Message from our Board Chairman
In 2017, our Company continues to be fully committed to its business operations in pursuit of achievement of the missions and strategies promised to our shareholders to generate solid, stable and fair returns for them, and in the meantime, we always realize the importance of the communities, society, environment, and stakeholders of all sectors. In 2017, our significant missions accomplished included the successful issuance and offering for sale of the debentures by Nam Ngum 2 Power Company Limited on October 5, 2017, in the amount of Baht 6,000 Million, to make the debt repayment to the financial institutions, and as a result of the issued debentures, TRIS Rating Co., Ltd. had affirmed its corporate rate at “A/Stable” and affirmed its debentures at “A-/Stable” and got “IFR ASIA’s DOMESTIC BOND OF THE YEAR 2017”, respectively, thereby reducing our finance cost by Baht 1,000 Million; and the attainment of the commercial operation of Bangpa-in Cogeneration Limited’s BIC2 Project on June 29, 2017, thereby resulting in our recognition of revenue from sales of electricity in BIC2 Project since mid-2017. Not to mention the projects under construction, which have been progressing according to plan and within the budget, were the improvement of voltage and construction of the 230/500 kV Nabong Substation, scheduled to be completed in mid-2018, which currently is 86% completed; and the Xayaburi Project, which is 88% completed, with commencement of its commercial operation expected to be achieved by the end of 2019, the latter of which is considered a large-scale project that is significant to create the value added for the Company under the mission obligated to our shareholders.
Aside from our commitment to generating the substantial returns, 2017 was a year of our success in the corporate improvements through restructuring of our Company and the managerial policies within the company group to improve work efficiency, alongside development and enhancement of personnel potential, particularly among other things, shared service center to ensure smooth management of the Company, its subsidiaries and affiliated companies. We have also implemented the SAP system for our operations and information management to prepare the way for the upcoming projects.
Through investments made in various types of power projects, the Company, as a private entity, is not only aimed to play a part in building stability in the energy sector for Thailand and other Asian countries, the Company is also committed to our responsibilities for bringing benefits to the communities, society and country, in a manner which has emphasized projects in which the Company has readiness and expertise, in order to provide assistance in solving the problem of poverty encountered by underprivileged persons in remote areas with the state-of-the-art engineering innovations as suitable for any such areas to ensure that infrastructure, namely, electricity and water, is available to them. For that reason, the “Firefly Project” has been initiated, from which we has employed our engineering knowledge and capabilities to build various types of energy sources and store water for consumption during the dry season, together with the structural improvement of school buildings. In 2017, the Firefly Project was implemented for the second year in a row, by supporting construction of weirs and Ferro-cement tank along with improvement of school buildings and canteen for the Ban Mae Loe Border Patrol Police Learning Center, Tambon Sao Hin, Amphoe Mae Sariang, Mae Hong Son Province. Such activities were performed not only to sustainably give back to the society, but also to foster the sense of volunteer spirit and harmony in our management and staff in accordance with His Majesty the late King Bhumibol Adulyadej’s royal guidance.
I, on behalf of all directors, executives, and employees of CK Power Public Company Limited, would like to extend our thanks to all of our shareholders, counterparts, lending financial institutions, alliances, and stakeholders of all sectors for your trust in the Company’s potential and continued support, regarded as our driving force in overcoming obstacles and behind our future growth. The Company continues to keep its commitment to generating solid returns, and adhering to the code of business ethics, alongside truly upholding our responsibilities for the society and stakeholders of all sectors. These enable us to play a part of mechanism in striving to sustainably provide benefits to the country and to become a leading company in the power generation business of Thailand and the Asian region.