Global Power Synergy Public : Submission of Global Power Synergy Public Company Limited and its subsidiaries' Financial Statements for the 3-month and 6-month period ended June 30, 2022
August 08, 2022 at 05:45 pm IST
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(Translation)
No. GPSC 23300147/026/22 August 8, 2022
Subject
Submission of Global Power Synergy Public Company Limited and its subsidiaries'Financial Statements
and Management's Discussion and Analysis (MD&A) for the 3-month and 6-month period ended
June 30, 2022
To
President, The Stock Exchange of Thailand
Attachment
1.
A copy of financial statements of Global Power Synergy Public Company Limited
(the "Company" or "GPSC") and its subsidiaries for the 3-month and 6-month period ended
June 30, 2022 reviewed by certified public accountant, with a copy of English translation
2.
Company's financial performance report (Form F45)
3.
Management's Discussion and Analysis for the second quarter of 2022
Global Power Synergy Public Company Limited is pleased to submit the financial statements of GPSC and its subsidiaries for the 3-month and 6-month period ended June 30, 2022 which has been reviewed by PricewaterhouseCoopers ABAS Ltd. and approved by GPSC's Audit Committee and Management's Discussion and Analysis for the second quarter of 2022 details of which are as per attachment. The operating results can be summarized as follows:
Net profit for the Company in Q2/2022 was THB 684 million, decreased by THB 1,618 million or 70% from Q2/2021 which was mainly due to significantly higher natural gas and coal price, resulting in lower margin in selling electricity to industrial customers, and the electricity and steam sales volume to industrial customers decreased slightly. Meanwhile, energy dispatch to EGAT increased. However, there was an increase in gross profit of IPP business due to higher Energy Payment (EP) from higher electricity sales volume corresponding to higher dispatch instructed by EGAT and higher margin from using diesel oil instead of natural gas. In addition, there was an increased in shares of profit from Xayaburi hydro power plant according to higher water level than the same period of last year.
When comparing to Q1/2022, net profit for the Company increased by THB 371 million or 118% mainly due to an increased in shares of profit from Xayaburi hydro power plant and higher SPP business's operating results in line with the automatic power tariff adjustment mechanism (Ft) increased from 1.39 to 24.77 Satang per unit started from May. Furthermore, the electricity and steam sales volume increased, and the Glow Energy
Phase 5 has resumed its normal operation since March 9, 2022, led to higher energy margin. In addition, IPP's gross profit increased due to lower GHECO-One's unplanned outage in Q2/2022, resulting in higher Availability Payment (AP).
The Company recognized synergy value from the acquisition of GLOW amounting THB 561 million (after tax) in Q2/2022, mainly from power and steam network integration, commercial activities especially cost optimization, production and expanding customers base, production costs management and debentures management.
As of June 30, 2022, the Company and its subsidiaries' total assets were THB 270,791 million. Total liabilities were THB 154,324 million and total equity was THB 116,467 million.
Global Power Synergy pcl published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 12:14:10 UTC.
Global Power Synergy Public Company Limited is a Thailand-based power generation company. The principal business of the Company is the production and distribution of electricity, steam and water for industrial use to the government and industrial customers. The Company operates through three segments: Independent Power Producer (IPP), Small Power Producer (SPP) and Others. Its business includes combined-cycle/cogeneration/thermal power plants, renewable energy power plant, hydroelectric power plant and other businesses. The Companyâs subsidiaries include Combined Heat and Power Producing Company Limited, Natee Synergy Company Limited, IRPC Clean Power Company Limited, Glow Energy Public Company Limited, GPSC Holding (Thailand) Company Limited, Energy Recovery Unit Company Limited, GPSC Treasury Center Company Limited, Global Renewable Synergy Company Limited, and others. Natee Synergy Company Limited, which invests in other companies.
Global Power Synergy Public : Submission of Global Power Synergy Public Company Limited and its subsidiaries' Financial Statements for the 3-month and 6-month period ended June 30, 2022
GLOBAL POWER SYNERGY 
