GLOBAL POWER SYNERGY PUBLIC Corporate COMPANY LIMITED Presentation Q3/2019 with ANALYST MEETING Phatra Securities PLC and The Siam Commercial Bank PLC November 18 th , 2019 THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP 1
Q3 2019 KEY HIGHLIGHTS ‘ GROWING PROFIT WITH SUSTAINABILITY AND CONTROL ’ SIGNIFICANT PROFIT SUSTAINABILITY CONTROL GROWTH Interim Dividend 269% increase in Nam Lik 1 was COD since GPSC have finished the Rights 1 Jul 2019 Offering process of Baht THB 0.50 per share EBITDA YoY due to 74,000 million to repay the CUP 4 was COD since contribution from GLOW dividends for 1H/2019 was paid bridge loan on 9 Oct 2019 12 Sep 2019 28% of gross profit on 12 Sep 2019 GPSC has successfully offered Xayaburi was COD since Awards from margin in Q3/2019 due the debentures of THB 35,000 29 Oct 2019 to the reduction in million on 8 Nov 2019 • Role model of low-carbon CCE was COD since Weight Factor in the third industrial factory from ‘Thailand GPSC completed the Nov 2019 quarter and low demand Greenhouse Gas Management acquisition of GLOW and for electricity from EGAT NNEG expansion phase Organization (TGO)’ completed Mandatory Tender expected to COD in 2020 Value added from • CSR-DIW Continuous Award Offer from Glow which synergy WTE is expected to COD from ‘the Department of Industrial resulting in a total of 95.25% of in 2021 Works’ GLOW ’ s shares THB 1.6 bn ramp up with full EBITDA contribution by 2024 • The Certification of Green ERU which jointly operate TRIS Rating assigns “ AA- ” with Meetings from ‘Thailand with Thaioil is expected to “ stable ” outlook to GPSC Business Council for Sustainable COD in 2023 reflects the company ’ s strong (TBCSD)’ credit profile
GPSC Innovative Power Company at a Glance Shareholding Structure Pre-RO Post-RO 22.8% Public 24.8% Public 22.6% 25.0% 2,819.7 1,498.3 million shares million shares 8.9% 8.9% 22.7% 22.7% 20.8% 20.8% Thai Oil Power is 74% held by Thai Oil and 26% by PTT Company Information In 2019, Total Equity Capacity 1 Electricity 5,026 MWe Steam 2,876 T/H Head Office 555/2 Energy Complex Building B, 5th Floor, Vibhvadi-Rangsit Road, COMBINED CYCLE / Chatuchak, Bangkok, Thailand RENEWABLE ENERGY COGENERATION / THERMAL 2 4,463 MW Business Type Energy & Utilities 114 MW 2,876 T/H Registered Capital THB 28,197 million 15,400 RT (Paid-up) 7,372 Cu.m./H Market Cap THB 236,152.33 million (As of 13 Nov 2019) HYDROELECTRIC OTHER BUSINESSES AA- BBB- 449 MW • 24M • BSA A+(tha) Note: 1) Equity capacity includes 100% stake in GLOW, GRP and ERU 2) Equity capacity includes ERU
Successful THB 35 Billion Debenture Issuance “Largest a Key Highlights Unit: THB million k Offered THB 35,000 Million on Avg. Tenor s 9.7 Years 8,000 7,500 Largest ever Thai Baht debenture ds 6,500 6,000 issuance by a private power as 5,000 generation company edit 2,000 well Achieved the tightest credit spreads 1.97% 2.24% 2.52% 2.86% 3.15% 3.25% ich and lowest coupon rates compared 3Y 5Y 7Y 10Y 12Y 15Y to peers with similar credit ratings. The 3 leading local and international Rating Agencies Strong Credit Ratings have affirmed rating post the acquisition of GLOW Strong Support from PTT Group Top Private Producer in Thailand ✓ ✓ AA- (Stable) Well-diversified Power Portfolio Predictable Cash Flow Backed by Long-Term PPAs ✓ ✓ 4
GPSC Growth and Strategic Direction Update of projects Financial Activities and Plans Financial Performance 5 5
GPSC Electricity Growth Pipeline 5,026 MW SELECTIVE Equity Capacity GROWTH 4,776 MW COD of projects 4,766 MW Equity Capacity Growth along with 4,748 MW Equity Capacity PTT Group COD of projects Equity Capacity ERU +250MW COD of projects GLOW SPP Replacement Inorganic Growth Rayong WTE +2,771MW +10MW Conventional Energy +39.5MW Expansion+18MW ( Thailand and International) Note: Base on 100% in GLOW COD of projects Renewable Energy (Solar and Wind) XPCL + 321MW NL1PC +26MW CUP 4 +45MW CUP 3 Expansion +15MW Target 2019 2020 2021 2023 within 2025 6
Strategic Direction and Growth Strategy 3 Pillars S-CURVE SELECTIVE GROWTH SYNERGY & INTEGRATION 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 7
Synergy and Integration Implementation Strategic Direction Working as and Growth Strategy one team to Synergy & Integration deliver synergy Recurring EBITDA synergy value based on current portfolio THB+1.6 bn 3% per year 8% 89% Ramp up with full SYNERGY & Corp. Function THB - 4.0 bn EBITDA /1 contribution & IT INTEGRATION Procurement One-time Operations by 2024 initial investment & Maintenance Synergy Capture 2019 endorse selected initiatives to lock-in value Operation Excellence Immediate benefits from Power & Asset Optimization and Steam Integration • Reduce standby time Corporate & Business First e-auction conducted to Infrastructure secure cheaper coal prices Many contracts renegotiated and signed on spend baseline Map Ta Phut Industrial Estate WHA Industrial Estate Asia Industrial Estate GC Estate Etc. Smart Park Industrial Estate Padaeng Industrial Estate 8
Strategic Direction Sustainability Strategy & and Growth Strategy Commitment Selective Growth - To be listed in DJSI by 2022 - Increasing renewable energy up to 20% of GPSC’s portfolio Conventional energy SELECTIVE 80% Way forward GROWTH TOTAL 89% to 5,026 MW Sustainable 11% Renewable growth 20% energy Growth along with PTT Group Committed Equity Capacity Target within 2030 2019-2023 Domestic and International Seeking more international Renewable growth opportunities 9
Strategic Direction GPSC has strengthen its knowledge and capabilities in providing ESS services and Growth Strategy S-curve GPSC AS A SYSTEM EXPLORE NEW S-CURVE INTEGRATOR BUSINESS FROM ESS SEEKING NEW MARKET AND 2019 Onwards CUSTOMERS THROUGH PILOT PROJECTS S-CURVE 2019 System Integrator/ Manufacturer in Market and Developer in Battery Technology Micro-grid/ESS Intelligence in Digital Energy Smart Energy Management VISTEC (Phase II: Q2/2020) ▪ Become a pioneer battery 1.2 MW Renewable Energy ✓ producer and energy (Solar Roof + Floating) Battery Business storage system integrator 1.2 MWh ESS for backup & renewable ✓ optimization, and zero-Import Building P2P Trading using Block-chain ✓ ▪ Support ESS by offering Energy Storage Energy Management System Integrator Solution ▪ Invest in potential project GPSC Energy Storage System Projects Information and Status: Energy within electricity value Type Customer Capacity Status chain Management Residential Chiang Mai U 10kW/17kWh Solution Provider Industrial GCL 625kW/625kWh with 2MWp solar Industrial GC 250kW/1.5MWh Smart City VISTEC 1MW/1MWh Complete Contructing 10
GPSC Growth and Strategic Direction Update of projects Financial Activities and Plans Financial Performance 11 11
Nam Lik 1 Power Company Limited (NL1PC) COD: 1-Jul-2019 PROJECT SUMMARY TYPE ELECTRICITY (MW) 64.7 Run-of-River Hydropower Plant LOCATION CUSTOMER • Electricite Du Laos (EDL) Northern of (63.8 MW for 30 years from Vientiane, Lao PDR signing date) GPSC holds PROJECT UPDATE Overall construction and commissioning • 40% test was completed. Of total share 12
Xayaburi Power Company Limited (XPCL) PROJECT SUMMARY COD: 29-Oct-2019 TYPE ELECTRICITY (MW) 1,285 Run-of-River Hydropower Plant LOCATION CUSTOMER Electricite • • EGAT Du Laos Lao PDR (1,220 MW) (EDL) (60 MW) GPSC holds PROJECT UPDATE The main construction tasks, such as • 25% power house, intermediate block, fish ladder and 500 kV transmission line were mostly completed. Of total share The commissioning test of each unit has • been in progress in order to sell electricity to EGAT during the Unit Operation Period (UOP). 13
CENTRAL UTILITY PLANT 4 : CUP4 (THAILAND) COD: 12-Sep-2019 PROJECT SUMMARY TYPE ELECTRICITY (MW) STEAM (T/h) Gas-fired 45 70 Cogeneration LOCATION CUSTOMER Industrial users in Asia Industrial Asia Industrial Estate Estate, Rayong and neighboring industrial estate GPSC holds PROJECT UPDATE Main installations and erections have • 100% been completed, to prepare for the following unit test and commissioning. The progress of the inter-connection of • power and steam pipeline has been Of total share achieved over 90%. Next activity will be integration test and • commissioning. 14
Chonburi Clean Energy (CCE) PROJECT SUMMARY COD: 7 Nov 2019 Industrial Waste ELECTRICITY (MW) TYPE (T/day) 8.6 270 Waste LOCATION CUSTOMER • Provincial Electricity WHA CIE Authority (PEA) GLOW holds PROJECT UPDATE 33% COD in November 2019 • Of total share 15
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