Ratchaburi Electricity Generating Holding PCL.
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2.4 Gain on disposal of long-term investment
and long-term receivable
In June 2012, RAC sold 14.03 per cent of the
investment in Loy Yang A Power Plant and recorded
gain on disposal of long-term investment in the amount
of Baht 783.68 million, comprising AUD 20 million
cash and Scheduled Payment Option Agreement. In
June 2013, RAC sold such agreement together with
Scheduled Payment Deed Interest to 4 assignees at
the purchase price of AUD 120.96 million (equivalent
to Baht 3,518.06 million) and recognized gain on sale
of long-term receivable in the amount of AUD 22.21
million (equivalent to Baht 645.83 million).
2.5 Other income
Other income for the year 2013 was Baht 407.57
million, increasing by Baht 180.72 million or 79.66
per cent from Baht 226.85 million in the year 2012.
The main reason was RAC and RG recorded insurance
compensations for equipment failures from insurance
companies in the amount of Baht 67.83 million and
Baht 11.58 million, respectively. In addition, RAC
recorded a compensation for pollution reduction from
Australian government and coal compensation after
the termination of Collinsville Power Station Power
Purchase Agreement increasing in the total amount of
Baht 54.04 million.
2.6 Administrative expenses
Administrative expenses for the year 2013
were Baht 1,761.90 million, increasing by Baht 243.83
million or 16.06 per cent from Baht 1,518.07 million in
the year 2012. The main reason was the development
cost of Nam Ngum 3 Hydro Power Plant Project was
written off in the amount of Baht 315 million due to
the cancellation of project development contract by
Lao PDR government. In addition, the development
cost of Koh Kong Power Plant Project was written off
in the total amount of Baht 29.14 million.
2.7 Finance costs
Finance costs for the year 2013 were Baht
1,633.39 million, decreasing by Baht 766.63 million or
31.94 per cent from Baht 2,400.02 million in the year
2012. The main reasons were the principal prepayment
and the loan restructuring of RAC as well as the
depreciation of Australian Dollar comparing to the
previous year decreased interest expenses of RAC in
the amount of Baht 639.41 million. In addition, interest
expenses of RG decreased in the amount of Baht 125.46
million due to the quarterly principal repayments.
2.8. Share of profits in jointly-controlled and
associated entities
Share of profits in jointly-controlled and
associated entities for the year 2013 was Baht 958.47
million, increasing by Baht 207.87 million or 27.69 per
cent from Baht 750.60 million in the year 2012. The
main reason was the commencement of commercial
operation in jointly-controlled and associated entities,
as follows;
(1) Solarta Company Limited, a jointly-controlled
entity, has fully operated its 8 solar farms with the total
generating capacity of 34.25 Megawatts since November
2012. As a result, the share of profits of the year 2013
in the portion of 49 per cent increased in the amount
of Baht 84.14 million.
(2) First Korat Wind Company Limited, an
associated entity, has operated its wind farm project
with the generating capacity of 103.5 Megawatts since
November 2012. As a result, the share of profits of the
year 2013 in the portion of 20 per cent increased in
the amount of Baht 128.65 million.
(3) K.R. Two Company Limited, an associated
entity, has operated its wind farm project with the
generating capacity of 103.5 Megawatts since February
2013. As a result, the share of profits of the year 2013
in the portion of 20 per cent increased in the amount
of Baht 101.47 million.
2.9 Income tax expense
Income tax expense in the year 2013 was Baht
1,293.73 million, increasing by Baht 406.49 million or
45.82 per cent from Baht 887.24 million in the year
2012. The main reason was, in the year 2012, RAC
recorded deferred tax assets in the amount of Baht
647.40 million. On the other hand, the income tax of
RG decreased in the amount of Baht 257.42 million
due to the decrease in the profit before tax, as well
as, a reduction of corporate income tax rate in the year
2013 from 23 per cent to 20 per cent.
