ar 08 EN - Investor Relations

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THE STRATEGY OF GLOWGlow’s objectives remain balanced between achieving long-term and short-term financial targets, both accounting and cash, whileprudently taken into consideration the boundary conditions for proper and sustainable business including corporate socialresponsibility.CashShareholders Value Creation - Long Term, risk adjustedFree Cash Flow - Short Term, dividend policyEarningsEBITDA and NNP (Thai GAAP)Reduce earning volatilityActions• Commercial• Financial• Operational• Human Resources• SocialBoundary ConditionsRisk Management(Legal and Corporate) Compliance Commodityrisk management (FX, interest, gas, coal)Managerial FundamentalsQuality management (Reliability of decision-makingand reporting based on standardized documentedprocesses, automated tools / systems and highlyqualified & motivated workforce who adheres tovalues & culture of Glow)Social ResponsibilityStrengthen educational support, government relations,community relations, environmental care16 Annual Report 2008
KEY TARGET 2009 : IMPLEMENTATIONOF EXPANSIONSWe have currently three major expansions projects underconstruction :• 115 MW coal-fired cogeneration project (CFB 3)• 660 MW coal-fired IPP project (GHECO-One)• 382 MW gas-fired cogeneration project (Phase 5)These three projects will increase our generation capacity byapproximately 60% after entering into commercial operation in2009 (CFB 3) and 2011 (GHECO-One and Phase 5).GHECO-One will sell all of its capacity to EGAT under 25-YearPower Purchase Agreement signed in September 2008. CFB 3 andPhase 5 projects will serve industrial customers in Map Ta Phutarea and all of CFB 3 capacity is already contracted as well asmost of the Phase 5 capacity.The construction of all of these projects is currently progressing inaccordance with the planned time schedule and budget.We trust that with commitment of dedicated and professionalemployees, support from our long standing customers andsuppliers and co-operation with authorities and localcommunities, we will manage to complete these expansions asplanned and develop our business further in a sustainablemanner.Mr. Esa HeiskanenChief Executive OfficerGlow Energy Public Company Limited17
Page 10 and 11: FINANCIAL HIGHLIGHTFINANCIAL POSITI
Page 12 and 13: GENERAL INFORMATIONGLOW ENERGY PUBL
Page 14 and 15: MESSAGE FROM THE CHAIRMANIn 2008 Gl
Page 16 and 17: 14 Annual Report 2008MESSAGE FROM T
Page 20 and 21: VISION, MISSION,CORPORATE CULTUREVI
Page 22 and 23: GOOD CORPORATE GOVERNANCEThe Compan
Page 24 and 25: In addition to disclosing informati
Page 26 and 27: so that the Board, under the guidan
Page 28 and 29: • Review the composition, size an
Page 30 and 31: operational results of the manageme
Page 32 and 33: GLOW IS PROUDTO PLAY VITAL PART IN
Page 34 and 35: • Glow Group also continually con
Page 36 and 37: GHECO-ONEPOWER PLANT PROJECTGHECO-O
Page 38 and 39: BOARD OF DIRECTORS *Mr. Esa Heiskan
Page 40 and 41: Management TeamMr. Esa HeiskanenChi
Page 42 and 43: BUSINESSOVERVIEWWe are one of the l
Page 44 and 45: STRUCTURE OF REVENUESREVENUESWe der
Page 46 and 47: and enhancing our operations, conti
Page 48 and 49: 4. FINANCIAL PERSPECTIVEMaintain an
Page 50 and 51: We operate IPP and cogeneration fac
Page 52 and 53: THE FOLLOWING DIAGRAM SETS OUT OUR
Page 54 and 55: PRODUCTS ANDPRODUCTION FACILITIESOu
Page 56 and 57: PRODUCTION FACILITIESThe following
Page 58 and 59: (E) GLOW SPP 1 PLANTThe Glow SPP 1
Page 60 and 61: RISK FACTORSRISKS RELATING TO US AN
Page 62 and 63: necessarily reflect our actual fuel
Page 64 and 65: WE ARE SUBJECT TO SIGNIFICANT CONTR
Page 66 and 67: In the past, we have been involved
Page 68 and 69:
• The terms relating to PTT’s r
Page 70 and 71:
68 Annual Report 2008SHAREHOLDING A
Page 72 and 73:
Glow Energy Public Company LimitedB
Page 74 and 75:
The company’s management structur
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NAMEPOSITION21. Mr. Chaiwut Rattana
Page 78 and 79:
3. Mr. Kovit Poshyananda (73)Educat
Page 80 and 81:
9. Mr. Rajit Nanda (38)Education: M
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DETAILS OF MANAGEMENT TEAM1. Mr. Pe
Page 84 and 85:
9. Mr. Louis Stephen Holub (47)Educ
Page 86 and 87:
18. Mr. Somchai Klinsuwanmalee (43)
Page 88 and 89:
28. Dr. Somgiat Dekrajangpetch (35)
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Company nameSubsidiariesGlow Glow G
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REMUNERATIONS FOR THE COMMITTEES•
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INTERNAL CONTROLThe Glow Audit Comm
Page 96 and 97:
RELATED PARTY TRANSACTIONSDETAIL OF
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MANAGEMENT‘S DISCUSSIONAND ANALYS
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VOLUMES SOLDYEAR TO DATE ENDED DECE
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The following table shows a breakdo
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The following table sets out the en
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Others income in 2008 amounted to B
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AUDIT COMMITTEE’S REPORTTO: THE S
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FINANCIAL STATEMENTSGLOW ENERGY PUB
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GLOW ENERGY PUBLIC COMPANY LIMITED
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Page 116 and 117:
STATEMENTS OF CHANGESIN SHAREHOLDER
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Page 120 and 121:
Page 122 and 123:
1.3 SUBSIDIARIESAll subsidiaries of
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Depreciation is calculated by refer
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4. SUPPLEMENTAL CASH FLOWS INFORMAT
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9. INVESTMENTS IN SUBSIDIARIES USIN
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10. LONG-TERM LOANS TO RELATED PART
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On April 30, 2008, the Company ente
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13. FINANCE LEASE PAYABLESThe Compa
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THE COMPANY’S LOANFacility Agreem
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On May 8, 2007, Glow IPP Company Li
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17.2 According to the Civil and Com
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All the Company’s sales are domes
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21.2.5 On November 11, 2008, Glow C
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As at December 31, 2008 and 2007, t
Page 148 and 149:
22. TRANSACTIONS WITH RELATED PARTI
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Unit : BahtFOR THE YEARS ENDED DECE
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On February 27, 2008, the Company e
Page 154 and 155:
On February 19, 2008, the Company e
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154 Annual Report 2008use fee of Ba
Page 158 and 159:
23.1.9.4 On February 15, 2005, Glow
Page 160 and 161:
23.2 CONTINGENT LIABILITIES23.2.1 L
Page 162:
27. EVENT AFTER BALANCE SHEET DATEO
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