STRUCTURE OF REV<strong>EN</strong>UESREV<strong>EN</strong>UESWe derive our revenues prim<strong>ar</strong>ily from sales of electricity to EGAT and sales of electricity, steam and cl<strong>ar</strong>ified and demineralizedwater to industrial users in the MIE Area. The following table breaks down our revenues by source for the periods indicated:REV<strong>EN</strong>UES2006YEAR <strong>EN</strong>DED DECEMBER 31,2007 20<strong>08</strong>(BAHT MILLIONS) (%) (BAHT MILLIONS) (%) (BAHT MILLIONS) (%)Revenues from Sales of Goods andRendering of ServicesElectricitySales to EGAT by IPP 10,705.0 31.5 10,161.8 30.8 10,859.5 32.1Sales to EGAT by SPPs 9,640.6 28.4 9,323.5 28.2 10,337.8 30.5Sales to Industrial Customers 7,877.2 23.2 8,224.8 24.9 7,954.1 23.5Total 28,222.8 83.1 27,710.1 83.9 29,151.4 86.1Steam 4,029.9 11.9 4,219.2 12.8 4,244.7 12.5Processed water 340.4 1.0 336.6 1.0 327.7 1.0Total 32,593.1 96.0 32,265.8 97.7 33,723.8 99.6Other Income 1,398.7 4.0 745.4 2.3 130.2 0.4Total Revenues 33,991.9 100.0 33,011.3 100.0 33,854.0 100.042 Annual Report 20<strong>08</strong>
BUSINESS STRATEGIES1. OVERVIEWOur vision is to optimize profitability through operationalexcellence and value-creating growth in Thailand andneighboring countries. We have crafted a business strategythat takes into account four perspectives: commercial,operational, financial and human resources. We have balancedour short- and long-term objectives to create a well - definedset of priorities and action plans for our company. For ourexisting operations, this involves enhancements in utilization,efficiency and reliability of the existing units, achieving overallcost reductions, timely completion of construction of newfacilities within budget, optimizing our cost of capital andstrengthening internal reporting systems and procedures. Webelieve that our business strategies will prep<strong>ar</strong>e us for growthopportunities with new and/or existing industrial customers aswell as position ourselves favorably for a new round of IPPbidding if and when such opportunities <strong>ar</strong>ise. With theassistance of GDF SUEZ S.A., we plan to continue to developa highly motivated and competent Thai management teamand workforce to support these efforts.2. COMMERCIAL PERSPECTIVEFrom a commercial perspective, our focus is on (a) growingour core business, (b) proactively managing our clientrelationships, (c) optimizing fuel costs and securing our fuelsupply, and (d) maintaining and enhancing our localknowledge and relationships.(a) Pursue growth of our core businessWe intend to grow our core business by both increasingour capacity to meet growing industrial demand forelectricity and steam and by positioning ourselves tocompete successfully for opportunities to install newgenerating capacity in Thailand. For example, in 2005,we have completed the first and second stage of GlowEnergy’s capacity expansion in the MIE, allowing us toproduce an additional 77 MW of electricity and 137 tonsper hour of steam. We <strong>ar</strong>e now constructing i) a new CFBwith a net capacity of 115 MW and scheduled to begincommercial operation by the end of 2009 and ii) a newgas-fired cogeneration unit of Glow Energy’s capacityexpansion in the MIE (Phase 5) with a net capacity of 382MWeq and scheduled to begin commercial operations bythe end of 2011 for supply to industrial customers.In addition, we have been aw<strong>ar</strong>ded by the Ministry OfEnergy for new IPPs which EGAT already signed thepurchase agreement with us and we <strong>ar</strong>e now constructinga 660 MW coal fired IPP plant with schedule commercialoperations by the end of 2011. We will consider, inaddition to these projects, further opportunities toexpand and strengthen our ability to serve industrialcustomers (See Expansion and Potential section). Weintend to continue to seek opportunities to acquire newhigh-value industrial customers and grow to follow thedemand of our existing customers (both in Thailand andSouth East Asia). In addition, we will focus on maintainingGlow Energy Public Company Limited43
- 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 18 and 19: THE STRATEGY OF GLOWGlow’s object
- 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 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
- Page 76 and 77: 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
- Page 82 and 83: 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)
- Page 90 and 91: Company nameSubsidiariesGlow Glow G
- Page 92 and 93: REMUNERATIONS FOR THE COMMITTEES•
- Page 94 and 95:
INTERNAL CONTROLThe Glow Audit Comm
- Page 96 and 97:
RELATED PARTY TRANSACTIONSDETAIL OF
- Page 98 and 99:
MANAGEMENT‘S DISCUSSIONAND ANALYS
- Page 100 and 101:
VOLUMES SOLDYEAR TO DATE ENDED DECE
- Page 102 and 103:
The following table shows a breakdo
- Page 104 and 105:
The following table sets out the en
- Page 106 and 107:
Others income in 2008 amounted to B
- Page 108 and 109:
AUDIT COMMITTEE’S REPORTTO: THE S
- Page 110 and 111:
FINANCIAL STATEMENTSGLOW ENERGY PUB
- Page 112 and 113:
GLOW ENERGY PUBLIC COMPANY LIMITED
- Page 114 and 115:
GLOW ENERGY PUBLIC COMPANY LIMITED
- Page 116 and 117:
STATEMENTS OF CHANGESIN SHAREHOLDER
- Page 118 and 119:
GLOW ENERGY PUBLIC COMPANY LIMITED
- Page 120 and 121:
GLOW ENERGY PUBLIC COMPANY LIMITED
- Page 122 and 123:
1.3 SUBSIDIARIESAll subsidiaries of
- Page 124 and 125:
Depreciation is calculated by refer
- Page 126 and 127:
4. SUPPLEMENTAL CASH FLOWS INFORMAT
- Page 128 and 129:
9. INVESTMENTS IN SUBSIDIARIES USIN
- Page 130 and 131:
10. LONG-TERM LOANS TO RELATED PART
- Page 132 and 133:
On April 30, 2008, the Company ente
- Page 134 and 135:
13. FINANCE LEASE PAYABLESThe Compa
- Page 136 and 137:
THE COMPANY’S LOANFacility Agreem
- Page 138 and 139:
On May 8, 2007, Glow IPP Company Li
- Page 140 and 141:
17.2 According to the Civil and Com
- Page 142 and 143:
All the Company’s sales are domes
- Page 144 and 145:
21.2.5 On November 11, 2008, Glow C
- Page 146 and 147:
As at December 31, 2008 and 2007, t
- Page 148 and 149:
22. TRANSACTIONS WITH RELATED PARTI
- Page 150 and 151:
Unit : BahtFOR THE YEARS ENDED DECE
- Page 152 and 153:
On February 27, 2008, the Company e
- Page 154 and 155:
On February 19, 2008, the Company e
- Page 156 and 157:
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