Company Presentation Investor Relations - April 2021 - Gulf Energy Development
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Gulf Energy Development Public Company Limited Company Presentation Investor Relations April 2021
Index Business Updates Q4’20 & FY 20 Financial Performance Appendix
GULF’s 5 Business Pillars
Power Generation Renewable Energy Hydropower Infrastructure & Utilities Gas
13,566 MW 738 MW
40% Gulf JP 75% Gulf Solar [30-35%] [Laos Hydropower] 70% Gulf MTP 35% Gulf WHA MT
Ownership 4,237 MW Ownership 0.6 MW Ownership
Under study Ownership Industrial port development Ownership Natural gas distribution
2 IPPs and 7 SPPs 4 Solar rooftop VSPPs (land reclamation) 2 projects
COD: 2013 – 2015 COD: 2014 – 2015 3 years construction 4,000,000 mmbtu/year
SCOD: [2024] COD: 2018 – 2019
70% Gulf MP 100% Gulf Chana Green
Ownership 1,563 MW Ownership 25 MW Laem Chabang Ph3
12 SPPs 1 Biomass project 42% PTT NGD
COD: 2017 – 2019
40% Deep sea container port
COD: 2020 Ownership > 4 million TEU/year Ownership Natural gas distribution
SCOD: F1 terminal: [2025] 28,000,000 mmbtu/year
Independent Power 90% GTN1 & GTN2
70% Development
F2 terminal: [2029] (sales volume in 2020)
Ownership Ownership 119 MW PPP signing expected in Q2’21
(75% dividend) 5,300 MW 2 Solar farms
2 IPPs COD: 2019 70% Gulf MTP
COD: 2021 – 2024 BGSR 6 & BGSR 81 Ownership LNG terminal
95% Mekong Wind 40% Intercity motorway Up to 10.8 MTPA
49% Hin Kong Ownership Up to 310 MW Ownership Operation & Maintenance SCOD: [2026]
Ownership 1,540 MW 1 Offshore wind farm (8 phases) M6: 196 km (subject to LNG demand)
1 IPP SCOD: M81: 96 km
COD: 2024 – 2025 Ph 1-3 (128 MW): 2021 SCOD: [2024]
Ph 4-8 (182 MW): PPP signing expected in Q2’21 LNG Shipper Licenses
35% Burapa
under PDP8 consideration
Ownership 600 MW Total 1.7 MTPA
1 IPP 33% BSE (One BKK Proj.) • Hin Kong Holding :
COD: 2027 50% Borkum Riffgrund 2 Ownership Electricity distribution 1.4 MTPA
Ownership 465 MW (240 MW) • Gulf LNG: 0.3 MTPA
49% DIPWP 1 Offshore wind farm SCOD: 2022
Ownership 326 MW COD: 2019
1 power & water project District cooling system
COD: 2021 – 2022 100% Gulf1 (36,000 RT)
Ownership
Solar rooftop & energy solution SCOD: [2023 – 2026]
[LNG-to-power]
Data as of April 2021 3
Power Generation & Renewables Businesses
Total of 36 power projects in 4 countries
29 power projects in operation
Thailand Vietnam Oman Germany
1 gas-fired power
26 power projects project under
in operation construction
• 21 gas-fired power projects
• 4 solar rooftop projects 2 solar power projects
• 1 biomass project in operation
5 power projects 1 offshore wind project
under development/ under development/ 1 offshore wind project
Construction construction in operation
• 4 gas-fired power projects
• 1 solar rooftop & energy
solution business (Gulf1)
Installed capacity Gross Equity
In operation (by end of 2021) 7,903 MW 4,028 MW
Under development / construction 6,401 MW 3,887 MW
In operation
Total* (by 2027) 14,304 MW 7,915 MW
Preparing for or under construction/ development Note: * Total installed capacity excludes any prospects such as LNG-to-power project,
hydropower projects and renewable projects under study.
4
Power Capacity Growth (committed PPAs) and Target
Gross Installed Capacity (MW):
14,304 BPP 600 MW
13,704 13,704
12,934 HKP 1,540 MW
10,839 DIPWP 326 MW
9,514 Mekong 128 MW
7,903 GPD 2,650 MW
6,409
GSRC 1,987.5 MW (Units 2-4)
Operating 12 SPPs under GMP (1,563 MW)
7 SPPs under GJP (831 MW)
GNS & GUT under GJP (3,406 MW)
BKR2 (465 MW)
GCG (25 MW)
2020 2021 2022 2023 2024 2025 2026 2027 GTN1 & GTN2 (119 MW)
4 VSPPs under Gulf Solar (0.6 MW)
GSRC Unit 1 (662.5 MW)
Gross Installed Capacity by Fuel Types
Year 2027 Year 2030 (Target)
Apr 2021
34%
17%
(2,394 MW) (2,394 MW) Renewables capacity growth from:
Power
58% Generation
9% 5% 30%
(609 MW) 78%
(11,172 MW)
Hydropower Renewables in
IPP projects Thailand, Vietnam,
SPP
7,072 MW 14,304 MW Europe, US & Asia,
etc.
Renewables
5
Towards Sustainability
Target > 30% of renewable projects in portfolio within the decade
GULF is committed to making a capital contribution to
supporting renewable energy in line with the global efforts
to decarbonize and combat climate change.
We continue to adhere to our No Coal Policy as we drive
our investment in renewable energy projects both
domestically and overseas, with a target to have at least
30% of renewable projects in our portfolio within the next
10 years.
Renewables
>30%
Power
GULF is a member of the Global Wind Energy Council
Generation
Key Business Activities in 2020
Power Generation Renewable Energy Gas
HKP
✓ 49% of shares in Hin Kong Power
BKR2 Wind Farm PTT NGD
✓ Acquired 50% of shares ✓ Acquired 40%* of shares
in BKR2 in PTT NGD
BPP
✓ 35% of shares in Burapa Power
SONGKHLA
GCG Biomass LNG Shipper Licenses
Duqm ✓ Reached COD in Mar 2020, ✓ Shipper licenses to import
on time and on budget 1.7 MTPA of LNG
✓ 45 → 49% of shares in Marafiq
Remark: *Gulf acquired additional 2% stake in April 2021 and currently hold 42% stake in PTT NGD 7
2021 Revenue Drivers
1 2021
2021 Project
Project CODs
CODs 2 Full year income contribution from
Projected total revenue
1
Gross installed capacity
7,903 MW Biomass Power Project
growth 6,409 MW (25 MW)
7,903 MW Started contributing revenue and
6,409 MW profit from Q1 2020 onwards
+1,494 MW
≈ +50% +1,494 MW
BKR2
2020 2021 Offshore Wind Farm Natural Gas Distribution
35,833 Gross installed capacity (464.8 MW) (42%* equity interest)
2020 2021
Started contributing revenue and Will start contributing profit
profit from Q4 2020 onwards from Q1 2021 onwards
• Gulf SRC (IPP) 1,325 MW
Unit 1 (662.5 MW): Mar 31, 2021 3 Dividend Income
Unit 2 (662.5 MW): Oct 1, 2021
Dividend income from
• Mekong Wind (Offshore Wind) 128 MW
INTUCH & SPCG
Phase 1 (30 MW): May 2021
Phases 2-3 (98 MW): Oct 2021
• DIPWP (Captive) 40 MW
Phase 1 (40 MW power and 50m3/h
2020 2021 (F) water): May 2021
• Potential additional MW
from GNC and Gulf1
Remark: *Gulf acquired additional 2% stake in April 2021 8
Key Business Activities in 2021
Power Generation Renewable Energy Infrastructure & Utilities
LNG-to-Power Gulf1 LCB3 Port
✓ Studying LNG-to-Power projects ✓ Target to secure 200 MW in 2021 ✓ Expected PPP Contract
in Vietnam signing by Q2 2021
Hydropower
Renewables M6 & M81 Motorways
Hydropower
✓ Exploring investment opportunities ✓ Expected PPP Contract
✓ Studying hydropower projects in in renewable projects domestically signing within Q2 2021
Laos and overseas (UK, EU, US , Asia,
especially Vietnam)
9
Index Business Updates Q4’20 & FY 20 Financial Performance Appendix
Total Revenues
BKR2 Offshore Wind Farm brings growth to sales revenue
Unit: THB million
Total revenues in 2020 was THB 35,833 million, up 6.8% YoY, mainly from:
+6.8% YoY 1) Sales revenue increased from THB 29,721 million to THB 32,298 million (+8.7%)
mainly due to:
• Sales from BKR2 offshore wind farm in Germany which started to recognize
35,833 revenue in Q4’20 for the first quarter
33,549
2,462 • COD of GCG Biomass power plant in March 2020
3,205 543
304 • Full year revenue consolidation from GTN1 & GTN2 solar farms in Vietnam after
372
increasing equity interest from 49.0% to 90.0% in 2019
319
158 • Full year revenue recognition of all 12SPPs under GMP after gradually
commencing commercial operation between 2017-2019
32,298
29,721 2) First year of revenue contribution from MTP3’s infrastructure work of THB 158 million
recognized under revenue from service concession arrangement (TFRIC 12)
+8.7%
YoY
3) Other income increased from THB 304 million to THB 543 million (+78.9%) mainly
due to dividend income of THB 440 million from INTUCH and SPCG
2019 2020
Sales Revenue Service Concession Arrangement
Management Fee Share of Profit
Other Income Total Revenue
11Share of Profit from GJP (40%)
Share of profit affected by decline in GJP’s FX gain
Unit: THB million Share of profit from GJP (excl. FX) in 2020 was THB 2,461 million, up 4.4%YoY
primarily from:
1) Higher EGAT dispatch of 7 SPPS under GJP due to fewer major overhaul in
-22.2% YoY 2020 compared to 2019 (1 SPP in 2020 vs. 6 SPPs in 2019)
2) Lower depreciation expense from redetermination of machinery and
equipment lifetime of 2 IPPs
3,197
840 2,487
Share of profit from GJP (incl. FX) in 2020 was THB 2,487 million, down 22.2% YoY,
26
mainly from significant decrease in FX gain from the appreciation of THB against USD
(from THB 840 million in 2019 to THB 26 million in 2020)
+4.4%
2,357 2,461
YoY
2019 2020 FX Rate at End of Period
(THB/USD)
Share of profit (excluding FX) FX gain/loss
2018 32.6148
Total share of profit
2019 30.3313
2020 30.2068
12Net profit / Core profit
Record high core profit boosted by BKR2 but net profit affected by unrealized FX loss
Unit: THB million Core profit in 2020 was THB 4,478 million, up 27.6% Y0Y from THB 3,509
million in 2019, due mainly to:
1) Profit from BKR2 offshore wind farm in Germany in Q4’20
-12.4%YoY
2) Profit contribution from GCG, which COD in March 2020
3) Full year profit recognition from 12 SPPs under GMP (after gradual COD
4,887 during 2017-2019) and GTN1 & GTN2 (119 MW solar farm in Vietnam
4,282 which COD in 2019)
1,377
4) Improved gross profit margin from GMP and GJP as a result of lower average
natural gas price (-10.4% YoY; 272.9 THB/mmbtu → 244.5 THB/mmbtu) while
average Ft decreased (-2.4% YoY; (0.1160) THB/kWh → (0.1188) THB/kWh)
+27.6%
YoY 4,478 5) Dividend income of THB 440 million from INTUCH (THB 295mn) and
3,509 SPCG (THB 142mn)
Net profit in 2020 was THB 4,282 million, down 12.4% YoY despite improved
core profit, mainly from unrealized FX loss of THB 196 million
2019 2020 (196)
Core profit Gain (Loss) on FX Net profit
13Balance Sheet
Total Assets Total Liabilities Total Equity
+82.9% 245,581
Unit: THB million Unit: THB million Unit: THB million
30,354 +47.0%
+103.5%
173,501 72,080
29,643
134,278
21,531 49,040
215,226 85,238
63,555
9,809 143,858
6,488 31,556 7,968
111,861
75,429
1,174 1,174
10,613 8,053
(8,670)
31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20 (790) 31-Dec-19 31-Dec-20
Current assets Current liabilities
Non-current assets Non-current liabilities Total Paid-up capital and share premium
Retained earnings Other components
Other equity Minority
Total assets was THB 245,581 million, +82.9% mainly from: Total liabilities was THB 173,501 million, +103.5% Total equity was THB 72,080 million, +47.0% mainly
• Current: increase in cash from the capital increase and bond mostly from: from:
issuance • Current: increase in GULF’s short-term loans used as • Increase from the capital increase of THB 32,000
• Non-current: working capital million
1) increase in PPE from BKR2 consolidation and construction • Non-current: • Retained earnings increased by THB 1,479 million
progress of GSRC, GPD and Mekong phases 1-3 1) increase in debentures from bond issuance and from net profit of THB 4,282 million but offset by
2) increase in intangible assets and goodwill from investment consolidation of BKR2 outstanding bond dividend payment of THB 2,773 million
in BKR2 2) increase in financial derivative liabilities (mostly IRS • Decrease in other components of equity and non-
3) advance payments for land and power plant construction contracts) from TFRS9 adoption controlling interests mostly due to loss from fair value
in GSRC, GPD, and Mekong phase 1 3) long-term loan drawdowns for the GSRC and GPD measurement of IRS contracts required under TFRS9
4) increase in other non-current asset from shareholding in construction
INTUCH
14D/E ratios
Leverage ratios improved (1.47x) compared to bond covenant (3.50x)
Unit: THB million D/E ratios
3.88
Capital increase
173,501 3.50
140,864
2.62
2.38 2.41
85,238 80,750 2.16
77,161 72,080
1.86
49,040 49,830 1.74 1.64
1.59
1.52 1.47
22,998 1.27
14,810
1.25 1.35
31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20
Cash, cash Total Interest- Shareholders Shareholders' equity D/E
equivalents and liabilities bearing debt ’ equity (excl. other components
Net IBD/E
deposits used as of equity)
collateral Net IBD/E (incl. lease liabilities) to equity ratio (according to covenant of bonds
issued in 2019)*
31-Dec-19 31-Dec-20
Note:
* Net interest-bearing debt to equity (for bonds issued in 2019) = (Total interest-bearing debt incl.
lease liabilities - cash and cash equivalent - deposits at financial institutions used as collateral) /
(equity - other components of equity)
• IBD/E ratio was reduced to lower than 2x following the capital increase of THB 32,000 million via Rights Offering in Sep 2020, providing
more headroom for additional debt of THB 70-80 billion to reach 3:1 IBD/E ratio
15Dividend Payment
BOD approved dividend payment of THB 0.38 per share from the 2020 operating results
Historical Dividend Payment
• Gulf has a dividend payment policy to pay
out at least 30.0% of the Company’s 89% 88%
79%
separate net profit (after taxes), subject to
meeting the relevant legal reserve requirement 49%
and contractual obligations. 0.38
0.24 0.26
• On February 22, 2021, the Company’s Board of Dividend per share* (THB)
0.08
Directors approved the dividend payment of Payout ratio (%)
THB 0.38 per share, totaling THB 4,458.6
2017 2018 2019 2020
million, representing 87.8% of the separate net
profit (after tax).
Key Dates
• The declared dividend is subject to the
Ex-dividend date : March 5, 2021
Company’s shareholder approval in the AGM
to be held on April 9, 2021. Dividend payment date : April 28, 2021
Note: On April 16, 2020, GULF changed the par value from THB 5/share to THB 1/share. The calculation of dividend per share have been adjusted retrospectively for the par split.
16Index Business Updates Q4’20 & FY 20 Financial Performance Appendix
Power Generation
Power capacity growth (committed PPAs)
Gross Installed Capacity (MW): Gross Capacity by Fuel Types
13,704 13,704 14,304
12,934 Apr 2021 Year 2027
10,839 13,566 MW
6,463 MW
9,514 (91%) (95%)
7,903
7,072 IPP: 11,172 MW (78%)
5,919 6,409 IPP: 4,069 MW (58%)
SPP: 2,394 MW (17%)
SPP: 2,394 MW (34%)
738 MW
609 MW (5%)
(9%)
2019 2020 Apr-21 2021 2022 2023 2024 2025 2026 2027 7,072 MW 14,304 MW
Operating IPD Mekong Wind Oman HKP Burapa Gulf1 Total Power Generation Renewables
Equity Installed Capacity (MW): Equity Capacity by Fuel Types
7,705 7,705 7,915
7,328
Apr 2021 Year 2027
6,023
5,095 3,058 MW 7,429 MW
(89%) (94%)
4,028
IPP: 6,197 MW (78%)
2,701 2,959 2,959 IPP: 1,826 MW (53%)
SPP: 1,232 MW (16%)
SPP: 1,232 MW (36%)
486 MW
365 MW (6%)
(11%)
2019 2020 Apr-21 2021 2022 2023 2024 2025 2026 2027
3,422 MW 7,915 MW
Operating IPD Mekong Wind Oman HKP Burapa Gulf1 Total
Power Generation Renewables
19Power Generation
Operating Projects - Gulf JP – 2 IPPs & 7 SPPs (4,237 MW)
Gulf JP Company Limited
2 IPPs 7 SPPs
40% 60% Installed Electricity: 3,406 MW Electricity: 831 MW
capacity Steam: 92 TPH
Contracted Electricity: 3,200 MW Electricity: 838 MW
2 IPPs: 7 SPPs: capacity Steam: 68 TPH
PPA: Signed with EGAT,
for 25 years
✓ Signed with EGAT,
for 25 years
✓
GKP1 GKP2
GSA: Signed with PTT ✓ Signed with PTT ✓
EPC:
Signed with MPW* &
STECON
✓ Signed with Toyo Engineering &
MIT-Power
✓
GTLC GNNK
LTSA: Signed with MPW ✓ Signed with SIEMENS ✓
GNLL GCRN
COD: 2014 – 2015 2013
Project cost: Approx. THB 41,000 mn Approx. THB 44,000 mn
GNK2
*MHPS changed its name to Mitsubishi Power, Ltd. (MPW)
20Power Generation
Operating Projects - Gulf MP – 12 SPPs (1,563 MW)
Gulf MP Company Limited
Gulf MP – 12 SPPs
70% 30%
Electricity: 1,563.4 MW
Installed capacity
Steam: 225.0 TPH
All projects in operation Electricity: 1,489.7 MW
Contracted capacity
Steam: 210.5 TPH
PPA: Signed with EGAT, for 25 years ✓
COD
2017
GVTP GTS1 GTS2 GTS3
GSA: Signed with PTT ✓
COD 16 May 2017
✓ COD 8 Jul 2017
✓ COD 1 Sep 2017
✓
COD 1 Nov 2017
✓ EPC: Signed with Toyo Engineering ✓
COD LTSA: Signed with SIEMENS and GE ✓
2018
GTS4 GNC GBL GBP
COD 1 Jan 2018
✓ COD 1 Mar 2018
✓ COD 1 Sep 2018
✓
COD 1 Nov 2018
✓ COD: 2017 – 2019
Project cost: THB 6,000 - 6,200 mn / SPP
COD
2019
✓ ✓ ✓ ✓
GNLL2 GNPM GNRV1 GNRV2
COD 1 Jan 2019 COD 1 Mar 2019 COD 1 May 2019 COD 1 Jul 2019
21Power Generation
IPD (Total 5,300 MW)
Independent Power Development Company Limited
Gulf SRC Gulf PD
70%* 30%
(*75% dividends)
COD 2021 COD 2022 COD 2023 COD 2024
Installed
Capacity:
2,650 MW 2,650 MW
GSRC
Contracted
2,500 MW 2,500 MW
✓
Unit 1 Unit 3 Capacity:
COD COD
31 Mar 2021 Mar 2022 Location: WHA Eastern Seaboard Rojana Rayong 2
662.5 MW 662.5 MW Industrial Estate 1, Industrial Park,
Chonburi province, Thailand Rayong province, Thailand
Unit 2 Unit 4
COD COD PPA: Signed with EGAT, Signed with EGAT,
Oct 2021 Oct 2022 for 25 years for 25 years
662.5 MW 662.5 MW
GPD
GSA: Signed with PTT Signed with PTT ✓
EPC: Signed with MPW*, MPW-PTC** Signed with MPW*, MPW-PTC**
Unit 1
COD
Unit 3
COD and STECON and STECON ✓
Mar 2023 Mar 2024
662.5 MW 662.5 MW
LTSA: Signed with MPW-PTC** Signed with MPW-PTC**
✓
Unit 2 Unit 4 Fuel Type: Gas-fired Gas-fired
COD COD
Oct 2023 Oct 2024
Project Cost: THB 50.0 billion Approx. THB 50.0 billion
662.5 MW 662.5 MW
*Mitsubishi Power, Ltd. (MPW)
**MHI Power Project (Thailand) Co., Ltd. (MPW-PTC) 22Power Generation
IPPs under development in Thailand
Construction and development progress as planned for all projects
Hin Kong Power Burapa Power
Installed
Capacity: 1,540 MW 600 MW
Shareholding: 49% GULF 35% GULF
51% RATCH Group 65% NPS
Location: Hin Kong subdistrict, Khao Hin Son subdistrict,
Mueang district, Phanom Sarakham district,
Ratchaburi province, Thailand Chachoengsao province, Thailand
Fuel Type: Gas-fired Gas-fired
SCOD: Unit 1: Mar 2024 (770 MW) Nov 2027
Unit 2: Jan 2025 (770 MW)
Project Cost: [to be disclosed] [to be disclosed]
Status: • EIA approval obtained • EIA approval obtained
• EPC contract signed in Sep 2020 • Start construction by 2025
• Expect to finalize GSA in Q2 2021
• Expect to start construction in mid 2021
Note: Project progress as of March 2021 23Power Generation
DIPWP Project in Oman
Potential to expand business in Duqm SEZ
Duqm Independent Power & Water Project (DIPWP)
Location: Duqm Special Economic Zone, Oman
OQ (previously Oman Oil) Kuwait Petroleum
Installed Power: ≈ 326 MW
49.0% 51.0% 50.0% 50.0%
Capacity: Water: ≈ 1,667 m3/hour
Contracted Power: ≈ 208 MW DUQM SEZ
100.0% Capacity: Water: ≈ 1,250 m3/hour
Water Gas Power In operation
Business Business Business Fuel type: Gas/Diesel
Under construction/
Electricity
Future Future DIPWP Gas turbine: SIEMENS SGT800 development
Projects Projects
Future
Projects
Desalinated Capacity: 230,000 bbl/day
Project cost: US$7,000m
EPC: Signed with consortium of 4 companies:
water
1) Alghanim International General Trading &
Contracting Co. W.L.L.
2) Cobra Instalaciones y Servicios S.A.
3) Sojitz Corporation
Potential Projects 4) Tecnicas De Desalinizacion De Aguas
• GULF directly holds 49% shares in Marafiq
• Marafiq has exclusive rights to provide utility services in Duqm SEZ PPA: Signed with Duqm Refinery for 25 years
for 25 years with a 25-year additional term (+5 years renewal)
Project cost: ≈ USD 483 million
• Opportunities to jointly develop and operate future utilities projects
in Duqm SEZ with Marafiq:
SCOD: • Phase 1 (40 MW power and 50m3/h
➢ Generation and supply of electricity, water, steam, district cooling water): May 2021
➢ Waste water and sewerage collection and treatment • Phase 2 (286 MW): 2022
➢ Industrial waste management and waste incineration
➢ Natural gas and industrial gases Status: Duqm SEZ
Under construction: 89.32% Completed
Note: Project progress as of March 2021 24Plant Performance
GJP – 2 IPPs (3,406 MW) GJP – 7 SPPs (831 MW) GMP – 12 SPPs (1,563 MW)
Average Heat Rate 7,029 7,684 7,680 7,662 7,413 7,444
6,886 6,916 7,384
(BTU/kWh)
2018 2019 2020 2018 2019 2020 2018 2019 2020
Plant Availability 96.7% 98.0% 97.6% 98.4% 98.4% 98.3% 98.0%
94.9% 94.1%
(%)
2018 2019 2020 2018 2019 2020 2018 2019 2020
Dispatch Factor 80.9% 76.9% 80.7% 81.5% 81.3% 79.5%
(%)
36.4%
19.0% 19.5%
2018 2019 2020 2018 2019 2020 2018 2019 2020
25A B C
Maintenance Schedule SIEMENS
MHPS
A (3 days)
CI (10 days)
B (18 days)
TI (18 days)
C (22 days)
MI (35 days)
GE CI (1 days) HGPI (18 days) MO (22 days)
2019 2020 2021
Group Project Type COD
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4
GKP1 SPP C A
GKP2 SPP C A
GTLC SPP C A
GNNK SPP 2013 C A
GJP GNLL SPP A C A
GCRN SPP C A
GNK2 SPP A C A
GNS IPP 2014 A
GUT IPP 2015 B B
GVTP SPP A B A
GTS1 SPP A B A
2017
GTS2 SPP A B A
GTS3 SPP A B
GTS4 SPP A B
GNC SPP A A A A A B
GMP 2018
GBL SPP A A
GBP SPP A A
GNLL2 SPP A A
GNPM SPP A A
2019
GNRV1 SPP A A A A
* A * A * A *
GNRV2 SPP A A A * A * A * A *
As of Feb 2021 * 1 unit 26Percentage of Power Sold to EGAT and IUs
EGAT:
Q1/21
10% ✓ 25-year PPAs with EGAT
Industrial Users ✓ 80% Minimum Offtake (SPPs)
✓ Receive Availability Payment (IPPs) regardless of electricity dispatch
✓ Fuel cost and FX pass-through
90% Industrial Users (IUs):
✓ 15-year Long Term Agreements
✓ 50 – 70% Minimum Take
✓ Diversified customers across different sectors
2027E
5%
Industrial Users
95%
27Power Sold to Industrial Customers
Well-diversified customers limit impact from economic downturn
Most of Gulf’s power generation capacity are secured with
EGAT’s PPAs while industrial users are diverse in sectors
Petchem &
Food & Chemicals, 6%
Beverage, 6%
Q1/21 Textiles, 5%
Electronics, 8%
90%
Packaging, 9%
Others, 13%
10%
Construction
Material, 8%
Automotive,
46%
Industrial Users
Industrial Customers Load Factor • Normal seasonality
IU customers = 622 MW COD contracted as of Mar 2021 • Slight drop due to long
public holidays
63.5% 64.9%
63.0% 62.6% 62.4% 61.9%
59.2% 57.3% 58.6%
54.7% 56.8%
49.0% 50.3%
45.9%
Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
28Renewable Energy
Renewable Energy
Operating Projects - Gulf Chana Green Biomass Project (25 MW)
Gulf Chana Green Co., Ltd.
Gulf Chana Green (GCG)
Location: Songkhla, Thailand
100%
Installed 25.0 MW
capacity:
Contracted 20.6 MW
capacity:
Fuel type Parawood
Tariff EP + Ft + Bt 1.3/kWh adder for 7 years
after COD
SONGKHLA
PPA Signed with EGAT ✓
EPC Signed with STEC ✓
In operation
COD: Mar 2020
Under construction/ Project cost: Approx. THB 2,300 million
development
2020 EGAT dispatch factor: 91.5%
Performance Plant availability: 89.9%
Highlight:
30Renewable Energy
Operating Projects - GTN1 and GTN2 (119 MW) Solar Projects in Vietnam
GTN1 GTN2
Location Tay Ninh, Vietnam Location Tay Ninh, Vietnam
Installed capacity Approx. 69 MW Installed capacity Approx. 50 MW
GULF (90%) GULF (90%)
Shareholding Shareholding
TTC Group (10%) TTC Group (10%)
Fuel type Solar Fuel type Solar
EPC Signed with JGC Vietnam EPC Signed with JGC Vietnam
Offtaker Vietnam Electricity (EVN) Offtaker Vietnam Electricity (EVN)
Tariff US9.35c./kWh Tariff US9.35c./kWh
PPA Signed with EVN for 20 years PPA Signed with EVN for 20 years
COD 6 Mar 2019 COD 19 Apr 2019
Project cost USD 60.0 million Project cost USD 46.7 million
• 2020 Capacity factor: approx. 17.3%
• 2020 Plant availability: 99.7%
31Renewable Energy
Mekong Wind Project in Vietnam
Mekong offshore wind project in Vietnam progressing as planned
Mekong Wind
Installed
Capacity:
up to 310 MW
Shareholding: 95% GULF
5% TTC Group
Location: Ben Tre Province, Vietnam
Off-taker Vietnam Electricity (EVN)
Tariff US 9.8c./kWh
Fuel Type: Offshore wind
Status & SCOD: • Phase 1 (30 MW): SCOD May 2021
Overall progress 63.52% completed
• Phases 2-3 (98 MW): SCOD Oct 2021
Overall progress 11.32% completed
• Phases 4-8 (182 MW):
Under MOIT consideration to be included in
PDP8 within [Q2’21]
Project cost USD 651 million
Note: Project progress as of March 2021 32Renewable Energy
Borkum Riffgrund 2 Offshore Wind Project in Germany (464.8 MW)
Borkum Riffgrund 2 started to contribute revenue and profit to the Company since Q4’20
Location: German North Sea
≈ 59 km northwest of Norddeich harbor
≈ 34 km north from the island of Borkum
100.0% Installed capacity: 464.8 MW
Ørsted Wind Power
GIH A/S
Fuel type: Offshore Wind
100.0% 100.0%
BKR2 Holding Ørsted HoldCo. Tariff: Year 1 – 9.5:
50.0% 50.0% FiT backed by German government
Year 9.5 – 20:
Borkum merchant price with guaranteed floor
Riffgrund 2 price
PPA: Signed with Ørsted for 20 years
✓ Project in operation, with revenue and profit
SWA (Services and Signed with MHI Vestas Offshore Wind
recognizable to GULF since Q4’20
Warranty Agreement) for 10 years + 5 years extendable
✓ Strategic partnership with the global market Investment Cost ≈ EUR 550 million
leader in offshore wind (Ørsted) would increase
GULF’s credibility and competitiveness on a Project Cost: Project cost = EUR 4mn/MW Germany
global scale In operation
COD Apr 2019
✓ Long term contracted cash flows backed by Under construction/
development
the German government
Q4’20 Capacity 52.7%
Factor:
33Infrastructure & Utilities
Infrastructure & Utilities
Infrastructure and utilities projects in Thailand
Public Private Partnership (PPP) in Thailand
Map Ta Phut Ph.3 Laem Chabang Ph.3 M6 & M81 Motorways
Consortium: 70% GULF 40% GULF 40% GULF
30% PTT Tank Terminal 30% PTT Tank Terminal 40% BTS Group
30% China Harbour Engineering 10% STEC
10% RATCH Group
Investment Type: PPP PPP Net Cost PPP Gross Cost
Authority: Industrial Estate Authority of Thailand (IEAT) Port Authority of Thailand (PAT) Department of Highways (DOH)
Scope: • Ph.1: Land reclamation • Design, build, O&M F1 and F2 Terminals • Ph.1: Design & construction
• Ph.2: LNG terminal • 4 MTEU/year ➢ Toll collection system, traffic
(up to 10.8 MTPA) management & control system
• Ph.2: O&M
Construction Period: • Ph.1: 3 years (2021 – 2024) • F1: 3 years (2023 – 2025) 3 years (2021 – 2024)
• Ph.2: 2 years (2024 – 2026) • F2: 3 years (2027 – 2029)
Operation Period: 30 years 35 years 30 years
Investment Cost: Ph.1: THB 11.0 billion THB 30.0 billion [to be disclosed]
Ph.2: THB [30.0] billion
Status: • PPP contract signed in Oct 2019 • PPP contract signing expected in Q2 2021 • PPP contract signing expected within Q2 2021
• EPC contract signed in Jul 2020
• NTP1 & Construction expected to start in May 2021*
*subject to IEAT issue NTP1
Note: Project progress as of March 2021 35Infrastructure & Utilities
One Bangkok
Private Partnership in Thailand
Shareholding:
Investment Type: Private partnership
Off-taker: 100% by Customers in One Bangkok Project
Construction Period/ SCOD:
• 2021: EPC contract signing in Jan • 2024: DCS Ph. 2 SCOD (8,000 RT)
Nature of Business: Electricity Distribution District Chilled Water • 2022: Power SCOD • 2025: DCS Ph.3 SCOD (2,000 RT)
System Distribution System • 2023: DCS Ph.1 SCOD (25,000 RT) • 2026: DCS Ph.4 SCOD – All facilities
(Power) (DCS)
completion
Installed Capacity: 240 MW 40,000 RT
Connected Capacity: Operation Period: 30 years from SCOD
123 MW 36,000 RT
Project Cost: THB 3,100 million
Status: EPC contract for DCS (BSE) signed in Jan 21
Power EPC expected in 1H’21
Note: Project progress as of March 2021 36Gas
Gas
LNG Shipper Licenses
License Holder Gulf LNG Hin Kong Power Holding Ltd.
Import Amount 300,000 TPA 1,400,000 TPA
Usage 19 SPPs under Gulf group Hin Kong Power Project
(partially)
License 10 years (extendable) 10 years (extendable)
38Gas
Investment in PTT NGD
GULF acquired 42% of PTT NGD, strengthening its commitment in the Gas Business
Established: 1996 Rojana Industrial Park (Ayudhaya)
Bangpa-In Industrial Estate
58% 42% Business Nature: Nava Nakorn Industrial Estate
• Operates a natural gas distribution Rangsit Industrial Area
business
AMATA • Purchases natural gas from PTT at Bangkadi Industrial Park
wholesale price and sells gas to over
20% 250 industrial customers at retail price
80% in 13 industrial areas Lad Krabang Industrial Estate
• Revenue linked with fuel oil
• Cost linked with pool gas price Bang Plee Industrial Estate
& M-Thai Industrial Estate
Bang Poo Industrial Estate &
Sales volume (2020): Bang Poo Mai Industrial Area
✓ GULF acquired 40% ordinary shares in PTT approx. 28 million mmbtu/year
Amata City Chonburi
NGD from International Power S.A. in Dec. 2020
Status:
✓ GULF acquired 2% ordinary shares in PTT In operation, with profit to be Hemaraj Eastern
NGD from CPBE in April 2021 recognizable to GULF in Q1 2021 Seaboard Industrial Estate
& Eastern Seaboard
Industrial Estate
✓ Investment cost THB 2,830 mn (for 42% shares) Amata City
Rayong
✓ Strengthen GULF’s gas business
Source: PTT NGD
39Debt Outstanding
THB 17,500 mn in debentures &
THB 11,500 mn in short-term loans
40% 70% 75%* 75%* 90% 100% 50%
GULF JP GULF MP GULF SRC GULF PD GTN1 & 2 GULF BKR2
Chana Green
57% 74% 71% 85%
THB 43% THB THB THB
36,492 34,857 19,126
USD 26% 29% 10,135 100% 100% 100%
mn mn mn 15%
896 USD USD mn THB 1,927 mn
USD USD 79 mn EUR 703 mn
mn 405 mn 260 mn
60 mn
Total Loan
outstanding
THB 63,548 mn THB 49,115 mn THB 26,981 mn THB 11,955 mn THB 2,372 mn THB 1,927 mn THB 25,942 mn
(THB equivalent)
• 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.
Note:
* Based on % profit sharing received from GSRC & GPD
** FX rate: 30.2068 THB/USD
*** Debt outstanding exclude subsidiaries’ working capital borrowings
40Investment Plan (2021F – 2030F)
GULF’s Investment Plan Use of Funds in 2021
Unit: THB billion
≈ THB 30 – 40 billion
for projects including;
POWER GENERATION RENEWABLE ENERGY GAS
• 5,300 MW IPPs • Mekong Wind • Gulf LNG
approx. 30 - 40 • Hin Kong Power • Gulf1 projects
(Year 2021) • Burapa Power INFRASTRUCTURE OTHER INVESTMENTS
• Oman DIPWP • Map Ta Phut 3 • Future projects
• Laem Chabang 3
• Motorway projects
approx. 60 - 70
(Year 2022 - 2030)
Source of Funds
A combination of:
• Internal cash flow from operating projects
• Bond issuance
approx. 90 - 110 • Long-term loans from financial institutions
(Year 2021 - 2030)
41Disclaimer 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.
IR Contact Gulf 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: ir@gulf.co.th Website: www.gulf.co.th
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