Bangkok--21 Feb--Glow Energy
For the fiscal year 2017, Glow Group ("Glow") has posted:
- Consolidated total revenue of THB 52,537 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), excluding adjustments for Financial Lease accounting, of THB 18,053 million,
- Net Profit of THB 9,076 million, and
- Normalized Net Profit ("NNP") (net profit excluding net foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Finance lease accounting) of THB 8,709 million.
EBITDA and NNP for the fiscal year 2017 decreased by 3.8% and 7.3% respectively from the fiscal year 2016.
For the fourth quarter of 2017, Glow Group ("Glow") has posted:
- Consolidated total revenue of THB 12,894 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), excluding adjustments for Financial Lease accounting, of THB 4,107 million,
- Net Profit of THB 1,938 million, and
- Normalized Net Profit ("NNP") (net profit excluding net foreign exchange gains/losses, deferred tax income/expenses and adjustments for Finance lease accounting) of THB 1,815 million.
2017, an Operational Excellence Year
Brendan Wauters, CEO of Glow, commented: "When comparing our NNP for 2017, at THB 8.7 billion, with our financial performance in the previous year,one needs to take into consideration that 2017 has been a particularly maintenance-intensive year. Post-outage availability levels have been excellent across our fleet. We continue to reap the benefit from our "SmartSave 2018" Program, which focuses on the optimization of our procurement activities and on identifying other "smart" savings in operating costs. Our interest expenses are also down substantially year-on-year, and we continue to use the strength of our balance sheet (TRIS has recently upgraded our rating to AA-) to raise funds at very attractive conditions. Finally, it is worth mentioning that 2017 was a record year in terms of sales of electricity and steam to our industrial customers: we sold 5.3 TWh and 7,885 ktonnes of electricity and steam respectively, and in each case, those are the highest sales volumes we have ever recorded."
Total dividend proposed at 5.75 THB/share for the third consecutive year
Pajongwit Pongsivapai, CFO of Glow, commented: "The Board of Directors has approved a total dividend for fiscal year 2017 at 5.75 THB/share, which is at the same level as in 2015 and 2016. Such dividend will be submitted for shareholders' approval during the Annual General Meeting at the end of April. The total dividend is comprised of an interim dividend of 1.531 THB/share, which was already paid in September 2017, and a year-end dividend of 4.219 THB/share, which will be paid after shareholders' approval. The total dividend can be broken down into two components: an ordinary dividend of 3.826 THB/share (this represents a 5% increase in ordinary dividend), and a special dividend of 1.924 THB/share."
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacity is 3,207 MW (Glow's stake is 2,891 MW) of electricity and 1,206 tons per hour of steam.
Glow Group generates and supplies electricity to the Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.
ENGIE (previously known as GDF SUEZ), a global energy player, is Glow Energy's major shareholder.
For more information about the Glow Group, visit www.glow.co.th. For more information about ENGIE, visit www.engie.com.