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1 Filinvest Development Corporation 2015 Annual Report Filinvest Development Corporation 2015 Annual Report 1 COVER STORY POWERING UP As it gears up for the commissioning of its 450-MW power plant in Misamis Oriental, Filinvest Development Corporation (FDC) sets its sights on generating electricity to spur development in potential growth areas of the country. Fueled by financial stability, solid core values and well- defined strategies, FDC continues to ignite progress in various industries, covering new ground in financial services and hotel development, while maintaining its strong foothold in its core property business. Filinvest Development Corporation 2015 Annual Report 2 2 CONTENTS 4 Financial Highlights 6 Tribute to Andrew L. Gotianun, Sr. 7 Joint Message of the Chairman and the President & CEO 16 Operational Highlights 34 Corporate Social Responsibility 38 Corporate Governance Report 54 Board of Directors & Senior Management 61 Consolidated Financial Statements Filinvest Development Corporation 2015 Annual Report 3 3 FILINVEST DEVELOPMENT CORPORATION & SUBSIDIARIES Financial Highlights 2015 2014 2013 2012 2011 OPERATING RESULTS Total Revenues and Other Income 49,278,944 38,557,920 34,890,973 29,770,991 24,265,783 Net Income 7,030,317 6,217,435 6,457,231 5,842,895 4,967,046 Return on Assets (ave.) 1.8% 2.0% 2.5% 2.7% 2.6% Return on Equity (ave.) 7.5% 7.1% 7.9% 7.8% 7.3% 2015 revenue growth 28% 5-yr revenue growth 103% 5-yr net income growth 41.5% FINANCIAL POSITION Total Assets 419,546,759 343,323,934 270,764,004 240,074,217 200,659,278 Total Long-term Debt 100,636,220 75,210,953 59,093,035 42,204,395 33,351,986 Equity 97,051,928 89,644,962 84,685,334 79,348,732 69,899,411 No. of Shares Outstanding (‘000) 9,317,474 9,317,474 9,317,474 9,317,474 9,317,474 Long-Term Debt to Equity* 103.7% 83.9% 69.8% 53.2% 47.7% Net Debt to Equity** 48.2% 42.2% 33.4% 17.4% 13.9% Asset increase 22% Equity increase 8% PER SHARE DATA*** Exclusive of stock dividends 0.497 0.568 0.568 0.539 0.489 Inclusive of stock dividends per IFRS 33 0.402 0.459 0.459 0.436 0.397 * computed as long-term debt divided by equity ** computed as long-term debt less cash and cash equivalents divided by equity *** computed based on weighted average number of shares outstanding Filinvest Development Corporation 2015 Annual Report 4 FILINVEST DEVELOPMENT CORPORATION & SUBSIDIARIES TOTAL REVENUES AND 49,278,944 ‘15 OTHER INCOME 38,557,920 ‘14 34,890,973 ‘13 29,770,991 ‘12 24,265,783 ‘11 NET INCOME 7,030,317 ‘15 6,217,435 ‘14 6,457,231 ‘13 5,842,895 ‘12 4,967,046 ‘11 TOTAL ASSETS 419,546,759 ‘15 343,323,934 ‘14 270,764,004 ‘13 240,074,217 ‘12 200,659,278 ‘11 TOTAL EQUITY 97,051,928 ‘15 89,644,962 ‘14 84,685,334 ‘13 79,348,732 ‘12 69,899,411 ‘11 Filinvest Development Corporation 2015 Annual Report 5 LEGACY OF A TRUE VISIONARY ANDREW L. GOTIANUN, SR. November 24, 1927 – March 10, 2016 60 years ago, a man dared to dream. From such humble beginnings His visionary leadership and tireless emerged the Filinvest Development determination paved the way for Corporation that people recognize the flourishing enterprise now today as one of the country’s largest known as Filinvest Development conglomerates with interests in real Corporation. This is the enduring estate, banking, utilities, hospitality legacy of Filinvest’s beloved founder and sugar. and chairman emeritus, Andrew L. Gotianun, Sr. Andrew was the original dream builder. He has fulfilled countless Born in Amoy, China on November Filipino dreams through the 24, 1927, Andrew was a child of companies he established. Chinese immigrants who established a thriving trading business in Cebu. He often summed up his success In his youth, he salvaged ships formula as a combination of hard in the Visayas to supplement the work, integrity and focus. He said family income, later taking over that the strongest business lessons he the shipping business after his learned while growing up in Cebu father’s untimely death. were the importance of working with people, working hard, and being While in Manila, he honest. Throughout his life, Andrew met Mercedes, who remained the same humble Cebuano was to become at heart, looking back at all the trials his wife and and challenges as character builders, formidable saying that each one was an essential partner in life part of what he became later on in life. and business. Often described as laid-back and Together, they unassuming, he exuded the quiet planted the seeds confidence befitting a man of his of Filinvest in 1955 impressive achievements. He by opening a second- remained grounded by a strong hand car financing marriage and a stable family business. Working out life, which he counted as equally of the ground floor of important factors in his success. their home in Quiapo, the budding entrepreneurs In his 88 years of existence, Andrew made simple dreams of left an indelible mark in this world, Filipinos come true. embodied by the companies he built and the lives he has touched. Truly, a powerful testament to a life well lived. Filinvest Development Corporation 2015 Annual Report 6 JOINT MESSAGE THE CHAIRMAN AND THE PRESIDENT & CEO Filinvest Development Corporation 2015 Annual Report 7 he Filinvest group has been a strong presence in the Philippine business landscape for more than 60 years. Through the ups and downs of the Philippine economy, T your company has not only survived—it has thrived, growing to where it is today. It is with great sadness that we report the passing away of the Filinvest group’s founder and our dear father, Andrew L. Gotianun Sr. at the age of 88. His vision, entrepreneurial spirit and energy have steered the group in its pursuit of catering to the underserved markets. Whether as a pioneer in car and appliance financing in the 50s, to building homes for the lower and middle-class market segments in the 60s and now providing power to an energy-starved Mindanao, he was always a dreamer of bigger things to come. Barely one month before he passed away, it was with great pride and joy when he visited and saw his last dream – the almost-completed 405-megawatt power plant in Misamis Oriental. His pursuit of excellence and his overriding philosophy of integrity will continue to guide us. Whether as a leader, a husband, father, grandfather or great grandfather, he is greatly missed. 2015 PERFORMANCE REVENUES NET INCOME TOTAL STOCKHOLDERS’ ASSETS EQUITY 28% 13% 22% 8% Growth By The Numbers In 2015, Filinvest Development Corporation The bulk of revenues, or 43%, continued to (FDC) continued to build on this legacy of growth be sourced from the real estate businesses, by generating Php49.3 billion in consolidated Filinvest Land, Inc. (FLI) and Filinvest Alabang, revenues, 28% more than in the previous year. Inc. (FAI). EastWest Bank contributed 37% of Further, your Company delivered consolidated revenues while FDC Utilities, Inc. (FDCUI), net income of Php7.0 billion in 2015, a 13% the group’s power subsidiary, made its first increase over 2014. significant contribution at 13%. The balance came from the sugar and hotel businesses. In 2015, While delivering solid earnings results, your we were elated to begin generating revenues company has maintained its resilient financial from FDCUI’s Independent Power Producer position. FDC ended 2015 with total assets of Administrator contracts for 40MW of power from Php419.5 billion, 22% over 2014. Stockholders’ Unified Leyte and 100MW of power from Apo 1 equity at year-end was Php97.1 billion or 8% over & 2 Geothermal Power plants. the previous year. Real estate continued to deliver the bulk of net income (72%) followed by the banking group (21%). Filinvest Development Corporation 2015 Annual Report 8 Bulking Up for Future Growth The last few years have provided fertile ground for sowing the seeds for sustainable growth. The Philippine economy grew 5.8% in 2015, another year of solid economic growth. Having seen the cycles of business in the past, we asked ourselves—how do we make the most of this Positioned positive environment? for the Long-Term Your Company has been focused on amplifying your portfolio in growth areas of the economy and the last three years have been a period for P6-BILLION major investments. 2015 results build on a robust capital infusion for track record of performance as 2015 revenue reached more than double the 2011 levels while East West Bank 2015 net income rose 42% over the same period. Specifically, • Your banking arm, EastWest Bank completed 1 MILLION SQM its branch-store expansion, ending 2015 with of office and retail 433 branch-stores. This was 265 more than in 2011 when it started the expansion GLA by 2019 program; we infused Php6.0 billion in capital in 2015 to support the asset growth expected as the branches mature over the next few 405-MW years. power plant for • In the property business, FLI doubled its commissioning recurring income portfolio in 2015 from 2009 levels. FLI’s gross leasable area (GLA) is set to reach 1,000,000 square meters of office and retail rental projects by 2019 – tripling its 2014 level. • And last but definitely not least, the group’s power subsidiary, FDCUI, will be commissioning all three 135-megawatt (MW) boilers of its coal power plant in 2016 will be an important year as it marks the Misamis Oriental in 2016.
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