Bangkok--Feb 17--Ratchaburi Electricity Generating Holding
Ratchaburi Electricity Generating Holding PCL. [SET symbol: RATCH
] announced its audited consolidated financial statements of the Company and subsidiaries for the fiscal year 2005 ending December 31, 2005. The Company recorded an audited net profit of 6,066.36 million baht or dividend per share of 4.18 baht. In addition, the Board of Directors’ resolution on February 15, 2006 approved the dividend payment from the Company’s operation in 2005 to be paid at 2.00 baht per share or total to 2,900 million baht. However, on September 14, 2005 the Company has paid the interim dividend to its shareholders at 1 baht per share; therefore, the remaining dividend payment will be paid at 1 baht per share. The closing date of the shareholder’s register book for the right to receive the dividend is scheduled on May 4, 2006 at 12.00 a.m., and the dividend payment is scheduled on May 16, 2006. Also, the Company will propose this agenda for approval from the Shareholder’s Annual General Meeting 2005 held on April 20, 2006.
For the 2005 operating performance, the Company’s consolidated total revenue was 44,836.83 million baht increasing by 4,420.40 million baht or 10.94% from the previous year. The consolidated revenue consisted of electricity sales of 44,034.96 million baht increasing by 10.88% from the year 2004, interest income of 278.51 million baht increasing by 78.66% from the previous year, sharing profit of joint-venture company amounted to 372.01 million baht decreasing by 8.8% from the year 2004, compensation received from combustion system adjustment of Ratchaburi Power Plant amounted to 106 million baht, and other income of 45.35 million baht.
The Company’s total costs and expenses were 37,471.84 million baht increasing by 4,803.42 or 14.70% from the year 2004 due to Ratchaburi Electricity Generating Company Limited, a core subsidiary, has recorded the maintenance expenses in 2005 for its Power Plants amounted to 1,282.53 million baht increasing by 894.22 million baht from the year 2004. Besides, its subsidiary has refinanced the whole amount of its outstanding loan that resulted to a surge of the administration expenses at 961.01 million baht or 107.57% higher than the previous year.
However, this refinancing scheme has reduced the interest expenses of the company in amount of 2,347.93 million baht through its contract year-term (year 2005 — 2015).
Mr. Boonchoo Direksathapon, Managing Director of Ratchaburi Electricity Generating Holding Public Company Limited revealed that the Company’s operating performance in 2005 is satisfying. In 2006, the Company will continue to build growth and seek new attractive investment opportunities here in Thailand and abroad. The Company is currently in the co—investment negotiation of four large power plant projects with approximately total production of 1,675 MW. in neighboring country. If the negotiation succeeds, the Company’s revenue and generating installed capacity will increase significantly.
As at December 31, 2005, the Company and its subsidiaries’ total assets were 69,925 million baht. The Company had total liabilities of 38,436 million baht and shareholders' equity valued at 31,489 million baht. The company’s financial status is demonstrated by its ratio of debt to equity at 1.22 times, debt service coverage ratio at 2.33 times, and book value of share at 21.72 baht. These figures reflect to financial strength and stability of the Company.
Additionally, on February 15, 2006 the Board of Directors approved the registered capital reduction of Ratchaburi Energy Company Limited, a subsidiary, from 190 million baht to 140 million baht in order to decrease the administration expenses since the main responsibility of Ratchaburi Energy Company Limited is only to conduct the feasibility study of renewable power plant while the operation of small hydro power plant at irrigation dam will be conducted by EGAT. The reduction of the registered capital has been thoroughly studied by the Board of Directors, and the process must be approved by the shareholders’ meeting twice before it can be carried on.
Ratchaburi Electricity Generating Holding PCL’s Information
Ratchaburi Electricity Generating Holding PCL is a Thailand leading investment firm in power generation business with total installed capacity of 4,498.75 Megawatts. At present, the Company wholly owns 5 subsidiaries and 5 joint-venture companies namely;
Subsidiaries
1) Ratchaburi Electricity Generating Company Limited, holding 99.99%, is an operator of Ratchaburi Power Plant in Ratchaburi province with total installed capacity of 3,645 Megawatts.
2) Ratchaburi Gas Company Limited, holding 99.99%, is an investment arm in power generation business. It currently holds 50% stake in Tri Energy Company Limited.
3) Ratchaburi Energy Company Limited, holding 99.99%, is an investment arm in small power businesses that use renewal fuel. Currently, it has invested 15% stake in Siam Ethanol Exports Co., Ltd., an operator of Ethanol manufacturing project for export.
4) Ratch Udom Power Company Limited, holding 99.99%, is an investment arm in power generation business. It currently holds 99.99% stake in Ratchaburi Alliances Company Limited.
5) Ratchaburi Alliances Company Limited holds 99.99% stake through Ratch Udom Power Company Limited. which currently held 25% stake in Ratchaburi Power Company Limited.
Joint-Venture Company
1) Tri Energy Company Limited is an operator of 700 Megawatt Combined Cycle Power Plant located in Ratchaburi province using natural gas as its primary fuel and diesel oil as secondary fuel. The Tri Energy Company Limited is held by Ratchaburi Gas Company Limited at 50% in stake.
2) Ratchaburi Power Company Limited is an investor of 1,400 Megawatt Combined Cycle Power Plant, using natural gas as its primary fuel and diesel oil as secondary fuel. The project will locate at the facility site of Ratchaburi Power Plant in Ratchaburi province. The Company has invested through Ratch Udom Power Company Limited and Ratchaburi Alliances Company Limited by holding stake at 25%.
3) Siam Ethanol Exports Company Limited is a licensed ethanol manufacturer for export with approximately capacity of 30,000 tons per year in productivity. RATCH takes part by holding 15% stake through Ratchaburi Energy Company Limited.
4) SouthEast Asia Energy Company Limited is an operator of 615 Megawatt Hydro Power Plant Project — Nam Ngum 2 in Loas. RATCH takes part by holding 25% stake.
5) Chubu Ratchaburi Electricity Service Company Limited is a service and maintenance operator for 1,400 Megawatt Combined-Cycle Power Plant of Ratchaburi Power Company Limited. RATCH holds 50% stake.
For further information please contact:
Charusuda Boonkerd / Wiwan Phayakvichien
Public Relations Department,
Ratchaburi Electricity Generating Holding PCL.
Tel. 0 2978 5061-2 Fax 0 2937 9321
Email: [email protected], [email protected] End.