Gunkul Engineering Public Company Limited Opportunity day 14 June - - PowerPoint PPT Presentation
Gunkul Engineering Public Company Limited Opportunity day 14 June 2018 Content I. Company Overview II. 1Q 2018 Financial Performance III. Business Update IV. What is next .. ? V. Projects Update Appendix 2 Strictly Private and
14 June 2018
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Gunkul Engineering PLC (“Gunkul”) operates across the entire renewable energy value chain
▪ Founded in 1982 as an electrical equipment trader. Gunkul later expanded into manufacturing, EPC business, and filed for IPO in 2010 to grow its renewable generation business ▪ Trader, manufacturer and EPC contractor: Complete value chain business model provides end-to-end solution in the development
▪ Renewable energy power producer: Power projects with contracted capacity(1)
513.1 equity MW in Thailand, Myanmar, Japan and Malaysia (approx. 64% solar, 34% wind, and 2% gas). As of May 2018, we have ~232.7 equity MW in
▪
(SET:GUNKUL)
Notes: (1) Including operational, under construction, and secured pipeline. (2) As of May 2018 (3) Gunkul Group is a holding company with the Dhumrongpiyawut family owning 99.6% of the Group (4) Dhumrongpiyawut family accounts for 54.0% of Gunkul
Reliable manufacturer and supplier of over 5,000 electrical equipment and products
1 2
World-class renewable energy projects with a visible and robust pipeline across Asia
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Reputable one-stop renewable energy EPC and O&M service provider with over 15% market share in Thailand
Gunkul Shareholders(2)
Gunkul Group(3) (4) 49.8%
4.2% UOB Kay Hian (HK) 2.9% Others 37.4% Siam Commercial Bank 3.1% Thai NVDR 2.2% Bua Luang Long Term Equity Fund 2.2%
Disconnecting Switch Arrester SF6 gas switch Low-voltage switch
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Secured PPA for 60MW Wind Energy Development (WED) Secured PPA for 30.9MW Gunkul Chubu Powergen (GCPG) Founded as an electrical equipment trader
1982
Set up factory for manufacturing
1992 2010
Initial Public Offering Entered into renewable energy sector as EPC and O&M contractor 1st solar project 1st wind project
2012
1st gas engine power plant 25MW gas engine power plant in Myanmar (GKMCP)
2013
Expanded into solar roof business along with reputable partners Solar roof business
2014
Acquired 65MW of solar projects in Japan Solar PV module manufacturing 1 of 4 manufacturers in Thailand producing solar PV modules under Thai Industrial Standard
2015
100
2011
Wind project MOU in Myanmar Signed MOU with Myanmar Ministry of Electric Power to develop 1,000MW Wind Project Supplied and set up Thailand’s first wind turbine for EGAT
Gunkul transformed itself from a trading company with volatile earnings to a renewable energy player that has stable cashflow and high margins Gunkul’s EBITDA from Renewable Power is Expected to Increase from 86% in 2017 to 89% and 92% by 2018 and 2019
Note: Based only on the secured 509.8 equity MW in our portfolio and only 368.0MW to be COD by 2019 2016 Target to achieve 1,000 contracted equity MW by 2020
1st Japan Solar Project 31.8MW solar power plant in Japan (Sendai)
2017
Acquired 13MW
8MW solar power plant (BMP Solar) 5MW solar power plant (ECO)
2018
Q1 : COD GNP Q2 : SCOD KWE Q4 : SCOD SENDAI & KIMITSU
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1st Solar Rooftop Private PPA Structured the Solar Rooftop business to be Private PPA which the off- taker are reputable companies 1st Malaysia Solar Project 29.99 MW or 20.99 Equity MW solar power plant in Malaysia
86% 14% 89% 11% 92% 8%
2017 EBITDA Breakdown 2018F EBITDA Breakdown 2019F EBITDA Breakdown
Renewable Power Generation Trading & EPC
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Trading and Manufacturing Engineering, Procurement & Construction Power Generation
Examples of In-House Products
Cables and accessories, capacitors, fuse and switches, grounding, hardware and connectors, Insulators, lightning protection, live part covers, maintenance equipment, meters, preformed, tools and instruments, transformers Distribution Lines Transmission Lines Cable and accessories, fuse and switches, hardware and connectors, insulators, lightning protection, maintenance equipment, tools and instruments Electricity Plants Wind turbine components, solar panel components Low Voltage Lines Capacitors, explosion proof products, fuses and switches, grounding, hardware and connectors, insulators, lightning protection, meters, preformed, street lighting and control, telephone hardware Substation Battery and chargers, capacitors, grounding, maintenance equipment, meters, tools and instruments, transformers
Low-voltage switch Cutout Arrester Disconnecting Switch SF6 gas switch
Project Reference Project Owner Total MW
374.9
EPC O&M 1) GPS 26.0
P P
2) GCPG 30.9
P P
3) NK Power Solar 1.0
P P
4) CK & Sun Solar Power Plant 8.0
P P
5) Solatra Solar Power Plant 8.0
P
6) BSE (NMA) 12.5
P P
7) BSE (CPM1) 12.5
P P
8) Solar Rooftop Projects 11.0
P P
9) RNS 87.0
P
10) BMP 8.0
P P
Gunkul’s Own Projects
Notes: (1) Excludes pipeline projects
Allow Gunkul to exploit economies of scale and cost saving advantages
11) WED 60.0
P
12) GNP 60.0
P
13) KWE 50.0
P
Solar Wind Gas Engine
Geographical Diversification
Energy Mix
Thailand: 53% Japan: 41% Malaysia: 4% Myanmar: 3% Solar: 64% Wind: 33% Gas Fired: 3%
Note: Above pie charts demonstrate Existing Equity MW
Existing Power Plants Total Equity Capacity of 513 MW
513 MW (Equity) 513 MW (Equity)
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Mainly decrease in accounts receivable and inventory due to the decrease in EPC service revenue
3,121 3,360 8,590 9,749 9,803 9,785 212 447 484 463 592 587 178 20 3,369 8,562 13,516 15,669 663 1,151 2,442 2,000 3,310 3,491 405 2,261 3,930 4,822 3,157 3,856 3,257 4,654 12,641 19,523 24,991 27,680 1,098 1,078 2,678 3,605 4,338 4,309 225 1,507 3,497 2,468 1,049 1,399
4,580 4,580 7,239 7,239 18,815 18,815 25,596 25,596 30,377 30,377 33,388 33,388
0.19x 0.68x 0.85x 1.37x 1.70x 2.00x
10,000 20,000 30,000 2013 2014 2015 2016 2017 1Q2018 0.19x 2.00x 0.68x 0.85x 1.37x 1.70x 0.8 0.8 1.2 0.8 1.0 0.8
Total Assets, Liabilities, and Equities
THB MM Non-Current Assets Other Current Assets Cash Current Debt Other Current Liabilities Non-Current Debt Other Non- Current Liabilities Total Interest Bearing Debt / Equity (times) Total Equity IBD / Equity Current Ratio
Assets Liabilities &Equity Assets Liabilities &Equity Assets Liabilities &Equity Assets Liabilities &Equity Assets Liabilities &Equity Assets Liabilities &Equity
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Breakdown by Business Unit
63% 50% 85% 42% 35% 49% 14% 31% 1% 1% 1% 27%
1,107 709 961 987 1,350 363 114 868 541 674 615 712 211 (75)
1,200 2,400 3,600 4,800 2013 2014 2015 2016 2017 Q1 2017 Q1 2018 Manufacturing and Trading Revenue EPC and O&M Revenue Power Generation Revenue EBIT Net Profit 2,976 3,367 4,460 4,855
44%
26%
30%
953 1,682
17%
60% 23%
THB MM
(1) (2)
54% 42% 24% 18% 22% 15% 39% 19% 38% 22% EBIT Margin Net Profit Margin
(3)
Notes: (1) Includes Government, Private, Foreign and Project (Trading) (2) Includes Construction and Operations & Maintain (3) Includes Electricity 36% 15% Decrease in EPC service revenue while EBITDA Margin and Net Profit Margin include Gain on disposal investment in Gunkul Chubu Powergen (“GCPG”) Decrease in Trading Revenue while Power Generation Revenue, which has higher EBITDA Margin and Net Profit Margin, has increased 2,045
32% 43% 25%
7%
Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit
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229 280 270 984 396 384
363 114 211 (75)
1,000 Q1 2017 Q1 2018 Manufacturing and Trading Revenue EPC and O&M Revenue Power Generation Revenue EBIT Net Profit
THB MM 953 1,682
Q1 2017 vs Q1 2018
Revenue EBIT Net Profit Revenue EBIT Net Profit 280 984 384 702 (+93%) 514 (+144%)
1,000 Q1 2018 Revenue EBIT Net Profit THB MM 1,682 (+76%) Decreasing in EBIT and Net Profit are effected by Cancellation fee 588 MB
Normalized EBIT and Net Profit
Excluding one-
Cancellation Fee 38% 22% EBIT Margin Net Profit Margin 7%
42%
31%
EBIT Margin Net Profit Margin
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315 280 487 984 448 384
369 114 198 (75)
1,000 Q4 2017 Q1 2018 Manufacturing and Trading Revenue EPC and O&M Revenue Power Generation Revenue EBIT Net Profit
THB MM 1,273 1,682
Q4 2017 vs Q1 2018
Revenue EBIT Net Profit Revenue EBIT Net Profit 280 984 384 702 (+90%) 514 (+159%)
1,000 Q1 2018 Revenue EBIT Net Profit THB MM 1,682 (+32%) Decreasing in EBIT and Net Profit are effected by Cancellation fee 588 MB
Normalized EBIT and Net Profit
Excluding one-
Cancellation Fee 29% 16% EBIT Margin Net Profit Margin 7%
42%
31%
EBIT Margin Net Profit Margin
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13 THAILAND MYANMAR MALAYSIA
Solar Farm ( 96.1 MW) Fully COD ( 6 Projects) Total Gross / Equity (MW) 157.9 / 96.1 Wind Farm ( 170.0 MW) Fully COD ( 2 Projects) Total Gross / Equity (MW) 120.0 / 120.0 Under Construction ( 1 Project) Total Gross / Equity (MW) 50.0 / 50.0 Solar Rooftop ( 2.8 MW) Fully COD (9 Projects) Total Gross / Equity (MW) 5.5 / 2.8 Private PPA Solar Rooftop ( 3.3 MW) Fully COD ( 1 Project) Total Gross / Equity (MW) 1.0 / 1.0 Under Construction ( 2 Projects) Total Gross / Equity (MW) 2.3 / 2.3 Gas-Fired Plant ( 12.8 MW) Fully COD ( 1 Projects) Total Gross / Equity (MW) 25.0 / 12.8
JAPAN
Type Scheme Thailand Japan Malaysia Myanmar Total Feed in Tariff 68.9 207.1 21.0
Adder 27.2
Feed in Tariff
170.0
Feed in Tariff
12.8 Adder
2.8
Adder
3.3
Total (1) 272.2 207.1 21.0 12.8 513.1 Solar Farm ( 207.1 MW) Under Construction ( 4 Projects) Total Gross /Equity (MW) 207.1 / 207.1 Solar Farm ( 20.99 MW) Under Construction ( 1 Projects) Total Gross / Equity (MW) 29.99 / 20.99
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Gunkul will continue to grow in Renewable Business to transform itself into a company with stable income and high margin
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Expand EPC business into Transmission Line & Substation sectors which support our Renewable Energy Business By 2020, step to secure 1,000MW by increasing capacity through domestic and international expansion Enhance Company’s Growth by entering into a Private Producer Segment for industrial and residential users Embrace New Technology to drive growth and open the
PEA
PEA’s Outstanding Project (2019-2023) in Transmission Line & Substation
169,305 THB Million (1)
▪ Reputable Department Stores ▪ Industrial / Companies ▪ Residences Notes: (1) https://www.pea.co.th/Portals/0/Document/cpd/60-4%20PEA%20Website.pdf “ Smart Living by GUNKUL ”
Total (MW)
Existing (MW) Potential deal (MW)
472
272 200
207
207
21 100
100
113
13 100
Others
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15.8 10.4 1.0 12.8 2.8 58.3 10.0 50.0 2.6 60.0 1.0 232.7 50.0 2.3 31.8 33.5 8.0 2.6 1.0 2.3 21.0 66.8 75.0 513.1 200 400 600
GCPG COD 2011 GPS COD 2012 NK COD Q4 2013 GKMCP COD Q4 2013 Solar Rooftop COD Q2 2014 RNS COD Q4 2015 BMPS COD Q2 2016 WED Project 1 COD Q1 2016 WED Project 2 COD Q3 2016 ECO Q4 2016 GNP COD Q1 2018 Private PPA COD Q2 2018 Operational Capacity KWE COD Q2 2018 Private PPA COD Q2 2018 Sendai COD Q4 2018 Kimitsu COD Q4 2018 Kenyir Gunkul COD Q4 2019 Utsunomiya COD Q1 2022 Iwakuni COD Q1 2022 Total Equity MW
Solar Gas Wind
Gunkul demonstrated a track record of successful capacity build-up and this translates into more stable and recurring electricity revenue
Note: Source: Company Filings and Company Information Equity MW
Under Construction / Under Development (2018 – 2022) In Operation (2011 – 2018)
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Notes: (1) Thailand Power Development Plan 2015-2036 (PDP2015) (2) Vietnam Power Development Plan for the period 2011-2020 and Decision on the approval of the revised national power development master plan for the 2011-2020 period with the vision to 2030 (3) National Renewable Energy Policy & Action Plan 2009 (4) Japan, Myanmar, etc.
200 MW 100 MW 100 MW Gunkul’s Portfolio by the end of 2020 1,013 MW (Equity) Gunkul’s Potential Deals by 2020
THAILAND Vietnam MALAYSIA
PDP2015-2036 19,634 MW (1) PDP2011-2020 27,195 MW (2) National Plan 2011-2030 3,484 MW (3) PDP Plan (Renewable Energy) 100 MW Other Countries (4)
Thailand 47% Japan 20% Malaysia 12% Vietnam 10% Others 11%
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GUNKUL is the 1st Thai Renewable Company that successfully invest in Solar Power Plant in Malaysia
Kenyir Gunkul Solar Project GUNKUL Kenyir Solar Park
(Malaysian Company) Ordinary shares: 49.0% Economic Interest: 70.0% Ordinary shares: 51.0% Economic Interest: 30.0% Contracted Capacity: 29.99 MW
PPA Issuance on 27 March 2018 Financial Close Target Date: 30 September 2018 SCOD Target Date: 31 December 2019
Project life 21 Years
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Residential Rooftop Solar
Year 1-20: Electricity charge will be paid to Gunkul at agreed purchase price
Year 1 2 … 20 21 … 24 25
At the end of year 20: Asset will be transferred to purchaser
Smart living by GUNKUL
Gunkul has expanded business further
Private PPA between Gunkul and Purchaser
PPA Life of 20 years Electricity will be charged at discount rate
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Gunkul to acquire 100% in Future Electrical Control Co.,Ltd (“FEC”) which is one of the leading Transmission Line & Substation Contractor Company in Thailand
Electricity Plants Wind and Solar Power plant Substation Substation Construction 115 kV. or Lower
FEC Business Capability
Transmission Lines Overhead Transmission Line 115 kV or Lower without unrestricted construction distance
FEC Historical Experience : 33 kV. >> 13.94 Circuit – km 115 kV. >> 141.95 Circuit - km
Underground cable Underground cable 115 kV or Lower without unrestricted construction distance Become one of the Leading companies in Electrical Construction Sector Enhance Company’s growth by entering into the new business segment Capture more market shares in Transmission line & Substation Construction Sector which leads to higher earnings
Target Market Shares and Earnings
PEA Outstanding Projects (Y2019-2023) ~169,305 THB Million
Projects/Year ~31,068 THB Million FEC Bidding/Year (~20.0%) ~6,214 THB Million
Project Award/Year ~950 THB Million PEA
Effect on Company’s Share Price
FEC
~116,378,072 THB GUNKUL Number of shares: 7,418,621,493 shares Price as of 18 May 2018: 3.06THB/Share P/E Upside to GUNKUL (THB) % increase 20 0.31 10.6% 25 0.39 13.2% 30 0.47 15.9% 35 0.55 18.5%
Acquisition Highlight
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4,855 6,050 8,050 8,600 1,944 3,300 4,950 5,120
2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2017* 2018** 2019** 2020** Revenue EBITDA
(+25%) (+33%) (+7%) (+70%) (+50%) (+3%)
* Fully booked in 2017 ** These projections are based on the information as of May 2018
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Sendai
Solar Radiation Map of Japan
Sendai Project Description
▪ Project Name Sendai ▪ Location Sendai, Japan ▪ Contract capacity 31.8 MW ▪ Installed capacity 38.1 MW
Project Milestones
▪ All Permit Completely obtained ▪ Financial Close 3Q2016 ▪ COD 4Q2018
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Date taken: 21/11/2017
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Overall installation
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Date taken: 21/11/2017
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Overall installation
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Solar Radiation Map of Japan
Kimitsu
Kimitsu Project Description
▪ Project Name Kimitsu ▪ Location Kimitsu, Japan ▪ Contract capacity 33.5 MW ▪ Installed capacity 40.4 MW
Project Milestones
▪ All Permit Completely obtained ▪ Financial Close 1Q2017 ▪ COD 4Q2018
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Overall installation as of 2017
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PV module installation on steep slope (Zone 2 - Block 4) PV module installation (Zone 2 - Block 3)
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Gunkul Chubu Powergen (GCPG)
Ownership: Gunkul (51%), Chubu Electric (49%) Gross / Equity MW: 30.9 / 15.8 COD: 2011 (7.4MW) and 2013 (23.5MW) Offtaker / PPA tenor: PEA / 25 years (shall be extended in every 5 years)
Gunkul Myanmar Central Power (GKMCP)
Ownership: Gunkul (51%), Myanmar Central Power (49%) Gross / Equity MW: 25.0 / 12.8 COD: 2013 Offtaker / PPA tenor: MEPE / 25 years
NK Power Solar (NKP)
Ownership: Gunkul (100%) Gross / Equity MW: 1.0 / 1.0 COD: 2013 Offtaker / PPA tenor: PEA / 25 years (shall be extended in every 5 years)
Solar Rooftop Projects
Ownership: Gunkul (25% - 100%), WHA Corporation Public (75%) Gross / Equity MW: 5.5 / 2.8 COD: 2013 - 2014 Offtaker / PPA tenor: MEA & PEA / 25 years
Rang Ngern Solution (RNS)
Ownership: Gunkul (67%), IAE (33%) Gross / Equity MW: 87.0 / 58.3 COD: 2015 Offtaker / PPA tenor: PEA / 25 years
G-Power Source (GPS)
Ownership: Gunkul (40%), EGCO (60%) Gross / Equity MW: 26.0 / 10.4 COD: 2012 (19.5MW) and 2013 (6.5MW) Offtaker / PPA tenor: PEA / 25 years (shall be extended in every 5 years)
Greenovation Power (GNP)
Ownership: Gunkul (100%) Gross / Equity MW: 60.0 / 60.0 Expected COD: 1Q 2018 Offtaker / PPA tenor: EGAT/ 25 years (shall be extended in every 5 years)
Wind Energy Development (WED)
Ownership: Gunkul (100%) Gross / Equity MW: 60.0 / 60.0 COD: 2016 Offtaker / PPA tenor: EGAT & PEA / 25 years (shall be extended in every 5 years)
Korat Wind Energy (KWE)
Ownership: Gunkul (100%) Gross / Equity MW: 50.0 / 50.0 Expected COD: 2Q 2018 Offtaker / PPA tenor: EGAT / 25 years (shall be extended in every 5 years) Offtakers: EGAT: Electricity Generating Authority of Thailand PEA: Provincial Electricity Authority (Thailand) MEA: Metropolitan Electricity Authority (Thailand) MEPE: Myanmar Electric Power Enterprise
Thailand, Myanmar and Malaysia : Gunkul’s assets are located in areas of high solar irradiation and rich wind resources
Solar Projects Wind Farms Gas-Fired Plant
BMP Solar
Ownership: Gunkul (100%) Gross / Equity MW: 8.0 / 8.0 COD: 2016 Offtaker / PPA tenor: PEA / 25 years
ECO Project
Ownership: Gunkul (51%), Co-op (49%) Gross / Equity MW: 5.0 / 2.6 COD: 2016 Offtaker / PPA tenor: PEA / 25 years
Portfolio in Thailand, Myanmar and Malaysia
Kenyir Gunkul Solar
Ownership: Gunkul (49%), Kenyir (51%) Economic Interest: Gunkul (70%), Kenyir (30%) Gross / Equity MW: 29.99 / 20.99 COD: 2019 Offtaker / PPA tenor: TNB / 21 years
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Sendai
Ownership: Gunkul (100%) Gross / Equity MW: 31.8 / 31.8 (Installed MW : 38.1) COD: 2Q 2018 Offtaker / PPA tenor: Tohoku Electric Power / 20 years Ownership: Gunkul (100%) Gross / Equity MW: 33.5 / 33.5 (Installed MW : 40.4) COD: 4Q 2018 Offtaker / PPA tenor: Tokyo Electric Power / 20 years
Kimitsu
Solar Projects Ownership: Gunkul (100%) Gross / Equity MW: 66.78 / 66.78 (Installed MW : 74) COD: 1Q 2022 Offtaker / PPA tenor: Tokyo Electric Power / 20 years
Utsunomiya
Ownership: Gunkul (100%) Gross / Equity MW: 75.0 / 75.0 (Installed MW : 98) COD: 1Q 2022 Offtaker / PPA tenor: Chugoku Electric Power / 20 years
Iwakuni Gunkul’s assets are located in areas of high solar irradiation
Portfolio in Japan
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Key Information Solar Farm Solar Rooftop Solar Rooftop Private PPA Wind Farm Feed-in-Tariff Scheme (Year 2015-2018) Adder Scheme (Year 2010-2014) Feed-in-Tariff Scheme (Year 2013-2014) Self Consumption (Year 2017 until now) Adder Scheme (Year 2012-2014) Project Investment Costs ~THB 60 mm per MW ~THB70 - 100mm per MW ~THB 60 mm per MW ~THB 30 - 35 mm per MW ~THB 85 mm per MW Technology Thin Film CIS modules without cadmium or Crystalline Module Crystalline Module Crystalline Module Horizontal Wind Turbine Selling Price (Base Tariff + Ft) Feed-in Tariff (FiT) At THB 5.66 per kWh for 25 years since COD Peak*: THB 4.2243 per kWh, Off-Peak**: THB 2.3567 per kWh Ft***: THB -0.3195 per kWh Feed-in Tariff (FIT) for commercial size (over 500kW per site) THB 6.16 per kWh for 25 years since COD ~THB 3.0 per kWh for 20 years Peak*: THB 4.2243 per kWh, Off-Peak**: THB 2.3567 per kWh Ft***: THB -0.3195 per kWh Adder (Non-FiT)
years since COD
years since COD BOI Tax Exemption Year 1st – 5th :100% Year 1st – 8th: 100% Year 9th – 13th: 50% Year 1st – 5th :100% Year 1st – 8th: 100% Year 9th – 13th: 50% Import Tax 100% import tax exemption Yearly Revenue ~THB 8 mm per MW ~THB 15 mm per MW ~THB 8 mm per MW ~THB 4 mm per MW ~THB 16 mm per MW
Notes: As of April 2018 * Peak: Mon – Fri ** Off Peak: Holiday *** Ft: Fuel Adjustment Charge (at the given time)
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Key Information Japan Solar Farm Malaysia Solar Farm Myanmar Gas Engine Feed-in-Tariff Scheme (Year 2014-2017) Large Scale Solar Program (Year 2017 until now) Fixed Rental Scheme (Year 2013) Project Investment Costs ~THB 100 mm per MW ~THB 47 mm per MW ~THB 35 mm per MW Technology Crystalline Module Crystalline Module Gas Fired Engine Selling Price (Feed-in Tariff) JPY 32-36 per kWh for 20 years since COD RM 0.38 per kWh for 21 years since COD ~US$0.034 /kWh Tax Incentive Under TK Structure (Tokumei Kumiai) Tax Exemption: Year 1st – 10th :100% Tax Exemption: Year 1st – 5th :100% Yearly Revenue ~THB 12-14 mm per MW ~THB 6 mm per MW ~THB 7 mm per MW 67
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68 This presentation has been prepared by Gunkul Engineering Public Company Limited (“Gunkul”) for informational purposes only and does not constitute a recommendation regarding the securities of Gunkul or any of its subsidiaries. This presentation is not intended as, and does not form part of, any offer to sell or solicitation or invitation to buy or subscribe for any securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Gunkul makes no representation or warranty, either expressed or implied, in relation to the accuracy, completeness or reliability of the information contained in this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment without notice and such information may change materially. The information in this presentation should not be regarded by recipients as a substitute for the exercise of their own judgment. This presentation may contain forward-looking statements and estimates with respect to the future operations and performance of Gunkul, its subsidiaries and affiliates. These forward-looking statements are subject to various assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Gunkul. Such assumptions, risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Neither Gunkul nor any of its directors, officers, employees, advisors or representatives assumes any responsibility to update any of the forward- looking statements to conform such statements to actual results or developments, to reflect the occurrence of anticipated results or
liability whatsoever for any loss, however arising, from any use of this document or its contents or otherwise arising in connection therewith. Any opinions expressed in this presentation are subject to change without notice and may differ or be contrary to opinions expressed by
Gunkul Engineering Public Company Limited 1177, Floor 8, Pearl Bangkok Building, Phahonyothin Road, Phayathai , Phayathai, Bangkok 10400