COD: Jun and Dec 2015 (2 units) 91.9 99.0 GNS Availability (%)

3M 2017 3M 2018

97.4 97.1 GNS Availability (%)

3M 2017 3M 2018 6,90 5 7,00 5 3M 2017 3M 2018

Average heat rate

(BTU/kWh)

+1.4% YoY Note:

1/ GUT was under maintenance type A (10 days) in 3M 2017 2/ Dispatch decreased from 36% to 28% YoY 1

2

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SPP heat rate improvement plan in 2018-2020

Target to achieve enhanced heat rate after full operation of the 12 SPPs

  • Heat Rate improves around 150-200 BTU/kWh/Plant
  • Expected cost saving will be 50-60 MB/Year/SPP

GJP : 7 SPPs

  • Tie line Concept 4 SPPs:

7,600

BTU/kWh

  • Stand Alone 3 SPPs:

7,750 BTU/kWh GMP : 12 SPPs

  • Tie line Concept 10 SPPs: 7,300

BTU/kWh

  • Stand Alone 2 SPPs:

7,450 BTU/kWh

Plant A Plant B Plant A Plant B

67% 67% 67% 67% 100% 100% 100%

TIE-LINE CONCEPT OFF PEAK

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2013 2014 2015 2016 2017 2018 2019

Tie-line 7 Pairs (14 Power Plants) from total 19 SPPs

GKP1 & GKP2

Nong Kae Industrial Estate Saraburi

GTS1 & GTS2

Eastern Seaboard Industrial Estate Rayong

GTS3 & GTS4

WHA Eastern Seaboard Industrial Estate Rayong

GBL & GBP

Hi-Tech Industrial Estate Ayutthaya

GNK2 & GNPM

WHA Rayong Industrial Land Saraburi

GNLL & GNLL2

WHAj Rayong Industrial Land Rayong

GNRV1 & GNRV2

Suranari Indusrial Estate Nakhon Ratchasima

Completed Plan

Present 1Q18

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IPP heat rate improvement plan in 2018-2019

Working with Mitsubishi Hitachi to reduce heat rate of GNS and GUT by 0.6%

  • Each of 0.1% improvement contributes 10 – 20 MB/year/plant
  • If heat rate is reduced by 0.6%, expected cost saving will be 60 – 120 MB/year/plant
  • Turbine and machine improvements
  • Machine modifications
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Section 3

Project updates

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GMP: Additional 6 SPPs SCOD in 2H 2018 – 2019

In operation Under construction/ development

NAKORN RATCHASIMA SARABURI AYUTTHAYA PRACHINBURI RAYONG

GBL 95.8% completed

SCOD: Sep 2018

GBP 92.4% completed

SCOD: Nov 2018

GNLL2 85.6% completed

SCOD: Jan 2019

GBP 77.3% completed

SCOD: Mar 2019

GNRV1 55.7% completed

SCOD: May 2019

GNRV2 62.7% completed

SCOD: Jul 2019

Installed power generation capacity: 126.8 – 135.2 MW each, a total of 772 MW

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NGD projects SCOD in 2018 – 2019

Location: Hemaraj Eastern Seaboard Industrial Estate 2 Capacity: 2,000,000 mmbtu/year Customers: 500,000 mmbtu/year GSA Signed with PTT EIA approval Obtained Land Purchased SCOD: Sep 2018 Overall status: Under construction 44% completed Location: Hemaraj Eastern Seaboard Industrial Estate 4 Capacity: 2,000,000 mmbtu/year Customers: 500,000 mmbtu/year GSA Signed with PTT EIA approval Obtained Land Purchased SCOD: Apr 2019 Overall status: Under construction 23% completed

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Renewables to kick off in 2019 – 2020

Location: Tay Ninh, Vietnam Installed capacity:

  • Approx. 68.8 MW

Contracted capacity:

  • Approx. 48.0 MW

Fuel type Solar Tariff

  • Approx. US$9.35c./kWh

PPA 20 years SCOD: Jun 2019 Overall status: To begin construction in Jun 2018

TTCIZ-01 TTCIZ-02

Location: Tay Ninh, Vietnam Installed capacity:

  • Approx. 50.0 MW

Contracted capacity:

  • Approx. 36.0 MW

Fuel type Solar Tariff

  • Approx. US$9.35c./kWh

PPA 20 years SCOD: Jun 2019 Overall status: To begin construction in Q3 2018 Location: Songkhla, Thailand Installed capacity: 25.0 MW Contracted capacity: 20.6 MW Fuel type Biomass Tariff Ft + Bt 1.3 adder for 7 yrs. after COD PPA 25 years SCOD: Mar 2020 Overall status: Under construction

GCG

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IPD: Gigantic and promising growth in 2021-2024

In operation Under construction/ development

CHONBURI RAYONG

Location: Hemaraj Eastern Seaboard Industrial Estate, Chonburi Contracted capacity: 5,000.0 MW Fuel type Gas-fired PPA Signed with EGAT GSA Signed with PTT EPC Signed with Mitsubishi, MHPS and STEC LTSA Signed with MHPS SCOD: Unit 1-2: 2021 Unit 3-4: 2022 Overall status:

  • Under due diligence

process with lenders and legal advisors

  • Expect to sign loan

agreements by Q3 2018

  • Loan drawdown by

early Q4 2018 Location: Rojana (Pluak Daeng) Industrial Estate, Rayong Contracted capacity: 5,000.0 MW Fuel type Gas-fired PPA Signed with EGAT GSA Signed with PTT EPC Signed with Mitsubishi, MHPS and STEC LTSA Signed with MHPS SCOD: Unit 1-2: 2023 Unit 3-4: 2024 Overall status:

  • Under development
  • Financing close is

expected in 2020

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Section 4

Financial performance

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GULF’s Financial Highlights

SPPs starting operations in 2017–2018 boosted up the revenues and profit

Total Revenues Profit attributable to GULF’s owners

Unit: Million Baht

+3,737m / 226% YoY 3,361 43 75 1,234 1,300 370 608 7 48 1,655 5,392 3M 2017 3M 2018

Sales revenue Management fee Share of net profit Gain on exchange rate Other incomes

Total revenues in 3M 2018 increased 226% YoY due mainly to 6 SPPs under GMP commencing commercial

  • perations in Q2 – Q4 2017 (May, Jul, Sep and Nov) and

Q1 2018 (Jan and Mar)

Unit: Million Baht

1,107 1,708 3M 2017 3M 2018 +600m / 54% YoY Profit in 3M 2018 increased 54% YoY primarily from two factors: increase in sales revenue (Bt 3,359m YoY) and increase in gain on exchange rate (Bt 239m YoY)

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 interest income and other income

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GULF’s Financial Highlights (cont’d)

Breakdown of net profit 304 388 326 542 756 201 97 94 156 347 603 202 256 284 605 1,107 686 676 982 1,708 Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18

Net profit before FX GMP Gain on FX GJP Gain on FX

EBITDA (excl. share of net profit)

Note: 1/ EBITDA margin is EBITDA divided by sales revenue and management fee

  • 146
  • 224

312 535 967 Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 21% 22% 28% EBITDA margin EBITDA

Unit: Million Baht Unit: Million Baht

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GMP’s sales revenue

Sales revenue Breakdown of sales revenue by customer Sales revenue in 3M 2018 increased Bt 3,359m YoY from achievement of the first 6 SPPs (out of 12 SPPs) under GMP, starting from GVTP in May, GTS1 in Jul, GTS2 in Sep and GTS3 in Nov, 2017, and GTS4 in Jan and GNC in Mar, 2018 Contribution from electricity sales to EGAT made up around 75% of the total sales revenue for the three months ended March 31, 2018. 2 349 1,466 2,262 3,361 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 4 solar VSPPs GVTP (May) GTS1 (Jul) GTS2 (Sep) GTS3 (Nov) GTS4 (Jan) GNC (Mar) +3,359m YoY

75%

22% 3%

Electricity sales to EGAT Electricity sales to IUs Steam sales to IUs

Sales revenue 3M’18 Bt 3,361m

Sales revenue has consistently built up from achievement of the first 6 SPPs

Unit: Million Baht Unit: Million Baht

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GJP’s share of profit to GULF (TFRIC 4)

Share of profit from GJP 631 833 561 616 695 603 202 256 284 605 1,234 1,035 817 900 1,300 Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 Share of profit before FX FX

Share of profit before FX improved in line with the maintenance schedule

Included proceeds from GNLL’s insurance claims GNS under maintenance type B (18 days)

Unit: Million Baht

5.3% YoY 44.4% Q o Q

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3,747 3,877 3M'17 3M'18 11,342 10,786 11,416 10,860 3M'17 3M'18 Sales revenue Others

GJP’s sales revenue (non-TFRIC 4)

Total revenues (excl. FX)

Revenues in 3M 2018 declined slightly by Bt 556m YoY due primarily to lower dispatch of the 2 IPPs

  • 556m / 4.9% YoY

GJP: Breakdown of sales revenue by project

36% 30% 35% 3M'17 33% 29% 38% 3M'18

Bt 11,342m Bt 10,786m IPP - GNS IPP - GUT 7 SPPs

GJP: Breakdown of sales revenue by project

93%

7% 3M'17

92%

8% 3M'18

Bt 11,342m Bt 10,786m Electricity - EGAT Electricity and steam - IUs Unit: Million Baht

EBITDA

1,443 1,682 1,520 1,525 2,963 3,207 3M'17 3M'18 Profit before FX FX gain/loss +130m / 3.5% YoY +245m / 8.3% YoY

Net profit

Unit: Million Baht Unit: Million Baht

EBITDA in 3M 2018 increased by Bt 130m YoY as the 7 SPPs could generate higher revenue from electricity and steam sales, while improving heat rate efficiency Net profit in 3M 2018 increased by Bt 245m YoY mainly from improved performance of the 7 SPPs

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Balance sheet

Balance sheet

Note:

1/ Interest-bearing debt (ID) includes loans, debentures and bills of exchange 2/ Net interest-bearing debt (ND) is debt minus cash and cash equivalents, short-term investment and deposits at a financial institution used as collateral

Unit: Million Baht

56,930 57,957 4,374 5,711 61,304 63,668

31-Dec-17 31-Mar-18

Total debts

Interest-bearing debt

Other liabilities

9,267 8,884 50,547 55,549 20,439 21,844 20,399 19,595 100,652 105,871

31-Dec-17 31-Mar-18

Total assets

Cash and cash equivalents Investment in an associate and a joint venture Property, plant and equipment Other assets

D/E ratio as of March 31, 2018 slightly dropped to 1.5x

39,348 42,203

31-Dec-17 31-Mar-18

Total equity Total assets increased 5.2% YoY from an increase in construction value of power projects under GMP +5.2% YoY +3.9% YoY Total debts increased 3.9% YoY from drawdown of long-term loans for SPPs under GMP Total equity increased 7.7% YoY from increase in retained earnings and non controlling interests +7.3% YoY

31-Dec-17 31-Mar-18

D/E 1.6x 1.5x ID/E 1.4x 1.4x ND/E 0.9x 0.9x Key leverage ratios

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Debt profile

Due date GULF THB m IPD THB m GMP THB m GMP USD m GCG THB m Gulf Solar THB m In 1 year

  • 2,283.1

915.4 10.5

  • 2.5

1 – 5 years 6,000.0

  • 6,815.1

74.6 83.8 11.0 Over 5 years

  • 29,289.5

319.5 261.3 11.1 Total 6,000.0 2,283.1 37,020.0 404.6 345.1 24.6

90%

10%

  • 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 March 31, 2018

46% 54%

Projects under construction Projects in

  • peration

Most of the debts outstanding are project financing, due over 5 years

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Appendixes

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Corporate Shareholding Structure

Notes: Information as of May 16, 2018

1/ 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, Kolpos and Gulf International Holding Pte. Ltd. are dormant companies 5/ WHAUP and MITG hold 35.00% and 30.00% respectively in Gulf WHA MT.

SPCG 70.00%

9.09%

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 Inter- national Holding Gulf WHA MT 5 Gulf Pattani Green 4 SBY Biomass 4 Thepha Clean Energy 4

0.46%

Gulf HK GJP 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%

WHA NGD2 WHA NGD4

100.00% 100.00%

40.00% 30.00% 60.00% 30.00% 25.01%

GJP: 4,237 MW / 1,682 MW

Operating Projects Under Construction Investment Under Development IPP SPP VSPP Other Businesses or Dormant Entities

Blue Text: Gross installed capacity Red Text: Equity installed capacity

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% 49.00%

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Power Projects in Operations

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 Subtotal 1,365.9 197.0 7,800.0 600.9 91.1 2,659.8 GNS IPP Saraburi Gas-fired (CCGT) 1,653.2

  • 40.00%

661.3

  • Unit 1: Jun 1, 2014

Unit 2: Dec 1, 2014 2007 GUT IPP Ayutthaya Gas-fired (CCGT) 1,752.4

  • 40.00%

701.0

  • Unit 1: Jun 1, 2015

Unit 2: Dec 1, 2015 2007 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

0.60 0.45 Total 5,028.4 242.0 7,800.0 2,120.2 118.2 2,659.8

Note: As of 16 May 2018

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Projects under Construction and Development

Project Category Location Type Installed Capacity Equity Stake Equity Installed Capacity SCOD PPA Awarded Year Power (MW) Steam (TPH) Chilled Water (RT) Power (MW) Steam (TPH) Chilled Water (RT)

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 GNRV1 SPP Nakorn Ratchasima Gas-fired (CG) 128.2 10.0

  • 70.00%

89.8 7.0

  • May 2019

2010 GNRV2 SPP Nakorn Ratchasima Gas-fired (CG) 128.2 10.0

  • 70.00%

89.8 7.0

  • Jul 2019

2010 TTCIZ-01 SPP Vietnam Solar 68.8

  • 49.00%

33.7

  • Jun 2019

N.A. TTCIZ-02 SPP Vietnam Solar 50.0

  • 49.00%

24.5

  • Jun 2019

N.A. GCG SPP Songkhla Biomass 25.0

  • 100.00%

25.0

  • 2020

2018 GSRC IPP Chonburi Gas-fired (CCGT) 2,650.0

  • 70.00%

1,855.0

  • Units 1 and 2: 2021 /

Units 3 and 4: 2022 2013 GPD IPP Rayong Gas-fired (CCGT) 2,650.0

  • 70.00%

1,855.0

  • Units 1 and 2: 2023 /

Units 3 and 4: 2024 2013 Total 6,216.1 75.0

  • 4,267.2

47.2

  • Power Projects

NGD Projects

Project Location Installed Capacity (mmbtu per year) Equity Stake Equity Installed Capacity (mmbtu per year) SCOD

WHA NGD2 Rayong 2,000,000 35.00% 700,000 Sep 2018 WHA NGD4 Rayong 2,000,000 35.00% 700,000 Apr 2019 Total 4,000,000 1,400,000

Note: As of 16 May 2018

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GJP Group

Power Plants’ Location

GMP IPD (5,000 MW) Others – Renewable

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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

  • 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

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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

GNLL

In operation Under construction/ development

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GMP’s sales volume and revenue breakdown

Electricity sales volume (GwH) Steam (Ton) 157 161 164 165 164 55 44 54 50 32 50 5 201 215 214 196 213 60 GVTP GTS1 GTS2 GTS3 GTS4 GNC EGAT IUs 4,068 37,506 37,056 6,594 14,259 3,267 GVTP GTS1 GTS2 GTS3 GTS4 GNC Breakdown of sales revenue by customer

Total 1,100 GwH

79% 21%

Total 102,749 tons

70% 26% 5% GTS1 75% 24% 1% GVTP 72% 23% 5% GTS2 80% 19% 1% GTS3 Bt 606.9m Bt 675.6m Bt 665.1m Bt 595.7m 75% 24% 2% GTS4 88% 11% 2% GNC Bt 179.4m Bt 637.0m

Total Bt 3,359m

Electricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs

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GJP’s sales volume and revenue breakdown

1,107 1,117 232 274 1,339 1,391 3M'17 3M'18 EGAT IUs 2 IPPs: Sales volume 7 SPPs: Sales volume 1,553 1,265 940 671 2,492 1,936 3M'17 3M'18 GNS GUT Steam (Ton) 70,01 3 66,89 3 3M'17 3M'18 Electricity (GwH) Electricity (GwH) 7,244 7,463 3M'17 3M'18 Chilled water (’000 RT)

Sold to IUs 100% Sold to EGAT 100% Sold to IUs 100%

62% 38% 35% 65% 80% 20% 17% 83%

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Maintenance Types

Year 1 2 3 4 5 6 COD 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, GRV1 and GRV2)

8,000 (CI) 25,000 (HGPI) 50,000 (MO)

1 days 10 days 3 days 18 days 18 days 22 days 35 / 22 days

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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 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 2017 GTS1 SPP GTS2 SPP GTS3 SPP

A A A A A A A A A A A A A A B B A A A A

Note: As of 16 May 2018

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Glossary

BOI The Board of Investment of Thailand 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 GNK 2 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.

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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 NGD 2 WHA Eastern Seaboard NGD2 WHA NGD 4 WHA Eastern Seaboard NGD4