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06.30.16-AP-SEC-FORM-17-Q-Re COVER SHEET C 1 9 9 8 0 0 1 3 4 S.E.C. Registration Number A B O I T I Z P O W E R C O R P O R A T I O N (Company's Full Name) 3 2 N D S T R E E T , B O N I F A C I O G L O B A L C I T Y , T A G U I G C I T Y , M E T R O M A N I L A P H I L I P P I N E S (Business Address: No. Street City / Town / Province ) M. JASMINE S. OPORTO 02-886-2729 Contact Person Company Telephone Number Contact Person 2nd Quarterly Report 2016 3rd Monday of May 1 2 3 1 1 7 - Q 0 5 1 6 Month Day FORM TYPE Month Day Fiscal Year Annual Meeting Secondary License Type, if Applicable S E C Dept. Requiring this Doc Amended Articles Number/Section x Total No. of Stockholders Domestic Foreign - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - To be accomplished by SEC Personnel concerned File Number LCU Document I.D. Cashier S T A M P S Remarks = pls. Use black ink for scanning purposes SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-Q QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER 1. For the quarterly period ended June 30, 2016 2. Commission identification number C199800134 3.BIR Tax Identification No. 200-652-460-000 4. Exact name of issuer as specified in its charter ABOITIZ POWER CORPORATION 5. Province, country or other jurisdiction of incorporation or organization Philippines 6. Industry Classification Code: (SEC Use Only) 7. Address of issuer's principal office Postal Code 32nd Street, Bonifacio Global City, Taguig City, Metro Manila, Philippines 1634 8. Issuer's telephone number, including area code (02) 886-2800 9. Former name, former address and former fiscal year, if changed since last report N/A 10. Securities registered pursuant to Sections 8 and 12 of the Code, or Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding (as of June 30, 2016) Common Stock P1 Par Value 7,358,604,307 Amount of Debt Outstanding P131,578,090,000.00 11. Are any or all of the securities listed on a Stock Exchange? Yes [ x ] No [ ] If yes, state the name of such Stock Exchange and the class/es of securities listed therein: Philippine Stock Exchange Common 12. Indicate by check mark whether the registrant: (a) has filed all reports required to be filed by Section 17 of the Code and SRC Rule 17 thereunder or Sections 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of the Corporation Code of the Philippines, during the preceding twelve (12) months (or for such shorter period the registrant was required to file such reports) Yes [x] No [ ] (b) has been subject to such filing requirements for the past ninety (90) days. Yes [x] No [ ] PART I--FINANCIAL INFORMATION Item 1. Financial Statements. Please refer to the financial statements and schedules attached herewith. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of Aboitiz Power Corporation’s (AP, AboitizPower or the “Company”) consolidated financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying schedules and disclosures set forth elsewhere in this report. Key Performance Indicators Management uses the following indicators to evaluate the performance of the Company and its subsidiaries (the Company and its subsidiaries are hereinafter collectively referred to as the “Group”): 1. Share in Net Earnings of Associates and Joint Ventures. It represents the Group's share in the undistributed earnings or losses of its investees for each reporting period subsequent to acquisition of said investment. It also indicates profitability of the investment and investees' contribution to the Group's net income. Manner of Computation: Investee's Net Income (Loss) x Investor's % ownership - Goodwill Impairment Cost 2. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA). The Company computes EBITDA as earnings before extra-ordinary items, net finance expense, income tax provision, depreciation and amortization. It provides management and investors with a tool for determining the ability of the Group to generate cash from operations to cover financial charges and income taxes. It is also a measure to evaluate the Group’s ability to service its debts. 3. Cash Flow Generated. Using the Statement of Cash Flows, management determines the sources and usage of funds for the period and analyzes how the Group manages its profit and uses its internal and external sources of capital. This aids management in identifying the impact on cash flow when the Group's activities are in a state of growth or decline, and in evaluating management's efforts to control the impact. 4. Current Ratio. Current ratio is a measurement of liquidity, calculated by dividing total current assets by total current liabilities. It is an indicator of the Group's short-term debt paying ability. The higher the ratio, the more liquid the Group. 5. Debt–to–Equity Ratio. Debt-to-Equity ratio gives an indication of how leveraged the Group is. It compares assets provided by creditors to assets provided by shareholders. It is determined by dividing total debt by stockholders' equity. The table below shows the comparative figures of the top five key performance indicators for the first six months of 2016 and 2015, and as of December 31, 2015: JUNE 2016 JUNE 2015 DEC 2015 SHARE IN NET EARNINGS OF ASSOCIATES AND JOINT VENTURES 1,601,338 1,378,174 EBITDA 18,425,325 15,609,083 CASH FLOW GENERATED: Net cash flows from operating activities 17,009,313 15,592,058 Net cash flows used in investing activities (12,110,229) (6,493,686) Net cash flows from (used in) financing activities 706,789 (9,848,580) Net increase (decrease) in cash & cash equivalents 5,605,873 (750,208) Cash & cash equivalents, beginning 51,098,269 40,231,875 Cash & cash equivalents, end 56,662,750 39,504,068 CURRENT RATIO 2.93 3.12 DEBT-TO-EQUITY RATIO 1.64 1.39 The Company’s share in net earnings of associates and joint ventures increased by 16% compared to the same period last year. The increase was mainly driven by higher contributions from SN Aboitiz Power-Magat, Inc. (SN Aboitiz Power – Magat). This was further augmented by higher contributions from STEAG State Power, Inc. (STEAG). Consolidated EBITDA as of the end of the second quarter, increased by 18% as a result of the fresh EBITDA contributions from Therma South, Inc. (TSI) Cash was used to fund ongoing projects, pay dividends to shareholders and working capital requirements of subsidiaries. The fund requirements were sourced mainly from cash generated by the Group’s operations and proceeds from debt facilities. The Company’s current ratio went from 3.12x at the end of 2015 to 2.93x at the end of the second quarter of 2016 as a result of the increase in its current liabilities. Debt to equity ratio as of June 30, 2016 was at 1.64, higher than 1.39 as of December 31, 2015. This is mainly due to the increase in the Group’s total liabilities. Results of Operations On a year-to-date (YTD) basis, AboitizPower’s bottomline performance recorded a 24% year-on-year (YoY) increase, from P8.02 billion (bn) to P9.96 bn. This translated to earnings per share of P1.35. The revaluation of consolidated dollar-denominated assets and liabilities resulted to a non-recurring loss of P70 million (mn) (versus last year’s loss of P142 mn). Adjusting for one-off’s recognized by the parent contributing net non-recurring gains of P201 mn in the second half, the Company’s core net income for the first semester of 2016 amounted to P9.83 bn, up by 20% YoY. Power Generation On a YTD basis, the generation business group accounted for 82% of earnings contributions from AboitizPower’s business segments, recording an income share of P8.1 bn for the first semester of 2016, up 27% YoY. Netting out one-off items, AboitizPower’s generation business amounted to P8.12 bn for the period, 25% higher than last year. As of semester end, AboitizPower’s attributable capacity sales rose by 13% YoY from 1,795 MW to 2,020 MW. TSI’s new capacity contribution primarily accounts for the increase in capacity. Magat dam’s better water inflow, particularly in June, further augmented capacity sales. Consequently, attributable energy sold grew by 21% YoY, from 5,709 GWh to 6,889 GWh. Bilateral sales made up 93% of the total volume sold, which expanded by 28% to 6,414 GWh. Spot sales decreased by 31% YoY from 685 GWh to 475 GWh. Higher dam elevation at the start of the year and better than expected water inflows allowed SN Aboitiz Power – Magat to realize 23% higher ancillary sales volume despite El Niño. In the first six months of 2016, the group’s average price for its energy sales decreased by 9% YoY. This was mainly due to the 7% decrease in the average selling price of the group’s bilateral sales as fuel costs continued to decline. On the other hand, the average rate for ancillary services was also down by 6% YoY. Last June 2016, AboitizPower acquired the remaining 50% interest in East Asia Utilities Corporation (EAUC).
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