Gulf Energy Development Public Company Limited Q1 2019 Analyst - - PowerPoint PPT Presentation

Gulf Energy Development Public Company Limited

Q1 2019 Analyst Meeting May 2019

2

Business Updates

3

Bidding submission of Map Ta Phut Industrial Port Phase 3 project

Key events in Q1 2019

Jan 1 Jan 25 Mar 29 Feb 1 Feb 15 Mar 1 Mar 6 7,500 million baht debentures allotment GNLL2 (127 MW) COD GNPM (135 MW) COD Bidding submission

• f Laem Chabang

Port Phase 3 project TTCIZ-01 (69 MW) COD Increased stake in TTCIZ-02 from 49% to 90%

4

Key activities in Q2 – Q4 2019

APR MAY DEC JUN JUL SEP OCT NOV AUG JUL 1: GNRV2 (128 MW) SCOD GPD (2,500 MW) financial close MAY 1: GNRV1 (128 MW) COD NGD4 SCOD (2,000,000 mmbtu/year) APR 19: TTCIZ-02 (50 MW) COD APR 25: Signed SPA and SHA to increase stake from 49% to 95% in Mekong Project (Solar & Wind in Vietnam) Tie-line program fully integrated (GNLL & GNLL2, GNK2 & GNPM, and GNRV1 & GNRV2)

Plant A Plant B

100% 100%

Turbine Turbine

100%

Turbine Turbine

Mekong Wind Farm (Phase I: 30 MW) commences construction Mekong Wind Farm (Phase II: 49 MW) commences construction

5

Business Overview

6

Business overview

Gas-fired Business Renewable 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 projects

49-95%

Ownership ▪

3 Solar projects ▪ 149 MW ▪ COD: [2019-2020] ▪ 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

WH WHA A MT Thailand Overseas

484 MW

▪ 1 Independent power and water project ▪ 326 MW ▪ COD: 2020-2022

45%

Ownership

Duqm Power Company (“DPC”) Wind power project

95%

Ownership ▪

1 Wind project ▪ 310 MW ▪ COD: 2021-2023

7

Power business

Preparing for or under construction/ development

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.

In operation

Vietnam (4 projects) Oman (1 project) Thailand (28 projects)

Installed capacity Gross Equity In operation 5,791 MW 2,583 MW Preparing for or under construction/ development 6,119 MW 4,295 MW Total 11,910 MW 6,878 MW

1994 Thailand’s 1st IPP 2007 2013 2010 2016 2018 Thailand’s 1st SPP Thailand’s 2nd IPP Thailand’s 2nd SPP Thailand’s 3rd SPP Thailand’s 3rd IPP

8

Power capacity growth – over 20% in 5 years

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

831 2,485 4,237 4,237 4,772 5,282 5,791 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 May-19 2019 2020 2021 2022 2023 2024 GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

Note: 1/ 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

2/ Include the gas-fired power project in Oman

76%

20% 4%

320 982 1,683 1,683 1,964 2,253 2,583 2,673 2,775 3,827 4,913 5,950 6,878

• 1,000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 2013 2014 2015 2016 2017 2018 May-19 2019 2020 2021 2022 2023 2024 GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

76%

18% 6% IPP2

SPP

Renewables

IPP2

SPP

Renewables

1 1 1 1 1 1 1 1

9

• 2. Project Updates

10

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 COD 1 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:

• 11 projects in operation
• 1 project under

construction

✓ ✓ ✓ ✓ ✓ ✓

COD 2017 COD 2018 COD 2019 Construction progress on track

98.3%

✓ ✓ ✓

✓ GMP – 12 SPPs (1,563 MW)

✓

✓ ✓ ✓ ✓

As of May 2019

11

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 26% 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 Sep 2019

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

As of April 2019

12

GSRC’s project developments

Civil works progress as planned

13

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 50% completed

✓ ✓

As of April 2019

14

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: Jun 2019 Project cost: Approx. 234 MB Overall status: Under construction 95% completed

✓ ✓ ✓

As of April 2019

15

New renewable investment in Vietnam

Project Province Fuel type Equity interest Gross installed capacity (MW) Equity installed capacity (MW) Approx. project cost (US$m) COD/SCOD TTCIZ-01 Tay Ninh Solar 49% 69 34 65 6 Mar 2019 TTCIZ-02 Tay Ninh Solar 90% 50 45 50 19 Apr 2019 Mekong Solar Farm Ben Tre Solar 95%* 30 28 33 [2019-2020] Mekong Wind Farm Ben Tre Offshore wind 95%* 310 295 618 2021-2023 Total 460 402 766

Investment portfolio

One of the leading conglomerates in Vietnam,

• perating various businesses, including energy and

industrial estates with an asset size of approx. US$1.9 billion

Under construction/ development

Note: *On April 25, 2019, GIH signed the Share Purchase Agreement and Shareholders Agreement to increase its equity interest in Mekong Projects from 49% to 95% and the share transfer is expected to be completed tentatively by the end of May 2019.

In operation

16

TTCIZ-01 and TTCIZ-02 (119 MW) reached COD

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 COD

6 Mar 2019

Project cost

• Approx. US$ 65 million

TTCIZ-01 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 COD

19 Apr 2019

Project cost

• Approx. US$ 50 million

As of April 2019 In operation

17

Mekong Project in Vietnam (340 MW)

Location Ben Tre, Vietnam Installed capacity

• Approx. 30 MW

Shareholding - GULF (95%)*

• TTC Group (5%)

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

Mekong Solar Mekong Wind

Location Ben Tre, Vietnam Installed capacity 1st Phase: 30 MW 2nd Phase: 49 MW 3rd Phase: 231 MW Total: 310 MW Shareholding - GULF (95%)*

• TTC Group (5%)

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 Note: *On April 25, 2019, Gulf entered into SHA and SPA to increase its equity interest from 49% to 95%. The share transfer will be completed tentatively by May 2019.

As of April 2019 Under construction/ development In operation

18

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

18% 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.)

Under construction/ development As of April 2019 In operation

19

• 3. Operating performance

20

Projects in operation

40%

Ownership

70%

Ownership

4,237 MW 1,435 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 11 SPPs out of 12 SPPs COD: 2013 COD: 2014-15 COD: 2017

1,752 MW GTS4 GNC GBL GBP

75% 100% 75% 75%

130 MW 126 MW 127 MW 127 MW

COD: 2018

GNLL2

75%

127 MW

COD: 2019

GNPM

100%

135 MW GNRV1 135 MW

100%

21

GJP – 2 IPPs (3,406 MW)

6,989 7,061 6,963 Average

Average heat rate

(BTU/kWh)

2017 2018 3M'19

2 IPPs Key customer

94.6 97.2 96.2 97.3 99.8 99.7 GNS GUT

Availability (%)

2017 2018 3M'19

COD: Unit 1 Jun 2014 Unit 2 Dec 2014 GNS GUT COD: Unit 1 Jun 2015 Unit 2 Dec 2015

100% of contracted capacity

22

GJP – 7 SPPs (831 MW)

98 97 99 99 99 99 99 97 97 98 97 98 97 99 100 100 99 99 99 100 97 GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

Availability (%)

2017 2018 3M'19 7,700 7,685 7,677

Average heat rate

(BTU/kWh)

2017 2018 3M'19 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

23

GMP – 10 out of 12 SPPs (1,307 MW)

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

GVTP GTS1 GTS2 GTS3

COD: Mar 2018

10 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 96 98 100 98 98 97 98 97 98 98 100 100 100 100 99 100 100 99 100 98 100 100 GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP GNLL2 GNPM

Availability (%)

2017 2018 3M'19 7,479 7,415 7,411

Average heat rate

(BTU/kWh)

2017 2018 3M'19

COD: Nov 2018

GBP

COD: Jan 2019

GNLL2

COD: Mar 2019

GNPM

24

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 2017 GTS1 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 C A A A A A A B A A As of April 2019

25

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

26

Tie-line 14 SPPs (7 pairs) from the total 19 SPPs

2013 2014 2015 2016 2017 2018 2019 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 GNLL & GNLL2

WHA Rayong Industrial Land

Rayong GNK2 & GNPM

WHA Rayong Industrial Land

Saraburi GNRV1 & GNRV2

Suranari Industrial Estate

Nakhon Ratchasima

27

• 4. Financial Highlights

28

3,361 5,193 6,477 75 75 77 1,300 437 895

48 51 47

4,784 5,756 7,496 Q1'18 Q4'18 Q1'19 Sales revenue Management fee Share of profit Other incomes Total revenues

Total revenues

SPPs commencing their operations in 2017–Q1’19 boosted up 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

57% YoY

Total revenues in Q1’19 was 7,496 MB

• QoQ: +30% from COD of GNLL2 and GNPM in

Q1’19 and the overall increase in electricity and steam sold.

• YoY: +57% mainly from 10 SPPs under GMP

group compared to 6 SPPs in Q1’18. Volume of electricity and steam sold also increased.

29

Share of profit from GJP (40%)

Share of profit from GJP

Unit: Million Baht

GJP’s share of profit (excl. FX) in Q1’19 was 655 MB

• QoQ: +45% from lower maintenance days (2 power

plants in Q1’19 vs. 4 power plants in Q4’18)

• YoY: -6% from GNS’s lower AP rate and 19% surge

in gas price while Ft rates increased by only 4.3 satang GJP’s share of profit (incl. FX) in Q1’19 was 895 MB

• +99% QoQ and -31% YoY mainly from the FX rates

fluctuations 695 452 655 605

• 2

240

1,300 450 895

Q1'18 Q4'18 Q1'19

Share of profit (excluding FX) FX gain/loss

Share of profit from GJP (excl. FX) improved QoQ but softened YoY

Total share of profit

• 31% YoY
• 6% YoY

(Gas price was 237.29 baht/MMBTU, 279.00 baht/MMBTU and 282.02 baht/MMBTU in Q1’18, Q2’18 and Q1’19, respectively)

30

Net profit / Core profit

Net profit / Core profit

Core profit continued to increase aligned with increasing number of power projects

Unit: Million Baht

756 522 857 347 34 196 605

• 2

240 1,708

553 1,293

Q1'18 Q4'18 Q1'19 Core profit GMP Gain on FX GJP Gain on FX Net profit

13% YoY

(Baht 31.41/ USD, Baht 32.61/ USD and Baht 31.98/ USD in Q1’18, Q4’18 and Q1’19, respectively)

Core profit in Q1’19 was 857 MB

• QoQ: +64% from greater contribution from GMP

(10 SPPs in Q1’19 vs. 8 SPPs in Q4’18) and power plants’ lower maintenance days

• YoY: +13% due mainly to:
• Better performance from GMP (10 SPPs compared

to 6 SPPs in Q1’18). Also, profit margin improved from increasing demand from both existing and new IUs.

• However, share profit from GJP dropped by 6%.

Net profit in Q1’19 was 1,293 MB

• +134% QoQ and -24% YoY from the movement in

unrealized FX gain.

• 24% YoY

31

31,556 31,556 31,556 1,935 3,924 5,217 1,074 1,057 907 4,783 8,251 9,161 39,348 44,788 46,840 31-Dec-17 31-Dec-18 31-Mar-19

Total equity

Balance sheet

Balance sheet

Unit: Million Baht 4,374 9,349 8,357 56,930 69,532 75,172 61,304 78,880 83,528 31-Dec-17 31-Dec-18 31-Mar-19

Total liabilities

9,267 15,552 15,740 50,547 67,664 73,362 20,439 21,659 22,130 20,399 18,794 19,137 100,652 123,669 130,369 31-Dec-17 31-Dec-18 31-Mar-19

Total assets

D/E ratio as of Mar 31, 2019 was at 1.78x

Total assets was 130,369 MB, +5% from the development and construction of SPPs under GMP and GSRC, TTCIZ-02 and GCG Total liabilities was 83,528 MB,

+6% mostly from long-term loan

drawdowns for the construction of SPPs under GMP and GSRC Total equity was 46,840 MB,

+5% from the increase in R/E

and non-controlling interests

31-Dec-17 31-Dec-18 31-Mar-19

D/E 1.56x 1.76x 1.78x ID/E 1.45x 1.55x 1.60x ND/E 1.04x 1.34x 1.37x

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 Non-controlling interests Other components of equity attributable to owners of the parent Paid-up capital and share premium Unappropriated retained earnings

5% 6% 5%

32

Debts outstanding

As of March 31, 2019

40% 70% 75% 100% 7,500 MB in debentures 70% 56% 44% 74% 26% 1,015 MUSD 41,162MB 447 MUSD 39,777 MB 83% 17% 63 MUSD 10,050 MB 100% 22 MB 100% 1,274 MB

Total 73,627 MB Total 54,083 MB Total 12,066 MB

• All of the power projects in Thailand have long term loans of 20 - 23 years (vs. PPA term of 25 years).
• To mitigate interest rate fluctuation, the company entered into interest rate swaps to swap interest rate from floating

rate into fixed rate for 18-20 years.

33

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

34

Dividend payment

Shareholders 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 April 24, 2019, the Company’s

shareholders approved dividend payment of 1.20 baht per share, totaling 2,560 million baht, representing 78.9% of the separate net profit (after tax).

Key dates

Ex-dividend date : May 2, 2019 Dividend payment date : May 21, 2019

Thank You