second quarter / first half 2012 financial & …...second quarter / first half 2012 financial...

Second Quarter / First Half 2012Financial & Operating Results

15 August 2012

2

AGENDA

• Review of Business Units

• Pilmico Foods Corporation

• Aboitiz Power Corporation

• Union Bank of the Philippines

• City Savings Bank

• AEV Financials

• Q&A

3

AGENDA






• AEV Financials

• Q&A

FINANCIAL HIGHLIGHTS

9M 2006REVENUE (in million pesos)

Flour Feeds Farms

4

7,2914%

3,715 3,848 3,7254% 3%

QUARTERLY BREAKDOWN7,563

*

* Flour by-product was reclassified to Feeds


EBITDA (in million pesos)

Flour Feeds Farms

5

865989

13%

379

48654228% 10%

QUARTERLY BREAKDOWN


NET INCOME (in million pesos)

Flour Feeds Farms

6

522650

20%

219

303367

38% 18%

QUARTERLY BREAKDOWN

OUTLOOK

7

FLO

UR • Unloading facility –

completed in June 2012

• Port dredging –expected to be completed and operational in 3Q

• Pier expansion

FEED

S • Additional steel silos in Iligan – completed

• 3rd Feedmill plant

FAR

MS • Increase sow level

from 6,500 to 8,350 heads by 2014

• Offsite nursery farm construction

• Breeder farm 1 expansion

• 1st grow-fin farm –improvement

• 2nd grow-fin farm –expansion

• 5th grow-fin farm –construction

• 6th & 7th grow-fin farm –construction by 2013






• AEV Financials

• Q&A

8

AGENDA

10,594EPS = P1.44ROE = 42%

12,183EPS = P1.66ROE = 43%

15%

NET INCOME (in million pesos)

+11%

+38%

9

5,600

6,583

5,488

QUARTERLY BREAKDOWN

18% 20%

Distribution Generation AP Parent & Others

10

CORE NET INCOME (in million pesos)

11,521EPS = P1.57ROE = 40%

16%

+12%

+38%

5,083

6,438

5,273

QUARTERLY BREAKDOWN

27% 22%

Non-Recurring Items1H2011 1H2012

FX gains/(loss) - Parent (41) (36) Debt prepayment - Parent - (59) FX gains/(loss) - Generation 184 981 TMI Revenue Adjustment 348 STEAG NPC reimbursement 179 - Gain from share redemption 14 APRI steam cost adjustment - (238)

670 662

Non-Recurring Items1Q2012 2Q2012 2Q2011

FX gains/(loss) - Parent (5) (31) 6 Debt prepayment - Parent - (59) FX gains/(loss) - Generation 508 473 30 TMI Revenue adjustmentSTEAG NPC reimbursement 179 Gains from share redemption 14 APRI steam cost adjustment - (238) -

517 146 215

9,924EPS = P1.35ROE = 40%


11

PROFORMA EBITDA (in million pesos)

16,38517,885

9%

+6%

+34%

8,449

9,436

8,367

QUARTERLY BREAKDOWN

12% 13%


OPERATING HIGHLIGHTS: GENERATION

12

ENERGY SALES BREAKDOWN (GWh)

3,172 3,691

788 816 680 589

1H2011 1H2012Energy contracts Capacity contracts Spot market

CAPACITY SALES BREAKDOWN (MW)

4,6405,096

P/kWh 1H2011 1H2012

Bilateral 5.36 5.30

Spot Market 3.43 6.33

731 845

305

380 157

135 158

171

1H2011 1H2012Energy contracts Capacity contracts

Spot market Ancillary

1,351

1,532

10%13%

(6,000)

(4,000)

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Jan-

08Fe

b-08

Mar

-08

Apr-0

8M

ay-0

8Ju

n-08

Jul-0

8Au

g-08

Sep-

08O

ct-0

8No

v-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9Ap

r-09

May

-09

Jun-

09Ju

l-09

Aug-

09Se

p-09

Oct

-09

Nov-

09De

c-09

Jan-

10Fe

b-10

Mar

-10

Apr-1

0M

ay-1

0Ju

n-10

Jul-1

0Au

g-10

Sep -

10O

ct-1

0No

v-10

Dec-

10Ja

n-11

Feb-

11M

ar-1

1Ap

r-11

May

-11

Jun-

11Ju

l-11

Aug-

11Se

p-11

Oct

-11

Nov-

11De

c-11

Jan-

12Fe

b-12

Mar

-12

Apr-1

2M

ay-1

2Ju

n-12

Peak Off Peak All Hours

Note: 1. Calculated based on raw data downloaded from the WESM website as of July 2012. July

26 – October 25, 2008 prices are reflective of NPC TOU rates.

Source: WESM, SNAP

WESM TIME WTD AVERAGE PRICES (P/MWh) – Luzon Grid

OPERATING HIGHLIGHTS: 1H2012 WESM HIGHLIGHTS

13

• 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

YTD PricesPeak Off Peak All Hours

2011 4,796 2,035 3,508 June 11 4,298 2,183 3,284 June 12 6,362 2,873 4,654

• Coal plants on outage

1,251

847

645

727

614563

809

1,130

1,510 1,549

1,126

1,363

1,461

895

791

592

687

1,012

January February March April May June July August September October November December

2011 2012

AVERAGE CAPACITY ON OUTAGE (in MW) – Luzon Grid

Source: WESM, SNAP14


25.8

26.6 26.6

27.7

28.3

27.6 27.1 27.1

27.5 27.6

26.9 26.7 27.0 27.5

29.2 29.2

28.0

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec


15Source: www.accuweather.com

AVERAGE TEMPERATURE (in oC) – Luzon Grid

20122011

WEEKLY SYSTEM PEAK DEMAND (in MW) – Luzon Grid

Source: WESM 16


20122011

3000

4000

5000

6000

7000

8000

9000

w1 w3 w5 w7 w9 w11 w13 w15 w17 w19 w21 w23 w25 w27 w29 w31 w33 w35 w37 w39 w41 w43 w45 w47 w49 w51

7,425 MW

7,778 MW

366

407

1H2011 1H2012

11%

ATTRIBUTABLE ENERGY SALES

(GWh)

1H20111H2012

OPERATING HIGHLIGHTS: HYDRO

CONTRACTED ENERGY (GWh), at 100%

SPOT MARKET (GWh), at 100%

NET CAPACITY SOLD FACTOR

17

96 51 71

211

96 58

199

64

Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet

90

11

123 119

SNAP Magat SNAP Benguet

52%32% 23%

84% 86%

52%32%

0%

102%

44%

Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet

3.49 3.87

6.12

10.51

SNAP Magat SNAP Benguet

AVERAGE SELLING PRICE (in P/kWh)

1H20111H2012

CONTRACTED ENERGY SPOT MARKET

18


5.04 4.80

2.51

4.57

5.21 5.24 5.08

6.79

H Sibulan HEDCOR LHC SNAP Magat SNAP Benguet

1,011 1,281

362 213

1H2011 1H2012


19

SNAP MAGAT & SNAP BENGUET ANCILLARY SERVICES(at 100%)

Ancillary Revenues(in million pesos)

Accepted & Billed Capacity(in GW/h)

3,870 5,884

1,260

1,031

1H2011 1H2012

SNAP MagatSNAP Benguet

5,130

6,915 1,3731,494

35% 9%

1H2011 1H2012

P/kW/h 3.73 4.63

140.00

150.00

160.00

170.00

180.00

190.00

200.00

2011 Water Level

2012 Water Level

Magat Rule Curve (meter)

Critical Level

MAGAT’S WATER LEVEL VS. RULE CURVE (in MASL)

Source: SNAP1Q 2Q 4Q3Q

20


1,355 1,651

332 55

1H2011 1H2012

4.80 4.84

2.76 3.00

4.40 4.78

1H2011 1H2012

BCQ

WESM

WTD Ave

OPERATING HIGHLIGHTS: GEOTHERMAL

21

Energy Sales(in GWh)

Average Selling Prices (P/kWh)

Steam Vented (GWh)

AP RENEWABLES (Tiwi-Makban)

26

2

1H2011 1H2012

1%

1,687 1,706BCQ

WESM

Steam Cost @ P1.06/kWh

Net Capacity Sold Factor

84% 85%

Steam Cost @ P1.46/kWh

745

1,795

604

2,208

785

2,139

761

2,606

STEAG TLI CEDC Total

ENERGY SALES (GWh)


1H20111H2012

18%

Attributable Energy Sales

22

OPERATING HIGHLIGHTS: COAL

95%

59% 63%

95%70%

101%

STEAG TLI CEDC

5.19

5.68

5.28

BCQ WESM WTD Ave

THERMA LUZON (Pagbilao) 1H2011 Average Selling PriceP/kWh

23

OPERATING HIGHLIGHTS: COAL

Energy Sales(in GWh)

1,503 1,755

292

383

1H2011 1H2012

1H2012 Average Selling PriceP/kWh

Coal Cost + Energy Fee = P2.50/kWhCoal Cost = P2.35/kWh

2,139

1,79519%

BCQ

WESM

5.53

4.04

5.28

BCQ WESM WTD Ave

Coal Cost + Energy Fee = P2.41/kWhCoal Cost = P2.23/kWh

59 52

135 224 248

380

36 67

150

269 238

380

EAUC CPPC SPPC WMPC Therma Marine

ENERGY SALES (GWh)

AttributableEnergy Sales


1H20111H2012

24

OPERATING HIGHLIGHTS: OIL

87% 95% 100% 100%

60%71%

98% 100% 100%92%

EAUC CPPC SPPC WMPC Therma Marine

698.00

698.50

699.00

699.50

700.00

700.50

701.00

701.50

702.00

1 10 19 28 37 46 55 64 73 82 91 100 109 118 127 136 145 154 163 172 181 190 199 208 217 226 235 244 253 262 271 280 289 298 307 316 325 334 343 352 361

2011

2012

critical level

shutdown

LAKE LANAO WATER LEVEL (in MASL)

25

OPERATING HIGHLIGHTS: OIL

3,378 4,778

8,155

4,831 4,109

8,937

Hydro Geothermal Total Benef icial EBITDA

1H2011

1H2012

14,796 15,707

1H2011 1H2012

1,065

5,577

6,641

778

6,009 6,770

Oil Coal Total Beneficial EBITDA

1H2011

1H2012

Amounts in Million Pesos

RENEWABLE PLANTS10%

OPERATING HIGHLIGHTS: GENERATION

PF BENEFIClAL EBITDA

26

2%THERMAL PLANTS

6%

2,461 2,507 2,790 3,142 3,322 3,606 3,727

1,814 1,949

2005 2006 2007 2008 2009 2010 2011 1H2011 1H2012

485

1,329

1,814

515

1,434

1,949

Residential Commercial & Industrial

Total Power Sales

1H2011 1H2012

BENEFICIAL POWER SALES (Gwhr)

7%

BENEFICIAL GWH SALES GROWTH(BY CUSTOMER TYPE)

7%

PEAK DEMAND (MW)

5%

6%

8%

OPERATING HIGHLIGHTS: DISTRIBUTION

27

271 407

23 88 83

25 29

927

289 433

21 88 90

22 34

976

DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total

1H2011 1H2012

1% 1%

4%

6%

8%

10.0%9.2%

1% 2%

4% 4%

8%9.2%

10.9%

SYSTEMS LOSSGROSS MARGIN / KWH SALE


* Adjusted for timing of transmission charge recovery ** 12 month moving average

28

SFELAPCOSEZ Davao Light

Visayan Electric

Cotabato Light

MEZ BEZ

1H20111H2012

Gov’t Cap – 8.50%

1.20

1.28 1.27

1.21 1.16

1.25

1.44 1.56

* *

**

34%

PF BENEFICIAL EBITDA


Amounts in Million Pesos

29

1,018

347 53 68 119 48 42

1,695

1,341

485 78 101 186 40 44

2,275

DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total Benef icial EBITDA

1H20111H2012

FINANCIAL CONDITION

30

BALANCE SHEET(In million Pesos)

Cash and Equivalents

YE2011

Total Assets

Total Interest Bearing Debt

Total Liabilities

Net Debt

Total Equity

Current Ratio

Net Debt to Equity

7,900

65,499

13,457

13,692

5,557

51,807

8.8x

0.1x

Investments and Advances 56,990

End June 2012

4,059

63,135

10,480

10,581

6,421

52,553

40.7x

0.1x

58,557

PARENT

YE2011

23,392

153,528

73,198

83,336

49,806

70,192

3.5x

0.7x

29,122

End June 2012

25,424

157,612

72,307

84,763

46,883

72,849

3.4x

0.6x

29,927

CONSOLIDATED

FINANCIAL CONDITION

31

BALANCE SHEET(In million Pesos) YE2011

Total Interest Bearing Debt

Net Debt

Equity*

Net Debt to Equity

93,043

61,743

68,928

0.90

End June 2012

91,035

59,899

70,951

0.84

BENEFICIAL

Cash 31,300 31,136

*Equity Attributable to Parent

Net Debt to EBITDA 1.74

32

OUTLOOK: Generation Business

LUZON GRID Binga Hydro 15 MW (2013)

Subic Coal 600 MW (2016)

Sabangan Hydro 13 MW

Magat Hydro 90-115 MW

Pagbilao Coal 380-400 MW

MINDANAO GRID Mindanao Hydro 54 MW (2014-15)

Davao Coal 300 MW (2015)

Unified Leyte Geothermal plants (EDC) 550 MW, Visayas Grid

IPPA: Caliraya-Botokan-Kalayaan Hydro (J Power) 728 MW, Luzon Grid

IPPA: Casecnan Hydro, 150 MW, Luzon Grid

Asset Sale: Agus Hydro 727 MW & Pulangi Hydro 255 MW, Mindanao Grid

BROWN/GREENFIELD PRIVATIZATION

Annex A: EARNINGS BREAKDOWN

33

(in million pesos) YEAR - TO - DATE FOR THE QUARTERINVESTEE ACTUAL ACTUAL ACTUAL ACTUAL

2012 2011 2011 2010Parent & Others (565) (595) (349) (329)Power Generation Group: HEDCOR INC (42) (64) 51 (10) HEDCOR SIBULAN 134 151 99 101 LUZON HYDRO (334) 38 (416) 52 SNAP MAGAT 3,175 1,923 1,905 1,189 SNAP BENGUET 870 392 694 169 SPPC 27 29 13 17 WMPC 64 87 31 48 CPPC 154 114 77 55 EAUC 99 93 66 37 THERMA MOBILE (9) (0) 5 (0) THERMA MARINE 225 560 146 136 STEAG 274 696 182 483 ABOVANT HOLDINGS (CEDC) 304 116 180 75 THERMA LUZON 2,836 1,768 1,769 723 AP RENEWABLES 3,622 4,255 1,471 2,162 OTHERS (67) 8 (24) 10

Sub-Total Power Generation 11,333 10,167 6,250 5,249Power Distribution Group: COTABATO LIGHT & POWER 40 19 25 10 DAVAO LIGHT & POWER 845 642 416 296 VISAYAN ELECTRIC CO. 280 184 103 165 SFELAPCO 62 35 41 24 SUBIC ENERZONE 118 65 62 34 MACTAN ENERZONE 33 43 17 23 BALAMBAN ENERZONE 36 35 18 17

Sub-Total Power Distribution 1,415 1,023 682 569TOTAL NET INCOME 12,183 10,594 6,583 5,488

NET INCOME TO COMMON 12,183 10,594 6,583 5,488% increase (decrease) 15% 20%

CORE NET INCOME 11,521 9,924 6,437 5,273% increase (decrease) 16% 22%

CORE NET INCOME ex Pagbilao 14,433 12,606 7,908 6,625% increase (decrease) 14% 19%

34

Pagbilao Finance Lease Effect1H2011 1H2012

Accreted Interest Expense 2,683 2,911 Depreciation 547 547 PSALM Monthly Payments (549) (546)

2,682 2,912

Pagbilao Finance Lease Effect1Q2012 2Q2012 2Q2011

Accreted Interest Expense 1,441 1,470 1,352 Depreciation 274 274 274 PSALM Monthly Payments (273) (273) (274)

1,441 1,471 1,352

12,606EPS = P1.71ROE = 50%

14,433EPS = P1.96ROE = 51%

14%

+11%

+38%

6,524

7,908

6,625

QUARTERLY BREAKDOWN

21% 19%

Annex B: CORE NET INCOME, Ex Pagbilao Effect (in million pesos)


52 122

332 55

292

399

4 13

1H2011 1H2012

314 282

1,355 1,651

1,503 1,755

1H2011 1H2012

413 452

376 364

1H2011 1H2012

CONTRACTED (ENERGY) CONTRACTED (CAPACITY)

SPOT MARKET

16%3,691

3%

13%

Geothermal

Hydro

Coal

Oil

788 816

680589

3,172

Annex C: OPERATING HIGHLIGHTS – GENERATION

35

*Figures are in GWh

Annex D: DEBT PROFILE – AP PARENT

Maturity Profile - PhPM(As of June 2012)

Breakdown by Tenor(As of June 2012)

Breakdown by Currency(As of June 2012)

36

Breakdown by Interest Rate(As of June 2012)

Long Term

99.95%

Short Term 0.05% Peso

100%

Fixed100%

6 6

5,006

526

5,000

2012 2013 2014 2015 2016

Annex E: DEBT PROFILE – AP BENEFICIAL

Maturity Profile - PhPM(As of June 2012)

Breakdown by Tenor(As of June 2012)

Breakdown by Currency(As of June 2012)

37

Breakdown by Interest Rate(As of June 2012)

4,373

8,651

12,860

8,651

12,633

8,176

5,994 5,559

8,663

4,360 3,702 3,133 2,831 1,445

191

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Long Term97%

Short Term3%

Peso62%

Dollar38%

JPY0%

Fixed96%

Floater4%

PROJECT UPDATE

38

Annex F: PROJECT UPDATE

38

AMBUKLAO-BINGA REHABILITATION

Total combined project cost of $280 million- $189 million for 75 MW Ambuklao + $10 million for new

headrace tunnel

- $81 million for 100 MW Binga

Target completion dates for Ambuklao- All three units done by 3Q2011

- Rated capacity currently at 105 MW

Target completion dates for Binga - Unit 1: done in December 2011

- Unit 2: done in July 2012

- Unit 3: 1Q2013

- Unit 4: 4Q2013

- To increase capacity to 120 MW

Capex spent as of end-1H2012 at roughly $264.2million

PROJECT UPDATEAnnex F: PROJECT UPDATE (cont’d)

39

TIWI-MAKBAN REHABILITATION• At Makban

• Estimated completion date within 1Q2013

• At Tiwi

• Estimated completion date within 4Q2012

• As of end-1H2012, total actual capex spent at P4.8 billion (roughly $114 million)

• Enhancements in the plants’ availability rate are expected following the completion of the refurbishment, rehabilitation and resource improvments

Makban Plant A

Tiwi Rehab Activity

PROJECT UPDATE

40

Annex F: PROJECT UPDATE (cont’d)

40

242 MW NAVOTAS POWER BARGES

To undergo rehabilitation, which involves:– Overhaul of engines

– Repair of barge super-structure and deck

– Possible dry docking

– Construction of new transmission line

Total rehab cost estimated at P1.9 bn– Capex spent as of end-1H2012 at P852.9

million

Estimated rehab timeline– 4Q2011: 123 MW

– 3Q2012: 67 MW

– 4Q2012: 52 MW, including switchyard

Off-take– Merchant

– Possible contracts for peaking capacity

Pre-Acquisition

Post-Acquisition






• AEV Financials

• Q&A

41

AGENDA

Net income buoyed by higher trading gains

42%

43%

42

Non-interest income rose driven by securities trading gains

2,649

4,395

1,192

3,335 +60%

+51%

-11%

-33%-13%

-54%-11%+38%

-68%

-23%

32%

55%

43

Net interest income improved on better funding mix and increased levels of higher-yielding assets

8%

30 bps2%

16%

44

Focus on a more cost-effective funding base

7%6%

13% 13%

45

Controlled increase in operating expenses

11%

5%

46

Consumer-led and commercial-driven growth in credit portfolio

73

87

19%+44%

+50%

-8%

+30%

+33%

+33%

47

Key financial ratios maintained at higher levels

48

Capital ratios remained healthy and supportive of future expansion and growth

49

UBP stock continued to outperform stock market and financial sector indices

Source: Bloomberg, 6/30/11= 100

50

51

AGENDA






• AEV Financials

• Q&A

Decline in bottomline largely due to increased operating expenses resulting from expansion program and other initiatives

7%17%

31%

Net Income(in Million Pesos)

Net Interest Income(in Million Pesos)

Operating Expenses(in Million Pesos)

52

53

Loan growth surged with combined effects of increased average loan take up and additional branches

62%

Loan Portfolio(in Million Pesos) 19%

42%

Branch Network

Average Loan Per Borrower(in Thousand Pesos)

54

36%

Total Resources(in Million Pesos)

47%

Total Deposits(in Million Pesos)

35%

Capital Funds(in Million Pesos)

55

Revenue to OverheadCapital Adequacy Ratio NPL Coverage Ratio

KEY RATIOS

56

OUTLOOK

Luzon

Visayas

Mindanao

Metro Manila

5 branches

13 branches11 offices

3 branches

To expand branch network outside of

present coverage- As of end-June 2012, number of branches and

extension offices was at 32- Target to open an additional 6 branches, all to

be located in Luzon

Broaden client/customer base

Implement business process

improvements to support expansion

program

11 branches by end-2012

57

AGENDA






• AEV Financials

• Q&A

CONSOLIDATED PROFIT & LOSS (In Million Pesos)

Revenues

Equity Earnings

EBITDA

Net Income

Core Net Income

2Q2011 2Q2012

18,777 20,766

3,151 3,864

9,895 10,229

5,612 5,955

% Ch

11%

23%

3%

6%

5,447 5,844 7%

1H2011 1H2012

35,888 40,345

4,807 7,111

18,518 20,054

10,217 11,810

% Ch

12%

48%

8%

16%

9,705 11,302 16%

Core Net Income(Ex Pagbilao Effect)

6,480 6,974 8% 11,754 13,540 15%

58

4,302 5,058

4,193

1,329 629

1,013 -

219 303 367

1Q2012 2Q2012 2Q2011

NET INCOME (In Million Pesos)

59

5,855 5,955

2% 6%

5,612

QUARTERLY BREAKDOWN

8,094 9,360

1,434

1,958 650

522

1H2011 1H2012

11,810EPS = P2.14ROE = 33%

16%10,217EPS = P1.85ROE = 35%

Power Banking Food Parent & Others

CORE NET INCOME (In Million Pesos)

60

3,905 4,946

4,029

1,329 629

1,013 219

303 367

1Q2012 2Q2012 2Q2011

7%

5,458 5,8445,447

QUARTERLY BREAKDOWN

Non-Recurring Items1H2011 1H2012

Parent (0.0) (1.1) Power 512 509 Total Gains/(Losses) 512 508

16%

11,302EPS = P2.05ROE = 32%9,705

EPS = P1.76ROE = 34% 7%


Non-Recurring Items1Q2012 2Q2012 2Q2011

Parent (0.6) (0.5) (0.0) Power 397 112 165 Total Gains/(Losses) 396 111 165

18,518

15,611

20,054

17,060

EBITDA (Consolidated) EBITDA (Proforma)

1H2011 1H2012

EBITDA (In Million Pesos)

61

8%

9%

3,991 3,986

YE 2011 End June 2012

PARENT NET DEBT (In Million Pesos)

Parent net debt up by 65%

2,744

1,926


Cash & Equivalents

Long-term Debt

62

30%

0.1%

1,247

2,060


CONSOLIDATED BALANCE SHEET / KEY RATIOS

63

(In Million Pesos, except ratios)

Cash and Cash Equivalents

YE 2011 End June 2012 % Change

Total AssetsTotal Liabilities

Total Equity

Book Value Per ShareCurrent RatioDebt to EquityNet Debt to Equity

29,543

200,992106,014

94,978

13.962.961.120.59

30,531

206,018108,848

97,170

14.262.921.120.57

3%

3%3%

2%Equity Attributable to Parent 77,078 78,763 2%

5,013 6,076

5,062

1,329 629

1,013

219 303

367

1Q2012 2Q2012 2Q2011

64

6,566

6% 8%

6,974

QUARTERLY BREAKDOWN

Pagbilao Finance Lease Effect1H2011 1H2012

Accreted Interest Expense 2,050 2,236 Depreciation 418 421 PSALM Monthly Payments (420) (420)

2,049 2,237

Pagbilao Finance Lease Effect1Q2012 2Q2012 2Q2011

Accreted Interest Expense 1,107 1,129 1,033 Depreciation 210 210 209 PSALM Monthly Payments (210) (209) (209)

1,107 1,130 1,033

9,631 11,089

1,434

1,958 650

522

1H2011 1H2012

15%

13,540EPS = P2.45ROE = 38%

6,480

Annex A: CORE NET INCOME, Ex Pagbilao (In Million Pesos)

11,754EPS = P2.13ROE = 41%


ANNEX B: EARNINGS CONTRIBUTION (In Million Pesos)

65

Aboitiz Power Corp.

City Savings Bank

Union Bank

Pilmico

2Q2011 2Q2012

4,193 5,058

108 98

905 531

% Ch

21%

-9%

-41%

Net Income

Parent & Others

5,447 5,844 7%Core Net Income

5,612 5,955 6%

39 (35) --

367 303 -18%

1H2011 1H2012

8,094 9,360

211 197

1,224 1,761

% Ch

16%

-6%

44%

9,705 11,302 16%

10,217 11,810 16%

39 (31) --

650 522 -20%

6,480 6,974 8%Core Net Income(Ex Pagbilao Effect)

11,754 13,540 15%

66

AGENDA






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Second Quarter / First Half 2012Financial & Operating Results

15 August 2012

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