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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 2) 670 1500-1 Fax. (66 2) 670 1548-9

11 August 2015

Glow reports strong results for the first half of 2015

For the first half of 2015, Glow Group (“Glow”) posted:
- Consolidated Total Revenue of THB 33,130 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease accounting, of THB 10,488 million,
- Net Profit of THB 4,479 million, and
- Normalized Net Profit (“NNP”) (net profit excluding unrealized foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Financial Lease accounting) of THB 5,073 million.

EBITDA and NNP for the first half of 2015 decreased by 5.1% and 2.6% respectively from the first half of 2014 (which showed the highest ever 6-month results of Glow Group).

For the second quarter of 2015, Glow Group (“Glow”) posted:
- Consolidated Total Revenue of THB 16,999 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease accounting, of THB 5,535 million,
- Net Profit of THB 2,296 million, and
- Normalized Net Profit (“NNP”) (net profit excluding unrealized foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Financial Lease accounting) of THB 2,787 million.

Strong results for the first half of 2015

Brendan Wauters, CEO of Glow, commented: “In our IPP Business Line, the results of Gheco-One continue to reflect both the contribution of the material settlement concluded in March 2015 (with respect to compensation for the delay in the plant’s completion), and the major maintenance carried out at the start of the year. The results of our IPP Business Line will also continue to structurally reflect the gradual step-down in the tariff of GIPP. In our Cogen Business Line we have seen continued robust demand from our industrial customers in the petrochemical segment, many of whom benefit from the lower oil price environment. These lower oil prices are now also reflected in the Tariff, with a further reduction in Ft effective since May. Gas prices have also started to come down, and are expected to decrease further. Glow continues to benefit from the low coal price environment.”

Interim dividend declared at THB 1.388 per share
Suthiwong Kongsiri, CFO of Glow, commented: “The Board of Directors had approved payment of a 2015 Interim Dividend at THB 1.388 per share, which is an increase of 26% from the 2014 Interim Dividend. Glow’s annual dividend has grown significantly in recent years, with YoY growth of 31% and 20% in 2013 and 2014 respectively, and we therefore continue to re-base our interim dividend to reflect this trend. Our cash flow generation remains very strong. Our gearing has now come down to a level of about 1, which means that we have successfully reverted to what we consider an equilibrium level, after having funded the large-scale expansion program which we completed in 2012”.




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 3,207 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 principally located in the Map Ta Phut area and nearby.

ENGIE (previously known as GDF SUEZ), a global energy player, is Glow Energy’s major shareholder.
For more information about the Glow Group, visit www.glow.co.th. For more information about ENGIE, visit www.engie.com.


For further details, please contact:
Prapon Chinudomsub
Glow Energy Plc.
Tel. 02-670-1500-1
Email: prapon.c@engie.com





Last Reviewed/Updated : 11/Aug/2015