dmci 07 working inside · to be a well-managed professional company with strong technical and...
TRANSCRIPT
[Our Vision]To be an institution in the construction industry committed to the economic and social development of the country
To be the leading integrated Philippine construction company
To be a well-managed professional company with strong technical and commercial performance adhering to the highest ethical standards
To provide opportunity for employees to develop talents, skills and personality, rewarding merit and hard work with fair compensation to live in dignity
To be the most innovative and cost-efficient providerof comprehensive construction services.
Financial Highlights 01
Business Synergy 01
At A Glance 02
Message to Stockholders 04
Construction 08
Real Estate 12
Coal Mining 16
Power 20
Water 22
Nickel Mining 24
Board of Directors 26
Corporate Governance 28
Subsidiaries’ Principal Officers 31
Corporate Information IBC
DMCI Holdings, Inc. Annual Report 2007
1
(Amounts in Million Php)GENERAL
CONSTRUCTIONCOAL MINING
REAL ESTATEDEVELOPMENT
PARENT COMPANY & OTHERS
TOTAL
2007
Revenue 2,955 6,467 2,455 568 12,445
Net Income before minority interest but after tax
324 632 671 1,500 3,127
Depreciation, Depletion and Amortization 104 1,335 10 231 1,680
Net Finance income (expense) (17) (100) 79 -40 -78
Income taxes -18 327 180 -12 477
Property, plant and equipment additions 550 353 263 85 1,251
Segment Assets 7,073 6,612 7,793 7,585 29,063
Segment Liabilities 3,282 1,979 5,126 1,496 11,883
2006
Revenue 1,747 4,688 1,905 362 8,702
Net Income before minority interest but after tax
137 601 287 358 1,383
Depreciation, Depletion and Amortization 60 1,336 12 11 1,419
Net Finance income (expense) (6) (159) 112 59 6
Income taxes 86 309 59 9 463
Property, plant and equipment additions 139 1,504 35 13 1,691
Segment Assets 5,405 6,265 5,541 3,361 20,572
Segment Liabilities 1,092 2,254 3,947 1,619 8,912
[Financial Highlights]
BusinessSynergy
2
[At A Glance]COMPANY PROFILE STRATEGIC OBJECTIVES
PERCENTAGE
OF OWNERSHIP
(as of December 2007)
DMCI HOLDINGS, INC. (DMCI-HI) was incorporated on March 8, 1995 as a holding company to consolidate all construction business, construction component companies, and related interests of the Consunji family. It was listed on the Philippine Stock Exchange on December 18, 1995.
To maximize and sustain growth in its profitability by capitalizing and building on its areas of expertise by:- strengthening certain core competencies in
general construction- increasing organizational and operational
efficiency - minimizing cyclicality in earnings- capitalizing on operating synergies
100%
DM CONSUNJI, INC. (DMCI) is a wholly owned subsidiary of DMCI-HI engaged in general construction services -- the Company’s core business. It is also engaged in various construction components businesses such as production and trading of concrete products, and electrical foundation works. Founded in 1954, DMCI is acknowledged as one of the leaders in the Philippine construction industry, noted for quality projects delivered on time and its pioneering application of advanced engineering methodology
DMCI is committed to build structures of technical integrity that enhance both society and the nation’s progress while working towards greater professionalism and reasonable returns
100%
DMCI HOMES, Inc. (DMCI Homes) is the housing arm of DMCI Project Developers, Inc., DMCI Homes is the country’s first Triple A builder/developer of premium quality, urban-friendly, fully serviced communities for the underserved young families of modest income that aspire to live comfortably near their place of work, of study and of leisure.
DMCI Homes is committed to be the best provider of residential communities designed to create a quality lifestyle and to be responsive to the changing needs and preferences of the market we serve.In so doing, we are committed:a. to ensure customer satisfaction,b. to achieve a sustainable growth on our
shareholders’ investment,c. to maintain a mutually beneficial relationship with
our partners in the business,d. to care for the environment we work in,e. to promote the growth of our people.
100%
SEMIRARA MINING CORPORATION (SMC)
is a publicly-listed company engaged in the exploration mining and development of coal resources on Semirara island in Caluya, Antique. It is currently the Philippine’s largest coal-producing company with a guaranteed long-term market by virtue of its supply contract with the state-run National Power Corporation.
In its quest to promote the use of coal as a major energy source, Semirara Mining Corporation will endeavor to be the undisputed leader in the coal mining industry in the Philippines.
working in harmony with the government to promote the use of coal
meets their stringent specifications
investors and business partners
of integrity and excellence
to uplift their economic and social status while engaging in the judicious use and rational conservation of the country’s natural resources
55%
3
COMPANY PROFILE STRATEGIC OBJECTIVESPERCENTAGE
OF OWNERSHIP
(as of December 2007)
DMCI MINING CORPORATION (DMCI MC) is engaged in ore and mineral mining and exploration. It was incorporated on May 29, 2007. It has entered into joint venture with Rusina Mining Ltd., a listed company in Australia, in which the Corporation agreed to be the independent contractor to directly undertake the mining operations in the municipalities of Sta. Cruz and Candelaria in Zambales. The mining operation is an open pit extraction of nickel ore, chromite, and laterite for direct shipping.
To operate, mine and market nickel ore products for direct shipment in response to Asian countries growing demand for nickel ore, chromite and laterite.
100%
DMCI POWER CORPORATION (DMCI PC), a wholly-owned subsidiary of DMCIHI, is engaged in the business of a generation company which designs, constructs, invest in, and operate power plants. On January 15, 2007, the National Power Corporation (NPC) awarded to DMCI PC the Masbate Power Generation, one of the small utilities group (SPUG) of NPC. DMCI PC shall cover the take over of the power supply obligation in Masbate with a 15-year Power Supply Agreement with Masbate Electric Cooperative (MASELCO). Masbate Power Generation has a total contract of 13,000 KW of Guaranteed Dependable Capacity (GDC).
DMCI PC is committed to provide affordable, reliable, and sufficient power supply to grid and off-grid areas in the Visayas.
100%
DMCI-MPIC WATER COMPANY, INC. (DMWCI) is a 50-50 consortium with Metro Pacific Investments Corporation which owns 83.97% equity at Maynilad Water Services, Inc. (MWSI). MWSI bid was issued by the Metropolitan Waterworks and Sewerage System and it was awarded to DMWC last December 5, 2006. Maynilad was formally turned over on January 24, 2007.
DMWCI is committed is enhance the water supply and services of MWSI through its strategic intentions to:- bring down the Non-Revenue Water (NRW)- improve sewerage and sanitation- create a business center/zone focused- institutionalize customer service- manage information technology that will ensure
accountability and consistency of the business process
- enhance people performance
50%
PRIVATE INFRASTRUCTURE DEVELOPMENT
CORPORATION (PIDC) is a consortium of ten contractors including DMCI. PIDC is undertaking the construction, operation and maintenance of the Tarlac-La Union Toll Expressway (TLEX), an 88-km and 2-lane expressway from La Paz, Tarlac to Rosario, La Union. The construction of TLEX is expected to complete on 2012
To spur economic development in the country side by extending the infrastructure backbone of integrated expressways towards Northern Luzon for faster, safer and more efficient movement of people and goods.
10% (DMCI)
4
[FellowStockholders]The year 2007 realized our direction towards business synergy as we experienced a new set of historic high results for our Company. Leveragingon our core competencies in construction andengineering, we were able to adapt to the demandsof a changing market and realize opportunities inother related industries.
4
5
The year 2007 realized our direction towards
business synergy as we experienced a new set of
historic high results for our Company. Leveraging
on our core competencies in construction and
engineering, we were able to adapt to the demands
of a changing market and realize opportunities in
other related industries.
We started the year 2007 with a promising event as
the consortium between your Company and Metro
Pacific Investment Corporation (MPIC) acquired
an 84% stake in Maynilad Water Services, Inc.
(MWSI). The consortium took over management
on February of the same year with the vision to set
the roadmap for sustainable water management
and competitive consumer marketing. Capital
expenditures were intensified, water management
control was improved, and customer service was
enhanced. These resulted to an increase in MWSI’s
core earnings with a rise in billed volumes, and a
reduction in non-revenue water (NRW) in a span of
one year.
Along with this major investment, our stockholders
approved the issuance of additional 400 million
common shares where the Company raised P2.8
billion to strengthen the investment in MWSI. These
shares were also applied for listing at the Philippine
Stock Exchange.
With opportunities currently available in the
mining sector and the expected shortage in power
generation in the Visayas, your Company was
prompted to venture out to these new but related
industries. These prospects gave birth to our new
business segments, DMCI Mining Corporation (DMCI
MC) and DMCI Power Corporation (DMCI PC).
DMCI MC was incorporated in 2007 to mine,
explore, and process ore and minerals envisioned as
the mining, exploration, and processing arm of non-
coal minerals for your Company. Its initial project is
a joint venture with an Australian listed firm, Rusina
Mining Ltd., aimed at mining the old Acoje mine
in Zambales to extract nickel ore, chromite, and
laterite for direct shipping ore with the possibility of
smelting. DMCI MC has already acquired pertinent
mining permits, rehabilitated the mine site, and has
put up a pier to load and ship its minerals.
Our power subsidiary, DMCI PC, was formed on
October 2006 to consolidate the Company’s power
business. It intends to construct and operate
coal-fired power generation plants in grid and
off-grid areas in the country. Currently, DMCI PC
is undertaking the off-grid power generation in
Masbate and the on-grid Coal-Fired Power Plant
in Concepcion, Iloilo. In May 2007, the Masbate
Power Supply Agreement was signed between
the Company and Masbate Electric Cooperative
as Offtaker after the Company was declared
the winning bidder. It has also secured the
Environmental Compliance Certificate (ECC) for the
Concepcion Coal-Fired Power Plant. DMCI PC is in
discussions with commercial banks for the funding
of these projects and we are expecting the financial
closing for these two power plants soon.
Our core segments showed impressive results in
2007 with housing and coal mining enjoying notable
progress. These businesses, centered mostly on our
construction expertise, are well poised with business
synergy and are expected to provide sustainable and
predictable operations in the years to come.
Our new paradigm in residential development was
demonstrated in 2007 as our real estate arm, DMCI
Homes, pioneered a new product category in urban
shelter. Our housing projects dubbed as “primary
communities”, are considered best in its class.
Since 2000, DMCI Homes has sold more than 8,300
units totaling P16 billion in sales and reservations.
Its sales & reservations, recognized revenues and
net income recorded P7.5 billion, P2.5 billion and
P671 million respectively. DMCI Homes has also
positioned itself to strengthen its international sales,
mainly in Europe and in the Middle East, despite the
tough international real estate environment.
6
Notwithstanding Semirara Mining Corporation’s
(SMC) flat year-on-year bottom figure for 2007, coal
revenues went up 38% and coal deliveries reached
3.5 million metric tons (MT) - a first in SMC’s history.
This growth was attributed to SMC’s involvement
in the export market, contributing 22% of the total
sales for the year - the exports of which is a first
in Philippine history. In hindsight, SMC was able
to raise its shareholder returns with dividends
amounting to P4.00 per share from P1.20 per share
from the last two years. With the remarkable results
that our coal mining business has demonstrated,
SMC is committed to maintain or even increase the
value of its dividends in the years ahead.
While we keep to our strengths in construction and
engineering, the business synergy continues to
grow as we have added another business spoke in
2007 with the entry into toll road construction and
operations. Private Infrastructure Development
Corporation (PIDC), an all local consortium
with Philippine contractors, was established in
October 2007 to undertake the BOT of the P15
billion Tarlac-La Union Toll Expressway Project.
This project is expected to be another synergize
segment capitalizing on our construction and
engineering expertise.
We would like to note that as part of your Company’s
strengthening and expansion into infrastructure, we
have established relations with various reputable
firms such as Metro Pacific Investment Corporation,
Rusina Mining Ltd., and Argosy Partners, Inc.
Attaining all these endeavors, we successfully
addressed significant challenges in 2007. Our
consolidated revenues and net income grew by 43%
and 126%, respectively. Majority or 52% of the PhP
12.445 billion total revenue was derived from our
coal business, SMC. It is also important to note
that our share in the recurring income from the water
business, MWSI amounted to PhP 489 million, which
your Company has 42% stake.
14,000
12,000
10,000
8,000
6,000
4,000
2,000
02004 2005 2006 20072003
Consolidated Revenue
Parent
Construction
Real Estate
Coal Sales
5000
4000
3000
2000
1000
0
-10002004 2005 2006 20072003
ConsolidatedNet Income
Coal
Real Estate
Construction
Parent
Water
* net of minority
30,000
25,000
20,000
15,000
10,000
5,000
02004 2005 2006 20072003
ConsolidatedBalance Sheets
12,484
8,040
Total Assets
Total Liabilities
12,728
7,108
17,605
7,346
20,582
8,863
29,063
11,833
7
This year’s net earnings were affected by several
non-recurring transactions which are: (a) gain on
sale of shares in SMC amounting to PhP 178 million
proceeds of which were used to acquire MWSI; (b)
an equity share in the negative goodwill, acquisition,
fi nancing and other costs from MWSI investments in
the amount of PhP 1.321 billion; (c) and the write-off
of non-performing investments worth PhP 300 million.
Our total assets grew by PhP 8.5 billion or 41%
from last year. The increase was attributable to
the recognition of goodwill in MWSI, housing
development inventory, and net cash contribution
from SMC and DMCI Homes operations.
We are proud to mention that your Company is
at a very robust fi nancial leverage position as
debt to equity ratio signifi cantly decreased by 8%
from last year. This maintains our focus towards
strengthening shareholder value through business
growth with minimal and only necessary debt.
With all these performance metrics, we are setting
new roadmaps towards business excellence through
creating shareholders’ value. We returned P265.55
million to our shareholders out of the unrestricted
earnings in 2007. Over the past three years, we have
distributed P716.65 million cash dividends to our
shareholders. We plan to continue to deliver better
shareholder returns in the future.
As we take highs on our businesses, we believe
on the need to uphold our corporate social
responsibility. Our social commitment has expanded
through SMC’s aggressive response to economic,
education, and social concerns of the people in
Semirara Island. We also started to support various
institutions like the College of Engineering of the
University of the Philippines, Gawad-Kalinga and the
Public Relations Society of the Philippines for their
educational and social development projects.
We would like to commend our employees and
management team, whose hard work and keen focus
made 2007 a successful year of progress for your
Company. We continue to develop the best people of
our respective industries to ensure shareholder value.
All these achievements result from our continuing
momentum to evolve into a completely integrated
infrastructure company. Where other institutions fail
to provide for their needs, we see great opportunities
to fi ll in the gap. We take pride in addressing
fundamental needs of housing, roads, water, and
power. In this way, we are given the opportunity
to make a difference in the lives of millions of our
countrymen and to raise people’s way of living.
As we move to the future looking at bigger and more
exciting business opportunities, we shall continue to
always be tempered by DMCI’s unwavering passion
to meet commitments.
Once again, thank you for your constant support.
DAVID M. CONSUNJI
Chairman
CESAR A. BUENAVENTURA
Vice Chairman
ISIDRO A. CONSUNJI
President
As we move to the future looking at bigger andmore exciting business opportunities, we shallcontinue to always be tempered by DMCI’sunwavering passion to meet commitments.
ConstructionD.M. Consunji, Inc.
The phenomenal growth is attributed to general construction contracts, construction business-generating investments, construction-related businesses and capital projects in Maynilad.8
Construction Orderbook
3,000
2,500
2,000
1,500
1,000
500
02004 2005 2006 2007
141
1,412
710
1,208
1,700
841
1,460
574
In 2007, despite the growing uncertainty in the global
economy, the country’s “Builder of Landmarks,” D.M.
Consunji, Inc. (DMCI), a wholly-owned subsidiary of
your Company, capitalized on its core competencies in
construction and posted P2.955 billion and P324 million in
construction revenues and income, an exemplary growth
of 69 percent and 136 percent respectively.
The phenomenal growth is attributed to general
construction contracts, construction business-generating
investments, construction-related businesses and capital
projects in Maynilad. The addition for the water utility
business proved to be gainful, with Php518 million
worth of construction projects – adding Php274 million
in recognized construction revenues. The accumulation
of works from third-party construction contracts yielded
Php1.9 billion by the end of 2007.
Buildings
Civilworks
9
The completion of key undertakings such as
the Subic-Tarlac Express-Deck Fabrication,
the KAMANAVA Flood Control project, and
the One Adriatico Place residential high-rise
development, accounted for P823 million in
construction revenues. Acknowledged for
its on-schedule and on-specification works,
DMCI commenced new projects: Shangri-La
Boracay and Robinsons Cybergate Tower,
with a total contract amount of Php1.5 billion,
P866 million of which added in revenues for
the year.
Its non-traditional construction operations in
equipment rental and sales, formworks and
ready-mix concrete business continued to
contribute to the revenue stream.
Construction Contracts for 2007 (in million Php)
BUILDINGS 66%
CIVIL WORKS 27%
MAYNILAD PROJECTS 7%
10
With the increase in construction
ventures, general and
administrative expenses were
up slightly, as required by the
progression of construction
demand. Consistent with DMCI’s
cost reduction efforts and
measures, and as we continue to
explore diversity in the construction
industry, construction overhead is still
low.
Even with the increase in economic
activity and the bullish prospects
in construction, DMCI continues to
exercise prudence in its direction with
the allocation of significant resources
into the construction business. DMCI
Holdings, Inc. continues to
leverage the capabilities of
its construction business,
into other complementary
industries such as
nickel mining and power
generation. DMCI affirms
its stature as one of the
leading provider and
pioneer of construction
services in the Philippines.
11
12
DMCI Homes in 2007
Year of Growth Spurs Higher Prospects for 2008
DMCI Homes is no longer just a fledgling player as initially
foreseen by its competitors.It is a force to be reckoned
within the industry.
12
13
12,000
10,000
8,000
6,000
4,000
2,000
02004 2005 2006 2007
25
1999 2002 2003 2008F20012000
15256
196342
329249
362426
7105021,033
1,2432,101
2,3664,354
3,5487,475
4,60011,000
Housing Sales Report
Units Sold
Amount in Php mm
The year 2007 will be etched in the history
of DMCI Homes as a momentous period of
growth, when, as a relatively young player in a
highly-competitive industry, it furtively achieved
its sales target for the year at P7.5 billion. The
years before that already dictated an increase
in actual sales performance, as the company
embraced a new thrust and embarked on
a more ambitious direction. It is now the
company’s stance to keep this level up and
even improve it for the coming years.
DMCI Homes is no longer just a fledgling
player as initially foreseen by its competitors.
It is a force to be reckoned within the
industry, recognized for its inimitable vision of
addressing the needs of the underserved and
young middle-income market. In 2007 alone,
1,835 units were turned over by the company
as ideal homes for growing households. They
join 6,307 units which have been turned over
by DMCI Homes since its inception in 1999.
Today more than 4,000 families have moved in
to well-planned residential developments that
adhere to contemporary living, world-class
design and innovation.
13
14
The country’s fi rst Triple A builder/developer is
raring for bigger, brighter prospects. With a world-
standard level of craftsmanship borne out of more
than 50 years’ experience in the construction and
development industry, the company is ready to
claim its place in the industry as the best provider
of exceptional residences for young families with
modest income who deserve such a fi rst rate
property.
Five values of idyllic living found in every DMCI
Homes development remain as the key propositions
that attract would-be buyers: In-city modern living,
Medium density projects, Resort living, Themed
developments, and Worry-free living with property
management.
Highlights for 2007
The company is pleased to achieve the sales target
at P7.5 billion. It started fi ve years ago when they
almost doubled sales every year. It’s the result of
hard work and the company becoming more mature,
effi cient, and organized.
The fi gures recorded for 2007 alone proved to be
very impressive for the company and the rest of the
industry which started to take notice: 3,577 units
sold; 298 units average per month; an estimated of
only 14% back out rate. A total of 8,432 units sold
from 1999 to 2007.
IN-HOUSE 68%
E-BROKERS 17%
INTERNATIONAL 15%
Sales Per Division(for the year 2007)
14
15
Breakdown Per Country
USA 13%
EUROPE 54%
MID-EAST 22%
PAN-ASIA 11%
It’s a combination of the 50-year experience
in the industry being put to good use and new
projects which have upped the ante in residential
developments. The strength of the company is in the
products that it offers. The company is unbeatable
when it comes to medium rise developments. Even
for high rise projects, the strength is the aggressive
pricing strategy which is unmatched. The company is
the only one in the industry which allows a 20% down
payment offer for move-in for a high-rise, although it’s
not available to all projects.
The company likewise attributed their success to the
fast turnover and move-in process, leading to more
projects that meet the demand of the market. For mid-
rise, nobody can beat the delivery of 10 months from
groundbreaking. The company is even the fastest in
high rise; it’s less than three years while others take up
to five years before they deliver the project.
Riding on the momentum of the previous year, DMCI
Homes is looking at 2008 as another opportunity to
flex its muscles and beef up operations to achieve
the sales target of P11 billion – a 47% increase from
last year’s P7.5 billion.
Buoyed by its accomplishments, the company
is now heading towards a future full of exciting
prospects. In spite of all its successes however,
DMCI Homes will always stay true to its vision of
offering the best value for money products with the
highest level of craftsmanship for more families in
the country. The company will always deliver more
than houses to its valued clients – it’s the promise of
a beautiful life which starts at home.
15
16
SemiraraMining
Corporation
Your Company’s interest in the coal mining business operated by publicly listed Semirara Mining Corporation (SMC), continued to reap dividends. Year 2007 performance closely replicated the results of the previous year.
16
17
Your Company’s interest in the coal mining business operated by publicly listed Semirara Mining
Corporation (SMC), continued to reap dividends. Year 2007 performance closely replicated the results of
the previous year – with contributions from the coal segment before minority totaling P601 million from
year-ago level of P633 million.
Increased demand from domestic buyers, coupled with a breakthrough in the export market, increased the
pace of operations in 2007. Greater involvement in the export market, particularly, provides a hedge against
the uncertainty of domestic demand. Coal export sales amounted to 798.8 thousand metric tons (MTs) which
accounted for 22 percent of the total sales registered at 3.575 million MTs in 2007, up 72 percent from year-
ago level. Of the 798.8 MTs exported, 46 percent went to China, 44 percent to India, and the remaining 10
percent to Hong Kong.
Still, on the local front, regional coal shortage proved fortuitous for SMC as many power plants tried using
Semirara coal. Total local sales thus registered a 34-percent increase from the 2006 sales volume of 2.076
million MTs to 2.776 million in 2007.
17
18
TOTAL China Hong Kong India
GLENCORE 510,793 127,667 78,452 304,674CARGILL 85,377 36,612 - 48,765FUJIAN 202,634 202,634 - -
TOTAL 798,804 366,913 78,452 353,439
(Amounts in Thousand MT)
Coal Export
18
19
With the heightened activities, a corresponding
improvement in logistical support was needed to maintain
product handling efficiency. The successful diversification
to include export markets required the upgrading of pier
facilities to accommodate 50,000-ton vessels. SMC
commenced with dredging activities at the pier to enable
these huge vessels to dock for safe berthing and to
load coal faster using the conveyor and ship loader line
– resulting in increased loading rates. The increasing
coal demand also boosted management confidence for
future growth. SMC planned for and started work on an
expansion program that will see completion in 2008.
Growth is best overseen with corporate governance
and quality assurance. SMC is earnestly working for
ISO 9001 and 14001 for Quality Management System
and Environmental Management System, respectively.
Likewise, it also seeks to get Occupational Health and
Safety Management System (OSHAS) 18001 certification.
19
20
Your Company fully unfurled and fl exed its wings in 2007. Making
forays into a bigger segment of utilities was a logical next step that
actually s tays true to the spirit of your Company’s evolution to an
ultimate infrastructure company. Today, we squarely face the challenge
of private sector involvement in the delivery of basic needs – water,
housing, power, roads, and infrastructure.
Empowering the Filipino, we believe, can also be taken in a literal sense.
Give them electricity and their way of living is enhanced dramatically.
That is the vision that encapsulates our presence in power. DMCI Energy
Resources Unlimited, now incorporated and renamed DMCI Power
Corporation (DMCI PC), consolidates your Company’s power business
as we look to further our activities in the sector.
From a business standpoint, laying the foundations early anticipates,
and provides a hedge for, an expected energy shortage by 2010.
Recurring operations in this industry thus promises opportunities for
further growth and expansion – not to mention the synergistic benefi ts
from the foreseen increased takeup of Semirara coal. This sort of
vertical integration makes sense to mutually benefi t our businesses
– one shoring up the other while assuring quality and shared vision.
DMCI Power Corporation
20
21
DMCI PC’s activities in power, classifi ed into off-
grid, grid, and industrials, represent our earnest
effort to venture into where we are needed. We will
serve independent power producers in Panay Island
and other Visayas areas; industrial needs in cement
production, retail, and mining; and, more signifi cantly,
off-grid needs in Masbate and other small power
utilities group (SPUG).
On January 15, the National Power Corporation
(NPC) awarded your Company the right to supply
power to the island of Masbate for fi fteen (15) years
with a maximum guaranteed dependable capacity
of 13 MW through a Power Supply Agreement with
Masbate Electric Cooperative (MASELCO). DMCI
PC also signed a joint venture agreement with Asia
Energy Development Co. Pte. Ltd. (AED), to form a
joint venture corporation to be named DMCI Asia
Energy Power Corporation (DMCI Asia Energy). This,
in turn, will see to the development and operation
of power generation plants and facilities in the
Philippines. DMCI Asia Energy ownership structure
will be 50-50 owned by DMCI PC and AED. AED is a
Singapore company, established by Argosy Partners,
Inc., engaged in the business of investing in energy-
related businesses and ventures in Asia.
21
22
Maynilad Water Services, Inc.
Privatized in 1997, Maynilad Water
Services, Inc. (MWSI) won the exclusive
right to provide water and sewage
services in the West Zone of Metro Manila
and Cavite for 25 years. It covers nine
cities, two municipalities, and five towns
with a total population of more than 8
million. In 2006 it was again re-privatized
and your Company together with Metro
Pacific Investments Corp. (MPIC) jointly
acquired 84% share of MWSI.
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
BENPRES/SUEZ MWSS DMCI-MPIC
97 98 99 00 01 02 03 04 05 06 07 08 F 09 F 10 F 11 F 12 F
25000
20000
15000
10000
5000
0
RevenueCapexBilled Volume
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
ConsumptionBilled VolumeConnections
22
23
2007 marked our first full year involvement in MWSI.
It quickly and indelibly made its positive mark on
the once-distressed company. MWSI registered
Php 8 billion in total revenue derived from the sale
of 287 million cubic meter of potable water and
sewer services. The amount represents 9% increase
from 2006. In spite of the improved volume, total
revenues were affected by the downward adjustment
of MWSI’s average tariff to reflect the strengthening
Philippine currency. The number may not be
significant but MWSI has reduced its non-revenue
water (NRW) to 66% from 68% year on year.
Today MWSI has 703,519 service connections
– roughly corresponding to 6 million consumers. The
minimal 4% growth in connections was due to an
aggressive disconnection program for delinquent
customers as well as the consolidation into one
connection where some customers have multiple
water meters. It has also purged several inactive
accounts. Another program implemented in 2007
was the review and actual verification of customer’s
business type classification. It has been noticed
that commercial or industrial clients were registered
as residential customers thereby making their tariff
lower. In spite of said program, the ratio between
domestic and non-domestic user remains to be 91%
and 9%, respectively.
Service level for 24-hour water availability has
improved from 30% in 2006 to 50% as of year-end.
Likewise, water pressure coverage having 7 psi and
above has improved from 33% to 44%. Significant
increase in coverage and water pressure across the
network will improve further after the completion
of this year’s primary pipelines interconnection at
Sampaloc and Tondo. Other activities are being
undertaken in order to better control flow and
pressure. Such are: one, the installation of several
pressure regulating valves (PRV) in strategic areas;
two, establishment of district metering areas (DMA)
with priority on high NRW with significant volume;
three, reactivation of existing water reservoirs; and
four, reconfiguring business centers from political
boundaries to per hydraulic areas.
Net Income from recurring operations for 2007
amounted to P1.254 billion reflecting a respectable
increase of 25% from P1 billion in 2006. MWSI
has implemented the Redundancy and Right-
sizing Program which has resulted in a reduction
in manpower by 33% from 2,325 to 1,554 regular
employees or 771 availers. Your Company’s
effective share in income for 2007 and 2006 is P489
and P390 million, respectively.
Aside from the normal recurring operations from our
water business, your Company enjoys competitive
bidding process construction business from
Maynilad’s capital expansion requirements – one of
the key considerations when management decided
to enter into the water sector.
The move into the water business makes good
sense over the long term – particularly in view of
a more strategic position in the future. MWSI will,
as with our other businesses, become an integral
part of your Company’s expansion into more stable
businesses while staying true to its reputable skills
and core competence as engineers and contractors.
We have also become accustomed to our role in
nation building and providing basic necessities to
the public. MWSI is another venue where we can be
of service to the people who have been so kind and
supportive of our businesses.
3,000
2,500
2,000
1,500
1,000
500
0
BENPRES/SUEZ MWSS DMCI-MPIC
97 98 99 00 01 02 03 04 05 06 07 08 F 09 F 10 F 11 F 12 F
80
70
60
50
40
30
20
10
0
Non-Revenue WaterSupplyBilled Volume
24
The silvery-white metal we know as nickel is widely
used in coins, plating iron and brass, for chemical
apparatuses, and certain alloys. There is good
business in mining and selling this metal, and your
Corporation (DMCI MC) seeks to realize that.
Incorporated in May 29, DMC MC is engaged
in ore and mineral mining and exploration.
The affi liate entered into a joint venture with
Australian listed company Rusina Mining Ltd.,
(Rusina) where DMCI MC is the independent
contractor to undertake the mining operations in
the municipalities of Sta. Cruz and Candelaria in
Zambales (Acoje Project). The mining operation
is an open-pit extraction of lateritic nickel ore and
chromite for direct shipping.
DMCI MC’s creation was directly precipitated by
the agreement of your Company and Rusina which
formally entered into an agreement in March 5,
2007. We are committed to invest $US 1.2 Million
(3,658,537 shares at 40c AUD with an attached
Nickel MiningDMCI Mining Corporation
Road MapManila to AcojeAccess to Acoje site is approximately 260 km by land and 150 km by air from Manila
24
Company’s wholly-owned subsidiary DMCI Mining
25
Acoje-JORCNickel Resource Estimate
PROPERTY CATEGORY MILLION MT NICKEL (%)
Acoje Limonite Indicated 21.5 1.04
Inferred 4.20 1.03
Acoje Saprolite Indicated 20.9 1.25
Inferred 2.20 1.03
ZCMC Laterite Inferred 23.5 1.18
TOTAL COMBINED 72.3 1.15
Expected production:
2008 - 500 thousand MT
2009 - 1 million MT
2010 - 2 million MT
option at a strike price of 50c AUD and a term
of two years), subject to Rusina’s shareholders’
approval. We, thus, formally became the Philippine
partner of Rusina in the entire Acoje Project and
initially paid $US 2.5 Million for a 10% interest in
Acoje, with a right of fi rst refusal on existing claim
owners’ 10% residual interest.
Your Company and Rusina also agreed to form a
60-40 joint venture, with your Company getting
controlling stake. The mining joint venture
consolidates all projects of the two companies,
including Acoje and other surrounding areas with
exploration permit applications (EPAs).
In addition, a ferro nickel smelter is proposed to
be constructed either in Zambales or on Semirara
Island, where Semirara Mining Corporation also holds
operations. The joint venture will guarantee ore supply
for fi ve years, even as we agree to carry the former’s
equity contribution for the project construction on its
balance sheet.
DMC MC vigilantly looks after its present activities
and the promises of this revenue stream, yet with
an eye on long-term prospects. As we continue to
develop and hone our expertise in nickel mining and
smelting, we will engage foreign experts to lend their
technical assistance.
Acoje-JORCNickel Resource Estimate
PROPERTY CATEGORY MILLION MT NICKEL (%)
Acoje Limonite Indicated 21.5 1.04
Inferred 4.20 1.03
Acoje Saprolite Indicated 20.9 1.25
Inferred 2.20 1.03
ZCMC Laterite Inferred 23.5 1.18
TOTAL COMBINED 72.3 1.15
Expected production:
2008 - 500 thousand MT
2009 - 1 million MT
2010 - 2 million MT
25
26
Mr. David M. Consunji is the Founder and Chairman of the Board of
Directors of D.M. Consunji, Inc., Chairman of Dacon Corporation, DMCI
Homes, Inc. and Semirara Mining Corporation. Mr. Consunji served as
the Secretary of the Department of Public Works, Transportation and
Communications from August 1971 to 1975. Awards and recognition
received by Mr. Consunji include: Meralco Awardee in Engineering and
Applied Sciences, 1994; recipient of the Civil Engineer Diamond Jubilee
Award presented by the University of the Philippines Alumni Engineers
in 1985; one of the Ten Outstanding Civil Engineers in 1982 by the
Philippine Institute of Civil Engineers; recipient of Doctor of Laws, honoris
causa, University of the Philippines in 1993; named Outstanding Citizen
of the City of Manila for Engineering in 1979; Management Association
of the Philippines Awardee in 1996; and cited as the one of the four
awardees of The Outstanding Filipino (TOFIL) in 2002 for his invaluable
contribution to the development and progress of the country.
Board of Directors
Mr. Cesar A. Buenaventura is the Managing
Partner of Buenaventura, Echauz and
Partners (BEP) Financial Services, a fi nancial
advisory fi rm. He is currently Vice Chairman
of Montecito Properties, Inc.; Chairman of
Atlantic Gulf & Pacifi c Company of Manila
(AG&P) and director of Semirara Mining
Corp.; independent Director of Pilipinas
Shell Petroleum Corporation, Philippine
American Life Insurance Company, iPeople,
Inc., PetroEnergy Resources Corp. He
is Chairman of Paysetter Holdings, Inc.,
and Paysetter International, Inc. He is
the Founding Chairman of Pilipinas Shell
Foundation, Inc.; President of the Benigno S.
Aquino Foundation; and Founding Member,
Board of Trustees, Makati Business Club. He
was chosen Management Man of the Year in
1985 by MAP and in January 1991, he was
personally granted the award of Honorary
Offi cer of the Order of the British Empire
by her Majesty Queen Elizabeth II.
Isidro A. Consunji is a Director of D.M.
Consunji, Inc.. His other positions include:
Chairman of the Board of Directors of
Beta Electric Corporation; Director and
President of DMCI Project Developers,
Inc., Director of Maynilad Water Services,
Inc., and DMCI Mining Corporation,;
Director, Vice Chairman and CEO of
Semirara Mining Corporation.
Mr. Herbert M. Consunji is a Partner in H.F. Consunji
& Associates. Mr. Consunji’s other positions include:
Chairman of Subic Water and Sewerage Company,
Inc., Director of DMCI Project Developers, Inc.,
Semirara Mining Corporation; Director and Chief
Operating Offi cer of Maynilad Water Services, Inc.;
Director of DMCI Mining Corporation and DMCI
Power Corporation.
David M. ConsunjiChairman
Cesar A. Buenaventura, O.B.EVice Chairman
Isidro A. ConsunjiPresident and CEO
Herbert M. ConsunjiVice President and Chief Finance Offi cer
26
27
Mr. Victor A. Consunji is the President and Chief Operating Offi cer of
Semirara Mining Corporation. His other positions include: Director and
President of Dacon Corporation; Director of D.M. Consunji, Inc., Conbros
Shipping Corporation, Ecoland Properties Development Corporation,
and DMC Construction Equipment Resources, Inc.; President of South
Davao Development Company, Inc., Eagle Cattle Ranch, Inc., Sirawan
Food Corporation; Chairman of the Board of Directors and President
of Sirawai Plywood and Lumber Corporation, Prominent Fruits, Inc., and
Rubber Industries Corporation of the Philippines.
Jorge A. Consunji is the President
of D.M. Consunji, Inc. His other
positions include: President of DMC
Construction Equipment Resources,
Inc., and Royal Star Aviation, Inc.;
Chairman of the Board of Wire
Rope Corp. of the Phils.; Director of
Maynilad Water Services, Inc., Dacon
Corp., South Davao Development
Co., Inc., Semirara Mining Corp., and
Beta Electric Corp.
Victor A. ConsunjiDirector
Jorge A. ConsunjiDirector
Atty. Noel A. Laman is the Chairman of the Executive
Committee and a Senior Partner of Castillo Laman
Tan Pantaleon & San Jose Law Offi ces. His other
positions include: Chairman of the Board of
Directors of Manpower Resources of Asia, Inc.,
and Sealanes Marine Services (each being a part
of the DCL Group of Companies); Director and
Corporate Secretary of various companies in the
pharmaceutical and food industry, some of whom
are GlaxoSmithKline Philippines, Inc, Boehringer
Ingelheim (Phils.), Inc., Solvay Pharma Inc., Philippines,
and Merck, Inc. He is also an adviser to companies
involved in property development. He is an active
member of the Intellectual Property Association of
the Philippines, the Intellectual Property Foundation,
the Philippine Bar Association, and serves as
resource person to various foreign chambers
of commerce on corporate law and intellectual
property law. He is a regular speaker on various
symposia in intellectual property law.
Noel A. LamanCorporate Secretary
Mr. Victor S. Limlingan, is currently a
Director of Sika Philippines, Landco Pacifi c
Corporation, R. Jorge Group of Companies
and a government corporation funded by
the New Zealand government, Bukidnon
Forest Incorporated. He is currently with the
Center for Development Management where
he is undertaking research on strategies for
development and development fi nance.
He also owns and manages Regina Capital
Development Corporation, a member of
the Philippine Stock Exchange. In 2000, he
became Chairman and majority owner of
Cristina Travel Corporation.
Mr. Evaristo T. Francisco served as a
Member of the Board of Directors
of D.M. Consunji, Inc. from 1988-
2001 and held various positions in
Pilipinas Shell as Board of Director,
Vice President for Marketing,
Personnel and Public Affairs, Sales
and other overseas work for Shell
International Petroleum Co.
Victor S. LimlinganIndependent Director
Evaristo T. FranciscoIndependent Director
27
28
The Board of Directors and Management of DMCI Holdings, Incorporated commit themselves to the principles and best practices contained in the Company’s Manual on Corporate Governance, and acknowledge that the same shall serve as a guide in the attainment of our corporate goals.
We believe that corporate governance is one of the necessary components of what constitute sound business management. In this regard, the Company shall undertake the necessary effort to create corporate governance awareness within the organization.
THE BOARD OF DIRECTORSCompliance with the principles of good corporate governance shall start with the Board.
It shall be the Board’s responsibility to foster the long-term success of the Corporation and secure its sustained competitiveness in a manner consistent with its fiduciary responsibility, which it shall exercise in the best interest of the Corporation, its shareholders and other stakeholders. The Board shall conduct itself with utmost honesty and integrity in the discharge of its duties, functions and responsibilities.
GENERAL RESPONSIBILITY OF A DIRECTORA Director’s office is one of trust and confidence. He shall act in a manner characterized by transparency, accountability, professionalism, diligence, and fairness.
SPECIFIC FUNCTIONS OF THE BOARDTo insure a high standard of best practice for the Corporation and its stakeholders, the Board shall:
competent directors and officers;
mission, and strategies to carry out its objective
relevant laws, regulations and codes of best business practices;
stakeholders and formulate a clear policy on communicating or relating with them through an effective investor relations program;
indicators and monitor these factors with due diligence;
regularly. Independent views during Board meetings shall be given due consideration and all such meetings shall be duly minuted; and
the institution as prescribed in the Articles of Incorporation, By-Laws and in existing laws, rules and regulations.
DUTIES AND RESPONSIBILITIES OF A DIRECTORA Director shall have the following duties and responsibilities:
Corporation and to ensure that personal interests and biases do not influence him/her in arriving at Board decisions;
attention to properly discharge his duties and responsibilities;
and regulatory requirements affecting the Corporation, including the contents of its Articles of Incorporation and By-Laws, the requirements of the Commission, and where applicable, the requirements of other regulatory agencies;
[Corporate Governance]
29
effectiveness and adequacy of the Corporation’s control environment.
THE BOARD COMMITTEES
A. NOMINATION COMMITTEE
The Nomination Committee shall have at least three (3) Directors, one of whom must be independent.
It shall pre-screen and shortlist all candidates nominated to become a member of the Board of Directors in accordance with the following qualifications and disqualifications:
Qualifications
Corporation;
sufficient experience in managing the business to substitute for such formal education;
six (6) years and held a position not less than managerial level;
probity; and
Disqualifications
offense involving moral turpitude or fraudulent act or transgressions;
or other administrative body to have willfully violated, or willfully aided, abetted, counseled, induced or procured the violation of, any provision of the Code, the Corporation Code, or any other law, rules, regulations or order administered by the SEC or Bangko Sentral ng Pilipinas;
bankrupt;
or equivalent financial regulatory authority of acts, violations or misconduct similar to any of the acts, violations or misconduct listed in the foregoing paragraphs; and
offense punishable by imprisonment for a period exceeding six (6) years, or a violation of the
Code, committed within five (5) years prior to the date of his election or appointment.
alcohol addiction or confined in a mental institution;
than ten (10%) percent equity in any similar nature of business other than the Corporation’s affiliates or subsidiaries.
B. COMPENSATION AND
REMUNERATION COMMITTEE
The Compensation and Remuneration Committee shall be composed of at least three (3) members, one of whom shall be an independent director.
Duties and Responsibilities
developing a policy on executive remuneration and for fixing the remuneration packages of corporate officers and directors, and provide oversight over remuneration of senior management and other key personnel ensuring that compensation is consistent with the Corporation’s culture, strategy and control environment;
shall be in a sufficient level to attract and retain directors and officers who are needed to run the company successfully;
developing a policy on executive remuneration and for fixing the remuneration packages of individual directors, if any, and officers;
Disclosure as part of the pre-employment requirements for all incoming officers, which among others compel all officers to declare under the penalty of perjury all their existing business interests or shareholdings that may directly or indirectly conflict in their performance of duties once hired;
remuneration;
information and proxy statements a clear, concise and understandable disclosure of compensation of its executive officers for the previous fiscal year and ensuing year;
Personnel, to strengthen provisions on conflict
30
of interest, salaries and benefits policies, promotion and career advancement directives and compliance or personnel concerned with all statutory requirements that must be periodically met in their respective posts.
C. AUDIT COMMITTEE
The audit committee shall be composed of at least three (3) Members of the Board, at least two (2) of whom must be independent and one (1) of whom shall be its head or chairman. Each member shall have adequate understanding at least or competence at most of the company’s financial management systems and environment. (In compliance with SEC Memorandum Circular No. 6 Series of 2004).
Duties and Responsibilities
with both the internal financial management handbook and pertinent accounting standards, including regulatory requirements;
specifically in the areas of managing credit, market, liquidity, operational, legal and other risks of the Corporation, and crisis management;
frequency one (1) month before the conduct of external audit;
internal and external auditors;
and auditing processes, practices and methodologies, and develop the following in relation to this reform:
accounting system of the Corporation will be substantially International Accounting Standard compliant.
specifically identify officers and/or personnel directly responsible for the accomplishment of such task.
system that will ensure the integrity of internal control activities throughout the company through step-by-step procedures and policies handbook that will be used by the entire organization.
CORPORATE GOVERNANCE
COMMITTEES
Nomination and Election Committee
EVARISTO T. FRANCISCO (Independent)
Chairman
DAVID M. CONSUNJI
Member
ISIDRO A. CONSUNJI
Member
Compensation and Remuneration Committee
VICTOR S. LIMLINGAN (Independent)
Chairman
JORGE A. CONSUNJI
Member
CESAR A. BUENAVENTURA
Member
Audit Committee
VICTOR S. LIMLINGAN (Independent)
Chairman
EVARISTO T. FRANCISCO (Independent)
Member
ISIDRO A. CONSUNJI
Member
HERBERT M. CONSUJI
Compliance Officer
CRISTINA C. GOTIANUN
Internal Auditor
JORGE A. CONSUNJI
Head of Special Committee on Violation
of Manual
31
DAVID M. CONSUNJI
Chairman
CESAR A. BUENAVENTURA
Vice Chairman
ISIDRO A. CONSUNJI
President & Chief Executive Officer
HERBERT M. CONSUNJI
Vice President & Chief Finance Officer
VICTOR A. CONSUNJI
Director
JORGE A. CONSUNJI
Director
EVARISTO T. FRANCISCO
Independent Director
VICTOR S. LIMLINGAN
Independent Director
ATTY. NOEL A. LAMAN
Corporate Secretary
MA. EDWINA C. LAPERAL
Treasurer
CRISTINA C. GOTIANUN
Assistant Treasurer
MYRA C. REINOSO
Vice President for Finance
ALDRIC G. BORLAZA
Finance Officer
MA. LUISA C. AUSTRIA
Accounting / Administration Officer
Board of Directorsand Officers
SUBSIDIARIES
D. M. CONSUNJI, INC.
DAVID M. CONSUNJI
Chairman
CESAR A. BUENAVENTURA
Vice Chairman
JORGE A. CONSUNJI
President and COO
EDILBERTO C. PALISOC
Executive Vice President and
General Manager for Construction
MA. EDWINA C. LAPERAL
Treasurer
CRISTINA C. GOTIANUN
Vice President and Chief Finance Officer
ELMER G. CIVIL
Vice President and
General Manager, Housing Business Unit
DOUGLAS R. CUNANAN
Vice President and Business Development Manager
LUIS C. PASTOR
Vice President and Operations Manager
REBECCA E. CIVIL
Asst. Vice President for Budget and Contracts
DAVID R. VILLAVIRAY
Asst. Vice President for Engineering
REYNALDO L. SAN JUAN
Asst. Vice President for Procurement
GERONIMO L. PUNZAL
Deputy Operations Manager
TEDDY A. IRENEA
Deputy Operations Manager
Head, Construction Unit for Power Plant
ATTY. RICARDO P. BALATBAT
Corporate Counsel & OIC for Administration
CHRISTOPHER R. RODRIGUEZ
Overall Head for Power Plant
General Manager, Formworks Business Unit
RUSTOM R. FRONDA
General Manager, Equipment Business Unit
FRANCISCO M. ZALAMEDA, JR.
General Manager, Ready-Mix Concrete
RONALDO L. ELEPANO, JR.
Manager, Business Development
32
FRANCES GRACE B. MERCADO
Finance Manager
RODOLFO C. MENGUITA
Manager, HRD / Training Director
SILVINO P. REPOLONA, JR.
Manager, MIS-EDP
ATTY. MARCOS S. PAGASPAS
Manager, Legal Department
ROMEO S. LEONGSON
Manager, Insurance Department
DMCI PROJECT DEVELOPERS, INC.
ISIDRO A. CONSUNJI
President
ALFREDO R. AUSTRIA
Managing Director
MA. EDWINA C. LAPERAL
Treasurer
HERBERT M. CONSUNJI
Director for Administration
ELMER G. CIVIL
Director for Design & Construction
REYNALDO C. SALAZAR
Director for Business Development
FLORANTE C. OFRECIO
Director for Sales
MARY MAYLANIE L. PRECILLA
Director for Marketing
ALFONSO C. CERVERO
Director for Customer Care
SEMIRARA MINING CORPORATION
DAVID M CONSUNJI
Chairman
ISIDRO A. CONSUNJI
Vice Chairman & Chief Executive Officer
VICTOR A. CONSUNJI
President and Chief Operating Officer
GEORGE G. SAN PEDRO
Vice President for Operation and Resident Manager
CRISTINA C. GOTIANUN
Vice President for Administration
GEORGE B. BAQUIRAN
Vice President for Special Projects
JAIME B. GARCIA
Vice President for Procurement and Logistics
NESTOR D. DADIVAS
Chief Finance Officer
ATTY. JOHN R. SADULLO
Corporate Secretary
FRANCISCO B. ARAGON
Marketing Consultant
CESAR T. VILLANUEVA
Marketing Manager
DMCI POWER CORPORATION
NESTOR D. DADIVAS
President
CRISTINA C. GOTIANUN
Treasurer & Chief Finance Officer
ATTY. NOEL A. LAMAN
Corporate Secretary
ATTY. ZENAIDA L. SALIPSIP
Asst. Corporate Secretary
GOERGE B. BAQUIRAN
Project Director, Concepcion Power Plant Project
NOLASCO M. PASION
Project Director, Masbate Power Plant Project
ATTY. JOHN R. SADULLO
Legal Officer
SIDDHARTHA C. REYES
Procurement & Logistics Manager
LOIDES C. CASTRO
Project Development Officer
RAQUEL R. PACHEO
Accounting & Finance Officer
ANTONIO E. GATDULA, JR.
Business Development & Marketing Officer
MARIA BRIHITA V. RIVERA
Administrative & HR Officer
DMCI MINING CORPORATION
CESAR F. SIMBULAN
President & Chief Operating Officer
VICTOR M. FIDES
Resident Manager
FRANK C. DE VERA
Consultant for Operations
JLIM BRIONES
Consultant for Business Development & Martketing
RENATO H. COLLADO
Mine Legal Consultant
ALEX P. GUAZON
Head, Administrative & HRD
REYNALDO S. GOLPEO
Head, Procurement
HILZEBER A. ESCANER
Head, Accounting & Finance
ATTY. FRANCIS ALLAN RUBIO
Head, Legal
DMCI HOLDINGS, INC.3rd Floor, Dacon Building2281 Don Chino Roces AvenueMakati City, Metro Manila1231 PhilippinesTel (632) 8883000Fax (632) 8167362Corporate email: [email protected]: http://www.dmciholdings.com
Legal CounselCastillo Laman Tan Pantaleon & San Jose Law Offices4th Floor The Valero Tower122 Valero Street, Salcedo VillageMakati City, Metro Manila, PhilippinesTel (632) 8104371 / 8172724Fax (632) 8192724/25 & 8175938
Stock Transfer AgentSecurities Transfer Services, Inc.4th Floor Benpres BuildingMeralco Avenue corner Exchange RoadOrtigas Center, Pasig CityMetro Manila, PhilippinesTel (632) 490-0060Fax (632) 6317148
A PROJECT OF CORPORATE COMMUNICATIONS OFFICE
AgencyK2 INTERACTIVE (ASIA) INC.
Photography (Portraits and Operations)CESAR CAINA
ContentK2 INTERACTIVE (ASIA) INC.
LOUIE M. BANTAALDRIC G. BORLAZA
Additional PhotosMIMMON VICENTE
SEMIRARA PHOTO ARCHIVES
PrintingHOUSE PRINTERS
