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Third Quarter / YTD September 2013Financial & Operating Results
30 October 2013
2
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
3
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
5,646 5,570
5,058 5,659
823 968
9M2012 9M2013
FINANCIAL HIGHLIGHTS
9M 2006
REVENUE (in million pesos)
Flour Feeds Farms
4
11,527 6%
1,883 1 ,785 1 ,902 1 ,946
1 ,795 1 ,932 1 ,932 1 ,727
327 332 308 291
1Q2013 2Q2013 3Q2013 3Q2012
4,005 4,049 3,964
2% 4%
QUARTERLY BREAKDOWN12,196
4,142
772 666
570 543
121 309
9M2012 9M2013
FINANCIAL HIGHLIGHTS
EBITDA (in million pesos)
Flour Feeds Farms
5
1,5181,463 4%
268 207 192
303
163 193 187
220
113 115
80
75
1Q2013 2Q2013 3Q2013 3Q2012
544515
59811% 23%
QUARTERLY BREAKDOWN
459
409 348
470 434
27 149
9M2012 9M2013
FINANCIAL HIGHLIGHTS
NET INCOME (in million pesos)
Flour Feeds Farms
6
932906
3%
144 86
119 164
125
161 148
185
56 58 35
34
1Q2013 2Q2013 3Q2013 3Q2012
326304 302
1% 21%
QUARTERLY BREAKDOWN
384
OPERATING HIGHLIGHTS – Flour Division
7
163,792 167,948
9M2012 9M2013
3%
Sales VolumeIn MT
862 829
157 144
9M2012 9M2013
Average Selling Prices and Gross Profit
Peso/bag
Average Selling Price Gross Profit
198,405 222,842
9M2012 9M2013
Sales Volume In MT
Average Selling Prices and Income Over Ingredient Cost
Peso/MT
12%
OPERATING HIGHLIGHTS – Feeds Division
22,853 23,244
5,967 5,415
9M2012 9M2013
8Average Selling Price Income Over Ingredient Cost
8,454 8,430
9M2012 9M2013
Sales VolumeIn ‘000 kilos
Average Selling Prices and Gross Profit
Peso/kilo
0.28%
OPERATING HIGHLIGHTS – Farms Division
95 110
8
31
9M2012 9M2013
9
Average Selling Price Gross Profit
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
10
AGENDA
11
Net income underpinned by trading gains, supplemented by net interest income and income contribution from CitySavings
16%
49%
Non-interest income rose on higher fee-based incomeand trading gains
9,3082,532
39%+100%-5%
+161%
174%
-86%
+40%
7,088
1,540
31% +4%
+11%
-57%
+84%
+168%
+49%
12
Net interest income improved on account of expansion in earning assets
37%
47bps
17%
31%
13
Deposit base continued to exhibit strong growth
32%62%
262 238
+51% +24%
6668
+23%+26%
28% 23%
14
Credit portfolio posted double-digit growth led by robust expansion in retail loans
115
89
-13%
+7%-13%
29%
+23%
+16%
15
Operating expenses rose on tax-related expenses and consolidation of CitySavings
17%
26%
2,178
6,966
1,854
5,512
-2%
+20%
+4%
+63%
16
Key financial ratios maintained at high levels
17
Capital ratios remained healthy and supportive of growth
18
Source: Bloomberg, 9/30/12= 100
UBP stock performed at par with the stock market and slightly better than the financial index
19
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
20
AGENDA
FINANCIAL HIGHLIGHTS
Revenue dropped as new sales came from newly launched projects
REVENUE (in Php millions)
11%
21
FINANCIAL HIGHLIGHTS
EBITDA (in Php millions)
Decline in EBITDA and NIAT due to lower revenues
NIAT (in Php millions)
9%
9%
22
FINANCIAL HIGHLIGHTS
Sales growth driven by The Persimmon Studios and launch of 2 new residential projects: Priveya Hills 2 and Almiya
14%
SALES (in Php millions)
23
24
AboitizLand to exceed its target CAPEX of P1 billion
• Land acquisition initiatives
• Priveya Hills Phase 1 and 2
• Persimmon Studios
• Ajoya
CAPITAL EXPENDITURE
24
RESIDENTIAL
Phase 2 launched in April
High-end lot-only subdivision
Phase 1 launched in June
House & Lot ; mid-market
Construction contract awarded in October
Building construction to commence in November
25
COMMERCIAL
Opening of The Outlets slated for Dec 2013
26
GROWTH INITIATIVES
Mactan International Airport bid submission : Nov 15, 2013
Lima Land Acquisition
Acquired 60% of Lima Land in Oct
PPP: Cala-X Partnered with Ayala Infrastructure and Macquarie Infrastructure for Cala-X project
Pre-qualification documents submitted
PPP: Mactan Airport
50-50 JV with Ayala Land Inc. to develop strategic properties Working on details of the agreement
Assessing properties for consideration
27
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
28
749 879 801 765
3,971 4,100 4,031
5,820
1Q2013 2Q2013 3Q2013 3Q20122,180 2,429
17,153 12,102
9M2012 9M2013
14,280EPS = P1.94
22%
NET INCOME (in million pesos)
-29%
+11%
29
4,595 4,918
6,200
QUARTERLY BREAKDOWN
3% 23%
Distribution Generation AP Parent & Others
18,383EPS = P2.50
4,767
2,180 2,429
16,426 13,618
9M2012 9M2013
749 879 801 765
3,879
5,537
4,202
5,837
1Q2013 2Q2013 3Q2013 3Q2012
30
CORE NET INCOME (in million pesos)
15,804EPS = P2.1512%
-17%
+11%
4,533
6,353 6,366
QUARTERLY BREAKDOWN
23%
N on- Recurring Items9M20 12 9M20 13
FX gains/(loss) - Parent (62) 22 Debt prepayment costs (181) (93) FX gains/(loss) - Generation 1,227 (1,458) TMI Revenue Adjustment (263) 5 Gain on redemption 14 Fuel cost adjustment (238)
497 (1,524)
Distribution Generation AP Parent & Others
17,886EPS = P2.43
Non-Recurring Items1Q2013 2Q2013 3Q2013 3Q2012
FX gains/(loss) 154 (1,435) (156) 220 Gain on redemption 5 TMI Revenue Adjustment (263) Debt prepayment costs (93) (122)
62 (1,435) (151) (165)
4,918
23%
1,228 1,399 1,305 1,238
6,471
8,572
7,106 8,288
1Q2013 2Q2013 3Q2013 3Q2012
3,513 3,932
23,995 22,149
9M2012 9M2013
31
BENEFICIAL EBITDA (in million pesos)
25,9045%
-8%
+ 12%
7,634
9,9169,479
QUARTERLY BREAKDOWN
16% 12%
Distribution Generation AP Parent & Others
27,364
8,353
856 532
385 683
170 227 152 73
9M2012 9M2013
Energy contracts Capacity contracts Spot market Ancillary
OPERATING HIGHLIGHTS: GENERATION
32
ENERGY SALES BREAKDOWN (GWh)
5,503 5,291
1,294 1,474 1,118 1,484
9M2012 9M2013
Energy contracts Capacity contracts Spot market
CAPACITY SALES BREAKDOWN (MW)
8,248
P/kWh 9M2012 9M2013
Bilateral 5.23 4.73
Spot Market 5.89 4.54
1,5144% 3%
7,9151,562
Open Access – Market Profile
CUSTOMERS DEMANDNUMBER MW
TOTAL CON TE STABLE MARKE T 817 1,500CON TRACTE D CON TE STABLE CUSTOME RS 233 29% 772 51%AP CON TRACTE D CON TE STABLE CUSTOME RS 49 21% 279 36%
33
• In September 2012, the ERC declared the start of Open Access on December 26, 2012..
• Commercial transactions under an interim development system have been
implemented starting June 26, 2013.
• Contracts range from 3 to 10 years.
OPERATING HIGHLIGHTS: GENERATION
APC Portfolio Contracts - Tenors
34
OPERATING HIGHLIGHTS: GENERATION
All Contracts (As of September 2013)All Contracts (As of End of 2011)
Less than 5 YRS,
456, 36%
5 to 10 YRS, 612,
49%
10 to 20 YRS, 186,
15%
All Contracts (Tenor, MW, % of Total)
Less than 5YRS, 1,081, 91%
5 to 10 YRS,24, 2%
10 to 20 YRS, 85,
7%
All Contracts (Tenor, MW, % of Total)
57%
17%26%
35
13%
71%
16%
With Off-taker Generation Based With Off-taker Capacity Based Without Off-taker
355MW
305 MW1,622 MW
2012 As of September 2013
605 MW
1,305 MW
381 MW
Bulk of the Power Supply Agreements are now under capacity-based contracts
OPERATING HIGHLIGHTS: GENERATION
Notes: • 225 MW under capacity-based contracts, which represents the recently-signed contract of Therma Mobile with Meralco, is
still subject to ERC approval• With Off-taker Capacity Based includes 90 MW of firm ancillary offers under the new ASPAs for Magat and Pagbilao• Includes diversity equivalent to 94 MW • Open access contracts implemented – 259 MW
Y T D Pr ic esPea k Off Pea k Al l H ours
2011 4,796 2,035 3,508 2012 6,502 2,558 4,639 Sept 2012 6,209 2,630 4,496 Sept 2013 5,543 2,304 3,768
Note: 1. Calculated based on raw data provided by WESM as of September 2013. July 26
– October 25, 2008 prices are reflective of NPC TOU rates. Source: WESM, SNAP
• Gas curtailments
• Low Hydro
• High Outages
• Fuel limitations
• Forced outages of Masinloc, StaRita, Malaya & Ilijan
• High Outage: 1 unit of Sual and Calaca on outage
• Hydros still on minimal output
• Pagbilao and Calaca plants on outage
• Maintenance of Sual and Sta. Rita
• Units from Sual, Pagbilao, and Calac coal plants on outage
• Malampayamaintenance
• Record demand levels due to warm weather
OPERATING HIGHLIGHTS: 9M2013 WESM HIGHLIGHTS
WESM TIME WTD AVERAGE PRICES (P/MWh) – Luzon Grid
36
8 09
1,026
9M2012 9M2013
27%
ATTRIBUTABLE ENERGY SALES (GWh)
9M2012
9M2013
OPERATING HIGHLIGHTS: HYDRO
CONTRACTED ENERGY (GWh), at 100%
SPOT MARKET (GWh), at 100%
NET CAPACITY SOLD FACTOR
144 132 303
98 171 105 201 187 110
Hedcor Sibulan
HEDCOR LHC SNAP Magat SNAP Benguet
311 344 471
306
SNAP Magat SNAP Benguet
52% 50%27%
99%
54%61%42% 49% 50% 58%
Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet
37
1,717
531
285
422
9M2012 9M2013
OPERATING HIGHLIGHTS: HYDRO
38
SNAP MAGAT & SNAP BENGUET ANCILLARY SERVICES(at 100%)
Ancillary Revenues(in million pesos)
Accepted & Billed Capacity(in GW/h)
7,945
2,319
1,402
1,628
9M2012 9M2013
SNAP Magat
SNAP Benguet
3,947
2,002
953
58% 52%
9M2012 9M2013
P/kW/h 4.67 4.14
9,348
-
50
100
150
200
250
300
350
400
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Nominated Ancillary Accepted Ancillary
Operating Highlights: Hydro
ANCILLARY SERVICES – Nomination and Acceptance
Nominated and Accepted Ancillary (GW/h)
2012 2013
39
8
191
9M2012 9M2013
2,491
1,562
94
566
9M2012 9M2013
4.72 4.67
3.21 3.72
4.66 4.42
9M2012 9M2013
BCQ WESM WTD Ave
OPERATING HIGHLIGHTS: GEOTHERMAL
40
Energy Sales(in GWh)
Average Selling Prices (P/kWh)
Steam Vented (GWh)
AP RENEWABLES (Tiwi-Makban)
18 %2,585
2,127
BCQ
WESM
Capacity Sold Factor 85% 81%
Steam & Purchased Power -P1.37/kWh
Steam & Purchased Power -P1.61/kWh
Situation under GRSC (July 2013)
• For July 2013, APRI was selling energy on a peaking profile, as shown in the graph. The rest of the capacity (total of 71 GWh) was vented.
• On average, market prices are below GRSC fuel cost during off-peak hours, which limit Spot sales opportunities. • An interim agreement supplementing the GRSC was implemented on Aug. 14, 2013. This will result in a lower fuel
cost during off-peak hours, thus allowing AP to maximize sales even during this period.
PEAK
OPERATING HIGHLIGHTS: GEOTHERMAL
41
Situation under 50:50 Sharing (Effective Aug. 2013)
• The Interim Agreement with PGPC (formerly Chevron) proposed a revenue sharing arrangement when Market Prices are less than GRSC (fuel cost)
• Under these market conditions (WESM Price < GRSC) APRI is assured that its Fuel Cost will be 50% of its selling price to WESM
• The arrangement has a two fold effect:• Margin Improvement • Incremental sales
PEAK
OPERATING HIGHLIGHTS: GEOTHERMAL
42
1,193
3,180
1,139
3,886
1,074
3,577
1,121
4,239
STEAG TLI CEDC
ENERGY SALES (GWh)
NET CAPACITY SOLD FACTOR
9M2012
9M2013
9%
43
OPERATING HIGHLIGHTS: COAL
95%69%
101%96%83% 93%
STEAG TLI CEDC
Attributable Energy Sales
5.13
5.85
5.28
BCQ WESM WTD Ave
THERMA LUZON (Pagbilao)
9M2013 Average Selling PriceP/kWh
44
OPERATING HIGHLIGHTS: COAL
Energy Sales(in GWh)
2,532 3,097
648
480
9M2012 9M2013
9M2012 Average Selling PriceP/kWh
3,577
12%
BCQ
WESM
4.27
5.28
4.41
BCQ WESM WTD Ave
3,180Coal + Energy Fee + Purchased Power =
P2.60/kWh
Coal + Energy Fee + Purchased Power = P1.86/kWh
ENERGY SALES (GWh)
AttributableEnergy Sales
NET CAPACITY SOLD FACTOR
9M2012
9M2013
45
OPERATING HIGHLIGHTS: OIL
71%
97% 100% 100% 94%
68%
96% 100% 100%91%
EAUC CPPC SPPC WMPC Therma Marine
35%
60 124
223 401 404
634
70 109 233
426
624
856
EAUC CPPC SPPC WMPC Therma Marine
772
2,163
2,935
816
2,208
3,024
Residential Commercial & Industrial Total Power Sales
9M2012 9M2013
3,142 3,322 3,606 3,727 3,934 2,935 3,024
2008 2009 2010 2011 2012 9M2012 9M2013
BENEFICIAL POWER SALES (Gwhr)
3%
BENEFICIAL GWH SALES GROWTH(BY CUSTOMER TYPE)
3%
PEAK DEMAND (MW)
2%
6%
2%
OPERATING HIGHLIGHTS: DISTRIBUTION
46
289 4 33
21 89 90
22 34
978
30 4 433
25 94 91
21 33
999
D L PC VECO CL PC SFELAPCO SEZ MEZ BEZ T otal
9M 2 012 9M 2 013
1.27 1.21
1.16
1.25
1.44
1.60
1.73
2007 2008 2009 2010 2011 2012 Sept-13
SYSTEMS LOSSGROSS MARGIN / KWH SALE
OPERATING HIGHLIGHTS: DISTRIBUTION
47
* Adjusted for timing of transmission charge recovery
** Year-to-date
1% 2%
4%
3%
7.8%9.0 %
10 .6%
1% 1%
4%
0%
8.0% 7.9% 7.9%
SFELAPCOSEZ Davao Light
Visayan Electric
Cotabato Light
MEZ BEZ
9M2012
9M2013
Gov’t Cap – 8.50%
**
**
FINANCIAL CONDITION
48
BALANCE SHEET(In million Pesos)
Cash and Equivalents
YE2012
Total Assets
Total Interest Bearing Debt
Total Liabilities
Net Debt
Total Equity
Current Ratio
Net Debt to Equity
Investments and Advances
End Sept 2013
3,457
74,153
-
12,346
-
61,807
0.3x
-
70,025
PARENT
YE2012 End Sept 2013
15,546
157,442
58,477
72,555
42,932
84,888
2.3x
0.5x
27,763
CONSOLIDATED
8,234
71,120
4,970
6,694
-
64,426
62,411
5.0x
-
30,678
163,137
66,879
80,635
36,201
82,502
2.7x
0.4x
25,831
49
Project Update
FIVE YEAR PROJECT PIPELINE TO SECURE LONG-TERM GROWTH
LUZON GRID VISAYAS GRID MINDANAO GRID Subic Coal 600 MW (2017)
Sabangan Hydro 14 MW (2015)
Pagbilao Coal 400 MW (2017)
Cebu Coal 300 MW Davao Coal 300 MW (2015)
Davao Coal 3rd Unit 150 MW
Tudaya 14 MW (2014)
Tamugan 12 MW (2016)
Manolo Fortich 52 MW
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
50
AGENDA
CONSOLIDATED PROFIT & LOSS (In Million Pesos)
Revenues
Equity Earnings
EBITDA
Net Income
Core Net Income
3Q2012 3Q2013
20,447 20,162
3,466 2,127
10,793 8,802
6,213 4,643
% Ch
-1%
-39%
-18%
-25%
6,340 4,733 -25%
9M2012 9M2013
60,791 58,977
10,577 7,450
30,847 28,535
18,023 16,558
% Ch
-3%
-30%
-7%
-8%
17,642 16,431 -7%
51
3,530 3,779 3,662 4,764
1,794 980 540
1,122 325 305
301
384 1,156
1Q2013 2Q2013 3Q2013 3Q2012
NET INCOME (In Million Pesos)
52
6,849
5,067
8% 25%
4,643
QUARTERLY BREAKDOWN
14,124 10,971
3,080
3,314
906
932 1,178
9M2012 9M2013
16,558EPS = P3.00
8%
18,023EPS = P3.26
Power Banking Food Parent & OthersReal Estate
6,213
3,483 4 ,881
3,778 4 ,892
1,794
980
54 0
1,122 325 305
301
384
1Q2013 2Q2013 3Q2013 3Q2012
CORE NET INCOME (In Million Pesos)
53
25%5,5296,169
4,733
QUARTERLY BREAKDOWN
Non-Recurring Items9M2012 9M2013
Parent (1) 1,298 Power 382 (1,171) Total Gains/(Losses) 381 128
13,743 12,142
3,080 3,314
906 932
9M2012 9M2013
7%
16,431EPS = P2.98
17,642EPS = P3.20
25%
Power Banking Food Parent & OthersReal Estate
Non-Recurring Items1Q20 13 2Q20 13 3Q20 13 3Q20 12
Parent 1,272 0.1 26 - Power 47 (1,102) (116) (127)
Total Gains/(Losses) 1,320 (1,102) (90) (127)
6,340
30,847
26,145 28,535
25,435
EBITDA (Consolidated) EBITDA (Beneficial)
9M2012 9M2013
EBITDA (In Million Pesos)
54
7%
3%
3,982
1,194
YE 2012 9M 2013
232 20 8
Y E2012 9M 2013
PARENT NET DEBT (In Million Pesos)
Parent net debt decreased by 28%
Cash & Equivalents
Long-term Debt
55
10%
70%
5,988
4,284
YE 2012 9M 2013
CONSOLIDATED BALANCE SHEET / KEY RATIOS
56
(In Million Pesos, except ratios)
Cash and Cash Equivalents
YE 2012 9M 2013 % Change
Total Assets
Total Liabilities
Total Equity
Book Value Per Share
Current Ratio
Debt to Equity
Net Debt to Equity
33,731
222,419
109,473
112,946
16.48
2.6x
0.97x
0.45x
18,103
201,610
86,401
115,209
16.84
1.9x
0.75x
0.44x
-46%
-9%
-21%
1%
Equity Attributable to Parent 90,986 92,970 2%
ANNEX A: EARNINGS CONTRIBUTION (In Million Pesos)
57
Aboitiz Power Corp.
City Savings Bank
Union Bank
Pilmico
3Q2012 3Q2013
4,764 3,662
121 --
1,001 540
% Ch
-23%
--
-46%
Net Income
AboitizLand
6,340 4,733 -25%Core Net Income
6,213 4,643 -25%
-- 52 --
384 301 -21%
9M2012 9M2013
14,124 10,971
318 --
2,762 3,314
% Ch
-22%
--
20%
17,642 16,431 -7%
18,023 16,558 -8%
-- 163 --
906 932 3%
Parent & Others (57) 88 255% (88) 1,178 1,447%
58
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
Third Quarter / YTD September 2013Financial & Operating Results
30 October 2013
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