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1 Empire Tower, 38th Floor - Park Wing, South Sathorn Rd.,
Yannawa, Sathorn, Bangkok 10120, Thailand.
Tel. (66 2) 670 1500-1 Fax. (66 2) 670 1548-9

12 May 2014

Glow continues to post solid results for the first quarter of 2014

  • Financial Lease accounting standard implemented at Glow IPP
  • EBITDA and NNP of the first quarter 2014 increased by 6% and 3% respectively
  • Solid operation from both Cogeneration and IPP business

Financial Lease accounting standard implemented at Glow IPP.
Starting 2014, Thai accounting standards started applying IFRS standard corncerning Financial Lease. The only operating asset of Glow Group to apply this accounting standard is Glow IPP, a 713 MW gas-fired IPP in which Glow holds 95% stake. The major changes in accounting are recording of Properties, Plants and Equipment (and related depreciation) and revenue recognition of the Availability Payment (reclassificed as Financial Lease Income).

Mr.Suthiwong Kongsiri, CFO of Glow, commented: “The changes are merely accounting adjustment which has no impact to cash flow or ability to distribute dividend from Glow IPP. We still analyze our operating performances based on the old accounting standard, and maintain dividend policy to pay not less than 50% of Normalized Net Profit excluding adjustments for Financial Lease since the cash flow from operation from Glow IPP stays unchanged despite change in revenue recognition method.”

EBITDA and NNP of the first quarter 2014 increased by 6% and 3% respectively.
For the first quarter of 2014, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 18,197 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of THB 4,734 million,
- Net Profit of THB 1,582 million, and
- Normalized Net Profit (“NNP”) (net profit excluding foreign exchange gains/losses and deferred tax incomes/expenses and excluding adjustments for Financial Lease accounting standard) of THB 2,076 million.

The EBITDA and NNP of the first quarter of 2014 increased by 6% and 3% year-on-year respectively.

Solid operation from both Cogeneration and IPP business
Mr. Esa Heiskanen, CEO of Glow, commented: “We had solid operation in the first quarter of 2014. GHECO-One, a 660 MW coal-fired IPP in which we hold 65% stake, continued to show excellent performance. Except for the two weeks planned outage that we had in January, GHECO-One has operated very smoothly throughout the quarter. HHPC, a 152 MW hydro plant in which we hold 67.25% stake, resumed electricity sales to EGAT in February, after repair of transmission tower damage in September 2013. HHPC sales volume of February and March 2014 is already higher by 20% comparing to the first quarter of 2013. For Cogeneration business, sales volume and operating margin continued to be stable, despite the planned maintenance of CFB 1 and 2, 150 MW coal-fired cogeneration units, and Phase 5, a 382 MW gas-fired cogen unit.”

About Glow Energy

Glow Group, with the ENGIE Group as its main shareholder (69.11%), is a major energy player in Thailand with a combined installed capacity of 3,207 MW (Glow’s stake is 2,891 MW) of electricity and 1,206 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 located in the Map Ta Phut area and nearby.

For more information about the Glow Group please visit For more information about ENGIE please visit the company’s website at


ENGIE is committed to take on the major challenges of the energy revolution, towards a world more decarbonised, decentralised and digitised.

The Group aims at becoming the leader of this new energy world by focusing on three key activities for the future: low carbon generation in particular from natural gas and renewable energies, energy infrastructures and efficient solutions adapted to all its clients’ needs (individuals, businesses, territories, etc.). The customers’ satisfaction, innovation and digital are at the heart of ENGIE’s development.

ENGIE is active in around 70 countries, employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).

For further details please contact:

Prapon Chinudomsub

Glow Energy Plc.

Tel. 02-670-1500-1


Last Reviewed/Updated : 12/May/2014