ABOITIZ POWER CORPORATION · PDF fileVECO Cotabato Light ... Official Gazette of the Republic of the Philippines ... Aboitiz Power Corporation Fourth Quarter/Full Year 2015 Financial

Secondary

ABOITIZ POWER CORPORATION

Fourth Quarter / Full Year 2015

Financial & Operating Results

9 March 2016

Secondary

NET INCOME (in million pesos)

9 March 2016

Aboitiz Power Corporation Fourth Quarter/Full Year 2015 Financial & Operating Results2

812 916 906 1,171721

3,5732,844 3,064

4,433

2,700

1Q2015 2Q2015 3Q2015 4Q2015 4Q2014

QUARTERLY BREAKDOWN

3,203 3,806

13,47613,915

FY2014 FY2015

17,604EPS = P2.39

5%

+3%

+19%

16,705EPS = P2.27

DistributionGeneration AP Parent & Others

3,5033,683

4,347

54%30%

4,164

5,410

Net income up on higher generation and distribution earnings

Secondary

CORE NET INCOME (in million pesos)

9 March 2016


812 916 906 1,171721

3,5613,021

3,828

4,402

2,619

1Q2015 2Q2015 3Q2015 4Q2015 4Q2014

QUARTERLY BREAKDOWN


3,4293,837

4,335

56%11%

Non-Recurring ItemsFY2014 FY2015 1Q2015 2Q2015 3Q2015 4Q2015 4Q2014

AP Parent 24 135 (1) 22 101 12 (8)

AP -Gen (160) (897) 13 (176) (764) 31 81

Total Gains/(Losses) (136) (762) 11 (154) (663) 43 73

4,827

3,203 3,806

13,63614,812

FY2014 FY2015

18,366EPS = P2.509%

+9%

+19%

16,841EPS = P2.29 5,367

Core net income up on higher sales from the Coal and Large Hydro Units

Secondary

BENEFICIAL EBITDA (in million pesos)

9 March 2016


1,265 1,411 1,438 1,343 1,308

7,2396,129

7,3918,688

5,766

1Q2015 2Q2015 3Q2015 4Q2015 4Q2014

QUARTERLY BREAKDOWN

5,480 5,457

27,04129,447

FY2014 FY2015

35,1768%

+9%

-0.4%

32,615


7,2477,571

8,531

38%10%

9,094

9,980

Cash generation continued to be strong

Secondary

FINANCIAL CONDITION

9 March 2016


BALANCE SHEET

(In million Pesos)

Cash and Equivalents

YE2014

Total Assets

Total Interest Bearing Debt

Total Liabilities

Net Debt

Total Equity

Current Ratio

Net Debt to Equity

20,161

91,367

9,902

22,385

-

68,982

1.7x

-0.1x

Investments and Advances 70,012

YE2015

13,841

85,574

9,911

22,613

-

62,962

1.2x

-0.1x

70,373

PARENT

YE2014

40,232

216,761

97,347

120,681

57,115

96,080

3.4x

0.6x

24,816

YE2015

51,098

242,562

114,152

140,948

63,054

101,613

3.1x

0.6x

22,552

CONSOLIDATED

Year-end balance sheet continued to be strong with low gearing

Secondary

OPERATING HIGHLIGHTS: GENERATION

9 March 2016


184 133

557 613

935 980

123 173

FY2014 FY2015

Capacity Sales Breakdown by Profile (MW)

Spot Market Energy Contracts

Capacity Contracts Ancillary

1,9001,800 6%

Capacity Sold Factor

Fuel Group FY14 FY15Change in % points

MINI HYDRO 49% 44% -5

LARGE HYDRO 64% 78% 14

SNAP Magat 54% 60% 6

SNAP Benguet 79% 100% 21

GEOTHERMAL 79% 75% -4

COAL 93% 97% 4

Therma Luzon 93% 93% -

Therma South 100% -

OIL 95% 97% 2

83% 85%CapacitySold Factor

Capacity sales growth driven by increase in available capacities

Secondary


9 March 2016


Fuel GroupBeneficial

Total Energy Sales(GWh)

BeneficialAncillary Sales

(GWh)

FY14 FY15 YoY Chg FY14 FY15 YoY Chg

MINI HYDRO 690 686 -1%

LARGE HYDRO 799 790 -1% 853 1,221 43%

SNAP Magat 377 381 1% 473 572 21%

SNAP Benguet 422 409 -3% 380 650 71%

GEOTHERMAL 2,772 2,643 -5%

COAL 5,510 6,580 19%

Therma Luzon 4,706 5,124 9% 224 298 33%

Therma South - 436 -

OIL 1,504 1,854 23%

AP – GENERATION 11,272 12,550 11% 1,077 1,519 41%

Volume Sales growth driven by the Coal, Large Hydro and Oil Groups

Secondary


9 March 2016


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

Dry Spell to persist until mid-2016

Secondary


9 March 2016


In Peso/kWhBilateral

ContractsSpot Market

Weighted Average

Ancillary

FY14 FY15 FY14 FY15 FY14 FY15 FY14 FY15

AP GENERATION GROUP 4.93 3.64 5.05 4.41 4.94 3.70 2.22 2.04

SNAP Magat 4.68 5.07 5.50 3.56 5.01 4.83 2.10 2.22

SNAP Benguet 4.65 4.71 6.99 5.13 5.47 4.75 2.73 2.05

Therma Luzon* 4.04 3.80 5.14 5.03 4.19 3.90 1.64 1.66

Therma South - 4.00 - - - 4.00

APRI** 4.65 4.16 4.04 3.69 4.52 4.05

Note: Fuel cost and purchased power:*TLI: P1.39/kWh (FY2015) versus P1.91/kWh (FY2014)**APRI: P1.53/kWh (FY2015) versus P1.88/kWh (FY2014)

Average selling price continued to drop

Secondary

OPERATING HIGHLIGHTS: DISTRIBUTION

9 March 2016


344

459

24

106 96

22 28 22

1,102

354

475

26 102 102

22 30 26

1,138

DavaoLight

VECO CotabatoLight

SFELAPCO SEZ MEZ BEZ LEZ Total

FY2014 FY2015

1,117

3,363

4,480

1,186

3,573

4,759

Residential Commercial &Industrial

Total Power Sales

FY2014 FY2015

BENEFICIAL POWER SALES (Gwhr)

BENEFICIAL GWH SALES GROWTH(BY CUSTOMER TYPE)

PEAK DEMAND (MW)

3%

2,790 3,142 3,322 3,606 3,727 3,934 4,076 4,480 4,759

2007 2008 2009 2010 2011 2012 2013 2014 2015

6%

6%

6%

6%

Power sales grew across all customer segments

Secondary

OPERATING HIGHLIGHTS: DISTRIBUTION

9 March 2016


Gov’t Cap – 8.50%

2%

1% 1%

4%

6% 6%

8%8%

1%1% 1%

3%

5%

7%8%

5%

SYSTEMS LOSSGROSS MARGIN / KWH SALE

SFELAPCOSEZ Davao Light VECO CotabatoLight

MEZ BEZ

1.25

1.44

1.60

1.77 1.71

1.61

2010 2011 2012 2013 2014 2015

FY2014

FY2015

LEZ

Gross margin dropped due to Davao Light’s higher cost

Secondary

PROJECT UPDATES

12Aboitiz Power Corporation Fourth Quarter/Full Year 2015 Financial & Operating Results

9 March 2016

Therma South – Davao Coal Unit 1 (130MW): COD – Sept. 18, 2015 Unit 2 (130MW): COD – Feb. 2, 2016

Source: Official Gazette of the Republic of the Philippines

Therma South coal-fired power plant fully operational

Secondary

PROJECT UPDATES

13Aboitiz Power Corporation Fourth Quarter/Full Year 2015 Financial & Operating Results

9 March 2016

Source: Official Gazette of the Republic of the Philippines

Ph

ilip

pin

es

Projects under-construction Capacity Start of Construction Estimated Completion

San Carlos - Negros (Solar) 59 MWp 2H2015 1Q2016

Pagbilao 3 (Coal) 400 MW 2H2014 2H2017

Manolo Fortich (Hydro) 68 MW 1H2015 2H2017

MARIS Canal (Hydro) 8.5 MW 2H2015 2H2017

Cebu (Coal) 300 MW 1H2015 2H2018

Exploratory Projects Estimated Capacity Partner/s Location

Mini Hydro ~200 MW - Across the Philippines

Large Hydro 390 MW - Luzon

Geothermal - - Luzon & Mindanao

Inte

rnat

ion

al

Hydro 127 MWSN Power & Energi

InfranusantaraCentral Sulawesi, Indonesia

Geothermal 110 MW Medco Power East Java Province, Indonesia

Healthy pipeline in place to reach our target of ~4,000 MW by 2020

Secondary

Annex A: EARNINGS BREAKDOWN

9 March 2016


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

2015 2014 2015 2014

Parent & Others (117) 26 (194) 82

Power Generation Group:

ARI (Parent & others) 84 (2) 49 1

HEDCOR INC 57 82 40 11

HEDCOR SIBULAN 759 917 180 263

HEDCOR TUDAYA 104 89 31 30

HEDCOR TAMUGAN 0 0 0 0

HEDCOR SABANGAN 123 (17) 82 (8)

HEDCOR BUKIDNON (35) (13) (7) (13)

LUZON HYDRO 113 197 (60) 13

MORE 9 26 20 24

SNAP MAGAT 1,030 957 513 537

SNAP BENGUET 1,088 1,570 252 263

SPPC 73 50 17 11

WMPC 155 124 29 31

CPPC 178 191 15 26

EAUC 125 124 23 11

THERMA MOBILE 354 231 107 (27)

THERMA MARINE 469 448 136 (77)

STEAG 324 10 150 59

ABOVANT HOLDINGS (CEDC) 625 614 175 174

RP ENERGY (7) (7) (3) (2)

THERMA (Parent & Others) 61 (12) 58 (10)

THERMA SOUTH 254 (6) 250 (14)

THERMA LUZON 3,772 3,687 1,245 858

THERMA VISAYAS 176 (3) 188 (1)

PAGBILAO ENERGY (49) (18) (19) (3)

AP RENEWABLES 4,074 4,239 964 544

Sub-Total Power Generation 13,915 13,476 4,433 2,700

Power Distribution Group:

COTABATO LIGHT & POWER 116 57 38 (1)

DAVAO LIGHT & POWER 1,992 1,629 781 362

VISAYAN ELECTRIC CO. 963 957 163 229

SFELAPCO 147 133 61 27

LIMA ENERZONE 167 62 36 14

SUBIC ENERZONE 296 251 62 61

MACTAN ENERZONE 60 54 13 14

BALAMBAN ENERZONE 65 60 16 14

Sub-Total Power Distribution 3,806 3,203 1,171 721

TOTAL NET INCOME 17,604 16,705 5,410 3,503EARNINGS PER SHARE (average outstanding) 2.39 2.27 0.74 0.48

RECURRING NET INCOME 18,366 16,841 5,367 3,429

% increase (decrease) 9% 56%

Secondary

Thank you

Documents

ABOITIZ POWER CORPORATION · PDF fileVECO Cotabato Light ... Official Gazette of the Republic of the Philippines ... Aboitiz Power Corporation Fourth Quarter/Full Year 2015 Financial