Gunkul Engineering Public Company...

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


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


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


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


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


Meters


Transformers

Low voltage lines:

Capacitors

Explosion proof products

Fuses and switches

Grounding

Hardware and connectors

Insulators


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


Live part covers


Meters

Preformed


Transformers

Highlight in-house products

Cutout Arrester Disconnecting Switch SF6 Gas switch Low-Voltage Switch

10


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


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


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


Capacity: 60MW


Solar

31.75 MW

Wind

50 MW Capacity


Capacity: 50MW



Capacity: 33.50 Mw

Location: Shiba Japan

Solar

33.50 MW

Total Capacity: 87 MW

Location: Northern, Central and Western

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http%3A%2F%2Fkisetsuai.exteen.com%2F20060509%2Fentry&ei=uADGVM37KtPk8AW_n4KgDA&bvm=bv.84349003,d.dGc&psig=AFQjCNGwbeJkyIl663oS8k9zEss3Eh3Spw&ust=1422348787084008

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http%3A%2F%2Fkisetsuai.exteen.com%2F20060509%2Fentry&ei=uADGVM37KtPk8AW_n4KgDA&bvm=bv.84349003,d.dGc&psig=AFQjCNGwbeJkyIl663oS8k9zEss3Eh3Spw&ust=1422348787084008

12


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


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


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


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


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


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


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



%Shareholding: 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


Project in pipeline: GNP

Thailand wind map

Project

location

Wind Speed

(m/sec)


Project Description

Project Name: Saranhlom wind farm

Type: Wind Farm



%Shareholding: 100%


Year 9th – 13th : 50%

Project Milestones


• COD: 1Q2017

THB/KWh

Peak 3.8548

Off-peak 2.0424

Ft. 0.3128


Tariff Structure

21


Project in pipeline: KWE

Thailand wind map

Project

location

Wind Speed

(m/sec)


Project Description

Project Name: Mittraphap wind farm

Type: Wind Farm


Installed capacity: 52.5 MW

%Shareholding: 100%


Project Milestones


• COD: 1Q2017

THB/KWh

Peak 3.8548

Off-peak 2.0424

Ft. 0.3128


Tariff Structure

22


Project in pipeline: Sendai

Project Description

Project Name: Sendai

Location: Sendai, Japan


Contract capacity: 31.75 MW


%Shareholding: 100%

Project Milestones


• COD: 3Q2017

JPY/KWh

Feed-in-tariff 36.0

Tariff Structure

Project

location

Solar Radiation Map of Japan

23


Project in pipeline: Kimitsu

Project Description

Project Name: Sendai

Location: Sendai, Japan


Contract capacity: 33.50 MW


%Shareholding: 100%

Project Milestones


• COD: 1Q2018

JPY/KWh

Feed-in-tariff 36.0

Tariff Structure

Project

location

Solar Radiation Map of Japan

24


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


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


2727

THB : Million

212

931

2,566

Revenue Forecast by Quarter in 2015

1,190

Total Revenue (F) ≈ 4,900* Million THB



2828

Revenues & Profit as of Sep 30, 2015

Revenue vs. Overall Gross Margin Net Profit vs. Net Profit Margin

GPG divestmentGPS

divestment


2929

Gross Margin 9M’2014 vs 9M’2015

Construction Manufacturing & Trading


3030

Our Financial Flexibility

Gunkul’s Liabilities D/E Ratio

Million Baht.


3232

THB : Million

Expected Revenue vs EBIT in 2015-2018Strictly Private & Confidential

33


-

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


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


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


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

http://www.eppo.go.th/PDP_hearing/PDP2015_PH_RealPresentation.pdf

http://www.eppo.go.th/power

38


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


200 MW

Phase 2 :

COD in 2018

39


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


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


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


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

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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

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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


4646

Appendix III


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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]

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