Gunkul Engineering Public Company
Limited
3 DEC 2015
Opportunity Day Q3/2015
December 16, 2015
Gunkul Engineering Public Company
Limited
3 DEC 2015
Opportunity Day Q3/2015
December 16, 2015
2
Strictly Private & Confidential
1. Company Overview & Directions
2. Business Update
3. 9M2015 Performance
4. Growth & Opportunities
Agenda
3
1. Company Overview & Directions
4
Strictly Private & Confidential
GUNKUL is one of Thailand’s fastest-growing developers and market leaders
in renewable energy industry with the powerful integrated business model
GUNKUL at a Glance
GUNKUL is a fastest growing developer and
operator of renewable energy in Thailand.
Possess a current secured energy pool of
410MW (336 equity MW), consisting of 215MW of
solar, 170MW of wind, and 25MW of gas engine
GUNKUL is one of a few players who has an
integrated business model. As an EPC
contractor, we provide end to end process and
total solution package for customers for
renewable energy construction. As a developer,
this integrated business model allows us to have a
competitive cost structure and better manage the
project development especially under a
changeling construction timeframe
GUNKUL targets to emerge as Thailand’s
leading company by 2017 having over 500
equity MW renewable energy pool (c. 50% in
addition to the current energy pool) across
Asian countries, moving from the low-margin,
volatile business of trading and EPC to the high-
margin, sustained business of renewable energy.
GUNKUL is a SET-100 listed company, having a
current market capitalization c. USD 0.9 bn.(1)
Note
(1) As of October 3, 2015
5
Strictly Private & Confidential
Past Present & Future Strategic Direction
PR
ES
EN
T
PA
ST
FU
TU
RE
Mostly green field
Mostly Thailand
Partially divest so as
to reinvest in higher-
yield opportunities
JV & green field
Asian countries
Position as a
developer—seek for
higher yield projects,
develop and partially
divest so as to buildup
balance sheet
initiation of new energy-
related business
Continuous capacity
ramp-up
Stable income from
diversified power
plant portfolio
further earning uplift
from EPC business
and initiation of
energy-related
business
6
Strictly Private & ConfidentialPast Present & Future Strategic Direction
We strive for sustained profit growth; aim to turn fast growth through the fully integrated business model. Our
strategy is to move up value chain from the traditional trading and EPC business to the highly stable power producer
business, as this power producer business will allow us to generate stable, sustained profit
~500 equity MW secured energy pool by 2017 is our medium term target. Continuous capacity ramp-up is still our
theme in the next 3 years. We have eyes on investment opportunities in Asian countries, having Japan and Myanmar
as the top priority to achieve our target
495
Equity
MW
secured
energy pool
Traditional Trading
Equipment Manufacturer
EPC Contractor
Operator
Developer
Movin
g u
p v
alu
e c
hain
Fully Integrated Business Model
27 43 43
181
291118
176
204
210
176
20
75
163
30
253
357
432
658
0
100
200
300
400
500
600
700
YE2013(A) YE2014(A) YE2015(F) YE2016(F) YE2017(F)
2013 - 2017 Energy Pool Development(Equity MW)
Operating Constructing Secured Pipeline
7
Strictly Private & ConfidentialKey Milestones & Development
Founded in 1982
as an electrical
equipment trader
1982
Set up our
own
manufacturer
1992
Expanded business to
neighboring LVMC
countries
Found the first offshore
office in Myanmar
1997 2009
Entered into
renewable
energy EPC
business by
achieving supply
and set up the
first wind turbine
of Thailand to
EGAT
2010
Trading and
Manufacturing
EPC
O&M
Trading and
Manufacturing
One of the largest medium- to high-voltage electrical equipment manufacturer and supplier (over 5,000 product items)
Thailand's no. 1 one-stop provider for renewable power plant EPC (Engineering, Procurement and Construction)
Own power plants. positioned as a power developer as a shortcut to become leading power producer
Expand into renewable energy
power producer business
Possess a current renewable
energy pool of 228 MW (58 MW
of solar and 170 MW of wind)
4 Business
Units
1
2
3
2014 Earning
Breakdown1
Remark: (1) This revenue includes dividend
income earned from the JV companies
operating solar power plant businesses
Power Producer 4
T&M+EPC68%
Power Producer
29%
O&M3%
T&M+EPC15%
Power Producer
80%
O&M5%
2010
2014
Entering into Japan’s solar
market with the current
energy portfolio in Japan of
65 equity MW.
2017F Earning
Breakdown
8
Strictly Private & Confidential
GUNKUL’s Group Structure
GUNKUL
Group(1)
Public
shareholders
Gunkul Engineering Public Company Limited(Listed Company)
60% 40%
Note: (1) Gunkul Group Company Limited, led by Mr. Gunkul Dhumrongpiyawut, is 100% owned by
Dhumrongpiyawut family
(2) Remaining of 49% shares in 31MW GCPG is held by Chubu Electric Power Gem B.V
(3) Remaining of 60% shares in 26MW GPS is held by The Electricity Generating PLC (EGCO)
G.K.Assembly100%
G.K.Power
K.N.P.Supply
Trading and manufacturing
Gunkul LED74.99%
100%
100%
Gunkul Power Development
EPC and O&M Contractors
100%
Power producers1
2
3
Gunkul Chubu Powergen(2)
(30.9 MW)
G-Power Source(3)
(26 MW)
NK Solar(1 MW)
Wind Energy Development(60 MW)
Greenovation Power(60 MW)
WHA Gunkul Green Solar Roof(5)
(3.3 MWp)
Gunkul Solar Roof 1(0.8 MWp)
Siam Gunkul Solar Energy(1.3 MWp)
Gunkul Myanmar Central Power(6)
(25 MW gas engine)
GK Sendai Mega Okura Solar(32 MW Solar Farm)
Solar farm business
Wind farm business
Solar rooftop business
Offshore business
51%
40%
100%
100%
100%
25.01%
100%
100%
100%
51%
Current Secured Power Pool of 410MW
(336 equity MW)
Korat Wind Energy(50 MW)
100% GK Kimitsu Solar(33.5 MW Solar Farm)
100%
Rang Ngern Solution(4)
(87 MW)67%
(4) Remaining of 33% shares in 87MW RNS is held by a local partner
(5) 74.99% shares in WHA Gunkul Green Solar Roof is held by WHA Corporation Public Company
Limited (WHA)
(6) Remaining of 49% shares in 25 MW Gas Engine in Hlawga, Myanmar is held by Myanmar Local Partner
Gunkul Solar Power 2(0.8 MWp)
100%
9
Strictly Private & Confidential
Trading and Manufacturing Business1
Electricity plants:
Wind turbine
components
Solar panel components
Transmission lines:
Cable and accessories
Fuse and switches
Hardware and connectors
Insulators
Lightning protection
Maintenance equipment
Tools and instruments
Substation:
Battery and chargers
Capacitors
Grounding
Maintenance equipment
Meters
Tools and instruments
Transformers
Low voltage lines:
Capacitors
Explosion proof products
Fuses and switches
Grounding
Hardware and connectors
Insulators
Lightning protection
Meters
Preformed
Street lighting and control
Telephone hardware
We offer a wide range of products and services from upstream to downstream of the electricity supply system (over 5,000 electricity items)
Distribution lines:
Cables and accessories
Capacitors
Fuse and switches
Grounding
Hardware and
connectors
Insulators
Lightning protection
Live part covers
Maintenance equipment
Meters
Preformed
Tools and instruments
Transformers
Highlight in-house products
Cutout Arrester Disconnecting Switch SF6 Gas switch Low-Voltage Switch
10
Strictly Private & Confidential
EPC Business2
With more 30-year experience in the electrical system and its integrated business model, we are well positioned to offer one-stop services for constructing renewable power plants
Project Reference
Project Owner MW (Installed) Status
1) Gunkul Chubu Powergen (Phase 1)
2) G-Power Source (Phase 1)
3) Gunkul Chubu Powergen (Phase 2)
4) G-Power Source (Phase 2)
5) NK Power Sola
6) CK & Sun Solar Power Plant
7) Solarta Solar Power Plant
8) Bangchak Solar Energy (NSM)
9) Bangchak Solar Energy (CPM)
10) Solar Rooftop Projects
11) Rang Ngern Solution
12) BMP
3.3
22.8
34.1
7.6
1.2
8.8
8.8
12.5
12.5
8.83
87.0
8.0
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed by Dec 2015
Completed by Dec 2015
Total 215.4
11
Strictly Private & Confidential
Power Plant Business : Locations3
Project 1 (Operated since 2011)
Capacity: 3.0 MW and 4.4 MW
Location: Chondan Petchaboon
Project 2 -5 (Operated since 2013)
Capacity: 23.5 MW
Location: Petchaboon, Pichit, Nakorn
Nayok, Bung Samphan, Petchaboon
Solar
30.9 MW Capacity
COD : 91 MW
Under Development: 349 MW
Total: 440 MW
Solar
26 MW Capacity
Project 1-3 (Operated since Q12012)Capacity: 19.5 MWLocation: Tasang, Nakorn - Sawan, Takeed, Nakorn –Sawan, Dong-Korn, ChainatProject 4 (Operated since Feb 2013Capacity: 6.5 MWLocation: Bung Samphan, Petchaboon
Project 1 (Under Construction)
Capacity: 31.75Mw
Location: Sendai Miyagi Japan
Wind
60 MW Capacity
Project 1 (Under Construction)
Capacity: 60 MW
Location: Nakorn Ratchasima
Wind
60 MW Capacity
Gas Engine
50 MW Capacity
Project 1 (Operated since Nov 2013)
Capacity: 25.0 MW
Location: Rangoon, Myanmar
Project 2 (Under Development)
Capacity: 25.0 MW
Location: Rangoon, Myanmar
Total Capacity: 8.8 MW
Location: Bangkok, Chonburi, Rayong and
Samutprakarn
Solar
1 MW Capacity
Project 1 (Operated since Nov 2013)
Capacity: 1.0 MW
Location: Kanchanaburi
Project 1 (Under Construction)
Capacity: 60MW
Location: Nakorn Ratchasima
Solar
31.75 MW
Wind
50 MW Capacity
Project 1 (Under Construction)
Capacity: 50MW
Location: Nakorn Ratchasima
Project 1 (Under Construction)
Capacity: 33.50 Mw
Location: Shiba Japan
Solar
33.50 MW
Total Capacity: 87 MW
Location: Northern, Central and Western
12
Strictly Private & Confidential
Power Plant Business : key Info.3
Solar FarmSolar
RooftopWind Farm
Gas
Engine
Project
Investment
Costs
~THB80–100 mm
per MW
~THB 60 mm
per MW
~ THB 70 mm
per MW
~ THB 35 mm
per MW
Technology
Thin Film CIS modules without
cadmium or Crystalline Silicon
Module
Crystalline Silicon
ModuleHorizontal Wind Turbine Gas Fired Engine
Selling Price
(Base Tariff+Ft
or Feed in Tariff)
Peak* :THB 3.85 per kWh,
Off-Peak**: THB 2.04 per kWh
Ft***: THB 0.52 per kWh
Or
Feed in Tariff 5.66 THB per kWh
Feed-in Tariff (FIT)
THB6.16 per kWh
for 25 years since COD
Peak: THB 3.68 per kWh
Off-Peak: THB 2.04 per kW
Ft: THB 0.52 per kWh
~US$0.034 /kWh
Adder (Non-FiT)THB8.0 per kWh for 10 years
since COD-
THB3.5 per kWh for 10 years
since COD-
BOI Tax
Exemption
Year 1st - 8th : 100%
Year 9th – 13th : 50% (Only Zone 3 in Investment Zone)Year 1st - 5th : 100%
Import Tax 100% import tax exemption
Yearly Revenue ~ THB 20 mm per MW ~ THB 8 mm per MW ~ THB 16 mm per MW ~ THB 7 mm per MW
Key Information
* Peak : Mon-Fri
** Off Peak : Holiday*** Ft :Fuel Adjustment Charge (at the given time)
13
Strictly Private & Confidential
Power Plant Business : Gas-fired Engine Structure3
Gunkul Myanmar Power
(Hlawga) Pte. Ltd.
Myanmar Local
Partner
Gunkul Engineering
PLC.
GKMCP II
SCOD : 2H 2015
GKMCP I
COD: Nov. 2013
60%
51% 49%
40%
14
Strictly Private & Confidential
Progress on 170-MW Wind Farm
Land Site: fully secured1
Fencing Works : Done
Land Boundary Measurement: Done
IEE: Done
License for 170 MW Wind Power Project: (WED 60 MW , GNP 60 MW and KWE 50 MW)fully secured
2
3 Wind Data Summary Report
WED
GNP
- Average wind speed (40 Months) at 100 m height: 5.6 m/s (WED mast 1) and 5.7 m/s (WED mast2)- The long term wind speed at 100 m are 5.8 m/s (Mast HB1) and 5.9 m/s (Mast HB2)- The long term wind speed at 125 m are 6.0 m/s (Mast HB1) and 6.2 m/s (Mast HB2)
KWE
Site Area:
Site Area:
Site area;
- WED; 2106 Rai ( 832.41 Acre)
- GNP;1163 Rai (459.68 Acre)
- KWE;57 Rai (22.53 Acre)
15
2. Business Update
16
Strictly Private & Confidential
Right Offering Scheme
Right Offering
Ex-Right Date 28-Aug-2015
RO Ratio (Old : New) 6 : 1
Exercise price THB 22
Subscription period 14-Sep-2015 to 18-Sep-2017
No. of allotted shares 183.32 mil. Shares (14.29%)
Capital raising THB 4,033 millions
Ratio 2 subscribed shares : 1 Warrant
Warrant period 2 years
Exercise price THB 27
Exercise Ratio (warrant : share) 1 : 1
No. of allotted shares 91.66 mil. Shares (6.67%)
Capital raising THB 2,475 millions
Warrant Scheme
17
Strictly Private & Confidential
Recently-acquired projects
Shareholders approve for the investments in 6 projects with total
capacity of 322.3 MW
1. Rang-ngern Solution (RNS)
87 MW Solar Power
2. Wind Energy Development (WED)
60 MW Wind Farm
3. Greenovation Power (GNP)
60 MW Wind Farm
4. Korat Wind Energy (KWE)
50 MW Wind Farm
5. Sendai Okura Mega Solar Godo Kaisha (Sendai)
31.75 MW Solar Power
6. Kimitsu Mega Solar Godo Kaisha Sendai (Kimitsu)
33.50 MW Solar Power
18
Strictly Private & Confidential
Project in pipeline: RNS
Project
location
Solar Radiation Map of Thailand
from Satellite dataProject Description
Total of 11 Project sites
Type: Solar Power Plant
Contract capacity: 87 MW
Installed capacity: 87 MW
%Shareholding: 67%
Tax exemption: Year 1st – 8th : 100%,
Project Milestones
• Financial Close: 3Q2015
• COD: 4Q2015
THB/KWh
Feed-in-tariff 5.66
Tariff Structure
19
Strictly Private & Confidential
Project in pipeline: WED
Thailand wind map
Project
location
Wind Speed
(m/sec)
Source: King Mongkut’s University of Technology Thondburi
Project Description
Project Name: Wayu Wind farm: 50 MW
Subplu Wind Farm 2: 8 MW
Subplu Wind Farm 1: 2 MW
Contract capacity: 60 MW
Installed capacity: 60 MW
%Shareholding: 100%
Tax exemption: Year 1st – 8th : 100%,
Year 9th – 13th : 50%
Project Milestones
Financial Close: 1Q2015
• COD: 1Q2016
THB/KWh
Peak 3.8548
Off-peak 2.0424
Ft. 0.3128
Adder 3.5 (for 10 years since COD)
Tariff Structure
20
Strictly Private & Confidential
Project in pipeline: GNP
Thailand wind map
Project
location
Wind Speed
(m/sec)
Source: King Mongkut’s University of Technology Thondburi
Project Description
Project Name: Saranhlom wind farm
Type: Wind Farm
Contract capacity: 60 MW
Installed capacity: 68 MW
%Shareholding: 100%
Tax exemption: Year 1st – 8th : 100%,
Year 9th – 13th : 50%
Project Milestones
• Financial Close: 1Q2016
• COD: 1Q2017
THB/KWh
Peak 3.8548
Off-peak 2.0424
Ft. 0.3128
Adder 3.5 (for 10 years since COD)
Tariff Structure
21
Strictly Private & Confidential
Project in pipeline: KWE
Thailand wind map
Project
location
Wind Speed
(m/sec)
Source: King Mongkut’s University of Technology Thondburi
Project Description
Project Name: Mittraphap wind farm
Type: Wind Farm
Contract capacity: 50 MW
Installed capacity: 52.5 MW
%Shareholding: 100%
Tax exemption: Year 1st – 8th : 100%,
Project Milestones
• Financial Close: 1Q2016
• COD: 1Q2017
THB/KWh
Peak 3.8548
Off-peak 2.0424
Ft. 0.3128
Adder 3.5 (for 10 years since COD)
Tariff Structure
22
Strictly Private & Confidential
Project in pipeline: Sendai
Project Description
Project Name: Sendai
Location: Sendai, Japan
Type: Solar Power Plant
Contract capacity: 31.75 MW
Installed capacity: 38.1 MW
%Shareholding: 100%
Project Milestones
• Financial Close: 1Q2016
• COD: 3Q2017
JPY/KWh
Feed-in-tariff 36.0
Tariff Structure
Project
location
Solar Radiation Map of Japan
23
Strictly Private & Confidential
Project in pipeline: Kimitsu
Project Description
Project Name: Sendai
Location: Sendai, Japan
Type: Solar Power Plant
Contract capacity: 33.50 MW
Installed capacity: 38.27 MW
%Shareholding: 100%
Project Milestones
• Financial Close: 1Q2016
• COD: 1Q2018
JPY/KWh
Feed-in-tariff 36.0
Tariff Structure
Project
location
Solar Radiation Map of Japan
24
Strictly Private & Confidential
3.62x
4.85x
4.29x
1.34x
2.35x
1.77x
0.00x
1.00x
2.00x
3.00x
4.00x
5.00x
6.00x
2015 2016 2017
D/E D/E with fund raising
Equity raising through rights offering and warrant issuance will help lower GUNKUL’s leverage going forward
Rights Offering:
THB 4,033 mm
Warrants exercise:
THB 2,475 mm
Gearing Ratio
Note: D/E requirement under project finance is between 2.33x (70:30) to 5.67x (85 :15)
25
3. 9M2015 Performance
Strictly Private & Confidential
2626
Note : Total Revenue from Government , Private and Foreign Customer is considered as revenue from Conventional Business.
Revenue Breakdown
Revenue Breakdown by Customer Type % Revenue Breakdown by Customer TypeMillion Baht.
9M/2014
3,711
2,340
2,977
2,044
4,306
2,651
9M - Comparison
9M/2015
Strictly Private & Confidential
2727
THB : Million
212
931
2,566
Revenue Forecast by Quarter in 2015
1,190
Total Revenue (F) ≈ 4,900* Million THB
Strictly Private & Confidential
Strictly Private & Confidential
2828
Revenues & Profit as of Sep 30, 2015
Revenue vs. Overall Gross Margin Net Profit vs. Net Profit Margin
GPG divestmentGPS
divestment
Strictly Private & Confidential
2929
Gross Margin 9M’2014 vs 9M’2015
Construction Manufacturing & Trading
Strictly Private & Confidential
3030
Our Financial Flexibility
Gunkul’s Liabilities D/E Ratio
Million Baht.
Strictly Private & Confidential
3232
THB : Million
Expected Revenue vs EBIT in 2015-2018Strictly Private & Confidential
33
Strictly Private & Confidential
-
2,000
4,000
6,000
8,000
10,000
12,000
Q2-2015 Q3-2015 Q4-2015 Q1-2016 Q2-2016 Q4-2016 2017 F
Expected CAPEX Need
2,300
3,300
THB : Million
2,400 GNP,Japan#1
1,500 KWE
2,300 WED
XXX New project
1,000 New Solar
5,700
7,200 XXX New project
105 MW
210 MW
302MW
355 MW
XXX MW
XXX MW
~550 MW
34
4. Growth & Opportunities
35
Strictly Private & Confidential
Strategy for Trading and Manufacturing Business
Expansion and improvement of electrical system are
expected, as demand for electricity continued to
expand
In 2015 electricity peak demand in Thailand increased
strongly at 1.5% YoY, compared with the average of
12.96% of growth rate of peak demand over the past
five years
Investment in transmission and distribution
systems will remain substantial
As indicated in PDP 2010, the investments for the main
electricity authorities during 2010-2030 is budgeted to
reach THB 328 Bn.
Unit: THB Bn.Unit: MW
Source: EPPO as of Oct 2015
http://www.eppo.go.th/info/5electricity_stat.htm
1,691 1,779
328421
2010-2020 2021-2030
Power generation Distribution
36
Strictly Private & Confidential
Strategy for Trading and Manufacturing Business
Gov’t budget of THB 2 trillion for improving Thailand’s infrastructure including
the construction of Mass Rapid Transit for 9 routes will create demand of our
in-house productsIn-house
Products
1.Bangsue-Bangyai
C1.Bangsue-Talingchan
5.Bangkapi-Bangbumru
7.Bangkapi-Minburi
C3.Bangsue-Pyatai-Huamark2.Bangsue-Thapra
Hualumpong-Bangkae
6.Taksin-Bangwa-Puttamonton sai 4
3.Morchit-Paholyathin-Sapanmai (Lumlukka)
C2.Bangsue-Thammasart Rungsit
C4. Hualumpong-Mahachai
4.Baring-Sumrong-Samutprakarn (Bangpu)
8.Outer Ring Road (A-D)
Transport network of rail and mass transit 9 lines
37
Strictly Private & Confidential
Growing number of renewable power plants is expected
From New Alternative Energy Development Plan 2015-2036, following policy announcement is still in draft version by the government,
renewable energy is to contribute 25% of electricity source by 2021. In AEDP plan, the regulator increased generating capacity from 13,927
MW to 19,634 MW representing 40.9% change from previous plan.
Type of Energy Previous Target Target in 2036PPA-COD in 2015
(Jan – Jun, 2015)
Percentage of
Operation to AEDP Plan by Fuel
Solar 3,000 6,000 1,311.5 22%
Biogas 3,600 1,280 342.7 27%
Biomass 4,800 5,570 2,623.1 47%
Waste 400 501 74.7 15%
Small Hydro 324 376 142.1 38%
Wind 1,800 3,002 225.4 8%
New Energy 3 0.3 0 0%
Total 13,927 19,634 4,719.5
Thailand’s PDP 2015, Draft Version
Unit: MW
Previous Plan
(AEDP 2013)Total 13,927 MW
Revised Plan
AEDP2015Total 19,634 MW
Source: http://www.eppo.go.th/PDP_hearing/PDP2015_PH_RealPresentation.pdf
http://www.eppo.go.th/power
Current (installed capacity)Total 4,719 MW
Strategy for EPC and Power Producer
38
Strictly Private & Confidential
PPA + EPCMarket size
( ~ USD 1.5 – 1.6 bn)
According to PDP 2015, potential MW for our domestic solar business increases to 4,273 MW, or equivalent
to c. USD 8-9 bn
Out of 4,273 MW, 3,800 MW of solar have been allocated to solar farm, solar roof and solar for government and
cooperative as shown below
600 MW1,054 MWAlready
COD
1,727 MW
Market size (only the portion to be COD in 2015)
( ~ USD 2.0 – 2.2 bn)
COD in 2015
Phase 1 : COD
in September 2016
Strategy for EPC and Power Producer
200 MW
Phase 2 :
COD in 2018
39
Strictly Private & Confidential
Development of Solar Feed-in Tariff Program
Target: 500 MW with Adder of 8 THB per unit for 10 years
Revised target in 2011: 2,000 MW with Adder of 8/6.5 THB per unit for 10 years
2013 Revised target 3,000 MW- Solar Farm 2000MW Adder 8/6.5 THB per unit for 10 years- Solar Rooftop 200MW FIT 6.96/6.55/6.16 THB per unit- Solar Community 800MW Stepped-FIT
Target 3,000 MW- Solar farm 2000MW Change from Adder to FIT, COD within 2015- Solar Rooftop 200MW Adjusted FIT to 6.85/6.40/6.01 THB per unit- Solar Community 800MW FIT 5.66 THB per unit for 25 years, COD within 2015
Solar farm 2,000 MW to 2,800MW, COD within 2015, FIT 5.66 THB per unit for 25 years
The National Energy Policy Council (NEPC) announced 800 MW Solar farm for the government and agricultural cooperatives will be divided into 2 phases;
• 1st SCOD by September 30, 2016 – 600MW (MEA : 200 MW, PEA : 400 MW)
• 2nd SCOD between January 1, 2017 to June 30, 2017 – 200MW
2007
2011
2013
15 Aug
14
22 Oct
14
2015
Year
40
Strictly Private & Confidential
Extracting growth from existing domestic assets & potential developing projects
Growth of GUNKUL Equity MW.
Energy/
Company Project Location 2013 2014 2015 2016Capacity
Accumulat
ed
Installed
Capacity
% Own and
Accumulate of Install
Capacity by GUNKUL’
Proportion Capacity (GUNKUL +
Partner)
(MW) (MW) % (MW)
Solar Farm GCPG Project 1
Chondan, Bung Samphan,
Petchaboon, Pichit, Bung
Samphan, Nakorn Nayok
COD since 2011 30.9 30.9 51% 15.76
56.9 MW GPS Project 1-3Tasang,Takeed, Dong-Kon,
Bung SamphanCOD since 2012 26 56.9 40% 11.63
Solar Farm - 1 MW NK Project 1 Kanchanaburi COD since Nov, 2013 1 57.9 100% 28.39Solar Rooftop Solar
EntitiesProject 1-17
Bangkok, Saraburi, Rayong,
Nongthaburi, etc
4 Projects COD8.8 66.7
100% 30.578.8 MW since 2Q2014 25.01% 31.63
Wind #1 - 60 MWWED Project 1 Huai Bong SCOD 1Q2016 10 76.7 100% 41.63WED Project 2 Huai Bong
SCOD 1Q2016 50 126.7 100% 91.63Wind #2 - 60 MW GNP Project 1 Huai Bong
SCOD 4Q2016 60 186.7 100% 151.63
Gas Engine 50MWGKMCP1 Project 1 Yangon, Myanmar
COD since Nov, 2013 25 211.7 51% 164.38GKMCP2 Project 2 Yangon, Myanmar
SCOD 2H2015 25 236.7 60% 179.38Wind #3 - 50 MW KWE Project 1 Nongnamsai, Donmuang
SCOD 1Q2017 50 286.7 100% 229.38Solar Farm – 87
MW
Lampang, Petchburi,
Prachuabkeereekun,
Karnchanaburi SCOD 1Q2016
87 373.7 67% 287.67
Japan #1- 31.75 MW Sendai, JapanSCOD 3Q2017 31.75 405.7 100% 319.42
Japan #2- 33.50 MW Kimitsu, JapanSCOD 1Q2018 33.5 438.7 100% 352.92
Japan #3- 75.00 MW Potential Developing Project (Oversea) 75 513.7 100% 427.92Japan #4- 39.00 MW Potential Developing Project (Oversea) 39 552.7 100% 466.92
Total (MW) 552.7 466.92
41
Strictly Private & Confidential
Potential Oversea Wind Projects
Granted MOU by
MOEP2 (Ministry of
Electric Power 2) to
conduct feasibility
study for wind
projects in Myanmar
with total capacity of
1,000MW
3
MON
Tanintharyi
42
Appendix
43
Strictly Private & Confidential
Financial Performance
2011 2012 1/ 2013 2/ 2014 9M2014 9M2015
Total Revenue 2,669 4,764 2,856 3,062 2,397 3,784
Gross Profit 645 1,070 458 723 567 794
Net Profit 90 770 868 541 463 514
Normalized Net Profit 90 437 248 541 463 514
GP Margin 24.3% 24.8% 22.4% 24.3% 23.7% 21.0%
Net Profit Margin 3.4% 16.2% 30.4% 17.7% 19.3% 13.6%
Normalized Net Profit Growth
-27.3% 387.7% -43.3% 118.5%
DSCR Ratio 4.80 0.81 0.97 2.94
Note: 1/ 2012, the Company divested G-Power Source Company Limited to Electricity Generating Public Company Limited (“EGCO”).Gain from the divestment was THB 416 mm.2/ In 2013, the Company divested Gunkul Chubu Powergen Company Limited to Chubu Electric Power Gem B.V. Gain from the divestmentwas THB 775 mm.
Appendix I
44
Strictly Private & Confidential
Financial Position
2011 2012 2013 2014 9M2014 9M2015
Total Assets 5,540 6,958 4,580 7,259 4,655 12,418
Total Liabilities 4,356 4,814 1,459 3,900 3,901 11,578
Total Equities 1,184 2,145 3,121 3,360 3,360 8,178
D/E Ratio 3.68 2.24 0.47 1.16 1.16 1.42
Appendix I
45
Strictly Private & Confidential
Appendix II
Our Capacity Compared with Key Players
Key Players Listed in Stock Exchange of Thailand
GUNKUL DEMCO EGCO SPCG EA TSE SUPER CHOW SOLAR BCP IFEC RATCH
Core Business
1. EPC contractor
2. Power producer
Type
1. Solar
2. Wind
3. Biomass
4. Municipal Solid Waste
GUNKUL as an attractive player in the Renewable Energy Industry
Source: Asia Plus Securities (ASPS)
= Area of expertise or area under feasibility study
Strictly Private & Confidential
4646
Appendix III
Strategy for EPC and Power Producer
47
Strictly Private & Confidential
Disclaimer
This presentation includes statements of future expectations, projections or other forward-looking
statements, which reflect our current views with respect to future events and are not a guarantee of further
performance. A number of important factors, risks and uncertainties could cause actual results or
outcomes to differ materially from those expressed in any forward-looking statement. No assurance is
given that these future events will occur, or that the Company’s assumptions are correct.
Contact us at [email protected]
48
Strictly Private & Confidential