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JG Summit Holdings Inc. Annual Report 2017

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JG Summit Holdings Inc. Annual Report 2017 Contents 2 13 32 60 Financial JG Summit AIR Corporate Highlights Businesses and TRANSPORTATION Governance Investments Cebu Air, Inc. 4 14 44 75 Message from HOLDING PETROCHEMICALS Sustainability the Chairman COMPANY Making Life Better JG Summit and President Tomorrow JG Summit Petrochemicals Holdings, Inc. Group 18 48 84 FOOD, BANKING Corporate Social AGRO-INDUSTRIAL AND FINANCIAL Responsibility AND COMMODITIES SERVICES Universal Robina Robinsons Bank Corporation Corporation 26 55 90 REAL ESTATE CORE INVESTMENTS Board of Directors AND HOTELS and Executive PLDT, Inc. Robinsons Land Officers Corporation United Industrial Corporation Limited Manila Electric Company Global Business Power Corporation 97 Financial Statements JG SUMMIT HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights December 31 (in million pesos except per share and statistical data) 2017 VS 2016 INCREASE (DECREASE) For the Year 2017 2016 Amount % Revenues 273,445 240,503 32,942 14% Core Net Income after Taxes 29,559 29,972 (413) -1% Net Income (Equity Holders of the Parent) 29,370 10,918 18,452 169% EBIT 51,733 52,270 (537) -1% EBITDA 70,670 69,367 1,303 2% As of Year End Total Assets 739,455 666,311 73,144 11% Total Liabilities 393,035 353,527 39,508 11% Total Equity (including Minority Interest) 346,420 312,784 33,636 11% Per Share Basic Earnings 4.10 1.52 2.58 169% Book Value 37. 39 33.43 3.96 12% Other Financial Data Current Ratio 1.14 1.01 0.13 13% Gearing Ratio 0.66 0.71 (0.05) -7% Net Debt to Equity Ratio 0.50 0.55 (0.06) -11% 2 REVENUE CONTRIBUTION 4% Core 2% Investments Banking 46% Food, Agro-industrial and Commodities 15% Petrochemicals 8% Real Estate and Hotels 25% Air Transportation EBITDA CONTRIBUTION 16% 1% Core Investments Banking 30% Food, Agro-industrial 11% and Commodities Petrochemicals 18% Real Estate and Hotels 24% Air Transportation 3 Message from the Chairman and the President James L. Go Lance Y. Gokongwei Chairman and Chief Executive Officer President and Chief Operating Officer 4 Dear Shareholders, We are pleased to report that 2017 was another We believe that in order to be ahead of the curve, creditable year for JG Summit Holdings Inc. (JG we need to brace ourselves for the volatility Summit). We have consistently maintained a of the markets and rapidly changing industry balanced business portfolio with a unique combi- dynamics. Over time, we have established diver- nation of market leading, cash generative and sified legs to stand on, which we believe provide high dividend yielding investments. Our robust a fortress for inevitable headwinds that may balance sheet has been sufficient in funding and come our way. In this regard, our company has supporting our growth plans. Our experienced attained a number of key milestones in 2017 management team’s dexterity has also been key that boosted the Group’s financial standing, and to the growth and advancement of the company. bolstered its competitive advantage: JG Summit has proven itself to be present in most In February 2017, Universal Robina Corp. of the spending categories of Filipinos, through (URC) and Hong Kong’s Vitasoy Group engagements in food and beverage, real estate established a joint venture, leading to and property development, air transportation, another addition to URC’s beverage lines. petrochemicals, banking and financial services, Vitasoy’s soy milk portfolio offers a variety telecommunications, power distribution, and of formulations, such as those that have zero power generation. We are poised to benefit from cholesterol, are lactose free, low in saturated a consumption driven economy on the account fat and rich in good quality protein. This will of increased income and the availability of more cater to the domestic market, promoting jobs for every Juan. synergies for both consumer well-being and sustainable nutrition through plant-based Share Price and Key Highlights beverage products. JG Summit has solidified its position as one of In April 2017, JG Summit invested in the major conglomerates in the country today. Singapore-based Sea Limited (Sea), an inter- Our market capitalization has reached over net-based platform company focused on ₱500 billion from only ₱78 billion in 2007. This greater Southeast Asia, through a convert- shows a 10-year compounded annual growth ible promissory note. Sea’s platforms include rate (CAGR) of 21%, almost two times the Garena, a leading interactive eSports and CAGR of the Philippine Stock Exchange index social ecosystem provider; Shopee, a peer- for the same period. This is a testament to our to-peer e-commerce marketplace; and continued focus on growing returns, tied to our Airpay, which offers mobile network payment emphasis on shareholder value creation. services. 5 In June 2017, JG Summit acquired an addi- aspiring pilots who will train in Australia. This tional investment of 27.5 million common program will hone homegrown Filipino pilots shares of Manila Electric Company (Meralco) through exposure to state-of-the-art pilot at ₱250 per share, increasing the Group’s training facilities and best-in-class interna- stake by 2.44% to 29.6%. Meralco has been tional standards. consistently issuing a steady stream of divi- dends for the Group. Lastly, in December 2017, JG Summit Petro- chemicals Group (JGSPG) has awarded In the same month, Robinsons Land Corpo- CTCI of Taiwan, the Engineering, Procure- ration (RLC) further diversified its revenue ment and Construction (EPC) contract for stream through the creation of a new busi- the JG Summit Stage-1 Expansion Package ness unit devoted on Infrastructure and 2 Aromatics Extraction and Butadiene Integrated Development (IID), including Extraction Unit Project. As EPC Contractor, logistics and warehouse facilities. The new CTCI will apply its expertise in developing the unit has so far undertaken three major proj- engineering design, procurement of materials ects namely the 18.5-hectare Sierra Valley and construction of the two extraction units, (former Mitsubishi Motors compound) in the which will produce value added petrochem- boundary of Cainta and Taytay, along Ortigas icals downstream of the naphtha cracker. Avenue Extension; the 31-hectare Bridge- CTCI’s outstanding technological global towne mixed-use development along C5 expertise will help develop and further derive Road; and a 4.6-hectare warehousing hub in petrochemicals into additional downstream Muntinlupa. products. In July 2017, Express Holdings, Inc. JG Summit’s core net income excluding the (Express), a unit of JG Summit, formed a joint effects of foreign exchange and market valua- venture with Hong Kong-based Oriente. The tion gains declined by 1.4% to ₱29.6 billion in joint venture envisioned to set-up a digital 2017 from ₱30.0 billion in 2016, mainly due to financial service to address the unbanked elevated jet fuel prices for CEB. Filipino population, and enable them to tap into cheaper credit facilities to bridge their Consolidated revenues however, grew by ever-growing needs. The joint venture’s 13.7% year-on-year (YoY) to ₱273.4 billion mobile application, Cashalo, is expected to be from last year’s ₱240.5 billion as all subsid- launched in the second quarter of 2018. iaries supported impressive revenue growth. Our equity income attributable to the parent In October 2017, Robinsons Bank soft- increased by 169.0% YoY to ₱29.4 billion in 2017 launched the very first DOS Mastercard in from ₱10.9 billion in 2016, which was primarily the Philippines. It is the only credit card in the a result of JGSPC’s cracker and polymer plants market that automatically splits all straight running above 95% average capacity, leading retail transactions into 2-Gives at 0% interest. to a sale of over 503,000 MT of polyethylene This partnership with Mastercard aims to and polypropylene resins, and the increase give every Filipino a better credit experience. in our equity earnings from Meralco, United The public launch for the DOS credit card is Industrial Corporation Limited (UIC) and Global slated for May 2018. Business Power Corporation (GBP). It should be noted that last year's equity net income Also, in October 2017, Cebu Pacific (CEB) amount was depressed by a significant impair- launched its Cadet Pilot training program ment charge recognized on the Group's PLDT “Study Now, Pay Later” scheme for 240 investment. Consolidated EBITDA for the year 6 increased 1.9% to ₱70.7 billion from last year’s businesses, we are confident that we can further ₱69.4 billion. create value by uncovering potentials under the fields of e-commerce, logistics and finance. We As of end-December 2017, the Group’s balance also identify and welcome the risk of technology sheet remained strong, with a current ratio disruption, and we are ready to dive into inno- of 1.14:1. The Group’s financial gearing ratio vative ideas that will allow our Group to ride the significantly improved to 0.66:1 in 2017 from new digital wave. 0.71:1 in 2016, while net debt to equity ratio was at 0.50:1 this year from 0.55:1 the previous For our food business, we expect URC to year. Moreover, parent net debt stood at ₱72.3 launch offerings beyond the white coffee billion at the end of 2017, leaving us open to mixes to address the aggressive competi- capture newer and brighter opportunities in the tion in the coffee business, and eventually year ahead. grow the category by mid-single digit. URC’s Agro-Industrial Group had an impressive The Group’s capital expenditure (capex) in 2017 revenue take up in 2017, due to better feeds amounted to ₱43.5 billion, a 4.0% increase from sales and an increase in volumes of value last year’s capex spending of ₱41.9 billion.
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