Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
First Quarter 2014Financial & Operating Results
7 May 2014
2
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
3
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
1,883 1,977
1,795 1,851
327 426
1Q2013 1Q2014
FINANCIAL HIGHLIGHTS
REVENUE (in million pesos)
Flour Feeds Farms
4
4,005
6%
4,253
268 327
163 130
113 135
1Q2013 1Q2014
FINANCIAL HIGHLIGHTS
EBITDA (in million pesos)
Flour Feeds Farms
5
591544
9%
144 186
125 86
56 67
1Q2013 1Q2014
FINANCIAL HIGHLIGHTS
NET INCOME (in million pesos)
Flour Feeds Farms
6
339326 4%
OPERATING HIGHLIGHTS – Flour Division
7
55,678 56,314
1Q2013 1Q2014
1%
Sales VolumeIn MT
845 878
156 174
1Q2013 1Q2014
Average Selling Prices and Gross Profit
Peso/bag
Average Selling Price Gross Profit
69,832 71,526
1Q2013 1Q2014
Sales Volume In MT
Average Selling Prices and Income Over Ingredient Cost
Peso/MT
2%
OPERATING HIGHLIGHTS – Feeds Division
23,157 23,526
5,244 5,212
1Q2013 1Q2014
8Average Selling Price Income Over Ingredient Cost
2,914
3,583
1Q2013 1Q2014
Sales VolumeIn ‘000 kilos
Average Selling Prices and Gross Profit
Peso/kilo
23%
OPERATING HIGHLIGHTS – Farms Division
108 113
32 33
1Q2013 1Q2014
9
Average Selling Price Gross Profit
PROJECT UPDATES
10
FEED
S • Feedmill Expansion Iligan : June 2014 – July 2015
• Inter-Island Pier 2 : July 2014 – July 2015
ILIGAN MILLING COMPLEX
11
Feedmill 2
Inter-island Pier 2
PROJECT UPDATES
12
• Completion of Farm Expansion 2 : Increase in sow level from 6,500 to 8,360 heads completed by Q2 2014
Grow-Fin Farm 1 to 5 expansion : Mar 2014 – Oct 2014Grow-Fin Farms 6 : Jan 2014 – Jun 2014Grow-Fin Farm 7 : Sep 2015 – Feb 2016
• Farm Expansion 3 : Increase in sow level from 8,360 to 13,640 heads completed by Q2 2017
Breeder Farm 2 : Nov 2014 – Jul 2016Offsite Nursery Farm 2 : Feb 2015 – Aug 2016Grow-Fin Farm 8 to 11 : Jan 2016 – Aug 2017
• Layer Farm : Aug 2014 – Oct 2015
FARM
S
PROJECT UPDATES
13
FARM EXPANSION TIMELINE: P2 BILLION INVESTMENT
Farm/Site Name
Grow-Fin farm 1
Grow-Fin farm 2
Grow-Fin farm 3
Grow-Fin farm 4
Grow-Fin farm 5
Grow-Fin farm 6
Grow-Fin farm 7
Grow-Fin farm 8
Grow-Fin farm 9
Grow-Fin farm 10
Grow-Fin farm 11
Breeder farm 2
Nursery farm 2
Layer Farm
Farm Expansion 2 (Sow Level 8,360) : Construction of Grow-fin farms 6 & 7
Grow-fin farms 1 to 5 capacity expansion from 7,200 heads to 9,460 heads
Farm Expansion 3 (Sow Level 13,640) : Breeder farm 2, Nursery farm 2, & Grow-fin farms 8 to11
First Layer Farm : 120,000 birds capacity
Q1 Q2 Q3 Q4
2014 2015 2016 2017
Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4Q3 Q4
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
14
AGENDA
14
4,003
1,542
3M2013 3M2014
Net IncomeIn million pesos
Net income dropped on lower trading gains
61%
15
Net interest income sustained improvement on continuous expansion in earning assets & lower funding costs
262
374
88.5% 90.8%
55.0%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
100
150
200
250
300
350
400
450
500
550
YTD Mar 2013 YTD Mar 2014
Earning AssetADB in billion pesos
% to Net Assets
2,050 2,561
3M2013 3M2014
Net Interest Income In million pesos
5.13% 4.10%1.75% 1.17%
3.38%2.93%
Net Interest Margin
Average Yield Average Cost Net Interest Margin
45 bps
YTD Mar 2013 YTD Mar 2014
43%
25%
16
509 882
3,371 422
32
59
170
178
832
208
23
4
3M2013 3M2014
Non Interest IncomeIn million pesos
Service charges, fees & commissions Trading gain/losses - netFX gains/losses Dividend IncomeMiscellaneous Premium Revenue - net
Non interest income declined from exceptionally high trading gains a year ago
+73.3%
-87.5%
+84.4% +4.7%-75.0%-82.6%
4,937
1,753
65%
17
Deposits exhibited strong growth, breached Php300 billion level
196 306
10
21
YTD Mar 2013 YTD Mar 2014
DepositsADB in billion pesos
UnionBank Subsidiaries
6179
11
30.1% 24.5%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
20
30
40
50
60
70
80
90
100
110
120
YTD Mar 2013 YTD Mar 2014
Peso CASA DepositsADB in billion pesos
59%
29%
+56.1%
+2.1X
+29.5%
206
327
6280
18
15 14
1428 8
52
221213
32929
1618
YTD Mar 2013 YTD Mar 2014
Credit Portfolio – Net of ProvisionsADB in billion pesos
Mortgage Salary Loans Auto LoansCredit Card Commercial Business LineCorporate Preferreds + Corp. bonds
Credit portfolio grew on account of robust salary loan expansion
-6.7%
-37.5%
120
90 11%+12.5%
+2.0x
19
1,748 1,615
456 297
481 365
1Q 2013 1Q 2014
Operating ExpenseIn million pesos
Core Bank Taxes Subsidiaries
Operating expenses declined notwithstandingbranch network expansion
-7.6%
-34.9%
-24.1%15%
2,685
2,277
20
Key ratios reflected drop in first quarter income
33.8%
13.7%
1Q 2013 1Q 2014
Return on Equity
5.2%
1.4%
1Q 2013 1Q 2014
Return on Average Asset
2.7
1.9
3M2013 3M2014
Revenue to Expense
20
Capital ratios weakened predominantly due to net unrealized losses
17.2%
11.5%
16.6%
10.9%
Mar 2013 Mar 2014
Capital Adequacy Ratios
CAR Common Equity Tier 1
21
50%
70%
90%
110%
130%
150%
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Re-based Stock Performance3/31/2013 – 3/31/2014
UnionBank PSEi PFINC
Source: Bloomberg, 3/31/13= 100
Share price continues to outperform PSE and Financial indices
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
24
AGENDA
163293
90
358
8
13
1Q 2013 1Q 2014
Commercial
Industrial
Residential
262
664
FINANCIAL HIGHLIGHTS
154% Revenue growthFrom 100% addition of Lima Land & higher
Residential revenue
REVENUES (in Php millions)
24
154%
113 135
101
135
86
193
1Q 2013 1Q 2014
Condo
House & Lots
Lots
300
46354%
FINANCIAL HIGHLIGHTS
Uptick in Residential sales driven by The Persimmon Studios
SALES (in Php millions)
25
121
1Q 2014
NIATNIAT
FINANCIAL HIGHLIGHTS
EBITDA (in Php millions)
124% EBITDA Growth
NIAT (in Php millions)
181% NIAT Growth
26
124% 181%
HIGHLIGHTS
27
RESIDENTIAL
The construction of The Persimmon Studios (condo), Almiya (H&L) and Priveya Hills (lots) is in full swing.
COMMERCIAL
• Sustaining growth in occupancy, presently at an average of 74%.
• Outlets now at 86% occupancy over 1 quarter of operations.
INDUSTRIAL
Lima Land was fully acquired in Feb 2014.
GROWTH PLANS ON TRACK
27
RESIDENTIAL
To launch phase 2 of Pristina North Residences on May 22 (High-end H&L subdivision)
COMMERCIAL
In the process of expanding Outlets at Pueblo Verde.
SM Hypermarket and Jollibee soon to open at Pueblo Verde.
INDUSTRIAL
Development of 150 hectare expansion of Lima Technological Center started.
GROWTH PLANS ON TRACK
27
CEBU DISTRICT PROPERTY ENTERPRISE INC.
• The recently incorporated 50-50 JVC with Ayala Land Inc. is now set to proceed with the planning of the 15-hectare mixed use development in MandaueCity, Cebu
31
GROWTH PLANS ON TRACK
31
2014 CAPEX targeted at 5.4 B 2014 1Q CAPEX spent at 1.4 B
87%
13%
0.34%
2014 CAPEX
Land Acquisition
Project Dev't
Other Initiatives
5.4 B
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
32
NET INCOME (in million pesos)
33
4,179EPS = P0.579%
-10%
-17%
DistributionGeneration AP Parent & Others
4,595EPS = P0.62
749 618
3,971 3,561
1Q2013 1Q2014
34
CORE NET INCOME (in million pesos)
749 618
3,879 3,785
1Q2013 1Q2014
DistributionGeneration AP Parent & Others
Non-Recurring Items1Q2013 1Q2014
AP Parent (31) 12 AP- Gen 92 (223)
62 (211)
4,389EPS = P0.60
3%
-2%
-17%
4,533EPS = P0.62
35
BENEFICIAL EBITDA (in million pesos)
1,228 1 ,108
6,471 7,531
1Q2013 1Q2014
8,608
13%
+16%
-10%
7,634
DistributionGeneration AP Parent & Others
OPERATING HIGHLIGHTS: GENERATION
36
ENERGY SALES BREAKDOWN (GWh) CAPACITY SALES BREAKDOWN (MW)
1,472 1,743
476 445
502 501
1Q2013 1Q2014
Energy contracts Capacity contracts Spot market
2,6882,450
1,780
10%
Peso/kWh 1Q 2013 1Q 2014
Bilateral 4.85 5.16
Spot Market 3.80 4.40
517 497
610 894
233
232 59
156
1Q2013 1Q2014
Energy contracts Capacity contracts
Spot market Ancillary
1,419 25%
OPERATING HIGHLIGHTS: 1Q2014 WESM HIGHLIGHTS
37
Source: WESM, SNAP
WESM TIME WTD AVERAGE PRICES (P/MWh) – Luzon Grid
169 214
1Q2013 1Q2014
OPERATING HIGHLIGHTS: HYDRO
38
ATTRIBUTABLE ENERGY SALES (GWh)
CONTRACTED ENERGY (GWh), at 100%
SPOT MARKET (GWh), at 100%
NET CAPACITY SOLD FACTOR
27%
1Q2013
1Q2014
58
12 7
42 26
55 13 7
79 91
Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet
79
36
91
11
SNAP Magat SNAP Benguet
63%
13%21%
33%40%
55%
14% 21%
56% 64%
Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet
39
ANCILLARY SERVICES – Nomination and Acceptance (GW/h)
OPERATING HIGHLIGHTS: HYDRO
-
50
100
150
200
250
300
350
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nominated Ancillary Accepted Ancillary
2013 2014
Source: SNAP Magat & SNAP Benguet
OPERATING HIGHLIGHTS: HYDRO
40
SNAP MAGAT & SNAP BENGUET ANCILLARY SERVICES (at 100%)
Ancillary Revenues(in million pesos)
Accepted & Billed Capacity(in GW/h)
SNAP Magat
SNAP Benguet
132 268
122
217
1Q2013 1Q2014
580 722
535 584
1Q2013 1Q2014
1,306
254
485
17%91%
1,115
1Q 2013 1Q 2014
Peso/kWh 4.39 2.69
41
MAGAT’S WATER LEVEL VS. RULE CURVE (in MASL)
OPERATING HIGHLIGHTS: HYDRO
OPERATING HIGHLIGHTS: GEOTHERMAL
42
Energy Sales(in GWh)
Average Selling Prices (P/kWh)
Steam Vented (GWh)
AP RENEWABLES (Tiwi-Makban)
BCQ
WESM
Capacity Sold Factor
554 527
218 235
1Q2013 1Q2014
1%772 762
89% 88%
4.75 4.87
2.96 3.18
4.25 4.35
1Q2013 1Q2014
BCQ WESM WTD Ave
Steam & Purchased Power -P1.11/kWh
Steam & Purchased Power -P1.72/kWh
4.1 4.1
1Q2013 1Q2014
43
OPERATING HIGHLIGHTS: COAL
Attributable Energy Sales
ENERGY SALES (GWh)
CAPACITY SOLD FACTOR
397
1,024
371
1,257
192
1,251
366
1,413
STEAG TLI CEDC
12%
1Q2013
1Q2014
95%
88%92%
96% 98%
87%
STEAG TLI CEDC
44
OPERATING HIGHLIGHTS: COAL
4.29
5.65
4.51
BCQ WESM WTD Ave
4.40 4.24 4.37
BCQ WESM WTD Ave
THERMA LUZON (Pagbilao)
Energy Sales(in GWh)
BCQWESM
807 1,047
216
204
1Q2013 1Q2014
22%
1Q2014 Average Selling PricePeso/kWh
Coal + Energy Fee + Purchased Power = P1.64/kWh
1Q2013 Average Selling PricePeso/kWh
Coal + Energy Fee + Purchased Power = P1.95/kWh
1,024
1,251
45
OPERATING HIGHLIGHTS: OIL
ENERGY SALES (GWh)
AttributableEnergy Sales
CAPACITY SOLD FACTOR
18%
0 16 32 78
138
183 253
40 28 30 68
133 187
299
Therma Mobile EAUC CPPC SPPC WMPC Therma Marine
1Q2013
1Q2014
66%96% 100% 100% 91%100%
71%95% 100% 100% 96%
Therma Mobile EAUC CPPC SPPC WMPC Therma Marine
PEAK DEMAND (MW)
OPERATING HIGHLIGHTS: DISTRIBUTION
46
BENEFICIAL POWER SALES (Gwhr)
BENEFICIAL GWH SALES GROWTH(BY CUSTOMER TYPE)
2,790 3,142 3,322 3,606 3,727 3,934 4,076
956 1,000
2007 2008 2009 2010 2011 2012 2013 1Q2013 1Q2014
5%
256
700
956
253
747
1,000
Residential Commercial & Industrial Total Power Sales
1Q2013 1Q2014
5%
1%
7%
3%
296 416
23 90 80
20 32
957
323 409
22 95 86
21 28
985
DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total
1Q2013 1Q2014
OPERATING HIGHLIGHTS: DISTRIBUTION
47
SYSTEMS LOSSGROSS MARGIN / KWH SALE
SFELAPCOSEZC DLPC VECO CLPCMEZC BEZC
1.21 1.16
1.25
1.44
1.60
1.77
1.53
2008 2009 2010 2011 2012 2013 1Q2014
* Year-to-date
*
1Q2013
1Q2014
Gov’t Cap – 8.50%
1% 2%
5 %
2%
8. 0%8. 7% 8. 5%
1% 1%
4%
5%
7.4% 8.0%
8.2%
FINANCIAL CONDITION
48
BALANCE SHEET(In million Pesos)
Cash and Equivalents
YE2013
Total Assets
Total Interest Bearing Debt
Total Liabilities
Net Debt
Total Equity
Current Ratio
Net Debt to Equity
13,803
79,107
-
12,486
-
66,621
1.2x
0.2x
Investments and Advances 64,573
1Q2014
16,004
81,618
-
12,460
-
69,158
1.3x
0.2x
64,950
PARENT
YE2013
31,383
193,939
78,491
102,688
47,107
91,251
2.9x
0.5x
25,330
1Q2014
34,601
200,193
81,253
104,761
46,652
95,432
3.2x
0.5x
25,257
CONSOLIDATED
49
Project Update
FIVE YEAR PROJECT PIPELINE TO SECURE LONG-TERM GROWTH
LUZON GRID VISAYAS GRID MINDANAO GRID
Sabangan Hydro 14 MW (2015)
Pagbilao Coal 400 MW* (2017)
Maris Canal 8 MW (2017)
Subic Coal 600 MW** (2017)
Cebu Coal 300 MW Davao Coal 300 MW (2015)
Davao Coal 3rd Unit 150 MW
Manolo Fortich 68 MW
Tamugan 12 MW (2016)
Note:s:*AP has 50% stake**AP has 25% stake
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
50
AGENDA
CONSOLIDATED PROFIT & LOSS (In Million Pesos)
51
Revenues
Equity Earnings
EBITDA
Net Income
1Q2013 1Q2014 % Change
17,792 25,740 45%
9,257 9,637
-45%2,763 1,524
4%
6,849 4,868 -29%
Core Net Income 5,529 4,398 -21%
3,530 3,212
1,794
731
325
339
1Q2013 1Q2014
NET INCOME (In Million Pesos)
52
29%
Power Banking Food Parent & OthersReal Estate
4,868EPS = P0.88
6,849EPS = P1.24
CORE NET INCOME (In Million Pesos)
53
Power Banking Food Parent & OthersReal Estate
3,483 3,375
1,794
731
325
339
1Q2013 1Q2014
4,398EPS = P0.8021%
5,529EPS = P1.00
Non-Recurring Items1Q2013 1Q2014
AEV Parent net unreal FX gain - (1.1) Net unreal FX gain (loss) 118.6 (162.3) AEV gain on sale of ABOJEB/CICTI - 634.0 AEV/PFC gain on sale of CSB 1,272 - AP Parent/HSI loan preterm costs (71.2) -
1,319.5 470.6
1Q2013 1Q2014
EBITDA (In Million Pesos)
54
9,257
8,395
9,637
8,260
EBITDA (Consolidated) EBITDA (Beneficial)
4%2%
9,191 9,191
YE 2013 1Q 2014
3,346
2,764
YE 2013 1Q 2014
PARENT NET DEBT (In Million Pesos)
Parent net debt increased by 10%
Cash & Equivalents
Long-term Debt
55
-17%
5,845
6,427
YE 2013 1Q 2014
CONSOLIDATED BALANCE SHEET / KEY RATIOS
56
(In Million Pesos, except ratios)
Cash and Cash Equivalents
YE 2013 1Q 2014 % Change
Total Assets
Total Liabilities
Total Equity
Book Value Per Share
Current Ratio
Debt to Equity
Net Debt to Equity
36,118
247,088
124,539
122,549
17.55
2.64x
1.02x
0.48x
39,396
253,378
125,489
127,889
18.45
2.93x
0.98x
0.46x
9%
3%
1%
4%
Equity Attributable to Parent 96,927 101,870 5%
ANNEX A: EARNINGS CONTRIBUTION (In Million Pesos)
57
Aboitiz Power Corp.
Union Bank
AboitizLand
1Q2013 1Q2014
3,530 3,212
1,794 731
43 121
% Change
-9%
-59%
6,849 4,868 -29%Net Income
Parent & Others 1,156 466
5,529 4,398 -21%Core Net Income
Pilmico 325 339 4%
-60%
181%
58
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Union Bank of the Philippines
• AboitizLand
• Aboitiz Power Corporation
• AEV Financials
• Q&A
First Quarter 2014Financial & Operating Results
7 May 2014