Glow Energy Public Company Limited
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Glow Energy Public Company Financial Snapshot
Limited Operating Performance
Fast Facts The company reported revenue of US$1,116.02
million during the fiscal year 2010 (2010). The
195 Empire Tower, Floor 38, Bangkok, company's revenue grew at a CAGR of 6.75% during
Headquarters Address
10120,Thailand 2006–2010, with an annual growth of 11.82% over
2009. In 2010, the company recorded an operating
Telephone + 66 2 6701500
margin of 23.33%, as against 17.25% in 2009.
Fax + 66 2 6701548
Revenue and Margins
Website www.glow.co.th
GLOW, Stock Exchange of Thailand
Ticker Symbol, Stock Exchange
(Bangkok)
Number of Employees 700
Fiscal Year End December
Revenue (in US$ million) 1,116.02
Revenue (in THB million) 35,656.98
Return on Equity
SWOT Analysis The company recorded a return on equity (ROE) of
16.92% for 2010, as compared to its peers, CLP
Strengths Weaknesses Holdings Limited (Ticker: 0002), Electricity Generating
Public Company Limited (Ticker: EGCO) and
Association with GDF Suez High debt to equity ratio Ratchaburi Electricity Generating Holding Public
Company Limited (Ticker: RATCH), which recorded
ROEs of 12.97%, 12.51% and 11.23% respectively.
Strong financial performance Overdependence on EGAT The company reported a net profit margin of 23.33%
in 2010.
Strong financial performance
Return on Equity
Opportunities Threats
Adverse economic situation and
Extending power supply agreement:
weather conditions
Focus on alternative sources of energy Fluctuations in foreign currencies:
Project Development Initiatives Stringent regulations
Liquidity Position
The company reported a current ratio of 1.84 in 2010,
as compared to its peers, CLP Holdings Limited,
Electricity Generating Public Company Limited and
Ratchaburi Electricity Generating Holding Public
Company Limited, which recorded current ratios of
0.71, 10.26 and 2.00 respectively. As of December
2010, the company recorded cash and short-term
investments of worth US$327.16 million, against
US$119.53 million current debt. The company
reported a debt to equity ratio of 1.88 in 2010 as
compared to its peers, CLP Holdings Limited,
Electricity Generating Public Company Limited and
Ratchaburi Electricity Generating Holding Public
Company Limited, which recorded debt to equity
ratios of 0.90, 0.18 and 0.36 respectively.
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Glow Energy Public Company Limited - SWOT Profile Page 1
Glow Energy Public Company Limited
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TABLE OF CONTENTS
1 Business Analysis ................................................................................................................................... 5
1.1 Company Overview ................................................................................................................................................5
1.2 Business Description ..............................................................................................................................................5
1.3 Major Products and Services .................................................................................................................................7
2 Analysis of Key Performance Indicators ............................................................................................... 8
2.1 Five Year Snapshot: Overview of Financial and Operational Performance Indicators ..........................................8
2.2 Key Financial Performance Indicators .................................................................................................................11
2.2.1 Revenue and Operating Profit .........................................................................................................................11
2.2.2 Asset, Liabilities and Capex .............................................................................................................................12
2.2.3 Net Debt vs. Gearing Ratio ..............................................................................................................................13
2.2.4 Operational Efficiency ......................................................................................................................................14
2.2.5 Solvency ..........................................................................................................................................................15
2.2.6 Valuation ..........................................................................................................................................................16
2.3 Key Competitors ...................................................................................................................................................17
3 Mergers & Acquisitions and Partnerships ........................................................................................... 18
3.1 M&A and Partnerships Strategy ...........................................................................................................................18
4 SWOT Analysis ...................................................................................................................................... 20
4.1 SWOT Analysis - Overview ..................................................................................................................................20
4.2 Strengths ........................................................................................................................