gulf energy development public company...
TRANSCRIPT
Company PresentationJune 2020
Gulf Energy Development Public Company Limited
GULF Overview
Financial Performance
Appendix
Business Updates
3
Business overview
Ex
isti
ng
Pro
jec
tsP
ros
pe
cts
Renewable Energy
75%Ownership
100%Ownership
90%Ownership
454 MW
Gulf Solar 0.6 MW4 Solar rooftop VSPPsCOD: 2014 – 2015
Gulf Chana Green 25 MW1 Biomass projectCOD: 2020
GTN1 & GTN2 119 MW2 Solar farmsCOD: 2019
95%Ownership
Mekong Wind 310 MW1 Wind farm (8 phases)SCOD: Phases 1-3 (128 MW): 2021Phases 4-8 (182 MW): TBC
Power Generation
40%Ownership
70%Ownership
70%Ownership
(75% dividend)
45%Ownership
Duqm Power Company 326 MW1 power & water projectCOD: 2021 – 2022
LNG-to-power
(up to 6,000 MW)
13,366 MW
Gulf JP 4,237 MW2 IPPs and 7 SPPsCOD: 2013 – 2015
Gulf MP 1,563 MW12 SPPsCOD: 2017 – 2019
Independent Power Development 5,300 MW2 IPPsCOD: 2021 – 2024
49%Ownership
Hin Kong 1,400 MW1 IPPCOD: 2024 – 2025
35%Ownership
Burapa540 MW1 IPPCOD: 2027
Hydropower
Laos Hydropower
(2,366 MW)
Infrastructure & Utilities
70%Ownership
40%Ownership
40%Ownership
Other infrastructure projects
Gulf MTPIndustrial port development(land reclamation)3 years construction
LCP3Deep sea container port> 4 million TEU/yearSCOD: [2024 – 2028]
BGSR JVIntercity motorwayOperation & MaintenanceM6: 196 km & M81: 96 kmSCOD: [2023]
33%Ownership
One BKKElectricity distribution(240 MW)District chilled water(40,000 RT)SCOD: [2022 – 2024]
Gas
35%Ownership
70%Ownership
Gulf WHA MTNatural gas distribution2 projects4,000,000 mmbtu/yearCOD: 2018 – 2019
Gulf MTPLNG terminalUp to 10.8 MTPASCOD: [2027](subject to LNG demand)
LNG Shipper Licenses1.7 MTPALNG import for own SPPs and Hin Kong power plant gas demand
4
Power capacity growth (committed PPAs)
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 purposes2/ Include the gas-fired power project in Oman
320 982
1,683 1,683 1,964 2,253 2,701 2,726 2,726
3,965
5,021
5,948
7,219 7,562 7,562 7,751
2013 2014 2015 2016 2017 2018 2019 Jun-20 2020 2021 2022 2023 2024 2025 2026 2027
GJP GMP IPD GCG Gulf Solar Vietnam Oman HKP BPG Total
831
2,485
4,237 4,237 4,772 5,282 5,919 5,944 5,944
7,619
9,230 10,555
12,580 13,280 13,280 13,820
2013 2014 2015 2016 2017 2018 2019 Jun-20 2020 2021 2022 2023 2024 2025 2026 2027
GJP GMP IPD GCG Gulf Solar Vietnam Oman HKP BPG Total
1
1
1 1
1
1
1 1
Gross Installed Capacity (MW):
Equity Installed Capacity (MW):
57% 40%
2%
June 2020
5,944MW
IPP SPP Renewables
79%
17%
3%
Year 2027
13,820MW
2
Gross Capacity by Plant Types
50% 45%
5%
June 2020
2,726MW
IPP SPP Renewables
79%
16%
5%
Year 2027
7,751MW
2
Equity Capacity by Plant Types
5
Percentage of Power sold to EGAT and Industrial Users
EGAT:
✓ 25-year PPAs with EGAT✓ 80% Minimum Offtake (SPPs)
✓ Receive Availability Payment (IPPs) and Capacity Payment (SPPs)
regardless of electricity dispatch
✓ Cost pass-through
Industrial Users (IUs):
✓ 15-year Long Term Agreements
✓ 50 – 70% Minimum Take
✓ Diversified across sectors including automotive, construction and
building materials, food & beverage, electronics, packaging, paper
and printing materials, petrochemicals, etc.
95%
5%Industrial Users
2027E
87%
13%
2019
Industrial Users
6
87%
13%
Industrial Users
Automotive,
45%
Construction
Material, 10%
Packaging,
9%
Electronics,
8%
Food &
Beverage,
6%
Petchem &
Chemicals, 6%
Textiles, 5%
Steel, 3%
Others, 9%
Most of Gulf’s power generation capacity are secured with
EGAT’s PPAs while industrial users are diverse in sectors
Limited impact on electricity sales
Limited impact on project progress
Projects under construction & development in Thailand
still progress as planned
Mekong Wind Phase 1 (30MW) experienced a slight delay with SCOD
postponed to May 2021 while tariff is maintained at 9.8 c/kWh
Impacts from COVID-19
Limited impact on GULF’s businesses from COVID-19
Business Updates
GULF Overview
Financial Performance
Appendix
8
Power projects in Thailand
Construction progress as planned for GSRC while GPD is expected to start construction in Q3’20
Gulf SRC Gulf PD
Installed
Capacity:2,650 MW 2,650 MW
Shareholding: 70% GULF (75% dividends)
30% Mitsui & Co.
70% GULF (75% dividends)
30% Mitsui & Co.
Location: WHA Eastern Seaboard Industrial Estate 1,
Chonburi province, Thailand
Rojana Rayong 2 Industrial Park,
Rayong province, Thailand
Fuel Type: Gas-fired Gas-fired
SCOD: Units 1 and 2: 2021 (1,325 MW)
Units 3 and 4: 2022 (1,325 MW)
Units 1 and 2: 2023 (1,325 MW)
Units 3 and 4: 2024 (1,325 MW)
Status: Construction progress: 59.9% • Financial close in Nov 2019 with long-term
loan facilities of THB 36,000 million
• Construction expected to commence in Q3'20
9
New power project acquisitions
Acquisition of two projects will increase equity capacity by 875 MW
Hin Kong Power Burapa Power
Contracted
Capacity: 1,400 MW 540 MW
Consortium: 49% GULF
51% RATCH Group
35% GULF
65% NPS
Location: Hin Kong subdistrict,
Mueang district,
Ratchaburi province, Thailand
Khao Hin Son subdistrict,
Phanom Sarakham district,
Chachoengsao province, Thailand
Fuel Type: Gas-fired Gas-fired
PPA: Signed with EGAT for 25 years Signed with EGAT for 25 years
GSA: Under negotiation Signed with PTT for 25 years
SCOD: Unit 1: Mar 2024 (700 MW)
Unit 2: Jan 2025 (700 MW)
Nov 2027
Status: • Expect to get EIA approval within 2020
• Start construction by 2021
• Expect to get EIA approval within 2021
• Start construction by 2025
10
Commercial operation of GCG
Gulf Chana Green (GCG)
Installed
Capacity:25 MW
(100% interest)
Contracted
Capacity:
20.6 MW
Location: Chana district, Songkhla province, Thailand
Fuel Type: Parawood
Tariff: EP + Ft + THB 1.3/kWh adder for 7 years
PPA: Signed with EGAT for 25 years
EPC: Signed with STEC
COD: Mar 1, 2020
Project Cost: THB 2,570 million
In operation
Under construction/
development
SONGKHLA
GCG achieved commercial operation on 1 March 2020, adding 25 MW to GULF’s portfolio
11
Map Ta Phut Ph.3 Laem Chabang Ph.3 M6 & M81 Motorways One Bangkok
Consortium: 70% GULF
30% PTT Tank Terminal
40% GULF
30% PTT Tank Terminal
30% China Harbour Engineering
40% GULF
40% BTS Group
10% STEC
10% RATCH Group
33% GULF
33% Mitsui & Co.
33% TGES
Investment Type: PPP PPP Net Cost PPP Gross Cost Private
Authority: Industrial Estate Authority of Thailand
(IEAT)
Port Authority of Thailand (PAT) Department of Highways (DOH) -
Scope: • Ph.1: Land reclamation
• Ph.2: LNG terminal
(up to 10.8 MTPA)
• Design, build, O&M F1 and F2
Terminals
• 4 MTEU/year
• Ph.1 Design & construction
➢ Toll collection system, traffic
management & control system
• Ph.2 O&M
• Electricity Distribution
• District Chilled Water Distribution
Construction
Period:
• Ph.1: 3 years (2020 – 2023)
• Ph.2: 4 years (2023 – 2027)
• F1: 3 years (2022 – 2024)
• F2: 3 years (2026 – 2028)
3 years (2020 – 2023) 2020 – 2024
Operation Period: 30 years 35 years 30 years 30 years
Investment Cost: THB [42.9] billion THB 30.0 billion [to be disclosed] THB 3.6 billion
Status: • PPP contract signed
• EPC contract expected to sign in
June 2020
• Construction starts (Q3’20)
• Under negotiation with PAT • PPP contract signing expected in
early June 2020
• Under EPC contract bidding
• EPC contract signing expected
between Q2’20 – Q3’20
Infrastructure and utilities projects in Thailand
New projects progressing in line with plan
12
Power projects in Vietnam
Projects expected to be included in PDP7 (revised) and PDP8 in phases
Mekong Wind LNG-to-Power
Installed
Capacity:up to 310 MW
• Gas-fired power plant: up to 6,000 MW
• LNG terminal: up to 6 MTPA
Shareholding: 95% GULF
5% TTC Group
TBA
Location: Ben Tre Province, Vietnam Ca Na, Ninh Thuan Province, Vietnam
Fuel Type: Offshore wind Gas-fired
Status & SCOD: • Phase 1 (30 MW): SCOD May 2021
Under construction
• Phases 2-3 (98 MW): SCOD Oct 2021
PPA signing expected in July 2020
• Phases 4-8 (182 MW):
Under MOIT consideration to be included in
PDP8 within [Q1’21]
• Phase 1 (1,500 MW):
Expected to be included in PDP7 within Q2'20
• Phases 2-4 (4,500 MW):
Expected to be consider to include in
PDP8 within [Q1’21]
13
DIPWP Potential Projects
Installed
Capacity:
Power: approx. 326 MW
Water: approx. 1,667 m3/hour
Location: Duqm Special Economic Zone (Duqm SEZ), Oman
Fuel Type: Gas/Diesel
PPA: Signed with Duqm refinery for 25 years (+5 years renewal)
Status &
SCOD:
SCOD: 2021 - 2022
Construction progress: 66.1%
Shareholding
Structure:
45% GULF
55% OQ group (Marafiq & Oman Oil Facilities Development)
Projects in Oman
Potential to expand business in Duqm SEZ
• GULF has plans to increase equity stake in Oman projects
and restructure shareholding to directly hold Marafiq shares
• Marafiq has exclusive rights to provide utility services in
Duqm SEZ for 25 years
• Opportunities to develop and operate future utilities projects
in Duqm SEZ with Marafiq:
Power
Business
Water
Business
Gas BusinessDuqm SEZ
14
Power projects in Laos
Hydro Power Projects
Installed
Capacity:2,366 MW in total (3 projects)
• Pak Beng (912 MW)
• Pak Lay (770 MW)
• Sanakham (684 MW)
Shareholding: GULF plans to hold 30% - 35% equity interest in each project
Location: Mekong River, Lao PDR
Fuel Type: Run of river hydro power plants
Offtaker: EGAT
SCOD: 2027 - 2030
Status: Under tariff negotiation
Hydro power projects in Laos under tariff negotiation
Pak Beng
(912 MW)
Pak Lay
(770 MW)
Sanakham
(684 MW)
1
2
3
Financial Performance
GULF Overview
Appendix
Business Updates
16
Total revenues
Total revenues in Q1’20 was THB 7,639 million
• QoQ: 8,670 MB → 7,639 MB (-11.9%) primarily from:
1) Decrease in sales revenue from THB 7,920 mil to THB 7,782 mil (-1.7%)
mainly due to:
• Planned maintenance shutdown (B-inspection) of GVTP under GMP for
18 days in February 2020, resulting in loss of EGAT revenue
• EGAT’s modification of 500kV transmission line in Rayong zone in March
2020, resulting in lower offtake from EGAT from 90 MW to 40 MW for 10
days from 6 SPPs (GVTP, GTS1, GTS2, GTS3, GTS4 and GNLL2) under
GMP. Nonetheless, the 6 SPPs still received full Capacity Payment (CP)
and EGAT will make up the shortage for the remaining of the year.
2) Share of loss mainly from GJP due to unrealized FX loss
• YoY: 7,496 MB → 7,639 MB (+1.9%) from:
1) Increase in sales revenue from THB 6,477 mil to THB 7,782 mil (+20.2%)
mainly from:
• full quarter revenue recognition of all 12 SPPs under GMP in Q1’20 (vs.
10 SPPs in Q1’19)
• full quarter revenue recognition of 2 solar power projects in Vietnam
(GTN1 and GTN2)
• GCG biomass power project, which commenced commercial operation
on 1 March 2020.
2) Nonetheless, increase in sales revenue was offset by share of loss mainly
from GJP due to unrealized FX lossNote: 1/ Consolidated sales revenue include electricity and steam sales from SPPs under GMP, electricity sales from VSPPs under Gulf Solar, electricity sales from GTN1 (from November 2019 following stake increase to 90%) and GTN22/ Share of profit include profit (loss) from GJP, GTN1 (from March – November 2019 before increasing the stake to 90%), DIPWP, Gulf WHA MT and BSE3/ Consolidated other income include dividend income, interest income and other income
6,477
7,920 7,782
77
84
87 895
617
(267)
47
49
37 7,496
8,670
7,639
Q1'19 Q4'19 Q1'20
Sales revenue Management fee Share of profit Other income
+1.9% YoY
-11.9% QoQ
Full quarter recognition of projects that commenced operations in 2019 boosted up revenues YoY
Unit: THB million
17
655 470
619
240
150
(872)
895
620
(253)
Q1'19 Q4'19 Q1'20
Share of profit (excluding FX) Gain (loss) on FX
Share of profit from GJP (40%)
Share of profit from GJP (excl. FX) in Q1’20 was THB 619 million
• QoQ: 470 MB → 619 MB (+31.7%) primarily from:
1) Fewer number of plants undergone major overhaul (C-inspection of GCRN)
in Q1’20 vs. C-inspection of 3 SPPs (GKP1, GTLC and GNNK) in Q4’19
2) Higher Availability Payment (AP) from both GNS and GUT despite
B-inspection of GUT in Q1’20
3) Higher electricity, steam and chilled water demand from IUs in Q1’20
• YoY: 655 MB → 619 MB (-5.5%) from:
1) Major overhaul (C-inspection) of GCRN and B-inspection (18 days) of GUT in
Q1’20 while there were no major maintenance of power plants in Q1’19
2) EGAT’s 500kV transmission line modification in Rayong zone in March 2020,
resulting in lower offtake from EGAT from 90 MW to 40 MW for 10 days for
GNLL
Share of loss from GJP (incl. FX) in Q1’20 was THB 253 million
• a decline of net profit mainly from the depreciation of THB against USD, resulting in massive unrealized FX loss
(Q1’19: 31.9785 THB/USD, Q4’19: 30.3313 THB/USD, Q1’20: 32.8298
THB/USD)
-5.5% YoY
+31.7%QoQ
Share of profit from GJP declined YoY from planned shutdown and unrealized FX loss
Unit: THB million
18
857 671
925
436
234
(1,338)
1,293
905
(413)
Q1'19 Q4'19 Q1'20
Core profit Gain (loss) on FX
Core profit / Net profit
Core profit in Q1’20 was THB 925 million
• QoQ: 671 → 925 (+37.9%) primarily from:
1) Higher share of profit from GJP mainly from fewer number of power plant
maintenance and higher AP of 2 IPPs
• YoY: 857 → 925 (+8.0%) from:
1) full quarter profit recognition of 12SPPs and 2 solar projects in Vietnam inQ1’20 vs. 10 SPPs in Q1’19
2) lower natural gas price (282.02 → 267.38 THB/mmbtu) while Ft remained flat
Net loss in Q1’20 was THB 413 million
• QoQ: from unrealized FX gain of THB 234 mil in Q4’19 to unrealized FX loss of
THB 1,338 mil in Q1’20 due to depreciation of THB against USD
• YoY: from unrealized FX gain of THB 436 mil in Q1’19 to unrealized FX loss of
THB 1,338 mil
+8.0% YoY
FX Rate at End of Period
(THB/USD)
Q4’18 32.6148
Q1’19 31.9785
Q3’19 30.7661
Q4’19 30.3313
Q1’20 32.8298
Overall core profit improvement QoQ and YoY
Natural Gas Price
(THB/mmbtu)
Ft
(THB)
Q1’19 282.02 (0.116)
Q4’19 266.36 (0.116)
Q1’20 267.38 (0.116)
+37.9%QoQ
Unit: THB million
19
Plant performance
Improved heat rate from GJP plants
GJP – 2 IPPs (3,406 MW) GJP – 7 SPPs (831 MW) GMP – 12 SPPs (1,435 MW)
Average Heat Rate
(BTU/kWh)
Plant Availability
(%)
Dispatch Factor
(%)
6,966
6,852 6,824
Q1'19 Q4'19 Q1'20
99.7%94.0% 94.8%
Q1'19 Q4'19 Q1'20
26.6%
47.7%36.4%
Q1'19 Q4'19 Q1'20
7,677 7,665 7,645
Q1'19 Q4'19 Q1'20
99.1%
89.9%
97.0%
Q1'19 Q4'19 Q1'20
80.8%73.3% 76.8%
Q1'19 Q4'19 Q1'20
7,411 7,427 7,428
Q1'19 Q4'19 Q1'20
99.6% 98.2% 97.2%
Q1'19 Q4'19 Q1'20
83.7% 81.0% 76.2%
Q1'19 Q4'19 Q1'20
20
Group Project Type COD2019 2020
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
2017GTS1 SPP
GTS2 SPP
GTS3 SPP
GTS4 SPP
2018GNC SPP
GBL SPP
GBP SPP
GNLL2 SPP
2019GNPM SPP
GNRV1 SPP
GNRV2 SPP
As of April 2020
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)
C
C
C
C
A C
CA
A
A
B
A
A
C
A
B
A
A
A
A
A
A
A
A
B
A
A
B
A
A
A
A
A
A
A
A
A
A
Maintenance schedule
21
Financial Instruments Standard (TFRS 9)
• The Company is required to measure fair value of interest rate swap (IRS)
derivatives in the financial statements (prior periods only required foreign exchange
rate derivatives to be measured at fair value).
• The measurement of IRS derivatives does not affect income statements since the
company applies hedge accounting; instead, the measurement is recorded in other
comprehensive income until derecognition, when the hedged items are gradually
reclassified to profit or loss.
Leases Standard (TFRS 16)
• The Company is required to recognize right-of-use assets and lease liabilities
arising from lease contracts which have a lease term of over 12 months in the
financial statements.
• The Company has an office building lease contract, car lease contracts and right-of-
way lease contracts. Under TFRS 16, the Company recorded interest incurred
from lease liabilities and amortization from the rights to use assets instead of
recording lease expenses.
TFRS 9 & TFRS 16 impacts
The adoption of TFRS 9 and TFRS 16 does not impact income statements
Impacts from TFRS 9 & TFRS 16 adoption in Q1’20 (THB million)
TFRS 9 TFRS 16 Total
Assets (120) 738 618
Liabilities 17,060 796 17,856
Equity 17,180 (58) (17,238)
22
Balance sheet
Total assets was THB 141,828 million
+5.6% mainly from:
• increase in PPE from construction of GSRC
• increase in advance payment for construction of
GPD
• increase in deferred tax assets from IRS
derivatives fair value measurement required
under TFRS9
111,861 118,263
7,607 8,086 14,810
15,479134,278
141,828
31-Dec-19 31-Mar-20
Cash, cash equivalents & deposits used as collateral
Other current assets
Non-current assets
+5.6%
Total assets
Total liabilities was THB 110,276 million
+29.4% mostly from:
• Current: GULF’s working capital borrowings
and accounts payable for GSRC construction
• Non-current: increase in financial derivative
liabilities (mostly IRS contracts) from TFRS9
adoption and long-term loan drawdowns for the
GSRC & GPD construction
75,429 98,511
9,809
11,76585,238
110,276
31-Dec-19 31-Mar-20
Current liabilities
Non-current liabilities
+29.4%
Total liabilities
Total equity was THB 31,552 million
-35.7% mainly from:
• decrease in other components of equity and
non-controlling interests mostly due to lossfrom fair value measurement of IRS contracts
required under TFRS9
Total equity
10,613 6,392
1,174 1,174
(790) (13,583)
6,4886,014
31,55631,556
49,04031,552
31-Dec-19 31-Mar-20
-35.7%
Paid-up capital and share premium
Retained earnings
Other equity
Non-controlling interests
Other components of equity
Unit: THB million
23
D/E ratios
Leverage ratios still relatively low (1.51x) compared to bond covenant (3.50x)
1.74
3.50
1.27
2.16
1.25
1.51
31-Dec-19 31-Mar-20
D/E ratios
Note:
*Shareholders’ equity used in the calculation of net
IBD/E (adjusted) ratio excludes other components of
equity to be in line with bond covenant
D/E
Net IBD/E
Net IBD/E (adjusted)*
14,810
85,23877,161
62,351
49,040 49,830
15,479
110,276
83,490
68,011
31,552
45,135
31-Dec-19 31-Mar-20
Cash, cash equivalents
and deposits used as
collateral
Net interest-bearing
debt
Shareholders’
equity
Shareholders’ equity
(excl. other components
of equity)
Total liabilities Interest-bearing
debt
Unit: THB million
Appendix
GULF Overview
Financial Performance
Business Updates
25
2020 Outlook
Gas PriceTHB/mmbtu
FtTHB/kWh
Decreasing gas price while Ft remains stable improves
Gulf’s SPP gross profit margin
(0.20)
(0.15)
(0.10)
(0.05)
-
210
220
230
240
250
260
270
280
290
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Apr -
May 20
EGAT’s transmission line modification to be made up in Q2-Q4’20
In March 2020, EGAT’s modification of
500kV transmission line in Rayong zone
resulted in lower offtake from EGAT from 90
MW to 40 MW for 10 days from 6 SPPs
under GMP group and 1 SPP under GJP
Electricity offtake shortage will be made
up by EGAT in the remainder of 2020
Increase in IUs demand from new contracts
18.4 – 44.9 MW of potential
IU expansion in 2020 across
different sectors from both
existing customers and new
customers
26
Investment Structure
Data as of May 2020
27
Electricity: 831 MW
Steam: 92 TPH
Electricity: 838 MW
Steam: 68 TPH
Signed with EGAT,
for 25 years
Signed with PTT
Signed with Toyo Engineering &
MIT-Power
Signed with SIEMENS
2013
✓
✓
✓
✓
Installed
capacity
Electricity: 3,406 MW
Contracted
capacity
Electricity: 3,200 MW
PPA: Signed with EGAT,
for 25 years
GSA: Signed with PTT
EPC:Signed with MHPS &
STECON
LTSA: Signed with MHPS
COD: 2014 – 2015
✓
✓
✓
✓
2 IPPs 7 SPPs
2 IPPs: 7 SPPs:
GKP1 GKP2
GTLC GNNK
GNLL GCRN
GNK2
Gulf JP Company Limited
40% 60%
Gulf JP – 2 IPPs & 7 SPPs (4,237 MW)
28
Gulf MP – 12 SPPs (1,563 MW)
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
COD 1 Jul 2019
GTS1
COD 8 Jul 2017
GTS2
COD 1 Sep 2017
GTS3
COD 1 Nov 2017✓ ✓ ✓
✓ ✓
COD
2017
COD
2018
COD
2019
All projects in operation
✓
✓ ✓ ✓
Installed capacityElectricity: 1,563.4 MW
Steam: 225.0 TPH
Contracted capacityElectricity: 1,489.7 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: THB 6,000 - 6,200 mn / SPP
Overall status: All projects in operation
✓
✓
✓
✓
✓
✓
✓
Gulf MP Company Limited
70% 30%
29
IPD – 2 IPPs (5,300 MW)
Independent Power Development Company Limited
70% 30%
In operation
Under construction/
development
CHONBURI
RAYONG
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: THB 50,000 million
• Debt: THB 38,000 million
(D/E 3:1)
• Equity back-ended structure
Overall
status:
Under construction
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. THB 50,000 million
• Debt: THB 36,000 million
(D/E 3:1)
• Equity back-ended structure
Overall status: • Financing agreement signed
on 18 Nov 2019
• Designing work on progress
• Construction starts in Q3’20
✓
✓
✓
✓
✓
✓
✓
✓
(75% dividend)
construction progress
60%
as of March 2020
30
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/Diesel
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 2021-2022
Project cost Approx. USD 483 million
(Designed to have extra 2
units to standby in case of
emergency (n-2).
Availability payment has
been considered on
installed capacity.)
DIPWP (326 MW)
construction progress
63%as of March 2020
DUQM
POWER
PROJECT Desalinated
water
Electricity
55%45% 50%50%
Oman Oil Kuwait Petroleum
Capacity: 230,000 bbl/day
Project cost: US$7,000m
In operation
Under construction/
development DUQM SEZ
31
GTN1 and GTN2 (119 MW) Solar Projects
Location Tay Ninh, Vietnam
Installed capacity Approx. 69 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 6 Mar 2019
Project cost USD 60.0 million
GTN1 (Formerly known as TTCIZ-01) GTN2 (Formerly known as 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 USD 46.7 million
In operation
32
Location: Songkhla, Thailand
Installed
capacity:
25.0 MW
Contracted
capacity:
20.6 MW
Fuel type Parawood
Tariff EP + Ft + Bt 1.3/kWh adder for 7
years after COD
PPA Signed with EGAT
EPC Signed with STEC
COD: Mar 1, 2020
Project cost: Approx. THB 2,300 million
In operation
Under construction/
development
(GCG)
SONGKHLA
✓
✓
Gulf Chana Green Co., Ltd.
100%
Gulf Chana Green (25 MW)
33
Mekong Wind Project in Vietnam (310 MW)
In operation
Under construction/
development
Mekong Wind
Location Ben Tre, Vietnam
Installed capacity Phase 1: 30 MW
Phases 2-3: 98 MW
Phases 4-8: 182 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
EPC Signed with PowerChina
LTP Signed with Siemens Gamesa
Status & COD Phase 1 (30MW): May 2021
Phases 2-3 (98 MW): Oct 2021
Phases 4-8 (182 MW): Under MOIT
consideration to be included in PDP8
Project cost Approx. USD 618 million
34
Map Ta Phut Industrial Port Development Phase 3
Location: Map Ta Phut Industrial Estate,
Rayong Province
Map Ta Phut Industrial Estate,
Rayong Province
Investment Type: PPP Private sector runs its own business
Authority: Industrial Estate Authority of Thailand (IEAT) Industrial Estate Authority of Thailand (IEAT)
Scope: Land reclamation (1,000 rai) Right to use land: Plot B (200 rai)
• LNG terminal: up to 10.8 MTPA
Ownership: Build – Transfer Build – Operate – Transfer
Construction Period: 3 years (2020 – 2023) 4 years (2023 – 2027)*
Operation Period: Operated by IEAT 30 years
Investment Cost: THB 12,900 million THB [30,000] million
Return on Investment: Annual fixed payment made by IEAT to
private sector for 30 years
Tolling service fees by off-takers
Infrastructure (2020 – 2023) Superstructure (2023 – 2027)
Status: • PPP Contract signed on October 1, 2019
• EPC contract expected to sign in June 2020
• Financial close by Q3 2020
• Infrastructure construction starts in Q3 2020, superstructure construction starts in Q3 2023
* Construction commencement will be subject to the LNG demandMap Ta Phut
Port Phase 3
Gulf MTP LNG Terminal Company Limited
70% 30%
35
Location: Thung Sukhla Subdistrict, Sriracha District, Chonburi Province
Investment Type: PPP Net Cost
Authority: Port Authority of Thailand (PAT)
Scope: F1 and F2 Terminals (690 rai)
• Design, Build, Operation and Maintenance
Capacity: At least 4 million TEU/year
Berth Length: • F1 = 1,000 m.
• F2 = 1,000 m.
Deepest Berth Length: -18.5 m.
Operation Period: 35 years
Investment Cost: THB 30,000 million
Concession Fees (Paid to PAT): • Fixed concession fee
• Royalty fee (variable fee)
SCOD: • F1 = [2024]
• F2 = [2028]
Superstructure (Container Port)
Infrastructure work (land reclamation) is done by the Port Authority of Thailand (PAT)
Status: • Under negotiation with PAT
Consortium
30%30%40%
Gulf Energy
Development PCL
PTT Tank Terminal
Co., Ltd.
China Harbour
Engineering
Company Ltd.
Laem Chabang Port Development Phase 3
36
M81M6
Investment Type: PPP Gross Cost PPP Gross Cost
Authority: Department of Highways (DOH) Department of Highways (DOH)
Distance: 196 km 96 km
Scope: Phase 1: Design and Construction (3 years)
• Toll Collection System
• Traffic Management and Control System
• Other Infrastructures
Phase 2: Operation and Maintenance (30 years)
Price Proposed
by Consortium:
THB 21.3 billion THB 17.8 billion
Expected COD: [2023] [2023]
Bang Pa-In – Nakhon Ratchasima Bang Yai – Kanchanaburi
96 km
Bang Yai
Kanchanaburi
M81
Status: • PPP Contract signing expected in June 2020
BGSR JV
10%40%40% 10%
M6
Nakhon Ratchasima
Bang Pa-In
196 km
Intercity Motorways (M6 & M81)
37
A GLOBAL LANDMARK DEVELOPMENT
IN THE HEART OF BANGKOK
❖ 5 Super luxury / Luxury Hotels
❖ 3 Super luxury / Luxury Residences
❖ 5 Office Buildings
❖ 3 Cultural Hub & Retail Buildings
❖ Central Utilities Plant (CUP)
sBangkok Smart Energy
(BSE)
33.33% 33.33%33.33%
Bangkok Smart Power
(BSP)Bangkok Smart DCS
(BSD)
One DCS Services
OBC’s Subsidiary
One Power Services
OBC’s Subsidiary
60% 49% 51%40%
Scope of Work:Electricity Distribution
System (Power)
District Chilled Water Distribution
System (DCS)
Installed Capacity: 240 MW 40,000 RT
Connected Capacity: 123 MW 36,000 RT
Off-Taker: 100% by Customers in One Bangkok Project
Term: 30 years from Power and DCS SCOD (May 2022)
SCOD:Phase 1 – 2022 (Power & DCS)
Phase 2 – 2024 (DCS)
Project Cost: THB 3,570 million
Overall status:• Under EPC contract bidding
• EPC contract signing expected between Q2’20 – Q3’20
One Bangkok
38
• 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.
40% 70% 100%
THB 7,500 mn
in debentures
75%*
55%
45%
72%
28%
USD 945 mn
THB 38,410 mn
USD 428 mn
THB 36,840 mn
89%
11% USD 63 mn
THB 17,397 mn
100%THB 1,806 mn
THB 69,420 mn THB 50,904 mn THB 19,466 mnTotal loan
outstanding: (THB equivalent)
THB 1,806 mn
100%THB 3,545 mn
THB 3,545 mn
75%*
THB 1,000 mn in
working capital borrowings&
Debt outstanding
As of Mar 31, 2020
Note:
* Based on % profit sharing received from GSRC & GPD
** FX rate: 32.8298 THB/USD
*** Debt outstanding exclude subsidiaries’ working capital borrowings
39
Board of Directors
40
Management Team
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 otherwise 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" or 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.
Disclaimer
IR ContactGulf Energy Development Public Company Limited
Investor Relations Department
87 M.Thai Tower 11th Floor, All Seasons Place, Wireless Road,
Lumpini, Pathumwan, Bangkok 10330, Thailand
Tel: +66(0) 2080 4488
Fax: +66(0) 2080 4455
Email: [email protected]
Website: www.gulf.co.th