- Normalized Net Profit for the first 9 months 2015 increases by 3.7% year-on-year.
- Successful issuance of 10-year bond
For the first 9 months 2015, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 50,736 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease accounting, of THB 15,933 million,
- Net Profit of THB 6,461 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 7,934 million.
EBITDA and NNP for the first 9 months of 2015 decreased by 2.0% and increased by 3.7% respectively from the same period of 2014.
For the third quarter 2015, Glow Group (“Glow”) posted:
- Consolidated total revenue of THB 17,561 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease accounting, of THB 5,446 million,
- Net Profit of THB 1,983 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 2,861 million.
EBITDA and NNP for the third quarter of 2015 decreased by 1.6% and increased by 2.7% from the previous quarter respectively.
Normalized Net Profit for the first 9 months 2015 increases by 3.7% year-on-year
Brendan Wauters, CEO of Glow, commented: “We had an excellent quarter from an operational point of view, with very strong availabilities across all of our main generating units. The strengthening of the USD against the THB in the course of this quarter has also contributed to our performance, among others because many of our PPA’s are partially indexed to the USD/THB exchange rate. It can be noted that our statutory results reflect the unrealized exchange losses resulting from the above currency movement, but we have, since the time of our IPO, consistently excluded unrealized exchange gains and losses from our core “Normalized Net Profit metric, as we believe such results can be ignored from an economic point of view.
Successful issuance of 10-year bond to optimize capital structure
On 3 September 2015, Glow Energy successfully issued a 10-year bond in an amount of THB 4,000 million. The bond has a coupon rate of 3.95% per annum and a bullet repayment at maturity. The placement was fully underwritten by Krung Thai Bank and Bank of Ayudhya, and was some 5 times oversubscribed on the basis of strong demand from Institutional and High Net Worth Investors.
Mr. Brendan Wauters commented: “The success of this issuance, notwithstanding the recent volatility in financial markets, clearly reflects the confidence investors have in the business fundamentals and the financial standing of our company. The funds raised will be used primarily to refinance debt maturing in the course 2015. The issuance of this long-tenor bond will contribute to increasing the average maturity of our corporate finance debt, and is in line with our commitment to optimize our capital structure on an ongoing basis.”
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 www.glow.co.th. For more information about ENGIE please visit the company’s website at http://www.engie.com.
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:
Glow Energy Plc.
Tel. 02-670-1500-1Email: email@example.com