· Normalized Net Profit for the fiscal year 2015 increases by 1.3% year-on-year.
· Expansion of geographic coverage to also include Vietnam and Malaysia.
· Full year dividend of 5.75 THB/share to be proposed for shareholders’ approval.
For the fiscal year 2015, Glow Group (“Glow”) has posted:
· Consolidated total revenue of THB 65,369 million,
· Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease accounting, of THB 20,379 million,
· Net Profit of THB 8,355 million, and
· Normalized Net Profit (“NNP”) (net profit excluding net foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Financial Lease accounting) of THB 9,797 million.
EBITDA for the fiscal year 2015 decreased by 2.5%, while NNP increased by 1.3% from the same period of 2014.Normalized Net Profit for the fiscal year 2015 increases by 1.3% year-on-year
Brendan Wauters, CEO of Glow, commented: “Our full year results confirm the trends we have seen throughout the year, including sustained strong demand from our industrial customer base, a price environment which progressively reflects significantly lower oil and coal prices, and the favourable impact of the strengthening of the USD against the THB. As previously commented a number of one-off items, including a material settlement concluded in March 2015 with the EPC contractor of GHECO-One, have also contributed to our 2015 results.”Expansion of geographic coverage to also include Vietnam and Malaysia
Glow has existing operations in Thailand and Laos, and has to date focused its development effort on Thailand, Laos, Myanmar and Cambodia. The board of directors of Glow has now decided to further expand Glow’s geographic perimeter for business development to also include Vietnam and Malaysia, in addition to the aforementioned markets.Full year dividend of 5.75 THB/share to be proposed for shareholders’ approval
The board of directors of Glow Energy approved the full year dividend payment for 2015, to be proposed for approval by the shareholders at the annual general meeting.
The proposed total dividend payment for fiscal year 2015 is 5.75 THB per share, consisting of an ordinary Dividend of 3.47 THB per share and a special dividend of 2.28 THB per share.
An interim dividend in an amount of 1.39 THB per share has already been paid in September 2015. Therefore, the final dividend payment, expected to be paid in May 2016, will be 4.36 THB per share.
The total dividend corresponds to a pay-out of 85% of the NNP for the year.
Pajongwit Pongsivapai, CFO of Glow, commented: “We have consistently expressed our commitment to the active management of our capital structure. Our proposal to pay out a special dividend for 2015 is reflective of this commitment, and of our very strong cash flow generation.”
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:
Glow Energy Plc.