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Ratchaburi Electricity Generating Hldg : Operating Result Yearly Ending 31 Dec 2017

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02/14/2018 | 02:20 am

(Translation)

RH 071 / 2018

February 14, 2018

Subject : To:

Audited Financial Statements for the year ended December 31, 2017 President

The Stock Exchange of Thailand

Reference : The Stock Exchange of Thailand's regulation in 2001 on preparation and submission of financial statements and transactions relating to financial position and operating results of listed companies

Attachments : A copy of financial statements of Ratchaburi Electricity Generating Holding Public

Company Limited and its subsidiaries for the year ended December 31, 2017 and independent Auditor's Report on financial statements

We, Ratchaburi Electricity Generating Holding Public Company Limited ("the Company"),

are pleased to submit herewith the financial statements for the year ended December 31, 2017 compared to those for the year ended December 31, 2016.

The operating result according to the consolidated financial statements of the Company and its subsidiaries for the year 2017 showed the profit of Baht 6,106.70 million or Baht 4.21 per share, decreasing by Baht 59.02 million or 1.0 percent, compared to the profit of Baht 6,165.72 million or Baht 4.25 per share of the year 2016. The significant transactions were as follows:-

1. Share of profits in associate entities and joint ventures

Share of profits in associate entities and joint ventures for the year 2017 was Baht 3,577.16 million, increasing by Baht 669.96 million or 23.0 percent from Baht 2,907.20 million in the year 2016. The main reasons were as follows:-

(1) The profit of Hongsa Power Company Limited ("HPC"), a joint venture, in a portion of 40 percent increased in the amount of Baht 821.62 million; as well as, the profit of Phu Fai Mining Company Limited, a joint venture for coal mining and trading to HPC, in a portion of 37.5 percent increased in the amount of Baht 47.60 million, as Hongsa Power Plants generated electricity more than the previous year. In addition, Hongsa Power Plants have commenced commercial operation for 3 units on September 2, 2015, November 2, 2015, and March 2, 2016, respectively.

(2) The profit of Navanakorn Electricity Generating Company Limited, a joint venture, in a portion of 40 percent, increased in the amount of Baht 103.26 million as the power plant has commenced commercial operation on June 3, 2016.

(3) The loss of Xe-Pian Xe-Namnoy Power Company Limited, an under construction joint venture, in a portion of 25 percent, was Baht 152.75 million in the year 2017 due to the loss on exchange rate in the amount of Baht 136.75 million. In the year 2016, the figures showed the profit in the amount of Baht 60.16 million due to the gain on exchange rate in the amount of Baht 75.51 million.

(4) The profit of Ratchaburi Power Company Limited, a joint venture, in a portion of 25 percent, decreased in the amount of Baht 126.49 million. The main reason was the decrease in revenue from finance lease contracts in the amount of Baht 99.84 million. Additionally, the power plant generated electricity less than the previous year.

2. Revenue from Sales and Rendering of Services (excluding fuel costs)

Revenue from sale and rendering of services for the year 2017 was Baht 6,656.26 million

(excluding fuel costs of Baht 31,344.26 million), increasing by Baht 369.04 million or 5.9 percent from revenue from sale and rendering of services in the year 2016 of Baht 6,287.22 million (excluding fuel costs of Baht 36,799.82 million). The main reason was the increase in revenue from sale of Ratchaburi Electricity Generating Company Limited, a subsidiary, in the amount of Baht 556.72 million due to the increase in Base Availability Credit in 2017 compared to that of 2016, as specified in the Power Purchase Agreement. Meanwhile, revenue from operation and maintenance services of RATCH-Lao Services Company Limited, a subsidiary, decreased by Baht 188.38 million as it has transferred its rights of such service agreement to Nam Ngum 2 Power Company Limited in April 2016, in exchange for the Baht 134.71 million remedy.

3. Cost of sale and rendering of services (excluding fuel costs)

Cost of sale and rendering of services for the year 2017 was Baht 5,503.11 million

(excluding fuel costs of Baht 31,344.26 million), increasing by Baht 679.66 million, or 14.1 percent from the cost of sale and rendering of services in the year 2016 in the amount of Baht 4,823.45 million (excluding fuel costs of Baht 36,799.82 million). The main reason was from the increase in cost of sale of Ratchaburi Electricity Generating Company Limited by Baht 705.86 million, as the shutdowns for planned maintenance during the year 2017 were more than those of the previous year.

4. Revenue from Finance Leases Contracts

Revenue from finance leases contracts for the year 2017 was Baht 3,995.45 million, decreasing by Baht 495.89 million or 11.0 percent from Baht 4,491.34 million in the year 2016. The change was due to the decreased lease receivable, calculated according to the Effective Interest Method.

5. The effect of exchange rate of the Company and its subsidiaries

In the year 2017, the Company recorded gain on exchange rate of Baht 452.47 million, increasing by Baht 294.81 million or 187.0 percent from Baht 157.66 million in the previous year. The main reason was the appreciation of AUD currency in relative to USD currency, resulting in the increase of net asset value in AUD currency.

The Statement of Financial Position of the Company and its subsidiaries as at December 31, 2017 showed total assets of Baht 94,224.83 million, decreasing by Baht 2,166.26 million or 2.2 percent from Baht 96,391.09 million as at December 31, 2016.

Please be informed accordingly.

Sincerely yours,

(Mrs. Sunee Rajatamutha)

Chief Finance Officer Acting for Chief Executive Officer

Accounting Control and Analysis Division

Tel : 0-2794-9810

Fax : 0-2794-9919

Ratchaburi Electricity Generating Holding pcl published this content on 14 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 February 2018 01:20:01 UTC.

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