Gunkul Engineering PCL.gunkul.listedcompany.com/misc/PRESN/20120530-GUNKUL-oppDay1Q2012... ·...

Strictly Private & Confidential

Gunkul Engineering PCL.Gunkul Engineering PCL.Opportunity DayMay 30, 2012

St i tl P i t & C fid ti lStrictly Private & Confidential

ContentsContentsContentsContents1. Gunkul Business Direction

2. Project ProgressSolar Energygywind Energy

3 G k l’ P f f 31/03/20123. Gunkul’s Performance as of 31/03/2012

4 Gunkul’s Backlog & Sales Forecast 20124. Gunkul s Backlog & Sales Forecast 2012

5. Q&A

1


1. Direction of Gunkul’s Businesses

2

St i tl P i t & C fid ti l

Direction of Gunkul’s Businesses


Electricity plants:

From the upstream to the downstream, GUNKUL offers full range of products and services (as many as 5,000 electricity items). Around 300 products are produced in house.

Electricity plants:• Wind turbine components• Solar panel componentsTransmission lines:

• Cable and accessories• Fuse and switches• Hardware and connectors• Insulators• Lightning protection• Maintenance equipment• Tools and instruments Substation:

• Battery and chargers• Capacitors• Groundingg• Maintenance equipment• Meters• Tools and instruments• Transformers

Distribution lines:• Cables and accessories• Capacitors• Fuse and switches• Grounding• Hardware and connectors

Low voltage lines:• Capacitors• Explosion proof products• Fuses and switches• Grounding

• Insulators• Lightning protection• Live part covers• Maintenance equipment• Meters• Preformed

Grounding• Hardware and connectors• Insulators• Lightning protection• Meters• Preformed• Street lighting and control

High Light Products

3

• Tools and instruments• Transformers

• Telephone hardware




Conventional Businesses Renewable Energy Businesses

CustomersManufacturers Distributors

Convention Business Flow 1.Solar Power PortfolioGPG

30.9 MW

KNPGKA

GKP GUNKUL

Government

Private

3 MW 4.4MW 8 MW 4.5 MW 8 MW 3 MW

Petchaboon Pichit Nakorn Nayok

PathumThani

GPS

ExternalManufacturers

Foreign

GPS26 MW

6.5 MW 6.5MW 6.5 MW 6.5 MW

P thCh i tN k

Holds 60%Holds 40%

PathumThani

ChainatNakorn Sawan

2.Wind Energy

Gunkul 70% IEA 30%

WED

4

PEA :2 MWPEA : 8MWE WEGAT:50MW



Strictly Private & ConfidentialWith GKE’s Strong Project pipelines of renewable energy projects, GKE is Growing significantly , transforming itself into Energy Company

MOU : Wind Farm with- PEA Encom - Myanmar Ministry of Energy

Wi d E D l t (WED)- Wind Energy Development (WED)

ese

t Si

ze

Convetional GPS 23.5 MW GPG 26 MW Wind Energy 60 MW

Ass

5


2. Project Progress(Renewable Energy Businesses)(Renewable Energy Businesses)

6


SHARE PURCHASE AGREEMENT : 15 May 2012


Shareholding Structure

BETWEEN :BETWEEN :Seller : Impact Energy Asia Limited (IEA)Purchaser : Gunkul Engineering Public Company Limited (Gunkul)g g p y ( )

RECITALS :RECITALS :(1) Wind Energy Development Company Limited is a company incorporated with limited liability in the Kingdom of thailand (the

“Company”) established as the exclusive Vehicle to undertake the development, construction, ownership and operation of : (a) The 50 MW wind power station at Huai Bong ,Dan Khun Tod, Nakhon Ratchasima Province, Thailand, together with all associated p g , , , , gand ancillary plant , machinery , equipment and facilities (such undertaking, the “Wayu Project”) and (b) 10 MW wind Power Station (comprising 8 MW and 2MW Project ) planned for Huai Bong, Dan Khun Tod, Nakhon Ratchasima Province , Thailand (such undertaking ,the “PEA Project”)

(2) Whereas ,the parties now wish to enter into this Agreement to set forth their right and obligations and to govern their

7

relationship as the Shareholders of the Company.


Power Purchase Agreement (PPA)


• Signed PPA on 23 November 2011 with below approval conditions• Adder THB 3 5/Kwh 10 YearsAdder THB 3.5/Kwh , 10 Years• SCOD April 2015• Fence metering• 115 KV,SS 400 mm, 35km transmission line connected at PEA

WayuDan Khun Tod subtration (Build and Transfer)

• PEA approved project on December 2011 with below approval conditions• Adder THB 3.5 / KWh, 10 Years• SOD any day prior to Q2/2013• Fence metering• For Sub plu ,22 Kv New feeder Build up From site to DKT substation• For Sub plu 2 22 Kv Connected at DKT Feeder 4

Sub Plu &

For Sub plu 2 , 22 Kv Connected at DKT Feeder 4Sub Plu 2

8


Wind Electricity TariffStrictly Private & Confidential

9

Note : For VSPP Program ,the tariff including deduction on 2% Loyalty fee to PEA


Grid Connecting DiagramStrictly Private & Confidential

10


Real SiteStrictly Private & Confidential

11


EPC Selection : Technology of WTGsStrictly Private & Confidential

Wind TurbineTransformerControl centerSubstationGridDistributorDistributorHousehold

14


Wind Energy ComponentsStrictly Private & Confidential

15


Project Progress – Solar EnergyStrictly Private & Confidential

To fulfill its group’s potential, GUNKUL expands into Solar Farm which is going to be a new source for growth and cash flow

Schedule for COD of Solar Power Projects (MW)

56.9

55

6053.9

3 0 Bung Samphan 2

40

45

50

55

41.4 4.5

8.0

3.0

- Sejarah = 8 Mw- Noen Po= 4.5 Mw

- Bung Samphan 2

30

35

40

26.9

14.5- Bung Samphan 1 = 6.5 Mw- Vichienburi = 8 Mw

15

20

25

19.5Project Plan

3.00

5

10

Dec 2010 Jul 2011 Oct 2012 Dec 2012 Jan 2013Jan 2012

4.43.0

7.4

17

Dec 2010 Jul 2011 Oct 2012 Dec 2012 Jan 2013Jan 2012

Project I Project I Project II Project III Project IV Project V Project VI


Gunkul’s Performance as ofGunkul s Performance as of 31-03-2012

18


Financial Information – 31/03/2012

Strictly Private & ConfidentialAsset Liability EquityTHB mn THB mn THB mn% %

Transaction 31/03/2012* 31/12/2011* 31/12/2010* 31/12/2009* 31/12/2008*

Asset (MB) 3,682.68 5,539.78 1,789.71 856.90 1,051.36

Liability (MB) 2,103.85 4,356.18 657.51 351.79 428.17

Equity (MB) 1,578.83 1,183.60 1,132.20 505.20 632.19

Paid-up (MB) 400.00 400.00 400.00 300.00 240.00

Revenue (MB) 1,388.63 2,651.51 1,288.7 864.07 1,366.20

Net Profit (MB) 395.23 89.52 123.17 53.66 123.01

ROA (%) 10.73 1.62 6.88 6.26 11.70

ROE (%) 25.03 7.56 10.88 10.62 19.74

N t P fit (%) 28 46 3 38 9 56 6 21 9 00

19

Net Profit (%) 28.46 3.38 9.56 6.21 9.00

Remark : * Consolidated , ** Separate financial statements


Revenue Breakdown – 31/03/2012Strictly Private & Confidential

Government and foreign segments have been taking turns as a major contributor to GUNKUL’s revenue

Revenue Breakdown by Type of Customer % Revenue Breakdown by Type of CustomerRevenue Breakdown by Type of Customer % Revenue Breakdown by Type of Customer

2,651THB (MN)

2,651

1,366

864

1,288

959

20


Gunkul’s Performance as of 31/03/2012


Net Profit vs. Net Profit MarginNet Profit vs. Net Profit MarginRevenue vs. Overall Gross MarginRevenue vs. Overall Gross Margin

THB mn %

21


Gunkul’s Performance as of 31/03/2012


Net Profit vs. Net Profit MarginNet Profit vs. Net Profit MarginRevenue vs. Overall Gross MarginRevenue vs. Overall Gross Margin

THB mn %

22


Our Financial FlexibilityStrictly Private & Confidential

GUNKUL ’s LiabilitiesGUNKUL ’s Liabilities D/E RatioD/E RatioGUNKUL s Liabilities GUNKUL s Liabilities D/E RatioD/E Ratio

12

23


Growing up Balance SheetStrictly Private & Confidential

Balance SheetsBalance Sheets

Unit : M.THB

Current Liabilities

1,716.51 3,440.00Current Asset

Non Current Li biliti

2,160.911,598.34

505.50916 18

Non Current Asset

Liabilities

Shareholders’Equity

1,521.77 1,578.84

3,823.27916.18

1,183.60

As of Mar 31,2012As of Dec 31,2011

24


Financial RatiosStrictly Private & Confidential

Financial Ratio AnalysisFinancial Ratio Analysis

RatioConsolidated Separate Financial Statements

Ratio31/12/2011 31/03/2012 31/12/2011 31/03/2012

(Trading) (Construction) (Trading) (Construction)

Liquidity Ratios Current Ratio 0.69 1.35 - 0.92 1.21 -

Quick Ratio 0.34 1.13 - 0.63 1.10 -

Account Receivable Turnover 3 58 2 79 21 80 1 40 2 09 89 82

Liquidity Ratios

Account Receivable Turnover 3.58 2.79 21.80 1.40 2.09 89.82

Inventory Turnover 2.27 1.00 1.19 3.04 2.04 1.19

Fixed Asset Turnover 0.85 1.83 1.90 74.71 58.33 75.18

Total Asset Turnover 0 40 0 50 0 52 0 42 0 53 0 69

Asset Management Ratios Total Asset Turnover 0.40 0.50 0.52 0.42 0.53 0.69

Cash Flow LiabilitiesTurnover 7.39% 51.88% - 7.89% 16.56% -

Debt Management Ratio 0.79 0.56 - 0.73 0.53 -

Gross Margin 27.19% 23.68% 21.50% 13.04%

Net Profit Margin 5.62% 10.53% - 11.27% 17.22% -

Return on Asset 1.62% 41.97% - 7.35% 14.99% -Profitability Ratios

25

Return on Equity 7.57% 95.09% - 26.89% 31.82% -


4. Gunkul’s Backlog & Sales Forecast 2012

26


Gunkul Backlog & Sales Forecast 2012Strictly Private & Confidential

Backlog to confirm GUNKUL’s momentum

THB (MN)

1,036

450

800

111

Sales Backlog of as at 28/5/2012 (secure for the year 2012 of THB 2,397 m)

27


Compared Backlog & Sales Forecast 2012


GPS (40%) GPG

(THB : MN)Renewable Energy Business Conventional Business Consolidate

Forecast EPC/ SOLAR

GPS (40%) 100%Foreign

Private Sale &SpecialProject

Government

Gain from

Sale GPSTotalProfit by

Energy(Equity)

EPC 26MW

SaleEnergy

30.9 MW( q y)

Year 2011 (Act)Year 2011 (Act)

Revenue 449 0 0 73 1 368 487 274 0 2 651-Revenue 449 -0- -0- 73 1,368 487 274 -0- 2,651-

-Gross Margin 10.42% 70% 25.29% 26.28% 24.34%

Year 2012Year 2012

ForecastForecast 1,036MTHB

45MTHB

770MTHB

205MTHB

1,250M.THB

550M.THB

330M.THB

140M.THB

4,326-63.18%

Growth (%)Growth (%) 130% - - 180% stable 13% 20% -

28

Gross MarginGross Margin 10% 100% 10% 70% 22% 27% 15% 100%


Q & AQ & AQ &Q &

29

Gunkul Engineering PCL.gunkul.listedcompany.com/misc/PRESN/20120530-GUNKUL-oppDay1Q2012... ·...

Documents

Transcript of Gunkul Engineering PCL.gunkul.listedcompany.com/misc/PRESN/20120530-GUNKUL-oppDay1Q2012... ·...