GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED SCBS PTT group investor day July 4 th , 2019 THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP
Company Overview GPSC Strategic Direction Update on GLOW’s Acquisition Investment in Affiliates Financial Performance 2 2
Petroleum Authority of Thailand PLC (PTT), GPSC’s parent company : the largest energy conglomerate in Thailand PTT’s Holding Business Area Company Activities (%) E&P PTTEP 65.29% Exploration and production Upstream PTT Global Coal 100% Coal business Management PTT Global LNG 50% LNG value chain LNG PTT LNG 100% LNG receiving terminal Sole owner/operation of the transmission Gas Pipeline* 100% Intermediate pipeline Gas S&M* 100% Supply & marketing of natural gas Extracting hydrocarbon contents in natural gas GSP* 100% for petrochemical’s feedstock Import/Export/Out-out trading of petroleum and Trading Trading* 100% petrochemical products Retail service stations and commercial Oil Marketing PTTOR** 100% Downstream marketing PTTGC 48.18% Petrochemical flagship Petrochemical & TOP 48.03% Refinery flagship Refining Integrated refinery & petrochemical IRPC 48.05% Technology Power flagship 22.58% Power & Engineering New S-Curve business of PTT group Note: *Businesses directly operated by PTT PLC **Transferred asset to PTTOR on July 1, 2018 Source: PTT’s Investor Update May 2019 3
GPSC Innovative Power Company at a Glance Shareholding Structure In 2019, Total Equity Capacity 1 Electricity 5,026 MWe Steam 2,876 T/H Public COMBINED CYCLE / 23% 25% COGENERATION / THERMAL 2 Electricity 4,463 MW Steam 2,876 T/H Chilled Water 15,400 RT 9% Industrial Water 7,372 Cu.m./H 23% 21% RENEWABLE ENERGY Electricity 114 MW Thai Oil Power is 74% held by Thai Oil and 26% by PTT 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) (USD 468.6 million) OTHER BUSINESSES Market Cap THB 93,269.22 million 24M Technologies, Inc. (USA) (As of 25 June 2019) (USD 2,916.9 million) Business Service Alliance Co.,Ltd. Note: Use FX = 31.975 THB/USD ; the w.a. selling rate announced by the BOT on 22 May 2019 Note: 1) Equity capacity includes 100% stake in GLOW, GRP and ERU 2) Equity capacity includes ERU 4
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 to their investment Q1/2019 Revenue by Customers ✓ Price adjustment formula, varying with fuel price 5 5
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 6
SPP (43%) GPSC’s Business Bangpa-in Cogeneration Portfolio Natural gas BIC (Phase 1-2) 59MW Coal 2% IRPC-CP (Phase 1-2) 3% 3% 122MW 6% Installed MW Equity MW Nava Nakorn Electricity Energy Type Generation (NNEG) Total capacity % In operation Total capacity % In operation Rayong CUP 1-3 16% 56MW 354MW TOTAL SPP Natural gas Rayong CUP 4 5,047 63.00 % 4,927 3,399 67.63% 3,321 53% 2,192MW 45MW Hydro 4% 1,502 18.75 % 152 449 8.93% 102 GLOW Energy CFB3 85MW GLOW CoGeneration Coal 1,045 13.04 % 1,045 814 16.20% 814 1,171MW 14% Solar 149 1.86 % 109 101 2.01% 61 GLOW SPP 3 Waste 300MW 18 0.22 % - 13 0.26% - Pitch 250 3.12 % - 250 4.97% - VSPP and Renewable (3%) Total 8,011 100% 6,233 5,026 100% 4,298 Chonburi Clean Rayong WTE Solar Energy (CCE) 3MW Note: Base on 100% in GLOW 10MW Hydro IPP (49%) CHPP 5MW 3% 7% 2% Natural gas Waste Houay Ho 102 MW 27% Nam Lik 1 Natural gas Power (NL1PC) Xayaburi Power GRP 39.5MW Coal 26MW (XPCL) 321MW 18% 3% TOTAL VSPP 13% Sriracha Hydro 145MW 700MW 29% Glow Energy 1% Solar Plant 1% 2MW TOTAL IPP 3% 22% Glow Energy Solar GHECO-One 14% 2,439MW 18% PV Rooftop 2MW 429MW Thai Solar Renewable TSR (SSE1) Combined Heat and Ichinoseki Solar 32MW Power Producing (CHPP) Power 1 (ISP1) Solar 5MW 21MW 9% ERU (5%) 28% Ratchaburi Power (RPCL) Pitch GLOW IPP 210MW 677MW ERU Project 250MW GPSC Associates and Joint Ventures 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 12% of normalized wins 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
Company Overview GPSC Strategic Direction Update on GLOW’s Acquisition Investment in Affiliates Financial Performance 9 9
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 10
Strategic Direction and Growth Strategy Synergy & Integration GPSC and GLOW integration with three key priorities Realize synergies to Define new Ensure operational capture value organizational structure continuity and business SYNERGY & and manage change growth after integration INTEGRATION Integration will consist of 3 phases, with next six months focused on planning and capturing quick wins May-Jul 2019 Aug – Oct 2019 Nov 2019 onwards Synergy Capture 1 2 3 Implementation Analysis & Planning Quick Wins Operation Excellence Launching all initiatives • Baselining performance • Designing and launching all • & Asset Optimization Driving full integration plan quick wins • Enhancing and prioritizing • implementation Preparing to launch all synergy initiatives • Monitoring, controlling and • Developing business cases remaining synergy initiatives • Corporate & Business reporting progress on and action plan Infrastructure financial and other metrics • Launching select quick win initiatives 11
Strategic Direction and Growth Strategy Selective Growth SHORT-TERM GROWTH LONG-TERM GROWTH 2021-2025 2019-2020 GROWTH ALONG WITH RENEWABLE IN PTT GROUP SELECTIVE GREENFIELD AND Domestic and international GROWTH DEVELOPER SCHEME such as Gas to power INVESTMENT investment also the investment in Maptaphut and EEC area PDP 2018 USE CO-GENERATION Opportunity capture such as SPP replacement as ERC EXPERTISE TO announced the electricity Growth along EXPAND IN purchase from SPP with FOCUS COUNTRIES with PTT Group contact ending during 2019- 2025, Solar floating (EPC) and Solar PPPA Domestic and International SELECT & DEVELOP STRATEGIC PARTNER for focus countries Renewable 12
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