Gulf Ar2017 en PDF

With more than two decades of experience,
17 power projects in operation, and many more in the pipeline,

Gulf remains highly dedicated towards a single goal-
to become the dominant player in power generation
from both conventional and renewable power plants.
At Gulf, we operate our businesses with disruptive thinking at our hearts,
as we strive for the best efficiency and reliability for our customers.
Our ambition fueled the successful IPO in November 2017.
Every step we take reflects our sincere commitment to seeking
innovative solutions while spreading growth across our ecosystem
of shareholders, customers and communities
by minimizing our environmental impact and maximizing our social contribution
as we venture towards true sustainability.
Contents
006 Vision and Mission 027 Industry Overview
008 Message from the Chairman 030 Risk Factors
010 Message from the CEO 032 Securities and Shareholders Structure
012 Summery of Key Events in 2017 033 Dividend Payment Policy of the Company
014 Financial Highlights and its Subsidiaries
018 Background and Key Milestones 034 Analysis of Operational performance and financial position
020 Investment Structure 041 Related Party Transections
021 Nature of Business 045 Company Information and Other Material Information
047 Management Structure 102 Report of Audit Committee to Shareholders
056 Corporate Governance 106 Independent Auditor’s Report
074 Internal Control and Risk Management 112 Financial Statements and Notes to Financial Statements
076 Board of Directors and Management 220 Definitions
095 Sustainable Development
098 Corporate Social Responsibility
101 Report of the Board of Directors’ Responsibilities
for the Financial Statements
Vision and Mission
Vision
To be a trusted company that innovates to develop
premier energy across boundaries
Mission
To integrate innovative strategy, quality resources,
premier technology and culture of commitment to
achieve the most reliable energy solution
008 Gulf Energy Development Public Company Limited
MESSAGE
FROM THE CHAIRMAN OF THE BOARD
I would like to thank you, our investors,

for the support and encouragement you
have given us and provide
my assurance that we will maintain
this operational direction to lead
the Company towards continuous,
stable growth in a sustainable manner
for the benefit of our investors,
stakeholders and society.
Mr. Viset Choopiban

Independent Director and
Chairman of the Board
Annual Report 2017 009
Dear Valued Shareholders

The Thai economy and industrial sector have been and responsible manner. Accordingly, the Board of
growing continuously over the past several years. Directors has overseen the Company’s operations
Demand for electricity has also increased consistently, to ensure they comply with accepted standards of
driven especially by significant growth of the industrial corporate governance, focusing especially on developing
sector. The Thai economy is now recovering from the a system of internal control, risk management and
global financial crisis and countries in the ASEAN region auditing. Along with our responsibility to our investors
are showing rapid economic growth. Coupled with the and stakeholders, we also have a responsibility to
establishment of the Thailand Eastern Economic Corridor serve the society and local communities we operate in.
(EEC) in 2016, a strategic plan under the Thailand 4.0 We have therefore established a number of programs
model which not only aims to develop basic infrastructure to improve the well-being of the population, covering a
to establish Thailand as an industrial hub in Asia but also range of environmental and social issues. These include
serves as a plan to improve the economy and well-being educational scholarships and sponsorships, medical
of the Thai people, these factors will drive the demand and public health improvement projects, agricultural
for energy even more. training and teaching, and water and air quality testing
However, the government has recognized that and conservation programs. Investors can be assured
Thailand relies heavily on domestic and imported natural that these governance and responsibility measures
gas to generate electricity. Thus, the latest Thailand will be implemented to ensure accountability and
Power Development Plan (PDP 2015) aims to reduce transparency in our operations and bring the benefits to
the proportion of natural gas used to generate electricity our society and the environment.
and increase the proportion of renewables and clean In the coming years, the Company expects to expand
coal. As Gulf Energy Development Public Company our business beyond conventional power generation in
Limited (the “Company”) mainly operates gas-fired Thailand to include emerging renewable power sources
power plants, it is vital to be able to predict and adapt as well as other power-related businesses both in the
to the constantly evolving trends in the energy industry. country and overseas. With the strong economic growth
I am proud to report that Gulf has been able to rise in ASEAN, especially in Cambodia, Laos, Malaysia and
to the challenges of the industry, as evidenced by our Vietnam (CLMV), coupled with the development of the
rapid growth and successful entry into the stock market EEC and the increased demand for renewables, the
in December of 2017. I believe that this success is Company sees several opportunities for the business
the result of the clear, outstanding strategic direction to grow and achieve even greater success, bringing
laid out by the Company executives coupled with the benefits not only to our investors but to the Thai economy
excellence of our personnel who have good knowledge, as a whole.
expertise, experience and understanding of the industry, On behalf of the Board of Directors, the management
the Company also has a strong organizational culture and employees of the Company, I would like to thank
with employees that are unified and dedicated to you, our investors, for the support and encouragement
a common goal to help carry the Company forward you have given us and provide my assurance that
towards greater growth. we will maintain this operational direction to lead the
Throughout its growth, the Company has adhered Company towards continuous, stable growth in
firmly to the belief that we should not only provide a a sustainable manner for the benefit of our investors,
quality product, but we should do so in a trustworthy stakeholders and society.
MESSAGE
FROM THE CHIEF EXECUTIVE OFFICER
Moving forward,
we would like to reiterate
our pledge to provide the most
reliable energy solution for
Thailand and other countries
through environmentally and
socially responsible use of
innovative strategies
and quality resources.
Sarath Ratanavadi
CHIEF EXECUTIVE OFFICER
Dear Valued Shareholders

It is my honor to share with you some of the sustainably and uphold our responsibility to the
significant developments that happened in Gulf environment, to the communities around our
Energy Development over the past year and our facilities, and to society as a whole. We have continued
strategies for the future. This past year has seen our our work to improve the well-being of the Thai people
company continue to grow, with Gulf Energy through programs focused on healthcare, sports and
Development being listed on the Stock Exchange of education for children and adults all over the country.
Thailand in December 2017. The overwhelming We have also gained recognition for our efforts to
welcome we received from individual and institutional minimize our environmental impact and encourage
investors has reinforced our drive to achieve mutual sustainability through community-building initiatives
success for the company, our shareholders and around our facilities.
our clients. In keeping with our commitment to sustainability,
We currently have close to twenty facilities in we are also making preparations for the changing
operation, with several more in the development landscape of the energy industry. We recognize the
or construction phase that are expected to begin larger role renewable and alternative energies will
commercial operations within the next few years. play and are exploring opportunities to invest more
We are continually improving performance at our in renewable projects including biomass and solar
facilities by increasing our operating efficiency power facilities in Thailand and the surrounding
through adoption of the latest technology and region. We are laying the groundwork for strategic
innovative practices. The trust our clients place directives that are appropriate in the current
in our standards has allowed us to enter into conservative context of conventional power
long-term agreements to supply electricity to EGAT generation but that will also allow the business to be
for distribution to household consumers and to flexible in adapting to the challenges of the future.
supply electricity, steam and chilled water to As our company continues to grow, we will work
industrial users. With our commitment to growth, to ensure that we continue to maintain a strong
we are also exploring ways to take the organization standing in the energy market while exemplifying the
even further, seeking out greater opportunities both characteristics of a responsible company.
in Thailand and internationally. We endeavor to push None of this would have been possible without
the limits of the industry, combining knowledge and the hard work and dedication of our GULF family.
initiative to bring more value to our investors and Moving forward, we would like to reiterate our pledge
pursue business on a global scale. to provide the most reliable energy solution for
We recognize that, to be a leader in the energy Thailand and other countries through environmentally
sector, we must strive not only for the dynamic and socially responsible use of innovative strategies
growth and development of the company, but of and quality resources. On behalf of the employees
the country as well. We view energy as a public and management at Gulf Energy Development,
utility; thus, while expanding our business and I would like to thank you for your trust and support
maximizing shareholder value is a major priority for over the past two decades and look forward to several
GULF, we have not abandoned our pledge to grow more decades of sustainable growth.
Summary of Key Events 2017
June
• The Company received interim dividends from
its associate, GJP, for the first time, totaling
658 million baht.
April
• The Company signed a memorandum of understanding
with the Faculty of Engineering, Kasetsart University
to collaborate on environmental and natural resource
conservation and education, research and knowledge
management
January
• Gulf WHA MT established WHA NGD4 to develop
gas distribution project and supply to industrial
users in Hemaraj Eastern Seaboard Industrial
Estate 4 May
• The Company registered its conversion from
a Private Company Limited to a Public Limited
Company.
• The Company changed its par value from
10.0 baht per share to 5.0 baht per share and
March increased its registered capital from 3,100.0
million baht to 10,666.5 million baht by issuing
• The Board of Investment of Thailand (BOI) 1,513.3 million new ordinary shares.
approved investment privileges for the GSRC
• The GVTP power project, under the Company’s
February and GPD power projects.
subsidiary, GMP, commenced commercial
operations.
• The Company transferred 51.0% of its shares
in Gulf WHA MT to Hemaraj in accordance
with their joint business development
plan. Subsequently, in October 2017, Hemaraj
transferred the shares to WHAUP, Hemaraj’s
subsidiary.
December
• The Company’s ordinary shares were
registered and began trading on the Stock
October Exchange of Thailand on December 6, 2017.
• The GSRC and GPD power projects received • The Company used the IPO proceeds to pay
August BOI Certificates. off 10,200 million baht of its principal debt
to financial institutions.
• The Company raised 4,900.0 million baht in • The GPD power project received its Power
capital by issuing 980.0 million new ordinary Generation License and Factory License.
shares offered to existing shareholders at
the par value of 5.0 baht per share. • The Company and Mitsui & Co. signed an
addendum to the Joint Development
Agreement agreeing that the Company will
increase its shareholding in IPD to 70.0%
of issued and paid-up shares while receiving
75.0% of IPD’s total dividends.
November
• The GTS3 power project, under the Company’s
subsidiary, GMP, commenced commercial
July operations.
• The GTS1 power project, under the Company’s
subsidiary, GMP, commenced commercial September • IPD increased its registered capital by issuing
198.9 million new shares at a par value of 10.0
operations. baht per share. Mitsui & Co. renounced its right
• The GTS2 power projects, under the to subscribe for the new shares, resulting in
Company’s subsidiary, GMP, commenced the Company increasing its shareholding in
commercial operations. IPD from 51.0% to 70.0%.
• The Company raised capital through an Initial
Public Offering to the general public of 533.5
million new ordinary shares at the offering price
of 45.0 baht per share.
Financial Highlights
2017 2016 2015

Consolidated Statements of Comprehensive income (Million Baht)
Total revenues from sales and services 4,350 241 687
Total cost of sales and services (3,286) (235) (466)
Gain (loss) on exchange rate 995 (32) (83)
Share of profit from an associate and a joint venture 3,982 1,437 78
Profit (loss) for the year 3,907 221 (1,079)
Profit (loss) attributable to owners of the parent 3,451 418 (811)
Consolidated Statement of Financial Position (Million Baht)

Total assets 100,652 59,816 20,822
Total liabilities 61,304 56,033 18,327
Total equity 39,348 3,782 2,495
Total equity attributable to owners of the parent 34,565 2,321 1,693
Financial Ratio
Book value per share (Baht) 16.2 4.2 3.6
Earnings per share – weighted (Baht) 3.2 0.8 (1.7)
Earnings per share – diluted (Baht) 1.6 0.8 (1.7)
Profit to total revenues*(%) 46.9% 13.2% -141.0%
Return on equity (%) 18.1% 7.0% -35.1%
Return on assets (%) 4.9% 0.5% -6.9%
Debt to equity (times) 1.6 14.8 7.3
*Total revenues = revenues from sales and services and share of profit from an associate and a joint venture
Total Revenues Profit sharing from an associate Net Profit attributable to owners
(Million Baht) and a joint venture of the parent
(Million Baht) (Million Baht)
5,000
4,350 5,000 4,000
4,000 3,451
4,000 3,982 3,000
3,000
3,000 2,000
2,000
2,000 1,000
1,000 1,437 418
687
241 1,000 0
0 78 (1,000)
2015 2016 2017 0 (811)
2015 2016 2017 (2,000)
2015 2016 2017
Assets Liabilities Equity

(Million Baht) (Million Baht) (Million Baht)
120,000 80,000 50,000
100,652
100,000 61,304 39,348
60,000 40,000
80,000 56,033
59,816 30,000
60,000 40,000
40,000 20,000
20,822 20,000 18,327
20,000 10,000
2,495 3,782
0 0
2015 2016 2017 0
2015 2016 2017
2015 2016 2017
Earnings per share Weighted Dedt to Equity ratio Book Value per share
(Baht/share) Diluted (Times) (Baht/share)
4 16 20
3.2 14.8
3 16.2
12 15
2 1.6
1 0.8 0.8 8 7.3 10
(1.7) (1.7)
0 5 4.2
4 3.6
(1) 1.6
0 0
(2) 2015 2016 2017
2015 2016 2017
2015 2016 2017
HIGHLIGHTS OF 2017
01 4in commercial
New SPPs
operation
02 Largest Thai corporate equity IPO in 13 years

24 Billion baht
03 Commencement construction
of the first gas distribution project
Shareholding in IPD
increased from 51% to 70% 04
32 environmental,
health and safety awards 05
Remark: Environmental Health and Safety awards that Gulf has received;
• EIA Monitoring Award granted by the Ministry of Industry: GNLL
• Corporate Social Responsibility: Department of Industrial Works (CSR DIW) Award granted by the Ministry of Labour: GCRN
• Carbon Footprint for Organizations (CFO) granted by the Thailand Greenhouse Gas Management Organization (Public Organization); GNLL GCRN GNK2 GKP1 GKP2
• Environmental governance/Environmental governance and Safety Award granted by the Ministry of Industry: GNS
• Green Industry Award granted by the Ministry of Industry: GNLL GCRN GNK2 GKP1 GKP2 GTLC
• Zero Accident Campaign Award granted by the Ministry of Labour: GNLL GCRN GNS GNK2 GKP1 GKP2 GTLC GNNK
• Outstanding Model Business for Environmental Health and Safety in the Workplace (provincial level): GNNK
• Workplace Substance Abuse Prevention Standard granted by the Ministry of Labour: GCRN GNK2
• Happy, Healthy Workplace granted by the Ministry of Public Health: GNK2 GTLC
• Development of Wastewater Quality Improvement and Monitoring Systems for the Promotion of Eco-Industry granted by the Ministry of Industry: GNS
• Green Star - White Flag Awards for the Environment and Safety Good Governance granted by Industrial Estate of Authority of Thailand: GKP1 GKP2
• Thai Labour Standard: The Social Responsibility of Thai Business (TLS. 8001-2010): GTLC
• Drug Free Workplace recognition granted by the Ministry of Labour: GUT
*** Green Meeting granted by the Thailand Environment Institute: All plants
IN
All projects will fully operate by 2024
INDEPENDENT
POWER PRODUCER (4)
AYUTTHAYA SARABURI
• GULF JP UT* • GULF JP NS*
RAYONG CHONBURI
• GULF PD • GULF SRC
NAKORN RATCHASIMA
SARABURI COGENERATION (19)
AYUTTHAYA PRACHINBURI PATHUMTHANI CHACHOENGSAO
• GULF JP CRN* • GULF JP NNK*
SARABURI RAYONG
PATHUMTHANI • GULF JP KP1* • GULF JP NLL*
CHACHOENGSAO • GULF JP KP2* • GULF VTP*
• GULF JP TLC* • GULF TS1*
• GULF JP NK2* • GULF TS2*
CHONBURI • GULF NPM • GULF TS3*
PRACHINBURI • GULF TS4
RAYONG • GULF JP NC • GULF NLL2
AYUTTHAYA NAKORN RATCHASIMA
• GULF BL • GULF NRV1
• GULF BP • GULF NRV2
SOLAR
ROOFTOP (4)
CHONBURI RAYONG
SONGKHLA • GULF SOLAR BV** • GULF SOLAR TS1*
• GULF SOLAR KKS • GULF SOKAR TS2
BIOMASS (1)
*Projects in operation SONGKHLA
• GULF CHANA GREEN
Background and Key Milestones
2012
• GHC transferred its 10.0% stake
in GJP to the Company
• IIPD was established by the
Company to participate in the IPP
solicitation program in 2012
2011
• The Company was incorporated
• 12 gas-fired SPPs under GHC
signed PPAs with EGAT
• GHC transferred all of its stake in
12 gas-fired SPPs to the Company 2011 2012
2010
2010
• GHC was awarded 12 gas-fired SPPs
2008
• 2 gas-fired IPPs under GJP signed PPAs with EGAT
2009
2008
2007 2009
• GHC acquired a 10.0% equity interest in GJP
from J-Power
• 7 gas-fired SPPs under GJP signed PPAs with
EGAT
2007
• GHC was established by Mr. Sarath Ratanavadi, as
hiswholly-owned company
• GJP was established by J-Power, as its wholly-owned
subsidiary
• GJP was awarded 7 gas-fired SPPs and won the
bidding to develop 2 gas-fired IPPs
2013
• Mitsui & Co. acquired a 49.0% equity interest in IPD
• IPD was awarded 2 gas-fired IPPs, GSRC and GPD, which
subsequently signed PPAs with EGAT
• GMP was established by the Company, and the Company
transferred all of its stake in the 12 gas-fired SPPs to GMP
• Gulf Solar was established by the Company, which secured the rights to
develop and operate 4 rooftop solar power projects 2015
• The Company established Gulf WHA MT
2014 • MIT-Power (wholly owned by Mitsui & Co.)
acquired a 30.0% equity interest in GMP
• WHA Energy, a subsidiary of WHAUP, acquired • The Company divested Pomodoro Group Co.,
a 25.0% equity interest in Gulf Solar Ltd., a non-power related subsidiary
• The Company established GCG, as its • Gulf HK bought 0.5% of EDL-Gen’s issued and
2013 wholly-owned subsidiary paid-up shares.
2014
2015
2016
• The Company was awarded the GCG biomass project
2016
• The Company acquired an additional 30.0% equity interest
in GJP from J-Power, increasing its total stake to 40.0%
• The Company divested Gulf Sport, a non-power related subsidiary
• WHA NGD2 was established
2017
• WHA NGD4 was established
• The Company transferred the 51.0% share capital
of Gulf WHA MT to Hemaraj1
2017 •
•
The Company registered its conversion to a public
company limited with the MOC
4 gas-fired SPPs under GMP commenced
commercial operations
• The Company’s shares were listed and began
first trading on the Stock Exchange of Thailand
on December 6, 2017.
1
Later Hemaraj transferred the share capital
to WHAUP, Hemaraj’s subsidiary
Investment Structure 020
40.0% 60.0% 70.0% 30.0% 70.0% 30.0% 75.0% 25.0%
GJP GMP IPD GULF SOLAR GULF HK other

100.0% 100.0% 100.0% 75.0% 100.0% 100.0% 9.1% 100.0% 100.0%
1 GCG
GNS GKP1 GNC GVTP GSRC Gulf Solar BV SPCG (Biomass) Kolpos3
100.0% 100.0% 100.0% 75.0% 100.0% 100.0% 0.5% 100.0% 49.0%
1 Gulf Gulf WHA MT4
GUT GKP2 GNRV1 GTS1 GPD Gulf Solar KKS EDL-Gen Pattani3
Green 100.0%
Gulf Energy Development Public Company Limited
100.0% 100.0% 75.0% 100.0%

100.0% WHA NGD2
GTLC GNRV2 GTS21 Gulf Solar TS1
SBY 3 100.0%
100.0% 100.0% 75.0% 100.0% Biomass WHA NGD4
GNNK GNPM GTS31 Gulf Solar TS2 100.0% 100.0%
Thepha Gulf
100.0% 75.0% 75.0% Clean 3 International
1 Energy Holding3
GCRN GNLL2 GTS41
100.0% 75.0%
GNK2 GBL2 In operation Investment IPP
Preparing for or under construction Other SPP

75.0% 75.0%
Businesses or
VSPP
GNLL1 GBP2 Dormant Entities
ธุรกิจลงทุน
Notes:
1. WHA Energy, a subsidiary of WHAUP, holds a 25.0% equity interest in GNLL GVTP, GTS1, GTS2, GTS3, GTS4 and GNLL2
2. Thai Industrial Estate Corp., Ltd. holds 25.0% equity interests in GBL and GBP
3. Gulf Pattani Green, SBY Biomass, Thepha Clean Energy, Kolpos and Gulf International Holding are dormant companies
4. As of December 31, 2017, the Company and WHAUP held 49.0% and 51.0% in Gulf WHA MT, respectively. But at present, the Company, WHAUP and MITG
hold 35.0%, 35.0% and 30.0%, respectively.
Nature of Business
The Company is a holding company with a distribute the electricity to consumers around the
portfolio of electricity, steam and chilled water country. Furthermore, the gas-fired SPPs also
generating projects and other related businesses, generate and sell electricity, steam and chilled
and is one of Thailand’s largest private power water to industrial users according to purchase
producers. Taking into account power projects in agreements.
operation and power projects under construction The Company invests in, develops and operates
and development which will commence commercial gas-fired power projects through subsidiaries and
operations by 2024, the Group has a total installed an associate, which can be classified into 3 groups
power generation capacity of 11,125.6 MW, or as follows:
6,329.2 MW on an equity basis. As of December 1. GJP
31, 2017, the Company’s power projects currently The Company holds a 40.0% equity interest in the
in operation have a total installed power generation associate GJP to operate 9 power projects, including
capacity of 4,772.1 MW, or 1,963.5 MW on an 2 gas-fired IPPs, namely GNS power project located
equity basis. in Saraburi province and GUT power project located
The Group’s business structure can be divided in Ayutthaya province, and 7 gas-fired SPPs, located
into 3 main business groups, namely, the gas-fired in Saraburi, Ayutthaya, Chachoengsao, Rayong and
power business, the renewable energy business, Pathumthani provinces, with a total installed power
and other businesses. generation capacity of 4,236.6 MW or 1,682.3
MW on an equity basis. All of these power projects
1. Gas-fired Power Business commenced operations between 2013 and 2015.
2. GMP
The Company holds a 70.0% equity interest in
the subsidiary GMP to operate 12 gas-fired SPPs,
located in Rayong, Prachinburi, Ayutthaya, Saraburi
and Nakorn Ratchasima provinces, with a total
installed power generation capacity of 1,563.4 MW
or 911.4 MW. These power projects are scheduled
to commence commercial operations between
2017 and 2019.
The Group’s gas-fired IPPs generate and sell 3. IPD
electricity to EGAT under a 25-year long-term power The Company holds a 70.0% equity interest in the
purchase agreement, while the Group’s gas-fired subsidiary IPD to operate 2 gas-fired IPPs, namely
SPPs sell approximately 70.0% to 80.0% of their GSRC power project located in Chonburi province
installed power generation capacity to EGAT under and GPD power project located in Rayong province,
a power purchase agreement with 25-year terms with a total installed power generation capacity
starting from the commercial operation date. The of 5,300.0 MW or 3,710.0 MW. At present, these
electricity sold to EGAT is distributed through EGAT’s power projects have been granted all required key
grid, whose network covers the entire country, so permits and are scheduled to commence commercial
that it may be sold to PEA and MEA who will then operations between 2021 and 2024.
2. Renewable energy business owned by the WHA Group through the Company’s
joint venture, Gulf WHA MT. As of the end of 2017,
the Company held 49.0% equity interest in Gulf
WHA MT, but currently have reduced its stake
to 35.0%; WHAUP holds 35% of shares, and MITG
holds 30% of shares. Gulf WHA MT wholly owns
2 subsidiaries, namely WHA NGD2 and WHA
NGD4, which are the operators of gas distribution
projects in Hemaraj Eastern Seaboard Industrial
Estate 2 and Hemaraj Eastern Seaboard Industrial
Estate 4. At present, these projects have been
Rooftop solar power projects granted all required key permits and are expected
The Company holds 75.0% equity interest in to commence commercial operations between
the subsidiary Gulf Solar, which operates four 2018 and 2019.
rooftop solar VSPPs located in Chonburi and Rayong
provinces with a total installed power generation
capacity of 0.6 MW. All of these power projects
commenced commercial operations between
2014 and 2015.
Biomass power project

The Company wholly owns the subsidiary GCG
which operates a biomass SPP located in Songkhla
province. The power project will receive an extra
adder of 1.0 baht per kilowatt-hour for being located
in one of the 4 districts in Songkhla province for 7
years, thereby receiving a total adder of 1.3 baht per Management services business
kilowatt-hour. At present, the GCG power project has The Company provides management
been granted all required key permits. Construction services to power projects within the group from the
is scheduled to begin in 2018 with commercial op- development and construction stage to the
erations commencing in 2020. management stage after commencement of
commercial operation, including planning and
3. Other businesses providing operational policy management services,
Gas distribution business operation and maintenance services, accounting,
The Company is developing its gas distribution finance and administrative support to the power
business serving industrial users in industrial estates projects.
Revenue structure
In 2017, the majority of the Group’s revenues came from the gas-fired power business through the
sales revenue from GMP and share of profit from GJP.
2015 2016 2017

765.3 million baht 1,677.6 million baht 8,332.1 million baht
10.2%
14.0%
47.8% 48.9%
25.6%
63.5% 85.6%
3.3%
Revenue from sales Revenue from management fee Share of net profit from an associate and a joint venture Revenue from divested businesses
The table shows selected data for the Group’s operating power projects and power projects
currently in operation and preparing for or under construction under GMP, IPD, Gulf Solar and GJP as of
December 31, 2017
Installed power/ Equity installed Commercial

Type of Direct and
Project Cate- steam/chilled power/steam/chilled operation dates/
Location power indirect
name gory water generation water generation Scheduled commercial
project shareholding
capacity capacity operation dates
GMP Group:
In operation
GVTP SPP Rayong Gas-fired EE: 137.0MW 52.5% EE: 71.9MW May 16, 2017
(CG) ST: 20.0TPH ST: 10.5TPH
GTS1 SPP Rayong Gas-fired EE: 134.0MW 52.5% EE: 70.3MW July 8, 2017
GTS2 SPP Rayong Gas-fired EE: 134.0MW 52.5% EE: 70.3MW September
(CG) ST: 30.0TPH ST: 15.7TPH 1, 2017
GTS3 SPP Rayong Gas-fired EE: 129.9MW 52.5% EE: 68.2MW November
(CG) ST: 25.0TPH ST: 13.1TPH 1, 2017
Preparing for or under construction
GTS4 SPP Rayong Gas-fired EE: 129.9MW 52.5% EE: 68.2MW January 1, 2018
GNC SPP Prachinburi Gas-fired EE: 126.5MW 70.0% EE: 88.5MW March 1, 2018

Type of Direct and
GBL SPP Ayutthaya Gas-fired EE: 126.8MW 52.5% EE: 66.6MW Expected
(CG) ST: 10.0TPH ST: 5.3TPH September 2018
GBP SPP Ayutthaya Gas-fired EE: 126.8MW 52.5% EE: 66.6MW Expected
(CG) ST: 10.0TPH ST: 5.3TPH November 2018
GNLL2 SPP Rayong Gas-fired EE: 126.9MW 52.5% EE: 66.6MW Expeted
(CG) ST: 10.0TPH ST: 5.2TPH January 2019
GNPM SPP Saraburi Gas-fired EE: 135.2MW 70.0% EE: 94.7MW Expected
(CG) ST: 25.0TPH ST: 17.5TPH March 2019
GNRV1 SPP Nakorn Gas-fired EE: 128.2MW 70.0% EE: 89.8MW Expected
Ratchasima (CG) ST: 10.0TPH ST: 7.0TPH May 2019
GNRV2 SPP Nakorn Gas-fired EE: 128.2MW 70.0% EE: 89.8MW Expected
Ratchasima (CG) ST: 10.0TPH ST: 7.0TPH July 2019
Subtotal EE: 1,563.4 MW EE: 911.4 MW
ST: 225.0TPH ST: 129.5TPH
IPD : Preparing for or under construction
GSRC IPP Chonburi Gas-fired EE: 2,650.0MW 70.0% EE: 1,855.0MW Unit 1 and 2:
(CCGT) Expected 2021
Unit 3 and 4:
Expected 2022
GPD IPP Rayong Gas-fired EE: 2,650.0MW 70.0% EE: 1,855.0MW Unit 1 and 2:
(CCGT) Expected 2023
Unit 3 and 4:
Expeted 2024
Subtotal EE: 5,300.0MW EE: 3,710.0MW
Gulf Solar : In operation

Gulf Solar VSPP Chonburi Solar EE: 0.13MW 75.0% EE: 0.10MW June 23, 2014
BV
Gulf Solar VSPP Rayong Solar EE: 0.13MW 75.0% EE: 0.09MW August 27, 2014
TS1
Gulf Solar VSPP Chonburi Solar EE: 0.25MW 75.0% EE: 0.19MW December 26, 2014
KKS
Gulf Solar VSPP Rayong Solar EE: 0.09MW 75.0% EE: 0.07MW January 8, 2015
TS2
Subtotal EE: 0.60MW EE: 0.45MW

Type of Direct and
GCG: Preparing for or under construction

GCG SPP Songkhla Biomass EE: 25.0MW 100.00% EE: 25.0MW Expected
2020
Subtotal EE: 25.0MW EE: 25.0MW
GJP (associate) : In operation
GNS IPP Saraburi Gas-fired EE: 1,653.2MW 40.0% EE: 661.3MW Unit 1: June 1, 2014
(CCGT) Unit 2:
December 1, 2014
GUT IPP Ayutthaya Gas-fired EE: 1,752.4MW 40.0% EE: 701.0MW Unit 1: June 1, 2015
(CCGT) Unit 2: December 1,
2015
GKP1 SPP Saraburi Gas-fired EE: 114.0MW 40.00% EE: 45.6MW January 5, 2013
GKP2 SPP Saraburi Gas-fired EE: 114.0MW 40.00% EE: 45.6MW February 1, 2013
(CG) ST: 22.0TPH ST:8.8TPH
GTLC SPP Saraburi Gas-fired EE: 114.0MW 40.00% EE: 45.6MW March 1, 2013
GNNK SPP Chachoeng- Gas-fired EE: 114.0MW 40.00% EE: 45.6MW April 1, 2013
sao (CG) CW: 3,200.0RT CW: 1,280.0RT
GNLL SPP Rayong Gas-fired EE: 123.0MW 30.00% EE: 36.9MW May 1, 2013
CW: 4,600.0RT CW: 1,379.8RT
GCRN SPP Pathumthani Gas-fired EE: 119.0MW 40.00% EE: 47.6MW July 1, 2013
GNK2 SPP Saraburi Gas-fired EE: 133.0MW 40.00% EE: 53.2MW October 1, 2013
Subtotal EE: 4,236.6MW EE: 1,682.3MW
CW: 7,800.0RT CW: 2,659.8RT
Installed power The Company’s equity

Project name /steamchilled water installed power/steam/chilled
generation capacity water generation capacity
Total in operation EE: 4,772.1MW EE: 1,963.5MW

CW: 7,800.0RT CW: 2,659.8RT
Total preparing for or under EE: 6,353.6MW EE: 4,365.7MW
construction ST: 120TPH ST: 74.4TPH
Total EE: 11,125.6MW EE: 6,329.2MW
CW:7,800.0RT CW:2,659.8RT
Industry Overview
Demand
Electricity demand in Thailand is expected to grow in tandem with economic growth. Based on
the anticipated annual growth of electricity generation requirement as forecasted by the Thailand Power
Development Plan (“PDP”) 2015, electricity consumption in Thailand will continue growing in the next
five years (2018-2022) at a CAGR of 3.2%, from 196,359.3 GWh in 2018 to 222,931.0 GWh in 2022.
In addition, long-term electricity consumption is expected to grow at a CAGR of 2.6% from 185,124.1
GWh in 2017 to 301,326.9 GWh in 2036.
Total Electricity Consumption in Thailand, 2002-2036F
400,000.0
200,000.0
2002 2004 2006 2008 2010 2012 2014 2016F 2018F 2020F 2022F 2024F 2026F 2028F 2030F 2032F 2034F 2036F
Source: EPPO, Ministry of Energy Thailand and Frost & Sullivan
In the last two decades, peak power demand has grown at a CAGR of 3.9%, with peak power demand
reaching 28,578.0 MW in 2017. Estimates published in PDP 2015 indicate that peak power demand
is forecasted to grow at 2.4%, from 32,429.0 MW in 2018 to 49,655.0 MW in 2036. Generally, peak
power demand increases with the rising temperatures in April or May due to the hot weather, drought and
increased air conditioner use among consumers. Typically, increased peak power demand occurred after
the Songkran festival where higher consumption of electricity is experienced in the industrial, services and
household sectors.
Peak Power Demand in Thailand, 2000-2036F
60,000
40,000
20,000
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018F 2020F 2022F 2024F 2026F 2028F 2030F 2032F 2034F 2036F
Source: Thailand PDP 2008-2021, Thailand PDP 2012-2030, and Thailand PDP 2015-2036, Ministry of Energy Thailand
and Frost & Sullivan
Supply
According to EPPO Energy Statistics, in December 2017, total contracted power generation capacity
in Thailand was 42,433.0 MW, of which 16,071.0 MW or 38.0% of total power generation capacity was
generated by EGAT and 14,949.0 MW or 35.0% and 7,536.0 MW or 18.0% was generated by IPPs and
SPPs, respectively.
In addition, Thailand also imported 3,878.0 MW or 9.0% of its total contracted power generation capacity
from Lao PDR and Malaysia.
Total Contracted Power Generation Capacity in Thailand, by Types of Power Operators, 2017
Imported
9.0%
SPP
18.0%
EGAT
38.0%
IPP
35.0%
Total Contracted Power Generation Capacity 42,433.0 MW
Note: The information above includes contracted power generation capacity on EGAT’s transmission system and direct
supply to the industrial sector, but excludes generation capacity of VSPPs due to unavailability of data.
Source: Energy statistics, EPPO
Contracted power generation capacity in Thailand between 2011 and 2017 was dominated by EGAT
and IPPs. EGAT accounted for the largest share of capacity at 47.7%, or 14,998.0 MW, in 2011 and
38%, or 16,071.0 MW, in 2017, with the lowest CAGR of 1.2% among all power generation players. IPPs
accounted for the second largest share of contracted capacity at 38.4% or 12,082.0 MW in 2011 and
35.0% or 14,949.0 MW in 2017, with a CAGR of 3.6%.
Contracted power generation capacity of SPPs and imported sources increased between 2011 and
2017, with contracted power generation capacity of SPPs growing at a CAGR of 22.9% from 2,182.0 MW
in 2011 to 7,536.0 MW in 2017. The growth of SPPs is mainly supported by the PDP that promotes SPPs
to ensure power system reliability in Thailand.
At the same time, contracted power generation capacity from imported sources (Lao PDR and
Malaysia) grew at a CAGR of 10.0% from 2,185.0 MW to 3,878.0 MW. The increased power generation
capacity resulted mainly from the increased power generation capacity of Hongsa Power Plant in Lao PDR
which has commenced commercial operations, with a power generation capacity of 1,878.0
megawatts. According to the information published in PDP 2015, from 2018-2024, Thailand will see increased
contracted power generation capacity from new power plants and power plants built to replace some
old plants, totaling 16,541.0 MW of power generation capacity, including 10 power projects belonging to
the Group with a total contracted power generation capacity of 5,720.0 MW.
Reserve Margin
The PDP 2015 set a minimum reserve margin target at 15.0% above peak power demand to ensure
minimal disruption of electricity supply in the country.
The minimum reserve margin in Thailand is estimated to be 33.9% in 2017 and is projected to peak
at 39.4% in 2024 before stabilizing at around 15.0% from 2033 onwards. The increase in the minimum
reserve margin in Thailand is mainly supported by the additional power generation capacity of 14,878.0
MW from combined cycle power plants between 2015 and 2026 and 10,644.0 MW from renewable energy
power plants (excluding large-scale hydro power plants) in the same period.
Contracted Power Generation Capacity (MW), Peak Power Demand (MW) and Minimum Reserve Margin (%)
in Thailand, 2016-2036, according to PDP 2015
80,000.0 50.0%
Capacity/Demand (MW)
Reserve Margin (%)

60,000.0 37.5%
40,000.0 25.0%
20,000.0 12.5%
0.0 0.0%
2016 2021 2026 2031 2036
Contracted capacity (MW) Peak Power Demand (MW) Minimum Reserve Margin (%)
Source: PDP 2015 and analysis from Frost & Sullivan

Risk Factors
Operational risks where PTT is unable to supply sufficient quantities
of natural gas or with the appropriate quality
Risks resulting from reliance on EGAT and certain requirements. However, under the PPAs for SPPs,
downstream industrial users in cases where PTT is unable to supply sufficient
Currently, EGAT is the sole buyer for the power quantities of natural gas or with the appropriate
generated by the Group’s gas-fired IPPs and purchase quality requirements, EGAT is not required to make
approximately 70.0% to 80.0% of the power generated the capacity payments except in cases of force
by each of the Group’s gas-fired SPPs. Therefore, majeure event where the Company will receive partial
the Group’s power generation and sales business capacity payments from EGAT according to the
relies heavily on EGAT. formula set out under the PPAs whereas under
In regards to the Group’s gas-fired SPPs, power, steam and chilled water purchase agreements
approximately 20.0% to 30.0% of the total installed with industrial users, the Company will not receive
capacity were utilized to produce power, steam and any compensation. In cases where the quality of the
chilled water and sell to industrial users in or near natural gas from PTT have changed, the SPPs may
the industrial estates where the power projects are modifythe power generation machinery or equipment
located. Thus, the Group is reliant on certain groups to suit the quality of the natural gas with a reasonable
of downstream industrial users who represent modifying cost.
major offtakers. In any case, the Company has clear Risks resulting from the inability to develop its
measures and criteria to evaluate offtakers’ reliability pipeline projects within the designated period or
which take into account each industrial client’s specified budget
financial position and payment history in order to The Group’s projects under construction or
reduce associated risks before entering into any development may be affected by different factors
agreement with a client. such as delays in issuance of permits from the
Risks resulting from reliance on procurement and relevant authorities, legal disputes or litigation,
delivery of natural gas from one supplier cancellation of key project development contracts,
PTT, a state-owned company, is the only entity changes in laws and regulations which adversely affect
that supplies natural gas to gas-fired power projects the Group’s business, natural disasters, accidents,
in Thailand under the current structure of the fuel delays in delivery of fuel or key equipment, design
supply industry in Thailand. Therefore, each of the and construction flaws, and lack or increased prices
Group’s gas-fired power projects has entered into of construction equipment and materials.
an agreement to purchase natural gas from PTT The abovementioned factors may result in the Group
covering the entire term of the PPAs made with being unable to complete project construction or
EGAT. As the majority of the Group’s power projects development, or may delay the commencement
use natural gas as the major fuel source, the Group of commercial operation of the power project, or may
is heavily reliant on the procurement and delivery of cause the return on investment of the power project
natural gas from PTT. to decline which includes cost overrun, loss of
In this regard, the PPAs made between EGAT and income, and fines or payment for damages set out
the Group’s gas-fired IPPs and SPPs are different in relevant contracts, or may lead to contract cancella-
in that the PPAs for IPPs include a clause requiring tion. In any case, so far, the Group’s power projects
EGAT to make availability payments in all cases currently in operation have been completed within
budget as the agreements the Group signed with Risks from interest rate volatility
contractors have clearly stated the construction The Group’s project costs and operational results
value and completion periods, and have included may be affected by interest rate volatility as the Group
a provision allowing the power project to levy fines needs to seek a significant amount of borrowings
against contractors which are estimated to cover to finance the development and construction of
expenses caused by delays in construction. its power projects. To date, the aforementioned
borrowings tended to have floating interest rates
Financial risks referenced against LIBOR, MLR or THBFIX. The
Group therefore entered into interest rate swaps to
Risks from currency exchange rate volatility reduce risks resulting from interest rate volatility to
The Group’s project costs and operational results the fullest extent.
may be affected by currency exchange rate volatility Risks from financial market liquidity and the ability
as (a) a portion of financing is dominated in the U.S. to procure funding under acceptable conditions
dollar, (b) a portion of payments under EPC contracts The Group requires to invest a considerable
is denominated in foreign currencies including the amount of money to fund the development and
U.S. dollar, Swedish Krona, Euro and/or Japanese construction of its power projects and may
Yen, (c) a portion of payments under long-term require additional investment as a result of future
service and parts agreements is denominated in expansion to maintain its business competitiveness.
foreign currencies including the U.S. dollar, Swedish The Company expects to use the proceeds raised
Krona and/or Japanese Yen, and (d) a portion of the through its IPO and external funding options such
power project’s sales revenue is linked to the U.S. as loans from banks, debentures, bills of exchange
dollar (approximately 50% of availability payment and other options of funding to expand the Group’s
and capacity payment will be affected by exchange business. That being said, the Company’s ability to
rate volatility between the U.S. dollar and Thai Baht). procure external funding under terms that benefit the
The Group seeks to manage the currency exposure Company is dependent on several uncertain factors
through a natural hedge both during the construction such as the Group’s financial position, operational
phase (cash inflows from the portion of loans made performance and future cash flow, the overall
in the U.S. dollar will offset the portion of payments condition of the global money market and capital
under EPC contracts to be made in the U.S. dollar) market, the volatility of the Thai Baht and interest
and after the commencement of commercial operations rates in Thailand and abroad, supportive state
(cash inflows from the portion of sales revenue policies and favorable regulations in the form of tax
linked to the U.S. dollar will offset loan repayment incentives. To prepare for such contingencies,
burdens and power project maintenance costs the Company has arranged an experienced and
in the same currency). Nevertheless, the natural expert team to continually monitor and analyze
hedge process cannot completely eliminate the impacts from the aforementioned factors.
the risk incurred by exchange rate volatility. Thus, In addition, the Company is exploring innovative
the Group has entered into currency forward contracts fund raising options, while seeking for financia lly
to reduce the remaining risk from exchange rate stable and reliable strategic alliances in order to be
volatility so that it may manage this risk to the fullest ready for any investment and business development
possible extent. opportunities that may arise in the future.
Securities and Shareholders Structure

1. Registered Capital and Paid-up Capital of the Company
The Company has a registered capital of 10,666,500,000 baht, of which 10,666,500,000
is paid-up, comprising 2,133,300,000 ordinary shares at the par value of 5.0 baht per share.
2. Shareholders
Ten largest shareholders whose names appear in the shareholders’ registration as of December 29, 2017.
Shareholders Number of Shares Shareholding (%)
1. Mr. Sarath Ratanavadi’s group 1,539,500,000 72.2
1.1 Mr. Sarath Ratanavadi 755,999,994 35.4
1.2 Mrs. Nalinee Ratanavadi (1) 3,500,000 0.2
1.3 Gulf Holding (Thailand) Company Limited (2) 100,000,002 4.7
1.4 Gulf Capital Holdings Limited (3) 476,000,002 22.3
(4)
1.5 Gulf Investment and Trading Pte. Ltd. 204,000,002 9.6
2. Bangkok Bank Public Company Limited 64,000,000 3.0
3. Euroclear Nominees Limited 64,000,000 3.0
4. Sino-Thai Engineering & Construction Public Company Limited 40,000,000 1.9
5. UBS AG Singapore Branch 34,577,000 1.6
6. Rojana Industrial Park Public Company Limited 20,000,000 0.9
7. Bualuang Long-Term Equity Fund 15,687,900 0.7
8. SCB Dividend Stock 70/30 Long Term Equity Fund 8,302,700 0.4
9. TISCO Master Pooled Fund 5,924,900 0.3
10. Bangkok Life Assurance Public Company Limited 5,500,000 0.3
Total 1,797,492,500 84.3
Note: 1) Mrs. Nalinee Ratanavadi is the spouse of Mr. Sarath Ratanavadi
2) A company limited registered under the laws of Thailand wholly owned by Mr. Sarath Ratanavadi
3) A company limited registered under the laws of Hong Kong of which Mr. Sarath Ratanavadi is a beneficiary
4) A company limited registered under the laws of Singapore of which Mr. Sarath Ratanavadi is a beneficiary
2.2 The free float proportion is 27.7% (Information as of December 29, 2017).
2.3 Major shareholders comprising persons involved in management of the Company include
Mr. Sarath Ratanavadi, holding 755,999,994 shares, equivalent to 35.4% (Information as of December 29, 2017).
2.4 Shareholders agreements that significantly impact the Company or other shareholders:
- none -
3. Other securities
As of December 31, 2017, the Company holds debt securities in the form of name-registered
unsubordinated secured debentures with debenture holders’ representatives. The debentures, totalling
6,000 million baht, have not reached maturity and will reach maturity on August 15, 2019. The debentures are
guaranteed by two financial institutions.
Dividend Payment Policy of

the Company and its Subsidiaries
Dividend payment policy of the Company
The Company has a policy to pay dividends at no less than 30% of net profit, referenced against
the Company’s non-consolidated financial statements, after deducting taxes, legal reserves and other
obligations of loan agreement conditions. However, dividend payment may be adjusted depending on
the Company’s performance, cash flow, investment requirements, conditions and limitations established
in loan agreements and other appropriate factors that may arise in the future. Once the Board of Direc-
tors has passed a resolution to pay out annual dividends, the resolution must be submitted for approval in
the Company’s Shareholders Meeting, except in the case of interim dividend payment where the Board
of Directors has the authority to authorize dividend payment and will report payments in the subsequent
Shareholders Meeting.
That said, it should be noted that the Company is a holding company whose income is earned from
holding shares in other companies and which does not conduct any significant income-earning business
of its own, with its major assets being money invested in subsidiary companies and joint ventures. Thus,
the Company’s ability to pay out dividends is mainly dependent on the operating performance and dividend
payment of the Company’s subsidiaries and joint ventures.
Dividend payment policy of subsidiaries

The dividend payment policy of the Company’s subsidiaries is set in accordance with the
consideration of the subsidiary company’s Board of Directors, subject to presentation to and approval
from each company’s shareholders in the Shareholders Meeting each year. Dividend payment is made
from the subsidiary company’s net profit, referenced against the Company’s non-consolidated financial
statements, after deducting taxes, legal reserves and other obligations of loan agreement conditions.
However, dividend payment may be adjusted depending on the subsidiary company’s performance,
cash flow, investment requirements, conditions and limitations established in loan agreements and other
appropriate factors that may arise in the future. The subsidiary company’s Board of Directors is authorized
to make interim dividend payments and will report said payments in the subsequent Shareholders Meeting.
The Company’s Board of Directors Meeting no. 2/2018, held on 26 February 2018, passed
a resolution to propose to the Annual General Meeting of Shareholders, to be held on 23 April 2018,
dividend payment for 2017 at the rate of 0.40 Thai baht per share, equivalent to 853.32 million Thai baht
in total.
Analysis of Operational performance

and financial position
Overview
The Company is a holding company with a portfolio Gulf Solar, a subsidiary in which the Company holds
of electricity, steam and chilled water generating 74.99%. The projects have a total installed power
projects and other related businesses. It is currently generation capacity of 598.3 KW, or 448.6 KW on
one of Thailand’s largest private power producers. an equity basis. It also has a wholly-owned 25 MW
At present, the Company invests in key subsidiaries, biomass project, GCG, which is preparing for or
associate and joint venture as follows. under construction.
The Company holds 70.0% in GMP, a subsidiary, Furthermore, the Company holds 40.0% in
which invests in 12 gas-fired SPPs with a total GJP, an associate, after the Company increased its
installed power generation capacity of 1,563.4 MW shareholding in GJP from 10.0% to 40.0% on August
and a total installed steam generation capacity of 15, 2016 through acquiring the stake from JPHT,
225.0 TPH, or 991.4 MW and 129.5 TPH, respectively, a subsidiary of J-Power, for 14,398.6 million baht.
on an equity basis. For the year ended December 31, The Company recorded the investment in GJP using
2017, 4 power projects under GMP, namely the GVTP, equity method and recognized share of profit and loss
GTS1, GTS2 and GTS3 power projects, commenced from an associate proportionately in the Company’s
commercial operations with a total installed power consolidated statements of comprehensive income.
generation capacity of 534.9 MW and a total installed The share of profit from GJP had a significant
steam capacity of 105 TPH. GMP’s 8 power projects impact on the Company’s performance in previous
in construction phase will gradually commence years as the power projects under subsidiaries just
commercial operations; 4 power projects with a total commenced commercial operations in 2017. GJP
installed power and steam generation capacity of invests in 2 gas-fired IPPs with a total installed power
510.0 MW and 65 TPH, respectively, to commence generation capacity of 3,405.6 MW and 7 gas-fired
commercial operations in 2018, and another 4 projects SPPs with a total installed power generation capacity
with a total installed power and steam generation of 831 MW, a total installed steam generation capacity
capacity of 518.6 MW and 55 TPH, respectively, to of 92 TPH and a total installed chilled water
commence commercial operations in 2019. generation capacity 7,800 RT, or 1,682.3 MW, 36
The Company holds 70.0% in IPD, a subsidiary, TPH and 2,659.8 RT, respectively, on an equity basis.
after the Company increased its shareholding in Upon commencing commercial operations of
IPD from 51.0% to 70.0% on November 13, 2017, all projects mentioned above, the Group will have a
through a capital increase at par value (the Company total installed power generation capacity of 11,125.6
acquired all the new shares issued by IPD). IPD MW, or 6,329.2 MW on an equity basis.
invests in 2 gas-fired IPPs with a total installed power Apart from the investments mentioned above,
generation capacity of 5,300 MW, or 3,710 MW on an the Company invests in other power generating
equity basis. At present, the projects are preparing companies through a wholly-owned subsidiary Gulf
for or under construction. HK. Gulf HK holds 9.09% in SPCG, one of the largest
In addition to gas-fired power projects, the generators and distributors of solar power in Thailand,
Company has 4 rooftop solar VSPPs operating under and holds 0.46% in EDL-Gen, a generator and
distributor of electric power in Laos. It also invests or cash flow of hedge instruments subtracted by
in Gulf WHA MT, a joint venture which is developing change in fair value or cash flow of hedged items.
2 gas distribution projects serving industrial users The effective portion will be recognized as change
in industrial estates owned by the WHA Group. in value of cash flow hedges, a separate item in the
The projects are under construction and expected consolidated statements of comprehensive income.
to commence commercial operations in 2018 and The ineffective portion will be recognized as gain
2019. As of January 26, 2018, MITG partnered in Gulf or loss immediately. Moreover, the Company has
WHA MT, resulting in a decrease in the Company’s applied TFRIC 4 “Determining whether an arrangement
shareholding in Gulf WHA MT from 49.0% to 35.0%. contains a lease.”, which affects 2 IPPs under GJP.
With regards to the Company’s critical accounting Key changes in the accounting recording include
policies, the Company has been in compliance (1) Change in revenue recognition from availability
with Thai Financial Reporting Standards and payment received from EGAT to income from financial
selected to apply hedge accounting for only its lease and amortization of financial lease receivables,
currency forward contracts, which mitigate cash (2) change in asset recording from property, plant
flow risk. The financial derivatives will be recorded and equipment to financial lease receivables without
at fair value as of an entering date and recognized recording depreciation as an expense; however,
changes in the fair value of the financial derivatives fuel cost and other operating expenses, including
as gain or loss in proportion of effectiveness of the depreciation of assets incurred subsequently, will
financial derivatives, which is change in fair value be recorded using the conventional method.
Financial Performance Comparison Year 2016 and Year 2017

Unit: million baht
6,000
4,350
4,000 3,982
3,451
2,912
2,000 1,437
241 253 418

0
Total Revenues Profit sharing NET Profit before gain Net Profit distribute to owner
from associateand JV from Fx
year 2016 year 2017
The Company began generating significant of profit from its associate, GJP, as 2016 marked the
earnings from its power business in 2016, in which first year that all power projects under GJP opened
most of the Group’s earnings came from the share for commercial operation through the entire year.
Prior to August 15, 2016, the Company recognized electricity sales through Gulf Solar only.
the profit from GJP in an equity interest of 10.0%, 2) Share of profit from an associate markedly
while from August 15, 2016 onwards, the Company increased as 2017 was the first year that the Group
recognized the profit from GJP in an equity interest recognized the profit from GJP in an equity interest of
of 40.0%, resulting in a significant increase in the 40.0% for the entire year. The power projects under
Group’s share of profit recognition. In addition, 2017 GJP also witnessed an overall increase in availability
was the first year that the Group began recognizing factor and better heat rate, resulting from an increase
revenue from electricity and steam sales as four in electricity sold to EGAT and industrial users and
power projects under GMP commenced commercial plant reliability. In addition, GJP recognized gains on
operations. Consequently, in 2017, the Group posted exchange rate.
a profit attributable to owners of the parent of 3,451.4 3) The Group made additional gains on exchange
million baht, compared to 417.6 million baht in 2016, rate resulting from appreciation of Thai Baht against
a 726.6% increase. The substantial increase in the the U.S. dollar. The majority of the gains on exchange
profit is a result of the followings: rate resulted from revaluation of the liabilities at
1) In 2017, the Company generated higher the prevailing exchange rate as at the end of the
revenue from sales of electricity and steam through accounting period. As the subsidiaries under
four power projects under GMP, namely the GVTP, GMP and GJP incurred borrowings denominated
GTS1, GTS2 and GTS3 power projects, which in the U.S. dollar, effects from changes in the
commenced commercial operations in May, July, exchange rate must be recognized as gains/losses
September and November, 2017, respectively, on exchange rate.
while in 2016 the Company generated revenue from
Analysis of the Results of Operations for the Year Ended December 31, 2017
The following table compares the revenue structure for the years ended December 31, 2016 and 2017.
For the years ended December 31

2017 2016 Change
M. Baht % M. Baht % M. Baht %
Revenue from electricity sold to EGAT and PEA 3,050.0 70.1 5.3 2.2 3,044.7 57,509.6
Revenue from electricity sold to industrial users 931.0 21.4 - 0.0 931.0 N.A.
Revenue from steam sold to industrial users 97.4 2.2 - 0.0 97.5 N.A.
Revenue from management fee 272.0 6.3 235.7 97.8 36.3 15.4
Total 4,350.4 100.0 241.0 100.0
The following table shows the volume of electricity and steam sold by the SPPs under the subsidiary GMP
for the year ended December 31, 2017.
Volume of electricity sold Volume of steam sold

Power Commercial operation (Gigawatt-hour) (Ton)
project date EGAT Industrial user Industrial user
GVTP May 16, 2017 408.1 89.5 8,469.0
GTS1 July 8, 2017 315.5 96.8 67,764.4
GTS2 September 1, 2017 218.5 61.9 41,355.6
GTS3 November 1, 2017 106.2 21.1 2,689.9
Total 1,048.3 269.3 120,278.8
Revenue from sales

Revenue from sales in 2017 was 4,078.4 million baht, an increase of 4,073.1 million baht due to the
commencement of commercial operations and revenue recognition from sales of electricity to EGAT and
from sales of electricity and steam to industrial users of four power projects under GMP, namely the GVTP,
GTS1, GTS2 and GTS3 power projects.
54 MB 34 MB 2 MB
4% 4% 1%
304 MB 304 MB 201 MB 86 MB
20% 26% 23% 22%
GVTP GTS1 GTS2 GTS3
1,189 MB 916 MB 632 MB 306 MB

79% 70% 73% 78%
Revenue from management fee

Revenue from management fee in 2017 was 272.0 million baht, an increase of 36.3 million baht or
15.4% as in 2017, the Company and
Revenue from electricity sold toGJP
EGAT agreed to restructure
Revenue from electricity sold to industrial userstheir Secondment
Revenue Agreement
from steam sold to industrial users by entering
into another agreement, the Major Maintenance Service Agreement for the power projects under GJP,
resulting in an increase in the management fee.
The following table compares the cost of sales and services for the years ended December 31, 2016 and 2017.

2017 2016 Change
M. Baht % M. Baht % M. Baht %
Cost of sales 3,096.9 94.2 2.6 1.1 3,094.3 119,260.2
Cost of management fee 189.3 5.8 232.4 98.9 (43.1) (18.6)
Total 3,286.2 100.0 235.0 100.0 3,051.2 1,298.0
Cost of sales and services

Cost of sales and services in 2017 was 3,286.2 administrative expenses for the power projects.
million baht, an increase of 3,051.2 million baht, The Company also incurred expenses from the IPO
due to an increase in cost of sales of electricity and and the listing on the SET, of which a portion was
steam, resulting from four power projects under recognized by subtracting the share premium and
GMP commencing commercial operations. 76.3% the remaining 64.1 million baht was recognized as
of the total cost of electricity and steam sales came an expense in the statements of comprehensive
from fuel cost, in which the SPPs’ annual average income.
gas price was 235.0 baht per MMBTU.
Cost of management fee, which was the cost of Share of net profit from an associate and a joint
management services for GJP, in 2017 was 189.3 venture
million baht, a decrease from 232.4 million baht in Share of net profit from an associate and a joint
2016. The decrease was caused by the Company’s venture, including adjustment for the application
ability to allocate personnel of the management of TFRIC 4, in 2017 was 3,981.7 million baht, an
services for GJP more efficiently, resulting in a lower increase of 2,545.1 million baht or 177.2%. The
cost of management services for GJP. significant increase is a result of the share of profit
from GJP in 2017 amounting to 3,984.7 million baht,
Gross profit compared to 1,436.6 million baht in 2016. This
Gross profit in 2017 was 1,064.2 million baht, increase was partly because 2017 was the first year
an increase of 1,058.3 million baht, a result of the that the Company recognized the profit from GJP in
increase in revenue from sales resulting from the an equity interest of 40.0% for the entire year. The
commencement of commercial operations and power projects under GJP also witnessed an overall
revenue recognition from sales of electricity and increase in availability factor and better heat rate,
steam of four power projects under GMP. resulting from an increase in electricity sold to EGAT
and industrial users and plant reliability. In addition,
Administrative expenses GJP recognized higher gains on exchange rate in
Administrative expenses in 2017 was 957.4 2017, compared to 2016. The remainder of the share
million baht, an increase of 363.7 million baht or of net profit was the share of loss from Gulf WHA MT
61.3% due primarily to gradual commencement of amounting to 3.0 million baht as projects under the
the construction phase of twelve power projects joint venture were under construction or preparing
under GMP in 2017, resulting in an increase in for construction.
The following table compares GJP’s volume of electricity, steam and chilled water sold by the IPPs and
SPPs under the associate GJP for the years ended December 31, 2016 and 2017.

2017 2016
IPPs
Volume of electricity sold (gigawatt-hour)
GNS 6,208.5 4,524.7
GUT 4,139.6 4,925.4
Total 10,348.0 9,450.1
SPPs
Volume of electricity sold to EGAT (gigawatt-hour) 4,521.7 4,296.8
Volume of electricity sold to industrial users (gigawatt-hour) 937.7 933.1
Volume of steam sold (ton) 285,849.8 257,593.5
Volume of chilled water (refrigeration ton) 29,039,291.0 24,784,881.1
Finance costs
Finance costs in 2017 was 1,427.7 million baht, the increase in gross profit from the commencement
an increase of 635.4 million baht or 80.2%. The of commercial operations of power projects under
increase was attributable to: GMP in 2017.
- An increase in the Company’s interest-bearing
debts after the acquisition of a 30.0% stake in GJP Gains (losses) on exchange rate
in August 2016, resulting in higher finance costs of Gains on exchange rate in 2017 was 994.9 million
286.2 million baht baht, while the Group incurred losses on exchange
- The commencement of commercial operations rate in 2016 of 32.0 million baht, resulting from
of four power projects under GJP in 2017 leading appreciation of Thai Baht against the U.S. dollar and
to the change of recognizing finance costs in the an increase in borrowings denominated in the U.S.
statements of comprehensive income instead of dollar in 2017 to finance construction costs and
capitalizing them as part of capital cost for power expenses of the power projects.
projects under construction, resulting in an increase
of finance costs by 358.5 million baht Profit for the period and profit attributable to owners
of the parent
Profit before effects from exchange rate Profit for the period in 2017 was 3,906.9 million
Profit before effects from exchange rate in 2017 baht, an increase of 3,686.3 million baht, of which
was 2,912.1 million baht, an increase of 2,659.4 the amount attributable to owners of the parent was
million baht. The majority of the increase was partly 3,451.4 million baht, an increase of 3.033.9 million
from the increase in the share of profit from GJP and baht or 726.6%.
Analysis of the Financial Position as of December 31, 2017

Assets
Total assets as of December 31, 2017 was 100,651.9 million baht, an increase of 40,836.3 million baht
or 68.3%. The increase was attributable to the following factors:
- An increase in cash and cash equivalents of 17,461.1 million baht, mainly from net proceeds of the IPO
- An increase in property, plant and equipment, net of 20,634.2 million baht, due to ongoing
construction of GMP’s power projects as planned.
Liabilities
Total liabilities as of December 31, 2017 was 61,303.7 million baht, an increase of 5,270.5 million baht
or 9.4%. The increase was primarily due to the drawdown of long-term loans by the twelve SPPs under GMP
to finance construction costs and expenses of the power projects amounting to 15,888.6 million baht. Also,
the Company repaid debenture and bills of exchange during the year amounting to 12,500.0 million baht.
The following table shows the maturity profile of long-term borrowings as of December 31, 2017.
Long-term borrowings
Due date THB USD
(M. Baht) (M. US$)
Company IPD GMP Gulf Solar รวม GMP
Within 1 year - 1,200.0 923.6 2.5 2,126.2 10.5
1 – 5 years 7,000.0 1,083.1 6,444.9 11.0 14,539.0 70.5
Over 5 years - - 27,621.8 11.1 27,632.9 302.1
Total 7,000,0 2,283.1 34,990.3 24.6 44,298.0 383.0
Equity
Total equity as of December 31, 2017 was 39,348.2 million baht, an increase of 35,565.8 million baht,
of which the amount attributable to owners of the parent was 34,564.8 million baht, an increase of 32,243.8
million baht. The increase was primarily due to an increase in capital surplus from the IPO in November 2017.
After the IPO, debt to equity reduced substantially from 14.8 times as of December 31, 2016 to 1.6 times as
of December 31, 2017. A huge improvement in the leverage ratio demonstrates the Company’s robust
financial position and accommodates the Company’s future sustainable growth.
Related Party Transactions

The Company and its subsidiaries have entered into related party transactions with persons or entities
who may have a conflict of interest as set out in Note 13 to the financial statements of the Company for the
year ended December 31, 2017, the details of which can be summarized as follows:
1. Related party transactions of the Company and its subsidiaries with persons or entities who may have
a conflict of interest of the Company
Size of the transaction
Characteristics
Persons or entities who may for the year ended Necessity and appropriateness of
of the transac-
have a conflict of interest December 31, 2017 the transaction
tion
(Baht)
Pomodoro Group Co., Ltd. • Service expenses 1,575,781.93 The Company and its subsidiaries purchased food and
Relation to the Company • Other payables 186,716.60 beverages from Pomodoro Group Co., Ltd. The price
Mr. Sarath Ratanavadi as and payment conditions were in accordance with the
common major shareholder price and payment conditions which Pomodoro applied
to third parties.
In addition, the Company and its subsidiaries used
catering services from Pomodoro Group Co., Ltd. The
price and payment conditions were comparable to the
price and payment conditizons which the Company
procured from other service providers
Amata Spring Development • Entertainment 389,182.14 The Company paid Amata Spring Development Co.,
Co., Ltd. expenses Ltd. entertainment expenses for organizing receptions
Relation with the Company • Membership fees 36,416.82 for its customers and annual golf course membership
Mr. Sarath Ratanavadi as fees to support its customer reception events. The
Common major shareholder price and payment conditions were in accordance with
the price and payment conditions which Amata Spring
Development Co., Ltd. applied to third parties.
2. Material related party transactions of the Company and its subsidiaries with persons or entities who
may have a conflict of interest of the subsidiaries
Persons or entities who Size of the transaction

may have a conflict of Characteristics of for the year ended Necessity and appropriateness of
interest of the subsid- the transaction December 31, 2017 the transaction
iaries (Baht)
Group of Mitsui & Co., Ltd • Management fees 4,200,000 GMP paid management fees for advice in relation to
Relation to the Subsidiaries business operation and engineering service procurement
Shareholder of GMP and and provision from the Group of Mitsui & Co., Ltd
IPD, subsidiaries pursuant to a management service agreement entered
into between GMP and MIT-Power Capitals (Thailand)
Limited
Size of the transaction

Persons or entities who
Characteristics of the for the year ended Necessity and appropriateness of
may have a conflict of
transaction December 31, 2017 the transaction
interest of the subsidiaries
(Baht)
• Interest expenses 22,282,783.56 The Group of Mitsui & Co., Ltd provided a short-term loan to
on loan IPD in accordance with its shareholding proportion for IPD’s
business operations. However, IPD has completely repaid the
short-term loan, including the accrued interest, in 2017.
• Finance costs 21,074,529.01 SPPs under GMP and IPPs under IPD have incurred
• Construction 347,661,629.83 guarantee fees payable to the Group of Mitsui & Co., Ltd
in progress which are recorded as finance costs and construction in
• Accrued expenses 353,931,207.56 progress, as Mitsui & Co., Ltd. guaranteed against SPPs
under GMP’s obligations under the relevant facility
agreements and against IPPs under IPD’s obligations
under the relevant facility agreement swith financial
institutions pursuant to its shareholding proportion in such
power projects, which is in accordance with the provisions
of the shareholders’ agreements.
Group of Hemaraj Land and • Cost of sales 46,134,967.22 SPPs under GMP used public utility and incurred
Development Public • Administrative 18,010,471.83 rental fees and expenses for right of way, which are
Company Limited expenses recorded as cost of sales and administrative expenses,
Relation to the Subsidiaries • Account payables 11,629,941.71 payable to the Group of Hemaraj Land and Development
Shareholder of 6 subsidiaries • Other payables 1,381,771.96 Public Company Limited. Such expenses were in accordance
of GMP • Accrued expenses 12,283,068.66 with the rates that the Group of Hemaraj Land and
Development Public Company Limited applied to other
operators in the industrial estates.
Guaranty and mortgage

Offers of guaranty and collateral
A summary of the transactions related to offers of guaranty and collateral between the Company (or its
subsidiaries) and persons who may have conflict of interest with the Company as of December 31, 2017
is set out below.
As of December 31, 2017
Offeror of Details of the Total credit Utilized
guaranty / Offeree relevant credit line credit line Details of collaterals
collateral facilities (THB) (Million THB) (Million THB)
Mr. Sarath GSRC Long-term loan facilities 1,200.0 1,200.0 • Mr. Sarath Ratanavadi pledged 210.8 million
Ratanavadi of 1,200.0 million shares at a par value of 5.0 baht per share Company
Guarantee letter facili- 1,250.0 1,250.0 each as collateal against GPD’s and GSRC’s
ties of 1,250.0 million obligations under the long-term loan and the letter
of guarantee facilities in which the facilities providers
GPD Long-term loan facilities 1,100.0 1,083.11 will release the pledge over such shares upon listing
of 1,100.0 million of the Company’s shares on the Stock Exchange
of Thailand.
Guarantee letter facili- 1,250.0 1,250.0
ties of 1,250.0 million • As of December 31, 2017, the abovementioned
pledge was in the process of being released, and
was subsequently completed on February 23, 2018.
The Company Long-term loan and 15,000.0 7,000.0 • Mr. Sarath Ratanavadi has pledged the
letter of guarantee Company’s shares in the number of 480.0 million
facilities and bill of shares at par value of THB 5.0 each in which the
exchange aval facilities facilities providers will release the pledge over such
of 15,000 million shares upon listing of the Company’s shares on the
Stock Exchange of Thailand.
• As of December 31, 2017, the release of the
abovementioned pledge was in the process, and
was subsequently completed on January 9, 2018.
Note: 1 The borrower did not draw down an outstanding balance of the facilities, because it has completed the land acquisition
with the loan amount.
Necessity and appropriateness of Related Party the general trading conditions with the same
Transactions characteristics as those entered into by a person
The related party transactions of the Company of ordinary prudence under the same situation
and its subsidiaries in the fiscal year ended December on his own interest and capable of negotiating
31, 2017 are the transactions entered into by without being subject to any influence from the other
relevant parties for the ordinary course of businesses parties who may have a conflict of interest (Arm’s
of the Company and its subsidiaries which contain Length Basis).
Approval Procedure or Steps for Entry into Related various conditions in accordance with the ordinary
Party Transactions course of business in the industry and comparisons
Entry into any related party transactions or connected to the market price or the price of the third
transactions by the Company and its subsidiaries parties. In the case where the Audit Committee
must be in accordance with the Securities and has no expertise in considering and opining
Exchange Act, the Notification of the Capital Market on any potential related party transactions, the
Supervisory Board No. TorChor. 21/2551 regarding Company will procure an independent expert or the
Rules on Connected Transactions, as amended, auditor of the Company to give the opinion on such
and the Notification of the Board of Governors of the related party transactions to be proposed to the Board
Stock Exchange of Thailand regarding Disclosure of Directors, the Audit Committee or the shareholders
of Information and Other Acts of Listed Companies (as the case may be) for consideration in deciding to
Concerning the Connected Transactions, as amended, enter into such related party transaction in which the
including the relevant regulations of the Office of the director or the shareholder (as the case may be)
Securities and Exchange Commission and the Stock who has a conflict of interest in any transaction shall
Exchange of Thailand. Such entry into any related party have no right to vote on the agenda in relation to such
transactions or connected transactions by the transactions. The details of such transactions will also
Company and its subsidiaries must also be in be disclosed in the notes to the financial statements
compliance with rules prescribed by the Federation of the Company audited or reviewed by the Company.
of Accounting Professions on disclosure of related
party transactions in the notes to the financial Trend for Future Related Party Transactions
statements audited by the auditor of the Company and It is expected that the Company and its
relevant rules on disclosure of the same in Form 56-1. subsidiaries may enter into related party
In cases where the Company is required under transactions with persons or entities who may have
applicable laws to obtain an approval from the Board a conflict of interest with the Company in the future
of Directors’ meeting or the shareholders’ meeting for supporting the ordinary course of business. Such
prior to entering into any connected transaction, related party transactions will have price and general
the Audit Committee will be required to review conditions is similar to those of transactions with
and give its opinion on said transaction. The Audit third parties. The Company will comply with the
Committee’s opinion will then be proposed to requirements of the Securities and Exchange Act, the
the Board of Directors’ meeting or the shareholders’ Notification of the Capital Market Supervisory Board
meeting (as the case may be) for consideration so No. TorChor. 21/2551 regarding Rules on Connected
as to ensure that entry into the transaction is in the Transactions, as amended, and the Notification of
best interest of the Company. the Board of Governors of the Stock Exchange of
The Audit Committee shall give its opinion on Thailand regarding Disclosure of Information and
the necessity of the related party transactions of Other Acts of Listed Companies Concerning the
the Company and its subsidiaries with persons who Connected Transactions, as amended, including the
have a conflict of interest or may have a conflict of relevant regulations of the Office of the Securities
interest in the future and the appropriateness of the and Exchange Commission and the Stock Exchange
price for such transactions by taking into account of Thailand.
Company Information
and Other Material Information
Company Information
Company name : Gulf Energy Development Public Company Limited
Company registration number : 0107560000231
Type of business : Holding company investing in a portfolio of electricity, steam and
chilled water generating projects and other related businesses
Head Office : 87 M. Thai Tower, All Seasons Place, 11th Floor Wireless Road,
Lumpini Sub-District Pathumwan District, Bangkok 10330
Telephone : 02-080-4499
Fax : 02-080-4455
Website : www.gulf.co.th
Registered capital : 10,666,500,000 baht
Paid-up capital : 10,666,500,000 baht
Type and number of total shares : 2,133,300,000 ordinary shares
Total issued and paid-up shares : 2,133,300,000 shares
Par value : 5.0 baht
Corporate Secretary
Telephone : 0-2080-4070
Fax : 02-080-4455
E-mail : [email protected]
Investor Relations
Telephone : 0-2080-4488
Fax : 02-080-4455
E-mail : [email protected]
Other References
1. Registrar
Thailand Securities Depository Co., Ltd.
Address : 93 The Stock Exchange of Thailand Building Ratchadaphisek Road,
Dindaeng Sub-District, Dindaeng District, Bangkok 10400
Telephone : 02-009-9000
Fax : 02-009-9991
Website : www.set.or.th/tsd
2. Auditor
PricewaterhouseCoopers ABAS Ltd.
Address : 179/74-80 15th Floor, Bangkok City Tower South Sathorn Road,
Tungmahamek Sub-District Sathorn District, Bangkok 10120
Telephone : 02-344-1000
Fax : 02-286-5050
Website : www.pwc.com
3. Financial Advisors
Kasikorn Securities Public Company Limited
Address : 400/22 Kasikornbank Building, 1st, 3rd, 11th and 19th Floors
Phahon Yothin Road, Samsen-Nai Sub-District,
Phaya Thai District, Bangkok 10400
Telephone : 02-696-0000
Fax : 02-696-0099
Website : www.kasikornsecurities.com
Siam Commercial Bank Public Company Limited

Address : 9 Ratchadapisek Road Jatujak Sub-District, Jatujak District,
Bangkok 10900
Telephone : 02-544-1000
Fax : 02-544-2185
Website : www.scb.co.th
Bualuang Securities Public Company Limited

Address : 191 Silom Complex Building, 10th, 12th, 19th, 23rd, 29th-32nd Floors,
Silom Road, Silom Sub-District, Bangrak District, Bangkok 10500
Telephone : 02-618-1000
Fax : 02-618-1469
Website : www.bualuang.co.th
Management Structure
As of December 31, 2017, the Company’s management structure consists of the Board of Directors,
the Audit Committee and the executives. The details of which are as follows:
Board of Directors Company Secretary
Audit Committee Chief Executive Officer Corporate Secretary
Office of the Chief

Internal Audit Executive Officer
President
Senior Executive Senior Executive Senior Executive Senior Executive

Vice President Vice President Vice President Vice President
Business Project Development Investor Relations Finance and Corporate Affairs

Development Group Group Accounting Group Group
Corporate
Engineering Group Management
Corpoate Legal
Asset Management Corporate Planning
Group Human Resources
Community Relations Corporate

Communications & Corporate Services
Corporate Branding Center
Corporate Environment
Health & Safety Information
Management Technology
1. Board of Directors and Sub-Committee

1.1 Board of Directors and Meetings
As of December 31, 2017, the Board of Directors of the Company comprises of 10 directors,
and there were 10 meetings of the Board of Directors in the year 2017. The details of which are as follows:
Number of Meetings
attended
Director Position from January 1 -
December 31, 2017
1. Mr. Viset Choopiban* Chairman of the Board of Directors and Independent Independent 9/10
2. Mr. Kasem Snidvongs* Director and Chairman of Audit Committee 8/10
3. Mr. Sommai Phasee** Independent Director and Audit Committee Member 3/3
4. Dr. Raweporn Kuhirun Independent Director and Audit Committee Member 10/10
5. Mr. Vinit Tangnoi Independent Director and Audit Committee Member 10/10
6. Mr. Santi Boonprakub Independent Director 10/10
7. Mr. Sarath Ratanavadi* Director 9/10
8. Mrs. Porntipa Chinvetkitvanit Director 10/10
9. Mr. Boonchai Thirati Director 10/10
10. Mrs. Chotikul Sookpiromkasem* 9/10
Note: * The director was absented from the relevant meeting(s) due to prior scheduled commitment.
** Mr. Sommai Phasee was appointed by resolution of the Company’s Extraordinary Shareholders’ Meeting No. 3/2017 dated
September 14, 2017 to be an Independent Director and a Audit Committee member
Members of the Board of Directors

The Company’s Board of Directors comprises of sophisticated individuals who possess various
qualifications, including skills, experience and specialized expertise, which are beneficial to
the Company’s operation. The Board of Directors of the Company is formed of six non-executive directors
and four executive directors.
There are six Independent Directors, namely Mr. Viset Choopiban, Mr. Kasem Snidvongs, Mr. Sommai
Phasee, Dr. Raweporn Kuhirun, Mr. Vinit Tangnoi and Mr. Santi Boonprakub, in the Board of Directors
amounting to more than half of the total number of directors in the Company. All of the Independent
Directors have all qualifications as required by the Company’s rule on qualifications of Independent
Director in accordance with the requirements of the Capital Market Advisory Board.
Authorized Directors
Authorized directors of the Company are Mr. Sarath Ratanavadi or Mrs. Porntipa Chinvetkitvanit or
Mr. Boonchai Thirati or Mrs. Chotikul Sookpiromkasem, any two directors of these four directors
sign together with the Company’s seal affixed.
1.2 Audit Committee and Meetings

As of December 31, 2017, the Audit Committee of the Company comprises of 4 members, and there
were 7 meetings of the Audit Committee in the year 2017. The details of which are as follows:
Director Position Number of Meetings attended from

January 1- December 31, 2017
1. Mr. Kasem Snidvongs* Chairman of Audit Committee 6/7
2. Mr. Sommai Phasee** Audit Committee Member 2/2
3. Dr. Raweporn Kuhirun** Audit Committee Member 7/7
4. Mr. Vinit Tangnoi Audit Committee Member 7/7
Note: * The director was absented from the relevant meeting due to prior scheduled commitment.
** Mr. Sommai Phasee and Dr. Raweporn Kuhirun are the directors who have the requisite experience and knowledge to review financial
statements of the Company.
The Audit Committee appointed Miss Chotiros Likitcharoenpanich, Senior Vice President - Internal
Audit, as the secretary of the Audit Committee.
2. Executives
As of December 31, 2017, the executives of the Company are as follows:
Executive Position
1. Mr. Sarath Ratanavadi Chief Executive Officer
2. Mrs. Porntipa Chinvetkitvanit President
3. Mr. Boonchai Thirati Senior Executive Vice President
4. Mr. Ratthaphol Cheunsomchit Senior Executive Vice President
5. Ms. Yupapin Wangviwat Senior Executive Vice President
6. Ms. Bung-on Suttipattanakit Senior Executive Vice President andChief Financial Officer
7. Mrs. Sukanya Woragullattanee Senior Vice President – Accounting and Budgeting
3. Company Secretary
Ms. Chattawan Jaijakul was appointed by the resolution of the Board of Directors as the Company
Secretary whose duties and responsibilities are to prepare and keep documents of the Company as
required under the applicable laws; to keep reports on the interests reported by the directors and executives;
to provide advices in relation to rules and regulations that the Board of Directors and the executives should
be aware of; to prepare and organize orientation to the newly appointed director; to monitor and coordinate
in order for the Company to comply with the laws, the Company's Articles of Association and rules, and
the resolutions of the Board of Directors and shareholders’ meetings, including the corporate governance
policy and code of conduct; and to perform other acts as prescribed by the Securities and Exchange Act
and the Capital Market Supervisory Board.
4. Remuneration of the Directors and the Executives

The Company has policies to pay remuneration to its directors and executives at appropriate rates in
accordance with their duties, responsibilities and experience. Such rates are considered based on those
of the companies in the same industry, revenue level, value of securities according to market value during
the same period and results of operation of the Company.
4.1 Remuneration of the Directors

4.1.1) Monetary Remuneration
The Company’s Annual General Meeting of Shareholders for the Year 2017 dated April 28, 2017 and
the Extraordinary Shareholders’ Meeting No. 2/2017 dated May 18, 2017 were resolved to approve the fixing
of remuneration of the directors and the Audit Committee members for the year 2017 in form of monthly
salary without meeting allowance as follows:
Board of Directors* Audit Committee

(Baht / Month) (Baht / Month)
Chairman 100,000 30,000
Director 65,000 20,000
Note: * The Company pays remuneration only to non-executive directors.
The following table sets forth monetary remuneration of the directors and the audit committee members
for the fiscal year ended December 31, 2017.
Monthly Remuneration (Baht)
from January 1 – December 31, 2017
Name
Director Audit Committee
Member Total
1. Mr. Viset Choopiban 1,200,000 - 1,200,000
2. Mr. Kasem Snidvongs 780,000 270,000 1,050,000
3. Mr. Sommai Phasee 231,833 71,333 303,166
4. Dr. Raweporn Kuhirun 780,000 180,000 960,000
5. Mr. Vinit Tangnoi 780,000 180,000 960,000
6. Mr. Santi Boonprakub 780,000 - 780,000
7. Mr. Sarath Ratanavadi - - -
8. Mrs. Porntipa Chinvetkitvanit - - -
9. Mr. Boonchai Thirati - - -
10. Mrs. Chotikul Sookpiromkasem - - -
Note: The Company commenced remuneration payment to the Audit Committee from April 2017 pursuant to the resolution of the Company’s
Annual General Meeting of Shareholders for the Year 2017 held on April 28, 2017.
4.1.2) Other Remuneration

In November 2017, the Company had allocated the newly issued shares to the directors (exclusive of
executive directors) in the amount up to 800,000 shares or equivalent to 0.038 percent of the total issued
shares in the Company, which are allocated from the newly issued shares for the initial public offering
(IPO). Such shares were offered to the directors in the IPO of the Company at the IPO offering price,
and the offering process were completed.
4.2 Remuneration of the Executives

4.2.1) Monetary Remuneration
As of December 31, 2017, the Company paid remuneration to its executives, exclusive of finance and
accounting manager in the form of monthly salary, annual bonus and provident fund in total of Baht 93.48
million.
4.2.2) Other Remuneration
In November 2017, the Company had allocated the newly issued shares to the executives (exclusive
of finance and accounting manager and an executive who was a shareholder of the Company prior to the
IPO) in the amount up to 1,724,700 shares or equivalent to 0.08 percent of the total issued shares in the
Company, which are allocated from the newly issued shares for the IPO. Such shares were offered to the
executives in the IPO of the Company at the IPO offering price, and the offering process were completed.
5. Subsidiaries Engaging in Core Business

As of December 31, 2017, directors and executives of subsidiaries that engage in core business
appointed by the Company are as follows:
Ms. Theerathiphisa Tawichpasoot

Director/ Executive
Mr. Ratthaphol Cheunsomchit

Mrs. Porntipa Chinvetkitvanit
Ms. Yupapin Wangviwat
Mr. Tanon Tantisunthorn

Mr. Ravi Kurmarohita
Mr. Kochai Likitanusit
Mr. Jirapat Archalaka

Mr. Boonchai Thiratiิ
Abbreviation
Company of Company
Independent Power Development Grou p

- Independent Power Development Company Limited (1) IPD X /
- Gulf PD Company Limited (2) GSRC X /
- Gulf PD Company Limited (2) GPD X /
Gulf MP Group
- Gulf MP Company Limited (1) GMP X / / / /
- Gulf VTP Company Limited GVTP X, /, // /, // // /, // / /
- Gulf TS1 Company Limited GTS1 X, /, // /, // // /, // / /
- Gulf TS4 Company Limited (2) GTS4 X / / / / /
- Gulf NC Company Limited (2) GNC X / /
- Gulf NPM Company Limited (2) GNPM X / /
- Gulf NRV1 Company Limited (2) GNRV1 X / /
- Gulf NRV2 Company Limited (2) GNRV2 X / /
- Gulf BL Company Limited (2) GBL X / / / / /
- Gulf BP Company Limited (2) GBP X / / / / /
- Gulf NLL2 Company Limited (2) GNLL2 X / / / / /
Gulf Solar Group
- Gulf Solar Company Limited (1) Gulf Solar X / / / / /
- Gulf Solar BV Company Limited Gulf Solar BV X, // /, // /, // / /, // /
- Gulf Solar KKS Company Limited Gulf Solar KKS X, // /, // /, // / /, // /
- Gulf Solar TS1 Company Limited Gulf Solar TS1 X, // /, // /, // / /, // /
- Gulf Solar TS2 Company Limited Gulf Solar TS2 X, // /, // /, // / /, // /
Other Subsidiaries
Gulf Chana Green Company Limited (2) GCG X / /
Note: Symbol X = Chairman / = Director  = Managing Director // = Executive
(1) A holding company that holds shares in other companies and does not operate its own power plant thus there is
no organizational structure.
(2) A company that is under construction/ preparation for construction hence there is no organizational structure.
6. Employees of the Company and Subsidiaries Engaging in Core Business

6.1 Number of Employees
As of December 31, 2017, total number of employees of the Company and subsidiaries were
570 employees, of which employees of subsidiaries were included in Asset Management Department.
The details of employees are as follows:
Number of Employees for the Period Ended

Department
as at December 31, 2017
Management and secretary 30
Business Development and Project Development 52
Finance and Accounting 59
Asset Management 308
Human Resources 18
Information Technology 15
Corporate Legal 6
Corporate Affairs 82
Total 570
6.2 Remuneration of Employees

For the period ended as at December 31, 2017, the Company and subsidiaries, which engage in core
business, paid remuneration to employees (exclusive of executives) totalling 712.9 million in the form
of monthly salary, annual bonus and other remuneration, i.e. overtime, shift allowance, risk allowance,
on call allowance, provident fund and other fixed incomes.
6.3 Employee Development Policy

The Company places high importance on developing the directors, executives and employees and
to that end, has set out guidelines based on the Good Corporate Governance Standards for Listed
Companies which can be summarized as follows:
6.3.1) Development Guidelines for Directors
(1) The Company will arrange for directors to attend professional development training programs relevant
to the responsibilities of the director to develop, support and promote the work of the Board of Directors
(2) The Company will disclose informational regarding the participation in training and development
programs of directors over the past year
(3) The Company encourages all directors to attend training programs and broaden their knowledge
on a regular basis in terms of performance of their duties as directors for the purposes of enabling
them to make a successful adaptation to potential changes in the business.
(4) The Company encourages all directors to broaden their knowledge in terms of performance of their
duties as directors for the purposes of enhancing their efficiency in discharging duties as directors.
(5) The Company will provide an orientation course for a new director and provide documents which aim
for assisting the director in discharging his/her duties as well as an induction into the Company’s businesses.
For the year ended as at December 31, 2017, the Company’s directors who have attended training
programs are as follows:
Director Position Training Programs in 2017 Training Period (Day)

1. Mr. Sarath Ratanavadi Director and Chief Executive Director Accreditation Program 1
Officer (DAP) Class 138/2017 held by Thai
Institute of Directors (IOD)
2. Mrs. Chotikul Sookpiromkasem Director Smart Disclosure Program held by 1
the Stock Exchange of Thailand
6.3.2) Development Guidelines for Executives

(1) The Company has set out the Managerial Competency as a basis for developing the Company’s
executives with an aim to equip them with skills, knowledge and capabilities to deliver successful work.
(2) The Company will provide training programs and other development courses as deemed appropriate
and in line with competency of each executive.
(3) The Company will provide an orientation course for new executives to enable them to successfully
adapt to new roles, responsibilities and expectations of the new position.
(4) The Company will encourage the executives in sharing work experiences among executives
and employees to create an environment of learning and development within the organization.
6.3.3) Development Guidelines for Employees

(1) The Company has set out the Functional Competency as a basis for developing the Company’s
employees in each relevant department with an aim to equip them with skills, knowledge and capabilities
to deliver successful work.
(2) The Company will provide development courses as deemed appropriate and in line with the
Functional Competency indicator.
(3) The Company will provide an orientation course for new employees to enable them to realize the
visions, values, Code of Conduct, policies and directions which the Company’s businesses will take.
(4) The Company requires every employee to prepare an annual Individual Development Plan (IDP) and
has established a process for consistent tracking of the employee’s development according to each IDP.
For the year ended as of December 31, 2017, an average training time of the executives and employees
of the Company and its subsidiaries which engage in core businesses is 24.4 hours per person.
7. Policy on Prevention of Conflict of Interest

The Company is aware of potential conflict of interest which may arise from conflicts between (a)
interest of the Company’s personnel, i.e. board of directors, executives, permanent employees, outsourced
employees, and their related person(s) and (b) interest of the Company’s group, customers or trading
partners. To effectively prevent potential conflict of interest, the Company has thus devised the policy
on prevention of conflict of interest to serve as a compliance guideline for the Company’s personnel which
can be summarized as follows:
(1) In making any business decision, each of the Company’s personnel must take the best interest
of the Company into consideration rather than his/her personal interest.
(2) In a meeting, if any of the Company’s personnel has interest in any agenda item, he/she must abstain
from casting a vote or refrain from attending the meeting while such agenda item is being discussed, and
must neither exploit nor utilize any information derived from such agenda item for his/her personal interest.
(3) The Company’s personnel must prepare a written report disclosing his/her direct or indirect interest,
and present the report in accordance with the criteria set out by the law.
(4) The Company’s directors are forbidden to operate a business of the same nature as and in
competition with that of the Company, or to enter to be a partner in an ordinary partnership or a partner of
unlimited liability in a limited partnership or a director of a private company or other company which
operates a business of the same nature as and in competition with that of the Company, unless the
meeting of shareholders had been notified prior to the appointment.
(5) The Company’s personnel must not take advantage of any internal information which he/she
has obtained in capacity of his/her position and responsibility.
(6) The Company’s personnel must not take up any position outside organization or non-for-profit
organization, unless he/she has notified or has been permitted by an authorized person in accordance
with the criteria set out by the Company.
(7) The Company’s personnel must not take any decision-making roles in recruiting new staff
who appears to be his/her related person, such that to allow transparency in the Company’s staff
recruitment process as well as fair treatment to all candidates with similar calibres.
(8) In entering into a connected transaction, the Company will apply the similar criteria used with
other regular customers to such connection transactions in terms of price and commercial conditions,
and a connected transaction classified as a financial assistance must also be made on fair terms and
conditions to provide the best benefits for the Company.
(9) In case of a transaction considered a connected transaction pursuant to the relevant notifications
of the Stock Exchange of Thailand, the Capital Market Supervisory Board and the Securities and Exchange
Commission, the Company’s personnel must strictly comply with rules set out by such notifications.
Corporate Governance
1. Corporate Governance Policy significance on the right of shareholders and
The Board of Directors adheres to and places shall refrain from taking any actions which would
importance on compliance with the corporate violate or deprive the shareholders of their right. The
governance principle, which forms part of the Company determines the policy to encourage and
fundamental management of the Company. facilitate shareholders in the following aspects.
In this light, the Board of Directors, the management (a) Shareholders’ Meeting
team, and employees all take into account their (1) The Company shall disclose the policy to
roles and responsibility to deliver systematic encourage all groups of shareholders to attend
management with transparency and efficiency so the meeting of shareholders
as to enhance the competitive edge and build (2) The Company shall arrange to provide
confidence for shareholders, investors, and all information on date, time, venue and agenda in a form
related parties, with reference to the corporate of invitation letter or attachments containing clarification
governance principle of listed companies stipulated and rationale for each agenda and proposed resolution;
by the Stock Exchange of Thailand (SET), which are and it shall refrain from taking any actions, which would
divided into five sections as described below. restrain the opportunity of shareholders to study the
information of the Company.
1.1 Shareholders’ Rights (3) The Company shall encourage shareholders
The Board of Directors is obligated to support, to exercise their right to attend the meeting and cast
promote, and facilitate all shareholders whom will be their vote. In case where any shareholders could not
provided with their basic legal rights by means and attend the meeting in person, the Company provides
standards, which are generally acceptable, transparent, an opportunity for such shareholder to appoint the
and fair. They are entitled to equitable treatment such Company’ independent directors or any person by
as the right to purchase, sell, or transfer shares, the proxy to attend the meeting on his/her behalf.
right to participate in meetings of shareholders as (4) The Company shall provide an opportunity
well as to receive profits and sufficient information of for shareholders to submit queries regarding each
the Company. The shareholders are entitled to freely meeting or other information via the email address:
express their opinions in Shareholders’ Meetings and [email protected] or at the Company address in line with
take part in decision-making on significant matters, the criteria of stipulated by the Company.
appointment or removal of directors, appointment (5) The Company shall encourage shareholders to
of auditors, and issues which impact the Company use the proxy form in a manner that each shareholder
such as dividend allocation, amendments to the can steer the voting direction and shall nominate at
Articles of Association, capital increase or decrease, least one Independent Director as alternative proxy
and approval of extraordinary items. All shareholders of shareholder.
are entitled to exercise their right to vote according (b) Arrangements on the date of Shareholders’
to their number of shares held on a one share one Meeting
vote basis. (1) The Company shall support and promote
Apart from abovementioned rights, the Company the use of technology such as barcode system,
or the Board of Directors acting on behalf of ballot casting, or other technology in the
the Company shall recognize and place
Shareholders’ Meeting, including shareholder (2) The Company shall disclose to the
registration, vote counting, and result announcement public about the voting result of each agenda of
in order to ensure that the meeting can proceed the meeting within the next business day through
in a fast, correct, accurate, transparent, and the SET Portal.
auditable manner. The voting result will be disclosed in (3) The Company shall prepare the minutes
the minutes of Shareholders’ Meeting, with details of of Shareholders’ Meeting within 14 days of
approval, non-approval, and abstention votes for each the meeting date and/or relevant agencies
agenda where voting is required. In case where an within the timeframe stipulated by the law
agenda requires voting of various items, the Company and then publish them on the website of the
shall arrange for voting of each of such items to ensure Company.
transparency.
(2) The Company shall encourage all directors 1.2 Equitable treatment to shareholders
to attend the Shareholders’ Meeting where The Company is determined to treat shareholders
shareholders can ask questions directly to the on an equitable basis, both for major and
Chairman of sub-committees and all directors in minor shareholders, institutional shareholders,
related matters as deemed appropriate. including foreign shareholders in order to ensure
(3) The Company shall provide an independent transparency and fairness.
person as witness for vote counting or to be the (a) Provision of information prior to the Shareholders’
counting officer or inspector in the meeting; for Meeting
example, the auditor of the Company or legal (1) The Company shall notify the meeting program
advisor; and shall disclose the result to the meeting as well as the agenda and opinion of the Board of
for acknowledgement as well as recording the result Directors to SET and publish such details on the
in the minutes of meeting. Company’s website at least 28 days prior to the date
(4) The Company shall arrange the meeting in an of Shareholders’ Meeting
appropriate manner and provide shareholders an (2) The Company shall notify shareholders about
opportunity to express opinions and make queries rules of engagement in the Meeting, the voting
relating to the Company in the meeting. process, and the voting right of each type of share.
(c) Preparation of minutes of meeting and disclosure (3) The Company shall prepare the Thai and
of the resolutions of Shareholders’ Meeting English versions of the invitation letter to Shareholders’
(1) The minutes of Shareholders’ Meeting Meeting.
shall record the process of vote casting and result (b) Minority shareholders protection
announcement to the meeting prior to proceeding (1) The minority shareholders are entitled
with the meeting, including provision of an to express comments, opinions, or file complaint
opportunity for query session where significant with the Independent Directors at the email address:
questions and answers thereof will be recorded as well [email protected]. The Independent Directors will consider
as the voting result of each agenda and the names and take actions as deemed appropriate.
of Directors who attend and being absent from the (c) Insider trading prevention
meeting. (1) The Company determines the guideline in
writing to keep and protect the inside information and conflict of interest.
communicate such guideline to all relevant parties to
ensure adherence thereto. 1.3 Roles towards stakeholders
(2) The Company determines that all Directors The Company adheres to business engagement
and executives have a duty to report the securities with transparency and fairness, taking into account
holding in the Company in accordance with the all stakeholders, while promoting social and
securities and exchange law. Such information will environmental development so as to achieve business
be disclosed in the annual report and reported to growth and sustainability.
the Board of Directors for acknowledgement on a (a) Determination of policy relating to stakeholders
quarterly basis. (1) The Company shall treat shareholders
(3) The Company determines that Directors, with fairness and equitability, taking into account
executives as well as Head of Accounting / Finance, the basic rights of shareholders. Benefit shall be
whom are informed of significant inside allocated fairly and consistently with transparency
information that has impact toward the Company’s while management shall be transparent and
share price, shall refrain from trading the auditable with determination to deliver sound
Company’s stock for a period of 30 days prior to performance and continuous and sustainable growth.
the disclosure of the quarterly and annual financial (2) The Company shall treat customers in its
statements to the public, and shall wait at least 24 willingness, to the best of its ability, and with
hours after such disclosure. justness; and shall adhere to the expected ethics
(d) Conflict of interest by directors without revealing the information or confidentiality
(1) The Company shall disclose the shareholding of customers while remaining dedicated to build
structure of the Company and subsidiaries in the sustainable relationship with the customers.
annual report. (3) The Company shall treat trade partners strictly
(2) The Company determines that the Directors and in alignment with fair trade competition, honor all
executives report their conflict of interest and that of contracts on its end, and behave in accordance to the
related persons by reporting such information to the Code of Conduct and ethics. In addition, the Company
Corporate Secretary, who is obligated to submit a copy shall promote the network of cooperation and build the
of the said conflict of interest within 7 days of the date supply chain as well as value chain to deliver optimal,
the report is received. mutual benefits.
(3) The Company determines that Directors are (4) The Company shall treat competitors strictly in
to declare the conflict of interest prior to the agenda alignment with fair trade competition by adhering to
consideration and the information shall be recorded in fair business engagement under the laws and Code
the minutes of the Board of Directors’ Meeting. of Conduct of the Company
(4) The Company determines that any Directors (5) The Company shall care for communities
with significant conflict of interest in a nature that surrounding the area of its operations with
may hinder him/her to provide independent opinion accountability and focus on promoting activities to
shall abstain from voting or refrain from attending the uplift the quality of life of the community members in
meeting in the agenda involved with such conflict of respect of education, occupation, art, and technology,
interest and shall not use any information which cause including provision of relief in time of any disasters.
(6) The Company shall treat creditors with (a) Information disclosure
ethics by honoring the agreement or contract (1) The Company shall arrange for the mechanism
on its end and ensure just treatment for both parties. to ensure the correctness of information disclosure,
In case of failure to comply with the conditions, the which is sufficient for the investors’ decision making,
creditors shall be informed in advance in order to and to prevent any misunderstanding in the essence
mutually consider remedy. Also, the Company shall of information.
not demand for, or accept any fraudulent benefits. (2) In this sense, material information of the
(7) The Company shall treat public agencies and Company is defined as the information relating to
government authorities with political objectivity as its business operations that requires proper
stated in the Company’s Code of Conduct and ethic disclosure method due to its impact toward the
as well as the anti-corruption policy. share price or the investment decision of investors.
(8) The Company shall treat employees with fairness (3) The Company delegates that only authorized
and provide training to develop their knowledge and persons have the right to disclose the information yet
potential. Furthermore, the Company shall provide to be revealed to the public.
sound working environment and determine a standard (4) The Company prohibits disclosure of information
of safety in compliance with the laws. in the period of 2 weeks prior to the date of significant
(9) The Company shall care for the environment information announcement.
in line with its corporate social responsibility policy, (5) The Company shall disclose the corporate
contribute in environmental conservation, and governance policy, Code of Conduct and business
promote as well as support environmental conservation ethic, risk management policy, corporate social
programs. responsibility policy and result of compliance thereof
(b) Disclosure of activities in compliance with the via various channels such as the annual report, the
policy as well as preparation of corporate social company website, and so on.
responsibility report (6) The Board of Directors shall encourage the
(1) The Company shall disclose activities reflecting Company to prepare the Management Discussion
compliance with the corporate social responsibility and Analysis or MD&A together with disclosure of
policy and its mechanism to encourage employees to the financial statements of each quarter. This is
comply with the corporate social responsibility policy. to provide investors with information and better
(2) The Company arranges for preparation of the understanding about the changes of financial position
corporate social responsibility report of the and performance of the Company in each quarter in
Company, which may form part of the annual report, addition to figures stated in the financial statements.
or a separate report. (7) The Company shall determine the disclosure
of audit fee and other service fees related to the
1.4 Information disclosure and transparency auditors’ services.
The Company shall disclose material information (8) The Company shall disclose the roles and
via appropriate channels in a correct, adequate, responsibilities of the Board of Directors and
accountable, and timely manner, both in Thai and English sub-committees, the number of meetings held and
versions to sure equitable treatment to all shareholders the number of attendance of each Director in the past
year, their opinions, and the training sessions and 2.8 Direct and indirect shareholding of Directors,
professional development of the Board of Directors major shareholders, and executives as
in the annual report. required by the law
(9) The Company shall disclose the remuneration 2.9 Invitation letter to annual general meeting and
policy to Directors and executives as required extraordinary meeting of shareholders
by the law. Such policy shall reflect the duties, 2.10 Articles of Association and Memorandum of
obligations, and responsibility of each person, Association
including the form or nature of remuneration. 2.11 Corporate governance policy of the Company
In this regard, the remuneration to be disclosed shall 2.12 Risk management policy
include that provided to each Directors who also 2.13 Charter or responsibilities, qualifications, and
assume directorship of subsidiaries. term of office of the Company’s Board of
(10) The Company shall disclose the information Directors
in line with the requirements of the Securities and 2.14 Charter or responsibilities, qualifications, and
Exchange Commission (SEC), SET and related laws, term of office of the Company’s sub-committees
including the disclosure of information to shareholders 2.15 The Company’s Code of Conduct and ethics
and/or the public in an equitable manner. 2.16 Contact information of department or
(b) Minimum disclosure on the Company’s website persons responsible for investor relations
(1) The Company discloses activities which function
reflect compliance with its policy whereby employee 2.17 Information or other documents that the
participation are encouraged. Company presented to analysts, fund
(2) The Company discloses the information as per managers or press
requirements of SET, SEC, and related laws. Such
disclosure will be made via SET’s channel and the 1.5 Directors’ responsibilities
Company’s website both in Thai and English versions (a) The Board of Directors structure
on a continuous basis. The information shall be the (1) Composition and qualifications of the Board of
most current version and contain, at the minimum, of Directors of the Company shall accord with the Board
the following information. of Directors Charter, details are as summarized in the
2.1 Vision and mission of the Company clause 3.1 “Board of Directors”
2.2 Nature of business (2) The qualifications of the Independent
2.3 List of Directors and executives Directors shall accord with the Board of Directors
2.4 Financial statements and report on financial Charter, details are as summarized in the clause 3.2
position and performance of the current and “Independent Directors”
previous year (3) The appointment, term of office, and retirement
2.5 The Annual Registration Statement (Form from office shall be made in accordance with the Board
56-1) and the annual report in downloadable of Directors Charter, details are as summarized in the
versions clause 3.1 “Board of Directors”
2.6 Direct and indirect shareholding structure (4) The appointment of the Company Secretary
2.7 Group company structure, including subsidiaries and determination of responsibilities as well as the
conditions for discharge and the appointment of the 4.4 In a case where the Company Secretary
new Company Secretary shall be in compliance with is dismissed from duty or could not assume the
the Board of Directors Charter and the Company office, the Board of Directors shall appoint the
Secretary Charter, the essence of which are as follows. new Company Secretary within 90 days of the
4.1 The Company Secretary was appointed date the existing Company Secretary is relieved
by the Board of Directors to act on behalf of the from duty or could not perform duty. The Board of
Company or the Board of Directors Directors is authorized to delegate any Director to
- To prepare and maintain the Directors’ register, perform the duty in lieu of the Company Secretary
invitation letters for the Board of Directors’ meetings, during the vacuum period. The Chairman of the Board
the invitation letters for the Shareholders’ Meetings, of Directors shall inform the name of the Company
the minutes of the Board of Directors’ meetings, the Secretary to SEC within 14 days of the date where the
minutes of the Shareholders’ Meetings and the annual position is assumed.
report of the Company (b) The sub-committees
- To maintain records of conflict of interest (1) The Board of Directors appoints the Audit
reported by Directors or executives Committee and/or other committees as deemed
- To arrange the Board of Directors’ Meetings and appropriate
Shareholders’ Meeting (2) The Board of Directors shall ensure that
- To provide recommendations about the rules performance of the sub-committees is carried out with
and regulations to be aware by Directors and independence and objectivity
executives (3) The Board of Directors has put in place the
- To arrange for training and orientation as well as charter of each sub-committee to ensure that each
provide information necessary for current or newly committee perform duty effectively and deliver the
appointed Directors in performing their duties objectives of their duties and responsibilities
- To oversee and coordinate in order to ensure (c) Roles and responsibilities of the Board of Directors
that the Company complies with the laws, rules, (1) The Board of Directors has responsibilities as
regulations, and resolutions of the Board of Directors’ stated in the Board of Directors Charter in various
meetings, including the good corporate governance aspects, details are as summarized in the clause
policy and business ethics 2.1 “Scope of authority of the Board of Directors
- To partake in other engagements as required approved by the Board of Directors’ Meeting No.
by the Securities and Exchange Act as well as the 2/2017 held on April 18, 2017.”
Notifications of the Capital Advisory Board (d) The Board of Directors’ Meeting
4.2 The Company Secretary shall perform duty (1) The Board of Directors’ Meeting shall be held
with accountability, prudence, and honesty as well as at least every 3 months
ensure compliance with the laws, objectives, Articles (2) The Board of Directors’ Meeting shall assign a
of Association, resolutions of the Board of Directors as Director as the Chairman of the Board. In case where
well as those of the Shareholders’ Meeting. it is deemed appropriate, the Board of Directors may
4.3 The Board of Directors may pass a resolution assign one or more Directors to be Vice Chairman of
to dismiss the Company Secretary. the Board.
(3) The Chairman of the Board shall call for the issues that required solution and improvement.
Board of Directors’ Meeting. In this regard, two or more (2) The Company may engage third-party advisor
Directors are entitled to request for an extraordinary to assist in determining the guidelines and propose
meeting. In this regard, the Chairman of the Board or issues for performance assessment of the Board
assigned persons shall determine the date of meeting every 3 years and disclose the result in the annual
within 14 days of the requesting date. report.
(4) The Chairman of the Board or delegated (g) Remuneration
person shall dispatch the invitation letter to Directors (1) The remuneration of the Board of Directors,
at not less than 7 days prior to the meeting, except in executives, and employees of the Company shall comply
case of emergency to protect the right or benefit of with the directors’ nomination and remuneration policy
the Company where the Company is allowed to make and the executives’ and employees’ compensation
appointment for the meeting by other means and the policy as determined by the Company.
meeting date could be determined sooner. (h) Self-development of the Board of Directors and
(5) The Company Secretary shall prepare the executives
minutes of meeting within 14 days of the meeting date. (1) Self-development of the Board of Directors
(e) Meeting quorum and executives shall accord with the policy on
(1) The meeting of the Board of Directors development of Directors and those of executives and
requires a minimum of not less than half of the employees as determined by the Company.
total members of the Board to constitute a quorum.
In this regard, the Chairman of the Board shall act as 2. Board Structure
the Chair of the meeting. In a case where the Chairman The Company’s board structure consists of the
of the Board is not present in the meeting or could Board of Directors and the Audit Committee with the
not carry out his duty, the Vice Chairman, if available, scope of authority and responsibility as follows:
shall convene the meeting as the Chair of the meeting. 2.1 Scope of authority and responsibility of the
In a case where the Vice Chairman of the Board Board of Directors
wwis unavailable or he could not carry out his duty, (a) Policy and corporate governance
the members of the Board present in the meeting shall (1) To carry out duties in compliance with the laws,
assign a member to chair the meeting. objectives, Articles of Association, and resolution
(2) The absolute discretion of the Board of Directors of the Shareholders’ Meeting with honesty and
is made by the majority whereby one Director has one integrity while being prudent in securing the benefit
vote. If the vote is even, the Chair of the meeting shall of the Company.
have an extra vote as the casting vote. In this regard, (2) To determine the policy and endorse matters
a Director with conflict of interest in any agenda shall relating to the overall operations of the Company such
have no right to vote in that particular agenda. as vision, business direction, strategies as well as to
(f) Self-assessment of the Board of Directors approve the business plan, annual budget, investment
(1) The self-assessment of the Board of Directors plan, financial decisions, and so on.
and sub-committees are made both as a whole and (3) To monitor the performance of the Company
individually on an annual basis for the Board to to ensure that the operation accords with the goal and
collaborate in considering its performance and any business plan.
(4) To put in place a written policy on corporate and Profit and Loss Statements at least once for
governance that suits the nature of the Company every calendar year, which is the Company’s annual
and disclose such policy in the annual report for accounting period
shareholders’ acknowledgement. In this regard, the (3) To arrange for preparation of the balance sheet
Board should review the policy on a regular basis of and profit and loss statement at least once every
at least on annual basis. calendar year, which is the accounting period of
(5) To put in place the Code of Conduct and the Company, and propose them to the annual
business ethics in writing to serve as standards for general meeting of shareholders for consideration
performance of Directors, executives, and employees and approval. In this regard, the Board shall arrange
of the Company. In this regard, the Board should for the audit of such statements to be completed prior
monitor to ensure compliance with the Code of to proposing them to the meeting of shareholders
Conduct and business ethics on a determined basis. (c) Internal control, internal audit, and risk management
(6) To encourage Directors, executives, and (1) To establish the Audit Committee consisting of
employees of the Company to comply with the policy at least three members, which shall comply with
on corporate governance and Code of Conduct of the following criteria.
the Company. 1.1 To be appointed by the Board of Directors or
(7) To put in place the filing system of documents the Shareholders’ Meeting of the Company as the Audit
and evidence containing information, including Committee member
ensuring that the documents or evidence are 1.2 To be Independent Director with qualifications
maintained in a complete and correct manner as well and without prohibited characteristics; and
as auditable within a period of not less than 5 years of not to be Director assigned by the Board to make
the date such documents or information are prepared. decisions on the Company’s operations, subsidiaries,
In this regard, the maintenance of documents and associated companies, same-level subsidiaries, major
evidence, including maintenance using the computer shareholder or shareholders with controlling person
system or other systems which make them retrievable of the Company; and not to be the Director of the
without changes of texts. parent company, subsidiaries, or same-level
(8) To appoint the sub-committees to provide subsidiaries solely for listed companies
recommendations, to consider matters and perform 1.3 To perform duty in the same nature as
duty as determined and deemed appropriate by the determined by the Notification of the Stock Exchange
Board of Directors of Thailzand Re: Qualifications and Scope of Work of
(9) In case where the Board assigns executives or the Audit Committee
employees of the Company to perform a duty on its 1.4 To have adequate knowledge and experience
behalf, the assignment shall be clearly made in writing to perform duty as the member of Audit Committee.
or recorded as the resolution of the Board of Directors. In this regard, at least 1 member of the Audit Committee
(b) Finance with adequate knowledge and experience to perform
(1) To arrange for preparation and maintenance of duty in reviewing the reliability of the financial
the account as well as arrange for the audit thereof in statements
compliance with the related laws (2) To put in place the risk management policy, as
(2) To arrange for preparation of Balance Sheet well as risk management and control throughout the
organization remuneration as per the Articles of Association of

(3) To review the system or assess the efficiency the Company. In case such matter is not included in
of the internal control system and risk management the regulations of the Company, remuneration shall
at least once a year be made in accordance with the resolution of the
(d) Human resources Shareholders’ Meeting, which consist of not less
(1) To arrange for recruiting and screening of than two-third votes of the shareholders attending
appropriate persons and to ensure that the persons, the meeting.
who shall assume directorship or executives of (5) Any Director purchasing the assets of the
significant positions, have suitable knowledge, ability, Company or sell theirs to the Company or make any
and experience transactions with the Company, whether in their name
(2) To arrange for appropriate remuneration of or others, is required to obtain prior consent from
Directors and executives of key positions in order the Board of Directors; otherwise such trading or
to ensure that they are appropriate for the authority, transactions shall not be binding to the Company.
duty, scope of responsibility, and reflect the ability to (6) Directors are to notify the following matters to
perform such duties the Board without delay.
(3) To endorse the succession plan for key positions 6.1 Any conflict of interest, whether directly or
(e) Conflict of interest indirectly, in any agreements entered into by the
(1) A Director with conflict of interest in any agenda Company during the accounting year by specifying
shall refrain from voting in that agenda. the facts of agreement, name of counterparts,
(2) A Director is prohibited from engaging in the and the conflict of interest of such Director in the
business of the same nature as that of the Company agreement (if any)
and competing against the Company; or assume 6.2 Any shares or debentures of the Company
directorship of ordinary partnership or hold the and group companies held whereby the total volumes,
position of unlimited liability partner of limited which may increase or decrease during the
partnership or to be a Director of a private company accounting period (if any)
or other company engaging in the business of the (f) Communications with shareholders
same nature and competing against the Company’s (1) To arrange for organizing the annual general
business, whether for personal or others’ gains unless meeting of shareholders within 4 months of the ending
such engagements were notified to the Shareholders’ date of the accounting year of the Company. Other
Meeting prior to the resolution was passed to approve meetings shall be called an extraordinary general
such appointment meeting of shareholders
(3) The Company is prohibited from lending, (2) To arrange for disclosure of significant information
guarantee, or agree to purchase or purchase the for shareholders in the financial statements and reports
discounted bills and provide guarantees for loans to prepared for shareholders. Such information should
Directors, their spouse, or minor offspring, except in first and foremost be disseminated through SET
line with the employee and staff welfare regulations. Portal prior to publishing on the company website.
(4) The Company is prohibited from paying fund Also, the Investor Relations function shall be
or providing other assets to Directors, except established to provide information to investors.
(g) Others external auditors; and arrange for the audit report on
(1) To perform other duties as stated in the significant issues, opinions, or recommendations,
notifications, rules, acts or other laws governing the including comments of executives.
Company (7) To consider and review the efficiency of the
system to monitor compliance with the laws, rules,
2.2 Scope of authority and responsibilities of the and regulations
Audit Committee (8) To review and monitor of the risk management
(1) The Audit Committee can seek for report or system of the Company
recommendations from independent professionals (9) To prepare the annual Audit Committee Report,
or for matters within its scope of authority as which shall be signed off by the Chairman of the Audit
necessary. Any related fee incurred shall be borne Committee
by the Company. (10) To provide the Board of Directors with a
(2) The Audit Committee may invite Directors or recommendation on the Company’s external auditors
employees of the Company to attend the meeting as well as the audit scope and audit fee
in order to consult with or clarify about the business (11) To consider and approve the internal audit
operations of the Company and projects of subsidiaries, charter, internal audit planning, and revision thereof
joint venture, and trade partner, which fall within (12) To take actions related to the Audit
the scope of duty and responsibility of the Audit Committee Charter as requested by the Company
Committee. (13) To consider and arrange for assessment
(3) The Audit Committee is entitled to consider and of adequacy of the Audit Committee Charter on
perform audit on any matter necessary for business an annual basis; and to propose any revision thereof
operations of the Company. to the Board of Directors for approval
(4) To consider and review correctness and (14) To oversee the Company in order to ensure
adequacy of disclosure of annual or interim financial compliance with the public limited company law, the
reporting of the Company to ensure appropriateness securities and exchange law, SET rules and regulations
and compliance with the accounting standards by and those of SEC relating to listed companies,
coordinating with the external auditors and executives including other regulations relating to the business
who responsible for preparation of the annual and operations of the Company.
quarterly financial reports. In this regard, the Audit
Committee may arrange for the external auditors to 2.3 Scope of authority of Chief Executive Officer
perform review or audit of any transactions deemed The Chief Executive Officer (CEO) is appointed
necessary and significant during the preparation of the by the Board of Directors and authorized with the
Company’s financial statements. authority and responsibility to manage company
(5) To consider and review to ensure the efficiency affairs as assigned by the Board. In this regard,
of the internal control system of the Company, including CEO shall strictly run the Company following
the IT security control system. the business plan or the budget approved by the Board
(6) To study and understand the scope of review in an honest and prudent nature so as to protect the
of the internal control system of the Company relating interest of the Company and shareholders. The scope
to financial reporting conducted by the internal and of authority of CEO shall include the following aspects
and affairs. In addition, the Board of Directors authorizes the

(1) Daily operations of the Company CEO with management authority in accordance with
(2) Formulation of business policy, strategic the following principles and scope of authority.
plan, and annual budget as proposed by the (a) The authority to manage the operations of
management team and Executive Committee the Company as per the objectives, Articles of
for further proposal for consideration to the Board Association, policy, regulations, requirements,
of Directors directives, and resolutions of the Board of Directors
(3) Appointment and removal of Executive Meeting and/or the meeting of shareholders of the
Committee Members and Executive Committee to Company in all aspects
take actions in different aspects of the company (b) The authority to take command, contact, order,
management, both of which report directly to the CEO take actions, and signing off on legal transactions,
(4) Determination of scope of duty of Executive agreements, directives, notifications, or any letters
Committee Members and Executive Committee utilized to contact the government agencies, state
(5) Taking actions in line with the business plan enterprises, and other parties, including the authority
and financial budget approved by the Board of to take actions deemed appropriate and necessary to
Directors accomplish any of the above activities
(6) Preparation of financial reporting and (c) The authority to delegate his authority and/or
statements of the Company, which are proposed to assign any or several persons to carry out certain
the Board of Directors on a quarterly basis tasks on his behalf under his supervision. Such
(7) Formulation of policy and entering into or delegation and/or assignment shall be within the
termination of agreements or obligations related scope of delegation as per the Power of Attorney
to engagements on behalf of the Company in the form and/or the Articles of Association, regulations,
present and future within the scope of approval requirements, or directives of the Board of Directors
authority determined by the Board of Directors and/or as determined by the Company
(8) Entering into or termination of agreements or
obligations other than stated in clause (5) within the 3. Nomination and appointment of Directors,
scope of approval authority as determined by the Board Sub-committees and CEO
of Directors
(9) Hiring, appointment, removal, transfer, 3.1 The Board of Directors
promotion, demotion, salary or pay cut, take The composition and qualifications of the Board
disciplinary action, or employment termination on of Directors are determined in the Board of Directors
behalf of the Company, including appointment Charter, the essence of which can be summarized
and determination of remuneration of any other as follows.
officers in the management team and all subordinates (1) Composition
assuming positions lower than the CEO as well as (a) Directors of the Company shall be elected by
delegation of authority and duties assigned to such the meeting of shareholders and in compliance with
officers as deemed appropriate the methods prescribed in the Articles of Association
(10) Performing other duties as assigned by the of the Company as well as other related laws.
Board of Directors on a periodical basis (b) The Board of Directors shall consist of
a minimum of 5 Directors and not less than half of the (3) Appointment, term of office, and removal from
Board must reside in the Kingdom of Thailand. office
(c) The Independent Directors must account for at (a) The meeting of shareholders shall appoint
least a third of the Board of Directors, and there must Directors whereby the persons receiving the highest
be at least 3 of them. votes and the following ranks shall be elected as
(d) The Board of Directors shall elect a Director to Directors until all the seats are occupied. In a case
serve as the Chairman of the Board; and may elect where persons elected receiving equal votes, but
Vice Chairman of the Board as well as other positions the number of elected persons exceed the number
as deemed fit of Directors required, a lot drawing method shall be
(2) Qualifications of Directors applied until all the seats are occupied.
(a) A natural person and of maturity age (b) In each annual general meeting of shareholders,
(b) Not being bankrupted, incompetent, or one-thirds of Directors shall retire by rotation. If the
quasi-incompetent one-thirds proportion could not be made, the closest
(c) Never being imprisoned due to a final judgement numbers shall apply. Directors who shall retire by
except for an offence committed through assets rotation shall be the ones with the longest serving
acquired by fraud and never be dismissed or discharged period. However, the retired Directors may be
from the civil service or public agencies on the charge re-elected for another term.
of fraud (c) The meeting of shareholders may pass the
(d) Duly qualified and having no prohibited resolution to remove any Director prior to his end of
characteristics in accordance with the Public office term by the votes representing not less than
Limited Company Act, and shall not possess any three-fourths of number of shareholders attending the
inappropriate nature that restrains him from being meeting with the right to vote; and total shares shall
entrusted to manage a business whose shares are not be less than half of number of shares held by
held by the public as stipulated by SEC shareholders attending the meeting with the right to
(e) Being an expert with knowledge, capability, vote.
and experience that are beneficial to the Company’s (d) Directors shall vacate the office upon:
operation and can fully dedicate his time for the - Death;
responsibility - Resignation;
(f) Do not engage in the business of the same - Being disqualified or having prohibited
nature as that of the Company and competing against characteristics as stipulated by the laws;
the Company; or assume directorship of ordinary - Being dismissed by the resolution of shareholders;
partnership or hold the position of unlimited liability - Being dismissed by the court order.
partner of limited partnership or to be a Director of (e) To resign, Director shall tender the resignation
a private company or other company engaging in letter to the Company and it would become effective
the business of the same nature and competing on the date it is delivered to the Company.
against the Company’s business, whether for personal
or others’ gains unless such engagements were 3.2 Independent Directors
notified to the Shareholders’ Meeting prior to the The Board of Directors shall mutually consider
resolution was passed to approve such appointment the qualifications of candidates to serve as the
Independent Directors with reference to qualifications Company, the parent company, a subsidiary, a joint/
and prohibited characteristics as per the Public associated company, a major shareholder
Company Limited Act, the Securities and Exchange Act, or an entity with controlling authority in such
notifications of the Capital Advisory Board, including a manner that may obstruct their exercise of
related announcements and/or regulations. In addition, independent discretion. Further, an Independent
the Board of Directors shall select Independent Director is not a significant shareholder or an entity
Directors based on experience and suitability with controlling authority over a party with
in other aspects. Then, the candidates shall be business relationship with the Company, the
nominated to the meeting of shareholders for parent company, a subsidiary, a joint/associated
appointment. The Company has policy to appoint company, a major shareholder or an entity
Independent Directors which accounts for one- with controlling authority, unless he is free from such
third of total Directors and to have a minimum of 3 condition at not less than two years prior to his/her
Independent Directors. In this regard, the Board of appointment as Independent Director
Directors has determined the qualifications of the Such business relationship is inclusive of
Independent Directors as follows. a trading transaction occurring on a conventional
(1) Hold no more than 1% of all shares with voting basis for the conduct of business; a rent or lease
right of the Company, the parent company, a subsidiary, of property; a transaction involving assets or services;
a joint/associated company, a major shareholder or a provision or an acceptance of financial
an entity with controlling authority. This is inclusive assistance through means of a loan, a guarantee,
of shares held by anyone who is affiliated with them a use of an asset as collateral against debt; and,
(2) Do not involve in the management, employees, other similar actions which result in the Company
staff, consultant with monthly salary or entities with or the party to the contract having a debt to be
controlling authority over the company, the parent repaid to another party for the amount from 3%
company, a subsidiary, a joint/associated company, of net tangible assets (NTA) of the Company
a same-level subsidiary, a major shareholder or an or from 20 Million Baht, whichever is lower. This amount
entity with controlling authority, unless he is free from is determined by the calculation of Related Transaction
such condition not less than two years prior to his/ value as per the Notification of the Capital
her appointment as an Independent Director. In this Advisory Board. It is inclusive of debt(s) arising within
regard, the prohibited characteristics do not include one year prior to the day of business relationship with
cases where the Independent Director who served as the same party.
civil servant or advisor to public agencies, who is major (5) Never serve nor was an auditor of the Company,
shareholder or entities with controlling authority. the parent company, a subsidiary, a joint/associated
(3) Have no connection by blood or legal registration company, a major shareholder or an entity with
as father, mother, spouse, sibling, son/daughter or controlling authority, and, not a significant shareholder
spouse of son/daughter of another Director, executive, or a partner to the audit office with which the
a major shareholder, and an entity with controlling auditors of the parent company, a subsidiary,
authority or an individual who will be nominated as a joint/associated company, a major shareholder or an
Director, executive or entity with controlling authority entity with controlling authority are associated, unless
over the company or the subsidiary. he is free from such condition at not less than two years
(4) Have no business relationship with the prior to his/her appointment as Independent Director
(6) Never serve as nor was not a person rendering with qualifications in compliance with public
any professional service or a legal or financial consultant limited laws, the securities and exchange law, rules
who is paid more than 2 Million Baht in service fee and regulations related to listed companies of SET and
per year by the Company, the parent company, a SEC as well as Articles of Association of the Company.
subsidiary, a joint company, a major shareholder or an (2) The Head of Internal Audit Department of the
entity with controlling authority, and, not a significant Company shall serve as the Secretary of the Audit
shareholder or an entity with controlling authority over Committee.
the Company or a partner to such professional service (3) Each member of the Audit Committee has
provider, unless he is free from such condition at not a 3-year term of office. In this regard, the retired
less than two years prior to his/her appointment as members of the Audit Committee may be re-elected
Independent Director for another term. However, the re-election shall not be
(7) Not being a Director who is appointed to be on automatic basis.
a nominee of a Director of the Company, a major (4) The term of office of the Audit Committee
shareholder or a shareholder who is connected to a members shall end immediately when such member
major shareholder of the Audit Committee retires from the position of
(8) Do not engage in a business of the same Director.
nature as and which is significantly competitive to that
of the Company, the parent company or a subsidiary. 3.4 Chief Executive Officer
An Independent Director is not a significant partner The nomination process for Chief Executive
to a partnership or a Director with involvement in Officer is determined in the Chief Executive Officer
the management, employees, staff, consultant with Charter i.e. the Board of Directors appoints the
monthly salary, or, who holds more than 1% of all Chief Executive Officer and authorizes him with the
shares with voting rights of another company which is authority and duty related to management of
engaged in a business of the same nature as and which company affairs as assigned by the Board as stated
is significantly competitive to that of the Company in the clause 2.3 “Scope of authority and duty of Chief
or a subsidiary. Executive Officer”.
(9) Do not have any other characteristic which
prevents him from opining freely on the operation of 4. Overseeing of Operations of Subsidiaries and
the Company Associated Companies
The Company has adopted a policy on corporate
3.3 The Audit Committee governance for the purpose of overseeing and
The composition and qualifications of the Audit managing the operations of its subsidiaries and
Committee of the Company are determined in the associated companies which operate core businesses
Audit Committee Charter, the essence of which can of the group (the “Policy”). The purpose of the
be summarized below. Policy is to prescribe a direct and indirect mechanism
(1) The Board of Directors of the Company to ensure that the Company is able to oversee
appoints the Audit Committee, which includes the and manage the operations of its subsidiaries and
Chairman of the Audit Committee and members, associated companies (as the case may be) and
and comprises not less than 3 Independent Directors to monitor that the subsidiaries and associated
companies (as the case may be) of the Company 5. Performance assessment
are in compliance with the Company’s measures, Performance assessment of the Board of Directors
procedures and policies, including the Public The Board of Directors arrange for the annual
Limited Company Act, the Civil and Commercial assessment of overall performance of the Board of
Code of Thailand, the Securities law and any other Directors as a whole and on individual bases. This is
relevant laws, notifications, regulations and rules of for the Board to mutually consider its performance and
the Capital Market Supervisory Board, the Securities issues for further improvement and efficiency.
and Exchange Commission (the “SEC”), the Office The self-assessment process of the Board of
of the SEC and the Stock Exchange of Thailand. In Directors and the sub-committees is made whereby
addition, in order to protect the Company’s interest the Company Secretary and the Secretary of the
in the investment in the subsidiaries and associated Audit Committee submit the assessment form to
companies, the Company has adopted the Policy, and all Directors to perform the assessment. Such form
prescribed that all of the directors, executives and/or shall be returned to the Company Secretary
employees appointed by the Company to be director and the Secretary of the Audit Committee to
and/or executive of the subsidiaries and associated process the result and summarize the score,
companies are required to acknowledge the content which will be reported to the meeting of the
of the Policy by signing the acknowledgement of Audit Committee and the Board of Directors for
the Policy. acknowledgement.
The key performance assessment topics are as follows.
Assessment as a whole Individual assessment
Board Audit Board Audit
of Directors Committee of Directors Committee
(1) Structure and qualifications
(2) Board/Committee meetings
(3) Roles, duties, and responsibilities of
Directors
(4) Others such as relationship between
the Board and management,
self-development of Directors and executives
In 2017, the result of the performance assessment of the Board of Directors and the Audit Committee
can be summarized as follows.
Assessment as a whole Individual assessment
(Percent) (Percent)
The Board of Directors 95 99
The Audit Committee 97 93
Performance assessment of the CEO Company has formulated the Confidentiality

The Board of Directors arranges for the assessment policy the guideline on treatment of confidential
of CEO’s performance with reference to the information. The policy is applicable to all personnel
assessment topics as per SET guideline as follows: of the Company and subsidiaries, namely the Board
(1) leadership; (2) strategy formulation; (3) strategy of Directors, executives, permanent and temporary
implementation; (4) financial planning and results; (5) employees, and contract staff. The Company puts
relationship with the Board; (6) relationship with third in place level of clearance for use of personal or
parties; (7) management and relationship with staff; classified information so as to ensure specific use
(8) succession plan; (9) knowledge on products and solely for determined objectives. The Company shall
services; and (10) personal attributes separate the confidential information and restrict
access only to authorized persons or those with
6. Regulations on approval authority and authority granted by the Company. Such personnel
actions taken to enter into transactions are obliged to use the information in an honest and
The Company determines that the Board of just manner.
Directors has the authority to approve matters of In addition, the Company prohibits staff of
the Company in accordance with the scope of duty the Company and subsidiaries from disclosing
determined by the law, the Articles of Association their confidential information, which is not publicly
of the Company, CEO Charter, and the resolution available (especially trade secrets) without
of meeting of shareholders, including the revision permission from the Company. Any disclosure or use of
of vision, mission, and the operating strategy on an such information by third parties shall cause damages
annual basis. The duties extend to improvement of toward the Company, subsidiaries, and related parties.
the action plan, annual budget, expenditure, and The Company has formulated policy to prevent
administrative budget of the Company as well as the use of inside information. It is determined that
monitoring and assessment of operating result to directors, executives as well as executives of
ensure alignment with the goal, approval of significant accounting and finance area whom are informed
related transactions. The CEO also is obligated to of significant inside information, which has impact
manage the company affairs as assigned by the toward the price fluctuation of the Company’s stock,
Board of Directors and authorized with the approval shall refrain from trading the Company’s stock
authority on investment budget approved by the Board for a period of 30 days (window period) prior to the
of Directors or that on transactions of amount within disclosure of the quarterly and annual financial
the budget. statements to the public, and shall wait as least 24
hours after such disclosure.
7. Oversight on the use of inside information The Directors, executives, and employees of the
The Company and subsidiaries recognized the Company and subsidiaries are obligated to comply
importance of confidentiality of their information with the guideline on the use of inside information as
and that of their customers, which is essential to stipulated in the Securities and Exchange Act B.E.
the operations and reflect the level of reliability 2535 and the Public Company Limited Act B.E. 2535,
of the Company and subsidiaries. As such, the and other relevant laws.
8. Audit fee The auditor has no any relationships or conflict

In 2017, the Company and its subsidiaries paid the of interest with the Company, its subsidiaries, major
audit fee of 11,450,600 Baht to the auditor, comprising shareholder, management or their related parties that
the Company’s and its subsidiaries’ audit fees of the auditor has independence to audit and express
3,900,000 Baht and 7,550,600 Baht, respectively. the the opinion to financial statements of the Company.
Company and its subsidiaries did not pay any other
audit fees to the auditor or other relating parties of 9. Other compliance with good corporate
the auditors governance
Non-Audit fee Whistleblower policy
The Company and its subsidiaries obtain other The Company realizes that fraudulent actions
non-audit services from the auditor and other relating and wrongdoings may be committed during
parties of the auditors with total fees of 39,290,000 Baht. the operations and contact with stakeholders,
These amounts were recorded as expenses in 2017. which may affect the decisions made and business
The details of the non-audit fee were as follows: operations of the Company. Thus, the whistleblower
1) The auditor has provided non-audit services policy was formulated to determine the channel to
relating to the agreed upon procedure on BOI, receive complaints, related actions to be taken, and
accounting advisory, for the conversion of protection for whistleblowers. A whistleblower is
financial statements for the year ended 31 December defined as employees, personnel of the Company,
2016, 2015 and 2014 from Thai Financial Reporting customers, persons hired to work for the Company
Standard for Non-Publicly Accountable Entities to as well as the stakeholders who file complaints on
preparing in accordance with Thai Financial Reporting any fraudulent actions or wrongdoings incurred in
Standards and the financial reporting requirements of the Company. The whistleblower shall be protected
the Securities and Exchange Commission under the as per his right by the law and guideline as well as the
Securities and Exchange Act for the purpose of an protection measures determined by the Company.
inclusion in the Thai Filing and the offering circular, and
the assistances in compiling the financial information 9.1 Complaint channel
to support the domestic and international Initial Public Whistleblowers may file any leads or complaint on
Offerings (IPOs) in the amount of 31,840,000 Baht fraudulent actions and wrongdoings, together with
2) Other related parties of the auditor have provided evidence by downloading the form at the website
non-audit services relating to the advisory services on www.gulf.co.th and submit it via various channels
investment structure in the amount of 7,450,000 Baht below as deemed appropriate.
Management had considered that services 1. Supervisor of the whistleblower
provided by the auditors and other related parties to 2. Via telephone number: 02-080-4500
the auditor did not result in any conflict of interest or 3. Email to the address: [email protected]
expose to the self-review of auditor and its related 4. Submit the letter to the Chairman of the Audit
parties that will impair the auditor’s independence Committee or the Board of Directors at the following
and judgement when performing the audits. The Audit address:
Committee had approved these services.
87 M Thai Tower, 11th floor 9.3 Whistleblower protection

All Seasons Place, Wireless Road, The Company shall not reveal the name,
Lumpini,Pathumwan, Bangkok 10330 surname, address, or other information which
Or email address: [email protected] leads to identification of the whistleblower or
persons cooperating with the fact-finding process. The
9.2 Actions taken subsequent to receiving Company shall keep confidentiality and make solely
complaints necessary disclosure by prioritizing the safety and
The Internal Audit Department shall carry out the damages of the whistleblowers or cooperating parties.
investigation of the complaints on fraudulent actions In addition, the whistleblower may request the Company
and wrongdoings with independence and fairness to implement the security measures as deemed
so as to acquire evidence which could be used in appropriate in case they feel unsafe or troubled or
verification or dispute with received information, damaged; or the Company may determine the measure
including taking disciplinary actions and/or taking to protect the whistleblower without request.
legal actions against wrongdoers. The Internal Audit In this light, the whistleblower who suffers
Department has the duty to report progress and damages shall be relieved with the just and
result of the complaints to the whistleblower who appropriate process; and the Company shall
provides the name and contact details, except for refrain from taking any actions which are unfair for
cases where it is necessary to keep confidential the whistleblowers whether by transfer of positions,
the personal information that refrain the Company types of job, work place, career suspension, threatening,
from providing complete details on the progress and disruption of work, employment termination or
result to the whistleblower. In this regard, the working other actions which are considered unfair treatment
group or those responsible for related matters shall against the whistleblower.
report the result to the President, the Chairman of In 2017, the Company did not receive any
the Audit Committee, and the Board of Directors complaints or disputes.
for acknowledgement as the case maybe. In case
where the investigation result discovers that the
complaint is made with mal-intent or deliberation to
damage the Company or any persons or that it is false
statement, the whistleblower, who is the employee
of the Company, will be subject to the disciplinary
action. The Company will take legal actions against
any external whistleblower that cause damages to
the Company.
Internal Control and Risk Management

The Company recognizes the importance of implementing internal control and risk management
in its daily operations to reduce the potential risks which may adversely affect the Company’s
ability to achieve its objectives or strategies. These measures represent an important component of good
corporate governance.
Evaluation of adequacy and appropriateness 3. Control activities

of internal control system The Company has established in writing
The Company utilizes the following guidelines a framework detailing the authorization of transactions
to evaluate the adequacy and appropriateness of and activities with appropriate segregation of
its internal control system in accordance with the duties and verification processes. The Company
principles of good internal control: has also established administrative procedures for
1. Control Environment transactions that meet the conditions for connected
The Company supports and promotes a positive transactions or transactions that may present
internal control environment by formally establishing a conflict of interest. The internal audit department
the Company’s objectives and operational direction, is responsible for reviewing operations and ensuring
corporate governance policies, code of conduct compliance with laws and regulations.
and employee manuals. This information, along 4. Information and communication
with relevant punitive measures, is communicated The Company has established a consistent and
to employees at all levels to ensure awareness and effective information system to provide adequate
strict compliance. There is a clear organizational key information to support the decision-making
structure with a checks and balances mechanism, process of the Board of Directors and management.
as well as an internal audit department that works Documents are securely stored for a specified
independently and reports directly to the Audit length of time as per legal requirements. Quarterly
Committee to review and verify operations. All these and annual financial reports are reviewed and
components together promote a strong internal audited to ensure that adequate financial
control environment. information is made available promptly for the
2. Risk assessment benefit of shareholders, investors and other
The Company has implemented a system for concerned parties by the Company’s auditor.
risk assessment comprising a risk management In addition, the Company has established both
team responsible for setting out a policy framework an internal and external communication system to
and risk management guidelines in accordance allow employees to receive information necessary
with COSO principles and considering risk for completing tasks, as well as a team responsible
management processes and measurement to for monitoring and sharing through appropriate
control any potential damage within an acceptable channels general information, financial information
limit. The team is also responsible for promoting and information which may affect the Company’s
operational practices compliant with risk management share price.
policies across the entire organization.
5. Monitoring
The Company monitors performance against the Company and its subsidiaries from misuse by
its key performance indicators (KPI) and provides directors or management, as well as to prevent
reports which include analysis of performance gaps transactions with individuals that may represent
to inform the management and Board of Directors conflicts of interest.
decisions regarding strategic directives for the With regards to organizational risk management,
future. With regards to internal control, the Company the Audit Committee is responsible for considering,
has tasked the internal audit department with reviewing and overseeing risk management within
reviewing measures and reporting their findings to the the organization to ensure risk management
Audit Committee in a timely and consistent manner. activities proceed efficiently and effectively,
taking into consideration both the organization’s risk
Auditing and review of internal control and risk management plan and implementation of the plan.
management systems In addition, the Audit Committee has appointed
The Board of Directors is responsible for the internal audit department, which works
appointing an Audit Committee to review the independently from the management, to audit and
adequacy and appropriateness of the Company’s review the operations of the various departments
internal control system to ensure the processes within the Company and its subsidiaries to ensure
comply with internationally accepted guidelines that said departments are operating within the
set by the Committee of Sponsoring Organizations framework of internal control set by the Company.
of the Treadway Commission (COSO). The review
process of internal control covers management Appointment of the internal audit supervisor
control, operation control, accounting and financial The Company has an internal audit department
control and compliance control, and also takes into which reports directly to the Audit Committee and is
consideration the internal and external auditors’ responsible for overseeing internal audit operations,
reports on the Company’s internal control system. ensuring that auditing is conducted independently,
The Audit Committee will evaluate the internal efficiently and effectively. The Audit Committee’s
control system through interviews with the Meeting No. 2/2560 held on April 18, 2017 passed
Company’s management, review of the internal a resolution naming Ms. Chotiros Likitcharoenpanich
auditors’ reports, and acknowledgement of as the Company’s Head of Internal Audit Department,
annual results of risk management. In the Board as the Audit Committee determined that she
of Directors’ Meeting No. 2/2018 held on February possesses the necessary knowledge and capability,
26, 2018, the Board of Directors and the Audit appropriate qualifications, experience in internal
Committee were in agreement that the Company’s auditing, understanding of the Company’s business,
internal control systems were adequate and and ability to effectively monitor and assess the
appropriate, an adequate number of staff were hired internal control system. That said, the appointment,
to ensure internal control would proceed effectively, dismissal and transference, as well as the assessment
and there was sufficient monitoring of subsidiary of independence of Head of the Internal Audit
companies’ operations to safeguard the assets of Department must be approved by the Audit Committee.
Mr. Viset Choopiban

Independent Director and
Chairman of the Board of Directors
Date of Appointment
May 25, 2017
Age
72 years
Education
- Honorary Doctorate of Engineering,
Chulalongkorn University
- Master of Electrical Engineering,
- Bachelor of Electrical Engineering,
Training
The Joint State - Private Sector Course, Class 8,
National Defence College
Director Training Other Directorship Positions/ Other Positions at Present

- Director Accreditation Program (DAP), • Other Listed Companies
Class 130/2016, Thai Institute of Directors 2008 - Present Independent Director,
- Role of the Chairman Program (RCP), Member of Audit Committee
Class 3/2001, Thai Institute of Directors and Member of Nomination
and Remuneration Committee,
Working Experience (during the recent 5 years) and/ RCL Public Company Limited
or Important Positions • Non-listed Companies
2011 - 2017 Independent Director and Chairman 2000 - Present Director, Petroleum Institute
of the Board of Directors, Gulf Energy of Thailand
Development Company Limited 2015 - Present Director, TIPS Company Limited
2014 - 2017 Director, CUEL Company Limited 2009 - Present Chairman of the Board
2005 - 2006 Minister, Ministry of Energy of Directors, Gulf JP Company
2001 - 2003 President, PTT Public Company Limited
Limited
2000 - 2001 Chairman of the Board of Directors, Shareholding in the Company:
PTT Exploration and Production • Personal: 0.007%
Public Company Limited • Spouse or minor child: - None -
1999 - 2001 Governor, Petroleum Authority
of Thailand Relationship among Family with Other Directors,
Management, Major Shareholders and Subsidiaries :
- None -
Mr. Kasem Snidvongs

Independent Director
and Chairman of the Audit Committee
Date of Appointment
May 25, 2017
Age
79 years
Education
- Master of Development Economics,
Williams College, Massachusetts, USA
- Bachelor of Science (Honors), Sir John College,
London University, United Kingdom
Training
The National Defence, Class 21, National Defence
College
Director Training
- Director Accreditation Program (DAP),
Class 33/2005, Thai Institute of Directors • Non-listed Companies
- Finance for Non-Finance Directors (FND), 1992 - Present Director, Thailand Environment
Class 15/2005, Thai Institute of Directors Institute
Present Chairman of the Board,
Working Experience (during the recent 5 years) and/ Sem Pringpuangkaew
or Important Positions Foundation
2011 - 2017 Independent Director and Chairman Present Director, Environment Law
of the Audit Committee, Gulf Energy Center Thailand Foundation
Development Company Limited Present Chairman, Population and
2006 - 2008 Minister, Ministry of Natural Resources Community Development
and Environment Association
2002 - 2006 Director and Chairman of the Audit
Committee, Gulf Electric Public Shareholding in the Company:
Company Limited • Personal: 0.007%
1996 - 2000 Senator • Spouse or minor child: - None -
1992 - 1998 Permanent Secretary, Ministry
of Science and Technology Relationship among Family with Other Directors,
Other Directorship Positions/ Other Positions at Present - None -
• Other Listed Companies
- None -
Mr. Sommai Phasee

and Member of the Audit Committee
Date of Appointment
September 14, 2017
Age
73 years
Education
- Master of Economics (Planning and
Development), Vanderbilt University, USA
- Master of Economics, Thammasat University
- Bachelor of Economics (Honors), Thammasat
University
Training
- Senior Executive Development Program,
Class 11, Civil Service Training Institute, Office of
the Civil Service Commission
- The National Defence, Class 37, National
Defence College 2006 - 2007 Deputy Minister, Ministry of Finance
2004 - 2006 Chairman of the Board of Directors,
Director Training Gulf Electric Public Company Limited
- Director Accreditation Program (DAP), 1998 - 2004 Deputy Permanent Secretary,
Class 59/2006, Thai Institute of Directors Ministry of Finance
- Role of the Chairman Program (RCP),
Class 9/2003, Thai Institute of Directors Other Directorship Positions/ Other Positions at Present
Working Experience (during the recent 5 years) and/ - None -
or Important Positions • Non-listed Companies
2017 - 2018 Chairman of the Board of Directors 2017 - Present Director,
and Independent Director, Aroonsom Company Limited
Nok Airlines Public Company Limited 2016 - Present Director,
2014 - 2015 Chairman of the Board of Directors, Sai Nam Yen Company Limited
Crown Property Bureau 2016 - Present Director, Andaman Beach Suites
2014 - 2015 Chairman of the Board of Directors, Company Limited
Bank for Agriculture and Agricultural
Co-operatives Shareholding in the Company:
2014 - 2015 Deputy Chairman of the Anti-Money • Personal: 0.005%
Laundering Board, Anti-Money • Spouse or minor child: - None -
Laundering Office
2014 - 2015 Minister, Ministry of Finance Relationship among Family with Other Directors,
2011 - 2014 Director, Gulf Energy Development Management, Major Shareholders and Subsidiaries :
Company Limited - None -
Dr. Raweporn Kuhirun

Date of Appointment
May 25, 2017
Age
74 years
Education
- Doctor of Public Administration, Eastern Asia University
- Master of Business Administration - Accounting, Central
of Michigan University, USA
- Bachelor of Accountancy, Chulalongkorn University
- Bachelor of Laws, Ramkhamheang University
Training
- The National Defence, Class 38, National Defence College
- Program for Senior Executive on Justice Administration,
Class 14, National Justice Academy, Office of the Judiciary
- Top Executive Program in Commerce and Trade (TEPCoT),
Class 4, Commerce Academy
- Capital Market Leadership Program, Class 7, Capital 2008 - 2015 Advisor of the Audit Committee, Thai Airways
Market Academy International Public Company Limited
- The International Auditor’s Fellowship Program, Government 2011 - 2013 Honorary Member of Special Investigation
Accountability Office (U.S. GAO), USA Commission, Department of Special Investigation
- Audit of Computer System Program, Kingston Polytechnic, 2000 - 2006 Member of the State Audit Commission, Office
United Kingdom of the Auditor General of Thailand
- Internal Audit and Computer Audit Program, National
Audit Office (NAO), United Kingdom Other Directorship Positions/ Other Positions at Present
- Procurement Audit Program, Board of Audit and Inspection, • Other Listed Companies
Republic of Korea
- None -
Director Training • Non-listed Companies
2011 - Present Distinguished Member,
- Director Accreditation Program (DAP), Class 94/2012,
Srinakharinwirot University
Thai Institute of Directors
2007 - Present Committee on Overseeing
- Director Certification Program (DCP), Class 155/2012,
the NBTC’s Operation, National
Broadcasting and Telecommunication
- Audit Committee Program (ACP), Class 38/2012,
Commission (NBTC)
Working Experience (during the recent 5 years) and/ Shareholding in the Company:
or Important Positions • Personal: 0.005%
2016 - 2017 Independent Director and Member of the Audit • Spouse or minor child: - None -
Committee, Gulf Energy Development
Company Limited Relationship among Family with Other Directors,
2011 - 2014 Independent Director and Member of the Audit Management, Major Shareholders and Subsidiaries :
Committee, PTT Global Chemical Public - None -
Company Limited
Mr. Vinit Tangnoi

Date of Appointment
May 25, 2017
Age
67 years
Education
- Master of Science in Industrial Engineering,
University of Texas at Arlington, USA
- Bachelor of Mechanical Engineering,
Kasetsart University
Training
- Senior Executive Development Program-1,
GE Co., Ltd., USA
- Advanced Management Program,
Harvard Business School, USA
- Senior Executive Program, Sasin Graduate
Institute of Business Administration, 2006 - 2008 Director, Ratchaburi Electricity
Chulalongkorn University Generating Holding Public
- Capital Market Leadership Program, Class 8, Company Limited
Capital Market Academy
- Army War College Regular Program, Other Directorship Positions/ Other Positions at Present
Royal Thai Army War College • Other Listed Companies
- None -
Director Training • Non-listed Companies
Director Certificate Program (DCP), Class 67/2005, - None -
Shareholding in the Company:
Working Experience (during the recent 5 years) and/ • Personal: 0.005%
or Important Positions • Spouse or minor child: - None -
2014 - 2017 Independent Director and Member
of the Audit Committee, Gulf Energy Relationship among Family with Other Directors,
Development Company Limited Management, Major Shareholders and Subsidiaries :
2009 - 2011 Chairman of the Board of Directors, - None -
Gulf Electric Public Company Limited
2008 - 2011 Director, BLCP Power Company
Limited
2007 - 2008 Deputy Governor, Electricity
Generating Authority of Thailand
Mr. Santi Boonprakub

Date of Appointment
May 25, 2017
Age
65 years
Education
- Master of Public and Private Management
Program, National Institute of Development
Administration
- Bachelor of Science in Statistics,
Ramkhamhaeng University
Training
- Senior Executive Development Program II, Office
of the Civil Service Commission (OCSC)
- Civil Service Executive Program: Visionary
and Moral Leadership, Office of the Civil Service
Commission (OCSC)
- Public Economics Management for Executives Other Directorship Positions/ Other Positions at Present
Program, Class 3, King Prajadhipok’s Institute • Other Listed Companies
- Economics for Natural Resource Management, - None -
Oregon State University, USA • Non-listed Companies
2017 - Present Member of Audit and Evaluation
Director Training Committee, Agricultural Research
Director Accreditation Program (DAP), Class 131/2016, Development Agency
Thai Institute of Directors 2017 - Present Honorary Board Member,
Biodiversity-Based Economy
Working Experience (during the recent 5 years) and/ Development Office
or Important Positions
2015 - 2017 Independent Director, Gulf Energy Shareholding in the Company:
Development Company Limited • Personal: 0.005%
2011 - 2013 Secretary General, Office of Natural • Spouse or minor child: - None -
Resources and Environmental Policy
and Planning Relationship among Family with Other Directors,
2010 - 2011 Inspector General, Ministry of Natural Management, Major Shareholders and Subsidiaries :
Resources and Environment - None -
2009 - 2010 Deputy Secretary General, Office of
Natural Resources and Environmental
Policy and Planning
2009 Deputy Director General, Department
of Mineral Resources
Mr. Sarath Ratanavadi

Director and Chief Executive Officer
Date of Appointment
May 25, 2017
Age
52 years
Education
- Master of Science in Engineering Management,
University of Southern California, USA
- Bachelor of Civil Engineering, Chulalongkorn University
Training
- Top Executive Program in Energy Literacy for the World,
Class 1, Thailand Energy Academy
- Administrative Justice for Executives Program, Class 1,
Administrative Justice Institute, Office of the Administrative
Courts
- Capital Market Leadership Program, Class 7,
Capital Market Academy
Director Training 1994 - 2016 Director and President, Gulf Electric Public
Director Accreditation Program (DAP), Class 138/2017, Company Limited
Other Directorship Positions/ Other Positions at Present
Working Experience (during the recent 5 years) and/ • Other Listed Companies
or Important Positions - None -
2011 - 2017 Director and Chief Executive Officer, Gulf Energy
Development Company Limited • Non-listed Companies
2008 - 2017 President, Gulf JP Company Limited 2017 - Present Director, Gulf Capital Holdings Limited
2012 - 2014 Director, Gulf VTP Company Limited 2017 - Present Director, Gulf Investment and Trading
2012 - 2014 Director, Gulf TS1 Company Limited Pte. Ltd.
2012 - 2014 Director, Gulf TS2 Company Limited 2017 - Present Director, Gulf Sports Management
2012 - 2014 Director, Gulf TS3 Company Limited Company Limited
2012 - 2014 Director, Gulf TS4 Company Limited 2016 - Present Director, Gulf Holding (Thailand) Company
2012 - 2014 Director, Gulf NC Company Limited Limited
2012 - 2014 Director, Gulf BL Company Limited 2008 - Present Director, Gulf JP Company Limited
2012 - 2014 Director, Gulf BP Company Limited 2006 - Present Director, Pomodoro Holding
2012 - 2014 Director, Gulf NLL2 Company Limited Company Limited
2012 - 2014 Director, Gulf NPM Company Limited 2006 - Present Director, Pomo at Siam Company Limited
2012 - 2014 Director, Gulf NRV1 Company Limited 2001 - Present Director, Pomodoro Five Company Limited
2012 - 2014 Director, Gulf NRV2 Company Limited 2000 - Present Director, Rachakarn Holding
2004 - 2015 Chairman of the Board of Directors, Gulf Energy Company Limited
Company Limited 1999 - Present Director, Pomodoro Company Limited
2004 - 2015 Chairman of the Board of Directors, Gulf IPP 1996 - Present Director, KTS Building Company Limited
Company Limited 1994 - Present Director, Rachakarn Company Limited
2003 - 2017 Director, Pomodoro Group Company Limited
2002 - 2015 Chairman of the Board of Directors, Shareholding in the Company:
Samutprakarn Cogeneration Company Limited • Personal: 35.438%
2002 - 2015 Chairman of the Board of Directors, Nong Khae • Spouse: 0.164%
Cogeneration Company Limited • Minor Child: - None -
1997 - 2015 Chairman of the Board of Directors, • Juristic Entities Holding More Than 30% of Shares: 36.563%
Gulf Yala Green Company Limited
1996 - 2015 Chairman of the Board of Directors, Relationship among Family with Other Directors,
Gulf Cogeneration Company Limited Management, Major Shareholders and Subsidiaries :
1996 - 2015 Chairman of the Board of Directors, Gulf Power - None -
Generation Company Limited
Mrs. Porntipa Chinvetkitvanit

Director and President
Date of Appointment
May 25, 2017
Age
55 years
Education
- Master of Industrial Engineering, Asian Institute of Technology
- Bachelor of Mechanical Engineering, Khon Kaen University
Training
Administrative Justice Institute, Office of the Administrative
Courts
- Capital Market Leadership Program, Class 20, Capital Market
Academy
- The National Defence, Class 58, National Defence College
Director Training 2012 - Present Director, Independent Power Development
Director Certificate Program (DCP), Class 159/2012, Company Limited
Thai Institute of Directors 2012 - Present Director, Gulf VTP Company Limited
2012 - Present Director, Gulf TS1 Company Limited
Working Experience (during the recent 5 years) and/or 2012 - Present Director, Gulf TS2 Company Limited
Important Positions 2012 - Present Director, Gulf TS3 Company Limited
2011 - 2017 Director and President, Gulf Energy Development 2012 - Present Director, Gulf TS4 Company Limited
Company Limited 2012 - Present Director, Gulf NC Company Limited
1994 - 2016 Senior Executive Vice President, Gulf Electric Public 2012 - Present Director, Gulf BL Company Limited
Company Limited 2012 - Present Director, Gulf BP Company Limited
2012 - Present Director, Gulf NLL2 Company Limited
2012 - Present Director, Gulf NPM Company Limited
Other Directorship Positions/ Other Positions at Present 2012 - Present Director, Gulf NRV1 Company Limited
• Other Listed Companies 2012 - Present Director, Gulf NRV2 Company Limited
- None - 2011 - Present Director, Gulf JP Company Limited
• Non-listed Companies 2009 - Present Director, Gulf JP NNK Company Limited
2017 - Present President, Gulf JP Company Limited 2009 - Present Director, Gulf JP NLL Company Limited
2017 - Present Director, Kolpos Pte. Ltd. 2009 - Present Director, Gulf JP CRN Company Limited
2017 - Present Director, WHA Eastern Seaboard NGD4 2009 - Present Director, Gulf JP NS Company Limited
Company Limited 2009 - Present Director, Gulf JP UT Company Limited
2016 - Present Director, WHA Eastern Seaboard NGD2 2008 - Present Director, Gulf JP KP1 Company Limited
Company Limited 2008 - Present Director, Gulf JP KP2 Company Limited
2016 - Present Director and President, Gulf Electric Public 2008 - Present Director, Gulf JP TLC Company Limited
Company Limited 2008 - Present Director, Gulf JP NK2 Company Limited
2015 - Present Director, Gulf WHAMT Natural Gas Distribution 2004 - Present Director, Gulf IPP Company Limited
Company Limited 2004 - Present Director, Gulf Energy Company Limited
2014 - Present Director, Gulf Chana Green Company Limited 2003 - Present Director, Gulf Yala Green Company Limited
2014 - Present Director, SBY Biomass Company Limited 2002 - Present Director, Samutprakarn Cogeneration
2014 - Present Director, Thepa Clean Energy Company Limited Company Limited
2014 - Present Director, Gulf Pattani Green Company Limited 2002 - Present Director, Nong Khae Cogeneration
2014 - Present Director, Gulf SRC Company Limited Company Limited
2014 - Present Director, Gulf PD Company Limited 2000 - Present Director, Gulf Cogeneration Company Limited
2014 - Present Director, Gulf International Investment 2000 - Present Director, Gulf Power Generation Company Limited
(Hong Kong) Limited
2014 - Present Director, Gulf International Holding Pte. Ltd. Shareholding in the Company:
2014 - Present Director, Gulf Solar BV Company Limited • Personal: 0.018%
2014 - Present Director, Gulf Solar TS1 Company Limited • Spouse or minor child: - None -
2014 - Present Director, Gulf Solar TS2 Company Limited
2014 - Present Director, Gulf Solar KKS Company Limited Relationship among Family with Other Directors,
2013 - Present Director, Gulf MP Company Limited Management, Major Shareholders and Subsidiaries :
2013 - Present Director, Gulf Solar Company Limited - None -
Mr. Boonchai Thirati

Director, Senior Executive Vice President
and Chief Operating Officer
Date of Appointment
May 25, 2017
Age
64 years
Education
- Bachelor of Electrical Engineering, Chulalongkorn University
Training
- Business Administration for Executive Program, National
Petrochemical Public Company Limited
- Politics and Governance in Democratic Systems for
Executives Program, Class 10, King Prajadhipok’s Institute
- Public Economics Management for Executives Program,
Class 6, King Prajadhipok’s Institute
Administrative Justice Institute,
Office of the Administrative Courts
- Executive Management with Business Development and
Investment, Class 2, Institute of Business and Industrial
Development (IBID) 2015 - Present Director, Gulf IPP Company Limited
Director Training 2015 - Present Director, Gulf Cogeneration Company Limited
Director Accreditation Program (DAP), Class 128/2016, 2015 - Present Director, Gulf Power Generation
Thai Institute of Directors Company Limited
2015 - Present Director, Gulf Yala Green Company Limited
Working Experience (during the recent 5 years) and/or 2015 - Present Director, Nong Khae Cogeneration
Important Positions Company Limited
2014 - 2017 Director and Senior Executive Vice President, 2015 - Present Director, Samutprakarn Cogeneration
Gulf Energy Development Company Limited Company Limited
2016 - 2017 Director, Amata Spring Development 2014 - Present Director, Gulf VTP Company Limited
Company Limited 2014 - Present Director, Gulf TS1 Company Limited
2015 - 2017 Director, Pomodoro Group Company Limited 2014 - Present Director, Gulf TS2 Company Limited
1996 - 2008 Senior Executive Vice President, Gulf Electric 2014 - Present Director, Gulf TS3 Company Limited
Company Limited 2014 - Present Director, Gulf TS4 Company Limited
2014 - Present Director, Gulf NC Company Limited
Other Directorship Positions/ Other Positions at Present 2014 - Present Director, Gulf BL Company Limited
• Other Listed Companies 2014 - Present Director, Gulf BP Company Limited
- None - 2014 - Present Director, Gulf NLL2 Company Limited
• Non-listed Companies 2014 - Present Director, Gulf NPM Company Limited
2017 - Present Director Kolpos Pte. Ltd. 2014 - Present Director, Gulf NRV1 Company Limited
2017 - Present Director, WHA Eastern Seaboard NGD4 2014 - Present Director, Gulf NRV2 Company Limited
Company Limited 2014 - Present Director, Gulf JP NS Company Limited
2016 - Present Director, WHA Eastern Seaboard NGD2 2014 - Present Director, Gulf JP UT Company Limited
Company Limited 2014 - Present Director, Gulf PD Company Limited
2016 - Present Director, Gulf International Investment 2014 - Present Director, Gulf SRC Company Limited
(Hong Kong) Limited 2012 - Present Director, Independent Power Development
2015 - Present Director, Gulf WHA MT Natural Gas Distribution Company Limited
Company Limited 2008 - Present Senior Executive Vice President, Gulf JP
2015 - Present Director, Gulf MP Company Limited Company Limited
2015 - Present Director, Gulf JP NNK Company Limited
2015 - Present Director, Gulf JP NLL Company Limited Shareholding in the Company:
2015 - Present Director, Gulf JP CRN Company Limited • Personal: 0.017%
2015 - Present Director, Gulf JP KP1 Company Limited • Spouse or minor child: - None -
2015 - Present Director, Gulf JP KP2 Company Limited
2015 - Present Director, Gulf JP TLC Company Limited Relationship among Family with Other Directors,
2015 - Present Director, Gulf JP NK2 Company Limited Management, Major Shareholders and Subsidiaries :
2015 - Present Director, Gulf Energy Company Limited - None -
Mrs. Chotikul Sookpiromkasem

Director
Date of Appointment
May 25, 2017
Age
42 years
Education
Bachelor of Accounting, Thammasat University
Director Training
Director Accreditation Program (DAP),
Class 128/2016, Thai Institute of Directors
Working Experience (during the recent 5 years) and/

2016 - 2017 Director, Amata Spring Development
Company Limited
2015 - 2017 Director, Gulf Energy Development
Company Limited 2006 - Present Director, Pomo at Siam Company
2003 - 2017 Director and Vice President - Finance Limited
and Accounting, Pomodoro Group 2004 - Present Director, Rachakarn Holding
Company Limited Company Limited
2004 - Present Director, Rachakarn Company
Other Directorship Positions/ Other Positions at Present Limited
• Other Listed Companies 2002 - Present Director, Pomodoro Five
- None - Company Limited
• Non-listed Companies
2016 - Present Director, Gulf Holding (Thailand) Shareholding in the Company:
Company Limited • Personal: 0.005%
2017 - Present Director, Gulf Capital Holdings • Spouse or minor child: - None -
Limited
2017 - Present Director, Gulf Investment and Relationship among Family with Other Directors,
Trading Pte. Ltd. Management, Major Shareholders and Subsidiaries :
2015 - Present Director, Studio SR Company - None -
Limited
2012 - Present Director, Land and Property
Development Company Limited
2010 - Present Director, Unique Cogen
Company Limited
2009 - Present Director, B Property Company
Limited
Mr. Ratthaphol Cheunsomchit

Senior Executive Vice President
and Chief Development Officer
Date of Appointment
May 25, 2017
Age
47 years
Education
- Master of Business Administration in Finance, The George
Washington University, USA
- Bachelor of Electrical Engineering, King Mongkut’s Institute
of Technology Ladkrabang
Training
Top Executive Program in Energy Literacy for the World,
Director Training
Director Certification Program (DCP), Class 168/2013,
Working Experience (during the recent 5 years) and/or
Important Positions
2014 – 2017 Senior Executive Vice President, Gulf Energy • Non-listed Companies
Development Company Limited 2014 - Present Director, Chana Green Company Limited
2015 - 2017 Director, SPCG Public Company Limited 2014 - Present Director, SBY Biomass Company Limited
2012 - 2013 Director, Independent Power Development 2014 - Present Director, Thepha Clean Energy Company
Company Limited Limited
2012 - 2013 Director, Gulf SRC Company Limited 2014 - Present Director, Gulf Pattani Green Company
2012 - 2014 Director, Gulf VTP Company Limited Limited
2012 - 2014 Director, Gulf TS1 Company Limited 2014 - Present Director, Gulf International Investment
2012 - 2014 Director, Gulf TS2 Company Limited (Hong Kong) Limited
2012 - 2014 Director, Gulf TS3 Company Limited
2012 - 2014 Director, Gulf TS4 Company Limited 2014 - Present Director, Gulf International Holding Pte. Ltd.
2012 - 2014 Director, Gulf NC Company Limited 2014 - Present Director, Gulf Solar BV Company Limited
2012 - 2014 Director, Gulf BL Company Limited 2014 - Present Director, Gulf Solar TS1 Company Limited
2012 - 2014 Director, Gulf BP Company Limited 2014 - Present Director, Gulf Solar TS2 Company Limited
2012 - 2014 Director, Gulf NLL2 Company Limited 2014 - Present Director, Gulf Solar KKS Company Limited
2012 - 2014 Director, Gulf NPM Company Limited 2013 - Present Director, Gulf MP Company Limited
2012 - 2014 Director, Gulf NRV1 Company Limited 2013 - Present Director, Gulf Solar Company Limited
2012 - 2014 Director, Gulf NRV2 Company Limited 2012 - Present Director, Gulf Sports Management
2011 - 2013 Director, Gulf JP KP1 Company Limited Company Limited
2011 - 2013 Director, Gulf JP KP2 Company Limited 2011 - Present Director, Kolpos Pte. Ltd.
2011 - 2013 Director, Gulf JP TLC Company Limited 2008 - Present Senior Executive Vice President, Gulf JP
2011 - 2013 Director, Gulf JP NK2 Company Limited Company Limited
2011 - 2013 Director, Gulf JP NNK Company Limited 2007 - Present Director, Pal Associate Company Limited
2011 - 2013 Director, Gulf JP NLL Company Limited
2011 - 2013 Director, Gulf JP CRN Company Limited Shareholding in the Company:
2009 - 2013 Director, Gulf JP NS Company Limited • Personal: 0.017%
2009 - 2013 Director, Gulf JP UT Company Limited • Spouse or minor child: -None-
2009 - 2012 Director, Gulf JP Holding Company Limited
1997 - 2007 Senior Vice President - Business Development, Relationship among Family with Other Directors,
Gulf Electric Public Company Limited Management, Major Shareholders and Subsidiaries :
- None -
Other Directorship Positions/ Other Positions at Present
- None -
Ms. Yupapin Wangviwat

and Chief Corporate Officer
Date of Appointment
May 25, 2017
Age
49 years
Education
- Master of Business Administration, University of Florida, USA
- Bachelor of Business Administration (Banking and Finance),
Training
- Capital Market Leadership Program, Class 16, Capital Market
Academy
- ABC Course, Class 5, Academy of Business Creativity,
Sripatum University
- Executive Management with Business Development and
Investment, Class 4, Institute of Business and Industrial
Development (IBID)
Director Training
Director Certification Program (DCP), Class 164/2012,
Working Experience (during the recent 5 years) and/or 2014 - Present Director, Gulf International Holding Pte. Ltd.
Important Positions 2014 - Present Director, Gulf Solar BV Company Limited
2014 - 2017 Senior Executive Vice President and Chief Financial 2014 - Present Director, Gulf Solar TS1 Company Limited
Officer, Gulf Energy Development Company Limited 2014 - Present Director, Gulf Solar TS2 Company Limited
2013 - 2017 Director, Gulf Sports Management Company Limited 2014 - Present Director, Gulf Solar KKS Company Limited
2010 - 2016 Director, Pomodoro Group Company Limited 2013 - Present Director, Gulf MP Company Limited
2013 - Present Director, Gulf Solar Company Limited
Other Directorship Positions/ Other Positions at Present 2013 - Present Director, Gulf JP NS Company Limited
• Other Listed Companies 2013 - Present Director, Gulf JP UT Company Limited
- None - 2012 - Present Director, Gulf VTP Company Limited
• Non-listed Companies 2012 - Present Director, Gulf TS1 Company Limited
2017 - Present Director, Gulf WHA MT Natural Gas 2012 - Present Director, Gulf TS2 Company Limited
Distribution Company Limited 2012 - Present Director, Gulf TS3 Company Limited
2017 - Present Director, WHA Eastern Seaboard NGD4 2012 - Present Director, Gulf TS4 Company Limited
Company Limited 2012 - Present Director, Gulf NC Company Limited
2017 - Present Director, WHA Eastern Seaboard NGD2 2012 - Present Director, Gulf BL Company Limited
Company Limited 2012 - Present Director, Gulf BP Company Limited
2015 - Present Director, Gulf Cogeneration Company Limited 2012 - Present Director, Gulf NLL2 Company Limited
2015 - Present Director, Samutprakarn Cogeneration 2012 - Present Director, Gulf NPM Company Limited
Company Limited 2012 - Present Director, Gulf NRV1 Company Limited
2015 - Present Director, Nong Khae Cogeneration 2012 - Present Director, Gulf NRV2 Company Limited
Company Limited 2011 - Present Director, Pomodoro Company Limited
2015 - Present Director, Gulf Yala Green Company Limited 2011 - Present Director, Kolpos Pte. Ltd.
2015 - Present Director, Gulf Power Generation 2008 - Present Senior Executive Vice President, Gulf JP
Company Limited Company Limited
2015 - Present Director, Gulf IPP Company Limited 1997 - Present Chief Financial Officer, Gulf Electric Public
2015 - Present Director, Gulf Energy Company Limited Company Limited
2015 - Present Director, Gulf JP KP1 Company Limited
2015 - Present Director, Gulf JP KP2 Company Limited Shareholding in the Company:
2015 - Present Director, Gulf JP TLC Company Limited • Personal: 0.016%
2015 - Present Director, Gulf JP NNK Company Limited
• Spouse or minor child: - None -
2015 - Present Director, Gulf JP NLL Company Limited Relationship among Family with Other Directors,
2015 - Present Director, Gulf JP CRN Company Limited Management, Major Shareholders and Subsidiaries :
2015 - Present Director, Gulf JP NK2 Company Limited - None -
2014 - Present Director, Gulf International Investment
(Hong Kong) Limited
Ms. Bung-on Suttipattanakit

and Chief Financial Officer
Date of Appointment
November 1, 2017
Age
53 years
Education
- Master of Accounting, Chulalongkorn University
- Bachelor of Accounting, Chiang Mai University
Training
- Certified Investment and Securities Analyst
(CISA No.0027), The Securities Analysts
Association
- Senior Executive Program (SEP), Class 26,
Sasin Graduate Institute of Business
Administration of Chulalongkorn University
- Public Private Partnership for Executive
Program, Class 1, Institute of Research and
Development for Public Enterprises (IRDP) Other Directorship Positions/ Other Positions at Present
- CFO Focus on Financial Reporting (CFO 0023), • Other Listed Companies
Federation of Accounting Professions and The - None -
Securities and Exchange Commission, Thailand • Non-listed Companies
2008 - Present Director,
Director Training Blue One Company Limited
- None -
Shareholding in the Company:
Working Experience (during the recent 5 years) and/ • Personal: 0.014%
or Important Positions • Spouse or minor child: - None -
2016 - 2017 Executive Vice President -
Accounting and Finance, Relationship among Family with Other Directors,
Gulf Energy Development Company Management, Major Shareholders and Subsidiaries :
Limited - None -
2010 - 2016 Senior Vice President - Investment
Banking, Bangkok Bank Public
Company Limited
Mrs. Sukanya Woragullattanee

Senior Vice President - Accounting and Budgeting
Date of Appointment
May 25, 2017
Age
46 years
Education
- Master of Accounting, Thammasat University
- Master of Economics (Business Economics),
National Institute of Development Administration
- Bachelor of Accounting, Thammasat University
Director Training
- None -
Working Experience (during the recent 5 years) and/

2014 - 2017 Senior Vice President - Accounting
and Budgeting, Gulf Energy Shareholding in the Company:
Development Company Limited • Personal: 0.004%
2003 - 2008 Vice President - Accounting and • Spouse or minor child: - None-
Budgeting, Gulf Electric Public
Company Limited Relationship among Family with Other Directors,
Other Directorship Positions/ Other Positions at Present - None -
- None -
• Non-listed Companies
2013 - Present Director, Siam Tech Energy
Company Limited
2008 - Present Assistant Vice President -
Accounting and Budgeting,
Gulf JP Company Limited
Report on Securities Holding of Directors and Executives Gulf Energy Development Public Company
Limited as of December 29, 2017
Directors and Executives Position The amount of shares Shareholdings

as of December 29, 2017 (%)
Mr. Viset Choopiban Independent Director 150,000 0.007%
/Chairman of the Boar
Spouse or Minor Child - 0.000%
Mr. Kasem Snidvongs Independent Director 150,000 0.007%

/Chairman of the Audit Committee 0.000%
Mr. Sommai Phasee Independent Director 100,000 0.005%

/Member of the Audit Committee
Dr. Raweporn Kuhirun Independent Director 100,000 0.005%

Mr. Vinit Tangnoi Independent Director 100,000 0.005%

Mr. Santi Boonprakub Independent Director 100,000 0.005%

Mr. Sarath Ratanavadi Director / Chief Executive Officer 755,999,994 35.438%

Spouse or Minor Child 3,500,000 0.164%
Juristic Entities Holding More Than 30% of Shares 780,000,006 36.563%
Mrs. Porntipa Chinvetkitvanit Director / President 385,900 0.018%

Mr. Boonchai Thirati Director / Senior Executive Vice President 353,500 0.017%
and Chief Operating Officer
Mrs. Chotikul Sookpiromkasem Director 100,000 0.005%

Mr. Ratthaphol Cheunsomchit Senior Executive Vice President 352,500 0.017%

and Chief Development Officer
Ms. Bung-on Suttipattanakit Senior Executive Vice President 291,400 0.014%

and Chief Financial Officer
Ms. Yupapin Wangviwat Executive Vice President 341,400 0.016%

and Chief Corporate Officer
Mrs. Sukanya Woragullattanee Senior Vice President - Accounting and Budgeting 85,600 0.004%
Total 1,542,110,300 72.288%

Sustainable Development
The Company has set a vision and mission that complement each other with the aim of growing
the business sustainably and successfully, ensuring good performance and satisfactory returns for
shareholders, and creating a positive impact on the overall economy of Thailand while taking into consideration
all stakeholders including shareholders, clients, creditors, trade partners, employees, state agencies,
local communities and society as a whole. The Company’s focus lies on business growth, ethical business
practice and responsibility to the society and local community, as well as impacts on the environment, and gives
attention to environmental care, occupational health and safety, and human resource development for stable
growth, greater competitiveness and value creation for all stakeholders, as per the principles outlined below.
Human resources management and development 1. Building a strong organizational culture through
instilling the four core values of the Company to create
business differentiation and competitiveness, which can
be used as a guide for employees to follow in their work
and decision-making
Goal-oriented : be motivated and

courageous to overcome limitations
Unity : devoted to common goal,
The Company places value in and importance on work as one team for mutual success
its employees, as employees are the organization’s Learning : love learning and be curious
greatest asset and the central component driving the to initiate and explore new things
business to grow robustly, stably and sustainably. Flexible : be flexible and agile to all
Accordingly, strong human resource management challenges
policies and procedures are a priority for managers
in all departments. The Company ensures that human 2. Encouraging employees to work efficiently
rights and labor rights are respected, channels are and effectively through a performance management
available for employees to submit complaints and system allowing employees to participate in setting
discuss problems and importance is given to goals and key performance indicators (KPIs) that align
establishing a healthy work-life balance. To provide with the team’s and organization’s overall goals, receive
employees with a healthy and safe work environment, the tangible performance evaluations, and engage in regular
Company has formed a Human Resources Committee, discussions and mentoring within the team to ensure
composed of upper management, responsible for outcomes meet set expectations and objectives
developing human resource management strategies 3. Creating employee engagement through
and guidelines that align with the Company’s business relationship-building activities organized and sponsored
plan. by the Company, such as organizing sports clubs and
The human resource management and development competitions, arranging off-site activities bringing
strategies currently in use at the Company can be together employees from different locations, establishing
divided into different inter-related aspects focused an internal communication system using modern
on promoting employee learning and increasing and effective technology, distributing employee
the Company’s competitiveness, as follows: engagement surveys every two years and using employee
suggestions from surveys to make improvements, personal growth and development keeps pace
leading to higher employee engagement scores with the Company’s growth and development,
4. Developing employee learning systematically and (e) organization of meetings to achieve the
and in line with business requirements through greatest efficiency through the use of supportive
personnel management and development technology to decrease travel time and expenses
programs created for different levels, for example and enable employees to conveniently remain in contact
(a) providing professional development aimed at at any time and location
developing knowledge and skills that support work
by selecting quality speakers from within and outside Environment
the organization, as well as sending employees to
participate in domestic and international seminars to
encourage learning about new ideas which can be
used to develop the organization, (b) organizing a new
employee on-boarding program where experienced
employees provide help and guidance in various
matters to ease the new employee’s transition into the
Company’s system of work, organizational culture,
teamwork and readiness to work quickly and effectively, The Company places value in and importance
and (c) establishing a leadership development program on the environment, as reflected in its policies
to develop managers at all levels, from operational which serve to express the Company’s aims and
managers to upper management, to ensure the guide managment practice and which adhere to
Company’s management has a modern and current legal requirements and international best practices.
business vision, greater team management skills and The success of these policies can be seen from
stronger perspectives as pioneers of change. power projects under the Company’s management
5. Developing organizational potential through which have received support through loans from
appointment of a task force which presents projects each recognized domestic and international financial
year to promote the Company as a high performance institutions such as the Japan Bank for International
organization; in 2017, five projects were undertaken, Cooperation and the Asian Development Bank.
as follows: (a) business performance improvement to Power projects under the Company’s
ensure operational procedures are clear, concise and management, within one year of commencing
reviewable, (b) development of a succession plan to commercial operations, must receive ISO 9001 and
ensure the Company prepares knowledgeable, capable ISO 14001 certification. Currently all power projects
individuals are promoted to positions of importance when under the Companies which have been operating
they are ready, (c) creation of a performance-based commercially for at least one year have received their
culture providing appropriate rewards focused on certification. The ISO 9001 certification is an international
recognition of performance to encourage employees quality management standard which provides the criteria
to work towards achieving objectives, (d) promotion for a quality management system that assures that various
of GULF as a learning organization to encourage operational processes are closely monitored and
employees to develop themselves through can be audited, while the ISO 14001 certification
constant learning which will ensure employees’ is an environmental management standard for
organizations that provides the criteria for a

system which increases environmental competency
and sustainability within an organization with an
emphasis on compliance with laws and regultions,
control and prevention of negative environmental
impacts, and efficient use of natural resources to create
value for the organization, the stakeholders and the
environment.
In addition, the Group has participated in the pilot and safety measures every year to ensure that every
Carbon Footprint for Organizations (CFO) program facility under the Group operates in accordance with
organized by the Thailand Federation of Industries relevant laws and regulations and achieves operational
and the Thailand Greenhouse Gas Management effectiveness. Best practices and suggestions
Organization (Public Organization) of the Ministry of for improvement are used to continually develop
Natural Resources and Environment to assess the operations through the environmental management
amount of greenhouse gases released by the various system audit and safety and health management
activities of the organization, measured as amount of system audit programs.
carbon dioxide equivalent. This allows the Company to For projects under construction, including the
recognize its current level of greenhouse gas emissions small power producers (SPPs) under the GMP group
which will inform future strategic directives to effectively which are currently under construction, the Companies
reduce the amount of greenhouse gases released. have worked with contractors to develop a plan for
The Company recognizes that global warming is an safeguarding health, safety, security and environment
ever-growing problem. As such, all power projects (HSSE) in accordance with relevant laws regarding
have assessed their CFO value in order to suggest environment, health and safety in the workplace. In
strategies to reduce overall greenhouse gas emissions, addition, the Group has adopted for use standards
one of the key performance indicators for improving from various international agencies, namely the
the organization’s efficacy in power generation. The Occupational Safety and Health Administration, the
Companies’ average greenhouse gas emissions is International Labour Organization, the IFC Performance
lower than the Thai power generation industry average. Standards on Environmental and Social Sustainability,
and the Equator Principles. From the time construction
Occupational health and safety commenced on the 12 SPPs until December 2017,
The Company gives great importance to the no workplace accidents requiring work stoppage
occupational health and safety of its employees and occurred and the projects accumulated a total of
stakeholders. The Company has established standard 20,398,269 safe man-hours, or 2,073,364 safe
safety procedures to be used as operational guidelines man-days.
for employees and promotes safety training activities, As a result of the Company’s serious and consistent
such as the behavior-based safety program, with the aim commitment to occupational health and safety, power
of eliminating accidents in the workplace. In addition, projects under the Group have received numerous
the Company arranges compliance audits to ensure awards for environment and safety from various state
that all operational procedures comply with the law agencies including the EIA Monitoring Award, the Zero
and evaluates the effectiveness of environment, health Accident Award and the CSR-DIW Award.
Social responsibility
For a business to grow sustainably and successfully, the community and society must grow with
the company. The Company places importance on being a part of developing the well-being of the
community, society and stakeholders as they are a key driver of a strong Thai society. Over the past several year,
the Company has established a framework for civic engagement through a number of projects and activities
as detailed below.
Well-being and engagement projects for and to produce environmental impact assessment
the community reports. In addition, the Group has organized tours
of the different types of power projects in
conjunction with training sessions focused on
environmental knowledge and how to use
environmental quality assessment tools to develop
and improvethe committees’ ability to perform their
tasks.
(b) The Company has established a Learning Center
for new agricultural theories as well as a Demonstration
Rice Farm next to the Nong Saeng Power Project
The Group is involved with the communities with the aim of developing the local community’s
around our power projects through various projects, efficacy in maintaining their traditional livelihood. The
as detailed below. project areais divided into a 10 rai demonstration
(a) The Community Engagement Committee, rice farm and areas for growing middle- and long-
the Environmental Impact Committee and the term crops, mixed crop fields, kitchen gardens,
Environmental Commissioner of the Company have fish ponds, organic fertilizer sheds and other uses.
the opportunity to work with community represen- To date, the project has produced tangible results,
tatives to take care of the natural resources and allowing the center to expand its operations to teach
environment in and around the community. Their the late King Bhumibol’s principles of sufficiency
main task is to monitor, review and ensure the quality economy to the local and neighboring communities
of the environment in the areas around the power and emphasizing that the Company’s power
projects which may be affected by the projects’ projects do not have a negative impact on the local
operations, in compliance with laws and regulations, agriculture.
Education and knowledge-building projects

for youth and community leaders
The Group places great importance on
educational and knowledge-building projects,
establishing significant programs, including:
(a) Educational scholarships for youth and
sponsorship for educational supplies for schools in
the local communities around the power projects
Environmental conservation and

rehabilitation projects
(b) The Wind and Water Detectives

program aimed at teaching youth in the
local communities how to monitor and preserve
water and air quality in the community using simple
scientific processes. The program also serves The Companies believe that the business -
environment relationship is a symbiotic one.
Environmental responsibility is a major focus and
objective of the Companies. Accordingly, several
environmental programs have been established, for
example: (a) The GULF Million Trees, Million Fish
project - Trees were planted with the aim of increasing
green space for the local community and fish were
released into the local bodies of water to return
ecological balance. In addition to creating aesthetic,
peaceful areas, the project also increased awareness
as an incubator to develop critical skills including of the need to conserve natural resources and the
scientific experimentation and observation, environment in the local community.(b) The Canal
eadership, teamwork and innovative thinking, as Dredging and Community Volunteers project - When
well as increases awareness of the value and the amount of water in natural waterways is low,
importance of natural resources in a tangible way. coupled with the surface of the water being covered
(c) The Travelling Power Project and the Power by a thick layer of aquatic weeds, the flow of water
Project Schools programs which provide accurate is blocked, resulting in stagnant water and low levels
knowledge and understanding to both students and of dissolved oxygen, causing death of aquatic life. To
teachers of how gas-fired power plants work through solve this problem, the Company worked with local
an innovative learning process that integrates useful agencies and provided funding to eliminate aquatic
content with fun activities, with the aim of developing weeds from the waterways, allowing the water to
a better understanding of and attitude towards power flow and creating a cleaner, more arderly and more
projects which can be passed on to their peers, family beautiful environment and scenery by the waterways.
and the general population. In addition, local agencies, community members and
volunteers joined together to clean public buildings
and areas in the community.
Public health projects

The Company made a significant donation to the
“Kao kon la kao” (Step by Step) project
for 11 hospitals across the country to support
funds to purchase essential medical tools and
equipment for hospitalsin need.
Religious and cultural projects

The GULF Group has sponsored religious and
cultural activities in conjunction with relevant
agencies to preserve religious traditions, improve
understanding and develop greater unity among
practitioners of all religions, as well as facilitate the
inclusion of religious morals in everyday life to support
the development o f morality and improved quality of life.
The Company sponsored the Health through

Exercise project.
Amid the current health revolution in Thailand,
which emphasizes prevention over cure through
an active effort to build health, activities involving
exercise are a method to prevent disease which
are easily integrated with other activities. Thus, the
GULF Group has provided sponsorship for sports
competitions and sports equipment for the local
communities around our power projects.
Report on the Board of Directors’ Responsibilities

for Financial Reporting
The Board of Directors of Gulf Energy Development Public Company Limited (the “Company”) is
responsible for the consolidated financial statements of the Company and its subsidiaries and the
separate financial statements of the Company. These financial statements have been prepared in accordance
with Thai Financial Reporting Standards and reflect the Board of Directors’ considerations of appropriate
and consistent use of accounting policies and practices. In addition, the Board of Directors has ensured
that sufficient key information is disclosed in the notes accompanying the financial statements and has
established adequate and appropriate systems for internal control and risk management, as reported by
the auditor in the Auditor’s Report.
The Board of Directors has appointed an Audit Committee, composed of independent directors, to
oversee and verify the reliability and accuracy of the financial reports, including related party transactions,
as well as verify the internal control, internal audit and risk management. The comments of the Audit
Committee are presented in the Audit Committee Report in this annual report.
The Board of Directors holds the opinion that the Company’s internal control and internal audit provides
reasonable assurance that the consolidated financial statements of the Company and its subsidiaries and
the separate financial statements of the Company have been prepared in accordance with Thai Financial
Reporting Standards, law requirements and related regulation.
Mr. Viset Choopiban Mr. Sarath Ratanavadi

Chairman of the Board of Directors Chief Executive Officer
Report of the Audit Committee to Shareholders

The Audit Committee of Gulf Energy Development Public Company Limited was appointed by the
Board of Directors of the Company. The Committee consists of four Independent Directors with varied
areas of expertise, knowledge and experience, who are qualified to confirm the validation of the financial
statements. The Audit Committee comprises committee members who traits and qualifications which meet
the requirements of the Stock Exchange of Thailand, as follows:
1. Mr. Kasem Snidvongs Chairman of the Audit Committee

2. Mr. Sommai Phasee Member of the Audit Committee
3. Dr. Raweporn Kuhirun Member of the Audit Committee
4. Mr. Vinit Tangnoi Member of the Audit Committee
Mr. Sommai Phasee was appointed as on Audit Committee member on September 14, 2017 with Miss
Chotiros Likitcharoenpanich, Senior Vice President - Internal Audit, serving as the Secretary of the Audit
Committee.
All members of the Audit Committee carried out their duties independently within the scope of
responsibility stated in the Audit Committee Charter, which is in alignment with the regulations of the Stock
Exchange of Thailand. The audit was performed and corporate governance was promoted, while a risk
management system was put in place, and the adequacy of the internal audit and internal control system was
assured so as to ensure that the Company runs its operations with transparency, honesty, and fairness to
achieve sustainable development and enhance its value, which would be beneficial to the shareholders. The
Committee received full cooperation from executives, employees, internal auditors and external auditors.
In 2017, the Audit Committee held seven meetings to perform duties as stated in the Audit Committee
Charter, the essence of which are summarized as follows.
1. Review of financial statements

The Audit Committee conducted a review of the quarterly and annual financial statements as
well as the consolidated financial statements, including connected transactions. The auditors
were asked about the scope of the audit, the audit plan, accuracy and completeness of the financial
statements as well as the independency of the auditors in order to ensure that the financial
statements were prepared in a correct manner in compliance with the laws and generally accepted
accounting standards whereby the financial statements were disclosed in a complete, correct, adequate,
and timely manner for the interest of their users.
2. Connected transactions of the Company on a quarterly and annual basis

The Audit Committee conducted a review connected transactions of the Company on a quarterly and
annual basis to ensure that they are carried out at arm’s length and in the best interest of the Company in
compliance with the regulations of the Stock Exchange of Thailand.
3. Review of adequacy and appropriateness of the internal control system

The Audit Committee arranged to put in place the internal audit plan, which was comprehensive
for the parent company and subsidiaries, including the audit plan that suits the nature of business operations
in different phases of the Group companies including projects in the preparation phase, the construction
phase, and the commercial operations phase whereby the audit focuses on different areas for each
phase. In addition, the internal audit plan also extends to human resources management, information
technology, and health and safety in order to ensure, to a reasonable degree, that the Company
has an adequate and appropriate internal control system, that sufficient manpower is allocated to
ensure the efficient monitoring of the internal control system, and that the human resources
management, information technology, health and safety systems are appropriately implemented.
In this light, the Audit Committee was of the opinion that the Company has an adequate
and appropriate internal control system, as well as proper monitoring and control of its operations
in a manner that allows the Company to safeguard its assets and that of its subsidiaries against abusive
or unauthorized utilization by executives or employees, including adequate consideration of transactions
entered into with persons with conflicts of interest and related persons.
4. Appointment of Auditors for the year 2017

The Audit Committee considered and selected the auditors of the Company based on the qualifications and
independence of the auditor, including their expertise, experience, performance, scope of audit as well as the
appropriateness of the quoted audit fee. The Committee proposed for approved to the Board of Directors
Meeting the appointment of Mr. Somchai Jinnovart, certified public accountant No. 3271, and/or
Mr. Boonrueng Lerdwiseswit, certified public accountant No. 6552, and/or Miss Amornrat Pearmpoonvatanasuk,
certified public accountant No. 4599 of Pricewaterhouse Cooper ABAS Company Limited as the Auditor
of the Company for 2017.
5. Oversight of Internal Audit

The Audit Committee oversaw the performance of the Internal Audit Department through consideration
and approval of the annual internal audit plan whereby revisions were made where appropriate to ensure
the propriety of the plan as well as its alignment to and comprehensiveness over the internal control sys-
tem of the Company and companies in the Group, including its appropriateness towards different phases
of business operations. The Audit Committee has considered the internal audit result, ensured that the
internal audit plan of the Internal Audit Department was accomplished, and provided opinions regarding
the qualifications of the Head of the Internal Audit Department.
6. Risk Management
The Audit Committee has considered the policies and risk management plan of the Company to
ensure that risk assessment was made in a comprehensive manner when compared to the goals and
strategies of the Company, including any chances of significant impacts toward business operations
and risk migitation to ensure such risk is mitigated to an accptable level. The Audit Committee was
of the opinion that the executives as well as employees of the Company placed significance on risk
management whereby the risks and factors thereof were analyzed and assessed as well as communicated
companywide. In this regard, the Company established consisting of senior executives from each Department, to
consider and determine the procedures, guidelines, and action plans to manage all material risks on an acceptable
level as well as to follow up and report on risk management in line with the risk management policies of
the Company.
7. Good corporate governance

The Audit Committee considered the criteria and policies relating to internal control and good corporate
governance to ensure compliance with the laws, rules, and regulations as well as business ethics of
the Company to build trust among shareholders and stakeholders. In addition, the accounting policies
were considered in a comprehensive manner to ensure accurate, complete, and reliable financial reporting.
With regard to compliance with the laws on securities and exchange as well as the requirements of
the Stock Exchange of Thailand and related laws governing the business of the Company, the Audit
Committee acknowledged that the Company appointed a person directly responsible for overseeing
compliance. This is in order to ensure that the Company conduts its operations in compliance with public
limited company laws, securities and exchange laws, and related laws as well as the notifications,
regulations, and related criteria of the Capital Market Supervisory Board, the SEC Board, the Securities
and Exchange Commission and the Stock Exchange of Thailand.
The Audit Committee emphasized that a Company put in place the whistle blowing system in
accordance with the good corporate governance principles. As such, the Company established a compliant
submission channel, which is easily accessible and directly reported to the Audit Committee, and delegated
a team to handle any complaints and file reports related to such complaints to the Audit Committee in
a timely and appropriate manner.
Furthermore, the Audit Committee considered and acknowledged the positions of certain executives
of the Company in other companies engaging in businesses of a similar nature as that of the Group companies
and the guideline to manage any possible conflicts of interest of directors and/or executives of the Company
to ensure transparency in compliance with good corporate governance principle.
8. Review of the Audit Committee Charter

The Audit Committee conducted a review of the Audit Committee Charter and made revisions thereof
in the Meeting No.1/2560 held on March 10, 2016 to ensure that duties completed as delegated and that
duties and responsibilities are in compliance with the criteria and guidelines of the Securities and Exchange
Commission.
9. Audit Committee’s self-assessment

The Audit Committee conducted a self-assessment of its performance, both on an individual
and a committee basis, in order to ensure that its performance was effective and supportive of good
corporate governance of the Company as well as to ensure that its composition, qualifications,
and performance are appropriate within its authority and scope of responsibility. Based on such
assessment, it was found that the composition and qualifications of the Audit Committee were
appropriate and the performance was effective and aligned with its authority and scope of responsibility as
stated in the Audit Committee Charter.
In conclusion, the Audit Committee fulfilled its duties and responsibility as stated in the Audit
Committee Charter by leveraging its knowledge, caution, prudence, and independence, and provided
opinions and recommendations which are constructive and in the interest of the stakeholders in
an equitable manner. The Audit Committee was of the opinion that the Board of Directors, executives,
and employees of all levels of the Company are determined to perform their duty to achieve the goals of
the Company in an efficient and professional manner, especially with regard to the importance placed on
transparent and auditable operation, proper risk management, good corporate governace, and adequate,
cautious, and prudent internal control.
On behalf of the Audit Committee
Mr. Kasem Snidvongs

Chairman of the Audit Committee
Independent Auditor’s Report

To the shareholders and the Board of Directors of Gulf Energy Development Public Company
Limited
My opinion
In my opinion, the consolidated financial statements of Gulf Energy Development Public Company
Limited (the Company) and its subsidiaries (the Group) and the separate financial statements of
the Company present fairly, in all materialrespects, the consolidated and separate financial position of
the Group and of the Company as at 31 December 2017, and its consolidated and separate financial
performance and its consolidated and separate cash flows for the year then ended in accordance with Thai
Financial Reporting Standards (TFRSs).
What I have audited

The consolidated financial statements and the separate financial statements comprise:
• the consolidated and separate statements of financial position as at 31 December 2017;
• the consolidated and separate statements of comprehensive income for the year then ended;
• the consolidated and separate statements of changes in equity for the year then ended;
• the consolidated and separate statements of cash flows for the year then ended; and
• the notes to the consolidated and separate financial statements, which include a summary of
significant accounting policies.
Basis for opinion

I conducted my audit in accordance with Thai Standards on Auditing (TSAs). My responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the consolidated and
separate financial statements section of my report. I am independent of the Group and the Company in
accordance with the Federation of Accounting Professions under the Royal Patronage of his Majesty the
King’s Code of Ethics for Professional Accountants together with the ethical requirements that are relevant
to my audit of the consolidated and separate financial statements, and I have fulfilled my other ethical
responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is
sufficient and appropriate to provide a basis for my opinion.
Key audit matters

Key audit matters are those matters that, in my professional judgment, were of most significance
in my audit of the consolidated and separate financial statements of the current period. I determined
key audit matters as financial derivative and hedge accounting, and adjustment to electricity sales of
an associate in accordance with Thai Financial Reporting Interpretations 4: Determining whether and
arrangement contains a lease. These matters were addressed in the context of my audit of the consolidated
and separate financial statements as a whole, and in formingmy opinion thereon, and I do not provide
a separate opinion on these matters.
Key audit matter How my audit addressed the key audit matter
Financial derivative and hedge accounting.
Refer to accounting policy 2.5 Financial instruments - I evaluated and performed effectiveness testing on the
Accounting for financial derivatives and hedge accounting financial derivative contracts for foreign currency hedge
and note 4 Financial risk management. by performing the following procedures:
• Select samples relating to the financial derivative
The Group entered into financial derivative contract for contract, such as the hedge documentation and
foreign currency hedge relating to power plant construction. foreign currency forward contract.
As at 31 December 2017, there werefinancial assets of • Recalculate the fair value of the financial derivative
Baht 3.60 million and financial liabilities of Baht 67.03 contract and test the hedge effectiveness.
million resulting from these agreements. • Confirm the ending balance from counter parties to
ensure that the financial derivative contract is complete.
The Group initially recognises the financial derivatives • Test the information that management used to
contract for foreign currency hedge at fair value on calculate the fair value of the financial derivative
the agreement date. The change in the fair value is contract with information from the market and assess
subsequently recognised as a separate item in other the reason for variance against the financial
comprehensive income in the consolidated statement institutions’ valuation result.
of comprehensive income. The Group recognises the
change in fair value as construction in progress in the I found that judgments made by management and the
consolidated statement of financial position on the recognition based on hedge accounting of the foreign
contract settlement date. currency forward contract, including thefair valueof the
financial derivative contract, are appropriate based on the
This matter is significant as the financial derivative existing evidence.
contract for foreign currency hedge has a significant
value, and the recognition of hedge accounting requires
significant management judgment in recording the
information under each agreement. Assumptions are
also required to calculate the fair value of the financial
derivative contract in accordance with Thai Financial
Reporting Standard 13: Fair value measurement.
Management must also assess the hedge effectiveness,
which is the degree to which changes in the fair value or
cash flows of the hedge instrument are offset by changes
in the fair value or cash flows of the hedging item.
The fair value measurement of the financial derivative is
classified as level II information, which is information other
than the price in the active market for identical assets or
liabilities, which is observable for the asset or liability, either
directly or indirectly. Level II information may be subject to
adjustment when measuring the fair value of the financial
derivative agreement.
Adjustment to electricity sales of an associate in
accordance with Thai Financial Reporting
Interpretations 4: Determining whether an arrangement
contains a lease.
Gulf JP Company Limited is a significant associate of the
According to accounting policy No. 2.3 Group Accounting Group and is audited by another auditor. I planned the
- Investment in subsidiaries and associates and in joint overall audit of the Group and communicated with another
arrangements, and Note 14.2 Investment in an associate, auditor about this matter. I also performed the following
the Group holds registered ordinary shares representing audit procedures:
40% of the authorised share capital of Gulf JP Company • Review working papers and ask about identified audit
Limited, which is an associate. This investment was risks, audit procedures and audited results.
recognised using the equity method. The Group recognised • Review the adjustments due to differences in
net profit after tax of the associate for the year ended 31 accounting standards, especially Thai Financial
December 2017 of Baht 3,984.68 million and net assets Reporting Interpretation Standard 4: Determining
of the associate in proportion to the Group’s shareholding whether an arrangement contains a lease.
of Baht 20,435.62 million. • Assess the auditor’s results to determine whether
there are sufficient and appropriate audit working
Gulf JP Company Limited is a limited company and papers.
prepares its financial statements in accordance with
Thai Financial Reporting Standard for Non-Publicly The associate’s auditor performed the following audit
Accountable Entities (TFRS for NPAEs). To record its share of procedures for the revenue process:
profit from Gulf JP Company Limited in the consolidated • Test the control over the revenue process, including
financial statements, the Group has to make adjustments control over revenue recognition in accordance with
based on its accounting policies and in accordance with Power Purchase Agreement.
the relevant Thai Financial Reporting Standards before the • Perform analytical procedures on significant changes
Group records the equity from investment based on the in gross profit percentage and sales transactions.
financial statements of the associate. • Test cut-off of revenue from electricity sales.
• Test the adjustment items related to electricity sales
The significant adjustments of the associate, which and the account receivable identified as a long-term
impact the consolidated financial statements, are lease agreement.
adjustments to the revenue from electricity sales of
certain power plants which they sell solely to the I found that the adjustment items related to revenue and
Electricity Generating Authority of Thailand, and the account receivable from electricity sales identified as
portions of accounts receivable from electricity sales of a long-term lease agreement are appropriate and comply
an associate in accordance with Thai Financial Reporting with the Group’s accounting policies.
Interpretations 4: Determining whether an arrangement
contains a lease. The adjustments are as follows:
• transfer assets under a finance lease to finance lease
receivable measured at the present value of the
minimum lease payment.
• record unearned finance income, which is the
difference between the total receivable and the
present value of the receivable.
• recognise lease income over the term of the lease
using the net investment method, which reflects
a constant rate of return.
This matter is significant as the adjustment items are

significant and complex. I undertook procedures to
make sure the associate applied the accounting policies
in accordance with Thai Financial Reporting Standards, as
adopted by the Group.
Other information
The directors are responsible for the other information. The other information comprises the information
included in the annual report, but does not include the consolidated and separate financial statements
and my auditor’s report thereon. The annual report is expected to be made available to me after the date
of this auditor’s report.
My opinion on the consolidated and separate financial statements does not cover the other information
and I will not express any form of assurance conclusion thereon.
In connection with my audit of the consolidated and separate financial statements, my responsibility is
to read the other information identified above when it becomes available and, in doing so, consider whether
the other information is materially inconsistent with the consolidated and separate financial statements or
my knowledge obtained in the audit, or otherwise appears to be materially misstated.
When I read the annual report, if I conclude that there is a material misstatement therein, I am required
to communicate the matter to the audit committee.
Responsibilities of the directors for the consolidated and separate financial statements
The directors are responsible for the preparation and fair presentation of the consolidated and separate
financial statements in accordance with TFRSs, and for such internal control as the directors determine is
necessary to enable the preparation of consolidated and separate financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated and separate financial statements, the directors are responsible for
assessing the Group and the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group and the Company or to cease operations, or has no realistic
alternative but to do so.
The audit committee assists the directors in discharging their responsibilities for overseeing
the Group and the Company’s financial reporting process.
Auditor’s responsibilities for the audit of the consolidated and separate financial statements
My objectives are to obtain reasonable assurance about whether the consolidated and separate financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with TSAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these consolidated and separate financial statements.
As part of an audit in accordance with TSAs, I exercise professional judgment and maintain
professional scepticism throughout the audit. I also:
• Identify and assess the risks of material misstatement of the consolidated and separate financial
statements, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
mis-representations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Group and the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group and the Company’s ability to continue
as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention
in my auditor’s report to the related disclosures in the consolidated and separate financial statements
or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the
audit evidence obtained up to the date of my auditor’s report. However, future events or conditions
may cause the Group and the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated and separate financial
statements, including the disclosures, and whether the consolidated and separate financial state
ments represent theunderlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
I am responsible for the direction, supervision and performance of the group audit. I remain solely
responsible for my audit opinion.
I communicate with the audit committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that I identify during my audit.
I also provide the audit committee with a statement that I have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on my independence, and where applicable, related safeguards.
From the matters communicated with the audit committee, I determine those matters that were of
most significance in the audit of the consolidated and separate financial statements of the current
period and are therefore the key audit matters. I describe these matters in my auditor’s report unless law
or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
I determine that a matter should not be communicated in my report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
PricewaterhouseCoopers ABAS Ltd.
Somchai Jinnovart
Certified Public Accountant (Thailand) No. 3271
Bangkok
26 February 2018

Statements ofFinancial
Statements of FinancialPosition
Position
As at3131December
As at December 2017
2017
Consolidated Separate
financial statements financial statements
2017 2016 2017 2016
Notes Baht Baht Baht Baht
Assets
Current assets
Cash and cash equivalents 9 20,222,174,961 2,765,570,440 14,747,550,080 159,675,847

Deposits at a financial institution
used as collateral 10 90,000,000 - - -
Current portion of financial
derivative assets 3,578,847 36,772,846 - -
Trade accounts receivable 11.1 1,659,512,961 914,749 - -
Trade accounts receivable from
related parties 11.2, 13 - 35,000,000 198,368,000 198,400,000
Current portion of amount due
from related parties 13 - - 212,500 212,500
Other accounts receivable 235,963 1,623,768 186,776 1,673,884
Prepaid expenses 118,024,932 106,631,104 7,260,154 3,440,889
Short-term loans to related parties 13 - 39,590,000 - 330,290,000
Current portion of advance payments
under service agreements 98,813,506 - - -
Current portion of advance payments
to related parties 13 - - 16,982,065 121,188,768
Current portion of interest receivable
from related parties 13 - 8,356,202 969,806 18,889,142
Spare parts 854,132 - - -
Available-for-sale investments 12 822,801,728 1,184,651,360 374,054,415 403,069,920
Refundable value added tax 1,764,390,383 1,187,520,866 5,701,930 -
Other current assets 163,408,745 147,469,506 48,722,545 10,260,260
Total current assets 24,943,796,158 5,514,100,841 15,400,008,271 1,247,101,210
Director ________________________
Date ________________________
The notes to the consolidated financial statements on pages 18 to 113 are an integral part of these financial statements.
6
Gulf EnergyDevelopment
Gulf Energy Development
PublicPublic Company
Position
As at3131December
As at December 2017
2017
2017 2016 2017 2016
Assets (continued)
Non-current assets

used as collateral 10 86,974,400 172,500,000 - -
Financial derivative assets 17,936 33,839,486 - -
Amount due from related parties 13 - - 74,867,010 37,358,975
Prepaid expenses 9,414,990 22,099,881 - -
Refundable value added tax 9,686,968 - - -
Advance payments to related parties 13 - - 89,005,863 106,113,802
Long-term loans to related parties 13 37,485,000 - 2,075,282,017 2,037,797,017
Interest receivable from related parties 13 531,375 - 141,832,657 170,896,925
Available-for-sale investments 12 1,984,969,036 1,968,444,225 - -
Investment in subsidiaries, net 14.1 - - 5,891,714,033 2,080,565,292
Investment in an associate 14.2 20,435,620,951 18,501,651,068 17,687,559,481 17,687,559,481
Investment in joint venture 14.3 2,983,444 - 6,002,493 -
Land deposit, net 4,996,125 23,148,675 - -
Advance payments for land and
power plant construction 1,817,779,230 2,846,196,836 - -
Advance payments under
service agreements 190,123,284 92,998,679 - -
Investment property, net 15 97,595,587 112,610,681 29,704,500 44,719,594
Property, plant and equipment, net 16 50,547,133,540 29,912,930,743 1,928,779 1,063,748
Intangible assets, net 17 22,409,086 15,700,149 518,649 586,196
Deferred financing fee 129,286,025 328,203,690 - -
Deferred tax assets 18 320,171,819 261,831,569 24,292,755 12,383,553
Other non-current assets 10,967,085 9,344,177 8,619,189 5,421,750
Total non-current assets 75,708,145,881 54,301,499,859 26,031,327,426 22,184,466,333
Total assets 100,651,942,039 59,815,600,700 41,431,335,697 23,431,567,543
7

Statements of Financial Position
Statements of Financial Position
As atat3131December
As December 2017
2017
2017 2016 2017 2016
Liabilities and equity
Current liabilities
Current portion of financial

derivative liabilities 60,005,007 215,045,940 - -
Trade accounts payable 504,913,077 - - -
Other accounts payable 285,787,437 48,701,896 67,423,039 7,687,758
Amount due to related parties 13 6,305,077 122,424 5,345,803 122,424
Share subscription payable 13 - - 3,255,450 3,255,450
Accounts payable for
power plant construction 2,206,722,121 1,485,676,086 - -
Interest payable 56,291,919 172,047,178 64,174,479 127,624,110
Short-term loans from
financial institutions 19 572,000,000 - - -
Short-term loans - 279,300,000 - -
Current portion of long-term loans
from financial institutions, net 20 2,460,245,112 258,010,414 - -
Current portion of debentures, net 21 - 6,991,641,102 - 6,991,641,102
Current portion of bills of exchange 22 - 1,991,190,934 - 1,991,190,934
Accrued expenses 746,966,150 472,447,043 202,083,861 200,491,083
Corporate income tax payable - 26,816,970 - 25,619,415
Other current liabilities 147,725,487 66,006,399 10,803,941 14,676,849
Total current liabilities 7,046,961,387 12,007,006,386 353,086,573 9,362,309,125
Non-current liabilities
Financial derivative liabilities 7,022,807 66,257,516 - -

Long-term loans from financial
institutions, net 20 47,914,009,587 34,397,950,901 988,323,786 994,325,114
Debentures, net 21 5,983,541,521 5,983,541,521 5,983,541,521 5,983,541,521
Bills of exchange 22 - 3,484,380,881 - 3,484,380,881
Retention 47,997,330 13,546,932 - -
Provision for decommissioning costs 23 203,074,716 6,977,080 - -
Deferred tax liabilities 18 110,207 10,537,100 - -
Employee benefit obligations 24 100,973,567 63,012,983 92,254,367 63,012,983
Total non-current liabilities 54,256,729,735 44,026,204,914 7,064,119,674 10,525,260,499
Total liabilities 61,303,691,122 56,033,211,300 7,417,206,247 19,887,569,624
8
Gulf EnergyDevelopment
Gulf Energy Development
PublicPublic Company
Position
As at3131December
As at December 2017
2017
2017 2016 2017 2016
Liabilities and equity (continued)
Equity
Share capital 25
Authorised share capital
2,133,300,000 ordinary shares
at a par value of Baht 5 each
(2016: 310,000,000 ordinary shares
of
at Baht
a par 10
value
each)
of Baht 10 each 10,666,500,000 3,100,000,000 10,666,500,000 3,100,000,000
Issued and paid-up share capital

2,133,300,000 ordinary shares at
paid-up of Baht 5 each
(2016: 40,000,000 ordinary shares
at paid-up of Baht 10 each
and 270,000,000 ordinary shares
of Baht 8.87 each) 10,666,500,000 2,795,000,000 10,666,500,000 2,795,000,000
Share premium 20,889,295,058 - 20,889,295,058 -
Surplus from business
combination under common control (316,239,277) (316,239,277) - -
Appropriated retained earnings
- legal reserve 26 86,512,524 - 86,512,524 -
Unappropriated retained earnings
(deficits) 1,935,038,462 (1,409,182,780) 2,371,169,838 748,121,743
Changes in proportion
of investment in subsidiaries 1,432,424,227 1,479,602,084 - -
Other components of equity 28 (128,716,475) (228,123,404) 652,030 876,176
Total equity attributable to owners

of the parent 34,564,814,519 2,321,056,623 34,014,129,450 3,543,997,919
Non-controlling interests 14.1, 27 4,783,436,398 1,461,332,777 - -
Total equity 39,348,250,917 3,782,389,400 34,014,129,450 3,543,997,919
Total liabilities and equity 100,651,942,039 59,815,600,700 41,431,335,697 23,431,567,543
9

Statements of Comprehensive Income
Statements of Comprehensive Income
For the year ended 31 December 2017
2017 2016 2017 2016
Revenue from sales 4,078,442,878 5,294,260 - -

Revenue from management fee 272,000,000 235,693,406 1,028,291,923 1,208,373,406
Cost of sales (3,096,903,263) (2,594,587) - -
Cost of management fee (189,343,313) (232,468,309) (326,158,466) (476,277,463)
Gross profit 1,064,196,302 5,924,770 702,133,457 732,095,943
Other income 29 42,818,453 18,349,590 43,628,872 40,907,241

Interest income 44,708,899 19,722,026 145,970,690 163,215,666
Dividend income 109,434,692 111,038,544 2,059,462,625 45,514,358
Gain (loss) on exchange rate, net 994,874,225 (32,018,839) 29,973 33,921
Administrative expenses (957,387,760) (593,657,546) (480,029,108) (177,005,394)
Finance costs 32 (1,427,678,494) (792,291,951) (747,626,733) (461,366,628)
Share of net profit from an associate
and a joint venture 14.2, 14.3 3,981,664,320 1,436,567,710 - -
Profit before corporate 3,852,630,637 173,634,304 1,723,569,776 343,395,107

income tax benefits (expenses)
Corporate income tax benefits (expenses) 30 54,293,935 46,961,092 6,680,702 (61,614,358)
Profit for the year 3,906,924,572 220,595,396 1,730,250,478 281,780,749
Other comprehensive income (expenses),

net of corporate income taxes
Items that will not be reclassified to profit or loss
Actuarial losses (20,689,859) - (20,689,859) -
Items that will be reclassified to profit or loss,
net of corporate income taxes
Change in value of available-for-sale investments 33,445,106 (22,315,717) 4,787,596 2,455,936
Reclassification adjustments to profit and loss
of available-for-sale investments (18,436,697) (5,775,160) (5,011,742) (1,579,760)
Change in value of cash flow hedges 12,555,383 (362,325,426) - -
Reclassification adjustments to profit and loss
of cash flow hedges 142,509,239 (16,783,237) - -
Currency translation differences 103,382 (89,525) - -
Share of other comprehensive income
(expenses) of an associate accounted for
using the equity method 8,200,515 (13,907,869) - -
Other comprehensive income (expenses)

for the year, net of corporate income taxes 157,687,069 (421,196,934) (20,914,005) 876,176
Total comprehensive income (expenses)

for the year 4,064,611,641 (200,601,538) 1,709,336,473 282,656,925
10

Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income
2017 2016 2017 2016
Note Baht Baht Baht Baht
Profit attributable to:

Owners of the parent 3,451,423,625 417,558,586 1,730,250,478 281,780,749
Non-controlling interests 455,500,947 (196,963,190) - -
3,906,924,572 220,595,396 1,730,250,478 281,780,749

attributable to:
Owners of the parent 3,530,140,695 151,275,386 1,709,336,473 282,656,925
Non-controlling interests 534,470,946 (351,876,924) - -
4,064,611,641 (200,601,538) 1,709,336,473 282,656,925
Earnings per share for the owners

of the parent
Basic earnings per share 7 3.18 0.79 1.59 0.54
11
Statements of Changes in Equity
118
Consolidated financial statements

Baht
Attributable to owners of the parent
Other components of equity
Retained earning Other comprehensive income (expenses)
Surplus from Share of other
business Appropriated Unappropriated comprehensive
Issued and combination retained retained Changes in proportion Currency Available- income Total other Non-
paid-up under earnings - earnings of investment translation for-sale Cash flow (expenses) components Total owners controlling
Notes share capital Share premium common control legal reserve (deficits) in subsidiaries Actuarial losses differences investments hedges of an associate of equity of the parent interests Total equity
Opening balance as at
1 January 2016 2,380,000,000 - (316,239,277) - (1,826,741,366) 1,417,367,297 - 67,571 (70,458,709) 105,113,776 3,437,158 38,159,796 1,692,546,450 802,437,005 2,494,983,455
Issuance of new ordinary shares - - - - - - - - - - - - - 470,080,000 470,080,000
Call for additional paid-up 25, 27 415,000,000 - - - - - - - - - - - 415,000,000 482,584,828 897,584,828
Surplus from changes in proportion
of investment in subsidiaries 27 - - - - - 62,234,787 - - - - - - 62,234,787 58,281,213 120,516,000
Dividend paid of subsidiaries - - - - - - - - - - - - - (173,345) (173,345)

Total comprehensive
income (expenses)
for the year - - - - 417,558,586 - - (89,525) (28,090,877) (224,194,929) (13,907,869) (266,283,200) 151,275,386 (351,876,924) (200,601,538)
Closing balance as at
31 December 2016 2,795,000,000 - (316,239,277) - (1,409,182,780) 1,479,602,084 - (21,954) (98,549,586) (119,081,153) (10,470,711) (228,123,404) 2,321,056,623 1,461,332,777 3,782,389,400
Opening balance as at
1 January 2017 2,795,000,000 - (316,239,277) - (1,409,182,780) 1,479,602,084 - (21,954) (98,549,586) (119,081,153) (10,470,711) (228,123,404) 2,321,056,623 1,461,332,777 3,782,389,400
Issuance of new ordinary shares 25 7,566,500,000 - - - - - - - - - - - 7,566,500,000 1,100,479,700 8,666,979,700
Call for additional paid-up 25, 27 305,000,000 - - - - - - - - - - - 305,000,000 1,640,158,109 1,945,158,109
Share premium 25 - 20,889,295,058 - - - - - - - - - - 20,889,295,058 - 20,889,295,058
Legal reserve 26 - - - 86,512,524 (86,512,524) - - - - - - - - - -
Surplus (discount) from changes
in proportion of investment
in subsidiaries 27 - - - - - (47,177,857) - - - - - - (47,177,857) 47,177,842 (15)
Transfer actuarial losses - - - - (20,689,859) - 20,689,859 - - - - 20,689,859 - - -
Dividend paid of
subsidiaries - - - - - - - - - - - - - (182,976) (182,976)
Total comprehensive
income (expenses)
for the year - - - - 3,451,423,625 - (20,689,859) 103,382 14,876,161 76,226,871 8,200,515 78,717,070 3,530,140,695 534,470,946 4,064,611,641
Closing balance as at
31 December 2017 10,666,500,000 20,889,295,058 (316,239,277) 86,512,524 1,935,038,462 1,432,424,227 - 81,428 (83,673,425) (42,854,282) (2,270,196) (128,716,475) 34,564,814,519 4,783,436,398 39,348,250,917
12
Separate financial statements

Baht
Attributable to owners of the parent
Other components of equity
Retained earning Other comprehensive income (expenses)
Appropriated
Issued and retained Unappropriated Available- Total other
paid-up earnings - retained for-sale components
Notes share capital Share premium legal reserve earnings Actuarial losses investments of equity Total equity
Opening balance as at 1 January 2016 2,380,000,000 - - 466,340,994 - - - 2,846,340,994

Call for additional paid-up 25 415,000,000 - - - - - - 415,000,000
Total comprehensive income
for the year - - - 281,780,749 - 876,176 876,176 282,656,925
Closing balance as at 31 December 2016 2,795,000,000 - - 748,121,743 - 876,176 876,176 3,543,997,919
Opening balance as at 1 January 2017 2,795,000,000 - - 748,121,743 - 876,176 876,176 3,543,997,919

Issuance of new ordinary shares 25 7,566,500,000 - - - - - - 7,566,500,000
Call for additional paid-up 25 305,000,000 - 305,000,000
Share premium 25 - 20,889,295,058 - - - - - 20,889,295,058
Legal reserve 26 - - 86,512,524 (86,512,524) - - - -
Transfer actuarial losses - - - (20,689,859) 20,689,859 - 20,689,859 -
Annual Report 2017

for the year - - - 1,730,250,478 (20,689,859) (224,146) (20,914,005) 1,709,336,473
119
Closing balance as at 31 December 2017 10,666,500,000 20,889,295,058 86,512,524 2,371,169,838 - 652,030 652,030 34,014,129,450
13

Statements of Cash Flows
2017 2016 2017 2016
Cash flows from operating activities
Profit for the year before
corporate income taxes 3,852,630,637 173,634,304 1,723,569,776 343,395,107
Adjustment to reconcile profit for
cash generated from (used in) operations
- Finance costs 32 1,427,678,494 792,291,951 747,626,733 461,366,628
- Interest income (44,708,899) (19,722,026) (145,970,690) (163,215,666)
- Dividend income (109,434,692) (111,038,544) (2,059,462,625) (45,514,358)
- Gain on disposal of investments
in a subsidiary 29 (123,762) - - (7,498,775)
- Gain on disposal of available-for-sale
investments (23,045,872) (7,218,950) (6,264,677) (1,974,700)
- Impairment loss on assets 33,167,644 - 21,333,360 -
- Write-off bad debts - - 21,254,398 -
- Loss from write-off property,
plant and equipment 16 - 814 - 814
- Depreciation and amortisation 16, 17 370,496,632 4,533,322 352,976 293,510
- Employee benefit expenses 24 12,098,261 7,848,586 3,379,061 7,848,586
- Share of net profit from an associate
and a joint venture 14.2, 14.3 (3,981,664,320) (1,436,567,710) - -
- Net unrealised (gains) losses on
exchange rate (869,572,262) 129,554,271 52,778 -
Cash flows before changes in working capital 667,521,861 (466,683,982) 305,871,090 594,701,146
Changes in working capital (excluding impact
from acquisition and disposal of subsidiaries)
- Trade accounts receivable (1,658,598,212) 79,354,376 - -
- Trade accounts receivable from
related parties 35,000,000 12,482,239 32,000 (166,190,000)
- Amounts due from related parties - 29,975,375 (37,508,035) 14,452,869
- Other accounts receivable 1,387,805 (1,488,876) 1,487,108 (695,395)
- Prepaid expenses 1,291,063 14,998,182 (3,927,934) (1,155,976)
- Spare parts (854,132) - - -
- Refundable value added tax (586,556,485) (860,433,594) (5,701,930) -
- Other current assets 22,847,969 (27,760,896) (1,522,645) (798,984)
- Advance payments under service agreements (195,938,111) - - -
- Other non-current assets (1,622,908) (2,596,410) (3,197,439) (1,000)
- Trade accounts payable 504,913,077 - - -
- Other accounts payable 221,931,454 (94,046,874) 44,528,261 (5,942,673)
- Amount due to related parties 6,182,653 122,424 5,223,379 (116,515)
- Accrued expenses 244,802,116 269,394,600 (28,167,222) 170,925,112
- Other current liabilities 81,719,088 (13,556,708) (3,872,908) (210,213)
Cash generated from (used in) operating activities (655,972,762) (1,060,240,144) 273,243,725 604,968,371
- Corporate income tax paid (60,678,604) (100,115,217) (57,317,378) (88,560,995)
Net cash generated from (used in) operating activities (716,651,366) (1,160,355,361) 215,926,347 516,407,376
14

For the yearof ended
Statements 31 December 2017
Cash Flows
2017 2016 2017 2016

Cash flows from investing activities
used as collateral 10 (4,474,400) - - -
Proceeds from interest 46,716,706 29,536,842 184,610,769 155,639,751
Proceeds from dividend 2,168,348,692 111,038,544 2,059,462,625 45,514,358
Payments for available-for-sales
investments 12 (6,686,608,776) (3,350,000,000) (2,137,926,373) (1,050,000,000)
Proceeds from available-for-sales
investments 7,069,608,776 2,610,002,186 2,172,926,373 650,000,000
Payments for ordinary shares paid-up
in subsidiaries 14.1 - - (3,817,717,000) (1,260,000,000)
Proceeds from sales of investments
in a subsidiary 14.1 - - 127,500 8,498,745
Payments for investment in an associate 14.2 - (14,398,559,481) - (14,398,559,481)
Payments for ordinary shares paid-up in
a joint venture 14.3 (5,880,000) - (5,880,000) -
Advance payments to subsidiaries - - (11,004,831) (52,693,500)
Proceeds from advance payments
to subsidiaries - - 114,166,923 20,000,000
Advance payments to a joint venture (242,745) - (242,745) -
Proceeds from advance payments
to a joint venture 866,608 - 242,745 -
Proceeds from loans to subsidiaries 13 - - 520,200,000 -
Payments on loans to subsidiaries 13 - - (229,500,000) -
Payments on loans to a joint venture 13 (37,485,000) - (37,485,000) (178,500,000)
Proceeds from short-term loans
to related parties 13 39,590,000 20,000,000 39,590,000 60,000,000
Proceeds from long-term loans
to related parties - 115,000,000 - 75,000,000
Payments for losing control of subsidiaries, net (652,695) (37,690,905) - -
Proceeds from land deposit - 53,392,500 - 53,392,500
Advance payments for land and power plant
constructions (1,390,145,765) (2,479,998,867) - -
Purchases of property, plant and equipment (16,099,319,798) (16,535,836,700) (14,860) (565,542)
Payments for borrowing costs capitalised
in property, plant and equipment (1,517,165,385) (866,720,937) - -
Purchases of intangible assets (9,352,518) (1,409,230) - -
Net cash used in investing activities (16,426,196,300) (34,731,246,048) (1,148,443,874) (15,872,273,169)
15

For the
For theyear
yearended
ended31 31 December
December 2017 2017
2017 2016 2017 2016

Cash flows from financing activities
Proceeds from issuing of debentures 21 - 13,000,000,000 - 13,000,000,000
Payments for debentures 21 (7,000,000,000) - (7,000,000,000) -
Proceeds from short-term loans from
financial institutions 19 7,887,000,000 - 6,000,000,000 -
Payments for short-term loans from
financial institutions 19 (7,315,000,000) - (6,000,000,000) -
Proceeds from changes in ownership
interest in indirect subsidiaries
that do not result in a loss of control - 120,516,000 - -
Proceeds from long-term loans from
financial institutions 17,447,030,358 22,179,319,706 - 1,000,000,000
Proceeds from short-term loan 220,500,000 171,500,000 - -
Payments on short-term loan (499,800,000) (425,000,000) - (425,000,000)
Payments on long-term loans from
financial institutions (686,915,202) (4,044,069,125) - (4,042,097,017)
Payments for interest (924,223,057) (258,726,812) (326,282,738) (112,521,776)
Proceeds from issuing of
bills of exchange 14,554,039,982 10,982,453,677 14,554,039,982 10,982,453,677
Payments for bills of exchange (20,200,000,000) (5,600,000,000) (20,200,000,000) (5,600,000,000)
Payments for other finance costs (403,674,378) (202,513,221) (289,446,033) (150,396,520)
Payments for deferred financing fees (22,493,151) (107,975,498) (22,493,151) (6,500,000)
Proceeds from additional paid-up capital 25 31,944,137,809 1,367,664,828 29,203,500,000 415,000,000
Payments for share issuance (398,926,300) - (398,926,300) -
Dividend paid to non-controlling interests
of a subsidiary 27 (182,976) (173,345) - -
Net cash generated from financing activities 34,601,493,085 37,182,996,210 15,520,391,760 15,060,938,364
Net increase (decrease) in

cash and cash equivalents 17,458,645,419 1,291,394,801 14,587,874,233 (294,927,429)
Cash and cash equivalents at the beginning
of the year 2,765,570,440 1,473,902,486 159,675,847 454,603,276
Profit (loss) adjustment from
foreign exchange translation (2,040,898) 273,153 - -
Cash and cash equivalents at the end

of the year 20,222,174,961 2,765,570,440 14,747,550,080 159,675,847
16

Statements ofCash
Statements of CashFlows
Flows
For theyear
For the yearended
ended
31 31 December
December 2017 2017
financial information financial information
2017 2016 2017 2016

Note Baht Baht Baht Baht
Non-cash transactions
Significant non-cash transactions
for the years ended 31 December
are as follows:
Increase in construction in progress as a result
of advance payment for construction 2,418,563,371 2,621,257,314 - -
Increase in property, plant and equipment
from payables 2,207,857,721 1,485,676,086 1,135,600 -
Increase in construction in progress
from retention 47,997,330 13,546,932 - -
Increase in loan from sale of investment in
a subsidiary 13 - 40,000,000 - -
Increase in investment property from transfer
from property, plant and equipment - 67,891,087 - -
Increase in assets as a result of
provision for decommissioning costs 200,337,140 - - -
Increase in construction in progress from
amortisation of deferred financing fees 16,280,094 17,068,260 - -
Accrued expenses relating to share capital issuance 43,778,642 - 43,778,642 -
17

Notes to the Consolidated and Separate Financial Statements
1 General information
Gulf Energy Development Public Company Limited (the Company) is a public company limited. The Company is
incorporated and resided in Thailand. The address of its registered office is 87 M Thai Tower 11th Floor,
All Seasons Place, Wireless Road, Lumpini, Pathumwan, Bangkok.
The Company has registered for a change from a limited company to a public company limited on 25 May 2017.
The Company is listed on the Stock Exchange of Thailand. For reporting purposes, the Company and its
subsidiaries are referred to as the Group.
The principal business operation of the Group is to generate and sell electricity, steam and cold water, and
other businesses both domestic and international.
These consolidated and separate financial statements were authorised for issue by the Company’s management on
26 February 2018.
2 Accounting policies
The principal accounting policies applied in the preparation of these consolidated and separate financial
statements are set out below:
2.1 Basis of preparation
The consolidated and seperate financial statements have been prepared in accordance with Thai
generally accepted accounting principles under the Accounting Act B.E. 2543, being those Thai Financial
Reporting Standards issued under the Accounting Profession Act B.E. 2547, and the financial reporting
requirements of the Securities and Exchange Commission under the Securities and Exchange Act.
The consolidated and separate financial statements have been prepared under the historical cost
convention except as disclosed in the accounting policies below.
The preparation of financial statements in conformity with Thai generally accepted accounting principles
requires the use of certain critical accounting estimates. It also requires management to exercise its
judgement in the process of applying the Group’s accounting policies. The areas involving a higher
degree of judgment or complexity, or areas where assumptions and estimates are significant to the
consolidated and separate financial statements are disclosed in Note 5.
Comparative figures have been adjusted to conform with presentation in the current year where the
effects are disclosed in Note 3.
An English version of the consolidated and separate financial statements have been prepared from the
statutory financial statements that are in the Thai language. In the event of a conflict or a difference in
interpretation between the two languages, the Thai language statutory financial statements shall prevail.

For thetoyear
Notes ended 31 December
the Consolidated 2017Financial Statements
and Separate
2 Accounting policies (continued)
2.2 Revised financial reporting standards and related interpretations
2.2.1 Revised financial reporting standards are effective for annual periods beginning on or after
1 January 2017, which have significant changes and are relevant to the Group.
TAS 1 (revised 2016) Presentation of financial statements

TAS 19 (revised 2016) Employee benefits
TAS 27 (revised 2016) Separate financial statements
TAS 28 (revised 2016) Investments in associates and joint ventures
TFRS 10 (revised 2016) Consolidated financial statements
TAS 1 (revised 2016), the amendments provide clarifications on a number of issues, including:
- Materiality - an entity should not aggregate or disaggregate information in a manner that

obscures useful information. Where items are material, sufficient information must be
provided to explain the impact on the financial position or performance.
- Disaggregation and subtotals - line items specified in TAS 1 may need to be disaggregated
where they are relevant to an understanding of the entity's financial position or performance.
There is also new guidance on the use of subtotals.
- Notes to financial statements - the standard confirms that the notes do not need to be
presented in a particular order.
- Other Comprehensive Income arising from investments accounted for under the equity
method - the share of other comprehensive income arising from equity-accounted
investments is grouped based on whether the items will or will not subsequently be
reclassified to profit or loss. Each group should then be presented as a single line item in the
statement of other comprehensive income.
TAS 19 (revised 2016), the amendments clarify that when determining the discount rate for
post-employment benefit obligations, it is the currency that the liabilities are denominated in is
more important, not the country where they arise.
TAS 27 (revised 2016), the amendments allow an entity a policy choice to account for investments
in subsidiaries, joint ventures and associates in its separate financial statements using the equity
method as described in TAS 28 (revised 2016) in addition to measurement at cost or at fair value
(when announced). The election can be made independently for each category of investment
(subsidiaries, joint ventures and associates). Entities wishing to change to the equity method must
do so retrospectively.
TAS 28 (revised 2016), the amendments allow an entity which is not an investment entity, but has
an interest in an associate or joint venture which is an investment entity, a policy choice when
applying the equity method of accounting. The entity may choose to retain the fair value
measurement applied by the investment entity associate or joint venture, or to unwind the fair
value measurement and instead perform a consolidation at the level of the investment entity
associate or joint venture.
TFRS 10 (revised 2016), the amendments clarify that: 1) the exception from preparing consolidated
financial statements is also available to intermediate parent entities which are subsidiaries of
investment entity and 2) an investment entity should consolidate a subsidiary which is not an
investment entity and whose main purpose and activity is to provide services in support of the
investment entity's investment activities.
The Group’s management assessed and considered that the above revised standards do not have
significant impact on the Group.

2.2 Revised financial reporting standards and related interpretations (continued)
2.2.2 Revised financial reporting standards are effective for annual periods beginning on or after
1 January 2018, which have significant changes and are relevant to the Group. The Group
has not yet adopted these revised standards.
TAS 7 (revised 2017) Statement of cash flows

TAS 12 (revised 2017) Income taxes
TFRS 12 (revised 2017) Disclosure of interests in other entities
TAS 7 (revised 2017), the amendments require additional disclosure of changes in liabilities arising
from financing activities. This includes changes arising from cash and non-cash transactions.
TAS 12 (revised 2017), the amendments clarify the followings which relate to deferred tax accounting
when the carrying amount of an asset measured at fair value is less than its tax base:
- A temporary difference exists whenever the carrying amount of an asset measured at fair
value is less than its tax base at the end of the reporting period.
- An entity can assume that it will recover an amount higher than the carrying amount of an
asset to estimate its future taxable profit.
- Where the tax law restricts the source of taxable profits against which particular types of
deferred tax assets can be recovered, the recoverability of the deferred tax assets can only
be assessed in combination with other deferred tax assets of the same type.
- Tax deductions resulting from the reversal of deferred tax assets are excluded from the
estimated future taxable profits.
TFRS 12 (revised 2017), the amendments clarify that the disclosure requirements under TFRS 12
apply to interests in entities that are classified as held-for-sale in the scope of TFRS 5 (revised
2017), except for the summarised financial information.
The Group’s management assessed and considered that the above revised standards will not
have a material impact on the Group, except for disclosure.
2.3 Group accounting - investments in subsidiaries and associates and in joint arrangements
(a) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns though its power over the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for business combinations except for business
combination under common control. The consideration transferred for the acquisition of a subsidiary
is the fair value of the assets transferred, the liabilities incurred to the former owners of acquiree
and the equity interests issued by the Group. The consideration transferred includes the fair value
of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related
costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition
date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in
the acquiree either at fair value or at the non-controlling interest’s proportionate share of the
acquiree’s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s
previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any
gains or losses arising from such re-measured are recognised in profit or loss.
Any contingent consideration to be transferred by the Group is regcognised at fair value at the
acquisition date. Subsequent changes to the fair value of the contingent consideration that is
deemed to be an asset or liability is recognised in profit or loss. Contingent consideration that is
classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.
Subsidiaries are all entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns though its power over the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for business combinations except for business
combination under common control. The consideration transferred for the acquisition of a subsidiary
is the fair value of the assets transferred, the liabilities incurred to the former owners of acquiree
and the equity interests issued by the Group. The consideration transferred includes the fair value
of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related
costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition
date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in
the acquiree either at fair value or at the non-controlling interest’s proportionate share of the
acquiree’s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s
previously held equity interest in the acquiree is re-measured to fair value at the acquisition date. Any
gains or losses arising from such re-measured are recognised in profit or loss.
Any contingent consideration to be transferred by the Group is regcognised at fair value at the
acquisition
Gulf Energy Development date.
Public Subsequent
Company changes to the fair value of the contingent consideration that is
Limited
deemed to be an asset or liability is recognised in profit or loss. Contingent consideration that is
classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.
20
2.3 Group accounting - investments in subsidiaries and associates and in joint arrangements (continued)
(a) Subsidiaries (continued)
The excess of the consideration transferred, the amount of any non-controlling interest in the
acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the
fair value of the identifiable net assets acquired is recognised as goodwill. If the total of
consideration transferred, non-controlling interest recognise and previously held interest measured
is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase,
the difference is recognised directly in profit or loss.
Intercompany transactions, balances and unrealised gains on transactions between group

companies are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by the Group.
(b) Transactions with non-controlling interests
The Group treats transactions with non-controlling interests as transactions with equity owners of
the Group. For purchases from non-controlling interests, the difference between any consideration
paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recognised
in equity. Gains or losses on disposals to non-controlling interests are also recognised in equity.
(c) Disposal of subsidiaries
When the Group ceases to have control, any retained interest in the entity is re-measured to its
fair value, with the change in carrying amount recognised in profit or loss. The fair value is the
initial carrying amount for the purposes of subsequent accounting for the retained interest as an
associate, joint venture or financial asset. In addition, any amounts previously recognised in other
comprehensive income in respect of that entity are accounted for as if the Group had directly
disposed of the related assets or liabilities.
(d) Associates
Associates are all entities over which the Group has significant influence but not control, generally
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in
associates are accounted for using the equity method of accounting.
(e) Joint venture
Joint arrangement is classified as joint venture whereby the Group has rights to the net assets of
the arrangement. Interests in joint ventures are accounted for using the equity method.

For thetoyear
the Consolidated 2017
and Separate Financial Statements
2.3 Group accounting - investments in subsidiaries and associates and in joint arrangements (continued)
(f) Accounting under equity method
Under the equity method, the investment is initially recognised at cost, and the carrying amount is
increased or decreased to recognise the investor’s share of the profit or loss of the investee after
the date of acquisition. The Group’s investment in associates includes goodwill identifies on acquisition.
If the ownership interest in associates and joint ventures is reduced but significant influence is
retained, only a proportionate share of the amounts previously recognised in other comprehensive
income is reclassified to profit or loss where appropriate. Profit or loss from reduce of the
ownership interest in an associates and joint ventures is recognise in profit or loss.
The Group’s share of its associates and joint ventures’ post-acquisition profits or losses is recognised in
the profit or loss, and its share of post-acquisition movements in other comprehensive income is
recognised in other comprehensive income. The cumulative post-acquisition movements are
adjusted against the carrying amount of the investment. When the Group’s share of losses in
associates and joint ventures equals or exceeds its interest in the associates and joint ventures,
together with any long-term interests that, in substance, form part of the entity’s net investment in
the associates or joint ventures, the Group does not recognise further losses, unless it has
incurred obligations or made payments on behalf of the associates and joint ventures.
The Group determines at each reporting date whether there is any objective evidence that the
investments in the associates and joint ventures are impaired. If this is the case, the Group
calculates the amount of impairment as the difference between the recoverable amount of the
investments and its carrying value and recognises the amount adjacent to share of profit (loss) of
associates and joint ventures in profit or loss.
Unrealised gains on transactions between the Group and its associates and joint ventures are
eliminated to the extent of the Group’s interest in the associates and joint ventures. Unrealised
losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of associates and joint ventures have been changed where
necessary to ensure consistency with the policies adopted by the Group.
(g) Separate financial statements
In the separate financial statements, investments in subsidiaries, associates and joint ventures are
accounted for at cost less impairment. Cost is adjusted to reflect changes in consideration arising
from contingent consideration amendments. Cost also includes direct attributable costs of investment.
2.4 Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the
currency of the primary economic environment in which the entity operates (the functional
currency). The financial statements are presented in Thai Baht, which is the Company’s functional
and the Group’s presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation where items are re-measured. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the profit or loss.
When a gain or loss on a non-monetary item is recognised in other comprehensive income, any
exchange component of that gain or loss is recognised in other comprehensive income.
Conversely, when a gain or loss on a non-monetary item is recognised in profit and loss, any
exchange component of that gain or loss is recognised in profit and loss.
22

For thetoyear
2.4 Foreign currency translation (continued)
(c) Group companies
The results and financial position of all the Group entities (none of which has the currency of a
hyper-inflationary economy) that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
• Assets and liabilities for each statement of financial position presented are translated at the
closing rate at the date of that statement of financial position;
• Income and expenses for each statement of comprehensive income are translated at average
exchange rates; and
• All resulting exchange differences are recognised in other comprehensive income.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
2.5 Financial instruments
Accounting for financial derivatives and hedge accounting
The Group is a party to derivatives financial instruments, which mainly comprise foreign currency forward
contracts and interest rate swap agreements. The Group applies hedge accounting for only foreign
currency forward contracts.
Foreign currency forward contracts
The Group initially recognises derivative financial instruments at fair value on the contract date and subsequently
recognises any changes in fair value as gain (loss) from derivative instruments in profit or loss.
In case the Group applies the hedge accounting which is appropriate based upon the specific criteria in
accordance to hedging requirement, the impact of recording the derivative instrument is offset to the
extent that the hedging relationship is effective. If a hedge is designated as a fair value hedge, changes
in the derivative’s fair value are recorded as gain or loss and the hedged item is marked to market for
changes in fair value associated with the hedged risk. If a hedge is designated as a cash flow hedge, the
portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is
recognised in other comprehensive income and the ineffective portion of the gain or loss on the hedging
instrument is recognised immediately in profit or loss.
Interest rate swap agreements
Interest rate swap agreements protect the Group from movements in interest rates. Any differences to be
paid or received on an interest rate swap agreement is recognised as a component of interest revenue or
expense over the period of the agreement. Gains and losses on early termination of interest rate swaps
or on repayment of the borrowing are taken into profit or loss.
Disclosures about derivative financial instruments to which the Group is a party are provided in note 33.
2.6 Cash and cash equivalents
In the statements of cash flows, cash and cash equivalents includes cash on hand, deposits held at call
with banks, other short-term highly liquid investments with original maturities of three months or less and
bank overdrafts (if any). In the statements of financial position, bank overdrafts are shown within current
liabilities in consolidated and seperate statement of financial position.
23

For thetoyear
2.7 Trade accounts receivable
Trade accounts receivable are carried at the original invoice amount and subsequently measured at the
remaining amount less any allowance for doubtful receivables based on a review of all outstanding
amounts at the year-end. The amount of the allowance is the difference between the carrying amount of
the receivable and the amount expected to be collectible. Bad debts are written-off during the year in
which they are identified and recognised in profit or loss within selling expenses.
2.8 Spare parts
Spare parts are stated at cost less allowance for obsolescence. Cost is calculated based on the moving
average basis. Spare parts are common spare parts. The Group reviews its allowance for obsolete, slow-
moving and defective spare parts on specific cases.
2.9 Investments
Investments other than investments in subsidiaries, associates and joint ventures are classified into the
following four categories: (1) trading investments; (2) held-to-maturity investments; (3) available-for-sale
investments; and (4) general investments. The classification is depended on the purpose for which the
investments were acquired. Management determines the appropriate classification of its investments at
the time of the purchase and re-evaluates such designation on a regular basis.
1. Investments that are acquired principally for the purpose of generating a profit from short-term
fluctuations in price are classified as trading investments and included in current assets.
2. Investments with fixed maturity that the management has the intent and ability to hold to maturity are
classified as held-to-maturity.
3. Investments intended to be held for an indefinite period of time, which may be sold in response to
liquidity needs or changes in interest rates, are classified as available-for-sale.
4. Investments in non-marketable equity securities are classified as general investments.
All four categories of investment are initially recognised at cost, which is equal to the fair value of
consideration paid plus transaction cost.
Trading investments and available-for-sale investments are subsequently measured at fair value. The
unrealised gains and losses of trading investments are recognised in profit or loss. The unrealised gains and
losses of available for sale investments are recognised in other comprehensive income.
Held-to-maturity investments are carried at amortised cost using the effective yield method less
impairment loss.
General investments are carried at cost less impairment loss.
A test for impairment is carried out when there is a factor indicating that an investment might be impaired.
If the carrying value of the investment is higher than its recoverable amount, impairment loss is charged
to profit or loss.
On disposal of an investment, the difference between the net disposal proceeds and the carrying amount
is charged or credited to the profit or loss. When disposing of part of the Group's holding of a particular
investment in debt or equity securities, the carrying amount of the disposed part is determined by the
weighted average carrying amount of the total holding of the investment.
24

For thetoyear
2.10 Advance payments for land and power plant construction
Advance payments for land and power plant construction is cash paid to contractor prior the construction
begins. The advance payments would be transferred to property, plant and equipment proportionately
according to cash progress milestones payment under Engineering, Procurement and Construction (EPC)
contract.
2.11 Investment property
Property that is held for rental yields or for capital appreciation or both, and that is not occupied and used
by the companies in the Group, is classified as investment property. Investment property also includes
property that is being constructed or developed for future use as investment property.
Investment property is measured initially at its cost, including related transaction costs and borrowing
costs.
Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future
economic benefits associated with the expenditure will flow to the Group and the cost of the item can be
measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of
an investment property is replaced, the carrying amount of the replaced part is derecognised.
After initial recognition, investment property is carried at cost less any accumulated depreciation and any
accumulated impairment losses. Land is not depreciated.
Change in fair values are recognised in profit or loss. Investment property are derecognised when they
have been disposed or when the investment property is permanently withdrawn from use and no future
economic benefits are expected from its disposal.
Where the Group disposes of a property at fair value in an arm’s length transaction, the carrying value
immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in profit
or loss within net gain from fair value adjustment on investment property.
2.12 Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and allowance
for impairment (if any). The costs of property, plant and equipment comprise of the purchase price,
import duty, non-refundable value added tax (after deducting trade discount and amount returned from
seller) and any costs directly attributable to bring the assets to location and condition necessary for them
to be capable of operating in the manner intended by management. Their costs also include the initial
estimate of the costs of dismantling and removing the item and restoring the site on which they are located,
the obligation for which the Group incurs either when the items are acquired or as a consequence of
having used the items during a particular period.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repairs and maintenance are charged to profit or loss during the financial period
in which they are incurred.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to
allocate their cost to their residual values over their estimated useful lives, as follows:
Years
Power plant and solar rooftop system 10 - 25 years

Tools, equipment and vehicle 5 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
The asset’s carrying amount is written-down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount.
Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and
are recognised within other gains or losses - net in profit or loss.
25

2.13 Goodwill
Goodwill on acquisitions of subsidiaries is separately reported in the consolidated financial position.
Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses.
Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the
carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is
made to those cash-generating units or groups of cash-generating units that are expected to benefit from
the business combination in which the goodwill arose, identified according to operating segment.
2.14 Intangible assets
2.14.1 Computer Software
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire
and bring to use the specific software. These costs are amortised over their estimated useful
lives of 10 years.
Costs associated with maintaining computer software programmes are recognised as an expense
as incurred.
2.14.2 Trademarks
Separately acquired trademarks are shown at historical cost. Trademarks acquired in a

business combination are recognised at fair value at the acquisition date. Trademarks have a
finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated
using the straight-line method to allocate the cost of trademarks over their estimated useful lives
of 10 years.
2.15 Impairment of assets
Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are
tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the carrying amount of the assets exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and
value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which
there are separately identifiable cash flows. Non-financial assets other than goodwill that suffered an
impairment are reviewed for possible reversal of the impairment at each reporting date.
2.16 Leases
Where the Group is the lessee
Long-term leases where a significant portion of the risks and rewards of ownership are retained by the
lessor are classified as operating leases. Payments made under operating leases (net of any incentives
received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.
Long-term leases of assets where the Group has substantially all the risks and rewards of ownership are
classified as finance leases. Finance leases are capitalised at the inception of the lease at the lower of
the fair value of the leased property and the present value of the minimum lease payments.
Each lease payment is allocated between the liability and finance charges so as to achieve a constant
rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges,
are included in other long-term payables. The interest element of the finance cost is charged to profit or
loss over the lease period so as to achieve a constant periodic rate of interest on the remaining balance
of the liability for each period. The property, plant or equipment acquired under finance leases is
depreciated over the shorter period of the useful life of the asset and the lease term.
value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which
there are separately identifiable cash flows. Non-financial assets other than goodwill that suffered an
impairment are reviewed for possible reversal of the impairment at each reporting date.
2.16 Leases Annual Report 2017 133

Where the Group is the lessee
Gulf EnergyLong-term
Development Publica significant
leases where Companyportion
Limited
of the risks and rewards of ownership are retained by the
lessor are classified as operating leases. Payments made under operating leases (net of any incentives
Notes to the received
Consolidated andlessor)
from the Separate Financial
are charged Statements
to profit or loss on a straight-line basis over the period of the lease.
For the yearLong-term
ended 31leases
December 2017
of assets where the Group has substantially all the risks and rewards of ownership are
classified as finance leases. Finance leases are capitalised at the inception of the lease at the lower of
the fair value of the leased property and the present value of the minimum lease payments.
Each lease payment is allocated between the liability and finance charges so as to achieve a constant
rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges,
are included in other long-term payables. The interest element of the finance cost is charged to profit or
loss over the lease
Gulf Energy Development Publicperiod so as Limited
Company to achieve a constant periodic rate of interest on the remaining balance
of the liability for each period. The property, plant or equipment acquired under finance leases is
Notes to the depreciated
Consolidated and
over theSeparate Financial
shorter period of theStatements
useful life of the asset and the lease term.
26
2.16 Leases (continued)
Where the Group is the lessor
When assets are leased out under a finance lease, the present value of the lease payments is
recognised as a receivable. The difference between the gross receivable and the present value of the
receivable is recognised as unearned finance income. Lease income is recognised over the term of the
lease using the net investment method, which reflects a constant periodic rate of return. Initial direct
costs are included in initial measurement of the finance lease receivable and reduce the amount of
income recognised over the lease term.
Assets leased out under operating leases are included in property, plant and equipment in consolidated
the statement of financial position. They are depreciated over their expected useful lives on a basis
consistent with other similar property, plant and equipment owned by the Group. Rental income (net of
any incentives given to lessees) is recognised on a straight-line basis over the lease term.
2.17 Borrowings
Borrowings are recognised initially at the fair value, net of transaction costs incurred. Borrowings are
subsequently stated at amortised cost. Any difference between proceeds (net of transaction costs) and
the redemption value is recognised in profit or loss over the period of the borrowings using the effective
yield method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the
extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent that there is no evidence that it is probable that some or all of
the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised
over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the end of reporting date.
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of
qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their
intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure
on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised as expense in the period in which they are incurred.

For thetoyear
and Separate
2.18 Current and deferred income taxes
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss,
except to the extent that it relates to items recognised in other comprehensive income or directly in
equity. In this case the tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of reporting period in the countries where the Company and its subsidiaries operate
and generate taxable income. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation and establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising from
differences between the tax base of assets and liabilities and their carrying amounts in the financial
statements.
However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantially enacted by the end of the reporting period and are
expected to apply when the related deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised. Deferred income tax is provided
on temporary differences arising from investments in subsidiaries, associates and joint arrangements,
except where the timing of the reversal of the temporary difference is controlled by the Group and it is
probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income tax assets and liabilities
relate to income taxes levied by the same tax authority on either the same taxable entity or different
taxable entities where there is an intention to settle the balances on a net basis.
2.19 Employee benefits
2.19.1 Defined contribution
A defined contribution plan is a plan under which the Group pays fixed contributions into a
separate entity. The Group has no legal or constructive obligations to pay further contributions if
the fund does not hold sufficient assets to pay all employees the benefits relating to employee
service in the current and prior periods. The Group pays contributions to a separate fund which
is managed by an external fund manager in accordance with the Provident Fund Act. B.E. 2530.
The contributions are recognised as an employee benefit expense when they are due. Prepaid
contributions are recognised as an asset to the extent that a cash refund or a reduction in the
future payments is available.

For thetoyear
and Separate
2.19 Employee benefits (continued)
2.19.2 Retirement benefits
A defined benefit plan is a retirement plan that is not a defined contribution plan. Typically
defined benefit plans define an amount of retirement benefit that an employee will receive on
retirement, usually depends on one or more factors such as age, years of service and compensation.
The liability recognised in the statement of financial position in respect of defined benefit
retirement plans is the present value of the defined benefit obligation at the end of the reporting
period less the fair value of plan assets. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The present value of the defined
benefit obligation is determined by discounting the estimated future cash outflows using market
yield of government bonds that are denominated in the currency in which the benefits will be
paid, and that have terms to maturity approximating to the terms of the related retirement liability.
Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are charged or credited to equity in other comprehensive income in the
period in which they arise. They are included in retained earning in the statements of change in
equity.
Past service costs are recognised immediately in profit or loss.
2.20 Provisions
2.20.1 General provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources will be required to settle the
obligation, and the amount has been reliably estimated. Where the Group expects a provision to
be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement
is virtually certain.
2.20.2 Provision for decommissioning costs
The Group recognises provision for decommissioning costs, which are provided at the onset of
completion of the project, for the estimate of the eventual costs that relate to the removal of the
power plants. The provision for decommissioning costs are based on future removal cost
estimates and incorporate many assumptions such as abandonment times and future inflation
rate and discounted to present value at the discount rate estimated by the management. Those
costs are included as part of the power plants.
2.21 Share capital
Ordinary shares with discretionary dividends are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.

2.22 Revenue recognition
Revenue from rendering and consulting services based on the stage of completion determined by reference
to services performed to date as a percentage of total services to be performed.
Sales is shown net of value added tax, sales return and discounts excluding intercompany transactions in
the consolidated financial statements. Sales under the PPA comprise Availability Payments and Energy
Payments. Availability Payments are recognised according to the terms set out in the Power Purchase
Agreement. Energy Payments are calculated based on electricity delivered. Sales under the Electricity
and Steam Sales Purchase Agreements with industrial users are recognised on delivery of electricity and
steam and customer acceptance.
Interest income is recognised on a time proportion basis, taking into account of the principal outstanding
and the effective interest rate over the period to maturity, when it is determined that such income will
accrue to the Group.
Dividend income is recognised when the right to receive payment is established. Other income is
recognised on an accrual basis.
2.23 Dividend distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial
statements in the period in which the dividends are approved by the Company’s shareholders. Interim
dividends are recognised when they are approved by the Board of Directors.
2.24 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources
and assessing performance of the operating segments, has been identified as President and Chief
Executive Officer who make strategic decisions.

For thetoyear
and Separate
3 Reclassification
3.1 Reclassification
During the year, the Group reclassified certain transactions to appropriately present in the financial
statements. As a result, the comparative figures have been reclassified to conform with the current year
presentation.
The effect of change in financial statements as at 31 December 2016 and 1 January 2016 are as follows:

As at 31 December 2016 As at 1 January 2016
Original Increase Original Increase
stated (Decrease) Restated stated (Decrease) Restated
Statement of financial
position
Current assets
Prepaid expenses - 106,631,104 106,631,104 - 74,089,396 74,089,396
Available-for-sale
investments - 1,184,651,360 1,184,651,360 - 434,883,538 434,883,538
Refundable value added tax 1,324,388,415 (136,867,549) 1,187,520,866 380,925,325 (29,193,752) 351,731,573
Other current assets 117,233,061 30,236,445 147,469,506 91,879,741 (44,895,644) 46,984,097
Non-current assets
Available-for-sale
investments 3,153,095,585 (1,184,651,360) 1,968,444,225 2,433,459,486 (434,883,538) 1,998,575,948
Advance payments for land
and power plant
construction 2,939,195,515 (92,998,679) 2,846,196,836 3,080,453,962 (69,076,141) 3,011,377,821
Advance payments under
service agreements - 92,998,679 92,998,679 - 69,076,141 69,076,141
Current liabilities
Interest payable to financial
institutions 35,150,787 (35,150,787) - 10,402,554 (10,402,554) -
Interest payable
- debentures 116,199,452 (116,199,452) - - - -
Interest payable 20,696,939 151,350,239 172,047,178 6,098,822 10,402,554 16,501,376
Accrued expenses 523,535,263 (51,088,220) 472,447,043 256,215,100 (37,032,912) 219,182,188
Other current liabilities 14,918,179 51,088,220 66,006,399 28,474,887 37,032,912 65,507,799

position
Current assets
Trade accounts receivable
and other receivables 237,026,792 (237,026,792) - 65,733,969 (65,733,969) -
from related parties - 198,400,000 198,400,000 - 32,210,000 32,210,000
Current portion of amount due
from related parties - 212,500 212,500 - 32,545,480 32,545,480
Other accounts receivable - 1,673,884 1,673,884 - 978,489 978,489
Prepaid expenses - 3,440,889 3,440,889 - 2,284,913 2,284,913
Short-term loans to
related parties 290,700,000 39,590,000 330,290,000
Interest receivable from
subsidiaries 32,074,652 (32,074,652) - 3,631,007 (3,631,007) -
Current portion of interest
receivable from
related parties 8,356,202 10,532,940 18,889,142 8,092,128 3,631,007 11,723,135
Available-for-sale
investments - 403,069,920 403,069,920 - - -
Other current assets 13,701,149 (3,440,889) 10,260,260 13,049,336 (2,284,913) 10,764,423

3 Reclassification (continued)
3.1 Reclassification (continued)
During the year, the Group reclassified certain transactions to appropriately present in the financial statements. As a
result, the comparative figures have been reclassified to conform with the current year presentation. (continued)
The effect of change in financial statements as at 31 December 2016 and 1 January 2016 are as follows: (continued)

position (continued)
Non-current assets
Amount due from related
parties 618,567 36,740,408 37,358,975 - - -
related parties - 170,896,925 170,896,925 10,078,889 160,408,128 170,487,017
subsidiaries 149,355,213 (149,355,213) - 160,408,128 (160,408,128) -
Available-for-sale
investments 403,069,920 (403,069,920) - - - -
Long-term loan to related
parties 39,590,000 (39,590,000) - - - -
Current liabilities
Trade accounts payable
and other payables 150,180,825 (150,180,825) - 58,422,310 (58,422,310) -
Trade accounts payable - 7,687,758 7,687,758 - 13,870,120 13,870,120
Amount due to related parties - 122,424 122,424 - - -
Share subscription
payable - 3,255,450 3,255,450 - 3,254,700 3,254,700
Interest payable - 127,624,110 127,624,110 - 11,731,519 11,731,519
Accrued expenses 189,000,000 11,491,083 200,491,083 - 29,565,971 29,565,971
Statements of
Comprehensive Income
Other income 86,421,599 (45,514,358) 40,907,241 46,591,879 (44,998,650) 1,593,229
Dividend income - 45,514,358 45,514,358 - 44,998,650 44,998,650
Administrative expenses 653,282,857 (476,277,463) 177,005,394 392,742,495 (259,366,149) 133,376,346
Cost of management fee - 476,277,463 476,277,463 - 257,991,446 257,991,446
Finance costs - - - - 1,374,703 1,374,703
The reclassifications do not have a significant effect to the statements of financial position as at 1 January
2016. Therefore, there is no presentation of the statement of financial position as at 1 January 2016.

For thetoyear
and Separate
4 Financial risk management
4.1 Financial risk factors
The Group's activities are exposed to a variety of financial risks such as impact of changes in the market
price of debt and equity instruments, changes in exchange rate and changes in interest rate. The Group's
overall risk management programme focuses on managing the fluctuation of financial markets and seeks
to minimise potential adverse effects on the Group's financial performance. Therefore, the Group uses
derivative financial instruments such as foreign currency forward contracts to hedge the risk.
Risk management is carried out by management under policies approved by the board of directors. The
board of directors will determine the overall principles for managing the risks and related policies to cover
foreign exchange rate risk, specific credit risk, derivatives, and the used of liquidity-based investment to
manage risk.
4.1.1 Foreign exchange risk
The Group is exposed to foreign exchange risk particularly in US Dollar (USD), Japanese Yen
(JPY), Krona Swedish (SEK) and European Euro (EUR). The Group uses foreign currency forward
contracts to hedge their exposure to foreign currency risk.
4.1.2 Interest rate risk
Most of the Group’s income and operating cash flows are independent of changes in market
interest rates. The Group has no significant interest-bearing assets. The Group policy is to hedge
cash flow for interest payment by using interest rate swap contracts from floating rates to fixed
rates. Interest rate swap contracts allow the Group to raise long-term borrowings at floating rates
and swap them into fixed rates. Under the interest rate swap contracts, the Group agrees with the
counter parties to exchange, at specified intervals, the difference interest amounts between fixed
contract rates and floating rates, which is calculated by referencing notional principal amounts as
agreed. Any differences to be paid or received on an interest rate swap agreement is recognised
as a component of interest revenue or expense over the period of the agreement. All interest rate
derivative transactions are subject to approval by the Chief Executive Officer before execution.
4.1.3 Credit risk
The Group has no significant concentrations of credit risk. The Group has policies in place to
ensure that sales of products and services are made to customers with an appropriate credit
history and good credit profiles. Derivative counter parties and cash transactions are limited to
high credit quality financial institutions.
4.1.4 Liquidity risk
Liquidity risk is the risk that suitable sources of fund for the Group’s business activities may not be
available. The Group applies prudent liquidity risk management in which the Group maintains
sufficient cash and marketable securities to use for its business activities. The Group’s availability
of fund is managed through an adequate amount of committed credit facilities provided to the
Group.

4 Financial risk management (continued)
4.2 Fair value estimation
The different levels have been defined as follows:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
• Level 3: Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).
4.2.1 Financial assets and liabilities that are measured at fair value
The following table presents the Group’s financial instruments that are measured at fair value, by
valuation method as at 31 December 2017 and 2016.
2017
Level 1 Level 2 Level 3 Total
Baht Baht Baht Baht
Assets
Derivatives used
for hedging
Foreign currency
forward contracts - 3,596,783 - 3,596,783
Available-for-sale
investments
Equity securities
Money fund 822,801,728 - - 822,801,728
Common stock in
energy industry 1,984,969,036 - - 1,984,969,036
Total assets 2,807,770,764 3,596,783 - 2,811,367,547
Liabilities
Derivatives used
for hedging
Foreign currency
Total liabilities - 67,027,814 - 67,027,814


For thetoyear
and Separate
4.2 Fair value estimation (continued)
4.2.1 Financial assets and liabilities that are measured at fair value (continued)
The following table presents the Group’s financial instruments that are measured at fair value, by
valuation method as at 31 December 2017 and 2016. (continued)
2016
Level 1 Level 2 Level 3 Total
Baht Baht Baht Baht
Assets
Derivatives used
for hedging
Foreign currency
Available-for-sale
investments
Equity securities
Short-term fixed
income fund 1,184,651,360 - - 1,184,651,360
Common stock in
energy industry 1,968,444,225 - - 1,968,444,225
Total assets 3,153,095,585 70,612,332 - 3,223,707,917
Liabilities
Derivatives used
for hedging
Foreign currency
Total liabilities - 281,303,456 - 281,303,456


4.2.2 Fair value estimation (continued)
4.2.2 Financial assets and liabilities that are not measured at fair value
(a) The carrying amounts approximate its fair value
The carrying amounts of the following financial assets and financial liabilities approximate
their fair values: cash and cash equivalents, short-term investments, trade accounts receivables
and payables, amounts due from and due to related parties, other accounts receivables
and payables, and short-term loans due to the short maturities of these instruments. For the
long-term loans from financial institutions, the carrying amounts approximate its fair value
due to the floating interest rate have been applied.
(b) Long-term loans to related parties, long-term loans from financial institutions, long-term
loans from shareholder and debentures
The fair values of long-term loans to related parties, long-term loans from financial institutions,
long-term loans from shareholder with fixed interest rates and debenture with fixed interest
rates have been calculated from the net present value of future cash flows discounted by
market interest rates using rates at the date of the financial statements and measured using
the level 2 valuation technique.
The contract amounts and fair values are as follows:
2017
Contract amount Fair value
Baht Baht
Asset
Long-term loans to related parties 37,485,000 37,751,797
Total asset 37,485,000 37,751,797
Liability
Long-term loans from financial institutions 7,000,000,000 7,994,280,645
Total liability 7,000,000,000 7,994,280,645
2016
Contract amount Fair value
Baht Baht
Liability
Long-term loans from financial institutions 7,000,000,000 8,725,359,745
Total liability 7,000,000,000 8,725,359,745


Notes to theDevelopment
Gulf Energy ConsolidatedPublic
and Separate
Company Financial
Limited Statements
Notes
For to the
thetoyear Consolidated and
ended 31 DecemberSeparate
2017Financial Statements
Financial
Notes the Consolidated and Separate Statements


4.2.2 Financial assets and liabilities that are not measured at fair value (continued)
4.2.2 Financial assets and liabilities that are not measured at fair value (continued)
(c) Derivatives financial instruments
(c) Derivatives financial instruments
The Group applies the hedge accounting for foreign currency forward contracts. See note 2.5
The Group applies the hedge accounting for foreign currency forward contracts. See note 2.5
for the related accounting policy. The Group does not apply the hedge accounting for interest
for the related accounting policy. The Group does not apply the hedge accounting for interest
rate swap arrangements; therefore, the fair value of interest rate swap agreement are not
rate swap arrangements; therefore, the fair value of interest rate swap agreement are not
recognised in the financial statements.
recognised in the financial statements.
The fair values of the interest rate swap agreements have been calculated using the level 2
The fair values of the interest rate swap agreements have been calculated using the level 2
valuation technique.
valuation technique.
The fair values of the interest rate swap agreements at the date of financial statements are
The fair values of the interest rate swap agreements at the date of financial statements are
as follows:
as follows:
2017 2016
2017 2016
Baht Baht
Baht Baht
Asset
Asset
Derivatives used for hedging
Interest rate swap contracts 6,586,382 24,167,499
Interest rate swap contracts 6,586,382 24,167,499
Total asset 6,586,382 24,167,499
Total asset 6,586,382 24,167,499
Liability
Liability
Interest rate swap contracts 3,368,734,002 1,955,571,960
Interest rate swap contracts 3,368,734,002 1,955,571,960
Total liability 3,368,734,002 1,955,571,960
Total liability 3,368,734,002 1,955,571,960
4.2.3 Fair value valuation techniques
4.2.3 Fair value valuation techniques
(a) Valuation techniques used to derive financial instruments in level 1
(a) Valuation techniques used to derive financial instruments in level 1
Available-for-sale investments are subsequently measured at fair value. The fair value of
Available-for-sale investments are subsequently measured at fair value. The fair value of
investments is based on quoted price at the close of business day of statement of financial
investments is based on quoted price at the close of business day of statement of financial
position date from Stock Exchange of Thailand and Stock Exchange of Laos for the
position date from Stock Exchange of Thailand and Stock Exchange of Laos for the
common stock in energy industry and on the latest offering price by a financial institution for
common stock in energy industry and on the latest offering price by a financial institution for
the Short-term fixed income fund. The unrealised gains and losses of available-for-sale
the Short-term fixed income fund. The unrealised gains and losses of available-for-sale
investments are recognised in equity.
investments are recognised in equity.
(b) Valuation techniques used to derive financial instruments in level 2 and level 3
(b) Valuation techniques used to derive financial instruments in level 2 and level 3
The fair value of financial instruments that are not traded in an active market (for example,
The fair value of financial instruments that are not traded in an active market (for example,
over-the-counter derivatives) is determined by using valuation techniques. These valuation
over-the-counter derivatives) is determined by using valuation techniques. These valuation
techniques maximise the use of observable market data where it is available and rely as
techniques maximise the use of observable market data where it is available and rely as
little as possible on entity specific estimates. If all significant inputs required to fair value an
little as possible on entity specific estimates. If all significant inputs required to fair value an
instrument are observable, the instrument is included in level 2.
instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs are not based on observable market data, the
If one or more of the significant inputs are not based on observable market data, the
instrument is included in level 3.
instrument is included in level 3.
Specific valuation techniques used to value financial instruments include:
Specific valuation techniques used to value financial instruments include:
- Quoted market prices or dealer quotes for similar instruments;
- Quoted market prices or dealer quotes for similar instruments;
- The fair value of interest rate swaps is calculated as the present value of the estimated
- The fair value of interest rate swaps is calculated as the present value of the estimated
future cash flows based on observable yield curves;
future cash flows based on observable yield curves;
- The fair value of forward foreign exchange contracts is determined using forward exchange
- The fair value of forward foreign exchange contracts is determined using forward exchange
rates at the statement of financial position date, with the resulting value discounted back
rates at the statement of financial position date, with the resulting value discounted back
to present value;
to present value;
- Other techniques, such as discounted cash flow analysis, are used to determine fair
- Other techniques, such as discounted cash flow analysis, are used to determine fair
value for the remaining financial instruments.
value for the remaining financial instruments.

For thetoyear
and Separate
5 Critical accounting estimates, assumptions and judgements
Estimates, assumptions and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The Group makes accounting estimates and assumptions concerning the future. The result of accounting
estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year are outlined below.
(a) Fair value of derivatives and other financial instruments
The fair value of financial instruments that are not traded in an active market (for example, over-the-
counter derivatives) is determined by using valuation techniques. The Group uses its judgement to
select a variety of methods and make assumptions that are mainly based on market conditions existing
at the end of each reporting period. The Group uses discounted cash flow analysis for various available-
for-sale financial assets that are not traded in active markets.
(b) Retirement benefits
The present value of the retirement benefits obligations depends on a number of factors that are
determined on an actuarial basis using a number of assumptions, including the discount rate. Any
changes in these assumptions will have an impact on the carrying amount of retirement benefits
obligation.
The Group determines the appropriate discount rate at the end of each year. This is the interest rate that
should be used to determine the present value of estimated future cash outflows expected to be required
to settle the retirement benefits obligations. In determining the appropriate discount rate, the Group
considers the market yield of government bonds that are denominated in the currency in which the
benefits will be paid, and that have terms to maturity approximating the terms of the related retirement
benefits liability.
Additional information of other key assumptions for retirement benefits obligations is disclosed in note
24.
If the discount rate used has changed by 0.50 % from management’s estimates, the estimated carrying
amount of retirement benefits obligations would be Baht 4,250,461 higher or Baht 4,562,634 lower.
6 Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going
concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an
optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

For thetoyear
and Separate
7 Basic earnings per share
Basic earnings per share for the owner of the parent is calculated by dividing the profit attributable to ordinary
shareholders of the parent by the weighted average number of ordinary shares in issue during the year.
Basic earnings per share for the year ended 31 December are as follows:
2017 2016 2017 2016
Baht Baht Baht Baht
Basic earnings per share

Profit attributable to the owners of
the parent (Baht) 3,451,423,625 417,558,586 1,730,250,478 281,780,749
Weighted average number of
ordinary shares outstanding (shares) 1,084,855,616 525,890,710 1,084,855,616 525,890,710
Basic earnings per share for the owners

of the parent (Baht per share) 3.18 0.79 1.59 0.54
The weighted average number of ordinary shares in issue as at 31 December 2016 was re-adjusted as if the
change of par value of ordinary shares was occurred since the beginning of 2016 (Note 25).
The company does not have any potential dilutive ordinary shares in issue for the years ended 31 December
2017 and 2016, so no diluted earnings per share is presented.
8 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision-maker. The chief operating decision-maker is President and Chief Executive Officer who are
responsible for allocating resources and assessing performance of the operating segments.
The Group has three segments which comprise of power business, consulting business, particularly to provide
advice and consultation on the operation of electricity generation business, and other businesses to provide
other services which is established during the third quarter of 2017 (2016: The Group has two segments which
comprise of power business and consulting business, particularly to provide advice and consultation on the
operation of electricity generation business).
Sales between segments are negotiated independently at an arm’s length basis. Sales from external customers
reported to the Board are measured with the same basis as reported in statements of comprehensive income.
146
8 Segment information (continued)
Incomes and profits information by business segment for the years ended 31 December are as follows:
Others
Power business Consulting business businesses
Thailand Thailand Others Thailand Total Eliminating Total
Baht Baht Baht Baht Baht Baht Baht

Revenue from sales 4,148,499,926 - - - 4,148,499,926 (70,057,048) 4,078,442,878
Revenue from management fee - 1,028,291,923 - - 1,028,291,923 (756,291,923) 272,000,000
Revenue from rendering of service - - - 4,785,870 4,785,870 (4,785,870) -
Cost of sales (3,180,999,591) - - - (3,180,999,591) 84,096,328 (3,096,903,263)
Cost of management fee - (326,158,466) - - (326,158,466) 136,815,153 (189,343,313)

Cost of service - - - (4,785,870) (4,785,870) 4,785,870 -
Gross profit 967,500,335 702,133,457 - - 1,669,633,792 (605,437,490) 1,064,196,302
Gross profit margin (%) 23 68 - - 32 24
Interest income 23,690,343 198,134,666 194 - 221,825,203 (177,116,304) 44,708,899

Dividend income - 2,060,275,992 109,434,695 - 2,169,710,687 (2,060,275,995) 109,434,692
Administrative expenses (409,962,764) (503,291,852) (11,669,949) - (924,924,565) (32,463,195) (957,387,760)
Profit from operating before finance costs

and corporate income tax benefits 581,227,914 2,457,252,263 97,764,940 - 3,136,245,117 (2,875,292,984) 260,952,133
Other income 42,818,453
Gains on exchange rate, net 994,874,225
Finance costs (1,427,678,494)
Share of net profit from an associate and a joint venture 3,981,664,320
Corporate income tax benefits 54,293,935
Profit for the year 3,906,924,572
Total segmented assets 52,962,810,984 2,196,788 - - 52,965,007,772 (2,417,874,232) 50,547,133,540

Total unallocated assets 50,104,808,499
Total assets 100,651,942,039
40
Incomes and profits information by business segment for the year ended 31 December are as follows: (continued)
Power business Consulting business

Thailand Thailand Others Total Eliminating Total
Baht Baht Baht Baht Baht Baht

Revenue from sales 5,294,260 - - 5,294,260 - 5,294,260
Revenue from management fee - 1,208,373,406 - 1,208,373,406 (972,680,000) 235,693,406
Cost of sales (2,594,587) - - (2,594,587) - (2,594,587)
Cost of management fee - (476,277,463) - (476,277,463) 243,809,154 (232,468,309)
Gross profit 2,699,673 732,095,943 - 734,795,616 (728,870,846) 5,924,770
Gross profit margin (%) 51 61 - 61 2
Interest income 6,656,124 227,914,482 18 234,570,624 (214,848,598) 19,722,026

Dividend income - 46,539,552 111,038,551 157,578,103 (46,539,559) 111,038,544
Administrative expenses (185,645,880) (199,673,747) (10,925,700) (396,245,327) (197,412,219) (593,657,546)
Profit (loss) from operating before finance costs

and corporate income tax benefits (176,290,083) 806,876,230 100,112,869 730,699,016 (1,187,671,222) (456,972,206)
Other income 18,349,590
Losses on exchange rate, net (32,018,839)
Finance costs (792,291,951)
Share of net profit from an associate and a joint venture 1,436,567,710
Corporate income tax benefits 46,961,092
Profit for the year 220,595,396

Annual Report 2017
Total segmented assets 31,767,596,953 1,468,958 - 31,769,065,911 (1,856,135,168) 29,912,930,743

Total unallocated assets 29,902,669,957
147
Total assets 59,815,600,700
41

For the year ended 31 December 2017, the Company had two major customers which represented the sales
and services amounting to Baht 3,042.90 million from revenue from sales, representing 69.94% of total sale and
services and Baht 272 million from revenue from management fee, representing 6.25% of total sales and
services (2016: the Company had one major customer which represented the sales and services amounting to
Baht 235 million, from revenue from management fee, representing 97.52% of total sales and services).
9 Cash and cash equivalents

2017 2016 2017 2016
Baht Baht Baht Baht
Cash on hand 665,110 518,119 40,000 40,000

Deposits held in bank
- current accounts 50,431,108 31,641,489 40,732 39,982
- savings accounts 14,171,078,743 2,733,160,832 8,747,469,348 159,595,865
- fixed accounts 5,000,000,000 - 5,000,000,000 -
Cheque on hand - 250,000 - -
Short-term investment 1,000,000,000 - 1,000,000,000 -
Total 20,222,174,961 2,765,570,440 14,747,550,080 159,675,847
As at 31 December 2017, the interest rates on deposits in savings accounts are 0.02% - 1.20% per annum (31
December 2016: 0.37% - 0.87% per annum).
As at 31 December 2017, the interest rates on deposits in fixed accounts are 1.30% - 1.35% per annum and
due within approximately 90 days (31 December 2016: Nil).
As at 31 December 2017, the interest rates on deposits in short-term investment in structured note are 1.70%
per annum and bonus as specified in the agreement and due within approximately 90 days (31 December 2016:
Nil).
10 Deposits at a financial institution used as collateral
As at 31 December 2017, the Group’s deposits at financial institutions used as collateral of Baht 176.97 million
(31 December 2016: Baht 172.50 million) are used to pledge under long-term loans from financial institutions
(Note 20).
11 Trade accounts receivable
11.1 Trade accounts receivable
Outstanding trade accounts receivable can be analysed as follows:
As at 31 December 2017 2016 2017 2016
Baht Baht Baht Baht
Within due 1,659,512,961 914,749 - -

Overdue
Up to 3 months - - - -
3 - 6 months - - - -
6 - 12 months - - - -
Over 12 months - - - -
Total 1,659,512,961 914,749 - -
42

11 Trade accounts receivable (continued)
11.2 Trade accounts receivable from related parties
Outstanding trade accounts receivable from related parties can be analysed as follows:
As at 31 December 2017 2016 2017 2016
Baht Baht Baht Baht
Within due - 35,000,000 198,368,000 198,400,000

Overdue
Up to 3 months - - - -
3 - 6 months - - - -
6 - 12 months - - - -
Over 12 months - - - -
Total - 35,000,000 198,368,000 198,400,000
12 Available-for-sale investments
financial financial
statements statements
Baht Baht
As at 1 January 2016
Cost 2,503,776,091 -
Less Unrealised loss (70,316,605) -
Fair value 2,433,459,486 -

Opening net book amount 2,433,459,486 -
Addition of investments 3,350,000,000 1,050,000,000
Disposal of investments (2,602,783,236) (648,025,300)
Changes in fair value (27,580,665) 1,095,220
Closing net book amount 3,153,095,585 403,069,920
Less Available-for-sale investments expected to sell within one year (1,184,651,360) (403,069,920)
Available-for-sale investments 1,968,444,225 -
As at 31 December 2016
Cost 3,250,992,855 401,974,700
Add Unrealised gain (loss) (97,897,270) 1,095,220
Fair value 3,153,095,585 403,069,920

Opening net book amount 3,153,095,585 403,069,920
Addition of investments 6,686,608,776 2,137,926,373
Disposal of investments (7,046,562,904) (2,166,661,696)
Changes in fair value 14,629,307 (280,182)
Closing net book amount 2,807,770,764 374,054,415
Less Available-for-sale investments expected to sell within one year (822,801,728) (374,054,415)
Available-for-sale investments 1,984,969,036 -
Cost 2,891,038,727 373,239,377
Add Unrealised gain (loss) (83,267,963) 815,038
Fair value 2,807,770,764 374,045,415
As at 31 December 2017, the Group has no investment pledged under long-term loans from financial institutions
(Note 20) (31 December 2016: Baht 1,797.58 million).
43

For thetoyear
and Separate
12 Available-for-sale investments (continued)
Movement of available-for-sale investments are as follows:
During 2017, the Group disposed investments at the considerations of Baht 7,046.56 million. The Group
recognised gain from these disposals of Baht 23.05 million in the consolidated statement of comprehensive
income for the year ended 31 December 2017.
During 2016, the Group disposed investments at the considerations of Baht 2,602.78 million. The Group
recognised gain from these disposals of Baht 7.22 million in the consolidated statement of comprehensive
income for the year ended 31 December 2016.
13 Related party transactions
Individuals and entities that directly or indirectly control or are controlled by or are under common control with
the Company, including investment entities, associates, joint venture and individuals or entities having
significant influence over the Company, key management personnel, including directors and officers of the
Company and close members of the family of these individuals and entities associated with these individuals
also constitute related parties.
In considering each possible related party relationship, attention is directed to the substance of the relationship,
and not merely the legal form.
Mr. Sarath Ratanavadi who is the Chief Executive Officer of the Company has the ultimate controlling in the
Company.
Percentage of shareholding
• Mr. Sarath Ratanavadi 35.44
Individual or other companies that are related to the Group and the Company by shareholders or joint shareholders or
common directors, including investment in subsidiaries, an associate and a joint venture are disclosed in Note 14. As
at 31 December 2017 and 31 December 2016, individual or other related companies are as follows:
Relationship
Mr. Sarath Ratanavadi 35.44% of common shareholder and Chief Executive
Officer
Group of Pomodoro Group Company Limited Pomodoro Group Company Limited is a related
company by having indirect common shareholder
Group of Amata Spring Development Company Limited Amata Spring Development Company Limited is a
related company by having common shareholder
Group of Gulf Electric Public Company Limited Gulf Electric Public Company Limited is a related
company by having common directors
Group of Mitsui & Co., Ltd. Mitsui & Co., Ltd. holds 30% indirectly in Gulf
MP Company Limited via Mit Power Capital
(Thailand) Company Limited and 30% directly
in Independent Power Development Company
Limited
Mitsui & Co., Ltd. holds 100% directly in
Mit- Power Capital (Thailand) Company Limited
Group of Hemaraj Land and Development Public Hemaraj Land and Development Public Company
Company Limited Limited holds 70% directly in WHA Utilities and
Power Public Company Limited that hold 51%
directly in Gulf WHA MT Natural Gas
Distribution Company Limited

For thetoyear
and Separate
13 Related party transactions (continued)
Nature of transactions Pricing policy
Sales goods Prices as agreed in the contracts

Services Prices as agreed in the contracts
Guarantee by shareholder Fee as agreed in the contract
Other income Prices as agreed in the contracts
Loans Credit facility and interest rate as agreed in the contracts
The following are material transactions that were carried out with subsidiaries, an associate, a joint venture and
related parties in an ordinary course of business and in accordance with specific terms and conditions of the
contracts.
For the year ended 31 December 2017 2016 2017 2016
Baht Baht Baht Baht
Revenue from management fee
Subsidiaries - - 756,291,923 972,680,000
An associate 272,000,000 235,000,000 272,000,000 235,000,000
272,000,000 235,000,000 1,028,291,923 1,207,680,000
Interest income from loans to

related parties
Subsidiaries - - 114,893,150 139,120,970
An associate 370,953 3,766,565 370,953 3,766,565
A joint venture 531,375 - 531,375 -
Related parties - Shareholder
and common directors - 4,090,369 - 4,090,369
902,328 7,856,934 115,795,478 146,977,904
Interest income from advance to

related parties
Subsidiaries - - 12,888,608 14,036,927
A joint venture 28,450 - 28,450 -
28,450 - 12,917,058 14,036,927
Dividend income
Subsidiaries - - 548,625 515,708
An associate - - 2,058,914,000 -
and common directors - 44,998,650 - 44,998,650
- 44,998,650 2,059,462,625 45,514,358
Other income
Subsidiaries - - 36,590,422 -
Related parties - Common directors - 11,200,000 - 11,200,000
- 11,200,000 36,590,422 11,200,000
Related parties - others - 1,983,475 - 1,983,475
- 1,983,475 - 1,983,475

contracts. (continued)
For the year ended 31 December 2017 2016 2017 2016
Baht Baht Baht Baht
Administrative expenses
Subsidiaries - - 21,254,398 -
An associate 15,870,700 - 11,500,000 -
and common directors 2,001,381 1,858,982 1,730,125 1,761,464
17,872,081 1,858,982 34,484,523 1,761,464
Related parties - others 25,323,678 9,718,920 - -
25,323,678 9,718,920 - -
Cost of sales
Related parties - others 46,134,967 - - -
46,134,967 - - -
Interest expenses on loan from

related parties
Shareholder - 5,215,164 - 5,215,164
- 5,215,164 - 5,215,164
Interest expenses on loan

22,282,784 14,598,117 - -
Finance cost
21,442,029 7,907,525 - -
Key management compensation

Short-term employee benefits 95,391,856 130,832,468 95,391,856 130,832,468
Post-employee benefits 3,378,461 2,009,030 3,378,461 2,009,030
98,770,317 132,841,498 98,770,317 132,841,498


As at 31 December 2017 2016 2017 2016
Baht Baht Baht Baht

from related parties
Subsidiaries - - 198,368,000 163,400,000
An associate - 35,000,000 - 35,000,000
- 35,000,000 198,368,000 198,400,000
Amounts due from related parties

Subsidiaries - due within one year - - 212,500 212,500
- due more than one year - - 74,867,010 37,358,975
- - 75,079,510 37,571,475
Related parties - others - - 5,100 1,105,000
- - 5,100 1,105,000
parties
Advance payments to related par
Subsidiaries - due within one year - - 16,982,065 121,188,768
- - 105,987,928 227,302,570
Loans to related parties

Subsidiaries - short-term loans - - - 290,700,000
- long-term loans - - 2,037,797,017 2,037,797,017
An associate - short-term loans - 39,590,000 - 39,590,000
A joint venture - long-term loans 37,485,000 - 37,485,000 -
37,485,000 39,590,000 2,075,282,017 2,368,087,017
As at 31 December 2017, the Company had an outstanding long-term loan to Gulf International Investment
(Hong Kong) Company Limited, a subsidiary, amounting to Baht 2,037.80 million. The interest rate is fixed per
annum (31 December 2016: Baht 2,037.80 million with the interest at MLR plus 0.25%).
As at 31 December 2017, the Company did not have any outstanding short-term loan to Independent Power
Development Company Limited, a subsidiary. (31 December 2016: Baht 290.70 million with the interest at fixed
rate per annum).
Movements of loan to subsidiaries can be analysed as follows:

financial financial
Baht Baht
Opening balance - 2,328,497,017
Addition during the year - 229,500,000
Repayment during the year - (520,200,000)
Closing balance - 2,037,797,017
As at 31 December 2017, the Group and the Company did not have any outstanding loans to an associate
(31 December 2016: Short-term loans to Gulf JP UT Company Limited, a subsidiary of Gulf JP Company Limited
amounting to Baht 39.59 million with the interest at fixed rate per annum).

Movements of loan to an associate can be analysed as follows:

financial financial
Baht Baht
Opening balance 39,590,000 39,590,000
Repayment during the year (39,590,000) (39,590,000)
Closing balance - -
As at 31 December 2017, the Group and the Company had an outstanding long-term loan to Gulf WHA MT
Natural Gas Distribution Company Limited, a joint venture, amounting to Baht 37.49 million. The interest rate is
fixed per annum. (31 December 2016: Nil).
Movements of loan to a joint venture can be analysed as follows:

Consolidated
Co nsolidated Separate
financial financial
Baht Baht
Opening balance - -
Addition during the year 37,485,000 37,485,000
Closing balance 37,485,000 37,485,000
As at 31 December 2017 2016 2017 2016
Baht Baht Baht Baht
Prepaid expenses
An associate - - - -
Related parties - shareholder
and common directors - 13,945 - 13,945
- 13,945 - 13,945
Interest receivable from advance

payments to related parties
Subsidiaries - due within one year - - 969,806 10,532,940
- - 17,056,521 23,354,215
Interest receivable from loans to

related parties
Subsidiaries - - 125,214,567 158,075,650
An associate - 8,356,202 - 8,356,202
A joint venture 531,375 - 531,375 -
531,375 8,356,202 125,745,942 166,431,852
Property plant and equipment

203,714,308 196,741,322 - -
Accounts payable
Related parties - others 11,629,942 - - -
11,629,942 - - -

As at 31 December 2017 2016 2017 2016
Baht Baht Baht Baht
Amount due to related parties

An associate 6,118,360 - 5,160,000 -
and common directors 186,717 122,424 185,803 122,424
6,305,077 122,424 5,345,803 122,424
Share subscription payable

Subsidiaries - - 3,255,450 3,255,450
- - 3,255,450 3,255,450
Other accounts payable

1,381,772 1,129,358 - -
Accrued expenses
366,232,793 178,103,120 - -
Short-term loans
Related parties - others - 279,300,000 - -
- 279,300,000 - -
Interest payable
Related parties - others - 20,696,939 - -
- 20,696,939 - -
As at 31 December 2017, the Group did not have any outstanding short-term loans to a related party
(31 December 2016: Short-term loans to Mitsui & Co., Ltd. amounting to Baht 279.30 million with the interest at
fixed rate per annum).
Movements of short-term loans to a related party can be analysed as follows:
financial financial
Baht Baht

Opening balance 279,300,000 -
Addition during the year 220,500,000 -
Repayment during the year (499,800,000) -
Closing balance - -
49
Notes to Consolidated and Separate Financial Statements
156
14 Investment in subsidiaries, an associate and a joint venture
14.1 Investment in subsidiaries, net

As at 31 December 2017, the Group’s subsidiaries comprise as per listed below.
All subsidiary undertakings are included in the Group’s consolidation. The authorised shares are only ordinary shares. The proportion of the voting rights in the subsidiary
undertakings held directly by the parent company do not differ from the proportion of ordinary shares held.
Separate Financial Statements
Proportion of ordinary shares Proportion of ordinary shares Proportion of shares held by
Established directly held by the parent (%) held by the subsidiaries (%) non-controlling interest (%)
Name Type of Business in country 2017 2016 2017 2016 2017 2016
Independent Power Development Company Limited (IPD) Investing in Electricity generating Thailand 70.00 51.00 - - 30.00 49.00
Subsidiaries of IPD:
- Gulf SRC Company Limited Electricity generating Thailand - - 99.99 99.99 - -
- Gulf PD Company Limited Electricity generating Thailand - - 99.99 99.99 - -

Gulf MP Company Limited (Gulf MP) Investing in Electricity generating Thailand 70.00 70.00 - - 30.00 30.00
Subsidiaries of Gulf MP:
- Gulf VTP Company Limited Electricity generating Thailand - - 74.99 74.99 - -
- Gulf TS1 Company Limited Electricity generating Thailand - - 74.99 74.99 - -
- Gulf NC Company Limited Electricity generating Thailand - - 99.99 99.99 - -
- Gulf BL Company Limited Electricity generating Thailand - - 75.00 75.00 - -
- Gulf BP Company Limited Electricity generating Thailand - - 75.00 75.00 - -
- Gulf NLL2 Company Limited Electricity generating Thailand - - 74.99 74.99 - -
- Gulf NPM Company Limited Electricity generating Thailand - - 99.99 99.99 - -
- Gulf NRV1 Company Limited Electricity generating Thailand - - 99.99 99.99 - -
- Gulf NRV2 Company Limited Electricity generating Thailand - - 99.99 99.99 - -
Gulf Solar Company Limited (Gulf Solar) Investing in Electricity generating Thailand 74.99 74.99 - - 25.01 25.01
Subsidiaires of Gulf Solar Company Limited
- Gulf Solar TS1 Company Limited Electricity generating Thailand - - 99.99 99.99 - -
- Gulf Solar TS2 Company Limited Electricity generating Thailand - - 99.99 99.99 - -
- Gulf Solar KKS Company Limited Electricity generating Thailand - - 99.99 99.99 - -
- Gulf Solar BV Company Limited Electricity generating Thailand - - 99.99 99.99 - -
Kolpos PTE LTD Trading Singapore 100.00 100.00 - - - -
Gulf Pattani Green Company Limited Electricity generating Thailand 99.99 99.99 - - 0.01 0.01
Gulf Chana Green Company Limited (formerly Chana Green
Company Limited) Electricity generating Thailand 99.99 99.99 - - 0.01 0.01
SBY Biomass Company Limited Electricity generating Thailand 99.99 99.99 - - 0.01 0.01
Thepha Clean Enegy Company Limited Electricity generating Thailand 99.99 99.99 - - 0.01 0.01
Gulf International Holding Company Limited Investing in Electricity generating Singapore 100.00 100.00 - - - -
Gulf International Investment (Hong Kong) Company Limited Investing in Electricity generating Hong Kong 100.00 100.00 - - - -
Gulf WHA MT Natural Gas Distribution Company Limited Investing in gas distribution and transmission Thailand - 99.99 - - - 0.01
Subsidiaries of Gulf WHA MT Natural Gas Distribution
Company Limited
- WHA Eastern Seaboard NGD2 Company Limited Gas distribution and transmission Thailand - - - 99.99 - -
- WHA Eastern Seaboard NGD4 Company Limited Gas distribution and transmission Thailand - - - - - -
50
14 Investment in subsidiaries, an associate and a joint venture (continued)
14.1 Investment in subsidiaries, net (continued)
Set out below are the summary of financial information for each subsidiary that has non-controlling interests that are material to the Group. The amounts
disclosed for each subsidiary are before inter-company eliminations (Note 27 for transactions with non-controlling interests).
Summarised statement of financial position
Independent Power
Development Company Limited Gulf SRC Company Limited Gulf PD Company Limited
As at 31 December As at 31 December As at 31 December
2017 2016(1) 2017 2016(1) 2017 2016(1)
Current
Assets 1,197,387,441 948,530,621 11,865,182 8,325,004 33,056,359 16,878,352

Liabilities (141,365) (612,886,542) (1,701,850,462) (422,858,060) (238,767,400) (345,700,936)
Total current net assets (liabilities) 1,197,246,076 335,644,079 (1,689,985,280) (414,533,056) (205,711,041) (328,822,584)
Non-current
Assets 818,152,131 268,164,971 1,664,187,852 1,410,282,729 1,268,033,719 1,238,018,523

Annual Report 2017
Liabilities (4,641) (219,866) - (1,198,855,501) (1,081,918,018) (1,081,531,513)

157
Total non-current net assets (liabilities) 818,147,490 267,945,105 1,664,187,852 211,427,228 186,115,701 156,487,010
Total net assets (liabilities) 2,015,393,566 603,589,184 (25,797,428) (203,105,828) (19,595,340) (172,335,574)
158
disclosed for each subsidiary are before inter-company eliminations (Note 27 for transactions with non-controlling interests) (continued).
Summarised statement of financial position (continued)
Gulf MP Company Limited Gulf VTP Company Limited Gulf TS1 Company Limited

2017 2016(1) 2017 2016(1) 2017 2016(1)
Current
Assets 500,425,319 1,453,386,383 1,387,651,998 655,763,671 1,371,116,233 472,978,400

Liabilities (6,184,138) (8,364,947) (914,996,023) (422,503,644) (971,568,785) (210,364,455)
Total current net assets 494,241,181 1,445,021,436 472,655,975 233,260,027 399,547,448 262,613,945
Non-current
Assets 7,572,826,635 2,926,122,569 5,618,879,289 5,083,160,376 6,050,619,963 5,136,719,483

Liabilities (105,566) (213,405) (4,429,132,599) (4,758,528,855) (4,665,629,461) (5,009,063,337)
Total non-current net assets 7,572,721,069 2,925,909,164 1,189,746,690 324,631,521 1,384,990,502 127,656,146
Total net assets 8,066,962,250 4,370,930,600 1,662,402,665 557,891,548 1,784,537,950 390,270,091
52
Gulf TS2 Company Limited Gulf TS3 Company Limited Gulf TS4 Company Limited
2017 2016(1) 2017 2016(1) 2017 2016(1)
Current
Assets 1,197,604,992 530,315,914 1,525,708,944 391,518,163 943,585,728 364,964,258

Liabilities (834,001,225) (78,488,246) (1,096,614,564) (284,202,448) (550,570,865) (344,831,294)
Total current net assets 363,603,767 451,827,668 429,094,380 107,315,715 393,014,863 20,132,964
Non-current
Assets 6,157,870,817 5,184,430,380 5,431,525,816 4,017,040,581 5,183,816,753 3,674,826,583
Liabilities (5,021,825,337) (5,277,187,477) (4,624,416,460) (3,975,260,314) (4,382,333,136) (3,543,111,953)
Annual Report 2017
Total non-current net assets (liabilities) 1,136,045,480 (92,757,097) 807,109,356 41,780,267 801,483,617 131,714,630
Total net assets 1,499,649,247 359,070,571 1,236,203,736 149,095,982 1,194,498,480 151,847,594

159
160
Gulf NC Company Limited Gulf BL Company Limited Gulf BP Company Limited

2017 2016(1) 2017 2016(1) 2017 2016(1)

Current
Assets 625,379,677 333,739,916 551,413,654 253,213,844 385,827,416 252,621,477
Liabilities (197,491,343) (216,833,495) (171,692,992) (180,679,592) (347,590,368) (348,155,432)
Total current net assets (liabilities) 427,888,334 116,906,421 379,720,662 72,534,252 38,237,048 (95,533,955)
Non-current
Assets 5,035,157,364 2,578,144,693 4,158,983,906 1,919,124,365 3,833,331,341 1,698,840,793
Liabilities (4,637,168,285) (2,503,268,526) (4,207,399,790) (2,012,698,392) (3,749,287,277) (1,637,424,760)
Total non-current net assets (liabilities) 397,989,079 74,876,167 (48,415,884) (93,574,027) 84,044,064 61,416,033
Total net assets (liabilities) 825,877,413 191,782,588 331,304,778 (21,039,775) 122,281,112 (34,117,922)
54
Gulf NLL2 Company Limited Gulf NPM Company Limited Gulf NRV1 Company Limited
2017 2016(1) 2017 2016(1) 2017 2016(1)
Current
Assets 546,195,048 212,864,924 748,552,946 175,843,391 422,829,908 25,297,170

Liabilities (587,888,244) (338,741,793) (847,372,705) (83,330,925) (359,564,830) (290,687,394)
Total current net assets (liabilities) (41,693,196) (125,876,869) (98,819,759) 92,512,466 63,265,078 (265,390,224)
Non-current
Assets 3,469,612,940 1,461,308,542 2,630,774,605 970,011,240 2,451,027,582 393,687,583
Liabilities (3,274,538,574) (1,317,240,180) (2,527,428,749) (1,070,728,397) (2,434,966,211) (61,937,533)
Annual Report 2017
Total non-current net assets (liabilities) 195,074,366 144,068,362 103,345,856 (100,717,157) 16,061,371 331,750,050
Total net assets (liabilities) 153,381,170 18,191,493 4,526,097 (8,204,691) 79,326,449 66,359,826
161

Notes to Consolidated
Gulf Energy andPublic
Development Separate Financial
Company Statements
Limited
For thetoyear
Notes ended 31and
Consolidated December
Separate 2017
Financial Statements
Set out below are the summary of financial information for each subsidiary that has non-controlling
interests that are material to the Group. The amounts disclosed for each subsidiary are before inter-company
eliminations (Note 27 for transactions with non-controlling interests) (continued).
Gulf NRV2 Company Limited

As at 31 December
2017 2016(1)
Baht Baht
Current
Assets 510,848,669 26,653,515
Liabilities (500,668,456) (285,217,391)
Total current net assets (liabilities) 10,180,213 (258,563,876)
Non-current
Assets 2,409,334,473 395,093,905
Liabilities (2,343,482,431) (54,408,561)
Total non-current net assets 65,852,042 340,685,344
Total net assets 76,032,255 82,121,468
(1)During 2017, certain subsidiaries of the Group have adopted new accounting policies and have
retrospectively adjusted the comparative figures as at 31 December 2016 to comply with the newly
adopted accounting policies.
Summarised statement of comprehensive income
Independent power
Development Company Limited Gulf SRC Company Limited Gulf PD Company Limited
For the year ended 31 December For the year ended 31 December For the year ended 31 December
2017 2016 2017 2016 2017 2016
Revenue from sales - - - - - -

Other income 50,775,005 36,358,525 481,442 528,932 2,896,255 485,210
Expense (860,214) (830,534) (24,009,433) (10,231,344) (10,631,424) (10,449,257)
Finance cost (45,475,068) (29,849,454) (99,163,609) (89,114,705) (89,524,597) (79,847,608)
Profit (loss) before corporate income tax

expense 4,439,723 5,678,537 (122,691,600) (98,817,117) (97,259,766) (89,811,655)
Corporate income tax expense (891,442) (1,173,993) - - - -
Profit (loss) from continuing operation 3,548,281 4,504,544 (122,691,600) (98,817,117) (97,259,766) (89,811,655)
Annual Report 2017
Total comprehensive income (expense) 3,548,281 4,504,544 (122,691,600) (98,817,117) (97,259,766) (89,811,655)
Total comprehensive income (expense)

163
allocated to non-controlling Interests 1,064,484 2,207,227 (36,807,489) (48,420,395) (29,177,937) (48,275,948)

164
Summarised statement of comprehensive income (continued)
2017 2016 2017 2016 2017 2016

Revenue from sales - - 1,500,623,483 - 1,338,963,662 -

Other income 18,799,384 33,582,202 152,299,686 1,111,390 147,739,390 1,058,759
Expense (22,336,375) (21,792,639) (1,221,016,173) (28,342,734) (1,068,811,270) (22,635,790)
Finance cost - - (160,765,718) (9,914,589) (129,708,175) (11,384,339)

expense (3,536,991) 11,789,563 271,141,278 (37,145,933) 288,183,607 (32,961,370)
Corporate income tax expense - (2,418,697) (6,630,161) - (4,915,747) -
Profit (loss) from continuing operation (3,536,991) 9,370,866 264,511,117 (37,145,933) 283,267,860 (32,961,370)
Total comprehensive income (expense) (3,536,991) 9,370,866 264,511,117 (37,145,933) 283,267,860 (32,961,370)

allocated to non-controlling Interests (1,061,097) 2,811,260 125,661,296 (17,646,919) 134,572,062 (15,658,959)
58
2017 2016 2017 2016 2017 2016
Revenue from sales 907,127,105 - 394,691,025 - 2,365,996 -

Other income 147,065,181 1,100,174 127,130,224 563,346 122,254,155 611,222
Expense (715,429,383) (43,130,100) (344,210,119) (44,369,348) (35,909,351) (67,527,612)
Finance cost (91,601,140) (13,271,549) (45,969,140) (14,970,839) (5,686,110) (16,073,751)

expense 247,161,763 (55,301,475) 131,641,990 (58,776,841) 83,024,690 (82,990,141)
Corporate income tax expense (7,583,087) - (5,534,235) - (3,373,805) -
Profit (loss) from continuing operation 239,578,676 (55,301,475) 126,107,755 (58,776,841) 79,650,885 (82,990,141)
Total comprehensive income (expense) 239,578,676 (55,301,475) 126,107,755 (58,776,841) 79,650,885 (82,990,141)
Annual Report 2017

allocated to non-controlling Interests 113,816,642 (26,272,073) 59,910,011 (27,923,115) 37,839,746 (39,426,127)
165
166

2017 2016 2017 2016 2017 2016


Other income 82,359,315 3,316,946 88,444,404 252,996 89,557,505 181,855
Expense (38,105,141) (20,542,583) (23,783,252) (99,848,039) (19,234,622) (105,202,760)
Finance cost (8,974,083) (17,763,632) (12,357,387) (17,457,576) (13,953,676) (17,514,084)

benefit (expense) 35,280,091 (34,989,269) 52,303,765 (117,052,619) 56,369,207 (122,534,989)
Corporate income tax benefit (expense) (1,185,250) - 40,787 - 29,825 -
Profit (loss) from continuing operation 34,094,841 (34,989,269) 52,344,552 (117,052,619) 56,399,032 (122,534,989)
Total comprehensive income (expense) 34,094,841 (34,989,269) 52,344,552 (117,052,619) 56,399,032 (122,534,989)

allocated to non-controlling Interests 10,230,839 (10,496,781) 24,863,663 (55,599,997) 26,789,541 (58,204,123)
60
2017 2016 2017 2016 2017 2016

Other income 70,431,191 119,732 51,890,811 32,687 359,490 3,990
Expense (19,749,387) (90,975,056) (22,588,074) (100,330,946) (22,188,123) (15,356,683)
Finance cost (15,494,861) (16,384,998) (17,068,624) (15,339,776) (21,946,982) (16,876,251)
Profit (loss) before corporate income tax 35,186,943 (107,240,322) 12,234,113 (115,638,035) (43,775,615) (32,228,944)
benefit
Corporate income tax benefit 2,733 - 496,676 - 42,238 -
Profit (loss) from continuing operation 35,189,676 (107,240,322) 12,730,789 (115,638,035) (43,733,377) (32,228,944)
Annual Report 2017
Total comprehensive income (expense) 35,189,676 (107,240,322) 12,730,789 (115,638,035) (43,733,377) (32,228,944)

167
allocated to non-controlling Interests 16,717,560 (50,946,663) 3,819,237 (34,691,414) (13,120,017) (9,668,684)


interests that are material to the Group. The amounts disclosed for each subsidiary are before inter-
company eliminations (Note 27 for transactions with non-controlling interests) (continued).

For the year ended 31 December
2017 2016
Baht Baht
Revenue from sales - -

Other income 376,355 3,518
Expense (24,176,226) (13,242,235)
Finance cost (17,055,558) (15,141,107)
Loss before corporate income tax benefit (40,855,429) (28,379,824)

Corporate Income tax benefit 16,216 -
Loss from continuing operation (40,839,213) (28,379,824)
Total comprehensive expense (40,839,213) (28,379,824)
Total comprehensive expense

allocated to non-controlling interests (12,251,767) (8,513,948)
For
Gulfthe
Energy ended 31 December
yearDevelopment Public Company
2017 Limited
Summarised statement of cash flows
Independent Power Development

Company Limited Gulf SRC Company Limited Gulf PD Company Limited
2017 2016 2017 2016 2017 2016
Net cash generated from (used in) operating activities 42,476,884 (2,465,877) (765,571) (127,541,236) 11,567,043 (90,854,629)
Net cash used in investing activities (355,386,629) (150,314,180) (250,530,311) - (28,769,333) -
Net cash generated from financing activities 796,389,705 192,475,308 252,252,373 77,587,319 21,673,662 79,937,374
Net increase (decrease) in cash and cash equivalents 483,479,960 39,695,251 956,491 (49,953,917) 4,471,372 (10,917,255)
Cash and cash equivalents at beginning of year 95,001,212 55,305,961 6,861,496 56,815,413 15,188,909 26,106,164
Exchange gains (losses) on cash and cash equivalents - - - - - -
Cash and cash equivalents at end of year 578,481,172 95,001,212 7,817,987 6,861,496 19,660,281 15,188,909
Annual Report 2017
169
170
Summarised statement of cash flows (continued)
2017 2016 2017 2016 2017 2016
Net cash generated from (used in) operating activities (22,368,821) (27,184,785) 382,323,293 (419,504,058) 127,054,583 (346,253,126)
Net cash used in investing activities (3,880,557,680) (1,763,844,450) (602,023,330) (2,535,632,362) (700,699,530) (3,013,542,145)
Net cash generated from financing activities 3,698,876,500 1,800,000,000 655,059,029 3,332,596,914 920,344,757 3,500,587,783
Net increase (decrease) in cash and cash equivalents (204,050,001) 8,970,765 435,358,992 377,460,494 346,699,810 140,792,512
Exchange gains (losses) on cash and cash equivalents - - (182,753) - (1,378,676) -
64
2017 2016 2017 2016 2017 2016
Net cash generated from (used in) operating activities (56,514,589) (274,226,114) (266,157,636) (43,285,568) 38,416,014 (21,208,843)
Net cash used in investing activities (793,946,208) (3,102,627,956) (1,317,161,144) (2,467,721,839) (1,760,353,110) (2,189,210,628)
Net cash generated from financing activities 965,265,469 3,589,146,026 2,084,302,945 2,653,203,081 2,203,219,714 2,340,406,667
Net increase in cash and cash equivalents 114,804,672 212,291,956 500,984,165 142,195,674 481,282,618 129,987,196
Exchange gains (losses) on cash and cash equivalents (74,855) - (26,867) - (20,134) -
Annual Report 2017
171
172

2017 2016 2017 2016 2017 2016
Net cash generated from (used in) operating activities (74,684,115) (9,168,645) (98,750,561) (127,876,487) (109,813,861) 12,137,816
Net cash used in investing activities (2,403,159,024) (1,580,693,047) (2,334,844,890) (1,694,192,390) (2,195,089,346) (1,417,122,034)
Net cash generated from financing activities 2,677,464,871 1,729,870,723 2,580,723,843 1,977,498,677 2,286,949,220 1,562,568,789
Net increase (decrease) in cash and cash equivalents 199,621,732 140,009,031 147,128,392 155,429,800 (17,953,987) 157,584,571
66
2017 2016 2017 2016 2017 2016
Net cash generated from (used in) operating activities (60,526,652) 99,093,120 (87,016,649) (126,728,114) (108,386,421) (42,201,413)
Net cash used in investing activities (1,799,778,340) (1,177,906,817) (1,413,386,917) (778,512,310) (1,940,116,412) (199,564,013)
Net cash generated from financing activities 2,087,630,110 1,196,048,541 1,476,359,072 1,002,411,196 2,134,669,130 242,980,556
Net increase (decrease) in cash and cash equivalents 227,325,118 117,234,844 (24,044,494) 97,170,772 86,166,297 1,215,130
Cash and cash equivalents at beginning of year 117,930,014 695,170 98,264,183 1,093,411 1,933,888 718,758
Annual Report 2017
173

For thetoyear
Notes ended 31and
Separate2017
interests that are material to the Group. The amounts disclosed for each subsidiary are before inter-
company eliminations (Note 27 for transactions with non-controlling interests) (continued).

2017 2016
Baht Baht
Net cash used in operating activities (673,499,884) (30,157,723)

Net cash used in investing activities (1,195,674,383) (214,921,828)
Net cash generated from financing activities 1,969,306,848 246,387,157
Net increase in cash and cash equivalents 100,132,581 1,307,606

Cash and cash equivalents at beginning of year 1,921,977 614,371
Exchange gains (losses) on cash and cash equivalents (30,192) -
Cash and cash equivalents at end of year 102,024,366 1,921,977
On 2 March 2017, Gulf WHA MT Natural Gas Distribution Company Limited was changed from a
subsidiary to a joint venture as detail disclosed in Note 14.3. Therefore the proportion of ordinary shares
is not presented in the table of investment in subsidiaries above.
Movements of investment in subsidiaries can be analysed as follows:
Separate
financial
statements
Baht

Opening book value 2,080,565,292
Increase in investment from additional paid-up capital and newly issued ordinary
shares of subsidiaries 3,817,717,000
Disposal of investment (Note 14.3) (127,500)
Change from investment in a subsidiary to investment in a joint venture
(Note 14.3) (122,493)
Less Allowance for impairment of investment in subsidiaries (6,318,266)
Closing book value 5,891,714,033


For thetoyear
Notes ended 31and
Separate 2017
Call for additional paid-up and newly issued ordinary shares of subsidiaries
On 10 February 2017, at the Board of Directors’ Meeting of Gulf MP Company Limited, the Board of
Director passed a resolution to approve the call for additional paid-up capital from the shareholders of Baht
0.83 per share, totaling to Baht 300 million, which the Company has fully paid of Baht 210 million
according to its shareholding portion on 17 February 2017.
On 16 May 2017, at the Extraordinary Shareholders’ Meeting of Gulf MP Company Limited, the shareholders
passed a resolution to approve an increase in the authorised share capital by issuing 720 million ordinary
shares at a par value of Baht 10 each with the call for the paid-up capital of Baht 2.50 per share, totaling to
Baht 1,800 million, which the Company has paid Baht 1,260 million according to its shareholding portion on
the same date. Gulf MP Company Limited registered the increase in share capital with the Ministry of
Commerce on 17 May 2017.
On 3 August 2017, at the Board of Directors’ Meeting of Gulf MP Company Limited, the Board of Director
passed a resolution to approve the call for additional paid-up capital from the shareholders of Baht 1.39
per share, totaling to Baht 500 million, which the Company has fully paid of Baht 350 million according to
its shareholding portion on 28 August 2017.
On 18 August 2017, at the Extraordinary Shareholders' Meeting of Independent Power Development

Company Limited, the shareholders passed a resolution to approve an increase in the authorised share
capital by issuing 254 million ordinary shares at a par value of Baht 10 each with the call for the paid-up
capital of Baht 2.50 per share, totaling to Baht 635 million, which the Company has paid Baht 323.85
million according to its shareholding portion on 24 August 2017. Independent Power Development
Company Limited registered the increase in share capital with the Ministry of Commerce on 25 August 2017.
On 15 September 2017, at the Extraordinary Shareholders' Meeting of Chana Green Company Limited,
the shareholders passed a resolution to approve an increase in the authorised share capital by issuing
51.90 million ordinary shares at a par value of Baht 10 each with the call for the paid-up capital of Baht
2.50 per share, totaling to Baht 129.75 million, which the Company has paid in according to its
shareholding portion amounting to Baht 129.75 million on 18 September 2017. Chana Green Company
Limited registered the increase in share capital with the Ministry of Commerce on 25 September 2017.
On 25 October 2017, at the Board of Directors’ Meeting of Gulf MP Company Limited, the Board of
Directors passed a resolution to approve the call for additional paid-up capital of 360 million issued
ordinary shares at Baht 2.78 per share, amounting to Baht 1,000 million, and 720 million issued ordinary
shares at Baht 0.14 per share, amounting to Baht 100 million, which the Company has paid Baht 770
million according to its shareholding portion on 13 November 2017.

Call for additional paid-up and newly issued ordinary shares of subsidiaries (continued)
On 9 November 2017, at the Extraordinary Shareholders' Meeting of Independent Power Development

Company Limited, the shareholders passed a resolution to approve an increase in the authorised share
capital by issuing 198.87 million shares at a par value of Baht 10 each with the call for the paid-up capital
of Baht 3.89 per share, totaling to Baht 774.12 million, which the Company has fully paid on 13
November 2017. Independent Power Development Company Limited registered the increase in share
capital with the Ministry of Commerce on 13 November 2017.
Call for additional paid-up and newly issued ordinary shares of subsidiaries of Gulf MP Company
Limited
During the year 2017, the subsidiaries of Gulf MP Company Limited call for additional paid-up and newly
issue ordinary shares of totaling to Baht 5,967.45 million.
Call for additional paid-up and newly issued ordinary shares of subsidiaries of Independent
Power Development Company Limited
During the year 2017, the subsidiaries of Independent Power Development Company Limited call for
additional paid-up and newly issue ordinary shares of totaling to Baht 550 million.
Call for additional paid-up and newly issued ordinary shares of subsidiaries of Gulf WHA MT
Natural Gas Distribution Company Limited
During the year 2017, the subsidiaries of Gulf WHA MT Natural Gas Distribution Company Limited call
for additional paid-up and newly issue ordinary shares of totaling to Baht 24.75 million.
Changes in shareholding proportion in Independent Power Development Company Limited
On 11 October 2017, the Company entered into the second amendment of the Joint Development
Agreement (JDA) (Amendment no.2) between the Company, Mitsui & Co., Ltd., Mit Power Capital
(Thailand) Company Limited, and Independent Power Development Company Limited. The significant
matters of Amendment no.2 are that the counter parties agree to grant the Company’s right to increase
its shareholding proportion in Independent Power Development Company Limited, from 51% to 70%,
including the rights to receive 75% of total dividend from Independent Power Development Company
Limited. The Company can exercise these rights from 15 October 2017 to 28 February 2018.
On 25 October 2017, the Board of Directors of Independent Power Development Company Limited, a
subsidiary, passed a resolution to approve an increase in the authorised share capital from Baht 3,140 million
to Baht 5,128.67 million by issuing 198.87 million new ordinary shares at a par value of Baht 10 each and offer
to the existing shareholders of Independent Power Development Company Limited. On 31 October 2017, at
the Board of Directors’ Meeting of the Company, the Board of Directors passed a resolution to approve an
increase in the authorised share capital of Independent Power Development Company Limited and to acquire
the remaining increased authorised share capital if the other existing shareholders of Independent Power
Development Company Limited waive their rights to increase their shareholding proportion on this share
capital increase of Independent Power Development Company Limited.
On 13 November 2017, the Company purchased all newly issued ordinary shares of subsidiaries of
Independent Power Development Company Limited resulted in an increase of the Company's holding
from 51% to 70%.
Impairment in investment in subsidiaries
As at 31 December 2017, the Company recognised impairment loss on investment in subsidiaries

amounting to Baht 6.32 million because its subsidiaries had not invested according to their objectives
and type of business or had not obtained their rights to operate the business. The impairment testing was
determined based on the fair value less cost to sell of net assets. Management employed a qualified
external expert to value the fair values of assets of the subsidiaries, which the impairment indicator
existed, by considering subsidiaries’ significant net assets and property, plant and equipment.

For thetoyear
Notes ended 31and
Separate 2017
14.2 Investment in an associate
As at 31 December 2017, the Group has an investment in an associate as follows:
The Company invests in Gulf JP Company Limited (GJP) and classified it as an associate. GJP engages
in electricity generation business and operates IPP power plants and SPP power plants. The Company
holds a total of 1,315.60 million registered ordinary shares with a par value of Baht 10 representing 40%
of authorised share capital. The Company had fully paid for 1,315.60 million authorised shares,
amounting to Baht 13,156 million.
Movements of investment in an associate can be analysed as follows:
financial financial
statement statement
Baht Baht

Opening book value 18,501,651,068 17,687,559,481
Share of profit from an associate 3,984,683,369 -
Share of other comprehensive income from an associate 8,200,514 -
Dividend income from an associate (2,058,914,000) -
Closing book value 20,435,620,951 17,687,559,481
Share of associate’s net profit
For the year 2016, the share of the associate’s net profit was calculated on the Company’s 10% and 40%
interest based on GJP’s statement of income during 1 January 2016 - 14 August 2016 and 15 August
2016 - 31 December 2016, respectively. For the year 2017, the share of the associate’s net profit was
calculated on the Company’s 40% interest based on GJP’s statement of income for the year ended
31 December 2017.
Set out below is an associate of the group as at 31 December 2017, which in the opinion of the directors
are material to the Group. The associate as listed below has share capital consisting solely of ordinary
shares, which are held directly by the Group. The country of incorporation or registration is also its principal
place of business.
% of ownership interest
Place of business/ 2017 2016
Name of entity country of incorporation % %
Gulf JP Company Limited Thailand 40 40
Gulf JP Company Limited is principally engaged in the investment in power business especially electricity
generation and management services for energy business.
Summarised financial information for an associate
Set out below are the summary of financial information for an associate that are material to the Group.
The information disclosed reflects the amount presented in the financial statements of the relevant
associates (not the Group’s shares of those amounts). They have been amended to reflect adjustments
made using the equity method, including fair value adjustments and modifications for differences in
accounting policy.

For thetoyear
Notes ended 31and
Separate2017
14.2 Investment in an associate (continued)
Summarised statements of financial position

As at 31 December
2017 2016
Baht Baht
Current assets
Cash and cash equivalents 2,295,925,135 668,058,315
Other current assets (excluding cash) 23,688,219,499 29,855,620,182
Total current assets 25,984,144,634 30,523,678,497
Non-current assets 109,273,314,227 112,634,404,282
Total non-current assets 109,273,314,227 112,634,404,282
Current liabilities
Financial liabilities (excluding trade payables) 5,476,906,758 8,099,885,528
Other current liabilities (including trade payables) 3,156,868,793 3,532,268,558
Total current liabilities 8,633,775,551 11,632,154,086
Non-current liabilities
Financial liabilities 74,613,422,229 84,407,527,365
Other non-current liabilities 3,350,904,879 3,178,169,919
Total non-current liabilities 77,964,327,108 87,585,697,284
Net assets 48,659,356,202 43,940,231,409


For thetoyear
Notes ended 31and
Separate2017
Summarised statements of comprehensive income

For the year ended
31 December
2017 2016
Baht Baht
Revenue 45,118,332,851 43,782,055,787

Gain on exchange rate, net 3,387,078,230 416,262,816
Depreciation and amortisation (1,936,815,565) (1,930,575,823)
Interest income 180,547,343 145,067,026
Interest expense (4,288,307,486) (4,590,191,848)
Profit before corporate income tax expense 10,161,415,032 7,075,059,469

Corporate income tax expense (215,423,822) (261,443,128)
Profit from continuing operations 9,945,991,210 6,813,616,341

Other comprehensive income (expense) 21,490,996 (67,573,159)
Total comprehensive income 9,967,482,206 6,746,043,182
Dividends received from an associate 2,058,914,000 -
Profit attributable to:

Owner of the parent 9,806,099,783 6,809,689,648
Non-controlling interest 139,891,427 3,926,693
9,945,991,210 6,813,616,341
Total comprehensive income attributable to:

Owner of the parent 9,826,601,070 6,744,524,410
Non-controlling interest 140,881,136 1,518,772
9,967,482,206 6,746,043,182

Reconciliation of the summarised financial information presented to the carrying amount of its interest in
the associate is as follows:

2017 2016
Baht Baht
Opening net assets 43,583,269,351 26,804,317,455

Increase in fair value of net assets - 10,034,427,486
Dividend payment (5,147,285,000) -
Profit for the year 9,806,099,783 6,809,689,648
Actuarial gain 4,152,148 -
Cash flow hedges 16,349,138 (65,165,238)
Closing net assets of parents 48,262,585,420 43,583,269,351

Net assets of non-controlling interest 396,770,782 356,962,058
Total closing net assets 48,659,356,202 43,940,231,409
Closing net assets of parents 48,262,585,420 43,583,269,351

Interest in an associate of owner of the parent (percentage) 40%* 40%*
Interest in an associate, net 18,778,088,023* 16,844,118,140*

Goodwill 1,657,532,928 1,657,532,928
Carrying value 20,435,620,951* 18,501,651,068*
* The Group has recognised the interest in Gulf JP Company Limited at 10% for the period 1 January
2016 - 14 August 2016. After 14 August 2016, the Group has recognised the interest in Gulf JP
Company Limited in the portion of 40%.
14.3 Investment in a joint venture
As at 31 December 2017, the Group has an investment in a joint venture as follows:
Gulf WHA MT Natural Gas Distribution Company Limited (previously known as Gulf Eastern Seaboard
NGD Company Limited).
Gulf WHA MT Natural Gas Distribution Company Limited was previously considered as a subsidiary of
the Company. Subsequently, on 2 March 2017, at the Board of Directors’ Meeting No.1/2017, the Board
of Directors passed a resolution to approve the Company to sell 51,000 million ordinary shares of Gulf
WHA MT Natural Gas Distribution Company Limited at a par value of Baht 10 each, representing 51% of
registered capital to Hemaraj Land and Development Public Company Limited at the price specified in
the agreement totaling to Baht 127,500 million resulting in a decrease of the Company's holding from
99.99% to 48.99% and the investment has been reclassified from investment in a subsidiary to
investment in a joint venture. The joint venture was established for investing in gas distribution and
transmission. After the disposal of shares holding proportion, the Group holds total 48,997 million
registered ordinary shares in Gulf WHA MT Natural Gas Company Limited with a par value of Baht 10
each representing 48.99% of total registered shares. The Group paid-up for 48,997 million shares at Baht
2.50 each, amounting to Baht 122,493.
On 27 April 2017, at an Annual Ordinary Meeting of Shareholders for the year 2017 of Gulf WHA MT
Natural Gas Distribution Company Limited, the shareholders passed a resolution to approve an increase
in the registered share capital by issuing 4,800,000 new ordinary shares at a par value of Baht 10 each
with the call for the paid-up capital of Baht 2.50 each, totaling Baht 12,000,000, which the Company paid
Baht 5,880,000 according to its shareholding portion on the same date.

14.3 Investment in a joint venture (continued)
During the fourth quarter of 2017, Hemaraj Land and Development Public Company Limited sold
2,499,000 ordinary shares of Gulf WHA MT Natural Gas Distribution Company Limited, representing 51%
of total registered capital to WHA Utilities and Power Public Company Limited.
As at 31 December 2017, the Group owned 2,400,997 registered ordinary shares with a par value of
Baht 10 each, representing 48.99% of total registered capital. The Group partially paid-up for 2,400,997
million shares at Baht 2.50 per share, amounting to Baht 6,002,493 million.
Movements of investment in a joint venture can be analysed as follows:
financial financial
Baht Baht

Opening book amount - -
Reclassification from investment in a subsidiary to
investment in a joint venture 122,493 122,493
Additional paid-up capital of a joint venture 5,880,000 5,880,000
Share of losses from a joint venture (3,019,049) -
Closing book amount 2,983,444 6,002,493
15 Investment property, net
financial financial
Baht Baht
Cost 44,719,594 44,719,594
Less Provision for impairment - -
Net book amount 44,719,594 44,719,594

Opening net book amount 44,719,594 44,719,594
Additions - -
Transfer from property, plant and equipment 67,891,087 -
Impairment charge - -
Closing net book amount 112,610,681 44,719,594
Cost 112,610,681 44,719,594
Less Provision for impairment - -
Net book amount 112,610,681 44,719,594


15 Investment property, net (continued)
financial financial
Baht Baht

Opening net book amount 112,610,681 44,719,594
Impairment charge (15,015,094) (15,015,094)
Closing net book amount 97,595,587 29,704,500
Cost 112,610,681 44,719,594
Less Provision for impairment (15,015,094) (15,015,094)
Net book amount 97,595,587 29,704,500
Fair value 110,433,050 29,704,500
As at 31 December 2017, the Group’s investment property amounting to Baht 97.60 million (31 December 2016:
Baht 112.61 million) is land currently held for an undetermined future use. The fair value of investment property
of Baht 97.60 million, which is valued by an independent appraiser certified by Professional Standard. This
method is based on the observable data, so the Group has classified the fair value of investment property within
level 2.
16 Property, plant and equipment, net

Tools, Power plant
equipments under Solar rooftop
Land and vehicle construction system Total
Baht Baht Baht Baht Baht
Cost 3,352,999,113 6,442,099 5,556,235,248 50,492,394 8,966,168,854
Less Accumulated depreciation - (2,494,735) - (2,298,286) (4,793,021)
Net book amount 3,352,999,113 3,947,364 5,556,235,248 48,194,108 8,961,375,833

Opening net book amount 3,352,999,113 3,947,364 5,556,235,248 48,194,108 8,961,375,833
Additions 12,326,675 2,515,392 21,008,426,618 - 21,023,268,685
Write-offs, net - (814) - - (814)
Transfers to investment property (67,891,087) - - - (67,891,087)
Depreciation charged for the year - (843,919) - (1,932,203) (2,776,122)
Transfer assets from sales of subsidiaries - (1,045,752) - - (1,045,752)
Closing net book amount 3,297,434,701 4,572,271 26,564,661,866 46,261,905 29,912,930,743
Cost 3,297,434,701 5,892,992 26,564,661,866 50,492,394 29,918,481,953
Less Accumulated depreciation - (1,320,721) - (4,230,489) (5,551,210)
Annual Report 2017
Net book amount 3,297,434,701 4,572,271 26,564,661,866 46,261,905 29,912,930,743

183
184
16 Property, plant and equipment, net (continued)

Tools, Power plant
equipments under Solar rooftop
Land and vehicle Power plant construction system Total

Opening net book amount 3,297,434,701 4,572,271 - 26,564,661,866 46,261,905 29,912,930,743
Additions 16,674,000 45,310,910 - 20,745,975,771 - 20,807,960,681
Transfers in (out) - - 22,177,740,657 (22,177,740,657) - -
Provision for decommissioning cost increased - - 200,337,140 - - 200,337,140
Provision for decommissioning cost decreased - - - - (6,241,974) (6,241,974)

Depreciation charged for the year - (4,630,017) (361,291,559) - (1,931,474) (367,853,050)
Closing net book amount 3,314,108,701 45,253,164 22,016,786,238 25,132,896,980 38,088,457 50,547,133,540
Cost 3,314,108,701 51,203,902 22,378,077,797 25,132,896,980 43,437,732 50,919,725,112
Less Accumulated depreciation - (5,950,738) (361,291,559) - (5,349,275) (372,591,572)
Net book amount 3,314,108,701 45,253,164 22,016,786,238 25,132,896,980 38,088,457 50,547,133,540
78

Company Statements
Limited
For thetoyear
Notes ended 31and
Separate 2017
16 Property, plant and equipment, net (continued)
Separate
financial statements
Office equipment
Baht
Cost 855,300
Less Accumulated depreciation (132,836)
Net book amount 722,464

Opening net book amount 722,464
Additions 565,542
Write-offs, net (814)
Depreciation charged for the year (223,444)
Closing net book amount 1,063,748
Cost 1,414,342
Net book amount 1,063,748

Opening net book amount 1,063,748
Additions 1,150,460
Depreciation charged for the year (285,429)
Closing net book amount 1,928,779
Cost 2,564,802
Net book amount 1,928,779
For the year ended 31 December 2017, borrowing costs of Baht 1,517.17 million (2016: Baht 866.72 million)
represented the specific borrowing to finance the construction of a new power plant. These capitalised
borrowing costs were calculated using the capitalisation rate of 3.08% - 5.79% per annum (2016: 2.97% -
5.49% per annum) and are included in ‘additions’ during the period.
As at 31 December 2017, all plots of land, power plants and power plant equipment amounting to Baht
50,166.54 million were pledged as collateral for loans from financial institutions as disclosed in Note 19 and 20
(2016: Baht 29,654.02 million).
As at 31 December 2017, the Group has capital expenditure related to the power plant construction and
purchase of power plant equipment which were not recognised in the consolidated financial statement as disclosed in
Note 34.

17 Intangible assets, net

Computer
software Trademark Total
Baht Baht Baht
Cost 16,671,041 504,000 17,175,041
Less Accumulated amortisation (609,596) (167,174) (776,770)
Net book amount 16,061,445 336,826 16,398,271

Opening net book amount 16,061,445 336,826 16,398,271
Additions 1,458,830 - 1,458,830
Transfer assets from sales of a subsidiary (62,926) (336,826) (399,752)
Amortisation charged for the year (1,757,200) - (1,757,200)
Closing net book amount 15,700,149 - 15,700,149
Cost 18,009,871 - 18,009,871
Less Accumulated amortisation (2,309,722) - (2,309,722)
Net book amount 15,700,149 - 15,700,149

Opening net book amount 15,700,149 - 15,700,149
Additions 9,352,519 - 9,352,519
Amortisation charged for the year (2,643,582) - (2,643,582)
Closing net book amount 22,409,086 - 22,409,086
Cost 27,362,390 - 27,362,390
Less Accumulated amortisation (4,953,304) - (4,953,304)
Net book amount 22,409,086 - 22,409,086


17 Intangible assets, net (continued)
Separate financial
statements
Computer
software
Baht
Cost 681,402
Less Accumulated amortisation (25,140)

Amortisation charged for the year (70,066)
Closing net book amount 586,196
Cost 681,402

Amortisation charged for the year (67,547)
Closing net book amount 518,649
Cost 681,402


Company Statements
Limited
For thetoyear
Notes ended 31and
Separate2017
18 Deferred income taxes
The Group calculated income tax for the year ended 31 December 2017 and 2016 from net profit (tax base) which
excluded the interest in an associate as follows:
2017 2016
Thailand 20% 20%

Singapore 17% 17%
Hong Kong 16.50% 16.50%
2017 2016 2017 2016
Baht Baht Baht Baht
Deferred income tax assets:

to be recovered within 12 months - 1,467 - -
to be recovered after more than
12 months 396,322,411 263,302,831 24,455,763 12,602,596
Total deferred income tax assets 396,322,411 263,304,298 24,455,763 12,602,596
Deferred income tax liabilities:

to be settled within 12 months (2,333,750) (10,756,144) - -
to be settled after more than
12 months (73,927,049) (1,253,685) (163,008) (219,043)
Total deferred income tax liabilities (76,260,799) (12,009,829) (163,008) (219,043)
Deferred income taxes, net 320,061,612 251,294,469 24,292,755 12,383,553

18 Deferred income tax (continued)
The movements in deferred income tax assets and deferred income tax liabilities are as follows:

Unrealised loss
Employee Elimination Allowance Provision for on exchange
benefit of fixed for decommissioning Loss carried rate for
obligation assets impairment cost forward long-term loans Others Total
Baht Baht Baht Baht Baht Baht Baht Baht

As at 1 January 2017 12,602,596 224,042,469 - 1,395,416 13,092 25,262,350 (11,625) 263,304,298
Charged (credited) to profit or loss 2,419,652 82,301,741 4,266,672 39,354,210 2,399,838 (2,894,997) 11,625 127,858,741
Charged (credited) to other
comprehensive income 5,172,465 - - - - - - 5,172,465
Decrease from disposal of investment in
a subsidiary - - - - (13,093) - - (13,093)
As at 31 December 2017 20,194,713 306,344,210 4,266,672 40,749,626 2,399,837 22,367,353 - 396,322,411
As at 1 January 2016 11,032,879 129,140,462 - 1,328,896 145,911 7,845,862 142,469 149,636,479

Charged (credited) to profit or loss 1,569,717 94,902,007 - 66,520 (132,819) 17,416,488 (154,094) 113,667,819
As at 31 December 2016 12,602,596 224,042,469 - 1,395,416 13,092 25,262,350 (11,625) 263,304,298

Annual Report 2017
189
83
190
The movements in deferred income tax assets and deferred income tax liabilities are as follows (continued):

Interest payable
and deferred
Changes in financing fee
fair value of from application of
available-for Commissioning Decommissioning Cash flow effective interest
sale investment expense expense hedge rate method Others Total
Baht Baht Baht Baht Baht Baht Baht

As at 1 January 2017 (652,316) (88,579) (1,165,106) (10,103,828) - - (12,009,829)
(Charged) credited to profit or loss - (30,792,384) (38,285,103) - (3,595,877) - (72,673,364)
(Charged) credited to other comprehensive income 379,101 - - 8,043,293 - - 8,422,394
As at 31 December 2017 (273,215) (30,880,963) (39,450,209) (2,060,535) (3,595,877) - (76,260,799)
As at 1 January 2016 (142,104) - (1,216,175) (19,958,275) - (113,182) (21,429,736)

(Charged) credited to profit or loss - (88,579) 51,069 - - 113,182 75,672
(Charged) credited to other comprehensive income (510,212) - - 9,854,447 - - 9,344,235
As at 31 December 2016 (652,316) (88,579) (1,165,106) (10,103,828) - - (12,009,829)
84

The movements in deferred income tax assets and deferred income tax liabilities are as follows (continued):

Interest payable
and deferred
financing fee
Employee Allowance from application of
benefit for effective interest
obligation impairment rate method Total
Baht Baht Baht Baht

As at 1 January 2017 12,602,596 - - 12,602,596
Charged (credited) to profit or loss 675,813 4,266,672 1,738,217 6,680,702
comprehensive income 5,172,465 - - 5,172,465
As at 31 December 2017 18,450,874 4,266,672 1,738,217 24,455,763
As at 1 January 2016 11,032,879 - - 11,032,879

Charged (credited) to profit or loss 1,569,718 - - 1,569,718
comprehensive income - - - -
As at 31 December 2016 12,602,597 - - 12,602,597

Available-for
sale investment Total
Baht Baht

As at 1 January 2017 (219,043) (219,043)
(Charged) credited to profit or loss - -
(Charged) credited to other comprehensive income 56,305 56,305
As at 31 December 2017 (163,008) (163,008)
As at 1 January 2016 - -
(Charged) credited to profit or loss - -
(Charged) credited to other comprehensive income (219,043) (219,043)
As at 31 December 2016 (219,043) (219,043)
Deferred income tax assets are recognised for tax loss and carry forwards only to the extent that realisation of
the related tax benefit through the future taxable profits is probable. The Group did not recognise deferred income tax
assets of Baht 300.22 million (2016: Baht 252.97 million) in respect of losses amounting to Baht 1,051.12 million
(2016: Baht 1,264.87million) that can be carried forward against future taxable income. Losses amounting to Baht
4.98 million will expire in 2018 (2016: Losses amounting to Baht 33.93 million will expire in 2017).

19 Short-term loans from financial institutions
Details of short-term loans from financial institutions by group’s business were as follows:
In August 2017, the Company entered into a loan agreement with a financial institution for a revolving short-term
loan facility in the form of promissory note of Baht 6,000 million. The Company pledged certain shares in its
associates and other companies, which the Company invested in, to a financial institution. This loan bears
interest at fixed rate per annum and payable on the repayment date of each promissory note.
In September 2017, the Company fully drewdown short-term loans amounted to Baht 6,000 million. However,
as at 31 December 2017, the Company did not have outstanding loan because the Company made a loan
repayment in full for this short-term loan in December 2017 (31 December 2016: Nil).
Subsidiaries of Gulf MP Company Limited
Subsidiary of Gulf MP Company Limited entered into loans agreements with financial institutions for working
capital facilities of Baht 3,600 million. The interest rate in working capital facilities is MLR minus certain fixed
margin per annum. The interest payments are specified based on the terms and conditions as assigned by each
financial institution.
These short-term loans are secured by the land as discussed in Note 16, and include future construction
thereon, power plants, machinery and power plant equipment. In addition, the rights to Power Purchase
Agreements, Gas Sale Agreements, Supply Agreements, Construction Agreements, Gas Pipeline Construction
Contracts, Deposit Accounts, and Insurance Policies have been assigned to the lenders as collateral in
accordance with the credit facilities agreements.
As at 31 December 2017, the subsidiaries of Gulf MP Company Limited had outstanding loan amounting to
Baht 572 million (31 December 2016: Nil).
Movement of short-term loans can be analysed as follows:
financial financial
Baht Baht

Opening book amount - -
Proceeds from short-term loans from financial institutions 7,887,000,000 6,000,000,000
Payments for short-term loans from financial institutions (7,315,000,000) (6,000,000,000)
Closing book amount 572,000,000 -


For thetoyear
Notes ended 31and
Separate 2017
20 Long-term loans from financial institutions, net
Long-term loans from financial institutions are secured loans and consist of USD and Baht.
financial statements Financial statements
2017 2016 2017 2016
Baht Baht Baht Baht

from financial institutions, net
Long-term loan from financial
institutions 2,489,259,271 267,777,028 - -
Less Deferred financing fee within 1 year (29,014,159) (9,766,614) - -

from financial institutions, net 2,460,245,112 258,010,414 - -

institutions, net
institutions 48,390,379,680 34,723,224,569 1,000,000,000 1,000,000,000
Less Deferred financing fee
more than 1 year (476,370,093) (325,273,668) (11,676,214) (5,674,886)

institutions, net 47,914,009,587 34,397,950,901 988,323,786 994,325,114
Total long-term loan from financial

institutions, net 50,374,254,699 34,655,961,315 988,323,786 994,325,114
Details of long-term loans from financial institutions by group’s business were as follows:
As at 31 December 2017 and 2016, long-term loans from a financial institution represented the secured loan
amounting to Baht 1,000 million. These loans bear interest at fixed rate. Interest will be paid on semi-annually
basis commencing from the first drawdown date, whereas the principal will be paid on maturity date as specified
in the agreement.
Subsidiaries of Independent Power Development Company Limited
The subsidiaries of Independent Power Development Company Limited entered into the long-term loans
agreements with a financial institution for a total credit facility of Baht 2,300 million, for the purpose of land
acquisition and power plant project development. The above loans are secured by land and future construction
thereon as discussed in Note 16, as well as, the pledge of certain shares of the Company, and guaranteed by
the Company and its shareholder in proportion of ownership as collateral. In addition, these subsidiaries are
required to pledge savings accounts as a collateral with a total minimum deposit amount of Baht 172.50 million,
which is equivalent to the interest that will be payable for a period of one year. The interest rate is at MLR minus
certain fixed margin per annum and interest is payable on monthly basis. The principal will be payable on
maturity date as specified in the agreement.
As at 31 December 2017 and 2016, these subsidiaries have outstanding loans amounting to Baht 2,283.06 million.
Subsidiaries of Gulf MP Company Limited
The subsidiaries of Gulf MP Company Limited entered into the long-term loans agreements with financial
institutions in Baht and USD with the total loan facilities of Baht 42,993.50 million and USD 499.95 million. The
interest rates on Baht loans are THBFIX plus a certain margin per annum and the interest rates on USD loans
are LIBOR plus a certain margin per annum. The interest will be repaid on quarterly basis, whereas the principal
will be payable on maturity date specified in the agreement.

20 Long-term loans from financial institutions, net (continued)
Subsidiaries of Gulf MP Company Limited (continued)
These long-term loans are secured by the land as discussed in Note 16, and include future construction
thereon, power plants, machinery and power plant equipment. In addition, the rights to Power Purchase
Agreements, Gas Sale Agreements, Supply Agreements, Construction Agreements, Gas Pipeline Construction
Contracts, Deposit Accounts, and Insurance Policies have been assigned to the lenders as collateral in
accordance with the credit facilities agreement. These subsidiaries are also required to comply with certain
terms and conditions, such as maintaining of debt to equity ratio and debt service coverage ratio. In addition,
under the conditions in long-term loans agreements, the Company must enter into forward contract to prevent
the fluctuation of exchange rates in SEK, EUR, USD, and JPY, and interest swap contract from float interest
rate to fixed interest rate to prevent the risk in the Group’s cash flow.
During the year ended 31 December 2017, these subsidiaries have drawndown long-term loans from financial
institutions in Baht and USD amounting to Baht 12,171 million and USD 156.41 million.
As at 31 December 2017, these subsidiaries have outstanding long-term loans with financial institutions in Baht
and USD amounted to Baht 34,990.32 million and USD 383.03 million (31 December 2016: Baht 23,312.70 million
and USD 232.36 million).
Subsidiaries of Gulf Solar Company Limited.
The subsidiaries of Gulf Solar Company Limited entered into the long-term loans agreements with a financial
institution in Baht with the total loan facilities of Baht 33.90 million. The interest rate on Baht loan is MLR minus
a certain margin per annum. The interest will be repaid on quarterly basis, whereas the principal will be payable
on maturity date specified in the agreement.
These long-term loans are secured by the equipment as discussed in Note 16, and all registered ordinary
shares in its subsidiaries. In addition, the rights to these subsidiaries’ agreements and contracts, deposit
accounts, investments, bonds and insurance policies have been assigned to the lenders as collateral in
accordance with the credit facilities agreement. These subsidiaries are also required to comply with certain
terms and conditions, such as maintaining proportion of shareholders and debt service coverage ratio.
As at 31 December 2017, these subsidiaries have outstanding loans with a financial institution amounted to
Baht 24.63 million (31 December 2016: Baht 29.70 million).
21 Debentures, net
2017 2016 2017 2016
Baht Baht Baht Baht
Current portion of debentures, net
Current portion of debentures - 7,000,000,000 - 7,000,000,000
Less Deferred financing fee due
within 1 year - (8,358,898) - (8,358,898)
Current portion of debentures, net - 6,991,641,102 - 6,991,641,102
Debentures, net
Debentures 6,000,000,000 6,000,000,000 6,000,000,000 6,000,000,000
Less Deferred financing fee due
later than 1 year (16,458,479) (16,458,479) (16,458,479) (16,458,479)
Debentures, net 5,983,541,521 5,983,541,521 5,983,541,521 5,983,541,521
Total debentures, net 5,983,541,521 12,975,182,623 5,983,541,521 12,975,182,623
During 2016, the Company issued unsubordinated secured debenture in Baht to specific debenture holders and
their representatives in the amount of Baht 13,000 million. These debentures are fully guaranteed by the
financial institution. The Company pledged certain of its shares, shares in an associate and other companies,
which the Company invested in, to the financial institutions. These debentures bear interest at fixed rate per
annum. Interest will be paid on semi-annually basis. The Company pays the guarantee fee semi-annually at
fixed rate per annum in advance to the financial institutions. These debentures partially matured and were
redeemed in September and December 2017, which resulted in part of the pledged shares becoming unpledged.
The remaining debentures will mature in August 2019.
88

For thetoyear
Notes ended 31andDecember
Consolidated 2017 Statements
Separate Financial
22 Bills of exchange
2017 2016 2017 2016
Baht Baht Baht Baht
Bills of exchange - 5,475,571,815 - 5,475,571,815

Less Current portion of bills of exchange - (1,991,190,934) - (1,991,190,934)
Bills of exchange - 3,484,380,881 - 3,484,380,881
During 2016, the financial institutions have provided the underwriting facilities for the issuance of both secured and
non-secured short-term bills of exchange in Baht in the amount of Baht 7,000 million. The secured and non-secured
bill of exchange will be guaranteed or aval by the underwriting financial institution and the Company has to
pledge certain of Company’s common shares, shares in an associate and other companies, which the Company
invested in, to such financial institutions.
In September 2017, the underwriting facilities for both secured and non-secured amounting to Baht 2,000
million was expired, which resulted in part of the pledge of certain of Company’s common shares, shares in an
associate and other companies become unpledged.
The discount rate plus the guarantee fee for underwriting facility under bills of exchange of Baht 2,000 million
matured in September 2017 shall not exceed the fixed rate per annum as specified in the agreement. For the
remaining underwriting facility for bills of exchange of Baht 5,000 million that will be matured in 2021, the
discount rate in each period plus the guarantee fees shall not exceed the three-month government bond yield
plus certain fixed margin per annum as specified in the agreement.
As at 31 December 2017, the Company had no outstanding bills of exchange in Baht from financial institutions
(31 December 2016: Baht 5,475.57 million).
23 Provision for decommissioning costs

2017 2016 2017 2016
Baht Baht Baht Baht
Opening balance 6,977,080 6,644,478 - -

Increase during the year 200,337,140 - - -
Decrease during the year (6,241,974) - - -
Finance cost 2,002,470 332,602 - -
Ending balance 203,074,716 6,977,080 - -
The Group estimated provision for decommissioning costs of power plants, machinery, power plant equipment,
and solar rooftop system based on future removal cost estimates by incorporating many assumptions such as
abandonment times in accordance with power purchase agreements and future inflation rate. Present value of
provision for decommissioning costs are discounted at the discount rate estimated by the management.
24 Employee benefit obligations
The movement in employee benefit obligations recognised in the statement of financial position are as follows:
2017 2016 2017 2016
Baht Baht Baht Baht
Opening balance 63,012,983 55,164,397 63,012,983 55,164,397

Current service cost 9,261,641 5,352,513 832,132 5,352,513
Interest expense 2,836,620 2,496,073 2,546,929 2,496,073
Actuarial Losses 25,862,323 - 25,862,323 -
Ending balance 100,973,567 63,012,983 92,254,367 63,012,983
89

24 Employee benefit obligations (continued)
The principal actuarial assumptions used were as follows:
2017 2016 2017 2016
Discount rate 3.11% - 3.47% 4.32% 3.11% 4.32%

Salary growth rate 7.54% - 8.27% 8.59% 7.54% 8.59%
Employee turnover rate 11% 11% 11% 11%
Management turnover rate 2% 2% 2% 2%
Sensitivity analysis for each significant assumption used is as follows:

Impact on defined benefit obligation
Change in assumption Increase in assumption Decrease in assumption
2017 2016 2017 2016 2017 2016
Discount rate 0.5% 0.5% (4,250,461) (2,305,477) 4,562,634 2,453,324

Salary growth rate 0.5% 0.5% 4,362,571 2,858,329 (4,113,027) (2,698,605)
Employee turnover rate 1% 1% (8,884,825) (5,935,934) 10,179,928 6,778,811

Impact on defined benefit obligation
Change in assumption Increase in assumption Decrease in assumption
2017 2016 2017 2016 2017 2016
Discount rate 0.5% 0.5% (3,999,599) (2,305,477) 4,289,474 2,453,324

Salary growth rate 0.5% 0.5% 4,083,237 2,858,329 (3,853,996) (2,698,605)
Employee turnover rate 1% 1% (8,286,414) (5,935,934) 9,458,799 6,778,811
The above sensitivity analysis are based on a change in an assumption while all other assumptions remain
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same
method which is the present value of the defined benefit obligation calculated with the projected unit credit
method at the end of the reporting period has been applied when calculating the pension liability recognised
within the consolidated statement of financial position. The methods and types of assumptions used in
preparing the sensitivity analysis did not change when compared to the previous period.
As at 31 December 2017, the weighted average employee benefit obligations of the Group is 19 to 20 years.
(2016: 20 years)
Expected maturity analysis of retirement benefits:

Between Between Between Over
1 year 2-5 years 6-10 years 11-15 years 15 years Total
At 2017
Retirement benefits 20,412,800 19,553,278 57,722,767 71,991,568 134,413,273 304,093,686
Total 20,412,800 19,553,278 57,722,767 71,991,568 134,413,273 304,093,686

At 2016
Total 6,166,254 16,009,540 56,620,325 48,979,160 90,530,896 218,306,175
90

For thetoyear
Separate Financial
24 Employee benefit obligations (continued)
Expected maturity analysis of retirement benefits (continued)

At 2017
Total 19,846,211 19,553,278 54,455,778 66,407,761 116,102,376 276,365,404

At 2016
Total 6,166,254 16,009,540 56,620,325 48,979,160 90,530,896 218,306,175
25 Share capital and share premium

Issued and Issued and
Ordinary paid-up share paid-up share Share
shares capital capital Premium Total
Shares Shares Baht Baht Baht
As at 1 January 2016 310,000,000 310,000,000 2,380,000,000 - 2,380,000,000

Additional paid-up capital - - 415,000,000 - 415,000,000
At 31 December 2016 310,000,000 310,000,000 2,795,000,000 - 2,795,000,000

Additional paid-up capital - - 305,000,000 - 305,000,000
Ordinary shares split 310,000,000 310,000,000 - - -
Issuance of new ordinary shares 1,513,300,000 1,513,300,000 7,566,500,000 20,889,295,058 28,455,795,058
As at 31 December 2017 2,133,300,000 2,133,300,000 10,666,500,000 20,889,295,058 31,555,795,058
On 2 March 2017, at the Board of Directors’ Meeting, the Board of Directors passed a resolution to approve the
call for additional paid-up capital of 270 million issued ordinary shares at Baht of 1.13 per share, amounting to
Baht 305 million. The Company fully received the additional paid-up capital amounting to Baht 305 million on
30 March 2017.
On 18 May 2017, at the Extraordinary Shareholders’ Meeting, the shareholders passed a resolution to approve
a change in its par value from Baht 10 per share to Baht 5 per share by splitting 310 million authorised ordinary
shares at a par value of Baht 10 each to 620 million authorised ordinary shares at a par value of Baht 5 each.
The Company has already amended the Company’s Memorandum of Association to record this par value
changed. In addition, the shareholders passed a resolution to approve an increase in the authorised share
capital from Baht 3,100 million to Baht 10,666.50 million by issuing 1,513.30 million new ordinary shares at a
par value of Baht 5 each. The Company registered the increase in share capital with the Ministry of Commerce
on 25 May 2017.
On 25 July 2017, the Company issued letters to the existing shareholders whose name are recorded in the
Company’s share register book as at 25 July 2017, offering them the allocation of newly issued shares of 980
million shares, at the offering price of Baht 5 each, with a total paid-up share value of Baht 4,900 million in
accordance with their shareholding portion. The Company already received the fully additional paid-up capital
on 3 August 2017.
In November 2017, the Company offered its ordinary shares in an initial public offering (IPO) by issuing 533.30
million shares. The new shares were sold to subscribers at Baht 45 per share (Baht 5 par value and Baht 40
share premium) totaling Baht 23,998.50 million (share premium of Baht 21,332 million). The Company’s shares
started trading on the Stock Exchange of Thailand on 6 December 2017. Expenses directly attributable to the
IPO of Baht 442.70 million was deducted from the IPO’s share premium, which was received from shares
offering to investors, resulted in net share premium of Baht 20,889.30 million.
Section 51 of the Public Companies Act. B.E. 2535 requires companies to set aside share subscription money
received in excess of the issued shares’ par value to a reserve account (share premium). The share premium is
not available for dividend distribution.
91

25 Share capital (continued)
As at 31 December 2017, the total authorised number of ordinary shares was 2,133.30 million shares at a par
value of Baht 5 each. The ordinary shares of 2,133.30 million shares are fully paid-up, amounting to Baht
10,666.50 million.
On 25 May 2016, at the Board of Directors’ Meeting, the Board of Directors passed a resolution to approve a
call for additional paid-up capital of 270 million issued ordinary shares at Baht 1.54 per share, amounting to
Baht 415 million. The Company fully received the additional paid-up capital amounting to Baht 415 million on
27 May 2016.
As at 31 December 2016, the total authorised number of ordinary shares were 310 million shares, with a par
value of Baht 10 per share. The ordinary shares of 40 million shares are fully paid-up, amounting to Baht 400
million. The ordinary shares of 270 million shares are partially paid-up at Baht 8.87 per share, amounting to
Baht 2,395 million.
26 Legal reserve
2017 2016 2017 2016
Baht Baht Baht Baht
Opening balance - - - -
Appropriation during the year 86,512,524 - 86,512,524 -
Closing balance 86,512,524 - 86,512,524 -
Under the Public Companies Act B.E. 2535, the Company is required to set aside as a legal reserve at least 5%
of its net profit after accumulated deficit brought forward (if any) until the reserve is not less than 10% of the
registered capital. The legal reserve is non-distributable.

27 Non-controlling interests
Transactions with non-controlling interests
Movements of non-controlling interests for the year ended 31 December are as follows:
Consolidated
2017 2016
For the year ended 31 December Baht Baht
Opening balance 1,461,332,777 802,437,005

Additional paid-up shares of subsidiaries 2,740,637,809 952,664,828
Changes in proportion of investment in subsidiaries 47,177,842 58,281,213
Share of net profit (loss) from subsidiaries 534,470,946 (351,876,924)
Dividend payment from subsidiaries (182,976) (173,345)
Closing balance 4,783,436,398 1,461,332,777
Increase in shares capital and additional paid-up shares of subsidiaries
a) Increase in shares capital and additional paid-up shares of subsidiaries during 2017
The proportion of non-controlling interest under the Group is 47%, 47%, 30% and 30% are with WHA
Energy Company Limited, Thai Industrial Estate Corporation Limited, Mitsui & Co., Ltd. and Mit-Power
Capitals (Thailand) Company Limited, respectively. During 2017, additional paid-up shares of subsidiaries
are as follows:
1. Gulf TS1 Company Limited, Gulf TS2 Company Limited, Gulf TS3 Company Limited, Gulf TS4
Company Limited, Gulf VTP Company Limited and Gulf NLL2 Company Limited increased their
shares capital of Baht 4,876 million by issuing 109.70 million ordinary shares of Baht 797 million and
additional paid-up capital of Baht 4,079 million. WHA Energy Company Limited paid for its
contribution of Baht 1,219.49 million.
2. Gulf BL Company Limited and Gulf BP Company Limited increased their shares capital of Baht 400
million by issuing 80 million ordinary shares of Baht 200 million and additional paid-up capital of Baht
200 million. Thai Industrial Estate Corporation Limited paid for its contribution of Baht 100 million.
3. Gulf MP Company Limited increased its share capital of Baht 3,700 million by issuing 720 million
ordinary shares of Baht 1,800 million and additional paid-up capital of Baht 1,900 million. Mit-Power
Capitals (Thailand) Company Limited paid for its contribution of Baht 1,110 million.
4. Independent Power Development Company Limited increased its shares capital of Baht 1,409.12
million by issuing 452.87 million ordinary shares of Baht 1,409.12 million. Mitsui & Co., Ltd paid for
its contribution of Baht 311.15 million.

27 Non-controlling interests (continued)
Increase in shares capital and additional paid-up shares of subsidiaries (continued)
b) Increase in shares capital and additional paid-up shares of subsidiaries during 2016
The proportion of non-controlling interest under the Group is 25% and 30% are with WHA Energy
Company Limited and Mit-Power Capitals (Thailand) Company Limited, respectively. During the year 2016,
additional paid-up shares of subsidiaries are as follows:
1. Gulf TS1 Company Limited, Gulf TS2 Company Limited, Gulf TS3 Company Limited, Gulf TS4
Company Limited and Gulf VTP Company Limited increased their shares capital of Baht 1,650
million by issuing 320 million ordinary shares of Baht 800 million and additional paid-up capital of
Baht 850 million. WHA Energy Company Limited paid for its contribution of Baht 412.66 million.
2. Gulf MP Company Limited increased its share capital of Baht 1,800 million by issuing 360 million
ordinary shares of Baht 900 million and additional paid-up capital of Baht 900 million. Mit-Power
Capitals (Thailand) Company Limited paid for its contribution of Baht 540 million.
Changes in interest of owners of the parent
On 25 October 2017, the Board of Directors of Independent Power Development Company Limited, a
subsidiary, passed a resolution to approve an increase in the authorised share capital from Baht 3,140 million to
Baht 5,128.67 million by issuing 198.87 million new ordinary shares at a par value of Baht 10 each and offer to
the existing shareholders of Independent Power Development Company Limited, which the other existing
shareholders of Independent Power Development Company Limited waived their rights to increase their
shareholding proportion on this share capital increase of Independent Power Development Company Limited,
resulted in decrease in shareholding interest of other existed shareholders.
On 20 June 2016, Gulf MP Company Limited, a subsidiary, sold 15.50 million common shares of Gulf BL
Company Limited, a subsidiary of Gulf MP Company Limited, to Thai Industrial Estate Corporation Limited for
Baht 40 million, which resulted in a decrease in its shareholding interest from 99.99% to 75%. The carrying
amount of non-controlling interest in Gulf BL Company Limited on the date of disposal was Baht 37.01 million
and the Group recorded an increase in equity attributed to owner of the Group of Baht 2.99 million.
On 15 September 2016, Gulf MP Company Limited, a subsidiary, sold 15.50 million common shares of Gulf BP
Company Limited, a subsidiary of Gulf MP Company Limited, to Thai Industrial Estate Corporation Limited for
Baht 40.50 million, which resulted in a decrease in its shareholding interest from 99.99% to 75%. The carrying
amount of non-controlling interest in Gulf BP Company Limited on the date of disposal was Baht 11.42 million and the
Group recorded an increase in equity attributed to owner of the Group of Baht 29.08 million.
On 21 December 2016, Gulf MP Company Limited, a subsidiary, sold 15.26 million common shares of Gulf
NLL2 Company Limited, a subsidiary of Gulf MP Company Limited, to WHA Energy Company Limited for Baht
40.02 million, which resulted in a decrease in its shareholding interest from 99.99% to 74.99%. The carrying
amount of non-controlling interest in Gulf NLL2 Company Limited on the date of disposal was Baht 9.86 million
and the Group recorded an increase in equity attributed to owner of the Group of Baht 30.16 million.

27 Non-controlling interests (continued)
Changes in interest of owners of the parent (continued)
The effect of changes in the interest on the equity attribute to owners of the Group during the year is summarised
as follows:
Consolidated
2017 2016
Baht Baht
Carrying amount of non-controlling

interests disposed (47,177,842) (58,281,213)
Consideration received from
non-controlling interests - 120,516,000
Increase (decrease) in parent’s equity (47,177,842) 62,234,787
Consolidated
2017 2016
Baht Baht
Changes in equity attributable to

shareholders of the company
arising from:
- Increase (decrease) interest in subsidiaries (47,177,842) 62,234,787
Net effect on parent’s equity (47,177,842) 62,234,787

202
28 Other components of equity
Movement of other components of equity for the year ended 31 December 2017 are as follows:

Baht
Share of other
Currency Available- comprehensive Total
Actuarial translation for-sale Cash flow income (expense) other components
Losses adjustment investments hedges from an associate of equity
Opening balance as at 1 January 2017, net of tax - (21,954) (98,549,586) (119,081,153) (10,470,711) (228,123,404)
Change in fair value - - 37,509,869 (24,338,255) - 13,171,614
Tax charged to other comprehensive income (expense) - - (4,197,011) 23,688,075 - 19,491,064
Less Reclassification adjustments for gains to be included in profit or loss - - (23,045,871) 96,096,315 - 73,050,444
Tax charged to other comprehensive income (expense) - - 4,609,174 (19,219,264) - (14,610,090)
Share of other comprehensive income (expense) - - - - 8,200,515 8,200,515
Translation differences - 103,382 - - - 103,382
Actuarial losses (20,689,859) - - - - (20,689,859)
Transfer actuarial losses 20,689,859 - - - - 20,689,859
Closing balance as at 31 December 2017, net of tax - 81,428 (83,673,425) (42,854,282) (2,270,196) (128,716,475)

Baht
Share of other
Currency comprehensive Total
translation Available-for-sale Cash flow income (expense) other components
adjustment investments hedges from an associate of equity
Opening balance as at 1 January 2016, net of tax 67,571 (70,458,709) 105,113,776 3,437,158 38,159,796
Change in fair value - (20,361,715) (220,324,720) - (240,686,435)
Tax charged to other comprehensive income (expense) - (1,954,002) 4,308,875 - 2,354,873
Less: Reclassification adjustments for gains to be included in profit or loss - (7,218,950) (10,223,855) - (17,442,805)
Tax charged to other comprehensive income (expense) - 1,443,790 2,044,771 - 3,488,561
Share of other comprehensive income (expense) - - - (13,907,869) (13,907,869)
Translation differences (89,525) - - - (89,525)
Closing balance as at 31 December 2016, net of tax (21,954) (98,549,586) (119,081,153) (10,470,711) (228,123,404)
96

For thetoyear
Notes ended 31and
Separate2017
28 Other components of equity (continued)

Baht
Available Total other
Actuarial for sale components
Losses investments of equity
Opening balance as at 1 January 2017, net of tax - 876,176 876,176

Change in fair value - 5,984,495 5,984,495
Tax charged to other comprehensive income (expense) - (1,196,899) (1,196,899)
Less Reclassification adjustments for gains to be
included in profit or loss - (6,264,677) (6,264,677)
Tax charged to other comprehensive income (expense) - 1,252,935 1,252,935
Actuarial losses (20,689,859) - (20,689,859)
Transfer actuarial losses 20,689,859 - 20,689,859)
Closing balance as at 31 December 2017, net of tax - 652,030 652,030

Baht
Available Total other
for sale components
investments of equity
Opening balance as at 1 January 2016, net of tax - -

Change in fair value 3,069,920 3,069,920
Tax charged to other comprehensive income (expense) (613,984) (613,984)
Less Reclassification adjustments for gains to be included in profit or loss (1,974,700) (1,974,700)
Tax charged to other comprehensive income (expense) 394,940 394,940
Closing balance as at 31 December 2016, net of tax 876,176 876,176
29 Other income
2017 2016 2017 2016
Baht Baht Baht Baht
Sales of spare parts - 11,200,000 - 11,200,000

Gain on disposal of available-for-sale
investment 23,045,872 2,288,881 6,264,677 1,974,700
Gain on disposal of investment in
subsidiary 123,762 - - 7,498,775
Others 19,648,819 4,860,709 37,364,195 20,233,766
Total 42,818,453 18,349,590 43,628,872 40,907,241


30 Corporate income tax benefits (expenses)
2017 2016 2017 2016
Baht Baht Baht Baht
Current tax on profits for the year (891,442) (66,782,400) - (63,184,076)
Deferred income taxes (Note 18) 55,185,377 113,743,492 6,680,702 1,569,718
Total corporate income tax benefits

(expenses) 54,293,935 46,961,092 6,680,702 (61,614,358)
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the basic
weighted average tax rate applicable to profit of the home country of the Company as follows:
2017 2016 2017 2016
Baht Baht Baht Baht
Profit (loss) before tax 3,852,630,637 173,634,304 1,723,569,776 343,395,107
Tax calculated at a tax rate of 20% 770,526,127 34,726,861 344,713,955 68,679,021

Tax effect of:
Income not subject to tax (536,625,193) (6,509,258) (411,892,525) (8,910,814)
Income subject to tax under the
Revenue Code 102,435 - 102,435 -
Expenses not deductible for tax purpose 14,791,797 95,288,123 8,221,651 2,118,005
Expenses deductible at a greater amount 301,019,725 - (88,613,062) (271,904)
Share of profit from an associate
and a joint venture (796,332,864) (287,313,542) - -
Elimination of fixed assets 25,808,982 68,391,451 - -
Utilisation of previously unrecognised
tax losses (72,402,026) (114,803) - -
Tax losses for which no deferred
income tax asset was recognised 204,109,539 116,705,176 140,786,844 -
Unrealised gain (loss) on exchange rate 37,361,785 (68,286,658) - -
Tax effect from different tax rates of
foreign entities (207,505) (2,269,926) - -
Tax losses for which deferred
income tax asset was recognised (2,399,837) - - -
Others (46,900) 2,421,484 - -
Income tax expenses (benefits) (54,293,935) (46,961,092) (6,680,702) 61,614,358
The weighted average applicable tax rate for the Group was 1.41% (2016: 27.05%).

Company Statements
Limited
For thetoyear
Notes ended 31and
Separate 2017
30 Corporate income tax benefits (expenses) (continued)
The corporate income tax credit (charge) relating to component of other comprehensive income is as follows:

2017 2016
Tax (charge) Tax (charge)
Before tax credit After tax Before tax credit After tax
Actuarial losses (25,862,324) 5,172,465 (20,689,859) - - -

Change in value of
available-for-sale
investments 14,629,307 379,102 15,008,409 (27,580,665) (510,212) (28,090,877)
Cash flow hedges 147,021,330 8,043,292 155,064,622 (388,963,110) 9,854,447 (379,108,663)
Currency translation
differences 103,382 - 103,382 (89,525) - (89,525)
Share of other comprehensive
income (expense) of
an associate accounted for
using the equity method 8,200,515 - 8,200,515 (13,907,869) - (13,907,869)
Other comprehensive income

(expenses) for the year 144,092,210 13,594,859 157,687,069 (430,541,169) 9,344,235 (421,196,934)
Separated financial statements

2017 2016
Tax (charge) Tax (charge)
Before tax credit After tax Before tax credit After tax
Actuarial losses (25,862,324) 5,172,465 (20,689,859) - - -

Change in value of
available-for-sale
investments (280,182) 56,035 (224,147) 1,095,220 (219,044) 876,176
Other comprehensive income

(expenses) for the year (26,142,506) 5,228,500 (20,914,006) 1,095,220 (219,044) 876,176
31 Expenses by nature
Expenses that are included in calculating net profit can be classified as follows;
2017 2016 2017 2016
Baht Baht Baht Baht
Cost of sales 2,529,769,156 - - -

Repair and maintenance 121,770,230 - 56,550 -
Employee benefit expense 829,945,187 637,400,580 594,178,856 568,764,402
Consulting 100,604,508 58,549,395 70,895,039 26,969,640
Fee 44,697,843 12,625,596 9,852,280 6,023,859
Rental 55,220,626 35,006,243 31,081,477 31,065,235
Miscellaneous 6,437,903 23,783,336 2,457,311 6,470,232
Community relation expenses 17,428,705 30,730,118 - -
Depreciation and amortisation 370,496,632 4,183,900 352,976 293,511
Power development fund 12,804,548 - - -
Insurance expense 13,926,055 - 54,283 -
Others 140,532,943 26,441,275 97,258,802 13,695,978

32 Finance costs
2017 2016 2017 2016
Baht Baht Baht Baht
Interest expense 980,858,470 497,157,053 433,221,311 321,532,505

Guarantee fee 323,203,836 125,532,482 297,594,275 125,523,047
Commitment fee 83,871,922 131,073,609 - -
Other 39,744,266 38,528,807 16,811,147 14,311,076
Total 1,427,678,494 792,291,951 747,626,733 461,366,628
33 Financial instruments
(a) Assets and liabilities of financial instruments
As at 31 December the company and subsidiaries have balance of financial instruments both assets and
liabilities of currency as follow:
(Unit : Baht/other currency)

Asset Liabilities Exchange rate
Financial Financial As at 31 December 2017
Currency Instruments Instruments Buying rate Selling rate
US Dollar 1,519,398 403,324,700 32.51 - 32.68 32.85

Japanese Yen - 359,270,492 - 0.29
European Euro - 3,042,419 - 39.39
Singapore Dollar 13,620 - 24.60 -
Swedish Krona - 40,530,278 - 4.00
Laotian Kip 37,279,996,800 - 0.004 -
(Unit : Baht/other currency)

Asset Liabilities Exchange rate
Financial Financial As at 31 December 2016
Currency Instruments Instruments Buying rate Selling rate
US Dollar 644,604 243,027,952 35.66 - 35.83 36.00

Japanese Yen - 168,072,218 - 0.31
European Euro - 147,918 - 38.14
Singapore Dollar 15,923 - 24.63 -
Swedish Krona - 34,361,612 - 3.98
Laotian Kip 38,833,330,000 - 0.004 -

For thetoyear
Separate Financial
33 Financial instruments (continued)
(b) Risk of exchange rate
As at 31 December, the Group had forward foreign exchange contracts. The settlement dates on open
forward contracts ranged between 3 months and 54 months. Amounts in foreign currencies to be settled
and contractual exchange rates of the outstanding contracts were:

As at 31 December 2017 2016
Baht Baht
Japanese Yen:
- Average Exchange rate (JPY/ THB) 0.31 0.29
- Foreign currency (JPY) 1,306,675,320 2,127,586,076
- Local currency (THB) 404,022,933 626,058,903
Swedish Krona:
- Average Exchange rate (SEK/ THB) 4.11 4.24
- Foreign currency (SEK) 212,870,633 500,892,005
- Local currency (THB) 877,033,066 2,132,772,042
Swedish Krona:
- Average Exchange rate (SEK/ USD) 0.12 0.12
- Foreign currency (SEK) 47,962,327 311,963,053
- Local currency (USD) 5,984,817 38,942,156
US Dollar:
- Average Exchange rate (USD/ THB) 33.32 33.47
- Foreign currency (USD) 10,012,991 13,124,272
European Euro:
- Average Exchange rate (EUR/ THB) 40.13 40.04
- Foreign currency (EUR) 3,268,862 14,294,482
(c) Net fair value
The fair value is disclosed in Note 4.
34 Litigation
During the year 2014, the Monitoring and Auditing Committee of Fiscal Expenditures (MACFE) resolved to
appoint the Energy Regulatory Commission (ERC) to initiate an investigation on the bidding process of the 2012
Independent Power Producer (IPP) Bidding Solicitation, which was alleged to be non-compliance with Thailand’s
Power Development Plan and the relevant ERC regulations. The ERC then established a sub-committee to
conduct an investigation and reported its findings to the MACFE. The MACFE, later, assigned the Ministry of
Energy (MOE) to further investigate the IPP Bidding Solicitation in which the MOE appointed an Ad Hoc
Committee from the MOE to further investigate the IPP Bidding Solicitation. Subsequently, the MOE submitted
letters to the Group requesting to negotiate with the Group to cancel one of the IPP projects, of which the Power
Purchase Agreement (PPA) with Electricity Generating Authority of Thailand (EGAT) was signed. In addition,
the MOE sent a letter requesting the Board of Investment of Thailand (BOI) to delay approval process of both
IPP projects of the Company.
However, on 23 July 2015, Independent Power Development Company (IPD), Gulf SRC Company Limited
(GSRC), and Gulf PD Company Limited (GPD) (collectively Plaintiffs) filed an administrative lawsuit to the
Central Administrative Court of Thailand (the Administrative Court) against (i) ERC, (ii) the Office of the ERC,
(iii) MOE and (iv) the Ad Hoc Committee (collectively, the Defendants) that the investigation was not performed
in accordance with the applicable laws, some of the Defendants who had authority for the investigation had
conflicts of interest, information determined by the Defendants during the investigation was distorted and the
Plaintiffs were obstructed to develop the IPP projects by the action of the Defendants. The Plaintiffs requested
the Administrative Court to issue an order to prohibit the Defendants from conducting any further unlawful
investigation on the IPPs Bidding Solicitation, or to stop using the result of such unlawful investigation whether
internally or externally with other government authorities.
101

For thetoyear
Notes ended 31and
Separate 2017
34 Litigation (continued)
On 8 December 2016, the Administrative Court judged that the investigation conducted by the Defendants was
lawful, however, the investigate, use or reference of the result of investigation or any action were prohibited
such action will cause damages to the Plaintiffs. The Central Administrative Court also ordered the MOE to
revoke its letter requesting the BOI to delay approval process of the IPP projects. Subsequently, on 24 March
2017, GSRC and GPD finally obtained BOI approval.
On 4 January 2017, the MOE submitted an appeal to the Supreme Court and the Plantiffs had to submit a
petition of appeal to the Supreme Administrative Court by 5 June 2017.
On 5 June 2017, the Plantiffs submitted a request for an extension of a petition to appeal for 15 days, which
was dued on 20 June 2017. On 20 June 2017, the Plantiffs already submitted a petition to appeal to the
Supreme Administrative Court.
As at 31 December 2017, there was no provision related to this litigation has been accrued in the Company’s
financial statements, because the Group’s management believes that there will be no significant liability from
the result of above lawsuit cases.
35 Promotional privileges
The Group has been granted promotional privileges by the Office of the Board of Investment under promotion
certificates in respect of electricity. These subsidiaries have been granted exemption from certain taxes and
duties as detailed in the certificates including exemption from corporate income tax for a period of eight years
from the date of first revenue. As promoted entities, these subsidiaries are required to comply with the terms
and conditions specified in the promotion certificates.
36 Commitments and significant agreements
Commitments
The Company entered into lease agreements in respect of space rental for office and equipment. As at 31 December
rental commitments under these agreements in the subsequent years are as follows:
2017 2016 2017 2016
Baht Baht Baht Baht
Due
Within one year 21,062,098 11,306,363 21,062,098 11,306,363
Later than one year but not later than
five years 17,839,737 11,529,945 17,839,737 11,529,945
38,901,835 22,836,308 38,901,835 22,836,308


Company Statements
Limited
For thetoyear
Notes ended 31and
Separate 2017
36 Commitments and significant agreements (continued)
Commitments (continued)
As at 31 December 2017, the Company had outstanding bank guarantees issued by financial institutions
amounting to Baht 6,061 million (31 December 2016: Baht 13,152 million). The subsidiaries had outstanding
bank guarantees issued by a financial institution as a guarantee for their Power Purchase Agreements with EGAT
as follows:
Unit: Baht million
2017 2016
Name of subsidiaries Baht Baht
Gulf SRC Company Limited 1,250 1,250

Gulf PD Company Limited 1,250 1,250
Gulf VTP Company Limited 235 466
Gulf TS1 Company Limited 703 473
Gulf NC Company Limited 488 481
Gulf BL Company Limited 493 493
Gulf BP Company Limited 493 583
Gulf NLL2 Company Limited 499 583
Gulf NPM Company Limited 499 90
Gulf NRV1 Company Limited 499 90
Gulf NRV2 Company Limited 499 90
Significant agreements
(a) Agreements relating to cash advances to subsidiaries and related parties
The Company entered into Cash Advance Agreements with its subsidiaries and related parties of the
Company to provide financial supports for their business operations. Each agreement will become
effective from the agreement date and continue until either party in each agreement gives a written notice
of termination to the other party or when the event of default occurs by either parties. The interest rate is
a fixed rate per annum. As stipulated in the agreements, the cash advance and related accrued interests
are due within 30 days after receipt of the invoice from the Company.
(b) Joint Development Agreement for IPP Projects
During the year 2013, Mitsui & Co., Ltd. (Mitsui), J-Power Holdings (Thailand) Company Limited (J-POWER)
and the Company entered into Joint Development Agreement (JDA) in order to develop Independent power
producer projects under the control of Independent Power Development Company Limited (IPD), which is a
subsidiary of the Company. Under the agreement, Mitsui shall have right to purchase up to 49% of total shares
in IPD within 15 days after the effective date of the agreement, whereas J-POWER shall have right to purchase
the IPD’s shares from Mitsui and the Company. However, on 20 June 2014, Mitsui, J-POWER and the
Company entered into the Amendment No. 1 to the JDA, which was entered into on 3 April 2013 to amend the
definition of Due Diligence Period with regard to right to purchase shares by J-POWER. Other terms and
conditions remain the same as the original JDA. The JDA and the amendment is become effective until all
parties in the agreement mutually agree to cancel the agreement. However, J-POWER’s right to purchase was
expired without exercising the right.
(c) Joint Development Agreement for SPP Projects
Mitsui and the Company entered into Joint Development Agreement in order to develop 12 small power
plant projects (Note 14). Under the agreement, the Company has to set up Gulf MP Company Limited as
a holding company. Mitsui has to invest in such holding company by acquiring ordinary shares from the
Company two times. First time, by 16 January 2014, Mitsui has to purchase 1% of total ordinary shares
with the share premium as stipulated in the agreement. Subsequently, on 17 November 2014, Mitsui
transferred all share in Gulf MP Company Limited as well as the second time share purchase option
under these agreement to Mit-Power Capitals (Thailand) Company Limited. Thus the second time,
Mit-Power Capitals (Thailand) Company Limited has to purchase shares in such company up to 30% of
total shares together with the share premium as stipulated in the agreement. The agreement is become
effective until all parties in the agreement mutually agree to cancel the agreement.

Significant agreements (continued)
(d) Management Service Agreements
On 5 November 2014, the Company entered into Management Services Agreements with 12 subsidiaries
of the Company, which operate as small power producers, to provide business advice, coordination,
supervision and management services. The service fee will be charged on a monthly basis at the rate
and conditions as specified in the agreement. The agreements shall become effective for a period of 25
years commencing from the first commercial operation date and continue until either party in each
agreement gives a written notice of termination to the other party in advance in the event of the defaulting
party commits a material breach of the agreement.
On 10 November 2014, the Company entered into Development Service Agreements with 12 subsidiaries,
which operate as small power producers, to assist in the project development phase and advice on
significant agreements and raise capital for the project. Each agreement charges a success fee totaling
of Baht 120 million per company. The Company will receive such service fee upon the completion of the
financial close. The agreement would be terminated when either party in each agreement gives a written
notice of termination to the other party in the event of the defaulting party commits a material breach of
the agreement.
On 2 December 2016, the Company entered into the engineering services agreement with 12 subsidiaries
to provide supportive engineers during construction phase, including test and evaluate the performance
of machines and coordinate with subcontractors to complete the construction project in according to the
conditions specified in the agreement. Such subsidiaries must make service payment under the conditions
and periods specified in the agreement.
(e) Secondment Agreement
On 1 January 2014, the Company entered into the Secondment Agreement with Gulf JP Company
Limited, a related party, to provided human resources service for its business operations. Under such
agreement, Gulf JP Company Limited is committed to pay monthly service fee to the Company in
accordance with the conditions as specified in the agreement. The agreement would be terminated in the
event that one party fails to perform any obligation under the agreement and the failure is not remediate
within ten days after receiving a written notice from contracted party. The agreement becomes effective
since 1 January 2014.
On 9 September 2016, the Company entered into the Secondment Agreement with Gulf MP Company
Limited, a subsidiary, to provided human resources service for its business operations. Under such
agreement, Gulf MP Company Limited is committed to pay monthly service fee to the Company in
accordance with the conditions as specified in the agreement. The agreement would be terminated in the
event that one party fails to perform any obligation under the agreement and the failure is not remediate
within sixty days after receiving a written notice from contracted party. The agreement becomes effective
since on 1 January 2016.
On 1 November 2017, the Company entered into the amendment of the Secondment Agreement to
adjust scope of service and the fee under the condition specified in the Amendment Agreement. The
agreement becomes effective since 1 January 2017.
(f) Other construction contracts
The Group entered into other construction contracts to construct raw water pumping stations, raw water
reservoirs, raw water and waste water pipelines, electricity transmission lines, steam pipelines for
industrial users, as well as construction of office buildings to control the operation of the subsidiaries’
projects. Under these contracts, the subsidiaries will pay a total of Baht 4,174.72 million (2016: Baht
4,289.38 million) under the installment period in accordance with conditions set out in the contracts.
As at 31 December 2017, the subsidiaries had outstanding commitments in respect of these other construction
contracts at Baht 1,490.18 million (31 December 2016: Baht 2,917.75 million).

For thetoyear
Notes ended 31and
Separate 2017
(g) Power Purchase Agreement (PPA)
On 12 December 2013, Gulf SRC Company Limited, a subsidiary, had entered into the 25-year PPA with
EGAT to generate capacity charge and deliver energy charge at the level specified in the agreement. Under
the PPA, the exchange rate risk is partly compensated by capacity payment charged to EGAT in each month.
The Company has the Scheduled Commercial Operation Date for the 1st generating unit on 31 March 2021,
for the 2nd generating unit on 1 October 2021, for the 3rd generating unit on 31 March 2022 and for the 4th
generating unit on 1 October 2022.
On 23 December 2013, Gulf PD Company Limited, a subsidiary, had entered into the 25-year Power
Purchase Agreement with EGAT to generate capacity charge and deliver energy charge at the level specified
in the agreement. Under the PPA, the exchange rate risk is partly compensated by capacity payment charged
to EGAT in each month. The Company has the Scheduled Commercial Operation Date for the 1st generating
unit on 31 March 2023, for the 2nd generating unit on 1 October 2023, for the 3rd generating unit on 31 March
2024 and for the 4th generating unit on 1 October 2024.
In addition, the company’s subsidiaries had entered into the 25-year PPA with EGAT to generate
capacity charge and deliver energy charge at the level specified in the agreement.
Details of the scheduled commercial operation of each company are as follows:
Name of subsidiaries Scheduled Commercial Operation Date
Gulf VTP Company Limited 16 May 2017

Gulf TS1 Company Limited 8 July 2017
Gulf TS2 Company Limited 1 September 2017
Gulf TS3 Company Limited 1 November 2017
Gulf TS4 Company Limited 1 January 2018
Gulf NC Company Limited 1 March 2018
Gulf BL Company Limited 1 September 2018
Gulf BP Company Limited 1 November 2018
Gulf NLL2 Company Limited 1 January 2019
Gulf NPM Company Limited 1 March 2019
Gulf NRV1 Company Limited 1 May 2019
Gulf NRV2 Company Limited 1 July 2019
The Solar Group had entered into the 25-year PPA with Provincial Electricity Authority (PEA) to sell the
electricity generated from the solar photovoltaic installation on the rooftop, commencing from commercial
operation date.
Details of the effective date of each company as follows:
Name of subsidiaries Date
Gulf Solar BV Company Limited 16 December 2013

Gulf Solar KKS Company Limited 12 December 2013
Gulf Solar TS1 Company Limited 19 December 2013
Gulf Solar TS2 Company Limited 16 December 2013

(i) Gas Sale and Purchase Agreements (GSA)
The Group’s 14 subsidiaries had entered into Gas Sale and Purchase Agreement with PTT Public
Company Limited for quantity and gas price as specified in the agreements. The agreements are effective for
a period of 25 years starting from the commercial operation date of the power plant and can be extended,
based on the conditions stipulated in the agreements.
(j) Supply Agreements and Construction Agreements
The Group’s subsidiaries had entered into agreements with counterparties to purchase machinery and
power plants equipment and for the construction of the power plants. The contract value totaling USD
368.97 million, Swedish Krona (SEK) 2,097.84 million, Japanese Yen (JPY) 7,781.56 million, European
Euro (EUR) 38.62 million and Baht 22,349.38 million.
As at 31 December 2017, the subsidiaries had outstanding commitment with counterparties from supply
agreement and construction agreement at USD 84.81 million, SEK 165.52 million, JPY 961.96 million, EUR
1.48 million and Baht 4,832.21 million (2016: USD 196.63 million, SEK 744.42 million, JPY 3,673.61 million,
EUR 17.23 million and Baht 11,213.63 million).
(j) Engineering, Procurement and Construction of Natural Gas Pipeline and Metering Facilities System
Agreements
The Group’s subsidiaries had entered into agreements with contractor to construct the natural gas
pipeline and metering facilities system. The contracts value totaling Baht 1,636.29 million.
As at 31 December 2017, the outstanding commitment from engineering, procurement and construction
of natural gas pipeline and metering facilities system agreements was amounting to Baht 514.58 million
(2016: Baht 1,216.41 million).
(k) Foreign currency forward contracts
As at 31 December 2017, subsidiaries had outstanding balances of foreign currency forward contracts in order to manage exposure of fluctuations in Swedish Krona (SEK),
European Euro (EUR), US Dollar (USD) and Japanese Yen (JPY) with local financial institutions.
The detail of foreign currency forward contracts are as follows:
Exchange Rates
Name of subsidiaries Currency Currency Amount (million) The fixed exchange rates
Gulf VTP Company Limited Baht SEK SEK 17.41 3.96 Baht per SEK
Gulf TS1 Company Limited Baht SEK SEK 17.41 3.97 Baht per SEK
Gulf TS2 Company Limited Baht SEK SEK 17.41 3.99 Baht per SEK
Gulf TS3 Company Limited Baht SEK SEK 27.27 3.89 - 4.01 Baht per SEK
Gulf NC Company Limited Baht USD USD 0.32 33.63 Baht per USD
Gulf BL Company Limited Baht SEK SEK 14.81 3.95 - 4.40 Baht per SEK
Baht EUR EUR 0.42 40.70 Baht per EUR
Baht JPY JPY 31.19 0.30 Baht per JPY
Gulf BP Company Limited Baht SEK SEK 14.81 3.96 - 4.38 Baht per SEK
Gulf NLL2 Company Limited Baht SEK SEK 9.54 4.23 Baht per SEK
Baht EUR EUR 0.14 39.17 - 40.25 Baht per EUR
Annual Report 2017
Baht JPY JPY 201.32 0.30 - 0.32 Baht per JPY

Gulf NPM Company Limited USD SEK SEK 47.96 0.12 USD per SEK
213
Baht SEK SEK 79.07 4.18 - 4.26 Baht per SEK

Gulf NRV1 Company Limited Baht EUR EUR 0.27 40.53 - 40.54 Baht per EUR
Baht USD USD 3.83 33.39 - 33.41 Baht per USD
214
(l) Foreign currency forward contracts (continued)
The detail of foreign currency forward contracts are as follows (continued):
Exchange Rates
Gulf VTP Company Limited Baht SEK SEK 28.61 3.95 - 4.45 Baht per SEK
Baht USD USD 0.07 36.05 Baht per USD
Gulf NC Company Limited Baht EUR EUR 0.27 40.50 Baht per EUR
Gulf BL Company Limited USD SEK SEK 28.49 0.13 USD per SEK
Gulf BP Company Limited USD SEK SEK 68.55 0.13 USD per SEK
Gulf NLL2 Company Limited USD SEK SEK 98.57 0.12 USD per SEK
(l) Foreign currency forward contracts (continued)
The detail of foreign currency forward contracts are as follows (continued):
Exchange rates
Gulf NPM Company Limited USD SEK SEK 116.36 0.12 USD per SEK
Annual Report 2017
215

(m) Right to use of rooftop space for solar PV rooftop agreement
Subsidiaries as below entered into the right to use of rooftop space for solar PV rooftop agreements with
a related party. The agreements are effective for a period of 25 years commencing on the commercial
operation date with PEA. The rental fee and payment terms including other conditions are as stipulated in
the agreement.
Name of subsidiaries Date on agreement
Gulf Solar BV Company Limited 9 April 2014

Gulf Solar KKS Company Limited 19 September 2014
Gulf Solar TS1 Company Limited 21 April 2014
Gulf Solar TS2 Company Limited 19 September 2014
(n) Long-term Service Agreement
The Group entered into a Long-term Service Agreement for the maintenance of machinery and equipment
associated with its gas turbines used for the power plant operation. The service includes the replacement
of the main machinery as specified in the agreement. The agreement is effective from the agreement
date until the expiration of the operation of gas turbine under the Power Purchase Agreement. The
contract value can be adjusted annually based on conditions as stipulated in the agreement.
(o) Contractual Service Agreement
The Group entered into a Contractual Service Agreement for the procurement and maintenance of the
power plants between the Group and counter service party. The agreement is effective from the
agreement date until the expiration of the operation of gas turbine under the Power Purchase Agreement.
The Group had outstanding commitments to pay for spare gas turbine. For spare gas turbine, the
quarterly service fees are based on numbers of gas turbine operating hours and other maintenance fees.
The price under the agreement is adjusted annually based on conditions as stipulated in the agreement.
(p) Major Maintenance Services Agreement
On 1 November 2017, the Company entered into the Major Maintenance Services Agreement with Gulf
JP Company Limited, an associate, to provide major maintenance services including advice,
coordination, supervision and management services for the power plants of the Gulf JP Group. Under the
agreement, the service fee is charged on a monthly basis at the rate as stipulated in the agreement. The
agreement becomes effective since 1 January 2017 until the expiration of the Power Purchase
Agreement between each of each power plant in Gulf JP Group and EGAT.

Company Statements
Limited
For thetoyear
Notes ended 31and
Separate 2017
37 Events after the reporting period
Power Purchase Agreement
On 18 January 2018, Gulf Chana Green Company Limited, a subsidiary, has entered into the Power Purchase
Agreement with EGAT to generate capacity charge and deliver energy charge at the level specified in the
agreement. The term of the Power Purchase Agreement is 5 years effective from the date both parties signed the
agreement and can be renewed every 5 years after given the written notice not less than 30 days in advance to
another party. The Company has the Scheduled Commercial Operation Date on 1 July 2019.
Shareholder Agreement
On 22 January 2018, the Company entered into the Shareholder Agreement with Gulf WHA MT Natural Gas
Distribution Company Limited, a subsidiary and WHA Utilities and Power Public Company Limited (WHAUP) and
MITG (Thailand) Limited (MITG) a new shareholder to change the shareholding proportion in Gulf WHA MT
Natural Gas Distribution Company Limited among the Company, WHAUP and MITG from 49%: 51%: 0% to 35%:
35%: 30%, respectively.
On 9 February 2018, the Company entered into the Shareholder Agreement with Mitsui & Co., Ltd., Mit- Power
Capitals (Thailand) Company Limited, and IPD, a subsidiary on the distributions of dividend payment from IPD
under the second amendment of JDA (Amendment no.2) dated on 11 October 2017 as discussed in Note 14.1.
Under the amendment, the Company has the rights to receive 75% of total dividend. On 26 February 2018, at the
Board of Directors’ Meeting of the Company, the Board of Directors passed a resolution to approve the issuance of
preferred shares of IPD and the distributions of dividend payment and return of capital shall be under the condition
specified in the Shareholder Agreement.
Supply Agreement and Construction Agreement
On 8 February 2018, Gulf SRC Company Limited and Gulf PD Company Limited, the subsidiaries, had entered
into the contracts with counterparties to purchase the power plants equipment and for the construction of the
power plants. The contracts value totaling to USD 424.30 million, JPY 83,317.90 million, EUR 40.40 million and
Baht 27,834.82 million.
Long-term Service Agreement
On 8 February 2018, Gulf SRC Company Limited and Gulf PD Company Limited, the subsidiaries, had entered
into Long-term Service Agreements for the maintenance of machinery and gas turbine equipments used for the
power plant operation. The service includes the replacement of the main machinery as specified in the agreement.
The agreement is effective from the agreement date until the expiration of the operation of gas turbine under the
Power Purchase Agreement. The contract value can be adjusted annually based on conditions as stipulated in the
agreement. The contract value totaling to JPY 90,705 million.
Construction Agreement
On 16 February 2018, Gulf Chana Green Company Limited, a subsidiary, had entered into the contract with
counterparties for the construction of the power plant. The contract value totaling to Baht 1,500 million.

37 Events after the reporting period (continued)
Long-term Loans Agreement
On 16 February 2018, Gulf Chana Green Company, a subsidiary had entered into the long-term loans agreement
with the financial institutions in Baht with the total loan facilities of Baht 1,927 million. The interest rates on a
portion of loan is floating interest rate in THBFIX plus a certain fixed margin per annum and the remaining portion
is fixed interest rates. The interest will be repaid on a quarterly basis, whereas the principal will be payable on
maturity date as specified in the agreement.
These long-term loans are secured by the land including future construction thereon, power plants, machinery and
power plant equipment. In addition, the rights to Power Purchase Agreements, Construction Agreements, Deposit
Accounts, and Insurance Policies have been assigned to the lenders as collateral in accordance with the credit
facilities agreement. These subsidiaries are also required to comply with certain terms and conditions, such as
maintaining of debt to equity ratio and debt service coverage ratio. Under the conditions in long-term loans
agreements, Gulf Chana Green Company must enter into interest swap contract to change floating interest rate to
fixed interest rate to protect its cash flow risk.
Call for additional paid-up capital
(a) On 10 January 2018, at the Board of Directors’ Meeting of Gulf WHA MT Natural Gas Distribution
Company Limited, the Board of Directors passed a resolution to approve the call for additional paid-up
capital of 0.10 million issued ordinary shares at Baht 7.50 per share, amounting to Baht 0.75 million, and
4.80 million issued ordinary shares at Baht 7.50 per share, amounting to Baht 36 million. The total
additional paid-up capital was Baht 36.75 million. The shareholders has paid the subscription amount in
full on 26 January 2018.
(b) On 12 January 2018, at the Board of Directors’ Meeting of Gulf NC Company Limited, the Board of Directors
passed a resolution to approve the call for additional paid-up capital of 40 million issued ordinary shares at
Baht 5.82 per share, amounting to Baht 232.80 million, and 34.96 million issued ordinary shares at Baht 7.50
per share, amounting to Baht 262.20 million. The total additional paid-up capital was Baht 495 million. The
shareholders has paid the subscription amount in full on 15 February 2018.
(c) On 12 January 2018, at the Board of Directors’ Meeting of Gulf BP Company Limited, the Board of
Directors passed a resolution to approve the call for additional paid-up capital of 1.90 million issued
ordinary shares at Baht 5.46 per share, amounting to Baht 10.37 million, and 48 million issued ordinary
shares at Baht 4.99 per share, amounting to Baht 239.63 million. The total additional paid-up capital was
Baht 250 million. The shareholders has paid the subscription amount in full on 15 February 2018.
(d) On 2 February 2018, at the Board of Directors’ Meeting of Gulf MP Company Limited, the Board of
Directors passed a resolution to approve the call for additional paid-up capital of 720 million issued
ordinary shares at Baht 2.50 per share, amounting to Baht 1,800 million, which was received in full on
14 February 2018.

37 Events after the reporting period (continued)
Increase in the authorised share capital of subsidiaries
(a) On 29 January 2018, at the Extraordinary Shareholders’ Meeting of Gulf TS2 Company Limited, the
Shareholders passed a resolution to approve an increase in the authorised share capital from Baht 1,428 million
to Baht 1,690 million by issuing 26.20 million new ordinary shares at a par value of Baht 10 each. The ordinary
shares were fully paid amounting to Baht 262 million on 30 January 2018. Gulf TS2 Company Limited
registered the increase in share capital with the Ministry of Commerce on 31 January 2018.
(b) On 29 January 2018, at the Extraordinary Shareholders’ Meeting of Gulf NPM Company Limited, the
Shareholders passed a resolution to approve an increase in the authorised share capital from Baht 600 million
to Baht 1,200 million by issuing 60 million new ordinary shares at a par value of Baht 10 each. The ordinary
shares were partially paid-up at Baht 2.50 each, amounting to Baht 150 million, on 30 January 2018.
Gulf NPM Company Limited registered the increase in share capital with the Ministry of Commerce on
31 January 2018.
(c) On 8 February 2018, at the Extraordinary Shareholders’ Meeting of Gulf TS3 Company Limited, the
Shareholders passed a resolution to approve an increase in the authorised share capital from Baht 1,278
million to Baht 1,478 million by issuing 20 million new ordinary shares at a par value of Baht 10 each.
The ordinary shares were fully paid amounting to Baht 200 million on 15 February 2018. Gulf TS3 Company
Limited registered the increase in share capital with the Ministry of Commerce on 31 January 2018.
(d) On 8 February 2018, at the Extraordinary Shareholders’ Meeting of Gulf NRV1 Company Limited, the
Shareholders passed a resolution to approve an increase in the authorised share capital from Baht
731.80 million to Baht 1,131.80 million by issuing 40 million new ordinary shares at a par value of Baht 10
each. The ordinary shares were partially paid-up at Baht 2.50 per share, amounting to Baht 100 million
on 15 February 2018. Gulf NRV1 Company Limited registered the increase in share capital with the
Ministry of Commerce on 16 February 2018.
(e) On 8 February 2018, at the Extraordinary Shareholders’ Meeting of Gulf NRV2 Company Limited, the
Shareholders passed a resolution to approve an increase in the authorised share capital from Baht 644
million to Baht 1,044 million by issuing 40 million new ordinary shares at a par value of Baht 10 each. The
ordinary shares were partially paid-up at Baht 2.50 per share, amounting to Baht 100 million. The
Company received the additional paid-up capital on 15 February 2018. Gulf NRV2 Company Limited
registered the increase in share capital with the Ministry of Commerce on 16 February 2018.
Increase in the authorised share capital of a joint venture
(a) On 25 January 2018, at the Extraordinary Shareholders’ Meeting of Gulf WHA MT Natural Gas Distribution
Company Limited, the Shareholders passed a resolution to approve an increase in the authorised share
capital from Baht 49 million to Baht 71.40 million by issuing 2.24 million new ordinary shares at a par
value of Baht 10 each. The ordinary shares were fully paid amounting to Baht 22.40 million on 26 January
2018. Gulf WHA MT Natural Gas Distribution Company Limited registered the increase in share capital
with the Ministry of Commerce on 26 January 2018.
(b) On 29 January 2018, at the Extraordinary Shareholders’ Meeting of Gulf WHA MT Natural Gas Distribution
Company Limited, the Shareholders passed a resolution to approve an increase in the authorised share
capital from Baht 71.40 million to Baht 126.40 million by issuing 5.50 million new ordinary shares at a par
value of Baht 10 each. The ordinary shares were partially paid-up at Baht 3.50 per share, amounting to
Baht 19.25 million on 30 January 2018. Gulf WHA MT Natural Gas Distribution Company Limited
registered the increase in share capital with the Ministry of Commerce on 30 January 2018.
Definitions
Company Gulf Energy Development Public Company Limited
Group The Company, its subsidiaries, its associates and its joint ventures
BTU British Thermal Unit, a unit of energy which is approximately the energy required to heat one pound of water for one Fahrenheit
EDL-Gen EDL-Generation Public Company
EGAT The Electricity Generating Authority of Thailand
EPPO Energy Policy & Planning Office
PEA The Provincial Electricity Authority
GBL Gulf BL Co., Ltd., a power project operator under GMP
GBP Gulf BP Co., Ltd., a power project operator under GMP
GCRN Gulf JP CRN Co., Ltd, a power project operator under GJP
GEC Gulf Electric Public Company Limited
GCG Gulf Chana Green Company Limited
GHC Gulf Holding Company Limited, whose name has been currently changed to Land and House Property Development Co., Ltd.
GJP Gulf JP Company Limited, an associate in which the Company has a 40.0% equity interest
GKP1 Gulf JP KP1 Co., Ltd., a power project operator under GJP
GKP2 Gulf JP KP2 Co., Ltd., a power project operator under GJP
GMP Gulf MP Company Limited, a subsidiary in which the Company has a 70.0% equity interest
GNC Gulf NC Co., Ltd., a power project operator under GMP
GNK2 Gulf JP NK2 Co., Ltd., a power project operator under GJP
GNLL Gulf JP NLL Co., Ltd., a power project operator under GJP
GNLL2 Gulf NLL2 Co., Ltd., a power project operator under GMP
GNNK Gulf JP NNK Co., Ltd., a power project operator under GJP
GNPM Gulf NPM Co., Ltd., a power project operator under GMP
GNRV1 Gulf NRV1 Co., Ltd., a power project operator under GMP
GNRV2 Gulf NRV2 Co., Ltd., a power project operator under GMP
GNS Gulf JP NS Co., Ltd., a power project operator under GJP
GPD Gulf PD Co., Ltd., a power project operator under IPD
GSRC Gulf SRC Co., Ltd., a power project operator under IPD
GTLC Gulf JP TLC Co., Ltd., a power project operator under GJP
GTS1 Gulf TS1 Co., Ltd., a power project operator under GMP
Gulf HK Gulf International Investment (Hong Kong) Limited
Gulf International Holding Gulf International Holding Pte., Ltd.
Gulf Pattani Green Gulf Pattani Green Co., Ltd.
Gulf Solar Gulf Solar Co., Ltd., a subsidiary in which the Company has a 75.0% equity interest
Gulf Solar BV Gulf Solar BV Co., Ltd., a power project operator under Gulf Solar
Gulf Solar KKS Gulf Solar KKS Co., Ltd., a power project operator under Gulf Solar
Gulf Solar TS1 Gulf Solar TS1 Co., Ltd., a power project operator under Gulf Solar
Gulf Solar TS2 Gulf Solar TS2 Co., Ltd., a power project operator under Gulf Solar
Gulf Sport Gulf Sport Management Public Company Limited, the Company’s former subsidiary
Gulf WHA MT Gulf WHA MT Natural Gas Distribution Co., Ltd., a joint venture in which the Company has a 35.0% equity interest
GUT Gulf JP UT Co., Ltd., a power project operator under GJP
GVTP Gulf VTP Co., Ltd., a power project operator under GMP
GWh Gigawatt-hour
IPD Independent Power Development Company Limited, a subsidiary in which the Company has a 70.0% equity interest
IPP Independent Power Producer in which capacity sold to EGAT is more than 90 megawatts
JPHT J-Power Holdings (Thailand) Company Limited, a wholly owned Thai subsidiary of J-Power
Electric Power Development Co., Ltd., together with its consolidated subsidiaries, including GJP. J-Power is one
J-Power of the world’s largest coal-fired power plant developers and operators.
Kolpos Kolpos Pte. Ltd.
kWh Kilowatt-hour
LIBOR The London Interbank Offered Rate
MIT-Power Mit-Power Capitals (Thailand) Limited
Mitsui & Co. Mitsui & Co., Ltd. and its companies, including MIT-Power
MLR Minimum Loan Rate
MW Megawatt
PEA The Provincial Electricity Authority
Pomodoro Pomodoro Group Co., Ltd., the Company’s former subsidiary
PTT PTT Public Company Limited
RT Refrigeration ton, unit of water production measurement
SBY Biomass SBY Biomass Co., Ltd.
SPCG SPCG Public Company Limited
SPP Small Power Producer in which capacity sold to EGAT is more than 10 megawatts, but not more than 90 megawatts
Revenue recognition standard applied for the IPPs under GJP to record revenue from availability payment as income
TFRIC 4 from financial lease
THBFIX Thai Baht Interest Rate Fixing
Thepha Clean Energy Thepha Clean Energy Co., Ltd.
TPH Ton per hour, unit of steam production measurement
VSPP Very Small Power Producer in which capacity sold to PEA or MEA is not more than 10 megawatts
WHA Group WHA Corporation Public Company Limited, together with its consolidated subsidiaries, including Hemaraj, WHA Energy
and WHAUP
WHA NGD2 WHA Eastern Seaboard NGD2 Co., Ltd.
WHA NGD4 WHA Eastern Seaboard NGD4 Co., Ltd.
boundless possibilities
www.gulf.co.th

Gulf Ar2017 en PDF

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With more than two decades of experience,

17 power projects in operation, and many more in the pipeline,

I would like to thank you, our investors,

Mr. Viset Choopiban

Dear Valued Shareholders

Dear Valued Shareholders

Summary of Key Events 2017

2017 2016 2015

Consolidated Statement of Financial Position (Million Baht)

Assets Liabilities Equity

02 Largest Thai corporate equity IPO in 13 years

Background and Key Milestones

40.0% 60.0% 70.0% 30.0% 70.0% 30.0% 75.0% 25.0%

GJP GMP IPD GULF SOLAR GULF HK other

100.0% 100.0% 75.0% 100.0%

Preparing for or under construction Other SPP

Biomass power project

2015 2016 2017

Installed power/ Equity installed Commercial

Installed power/ Equity installed Commercial

Gulf Solar : In operation

Installed power/ Equity installed Commercial

GCG: Preparing for or under construction

GJP (associate) : In operation

Installed power The Company’s equity

Total in operation EE: 4,772.1MW EE: 1,963.5MW

Total Electricity Consumption in Thailand, 2002-2036F

Peak Power Demand in Thailand, 2000-2036F

Total Contracted Power Generation Capacity 42,433.0 MW

Reserve Margin (%)

Source: PDP 2015 and analysis from Frost & Sullivan

Securities and Shareholders Structure

Dividend Payment Policy of

Dividend payment policy of subsidiaries

Analysis of Operational performance

Financial Performance Comparison Year 2016 and Year 2017

241 253 418

year 2016 year 2017

For the years ended December 31

Volume of electricity sold Volume of steam sold

Revenue from sales

GVTP GTS1 GTS2 GTS3

1,189 MB 916 MB 632 MB 306 MB

Revenue from management fee

For the years ended December 31

Cost of sales and services

For the years ended December 31

Analysis of the Financial Position as of December 31, 2017

Related Party Transactions

Persons or entities who Size of the transaction

Size of the transaction

Guaranty and mortgage

Siam Commercial Bank Public Company Limited

Bualuang Securities Public Company Limited

Board of Directors Company Secretary

Audit Committee Chief Executive Ofﬁcer Corporate Secretary

Ofﬁce of the Chief

Senior Executive Senior Executive Senior Executive Senior Executive

Business Project Development Investor Relations Finance and Corporate Affairs

Community Relations Corporate

1. Board of Directors and Sub-Committee

Members of the Board of Directors

1.2 Audit Committee and Meetings

Director Position Number of Meetings attended from

4. Remuneration of the Directors and the Executives

4.1 Remuneration of the Directors

Board of Directors* Audit Committee

4.1.2) Other Remuneration

4.2 Remuneration of the Executives

5. Subsidiaries Engaging in Core Business

Ms. Theerathiphisa Tawichpasoot

Mr. Ratthaphol Cheunsomchit

Ms. Yupapin Wangviwat

Mr. Tanon Tantisunthorn

Mr. Kochai Likitanusit

Mr. Jirapat Archalaka

Ms. Yupapin Wangviwat