B.Grimm Power shows positive outlook with net profit nearly of 3,600 million baht 55%

Stocks and Financial Services Press Releases Friday March 2, 2018 10:57
Bangkok--2 Mar--B.Grimm Power
B.Grimm Power shows positive outlook with net profit nearly of 3,600 million baht 55% growth year-on-year and growth of capacity in 2018 amounting of 400 MW

B.Grimm Power PCL (BGRIM) has recorded revenue of 23,720 million baht for fiscal year end 2017, a 14 percent growth compared to last year. The strong performance is mainly the result of new operating power plants. The EBITDA margin increased to 28% and the Normalized Net Profit margin increased to 9%. BGRIM looking to expand into various markets in ASEAN.

Ms. Preeyanart Soontornwata, President of B.Grimm Power PCL, said that the company recorded a turnover of 31,482 million baht for fiscal year end 2017, an increase of 14 percent year on year. The main contribution to this growth is the income from new power plants, namely Amata B.Grimm Power 5 (ABP5) in Amata Nakorn Industrial Estate and B.Grimm Power (WHA) 1 (BPWHA1) in Hemraj Industrial Estate. The power plants, which entered commercial operation on 1 June 2016 and 1 November 2016 respectively. The company recorded an Earning Before Interest Taxes and Depreciation (EBITDA) of 8,725 million baht, a 16 percent increase year on year and EBITDA margin increased to 28%. Net profit of the year is 3,594 million baht, a 55% increase year on year and normalized net profit of this year is 2,918 million baht, a 40% increase year on year, mainly attributable to the high efficiency of the new power plants, well-managed operations and a repayment of corporate loan by IPO proceed. The company recorded Normalized net profit attributable to parent of 1,727 million baht, an increase of 48 percent compared to the same period of last year.

"The performance of this year exceeded our expectation, and there are a number of contributing factors. Firstly, our latest power plants have been performing exceedingly well. Our effective cost management is also a significant factor. Lastly, a key contribution is a repayment of corporate loan amounting of 5,960 million baht which allows us to save financing cost and reduce the net-interest bearing debt to equity ratio to 1.4 times as of Q4'2017. This is in line with our fund-raising plan to ensure we have enough funding to develop the projects that we already secured the Power Purchase Agreement (PPA)" said Ms. Preeyanart.

Ms. Preeyanart added that the company will go ahead with its development plan of the power plant projects in 2018. We have plan to add 3 SPP power plants with a total capacity of 399 megawatts. The first plant – Amata B.Grimm Power (Rayong) 3 with an installed capacity of 133 megawatts – has achieved commercial operation on February 1, 2018 and sold electricity to EGAT 90 megawatts. Everything is on schedule and the plants should be ready to begin commercial operation in 2018. BGRIM will also focus on developing 7 solar projects with a combined capacity of 31 megawatts, 1 hydro project in Laos with an installed

capacity of 15 megawatts. In addition, recently B.Grimm has an additional facility of 235 million USD from Asian Development Bank to support the projects under development.

Currently, the company has invested in 52 power plants with a total installed capacity of 2,518 megawatts. Of these, 31 plants are in commercial operation with a combined capacity of 1,779 megawatts; Projects are under construction and under development with a total capacity of 739 megawatts.

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