Bangkok--30 Jul--Ratchaburi Electricity Generating RATCH announced the Company and its subsidiaries’ unreviewed second quarter operating performance of 2008. The Company recorded net profit at 1,265.71 million Baht or 0.87 Baht per share. It is shown 40.87% or 874.76 million Baht decreasing from the same period in the previous year, which recorded net profit at 2,140.47 million Baht. Mr. Narong Sitasuwan, the Managing Director of Ratchaburi Electricity Generating Holding PCL., disclosed on the unreviewed operating performance in the second quarter of 2008 that it showed 40.87% or 874.76 million Baht decreasing from second quarter of 2007 due to the electricity sales of 10,313.39 million Baht decreased by 10.53% from the same period of the previous year. According to the Power Purchase Agreement stating the lower in the rate of Availability Payment of 2008, this second quarter the Company received the decrease of 9.92% or 301.11 million Baht of the Availability Payment compared with the second quarter of 2007. Also, the planned shutdown for the parts and equipment maintenance of the Combined-Cycle Power Plant at Ratchaburi’s Power Plant in the second quarter of 2008 is higher than the second quarter of 2007. In addition, the Company recorded shared profit from its affiliated joint ventures of 64.59 million Baht or 63.57% decrease from the same period of last year. The main reason was the Company had realized the shared loss of 277.19 million Baht on foreign exchange of joint ventures for the second quarter of 2008. However, without the said loss from the joint ventures in the second quarter of this year, the Company will be able to realize the shared profit of 341.78 million Baht which is 1.45 times more than that of last year in the same quarter. This is the result from the commercial operation of the two combined thermal power plants with total capacity of 1,400 MW. Moreover, in the second quarter of 2007, the Company received 496.14 Million Baht in revenue from the insurance claims of fire caused at the Flue Gas Desulfurization Unit at Ratchaburi’s Power Plant. Mr. Narong added that the decline in the Company’s operating performance would not affect much to the overall performance according to the planned forecast. So it was affirmed that the net profit in 2008 would be as projected. In the progress of the investment in Nam Ngum 3’s Hydro Power Plant project in Lao PDR, the Company expects to start its construction in the late of 2009. Recently, The Company and its joint ventures have entered into the Shareholder Agreement to establish Nam Ngum 3 Power Company Limited with aim to manage and operate the project which the Company holds 25% in stake. As of the second quarter of 2008, the Company gained 10,526.29 Million Baht in total revenue, consisting of 10,313.39 Million Baht from sales revenue, 100.52 Million Baht from the Company’s interest income, 47.79 Million Baht from management service fee and other incomes and 64.59 Million Baht from the Company’s share profit in its affiliates. Whereas the Company’s cost of sales and other expenses were 9,260.58 Million Baht, consisting of 8,767.20 Million Baht in cost of sales, 146.98 Million Baht in administration expense, 7.17 Million Baht in the directors’ remuneration. Meanwhile the Company’s interest expense was 316.71 Million Baht and income tax was 22.52 Million Baht. For the Company’s total asset as of June 30, 2008, it was 68,736.34 Million Baht. In terms of the Company’s total liabilities, there was 29,690.14 Million Baht. And the Company has 39,046.20 Million Baht in total shareholders’ equity. The ratio of total liabilities per total shareholders’ equity was 0.76 and the Debt Service Coverage Ratio (DSCR) was 1.91Company’s Information Ratchaburi Elecrtricity Generating Holding PCL is a leading independent power producer in Thailand with 4,347 MW in total capacity deriving from its investment in many power plant projects both domestic and international. The Company’s capacity portion by equity own in domestic projects are as follows: The current commercial operating plants are located in Ratchaburi province consisted of a 3,645-MW Ratchaburi’s Power Plant, a 350-MW Tri Energy’s Power Plant, a 350-MW Ratchaburi Power’s Power Plant. And there is a 1.75-MW power generating from Associated Gas Project in Sukhothai province. The investment in international projects are consisted of a 153.75-MW Nam Ngum 2’s Hydro Power Plant, a 110-MW Nam Ngum 3’s Hydro Power Plant, a 93-MW Xae Pien-Xae Nam Noi’s Hydro Power Plant and a 661-MW Hongsa’s Power Plant in Lao PDR. While a 3,660-MW Koh Kong’s Power Plant, which the Company has a capacity portion with its joint-venture partners at 70% is in Cambodia. For more information, please contact Public Relations Department, Ratchaburi Electricity Generating Holding PCL. Wiwan Phayakvichien and Duangkeaw Dheinsawadkij Tel: 0 2978 5221, 0 2978 5224 E-mail [email protected]