GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Q1/2019 OPPORTUNITY DAY May 28 th , 2019 THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP
GPSC Innovative Power Company at a Glance Shareholding Structure Shareholding Structure In 2019, Total Equity Capacity 1 In 2019, Total Equity Capacity 1 Electricity 5,026 MWe Steam 2,876 T/H Public 23% 25% COMBINED CYCLE / Electricity 4,463 MW COGENERATION / THERMAL 2 Steam 2,876 T/H Chilled Water 15,400 RT Industrial Water 7,372 Cu.m./H 9% 23% 21% RENEWABLE ENERGY Electricity 114 MW Thai Oil Power is 74% held by Thai Oil and 26% by PTT Company Information Company Information Head Office 555/2 Energy Complex Building B, HYDROELECTRIC 5th Floor, Vibhvadi-Rangsit Road, Electricity 449 MW Chatuchak, Bangkok, Thailand Business Type Energy & Utilities Registered Capital THB 14,983 million (Fully Paid) Market Cap THB 85,777.72 million OTHER BUSINESSES 24M Technologies, Inc. (USA) (As of 17 May 2019) Business Service Alliance Co.,Ltd. Note: 1) Equity capacity includes 100% stake in GLOW, GRP and ERU 2) Equity capacity includes ERU 2
GPSC Customers’ Profile 55% Industrial Users 43% EGAT LONG TERM OFF TAKE CONTRACTS 2% Others Guaranteed market and source of revenue Guarantee a minimum level of profit in regards *Q1/2019 Revenue by Customers to their investment Price adjustment formula, varying with fuel price 3
GPSC’s Business Portfolio by Fuel and Plant Type Equity Capacity by Plant Type Equity Capacity by Plant Type Equity Capacity by fuel types Equity Capacity by fuel types Waste ERU Pitch 0.3% VSPP+ Renewable Solar 5% 3%5% 2% Coal 16% TOTAL TOTAL IPP 49% 5,026 MW 5,026 MW 9% 44% SPP Hydro 68% Natural Gas Installed MW Equity MW Installed MW Equity MW Energy Type Energy Type Total capacity % In operation Total capacity % In operation Total capacity % In operation Total capacity % In operation Natural gas IPP 4,910 61.29% 3,625 2,439 48.53% 2,118 5,047 63.00 % 4,927 3,399 67.63% 3,321 Hydro SPP 2,614 32.63% 2,494 2,192 43.61% 2,114 1,502 18.75 % 152 449 8.93% 102 Coal VSPP + Renewable 237 2.96% 114 145 2.88% 66 1,045 13.04 % 1,045 814 16.20% 814 Solar ERU 250 3.12% 0 250 4.97% 0 149 1.86 % 109 101 2.01% 61 Total 8,011 100% 6,233 5,026 100% 4,298 Waste 18 0.22 % - 13 0.26% - Pitch 250 3.12 % - 250 4.97% - Total 8,011 100% 6,233 5,026 100% 4,298 Note: Base on 100% in GLOW 4
GPSC’s Business Portfolio by Plant Type IPP IPP (49%) VSPP and Renewable VSPP and Renewable (3%) Natural gas Solar 3% Sriracha Power Plant 700MW Solar Project 39.5MW 13% GLOW IPP 677MW Thai Solar Renewable TSR (SSE1) 32MW 29% Ratchaburi Power ( RPCL) 210MW Ichinoseki Solar Power (ISP1) 21MW 2% 7% Combined Heat and Power 5MW 3% TOTAL IPP Producing (CHPP Solar) Coal 18% 27% Glow Energy Solar PV Rooftop 2MW 2,439MW GHECO-ONE 429MW Glow Energy Solar Plant 1MW 18% TOTAL VSPP Hydro Hydro 145MW 9% Nam Lik 1 Power (NL1PC) 26MW 28% Xayaburi Power (XPCL) 321MW 1% Houay Ho 102MW 1% Natural gas 3% 22% CHPP 5MW 14% SPP SPP (43%) Waste Rayong WTE 10W Natural gas Chonburi Clean Energy (CCE) 3MW Glow Co-Generation 1,171MW 18% Rayong CUP 1-3 354MW 2% IRPC-CP (Phase 1-2) 122MW (5%) ERU ERU Bangpa-in Cogeneration BIC 3% 59MW TOTAL SPP (Phase 1-2) 3% NNEG 56MW 2,192MW 53% 6% Rayong CUP 4 45MW Coal Pitch 16% Glow Co-Generation 385MW Thaioil 250MW 5
Power Plant Definition and Revenue Structure IPP SPP VSPP Small Power Producer (SPP): Very Small Power Producer Independent Power Producer (IPP): (VSPP): A small power producer who sell • their electricity no more than or A larger power producer • A very small generator whose • who has electricity capacity equal to 90 MW to EGAT power generating process is more than 90 MW SPP Type generated from renewable IPPs are obliged to sell their • Firm : Contract Term > 5 Years energy, specific fuels, and entire output to EGAT Non-Firm : Contract Term <= 5 energy with no more than 10 Years MW of electricity capacity SPPs can sell their electricity and • VSPPs are able to sell power to • steam to industrial customers the Distribution Utility located next to the SPP plant EGAT (Power) Availability Energy Base Capacity Energy Firm adder Ft Payment Payment Payment Payment Tariff K factor Energy Non-Firm Payment (seasonal weight) Industrial Customers Availability % Energy cost PEA tariff x Electricity regarding TOU Rate 4.2* Feed in Tariff Availability % Dispatch Steam Base Cost Payment Steam to EGAT x Rate (APR) (Gas index + CPI index) *https://www.pea.co.th/Documents/Rate2015.pdf Reference rate with conditions 6
GPSC Growth and Strategic Direction Updates on GLOW Acquisition Investment in Affiliates Financial Performance 7
Q1 2019 KEY HIGHLIGHTS ‘GROWING PROFIT WITH SUSTAINABILITY AND CONTROL’ SIGNIFICANT PROFIT SUSTAINABILITY CONTROL GROWTH 118% increase in THB 0.80 per GPSC completed the Nam Lik1 ’s construction is share acquisition of GLOW 69.11% EBITDA QoQ due to 100% completed on March 14, 2019 , and contribution of GLOW dividends for 2H/2018 Xayaburi and CUP4 submitted the Tender Offer and better operation of which was paid on which are under for Securities for the 30.89% Sriracha Power Plant April 18, 2019 construction expected to remaining shares of GLOW on 27% of gross profit Awards from COD within 2019 March 22, 2019 margin in Q1/2019 due NNEG expansion phase • Best Power Company 2019 Integration with GLOW will to better performance expected to COD in 2020 and Best IR Company consist of 3 phases, with next with better cost (Energy Sector) from six months focused on management of Sriracha International Business Magazine planning and capturing quick Power Plant • CFO of the year from the Asset wins 12% of normalized Triple A awards Coordinated with PTT Group net profit margin in • OEMS Improvement (Gold on ESS and new S-curve Q1/2019 due to better Award) and Best Practice Sharing projects , aiming to be a performance of Sriracha from PTT Group Operational system integrator Excellence Award 2019 8
GPSC Electricity Growth Pipeline Selective Growth 5,026 MW Equity Capacity FUTURE 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 9
Strategic Direction and Growth Strategy S-CURVE 3 Pillars 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 10
GPSC Growth and Strategic Direction Updates on GLOW Acquisition Investment in Affiliates Financial Performance 11 11
Acquisition Transaction Timeline and Long-term Finance Plan 23 May Aug 18 Payment to EGM/ Shareholder Approval shareholders Tender Offer period 14 March 19 25 March 19 17 May 19 Q3 2019 20 Jun 18 Deal Closing Start of Offer Tender Offer Expected Period SPA Signing Completion Equity Offering Acquisition of GLOW Acquisition of GLOW Tender offer Tender offer Long-term financial plan Long-term financial plan 93,000 MB 69.11% • 22 March, GPSC submitted the Tender On March 14, 2019, GPSC acquired both GPSC plans to issue equity offering to Offer for Securities (Form 247-4) directly and indirectly the shares of ensure right capital structure and • GPSC has made a tender offer for the GLOW, equivalent to 69.11%, from financial ratio of GPSC . remaining shares of GLOW . In case ENGIE Global Developments B.V . GPSC has more than 80%, GPSC would consider delisting GLOW. 12
Purchase Price and Tender Offer Price of GLOW Dividend to be paid at Brokerage fee and THB 1.1770 per share VAT at THB 0.2429 per share 1.1770 0.2429 91.9906 90.5707 Acquisition price Dividend Brokerage fees Tender offer 17 May 2019 and VAT price (Net) 13
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