"GPSC" financial result shows continuous growth, generating revenue of 22.444 billion baht. Profit grew by 20.6% to reach 1.906 billion baht, thanks to efficient management and investment with vision. Electricity generating business readiness to move with full speed in 2016 with Nava Nakorn power plant to start COD (Commercial Operation Date) this June and full-year income recognition from IRPC Clean Power.

Dr. Toemchai Bunnag, President of Global Power Synergy Public Company Limited or GPSC, an electricity and utility producer flagship of PTT group said that in 2015 the company posted a total revenue of 22.444 billion baht with a net profit of 1.906 billion, a 20.6% increased from last year. This is due to increasing of electricity sales from 2014, a rise in production capacity of new power plant in the fourth quarter of 2015 and shorter than expected power plant maintenance time. The company also received dividend from holding shares in other power plants and received a share in profit from increased investment.

The year 2015 was a year of efficiency for the company both in terms of management, especially the shorter than expected power plant maintenance in Sriracha, resulting in increased revenue and lower maintenance fees. Electricity generation of IRPC Clean Power Company Limited (IRPC-CP) started COD for its first phase in the fourth quarter of 2015. The operation generates 45 megawatts of electricity and 170 tonnes of steam per hour. The company also received dividends from Ratchaburi Power Company Limited (RPCL) which it holds a 15% share as well as its share of investment from other joint ventures.

Net profit in the fourth quarter of 2015 totalled 335 million baht, a 231 million baht drop from 566 million baht in the third quarter, as the period booked 288 million baht in dividends from RPCL. When taken into consideration, actual operations excluding dividend, the net profit from operations increased by 20.5% compared to the third quarter of 2015.

Dr. Toemchai added that the board of directors meeting today on February 11, 2016 proposed a final dividend payment based on the 2015 financial results of the company and its subsidiaries at a rate of 0.95 baht per share, totalling 1,423,385.760 baht. The dividend payout ratio is approximately 75% of underlying net profit. The interim dividend for the first half of 2015 (January–June 2015) of 0.35 baht per share was paid by the company on September 9, 2015, totalling 524,405,280 baht. The company has yet to pay dividends for the second half of 2015 (July–December 2015) at a rate of 0.60 baht per share, totalling 898,980,480 baht. Those shareholders who are

eligible to be paid would be according to the list on record date of February 26, 2016 and will receive the dividend payment on April 12, 2016 which will be paid after gaining approval from the 2016 annual general meeting of shareholders. This 2015 annual dividend yield is in the competitive range of the power sector and based on the sustainability and stability of the business. Nevertheless the company still seeks opportunities for continuous growth with strong financial performance, and investors can receive returns from the increased revenue.

In 2016, the company is confident that it will maintain a steady growth due to its plan to COD of Nava Nakorn Electricity Generating Company Limited (NNEG) starting June this year. The company booked full income from the IRPC-CP Phase 1 after the project’s COD has started in November 2015. In addition, the company has another 579 megawatt project under construction, which will see an average of 9.4% growth in production capacity on an annual basis.

Moreover the company has continued to invest in overseas projects both in and outside the ASEAN region with the target areas in Laos, Myanmar, Indonesia and Japan. The company is prepared to expand its investment and has placed importance in investing in projects with high efficiency and good returns. The company has a strong financial status and investment capability with around 10 billion baht raised from the IPO, and another 8 billion baht providing from the financial institutions while its debt-to-equity ratio remains low at 0.10 times.

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