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Ayala-Corporation-Integrated-Report WHEN WE PURSUE STRATEGIES we execute with a disciplined approach and a long-term view for success. We will continue to aggressively participate in vital industries that will accelerate our country’s growth and create significant opportunities for Filipinos. The 18MW Montesol solar farm in Negros Oriental is AC Energy’s first project in the Visayas. ABOUT THIS REPORT AYALA REAFFIRMS ITS his Integrated Report is based on extensive reporting COMMITMENT TO ADVANCING T from our operating units in the Philippines and around the world. Through this report, we make INTEGRATED THINKING a deliberate effort to describe our organization’s strategy, AS A MEANS TO ACHIEVE governance, performance, and prospects in the context of SUSTAINABLE DEVELOPMENT our external environment, and explain how we create value in the short, medium, and long term. All information is reviewed WITH THE PUBLICATION OF ITS formally by the group’s Investor Relations Council and FIRST INTEGRATED REPORT. Sustainability Council and was approved by Ayala’s management and Board before publication. STATEMENT FROM THE BOARD (G4-48) The Board is ultimately responsible for overseeing the The Integrated Report contains certain forward-looking integrity of the Integrated Report. The Board was supported statements which, by their nature, involve risk and uncertainty by the Ayala management, which convened internal teams because they relate to future events and circumstances that with the relevant skills and experience to undertake the may be beyond Ayala’s control. In addition, PSE regulations reporting process, as well as provided management oversight. prohibit making price sensitive forecasts without considerable These teams have devoted significant thought to the best way independent review and process. The directors therefore of communicating the Ayala story. The report was prepared advise readers to use caution in interpreting any forward- under the supervision of the Chief Finance, Risk, and looking statements in this report. Sustainability Officer, Jose Teodoro K. Limcaoco, and the The Board unanimously approved this report on 10 March Group Head for Corporate Strategy and Development, 2017 and authorized its release on 21 April 2017. Paolo Maximo F. Borromeo. JAIMEJAJAIIME AUGUSTOAUGUSTTO ZOBELZOZ BEL DE AYALAAYAL FERNANDOFFERNANDO ZOBELZOBELE DE AYALA ChairmanChairman andand CEO Presidentdd and COO JOSEJOOSSE TEODORO K. LIMCAOCOLIMCAOCO PAOLOOLLO MAMAXIMOAXIX MO F.F. BORROMEOBORROME Chief Finance, Finance Risk, Risk and Sustainability Officer Office Groupp Head,Head, CorporateCCorporate StrategyStrategy andand DevelopmentDeve 2 AYALA CORPORATION REPORTING SCOPE (G4-28, G4-29, G4-30) REPORTING STANDARDS (G4-32) This report details the annual consolidated financial, This report has been prepared in accordance with the economic, social, and environmental performance of the integrated reporting guidelines provided by the International conglomerate, including both listed and unlisted subsidiaries, Integrated Reporting Council and the “Core” option of and affiliates, from January 1, 2015 to December 31, 2016. All the G4 Sustainability Reporting Guidelines of the Global necessary notes, explanations, and definitions are provided Reporting Initiative. in the text or accompanying tables. More metrics have also By adopting these two global standards, we can present been included from emerging subsidiaries and affiliates, as our value creation model and our outlook in a more investments that were in the pipeline are now operating. A systematized and transparent manner. summary of 2014 data restatements is found on pages 372 to Learn more about the IIRC and integrated reporting at 373. Furthermore, the table on pages 370 to 371 outlines the www.integratedreporting.org and the GRI at companies and the scope of information included in this report. www.globalreporting.org. Our previous group-wide sustainability report published in September 2015 and all other additional references for OUR APPROACH TO EXTERNAL ASSURANCE stakeholders are all available online via www.ayala.com.ph. (G4-33) Since no separate sustainability report was published in 2016 to Our Board’s Audit Committee oversees the performance of make way for the publication of our first Integrated Report, this our external and internal auditors. It has a mandate to review report will cover the periods 2015 and 2016. Moving forward, and to approve the audit, audit-related, and non-audit services the Integrated Report will be Ayala’s sole annual reporting rendered by the company’s external auditors. Moreover, our publication for its consolidated financial, economic, social, and senior management was involved in the decision to seek environmental performance. independent third-party assurance for this report, as well as in the appointment of the external assurer. This year, we pursued a more rigorous and thorough data-gathering and verification system to advance our entire group’s sustainability strategy. NOTE ON FORWARD-LOOKING ON OUR FINANCIAL STATEMENTS STATEMENTS SGV & Co. is the external auditor of the company’s financial This report contains statements describing the statements, with Lucy L. Chan as the new lead engagement company’s objectives, projections, estimates, and partner given the required audit partner rotation every five years. expectations, which may be “forward-looking statements” More information about our audit process is found on pages within the meaning of applicable securities laws and 155 to 156, while our financial statements can be found on pages regulations. Actual results could differ materially from 164 to 368. those expressed or implied. Important factors that could make a difference to the company’s operations include, ON OUR SUSTAINABILITY PERFORMANCE among others, economic conditions affecting demand or Senior management appointed DNV GL, an independent supply and price conditions in the domestic and overseas organization and a global provider of certification, assurance markets in which the company operates, changes in assessment, and training services, for the second time to validate government regulations, tax laws, and other statutes and the figures and information pertaining to our sustainability incidental factors. performance and <IR> Frameworks presented in this report. The external assurance process was completed in 15 days, which included interview sessions with senior executives in the conglomerate. The Independent Assurance Statement found on pages 382 to 385 outlines the assurer’s findings and recommendations. FEEDBACK (G4-31) We welcome inquiries and feedback on this report. Please e-mail [email protected] and [email protected]. 2016 INTEGRATED REPORT 3 VISION We will be the most relevant, innovative, and enduring Philippine-based business group, enabling shared value and prosperity for the many stakeholders we serve. MISSION (G4-56) Anchored on values of integrity, long-term vision, empowering leadership, and with a strong commitment to national development, Ayala fulfills its mission to ensure long-term profitability and value creation. Ayala creates synergies as it builds mutually-beneficial partnerships and alliances with those who share its philosophy and values. A view of Tower One and the Ayala Triangle Gardens at dusk. 4 AYALA CORPORATION TABLE OF CONTENTS 16 40 58 OUR LEADERSHIP OUR PORTFOLIO 5 STRATEGIES What we see ahead How we create value To accelerate our growth 60 94 OUR BUSINESSES OUR VALUE Where we make a difference CREATION PROCESS What we commit to 142 162 369 OUR FINANCIAL ANNEXES GOVERNANCE STATEMENTS FRAMEWORK How we performed How we work 2016 INTEGRATED REPORT 5 G4-3, G4-4, G4-5, G4-8, G4-9 yala Corporation is NET INCOME (IN MILLION PESOS) A one of the oldest and 26,011 largest conglomerates 22,279 in the Philippines with business 18,609 interests in real estate, banking, 12,778 telecommunications, water, 10,504 power, infrastructure, industrial technologies, healthcare, and education. Its social commitment arm, Ayala Foundation, has 2012 2013 2014 2015 2016 programs that focus on education, youth leadership, RETURN ON COMMON EQUITY sustainable livelihood, and the promotion of arts and culture. 12.2% 12.1% 12.6% With headquarters in Makati 9.1% 9.8% City and operations mainly in the Philippines, it continues to grow its regional and global footprint, serving millions of customers across all market segments. 2012 2013 2014 2015 2016 6 AYALA CORPORATION % % 23.6 19.4 553M FIVE-YEAR FIVE-YEAR TOTAL CUBIC METERS AVERAGE NET SHAREHOLDER WATER SUPPLIED INCOME GROWTH RETURN CAGR % 11.2 237,286 148M FIVE-YEAR AVERAGE REVENUES (IN MILLION PESOS) PASSENGERS RETURN ON EQUITY FERRIED BY LRT 1 60,223 911,705 342.1GWH GENERATED BY CASH AND CASH TOTAL ASSETS RENEWABLE EQUIVALENTS (IN MILLION PESOS) ENERGY (IN MILLION PESOS) 39.88 1.22 124,613* EARNINGS PER CURRENT RATIO JOBS GENERATED SHARE (IN PESOS) *Approximate direct and indirect employment provided 2016 INTEGRATED REPORT 7 OUR 2016 MILESTONES 1 JAN 2 FEB 3MAR Manila Water partners with Ayala South Luzon Thermal Energy Ayala holds 3rd group-wide Land for the provision of commences commercial Corporate Governance and Risk water and used water services operations for the second Management Summit in the latter’s mixed-use unit of its 2 x 135MW thermal developments nationwide energy plant 670 college students graduate from the University of Nueva Caceres, the Ayala Land and the Department of Ayala Land completes the pioneer batch under AC Education Transportation sign a concession acquisition
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