gulf energy development public company...
TRANSCRIPT
Q3 2020 Earnings Presentation
18 November 2020
Gulf Energy Development Public Company Limited
Q3’20 Business Updates
Appendix
Q3’20 Financial Performance
3
Power Generation
49%Ownership
Duqm Power326 MW1 power & water projectCOD: 2021 – 2022
13,366 MW
40%Ownership
Gulf JP 4,237 MW2 IPPs and 7 SPPsCOD: 2013 – 2015
70%Ownership
Gulf MP 1,563 MW12 SPPsCOD: 2017 – 2019
70%Ownership
(75% dividend)
Independent Power Development 5,300 MW2 IPPsCOD: 2021 – 2024
49%Ownership
Hin Kong 1,400 MW1 IPPCOD: 2024 – 2025
35%Ownership
Burapa 540 MW1 IPPCOD: 2027
Infrastructure & Utilities
70%Ownership
Gulf MTPIndustrial port development(land reclamation)3 years constructionSCOD: [2023]
40%Ownership
Laem Chabang Ph3Deep sea container port> 4 million TEU/yearSCOD: [2024 – 2028]
40%Ownership
BGSR ConsortiumIntercity 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
Gulf WHA MTNatural gas distribution2 projects4,000,000 mmbtu/yearCOD: 2018 – 2019
70%Ownership
Gulf MTPLNG terminalUp to 10.8 MTPASCOD: [2027](subject to LNG demand)
LNG Shipper LicensesTotal 1.7 MTPA• Hin Kong Holding:
1.4 MTPA• Gulf : 0.3 MTPA
Data as of October 2020
Hydro Power
Note: * Subject to share transfer completion.
Renewable Energy
1,019 MW
75%Ownership
Gulf Solar 0.6 MW4 Solar rooftop VSPPsCOD: 2014 – 2015
100%Ownership
Gulf Chana Green 25 MW1 Biomass projectCOD: 2020
95%Ownership
Mekong Wind 310 MW1 Offshore wind farm (8 phases)SCOD: Ph 1-3 (128 MW): 2021Ph 4-8 (182 MW): under PDP8 consideration
90%Ownership
GTN1 & GTN2 119 MW2 Solar farmsCOD: 2019
100%*Ownership
Ia Pech 1 & 2100 MW2 Onshore wind farmsSCOD: 2022
50%Ownership
Borkum Riffgrund 2
465 MW1 Offshore wind farmCOD: 2019
[LNG-to-power]
[Laos Hydropower]
2,366 MW
3 Hydropower Projects
[30-35%]Ownership
Core Business Overview
Potential Projects:
Potential Project:
4
Power Generation & Renewable Energy Businesses
Thailand VietnamGermany
Oman
Installed capacity* Gross Equity
In operation (by end of 2020) 6,409 MW 2,959 MW
Under development / construction 7,976 MW 5,139 MW
Total (by 2027) 14,385 MW 8,098 MW
Preparing for or under construction/ development
In operation
26 projects
in operation
4 projects
under development/
construction
2 projects
in operation
3 projects
under development/
construction
1 project
under construction
1 project
in operation
Total of 37 power projects in 4 countries
Note: * Installed capacity excludes any prospects such as LNG-to-power and hydropower projects.
5
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 2,959 2,959
4,027
5,281
6,295
7,566 7,909 7,909 8,098
2013 2014 2015 2016 2017 2018 2019 Nov-20 2020 2021 2022 2023 2024 2025 2026 2027
GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total
831
2,485
4,237 4,237 4,772 5,282 5,919 6,409 6,409
7,902
9,613
11,120
13,145 13,845 13,845 14,385
2013 2014 2015 2016 2017 2018 2019 Nov-20 2020 2021 2022 2023 2024 2025 2026 2027
GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total
1
11 1
1
1
1 1
Gross Installed Capacity (MW):
Equity Installed Capacity (MW):
53%
37%
10%
Nov 2020
6,409MW
IPP SPP Renewables
76%
17%
8%
Year 2027
14,385MW
2
Gross Capacity by Plant Types
46%
42%
12%
Nov 2020
2,959MW
IPP SPP Renewables
75%
15%
9%
Year 2027
8,098MW
2
Equity Capacity by Plant Types
6
Percentage of Power sold to EGAT and IUs
EGAT:
✓ 25-year PPAs with EGAT
✓ 80% Minimum Offtake (SPPs)
✓ Receive Availability Payment (IPPs) regardless of electricity dispatch
✓ Fuel cost and FX pass-through
Industrial Users (IUs):
✓ 15-year Long Term Agreements
✓ 50 – 70% Minimum Take
✓ Diversified customers across different sectors
95%
5%Industrial Users
2027E
88%
12%
Q3/2020
Industrial Users
7
59.5%
63.0% 62.6%
49.0%45.9%
50.3%
54.7%
59.2%62.4%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
Industrial Customers Load Factor
88%
12%
Industrial Users
Most of Gulf’s power generation capacity are secured with
EGAT’s PPAs while industrial users are diverse in sectors
Power Sold to Industrial CustomersWell-diversified customers limit impact from economic downturn
IU customers = 186 firms as of Sep 2020
Q3/20
Automotive,
43%
Construction
Material, 9%
Packaging, 9%
Electronics, 8%
Food &
Beverage, 6%
Petchem &
Chemicals, 6%
Textiles, 5%
Others, 13%
Allotment of the Company’s
unsecured and
unsubordinated debentures
฿10,000 million
• The Company was assigned the
company rating ‘A’ and the
debentures were assigned rating
‘A-’ by TRIS Rating Company
Limited
• Issued and offered debentures to
institutional investors and high net
worth investors with
oversubscription of 2.44 times
• Series of 4 tranches (3, 5, 7, and
10 years) with an average interest
rate of 2.98% per annum and an
average tenor of 5 years
August 19, 2020
Share transfer completed
for investment in 465-MW
offshore wind in Germany
BKR2• GIH entered into a Share
Purchase Agreement with the
group of Global Infrastructure
Partners to acquire a 50% stake in
the BKR2 offshore wind project
• Share transfer completed:
September 24, 2020 (after the
fulfillment of conditions
precedents)
• Location: Borkum, Germany
• COD: April 2019
• Recognize revenue and profit in
Q4’20
September 24, 2020
Rights Offering for
capital increase of
฿ 32,000
million• The Company has increased the
registered capital from
THB 10,666,500,000 to
THB 11,733,150,000
• Allocation ratio of 10:1 and at the
offering price of THB 30 per share,
totaling THB 32,000 million
• Use of proceeds:
➢ investment in existing and
future projects (renewable,
LNG-to-power, potential M&As)
• D/E of 1.35 times in Q3’20 with
debt headroom of THB 70-80 bn
• The new shares were traded on
the Stock Exchange of Thailand on
September 28, 2020
September 24, 2020
EPC & LTSA
contract signing of
HKPHin Kong Power Co., Ltd
• Engineering, Procurement and
Construction (EPC) Contract (25
years) signed with:
➢ Group of MHI Power Project
(Thailand) Company Limited
➢ SinoThai Engineering &
Construction Public Company
Limited
➢ Mitsubishi Power Limited
• Long Term Program Service
Agreement (LTSA) for 25 years
signed with the group of MHI
Power Project (Thailand) Company
Limited
September 29, 2020
Establishment of
the Company’s
subsidiary
Gulf1• With a registered capital of THB
100,000,000 in which the
Company holds 99.99% of
registered shares
• Gulf1 will operate solar energy
related businesses such as solar
farms, including solar rooftops
and providing a full range of
maintenance services for such
systems
October 6, 2020
Key Events in Q3’20
Power Generation
10
IPPs under construction/development in Thailand
Construction and development progress as planned for all projects
Gulf SRC Gulf PD Hin Kong Power Burapa Power
Installed
Capacity: 2,650 MW 2,650 MW 1,400 MW 540 MW
Shareholding: 70% GULF (75% dividends)
30% Mitsui & Co.
70% GULF (75% dividends)
30% Mitsui & Co.
49% GULF
51% RATCH Group
35% GULF
65% NPS
Location: WHA Eastern Seaboard Industrial Estate 1,
Chonburi province, Thailand
Rojana Rayong 2 Industrial Park,
Rayong province, Thailand
Hin Kong subdistrict,
Mueang district,
Ratchaburi province, Thailand
Khao Hin Son subdistrict,
Phanom Sarakham district,
Chachoengsao province, Thailand
Fuel Type: Gas-fired Gas-fired 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)
Unit 1: Mar 2024 (700 MW)
Unit 2: Jan 2025 (700 MW)
Nov 2027
Investment Cost: THB 50.0 billion Approx. THB 50.0 billion [to be disclosed] [to be disclosed]
Status: • Construction progress: 84.8%• 1st sync: 30 Oct 2020
• Construction progress: 20.0% • EIA approval obtained
• EPC contract signed in Sep 2020
• Expect to finalize GSA in Q1 2021
• Financial close and construction
expected to start in Q2 2021
• Expect to get EIA approval within
2021
• Start construction by 2025
Power Generation
Note: Project progress as of Sep 2020
11
Location: Duqm Special Economic Zone, Oman
Installed
Capacity:
Power: ≈ 326 MW
Water: ≈ 1,667 m3/hour
Contracted
Capacity:
Power: ≈ 208 MW
Water: ≈ 1,250 m3/hour
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
PPA: Signed with Duqm refinery for 25 years (+5
years renewal)
Project cost: ≈ USD 483 million
SCOD: • Phase 1 (40 MW): April 2021
• Full capacity: 2022
Status: Under construction: 82.3% Completed
DIPWP Project in Oman
Potential to expand business in Duqm SEZ
Duqm Independent Power & Water Project (DIPWP)
In operation
Under construction/
development
DUQM SEZ
• GULF has increased its equity stake in Oman projects in September
2020 and have restructured shareholding to directly hold 49% shares
in Marafiq
• 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
Potential Projects
(as of June 2020)
OQ (previously Oman Oil)
100.0%
49.0% 51.0%
Power
Business
Water
BusinessGas
Business
Future
Projects
Kuwait Petroleum
Capacity: 230,000 bbl/day
Project cost: US$7,000mDesalinated
water
50.0% 50.0%
ElectricityDIPWP
Duqm SEZ
Future
Projects
Future
Projects
Power Generation
Note: Project progress as of Oct 2020
Renewable Energy
13
Renewable power projects performance
Gulf Chana Green (GCG) GTN 1 & GTN 2
Installed Capacity: 25 MW Total 119 MW
Shareholding: 100% GULF 90% GULF
10% TTC
Location: Chana district, Songkhla province, Thailand Tay Ninh, Vietnam
Fuel Type: Biomass (Parawood) Solar
Tariff: EP + Ft + THB 1.3/kWh adder for 7 years US 9.35c./kWh
COD: Mar 2020 Mar – Apr 2019
Q3/2020 Performance
Highlight:
• EGAT dispatch factor: 97%
• Plant availability: 93%
• Capacity factor: approx. 18.2%
• Plant availability: 99.9%
Existing projects in operation
Renewable
14
Wind projects in Vietnam
Wind projects 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 Mar 2021
Overall progress 35.0% completed
• Phases 2-3 (98 MW): SCOD Oct 2021
Overall progress 5.5% completed
• Phases 4-8 (182 MW):
Under MOIT consideration to be included in
PDP8 within [Q1’21]
Project cost Approx. USD 618 million
Note: Project progress as of Oct 2020
Renewable
15
✓ Project in operation, with revenue and profit to
be immediately recognizable to GULF
✓ Strategic partnership with the global market
leader in offshore wind (Ørsted) would increase
GULF’s credibility and competitiveness on a
global scale
✓ Long term contracted cash flows backed by
the German government
Borkum Riffgrund 2 Offshore Wind Project in Germany (464.8 MW)
Location German North Sea
≈ 59 km northwest of Norddeich harbor
≈ 34 km north from the island of Borkum
Installed capacity 464.8 MW
Fuel type Offshore Wind
Tariff Year 1 – 9.5:
FiT backed by German government
Year 9.5 – 20:
merchant price with guaranteed floor
price
PPA Signed with Ørsted for 20 years
SWA (Services and
Warranty Agreement)
Signed with MHI Vestas Offshore Wind for
10 years + 5 years extendable
Investment Cost ≈ EUR 550 million
COD Apr 2019
Germany
In operation
Under construction/
development
50.0%
GIH
50.0%
100.0%
BKR2 Holding Ørsted HoldCo.
100.0%
Borkum
Riffgrund 2
Ørsted Wind Power
A/S
100.0%
Share transfer completed and Borkum Riffgrund 2 will start to contribute revenue and profit to the Company in Q4’20
Renewable
16
Hydropower
17
Hydropower Projects in Lao PDR
Location Mekong River, Lao PDR
Installed capacity Pak Beng (Run-of-River)
Pak Lay (Run-of-River)
Sanakham (Run-of-River)
912 MW
770 MW
684 MW
Total: 2,366 MW
Shareholding GULF plans to hold 30% - 35% equity interest in each project
Fuel type Run-of-river hydro power plants
Off-taker EGAT
SCOD & Status • SCOD: 2029 – 2030
• Under tariff negotiation
1
2
3
3
1
2
Hydropower projects under study in Lao PDR
Hydropower
Infrastructure & Utilities
19
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
COD Power: Aug 2022
DCS: Feb 2023
Operation Period: 30 years 35 years 30 years 30 years
Investment Cost: Ph.1: THB 11.0 billion
Ph.2: THB [30.0] billion
THB 30.0 billion [to be disclosed] THB 3.6 billion
Status: • PPP contract signed in Oct 2019
• EPC contract signed in Jul 2020
• NTP1 & Construction expected to
start in Apr 2021
• PPP contract signing expected in
Dec 2020
• PPP contract signing expected in
Dec 2020
• EPC contract signing expected in
Dec 2020
Infrastructure and utilities projects in Thailand
Infrastructure projects progressing in line with plan
Note: Project progress as of Sep 2020
Infrastructure
Gas
21
License Holder Gulf Energy Development Hin Kong Power Holding Ltd.
Import Amount 300,000 TPA 1,400,000 TPA
Usage 19 SPPs under Gulf group
(partially)
Hin Kong Power Project
License 10 years (extendable) 10 years (extendable)
LNG Shipper Licenses
Gas
Q3’20 Business Updates
Q3’20 Financial Performance
Appendix
23
Total revenues
Total revenues in Q3’20 was THB 8,746 million
• QoQ: 9,139 MB → 8,746 MB (-4.3%) primarily from:
1) Sales revenue dropped slightly compared to Q2’20 mainly due to lower energy payment from EGAT
attributable to lower gas price
2) GJP’s share of profit decreased mainly due to unrealized FX loss in Q3’20 while there was unrealized
FX gain in Q2’20
• YoY: 9,051 MB → 8,746 MB (-3.4%) from:
1) Sales revenue decreased from THB 8,258 mil to THB 7,649 mil (-7.4%) mainly due to:
• Lower revenue from energy payment from EGAT due to declining gas price and lower electricity
volume sold to EGAT due to B-inspection maintenance of GTS2 in Q3’20 vs. no maintenance of
SPPs under GMP group in Q3’19
• Lower electricity and steam sales to IUs due to the impact from COVID-19
• Offset by higher sales from GCG biomass project and GTN1 & GTN2 solar power projects,
revenue recognition for MTP3’s infrastructure work of THB 130 mil in Q3’20 and dividend income from
INTUCH, SPCG and EDL-Gen
2) GJP’s share of profit decreased mainly due to unrealized FX loss in Q3’20 while there was unrealized
FX gain in Q3’19
Note:
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%), GTN2 and GCG
2/ Share of profit include profit (loss) from GJP, GTN1 (from March – November 2019 before increasing the stake to 90%), DIPWP, Gulf WHA MT, BSE, HKH and BPH
3/ Consolidated other income include dividend income, interest income and other income
8,258 7,683 7,649
80
90 97
130
631 1,254 495
83 111 374
9,051 9,1398,746
Q3'19 Q2'20 Q3'20
Sales revenue Management fee
Service from concession agreement Share of profit
Other income
-3.4% YoY
-4.3% QoQ
Total revenue affected by GJP’s FX loss but offset by dividend income
Unit: THB million
24
575 656 753
55
604
(250)
631
1,254
495
Q3'19 Q2'20 Q3'20
Share of profit (excluding FX) Gain (loss) on FX
Share of profit from GJP (40%)
Share of profit from GJP (excl. FX) in Q3’20 was THB 753 million
• QoQ: 656 MB → 753 MB (+14.8%) primarily from:
1) Higher volume of electricity sold to EGAT
2) Higher electricity, steam and chilled water sold to IUs by 7 SPPs in Q3’20 from
gradual recovery of demand from improvement of COVID-19 situation
• YoY: 575 MB → 753 MB (+30.9%) mainly from:
1) Higher electricity sold from 7 SPPs to EGAT due to no maintenance this quarter vs.
C-inspection of 3 SPPs in Q3’19
2) Higher volume of steam sold to IUs by 7 SPPs
3) Lower depreciation expense from extending the useful life of machinery and
capital spare parts of the power plants under GJP group due to lower operating
hours
Share of profit from GJP (incl. FX) in Q3’20 was THB 495 million
• A decrease in share of profit mainly from the depreciation of THB against USD, resulting in an unrealized FX loss of THB 250 million
(Q3’19: 30.7661 THB/USD, Q2’20: 31.0658 THB/USD, Q3’20: 31.8258 THB/USD)
+30.9% YoY
+14.8%QoQ
Higher sales volume to EGAT was able to offset the impact from softened IU sales volume YoY
Unit: THB million
25
997 989
1,325
89
892
(355)
1,086
1,881
970
Q3'19 Q2'20 Q3'20
Core profit Gain (loss) on FX
Core profit / Net profit
Core profit in Q3’20 was THB 1,325 million
Increased from THB 989 million in Q2’20 (+34.1%) QoQ
and increased from THB 997 million in Q3’19 (+33.0%) YoY primarily from:
1) Dividend income from INTUCH, SPCG and EDL Gen at a total of THB 360 mil (fromTHB 43 mil in Q3’19 and THB 81 mil in Q2’20)
2) Lower natural gas price (-10.0% QoQ and -14.2% YoY) while Ft decreased by 2.41%
both QoQ and YoY
3) Higher share of profit from GJP (excl. FX) mainly from higher electricity sold to EGAT
from 7SPPs and the recovery of IUs demand after COVID-19 situation improved
4) GMP’s performance improved QoQ from higher electricity and steam sold to IUs,
but slightly softened YoY from GTS2’s maintenance (B-Inspection)
5) Performance from GTN1, GTN2 Solar power projects and GCG Biomass project
improved both QoQ and YoY
+33.0% YoY
FX Rate at End of Period
(THB/USD)
Q2’19 30.9152
Q3’19 30.7661
Q1’20 32.8298
Q2’20 31.0658
Q3’20 31.8258
Core profit is at all-time high, supported by dividend income and improved performance
Natural Gas Price
(THB/mmbtu)
Ft
(THB)
Q3’19 268.67 (0.1160)
Q2’20 261.41 (0.1160)
Q3’20 235.22 (0.1188)
+34.1%QoQ
Unit: THB million
26
Balance sheet
Total assets was THB 221.982 million
+65.3% mainly from:
• Increase in cash from the capital increase and bond issuance
• Non-current:
1) increase in PPE from BKR2 consolidation and construction
progress of GSRC, GPD and Mekong phase 1-3
2) increase in other non-current asset from shareholding in
INTUCH
3) increase in goodwill from investment in BKR2
Cash, cash equivalents & deposits used as collateral
Other current assets
Non-current assets
111,861
191,3797,607
7,458
14,810
24,441
134,278
221,982
31-Dec-19 30-Sep-20
+65.3%
Total assets
Total liabilities was THB 156,277 million
+83.3% mostly from:
• Current: GULF’s short-term loans
• Non-current:
1) increase in debentures from bond issuance
and consolidation of BKR2 outstanding bond
2) increase in financial derivative liabilities
(mostly IRS contracts) from TFRS9 adoption
3) long-term loan drawdowns for the GSRC and
GPD construction
75,429
139,709 9,809
16,568
85,238
156,277
31-Dec-19 30-Sep-20
Current liabilities
Non-current liabilities
+83.3%
Total liabilities
Total equity was THB 65,705 million
+34.0% mainly from:
• Increase in paid-up capital and share premium from
the capital increase
• Decrease in retained earnings due to dividendpayment of THB 2,773 mn
• Decrease in other components of equity and non-controlling interests mostly due to loss from fair value
measurement of IRS contracts required underTFRS9
Total equity
10,613 7,2611,174 1,174
(790) (12,409)
6,488 6,124
31,556
63,555
49,040
65,705
31-Dec-19 30-Sep-20
+34.0%
Paid-up capital and share premium
Retained earnings
Other equity
Non-controlling interests
Other components of equity
Unit: THB million
27
D/E ratios
Leverage ratios improved (1.35x) compared to bond covenant (3.50x)
1.74
3.50
3.88
2.38
1.27
2.16
2.62
1.59
1.251.52
1.86
1.35
31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20
D/E ratios
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)
D/E
Net IBD/E
Net IBD/E (incl. lease liabilities) to equity ratio
(according to covenant of bonds issued in 2019)*
14,810
85,23877,161
49,040
(790)
24,441
156,277
129,158
65,705
(12,409)
31-Dec-19 30-Sep-20
Cash, cash equivalents
and deposits used as
collateral
Shareholders’
equity
Other components
of equity
Total liabilities Interest-bearing
debt
Unit: THB million
Q3’20 Financial Performance
Appendix
Q3’20 Business Updates
29
Rights Offering Capital Increase
No. of existing shares: 10,666,500,000 shares
No. of subscribed shares: 1,066,649,998 shares
No. of shares after capital increase: 11,733,149,998 shares
Ratio (old share : new share): 10 : 1
EPS dilution: 9.1%
Subscription price: THB 30 / share
Total proceeds: THB 31,999,499,940
Use of proceeds:
• Investment in existing and future projects such as Borkum, renewable projects in
Vietnam, hydropower projects in Laos, LNG-to-power projects in Vietnam and
potential M&A deals
Benefits to the Company:
• Reduce IBD/E ratio to be lower than 2x to maintain appropriate capital structure
• Provide more headroom for additional debt of THB 70-80 billion to reach 3:1 ratio
Key Information Key Timeline
27 AugEGM Approval
14-18 SepRO Subscription
Period
28 Sep1st day trade of RO shares
6 AugXM & XR date
30
THB 10bn Bond Issuance
Issuer Gulf Energy Development Public Company Limited (“GULF”)
Issue Size THB 10,000 million
Debenture Type Thai Baht Unsubordinated and Unsecured Debentures
Issued Date August 19, 2020
Use of Proceeds To repay short-term loans from financial institutions
Placement Type Private Placement to Institutional Investors and/or High Net Worth Investors
Company Rating A (Stable Outlook) by TRIS Rating
Issue Rating A- (Stable Outlook) by TRIS Rating
Joint Lead Underwriters Bangkok Bank Public Company Limited (“BBL”)
The Siam Commercial Bank Public Company Limited (“SCB”)
Registrar & Debentureholders’ Representative
The Siam Commercial Bank Public Company Limited (“SCB”)
Details of the allotment Debenture Term Interest Rate Amount
Debenture tranche 1 3 years 2.65% THB 4,500 million
Debenture tranche 2 5 years 3.10% THB 2,500 million
Debenture tranche 3 7 years 3.34% THB 2,000 million
Debenture tranche 4 10 years 3.46% THB 1,000 million
Total 5 years 2.98% THB 10,000 million
31
Debt Outstanding
As of Sep 30, 2020
Note:
* Based on % profit sharing received from GSRC & GPD
** FX rate: 31.8258 THB/USD
*** Debt outstanding exclude subsidiaries’ working capital borrowings
• 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.
THB 17,500 mn in debentures &
THB 5,000 mn in short-term loans
40% 70% 100%75%*
56%
44%
73%
27%
USD 927 mn
THB 37,657 mn
USD 417 mn
THB 35,848 mn
72%
28%
USD 227 mn
THB 18,614 mn
100%THB 1,927 mn
THB 67,153 mn THB 49,115 mn THB 25,853 mnTotal loan
outstanding: (THB equivalent)
THB 1,927 mn
100%
THB 3,545 mn
THB 3,545 mn
75%*
GULF JP GULF MP GULF SRC GULF PD GULF Chana Green
100%
GTN2
90%
USD 37 mn
THB 1,163 mn
32
Dividend Policy
0.08
0.24 0.26
49%
79%
89%
2017 2018 2019
Dividend per share* (THB) Payout ratio (%)
Note: * adjusted for par split
Historical Dividend PaymentIt is the current intention of the Company’s board of directors to
recommend to the shareholders an annual dividend of at
least 30.0% of the Company’s separate net profit (after
taxes), subject to meeting the legal reserve requirement under
the Public Limited Companies Act and contractual obligations
under relevant financing agreements.
However, the Company’s dividend payment policy is subject to
changes, depending on the Company’s results of operation,
cash flows, capital requirements, conditions and restrictions
under relevant financing agreements and other relevant
considerations as the Company’s board of directors may deem
relevant.
33
Plant Performance
GJP – 2 IPPs (3,406 MW) GJP – 7 SPPs (831 MW) GMP – 12 SPPs (1,563 MW)
Average Heat Rate
(BTU/kWh)
Plant Availability
(%)
Dispatch Factor
(%)
7,037 6,955 6,990
Q3'19 Q2'20 Q3'20
99.9% 99.5% 99.9%
Q3'19 Q2'20 Q3'20
18.9% 14.5% 19.4%
Q3'19 Q2'20 Q3'20
7,688 7,662 7,647
Q3'19 Q2'20 Q3'20
87.8%
98.2% 99.2%
Q3'19 Q2'20 Q3'20
74.4%82.3% 82.4%
Q3'19 Q2'20 Q3'20
7,407 7,453 7,422
Q3'19 Q2'20 Q3'20
99.3% 97.8% 97.4%
Q3'19 Q2'20 Q3'20
84.2% 82.6% 81.5%
Q3'19 Q2'20 Q3'20
34
Maintenance Schedule
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
C
C
C
A C
CA
A
A
B
A
As of Nov 2020
C
A
B
A
A
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)
A
A
B
A
B
A
A
A
A
A
A
A
C
A
A
A
A
A
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