analystbriefing’ 1h’2016’results friday,’12 ... briefin… · • business segment 1h 2016...

ANALYST BRIEFING 1H 2016 Results

Friday, 12 August 2016

2016-‐08-‐12 1

Agenda

•  DMCI Holdings’ Share in Net Income •  Business Segment 1H 2016 Results:

Semirara Mining & Power Corporation

DMCI Homes (Property) Maynilad Holdings DMCI Mining (Nickel) D.M. Consunji, Inc. (Construction) DMCI Power (Off-Grid)

•  Parent Balance Sheet as of 1H 2016

2016-‐08-‐12 2

Holdings’ Share in Net Income Unaudited

(In Million Php) 1H 2016 1H 2015 Change %

Semirara (56%) 3,588 2,670 918 34% Property Development 708 1,717 (1,009) -‐59% Maynilad Holdings (27%) 1,097 1,148 (51) -‐4% Construction 397 333 64 19% Off-Grid Power 241 215 26 12% DMCI Mining (75% in BNC & 100 % in ZDMC) 57 454 (397) -‐87% Parent & Others 42 52 (10) -‐19% Core Net Income 6,130 6,589 (459) -‐7% One-Time Gain 111 -‐ 111 100% Net Income 6,241 6,589 (348) -‐5%

2016-‐08-‐12 3

Contribu9on to Net Income

57% 11%

18%

6% 4%

1% 1%

2% 1H 2016

2016-‐08-‐12 4

41%

26% 17%

5% 3% 7% 1%

1H 2015

Semirara

Property

Maynilad

Construc9on

Off-‐Grid Power

Nickel

Parent

One-‐Time

Semirara (Consolidated) Unaudited

(In Million Php) 1H 2016 1H 2015 %Change

Revenues 16,558 13,717 21% COS & Operating Expenses (8,371) (7,046) 19% EBITDA 8,187 6,671 23% Depreciation & Amortization (1,330) (1,107) 20% Interest Expense (244) (151) 62% Interest Income 37 22 68% Other Income (Expense) 2 182 -‐99% Benefit (Provision) for Income Tax (285) (891) -‐68% Core Net Income 6,367 4,726 35% Core Net Income for Non-Controlling Interest (2,779) (2,056) 35% Core Net Income for DMCI Holdings, Inc. 3,588 2,670 34% 2016-‐08-‐12 5

Semirara (Coal) Unaudited


Coal Revenues 9,017 6,526 38% COS & Operating Expenses (5,580) (4,582) 22% EBITDA 3,437 1,944 77% Depreciation & Amortization (542) (591) -‐8% Interest Expense (96) (54) 78% Interest Income 16 15 7% Other Income (Expense) (22) 108 -‐120% Benefit (Provision) for Income Tax -‐ (2) -‐100% Net Income 2,793 1,420 97% Net Income for Non-Controlling (1,220) (620) 97% Net Income for DMCI Holdings, Inc. 1,573 800 97%

2016-‐08-‐12 6

Semirara (Power) Unaudited


Power Revenues 7,541 7,191 5% COS & Operating Expenses (2,791) (2,464) 13% EBITDA 4,750 4,727 0% Depreciation & Amortization (788) (516) 53% Interest Expense (148) (97) 53% Interest Income 21 7 200% Other Income (Expense) 24 74 -‐68% Benefit (Provision) for Income Tax (285) (889) -‐68% Net Income 3,574 3,306 8% Net Income for Non-Controlling (1,559) (1,436) 9% Net Income for DMCI Holdings, Inc. 2,015 1,870 8%

2016-‐08-‐12 7

Property Development Unaudited (In Million Php) 1H 2016 1H 2015 %Change

Real Estate Revenues 6,393 6,992 -‐9% COS & Operating Expenses (5,085) (4,557) 12% EBITDA 1,308 2,435 -‐46% Depreciation & Amortization (172) (151) 14% Interest Expense (432) (244) 77% Interest Income 136 157 -‐13% Other Income (Expense) 389 256 52% Benefit (Provision) for Income Tax (407) (736) -‐45% Net Income 822 1,717 -‐52% One-Time Gain (111) -‐ 100% Core Net Income 711 1,717 -‐59% Core Net Income for Non-Controlling Interest (3) -‐ 100% Core Net Income for DMCI Holdings, Inc. 708 1,717 -‐59% 2016-‐08-‐12 8

Operating KPIs Sales & Reservations

DM

CI H

OM

ES

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

AO June 2016 AO June 2015

70% 72%

4% 7% 8%

13% 17%

8%

Sales By Financing Type

Bank Financing In House Cash Forecast

AO June 2016

AO June 2015

% Chang

e

# of Units 3,753 3,011 25%

# of Parking 2,106 1,678 26%

Maynilad Holdings Unaudited

2016-‐08-‐12 10


Revenues 10,120 9,336 8% COS & Operating Expenses (2,789) (2,384) 17% EBITDA 7,331 6,952 5% Depreciation & Amortization (1,443) (1,285) 12% Interest Expense (1,037) (1,050) -‐1% Interest Income 55 60 -‐8% Other Income (Expense) 136 (285) -‐148% Benefit (Provision) for Income Tax (696) 156 -‐546% Net Income 4,346 4,548 -‐4% Net Income for Non-Controlling Interest (311) (325) -‐4% Net Income for Maynilad Holdings Shareholders 4,035 4,223 -‐4% Equity in Net Earnings for DMCI Holdings, Inc. 1,097 1,148 -‐4%

Operating Highlights: Jun 2016 vs. LY

Month of Month ofJun-16 Jun-15 Units %

Water Supply (MCM) 59.18 59.82 (0.64) -1.1%Water Billed Volume (MCM) 42.71 42.25 0.46 1.1%

% Water Billed to Supply 72.16 70.62 1.54 2.2%Non-Revenue Water (%) 27.84 29.38 (1.54) -5.2%

2nd Quarter 2nd Quarter2016 2015 Units %


% Water Billed to Supply 71.99 69.47 2.52 3.6%Non-Revenue Water(%) 28.01 30.53 (2.52) -8.3%

Operational IndicatorsInc/Dec

Inc/DecOperational Indicators

2016-‐08-‐12 11

Operating Highlights: Jun 2016 vs. LY

As of As of Jun-16 Jun-15 Units %


% Water Billed to Supply 70.71 67.70 3.01 4.4%Non-Revenue Water (%) 29.29 32.30 (3.01) -9.3% Billed Water Services 1,289,223 1,229,198 60,025 4.9%

Average Connections 1,277,424 1,209,630 67,794 5.6%Average CM per Day 1.065 1.089 (0.02) -2.3%

Inc/DecOperational Indicators

2016-‐08-‐12 12

Nickel Mining Unaudited


Nickel Ore Revenues 1,144 2,166 -‐47% COS and Operating Expenses (747) (912) -‐18% EBITDA 397 1,254 -‐68% Depreciation & Amortization (183) (274) -‐33% Interest Expense (8) -‐ 100% Interest Income 4 1 300% Other Income (Expense) (16) (52) -‐69% Benefit (Provision) for Income Tax (86) (309) -‐72% Core Net Income 108 620 -‐83% Core Net Income for Non-Controlling Interest (51) (166) -‐69% Core Net Income for DMCI Holdings, Inc. 57 454 -‐87%

2016-‐08-‐12 13

Construction Unaudited


Construction Revenues 5,487 6,369 -‐14% COS and Operating Expenses (4,554) (5,548) -‐18% EBITDA 933 821 14% Depreciation & Amortization (399) (409) -‐2% Interest Expense (13) (23) -‐43% Interest Income 2 2 0% Other Income (Expense) 14 66 -‐79% Benefit (Provision) for Income Tax (130) (116) 12% Core Net income 407 341 19% Core Net Income for Non-Controlling Interest (10) (8) 25% Core Net Income for DMCI Holdings, Inc. 397 333 19% 2016-‐08-‐12 14

Construction Order Book as of June 30, 2016

2016-‐08-‐12 15

Product Line Contract As of 31 Dec. 2015

Newly Awarded Adjustments Booked

Revenue As of 30 June

2016

BLDG 14,785 5,272 3,547 72 1,302 7,589 INFRA 34,309 20,707 - 399 3,252 17,854 POWER 13,354 781 412 347 715 824 PLANTS &UTILITIES 4,519 2,427 401 365 505 2,688

66,967 29,186 4,360 1,183 5,774 28,956

Off-Grid Power Unaudited


Power Revenues 1,141 1,077 6% COS and Operating Expenses (805) (787) 2% EBITDA 336 290 16% Depreciation & Amortization (86) (61) 41% Interest Expense (4) (5) -‐20% Interest Income -‐ -‐ 0% Other Income (Expense) 1 6 -‐83% Benefit (Provision) for Income Tax (6) (15) -‐60% Net Income 241 215 12% Net Income for Non-Controlling Interest -‐ -‐ 0% Net Income for DMCI 241 215 12%

2016-‐08-‐12 16

Operating KPIs D

MC

I PO

WER

CO

RPO

RAT

ION

RevenuesAO Q2 2016

AO Q2 2015

% CHANGE

Sales Volume (in GWh) 122.75 100.28 22%

Masbate 45.73 40.64 13%

Palawan 46.53 39.78 17%

Mindoro 28.88 19.86 45%

Sultan Kudarat 1.61 N/A N/A

Averag e Selling Price (in PhP/kWh) 11.42 9.98 14%

Masbate 11.11 12.01 -‐7%

Palawan 7.69 9.54 -‐19%

Mindoro 8.49 8.39 1%


Gross Generation (in kWh) 124.60 101.58 23%

Masbate 46.78 41.90 12%

Palawan 46.56 39.81 17%

Mindoro 29.65 19.87 49%


2016-08-12

Operating KPIs D

MC

I PO

WER

CO

RPO

RAT

ION

ContractsContracted Capacity (in MW)

Term(in years)

Until

MASELCO 13.00 15.00 6/1/31PALECO 25.00 15.00 10/1/28ORMECO 15.00 20.00 2/1/35SUKELCO 3.00 3.00 12/1/18TOTAL 56.00

2016-08-12

DMCI Holdings, Inc Parent Balance Sheet

2016-‐08-‐12 19

(In Million Php) 30-06-2016 UNAUDITED

31-12-2015 AUDITED

Cash & Cash Equivalents 4,336 3,695 Receivables 1,010 934 Investments in subsidiaries, associates and joint ventures 20,705 20,705 Other assets 108 104 Total Assets 26,159 25,438 Accounts payable 765 21 Other liabili9es 18 17 Total LiabiliDes 783 38 Capital stock 13,277 13,277 Addi9onal paid in capital 4,672 4,672 Retained earnings 7,416 7,440 Other equity 11 11 Total Equity 25,376 25,400 Total LiabiliDes & Equity 26,159 25,438

Disclaimer

The information contained in this document is strictly confidential. Neither DMCI Holdings, Inc. (DMCI), nor its advisors make any representation regarding, and assumes no responsibility or liability for, the accuracy or completeness of, or any errors or omissions in any information contained herein. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning DMCI.

In addition, this document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of DMCI, that are not statements of historical fact which would be treated as forward looking statements within the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that may cause actual events and DMCI’s future results to be materially different than expected or indicated by such statements. No assurance can be given that the results anticipated by DMCI, or indicated by any such forward looking statements, will be achieved.

This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended (the “Securities Act”) or an exemption from such registration. This document is not an offer to sell securities or a solicitation of an offer to buy securities in any jurisdiction where such offer or sale is not permitted.

2016-‐08-‐12 20

analystbriefing’ 1h’2016’results friday,’12 ... briefin… · • business segment 1h 2016...

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