gunkul engineering public company limited · 2018-02-26 · gunkul engineering public company...
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Gunkul Engineering Public Company Limited
Opportunity’s Day30th November 2016
Gunkul Engineering Public Company Limited
Opportunity’s Day30th November 2016
2
Strictly Private & ConfidentialContent
I. Company Overview
II. Investment Highlights
III. Industry Outlook
IV. Roadmap to 1,000 MW
V. Projects Update
VI. Financial Highlights
Appendix
2
8
16
20
23
58
3
Strictly Private & Confidential
Section I: Company Overview
4
Strictly Private & Confidential
Gunkul Overview
Gunkul Engineering Public Company (“Gunkul”) operates across the entire renewable energy value chain
Founded in 1982 as an electrical equipment trader. Gunkul later
expanded into manufacturing, EPC business, and filed for IPO in
2010 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
Renewable energy power producer: Power projects with
contracted capacity(1) of 488 equity MW in Thailand, Japan and
Myanmar (approx. 46% solar, 51% wind, and 4% gas). As of the
year 2016, we have ~172 equity MW in operation
Approx. US$1 Billion market capitalization as of 28 November
2016 (SET:GUNKUL)
Notes:
(1) Including operational, under construction, and secured pipeline.
(2) As of October 2016
(3) Gunkul Group is a holding company with the Dhumrongpiyawut family owning 99.6% of the Group
Reliable manufacturer and supplier of over 5,000
electrical equipment and products1
2
World-class renewable energy projects with a visible and
robust pipeline across Asia 3
Reputable one-stop renewable energy EPC and O&M
service provider with over 15% market share in Thailand
Top 5 Shareholders(2)
Disconnecting
Switch
Arrester SF6 gas switchLow-voltage
switch
5
Strictly Private & ConfidentialFrom Equipment Trading to Renewable Energy
Secured PPA for
60MW Wind
Energy
Development
(WED)
Secured PPA for 30.9MW Gunkul Chubu
Powergen (GCPG)
Founded as an
electrical
equipment trader
1982
Set up factory for
manufacturing
1992 2010
Initial Public Offering
Entered into renewable energy sector
as EPC and O&M contractor
1st solar project
1st wind project
2012
1st gas engine power plant
25MW gas engine power plant
in Myanmar (GKMCP)
2013
Expanded into solar roof
business along with reputable
partners
Solar roof business
2014
Acquired 65MW of solar
projects in Japan
Solar PV module manufacturing
1 of 4 manufacturers in Thailand
producing solar PV modules under
Thai Industrial Standard
Acheived
contracted
capacity of 336
equity MW
2015
100
2011
Wind project MOU in Myanmar
Signed MOU with Myanmar Ministry
of Electric Power to develop
1,000MW Wind Project
Supplied and set up Thailand’s first wind
turbine for EGAT
Gunkul transformed itself from a trading company with volatile earnings to a renewable energy player that has
stable cashflow and high margins
Gunkul’s EBITDA from Renewable Power is Expected to Increase from 41% to 83% by 2018
Remark: Based only on the secured 500 equity MW in our portfolio and only 336MW to be COD by 2018
18%
83%
2018F EBITDA Breakdown
Trading & EPC Renewable Power Generation
59%41%
2015 EBITDA Breakdown
Trading & EPC Renewable Power Generation
Total contracted
capacity of 488
equity MW
2016
Target to achieve 500 equity
MW by 2017
& 1,000 equity MW by 2020
6
Strictly Private & ConfidentialHigh Quality Renewables Asset Portfolio
Gunkul Chubu Powergen (GCPG)
Ownership: Gunkul (51%), Chubu Electric (49%)
Gross / Equity MW: 30.9 / 15.8
COD: 2011 (7.4MW) and 2013 (23.5MW)
Offtaker / PPA tenor: PEA / 25 years
Gunkul Myanmar Central Power
(GKMCP)
Ownership: Gunkul (51%), Myanmar Central
Power (49%)
Gross / Equity MW: 25.0 / 12.8
COD: 2013
Offtaker / PPA tenor: MEPE / 25 years
NK Power Solar (NKP)
Ownership: Gunkul (100%)
Gross / Equity MW: 1.0 / 1.0
COD: 2013
Offtaker / PPA tenor: PEA / 25 years
Solar Rooftop Projects
Ownership: Gunkul (25% - 100%), WHA
Corporation Public (75%)
Gross / Equity MW: 5.5 / 2.8
COD: 2013 - 2014
Offtaker / PPA tenor: MEA & PEA / 25 years
Rang Ngern Solution (RNS)
Ownership: Gunkul (67%), IAE (33%)
Gross / Equity MW: 87.0 / 58.3
COD: 2015
Offtaker / PPA tenor: PEA / 25 years
G-Power Source (GPS)
Ownership: Gunkul (40%), EGCO (60%)
Gross / Equity MW: 26.0 / 10.4
COD: 2012 (19.5MW) and 2013 (6.5MW)
Offtaker / PPA tenor: PEA / 25 years
Greenovation Power (GNP)
Ownership: Gunkul (100%)
Gross / Equity MW: 60.0 / 60.0
COD: 3Q 2017
Offtaker / PPA tenor: EGAT/ 25 years
Wind Energy Development (WED)
Ownership: Gunkul (100%)
Gross / Equity MW: 60.0 / 60.0
COD: 2016
Offtaker / PPA tenor: EGAT & PEA / 25 years
Korat Wind Energy (KWE)
Ownership: Gunkul (100%)
Gross / Equity MW: 50.0 / 50.0
COD: 1Q 2018
Offtaker / PPA tenor: EGAT / 25 years
Thailand and Myanmar: Gunkul’s assets are located in areas of high solar irradiation and rich wind resources
Offtakers:
EGAT: Electricity Generating Authority of Thailand
PEA: Provincial Electricity Authority (Thailand)
MEA: Metropolitan Electricity Authority (Thailand)
MEPE: Myanmar Electric Power Enterprise
Solar Projects
Wind Farms
Gas-Fired Plant
BMP Solar
Ownership: Gunkul (100%)
Gross / Equity MW: 8.0 / 8.0
COD: 2Q 2016
Offtaker / PPA tenor: PEA / 25 years
ECO Project
Ownership: Gunkul (51%)
Gross / Equity MW: 5.0 / 2.55
COD: 1Q 2017
Offtaker / PPA tenor: PEA / 25 years
7
Strictly Private & ConfidentialHigh Quality Renewables Asset Portfolio (Cont’d)
Sendai
Ownership: Gunkul (100%)
Gross / Equity MW: 31.8 / 31.8
COD: 1Q 2018
Offtaker / PPA tenor: Tohoku Electric Power / 20 years
Ownership: Gunkul (100%)
Gross / Equity MW: 33.5 / 33.5
COD: 4Q 2018
Offtaker / PPA tenor: Tokyo Electric Power / 20 years
Kimitsu
Solar Projects
Ownership: Gunkul (100%)
Gross / Equity MW: 66.78 / 66.78
COD: 1Q 2022
Offtaker / PPA tenor: Tokyo Electric Power / 20 years
Utsunomiya
Ownership: Gunkul (100%)
Gross / Equity MW: 75.0 / 75.0
COD: 1Q 2022
Offtaker / PPA tenor: Chugoku Electric Power / 20 years
Iwakuni
Gunkul’s assets are located in areas of high solar irradiation
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Vision: To Grow Gunkul Into Asia’s Leading Renewables Company
Gunkul will continue to grow in both the domestic and international markets to transform itself into a
company with stable income and high margin
To achieve 500 equity MW in the year 2017
and secure 1,000 MW by the year 2020
To prepare company to be ready for
ASEAN Grid by 2020-2030
Expand in Thailand via bidding for
government projects and purchase of
PPAs
Increase capacity through international
expansion, for instance in Japan
Selectively grow trading and EPC
businesses that support our renewable
energy business
Myanmar’s Ministry of Electric Power
granted 10-year MOU for 1,000 MW in
Myanmar where Gunkul will conduct
feasibility study of wind speed (wind
energy study requires minimum 3-4 years)
and subsequently sell into ASEAN Grid
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Section II: Investment Highlights
10
Strictly Private & Confidential
Investment Highlights Overview
Attractive Power Industry
in Thailand Fuelled by
Increasing Demand
Track Record of
Accelerated
Growth
Visible Pipeline from
Domestic and Overseas
Expansion
Experienced
Management Team
Able to Deliver
on Growth Targets
End-to-end
Capability Enables
Downstream
Integration of IPP
Development
1
26
3
Fast Growth in
Renewable Energy
Sector Supported by
Favorable
Government Policies
4
5
Investment
Highlights
11
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Attractive Power Industry in Thailand Fuelled
by Increasing Demand
1
Capacity (GW) Reserve Margin (%)
Source: BMI
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
(1)
Source: Ministry of Energy
TWh
Notes:
(1) Refers to SPPs (Small Power Producers) and VSPPs (Very Small Power Producers). Excludes IPPs
Electricity Consumption will Continue to Outstrip Generation
Despite Thailand's Growth in Generation Capacity, Reserve Margin is Expected to Decline
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Fast Growth in Renewable Energy Sector
Supported by Favorable Government Policies
2
Source: Thailand Ministry of Energy
Notes:
(1) This FiT rate applies to a project that delivers power into the grid in the year 2017. After 2017, the FiTv rate will be increased based on the core inflation rate. This only applies to waste (integrated
waste management), biomass and biogas (energy plants) projects.
(2) Projects located in Yala, Pattani, Narathiwat and 4 Sub-districts in Songkla (Jana Sub-district, Tepha Sub-district, Sabayoi Sub-district and Natawee Sub-district) only.
2036
19,634 MW
2014
7,490 MW
Source: Thailand Ministry of Energy
FiT (Baht/kWh) (1) FiT Premium (Baht/kWh) (2)
Fuel / Installed Capacity FiTF FiTV, 2017 FiT
Supporting
Period (y)
Bioenergy
Projects
(First 8 y)
Projects in 3
Southern
Provinces
1. Municipal Solid Waste (MSW)
Installed Capacity ≤ 1 MW 3.13 3.21 6.34 20 0.70 0.50
Installed Capacity > 1-3 MW 2.61 3.21 5.82 20 0.70 0.50
Installed Capacity > 3 MW 2.39 2.69 5.08 20 0.70 0.50
2. MSW (Landfill Gas) 5.60 - 5.60 10 - 0.50
3. Biomass
Installed Capacity ≤ 1 MW 3.13 2.21 5.34 20 0.50 0.50
Installed Capacity > 1-3 MW 2.61 2.21 4.82 20 0.40 0.50
Installed Capacity > 3 MW 2.39 1.85 4.24 20 0.30 0.50
4. Biogas (Waste / Solid Waste) 3.76 - 3.76 20 0.50 0.50
5. Biogas (Energy Crop) 2.79 2.55 5.34 20 0.50 0.50
6. Hydro Power
Installed Capacity ≤ 200 kW 4.90 - 4.90 20 - 0.50
7. Wind 6.06 - 6.06 20 - 0.50
8. Solar
Solar Farm (≤ 90 MWp) - - 5.66 25 - 0.50
PV rooftop (Households, ≤ 10
kWp)- - 6.85 25 - 0.50
PV rooftop (Business building /
Factories, > 10-250 kWp)- - 6.40 25 - 0.50
PV rooftop (Business building /
Factories, > 250-1,000 kWp)- - 6.01 25 - 0.50
Solar cell for Government and
Agriculture Cooperative (≤
5MWp)
- - 5.66 25 - 0.50
Growth in Renewable Energy Capacity will be
Lead by Solar and Wind PowerAttractive Feed-in Tariff (FiT) will Continue to
Encourage Development of Renewables Projects
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Solar Gas Wind
Gunkul demonstrated a track record of successful capacity build-up and this translates into more stable and
recurring electricity revenue
Source: Company Filings
3 Track Record of Accelerated Growth
Equity MW
Under Construction / Under Development
(2016 – 2018)
In Operation
(2011 – 2016)
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Visible Pipeline from Domestic and Overseas
Expansion
4
Domestic Projects Overseas Projects
THAILAND
WED, GNP, KWE Wind Farms
Location:Huai Bong /
Nongnamsai
Type: Wind Farm
Capacity: 170 MW
% shareholding: 100%
Project Milestones
Land Site Fully Secured
License Fully Secured
CODWED (2016), GNP
(2017), KWE (2018)JAPAN
Sendai Solar Power Plant
Location: Sendai, Japan
Type: Solar Power Plant
Capacity: 31.8 MW
% shareholding: 100%
Project Milestones
Financial close: 3Q2016
COD: 1Q2018
Kimitsu Solar Power Plant
Location: Kimitsu, Japan
Type: Solar Power Plant
Capacity: 33.5 MW
% shareholding: 100%
Project Milestones
Financial close: 1Q2017
COD: 4Q2018
MYANMAR
Granted MOU by MOEP
(Myanmar’s Ministry of Electric
Power) to conduct feasibility
study for wind projects in
Myanmar with total capacity of
1,000MW
Pipeline Project
Type:Solar Power
Plant
Installed
capacity:50 MW
%
shareholding:100%
Pipeline Project
Type:Solar Power
Plant
Installed
capacity:89.5 MW
% shareholding: 100%
Utsunomiya Solar Power Plant
Location: Tochigi, Japan
Type: Solar Power Plant
Capacity: 66.78 MW
% shareholding: 100%
Project Milestones
Financial close: 1Q2018
COD: 1Q2022
Iwakuni Solar Power Plant
Location: Yamakuchi, Japan
Type: Solar Power Plant
Capacity: 75.0 MW
% shareholding: 100%
Project Milestones
Financial close: 1Q2018
COD: 1Q2022
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KYRGYZSTAN
End-to-end Capability Enables Downstream
Integration of IPP Development
5
Trading and ManufacturingEngineering, Procurement &
ConstructionPower Generation
Examples of In-House Products
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
Distribution
Lines
Transmission
Lines
Cable and accessories, fuse and switches, hardware and connectors, insulators, lightning protection, maintenance equipment, tools and instruments
Electricity
Plants
Wind turbine components, solar panel components
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
Substation Battery and chargers, capacitors, grounding, maintenance equipment, meters, tools and instruments, transformers
Low-voltage
switch
Cutout
Arrester
Disconnecting
Switch
SF6 gas switch
Project Reference
Project Owner
Total
MW
204.9
EPC O&M
1) GPS 26.0 P P
2) GCPG 30.9 P P
3) NK Power Solar 1.0 P P
4) CK & Sun Solar
Power Plant8.0 P P
5) Solatra Solar Power
Plant8.0 P
6) BSE (NMA) 12.5 P P
7) BSE (CPM1) 12.5 P P
8) Solar Rooftop
Projects11.0 P P
9) RNS 87.0 P
10) BMP 8.0 P P
Gunkul’s Own Projects
Power Plant Locations(1)
GCPG:
Solar 30.9 MW
GKMCP:
Gas Engine 25.0 MW
NKP:
Solar 1.0 MW
Solar Rooftop:
5.5 MW
Rang Ngern:
Solar 87.0 MWcv
GPS:
Solar 26.0 MW
GNP:
Wind 60.0 MW
WED:
Wind 60.0 MW
KWE:
Wind 50.0 MW
JAPAN
SENDAI:
Solar 31.8 MW
Kimitsu:
Solar 33.5 MW
Total Gross Capacity as of
2018: 423.7MW
Total Gross Capacity as of 14
October 2016: 243.4 MW
Solar Gas Wind Under ConstructionNotes:
(1) Excludes pipeline projects
“To achieve economies of scale and benefit in cost savings
Utsunomiya:
Solar 66.78 MW
Iwakuni:
Solar 75.0 MW
BMP:
Solar 8.0 MW
ECO:
Solar 5.0 MW
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Experienced Management Team Able to Deliver
on Growth Targets
• 14 years of experience in the power industry
• 14 years of experience with Gunkul
• Senior Vice President, Executive Office since 2010
• Member of Nomination and Remuneration Committee
since 2008
• 20 years of experience in the power industry
• 20 years of experience with Gunkul
• Senior Vice President, Factory since 2010
• 10-year expertise in Renewable Energy business
• Over 10-year experience with Gunkul
• Leading Gunkul to Initial Public Offering in 2010
• Deputy Managing Director 2010-2012
• Assistant Managing Director 2007-2010
• 12 years of experience in the power industry
• 8 years of experience with Gunkul
• Deputy MD, Business Development & Strategic
Planning since 2016
• Assistant Managing Director, Business Development &
Strategic Planning 2014-2015
• 19-year expertise in manufacturing/ supplying electrical
products & renewable energy products, and generating
electrical power from renewable energy resources
• Over 19-year experience with Gunkul
• CEO since 2012, Managing Director 1998-2012
Mrs. Somluk
Kanuenghet
Senior Vice
President,
Executive Office
Mrs. Areewan
Chaloemdan
Senior Vice
President,
Factory
Dr. Somboon
Aueatchasai
Managing Director
Mr. Phongsakorn
Damnoen
Deputy MD,
Business
Development &
Strategic Planning
Miss Sopacha
Dhumrongpiyawut
Chief Executive
Officer
• 24 years of experience in the power industry
• 10 years of experience with Gunkul
• Senior VP, Sales & Marketing-LED since 2016
• VP, Logistics 2011-2015
• 20 years of experience in the power industry
• 2 years of experience with Gunkul
• Senior VP, PM & OM since 2015
Mr. Phudis
Triwilaskul
Senior VP, Sales &
Marketing-LED
Mr. Phairot
Phanukan
Senior VP, PM &
OM
Mr. ThitipongTecharatanayuenyong
Chief Financial Officer
Miss Naruechon
Dhumrongpiyawut
Senior VP, Strategic
Planning and
Investment
Mr. Thamrong
Chankraithong
Senior VP, Sales &
Marketing
• Founder and Chairman
• 34-year extensive experience in Energy
business
• First mover in Renewable Energy business
Mr. Gunkul
Dhumrongpiyawut
Chairman / Founder
6
• Over 15-year experience in financial management of
Thailand’s listed companies. 3 years of experience in
the power industry
• Expertise in capital market and derivative products
• CFO and member of the Risk Management committee
and Secretary since 2014
• 9 years of experience in the power industry
• 9 years of experience with Gunkul
• Senior VP, Strategic Planning and Investment since
2014
• Senior VP, Logistics since 2016
• VP, Strategic Planning and Investment 2012-2014
• 22 years of experience in the power industry
• 22 years of experience with Gunkul
• Senior VP, Sales & Marketing since 2010
• Assistant General Manager, Public Sector and
International 2008-2010
The Management team, who has successfully grown the Company to where it is today, is committed to
achieving Gunkul’s growth targets
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Section III: Industry Outlook
18
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Industry Outlook: Power Generation
Notes:
(1) Comprise of existing 37,612MW as of Dec 2014 + 57,459MW of new capacity – 24,736MW of retired capacity during 2015-2036
Reference: Thailand PDP2015-2036 section 2.1, 2.4, and 5.8
(2) Reference: Thailand PDP2015-2036 Table 3.4
Power Development Plan 2015 (PDP 2015) Alternative Energy Development Plan 2015 (AEDP 2015)
Thailand’s PDP 2015 target to increase the country’s total
installed capacity from 37,612MW in 2014 to 70,335MW(1) by
2036, representing a CAGR of 3%. Most of this growth will be
lead by an increase in capacity from renewable generation
In the latest AEDP 2015, Thailand increased its 2036 target
renewable energy capacity from 13,927 MW (AEDP 2013) to
19,634 MW, representing a 40% change from previous plan
Total 19,634 MW Total 7,490 MW
Fuel TypeCapacity in
2014 (MW)
Additional
Capacity (MW)
Target
Capacity in
2036 (MW)
Solar 1,299 4,702 6,000
Wind 225 2,778 3,002
Biomass 2542 3,028 5570
Hydro 3,048 234 3,282
Waste 66 434 500
Biogas 310 969 1,280
Total 7,490 12,144 19,634
56.22%20.04%
22.54%
1.20%
Contract Capacity 2014: 37,612MW
Combined Cycle
Thermal
RenewableEnergy
Others
37.00%
23.00%
35.0%
5.10%
Contract Capacity 2036F: 70,335MW
Combined Cycle
Thermal
RenewableEnergy
Others
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Industry Outlook: Trading & EPC
Expected InvestmentTHB Billion
Source: EPPO as of Oct 2015 (http://www.eppo.go.th/info/5electricity_stat.htm)
Rising Electricity Demand Requires Continued
Expansion and Improvement of Electrical System
Investment in Transmission and Distribution
Systems Expected to Remain Substantial
Over the past five years, Thailand’s electricity peak demand
grew at a CAGR of ~3% from 2011 – 2015. In 2015 peak
demand experienced a strong 1.5% increase over 2014
Electricity Peak Demand (MW)
As indicated in PDP 2010(1), investments by the main electricity
authorities during 2010-2030 is budgeted to reach a total of THB
749Bn over a 20 year period
Currently, 13 transmission system development projects are
under construction and other 19 projects are in studying
processes
Note:
(1) Latest as of PDP 2010 because PDP 2015 did not disclose updated expected investment plan
20
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In-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
Industry Outlook: Trading & EPC (Cont’d)
Thailand’s THB 2 trillion budget for improving the country’s infrastructure, including the construction of 9
Mass Rapid Transit lines, will create a big demand for our in-house electrical products
21
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Section IV: Roadmap to 1,000 MW
22
Strictly Private & ConfidentialCompany Update
On October 12, 2016, Board of Directors has approved the Investment in Solar Power Plant
BMP Solar Project
- Project is located in Sa Kaeo Province , Thailand
- Contract Capacity of 8.0 MW
- Power purchase rate (Feed-in Tariff (FiT)) at THB 5.66 per unit for 25 years.
- COD since 2Q 2016
On November 29, 2016, Shareholders have approved the Investment in Solar Power Plant in Japan
Iwakuni Project
- Project is located in Iwakuni city, Yamaguchi Prefecture, Japan
- Contract Capacity of 75.0 MW
- The total project value is at approximate JYP 31,327.80 Million or THB 10,776.76 Million
- It was granted concession to sell electricity in power purchase, Feed-in Tariff (FiT), rate at JYP 32.00 per unit
for 20 years
23
Strictly Private & ConfidentialRoadmap to 1,000 Equity MW
Equity Investment and Capacity Buildup
Equity Investment (THB MM) Equity
Capacity
(MW)169 MW already fully funded
GCPG 15.8 MW
GPS 10.4 MW
NKS 1.0 MW
Solar Rooftop 2.8 MW
GKMCP 12.8 MW
RNS 58.3 MW
WED 60.0 MW
BMP 8.0 MW
169.0 MW
Internal Cash
Notes:
(1) Rights offering @ THB 22/share x 183MM shares (= THB 4,033MM) + Warrants @ THB 27/share x 92MM shares (= THB 2,475MM) + PP to SCB @ THB 22.84/shares x 41.5M shares (=THB 947MM) .
Warrant holders committed to exercise their warrants by 3Q 2017. Numerical values subject to rounding
(1)
GNP: 60MW
Project Cost:
THB5.8Bn
D/E: 75:25
KWE: 50MW
Project Cost:
THB4.5Bn
D/E: 75:25
Sendai: 32MW
Project Cost:
THB3.8Bn
D/E: 85:15
Kimitsu: 34MW
Project Cost:
THB4.2Bn
D/E: 85:15
Utsunomiya
: 67MW
Project
Cost:
THB8.4Bn
D/E: 85:15
Iwakuni: 75 MW
Project Cost:
THB10.8Bn
D/E: 85:15
ECO: 2.55MW
Project Cost:
THB0.13Bn
D/E: 75:25
1,000 MW by2020
COD 2016
24
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Section V: Projects Update
25
ความคบหนาโครงการลม
โครงการพฒนาพลงงานลม (WED)
26
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WED : Project Overview
Thailand wind map
Project location
Wind Speed: 5.7 m/s
Wind Speed
(m/sec)
Source: King Mongkut’s University of Technology Thondburi
Project Description
Project Name: Subplu1 & 2, Wayu
Type: Wind Farm
Contract capacity: 60 MW
Project Milestones
• Financial Close: Jul 2016
• Construction Period: 20 months
• COD: March 2016 for Subplu 1&2
November 22, 2016: First Sync. for Wayu
Tariff Structure
THB/KWh
Peak 4.2243
Off-peak 2.3567
Ft. -0.4283
Adder 3.5 (for 10 years since COD)
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Total Energy production better than forecasting = 9%
WED : Energy Production
28
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WED : Construction
29
Strictly Private & Confidential
WED : 1st Blade Signing Ceremony
30
Strictly Private & ConfidentialWED: Panorama perspective
31
Strictly Private & ConfidentialWED : Step by step to COD
32
Strictly Private & ConfidentialWED : Step by step to COD
33
ความคบหนาโครงการลม
โครงการกรโนเวชน พาวเวอร (GNP)
34
Strictly Private & Confidential
GNP: Project Overview
Thailand wind map
Project location
Wind Speed: 5.7 m/s
Wind Speed
(m/sec)
Source: King Mongkut’s University of Technology Thondburi
Project Description
Project Name: Saranhlom wind farm
Type: Wind Farm
Contract capacity: 67.5 MW
Project Milestones
• Financial Close: Jul 2016
• Construction Period: 17 months
• COD: Oct 2017
Tariff Structure
THB/KWh
Peak 4.2243
Off-peak 2.3567
Ft. -0.1590
Adder 3.5 (for 10 years since COD)
35
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GNP : S – Curve of Project (EPC)
36
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GNP : Reference Pictures
37
Strictly Private & Confidential
GNP : Reference Pictures (Cont’d)
38
ความคบหนาโครงการลม
โครงการโคราชวนดเอนเนอรย (KWE)
39
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KWE : Project Overview
Thailand wind map
Project location
Wind Speed: 5.7 m/s
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
Project Milestones
•Financial Close: November 2016
•Construction Period: 17 months (1)
•COD: March 2018
Note: Subject to change according to final delivery of Turbines
Tariff Structure
THB/KWh
Peak 4.2243
Off-peak 2.3567
Ft. -0.3699
Adder 3.5 (for 10 years since COD)
40
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KWE : Timeline
EPC Contract
Financial
Close
Construction period = 17 months
Nov16 2Q17 3Q17 4Q17 1 Mar181/
COD
Oct 16 1Q17
Note: 1/ Subject to change according to final delivery of WTG
41
Strictly Private & Confidential
KWE : Reference Pictures
42
Strictly Private & Confidential
KWE : Reference Pictures (Cont’d)
43
ความคบหนาโครงการทลงทนในประเทศญปน
โครงการเซนได (Sendai)
44
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Sendai : Project Overview
รายละเอยดโครงการ
ชอโครงการ: เซนได
ทตงโครงการ: มยาง ประเทศญป น
สญญารบซอไฟ: 31.75 เมกะวตต
ขนาดตดตง: 38.10 เมกะวตต
ราคารบซอไฟ: 36 เยนตอกโลวตตชวโมง
ความคบหนาโครงการ
ความคบหนาของใบอนญาต: เสรจสมบรณ
ลงนามในสญญาก เงน: เสรจสมบรณ
ความคบหนาการกอสราง: 11.5% (ต.ค. 2559)
วนทแลวเสรจ: ไตรมาส 1 ป 2561
Project
location
Solar Radiation Map of Japan
45
Strictly Private & Confidential
Sendai : Reference Pictures
Pond for muddy water Pond for muddy water Drainage
S07 after readjustment S07 after readjustment Modules 1st shipment
7.99MWp
46
Strictly Private & Confidential
Sendai : Reference Pictures
N02 (tree removal) N03 (Condition after tree
cutting)
N03 (tree cutting)
N09 N04 (Condition after tree
cutting)
N04 (tree removal)
47
ความคบหนาโครงการทลงทนในประเทศญปน
โครงการคมตซ (Kimitsu)
48
Strictly Private & Confidential
รายละเอยดโครงการ
ชอโครงการ: คมตซ
ทตงโครงการ: ชบะ ประเทศญป น
สญญารบซอไฟ: 33.50 เมกะวตต
ขนาดตดตง: 40.41 เมกะวตต
ราคารบซอไฟ: 36 เยนตอกโลวตตชวโมง
ความคบหนาโครงการ
ความคบหนาของใบอนญาต: เสรจสมบรณ
ลงนามในสญญาก เงน: ไตรมาส 1 ป 2560
ความคบหนาการกอสราง: งานดน 29.1% (ต.ค. 2559)
วนทแลวเสรจ: ไตรมาส 4 ป 2561
Solar Radiation Map of Japan
Kimitsu : Project Overview
Project
location
49
Strictly Private & Confidential
Kimitsu : Reference Pictures
LTA conducts Block 1
inspection
Toshiba site office
Block 1 condition Drainage: Block 1
Overview: Block 1 & Block 3
Block 2
50
Strictly Private & Confidential
Kimitsu : Reference Pictures
51
ความคบหนาโครงการทลงทนในประเทศญปน
โครงการอซโนะมยะ (Utsunomiya)
52
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รายละเอยดโครงการ
ชอโครงการ: อซโนะมยะ
ทตงโครงการ: จ. โทชง ประเทศญป น
สญญารบซอไฟ: 66.78 เมกะวตต
ขนาดตดตง: 72.80 เมกะวตต
ราคารบซอไฟ: 36 เยนตอกโลวตตชวโมง
ความคบหนาโครงการ
ความคบหนาของใบอนญาต: อยระหวางด าเนการ
ลงนามในสญญาก เงน: ประมาณ ไตรมาส 1 ป 2561
วนทเรมกอสราง: ประมาณ ไตรมาส 1 ป 2561
วนทแลวเสรจ: ประมาณ ไตรมาส 1 ป 2564
Solar Radiation Map of Japan
Utsunomiya : Project Overview
Project
location
53
Strictly Private & Confidential
Utsunomiya : Reference Pictures
54
ความคบหนาโครงการทลงทนในประเทศญปน
โครงการอวาคน (Iwakuni)
55
Strictly Private & Confidential
รายละเอยดโครงการ
ชอโครงการ: อวาคน
ทตงโครงการ: จ. ยามากจ ประเทศญปน
สญญารบซอไฟ: 75.00 เมกะวตต
ขนาดตดตง: 90.00 เมกะวตต
ราคารบซอไฟ: 32 เยนตอกโลวตตชวโมง
ความคบหนาโครงการ
ความคบหนาของใบอนญาต: อยระหวางด าเนการ
ลงนามในสญญากเงน: ประมาณ ไตรมาส 4 ป 2560
วนทเรมกอสราง: ประมาณ ไตรมาส 4 ป 2560
วนทแลวเสรจ: ประมาณ ไตรมาส 1 ป 2565
Solar Radiation Map of Japan
Iwakuni : Project Overview
Project
location
56
Strictly Private & Confidential
Iwakuni : Reference Pictures
57
Strictly Private & Confidential
ทประชมวสามญผถอหนพจารณาอนมตให GUNKUL เขาท ารายการไดมาซงสนทรพย
การเขาลงทนในโครงการโรงไฟฟาพลงงานแสงอาทตย Iwakuni City Miwa Town Solar Power Plant ประเทศญปน
ของ Godo Kaisha East Japan Solar 13 (“โครงการ Iwakuni” หรอ “IWN”) โดยมมลคาโครงการรวมประมาณ
31,327.80 ลานเยน หรอคดเปน 10,776.76 ลานบาท*
Iwakuni : Shareholders Approved
* คดค านวนจากอตราแลกเปลยนของธนาคารไทยพาณชย ณ วนท 11 ตลาคม 2559 ซงเปนวนกอนน าเสนอตอกรรมการบรษทฯ ทอตรา 100 บาทตอ 34.40 เยน
58
Strictly Private & Confidential
Section VI: Financial Highlights
Strictly Private & Confidential
59
Revenue Breakdown
Revenue Breakdown by Business UnitMillion Baht.
2,074
3,711
2,976
2,045
4,306
2,651
4,460
58
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60
Note : Total Revenue from Government , Private and Foreign Customer is considered as revenue from Conventional Business.
Revenue Breakdown
Revenue Breakdown by Customer TypeMillion Baht.
3,711
2,074
2015
20162,074 MB
3,711 MB
-44%
59
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61
Revenues & Profit as of 30 Sep 2016
Revenue vs. Overall Gross Margin Net Profit vs. Net Profit Margin
GPG divestment
GPS divestment
60
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62
Balance Sheet 2015 VS 2016
Balance Sheet
As of Sep 30,2016As of Dec 31,2015
Total Asset 22,714Million Baht.
Current Liabilities
Non Current Liabilities
Shareholders' Equities
Current Asset
Non Current Asset
Total Asset 18,815
61
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63
Liabilities & D/E Ratio
Gunkul’s Liabilities D/E Ratio
Million Baht.
4,814
1,458
3,879
10,225
12,863
62
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64
Profit sharing from GPS & GCPG & WHA-GK
Million Baht.
206(9 M)
276
198(9 M)
2015 2016
280
63
65
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Dividend and Leverage Policies
Dividend Policies Leverage Policies
The Company has dividend payout ratio of
at least 40% of net profit of the Company
only (Unconsolidated Basis) in which net
profit is after deducting corporate income
tax, legal reserves, and other reserves.
Overall D/E Ratio: not exceed 3 times
Renewable Power generation: Non-
recourse financing
Thailand
Japan D/E Ratio: 85:15
D/E Ratio: 70:30 and 75:25
D/E Ratio: 75:25
Yr 2016
Strictly Private & Confidential
66
• ทประชมสามญผถอหนประจ าป 2558 เมอวนท 10 เมษายน 2558 ไดมมตอนมตใหมการออกและเสนอขายหนกระยะสน ไมเกน 1,000 ลานบาท
• ทประชมสามญผถอหนประจ าป 2559 เมอวนท 26 เมษายน 2559 ไดมมตอนมตใหมการออกและเสนอขายหนกเพมอกจ านวน2,000 ลานบาท รวมเปนวงเงนส าหรบการออกหนก อายไมเกน7 ป เปนจ านวนไมเกน 3,000 ลานบาท
• เสนอเพอขออนมตเพมวงเงนการออกและเสนอขายหนกอกจ านวน 3,000 ลานบาท รวมเปนวงเงนใหมไมเกน 6,000 ลานบาท อายไมเกน 7 ป
Debentures : Overview
Strictly Private & Confidential
67
Debentures : Purposes
• เพอเปนวงเงนส ารองใหบรษทฯ มสภาพคลองเพยงพอตอการขยายการลงทนในอนาคต
• เพอปองกนความเสยงจากสภาวะความผนผวนของตลาดเงนทอาจกอใหเกดการขาดสภาพคลองในตลาดเงนระยะสน
• เพอปองกนผลกระทบตอการ funding ผานตลาดตราสารหนระยะสน โดยใหการระดมทนมความคลองตวและยดหยนมากขน
• เพอบรหารสดสวนหนสนระยะสน ตอหนสนระยะยาวใหเหมาะสม
Strictly Private & Confidential
68
Debentures Type
Debenture Type
หนกทกประเภท ชนดระบชอผถอหรอไมระบชอผถอ ประเภทดอยสทธ หรอไมดอยสทธ ซงอาจมหรอไมม หลกประกน และ อาจมหรอไมมผถอแทนผถอหนก
Currency เงนบาท หรอ เงนเหรยญสหรฐฯ และ/ หรอ เงนสกลตางประเทศอนๆ
Issue Size วงเงนไมเกน 6,000 ลานบาท (หรอเทยบเทา)
Tenor อายไมเกน 7 ป
Coupon ขนอยกบความเหมาะสม และสภาพตลาดในขณะทออก และเสนอขาย
Strictly Private & Confidential
69
Cash Flow Situation vs Additional Funding required
Propose to Shareholders’
approval for new Debenture
in total amount of 6,000 MB
Strictly Private & Confidential
70
Impact to D/E
D/E as at 30 September 2016
Total Debt 12,863 M
Total Equities 9,851 M
D/E 1.31
D/E after increasing total debt amount of THB 5,700 M
Total Debt 12,863 MAdditional Debt 5,700 M (2,700M + 3,000M)
New Debt 18,563M
Total Equities 9,851 M
D/E 1.88
Strictly Private & Confidential
71
** Refer to Debentures market rate at issuance period
Debentures : Shareholders approved
พจารณาอนมตการเพมวงเงนการออกและเสนอขายหนก เพมอกจ านวน 3,000 ลานบาท
จากวงเงนเดมไมเกน 3,000 ลานบาทรวมเปนวงเงนใหมไมเกน 6,000 ลานบาท อายไมเกน 7 ป
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Appendix
73
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Key Information
Solar FarmSolar
Rooftop
Wind
Farm
Gas
Engine
Feed-in-Tariff
Scheme
(Year 2015 till now)
Adder Scheme
(Year 2010-2014)
Feed-in-Tariff
Scheme
(Year 2014 till now)
Adder Scheme
(Year 2012-2014)
Fixed Rental Scheme
(Year 2013)
Project
Investment
Costs
~THB 60 mm per
MW~THB70 - 100mm per MW ~THB 60 mm per MW ~THB 85 mm per MW ~THB 35 mm per MW
Technology Thin Film CIS modules without cadmium or
Crystalline Silicon ModuleCrystalline Silicon Module Horizontal Wind Turbine Gas Fired Engine
Selling Price
(Base Tariff + Ft)
Feed-in Tariff (FiT)
At THB 5.66 per
kWh for 25 years
since COD
Peak*: THB 4.2243 per
kWh,
Off-Peak**: THB 2.3567
per kWh
Ft***: THB -0.4770 per
kWh
Feed-in Tariff (FIT) for
commercial size (over
500kW per site)
THB 6.16 per kWh for 25
years since COD
Peak*: THB 4.2243 per
kWh,
Off-Peak**: THB 2.3567
per kWh
Ft***: THB -0.4770 per
kWh
~US$0.034 /kWh
Adder (Non-FiT) - THB8.0 per kWh for 10
years since COD
-THB 3.5 per kWh for 10
years since COD
-
BOI Tax
ExemptionYear 1st – 5th :100%
Year 1st – 8th: 100%
Year 9th – 13th: 50%Year 1st – 5th :100%
Import Tax 100% import tax exemption
Yearly Revenue ~THB 8 mm per MW ~THB 20 mm per MW ~THB 8 mm per MW ~THB 16 mm per MW ~THB 7 mm per MW
Power Plant Business: Key Info
Notes:
As of June 2016
* Peak: Mon – Fri
** Off Peak: Holiday
*** Ft: Fuel Adjustment Charge (at the given time)
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Disclaimer
This presentation has been prepared by Gunkul Engineering Public Company Limited (“Gunkul”) for informational purposes only and
does not constitute a recommendation regarding the securities of Gunkul or any of its subsidiaries. This presentation is not intended
as, and does not form part of, any offer to sell or solicitation or invitation to buy or subscribe for any securities. Neither this presentation
nor anything contained herein shall form the basis of, or be relied on in connection with, any contract or commitment whatsoever.
Gunkul makes no representation or warranty, either expressed or implied, in relation to the accuracy, completeness or reliability of the
information contained in this presentation. The information set out herein may be subject to updating, completion, revision, verification
and amendment without notice and such information may change materially. The information in this presentation should not be
regarded by recipients as a substitute for the exercise of their own judgment.
This presentation may contain forward-looking statements and estimates with respect to the future operations and performance of
Gunkul, its subsidiaries and affiliates. These forward-looking statements are subject to various assumptions, risks and uncertainties,
many of which are difficult to predict and are generally beyond the control of Gunkul. Such assumptions, risks and uncertainties could
cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements.
Neither Gunkul nor any of its directors, officers, employees, advisors or representatives assumes any responsibility to update any of
the forward-looking statements to conform such statements to actual results or developments, to reflect the occurrence of anticipated
results or otherwise. Neither Gunkul nor any of its directors, officers, employees, advisors or representatives nor any other person
accepts any liability whatsoever for any loss, however arising, from any use of this document or its contents or otherwise arising in
connection therewith.
Any opinions expressed in this presentation are subject to change without notice and may differ or be contrary to opinions expressed
by other business areas or groups of Gunkul as a result of using different assumptions and criterion.