GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Analyst Meeting Synergy and Equity Offering July 30 th , 2019 1
Over ervi view ew and Strategi egic c Direct ection on Synergy & Integration Equity Offering 2 2
GPS PSC Elec ectri tricity city Growth owth Pi Pipeline Selective ctive Growth th 5,026 26 MW MW Equity ty Capacity ty FUTURE GROWTH 4,776 76 MW COD of proje jects ts MW 4,766 66 MW MW Equity ty Capa pacity ty Growth th along ng with h 4,748 48 MW Equity ty Capa pacity ty MW PTT Group up COD of proje jects ts Equity ty Capa pacity ty ERU +250 250MW MW COD of proje jects ts GLOW SPP Repl eplac acem ement ent Inorg rgani anic Growth th Rayong ng WTE +2,771MW MW +10MW MW Convent nventiona nal Ener ergy gy +39.5 .5MW Expa pans nsion+1 +18MW (Thailand and International) Note: Base on 100% in GLOW COD of proje jects ts Renew newab able e Energy ergy (Solar and Wind) XPCL +321MW NL1P 1PC +26MW CUP 4 4 +45MW CUP 3 3 Expans ansion n +15MW Target get 20 2019 19 202 020 202 021 2023 023 within thin 2025 025 3
Strategic tegic Direct ection on and nd Growth wth Strategy egy 3 Pi 3 Pillars S-CURV RVE SELECTIVE IVE GRO ROWTH SYNERGY Y & INTEGR GRATIO ION Battery Business Energy Storage Growth along with System Integrator PTT Group Synergy Capture Energy Management Domestic and Solution Provider Operation Excellence & International Asset Optimization Renewable Corporate & Business Infrastructure 4
Overview and Strategic Direction Syner ergy gy & I Integr egrati tion on Equity Offering 5 5
GPSC C power wer pla lant t per erfor forman mance ce im improv oves s after er Integrati egration on 3 HIGHER ER 2 EFFICIENCY HIGHER ER AVAI AILAB ABILIT LITY 1 Capac pacit ity Sharin ing • HIGHER ER Heat at rate impro provem vement ent and • RELIAB IABILIT LITY transm nsmiss issio ion n loss ss reduc uctio ion More ore integ egrat ated ed powe wer plant nt • netwo work k under er a well ll- establ ablis ished hed backb kbon one system em Better er Load d Managem nagement ent • Additiona itional l Cap apac acity ity (shift ftin ing g loads ads between ween plant nts) ) Acquire more customers to generate higher revenue Potential investment savings for CUP-4 Phase II CUP-5, EEC Single power plant output fluctuate Back up capaci city ty Longer distribution network according to changes in demand to customers Utilization ation Several power plant outpu put remain at Closer distribution network optimal al point nt despite changes in demand to customers Combined ed capaci city ty 6
Growth wth Pla latfor tform m Str trengthe ngthene ned d by Syne nergi gies Solid Growth Platform form 2 EEC EEC PTT Leadership Positi tion on in SPP Growth Indus ustria ial 1 Stronger er HR capabiliti ties 3 Pipel elin ine Grow owth SPP market share by Installed Equity MW /1 SPP Repla lacem ement ent GPSC + Thailand large gest SPP GLOW Player with stron ong 15% Inter ernatio national nal PTT group ’ s resou ources es and netwo work k EGCO best practic ice e local l power wer and Larger and Strong nger Power r House se BGRIM relia iabi bili lity previously Other utili lities ies GULF capped by expertise ise investment RATCH policy constraints A C Operat atio ions ns and Mai aint ntena enanc nce Proc ocess ess and Busines siness s Initia iatio ion Synergy y Way Forwar ard New w too ools ls New w business ness Netwo work k CAPE PEX to impr prov ove e ideas as and Integr egrat atio ion Avoi oidanc dance B effic icie ienc ncy inno novat vatio ion Proc ocure urement ent and Corpo porat ate e Functio ions ns Alignin gning g main intenanc enance e Optimiz imize Optim imiz ize best practic ice Cash h & Debt Proc ocure urement ent Managem nagement ent Combine ombine corpo porat ate e functio ions ns and best practic ice Note: 1. Data source from companies’ website and ERC as of July 2019 7
1. . Lea eade dersh ship ip Posit sition ion in in SPP SPP Replace laceme ment t Proje ject: ct: Stage ge 1 1 and 2 2 SPP Mark rket et Share by Insta tall lled ed Equity ty MW /1 Proje jects cts (Tenta tative tive only) /1 GPSC + GLOW Thailand’s largest 15% Power Steam Max. EGAT Notic ice to Plant SCOD EGCO (MW) (TPH) PPA PPA proceed SPP player yer BGRIM with strong resources Stage 1 and network reliability GULF GEN 192 300 30 x 2 2020 2022 Phase 2 RATCH Others Stage 2 GPSC’s Committed Portfolio GSPP2 192 300 30 x 2 2022 2024 VSPP & GSPP3 Renewables 120 168 30 x 2 2022 2024, 25 Committ tted Equity ty (Coal) 3% 5,026 6 MW MW GSPP11#1 80 - 30 x 1 2023 2025 with th SPP 49% Total 584 584 768 768 SPP /2 48% IPP 2,442 2 MW MW Note: 1. Data source from companies ’ website and ERC as of July 2019 2. SPP Includes Cogen (ERU) Source: Glow Analyst Meeting Q1/2019 8
2. . Soli lid d Gr Growth wth Pla latform tform Stra rategi gic locati ation in MTP P allows ws GPSC to to captu pture e solid d growth in EEC THAIL ILAN AND “ Utility ity demand nd in EEC expect ected to to grow w GRP TSR (SSE1) 3.42 3.42% CAGR R ” Glow Energy y Solar r PV Rooftop op RPCL CHPP (Solar) r) EEC EC CHPP ( TWh) ) 31 27 Chachoengsao 18% 18% Rayong 38% 38% Srirac acha ERU 44% Chonburi Glow IPP 44% CCE CCE Rayong 2018 Glow Energy Solar PV 2022F Rooftop Rayong WTE Glow SPP 11 Gheco-one IRPC-CP Phase Phase1-2 1-3 CUP1-4 CUP Glow Glow Energy Energy Phas ase 1,2,4,5 Glow SPP Glow Solar ar Energy 2,3 Plant ant CFB 3 Source: PEA, MEA, Ministry of energy 9
3. . Str tronge onger r HR capab abil ilities ities Human Resource ce Key Enablers Group ’ s s Objecti tives ves Select cted Growth Core and project management Expertise • + Technical Expertise • International BD talents • M&A, Legal & Financial • Internati ationa onal Local al pool ols of standard ard and prof ofessional al power talents expe pert rtise se Thailand Myanmar Culture Alignment • Renewable Laos Vietnam Growth Mindset • Leadership Development • S Curv rves and Digitizati ation on Strengthening Core Competencies Dedicated digital energy team • • Technical Expertise • Employee Engagement • System integrator / micro-grid • People System Alignment • New Initiatives • 10 10
Syne nergy gy Real ealizati ization on Tim imel eline ine and d Proc ocess Synergy ergy Identifi tificati cation on Initi tiat atives es Launch nch Full ll Implement lementati ation (Phas ase 1) May – July 2019 2019 Aug – Oct Oct 2019 2019 Nov 2019 Onwards Baselining perfor ormanc mance Launching all Quick ck-wins Launching all initiati atives Enhan anci cing and prior oritizing Preparing to launch all Driving full integrat gration on plan synergy y initiati atives remaining synergy initiatives impleme mentat ation on Devel elopin oping g business cases and Monitoring, controlling and action on plan ans reporting progress on financial and other metrics Launchin ching select ct Quick ck-win initiati atives 11 11
Expect cted d Syne nergy gy Be Benefit fit Identifi tified ed syner ergy gy benefit fit equivale lent t to to THB ~ 1.6 bn per annum Quick wins ~20+50 mm Corporate Function EBITD TDA A Contr tribution bution Per Annum um /1 /1 by 2019 and 2020 ~70 mm Procurement Integration by 2020 ~50 mm Steam Integration Operations by 2020 & Maintenance +1.6 bn A Procurement Corp. Function B1 & IT Ramp mp up with full B2 - 4.0 bn EBITDA /1 /1 contribution by 2024 One-tim One time initi tial al inve vestme stment nt ~1.6 6 bn bn 3% 8% 8% 89% 89% +2.5 bn Additi tional nal uplift t fro rom One-tim time Growt rowth h Initiat tiativ ives CAPE PEX X Avo void idan ance ce - For r 200 0 MW gro rowth th in MTP Note: 1. Recurring EBITDA synergy value based on current portfolio 12 12
A. O . Operat eration ion Syne nergy gy Strategi rategic Location tion in MTP P allows lows GPSC and GLOW W to achie ieve ve cost t effecti ective ve integr gration tion Illustr ustrati ative ve Only Quick-win in Immediat ate benefits fro rom Power r and Ste team am Inte tegrat ration on • Reduce standby time Engineering option selected Big-win Big in Full Inte tegrati ration on fro rom Power r and Ste team am Inte tegrati ration on • Rebalance production to optimize cost 13 13
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