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JG Summit Holdings Inc. Annual Report 2014

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JG Summit Holdings Inc. Annual Report 2014 Contents 2 Financial Highlights 4 Message from the Chairman and President 11 JG Summit Businesses 12 HOLDING COMPANY JG Summit Holdings, Inc. 16 FOOD, AGRO-INDUSTRIAL & COMMODITIES Universal Robina Corporation 24 REAL ESTATE & HOTELS Robinsons Land Corporation 29 AIR TRANSPORTATION Cebu Air, Inc. 36 PETROCHEMICALS JG Summit Petrochemicals Group 42 BANKING & FINANCIAL SERVICES Robinsons Bank Corporation 46 CORE INVESTMENTS Philippine Long Distance Telephone Company (PLDT) United Industrial Corporation Limited (UIC) Manila Electric Company (MERALCO) 50 Corporate Social Responsibility 53 Board of Directors 59 Executive Officers 60 Financial Statements 248 Corporate Directory 2014 Annual Report JG SUMMIT HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights DECEMBER 31 (IN MILLION PESOS EXCEPT PER SHARE AND STATISTICAL DATA) 2014 vs 2013 Increase (Decrease) For the Year 2014 2013 Amount % Revenues 184,812 150,348 34,464 23% Core Net Income after Taxes 20,303 13,654 6,649 49% Net Income (Equity Holders of the Parent) 18,245 10,434 7,811 75% EBIT 37,475 25,405 12,070 48% EBITDA 49,235 35,436 13,799 39% As of the Year Total Assets 558,779 473,620 85,159 18% Total Liabilities 297,168 237,753 59,415 25% Total Equity 261,610 235,867 25,743 11% Per Share Basic Earnings 2.60 1.53 1.07 70% Book Value 29.58 27.39 2.19 8% Other Financial Data Current Ratio 1.10 0.74 0.36 49% Gearing Ratio 0.77 0.53 0.24 45% Net Debt Equity Ratio 0.59 0.32 0.27 84% Revenues Core Net Income after Taxes 2014 2014 49% 23% 184,812 20,303 2013 2013 150,348 13,654 2 Revenue Contribution 7% 52% Core Investments Food, Agro-industrial and Commodities 2% Banking 2% Petrochemicals 28% Air Transportation 9% Real Estate and Hotels EBITDA Contribution 24% 39% Other Businesses Food, Agro-industrial and Commodities 1% Banking 19% 17% Real Estate and Hotels Air Transportation Net Income 2014 75% 18,245 2013 10,434 3 Message from the Chairman and President We are pleased to report that your alliance, Cebu Pacific signed and company, JG Summit Holdings, completed a share purchase agreement Inc. had another remarkable year which enabled it to acquire 100% of as our net income from equity Tigerair Philippines. holders of the parent grew by 75% In July 2014, Universal Robina Corpo- in 2014, backed by the resiliency of ration (URC) announced its acquisition the Philippine economy. The country of 100% of NZ Snack Foods Holdings posted a gross domestic product growth of Limited (NZSFHL), the holding company 6.1% in 2014, which is the second fastest of Griffin’s Food Limited, a leading snack growth in Asia, fueled by robust private food company in New Zealand, from consumption, overseas Filipino worker Pacific Equity Partners. The acquisition remittances, business process outsourcing, was completed in November 2014. private investments, moderate inflation, government expenditure and tourism Joint Ventures growth. In January 2014, URC entered into a joint venture agreement with Calbee, Inc., a MAJOR DEVELOPMENTS corporation duly organized in Japan to form Calbee-URC, Inc. (CURCI), a corpo- Acquisitions ration duly incorporated and organized In February 2014, Cebu Air, Inc. (CEB) in the Philippines to manufacture and entered into a strategic alliance with distribute food products under the Tigerair which allows both companies “Calbee Jack ‘n Jill” brand name which to leverage on their extensive networks we launched in March 2015. spanning from North Asia, ASEAN, Australia, India, and all the way to the In May 2014, URC entered into a joint Middle East. As part of the strategic venture agreement with Danone Asia 4 Holdings Pte, Ltd., a corporation duly fixed rate corporate bond. This issuance organized in the Republic of Singapore was the largest Philippine issuance of the to form DANONE Universal Robina year and the largest since 2010. Beverages, Inc. (DURBI), a corporation duly incorporated and organized in the Philip- The sale of URC shares owned by JG pines to manufacture and distribute food Summit, the JG Summit top-up placement products under the “B’lue” brand name and the bond issuance by JG Summit which was introduced in January 2015. mentioned above yielded proceeds for the acquisition of the 27.1% stake in Meralco. Fund Raising In October 2013, JG Summit sold In November 2014, URC entered into two 105,000,000 URC shares via an accel- (2) credit term loan facilities, amounting erated overnight equity placement at a to NZ$742 million, with various banks to price of ₱115 per share, raising ₱12 billion finance the acquisition of NZSFHL. for the Company. In January 2015, the shares of the In November 2013, 220,000,000 shares of company were sold via an accelerated JG Summit were sold via an accelerated overnight equity placement through overnight equity placement at a price a top-up placement, raising a total of of ₱40 per share through a placement approximately ₱8.8 billion. of 98,082,000 treasury shares and an additional placement of 121,918,000 In February 2015, Robinsons Land common shares from selling share- Corporation (RLC) completed the issuance holders, raising a total of ₱8.8 billion. of a ₱12 billion fixed rate corporate bond, at record low borrowing costs. This In February 2014, the company issuance was the first Philippine issuance completed the issuance of a ₱30 billion of the year. 5 Financial Performance from Meralco in 2014. Dividend income JG Summit Holdings Inc. posted a consol- (includes only dividends from non-asso- idated net income from equity holders of ciates) posted a 55.8% growth from ₱3.3 the parent of ₱18.25 billion for the year billion for the year ended December 31, ended December 31, 2014, a 75% increase 2013 to ₱5.1 billion in 2014 mainly due from ₱10.43 billion last year. The increase to dividend received from PLDT and is due mainly to the following: full-year Jobstreet Malaysia during the period. recognition of equity earnings from our investment in Meralco, higher dividends Consolidated EBITDA reached ₱49.23 received from our investments in PLDT billion, a 38.9% increase compared to and Jobstreet Malaysia, lower foreign last year. Core net income after taxes exchange loss recognized for the year, and increased 48.7% from ₱13.65 billion in sustained income growth from our core 2013 to ₱20.30 billion in 2014 while subsidiaries. operating Income or EBIT went up 47.5% from ₱25.40 billion to ₱37.48 billion. Consolidated revenues grew 22.9% from ₱150.35 billion to ₱184.81 billion this The Group spent about ₱35.6 billion in year due to the strong performance of capital expenditures in 2014, to continue all subsidiaries, except for the banking growing the Group’s existing businesses business. URC’s revenue grew 15.6% from in response to growing demand. CEB ₱83.60 billion in 2013 to ₱96.65 billion. acquired five Airbus A320 aircraft; CEB’s 26.8% increase in gross revenues RLC acquired several properties both from ₱41.0 billion in 2013 to ₱52.0 billion for residential and commercial devel- in 2014. RLC’s total revenues posted a opment and spent significantly on mall 5.4% growth from ₱16.54 billion to ₱17.43 construction, renovation and expansion; billion. JG Summit Petrochemical Corpo- the Petrochemical business continued ration (JGSPC) revenue significantly with the construction of its Naphtha increased to ₱3.23 billion in December cracking facility that was scheduled to 2014 from ₱542.55 million last year since operate in 2014 and, URC undertook it has resumed its commercial operations several plant expansion projects. in November 2014. JG Summit Olefins Corporation (JGSOC) also commenced Book value per share improved from commercial operations in the same ₱27.39 per share as of December 31, 2013 to month. Revenue from other supple- ₱29.58 per share as of December 31, 2014. mentary businesses recorded 27.0% increase due to higher commission income Below is a brief discussion on each of the and outsource revenue for the period. The subsidiaries operating performance: banking revenue slightly dropped 1.2% from ₱2.75 billion in 2013 to ₱2.72 billion Universal Robina Corporation posted a this year due to lower trading gain and 15.6% growth in consolidated sale of goods commission income for the period. Equity and services of ₱96.65 billion for the in net earnings of associates and joint year ended December 31, 2014 from last ventures posted a 217.4% increase from year’s ₱83.61 billion led by URC’s branded ₱2.28 billion to ₱7.25 billion mainly due consumer foods segment, excluding to full-year recognition of equity earnings packaging division. All segments managed 6 to post growth with beverage business costs and other expenses - net) for 2014 driving the Philippine operations led by amounted to ₱14.94 billion, an increase powdered beverage segments, mainly of 23.8% from ₱12.08 billion recorded for from coffee and complemented by the 2013. Net income attributable to equity RTD. BCFG’s international sales increased holders of the parent increased by 12.4% to by 12.7% to ₱25.41 billion in 2014 against ₱11.95 billion in 2014 from ₱10.63 billion ₱22.55 billion in 2013. Vietnam and in 2013 due to higher operating income, Thailand, the two biggest contributors, net of lower market valuation gain from accounted for 71.2% of total international financial assets at FVPL and gain on sale sales. Vietnam sales grew despite weak of investments, and higher net finance consumer spending, as beverage, biscuits cost and net foreign exchange loss. URC and candies all posted growth.
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