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GLOW ENERGY PUBLIC COMPANY LIMITED

1 Empire Tower, 38th Floor - Park Wing, South Sathorn Rd.,
Yannawa, Sathorn, Bangkok 10120, Thailand.
Tel. 66 (0) 2670 1500-1 Fax. 66 (0) 2670 1548-9

10 May 2012

Glow first quarter 2012 results solid amid increasing industrial customer demand

- EBITDA increases by 42% Year-on-Year and 21% Quarter-on-Quarter
- Industrial customer sales volume increased significantly while electricity sale margin still below normal levels
- 2011 dividend of 2.01 THB/share, increasing 5% from last year

EBITDA increases by 42% Year-on-Year and 21% Quarter-on-Quarter

For the first quarter year 2012, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 12,579 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 3,214 million,
- Normalized Net Profit (“NNP”) (net profit before foreign exchange gains and losses) of THB 1,186 million, and
- Net Profit of THB 1,550 million.

The EBITDA of the first quarter year 2012 increased by 42.3% year-on-year and 21.3% quarter-on-quarter, while NNP increased by 18.3% year-on-year and 33.6% quarter-on-quarter.

Industrial customer sales volume increased significantly while electricity sale margin still below normal levels

For the first quarter year 2012, sales volume of electricity and steam to industrial customers increased by 16% and 34%, year-on-year, respectively. Average gas cost increased approximately 29%, while electricity tariff increased only 5%, leading to tightening margin of electricity sales to industrial customers.

Mr. Esa Heiskanen, CEO of Glow Group, commented: “For the first quarter of 2012, growing industrial customer sales volume is the key positive driver to our performance, thanks to rapid demand recovery of existing customers from the flood impact last year and gradual increase in consumption by new customers of our new 382 MW facility, which started commercial operation in October 2011. On the other hand, key negative driver for the first quarter is the continued tighter industrial customer electricity sales margin. As gas price continued to rise while electricity tariff remained relatively unchanged, electricity sales margin continued to be squeezed.

2011 dividend of 2.01 THB/share, increasing 5% from last year

Mr. Suthiwong Kongsiri, CFO of Glow Group, added: “We have announced year-end dividend for fiscal year 2011 for the amount of 1.238 THB/share, which is on-top of interim dividend of 0.772 THB/share distributed to shareholders in September 2011. The total dividend for 2011 of 2.01 THB/share was increased again by 5% from the year before, which has been the case since our listing in 2005.”




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 3,084 MW (Glow’s stake is 2,268 MW) of electricity and 1,116 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.

Global Power Synergy Public Company Limited (GPSC), the power flagship of PTT group, has been a major shareholder of Glow Energy since 14 March 2019.

For more information about the Glow Group please visit www.glow.co.th. For more information about GPSC please visit the company’s website at www.gpscgroup.com.

For further details, please contact:

Prapon Chinudomsub

Glow Energy Plc.

Tel. 02-670-1500-1

Email: prapon.c@glow.co.th




Last Reviewed/Updated : 10/May/2012