ELECTRICITY GENERATING PUBLIC COMPANY LIMITED
INTERIM CONSOLIDATED AND COMPANY
FINANCIAL STATEMENTS
(UNAUDITED)
31 MARCH 2009
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
1
General information
Electricity Generating Public Company Limited (“the Company”) is a public limited company incorporated and
resident in Thailand. The address of its registered office is 15th Floor EGCO Tower, 222 Moo 5, Vibhavadi
Rangsit Road, Tungsonghong, Laksi, Bangkok 10210.
The Company is listed on the Stock Exchange of Thailand. For reporting purposes, the Company and its
subsidiaries and joint ventures are referred to as “the Group”.
The principal business operation of the Group is the generation of electricity for sales to the government sector
and industrial users both in Thailand and overseas.
These interim consolidated and company financial statements were authorised for issue by the President on
11 May 2009.
These interim consolidated and company financial statements have been reviewed, not audited.
2
Basis of preparation
These interim consolidated and company financial statements are prepared in accordance with Thai generally
accepted accounting principles under the Accounting Act B.E. 2543, being those Thai Accounting Standards
issued under the Accounting Professions Act B.E. 2547 and the financial reporting requirements of the Securities
and Exchange Commission. The primary financial statements (i.e., balance sheets, statements of income, changes
in shareholders’ equity and cash flows) are prepared in the full format as required by the Securities and Exchange
Commission. The notes to the interim financial statements are prepared in a condensed format according to Thai
Accounting Standard No. 41 “Interim Financial Reporting” and additional notes are presented as required by the
Securities and Exchange Commission under the Securities and Exchange Act B.E. 2535.
An English version of the interim consolidated and company financial statements has been prepared from the
interim financial statements that are in the Thai language. In the event of a conflict or a difference in interpretation
between the two languages, the Thai language interim financial statements shall prevail.
Comparative figures have been adjusted to conform with changes in the presentation in the current period.
The statement of income for the period ended 31 March 2009 presents directors and managements’ remuneration
and finance costs. The changes are made to conform with the announcement of the Department of Business
Development dated 30 January 2009 in relation to the format of financial statements B.E. 2552, with effective
from 1 January 2009.
3
Summary of significant accounting policies
The accounting policies used in the preparation of the interim consolidated and company financial statements
are consistent with those used in the annual consolidated and company financial statements for the year ended
31 December 2008, except for an adoption of the revised TAS 36 Impairment of Assets (revised 2007) and the
revised TAS 54 Non-current Assets Held for Sale and Discontinued Operations (revised 2007) for the period
starting on 1 January 2009. The Group’s management has determined that the revised standards do not
significantly impact the interim consolidated and company financial statements being presented.
Costs that are incurred unevenly during the financial year are anticipated or deferred in the interim report only if it
would also be appropriate to anticipate or defer such costs at the end of the financial year.
10
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
4
Corporate income tax
The Group records corporate income tax on an accrual basis. The Group does not recognise corporate income tax
payable or receivable in future periods in respect of temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the interim financial statements. Corporate income tax expense is
recognised based on the best estimate of the weighted average annual income tax rate expected for the full
financial year. The estimated average annual tax rate used is 7.39% (2008: 5.79%).
5
Segment information
Financial information by geographical segments
6
Thailand
Baht’000
The Lao
People’s
Democratic
Republic
Baht’000
The
Philippines
Baht’000
Consolidation
eliminations
Baht’000
Consolidated
Baht’000
For the three-month period ended 31 March 2009
Sales and service income
Share of profit
Segment result
2,397,189
1,431,655
2,092,604
29,486
29,486
155,387
155,387
(27,988)
(3,449)
2,369,201
1,616,528
2,274,028
For the three-month period ended 31 March 2008
Sales and service income
Share of loss exceed interest in a joint venture
Share of profit
Segment result
2,780,629
2,111,940
3,097,023
(251,429)
(251,429)
14,775
14,775
(33,387)
(3,449)
2,747,242
(251,429)
2,126,715
2,856,920
Basic earnings per share
Basic earnings per share is calculated by dividing the net profit for the period attributable to shareholders by
the weighted average number of ordinary shares in issue during the period (2009 and 2008: 526,465,000 shares).
There are no dilutive potential ordinary shares in issue during the periods presented, so no diluted earnings
per share is presented.
7
Short-term and long-term investments used as collateral
The Company
As at 31 March 2009 and 31 December 2008, deposit at financial institution used as collateral of the Company
that amounted to Baht 450 million represented collaterised deposits under Standby Letters of Credit issued on
behalf of the Company to a subsidiary for the investment in Quezon Project.
Subsidiaries
Deposits at financial institutions used as collateral are those of three subsidiaries which are Khanom Electricity
Generating Company Limited, EGCO Cogeneration Company Limited and Roi-Et Green Company Limited.
Under terms and conditions of the loan and debenture agreements, the three subsidiaries are required to
maintain cash reserves for the purpose of repayment of principal and payment of interest due within one year.
These cash reserves are provided from the proceeds of sale of electricity (referred to in Notes 11 and 12). As at
31 March 2009, cash reserves for the purpose of repayment of principal and payment of interest due within one
year amounted to Baht 494 million (31 December 2008: Baht 223 million). The remaining balance of deposits
at financial institutions used as collateral of Baht 411 million (31 December 2008: Baht 493 million)
represented collateralised deposits maintained in accordance with the loan agreements but which can be used
subject to certain lender approvals.
11
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
8
Trade receivables, net
Trade receivables can be analysed as follows:
31 March
2009
Baht’000
Consolidated
31 December
2008
Baht’000
31 March
2009
Baht’000
Company
31 December
2008
Baht’000
155,167
7,795
3,210
1,167
2,203
133,180
7,618
1,825
170
2,033
-
-
169,542
144,826
-
-
(813)
(813)
-
-
168,729
144,013
-
-
31 March
2009
Baht’000
Consolidated
31 December
2008
Baht’000
31 March
2009
Baht’000
Company
31 December
2008
Baht’000
-
-
16,651,920
16,110,372
Interests in joint ventures
25,745,518
24,494,258
18,408,576
18,214,188
Investments in subsidiaries
and interests in joint ventures
25,745,518
24,494,258
35,060,496
34,324,560
As at
Not overdue
Overdue below 3 months
Overdue 3 - 6 months
Overdue 6 - 12 months
Overdue over 12 months
Less Allowance for doubtful
receivables
Total trade receivables, net
9
Investments in subsidiaries and interests in joint ventures
As at
Investments in subsidiaries
The movements of investments in subsidiaries and interests in joint ventures can be analysed as follows:
Consolidated
Baht’000
Company
Baht’000
For the three-month period ended 31 March 2009
Opening net book value
Share of profit from interests in joint ventures
Increase in share capital of a joint venture and the transfer of
net liabilities to interests in joint ventures (Note 9.3)
Increase in share capital of a subsidiary
Dividend received from joint ventures
Acquisition of a joint venture (Note 14)
Translation adjustments
24,494,258
1,587,042
34,324,560
-
181,983
(1,038,188)
483,336
37,087
194,388
541,548
-
Closing net book value
25,745,518
35,060,496
12
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
9
Investments in subsidiaries and interests in joint ventures (continued)
9.1
Investments in subsidiaries
The principal subsidiaries are as follows:
Company
31 March 2009
Business
Subsidiaries incorporated in Thailand
Rayong Electricity Generating Co., Ltd.
Khanom Electricity Generating Co., Ltd.
EGCO Engineering and Service Co., Ltd. and
its subsidiaries
Electricity generating
Electricity generating
Power plant operation
and maintenance
services
- Agro Energy Co., Ltd.
Trading / delivery
services of natural
scrap
- Egcom Tara Co., Ltd.
Tap water business
EGCO Green Energy Co., Ltd. and its subsidiary Investing in biomass
fueled electricity
generating plant
- Roi-Et Green Co., Ltd.
Husk fueled electricity
generating plant
EGCO Cogeneration Co., Ltd.
Electricity generating
Sustainable Energy and Environmental
Investing in recycle
Development Co., Ltd. (SEED)
fueled electricity
Subsidiary incorporated in British Virgin Islands
EGCO International B.V.I and its joint ventures Investing in power
energy business
- Conal Holdings Corporation (Conal)
Investing in power
(incorporated in the Philippines)
energy projects
- Quezon Power (Philippines) Limited Co.
Electricity generating
(QPL) (incorporated in the Philippines)
Total investments in subsidiaries
Paid-up
share
Portion of
Cost
capital
investment
method
Baht’000
(%)
Baht’000
(including indirect holding)
4,702,200
4,850,000
400,000
99.99
99.99
99.99
Dividend
Baht’000
4,702,200
4,850,000
400,000
365,852
109,866
26,100
129,500
-
99.99
175,000
70.00
74.00
95.00
1,060,000
11,000
80.00
90.91
891,894
10,000
-
-
99.99
5,668,326
-
729,320
40.00
7,340,472
26.00
16,651,920
501,818
As at 31 March 2009, dividend receivable from subsidiaries amounting to Baht 3,342 million was recognised in
the interim company financial statements.
13
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
9
Investments in subsidiaries and interests in joint ventures (continued)
9.1
Investments in subsidiaries (continued)
The principal subsidiaries are as follows: (continued)
Company
31 December 2008
Business
Subsidiaries incorporated in Thailand
Rayong Electricity Generating Co., Ltd.
Khanom Electricity Generating Co., Ltd.
EGCO Engineering and Service Co., Ltd. and
its subsidiaries
- Agro Energy Co., Ltd.
- Egcom Tara Co., Ltd.
EGCO Green Energy Co., Ltd. and its
subsidiary
- Roi-Et Green Co., Ltd.
EGCO Cogeneration Co., Ltd.
Sustainable Energy and Environmental
Development Co., Ltd. (SEED)
Electricity generating
Electricity generating
Power plant operation
and maintenance
services
Trading / delivery
services of natural
scrap
Tap water business
Investing in biomass
fueled electricity
generating plant
Husk fueled electricity
generating plant
Electricity generating
Investing in recycle
fueled electricity
Subsidiary incorporated in British Virgin Islands
EGCO International B.V.I and its joint ventures Investing in power
energy business
- Conal Holdings Corporation (Conal)
Investing in power
(incorporated in the Philippines)
energy projects
- Quezon Power (Philippines) Limited Co.,
Electricity generating
(QPL) (incorporated in the Philippines)
Total investments in subsidiaries
Paid-up
share
Portion of
Cost
capital Investment
Method
Baht’000
(%)
Baht’000
(including indirect holding)
Dividend
Baht’000
4,702,200
4,850,000
99.99
99.99
4,702,200
4,850,000
1,272,804
1,052,057
400,000
99.99
400,000
214,893
99.99
70.00
175,000
74.00
129,500
41,576
1,060,000
95.00
80.00
891,894
-
11,000
90.91
10,000
-
-
99.99
5,126,778
132,858
729,320
40.00
7,340,472
23.40
16,110,372
2,714,188
14
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
9
Investments in subsidiaries and interests in joint ventures (continued)
9.2
Interests in joint ventures
The principal joint ventures are as follows:
Consolidated
31 March 2009
Business
Portion of
investment
(%)
(including indirect holding)
Cost
method
Baht’000
Equity
method
Baht’000
dividend
Baht’000
Joint ventures incorporated in Thailand
Gulf Electric Public Co., Ltd.
Investing in power
(Gulf) and its subsidiaries
energy business
BLCP Power Ltd. (BLCP)
Electricity generating
50.00
50.00
6,672,769
9,902,800
9,657,908
10,217,135
151,628
798,311
Joint venture incorporated in the Lao People’s Democratic Republic
Nam Theun 2 Power Company Limited
Electricity generating
(construction phase)
25.00
1,833,007
181,983
-
40.00
954,647
656,041
88,249
26.00
4,833,293
5,032,451
-
24,196,516
25,745,518
1,038,188
Joint ventures incorporated in the Philippines
Conal Holdings Corporation (Conal)
Investing in power
and its subsidiaries
energy projects
Quezon Power (Philippines)
Electricity generating
Limited Co. (QPL)
Total interests in joint ventures
As at 31 March 2009, under terms and conditions of the loan agreement of BLCP, the common shares of BLCP
were pledged as collateral for its long-term loans.
As at 31 March 2009, dividend receivable from joint ventures amounting to Baht 3,876 million was recognised in
the consolidated interim financial statements.
Portion of
investment
Business
(%)
(including indirect holding)
Joint ventures incorporated in Thailand
Gulf Electric Public Co., Ltd. (Gulf)
Investing in power
and its subsidiaries
energy business
BLCP Power Ltd. (BLCP)
Electricity generating
Joint ventures incorporated in the
Philippines
Conal Holdings Corporation (Conal)
and its subsidiaries
Quezon Power (Philippines)
Limited Co. (QPL)
Total interests in joint ventures
Investing in power
energy projects
Electricity generating
Cost
method
Baht’000
Consolidated
31 December 2008
Equity
method
Dividend
Baht’000
Baht’000
50.00
50.00
6,672,769
9,902,800
9,255,247
10,138,080
100,626
3,640,365
40.00
954,647
734,744
81,544
23.40
4,349,957
4,366,187
-
21,880,173
24,494,258
3,822,535
15
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
9
Investments in subsidiaries and interests in joint ventures (continued)
9.2
Interests in joint ventures (continued)
The principal joint ventures are as follows: (continued)
Company
31 March 2009
Portion of
Cost
investment
method
Business
(%)
Baht’000
(including indirect holding)
Joint ventures incorporated in Thailand
Gulf Electric Public Co., Ltd. (Gulf) and its subsidiaries
BLCP Power Ltd. (BLCP)
Joint venture incorporated in the Lao People’s
Democratic Republic
Nam Theun 2 Power Company Limited
Dividend
Baht’000
Investing in power
energy business
Electricity generating
50.00
50.00
6,672,769
9,902,800
151,628
798,311
Electricity generating
(construction phase)
25.00
1,833,007
-
18,408,576
949,939
Total interests in joint ventures
As at 31 March 2009, dividend receivable from a joint venture amounting to Baht 3,788 million was recognised in
the interim company financial statements.
Company
31 December 2008
Portion of
Cost
investment
method
Dividend
Business
(%)
Baht’000
Baht’000
(including indirect holding)
Joint ventures incorporated in Thailand
Gulf Electric Public Co., Ltd. (Gulf)
and its subsidiaries
BLCP Power Ltd. (BLCP)
Joint venture incorporated in the Lao People’s
Democratic Republic
Nam Theun 2 Power Company Limited
Total interests in joint ventures
Investing in power
energy business
Electricity generating
Electricity generating
(construction phase)
50.00
6,672,769
100,626
50.00
9,902,800
3,640,365
25.00
1,638,619
-
18,214,188
3,740,991
16
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
9
Investments in subsidiaries and interests in joint ventures (continued)
9.3
Net liabilities in a joint venture
The movements in net liabilities arising from an interest in a joint venture for the three-month period ended
31 March 2009 are as follows:
Consolidated
Baht’000
Opening net book amount
Capital increase of a joint venture
Share of profit for the period
Translation adjustments
Transfer net liabilities to interest in a joint venture
(39,667)
194,388
29,486
(2,224)
(181,983)
Closing net book amount
-
The balances of net liabilities in a joint venture incorporated in the Lao People’s Democratic Republic are as
follows:
Business
Nam Theun 2 Power Co., Ltd.
Electricity generating
(construction phase)
Business
Nam Theun 2 Power Co., Ltd.
Electricity generating
(construction phase)
Portion of
investment
(%)
Cost
method
Baht’000
Consolidated
31 March 2009
Equity
method
Dividend
Baht’000
Baht’000
25.00
1,833,007
(transfer net liabilities to interest in a joint venture)
Portion of
investment
(%)
Cost
method
Baht’000
25.00
1,638,619
Consolidated
31 December 2008
Equity
method
Dividend
Baht’000
Baht’000
(39,667)
-
Principal movements in interests in joint ventures during the three-month period ended 31 March 2009
Nam Theun 2 Power Company Limited (“NTPC”)
During the first quarter of 2009, NTPC called for additional paid-up share capital at US Dollars 16.31 million.
The Group paid for additional paid-up shares in the same portion as its original investment, totalling US
Dollars 5.44 million which equals Baht 194.39 million.
17
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
10
Property, plant, equipment and intangible assets, net
Property,
plant and
equipment
Baht’000
Consolidated
Right in
long-term power
purchase
agreements
Baht’000
Company
Property,
plant and
equipment
Baht’000
For the three-month period ended 31 March 2009
Opening net book amount
Additions
Capitalisation of capital spare parts
Transfer capital spare parts out
Disposals, net
Depreciation and amortisation
17,040,713
34,633
31,241
(7,291)
(1,075)
(544,360)
196,172
(3,632)
567,816
687
(1,067)
(12,589)
Closing net book value
16,553,861
192,540
554,847
As at 31 March 2009, land, buildings and equipment of subsidiaries amounting to Baht 9,367 million were
mortgaged and pledged as collateral in accordance with the loan and debenture agreements, as described in
Notes 11 and 12 (31 December 2008: Baht 9,567 million).
As at 31 March 2009, the Group had no capital commitments in respect of construction of power plants and
purchase of equipment but had not yet recognised in the interim consolidated and company financial statements
(31 December 2008: Nil).
Right in long-term power purchase agreements represents the excess of the cost of an acquisition over the fair
value of the Group’s share of the net assets of the acquired subsidiary at the date of acquisition which was
previously presented under goodwill.
11
Long-term loans, net
The long-term loans are as follows:
As at
Current portion of long-term loans, net
US Dollars
Japanese Yen
Thai Baht
Less Deferred financing fee
Long-term loans, net
US Dollars
Japanese Yen
Thai Baht
Less Deferred financing fee, net
Total long-term loans, net
Consolidated
31 March 31 December
2009
2008
Baht’000
Baht’000
31 March
2009
Baht’000
Company
31 December
2008
Baht’000
81,240
36,845
81,005
(3,754)
79,918
39,293
81,005
(3,755)
-
-
195,336
196,461
-
-
516,113
226,968
4,514,620
(17,207)
547,671
261,689
4,555,123
(18,134)
4,000,000
-
4,000,000
-
5,240,494
5,346,349
4,000,000
4,000,000
5,435,830
5,542,810
4,000,000
4,000,000
18
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
11
Long-term loans, net (continued)
Long-term loans of subsidiaries are secured liabilities. The long-term loans are secured over land, buildings,
power plants and equipment of subsidiaries. The subsidiaries have to maintain cash reserves which are provided from
the proceeds of sales of electricity for the purpose of repayment of principal and payment of interest due within
one year (referred to in Note 7). In addition, the Power Purchase Agreements, the Major Maintenance
Agreements and insurance policies have been assigned as collateral in accordance with the conditions under the Loan
and Debenture Agreements.
The movements of the long-term loans can be analysed as follows:
Consolidated
Baht’000
Company
Baht’000
For the three-month period ended 31 March 2009
Opening net book amount
Repayments of long-term loans
Amortisation of deferred financing fee
Unrealised exchange gains
5,542,810
(100,108)
926
(7,798)
4,000,000
-
Closing net book amount
5,435,830
4,000,000
Credit facilities
As at 31 March 2009, the Group had available credit facilities from financial institutions amounting to Baht
833 million (31 December 2008: Baht 833 million).
12
Debentures
The debentures are debentures in Thai Baht of a subsidiary as follows:
As at
31 March
2009
Baht’000
Consolidated
31 December
2008
Baht’000
Debentures due within one year
Debentures, net
816,480
1,410,357
816,480
1,410,357
Total debentures
2,226,837
2,226,837
The movements of debentures can be analysed as follows:
For the three-month period ended 31 March 2009
Consolidated
Baht’000
Opening net book amount
Repayments of debentures
2,226,837
-
Closing amount
2,226,837
Debentures of subsidiary are secured liabilities. The subsidiary is required to maintain reserves for the purpose
of repayment of principal and payment of interest due within one year from the proceeds of sales of electricity
(as described in Note 7) and to pledge the relevant agreements as collateral (as described in Note 11).
19
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
13
14
Retirement benefits obligation
Consolidated
Baht’000
Company
Baht’000
For the three-month period ended 31 March 2009
Opening net book amount
Retirement benefit expenses
Retirement benefit paid
158,487
5,470
(9,198)
45,171
1,300
(9,198)
Closing amount
154,759
37,273
Business acquisition
On 30 March 2009, EGCO International (B.V.I.) Ltd. (“EGCO BVI”), a 99.99% owned subsidiary of the
Company, purchased 100% of the outstanding shares of GPI-I, Ltd. (GPI-I) from GPSF Cayman I LDC
(GPSF). Where GPI-I had 10% ownership in GPI Quezon Ltd (“GPIQ”) and GPIQ had indirect interest in Quezon
Power (Philippines), Limited Co. (“QPL”). This transaction provides EGCO BVI with the increase in aggregated
indirect share holding in QPL from 23.40% to 26.00%.
Details of increase net acquired assets and right in long-term power purchase agreements are as follows:
Baht’000
Property, plant and equipment
Loans from financial institution, net
Other assets less other liabilities
556,741
(372,739)
111,082
Net assets
Right in long-term power purchase agreement
295,084
188,252
Total purchase consideration
483,336
Net assets are stated at the net book value at the date of acquisition. All net assets are in the process of fair
value appraisal by the subsidiary. The process is expected to be completed within June 2009. The difference
between net book values and net fair values will be adjusted through right in long-term power purchase
agreement.
15
Related party transactions
The major shareholders of the Company are the Electricity Generating Authority of Thailand (EGAT) and One
Energy Thailand Limited, holding 25.41% and 22.42% of the Company’s shares, respectively. The remaining
Company’s shares are widely held.
The information of the Company’s subsidiaries and joint ventures is stated in Note 9.
The following material transactions were carried out with related parties:
(a) Sales of electricity
For the three-month periods ended
31 March
2009
Baht’000
Consolidated
2008
Baht’000
2009
Baht’000
Company
2008
Baht’000
Sales of electricity
- Major shareholder
1,967,382
2,223,284
-
-
20
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
15
Related party transactions (continued)
The following material transactions were carried out with related parties: (continued)
(a) Sales of electricity (continued)
Sales of electricity are calculated based on “Cost plus basis” according to the terms set out in the Power Purchase
Agreements.
The sales of electricity for the three-month periods ended 31 March 2009 and 2008 included the compensation
from exchange rate effects approximately Baht 64 million and Baht 65 million, respectively.
(b) Service income and major maintenance expenses
2009
Baht’000
Consolidated
2008
Baht’000
2009
Baht’000
Company
2008
Baht’000
Service income
- Major shareholder
17,382
7,609
-
-
Major maintenance expenses
- Major shareholder
47,466
25,465
-
-
For the three-month periods ended 31 March
The service income and major maintenance expenses are calculated based on “Cost plus basis”.
(c) Trade receivable from and trade payable to a related party
As at
Trade receivable from a related party
- Major shareholder
Consolidated
31 March 31 December
2009
2008
Baht’000
Baht’000
1,425,001
1,372,876
Company
31 March 31 December
2009
2008
Baht’000
Baht’000
-
-
Trade receivable from a related party as at 31 March 2009 and 31 December 2008 can be analysed as follow:
Not overdue
Overdue below 3 months
Overdue 3 - 6 months
Overdue 6 - 12 months
Overdue over 12 months
Trade payable to a related party
- Major shareholder
1,402,538
16,969
4
5,485
5
1,329,669
17,410
16,972
5,482
3,343
-
-
1,425,001
1,372,876
-
-
41,096
71,932
-
-
21
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
15
Related party transactions (continued)
The following material transactions were carried out with related parties: (continued)
(d) Amounts due from and amounts due to related parties
31 March
2009
Baht’000
Consolidated
31 December
2008
Baht’000
31 March
2009
Baht’000
Company
31 December
2008
Baht’000
145
11,085
-
8,034
7,745
1,866
-
5,350
1,853
-
11,230
8,034
9,611
7,204
228,713
220,620
228,713
220,620
6,053
7,441
-
23
31 March
2009
Baht’000
Consolidated
31 December
2008
Baht’000
31 March
2009
Baht’000
Company
31 December
2008
Baht’000
Current portion of long-term loan to
a related party
- Subsidiaries
-
-
966,282
966,282
Long-term loan to a related party, net
- Subsidiary
-
-
734,118
734,118
-
-
1,700,400
1,700,400
-
-
29,914
3,658
As at
Amounts due from related parties
- Subsidiaries
- Joint ventures
- Other related parties
Amounts due from a related party
due over one year
Amount due to related parties
- Other related parties
(e) Long - term loan to a related party and related interests
As at
Interest receivables
- Subsidiaries
22
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
15
Related party transactions (continued)
The following material transactions were carried out with related parties: (continued)
(e) Long - term loan to a related party and related interests (continued)
The movements of long-term loan to a related party can be analysed as follows:
For the three-month periods ended
31 March
Subsidiary
Beginning balance
Loans advanced during the period
Loan repayments received during
the period
Ending balance
For the three-month periods ended
31 March
Interest income
- Subsidiaries
Consolidated
2009
2008
Baht’000
Baht’000
2009
Baht’000
Company
2008
Baht’000
-
-
1,700,400
-
2,567,240
-
-
-
-
-
-
-
1,700,400
2,567,240
2009
Baht’000
Consolidated
2008
Baht’000
2009
Baht’000
Company
2008
Baht’000
-
-
26,256
38,567
(f) Investments in debentures issued by a subsidiary and related interests
As at
Consolidated
31 March 31 December
2009
2008
Baht’000
Baht’000
Company
31 March 31 December
2009
2008
Baht’000
Baht’000
Investment in debentures
- Subsidiary
-
-
22,275
22,275
Interest receivable
- Subsidiary
-
-
1,238
206
2009
Baht’000
Consolidated
2008
Baht’000
2009
Baht’000
Company
2008
Baht’000
-
-
1,031
1,377
For the three-month periods ended
31 March
Interest income
- Subsidiary
Investment in debentures of a subsidiary was included in short-term and long-term investments in the company
balance sheets as at 31 March 2009 and 31 December 2008.
23
Electricity Generating Public Company Limited
Unaudited Condensed Notes to the Interim Consolidated and Company Financial Statements
For the three-month periods ended 31 March 2009 and 2008
16
Commitments and significant agreements
For the three-month period ended 31 March 2009, there were no significant changes in commitments and other
agreements from the year ended 31 December 2008, except the amount to changes as follows:
Commitments of the Company
(a) As at 31 March 2009, the Company had commitments under Sponsor Support Agreements, which were
made in respect of loans of subsidiaries totalling Baht 424 million (31 December 2008: Baht 463 million).
(b) As at 31 March 2009, the Company had commitments under Counter Guarantee and Standby Letters of
Credit issued on behalf of the Company to a subsidiary and joint ventures of Baht 3,046 million
(31 December 2008: Baht 3,290 million).
Significant agreement
A subsidiary of the Company entered into a Parts Supply Agreement with a third party company to purchase
spare parts for use in the maintenance of power plants. The total commitment amount is US Dollars 14.49
million which equals Baht 516.74 million. This agreement is effective from 2 February 2009 till 15 December
2012.
17
Business transfer
At the Annual General Shareholders’ Meeting dated 21 April 2008, shareholders approved the acquisition of
the entire business of Rayong Electricity Generating Co., Ltd. (REGCO), a wholly owned subsidiary of the
Company, on 1 July 2008 or any other date that would be determined by the president, and REGCO’s
dissolution and liquidation in the same year.
The Energy Regulatory Commission issued a regulation that requires all power producers with a concession to
reapply for a license to generate electricity under the new Energy Industry Act, B.E. 2550. As at 31 March 2009,
REGCO is in the process of getting the license for the energy industry operation from the Energy Regulatory
Commission; thereafter, the Company will proceed with the business transfer.
18
Post balance sheet event of the Company
(a) Dividends
At the Annual General Shareholders’ Meeting dated 24 April 2009, shareholders approved the payment of
dividends in respect of the operating results for the six-month period ended 31 December 2008 for
526,465,000 shares at Baht 2.50 per share, totalling Baht 1,316 million. These dividends were paid to shareholders
on 6 May 2009.
In addition, the shareholders acknowledged the payments of interim dividends in respect of operating results
for the first six-month period of 2008 for 526,465,000 shares at Baht 2.50 per share, totalling Baht 1,316 million.
These dividends were paid to shareholders in September 2008.
(b) Additional paid-up shares of a joint venture
In April and May 2009, NTPC, a joint venture, called for addition paid-up share capital, totalling US Dollars
7.26 million and US Dollars 21.45 million, respectively. The Group has committed to pay for additional paid-up
share in the same proportion as its original investment, totalling US Dollars 2.42 million and US Dollars 7.15 million
in April and May 2009, respectively.
24