GB3

full impact
2 3 4 5 6 7
Year End Aug 2003 2004 2005 2006 2007 2008

Malakoff's hold 75% 75% 75% 75% 75% 75%

Generation capacity (MW) 640 640 640 640 640 640
Power despatched to TNB (gWh) 4,765 4,793 4,822 4,850 4,878 4,906
Capacity factor (%) 85% 86% 86% 87% 87% 88%
Thermal efficiency (%) 50% 50% 50% 50% 50% 50%
Equivalent availability factor (%) 92% 92% 93% 93% 94% 94%
PPA Rates :
CRF per kW/month (RM) 30.19 30.19 30.19 30.19 30.19 30.19
FOC per kW/month (RM) 4.50 4.50 4.50 4.68 4.68 4.68
VOR per kWh (RM) 0.02 0.02 0.02 0.02 0.02 0.02
Gas price (RM6.40/m BTU) 6.40 6.40 6.40 6.40 7.40 8.40
CRF (capacity retention finance) 181.31 182.38 184.44 186.52 188.61 190.70
FOR (fixed operating rate) 27.03 27.18 27.49 28.91 29.24 29.56
Capacity payment 208.3 209.6 211.9 215.4 217.8 220.3
VOR (variable operating rate) 71.5 71.9 72.3 75.7 76.1 76.5
gas payment 208.1 209.3 210.6 211.8 246.3 281.2
Energy payment 279.6 281.3 282.9 287.4 322.4 357.7
Revenue 487.9 490.8 494.8 502.9 540.2 578.0
growth 0.6% 0.8% 1.6% 7.4% 7.0%

EBITDA 200.1 201.2 202.9 206.2 221.5 237.0

margins 41% 41% 41% 41% 41% 41%
Depreciation - - - - - -
finance charges - - - - - -

PBT 200.1 201.2 202.9 206.2 221.5 237.0

tax 56.0 56.3 56.8 57.7 62.0 66.4

rate 28% 28% 28% 28% 28% 28%
NP 144.0 144.9 146.1 148.5 159.5 170.6
 8 9 10 11 12 13 14 15 16 17
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

75% 75% 75% 75% 75% 75% 75% 75% 75% 75%
640 640 640 640 640 640 640 640 640 640
4,934 4,962 4,990 5,018 5,046 5,074 5,102 5,130 5,158 5,186
88% 89% 89% 90% 90% 91% 91% 92% 92% 93%
50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
95% 95% 96% 96% 97% 97% 98% 98% 99% 99%

30.19 30.19 30.19 30.19 30.19 30.19 16.98 16.98 16.98 16.98
4.68 4.87 4.87 4.87 4.87 5.06 5.06 5.06 5.06 5.06
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
9.40 10.40 11.40 12.40 13.40 14.40 15.40 16.40 17.40 18.40
192.81 194.94 197.07 199.21 201.37 203.54 115.70 116.94 118.17 119.42
29.89 31.43 31.77 32.12 32.46 34.13 34.49 34.86 35.23 35.60
222.7 226.4 228.8 231.3 233.8 237.7 150.2 151.8 153.4 155.0
77.0 80.5 81.0 81.4 81.9 85.6 86.1 86.6 87.0 91.0
316.5 352.1 388.2 424.6 461.4 498.6 536.1 574.1 612.4 651.2
393.4 432.6 469.1 506.0 543.3 584.2 622.2 660.7 699.5 742.2
616.1 659.0 698.0 737.3 777.1 821.9 772.4 812.5 852.9 897.2
6.6% 7.0% 5.9% 5.6% 5.4% 5.8% -6.0% 5.2% 5.0% 5.2%

252.6 270.2 286.2 302.3 318.6 337.0 316.7 333.1 349.7 367.8
41% 41% 41% 41% 41% 41% 41% 41% 41% 41%
- - - - - - - - - -
- - - - - - - - - -

252.6 270.2 286.2 302.3 318.6 337.0 316.7 333.1 349.7 367.8

70.7 75.7 80.1 84.6 89.2 94.3 88.7 93.3 97.9 103.0
28% 28% 28% 28% 28% 28% 28% 28% 28% 28%
181.9 194.5 206.0 217.7 229.4 242.6 228.0 239.8 251.8 264.8
 18 19 20 21
2019 2020 2021 2022

75% 75% 75% 75%

640 640 640 640
5,214 5,242 5,270 5,298
93% 94% 94% 95%
50% 50% 50% 50%
100% 100% 101% 101%

16.98 16.98 16.98 16.98

5.06 5.06 5.06 5.06
0.02 0.02 0.02 0.02
19.40 20.40 21.40 22.40
120.67 121.93 123.19 124.47
35.97 36.35 36.73 37.10
156.6 158.3 159.9 161.6
91.5 92.0 92.5 96.7
690.3 729.7 769.6 809.8
781.7 821.7 862.1 906.5
938.4 980.0 1,022.0 1,068.1
4.6% 4.4% 4.3% 4.5%

384.7 401.8 419.0 437.9

41% 41% 41% 41%
- - - -
- - - -

384.7 401.8 419.0 437.9

107.7 112.5 117.3 122.6

28% 28% 28% 28%
277.0 289.3 301.7 315.3