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บริษัท โกลว์ พลังงาน จำกัด (มหาชน)
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

15 August 2012

Glow announced solid first half 2012 results and 5% increase in interim dividend

- EBITDA and NNP increased by 15% and 1.2% respectively Year-on-Year
- Increase in industrial customer sales volume as key driver while operating margin remained tight
- GHECO-One started commercial operation in July
- 2012 interim dividend of 0.810 THB/share, increase of 5% from last year

EBITDA and NNP increased by 15% and 1.2% respectively Year-on-Year

For the second quarter year 2012, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 13,412 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 2,238 million,
- Normalized Net Profit (“NNP”) (net profit before foreign exchange gains and losses) of THB 914 million, and
- Net Profit of THB 547 million.

For the first half year 2012, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 25,476 million,
- Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) of THB 5,451 million,
- Normalized Net Profit (“NNP”) (net profit before foreign exchange gains and losses) of THB 2,100 million, and
- Net Profit of THB 2,096 million.

The EBITDA of the first half year 2012 increased by 15% year-on-year, while NNP increased by 1.2% year-on-year.

Increase in industrial customer sales volume as key driver while operating margin remained tight.

For the first half year 2012, sales volume of electricity and steam to industrial customers increased by 11% and 30%, year-on-year, respectively. Gas margin of electricity sales to industrial customers for the first half 2012 is tighter, year-on-year, since average gas cost increased 27% while electricity tariff increased only 8%, despite 0.30THB/kWh Ft (Fuel Transfer) adjustment in June 2012.

Mr. Esa Heiskanen, CEO of Glow Group, commented: “Increasing industrial customers demand has been key positive driver for our performance in the first half 2012. Sale volume growth is mainly contributed to demand of new customers contracted for our new 382 MW gas-fired Cogen plant, Phase 5 project, despite effect from flood experienced in the first quarter and effect from BSTE explosion incident experienced in the second quarter. While rising gas price continued to pressure our operating margin, our steam sale margin and new lower cost generating units, namely CFB3 and Phase 5, helped partially to compensate the higher gas price.
On IPP business side, our existing gas-fired IPP plant operated normally in the second quarter after major maintenance in the first quarter, while our hydro plant in Laos PDR also returned to normal operation after minimal generation in 2011 as a result of abnormally low rainfall in 2010.”

GHECO-One started commercial operation in July

GHECO-One achieved start of commercial operation on July 26, 2012.

Mr. Esa Heiskanen added: “The start of commercial operation of GHECO-One, the first clean coal technology plant utilizing supercritical boiler technology, marks the biggest milestone of our expansion program, including CFB 3 and Phase 5, which started commercial operations in 2010 and 2011 and 110 MW gas-fired generation at Pluak Daeng scheduled for commercial operation by end of the year. I am also glad to announce that Glow’s first renewable energy plant in Thailand, 1,550 KW solar farm located in Ban Chang, Rayong, also started commercial operation on August 1, 2012."

2012 interim dividend of 0.810 THB/share, increase of 5% from last year

Glow Energy announced 2012 interim dividend of 0.810 THB/share, increase of 5% from 2011 interim dividend of 0.772 THB/share.

Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: “Once again we announce increase of dividend payment by 5% from the interim dividend of the year before. This reflects solid growth




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 : 15/Aug/2012