Bangkok--15 Aug--Glow Energy
- NNP for the second quarter 2014 is the highest ever at THB 3.1 billion, whileEBITDA and NNP of the first half 2014 increased to THB 11.0 billion and THB 5.2billion, increasing by 24% and 33% year on year respectively.
- Operations continue to be solid for both Cogeneration and IPP business.
- 2014 interim dividend declared at 1.100 THB/share, increasing by 29% from 2013interim dividend.
- Glow Group appoints new Chief Executive Officer.
NNP for the second quarter 2014 is the highest ever at THB 3.1 billion, while EBITDAand NNP of the first half 2014 increased to THB 11.0 bilion and THB 5.2 billion,increasing by 24% and 33% year on year respectively.
For the first half of 2014, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 38,505 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excludingadjustments for Financial Lease accounting standard, of THB 11,049 million,
- Net Profit of THB 5,111 million, and
- Normalized Net Profit (“NNP”) (net profit excluding foreign exchange gains/ losses and
deferred tax incomes/expenses and excluding adjustments for Financial Lease accountingstandard) of THB 5,208 million.
The EBITDA and NNP of the first half of 2014 increased by 24% and 33% year-on-year respectively.
For the second quarter of 2014, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 20,308 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excludingadjustments for Financial Lease accounting standard, of THB 6,315 million,
- Net Profit of THB 2,805 million, and
- Normalized Net Profit (“NNP”) (net profit excluding foreign exchange gains/ losses and
deferred tax incomes/expenses and excluding adjustments for Financial Lease accountingstandard) of THB 3,133 million.
The EBITDA and NNP of the second quarter of 2014 increased by 43% and 66% year-on-year
respectively.
Operations continue to be solid for both Cogeneration and IPP business
Mr. Esa Heiskanen, CEO of Glow, commented: “We have had solid operation for both Cogenerationand IPP business throughout the first half 2014. Availability of GHECO-One, a 660 MW coal-firedIPP in which we hold 65% stake, continued to be excellent for the second quarter. With soliddemand from EGAT, sales volume to EGAT from HHPC, a 152 MW hydro plant in which we hold67.25% stake, increased by 40% in the first half 2014 year-on-year. For Cogeneration business,sales volumes and operating margin have remained relatively stable for the second quarter.”
2014 interim dividend declared at 1.100 THB/share, increasing by 29% from 2013
The interim dividend of 2014 is declared at 1.100 THB/share, which is 40% of 2013 total annual
dividend and also equivalent to 29% increase of last year interim dividend. The company will fix the
XD date on 26 August, the record date on 28 August, and payment date on 12 September, 2014.
Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: “The results of Glow Group in the first
half of 2014 continued to be robust and clearly reflected new level of sustained profitability and
dividend payment ability, resulted from our expansion program completed in 2012. The financial
status of Glow Group continued to be solid, with strong positive cash flow contributing to gradually
improved the debt to equity ratio. Therefore, the company decided to increase interim dividend
payment to reflect the increase in total annual dividend last year. ”
Glow Group appoints new Chief Executive Officer
Mr. Esa Heiskanen is resigning from his current position as Chief Executive Officer of Glow Group
with effect from 1 October 2014, as he will take on a management position in an affiliated company
within GDF SUEZ group in United Kingdom. However, Mr. Heiskanen will remain as a member of
board of directors of Glow Energy PLC.
Board of Directors of Glow appointed Mr. Brendan Wauters as new Chief Executive Officer of Glow
Group. Mr. Wauters is also appointed as a member of board of directors of Glow Energy PLC,
replacing Mr. Daniel Pellegrini, who resigned from such position, for remaining of his term.
Mr. Brendan Wauters is currently Chief Executive Officer of Senoko Energy Pte. Ltd. (Singapore)
since 2010. Prior to that, Mr. Wauters was Executive Director and Vice President (Commercial) of
Senoko and has also worked as Executive Vice President, Head of Strategy and Portfolio
Management of GDF SUEZ Energy Middle East Asia Africa during 2006-2008, and as Senior Vice
President, Chief Financial Officer of Tractebel Asia during 2002-2006. He has also previously been
a member of board of directors of Glow Energy PLC from 2004 to 2011.