ABOITIZ POWER CORPORATION

Transcription

1 ABOITIZ POWER CORPORATION Fourth Quarter / Full Year 2013 Financial & Operating Results

2 NET INCOME (in million pesos) 24,407 EPS = P % 18,577 EPS = P2.53 4,595 QUARTERLY BREAKDOWN 10% 29% 4,918 4,767 4,297 6,024 22,760 15,226-33% 3,971 4,100 4,031 3,124 5,607 2,795 3, % Q2013 2Q2013 3Q2013 4Q2013 4Q2012 Generation Distribution AP Parent & Others 2

3 CORE NET INCOME (in million pesos) N on- Recurring Items AP Parent (361) 430 AP- Gen 1,066 (1,978) 705 (1,547) Non-Recurring Items 1Q2013 2Q2013 3Q2013 4Q2013 4Q2012 FX gains/(loss) 154 (1,435) (156) (434) 356 Gain on redemption Debt prepayment costs (93) (14) Others (133) 61 (1,435) (151) (23) 209 QUARTERLY BREAKDOWN 23,702 EPS = P % 20,124 EPS = P2.74 4,533 6,353 4,918 12% 26% 4,320 5,815 21,694 17,204-21% 3,879 5,537 4,202 3,147 5,399 2,795 3, % Q2013 2Q2013 3Q2013 4Q2013 4Q2012 Generation Distribution AP Parent & Others 3

4 BENEFICIAL EBITDA (in million pesos) QUARTERLY BREAKDOWN 36,530 11% 32,336 7,634 9,916 8,353 23% 30% 6,432 9,166 32,121 27,999-13% 6,471 8,572 7,106 5,850 8,125 4,554 4,581 +1% 1,228 1,399 1, ,041 1Q2013 2Q2013 3Q2013 4Q2013 4Q2012 Generation Distribution AP Parent & Others 4

5 OPERATING HIGHLIGHTS (in million pesos) ENERGY SALES BREAKDOWN (GWh) CAPACITY SALES BREAKDOWN (MW) 10,660 3% 3% 10,949 1,547 1,398 1,914 1,789 2, , ,473 7, Energy contracts Spot market Capacity contracts Energy contracts Spot market Capacity contracts Ancillary P/kWh FY 2012 FY 2013 Bilateral Spot Market

6 OPERATING HIGHLIGHTS: GENERATION Year-End 2012 Year-End ,305 MW 1,305 MW 57% 605 MW 381 MW 381 MW 14% 305 MW 238 MW 1,660 MW 75% 26% 17% 11% With Off-taker Generation Based With Off-taker Capacity Based Without Off-taker Bulk of the Power Supply Agreements are now under capacity-based contracts 6

7 OPERATING HIGHLIGHTS: 2013 WESM HIGHLIGHTS WESM TIME WTD AVERAGE PRICES (P/MWh) Luzon Grid Peak Off Peak All Hours ,796 2,035 3, ,502 2,558 4, ,882 3,397 5,843 Forced outages of Masinloc, StaRita, Malaya & Ilijan High Outage: 1 unit of Sual and Calaca on outage Hydros still on minimal output Units from Sual, Pagbilao, and Calac coal plants on outage Malampaya maintenance Forced outages of Leyte plants (due to Typhoon Yolanda), and units from Masinloc, Calaca, and San Lorenzo Maintenance of Malampaya Maintenance/outage of GN Power and Pagbilao Pagbilao and Calaca plants on outage Maintenance of Sual and Sta. Rita Record demand levels due to warm weather Gas curtailments Low Hydro High Outages Fuel limitations Note: 1. Calculated based on raw data provided by WESM as of Dec July 26 October 25, 2008 prices are reflective of NPC TOU rates. Source: WESM, SNAP 7

8 OPERATING HIGHLIGHTS: HYDRO ATTRIBUTABLE ENERGY SALES (GWh) 29% CONTRACTED ENERGY (GWh), at 100% Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet 1,131 1,463 SPOT MARKET (GWh), at 100% SNAP Magat SNAP Benguet NET CAPACITY SOLD FACTOR 62% 52% 45% 43% 43% 26% 91% 61% 62% Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet 55% 8

9 OPERATING HIGHLIGHTS: HYDRO ANCILLARY SERVICES Nomination and Acceptance (GW/h) 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 9

10 OPERATING HIGHLIGHTS: HYDRO SNAP MAGAT & SNAP BENGUET ANCILLARY SERVICES (at 100%) Ancillary Revenues (in million pesos) Accepted & Billed Capacity (in GW/h) 11,509 52% 1,984 2,418 38% 9,524 5,534 2,565 2, ,011 1, SNAP Magat SNAP Benguet FY 2012 FY 2013 P/kWh

11 OPERATING HIGHLIGHTS: GEOTHERMAL AP RENEWABLES (Tiwi-Makban) WESM BCQ 3, Energy Sales (in GWh) 17% 2, Average Selling Prices (P/kWh) 3.13 BCQ WESM WTD Ave Steam & Purchased Power - P1.53/kWh Steam & Purchased Power - P1.56/kWh 3,338 2,153 Steam Vented (GWh) 198 Capacity Sold Factor 85% 82% 11 11

12 OPERATING HIGHLIGHTS: COAL ENERGY SALES (GWh) 5% 4,232 4,515 5,142 5,409 1,516 1,485 1,495 1,477 STEAG TLI CEDC Attributable Energy Sales 95% 97% 69% 101% 87% 92% CAPACITY SOLD FACTOR STEAG TLI CEDC 12

13 OPERATING HIGHLIGHTS: COAL THERMA LUZON (Pagbilao) Energy Sales (in GWh) Average Selling Price P/kWh , % 4, Coal + Energy Fee + Purchased Power = P2.61/kWh BCQ WESM WTD Ave 3,490 4,003 Average Selling Price P/kWh WESM BCQ Coal + Energy Fee + Purchased Power = P2.65/kWh BCQ WESM WTD Ave 13

14 OPERATING HIGHLIGHTS: OIL ENERGY SALES (GWh) 29% , Therma Mobile EAUC CPPC SPPC WMPC Therma Marine Attributable Energy Sales 100% 71% 70% 97% 96% 100% 100% 100% 100% 94% 91% CAPACITY SOLD FACTOR Therma Mobile EAUC CPPC SPPC WMPC Therma Marine 14

15 OPERATING HIGHLIGHTS: DISTRIBUTION BENEFICIAL POWER SALES (Gwhr) 4% 2,461 2,507 2,790 3,142 3,322 3,606 3,727 3,934 4, BENEFICIAL GWH SALES GROWTH (BY CUSTOMER TYPE) PEAK DEMAND (MW) 6% 1,034 5% 1,089 2,901 3% 2,986 3,934 4% 4, , Residential Commercial & Industrial Total Power Sales DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total 15

16 OPERATING HIGHLIGHTS: DISTRIBUTION GROSS MARGIN / KWH SALE SYSTEMS LOSS ** Gov t Cap 8.50% 9% 7.5% 7.9% 8.9% 7.8% 9.5% 8.3% * % 1% 1% 2% 4% 4% 2% MEZ BEZ SEZ SFELAPCO DLPC VECO CLPC * Adjusted for timing of transmission charge recovery ** 12 month moving average 16

17 FINANCIAL CONDITION BALANCE SHEET (In million Pesos) YE2012 PARENT YE2013 CONSOLIDATED YE2012 YE2013 Cash and Equivalents 8,234 13,803 30,678 31,384 Investments and Advances 62,411 64,573 25,831 25,371 Total Assets Total Interest Bearing Debt Total Liabilities Net Debt Total Equity 71, ,694-64,426 79,256-12,412-66, ,137 66,879 80,635 36,201 82, ,919 78, ,628 47,107 91,291 Current Ratio Net Debt to Equity 5.0x 0.0x 1.2x 0.2x 2.7x 0.4x 2.9x 0.5x 17

18 PROJECT UPDATE FIVE YEAR PROJECT PIPELINE TO SECURE LONG-TERM GROWTH LUZON GRID VISAYAS GRID MINDANAO GRID Subic Coal 600 MW (2017) Sabangan Hydro 14 MW (2015) Pagbilao Coal 400 MW (2017) Maris Canal 8 MW (2017) Cebu Coal 300 MW Davao Coal 300 MW (2015) Davao Coal 3 rd Unit 150 MW Tudaya 14 MW (2014) Tamugan 12 MW (2016) Manolo Fortich 69 MW 18

19 Annex A: EARNINGS BREAKDOWN (in million pesos) YEAR - TO - DATE FOR THE QUARTER INVESTEE ACTUAL ACTUAL ACTUAL ACTUAL Parent & Others (1,148.75) (198.61) Power Generation Group: ARI (parent) (61.63) (55.61) (92.59) (18.96) HEDCOR INC HEDCOR SIBULAN HEDCOR TUDAYA (3.51) 0.00 (1.69) 0.00 HEDCOR TAMUGAN LUZON HYDRO (439.13) (6.58) MORE SNAP MAGAT 2, , , , SNAP BENGUET 1, , , SPPC WMPC CPPC EAUC THERMA MOBILE (3.46) (30.07) (17.90) THERMA MARINE STEAG ABOVANT HOLDINGS (CEDC) RP ENERGY (44.97) (35.19) (1.91) (14.33) THERMA (Parent & Others) (53.29) (9.54) (2.17) (11.17) THERMA SOUTH (94.73) (2.20) (107.17) 1.47 THERMA LUZON , (1,959.25) 1, AP RENEWABLES 7, , , , Sub-Total Power Generation 15, , , , Power Distribution Group: COTABATO LIGHT & POWER DAVAO LIGHT & POWER 1, , VISAYAN ELECTRIC CO SFELAPCO SUBIC ENERZONE MACTAN ENERZONE BALAMBAN ENERZONE Sub-Total Power Distribution 3, , TOTAL NET INCOME 18, , , , NET INCOME TO COMMON 18, , , , % increase (decrease) % % CORE NET INCOME 20, , , , % increase (decrease) % % 19

20 Annex B: OPERATING HIGHLIGHTS - GENERATION CONTRACTED (CAPACITY) CONTRACTED (ENERGY) 14% 1,788 2, ,174 7, ,490 6% 7,007 4, ,338 2, *Figures are in GWh 1, SPOT MARKET 37% 1, Hydro Geothermal Coal Oil 20

21 Annex C: PROJECT UPDATE 300 MW Davao Coal Project Greenfield project to help ease energy supply shortfall in Mindanao Grid Composed of 2 x 150 MW generating units Total cost estimated at P31.1 billion Capex spent as of September 30, 2013 at P14.5 billion Estimated to be completed by 2015 Off-take Sellable capacity already fully contracted with several offtakers, including affiliate DLPC 21

22 Annex C: PROJECT UPDATE 14 MW Tudaya 1 and 2 Hydro Power Plants Greenfield project which involves the construction of two run of river hydropower plant facilities in Davao Del Sur, in Mindanao Total cost estimated at P2.4 billion Capex spent as of September 30, 2013 at P1.3 billion Estimated to be completed by MW Sabangan Hydro Power Plant Greenfield project which involves the construction and operation of a hydropower plant facility in Mt. Province, in Northern Luzon Groundbreaking held in June 2013 Total cost estimated at P1.9 billion Capex spent as of September 30, 2013 at P293.1 million Estimated to be completed by

23 Annex D: DEBT PROFILE AP BENEFICIAL Maturity Profile - PhPM (As of December 2013) 9,085 9,728 9,509 10,299 8,011 7,482 9,579 6,507 5,757 5,110 5,040 10, Breakdown by Tenor (As of Dec. 2013) Breakdown by Currency (As of Dec. 2013) Breakdown by Interest Rate (As of Dec. 2013) Short Term 3% Dollar 36% Floater 1% Long Term 97% Peso 64% JPY 0% Fixed 99% 23

24 Thank you