Q1 2016 Results Presentation Analyst Meeting 12 th May 2016 1 1 - PowerPoint PPT Presentation

Q1 2016 Results Presentation Analyst Meeting 12 th May 2016 1 1

Highlights 9.5% committed CAGR THB 871 Million in profit New 5 MW solar farm project has been recently added GPSC achieved significant higher profit in Q1 2016 by 64% to GPSC’s committed projects. GPSC’s existing YoY and 160% QoQ from capacity expansion of operating committed projects will add 584 MW more to achieve power plants and the optimization of the power plants’ 1,922 operating MW by 2019, marking 9.5% committed production process. CAGR within 3 years. Moreover, dividend income contributed to net profit by THB 180 million. rowth rofit Operational 8 projects in ontrol ustainability Effectiveness progress GPSC has developed a Sustainability Framework in GPSC’s Management team ensure efficient project order to drive business growth paralleling with management and high competent staffs, both domestic sustainability to achieve DJSI listing within 2019. In and international projects in order to meet the 2016, GPSC focus on Operational Effectiveness to construction schedule and COD according to improve operating performance. In Q1/2016, Rayong predetermined schedule. Power Plant’s optimization has improved gross profit margin to 25%. 2

Company Overview Financial Performance Project Update 3

GPSC’s equity MW capacity of 1,922 MW BUSINESS PORTFOLIO Combined Cycle / Cogeneration Renewable Energy Hydroelectric Other Businesses Electricity 1,517 MW Electricity 58 MW Electricity 347 MW • 24M Technologies, Inc. (USA) • • • Steam 1,582 T/H • Business Service Alliance • Chilled Water 12,000 RT Co.,Ltd. • ELECTRICITY CAPACITY BREAKDOWN Unit: Megawatt STEAM ELECTRICITY VSPP 0.003% 1,582 T/H 1,922 MW (operate 1,338 MW, under Renew & Hydro (operate 1,431.7 T/H) constriction 584 MW) Capacity 21% IPP 1,922 INDUSTRIAL WATER CHILLED WATER 48% MW SPP 31% 2,080 Cu.m./H 12,000 RT IPP Independent Power Producers SPP Small Power Producers VSPP Very Small Power Producers 4

GPSC’s Business Portfolio Committed Capacity Combined Cycle / Cogeneration Renewable Energy Combined Heat and Power Thai Solar Renewable 40% ELECTRICITY 100% Sriracha Power Plant (IPP) 100% Producing (VSPP) (VSPP) 1,922 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 (SPP Non-firm) 100% Generation (SPP Firm) STEAM CUP 1-3 • Electricity : 125 MW 1,582 T/H • Electricity: 20.8 MW • Steam: 30 T/h • Electricity: 339 MW • Steam: 1,340 T/H (operate 1,431.7 T/h) • Industrial water: 2,000 Cu.m./h Bangpa-in Cogeneration 25% Chanthaburi’s Shrimp Farmer 100% (SPP Firm) Cooperative (VSPP) CUP-4 Phase 1 • Electricity: 45 MW INDUSTRIAL • Electricity: 5 MW • Electricity: 117 MW • Steam: 70 T/h WATER • Steam: 20 T/h Phase 2 IRPC Clean Power (SPP Firm) 51% Operate 2,080 Cu.m./h • Electricity: 117 MW Total Hydroelectric • Steam: 20 T/h • Electricity: 240 MW • Steam: 300 T/h CHILLED Phase 1 COD Ratchaburi Power (IPP) 15% WATER Xayaburi Power (IPP) 25% Electricity: 45 MW Steam: 170 T/h Operate 12,000 RT • Electricity: 1,400 MW • Electricity: 1,285 MW Phase 2 under construction Nam Lik 1 Power 40% Other Businesses • Electricity: 65 MW Business Service 25% 24M Technologies 17% Alliance Project under construction Company Overview 5

70% of GPSC’s revenue is from electricity, PTT Group is GPSC’s major customer Q1/16 Revenue by product Q1/16 Revenue by customer (THB million) (THB million) Others* Industrial water Chilled water 1% 1% 1% Non PTT Group 15% Electricity Steam (IPP) 29% 31% EGAT 37% Total Total 5,484 5,484 Electricity PTT Group (SPP+IUs) 47% 38% Accounted for almost 50% of total revenue, PTT Group Electricity and Steam are major source of GPSC’s • • is the largest customer of GPSC in Q1/16. revenue, accounted for 98% of total revenue. Company Overview Remark: *Other customer is government complex. 6

Sales volumes breakdown by customers Sriracha Power Plant (IPP) Rayong Power Plant (SPP) 605 GWh 645 thousand Cu.m 573 GWh 1,320 thousand tons 859 thousand Cu.m. Non PTT Non PTT Group Non PTT Group Group 25% 23% 10% EGAT PTT Group 26% EGAT 100% 100% PTT Group PTT Group 90% 77% PTT Group 49% Electricity Industrial water Electricity Steam Industrial water IRPC Clean Power (IRPC-CP) Phase 1 (SPP) Combine Heat and Power Producing (VSPP) 6,123 thousand RT 88 GWh 192 thousand tons Government PTT Group PTT Group complex 100% 100% 100% Electricity Steam Chilled water Company Overview 7

Company Overview Financial Performance Project Update 8

Q1/16 Revenue of THB 5,484 million, increased 14% QoQ Click to edit Master title style Quarterly revenue Q1/16 VS Q4/15 (QoQ) (THB million) Total revenue in Q1/16 increased by THB 682 • -15% YoY million or 14% . The increase were mainly caused by higher • 6,584 +14% QoQ 6,429 sales volume from the company’s operating 2% 2% power plants. 5,484 23% In addition, the first full operating quarter of • Industrial + Chilled water 25% 2% IRPC-CP Phase 1 also helped enhance the 4,802 4,629 2% total revenue in Q1/2016. Steam 3% 31% 28% 31% 29% 30% Q1/16 VS Q1/15 (YoY) Total revenue in Q1/16 decreased by THB 945 • Electricity (SPP) million or 15%. 38% 36% 34% The decrease was mainly caused by the decline • in revenue from Energy Payment (EP), which 47% 44% were resulted from the lower sales volume of Electricity (IPP) 29% 33% 31% Sriracha power plant as EGAT’s dispatch instruction. Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 23/05/59 Remark: *Revenue from Electricity (IPP) includes income from electricity sales and Financial Performance 9 finance lease.

Sriracha and Rayong plants revenue breakdown Click to edit Master title style Quarterly revenue & Gross profit margin Q1/16 VS Q4/15 (QoQ) (THB million, %) Total revenue in Q1/16 increased by THB 98 • million or 6% mainly due to higher sales volumes, 10% 9% 9% 7% 4% Sriracha Power Plant: IPP resulted in a higher Energy Payment (EP), and -45% YoY higher weight factor , resulted from the higher demand in electricity consumption than in Q4/15. 2,905 3 ,0 7 2 +6% QoQ Q1/16 VS Q1/15 (YoY) 1,609 1,545 1,511 Total revenue in Q1/16 decreased by THB 1,296 Industrial water 1% 1% • 100% 100% Electricity million or 45%. The decrease was mainly from a 100% 99% 99% decrease in dispatch volume submitted to EGAT and in EP caused by a drop in natural gas price. Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Quarterly revenue & Gross profit margin Q1/16 VS Q4/15 (QoQ) (THB million, %) Total revenue from Rayong plants went up by • THB 346 million or 12% mainly from the higher 25% 20% 20% 20% Rayong Power Plant: SPP 17% sales volumes of electricity and steam , since both existing and new customers demanded more -4% YoY +12% QoQ electricity and steam to support the expanding businesses. 3,480 3,463 3,325 3,034 2% 2% 2,979 2% Industrial water 2% 2% Q1/16 VS Q1/15 (YoY) 44% Total revenue from Rayong plants slightly 46% Steam 45% • 46% 46% decreased by THB 155 million or 4% mainly affected from the lower average sales prices of Electricity 52% 54% 53% 52% 52% both electricity and steam, while the sales volume slightly increased. Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 23/05/59 Remark: *Revenue from Electricity (IPP) includes income from electricity sales and Financial Performance 10 finance lease.

Sriracha Power Plant (IPP): Power (1/2) Click to edit Master title style Quarterly Availability Payment There are two components of calculating total (%) revenue from Availability Payment (AP): Availability Rate is a total of reserved capacity • Combustion inspection that the plant can produce the electricity to & Reserved shutdown submit to EGAT. 100% Availability rate 99% 98% APR is an agreed rate with EGAT, which is affected • 96% by changes in depreciation/appreciation of Thai 88% Baht against US Dollar and in weight factor. Q1/16 VS Q4/15 (QoQ) Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Although an availability rate slightly decreased • from 100% in Q4/15 to 99% in Q1/16, it showed a Quarterly revenue from Availability Payment (AP) strong growth in revenue from AP for THB 32 (THB million) million or 31%, resulted from higher weight +15% YoY factor, mainly affected by the increase in demand of power consumption of Q1/2016. +31% QoQ 193 Availability payment Q1/16 VS Q1/15 (YoY) 135 (AP) 117 In comparison with Q1/15, revenue from AP • 103 increased by THB 18 million or 15%. This was 69 mainly caused by the higher availability rate and the more depreciation of Thai Baht against US Dollar in Q1/2016. Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 23/05/59 Financial Performance 11