Gunkul Engineering Public Company Limited Opportunity Day 2019 10 th September 2019
Section I: Company Overview
Gunkul Overview Gunkul Engineering PLC (“Gunkul”) operates across the entire renewable energy value chain Founded in 1982 as an electrical equipment trader. Gunkul later Reliable manufacturer and supplier of over 5,000 electrical 1 expanded into manufacturing, EPC business, and filed for IPO in 2010 equipment and products to grow its renewable generation business Trader, manufacturer and EPC contractor: Complete value chain business model provides end-to-end solution in the development of renewable energy projects Arrester Disconnecting Low-voltage SF6 gas switch Switch switch Renewable energy power producer: Power projects with contracted capacity (1) of 550 equity MW in Thailand, Myanmar, Japan and Reputable one-stop renewable energy EPC and O&M 2 Malaysia (approx. 67% solar, 31% wind, and 2% gas). As of current, service provider with over 15% market share in Thailand we have ~348 equity MW in operation (64% operated) Approx. US$ 934.69 Million market capitalization on 23 rd August 2019 (SET:GUNKUL) Gunkul Shareholders (2) Others Thai NVDR 3 6.4 % 2.2% Bua Luang Long Term World-class renewable energy projects with a visible and 3 Equity Fund robust pipeline across Asia Gunkul Group (3) (4) 2. 1 % 50.0 % UOB Kay Hian (HK) 2. 7 % Siam Commercial Bank 3.1% Mr. Gunkul Dhumrongpiyawut 3.5 % Notes: (1) Including operational, under construction, and secured pipeline. (2) Latest info in March 2019 (3) Gunkul Group is a holding company with the Dhumrongpiyawut family owning 99.6% of the Group (4) Dhumrongpiyawut family accounts for 53.5% of Gunkul 3 Strictly Private and Confidential
From Equipment Trading to Renewable Energy Gunkul transformed itself from a trading company with volatile earnings to a renewable energy player that has stable cashflow and high margins COD 1 st Japan Target to Solar PV module manufacturing Solar Project achieve 1,000 contracted 100 1 of 4 manufacturers in Thailand Founded as an Acquire construction equity MW by producing solar PV modules under Thai company electrical Industrial Standard 2022 Initial Public Offering equipment trader 1982 1992 2010 2011 2014 2015 2017 2018 2019 2012 2013 Entered into renewable 1 st wind 1 st gas engine power plant 1 st Japan Solar Project 1 st Solar Rooftop Set up factory 1 st Malaysia Solar energy COD 2 nd project for Private PPA Project sector as EPC and O&M Japan Solar manufacturing contractor 25MW gas engine power 31.8MW solar power Project 29.99 MW or 20.99 plant in Myanmar (GKMCP) plant in Japan (Sendai) Secured PPA Structured the Equity MW solar power Supplied and set up for 60MW Solar Rooftop plant in Malaysia Thailand’s business to be Wind Energy Solar roof business first wind turbine for EGAT Development Private PPA Solar roof business (WED) which the off- Expanded into solar roof 1 st solar project taker are business along with Launch solar rooftop reputable reputable partners new brand for Secured PPA for 30.9MW companies household Gunkul Chubu Powergen (GCPG) Gunkul’s EBITDA from Renewable Power is Expected to Increase from 86% in 2017 to 88% and 92% by 2018 and 2019 2017 EBITDA Breakdown 2018F EBITDA Breakdown 2019F EBITDA Breakdown 14% 11% 8% 92% 86% 89% Note: Renewable Power Generation 4 Based only on the secured 549.4 equity MW in our portfolio and only 371.3MW to be COD by 2019 Trading & EPC Strictly Private and Confidential
Vertically Integrated Business Covering Downstream Segments of Renewable Energy “Allow Gunkul to exploit economies of scale and c ost saving advantages” Engineering, Procurement Trading and Manufacturing Power Generation & Construction Transmission Existing Power Plants Project Reference Cable and accessories, fuse and switch, Line hardware and connector, insulator, Total Equity Capacity of 543 MW lightning protection, maintenance Project Owner MW EPC O&M equipment, tool and instrument P P 26.00 1) GPS Low Voltage Capacitor, explosion proof product, P P 30.90 fuse and switch, grounding, hardware 2) GCPG Line and connector, insulator, lightning P P protection, meter, preformed, street 1.00 3) NK Power Solar lighting and control, telephone hardware 4) CK & Sun Solar P P 8.00 Power Plant Power Plant Wind turbine component, 5) Solatra Solar solar panel component P 8.00 Power Plant P P 12.50 6) BSE (NMA) Substation Solar Battery and charger, capacitor, Wind grounding, maintenance equipment, P P 12.50 7) BSE (CPM1) Gas Engine meter, tool and instrument, transformer P P 48.05 8) Solar Rooftop Geographical Cable and accessories, capacitor, Distribution Energy Mix P 9) RNS 87.00 fuse and switch, grounding, hardware Line Diversification and connector, Insulator, lightning P P 10) BMPS 8.00 protection, live part cover, maintenance Japan: 38% equipment, meter, preformed, tool and Solar: 67% P P instrument, transformer 11) ECO 5.00 Thailand: 56% Wind: 31% 12) WED (1) P 60.00 Samples of In-House Products 13) GNP (1) P 60.00 550 MW 550 MW (Equity) (Equity) 14) KWE (1) P 50.00 Cutout Disconnecting Low-voltage Gas Fired: 2% Total 416.95 Switch switch Myanmar: 2% Arrester SF6 gas switch Malaysia: 4% Gunkul’s Own Projects Note: (1) Only Balance of Plant Part Note: Above pie charts demonstrate Existing Equity MW 5 Strictly Private and Confidential
High Quality Renewables Asset Portfolio Solar Farm ( 207.1 MW) Gas-Fired Plant ( 12.8 MW) Fully COD( 2 Projects) Fully COD ( 1 Projects) Total Gross /Equity (MW) 65.3 / 65.3 Total Gross / Equity (MW) 25.0 / 12.8 Under Construction ( 2 Projects) Total Gross /Equity (MW) 141.8 / 141.8 JAPAN MYANMAR Type Scheme Thailand Japan Malaysia Myanmar Total Solar Farm ( 96.1 MW) Feed in Tariff 68.9 207.1 21.0 - 297.0 Adder 27.2 - - - 27.2 Fully COD ( 6 Projects) Feed in Tariff - - - - - THAILAND Total Gross / Equity (MW) 157.9 / 96.1 Adder 170.0 - - - 170.0 Feed in Tariff - - - 12.8 12.8 Adder - - - - Wind Farm ( 170.0 MW) - Feed in Tariff 2.8 - - - 2.8 Fully COD ( 3 Projects) Adder - - - - - Total Gross / Equity (MW) 170.0 / 170.0 Private PPA 39.6 - - - 39.6 Total 309.1 207.1 21.0 12.8 550.0 Solar Rooftop ( 2.8 MW) Fully COD (9 Projects) MALAYSIA Total Gross / Equity (MW) 5.5 / 2.8 Private PPA Solar Rooftop ( 39.6 MW) Fully COD ( 1 Project) Total Gross / Equity (MW) 1.0 / 1.0 Under Construction Solar Farm ( 20.99 MW) Total Gross / Equity (MW) 38.6 / 38.6 Under Development ( 1 Projects) Total Gross / Equity (MW) 29.99 / 20.99 6 Strictly Private and Confidential
Vision: T o Become an Asia’s Leading Renewables Company Gunkul will continue to grow in Renewable Business to transform itself into a company with stable income and high margin Others By 2022, step to secure 1,000MW by increasing capacity 1. 472 Total (MW) 207 121 100 113 Existing (MW) 302 207 21 - 13 through domestic and international 200 Potential deal (MW) - 100 100 100 592,177 THB Million Expand EPC business into Transmission Line & 2. Substation sectors which support Thailand Electrical Government Utilities’ Outstanding Project (2019-2023) in System Transmission Line & Substation Enhance Company’s Growth by entering into a Private Reputable Department Stores 3. Industrial / Companies Producer Segment Embrace new technology to drive growth and expose new 4. Smart Living by Gunkul opportunities to invest in next step Notes: (1) https://www.pea.co.th/Portals/0/Document/cpd/60-4% 20 PEA%20Website.pdf 7 Strictly Private and Confidential
Track Record of Accelerated Growth Gunkul demonstrated a track record of successful capacity build-up and this translates into more stable and recurring electricity revenue In Operation Under Construction / Under Development (2011 – Q2 2019) (Q2 2019 – 2022) Target to 1,000 MW Equity MW by 2022 1,000 450.6 600 75.0 66.8 10.0 21.0 400 5.5 20.0 3.1 33.5 31.8 549.4 50.0 60.0 348.0 1.0 200 50.0 2.6 2.6 10.0 8.0 58.3 2.8 12.8 10.4 1.0 15.8 0 GCPG GPS NK GKMCP Solar RNS BMPS WED WED ECO Private GNP KWE Sendai Kimitsu Operational Private Private Private Kenyir Private Utsunomiya Iwakuni Total COD COD COD COD Rooftop COD COD Project 1 Project 2 Q4 2016 PPA COD COD COD COD Capacity PPA PPA PPA Gunkul PPA COD COD Equity MW 2011 2012 Q4 2013 Q4 2013 COD Q4 2015 Q2 2016 COD COD COD Q1 2018 Q2 2018 Q4 2018 Q1 2019 COD COD COD COD COD Q4 2022 Q4 2022 Q2 2014 Q1 2016 Q3 2016 Q2 2017 Q3 2019 Q4 2019 Q1 2020 Q4 2019 Q2 2020 Solar Gas Wind Note: Source: Company Filings and Company Information 8 Strictly Private and Confidential
Sendai – Japan Solar Project Solar Radiation Map of Japan SENDAI Project Description Project Name Sendai Location Sendai, Japan Sendai Contract capacity 31.8 MW Installed capacity 38.1 MW Forecasted Revenue USD 20 Million / year COD : 1 November 2018 9 Strictly Private and Confidential
Sendai – Japan Solar Project 10 Strictly Private and Confidential
Kimitsu – Solar Project Solar Radiation Map of Japan KIMITSU Project Description Project Name Kimitsu Location Kimitsu, Japan Contract capacity 33.5 MW Installed capacity 40.4 MW Kimitsu Forecasted Revenue / year USD 20 Million COD : 1 April 2019 11 Strictly Private and Confidential
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