Management Discussion and Analysis

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1 Management Discussion and Analysis For the Annual Operating Results Ended December 31, 2009 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision of the management in order to assist investors to better understand the company's financial status and operation. It also supports the "Good Corporate Governance Project" of the Securities and Exchange Commission (SEC). The objective of this MD&A is to present the information and the explanation of financial status and operating results as of the date hereof. However, the information provided in this MD&A may vary if any factors or situation are changed in the future; the investors are, therefore, required to have their own discretion regarding the usage of this information for any purpose. For further detail, please contact Investor Relations Section of the Electricity Generating Public Company Limited at Tel: or

2 Management Discussion and Analysis 1. Executive Summary The Electricity Generating Public Company Limited (EGCO) is structured as a holding company which invests in subsidiaries and interests in joint ventures. In 2008, the sale of shares in Amata-EGCO Power Ltd. (AEP), Amata Power (Bangpakong) Ltd. (APBP) and Amata Power- ESCO Service Co., Ltd. (AMESCO) as well as the purchase of shares in Quezon Power (Philippines) Limited Co. (Quezon) were made. In 2009, EGCO s significant events are summarized as follows: - The additional purchase of 2.60% stake in Quezon, which owns, operates and maintain a MW (installed capacity) coal-fired power plant, was made in March The investment in Natural Energy Development Co., Ltd. (NED), with the total stake of 33.33%, was made in July NED is the renewable energy developing company which is currently studying solar and wind power projects in Thailand. - The acquisition of entire business of Rayong Electricity Generating Co., Ltd. (REGCO) occurred in October This created two periods of operating results : 1) January September 2009 operating results was included in REGCO s financial statements. 2) October December 2009 operating results was included in EGCO s financial statements. Both periods of the operating results were included in the consolidated financial statements, which hereinafter referred to Rayong power plant. - The purchase of the ordinary shares of Power Generation Services Co., Ltd. (PGS), which provides operation and maintenance services to BLCP Power Limited (BLCP), with the total stake of 50% was made in December EGCO businesses can be categorized into four investment groups as follows: 1. Independent Power Producer (IPP) consists of Rayong power plant, Khanom Electricity Generating Co., Ltd. (KEGCO), BLCP Power Limited (BLCP) and Gulf Power Generation Co., Ltd (GPG), which is a subsidiary of Gulf Electric Public Company Limited (GEC). 2. Small Power Producer (SPP) consists of EGCO Cogeneration Co., Ltd. (EGCO Cogen) and Roi-Et Green Co., Ltd. (Roi-Et Green) and four subsidiaries of GEC, which are Gulf Cogeneration Co., Ltd. (GCC), Nong Khae Cogeneration Co. Ltd., (NKCC), Samutprakarn Cogeneration Co., Ltd. (SCC) and Gulf Yala Green Co., Ltd. (GYG). 3. Overseas consists of Conal Holdings Corporation (Conal), Nam Theun 2 Power Co., Ltd. (NTPC) and Quezon. 2

3 4. Other Business consists of EGCO Engineering & Service Co., Ltd. (ESCO), Egcom Tara Co., Ltd. (ET) and NED. EGCO, Subsidiaries and Interests in Joint Ventures entities, hereinafter collectively referred to as EGCO Group 1, owns 13 operating plants, totaling 3, equity MW at present, an increase of MW compared to the total equity MW at the end of This was caused by the additional purchase of 2.60% stake in Quezon (leading to a total stake of 26%). EGCO Group s consolidated net profit for 2009 ended December 31, 2009 was Baht 7,936 million, an increase of Baht 1,009 million or 15% compared to last year. Excluding the gain on foreign exchange rate, which was mostly a translation transaction to be shown in accordance with the Thai Accounting Standard, EGCO Group s profit was Baht 7,505 million, an increase of Baht 14 million or 0.19%. This is mainly due to the higher share of profit from Quezon s operating result and the increase of GPG s electricity sales as well as the increase in other income of NTPC. Meanwhile, electricity sales of Rayong power plant, KEGCO and BLCP decreased. 2. Business Expansion Analysis EGCO Group is the first IPP in Thailand established on May 12, 1992, structured as a holding company with a number of subsidiaries and joint ventures. Our vision is To be the leading Thai integrated electric power company with comprehensive energy services in Thailand and in the ASEAN region, with full commitment to environment protection and social development support. Our core business is to produce and supply electricity to Electricity Generating Authority of Thailand (EGAT) under long-term power purchase agreements (PPAs). EGCO focuses its investment on pursuing opportunities in power generation in Thailand and also seeks to expand its business in ASEAN countries with the aim to provide optimum returns to shareholders by improving the profitability of our existing assets and acquiring new projects with acceptable risk and reasonable return profile. As of December 31, 2009, Thailand s total installed capacity was reported at 29,212 MW 2. During the year 2009, the peak demand reached 22,045 MW 2 on April 24, 2009, which was 2.32% lower than the peak demand in April Subsidiaries: REGCO, KEGCO, EGCO Cogen, Roi-Et Green, ESCO and ET Interests in joint ventures: BLCP, GPG, GCC, NKCC, SCC, GYG, Conal, NTPC, Quezon and NED 2 Source: EGAT 3

4 Due to the economic crisis during the year 2009, the demand for electricity dropped continuously, especially during the beginning of the year. The Energy Policy and Planning Office (EPPO) has to adjust the Power Development Plan (PDP) in order to reflect the current situation and it is expected to be completed by January 2010 and to implement in April The new PDP will be an improvement of PDP 2007 (2 nd revision). After the new PDP is completed, EPPO will organize a public hearing before submitting to the National Energy Policy Council. Currently, the four new IPPs with the total capacity of 4,200 MW are having the problem of construction delay caused by the requirement of conducting the Health Impact Assessment (HIA) to comply with the constitution. Such delay would not impact the national power supply over a short term as the power consumption growth in the year 2010 is projected at 4% while the reserve margin is higher than 20%. To maintain EGCO Group s market share and strength in the energy sector, EGCO s business strategy will place more emphasis on expanding investment opportunities in the ASEAN market, fuel-related projects, and prospective domestic projects using renewable energy. As of December 31, 2009, EGCO Group has 13 operating plants with capacity totaling 3, equity MW, of which 3, equity MW is dispatched to EGAT under long-term PPAs representing 12.32% of Thailand s total installed capacity, 29,212 MW. EGCO also invests in Nam Theun 2 project which is currently under construction and set to commence Commercial Operation in early 2010, postponed from the previous COD targeted in mid December This project represents an additional equity MW in EGCO s portfolio. The project is a 1, MW (installed capacity) hydroelectric power plant located in the Lao PDR. EGCO holds a 25% ownership in the project company; NTPC. EGAT is contracted to take off 995 MW and the remaining MW will be sold to the Lao PDR. At the end of December 2009, the overall project progress was 99.87% complete. The company has a policy to dividend 40% of the consolidated net profit after taxation, or to increase the dividend amount in a steady manner, to the shareholders. This dividend policy may change in the light of investment opportunities that may become available to the company or as a result of other economic or financial factors or when a dividend payment may have a significant impact on the normal operation of the company. The dividend declaration shall not exceed the retained earnings of the company financial statements. 3. Report and Analysis of the Operating Results This report contains the analysis of the financial statements of EGCO, subsidiaries and interests in joint ventures as follows: 4

5 Overseas 9% SPP 6% Remarks: 3.1 Operational Results Others 2% IPP 83% Profit before FX Before FX After FX Before FX After FX EGCO (550) (550) (598) (565) IPP 6,680 7,169 7,195 6,707 SPP Overseas Other Business Total 7, ,936 7, ,927 - Profits before FX separate out foreign exchange impact from EGCO, subsidiaries and joint ventures. - IPP : Rayong power plant, KEGCO, BLCP, GPG - SPP : EGCO Cogen, Roi-Et Green, GCC, NKCC, SCC, GYG, APBP, AEP - Overseas : Conal, NTPC, Quezon - Others : ESCO, ET, NED and AMESCO - APBP, AEP and AMESCO were sold in May 2008; Quezon and NED was acquired in November 2008 and July 2009, respectively. EGCO Group s profit before the effect of foreign exchange rate for 2009 ended December 31, 2009 was Baht 7,505 million, representing an increase of Baht 14 million or 0.19% compared to last year. This is mainly due to the higher share of profit from Quezon s operating result and the increase of GPG s electricity sales due to the Kaeng Khoi 2 (KK2) unit 2 which achieved its Commercial Operating Date (COD) on February 27, 2008, as well as the increase in other income of NTPC from the liquidated damages charged to the head contractor due to the project delay. Meanwhile, electricity sales of Rayong power plant, KEGCO and BLCP decreased due to lower in the capacity rate. If including the gain on foreign exchange rate from Baht appreciation of Baht 430 million, EGCO Group s profit for 2009 was Baht 7,936 million, an increase of Baht 1,009 million or 15%, while in 2008 it recorded a foreign exchange loss of Baht 564 million. This creates a difference caused by foreign exchange rate of Baht 994 million. The gain (loss) on foreign exchange rate is mostly a translation transaction to be shown in accordance with the Thai Accounting Standard. It incurs from the difference of the translation of the net debt denominated in foreign currency into the Thai Baht equivalent using the foreign exchange rate at the end of this accounting period (December 31, 2009) and the previous period (December 31, 2008). The gain on foreign exchange rate of 2009 in the amount of Baht 430 million can be explained as follows: - The gain on foreign exchange rate of EGCO and subsidiaries of Baht 33 million, an increase of Baht 58 million compared to the previous year which recorded the loss from foreign exchange rate of Baht 25 million. 1 Profit before FX shown in the table is different from profit before FX calculated from the consolidated financial statements because the consolidated financial statements show currency exchange gains (losses) of EGCO and Subsidiaries, but not those of joint ventures. The share of profit (loss) from interests in joint ventures is a figure net of currency exchange gains (losses). 5

6 - The gain on foreign exchange rate of joint ventures of Baht 398 million, an increase of Baht 936 million compared to the previous year which showed the loss from foreign exchange rate of Baht 539 million. Gain (Loss) on FX from Joint Ventures: BLCP 296 (231) GPG 197 (287) GCC, NKCC, SCC and GYG 75 (61) APBP and AEP * - 6 Conal NTPC (180) (8) Quezon 9 (10) Total Gain (Loss) from FX 398 (539) * APBP and AEP were sold in May 2008 The earnings before finance costs, tax, depreciation and amortization (EBITDA) for 2009 was Baht 15,864 million, representing an increase of Baht 432 million or 3% as compared to 2008, in which the EBITDA was Baht 15,432 million. The gross profit of EGCO and subsidiaries was reported at Baht 3,734 million, down by Baht 714 million or 16%, as a result of lower contracted electricity sales of KEGCO and Rayong power plant. The same reason caused the operating profit of EGCO and subsidiaries to fall to Baht 2,965 million, a decrease of Baht 770 million or 21%. Important Profitability Ratios for 2009 operating results were as follows: - Gross Profit Ratio was 40.83% - Operating Profit Ratio was 32.42% - Net Profit Ratio was 50.33% - Net Profit Ratio (excluding the effect of foreign exchange of EGCO and subsidiaries) was 50.12% - Earnings per share (EPS) was Baht Earnings (excluding the effect of foreign exchange of EGCO and subsidiaries) per share (EPS) was Baht Return on Equity (ROE) was 16.60% The gross profit margin (excluding the share of profit from joint ventures) of 40.83% was lower than the previous year s margin of 43.10% due to lower electricity sales of KEGCO and Rayong power plant; whereas the net profit ratio (excluding the effect of foreign exchange of EGCO and subsidiaries) was reported at 50.12%, higher than 2008 ratio of 45.39% mainly due to an increase in the share of profit from GPG and the recognition of the share of profit from Quezon. 6

7 3.2 Income, Expense and Share of Profits from Joint Ventures Analysis The 2009 operating results, excluding FX of EGCO Group and profit attributable to minorities (MI), are as follows: - Total revenues were Baht 9,495 million, a decrease of Baht 1,218 million or 11%. - Total expenses were Baht 7,751 million, a decrease of Baht 542 million or 7%. - The share of profits from joint ventures before FX was Baht 5,876 million, an increase of Baht 718 million or 14%. The details according to their groups of business are as follows: Total Revenues, Total Expenses and Share of Profits (Losses) from JVEs before FX: EGCO IPP SPP Overseas Others Total Total Revenues ,124 7,195 2,237 2, ,034 9,495 10,712 Total Expenses ,312 4,767 1,972 1, ,751 8,293 Profits bf Share of Profits (Losses) from JVEs (550) (598) 1,812 2, ,744 2,419 Share of Profits (Losses) from JVEs bf FX - - 4,869 4, (11) 4 5,876 5,157 Net Profit bf FX and MI (550) (598) 6,681 7, ,620 7,576 1) EGCO s total revenues for 2009, amounting to Baht 242 million decreased by Baht 7 million or 3% mostly from a decrease of interest income by Baht 44 million due to lower interest rate. Meanwhile, dividend income from Eastern Water Resources Development and Management Public Company Limited (EASTW) increased by Baht 31 million. Total expenses of EGCO were Baht 792 million, a decrease of Baht 56 million or 7%. This resulted mainly from a decrease in administrative expenses amounting to Baht 128 million due to lower development expenses and advertising expenses, meanwhile, finance costs increased by Baht 52 million from the interest on the disbursement of revolving loan of Baht 3,500 million in November 2008 and of long-term loan totaling Baht 4,000 million in September ) IPP s total revenues were Baht 6,124 million, a decrease of Baht 1,071 million or 15%. The total expenses were Baht 4,312 million, down by Baht 455 million or 10%. The share of profits from joint ventures before FX was reported at Baht 4,869 million, an increase by Baht 101 million or 2%. The details are as follows: Total Revenues, Total Expenses and Share of Profits (Losses) from JVEs before FX of IPP: Rayong power plant KEGCO BLCP GPG Total %Chg Total revenues 3,787 3,952 2,337 3, ,124 7,195 (15%) Total expenses 2,406 2,448 1,906 2, ,312 4,767 (10%) Profits bf Share of Profits (Losses) from JVEs 1,380 1, ,812 2,428 (25%) Share of Profits (Losses) from JVEs bf FX ,930 3,200 1,939 1,567 4,869 4,767 2% Net Profit bf FX and MI 1,380 1, ,930 3,200 1,939 1,567 6,681 7,195 (7%) 7

8 Sales of electricity of IPP were Baht 6,040 million, representing a decrease of Baht 1,065 million or 15%. The decrease was a result of KEGCO s lower electricity sales by Baht 893 million to register Baht 2,318 million, caused by a decrease in the Base Availability Credit for KEGCO. Moreover, Rayong power plant s electricity sales decreased by Baht 172 million to register Baht 3,722 million from a decrease in the Capacity Rate. These changes were in accordance with the capacity payment formula calculated on a "Cost Plus Basis" under the PPAs and in line with the company's projection. Sales of Electricity IPP: %Changes Rayong power plant 3,722 3,894 (4%) KEGCO 2,318 3,211 (28%) Total Sales of Electricity IPP 6,040 7,105 (15%) The PPAs cover the full amount of the projected fixed costs, debt financing charges and major maintenance charges, which are used in calculating the electricity tariff for each period. Moreover, the calculation of the capacity payment is adjusted to include compensation for the exchange rate effect from debt services and expenses of major maintenance parts denominated in US Dollar. Rayong power plant and KEGCO receive the compensation monthly for each billing period. They receive higher capacity charge than that stated in the original PPAs before the inclusion of foreign exchange indexation if the exchange rate is above Baht 28 per US Dollar and vice versa. For 2009, Rayong power plant and KEGCO received compensation for the exchange rate effect of Baht 214 million. Interest income and others amounted to Baht 84 million, a decrease of Baht 6 million or 7%, mainly from a decrease of KEGCO s interest income by Baht 21 million due to lower deposit amount and interest rate. Meanwhile, other income of Rayong power plant increased by Baht 13 million due to an environmental management fee. Cost of sales totaled Baht 3,052 million, a decrease of Baht 382 million or 11% from a decrease of KEGCO s cost of sales totaling Baht 238 million due to lower major maintenance expenses and heavy oil cost caused by EGAT s dispatch order and Rayong power plant s cost of sales totaling Baht 145 million due to lower major maintenance expenses. Cost of Sales IPP: %Changes Rayong power plant 1,690 1,835 (8%) KEGCO 1,361 1,599 (15%) Total Cost of Sales IPP 3,052 3,434 (11%) 8

9 Administrative expenses and income taxes were Baht 1,032 million, an increase of Baht 41 million or 4%, mainly from the increase of provision for devaluation inventory of Rayong power plant by Baht 133 million. Meanwhile, Rayong power plant s tax payment decreased by Baht 50 million due to lower revenues. The corporate tax reduction BOI privilege for Rayong power plant ended on April 19, Moreover, tax payment at KEGCO decreased by Baht 67 million due to lower revenues. KEGCO s 50% corporate tax reduction BOI privilege on profits from power generation already ended on September 25, Finance costs were Baht 229 million, a decrease of Baht 114 million or 33%, resulting from KEGCO s lower principal amounts of debentures and KEGCO s completion of overseas loan repayment in June Share of profits from joint ventures before FX, BLCP and GPG, was recognised in the amount of Baht 4,869 million, an increase by Baht 101 million or 2% that resulted from an increase of GPG s electricity sales due to the Kaeng Khoi 2 (KK2) unit 2 achieved its Commercial Operating Date (COD) on February 27, Meanwhile, BLCP s electricity sales decreased due to lower in the Base Availability Credit. 3) SPP s total revenues were reported at Baht 2,237 million, an increase of Baht 3 million or 0.14%. The total expenses were Baht 1,972 million, an increase of Baht 11 million or 1%. The share of profits from joint ventures before FX was reported at Baht 325 million, down by Baht 40 million or 11%. The details are as follows: Total Revenues, Total Expenses and Share of Profits (Losses) from JVEs before FX of SPP: EGCO Cogen Roi-Et Green GCC, NKCC, SCC, GYG APBP and AEP* % Chg Total revenues 1,933 1, ,237 2, % Total expenses 1,814 1, ,972 1,961 1% Profits bf Share of Profits (Losses) from JVEs (3%) Share of Profits (Losses) from JVEs bf FX (11%) Net Profit bf FX and MI (8%) * APBP and AEP were sold in May 2008 Sales of electricity of SPP were Baht 2,226 million, representing an increase of Baht 11 million or 0.49%, mainly from Roi-Et Green s electricity sales that increased by Baht 18 million due to higher Energy Charge from higher fuel oil price, which was in accordance with the tariff formula. Meanwhile, EGCO Cogen s electricity sales decreased by Baht 7 million due to lower steam sales. Total 9

10 Sales of Electricity SPP: %Changes EGCO Cogen 1,927 1,935 (0.40%) Roi-Et Green % Total Sales of Electricity SPP 2,226 2, % Interest income and others amounted to Baht 11 million, a decrease of Baht 8 million or 42%, mainly from the lower interest income of EGCO Cogen. Cost of Sales of SPP was reported at Baht 1,847 million, an increase of Baht 11 million or 1%. This was substantially driven by an increase in cost of sales of EGCO Cogen in the amount of Baht 7 million as a result of major maintenance expenses. Cost of Sales SPP : %Changes EGCO Cogen 1,705 1, % Roi-Et Green % Total Cost of Sales SPP 1,847 1,836 1% Administrative expenses and income taxes were Baht 39 million, up by Baht 1 million or 2%. Finance costs were Baht 86 million, a decrease of Baht 1 million or 1%. Share of profits from joint ventures before FX, GCC, NKCC, SCC and GYG, totaled Baht 325 million, a decrease of Baht 40 million or 11% from the disposal of APBP and AEP in May ) Overseas share of profits from joint ventures before FX, Conal, NTPC and Quezon, was reported at Baht 693 million, an increase of Baht 672 million mainly from the recognition of Quezon s share of profit from acquiring 23.40% in December 2008 and 2.60% in March 2009, and an increase of NTPC s other income from the liquidated damages charged to the head contractor due to the project delay. 5) Other Business total revenues were Baht 891 million, a decrease of Baht 142 million or 14%; and total expenses were Baht 674 million, a decrease of Baht 43 million or 6%. Share of losses from the joint ventures before FX were Baht 11 million when compared to the previous year that created the share of profit totaling Baht 4 million. The details are as follows: 10

11 Total Revenues, Total Expenses and Share of Profits (Losses) from JVEs before FX of Other Business: ESCO * ET NED Total % Chg Total revenues ,034 (14%) Total expenses (6%) Profits bf Share of Profits (Losses) from JVEs (32%) Share of Profits (Losses) from JVEs bf FX (11) - (11) 4 N.A. Net Profit bf FX and MI (11) (36%) * AMESCO was sold in May 2008 Service income from ESCO amounted to Baht 611 million, down by Baht 158 million or 21%, resulting mostly from lower maintenance service income and spare parts sale to overseas power plants. Sales of water from ET, were Baht 267 million, up by Baht 38 million, or 17%, thanks to the increase of the tariff and minimum take under the long-term Water Purchase Agreement with Provincial Waterworks Authority. Interest income and others amounted to Baht 13 million, down by Baht 22 million or 64% due to a gain on the sale of AMESCO totaling Baht 15 million in Cost of services was Baht 435 million, a decrease of Baht 96 million or 18% which was in accordance with the decrease in service income. Cost of water sales of ET was Baht 77 million, an increase of Baht 6 million or 9%. Administrative expenses and income taxes totaled Baht 162 million, an increase of Baht 47 million or 40% as a result of ESCO s fine from defaulting on rice husk power plant construction amounted to Baht 37 million as well as from higher tax payment of ET in the amount of Baht 46 million due to the end of corporate tax reduction on February Meanwhile, ESCO s corporate tax decreased by Baht 38 million from lower revenues. Share of losses from joint ventures before FX totaled Baht 11 million from the acquisition of NED, natural energy developing in Thailand, in July Compared to the previous year, a share of profit of ESCO was Baht 4 million from AMESCO, which was sold in May

12 4. Report and Analysis of Financial Position 4.1 Asset Analysis As at December 31, 2009, total assets of EGCO, its subsidiaries and interests in joint ventures amounted to Baht 62,920 million, an increase of Baht 4,590 million or 8% from December 31, The important details are as follows: 70,000 60,000 50,000 62,920 58, ,000 30,000 20,000 10, ,923 6, ,166 28,529 24,494 15,068 17,041 10,452 9,596 Total Assets Cash,ST & LT Investment ST & LT Investment as Collateral Inv. in Subs. &Interests in JVEs Property, Plant and Equip (net) Others 1) Cash and deposits at financial institutions, and short-term and long-term marketable securities were Baht 7,923 million or 13% of the total assets, up Baht 1,891 million or 31%. This resulted mainly from EGCO s drawn down of a long-term loan amounting to Baht 4,000 million, dividends from joint ventures totaling Baht 3,563 million, dividend of Baht 109 million received from EASTW, higher market price of EASTW by Baht 511 million and net cash receipts from operating activities of Baht 4,165 million. Meanwhile, dividend payment to shareholders amounted to Baht 2,708 million, an investment in joint ventures was Baht 2,549 million, a short-term investment in financial institutions was Baht 556 million and principal repayment and interest payment totaled Baht 5,088 million. 2) Short-term and long-term investments used as collateral were Baht 947 million or 2% of the total assets, down Baht 219 million or 19%. This increase mainly came from the principal repayment and interest payment of KEGCO. 3) Investment in subsidiaries and interests in joint ventures recorded under the equity method in the consolidated financial statements as at December 31, 2009 amounted to Baht 28,529 million or 45% of the total assets, up Baht 4,035 million or 16%. The major change can be defined as follows: 3.1) An increase in share of profit from investment according to the equity method amounting to Baht 6,323 million.

13 3.2) An increase in share capital of a joint venture, Quezon and PGS, totaling Baht 1,038 million. 3.3) The transfer of net liabilities to interests in joint ventures, NTPC, totaling Baht 1,361 million. 3.4) Dividends received from BLCP, GEC, Conal and Quezon by Baht 4,428 million. 3.5) Loss from the translation of foreign currencies to Thai Baht on the net investment in foreign joint ventures, Conal and Quezon, totaling Baht 259 million. For the company financial statements, the original cost was applied for recording the investment in subsidiaries and interests in joint ventures at the beginning; the book value as at December 31, 2009 was Baht 32,219 million, down Baht 2,105 million, mainly due to transferring REGCO to EGCO. 4) Property, plant and equipment (net) totaled Baht 15,068 million or 24% of the total assets. They were down Baht 1,973 million or 12% due to the decrease in property, plant and equipment from the depreciation of EGCO and subsidiaries assets totaling Baht 2,214 million and the reclassification of unutilised capital spare parts from property, plant and equipment to spare parts and supplies at Rayong power plant, EGCO Cogen and KEGCO totaling Baht 216 million. Meanwhile, there was a recording of capital spare parts as property, plant and equipment following the major maintenance at Rayong power plant, EGCO Cogen and KEGCO in the amount of Baht 273 million and net purchase of property, plant and equipment totaled Baht 184 million. 5) Other assets were Baht 10,452 million or 17% of the total assets, up Baht 856 million or 9% mainly from higher dividends receivable from joint ventures by Baht 865 million. 4.2 Liability Analysis As at December 31, 2009, the EGCO Group's total liabilities were Baht 11,826 million, which was Baht 962 million or 8% lower than the amount as at December 31, The total liabilities consist of the following: 1) Short-term loans of Baht 3,500 million were repaid in October ) Long-term loans and debentures totaled Baht 10,716 million, or 91% of total liabilities, up Baht 2,946 million or 38%. This mainly came from EGCO s drawn down of a long-term loan amounting to Baht 4,000 million. Meanwhile, KEGCO, EGCO Cogen and Roi-Et Green repaid the principal of debentures and long-term loans. The details are as follows: - USD loans in the amount of USD 16 million - Yen loans in the amount of Yen 671 million - Baht loans in the amount of Baht 8,555 million THB USD - Baht debentures in the amount of Baht 1,410 million 13 80% JPY 2% THB Debenture 13% 5%

14 Maturity of long-term loans and debentures as of December 31, 2009 EGCO KEGCO EGCO Cogen Roi-Et Green Within 1 Year Years 4, > 5 Years 4, Total 8,000 1,410 1, Long-term loans and debentures are secured liabilities over land, buildings, power plants and equipments of subsidiaries. The subsidiaries have to maintain cash reserves as at December 31, 2009 totaling Baht 223 million for the purpose of payment of principal and interest due within one year. 3) Other liabilities amounted to Baht 1,110 million or 9% of total liabilities, representing a decrease of Baht 408 million or 27% which mostly resulted from the decrease in Rayong power plant, KEGCO and ESCO s income tax payable. 4.3 Shareholders' Equity Analysis As at December 31, 2009, Shareholders' Equity amounted to Baht 51,093 million, which was Baht 5,551 million or 12% higher than the amount as at December 31, This was mainly from 3 factors as follows: 1. The net profit in the consolidated financial statements amounted to Baht 7,936 million, while appropriated dividend totaled Baht 2,619 million made the increasing of retained earnings by Baht 5,317 million. 2. The market price of available-for-sale investment in EASTW increased by Baht 511 million. 3. Loss from the translation of foreign currencies to Thai Baht on the net investment in foreign joint ventures, Conal, NTPC and Quezon, totaling Baht 322 million. The analysis of the company's capital structure as at December 31, 2009 can be summarized as follows: Shareholders' equity was Baht 51,093 million or 81.20%. Liabilities were Baht 11,826 million or 18.80%. Equity 81.20% Important financial ratios were as follows: - Debt to equity ratio was 0.23 times, lower than 0.28 times at the end of Book value per share was Baht 96.06, higher than Baht at the end of Debt 18.80% 14

15 5. Report and Analysis of Cash Flow Position Cash Flow Statement shows the change in cash flows from operating activities, investing activities, and financing activities at the end of the accounting period, and indicates the ending balance of the cash and the cash equivalents. As at December 31, 2009, the ending balance of the cash and the cash equivalent was Baht 5,855 million, which was Baht 876 million higher than the amount as at December 31, The details of the sources and uses of funds are as follows: -Net cash received from operating activities totaled Baht 4,165 million. This was cash received from operating activities of Baht 5,211 million. Whereas cash payment for corporate income tax was Baht 653 million and cash payment for working capital was Baht 393 million.. -Net cash received from investing activities was Baht 508 million mainly due to dividend received from joint ventures and EASTW amounting to Baht 3,563 million and Baht 109 million, respectively. Meanwhile, an investment in joint ventures was Baht 2,549 million and a short-term investment in financial institutions was Baht 556 million. -Net cash payment for financing activities was Baht 3,797 million mainly due to the dividend payment to shareholders amounting to Baht 2,708 million and principal repayment and interest payment of EGCO, KEGCO, EGCO Cogen and Roi-Et Green totaling Baht 5,088 million. Meanwhile, EGCO drew down a long-term loan amounting to Baht 4,000 million. In 2009, the analysis of the company s liquidity ratios is as follows: - Current ratio was 8.30 times, compared to 2.58 times in Quick ratio was 4.35 times, compared to 1.34 times in Both ratios were higher than the ratios in 2008 due to the repayment of short-term loan of EGCO amounting to Baht 3,500 million. 15

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