Bangkok--Feb 21--Glow Energy
Glow Energy posted consolidated total revenues of Bt 28,596mn, EBITDA of Bt8,371 mm and normalized net profit of Bt4,300 mm for the full year 2005 results. The normalized net profit is the highest ever and exceeds the results of 2004 by 8.4%.
Mr. Peter Termote, the CEO of the company explained the key drivers of the performance as follows: “The key positive drivers were higher volumes sold to the industrial customers in Map Ta Phut and reduction in the operating and maintenance expenses through operational excellence. These positive impacts were reduced by a 27% increase in coal and freight prices, the scheduled maintenance of the 2 units in Glow IPP and the costs related to the water crisis in the middle of 2005. The rise in profit is important as it was achieved in a very challenging environment. In January and December 2005, 2 new cogeneration units with a combined capacity of 78 MW and 140 tons per hour of steam was made operational. The entire capacity of these units is already contracted.
“For 2006, we expect positive impact from anticipated downward movement in the price of coal and freight, further rise in electricity sales to industrial customers, no scheduled maintenance in Glow IPP (until 2008) and reduced cost of debt due to Glow IPP refinancing completed in December 2005. In the medium term (next 5 years) we expect further substantial growth in our industrial sales and thus expansions in the cogeneration business related to new expansion in the petrochemical sector and growth in the IPP business. This growth can be funded by the long term stability of our operating cash flows ”
Mr. Suthiwong Kongsiri, the CFO of the Company also added “We are very pleased to announce that as a result of the 2005 performance, the extra cash obtained through Glow IPP refinancing and our active cash management policy, the Board of Directors has proposed the payment of the company’s annual dividend, subject to shareholders approval, of approximately Bt 3,300mn or about Bt 2.25 per share. These increased dividends will not compromise our growth prospects for which substantial cash sources remain available. In addition, the Board of Directors has also approved the policy for paying interim dividend. Such interim dividend is to be paid based on the 6-month results of the company starting from 2006. Glow will constantly monitor its capital structure such that over the long run, shareholders value is maximized”.
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacities include 1,708 MW of electricity and 967 tons per hour of steam.
Glow Group generate and supply electricity to EGAT Public Company Limited (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.
SUEZ Energy International is Glow Energy’s major shareholder and is a business division of the SUEZ group, one of the largest international industrial and services groups in the world.
For more information about SUEZ or SUEZ Energy International, please visit the companies’ websites at www.suez.com and www.suezenergyint.com. For more information about the Glow Group please go to www.glow.co.th
For more information please contact
Sirote Vichayabhai
Glow Energy Plc.
Tel. 0-2-670 1500
Email [email protected] End.